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<SEC-DOCUMENT>0000950116-05-002622.txt : 20050804
<SEC-HEADER>0000950116-05-002622.hdr.sgml : 20050804
<ACCEPTANCE-DATETIME>20050803193259
ACCESSION NUMBER:		0000950116-05-002622
CONFORMED SUBMISSION TYPE:	8-K
PUBLIC DOCUMENT COUNT:		4
CONFORMED PERIOD OF REPORT:	20050803
ITEM INFORMATION:		Results of Operations and Financial Condition
ITEM INFORMATION:		Regulation FD Disclosure
ITEM INFORMATION:		Financial Statements and Exhibits
FILED AS OF DATE:		20050804
DATE AS OF CHANGE:		20050803

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:		05997300

	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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<TYPE>8-K
<SEQUENCE>1
<FILENAME>eight-k.htm
<DESCRIPTION>8-K
<TEXT>
<html>
<head><title>
Prepared and filed by St Ives Financial
</title>
</head>
<body bgcolor="#FFFFFF">
<page>



<p align="center"><b><font face="serif" size="5">UNITED STATES<br>SECURITIES AND EXCHANGE COMMISSION</font></b></p>
<p align="center"><font size="2" face="serif"><b>WASHINGTON, D.C.&nbsp; 20549</b></font></p>
<hr align="center" width="150" size=1 noshade>
<p align="center"><b><font face="serif" size="5">FORM 8-K</font></b></p>
<p align="center"><font size="2" face="serif"><b>CURRENT REPORT</b><br><b>PURSUANT TO SECTION&nbsp;13 OR 15(d) OF THE<br>SECURITIES EXCHANGE ACT OF 1934</b></font></p>
<p align="center"><font size="2" face="serif"><b>Date of Report (Date of Earliest Event Reported):&nbsp; August 3, 2005</b></font></p>
<p align="center"><b><font face="serif" size="5">Cedar Shopping Centers, Inc.</font></b><br>
<font size="2" face="serif">(Exact name of registrant as specified in its charter)</font></p>
<table width="100%" cellspacing="0" cellpadding="0" align="center" border="0">
<tr align="center" valign="top" bgcolor="#ffffff">
<td width="39%"><font size="2" face="serif"><b>Maryland</b></font></td>
<td width="26%"><font size="2" face="serif"><b>0-14510</b></font></td>
<td width="35%"><font size="2" face="serif"><b>42-1241468</b></font></td>
</tr>
<tr align="center" valign="top" bgcolor="#FFFFFF">
<td><font size="2" face="serif">(State or other jurisdiction of incorporation)</font></td>
<td><font size="2" face="serif">(Commission File No.)</font></td>
<td><font size="2" face="serif">(IRS Employer<br>
Identification No.)</font></td>
</tr>
<tr align="center" valign="top">
<td></td>
<td></td>
<td></td>
</tr>
<tr align="center" valign="top" bgcolor="#FFFFFF">
  <td>&nbsp;</td>
  <td></td>
  <td>&nbsp;</td>
</tr>
<tr align="center" valign="top" bgcolor="#FFFFFF">
<td><font size="2" face="serif"><b>44 South Bayles Avenue<br>Port Washington, NY</b></font></td>
<td></td>
<td valign="bottom"><font size="2" face="serif"><b>11050-3765</b></font></td>
</tr>
<tr align="center" valign="top" bgcolor="#FFFFFF">
<td><font size="2" face="serif">(Address of principal executive offices)</font></td>
<td></td>
<td><font size="2" face="serif">(Zip Code)</font></td>
</tr>
</table>
<p align="center"><font size="2" face="serif"><b>(516) 767-6492</b></font><br>
<font size="2" face="serif">(Registrant&#8217;s telephone number,<br>including area code)</font></p>
<p align="left"><font size="2" face="serif">Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions:</font></p>  <table width="100%" cellspacing="0" cellpadding="0" border="0">
<tr valign="top">
<td align="left" width="5%"><img src="emptybox.gif"></td>
<td align="left"><font size="2" face="serif">Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425)</font></td>
</tr>
<tr valign="top">
<td>&nbsp;</td>
<td>&nbsp;</td> </tr>
<tr valign="top">
<td align="left"><img src="emptybox.gif"></td>
<td align="left"><font size="2" face="serif">Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12)</font></td>
</tr>
<tr valign="top">
<td>&nbsp;</td>
<td>&nbsp;</td> </tr>
<tr valign="top">
<td align="left"><img src="emptybox.gif"></td>
<td align="left"><font size="2" face="serif">Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b))</font></td>
</tr>
<tr valign="top">
<td>&nbsp;</td>
<td>&nbsp;</td> </tr>
<tr valign="top">
<td align="left"><img src="emptybox.gif"></td>
<td align="left"><font size="2" face="serif">Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c))</font></td>
</tr>
</table>
<p align="center">&nbsp;</p>
<hr noshade align="center" width="100%" size="2">
<div style="page-break-before:always"></div>
<page>
<a name="p?"></a>
<p>&nbsp;</p>
<p align="left"><font size="2" face="serif"><b>Items 2.02 and 7.01.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Results of Operations and Financial Condition, and Regulation FD.</b></font></p>
<p align="left"><font size="2" face="serif">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The information in this Current Report on Form 8-K is furnished under Item 2.02 &#150; &#8220;Results of Operations and Financial Condition.&#8221; This information, including the exhibits attached hereto, shall not be deemed &#8220;filed&#8221; for any purpose, including for the purposes of Section 18 of the Securities Exchange Act of 1934, as amended (the &#8220;Exchange Act&#8221;), or otherwise subject to the liabilities of that Section.&nbsp; The information in this Current Report on Form 8-K shall not be deemed incorporated by reference into any filing under the Securities Act of 1933, as amended, or the Exchange Act regardless of any general incorporation language in such filing.</font></p>
<p align="left"><font size="2" face="serif">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;On August 3, 2005, Cedar Shopping Centers, Inc. (the &#8220;Company&#8221;) 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&#8217;s website.&nbsp; The text of the press release and the supplemental financial information are attached hereto as Exhibits 99.1 and 99.2, respectively.</font></p>
<p align="left"><font size="2" face="serif"><b>Item 9.01.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Financial Statements and Exhibits.</b></font></p>
<p align="left"><font size="2" face="serif">(c) Exhibits.</font></p>
<table width="100%" cellspacing="0" cellpadding="0" align="center" border="0">
<tr valign="top" bgcolor="#ffffff">
  <td width="6%" align="left">&nbsp;</td>
<td align="left"><font size="2" face="serif">99.1</font></td>
<td width="88%" align="left"><font size="2" face="serif">Press release dated August 3, 2005.</font></td>
</tr>
<tr valign="top">
  <td align="left">&nbsp;</td>
<td align="left"><font size="2" face="serif">&nbsp;</font></td>
<td align="left"></td>
</tr>
<tr valign="top" bgcolor="#FFFFFF">
  <td align="left">&nbsp;</td>
<td align="left"><font size="2" face="serif">99.2</font></td>
<td align="left"><font size="2" face="serif">Cedar Shopping Centers, Inc. Supplemental Financial Information for the quarter ended June 30, 2005.</font></td>
</tr>
</table>
<p align="center"><font size="2" face="serif"><b><u>SIGNATURES</u></b></font></p>
<p align="left"><font size="2" face="serif">Pursuant to the requirements of the Securities Exchange Act of 1934, the Registrant has duly caused this Report to be signed on its behalf by the undersigned hereunto duly authorized.</font></p>
<p align="left"><font size="2" face="serif">CEDAR SHOPPING CENTERS, INC.</font></p>
<p align="left"><font size="2" face="serif"><u>/s/ THOMAS J. O&#8217;KEEFFE<br></u>Thomas J. O&#8217;Keeffe<br>Chief Financial Officer<br>(Principal financial officer)</font></p>
<p align="left"><font size="2" face="serif">Dated: August 3, 2005</font></p>
<p align="center">&nbsp;</p>
<hr noshade align="center" width="100%" size="2">
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<PAGE>
                                  ----------------------------------------------
                                  CEDAR SHOPPING CENTERS, INC. [GRAPHIC OMITTED]
                                  ----------------------------------------------
FOR IMMEDIATE RELEASE

Contact Information:                        Investors/Media:
Cedar Shopping Centers                      Stephanie Carrington / Jason Rando
Leo Ullman, President                       The Ruth Group
(516) 944-4525                              (646) 536-7017/7025
lsu@cedarshoppingcenters.com                scarrington@theruthgroup.com
                                            jrando@theruthgroup.com

          CEDAR SHOPPING CENTERS ANNOUNCES SECOND QUARTER 2005 RESULTS

Port Washington, New York - August 3, 2005 - Cedar Shopping Centers, Inc. (NYSE:
CDR) a real estate investment trust focused on supermarket-anchored shopping
centers and drug store-anchored convenience centers today announced results for
its second quarter ended June 30, 2005.

SECOND QUARTER 2005 HIGHLIGHTS
- ------------------------------

   o  QUARTERLY REVENUES WERE $17.0MILLION, UP 34.9% FROM 2004 AND SIX MONTH
      REVENUES OF $33.6 MILLION UP 40.4% FROM 2004

   o  FUNDS FROM OPERATIONS (FFO) OF $0.23 PER SHARE ON A FULLY DILUTED BASIS O
      TOTAL ASSETS INCREASED TO $655 MILLION COMPARED TO $537 MILLION AT
      DECEMBER 31, 2004

   o  THE COMPANY ACQUIRED 25 PRIMARILY DRUG STORE-ANCHORED PROPERTIES FOR AN
      AGGREGATE PURCHASE PRICE OF APPROXIMATELY $89.3 MILLION

   o  THE COMPANY CURRENTLY HAS 15 PROPERTIES UNDER CONTRACT FOR ACQUISITION

   o  SEVERAL LEASES HAVE BEEN SIGNED FOR THE REDEVELOPMENT PROPERTIES

   o  IN APRIL 2005, THE COMPANY COMPLETED A COMMON STOCK OFFERING OF 2,990,000
      SHARES AT $13.80 PER SHARE AND A PREFERRED STOCK OFFERING OF 1,200,000
      SHARES AT $26.00 PER SHARE FOR TOTAL NET PROCEEDS OF $70.5 MILLION


FINANCIAL AND OPERATING RESULTS
- -------------------------------

Cedar reported total revenue for the second quarter of 2005 of $17.0 million as
compared to $12.6 million for the second quarter 2004, an increase of 34.9%.
<PAGE>

Net income for the second quarter of 2005 was $3.4 million, compared to $1.9
million for the second quarter of 2004. Net income applicable to common
shareholders for the quarter ended June 30, 2005 was $1.5 million, or $0.07 per
share, compared to $1.9 million, or $0.12 per share. The weighted average number
of shares of common stock outstanding during the second quarter 2005 was 22.2
million compared to 16.5 million during the corresponding quarter of 2004.

Funds from operations ("FFO") for the second quarter of 2005 increased by 28.9%
to $5.5 million ($0.23 per share/OP Unit), from $4.3 million ($0.25 per share/
OP Unit) for the corresponding quarter of 2004. The average number of shares of
common stock/OP Units outstanding during the second quarter of 2005 was 23.4
million compared to 16.9 million during the corresponding quarter of 2004.

Net cash flows provided by operating activities increased to $8.4 million for
the six months ended June 30, 2005, compared with $7.6 million for the
corresponding period of 2004.

The Company's total assets as of June 30, 2005 were $655 million compared to
$537 million as of December 31, 2004.

As of June 30, 2005, Cedar had drawn $43.4 million on its credit facility; $96.6
million remained available under it's facility as of that date. As of June 30,
2005, the Company's pro rata share of debt to total market capitalization
(including preferred stock) was 36.0%.

The Company's total revenues for the six months ended June 30, 2005 increased
40.4% to $33.6 million from $23.9 million for the same period in 2004. The
Company's net income for the six months ended June 30, 2005 was $6.1 million,
compared to $3.2 million for the same period in 2004. Net income applicable to
common shareholders for the six months ended June 30, 2005 was $2.8 million, or
$0.14 per share, compared to $3.2 million, or $0.20 per share, for the same
period last year. The weighted average number of shares of common stock
outstanding during the six months ending June 30, 2005 was 20.8 million compared
to 16.5 million during the corresponding period of 2004.

Leo Ullman, CEO of Cedar Shopping Centers, stated, "We are pleased to report
solid revenue growth, as well as the expansion of our operating portfolio with
the addition of 25 primarily drug store-anchored properties. We also continued
to enhance our acquisition pipeline with 15 properties under contract. Our
redevelopment activities are progressing ahead of schedule and we have made
substantial leasing progress at several redevelopment projects including the
Camp Hill Shopping Center and at our Hershey ground up development."

Tom O'Keeffe, CFO, noted, "We strengthened our balance sheet in the second
quarter with the April equity offering. The pending acquisitions combined with
the lease up activities at our redevelopment properties will favorably impact
our revenue growth in the second half of 2005."

<PAGE>

PROPERTY PORTFOLIO
- ------------------

At June 30, 2005, the Company has a portfolio of 58 properties, mostly
supermarket-anchored community shopping centers, as well as drug store-anchored
convenience centers, located in seven states, with approximately 5.7 million
square feet of GLA.

Occupancy for the portfolio as of June 30, 2005, including the various
redevelopment properties, was approximately 90%; excluding the redevelopment
properties, the occupancy level was approximately 95%.

NEW LEASES
- ----------

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 June 30, 2005, presently amount to approximately $4.4
million and represent approximately 286,000 square feet. Revenues from these
leases are expected to commence on the following schedule:


                                             ANNUALIZED
QUARTER ENDING                                BASE RENT
- ----------------------------               ----------------

September 30, 2005                     $         1,579,000
December 31, 2005                                2,130,000
June 30, 2006                                      706,000
                                           ----------------
                                       $         4,415,000
                                           ================


After giving effect to such new leases, the occupancy rate for the portfolio of
properties held as of June 30, 2005 would have increased from 90% to
approximately 94%.

REDEVELOPMENT AND DEVELOPMENT ACTIVITIES
- ----------------------------------------

As of June 30, 2005, the Company had four retail properties under redevelopment
that are expected to total approximately 720,000 square feet and one ground-up
development project that is expected to total approximately 91,000 square feet.

The largest of these projects is the Camp Hill Shopping Center redevelopment in
Camp Hill, Pennsylvania. As recently announced, leasing for the center has been
substantially completed. Phase 2 of the project is scheduled to be delivered in
September 2005 and the final phase is scheduled to be completed in mid 2006.
Upon completion, the property will be approximately 500,000 square feet.

<PAGE>


At the Company's property in Hamburg, Pennsylvania, a new 57,000 sq. ft.
Redner's supermarket opened its doors during the quarter, replacing a vacant
Ames store. At the Carbondale Center, a new Peebles department store of 18,000
square feet and an 11,000 sq. ft. Dollar Tree opened during the quarter, taking
up most of a vacant 50,000 sq. ft. Ames store. The Company's ground-up
development property, anchored by a 65,000 sq. ft. Giant supermarket has been
substantially leased up with leases at or above projections, and is expected to
open substantially on schedule and on budget during the fourth quarter of 2005.

ACQUISITION ACTIVITIES
- ----------------------

During the second quarter of 2005, the Company acquired 25 properties consisting
primarily of drug store-anchored convenience strip centers in Ohio,
Pennsylvania, New York and Connecticut for approximately $89.3 million. Ten of
the properties are anchored by Discount Drug Mart; eight of the properties are
net leased to single tenants. The properties represent approximately 715,000 sq.
ft. of gross leasable area.

PENDING ACQUISITIONS
- --------------------

During the second quarter of 2005, the Company announced the following pending
acquisitions of properties:

   o  On May 11, 2005, the Company announced that it had entered into an
      agreement to purchase a portfolio of four redevelopment properties located
      in Pennsylvania and Michigan for approximately $24.0 million. The
      properties represent 430,000 sq. ft. of gross leasable area.

   o  On June 28, 2005, the Company announced that it had completed due
      diligence and the contract had become non-cancelable for the pending
      acquisition of the previously-announced portfolio of eight
      supermarket-anchored properties in Virginia and Pennsylvania. The
      aggregate purchase price of the properties is approximately $95.0 million,
      representing 575,000 sq. ft. of gross leasable area.

Subsequent to the second quarter, the Company has announced the following
acquisitions:

   o  On July 11, 2005, the Company announced that it had entered into a
      contract to acquire the multi-anchored Trexler Mall in Trexlertown,
      Pennsylvania. The purchase price will be approximately $33.0 million,
      representing 340,000 sq. ft. of gross leasable area

   o  On July 14, 2005, the Company announced that it had completed due
      diligence to acquire a supermarket-anchored shopping center known as "The
      Shops at Suffolk Downs" located in Revere, Massachusetts. The property
      represents 123,000 sq. ft. of gross leasable area.
<PAGE>


   o  On July 22, 2005, the Company announced the contract to purchase the
      Oakland Mills Shopping Center in Columbia, Maryland, a
      supermarket-anchored 58,000 sq. ft. of gross leasable area. The purchase
      price will be approximately $8.0 million.


FINANCING ACTIVITIES
- --------------------

In April 2005, Cedar completed add-on stock offerings of 2,990,000 shares of
common stock at $13.80 per share and 1,200,000 shares of preferred stock at
$26.00 per share for total net proceeds of $70.5 million. The Company used the
net proceeds to reduce amounts outstanding under its floating rate revolving
credit facility. The credit facility in turn is expected to be available to fund
redevelopment and acquisition costs.

DISTRIBUTIONS
- -------------

On August 1, 2005, the Board of Directors approved the payment of a dividend of
$0.225 (22.5 cents) per share of the Company's Common Stock on August 22, 2005,
payable to shareholders of record as of the close of business on August 12,
2005.

The Company also at that time approved payment of a dividend of $0.5546875
(55.46875 cents) per share on the Company's 8-7/8% Series "A" Cumulative
Redeemable Preferred Stock, payable on August 22, 2005, to shareholders of
record as of the close of business on August 12, 2005.

EARNINGS CONFERENCE CALL
- ------------------------

Management will host a conference call on Thursday, August 4 at 11:15 AM (EDT).
A live web cast of the conference call will be available on-line on the
Company's corporate website at www.cedarshoppingcenters.com. The dial-in numbers
are (866) 700-0161 for domestic callers and (617) 213-8832 for international
callers, please use pass code 90054573 when dialing in. After the live web cast,
the call will remain available on the Company's website through August 17, 2005.
In addition, a telephonic replay of the call will be available until August 11,
2005. The replay dial-in numbers are (888) 286-8010 for domestic callers and
(617) 801-6888 for international callers. Please use pass code 54762067 for the
telephonic replay.

ABOUT THE COMPANY
- -----------------

Cedar Shopping Centers, Inc. is a self-managed real estate investment trust,
which has realized substantial growth in assets and shareholder value since its
public offering in October 2003. The Company presently owns and operates 58
primarily community supermarket-anchored shopping centers and drug
store-anchored convenience centers with approximately 5.7 million square feet of
gross leasable area, located in Pennsylvania, New Jersey, Massachusetts,
Maryland, New York, Connecticut and Ohio.

<PAGE>



FORWARD-LOOKING STATEMENTS
- --------------------------

Statements made or incorporated by reference in this press release include
certain "forward-looking statements." Forward-looking statements include,
without limitation, statements containing the words "anticipates", "believes",
"expects", "intends", "future", and words of similar import which express the
Company'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'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's market
areas in particular; the financial viability of the Company'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'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.

NON-GAAP FINANCIAL MEASURES - FFO
- ---------------------------------

Funds From Operations ("FFO") is a widely-recognized measure of REIT. The
Company computes FFO in accordance with the "White Paper" on FFO published by
the National Association of Real Estate Investment Trusts ("NAREIT"), which
defines FFO as net income applicable to common shareholders (determined in
accordance with GAAP), excluding gains or losses from debt restructurings and
sales of properties, plus depreciation and amortization, and after 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
applicable to common shareholders 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 applicable to common shareholders
those items that are defined as "extraordinary" under GAAP. FFO does not
represent cash generated from operating activities in accordance with GAAP and
should not be considered as an alternative to net income applicable to common
shareholders (determined in accordance with GAAP) as an indication of the
Company's performance or to cash flow from operating activities (determined in
accordance with GAAP) as a measure of liquidity. Since the NAREIT White Paper
only provides guidelines for



<PAGE>





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's calculations of FFO for the three and
six months ended June 30, 2005 and 2004:
<TABLE>
<CAPTION>
- ----------------------------------------------------------------------------------------------------------------
                                            Three months ended June 30,          Six months ended June 30,
                                          ---------------------------------  -----------------------------------
                                                2005            2004               2005              2004
                                          ---------------------------------  -----------------------------------
<S>                                                <C>             <C>                <C>                <C>
Net income applicable to common
 shareholders                                  $ 1,466,000     $ 1,903,000         $ 2,820,000      $ 3,246,000
Add (deduct):
 Depreciation and amortization                   4,171,000       2,506,000           7,901,000        4,698,000
 Limited partners' interest                         82,000          53,000             114,000           89,000
 Minority interests                                353,000         416,000             643,000          584,000
 Minority interests' share of FFO                 (588,000)       (625,000)         (1,124,000)        (995,000)
                                          ---------------------------------  -----------------------------------
Funds from operations                          $ 5,484,000     $ 4,253,000        $ 10,354,000      $ 7,622,000
                                          =================================  ===================================

FFO per common share (assuming
 conversion of OP Units)                            $ 0.23          $ 0.25              $ 0.48           $ 0.45
                                          =================================  ===================================

Average number of common shares:
Shares used in determination of
 earnings per share                             22,175,000      16,456,000          20,763,000       16,456,000
Additional shares assuming conversion
 of OP Units                                     1,230,000         454,000             842,000          447,000
                                          ---------------------------------  -----------------------------------
Shares used in determination of
 FFO per share                                  23,405,000      16,910,000          21,605,000       16,903,000
                                          =================================  ===================================
- ----------------------------------------------------------------------------------------------------------------
</TABLE>

<PAGE>
                          CEDAR SHOPPING CENTERS, INC.
                           Consolidated Balance Sheets
<TABLE>
<CAPTION>

                                                                          June 30,
                                                                            2005               December 31,
                                                                         (unaudited)              2004
                                                                       ----------------     ------------------
<S>                                                                          <C>                     <C>
Assets
 Real estate:
  Land                                                              $      117,784,000     $       97,617,000
  Buildings and improvements                                               523,431,000            423,735,000
                                                                       ----------------     ------------------
                                                                           641,215,000            521,352,000
  Less accumulated depreciation                                            (23,287,000)           (16,027,000)
                                                                       ----------------     ------------------
 Real estate, net                                                          617,928,000            505,325,000

 Cash and cash equivalents                                                   7,105,000              8,457,000
 Cash at joint ventures and restricted cash                                  6,469,000              7,105,000
 Rents and other receivables, net                                            7,299,000              4,483,000
 Other assets                                                                5,159,000              2,379,000
Deferred charges, net                                                       11,097,000              9,411,000
                                                                       ----------------     ------------------
Total assets                                                        $      655,057,000     $      537,160,000
                                                                       ================     ==================

Liabilities and shareholders' equity
 Mortgage loans payable                                             $      245,117,000     $      180,430,000
 Secured revolving credit facility                                          43,400,000             68,200,000
 Accounts payable, accrued expenses, and other                               8,629,000              9,012,000
 Unamortized intangible lease liabilities                                   23,941,000             25,227,000
                                                                       ----------------     ------------------
Total liabilities                                                          321,087,000            282,869,000
                                                                       ----------------     ------------------

Minority interests                                                          11,929,000             11,995,000
Limited partners' interest in Operating Partnership                         21,899,000              6,542,000

Shareholders' equity:
 Preferred stock ($.01 par value, $25.00 per share
  liquidation value, 5,000,000 shares authorized, 3,550,000
  and 2,350,000 shares issued and outstanding)                              88,750,000             58,750,000
 Common stock  ($.06 par value, 50,000,000 shares
  authorized, 22,341,000 and 19,351,000 shares issued
  and outstanding)                                                           1,340,000              1,161,000
 Treasury stock  (366,000 and 339,000 shares, at cost)                      (4,292,000)            (3,919,000)
 Additional paid-in capital                                                256,234,000            215,271,000
 Cumulative distributions in excess of net income                          (41,700,000)           (35,139,000)
 Accumulated other comprehensive income (loss)                                 (78,000)              (165,000)
 Unamortized deferred compensation plans                                      (112,000)              (205,000)
                                                                       ----------------     ------------------
Total shareholders' equity                                                 300,142,000            235,754,000
                                                                       ----------------     ------------------
Total liabilities and shareholders' equity                          $      655,057,000     $      537,160,000
                                                                       ================     ==================
</TABLE>

<PAGE>

                          CEDAR SHOPPING CENTERS, INC.
                        Consolidated Statements of Income
                                   (unaudited)

<TABLE>
<CAPTION>
                                                          Three months ended June 30,            Six months ended June 30,
                                                   -------------------------------------   ------------------------------------
                                                           2005              2004                2005               2004
                                                      ---------------   ----------------    ---------------    ---------------
<S>                                                         <C>                <C>                  <C>              <C>
Revenues:
 Rents                                             $    13,685,000    $       9,939,000    $      26,534,000   $      18,748,000
 Expense recoveries                                      3,218,000            2,575,000            6,891,000           4,935,000
 Other                                                     144,000              126,000              144,000             229,000
                                                    ---------------     ----------------      ---------------     ---------------
Total revenues                                          17,047,000           12,640,000           33,569,000          23,912,000
                                                    ---------------     ----------------      ---------------     ---------------

Expenses:
 Operating, maintenance and management                   2,545,000            2,657,000            6,572,000           5,397,000
 Real estate and other property-related taxes            1,915,000            1,244,000            3,390,000           2,344,000
 General and administrative                              1,197,000              985,000            2,166,000           1,627,000
 Depreciation and amortization                           4,188,000            2,592,000            7,931,000           5,067,000
                                                    ---------------     ----------------      ---------------     ---------------
Total expenses                                           9,845,000            7,478,000           20,059,000          14,435,000
                                                    ---------------     ----------------      ---------------     ---------------

Operating income                                         7,202,000            5,162,000           13,510,000           9,477,000

Non-operating income and expense:
 Interest expense                                       (3,144,000)          (2,575,000)          (6,281,000)         (5,099,000)
 Amortization of deferred financing costs                 (230,000)            (242,000)            (436,000)           (489,000)
 Interest income                                            27,000               27,000               32,000              30,000
                                                    ---------------     ----------------      ---------------     ---------------
Total non-operating income and expense                  (3,347,000)          (2,790,000)          (6,685,000)         (5,558,000)
                                                    ---------------     ----------------      ---------------     ---------------

Income before minority and limited partners'
 interests                                               3,855,000            2,372,000            6,825,000           3,919,000
 Minority interests                                       (353,000)            (416,000)            (643,000)           (584,000)
 Limited partners' interest                                (82,000)             (53,000)            (114,000)            (89,000)
                                                    ---------------     ----------------      ---------------     ---------------

Net income                                               3,420,000            1,903,000            6,068,000           3,246,000

Preferred distribution requirements                     (1,954,000)                   -           (3,248,000)                  -
                                                    ---------------     ----------------      ---------------     ---------------

Net income applicable to common shareholders       $     1,466,000    $       1,903,000    $       2,820,000   $       3,246,000
                                                    ===============     ================      ===============     ===============
Per common share (basic and diluted)               $          0.07    $            0.12    $            0.14   $            0.20
                                                    ===============     ================      ===============     ===============

Dividends to common shareholders                   $     5,027,000    $       3,703,000    $       9,381,000   $       6,335,000
                                                    ===============     ================      ===============     ===============
Per common share                                   $         0.225    $           0.225    $           0.450   $           0.385
                                                    ===============     ================      ===============     ===============

Average number of common shares outstanding             22,175,000           16,456,000           20,763,000          16,456,000
                                                    ===============     ================      ===============     ===============
</TABLE>

<PAGE>
                          CEDAR SHOPPING CENTERS, INC.
                      Consolidated Statements of Cash Flows
                                   (unaudited)
<TABLE>
<CAPTION>
                                                                           Six months ended June 30,
                                                                   ----------------------------------------
                                                                           2005                 2004
                                                                      ---------------      ----------------
<S>                                                                         <C>                   <C>
Cash flow from operating activities:
 Net income                                                         $       6,068,000     $       3,246,000
 Adjustments to reconcile net income to net cash
  provided by operating activities:
  Non-cash provisions:
   Minority interests                                                         271,000               179,000
   Limited partners' interest                                                 114,000                89,000
   Straight-line rents                                                       (934,000)             (645,000)
   Depreciation and amortization                                            8,367,000             5,556,000
   Amortization of intangible lease liabilities                            (1,844,000)             (976,000)
   Other                                                                       93,000               (87,000)
 Increases/decreases in operating assets and liabilities:
  Joint venture cash                                                        (157,000)              142,000
  Rents and other receivables                                             (1,882,000)              461,000
  Other assets                                                            (1,143,000)             (374,000)
  Accounts payable and accrued expenses                                     (597,000)              (38,000)
                                                                      ---------------      ----------------
Net cash provided by operating activities                                  8,356,000             7,553,000
                                                                      ---------------      ----------------

Cash flow from investing activities:
 Expenditures for real estate and improvements                           (94,128,000)          (53,042,000)
 Other                                                                       889,000              (713,000)
                                                                      ---------------      ----------------
Net cash (used in) investing activities                                  (93,239,000)          (53,755,000)
                                                                      ---------------      ----------------

Cash flow from financing activities:
 Line of credit, net                                                     (24,800,000)           58,000,000
 Proceeds from public offerings                                           70,521,000                     -
 Proceeds from mortgage financings                                        53,363,000               723,000
 Mortgage repayments                                                      (1,197,000)           (6,650,000)
 Distributions to minority interest partners                                (337,000)             (475,000)
 Distributions to limited partners                                          (204,000)             (172,000)
 Preferred distribution requirements                                      (3,273,000)                    -
 Distributions to common shareholders                                     (9,381,000)           (6,335,000)
 Deferred financing costs                                                 (1,161,000)           (1,482,000)
                                                                      ---------------      ----------------
Net cash provided by financing activities                                 83,531,000            43,609,000
                                                                      ---------------      ----------------

Net (decrease) in cash and cash equivalents                               (1,352,000)           (2,593,000)
Cash and cash equivalents at beginning of period                           8,457,000             6,154,000
                                                                      ---------------      ----------------
Cash and cash equivalents at end of period                         $       7,105,000     $       3,561,000
                                                                      ===============      ================

Supplemental disclosure of cash activities:
 Interest paid (including capitalized interest of
  $1,249,000 and $63$,000)                                                 7,371,000     $       5,522,000
                                                                      ===============      ================
Supplemental disclosure of non-cash investing and
 financing activities:
 Purchase accounting adjustments                                    $       1,887,000    $        5,354,000
                                                                      ===============      ================
Assumption of mortgage loans payable                                $      11,003,000    $        9,993,000
                                                                      ===============      ================
</TABLE>

</TEXT>
</DOCUMENT>
<DOCUMENT>
<TYPE>EX-99
<SEQUENCE>4
<FILENAME>ex99-2.htm
<DESCRIPTION>EXHIBIT 99.2
<TEXT>
<html>
<head><title>
Prepared and filed by St Ives Burrups
</title>
</head>
<body bgcolor="#FFFFFF">


<page>
  <p align="right"><b><u><font face="serif" size="4">Exhibit 99.2</font></u></b></p>
<p align="center"><b><font face="serif" size="4">CEDAR SHOPPING CENTERS, INC.</font></b></p>
<p align="center"><b><font face="serif" size="4">Supplemental Financial Information</font></b></p>
<p align="center"><b><font face="serif" size="4">June 30, 2005</font></b></p>
<p align="center"><b><font face="serif" size="4">(unaudited)</font></b></p>
<p>&nbsp;</p>
<p>&nbsp;</p>
<p>&nbsp;</p>
<p>&nbsp;</p>
<p>&nbsp;</p>
<p>&nbsp;</p>
<p>&nbsp;</p>
<p align="center"><b><font face="serif" size="4">Cedar Shopping Centers, Inc.<br>
44 South Bayles Avenue<br>
Port Washington, NY 11050-3765<br>
Tel: (516) 767-6492  Fax: (516) 767-6497<br>
www.cedarshoppingcenters.com</font></b></p>
<p align="center"><font face="serif" size="2"></font></p>
<hr noshade align="center" width="100%" size="2">
<div style="page-break-before:always"></div>
<page>
<a name="p?"></a>

<p align="center"><font size="2" face="serif"><b>Cedar Shopping Centers, Inc.<br>
Supplemental Financial Information<br>
June 30, 2005<br>
(unaudited)<br><br>

<u>TABLE OF CONTENTS</u></b></font></p>
<table width="70%"  border="0" align="center" cellpadding="0" cellspacing="0">
  <tr>
    <td width="63%" align="left"><font size="2" face="serif">Disclosures</font></td>
    <td width="33%" align="right"><font size="2" face="serif">3-4</font></tr>
  <tr>
    <td><font size="2" face="serif">Summary Financial Data</font></td>
    <td align="right"><font size="2" face="serif">5-6</font></td>
  </tr>
  <tr>
    <td><div style="margin-left: 3%; text-indent: -3%"><font size="2" face="serif">Consolidated Balance Sheets Information (wholly-owned
    and joint venture properties)</font></div></td>
    <td align="right"><font size="2" face="serif">7</font></td>
  </tr>
  <tr>
    <td><div style="margin-left: 3%; text-indent: -3%"><font size="2" face="serif">Consolidated Statements of Income Information
    (wholly-owned and joint venture properties)</font></div></td>
    <td align="right"><font size="2" face="serif">&nbsp;8-9</font></td>
  </tr>
  <tr>
    <td><div style="margin-left: 3%; text-indent: -3%"><font size="2" face="serif">Reconciliation of Net Income Applicable to
    Common Shareholders to Funds From Operations (&#8220;FFO&#8221;)</font></div></td>
    <td align="right"><font size="2" face="serif">10</font></td>
  </tr>
  <tr>
    <td><font size="2" face="serif">Property Summary</font></td>
    <td align="right"><font size="2" face="serif">&nbsp;11-16</font></td>
  </tr>
  <tr>
    <td><font size="2" face="serif">Debt Summary</font></td>
    <td align="right"><font size="2" face="serif">17-18</font></td>
  </tr>
  <tr>
    <td><font size="2" face="serif">Consolidated Joint Ventures Information</font></td>
    <td align="right"><font size="2" face="serif">&nbsp;19-20</font></td>
  </tr>
  <tr>
    <td><font size="2" face="serif">Tenant Concentration Schedule</font></td>
    <td align="right"><font size="2" face="serif">&nbsp;21</font></td>
  </tr>
  <tr>
    <td><font size="2" face="serif">Lease Expiration Schedule</font></td>
    <td align="right"><font size="2" face="serif">22</font></td>
  </tr>
</table>
<p align="left">&nbsp;</p>
<p align="center"><font face="serif" size="2">2</font></p>
<hr noshade align="center" width="100%" size="2">
<div style="page-break-before:always"></div>
<page>
<a name="p?"></a>

<p align="left"><font size="2" face="serif"><b>Cedar Shopping Centers, Inc.<br>
Supplemental Financial Information<br>
June 30, 2005</b></font></p>
<p align="left"><font size="2" face="serif"><b>(unaudited)</b></font></p>
<p align="left"><font size="2" face="serif"><b><u>Disclosures</u></b></font></p>
<p align="left"><font size="2" face="serif"><b><u>Forward Looking Statements</u></b></font></p>

<div style="text-indent: 3%"><p align="left"><font size="2" face="serif">Statements made or incorporated by reference in the Supplemental Financial Information include certain &#8220;forward-looking statements&#8221;. 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&#8217;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&#8217;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&#8217;s 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&#8217;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></p>
</div>
<p align="left"><font size="2" face="serif"><b><u>Basis of Presentation</u></b></font></p>

<div style="text-indent: 3%"><p align="left"><font size="2" face="serif">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&#8217;s Form 10-K for the year ended December 31, 2004 and Form 10-Q for the quarter ended June 30, 2005. </font></p>
</div>

<div style="text-indent: 3%"><p align="left"><font size="2" face="serif">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 June 30, 2005, the Company owned a 93.2% economic interest in, and is the sole general partner of, the OP. The limited partners&#8217; interest in the OP is evidenced by Operating Partnership Units (&#8220;OP Units&#8221;), which are economically equivalent to shares of the Company&#8217;s common stock and convertible into shares of the Company&#8217;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></p>
</div>
<p align="center"><font face="serif" size="2">3</font></p>
<hr noshade align="center" width="100%" size="2">
<div style="page-break-before:always"></div>
<page>
<a name="p?"></a>

<p align="left"><font size="2" face="serif"><b><u>Use of Funds From Operations (&#8220;FFO&#8221;) as a Non-GAAP Financial Measure</u></b></font></p>

<div style="text-indent: 3%"><p align="left"><font size="2" face="serif">Funds From Operations (&#8220;FFO&#8221;) is a widely-recognized measure of REIT performance. 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 net income applicable to common shareholders (determined in accordance with GAAP), excluding gains or losses from debt restructurings and sales of properties, plus depreciation and amortization, and after 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 applicable to common
shareholders 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 applicable to common shareholders those items that are defined as &#8220;extraordinary&#8221; under GAAP. FFO does not represent cash generated from operating activities in accordance with GAAP and should not be considered as an alternative to net income applicable to common shareholders (determined in accordance with GAAP) as an indication of the Company&#8217;s performance or to cash flow from operating activities (determined in accordance with GAAP) as a measure of liquidity. Since the NAREIT White Paper only provides guidelines for computing FFO, the computation of FFO may vary from one company to another. FFO
is not necessarily indicative of cash available to fund ongoing cash needs.</font></p>
</div>
<p align="center"><font face="serif" size="2">4</font></p>
<hr noshade align="center" width="100%" size="2">
<div style="page-break-before:always"></div>
<page>
<a name="p?"></a>

<table width="100%" cellspacing="0" cellpadding="0" align="center" border="0">
<tr valign="top">
<td align="left" bgcolor="#FFFFFF"><font size="2" face="serif"><b>Cedar Shopping Centers, Inc.</b></font></td>
<td width="3%" align="right" bgcolor="#FFFFFF"><font size="2" face="serif">&nbsp;</font></td>
<td width="14%" align="left" bgcolor="#FFFFFF"><font size="2" face="serif">&nbsp;</font></td>
<td width="2%" align="left" bgcolor="#FFFFFF">&nbsp;</td>
<td width="3%" align="right" bgcolor="#FFFFFF"><font size="2" face="serif">&nbsp;</font></td>
<td width="14%" align="left" bgcolor="#FFFFFF"><font size="2" face="serif">&nbsp;</font></td>
<td width="2%" align="left" bgcolor="#FFFFFF">&nbsp;</td> </tr>
<tr valign="top">
<td align="left" bgcolor="#FFFFFF"><font size="2" face="serif"><b>Summary Financial Data</b></font></td>
<td align="right" bgcolor="#FFFFFF"><font size="2" face="serif">&nbsp;</font></td>
<td align="left" bgcolor="#FFFFFF"><font size="2" face="serif">&nbsp;</font></td>
<td align="left" bgcolor="#FFFFFF">&nbsp;</td>
<td align="right" bgcolor="#FFFFFF"><font size="2" face="serif">&nbsp;</font></td>
<td align="left" bgcolor="#FFFFFF"><font size="2" face="serif">&nbsp;</font></td>
<td align="left" bgcolor="#FFFFFF">&nbsp;</td>
</tr>
<tr valign="top">
<td align="left" bgcolor="#FFFFFF"><font size="2" face="serif"><b>(unaudited)</b></font></td>
<td align="right" bgcolor="#FFFFFF"><font size="2" face="serif">&nbsp;</font></td>
<td align="left" bgcolor="#FFFFFF"><font size="2" face="serif">&nbsp;</font></td>
<td align="left" bgcolor="#FFFFFF">&nbsp;</td>
<td align="right" bgcolor="#FFFFFF"><font size="2" face="serif">&nbsp;</font></td>
<td align="left" bgcolor="#FFFFFF"><font size="2" face="serif">&nbsp;</font></td>
<td align="left" bgcolor="#FFFFFF">&nbsp;</td>
</tr>
<tr valign="top">
<td align="left" bgcolor="#FFFFFF"><font size="2" face="serif">&nbsp;</font></td>
<td align="right" bgcolor="#FFFFFF"><font size="2" face="serif">&nbsp;</font></td>
<td align="center" bgcolor="#FFFFFF"><font size="2" face="serif"><b>June 30,</b></font></td>
<td align="left" bgcolor="#FFFFFF">&nbsp;</td>
<td align="right" bgcolor="#FFFFFF"><font size="2" face="serif">&nbsp;</font></td>
<td align="center" bgcolor="#FFFFFF"><font size="2" face="serif"><b>December 31,</b></font></td>
<td align="left" bgcolor="#FFFFFF">&nbsp;</td>
</tr>
<tr valign="top">
<td align="left" bgcolor="#ffffff"><font size="2" face="serif">&nbsp;</font></td>
<td align="right" bgcolor="#ffffff"><font size="2" face="serif">&nbsp;</font></td>
<td align="center" bgcolor="#ffffff"><font size="2" face="serif"><b>2005</b></font></td>
<td align="left" bgcolor="#ffffff">&nbsp;</td>
<td align="right" bgcolor="#ffffff"><font size="2" face="serif">&nbsp;</font></td>
<td align="center" bgcolor="#ffffff"><font size="2" face="serif"><b>2004</b></font></td>
<td align="left" bgcolor="#ffffff">&nbsp;</td>
</tr>
<tr valign="top">
  <td align="left" bgcolor="#FFFFFF">&nbsp;</td>
  <td align="right" bgcolor="#FFFFFF"><hr noshade align="center" width="100%" size="1"></td>
  <td align="left" bgcolor="#FFFFFF"><hr noshade align="center" width="100%" size="1"></td>
  <td align="left" bgcolor="#FFFFFF">&nbsp;</td>
  <td align="right" bgcolor="#FFFFFF"><hr noshade align="center" width="100%" size="1"></td>
  <td align="left" bgcolor="#FFFFFF"><hr noshade align="center" width="100%" size="1"></td>
  <td align="left" bgcolor="#FFFFFF">&nbsp;</td>
</tr>
<tr valign="top">
<td align="left" bgcolor="#eeeeee"><font size="2" face="serif">Equity market capitalization (end of period):</font></td>
<td align="right" bgcolor="#eeeeee"><font size="2" face="serif">&nbsp;</font></td>
<td align="left" bgcolor="#eeeeee"><font size="2" face="serif">&nbsp;</font></td>
<td align="left" bgcolor="#eeeeee">&nbsp;</td>
<td align="right" bgcolor="#eeeeee"><font size="2" face="serif">&nbsp;</font></td>
<td align="left" bgcolor="#eeeeee"><font size="2" face="serif">&nbsp;</font></td>
<td align="left" bgcolor="#eeeeee">&nbsp;</td>
</tr>
<tr valign="top">
<td align="left" bgcolor="#eeeeee"><font size="2" face="serif">8-7/8% Series A Cumulative Redeemable</font></td>
<td align="right" bgcolor="#eeeeee"><font size="2" face="serif">&nbsp;</font></td>
<td align="left" bgcolor="#eeeeee"><font size="2" face="serif">&nbsp;</font></td>
<td align="left" bgcolor="#eeeeee">&nbsp;</td>
<td align="right" bgcolor="#eeeeee"><font size="2" face="serif">&nbsp;</font></td>
<td align="left" bgcolor="#eeeeee"><font size="2" face="serif">&nbsp;</font></td>
<td align="left" bgcolor="#eeeeee">&nbsp;</td>
</tr>
<tr valign="top">
<td align="left" bgcolor="#eeeeee"><font size="2" face="serif">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Preferred Stock shares outstanding</font></td>
<td align="right" bgcolor="#eeeeee"><font size="2" face="serif">&nbsp;</font></td>
<td align="right" bgcolor="#eeeeee"><font size="2" face="serif">3,550,000 </font></td>
<td align="left" bgcolor="#eeeeee">&nbsp;</td>
<td align="right" bgcolor="#eeeeee"><font size="2" face="serif">&nbsp;</font></td>
<td align="right" bgcolor="#eeeeee"><font size="2" face="serif">2,350,000 </font></td>
<td align="left" bgcolor="#eeeeee">&nbsp;</td>
</tr>
<tr valign="top">
<td align="left" bgcolor="#ffffff"><font size="2" face="serif">Closing market price</font></td>
<td align="left" bgcolor="#ffffff"><font size="2" face="serif">$</font></td>
<td align="right" bgcolor="#ffffff"><font size="2" face="serif">26.70 </font></td>
<td align="left" bgcolor="#ffffff">&nbsp;</td>
<td align="left" bgcolor="#ffffff"><font size="2" face="serif">$</font></td>
<td align="right" bgcolor="#ffffff"><font size="2" face="serif">26.39 </font></td>
<td align="left" bgcolor="#ffffff">&nbsp;</td>
</tr>
<tr valign="top">
<td align="left"><font size="2" face="serif">&nbsp;</font></td>
<td align="left"><font size="2" face="serif">&nbsp;</font></td>
<td align="left"><font size="2" face="serif">&nbsp;</font></td>
<td align="left">&nbsp;</td>
<td align="left"><font size="2" face="serif">&nbsp;</font></td>
<td align="left"><font size="2" face="serif">&nbsp;</font></td>
<td align="left">&nbsp;</td>
</tr>
<tr valign="top">
<td align="left" bgcolor="#eeeeee"><font size="2" face="serif">Common shares outstanding</font></td>
<td align="left" bgcolor="#eeeeee"><font size="2" face="serif">&nbsp;</font></td>
<td align="right" bgcolor="#eeeeee"><font size="2" face="serif">22,340,981 </font></td>
<td align="left" bgcolor="#eeeeee">&nbsp;</td>
<td align="left" bgcolor="#eeeeee"><font size="2" face="serif">&nbsp;</font></td>
<td align="right" bgcolor="#eeeeee"><font size="2" face="serif">19,350,981 </font></td>
<td align="left" bgcolor="#eeeeee">&nbsp;</td>
</tr>
<tr valign="top">
<td align="left" bgcolor="#ffffff"><font size="2" face="serif">OP Units outstanding</font></td>
<td align="left" bgcolor="#ffffff"><font size="2" face="serif">&nbsp;</font></td>
<td align="right" bgcolor="#ffffff"><font size="2" face="serif">1,638,562 </font></td>
<td align="left" bgcolor="#ffffff">&nbsp;</td>
<td align="left" bgcolor="#ffffff"><font size="2" face="serif">&nbsp;</font></td>
<td align="right" bgcolor="#ffffff"><font size="2" face="serif">454,469 </font></td>
<td align="left" bgcolor="#ffffff">&nbsp;</td>
</tr>
<tr valign="top">
<td align="left" bgcolor="#eeeeee"><font size="2" face="serif">Closing market price</font></td>
<td align="left" bgcolor="#eeeeee"><font size="2" face="serif">$</font></td>
<td align="right" bgcolor="#eeeeee"><font size="2" face="serif">14.75 </font></td>
<td align="left" bgcolor="#eeeeee">&nbsp;</td>
<td align="left" bgcolor="#eeeeee"><font size="2" face="serif">$</font></td>
<td align="right" bgcolor="#eeeeee"><font size="2" face="serif">14.30 </font></td>
<td align="left" bgcolor="#eeeeee">&nbsp;</td>
</tr>
<tr valign="top">
<td align="left"><font size="2" face="serif">&nbsp;</font></td>
<td align="left"><font size="2" face="serif">&nbsp;</font></td>
<td align="left"><font size="2" face="serif">&nbsp;</font></td>
<td align="left">&nbsp;</td>
<td align="left"><font size="2" face="serif">&nbsp;</font></td>
<td align="left"><font size="2" face="serif">&nbsp;</font></td>
<td align="left">&nbsp;</td>
</tr>
<tr valign="top">
<td align="left" bgcolor="#eeeeee"><font size="2" face="serif">Equity market capitalization</font></td>
<td align="left" bgcolor="#eeeeee"><font size="2" face="serif">$</font></td>
<td align="right" bgcolor="#eeeeee"><font size="2" face="serif">448,483,000 </font></td>
<td align="left" bgcolor="#eeeeee">&nbsp;</td>
<td align="left" bgcolor="#eeeeee"><font size="2" face="serif">$</font></td>
<td align="right" bgcolor="#eeeeee"><font size="2" face="serif">345,234,000 </font></td>
<td align="left" bgcolor="#eeeeee">&nbsp;</td>
</tr>
<tr valign="top">
<td align="left" bgcolor="#FFFFFF"><font size="2" face="serif">Pro rata share of outstanding debt</font></td>
<td align="left"><font size="2" face="serif">&nbsp;</font></td>
<td align="right" bgcolor="#FFFFFF"><font size="2" face="serif">252,271,000 </font></td>
<td align="left" bgcolor="#FFFFFF">&nbsp;</td>
<td align="left" bgcolor="#FFFFFF"><font size="2" face="serif">&nbsp;</font></td>
<td align="right" bgcolor="#FFFFFF"><font size="2" face="serif">212,142,000 </font></td>
<td align="left" bgcolor="#FFFFFF">&nbsp;</td>
</tr> <tr valign="top">
  <td align="left" bgcolor="#FFFFFF">&nbsp;</td>
  <td align="right" bgcolor="#FFFFFF"><hr noshade align="center" width="100%" size="1"></td>
  <td align="left" bgcolor="#FFFFFF"><hr noshade align="center" width="100%" size="1"></td>
  <td align="left" bgcolor="#FFFFFF">&nbsp;</td>
  <td align="right" bgcolor="#FFFFFF"><hr noshade align="center" width="100%" size="1"></td>
  <td align="left" bgcolor="#FFFFFF"><hr noshade align="center" width="100%" size="1"></td>
  <td align="left" bgcolor="#FFFFFF">&nbsp;</td>
</tr>

<tr valign="top">
<td align="left" bgcolor="#eeeeee"><font size="2" face="serif">Total capitalization</font></td>
<td align="left" bgcolor="#eeeeee"><font size="2" face="serif">$</font></td>
<td align="right" bgcolor="#eeeeee"><font size="2" face="serif">700,754,000 </font></td>
<td align="left" bgcolor="#eeeeee">&nbsp;</td>
<td align="left" bgcolor="#eeeeee"><font size="2" face="serif">$</font></td>
<td align="right" bgcolor="#eeeeee"><font size="2" face="serif">557,376,000 </font></td>
<td align="left" bgcolor="#eeeeee">&nbsp;</td>
</tr>
<tr valign="top">
  <td align="left" bgcolor="#FFFFFF">&nbsp;</td>
  <td align="right" bgcolor="#FFFFFF"><hr noshade align="center" width="100%" size="2">
  </td>
  <td align="left" bgcolor="#FFFFFF"><hr noshade align="center" width="100%" size="2">
  </td>
  <td align="left" bgcolor="#FFFFFF">&nbsp;</td>
  <td align="right" bgcolor="#FFFFFF"><hr noshade align="center" width="100%" size="2">
  </td>
  <td align="left" bgcolor="#FFFFFF"><hr noshade align="center" width="100%" size="2">
  </td>
  <td align="left" bgcolor="#FFFFFF">&nbsp;</td>
</tr>
<tr valign="top">
<td align="left" bgcolor="#FFFFFF"><font size="2" face="serif">Ratio of pro rata share of outstanding debt</font></td>
<td align="left"><font size="2" face="serif">&nbsp;</font></td>
<td align="left" bgcolor="#FFFFFF"><font size="2" face="serif">&nbsp;</font></td>
<td align="left" bgcolor="#FFFFFF">&nbsp;</td>
<td align="left" bgcolor="#FFFFFF"><font size="2" face="serif">&nbsp;</font></td>
<td align="left" bgcolor="#FFFFFF"><font size="2" face="serif">&nbsp;</font></td>
<td align="left" bgcolor="#FFFFFF">&nbsp;</td>
</tr>
<tr valign="top">
<td align="left" bgcolor="#FFFFFF"><font size="2" face="serif">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;to total capitalization</font></td>
<td align="left"><font size="2" face="serif">&nbsp;</font></td>
<td align="right" bgcolor="#FFFFFF"><font size="2" face="serif">36.0</font></td>
<td align="left" bgcolor="#FFFFFF"><font size="2" face="serif">%</font></td>
<td align="left" bgcolor="#FFFFFF"><font size="2" face="serif">&nbsp;</font></td>
<td align="right" bgcolor="#FFFFFF"><font size="2" face="serif">38.1</font></td>
<td align="left" bgcolor="#FFFFFF"><font size="2" face="serif">%</font></td>
</tr>
<tr valign="top">
  <td align="left" bgcolor="#FFFFFF">&nbsp;</td>
  <td align="right" bgcolor="#FFFFFF"><hr noshade align="center" width="100%" size="2">
  </td>
  <td align="left" bgcolor="#FFFFFF"><hr noshade align="center" width="100%" size="2">
  </td>
  <td align="left" bgcolor="#FFFFFF">&nbsp;</td>
  <td align="right" bgcolor="#FFFFFF"><hr noshade align="center" width="100%" size="2">
  </td>
  <td align="left" bgcolor="#FFFFFF"><hr noshade align="center" width="100%" size="2">
  </td>
  <td align="left" bgcolor="#FFFFFF">&nbsp;</td>
</tr>
<tr valign="top">
<td align="left" bgcolor="#eeeeee"><font size="2" face="serif">Ratio of pro rata share of outstanding debt</font></td>
<td align="left" bgcolor="#eeeeee"><font size="2" face="serif">&nbsp;</font></td>
<td align="left" bgcolor="#eeeeee"><font size="2" face="serif">&nbsp;</font></td>
<td align="left" bgcolor="#eeeeee">&nbsp;</td>
<td align="left" bgcolor="#eeeeee"><font size="2" face="serif">&nbsp;</font></td>
<td align="left" bgcolor="#eeeeee"><font size="2" face="serif">&nbsp;</font></td>
<td align="left" bgcolor="#eeeeee">&nbsp;</td>
</tr>
<tr valign="top">
<td align="left" bgcolor="#eeeeee"><font size="2" face="serif">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;to capitalization without Preferred Stock</font></td>
<td align="left" bgcolor="#eeeeee"><font size="2" face="serif">&nbsp;</font></td>
<td align="right" bgcolor="#eeeeee"><font size="2" face="serif">41.6</font></td>
<td align="left" bgcolor="#eeeeee"><font size="2" face="serif">%</font></td>
<td align="left" bgcolor="#eeeeee"><font size="2" face="serif">&nbsp;</font></td>
<td align="right" bgcolor="#eeeeee"><font size="2" face="serif">42.8</font></td>
<td align="left" bgcolor="#eeeeee"><font size="2" face="serif">%</font></td>
</tr>
<tr valign="top">
  <td align="left" bgcolor="#FFFFFF">&nbsp;</td>
  <td align="right" bgcolor="#FFFFFF"><hr noshade align="center" width="100%" size="2">
  </td>
  <td align="left" bgcolor="#FFFFFF"><hr noshade align="center" width="100%" size="2">
  </td>
  <td align="left" bgcolor="#FFFFFF">&nbsp;</td>
  <td align="right" bgcolor="#FFFFFF"><hr noshade align="center" width="100%" size="2">
  </td>
  <td align="left" bgcolor="#FFFFFF"><hr noshade align="center" width="100%" size="2">
  </td>
  <td align="left" bgcolor="#FFFFFF">&nbsp;</td>
</tr>
<tr valign="top">
  <td align="left" bgcolor="#FFFFFF">&nbsp;</td>
  <td align="left">&nbsp;</td>
  <td colspan="4" align="center" bgcolor="#FFFFFF">&nbsp;</td>
  <td align="left" bgcolor="#FFFFFF">&nbsp;</td>
</tr>
<tr valign="top">
<td align="left" bgcolor="#FFFFFF"><font size="2" face="serif">&nbsp;</font></td>
<td align="left"><font size="2" face="serif">&nbsp;</font></td>
<td colspan="4" align="center" bgcolor="#FFFFFF"><font size="2" face="serif"><b>Three months ended June 30,</b></font></td>
<td align="left" bgcolor="#FFFFFF">&nbsp;</td>
</tr>
<tr valign="top">
  <td align="left" bgcolor="#FFFFFF">&nbsp;</td>
  <td colspan="5" align="left"><hr noshade align="center" width="100%" size="1"></td>
  <td align="left" bgcolor="#FFFFFF">&nbsp;</td>
</tr>
<tr valign="top">
<td align="left" bgcolor="#FFFFFF"><font size="2" face="serif">&nbsp;</font></td>
<td align="left"><font size="2" face="serif">&nbsp;</font></td>
<td align="center" bgcolor="#FFFFFF"><font size="2" face="serif"><b>2005</b></font></td>
<td align="left" bgcolor="#FFFFFF">&nbsp;</td>
<td align="right" bgcolor="#FFFFFF"><font size="2" face="serif">&nbsp;</font></td>
<td align="center" bgcolor="#FFFFFF"><font size="2" face="serif"><b>2004</b></font></td>
<td align="left" bgcolor="#FFFFFF">&nbsp;</td>
</tr>
<tr valign="top">
  <td align="left" bgcolor="#FFFFFF">&nbsp;</td>
  <td align="left"><hr noshade align="center" width="100%" size="1"></td>
  <td align="center" bgcolor="#FFFFFF"><hr noshade align="center" width="100%" size="1"></td>
  <td align="left" bgcolor="#FFFFFF">&nbsp;</td>
  <td align="right" bgcolor="#FFFFFF"><hr noshade align="center" width="100%" size="1"></td>
  <td align="center" bgcolor="#FFFFFF"><hr noshade align="center" width="100%" size="1"></td>
  <td align="left" bgcolor="#FFFFFF">&nbsp;</td>
</tr>
<tr valign="top">
<td align="left" bgcolor="#eeeeee"><font size="2" face="serif">Total revenues</font></td>
<td align="left" bgcolor="#eeeeee"><font size="2" face="serif">$</font></td>
<td align="right" bgcolor="#eeeeee"><font size="2" face="serif">17,047,000 </font></td>
<td align="left" bgcolor="#eeeeee">&nbsp;</td>
<td bgcolor="#eeeeee"><font size="2" face="serif">$</font></td>
<td align="right" bgcolor="#eeeeee"><font size="2" face="serif">12,640,000 </font></td>
<td align="left" bgcolor="#eeeeee">&nbsp;</td>
</tr>
<tr valign="top">
<td align="left" bgcolor="#FFFFFF"><font size="2" face="serif">Net income applicable to common shareholders</font></td>
<td align="left"><font size="2" face="serif">$</font></td>
<td align="right" bgcolor="#FFFFFF"><font size="2" face="serif">1,466,000 </font></td>
<td align="left" bgcolor="#FFFFFF">&nbsp;</td>
<td bgcolor="#FFFFFF"><font size="2" face="serif">$</font></td>
<td align="right" bgcolor="#FFFFFF"><font size="2" face="serif">1,903,000 </font></td>
<td align="left" bgcolor="#FFFFFF">&nbsp;</td>
</tr>
<tr valign="top">
<td align="left" bgcolor="#eeeeee"><font size="2" face="serif">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Per common share</font></td>
<td align="left" bgcolor="#eeeeee"><font size="2" face="serif">$</font></td>
<td align="right" bgcolor="#eeeeee"><font size="2" face="serif">0.07 </font></td>
<td align="left" bgcolor="#eeeeee">&nbsp;</td>
<td bgcolor="#eeeeee"><font size="2" face="serif">$</font></td>
<td align="right" bgcolor="#eeeeee"><font size="2" face="serif">0.12 </font></td>
<td align="left" bgcolor="#eeeeee">&nbsp;</td>
</tr>
<tr valign="top">
<td align="left" bgcolor="#FFFFFF"><font size="2" face="serif">Dividends to common shareholders</font></td>
<td align="left"><font size="2" face="serif">$</font></td>
<td align="right" bgcolor="#FFFFFF"><font size="2" face="serif">5,027,000 </font></td>
<td align="left" bgcolor="#FFFFFF">&nbsp;</td>
<td bgcolor="#FFFFFF"><font size="2" face="serif">$</font></td>
<td align="right" bgcolor="#FFFFFF"><font size="2" face="serif">3,703,000 </font></td>
<td align="left" bgcolor="#FFFFFF">&nbsp;</td>
</tr>
<tr valign="top">
<td align="left" bgcolor="#eeeeee"><font size="2" face="serif">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Per common share</font></td>
<td align="left" bgcolor="#eeeeee"><font size="2" face="serif">$</font></td>
<td align="right" bgcolor="#eeeeee"><font size="2" face="serif">0.225 </font></td>
<td align="left" bgcolor="#eeeeee">&nbsp;</td>
<td bgcolor="#eeeeee"><font size="2" face="serif">$</font></td>
<td align="right" bgcolor="#eeeeee"><font size="2" face="serif">0.225 </font></td>
<td align="left" bgcolor="#eeeeee">&nbsp;</td>
</tr>
<tr valign="top">
<td align="left" bgcolor="#FFFFFF"><font size="2" face="serif">FFO</font></td>
<td align="left"><font size="2" face="serif">$</font></td>
<td align="right" bgcolor="#FFFFFF"><font size="2" face="serif">5,484,000 </font></td>
<td align="left" bgcolor="#FFFFFF">&nbsp;</td>
<td bgcolor="#FFFFFF"><font size="2" face="serif">$</font></td>
<td align="right" bgcolor="#FFFFFF"><font size="2" face="serif">4,253,000 </font></td>
<td align="left" bgcolor="#FFFFFF">&nbsp;</td>
</tr>
<tr valign="top">
<td align="left" bgcolor="#eeeeee"><font size="2" face="serif">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Per common share/OP unit</font></td>
<td align="left" bgcolor="#eeeeee"><font size="2" face="serif">$</font></td>
<td align="right" bgcolor="#eeeeee"><font size="2" face="serif">0.23 </font></td>
<td align="left" bgcolor="#eeeeee">&nbsp;</td>
<td bgcolor="#eeeeee"><font size="2" face="serif">$</font></td>
<td align="right" bgcolor="#eeeeee"><font size="2" face="serif">0.25 </font></td>
<td align="left" bgcolor="#eeeeee">&nbsp;</td>
</tr>
<tr valign="top">
<td align="left"><font size="2" face="serif">&nbsp;</font></td>
<td align="left"><font size="2" face="serif">&nbsp;</font></td>
<td align="left"><font size="2" face="serif">&nbsp;</font></td>
<td align="left">&nbsp;</td>
<td><font size="2" face="serif">&nbsp;</font></td>
<td align="left"><font size="2" face="serif">&nbsp;</font></td>
<td align="left">&nbsp;</td>
</tr>
<tr valign="top">
<td align="left" bgcolor="#FFFFFF"><font size="2" face="serif">Average number of common shares:</font></td>
<td align="left"><font size="2" face="serif">&nbsp;</font></td>
<td align="left" bgcolor="#FFFFFF"><font size="2" face="serif">&nbsp;</font></td>
<td align="left" bgcolor="#FFFFFF">&nbsp;</td>
<td bgcolor="#FFFFFF"><font size="2" face="serif">&nbsp;</font></td>
<td align="left" bgcolor="#FFFFFF"><font size="2" face="serif">&nbsp;</font></td>
<td align="left" bgcolor="#FFFFFF">&nbsp;</td>
</tr>
<tr valign="top">
<td align="left" bgcolor="#FFFFFF"><font size="2" face="serif">Shares used in determination of earnings per share</font></td>
<td align="left"><font size="2" face="serif">&nbsp;</font></td>
<td align="right" bgcolor="#FFFFFF"><font size="2" face="serif">22,175,000 </font></td>
<td align="left" bgcolor="#FFFFFF">&nbsp;</td>
<td bgcolor="#FFFFFF"><font size="2" face="serif">&nbsp;</font></td>
<td align="right" bgcolor="#FFFFFF"><font size="2" face="serif">16,456,000 </font></td>
<td align="left" bgcolor="#FFFFFF">&nbsp;</td>
</tr>
<tr valign="top">
<td align="left" bgcolor="#eeeeee"><font size="2" face="serif">Additional shares assuming conversion of OP Units</font></td>
<td align="left" bgcolor="#eeeeee"><font size="2" face="serif">&nbsp;</font></td>
<td align="right" bgcolor="#eeeeee"><font size="2" face="serif">1,230,000 </font></td>
<td align="left" bgcolor="#eeeeee">&nbsp;</td>
<td bgcolor="#eeeeee"><font size="2" face="serif">&nbsp;</font></td>
<td align="right" bgcolor="#eeeeee"><font size="2" face="serif">454,000 </font></td>
<td align="left" bgcolor="#eeeeee">&nbsp;</td>
</tr>
<tr valign="top">
  <td align="left" bgcolor="#FFFFFF">&nbsp;</td>
  <td align="left"><hr noshade align="center" width="100%" size="1"></td>
  <td align="right" bgcolor="#FFFFFF"><hr noshade align="center" width="100%" size="1"></td>
  <td align="left" bgcolor="#FFFFFF">&nbsp;</td>
  <td bgcolor="#FFFFFF"><hr noshade align="center" width="100%" size="1"></td>
  <td align="right" bgcolor="#FFFFFF"><hr noshade align="center" width="100%" size="1"></td>
  <td align="left" bgcolor="#FFFFFF">&nbsp;</td>
</tr>
<tr valign="top">
<td align="left" bgcolor="#FFFFFF"><font size="2" face="serif">Shares used in determination of FFO per share</font></td>
<td align="left"><font size="2" face="serif">&nbsp;</font></td>
<td align="right" bgcolor="#FFFFFF"><font size="2" face="serif">23,405,000 </font></td>
<td align="left" bgcolor="#FFFFFF">&nbsp;</td>
<td bgcolor="#FFFFFF"><font size="2" face="serif">&nbsp;</font></td>
<td align="right" bgcolor="#FFFFFF"><font size="2" face="serif">16,910,000 </font></td>
<td align="left" bgcolor="#FFFFFF">&nbsp;</td>
</tr>
<tr valign="top">
  <td align="left" bgcolor="#FFFFFF">&nbsp;</td>
  <td align="left"><hr noshade align="center" width="100%" size="2"></td>
  <td align="right" bgcolor="#FFFFFF"><hr noshade align="center" width="100%" size="2"></td>
  <td align="left" bgcolor="#FFFFFF">&nbsp;</td>
  <td bgcolor="#FFFFFF"><hr noshade align="center" width="100%" size="2"></td>
  <td align="right" bgcolor="#FFFFFF"><hr noshade align="center" width="100%" size="2"></td>
  <td align="left" bgcolor="#FFFFFF">&nbsp;</td>
</tr>
<tr valign="top">
  <td align="left" bgcolor="#FFFFFF">&nbsp;</td>
  <td align="left">&nbsp;</td>
  <td colspan="4" align="center" bgcolor="#FFFFFF">&nbsp;</td>
  <td align="left" bgcolor="#FFFFFF">&nbsp;</td>
</tr>
<tr valign="top">
<td align="left" bgcolor="#FFFFFF"><font size="2" face="serif">&nbsp;</font></td>
<td align="left"><font size="2" face="serif">&nbsp;</font></td>
<td colspan="4" align="center" bgcolor="#FFFFFF"><font size="2" face="serif"><b>Six months ended June 30,</b></font></td>
<td align="left" bgcolor="#FFFFFF">&nbsp;</td>
</tr>
<tr valign="top" bgcolor="#ffffff">
  <td align="left">&nbsp;</td>
  <td colspan="5" align="left"><hr noshade align="center" width="100%" size="1"></td>
  <td align="left">&nbsp;</td>
</tr>
<tr valign="top">
<td align="left" bgcolor="#eeeeee"><font size="2" face="serif">&nbsp;</font></td>
<td align="left" bgcolor="#eeeeee"><font size="2" face="serif">&nbsp;</font></td>
<td align="center" bgcolor="#eeeeee"><font size="2" face="serif"><b>2005</b></font></td>
<td align="left" bgcolor="#eeeeee">&nbsp;</td>
<td align="right" bgcolor="#eeeeee"><font size="2" face="serif">&nbsp;</font></td>
<td align="center" bgcolor="#eeeeee"><font size="2" face="serif"><b>2004</b></font></td>
<td align="left" bgcolor="#eeeeee">&nbsp;</td>
</tr>
<tr valign="top">
  <td align="left" bgcolor="#FFFFFF">&nbsp;</td>
  <td align="left"><hr noshade align="center" width="100%" size="1"></td>
  <td align="right" bgcolor="#FFFFFF"><hr noshade align="center" width="100%" size="1"></td>
  <td align="left" bgcolor="#FFFFFF">&nbsp;</td>
  <td bgcolor="#FFFFFF"><hr noshade align="center" width="100%" size="1"></td>
  <td align="right" bgcolor="#FFFFFF"><hr noshade align="center" width="100%" size="1"></td>
  <td align="left" bgcolor="#FFFFFF">&nbsp;</td>
</tr>
<tr valign="top">
<td align="left" bgcolor="#FFFFFF"><font size="2" face="serif">Total revenues</font></td>
<td align="left"><font size="2" face="serif">$</font></td>
<td align="right" bgcolor="#FFFFFF"><font size="2" face="serif">33,569,000 </font></td>
<td align="left" bgcolor="#FFFFFF">&nbsp;</td>
<td align="left" bgcolor="#FFFFFF"><font size="2" face="serif">$</font></td>
<td align="right" bgcolor="#FFFFFF"><font size="2" face="serif">23,912,000 </font></td>
<td align="left" bgcolor="#FFFFFF">&nbsp;</td>
</tr>
<tr valign="top">
<td align="left" bgcolor="#eeeeee"><font size="2" face="serif">Net income applicable to common shareholders</font></td>
<td align="left" bgcolor="#eeeeee"><font size="2" face="serif">$</font></td>
<td align="right" bgcolor="#eeeeee"><font size="2" face="serif">2,820,000 </font></td>
<td align="left" bgcolor="#eeeeee">&nbsp;</td>
<td align="left" bgcolor="#eeeeee"><font size="2" face="serif">$</font></td>
<td align="right" bgcolor="#eeeeee"><font size="2" face="serif">3,246,000 </font></td>
<td align="left" bgcolor="#eeeeee">&nbsp;</td>
</tr>
<tr valign="top">
<td align="left" bgcolor="#FFFFFF"><font size="2" face="serif">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Per common share</font></td>
<td align="left"><font size="2" face="serif">$</font></td>
<td align="right" bgcolor="#FFFFFF"><font size="2" face="serif">0.14 </font></td>
<td align="left" bgcolor="#FFFFFF">&nbsp;</td>
<td align="left" bgcolor="#FFFFFF"><font size="2" face="serif">$</font></td>
<td align="right" bgcolor="#FFFFFF"><font size="2" face="serif">0.20 </font></td>
<td align="left" bgcolor="#FFFFFF">&nbsp;</td>
</tr>
<tr valign="top">
<td align="left" bgcolor="#eeeeee"><font size="2" face="serif">Dividends to common shareholders</font></td>
<td align="left" bgcolor="#eeeeee"><font size="2" face="serif">$</font></td>
<td align="right" bgcolor="#eeeeee"><font size="2" face="serif">9,381,000 </font></td>
<td align="left" bgcolor="#eeeeee">&nbsp;</td>
<td align="left" bgcolor="#eeeeee"><font size="2" face="serif">$</font></td>
<td align="right" bgcolor="#eeeeee"><font size="2" face="serif">6,335,000 </font></td>
<td align="left" bgcolor="#eeeeee">&nbsp;</td>
</tr>
<tr valign="top">
<td align="left" bgcolor="#FFFFFF"><font size="2" face="serif">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Per common share</font></td>
<td align="left"><font size="2" face="serif">$</font></td>
<td align="right" bgcolor="#FFFFFF"><font size="2" face="serif">0.450 </font></td>
<td align="left" bgcolor="#FFFFFF">&nbsp;</td>
<td align="left" bgcolor="#FFFFFF"><font size="2" face="serif">$</font></td>
<td align="right" bgcolor="#FFFFFF"><font size="2" face="serif">0.385 </font></td>
<td align="left" bgcolor="#FFFFFF">&nbsp;</td>
</tr>
<tr valign="top">
<td align="left" bgcolor="#eeeeee"><font size="2" face="serif">FFO</font></td>
<td align="left" bgcolor="#eeeeee"><font size="2" face="serif">$</font></td>
<td align="right" bgcolor="#eeeeee"><font size="2" face="serif">10,354,000 </font></td>
<td align="left" bgcolor="#eeeeee">&nbsp;</td>
<td align="left" bgcolor="#eeeeee"><font size="2" face="serif">$</font></td>
<td align="right" bgcolor="#eeeeee"><font size="2" face="serif">7,622,000 </font></td>
<td align="left" bgcolor="#eeeeee">&nbsp;</td>
</tr>
<tr valign="top">
<td align="left" bgcolor="#FFFFFF"><font size="2" face="serif">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Per common share/OP unit</font></td>
<td align="left"><font size="2" face="serif">$</font></td>
<td align="right" bgcolor="#FFFFFF"><font size="2" face="serif">0.48 </font></td>
<td align="left" bgcolor="#FFFFFF">&nbsp;</td>
<td align="left" bgcolor="#FFFFFF"><font size="2" face="serif">$</font></td>
<td align="right" bgcolor="#FFFFFF"><font size="2" face="serif">0.45 </font></td>
<td align="left" bgcolor="#FFFFFF">&nbsp;</td>
</tr>
<tr valign="top">
<td align="left"><font size="2" face="serif">&nbsp;</font></td>
<td align="left"><font size="2" face="serif">&nbsp;</font></td>
<td align="left"><font size="2" face="serif">&nbsp;</font></td>
<td align="left">&nbsp;</td>
<td align="left"><font size="2" face="serif">&nbsp;</font></td>
<td align="left"><font size="2" face="serif">&nbsp;</font></td>
<td align="left">&nbsp;</td>
</tr>
<tr valign="top">
<td align="left" bgcolor="#FFFFFF"><font size="2" face="serif">Average number of common shares:</font></td>
<td align="left"><font size="2" face="serif">&nbsp;</font></td>
<td align="left" bgcolor="#FFFFFF"><font size="2" face="serif">&nbsp;</font></td>
<td align="left" bgcolor="#FFFFFF">&nbsp;</td>
<td align="left" bgcolor="#FFFFFF"><font size="2" face="serif">&nbsp;</font></td>
<td align="left" bgcolor="#FFFFFF"><font size="2" face="serif">&nbsp;</font></td>
<td align="left" bgcolor="#FFFFFF">&nbsp;</td>
</tr>
<tr valign="top">
<td align="left" bgcolor="#eeeeee"><font size="2" face="serif">Shares used in determination of earnings per share</font></td>
<td align="left" bgcolor="#eeeeee"><font size="2" face="serif">&nbsp;</font></td>
<td align="right" bgcolor="#eeeeee"><font size="2" face="serif">20,763,000 </font></td>
<td align="left" bgcolor="#eeeeee">&nbsp;</td>
<td align="left" bgcolor="#eeeeee"><font size="2" face="serif">&nbsp;</font></td>
<td align="right" bgcolor="#eeeeee"><font size="2" face="serif">16,456,000 </font></td>
<td align="left" bgcolor="#eeeeee">&nbsp;</td>
</tr>
<tr valign="top">
<td align="left" bgcolor="#FFFFFF"><font size="2" face="serif">Additional shares assuming conversion of OP Units</font></td>
<td align="left"><font size="2" face="serif">&nbsp;</font></td>
<td align="right" bgcolor="#FFFFFF"><font size="2" face="serif">842,000 </font></td>
<td align="left" bgcolor="#FFFFFF">&nbsp;</td>
<td align="left" bgcolor="#FFFFFF"><font size="2" face="serif">&nbsp;</font></td>
<td align="right" bgcolor="#FFFFFF"><font size="2" face="serif">447,000 </font></td>
<td align="left" bgcolor="#FFFFFF">&nbsp;</td>
</tr>
<tr valign="top">
  <td align="left" bgcolor="#FFFFFF">&nbsp;</td>
  <td align="left"><hr noshade align="center" width="100%" size="1"></td>
  <td align="right" bgcolor="#FFFFFF"><hr noshade align="center" width="100%" size="1"></td>
  <td align="left" bgcolor="#FFFFFF">&nbsp;</td>
  <td bgcolor="#FFFFFF"><hr noshade align="center" width="100%" size="1"></td>
  <td align="right" bgcolor="#FFFFFF"><hr noshade align="center" width="100%" size="1"></td>
  <td align="left" bgcolor="#FFFFFF">&nbsp;</td>
</tr>
<tr valign="top">
<td align="left" bgcolor="#eeeeee"><font size="2" face="serif">Shares used in determination of FFO per share</font></td>
<td align="left" bgcolor="#eeeeee"><font size="2" face="serif">&nbsp;</font></td>
<td align="right" bgcolor="#eeeeee"><font size="2" face="serif">21,605,000 </font></td>
<td align="left" bgcolor="#eeeeee">&nbsp;</td>
<td align="left" bgcolor="#eeeeee"><font size="2" face="serif">&nbsp;</font></td>
<td align="right" bgcolor="#eeeeee"><font size="2" face="serif">16,903,000 </font></td>
<td align="left" bgcolor="#eeeeee">&nbsp;</td>
</tr>
<tr valign="top">
  <td align="left" bgcolor="#FFFFFF">&nbsp;</td>
  <td align="left"><hr noshade align="center" width="100%" size="2">
  </td>
  <td align="right" bgcolor="#FFFFFF"><hr noshade align="center" width="100%" size="2">
  </td>
  <td align="left" bgcolor="#FFFFFF">&nbsp;</td>
  <td bgcolor="#FFFFFF"><hr noshade align="center" width="100%" size="2">
  </td>
  <td align="right" bgcolor="#FFFFFF"><hr noshade align="center" width="100%" size="2">
  </td>
  <td align="left" bgcolor="#FFFFFF">&nbsp;</td>
</tr>
</table>
<p align="center"><font face="serif" size="2">5</font></p>
<hr noshade align="center" width="100%" size="2">
<div style="page-break-before:always"></div>
<page>
<a name="p?"></a>

<br><br>
<table width="100%" cellspacing="0" cellpadding="0" align="center" border="0">
<tr valign="top" bgcolor="#FFFFFF">
<td align="left"><font size="2" face="serif"><b>Cedar Shopping Centers, Inc.</b></font></td>
<td width="2%" align="left"><font size="2" face="serif">&nbsp;</font></td>
<td width="16%" align="left"><font size="2" face="serif">&nbsp;</font></td>
<td width="2%" align="left">&nbsp;</td>
<td width="1%" align="left"><font size="2" face="serif">&nbsp;</font></td>
<td width="16%" align="left"><font size="2" face="serif">&nbsp;</font></td>
<td width="2%" align="left">&nbsp;</td> </tr>
<tr valign="top" bgcolor="#FFFFFF">
<td align="left"><font size="2" face="serif"><b>Summary Financial Data</b></font></td>
<td align="left"><font size="2" face="serif">&nbsp;</font></td>
<td align="left"><font size="2" face="serif">&nbsp;</font></td>
<td align="left">&nbsp;</td>
<td align="left"><font size="2" face="serif">&nbsp;</font></td>
<td align="left"><font size="2" face="serif">&nbsp;</font></td>
<td align="left">&nbsp;</td>
</tr>
<tr valign="top" bgcolor="#FFFFFF">
<td align="left"><font size="2" face="serif"><b>(unaudited)</b></font></td>
<td align="left"><font size="2" face="serif">&nbsp;</font></td>
<td align="left"><font size="2" face="serif">&nbsp;</font></td>
<td align="left">&nbsp;</td>
<td align="left"><font size="2" face="serif">&nbsp;</font></td>
<td align="left"><font size="2" face="serif">&nbsp;</font></td>
<td align="left">&nbsp;</td>
</tr>
<tr valign="top" bgcolor="#FFFFFF">
<td align="left"><font size="2" face="serif"><b>(continued)</b></font></td>
<td align="left"><font size="2" face="serif">&nbsp;</font></td>
<td align="left"><font size="2" face="serif">&nbsp;</font></td>
<td align="left">&nbsp;</td>
<td align="left"><font size="2" face="serif">&nbsp;</font></td>
<td align="left"><font size="2" face="serif">&nbsp;</font></td>
<td align="left">&nbsp;</td>
</tr>
<tr valign="top" bgcolor="#FFFFFF">
<td align="left"><font size="2" face="serif">&nbsp;</font></td>
<td align="left"><font size="2" face="serif">&nbsp;</font></td>
<td align="center"><font size="2" face="serif"><b>June 30,</b></font></td>
<td align="left">&nbsp;</td>
<td align="left"><font size="2" face="serif">&nbsp;</font></td>
<td align="center"><font size="2" face="serif"><b>December 31,</b></font></td>
<td align="left">&nbsp;</td>
</tr>
<tr valign="top" bgcolor="#ffffff">
<td align="left"><font size="2" face="serif">&nbsp;</font></td>
<td align="left"><font size="2" face="serif">&nbsp;</font></td>
<td align="center"><font size="2" face="serif"><b>2005</b></font></td>
<td align="left">&nbsp;</td>
<td align="left"><font size="2" face="serif">&nbsp;</font></td>
<td align="center"><font size="2" face="serif"><b>2004</b></font></td>
<td align="left">&nbsp;</td>
</tr>
<tr valign="top">
<td align="left"><font size="2" face="serif">&nbsp;</font></td>
<td align="left"><hr noshade align="center" width="100%" size="1"></td>
<td align="left"><hr noshade align="center" width="100%" size="1"></td>
<td align="left">&nbsp;</td>
<td align="left"><hr noshade align="center" width="100%" size="1"></td>
<td align="left"><hr noshade align="center" width="100%" size="1"></td>
<td align="left">&nbsp;</td>
</tr>
<tr valign="top" bgcolor="#FFFFFF">
<td align="left"><font size="2" face="serif">Real estate, net</font></td>
<td align="left"><font size="2" face="serif">&nbsp;</font></td>
<td align="right"><font size="2" face="serif">617,928,000 </font></td>
<td align="left">&nbsp;</td>
<td align="left"><font size="2" face="serif">&nbsp;</font></td>
<td align="right"><font size="2" face="serif">505,325,000 </font></td>
<td align="left">&nbsp;</td>
</tr>
<tr valign="top" bgcolor="#eeeeee">
<td align="left"><font size="2" face="serif">Other assets</font></td>
<td align="left"><font size="2" face="serif">&nbsp;</font></td>
<td align="right"><font size="2" face="serif">37,129,000 </font></td>
<td align="left">&nbsp;</td>
<td align="left"><font size="2" face="serif">&nbsp;</font></td>
<td align="right"><font size="2" face="serif">31,835,000 </font></td>
<td align="left">&nbsp;</td>
</tr>
<tr valign="top">
  <td align="left"><font size="2" face="serif">&nbsp;</font></td>
  <td align="left"><hr noshade align="center" width="100%" size="1">
  </td>
  <td align="left"><hr noshade align="center" width="100%" size="1">
  </td>
  <td align="left">&nbsp;</td>
  <td align="left"><hr noshade align="center" width="100%" size="1">
  </td>
  <td align="left"><hr noshade align="center" width="100%" size="1">
  </td>
  <td align="left">&nbsp;</td>
</tr>
<tr valign="top" bgcolor="#FFFFFF">
<td align="left"><font size="2" face="serif">Total assets</font></td>
<td align="left"><font size="2" face="serif">$</font></td>
<td align="right"><font size="2" face="serif">655,057,000 </font></td>
<td align="left">&nbsp;</td>
<td align="left"><font size="2" face="serif">$</font></td>
<td align="right"><font size="2" face="serif">537,160,000 </font></td>
<td align="left">&nbsp;</td>
</tr>
<tr valign="top">
  <td align="left"><font size="2" face="serif">&nbsp;</font></td>
  <td align="left"><hr noshade align="center" width="100%" size="1">
  </td>
  <td align="left"><hr noshade align="center" width="100%" size="1">
  </td>
  <td align="left">&nbsp;</td>
  <td align="left"><hr noshade align="center" width="100%" size="1">
  </td>
  <td align="left"><hr noshade align="center" width="100%" size="1">
  </td>
  <td align="left">&nbsp;</td>
</tr>
<tr valign="top">
<td align="left"><font size="2" face="serif">&nbsp;</font></td>
<td align="left"><font size="2" face="serif">&nbsp;</font></td>
<td align="left"><font size="2" face="serif">&nbsp;</font></td>
<td align="left">&nbsp;</td>
<td align="left"><font size="2" face="serif">&nbsp;</font></td>
<td align="left"><font size="2" face="serif">&nbsp;</font></td>
<td align="left">&nbsp;</td>
</tr>
<tr valign="top" bgcolor="#eeeeee">
<td align="left"><font size="2" face="serif">Total debt</font></td>
<td align="left"><font size="2" face="serif">$</font></td>
<td align="right"><font size="2" face="serif">288,517,000 </font></td>
<td align="left">&nbsp;</td>
<td align="left"><font size="2" face="serif">$</font></td>
<td align="right"><font size="2" face="serif">248,630,000 </font></td>
<td align="left">&nbsp;</td>
</tr>
<tr valign="top" bgcolor="#FFFFFF">
<td align="left"><font size="2" face="serif">Other liabilities</font></td>
<td align="left"><font size="2" face="serif">&nbsp;</font></td>
<td align="right"><font size="2" face="serif">32,570,000 </font></td>
<td align="left">&nbsp;</td>
<td align="left"><font size="2" face="serif">&nbsp;</font></td>
<td align="right"><font size="2" face="serif">34,239,000 </font></td>
<td align="left">&nbsp;</td>
</tr>
<tr valign="top" bgcolor="#eeeeee">
<td align="left"><font size="2" face="serif">Minority interests</font></td>
<td align="left"><font size="2" face="serif">&nbsp;</font></td>
<td align="right"><font size="2" face="serif">11,929,000 </font></td>
<td align="left">&nbsp;</td>
<td align="left"><font size="2" face="serif">&nbsp;</font></td>
<td align="right"><font size="2" face="serif">11,995,000 </font></td>
<td align="left">&nbsp;</td>
</tr>
<tr valign="top" bgcolor="#FFFFFF">
<td align="left"><font size="2" face="serif">Limited partners&#146; interest in OP</font></td>
<td align="left"><font size="2" face="serif">&nbsp;</font></td>
<td align="right"><font size="2" face="serif">21,899,000 </font></td>
<td align="left">&nbsp;</td>
<td align="left"><font size="2" face="serif">&nbsp;</font></td>
<td align="right"><font size="2" face="serif">6,542,000 </font></td>
<td align="left">&nbsp;</td>
</tr>
<tr valign="top" bgcolor="#eeeeee">
<td align="left"><font size="2" face="serif">Shareholders&#146; equity</font></td>
<td align="left"><font size="2" face="serif">&nbsp;</font></td>
<td align="right"><font size="2" face="serif">300,142,000 </font></td>
<td align="left">&nbsp;</td>
<td align="left"><font size="2" face="serif">&nbsp;</font></td>
<td align="right"><font size="2" face="serif">235,754,000 </font></td>
<td align="left">&nbsp;</td>
</tr>
<tr valign="top">
  <td align="left"><font size="2" face="serif">&nbsp;</font></td>
  <td align="left"><hr noshade align="center" width="100%" size="1">
  </td>
  <td align="left"><hr noshade align="center" width="100%" size="1">
  </td>
  <td align="left">&nbsp;</td>
  <td align="left"><hr noshade align="center" width="100%" size="1">
  </td>
  <td align="left"><hr noshade align="center" width="100%" size="1">
  </td>
  <td align="left">&nbsp;</td>
</tr>
<tr valign="top" bgcolor="#FFFFFF">
<td align="left"><font size="2" face="serif">Total liabilities and equity</font></td>
<td align="left"><font size="2" face="serif">$</font></td>
<td align="right"><font size="2" face="serif">655,057,000 </font></td>
<td align="left">&nbsp;</td>
<td align="left"><font size="2" face="serif">$</font></td>
<td align="right"><font size="2" face="serif">537,160,000 </font></td>
<td align="left">&nbsp;</td>
</tr>
<tr valign="top">
  <td align="left"><font size="2" face="serif">&nbsp;</font></td>
  <td align="left"><hr noshade align="center" width="100%" size="1">
  </td>
  <td align="left"><hr noshade align="center" width="100%" size="1">
  </td>
  <td align="left">&nbsp;</td>
  <td align="left"><hr noshade align="center" width="100%" size="1">
  </td>
  <td align="left"><hr noshade align="center" width="100%" size="1">
  </td>
  <td align="left">&nbsp;</td>
</tr>
<tr valign="top">
<td align="left"><font size="2" face="serif">&nbsp;</font></td>
<td align="left"><font size="2" face="serif">&nbsp;</font></td>
<td align="left"><font size="2" face="serif">&nbsp;</font></td>
<td align="left">&nbsp;</td>
<td align="left"><font size="2" face="serif">&nbsp;</font></td>
<td align="left"><font size="2" face="serif">&nbsp;</font></td>
<td align="left">&nbsp;</td>
</tr>
<tr valign="top">
<td align="left"><font size="2" face="serif">&nbsp;</font></td>
<td align="left"><font size="2" face="serif">&nbsp;</font></td>
<td align="left"><font size="2" face="serif">&nbsp;</font></td>
<td align="left">&nbsp;</td>
<td align="left"><font size="2" face="serif">&nbsp;</font></td>
<td align="left"><font size="2" face="serif">&nbsp;</font></td>
<td align="left">&nbsp;</td>
</tr>
<tr valign="top" bgcolor="#eeeeee">
<td align="left"><font size="2" face="serif">Fixed-rate mortgages</font></td>
<td align="left"><font size="2" face="serif">$</font></td>
<td align="right"><font size="2" face="serif">210,330,000 </font></td>
<td align="left">&nbsp;</td>
<td align="left"><font size="2" face="serif">$</font></td>
<td align="right"><font size="2" face="serif">161,475,000 </font></td>
<td align="left">&nbsp;</td>
</tr>
<tr valign="top" bgcolor="#FFFFFF">
<td align="left"><font size="2" face="serif">Variable-rate mortgages</font></td>
<td align="left"><font size="2" face="serif">&nbsp;</font></td>
<td align="right"><font size="2" face="serif">34,787,000 </font></td>
<td align="left">&nbsp;</td>
<td align="left"><font size="2" face="serif">&nbsp;</font></td>
<td align="right"><font size="2" face="serif">18,955,000 </font></td>
<td align="left">&nbsp;</td>
</tr>
<tr valign="top">
  <td align="left"><font size="2" face="serif">&nbsp;</font></td>
  <td align="left"><hr noshade align="center" width="100%" size="1">
  </td>
  <td align="left"><hr noshade align="center" width="100%" size="1">
  </td>
  <td align="left">&nbsp;</td>
  <td align="left"><hr noshade align="center" width="100%" size="1">
  </td>
  <td align="left"><hr noshade align="center" width="100%" size="1">
  </td>
  <td align="left">&nbsp;</td>
</tr>
<tr valign="top" bgcolor="#eeeeee">
<td align="left"><font size="2" face="serif">Total mortgages</font></td>
<td align="left"><font size="2" face="serif">&nbsp;</font></td>
<td align="right"><font size="2" face="serif">245,117,000 </font></td>
<td align="left">&nbsp;</td>
<td align="left"><font size="2" face="serif">&nbsp;</font></td>
<td align="right"><font size="2" face="serif">180,430,000 </font></td>
<td align="left">&nbsp;</td>
</tr>
<tr valign="top" bgcolor="#FFFFFF">
<td align="left"><font size="2" face="serif">Secured revolving credit facility</font></td>
<td align="left"><font size="2" face="serif">&nbsp;</font></td>
<td align="right"><font size="2" face="serif">43,400,000 </font></td>
<td align="left">&nbsp;</td>
<td align="left"><font size="2" face="serif">&nbsp;</font></td>
<td align="right"><font size="2" face="serif">68,200,000 </font></td>
<td align="left">&nbsp;</td>
</tr>
<tr valign="top">
  <td align="left"><font size="2" face="serif">&nbsp;</font></td>
  <td align="left"><hr noshade align="center" width="100%" size="1">
  </td>
  <td align="left"><hr noshade align="center" width="100%" size="1">
  </td>
  <td align="left">&nbsp;</td>
  <td align="left"><hr noshade align="center" width="100%" size="1">
  </td>
  <td align="left"><hr noshade align="center" width="100%" size="1">
  </td>
  <td align="left">&nbsp;</td>
</tr>
<tr valign="top" bgcolor="#eeeeee">
<td align="left"><font size="2" face="serif">Total debt</font></td>
<td align="left"><font size="2" face="serif">$</font></td>
<td align="right"><font size="2" face="serif">288,517,000 </font></td>
<td align="left">&nbsp;</td>
<td align="left"><font size="2" face="serif">$</font></td>
<td align="right"><font size="2" face="serif">248,630,000 </font></td>
<td align="left">&nbsp;</td>
</tr>
<tr valign="top">
  <td align="left"><font size="2" face="serif">&nbsp;</font></td>
  <td align="left"><hr noshade align="center" width="100%" size="2">
  </td>
  <td align="left"><hr noshade align="center" width="100%" size="2">
  </td>
  <td align="left">&nbsp;</td>
  <td align="left"><hr noshade align="center" width="100%" size="2">
  </td>
  <td align="left"><hr noshade align="center" width="100%" size="2">
  </td>
  <td align="left">&nbsp;</td>
</tr>
<tr valign="top" bgcolor="#FFFFFF">
<td align="left"><font size="2" face="serif">Pro rata share of total debt</font></td>
<td align="left"><font size="2" face="serif">$</font></td>
<td align="right"><font size="2" face="serif">252,271,000 </font></td>
<td align="left">&nbsp;</td>
<td align="left"><font size="2" face="serif">$</font></td>
<td align="right"><font size="2" face="serif">212,142,000 </font></td>
<td align="left">&nbsp;</td>
</tr>
<tr valign="top">
  <td align="left"><font size="2" face="serif">&nbsp;</font></td>
  <td align="left"><hr noshade align="center" width="100%" size="2">
  </td>
  <td align="left"><hr noshade align="center" width="100%" size="2">
  </td>
  <td align="left">&nbsp;</td>
  <td align="left"><hr noshade align="center" width="100%" size="2">
  </td>
  <td align="left"><hr noshade align="center" width="100%" size="2">
  </td>
  <td align="left">&nbsp;</td>
</tr>
<tr valign="top" bgcolor="#FFFFFF">
<td align="left"><font size="2" face="serif">Weighted average interest rates:</font></td>
<td align="left"><font size="2" face="serif">&nbsp;</font></td>
<td align="left"><font size="2" face="serif">&nbsp;</font></td>
<td align="left">&nbsp;</td>
<td align="left"><font size="2" face="serif">&nbsp;</font></td>
<td align="left"><font size="2" face="serif">&nbsp;</font></td>
<td align="left">&nbsp;</td>
</tr>
<tr valign="top" bgcolor="#eeeeee">
<td align="left"><font size="2" face="serif">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Fixed-rate mortgages</font></td>
<td align="left"><font size="2" face="serif">&nbsp;</font></td>
<td align="right"><font size="2" face="serif">6.2</font></td>
<td align="left"><font size="2" face="serif">%</font></td>
<td align="left"><font size="2" face="serif">&nbsp;</font></td>
<td align="right"><font size="2" face="serif">6.5</font></td>
<td align="left"><font size="2" face="serif">%</font></td>
</tr>
<tr valign="top" bgcolor="#FFFFFF">
<td align="left"><font size="2" face="serif">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Variable-rate mortgages</font></td>
<td align="left"><font size="2" face="serif">&nbsp;</font></td>
<td align="right"><font size="2" face="serif">5.3</font></td>
<td align="left"><font size="2" face="serif">%</font></td>
<td align="left"><font size="2" face="serif">&nbsp;</font></td>
<td align="right"><font size="2" face="serif">4.7</font></td>
<td align="left"><font size="2" face="serif">%</font></td>
</tr>
<tr valign="top" bgcolor="#eeeeee">
<td align="left"><font size="2" face="serif">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total mortgages</font></td>
<td align="left"><font size="2" face="serif">&nbsp;</font></td>
<td align="right"><font size="2" face="serif">6.1</font></td>
<td align="left"><font size="2" face="serif">%</font></td>
<td align="left"><font size="2" face="serif">&nbsp;</font></td>
<td align="right"><font size="2" face="serif">6.3</font></td>
<td align="left"><font size="2" face="serif">%</font></td>
</tr>
<tr valign="top" bgcolor="#FFFFFF">
<td align="left"><font size="2" face="serif">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Secured variable rate revolving credit facility</font></td>
<td align="left">&nbsp;</td>
<td align="right"><font size="2" face="serif">4.8</font></td>
<td align="left"><font size="2" face="serif">%</font></td>
<td align="left"><font size="2" face="serif">&nbsp;</font></td>
<td align="right"><font size="2" face="serif">3.9</font></td>
<td align="left"><font size="2" face="serif">%</font></td>
</tr>
<tr valign="top" bgcolor="#eeeeee">
<td align="left"><font size="2" face="serif">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total debt</font></td>
<td align="left"><font size="2" face="serif">&nbsp;</font></td>
<td align="right"><font size="2" face="serif">5.9</font></td>
<td align="left"><font size="2" face="serif">%</font></td>
<td align="left"><font size="2" face="serif">&nbsp;</font></td>
<td align="right"><font size="2" face="serif">5.7</font></td>
<td align="left"><font size="2" face="serif">%</font></td>
</tr>
<tr valign="top">
<td align="left"><font size="2" face="serif">&nbsp;</font></td>
<td align="left"><font size="2" face="serif">&nbsp;</font></td>
<td align="left"><font size="2" face="serif">&nbsp;</font></td>
<td align="left">&nbsp;</td>
<td align="left"><font size="2" face="serif">&nbsp;</font></td>
<td align="left"><font size="2" face="serif">&nbsp;</font></td>
<td align="left">&nbsp;</td>
</tr>
</table>
<p align="center"><font face="serif" size="2">6</font></p>
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<div style="page-break-before:always"></div>
<page>
<a name="p?"></a>

<table width="100%" cellspacing="0" cellpadding="0" align="center" border="0">
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<td colspan="4" align="left"><font size="2" face="serif"><b>CEDAR SHOPPING CENTERS, INC.</b></font></td>
<td align="left">&nbsp;</td>
<td align="left">&nbsp;</td>
<td align="left"><font size="2" face="serif">&nbsp;</font></td>
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<td align="right">&nbsp;</td>
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<td align="left"><font size="2" face="serif">&nbsp;</font></td>
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<td colspan="4" align="left"><font size="2" face="serif"><b>Consolidated Balance Sheets Information</b></font></td>
<td align="left">&nbsp;</td>
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<td colspan="4" align="left"><font size="2" face="serif"><b>(unaudited)</b></font><font size="2" face="serif">&nbsp;</font></td>
<td width="2%" align="left">&nbsp;</td>
<td width="1%" align="left">&nbsp;</td>
<td width="8%" align="left"><font size="2" face="serif">&nbsp;</font></td>
<td width="2%" align="left">&nbsp;</td>
<td width="1%" align="right">&nbsp;</td>
<td width="9%" align="left"><font size="2" face="serif">&nbsp;</font></td>
<td width="2%" align="left">&nbsp;</td>
<td width="1%" align="right">&nbsp;</td>
<td width="-1%" align="left">&nbsp;</td>
<td width="2%" align="left">&nbsp;</td>
<td width="1%" align="right">&nbsp;</td>
<td width="9%" align="left"><font size="2" face="serif">&nbsp;</font></td>
<td width="2%" align="left">&nbsp;</td>
<td width="1%" align="right">&nbsp;</td>
<td width="9%" align="left"><font size="2" face="serif">&nbsp;</font></td>
<td width="2%" align="left">&nbsp;</td>
<td width="1%" align="right">&nbsp;</td>
<td width="9%" align="left"><font size="2" face="serif">&nbsp;</font></td>
<td width="2%" align="left">&nbsp;</td> </tr>
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<td align="left"><font size="2" face="serif">&nbsp;</font></td>
<td width="2%" align="left">&nbsp;</td>
<td colspan="8" align="center"><font size="2" face="serif"><b>June 30, 2005</b></font></td>
<td align="left">&nbsp;</td>
<td align="right">&nbsp;</td>
<td align="left">&nbsp;</td>
<td align="left">&nbsp;</td>
<td colspan="8" align="center"><font size="2" face="serif"><b>December 31, 2004</b></font></td>
<td align="left">&nbsp;</td>
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<tr valign="top" bgcolor="#FFFFFF">
  <td align="left">&nbsp;</td>
  <td align="left">&nbsp;</td>
  <td colspan="8" align="center"><hr noshade align="center" width="100%" size="1"></td>
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  <td align="left">&nbsp;</td>
</tr>
<tr valign="top" bgcolor="#FFFFFF">
<td align="left"><font size="2" face="serif">&nbsp;</font></td>
<td align="left">&nbsp;</td>
<td width="1%" align="left">&nbsp;</td>
<td width="9%" align="left"><font size="2" face="serif">&nbsp;</font></td>
<td align="left">&nbsp;</td>
<td align="left">&nbsp;</td>
<td align="center"><font size="2" face="serif"><b>Joint venture</b></font></td>
<td align="left">&nbsp;</td>
<td align="right">&nbsp;</td>
<td align="center"><font size="2" face="serif"><b>Wholly-owned</b></font></td>
<td align="left">&nbsp;</td>
<td align="right">&nbsp;</td>
<td align="left">&nbsp;</td>
<td align="left">&nbsp;</td>
<td align="right">&nbsp;</td>
<td align="left"><font size="2" face="serif">&nbsp;</font></td>
<td align="left">&nbsp;</td>
<td align="right">&nbsp;</td>
<td align="center"><font size="2" face="serif"><b>Joint venture</b></font></td>
<td align="left">&nbsp;</td>
<td align="right">&nbsp;</td>
<td align="center"><font size="2" face="serif"><b>Wholly-owned</b></font></td>
<td align="left">&nbsp;</td>
</tr>
<tr valign="top" bgcolor="#FFFFFF">
<td align="left"><font size="2" face="serif">&nbsp;</font></td>
<td align="left">&nbsp;</td>
<td align="left">&nbsp;</td>
<td align="center"><font size="2" face="serif"><b>Total</b></font></td>
<td align="left">&nbsp;</td>
<td align="left">&nbsp;</td>
<td align="center"><font size="2" face="serif"><b>properties</b></font></td>
<td align="left">&nbsp;</td>
<td align="right">&nbsp;</td>
<td align="center"><font size="2" face="serif"><b>properties</b></font></td>
<td align="left">&nbsp;</td>
<td align="right">&nbsp;</td>
<td align="left">&nbsp;</td>
<td align="left">&nbsp;</td>
<td align="right">&nbsp;</td>
<td align="center"><font size="2" face="serif"><b>Total</b></font></td>
<td align="left">&nbsp;</td>
<td align="right">&nbsp;</td>
<td align="center"><font size="2" face="serif"><b>properties</b></font></td>
<td align="left">&nbsp;</td>
<td align="right">&nbsp;</td>
<td align="center"><font size="2" face="serif"><b>properties</b></font></td>
<td align="left">&nbsp;</td>
</tr>
<tr valign="top" bgcolor="#FFFFFF">
<td align="left">&nbsp;</td>
<td align="left">&nbsp;</td>
<td align="left"><hr noshade align="center" width="100%" size="1"></td>
<td align="left"><hr noshade align="center" width="100%" size="1"></td>
<td align="left">&nbsp;</td>
<td align="left"><hr noshade align="center" width="100%" size="1"></td>
<td align="left"><hr noshade align="center" width="100%" size="1"></td>
<td align="left">&nbsp;</td>
<td align="right"><hr noshade align="center" width="100%" size="1"></td>
<td align="left"><hr noshade align="center" width="100%" size="1"></td>
<td align="left">&nbsp;</td>
<td align="right">&nbsp;</td>
<td align="left">&nbsp;</td>
<td align="left">&nbsp;</td>
<td align="left"><hr noshade align="center" width="100%" size="1">
</td>
<td align="left"><hr noshade align="center" width="100%" size="1">
</td>
<td align="left">&nbsp;</td>
<td align="left"><hr noshade align="center" width="100%" size="1">
</td>
<td align="left"><hr noshade align="center" width="100%" size="1">
</td>
<td align="left">&nbsp;</td>
<td align="right"><hr noshade align="center" width="100%" size="1">
</td>
<td align="left"><hr noshade align="center" width="100%" size="1">
</td>
<td align="left">&nbsp;</td>
</tr>
<tr valign="bottom" bgcolor="#FFFFFF">
  <td align="left"><font size="2" face="serif">Assets:</font></td>
  <td align="left">&nbsp;</td>
  <td align="left">&nbsp;</td>
  <td align="left">&nbsp;</td>
  <td align="left">&nbsp;</td>
  <td align="left">&nbsp;</td>
  <td align="left">&nbsp;</td>
  <td align="left">&nbsp;</td>
  <td align="right">&nbsp;</td>
  <td align="left">&nbsp;</td>
  <td align="left">&nbsp;</td>
  <td align="right">&nbsp;</td>
  <td align="left">&nbsp;</td>
  <td align="left">&nbsp;</td>
  <td align="left">&nbsp;</td>
  <td align="left">&nbsp;</td>
  <td align="left">&nbsp;</td>
  <td align="left">&nbsp;</td>
  <td align="left">&nbsp;</td>
  <td align="left">&nbsp;</td>
  <td align="right">&nbsp;</td>
  <td align="left">&nbsp;</td>
  <td align="left">&nbsp;</td>
</tr>
<tr valign="bottom" bgcolor="#FFFFFF">
<td align="left"><font size="2" face="serif">Real estate:</font></td>
<td align="left">&nbsp;</td>
<td align="left">&nbsp;</td>
<td align="left"><font size="2" face="serif">&nbsp;</font></td>
<td align="left">&nbsp;</td>
<td align="left">&nbsp;</td>
<td align="left"><font size="2" face="serif">&nbsp;</font></td>
<td align="left">&nbsp;</td>
<td align="right">&nbsp;</td>
<td align="left"><font size="2" face="serif">&nbsp;</font></td>
<td align="left">&nbsp;</td>
<td align="right">&nbsp;</td>
<td align="left">&nbsp;</td>
<td align="left">&nbsp;</td>
<td align="right">&nbsp;</td>
<td align="left"><font size="2" face="serif">&nbsp;</font></td>
<td align="left">&nbsp;</td>
<td align="right">&nbsp;</td>
<td align="left"><font size="2" face="serif">&nbsp;</font></td>
<td align="left">&nbsp;</td>
<td align="right">&nbsp;</td>
<td align="left"><font size="2" face="serif">&nbsp;</font></td>
<td align="left">&nbsp;</td>
</tr>
<tr valign="bottom" bgcolor="#eeeeee">
<td align="left"><font size="2" face="serif">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Land</font></td>
<td align="left">&nbsp;</td>
<td align="left"><font size="2" face="serif">$</font></td>
<td align="right"><font size="2" face="serif">117,784,000 </font></td>
<td align="left">&nbsp;</td>
<td align="left"><font size="2" face="serif">$</font></td>
<td align="right"><font size="2" face="serif">14,408,000 </font></td>
<td align="left">&nbsp;</td>
<td align="left"><font size="2" face="serif">$</font></td>
<td align="right"><font size="2" face="serif">103,376,000 </font></td>
<td align="left">&nbsp;</td>
<td align="right">&nbsp;</td>
<td align="left">&nbsp;</td>
<td align="left">&nbsp;</td>
<td align="left"><font size="2" face="serif">$</font></td>
<td align="right"><font size="2" face="serif">97,617,000 </font></td>
<td align="left">&nbsp;</td>
<td align="left"><font size="2" face="serif">$</font></td>
<td align="right"><font size="2" face="serif">14,409,000 </font></td>
<td align="left">&nbsp;</td>
<td align="left"><font size="2" face="serif">$</font></td>
<td align="right"><font size="2" face="serif">83,208,000 </font></td>
<td align="left">&nbsp;</td>
</tr>
<tr valign="bottom" bgcolor="#FFFFFF">
<td align="left"><font size="2" face="serif">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Buildings and improvements</font></td>
<td align="left">&nbsp;</td>
<td align="left">&nbsp;</td>
<td align="right"><font size="2" face="serif">      523,431,000 </font></td>
<td align="left">&nbsp;</td>
<td align="left">&nbsp;</td>
<td align="right"><font size="2" face="serif">54,031,000 </font></td>
<td align="left">&nbsp;</td>
<td align="left">&nbsp;</td>
<td align="right"><font size="2" face="serif">469,400,000 </font></td>
<td align="left">&nbsp;</td>
<td align="right">&nbsp;</td>
<td align="left">&nbsp;</td>
<td align="left">&nbsp;</td>
<td align="left">&nbsp;</td>
<td align="right"><font size="2" face="serif">      423,735,000 </font></td>
<td align="left">&nbsp;</td>
<td align="left">&nbsp;</td>
<td align="right"><font size="2" face="serif">54,083,000 </font></td>
<td align="left">&nbsp;</td>
<td align="left">&nbsp;</td>
<td align="right"><font size="2" face="serif">369,652,000 </font></td>
<td align="left">&nbsp;</td>
</tr>
<tr valign="bottom" bgcolor="#FFFFFF">
  <td align="left">&nbsp;</td>
  <td align="left">&nbsp;</td>
  <td align="left"><hr noshade align="center" width="100%" size="1">
  </td>
  <td align="left"><hr noshade align="center" width="100%" size="1">
  </td>
  <td align="left">&nbsp;</td>
  <td align="left"><hr noshade align="center" width="100%" size="1">
  </td>
  <td align="left"><hr noshade align="center" width="100%" size="1">
  </td>
  <td align="left">&nbsp;</td>
  <td align="right"><hr noshade align="center" width="100%" size="1">
  </td>
  <td align="left"><hr noshade align="center" width="100%" size="1">
  </td>
  <td align="left">&nbsp;</td>
  <td align="right">&nbsp;</td>
  <td align="left">&nbsp;</td>
  <td align="left">&nbsp;</td>
  <td align="left"><hr noshade align="center" width="100%" size="1">
  </td>
  <td align="left"><hr noshade align="center" width="100%" size="1">
  </td>
  <td align="left">&nbsp;</td>
  <td align="left"><hr noshade align="center" width="100%" size="1">
  </td>
  <td align="left"><hr noshade align="center" width="100%" size="1">
  </td>
  <td align="left">&nbsp;</td>
  <td align="right"><hr noshade align="center" width="100%" size="1">
  </td>
  <td align="left"><hr noshade align="center" width="100%" size="1">
  </td>
  <td align="left">&nbsp;</td>
</tr>
<tr valign="bottom" bgcolor="#eeeeee">
<td align="left"><font size="2" face="serif">&nbsp;</font></td>
<td align="left">&nbsp;</td>
<td align="left">&nbsp;</td>
<td align="right"><font size="2" face="serif">641,215,000 </font></td>
<td align="left">&nbsp;</td>
<td align="left">&nbsp;</td>
<td align="right"><font size="2" face="serif">68,439,000 </font></td>
<td align="left">&nbsp;</td>
<td align="left">&nbsp;</td>
<td align="right"><font size="2" face="serif">572,776,000 </font></td>
<td align="left">&nbsp;</td>
<td align="right">&nbsp;</td>
<td align="left">&nbsp;</td>
<td align="left">&nbsp;</td>
<td align="left">&nbsp;</td>
<td align="right"><font size="2" face="serif">521,352,000 </font></td>
<td align="left">&nbsp;</td>
<td align="left">&nbsp;</td>
<td align="right"><font size="2" face="serif">68,492,000 </font></td>
<td align="left">&nbsp;</td>
<td align="left">&nbsp;</td>
<td align="right"><font size="2" face="serif">452,860,000 </font></td>
<td align="left">&nbsp;</td>
</tr>
<tr valign="bottom" bgcolor="#FFFFFF">
<td align="left"><font size="2" face="serif">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Less accumulated<br>
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;depreciation</font></td>
<td align="left">&nbsp;</td>
<td align="left">&nbsp;</td>
<td align="right"><font size="2" face="serif">       (23,287,000</font></td>
<td align="left"><font size="2" face="serif">)</font></td>
<td align="left">&nbsp;</td>
<td align="right"><font size="2" face="serif">(3,795,000</font></td>
<td align="left"><font size="2" face="serif">)</font></td>
<td align="left">&nbsp;</td>
<td align="right"><font size="2" face="serif">(19,492,000</font></td>
<td align="left"><font size="2" face="serif">)</font></td>
<td align="right">&nbsp;</td>
<td align="left">&nbsp;</td>
<td align="left">&nbsp;</td>
<td align="left">&nbsp;</td>
<td align="right"><font size="2" face="serif">       (16,027,000</font></td>
<td align="left"><font size="2" face="serif">)</font></td>
<td align="left">&nbsp;</td>
<td align="right"><font size="2" face="serif">(3,055,000</font></td>
<td align="left"><font size="2" face="serif">)</font></td>
<td align="left">&nbsp;</td>
<td align="right"><font size="2" face="serif">(12,972,000</font></td>
<td align="left"><font size="2" face="serif">)</font></td>
</tr>
<tr valign="bottom" bgcolor="#FFFFFF">
  <td align="left">&nbsp;</td>
  <td align="left">&nbsp;</td>
  <td align="left"><hr noshade align="center" width="100%" size="1">
  </td>
  <td align="left"><hr noshade align="center" width="100%" size="1">
  </td>
  <td align="left">&nbsp;</td>
  <td align="left"><hr noshade align="center" width="100%" size="1">
  </td>
  <td align="left"><hr noshade align="center" width="100%" size="1">
  </td>
  <td align="left">&nbsp;</td>
  <td align="right"><hr noshade align="center" width="100%" size="1">
  </td>
  <td align="left"><hr noshade align="center" width="100%" size="1">
  </td>
  <td align="left">&nbsp;</td>
  <td align="right">&nbsp;</td>
  <td align="left">&nbsp;</td>
  <td align="left">&nbsp;</td>
  <td align="left"><hr noshade align="center" width="100%" size="1">
  </td>
  <td align="left"><hr noshade align="center" width="100%" size="1">
  </td>
  <td align="left">&nbsp;</td>
  <td align="left"><hr noshade align="center" width="100%" size="1">
  </td>
  <td align="left"><hr noshade align="center" width="100%" size="1">
  </td>
  <td align="left">&nbsp;</td>
  <td align="right"><hr noshade align="center" width="100%" size="1">
  </td>
  <td align="left"><hr noshade align="center" width="100%" size="1">
  </td>
  <td align="left">&nbsp;</td>
</tr>
<tr valign="bottom" bgcolor="#eeeeee">
<td align="left"><font size="2" face="serif">Real estate, net</font></td>
<td align="left">&nbsp;</td>
<td align="left">&nbsp;</td>
<td align="right"><font size="2" face="serif">617,928,000 </font></td>
<td align="left">&nbsp;</td>
<td align="left">&nbsp;</td>
<td align="right"><font size="2" face="serif">64,644,000 </font></td>
<td align="left">&nbsp;</td>
<td align="left">&nbsp;</td>
<td align="right"><font size="2" face="serif">553,284,000 </font></td>
<td align="left">&nbsp;</td>
<td align="right">&nbsp;</td>
<td align="left">&nbsp;</td>
<td align="left">&nbsp;</td>
<td align="left">&nbsp;</td>
<td align="right"><font size="2" face="serif">505,325,000 </font></td>
<td align="left">&nbsp;</td>
<td align="left">&nbsp;</td>
<td align="right"><font size="2" face="serif">65,437,000 </font></td>
<td align="left">&nbsp;</td>
<td align="left">&nbsp;</td>
<td align="right"><font size="2" face="serif">439,888,000 </font></td>
<td align="left">&nbsp;</td>
</tr>
<tr valign="bottom">
<td align="left"><font size="2" face="serif">&nbsp;</font></td>
<td align="left">&nbsp;</td>
<td align="left">&nbsp;</td>
<td align="right"><font size="2" face="serif">&nbsp;</font></td>
<td align="left">&nbsp;</td>
<td align="left">&nbsp;</td>
<td align="right"><font size="2" face="serif">&nbsp;</font></td>
<td align="left">&nbsp;</td>
<td align="left">&nbsp;</td>
<td align="right"><font size="2" face="serif">&nbsp;</font></td>
<td align="left">&nbsp;</td>
<td align="right">&nbsp;</td>
<td align="left">&nbsp;</td>
<td align="left">&nbsp;</td>
<td align="left">&nbsp;</td>
<td align="right"><font size="2" face="serif">&nbsp;</font></td>
<td align="left">&nbsp;</td>
<td align="left">&nbsp;</td>
<td align="right"><font size="2" face="serif">&nbsp;</font></td>
<td align="left">&nbsp;</td>
<td align="left">&nbsp;</td>
<td align="right"><font size="2" face="serif">&nbsp;</font></td>
<td align="left">&nbsp;</td>
</tr>
<tr valign="bottom" bgcolor="#FFFFFF">
<td align="left"><font size="2" face="serif">Cash and cash equivalents</font></td>
<td align="left">&nbsp;</td>
<td align="left">&nbsp;</td>
<td align="right"><font size="2" face="serif">          7,105,000 </font></td>
<td align="left">&nbsp;</td>
<td align="left">&nbsp;</td>
<td align="right"><font size="2" face="serif">&#151;</font></td>
<td align="left">&nbsp;</td>
<td align="left">&nbsp;</td>
<td align="right"><font size="2" face="serif">7,105,000 </font></td>
<td align="left">&nbsp;</td>
<td align="right">&nbsp;</td>
<td align="left">&nbsp;</td>
<td align="left">&nbsp;</td>
<td align="left">&nbsp;</td>
<td align="right"><font size="2" face="serif">          8,457,000 </font></td>
<td align="left">&nbsp;</td>
<td align="left">&nbsp;</td>
<td align="right"><font size="2" face="serif">&#151;</font></td>
<td align="left">&nbsp;</td>
<td align="left">&nbsp;</td>
<td align="right"><font size="2" face="serif">8,457,000 </font></td>
<td align="left">&nbsp;</td>
</tr>
<tr valign="bottom" bgcolor="#eeeeee">
<td align="left"><font size="2" face="serif">Cash at joint ventures</font></td>
<td align="left">&nbsp;</td>
<td align="left">&nbsp;</td>
<td align="right"><font size="2" face="serif">          1,350,000 </font></td>
<td align="left">&nbsp;</td>
<td align="left">&nbsp;</td>
<td align="right"><font size="2" face="serif">1,350,000 </font></td>
<td align="left">&nbsp;</td>
<td align="left">&nbsp;</td>
<td align="right"><font size="2" face="serif">&#151;</font></td>
<td align="left">&nbsp;</td>
<td align="right">&nbsp;</td>
<td align="left">&nbsp;</td>
<td align="left">&nbsp;</td>
<td align="left">&nbsp;</td>
<td align="right"><font size="2" face="serif">          1,193,000 </font></td>
<td align="left">&nbsp;</td>
<td align="left">&nbsp;</td>
<td align="right"><font size="2" face="serif">1,193,000 </font></td>
<td align="left">&nbsp;</td>
<td align="left">&nbsp;</td>
<td align="right"><font size="2" face="serif">&#151;</font></td>
<td align="left">&nbsp;</td>
</tr>
<tr valign="bottom" bgcolor="#FFFFFF">
<td align="left"><div style="margin-left: 3%; text-indent: -3%"><font size="2" face="serif">Construction / improvement and other escrows</font></div></td>
<td align="left">&nbsp;</td>
<td align="left">&nbsp;</td>
<td align="right"><font size="2" face="serif">          5,119,000 </font></td>
<td align="left">&nbsp;</td>
<td align="left">&nbsp;</td>
<td align="right"><font size="2" face="serif">1,300,000 </font></td>
<td align="left">&nbsp;</td>
<td align="left">&nbsp;</td>
<td align="right"><font size="2" face="serif">3,819,000 </font></td>
<td align="left">&nbsp;</td>
<td align="right">&nbsp;</td>
<td align="left">&nbsp;</td>
<td align="left">&nbsp;</td>
<td align="left">&nbsp;</td>
<td align="right"><font size="2" face="serif">          5,912,000 </font></td>
<td align="left">&nbsp;</td>
<td align="left">&nbsp;</td>
<td align="right"><font size="2" face="serif">1,408,000 </font></td>
<td align="left">&nbsp;</td>
<td align="left">&nbsp;</td>
<td align="right"><font size="2" face="serif">4,504,000 </font></td>
<td align="left">&nbsp;</td>
</tr>
<tr valign="bottom" bgcolor="#FFFFFF">
<td align="left"><font size="2" face="serif">Receivables:</font></td>
<td align="left">&nbsp;</td>
<td align="left">&nbsp;</td>
<td align="right"><font size="2" face="serif">&nbsp;</font></td>
<td align="left">&nbsp;</td>
<td align="left">&nbsp;</td>
<td align="right"><font size="2" face="serif">&nbsp;</font></td>
<td align="left">&nbsp;</td>
<td align="left">&nbsp;</td>
<td align="right"><font size="2" face="serif">&nbsp;</font></td>
<td align="left">&nbsp;</td>
<td align="right">&nbsp;</td>
<td align="left">&nbsp;</td>
<td align="left">&nbsp;</td>
<td align="left">&nbsp;</td>
<td align="right"><font size="2" face="serif">&nbsp;</font></td>
<td align="left">&nbsp;</td>
<td align="left">&nbsp;</td>
<td align="right"><font size="2" face="serif">&nbsp;</font></td>
<td align="left">&nbsp;</td>
<td align="left">&nbsp;</td>
<td align="right"><font size="2" face="serif">&nbsp;</font></td>
<td align="left">&nbsp;</td>
</tr>
<tr valign="bottom" bgcolor="#eeeeee">
<td align="left"><font size="2" face="serif">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Rents and other, net</font></td>
<td align="left">&nbsp;</td>
<td align="left">&nbsp;</td>
<td align="right"><font size="2" face="serif">          3,809,000 </font></td>
<td align="left">&nbsp;</td>
<td align="left">&nbsp;</td>
<td align="right"><font size="2" face="serif">264,000 </font></td>
<td align="left">&nbsp;</td>
<td align="left">&nbsp;</td>
<td align="right"><font size="2" face="serif">3,545,000 </font></td>
<td align="left">&nbsp;</td>
<td align="right">&nbsp;</td>
<td align="left">&nbsp;</td>
<td align="left">&nbsp;</td>
<td align="left">&nbsp;</td>
<td align="right"><font size="2" face="serif">          1,929,000 </font></td>
<td align="left">&nbsp;</td>
<td align="left">&nbsp;</td>
<td align="right"><font size="2" face="serif">216,000 </font></td>
<td align="left">&nbsp;</td>
<td align="left">&nbsp;</td>
<td align="right"><font size="2" face="serif">1,713,000 </font></td>
<td align="left">&nbsp;</td>
</tr>
<tr valign="bottom" bgcolor="#FFFFFF">
<td align="left"><font size="2" face="serif">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Straight-line rents</font></td>
<td align="left">&nbsp;</td>
<td align="left">&nbsp;</td>
<td align="right"><font size="2" face="serif">          3,490,000 </font></td>
<td align="left">&nbsp;</td>
<td align="left">&nbsp;</td>
<td align="right"><font size="2" face="serif">746,000 </font></td>
<td align="left">&nbsp;</td>
<td align="left">&nbsp;</td>
<td align="right"><font size="2" face="serif">2,744,000 </font></td>
<td align="left">&nbsp;</td>
<td align="right">&nbsp;</td>
<td align="left">&nbsp;</td>
<td align="left">&nbsp;</td>
<td align="left">&nbsp;</td>
<td align="right"><font size="2" face="serif">          2,554,000 </font></td>
<td align="left">&nbsp;</td>
<td align="left">&nbsp;</td>
<td align="right"><font size="2" face="serif">668,000 </font></td>
<td align="left">&nbsp;</td>
<td align="left">&nbsp;</td>
<td align="right"><font size="2" face="serif">1,886,000 </font></td>
<td align="left">&nbsp;</td>
</tr>
<tr valign="bottom" bgcolor="#eeeeee">
<td align="left"><font size="2" face="serif">Other assets</font></td>
<td align="left">&nbsp;</td>
<td align="left">&nbsp;</td>
<td align="right"><font size="2" face="serif">          5,159,000 </font></td>
<td align="left">&nbsp;</td>
<td align="left">&nbsp;</td>
<td align="right"><font size="2" face="serif">263,000 </font></td>
<td align="left">&nbsp;</td>
<td align="left">&nbsp;</td>
<td align="right"><font size="2" face="serif">4,896,000 </font></td>
<td align="left">&nbsp;</td>
<td align="right">&nbsp;</td>
<td align="left">&nbsp;</td>
<td align="left">&nbsp;</td>
<td align="left">&nbsp;</td>
<td align="right"><font size="2" face="serif">          2,379,000 </font></td>
<td align="left">&nbsp;</td>
<td align="left">&nbsp;</td>
<td align="right"><font size="2" face="serif">271,000 </font></td>
<td align="left">&nbsp;</td>
<td align="left">&nbsp;</td>
<td align="right"><font size="2" face="serif">2,108,000 </font></td>
<td align="left">&nbsp;</td>
</tr>
<tr valign="bottom" bgcolor="#FFFFFF">
<td align="left"><font size="2" face="serif">Deferred charges, net:</font></td>
<td align="left">&nbsp;</td>
<td align="left">&nbsp;</td>
<td align="right"><font size="2" face="serif">&nbsp;</font></td>
<td align="left">&nbsp;</td>
<td align="left">&nbsp;</td>
<td align="right"><font size="2" face="serif">&nbsp;</font></td>
<td align="left">&nbsp;</td>
<td align="left">&nbsp;</td>
<td align="right"><font size="2" face="serif">&nbsp;</font></td>
<td align="left">&nbsp;</td>
<td align="right">&nbsp;</td>
<td align="left">&nbsp;</td>
<td align="left">&nbsp;</td>
<td align="left">&nbsp;</td>
<td align="right"><font size="2" face="serif">&nbsp;</font></td>
<td align="left">&nbsp;</td>
<td align="left">&nbsp;</td>
<td align="right"><font size="2" face="serif">&nbsp;</font></td>
<td align="left">&nbsp;</td>
<td align="left">&nbsp;</td>
<td align="right"><font size="2" face="serif">&nbsp;</font></td>
<td align="left">&nbsp;</td>
</tr>
<tr valign="bottom" bgcolor="#FFFFFF">
<td align="left"><font size="2" face="serif">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Leasing costs</font></td>
<td align="left">&nbsp;</td>
<td align="left">&nbsp;</td>
<td align="right"><font size="2" face="serif">          6,557,000 </font></td>
<td align="left">&nbsp;</td>
<td align="left">&nbsp;</td>
<td align="right"><font size="2" face="serif">340,000 </font></td>
<td align="left">&nbsp;</td>
<td align="left">&nbsp;</td>
<td align="right"><font size="2" face="serif">6,217,000 </font></td>
<td align="left">&nbsp;</td>
<td align="right">&nbsp;</td>
<td align="left">&nbsp;</td>
<td align="left">&nbsp;</td>
<td align="left">&nbsp;</td>
<td align="right"><font size="2" face="serif">          6,163,000 </font></td>
<td align="left">&nbsp;</td>
<td align="left">&nbsp;</td>
<td align="right"><font size="2" face="serif">226,000 </font></td>
<td align="left">&nbsp;</td>
<td align="left">&nbsp;</td>
<td align="right"><font size="2" face="serif">5,937,000 </font></td>
<td align="left">&nbsp;</td>
</tr>
<tr valign="bottom" bgcolor="#eeeeee">
<td align="left"><font size="2" face="serif">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Financing costs</font></td>
<td align="left">&nbsp;</td>
<td align="left">&nbsp;</td>
<td align="right"><font size="2" face="serif">          3,719,000 </font></td>
<td align="left">&nbsp;</td>
<td align="left">&nbsp;</td>
<td align="right"><font size="2" face="serif">612,000 </font></td>
<td align="left">&nbsp;</td>
<td align="left">&nbsp;</td>
<td align="right"><font size="2" face="serif">3,107,000 </font></td>
<td align="left">&nbsp;</td>
<td align="right">&nbsp;</td>
<td align="left">&nbsp;</td>
<td align="left">&nbsp;</td>
<td align="left">&nbsp;</td>
<td align="right"><font size="2" face="serif">          2,994,000 </font></td>
<td align="left">&nbsp;</td>
<td align="left">&nbsp;</td>
<td align="right"><font size="2" face="serif">675,000 </font></td>
<td align="left">&nbsp;</td>
<td align="left">&nbsp;</td>
<td align="right"><font size="2" face="serif">2,319,000 </font></td>
<td align="left">&nbsp;</td>
</tr>
<tr valign="bottom" bgcolor="#FFFFFF">
<td align="left"><font size="2" face="serif">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Other</font></td>
<td align="left">&nbsp;</td>
<td align="left">&nbsp;</td>
<td align="right"><font size="2" face="serif">             821,000 </font></td>
<td align="left">&nbsp;</td>
<td align="left">&nbsp;</td>
<td align="right"><font size="2" face="serif">&#151;</font></td>
<td align="left">&nbsp;</td>
<td align="left">&nbsp;</td>
<td align="right"><font size="2" face="serif">821,000 </font></td>
<td align="left">&nbsp;</td>
<td align="right">&nbsp;</td>
<td align="left">&nbsp;</td>
<td align="left">&nbsp;</td>
<td align="left">&nbsp;</td>
<td align="right"><font size="2" face="serif">             254,000 </font></td>
<td align="left">&nbsp;</td>
<td align="left">&nbsp;</td>
<td align="right"><font size="2" face="serif">&#151;</font></td>
<td align="left">&nbsp;</td>
<td align="left">&nbsp;</td>
<td align="right"><font size="2" face="serif">254,000 </font></td>
<td align="left">&nbsp;</td>
</tr>
<tr valign="bottom" bgcolor="#FFFFFF">
  <td align="left">&nbsp;</td>
  <td align="left">&nbsp;</td>
  <td align="left"><hr noshade align="center" width="100%" size="1">
  </td>
  <td align="left"><hr noshade align="center" width="100%" size="1">
  </td>
  <td align="left">&nbsp;</td>
  <td align="left"><hr noshade align="center" width="100%" size="1">
  </td>
  <td align="left"><hr noshade align="center" width="100%" size="1">
  </td>
  <td align="left">&nbsp;</td>
  <td align="right"><hr noshade align="center" width="100%" size="1">
  </td>
  <td align="left"><hr noshade align="center" width="100%" size="1">
  </td>
  <td align="left">&nbsp;</td>
  <td align="right">&nbsp;</td>
  <td align="left">&nbsp;</td>
  <td align="left">&nbsp;</td>
  <td align="left"><hr noshade align="center" width="100%" size="1">
  </td>
  <td align="left"><hr noshade align="center" width="100%" size="1">
  </td>
  <td align="left">&nbsp;</td>
  <td align="left"><hr noshade align="center" width="100%" size="1">
  </td>
  <td align="left"><hr noshade align="center" width="100%" size="1">
  </td>
  <td align="left">&nbsp;</td>
  <td align="right"><hr noshade align="center" width="100%" size="1">
  </td>
  <td align="left"><hr noshade align="center" width="100%" size="1">
  </td>
  <td align="left">&nbsp;</td>
</tr>
<tr valign="bottom" bgcolor="#eeeeee">
<td align="left"><font size="2" face="serif">Total assets</font></td>
<td align="left">&nbsp;</td>
<td align="left"><font size="2" face="serif">$</font></td>
<td align="right"><font size="2" face="serif">655,057,000 </font></td>
<td align="left">&nbsp;</td>
<td align="left"><font size="2" face="serif">$</font></td>
<td align="right"><font size="2" face="serif">69,519,000 </font></td>
<td align="left">&nbsp;</td>
<td align="left"><font size="2" face="serif">$</font></td>
<td align="right"><font size="2" face="serif">585,538,000 </font></td>
<td align="left">&nbsp;</td>
<td align="right">&nbsp;</td>
<td align="left">&nbsp;</td>
<td align="left">&nbsp;</td>
<td align="left"><font size="2" face="serif">$</font></td>
<td align="right"><font size="2" face="serif">537,160,000 </font></td>
<td align="left">&nbsp;</td>
<td align="left"><font size="2" face="serif">$</font></td>
<td align="right"><font size="2" face="serif">70,094,000 </font></td>
<td align="left">&nbsp;</td>
<td align="left"><font size="2" face="serif">$</font></td>
<td align="right"><font size="2" face="serif">467,066,000 </font></td>
<td align="left">&nbsp;</td>
</tr>
<tr valign="bottom" bgcolor="#FFFFFF">
  <td align="left">&nbsp;</td>
  <td align="left">&nbsp;</td>
  <td align="left"><hr noshade align="center" width="100%" size="2">
  </td>
  <td align="left"><hr noshade align="center" width="100%" size="2">
  </td>
  <td align="left">&nbsp;</td>
  <td align="left"><hr noshade align="center" width="100%" size="2">
  </td>
  <td align="left"><hr noshade align="center" width="100%" size="2">
  </td>
  <td align="left">&nbsp;</td>
  <td align="right"><hr noshade align="center" width="100%" size="2">
  </td>
  <td align="left"><hr noshade align="center" width="100%" size="2">
  </td>
  <td align="left">&nbsp;</td>
  <td align="right">&nbsp;</td>
  <td align="left">&nbsp;</td>
  <td align="left">&nbsp;</td>
  <td align="left"><hr noshade align="center" width="100%" size="2">
  </td>
  <td align="left"><hr noshade align="center" width="100%" size="2">
  </td>
  <td align="left">&nbsp;</td>
  <td align="left"><hr noshade align="center" width="100%" size="2">
  </td>
  <td align="left"><hr noshade align="center" width="100%" size="2">
  </td>
  <td align="left">&nbsp;</td>
  <td align="right"><hr noshade align="center" width="100%" size="2">
  </td>
  <td align="left"><hr noshade align="center" width="100%" size="2">
  </td>
  <td align="left">&nbsp;</td>
</tr>
<tr valign="bottom">
<td align="left"><font size="2" face="serif">&nbsp;</font></td>
<td align="left">&nbsp;</td>
<td align="left">&nbsp;</td>
<td align="right"><font size="2" face="serif">&nbsp;</font></td>
<td align="left">&nbsp;</td>
<td align="left">&nbsp;</td>
<td align="right"><font size="2" face="serif">&nbsp;</font></td>
<td align="left">&nbsp;</td>
<td align="left">&nbsp;</td>
<td align="right"><font size="2" face="serif">&nbsp;</font></td>
<td align="left">&nbsp;</td>
<td align="right">&nbsp;</td>
<td align="left">&nbsp;</td>
<td align="left">&nbsp;</td>
<td align="left">&nbsp;</td>
<td align="right"><font size="2" face="serif">&nbsp;</font></td>
<td align="left">&nbsp;</td>
<td align="left">&nbsp;</td>
<td align="right"><font size="2" face="serif">&nbsp;</font></td>
<td align="left">&nbsp;</td>
<td align="left">&nbsp;</td>
<td align="right"><font size="2" face="serif">&nbsp;</font></td>
<td align="left">&nbsp;</td>
</tr>
<tr valign="bottom" bgcolor="#FFFFFF">
<td align="left"><div style="margin-left: 3%; text-indent: -3%"><font size="2" face="serif">Liabilities and shareholders&#146; equity:</font></div></td>
<td align="left">&nbsp;</td>
<td align="left">&nbsp;</td>
<td align="right"><font size="2" face="serif">&nbsp;</font></td>
<td align="left">&nbsp;</td>
<td align="left">&nbsp;</td>
<td align="right"><font size="2" face="serif">&nbsp;</font></td>
<td align="left">&nbsp;</td>
<td align="left">&nbsp;</td>
<td align="right"><font size="2" face="serif">&nbsp;</font></td>
<td align="left">&nbsp;</td>
<td align="right">&nbsp;</td>
<td align="left">&nbsp;</td>
<td align="left">&nbsp;</td>
<td align="left">&nbsp;</td>
<td align="right"><font size="2" face="serif">&nbsp;</font></td>
<td align="left">&nbsp;</td>
<td align="left">&nbsp;</td>
<td align="right"><font size="2" face="serif">&nbsp;</font></td>
<td align="left">&nbsp;</td>
<td align="left">&nbsp;</td>
<td align="right"><font size="2" face="serif">&nbsp;</font></td>
<td align="left">&nbsp;</td>
</tr>
<tr valign="bottom" bgcolor="#FFFFFF">
<td align="left"><font size="2" face="serif">Mortgage loans payable</font></td>
<td align="left">&nbsp;</td>
<td align="left"><font size="2" face="serif">$</font></td>
<td align="right"><font size="2" face="serif">245,117,000 </font></td>
<td align="left">&nbsp;</td>
<td align="left"><font size="2" face="serif">$</font></td>
<td align="right"><font size="2" face="serif">49,883,000 </font></td>
<td align="left">&nbsp;</td>
<td align="left"><font size="2" face="serif">$</font></td>
<td align="right"><font size="2" face="serif">195,234,000 </font></td>
<td align="left">&nbsp;</td>
<td align="right">&nbsp;</td>
<td align="left">&nbsp;</td>
<td align="left">&nbsp;</td>
<td align="left"><font size="2" face="serif">$</font></td>
<td align="right"><font size="2" face="serif">180,430,000 </font></td>
<td align="left">&nbsp;</td>
<td align="left"><font size="2" face="serif">$</font></td>
<td align="right"><font size="2" face="serif">50,224,000 </font></td>
<td align="left">&nbsp;</td>
<td align="left"><font size="2" face="serif">$</font></td>
<td align="right"><font size="2" face="serif">130,206,000 </font></td>
<td align="left">&nbsp;</td>
</tr>
<tr valign="bottom" bgcolor="#eeeeee">
<td align="left"><font size="2" face="serif">Secured revolving credit facility</font></td>
<td align="left">&nbsp;</td>
<td align="left">&nbsp;</td>
<td align="right"><font size="2" face="serif">        43,400,000 </font></td>
<td align="left">&nbsp;</td>
<td align="left">&nbsp;</td>
<td align="right"><font size="2" face="serif">&#151;</font></td>
<td align="left">&nbsp;</td>
<td align="left">&nbsp;</td>
<td align="right"><font size="2" face="serif">43,400,000 </font></td>
<td align="left">&nbsp;</td>
<td align="right">&nbsp;</td>
<td align="left">&nbsp;</td>
<td align="left">&nbsp;</td>
<td align="left">&nbsp;</td>
<td align="right"><font size="2" face="serif">        68,200,000 </font></td>
<td align="left">&nbsp;</td>
<td align="left">&nbsp;</td>
<td align="right"><font size="2" face="serif">&#151;</font></td>
<td align="left">&nbsp;</td>
<td align="left">&nbsp;</td>
<td align="right"><font size="2" face="serif">68,200,000 </font></td>
<td align="left">&nbsp;</td>
</tr>
<tr valign="bottom" bgcolor="#FFFFFF">
<td align="left"><div style="margin-left: 3%; text-indent: -3%"><font size="2" face="serif">Accounts payable and accrued expenses</font></div></td>
<td align="left">&nbsp;</td>
<td align="left">&nbsp;</td>
<td align="right"><font size="2" face="serif">          5,420,000 </font></td>
<td align="left">&nbsp;</td>
<td align="left">&nbsp;</td>
<td align="right"><font size="2" face="serif">528,000 </font></td>
<td align="left">&nbsp;</td>
<td align="left">&nbsp;</td>
<td align="right"><font size="2" face="serif">4,892,000 </font></td>
<td align="left">&nbsp;</td>
<td align="right">&nbsp;</td>
<td align="left">&nbsp;</td>
<td align="left">&nbsp;</td>
<td align="left">&nbsp;</td>
<td align="right"><font size="2" face="serif">          5,549,000 </font></td>
<td align="left">&nbsp;</td>
<td align="left">&nbsp;</td>
<td align="right"><font size="2" face="serif">464,000 </font></td>
<td align="left">&nbsp;</td>
<td align="left">&nbsp;</td>
<td align="right"><font size="2" face="serif">5,085,000 </font></td>
<td align="left">&nbsp;</td>
</tr>
<tr valign="bottom" bgcolor="#eeeeee">
<td align="left"><div style="margin-left: 3%; text-indent: -3%"><font size="2" face="serif">Tenant advance payments and security deposits</font></div></td>
<td align="left">&nbsp;</td>
<td align="left">&nbsp;</td>
<td align="right"><font size="2" face="serif">          3,209,000 </font></td>
<td align="left">&nbsp;</td>
<td align="left">&nbsp;</td>
<td align="right"><font size="2" face="serif">261,000 </font></td>
<td align="left">&nbsp;</td>
<td align="left">&nbsp;</td>
<td align="right"><font size="2" face="serif">2,948,000 </font></td>
<td align="left">&nbsp;</td>
<td align="right">&nbsp;</td>
<td align="left">&nbsp;</td>
<td align="left">&nbsp;</td>
<td align="left">&nbsp;</td>
<td align="right"><font size="2" face="serif">          3,463,000 </font></td>
<td align="left">&nbsp;</td>
<td align="left">&nbsp;</td>
<td align="right"><font size="2" face="serif">533,000 </font></td>
<td align="left">&nbsp;</td>
<td align="left">&nbsp;</td>
<td align="right"><font size="2" face="serif">2,930,000 </font></td>
<td align="left">&nbsp;</td>
</tr>
<tr valign="bottom" bgcolor="#FFFFFF">
<td align="left"><div style="margin-left: 3%; text-indent: -3%"><font size="2" face="serif">Unamortized intangible lease liabilities</font></div></td>
<td align="left">&nbsp;</td>
<td align="left">&nbsp;</td>
<td align="right"><font size="2" face="serif">        23,941,000 </font></td>
<td align="left">&nbsp;</td>
<td align="left">&nbsp;</td>
<td align="right"><font size="2" face="serif">1,113,000 </font></td>
<td align="left">&nbsp;</td>
<td align="left">&nbsp;</td>
<td align="right"><font size="2" face="serif">22,828,000 </font></td>
<td align="left">&nbsp;</td>
<td align="right">&nbsp;</td>
<td align="left">&nbsp;</td>
<td align="left">&nbsp;</td>
<td align="left">&nbsp;</td>
<td align="right"><font size="2" face="serif">        25,227,000 </font></td>
<td align="left">&nbsp;</td>
<td align="left">&nbsp;</td>
<td align="right"><font size="2" face="serif">1,185,000 </font></td>
<td align="left">&nbsp;</td>
<td align="left">&nbsp;</td>
<td align="right"><font size="2" face="serif">24,042,000 </font></td>
<td align="left">&nbsp;</td>
</tr>
<tr valign="bottom" bgcolor="#FFFFFF">
  <td align="left">&nbsp;</td>
  <td align="left">&nbsp;</td>
  <td align="left"><hr noshade align="center" width="100%" size="1">
  </td>
  <td align="left"><hr noshade align="center" width="100%" size="1">
  </td>
  <td align="left">&nbsp;</td>
  <td align="left"><hr noshade align="center" width="100%" size="1">
  </td>
  <td align="left"><hr noshade align="center" width="100%" size="1">
  </td>
  <td align="left">&nbsp;</td>
  <td align="right"><hr noshade align="center" width="100%" size="1">
  </td>
  <td align="left"><hr noshade align="center" width="100%" size="1">
  </td>
  <td align="left">&nbsp;</td>
  <td align="right">&nbsp;</td>
  <td align="left">&nbsp;</td>
  <td align="left">&nbsp;</td>
  <td align="left"><hr noshade align="center" width="100%" size="1">
  </td>
  <td align="left"><hr noshade align="center" width="100%" size="1">
  </td>
  <td align="left">&nbsp;</td>
  <td align="left"><hr noshade align="center" width="100%" size="1">
  </td>
  <td align="left"><hr noshade align="center" width="100%" size="1">
  </td>
  <td align="left">&nbsp;</td>
  <td align="right"><hr noshade align="center" width="100%" size="1">
  </td>
  <td align="left"><hr noshade align="center" width="100%" size="1">
  </td>
  <td align="left">&nbsp;</td>
</tr>
<tr valign="bottom" bgcolor="#eeeeee">
<td align="left"><font size="2" face="serif">Total liabilities</font></td>
<td align="left">&nbsp;</td>
<td align="left">&nbsp;</td>
<td align="right"><font size="2" face="serif">321,087,000 </font></td>
<td align="left">&nbsp;</td>
<td align="left">&nbsp;</td>
<td align="right"><font size="2" face="serif">51,785,000 </font></td>
<td align="left">&nbsp;</td>
<td align="left">&nbsp;</td>
<td align="right"><font size="2" face="serif">269,302,000 </font></td>
<td align="left">&nbsp;</td>
<td align="right">&nbsp;</td>
<td align="left">&nbsp;</td>
<td align="left">&nbsp;</td>
<td align="left">&nbsp;</td>
<td align="right"><font size="2" face="serif">282,869,000 </font></td>
<td align="left">&nbsp;</td>
<td align="left">&nbsp;</td>
<td align="right"><font size="2" face="serif">52,406,000 </font></td>
<td align="left">&nbsp;</td>
<td align="left">&nbsp;</td>
<td align="right"><font size="2" face="serif">230,463,000 </font></td>
<td align="left">&nbsp;</td>
</tr>
<tr valign="bottom" bgcolor="#FFFFFF">
  <td align="left">&nbsp;</td>
  <td align="left">&nbsp;</td>
  <td align="left"><hr noshade align="center" width="100%" size="1">
  </td>
  <td align="left"><hr noshade align="center" width="100%" size="1">
  </td>
  <td align="left">&nbsp;</td>
  <td align="left"><hr noshade align="center" width="100%" size="1">
  </td>
  <td align="left"><hr noshade align="center" width="100%" size="1">
  </td>
  <td align="left">&nbsp;</td>
  <td align="right"><hr noshade align="center" width="100%" size="1">
  </td>
  <td align="left"><hr noshade align="center" width="100%" size="1">
  </td>
  <td align="left">&nbsp;</td>
  <td align="right">&nbsp;</td>
  <td align="left">&nbsp;</td>
  <td align="left">&nbsp;</td>
  <td align="left"><hr noshade align="center" width="100%" size="1">
  </td>
  <td align="left"><hr noshade align="center" width="100%" size="1">
  </td>
  <td align="left">&nbsp;</td>
  <td align="left"><hr noshade align="center" width="100%" size="1">
  </td>
  <td align="left"><hr noshade align="center" width="100%" size="1">
  </td>
  <td align="left">&nbsp;</td>
  <td align="right"><hr noshade align="center" width="100%" size="1">
  </td>
  <td align="left"><hr noshade align="center" width="100%" size="1">
  </td>
  <td align="left">&nbsp;</td>
</tr>
<tr valign="bottom">
  <td align="left">&nbsp;</td>
  <td align="left">&nbsp;</td>
  <td align="left">&nbsp;</td>
  <td align="right">&nbsp;</td>
  <td align="left">&nbsp;</td>
  <td align="left">&nbsp;</td>
  <td align="right">&nbsp;</td>
  <td align="left">&nbsp;</td>
  <td align="left">&nbsp;</td>
  <td align="right">&nbsp;</td>
  <td align="left">&nbsp;</td>
  <td align="right">&nbsp;</td>
  <td align="left">&nbsp;</td>
  <td align="left">&nbsp;</td>
  <td align="left">&nbsp;</td>
  <td align="right">&nbsp;</td>
  <td align="left">&nbsp;</td>
  <td align="left">&nbsp;</td>
  <td align="right">&nbsp;</td>
  <td align="left">&nbsp;</td>
  <td align="left">&nbsp;</td>
  <td align="right">&nbsp;</td>
  <td align="left">&nbsp;</td>
</tr>
<tr valign="bottom" bgcolor="#FFFFFF">
<td align="left"><font size="2" face="serif">Minority interests</font></td>
<td align="left">&nbsp;</td>
<td align="left">&nbsp;</td>
<td align="right"><font size="2" face="serif">        11,929,000 </font></td>
<td align="left">&nbsp;</td>
<td align="left">&nbsp;</td>
<td align="right"><font size="2" face="serif">      11,929,000 </font></td>
<td align="left">&nbsp;</td>
<td align="left">&nbsp;</td>
<td align="right"><font size="2" face="serif">&#151;</font></td>
<td align="left">&nbsp;</td>
<td align="right">&nbsp;</td>
<td align="left">&nbsp;</td>
<td align="left">&nbsp;</td>
<td align="left">&nbsp;</td>
<td align="right"><font size="2" face="serif">        11,995,000 </font></td>
<td align="left">&nbsp;</td>
<td align="left">&nbsp;</td>
<td align="right"><font size="2" face="serif">       11,995,000 </font></td>
<td align="left">&nbsp;</td>
<td align="left">&nbsp;</td>
<td align="right"><font size="2" face="serif">&#151;</font></td>
<td align="left">&nbsp;</td>
</tr>
<tr valign="bottom">
<td align="left"><font size="2" face="serif">&nbsp;</font></td>
<td align="left">&nbsp;</td>
<td align="left">&nbsp;</td>
<td align="right"><font size="2" face="serif">&nbsp;</font></td>
<td align="left">&nbsp;</td>
<td align="left">&nbsp;</td>
<td align="right"><font size="2" face="serif">&nbsp;</font></td>
<td align="left">&nbsp;</td>
<td align="left">&nbsp;</td>
<td align="right"><font size="2" face="serif">&nbsp;</font></td>
<td align="left">&nbsp;</td>
<td align="right">&nbsp;</td>
<td align="left">&nbsp;</td>
<td align="left">&nbsp;</td>
<td align="left">&nbsp;</td>
<td align="right"><font size="2" face="serif">&nbsp;</font></td>
<td align="left">&nbsp;</td>
<td align="left">&nbsp;</td>
<td align="right"><font size="2" face="serif">&nbsp;</font></td>
<td align="left">&nbsp;</td>
<td align="left">&nbsp;</td>
<td align="right"><font size="2" face="serif">&nbsp;</font></td>
<td align="left">&nbsp;</td>
</tr>
<tr valign="bottom" bgcolor="#eeeeee">
<td align="left"><div style="margin-left: 3%; text-indent: -3%"><font size="2" face="serif">Limited partners&#146; interest in consolidated OP</font></div></td>
<td align="left">&nbsp;</td>
<td align="left">&nbsp;</td>
<td align="right"><font size="2" face="serif">        21,899,000 </font></td>
<td align="left">&nbsp;</td>
<td align="left">&nbsp;</td>
<td align="right"><font size="2" face="serif">           395,000 </font></td>
<td align="left">&nbsp;</td>
<td align="left">&nbsp;</td>
<td align="right"><font size="2" face="serif">21,504,000 </font></td>
<td align="left">&nbsp;</td>
<td align="right">&nbsp;</td>
<td align="left">&nbsp;</td>
<td align="left">&nbsp;</td>
<td align="left">&nbsp;</td>
<td align="right"><font size="2" face="serif">          6,542,000 </font></td>
<td align="left">&nbsp;</td>
<td align="left">&nbsp;</td>
<td align="right"><font size="2" face="serif">            154,000 </font></td>
<td align="left">&nbsp;</td>
<td align="left">&nbsp;</td>
<td align="right"><font size="2" face="serif">6,388,000 </font></td>
<td align="left">&nbsp;</td>
</tr>
<tr valign="bottom">
<td align="left"><font size="2" face="serif">&nbsp;</font></td>
<td align="left">&nbsp;</td>
<td align="left">&nbsp;</td>
<td align="right"><font size="2" face="serif">&nbsp;</font></td>
<td align="left">&nbsp;</td>
<td align="left">&nbsp;</td>
<td align="right"><font size="2" face="serif">&nbsp;</font></td>
<td align="left">&nbsp;</td>
<td align="left">&nbsp;</td>
<td align="right"><font size="2" face="serif">&nbsp;</font></td>
<td align="left">&nbsp;</td>
<td align="right">&nbsp;</td>
<td align="left">&nbsp;</td>
<td align="left">&nbsp;</td>
<td align="left">&nbsp;</td>
<td align="right"><font size="2" face="serif">&nbsp;</font></td>
<td align="left">&nbsp;</td>
<td align="left">&nbsp;</td>
<td align="right"><font size="2" face="serif">&nbsp;</font></td>
<td align="left">&nbsp;</td>
<td align="left">&nbsp;</td>
<td align="right"><font size="2" face="serif">&nbsp;</font></td>
<td align="left">&nbsp;</td>
</tr>
<tr valign="bottom" bgcolor="#FFFFFF">
<td align="left"><font size="2" face="serif">Equity (a)</font></td>
<td align="left">&nbsp;</td>
<td align="left">&nbsp;</td>
<td align="right"><font size="2" face="serif">      300,142,000 </font></td>
<td align="left">&nbsp;</td>
<td align="left">&nbsp;</td>
<td align="right"><font size="2" face="serif">        5,410,000 </font></td>
<td align="left">&nbsp;</td>
<td align="left">&nbsp;</td>
<td align="right"><font size="2" face="serif">294,732,000 </font></td>
<td align="left">&nbsp;</td>
<td align="right">&nbsp;</td>
<td align="left">&nbsp;</td>
<td align="left">&nbsp;</td>
<td align="left">&nbsp;</td>
<td align="right"><font size="2" face="serif">      235,754,000 </font></td>
<td align="left">&nbsp;</td>
<td align="left">&nbsp;</td>
<td align="right"><font size="2" face="serif">         5,539,000 </font></td>
<td align="left">&nbsp;</td>
<td align="left">&nbsp;</td>
<td align="right"><font size="2" face="serif">230,215,000 </font></td>
<td align="left">&nbsp;</td>
</tr>
<tr valign="bottom" bgcolor="#FFFFFF">
  <td align="left">&nbsp;</td>
  <td align="left">&nbsp;</td>
  <td align="left"><hr noshade align="center" width="100%" size="1">
  </td>
  <td align="left"><hr noshade align="center" width="100%" size="1">
  </td>
  <td align="left">&nbsp;</td>
  <td align="left"><hr noshade align="center" width="100%" size="1">
  </td>
  <td align="left"><hr noshade align="center" width="100%" size="1">
  </td>
  <td align="left">&nbsp;</td>
  <td align="right"><hr noshade align="center" width="100%" size="1">
  </td>
  <td align="left"><hr noshade align="center" width="100%" size="1">
  </td>
  <td align="left">&nbsp;</td>
  <td align="right">&nbsp;</td>
  <td align="left">&nbsp;</td>
  <td align="left">&nbsp;</td>
  <td align="left"><hr noshade align="center" width="100%" size="1">
  </td>
  <td align="left"><hr noshade align="center" width="100%" size="1">
  </td>
  <td align="left">&nbsp;</td>
  <td align="left"><hr noshade align="center" width="100%" size="1">
  </td>
  <td align="left"><hr noshade align="center" width="100%" size="1">
  </td>
  <td align="left">&nbsp;</td>
  <td align="right"><hr noshade align="center" width="100%" size="1">
  </td>
  <td align="left"><hr noshade align="center" width="100%" size="1">
  </td>
  <td align="left">&nbsp;</td>
</tr>
<tr valign="bottom" bgcolor="#eeeeee">
<td align="left"><font size="2" face="serif">Total liabilities and equity</font></td>
<td align="left">&nbsp;</td>
<td align="left"><font size="2" face="serif">$</font></td>
<td align="right"><font size="2" face="serif">655,057,000 </font></td>
<td align="left">&nbsp;</td>
<td align="left"><font size="2" face="serif">$</font></td>
<td align="right"><font size="2" face="serif">69,519,000 </font></td>
<td align="left">&nbsp;</td>
<td align="left"><font size="2" face="serif">$</font></td>
<td align="right"><font size="2" face="serif">585,538,000 </font></td>
<td align="left">&nbsp;</td>
<td align="right">&nbsp;</td>
<td align="left">&nbsp;</td>
<td align="left">&nbsp;</td>
<td align="left"><font size="2" face="serif">$</font></td>
<td align="right"><font size="2" face="serif">537,160,000 </font></td>
<td align="left">&nbsp;</td>
<td align="left"><font size="2" face="serif">$</font></td>
<td align="right"><font size="2" face="serif">70,094,000 </font></td>
<td align="left">&nbsp;</td>
<td align="left"><font size="2" face="serif">$</font></td>
<td align="right"><font size="2" face="serif">467,066,000 </font></td>
<td align="left">&nbsp;</td>
</tr>
<tr valign="bottom" bgcolor="#FFFFFF">
  <td align="left">&nbsp;</td>
  <td align="left">&nbsp;</td>
  <td align="left"><hr noshade align="center" width="100%" size="2">
  </td>
  <td align="left"><hr noshade align="center" width="100%" size="2">
  </td>
  <td align="left">&nbsp;</td>
  <td align="left"><hr noshade align="center" width="100%" size="2">
  </td>
  <td align="left"><hr noshade align="center" width="100%" size="2">
  </td>
  <td align="left">&nbsp;</td>
  <td align="right"><hr noshade align="center" width="100%" size="2">
  </td>
  <td align="left"><hr noshade align="center" width="100%" size="2">
  </td>
  <td align="left">&nbsp;</td>
  <td align="right">&nbsp;</td>
  <td align="left">&nbsp;</td>
  <td align="left">&nbsp;</td>
  <td align="left"><hr noshade align="center" width="100%" size="2">
  </td>
  <td align="left"><hr noshade align="center" width="100%" size="2">
  </td>
  <td align="left">&nbsp;</td>
  <td align="left"><hr noshade align="center" width="100%" size="2">
  </td>
  <td align="left"><hr noshade align="center" width="100%" size="2">
  </td>
  <td align="left">&nbsp;</td>
  <td align="right"><hr noshade align="center" width="100%" size="2">
  </td>
  <td align="left"><hr noshade align="center" width="100%" size="2">
  </td>
  <td align="left">&nbsp;</td>
</tr>
<tr valign="bottom">
  <td align="left">&nbsp;</td>
  <td align="left">&nbsp;</td>
  <td align="left">&nbsp;</td>
  <td align="right">&nbsp;</td>
  <td align="left">&nbsp;</td>
  <td align="left">&nbsp;</td>
  <td align="right">&nbsp;</td>
  <td align="left">&nbsp;</td>
  <td align="left">&nbsp;</td>
  <td align="left">&nbsp;</td>
  <td align="left">&nbsp;</td>
  <td align="right">&nbsp;</td>
  <td align="left">&nbsp;</td>
  <td align="left">&nbsp;</td>
  <td align="left">&nbsp;</td>
  <td align="right">&nbsp;</td>
  <td align="left">&nbsp;</td>
  <td align="left">&nbsp;</td>
  <td align="right">&nbsp;</td>
  <td align="left">&nbsp;</td>
  <td align="left">&nbsp;</td>
  <td align="right">&nbsp;</td>
  <td align="left">&nbsp;</td>
</tr>
<tr valign="bottom" bgcolor="#FFFFFF">
<td colspan="19" align="left"><font size="2" face="serif">(a) Equity includes net receivable/payable balances, on open account, between joint venture and wholly-owned properties.</font></td>
<td align="left">&nbsp;</td>
<td align="left">&nbsp;</td>
<td align="right"><font size="2" face="serif">&nbsp;</font></td>
<td align="left">&nbsp;</td>
</tr>
</table>
<p align="center"><font face="serif" size="2">7</font></p>
<hr noshade align="center" width="100%" size="2">
<div style="page-break-before:always"></div>
<page>
<a name="p?"></a>

<br><br>
<table width="100%" cellspacing="0" cellpadding="0" align="center" border="0">
<tr valign="bottom" bgcolor="#FFFFFF">
<td align="center"><font size="2" face="serif">&nbsp;</font></td>
<td colspan="4" rowspan="10" align="center">&nbsp;</td>
<td align="left">&nbsp;</td>
<td colspan="13" align="center"><font size="2" face="serif"><b>CEDAR SHOPPING
    CENTERS, INC.</b></font></td>
<td align="center">&nbsp;</td>
<td align="center">&nbsp;</td>
<td align="center">&nbsp;</td>
<td align="center">&nbsp;</td>
<td align="center">&nbsp;</td>
<td align="center">&nbsp;</td>
<td align="left">&nbsp;</td>
</tr>
<tr valign="bottom" bgcolor="#FFFFFF">
<td align="center"><font size="2" face="serif">&nbsp;</font></td>
<td align="left">&nbsp;</td>
<td colspan="13" align="center"><font size="2" face="serif"><b>Consolidated Statements
    of Income Information</b></font></td>
<td align="center">&nbsp;</td>
<td align="center">&nbsp;</td>
<td align="center">&nbsp;</td>
<td align="center">&nbsp;</td>
<td align="center">&nbsp;</td>
<td align="center">&nbsp;</td>
<td align="left">&nbsp;</td>
</tr>
<tr valign="bottom" bgcolor="#FFFFFF">
<td align="center"><font size="2" face="serif">&nbsp;</font></td>
<td align="left">&nbsp;</td>
<td colspan="13" align="center"><font size="2" face="serif"><b>(unaudited)</b></font></td>
<td align="center">&nbsp;</td>
<td align="center">&nbsp;</td>
<td align="center">&nbsp;</td>
<td align="center">&nbsp;</td>
<td align="center">&nbsp;</td>
<td align="center">&nbsp;</td>
<td align="left">&nbsp;</td>
</tr>
<tr valign="bottom">
<td align="left"><font size="2" face="serif">&nbsp;</font></td>
<td align="left">&nbsp;</td>
<td align="left"><font size="2" face="serif">&nbsp;</font></td>
<td align="left">&nbsp;</td>
<td align="right">&nbsp;</td>
<td align="left"><font size="2" face="serif">&nbsp;</font></td>
<td align="left">&nbsp;</td>
<td align="right">&nbsp;</td>
<td align="left"><font size="2" face="serif">&nbsp;</font></td>
<td align="left">&nbsp;</td>
<td align="right">&nbsp;</td>
<td align="left"><font size="2" face="serif">&nbsp;</font></td>
<td align="left">&nbsp;</td>
<td align="right">&nbsp;</td>
<td align="left"><font size="2" face="serif">&nbsp;</font></td>
<td align="left">&nbsp;</td>
<td align="right">&nbsp;</td>
<td align="left"><font size="2" face="serif">&nbsp;</font></td>
<td align="left">&nbsp;</td>
<td align="right">&nbsp;</td>
<td align="left"><font size="2" face="serif">&nbsp;</font></td>
<td align="left">&nbsp;</td>
</tr>
<tr valign="bottom" bgcolor="#FFFFFF">
<td align="left"><font size="2" face="serif">&nbsp;</font></td>
<td align="left">&nbsp;</td>
<td colspan="7" align="center"><font size="2" face="serif"><b>Three months ended June 30, 2005</b></font></td>
<td align="left">&nbsp;</td>
<td align="right">&nbsp;</td>
<td align="left"><font size="2" face="serif">&nbsp;</font></td>
<td align="left">&nbsp;</td>
<td align="right">&nbsp;</td>
<td colspan="7" align="center"><font size="2" face="serif"><b>Three months ended June 30, 2004</b></font></td>
<td align="left">&nbsp;</td>
</tr>
<tr valign="bottom" bgcolor="#FFFFFF">
  <td align="left">&nbsp;</td>
  <td align="left">&nbsp;</td>
  <td colspan="7" align="center"><hr noshade align="center" width="100%" size="1"></td>
  <td align="left">&nbsp;</td>
  <td align="right">&nbsp;</td>
  <td align="left">&nbsp;</td>
  <td align="left">&nbsp;</td>
  <td align="right">&nbsp;</td>
  <td colspan="7" align="center"><hr noshade align="center" width="100%" size="1"></td>
  <td align="left">&nbsp;</td>
</tr>
<tr valign="bottom" bgcolor="#FFFFFF">
<td align="left"><font size="2" face="serif">&nbsp;</font></td>
<td width="1%" align="left">&nbsp;</td>
<td width="9%" align="center"><font size="2" face="serif"><b>Total</b></font></td>
<td width="2%" align="left">&nbsp;</td>
<td width="1%" align="right">&nbsp;</td>
<td width="9%" align="center"><font size="2" face="serif"><b>Joint venture</b></font></td>
<td width="2%" align="left">&nbsp;</td>
<td width="1%" align="right">&nbsp;</td>
<td width="9%" align="center"><font size="2" face="serif"><b>Wholly-owned</b></font></td>
<td width="2%" align="left">&nbsp;</td>
<td width="1%" align="right">&nbsp;</td>
<td width="-2%" align="left"><font size="2" face="serif">&nbsp;</font></td>
<td width="2%" align="left">&nbsp;</td>
<td width="1%" align="right">&nbsp;</td>
<td width="9%" align="center"><font size="2" face="serif"><b>Total</b></font></td>
<td width="2%" align="left">&nbsp;</td>
<td width="1%" align="right">&nbsp;</td>
<td width="9%" align="center"><font size="2" face="serif"><b>Joint venture</b></font></td>
<td width="2%" align="left">&nbsp;</td>
<td width="1%" align="right">&nbsp;</td>
<td width="9%" align="center"><font size="2" face="serif"><b>Wholly-owned</b></font></td>
<td width="2%" align="left">&nbsp;</td>
</tr>
<tr valign="bottom" bgcolor="#FFFFFF">
  <td align="left">&nbsp;</td>
  <td align="left"><hr noshade align="center" width="100%" size="1"></td>
  <td align="center"><hr noshade align="center" width="100%" size="1"></td>
  <td align="left">&nbsp;</td>
  <td align="right"><hr noshade align="center" width="100%" size="1"></td>
  <td align="center"><hr noshade align="center" width="100%" size="1"></td>
  <td align="left">&nbsp;</td>
  <td align="right"><hr noshade align="center" width="100%" size="1"></td>
  <td align="center"><hr noshade align="center" width="100%" size="1"></td>
  <td align="left">&nbsp;</td>
  <td align="right">&nbsp;</td>
  <td align="left">&nbsp;</td>
  <td align="left">&nbsp;</td>
  <td align="right"><hr noshade align="center" width="100%" size="1"></td>
  <td align="center"><hr noshade align="center" width="100%" size="1"></td>
  <td align="left">&nbsp;</td>
  <td align="right"><hr noshade align="center" width="100%" size="1"></td>
  <td align="center"><hr noshade align="center" width="100%" size="1"></td>
  <td align="left">&nbsp;</td>
  <td align="right"><hr noshade align="center" width="100%" size="1"></td>
  <td align="center"><hr noshade align="center" width="100%" size="1"></td>
  <td align="left">&nbsp;</td>
</tr>
<tr valign="bottom" bgcolor="#FFFFFF">
<td align="left"><font size="2" face="serif">Revenues:</font></td>
<td align="left">&nbsp;</td>
<td align="left"><font size="2" face="serif">&nbsp;</font></td>
<td align="left">&nbsp;</td>
<td align="right">&nbsp;</td>
<td align="left"><font size="2" face="serif">&nbsp;</font></td>
<td align="left">&nbsp;</td>
<td align="right">&nbsp;</td>
<td align="left"><font size="2" face="serif">&nbsp;</font></td>
<td align="left">&nbsp;</td>
<td align="right">&nbsp;</td>
<td align="left"><font size="2" face="serif">&nbsp;</font></td>
<td align="left">&nbsp;</td>
<td align="right">&nbsp;</td>
<td align="left"><font size="2" face="serif">&nbsp;</font></td>
<td align="left">&nbsp;</td>
<td align="right">&nbsp;</td>
<td align="left"><font size="2" face="serif">&nbsp;</font></td>
<td align="left">&nbsp;</td>
<td align="right">&nbsp;</td>
<td align="left"><font size="2" face="serif">&nbsp;</font></td>
<td align="left">&nbsp;</td>
</tr>
<tr valign="bottom" bgcolor="#FFFFFF">
<td align="left"><font size="2" face="serif">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Rents:</font></td>
<td align="left">&nbsp;</td>
<td align="left"><font size="2" face="serif">&nbsp;</font></td>
<td align="left">&nbsp;</td>
<td align="right">&nbsp;</td>
<td align="left"><font size="2" face="serif">&nbsp;</font></td>
<td align="left">&nbsp;</td>
<td align="right">&nbsp;</td>
<td align="left"><font size="2" face="serif">&nbsp;</font></td>
<td align="left">&nbsp;</td>
<td align="right">&nbsp;</td>
<td align="left"><font size="2" face="serif">&nbsp;</font></td>
<td align="left">&nbsp;</td>
<td align="right">&nbsp;</td>
<td align="left"><font size="2" face="serif">&nbsp;</font></td>
<td align="left">&nbsp;</td>
<td align="right">&nbsp;</td>
<td align="left"><font size="2" face="serif">&nbsp;</font></td>
<td align="left">&nbsp;</td>
<td align="right">&nbsp;</td>
<td align="left"><font size="2" face="serif">&nbsp;</font></td>
<td align="left">&nbsp;</td>
</tr>
<tr valign="bottom" bgcolor="#eeeeee">
<td align="left"><font size="2" face="serif">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Base rents</font></td>
<td colspan="4" align="center">&nbsp;</td>
<td align="left"><font size="2" face="serif">$</font></td>
<td align="right"><font size="2" face="serif">   12,284,000 </font></td>
<td align="left">&nbsp;</td>
<td align="left"><font size="2" face="serif">$</font></td>
<td align="right"><font size="2" face="serif">     1,839,000 </font></td>
<td align="left">&nbsp;</td>
<td align="left"><font size="2" face="serif">$</font></td>
<td align="right"><font size="2" face="serif">   10,445,000 </font></td>
<td align="left">&nbsp;</td>
<td align="right">&nbsp;</td>
<td align="left"><font size="2" face="serif">&nbsp;</font></td>
<td align="left">&nbsp;</td>
<td align="left"><font size="2" face="serif">$</font></td>
<td align="right"><font size="2" face="serif">     8,816,000 </font></td>
<td align="left">&nbsp;</td>
<td align="left"><font size="2" face="serif">$</font></td>
<td align="right"><font size="2" face="serif">     1,749,000 </font></td>
<td align="left">&nbsp;</td>
<td align="left"><font size="2" face="serif">$</font></td>
<td align="right"><font size="2" face="serif">     7,067,000 </font></td>
<td align="left">&nbsp;</td>
</tr>
<tr valign="bottom" bgcolor="#FFFFFF">
<td align="left"><font size="2" face="serif">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Percentage rents</font></td>
<td colspan="4" align="center">&nbsp;</td>
<td align="left">&nbsp;</td>
<td align="right"><font size="2" face="serif">22,000 </font></td>
<td align="left">&nbsp;</td>
<td align="left">&nbsp;</td>
<td align="right"><font size="2" face="serif">1,000 </font></td>
<td align="left">&nbsp;</td>
<td align="left">&nbsp;</td>
<td align="right"><font size="2" face="serif">21,000 </font></td>
<td align="left">&nbsp;</td>
<td align="right">&nbsp;</td>
<td align="left"><font size="2" face="serif">&nbsp;</font></td>
<td align="left">&nbsp;</td>
<td align="left">&nbsp;</td>
<td align="right"><font size="2" face="serif">187,000 </font></td>
<td align="left">&nbsp;</td>
<td align="left">&nbsp;</td>
<td align="right"><font size="2" face="serif">3,000 </font></td>
<td align="left">&nbsp;</td>
<td align="left">&nbsp;</td>
<td align="right"><font size="2" face="serif">184,000 </font></td>
<td align="left">&nbsp;</td>
</tr>
<tr valign="bottom" bgcolor="#eeeeee">
<td align="left"><font size="2" face="serif">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Straight-line rents</font></td>
<td colspan="4" align="center">&nbsp;</td>
<td align="left">&nbsp;</td>
<td align="right"><font size="2" face="serif">442,000 </font></td>
<td align="left">&nbsp;</td>
<td align="left">&nbsp;</td>
<td align="right"><font size="2" face="serif">32,000 </font></td>
<td align="left">&nbsp;</td>
<td align="left">&nbsp;</td>
<td align="right"><font size="2" face="serif">410,000 </font></td>
<td align="left">&nbsp;</td>
<td align="right">&nbsp;</td>
<td align="left"><font size="2" face="serif">&nbsp;</font></td>
<td align="left">&nbsp;</td>
<td align="left">&nbsp;</td>
<td align="right"><font size="2" face="serif">385,000 </font></td>
<td align="left">&nbsp;</td>
<td align="left">&nbsp;</td>
<td align="right"><font size="2" face="serif">63,000 </font></td>
<td align="left">&nbsp;</td>
<td align="left">&nbsp;</td>
<td align="right"><font size="2" face="serif">322,000 </font></td>
<td align="left">&nbsp;</td>
</tr>
<tr valign="bottom" bgcolor="#FFFFFF">
<td align="left"><font size="2" face="serif">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Amortization of intangible</font></td>
<td colspan="4" align="center">&nbsp;</td>
<td align="left">&nbsp;</td>
<td align="right"><font size="2" face="serif">&nbsp;</font></td>
<td align="left">&nbsp;</td>
<td align="left">&nbsp;</td>
<td align="right"><font size="2" face="serif">&nbsp;</font></td>
<td align="left">&nbsp;</td>
<td align="left">&nbsp;</td>
<td align="right"><font size="2" face="serif">&nbsp;</font></td>
<td align="left">&nbsp;</td>
<td align="right">&nbsp;</td>
<td align="left"><font size="2" face="serif">&nbsp;</font></td>
<td align="left">&nbsp;</td>
<td align="left">&nbsp;</td>
<td align="right"><font size="2" face="serif">&nbsp;</font></td>
<td align="left">&nbsp;</td>
<td align="left">&nbsp;</td>
<td align="right"><font size="2" face="serif">&nbsp;</font></td>
<td align="left">&nbsp;</td>
<td align="left">&nbsp;</td>
<td align="right"><font size="2" face="serif">&nbsp;</font></td>
<td align="left">&nbsp;</td>
</tr>
<tr valign="bottom" bgcolor="#FFFFFF">
<td align="left"><div style="text-indent: 3%"><font size="2" face="serif">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;lease liabilities</font></div></td>
<td colspan="4" align="center">&nbsp;</td>
<td align="left">&nbsp;</td>
<td align="right"><font size="2" face="serif">937,000 </font></td>
<td align="left">&nbsp;</td>
<td align="left">&nbsp;</td>
<td align="right"><font size="2" face="serif">35,000 </font></td>
<td align="left">&nbsp;</td>
<td align="left">&nbsp;</td>
<td align="right"><font size="2" face="serif">902,000 </font></td>
<td align="left">&nbsp;</td>
<td align="right">&nbsp;</td>
<td align="left"><font size="2" face="serif">&nbsp;</font></td>
<td align="left">&nbsp;</td>
<td align="left">&nbsp;</td>
<td align="right"><font size="2" face="serif">551,000 </font></td>
<td align="left">&nbsp;</td>
<td align="left">&nbsp;</td>
<td align="right"><font size="2" face="serif">41,000 </font></td>
<td align="left">&nbsp;</td>
<td align="left">&nbsp;</td>
<td align="right"><font size="2" face="serif">510,000 </font></td>
<td align="left">&nbsp;</td>
</tr>
<tr valign="bottom" bgcolor="#FFFFFF">
  <td align="left">&nbsp;</td>
  <td colspan="4" align="center">&nbsp;</td>
  <td align="left"><hr noshade align="center" width="100%" size="1"></td>
  <td align="right"><hr noshade align="center" width="100%" size="1"></td>
  <td align="left">&nbsp;</td>
  <td align="left"><hr noshade align="center" width="100%" size="1"></td>
  <td align="right"><hr noshade align="center" width="100%" size="1"></td>
  <td align="left">&nbsp;</td>
  <td align="left"><hr noshade align="center" width="100%" size="1"></td>
  <td align="right"><hr noshade align="center" width="100%" size="1"></td>
  <td align="left">&nbsp;</td>
  <td align="right">&nbsp;</td>
  <td align="left">&nbsp;</td>
  <td align="left">&nbsp;</td>
  <td align="left"><hr noshade align="center" width="100%" size="1"></td>
  <td align="right"><hr noshade align="center" width="100%" size="1"></td>
  <td align="left">&nbsp;</td>
  <td align="left"><hr noshade align="center" width="100%" size="1"></td>
  <td align="right"><hr noshade align="center" width="100%" size="1"></td>
  <td align="left">&nbsp;</td>
  <td align="left"><hr noshade align="center" width="100%" size="1"></td>
  <td align="right"><hr noshade align="center" width="100%" size="1"></td>
  <td align="left">&nbsp;</td>
</tr>
<tr valign="bottom" bgcolor="#eeeeee">
<td align="left"><font size="2" face="serif">&nbsp;</font></td>
<td colspan="4" align="center">&nbsp;</td>
<td align="left">&nbsp;</td>
<td align="right"><font size="2" face="serif">13,685,000 </font></td>
<td align="left">&nbsp;</td>
<td align="left">&nbsp;</td>
<td align="right"><font size="2" face="serif">1,907,000 </font></td>
<td align="left">&nbsp;</td>
<td align="left">&nbsp;</td>
<td align="right"><font size="2" face="serif">11,778,000 </font></td>
<td align="left">&nbsp;</td>
<td align="right">&nbsp;</td>
<td align="left"><font size="2" face="serif">&nbsp;</font></td>
<td align="left">&nbsp;</td>
<td align="left">&nbsp;</td>
<td align="right"><font size="2" face="serif">9,939,000 </font></td>
<td align="left">&nbsp;</td>
<td align="left">&nbsp;</td>
<td align="right"><font size="2" face="serif">1,856,000 </font></td>
<td align="left">&nbsp;</td>
<td align="left">&nbsp;</td>
<td align="right"><font size="2" face="serif">8,083,000 </font></td>
<td align="left">&nbsp;</td>
</tr>
<tr valign="bottom" bgcolor="#FFFFFF">
<td align="left"><font size="2" face="serif">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Expense recoveries</font></td>
<td colspan="4" align="center">&nbsp;</td>
<td align="left">&nbsp;</td>
<td align="right"><font size="2" face="serif">3,218,000 </font></td>
<td align="left">&nbsp;</td>
<td align="left">&nbsp;</td>
<td align="right"><font size="2" face="serif">333,000 </font></td>
<td align="left">&nbsp;</td>
<td align="left">&nbsp;</td>
<td align="right"><font size="2" face="serif">2,885,000 </font></td>
<td align="left">&nbsp;</td>
<td align="right">&nbsp;</td>
<td align="left"><font size="2" face="serif">&nbsp;</font></td>
<td align="left">&nbsp;</td>
<td align="left">&nbsp;</td>
<td align="right"><font size="2" face="serif">2,575,000 </font></td>
<td align="left">&nbsp;</td>
<td align="left">&nbsp;</td>
<td align="right"><font size="2" face="serif">532,000 </font></td>
<td align="left">&nbsp;</td>
<td align="left">&nbsp;</td>
<td align="right"><font size="2" face="serif">2,043,000 </font></td>
<td align="left">&nbsp;</td>
</tr>
<tr valign="bottom" bgcolor="#eeeeee">
<td align="left"><font size="2" face="serif">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Other</font></td>
<td colspan="4" align="center">&nbsp;</td>
<td align="left">&nbsp;</td>
<td align="right"><font size="2" face="serif">144,000 </font></td>
<td align="left">&nbsp;</td>
<td align="left">&nbsp;</td>
<td align="right"><font size="2" face="serif">&#151;</font></td>
<td align="left">&nbsp;</td>
<td align="left">&nbsp;</td>
<td align="right"><font size="2" face="serif">144,000 </font></td>
<td align="left">&nbsp;</td>
<td align="right">&nbsp;</td>
<td align="left"><font size="2" face="serif">&nbsp;</font></td>
<td align="left">&nbsp;</td>
<td align="left">&nbsp;</td>
<td align="right"><font size="2" face="serif">126,000 </font></td>
<td align="left">&nbsp;</td>
<td align="left">&nbsp;</td>
<td align="right"><font size="2" face="serif">8,000 </font></td>
<td align="left">&nbsp;</td>
<td align="left">&nbsp;</td>
<td align="right"><font size="2" face="serif">118,000 </font></td>
<td align="left">&nbsp;</td>
</tr>
<tr valign="bottom" bgcolor="#FFFFFF">
  <td align="left">&nbsp;</td>
  <td colspan="4" align="center">&nbsp;</td>
  <td align="left"><hr noshade align="center" width="100%" size="1"></td>
  <td align="right"><hr noshade align="center" width="100%" size="1"></td>
  <td align="left">&nbsp;</td>
  <td align="left"><hr noshade align="center" width="100%" size="1"></td>
  <td align="right"><hr noshade align="center" width="100%" size="1"></td>
  <td align="left">&nbsp;</td>
  <td align="left"><hr noshade align="center" width="100%" size="1"></td>
  <td align="right"><hr noshade align="center" width="100%" size="1"></td>
  <td align="left">&nbsp;</td>
  <td align="right">&nbsp;</td>
  <td align="left">&nbsp;</td>
  <td align="left">&nbsp;</td>
  <td align="left"><hr noshade align="center" width="100%" size="1"></td>
  <td align="right"><hr noshade align="center" width="100%" size="1"></td>
  <td align="left">&nbsp;</td>
  <td align="left"><hr noshade align="center" width="100%" size="1"></td>
  <td align="right"><hr noshade align="center" width="100%" size="1"></td>
  <td align="left">&nbsp;</td>
  <td align="left"><hr noshade align="center" width="100%" size="1"></td>
  <td align="right"><hr noshade align="center" width="100%" size="1"></td>
  <td align="left">&nbsp;</td>
</tr>
<tr valign="bottom" bgcolor="#FFFFFF">
<td align="left"><font size="2" face="serif">Total revenues</font></td>
<td colspan="4" align="center">&nbsp;</td>
<td align="left">&nbsp;</td>
<td align="right"><font size="2" face="serif">      17,047,000 </font></td>
<td align="left">&nbsp;</td>
<td align="left">&nbsp;</td>
<td align="right"><font size="2" face="serif">        2,240,000 </font></td>
<td align="left">&nbsp;</td>
<td align="left">&nbsp;</td>
<td align="right"><font size="2" face="serif">      14,807,000 </font></td>
<td align="left">&nbsp;</td>
<td align="right">&nbsp;</td>
<td align="left"><font size="2" face="serif">&nbsp;</font></td>
<td align="left">&nbsp;</td>
<td align="left">&nbsp;</td>
<td align="right"><font size="2" face="serif">      12,640,000 </font></td>
<td align="left">&nbsp;</td>
<td align="left">&nbsp;</td>
<td align="right"><font size="2" face="serif">        2,396,000 </font></td>
<td align="left">&nbsp;</td>
<td align="left">&nbsp;</td>
<td align="right"><font size="2" face="serif">      10,244,000 </font></td>
<td align="left">&nbsp;</td>
</tr>
<tr valign="bottom" bgcolor="#FFFFFF">
  <td align="left">&nbsp;</td>
  <td colspan="4" align="center">&nbsp;</td>
  <td align="left"><hr noshade align="center" width="100%" size="1"></td>
  <td align="right"><hr noshade align="center" width="100%" size="1"></td>
  <td align="left">&nbsp;</td>
  <td align="left"><hr noshade align="center" width="100%" size="1"></td>
  <td align="right"><hr noshade align="center" width="100%" size="1"></td>
  <td align="left">&nbsp;</td>
  <td align="left"><hr noshade align="center" width="100%" size="1"></td>
  <td align="right"><hr noshade align="center" width="100%" size="1"></td>
  <td align="left">&nbsp;</td>
  <td align="right">&nbsp;</td>
  <td align="left">&nbsp;</td>
  <td align="left">&nbsp;</td>
  <td align="left"><hr noshade align="center" width="100%" size="1"></td>
  <td align="right"><hr noshade align="center" width="100%" size="1"></td>
  <td align="left">&nbsp;</td>
  <td align="left"><hr noshade align="center" width="100%" size="1"></td>
  <td align="right"><hr noshade align="center" width="100%" size="1"></td>
  <td align="left">&nbsp;</td>
  <td align="left"><hr noshade align="center" width="100%" size="1"></td>
  <td align="right"><hr noshade align="center" width="100%" size="1"></td>
  <td align="left">&nbsp;</td>
</tr>
<tr valign="bottom">
<td align="left"><font size="2" face="serif">&nbsp;</font></td>
<td colspan="4" align="center">&nbsp;</td>
<td align="left">&nbsp;</td>
<td align="right"><font size="2" face="serif">&nbsp;</font></td>
<td align="left">&nbsp;</td>
<td align="left">&nbsp;</td>
<td align="right"><font size="2" face="serif">&nbsp;</font></td>
<td align="left">&nbsp;</td>
<td align="left">&nbsp;</td>
<td align="right"><font size="2" face="serif">&nbsp;</font></td>
<td align="left">&nbsp;</td>
<td align="right">&nbsp;</td>
<td align="left"><font size="2" face="serif">&nbsp;</font></td>
<td align="left">&nbsp;</td>
<td align="left">&nbsp;</td>
<td align="right"><font size="2" face="serif">&nbsp;</font></td>
<td align="left">&nbsp;</td>
<td align="left">&nbsp;</td>
<td align="right"><font size="2" face="serif">&nbsp;</font></td>
<td align="left">&nbsp;</td>
<td align="left">&nbsp;</td>
<td align="right"><font size="2" face="serif">&nbsp;</font></td>
<td align="left">&nbsp;</td>
</tr>
<tr valign="bottom" bgcolor="#FFFFFF">
<td align="left"><font size="2" face="serif">Expenses:</font></td>
<td colspan="4" align="center">&nbsp;</td>
<td align="left">&nbsp;</td>
<td align="right"><font size="2" face="serif">&nbsp;</font></td>
<td align="left">&nbsp;</td>
<td align="left">&nbsp;</td>
<td align="right"><font size="2" face="serif">&nbsp;</font></td>
<td align="left">&nbsp;</td>
<td align="left">&nbsp;</td>
<td align="right"><font size="2" face="serif">&nbsp;</font></td>
<td align="left">&nbsp;</td>
<td align="right">&nbsp;</td>
<td align="left"><font size="2" face="serif">&nbsp;</font></td>
<td align="left">&nbsp;</td>
<td align="left">&nbsp;</td>
<td align="right"><font size="2" face="serif">&nbsp;</font></td>
<td align="left">&nbsp;</td>
<td align="left">&nbsp;</td>
<td align="right"><font size="2" face="serif">&nbsp;</font></td>
<td align="left">&nbsp;</td>
<td align="left">&nbsp;</td>
<td align="right"><font size="2" face="serif">&nbsp;</font></td>
<td align="left">&nbsp;</td>
</tr>
<tr valign="bottom" bgcolor="#FFFFFF">
<td align="left"><font size="2" face="serif">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Operating, maintenance</font></td>
<td colspan="4" align="center">&nbsp;</td>
<td align="left">&nbsp;</td>
<td align="right"><font size="2" face="serif">&nbsp;</font></td>
<td align="left">&nbsp;</td>
<td align="left">&nbsp;</td>
<td align="right"><font size="2" face="serif">&nbsp;</font></td>
<td align="left">&nbsp;</td>
<td align="left">&nbsp;</td>
<td align="right"><font size="2" face="serif">&nbsp;</font></td>
<td align="left">&nbsp;</td>
<td align="right">&nbsp;</td>
<td align="left"><font size="2" face="serif">&nbsp;</font></td>
<td align="left">&nbsp;</td>
<td align="left">&nbsp;</td>
<td align="right"><font size="2" face="serif">&nbsp;</font></td>
<td align="left">&nbsp;</td>
<td align="left">&nbsp;</td>
<td align="right"><font size="2" face="serif">&nbsp;</font></td>
<td align="left">&nbsp;</td>
<td align="left">&nbsp;</td>
<td align="right"><font size="2" face="serif">&nbsp;</font></td>
<td align="left">&nbsp;</td>
</tr>
<tr valign="bottom" bgcolor="#eeeeee">
<td align="left"><font size="2" face="serif">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;and management</font></td>
<td colspan="4" align="center">&nbsp;</td>
<td align="left">&nbsp;</td>
<td align="right"><font size="2" face="serif">2,545,000 </font></td>
<td align="left">&nbsp;</td>
<td align="left">&nbsp;</td>
<td align="right"><font size="2" face="serif">223,000 </font></td>
<td align="left">&nbsp;</td>
<td align="left">&nbsp;</td>
<td align="right"><font size="2" face="serif">2,322,000 </font></td>
<td align="left">&nbsp;</td>
<td align="right">&nbsp;</td>
<td align="left"><font size="2" face="serif">&nbsp;</font></td>
<td align="left">&nbsp;</td>
<td align="left">&nbsp;</td>
<td align="right"><font size="2" face="serif">2,657,000 </font></td>
<td align="left">&nbsp;</td>
<td align="left">&nbsp;</td>
<td align="right"><font size="2" face="serif">356,000 </font></td>
<td align="left">&nbsp;</td>
<td align="left">&nbsp;</td>
<td align="right"><font size="2" face="serif">2,301,000 </font></td>
<td align="left">&nbsp;</td>
</tr>
<tr valign="bottom" bgcolor="#FFFFFF">
<td align="left"><font size="2" face="serif">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Real estate and other property-</font></td>
<td colspan="4" align="center">&nbsp;</td>
<td align="left">&nbsp;</td>
<td align="right"><font size="2" face="serif">&nbsp;</font></td>
<td align="left">&nbsp;</td>
<td align="left">&nbsp;</td>
<td align="right"><font size="2" face="serif">&nbsp;</font></td>
<td align="left">&nbsp;</td>
<td align="left">&nbsp;</td>
<td align="right"><font size="2" face="serif">&nbsp;</font></td>
<td align="left">&nbsp;</td>
<td align="right">&nbsp;</td>
<td align="left"><font size="2" face="serif">&nbsp;</font></td>
<td align="left">&nbsp;</td>
<td align="left">&nbsp;</td>
<td align="right"><font size="2" face="serif">&nbsp;</font></td>
<td align="left">&nbsp;</td>
<td align="left">&nbsp;</td>
<td align="right"><font size="2" face="serif">&nbsp;</font></td>
<td align="left">&nbsp;</td>
<td align="left">&nbsp;</td>
<td align="right"><font size="2" face="serif">&nbsp;</font></td>
<td align="left">&nbsp;</td>
</tr>
<tr valign="bottom" bgcolor="#FFFFFF">
<td align="left"><font size="2" face="serif">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;related taxes</font></td>
<td colspan="4" align="center">&nbsp;</td>
<td align="left">&nbsp;</td>
<td align="right"><font size="2" face="serif">1,915,000 </font></td>
<td align="left">&nbsp;</td>
<td align="left">&nbsp;</td>
<td align="right"><font size="2" face="serif">221,000 </font></td>
<td align="left">&nbsp;</td>
<td align="left">&nbsp;</td>
<td align="right"><font size="2" face="serif">1,694,000 </font></td>
<td align="left">&nbsp;</td>
<td align="right">&nbsp;</td>
<td align="left"><font size="2" face="serif">&nbsp;</font></td>
<td align="left">&nbsp;</td>
<td align="left">&nbsp;</td>
<td align="right"><font size="2" face="serif">1,244,000 </font></td>
<td align="left">&nbsp;</td>
<td align="left">&nbsp;</td>
<td align="right"><font size="2" face="serif">217,000 </font></td>
<td align="left">&nbsp;</td>
<td align="left">&nbsp;</td>
<td align="right"><font size="2" face="serif">1,027,000 </font></td>
<td align="left">&nbsp;</td>
</tr>
<tr valign="bottom" bgcolor="#eeeeee">
<td align="left"><font size="2" face="serif">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;General and administrative</font></td>
<td colspan="4" align="center">&nbsp;</td>
<td align="left">&nbsp;</td>
<td align="right"><font size="2" face="serif">1,197,000 </font></td>
<td align="left">&nbsp;</td>
<td align="left">&nbsp;</td>
<td align="right"><font size="2" face="serif">&#151;</font></td>
<td align="left">&nbsp;</td>
<td align="left">&nbsp;</td>
<td align="right"><font size="2" face="serif">1,197,000 </font></td>
<td align="left">&nbsp;</td>
<td align="right">&nbsp;</td>
<td align="left"><font size="2" face="serif">&nbsp;</font></td>
<td align="left">&nbsp;</td>
<td align="left">&nbsp;</td>
<td align="right"><font size="2" face="serif">985,000 </font></td>
<td align="left">&nbsp;</td>
<td align="left">&nbsp;</td>
<td align="right"><font size="2" face="serif">&#151;</font></td>
<td align="left">&nbsp;</td>
<td align="left">&nbsp;</td>
<td align="right"><font size="2" face="serif">985,000 </font></td>
<td align="left">&nbsp;</td>
</tr>
<tr valign="bottom" bgcolor="#FFFFFF">
<td align="left"><font size="2" face="serif">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Depreciation and amortization</font></td>
<td colspan="4" align="center">&nbsp;</td>
<td align="left">&nbsp;</td>
<td align="right"><font size="2" face="serif">4,188,000 </font></td>
<td align="left">&nbsp;</td>
<td align="left">&nbsp;</td>
<td align="right"><font size="2" face="serif">382,000 </font></td>
<td align="left">&nbsp;</td>
<td align="left">&nbsp;</td>
<td align="right"><font size="2" face="serif">3,806,000 </font></td>
<td align="left">&nbsp;</td>
<td align="right">&nbsp;</td>
<td align="left"><font size="2" face="serif">&nbsp;</font></td>
<td align="left">&nbsp;</td>
<td align="left">&nbsp;</td>
<td align="right"><font size="2" face="serif">2,592,000 </font></td>
<td align="left">&nbsp;</td>
<td align="left">&nbsp;</td>
<td align="right"><font size="2" face="serif">374,000 </font></td>
<td align="left">&nbsp;</td>
<td align="left">&nbsp;</td>
<td align="right"><font size="2" face="serif">2,218,000 </font></td>
<td align="left">&nbsp;</td>
</tr>
<tr valign="bottom" bgcolor="#FFFFFF">
  <td align="left">&nbsp;</td>
  <td colspan="4" align="center">&nbsp;</td>
  <td align="left"><hr noshade align="center" width="100%" size="1"></td>
  <td align="right"><hr noshade align="center" width="100%" size="1"></td>
  <td align="left">&nbsp;</td>
  <td align="left"><hr noshade align="center" width="100%" size="1"></td>
  <td align="right"><hr noshade align="center" width="100%" size="1"></td>
  <td align="left">&nbsp;</td>
  <td align="left"><hr noshade align="center" width="100%" size="1"></td>
  <td align="right"><hr noshade align="center" width="100%" size="1"></td>
  <td align="left">&nbsp;</td>
  <td align="right">&nbsp;</td>
  <td align="left">&nbsp;</td>
  <td align="left">&nbsp;</td>
  <td align="left"><hr noshade align="center" width="100%" size="1"></td>
  <td align="right"><hr noshade align="center" width="100%" size="1"></td>
  <td align="left">&nbsp;</td>
  <td align="left"><hr noshade align="center" width="100%" size="1"></td>
  <td align="right"><hr noshade align="center" width="100%" size="1"></td>
  <td align="left">&nbsp;</td>
  <td align="left"><hr noshade align="center" width="100%" size="1"></td>
  <td align="right"><hr noshade align="center" width="100%" size="1"></td>
  <td align="left">&nbsp;</td>
</tr>
<tr valign="bottom" bgcolor="#eeeeee">
<td align="left"><font size="2" face="serif">Total expenses</font></td>
<td colspan="4" align="center">&nbsp;</td>
<td align="left">&nbsp;</td>
<td align="right"><font size="2" face="serif">        9,845,000 </font></td>
<td align="left">&nbsp;</td>
<td align="left">&nbsp;</td>
<td align="right"><font size="2" face="serif">           826,000 </font></td>
<td align="left">&nbsp;</td>
<td align="left">&nbsp;</td>
<td align="right"><font size="2" face="serif">        9,019,000 </font></td>
<td align="left">&nbsp;</td>
<td align="right">&nbsp;</td>
<td align="left"><font size="2" face="serif">&nbsp;</font></td>
<td align="left">&nbsp;</td>
<td align="left">&nbsp;</td>
<td align="right"><font size="2" face="serif">        7,478,000 </font></td>
<td align="left">&nbsp;</td>
<td align="left">&nbsp;</td>
<td align="right"><font size="2" face="serif">           947,000 </font></td>
<td align="left">&nbsp;</td>
<td align="left">&nbsp;</td>
<td align="right"><font size="2" face="serif">        6,531,000 </font></td>
<td align="left">&nbsp;</td>
</tr>
<tr valign="bottom">
<td align="left"><font size="2" face="serif">&nbsp;</font></td>
<td colspan="4" align="center">&nbsp;</td>
<td align="left"><hr noshade align="center" width="100%" size="1"></td>
<td align="right"><hr noshade align="center" width="100%" size="1"></td>
<td align="left">&nbsp;</td>
<td align="left"><hr noshade align="center" width="100%" size="1"></td>
<td align="right"><hr noshade align="center" width="100%" size="1"></td>
<td align="left">&nbsp;</td>
<td align="left"><hr noshade align="center" width="100%" size="1"></td>
<td align="right"><hr noshade align="center" width="100%" size="1"></td>
<td align="left">&nbsp;</td>
<td align="right">&nbsp;</td>
<td align="left"><font size="2" face="serif">&nbsp;</font></td>
<td align="left">&nbsp;</td>
<td align="left"><hr noshade align="center" width="100%" size="1"></td>
<td align="right"><hr noshade align="center" width="100%" size="1"></td>
<td align="left">&nbsp;</td>
<td align="left"><hr noshade align="center" width="100%" size="1"></td>
<td align="right"><hr noshade align="center" width="100%" size="1"></td>
<td align="left">&nbsp;</td>
<td align="left"><hr noshade align="center" width="100%" size="1"></td>
<td align="right"><hr noshade align="center" width="100%" size="1"></td>
<td align="left">&nbsp;</td>
</tr>
<tr valign="bottom" bgcolor="#FFFFFF">
<td align="left"><font size="2" face="serif">Operating income</font></td>
<td colspan="4" align="center">&nbsp;</td>
<td align="left">&nbsp;</td>
<td align="right"><font size="2" face="serif">        7,202,000 </font></td>
<td align="left">&nbsp;</td>
<td align="left">&nbsp;</td>
<td align="right"><font size="2" face="serif">        1,414,000 </font></td>
<td align="left">&nbsp;</td>
<td align="left">&nbsp;</td>
<td align="right"><font size="2" face="serif">        5,788,000 </font></td>
<td align="left">&nbsp;</td>
<td align="right">&nbsp;</td>
<td align="left"><font size="2" face="serif">&nbsp;</font></td>
<td align="left">&nbsp;</td>
<td align="left">&nbsp;</td>
<td align="right"><font size="2" face="serif">        5,162,000 </font></td>
<td align="left">&nbsp;</td>
<td align="left">&nbsp;</td>
<td align="right"><font size="2" face="serif">        1,449,000 </font></td>
<td align="left">&nbsp;</td>
<td align="left">&nbsp;</td>
<td align="right"><font size="2" face="serif">        3,713,000 </font></td>
<td align="left">&nbsp;</td>
</tr>
<tr valign="bottom">
<td align="left"><font size="2" face="serif">&nbsp;</font></td>
<td colspan="4" align="center">&nbsp;</td>
<td align="left">&nbsp;</td>
<td align="right"><font size="2" face="serif">&nbsp;</font></td>
<td align="left">&nbsp;</td>
<td align="left">&nbsp;</td>
<td align="right"><font size="2" face="serif">&nbsp;</font></td>
<td align="left">&nbsp;</td>
<td align="left">&nbsp;</td>
<td align="right"><font size="2" face="serif">&nbsp;</font></td>
<td align="left">&nbsp;</td>
<td align="right">&nbsp;</td>
<td align="left"><font size="2" face="serif">&nbsp;</font></td>
<td align="left">&nbsp;</td>
<td align="left">&nbsp;</td>
<td align="right"><font size="2" face="serif">&nbsp;</font></td>
<td align="left">&nbsp;</td>
<td align="left">&nbsp;</td>
<td align="right"><font size="2" face="serif">&nbsp;</font></td>
<td align="left">&nbsp;</td>
<td align="left">&nbsp;</td>
<td align="right"><font size="2" face="serif">&nbsp;</font></td>
<td align="left">&nbsp;</td>
</tr>
<tr valign="bottom" bgcolor="#FFFFFF">
<td align="left"><div style="margin-left: 7%; text-indent: -7%"><font size="2" face="serif">Non-operating income and expense:</font></div></td>
<td colspan="4" align="center">&nbsp;</td>
<td align="left">&nbsp;</td>
<td align="right"><font size="2" face="serif">&nbsp;</font></td>
<td align="left">&nbsp;</td>
<td align="left">&nbsp;</td>
<td align="right"><font size="2" face="serif">&nbsp;</font></td>
<td align="left">&nbsp;</td>
<td align="left">&nbsp;</td>
<td align="right"><font size="2" face="serif">&nbsp;</font></td>
<td align="left">&nbsp;</td>
<td align="right">&nbsp;</td>
<td align="left"><font size="2" face="serif">&nbsp;</font></td>
<td align="left">&nbsp;</td>
<td align="left">&nbsp;</td>
<td align="right"><font size="2" face="serif">&nbsp;</font></td>
<td align="left">&nbsp;</td>
<td align="left">&nbsp;</td>
<td align="right"><font size="2" face="serif">&nbsp;</font></td>
<td align="left">&nbsp;</td>
<td align="left">&nbsp;</td>
<td align="right"><font size="2" face="serif">&nbsp;</font></td>
<td align="left">&nbsp;</td>
</tr>
<tr valign="bottom" bgcolor="#eeeeee">
<td align="left"><font size="2" face="serif">Interest expense</font></td>
<td colspan="4" align="center">&nbsp;</td>
<td align="left">&nbsp;</td>
<td align="right"><font size="2" face="serif">       (3,144,000</font></td>
<td align="left"><font size="2" face="serif">)</font></td>
<td align="left">&nbsp;</td>
<td align="right"><font size="2" face="serif">          (945,000</font></td>
<td align="left"><font size="2" face="serif">)</font></td>
<td align="left">&nbsp;</td>
<td align="right"><font size="2" face="serif">(2,199,000</font></td>
<td align="left"><font size="2" face="serif">)</font></td>
<td align="right">&nbsp;</td>
<td align="left"><font size="2" face="serif">&nbsp;</font></td>
<td align="left">&nbsp;</td>
<td align="left">&nbsp;</td>
<td align="right"><font size="2" face="serif">       (2,575,000</font></td>
<td align="left"><font size="2" face="serif">)</font></td>
<td align="left">&nbsp;</td>
<td align="right"><font size="2" face="serif">          (907,000</font></td>
<td align="left"><font size="2" face="serif">)</font></td>
<td align="left">&nbsp;</td>
<td align="right"><font size="2" face="serif">(1,668,000</font></td>
<td align="left"><font size="2" face="serif">)</font></td>
</tr>
<tr valign="bottom" bgcolor="#FFFFFF">
<td align="left"><div style="margin-left: 7%; text-indent: -7%"><font size="2" face="serif">Amortization of deferred financing costs</font></div></td>
<td colspan="4" align="center">&nbsp;</td>
<td align="left">&nbsp;</td>
<td align="right"><font size="2" face="serif">          (230,000</font></td>
<td align="left"><font size="2" face="serif">)</font></td>
<td align="left">&nbsp;</td>
<td align="right"><font size="2" face="serif">            (32,000</font></td>
<td align="left"><font size="2" face="serif">)</font></td>
<td align="left">&nbsp;</td>
<td align="right"><font size="2" face="serif">(198,000</font></td>
<td align="left"><font size="2" face="serif">)</font></td>
<td align="right">&nbsp;</td>
<td align="left"><font size="2" face="serif">&nbsp;</font></td>
<td align="left">&nbsp;</td>
<td align="left">&nbsp;</td>
<td align="right"><font size="2" face="serif">          (242,000</font></td>
<td align="left"><font size="2" face="serif">)</font></td>
<td align="left">&nbsp;</td>
<td align="right"><font size="2" face="serif">            (32,000</font></td>
<td align="left"><font size="2" face="serif">)</font></td>
<td align="left">&nbsp;</td>
<td align="right"><font size="2" face="serif">(210,000</font></td>
<td align="left"><font size="2" face="serif">)</font></td>
</tr>
<tr valign="bottom" bgcolor="#eeeeee">
<td align="left"><font size="2" face="serif">Interest income</font></td>
<td colspan="4" align="center">&nbsp;</td>
<td align="left">&nbsp;</td>
<td align="right"><font size="2" face="serif">             27,000 </font></td>
<td align="left">&nbsp;</td>
<td align="left">&nbsp;</td>
<td align="right"><font size="2" face="serif">               4,000 </font></td>
<td align="left">&nbsp;</td>
<td align="left">&nbsp;</td>
<td align="right"><font size="2" face="serif">23,000 </font></td>
<td align="left">&nbsp;</td>
<td align="right">&nbsp;</td>
<td align="left"><font size="2" face="serif">&nbsp;</font></td>
<td align="left">&nbsp;</td>
<td align="left">&nbsp;</td>
<td align="right"><font size="2" face="serif">             27,000 </font></td>
<td align="left">&nbsp;</td>
<td align="left">&nbsp;</td>
<td align="right"><font size="2" face="serif">               1,000 </font></td>
<td align="left">&nbsp;</td>
<td align="left">&nbsp;</td>
<td align="right"><font size="2" face="serif">26,000 </font></td>
<td align="left">&nbsp;</td>
</tr>
<tr valign="bottom" bgcolor="#FFFFFF">
  <td align="left">&nbsp;</td>
  <td colspan="4" align="center">&nbsp;</td>
  <td align="left"><hr noshade align="center" width="100%" size="1"></td>
  <td align="right"><hr noshade align="center" width="100%" size="1"></td>
  <td align="left">&nbsp;</td>
  <td align="left"><hr noshade align="center" width="100%" size="1"></td>
  <td align="right"><hr noshade align="center" width="100%" size="1"></td>
  <td align="left">&nbsp;</td>
  <td align="left"><hr noshade align="center" width="100%" size="1"></td>
  <td align="right"><hr noshade align="center" width="100%" size="1"></td>
  <td align="left">&nbsp;</td>
  <td align="right">&nbsp;</td>
  <td align="left">&nbsp;</td>
  <td align="left">&nbsp;</td>
  <td align="left"><hr noshade align="center" width="100%" size="1"></td>
  <td align="right"><hr noshade align="center" width="100%" size="1"></td>
  <td align="left">&nbsp;</td>
  <td align="left"><hr noshade align="center" width="100%" size="1"></td>
  <td align="right"><hr noshade align="center" width="100%" size="1"></td>
  <td align="left">&nbsp;</td>
  <td align="left"><hr noshade align="center" width="100%" size="1"></td>
  <td align="right"><hr noshade align="center" width="100%" size="1"></td>
  <td align="left">&nbsp;</td>
</tr>
<tr valign="bottom" bgcolor="#FFFFFF">
<td align="left"><div style="margin-left: 7%; text-indent: -7%"><font size="2" face="serif">Total non-operating income and expense</font></div></td>
<td colspan="4" align="center">&nbsp;</td>
<td align="left">&nbsp;</td>
<td align="right"><font size="2" face="serif">       (3,347,000</font></td>
<td align="left"><font size="2" face="serif">)</font></td>
<td align="left">&nbsp;</td>
<td align="right"><font size="2" face="serif">          (973,000</font></td>
<td align="left"><font size="2" face="serif">)</font></td>
<td align="left">&nbsp;</td>
<td align="right"><font size="2" face="serif">       (2,374,000</font></td>
<td align="left"><font size="2" face="serif">)</font></td>
<td align="right">&nbsp;</td>
<td align="left"><font size="2" face="serif">&nbsp;</font></td>
<td align="left">&nbsp;</td>
<td align="left">&nbsp;</td>
<td align="right"><font size="2" face="serif">       (2,790,000</font></td>
<td align="left"><font size="2" face="serif">)</font></td>
<td align="left">&nbsp;</td>
<td align="right"><font size="2" face="serif">          (938,000</font></td>
<td align="left"><font size="2" face="serif">)</font></td>
<td align="left">&nbsp;</td>
<td align="right"><font size="2" face="serif">       (1,852,000</font></td>
<td align="left"><font size="2" face="serif">)</font></td>
</tr>
<tr valign="bottom">
<td align="left"><font size="2" face="serif">&nbsp;</font></td>
<td colspan="4" align="center">&nbsp;</td>
<td align="left"><hr noshade align="center" width="100%" size="1"></td>
<td align="right"><hr noshade align="center" width="100%" size="1">
<td align="left">&nbsp;</td>
<td align="left"><hr noshade align="center" width="100%" size="1"></td>
<td align="right">
  <hr noshade align="center" width="100%" size="1">
</td>
<td align="left">&nbsp;</td>
<td align="left"><hr noshade align="center" width="100%" size="1"></td>
<td align="right">
  <hr noshade align="center" width="100%" size="1"></td>
<td align="left">&nbsp;</td>
<td align="right">&nbsp;</td>
<td align="left"><font size="2" face="serif">&nbsp;</font></td>
<td align="left">&nbsp;</td>
<td align="left"><hr noshade align="center" width="100%" size="1"></td>
<td align="right">
  <hr noshade align="center" width="100%" size="1"></td>
<td align="left">&nbsp;</td>
<td align="left"><hr noshade align="center" width="100%" size="1"></td>
<td align="right">
  <hr noshade align="center" width="100%" size="1"></td>
<td align="left">&nbsp;</td>
<td align="left"><hr noshade align="center" width="100%" size="1"></td>
<td align="right">
  <hr noshade align="center" width="100%" size="1"></td>
<td align="left">&nbsp;</td>
</tr>
<tr valign="bottom" bgcolor="#FFFFFF">
<td align="left"><font size="2" face="serif">Income before minority and</font></td>
<td colspan="4" align="center">&nbsp;</td>
<td align="left">&nbsp;</td>
<td align="right"><font size="2" face="serif">&nbsp;</font></td>
<td align="left">&nbsp;</td>
<td align="left">&nbsp;</td>
<td align="right"><font size="2" face="serif">&nbsp;</font></td>
<td align="left">&nbsp;</td>
<td align="left">&nbsp;</td>
<td align="right"><font size="2" face="serif">&nbsp;</font></td>
<td align="left">&nbsp;</td>
<td align="right">&nbsp;</td>
<td align="left"><font size="2" face="serif">&nbsp;</font></td>
<td align="left">&nbsp;</td>
<td align="left">&nbsp;</td>
<td align="right"><font size="2" face="serif">&nbsp;</font></td>
<td align="left">&nbsp;</td>
<td align="left">&nbsp;</td>
<td align="right"><font size="2" face="serif">&nbsp;</font></td>
<td align="left">&nbsp;</td>
<td align="left">&nbsp;</td>
<td align="right"><font size="2" face="serif">&nbsp;</font></td>
<td align="left">&nbsp;</td>
</tr>
<tr valign="bottom" bgcolor="#eeeeee">
<td align="left"><font size="2" face="serif">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;limited partners&#146; interests</font></td>
<td colspan="4" align="center">&nbsp;</td>
<td align="left">&nbsp;</td>
<td align="right"><font size="2" face="serif">        3,855,000 </font></td>
<td align="left">&nbsp;</td>
<td align="left">&nbsp;</td>
<td align="right"><font size="2" face="serif">           441,000 </font></td>
<td align="left">&nbsp;</td>
<td align="left">&nbsp;</td>
<td align="right"><font size="2" face="serif">        3,414,000 </font></td>
<td align="left">&nbsp;</td>
<td align="right">&nbsp;</td>
<td align="left"><font size="2" face="serif">&nbsp;</font></td>
<td align="left">&nbsp;</td>
<td align="left">&nbsp;</td>
<td align="right"><font size="2" face="serif">        2,372,000 </font></td>
<td align="left">&nbsp;</td>
<td align="left">&nbsp;</td>
<td align="right"><font size="2" face="serif">           511,000 </font></td>
<td align="left">&nbsp;</td>
<td align="left">&nbsp;</td>
<td align="right"><font size="2" face="serif">        1,861,000 </font></td>
<td align="left">&nbsp;</td>
</tr>
<tr valign="bottom" bgcolor="#FFFFFF">
<td align="left"><font size="2" face="serif">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Minority interests</font></td>
<td colspan="4" align="center">&nbsp;</td>
<td align="left">&nbsp;</td>
<td align="right"><font size="2" face="serif">(353,000</font></td>
<td align="left"><font size="2" face="serif">)</font></td>
<td align="left">&nbsp;</td>
<td align="right"><font size="2" face="serif">          (353,000</font></td>
<td align="left"><font size="2" face="serif">)</font></td>
<td align="left">&nbsp;</td>
<td align="right"><font size="2" face="serif">&#151;</font></td>
<td align="left">&nbsp;</td>
<td align="right">&nbsp;</td>
<td align="left"><font size="2" face="serif">&nbsp;</font></td>
<td align="left">&nbsp;</td>
<td align="left">&nbsp;</td>
<td align="right"><font size="2" face="serif">(416,000</font></td>
<td align="left"><font size="2" face="serif">)</font></td>
<td align="left">&nbsp;</td>
<td align="right"><font size="2" face="serif">(416,000</font></td>
<td align="left"><font size="2" face="serif">)</font></td>
<td align="left">&nbsp;</td>
<td align="right"><font size="2" face="serif">&#151;</font></td>
<td align="left">&nbsp;</td>
</tr>
<tr valign="bottom" bgcolor="#eeeeee">
<td align="left"><font size="2" face="serif">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Limited partners&#146; interest</font></td>
<td colspan="4" align="center">&nbsp;</td>
<td align="left">&nbsp;</td>
<td align="right"><font size="2" face="serif">(82,000</font></td>
<td align="left"><font size="2" face="serif">)</font></td>
<td align="left">&nbsp;</td>
<td align="right"><font size="2" face="serif">(5,000</font></td>
<td align="left"><font size="2" face="serif">)</font></td>
<td align="left">&nbsp;</td>
<td align="right"><font size="2" face="serif">(77,000</font></td>
<td align="left"><font size="2" face="serif">)</font></td>
<td align="right">&nbsp;</td>
<td align="left"><font size="2" face="serif">&nbsp;</font></td>
<td align="left">&nbsp;</td>
<td align="left">&nbsp;</td>
<td align="right"><font size="2" face="serif">(53,000</font></td>
<td align="left"><font size="2" face="serif">)</font></td>
<td align="left">&nbsp;</td>
<td align="right"><font size="2" face="serif">(3,000</font></td>
<td align="left"><font size="2" face="serif">)</font></td>
<td align="left">&nbsp;</td>
<td align="right"><font size="2" face="serif">(50,000</font></td>
<td align="left"><font size="2" face="serif">)</font></td>
</tr>
<tr valign="bottom" bgcolor="#FFFFFF">
  <td align="left">&nbsp;</td>
  <td colspan="4" align="center">&nbsp;</td>
  <td align="left"><hr noshade align="center" width="100%" size="1"></td>
  <td align="right"><hr noshade align="center" width="100%" size="1"></td>
  <td align="left">&nbsp;</td>
  <td align="left"><hr noshade align="center" width="100%" size="1"></td>
  <td align="right"><hr noshade align="center" width="100%" size="1"></td>
  <td align="left">&nbsp;</td>
  <td align="left"><hr noshade align="center" width="100%" size="1"></td>
  <td align="right"><hr noshade align="center" width="100%" size="1"></td>
  <td align="left">&nbsp;</td>
  <td align="right">&nbsp;</td>
  <td align="left">&nbsp;</td>
  <td align="left">&nbsp;</td>
  <td align="left"><hr noshade align="center" width="100%" size="1"></td>
  <td align="right"><hr noshade align="center" width="100%" size="1"></td>
  <td align="left">&nbsp;</td>
  <td align="left"><hr noshade align="center" width="100%" size="1"></td>
  <td align="right"><hr noshade align="center" width="100%" size="1"></td>
  <td align="left">&nbsp;</td>
  <td align="left"><hr noshade align="center" width="100%" size="1"></td>
  <td align="right"><hr noshade align="center" width="100%" size="1"></td>
  <td align="left">&nbsp;</td>
</tr>
<tr valign="bottom" bgcolor="#FFFFFF">
<td align="left"><font size="2" face="serif">Net income</font></td>
<td colspan="4" align="center">&nbsp;</td>
<td align="left">&nbsp;</td>
<td align="right"><font size="2" face="serif">        3,420,000 </font></td>
<td align="left">&nbsp;</td>
<td align="left">&nbsp;</td>
<td align="right"><font size="2" face="serif">             83,000 </font></td>
<td align="left">&nbsp;</td>
<td align="left">&nbsp;</td>
<td align="right"><font size="2" face="serif">        3,337,000 </font></td>
<td align="left">&nbsp;</td>
<td align="right">&nbsp;</td>
<td align="left"><font size="2" face="serif">&nbsp;</font></td>
<td align="left">&nbsp;</td>
<td align="left">&nbsp;</td>
<td align="right"><font size="2" face="serif">        1,903,000 </font></td>
<td align="left">&nbsp;</td>
<td align="left">&nbsp;</td>
<td align="right"><font size="2" face="serif">             92,000 </font></td>
<td align="left">&nbsp;</td>
<td align="left">&nbsp;</td>
<td align="right"><font size="2" face="serif">        1,811,000 </font></td>
<td align="left">&nbsp;</td>
</tr>
<tr valign="bottom">
<td align="left"><font size="2" face="serif">&nbsp;</font></td>
<td colspan="4" align="center">&nbsp;</td>
<td align="left">&nbsp;</td>
<td align="right"><font size="2" face="serif">&nbsp;</font></td>
<td align="left">&nbsp;</td>
<td align="left">&nbsp;</td>
<td align="right"><font size="2" face="serif">&nbsp;</font></td>
<td align="left">&nbsp;</td>
<td align="left">&nbsp;</td>
<td align="right"><font size="2" face="serif">&nbsp;</font></td>
<td align="left">&nbsp;</td>
<td align="right">&nbsp;</td>
<td align="left"><font size="2" face="serif">&nbsp;</font></td>
<td align="left">&nbsp;</td>
<td align="left">&nbsp;</td>
<td align="right"><font size="2" face="serif">&nbsp;</font></td>
<td align="left">&nbsp;</td>
<td align="left">&nbsp;</td>
<td align="right"><font size="2" face="serif">&nbsp;</font></td>
<td align="left">&nbsp;</td>
<td align="left">&nbsp;</td>
<td align="right"><font size="2" face="serif">&nbsp;</font></td>
<td align="left">&nbsp;</td>
</tr>
<tr valign="bottom" bgcolor="#eeeeee">
<td align="left"><div style="margin-left: 3%; text-indent: -3%"><font size="2" face="serif">Preferred distribution requirements</font></div></td>
<td colspan="4" align="center">&nbsp;</td>
<td align="left">&nbsp;</td>
<td align="right"><font size="2" face="serif">(1,954,000</font></td>
<td align="left"><font size="2" face="serif">)</font></td>
<td align="left">&nbsp;</td>
<td align="right"><font size="2" face="serif">&#151;</font></td>
<td align="left">&nbsp;</td>
<td align="left">&nbsp;</td>
<td align="right"><font size="2" face="serif">(1,954,000</font></td>
<td align="left"><font size="2" face="serif">)</font></td>
<td align="right">&nbsp;</td>
<td align="left"><font size="2" face="serif">&nbsp;</font></td>
<td align="left">&nbsp;</td>
<td align="left">&nbsp;</td>
<td align="right"><font size="2" face="serif">&#151;</font></td>
<td align="left">&nbsp;</td>
<td align="left">&nbsp;</td>
<td align="right"><font size="2" face="serif">&#151;</font></td>
<td align="left">&nbsp;</td>
<td align="left">&nbsp;</td>
<td align="right"><font size="2" face="serif">&#151;</font></td>
<td align="left">&nbsp;</td>
</tr>
<tr valign="bottom" bgcolor="#FFFFFF">
  <td align="left">&nbsp;</td>
  <td colspan="4" align="center">&nbsp;</td>
  <td align="left"><hr noshade align="center" width="100%" size="1"></td>
  <td align="right"><hr noshade align="center" width="100%" size="1"></td>
  <td align="left">&nbsp;</td>
  <td align="left"><hr noshade align="center" width="100%" size="1"></td>
  <td align="right"><hr noshade align="center" width="100%" size="1"></td>
  <td align="left">&nbsp;</td>
  <td align="left"><hr noshade align="center" width="100%" size="1"></td>
  <td align="right"><hr noshade align="center" width="100%" size="1"></td>
  <td align="left">&nbsp;</td>
  <td align="right">&nbsp;</td>
  <td align="left">&nbsp;</td>
  <td align="left">&nbsp;</td>
  <td align="left"><hr noshade align="center" width="100%" size="1"></td>
  <td align="right"><hr noshade align="center" width="100%" size="1"></td>
  <td align="left">&nbsp;</td>
  <td align="left"><hr noshade align="center" width="100%" size="1"></td>
  <td align="right"><hr noshade align="center" width="100%" size="1"></td>
  <td align="left">&nbsp;</td>
  <td align="left"><hr noshade align="center" width="100%" size="1"></td>
  <td align="right"><hr noshade align="center" width="100%" size="1"></td>
  <td align="left">&nbsp;</td>
</tr>
<tr valign="bottom" bgcolor="#FFFFFF">
<td align="left"><font size="2" face="serif">Net income applicable to</font></td>
<td colspan="4" align="center">&nbsp;</td>
<td align="left">&nbsp;</td>
<td align="right"><font size="2" face="serif">&nbsp;</font></td>
<td align="left">&nbsp;</td>
<td align="left">&nbsp;</td>
<td align="right"><font size="2" face="serif">&nbsp;</font></td>
<td align="left">&nbsp;</td>
<td align="left">&nbsp;</td>
<td align="right"><font size="2" face="serif">&nbsp;</font></td>
<td align="left">&nbsp;</td>
<td align="right">&nbsp;</td>
<td align="left"><font size="2" face="serif">&nbsp;</font></td>
<td align="left">&nbsp;</td>
<td align="left">&nbsp;</td>
<td align="right"><font size="2" face="serif">&nbsp;</font></td>
<td align="left">&nbsp;</td>
<td align="left">&nbsp;</td>
<td align="right"><font size="2" face="serif">&nbsp;</font></td>
<td align="left">&nbsp;</td>
<td align="left">&nbsp;</td>
<td align="right"><font size="2" face="serif">&nbsp;</font></td>
<td align="left">&nbsp;</td>
</tr>
<tr valign="bottom" bgcolor="#FFFFFF">
<td align="left"><font size="2" face="serif">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;common shareholders</font></td>
<td colspan="4" align="center">&nbsp;</td>
<td align="left"><font size="2" face="serif">$</font></td>
<td align="right"><font size="2" face="serif">     1,466,000 </font></td>
<td align="left">&nbsp;</td>
<td align="left"><font size="2" face="serif">$</font></td>
<td align="right"><font size="2" face="serif">          83,000 </font></td>
<td align="left">&nbsp;</td>
<td align="left"><font size="2" face="serif">$</font></td>
<td align="right"><font size="2" face="serif">     1,383,000 </font></td>
<td align="left">&nbsp;</td>
<td align="right">&nbsp;</td>
<td align="left"><font size="2" face="serif">&nbsp;</font></td>
<td align="left">&nbsp;</td>
<td align="left"><font size="2" face="serif">$</font></td>
<td align="right"><font size="2" face="serif">     1,903,000 </font></td>
<td align="left">&nbsp;</td>
<td align="left"><font size="2" face="serif">$</font></td>
<td align="right"><font size="2" face="serif">          92,000 </font></td>
<td align="left">&nbsp;</td>
<td align="left"><font size="2" face="serif">$</font></td>
<td align="right"><font size="2" face="serif">     1,811,000 </font></td>
<td align="left">&nbsp;</td>
</tr>
<tr valign="bottom" bgcolor="#FFFFFF">
  <td align="left">&nbsp;</td>
  <td colspan="4" align="center">&nbsp;</td>
  <td align="left"><hr noshade align="center" width="100%" size="2"></td>
  <td align="right"><hr noshade align="center" width="100%" size="2"></td>
  <td align="left">&nbsp;</td>
  <td align="left"><hr noshade align="center" width="100%" size="2"></td>
  <td align="right"><hr noshade align="center" width="100%" size="2"></td>
  <td align="left">&nbsp;</td>
  <td align="left"><hr noshade align="center" width="100%" size="2"></td>
  <td align="right"><hr noshade align="center" width="100%" size="2"></td>
  <td align="left">&nbsp;</td>
  <td align="right">&nbsp;</td>
  <td align="left">&nbsp;</td>
  <td align="left">&nbsp;</td>
  <td align="left"><hr noshade align="center" width="100%" size="2"></td>
  <td align="right"><hr noshade align="center" width="100%" size="2"></td>
  <td align="left">&nbsp;</td>
  <td align="left"><hr noshade align="center" width="100%" size="2"></td>
  <td align="right"><hr noshade align="center" width="100%" size="2"></td>
  <td align="left">&nbsp;</td>
  <td align="left"><hr noshade align="center" width="100%" size="2"></td>
  <td align="right"><hr noshade align="center" width="100%" size="2"></td>
  <td align="left">&nbsp;</td>
</tr>
<tr valign="bottom" bgcolor="#eeeeee">
<td align="left"><font size="2" face="serif">Per common share</font></td>
<td colspan="4" align="center">&nbsp;</td>
<td align="left"><font size="2" face="serif">$</font></td>
<td align="right"><font size="2" face="serif">              0.07 </font></td>
<td align="left">&nbsp;</td>
<td align="left"><font size="2" face="serif">$</font></td>
<td align="right"><font size="2" face="serif">&#151;</font></td>
<td align="left">&nbsp;</td>
<td align="left"><font size="2" face="serif">$</font></td>
<td align="right"><font size="2" face="serif">              0.07 </font></td>
<td align="left">&nbsp;</td>
<td align="right">&nbsp;</td>
<td align="left"><font size="2" face="serif">&nbsp;</font></td>
<td align="left">&nbsp;</td>
<td align="left"><font size="2" face="serif">$</font></td>
<td align="right"><font size="2" face="serif">              0.12 </font></td>
<td align="left">&nbsp;</td>
<td align="left"><font size="2" face="serif">$</font></td>
<td align="right"><font size="2" face="serif">              0.01 </font></td>
<td align="left">&nbsp;</td>
<td align="left"><font size="2" face="serif">$</font></td>
<td align="right"><font size="2" face="serif">              0.11 </font></td>
<td align="left">&nbsp;</td>
</tr>
<tr valign="bottom" bgcolor="#FFFFFF">
  <td align="left">&nbsp;</td>
  <td colspan="4" align="center">&nbsp;</td>
  <td align="left"><hr noshade align="center" width="100%" size="2"></td>
  <td align="right"><hr noshade align="center" width="100%" size="2"></td>
  <td align="left">&nbsp;</td>
  <td align="left"><hr noshade align="center" width="100%" size="2"></td>
  <td align="right"><hr noshade align="center" width="100%" size="2"></td>
  <td align="left">&nbsp;</td>
  <td align="left"><hr noshade align="center" width="100%" size="2"></td>
  <td align="right"><hr noshade align="center" width="100%" size="2"></td>
  <td align="left">&nbsp;</td>
  <td align="right">&nbsp;</td>
  <td align="left">&nbsp;</td>
  <td align="left">&nbsp;</td>
  <td align="left"><hr noshade align="center" width="100%" size="2"></td>
  <td align="right"><hr noshade align="center" width="100%" size="2"></td>
  <td align="left">&nbsp;</td>
  <td align="left"><hr noshade align="center" width="100%" size="2"></td>
  <td align="right"><hr noshade align="center" width="100%" size="2"></td>
  <td align="left">&nbsp;</td>
  <td align="left"><hr noshade align="center" width="100%" size="2"></td>
  <td align="right"><hr noshade align="center" width="100%" size="2"></td>
  <td align="left">&nbsp;</td>
</tr>
<tr valign="bottom" bgcolor="#FFFFFF">
<td align="left"><font size="2" face="serif">Average number of common</font></td>
<td colspan="4" align="center">&nbsp;</td>
<td align="left">&nbsp;</td>
<td align="right"><font size="2" face="serif">&nbsp;</font></td>
<td align="left">&nbsp;</td>
<td align="left">&nbsp;</td>
<td align="right"><font size="2" face="serif">&nbsp;</font></td>
<td align="left">&nbsp;</td>
<td align="left">&nbsp;</td>
<td align="right"><font size="2" face="serif">&nbsp;</font></td>
<td align="left">&nbsp;</td>
<td align="right">&nbsp;</td>
<td align="left"><font size="2" face="serif">&nbsp;</font></td>
<td align="left">&nbsp;</td>
<td align="left">&nbsp;</td>
<td align="right"><font size="2" face="serif">&nbsp;</font></td>
<td align="left">&nbsp;</td>
<td align="left">&nbsp;</td>
<td align="right"><font size="2" face="serif">&nbsp;</font></td>
<td align="left">&nbsp;</td>
<td align="left">&nbsp;</td>
<td align="right"><font size="2" face="serif">&nbsp;</font></td>
<td align="left">&nbsp;</td>
</tr>
<tr valign="bottom" bgcolor="#FFFFFF">
<td align="left"><font size="2" face="serif">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;shares outstanding</font></td>
<td colspan="4" align="center">&nbsp;</td>
<td align="left">&nbsp;</td>
<td align="right"><font size="2" face="serif">      22,175,000 </font></td>
<td align="left">&nbsp;</td>
<td align="left">&nbsp;</td>
<td align="right"><font size="2" face="serif">      22,175,000 </font></td>
<td align="left">&nbsp;</td>
<td align="left">&nbsp;</td>
<td align="right"><font size="2" face="serif">      22,175,000 </font></td>
<td align="left">&nbsp;</td>
<td align="right">&nbsp;</td>
<td align="left"><font size="2" face="serif">&nbsp;</font></td>
<td align="left">&nbsp;</td>
<td align="left">&nbsp;</td>
<td align="right"><font size="2" face="serif">      16,456,000 </font></td>
<td align="left">&nbsp;</td>
<td align="left">&nbsp;</td>
<td align="right"><font size="2" face="serif">      16,456,000 </font></td>
<td align="left">&nbsp;</td>
<td align="left">&nbsp;</td>
<td align="right"><font size="2" face="serif">      16,456,000 </font></td>
<td align="left">&nbsp;</td>
</tr>
<tr valign="bottom">
<td align="left"><font size="2" face="serif">&nbsp;</font></td>
<td colspan="4" align="center">&nbsp;</td>
<td align="left"><hr noshade align="center" width="100%" size="2"></td>
<td align="right"><hr noshade align="center" width="100%" size="2">
<td align="left">&nbsp;</td>
<td align="left"><hr noshade align="center" width="100%" size="2"></td>
<td align="right"><hr noshade align="center" width="100%" size="2">
<td align="left">&nbsp;</td>
<td align="left"><hr noshade align="center" width="100%" size="2"></td>
<td align="right"><hr noshade align="center" width="100%" size="2">
<td align="left">&nbsp;</td>
<td align="right">&nbsp;</td>
<td align="left"><font size="2" face="serif">&nbsp;</font></td>
<td align="left">&nbsp;</td>
<td align="left"><hr noshade align="center" width="100%" size="2"></td>
<td align="right">
  <hr noshade align="center" width="100%" size="2"></td>
<td align="left">&nbsp;</td>
<td align="left"><hr noshade align="center" width="100%" size="2"></td>
<td align="right"><hr noshade align="center" width="100%" size="2">
<td align="left">&nbsp;</td>
<td align="left"><hr noshade align="center" width="100%" size="2"></td>
<td align="right"><hr noshade align="center" width="100%" size="2">  </td>
<td align="left">&nbsp;</td>
</tr>
</table>
<p align="center"><font face="serif" size="2">8</font></p>
<hr noshade align="center" width="100%" size="2">
<div style="page-break-before:always"></div>
<page>
<a name="p?"></a>

<br><br>
<table width="100%" cellspacing="0" cellpadding="0" align="center" border="0">
<tr valign="bottom" bgcolor="#FFFFFF">
<td colspan="21" align="center"><font size="2" face="serif"><b>CEDAR SHOPPING CENTERS, INC.</b></font></td>
<td align="left">&nbsp;</td>
</tr>
<tr valign="bottom" bgcolor="#FFFFFF">
<td colspan="21" align="center"><font size="2" face="serif"><b>Consolidated Statements of Income Information</b></font></td>
<td align="left">&nbsp;</td>
</tr>
<tr valign="bottom" bgcolor="#FFFFFF">
<td colspan="21" align="center"><font size="2" face="serif"><b>(unaudited)</b></font></td>
<td align="left">&nbsp;</td>
</tr>
<tr valign="bottom">
<td align="left"><font size="2" face="serif">&nbsp;</font></td>
<td align="left">&nbsp;</td>
<td align="left"><font size="2" face="serif">&nbsp;</font></td>
<td align="left">&nbsp;</td>
<td align="right">&nbsp;</td>
<td align="left"><font size="2" face="serif">&nbsp;</font></td>
<td align="left">&nbsp;</td>
<td align="right">&nbsp;</td>
<td align="left"><font size="2" face="serif">&nbsp;</font></td>
<td align="left">&nbsp;</td>
<td align="right">&nbsp;</td>
<td align="left"><font size="2" face="serif">&nbsp;</font></td>
<td align="left">&nbsp;</td>
<td align="right">&nbsp;</td>
<td align="left"><font size="2" face="serif">&nbsp;</font></td>
<td align="left">&nbsp;</td>
<td align="right">&nbsp;</td>
<td align="left"><font size="2" face="serif">&nbsp;</font></td>
<td align="left">&nbsp;</td>
<td align="right">&nbsp;</td>
<td align="left"><font size="2" face="serif">&nbsp;</font></td>
<td align="left">&nbsp;</td>
</tr>
<tr valign="bottom" bgcolor="#FFFFFF">
<td align="left"><font size="2" face="serif">&nbsp;</font></td>
<td align="left">&nbsp;</td>
<td colspan="7" align="center"><font size="2" face="serif"><b>Six months ended June 30, 2005</b></font></td>
<td align="left">&nbsp;</td>
<td align="right">&nbsp;</td>
<td align="left"><font size="2" face="serif">&nbsp;</font></td>
<td align="left">&nbsp;</td>
<td align="right">&nbsp;</td>
<td colspan="7" align="center"><font size="2" face="serif"><b>Six months ended June 30, 2004</b></font></td>
<td align="left">&nbsp;</td>
</tr>
<tr valign="bottom" bgcolor="#FFFFFF">
  <td align="left">&nbsp;</td>
  <td colspan="8" align="left"><hr noshade align="center" width="100%" size="1"></td>
  <td align="left">&nbsp;</td>
  <td align="right">&nbsp;</td>
  <td align="left">&nbsp;</td>
  <td align="left">&nbsp;</td>
  <td align="right"><hr noshade align="center" width="100%" size="1"></td>
  <td align="center"><hr noshade align="center" width="100%" size="1"></td>
  <td align="left"><hr noshade align="center" width="100%" size="1"></td>
  <td align="right"><hr noshade align="center" width="100%" size="1"></td>
  <td align="center"><hr noshade align="center" width="100%" size="1"></td>
  <td align="left"><hr noshade align="center" width="100%" size="1"></td>
  <td align="right"><hr noshade align="center" width="100%" size="1"></td>
  <td align="center"><hr noshade align="center" width="100%" size="1"></td>
  <td align="left">&nbsp;</td>
</tr>
<tr valign="bottom" bgcolor="#FFFFFF">
<td align="left"><font size="2" face="serif">&nbsp;</font></td>
<td width="1%" align="left">&nbsp;</td>
<td width="9%" align="center"><font size="2" face="serif"><b>Total</b></font></td>
<td width="2%" align="left">&nbsp;</td>
<td width="1%" align="right">&nbsp;</td>
<td width="8%" align="center"><font size="2" face="serif"><b>Joint venture</b></font></td>
<td width="2%" align="left">&nbsp;</td>
<td width="1%" align="right">&nbsp;</td>
<td width="9%" align="center"><font size="2" face="serif"><b>Wholly-owned</b></font></td>
<td width="2%" align="left">&nbsp;</td>
<td width="1%" align="right">&nbsp;</td>
<td width="-2%" align="left"><font size="2" face="serif">&nbsp;</font></td>
<td width="2%" align="left">&nbsp;</td>
<td width="1%" align="right">&nbsp;</td>
<td width="9%" align="center"><font size="2" face="serif"><b>Total</b></font></td>
<td width="2%" align="left">&nbsp;</td>
<td width="1%" align="right">&nbsp;</td>
<td width="8%" align="center"><font size="2" face="serif"><b>Joint venture</b></font></td>
<td width="2%" align="left">&nbsp;</td>
<td width="1%" align="right">&nbsp;</td>
<td width="9%" align="center"><font size="2" face="serif"><b>Wholly-owned</b></font></td>
<td width="2%" align="left">&nbsp;</td>
</tr>
<tr valign="bottom" bgcolor="#FFFFFF">
  <td align="left">&nbsp;</td>
  <td align="left"><hr noshade align="center" width="100%" size="1"></td>
  <td align="center"><hr noshade align="center" width="100%" size="1"></td>
  <td align="left">&nbsp;</td>
  <td align="right"><hr noshade align="center" width="100%" size="1"></td>
  <td align="center"><hr noshade align="center" width="100%" size="1"></td>
  <td align="left">&nbsp;</td>
  <td align="right"><hr noshade align="center" width="100%" size="1"></td>
  <td align="center"><hr noshade align="center" width="100%" size="1"></td>
  <td align="left">&nbsp;</td>
  <td align="right">&nbsp;</td>
  <td align="left">&nbsp;</td>
  <td align="left">&nbsp;</td>
  <td align="right"><hr noshade align="center" width="100%" size="1"></td>
  <td align="center"><hr noshade align="center" width="100%" size="1"></td>
  <td align="left">&nbsp;</td>
  <td align="right"><hr noshade align="center" width="100%" size="1"></td>
  <td align="center"><hr noshade align="center" width="100%" size="1"></td>
  <td align="left">&nbsp;</td>
  <td align="right"><hr noshade align="center" width="100%" size="1"></td>
  <td align="center"><hr noshade align="center" width="100%" size="1"></td>
  <td align="left">&nbsp;</td>
</tr>
<tr valign="bottom" bgcolor="#FFFFFF">
<td align="left"><font size="2" face="serif">Revenues:</font></td>
<td align="left">&nbsp;</td>
<td align="left"><font size="2" face="serif">&nbsp;</font></td>
<td align="left">&nbsp;</td>
<td align="right">&nbsp;</td>
<td align="left"><font size="2" face="serif">&nbsp;</font></td>
<td align="left">&nbsp;</td>
<td align="right">&nbsp;</td>
<td align="left"><font size="2" face="serif">&nbsp;</font></td>
<td align="left">&nbsp;</td>
<td align="right">&nbsp;</td>
<td align="left"><font size="2" face="serif">&nbsp;</font></td>
<td align="left">&nbsp;</td>
<td align="right">&nbsp;</td>
<td align="left"><font size="2" face="serif">&nbsp;</font></td>
<td align="left">&nbsp;</td>
<td align="right">&nbsp;</td>
<td align="left"><font size="2" face="serif">&nbsp;</font></td>
<td align="left">&nbsp;</td>
<td align="right">&nbsp;</td>
<td align="left"><font size="2" face="serif">&nbsp;</font></td>
<td align="left">&nbsp;</td>
</tr>
<tr valign="bottom" bgcolor="#FFFFFF">
<td align="left"><font size="2" face="serif">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Rents:</font></td>
<td align="left">&nbsp;</td>
<td align="left"><font size="2" face="serif">&nbsp;</font></td>
<td align="left">&nbsp;</td>
<td align="right">&nbsp;</td>
<td align="left"><font size="2" face="serif">&nbsp;</font></td>
<td align="left">&nbsp;</td>
<td align="right">&nbsp;</td>
<td align="left"><font size="2" face="serif">&nbsp;</font></td>
<td align="left">&nbsp;</td>
<td align="right">&nbsp;</td>
<td align="left"><font size="2" face="serif">&nbsp;</font></td>
<td align="left">&nbsp;</td>
<td align="right">&nbsp;</td>
<td align="left"><font size="2" face="serif">&nbsp;</font></td>
<td align="left">&nbsp;</td>
<td align="right">&nbsp;</td>
<td align="left"><font size="2" face="serif">&nbsp;</font></td>
<td align="left">&nbsp;</td>
<td align="right">&nbsp;</td>
<td align="left"><font size="2" face="serif">&nbsp;</font></td>
<td align="left">&nbsp;</td>
</tr>
<tr valign="bottom" bgcolor="#eeeeee">
<td align="left"><font size="2" face="serif">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Base rents</font></td>
<td align="left"><font size="2" face="serif">$</font></td>
<td align="right"><font size="2" face="serif">   23,533,000 </font></td>
<td align="left">&nbsp;</td>
<td align="left"><font size="2" face="serif">$</font></td>
<td align="right"><font size="2" face="serif">    3,680,000 </font></td>
<td align="left">&nbsp;</td>
<td align="left"><font size="2" face="serif">$</font></td>
<td align="right"><font size="2" face="serif">     19,853,000 </font></td>
<td align="left">&nbsp;</td>
<td align="right">&nbsp;</td>
<td align="left"><font size="2" face="serif">&nbsp;</font></td>
<td align="left">&nbsp;</td>
<td align="left"><font size="2" face="serif">$</font></td>
<td align="right"><font size="2" face="serif">     16,823,000 </font></td>
<td align="left">&nbsp;</td>
<td align="left"><font size="2" face="serif">$</font></td>
<td align="right"><font size="2" face="serif">    3,486,000 </font></td>
<td align="left">&nbsp;</td>
<td align="left"><font size="2" face="serif">$</font></td>
<td align="right"><font size="2" face="serif">     13,337,000 </font></td>
<td align="left">&nbsp;</td>
</tr>
<tr valign="bottom" bgcolor="#FFFFFF">
<td align="left"><font size="2" face="serif">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Percentage rents</font></td>
<td align="left">&nbsp;</td>
<td align="right"><font size="2" face="serif">223,000 </font></td>
<td align="left">&nbsp;</td>
<td align="left">&nbsp;</td>
<td align="right"><font size="2" face="serif">5,000 </font></td>
<td align="left">&nbsp;</td>
<td align="left">&nbsp;</td>
<td align="right"><font size="2" face="serif">218,000 </font></td>
<td align="left">&nbsp;</td>
<td align="right">&nbsp;</td>
<td align="left"><font size="2" face="serif">&nbsp;</font></td>
<td align="left">&nbsp;</td>
<td align="left">&nbsp;</td>
<td align="right"><font size="2" face="serif">304,000 </font></td>
<td align="left">&nbsp;</td>
<td align="left">&nbsp;</td>
<td align="right"><font size="2" face="serif">19,000 </font></td>
<td align="left">&nbsp;</td>
<td align="left">&nbsp;</td>
<td align="right"><font size="2" face="serif">285,000 </font></td>
<td align="left">&nbsp;</td>
</tr>
<tr valign="bottom" bgcolor="#eeeeee">
<td align="left"><font size="2" face="serif">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Straight-line rents</font></td>
<td align="left">&nbsp;</td>
<td align="right"><font size="2" face="serif">934,000 </font></td>
<td align="left">&nbsp;</td>
<td align="left">&nbsp;</td>
<td align="right"><font size="2" face="serif">79,000 </font></td>
<td align="left">&nbsp;</td>
<td align="left">&nbsp;</td>
<td align="right"><font size="2" face="serif">855,000 </font></td>
<td align="left">&nbsp;</td>
<td align="right">&nbsp;</td>
<td align="left"><font size="2" face="serif">&nbsp;</font></td>
<td align="left">&nbsp;</td>
<td align="left">&nbsp;</td>
<td align="right"><font size="2" face="serif">645,000 </font></td>
<td align="left">&nbsp;</td>
<td align="left">&nbsp;</td>
<td align="right"><font size="2" face="serif">141,000 </font></td>
<td align="left">&nbsp;</td>
<td align="left">&nbsp;</td>
<td align="right"><font size="2" face="serif">504,000 </font></td>
<td align="left">&nbsp;</td>
</tr>
<tr valign="bottom" bgcolor="#FFFFFF">
<td align="left"><font size="2" face="serif">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Amortization of intangible</font></td>
<td align="left">&nbsp;</td>
<td align="right"><font size="2" face="serif">&nbsp;</font></td>
<td align="left">&nbsp;</td>
<td align="left">&nbsp;</td>
<td align="right"><font size="2" face="serif">&nbsp;</font></td>
<td align="left">&nbsp;</td>
<td align="left">&nbsp;</td>
<td align="right"><font size="2" face="serif">&nbsp;</font></td>
<td align="left">&nbsp;</td>
<td align="right">&nbsp;</td>
<td align="left"><font size="2" face="serif">&nbsp;</font></td>
<td align="left">&nbsp;</td>
<td align="left">&nbsp;</td>
<td align="right"><font size="2" face="serif">&nbsp;</font></td>
<td align="left">&nbsp;</td>
<td align="left">&nbsp;</td>
<td align="right"><font size="2" face="serif">&nbsp;</font></td>
<td align="left">&nbsp;</td>
<td align="left">&nbsp;</td>
<td align="right"><font size="2" face="serif">&nbsp;</font></td>
<td align="left">&nbsp;</td>
</tr>
<tr valign="bottom" bgcolor="#FFFFFF">
<td align="left"><font size="2" face="serif">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;lease liabilities</font></td>
<td align="left">&nbsp;</td>
<td align="right"><font size="2" face="serif">1,844,000 </font></td>
<td align="left">&nbsp;</td>
<td align="left">&nbsp;</td>
<td align="right"><font size="2" face="serif">71,000 </font></td>
<td align="left">&nbsp;</td>
<td align="left">&nbsp;</td>
<td align="right"><font size="2" face="serif">1,773,000 </font></td>
<td align="left">&nbsp;</td>
<td align="right">&nbsp;</td>
<td align="left"><font size="2" face="serif">&nbsp;</font></td>
<td align="left">&nbsp;</td>
<td align="left">&nbsp;</td>
<td align="right"><font size="2" face="serif">976,000 </font></td>
<td align="left">&nbsp;</td>
<td align="left">&nbsp;</td>
<td align="right"><font size="2" face="serif">82,000 </font></td>
<td align="left">&nbsp;</td>
<td align="left">&nbsp;</td>
<td align="right"><font size="2" face="serif">894,000 </font></td>
<td align="left">&nbsp;</td>
</tr>
<tr valign="bottom" bgcolor="#FFFFFF">
  <td align="left">&nbsp;</td>
  <td align="left"><hr noshade align="center" width="100%" size="1">
  </td>
  <td align="center"><hr noshade align="center" width="100%" size="1">
  </td>
  <td align="left">&nbsp;</td>
  <td align="right"><hr noshade align="center" width="100%" size="1">
  </td>
  <td align="center"><hr noshade align="center" width="100%" size="1">
  </td>
  <td align="left">&nbsp;</td>
  <td align="right"><hr noshade align="center" width="100%" size="1">
  </td>
  <td align="center"><hr noshade align="center" width="100%" size="1">
  </td>
  <td align="left">&nbsp;</td>
  <td align="right">&nbsp;</td>
  <td align="left">&nbsp;</td>
  <td align="left">&nbsp;</td>
  <td align="right"><hr noshade align="center" width="100%" size="1">
  </td>
  <td align="center"><hr noshade align="center" width="100%" size="1">
  </td>
  <td align="left">&nbsp;</td>
  <td align="right"><hr noshade align="center" width="100%" size="1">
  </td>
  <td align="center"><hr noshade align="center" width="100%" size="1">
  </td>
  <td align="left">&nbsp;</td>
  <td align="right"><hr noshade align="center" width="100%" size="1">
  </td>
  <td align="center"><hr noshade align="center" width="100%" size="1">
  </td>
  <td align="left">&nbsp;</td>
</tr>
<tr valign="bottom" bgcolor="#eeeeee">
<td align="left"><font size="2" face="serif">&nbsp;</font></td>
<td align="left">&nbsp;</td>
<td align="right"><font size="2" face="serif">26,534,000 </font></td>
<td align="left">&nbsp;</td>
<td align="left">&nbsp;</td>
<td align="right"><font size="2" face="serif">3,835,000 </font></td>
<td align="left">&nbsp;</td>
<td align="left">&nbsp;</td>
<td align="right"><font size="2" face="serif">22,699,000 </font></td>
<td align="left">&nbsp;</td>
<td align="right">&nbsp;</td>
<td align="left"><font size="2" face="serif">&nbsp;</font></td>
<td align="left">&nbsp;</td>
<td align="left">&nbsp;</td>
<td align="right"><font size="2" face="serif">18,748,000 </font></td>
<td align="left">&nbsp;</td>
<td align="left">&nbsp;</td>
<td align="right"><font size="2" face="serif">3,728,000 </font></td>
<td align="left">&nbsp;</td>
<td align="left">&nbsp;</td>
<td align="right"><font size="2" face="serif">15,020,000 </font></td>
<td align="left">&nbsp;</td>
</tr>
<tr valign="bottom" bgcolor="#FFFFFF">
<td align="left"><font size="2" face="serif">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Expense recoveries</font></td>
<td align="left">&nbsp;</td>
<td align="right"><font size="2" face="serif">6,891,000 </font></td>
<td align="left">&nbsp;</td>
<td align="left">&nbsp;</td>
<td align="right"><font size="2" face="serif">790,000 </font></td>
<td align="left">&nbsp;</td>
<td align="left">&nbsp;</td>
<td align="right"><font size="2" face="serif">6,101,000 </font></td>
<td align="left">&nbsp;</td>
<td align="right">&nbsp;</td>
<td align="left"><font size="2" face="serif">&nbsp;</font></td>
<td align="left">&nbsp;</td>
<td align="left">&nbsp;</td>
<td align="right"><font size="2" face="serif">4,935,000 </font></td>
<td align="left">&nbsp;</td>
<td align="left">&nbsp;</td>
<td align="right"><font size="2" face="serif">926,000 </font></td>
<td align="left">&nbsp;</td>
<td align="left">&nbsp;</td>
<td align="right"><font size="2" face="serif">4,009,000 </font></td>
<td align="left">&nbsp;</td>
</tr>
<tr valign="bottom" bgcolor="#eeeeee">
<td align="left"><font size="2" face="serif">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Other</font></td>
<td align="left">&nbsp;</td>
<td align="right"><font size="2" face="serif">144,000 </font></td>
<td align="left">&nbsp;</td>
<td align="left">&nbsp;</td>
<td align="right"><font size="2" face="serif">&#151;</font></td>
<td align="left">&nbsp;</td>
<td align="left">&nbsp;</td>
<td align="right"><font size="2" face="serif">144,000 </font></td>
<td align="left">&nbsp;</td>
<td align="right">&nbsp;</td>
<td align="left"><font size="2" face="serif">&nbsp;</font></td>
<td align="left">&nbsp;</td>
<td align="left">&nbsp;</td>
<td align="right"><font size="2" face="serif">229,000 </font></td>
<td align="left">&nbsp;</td>
<td align="left">&nbsp;</td>
<td align="right"><font size="2" face="serif">9,000 </font></td>
<td align="left">&nbsp;</td>
<td align="left">&nbsp;</td>
<td align="right"><font size="2" face="serif">220,000 </font></td>
<td align="left">&nbsp;</td>
</tr>
<tr valign="bottom" bgcolor="#FFFFFF">
  <td align="left">&nbsp;</td>
  <td align="left"><hr noshade align="center" width="100%" size="1">
  </td>
  <td align="center"><hr noshade align="center" width="100%" size="1">
  </td>
  <td align="left">&nbsp;</td>
  <td align="right"><hr noshade align="center" width="100%" size="1">
  </td>
  <td align="center"><hr noshade align="center" width="100%" size="1">
  </td>
  <td align="left">&nbsp;</td>
  <td align="right"><hr noshade align="center" width="100%" size="1">
  </td>
  <td align="center"><hr noshade align="center" width="100%" size="1">
  </td>
  <td align="left">&nbsp;</td>
  <td align="right">&nbsp;</td>
  <td align="left">&nbsp;</td>
  <td align="left">&nbsp;</td>
  <td align="right"><hr noshade align="center" width="100%" size="1">
  </td>
  <td align="center"><hr noshade align="center" width="100%" size="1">
  </td>
  <td align="left">&nbsp;</td>
  <td align="right"><hr noshade align="center" width="100%" size="1">
  </td>
  <td align="center"><hr noshade align="center" width="100%" size="1">
  </td>
  <td align="left">&nbsp;</td>
  <td align="right"><hr noshade align="center" width="100%" size="1">
  </td>
  <td align="center"><hr noshade align="center" width="100%" size="1">
  </td>
  <td align="left">&nbsp;</td>
</tr>
<tr valign="bottom" bgcolor="#FFFFFF">
<td align="left"><font size="2" face="serif">Total revenues</font></td>
<td align="left">&nbsp;</td>
<td align="right"><font size="2" face="serif">      33,569,000 </font></td>
<td align="left">&nbsp;</td>
<td align="left">&nbsp;</td>
<td align="right"><font size="2" face="serif">       4,625,000 </font></td>
<td align="left">&nbsp;</td>
<td align="left">&nbsp;</td>
<td align="right"><font size="2" face="serif">        28,944,000 </font></td>
<td align="left">&nbsp;</td>
<td align="right">&nbsp;</td>
<td align="left"><font size="2" face="serif">&nbsp;</font></td>
<td align="left">&nbsp;</td>
<td align="left">&nbsp;</td>
<td align="right"><font size="2" face="serif">        23,912,000 </font></td>
<td align="left">&nbsp;</td>
<td align="left">&nbsp;</td>
<td align="right"><font size="2" face="serif">       4,663,000 </font></td>
<td align="left">&nbsp;</td>
<td align="left">&nbsp;</td>
<td align="right"><font size="2" face="serif">        19,249,000 </font></td>
<td align="left">&nbsp;</td>
</tr>
<tr valign="bottom" bgcolor="#FFFFFF">
  <td align="left">&nbsp;</td>
  <td align="left"><hr noshade align="center" width="100%" size="1">
  </td>
  <td align="center"><hr noshade align="center" width="100%" size="1">
  </td>
  <td align="left">&nbsp;</td>
  <td align="right"><hr noshade align="center" width="100%" size="1">
  </td>
  <td align="center"><hr noshade align="center" width="100%" size="1">
  </td>
  <td align="left">&nbsp;</td>
  <td align="right"><hr noshade align="center" width="100%" size="1">
  </td>
  <td align="center"><hr noshade align="center" width="100%" size="1">
  </td>
  <td align="left">&nbsp;</td>
  <td align="right">&nbsp;</td>
  <td align="left">&nbsp;</td>
  <td align="left">&nbsp;</td>
  <td align="right"><hr noshade align="center" width="100%" size="1">
  </td>
  <td align="center"><hr noshade align="center" width="100%" size="1">
  </td>
  <td align="left">&nbsp;</td>
  <td align="right"><hr noshade align="center" width="100%" size="1">
  </td>
  <td align="center"><hr noshade align="center" width="100%" size="1">
  </td>
  <td align="left">&nbsp;</td>
  <td align="right"><hr noshade align="center" width="100%" size="1">
  </td>
  <td align="center"><hr noshade align="center" width="100%" size="1">
  </td>
  <td align="left">&nbsp;</td>
</tr>
<tr valign="bottom">
<td align="left"><font size="2" face="serif">&nbsp;</font></td>
<td align="left">&nbsp;</td>
<td align="right"><font size="2" face="serif">&nbsp;</font></td>
<td align="left">&nbsp;</td>
<td align="left">&nbsp;</td>
<td align="right"><font size="2" face="serif">&nbsp;</font></td>
<td align="left">&nbsp;</td>
<td align="left">&nbsp;</td>
<td align="right"><font size="2" face="serif">&nbsp;</font></td>
<td align="left">&nbsp;</td>
<td align="right">&nbsp;</td>
<td align="left"><font size="2" face="serif">&nbsp;</font></td>
<td align="left">&nbsp;</td>
<td align="left">&nbsp;</td>
<td align="right"><font size="2" face="serif">&nbsp;</font></td>
<td align="left">&nbsp;</td>
<td align="left">&nbsp;</td>
<td align="right"><font size="2" face="serif">&nbsp;</font></td>
<td align="left">&nbsp;</td>
<td align="left">&nbsp;</td>
<td align="right"><font size="2" face="serif">&nbsp;</font></td>
<td align="left">&nbsp;</td>
</tr>
<tr valign="bottom" bgcolor="#FFFFFF">
<td align="left"><font size="2" face="serif">Expenses:</font></td>
<td align="left">&nbsp;</td>
<td align="right"><font size="2" face="serif">&nbsp;</font></td>
<td align="left">&nbsp;</td>
<td align="left">&nbsp;</td>
<td align="right"><font size="2" face="serif">&nbsp;</font></td>
<td align="left">&nbsp;</td>
<td align="left">&nbsp;</td>
<td align="right"><font size="2" face="serif">&nbsp;</font></td>
<td align="left">&nbsp;</td>
<td align="right">&nbsp;</td>
<td align="left"><font size="2" face="serif">&nbsp;</font></td>
<td align="left">&nbsp;</td>
<td align="left">&nbsp;</td>
<td align="right"><font size="2" face="serif">&nbsp;</font></td>
<td align="left">&nbsp;</td>
<td align="left">&nbsp;</td>
<td align="right"><font size="2" face="serif">&nbsp;</font></td>
<td align="left">&nbsp;</td>
<td align="left">&nbsp;</td>
<td align="right"><font size="2" face="serif">&nbsp;</font></td>
<td align="left">&nbsp;</td>
</tr>
<tr valign="bottom" bgcolor="#FFFFFF">
<td align="left"><font size="2" face="serif">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Operating, maintenance</font></td>
<td align="left">&nbsp;</td>
<td align="right"><font size="2" face="serif">&nbsp;</font></td>
<td align="left">&nbsp;</td>
<td align="left">&nbsp;</td>
<td align="right"><font size="2" face="serif">&nbsp;</font></td>
<td align="left">&nbsp;</td>
<td align="left">&nbsp;</td>
<td align="right"><font size="2" face="serif">&nbsp;</font></td>
<td align="left">&nbsp;</td>
<td align="right">&nbsp;</td>
<td align="left"><font size="2" face="serif">&nbsp;</font></td>
<td align="left">&nbsp;</td>
<td align="left">&nbsp;</td>
<td align="right"><font size="2" face="serif">&nbsp;</font></td>
<td align="left">&nbsp;</td>
<td align="left">&nbsp;</td>
<td align="right"><font size="2" face="serif">&nbsp;</font></td>
<td align="left">&nbsp;</td>
<td align="left">&nbsp;</td>
<td align="right"><font size="2" face="serif">&nbsp;</font></td>
<td align="left">&nbsp;</td>
</tr>
<tr valign="bottom" bgcolor="#eeeeee">
<td align="left"><font size="2" face="serif">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;and management</font></td>
<td align="left">&nbsp;</td>
<td align="right"><font size="2" face="serif">6,572,000 </font></td>
<td align="left">&nbsp;</td>
<td align="left">&nbsp;</td>
<td align="right"><font size="2" face="serif">642,000 </font></td>
<td align="left">&nbsp;</td>
<td align="left">&nbsp;</td>
<td align="right"><font size="2" face="serif">5,930,000 </font></td>
<td align="left">&nbsp;</td>
<td align="right">&nbsp;</td>
<td align="left"><font size="2" face="serif">&nbsp;</font></td>
<td align="left">&nbsp;</td>
<td align="left">&nbsp;</td>
<td align="right"><font size="2" face="serif">5,397,000 </font></td>
<td align="left">&nbsp;</td>
<td align="left">&nbsp;</td>
<td align="right"><font size="2" face="serif">750,000 </font></td>
<td align="left">&nbsp;</td>
<td align="left">&nbsp;</td>
<td align="right"><font size="2" face="serif">4,647,000 </font></td>
<td align="left">&nbsp;</td>
</tr>
<tr valign="bottom" bgcolor="#FFFFFF">
<td align="left"><font size="2" face="serif">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Real estate and other property-</font></td>
<td align="left">&nbsp;</td>
<td align="right"><font size="2" face="serif">&nbsp;</font></td>
<td align="left">&nbsp;</td>
<td align="left">&nbsp;</td>
<td align="right"><font size="2" face="serif">&nbsp;</font></td>
<td align="left">&nbsp;</td>
<td align="left">&nbsp;</td>
<td align="right"><font size="2" face="serif">&nbsp;</font></td>
<td align="left">&nbsp;</td>
<td align="right">&nbsp;</td>
<td align="left"><font size="2" face="serif">&nbsp;</font></td>
<td align="left">&nbsp;</td>
<td align="left">&nbsp;</td>
<td align="right"><font size="2" face="serif">&nbsp;</font></td>
<td align="left">&nbsp;</td>
<td align="left">&nbsp;</td>
<td align="right"><font size="2" face="serif">&nbsp;</font></td>
<td align="left">&nbsp;</td>
<td align="left">&nbsp;</td>
<td align="right"><font size="2" face="serif">&nbsp;</font></td>
<td align="left">&nbsp;</td>
</tr>
<tr valign="bottom" bgcolor="#FFFFFF">
<td align="left"><font size="2" face="serif">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;related taxes</font></td>
<td align="left">&nbsp;</td>
<td align="right"><font size="2" face="serif">3,390,000 </font></td>
<td align="left">&nbsp;</td>
<td align="left">&nbsp;</td>
<td align="right"><font size="2" face="serif">441,000 </font></td>
<td align="left">&nbsp;</td>
<td align="left">&nbsp;</td>
<td align="right"><font size="2" face="serif">2,949,000 </font></td>
<td align="left">&nbsp;</td>
<td align="right">&nbsp;</td>
<td align="left"><font size="2" face="serif">&nbsp;</font></td>
<td align="left">&nbsp;</td>
<td align="left">&nbsp;</td>
<td align="right"><font size="2" face="serif">2,344,000 </font></td>
<td align="left">&nbsp;</td>
<td align="left">&nbsp;</td>
<td align="right"><font size="2" face="serif">435,000 </font></td>
<td align="left">&nbsp;</td>
<td align="left">&nbsp;</td>
<td align="right"><font size="2" face="serif">1,909,000 </font></td>
<td align="left">&nbsp;</td>
</tr>
<tr valign="bottom" bgcolor="#eeeeee">
<td align="left"><font size="2" face="serif">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;General and administrative</font></td>
<td align="left">&nbsp;</td>
<td align="right"><font size="2" face="serif">2,166,000 </font></td>
<td align="left">&nbsp;</td>
<td align="left">&nbsp;</td>
<td align="right"><font size="2" face="serif">&#151;</font></td>
<td align="left">&nbsp;</td>
<td align="left">&nbsp;</td>
<td align="right"><font size="2" face="serif">2,166,000 </font></td>
<td align="left">&nbsp;</td>
<td align="right">&nbsp;</td>
<td align="left"><font size="2" face="serif">&nbsp;</font></td>
<td align="left">&nbsp;</td>
<td align="left">&nbsp;</td>
<td align="right"><font size="2" face="serif">1,627,000 </font></td>
<td align="left">&nbsp;</td>
<td align="left">&nbsp;</td>
<td align="right"><font size="2" face="serif">&#151;</font></td>
<td align="left">&nbsp;</td>
<td align="left">&nbsp;</td>
<td align="right"><font size="2" face="serif">1,627,000 </font></td>
<td align="left">&nbsp;</td>
</tr>
<tr valign="bottom" bgcolor="#FFFFFF">
<td align="left"><font size="2" face="serif">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Depreciation and amortization</font></td>
<td align="left">&nbsp;</td>
<td align="right"><font size="2" face="serif">7,931,000 </font></td>
<td align="left">&nbsp;</td>
<td align="left">&nbsp;</td>
<td align="right"><font size="2" face="serif">763,000 </font></td>
<td align="left">&nbsp;</td>
<td align="left">&nbsp;</td>
<td align="right"><font size="2" face="serif">7,168,000 </font></td>
<td align="left">&nbsp;</td>
<td align="right">&nbsp;</td>
<td align="left"><font size="2" face="serif">&nbsp;</font></td>
<td align="left">&nbsp;</td>
<td align="left">&nbsp;</td>
<td align="right"><font size="2" face="serif">5,067,000 </font></td>
<td align="left">&nbsp;</td>
<td align="left">&nbsp;</td>
<td align="right"><font size="2" face="serif">681,000 </font></td>
<td align="left">&nbsp;</td>
<td align="left">&nbsp;</td>
<td align="right"><font size="2" face="serif">4,386,000 </font></td>
<td align="left">&nbsp;</td>
</tr>
<tr valign="bottom" bgcolor="#FFFFFF">
  <td align="left">&nbsp;</td>
  <td align="left"><hr noshade align="center" width="100%" size="1">
  </td>
  <td align="center"><hr noshade align="center" width="100%" size="1">
  </td>
  <td align="left">&nbsp;</td>
  <td align="right"><hr noshade align="center" width="100%" size="1">
  </td>
  <td align="center"><hr noshade align="center" width="100%" size="1">
  </td>
  <td align="left">&nbsp;</td>
  <td align="right"><hr noshade align="center" width="100%" size="1">
  </td>
  <td align="center"><hr noshade align="center" width="100%" size="1">
  </td>
  <td align="left">&nbsp;</td>
  <td align="right">&nbsp;</td>
  <td align="left">&nbsp;</td>
  <td align="left">&nbsp;</td>
  <td align="right"><hr noshade align="center" width="100%" size="1">
  </td>
  <td align="center"><hr noshade align="center" width="100%" size="1">
  </td>
  <td align="left">&nbsp;</td>
  <td align="right"><hr noshade align="center" width="100%" size="1">
  </td>
  <td align="center"><hr noshade align="center" width="100%" size="1">
  </td>
  <td align="left">&nbsp;</td>
  <td align="right"><hr noshade align="center" width="100%" size="1">
  </td>
  <td align="center"><hr noshade align="center" width="100%" size="1">
  </td>
  <td align="left">&nbsp;</td>
</tr>
<tr valign="bottom" bgcolor="#eeeeee">
<td align="left"><font size="2" face="serif">Total expenses</font></td>
<td align="left">&nbsp;</td>
<td align="right"><font size="2" face="serif">      20,059,000 </font></td>
<td align="left">&nbsp;</td>
<td align="left">&nbsp;</td>
<td align="right"><font size="2" face="serif">       1,846,000 </font></td>
<td align="left">&nbsp;</td>
<td align="left">&nbsp;</td>
<td align="right"><font size="2" face="serif">        18,213,000 </font></td>
<td align="left">&nbsp;</td>
<td align="right">&nbsp;</td>
<td align="left"><font size="2" face="serif">&nbsp;</font></td>
<td align="left">&nbsp;</td>
<td align="left">&nbsp;</td>
<td align="right"><font size="2" face="serif">        14,435,000 </font></td>
<td align="left">&nbsp;</td>
<td align="left">&nbsp;</td>
<td align="right"><font size="2" face="serif">       1,866,000 </font></td>
<td align="left">&nbsp;</td>
<td align="left">&nbsp;</td>
<td align="right"><font size="2" face="serif">        12,569,000 </font></td>
<td align="left">&nbsp;</td>
</tr>
<tr valign="bottom" bgcolor="#FFFFFF">
  <td align="left">&nbsp;</td>
  <td align="left"><hr noshade align="center" width="100%" size="1">
  </td>
  <td align="center"><hr noshade align="center" width="100%" size="1">
  </td>
  <td align="left">&nbsp;</td>
  <td align="right"><hr noshade align="center" width="100%" size="1">
  </td>
  <td align="center"><hr noshade align="center" width="100%" size="1">
  </td>
  <td align="left">&nbsp;</td>
  <td align="right"><hr noshade align="center" width="100%" size="1">
  </td>
  <td align="center"><hr noshade align="center" width="100%" size="1">
  </td>
  <td align="left">&nbsp;</td>
  <td align="right">&nbsp;</td>
  <td align="left">&nbsp;</td>
  <td align="left">&nbsp;</td>
  <td align="right"><hr noshade align="center" width="100%" size="1">
  </td>
  <td align="center"><hr noshade align="center" width="100%" size="1">
  </td>
  <td align="left">&nbsp;</td>
  <td align="right"><hr noshade align="center" width="100%" size="1">
  </td>
  <td align="center"><hr noshade align="center" width="100%" size="1">
  </td>
  <td align="left">&nbsp;</td>
  <td align="right"><hr noshade align="center" width="100%" size="1">
  </td>
  <td align="center"><hr noshade align="center" width="100%" size="1">
  </td>
  <td align="left">&nbsp;</td>
</tr>
<tr valign="bottom" bgcolor="#FFFFFF">
  <td align="left">&nbsp;</td>
  <td align="left">&nbsp;</td>
  <td align="right">&nbsp;</td>
  <td align="left">&nbsp;</td>
  <td align="left">&nbsp;</td>
  <td align="right">&nbsp;</td>
  <td align="left">&nbsp;</td>
  <td align="left">&nbsp;</td>
  <td align="right">&nbsp;</td>
  <td align="left">&nbsp;</td>
  <td align="right">&nbsp;</td>
  <td align="left">&nbsp;</td>
  <td align="left">&nbsp;</td>
  <td align="left">&nbsp;</td>
  <td align="right">&nbsp;</td>
  <td align="left">&nbsp;</td>
  <td align="left">&nbsp;</td>
  <td align="right">&nbsp;</td>
  <td align="left">&nbsp;</td>
  <td align="left">&nbsp;</td>
  <td align="right">&nbsp;</td>
  <td align="left">&nbsp;</td>
</tr>
<tr valign="bottom" bgcolor="#FFFFFF">
<td align="left"><font size="2" face="serif">Operating income</font></td>
<td align="left">&nbsp;</td>
<td align="right"><font size="2" face="serif">      13,510,000 </font></td>
<td align="left">&nbsp;</td>
<td align="left">&nbsp;</td>
<td align="right"><font size="2" face="serif">       2,779,000 </font></td>
<td align="left">&nbsp;</td>
<td align="left">&nbsp;</td>
<td align="right"><font size="2" face="serif">        10,731,000 </font></td>
<td align="left">&nbsp;</td>
<td align="right">&nbsp;</td>
<td align="left"><font size="2" face="serif">&nbsp;</font></td>
<td align="left">&nbsp;</td>
<td align="left">&nbsp;</td>
<td align="right"><font size="2" face="serif">          9,477,000 </font></td>
<td align="left">&nbsp;</td>
<td align="left">&nbsp;</td>
<td align="right"><font size="2" face="serif">       2,797,000 </font></td>
<td align="left">&nbsp;</td>
<td align="left">&nbsp;</td>
<td align="right"><font size="2" face="serif">          6,680,000 </font></td>
<td align="left">&nbsp;</td>
</tr>
<tr valign="bottom">
<td align="left"><font size="2" face="serif">&nbsp;</font></td>
<td align="left">&nbsp;</td>
<td align="right"><font size="2" face="serif">&nbsp;</font></td>
<td align="left">&nbsp;</td>
<td align="left">&nbsp;</td>
<td align="right"><font size="2" face="serif">&nbsp;</font></td>
<td align="left">&nbsp;</td>
<td align="left">&nbsp;</td>
<td align="right"><font size="2" face="serif">&nbsp;</font></td>
<td align="left">&nbsp;</td>
<td align="right">&nbsp;</td>
<td align="left"><font size="2" face="serif">&nbsp;</font></td>
<td align="left">&nbsp;</td>
<td align="left">&nbsp;</td>
<td align="right"><font size="2" face="serif">&nbsp;</font></td>
<td align="left">&nbsp;</td>
<td align="left">&nbsp;</td>
<td align="right"><font size="2" face="serif">&nbsp;</font></td>
<td align="left">&nbsp;</td>
<td align="left">&nbsp;</td>
<td align="right"><font size="2" face="serif">&nbsp;</font></td>
<td align="left">&nbsp;</td>
</tr>
<tr valign="bottom" bgcolor="#FFFFFF">
<td align="left"><font size="2" face="serif">Non-operating income and expense:</font></td>
<td align="left">&nbsp;</td>
<td align="right"><font size="2" face="serif">&nbsp;</font></td>
<td align="left">&nbsp;</td>
<td align="left">&nbsp;</td>
<td align="right"><font size="2" face="serif">&nbsp;</font></td>
<td align="left">&nbsp;</td>
<td align="left">&nbsp;</td>
<td align="right"><font size="2" face="serif">&nbsp;</font></td>
<td align="left">&nbsp;</td>
<td align="right">&nbsp;</td>
<td align="left"><font size="2" face="serif">&nbsp;</font></td>
<td align="left">&nbsp;</td>
<td align="left">&nbsp;</td>
<td align="right"><font size="2" face="serif">&nbsp;</font></td>
<td align="left">&nbsp;</td>
<td align="left">&nbsp;</td>
<td align="right"><font size="2" face="serif">&nbsp;</font></td>
<td align="left">&nbsp;</td>
<td align="left">&nbsp;</td>
<td align="right"><font size="2" face="serif">&nbsp;</font></td>
<td align="left">&nbsp;</td>
</tr>
<tr valign="bottom" bgcolor="#eeeeee">
<td align="left"><font size="2" face="serif">Interest expense</font></td>
<td align="left">&nbsp;</td>
<td align="right"><font size="2" face="serif">       (6,281,000</font></td>
<td align="left"><font size="2" face="serif">)</font></td>
<td align="left">&nbsp;</td>
<td align="right"><font size="2" face="serif">     (1,927,000</font></td>
<td align="left"><font size="2" face="serif">)</font></td>
<td align="left">&nbsp;</td>
<td align="right"><font size="2" face="serif">(4,354,000</font></td>
<td align="left"><font size="2" face="serif">)</font></td>
<td align="right">&nbsp;</td>
<td align="left"><font size="2" face="serif">&nbsp;</font></td>
<td align="left">&nbsp;</td>
<td align="left">&nbsp;</td>
<td align="right"><font size="2" face="serif">        (5,099,000</font></td>
<td align="left"><font size="2" face="serif">)</font></td>
<td align="left">&nbsp;</td>
<td align="right"><font size="2" face="serif">     (2,003,000</font></td>
<td align="left"><font size="2" face="serif">)</font></td>
<td align="left">&nbsp;</td>
<td align="right"><font size="2" face="serif">(3,096,000</font></td>
<td align="left"><font size="2" face="serif">)</font></td>
</tr>
<tr valign="bottom" bgcolor="#FFFFFF">
<td align="left"><div style="margin-left: 7%; text-indent: -7%"><font size="2" face="serif">Amortization of deferred financing costs</font></div></td>
<td align="left">&nbsp;</td>
<td align="right"><font size="2" face="serif">          (436,000</font></td>
<td align="left"><font size="2" face="serif">)</font></td>
<td align="left">&nbsp;</td>
<td align="right"><font size="2" face="serif">          (68,000</font></td>
<td align="left"><font size="2" face="serif">)</font></td>
<td align="left">&nbsp;</td>
<td align="right"><font size="2" face="serif">(368,000</font></td>
<td align="left"><font size="2" face="serif">)</font></td>
<td align="right">&nbsp;</td>
<td align="left"><font size="2" face="serif">&nbsp;</font></td>
<td align="left">&nbsp;</td>
<td align="left">&nbsp;</td>
<td align="right"><font size="2" face="serif">           (489,000</font></td>
<td align="left"><font size="2" face="serif">)</font></td>
<td align="left">&nbsp;</td>
<td align="right"><font size="2" face="serif">          (64,000</font></td>
<td align="left"><font size="2" face="serif">)</font></td>
<td align="left">&nbsp;</td>
<td align="right"><font size="2" face="serif">(425,000</font></td>
<td align="left"><font size="2" face="serif">)</font></td>
</tr>
<tr valign="bottom" bgcolor="#eeeeee">
<td align="left"><font size="2" face="serif">Interest income</font></td>
<td align="left">&nbsp;</td>
<td align="right"><font size="2" face="serif">             32,000 </font></td>
<td align="left">&nbsp;</td>
<td align="left">&nbsp;</td>
<td align="right"><font size="2" face="serif">              7,000 </font></td>
<td align="left">&nbsp;</td>
<td align="left">&nbsp;</td>
<td align="right"><font size="2" face="serif">25,000 </font></td>
<td align="left">&nbsp;</td>
<td align="right">&nbsp;</td>
<td align="left"><font size="2" face="serif">&nbsp;</font></td>
<td align="left">&nbsp;</td>
<td align="left">&nbsp;</td>
<td align="right"><font size="2" face="serif">               30,000 </font></td>
<td align="left">&nbsp;</td>
<td align="left">&nbsp;</td>
<td align="right"><font size="2" face="serif">              2,000 </font></td>
<td align="left">&nbsp;</td>
<td align="left">&nbsp;</td>
<td align="right"><font size="2" face="serif">28,000 </font></td>
<td align="left">&nbsp;</td>
</tr>
<tr valign="bottom" bgcolor="#FFFFFF">
  <td align="left">&nbsp;</td>
  <td align="left"><hr noshade align="center" width="100%" size="1">
  </td>
  <td align="center"><hr noshade align="center" width="100%" size="1">
  </td>
  <td align="left">&nbsp;</td>
  <td align="right"><hr noshade align="center" width="100%" size="1">
  </td>
  <td align="center"><hr noshade align="center" width="100%" size="1">
  </td>
  <td align="left">&nbsp;</td>
  <td align="right"><hr noshade align="center" width="100%" size="1">
  </td>
  <td align="center"><hr noshade align="center" width="100%" size="1">
  </td>
  <td align="left">&nbsp;</td>
  <td align="right">&nbsp;</td>
  <td align="left">&nbsp;</td>
  <td align="left">&nbsp;</td>
  <td align="right"><hr noshade align="center" width="100%" size="1">
  </td>
  <td align="center"><hr noshade align="center" width="100%" size="1">
  </td>
  <td align="left">&nbsp;</td>
  <td align="right"><hr noshade align="center" width="100%" size="1">
  </td>
  <td align="center"><hr noshade align="center" width="100%" size="1">
  </td>
  <td align="left">&nbsp;</td>
  <td align="right"><hr noshade align="center" width="100%" size="1">
  </td>
  <td align="center"><hr noshade align="center" width="100%" size="1">
  </td>
  <td align="left">&nbsp;</td>
</tr>
<tr valign="bottom" bgcolor="#FFFFFF">
<td align="left"><div style="margin-left: 7%; text-indent: -7%"><font size="2" face="serif">Total non-operating income and expense</font></div></td>
<td align="left">&nbsp;</td>
<td align="right"><font size="2" face="serif">       (6,685,000</font></td>
<td align="left"><font size="2" face="serif">)</font></td>
<td align="left">&nbsp;</td>
<td align="right"><font size="2" face="serif">     (1,988,000</font></td>
<td align="left"><font size="2" face="serif">)</font></td>
<td align="left">&nbsp;</td>
<td align="right"><font size="2" face="serif">        (4,697,000</font></td>
<td align="left"><font size="2" face="serif">)</font></td>
<td align="right">&nbsp;</td>
<td align="left"><font size="2" face="serif">&nbsp;</font></td>
<td align="left">&nbsp;</td>
<td align="left">&nbsp;</td>
<td align="right"><font size="2" face="serif">        (5,558,000</font></td>
<td align="left"><font size="2" face="serif">)</font></td>
<td align="left">&nbsp;</td>
<td align="right"><font size="2" face="serif">     (2,065,000</font></td>
<td align="left"><font size="2" face="serif">)</font></td>
<td align="left">&nbsp;</td>
<td align="right"><font size="2" face="serif">        (3,493,000</font></td>
<td align="left"><font size="2" face="serif">)</font></td>
</tr>
<tr valign="bottom" bgcolor="#FFFFFF">
  <td align="left">&nbsp;</td>
  <td align="left"><hr noshade align="center" width="100%" size="1">
  </td>
  <td align="center"><hr noshade align="center" width="100%" size="1">
  </td>
  <td align="left">&nbsp;</td>
  <td align="right"><hr noshade align="center" width="100%" size="1">
  </td>
  <td align="center"><hr noshade align="center" width="100%" size="1">
  </td>
  <td align="left">&nbsp;</td>
  <td align="right"><hr noshade align="center" width="100%" size="1">
  </td>
  <td align="center"><hr noshade align="center" width="100%" size="1">
  </td>
  <td align="left">&nbsp;</td>
  <td align="right">&nbsp;</td>
  <td align="left">&nbsp;</td>
  <td align="left">&nbsp;</td>
  <td align="right"><hr noshade align="center" width="100%" size="1">
  </td>
  <td align="center"><hr noshade align="center" width="100%" size="1">
  </td>
  <td align="left">&nbsp;</td>
  <td align="right"><hr noshade align="center" width="100%" size="1">
  </td>
  <td align="center"><hr noshade align="center" width="100%" size="1">
  </td>
  <td align="left">&nbsp;</td>
  <td align="right"><hr noshade align="center" width="100%" size="1">
  </td>
  <td align="center"><hr noshade align="center" width="100%" size="1">
  </td>
  <td align="left">&nbsp;</td>
</tr>
<tr valign="bottom">
<td align="left"><font size="2" face="serif">&nbsp;</font></td>
<td align="left">&nbsp;</td>
<td align="right"><font size="2" face="serif">&nbsp;</font></td>
<td align="left">&nbsp;</td>
<td align="left">&nbsp;</td>
<td align="right"><font size="2" face="serif">&nbsp;</font></td>
<td align="left">&nbsp;</td>
<td align="left">&nbsp;</td>
<td align="right"><font size="2" face="serif">&nbsp;</font></td>
<td align="left">&nbsp;</td>
<td align="right">&nbsp;</td>
<td align="left"><font size="2" face="serif">&nbsp;</font></td>
<td align="left">&nbsp;</td>
<td align="left">&nbsp;</td>
<td align="right"><font size="2" face="serif">&nbsp;</font></td>
<td align="left">&nbsp;</td>
<td align="left">&nbsp;</td>
<td align="right"><font size="2" face="serif">&nbsp;</font></td>
<td align="left">&nbsp;</td>
<td align="left">&nbsp;</td>
<td align="right"><font size="2" face="serif">&nbsp;</font></td>
<td align="left">&nbsp;</td>
</tr>
<tr valign="bottom" bgcolor="#FFFFFF">
<td align="left"><font size="2" face="serif">Income before minority and</font></td>
<td align="left">&nbsp;</td>
<td align="right"><font size="2" face="serif">&nbsp;</font></td>
<td align="left">&nbsp;</td>
<td align="left">&nbsp;</td>
<td align="right"><font size="2" face="serif">&nbsp;</font></td>
<td align="left">&nbsp;</td>
<td align="left">&nbsp;</td>
<td align="right"><font size="2" face="serif">&nbsp;</font></td>
<td align="left">&nbsp;</td>
<td align="right">&nbsp;</td>
<td align="left"><font size="2" face="serif">&nbsp;</font></td>
<td align="left">&nbsp;</td>
<td align="left">&nbsp;</td>
<td align="right"><font size="2" face="serif">&nbsp;</font></td>
<td align="left">&nbsp;</td>
<td align="left">&nbsp;</td>
<td align="right"><font size="2" face="serif">&nbsp;</font></td>
<td align="left">&nbsp;</td>
<td align="left">&nbsp;</td>
<td align="right"><font size="2" face="serif">&nbsp;</font></td>
<td align="left">&nbsp;</td>
</tr>
<tr valign="bottom" bgcolor="#eeeeee">
<td align="left"><font size="2" face="serif">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;limited partners&#146; interests</font></td>
<td align="left">&nbsp;</td>
<td align="right"><font size="2" face="serif">        6,825,000 </font></td>
<td align="left">&nbsp;</td>
<td align="left">&nbsp;</td>
<td align="right"><font size="2" face="serif">          791,000 </font></td>
<td align="left">&nbsp;</td>
<td align="left">&nbsp;</td>
<td align="right"><font size="2" face="serif">          6,034,000 </font></td>
<td align="left">&nbsp;</td>
<td align="right">&nbsp;</td>
<td align="left"><font size="2" face="serif">&nbsp;</font></td>
<td align="left">&nbsp;</td>
<td align="left">&nbsp;</td>
<td align="right"><font size="2" face="serif">          3,919,000 </font></td>
<td align="left">&nbsp;</td>
<td align="left">&nbsp;</td>
<td align="right"><font size="2" face="serif">          732,000 </font></td>
<td align="left">&nbsp;</td>
<td align="left">&nbsp;</td>
<td align="right"><font size="2" face="serif">          3,187,000 </font></td>
<td align="left">&nbsp;</td>
</tr>
<tr valign="bottom" bgcolor="#FFFFFF">
<td align="left"><font size="2" face="serif">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Minority interests</font></td>
<td align="left">&nbsp;</td>
<td align="right"><font size="2" face="serif">(643,000</font></td>
<td align="left"><font size="2" face="serif">)</font></td>
<td align="left">&nbsp;</td>
<td align="right"><font size="2" face="serif">        (643,000</font></td>
<td align="left"><font size="2" face="serif">)</font></td>
<td align="left">&nbsp;</td>
<td align="right"><font size="2" face="serif">&#151;</font></td>
<td align="left">&nbsp;</td>
<td align="right">&nbsp;</td>
<td align="left"><font size="2" face="serif">&nbsp;</font></td>
<td align="left">&nbsp;</td>
<td align="left">&nbsp;</td>
<td align="right"><font size="2" face="serif">(584,000</font></td>
<td align="left"><font size="2" face="serif">)</font></td>
<td align="left">&nbsp;</td>
<td align="right"><font size="2" face="serif">(584,000</font></td>
<td align="left"><font size="2" face="serif">)</font></td>
<td align="left">&nbsp;</td>
<td align="right"><font size="2" face="serif">&#151;</font></td>
<td align="left">&nbsp;</td>
</tr>
<tr valign="bottom" bgcolor="#eeeeee">
<td align="left"><font size="2" face="serif">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Limited partners&#146; interest</font></td>
<td align="left">&nbsp;</td>
<td align="right"><font size="2" face="serif">(114,000</font></td>
<td align="left"><font size="2" face="serif">)</font></td>
<td align="left">&nbsp;</td>
<td align="right"><font size="2" face="serif">(6,000</font></td>
<td align="left"><font size="2" face="serif">)</font></td>
<td align="left">&nbsp;</td>
<td align="right"><font size="2" face="serif">(108,000</font></td>
<td align="left"><font size="2" face="serif">)</font></td>
<td align="right">&nbsp;</td>
<td align="left"><font size="2" face="serif">&nbsp;</font></td>
<td align="left">&nbsp;</td>
<td align="left">&nbsp;</td>
<td align="right"><font size="2" face="serif">(89,000</font></td>
<td align="left"><font size="2" face="serif">)</font></td>
<td align="left">&nbsp;</td>
<td align="right"><font size="2" face="serif">(4,000</font></td>
<td align="left"><font size="2" face="serif">)</font></td>
<td align="left">&nbsp;</td>
<td align="right"><font size="2" face="serif">(85,000</font></td>
<td align="left"><font size="2" face="serif">)</font></td>
</tr>
<tr valign="bottom" bgcolor="#FFFFFF">
  <td align="left">&nbsp;</td>
  <td align="left"><hr noshade align="center" width="100%" size="1">
  </td>
  <td align="center"><hr noshade align="center" width="100%" size="1">
  </td>
  <td align="left">&nbsp;</td>
  <td align="right"><hr noshade align="center" width="100%" size="1">
  </td>
  <td align="center"><hr noshade align="center" width="100%" size="1">
  </td>
  <td align="left">&nbsp;</td>
  <td align="right"><hr noshade align="center" width="100%" size="1">
  </td>
  <td align="center"><hr noshade align="center" width="100%" size="1">
  </td>
  <td align="left">&nbsp;</td>
  <td align="right">&nbsp;</td>
  <td align="left">&nbsp;</td>
  <td align="left">&nbsp;</td>
  <td align="right"><hr noshade align="center" width="100%" size="1">
  </td>
  <td align="center"><hr noshade align="center" width="100%" size="1">
  </td>
  <td align="left">&nbsp;</td>
  <td align="right"><hr noshade align="center" width="100%" size="1">
  </td>
  <td align="center"><hr noshade align="center" width="100%" size="1">
  </td>
  <td align="left">&nbsp;</td>
  <td align="right"><hr noshade align="center" width="100%" size="1">
  </td>
  <td align="center"><hr noshade align="center" width="100%" size="1">
  </td>
  <td align="left">&nbsp;</td>
</tr>
<tr valign="bottom" bgcolor="#FFFFFF">
<td align="left"><font size="2" face="serif">Net income</font></td>
<td align="left">&nbsp;</td>
<td align="right"><font size="2" face="serif">        6,068,000 </font></td>
<td align="left">&nbsp;</td>
<td align="left">&nbsp;</td>
<td align="right"><font size="2" face="serif">          142,000 </font></td>
<td align="left">&nbsp;</td>
<td align="left">&nbsp;</td>
<td align="right"><font size="2" face="serif">          5,926,000 </font></td>
<td align="left">&nbsp;</td>
<td align="right">&nbsp;</td>
<td align="left"><font size="2" face="serif">&nbsp;</font></td>
<td align="left">&nbsp;</td>
<td align="left">&nbsp;</td>
<td align="right"><font size="2" face="serif">          3,246,000 </font></td>
<td align="left">&nbsp;</td>
<td align="left">&nbsp;</td>
<td align="right"><font size="2" face="serif">          144,000 </font></td>
<td align="left">&nbsp;</td>
<td align="left">&nbsp;</td>
<td align="right"><font size="2" face="serif">          3,102,000 </font></td>
<td align="left">&nbsp;</td>
</tr>
<tr valign="bottom">
<td align="left"><font size="2" face="serif">&nbsp;</font></td>
<td align="left">&nbsp;</td>
<td align="right"><font size="2" face="serif">&nbsp;</font></td>
<td align="left">&nbsp;</td>
<td align="left">&nbsp;</td>
<td align="right"><font size="2" face="serif">&nbsp;</font></td>
<td align="left">&nbsp;</td>
<td align="left">&nbsp;</td>
<td align="right"><font size="2" face="serif">&nbsp;</font></td>
<td align="left">&nbsp;</td>
<td align="right">&nbsp;</td>
<td align="left"><font size="2" face="serif">&nbsp;</font></td>
<td align="left">&nbsp;</td>
<td align="left">&nbsp;</td>
<td align="right"><font size="2" face="serif">&nbsp;</font></td>
<td align="left">&nbsp;</td>
<td align="left">&nbsp;</td>
<td align="right"><font size="2" face="serif">&nbsp;</font></td>
<td align="left">&nbsp;</td>
<td align="left">&nbsp;</td>
<td align="right"><font size="2" face="serif">&nbsp;</font></td>
<td align="left">&nbsp;</td>
</tr>
<tr valign="bottom" bgcolor="#eeeeee">
<td align="left"><font size="2" face="serif">Preferred distribution requirements</font></td>
<td align="left">&nbsp;</td>
<td align="right"><font size="2" face="serif">(3,248,000</font></td>
<td align="left"><font size="2" face="serif">)</font></td>
<td align="left">&nbsp;</td>
<td align="right"><font size="2" face="serif">&#151;</font></td>
<td align="left">&nbsp;</td>
<td align="left">&nbsp;</td>
<td align="right"><font size="2" face="serif">(3,248,000</font></td>
<td align="left"><font size="2" face="serif">)</font></td>
<td align="right">&nbsp;</td>
<td align="left"><font size="2" face="serif">&nbsp;</font></td>
<td align="left">&nbsp;</td>
<td align="left">&nbsp;</td>
<td align="right"><font size="2" face="serif">&#151;</font></td>
<td align="left">&nbsp;</td>
<td align="left">&nbsp;</td>
<td align="right"><font size="2" face="serif">&#151;</font></td>
<td align="left">&nbsp;</td>
<td align="left">&nbsp;</td>
<td align="right"><font size="2" face="serif">&#151;</font></td>
<td align="left">&nbsp;</td>
</tr>
<tr valign="bottom" bgcolor="#FFFFFF">
  <td align="left">&nbsp;</td>
  <td align="left"><hr noshade align="center" width="100%" size="1">
  </td>
  <td align="center"><hr noshade align="center" width="100%" size="1">
  </td>
  <td align="left">&nbsp;</td>
  <td align="right"><hr noshade align="center" width="100%" size="1">
  </td>
  <td align="center"><hr noshade align="center" width="100%" size="1">
  </td>
  <td align="left">&nbsp;</td>
  <td align="right"><hr noshade align="center" width="100%" size="1">
  </td>
  <td align="center"><hr noshade align="center" width="100%" size="1">
  </td>
  <td align="left">&nbsp;</td>
  <td align="right">&nbsp;</td>
  <td align="left">&nbsp;</td>
  <td align="left">&nbsp;</td>
  <td align="right"><hr noshade align="center" width="100%" size="1">
  </td>
  <td align="center"><hr noshade align="center" width="100%" size="1">
  </td>
  <td align="left">&nbsp;</td>
  <td align="right"><hr noshade align="center" width="100%" size="1">
  </td>
  <td align="center"><hr noshade align="center" width="100%" size="1">
  </td>
  <td align="left">&nbsp;</td>
  <td align="right"><hr noshade align="center" width="100%" size="1">
  </td>
  <td align="center"><hr noshade align="center" width="100%" size="1">
  </td>
  <td align="left">&nbsp;</td>
</tr>
<tr valign="bottom" bgcolor="#FFFFFF">
<td align="left"><font size="2" face="serif">Net income applicable to</font></td>
<td align="left">&nbsp;</td>
<td align="right"><font size="2" face="serif">&nbsp;</font></td>
<td align="left">&nbsp;</td>
<td align="left">&nbsp;</td>
<td align="right"><font size="2" face="serif">&nbsp;</font></td>
<td align="left">&nbsp;</td>
<td align="left">&nbsp;</td>
<td align="right"><font size="2" face="serif">&nbsp;</font></td>
<td align="left">&nbsp;</td>
<td align="right">&nbsp;</td>
<td align="left"><font size="2" face="serif">&nbsp;</font></td>
<td align="left">&nbsp;</td>
<td align="left">&nbsp;</td>
<td align="right"><font size="2" face="serif">&nbsp;</font></td>
<td align="left">&nbsp;</td>
<td align="left">&nbsp;</td>
<td align="right"><font size="2" face="serif">&nbsp;</font></td>
<td align="left">&nbsp;</td>
<td align="left">&nbsp;</td>
<td align="right"><font size="2" face="serif">&nbsp;</font></td>
<td align="left">&nbsp;</td>
</tr>
<tr valign="bottom" bgcolor="#FFFFFF">
<td align="left"><font size="2" face="serif">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;common shareholders</font></td>
<td align="left"><font size="2" face="serif">$</font></td>
<td align="right"><font size="2" face="serif">     2,820,000 </font></td>
<td align="left">&nbsp;</td>
<td align="left"><font size="2" face="serif">$</font></td>
<td align="right"><font size="2" face="serif">       142,000 </font></td>
<td align="left">&nbsp;</td>
<td align="left"><font size="2" face="serif">$</font></td>
<td align="right"><font size="2" face="serif">       2,678,000 </font></td>
<td align="left">&nbsp;</td>
<td align="right">&nbsp;</td>
<td align="left"><font size="2" face="serif">&nbsp;</font></td>
<td align="left">&nbsp;</td>
<td align="left"><font size="2" face="serif">$</font></td>
<td align="right"><font size="2" face="serif">       3,246,000 </font></td>
<td align="left">&nbsp;</td>
<td align="left"><font size="2" face="serif">$</font></td>
<td align="right"><font size="2" face="serif">       144,000 </font></td>
<td align="left">&nbsp;</td>
<td align="left"><font size="2" face="serif">$</font></td>
<td align="right"><font size="2" face="serif">       3,102,000 </font></td>
<td align="left">&nbsp;</td>
</tr>
<tr valign="bottom" bgcolor="#FFFFFF">
  <td align="left">&nbsp;</td>
  <td align="left"><hr noshade align="center" width="100%" size="2">
  </td>
  <td align="center"><hr noshade align="center" width="100%" size="2">
  </td>
  <td align="left">&nbsp;</td>
  <td align="right"><hr noshade align="center" width="100%" size="2">
  </td>
  <td align="center"><hr noshade align="center" width="100%" size="2">
  </td>
  <td align="left">&nbsp;</td>
  <td align="right"><hr noshade align="center" width="100%" size="2">
  </td>
  <td align="center"><hr noshade align="center" width="100%" size="2">
  </td>
  <td align="left">&nbsp;</td>
  <td align="right">&nbsp;</td>
  <td align="left">&nbsp;</td>
  <td align="left">&nbsp;</td>
  <td align="right"><hr noshade align="center" width="100%" size="2">
  </td>
  <td align="center"><hr noshade align="center" width="100%" size="2">
  </td>
  <td align="left">&nbsp;</td>
  <td align="right"><hr noshade align="center" width="100%" size="2">
  </td>
  <td align="center"><hr noshade align="center" width="100%" size="2">
  </td>
  <td align="left">&nbsp;</td>
  <td align="right"><hr noshade align="center" width="100%" size="2">
  </td>
  <td align="center"><hr noshade align="center" width="100%" size="2">
  </td>
  <td align="left">&nbsp;</td>
</tr>
<tr valign="bottom" bgcolor="#eeeeee">
<td align="left"><font size="2" face="serif">Per common share</font></td>
<td align="left"><font size="2" face="serif">$</font></td>
<td align="right"><font size="2" face="serif">              0.14 </font></td>
<td align="left">&nbsp;</td>
<td align="left"><font size="2" face="serif">$</font></td>
<td align="right"><font size="2" face="serif">             0.01 </font></td>
<td align="left">&nbsp;</td>
<td align="left"><font size="2" face="serif">$</font></td>
<td align="right"><font size="2" face="serif">                0.13 </font></td>
<td align="left">&nbsp;</td>
<td align="right">&nbsp;</td>
<td align="left"><font size="2" face="serif">&nbsp;</font></td>
<td align="left">&nbsp;</td>
<td align="left"><font size="2" face="serif">$</font></td>
<td align="right"><font size="2" face="serif">                0.20 </font></td>
<td align="left">&nbsp;</td>
<td align="left"><font size="2" face="serif">$</font></td>
<td align="right"><font size="2" face="serif">             0.01 </font></td>
<td align="left">&nbsp;</td>
<td align="left"><font size="2" face="serif">$</font></td>
<td align="right"><font size="2" face="serif">                0.19 </font></td>
<td align="left">&nbsp;</td>
</tr>
<tr valign="bottom" bgcolor="#FFFFFF">
  <td align="left">&nbsp;</td>
  <td align="left"><hr noshade align="center" width="100%" size="2">
  </td>
  <td align="center"><hr noshade align="center" width="100%" size="2">
  </td>
  <td align="left">&nbsp;</td>
  <td align="right"><hr noshade align="center" width="100%" size="2">
  </td>
  <td align="center"><hr noshade align="center" width="100%" size="2">
  </td>
  <td align="left">&nbsp;</td>
  <td align="right"><hr noshade align="center" width="100%" size="2">
  </td>
  <td align="center"><hr noshade align="center" width="100%" size="2">
  </td>
  <td align="left">&nbsp;</td>
  <td align="right">&nbsp;</td>
  <td align="left">&nbsp;</td>
  <td align="left">&nbsp;</td>
  <td align="right"><hr noshade align="center" width="100%" size="2">
  </td>
  <td align="center"><hr noshade align="center" width="100%" size="2">
  </td>
  <td align="left">&nbsp;</td>
  <td align="right"><hr noshade align="center" width="100%" size="2">
  </td>
  <td align="center"><hr noshade align="center" width="100%" size="2">
  </td>
  <td align="left">&nbsp;</td>
  <td align="right"><hr noshade align="center" width="100%" size="2">
  </td>
  <td align="center"><hr noshade align="center" width="100%" size="2">
  </td>
  <td align="left">&nbsp;</td>
</tr>
<tr valign="bottom" bgcolor="#FFFFFF">
<td align="left"><font size="2" face="serif">Average number of common</font></td>
<td align="left">&nbsp;</td>
<td align="right"><font size="2" face="serif">&nbsp;</font></td>
<td align="left">&nbsp;</td>
<td align="left">&nbsp;</td>
<td align="right"><font size="2" face="serif">&nbsp;</font></td>
<td align="left">&nbsp;</td>
<td align="left">&nbsp;</td>
<td align="right"><font size="2" face="serif">&nbsp;</font></td>
<td align="left">&nbsp;</td>
<td align="right">&nbsp;</td>
<td align="left"><font size="2" face="serif">&nbsp;</font></td>
<td align="left">&nbsp;</td>
<td align="left">&nbsp;</td>
<td align="right"><font size="2" face="serif">&nbsp;</font></td>
<td align="left">&nbsp;</td>
<td align="left">&nbsp;</td>
<td align="right"><font size="2" face="serif">&nbsp;</font></td>
<td align="left">&nbsp;</td>
<td align="left">&nbsp;</td>
<td align="right"><font size="2" face="serif">&nbsp;</font></td>
<td align="left">&nbsp;</td>
</tr>
<tr valign="bottom" bgcolor="#FFFFFF">
<td align="left"><font size="2" face="serif">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;shares outstanding</font></td>
<td align="left">&nbsp;</td>
<td align="right"><font size="2" face="serif">      20,763,000 </font></td>
<td align="left">&nbsp;</td>
<td align="left">&nbsp;</td>
<td align="right"><font size="2" face="serif">     20,763,000 </font></td>
<td align="left">&nbsp;</td>
<td align="left">&nbsp;</td>
<td align="right"><font size="2" face="serif">        20,763,000 </font></td>
<td align="left">&nbsp;</td>
<td align="right">&nbsp;</td>
<td align="left"><font size="2" face="serif">&nbsp;</font></td>
<td align="left">&nbsp;</td>
<td align="left">&nbsp;</td>
<td align="right"><font size="2" face="serif">        16,456,000 </font></td>
<td align="left">&nbsp;</td>
<td align="left">&nbsp;</td>
<td align="right"><font size="2" face="serif">     16,456,000 </font></td>
<td align="left">&nbsp;</td>
<td align="left">&nbsp;</td>
<td align="right"><font size="2" face="serif">        16,456,000 </font></td>
<td align="left">&nbsp;</td>
</tr>
<tr valign="bottom" bgcolor="#FFFFFF">
  <td align="left">&nbsp;</td>
  <td align="left"><hr noshade align="center" width="100%" size="2">
  </td>
  <td align="center"><hr noshade align="center" width="100%" size="2">
  </td>
  <td align="left">&nbsp;</td>
  <td align="right"><hr noshade align="center" width="100%" size="2">
  </td>
  <td align="center"><hr noshade align="center" width="100%" size="2">
  </td>
  <td align="left">&nbsp;</td>
  <td align="right"><hr noshade align="center" width="100%" size="2">
  </td>
  <td align="center"><hr noshade align="center" width="100%" size="2">
  </td>
  <td align="left">&nbsp;</td>
  <td align="right">&nbsp;</td>
  <td align="left">&nbsp;</td>
  <td align="left">&nbsp;</td>
  <td align="right"><hr noshade align="center" width="100%" size="2">
  </td>
  <td align="center"><hr noshade align="center" width="100%" size="2">
  </td>
  <td align="left">&nbsp;</td>
  <td align="right"><hr noshade align="center" width="100%" size="2">
  </td>
  <td align="center"><hr noshade align="center" width="100%" size="2">
  </td>
  <td align="left">&nbsp;</td>
  <td align="right"><hr noshade align="center" width="100%" size="2">
  </td>
  <td align="center"><hr noshade align="center" width="100%" size="2">
  </td>
  <td align="left">&nbsp;</td>
</tr>
</table>
<p align="center"><font face="serif" size="2">9</font></p>
<hr noshade align="center" width="100%" size="2">
<div style="page-break-before:always"></div>
<page>
<a name="p?"></a>

<br><br>
<table width="100%" cellspacing="0" cellpadding="0" align="center" border="0">
<tr valign="bottom" bgcolor="#FFFFFF">
<td align="left"><font size="2" face="serif"><b>CEDAR SHOPPING CENTERS, INC.</b></font></td>
<td width="1%" align="right">&nbsp;</td>
<td width="12%" align="left"><font size="2" face="serif">&nbsp;</font></td>
<td width="2%" align="left">&nbsp;</td>
<td width="1%" align="right">&nbsp;</td>
<td width="12%" align="left"><font size="2" face="serif">&nbsp;</font></td>
<td width="2%" align="left">&nbsp;</td>
<td width="1%" align="right">&nbsp;</td>
<td width="-1%" align="left"><font size="2" face="serif">&nbsp;</font></td>
<td width="2%" align="left">&nbsp;</td>
<td width="1%" align="right">&nbsp;</td>
<td width="12%" align="left"><font size="2" face="serif">&nbsp;</font></td>
<td width="2%" align="left">&nbsp;</td>
<td width="1%" align="right">&nbsp;</td>
<td width="12%" align="left"><font size="2" face="serif">&nbsp;</font></td>
</tr>
<tr valign="bottom" bgcolor="#FFFFFF">
<td align="left"><font size="2" face="serif"><b>Reconciliation of Net Income to</b></font></td>
<td align="right">&nbsp;</td>
<td align="left"><font size="2" face="serif">&nbsp;</font></td>
<td align="left">&nbsp;</td>
<td align="right">&nbsp;</td>
<td align="left"><font size="2" face="serif">&nbsp;</font></td>
<td align="left">&nbsp;</td>
<td align="right">&nbsp;</td>
<td align="left"><font size="2" face="serif">&nbsp;</font></td>
<td align="left">&nbsp;</td>
<td align="right">&nbsp;</td>
<td align="left"><font size="2" face="serif">&nbsp;</font></td>
<td align="left">&nbsp;</td>
<td align="right">&nbsp;</td>
<td align="left"><font size="2" face="serif">&nbsp;</font></td>
</tr>
<tr valign="bottom" bgcolor="#FFFFFF">
<td align="left"><font size="2" face="serif"><b>Funds From Operations (&#147;FFO&#148;)</b></font></td>
<td align="right">&nbsp;</td>
<td align="left"><font size="2" face="serif">&nbsp;</font></td>
<td align="left">&nbsp;</td>
<td align="right">&nbsp;</td>
<td align="left"><font size="2" face="serif">&nbsp;</font></td>
<td align="left">&nbsp;</td>
<td align="right">&nbsp;</td>
<td align="left"><font size="2" face="serif">&nbsp;</font></td>
<td align="left">&nbsp;</td>
<td align="right">&nbsp;</td>
<td align="left"><font size="2" face="serif">&nbsp;</font></td>
<td align="left">&nbsp;</td>
<td align="right">&nbsp;</td>
<td align="left"><font size="2" face="serif">&nbsp;</font></td>
</tr>
<tr valign="bottom" bgcolor="#FFFFFF">
<td align="left"><font size="2" face="serif"><b>(unaudited)</b></font></td>
<td align="right">&nbsp;</td>
<td align="left"><font size="2" face="serif">&nbsp;</font></td>
<td align="left">&nbsp;</td>
<td align="right">&nbsp;</td>
<td align="left"><font size="2" face="serif">&nbsp;</font></td>
<td align="left">&nbsp;</td>
<td align="right">&nbsp;</td>
<td align="left"><font size="2" face="serif">&nbsp;</font></td>
<td align="left">&nbsp;</td>
<td align="right">&nbsp;</td>
<td align="left"><font size="2" face="serif">&nbsp;</font></td>
<td align="left">&nbsp;</td>
<td align="right">&nbsp;</td>
<td align="left"><font size="2" face="serif">&nbsp;</font></td>
</tr>
<tr valign="bottom" bgcolor="#FFFFFF">
<td align="left"><font size="2" face="serif">&nbsp;</font></td>
<td align="right">&nbsp;</td>
<td colspan="4" align="center"><font size="2" face="serif"><b>Three months ended June 30,</b></font></td>
<td align="left">&nbsp;</td>
<td align="right">&nbsp;</td>
<td align="left"><font size="2" face="serif">&nbsp;</font></td>
<td align="left">&nbsp;</td>
<td align="right">&nbsp;</td>
<td colspan="4" align="center"><font size="2" face="serif"><b>Six months ended June 30,</b></font></td>
</tr>
<tr valign="bottom" bgcolor="#FFFFFF">
  <td align="left">&nbsp;</td>
  <td align="right">&nbsp;</td>
  <td colspan="4" align="center"><hr noshade align="center" width="100%" size="1"></td>
  <td align="left">&nbsp;</td>
  <td align="right">&nbsp;</td>
  <td align="left">&nbsp;</td>
  <td align="left">&nbsp;</td>
  <td align="right">&nbsp;</td>
  <td colspan="4" align="center"><hr noshade align="center" width="100%" size="1"></td>
  </tr>
<tr valign="bottom" bgcolor="#ffffff">
<td align="left"><font size="2" face="serif">&nbsp;</font></td>
<td align="right">&nbsp;</td>
<td align="center"><font size="2" face="serif"><b>2005</b></font></td>
<td align="left">&nbsp;</td>
<td align="right">&nbsp;</td>
<td align="center"><font size="2" face="serif"><b>2004</b></font></td>
<td align="left">&nbsp;</td>
<td align="right">&nbsp;</td>
<td align="left"><font size="2" face="serif">&nbsp;</font></td>
<td align="left">&nbsp;</td>
<td align="right">&nbsp;</td>
<td align="center"><font size="2" face="serif"><b>2005</b></font></td>
<td align="left">&nbsp;</td>
<td align="right">&nbsp;</td>
<td align="center"><font size="2" face="serif"><b>2004</b></font></td>
</tr>
<tr valign="bottom" bgcolor="#ffffff">
  <td align="left">&nbsp;</td>
  <td align="right"><hr noshade align="center" width="100%" size="1"></td>
  <td align="center"><hr noshade align="center" width="100%" size="1"></td>
  <td align="left">&nbsp;</td>
  <td align="right"><hr noshade align="center" width="100%" size="1"></td>
  <td align="center"><hr noshade align="center" width="100%" size="1"></td>
  <td align="left">&nbsp;</td>
  <td align="right">&nbsp;</td>
  <td align="left">&nbsp;</td>
  <td align="left">&nbsp;</td>
  <td align="right"><hr noshade align="center" width="100%" size="1"></td>
  <td align="center"><hr noshade align="center" width="100%" size="1"></td>
  <td align="left">&nbsp;</td>
  <td align="right"><hr noshade align="center" width="100%" size="1"></td>
  <td align="center"><hr noshade align="center" width="100%" size="1"></td>
  </tr>
<tr valign="bottom">
<td align="left"><font size="2" face="serif">&nbsp;</font></td>
<td align="right">&nbsp;</td>
<td align="left"><font size="2" face="serif">&nbsp;</font></td>
<td align="left">&nbsp;</td>
<td align="right">&nbsp;</td>
<td align="left"><font size="2" face="serif">&nbsp;</font></td>
<td align="left">&nbsp;</td>
<td align="right">&nbsp;</td>
<td align="left"><font size="2" face="serif">&nbsp;</font></td>
<td align="left">&nbsp;</td>
<td align="right">&nbsp;</td>
<td align="left"><font size="2" face="serif">&nbsp;</font></td>
<td align="left">&nbsp;</td>
<td align="right">&nbsp;</td>
<td align="left"><font size="2" face="serif">&nbsp;</font></td>
</tr>
<tr valign="bottom" bgcolor="#FFFFFF">
<td align="left"><font size="2" face="serif">Net income applicable to common shareholders (1)</font></td>
<td align="left"><font size="2" face="serif">$</font></td>
<td align="right"><font size="2" face="serif">            1,466,000 </font></td>
<td align="left">&nbsp;</td>
<td align="left"><font size="2" face="serif">$</font></td>
<td align="right"><font size="2" face="serif">            1,903,000 </font></td>
<td align="left">&nbsp;</td>
<td align="right">&nbsp;</td>
<td align="left"><font size="2" face="serif">&nbsp;</font></td>
<td align="left">&nbsp;</td>
<td align="left"><font size="2" face="serif">$</font></td>
<td align="right"><font size="2" face="serif">            2,820,000 </font></td>
<td align="left">&nbsp;</td>
<td align="left"><font size="2" face="serif">$</font></td>
<td align="right"><font size="2" face="serif">            3,246,000 </font></td>
</tr>
<tr valign="bottom" bgcolor="#FFFFFF">
<td align="left"><font size="2" face="serif">Add (deduct):</font></td>
<td align="left">&nbsp;</td>
<td align="right"><font size="2" face="serif">&nbsp;</font></td>
<td align="left">&nbsp;</td>
<td align="left">&nbsp;</td>
<td align="right"><font size="2" face="serif">&nbsp;</font></td>
<td align="left">&nbsp;</td>
<td align="right">&nbsp;</td>
<td align="left"><font size="2" face="serif">&nbsp;</font></td>
<td align="left">&nbsp;</td>
<td align="left">&nbsp;</td>
<td align="right"><font size="2" face="serif">&nbsp;</font></td>
<td align="left">&nbsp;</td>
<td align="left">&nbsp;</td>
<td align="right"><font size="2" face="serif">&nbsp;</font></td>
</tr>
<tr valign="bottom" bgcolor="#eeeeee">
<td align="left"><font size="2" face="serif">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Depreciation and amortization</font></td>
<td align="left">&nbsp;</td>
<td align="right"><font size="2" face="serif">               4,171,000 </font></td>
<td align="left">&nbsp;</td>
<td align="left">&nbsp;</td>
<td align="right"><font size="2" face="serif">               2,506,000 </font></td>
<td align="left">&nbsp;</td>
<td align="right">&nbsp;</td>
<td align="left"><font size="2" face="serif">&nbsp;</font></td>
<td align="left">&nbsp;</td>
<td align="left">&nbsp;</td>
<td align="right"><font size="2" face="serif">               7,901,000 </font></td>
<td align="left">&nbsp;</td>
<td align="left">&nbsp;</td>
<td align="right"><font size="2" face="serif">               4,698,000 </font></td>
</tr>
<tr valign="bottom" bgcolor="#FFFFFF">
<td align="left"><font size="2" face="serif">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Limited partners&#146; interest</font></td>
<td align="left">&nbsp;</td>
<td align="right"><font size="2" face="serif">                    82,000 </font></td>
<td align="left">&nbsp;</td>
<td align="left">&nbsp;</td>
<td align="right"><font size="2" face="serif">                    53,000 </font></td>
<td align="left">&nbsp;</td>
<td align="right">&nbsp;</td>
<td align="left"><font size="2" face="serif">&nbsp;</font></td>
<td align="left">&nbsp;</td>
<td align="left">&nbsp;</td>
<td align="right"><font size="2" face="serif">                  114,000 </font></td>
<td align="left">&nbsp;</td>
<td align="left">&nbsp;</td>
<td align="right"><font size="2" face="serif">                    89,000 </font></td>
</tr>
<tr valign="bottom" bgcolor="#eeeeee">
<td align="left"><font size="2" face="serif">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Minority interests</font></td>
<td align="left">&nbsp;</td>
<td align="right"><font size="2" face="serif">                  353,000 </font></td>
<td align="left">&nbsp;</td>
<td align="left">&nbsp;</td>
<td align="right"><font size="2" face="serif">                  416,000 </font></td>
<td align="left">&nbsp;</td>
<td align="right">&nbsp;</td>
<td align="left"><font size="2" face="serif">&nbsp;</font></td>
<td align="left">&nbsp;</td>
<td align="left">&nbsp;</td>
<td align="right"><font size="2" face="serif">                  643,000 </font></td>
<td align="left">&nbsp;</td>
<td align="left">&nbsp;</td>
<td align="right"><font size="2" face="serif">                  584,000 </font></td>
</tr>
<tr valign="bottom" bgcolor="#FFFFFF">
<td align="left"><font size="2" face="serif">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Minority interests&#146; share of FFO</font></td>
<td align="left">&nbsp;</td>
<td align="right"><font size="2" face="serif">                 (588,000</font></td>
<td align="left"><font size="2" face="serif">)</font></td>
<td align="left">&nbsp;</td>
<td align="right"><font size="2" face="serif">                 (625,000</font></td>
<td align="left"><font size="2" face="serif">)</font></td>
<td align="right">&nbsp;</td>
<td align="left"><font size="2" face="serif">&nbsp;</font></td>
<td align="left">&nbsp;</td>
<td align="left">&nbsp;</td>
<td align="right"><font size="2" face="serif">              (1,124,000</font></td>
<td align="left"><font size="2" face="serif">)</font></td>
<td align="left">&nbsp;</td>
<td align="right"><font size="2" face="serif">                 (995,000</font></td>
</tr>
<tr valign="bottom" bgcolor="#FFFFFF">
  <td align="left">&nbsp;</td>
  <td align="left"><hr noshade align="center" width="100%" size="1"></td>
  <td align="right"><hr noshade align="center" width="100%" size="1"></td>
  <td align="left">&nbsp;</td>
  <td align="left"><hr noshade align="center" width="100%" size="1"></td>
  <td align="right"><hr noshade align="center" width="100%" size="1"></td>
  <td align="left">&nbsp;</td>
  <td align="right">&nbsp;</td>
  <td align="left">&nbsp;</td>
  <td align="left">&nbsp;</td>
  <td align="left"><hr noshade align="center" width="100%" size="1"></td>
  <td align="right"><hr noshade align="center" width="100%" size="1"></td>
  <td align="left">&nbsp;</td>
  <td align="left"><hr noshade align="center" width="100%" size="1"></td>
  <td align="right"><hr noshade align="center" width="100%" size="1"></td>
  </tr>
<tr valign="bottom" bgcolor="#eeeeee">
<td align="left"><font size="2" face="serif">Funds from operations</font></td>
<td align="left"><font size="2" face="serif">$</font></td>
<td align="right"><font size="2" face="serif">            5,484,000 </font></td>
<td align="left">&nbsp;</td>
<td align="left"><font size="2" face="serif">$</font></td>
<td align="right"><font size="2" face="serif">            4,253,000 </font></td>
<td align="left">&nbsp;</td>
<td align="right">&nbsp;</td>
<td align="left"><font size="2" face="serif">&nbsp;</font></td>
<td align="left">&nbsp;</td>
<td align="left"><font size="2" face="serif">$</font></td>
<td align="right"><font size="2" face="serif">          10,354,000 </font></td>
<td align="left">&nbsp;</td>
<td align="left"><font size="2" face="serif">$</font></td>
<td align="right"><font size="2" face="serif">            7,622,000 </font></td>
</tr>
<tr valign="bottom">
<td align="left"><font size="2" face="serif">&nbsp;</font></td>
<td align="left">&nbsp;</td>
<td align="right"><font size="2" face="serif">&nbsp;</font></td>
<td align="left">&nbsp;</td>
<td align="left">&nbsp;</td>
<td align="right"><font size="2" face="serif">&nbsp;</font></td>
<td align="left">&nbsp;</td>
<td align="right">&nbsp;</td>
<td align="left"><font size="2" face="serif">&nbsp;</font></td>
<td align="left">&nbsp;</td>
<td align="left">&nbsp;</td>
<td align="right"><font size="2" face="serif">&nbsp;</font></td>
<td align="left">&nbsp;</td>
<td align="left">&nbsp;</td>
<td align="right"><font size="2" face="serif">&nbsp;</font></td>
</tr>
<tr valign="bottom" bgcolor="#FFFFFF">
<td align="left"><font size="2" face="serif">FFO per common share (assuming conversion</font></td>
<td align="left">&nbsp;</td>
<td align="right"><font size="2" face="serif">&nbsp;</font></td>
<td align="left">&nbsp;</td>
<td align="left">&nbsp;</td>
<td align="right"><font size="2" face="serif">&nbsp;</font></td>
<td align="left">&nbsp;</td>
<td align="right">&nbsp;</td>
<td align="left"><font size="2" face="serif">&nbsp;</font></td>
<td align="left">&nbsp;</td>
<td align="left">&nbsp;</td>
<td align="right"><font size="2" face="serif">&nbsp;</font></td>
<td align="left">&nbsp;</td>
<td align="left">&nbsp;</td>
<td align="right"><font size="2" face="serif">&nbsp;</font></td>
</tr>
<tr valign="bottom" bgcolor="#FFFFFF">
<td align="left"><font size="2" face="serif">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;of OP Units</font></td>
<td align="left"><font size="2" face="serif">$</font></td>
<td align="right"><font size="2" face="serif">                     0.23 </font></td>
<td align="left">&nbsp;</td>
<td align="left"><font size="2" face="serif">$</font></td>
<td align="right"><font size="2" face="serif">                     0.25 </font></td>
<td align="left">&nbsp;</td>
<td align="right">&nbsp;</td>
<td align="left"><font size="2" face="serif">&nbsp;</font></td>
<td align="left">&nbsp;</td>
<td align="left"><font size="2" face="serif">$</font></td>
<td align="right"><font size="2" face="serif">                     0.48 </font></td>
<td align="left">&nbsp;</td>
<td align="left"><font size="2" face="serif">$</font></td>
<td align="right"><font size="2" face="serif">                     0.45 </font></td>
</tr>
<tr valign="bottom">
  <td align="left"><font size="2" face="serif">&nbsp;</font></td>
  <td align="left"><hr noshade align="center" width="100%" size="2">
  </td>
  <td align="right"><hr noshade align="center" width="100%" size="2">
  </td>
  <td align="left">&nbsp;</td>
  <td align="left"><hr noshade align="center" width="100%" size="2">
  </td>
  <td align="right"><hr noshade align="center" width="100%" size="2">
  </td>
  <td align="left">&nbsp;</td>
  <td align="right">&nbsp;</td>
  <td align="left"><font size="2" face="serif">&nbsp;</font></td>
  <td align="left">&nbsp;</td>
  <td align="right"><hr noshade align="center" width="100%" size="2">
  </td>
  <td align="right"><hr noshade align="center" width="100%" size="2">
  </td>
  <td align="left">&nbsp;</td>
  <td align="right"><hr noshade align="center" width="100%" size="2">
  </td>
  <td align="right"><hr noshade align="center" width="100%" size="2">
  </td>
  </tr>
<tr valign="bottom">
<td align="left"><font size="2" face="serif">&nbsp;</font></td>
<td align="left">&nbsp;</td>
<td align="right"><font size="2" face="serif">&nbsp;</font></td>
<td align="left">&nbsp;</td>
<td align="left">&nbsp;</td>
<td align="right"><font size="2" face="serif">&nbsp;</font></td>
<td align="left">&nbsp;</td>
<td align="right">&nbsp;</td>
<td align="left"><font size="2" face="serif">&nbsp;</font></td>
<td align="left">&nbsp;</td>
<td align="left">&nbsp;</td>
<td align="right"><font size="2" face="serif">&nbsp;</font></td>
<td align="left">&nbsp;</td>
<td align="left">&nbsp;</td>
<td align="right"><font size="2" face="serif">&nbsp;</font></td>
</tr>
<tr valign="bottom" bgcolor="#FFFFFF">
<td align="left"><font size="2" face="serif">Average number of common shares:</font></td>
<td align="left">&nbsp;</td>
<td align="right"><font size="2" face="serif">&nbsp;</font></td>
<td align="left">&nbsp;</td>
<td align="left">&nbsp;</td>
<td align="right"><font size="2" face="serif">&nbsp;</font></td>
<td align="left">&nbsp;</td>
<td align="right">&nbsp;</td>
<td align="left"><font size="2" face="serif">&nbsp;</font></td>
<td align="left">&nbsp;</td>
<td align="left">&nbsp;</td>
<td align="right"><font size="2" face="serif">&nbsp;</font></td>
<td align="left">&nbsp;</td>
<td align="left">&nbsp;</td>
<td align="right"><font size="2" face="serif">&nbsp;</font></td>
</tr>
<tr valign="bottom" bgcolor="#eeeeee">
<td align="left"><font size="2" face="serif">Shares used in determination of earnings per share</font></td>
<td align="left">&nbsp;</td>
<td align="right"><font size="2" face="serif">22,175,000 </font></td>
<td align="left">&nbsp;</td>
<td align="left">&nbsp;</td>
<td align="right"><font size="2" face="serif">16,456,000 </font></td>
<td align="left">&nbsp;</td>
<td align="right">&nbsp;</td>
<td align="left"><font size="2" face="serif">&nbsp;</font></td>
<td align="left">&nbsp;</td>
<td align="left">&nbsp;</td>
<td align="right"><font size="2" face="serif">20,763,000 </font></td>
<td align="left">&nbsp;</td>
<td align="left">&nbsp;</td>
<td align="right"><font size="2" face="serif">16,456,000 </font></td>
</tr>
<tr valign="bottom" bgcolor="#FFFFFF">
<td align="left"><font size="2" face="serif">Additional shares assuming conversion of OP Units</font></td>
<td align="left">&nbsp;</td>
<td align="right"><font size="2" face="serif">               1,230,000 </font></td>
<td align="left">&nbsp;</td>
<td align="left">&nbsp;</td>
<td align="right"><font size="2" face="serif">                  454,000 </font></td>
<td align="left">&nbsp;</td>
<td align="right">&nbsp;</td>
<td align="left"><font size="2" face="serif">&nbsp;</font></td>
<td align="left">&nbsp;</td>
<td align="left">&nbsp;</td>
<td align="right"><font size="2" face="serif">                  842,000 </font></td>
<td align="left">&nbsp;</td>
<td align="left">&nbsp;</td>
<td align="right"><font size="2" face="serif">                  447,000 </font></td>
</tr>
<tr valign="bottom" bgcolor="#FFFFFF">
  <td align="left">&nbsp;</td>
  <td align="left"><hr noshade align="center" width="100%" size="1"></td>
  <td align="right"><hr noshade align="center" width="100%" size="1"></td>
  <td align="left">&nbsp;</td>
  <td align="left"><hr noshade align="center" width="100%" size="1"></td>
  <td align="right"><hr noshade align="center" width="100%" size="1"></td>
  <td align="left">&nbsp;</td>
  <td align="right">&nbsp;</td>
  <td align="left">&nbsp;</td>
  <td align="left">&nbsp;</td>
  <td align="left"><hr noshade align="center" width="100%" size="1"></td>
  <td align="right"><hr noshade align="center" width="100%" size="1"></td>
  <td align="left">&nbsp;</td>
  <td align="left"><hr noshade align="center" width="100%" size="1"></td>
  <td align="right"><hr noshade align="center" width="100%" size="1"></td>
  </tr>
<tr valign="bottom" bgcolor="#eeeeee">
<td align="left"><font size="2" face="serif">Shares used in determination of FFO per share</font></td>
<td align="left">&nbsp;</td>
<td align="right"><font size="2" face="serif">             23,405,000 </font></td>
<td align="left">&nbsp;</td>
<td align="left">&nbsp;</td>
<td align="right"><font size="2" face="serif">             16,910,000 </font></td>
<td align="left">&nbsp;</td>
<td align="right">&nbsp;</td>
<td align="left"><font size="2" face="serif">&nbsp;</font></td>
<td align="left">&nbsp;</td>
<td align="left">&nbsp;</td>
<td align="right"><font size="2" face="serif">             21,605,000 </font></td>
<td align="left">&nbsp;</td>
<td align="left">&nbsp;</td>
<td align="right"><font size="2" face="serif">             16,903,000 </font></td>
</tr>
<tr valign="bottom">
<td align="left"><font size="2" face="serif">&nbsp;</font></td>
<td align="left"><hr noshade align="center" width="100%" size="2"></td>
<td align="right"><hr noshade align="center" width="100%" size="2"></td>
<td align="left">&nbsp;</td>
<td align="left"><hr noshade align="center" width="100%" size="2"></td>
<td align="right"><hr noshade align="center" width="100%" size="2"> </td>
<td align="left">&nbsp;</td>
<td align="right">&nbsp;</td>
<td align="left"><font size="2" face="serif">&nbsp;</font></td>
<td align="left">&nbsp;</td>
<td align="right"><hr noshade align="center" width="100%" size="2"> </td>
<td align="right"><hr noshade align="center" width="100%" size="2"> </td>
<td align="left">&nbsp;</td>
<td align="right"><hr noshade align="center" width="100%" size="2"> </td>
<td align="right"><hr noshade align="center" width="100%" size="2"> </td>
</tr>
<tr valign="bottom" bgcolor="#FFFFFF">
<td colspan="15" align="left"><font size="2" face="serif">(1) Net income applicable to common shareholders includes income from amortization of intangible lease liabilities of $937,000,</font></td>
</tr>
<tr valign="bottom" bgcolor="#FFFFFF">
<td colspan="15" align="left"><font size="2" face="serif">$551,000, $1,844,000 and $976,000, respectively. The minority interests&#146; share of such amortization was $27,000, $31,000, $54,000 and</font></td>
</tr>
<tr valign="bottom" bgcolor="#FFFFFF">
<td colspan="15" align="left"><font size="2" face="serif">$63,000, respectively. Net income applicable to common shareholders also includes a charge for the ineffective portion of the</font></td>
</tr>
<tr valign="bottom" bgcolor="#FFFFFF">
<td colspan="15" align="left"><font size="2" face="serif">change in the fair value of the Company&#146;s derivative financial instruments of $0, $80,000, $0 and $360,000, respectively (included</font></td>
</tr>
<tr valign="bottom" bgcolor="#FFFFFF">
<td colspan="6" align="left"><font size="2" face="serif">in amortization expense). Minority interests did not share in such charge.</font></td>
<td align="left">&nbsp;</td>
<td align="right">&nbsp;</td>
<td align="left"><font size="2" face="serif">&nbsp;</font></td>
<td align="left">&nbsp;</td>
<td align="right">&nbsp;</td>
<td align="left"><font size="2" face="serif">&nbsp;</font></td>
<td align="left">&nbsp;</td>
<td align="right">&nbsp;</td>
<td align="left"><font size="2" face="serif">&nbsp;</font></td>
</tr>
</table>
<p align="center"><font face="serif" size="2">10</font></p>
<hr noshade align="center" width="100%" size="2">
<div style="page-break-before:always"></div>
<page>
<a name="p?"></a>

<br><br>
<table width="100%" border="0" align="center" cellpadding="0" cellspacing="0">
<tr valign="top">
<td colspan="3" align="left" bgcolor="#FFFFFF"><font size="2" face="serif"><b>CEDAR SHOPPING CENTERS, INC.</b></font></td>
<td align="left" bgcolor="#FFFFFF">&nbsp;</td>
<td align="right" bgcolor="#FFFFFF">&nbsp;</td>
<td align="left" bgcolor="#FFFFFF"><font size="2" face="serif">&nbsp;</font></td>
<td align="left" bgcolor="#FFFFFF">&nbsp;</td>
<td align="right" bgcolor="#FFFFFF">&nbsp;</td>
<td align="left" bgcolor="#FFFFFF"><font size="2" face="serif">&nbsp;</font></td>
<td align="left" bgcolor="#FFFFFF">&nbsp;</td>
<td align="right" bgcolor="#FFFFFF">&nbsp;</td>
<td align="left" bgcolor="#FFFFFF"><font size="2" face="serif">&nbsp;</font></td>
<td align="left" bgcolor="#FFFFFF">&nbsp;</td>
<td align="right" bgcolor="#FFFFFF">&nbsp;</td>
<td align="left" bgcolor="#FFFFFF"><font size="2" face="serif">&nbsp;</font></td>
<td align="left" bgcolor="#FFFFFF">&nbsp;</td>
<td align="right" bgcolor="#FFFFFF">&nbsp;</td>
<td align="left" bgcolor="#FFFFFF"><font size="2" face="serif">&nbsp;</font></td>
<td align="left" bgcolor="#FFFFFF">&nbsp;</td>
<td align="right" bgcolor="#FFFFFF">&nbsp;</td>
<td align="right" bgcolor="#FFFFFF">&nbsp;</td>
<td align="left" bgcolor="#FFFFFF"><font size="2" face="serif">&nbsp;</font></td>
<td align="left" bgcolor="#FFFFFF">&nbsp;</td>
<td align="right" bgcolor="#FFFFFF">&nbsp;</td>
<td align="left" bgcolor="#FFFFFF"><font size="2" face="serif">&nbsp;</font></td>
<td align="left" bgcolor="#FFFFFF">&nbsp;</td>
<td align="left" bgcolor="#FFFFFF"><font size="2" face="serif">&nbsp;</font></td>
<td align="left" bgcolor="#FFFFFF">&nbsp;</td>
<td align="left" bgcolor="#FFFFFF"><font size="2" face="serif">&nbsp;</font></td>
</tr>
<tr valign="top">
<td align="left" bgcolor="#FFFFFF"><font size="2" face="serif"><b><font face="serif" size="1">Property Summary</font></b></font></td>
<td align="right" bgcolor="#FFFFFF">&nbsp;</td>
<td align="left" bgcolor="#FFFFFF"><font size="2" face="serif">&nbsp;</font></td>
<td align="left" bgcolor="#FFFFFF">&nbsp;</td>
<td align="right" bgcolor="#FFFFFF">&nbsp;</td>
<td align="left" bgcolor="#FFFFFF"><font size="2" face="serif">&nbsp;</font></td>
<td align="left" bgcolor="#FFFFFF">&nbsp;</td>
<td align="right" bgcolor="#FFFFFF">&nbsp;</td>
<td align="left" bgcolor="#FFFFFF"><font size="2" face="serif">&nbsp;</font></td>
<td align="left" bgcolor="#FFFFFF">&nbsp;</td>
<td align="right" bgcolor="#FFFFFF">&nbsp;</td>
<td align="left" bgcolor="#FFFFFF"><font size="2" face="serif">&nbsp;</font></td>
<td align="left" bgcolor="#FFFFFF">&nbsp;</td>
<td align="right" bgcolor="#FFFFFF">&nbsp;</td>
<td align="left" bgcolor="#FFFFFF"><font size="2" face="serif">&nbsp;</font></td>
<td align="left" bgcolor="#FFFFFF">&nbsp;</td>
<td align="right" bgcolor="#FFFFFF">&nbsp;</td>
<td align="left" bgcolor="#FFFFFF"><font size="2" face="serif">&nbsp;</font></td>
<td align="left" bgcolor="#FFFFFF">&nbsp;</td>
<td align="right" bgcolor="#FFFFFF">&nbsp;</td>
<td align="right" bgcolor="#FFFFFF">&nbsp;</td>
<td align="left" bgcolor="#FFFFFF"><font size="2" face="serif">&nbsp;</font></td>
<td align="left" bgcolor="#FFFFFF">&nbsp;</td>
<td align="right" bgcolor="#FFFFFF">&nbsp;</td>
<td align="left" bgcolor="#FFFFFF"><font size="2" face="serif">&nbsp;</font></td>
<td align="left" bgcolor="#FFFFFF">&nbsp;</td>
<td align="left" bgcolor="#FFFFFF"><font size="2" face="serif">&nbsp;</font></td>
<td align="left" bgcolor="#FFFFFF">&nbsp;</td>
<td align="left" bgcolor="#FFFFFF"><font size="2" face="serif">&nbsp;</font></td>
</tr>
<tr valign="top">
<td align="left" bgcolor="#FFFFFF"><font size="2" face="serif"><b><font face="serif" size="1">As of June 30, 2005</font></b></font></td>
<td align="right" bgcolor="#FFFFFF">&nbsp;</td>
<td align="left" bgcolor="#FFFFFF"><font size="2" face="serif">&nbsp;</font></td>
<td align="left" bgcolor="#FFFFFF">&nbsp;</td>
<td align="right" bgcolor="#FFFFFF">&nbsp;</td>
<td align="left" bgcolor="#FFFFFF"><font size="2" face="serif">&nbsp;</font></td>
<td align="left" bgcolor="#FFFFFF">&nbsp;</td>
<td align="right" bgcolor="#FFFFFF">&nbsp;</td>
<td align="left" bgcolor="#FFFFFF"><font size="2" face="serif">&nbsp;</font></td>
<td align="left" bgcolor="#FFFFFF">&nbsp;</td>
<td align="right" bgcolor="#FFFFFF">&nbsp;</td>
<td align="left" bgcolor="#FFFFFF"><font size="2" face="serif">&nbsp;</font></td>
<td align="left" bgcolor="#FFFFFF">&nbsp;</td>
<td align="right" bgcolor="#FFFFFF">&nbsp;</td>
<td align="left" bgcolor="#FFFFFF"><font size="2" face="serif">&nbsp;</font></td>
<td align="left" bgcolor="#FFFFFF">&nbsp;</td>
<td align="right" bgcolor="#FFFFFF">&nbsp;</td>
<td align="left" bgcolor="#FFFFFF"><font size="2" face="serif">&nbsp;</font></td>
<td align="left" bgcolor="#FFFFFF">&nbsp;</td>
<td align="right" bgcolor="#FFFFFF">&nbsp;</td>
<td align="right" bgcolor="#FFFFFF">&nbsp;</td>
<td align="left" bgcolor="#FFFFFF"><font size="2" face="serif">&nbsp;</font></td>
<td align="left" bgcolor="#FFFFFF">&nbsp;</td>
<td align="right" bgcolor="#FFFFFF">&nbsp;</td>
<td align="left" bgcolor="#FFFFFF"><font size="2" face="serif">&nbsp;</font></td>
<td align="left" bgcolor="#FFFFFF">&nbsp;</td>
<td align="left" bgcolor="#FFFFFF"><font size="2" face="serif">&nbsp;</font></td>
<td align="left" bgcolor="#FFFFFF">&nbsp;</td>
<td align="left" bgcolor="#FFFFFF"><font size="2" face="serif">&nbsp;</font></td>
</tr>
<tr valign="bottom">
<td align="left" bgcolor="#FFFFFF"><font size="2" face="serif">&nbsp;</font></td>
<td align="right" bgcolor="#FFFFFF">&nbsp;</td>
<td rowspan="4" align="center" bgcolor="#FFFFFF"><b><font face="serif" size="1">Year<br>
acquired</font></b></td>
<td align="left" bgcolor="#FFFFFF">&nbsp;</td>
<td align="right" bgcolor="#FFFFFF">&nbsp;</td>
<td colspan="2" rowspan="4" align="center" bgcolor="#FFFFFF"><b><font face="serif" size="1">Percent<br>
owned (2)</font></b></td>
<td align="right" bgcolor="#FFFFFF">&nbsp;</td>
<td rowspan="4" align="center" bgcolor="#FFFFFF"><b><font face="serif" size="1">Gross<br>
leasable<br>
area<br>
&#147;GLA&#148;</font></b></td>
<td align="left" bgcolor="#FFFFFF">&nbsp;</td>
<td align="right" bgcolor="#FFFFFF">&nbsp;</td>
<td rowspan="4" align="center" bgcolor="#FFFFFF"><b><font face="serif" size="1">Year built/<br>
year last<br>
renovated</font></b></td>
<td align="left" bgcolor="#FFFFFF">&nbsp;</td>
<td align="right" bgcolor="#FFFFFF">&nbsp;</td>
<td rowspan="4" align="center" bgcolor="#FFFFFF"><b><font face="serif" size="1">Number<br>
of<br>
tenants</font></b></td>
<td align="left" bgcolor="#FFFFFF">&nbsp;</td>
<td align="right" bgcolor="#FFFFFF">&nbsp;</td>
<td colspan="2" rowspan="4" align="center" bgcolor="#FFFFFF"><b><font face="serif" size="1">Percent<br>
occupied</font></b></td>
<td align="right" bgcolor="#FFFFFF">&nbsp;</td>
<td align="right" bgcolor="#FFFFFF">&nbsp;</td>
<td rowspan="4" align="center" bgcolor="#FFFFFF"><b><font face="serif" size="1">Average<br>
base rent per<br>
leased SF</font></b></td>
<td align="left" bgcolor="#FFFFFF">&nbsp;</td>
<td align="right" bgcolor="#FFFFFF">&nbsp;</td>
<td align="left" bgcolor="#FFFFFF"><font size="2" face="serif">&nbsp;</font></td>
<td align="left" bgcolor="#FFFFFF">&nbsp;</td>
<td align="left" bgcolor="#FFFFFF"><font size="2" face="serif">&nbsp;</font></td>
<td align="left" bgcolor="#FFFFFF">&nbsp;</td>
<td align="left" bgcolor="#FFFFFF"><font size="2" face="serif">&nbsp;</font></td>
</tr>
<tr valign="bottom">
<td align="left" bgcolor="#FFFFFF"><font size="2" face="serif">&nbsp;</font></td>
<td align="right" bgcolor="#FFFFFF">&nbsp;</td>
<td align="left" bgcolor="#FFFFFF">&nbsp;</td>
<td align="right" bgcolor="#FFFFFF">&nbsp;</td>
<td align="right" bgcolor="#FFFFFF">&nbsp;</td>
<td align="left" bgcolor="#FFFFFF">&nbsp;</td>
<td align="right" bgcolor="#FFFFFF">&nbsp;</td>
<td align="left" bgcolor="#FFFFFF">&nbsp;</td>
<td align="right" bgcolor="#FFFFFF">&nbsp;</td>
<td align="left" bgcolor="#FFFFFF">&nbsp;</td>
<td align="right" bgcolor="#FFFFFF">&nbsp;</td>
<td align="right" bgcolor="#FFFFFF">&nbsp;</td>
<td align="right" bgcolor="#FFFFFF">&nbsp;</td>
<td align="left" bgcolor="#FFFFFF">&nbsp;</td>
<td align="right" bgcolor="#FFFFFF">&nbsp;</td>
<td colspan="5" rowspan="2" align="center" bgcolor="#FFFFFF"><font size="2" face="serif">&nbsp;</font><font size="2" face="serif">&nbsp;</font><font size="2" face="serif">&nbsp;<b><font face="serif" size="1">Major
    tenants [&gt;=20,000 SF of GLA]</font></b></font>  <hr noshade align="center" width="100%" size="1">
</td>
</tr>
<tr valign="bottom">
<td align="left" bgcolor="#FFFFFF"><font size="2" face="serif">&nbsp;</font></td>
<td align="right" bgcolor="#FFFFFF">&nbsp;</td>
<td align="left" bgcolor="#FFFFFF">&nbsp;</td>
<td align="right" bgcolor="#FFFFFF">&nbsp;</td>
<td align="right" bgcolor="#FFFFFF">&nbsp;</td>
<td align="left" bgcolor="#FFFFFF">&nbsp;</td>
<td align="right" bgcolor="#FFFFFF">&nbsp;</td>
<td align="left" bgcolor="#FFFFFF">&nbsp;</td>
<td align="right" bgcolor="#FFFFFF">&nbsp;</td>
<td align="left" bgcolor="#FFFFFF">&nbsp;</td>
<td align="right" bgcolor="#FFFFFF">&nbsp;</td>
<td align="right" bgcolor="#FFFFFF">&nbsp;</td>
<td align="right" bgcolor="#FFFFFF">&nbsp;</td>
<td align="left" bgcolor="#FFFFFF">&nbsp;</td>
<td align="right" bgcolor="#FFFFFF">&nbsp;</td>
</tr>
<tr valign="bottom">
<td align="left" bgcolor="#FFFFFF"><font size="2" face="serif"><b><font face="serif" size="1">Property</font></b></font></td>
<td align="right" bgcolor="#FFFFFF">&nbsp;</td>
<td align="left" bgcolor="#FFFFFF">&nbsp;</td>
<td align="right" bgcolor="#FFFFFF">&nbsp;</td>
<td align="right" bgcolor="#FFFFFF">&nbsp;</td>
<td align="left" bgcolor="#FFFFFF">&nbsp;</td>
<td align="right" bgcolor="#FFFFFF">&nbsp;</td>
<td align="left" bgcolor="#FFFFFF">&nbsp;</td>
<td align="right" bgcolor="#FFFFFF">&nbsp;</td>
<td align="left" bgcolor="#FFFFFF">&nbsp;</td>
<td align="right" bgcolor="#FFFFFF">&nbsp;</td>
<td align="right" bgcolor="#FFFFFF">&nbsp;</td>
<td align="right" bgcolor="#FFFFFF">&nbsp;</td>
<td align="left" bgcolor="#FFFFFF">&nbsp;</td>
<td align="right" bgcolor="#FFFFFF">&nbsp;</td>
<td align="left" bgcolor="#FFFFFF"><font size="2" face="serif"><b><font face="serif" size="1">Name</font></b></font></td>
<td align="center" bgcolor="#FFFFFF">&nbsp;</td>
<td align="center" bgcolor="#FFFFFF"><font size="2" face="serif"><b><font face="serif" size="1">SF</font></b></font></td>
<td align="center" bgcolor="#FFFFFF">&nbsp;</td>
<td align="center" bgcolor="#FFFFFF"><font size="2" face="serif"><b><font face="serif" size="1">Lease expiration</font></b></font></td>
</tr>
<tr valign="top">
<td colspan="29" align="left"><hr noshade align="center" width="100%" size="1"></td>
</tr>
<tr valign="top">
<td colspan="3" align="left" bgcolor="#FFFFFF"><font size="2" face="serif"><b><font face="serif" size="1">STABILIZED PROPERTIES (1):</font></b></font></td>
<td align="left" bgcolor="#FFFFFF">&nbsp;</td>
<td align="right" bgcolor="#FFFFFF">&nbsp;</td>
<td align="left" bgcolor="#FFFFFF"><font size="2" face="serif">&nbsp;</font></td>
<td align="left" bgcolor="#FFFFFF">&nbsp;</td>
<td align="right" bgcolor="#FFFFFF">&nbsp;</td>
<td align="left" bgcolor="#FFFFFF"><font size="2" face="serif">&nbsp;</font></td>
<td align="left" bgcolor="#FFFFFF">&nbsp;</td>
<td align="right" bgcolor="#FFFFFF">&nbsp;</td>
<td align="left" bgcolor="#FFFFFF"><font size="2" face="serif">&nbsp;</font></td>
<td align="left" bgcolor="#FFFFFF">&nbsp;</td>
<td align="right" bgcolor="#FFFFFF">&nbsp;</td>
<td align="left" bgcolor="#FFFFFF"><font size="2" face="serif">&nbsp;</font></td>
<td align="left" bgcolor="#FFFFFF">&nbsp;</td>
<td align="right" bgcolor="#FFFFFF">&nbsp;</td>
<td align="left" bgcolor="#FFFFFF"><font size="2" face="serif">&nbsp;</font></td>
<td align="left" bgcolor="#FFFFFF">&nbsp;</td>
<td align="right" bgcolor="#FFFFFF">&nbsp;</td>
<td align="right" bgcolor="#FFFFFF">&nbsp;</td>
<td align="left" bgcolor="#FFFFFF"><font size="2" face="serif">&nbsp;</font></td>
<td width="2%" align="left" bgcolor="#FFFFFF">&nbsp;</td>
<td align="right" bgcolor="#FFFFFF">&nbsp;</td>
<td align="left" bgcolor="#FFFFFF"><font size="2" face="serif">&nbsp;</font></td>
<td align="left" bgcolor="#FFFFFF">&nbsp;</td>
<td align="left" bgcolor="#FFFFFF"><font size="2" face="serif">&nbsp;</font></td>
<td align="left" bgcolor="#FFFFFF">&nbsp;</td>
<td align="left" bgcolor="#FFFFFF"><font size="2" face="serif">&nbsp;</font></td>
</tr>
<tr valign="top">
<td align="left" bgcolor="#eeeeee"><font size="2" face="serif"><font face="serif" size="1">The Point Shopping Center</font></font></td>
<td align="right" bgcolor="#eeeeee">&nbsp;</td>
<td align="center" bgcolor="#eeeeee"><font size="2" face="serif"><font face="serif" size="1">2000</font></font></td>
<td align="left" bgcolor="#eeeeee">&nbsp;</td>
<td align="right" bgcolor="#eeeeee">&nbsp;</td>
<td align="right" bgcolor="#eeeeee"><font size="2" face="serif"><font face="serif" size="1">100</font></font></td>
<td align="left" bgcolor="#eeeeee"><font size="2" face="serif"><font face="serif" size="1">%</font></font></td>
<td align="right" bgcolor="#eeeeee">&nbsp;</td>
<td align="center" bgcolor="#eeeeee"><font size="2" face="serif"><font face="serif" size="1">255,447 </font></font></td>
<td align="left" bgcolor="#eeeeee">&nbsp;</td>
<td align="right" bgcolor="#eeeeee">&nbsp;</td>
<td align="center" bgcolor="#eeeeee"><font size="2" face="serif"><font face="serif" size="1">1972/2001</font></font></td>
<td align="left" bgcolor="#eeeeee">&nbsp;</td>
<td align="right" bgcolor="#eeeeee">&nbsp;</td>
<td align="center" bgcolor="#eeeeee"><font size="2" face="serif"><font face="serif" size="1">19 </font></font></td>
<td align="left" bgcolor="#eeeeee">&nbsp;</td>
<td align="right" bgcolor="#eeeeee">&nbsp;</td>
<td align="right" bgcolor="#eeeeee"><font size="2" face="serif"><font face="serif" size="1">94</font></font></td>
<td align="left" bgcolor="#eeeeee"><font size="2" face="serif"><font face="serif" size="1">%</font></font></td>
<td align="right" bgcolor="#eeeeee">&nbsp;</td>
<td align="right" bgcolor="#eeeeee"><font size="1" face="serif">$</font></td>
<td align="center" bgcolor="#eeeeee"><font size="2" face="serif"><font face="serif" size="1">10.36 </font></font></td>
<td align="left" bgcolor="#eeeeee">&nbsp;</td>
<td align="right" bgcolor="#eeeeee">&nbsp;</td>
<td align="left" bgcolor="#eeeeee"><font size="2" face="serif"><font face="serif" size="1">Giant Foods</font></font></td>
<td align="left" bgcolor="#eeeeee">&nbsp;</td>
<td align="center" bgcolor="#eeeeee"><font size="2" face="serif"><font face="serif" size="1">55,000</font></font></td>
<td align="left" bgcolor="#eeeeee">&nbsp;</td>
<td align="center" bgcolor="#eeeeee"><font size="2" face="serif"><font face="serif" size="1">07/31/2021</font></font></td>
</tr>
<tr valign="top">
<td align="left" bgcolor="#eeeeee"><font size="2" face="serif"><font face="serif" size="1">Harrisburg, PA</font></font></td>
<td align="right" bgcolor="#eeeeee">&nbsp;</td>
<td align="left" bgcolor="#eeeeee"><font size="2" face="serif">&nbsp;</font></td>
<td align="left" bgcolor="#eeeeee">&nbsp;</td>
<td align="right" bgcolor="#eeeeee">&nbsp;</td>
<td align="right" bgcolor="#eeeeee"><font size="2" face="serif">&nbsp;</font></td>
<td align="left" bgcolor="#eeeeee">&nbsp;</td>
<td align="right" bgcolor="#eeeeee">&nbsp;</td>
<td align="left" bgcolor="#eeeeee"><font size="2" face="serif">&nbsp;</font></td>
<td align="left" bgcolor="#eeeeee">&nbsp;</td>
<td align="right" bgcolor="#eeeeee">&nbsp;</td>
<td align="left" bgcolor="#eeeeee"><font size="2" face="serif">&nbsp;</font></td>
<td align="left" bgcolor="#eeeeee">&nbsp;</td>
<td align="right" bgcolor="#eeeeee">&nbsp;</td>
<td align="left" bgcolor="#eeeeee"><font size="2" face="serif">&nbsp;</font></td>
<td align="left" bgcolor="#eeeeee">&nbsp;</td>
<td align="right" bgcolor="#eeeeee">&nbsp;</td>
<td align="right" bgcolor="#eeeeee"><font size="2" face="serif">&nbsp;</font></td>
<td align="left" bgcolor="#eeeeee">&nbsp;</td>
<td align="right" bgcolor="#eeeeee">&nbsp;</td>
<td align="right" bgcolor="#eeeeee">&nbsp;</td>
<td align="center" bgcolor="#eeeeee"><font size="2" face="serif">&nbsp;</font></td>
<td align="left" bgcolor="#eeeeee">&nbsp;</td>
<td align="right" bgcolor="#eeeeee">&nbsp;</td>
<td align="left" bgcolor="#eeeeee"><font size="2" face="serif"><font face="serif" size="1">Burlington Coat Factory</font></font></td>
<td align="left" bgcolor="#eeeeee">&nbsp;</td>
<td align="center" bgcolor="#eeeeee"><font size="2" face="serif"><font face="serif" size="1">76,665</font></font></td>
<td align="left" bgcolor="#eeeeee">&nbsp;</td>
<td align="center" bgcolor="#eeeeee"><font size="2" face="serif"><font face="serif" size="1">01/31/2011</font></font></td>
</tr>
<tr valign="top">
<td align="left" bgcolor="#eeeeee"><font size="2" face="serif">&nbsp;</font></td>
<td align="right" bgcolor="#eeeeee">&nbsp;</td>
<td align="left" bgcolor="#eeeeee"><font size="2" face="serif">&nbsp;</font></td>
<td align="left" bgcolor="#eeeeee">&nbsp;</td>
<td align="right" bgcolor="#eeeeee">&nbsp;</td>
<td align="right" bgcolor="#eeeeee"><font size="2" face="serif">&nbsp;</font></td>
<td align="left" bgcolor="#eeeeee">&nbsp;</td>
<td align="right" bgcolor="#eeeeee">&nbsp;</td>
<td align="left" bgcolor="#eeeeee"><font size="2" face="serif">&nbsp;</font></td>
<td align="left" bgcolor="#eeeeee">&nbsp;</td>
<td align="right" bgcolor="#eeeeee">&nbsp;</td>
<td align="left" bgcolor="#eeeeee"><font size="2" face="serif">&nbsp;</font></td>
<td align="left" bgcolor="#eeeeee">&nbsp;</td>
<td align="right" bgcolor="#eeeeee">&nbsp;</td>
<td align="left" bgcolor="#eeeeee"><font size="2" face="serif">&nbsp;</font></td>
<td align="left" bgcolor="#eeeeee">&nbsp;</td>
<td align="right" bgcolor="#eeeeee">&nbsp;</td>
<td align="right" bgcolor="#eeeeee"><font size="2" face="serif">&nbsp;</font></td>
<td align="left" bgcolor="#eeeeee">&nbsp;</td>
<td align="right" bgcolor="#eeeeee">&nbsp;</td>
<td align="right" bgcolor="#eeeeee">&nbsp;</td>
<td align="center" bgcolor="#eeeeee"><font size="2" face="serif">&nbsp;</font></td>
<td align="left" bgcolor="#eeeeee">&nbsp;</td>
<td align="right" bgcolor="#eeeeee">&nbsp;</td>
<td align="left" bgcolor="#eeeeee"><font size="2" face="serif"><font face="serif" size="1">Staples</font></font></td>
<td align="left" bgcolor="#eeeeee">&nbsp;</td>
<td align="center" bgcolor="#eeeeee"><font size="2" face="serif"><font face="serif" size="1">24,000</font></font></td>
<td align="left" bgcolor="#eeeeee">&nbsp;</td>
<td align="center" bgcolor="#eeeeee"><font size="2" face="serif"><font face="serif" size="1">08/31/2013</font></font></td>
</tr>
<tr valign="top">
<td align="left" bgcolor="#eeeeee"><font size="2" face="serif">&nbsp;</font></td>
<td align="right" bgcolor="#eeeeee">&nbsp;</td>
<td align="left" bgcolor="#eeeeee"><font size="2" face="serif">&nbsp;</font></td>
<td align="left" bgcolor="#eeeeee">&nbsp;</td>
<td align="right" bgcolor="#eeeeee">&nbsp;</td>
<td align="right" bgcolor="#eeeeee"><font size="2" face="serif">&nbsp;</font></td>
<td align="left" bgcolor="#eeeeee">&nbsp;</td>
<td align="right" bgcolor="#eeeeee">&nbsp;</td>
<td align="left" bgcolor="#eeeeee"><font size="2" face="serif">&nbsp;</font></td>
<td align="left" bgcolor="#eeeeee">&nbsp;</td>
<td align="right" bgcolor="#eeeeee">&nbsp;</td>
<td align="left" bgcolor="#eeeeee"><font size="2" face="serif">&nbsp;</font></td>
<td align="left" bgcolor="#eeeeee">&nbsp;</td>
<td align="right" bgcolor="#eeeeee">&nbsp;</td>
<td align="left" bgcolor="#eeeeee"><font size="2" face="serif">&nbsp;</font></td>
<td align="left" bgcolor="#eeeeee">&nbsp;</td>
<td align="right" bgcolor="#eeeeee">&nbsp;</td>
<td align="right" bgcolor="#eeeeee"><font size="2" face="serif">&nbsp;</font></td>
<td align="left" bgcolor="#eeeeee">&nbsp;</td>
<td align="right" bgcolor="#eeeeee">&nbsp;</td>
<td align="right" bgcolor="#eeeeee">&nbsp;</td>
<td align="center" bgcolor="#eeeeee"><font size="2" face="serif">&nbsp;</font></td>
<td align="left" bgcolor="#eeeeee">&nbsp;</td>
<td align="right" bgcolor="#eeeeee">&nbsp;</td>
<td align="left" bgcolor="#eeeeee"><font size="2" face="serif"><font face="serif" size="1">A.C. Moore</font></font></td>
<td align="left" bgcolor="#eeeeee">&nbsp;</td>
<td align="center" bgcolor="#eeeeee"><font size="2" face="serif"><font face="serif" size="1">20,000</font></font></td>
<td align="left" bgcolor="#eeeeee">&nbsp;</td>
<td align="center" bgcolor="#eeeeee"><font size="2" face="serif"><font face="serif" size="1">07/31/2008</font></font></td>
</tr>
<tr valign="top">
<td align="left"><font size="2" face="serif">&nbsp;</font></td>
<td align="right">&nbsp;</td>
<td align="left"><font size="2" face="serif">&nbsp;</font></td>
<td align="left">&nbsp;</td>
<td align="right">&nbsp;</td>
<td align="right"><font size="2" face="serif">&nbsp;</font></td>
<td align="left">&nbsp;</td>
<td align="right">&nbsp;</td>
<td align="left"><font size="2" face="serif">&nbsp;</font></td>
<td align="left">&nbsp;</td>
<td align="right">&nbsp;</td>
<td align="left"><font size="2" face="serif">&nbsp;</font></td>
<td align="left">&nbsp;</td>
<td align="right">&nbsp;</td>
<td align="left"><font size="2" face="serif">&nbsp;</font></td>
<td align="left">&nbsp;</td>
<td align="right">&nbsp;</td>
<td align="right"><font size="2" face="serif">&nbsp;</font></td>
<td align="left">&nbsp;</td>
<td align="right">&nbsp;</td>
<td align="right">&nbsp;</td>
<td align="center"><font size="2" face="serif">&nbsp;</font></td>
<td align="left">&nbsp;</td>
<td align="right">&nbsp;</td>
<td align="left"><font size="2" face="serif">&nbsp;</font></td>
<td align="left">&nbsp;</td>
<td align="left"><font size="2" face="serif">&nbsp;</font></td>
<td align="left">&nbsp;</td>
<td align="left"><font size="2" face="serif">&nbsp;</font></td>
</tr>
<tr valign="top">
<td align="left" bgcolor="#ffffff"><font size="2" face="serif"><font face="serif" size="1">Academy Plaza</font></font></td>
<td align="right" bgcolor="#ffffff">&nbsp;</td>
<td align="center" bgcolor="#ffffff"><font size="2" face="serif"><font face="serif" size="1">2001</font></font></td>
<td align="left" bgcolor="#ffffff">&nbsp;</td>
<td align="right" bgcolor="#ffffff">&nbsp;</td>
<td align="right"><font size="2" face="serif"><font face="serif" size="1">100</font></font></td>
<td align="left" bgcolor="#ffffff"><font size="2" face="serif"><font face="serif" size="1">%</font></font></td>
<td align="right" bgcolor="#ffffff">&nbsp;</td>
<td align="center" bgcolor="#ffffff"><font size="2" face="serif"><font face="serif" size="1">152,878 </font></font></td>
<td align="left" bgcolor="#ffffff">&nbsp;</td>
<td align="right" bgcolor="#ffffff">&nbsp;</td>
<td align="center" bgcolor="#ffffff"><font size="2" face="serif"><font face="serif" size="1">1965/1998</font></font></td>
<td align="left" bgcolor="#ffffff">&nbsp;</td>
<td align="right" bgcolor="#ffffff">&nbsp;</td>
<td align="center" bgcolor="#ffffff"><font size="2" face="serif"><font face="serif" size="1">33 </font></font></td>
<td align="left" bgcolor="#ffffff">&nbsp;</td>
<td align="right" bgcolor="#ffffff">&nbsp;</td>
<td align="right" bgcolor="#ffffff"><font size="2" face="serif"><font face="serif" size="1">99</font></font></td>
<td align="left" bgcolor="#ffffff"><font size="2" face="serif"><font face="serif" size="1">%</font></font></td>
<td align="right" bgcolor="#ffffff">&nbsp;</td>
<td align="right" bgcolor="#ffffff">&nbsp;</td>
<td align="center" bgcolor="#ffffff"><font size="2" face="serif"><font face="serif" size="1">11.33 </font></font></td>
<td align="left" bgcolor="#ffffff">&nbsp;</td>
<td align="right" bgcolor="#ffffff">&nbsp;</td>
<td align="left" bgcolor="#ffffff"><font size="2" face="serif"><font face="serif" size="1">Acme Markets</font></font></td>
<td align="left" bgcolor="#ffffff">&nbsp;</td>
<td align="center" bgcolor="#ffffff"><font size="2" face="serif"><font face="serif" size="1">50,918</font></font></td>
<td align="left" bgcolor="#ffffff">&nbsp;</td>
<td align="center" bgcolor="#ffffff"><font size="2" face="serif"><font face="serif" size="1">09/31/2018</font></font></td>
</tr>
<tr valign="top">
<td align="left" bgcolor="#FFFFFF"><font size="2" face="serif"><font face="serif" size="1">Philadelphia, PA</font></font></td>
<td align="right" bgcolor="#FFFFFF">&nbsp;</td>
<td align="left" bgcolor="#FFFFFF"><font size="2" face="serif">&nbsp;</font></td>
<td align="left" bgcolor="#FFFFFF">&nbsp;</td>
<td align="right" bgcolor="#FFFFFF">&nbsp;</td>
<td align="right"><font size="2" face="serif">&nbsp;</font></td>
<td align="left" bgcolor="#FFFFFF">&nbsp;</td>
<td align="right" bgcolor="#FFFFFF">&nbsp;</td>
<td align="left" bgcolor="#FFFFFF"><font size="2" face="serif">&nbsp;</font></td>
<td align="left" bgcolor="#FFFFFF">&nbsp;</td>
<td align="right" bgcolor="#FFFFFF">&nbsp;</td>
<td align="left" bgcolor="#FFFFFF"><font size="2" face="serif">&nbsp;</font></td>
<td align="left" bgcolor="#FFFFFF">&nbsp;</td>
<td align="right" bgcolor="#FFFFFF">&nbsp;</td>
<td align="left" bgcolor="#FFFFFF"><font size="2" face="serif">&nbsp;</font></td>
<td align="left" bgcolor="#FFFFFF">&nbsp;</td>
<td align="right" bgcolor="#FFFFFF">&nbsp;</td>
<td align="right" bgcolor="#FFFFFF"><font size="2" face="serif">&nbsp;</font></td>
<td align="left" bgcolor="#FFFFFF">&nbsp;</td>
<td align="right" bgcolor="#FFFFFF">&nbsp;</td>
<td align="right" bgcolor="#FFFFFF">&nbsp;</td>
<td align="center" bgcolor="#FFFFFF"><font size="2" face="serif">&nbsp;</font></td>
<td align="left" bgcolor="#FFFFFF">&nbsp;</td>
<td align="right" bgcolor="#FFFFFF">&nbsp;</td>
<td align="left" bgcolor="#FFFFFF"><font size="2" face="serif"><font face="serif" size="1">Raising Horizons Charter School</font></font></td>
<td align="left" bgcolor="#FFFFFF">&nbsp;</td>
<td align="center" valign="bottom" bgcolor="#FFFFFF"><font size="2" face="serif"><font face="serif" size="1">20,092</font></font></td>
<td align="left" valign="bottom" bgcolor="#FFFFFF">&nbsp;</td>
<td align="center" valign="bottom" bgcolor="#FFFFFF"><font size="2" face="serif"><font face="serif" size="1">08/31/2005</font></font></td>
</tr>
<tr valign="top">
<td align="left"><font size="2" face="serif">&nbsp;</font></td>
<td align="right">&nbsp;</td>
<td align="left"><font size="2" face="serif">&nbsp;</font></td>
<td align="left">&nbsp;</td>
<td align="right">&nbsp;</td>
<td align="right"><font size="2" face="serif">&nbsp;</font></td>
<td align="left">&nbsp;</td>
<td align="right">&nbsp;</td>
<td align="left"><font size="2" face="serif">&nbsp;</font></td>
<td align="left">&nbsp;</td>
<td align="right">&nbsp;</td>
<td align="left"><font size="2" face="serif">&nbsp;</font></td>
<td align="left">&nbsp;</td>
<td align="right">&nbsp;</td>
<td align="left"><font size="2" face="serif">&nbsp;</font></td>
<td align="left">&nbsp;</td>
<td align="right">&nbsp;</td>
<td align="right"><font size="2" face="serif">&nbsp;</font></td>
<td align="left">&nbsp;</td>
<td align="right">&nbsp;</td>
<td align="right">&nbsp;</td>
<td align="center"><font size="2" face="serif">&nbsp;</font></td>
<td align="left">&nbsp;</td>
<td align="right">&nbsp;</td>
<td align="left"><font size="2" face="serif">&nbsp;</font></td>
<td align="left">&nbsp;</td>
<td align="left"><font size="2" face="serif">&nbsp;</font></td>
<td align="left">&nbsp;</td>
<td align="left"><font size="2" face="serif">&nbsp;</font></td>
</tr>
<tr valign="top">
<td align="left" bgcolor="#eeeeee"><font size="2" face="serif"><font face="serif" size="1">Port Richmond Village</font></font></td>
<td align="right" bgcolor="#eeeeee">&nbsp;</td>
<td align="center" bgcolor="#eeeeee"><font size="2" face="serif"><font face="serif" size="1">2001</font></font></td>
<td align="left" bgcolor="#eeeeee">&nbsp;</td>
<td align="right" bgcolor="#eeeeee">&nbsp;</td>
<td align="right" bgcolor="#eeeeee"><font size="2" face="serif"><font face="serif" size="1">100</font></font></td>
<td align="left" bgcolor="#eeeeee"><font size="2" face="serif"><font face="serif" size="1">%</font></font></td>
<td align="right" bgcolor="#eeeeee">&nbsp;</td>
<td align="center" bgcolor="#eeeeee"><font size="2" face="serif"><font face="serif" size="1">154,908 </font></font></td>
<td align="left" bgcolor="#eeeeee">&nbsp;</td>
<td align="right" bgcolor="#eeeeee">&nbsp;</td>
<td align="center" bgcolor="#eeeeee"><font size="2" face="serif"><font face="serif" size="1">1988</font></font></td>
<td align="left" bgcolor="#eeeeee">&nbsp;</td>
<td align="right" bgcolor="#eeeeee">&nbsp;</td>
<td align="center" bgcolor="#eeeeee"><font size="2" face="serif"><font face="serif" size="1">29 </font></font></td>
<td align="left" bgcolor="#eeeeee">&nbsp;</td>
<td align="right" bgcolor="#eeeeee">&nbsp;</td>
<td align="right" bgcolor="#eeeeee"><font size="2" face="serif"><font face="serif" size="1">97</font></font></td>
<td align="left" bgcolor="#eeeeee"><font size="2" face="serif"><font face="serif" size="1">%</font></font></td>
<td align="right" bgcolor="#eeeeee">&nbsp;</td>
<td align="right" bgcolor="#eeeeee">&nbsp;</td>
<td align="center" bgcolor="#eeeeee"><font size="2" face="serif"><font face="serif" size="1">12.05 </font></font></td>
<td align="left" bgcolor="#eeeeee">&nbsp;</td>
<td align="right" bgcolor="#eeeeee">&nbsp;</td>
<td align="left" bgcolor="#eeeeee"><font size="2" face="serif"><font face="serif" size="1">Thriftway</font></font></td>
<td align="left" bgcolor="#eeeeee">&nbsp;</td>
<td align="center" bgcolor="#eeeeee"><font size="2" face="serif"><font face="serif" size="1">40,000</font></font></td>
<td align="left" bgcolor="#eeeeee">&nbsp;</td>
<td align="center" bgcolor="#eeeeee"><font size="2" face="serif"><font face="serif" size="1">10/31/2008</font></font></td>
</tr>
<tr valign="top">
<td align="left" bgcolor="#eeeeee"><font size="2" face="serif"><font face="serif" size="1">Philadelphia, PA</font></font></td>
<td align="right" bgcolor="#eeeeee">&nbsp;</td>
<td align="left" bgcolor="#eeeeee"><font size="2" face="serif">&nbsp;</font></td>
<td align="left" bgcolor="#eeeeee">&nbsp;</td>
<td align="right" bgcolor="#eeeeee">&nbsp;</td>
<td align="right" bgcolor="#eeeeee"><font size="2" face="serif">&nbsp;</font></td>
<td align="left" bgcolor="#eeeeee">&nbsp;</td>
<td align="right" bgcolor="#eeeeee">&nbsp;</td>
<td align="left" bgcolor="#eeeeee"><font size="2" face="serif">&nbsp;</font></td>
<td align="left" bgcolor="#eeeeee">&nbsp;</td>
<td align="right" bgcolor="#eeeeee">&nbsp;</td>
<td align="left" bgcolor="#eeeeee"><font size="2" face="serif">&nbsp;</font></td>
<td align="left" bgcolor="#eeeeee">&nbsp;</td>
<td align="right" bgcolor="#eeeeee">&nbsp;</td>
<td align="left" bgcolor="#eeeeee"><font size="2" face="serif">&nbsp;</font></td>
<td align="left" bgcolor="#eeeeee">&nbsp;</td>
<td align="right" bgcolor="#eeeeee">&nbsp;</td>
<td align="right" bgcolor="#eeeeee"><font size="2" face="serif">&nbsp;</font></td>
<td align="left" bgcolor="#eeeeee">&nbsp;</td>
<td align="right" bgcolor="#eeeeee">&nbsp;</td>
<td align="right" bgcolor="#eeeeee">&nbsp;</td>
<td align="center" bgcolor="#eeeeee"><font size="2" face="serif">&nbsp;</font></td>
<td align="left" bgcolor="#eeeeee">&nbsp;</td>
<td align="right" bgcolor="#eeeeee">&nbsp;</td>
<td align="left" bgcolor="#eeeeee"><font size="2" face="serif"><font face="serif" size="1">Pep Boys</font></font></td>
<td align="left" bgcolor="#eeeeee">&nbsp;</td>
<td align="center" bgcolor="#eeeeee"><font size="2" face="serif"><font face="serif" size="1">20,615</font></font></td>
<td align="left" bgcolor="#eeeeee">&nbsp;</td>
<td align="center" bgcolor="#eeeeee"><font size="2" face="serif"><font face="serif" size="1">02/28/2009</font></font></td>
</tr>
<tr valign="top">
<td align="left"><font size="2" face="serif">&nbsp;</font></td>
<td align="right">&nbsp;</td>
<td align="left"><font size="2" face="serif">&nbsp;</font></td>
<td align="left">&nbsp;</td>
<td align="right">&nbsp;</td>
<td align="right"><font size="2" face="serif">&nbsp;</font></td>
<td align="left">&nbsp;</td>
<td align="right">&nbsp;</td>
<td align="left"><font size="2" face="serif">&nbsp;</font></td>
<td align="left">&nbsp;</td>
<td align="right">&nbsp;</td>
<td align="left"><font size="2" face="serif">&nbsp;</font></td>
<td align="left">&nbsp;</td>
<td align="right">&nbsp;</td>
<td align="left"><font size="2" face="serif">&nbsp;</font></td>
<td align="left">&nbsp;</td>
<td align="right">&nbsp;</td>
<td align="right"><font size="2" face="serif">&nbsp;</font></td>
<td align="left">&nbsp;</td>
<td align="right">&nbsp;</td>
<td align="right">&nbsp;</td>
<td align="center"><font size="2" face="serif">&nbsp;</font></td>
<td align="left">&nbsp;</td>
<td align="right">&nbsp;</td>
<td align="left"><font size="2" face="serif">&nbsp;</font></td>
<td align="left">&nbsp;</td>
<td align="left"><font size="2" face="serif">&nbsp;</font></td>
<td align="left">&nbsp;</td>
<td align="left"><font size="2" face="serif">&nbsp;</font></td>
</tr>
<tr valign="top">
<td align="left" bgcolor="#ffffff"><font size="2" face="serif"><font face="serif" size="1">Washington Center Shoppes</font></font></td>
<td align="right" bgcolor="#ffffff">&nbsp;</td>
<td align="center" bgcolor="#ffffff"><font size="2" face="serif"><font face="serif" size="1">2001</font></font></td>
<td align="left" bgcolor="#ffffff">&nbsp;</td>
<td align="right" bgcolor="#ffffff">&nbsp;</td>
<td align="right"><font size="2" face="serif"><font face="serif" size="1">100</font></font></td>
<td align="left" bgcolor="#ffffff"><font size="2" face="serif"><font face="serif" size="1">%</font></font></td>
<td align="right" bgcolor="#ffffff">&nbsp;</td>
<td align="center" bgcolor="#ffffff"><font size="2" face="serif"><font face="serif" size="1">153,260 </font></font></td>
<td align="left" bgcolor="#ffffff">&nbsp;</td>
<td align="right" bgcolor="#ffffff">&nbsp;</td>
<td align="center" bgcolor="#ffffff"><font size="2" face="serif"><font face="serif" size="1">1979/1995</font></font></td>
<td align="left" bgcolor="#ffffff">&nbsp;</td>
<td align="right" bgcolor="#ffffff">&nbsp;</td>
<td align="center" bgcolor="#ffffff"><font size="2" face="serif"><font face="serif" size="1">29 </font></font></td>
<td align="left" bgcolor="#ffffff">&nbsp;</td>
<td align="right" bgcolor="#ffffff">&nbsp;</td>
<td align="right" bgcolor="#ffffff"><font size="2" face="serif"><font face="serif" size="1">99</font></font></td>
<td align="left" bgcolor="#ffffff"><font size="2" face="serif"><font face="serif" size="1">%</font></font></td>
<td align="right" bgcolor="#ffffff">&nbsp;</td>
<td align="right" bgcolor="#ffffff">&nbsp;</td>
<td align="center" bgcolor="#ffffff"><font size="2" face="serif"><font face="serif" size="1">&nbsp;7.60 </font></font></td>
<td align="left" bgcolor="#ffffff">&nbsp;</td>
<td align="right" bgcolor="#ffffff">&nbsp;</td>
<td align="left" bgcolor="#ffffff"><font size="2" face="serif"><font face="serif" size="1">Acme Markets</font></font></td>
<td align="left" bgcolor="#ffffff">&nbsp;</td>
<td align="center" bgcolor="#ffffff"><font size="2" face="serif"><font face="serif" size="1">66,046</font></font></td>
<td align="left" bgcolor="#ffffff">&nbsp;</td>
<td align="center" bgcolor="#ffffff"><font size="2" face="serif"><font face="serif" size="1">12/02/2020</font></font></td>
</tr>
<tr valign="top">
<td align="left" bgcolor="#FFFFFF"><font size="2" face="serif"><font face="serif" size="1">Washington Township, NJ</font></font></td>
<td align="right" bgcolor="#FFFFFF">&nbsp;</td>
<td align="left" bgcolor="#FFFFFF"><font size="2" face="serif">&nbsp;</font></td>
<td align="left" bgcolor="#FFFFFF">&nbsp;</td>
<td align="right" bgcolor="#FFFFFF">&nbsp;</td>
<td align="right"><font size="2" face="serif">&nbsp;</font></td>
<td align="left" bgcolor="#FFFFFF">&nbsp;</td>
<td align="right" bgcolor="#FFFFFF">&nbsp;</td>
<td align="left" bgcolor="#FFFFFF"><font size="2" face="serif">&nbsp;</font></td>
<td align="left" bgcolor="#FFFFFF">&nbsp;</td>
<td align="right" bgcolor="#FFFFFF">&nbsp;</td>
<td align="left" bgcolor="#FFFFFF"><font size="2" face="serif">&nbsp;</font></td>
<td align="left" bgcolor="#FFFFFF">&nbsp;</td>
<td align="right" bgcolor="#FFFFFF">&nbsp;</td>
<td align="left" bgcolor="#FFFFFF"><font size="2" face="serif">&nbsp;</font></td>
<td align="left" bgcolor="#FFFFFF">&nbsp;</td>
<td align="right" bgcolor="#FFFFFF">&nbsp;</td>
<td align="right" bgcolor="#FFFFFF"><font size="2" face="serif">&nbsp;</font></td>
<td align="left" bgcolor="#FFFFFF">&nbsp;</td>
<td align="right" bgcolor="#FFFFFF">&nbsp;</td>
<td align="right" bgcolor="#FFFFFF">&nbsp;</td>
<td align="center" bgcolor="#FFFFFF"><font size="2" face="serif">&nbsp;</font></td>
<td align="left" bgcolor="#FFFFFF">&nbsp;</td>
<td align="right" bgcolor="#FFFFFF">&nbsp;</td>
<td align="left" bgcolor="#FFFFFF"><font size="2" face="serif"><font face="serif" size="1">Powerhouse Gym</font></font></td>
<td align="left" bgcolor="#FFFFFF">&nbsp;</td>
<td align="center" bgcolor="#FFFFFF"><font size="2" face="serif"><font face="serif" size="1">20,742</font></font></td>
<td align="left" bgcolor="#FFFFFF">&nbsp;</td>
<td align="center" bgcolor="#FFFFFF"><font size="2" face="serif"><font face="serif" size="1">12/31/2012</font></font></td>
</tr>
<tr valign="top">
<td align="left"><font size="2" face="serif">&nbsp;</font></td>
<td align="right">&nbsp;</td>
<td align="left"><font size="2" face="serif">&nbsp;</font></td>
<td align="left">&nbsp;</td>
<td align="right">&nbsp;</td>
<td align="right"><font size="2" face="serif">&nbsp;</font></td>
<td align="left">&nbsp;</td>
<td align="right">&nbsp;</td>
<td align="left"><font size="2" face="serif">&nbsp;</font></td>
<td align="left">&nbsp;</td>
<td align="right">&nbsp;</td>
<td align="left"><font size="2" face="serif">&nbsp;</font></td>
<td align="left">&nbsp;</td>
<td align="right">&nbsp;</td>
<td align="left"><font size="2" face="serif">&nbsp;</font></td>
<td align="left">&nbsp;</td>
<td align="right">&nbsp;</td>
<td align="right"><font size="2" face="serif">&nbsp;</font></td>
<td align="left">&nbsp;</td>
<td align="right">&nbsp;</td>
<td align="right">&nbsp;</td>
<td align="center"><font size="2" face="serif">&nbsp;</font></td>
<td align="left">&nbsp;</td>
<td align="right">&nbsp;</td>
<td align="left"><font size="2" face="serif">&nbsp;</font></td>
<td align="left">&nbsp;</td>
<td align="left"><font size="2" face="serif">&nbsp;</font></td>
<td align="left">&nbsp;</td>
<td align="left"><font size="2" face="serif">&nbsp;</font></td>
</tr>
<tr valign="top">
<td align="left" bgcolor="#eeeeee"><font size="2" face="serif"><font face="serif" size="1">Red Lion</font></font></td>
<td align="right" bgcolor="#eeeeee">&nbsp;</td>
<td align="center" bgcolor="#eeeeee"><font size="2" face="serif"><font face="serif" size="1">2002</font></font></td>
<td align="left" bgcolor="#eeeeee">&nbsp;</td>
<td align="right" bgcolor="#eeeeee">&nbsp;</td>
<td align="right" bgcolor="#eeeeee"><font size="2" face="serif"><font face="serif" size="1">20</font></font></td>
<td align="left" bgcolor="#eeeeee"><font size="2" face="serif"><font face="serif" size="1">%</font></font></td>
<td align="right" bgcolor="#eeeeee">&nbsp;</td>
<td align="center" bgcolor="#eeeeee"><font size="2" face="serif"><font face="serif" size="1">224,269 </font></font></td>
<td align="left" bgcolor="#eeeeee">&nbsp;</td>
<td align="right" bgcolor="#eeeeee">&nbsp;</td>
<td align="center" bgcolor="#eeeeee"><font size="2" face="serif"><font face="serif" size="1">1970/2000</font></font></td>
<td align="left" bgcolor="#eeeeee">&nbsp;</td>
<td align="right" bgcolor="#eeeeee">&nbsp;</td>
<td align="center" bgcolor="#eeeeee"><font size="2" face="serif"><font face="serif" size="1">17 </font></font></td>
<td align="left" bgcolor="#eeeeee">&nbsp;</td>
<td align="right" bgcolor="#eeeeee">&nbsp;</td>
<td align="right" bgcolor="#eeeeee"><font size="2" face="serif"><font face="serif" size="1">87</font></font></td>
<td align="left" bgcolor="#eeeeee"><font size="2" face="serif"><font face="serif" size="1">%</font></font></td>
<td align="right" bgcolor="#eeeeee">&nbsp;</td>
<td align="right" bgcolor="#eeeeee">&nbsp;</td>
<td align="center" bgcolor="#eeeeee"><font size="2" face="serif"><font face="serif" size="1">12.32 </font></font></td>
<td align="left" bgcolor="#eeeeee">&nbsp;</td>
<td align="right" bgcolor="#eeeeee">&nbsp;</td>
<td align="left" bgcolor="#eeeeee"><font size="2" face="serif"><font face="serif" size="1">Best Buy Stores</font></font></td>
<td align="left" bgcolor="#eeeeee">&nbsp;</td>
<td align="center" bgcolor="#eeeeee"><font size="2" face="serif"><font face="serif" size="1">46,000</font></font></td>
<td align="left" bgcolor="#eeeeee">&nbsp;</td>
<td align="center" bgcolor="#eeeeee"><font size="2" face="serif"><font face="serif" size="1">01/31/2014</font></font></td>
</tr>
<tr valign="top">
<td align="left" bgcolor="#eeeeee"><font size="2" face="serif"><font face="serif" size="1">Philadelphia, PA</font></font></td>
<td align="right" bgcolor="#eeeeee">&nbsp;</td>
<td align="left" bgcolor="#eeeeee"><font size="2" face="serif">&nbsp;</font></td>
<td align="left" bgcolor="#eeeeee">&nbsp;</td>
<td align="right" bgcolor="#eeeeee">&nbsp;</td>
<td align="right" bgcolor="#eeeeee"><font size="2" face="serif">&nbsp;</font></td>
<td align="left" bgcolor="#eeeeee">&nbsp;</td>
<td align="right" bgcolor="#eeeeee">&nbsp;</td>
<td align="left" bgcolor="#eeeeee"><font size="2" face="serif">&nbsp;</font></td>
<td align="left" bgcolor="#eeeeee">&nbsp;</td>
<td align="right" bgcolor="#eeeeee">&nbsp;</td>
<td align="left" bgcolor="#eeeeee"><font size="2" face="serif">&nbsp;</font></td>
<td align="left" bgcolor="#eeeeee">&nbsp;</td>
<td align="right" bgcolor="#eeeeee">&nbsp;</td>
<td align="left" bgcolor="#eeeeee"><font size="2" face="serif">&nbsp;</font></td>
<td align="left" bgcolor="#eeeeee">&nbsp;</td>
<td align="right" bgcolor="#eeeeee">&nbsp;</td>
<td align="right" bgcolor="#eeeeee"><font size="2" face="serif">&nbsp;</font></td>
<td align="left" bgcolor="#eeeeee">&nbsp;</td>
<td align="right" bgcolor="#eeeeee">&nbsp;</td>
<td align="right" bgcolor="#eeeeee">&nbsp;</td>
<td align="center" bgcolor="#eeeeee"><font size="2" face="serif">&nbsp;</font></td>
<td align="left" bgcolor="#eeeeee">&nbsp;</td>
<td align="right" bgcolor="#eeeeee">&nbsp;</td>
<td align="left" bgcolor="#eeeeee"><font size="2" face="serif"><font face="serif" size="1">Sports Authority</font></font></td>
<td align="left" bgcolor="#eeeeee">&nbsp;</td>
<td align="center" bgcolor="#eeeeee"><font size="2" face="serif"><font face="serif" size="1">43,825</font></font></td>
<td align="left" bgcolor="#eeeeee">&nbsp;</td>
<td align="center" bgcolor="#eeeeee"><font size="2" face="serif"><font face="serif" size="1">08/15/2005</font></font></td>
</tr>
<tr valign="top">
<td align="left" bgcolor="#eeeeee"><font size="2" face="serif">&nbsp;</font></td>
<td align="right" bgcolor="#eeeeee">&nbsp;</td>
<td align="left" bgcolor="#eeeeee"><font size="2" face="serif">&nbsp;</font></td>
<td align="left" bgcolor="#eeeeee">&nbsp;</td>
<td align="right" bgcolor="#eeeeee">&nbsp;</td>
<td align="right" bgcolor="#eeeeee"><font size="2" face="serif">&nbsp;</font></td>
<td align="left" bgcolor="#eeeeee">&nbsp;</td>
<td align="right" bgcolor="#eeeeee">&nbsp;</td>
<td align="left" bgcolor="#eeeeee"><font size="2" face="serif">&nbsp;</font></td>
<td align="left" bgcolor="#eeeeee">&nbsp;</td>
<td align="right" bgcolor="#eeeeee">&nbsp;</td>
<td align="left" bgcolor="#eeeeee"><font size="2" face="serif">&nbsp;</font></td>
<td align="left" bgcolor="#eeeeee">&nbsp;</td>
<td align="right" bgcolor="#eeeeee">&nbsp;</td>
<td align="left" bgcolor="#eeeeee"><font size="2" face="serif">&nbsp;</font></td>
<td align="left" bgcolor="#eeeeee">&nbsp;</td>
<td align="right" bgcolor="#eeeeee">&nbsp;</td>
<td align="right" bgcolor="#eeeeee"><font size="2" face="serif">&nbsp;</font></td>
<td align="left" bgcolor="#eeeeee">&nbsp;</td>
<td align="right" bgcolor="#eeeeee">&nbsp;</td>
<td align="right" bgcolor="#eeeeee">&nbsp;</td>
<td align="center" bgcolor="#eeeeee"><font size="2" face="serif">&nbsp;</font></td>
<td align="left" bgcolor="#eeeeee">&nbsp;</td>
<td align="right" bgcolor="#eeeeee">&nbsp;</td>
<td align="left" bgcolor="#eeeeee"><font size="2" face="serif"><font face="serif" size="1">Staples</font></font></td>
<td align="left" bgcolor="#eeeeee">&nbsp;</td>
<td align="center" bgcolor="#eeeeee"><font size="2" face="serif"><font face="serif" size="1">23,942</font></font></td>
<td align="left" bgcolor="#eeeeee">&nbsp;</td>
<td align="center" bgcolor="#eeeeee"><font size="2" face="serif"><font face="serif" size="1">07/31/2015</font></font></td>
</tr>
<tr valign="top">
<td align="left"><font size="2" face="serif">&nbsp;</font></td>
<td align="right">&nbsp;</td>
<td align="left"><font size="2" face="serif">&nbsp;</font></td>
<td align="left">&nbsp;</td>
<td align="right">&nbsp;</td>
<td align="right"><font size="2" face="serif">&nbsp;</font></td>
<td align="left">&nbsp;</td>
<td align="right">&nbsp;</td>
<td align="left"><font size="2" face="serif">&nbsp;</font></td>
<td align="left">&nbsp;</td>
<td align="right">&nbsp;</td>
<td align="left"><font size="2" face="serif">&nbsp;</font></td>
<td align="left">&nbsp;</td>
<td align="right">&nbsp;</td>
<td align="left"><font size="2" face="serif">&nbsp;</font></td>
<td align="left">&nbsp;</td>
<td align="right">&nbsp;</td>
<td align="right"><font size="2" face="serif">&nbsp;</font></td>
<td align="left">&nbsp;</td>
<td align="right">&nbsp;</td>
<td align="right">&nbsp;</td>
<td align="center"><font size="2" face="serif">&nbsp;</font></td>
<td align="left">&nbsp;</td>
<td align="right">&nbsp;</td>
<td align="left"><font size="2" face="serif">&nbsp;</font></td>
<td align="left">&nbsp;</td>
<td align="left"><font size="2" face="serif">&nbsp;</font></td>
<td align="left">&nbsp;</td>
<td align="left"><font size="2" face="serif">&nbsp;</font></td>
</tr>
<tr valign="top">
<td align="left" bgcolor="#FFFFFF"><font size="2" face="serif"><font face="serif" size="1">Loyal Plaza </font></font></td>
<td align="right" bgcolor="#FFFFFF">&nbsp;</td>
<td align="center" bgcolor="#FFFFFF"><font size="2" face="serif"><font face="serif" size="1">2002</font></font></td>
<td align="left" bgcolor="#FFFFFF">&nbsp;</td>
<td align="right" bgcolor="#FFFFFF">&nbsp;</td>
<td align="right"><font size="2" face="serif"><font face="serif" size="1">25</font></font></td>
<td align="left" bgcolor="#FFFFFF"><font size="2" face="serif"><font face="serif" size="1">%</font></font></td>
<td align="right" bgcolor="#FFFFFF">&nbsp;</td>
<td align="center" bgcolor="#FFFFFF"><font size="2" face="serif"><font face="serif" size="1">293,825 </font></font></td>
<td align="left" bgcolor="#FFFFFF">&nbsp;</td>
<td align="right" bgcolor="#FFFFFF">&nbsp;</td>
<td align="center" bgcolor="#FFFFFF"><font size="2" face="serif"><font face="serif" size="1">1969/2000</font></font></td>
<td align="left" bgcolor="#FFFFFF">&nbsp;</td>
<td align="right" bgcolor="#FFFFFF">&nbsp;</td>
<td align="center" bgcolor="#FFFFFF"><font size="2" face="serif"><font face="serif" size="1">26 </font></font></td>
<td align="left" bgcolor="#FFFFFF">&nbsp;</td>
<td align="right" bgcolor="#FFFFFF">&nbsp;</td>
<td align="right" bgcolor="#FFFFFF"><font size="2" face="serif"><font face="serif" size="1">100</font></font></td>
<td align="left" bgcolor="#FFFFFF"><font size="2" face="serif"><font face="serif" size="1">%</font></font></td>
<td align="right" bgcolor="#FFFFFF">&nbsp;</td>
<td align="right" bgcolor="#FFFFFF">&nbsp;</td>
<td align="center" bgcolor="#FFFFFF"><font size="2" face="serif"><font face="serif" size="1">&nbsp;7.45 </font></font></td>
<td align="left" bgcolor="#FFFFFF">&nbsp;</td>
<td align="right" bgcolor="#FFFFFF">&nbsp;</td>
<td align="left" bgcolor="#FFFFFF"><font size="2" face="serif"><font face="serif" size="1">K-Mart</font></font></td>
<td align="left" bgcolor="#FFFFFF">&nbsp;</td>
<td align="center" bgcolor="#FFFFFF"><font size="2" face="serif"><font face="serif" size="1">102,558</font></font></td>
<td align="left" bgcolor="#FFFFFF">&nbsp;</td>
<td align="center" bgcolor="#FFFFFF"><font size="2" face="serif"><font face="serif" size="1">08/31/2006</font></font></td>
</tr>
<tr valign="top">
<td align="left" bgcolor="#ffffff"><font size="2" face="serif"><font face="serif" size="1">Williamsport, PA</font></font></td>
<td align="right" bgcolor="#ffffff">&nbsp;</td>
<td align="left" bgcolor="#ffffff"><font size="2" face="serif">&nbsp;</font></td>
<td align="left" bgcolor="#ffffff">&nbsp;</td>
<td align="right" bgcolor="#ffffff">&nbsp;</td>
<td align="right"><font size="2" face="serif">&nbsp;</font></td>
<td align="left" bgcolor="#ffffff">&nbsp;</td>
<td align="right" bgcolor="#ffffff">&nbsp;</td>
<td align="left" bgcolor="#ffffff"><font size="2" face="serif">&nbsp;</font></td>
<td align="left" bgcolor="#ffffff">&nbsp;</td>
<td align="right" bgcolor="#ffffff">&nbsp;</td>
<td align="left" bgcolor="#ffffff"><font size="2" face="serif">&nbsp;</font></td>
<td align="left" bgcolor="#ffffff">&nbsp;</td>
<td align="right" bgcolor="#ffffff">&nbsp;</td>
<td align="left" bgcolor="#ffffff"><font size="2" face="serif">&nbsp;</font></td>
<td align="left" bgcolor="#ffffff">&nbsp;</td>
<td align="right" bgcolor="#ffffff">&nbsp;</td>
<td align="right" bgcolor="#ffffff"><font size="2" face="serif">&nbsp;</font></td>
<td align="left" bgcolor="#ffffff">&nbsp;</td>
<td align="right" bgcolor="#ffffff">&nbsp;</td>
<td align="right" bgcolor="#ffffff">&nbsp;</td>
<td align="center" bgcolor="#ffffff"><font size="2" face="serif">&nbsp;</font></td>
<td align="left" bgcolor="#ffffff">&nbsp;</td>
<td align="right" bgcolor="#ffffff">&nbsp;</td>
<td align="left" bgcolor="#ffffff"><font size="2" face="serif"><font face="serif" size="1">Giant Foods</font></font></td>
<td align="left" bgcolor="#ffffff">&nbsp;</td>
<td align="center" bgcolor="#ffffff"><font size="2" face="serif"><font face="serif" size="1">66,935</font></font></td>
<td align="left" bgcolor="#ffffff">&nbsp;</td>
<td align="center" bgcolor="#ffffff"><font size="2" face="serif"><font face="serif" size="1">10/31/2019</font></font></td>
</tr>
<tr valign="top">
<td align="left" bgcolor="#FFFFFF"><font size="2" face="serif">&nbsp;</font></td>
<td align="right" bgcolor="#FFFFFF">&nbsp;</td>
<td align="left" bgcolor="#FFFFFF"><font size="2" face="serif">&nbsp;</font></td>
<td align="left" bgcolor="#FFFFFF">&nbsp;</td>
<td align="right" bgcolor="#FFFFFF">&nbsp;</td>
<td align="right"><font size="2" face="serif">&nbsp;</font></td>
<td align="left" bgcolor="#FFFFFF">&nbsp;</td>
<td align="right" bgcolor="#FFFFFF">&nbsp;</td>
<td align="left" bgcolor="#FFFFFF"><font size="2" face="serif">&nbsp;</font></td>
<td align="left" bgcolor="#FFFFFF">&nbsp;</td>
<td align="right" bgcolor="#FFFFFF">&nbsp;</td>
<td align="left" bgcolor="#FFFFFF"><font size="2" face="serif">&nbsp;</font></td>
<td align="left" bgcolor="#FFFFFF">&nbsp;</td>
<td align="right" bgcolor="#FFFFFF">&nbsp;</td>
<td align="left" bgcolor="#FFFFFF"><font size="2" face="serif">&nbsp;</font></td>
<td align="left" bgcolor="#FFFFFF">&nbsp;</td>
<td align="right" bgcolor="#FFFFFF">&nbsp;</td>
<td align="right" bgcolor="#FFFFFF"><font size="2" face="serif">&nbsp;</font></td>
<td align="left" bgcolor="#FFFFFF">&nbsp;</td>
<td align="right" bgcolor="#FFFFFF">&nbsp;</td>
<td align="right" bgcolor="#FFFFFF">&nbsp;</td>
<td align="center" bgcolor="#FFFFFF"><font size="2" face="serif">&nbsp;</font></td>
<td align="left" bgcolor="#FFFFFF">&nbsp;</td>
<td align="right" bgcolor="#FFFFFF">&nbsp;</td>
<td align="left" bgcolor="#FFFFFF"><font size="2" face="serif"><font face="serif" size="1">Staples</font></font></td>
<td align="left" bgcolor="#FFFFFF">&nbsp;</td>
<td align="center" bgcolor="#FFFFFF"><font size="2" face="serif"><font face="serif" size="1">20,555</font></font></td>
<td align="left" bgcolor="#FFFFFF">&nbsp;</td>
<td align="center" bgcolor="#FFFFFF"><font size="2" face="serif"><font face="serif" size="1">11/30/2014</font></font></td>
</tr>
<tr valign="top">
<td align="left"><font size="2" face="serif">&nbsp;</font></td>
<td align="right">&nbsp;</td>
<td align="left"><font size="2" face="serif">&nbsp;</font></td>
<td align="left">&nbsp;</td>
<td align="right">&nbsp;</td>
<td align="right"><font size="2" face="serif">&nbsp;</font></td>
<td align="left">&nbsp;</td>
<td align="right">&nbsp;</td>
<td align="left"><font size="2" face="serif">&nbsp;</font></td>
<td align="left">&nbsp;</td>
<td align="right">&nbsp;</td>
<td align="left"><font size="2" face="serif">&nbsp;</font></td>
<td align="left">&nbsp;</td>
<td align="right">&nbsp;</td>
<td align="left"><font size="2" face="serif">&nbsp;</font></td>
<td align="left">&nbsp;</td>
<td align="right">&nbsp;</td>
<td align="right"><font size="2" face="serif">&nbsp;</font></td>
<td align="left">&nbsp;</td>
<td align="right">&nbsp;</td>
<td align="right">&nbsp;</td>
<td align="center"><font size="2" face="serif">&nbsp;</font></td>
<td align="left">&nbsp;</td>
<td align="right">&nbsp;</td>
<td align="left"><font size="2" face="serif">&nbsp;</font></td>
<td align="left">&nbsp;</td>
<td align="left"><font size="2" face="serif">&nbsp;</font></td>
<td align="left">&nbsp;</td>
<td align="left"><font size="2" face="serif">&nbsp;</font></td>
</tr>
<tr valign="top">
<td align="left" bgcolor="#eeeeee"><font size="2" face="serif"><font face="serif" size="1">LA Fitness Facility</font></font></td>
<td align="right" bgcolor="#eeeeee">&nbsp;</td>
<td align="center" bgcolor="#eeeeee"><font size="2" face="serif"><font face="serif" size="1">2002</font></font></td>
<td align="left" bgcolor="#eeeeee">&nbsp;</td>
<td align="right" bgcolor="#eeeeee">&nbsp;</td>
<td align="right" bgcolor="#eeeeee"><font size="2" face="serif"><font face="serif" size="1">50</font></font></td>
<td align="left" bgcolor="#eeeeee"><font size="2" face="serif"><font face="serif" size="1">%</font></font></td>
<td align="right" bgcolor="#eeeeee">&nbsp;</td>
<td align="center" bgcolor="#eeeeee"><font size="2" face="serif"><font face="serif" size="1">41,000 </font></font></td>
<td align="left" bgcolor="#eeeeee">&nbsp;</td>
<td align="right" bgcolor="#eeeeee">&nbsp;</td>
<td align="center" bgcolor="#eeeeee"><font size="2" face="serif"><font face="serif" size="1">2003</font></font></td>
<td align="left" bgcolor="#eeeeee">&nbsp;</td>
<td align="right" bgcolor="#eeeeee">&nbsp;</td>
<td align="center" bgcolor="#eeeeee"><font size="2" face="serif"><font face="serif" size="1">1 </font></font></td>
<td align="left" bgcolor="#eeeeee">&nbsp;</td>
<td align="right" bgcolor="#eeeeee">&nbsp;</td>
<td align="right" bgcolor="#eeeeee"><font size="2" face="serif"><font face="serif" size="1">100</font></font></td>
<td align="left" bgcolor="#eeeeee"><font size="2" face="serif"><font face="serif" size="1">%</font></font></td>
<td align="right" bgcolor="#eeeeee">&nbsp;</td>
<td align="right" bgcolor="#eeeeee">&nbsp;</td>
<td align="center" bgcolor="#eeeeee"><font size="2" face="serif"><font face="serif" size="1">18.09 </font></font></td>
<td align="left" bgcolor="#eeeeee">&nbsp;</td>
<td align="right" bgcolor="#eeeeee">&nbsp;</td>
<td align="left" bgcolor="#eeeeee"><font size="2" face="serif"><font face="serif" size="1">LA Fitness</font></font></td>
<td align="left" bgcolor="#eeeeee">&nbsp;</td>
<td align="center" bgcolor="#eeeeee"><font size="2" face="serif"><font face="serif" size="1">41,000</font></font></td>
<td align="left" bgcolor="#eeeeee">&nbsp;</td>
<td align="center" bgcolor="#eeeeee"><font size="2" face="serif"><font face="serif" size="1">12/31/2018</font></font></td>
</tr>
<tr valign="top">
<td align="left" bgcolor="#eeeeee"><font size="2" face="serif"><font face="serif" size="1">Fort Washington, PA</font></font></td>
<td align="right" bgcolor="#eeeeee">&nbsp;</td>
<td align="left" bgcolor="#eeeeee"><font size="2" face="serif">&nbsp;</font></td>
<td align="left" bgcolor="#eeeeee">&nbsp;</td>
<td align="right" bgcolor="#eeeeee">&nbsp;</td>
<td align="right" bgcolor="#eeeeee"><font size="2" face="serif">&nbsp;</font></td>
<td align="left" bgcolor="#eeeeee">&nbsp;</td>
<td align="right" bgcolor="#eeeeee">&nbsp;</td>
<td align="left" bgcolor="#eeeeee"><font size="2" face="serif">&nbsp;</font></td>
<td align="left" bgcolor="#eeeeee">&nbsp;</td>
<td align="right" bgcolor="#eeeeee">&nbsp;</td>
<td align="left" bgcolor="#eeeeee"><font size="2" face="serif">&nbsp;</font></td>
<td align="left" bgcolor="#eeeeee">&nbsp;</td>
<td align="right" bgcolor="#eeeeee">&nbsp;</td>
<td align="left" bgcolor="#eeeeee"><font size="2" face="serif">&nbsp;</font></td>
<td align="left" bgcolor="#eeeeee">&nbsp;</td>
<td align="right" bgcolor="#eeeeee">&nbsp;</td>
<td align="right" bgcolor="#eeeeee"><font size="2" face="serif">&nbsp;</font></td>
<td align="left" bgcolor="#eeeeee">&nbsp;</td>
<td align="right" bgcolor="#eeeeee">&nbsp;</td>
<td align="right" bgcolor="#eeeeee">&nbsp;</td>
<td align="center" bgcolor="#eeeeee"><font size="2" face="serif">&nbsp;</font></td>
<td align="left" bgcolor="#eeeeee">&nbsp;</td>
<td align="right" bgcolor="#eeeeee">&nbsp;</td>
<td align="left" bgcolor="#eeeeee"><font size="2" face="serif">&nbsp;</font></td>
<td align="left" bgcolor="#eeeeee">&nbsp;</td>
<td align="left" bgcolor="#eeeeee"><font size="2" face="serif">&nbsp;</font></td>
<td align="left" bgcolor="#eeeeee">&nbsp;</td>
<td align="left" bgcolor="#eeeeee"><font size="2" face="serif">&nbsp;</font></td>
</tr>
<tr valign="top">
<td align="left"><font size="2" face="serif">&nbsp;</font></td>
<td align="right">&nbsp;</td>
<td align="left"><font size="2" face="serif">&nbsp;</font></td>
<td align="left">&nbsp;</td>
<td align="right">&nbsp;</td>
<td align="right"><font size="2" face="serif">&nbsp;</font></td>
<td align="left">&nbsp;</td>
<td align="right">&nbsp;</td>
<td align="left"><font size="2" face="serif">&nbsp;</font></td>
<td align="left">&nbsp;</td>
<td align="right">&nbsp;</td>
<td align="left"><font size="2" face="serif">&nbsp;</font></td>
<td align="left">&nbsp;</td>
<td align="right">&nbsp;</td>
<td align="left"><font size="2" face="serif">&nbsp;</font></td>
<td align="left">&nbsp;</td>
<td align="right">&nbsp;</td>
<td align="right"><font size="2" face="serif">&nbsp;</font></td>
<td align="left">&nbsp;</td>
<td align="right">&nbsp;</td>
<td align="right">&nbsp;</td>
<td align="center"><font size="2" face="serif">&nbsp;</font></td>
<td align="left">&nbsp;</td>
<td align="right">&nbsp;</td>
<td align="left"><font size="2" face="serif">&nbsp;</font></td>
<td align="left">&nbsp;</td>
<td align="left"><font size="2" face="serif">&nbsp;</font></td>
<td align="left">&nbsp;</td>
<td align="left"><font size="2" face="serif">&nbsp;</font></td>
</tr>
<tr valign="top">
<td align="left" bgcolor="#FFFFFF"><font size="2" face="serif"><font face="serif" size="1">Fairview Plaza</font></font></td>
<td align="right" bgcolor="#FFFFFF">&nbsp;</td>
<td align="center" bgcolor="#FFFFFF"><font size="2" face="serif"><font face="serif" size="1">2003</font></font></td>
<td align="left" bgcolor="#FFFFFF">&nbsp;</td>
<td align="right" bgcolor="#FFFFFF">&nbsp;</td>
<td align="right"><font size="2" face="serif"><font face="serif" size="1">30</font></font></td>
<td align="left" bgcolor="#FFFFFF"><font size="2" face="serif"><font face="serif" size="1">%</font></font></td>
<td align="right" bgcolor="#FFFFFF">&nbsp;</td>
<td align="center" bgcolor="#FFFFFF"><font size="2" face="serif"><font face="serif" size="1">69,579 </font></font></td>
<td align="left" bgcolor="#FFFFFF">&nbsp;</td>
<td align="right" bgcolor="#FFFFFF">&nbsp;</td>
<td align="center" bgcolor="#FFFFFF"><font size="2" face="serif"><font face="serif" size="1">1992</font></font></td>
<td align="left" bgcolor="#FFFFFF">&nbsp;</td>
<td align="right" bgcolor="#FFFFFF">&nbsp;</td>
<td align="center" bgcolor="#FFFFFF"><font size="2" face="serif"><font face="serif" size="1">5 </font></font></td>
<td align="left" bgcolor="#FFFFFF">&nbsp;</td>
<td align="right" bgcolor="#FFFFFF">&nbsp;</td>
<td align="right" bgcolor="#FFFFFF"><font size="2" face="serif"><font face="serif" size="1">97</font></font></td>
<td align="left" bgcolor="#FFFFFF"><font size="2" face="serif"><font face="serif" size="1">%</font></font></td>
<td align="right" bgcolor="#FFFFFF">&nbsp;</td>
<td align="right" bgcolor="#FFFFFF">&nbsp;</td>
<td align="center" bgcolor="#FFFFFF"><font size="2" face="serif"><font face="serif" size="1">11.40 </font></font></td>
<td align="left" bgcolor="#FFFFFF">&nbsp;</td>
<td align="right" bgcolor="#FFFFFF">&nbsp;</td>
<td align="left" bgcolor="#FFFFFF"><font size="2" face="serif"><font face="serif" size="1">Giant Foods</font></font></td>
<td align="left" bgcolor="#FFFFFF">&nbsp;</td>
<td align="center" bgcolor="#FFFFFF"><font size="2" face="serif"><font face="serif" size="1">59,237</font></font></td>
<td align="left" bgcolor="#FFFFFF">&nbsp;</td>
<td align="center" bgcolor="#FFFFFF"><font size="2" face="serif"><font face="serif" size="1">02/28/2017</font></font></td>
</tr>
<tr valign="top">
<td align="left" bgcolor="#FFFFFF"><font size="2" face="serif"><font face="serif" size="1">New Cumberland, PA</font></font></td>
<td align="right" bgcolor="#FFFFFF">&nbsp;</td>
<td align="left" bgcolor="#FFFFFF"><font size="2" face="serif">&nbsp;</font></td>
<td align="left" bgcolor="#FFFFFF">&nbsp;</td>
<td align="right" bgcolor="#FFFFFF">&nbsp;</td>
<td align="right"><font size="2" face="serif">&nbsp;</font></td>
<td align="left" bgcolor="#FFFFFF">&nbsp;</td>
<td align="right" bgcolor="#FFFFFF">&nbsp;</td>
<td align="left" bgcolor="#FFFFFF"><font size="2" face="serif">&nbsp;</font></td>
<td align="left" bgcolor="#FFFFFF">&nbsp;</td>
<td align="right" bgcolor="#FFFFFF">&nbsp;</td>
<td align="left" bgcolor="#FFFFFF"><font size="2" face="serif">&nbsp;</font></td>
<td align="left" bgcolor="#FFFFFF">&nbsp;</td>
<td align="right" bgcolor="#FFFFFF">&nbsp;</td>
<td align="left" bgcolor="#FFFFFF"><font size="2" face="serif">&nbsp;</font></td>
<td align="left" bgcolor="#FFFFFF">&nbsp;</td>
<td align="right" bgcolor="#FFFFFF">&nbsp;</td>
<td align="right" bgcolor="#FFFFFF"><font size="2" face="serif">&nbsp;</font></td>
<td align="left" bgcolor="#FFFFFF">&nbsp;</td>
<td align="right" bgcolor="#FFFFFF">&nbsp;</td>
<td align="right" bgcolor="#FFFFFF">&nbsp;</td>
<td align="center" bgcolor="#FFFFFF"><font size="2" face="serif">&nbsp;</font></td>
<td align="left" bgcolor="#FFFFFF">&nbsp;</td>
<td align="right" bgcolor="#FFFFFF">&nbsp;</td>
<td align="left" bgcolor="#FFFFFF"><font size="2" face="serif">&nbsp;</font></td>
<td align="left" bgcolor="#FFFFFF">&nbsp;</td>
<td align="left" bgcolor="#FFFFFF"><font size="2" face="serif">&nbsp;</font></td>
<td align="left" bgcolor="#FFFFFF">&nbsp;</td>
<td align="left" bgcolor="#FFFFFF"><font size="2" face="serif">&nbsp;</font></td>
</tr>
<tr valign="top">
<td align="left"><font size="2" face="serif">&nbsp;</font></td>
<td align="right">&nbsp;</td>
<td align="left"><font size="2" face="serif">&nbsp;</font></td>
<td align="left">&nbsp;</td>
<td align="right">&nbsp;</td>
<td align="right"><font size="2" face="serif">&nbsp;</font></td>
<td align="left">&nbsp;</td>
<td align="right">&nbsp;</td>
<td align="left"><font size="2" face="serif">&nbsp;</font></td>
<td align="left">&nbsp;</td>
<td align="right">&nbsp;</td>
<td align="left"><font size="2" face="serif">&nbsp;</font></td>
<td align="left">&nbsp;</td>
<td align="right">&nbsp;</td>
<td align="left"><font size="2" face="serif">&nbsp;</font></td>
<td align="left">&nbsp;</td>
<td align="right">&nbsp;</td>
<td align="right"><font size="2" face="serif">&nbsp;</font></td>
<td align="left">&nbsp;</td>
<td align="right">&nbsp;</td>
<td align="right">&nbsp;</td>
<td align="center"><font size="2" face="serif">&nbsp;</font></td>
<td align="left">&nbsp;</td>
<td align="right">&nbsp;</td>
<td align="left"><font size="2" face="serif">&nbsp;</font></td>
<td align="left">&nbsp;</td>
<td align="left"><font size="2" face="serif">&nbsp;</font></td>
<td align="left">&nbsp;</td>
<td align="left"><font size="2" face="serif">&nbsp;</font></td>
</tr>
<tr valign="top">
<td align="left" bgcolor="#eeeeee"><font size="2" face="serif"><font face="serif" size="1">Halifax Plaza</font></font></td>
<td align="right" bgcolor="#eeeeee">&nbsp;</td>
<td align="center" bgcolor="#eeeeee"><font size="2" face="serif"><font face="serif" size="1">2003</font></font></td>
<td align="left" bgcolor="#eeeeee">&nbsp;</td>
<td align="right" bgcolor="#eeeeee">&nbsp;</td>
<td align="right" bgcolor="#eeeeee"><font size="2" face="serif"><font face="serif" size="1">30</font></font></td>
<td align="left" bgcolor="#eeeeee"><font size="2" face="serif"><font face="serif" size="1">%</font></font></td>
<td align="right" bgcolor="#eeeeee">&nbsp;</td>
<td align="center" bgcolor="#eeeeee"><font size="2" face="serif"><font face="serif" size="1">54,150 </font></font></td>
<td align="left" bgcolor="#eeeeee">&nbsp;</td>
<td align="right" bgcolor="#eeeeee">&nbsp;</td>
<td align="center" bgcolor="#eeeeee"><font size="2" face="serif"><font face="serif" size="1">1994</font></font></td>
<td align="left" bgcolor="#eeeeee">&nbsp;</td>
<td align="right" bgcolor="#eeeeee">&nbsp;</td>
<td align="center" bgcolor="#eeeeee"><font size="2" face="serif"><font face="serif" size="1">9 </font></font></td>
<td align="left" bgcolor="#eeeeee">&nbsp;</td>
<td align="right" bgcolor="#eeeeee">&nbsp;</td>
<td align="right" bgcolor="#eeeeee"><font size="2" face="serif"><font face="serif" size="1">100</font></font></td>
<td align="left" bgcolor="#eeeeee"><font size="2" face="serif"><font face="serif" size="1">%</font></font></td>
<td align="right" bgcolor="#eeeeee">&nbsp;</td>
<td align="right" bgcolor="#eeeeee">&nbsp;</td>
<td align="center" bgcolor="#eeeeee"><font size="2" face="serif"><font face="serif" size="1">10.89 </font></font></td>
<td align="left" bgcolor="#eeeeee">&nbsp;</td>
<td align="right" bgcolor="#eeeeee">&nbsp;</td>
<td align="left" bgcolor="#eeeeee"><font size="2" face="serif"><font face="serif" size="1">Giant Foods</font></font></td>
<td align="left" bgcolor="#eeeeee">&nbsp;</td>
<td align="center" bgcolor="#eeeeee"><font size="2" face="serif"><font face="serif" size="1">32,000</font></font></td>
<td align="left" bgcolor="#eeeeee">&nbsp;</td>
<td align="center" bgcolor="#eeeeee"><font size="2" face="serif"><font face="serif" size="1">10/31/2019</font></font></td>
</tr>
<tr valign="top">
<td align="left" bgcolor="#eeeeee"><font size="2" face="serif"><font face="serif" size="1">Halifax, PA</font></font></td>
<td align="right" bgcolor="#eeeeee">&nbsp;</td>
<td align="left" bgcolor="#eeeeee"><font size="2" face="serif">&nbsp;</font></td>
<td align="left" bgcolor="#eeeeee">&nbsp;</td>
<td align="right" bgcolor="#eeeeee">&nbsp;</td>
<td align="right" bgcolor="#eeeeee"><font size="2" face="serif">&nbsp;</font></td>
<td align="left" bgcolor="#eeeeee">&nbsp;</td>
<td align="right" bgcolor="#eeeeee">&nbsp;</td>
<td align="left" bgcolor="#eeeeee"><font size="2" face="serif">&nbsp;</font></td>
<td align="left" bgcolor="#eeeeee">&nbsp;</td>
<td align="right" bgcolor="#eeeeee">&nbsp;</td>
<td align="left" bgcolor="#eeeeee"><font size="2" face="serif">&nbsp;</font></td>
<td align="left" bgcolor="#eeeeee">&nbsp;</td>
<td align="right" bgcolor="#eeeeee">&nbsp;</td>
<td align="left" bgcolor="#eeeeee"><font size="2" face="serif">&nbsp;</font></td>
<td align="left" bgcolor="#eeeeee">&nbsp;</td>
<td align="right" bgcolor="#eeeeee">&nbsp;</td>
<td align="right" bgcolor="#eeeeee"><font size="2" face="serif">&nbsp;</font></td>
<td align="left" bgcolor="#eeeeee">&nbsp;</td>
<td align="right" bgcolor="#eeeeee">&nbsp;</td>
<td align="right" bgcolor="#eeeeee">&nbsp;</td>
<td align="center" bgcolor="#eeeeee"><font size="2" face="serif">&nbsp;</font></td>
<td align="left" bgcolor="#eeeeee">&nbsp;</td>
<td align="right" bgcolor="#eeeeee">&nbsp;</td>
<td align="left" bgcolor="#eeeeee"><font size="2" face="serif">&nbsp;</font></td>
<td align="left" bgcolor="#eeeeee">&nbsp;</td>
<td align="left" bgcolor="#eeeeee"><font size="2" face="serif">&nbsp;</font></td>
<td align="left" bgcolor="#eeeeee">&nbsp;</td>
<td align="left" bgcolor="#eeeeee"><font size="2" face="serif">&nbsp;</font></td>
</tr>
<tr valign="top">
<td align="left"><font size="2" face="serif">&nbsp;</font></td>
<td align="right">&nbsp;</td>
<td align="left"><font size="2" face="serif">&nbsp;</font></td>
<td align="left">&nbsp;</td>
<td align="right">&nbsp;</td>
<td align="right"><font size="2" face="serif">&nbsp;</font></td>
<td align="left">&nbsp;</td>
<td align="right">&nbsp;</td>
<td align="left"><font size="2" face="serif">&nbsp;</font></td>
<td align="left">&nbsp;</td>
<td align="right">&nbsp;</td>
<td align="left"><font size="2" face="serif">&nbsp;</font></td>
<td align="left">&nbsp;</td>
<td align="right">&nbsp;</td>
<td align="left"><font size="2" face="serif">&nbsp;</font></td>
<td align="left">&nbsp;</td>
<td align="right">&nbsp;</td>
<td align="right"><font size="2" face="serif">&nbsp;</font></td>
<td align="left">&nbsp;</td>
<td align="right">&nbsp;</td>
<td align="right">&nbsp;</td>
<td align="center"><font size="2" face="serif">&nbsp;</font></td>
<td align="left">&nbsp;</td>
<td align="right">&nbsp;</td>
<td align="left"><font size="2" face="serif">&nbsp;</font></td>
<td align="left">&nbsp;</td>
<td align="left"><font size="2" face="serif">&nbsp;</font></td>
<td align="left">&nbsp;</td>
<td align="left"><font size="2" face="serif">&nbsp;</font></td>
</tr>
<tr valign="top">
<td align="left" bgcolor="#FFFFFF"><font size="2" face="serif"><font face="serif" size="1">Newport Plaza</font></font></td>
<td align="right" bgcolor="#FFFFFF">&nbsp;</td>
<td align="center" bgcolor="#FFFFFF"><font size="2" face="serif"><font face="serif" size="1">2003</font></font></td>
<td align="left" bgcolor="#FFFFFF">&nbsp;</td>
<td align="right" bgcolor="#FFFFFF">&nbsp;</td>
<td align="right"><font size="2" face="serif"><font face="serif" size="1">30</font></font></td>
<td align="left" bgcolor="#FFFFFF"><font size="2" face="serif"><font face="serif" size="1">%</font></font></td>
<td align="right" bgcolor="#FFFFFF">&nbsp;</td>
<td align="center" bgcolor="#FFFFFF"><font size="2" face="serif"><font face="serif" size="1">66,789 </font></font></td>
<td align="left" bgcolor="#FFFFFF">&nbsp;</td>
<td align="right" bgcolor="#FFFFFF">&nbsp;</td>
<td align="center" bgcolor="#FFFFFF"><font size="2" face="serif"><font face="serif" size="1">1996</font></font></td>
<td align="left" bgcolor="#FFFFFF">&nbsp;</td>
<td align="right" bgcolor="#FFFFFF">&nbsp;</td>
<td align="center" bgcolor="#FFFFFF"><font size="2" face="serif"><font face="serif" size="1">9 </font></font></td>
<td align="left" bgcolor="#FFFFFF">&nbsp;</td>
<td align="right" bgcolor="#FFFFFF">&nbsp;</td>
<td align="right" bgcolor="#FFFFFF"><font size="2" face="serif"><font face="serif" size="1">100</font></font></td>
<td align="left" bgcolor="#FFFFFF"><font size="2" face="serif"><font face="serif" size="1">%</font></font></td>
<td align="right" bgcolor="#FFFFFF">&nbsp;</td>
<td align="right" bgcolor="#FFFFFF">&nbsp;</td>
<td align="center" bgcolor="#FFFFFF"><font size="2" face="serif"><font face="serif" size="1">10.12 </font></font></td>
<td align="left" bgcolor="#FFFFFF">&nbsp;</td>
<td align="right" bgcolor="#FFFFFF">&nbsp;</td>
<td align="left" bgcolor="#FFFFFF"><font size="2" face="serif"><font face="serif" size="1">Giant Foods</font></font></td>
<td align="left" bgcolor="#FFFFFF">&nbsp;</td>
<td align="center" bgcolor="#FFFFFF"><font size="2" face="serif"><font face="serif" size="1">43,400</font></font></td>
<td align="left" bgcolor="#FFFFFF">&nbsp;</td>
<td align="center" bgcolor="#FFFFFF"><font size="2" face="serif"><font face="serif" size="1">05/31/2021</font></font></td>
</tr>
<tr valign="top">
<td align="left" bgcolor="#FFFFFF"><font size="2" face="serif"><font face="serif" size="1">Newport, PA</font></font></td>
<td align="right" bgcolor="#FFFFFF">&nbsp;</td>
<td align="left" bgcolor="#FFFFFF"><font size="2" face="serif">&nbsp;</font></td>
<td align="left" bgcolor="#FFFFFF">&nbsp;</td>
<td align="right" bgcolor="#FFFFFF">&nbsp;</td>
<td align="right"><font size="2" face="serif">&nbsp;</font></td>
<td align="left" bgcolor="#FFFFFF">&nbsp;</td>
<td align="right" bgcolor="#FFFFFF">&nbsp;</td>
<td align="left" bgcolor="#FFFFFF"><font size="2" face="serif">&nbsp;</font></td>
<td align="left" bgcolor="#FFFFFF">&nbsp;</td>
<td align="right" bgcolor="#FFFFFF">&nbsp;</td>
<td align="left" bgcolor="#FFFFFF"><font size="2" face="serif">&nbsp;</font></td>
<td align="left" bgcolor="#FFFFFF">&nbsp;</td>
<td align="right" bgcolor="#FFFFFF">&nbsp;</td>
<td align="left" bgcolor="#FFFFFF"><font size="2" face="serif">&nbsp;</font></td>
<td align="left" bgcolor="#FFFFFF">&nbsp;</td>
<td align="right" bgcolor="#FFFFFF">&nbsp;</td>
<td align="right" bgcolor="#FFFFFF"><font size="2" face="serif">&nbsp;</font></td>
<td align="left" bgcolor="#FFFFFF">&nbsp;</td>
<td align="right" bgcolor="#FFFFFF">&nbsp;</td>
<td align="right" bgcolor="#FFFFFF">&nbsp;</td>
<td align="center" bgcolor="#FFFFFF"><font size="2" face="serif">&nbsp;</font></td>
<td align="left" bgcolor="#FFFFFF">&nbsp;</td>
<td align="right" bgcolor="#FFFFFF">&nbsp;</td>
<td align="left" bgcolor="#FFFFFF"><font size="2" face="serif">&nbsp;</font></td>
<td align="left" bgcolor="#FFFFFF">&nbsp;</td>
<td align="left" bgcolor="#FFFFFF"><font size="2" face="serif">&nbsp;</font></td>
<td align="left" bgcolor="#FFFFFF">&nbsp;</td>
<td align="left" bgcolor="#FFFFFF"><font size="2" face="serif">&nbsp;</font></td>
</tr>
<tr valign="top">
<td align="left"><font size="2" face="serif">&nbsp;</font></td>
<td align="right">&nbsp;</td>
<td align="left"><font size="2" face="serif">&nbsp;</font></td>
<td align="left">&nbsp;</td>
<td align="right">&nbsp;</td>
<td align="right"><font size="2" face="serif">&nbsp;</font></td>
<td align="left">&nbsp;</td>
<td align="right">&nbsp;</td>
<td align="left"><font size="2" face="serif">&nbsp;</font></td>
<td align="left">&nbsp;</td>
<td align="right">&nbsp;</td>
<td align="left"><font size="2" face="serif">&nbsp;</font></td>
<td align="left">&nbsp;</td>
<td align="right">&nbsp;</td>
<td align="left"><font size="2" face="serif">&nbsp;</font></td>
<td align="left">&nbsp;</td>
<td align="right">&nbsp;</td>
<td align="right"><font size="2" face="serif">&nbsp;</font></td>
<td align="left">&nbsp;</td>
<td align="right">&nbsp;</td>
<td align="right">&nbsp;</td>
<td align="center"><font size="2" face="serif">&nbsp;</font></td>
<td align="left">&nbsp;</td>
<td align="right">&nbsp;</td>
<td align="left"><font size="2" face="serif">&nbsp;</font></td>
<td align="left">&nbsp;</td>
<td align="left"><font size="2" face="serif">&nbsp;</font></td>
<td align="left">&nbsp;</td>
<td align="left"><font size="2" face="serif">&nbsp;</font></td>
</tr>
<tr valign="top">
<td align="left" bgcolor="#eeeeee"><font size="2" face="serif"><font face="serif" size="1">Pine Grove Plaza</font></font></td>
<td align="right" bgcolor="#eeeeee">&nbsp;</td>
<td align="center" bgcolor="#eeeeee"><font size="2" face="serif"><font face="serif" size="1">2003</font></font></td>
<td align="left" bgcolor="#eeeeee">&nbsp;</td>
<td align="right" bgcolor="#eeeeee">&nbsp;</td>
<td align="right" bgcolor="#eeeeee"><font size="2" face="serif"><font face="serif" size="1">100</font></font></td>
<td align="left" bgcolor="#eeeeee"><font size="2" face="serif"><font face="serif" size="1">%</font></font></td>
<td align="right" bgcolor="#eeeeee">&nbsp;</td>
<td align="center" bgcolor="#eeeeee"><font size="2" face="serif"><font face="serif" size="1">79,306 </font></font></td>
<td align="left" bgcolor="#eeeeee">&nbsp;</td>
<td align="right" bgcolor="#eeeeee">&nbsp;</td>
<td align="center" bgcolor="#eeeeee"><font size="2" face="serif"><font face="serif" size="1">2001/2002</font></font></td>
<td align="left" bgcolor="#eeeeee">&nbsp;</td>
<td align="right" bgcolor="#eeeeee">&nbsp;</td>
<td align="center" bgcolor="#eeeeee"><font size="2" face="serif"><font face="serif" size="1">14</font></font></td>
<td align="left" bgcolor="#eeeeee">&nbsp;</td>
<td align="right" bgcolor="#eeeeee">&nbsp;</td>
<td align="right" bgcolor="#eeeeee"><font size="2" face="serif"><font face="serif" size="1">95</font></font></td>
<td align="left" bgcolor="#eeeeee"><font size="2" face="serif"><font face="serif" size="1">%</font></font></td>
<td align="right" bgcolor="#eeeeee">&nbsp;</td>
<td align="right" bgcolor="#eeeeee">&nbsp;</td>
<td align="center" bgcolor="#eeeeee"><font size="2" face="serif"><font face="serif" size="1">10.39</font></font></td>
<td align="left" bgcolor="#eeeeee">&nbsp;</td>
<td align="right" bgcolor="#eeeeee">&nbsp;</td>
<td align="left" bgcolor="#eeeeee"><font size="2" face="serif"><font face="serif" size="1">Peebles</font></font></td>
<td align="left" bgcolor="#eeeeee">&nbsp;</td>
<td align="center" bgcolor="#eeeeee"><font size="2" face="serif"><font face="serif" size="1">24,963</font></font></td>
<td align="left" bgcolor="#eeeeee">&nbsp;</td>
<td align="center" bgcolor="#eeeeee"><font size="2" face="serif"><font face="serif" size="1">01/31/2022</font></font></td>
</tr>
<tr valign="top">
<td align="left" bgcolor="#eeeeee"><font size="2" face="serif"><font face="serif" size="1">Pemberton Township, NJ</font></font></td>
<td align="right" bgcolor="#eeeeee">&nbsp;</td>
<td align="left" bgcolor="#eeeeee"><font size="2" face="serif">&nbsp;</font></td>
<td align="left" bgcolor="#eeeeee">&nbsp;</td>
<td align="right" bgcolor="#eeeeee">&nbsp;</td>
<td align="right" bgcolor="#eeeeee"><font size="2" face="serif">&nbsp;</font></td>
<td align="left" bgcolor="#eeeeee">&nbsp;</td>
<td align="right" bgcolor="#eeeeee">&nbsp;</td>
<td align="left" bgcolor="#eeeeee"><font size="2" face="serif">&nbsp;</font></td>
<td align="left" bgcolor="#eeeeee">&nbsp;</td>
<td align="right" bgcolor="#eeeeee">&nbsp;</td>
<td align="left" bgcolor="#eeeeee"><font size="2" face="serif">&nbsp;</font></td>
<td align="left" bgcolor="#eeeeee">&nbsp;</td>
<td align="right" bgcolor="#eeeeee">&nbsp;</td>
<td align="left" bgcolor="#eeeeee"><font size="2" face="serif">&nbsp;</font></td>
<td align="left" bgcolor="#eeeeee">&nbsp;</td>
<td align="right" bgcolor="#eeeeee">&nbsp;</td>
<td align="right" bgcolor="#eeeeee"><font size="2" face="serif">&nbsp;</font></td>
<td align="left" bgcolor="#eeeeee">&nbsp;</td>
<td align="right" bgcolor="#eeeeee">&nbsp;</td>
<td align="right" bgcolor="#eeeeee">&nbsp;</td>
<td align="center" bgcolor="#eeeeee"><font size="2" face="serif">&nbsp;</font></td>
<td align="left" bgcolor="#eeeeee">&nbsp;</td>
<td align="right" bgcolor="#eeeeee">&nbsp;</td>
<td align="left" bgcolor="#eeeeee"><font size="2" face="serif">&nbsp;</font></td>
<td align="left" bgcolor="#eeeeee">&nbsp;</td>
<td align="left" bgcolor="#eeeeee"><font size="2" face="serif">&nbsp;</font></td>
<td align="left" bgcolor="#eeeeee">&nbsp;</td>
<td align="left" bgcolor="#eeeeee"><font size="2" face="serif">&nbsp;</font></td>
</tr>
</table>
<p align="center"><font face="serif" size="2">11</font></p>
<hr noshade align="center" width="100%" size="2">
<div style="page-break-before:always"></div>
<page>
<a name="p?"></a>
<table width="100%" cellspacing="0" cellpadding="0" border="0">
<tr valign="top">
<td colspan="14" align="left"><font size="2" face="serif"><b>CEDAR SHOPPING CENTERS, INC.<br>
Property Summary<br>
As of June 30, 2005<br>
(continued)</b></font></td>
</tr>
</table>
<br>
<table width="100%" border="0" align="center" cellpadding="0" cellspacing="0">
<tr align="center" valign="bottom">
<td rowspan="4"><font size="1" face="serif">&nbsp;</font><font size="1" face="serif">&nbsp;</font><font size="1" face="serif">&nbsp;</font><font size="2" face="serif"><b><font face="serif" size="1">Property</font></b></font></td>
<td>&nbsp;</td>
<td rowspan="4"><font size="1" face="serif"><b>Year<br>
acquired</b></font></td>
<td>&nbsp;</td>
<td colspan="3" rowspan="4"><font size="1" face="serif">&nbsp;</font><font size="1" face="serif">&nbsp;</font><font size="1" face="serif"><b>Percent<br>
owned
    (2)</b></font></td>
<td>&nbsp;</td>
<td rowspan="4"><font size="1" face="serif"><b>Gross<br>
leasable<br>
area </b></font><font size="2" face="serif"><b><font face="serif" size="1">&#147;GLA&#148;</font></b></font></td>
<td>&nbsp;</td>
<td>&nbsp;</td>
<td rowspan="4"><font size="1" face="serif">&nbsp;</font><font size="1" face="serif"><b>Year built/<br>
year last<br>
renovated</b></font></td>
<td>&nbsp;</td>
<td>&nbsp;</td>
<td rowspan="4"><font size="1" face="serif"><b>Number<br>
of<br>
tenants</b></font></td>
<td>&nbsp;</td>
<td>&nbsp;</td>
<td colspan="2" rowspan="4"><font size="1" face="serif"><b>Percent<br>
occupied</b></font></td>
<td>&nbsp;</td>
<td>&nbsp;</td>
<td rowspan="4"><font size="1" face="serif">&nbsp;</font><font size="1" face="serif"><b>Average<br>
</b></font><font size="1" face="serif"><b>base rent per<br>
</b></font><font size="2" face="serif"><b><font size="2" face="serif"><b><font face="serif" size="1">leased
    SF</font></b></font><font face="serif" size="1"></font></b></font></td>
<td>&nbsp;</td>
<td><font size="1" face="serif">&nbsp;</font></td>
<td>&nbsp;</td>
<td><font size="1" face="serif">&nbsp;</font></td>
<td>&nbsp;</td>
<td><font size="1" face="serif">&nbsp;</font></td>
<td>&nbsp;</td>
</tr>
<tr align="center" valign="bottom">
<td>&nbsp;</td>
<td>&nbsp;</td>
<td>&nbsp;</td>
<td>&nbsp;</td>
<td>&nbsp;</td>
<td>&nbsp;</td>
<td>&nbsp;</td>
<td>&nbsp;</td>
<td>&nbsp;</td>
<td>&nbsp;</td>
<td>&nbsp;</td>
<td>&nbsp;</td>
<td colspan="5"><font size="1" face="serif"><b>Major tenants [&gt;=20,000 SF
    of GLA]</b>&nbsp;</font><font size="1" face="serif">&nbsp;</font><font size="1" face="serif">&nbsp;</font></td>
<td>&nbsp;</td>
</tr>
<tr align="center" valign="bottom">
<td>&nbsp;</td>
<td>&nbsp;</td>
<td>&nbsp;</td>
<td>&nbsp;</td>
<td>&nbsp;</td>
<td>&nbsp;</td>
<td>&nbsp;</td>
<td>&nbsp;</td>
<td>&nbsp;</td>
<td>&nbsp;</td>
<td>&nbsp;</td>
<td>&nbsp;</td>
<td colspan="5"><hr align="left" width="100%" size=1 noshade></td>
<td>&nbsp;</td>
</tr>
<tr align="center" valign="bottom" bgcolor="#FFFFFF">
<td>&nbsp;</td>
<td>&nbsp;</td>
<td>&nbsp;</td>
<td>&nbsp;</td>
<td>&nbsp;</td>
<td>&nbsp;</td>
<td>&nbsp;</td>
<td>&nbsp;</td>
<td>&nbsp;</td>
<td>&nbsp;</td>
<td>&nbsp;</td>
<td>&nbsp;</td>
<td align="left"><font size="2" face="serif"><b><font face="serif" size="1">Name&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</font></b></font></td>
<td>&nbsp;</td>
<td><font size="2" face="serif"><b><font face="serif" size="1">SF</font></b></font></td>
<td>&nbsp;</td>
<td><font size="2" face="serif"><b><font face="serif" size="1">Lease<br>
 expiration</font></b></font></td>
<td>&nbsp;</td> </tr>
<tr align="center" valign="bottom">
  <td colspan="29" bgcolor="#FFFFFF"><hr align="left" width="100%" size=1 noshade></td>
  </tr>
<tr valign="top">
<td align="left" valign="bottom" bgcolor="#eeeeee"><font size="2" face="serif"><font face="serif" size="1">Swede Square</font></font></td>
<td align="left" valign="bottom" bgcolor="#eeeeee">&nbsp;</td>
<td align="center" valign="bottom" bgcolor="#eeeeee"><font size="2" face="serif"><font face="serif" size="1">2003</font></font></td>
<td width="1%" align="left" valign="bottom" bgcolor="#eeeeee">&nbsp;</td>
<td align="right" valign="bottom" bgcolor="#eeeeee"><font size="2" face="serif"><font face="serif" size="1">100</font></font></td>
<td align="left" valign="bottom" bgcolor="#eeeeee"><font size="2" face="serif"><font face="serif" size="1">%</font></font></td>
<td width="1%" align="left" valign="bottom" bgcolor="#eeeeee">&nbsp;</td>
<td align="left" valign="bottom" bgcolor="#eeeeee">&nbsp;</td>
<td align="right" valign="bottom" bgcolor="#eeeeee"><font size="2" face="serif"><font face="serif" size="1">98,792 </font></font></td>
<td align="left" valign="bottom" bgcolor="#eeeeee">&nbsp;</td>
<td align="right" valign="bottom" bgcolor="#eeeeee">&nbsp;</td>
<td align="center" valign="bottom" bgcolor="#eeeeee"><font size="2" face="serif"><font face="serif" size="1">1980/2004</font></font></td>
<td align="left" valign="bottom" bgcolor="#eeeeee">&nbsp;</td>
<td align="right" valign="bottom" bgcolor="#eeeeee">&nbsp;</td>
<td align="center" valign="bottom" bgcolor="#eeeeee"><font size="2" face="serif"><font face="serif" size="1">16 </font></font></td>
<td align="left" valign="bottom" bgcolor="#eeeeee">&nbsp;</td>
<td align="right" valign="bottom" bgcolor="#eeeeee">&nbsp;</td>
<td align="right" valign="bottom" bgcolor="#eeeeee"><font size="2" face="serif"><font face="serif" size="1">88</font></font></td>
<td align="left" valign="bottom" bgcolor="#eeeeee"><font size="2" face="serif"><font face="serif" size="1">%</font></font></td>
<td align="right" valign="bottom" bgcolor="#eeeeee">&nbsp;</td>
<td align="right" valign="bottom" bgcolor="#eeeeee"><font size="1" face="serif">$</font></td>
<td align="center" valign="bottom" bgcolor="#eeeeee"><font size="2" face="serif"><font face="serif" size="1">13.16 </font></font></td>
<td width="2%" align="left" valign="bottom" bgcolor="#eeeeee">&nbsp;</td>
<td align="left" valign="bottom" bgcolor="#eeeeee"><font size="2" face="serif"><font face="serif" size="1">LA Fitness</font></font></td>
<td align="left" valign="bottom" bgcolor="#eeeeee">&nbsp;</td>
<td align="right" valign="bottom" bgcolor="#eeeeee"><font size="2" face="serif"><font face="serif" size="1">37,200</font></font></td>
<td align="right" valign="bottom" bgcolor="#eeeeee">&nbsp;</td>
<td align="center" valign="bottom" bgcolor="#eeeeee"><font size="2" face="serif"><font face="serif" size="1">06/30/2016</font></font></td>
<td align="left" bgcolor="#eeeeee">&nbsp;</td>
</tr>
<tr valign="top">
<td align="left" valign="bottom" bgcolor="#eeeeee"><font size="2" face="serif"><font face="serif" size="1">East Norriton, PA</font></font></td>
<td align="left" valign="bottom" bgcolor="#eeeeee">&nbsp;</td>
<td align="center" valign="bottom" bgcolor="#eeeeee"><font size="2" face="serif">&nbsp;</font></td>
<td align="left" valign="bottom" bgcolor="#eeeeee">&nbsp;</td>
<td align="left" valign="bottom" bgcolor="#eeeeee"><font size="2" face="serif">&nbsp;</font></td>
<td align="left" valign="bottom" bgcolor="#eeeeee">&nbsp;</td>
<td align="left" valign="bottom" bgcolor="#eeeeee">&nbsp;</td>
<td align="left" valign="bottom" bgcolor="#eeeeee">&nbsp;</td>
<td align="left" valign="bottom" bgcolor="#eeeeee"><font size="2" face="serif">&nbsp;</font></td>
<td align="left" valign="bottom" bgcolor="#eeeeee">&nbsp;</td>
<td align="right" valign="bottom" bgcolor="#eeeeee">&nbsp;</td>
<td align="left" valign="bottom" bgcolor="#eeeeee"><font size="2" face="serif">&nbsp;</font></td>
<td align="left" valign="bottom" bgcolor="#eeeeee">&nbsp;</td>
<td align="right" valign="bottom" bgcolor="#eeeeee">&nbsp;</td>
<td align="center" valign="bottom" bgcolor="#eeeeee"><font size="2" face="serif">&nbsp;</font></td>
<td align="left" valign="bottom" bgcolor="#eeeeee">&nbsp;</td>
<td align="right" valign="bottom" bgcolor="#eeeeee">&nbsp;</td>
<td align="left" valign="bottom" bgcolor="#eeeeee"><font size="2" face="serif">&nbsp;</font></td>
<td align="left" valign="bottom" bgcolor="#eeeeee">&nbsp;</td>
<td align="right" valign="bottom" bgcolor="#eeeeee">&nbsp;</td>
<td align="right" valign="bottom" bgcolor="#eeeeee">&nbsp;</td>
<td align="center" valign="bottom" bgcolor="#eeeeee"><font size="2" face="serif">&nbsp;</font></td>
<td width="1%" align="left" valign="bottom" bgcolor="#eeeeee">&nbsp;</td>
<td align="left" valign="bottom" bgcolor="#eeeeee"><font size="2" face="serif">&nbsp;</font></td>
<td align="left" valign="bottom" bgcolor="#eeeeee">&nbsp;</td>
<td align="left" valign="bottom" bgcolor="#eeeeee"><font size="2" face="serif">&nbsp;</font></td>
<td align="right" valign="bottom" bgcolor="#eeeeee">&nbsp;</td>
<td align="left" valign="bottom" bgcolor="#eeeeee"><font size="2" face="serif">&nbsp;</font></td>
<td align="left" bgcolor="#eeeeee">&nbsp;</td>
</tr>
<tr valign="top">
<td align="left" valign="bottom"><font size="2" face="serif">&nbsp;</font></td>
<td align="left" valign="bottom">&nbsp;</td>
<td align="center" valign="bottom"><font size="2" face="serif">&nbsp;</font></td>
<td align="left" valign="bottom">&nbsp;</td>
<td align="left" valign="bottom"><font size="2" face="serif">&nbsp;</font></td>
<td align="left" valign="bottom">&nbsp;</td>
<td align="left" valign="bottom">&nbsp;</td>
<td align="left" valign="bottom">&nbsp;</td>
<td align="left" valign="bottom"><font size="2" face="serif">&nbsp;</font></td>
<td align="left" valign="bottom">&nbsp;</td>
<td align="right" valign="bottom">&nbsp;</td>
<td align="left" valign="bottom"><font size="2" face="serif">&nbsp;</font></td>
<td align="left" valign="bottom">&nbsp;</td>
<td align="right" valign="bottom">&nbsp;</td>
<td align="center" valign="bottom"><font size="2" face="serif">&nbsp;</font></td>
<td align="left" valign="bottom">&nbsp;</td>
<td align="right" valign="bottom">&nbsp;</td>
<td align="left" valign="bottom"><font size="2" face="serif">&nbsp;</font></td>
<td align="left" valign="bottom">&nbsp;</td>
<td align="right" valign="bottom">&nbsp;</td>
<td align="right" valign="bottom">&nbsp;</td>
<td align="center" valign="bottom"><font size="2" face="serif">&nbsp;</font></td>
<td align="left" valign="bottom">&nbsp;</td>
<td align="left" valign="bottom"><font size="2" face="serif">&nbsp;</font></td>
<td align="left" valign="bottom">&nbsp;</td>
<td align="left" valign="bottom"><font size="2" face="serif">&nbsp;</font></td>
<td align="right" valign="bottom">&nbsp;</td>
<td align="left" valign="bottom"><font size="2" face="serif">&nbsp;</font></td>
<td align="left">&nbsp;</td>
</tr>
<tr valign="top">
<td align="left" valign="bottom" bgcolor="#FFFFFF"><font size="2" face="serif"><font face="serif" size="1">Valley Plaza</font></font></td>
<td align="left" valign="bottom" bgcolor="#FFFFFF">&nbsp;</td>
<td align="center" valign="bottom" bgcolor="#FFFFFF"><font size="2" face="serif"><font face="serif" size="1">2003</font></font></td>
<td align="left" valign="bottom" bgcolor="#FFFFFF">&nbsp;</td>
<td align="right" valign="bottom" bgcolor="#FFFFFF"><font size="2" face="serif"><font face="serif" size="1">100</font></font></td>
<td align="left" valign="bottom" bgcolor="#FFFFFF"><font size="2" face="serif"><font face="serif" size="1">%</font></font></td>
<td align="left" valign="bottom" bgcolor="#FFFFFF">&nbsp;</td>
<td align="left" valign="bottom" bgcolor="#FFFFFF">&nbsp;</td>
<td align="right" valign="bottom" bgcolor="#FFFFFF"><font size="2" face="serif"><font face="serif" size="1">191,189 </font></font></td>
<td align="left" valign="bottom" bgcolor="#FFFFFF">&nbsp;</td>
<td align="right" valign="bottom" bgcolor="#FFFFFF">&nbsp;</td>
<td align="center" valign="bottom" bgcolor="#FFFFFF"><font size="2" face="serif"><font face="serif" size="1">1975/1994</font></font></td>
<td align="left" valign="bottom" bgcolor="#FFFFFF">&nbsp;</td>
<td align="right" valign="bottom" bgcolor="#FFFFFF">&nbsp;</td>
<td align="center" valign="bottom"><font size="2" face="serif"><font face="serif" size="1">7 </font></font></td>
<td align="left" valign="bottom" bgcolor="#FFFFFF">&nbsp;</td>
<td align="right" valign="bottom" bgcolor="#FFFFFF">&nbsp;</td>
<td align="right" valign="bottom" bgcolor="#FFFFFF"><font size="2" face="serif"><font face="serif" size="1">100</font></font></td>
<td align="left" valign="bottom" bgcolor="#FFFFFF"><font size="2" face="serif"><font face="serif" size="1">%</font></font></td>
<td align="right" valign="bottom" bgcolor="#FFFFFF">&nbsp;</td>
<td align="right" valign="bottom" bgcolor="#FFFFFF">&nbsp;</td>
<td align="center" valign="bottom" bgcolor="#FFFFFF"><font size="2" face="serif"><font face="serif" size="1"> &nbsp;4.39 </font></font></td>
<td align="left" valign="bottom" bgcolor="#FFFFFF">&nbsp;</td>
<td align="left" valign="bottom" bgcolor="#FFFFFF"><font size="2" face="serif"><font face="serif" size="1">K-Mart</font></font></td>
<td align="left" valign="bottom" bgcolor="#FFFFFF">&nbsp;</td>
<td align="right" valign="bottom" bgcolor="#FFFFFF"><font size="2" face="serif"><font face="serif" size="1">95,810</font></font></td>
<td align="right" valign="bottom" bgcolor="#FFFFFF">&nbsp;</td>
<td align="center" valign="bottom" bgcolor="#FFFFFF"><font size="2" face="serif"><font face="serif" size="1">09/30/2009</font></font></td>
<td align="left" bgcolor="#FFFFFF">&nbsp;</td>
</tr>
<tr valign="top">
<td align="left" valign="bottom"><font size="2" face="serif"><font face="serif" size="1">Hagerstown, MD</font></font></td>
<td align="left" valign="bottom">&nbsp;</td>
<td align="center" valign="bottom"><font size="2" face="serif">&nbsp;</font></td>
<td align="left" valign="bottom">&nbsp;</td>
<td align="left" valign="bottom"><font size="2" face="serif">&nbsp;</font></td>
<td align="left" valign="bottom">&nbsp;</td>
<td align="left" valign="bottom">&nbsp;</td>
<td align="left" valign="bottom">&nbsp;</td>
<td align="left" valign="bottom"><font size="2" face="serif">&nbsp;</font></td>
<td align="left" valign="bottom">&nbsp;</td>
<td align="right" valign="bottom">&nbsp;</td>
<td align="left" valign="bottom"><font size="2" face="serif">&nbsp;</font></td>
<td align="left" valign="bottom">&nbsp;</td>
<td align="right" valign="bottom">&nbsp;</td>
<td align="center" valign="bottom"><font size="2" face="serif">&nbsp;</font></td>
<td align="left" valign="bottom">&nbsp;</td>
<td align="right" valign="bottom">&nbsp;</td>
<td align="left" valign="bottom"><font size="2" face="serif">&nbsp;</font></td>
<td align="left" valign="bottom">&nbsp;</td>
<td align="right" valign="bottom">&nbsp;</td>
<td align="right" valign="bottom">&nbsp;</td>
<td align="center" valign="bottom"><font size="2" face="serif">&nbsp;</font></td>
<td align="left" valign="bottom">&nbsp;</td>
<td align="left" valign="bottom"><font size="2" face="serif"><font face="serif" size="1">Ollie&#146;s</font></font></td>
<td align="left" valign="bottom">&nbsp;</td>
<td align="right" valign="bottom"><font size="2" face="serif"><font face="serif" size="1">41,888</font></font></td>
<td align="right" valign="bottom">&nbsp;</td>
<td align="center" valign="bottom"><font size="2" face="serif"><font face="serif" size="1">03/31/2011</font></font></td>
<td align="left">&nbsp;</td>
</tr>
<tr valign="top">
<td align="left" valign="bottom" bgcolor="#FFFFFF"><font size="2" face="serif">&nbsp;</font></td>
<td align="left" valign="bottom" bgcolor="#FFFFFF">&nbsp;</td>
<td align="center" valign="bottom" bgcolor="#FFFFFF"><font size="2" face="serif">&nbsp;</font></td>
<td align="left" valign="bottom" bgcolor="#FFFFFF">&nbsp;</td>
<td align="left" valign="bottom" bgcolor="#FFFFFF"><font size="2" face="serif">&nbsp;</font></td>
<td align="left" valign="bottom" bgcolor="#FFFFFF">&nbsp;</td>
<td align="left" valign="bottom" bgcolor="#FFFFFF">&nbsp;</td>
<td align="left" valign="bottom" bgcolor="#FFFFFF">&nbsp;</td>
<td align="left" valign="bottom" bgcolor="#FFFFFF"><font size="2" face="serif">&nbsp;</font></td>
<td align="left" valign="bottom" bgcolor="#FFFFFF">&nbsp;</td>
<td align="right" valign="bottom" bgcolor="#FFFFFF">&nbsp;</td>
<td align="left" valign="bottom" bgcolor="#FFFFFF"><font size="2" face="serif">&nbsp;</font></td>
<td align="left" valign="bottom" bgcolor="#FFFFFF">&nbsp;</td>
<td align="right" valign="bottom" bgcolor="#FFFFFF">&nbsp;</td>
<td align="center" valign="bottom"><font size="2" face="serif">&nbsp;</font></td>
<td align="left" valign="bottom" bgcolor="#FFFFFF">&nbsp;</td>
<td align="right" valign="bottom" bgcolor="#FFFFFF">&nbsp;</td>
<td align="left" valign="bottom" bgcolor="#FFFFFF"><font size="2" face="serif">&nbsp;</font></td>
<td align="left" valign="bottom" bgcolor="#FFFFFF">&nbsp;</td>
<td align="right" valign="bottom" bgcolor="#FFFFFF">&nbsp;</td>
<td align="right" valign="bottom" bgcolor="#FFFFFF">&nbsp;</td>
<td align="center" valign="bottom" bgcolor="#FFFFFF"><font size="2" face="serif">&nbsp;</font></td>
<td align="left" valign="bottom" bgcolor="#FFFFFF">&nbsp;</td>
<td align="left" valign="bottom" bgcolor="#FFFFFF"><font size="2" face="serif"><font face="serif" size="1">Tractor Supply</font></font></td>
<td align="left" valign="bottom" bgcolor="#FFFFFF">&nbsp;</td>
<td align="right" valign="bottom" bgcolor="#FFFFFF"><font size="2" face="serif"><font face="serif" size="1">32,095</font></font></td>
<td align="right" valign="bottom" bgcolor="#FFFFFF">&nbsp;</td>
<td align="center" valign="bottom" bgcolor="#FFFFFF"><font size="2" face="serif"><font face="serif" size="1">05/31/2010</font></font></td>
<td align="left" bgcolor="#FFFFFF">&nbsp;</td>
</tr>
<tr valign="top">
<td align="left" valign="bottom"><font size="2" face="serif">&nbsp;</font></td>
<td align="left" valign="bottom">&nbsp;</td>
<td align="center" valign="bottom"><font size="2" face="serif">&nbsp;</font></td>
<td align="left" valign="bottom">&nbsp;</td>
<td align="left" valign="bottom"><font size="2" face="serif">&nbsp;</font></td>
<td align="left" valign="bottom">&nbsp;</td>
<td align="left" valign="bottom">&nbsp;</td>
<td align="left" valign="bottom">&nbsp;</td>
<td align="left" valign="bottom"><font size="2" face="serif">&nbsp;</font></td>
<td align="left" valign="bottom">&nbsp;</td>
<td align="right" valign="bottom">&nbsp;</td>
<td align="left" valign="bottom"><font size="2" face="serif">&nbsp;</font></td>
<td align="left" valign="bottom">&nbsp;</td>
<td align="right" valign="bottom">&nbsp;</td>
<td align="center" valign="bottom"><font size="2" face="serif">&nbsp;</font></td>
<td align="left" valign="bottom">&nbsp;</td>
<td align="right" valign="bottom">&nbsp;</td>
<td align="left" valign="bottom"><font size="2" face="serif">&nbsp;</font></td>
<td align="left" valign="bottom">&nbsp;</td>
<td align="right" valign="bottom">&nbsp;</td>
<td align="right" valign="bottom">&nbsp;</td>
<td align="center" valign="bottom"><font size="2" face="serif">&nbsp;</font></td>
<td align="left" valign="bottom">&nbsp;</td>
<td align="left" valign="bottom"><font size="2" face="serif">&nbsp;</font></td>
<td align="left" valign="bottom">&nbsp;</td>
<td align="left" valign="bottom"><font size="2" face="serif">&nbsp;</font></td>
<td align="right" valign="bottom">&nbsp;</td>
<td align="left" valign="bottom"><font size="2" face="serif">&nbsp;</font></td>
<td align="left">&nbsp;</td>
</tr>
<tr valign="top">
<td align="left" valign="bottom" bgcolor="#eeeeee"><font size="2" face="serif"><font face="serif" size="1">Wal-Mart Center</font></font></td>
<td align="left" valign="bottom" bgcolor="#eeeeee">&nbsp;</td>
<td align="center" valign="bottom" bgcolor="#eeeeee"><font size="2" face="serif"><font face="serif" size="1">2003</font></font></td>
<td align="left" valign="bottom" bgcolor="#eeeeee">&nbsp;</td>
<td align="right" valign="bottom" bgcolor="#eeeeee"><font size="2" face="serif"><font face="serif" size="1">100</font></font></td>
<td align="left" valign="bottom" bgcolor="#eeeeee"><font size="2" face="serif"><font face="serif" size="1">%</font></font></td>
<td align="left" valign="bottom" bgcolor="#eeeeee">&nbsp;</td>
<td align="left" valign="bottom" bgcolor="#eeeeee">&nbsp;</td>
<td align="right" valign="bottom" bgcolor="#eeeeee"><font size="2" face="serif"><font face="serif" size="1">155,842 </font></font></td>
<td align="left" valign="bottom" bgcolor="#eeeeee">&nbsp;</td>
<td align="right" valign="bottom" bgcolor="#eeeeee">&nbsp;</td>
<td align="center" valign="bottom" bgcolor="#eeeeee"><font size="2" face="serif"><font face="serif" size="1">1972/2000</font></font></td>
<td align="left" valign="bottom" bgcolor="#eeeeee">&nbsp;</td>
<td align="right" valign="bottom" bgcolor="#eeeeee">&nbsp;</td>
<td align="center" valign="bottom" bgcolor="#eeeeee"><font size="2" face="serif"><font face="serif" size="1">8 </font></font></td>
<td align="left" valign="bottom" bgcolor="#eeeeee">&nbsp;</td>
<td align="right" valign="bottom" bgcolor="#eeeeee">&nbsp;</td>
<td align="right" valign="bottom" bgcolor="#eeeeee"><font size="2" face="serif"><font face="serif" size="1">95</font></font></td>
<td align="left" valign="bottom" bgcolor="#eeeeee"><font size="2" face="serif"><font face="serif" size="1">%</font></font></td>
<td align="right" valign="bottom" bgcolor="#eeeeee">&nbsp;</td>
<td align="right" valign="bottom" bgcolor="#eeeeee">&nbsp;</td>
<td align="center" valign="bottom" bgcolor="#eeeeee"><font size="2" face="serif"><font face="serif" size="1"> &nbsp;5.51 </font></font></td>
<td align="left" valign="bottom" bgcolor="#eeeeee">&nbsp;</td>
<td align="left" valign="bottom" bgcolor="#eeeeee"><font size="2" face="serif"><font face="serif" size="1">Wal-Mart</font></font></td>
<td align="left" valign="bottom" bgcolor="#eeeeee">&nbsp;</td>
<td align="right" valign="bottom" bgcolor="#eeeeee"><font size="2" face="serif"><font face="serif" size="1">95,482</font></font></td>
<td align="right" valign="bottom" bgcolor="#eeeeee">&nbsp;</td>
<td align="center" valign="bottom" bgcolor="#eeeeee"><font size="2" face="serif"><font face="serif" size="1">01/31/2020</font></font></td>
<td align="left" bgcolor="#eeeeee">&nbsp;</td>
</tr>
<tr valign="top">
<td align="left" valign="bottom" bgcolor="#eeeeee"><font size="2" face="serif"><font face="serif" size="1">Southington, CT</font></font></td>
<td align="left" valign="bottom" bgcolor="#eeeeee">&nbsp;</td>
<td align="center" valign="bottom" bgcolor="#eeeeee"><font size="2" face="serif">&nbsp;</font></td>
<td align="left" valign="bottom" bgcolor="#eeeeee">&nbsp;</td>
<td align="left" valign="bottom" bgcolor="#eeeeee"><font size="2" face="serif">&nbsp;</font></td>
<td align="left" valign="bottom" bgcolor="#eeeeee">&nbsp;</td>
<td align="left" valign="bottom" bgcolor="#eeeeee">&nbsp;</td>
<td align="left" valign="bottom" bgcolor="#eeeeee">&nbsp;</td>
<td align="left" valign="bottom" bgcolor="#eeeeee"><font size="2" face="serif">&nbsp;</font></td>
<td align="left" valign="bottom" bgcolor="#eeeeee">&nbsp;</td>
<td align="right" valign="bottom" bgcolor="#eeeeee">&nbsp;</td>
<td align="left" valign="bottom" bgcolor="#eeeeee"><font size="2" face="serif">&nbsp;</font></td>
<td align="left" valign="bottom" bgcolor="#eeeeee">&nbsp;</td>
<td align="right" valign="bottom" bgcolor="#eeeeee">&nbsp;</td>
<td align="center" valign="bottom" bgcolor="#eeeeee"><font size="2" face="serif">&nbsp;</font></td>
<td align="left" valign="bottom" bgcolor="#eeeeee">&nbsp;</td>
<td align="right" valign="bottom" bgcolor="#eeeeee">&nbsp;</td>
<td align="left" valign="bottom" bgcolor="#eeeeee"><font size="2" face="serif">&nbsp;</font></td>
<td align="left" valign="bottom" bgcolor="#eeeeee">&nbsp;</td>
<td align="right" valign="bottom" bgcolor="#eeeeee">&nbsp;</td>
<td align="right" valign="bottom" bgcolor="#eeeeee">&nbsp;</td>
<td align="center" valign="bottom" bgcolor="#eeeeee"><font size="2" face="serif">&nbsp;</font></td>
<td align="left" valign="bottom" bgcolor="#eeeeee">&nbsp;</td>
<td align="left" valign="bottom" bgcolor="#eeeeee"><font size="2" face="serif"><font face="serif" size="1">Namco</font></font></td>
<td align="left" valign="bottom" bgcolor="#eeeeee">&nbsp;</td>
<td align="right" valign="bottom" bgcolor="#eeeeee"><font size="2" face="serif"><font face="serif" size="1">20,000</font></font></td>
<td align="right" valign="bottom" bgcolor="#eeeeee">&nbsp;</td>
<td align="center" valign="bottom" bgcolor="#eeeeee"><font size="2" face="serif"><font face="serif" size="1">01/31/2011</font></font></td>
<td align="left" bgcolor="#eeeeee">&nbsp;</td>
</tr>
<tr valign="top">
<td align="left" valign="bottom"><font size="2" face="serif">&nbsp;</font></td>
<td align="left" valign="bottom">&nbsp;</td>
<td align="center" valign="bottom"><font size="2" face="serif">&nbsp;</font></td>
<td align="left" valign="bottom">&nbsp;</td>
<td align="left" valign="bottom"><font size="2" face="serif">&nbsp;</font></td>
<td align="left" valign="bottom">&nbsp;</td>
<td align="left" valign="bottom">&nbsp;</td>
<td align="left" valign="bottom">&nbsp;</td>
<td align="left" valign="bottom"><font size="2" face="serif">&nbsp;</font></td>
<td align="left" valign="bottom">&nbsp;</td>
<td align="right" valign="bottom">&nbsp;</td>
<td align="left" valign="bottom"><font size="2" face="serif">&nbsp;</font></td>
<td align="left" valign="bottom">&nbsp;</td>
<td align="right" valign="bottom">&nbsp;</td>
<td align="center" valign="bottom"><font size="2" face="serif">&nbsp;</font></td>
<td align="left" valign="bottom">&nbsp;</td>
<td align="right" valign="bottom">&nbsp;</td>
<td align="left" valign="bottom"><font size="2" face="serif">&nbsp;</font></td>
<td align="left" valign="bottom">&nbsp;</td>
<td align="right" valign="bottom">&nbsp;</td>
<td align="right" valign="bottom">&nbsp;</td>
<td align="center" valign="bottom"><font size="2" face="serif">&nbsp;</font></td>
<td align="left" valign="bottom">&nbsp;</td>
<td align="left" valign="bottom"><font size="2" face="serif">&nbsp;</font></td>
<td align="left" valign="bottom">&nbsp;</td>
<td align="left" valign="bottom"><font size="2" face="serif">&nbsp;</font></td>
<td align="right" valign="bottom">&nbsp;</td>
<td align="left" valign="bottom"><font size="2" face="serif">&nbsp;</font></td>
<td align="left">&nbsp;</td>
</tr>
<tr valign="top">
<td align="left" valign="bottom"><font size="2" face="serif"><font face="serif" size="1">South Philadelphia</font></font></td>
<td align="left" valign="bottom">&nbsp;</td>
<td align="center" valign="bottom"><font size="2" face="serif"><font face="serif" size="1">2003</font></font></td>
<td align="left" valign="bottom">&nbsp;</td>
<td align="right" valign="bottom"><font size="2" face="serif"><font face="serif" size="1">100</font></font></td>
<td align="left" valign="bottom"><font size="2" face="serif"><font face="serif" size="1">%</font></font></td>
<td align="left" valign="bottom">&nbsp;</td>
<td align="left" valign="bottom">&nbsp;</td>
<td align="right" valign="bottom"><font size="2" face="serif"><font face="serif" size="1">283,415 </font></font></td>
<td align="left" valign="bottom">&nbsp;</td>
<td align="right" valign="bottom">&nbsp;</td>
<td align="center" valign="bottom"><font size="2" face="serif"><font face="serif" size="1">1950/2003</font></font></td>
<td align="left" valign="bottom">&nbsp;</td>
<td align="right" valign="bottom">&nbsp;</td>
<td align="center" valign="bottom"><font size="2" face="serif"><font face="serif" size="1">25 </font></font></td>
<td align="left" valign="bottom">&nbsp;</td>
<td align="right" valign="bottom">&nbsp;</td>
<td align="right" valign="bottom"><font size="2" face="serif"><font face="serif" size="1">96</font></font></td>
<td align="left" valign="bottom"><font size="2" face="serif"><font face="serif" size="1">%</font></font></td>
<td align="right" valign="bottom">&nbsp;</td>
<td align="right" valign="bottom">&nbsp;</td>
<td align="center" valign="bottom"><font size="2" face="serif"><font face="serif" size="1">12.78 </font></font></td>
<td align="left" valign="bottom">&nbsp;</td>
<td align="left" valign="bottom"><font size="2" face="serif"><font face="serif" size="1">Shop Rite</font></font></td>
<td align="left" valign="bottom">&nbsp;</td>
<td align="right" valign="bottom"><font size="2" face="serif"><font face="serif" size="1">54,388</font></font></td>
<td align="right" valign="bottom">&nbsp;</td>
<td align="center" valign="bottom"><font size="2" face="serif"><font face="serif" size="1">09/30/2018</font></font></td>
<td align="left">&nbsp;</td>
</tr>
<tr valign="top">
<td align="left" valign="bottom"><font size="2" face="serif"><font face="serif" size="1">Philadelphia, PA</font></font></td>
<td align="left" valign="bottom">&nbsp;</td>
<td align="center" valign="bottom"><font size="2" face="serif">&nbsp;</font></td>
<td align="left" valign="bottom">&nbsp;</td>
<td align="left" valign="bottom"><font size="2" face="serif">&nbsp;</font></td>
<td align="left" valign="bottom">&nbsp;</td>
<td align="left" valign="bottom">&nbsp;</td>
<td align="left" valign="bottom">&nbsp;</td>
<td align="left" valign="bottom"><font size="2" face="serif">&nbsp;</font></td>
<td align="left" valign="bottom">&nbsp;</td>
<td align="right" valign="bottom">&nbsp;</td>
<td align="left" valign="bottom"><font size="2" face="serif">&nbsp;</font></td>
<td align="left" valign="bottom">&nbsp;</td>
<td align="right" valign="bottom">&nbsp;</td>
<td align="center" valign="bottom"><font size="2" face="serif">&nbsp;</font></td>
<td align="left" valign="bottom">&nbsp;</td>
<td align="right" valign="bottom">&nbsp;</td>
<td align="left" valign="bottom"><font size="2" face="serif">&nbsp;</font></td>
<td align="left" valign="bottom">&nbsp;</td>
<td align="right" valign="bottom">&nbsp;</td>
<td align="right" valign="bottom">&nbsp;</td>
<td align="center" valign="bottom"><font size="2" face="serif">&nbsp;</font></td>
<td align="left" valign="bottom">&nbsp;</td>
<td align="left" valign="bottom"><font size="2" face="serif"><font face="serif" size="1">Bally&#146;s Total Fitness</font></font></td>
<td align="left" valign="bottom">&nbsp;</td>
<td align="right" valign="bottom"><font size="2" face="serif"><font face="serif" size="1">31,000</font></font></td>
<td align="right" valign="bottom">&nbsp;</td>
<td align="center" valign="bottom"><font size="2" face="serif"><font face="serif" size="1">05/31/2017</font></font></td>
<td align="left">&nbsp;</td>
</tr>
<tr valign="top">
<td align="left" valign="bottom"><font size="2" face="serif">&nbsp;</font></td>
<td align="left" valign="bottom">&nbsp;</td>
<td align="center" valign="bottom"><font size="2" face="serif">&nbsp;</font></td>
<td align="left" valign="bottom">&nbsp;</td>
<td align="left" valign="bottom"><font size="2" face="serif">&nbsp;</font></td>
<td align="left" valign="bottom">&nbsp;</td>
<td align="left" valign="bottom">&nbsp;</td>
<td align="left" valign="bottom">&nbsp;</td>
<td align="left" valign="bottom"><font size="2" face="serif">&nbsp;</font></td>
<td align="left" valign="bottom">&nbsp;</td>
<td align="right" valign="bottom">&nbsp;</td>
<td align="left" valign="bottom"><font size="2" face="serif">&nbsp;</font></td>
<td align="left" valign="bottom">&nbsp;</td>
<td align="right" valign="bottom">&nbsp;</td>
<td align="center" valign="bottom"><font size="2" face="serif">&nbsp;</font></td>

<td align="left" valign="bottom">&nbsp;</td>
<td align="right" valign="bottom">&nbsp;</td>
<td align="left" valign="bottom"><font size="2" face="serif">&nbsp;</font></td>
<td align="left" valign="bottom">&nbsp;</td>
<td align="right" valign="bottom">&nbsp;</td>
<td align="right" valign="bottom">&nbsp;</td>
<td align="center" valign="bottom"><font size="2" face="serif">&nbsp;</font></td>
<td align="left" valign="bottom">&nbsp;</td>
<td align="left" valign="bottom"><font size="2" face="serif"><font face="serif" size="1">Ross Stores</font></font></td>
<td align="left" valign="bottom">&nbsp;</td>
<td align="right" valign="bottom"><font size="2" face="serif"><font face="serif" size="1">31,349</font></font></td>
<td align="right" valign="bottom">&nbsp;</td>
<td align="center" valign="bottom"><font size="2" face="serif"><font face="serif" size="1">01/31/2013</font></font></td>
<td align="left">&nbsp;</td>
</tr>
<tr valign="top">
<td align="left" valign="bottom"><font size="2" face="serif">&nbsp;</font></td>
<td align="left" valign="bottom">&nbsp;</td>
<td align="center" valign="bottom"><font size="2" face="serif">&nbsp;</font></td>
<td align="left" valign="bottom">&nbsp;</td>
<td align="left" valign="bottom"><font size="2" face="serif">&nbsp;</font></td>
<td align="left" valign="bottom">&nbsp;</td>
<td align="left" valign="bottom">&nbsp;</td>
<td align="left" valign="bottom">&nbsp;</td>
<td align="left" valign="bottom"><font size="2" face="serif">&nbsp;</font></td>
<td align="left" valign="bottom">&nbsp;</td>
<td align="right" valign="bottom">&nbsp;</td>
<td align="left" valign="bottom"><font size="2" face="serif">&nbsp;</font></td>
<td align="left" valign="bottom">&nbsp;</td>
<td align="right" valign="bottom">&nbsp;</td>
<td align="center" valign="bottom"><font size="2" face="serif">&nbsp;</font></td>
<td align="left" valign="bottom">&nbsp;</td>
<td align="right" valign="bottom">&nbsp;</td>
<td align="left" valign="bottom"><font size="2" face="serif">&nbsp;</font></td>
<td align="left" valign="bottom">&nbsp;</td>
<td align="right" valign="bottom">&nbsp;</td>
<td align="right" valign="bottom">&nbsp;</td>
<td align="center" valign="bottom"><font size="2" face="serif">&nbsp;</font></td>
<td align="left" valign="bottom">&nbsp;</td>
<td align="left" valign="bottom"><font size="2" face="serif"><font face="serif" size="1">National Wholesale Liquidators</font></font></td>
<td align="left" valign="bottom">&nbsp;</td>
<td align="right" valign="bottom"><font size="2" face="serif"><font face="serif" size="1">26,000</font></font></td>
<td align="right" valign="bottom">&nbsp;</td>
<td align="center" valign="bottom"><font size="2" face="serif"><font face="serif" size="1">01/31/2016</font></font></td>
<td align="left">&nbsp;</td>
</tr>
<tr valign="top">
<td align="left" valign="bottom"><font size="2" face="serif">&nbsp;</font></td>
<td align="left" valign="bottom">&nbsp;</td>
<td align="center" valign="bottom"><font size="2" face="serif">&nbsp;</font></td>
<td align="left" valign="bottom">&nbsp;</td>
<td align="left" valign="bottom"><font size="2" face="serif">&nbsp;</font></td>
<td align="left" valign="bottom">&nbsp;</td>
<td align="left" valign="bottom">&nbsp;</td>
<td align="left" valign="bottom">&nbsp;</td>
<td align="left" valign="bottom"><font size="2" face="serif">&nbsp;</font></td>
<td align="left" valign="bottom">&nbsp;</td>
<td align="right" valign="bottom">&nbsp;</td>
<td align="left" valign="bottom"><font size="2" face="serif">&nbsp;</font></td>
<td align="left" valign="bottom">&nbsp;</td>
<td align="right" valign="bottom">&nbsp;</td>
<td align="center" valign="bottom"><font size="2" face="serif">&nbsp;</font></td>
<td align="left" valign="bottom">&nbsp;</td>
<td align="right" valign="bottom">&nbsp;</td>
<td align="left" valign="bottom"><font size="2" face="serif">&nbsp;</font></td>
<td align="left" valign="bottom">&nbsp;</td>
<td align="right" valign="bottom">&nbsp;</td>
<td align="right" valign="bottom">&nbsp;</td>
<td align="center" valign="bottom"><font size="2" face="serif">&nbsp;</font></td>
<td align="left" valign="bottom">&nbsp;</td>
<td align="left" valign="bottom"><font size="2" face="serif"><font face="serif" size="1">Modell&#146;s</font></font></td>
<td align="left" valign="bottom">&nbsp;</td>
<td align="right" valign="bottom"><font size="2" face="serif"><font face="serif" size="1">20,000</font></font></td>
<td align="right" valign="bottom">&nbsp;</td>
<td align="center" valign="bottom"><font size="2" face="serif"><font face="serif" size="1">01/31/2018</font></font></td>
<td align="left">&nbsp;</td>
</tr>
<tr valign="top">
<td align="left" valign="bottom"><font size="2" face="serif">&nbsp;</font></td>
<td align="left" valign="bottom">&nbsp;</td>
<td align="center" valign="bottom"><font size="2" face="serif">&nbsp;</font></td>
<td align="left" valign="bottom">&nbsp;</td>
<td align="left" valign="bottom"><font size="2" face="serif">&nbsp;</font></td>
<td align="left" valign="bottom">&nbsp;</td>
<td align="left" valign="bottom">&nbsp;</td>
<td align="left" valign="bottom">&nbsp;</td>
<td align="left" valign="bottom"><font size="2" face="serif">&nbsp;</font></td>
<td align="left" valign="bottom">&nbsp;</td>
<td align="right" valign="bottom">&nbsp;</td>
<td align="left" valign="bottom"><font size="2" face="serif">&nbsp;</font></td>
<td align="left" valign="bottom">&nbsp;</td>
<td align="right" valign="bottom">&nbsp;</td>
<td align="center" valign="bottom"><font size="2" face="serif">&nbsp;</font></td>
<td align="left" valign="bottom">&nbsp;</td>
<td align="right" valign="bottom">&nbsp;</td>
<td align="left" valign="bottom"><font size="2" face="serif">&nbsp;</font></td>
<td align="left" valign="bottom">&nbsp;</td>
<td align="right" valign="bottom">&nbsp;</td>
<td align="right" valign="bottom">&nbsp;</td>
<td align="center" valign="bottom"><font size="2" face="serif">&nbsp;</font></td>
<td align="left" valign="bottom">&nbsp;</td>
<td align="left" valign="bottom"><font size="2" face="serif"><font face="serif" size="1">Strauss Discount Auto</font></font></td>
<td align="left" valign="bottom">&nbsp;</td>
<td align="right" valign="bottom"><font size="2" face="serif"><font face="serif" size="1">20,000</font></font></td>
<td align="right" valign="bottom">&nbsp;</td>
<td align="center" valign="bottom"><font size="2" face="serif"><font face="serif" size="1">11/30/2013</font></font></td>
<td align="left">&nbsp;</td>
</tr>
<tr valign="top">
<td align="left" valign="bottom"><font size="2" face="serif">&nbsp;</font></td>
<td align="left" valign="bottom">&nbsp;</td>
<td align="center" valign="bottom"><font size="2" face="serif">&nbsp;</font></td>
<td align="left" valign="bottom">&nbsp;</td>
<td align="left" valign="bottom"><font size="2" face="serif">&nbsp;</font></td>
<td align="left" valign="bottom">&nbsp;</td>
<td align="left" valign="bottom">&nbsp;</td>
<td align="left" valign="bottom">&nbsp;</td>
<td align="left" valign="bottom"><font size="2" face="serif">&nbsp;</font></td>
<td align="left" valign="bottom">&nbsp;</td>
<td align="right" valign="bottom">&nbsp;</td>
<td align="left" valign="bottom"><font size="2" face="serif">&nbsp;</font></td>
<td align="left" valign="bottom">&nbsp;</td>
<td align="right" valign="bottom">&nbsp;</td>
<td align="center" valign="bottom"><font size="2" face="serif">&nbsp;</font></td>
<td align="left" valign="bottom">&nbsp;</td>
<td align="right" valign="bottom">&nbsp;</td>
<td align="left" valign="bottom"><font size="2" face="serif">&nbsp;</font></td>
<td align="left" valign="bottom">&nbsp;</td>
<td align="right" valign="bottom">&nbsp;</td>
<td align="right" valign="bottom">&nbsp;</td>
<td align="center" valign="bottom"><font size="2" face="serif">&nbsp;</font></td>
<td align="left" valign="bottom">&nbsp;</td>
<td align="left" valign="bottom"><font size="2" face="serif">&nbsp;</font></td>
<td align="left" valign="bottom">&nbsp;</td>
<td align="left" valign="bottom"><font size="2" face="serif">&nbsp;</font></td>
<td align="right" valign="bottom">&nbsp;</td>
<td align="left" valign="bottom"><font size="2" face="serif">&nbsp;</font></td>
<td align="left">&nbsp;</td>
</tr>
<tr valign="top">
<td align="left" valign="bottom" bgcolor="#eeeeee"><font size="2" face="serif"><font face="serif" size="1">River View Plaza I, II and III</font></font></td>
<td align="left" valign="bottom" bgcolor="#eeeeee">&nbsp;</td>
<td align="center" valign="bottom" bgcolor="#eeeeee"><font size="2" face="serif"><font face="serif" size="1">2003</font></font></td>
<td align="left" valign="bottom" bgcolor="#eeeeee">&nbsp;</td>
<td align="right" valign="bottom" bgcolor="#eeeeee"><font size="2" face="serif"><font face="serif" size="1">100</font></font></td>
<td align="left" valign="bottom" bgcolor="#eeeeee"><font size="2" face="serif"><font face="serif" size="1">%</font></font></td>
<td align="left" valign="bottom" bgcolor="#eeeeee">&nbsp;</td>
<td align="left" valign="bottom" bgcolor="#eeeeee">&nbsp;</td>
<td align="right" valign="bottom" bgcolor="#eeeeee"><font size="2" face="serif"><font face="serif" size="1">244,225 </font></font></td>
<td align="left" valign="bottom" bgcolor="#eeeeee">&nbsp;</td>
<td align="right" valign="bottom" bgcolor="#eeeeee">&nbsp;</td>
<td align="center" valign="bottom" bgcolor="#eeeeee"><font size="2" face="serif"><font face="serif" size="1">1991/1998</font></font></td>
<td align="left" valign="bottom" bgcolor="#eeeeee">&nbsp;</td>
<td align="right" valign="bottom" bgcolor="#eeeeee">&nbsp;</td>
<td align="center" valign="bottom" bgcolor="#eeeeee"><font size="2" face="serif"><font face="serif" size="1">21 </font></font></td>
<td align="left" valign="bottom" bgcolor="#eeeeee">&nbsp;</td>
<td align="right" valign="bottom" bgcolor="#eeeeee">&nbsp;</td>
<td align="right" valign="bottom" bgcolor="#eeeeee"><font size="2" face="serif"><font face="serif" size="1">88</font></font></td>
<td align="left" valign="bottom" bgcolor="#eeeeee"><font size="2" face="serif"><font face="serif" size="1">%</font></font></td>
<td align="right" valign="bottom" bgcolor="#eeeeee">&nbsp;</td>
<td align="right" valign="bottom" bgcolor="#eeeeee">&nbsp;</td>
<td align="center" valign="bottom" bgcolor="#eeeeee"><font size="2" face="serif"><font face="serif" size="1">16.66 </font></font></td>
<td align="left" valign="bottom" bgcolor="#eeeeee">&nbsp;</td>
<td align="left" valign="bottom" bgcolor="#eeeeee"><font size="2" face="serif"><font face="serif" size="1">United Artists</font></font></td>
<td align="left" valign="bottom" bgcolor="#eeeeee">&nbsp;</td>
<td align="right" valign="bottom" bgcolor="#eeeeee"><font size="2" face="serif"><font face="serif" size="1">77,700</font></font></td>
<td align="right" valign="bottom" bgcolor="#eeeeee">&nbsp;</td>
<td align="center" valign="bottom" bgcolor="#eeeeee"><font size="2" face="serif"><font face="serif" size="1">12/31/2018</font></font></td>
<td align="left" bgcolor="#eeeeee">&nbsp;</td>
</tr>
<tr valign="top">
<td align="left" valign="bottom" bgcolor="#eeeeee"><font size="2" face="serif"><font face="serif" size="1">Philadelphia, PA</font></font></td>
<td align="left" valign="bottom" bgcolor="#eeeeee">&nbsp;</td>
<td align="center" valign="bottom" bgcolor="#eeeeee"><font size="2" face="serif">&nbsp;</font></td>
<td align="left" valign="bottom" bgcolor="#eeeeee">&nbsp;</td>
<td align="left" valign="bottom" bgcolor="#eeeeee"><font size="2" face="serif">&nbsp;</font></td>
<td align="left" valign="bottom" bgcolor="#eeeeee">&nbsp;</td>
<td align="left" valign="bottom" bgcolor="#eeeeee">&nbsp;</td>
<td align="left" valign="bottom" bgcolor="#eeeeee">&nbsp;</td>
<td align="left" valign="bottom" bgcolor="#eeeeee"><font size="2" face="serif">&nbsp;</font></td>
<td align="left" valign="bottom" bgcolor="#eeeeee">&nbsp;</td>
<td align="right" valign="bottom" bgcolor="#eeeeee">&nbsp;</td>
<td align="left" valign="bottom" bgcolor="#eeeeee"><font size="2" face="serif">&nbsp;</font></td>
<td align="left" valign="bottom" bgcolor="#eeeeee">&nbsp;</td>
<td align="right" valign="bottom" bgcolor="#eeeeee">&nbsp;</td>
<td align="center" valign="bottom" bgcolor="#eeeeee"><font size="2" face="serif">&nbsp;</font></td>
<td align="left" valign="bottom" bgcolor="#eeeeee">&nbsp;</td>
<td align="right" valign="bottom" bgcolor="#eeeeee">&nbsp;</td>
<td align="left" valign="bottom" bgcolor="#eeeeee"><font size="2" face="serif">&nbsp;</font></td>
<td align="left" valign="bottom" bgcolor="#eeeeee">&nbsp;</td>
<td align="right" valign="bottom" bgcolor="#eeeeee">&nbsp;</td>
<td align="right" valign="bottom" bgcolor="#eeeeee">&nbsp;</td>
<td align="center" valign="bottom" bgcolor="#eeeeee"><font size="2" face="serif">&nbsp;</font></td>
<td align="left" valign="bottom" bgcolor="#eeeeee">&nbsp;</td>
<td align="left" valign="bottom" bgcolor="#eeeeee"><font size="2" face="serif"><font face="serif" size="1">Pep Boys</font></font></td>
<td align="left" valign="bottom" bgcolor="#eeeeee">&nbsp;</td>
<td align="right" valign="bottom" bgcolor="#eeeeee"><font size="2" face="serif"><font face="serif" size="1">22,000</font></font></td>
<td align="right" valign="bottom" bgcolor="#eeeeee">&nbsp;</td>
<td align="center" valign="bottom" bgcolor="#eeeeee"><font size="2" face="serif"><font face="serif" size="1">09/30/2014</font></font></td>
<td align="left" bgcolor="#eeeeee">&nbsp;</td>
</tr>
<tr valign="top">
<td align="left" valign="bottom"><font size="2" face="serif">&nbsp;</font></td>
<td align="left" valign="bottom">&nbsp;</td>
<td align="center" valign="bottom"><font size="2" face="serif">&nbsp;</font></td>
<td align="left" valign="bottom">&nbsp;</td>
<td align="left" valign="bottom"><font size="2" face="serif">&nbsp;</font></td>
<td align="left" valign="bottom">&nbsp;</td>
<td align="left" valign="bottom">&nbsp;</td>
<td align="left" valign="bottom">&nbsp;</td>
<td align="left" valign="bottom"><font size="2" face="serif">&nbsp;</font></td>
<td align="left" valign="bottom">&nbsp;</td>
<td align="right" valign="bottom">&nbsp;</td>
<td align="left" valign="bottom"><font size="2" face="serif">&nbsp;</font></td>
<td align="left" valign="bottom">&nbsp;</td>
<td align="right" valign="bottom">&nbsp;</td>
<td align="center" valign="bottom"><font size="2" face="serif">&nbsp;</font></td>
<td align="left" valign="bottom">&nbsp;</td>
<td align="right" valign="bottom">&nbsp;</td>
<td align="left" valign="bottom"><font size="2" face="serif">&nbsp;</font></td>
<td align="left" valign="bottom">&nbsp;</td>
<td align="right" valign="bottom">&nbsp;</td>
<td align="right" valign="bottom">&nbsp;</td>
<td align="center" valign="bottom"><font size="2" face="serif">&nbsp;</font></td>
<td align="left" valign="bottom">&nbsp;</td>
<td align="left" valign="bottom"><font size="2" face="serif">&nbsp;</font></td>
<td align="left" valign="bottom">&nbsp;</td>
<td align="left" valign="bottom"><font size="2" face="serif">&nbsp;</font></td>
<td align="right" valign="bottom">&nbsp;</td>
<td align="left" valign="bottom"><font size="2" face="serif">&nbsp;</font></td>
<td align="left">&nbsp;</td>
</tr>
<tr valign="top">
<td align="left" valign="bottom"><font size="2" face="serif"><font face="serif" size="1">Columbus Crossing</font></font></td>
<td align="left" valign="bottom">&nbsp;</td>
<td align="center" valign="bottom"><font size="2" face="serif"><font face="serif" size="1">2003</font></font></td>
<td align="left" valign="bottom">&nbsp;</td>
<td align="right" valign="bottom"><font size="2" face="serif"><font face="serif" size="1">100</font></font></td>
<td align="left" valign="bottom"><font size="2" face="serif"><font face="serif" size="1">%</font></font></td>
<td align="left" valign="bottom">&nbsp;</td>
<td align="left" valign="bottom">&nbsp;</td>
<td align="right" valign="bottom"><font size="2" face="serif"><font face="serif" size="1">142,166 </font></font></td>
<td align="left" valign="bottom">&nbsp;</td>
<td align="right" valign="bottom">&nbsp;</td>
<td align="right" valign="bottom"><font size="2" face="serif"><font face="serif" size="1">2001</font></font></td>
<td align="left" valign="bottom">&nbsp;</td>
<td align="right" valign="bottom">&nbsp;</td>
<td align="center" valign="bottom"><font size="2" face="serif"><font face="serif" size="1">9 </font></font></td>
<td align="left" valign="bottom">&nbsp;</td>
<td align="right" valign="bottom">&nbsp;</td>
<td align="right" valign="bottom"><font size="2" face="serif"><font face="serif" size="1">100</font></font></td>
<td align="left" valign="bottom"><font size="2" face="serif"><font face="serif" size="1">%</font></font></td>
<td align="right" valign="bottom">&nbsp;</td>
<td align="right" valign="bottom">&nbsp;</td>
<td align="center" valign="bottom"><font size="2" face="serif"><font face="serif" size="1">15.22 </font></font></td>
<td align="left" valign="bottom">&nbsp;</td>
<td align="left" valign="bottom"><font size="2" face="serif"><font face="serif" size="1">Super Fresh Supermarket</font></font></td>
<td align="left" valign="bottom">&nbsp;</td>
<td align="right" valign="bottom"><font size="2" face="serif"><font face="serif" size="1">61,506</font></font></td>
<td align="right" valign="bottom">&nbsp;</td>
<td align="center" valign="bottom"><font size="2" face="serif"><font face="serif" size="1">09/30/2020</font></font></td>
<td align="left">&nbsp;</td>
</tr>
<tr valign="top">
<td align="left" valign="bottom"><font size="2" face="serif"><font face="serif" size="1">Philadelphia, PA</font></font></td>
<td align="left" valign="bottom">&nbsp;</td>
<td align="center" valign="bottom"><font size="2" face="serif">&nbsp;</font></td>
<td align="left" valign="bottom">&nbsp;</td>
<td align="left" valign="bottom"><font size="2" face="serif">&nbsp;</font></td>
<td align="left" valign="bottom">&nbsp;</td>
<td align="left" valign="bottom">&nbsp;</td>
<td align="left" valign="bottom">&nbsp;</td>
<td align="left" valign="bottom"><font size="2" face="serif">&nbsp;</font></td>
<td align="left" valign="bottom">&nbsp;</td>
<td align="right" valign="bottom">&nbsp;</td>
<td align="left" valign="bottom"><font size="2" face="serif">&nbsp;</font></td>
<td align="left" valign="bottom">&nbsp;</td>
<td align="right" valign="bottom">&nbsp;</td>
<td align="center" valign="bottom"><font size="2" face="serif">&nbsp;</font></td>
<td align="left" valign="bottom">&nbsp;</td>
<td align="right" valign="bottom">&nbsp;</td>
<td align="left" valign="bottom"><font size="2" face="serif">&nbsp;</font></td>
<td align="left" valign="bottom">&nbsp;</td>
<td align="right" valign="bottom">&nbsp;</td>
<td align="right" valign="bottom">&nbsp;</td>
<td align="center" valign="bottom"><font size="2" face="serif">&nbsp;</font></td>
<td align="left" valign="bottom">&nbsp;</td>
<td align="left" valign="bottom"><font size="2" face="serif"><font face="serif" size="1">Old Navy</font></font></td>
<td align="left" valign="bottom">&nbsp;</td>
<td align="right" valign="bottom"><font size="2" face="serif"><font face="serif" size="1">25,000</font></font></td>
<td align="right" valign="bottom">&nbsp;</td>
<td align="center" valign="bottom"><font size="2" face="serif"><font face="serif" size="1">09/30/2008</font></font></td>
<td align="left">&nbsp;</td>
</tr>
<tr valign="top">
<td align="left" valign="bottom"><font size="2" face="serif">&nbsp;</font></td>
<td align="left" valign="bottom">&nbsp;</td>
<td align="center" valign="bottom"><font size="2" face="serif">&nbsp;</font></td>
<td align="left" valign="bottom">&nbsp;</td>
<td align="left" valign="bottom"><font size="2" face="serif">&nbsp;</font></td>
<td align="left" valign="bottom">&nbsp;</td>
<td align="left" valign="bottom">&nbsp;</td>
<td align="left" valign="bottom">&nbsp;</td>
<td align="left" valign="bottom"><font size="2" face="serif">&nbsp;</font></td>
<td align="left" valign="bottom">&nbsp;</td>
<td align="right" valign="bottom">&nbsp;</td>
<td align="left" valign="bottom"><font size="2" face="serif">&nbsp;</font></td>
<td align="left" valign="bottom">&nbsp;</td>
<td align="right" valign="bottom">&nbsp;</td>
<td align="center" valign="bottom"><font size="2" face="serif">&nbsp;</font></td>
<td align="left" valign="bottom">&nbsp;</td>
<td align="right" valign="bottom">&nbsp;</td>
<td align="left" valign="bottom"><font size="2" face="serif">&nbsp;</font></td>
<td align="left" valign="bottom">&nbsp;</td>
<td align="right" valign="bottom">&nbsp;</td>
<td align="right" valign="bottom">&nbsp;</td>
<td align="center" valign="bottom"><font size="2" face="serif">&nbsp;</font></td>
<td align="left" valign="bottom">&nbsp;</td>
<td align="left" valign="bottom"><font size="2" face="serif"><font face="serif" size="1">A.C. Moore</font></font></td>
<td align="left" valign="bottom">&nbsp;</td>
<td align="right" valign="bottom"><font size="2" face="serif"><font face="serif" size="1">22,000</font></font></td>
<td align="right" valign="bottom">&nbsp;</td>
<td align="center" valign="bottom"><font size="2" face="serif"><font face="serif" size="1">09/30/2011</font></font></td>
<td align="left">&nbsp;</td>
</tr>
<tr valign="top">
<td align="left" valign="bottom"><font size="2" face="serif">&nbsp;</font></td>
<td align="left" valign="bottom">&nbsp;</td>
<td align="center" valign="bottom"><font size="2" face="serif">&nbsp;</font></td>
<td align="left" valign="bottom">&nbsp;</td>
<td align="left" valign="bottom"><font size="2" face="serif">&nbsp;</font></td>
<td align="left" valign="bottom">&nbsp;</td>
<td align="left" valign="bottom">&nbsp;</td>
<td align="left" valign="bottom">&nbsp;</td>
<td align="left" valign="bottom"><font size="2" face="serif">&nbsp;</font></td>
<td align="left" valign="bottom">&nbsp;</td>
<td align="right" valign="bottom">&nbsp;</td>
<td align="left" valign="bottom"><font size="2" face="serif">&nbsp;</font></td>
<td align="left" valign="bottom">&nbsp;</td>
<td align="right" valign="bottom">&nbsp;</td>
<td align="center" valign="bottom"><font size="2" face="serif">&nbsp;</font></td>
<td align="left" valign="bottom">&nbsp;</td>
<td align="right" valign="bottom">&nbsp;</td>
<td align="left" valign="bottom"><font size="2" face="serif">&nbsp;</font></td>
<td align="left" valign="bottom">&nbsp;</td>
<td align="right" valign="bottom">&nbsp;</td>
<td align="right" valign="bottom">&nbsp;</td>
<td align="center" valign="bottom"><font size="2" face="serif">&nbsp;</font></td>
<td align="left" valign="bottom">&nbsp;</td>
<td align="left" valign="bottom"><font size="2" face="serif">&nbsp;</font></td>
<td align="left" valign="bottom">&nbsp;</td>
<td align="left" valign="bottom"><font size="2" face="serif">&nbsp;</font></td>
<td align="right" valign="bottom">&nbsp;</td>
<td align="left" valign="bottom"><font size="2" face="serif">&nbsp;</font></td>
<td align="left">&nbsp;</td>
</tr>
<tr valign="top">
<td align="left" valign="bottom" bgcolor="#eeeeee"><font size="2" face="serif"><font face="serif" size="1">Sunset Crossing</font></font></td>
<td align="left" valign="bottom" bgcolor="#eeeeee">&nbsp;</td>
<td align="center" valign="bottom" bgcolor="#eeeeee"><font size="2" face="serif"><font face="serif" size="1">2003</font></font></td>
<td align="left" valign="bottom" bgcolor="#eeeeee">&nbsp;</td>
<td align="right" valign="bottom" bgcolor="#eeeeee"><font size="2" face="serif"><font face="serif" size="1">100</font></font></td>
<td align="left" valign="bottom" bgcolor="#eeeeee"><font size="2" face="serif"><font face="serif" size="1">%</font></font></td>
<td align="left" valign="bottom" bgcolor="#eeeeee">&nbsp;</td>
<td align="left" valign="bottom" bgcolor="#eeeeee">&nbsp;</td>
<td align="right" valign="bottom" bgcolor="#eeeeee"><font size="2" face="serif"><font face="serif" size="1">74,142 </font></font></td>
<td align="left" valign="bottom" bgcolor="#eeeeee">&nbsp;</td>
<td align="right" valign="bottom" bgcolor="#eeeeee">&nbsp;</td>
<td align="right" valign="bottom" bgcolor="#eeeeee"><font size="2" face="serif"><font face="serif" size="1">2002</font></font></td>
<td align="left" valign="bottom" bgcolor="#eeeeee">&nbsp;</td>
<td align="right" valign="bottom" bgcolor="#eeeeee">&nbsp;</td>
<td align="center" valign="bottom" bgcolor="#eeeeee"><font size="2" face="serif"><font face="serif" size="1">6 </font></font></td>
<td align="left" valign="bottom" bgcolor="#eeeeee">&nbsp;</td>
<td align="right" valign="bottom" bgcolor="#eeeeee">&nbsp;</td>
<td align="right" valign="bottom" bgcolor="#eeeeee"><font size="2" face="serif"><font face="serif" size="1">96</font></font></td>
<td align="left" valign="bottom" bgcolor="#eeeeee"><font size="2" face="serif"><font face="serif" size="1">%</font></font></td>
<td align="right" valign="bottom" bgcolor="#eeeeee">&nbsp;</td>
<td align="right" valign="bottom" bgcolor="#eeeeee">&nbsp;</td>
<td align="center" valign="bottom" bgcolor="#eeeeee"><font size="2" face="serif"><font face="serif" size="1">14.43 </font></font></td>
<td align="left" valign="bottom" bgcolor="#eeeeee">&nbsp;</td>
<td align="left" valign="bottom" bgcolor="#eeeeee"><font size="2" face="serif"><font face="serif" size="1">Giant Foods</font></font></td>
<td align="left" valign="bottom" bgcolor="#eeeeee">&nbsp;</td>
<td align="right" valign="bottom" bgcolor="#eeeeee"><font size="2" face="serif"><font face="serif" size="1">54,332</font></font></td>
<td align="right" valign="bottom" bgcolor="#eeeeee">&nbsp;</td>
<td align="center" valign="bottom" bgcolor="#eeeeee"><font size="2" face="serif"><font face="serif" size="1">06/30/2022</font></font></td>
<td align="left" bgcolor="#eeeeee">&nbsp;</td>
</tr>
<tr valign="top">
<td align="left" valign="bottom" bgcolor="#eeeeee"><font size="2" face="serif"><font face="serif" size="1">Dickson City, PA</font></font></td>
<td align="left" valign="bottom" bgcolor="#eeeeee">&nbsp;</td>
<td align="center" valign="bottom" bgcolor="#eeeeee"><font size="2" face="serif">&nbsp;</font></td>
<td align="left" valign="bottom" bgcolor="#eeeeee">&nbsp;</td>
<td align="left" valign="bottom" bgcolor="#eeeeee"><font size="2" face="serif">&nbsp;</font></td>
<td align="left" valign="bottom" bgcolor="#eeeeee">&nbsp;</td>
<td align="left" valign="bottom" bgcolor="#eeeeee">&nbsp;</td>
<td align="left" valign="bottom" bgcolor="#eeeeee">&nbsp;</td>
<td align="left" valign="bottom" bgcolor="#eeeeee"><font size="2" face="serif">&nbsp;</font></td>
<td align="left" valign="bottom" bgcolor="#eeeeee">&nbsp;</td>
<td align="right" valign="bottom" bgcolor="#eeeeee">&nbsp;</td>
<td align="left" valign="bottom" bgcolor="#eeeeee"><font size="2" face="serif">&nbsp;</font></td>
<td align="left" valign="bottom" bgcolor="#eeeeee">&nbsp;</td>
<td align="right" valign="bottom" bgcolor="#eeeeee">&nbsp;</td>
<td align="center" valign="bottom" bgcolor="#eeeeee"><font size="2" face="serif">&nbsp;</font></td>
<td align="left" valign="bottom" bgcolor="#eeeeee">&nbsp;</td>
<td align="right" valign="bottom" bgcolor="#eeeeee">&nbsp;</td>
<td align="left" valign="bottom" bgcolor="#eeeeee"><font size="2" face="serif">&nbsp;</font></td>
<td align="left" valign="bottom" bgcolor="#eeeeee">&nbsp;</td>
<td align="right" valign="bottom" bgcolor="#eeeeee">&nbsp;</td>
<td align="right" valign="bottom" bgcolor="#eeeeee">&nbsp;</td>
<td align="center" valign="bottom" bgcolor="#eeeeee"><font size="2" face="serif">&nbsp;</font></td>
<td align="left" valign="bottom" bgcolor="#eeeeee">&nbsp;</td>
<td align="left" valign="bottom" bgcolor="#eeeeee"><font size="2" face="serif">&nbsp;</font></td>
<td align="left" valign="bottom" bgcolor="#eeeeee">&nbsp;</td>
<td align="left" valign="bottom" bgcolor="#eeeeee"><font size="2" face="serif">&nbsp;</font></td>
<td align="right" valign="bottom" bgcolor="#eeeeee">&nbsp;</td>
<td align="left" valign="bottom" bgcolor="#eeeeee"><font size="2" face="serif">&nbsp;</font></td>
<td align="left" bgcolor="#eeeeee">&nbsp;</td>
</tr>
<tr valign="top">
<td align="left" valign="bottom"><font size="2" face="serif">&nbsp;</font></td>
<td align="left" valign="bottom">&nbsp;</td>
<td align="center" valign="bottom"><font size="2" face="serif">&nbsp;</font></td>
<td align="left" valign="bottom">&nbsp;</td>
<td align="left" valign="bottom"><font size="2" face="serif">&nbsp;</font></td>
<td align="left" valign="bottom">&nbsp;</td>
<td align="left" valign="bottom">&nbsp;</td>
<td align="left" valign="bottom">&nbsp;</td>
<td align="left" valign="bottom"><font size="2" face="serif">&nbsp;</font></td>
<td align="left" valign="bottom">&nbsp;</td>
<td align="right" valign="bottom">&nbsp;</td>
<td align="left" valign="bottom"><font size="2" face="serif">&nbsp;</font></td>
<td align="left" valign="bottom">&nbsp;</td>
<td align="right" valign="bottom">&nbsp;</td>
<td align="center" valign="bottom"><font size="2" face="serif">&nbsp;</font></td>
<td align="left" valign="bottom">&nbsp;</td>
<td align="right" valign="bottom">&nbsp;</td>
<td align="left" valign="bottom"><font size="2" face="serif">&nbsp;</font></td>
<td align="left" valign="bottom">&nbsp;</td>
<td align="right" valign="bottom">&nbsp;</td>
<td align="right" valign="bottom">&nbsp;</td>
<td align="center" valign="bottom"><font size="2" face="serif">&nbsp;</font></td>
<td align="left" valign="bottom">&nbsp;</td>
<td align="left" valign="bottom"><font size="2" face="serif">&nbsp;</font></td>
<td align="left" valign="bottom">&nbsp;</td>
<td align="left" valign="bottom"><font size="2" face="serif">&nbsp;</font></td>
<td align="right" valign="bottom">&nbsp;</td>
<td align="left" valign="bottom"><font size="2" face="serif">&nbsp;</font></td>
<td align="left">&nbsp;</td>
</tr>
<tr valign="top">
<td align="left" valign="bottom"><font size="2" face="serif"><font face="serif" size="1">Golden Triangle</font></font></td>
<td align="left" valign="bottom">&nbsp;</td>
<td align="center" valign="bottom"><font size="2" face="serif"><font face="serif" size="1">2003</font></font></td>
<td align="left" valign="bottom">&nbsp;</td>
<td align="right" valign="bottom"><font size="2" face="serif"><font face="serif" size="1">100</font></font></td>
<td align="left" valign="bottom"><font size="2" face="serif"><font face="serif" size="1">%</font></font></td>
<td align="left" valign="bottom">&nbsp;</td>
<td align="left" valign="bottom">&nbsp;</td>
<td align="right" valign="bottom"><font size="2" face="serif"><font face="serif" size="1">191,581 </font></font></td>
<td align="left" valign="bottom">&nbsp;</td>
<td align="right" valign="bottom">&nbsp;</td>
<td align="center" valign="bottom"><font size="2" face="serif"><font face="serif" size="1">1960/2005</font></font></td>
<td align="left" valign="bottom">&nbsp;</td>
<td align="right" valign="bottom">&nbsp;</td>
<td align="center" valign="bottom"><font size="2" face="serif"><font face="serif" size="1">16 </font></font></td>
<td align="left" valign="bottom">&nbsp;</td>
<td align="right" valign="bottom">&nbsp;</td>
<td align="right" valign="bottom"><font size="2" face="serif"><font face="serif" size="1">86</font></font></td>
<td align="left" valign="bottom"><font size="2" face="serif"><font face="serif" size="1">%</font></font></td>
<td align="right" valign="bottom">&nbsp;</td>
<td align="right" valign="bottom">&nbsp;</td>
<td align="center" valign="bottom"><font size="2" face="serif"><font face="serif" size="1">10.51 </font></font></td>
<td align="left" valign="bottom">&nbsp;</td>
<td align="left" valign="bottom"><font size="2" face="serif"><font face="serif" size="1">LA Fitness</font></font></td>
<td align="left" valign="bottom">&nbsp;</td>
<td align="right" valign="bottom"><font size="2" face="serif"><font face="serif" size="1">44,796</font></font></td>
<td align="right" valign="bottom">&nbsp;</td>
<td align="center" valign="bottom"><font size="2" face="serif"><font face="serif" size="1">04/30/2020</font></font></td>
<td align="left">&nbsp;</td>
</tr>
<tr valign="top">
<td align="left" valign="bottom"><font size="2" face="serif"><font face="serif" size="1">Lancaster, PA</font></font></td>
<td align="left" valign="bottom">&nbsp;</td>
<td align="center" valign="bottom"><font size="2" face="serif">&nbsp;</font></td>
<td align="left" valign="bottom">&nbsp;</td>
<td align="left" valign="bottom"><font size="2" face="serif">&nbsp;</font></td>
<td align="left" valign="bottom">&nbsp;</td>
<td align="left" valign="bottom">&nbsp;</td>
<td align="left" valign="bottom">&nbsp;</td>
<td align="left" valign="bottom"><font size="2" face="serif">&nbsp;</font></td>
<td align="left" valign="bottom">&nbsp;</td>
<td align="right" valign="bottom">&nbsp;</td>
<td align="left" valign="bottom"><font size="2" face="serif">&nbsp;</font></td>
<td align="left" valign="bottom">&nbsp;</td>
<td align="right" valign="bottom">&nbsp;</td>
<td align="center" valign="bottom"><font size="2" face="serif">&nbsp;</font></td>
<td align="left" valign="bottom">&nbsp;</td>
<td align="right" valign="bottom">&nbsp;</td>
<td align="left" valign="bottom"><font size="2" face="serif">&nbsp;</font></td>
<td align="left" valign="bottom">&nbsp;</td>
<td align="right" valign="bottom">&nbsp;</td>
<td align="right" valign="bottom">&nbsp;</td>
<td align="center" valign="bottom"><font size="2" face="serif">&nbsp;</font></td>
<td align="left" valign="bottom">&nbsp;</td>
<td align="left" valign="bottom"><font size="2" face="serif"><font face="serif" size="1">Marshalls</font></font></td>
<td align="left" valign="bottom">&nbsp;</td>
<td align="right" valign="bottom"><font size="2" face="serif"><font face="serif" size="1">30,000</font></font></td>
<td align="right" valign="bottom">&nbsp;</td>
<td align="center" valign="bottom"><font size="2" face="serif"><font face="serif" size="1">05/31/2010</font></font></td>
<td align="left">&nbsp;</td>
</tr>
<tr valign="top">
<td align="left" valign="bottom"><font size="2" face="serif">&nbsp;</font></td>
<td align="left" valign="bottom">&nbsp;</td>
<td align="center" valign="bottom"><font size="2" face="serif">&nbsp;</font></td>
<td align="left" valign="bottom">&nbsp;</td>
<td align="left" valign="bottom"><font size="2" face="serif">&nbsp;</font></td>
<td align="left" valign="bottom">&nbsp;</td>
<td align="left" valign="bottom">&nbsp;</td>
<td align="left" valign="bottom">&nbsp;</td>
<td align="left" valign="bottom"><font size="2" face="serif">&nbsp;</font></td>
<td align="left" valign="bottom">&nbsp;</td>
<td align="right" valign="bottom">&nbsp;</td>
<td align="left" valign="bottom"><font size="2" face="serif">&nbsp;</font></td>
<td align="left" valign="bottom">&nbsp;</td>
<td align="right" valign="bottom">&nbsp;</td>
<td align="center" valign="bottom"><font size="2" face="serif">&nbsp;</font></td>
<td align="left" valign="bottom">&nbsp;</td>
<td align="right" valign="bottom">&nbsp;</td>
<td align="left" valign="bottom"><font size="2" face="serif">&nbsp;</font></td>
<td align="left" valign="bottom">&nbsp;</td>
<td align="right" valign="bottom">&nbsp;</td>
<td align="right" valign="bottom">&nbsp;</td>
<td align="center" valign="bottom"><font size="2" face="serif">&nbsp;</font></td>
<td align="left" valign="bottom">&nbsp;</td>
<td align="left" valign="bottom"><font size="2" face="serif"><font face="serif" size="1">Staples</font></font></td>
<td align="left" valign="bottom">&nbsp;</td>
<td align="right" valign="bottom"><font size="2" face="serif"><font face="serif" size="1">24,060</font></font></td>
<td align="right" valign="bottom">&nbsp;</td>
<td align="center" valign="bottom"><font size="2" face="serif"><font face="serif" size="1">05/31/2012</font></font></td>
<td align="left">&nbsp;</td>
</tr>
<tr valign="top">
<td align="left" valign="bottom"><font size="2" face="serif">&nbsp;</font></td>
<td align="left" valign="bottom">&nbsp;</td>
<td align="center" valign="bottom"><font size="2" face="serif">&nbsp;</font></td>
<td align="left" valign="bottom">&nbsp;</td>
<td align="left" valign="bottom"><font size="2" face="serif">&nbsp;</font></td>
<td align="left" valign="bottom">&nbsp;</td>
<td align="left" valign="bottom">&nbsp;</td>
<td align="left" valign="bottom">&nbsp;</td>
<td align="left" valign="bottom"><font size="2" face="serif">&nbsp;</font></td>
<td align="left" valign="bottom">&nbsp;</td>
<td align="right" valign="bottom">&nbsp;</td>
<td align="left" valign="bottom"><font size="2" face="serif">&nbsp;</font></td>
<td align="left" valign="bottom">&nbsp;</td>

<td align="right" valign="bottom">&nbsp;</td>
<td align="center" valign="bottom"><font size="2" face="serif">&nbsp;</font></td>
<td align="left" valign="bottom">&nbsp;</td>
<td align="right" valign="bottom">&nbsp;</td>
<td align="left" valign="bottom"><font size="2" face="serif">&nbsp;</font></td>
<td align="left" valign="bottom">&nbsp;</td>
<td align="right" valign="bottom">&nbsp;</td>
<td align="right" valign="bottom">&nbsp;</td>
<td align="center" valign="bottom"><font size="2" face="serif">&nbsp;</font></td>
<td align="left" valign="bottom">&nbsp;</td>
<td align="left" valign="bottom"><font size="2" face="serif"><font face="serif" size="1">Artesian Outlet</font></font></td>
<td align="left" valign="bottom">&nbsp;</td>
<td align="right" valign="bottom"><font size="2" face="serif"><font face="serif" size="1">22,000</font></font></td>
<td align="right" valign="bottom">&nbsp;</td>
<td align="center" valign="bottom"><font size="2" face="serif"><font face="serif" size="1">04/30/2009</font></font></td>
<td align="left">&nbsp;</td>
</tr>
<tr valign="top">
<td align="left" valign="bottom"><font size="2" face="serif">&nbsp;</font></td>
<td align="left" valign="bottom">&nbsp;</td>
<td align="center" valign="bottom"><font size="2" face="serif">&nbsp;</font></td>
<td align="left" valign="bottom">&nbsp;</td>
<td align="left" valign="bottom"><font size="2" face="serif">&nbsp;</font></td>
<td align="left" valign="bottom">&nbsp;</td>
<td align="left" valign="bottom">&nbsp;</td>
<td align="left" valign="bottom">&nbsp;</td>
<td align="left" valign="bottom"><font size="2" face="serif">&nbsp;</font></td>
<td align="left" valign="bottom">&nbsp;</td>
<td align="right" valign="bottom">&nbsp;</td>
<td align="left" valign="bottom"><font size="2" face="serif">&nbsp;</font></td>
<td align="left" valign="bottom">&nbsp;</td>
<td align="right" valign="bottom">&nbsp;</td>
<td align="center" valign="bottom"><font size="2" face="serif">&nbsp;</font></td>
<td align="left" valign="bottom">&nbsp;</td>
<td align="right" valign="bottom">&nbsp;</td>
<td align="left" valign="bottom"><font size="2" face="serif">&nbsp;</font></td>
<td align="left" valign="bottom">&nbsp;</td>
<td align="right" valign="bottom">&nbsp;</td>
<td align="right" valign="bottom">&nbsp;</td>
<td align="center" valign="bottom"><font size="2" face="serif">&nbsp;</font></td>
<td align="left" valign="bottom">&nbsp;</td>
<td align="left" valign="bottom"><font size="2" face="serif">&nbsp;</font></td>
<td align="left" valign="bottom">&nbsp;</td>
<td align="left" valign="bottom"><font size="2" face="serif">&nbsp;</font></td>
<td align="right" valign="bottom">&nbsp;</td>
<td align="left" valign="bottom"><font size="2" face="serif">&nbsp;</font></td>
<td align="left">&nbsp;</td>
</tr>
<tr valign="top">
<td align="left" valign="bottom" bgcolor="#eeeeee"><font size="2" face="serif"><font face="serif" size="1">The Commons</font></font></td>
<td align="left" valign="bottom" bgcolor="#eeeeee">&nbsp;</td>
<td align="center" valign="bottom" bgcolor="#eeeeee"><font size="2" face="serif"><font face="serif" size="1">2004</font></font></td>
<td align="left" valign="bottom" bgcolor="#eeeeee">&nbsp;</td>
<td align="right" valign="bottom" bgcolor="#eeeeee"><font size="2" face="serif"><font face="serif" size="1">100</font></font></td>
<td align="left" valign="bottom" bgcolor="#eeeeee"><font size="2" face="serif"><font face="serif" size="1">%</font></font></td>
<td align="left" valign="bottom" bgcolor="#eeeeee">&nbsp;</td>
<td align="left" valign="bottom" bgcolor="#eeeeee">&nbsp;</td>
<td align="right" valign="bottom" bgcolor="#eeeeee"><font size="2" face="serif"><font face="serif" size="1">175,121 </font></font></td>
<td align="left" valign="bottom" bgcolor="#eeeeee">&nbsp;</td>
<td align="right" valign="bottom" bgcolor="#eeeeee">&nbsp;</td>
<td align="right" valign="bottom" bgcolor="#eeeeee"><font size="2" face="serif"><font face="serif" size="1">2000 &#150; 2003</font></font></td>
<td align="left" valign="bottom" bgcolor="#eeeeee">&nbsp;</td>
<td align="right" valign="bottom" bgcolor="#eeeeee">&nbsp;</td>
<td align="center" valign="bottom" bgcolor="#eeeeee"><font size="2" face="serif"><font face="serif" size="1">21 </font></font></td>
<td align="left" valign="bottom" bgcolor="#eeeeee">&nbsp;</td>
<td align="right" valign="bottom" bgcolor="#eeeeee">&nbsp;</td>
<td align="right" valign="bottom" bgcolor="#eeeeee"><font size="2" face="serif"><font face="serif" size="1">98</font></font></td>
<td align="left" valign="bottom" bgcolor="#eeeeee"><font size="2" face="serif"><font face="serif" size="1">%</font></font></td>
<td align="right" valign="bottom" bgcolor="#eeeeee">&nbsp;</td>
<td align="right" valign="bottom" bgcolor="#eeeeee">&nbsp;</td>
<td align="center" valign="bottom" bgcolor="#eeeeee"><font size="2" face="serif"><font face="serif" size="1">10.03 </font></font></td>
<td align="left" valign="bottom" bgcolor="#eeeeee">&nbsp;</td>
<td align="left" valign="bottom" bgcolor="#eeeeee"><font size="2" face="serif"><font face="serif" size="1">Elder-Beerman Stores</font></font></td>
<td align="left" valign="bottom" bgcolor="#eeeeee">&nbsp;</td>
<td align="right" valign="bottom" bgcolor="#eeeeee"><font size="2" face="serif"><font face="serif" size="1">54,500</font></font></td>
<td align="right" valign="bottom" bgcolor="#eeeeee">&nbsp;</td>
<td align="center" valign="bottom" bgcolor="#eeeeee"><font size="2" face="serif"><font face="serif" size="1">01/31/2017</font></font></td>
<td align="left" bgcolor="#eeeeee">&nbsp;</td>
</tr>
<tr valign="top">
<td align="left" valign="bottom" bgcolor="#eeeeee"><font size="2" face="serif"><font face="serif" size="1">DuBois, PA</font></font></td>
<td align="left" valign="bottom" bgcolor="#eeeeee">&nbsp;</td>
<td align="center" valign="bottom" bgcolor="#eeeeee"><font size="2" face="serif">&nbsp;</font></td>
<td align="left" valign="bottom" bgcolor="#eeeeee">&nbsp;</td>
<td align="left" valign="bottom" bgcolor="#eeeeee"><font size="2" face="serif">&nbsp;</font></td>
<td align="left" valign="bottom" bgcolor="#eeeeee">&nbsp;</td>
<td align="left" valign="bottom" bgcolor="#eeeeee">&nbsp;</td>
<td align="left" valign="bottom" bgcolor="#eeeeee">&nbsp;</td>
<td align="left" valign="bottom" bgcolor="#eeeeee"><font size="2" face="serif">&nbsp;</font></td>
<td align="left" valign="bottom" bgcolor="#eeeeee">&nbsp;</td>
<td align="right" valign="bottom" bgcolor="#eeeeee">&nbsp;</td>
<td align="left" valign="bottom" bgcolor="#eeeeee"><font size="2" face="serif">&nbsp;</font></td>
<td align="left" valign="bottom" bgcolor="#eeeeee">&nbsp;</td>
<td align="right" valign="bottom" bgcolor="#eeeeee">&nbsp;</td>
<td align="center" valign="bottom" bgcolor="#eeeeee"><font size="2" face="serif">&nbsp;</font></td>
<td align="left" valign="bottom" bgcolor="#eeeeee">&nbsp;</td>
<td align="right" valign="bottom" bgcolor="#eeeeee">&nbsp;</td>
<td align="left" valign="bottom" bgcolor="#eeeeee"><font size="2" face="serif">&nbsp;</font></td>
<td align="left" valign="bottom" bgcolor="#eeeeee">&nbsp;</td>
<td align="right" valign="bottom" bgcolor="#eeeeee">&nbsp;</td>
<td align="right" valign="bottom" bgcolor="#eeeeee">&nbsp;</td>
<td align="center" valign="bottom" bgcolor="#eeeeee"><font size="2" face="serif">&nbsp;</font></td>
<td align="left" valign="bottom" bgcolor="#eeeeee">&nbsp;</td>
<td align="left" valign="bottom" bgcolor="#eeeeee"><font size="2" face="serif"><font face="serif" size="1">Shop &#146;n Save</font></font></td>
<td align="left" valign="bottom" bgcolor="#eeeeee">&nbsp;</td>
<td align="right" valign="bottom" bgcolor="#eeeeee"><font size="2" face="serif"><font face="serif" size="1">52,654</font></font></td>
<td align="right" valign="bottom" bgcolor="#eeeeee">&nbsp;</td>
<td align="center" valign="bottom" bgcolor="#eeeeee"><font size="2" face="serif"><font face="serif" size="1">10/07/2015</font></font></td>
<td align="left" bgcolor="#eeeeee">&nbsp;</td>
</tr>
<tr valign="top">
<td align="left" valign="bottom"><font size="2" face="serif">&nbsp;</font></td>
<td align="left" valign="bottom">&nbsp;</td>
<td align="center" valign="bottom"><font size="2" face="serif">&nbsp;</font></td>
<td align="left" valign="bottom">&nbsp;</td>
<td align="left" valign="bottom"><font size="2" face="serif">&nbsp;</font></td>
<td align="left" valign="bottom">&nbsp;</td>
<td align="left" valign="bottom">&nbsp;</td>
<td align="left" valign="bottom">&nbsp;</td>
<td align="left" valign="bottom"><font size="2" face="serif">&nbsp;</font></td>
<td align="left" valign="bottom">&nbsp;</td>
<td align="right" valign="bottom">&nbsp;</td>
<td align="left" valign="bottom"><font size="2" face="serif">&nbsp;</font></td>
<td align="left" valign="bottom">&nbsp;</td>
<td align="right" valign="bottom">&nbsp;</td>
<td align="center" valign="bottom"><font size="2" face="serif">&nbsp;</font></td>
<td align="left" valign="bottom">&nbsp;</td>
<td align="right" valign="bottom">&nbsp;</td>
<td align="left" valign="bottom"><font size="2" face="serif">&nbsp;</font></td>
<td align="left" valign="bottom">&nbsp;</td>
<td align="right" valign="bottom">&nbsp;</td>
<td align="right" valign="bottom">&nbsp;</td>
<td align="center" valign="bottom"><font size="2" face="serif">&nbsp;</font></td>
<td align="left" valign="bottom">&nbsp;</td>
<td align="left" valign="bottom"><font size="2" face="serif">&nbsp;</font></td>
<td align="left" valign="bottom">&nbsp;</td>
<td align="left" valign="bottom"><font size="2" face="serif">&nbsp;</font></td>
<td align="right" valign="bottom">&nbsp;</td>
<td align="left" valign="bottom"><font size="2" face="serif">&nbsp;</font></td>
<td align="left">&nbsp;</td>
</tr>
<tr valign="top">
<td align="left" valign="bottom"><font size="2" face="serif"><font face="serif" size="1">Townfair Center</font></font></td>
<td align="left" valign="bottom">&nbsp;</td>
<td align="center" valign="bottom"><font size="2" face="serif"><font face="serif" size="1">2004</font></font></td>
<td align="left" valign="bottom">&nbsp;</td>
<td align="right" valign="bottom"><font size="2" face="serif"><font face="serif" size="1">100</font></font></td>
<td align="left" valign="bottom"><font size="2" face="serif"><font face="serif" size="1">%</font></font></td>
<td align="left" valign="bottom">&nbsp;</td>
<td align="left" valign="bottom">&nbsp;</td>
<td align="right" valign="bottom"><font size="2" face="serif"><font face="serif" size="1">203,531 </font></font></td>
<td align="left" valign="bottom">&nbsp;</td>
<td align="right" valign="bottom">&nbsp;</td>
<td align="right" valign="bottom"><font size="2" face="serif"><font face="serif" size="1">1995 &#150; 2002</font></font></td>
<td align="left" valign="bottom">&nbsp;</td>
<td align="right" valign="bottom">&nbsp;</td>
<td align="center" valign="bottom"><font size="2" face="serif"><font face="serif" size="1">11 </font></font></td>
<td align="left" valign="bottom">&nbsp;</td>
<td align="right" valign="bottom">&nbsp;</td>
<td align="right" valign="bottom"><font size="2" face="serif"><font face="serif" size="1">97</font></font></td>
<td align="left" valign="bottom"><font size="2" face="serif"><font face="serif" size="1">%</font></font></td>
<td align="right" valign="bottom">&nbsp;</td>
<td align="right" valign="bottom">&nbsp;</td>
<td align="center" valign="bottom"><font size="2" face="serif"><font face="serif" size="1"> &nbsp;7.68 </font></font></td>
<td align="left" valign="bottom">&nbsp;</td>
<td align="left" valign="bottom"><font size="2" face="serif"><font face="serif" size="1">Lowe&#146;s Home Centers</font></font></td>
<td align="left" valign="bottom">&nbsp;</td>
<td align="right" valign="bottom"><font size="2" face="serif"><font face="serif" size="1">95,173 </font></font></td>
<td align="right" valign="bottom">&nbsp;</td>
<td align="center" valign="bottom"><font size="2" face="serif"><font face="serif" size="1">12/31/2015</font></font></td>
<td align="left">&nbsp;</td>
</tr>
<tr valign="top">
<td align="left" valign="bottom" bgcolor="#FFFFFF"><font size="2" face="serif"><font face="serif" size="1">White Township, PA</font></font></td>
<td align="left" valign="bottom" bgcolor="#FFFFFF">&nbsp;</td>
<td align="center" valign="bottom" bgcolor="#FFFFFF"><font size="2" face="serif">&nbsp;</font></td>
<td align="left" valign="bottom" bgcolor="#FFFFFF">&nbsp;</td>
<td align="left" valign="bottom" bgcolor="#FFFFFF"><font size="2" face="serif">&nbsp;</font></td>
<td align="left" valign="bottom" bgcolor="#FFFFFF">&nbsp;</td>
<td align="left" valign="bottom" bgcolor="#FFFFFF">&nbsp;</td>
<td align="left" valign="bottom" bgcolor="#FFFFFF">&nbsp;</td>
<td align="left" valign="bottom" bgcolor="#FFFFFF"><font size="2" face="serif">&nbsp;</font></td>
<td align="left" valign="bottom" bgcolor="#FFFFFF">&nbsp;</td>
<td align="right" valign="bottom" bgcolor="#FFFFFF">&nbsp;</td>
<td align="left" valign="bottom" bgcolor="#FFFFFF"><font size="2" face="serif">&nbsp;</font></td>
<td align="left" valign="bottom" bgcolor="#FFFFFF">&nbsp;</td>
<td align="right" valign="bottom" bgcolor="#FFFFFF">&nbsp;</td>
<td align="center" valign="bottom"><font size="2" face="serif">&nbsp;</font></td>
<td align="left" valign="bottom" bgcolor="#FFFFFF">&nbsp;</td>
<td align="right" valign="bottom" bgcolor="#FFFFFF">&nbsp;</td>
<td align="left" valign="bottom" bgcolor="#FFFFFF"><font size="2" face="serif">&nbsp;</font></td>
<td align="left" valign="bottom" bgcolor="#FFFFFF">&nbsp;</td>
<td align="right" valign="bottom" bgcolor="#FFFFFF">&nbsp;</td>
<td align="right" valign="bottom" bgcolor="#FFFFFF">&nbsp;</td>
<td align="center" valign="bottom" bgcolor="#FFFFFF"><font size="2" face="serif">&nbsp;</font></td>
<td align="left" valign="bottom" bgcolor="#FFFFFF">&nbsp;</td>
<td align="left" valign="bottom" bgcolor="#FFFFFF"><font size="2" face="serif"><font face="serif" size="1">Shop &#146;n Save</font></font></td>
<td align="left" valign="bottom" bgcolor="#FFFFFF">&nbsp;</td>
<td align="right" valign="bottom" bgcolor="#FFFFFF"><font size="2" face="serif"><font face="serif" size="1">50,000 </font></font></td>
<td align="right" valign="bottom" bgcolor="#FFFFFF">&nbsp;</td>
<td align="center" valign="bottom" bgcolor="#FFFFFF"><font size="2" face="serif"><font face="serif" size="1">02/08/2012</font></font></td>
<td align="left" bgcolor="#FFFFFF">&nbsp;</td>
</tr>
<tr valign="top">
<td align="left" valign="bottom"><font size="2" face="serif">&nbsp;</font></td>
<td align="left" valign="bottom">&nbsp;</td>
<td align="center" valign="bottom"><font size="2" face="serif">&nbsp;</font></td>
<td align="left" valign="bottom">&nbsp;</td>
<td align="left" valign="bottom"><font size="2" face="serif">&nbsp;</font></td>
<td align="left" valign="bottom">&nbsp;</td>
<td align="left" valign="bottom">&nbsp;</td>
<td align="left" valign="bottom">&nbsp;</td>
<td align="left" valign="bottom"><font size="2" face="serif">&nbsp;</font></td>
<td align="left" valign="bottom">&nbsp;</td>
<td align="right" valign="bottom">&nbsp;</td>
<td align="left" valign="bottom"><font size="2" face="serif">&nbsp;</font></td>
<td align="left" valign="bottom">&nbsp;</td>
<td align="right" valign="bottom">&nbsp;</td>
<td align="center" valign="bottom"><font size="2" face="serif">&nbsp;</font></td>
<td align="left" valign="bottom">&nbsp;</td>
<td align="right" valign="bottom">&nbsp;</td>
<td align="left" valign="bottom"><font size="2" face="serif">&nbsp;</font></td>
<td align="left" valign="bottom">&nbsp;</td>
<td align="right" valign="bottom">&nbsp;</td>
<td align="right" valign="bottom">&nbsp;</td>
<td align="center" valign="bottom"><font size="2" face="serif">&nbsp;</font></td>
<td align="left" valign="bottom">&nbsp;</td>
<td align="left" valign="bottom"><font size="2" face="serif">&nbsp;</font></td>
<td align="left" valign="bottom">&nbsp;</td>
<td align="left" valign="bottom"><font size="2" face="serif">&nbsp;</font></td>
<td align="right" valign="bottom">&nbsp;</td>
<td align="left" valign="bottom"><font size="2" face="serif">&nbsp;</font></td>
<td align="left">&nbsp;</td>
</tr>
<tr valign="top">
<td align="left" valign="bottom" bgcolor="#eeeeee"><font size="2" face="serif"><font face="serif" size="1">Lake Raystown Plaza</font></font></td>
<td align="left" valign="bottom" bgcolor="#eeeeee">&nbsp;</td>
<td align="center" valign="bottom" bgcolor="#eeeeee"><font size="2" face="serif"><font face="serif" size="1">2004</font></font></td>
<td align="left" valign="bottom" bgcolor="#eeeeee">&nbsp;</td>
<td align="right" valign="bottom" bgcolor="#eeeeee"><font size="2" face="serif"><font face="serif" size="1">100</font></font></td>
<td align="left" valign="bottom" bgcolor="#eeeeee"><font size="2" face="serif"><font face="serif" size="1">%</font></font></td>
<td align="left" valign="bottom" bgcolor="#eeeeee">&nbsp;</td>
<td align="left" valign="bottom" bgcolor="#eeeeee">&nbsp;</td>
<td align="right" valign="bottom" bgcolor="#eeeeee"><font size="2" face="serif"><font face="serif" size="1">84,292 </font></font></td>
<td align="left" valign="bottom" bgcolor="#eeeeee">&nbsp;</td>
<td align="right" valign="bottom" bgcolor="#eeeeee">&nbsp;</td>
<td align="right" valign="bottom" bgcolor="#eeeeee"><font size="2" face="serif"><font face="serif" size="1">1995</font></font></td>
<td align="left" valign="bottom" bgcolor="#eeeeee">&nbsp;</td>
<td align="right" valign="bottom" bgcolor="#eeeeee">&nbsp;</td>
<td align="center" valign="bottom" bgcolor="#eeeeee"><font size="2" face="serif"><font face="serif" size="1">9 </font></font></td>
<td align="left" valign="bottom" bgcolor="#eeeeee">&nbsp;</td>
<td align="right" valign="bottom" bgcolor="#eeeeee">&nbsp;</td>
<td align="right" valign="bottom" bgcolor="#eeeeee"><font size="2" face="serif"><font face="serif" size="1">100</font></font></td>
<td align="left" valign="bottom" bgcolor="#eeeeee"><font size="2" face="serif"><font face="serif" size="1">%</font></font></td>
<td align="right" valign="bottom" bgcolor="#eeeeee">&nbsp;</td>
<td align="right" valign="bottom" bgcolor="#eeeeee">&nbsp;</td>
<td align="center" valign="bottom" bgcolor="#eeeeee"><font size="2" face="serif"><font face="serif" size="1"> &nbsp;8.58 </font></font></td>
<td align="left" valign="bottom" bgcolor="#eeeeee">&nbsp;</td>
<td align="left" valign="bottom" bgcolor="#eeeeee"><font size="2" face="serif"><font face="serif" size="1">Giant Foods</font></font></td>
<td align="left" valign="bottom" bgcolor="#eeeeee">&nbsp;</td>
<td align="right" valign="bottom" bgcolor="#eeeeee"><font size="2" face="serif"><font face="serif" size="1">39,244 </font></font></td>
<td align="right" valign="bottom" bgcolor="#eeeeee">&nbsp;</td>
<td align="center" valign="bottom" bgcolor="#eeeeee"><font size="2" face="serif"><font face="serif" size="1">07/31/2015</font></font></td>
<td align="left" bgcolor="#eeeeee">&nbsp;</td>
</tr>
<tr valign="top">
  <td align="left" valign="bottom" bgcolor="#eeeeee"><font size="1" face="serif">Huntingdon, PA</font></td>
  <td align="left" valign="bottom" bgcolor="#eeeeee">&nbsp;</td>
  <td align="center" valign="bottom" bgcolor="#eeeeee">&nbsp;</td>
  <td align="left" valign="bottom" bgcolor="#eeeeee">&nbsp;</td>
  <td align="right" valign="bottom" bgcolor="#eeeeee">&nbsp;</td>
  <td align="left" valign="bottom" bgcolor="#eeeeee">&nbsp;</td>
  <td align="left" valign="bottom" bgcolor="#eeeeee">&nbsp;</td>
  <td align="left" valign="bottom" bgcolor="#eeeeee">&nbsp;</td>
  <td align="right" valign="bottom" bgcolor="#eeeeee">&nbsp;</td>
  <td align="left" valign="bottom" bgcolor="#eeeeee">&nbsp;</td>
  <td align="right" valign="bottom" bgcolor="#eeeeee">&nbsp;</td>
  <td align="right" valign="bottom" bgcolor="#eeeeee">&nbsp;</td>
  <td align="left" valign="bottom" bgcolor="#eeeeee">&nbsp;</td>
  <td align="right" valign="bottom" bgcolor="#eeeeee">&nbsp;</td>
  <td align="center" valign="bottom" bgcolor="#eeeeee">&nbsp;</td>
  <td align="left" valign="bottom" bgcolor="#eeeeee">&nbsp;</td>
  <td align="right" valign="bottom" bgcolor="#eeeeee">&nbsp;</td>
  <td align="right" valign="bottom" bgcolor="#eeeeee">&nbsp;</td>
  <td align="left" valign="bottom" bgcolor="#eeeeee">&nbsp;</td>
  <td align="right" valign="bottom" bgcolor="#eeeeee">&nbsp;</td>
  <td align="right" valign="bottom" bgcolor="#eeeeee">&nbsp;</td>
  <td align="center" valign="bottom" bgcolor="#eeeeee">&nbsp;</td>
  <td align="left" valign="bottom" bgcolor="#eeeeee">&nbsp;</td>
  <td align="left" valign="bottom" bgcolor="#eeeeee">&nbsp;</td>
  <td align="left" valign="bottom" bgcolor="#eeeeee">&nbsp;</td>
  <td align="right" valign="bottom" bgcolor="#eeeeee">&nbsp;</td>
  <td align="right" valign="bottom" bgcolor="#eeeeee">&nbsp;</td>
  <td align="center" valign="bottom" bgcolor="#eeeeee">&nbsp;</td>
  <td align="left" bgcolor="#eeeeee">&nbsp;</td>
</tr>
</table>
<p align="center"><font face="serif" size="2">12</font></p>
<hr noshade align="center" width="100%" size="2">
<div style="page-break-before:always"></div>
<page>
<a name="p?"></a>

<br><br>
<table width="100%" border="0" align="center" cellpadding="0" cellspacing="0">
<tr valign="top">
<td colspan="4" align="left" bgcolor="#FFFFFF"><font size="2" face="serif"><b>CEDAR SHOPPING CENTERS, INC.</b></font></td>
<td align="left" bgcolor="#FFFFFF">&nbsp;</td>
<td align="right" bgcolor="#FFFFFF">&nbsp;</td>
<td align="left" bgcolor="#FFFFFF"><font size="2" face="serif">&nbsp;</font></td>
<td align="left" bgcolor="#FFFFFF">&nbsp;</td>
<td align="right" bgcolor="#FFFFFF">&nbsp;</td>
<td align="left" bgcolor="#FFFFFF"><font size="2" face="serif">&nbsp;</font></td>
<td align="left" bgcolor="#FFFFFF">&nbsp;</td>
<td align="right" bgcolor="#FFFFFF">&nbsp;</td>
<td align="left" bgcolor="#FFFFFF"><font size="2" face="serif">&nbsp;</font></td>
<td align="left" bgcolor="#FFFFFF">&nbsp;</td>
<td align="right" bgcolor="#FFFFFF">&nbsp;</td>
<td align="left" bgcolor="#FFFFFF"><font size="2" face="serif">&nbsp;</font></td>
<td align="left" bgcolor="#FFFFFF">&nbsp;</td>
<td align="right" bgcolor="#FFFFFF">&nbsp;</td>
<td align="left" bgcolor="#FFFFFF"><font size="2" face="serif">&nbsp;</font></td>
<td align="left" bgcolor="#FFFFFF">&nbsp;</td>
<td align="right" bgcolor="#FFFFFF">&nbsp;</td>
<td align="right" bgcolor="#FFFFFF">&nbsp;</td>
<td align="left" bgcolor="#FFFFFF"><font size="2" face="serif">&nbsp;</font></td>
<td align="left" bgcolor="#FFFFFF">&nbsp;</td>
<td align="right" bgcolor="#FFFFFF">&nbsp;</td>
<td align="left" bgcolor="#FFFFFF"><font size="2" face="serif">&nbsp;</font></td>
<td align="left" bgcolor="#FFFFFF">&nbsp;</td>
<td align="right" bgcolor="#FFFFFF">&nbsp;</td>
<td align="left" bgcolor="#FFFFFF"><font size="2" face="serif">&nbsp;</font></td>
<td align="left" bgcolor="#FFFFFF">&nbsp;</td>
<td align="right" bgcolor="#FFFFFF">&nbsp;</td>
<td align="left" bgcolor="#FFFFFF"><font size="2" face="serif">&nbsp;</font></td>
</tr>
<tr valign="top">
<td align="left" bgcolor="#FFFFFF"><font size="2" face="serif"><b><font face="serif" size="1">Property Summary</font></b></font></td>
<td align="left" bgcolor="#FFFFFF">&nbsp;</td>
<td align="right" bgcolor="#FFFFFF">&nbsp;</td>
<td align="left" bgcolor="#FFFFFF"><font size="2" face="serif">&nbsp;</font></td>
<td align="left" bgcolor="#FFFFFF">&nbsp;</td>
<td align="right" bgcolor="#FFFFFF">&nbsp;</td>
<td align="left" bgcolor="#FFFFFF"><font size="2" face="serif">&nbsp;</font></td>
<td align="left" bgcolor="#FFFFFF">&nbsp;</td>
<td align="right" bgcolor="#FFFFFF">&nbsp;</td>
<td align="left" bgcolor="#FFFFFF"><font size="2" face="serif">&nbsp;</font></td>
<td align="left" bgcolor="#FFFFFF">&nbsp;</td>
<td align="right" bgcolor="#FFFFFF">&nbsp;</td>
<td align="left" bgcolor="#FFFFFF"><font size="2" face="serif">&nbsp;</font></td>
<td align="left" bgcolor="#FFFFFF">&nbsp;</td>
<td align="right" bgcolor="#FFFFFF">&nbsp;</td>
<td align="left" bgcolor="#FFFFFF"><font size="2" face="serif">&nbsp;</font></td>
<td align="left" bgcolor="#FFFFFF">&nbsp;</td>
<td align="right" bgcolor="#FFFFFF">&nbsp;</td>
<td align="left" bgcolor="#FFFFFF"><font size="2" face="serif">&nbsp;</font></td>
<td align="left" bgcolor="#FFFFFF">&nbsp;</td>
<td align="right" bgcolor="#FFFFFF">&nbsp;</td>
<td align="right" bgcolor="#FFFFFF">&nbsp;</td>
<td align="left" bgcolor="#FFFFFF"><font size="2" face="serif">&nbsp;</font></td>
<td align="left" bgcolor="#FFFFFF">&nbsp;</td>
<td align="right" bgcolor="#FFFFFF">&nbsp;</td>
<td align="left" bgcolor="#FFFFFF"><font size="2" face="serif">&nbsp;</font></td>
<td align="left" bgcolor="#FFFFFF">&nbsp;</td>
<td align="right" bgcolor="#FFFFFF">&nbsp;</td>
<td align="left" bgcolor="#FFFFFF"><font size="2" face="serif">&nbsp;</font></td>
<td align="left" bgcolor="#FFFFFF">&nbsp;</td>
<td align="right" bgcolor="#FFFFFF">&nbsp;</td>
<td align="left" bgcolor="#FFFFFF"><font size="2" face="serif">&nbsp;</font></td>
</tr>
<tr valign="top">
<td align="left" bgcolor="#FFFFFF"><font size="2" face="serif"><b><font face="serif" size="1">As of June 30, 2005</font></b></font></td>
<td align="left" bgcolor="#FFFFFF">&nbsp;</td>
<td align="right" bgcolor="#FFFFFF">&nbsp;</td>
<td align="left" bgcolor="#FFFFFF"><font size="2" face="serif">&nbsp;</font></td>
<td align="left" bgcolor="#FFFFFF">&nbsp;</td>
<td align="right" bgcolor="#FFFFFF">&nbsp;</td>
<td align="left" bgcolor="#FFFFFF"><font size="2" face="serif">&nbsp;</font></td>
<td align="left" bgcolor="#FFFFFF">&nbsp;</td>
<td align="right" bgcolor="#FFFFFF">&nbsp;</td>
<td align="left" bgcolor="#FFFFFF"><font size="2" face="serif">&nbsp;</font></td>
<td align="left" bgcolor="#FFFFFF">&nbsp;</td>
<td align="right" bgcolor="#FFFFFF">&nbsp;</td>
<td align="left" bgcolor="#FFFFFF"><font size="2" face="serif">&nbsp;</font></td>
<td align="left" bgcolor="#FFFFFF">&nbsp;</td>
<td align="right" bgcolor="#FFFFFF">&nbsp;</td>
<td align="left" bgcolor="#FFFFFF"><font size="2" face="serif">&nbsp;</font></td>
<td align="left" bgcolor="#FFFFFF">&nbsp;</td>
<td align="right" bgcolor="#FFFFFF">&nbsp;</td>
<td align="left" bgcolor="#FFFFFF"><font size="2" face="serif">&nbsp;</font></td>
<td align="left" bgcolor="#FFFFFF">&nbsp;</td>
<td align="right" bgcolor="#FFFFFF">&nbsp;</td>
<td align="right" bgcolor="#FFFFFF">&nbsp;</td>
<td align="left" bgcolor="#FFFFFF"><font size="2" face="serif">&nbsp;</font></td>
<td align="left" bgcolor="#FFFFFF">&nbsp;</td>
<td align="right" bgcolor="#FFFFFF">&nbsp;</td>
<td align="left" bgcolor="#FFFFFF"><font size="2" face="serif">&nbsp;</font></td>
<td align="left" bgcolor="#FFFFFF">&nbsp;</td>
<td align="right" bgcolor="#FFFFFF">&nbsp;</td>
<td align="left" bgcolor="#FFFFFF"><font size="2" face="serif">&nbsp;</font></td>
<td align="left" bgcolor="#FFFFFF">&nbsp;</td>
<td align="right" bgcolor="#FFFFFF">&nbsp;</td>
<td align="left" bgcolor="#FFFFFF"><font size="2" face="serif">&nbsp;</font></td>
</tr>
<tr valign="bottom">
<td align="left" valign="top" bgcolor="#FFFFFF"><b><font face="serif" size="1">(continued)</font></b></td>
<td align="left" bgcolor="#FFFFFF">&nbsp;</td>
<td align="right" bgcolor="#FFFFFF">&nbsp;</td>
<td rowspan="4" align="center" bgcolor="#FFFFFF"><b><font face="serif" size="1">Year<br>
acquired</font></b></td>
<td align="left" bgcolor="#FFFFFF">&nbsp;</td>
<td align="right" bgcolor="#FFFFFF">&nbsp;</td>
<td colspan="2" rowspan="4" align="center" bgcolor="#FFFFFF"><b><font face="serif" size="1">Percent<br>
owned (2)</font></b></td>
<td align="right" bgcolor="#FFFFFF">&nbsp;</td>
<td rowspan="4" align="center" bgcolor="#FFFFFF"><b><font face="serif" size="1">Gross<br>
leasable<br>
area<br>
&#147;GLA&#148;</font></b></td>
<td align="left" bgcolor="#FFFFFF">&nbsp;</td>
<td align="right" bgcolor="#FFFFFF">&nbsp;</td>
<td rowspan="4" align="center" bgcolor="#FFFFFF"><b><font face="serif" size="1">Year built/<br>
year last<br>
renovated</font></b></td>
<td align="left" bgcolor="#FFFFFF">&nbsp;</td>
<td align="right" bgcolor="#FFFFFF">&nbsp;</td>
<td rowspan="4" align="center" bgcolor="#FFFFFF"><b><font face="serif" size="1">Number<br>
of<br>
tenants</font></b></td>
<td align="left" bgcolor="#FFFFFF">&nbsp;</td>
<td align="right" bgcolor="#FFFFFF">&nbsp;</td>
<td colspan="2" rowspan="4" align="center" bgcolor="#FFFFFF"><b><font face="serif" size="1">Percent<br>
occupied</font></b></td>
<td align="right" bgcolor="#FFFFFF">&nbsp;</td>
<td align="right" bgcolor="#FFFFFF">&nbsp;</td>
<td rowspan="4" align="center" bgcolor="#FFFFFF"><b><font face="serif" size="1">Average<br>
base rent per<br>
leased SF</font></b></td>
<td align="left" bgcolor="#FFFFFF">&nbsp;</td>
<td align="right" bgcolor="#FFFFFF">&nbsp;</td>
<td align="left" bgcolor="#FFFFFF"><font size="2" face="serif">&nbsp;</font></td>
<td align="left" bgcolor="#FFFFFF">&nbsp;</td>
<td align="right" bgcolor="#FFFFFF">&nbsp;</td>
<td align="left" bgcolor="#FFFFFF"><font size="2" face="serif">&nbsp;</font></td>
<td align="left" bgcolor="#FFFFFF">&nbsp;</td>
<td align="right" bgcolor="#FFFFFF">&nbsp;</td>
<td align="left" bgcolor="#FFFFFF"><font size="2" face="serif">&nbsp;</font></td>
</tr>
<tr valign="bottom">
<td align="left" bgcolor="#FFFFFF"><font size="2" face="serif">&nbsp;</font></td>
<td align="left" bgcolor="#FFFFFF">&nbsp;</td>
<td align="right" bgcolor="#FFFFFF">&nbsp;</td>
<td align="left" bgcolor="#FFFFFF">&nbsp;</td>
<td align="right" bgcolor="#FFFFFF">&nbsp;</td>
<td align="right" bgcolor="#FFFFFF">&nbsp;</td>
<td align="left" bgcolor="#FFFFFF">&nbsp;</td>
<td align="right" bgcolor="#FFFFFF">&nbsp;</td>
<td align="left" bgcolor="#FFFFFF">&nbsp;</td>
<td align="right" bgcolor="#FFFFFF">&nbsp;</td>
<td align="left" bgcolor="#FFFFFF">&nbsp;</td>
<td align="right" bgcolor="#FFFFFF">&nbsp;</td>
<td align="right" bgcolor="#FFFFFF">&nbsp;</td>
<td align="right" bgcolor="#FFFFFF">&nbsp;</td>
<td align="left" bgcolor="#FFFFFF">&nbsp;</td>
<td align="right" bgcolor="#FFFFFF">&nbsp;</td>
<td colspan="7" rowspan="2" align="center" bgcolor="#FFFFFF"><font size="2" face="serif">&nbsp;</font><font size="2" face="serif">&nbsp;</font><font size="2" face="serif">&nbsp;<b><font face="serif" size="1">Major
    tenants [&gt;=20,000 SF of GLA]</font></b></font>  <hr noshade align="center" width="100%" size="1">
</td>
</tr>
<tr valign="bottom">
<td align="left" bgcolor="#FFFFFF"><font size="2" face="serif">&nbsp;</font></td>
<td align="left" bgcolor="#FFFFFF">&nbsp;</td>
<td align="right" bgcolor="#FFFFFF">&nbsp;</td>
<td align="left" bgcolor="#FFFFFF">&nbsp;</td>
<td align="right" bgcolor="#FFFFFF">&nbsp;</td>
<td align="right" bgcolor="#FFFFFF">&nbsp;</td>
<td align="left" bgcolor="#FFFFFF">&nbsp;</td>
<td align="right" bgcolor="#FFFFFF">&nbsp;</td>
<td align="left" bgcolor="#FFFFFF">&nbsp;</td>
<td align="right" bgcolor="#FFFFFF">&nbsp;</td>
<td align="left" bgcolor="#FFFFFF">&nbsp;</td>
<td align="right" bgcolor="#FFFFFF">&nbsp;</td>
<td align="right" bgcolor="#FFFFFF">&nbsp;</td>
<td align="right" bgcolor="#FFFFFF">&nbsp;</td>
<td align="left" bgcolor="#FFFFFF">&nbsp;</td>
<td align="right" bgcolor="#FFFFFF">&nbsp;</td>
</tr>
<tr valign="bottom">
<td align="left" bgcolor="#FFFFFF"><font size="2" face="serif"><b><font face="serif" size="1">Property</font></b></font></td>
<td align="left" bgcolor="#FFFFFF">&nbsp;</td>
<td align="right" bgcolor="#FFFFFF">&nbsp;</td>
<td align="left" bgcolor="#FFFFFF">&nbsp;</td>
<td align="right" bgcolor="#FFFFFF">&nbsp;</td>
<td align="right" bgcolor="#FFFFFF">&nbsp;</td>
<td align="left" bgcolor="#FFFFFF">&nbsp;</td>
<td align="right" bgcolor="#FFFFFF">&nbsp;</td>
<td align="left" bgcolor="#FFFFFF">&nbsp;</td>
<td align="right" bgcolor="#FFFFFF">&nbsp;</td>
<td align="left" bgcolor="#FFFFFF">&nbsp;</td>
<td align="right" bgcolor="#FFFFFF">&nbsp;</td>
<td align="right" bgcolor="#FFFFFF">&nbsp;</td>
<td align="right" bgcolor="#FFFFFF">&nbsp;</td>
<td align="left" bgcolor="#FFFFFF">&nbsp;</td>
<td align="right" bgcolor="#FFFFFF">&nbsp;</td>
<td align="left" bgcolor="#FFFFFF"><font size="2" face="serif"><b><font face="serif" size="1">Name</font></b></font></td>
<td align="left" bgcolor="#FFFFFF">&nbsp;</td>
<td align="right" bgcolor="#FFFFFF">&nbsp;</td>
<td align="center" bgcolor="#FFFFFF"><font size="2" face="serif"><b><font face="serif" size="1">SF</font></b></font></td>
<td align="left" bgcolor="#FFFFFF">&nbsp;</td>
<td align="right" bgcolor="#FFFFFF">&nbsp;</td>
<td align="center" bgcolor="#FFFFFF"><font size="2" face="serif"><b><font face="serif" size="1">Lease<br>
expiration</font></b></font></td>
</tr>
<tr valign="top">
<td colspan="32" align="left"><hr noshade align="center" width="100%" size="1"></td>
</tr>
<tr valign="bottom">
<td align="left" bgcolor="#eeeeee"><font size="2" face="serif"><font face="serif" size="1">Franklin Village Plaza</font></font></td>
<td align="left" bgcolor="#eeeeee">&nbsp;</td>
<td align="right" bgcolor="#eeeeee">&nbsp;</td>
<td align="center" bgcolor="#eeeeee"><font size="2" face="serif"><font face="serif" size="1">2004</font></font></td>
<td align="left" bgcolor="#eeeeee">&nbsp;</td>
<td align="right" bgcolor="#eeeeee">&nbsp;</td>
<td align="right" bgcolor="#eeeeee"><font size="2" face="serif"><font face="serif" size="1">100</font></font></td>
<td align="left" bgcolor="#eeeeee"><font size="2" face="serif"><font face="serif" size="1">%</font></font></td>
<td width="1%" align="right" bgcolor="#eeeeee">&nbsp;</td>
<td align="center" bgcolor="#eeeeee"><font size="2" face="serif"><font face="serif" size="1">303,772</font><font face="serif" size="1"> (3)</font></font></td>
<td align="left" bgcolor="#eeeeee">&nbsp;</td>
<td align="right" bgcolor="#eeeeee">&nbsp;</td>
<td align="center" bgcolor="#eeeeee"><font size="2" face="serif"><font face="serif" size="1">1987/1989</font></font></td>
<td align="left" bgcolor="#eeeeee">&nbsp;</td>
<td align="right" bgcolor="#eeeeee">&nbsp;</td>
<td align="center" bgcolor="#eeeeee"><font size="2" face="serif"><font face="serif" size="1">63 </font></font></td>
<td align="left" bgcolor="#eeeeee">&nbsp;</td>
<td align="right" bgcolor="#eeeeee">&nbsp;</td>
<td align="right" bgcolor="#eeeeee"><font size="2" face="serif"><font face="serif" size="1">92</font></font></td>
<td align="left" bgcolor="#eeeeee"><font size="2" face="serif"><font face="serif" size="1">%</font></font></td>
<td width="1%" align="right" bgcolor="#eeeeee">&nbsp;</td>
<td width="1%" align="right" bgcolor="#eeeeee"><font size="1" face="serif">$</font></td>
<td align="center" bgcolor="#eeeeee"><font size="2" face="serif"><font face="serif" size="1">18.19 </font></font></td>
<td width="2%" align="left" bgcolor="#eeeeee">&nbsp;</td>
<td align="right" bgcolor="#eeeeee">&nbsp;</td>
<td align="left" bgcolor="#eeeeee"><font size="2" face="serif"><font face="serif" size="1">Stop &amp; Shop (3)</font></font></td>
<td align="left" bgcolor="#eeeeee">&nbsp;</td>
<td align="right" bgcolor="#eeeeee">&nbsp;</td>
<td align="center" bgcolor="#eeeeee"><font size="2" face="serif"><font face="serif" size="1">75,000 </font></font></td>
<td align="left" bgcolor="#eeeeee">&nbsp;</td>
<td align="right" bgcolor="#eeeeee">&nbsp;</td>
<td align="center" bgcolor="#eeeeee"><font size="2" face="serif"><font face="serif" size="1">10/31/2025</font></font></td>
</tr>
<tr valign="bottom">
<td align="left" bgcolor="#eeeeee"><font size="2" face="serif"><font face="serif" size="1">Franklin, MA</font></font></td>
<td align="left" bgcolor="#eeeeee">&nbsp;</td>
<td align="right" bgcolor="#eeeeee">&nbsp;</td>
<td align="left" bgcolor="#eeeeee"><font size="2" face="serif">&nbsp;</font></td>
<td align="left" bgcolor="#eeeeee">&nbsp;</td>
<td align="right" bgcolor="#eeeeee">&nbsp;</td>
<td align="right" bgcolor="#eeeeee"><font size="2" face="serif">&nbsp;</font></td>
<td align="left" bgcolor="#eeeeee">&nbsp;</td>
<td align="right" bgcolor="#eeeeee">&nbsp;</td>
<td align="left" bgcolor="#eeeeee"><font size="2" face="serif">&nbsp;</font></td>
<td align="left" bgcolor="#eeeeee">&nbsp;</td>
<td align="right" bgcolor="#eeeeee">&nbsp;</td>
<td align="left" bgcolor="#eeeeee"><font size="2" face="serif">&nbsp;</font></td>
<td align="left" bgcolor="#eeeeee">&nbsp;</td>
<td align="right" bgcolor="#eeeeee">&nbsp;</td>
<td align="left" bgcolor="#eeeeee"><font size="2" face="serif">&nbsp;</font></td>
<td align="left" bgcolor="#eeeeee">&nbsp;</td>
<td align="right" bgcolor="#eeeeee">&nbsp;</td>
<td align="right" bgcolor="#eeeeee"><font size="2" face="serif">&nbsp;</font></td>
<td align="left" bgcolor="#eeeeee">&nbsp;</td>
<td align="right" bgcolor="#eeeeee">&nbsp;</td>
<td align="right" bgcolor="#eeeeee">&nbsp;</td>
<td align="left" bgcolor="#eeeeee"><font size="2" face="serif">&nbsp;</font></td>
<td align="left" bgcolor="#eeeeee">&nbsp;</td>
<td align="right" bgcolor="#eeeeee">&nbsp;</td>
<td align="left" bgcolor="#eeeeee"><font size="2" face="serif"><font face="serif" size="1">Marshalls</font></font></td>
<td align="left" bgcolor="#eeeeee">&nbsp;</td>
<td align="right" bgcolor="#eeeeee">&nbsp;</td>
<td align="center" bgcolor="#eeeeee"><font size="2" face="serif"><font face="serif" size="1">26,890 </font></font></td>
<td align="left" bgcolor="#eeeeee">&nbsp;</td>
<td align="right" bgcolor="#eeeeee">&nbsp;</td>
<td align="center" bgcolor="#eeeeee"><font size="2" face="serif"><font face="serif" size="1">01/31/2009</font></font></td>
</tr>
<tr valign="bottom">
<td align="left"><font size="2" face="serif">&nbsp;</font></td>
<td align="left">&nbsp;</td>
<td align="right">&nbsp;</td>
<td align="left"><font size="2" face="serif">&nbsp;</font></td>
<td align="left">&nbsp;</td>
<td align="right">&nbsp;</td>
<td align="right"><font size="2" face="serif">&nbsp;</font></td>
<td align="left">&nbsp;</td>
<td align="right">&nbsp;</td>
<td align="left"><font size="2" face="serif">&nbsp;</font></td>
<td align="left">&nbsp;</td>
<td align="right">&nbsp;</td>
<td align="left"><font size="2" face="serif">&nbsp;</font></td>
<td align="left">&nbsp;</td>
<td align="right">&nbsp;</td>
<td align="left"><font size="2" face="serif">&nbsp;</font></td>
<td align="left">&nbsp;</td>
<td align="right">&nbsp;</td>
<td align="right"><font size="2" face="serif">&nbsp;</font></td>
<td align="left">&nbsp;</td>
<td align="right">&nbsp;</td>
<td align="right">&nbsp;</td>
<td align="left"><font size="2" face="serif">&nbsp;</font></td>
<td align="left">&nbsp;</td>
<td align="right">&nbsp;</td>
<td align="left"><font size="2" face="serif">&nbsp;</font></td>
<td align="left">&nbsp;</td>
<td align="right">&nbsp;</td>
<td align="left"><font size="2" face="serif">&nbsp;</font></td>
<td align="left">&nbsp;</td>
<td align="right">&nbsp;</td>
<td align="left"><font size="2" face="serif">&nbsp;</font></td>
</tr>
<tr valign="bottom">
<td align="left" bgcolor="#ffffff"><font size="2" face="serif"><font face="serif" size="1">The Brickyard</font></font></td>
<td align="left" bgcolor="#ffffff">&nbsp;</td>
<td align="right" bgcolor="#ffffff">&nbsp;</td>
<td align="center" bgcolor="#ffffff"><font size="2" face="serif"><font face="serif" size="1">2004</font></font></td>
<td align="left" bgcolor="#ffffff">&nbsp;</td>
<td align="right" bgcolor="#ffffff">&nbsp;</td>
<td align="right"><font size="2" face="serif"><font face="serif" size="1">100</font></font></td>
<td align="left" bgcolor="#ffffff"><font size="2" face="serif"><font face="serif" size="1">%</font></font></td>
<td align="right" bgcolor="#ffffff">&nbsp;</td>
<td align="center" bgcolor="#ffffff"><font size="2" face="serif"><font face="serif" size="1">274,553 </font></font></td>
<td align="left" bgcolor="#ffffff">&nbsp;</td>
<td align="right" bgcolor="#ffffff">&nbsp;</td>
<td align="center" bgcolor="#ffffff"><font size="2" face="serif"><font face="serif" size="1">1989 &#150; 1990</font></font></td>
<td align="left" bgcolor="#ffffff">&nbsp;</td>
<td align="right" bgcolor="#ffffff">&nbsp;</td>
<td align="center" bgcolor="#ffffff"><font size="2" face="serif"><font face="serif" size="1">5 </font></font></td>
<td align="left" bgcolor="#ffffff">&nbsp;</td>
<td align="right" bgcolor="#ffffff">&nbsp;</td>
<td align="right" bgcolor="#ffffff"><font size="2" face="serif"><font face="serif" size="1">98</font></font></td>
<td align="left" bgcolor="#ffffff"><font size="2" face="serif"><font face="serif" size="1">%</font></font></td>
<td align="right" bgcolor="#ffffff">&nbsp;</td>
<td align="right" bgcolor="#ffffff">&nbsp;</td>
<td align="center" bgcolor="#ffffff"><font size="2" face="serif"><font face="serif" size="1">8.73 </font></font></td>
<td align="left" bgcolor="#ffffff">&nbsp;</td>
<td align="right" bgcolor="#ffffff">&nbsp;</td>
<td align="left" bgcolor="#ffffff"><font size="2" face="serif"><font face="serif" size="1">Sam&#146;s Club</font></font></td>
<td align="left" bgcolor="#ffffff">&nbsp;</td>
<td align="right" bgcolor="#ffffff">&nbsp;</td>
<td align="center" bgcolor="#ffffff"><font size="2" face="serif"><font face="serif" size="1">109,755 </font></font></td>
<td align="left" bgcolor="#ffffff">&nbsp;</td>
<td align="right" bgcolor="#ffffff">&nbsp;</td>
<td align="center" bgcolor="#ffffff"><font size="2" face="serif"><font face="serif" size="1">10/31/2010</font></font></td>
</tr>
<tr valign="bottom">
<td align="left" bgcolor="#FFFFFF"><font size="2" face="serif"><font face="serif" size="1">Berlin, CT</font></font></td>
<td align="left" bgcolor="#FFFFFF">&nbsp;</td>
<td align="right" bgcolor="#FFFFFF">&nbsp;</td>
<td align="left" bgcolor="#FFFFFF"><font size="2" face="serif">&nbsp;</font></td>
<td align="left" bgcolor="#FFFFFF">&nbsp;</td>
<td align="right" bgcolor="#FFFFFF">&nbsp;</td>
<td align="right"><font size="2" face="serif">&nbsp;</font></td>
<td align="left" bgcolor="#FFFFFF">&nbsp;</td>
<td align="right" bgcolor="#FFFFFF">&nbsp;</td>
<td align="left" bgcolor="#FFFFFF"><font size="2" face="serif">&nbsp;</font></td>
<td align="left" bgcolor="#FFFFFF">&nbsp;</td>
<td align="right" bgcolor="#FFFFFF">&nbsp;</td>
<td align="left" bgcolor="#FFFFFF"><font size="2" face="serif">&nbsp;</font></td>
<td align="left" bgcolor="#FFFFFF">&nbsp;</td>
<td align="right" bgcolor="#FFFFFF">&nbsp;</td>
<td align="left" bgcolor="#FFFFFF"><font size="2" face="serif">&nbsp;</font></td>
<td align="left" bgcolor="#FFFFFF">&nbsp;</td>
<td align="right" bgcolor="#FFFFFF">&nbsp;</td>
<td align="right" bgcolor="#FFFFFF"><font size="2" face="serif">&nbsp;</font></td>
<td align="left" bgcolor="#FFFFFF">&nbsp;</td>
<td align="right" bgcolor="#FFFFFF">&nbsp;</td>
<td align="right" bgcolor="#FFFFFF">&nbsp;</td>
<td align="left" bgcolor="#FFFFFF"><font size="2" face="serif">&nbsp;</font></td>
<td align="left" bgcolor="#FFFFFF">&nbsp;</td>
<td align="right" bgcolor="#FFFFFF">&nbsp;</td>
<td align="left" bgcolor="#FFFFFF"><font size="2" face="serif"><font face="serif" size="1">The Home Depot</font></font></td>
<td align="left" bgcolor="#FFFFFF">&nbsp;</td>
<td align="right" bgcolor="#FFFFFF">&nbsp;</td>
<td align="center" bgcolor="#FFFFFF"><font size="2" face="serif"><font face="serif" size="1">103,003 </font></font></td>
<td align="left" bgcolor="#FFFFFF">&nbsp;</td>
<td align="right" bgcolor="#FFFFFF">&nbsp;</td>
<td align="center" bgcolor="#FFFFFF"><font size="2" face="serif"><font face="serif" size="1">10/31/2010</font></font></td>
</tr>
<tr valign="bottom">
<td align="left" bgcolor="#ffffff"><font size="2" face="serif">&nbsp;</font></td>
<td align="left" bgcolor="#ffffff">&nbsp;</td>
<td align="right" bgcolor="#ffffff">&nbsp;</td>
<td align="left" bgcolor="#ffffff"><font size="2" face="serif">&nbsp;</font></td>
<td align="left" bgcolor="#ffffff">&nbsp;</td>
<td align="right" bgcolor="#ffffff">&nbsp;</td>
<td align="right"><font size="2" face="serif">&nbsp;</font></td>
<td align="left" bgcolor="#ffffff">&nbsp;</td>
<td align="right" bgcolor="#ffffff">&nbsp;</td>
<td align="left" bgcolor="#ffffff"><font size="2" face="serif">&nbsp;</font></td>
<td align="left" bgcolor="#ffffff">&nbsp;</td>
<td align="right" bgcolor="#ffffff">&nbsp;</td>
<td align="left" bgcolor="#ffffff"><font size="2" face="serif">&nbsp;</font></td>
<td align="left" bgcolor="#ffffff">&nbsp;</td>
<td align="right" bgcolor="#ffffff">&nbsp;</td>
<td align="left" bgcolor="#ffffff"><font size="2" face="serif">&nbsp;</font></td>
<td align="left" bgcolor="#ffffff">&nbsp;</td>
<td align="right" bgcolor="#ffffff">&nbsp;</td>
<td align="right" bgcolor="#ffffff"><font size="2" face="serif">&nbsp;</font></td>
<td align="left" bgcolor="#ffffff">&nbsp;</td>
<td align="right" bgcolor="#ffffff">&nbsp;</td>
<td align="right" bgcolor="#ffffff">&nbsp;</td>
<td align="left" bgcolor="#ffffff"><font size="2" face="serif">&nbsp;</font></td>
<td align="left" bgcolor="#ffffff">&nbsp;</td>
<td align="right" bgcolor="#ffffff">&nbsp;</td>
<td align="left" bgcolor="#ffffff"><font size="2" face="serif"><font face="serif" size="1">Syms</font></font></td>
<td align="left" bgcolor="#ffffff">&nbsp;</td>
<td align="right" bgcolor="#ffffff">&nbsp;</td>
<td align="center" bgcolor="#ffffff"><font size="2" face="serif"><font face="serif" size="1">38,000 </font></font></td>
<td align="left" bgcolor="#ffffff">&nbsp;</td>
<td align="right" bgcolor="#ffffff">&nbsp;</td>
<td align="center" bgcolor="#ffffff"><font size="2" face="serif"><font face="serif" size="1">03/31/2010</font></font></td>
</tr>
<tr valign="bottom">
<td align="left"><font size="2" face="serif">&nbsp;</font></td>
<td align="left">&nbsp;</td>
<td align="right">&nbsp;</td>
<td align="left"><font size="2" face="serif">&nbsp;</font></td>
<td align="left">&nbsp;</td>
<td align="right">&nbsp;</td>
<td align="right"><font size="2" face="serif">&nbsp;</font></td>
<td align="left">&nbsp;</td>
<td align="right">&nbsp;</td>
<td align="left"><font size="2" face="serif">&nbsp;</font></td>
<td align="left">&nbsp;</td>
<td align="right">&nbsp;</td>
<td align="left"><font size="2" face="serif">&nbsp;</font></td>
<td align="left">&nbsp;</td>
<td align="right">&nbsp;</td>
<td align="left"><font size="2" face="serif">&nbsp;</font></td>
<td align="left">&nbsp;</td>
<td align="right">&nbsp;</td>
<td align="right"><font size="2" face="serif">&nbsp;</font></td>
<td align="left">&nbsp;</td>
<td align="right">&nbsp;</td>
<td align="right">&nbsp;</td>
<td align="left"><font size="2" face="serif">&nbsp;</font></td>
<td align="left">&nbsp;</td>
<td align="right">&nbsp;</td>
<td align="left"><font size="2" face="serif">&nbsp;</font></td>
<td align="left">&nbsp;</td>
<td align="right">&nbsp;</td>
<td align="left"><font size="2" face="serif">&nbsp;</font></td>
<td align="left">&nbsp;</td>
<td align="right">&nbsp;</td>
<td align="left"><font size="2" face="serif">&nbsp;</font></td>
</tr>
<tr valign="bottom">
<td align="left" bgcolor="#eeeeee"><font size="2" face="serif"><font face="serif" size="1">Carbondale Plaza</font></font></td>
<td align="left" bgcolor="#eeeeee">&nbsp;</td>
<td align="right" bgcolor="#eeeeee">&nbsp;</td>
<td align="center" bgcolor="#eeeeee"><font size="2" face="serif"><font face="serif" size="1">2004</font></font></td>
<td align="left" bgcolor="#eeeeee">&nbsp;</td>
<td align="right" bgcolor="#eeeeee">&nbsp;</td>
<td align="right" bgcolor="#eeeeee"><font size="2" face="serif"><font face="serif" size="1">100</font></font></td>
<td align="left" bgcolor="#eeeeee"><font size="2" face="serif"><font face="serif" size="1">%</font></font></td>
<td align="right" bgcolor="#eeeeee">&nbsp;</td>
<td align="center" bgcolor="#eeeeee"><font size="2" face="serif"><font face="serif" size="1">129,915 </font></font></td>
<td align="left" bgcolor="#eeeeee">&nbsp;</td>
<td align="right" bgcolor="#eeeeee">&nbsp;</td>
<td align="center" bgcolor="#eeeeee"><font size="2" face="serif"><font face="serif" size="1">1972</font></font></td>
<td align="left" bgcolor="#eeeeee">&nbsp;</td>
<td align="right" bgcolor="#eeeeee">&nbsp;</td>
<td align="center" bgcolor="#eeeeee"><font size="2" face="serif"><font face="serif" size="1">10 </font></font></td>
<td align="left" bgcolor="#eeeeee">&nbsp;</td>
<td align="right" bgcolor="#eeeeee">&nbsp;</td>
<td align="right" bgcolor="#eeeeee"><font size="2" face="serif"><font size="1">83</font></font></td>
<td align="left" bgcolor="#eeeeee"><font size="2" face="serif"><font face="serif" size="1">%</font></font></td>
<td align="right" bgcolor="#eeeeee">&nbsp;</td>
<td align="right" bgcolor="#eeeeee">&nbsp;</td>
<td align="center" bgcolor="#eeeeee"><font size="2" face="serif"><font size="1">5.49</font></font></td>
<td align="left" bgcolor="#eeeeee">&nbsp;</td>
<td align="right" bgcolor="#eeeeee">&nbsp;</td>
<td align="left" bgcolor="#eeeeee"><font size="2" face="serif"><font face="serif" size="1">Weis Markets</font></font></td>
<td align="left" bgcolor="#eeeeee">&nbsp;</td>
<td align="right" bgcolor="#eeeeee">&nbsp;</td>
<td align="center" bgcolor="#eeeeee"><font size="2" face="serif"><font face="serif" size="1">52,720 </font></font></td>
<td align="left" bgcolor="#eeeeee">&nbsp;</td>
<td align="right" bgcolor="#eeeeee">&nbsp;</td>
<td align="center" bgcolor="#eeeeee"><font size="2" face="serif"><font face="serif" size="1">02/29/2016</font></font></td>
</tr>
<tr valign="bottom">
<td align="left" bgcolor="#eeeeee"><font size="2" face="serif"><font face="serif" size="1">Carbondale, PA</font></font></td>
<td align="left" bgcolor="#eeeeee">&nbsp;</td>
<td align="right" bgcolor="#eeeeee">&nbsp;</td>
<td align="left" bgcolor="#eeeeee"><font size="2" face="serif">&nbsp;</font></td>
<td align="left" bgcolor="#eeeeee">&nbsp;</td>
<td align="right" bgcolor="#eeeeee">&nbsp;</td>
<td align="right" bgcolor="#eeeeee"><font size="2" face="serif">&nbsp;</font></td>
<td align="left" bgcolor="#eeeeee">&nbsp;</td>
<td align="right" bgcolor="#eeeeee">&nbsp;</td>
<td align="left" bgcolor="#eeeeee"><font size="2" face="serif">&nbsp;</font></td>
<td align="left" bgcolor="#eeeeee">&nbsp;</td>
<td align="right" bgcolor="#eeeeee">&nbsp;</td>
<td align="left" bgcolor="#eeeeee"><font size="2" face="serif">&nbsp;</font></td>
<td align="left" bgcolor="#eeeeee">&nbsp;</td>
<td align="right" bgcolor="#eeeeee">&nbsp;</td>
<td align="left" bgcolor="#eeeeee"><font size="2" face="serif">&nbsp;</font></td>
<td align="left" bgcolor="#eeeeee">&nbsp;</td>
<td align="right" bgcolor="#eeeeee">&nbsp;</td>
<td align="right" bgcolor="#eeeeee"><font size="2" face="serif">&nbsp;</font></td>
<td align="left" bgcolor="#eeeeee">&nbsp;</td>
<td align="right" bgcolor="#eeeeee">&nbsp;</td>
<td align="right" bgcolor="#eeeeee">&nbsp;</td>
<td align="left" bgcolor="#eeeeee"><font size="2" face="serif">&nbsp;</font></td>
<td align="left" bgcolor="#eeeeee">&nbsp;</td>
<td align="right" bgcolor="#eeeeee">&nbsp;</td>
<td align="left" bgcolor="#eeeeee"><font size="2" face="serif"><font face="serif" size="1">Peebles</font></font></td>
<td align="left" bgcolor="#eeeeee">&nbsp;</td>
<td align="right" bgcolor="#eeeeee">&nbsp;</td>
<td align="center" bgcolor="#eeeeee"><font size="2" face="serif"><font face="serif" size="1">39,600 </font></font></td>
<td align="left" bgcolor="#eeeeee">&nbsp;</td>
<td align="right" bgcolor="#eeeeee">&nbsp;</td>
<td align="center" bgcolor="#eeeeee"><font size="2" face="serif"><font face="serif" size="1">01/31/2016</font></font></td>
</tr>
<tr valign="bottom">
<td align="left"><font size="2" face="serif">&nbsp;</font></td>
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<td align="right">&nbsp;</td>
<td align="left"><font size="2" face="serif">&nbsp;</font></td>
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<td align="right"><font size="2" face="serif">&nbsp;</font></td>
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<td align="left"><font size="2" face="serif">&nbsp;</font></td>
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<td align="left"><font size="2" face="serif">&nbsp;</font></td>
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<td align="right">&nbsp;</td>
<td align="left"><font size="2" face="serif">&nbsp;</font></td>
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<td align="right"><font size="2" face="serif">&nbsp;</font></td>
<td align="left">&nbsp;</td>
<td align="right">&nbsp;</td>
<td align="right">&nbsp;</td>
<td align="left"><font size="2" face="serif">&nbsp;</font></td>
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<td align="right">&nbsp;</td>
<td align="left"><font size="2" face="serif">&nbsp;</font></td>
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<td align="right">&nbsp;</td>
<td align="left"><font size="2" face="serif">&nbsp;</font></td>
<td align="left">&nbsp;</td>
<td align="right">&nbsp;</td>
<td align="left"><font size="2" face="serif">&nbsp;</font></td>
</tr>
<tr valign="bottom">
<td align="left"><font size="2" face="serif">&nbsp;</font></td>
<td align="left">&nbsp;</td>
<td align="right">&nbsp;</td>
<td align="left"><font size="2" face="serif">&nbsp;</font></td>
<td align="left">&nbsp;</td>
<td align="right">&nbsp;</td>
<td align="right"><font size="2" face="serif">&nbsp;</font></td>
<td align="left">&nbsp;</td>
<td align="right">&nbsp;</td>
<td align="left"><font size="2" face="serif">&nbsp;</font></td>
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<td align="right">&nbsp;</td>
<td align="left"><font size="2" face="serif">&nbsp;</font></td>
<td align="left">&nbsp;</td>
<td align="right">&nbsp;</td>
<td align="left"><font size="2" face="serif">&nbsp;</font></td>
<td align="left">&nbsp;</td>
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<td align="right"><font size="2" face="serif">&nbsp;</font></td>
<td align="left">&nbsp;</td>
<td align="right">&nbsp;</td>
<td align="right">&nbsp;</td>
<td align="left"><font size="2" face="serif">&nbsp;</font></td>
<td align="left">&nbsp;</td>
<td align="right">&nbsp;</td>
<td align="left"><font size="2" face="serif">&nbsp;</font></td>
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<td align="right">&nbsp;</td>
<td align="left"><font size="2" face="serif">&nbsp;</font></td>
<td align="left">&nbsp;</td>
<td align="right">&nbsp;</td>
<td align="left"><font size="2" face="serif">&nbsp;</font></td>
</tr>
<tr valign="bottom">
<td align="left" bgcolor="#FFFFFF"><font size="2" face="serif"><font face="serif" size="1">Kenley Village</font></font></td>
<td align="left" bgcolor="#FFFFFF">&nbsp;</td>
<td align="right" bgcolor="#FFFFFF">&nbsp;</td>
<td align="center" bgcolor="#FFFFFF"><font size="2" face="serif"><font face="serif" size="1">2005</font></font></td>
<td align="left" bgcolor="#FFFFFF">&nbsp;</td>
<td align="right" bgcolor="#FFFFFF">&nbsp;</td>
<td align="right"><font size="2" face="serif"><font face="serif" size="1">100</font></font></td>
<td align="left" bgcolor="#FFFFFF"><font size="2" face="serif"><font face="serif" size="1">%</font></font></td>
<td align="right" bgcolor="#FFFFFF">&nbsp;</td>
<td align="center" bgcolor="#FFFFFF"><font size="2" face="serif"><font face="serif" size="1">51,894 </font></font></td>
<td align="left" bgcolor="#FFFFFF">&nbsp;</td>
<td align="right" bgcolor="#FFFFFF">&nbsp;</td>
<td align="center" bgcolor="#FFFFFF"><font size="2" face="serif"><font face="serif" size="1">1988</font></font></td>
<td align="left" bgcolor="#FFFFFF">&nbsp;</td>
<td align="right" bgcolor="#FFFFFF">&nbsp;</td>
<td align="center" bgcolor="#FFFFFF"><font size="2" face="serif"><font face="serif" size="1">11</font></font></td>
<td align="left" bgcolor="#FFFFFF">&nbsp;</td>
<td align="right" bgcolor="#FFFFFF">&nbsp;</td>
<td align="right" bgcolor="#FFFFFF"><font size="2" face="serif"><font face="serif" size="1">100</font></font></td>
<td align="left" bgcolor="#FFFFFF"><font size="2" face="serif"><font face="serif" size="1">%</font></font></td>
<td align="right" bgcolor="#FFFFFF">&nbsp;</td>
<td align="right" bgcolor="#FFFFFF">&nbsp;</td>
<td align="center" bgcolor="#FFFFFF"><font size="2" face="serif"><font face="serif" size="1">7.54</font></font></td>
<td align="left" bgcolor="#FFFFFF">&nbsp;</td>
<td align="right" bgcolor="#FFFFFF">&nbsp;</td>
<td align="left" bgcolor="#FFFFFF"><font size="2" face="serif"><font face="serif" size="1">Food Lion</font></font></td>
<td align="left" bgcolor="#FFFFFF">&nbsp;</td>
<td align="right" bgcolor="#FFFFFF">&nbsp;</td>
<td align="center" bgcolor="#FFFFFF"><font size="2" face="serif"><font face="serif" size="1">29,000 </font></font></td>
<td align="left" bgcolor="#FFFFFF">&nbsp;</td>
<td align="right" bgcolor="#FFFFFF">&nbsp;</td>
<td align="center" bgcolor="#FFFFFF"><font size="2" face="serif"><font face="serif" size="1">02/11/2009</font></font></td>
</tr>
<tr valign="bottom">
<td align="left" bgcolor="#FFFFFF"><font size="2" face="serif"><font face="serif" size="1">Hagerstown, MD</font></font></td>
<td align="left" bgcolor="#FFFFFF">&nbsp;</td>
<td align="right" bgcolor="#FFFFFF">&nbsp;</td>
<td align="left" bgcolor="#FFFFFF"><font size="2" face="serif">&nbsp;</font></td>
<td align="left" bgcolor="#FFFFFF">&nbsp;</td>
<td align="right" bgcolor="#FFFFFF">&nbsp;</td>
<td align="right"><font size="2" face="serif">&nbsp;</font></td>
<td align="left" bgcolor="#FFFFFF">&nbsp;</td>
<td align="right" bgcolor="#FFFFFF">&nbsp;</td>
<td align="left" bgcolor="#FFFFFF"><font size="2" face="serif">&nbsp;</font></td>
<td align="left" bgcolor="#FFFFFF">&nbsp;</td>
<td align="right" bgcolor="#FFFFFF">&nbsp;</td>
<td align="left" bgcolor="#FFFFFF"><font size="2" face="serif">&nbsp;</font></td>
<td align="left" bgcolor="#FFFFFF">&nbsp;</td>
<td align="right" bgcolor="#FFFFFF">&nbsp;</td>
<td align="left" bgcolor="#FFFFFF"><font size="2" face="serif">&nbsp;</font></td>
<td align="left" bgcolor="#FFFFFF">&nbsp;</td>
<td align="right" bgcolor="#FFFFFF">&nbsp;</td>
<td align="right" bgcolor="#FFFFFF"><font size="2" face="serif">&nbsp;</font></td>
<td align="left" bgcolor="#FFFFFF">&nbsp;</td>
<td align="right" bgcolor="#FFFFFF">&nbsp;</td>
<td align="right" bgcolor="#FFFFFF">&nbsp;</td>
<td align="left" bgcolor="#FFFFFF"><font size="2" face="serif">&nbsp;</font></td>
<td align="left" bgcolor="#FFFFFF">&nbsp;</td>
<td align="right" bgcolor="#FFFFFF">&nbsp;</td>
<td align="left" bgcolor="#FFFFFF"><font size="2" face="serif">&nbsp;</font></td>
<td align="left" bgcolor="#FFFFFF">&nbsp;</td>
<td align="right" bgcolor="#FFFFFF">&nbsp;</td>
<td align="left" bgcolor="#FFFFFF"><font size="2" face="serif">&nbsp;</font></td>
<td align="left" bgcolor="#FFFFFF">&nbsp;</td>
<td align="right" bgcolor="#FFFFFF">&nbsp;</td>
<td align="left" bgcolor="#FFFFFF"><font size="2" face="serif">&nbsp;</font></td>
</tr>
<tr valign="bottom">
<td align="left"><font size="2" face="serif">&nbsp;</font></td>
<td align="left">&nbsp;</td>
<td align="right">&nbsp;</td>
<td align="left"><font size="2" face="serif">&nbsp;</font></td>
<td align="left">&nbsp;</td>
<td align="right">&nbsp;</td>
<td align="right"><font size="2" face="serif">&nbsp;</font></td>
<td align="left">&nbsp;</td>
<td align="right">&nbsp;</td>
<td align="left"><font size="2" face="serif">&nbsp;</font></td>
<td align="left">&nbsp;</td>
<td align="right">&nbsp;</td>
<td align="left"><font size="2" face="serif">&nbsp;</font></td>
<td align="left">&nbsp;</td>
<td align="right">&nbsp;</td>
<td align="left"><font size="2" face="serif">&nbsp;</font></td>
<td align="left">&nbsp;</td>
<td align="right">&nbsp;</td>
<td align="right"><font size="2" face="serif">&nbsp;</font></td>
<td align="left">&nbsp;</td>
<td align="right">&nbsp;</td>
<td align="right">&nbsp;</td>
<td align="left"><font size="2" face="serif">&nbsp;</font></td>
<td align="left">&nbsp;</td>
<td align="right">&nbsp;</td>
<td align="left"><font size="2" face="serif">&nbsp;</font></td>
<td align="left">&nbsp;</td>
<td align="right">&nbsp;</td>
<td align="left"><font size="2" face="serif">&nbsp;</font></td>
<td align="left">&nbsp;</td>
<td align="right">&nbsp;</td>
<td align="left"><font size="2" face="serif">&nbsp;</font></td>
</tr>
<tr valign="bottom">
<td align="left" bgcolor="#eeeeee"><font size="2" face="serif"><font face="serif" size="1">St. James Square</font></font></td>
<td align="left" bgcolor="#eeeeee">&nbsp;</td>
<td align="right" bgcolor="#eeeeee">&nbsp;</td>
<td align="center" bgcolor="#eeeeee"><font size="2" face="serif"><font face="serif" size="1">2005</font></font></td>
<td align="left" bgcolor="#eeeeee">&nbsp;</td>
<td align="right" bgcolor="#eeeeee">&nbsp;</td>
<td align="right" bgcolor="#eeeeee"><font size="2" face="serif"><font face="serif" size="1">100</font></font></td>
<td align="left" bgcolor="#eeeeee"><font size="2" face="serif"><font face="serif" size="1">%</font></font></td>
<td align="right" bgcolor="#eeeeee">&nbsp;</td>
<td align="center" bgcolor="#eeeeee"><font size="2" face="serif"><font face="serif" size="1">39,903 </font></font></td>
<td align="left" bgcolor="#eeeeee">&nbsp;</td>
<td align="right" bgcolor="#eeeeee">&nbsp;</td>
<td align="center" bgcolor="#eeeeee"><font size="2" face="serif"><font face="serif" size="1">2000</font></font></td>
<td align="left" bgcolor="#eeeeee">&nbsp;</td>
<td align="right" bgcolor="#eeeeee">&nbsp;</td>
<td align="center" bgcolor="#eeeeee"><font size="2" face="serif"><font face="serif" size="1">4</font></font></td>
<td align="left" bgcolor="#eeeeee">&nbsp;</td>
<td align="right" bgcolor="#eeeeee">&nbsp;</td>
<td align="right" bgcolor="#eeeeee"><font size="2" face="serif"><font face="serif" size="1">93</font></font></td>
<td align="left" bgcolor="#eeeeee"><font size="2" face="serif"><font face="serif" size="1">%</font></font></td>
<td align="right" bgcolor="#eeeeee">&nbsp;</td>
<td align="right" bgcolor="#eeeeee">&nbsp;</td>
<td align="center" bgcolor="#eeeeee"><font size="2" face="serif"><font face="serif" size="1">10.97</font></font></td>
<td align="left" bgcolor="#eeeeee">&nbsp;</td>
<td align="right" bgcolor="#eeeeee">&nbsp;</td>
<td align="left" bgcolor="#eeeeee"><font size="2" face="serif"><font face="serif" size="1">Food Lion</font></font></td>
<td align="left" bgcolor="#eeeeee">&nbsp;</td>
<td align="right" bgcolor="#eeeeee">&nbsp;</td>
<td align="center" bgcolor="#eeeeee"><font size="2" face="serif"><font face="serif" size="1">33,000 </font></font></td>
<td align="left" bgcolor="#eeeeee">&nbsp;</td>
<td align="right" bgcolor="#eeeeee">&nbsp;</td>
<td align="center" bgcolor="#eeeeee"><font size="2" face="serif"><font face="serif" size="1">11/14/2020</font></font></td>
</tr>
<tr valign="bottom">
<td align="left" bgcolor="#eeeeee"><font size="2" face="serif"><font face="serif" size="1">Hagerstown, MD</font></font></td>
<td align="left" bgcolor="#eeeeee">&nbsp;</td>
<td align="right" bgcolor="#eeeeee">&nbsp;</td>
<td align="left" bgcolor="#eeeeee"><font size="2" face="serif">&nbsp;</font></td>
<td align="left" bgcolor="#eeeeee">&nbsp;</td>
<td align="right" bgcolor="#eeeeee">&nbsp;</td>
<td align="right" bgcolor="#eeeeee"><font size="2" face="serif">&nbsp;</font></td>
<td align="left" bgcolor="#eeeeee">&nbsp;</td>
<td align="right" bgcolor="#eeeeee">&nbsp;</td>
<td align="left" bgcolor="#eeeeee"><font size="2" face="serif">&nbsp;</font></td>
<td align="left" bgcolor="#eeeeee">&nbsp;</td>
<td align="right" bgcolor="#eeeeee">&nbsp;</td>
<td align="left" bgcolor="#eeeeee"><font size="2" face="serif">&nbsp;</font></td>
<td align="left" bgcolor="#eeeeee">&nbsp;</td>
<td align="right" bgcolor="#eeeeee">&nbsp;</td>
<td align="left" bgcolor="#eeeeee"><font size="2" face="serif">&nbsp;</font></td>
<td align="left" bgcolor="#eeeeee">&nbsp;</td>
<td align="right" bgcolor="#eeeeee">&nbsp;</td>
<td align="right" bgcolor="#eeeeee"><font size="2" face="serif">&nbsp;</font></td>
<td align="left" bgcolor="#eeeeee">&nbsp;</td>
<td align="right" bgcolor="#eeeeee">&nbsp;</td>
<td align="right" bgcolor="#eeeeee">&nbsp;</td>
<td align="left" bgcolor="#eeeeee"><font size="2" face="serif">&nbsp;</font></td>
<td align="left" bgcolor="#eeeeee">&nbsp;</td>
<td align="right" bgcolor="#eeeeee">&nbsp;</td>
<td align="left" bgcolor="#eeeeee"><font size="2" face="serif">&nbsp;</font></td>
<td align="left" bgcolor="#eeeeee">&nbsp;</td>
<td align="right" bgcolor="#eeeeee">&nbsp;</td>
<td align="left" bgcolor="#eeeeee"><font size="2" face="serif">&nbsp;</font></td>
<td align="left" bgcolor="#eeeeee">&nbsp;</td>
<td align="right" bgcolor="#eeeeee">&nbsp;</td>
<td align="left" bgcolor="#eeeeee"><font size="2" face="serif">&nbsp;</font></td>
</tr>
<tr valign="bottom">
<td align="left"><font size="2" face="serif">&nbsp;</font></td>
<td align="left">&nbsp;</td>
<td align="right">&nbsp;</td>
<td align="left"><font size="2" face="serif">&nbsp;</font></td>
<td align="left">&nbsp;</td>
<td align="right">&nbsp;</td>
<td align="right"><font size="2" face="serif">&nbsp;</font></td>
<td align="left">&nbsp;</td>
<td align="right">&nbsp;</td>
<td align="left"><font size="2" face="serif">&nbsp;</font></td>
<td align="left">&nbsp;</td>
<td align="right">&nbsp;</td>
<td align="left"><font size="2" face="serif">&nbsp;</font></td>
<td align="left">&nbsp;</td>
<td align="right">&nbsp;</td>
<td align="left"><font size="2" face="serif">&nbsp;</font></td>
<td align="left">&nbsp;</td>
<td align="right">&nbsp;</td>
<td align="right"><font size="2" face="serif">&nbsp;</font></td>
<td align="left">&nbsp;</td>
<td align="right">&nbsp;</td>
<td align="right">&nbsp;</td>
<td align="left"><font size="2" face="serif">&nbsp;</font></td>
<td align="left">&nbsp;</td>
<td align="right">&nbsp;</td>
<td align="left"><font size="2" face="serif">&nbsp;</font></td>
<td align="left">&nbsp;</td>
<td align="right">&nbsp;</td>
<td align="left"><font size="2" face="serif">&nbsp;</font></td>
<td align="left">&nbsp;</td>
<td align="right">&nbsp;</td>
<td align="left"><font size="2" face="serif">&nbsp;</font></td>
</tr>
<tr valign="bottom">
<td align="left" bgcolor="#FFFFFF"><font size="2" face="serif"><font face="serif" size="1">Carrolton Discount Drug Mart Plaza</font></font></td>
<td align="left" bgcolor="#FFFFFF">&nbsp;</td>
<td align="right" bgcolor="#FFFFFF">&nbsp;</td>
<td align="center" bgcolor="#FFFFFF"><font size="2" face="serif"><font face="serif" size="1">2005</font></font></td>
<td align="left" bgcolor="#FFFFFF">&nbsp;</td>
<td align="right" bgcolor="#FFFFFF">&nbsp;</td>
<td align="right"><font size="2" face="serif"><font face="serif" size="1">100</font></font></td>
<td align="left" bgcolor="#FFFFFF"><font size="2" face="serif"><font face="serif" size="1">%</font></font></td>
<td align="right" bgcolor="#FFFFFF">&nbsp;</td>
<td align="center" bgcolor="#FFFFFF"><font size="2" face="serif"><font face="serif" size="1">40,355 </font></font></td>
<td align="left" bgcolor="#FFFFFF">&nbsp;</td>
<td align="right" bgcolor="#FFFFFF">&nbsp;</td>
<td align="center" bgcolor="#FFFFFF"><font size="2" face="serif"><font face="serif" size="1">2000</font></font></td>
<td align="left" bgcolor="#FFFFFF">&nbsp;</td>
<td align="right" bgcolor="#FFFFFF">&nbsp;</td>
<td align="center" bgcolor="#FFFFFF"><font size="2" face="serif"><font face="serif" size="1">4 </font></font></td>
<td align="left" bgcolor="#FFFFFF">&nbsp;</td>
<td align="right" bgcolor="#FFFFFF">&nbsp;</td>
<td align="right" bgcolor="#FFFFFF"><font size="2" face="serif"><font face="serif" size="1">100</font></font></td>
<td align="left" bgcolor="#FFFFFF"><font size="2" face="serif"><font face="serif" size="1">%</font></font></td>
<td align="right" bgcolor="#FFFFFF">&nbsp;</td>
<td align="right" bgcolor="#FFFFFF">&nbsp;</td>
<td align="center" bgcolor="#FFFFFF"><font size="2" face="serif"><font face="serif" size="1">7.92 </font></font></td>
<td align="left" bgcolor="#FFFFFF">&nbsp;</td>
<td align="right" bgcolor="#FFFFFF">&nbsp;</td>
<td align="left" bgcolor="#FFFFFF"><font size="2" face="serif"><font face="serif" size="1">Discount Drug Mart</font></font></td>
<td align="left" bgcolor="#FFFFFF">&nbsp;</td>
<td align="right" bgcolor="#FFFFFF">&nbsp;</td>
<td align="center" bgcolor="#FFFFFF"><font size="2" face="serif"><font face="serif" size="1">25,355 </font></font></td>
<td align="left" bgcolor="#FFFFFF">&nbsp;</td>
<td align="right" bgcolor="#FFFFFF">&nbsp;</td>
<td align="center" bgcolor="#FFFFFF"><font size="2" face="serif"><font face="serif" size="1">03/31/2016</font></font></td>
</tr>
<tr valign="bottom">
<td align="left" bgcolor="#FFFFFF"><font size="2" face="serif"><font face="serif" size="1">Carrolton, OH</font></font></td>
<td align="left" bgcolor="#FFFFFF">&nbsp;</td>
<td align="right" bgcolor="#FFFFFF">&nbsp;</td>
<td align="left" bgcolor="#FFFFFF"><font size="2" face="serif">&nbsp;</font></td>
<td align="left" bgcolor="#FFFFFF">&nbsp;</td>
<td align="right" bgcolor="#FFFFFF">&nbsp;</td>
<td align="right"><font size="2" face="serif">&nbsp;</font></td>
<td align="left" bgcolor="#FFFFFF">&nbsp;</td>
<td align="right" bgcolor="#FFFFFF">&nbsp;</td>
<td align="left" bgcolor="#FFFFFF"><font size="2" face="serif">&nbsp;</font></td>
<td align="left" bgcolor="#FFFFFF">&nbsp;</td>
<td align="right" bgcolor="#FFFFFF">&nbsp;</td>
<td align="left" bgcolor="#FFFFFF"><font size="2" face="serif">&nbsp;</font></td>
<td align="left" bgcolor="#FFFFFF">&nbsp;</td>
<td align="right" bgcolor="#FFFFFF">&nbsp;</td>
<td align="left" bgcolor="#FFFFFF"><font size="2" face="serif">&nbsp;</font></td>
<td align="left" bgcolor="#FFFFFF">&nbsp;</td>
<td align="right" bgcolor="#FFFFFF">&nbsp;</td>
<td align="right" bgcolor="#FFFFFF"><font size="2" face="serif">&nbsp;</font></td>
<td align="left" bgcolor="#FFFFFF">&nbsp;</td>
<td align="right" bgcolor="#FFFFFF">&nbsp;</td>
<td align="right" bgcolor="#FFFFFF">&nbsp;</td>
<td align="left" bgcolor="#FFFFFF"><font size="2" face="serif">&nbsp;</font></td>
<td align="left" bgcolor="#FFFFFF">&nbsp;</td>
<td align="right" bgcolor="#FFFFFF">&nbsp;</td>
<td align="left" bgcolor="#FFFFFF"><font size="2" face="serif">&nbsp;</font></td>
<td align="left" bgcolor="#FFFFFF">&nbsp;</td>
<td align="right" bgcolor="#FFFFFF">&nbsp;</td>
<td align="left" bgcolor="#FFFFFF"><font size="2" face="serif">&nbsp;</font></td>
<td align="left" bgcolor="#FFFFFF">&nbsp;</td>
<td align="right" bgcolor="#FFFFFF">&nbsp;</td>
<td align="left" bgcolor="#FFFFFF"><font size="2" face="serif">&nbsp;</font></td>
</tr>
<tr valign="bottom">
<td align="left"><font size="2" face="serif">&nbsp;</font></td>
<td align="left">&nbsp;</td>
<td align="right">&nbsp;</td>
<td align="left"><font size="2" face="serif">&nbsp;</font></td>
<td align="left">&nbsp;</td>
<td align="right">&nbsp;</td>
<td align="right"><font size="2" face="serif">&nbsp;</font></td>
<td align="left">&nbsp;</td>
<td align="right">&nbsp;</td>
<td align="left"><font size="2" face="serif">&nbsp;</font></td>
<td align="left">&nbsp;</td>
<td align="right">&nbsp;</td>
<td align="left"><font size="2" face="serif">&nbsp;</font></td>
<td align="left">&nbsp;</td>
<td align="right">&nbsp;</td>
<td align="left"><font size="2" face="serif">&nbsp;</font></td>
<td align="left">&nbsp;</td>
<td align="right">&nbsp;</td>
<td align="right"><font size="2" face="serif">&nbsp;</font></td>
<td align="left">&nbsp;</td>
<td align="right">&nbsp;</td>
<td align="right">&nbsp;</td>
<td align="left"><font size="2" face="serif">&nbsp;</font></td>
<td align="left">&nbsp;</td>
<td align="right">&nbsp;</td>
<td align="left"><font size="2" face="serif">&nbsp;</font></td>
<td align="left">&nbsp;</td>
<td align="right">&nbsp;</td>
<td align="left"><font size="2" face="serif">&nbsp;</font></td>
<td align="left">&nbsp;</td>
<td align="right">&nbsp;</td>
<td align="left"><font size="2" face="serif">&nbsp;</font></td>
</tr>
<tr valign="bottom">
<td align="left" bgcolor="#eeeeee"><font size="2" face="serif"><font face="serif" size="1">Clyde Discount Drug Mart Plaza</font></font></td>
<td align="left" bgcolor="#eeeeee">&nbsp;</td>
<td align="right" bgcolor="#eeeeee">&nbsp;</td>
<td align="center" bgcolor="#eeeeee"><font size="2" face="serif"><font face="serif" size="1">2005</font></font></td>
<td align="left" bgcolor="#eeeeee">&nbsp;</td>
<td align="right" bgcolor="#eeeeee">&nbsp;</td>
<td align="right" bgcolor="#eeeeee"><font size="2" face="serif"><font face="serif" size="1">100</font></font></td>
<td align="left" bgcolor="#eeeeee"><font size="2" face="serif"><font face="serif" size="1">%</font></font></td>
<td align="right" bgcolor="#eeeeee">&nbsp;</td>
<td align="center" bgcolor="#eeeeee"><font size="2" face="serif"><font face="serif" size="1">33,852 </font></font></td>
<td align="left" bgcolor="#eeeeee">&nbsp;</td>
<td align="right" bgcolor="#eeeeee">&nbsp;</td>
<td align="center" bgcolor="#eeeeee"><font size="2" face="serif"><font face="serif" size="1">2002</font></font></td>
<td align="left" bgcolor="#eeeeee">&nbsp;</td>
<td align="right" bgcolor="#eeeeee">&nbsp;</td>
<td align="center" bgcolor="#eeeeee"><font size="2" face="serif"><font face="serif" size="1">2 </font></font></td>
<td align="left" bgcolor="#eeeeee">&nbsp;</td>
<td align="right" bgcolor="#eeeeee">&nbsp;</td>
<td align="right" bgcolor="#eeeeee"><font size="2" face="serif"><font face="serif" size="1">82</font></font></td>
<td align="left" bgcolor="#eeeeee"><font size="2" face="serif"><font face="serif" size="1">%</font></font></td>
<td align="right" bgcolor="#eeeeee">&nbsp;</td>
<td align="right" bgcolor="#eeeeee">&nbsp;</td>
<td align="center" bgcolor="#eeeeee"><font size="2" face="serif"><font face="serif" size="1">9.08 </font></font></td>
<td align="left" bgcolor="#eeeeee">&nbsp;</td>
<td align="right" bgcolor="#eeeeee">&nbsp;</td>
<td align="left" bgcolor="#eeeeee"><font size="2" face="serif"><font face="serif" size="1">Discount Drug Mart</font></font></td>
<td align="left" bgcolor="#eeeeee">&nbsp;</td>
<td align="right" bgcolor="#eeeeee">&nbsp;</td>
<td align="center" bgcolor="#eeeeee"><font size="2" face="serif"><font face="serif" size="1">23,852 </font></font></td>
<td align="left" bgcolor="#eeeeee">&nbsp;</td>
<td align="right" bgcolor="#eeeeee">&nbsp;</td>
<td align="center" bgcolor="#eeeeee"><font size="2" face="serif"><font face="serif" size="1">03/31/2019</font></font></td>
</tr>
<tr valign="bottom">
<td align="left" bgcolor="#eeeeee"><font size="2" face="serif"><font face="serif" size="1">Clyde, OH</font></font></td>
<td align="left" bgcolor="#eeeeee">&nbsp;</td>
<td align="right" bgcolor="#eeeeee">&nbsp;</td>
<td align="left" bgcolor="#eeeeee"><font size="2" face="serif">&nbsp;</font></td>
<td align="left" bgcolor="#eeeeee">&nbsp;</td>
<td align="right" bgcolor="#eeeeee">&nbsp;</td>
<td align="right" bgcolor="#eeeeee"><font size="2" face="serif">&nbsp;</font></td>
<td align="left" bgcolor="#eeeeee">&nbsp;</td>
<td align="right" bgcolor="#eeeeee">&nbsp;</td>
<td align="left" bgcolor="#eeeeee"><font size="2" face="serif">&nbsp;</font></td>
<td align="left" bgcolor="#eeeeee">&nbsp;</td>
<td align="right" bgcolor="#eeeeee">&nbsp;</td>
<td align="left" bgcolor="#eeeeee"><font size="2" face="serif">&nbsp;</font></td>
<td align="left" bgcolor="#eeeeee">&nbsp;</td>
<td align="right" bgcolor="#eeeeee">&nbsp;</td>
<td align="left" bgcolor="#eeeeee"><font size="2" face="serif">&nbsp;</font></td>
<td align="left" bgcolor="#eeeeee">&nbsp;</td>
<td align="right" bgcolor="#eeeeee">&nbsp;</td>
<td align="right" bgcolor="#eeeeee"><font size="2" face="serif">&nbsp;</font></td>
<td align="left" bgcolor="#eeeeee">&nbsp;</td>
<td align="right" bgcolor="#eeeeee">&nbsp;</td>
<td align="right" bgcolor="#eeeeee">&nbsp;</td>
<td align="left" bgcolor="#eeeeee"><font size="2" face="serif">&nbsp;</font></td>
<td align="left" bgcolor="#eeeeee">&nbsp;</td>
<td align="right" bgcolor="#eeeeee">&nbsp;</td>
<td align="left" bgcolor="#eeeeee"><font size="2" face="serif">&nbsp;</font></td>
<td align="left" bgcolor="#eeeeee">&nbsp;</td>
<td align="right" bgcolor="#eeeeee">&nbsp;</td>
<td align="left" bgcolor="#eeeeee"><font size="2" face="serif">&nbsp;</font></td>
<td align="left" bgcolor="#eeeeee">&nbsp;</td>
<td align="right" bgcolor="#eeeeee">&nbsp;</td>
<td align="left" bgcolor="#eeeeee"><font size="2" face="serif">&nbsp;</font></td>
</tr>
<tr valign="bottom">
<td align="left"><font size="2" face="serif">&nbsp;</font></td>
<td align="left">&nbsp;</td>
<td align="right">&nbsp;</td>
<td align="left"><font size="2" face="serif">&nbsp;</font></td>
<td align="left">&nbsp;</td>
<td align="right">&nbsp;</td>
<td align="right"><font size="2" face="serif">&nbsp;</font></td>
<td align="left">&nbsp;</td>
<td align="right">&nbsp;</td>
<td align="left"><font size="2" face="serif">&nbsp;</font></td>
<td align="left">&nbsp;</td>
<td align="right">&nbsp;</td>
<td align="left"><font size="2" face="serif">&nbsp;</font></td>
<td align="left">&nbsp;</td>
<td align="right">&nbsp;</td>
<td align="left"><font size="2" face="serif">&nbsp;</font></td>
<td align="left">&nbsp;</td>
<td align="right">&nbsp;</td>
<td align="right"><font size="2" face="serif">&nbsp;</font></td>
<td align="left">&nbsp;</td>
<td align="right">&nbsp;</td>
<td align="right">&nbsp;</td>
<td align="left"><font size="2" face="serif">&nbsp;</font></td>
<td align="left">&nbsp;</td>
<td align="right">&nbsp;</td>
<td align="left"><font size="2" face="serif">&nbsp;</font></td>
<td align="left">&nbsp;</td>
<td align="right">&nbsp;</td>
<td align="left"><font size="2" face="serif">&nbsp;</font></td>
<td align="left">&nbsp;</td>
<td align="right">&nbsp;</td>
<td align="left"><font size="2" face="serif">&nbsp;</font></td>
</tr>
<tr valign="bottom">
<td align="left" bgcolor="#FFFFFF"><font size="2" face="serif"><font face="serif" size="1">CVS at Bradford</font></font></td>
<td align="left" bgcolor="#FFFFFF">&nbsp;</td>
<td align="right" bgcolor="#FFFFFF">&nbsp;</td>
<td align="center" bgcolor="#FFFFFF"><font size="2" face="serif"><font face="serif" size="1">2005</font></font></td>
<td align="left" bgcolor="#FFFFFF">&nbsp;</td>
<td align="right" bgcolor="#FFFFFF">&nbsp;</td>
<td align="right"><font size="2" face="serif"><font face="serif" size="1">100</font></font></td>
<td align="left" bgcolor="#FFFFFF"><font size="2" face="serif"><font face="serif" size="1">%</font></font></td>
<td align="right" bgcolor="#FFFFFF">&nbsp;</td>
<td align="center" bgcolor="#FFFFFF"><font size="2" face="serif"><font face="serif" size="1">10,722 </font></font></td>
<td align="left" bgcolor="#FFFFFF">&nbsp;</td>
<td align="right" bgcolor="#FFFFFF">&nbsp;</td>
<td align="center" bgcolor="#FFFFFF"><font size="2" face="serif"><font face="serif" size="1">1996</font></font></td>
<td align="left" bgcolor="#FFFFFF">&nbsp;</td>
<td align="right" bgcolor="#FFFFFF">&nbsp;</td>
<td align="center" bgcolor="#FFFFFF"><font size="2" face="serif"><font face="serif" size="1">1 </font></font></td>
<td align="left" bgcolor="#FFFFFF">&nbsp;</td>
<td align="right" bgcolor="#FFFFFF">&nbsp;</td>
<td align="right" bgcolor="#FFFFFF"><font size="2" face="serif"><font face="serif" size="1">100</font></font></td>
<td align="left" bgcolor="#FFFFFF"><font size="2" face="serif"><font face="serif" size="1">%</font></font></td>
<td align="right" bgcolor="#FFFFFF">&nbsp;</td>
<td align="right" bgcolor="#FFFFFF">&nbsp;</td>
<td align="center" bgcolor="#FFFFFF"><font size="2" face="serif"><font face="serif" size="1">12.80 </font></font></td>
<td align="left" bgcolor="#FFFFFF">&nbsp;</td>
<td align="right" bgcolor="#FFFFFF">&nbsp;</td>
<td align="left" bgcolor="#FFFFFF"><font size="2" face="serif">&nbsp;</font></td>
<td align="left" bgcolor="#FFFFFF">&nbsp;</td>
<td align="right" bgcolor="#FFFFFF">&nbsp;</td>
<td align="left" bgcolor="#FFFFFF"><font size="2" face="serif">&nbsp;</font></td>
<td align="left" bgcolor="#FFFFFF">&nbsp;</td>
<td align="right" bgcolor="#FFFFFF">&nbsp;</td>
<td align="left" bgcolor="#FFFFFF"><font size="2" face="serif">&nbsp;</font></td>
</tr>
<tr valign="bottom">
<td align="left" bgcolor="#FFFFFF"><font size="2" face="serif"><font face="serif" size="1">Bradford, PA</font></font></td>
<td align="left" bgcolor="#FFFFFF">&nbsp;</td>
<td align="right" bgcolor="#FFFFFF">&nbsp;</td>
<td align="left" bgcolor="#FFFFFF"><font size="2" face="serif">&nbsp;</font></td>
<td align="left" bgcolor="#FFFFFF">&nbsp;</td>
<td align="right" bgcolor="#FFFFFF">&nbsp;</td>
<td align="right"><font size="2" face="serif">&nbsp;</font></td>
<td align="left" bgcolor="#FFFFFF">&nbsp;</td>
<td align="right" bgcolor="#FFFFFF">&nbsp;</td>
<td align="left" bgcolor="#FFFFFF"><font size="2" face="serif">&nbsp;</font></td>
<td align="left" bgcolor="#FFFFFF">&nbsp;</td>
<td align="right" bgcolor="#FFFFFF">&nbsp;</td>
<td align="left" bgcolor="#FFFFFF"><font size="2" face="serif">&nbsp;</font></td>
<td align="left" bgcolor="#FFFFFF">&nbsp;</td>
<td align="right" bgcolor="#FFFFFF">&nbsp;</td>
<td align="left" bgcolor="#FFFFFF"><font size="2" face="serif">&nbsp;</font></td>
<td align="left" bgcolor="#FFFFFF">&nbsp;</td>
<td align="right" bgcolor="#FFFFFF">&nbsp;</td>
<td align="right" bgcolor="#FFFFFF"><font size="2" face="serif">&nbsp;</font></td>
<td align="left" bgcolor="#FFFFFF">&nbsp;</td>
<td align="right" bgcolor="#FFFFFF">&nbsp;</td>
<td align="right" bgcolor="#FFFFFF">&nbsp;</td>
<td align="left" bgcolor="#FFFFFF"><font size="2" face="serif">&nbsp;</font></td>
<td align="left" bgcolor="#FFFFFF">&nbsp;</td>
<td align="right" bgcolor="#FFFFFF">&nbsp;</td>
<td align="left" bgcolor="#FFFFFF"><font size="2" face="serif">&nbsp;</font></td>
<td align="left" bgcolor="#FFFFFF">&nbsp;</td>
<td align="right" bgcolor="#FFFFFF">&nbsp;</td>
<td align="left" bgcolor="#FFFFFF"><font size="2" face="serif">&nbsp;</font></td>
<td align="left" bgcolor="#FFFFFF">&nbsp;</td>
<td align="right" bgcolor="#FFFFFF">&nbsp;</td>
<td align="left" bgcolor="#FFFFFF"><font size="2" face="serif">&nbsp;</font></td>
</tr>
<tr valign="bottom">
<td align="left"><font size="2" face="serif">&nbsp;</font></td>
<td align="left">&nbsp;</td>
<td align="right">&nbsp;</td>
<td align="left"><font size="2" face="serif">&nbsp;</font></td>
<td align="left">&nbsp;</td>
<td align="right">&nbsp;</td>
<td align="right"><font size="2" face="serif">&nbsp;</font></td>
<td align="left">&nbsp;</td>
<td align="right">&nbsp;</td>
<td align="left"><font size="2" face="serif">&nbsp;</font></td>
<td align="left">&nbsp;</td>
<td align="right">&nbsp;</td>
<td align="left"><font size="2" face="serif">&nbsp;</font></td>
<td align="left">&nbsp;</td>
<td align="right">&nbsp;</td>
<td align="left"><font size="2" face="serif">&nbsp;</font></td>
<td align="left">&nbsp;</td>
<td align="right">&nbsp;</td>
<td align="right"><font size="2" face="serif">&nbsp;</font></td>
<td align="left">&nbsp;</td>
<td align="right">&nbsp;</td>
<td align="right">&nbsp;</td>
<td align="left"><font size="2" face="serif">&nbsp;</font></td>
<td align="left">&nbsp;</td>
<td align="right">&nbsp;</td>
<td align="left"><font size="2" face="serif">&nbsp;</font></td>
<td align="left">&nbsp;</td>
<td align="right">&nbsp;</td>
<td align="left"><font size="2" face="serif">&nbsp;</font></td>
<td align="left">&nbsp;</td>
<td align="right">&nbsp;</td>
<td align="left"><font size="2" face="serif">&nbsp;</font></td>
</tr>
<tr valign="bottom">
<td align="left" bgcolor="#eeeeee"><font size="2" face="serif"><font face="serif" size="1">CVS at Celina</font></font></td>
<td align="left" bgcolor="#eeeeee">&nbsp;</td>
<td align="right" bgcolor="#eeeeee">&nbsp;</td>
<td align="center" bgcolor="#eeeeee"><font size="2" face="serif"><font face="serif" size="1">2005</font></font></td>
<td align="left" bgcolor="#eeeeee">&nbsp;</td>
<td align="right" bgcolor="#eeeeee">&nbsp;</td>
<td align="right" bgcolor="#eeeeee"><font size="2" face="serif"><font face="serif" size="1">100</font></font></td>
<td align="left" bgcolor="#eeeeee"><font size="2" face="serif"><font face="serif" size="1">%</font></font></td>
<td align="right" bgcolor="#eeeeee">&nbsp;</td>
<td align="center" bgcolor="#eeeeee"><font size="2" face="serif"><font face="serif" size="1">10,195 </font></font></td>
<td align="left" bgcolor="#eeeeee">&nbsp;</td>
<td align="right" bgcolor="#eeeeee">&nbsp;</td>
<td align="center" bgcolor="#eeeeee"><font size="2" face="serif"><font face="serif" size="1">1998</font></font></td>
<td align="left" bgcolor="#eeeeee">&nbsp;</td>
<td align="right" bgcolor="#eeeeee">&nbsp;</td>
<td align="center" bgcolor="#eeeeee"><font size="2" face="serif"><font face="serif" size="1">1 </font></font></td>
<td align="left" bgcolor="#eeeeee">&nbsp;</td>
<td align="right" bgcolor="#eeeeee">&nbsp;</td>
<td align="right" bgcolor="#eeeeee"><font size="2" face="serif"><font face="serif" size="1">100</font></font></td>
<td align="left" bgcolor="#eeeeee"><font size="2" face="serif"><font face="serif" size="1">%</font></font></td>
<td align="right" bgcolor="#eeeeee">&nbsp;</td>
<td align="right" bgcolor="#eeeeee">&nbsp;</td>
<td align="center" bgcolor="#eeeeee"><font size="2" face="serif"><font face="serif" size="1">16.50 </font></font></td>
<td align="left" bgcolor="#eeeeee">&nbsp;</td>
<td align="right" bgcolor="#eeeeee">&nbsp;</td>
<td align="left" bgcolor="#eeeeee"><font size="2" face="serif">&nbsp;</font></td>
<td align="left" bgcolor="#eeeeee">&nbsp;</td>
<td align="right" bgcolor="#eeeeee">&nbsp;</td>
<td align="left" bgcolor="#eeeeee"><font size="2" face="serif">&nbsp;</font></td>
<td align="left" bgcolor="#eeeeee">&nbsp;</td>
<td align="right" bgcolor="#eeeeee">&nbsp;</td>
<td align="left" bgcolor="#eeeeee"><font size="2" face="serif">&nbsp;</font></td>
</tr>
<tr valign="bottom">
<td align="left" bgcolor="#eeeeee"><font size="2" face="serif"><font face="serif" size="1">Celina, OH</font></font></td>
<td align="left" bgcolor="#eeeeee">&nbsp;</td>
<td align="right" bgcolor="#eeeeee">&nbsp;</td>
<td align="left" bgcolor="#eeeeee"><font size="2" face="serif">&nbsp;</font></td>
<td align="left" bgcolor="#eeeeee">&nbsp;</td>
<td align="right" bgcolor="#eeeeee">&nbsp;</td>
<td align="right" bgcolor="#eeeeee"><font size="2" face="serif">&nbsp;</font></td>
<td align="left" bgcolor="#eeeeee">&nbsp;</td>
<td align="right" bgcolor="#eeeeee">&nbsp;</td>
<td align="left" bgcolor="#eeeeee"><font size="2" face="serif">&nbsp;</font></td>
<td align="left" bgcolor="#eeeeee">&nbsp;</td>
<td align="right" bgcolor="#eeeeee">&nbsp;</td>
<td align="left" bgcolor="#eeeeee"><font size="2" face="serif">&nbsp;</font></td>
<td align="left" bgcolor="#eeeeee">&nbsp;</td>
<td align="right" bgcolor="#eeeeee">&nbsp;</td>
<td align="left" bgcolor="#eeeeee"><font size="2" face="serif">&nbsp;</font></td>
<td align="left" bgcolor="#eeeeee">&nbsp;</td>
<td align="right" bgcolor="#eeeeee">&nbsp;</td>
<td align="right" bgcolor="#eeeeee"><font size="2" face="serif">&nbsp;</font></td>
<td align="left" bgcolor="#eeeeee">&nbsp;</td>
<td align="right" bgcolor="#eeeeee">&nbsp;</td>
<td align="right" bgcolor="#eeeeee">&nbsp;</td>
<td align="left" bgcolor="#eeeeee"><font size="2" face="serif">&nbsp;</font></td>
<td align="left" bgcolor="#eeeeee">&nbsp;</td>
<td align="right" bgcolor="#eeeeee">&nbsp;</td>
<td align="left" bgcolor="#eeeeee"><font size="2" face="serif">&nbsp;</font></td>
<td align="left" bgcolor="#eeeeee">&nbsp;</td>
<td align="right" bgcolor="#eeeeee">&nbsp;</td>
<td align="left" bgcolor="#eeeeee"><font size="2" face="serif">&nbsp;</font></td>
<td align="left" bgcolor="#eeeeee">&nbsp;</td>
<td align="right" bgcolor="#eeeeee">&nbsp;</td>
<td align="left" bgcolor="#eeeeee"><font size="2" face="serif">&nbsp;</font></td>
</tr>
<tr valign="bottom">
<td align="left"><font size="2" face="serif">&nbsp;</font></td>
<td align="left">&nbsp;</td>
<td align="right">&nbsp;</td>
<td align="left"><font size="2" face="serif">&nbsp;</font></td>
<td align="left">&nbsp;</td>
<td align="right">&nbsp;</td>
<td align="right"><font size="2" face="serif">&nbsp;</font></td>
<td align="left">&nbsp;</td>
<td align="right">&nbsp;</td>
<td align="left"><font size="2" face="serif">&nbsp;</font></td>
<td align="left">&nbsp;</td>
<td align="right">&nbsp;</td>
<td align="left"><font size="2" face="serif">&nbsp;</font></td>
<td align="left">&nbsp;</td>
<td align="right">&nbsp;</td>
<td align="left"><font size="2" face="serif">&nbsp;</font></td>
<td align="left">&nbsp;</td>
<td align="right">&nbsp;</td>
<td align="right"><font size="2" face="serif">&nbsp;</font></td>
<td align="left">&nbsp;</td>
<td align="right">&nbsp;</td>
<td align="right">&nbsp;</td>
<td align="left"><font size="2" face="serif">&nbsp;</font></td>
<td align="left">&nbsp;</td>
<td align="right">&nbsp;</td>
<td align="left"><font size="2" face="serif">&nbsp;</font></td>
<td align="left">&nbsp;</td>
<td align="right">&nbsp;</td>
<td align="left"><font size="2" face="serif">&nbsp;</font></td>
<td align="left">&nbsp;</td>
<td align="right">&nbsp;</td>
<td align="left"><font size="2" face="serif">&nbsp;</font></td>
</tr>
<tr valign="bottom">
<td align="left" bgcolor="#FFFFFF"><font size="2" face="serif"><font face="serif" size="1">CVS at Erie</font></font></td>
<td align="left" bgcolor="#FFFFFF">&nbsp;</td>
<td align="right" bgcolor="#FFFFFF">&nbsp;</td>
<td align="center" bgcolor="#FFFFFF"><font size="2" face="serif"><font face="serif" size="1">2005</font></font></td>
<td align="left" bgcolor="#FFFFFF">&nbsp;</td>
<td align="right" bgcolor="#FFFFFF">&nbsp;</td>
<td align="right"><font size="2" face="serif"><font face="serif" size="1">100</font></font></td>
<td align="left" bgcolor="#FFFFFF"><font size="2" face="serif"><font face="serif" size="1">%</font></font></td>
<td align="right" bgcolor="#FFFFFF">&nbsp;</td>
<td align="center" bgcolor="#FFFFFF"><font size="2" face="serif"><font face="serif" size="1">10,125 </font></font></td>
<td align="left" bgcolor="#FFFFFF">&nbsp;</td>
<td align="right" bgcolor="#FFFFFF">&nbsp;</td>
<td align="center" bgcolor="#FFFFFF"><font size="2" face="serif"><font face="serif" size="1">1997</font></font></td>
<td align="left" bgcolor="#FFFFFF">&nbsp;</td>
<td align="right" bgcolor="#FFFFFF">&nbsp;</td>
<td align="center" bgcolor="#FFFFFF"><font size="2" face="serif"><font face="serif" size="1">1 </font></font></td>
<td align="left" bgcolor="#FFFFFF">&nbsp;</td>
<td align="right" bgcolor="#FFFFFF">&nbsp;</td>
<td align="right" bgcolor="#FFFFFF"><font size="2" face="serif"><font face="serif" size="1">100</font></font></td>
<td align="left" bgcolor="#FFFFFF"><font size="2" face="serif"><font face="serif" size="1">%</font></font></td>
<td align="right" bgcolor="#FFFFFF">&nbsp;</td>
<td align="right" bgcolor="#FFFFFF">&nbsp;</td>
<td align="center" bgcolor="#FFFFFF"><font size="2" face="serif"><font face="serif" size="1">16.39 </font></font></td>
<td align="left" bgcolor="#FFFFFF">&nbsp;</td>
<td align="right" bgcolor="#FFFFFF">&nbsp;</td>
<td align="left" bgcolor="#FFFFFF"><font size="2" face="serif">&nbsp;</font></td>
<td align="left" bgcolor="#FFFFFF">&nbsp;</td>
<td align="right" bgcolor="#FFFFFF">&nbsp;</td>
<td align="left" bgcolor="#FFFFFF"><font size="2" face="serif">&nbsp;</font></td>
<td align="left" bgcolor="#FFFFFF">&nbsp;</td>
<td align="right" bgcolor="#FFFFFF">&nbsp;</td>
<td align="left" bgcolor="#FFFFFF"><font size="2" face="serif">&nbsp;</font></td>
</tr>
<tr valign="bottom">
<td align="left" bgcolor="#FFFFFF"><font size="2" face="serif"><font face="serif" size="1">Erie, PA</font></font></td>
<td align="left" bgcolor="#FFFFFF">&nbsp;</td>
<td align="right" bgcolor="#FFFFFF">&nbsp;</td>
<td align="left" bgcolor="#FFFFFF"><font size="2" face="serif">&nbsp;</font></td>
<td align="left" bgcolor="#FFFFFF">&nbsp;</td>
<td align="right" bgcolor="#FFFFFF">&nbsp;</td>
<td align="right"><font size="2" face="serif">&nbsp;</font></td>
<td align="left" bgcolor="#FFFFFF">&nbsp;</td>
<td align="right" bgcolor="#FFFFFF">&nbsp;</td>
<td align="left" bgcolor="#FFFFFF"><font size="2" face="serif">&nbsp;</font></td>
<td align="left" bgcolor="#FFFFFF">&nbsp;</td>
<td align="right" bgcolor="#FFFFFF">&nbsp;</td>
<td align="left" bgcolor="#FFFFFF"><font size="2" face="serif">&nbsp;</font></td>
<td align="left" bgcolor="#FFFFFF">&nbsp;</td>
<td align="right" bgcolor="#FFFFFF">&nbsp;</td>
<td align="left" bgcolor="#FFFFFF"><font size="2" face="serif">&nbsp;</font></td>
<td align="left" bgcolor="#FFFFFF">&nbsp;</td>
<td align="right" bgcolor="#FFFFFF">&nbsp;</td>
<td align="right" bgcolor="#FFFFFF"><font size="2" face="serif">&nbsp;</font></td>
<td align="left" bgcolor="#FFFFFF">&nbsp;</td>
<td align="right" bgcolor="#FFFFFF">&nbsp;</td>
<td align="right" bgcolor="#FFFFFF">&nbsp;</td>
<td align="left" bgcolor="#FFFFFF"><font size="2" face="serif">&nbsp;</font></td>
<td align="left" bgcolor="#FFFFFF">&nbsp;</td>
<td align="right" bgcolor="#FFFFFF">&nbsp;</td>
<td align="left" bgcolor="#FFFFFF"><font size="2" face="serif">&nbsp;</font></td>
<td align="left" bgcolor="#FFFFFF">&nbsp;</td>
<td align="right" bgcolor="#FFFFFF">&nbsp;</td>
<td align="left" bgcolor="#FFFFFF"><font size="2" face="serif">&nbsp;</font></td>
<td align="left" bgcolor="#FFFFFF">&nbsp;</td>
<td align="right" bgcolor="#FFFFFF">&nbsp;</td>
<td align="left" bgcolor="#FFFFFF"><font size="2" face="serif">&nbsp;</font></td>
</tr>
<tr valign="bottom">
<td align="left"><font size="2" face="serif">&nbsp;</font></td>
<td align="left">&nbsp;</td>
<td align="right">&nbsp;</td>
<td align="left"><font size="2" face="serif">&nbsp;</font></td>
<td align="left">&nbsp;</td>
<td align="right">&nbsp;</td>
<td align="right"><font size="2" face="serif">&nbsp;</font></td>
<td align="left">&nbsp;</td>
<td align="right">&nbsp;</td>
<td align="left"><font size="2" face="serif">&nbsp;</font></td>
<td align="left">&nbsp;</td>
<td align="right">&nbsp;</td>
<td align="left"><font size="2" face="serif">&nbsp;</font></td>
<td align="left">&nbsp;</td>
<td align="right">&nbsp;</td>
<td align="left"><font size="2" face="serif">&nbsp;</font></td>
<td align="left">&nbsp;</td>
<td align="right">&nbsp;</td>
<td align="right"><font size="2" face="serif">&nbsp;</font></td>
<td align="left">&nbsp;</td>
<td align="right">&nbsp;</td>
<td align="right">&nbsp;</td>
<td align="left"><font size="2" face="serif">&nbsp;</font></td>
<td align="left">&nbsp;</td>
<td align="right">&nbsp;</td>
<td align="left"><font size="2" face="serif">&nbsp;</font></td>
<td align="left">&nbsp;</td>
<td align="right">&nbsp;</td>
<td align="left"><font size="2" face="serif">&nbsp;</font></td>
<td align="left">&nbsp;</td>
<td align="right">&nbsp;</td>
<td align="left"><font size="2" face="serif">&nbsp;</font></td>
</tr>
<tr valign="bottom">
<td align="left" bgcolor="#eeeeee"><font size="2" face="serif"><font face="serif" size="1">CVS at Portage Trail</font></font></td>
<td align="left" bgcolor="#eeeeee">&nbsp;</td>
<td align="right" bgcolor="#eeeeee">&nbsp;</td>
<td align="center" bgcolor="#eeeeee"><font size="2" face="serif"><font face="serif" size="1">2005</font></font></td>
<td align="left" bgcolor="#eeeeee">&nbsp;</td>
<td align="right" bgcolor="#eeeeee">&nbsp;</td>
<td align="right" bgcolor="#eeeeee"><font size="2" face="serif"><font face="serif" size="1">100</font></font></td>
<td align="left" bgcolor="#eeeeee"><font size="2" face="serif"><font face="serif" size="1">%</font></font></td>
<td align="right" bgcolor="#eeeeee">&nbsp;</td>
<td align="center" bgcolor="#eeeeee"><font size="2" face="serif"><font face="serif" size="1">10,125 </font></font></td>
<td align="left" bgcolor="#eeeeee">&nbsp;</td>
<td align="right" bgcolor="#eeeeee">&nbsp;</td>
<td align="center" bgcolor="#eeeeee"><font size="2" face="serif"><font face="serif" size="1">1996</font></font></td>
<td align="left" bgcolor="#eeeeee">&nbsp;</td>
<td align="right" bgcolor="#eeeeee">&nbsp;</td>
<td align="center" bgcolor="#eeeeee"><font size="2" face="serif"><font face="serif" size="1">1 </font></font></td>
<td align="left" bgcolor="#eeeeee">&nbsp;</td>
<td align="right" bgcolor="#eeeeee">&nbsp;</td>
<td align="right" bgcolor="#eeeeee"><font size="2" face="serif"><font face="serif" size="1">100</font></font></td>
<td align="left" bgcolor="#eeeeee"><font size="2" face="serif"><font face="serif" size="1">%</font></font></td>
<td align="right" bgcolor="#eeeeee">&nbsp;</td>
<td align="right" bgcolor="#eeeeee">&nbsp;</td>
<td align="center" bgcolor="#eeeeee"><font size="2" face="serif"><font face="serif" size="1">13.77 </font></font></td>
<td align="left" bgcolor="#eeeeee">&nbsp;</td>
<td align="right" bgcolor="#eeeeee">&nbsp;</td>
<td align="left" bgcolor="#eeeeee"><font size="2" face="serif">&nbsp;</font></td>
<td align="left" bgcolor="#eeeeee">&nbsp;</td>
<td align="right" bgcolor="#eeeeee">&nbsp;</td>
<td align="left" bgcolor="#eeeeee"><font size="2" face="serif">&nbsp;</font></td>
<td align="left" bgcolor="#eeeeee">&nbsp;</td>
<td align="right" bgcolor="#eeeeee">&nbsp;</td>
<td align="left" bgcolor="#eeeeee"><font size="2" face="serif">&nbsp;</font></td>
</tr>
<tr valign="bottom">
<td align="left" bgcolor="#eeeeee"><font size="2" face="serif"><font face="serif" size="1">Akron, OH</font></font></td>
<td align="left" bgcolor="#eeeeee">&nbsp;</td>
<td align="right" bgcolor="#eeeeee">&nbsp;</td>
<td align="left" bgcolor="#eeeeee"><font size="2" face="serif">&nbsp;</font></td>
<td align="left" bgcolor="#eeeeee">&nbsp;</td>
<td align="right" bgcolor="#eeeeee">&nbsp;</td>
<td align="right" bgcolor="#eeeeee"><font size="2" face="serif">&nbsp;</font></td>
<td align="left" bgcolor="#eeeeee">&nbsp;</td>
<td align="right" bgcolor="#eeeeee">&nbsp;</td>
<td align="left" bgcolor="#eeeeee"><font size="2" face="serif">&nbsp;</font></td>
<td align="left" bgcolor="#eeeeee">&nbsp;</td>
<td align="right" bgcolor="#eeeeee">&nbsp;</td>
<td align="left" bgcolor="#eeeeee"><font size="2" face="serif">&nbsp;</font></td>
<td align="left" bgcolor="#eeeeee">&nbsp;</td>
<td align="right" bgcolor="#eeeeee">&nbsp;</td>
<td align="left" bgcolor="#eeeeee"><font size="2" face="serif">&nbsp;</font></td>
<td align="left" bgcolor="#eeeeee">&nbsp;</td>
<td align="right" bgcolor="#eeeeee">&nbsp;</td>
<td align="right" bgcolor="#eeeeee"><font size="2" face="serif">&nbsp;</font></td>
<td align="left" bgcolor="#eeeeee">&nbsp;</td>
<td align="right" bgcolor="#eeeeee">&nbsp;</td>
<td align="right" bgcolor="#eeeeee">&nbsp;</td>
<td align="left" bgcolor="#eeeeee"><font size="2" face="serif">&nbsp;</font></td>
<td align="left" bgcolor="#eeeeee">&nbsp;</td>
<td align="right" bgcolor="#eeeeee">&nbsp;</td>
<td align="left" bgcolor="#eeeeee"><font size="2" face="serif">&nbsp;</font></td>
<td align="left" bgcolor="#eeeeee">&nbsp;</td>
<td align="right" bgcolor="#eeeeee">&nbsp;</td>
<td align="left" bgcolor="#eeeeee"><font size="2" face="serif">&nbsp;</font></td>
<td align="left" bgcolor="#eeeeee">&nbsp;</td>
<td align="right" bgcolor="#eeeeee">&nbsp;</td>
<td align="left" bgcolor="#eeeeee"><font size="2" face="serif">&nbsp;</font></td>
</tr>
<tr valign="bottom">
<td align="left"><font size="2" face="serif">&nbsp;</font></td>
<td align="left">&nbsp;</td>
<td align="right">&nbsp;</td>
<td align="left"><font size="2" face="serif">&nbsp;</font></td>
<td align="left">&nbsp;</td>
<td align="right">&nbsp;</td>
<td align="right"><font size="2" face="serif">&nbsp;</font></td>
<td align="left">&nbsp;</td>
<td align="right">&nbsp;</td>
<td align="left"><font size="2" face="serif">&nbsp;</font></td>
<td align="left">&nbsp;</td>
<td align="right">&nbsp;</td>
<td align="left"><font size="2" face="serif">&nbsp;</font></td>
<td align="left">&nbsp;</td>
<td align="right">&nbsp;</td>
<td align="left"><font size="2" face="serif">&nbsp;</font></td>
<td align="left">&nbsp;</td>
<td align="right">&nbsp;</td>
<td align="right"><font size="2" face="serif">&nbsp;</font></td>
<td align="left">&nbsp;</td>
<td align="right">&nbsp;</td>
<td align="right">&nbsp;</td>
<td align="left"><font size="2" face="serif">&nbsp;</font></td>
<td align="left">&nbsp;</td>
<td align="right">&nbsp;</td>
<td align="left"><font size="2" face="serif">&nbsp;</font></td>
<td align="left">&nbsp;</td>
<td align="right">&nbsp;</td>
<td align="left"><font size="2" face="serif">&nbsp;</font></td>
<td align="left">&nbsp;</td>
<td align="right">&nbsp;</td>
<td align="left"><font size="2" face="serif">&nbsp;</font></td>
</tr>
<tr valign="bottom">
<td align="left" bgcolor="#FFFFFF"><font size="2" face="serif"><font face="serif" size="1">CVS at Westfield</font></font></td>
<td align="left" bgcolor="#FFFFFF">&nbsp;</td>
<td align="right" bgcolor="#FFFFFF">&nbsp;</td>
<td align="center" bgcolor="#FFFFFF"><font size="2" face="serif"><font face="serif" size="1">2005</font></font></td>
<td align="left" bgcolor="#FFFFFF">&nbsp;</td>
<td align="right" bgcolor="#FFFFFF">&nbsp;</td>
<td align="right"><font size="2" face="serif"><font face="serif" size="1">100</font></font></td>
<td align="left" bgcolor="#FFFFFF"><font size="2" face="serif"><font face="serif" size="1">%</font></font></td>
<td align="right" bgcolor="#FFFFFF">&nbsp;</td>
<td align="center" bgcolor="#FFFFFF"><font size="2" face="serif"><font face="serif" size="1">10,125 </font></font></td>
<td align="left" bgcolor="#FFFFFF">&nbsp;</td>
<td align="right" bgcolor="#FFFFFF">&nbsp;</td>
<td align="center" bgcolor="#FFFFFF"><font size="2" face="serif"><font face="serif" size="1">2000</font></font></td>
<td align="left" bgcolor="#FFFFFF">&nbsp;</td>
<td align="right" bgcolor="#FFFFFF">&nbsp;</td>
<td align="center" bgcolor="#FFFFFF"><font size="2" face="serif"><font face="serif" size="1">1 </font></font></td>
<td align="left" bgcolor="#FFFFFF">&nbsp;</td>
<td align="right" bgcolor="#FFFFFF">&nbsp;</td>
<td align="right" bgcolor="#FFFFFF"><font size="2" face="serif"><font face="serif" size="1">100</font></font></td>
<td align="left" bgcolor="#FFFFFF"><font size="2" face="serif"><font face="serif" size="1">%</font></font></td>
<td align="right" bgcolor="#FFFFFF">&nbsp;</td>
<td align="right" bgcolor="#FFFFFF">&nbsp;</td>
<td align="center" bgcolor="#FFFFFF"><font size="2" face="serif"><font face="serif" size="1">15.74 </font></font></td>
<td align="left" bgcolor="#FFFFFF">&nbsp;</td>
<td align="right" bgcolor="#FFFFFF">&nbsp;</td>
<td align="left" bgcolor="#FFFFFF"><font size="2" face="serif">&nbsp;</font></td>
<td align="left" bgcolor="#FFFFFF">&nbsp;</td>
<td align="right" bgcolor="#FFFFFF">&nbsp;</td>
<td align="left" bgcolor="#FFFFFF"><font size="2" face="serif">&nbsp;</font></td>
<td align="left" bgcolor="#FFFFFF">&nbsp;</td>
<td align="right" bgcolor="#FFFFFF">&nbsp;</td>
<td align="left" bgcolor="#FFFFFF"><font size="2" face="serif">&nbsp;</font></td>
</tr>
<tr valign="bottom">
<td align="left" bgcolor="#FFFFFF"><font size="2" face="serif"><font face="serif" size="1">Westfield, NY</font></font></td>
<td align="left" bgcolor="#FFFFFF">&nbsp;</td>
<td align="right" bgcolor="#FFFFFF">&nbsp;</td>
<td align="left" bgcolor="#FFFFFF"><font size="2" face="serif">&nbsp;</font></td>
<td align="left" bgcolor="#FFFFFF">&nbsp;</td>
<td align="right" bgcolor="#FFFFFF">&nbsp;</td>
<td align="right"><font size="2" face="serif">&nbsp;</font></td>
<td align="left" bgcolor="#FFFFFF">&nbsp;</td>
<td align="right" bgcolor="#FFFFFF">&nbsp;</td>
<td align="left" bgcolor="#FFFFFF"><font size="2" face="serif">&nbsp;</font></td>
<td align="left" bgcolor="#FFFFFF">&nbsp;</td>
<td align="right" bgcolor="#FFFFFF">&nbsp;</td>
<td align="left" bgcolor="#FFFFFF"><font size="2" face="serif">&nbsp;</font></td>
<td align="left" bgcolor="#FFFFFF">&nbsp;</td>
<td align="right" bgcolor="#FFFFFF">&nbsp;</td>
<td align="left" bgcolor="#FFFFFF"><font size="2" face="serif">&nbsp;</font></td>
<td align="left" bgcolor="#FFFFFF">&nbsp;</td>
<td align="right" bgcolor="#FFFFFF">&nbsp;</td>
<td align="right" bgcolor="#FFFFFF"><font size="2" face="serif">&nbsp;</font></td>
<td align="left" bgcolor="#FFFFFF">&nbsp;</td>
<td align="right" bgcolor="#FFFFFF">&nbsp;</td>
<td align="right" bgcolor="#FFFFFF">&nbsp;</td>
<td align="left" bgcolor="#FFFFFF"><font size="2" face="serif">&nbsp;</font></td>
<td align="left" bgcolor="#FFFFFF">&nbsp;</td>
<td align="right" bgcolor="#FFFFFF">&nbsp;</td>
<td align="left" bgcolor="#FFFFFF"><font size="2" face="serif">&nbsp;</font></td>
<td align="left" bgcolor="#FFFFFF">&nbsp;</td>
<td align="right" bgcolor="#FFFFFF">&nbsp;</td>
<td align="left" bgcolor="#FFFFFF"><font size="2" face="serif">&nbsp;</font></td>
<td align="left" bgcolor="#FFFFFF">&nbsp;</td>
<td align="right" bgcolor="#FFFFFF">&nbsp;</td>
<td align="left" bgcolor="#FFFFFF"><font size="2" face="serif">&nbsp;</font></td>
</tr>
<tr valign="bottom">
<td align="left"><font size="2" face="serif">&nbsp;</font></td>
<td align="left">&nbsp;</td>
<td align="right">&nbsp;</td>
<td align="left"><font size="2" face="serif">&nbsp;</font></td>
<td align="left">&nbsp;</td>
<td align="right">&nbsp;</td>
<td align="right"><font size="2" face="serif">&nbsp;</font></td>
<td align="left">&nbsp;</td>
<td align="right">&nbsp;</td>
<td align="left"><font size="2" face="serif">&nbsp;</font></td>
<td align="left">&nbsp;</td>
<td align="right">&nbsp;</td>
<td align="left"><font size="2" face="serif">&nbsp;</font></td>
<td align="left">&nbsp;</td>
<td align="right">&nbsp;</td>
<td align="left"><font size="2" face="serif">&nbsp;</font></td>
<td align="left">&nbsp;</td>
<td align="right">&nbsp;</td>
<td align="right"><font size="2" face="serif">&nbsp;</font></td>
<td align="left">&nbsp;</td>
<td align="right">&nbsp;</td>
<td align="right">&nbsp;</td>
<td align="left"><font size="2" face="serif">&nbsp;</font></td>
<td align="left">&nbsp;</td>
<td align="right">&nbsp;</td>
<td align="left"><font size="2" face="serif">&nbsp;</font></td>
<td align="left">&nbsp;</td>
<td align="right">&nbsp;</td>
<td align="left"><font size="2" face="serif">&nbsp;</font></td>
<td align="left">&nbsp;</td>
<td align="right">&nbsp;</td>
<td align="left"><font size="2" face="serif">&nbsp;</font></td>
</tr>
<tr valign="bottom">
<td align="left" bgcolor="#eeeeee"><font size="2" face="serif"><font face="serif" size="1">Dover Discount Drug Mart Plaza</font></font></td>
<td align="left" bgcolor="#eeeeee">&nbsp;</td>
<td align="right" bgcolor="#eeeeee">&nbsp;</td>
<td align="center" bgcolor="#eeeeee"><font size="2" face="serif"><font face="serif" size="1">2005</font></font></td>
<td align="left" bgcolor="#eeeeee">&nbsp;</td>
<td align="right" bgcolor="#eeeeee">&nbsp;</td>
<td align="right" bgcolor="#eeeeee"><font size="2" face="serif"><font face="serif" size="1">100</font></font></td>
<td align="left" bgcolor="#eeeeee"><font size="2" face="serif"><font face="serif" size="1">%</font></font></td>
<td align="right" bgcolor="#eeeeee">&nbsp;</td>
<td align="center" bgcolor="#eeeeee"><font size="2" face="serif"><font face="serif" size="1">38,409 </font></font></td>
<td align="left" bgcolor="#eeeeee">&nbsp;</td>
<td align="right" bgcolor="#eeeeee">&nbsp;</td>
<td align="center" bgcolor="#eeeeee"><font size="2" face="serif"><font face="serif" size="1">2002</font></font></td>
<td align="left" bgcolor="#eeeeee">&nbsp;</td>
<td align="right" bgcolor="#eeeeee">&nbsp;</td>
<td align="center" bgcolor="#eeeeee"><font size="2" face="serif"><font face="serif" size="1">7 </font></font></td>
<td align="left" bgcolor="#eeeeee">&nbsp;</td>
<td align="right" bgcolor="#eeeeee">&nbsp;</td>
<td align="right" bgcolor="#eeeeee"><font size="2" face="serif"><font face="serif" size="1">100</font></font></td>
<td align="left" bgcolor="#eeeeee"><font size="2" face="serif"><font face="serif" size="1">%</font></font></td>
<td align="right" bgcolor="#eeeeee">&nbsp;</td>
<td align="right" bgcolor="#eeeeee">&nbsp;</td>
<td align="center" bgcolor="#eeeeee"><font size="2" face="serif"><font face="serif" size="1">9.01 </font></font></td>
<td align="left" bgcolor="#eeeeee">&nbsp;</td>
<td align="right" bgcolor="#eeeeee">&nbsp;</td>
<td align="left" bgcolor="#eeeeee"><font size="2" face="serif"><font face="serif" size="1">Discount Drug Mart</font></font></td>
<td align="left" bgcolor="#eeeeee">&nbsp;</td>
<td align="right" bgcolor="#eeeeee">&nbsp;</td>
<td align="center" bgcolor="#eeeeee"><font size="2" face="serif"><font face="serif" size="1">24,516 </font></font></td>
<td align="left" bgcolor="#eeeeee">&nbsp;</td>
<td align="right" bgcolor="#eeeeee">&nbsp;</td>
<td align="center" bgcolor="#eeeeee"><font size="2" face="serif"><font face="serif" size="1">03/31/2013</font></font></td>
</tr>
<tr valign="bottom">
<td align="left" bgcolor="#eeeeee"><font size="2" face="serif"><font face="serif" size="1">Dover, OH</font></font></td>
<td align="left" bgcolor="#eeeeee">&nbsp;</td>
<td align="right" bgcolor="#eeeeee">&nbsp;</td>
<td align="left" bgcolor="#eeeeee"><font size="2" face="serif">&nbsp;</font></td>
<td align="left" bgcolor="#eeeeee">&nbsp;</td>
<td align="right" bgcolor="#eeeeee">&nbsp;</td>
<td align="right" bgcolor="#eeeeee"><font size="2" face="serif">&nbsp;</font></td>
<td align="left" bgcolor="#eeeeee">&nbsp;</td>
<td align="right" bgcolor="#eeeeee">&nbsp;</td>
<td align="left" bgcolor="#eeeeee"><font size="2" face="serif">&nbsp;</font></td>
<td align="left" bgcolor="#eeeeee">&nbsp;</td>
<td align="right" bgcolor="#eeeeee">&nbsp;</td>
<td align="left" bgcolor="#eeeeee"><font size="2" face="serif">&nbsp;</font></td>
<td align="left" bgcolor="#eeeeee">&nbsp;</td>
<td align="right" bgcolor="#eeeeee">&nbsp;</td>
<td align="left" bgcolor="#eeeeee"><font size="2" face="serif">&nbsp;</font></td>
<td align="left" bgcolor="#eeeeee">&nbsp;</td>
<td align="right" bgcolor="#eeeeee">&nbsp;</td>
<td align="right" bgcolor="#eeeeee"><font size="2" face="serif">&nbsp;</font></td>
<td align="left" bgcolor="#eeeeee">&nbsp;</td>
<td align="right" bgcolor="#eeeeee">&nbsp;</td>
<td align="right" bgcolor="#eeeeee">&nbsp;</td>
<td align="left" bgcolor="#eeeeee"><font size="2" face="serif">&nbsp;</font></td>
<td align="left" bgcolor="#eeeeee">&nbsp;</td>
<td align="right" bgcolor="#eeeeee">&nbsp;</td>
<td align="left" bgcolor="#eeeeee"><font size="2" face="serif">&nbsp;</font></td>
<td align="left" bgcolor="#eeeeee">&nbsp;</td>
<td align="right" bgcolor="#eeeeee">&nbsp;</td>
<td align="left" bgcolor="#eeeeee"><font size="2" face="serif">&nbsp;</font></td>
<td align="left" bgcolor="#eeeeee">&nbsp;</td>
<td align="right" bgcolor="#eeeeee">&nbsp;</td>
<td align="left" bgcolor="#eeeeee"><font size="2" face="serif">&nbsp;</font></td>
</tr>
</table>
<p align="center"><font face="serif" size="2">13</font></p>
<hr noshade align="center" width="100%" size="2">
<div style="page-break-before:always"></div>
<page>
<a name="p?"></a>

<br><br>
<table width="100%" border="0" align="center" cellpadding="0" cellspacing="0">
<tr valign="top">
<td colspan="4" align="left" bgcolor="#FFFFFF"><font size="2" face="serif"><b>CEDAR SHOPPING CENTERS, INC.</b></font></td>
<td align="left" bgcolor="#FFFFFF">&nbsp;</td>
<td align="right" bgcolor="#FFFFFF">&nbsp;</td>
<td align="left" bgcolor="#FFFFFF"><font size="2" face="serif">&nbsp;</font></td>
<td align="left" bgcolor="#FFFFFF">&nbsp;</td>
<td align="right" bgcolor="#FFFFFF">&nbsp;</td>
<td align="left" bgcolor="#FFFFFF"><font size="2" face="serif">&nbsp;</font></td>
<td align="left" bgcolor="#FFFFFF">&nbsp;</td>
<td align="right" bgcolor="#FFFFFF">&nbsp;</td>
<td align="left" bgcolor="#FFFFFF"><font size="2" face="serif">&nbsp;</font></td>
<td align="left" bgcolor="#FFFFFF">&nbsp;</td>
<td align="right" bgcolor="#FFFFFF">&nbsp;</td>
<td align="left" bgcolor="#FFFFFF"><font size="2" face="serif">&nbsp;</font></td>
<td align="left" bgcolor="#FFFFFF">&nbsp;</td>
<td align="right" bgcolor="#FFFFFF">&nbsp;</td>
<td align="left" bgcolor="#FFFFFF"><font size="2" face="serif">&nbsp;</font></td>
<td align="left" bgcolor="#FFFFFF">&nbsp;</td>
<td align="right" bgcolor="#FFFFFF">&nbsp;</td>
<td align="right" bgcolor="#FFFFFF">&nbsp;</td>
<td align="left" bgcolor="#FFFFFF"><font size="2" face="serif">&nbsp;</font></td>
<td align="left" bgcolor="#FFFFFF">&nbsp;</td>
<td align="right" bgcolor="#FFFFFF">&nbsp;</td>
<td align="left" bgcolor="#FFFFFF"><font size="2" face="serif">&nbsp;</font></td>
<td align="left" bgcolor="#FFFFFF">&nbsp;</td>
<td align="right" bgcolor="#FFFFFF">&nbsp;</td>
<td align="left" bgcolor="#FFFFFF"><font size="2" face="serif">&nbsp;</font></td>
<td align="left" bgcolor="#FFFFFF">&nbsp;</td>
<td align="right" bgcolor="#FFFFFF">&nbsp;</td>
<td align="left" bgcolor="#FFFFFF"><font size="2" face="serif">&nbsp;</font></td>
</tr>
<tr valign="top">
<td align="left" bgcolor="#FFFFFF"><font size="2" face="serif"><b><font face="serif" size="1">Property Summary</font></b></font></td>
<td align="left" bgcolor="#FFFFFF">&nbsp;</td>
<td align="right" bgcolor="#FFFFFF">&nbsp;</td>
<td align="left" bgcolor="#FFFFFF"><font size="2" face="serif">&nbsp;</font></td>
<td align="left" bgcolor="#FFFFFF">&nbsp;</td>
<td align="right" bgcolor="#FFFFFF">&nbsp;</td>
<td align="left" bgcolor="#FFFFFF"><font size="2" face="serif">&nbsp;</font></td>
<td align="left" bgcolor="#FFFFFF">&nbsp;</td>
<td align="right" bgcolor="#FFFFFF">&nbsp;</td>
<td align="left" bgcolor="#FFFFFF"><font size="2" face="serif">&nbsp;</font></td>
<td align="left" bgcolor="#FFFFFF">&nbsp;</td>
<td align="right" bgcolor="#FFFFFF">&nbsp;</td>
<td align="left" bgcolor="#FFFFFF"><font size="2" face="serif">&nbsp;</font></td>
<td align="left" bgcolor="#FFFFFF">&nbsp;</td>
<td align="right" bgcolor="#FFFFFF">&nbsp;</td>
<td align="left" bgcolor="#FFFFFF"><font size="2" face="serif">&nbsp;</font></td>
<td align="left" bgcolor="#FFFFFF">&nbsp;</td>
<td align="right" bgcolor="#FFFFFF">&nbsp;</td>
<td align="left" bgcolor="#FFFFFF"><font size="2" face="serif">&nbsp;</font></td>
<td align="left" bgcolor="#FFFFFF">&nbsp;</td>
<td align="right" bgcolor="#FFFFFF">&nbsp;</td>
<td align="right" bgcolor="#FFFFFF">&nbsp;</td>
<td align="left" bgcolor="#FFFFFF"><font size="2" face="serif">&nbsp;</font></td>
<td align="left" bgcolor="#FFFFFF">&nbsp;</td>
<td align="right" bgcolor="#FFFFFF">&nbsp;</td>
<td align="left" bgcolor="#FFFFFF"><font size="2" face="serif">&nbsp;</font></td>
<td align="left" bgcolor="#FFFFFF">&nbsp;</td>
<td align="right" bgcolor="#FFFFFF">&nbsp;</td>
<td align="left" bgcolor="#FFFFFF"><font size="2" face="serif">&nbsp;</font></td>
<td align="left" bgcolor="#FFFFFF">&nbsp;</td>
<td align="right" bgcolor="#FFFFFF">&nbsp;</td>
<td align="left" bgcolor="#FFFFFF"><font size="2" face="serif">&nbsp;</font></td>
</tr>
<tr valign="top">
<td align="left" bgcolor="#FFFFFF"><font size="2" face="serif"><b><font face="serif" size="1">As of June 30, 2005</font></b></font></td>
<td align="left" bgcolor="#FFFFFF">&nbsp;</td>
<td align="right" bgcolor="#FFFFFF">&nbsp;</td>
<td align="left" bgcolor="#FFFFFF"><font size="2" face="serif">&nbsp;</font></td>
<td align="left" bgcolor="#FFFFFF">&nbsp;</td>
<td align="right" bgcolor="#FFFFFF">&nbsp;</td>
<td align="left" bgcolor="#FFFFFF"><font size="2" face="serif">&nbsp;</font></td>
<td align="left" bgcolor="#FFFFFF">&nbsp;</td>
<td align="right" bgcolor="#FFFFFF">&nbsp;</td>
<td align="left" bgcolor="#FFFFFF"><font size="2" face="serif">&nbsp;</font></td>
<td align="left" bgcolor="#FFFFFF">&nbsp;</td>
<td align="right" bgcolor="#FFFFFF">&nbsp;</td>
<td align="left" bgcolor="#FFFFFF"><font size="2" face="serif">&nbsp;</font></td>
<td align="left" bgcolor="#FFFFFF">&nbsp;</td>
<td align="right" bgcolor="#FFFFFF">&nbsp;</td>
<td align="left" bgcolor="#FFFFFF"><font size="2" face="serif">&nbsp;</font></td>
<td align="left" bgcolor="#FFFFFF">&nbsp;</td>
<td align="right" bgcolor="#FFFFFF">&nbsp;</td>
<td align="left" bgcolor="#FFFFFF"><font size="2" face="serif">&nbsp;</font></td>
<td align="left" bgcolor="#FFFFFF">&nbsp;</td>
<td align="right" bgcolor="#FFFFFF">&nbsp;</td>
<td align="right" bgcolor="#FFFFFF">&nbsp;</td>
<td align="left" bgcolor="#FFFFFF"><font size="2" face="serif">&nbsp;</font></td>
<td align="left" bgcolor="#FFFFFF">&nbsp;</td>
<td align="right" bgcolor="#FFFFFF">&nbsp;</td>
<td align="left" bgcolor="#FFFFFF"><font size="2" face="serif">&nbsp;</font></td>
<td align="left" bgcolor="#FFFFFF">&nbsp;</td>
<td align="right" bgcolor="#FFFFFF">&nbsp;</td>
<td align="left" bgcolor="#FFFFFF"><font size="2" face="serif">&nbsp;</font></td>
<td align="left" bgcolor="#FFFFFF">&nbsp;</td>
<td align="right" bgcolor="#FFFFFF">&nbsp;</td>
<td align="left" bgcolor="#FFFFFF"><font size="2" face="serif">&nbsp;</font></td>
</tr>
<tr valign="bottom">
<td align="left" valign="top" bgcolor="#FFFFFF"><b><font face="serif" size="1">(continued)</font></b></td>
<td align="left" bgcolor="#FFFFFF">&nbsp;</td>
<td align="right" bgcolor="#FFFFFF">&nbsp;</td>
<td rowspan="4" align="center" bgcolor="#FFFFFF"><b><font face="serif" size="1">Year<br>
acquired</font></b></td>
<td align="left" bgcolor="#FFFFFF">&nbsp;</td>
<td align="right" bgcolor="#FFFFFF">&nbsp;</td>
<td colspan="2" rowspan="4" align="center" bgcolor="#FFFFFF"><b><font face="serif" size="1">Percent<br>
owned (2)</font></b></td>
<td align="right" bgcolor="#FFFFFF">&nbsp;</td>
<td rowspan="4" align="center" bgcolor="#FFFFFF"><b><font face="serif" size="1">Gross<br>
leasable<br>
area<br>
&#147;GLA&#148;</font></b></td>
<td align="left" bgcolor="#FFFFFF">&nbsp;</td>
<td align="right" bgcolor="#FFFFFF">&nbsp;</td>
<td rowspan="4" align="center" bgcolor="#FFFFFF"><b><font face="serif" size="1">Year built/<br>
year last<br>
renovated</font></b></td>
<td align="left" bgcolor="#FFFFFF">&nbsp;</td>
<td align="right" bgcolor="#FFFFFF">&nbsp;</td>
<td rowspan="4" align="center" bgcolor="#FFFFFF"><b><font face="serif" size="1">Number<br>
of<br>
tenants</font></b></td>
<td align="left" bgcolor="#FFFFFF">&nbsp;</td>
<td align="right" bgcolor="#FFFFFF">&nbsp;</td>
<td colspan="2" rowspan="4" align="center" bgcolor="#FFFFFF"><b><font face="serif" size="1">Percent<br>
occupied</font></b></td>
<td align="right" bgcolor="#FFFFFF">&nbsp;</td>
<td align="right" bgcolor="#FFFFFF">&nbsp;</td>
<td rowspan="4" align="center" bgcolor="#FFFFFF"><b><font face="serif" size="1">Average<br>
base rent per<br>
leased SF</font></b></td>
<td align="left" bgcolor="#FFFFFF">&nbsp;</td>
<td align="right" bgcolor="#FFFFFF">&nbsp;</td>
<td align="left" bgcolor="#FFFFFF"><font size="2" face="serif">&nbsp;</font></td>
<td align="left" bgcolor="#FFFFFF">&nbsp;</td>
<td align="right" bgcolor="#FFFFFF">&nbsp;</td>
<td align="left" bgcolor="#FFFFFF"><font size="2" face="serif">&nbsp;</font></td>
<td align="left" bgcolor="#FFFFFF">&nbsp;</td>
<td align="right" bgcolor="#FFFFFF">&nbsp;</td>
<td align="left" bgcolor="#FFFFFF"><font size="2" face="serif">&nbsp;</font></td>
</tr>
<tr valign="bottom">
<td align="left" bgcolor="#FFFFFF"><font size="2" face="serif">&nbsp;</font></td>
<td align="left" bgcolor="#FFFFFF">&nbsp;</td>
<td align="right" bgcolor="#FFFFFF">&nbsp;</td>
<td align="left" bgcolor="#FFFFFF">&nbsp;</td>
<td align="right" bgcolor="#FFFFFF">&nbsp;</td>
<td align="right" bgcolor="#FFFFFF">&nbsp;</td>
<td align="left" bgcolor="#FFFFFF">&nbsp;</td>
<td align="right" bgcolor="#FFFFFF">&nbsp;</td>
<td align="left" bgcolor="#FFFFFF">&nbsp;</td>
<td align="right" bgcolor="#FFFFFF">&nbsp;</td>
<td align="left" bgcolor="#FFFFFF">&nbsp;</td>
<td align="right" bgcolor="#FFFFFF">&nbsp;</td>
<td align="right" bgcolor="#FFFFFF">&nbsp;</td>
<td align="right" bgcolor="#FFFFFF">&nbsp;</td>
<td align="left" bgcolor="#FFFFFF">&nbsp;</td>
<td align="right" bgcolor="#FFFFFF">&nbsp;</td>
<td colspan="7" rowspan="2" align="center" bgcolor="#FFFFFF"><font size="2" face="serif">&nbsp;</font><font size="2" face="serif">&nbsp;</font><font size="2" face="serif">&nbsp;<b><font face="serif" size="1">Major
    tenants [&gt;=20,000 SF of GLA]</font></b></font>  <hr noshade align="center" width="100%" size="1">
</td>
</tr>
<tr valign="bottom">
<td align="left" bgcolor="#FFFFFF"><font size="2" face="serif">&nbsp;</font></td>
<td align="left" bgcolor="#FFFFFF">&nbsp;</td>
<td align="right" bgcolor="#FFFFFF">&nbsp;</td>
<td align="left" bgcolor="#FFFFFF">&nbsp;</td>
<td align="right" bgcolor="#FFFFFF">&nbsp;</td>
<td align="right" bgcolor="#FFFFFF">&nbsp;</td>
<td align="left" bgcolor="#FFFFFF">&nbsp;</td>
<td align="right" bgcolor="#FFFFFF">&nbsp;</td>
<td align="left" bgcolor="#FFFFFF">&nbsp;</td>
<td align="right" bgcolor="#FFFFFF">&nbsp;</td>
<td align="left" bgcolor="#FFFFFF">&nbsp;</td>
<td align="right" bgcolor="#FFFFFF">&nbsp;</td>
<td align="right" bgcolor="#FFFFFF">&nbsp;</td>
<td align="right" bgcolor="#FFFFFF">&nbsp;</td>
<td align="left" bgcolor="#FFFFFF">&nbsp;</td>
<td align="right" bgcolor="#FFFFFF">&nbsp;</td>
</tr>
<tr valign="bottom">
<td align="left" bgcolor="#FFFFFF"><font size="2" face="serif"><b><font face="serif" size="1">Property</font></b></font></td>
<td align="left" bgcolor="#FFFFFF">&nbsp;</td>
<td align="right" bgcolor="#FFFFFF">&nbsp;</td>
<td align="left" bgcolor="#FFFFFF">&nbsp;</td>
<td align="right" bgcolor="#FFFFFF">&nbsp;</td>
<td align="right" bgcolor="#FFFFFF">&nbsp;</td>
<td align="left" bgcolor="#FFFFFF">&nbsp;</td>
<td align="right" bgcolor="#FFFFFF">&nbsp;</td>
<td align="left" bgcolor="#FFFFFF">&nbsp;</td>
<td align="right" bgcolor="#FFFFFF">&nbsp;</td>
<td align="left" bgcolor="#FFFFFF">&nbsp;</td>
<td align="right" bgcolor="#FFFFFF">&nbsp;</td>
<td align="right" bgcolor="#FFFFFF">&nbsp;</td>
<td align="right" bgcolor="#FFFFFF">&nbsp;</td>
<td align="left" bgcolor="#FFFFFF">&nbsp;</td>
<td align="right" bgcolor="#FFFFFF">&nbsp;</td>
<td align="left" bgcolor="#FFFFFF"><font size="2" face="serif"><b><font face="serif" size="1">Name</font></b></font></td>
<td align="left" bgcolor="#FFFFFF">&nbsp;</td>
<td align="right" bgcolor="#FFFFFF">&nbsp;</td>
<td align="center" bgcolor="#FFFFFF"><font size="2" face="serif"><b><font face="serif" size="1">SF</font></b></font></td>
<td align="left" bgcolor="#FFFFFF">&nbsp;</td>
<td align="right" bgcolor="#FFFFFF">&nbsp;</td>
<td align="center" bgcolor="#FFFFFF"><font size="2" face="serif"><b><font face="serif" size="1">Lease<br>
expiration</font></b></font></td>
</tr>
<tr valign="top">
<td colspan="32" align="left"><hr noshade align="center" width="100%" size="1"></td>
</tr>
<tr valign="bottom">
<td align="left" bgcolor="#eeeeee"><font size="2" face="serif"><font face="serif" size="1">East Chestnut</font></font></td>
<td align="left" bgcolor="#eeeeee">&nbsp;</td>
<td align="right" bgcolor="#eeeeee">&nbsp;</td>
<td align="center" bgcolor="#eeeeee"><font size="2" face="serif"><font face="serif" size="1">2005</font></font></td>
<td align="left" bgcolor="#eeeeee">&nbsp;</td>
<td align="right" bgcolor="#eeeeee">&nbsp;</td>
<td align="right" bgcolor="#eeeeee"><font size="2" face="serif"><font face="serif" size="1">100</font></font></td>
<td align="left" bgcolor="#eeeeee"><font size="2" face="serif"><font face="serif" size="1">%</font></font></td>
<td width="1%" align="right" bgcolor="#eeeeee">&nbsp;</td>
<td align="center" bgcolor="#eeeeee"><font size="2" face="serif"><font face="serif" size="1">20,680 </font></font></td>
<td align="left" bgcolor="#eeeeee">&nbsp;</td>
<td align="right" bgcolor="#eeeeee">&nbsp;</td>
<td align="center" bgcolor="#eeeeee"><font size="2" face="serif"><font face="serif" size="1">1996</font></font></td>
<td align="left" bgcolor="#eeeeee">&nbsp;</td>
<td align="right" bgcolor="#eeeeee">&nbsp;</td>
<td align="center" bgcolor="#eeeeee"><font size="2" face="serif"><font face="serif" size="1">4 </font></font></td>
<td align="left" bgcolor="#eeeeee">&nbsp;</td>
<td align="right" bgcolor="#eeeeee">&nbsp;</td>
<td align="right" bgcolor="#eeeeee"><font size="2" face="serif"><font face="serif" size="1">100</font></font></td>
<td align="left" bgcolor="#eeeeee"><font size="2" face="serif"><font face="serif" size="1">%</font></font></td>
<td width="1%" align="right" bgcolor="#eeeeee">&nbsp;</td>
<td width="1%" align="right" bgcolor="#eeeeee"><font size="1" face="serif">$</font></td>
<td align="center" bgcolor="#eeeeee"><font size="2" face="serif"><font face="serif" size="1">16.65 </font></font></td>
<td width="2%" align="left" bgcolor="#eeeeee">&nbsp;</td>
<td align="right" bgcolor="#eeeeee">&nbsp;</td>
<td align="left" bgcolor="#eeeeee"><font size="2" face="serif">&nbsp;</font></td>
<td align="left" bgcolor="#eeeeee">&nbsp;</td>
<td align="right" bgcolor="#eeeeee">&nbsp;</td>
<td align="left" bgcolor="#eeeeee"><font size="2" face="serif">&nbsp;</font></td>
<td align="left" bgcolor="#eeeeee">&nbsp;</td>
<td align="right" bgcolor="#eeeeee">&nbsp;</td>
<td align="left" bgcolor="#eeeeee"><font size="2" face="serif">&nbsp;</font></td>
</tr>
<tr valign="bottom" bgcolor="#eeeeee">
<td align="left"><font size="2" face="serif"><font face="serif" size="1">Lancaster, PA</font></font></td>
<td align="left">&nbsp;</td>
<td align="right">&nbsp;</td>
<td align="left"><font size="2" face="serif">&nbsp;</font></td>
<td align="left">&nbsp;</td>
<td align="right">&nbsp;</td>
<td align="right"><font size="2" face="serif">&nbsp;</font></td>
<td align="left">&nbsp;</td>
<td align="right">&nbsp;</td>
<td align="left"><font size="2" face="serif">&nbsp;</font></td>
<td align="left">&nbsp;</td>
<td align="right">&nbsp;</td>
<td align="left"><font size="2" face="serif">&nbsp;</font></td>
<td align="left">&nbsp;</td>
<td align="right">&nbsp;</td>
<td align="left"><font size="2" face="serif">&nbsp;</font></td>
<td align="left">&nbsp;</td>
<td align="right">&nbsp;</td>
<td align="right"><font size="2" face="serif">&nbsp;</font></td>
<td align="left">&nbsp;</td>
<td align="right">&nbsp;</td>
<td align="right">&nbsp;</td>
<td align="left"><font size="2" face="serif">&nbsp;</font></td>
<td align="left">&nbsp;</td>
<td align="right">&nbsp;</td>
<td align="left"><font size="2" face="serif">&nbsp;</font></td>
<td align="left">&nbsp;</td>
<td align="right">&nbsp;</td>
<td align="left"><font size="2" face="serif">&nbsp;</font></td>
<td align="left">&nbsp;</td>
<td align="right">&nbsp;</td>
<td align="left"><font size="2" face="serif">&nbsp;</font></td>
</tr>
<tr valign="bottom">
<td align="left"><font size="2" face="serif">&nbsp;</font></td>
<td align="left">&nbsp;</td>
<td align="right">&nbsp;</td>
<td align="left"><font size="2" face="serif">&nbsp;</font></td>
<td align="left">&nbsp;</td>
<td align="right">&nbsp;</td>
<td align="right"><font size="2" face="serif">&nbsp;</font></td>
<td align="left">&nbsp;</td>
<td align="right">&nbsp;</td>
<td align="left"><font size="2" face="serif">&nbsp;</font></td>
<td align="left">&nbsp;</td>
<td align="right">&nbsp;</td>
<td align="left"><font size="2" face="serif">&nbsp;</font></td>
<td align="left">&nbsp;</td>
<td align="right">&nbsp;</td>
<td align="left"><font size="2" face="serif">&nbsp;</font></td>
<td align="left">&nbsp;</td>
<td align="right">&nbsp;</td>
<td align="right"><font size="2" face="serif">&nbsp;</font></td>
<td align="left">&nbsp;</td>
<td align="right">&nbsp;</td>
<td align="right">&nbsp;</td>
<td align="left"><font size="2" face="serif">&nbsp;</font></td>
<td align="left">&nbsp;</td>
<td align="right">&nbsp;</td>
<td align="left"><font size="2" face="serif">&nbsp;</font></td>
<td align="left">&nbsp;</td>
<td align="right">&nbsp;</td>
<td align="left"><font size="2" face="serif">&nbsp;</font></td>
<td align="left">&nbsp;</td>
<td align="right">&nbsp;</td>
<td align="left"><font size="2" face="serif">&nbsp;</font></td>
</tr>
<tr valign="bottom">
<td align="left" bgcolor="#FFFFFF"><font size="2" face="serif"><font face="serif" size="1">Fairfield Plaza</font></font></td>
<td align="left" bgcolor="#FFFFFF">&nbsp;</td>
<td align="right" bgcolor="#FFFFFF">&nbsp;</td>
<td align="center" bgcolor="#FFFFFF"><font size="2" face="serif"><font face="serif" size="1">2005</font></font></td>
<td align="left" bgcolor="#FFFFFF">&nbsp;</td>
<td align="right" bgcolor="#FFFFFF">&nbsp;</td>
<td align="right"><font size="2" face="serif"><font face="serif" size="1">100</font></font></td>
<td align="left" bgcolor="#FFFFFF"><font size="2" face="serif"><font face="serif" size="1">%</font></font></td>
<td align="right" bgcolor="#FFFFFF">&nbsp;</td>
<td align="center" bgcolor="#FFFFFF"><font size="2" face="serif"><font face="serif" size="1">71,979 </font></font></td>
<td align="left" bgcolor="#FFFFFF">&nbsp;</td>
<td align="right" bgcolor="#FFFFFF">&nbsp;</td>
<td align="center" bgcolor="#FFFFFF"><font size="2" face="serif"><font face="serif" size="1">2001/2005</font></font></td>
<td align="left" bgcolor="#FFFFFF">&nbsp;</td>
<td align="right" bgcolor="#FFFFFF">&nbsp;</td>
<td align="center" bgcolor="#FFFFFF"><font size="2" face="serif"><font face="serif" size="1">6 </font></font></td>
<td align="left" bgcolor="#FFFFFF">&nbsp;</td>
<td align="right" bgcolor="#FFFFFF">&nbsp;</td>
<td align="right"><font size="2" face="serif"><font face="serif" size="1">86</font></font></td>
<td align="left" bgcolor="#FFFFFF"><font size="2" face="serif"><font face="serif" size="1">%</font></font></td>
<td align="right" bgcolor="#FFFFFF">&nbsp;</td>
<td align="right" bgcolor="#FFFFFF">&nbsp;</td>
<td align="center" bgcolor="#FFFFFF"><font size="2" face="serif"><font face="serif" size="1">12.97 </font></font></td>
<td align="left" bgcolor="#FFFFFF">&nbsp;</td>
<td align="right" bgcolor="#FFFFFF">&nbsp;</td>
<td align="left" bgcolor="#FFFFFF"><font size="2" face="serif"><font face="serif" size="1">TJ Maxx</font></font></td>
<td align="left" bgcolor="#FFFFFF">&nbsp;</td>
<td align="right" bgcolor="#FFFFFF">&nbsp;</td>
<td align="center" bgcolor="#FFFFFF"><font size="2" face="serif"><font face="serif" size="1">25,257 </font></font></td>
<td align="left" bgcolor="#FFFFFF">&nbsp;</td>
<td align="right" bgcolor="#FFFFFF">&nbsp;</td>
<td align="center" bgcolor="#FFFFFF"><font size="2" face="serif"><font face="serif" size="1">08/31/2013</font></font></td>
</tr>
<tr valign="bottom">
<td align="left" bgcolor="#ffffff"><font size="2" face="serif"><font face="serif" size="1">New Milford, CT</font></font></td>
<td align="left" bgcolor="#ffffff">&nbsp;</td>
<td align="right" bgcolor="#ffffff">&nbsp;</td>
<td align="left" bgcolor="#ffffff"><font size="2" face="serif">&nbsp;</font></td>
<td align="left" bgcolor="#ffffff">&nbsp;</td>
<td align="right" bgcolor="#ffffff">&nbsp;</td>
<td align="right"><font size="2" face="serif">&nbsp;</font></td>
<td align="left" bgcolor="#ffffff">&nbsp;</td>
<td align="right" bgcolor="#ffffff">&nbsp;</td>
<td align="left" bgcolor="#ffffff"><font size="2" face="serif">&nbsp;</font></td>
<td align="left" bgcolor="#ffffff">&nbsp;</td>
<td align="right" bgcolor="#ffffff">&nbsp;</td>
<td align="left" bgcolor="#ffffff"><font size="2" face="serif">&nbsp;</font></td>
<td align="left" bgcolor="#ffffff">&nbsp;</td>
<td align="right" bgcolor="#ffffff">&nbsp;</td>
<td align="left" bgcolor="#ffffff"><font size="2" face="serif">&nbsp;</font></td>
<td align="left" bgcolor="#ffffff">&nbsp;</td>
<td align="right" bgcolor="#ffffff">&nbsp;</td>
<td align="right"><font size="2" face="serif">&nbsp;</font></td>
<td align="left" bgcolor="#ffffff">&nbsp;</td>
<td align="right" bgcolor="#ffffff">&nbsp;</td>
<td align="right" bgcolor="#ffffff">&nbsp;</td>
<td align="left" bgcolor="#ffffff"><font size="2" face="serif">&nbsp;</font></td>
<td align="left" bgcolor="#ffffff">&nbsp;</td>
<td align="right" bgcolor="#ffffff">&nbsp;</td>
<td align="left" bgcolor="#ffffff"><font size="2" face="serif"><font face="serif" size="1">Staples</font></font></td>
<td align="left" bgcolor="#ffffff">&nbsp;</td>
<td align="right" bgcolor="#ffffff">&nbsp;</td>
<td align="center" bgcolor="#ffffff"><font size="2" face="serif"><font face="serif" size="1">20,388 </font></font></td>
<td align="left" bgcolor="#ffffff">&nbsp;</td>
<td align="right" bgcolor="#ffffff">&nbsp;</td>
<td align="center" bgcolor="#ffffff"><font size="2" face="serif"><font face="serif" size="1">10/31/2019</font></font></td>
</tr>
<tr valign="bottom">
<td align="left"><font size="2" face="serif">&nbsp;</font></td>
<td align="left">&nbsp;</td>
<td align="right">&nbsp;</td>
<td align="left"><font size="2" face="serif">&nbsp;</font></td>
<td align="left">&nbsp;</td>
<td align="right">&nbsp;</td>
<td align="right"><font size="2" face="serif">&nbsp;</font></td>
<td align="left">&nbsp;</td>
<td align="right">&nbsp;</td>
<td align="left"><font size="2" face="serif">&nbsp;</font></td>
<td align="left">&nbsp;</td>
<td align="right">&nbsp;</td>
<td align="left"><font size="2" face="serif">&nbsp;</font></td>
<td align="left">&nbsp;</td>
<td align="right">&nbsp;</td>
<td align="left"><font size="2" face="serif">&nbsp;</font></td>
<td align="left">&nbsp;</td>
<td align="right">&nbsp;</td>
<td align="right"><font size="2" face="serif">&nbsp;</font></td>
<td align="left">&nbsp;</td>
<td align="right">&nbsp;</td>
<td align="right">&nbsp;</td>
<td align="left"><font size="2" face="serif">&nbsp;</font></td>
<td align="left">&nbsp;</td>
<td align="right">&nbsp;</td>
<td align="left"><font size="2" face="serif">&nbsp;</font></td>
<td align="left">&nbsp;</td>
<td align="right">&nbsp;</td>
<td align="left"><font size="2" face="serif">&nbsp;</font></td>
<td align="left">&nbsp;</td>
<td align="right">&nbsp;</td>
<td align="left"><font size="2" face="serif">&nbsp;</font></td>
</tr>
<tr valign="bottom">
<td align="left" bgcolor="#eeeeee"><font size="2" face="serif"><font face="serif" size="1">Family Dollar at Zanesville</font></font></td>
<td align="left" bgcolor="#eeeeee">&nbsp;</td>
<td align="right" bgcolor="#eeeeee">&nbsp;</td>
<td align="center" bgcolor="#eeeeee"><font size="2" face="serif"><font face="serif" size="1">2005</font></font></td>
<td align="left" bgcolor="#eeeeee">&nbsp;</td>
<td align="right" bgcolor="#eeeeee">&nbsp;</td>
<td align="right" bgcolor="#eeeeee"><font size="2" face="serif"><font face="serif" size="1">100</font></font></td>
<td align="left" bgcolor="#eeeeee"><font size="2" face="serif"><font face="serif" size="1">%</font></font></td>
<td align="right" bgcolor="#eeeeee">&nbsp;</td>
<td align="center" bgcolor="#eeeeee"><font size="2" face="serif"><font face="serif" size="1">6,900 </font></font></td>
<td align="left" bgcolor="#eeeeee">&nbsp;</td>
<td align="right" bgcolor="#eeeeee">&nbsp;</td>
<td align="center" bgcolor="#eeeeee"><font size="2" face="serif"><font face="serif" size="1">2000</font></font></td>
<td align="left" bgcolor="#eeeeee">&nbsp;</td>
<td align="right" bgcolor="#eeeeee">&nbsp;</td>
<td align="center" bgcolor="#eeeeee"><font size="2" face="serif"><font face="serif" size="1">1 </font></font></td>
<td align="left" bgcolor="#eeeeee">&nbsp;</td>
<td align="right" bgcolor="#eeeeee">&nbsp;</td>
<td align="right" bgcolor="#eeeeee"><font size="2" face="serif"><font face="serif" size="1">100</font></font></td>
<td align="left" bgcolor="#eeeeee"><font size="2" face="serif"><font face="serif" size="1">%</font></font></td>
<td align="right" bgcolor="#eeeeee">&nbsp;</td>
<td align="right" bgcolor="#eeeeee">&nbsp;</td>
<td align="center" bgcolor="#eeeeee"><font size="2" face="serif"><font face="serif" size="1">8.70 </font></font></td>
<td align="left" bgcolor="#eeeeee">&nbsp;</td>
<td align="right" bgcolor="#eeeeee">&nbsp;</td>
<td align="left" bgcolor="#eeeeee"><font size="2" face="serif">&nbsp;</font></td>
<td align="left" bgcolor="#eeeeee">&nbsp;</td>
<td align="right" bgcolor="#eeeeee">&nbsp;</td>
<td align="left" bgcolor="#eeeeee"><font size="2" face="serif">&nbsp;</font></td>
<td align="left" bgcolor="#eeeeee">&nbsp;</td>
<td align="right" bgcolor="#eeeeee">&nbsp;</td>
<td align="left" bgcolor="#eeeeee"><font size="2" face="serif">&nbsp;</font></td>
</tr>
<tr valign="bottom">
<td align="left" bgcolor="#eeeeee"><font size="2" face="serif"><font face="serif" size="1">Zanesville, OH</font></font></td>
<td align="left" bgcolor="#eeeeee">&nbsp;</td>
<td align="right" bgcolor="#eeeeee">&nbsp;</td>
<td align="left" bgcolor="#eeeeee"><font size="2" face="serif">&nbsp;</font></td>
<td align="left" bgcolor="#eeeeee">&nbsp;</td>
<td align="right" bgcolor="#eeeeee">&nbsp;</td>
<td align="right" bgcolor="#eeeeee"><font size="2" face="serif">&nbsp;</font></td>
<td align="left" bgcolor="#eeeeee">&nbsp;</td>
<td align="right" bgcolor="#eeeeee">&nbsp;</td>
<td align="left" bgcolor="#eeeeee"><font size="2" face="serif">&nbsp;</font></td>
<td align="left" bgcolor="#eeeeee">&nbsp;</td>
<td align="right" bgcolor="#eeeeee">&nbsp;</td>
<td align="left" bgcolor="#eeeeee"><font size="2" face="serif">&nbsp;</font></td>
<td align="left" bgcolor="#eeeeee">&nbsp;</td>
<td align="right" bgcolor="#eeeeee">&nbsp;</td>
<td align="left" bgcolor="#eeeeee"><font size="2" face="serif">&nbsp;</font></td>
<td align="left" bgcolor="#eeeeee">&nbsp;</td>
<td align="right" bgcolor="#eeeeee">&nbsp;</td>
<td align="right" bgcolor="#eeeeee"><font size="2" face="serif">&nbsp;</font></td>
<td align="left" bgcolor="#eeeeee">&nbsp;</td>
<td align="right" bgcolor="#eeeeee">&nbsp;</td>
<td align="right" bgcolor="#eeeeee">&nbsp;</td>
<td align="left" bgcolor="#eeeeee"><font size="2" face="serif">&nbsp;</font></td>
<td align="left" bgcolor="#eeeeee">&nbsp;</td>
<td align="right" bgcolor="#eeeeee">&nbsp;</td>
<td align="left" bgcolor="#eeeeee"><font size="2" face="serif">&nbsp;</font></td>
<td align="left" bgcolor="#eeeeee">&nbsp;</td>
<td align="right" bgcolor="#eeeeee">&nbsp;</td>
<td align="left" bgcolor="#eeeeee"><font size="2" face="serif">&nbsp;</font></td>
<td align="left" bgcolor="#eeeeee">&nbsp;</td>
<td align="right" bgcolor="#eeeeee">&nbsp;</td>
<td align="left" bgcolor="#eeeeee"><font size="2" face="serif">&nbsp;</font></td>
</tr>
<tr valign="bottom">
<td align="left"><font size="2" face="serif">&nbsp;</font></td>
<td align="left">&nbsp;</td>
<td align="right">&nbsp;</td>
<td align="left"><font size="2" face="serif">&nbsp;</font></td>
<td align="left">&nbsp;</td>
<td align="right">&nbsp;</td>
<td align="right"><font size="2" face="serif">&nbsp;</font></td>
<td align="left">&nbsp;</td>
<td align="right">&nbsp;</td>
<td align="left"><font size="2" face="serif">&nbsp;</font></td>
<td align="left">&nbsp;</td>
<td align="right">&nbsp;</td>
<td align="left"><font size="2" face="serif">&nbsp;</font></td>
<td align="left">&nbsp;</td>
<td align="right">&nbsp;</td>
<td align="left"><font size="2" face="serif">&nbsp;</font></td>
<td align="left">&nbsp;</td>
<td align="right">&nbsp;</td>
<td align="right"><font size="2" face="serif">&nbsp;</font></td>
<td align="left">&nbsp;</td>
<td align="right">&nbsp;</td>
<td align="right">&nbsp;</td>
<td align="left"><font size="2" face="serif">&nbsp;</font></td>
<td align="left">&nbsp;</td>
<td align="right">&nbsp;</td>
<td align="left"><font size="2" face="serif">&nbsp;</font></td>
<td align="left">&nbsp;</td>
<td align="right">&nbsp;</td>
<td align="left"><font size="2" face="serif">&nbsp;</font></td>
<td align="left">&nbsp;</td>
<td align="right">&nbsp;</td>
<td align="left"><font size="2" face="serif">&nbsp;</font></td>
</tr>
<tr valign="bottom">
<td align="left" bgcolor="#ffffff"><font size="2" face="serif"><font face="serif" size="1">FirstMerit Bank at Akron</font></font></td>
<td align="left" bgcolor="#ffffff">&nbsp;</td>
<td align="right" bgcolor="#ffffff">&nbsp;</td>
<td align="center" bgcolor="#ffffff"><font size="2" face="serif"><font face="serif" size="1">2005</font></font></td>
<td align="left" bgcolor="#ffffff">&nbsp;</td>
<td align="right" bgcolor="#ffffff">&nbsp;</td>
<td align="right"><font size="2" face="serif"><font face="serif" size="1">100</font></font></td>
<td align="left" bgcolor="#ffffff"><font size="2" face="serif"><font face="serif" size="1">%</font></font></td>
<td align="right" bgcolor="#ffffff">&nbsp;</td>
<td align="center" bgcolor="#ffffff"><font size="2" face="serif"><font face="serif" size="1">3,200 </font></font></td>
<td align="left" bgcolor="#ffffff">&nbsp;</td>
<td align="right" bgcolor="#ffffff">&nbsp;</td>
<td align="center" bgcolor="#ffffff"><font size="2" face="serif"><font face="serif" size="1">1996</font></font></td>
<td align="left" bgcolor="#ffffff">&nbsp;</td>
<td align="right" bgcolor="#ffffff">&nbsp;</td>
<td align="center" bgcolor="#ffffff"><font size="2" face="serif"><font face="serif" size="1">1 </font></font></td>
<td align="left" bgcolor="#ffffff">&nbsp;</td>
<td align="right" bgcolor="#ffffff">&nbsp;</td>
<td align="right"><font size="2" face="serif"><font face="serif" size="1">100</font></font></td>
<td align="left" bgcolor="#ffffff"><font size="2" face="serif"><font face="serif" size="1">%</font></font></td>
<td align="right" bgcolor="#ffffff">&nbsp;</td>
<td align="right" bgcolor="#ffffff">&nbsp;</td>
<td align="center" bgcolor="#ffffff"><font size="2" face="serif"><font face="serif" size="1">23.51 </font></font></td>
<td align="left" bgcolor="#ffffff">&nbsp;</td>
<td align="right" bgcolor="#ffffff">&nbsp;</td>
<td align="left" bgcolor="#ffffff"><font size="2" face="serif">&nbsp;</font></td>
<td align="left" bgcolor="#ffffff">&nbsp;</td>
<td align="right" bgcolor="#ffffff">&nbsp;</td>
<td align="left" bgcolor="#ffffff"><font size="2" face="serif">&nbsp;</font></td>
<td align="left" bgcolor="#ffffff">&nbsp;</td>
<td align="right" bgcolor="#ffffff">&nbsp;</td>
<td align="left" bgcolor="#ffffff"><font size="2" face="serif">&nbsp;</font></td>
</tr>
<tr valign="bottom">
<td align="left" bgcolor="#FFFFFF"><font size="2" face="serif"><font face="serif" size="1">Akron, OH</font></font></td>
<td align="left" bgcolor="#FFFFFF">&nbsp;</td>
<td align="right" bgcolor="#FFFFFF">&nbsp;</td>
<td align="left" bgcolor="#FFFFFF"><font size="2" face="serif">&nbsp;</font></td>
<td align="left" bgcolor="#FFFFFF">&nbsp;</td>
<td align="right" bgcolor="#FFFFFF">&nbsp;</td>
<td align="right"><font size="2" face="serif">&nbsp;</font></td>
<td align="left" bgcolor="#FFFFFF">&nbsp;</td>
<td align="right" bgcolor="#FFFFFF">&nbsp;</td>
<td align="left" bgcolor="#FFFFFF"><font size="2" face="serif">&nbsp;</font></td>
<td align="left" bgcolor="#FFFFFF">&nbsp;</td>
<td align="right" bgcolor="#FFFFFF">&nbsp;</td>
<td align="left" bgcolor="#FFFFFF"><font size="2" face="serif">&nbsp;</font></td>
<td align="left" bgcolor="#FFFFFF">&nbsp;</td>
<td align="right" bgcolor="#FFFFFF">&nbsp;</td>
<td align="left" bgcolor="#FFFFFF"><font size="2" face="serif">&nbsp;</font></td>
<td align="left" bgcolor="#FFFFFF">&nbsp;</td>
<td align="right" bgcolor="#FFFFFF">&nbsp;</td>
<td align="right"><font size="2" face="serif">&nbsp;</font></td>
<td align="left" bgcolor="#FFFFFF">&nbsp;</td>
<td align="right" bgcolor="#FFFFFF">&nbsp;</td>
<td align="right" bgcolor="#FFFFFF">&nbsp;</td>
<td align="left" bgcolor="#FFFFFF"><font size="2" face="serif">&nbsp;</font></td>
<td align="left" bgcolor="#FFFFFF">&nbsp;</td>
<td align="right" bgcolor="#FFFFFF">&nbsp;</td>
<td align="left" bgcolor="#FFFFFF"><font size="2" face="serif">&nbsp;</font></td>
<td align="left" bgcolor="#FFFFFF">&nbsp;</td>
<td align="right" bgcolor="#FFFFFF">&nbsp;</td>
<td align="left" bgcolor="#FFFFFF"><font size="2" face="serif">&nbsp;</font></td>
<td align="left" bgcolor="#FFFFFF">&nbsp;</td>
<td align="right" bgcolor="#FFFFFF">&nbsp;</td>
<td align="left" bgcolor="#FFFFFF"><font size="2" face="serif">&nbsp;</font></td>
</tr>
<tr valign="bottom">
<td align="left"><font size="2" face="serif">&nbsp;</font></td>
<td align="left">&nbsp;</td>
<td align="right">&nbsp;</td>
<td align="left"><font size="2" face="serif">&nbsp;</font></td>
<td align="left">&nbsp;</td>
<td align="right">&nbsp;</td>
<td align="right"><font size="2" face="serif">&nbsp;</font></td>
<td align="left">&nbsp;</td>
<td align="right">&nbsp;</td>
<td align="left"><font size="2" face="serif">&nbsp;</font></td>
<td align="left">&nbsp;</td>
<td align="right">&nbsp;</td>
<td align="left"><font size="2" face="serif">&nbsp;</font></td>
<td align="left">&nbsp;</td>
<td align="right">&nbsp;</td>
<td align="left"><font size="2" face="serif">&nbsp;</font></td>
<td align="left">&nbsp;</td>
<td align="right">&nbsp;</td>
<td align="right"><font size="2" face="serif">&nbsp;</font></td>
<td align="left">&nbsp;</td>
<td align="right">&nbsp;</td>
<td align="right">&nbsp;</td>
<td align="left"><font size="2" face="serif">&nbsp;</font></td>
<td align="left">&nbsp;</td>
<td align="right">&nbsp;</td>
<td align="left"><font size="2" face="serif">&nbsp;</font></td>
<td align="left">&nbsp;</td>
<td align="right">&nbsp;</td>
<td align="left"><font size="2" face="serif">&nbsp;</font></td>
<td align="left">&nbsp;</td>
<td align="right">&nbsp;</td>
<td align="left"><font size="2" face="serif">&nbsp;</font></td>
</tr>
<tr valign="bottom">
<td align="left" bgcolor="#eeeeee"><font size="2" face="serif"><font face="serif" size="1">Hudson Discount Drug Mart Plaza</font></font></td>
<td align="left" bgcolor="#eeeeee">&nbsp;</td>
<td align="right" bgcolor="#eeeeee">&nbsp;</td>
<td align="center" bgcolor="#eeeeee"><font size="2" face="serif"><font face="serif" size="1">2005</font></font></td>
<td align="left" bgcolor="#eeeeee">&nbsp;</td>
<td align="right" bgcolor="#eeeeee">&nbsp;</td>
<td align="right" bgcolor="#eeeeee"><font size="2" face="serif"><font face="serif" size="1">100</font></font></td>
<td align="left" bgcolor="#eeeeee"><font size="2" face="serif"><font face="serif" size="1">%</font></font></td>
<td align="right" bgcolor="#eeeeee">&nbsp;</td>
<td align="center" bgcolor="#eeeeee"><font size="2" face="serif"><font face="serif" size="1">32,259 </font></font></td>
<td align="left" bgcolor="#eeeeee">&nbsp;</td>
<td align="right" bgcolor="#eeeeee">&nbsp;</td>
<td align="center" bgcolor="#eeeeee"><font size="2" face="serif"><font face="serif" size="1">2000</font></font></td>
<td align="left" bgcolor="#eeeeee">&nbsp;</td>
<td align="right" bgcolor="#eeeeee">&nbsp;</td>
<td align="center" bgcolor="#eeeeee"><font size="2" face="serif"><font face="serif" size="1">1 </font></font></td>
<td align="left" bgcolor="#eeeeee">&nbsp;</td>
<td align="right" bgcolor="#eeeeee">&nbsp;</td>
<td align="right" bgcolor="#eeeeee"><font size="2" face="serif"><font face="serif" size="1">100</font></font></td>
<td align="left" bgcolor="#eeeeee"><font size="2" face="serif"><font face="serif" size="1">%</font></font></td>
<td align="right" bgcolor="#eeeeee">&nbsp;</td>
<td align="right" bgcolor="#eeeeee">&nbsp;</td>
<td align="center" bgcolor="#eeeeee"><font size="2" face="serif"><font face="serif" size="1">10.19 </font></font></td>
<td align="left" bgcolor="#eeeeee">&nbsp;</td>
<td align="right" bgcolor="#eeeeee">&nbsp;</td>
<td align="left" bgcolor="#eeeeee"><font size="2" face="serif"><font face="serif" size="1">Discount Drug Mart</font></font></td>
<td align="left" bgcolor="#eeeeee">&nbsp;</td>
<td align="right" bgcolor="#eeeeee">&nbsp;</td>
<td align="center" bgcolor="#eeeeee"><font size="2" face="serif"><font face="serif" size="1">32,259 </font></font></td>
<td align="left" bgcolor="#eeeeee">&nbsp;</td>
<td align="right" bgcolor="#eeeeee">&nbsp;</td>
<td align="center" bgcolor="#eeeeee"><font size="2" face="serif"><font face="serif" size="1">03/31/2017</font></font></td>
</tr>
<tr valign="bottom">
<td align="left" bgcolor="#eeeeee"><font size="2" face="serif"><font face="serif" size="1">Hudson, OH</font></font></td>
<td align="left" bgcolor="#eeeeee">&nbsp;</td>
<td align="right" bgcolor="#eeeeee">&nbsp;</td>
<td align="left" bgcolor="#eeeeee"><font size="2" face="serif">&nbsp;</font></td>
<td align="left" bgcolor="#eeeeee">&nbsp;</td>
<td align="right" bgcolor="#eeeeee">&nbsp;</td>
<td align="right" bgcolor="#eeeeee"><font size="2" face="serif">&nbsp;</font></td>
<td align="left" bgcolor="#eeeeee">&nbsp;</td>
<td align="right" bgcolor="#eeeeee">&nbsp;</td>
<td align="left" bgcolor="#eeeeee"><font size="2" face="serif">&nbsp;</font></td>
<td align="left" bgcolor="#eeeeee">&nbsp;</td>
<td align="right" bgcolor="#eeeeee">&nbsp;</td>
<td align="left" bgcolor="#eeeeee"><font size="2" face="serif">&nbsp;</font></td>
<td align="left" bgcolor="#eeeeee">&nbsp;</td>
<td align="right" bgcolor="#eeeeee">&nbsp;</td>
<td align="left" bgcolor="#eeeeee"><font size="2" face="serif">&nbsp;</font></td>
<td align="left" bgcolor="#eeeeee">&nbsp;</td>
<td align="right" bgcolor="#eeeeee">&nbsp;</td>
<td align="right" bgcolor="#eeeeee"><font size="2" face="serif">&nbsp;</font></td>
<td align="left" bgcolor="#eeeeee">&nbsp;</td>
<td align="right" bgcolor="#eeeeee">&nbsp;</td>
<td align="right" bgcolor="#eeeeee">&nbsp;</td>
<td align="left" bgcolor="#eeeeee"><font size="2" face="serif">&nbsp;</font></td>
<td align="left" bgcolor="#eeeeee">&nbsp;</td>
<td align="right" bgcolor="#eeeeee">&nbsp;</td>
<td align="left" bgcolor="#eeeeee"><font size="2" face="serif">&nbsp;</font></td>
<td align="left" bgcolor="#eeeeee">&nbsp;</td>
<td align="right" bgcolor="#eeeeee">&nbsp;</td>
<td align="left" bgcolor="#eeeeee"><font size="2" face="serif">&nbsp;</font></td>
<td align="left" bgcolor="#eeeeee">&nbsp;</td>
<td align="right" bgcolor="#eeeeee">&nbsp;</td>
<td align="left" bgcolor="#eeeeee"><font size="2" face="serif">&nbsp;</font></td>
</tr>
<tr valign="bottom">
<td align="left"><font size="2" face="serif">&nbsp;</font></td>
<td align="left">&nbsp;</td>
<td align="right">&nbsp;</td>
<td align="left"><font size="2" face="serif">&nbsp;</font></td>
<td align="left">&nbsp;</td>
<td align="right">&nbsp;</td>
<td align="right"><font size="2" face="serif">&nbsp;</font></td>
<td align="left">&nbsp;</td>
<td align="right">&nbsp;</td>
<td align="left"><font size="2" face="serif">&nbsp;</font></td>
<td align="left">&nbsp;</td>
<td align="right">&nbsp;</td>
<td align="left"><font size="2" face="serif">&nbsp;</font></td>
<td align="left">&nbsp;</td>
<td align="right">&nbsp;</td>
<td align="left"><font size="2" face="serif">&nbsp;</font></td>
<td align="left">&nbsp;</td>
<td align="right">&nbsp;</td>
<td align="right"><font size="2" face="serif">&nbsp;</font></td>
<td align="left">&nbsp;</td>
<td align="right">&nbsp;</td>
<td align="right">&nbsp;</td>
<td align="left"><font size="2" face="serif">&nbsp;</font></td>
<td align="left">&nbsp;</td>
<td align="right">&nbsp;</td>
<td align="left"><font size="2" face="serif">&nbsp;</font></td>
<td align="left">&nbsp;</td>
<td align="right">&nbsp;</td>
<td align="left"><font size="2" face="serif">&nbsp;</font></td>
<td align="left">&nbsp;</td>
<td align="right">&nbsp;</td>
<td align="left"><font size="2" face="serif">&nbsp;</font></td>
</tr>
<tr valign="bottom">
<td align="left" bgcolor="#ffffff"><font size="2" face="serif"><font face="serif" size="1">Lodi Discount Drug Mart Plaza</font></font></td>
<td align="left" bgcolor="#ffffff">&nbsp;</td>
<td align="right" bgcolor="#ffffff">&nbsp;</td>
<td align="center" bgcolor="#ffffff"><font size="2" face="serif"><font face="serif" size="1">2005</font></font></td>
<td align="left" bgcolor="#ffffff">&nbsp;</td>
<td align="right" bgcolor="#ffffff">&nbsp;</td>
<td align="right"><font size="2" face="serif"><font face="serif" size="1">100</font></font></td>
<td align="left" bgcolor="#ffffff"><font size="2" face="serif"><font face="serif" size="1">%</font></font></td>
<td align="right" bgcolor="#ffffff">&nbsp;</td>
<td align="center" bgcolor="#ffffff"><font size="2" face="serif"><font face="serif" size="1">38,576 </font></font></td>
<td align="left" bgcolor="#ffffff">&nbsp;</td>
<td align="right" bgcolor="#ffffff">&nbsp;</td>
<td align="center" bgcolor="#ffffff"><font size="2" face="serif"><font face="serif" size="1">2003</font></font></td>
<td align="left" bgcolor="#ffffff">&nbsp;</td>
<td align="right" bgcolor="#ffffff">&nbsp;</td>
<td align="center" bgcolor="#ffffff"><font size="2" face="serif"><font face="serif" size="1">5 </font></font></td>
<td align="left" bgcolor="#ffffff">&nbsp;</td>
<td align="right" bgcolor="#ffffff">&nbsp;</td>
<td align="right"><font size="2" face="serif"><font face="serif" size="1">100</font></font></td>
<td align="left" bgcolor="#ffffff"><font size="2" face="serif"><font face="serif" size="1">%</font></font></td>
<td align="right" bgcolor="#ffffff">&nbsp;</td>
<td align="right" bgcolor="#ffffff">&nbsp;</td>
<td align="center" bgcolor="#ffffff"><font size="2" face="serif"><font face="serif" size="1">9.27 </font></font></td>
<td align="left" bgcolor="#ffffff">&nbsp;</td>
<td align="right" bgcolor="#ffffff">&nbsp;</td>
<td align="left" bgcolor="#ffffff"><font size="2" face="serif"><font face="serif" size="1">Discount Drug Mart</font></font></td>
<td align="left" bgcolor="#ffffff">&nbsp;</td>
<td align="right" bgcolor="#ffffff">&nbsp;</td>
<td align="center" bgcolor="#ffffff"><font size="2" face="serif"><font face="serif" size="1">24,596 </font></font></td>
<td align="left" bgcolor="#ffffff">&nbsp;</td>
<td align="right" bgcolor="#ffffff">&nbsp;</td>
<td align="center" bgcolor="#ffffff"><font size="2" face="serif"><font face="serif" size="1">03/31/2019</font></font></td>
</tr>
<tr valign="bottom">
<td align="left" bgcolor="#FFFFFF"><font size="2" face="serif"><font face="serif" size="1">Lodi, OH</font></font></td>
<td align="left" bgcolor="#FFFFFF">&nbsp;</td>
<td align="right" bgcolor="#FFFFFF">&nbsp;</td>
<td align="left" bgcolor="#FFFFFF"><font size="2" face="serif">&nbsp;</font></td>
<td align="left" bgcolor="#FFFFFF">&nbsp;</td>
<td align="right" bgcolor="#FFFFFF">&nbsp;</td>
<td align="right"><font size="2" face="serif">&nbsp;</font></td>
<td align="left" bgcolor="#FFFFFF">&nbsp;</td>
<td align="right" bgcolor="#FFFFFF">&nbsp;</td>
<td align="left" bgcolor="#FFFFFF"><font size="2" face="serif">&nbsp;</font></td>
<td align="left" bgcolor="#FFFFFF">&nbsp;</td>
<td align="right" bgcolor="#FFFFFF">&nbsp;</td>
<td align="left" bgcolor="#FFFFFF"><font size="2" face="serif">&nbsp;</font></td>
<td align="left" bgcolor="#FFFFFF">&nbsp;</td>
<td align="right" bgcolor="#FFFFFF">&nbsp;</td>
<td align="left" bgcolor="#FFFFFF"><font size="2" face="serif">&nbsp;</font></td>
<td align="left" bgcolor="#FFFFFF">&nbsp;</td>
<td align="right" bgcolor="#FFFFFF">&nbsp;</td>
<td align="right"><font size="2" face="serif">&nbsp;</font></td>
<td align="left" bgcolor="#FFFFFF">&nbsp;</td>
<td align="right" bgcolor="#FFFFFF">&nbsp;</td>
<td align="right" bgcolor="#FFFFFF">&nbsp;</td>
<td align="left" bgcolor="#FFFFFF"><font size="2" face="serif">&nbsp;</font></td>
<td align="left" bgcolor="#FFFFFF">&nbsp;</td>
<td align="right" bgcolor="#FFFFFF">&nbsp;</td>
<td align="left" bgcolor="#FFFFFF"><font size="2" face="serif">&nbsp;</font></td>
<td align="left" bgcolor="#FFFFFF">&nbsp;</td>
<td align="right" bgcolor="#FFFFFF">&nbsp;</td>
<td align="left" bgcolor="#FFFFFF"><font size="2" face="serif">&nbsp;</font></td>
<td align="left" bgcolor="#FFFFFF">&nbsp;</td>
<td align="right" bgcolor="#FFFFFF">&nbsp;</td>
<td align="left" bgcolor="#FFFFFF"><font size="2" face="serif">&nbsp;</font></td>
</tr>
<tr valign="bottom">
<td align="left"><font size="2" face="serif">&nbsp;</font></td>
<td align="left">&nbsp;</td>
<td align="right">&nbsp;</td>
<td align="left"><font size="2" face="serif">&nbsp;</font></td>
<td align="left">&nbsp;</td>
<td align="right">&nbsp;</td>
<td align="right"><font size="2" face="serif">&nbsp;</font></td>
<td align="left">&nbsp;</td>
<td align="right">&nbsp;</td>
<td align="left"><font size="2" face="serif">&nbsp;</font></td>
<td align="left">&nbsp;</td>
<td align="right">&nbsp;</td>
<td align="left"><font size="2" face="serif">&nbsp;</font></td>
<td align="left">&nbsp;</td>
<td align="right">&nbsp;</td>
<td align="left"><font size="2" face="serif">&nbsp;</font></td>
<td align="left">&nbsp;</td>
<td align="right">&nbsp;</td>
<td align="right"><font size="2" face="serif">&nbsp;</font></td>
<td align="left">&nbsp;</td>
<td align="right">&nbsp;</td>
<td align="right">&nbsp;</td>
<td align="left"><font size="2" face="serif">&nbsp;</font></td>
<td align="left">&nbsp;</td>
<td align="right">&nbsp;</td>
<td align="left"><font size="2" face="serif">&nbsp;</font></td>
<td align="left">&nbsp;</td>
<td align="right">&nbsp;</td>
<td align="left"><font size="2" face="serif">&nbsp;</font></td>
<td align="left">&nbsp;</td>
<td align="right">&nbsp;</td>
<td align="left"><font size="2" face="serif">&nbsp;</font></td>
</tr>
<tr valign="bottom">
<td align="left" bgcolor="#eeeeee"><font size="2" face="serif"><font face="serif" size="1">McCormick Place</font></font></td>
<td align="left" bgcolor="#eeeeee">&nbsp;</td>
<td align="right" bgcolor="#eeeeee">&nbsp;</td>
<td align="center" bgcolor="#eeeeee"><font size="2" face="serif"><font face="serif" size="1">2005</font></font></td>
<td align="left" bgcolor="#eeeeee">&nbsp;</td>
<td align="right" bgcolor="#eeeeee">&nbsp;</td>
<td align="right" bgcolor="#eeeeee"><font size="2" face="serif"><font face="serif" size="1">100</font></font></td>
<td align="left" bgcolor="#eeeeee"><font size="2" face="serif"><font face="serif" size="1">%</font></font></td>
<td align="right" bgcolor="#eeeeee">&nbsp;</td>
<td align="center" bgcolor="#eeeeee"><font size="2" face="serif"><font face="serif" size="1">46,000 </font></font></td>
<td align="left" bgcolor="#eeeeee">&nbsp;</td>
<td align="right" bgcolor="#eeeeee">&nbsp;</td>
<td align="center" bgcolor="#eeeeee"><font size="2" face="serif"><font face="serif" size="1">1995</font></font></td>
<td align="left" bgcolor="#eeeeee">&nbsp;</td>
<td align="right" bgcolor="#eeeeee">&nbsp;</td>
<td align="center" bgcolor="#eeeeee"><font size="2" face="serif"><font face="serif" size="1">2 </font></font></td>
<td align="left" bgcolor="#eeeeee">&nbsp;</td>
<td align="right" bgcolor="#eeeeee">&nbsp;</td>
<td align="right" bgcolor="#eeeeee"><font size="2" face="serif"><font face="serif" size="1">100</font></font></td>
<td align="left" bgcolor="#eeeeee"><font size="2" face="serif"><font face="serif" size="1">%</font></font></td>
<td align="right" bgcolor="#eeeeee">&nbsp;</td>
<td align="right" bgcolor="#eeeeee">&nbsp;</td>
<td align="center" bgcolor="#eeeeee"><font size="2" face="serif"><font face="serif" size="1">8.48 </font></font></td>
<td align="left" bgcolor="#eeeeee">&nbsp;</td>
<td align="right" bgcolor="#eeeeee">&nbsp;</td>
<td align="left" bgcolor="#eeeeee"><font size="2" face="serif"><font face="serif" size="1">Sam Levin Furniture</font></font></td>
<td align="left" bgcolor="#eeeeee">&nbsp;</td>
<td align="right" bgcolor="#eeeeee">&nbsp;</td>
<td align="center" bgcolor="#eeeeee"><font size="2" face="serif"><font face="serif" size="1">40,000 </font></font></td>
<td align="left" bgcolor="#eeeeee">&nbsp;</td>
<td align="right" bgcolor="#eeeeee">&nbsp;</td>
<td align="center" bgcolor="#eeeeee"><font size="2" face="serif"><font face="serif" size="1">12/31/2011</font></font></td>
</tr>
<tr valign="bottom">
<td align="left" bgcolor="#eeeeee"><font size="2" face="serif"><font face="serif" size="1">North Olmsted, OH</font></font></td>
<td align="left" bgcolor="#eeeeee">&nbsp;</td>
<td align="right" bgcolor="#eeeeee">&nbsp;</td>
<td align="left" bgcolor="#eeeeee"><font size="2" face="serif">&nbsp;</font></td>
<td align="left" bgcolor="#eeeeee">&nbsp;</td>
<td align="right" bgcolor="#eeeeee">&nbsp;</td>
<td align="right" bgcolor="#eeeeee"><font size="2" face="serif">&nbsp;</font></td>
<td align="left" bgcolor="#eeeeee">&nbsp;</td>
<td align="right" bgcolor="#eeeeee">&nbsp;</td>
<td align="left" bgcolor="#eeeeee"><font size="2" face="serif">&nbsp;</font></td>
<td align="left" bgcolor="#eeeeee">&nbsp;</td>
<td align="right" bgcolor="#eeeeee">&nbsp;</td>
<td align="left" bgcolor="#eeeeee"><font size="2" face="serif">&nbsp;</font></td>
<td align="left" bgcolor="#eeeeee">&nbsp;</td>
<td align="right" bgcolor="#eeeeee">&nbsp;</td>
<td align="left" bgcolor="#eeeeee"><font size="2" face="serif">&nbsp;</font></td>
<td align="left" bgcolor="#eeeeee">&nbsp;</td>
<td align="right" bgcolor="#eeeeee">&nbsp;</td>
<td align="right" bgcolor="#eeeeee"><font size="2" face="serif">&nbsp;</font></td>
<td align="left" bgcolor="#eeeeee">&nbsp;</td>
<td align="right" bgcolor="#eeeeee">&nbsp;</td>
<td align="right" bgcolor="#eeeeee">&nbsp;</td>
<td align="left" bgcolor="#eeeeee"><font size="2" face="serif">&nbsp;</font></td>
<td align="left" bgcolor="#eeeeee">&nbsp;</td>
<td align="right" bgcolor="#eeeeee">&nbsp;</td>
<td align="left" bgcolor="#eeeeee"><font size="2" face="serif">&nbsp;</font></td>
<td align="left" bgcolor="#eeeeee">&nbsp;</td>
<td align="right" bgcolor="#eeeeee">&nbsp;</td>
<td align="left" bgcolor="#eeeeee"><font size="2" face="serif">&nbsp;</font></td>
<td align="left" bgcolor="#eeeeee">&nbsp;</td>
<td align="right" bgcolor="#eeeeee">&nbsp;</td>
<td align="left" bgcolor="#eeeeee"><font size="2" face="serif">&nbsp;</font></td>
</tr>
<tr valign="bottom">
<td align="left"><font size="2" face="serif">&nbsp;</font></td>
<td align="left">&nbsp;</td>
<td align="right">&nbsp;</td>
<td align="left"><font size="2" face="serif">&nbsp;</font></td>
<td align="left">&nbsp;</td>
<td align="right">&nbsp;</td>
<td align="right"><font size="2" face="serif">&nbsp;</font></td>
<td align="left">&nbsp;</td>
<td align="right">&nbsp;</td>
<td align="left"><font size="2" face="serif">&nbsp;</font></td>
<td align="left">&nbsp;</td>
<td align="right">&nbsp;</td>
<td align="left"><font size="2" face="serif">&nbsp;</font></td>
<td align="left">&nbsp;</td>
<td align="right">&nbsp;</td>
<td align="left"><font size="2" face="serif">&nbsp;</font></td>
<td align="left">&nbsp;</td>
<td align="right">&nbsp;</td>
<td align="right"><font size="2" face="serif">&nbsp;</font></td>
<td align="left">&nbsp;</td>
<td align="right">&nbsp;</td>
<td align="right">&nbsp;</td>
<td align="left"><font size="2" face="serif">&nbsp;</font></td>
<td align="left">&nbsp;</td>
<td align="right">&nbsp;</td>
<td align="left"><font size="2" face="serif">&nbsp;</font></td>
<td align="left">&nbsp;</td>
<td align="right">&nbsp;</td>
<td align="left"><font size="2" face="serif">&nbsp;</font></td>
<td align="left">&nbsp;</td>
<td align="right">&nbsp;</td>
<td align="left"><font size="2" face="serif">&nbsp;</font></td>
</tr>
<tr valign="bottom">
<td align="left" bgcolor="#ffffff"><font size="2" face="serif"><font face="serif" size="1">McDonalds and Waffle House at Medina</font></font></td>
<td align="left" bgcolor="#ffffff">&nbsp;</td>
<td align="right" bgcolor="#ffffff">&nbsp;</td>
<td align="center" bgcolor="#ffffff"><font size="2" face="serif"><font face="serif" size="1">2005</font></font></td>
<td align="left" bgcolor="#ffffff">&nbsp;</td>
<td align="right" bgcolor="#ffffff">&nbsp;</td>
<td align="right"><font size="2" face="serif"><font face="serif" size="1">100</font></font></td>
<td align="left" bgcolor="#ffffff"><font size="2" face="serif"><font face="serif" size="1">%</font></font></td>
<td align="right" bgcolor="#ffffff">&nbsp;</td>
<td align="center" bgcolor="#ffffff"><font size="2" face="serif"><font face="serif" size="1">6,000 </font></font></td>
<td align="left" bgcolor="#ffffff">&nbsp;</td>
<td align="right" bgcolor="#ffffff">&nbsp;</td>
<td align="center" bgcolor="#ffffff"><font size="2" face="serif"><font face="serif" size="1">2003</font></font></td>
<td align="left" bgcolor="#ffffff">&nbsp;</td>
<td align="right" bgcolor="#ffffff">&nbsp;</td>
<td align="center" bgcolor="#ffffff"><font size="2" face="serif"><font face="serif" size="1">2 </font></font></td>
<td align="left" bgcolor="#ffffff">&nbsp;</td>
<td align="right" bgcolor="#ffffff">&nbsp;</td>
<td align="right"><font size="2" face="serif"><font face="serif" size="1">100</font></font></td>
<td align="left" bgcolor="#ffffff"><font size="2" face="serif"><font face="serif" size="1">%</font></font></td>
<td align="right" bgcolor="#ffffff">&nbsp;</td>
<td align="right" bgcolor="#ffffff">&nbsp;</td>
<td align="center" bgcolor="#ffffff"><font size="2" face="serif"><font face="serif" size="1">11.70 </font></font></td>
<td align="left" bgcolor="#ffffff">&nbsp;</td>
<td align="right" bgcolor="#ffffff">&nbsp;</td>
<td align="left" bgcolor="#ffffff"><font size="2" face="serif">&nbsp;</font></td>
<td align="left" bgcolor="#ffffff">&nbsp;</td>
<td align="right" bgcolor="#ffffff">&nbsp;</td>
<td align="left" bgcolor="#ffffff"><font size="2" face="serif">&nbsp;</font></td>
<td align="left" bgcolor="#ffffff">&nbsp;</td>
<td align="right" bgcolor="#ffffff">&nbsp;</td>
<td align="left" bgcolor="#ffffff"><font size="2" face="serif">&nbsp;</font></td>
</tr>
<tr valign="bottom">
<td align="left" bgcolor="#FFFFFF"><font size="2" face="serif"><font face="serif" size="1">Medina, OH</font></font></td>
<td align="left" bgcolor="#FFFFFF">&nbsp;</td>
<td align="right" bgcolor="#FFFFFF">&nbsp;</td>
<td align="left" bgcolor="#FFFFFF"><font size="2" face="serif">&nbsp;</font></td>
<td align="left" bgcolor="#FFFFFF">&nbsp;</td>
<td align="right" bgcolor="#FFFFFF">&nbsp;</td>
<td align="right"><font size="2" face="serif">&nbsp;</font></td>
<td align="left" bgcolor="#FFFFFF">&nbsp;</td>
<td align="right" bgcolor="#FFFFFF">&nbsp;</td>
<td align="left" bgcolor="#FFFFFF"><font size="2" face="serif">&nbsp;</font></td>
<td align="left" bgcolor="#FFFFFF">&nbsp;</td>
<td align="right" bgcolor="#FFFFFF">&nbsp;</td>
<td align="left" bgcolor="#FFFFFF"><font size="2" face="serif">&nbsp;</font></td>
<td align="left" bgcolor="#FFFFFF">&nbsp;</td>
<td align="right" bgcolor="#FFFFFF">&nbsp;</td>
<td align="left" bgcolor="#FFFFFF"><font size="2" face="serif">&nbsp;</font></td>
<td align="left" bgcolor="#FFFFFF">&nbsp;</td>
<td align="right" bgcolor="#FFFFFF">&nbsp;</td>
<td align="right"><font size="2" face="serif">&nbsp;</font></td>
<td align="left" bgcolor="#FFFFFF">&nbsp;</td>
<td align="right" bgcolor="#FFFFFF">&nbsp;</td>
<td align="right" bgcolor="#FFFFFF">&nbsp;</td>
<td align="left" bgcolor="#FFFFFF"><font size="2" face="serif">&nbsp;</font></td>
<td align="left" bgcolor="#FFFFFF">&nbsp;</td>
<td align="right" bgcolor="#FFFFFF">&nbsp;</td>
<td align="left" bgcolor="#FFFFFF"><font size="2" face="serif">&nbsp;</font></td>
<td align="left" bgcolor="#FFFFFF">&nbsp;</td>
<td align="right" bgcolor="#FFFFFF">&nbsp;</td>
<td align="left" bgcolor="#FFFFFF"><font size="2" face="serif">&nbsp;</font></td>
<td align="left" bgcolor="#FFFFFF">&nbsp;</td>
<td align="right" bgcolor="#FFFFFF">&nbsp;</td>
<td align="left" bgcolor="#FFFFFF"><font size="2" face="serif">&nbsp;</font></td>
</tr>
<tr valign="bottom">
<td align="left"><font size="2" face="serif">&nbsp;</font></td>
<td align="left">&nbsp;</td>
<td align="right">&nbsp;</td>
<td align="left"><font size="2" face="serif">&nbsp;</font></td>
<td align="left">&nbsp;</td>
<td align="right">&nbsp;</td>
<td align="right"><font size="2" face="serif">&nbsp;</font></td>
<td align="left">&nbsp;</td>
<td align="right">&nbsp;</td>
<td align="left"><font size="2" face="serif">&nbsp;</font></td>
<td align="left">&nbsp;</td>
<td align="right">&nbsp;</td>
<td align="left"><font size="2" face="serif">&nbsp;</font></td>
<td align="left">&nbsp;</td>
<td align="right">&nbsp;</td>
<td align="left"><font size="2" face="serif">&nbsp;</font></td>
<td align="left">&nbsp;</td>
<td align="right">&nbsp;</td>
<td align="right"><font size="2" face="serif">&nbsp;</font></td>
<td align="left">&nbsp;</td>
<td align="right">&nbsp;</td>
<td align="right">&nbsp;</td>
<td align="left"><font size="2" face="serif">&nbsp;</font></td>
<td align="left">&nbsp;</td>
<td align="right">&nbsp;</td>
<td align="left"><font size="2" face="serif">&nbsp;</font></td>
<td align="left">&nbsp;</td>
<td align="right">&nbsp;</td>
<td align="left"><font size="2" face="serif">&nbsp;</font></td>
<td align="left">&nbsp;</td>
<td align="right">&nbsp;</td>
<td align="left"><font size="2" face="serif">&nbsp;</font></td>
</tr>
<tr valign="bottom">
<td align="left" bgcolor="#eeeeee"><font size="2" face="serif"><font face="serif" size="1">Ontario Discount Drug Mart Plaza</font></font></td>
<td align="left" bgcolor="#eeeeee">&nbsp;</td>
<td align="right" bgcolor="#eeeeee">&nbsp;</td>
<td align="center" bgcolor="#eeeeee"><font size="2" face="serif"><font face="serif" size="1">2005</font></font></td>
<td align="left" bgcolor="#eeeeee">&nbsp;</td>
<td align="right" bgcolor="#eeeeee">&nbsp;</td>
<td align="right" bgcolor="#eeeeee"><font size="2" face="serif"><font face="serif" size="1">100</font></font></td>
<td align="left" bgcolor="#eeeeee"><font size="2" face="serif"><font face="serif" size="1">%</font></font></td>
<td align="right" bgcolor="#eeeeee">&nbsp;</td>
<td align="center" bgcolor="#eeeeee"><font size="2" face="serif"><font face="serif" size="1">38,423 </font></font></td>
<td align="left" bgcolor="#eeeeee">&nbsp;</td>
<td align="right" bgcolor="#eeeeee">&nbsp;</td>
<td align="center" bgcolor="#eeeeee"><font size="2" face="serif"><font face="serif" size="1">2002</font></font></td>
<td align="left" bgcolor="#eeeeee">&nbsp;</td>
<td align="right" bgcolor="#eeeeee">&nbsp;</td>
<td align="center" bgcolor="#eeeeee"><font size="2" face="serif"><font face="serif" size="1">3 </font></font></td>
<td align="left" bgcolor="#eeeeee">&nbsp;</td>
<td align="right" bgcolor="#eeeeee">&nbsp;</td>
<td align="right" bgcolor="#eeeeee"><font size="2" face="serif"><font face="serif" size="1">95</font></font></td>
<td align="left" bgcolor="#eeeeee"><font size="2" face="serif"><font face="serif" size="1">%</font></font></td>
<td align="right" bgcolor="#eeeeee">&nbsp;</td>
<td align="right" bgcolor="#eeeeee">&nbsp;</td>
<td align="center" bgcolor="#eeeeee"><font size="2" face="serif"><font face="serif" size="1">6.93 </font></font></td>
<td align="left" bgcolor="#eeeeee">&nbsp;</td>
<td align="right" bgcolor="#eeeeee">&nbsp;</td>
<td align="left" bgcolor="#eeeeee"><font size="2" face="serif"><font face="serif" size="1">Discount Drug Mart</font></font></td>
<td align="left" bgcolor="#eeeeee">&nbsp;</td>
<td align="right" bgcolor="#eeeeee">&nbsp;</td>
<td align="center" bgcolor="#eeeeee"><font size="2" face="serif"><font face="serif" size="1">25,525 </font></font></td>
<td align="left" bgcolor="#eeeeee">&nbsp;</td>
<td align="right" bgcolor="#eeeeee">&nbsp;</td>
<td align="center" bgcolor="#eeeeee"><font size="2" face="serif"><font face="serif" size="1">03/31/2016</font></font></td>
</tr>
<tr valign="bottom">
<td align="left" bgcolor="#eeeeee"><font size="2" face="serif"><font face="serif" size="1">Mansfield, OH</font></font></td>
<td align="left" bgcolor="#eeeeee">&nbsp;</td>
<td align="right" bgcolor="#eeeeee">&nbsp;</td>
<td align="left" bgcolor="#eeeeee"><font size="2" face="serif">&nbsp;</font></td>
<td align="left" bgcolor="#eeeeee">&nbsp;</td>
<td align="right" bgcolor="#eeeeee">&nbsp;</td>
<td align="right" bgcolor="#eeeeee"><font size="2" face="serif">&nbsp;</font></td>
<td align="left" bgcolor="#eeeeee">&nbsp;</td>
<td align="right" bgcolor="#eeeeee">&nbsp;</td>
<td align="left" bgcolor="#eeeeee"><font size="2" face="serif">&nbsp;</font></td>
<td align="left" bgcolor="#eeeeee">&nbsp;</td>
<td align="right" bgcolor="#eeeeee">&nbsp;</td>
<td align="left" bgcolor="#eeeeee"><font size="2" face="serif">&nbsp;</font></td>
<td align="left" bgcolor="#eeeeee">&nbsp;</td>
<td align="right" bgcolor="#eeeeee">&nbsp;</td>
<td align="left" bgcolor="#eeeeee"><font size="2" face="serif">&nbsp;</font></td>
<td align="left" bgcolor="#eeeeee">&nbsp;</td>
<td align="right" bgcolor="#eeeeee">&nbsp;</td>
<td align="right" bgcolor="#eeeeee"><font size="2" face="serif">&nbsp;</font></td>
<td align="left" bgcolor="#eeeeee">&nbsp;</td>
<td align="right" bgcolor="#eeeeee">&nbsp;</td>
<td align="right" bgcolor="#eeeeee">&nbsp;</td>
<td align="left" bgcolor="#eeeeee"><font size="2" face="serif">&nbsp;</font></td>
<td align="left" bgcolor="#eeeeee">&nbsp;</td>
<td align="right" bgcolor="#eeeeee">&nbsp;</td>
<td align="left" bgcolor="#eeeeee"><font size="2" face="serif">&nbsp;</font></td>
<td align="left" bgcolor="#eeeeee">&nbsp;</td>
<td align="right" bgcolor="#eeeeee">&nbsp;</td>
<td align="left" bgcolor="#eeeeee"><font size="2" face="serif">&nbsp;</font></td>
<td align="left" bgcolor="#eeeeee">&nbsp;</td>
<td align="right" bgcolor="#eeeeee">&nbsp;</td>
<td align="left" bgcolor="#eeeeee"><font size="2" face="serif">&nbsp;</font></td>
</tr>
<tr valign="bottom">
<td align="left"><font size="2" face="serif">&nbsp;</font></td>
<td align="left">&nbsp;</td>
<td align="right">&nbsp;</td>
<td align="left"><font size="2" face="serif">&nbsp;</font></td>
<td align="left">&nbsp;</td>
<td align="right">&nbsp;</td>
<td align="right"><font size="2" face="serif">&nbsp;</font></td>
<td align="left">&nbsp;</td>
<td align="right">&nbsp;</td>
<td align="left"><font size="2" face="serif">&nbsp;</font></td>
<td align="left">&nbsp;</td>
<td align="right">&nbsp;</td>
<td align="left"><font size="2" face="serif">&nbsp;</font></td>
<td align="left">&nbsp;</td>
<td align="right">&nbsp;</td>
<td align="left"><font size="2" face="serif">&nbsp;</font></td>
<td align="left">&nbsp;</td>
<td align="right">&nbsp;</td>
<td align="right"><font size="2" face="serif">&nbsp;</font></td>
<td align="left">&nbsp;</td>
<td align="right">&nbsp;</td>
<td align="right">&nbsp;</td>
<td align="left"><font size="2" face="serif">&nbsp;</font></td>
<td align="left">&nbsp;</td>
<td align="right">&nbsp;</td>
<td align="left"><font size="2" face="serif">&nbsp;</font></td>
<td align="left">&nbsp;</td>
<td align="right">&nbsp;</td>
<td align="left"><font size="2" face="serif">&nbsp;</font></td>
<td align="left">&nbsp;</td>
<td align="right">&nbsp;</td>
<td align="left"><font size="2" face="serif">&nbsp;</font></td>
</tr>
<tr valign="bottom">
<td align="left" bgcolor="#ffffff"><font size="2" face="serif"><font face="serif" size="1">Pickerington Discount Drug Mart Plaza</font></font></td>
<td align="left" bgcolor="#ffffff">&nbsp;</td>
<td align="right" bgcolor="#ffffff">&nbsp;</td>
<td align="center" bgcolor="#ffffff"><font size="2" face="serif"><font face="serif" size="1">2005</font></font></td>
<td align="left" bgcolor="#ffffff">&nbsp;</td>
<td align="right" bgcolor="#ffffff">&nbsp;</td>
<td align="right"><font size="2" face="serif"><font face="serif" size="1">100</font></font></td>
<td align="left" bgcolor="#ffffff"><font size="2" face="serif"><font face="serif" size="1">%</font></font></td>
<td align="right" bgcolor="#ffffff">&nbsp;</td>
<td align="center" bgcolor="#ffffff"><font size="2" face="serif"><font face="serif" size="1">47,810 </font></font></td>
<td align="left" bgcolor="#ffffff">&nbsp;</td>
<td align="right" bgcolor="#ffffff">&nbsp;</td>
<td align="center" bgcolor="#ffffff"><font size="2" face="serif"><font face="serif" size="1">2002</font></font></td>
<td align="left" bgcolor="#ffffff">&nbsp;</td>
<td align="right" bgcolor="#ffffff">&nbsp;</td>
<td align="center" bgcolor="#ffffff"><font size="2" face="serif"><font face="serif" size="1">10 </font></font></td>
<td align="left" bgcolor="#ffffff">&nbsp;</td>
<td align="right" bgcolor="#ffffff">&nbsp;</td>
<td align="right"><font size="2" face="serif"><font face="serif" size="1">100</font></font></td>
<td align="left" bgcolor="#ffffff"><font size="2" face="serif"><font face="serif" size="1">%</font></font></td>
<td align="right" bgcolor="#ffffff">&nbsp;</td>
<td align="right" bgcolor="#ffffff">&nbsp;</td>
<td align="center" bgcolor="#ffffff"><font size="2" face="serif"><font face="serif" size="1">12.01 </font></font></td>
<td align="left" bgcolor="#ffffff">&nbsp;</td>
<td align="right" bgcolor="#ffffff">&nbsp;</td>
<td align="left" bgcolor="#ffffff"><font size="2" face="serif"><font face="serif" size="1">Discount Drug Mart</font></font></td>
<td align="left" bgcolor="#ffffff">&nbsp;</td>
<td align="right" bgcolor="#ffffff">&nbsp;</td>
<td align="center" bgcolor="#ffffff"><font size="2" face="serif"><font face="serif" size="1">25,852 </font></font></td>
<td align="left" bgcolor="#ffffff">&nbsp;</td>
<td align="right" bgcolor="#ffffff">&nbsp;</td>
<td align="center" bgcolor="#ffffff"><font size="2" face="serif"><font face="serif" size="1">08/31/2017</font></font></td>
</tr>
<tr valign="bottom">
<td align="left" bgcolor="#FFFFFF"><font size="2" face="serif"><font face="serif" size="1">Pickerington, OH</font></font></td>
<td align="left" bgcolor="#FFFFFF">&nbsp;</td>
<td align="right" bgcolor="#FFFFFF">&nbsp;</td>
<td align="left" bgcolor="#FFFFFF"><font size="2" face="serif">&nbsp;</font></td>
<td align="left" bgcolor="#FFFFFF">&nbsp;</td>
<td align="right" bgcolor="#FFFFFF">&nbsp;</td>
<td align="right"><font size="2" face="serif">&nbsp;</font></td>
<td align="left" bgcolor="#FFFFFF">&nbsp;</td>
<td align="right" bgcolor="#FFFFFF">&nbsp;</td>
<td align="left" bgcolor="#FFFFFF"><font size="2" face="serif">&nbsp;</font></td>
<td align="left" bgcolor="#FFFFFF">&nbsp;</td>
<td align="right" bgcolor="#FFFFFF">&nbsp;</td>
<td align="left" bgcolor="#FFFFFF"><font size="2" face="serif">&nbsp;</font></td>
<td align="left" bgcolor="#FFFFFF">&nbsp;</td>
<td align="right" bgcolor="#FFFFFF">&nbsp;</td>
<td align="left" bgcolor="#FFFFFF"><font size="2" face="serif">&nbsp;</font></td>
<td align="left" bgcolor="#FFFFFF">&nbsp;</td>
<td align="right" bgcolor="#FFFFFF">&nbsp;</td>
<td align="right"><font size="2" face="serif">&nbsp;</font></td>
<td align="left" bgcolor="#FFFFFF">&nbsp;</td>
<td align="right" bgcolor="#FFFFFF">&nbsp;</td>
<td align="right" bgcolor="#FFFFFF">&nbsp;</td>
<td align="left" bgcolor="#FFFFFF"><font size="2" face="serif">&nbsp;</font></td>
<td align="left" bgcolor="#FFFFFF">&nbsp;</td>
<td align="right" bgcolor="#FFFFFF">&nbsp;</td>
<td align="left" bgcolor="#FFFFFF"><font size="2" face="serif">&nbsp;</font></td>
<td align="left" bgcolor="#FFFFFF">&nbsp;</td>
<td align="right" bgcolor="#FFFFFF">&nbsp;</td>
<td align="left" bgcolor="#FFFFFF"><font size="2" face="serif">&nbsp;</font></td>
<td align="left" bgcolor="#FFFFFF">&nbsp;</td>
<td align="right" bgcolor="#FFFFFF">&nbsp;</td>
<td align="left" bgcolor="#FFFFFF"><font size="2" face="serif">&nbsp;</font></td>
</tr>
<tr valign="bottom">
<td align="left"><font size="2" face="serif">&nbsp;</font></td>
<td align="left">&nbsp;</td>
<td align="right">&nbsp;</td>
<td align="left"><font size="2" face="serif">&nbsp;</font></td>
<td align="left">&nbsp;</td>
<td align="right">&nbsp;</td>
<td align="right"><font size="2" face="serif">&nbsp;</font></td>
<td align="left">&nbsp;</td>
<td align="right">&nbsp;</td>
<td align="left"><font size="2" face="serif">&nbsp;</font></td>
<td align="left">&nbsp;</td>
<td align="right">&nbsp;</td>
<td align="left"><font size="2" face="serif">&nbsp;</font></td>
<td align="left">&nbsp;</td>
<td align="right">&nbsp;</td>
<td align="left"><font size="2" face="serif">&nbsp;</font></td>
<td align="left">&nbsp;</td>
<td align="right">&nbsp;</td>
<td align="right"><font size="2" face="serif">&nbsp;</font></td>
<td align="left">&nbsp;</td>
<td align="right">&nbsp;</td>
<td align="right">&nbsp;</td>
<td align="left"><font size="2" face="serif">&nbsp;</font></td>
<td align="left">&nbsp;</td>
<td align="right">&nbsp;</td>
<td align="left"><font size="2" face="serif">&nbsp;</font></td>
<td align="left">&nbsp;</td>
<td align="right">&nbsp;</td>
<td align="left"><font size="2" face="serif">&nbsp;</font></td>
<td align="left">&nbsp;</td>
<td align="right">&nbsp;</td>
<td align="left"><font size="2" face="serif">&nbsp;</font></td>
</tr>
<tr valign="bottom">
<td align="left" bgcolor="#eeeeee"><font size="2" face="serif"><font face="serif" size="1">Polaris Discount Drug Mart Plaza</font></font></td>
<td align="left" bgcolor="#eeeeee">&nbsp;</td>
<td align="right" bgcolor="#eeeeee">&nbsp;</td>
<td align="center" bgcolor="#eeeeee"><font size="2" face="serif"><font face="serif" size="1">2005</font></font></td>
<td align="left" bgcolor="#eeeeee">&nbsp;</td>
<td align="right" bgcolor="#eeeeee">&nbsp;</td>
<td align="right" bgcolor="#eeeeee"><font size="2" face="serif"><font face="serif" size="1">100</font></font></td>
<td align="left" bgcolor="#eeeeee"><font size="2" face="serif"><font face="serif" size="1">%</font></font></td>
<td align="right" bgcolor="#eeeeee">&nbsp;</td>
<td align="center" bgcolor="#eeeeee"><font size="2" face="serif"><font face="serif" size="1">50,289 </font></font></td>
<td align="left" bgcolor="#eeeeee">&nbsp;</td>
<td align="right" bgcolor="#eeeeee">&nbsp;</td>
<td align="center" bgcolor="#eeeeee"><font size="2" face="serif"><font face="serif" size="1">2001</font></font></td>
<td align="left" bgcolor="#eeeeee">&nbsp;</td>
<td align="right" bgcolor="#eeeeee">&nbsp;</td>
<td align="center" bgcolor="#eeeeee"><font size="2" face="serif"><font face="serif" size="1">13 </font></font></td>
<td align="left" bgcolor="#eeeeee">&nbsp;</td>
<td align="right" bgcolor="#eeeeee">&nbsp;</td>
<td align="right" bgcolor="#eeeeee"><font size="2" face="serif"><font face="serif" size="1">100</font></font></td>
<td align="left" bgcolor="#eeeeee"><font size="2" face="serif"><font face="serif" size="1">%</font></font></td>
<td align="right" bgcolor="#eeeeee">&nbsp;</td>
<td align="right" bgcolor="#eeeeee">&nbsp;</td>
<td align="center" bgcolor="#eeeeee"><font size="2" face="serif"><font face="serif" size="1">12.02 </font></font></td>
<td align="left" bgcolor="#eeeeee">&nbsp;</td>
<td align="right" bgcolor="#eeeeee">&nbsp;</td>
<td align="left" bgcolor="#eeeeee"><font size="2" face="serif"><font face="serif" size="1">Discount Drug Mart</font></font></td>
<td align="left" bgcolor="#eeeeee">&nbsp;</td>
<td align="right" bgcolor="#eeeeee">&nbsp;</td>
<td align="center" bgcolor="#eeeeee"><font size="2" face="serif"><font face="serif" size="1">25,861 </font></font></td>
<td align="left" bgcolor="#eeeeee">&nbsp;</td>
<td align="right" bgcolor="#eeeeee">&nbsp;</td>
<td align="center" bgcolor="#eeeeee"><font size="2" face="serif"><font face="serif" size="1">03/31/2017</font></font></td>
</tr>
<tr valign="bottom">
<td align="left" bgcolor="#eeeeee"><font size="2" face="serif"><font face="serif" size="1">Lewis Center, OH</font></font></td>
<td align="left" bgcolor="#eeeeee">&nbsp;</td>
<td align="right" bgcolor="#eeeeee">&nbsp;</td>
<td align="left" bgcolor="#eeeeee"><font size="2" face="serif">&nbsp;</font></td>
<td align="left" bgcolor="#eeeeee">&nbsp;</td>
<td align="right" bgcolor="#eeeeee">&nbsp;</td>
<td align="right" bgcolor="#eeeeee"><font size="2" face="serif">&nbsp;</font></td>
<td align="left" bgcolor="#eeeeee">&nbsp;</td>
<td align="right" bgcolor="#eeeeee">&nbsp;</td>
<td align="left" bgcolor="#eeeeee"><font size="2" face="serif">&nbsp;</font></td>
<td align="left" bgcolor="#eeeeee">&nbsp;</td>
<td align="right" bgcolor="#eeeeee">&nbsp;</td>
<td align="left" bgcolor="#eeeeee"><font size="2" face="serif">&nbsp;</font></td>
<td align="left" bgcolor="#eeeeee">&nbsp;</td>
<td align="right" bgcolor="#eeeeee">&nbsp;</td>
<td align="left" bgcolor="#eeeeee"><font size="2" face="serif">&nbsp;</font></td>
<td align="left" bgcolor="#eeeeee">&nbsp;</td>
<td align="right" bgcolor="#eeeeee">&nbsp;</td>
<td align="right" bgcolor="#eeeeee"><font size="2" face="serif">&nbsp;</font></td>
<td align="left" bgcolor="#eeeeee">&nbsp;</td>
<td align="right" bgcolor="#eeeeee">&nbsp;</td>
<td align="right" bgcolor="#eeeeee">&nbsp;</td>
<td align="left" bgcolor="#eeeeee"><font size="2" face="serif">&nbsp;</font></td>
<td align="left" bgcolor="#eeeeee">&nbsp;</td>
<td align="right" bgcolor="#eeeeee">&nbsp;</td>
<td align="left" bgcolor="#eeeeee"><font size="2" face="serif">&nbsp;</font></td>
<td align="left" bgcolor="#eeeeee">&nbsp;</td>
<td align="right" bgcolor="#eeeeee">&nbsp;</td>
<td align="left" bgcolor="#eeeeee"><font size="2" face="serif">&nbsp;</font></td>
<td align="left" bgcolor="#eeeeee">&nbsp;</td>
<td align="right" bgcolor="#eeeeee">&nbsp;</td>
<td align="left" bgcolor="#eeeeee"><font size="2" face="serif">&nbsp;</font></td>
</tr>
<tr valign="bottom">
<td align="left"><font size="2" face="serif">&nbsp;</font></td>
<td align="left">&nbsp;</td>
<td align="right">&nbsp;</td>
<td align="left"><font size="2" face="serif">&nbsp;</font></td>
<td align="left">&nbsp;</td>
<td align="right">&nbsp;</td>
<td align="right"><font size="2" face="serif">&nbsp;</font></td>
<td align="left">&nbsp;</td>
<td align="right">&nbsp;</td>
<td align="left"><font size="2" face="serif">&nbsp;</font></td>
<td align="left">&nbsp;</td>
<td align="right">&nbsp;</td>
<td align="left"><font size="2" face="serif">&nbsp;</font></td>
<td align="left">&nbsp;</td>
<td align="right">&nbsp;</td>
<td align="left"><font size="2" face="serif">&nbsp;</font></td>
<td align="left">&nbsp;</td>
<td align="right">&nbsp;</td>
<td align="right"><font size="2" face="serif">&nbsp;</font></td>
<td align="left">&nbsp;</td>
<td align="right">&nbsp;</td>
<td align="right">&nbsp;</td>
<td align="left"><font size="2" face="serif">&nbsp;</font></td>
<td align="left">&nbsp;</td>
<td align="right">&nbsp;</td>
<td align="left"><font size="2" face="serif">&nbsp;</font></td>
<td align="left">&nbsp;</td>
<td align="right">&nbsp;</td>
<td align="left"><font size="2" face="serif">&nbsp;</font></td>
<td align="left">&nbsp;</td>
<td align="right">&nbsp;</td>
<td align="left"><font size="2" face="serif">&nbsp;</font></td>
</tr>
<tr valign="bottom">
<td align="left" bgcolor="#ffffff"><font size="2" face="serif"><font face="serif" size="1">Pondside Plaza</font></font></td>
<td align="left" bgcolor="#ffffff">&nbsp;</td>
<td align="right" bgcolor="#ffffff">&nbsp;</td>
<td align="center" bgcolor="#ffffff"><font size="2" face="serif"><font face="serif" size="1">2005</font></font></td>
<td align="left" bgcolor="#ffffff">&nbsp;</td>
<td align="right" bgcolor="#ffffff">&nbsp;</td>
<td align="right"><font size="2" face="serif"><font face="serif" size="1">100</font></font></td>
<td align="left" bgcolor="#ffffff"><font size="2" face="serif"><font face="serif" size="1">%</font></font></td>
<td align="right" bgcolor="#ffffff">&nbsp;</td>
<td align="center" bgcolor="#ffffff"><font size="2" face="serif"><font face="serif" size="1">19,340 </font></font></td>
<td align="left" bgcolor="#ffffff">&nbsp;</td>
<td align="right" bgcolor="#ffffff">&nbsp;</td>
<td align="center" bgcolor="#ffffff"><font size="2" face="serif"><font face="serif" size="1">2003</font></font></td>
<td align="left" bgcolor="#ffffff">&nbsp;</td>
<td align="right" bgcolor="#ffffff">&nbsp;</td>
<td align="center" bgcolor="#ffffff"><font size="2" face="serif"><font face="serif" size="1">4 </font></font></td>
<td align="left" bgcolor="#ffffff">&nbsp;</td>
<td align="right" bgcolor="#ffffff">&nbsp;</td>
<td align="right"><font size="2" face="serif"><font face="serif" size="1">100</font></font></td>
<td align="left" bgcolor="#ffffff"><font size="2" face="serif"><font face="serif" size="1">%</font></font></td>
<td align="right" bgcolor="#ffffff">&nbsp;</td>
<td align="right" bgcolor="#ffffff">&nbsp;</td>
<td align="center" bgcolor="#ffffff"><font size="2" face="serif"><font face="serif" size="1">8.20 </font></font></td>
<td align="left" bgcolor="#ffffff">&nbsp;</td>
<td align="right" bgcolor="#ffffff">&nbsp;</td>
<td align="left" bgcolor="#ffffff"><font size="2" face="serif">&nbsp;</font></td>
<td align="left" bgcolor="#ffffff">&nbsp;</td>
<td align="right" bgcolor="#ffffff">&nbsp;</td>
<td align="left" bgcolor="#ffffff"><font size="2" face="serif">&nbsp;</font></td>
<td align="left" bgcolor="#ffffff">&nbsp;</td>
<td align="right" bgcolor="#ffffff">&nbsp;</td>
<td align="left" bgcolor="#ffffff"><font size="2" face="serif">&nbsp;</font></td>
</tr>
<tr valign="bottom">
<td align="left" bgcolor="#FFFFFF"><font size="2" face="serif"><font face="serif" size="1">Geneseo, NY</font></font></td>
<td align="left" bgcolor="#FFFFFF">&nbsp;</td>
<td align="right" bgcolor="#FFFFFF">&nbsp;</td>
<td align="left" bgcolor="#FFFFFF"><font size="2" face="serif">&nbsp;</font></td>
<td align="left" bgcolor="#FFFFFF">&nbsp;</td>
<td align="right" bgcolor="#FFFFFF">&nbsp;</td>
<td align="right"><font size="2" face="serif">&nbsp;</font></td>
<td align="left" bgcolor="#FFFFFF">&nbsp;</td>
<td align="right" bgcolor="#FFFFFF">&nbsp;</td>
<td align="left" bgcolor="#FFFFFF"><font size="2" face="serif">&nbsp;</font></td>
<td align="left" bgcolor="#FFFFFF">&nbsp;</td>
<td align="right" bgcolor="#FFFFFF">&nbsp;</td>
<td align="left" bgcolor="#FFFFFF"><font size="2" face="serif">&nbsp;</font></td>
<td align="left" bgcolor="#FFFFFF">&nbsp;</td>
<td align="right" bgcolor="#FFFFFF">&nbsp;</td>
<td align="left" bgcolor="#FFFFFF"><font size="2" face="serif">&nbsp;</font></td>
<td align="left" bgcolor="#FFFFFF">&nbsp;</td>
<td align="right" bgcolor="#FFFFFF">&nbsp;</td>
<td align="right"><font size="2" face="serif">&nbsp;</font></td>
<td align="left" bgcolor="#FFFFFF">&nbsp;</td>
<td align="right" bgcolor="#FFFFFF">&nbsp;</td>
<td align="right" bgcolor="#FFFFFF">&nbsp;</td>
<td align="left" bgcolor="#FFFFFF"><font size="2" face="serif">&nbsp;</font></td>
<td align="left" bgcolor="#FFFFFF">&nbsp;</td>
<td align="right" bgcolor="#FFFFFF">&nbsp;</td>
<td align="left" bgcolor="#FFFFFF"><font size="2" face="serif">&nbsp;</font></td>
<td align="left" bgcolor="#FFFFFF">&nbsp;</td>
<td align="right" bgcolor="#FFFFFF">&nbsp;</td>
<td align="left" bgcolor="#FFFFFF"><font size="2" face="serif">&nbsp;</font></td>
<td align="left" bgcolor="#FFFFFF">&nbsp;</td>
<td align="right" bgcolor="#FFFFFF">&nbsp;</td>
<td align="left" bgcolor="#FFFFFF"><font size="2" face="serif">&nbsp;</font></td>
</tr>
</table>
<p align="center"><font face="serif" size="2">14</font></p>
<hr noshade align="center" width="100%" size="2">
<div style="page-break-before:always"></div>
<page>
<a name="p?"></a>

<br><br>
<table width="100%" border="0" align="center" cellpadding="0" cellspacing="0">
<tr valign="top">
<td colspan="4" align="left" bgcolor="#FFFFFF"><font size="2" face="serif"><b>CEDAR SHOPPING CENTERS, INC.</b></font></td>
<td align="left" bgcolor="#FFFFFF">&nbsp;</td>
<td align="right" bgcolor="#FFFFFF">&nbsp;</td>
<td align="left" bgcolor="#FFFFFF"><font size="2" face="serif">&nbsp;</font></td>
<td align="left" bgcolor="#FFFFFF">&nbsp;</td>
<td align="right" bgcolor="#FFFFFF">&nbsp;</td>
<td align="left" bgcolor="#FFFFFF"><font size="2" face="serif">&nbsp;</font></td>
<td align="left" bgcolor="#FFFFFF">&nbsp;</td>
<td align="right" bgcolor="#FFFFFF">&nbsp;</td>
<td align="left" bgcolor="#FFFFFF"><font size="2" face="serif">&nbsp;</font></td>
<td align="left" bgcolor="#FFFFFF">&nbsp;</td>
<td align="right" bgcolor="#FFFFFF">&nbsp;</td>
<td align="left" bgcolor="#FFFFFF"><font size="2" face="serif">&nbsp;</font></td>
<td align="left" bgcolor="#FFFFFF">&nbsp;</td>
<td align="right" bgcolor="#FFFFFF">&nbsp;</td>
<td align="left" bgcolor="#FFFFFF"><font size="2" face="serif">&nbsp;</font></td>
<td align="left" bgcolor="#FFFFFF">&nbsp;</td>
<td align="right" bgcolor="#FFFFFF">&nbsp;</td>
<td align="left" bgcolor="#FFFFFF"><font size="2" face="serif">&nbsp;</font></td>
<td align="left" bgcolor="#FFFFFF">&nbsp;</td>
<td align="right" bgcolor="#FFFFFF">&nbsp;</td>
<td align="left" bgcolor="#FFFFFF"><font size="2" face="serif">&nbsp;</font></td>
<td align="left" bgcolor="#FFFFFF">&nbsp;</td>
<td align="right" bgcolor="#FFFFFF">&nbsp;</td>
<td align="left" bgcolor="#FFFFFF"><font size="2" face="serif">&nbsp;</font></td>
<td align="left" bgcolor="#FFFFFF">&nbsp;</td>
<td align="right" bgcolor="#FFFFFF">&nbsp;</td>
<td align="left" bgcolor="#FFFFFF"><font size="2" face="serif">&nbsp;</font></td>
</tr>
<tr valign="top">
<td align="left" bgcolor="#FFFFFF"><font size="2" face="serif"><b><font face="serif" size="1">Property Summary</font></b></font></td>
<td align="left" bgcolor="#FFFFFF">&nbsp;</td>
<td align="right" bgcolor="#FFFFFF">&nbsp;</td>
<td align="left" bgcolor="#FFFFFF"><font size="2" face="serif">&nbsp;</font></td>
<td align="left" bgcolor="#FFFFFF">&nbsp;</td>
<td align="right" bgcolor="#FFFFFF">&nbsp;</td>
<td align="left" bgcolor="#FFFFFF"><font size="2" face="serif">&nbsp;</font></td>
<td align="left" bgcolor="#FFFFFF">&nbsp;</td>
<td align="right" bgcolor="#FFFFFF">&nbsp;</td>
<td align="left" bgcolor="#FFFFFF"><font size="2" face="serif">&nbsp;</font></td>
<td align="left" bgcolor="#FFFFFF">&nbsp;</td>
<td align="right" bgcolor="#FFFFFF">&nbsp;</td>
<td align="left" bgcolor="#FFFFFF"><font size="2" face="serif">&nbsp;</font></td>
<td align="left" bgcolor="#FFFFFF">&nbsp;</td>
<td align="right" bgcolor="#FFFFFF">&nbsp;</td>
<td align="left" bgcolor="#FFFFFF"><font size="2" face="serif">&nbsp;</font></td>
<td align="left" bgcolor="#FFFFFF">&nbsp;</td>
<td align="right" bgcolor="#FFFFFF">&nbsp;</td>
<td align="left" bgcolor="#FFFFFF"><font size="2" face="serif">&nbsp;</font></td>
<td align="left" bgcolor="#FFFFFF">&nbsp;</td>
<td align="right" bgcolor="#FFFFFF">&nbsp;</td>
<td align="left" bgcolor="#FFFFFF"><font size="2" face="serif">&nbsp;</font></td>
<td align="left" bgcolor="#FFFFFF">&nbsp;</td>
<td align="right" bgcolor="#FFFFFF">&nbsp;</td>
<td align="left" bgcolor="#FFFFFF"><font size="2" face="serif">&nbsp;</font></td>
<td align="left" bgcolor="#FFFFFF">&nbsp;</td>
<td align="right" bgcolor="#FFFFFF">&nbsp;</td>
<td align="left" bgcolor="#FFFFFF"><font size="2" face="serif">&nbsp;</font></td>
<td align="left" bgcolor="#FFFFFF">&nbsp;</td>
<td align="right" bgcolor="#FFFFFF">&nbsp;</td>
<td align="left" bgcolor="#FFFFFF"><font size="2" face="serif">&nbsp;</font></td>
</tr>
<tr valign="top">
<td align="left" bgcolor="#FFFFFF"><font size="2" face="serif"><b><font face="serif" size="1">As of June 30, 2005</font></b></font></td>
<td align="left" bgcolor="#FFFFFF">&nbsp;</td>
<td align="right" bgcolor="#FFFFFF">&nbsp;</td>
<td align="left" bgcolor="#FFFFFF"><font size="2" face="serif">&nbsp;</font></td>
<td align="left" bgcolor="#FFFFFF">&nbsp;</td>
<td align="right" bgcolor="#FFFFFF">&nbsp;</td>
<td align="left" bgcolor="#FFFFFF"><font size="2" face="serif">&nbsp;</font></td>
<td align="left" bgcolor="#FFFFFF">&nbsp;</td>
<td align="right" bgcolor="#FFFFFF">&nbsp;</td>
<td align="left" bgcolor="#FFFFFF"><font size="2" face="serif">&nbsp;</font></td>
<td align="left" bgcolor="#FFFFFF">&nbsp;</td>
<td align="right" bgcolor="#FFFFFF">&nbsp;</td>
<td align="left" bgcolor="#FFFFFF"><font size="2" face="serif">&nbsp;</font></td>
<td align="left" bgcolor="#FFFFFF">&nbsp;</td>
<td align="right" bgcolor="#FFFFFF">&nbsp;</td>
<td align="left" bgcolor="#FFFFFF"><font size="2" face="serif">&nbsp;</font></td>
<td align="left" bgcolor="#FFFFFF">&nbsp;</td>
<td align="right" bgcolor="#FFFFFF">&nbsp;</td>
<td align="left" bgcolor="#FFFFFF"><font size="2" face="serif">&nbsp;</font></td>
<td align="left" bgcolor="#FFFFFF">&nbsp;</td>
<td align="right" bgcolor="#FFFFFF">&nbsp;</td>
<td align="left" bgcolor="#FFFFFF"><font size="2" face="serif">&nbsp;</font></td>
<td align="left" bgcolor="#FFFFFF">&nbsp;</td>
<td align="right" bgcolor="#FFFFFF">&nbsp;</td>
<td align="left" bgcolor="#FFFFFF"><font size="2" face="serif">&nbsp;</font></td>
<td align="left" bgcolor="#FFFFFF">&nbsp;</td>
<td align="right" bgcolor="#FFFFFF">&nbsp;</td>
<td align="left" bgcolor="#FFFFFF"><font size="2" face="serif">&nbsp;</font></td>
<td align="left" bgcolor="#FFFFFF">&nbsp;</td>
<td align="right" bgcolor="#FFFFFF">&nbsp;</td>
<td align="left" bgcolor="#FFFFFF"><font size="2" face="serif">&nbsp;</font></td>
</tr>
<tr valign="bottom">
<td align="left" valign="top" bgcolor="#FFFFFF"><b><font face="serif" size="1">(continued)</font></b></td>
<td align="left" bgcolor="#FFFFFF">&nbsp;</td>
<td align="right" bgcolor="#FFFFFF">&nbsp;</td>
<td rowspan="4" align="center" bgcolor="#FFFFFF"><b><font face="serif" size="1">Year<br>
acquired</font></b></td>
<td align="left" bgcolor="#FFFFFF">&nbsp;</td>
<td align="right" bgcolor="#FFFFFF">&nbsp;</td>
<td colspan="2" rowspan="4" align="center" bgcolor="#FFFFFF"><b><font face="serif" size="1">Percent<br>
owned (2)</font></b></td>
<td align="right" bgcolor="#FFFFFF">&nbsp;</td>
<td rowspan="4" align="center" bgcolor="#FFFFFF"><b><font face="serif" size="1">Gross<br>
leasable<br>
area<br>
&#147;GLA&#148;</font></b></td>
<td align="left" bgcolor="#FFFFFF">&nbsp;</td>
<td align="right" bgcolor="#FFFFFF">&nbsp;</td>
<td rowspan="4" align="center" bgcolor="#FFFFFF"><b><font face="serif" size="1">Year built/<br>
year last<br>
renovated</font></b></td>
<td align="left" bgcolor="#FFFFFF">&nbsp;</td>
<td align="right" bgcolor="#FFFFFF">&nbsp;</td>
<td rowspan="4" align="center" bgcolor="#FFFFFF"><b><font face="serif" size="1">Number<br>
of<br>
tenants</font></b></td>
<td align="left" bgcolor="#FFFFFF">&nbsp;</td>
<td align="right" bgcolor="#FFFFFF">&nbsp;</td>
<td colspan="2" rowspan="4" align="center" bgcolor="#FFFFFF"><b><font face="serif" size="1">Percent<br>
occupied</font></b></td>
<td align="right" bgcolor="#FFFFFF">&nbsp;</td>
<td rowspan="4" align="center" bgcolor="#FFFFFF"><b><font face="serif" size="1">Average<br>
base rent per<br>
leased SF</font></b></td>
<td align="left" bgcolor="#FFFFFF">&nbsp;</td>
<td align="right" bgcolor="#FFFFFF">&nbsp;</td>
<td align="left" bgcolor="#FFFFFF"><font size="2" face="serif">&nbsp;</font></td>
<td align="left" bgcolor="#FFFFFF">&nbsp;</td>
<td align="right" bgcolor="#FFFFFF">&nbsp;</td>
<td align="left" bgcolor="#FFFFFF"><font size="2" face="serif">&nbsp;</font></td>
<td align="left" bgcolor="#FFFFFF">&nbsp;</td>
<td align="right" bgcolor="#FFFFFF">&nbsp;</td>
<td align="left" bgcolor="#FFFFFF"><font size="2" face="serif">&nbsp;</font></td>
</tr>
<tr valign="bottom">
<td align="left" bgcolor="#FFFFFF"><font size="2" face="serif">&nbsp;</font></td>
<td align="left" bgcolor="#FFFFFF">&nbsp;</td>
<td align="right" bgcolor="#FFFFFF">&nbsp;</td>
<td align="left" bgcolor="#FFFFFF">&nbsp;</td>
<td align="right" bgcolor="#FFFFFF">&nbsp;</td>
<td align="right" bgcolor="#FFFFFF">&nbsp;</td>
<td align="left" bgcolor="#FFFFFF">&nbsp;</td>
<td align="right" bgcolor="#FFFFFF">&nbsp;</td>
<td align="left" bgcolor="#FFFFFF">&nbsp;</td>
<td align="right" bgcolor="#FFFFFF">&nbsp;</td>
<td align="left" bgcolor="#FFFFFF">&nbsp;</td>
<td align="right" bgcolor="#FFFFFF">&nbsp;</td>
<td align="right" bgcolor="#FFFFFF">&nbsp;</td>
<td align="left" bgcolor="#FFFFFF">&nbsp;</td>
<td align="right" bgcolor="#FFFFFF">&nbsp;</td>
<td colspan="7" rowspan="2" align="center" bgcolor="#FFFFFF"><font size="2" face="serif">&nbsp;</font><font size="2" face="serif">&nbsp;</font><font size="2" face="serif">&nbsp;<b><font face="serif" size="1">Major
    tenants [&gt;=20,000 SF of GLA]</font></b></font>  <hr noshade align="center" width="100%" size="1">
</td>
</tr>
<tr valign="bottom">
<td align="left" bgcolor="#FFFFFF"><font size="2" face="serif">&nbsp;</font></td>
<td align="left" bgcolor="#FFFFFF">&nbsp;</td>
<td align="right" bgcolor="#FFFFFF">&nbsp;</td>
<td align="left" bgcolor="#FFFFFF">&nbsp;</td>
<td align="right" bgcolor="#FFFFFF">&nbsp;</td>
<td align="right" bgcolor="#FFFFFF">&nbsp;</td>
<td align="left" bgcolor="#FFFFFF">&nbsp;</td>
<td align="right" bgcolor="#FFFFFF">&nbsp;</td>
<td align="left" bgcolor="#FFFFFF">&nbsp;</td>
<td align="right" bgcolor="#FFFFFF">&nbsp;</td>
<td align="left" bgcolor="#FFFFFF">&nbsp;</td>
<td align="right" bgcolor="#FFFFFF">&nbsp;</td>
<td align="right" bgcolor="#FFFFFF">&nbsp;</td>
<td align="left" bgcolor="#FFFFFF">&nbsp;</td>
<td align="right" bgcolor="#FFFFFF">&nbsp;</td>
</tr>
<tr valign="bottom">
<td align="left" bgcolor="#FFFFFF"><font size="2" face="serif"><b><font face="serif" size="1">Property</font></b></font></td>
<td align="left" bgcolor="#FFFFFF">&nbsp;</td>
<td align="right" bgcolor="#FFFFFF">&nbsp;</td>
<td align="left" bgcolor="#FFFFFF">&nbsp;</td>
<td align="right" bgcolor="#FFFFFF">&nbsp;</td>
<td align="right" bgcolor="#FFFFFF">&nbsp;</td>
<td align="left" bgcolor="#FFFFFF">&nbsp;</td>
<td align="right" bgcolor="#FFFFFF">&nbsp;</td>
<td align="left" bgcolor="#FFFFFF">&nbsp;</td>
<td align="right" bgcolor="#FFFFFF">&nbsp;</td>
<td align="left" bgcolor="#FFFFFF">&nbsp;</td>
<td align="right" bgcolor="#FFFFFF">&nbsp;</td>
<td align="right" bgcolor="#FFFFFF">&nbsp;</td>
<td align="left" bgcolor="#FFFFFF">&nbsp;</td>
<td align="right" bgcolor="#FFFFFF">&nbsp;</td>
<td align="left" bgcolor="#FFFFFF"><font size="2" face="serif"><b><font face="serif" size="1">Name</font></b></font></td>
<td align="left" bgcolor="#FFFFFF">&nbsp;</td>
<td align="right" bgcolor="#FFFFFF">&nbsp;</td>
<td align="center" bgcolor="#FFFFFF"><font size="2" face="serif"><b><font face="serif" size="1">SF</font></b></font></td>
<td align="left" bgcolor="#FFFFFF">&nbsp;</td>
<td align="right" bgcolor="#FFFFFF">&nbsp;</td>
<td align="center" bgcolor="#FFFFFF"><font size="2" face="serif"><b><font face="serif" size="1">Lease<br>
expiration</font></b></font></td>
</tr>
<tr valign="top">
<td colspan="31" align="left"><hr noshade align="center" width="100%" size="1"></td>
</tr>
<tr valign="bottom">
<td align="left" bgcolor="#eeeeee"><font size="2" face="serif"><font face="serif" size="1">Powell Discount Drug Mart Plaza</font></font></td>
<td align="left" bgcolor="#eeeeee">&nbsp;</td>
<td align="right" bgcolor="#eeeeee">&nbsp;</td>
<td align="center" bgcolor="#eeeeee"><font size="2" face="serif"><font face="serif" size="1">2005</font></font></td>
<td align="left" bgcolor="#eeeeee">&nbsp;</td>
<td align="right" bgcolor="#eeeeee">&nbsp;</td>
<td align="right" bgcolor="#eeeeee"><font size="2" face="serif"><font face="serif" size="1">100</font></font></td>
<td align="left" bgcolor="#eeeeee"><font size="2" face="serif"><font face="serif" size="1">%</font></font></td>
<td width="1%" align="right" bgcolor="#eeeeee">&nbsp;</td>
<td align="center" bgcolor="#eeeeee"><font size="2" face="serif"><font face="serif" size="1">49,782 </font></font></td>
<td align="left" bgcolor="#eeeeee">&nbsp;</td>
<td align="right" bgcolor="#eeeeee">&nbsp;</td>
<td align="center" bgcolor="#eeeeee"><font size="2" face="serif"><font face="serif" size="1">2001</font></font></td>
<td align="left" bgcolor="#eeeeee">&nbsp;</td>
<td align="right" bgcolor="#eeeeee">&nbsp;</td>
<td align="center" bgcolor="#eeeeee"><font size="2" face="serif"><font face="serif" size="1">10 </font></font></td>
<td align="left" bgcolor="#eeeeee">&nbsp;</td>
<td align="right" bgcolor="#eeeeee">&nbsp;</td>
<td align="right" bgcolor="#eeeeee"><font size="2" face="serif"><font face="serif" size="1">97</font></font></td>
<td align="left" bgcolor="#eeeeee"><font size="2" face="serif"><font face="serif" size="1">%</font></font></td>
<td align="right" bgcolor="#eeeeee">&nbsp;</td>
<td align="center" bgcolor="#eeeeee"><font size="2" face="serif"><font face="serif" size="1">11.90 </font></font></td>
<td width="2%" align="left" bgcolor="#eeeeee">&nbsp;</td>
<td align="right" bgcolor="#eeeeee">&nbsp;</td>
<td align="left" bgcolor="#eeeeee"><font size="2" face="serif"><font face="serif" size="1">Discount Drug Mart</font></font></td>
<td align="left" bgcolor="#eeeeee">&nbsp;</td>
<td align="right" bgcolor="#eeeeee">&nbsp;</td>
<td align="center" bgcolor="#eeeeee"><font size="2" face="serif"><font face="serif" size="1">25,852 </font></font></td>
<td align="left" bgcolor="#eeeeee">&nbsp;</td>
<td align="right" bgcolor="#eeeeee">&nbsp;</td>
<td align="center" bgcolor="#eeeeee"><font size="2" face="serif"><font face="serif" size="1">04/10/2017</font></font></td>
</tr>
<tr valign="bottom">
<td align="left" bgcolor="#eeeeee"><font size="2" face="serif"><font face="serif" size="1">Powell, OH</font></font></td>
<td align="left" bgcolor="#eeeeee">&nbsp;</td>
<td align="right" bgcolor="#eeeeee">&nbsp;</td>
<td align="left" bgcolor="#eeeeee"><font size="2" face="serif">&nbsp;</font></td>
<td align="left" bgcolor="#eeeeee">&nbsp;</td>
<td align="right" bgcolor="#eeeeee">&nbsp;</td>
<td align="right" bgcolor="#eeeeee"><font size="2" face="serif">&nbsp;</font></td>
<td align="left" bgcolor="#eeeeee">&nbsp;</td>
<td align="right" bgcolor="#eeeeee">&nbsp;</td>
<td align="left" bgcolor="#eeeeee"><font size="2" face="serif">&nbsp;</font></td>
<td align="left" bgcolor="#eeeeee">&nbsp;</td>
<td align="right" bgcolor="#eeeeee">&nbsp;</td>
<td align="left" bgcolor="#eeeeee"><font size="2" face="serif">&nbsp;</font></td>
<td align="left" bgcolor="#eeeeee">&nbsp;</td>
<td align="right" bgcolor="#eeeeee">&nbsp;</td>
<td align="left" bgcolor="#eeeeee"><font size="2" face="serif">&nbsp;</font></td>
<td align="left" bgcolor="#eeeeee">&nbsp;</td>
<td align="right" bgcolor="#eeeeee">&nbsp;</td>
<td align="right" bgcolor="#eeeeee"><font size="2" face="serif">&nbsp;</font></td>
<td align="left" bgcolor="#eeeeee">&nbsp;</td>
<td align="right" bgcolor="#eeeeee">&nbsp;</td>
<td align="left" bgcolor="#eeeeee"><font size="2" face="serif">&nbsp;</font></td>
<td align="left" bgcolor="#eeeeee">&nbsp;</td>
<td align="right" bgcolor="#eeeeee">&nbsp;</td>
<td align="left" bgcolor="#eeeeee"><font size="2" face="serif">&nbsp;</font></td>
<td align="left" bgcolor="#eeeeee">&nbsp;</td>
<td align="right" bgcolor="#eeeeee">&nbsp;</td>
<td align="left" bgcolor="#eeeeee"><font size="2" face="serif">&nbsp;</font></td>
<td align="left" bgcolor="#eeeeee">&nbsp;</td>
<td align="right" bgcolor="#eeeeee">&nbsp;</td>
<td align="left" bgcolor="#eeeeee"><font size="2" face="serif">&nbsp;</font></td>
</tr>
<tr valign="bottom">
<td align="left"><font size="2" face="serif">&nbsp;</font></td>
<td align="left">&nbsp;</td>
<td align="right">&nbsp;</td>
<td align="left"><font size="2" face="serif">&nbsp;</font></td>
<td align="left">&nbsp;</td>
<td align="right">&nbsp;</td>
<td align="right"><font size="2" face="serif">&nbsp;</font></td>
<td align="left">&nbsp;</td>
<td align="right">&nbsp;</td>
<td align="left"><font size="2" face="serif">&nbsp;</font></td>
<td align="left">&nbsp;</td>
<td align="right">&nbsp;</td>
<td align="left"><font size="2" face="serif">&nbsp;</font></td>
<td align="left">&nbsp;</td>
<td align="right">&nbsp;</td>
<td align="left"><font size="2" face="serif">&nbsp;</font></td>
<td align="left">&nbsp;</td>
<td align="right">&nbsp;</td>
<td align="right"><font size="2" face="serif">&nbsp;</font></td>
<td align="left">&nbsp;</td>
<td align="right">&nbsp;</td>
<td align="left"><font size="2" face="serif">&nbsp;</font></td>
<td align="left">&nbsp;</td>
<td align="right">&nbsp;</td>
<td align="left"><font size="2" face="serif">&nbsp;</font></td>
<td align="left">&nbsp;</td>
<td align="right">&nbsp;</td>
<td align="left"><font size="2" face="serif">&nbsp;</font></td>
<td align="left">&nbsp;</td>
<td align="right">&nbsp;</td>
<td align="left"><font size="2" face="serif">&nbsp;</font></td>
</tr>
<tr valign="bottom">
<td align="left" bgcolor="#FFFFFF"><font size="2" face="serif"><font face="serif" size="1">Rite Aid at Massillon</font></font></td>
<td align="left" bgcolor="#FFFFFF">&nbsp;</td>
<td align="right" bgcolor="#FFFFFF">&nbsp;</td>
<td align="center" bgcolor="#FFFFFF"><font size="2" face="serif"><font face="serif" size="1">2005</font></font></td>
<td align="left" bgcolor="#FFFFFF">&nbsp;</td>
<td align="right" bgcolor="#FFFFFF">&nbsp;</td>
<td align="right"><font size="2" face="serif"><font face="serif" size="1">100</font></font></td>
<td align="left" bgcolor="#FFFFFF"><font size="2" face="serif"><font face="serif" size="1">%</font></font></td>
<td align="right" bgcolor="#FFFFFF">&nbsp;</td>
<td align="center" bgcolor="#FFFFFF"><font size="2" face="serif"><font face="serif" size="1">10,125 </font></font></td>
<td align="left" bgcolor="#FFFFFF">&nbsp;</td>
<td align="right" bgcolor="#FFFFFF">&nbsp;</td>
<td align="center" bgcolor="#FFFFFF"><font size="2" face="serif"><font face="serif" size="1">1999</font></font></td>
<td align="left" bgcolor="#FFFFFF">&nbsp;</td>
<td align="right" bgcolor="#FFFFFF">&nbsp;</td>
<td align="center" bgcolor="#FFFFFF"><font size="2" face="serif"><font face="serif" size="1">1 </font></font></td>
<td align="left" bgcolor="#FFFFFF">&nbsp;</td>
<td align="right" bgcolor="#FFFFFF">&nbsp;</td>
<td align="right"><font size="2" face="serif"><font face="serif" size="1">100</font></font></td>
<td align="left" bgcolor="#FFFFFF"><font size="2" face="serif"><font face="serif" size="1">%</font></font></td>
<td align="right" bgcolor="#FFFFFF">&nbsp;</td>
<td align="center" bgcolor="#FFFFFF"><font size="2" face="serif"><font face="serif" size="1">17.91 </font></font></td>
<td align="left" bgcolor="#FFFFFF">&nbsp;</td>
<td align="right" bgcolor="#FFFFFF">&nbsp;</td>
<td align="left" bgcolor="#FFFFFF"><font size="2" face="serif">&nbsp;</font></td>
<td align="left" bgcolor="#FFFFFF">&nbsp;</td>
<td align="right" bgcolor="#FFFFFF">&nbsp;</td>
<td align="left" bgcolor="#FFFFFF"><font size="2" face="serif">&nbsp;</font></td>
<td align="left" bgcolor="#FFFFFF">&nbsp;</td>
<td align="right" bgcolor="#FFFFFF">&nbsp;</td>
<td align="left" bgcolor="#FFFFFF"><font size="2" face="serif">&nbsp;</font></td>
</tr>
<tr valign="bottom">
<td align="left" bgcolor="#FFFFFF"><font size="2" face="serif"><font face="serif" size="1">Massillon, OH</font></font></td>
<td align="left" bgcolor="#FFFFFF">&nbsp;</td>
<td align="right" bgcolor="#FFFFFF">&nbsp;</td>
<td align="left" bgcolor="#FFFFFF"><font size="2" face="serif">&nbsp;</font></td>
<td align="left" bgcolor="#FFFFFF">&nbsp;</td>
<td align="right" bgcolor="#FFFFFF">&nbsp;</td>
<td align="right"><font size="2" face="serif">&nbsp;</font></td>
<td align="left" bgcolor="#FFFFFF">&nbsp;</td>
<td align="right" bgcolor="#FFFFFF">&nbsp;</td>
<td align="left" bgcolor="#FFFFFF"><font size="2" face="serif">&nbsp;</font></td>
<td align="left" bgcolor="#FFFFFF">&nbsp;</td>
<td align="right" bgcolor="#FFFFFF">&nbsp;</td>
<td align="left" bgcolor="#FFFFFF"><font size="2" face="serif">&nbsp;</font></td>
<td align="left" bgcolor="#FFFFFF">&nbsp;</td>
<td align="right" bgcolor="#FFFFFF">&nbsp;</td>
<td align="left" bgcolor="#FFFFFF"><font size="2" face="serif">&nbsp;</font></td>
<td align="left" bgcolor="#FFFFFF">&nbsp;</td>
<td align="right" bgcolor="#FFFFFF">&nbsp;</td>
<td align="right"><font size="2" face="serif">&nbsp;</font></td>
<td align="left" bgcolor="#FFFFFF">&nbsp;</td>
<td align="right" bgcolor="#FFFFFF">&nbsp;</td>
<td align="left" bgcolor="#FFFFFF"><font size="2" face="serif">&nbsp;</font></td>
<td align="left" bgcolor="#FFFFFF">&nbsp;</td>
<td align="right" bgcolor="#FFFFFF">&nbsp;</td>
<td align="left" bgcolor="#FFFFFF"><font size="2" face="serif">&nbsp;</font></td>
<td align="left" bgcolor="#FFFFFF">&nbsp;</td>
<td align="right" bgcolor="#FFFFFF">&nbsp;</td>
<td align="left" bgcolor="#FFFFFF"><font size="2" face="serif">&nbsp;</font></td>
<td align="left" bgcolor="#FFFFFF">&nbsp;</td>
<td align="right" bgcolor="#FFFFFF">&nbsp;</td>
<td align="left" bgcolor="#FFFFFF"><font size="2" face="serif">&nbsp;</font></td>
</tr>
<tr valign="bottom">
<td align="left"><font size="2" face="serif">&nbsp;</font></td>
<td align="left">&nbsp;</td>
<td align="right">&nbsp;</td>
<td align="left"><font size="2" face="serif">&nbsp;</font></td>
<td align="left">&nbsp;</td>
<td align="right">&nbsp;</td>
<td align="right"><font size="2" face="serif">&nbsp;</font></td>
<td align="left">&nbsp;</td>
<td align="right">&nbsp;</td>
<td align="left"><font size="2" face="serif">&nbsp;</font></td>
<td align="left">&nbsp;</td>
<td align="right">&nbsp;</td>
<td align="left"><font size="2" face="serif">&nbsp;</font></td>
<td align="left">&nbsp;</td>
<td align="right">&nbsp;</td>
<td align="left"><font size="2" face="serif">&nbsp;</font></td>
<td align="left">&nbsp;</td>
<td align="right">&nbsp;</td>
<td align="right"><font size="2" face="serif">&nbsp;</font></td>
<td align="left">&nbsp;</td>
<td align="right">&nbsp;</td>
<td align="left"><font size="2" face="serif">&nbsp;</font></td>
<td align="left">&nbsp;</td>
<td align="right">&nbsp;</td>
<td align="left"><font size="2" face="serif">&nbsp;</font></td>
<td align="left">&nbsp;</td>
<td align="right">&nbsp;</td>
<td align="left"><font size="2" face="serif">&nbsp;</font></td>
<td align="left">&nbsp;</td>
<td align="right">&nbsp;</td>
<td align="left"><font size="2" face="serif">&nbsp;</font></td>
</tr>
<tr valign="bottom">
<td align="left" bgcolor="#eeeeee"><font size="2" face="serif"><font face="serif" size="1">Shelby Discount Drug Mart Plaza</font></font></td>
<td align="left" bgcolor="#eeeeee">&nbsp;</td>
<td align="right" bgcolor="#eeeeee">&nbsp;</td>
<td align="center" bgcolor="#eeeeee"><font size="2" face="serif"><font face="serif" size="1">2005</font></font></td>
<td align="left" bgcolor="#eeeeee">&nbsp;</td>
<td align="right" bgcolor="#eeeeee">&nbsp;</td>
<td align="right" bgcolor="#eeeeee"><font size="2" face="serif"><font face="serif" size="1">100</font></font></td>
<td align="left" bgcolor="#eeeeee"><font size="2" face="serif"><font face="serif" size="1">%</font></font></td>
<td align="right" bgcolor="#eeeeee">&nbsp;</td>
<td align="center" bgcolor="#eeeeee"><font size="2" face="serif"><font face="serif" size="1">36,596 </font></font></td>
<td align="left" bgcolor="#eeeeee">&nbsp;</td>
<td align="right" bgcolor="#eeeeee">&nbsp;</td>
<td align="center" bgcolor="#eeeeee"><font size="2" face="serif"><font face="serif" size="1">2002</font></font></td>
<td align="left" bgcolor="#eeeeee">&nbsp;</td>
<td align="right" bgcolor="#eeeeee">&nbsp;</td>
<td align="center" bgcolor="#eeeeee"><font size="2" face="serif"><font face="serif" size="1">5 </font></font></td>
<td align="left" bgcolor="#eeeeee">&nbsp;</td>
<td align="right" bgcolor="#eeeeee">&nbsp;</td>
<td align="right" bgcolor="#eeeeee"><font size="2" face="serif"><font face="serif" size="1">100</font></font></td>
<td align="left" bgcolor="#eeeeee"><font size="2" face="serif"><font face="serif" size="1">%</font></font></td>
<td align="right" bgcolor="#eeeeee">&nbsp;</td>
<td align="center" bgcolor="#eeeeee"><font size="2" face="serif"><font face="serif" size="1">9.16 </font></font></td>
<td align="left" bgcolor="#eeeeee">&nbsp;</td>
<td align="right" bgcolor="#eeeeee">&nbsp;</td>
<td align="left" bgcolor="#eeeeee"><font size="2" face="serif"><font face="serif" size="1">Discount Drug Mart</font></font></td>
<td align="left" bgcolor="#eeeeee">&nbsp;</td>
<td align="right" bgcolor="#eeeeee">&nbsp;</td>
<td align="center" bgcolor="#eeeeee"><font size="2" face="serif"><font face="serif" size="1">24,596 </font></font></td>
<td align="left" bgcolor="#eeeeee">&nbsp;</td>
<td align="right" bgcolor="#eeeeee">&nbsp;</td>
<td align="center" bgcolor="#eeeeee"><font size="2" face="serif"><font face="serif" size="1">03/31/2019</font></font></td>
</tr>
<tr valign="bottom">
<td align="left" bgcolor="#eeeeee"><font size="2" face="serif"><font face="serif" size="1">Shelby, OH</font></font></td>
<td align="left" bgcolor="#eeeeee">&nbsp;</td>
<td align="right" bgcolor="#eeeeee">&nbsp;</td>
<td align="left" bgcolor="#eeeeee"><font size="2" face="serif">&nbsp;</font></td>
<td align="left" bgcolor="#eeeeee">&nbsp;</td>
<td align="right" bgcolor="#eeeeee">&nbsp;</td>
<td align="right" bgcolor="#eeeeee"><font size="2" face="serif">&nbsp;</font></td>
<td align="left" bgcolor="#eeeeee">&nbsp;</td>
<td align="right" bgcolor="#eeeeee">&nbsp;</td>
<td align="left" bgcolor="#eeeeee"><font size="2" face="serif">&nbsp;</font></td>
<td align="left" bgcolor="#eeeeee">&nbsp;</td>
<td align="right" bgcolor="#eeeeee">&nbsp;</td>
<td align="left" bgcolor="#eeeeee"><font size="2" face="serif">&nbsp;</font></td>
<td align="left" bgcolor="#eeeeee">&nbsp;</td>
<td align="right" bgcolor="#eeeeee">&nbsp;</td>
<td align="left" bgcolor="#eeeeee"><font size="2" face="serif">&nbsp;</font></td>
<td align="left" bgcolor="#eeeeee">&nbsp;</td>
<td align="right" bgcolor="#eeeeee">&nbsp;</td>
<td align="right" bgcolor="#eeeeee"><font size="2" face="serif">&nbsp;</font></td>
<td align="left" bgcolor="#eeeeee">&nbsp;</td>
<td align="right" bgcolor="#eeeeee">&nbsp;</td>
<td align="left" bgcolor="#eeeeee"><font size="2" face="serif">&nbsp;</font></td>
<td align="left" bgcolor="#eeeeee">&nbsp;</td>
<td align="right" bgcolor="#eeeeee">&nbsp;</td>
<td align="left" bgcolor="#eeeeee"><font size="2" face="serif">&nbsp;</font></td>
<td align="left" bgcolor="#eeeeee">&nbsp;</td>
<td align="right" bgcolor="#eeeeee">&nbsp;</td>
<td align="left" bgcolor="#eeeeee"><font size="2" face="serif">&nbsp;</font></td>
<td align="left" bgcolor="#eeeeee">&nbsp;</td>
<td align="right" bgcolor="#eeeeee">&nbsp;</td>
<td align="left" bgcolor="#eeeeee"><font size="2" face="serif">&nbsp;</font></td>
</tr>
<tr valign="bottom">
<td align="left"><font size="2" face="serif">&nbsp;</font></td>
<td align="left">&nbsp;</td>
<td align="right">&nbsp;</td>
<td align="left"><font size="2" face="serif">&nbsp;</font></td>
<td align="left">&nbsp;</td>
<td align="right">&nbsp;</td>
<td align="right"><font size="2" face="serif">&nbsp;</font></td>
<td align="left">&nbsp;</td>
<td align="right">&nbsp;</td>
<td align="left"><font size="2" face="serif">&nbsp;</font></td>
<td align="left">&nbsp;</td>
<td align="right">&nbsp;</td>
<td align="left"><font size="2" face="serif">&nbsp;</font></td>
<td align="left">&nbsp;</td>
<td align="right">&nbsp;</td>
<td align="left"><font size="2" face="serif">&nbsp;</font></td>
<td align="left">&nbsp;</td>
<td align="right">&nbsp;</td>
<td align="right"><font size="2" face="serif">&nbsp;</font></td>
<td align="left">&nbsp;</td>
<td align="right">&nbsp;</td>
<td align="left"><font size="2" face="serif">&nbsp;</font></td>
<td align="left">&nbsp;</td>
<td align="right">&nbsp;</td>
<td align="left"><font size="2" face="serif">&nbsp;</font></td>
<td align="left">&nbsp;</td>
<td align="right">&nbsp;</td>
<td align="left"><font size="2" face="serif">&nbsp;</font></td>
<td align="left">&nbsp;</td>
<td align="right">&nbsp;</td>
<td align="left"><font size="2" face="serif">&nbsp;</font></td>
</tr>
<tr valign="bottom">
<td align="left" bgcolor="#FFFFFF"><font size="2" face="serif"><font face="serif" size="1">Staples at Oswego</font></font></td>
<td align="left" bgcolor="#FFFFFF">&nbsp;</td>
<td align="right" bgcolor="#FFFFFF">&nbsp;</td>
<td align="center" bgcolor="#FFFFFF"><font size="2" face="serif"><font face="serif" size="1">2005</font></font></td>
<td align="left" bgcolor="#FFFFFF">&nbsp;</td>
<td align="right" bgcolor="#FFFFFF">&nbsp;</td>
<td align="right"><font size="2" face="serif"><font face="serif" size="1">100</font></font></td>
<td align="left" bgcolor="#FFFFFF"><font size="2" face="serif"><font face="serif" size="1">%</font></font></td>
<td align="right" bgcolor="#FFFFFF">&nbsp;</td>
<td align="center" bgcolor="#FFFFFF"><font size="2" face="serif"><font face="serif" size="1">23,884 </font></font></td>
<td align="left" bgcolor="#FFFFFF">&nbsp;</td>
<td align="right" bgcolor="#FFFFFF">&nbsp;</td>
<td align="center" bgcolor="#FFFFFF"><font size="2" face="serif"><font face="serif" size="1">2000</font></font></td>
<td align="left" bgcolor="#FFFFFF">&nbsp;</td>
<td align="right" bgcolor="#FFFFFF">&nbsp;</td>
<td align="center" bgcolor="#FFFFFF"><font size="2" face="serif"><font face="serif" size="1">1 </font></font></td>
<td align="left" bgcolor="#FFFFFF">&nbsp;</td>
<td align="right" bgcolor="#FFFFFF">&nbsp;</td>
<td align="right"><font size="2" face="serif"><font face="serif" size="1">100</font></font></td>
<td align="left" bgcolor="#FFFFFF"><font size="2" face="serif"><font face="serif" size="1">%</font></font></td>
<td align="right" bgcolor="#FFFFFF">&nbsp;</td>
<td align="center" bgcolor="#FFFFFF"><font size="2" face="serif"><font face="serif" size="1">10.90 </font></font></td>
<td align="left" bgcolor="#FFFFFF">&nbsp;</td>
<td align="right" bgcolor="#FFFFFF">&nbsp;</td>
<td align="left" bgcolor="#FFFFFF"><font size="2" face="serif"><font face="serif" size="1">Staples</font></font></td>
<td align="left" bgcolor="#FFFFFF">&nbsp;</td>
<td align="right" bgcolor="#FFFFFF">&nbsp;</td>
<td align="center" bgcolor="#FFFFFF"><font size="2" face="serif"><font face="serif" size="1">23,884 </font></font></td>
<td align="left" bgcolor="#FFFFFF">&nbsp;</td>
<td align="right" bgcolor="#FFFFFF">&nbsp;</td>
<td align="center" bgcolor="#FFFFFF"><font size="2" face="serif"><font face="serif" size="1">02/28/2015</font></font></td>
</tr>
<tr valign="bottom">
<td align="left" bgcolor="#FFFFFF"><font size="2" face="serif"><font face="serif" size="1">Oswego, NY</font></font></td>
<td align="left" bgcolor="#FFFFFF">&nbsp;</td>
<td align="right" bgcolor="#FFFFFF">&nbsp;</td>
<td align="left" bgcolor="#FFFFFF"><font size="2" face="serif">&nbsp;</font></td>
<td align="left" bgcolor="#FFFFFF">&nbsp;</td>
<td align="right" bgcolor="#FFFFFF">&nbsp;</td>
<td align="right"><font size="2" face="serif">&nbsp;</font></td>
<td align="left" bgcolor="#FFFFFF">&nbsp;</td>
<td align="right" bgcolor="#FFFFFF">&nbsp;</td>
<td align="left" bgcolor="#FFFFFF"><font size="2" face="serif">&nbsp;</font></td>
<td align="left" bgcolor="#FFFFFF">&nbsp;</td>
<td align="right" bgcolor="#FFFFFF">&nbsp;</td>
<td align="left" bgcolor="#FFFFFF"><font size="2" face="serif">&nbsp;</font></td>
<td align="left" bgcolor="#FFFFFF">&nbsp;</td>
<td align="right" bgcolor="#FFFFFF">&nbsp;</td>
<td align="left" bgcolor="#FFFFFF"><font size="2" face="serif">&nbsp;</font></td>
<td align="left" bgcolor="#FFFFFF">&nbsp;</td>
<td align="right" bgcolor="#FFFFFF">&nbsp;</td>
<td align="right"><font size="2" face="serif">&nbsp;</font></td>
<td align="left" bgcolor="#FFFFFF">&nbsp;</td>
<td align="right" bgcolor="#FFFFFF">&nbsp;</td>
<td align="left" bgcolor="#FFFFFF"><font size="2" face="serif">&nbsp;</font></td>
<td align="left" bgcolor="#FFFFFF">&nbsp;</td>
<td align="right" bgcolor="#FFFFFF">&nbsp;</td>
<td align="left" bgcolor="#FFFFFF"><font size="2" face="serif">&nbsp;</font></td>
<td align="left" bgcolor="#FFFFFF">&nbsp;</td>
<td align="right" bgcolor="#FFFFFF">&nbsp;</td>
<td align="left" bgcolor="#FFFFFF"><font size="2" face="serif">&nbsp;</font></td>
<td align="left" bgcolor="#FFFFFF">&nbsp;</td>
<td align="right" bgcolor="#FFFFFF">&nbsp;</td>
<td align="left" bgcolor="#FFFFFF"><font size="2" face="serif">&nbsp;</font></td>
</tr>
<tr valign="bottom">
<td align="left"><font size="2" face="serif">&nbsp;</font></td>
<td align="left">&nbsp;</td>
<td align="right">&nbsp;</td>
<td align="left"><font size="2" face="serif">&nbsp;</font></td>
<td align="left">&nbsp;</td>
<td align="right">&nbsp;</td>
<td align="right"><font size="2" face="serif">&nbsp;</font></td>
<td align="left">&nbsp;</td>
<td align="right">&nbsp;</td>
<td align="center"><hr noshade align="center" width="100%" size="1"></td>
<td align="left">&nbsp;</td>
<td align="right">&nbsp;</td>
<td align="left"><font size="2" face="serif">&nbsp;</font></td>
<td align="left">&nbsp;</td>
<td align="right">&nbsp;</td>
<td align="left"><hr noshade align="center" width="100%" size="1"></td>
<td align="left"><hr align="left" width="100%" size=1 noshade>
  </td>
<td align="right"><hr align="left" width="100%" size=1 noshade>
  </td>
<td align="right"><hr noshade align="center" width="100%" size="1"></td>
<td align="left"><hr align="left" width="100%" size=1 noshade>
  </td>
<td align="right"><hr align="left" width="100%" size=1 noshade>
  </td>
<td align="center"><hr noshade align="center" width="100%" size="1"></td>
<td align="left">&nbsp;</td>
<td align="right">&nbsp;</td>
<td align="left"><font size="2" face="serif">&nbsp;</font></td>
<td align="left">&nbsp;</td>
<td align="right">&nbsp;</td>
<td align="left"><font size="2" face="serif">&nbsp;</font></td>
<td align="left">&nbsp;</td>
<td align="right">&nbsp;</td>
<td align="left"><font size="2" face="serif">&nbsp;</font></td>
</tr>
<tr valign="bottom">
<td align="left" bgcolor="#ffffff"><font size="2" face="serif">&nbsp;</font></td>
<td align="left" bgcolor="#ffffff">&nbsp;</td>
<td align="right" bgcolor="#ffffff">&nbsp;</td>
<td align="left" bgcolor="#ffffff"><font size="2" face="serif">&nbsp;</font></td>
<td align="left" bgcolor="#ffffff">&nbsp;</td>
<td align="right" bgcolor="#ffffff">&nbsp;</td>
<td align="right"><font size="2" face="serif">&nbsp;</font></td>
<td align="left" bgcolor="#ffffff">&nbsp;</td>
<td align="right" bgcolor="#ffffff">&nbsp;</td>
<td align="center" bgcolor="#ffffff"><font size="2" face="serif"><font face="serif" size="1">4,855,495 </font></font></td>
<td align="left" bgcolor="#ffffff">&nbsp;</td>
<td align="right" bgcolor="#ffffff">&nbsp;</td>
<td align="left" bgcolor="#ffffff"><font size="2" face="serif">&nbsp;</font></td>
<td align="left" bgcolor="#ffffff">&nbsp;</td>
<td align="right" bgcolor="#ffffff">&nbsp;</td>
<td align="center" bgcolor="#ffffff"><font size="2" face="serif"><font face="serif" size="1">521</font></font></td>
<td align="left" bgcolor="#ffffff">&nbsp;</td>
<td align="right" bgcolor="#ffffff">&nbsp;</td>
<td align="right" bgcolor="#ffffff"><font size="2" face="serif"><font face="serif" size="1">95</font></font></td>
<td align="left" bgcolor="#ffffff"><font size="2" face="serif"><font face="serif" size="1">%</font></font></td>
<td align="right" bgcolor="#ffffff">&nbsp;</td>
<td align="center" bgcolor="#ffffff"><font size="2" face="serif"><font face="serif" size="1">10.80</font></font></td>
<td align="left" bgcolor="#ffffff">&nbsp;</td>
<td align="right" bgcolor="#ffffff">&nbsp;</td>
<td align="left" bgcolor="#ffffff"><font size="2" face="serif">&nbsp;</font></td>
<td align="left" bgcolor="#ffffff">&nbsp;</td>
<td align="right" bgcolor="#ffffff">&nbsp;</td>
<td align="left" bgcolor="#ffffff"><font size="2" face="serif">&nbsp;</font></td>
<td align="left" bgcolor="#ffffff">&nbsp;</td>
<td align="right" bgcolor="#ffffff">&nbsp;</td>
<td align="left" bgcolor="#ffffff"><font size="2" face="serif">&nbsp;</font></td>
</tr>
<tr valign="bottom">
  <td align="left" bgcolor="#ffffff">&nbsp;</td>
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  <td align="center" bgcolor="#ffffff"><hr noshade align="center" width="100%" size="1"></td>
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  <td align="right" bgcolor="#ffffff">&nbsp;</td>
  <td align="left" bgcolor="#ffffff">&nbsp;</td>
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  <td align="center" bgcolor="#ffffff"><hr noshade align="center" width="100%" size="1"></td>
  <td align="left" bgcolor="#ffffff"><hr align="left" width="100%" size=1 noshade>
    </td>
  <td align="right" bgcolor="#ffffff"><hr align="left" width="100%" size=1 noshade>
    </td>
  <td align="right" bgcolor="#ffffff"><hr noshade align="center" width="100%" size="1"></td>
  <td align="left" bgcolor="#ffffff"><hr align="left" width="100%" size=1 noshade>
    </td>
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    </td>
  <td align="center" bgcolor="#ffffff"><hr noshade align="center" width="100%" size="1"></td>
  <td align="left" bgcolor="#ffffff">&nbsp;</td>
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<td colspan="7" align="left" bgcolor="#FFFFFF"><font size="2" face="serif"><b><font face="serif" size="1">DEVELOPMENT/REDEVELOPMENT PROPERTIES:</font></b></font></td>
<td align="left" bgcolor="#FFFFFF">&nbsp;</td>
<td align="right" bgcolor="#FFFFFF">&nbsp;</td>
<td align="left" bgcolor="#FFFFFF"><font size="2" face="serif">&nbsp;</font></td>
<td align="left" bgcolor="#FFFFFF">&nbsp;</td>
<td align="right" bgcolor="#FFFFFF">&nbsp;</td>
<td align="left" bgcolor="#FFFFFF"><font size="2" face="serif">&nbsp;</font></td>
<td align="left" bgcolor="#FFFFFF">&nbsp;</td>
<td align="right" bgcolor="#FFFFFF">&nbsp;</td>
<td align="left" bgcolor="#FFFFFF"><font size="2" face="serif">&nbsp;</font></td>
<td align="left" bgcolor="#FFFFFF">&nbsp;</td>
<td align="right" bgcolor="#FFFFFF">&nbsp;</td>
<td align="right"><font size="2" face="serif">&nbsp;</font></td>
<td align="left" bgcolor="#FFFFFF">&nbsp;</td>
<td align="right" bgcolor="#FFFFFF">&nbsp;</td>
<td align="left" bgcolor="#FFFFFF"><font size="2" face="serif">&nbsp;</font></td>
<td align="left" bgcolor="#FFFFFF">&nbsp;</td>
<td align="right" bgcolor="#FFFFFF">&nbsp;</td>
<td align="left" bgcolor="#FFFFFF"><font size="2" face="serif">&nbsp;</font></td>
<td align="left" bgcolor="#FFFFFF">&nbsp;</td>
<td align="right" bgcolor="#FFFFFF">&nbsp;</td>
<td align="left" bgcolor="#FFFFFF"><font size="2" face="serif">&nbsp;</font></td>
<td align="left" bgcolor="#FFFFFF">&nbsp;</td>
<td align="right" bgcolor="#FFFFFF">&nbsp;</td>
<td align="left" bgcolor="#FFFFFF"><font size="2" face="serif">&nbsp;</font></td>
</tr>
<tr valign="bottom">
<td align="left" bgcolor="#eeeeee"><font size="2" face="serif"><font face="serif" size="1">Camp Hill</font></font></td>
<td align="left" bgcolor="#eeeeee">&nbsp;</td>
<td align="right" bgcolor="#eeeeee">&nbsp;</td>
<td align="center" bgcolor="#eeeeee"><font size="2" face="serif"><font face="serif" size="1">2002</font></font></td>
<td align="left" bgcolor="#eeeeee">&nbsp;</td>
<td align="right" bgcolor="#eeeeee">&nbsp;</td>
<td align="right" bgcolor="#eeeeee"><font size="2" face="serif"><font face="serif" size="1">100</font></font></td>
<td align="left" bgcolor="#eeeeee"><font size="2" face="serif"><font face="serif" size="1">%</font></font></td>
<td align="right" bgcolor="#eeeeee">&nbsp;</td>
<td align="center" bgcolor="#eeeeee"><font size="2" face="serif"><font face="serif" size="1">419,047 </font></font></td>
<td align="left" bgcolor="#eeeeee">&nbsp;</td>
<td align="right" bgcolor="#eeeeee">&nbsp;</td>
<td align="center" bgcolor="#eeeeee"><font size="2" face="serif"><font face="serif" size="1">1958/2005</font></font></td>
<td align="left" bgcolor="#eeeeee">&nbsp;</td>
<td align="right" bgcolor="#eeeeee">&nbsp;</td>
<td align="center" bgcolor="#eeeeee"><font size="2" face="serif"><font face="serif" size="1">24 </font></font></td>
<td align="left" bgcolor="#eeeeee">&nbsp;</td>
<td align="right" bgcolor="#eeeeee">&nbsp;</td>
<td align="right" bgcolor="#eeeeee"><font size="2" face="serif"><font face="serif" size="1">77</font></font></td>
<td align="left" bgcolor="#eeeeee"><font size="2" face="serif"><font face="serif" size="1">%</font></font></td>
<td align="right" bgcolor="#eeeeee">&nbsp;</td>
<td align="center" bgcolor="#eeeeee"><font size="2" face="serif"><font face="serif" size="1">8.73</font></font></td>
<td align="left" bgcolor="#eeeeee">&nbsp;</td>
<td align="right" bgcolor="#eeeeee">&nbsp;</td>
<td align="left" bgcolor="#eeeeee"><font size="2" face="serif"><font face="serif" size="1">Boscov&#146;s</font></font></td>
<td align="left" bgcolor="#eeeeee">&nbsp;</td>
<td align="right" bgcolor="#eeeeee">&nbsp;</td>
<td align="center" bgcolor="#eeeeee"><font size="2" face="serif"><font face="serif" size="1">167,597</font></font></td>
<td align="left" bgcolor="#eeeeee">&nbsp;</td>
<td align="right" bgcolor="#eeeeee">&nbsp;</td>
<td align="center" bgcolor="#eeeeee"><font size="2" face="serif"><font face="serif" size="1">09/30/2010</font></font></td>
</tr>
<tr valign="bottom">
<td align="left" bgcolor="#eeeeee"><font size="2" face="serif"><font face="serif" size="1">Camp Hill, PA</font></font></td>
<td align="left" bgcolor="#eeeeee">&nbsp;</td>
<td align="right" bgcolor="#eeeeee">&nbsp;</td>
<td align="left" bgcolor="#eeeeee"><font size="2" face="serif">&nbsp;</font></td>
<td align="left" bgcolor="#eeeeee">&nbsp;</td>
<td align="right" bgcolor="#eeeeee">&nbsp;</td>
<td align="right" bgcolor="#eeeeee"><font size="2" face="serif">&nbsp;</font></td>
<td align="left" bgcolor="#eeeeee">&nbsp;</td>
<td align="right" bgcolor="#eeeeee">&nbsp;</td>
<td align="left" bgcolor="#eeeeee"><font size="2" face="serif">&nbsp;</font></td>
<td align="left" bgcolor="#eeeeee">&nbsp;</td>
<td align="right" bgcolor="#eeeeee">&nbsp;</td>
<td align="left" bgcolor="#eeeeee"><font size="2" face="serif">&nbsp;</font></td>
<td align="left" bgcolor="#eeeeee">&nbsp;</td>
<td align="right" bgcolor="#eeeeee">&nbsp;</td>
<td align="left" bgcolor="#eeeeee"><font size="2" face="serif">&nbsp;</font></td>
<td align="left" bgcolor="#eeeeee">&nbsp;</td>
<td align="right" bgcolor="#eeeeee">&nbsp;</td>
<td align="right" bgcolor="#eeeeee"><font size="2" face="serif">&nbsp;</font></td>
<td align="left" bgcolor="#eeeeee">&nbsp;</td>
<td align="right" bgcolor="#eeeeee">&nbsp;</td>
<td align="left" bgcolor="#eeeeee"><font size="2" face="serif">&nbsp;</font></td>
<td align="left" bgcolor="#eeeeee">&nbsp;</td>
<td align="right" bgcolor="#eeeeee">&nbsp;</td>
<td align="left" bgcolor="#eeeeee"><font size="2" face="serif"><font face="serif" size="1">Giant Foods</font></font></td>
<td align="left" bgcolor="#eeeeee">&nbsp;</td>
<td align="right" bgcolor="#eeeeee">&nbsp;</td>
<td align="center" bgcolor="#eeeeee"><font size="2" face="serif"><font face="serif" size="1">42,070</font></font></td>
<td align="left" bgcolor="#eeeeee">&nbsp;</td>
<td align="right" bgcolor="#eeeeee">&nbsp;</td>
<td align="center" bgcolor="#eeeeee"><font size="2" face="serif"><font face="serif" size="1">01/31/2011</font></font></td>
</tr>
<tr valign="bottom">
<td align="left" bgcolor="#eeeeee"><font size="2" face="serif">&nbsp;</font></td>
<td align="left" bgcolor="#eeeeee">&nbsp;</td>
<td align="right" bgcolor="#eeeeee">&nbsp;</td>
<td align="left" bgcolor="#eeeeee"><font size="2" face="serif">&nbsp;</font></td>
<td align="left" bgcolor="#eeeeee">&nbsp;</td>
<td align="right" bgcolor="#eeeeee">&nbsp;</td>
<td align="right" bgcolor="#eeeeee"><font size="2" face="serif">&nbsp;</font></td>
<td align="left" bgcolor="#eeeeee">&nbsp;</td>
<td align="right" bgcolor="#eeeeee">&nbsp;</td>
<td align="left" bgcolor="#eeeeee"><font size="2" face="serif">&nbsp;</font></td>
<td align="left" bgcolor="#eeeeee">&nbsp;</td>
<td align="right" bgcolor="#eeeeee">&nbsp;</td>
<td align="left" bgcolor="#eeeeee"><font size="2" face="serif">&nbsp;</font></td>
<td align="left" bgcolor="#eeeeee">&nbsp;</td>
<td align="right" bgcolor="#eeeeee">&nbsp;</td>
<td align="left" bgcolor="#eeeeee"><font size="2" face="serif">&nbsp;</font></td>
<td align="left" bgcolor="#eeeeee">&nbsp;</td>
<td align="right" bgcolor="#eeeeee">&nbsp;</td>
<td align="right" bgcolor="#eeeeee"><font size="2" face="serif">&nbsp;</font></td>
<td align="left" bgcolor="#eeeeee">&nbsp;</td>
<td align="right" bgcolor="#eeeeee">&nbsp;</td>
<td align="left" bgcolor="#eeeeee"><font size="2" face="serif">&nbsp;</font></td>
<td align="left" bgcolor="#eeeeee">&nbsp;</td>
<td align="right" bgcolor="#eeeeee">&nbsp;</td>
<td align="left" bgcolor="#eeeeee"><font size="2" face="serif"><font face="serif" size="1">Barnes &amp; Noble</font></font></td>
<td align="left" bgcolor="#eeeeee">&nbsp;</td>
<td align="right" bgcolor="#eeeeee">&nbsp;</td>
<td align="center" bgcolor="#eeeeee"><font size="2" face="serif"><font face="serif" size="1">24,908 </font></font></td>
<td align="left" bgcolor="#eeeeee">&nbsp;</td>
<td align="right" bgcolor="#eeeeee">&nbsp;</td>
<td align="center" bgcolor="#eeeeee"><font size="2" face="serif"><font face="serif" size="1">01/31/2011</font></font></td>
</tr>
<tr valign="bottom">
<td align="left"><font size="2" face="serif">&nbsp;</font></td>
<td align="left">&nbsp;</td>
<td align="right">&nbsp;</td>
<td align="left"><font size="2" face="serif">&nbsp;</font></td>
<td align="left">&nbsp;</td>
<td align="right">&nbsp;</td>
<td align="right"><font size="2" face="serif">&nbsp;</font></td>
<td align="left">&nbsp;</td>
<td align="right">&nbsp;</td>
<td align="left"><font size="2" face="serif">&nbsp;</font></td>
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<td align="left"><font size="2" face="serif">&nbsp;</font></td>
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<td align="left"><font size="2" face="serif">&nbsp;</font></td>
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<td align="right">&nbsp;</td>
<td align="right"><font size="2" face="serif">&nbsp;</font></td>
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<td align="right">&nbsp;</td>
<td align="left"><font size="2" face="serif">&nbsp;</font></td>
<td align="left">&nbsp;</td>
<td align="right">&nbsp;</td>
<td align="left"><font size="2" face="serif">&nbsp;</font></td>
<td align="left">&nbsp;</td>
<td align="right">&nbsp;</td>
<td align="left"><font size="2" face="serif">&nbsp;</font></td>
<td align="left">&nbsp;</td>
<td align="right">&nbsp;</td>
<td align="left"><font size="2" face="serif">&nbsp;</font></td>
</tr>
<tr valign="bottom">
<td align="left" bgcolor="#ffffff"><font size="2" face="serif"><font face="serif" size="1">Huntingdon Plaza</font></font></td>
<td align="left" bgcolor="#ffffff">&nbsp;</td>
<td align="right" bgcolor="#ffffff">&nbsp;</td>
<td align="center" bgcolor="#ffffff"><font size="2" face="serif"><font face="serif" size="1">2004</font></font></td>
<td align="left" bgcolor="#ffffff">&nbsp;</td>
<td align="right" bgcolor="#ffffff">&nbsp;</td>
<td align="right"><font size="2" face="serif"><font face="serif" size="1">100</font></font></td>
<td align="left" bgcolor="#ffffff"><font size="2" face="serif"><font face="serif" size="1">%</font></font></td>
<td align="right" bgcolor="#ffffff">&nbsp;</td>
<td align="center" bgcolor="#ffffff"><font size="2" face="serif"><font face="serif" size="1">151,277 </font></font></td>
<td align="left" bgcolor="#ffffff">&nbsp;</td>
<td align="right" bgcolor="#ffffff">&nbsp;</td>
<td align="center" bgcolor="#ffffff"><font size="2" face="serif"><font face="serif" size="1">1972 &#150; 2003</font></font></td>
<td align="left" bgcolor="#ffffff">&nbsp;</td>
<td align="right" bgcolor="#ffffff">&nbsp;</td>
<td align="center" bgcolor="#ffffff"><font size="2" face="serif"><font face="serif" size="1">13 </font></font></td>
<td align="left" bgcolor="#ffffff">&nbsp;</td>
<td align="right" bgcolor="#ffffff">&nbsp;</td>
<td align="right"><font size="2" face="serif"><font face="serif" size="1">50</font></font></td>
<td align="left" bgcolor="#ffffff"><font size="2" face="serif"><font face="serif" size="1">%</font></font></td>
<td align="right" bgcolor="#ffffff">&nbsp;</td>
<td align="center" bgcolor="#ffffff"><font size="2" face="serif"><font face="serif" size="1">6.52 </font></font></td>
<td align="left" bgcolor="#ffffff">&nbsp;</td>
<td align="right" bgcolor="#ffffff">&nbsp;</td>
<td align="left" bgcolor="#ffffff"><font size="2" face="serif"><font face="serif" size="1">Peebles</font></font></td>
<td align="left" bgcolor="#ffffff">&nbsp;</td>
<td align="right" bgcolor="#ffffff">&nbsp;</td>
<td align="center" bgcolor="#ffffff"><font size="2" face="serif"><font face="serif" size="1">22,060 </font></font></td>
<td align="left" bgcolor="#ffffff">&nbsp;</td>
<td align="right" bgcolor="#ffffff">&nbsp;</td>
<td align="center" bgcolor="#ffffff"><font size="2" face="serif"><font face="serif" size="1">01/31/2018</font></font></td>
</tr>
<tr valign="bottom">
<td align="left" bgcolor="#FFFFFF"><font size="2" face="serif"><font face="serif" size="1">Huntingdon, PA</font></font></td>
<td align="left" bgcolor="#FFFFFF">&nbsp;</td>
<td align="right" bgcolor="#FFFFFF">&nbsp;</td>
<td align="left" bgcolor="#FFFFFF"><font size="2" face="serif">&nbsp;</font></td>
<td align="left" bgcolor="#FFFFFF">&nbsp;</td>
<td align="right" bgcolor="#FFFFFF">&nbsp;</td>
<td align="right"><font size="2" face="serif">&nbsp;</font></td>
<td align="left" bgcolor="#FFFFFF">&nbsp;</td>
<td align="right" bgcolor="#FFFFFF">&nbsp;</td>
<td align="left" bgcolor="#FFFFFF"><font size="2" face="serif">&nbsp;</font></td>
<td align="left" bgcolor="#FFFFFF">&nbsp;</td>
<td align="right" bgcolor="#FFFFFF">&nbsp;</td>
<td align="left" bgcolor="#FFFFFF"><font size="2" face="serif">&nbsp;</font></td>
<td align="left" bgcolor="#FFFFFF">&nbsp;</td>
<td align="right" bgcolor="#FFFFFF">&nbsp;</td>
<td align="left" bgcolor="#FFFFFF"><font size="2" face="serif">&nbsp;</font></td>
<td align="left" bgcolor="#FFFFFF">&nbsp;</td>
<td align="right" bgcolor="#FFFFFF">&nbsp;</td>
<td align="right"><font size="2" face="serif">&nbsp;</font></td>
<td align="left" bgcolor="#FFFFFF">&nbsp;</td>
<td align="right" bgcolor="#FFFFFF">&nbsp;</td>
<td align="left" bgcolor="#FFFFFF"><font size="2" face="serif">&nbsp;</font></td>
<td align="left" bgcolor="#FFFFFF">&nbsp;</td>
<td align="right" bgcolor="#FFFFFF">&nbsp;</td>
<td align="left" bgcolor="#FFFFFF"><font size="2" face="serif">&nbsp;</font></td>
<td align="left" bgcolor="#FFFFFF">&nbsp;</td>
<td align="right" bgcolor="#FFFFFF">&nbsp;</td>
<td align="left" bgcolor="#FFFFFF"><font size="2" face="serif">&nbsp;</font></td>
<td align="left" bgcolor="#FFFFFF">&nbsp;</td>
<td align="right" bgcolor="#FFFFFF">&nbsp;</td>
<td align="left" bgcolor="#FFFFFF"><font size="2" face="serif">&nbsp;</font></td>
</tr>
<tr valign="bottom">
<td align="left"><font size="2" face="serif">&nbsp;</font></td>
<td align="left">&nbsp;</td>
<td align="right">&nbsp;</td>
<td align="left"><font size="2" face="serif">&nbsp;</font></td>
<td align="left">&nbsp;</td>
<td align="right">&nbsp;</td>
<td align="right"><font size="2" face="serif">&nbsp;</font></td>
<td align="left">&nbsp;</td>
<td align="right">&nbsp;</td>
<td align="left"><font size="2" face="serif">&nbsp;</font></td>
<td align="left">&nbsp;</td>
<td align="right">&nbsp;</td>
<td align="left"><font size="2" face="serif">&nbsp;</font></td>
<td align="left">&nbsp;</td>
<td align="right">&nbsp;</td>
<td align="left"><font size="2" face="serif">&nbsp;</font></td>
<td align="left">&nbsp;</td>
<td align="right">&nbsp;</td>
<td align="right"><font size="2" face="serif">&nbsp;</font></td>
<td align="left">&nbsp;</td>
<td align="right">&nbsp;</td>
<td align="left"><font size="2" face="serif">&nbsp;</font></td>
<td align="left">&nbsp;</td>
<td align="right">&nbsp;</td>
<td align="left"><font size="2" face="serif">&nbsp;</font></td>
<td align="left">&nbsp;</td>
<td align="right">&nbsp;</td>
<td align="left"><font size="2" face="serif">&nbsp;</font></td>
<td align="left">&nbsp;</td>
<td align="right">&nbsp;</td>
<td align="left"><font size="2" face="serif">&nbsp;</font></td>
</tr>
<tr valign="bottom">
<td align="left" bgcolor="#eeeeee"><font size="2" face="serif"><font face="serif" size="1">Hamburg Commons</font></font></td>
<td align="left" bgcolor="#eeeeee">&nbsp;</td>
<td align="right" bgcolor="#eeeeee">&nbsp;</td>
<td align="center" bgcolor="#eeeeee"><font size="2" face="serif"><font face="serif" size="1">2004</font></font></td>
<td align="left" bgcolor="#eeeeee">&nbsp;</td>
<td align="right" bgcolor="#eeeeee">&nbsp;</td>
<td align="right" bgcolor="#eeeeee"><font size="2" face="serif"><font face="serif" size="1">100</font></font></td>
<td align="left" bgcolor="#eeeeee"><font size="2" face="serif"><font face="serif" size="1">%</font></font></td>
<td align="right" bgcolor="#eeeeee">&nbsp;</td>
<td align="center" bgcolor="#eeeeee"><font size="2" face="serif"><font face="serif" size="1">99,488 </font></font></td>
<td align="left" bgcolor="#eeeeee">&nbsp;</td>
<td align="right" bgcolor="#eeeeee">&nbsp;</td>
<td align="center" bgcolor="#eeeeee"><font size="2" face="serif"><font face="serif" size="1">1988 &#150; 1993</font></font></td>
<td align="left" bgcolor="#eeeeee">&nbsp;</td>
<td align="right" bgcolor="#eeeeee">&nbsp;</td>
<td align="center" bgcolor="#eeeeee"><font size="2" face="serif"><font face="serif" size="1">6 </font></font></td>
<td align="left" bgcolor="#eeeeee">&nbsp;</td>
<td align="right" bgcolor="#eeeeee">&nbsp;</td>
<td align="right" bgcolor="#eeeeee"><font size="2" face="serif"><font size="1">71</font></font></td>
<td align="left" bgcolor="#eeeeee"><font size="2" face="serif"><font face="serif" size="1">%</font></font></td>
<td align="right" bgcolor="#eeeeee">&nbsp;</td>
<td align="center" bgcolor="#eeeeee"><font size="2" face="serif"><font size="1">6.32</font></font></td>
<td align="left" bgcolor="#eeeeee">&nbsp;</td>
<td align="right" bgcolor="#eeeeee">&nbsp;</td>
<td align="left" bgcolor="#eeeeee"><font size="2" face="serif">&nbsp;</font></td>
<td align="left" bgcolor="#eeeeee">&nbsp;</td>
<td align="right" bgcolor="#eeeeee">&nbsp;</td>
<td align="left" bgcolor="#eeeeee"><font size="2" face="serif">&nbsp;</font></td>
<td align="left" bgcolor="#eeeeee">&nbsp;</td>
<td align="right" bgcolor="#eeeeee">&nbsp;</td>
<td align="left" bgcolor="#eeeeee"><font size="2" face="serif">&nbsp;</font></td>
</tr>
<tr valign="bottom">
<td align="left" bgcolor="#eeeeee"><font size="2" face="serif"><font face="serif" size="1">Hamburg, PA</font></font></td>
<td align="left" bgcolor="#eeeeee">&nbsp;</td>
<td align="right" bgcolor="#eeeeee">&nbsp;</td>
<td align="left" bgcolor="#eeeeee"><font size="2" face="serif">&nbsp;</font></td>
<td align="left" bgcolor="#eeeeee">&nbsp;</td>
<td align="right" bgcolor="#eeeeee">&nbsp;</td>
<td align="right" bgcolor="#eeeeee"><font size="2" face="serif">&nbsp;</font></td>
<td align="left" bgcolor="#eeeeee">&nbsp;</td>
<td align="right" bgcolor="#eeeeee">&nbsp;</td>
<td align="left" bgcolor="#eeeeee"><font size="2" face="serif">&nbsp;</font></td>
<td align="left" bgcolor="#eeeeee">&nbsp;</td>
<td align="right" bgcolor="#eeeeee">&nbsp;</td>
<td align="left" bgcolor="#eeeeee"><font size="2" face="serif">&nbsp;</font></td>
<td align="left" bgcolor="#eeeeee">&nbsp;</td>
<td align="right" bgcolor="#eeeeee">&nbsp;</td>
<td align="left" bgcolor="#eeeeee"><font size="2" face="serif">&nbsp;</font></td>
<td align="left" bgcolor="#eeeeee">&nbsp;</td>
<td align="right" bgcolor="#eeeeee">&nbsp;</td>
<td align="right" bgcolor="#eeeeee"><font size="2" face="serif">&nbsp;</font></td>
<td align="left" bgcolor="#eeeeee">&nbsp;</td>
<td align="right" bgcolor="#eeeeee">&nbsp;</td>
<td align="left" bgcolor="#eeeeee"><font size="2" face="serif">&nbsp;</font></td>
<td align="left" bgcolor="#eeeeee">&nbsp;</td>
<td align="right" bgcolor="#eeeeee">&nbsp;</td>
<td align="left" bgcolor="#eeeeee"><font size="2" face="serif">&nbsp;</font></td>
<td align="left" bgcolor="#eeeeee">&nbsp;</td>
<td align="right" bgcolor="#eeeeee">&nbsp;</td>
<td align="left" bgcolor="#eeeeee"><font size="2" face="serif">&nbsp;</font></td>
<td align="left" bgcolor="#eeeeee">&nbsp;</td>
<td align="right" bgcolor="#eeeeee">&nbsp;</td>
<td align="left" bgcolor="#eeeeee"><font size="2" face="serif">&nbsp;</font></td>
</tr>
<tr valign="bottom">
<td align="left"><font size="2" face="serif">&nbsp;</font></td>
<td align="left">&nbsp;</td>
<td align="right">&nbsp;</td>
<td align="left"><font size="2" face="serif">&nbsp;</font></td>
<td align="left">&nbsp;</td>
<td align="right">&nbsp;</td>
<td align="right"><font size="2" face="serif">&nbsp;</font></td>
<td align="left">&nbsp;</td>
<td align="right">&nbsp;</td>
<td align="left"><font size="2" face="serif">&nbsp;</font></td>
<td align="left">&nbsp;</td>
<td align="right">&nbsp;</td>
<td align="left"><font size="2" face="serif">&nbsp;</font></td>
<td align="left">&nbsp;</td>
<td align="right">&nbsp;</td>
<td align="left"><font size="2" face="serif">&nbsp;</font></td>
<td align="left">&nbsp;</td>
<td align="right">&nbsp;</td>
<td align="right"><font size="2" face="serif">&nbsp;</font></td>
<td align="left">&nbsp;</td>
<td align="right">&nbsp;</td>
<td align="left"><font size="2" face="serif">&nbsp;</font></td>
<td align="left">&nbsp;</td>
<td align="right">&nbsp;</td>
<td align="left"><font size="2" face="serif">&nbsp;</font></td>
<td align="left">&nbsp;</td>
<td align="right">&nbsp;</td>
<td align="left"><font size="2" face="serif">&nbsp;</font></td>
<td align="left">&nbsp;</td>
<td align="right">&nbsp;</td>
<td align="left"><font size="2" face="serif">&nbsp;</font></td>
</tr>
<tr valign="bottom">
<td align="left" bgcolor="#ffffff"><font size="2" face="serif"><font face="serif" size="1">Meadows Marketplace</font></font></td>
<td align="left" bgcolor="#ffffff">&nbsp;</td>
<td align="right" bgcolor="#ffffff">&nbsp;</td>
<td align="center" bgcolor="#ffffff"><font size="2" face="serif"><font face="serif" size="1">2004</font></font></td>
<td align="left" bgcolor="#ffffff">&nbsp;</td>
<td align="right" bgcolor="#ffffff">&nbsp;</td>
<td align="right"><font size="2" face="serif"><font face="serif" size="1">100</font></font></td>
<td align="left" bgcolor="#ffffff"><font size="2" face="serif"><font face="serif" size="1">%</font></font></td>
<td align="right" bgcolor="#ffffff">&nbsp;</td>
<td align="center" bgcolor="#ffffff"><font size="2" face="serif"><font face="serif" size="1">91,250 </font></font></td>
<td align="left" bgcolor="#ffffff">&nbsp;</td>
<td align="right" bgcolor="#ffffff">&nbsp;</td>
<td align="center" bgcolor="#ffffff"><font size="2" face="serif"><font face="serif" size="1">2005</font></font></td>
<td align="left" bgcolor="#ffffff">&nbsp;</td>
<td align="right" bgcolor="#ffffff">&nbsp;</td>
<td align="center" bgcolor="#ffffff"><font size="2" face="serif"><font face="serif" size="1">N/A</font></font></td>
<td align="left" bgcolor="#ffffff">&nbsp;</td>
<td align="right" bgcolor="#ffffff">&nbsp;</td>
<td align="right"><font size="2" face="serif"><font face="serif" size="1">&#151;</font></font></td>
<td align="left" bgcolor="#ffffff">&nbsp;</td>
<td align="right" bgcolor="#ffffff">&nbsp;</td>
<td align="center" bgcolor="#ffffff"><font size="2" face="serif"><font face="serif" size="1">N/A</font></font></td>
<td align="left" bgcolor="#ffffff">&nbsp;</td>
<td align="right" bgcolor="#ffffff">&nbsp;</td>
<td align="left" bgcolor="#ffffff"><font size="2" face="serif"><font face="serif" size="1">Giant Foods (4)</font></font></td>
<td align="left" bgcolor="#ffffff">&nbsp;</td>
<td align="right" bgcolor="#ffffff">&nbsp;</td>
<td align="center" bgcolor="#ffffff"><font size="2" face="serif"><font face="serif" size="1">65,000 </font></font></td>
<td align="left" bgcolor="#ffffff">&nbsp;</td>
<td align="right" bgcolor="#ffffff">&nbsp;</td>
<td align="center" bgcolor="#ffffff"><font size="2" face="serif"><font face="serif" size="1">09/30/2025</font></font></td>
</tr>
<tr valign="bottom">
<td align="left" bgcolor="#ffffff"><font size="2" face="serif"><font face="serif" size="1">South Hanover Township, PA</font></font></td>
<td align="left" bgcolor="#ffffff">&nbsp;</td>
<td align="right" bgcolor="#ffffff">&nbsp;</td>
<td align="left" bgcolor="#ffffff"><font size="2" face="serif">&nbsp;</font></td>
<td align="left" bgcolor="#ffffff">&nbsp;</td>
<td align="right" bgcolor="#ffffff">&nbsp;</td>
<td align="right"><font size="2" face="serif">&nbsp;</font></td>
<td align="left" bgcolor="#ffffff">&nbsp;</td>
<td align="right" bgcolor="#ffffff">&nbsp;</td>
<td align="left" bgcolor="#ffffff"><font size="2" face="serif">&nbsp;</font></td>
<td align="left" bgcolor="#ffffff">&nbsp;</td>
<td align="right" bgcolor="#ffffff">&nbsp;</td>
<td align="left" bgcolor="#ffffff"><font size="2" face="serif">&nbsp;</font></td>
<td align="left" bgcolor="#ffffff">&nbsp;</td>
<td align="right" bgcolor="#ffffff">&nbsp;</td>
<td align="left" bgcolor="#ffffff"><font size="2" face="serif">&nbsp;</font></td>
<td align="left" bgcolor="#ffffff">&nbsp;</td>
<td align="right" bgcolor="#ffffff">&nbsp;</td>
<td align="right"><font size="2" face="serif">&nbsp;</font></td>
<td align="left" bgcolor="#ffffff">&nbsp;</td>
<td align="right" bgcolor="#ffffff">&nbsp;</td>
<td align="left" bgcolor="#ffffff"><font size="2" face="serif">&nbsp;</font></td>
<td align="left" bgcolor="#ffffff">&nbsp;</td>
<td align="right" bgcolor="#ffffff">&nbsp;</td>
<td align="left" bgcolor="#ffffff"><font size="2" face="serif">&nbsp;</font></td>
<td align="left" bgcolor="#ffffff">&nbsp;</td>
<td align="right" bgcolor="#ffffff">&nbsp;</td>
<td align="left" bgcolor="#ffffff"><font size="2" face="serif">&nbsp;</font></td>
<td align="left" bgcolor="#ffffff">&nbsp;</td>
<td align="right" bgcolor="#ffffff">&nbsp;</td>
<td align="left" bgcolor="#ffffff"><font size="2" face="serif">&nbsp;</font></td>
</tr>
<tr valign="bottom">
<td align="left"><font size="2" face="serif">&nbsp;</font></td>
<td align="left">&nbsp;</td>
<td align="right">&nbsp;</td>
<td align="left"><font size="2" face="serif">&nbsp;</font></td>
<td align="left">&nbsp;</td>
<td align="right">&nbsp;</td>
<td align="right"><font size="2" face="serif">&nbsp;</font></td>
<td align="left">&nbsp;</td>
<td align="right">&nbsp;</td>
<td align="left"><font size="2" face="serif">&nbsp;</font></td>
<td align="left">&nbsp;</td>
<td align="right">&nbsp;</td>
<td align="left"><font size="2" face="serif">&nbsp;</font></td>
<td align="left">&nbsp;</td>
<td align="right">&nbsp;</td>
<td align="left"><font size="2" face="serif">&nbsp;</font></td>
<td align="left">&nbsp;</td>
<td align="right">&nbsp;</td>
<td align="right"><font size="2" face="serif">&nbsp;</font></td>
<td align="left">&nbsp;</td>
<td align="right">&nbsp;</td>
<td align="left"><font size="2" face="serif">&nbsp;</font></td>
<td align="left">&nbsp;</td>
<td align="right">&nbsp;</td>
<td align="left"><font size="2" face="serif">&nbsp;</font></td>
<td align="left">&nbsp;</td>
<td align="right">&nbsp;</td>
<td align="left"><font size="2" face="serif">&nbsp;</font></td>
<td align="left">&nbsp;</td>
<td align="right">&nbsp;</td>
<td align="left"><font size="2" face="serif">&nbsp;</font></td>
</tr>
<tr valign="bottom">
<td align="left" bgcolor="#eeeeee"><font size="2" face="serif"><font face="serif" size="1">Centerville Discount Drug Mart Plaza</font></font></td>
<td align="left" bgcolor="#eeeeee">&nbsp;</td>
<td align="right" bgcolor="#eeeeee">&nbsp;</td>
<td align="center" bgcolor="#eeeeee"><font size="2" face="serif"><font face="serif" size="1">2005</font></font></td>
<td align="left" bgcolor="#eeeeee">&nbsp;</td>
<td align="right" bgcolor="#eeeeee">&nbsp;</td>
<td align="right" bgcolor="#eeeeee"><font size="2" face="serif"><font face="serif" size="1">100</font></font></td>
<td align="left" bgcolor="#eeeeee"><font size="2" face="serif"><font face="serif" size="1">%</font></font></td>
<td align="right" bgcolor="#eeeeee">&nbsp;</td>
<td align="center" bgcolor="#eeeeee"><font size="2" face="serif"><font face="serif" size="1">49,494 </font></font></td>
<td align="left" bgcolor="#eeeeee">&nbsp;</td>
<td align="right" bgcolor="#eeeeee">&nbsp;</td>
<td align="center" bgcolor="#eeeeee"><font size="2" face="serif"><font face="serif" size="1">2000</font></font></td>
<td align="left" bgcolor="#eeeeee">&nbsp;</td>
<td align="right" bgcolor="#eeeeee">&nbsp;</td>
<td align="center" bgcolor="#eeeeee"><font size="2" face="serif"><font face="serif" size="1">7 </font></font></td>
<td align="left" bgcolor="#eeeeee">&nbsp;</td>
<td align="right" bgcolor="#eeeeee">&nbsp;</td>
<td align="right" bgcolor="#eeeeee"><font size="2" face="serif"><font face="serif" size="1">72</font></font></td>
<td align="left" bgcolor="#eeeeee"><font size="2" face="serif"><font face="serif" size="1">%</font></font></td>
<td align="right" bgcolor="#eeeeee">&nbsp;</td>
<td align="center" bgcolor="#eeeeee"><font size="1" face="serif">10.61</font></td>
<td align="left" bgcolor="#eeeeee">&nbsp;</td>
<td align="right" bgcolor="#eeeeee">&nbsp;</td>
<td align="left" bgcolor="#eeeeee"><font size="2" face="serif"><font face="serif" size="1">Discount Drug Mart</font></font></td>
<td align="left" bgcolor="#eeeeee">&nbsp;</td>
<td align="right" bgcolor="#eeeeee">&nbsp;</td>
<td align="center" bgcolor="#eeeeee"><font size="2" face="serif"><font face="serif" size="1">24,012 </font></font></td>
<td align="left" bgcolor="#eeeeee">&nbsp;</td>
<td align="right" bgcolor="#eeeeee">&nbsp;</td>
<td align="center" bgcolor="#eeeeee"><font size="2" face="serif"><font face="serif" size="1">03/31/2016</font></font></td>
</tr>
<tr valign="bottom">
<td align="left" bgcolor="#eeeeee"><font size="2" face="serif"><font face="serif" size="1">Centerville, OH</font></font></td>
<td align="left" bgcolor="#eeeeee">&nbsp;</td>
<td align="right" bgcolor="#eeeeee">&nbsp;</td>
<td align="left" bgcolor="#eeeeee"><font size="2" face="serif">&nbsp;</font></td>
<td align="left" bgcolor="#eeeeee">&nbsp;</td>
<td align="right" bgcolor="#eeeeee">&nbsp;</td>
<td align="right" bgcolor="#eeeeee"><font size="2" face="serif">&nbsp;</font></td>
<td align="left" bgcolor="#eeeeee">&nbsp;</td>
<td align="right" bgcolor="#eeeeee">&nbsp;</td>
<td align="left" bgcolor="#eeeeee"><font size="2" face="serif">&nbsp;</font></td>
<td align="left" bgcolor="#eeeeee">&nbsp;</td>
<td align="right" bgcolor="#eeeeee">&nbsp;</td>
<td align="left" bgcolor="#eeeeee"><font size="2" face="serif">&nbsp;</font></td>
<td align="left" bgcolor="#eeeeee">&nbsp;</td>
<td align="right" bgcolor="#eeeeee">&nbsp;</td>
<td align="left" bgcolor="#eeeeee"><font size="2" face="serif">&nbsp;</font></td>
<td align="left" bgcolor="#eeeeee">&nbsp;</td>
<td align="right" bgcolor="#eeeeee">&nbsp;</td>
<td align="right" bgcolor="#eeeeee"><font size="2" face="serif">&nbsp;</font></td>
<td align="left" bgcolor="#eeeeee">&nbsp;</td>
<td align="right" bgcolor="#eeeeee">&nbsp;</td>
<td align="left" bgcolor="#eeeeee"><font size="2" face="serif">&nbsp;</font></td>
<td align="left" bgcolor="#eeeeee">&nbsp;</td>
<td align="right" bgcolor="#eeeeee">&nbsp;</td>
<td align="left" bgcolor="#eeeeee"><font size="2" face="serif">&nbsp;</font></td>
<td align="left" bgcolor="#eeeeee">&nbsp;</td>
<td align="right" bgcolor="#eeeeee">&nbsp;</td>
<td align="left" bgcolor="#eeeeee"><font size="2" face="serif">&nbsp;</font></td>
<td align="left" bgcolor="#eeeeee">&nbsp;</td>
<td align="right" bgcolor="#eeeeee">&nbsp;</td>
<td align="left" bgcolor="#eeeeee"><font size="2" face="serif">&nbsp;</font></td>
</tr>
<tr valign="bottom">
  <td align="left"><font size="2" face="serif">&nbsp;</font></td>
  <td align="left">&nbsp;</td>
  <td align="right">&nbsp;</td>
  <td align="left"><font size="2" face="serif">&nbsp;</font></td>
  <td align="left">&nbsp;</td>
  <td align="right">&nbsp;</td>
  <td align="right"><font size="2" face="serif">&nbsp;</font></td>
  <td align="left">&nbsp;</td>
  <td align="right">&nbsp;</td>
  <td align="center"><hr noshade align="center" width="100%" size="1">
  </td>
  <td align="left">&nbsp;</td>
  <td align="right">&nbsp;</td>
  <td align="left"><font size="2" face="serif">&nbsp;</font></td>
  <td align="left">&nbsp;</td>
  <td align="right">&nbsp;</td>
  <td align="left"><hr noshade align="center" width="100%" size="1">
  </td>
  <td align="left"><hr align="left" width="100%" size=1 noshade>
    </td>
  <td align="right"><hr align="left" width="100%" size=1 noshade>
    </td>
  <td align="right"><hr noshade align="center" width="100%" size="1">
  </td>
  <td align="left"><hr align="left" width="100%" size=1 noshade>
    </td>
  <td align="right"><hr align="left" width="100%" size=1 noshade>
    </td>
  <td align="center"><hr noshade align="center" width="100%" size="1">
  </td>
  <td align="left">&nbsp;</td>
  <td align="right">&nbsp;</td>
  <td align="left"><font size="2" face="serif">&nbsp;</font></td>
  <td align="left">&nbsp;</td>
  <td align="right">&nbsp;</td>
  <td align="left"><font size="2" face="serif">&nbsp;</font></td>
  <td align="left">&nbsp;</td>
  <td align="right">&nbsp;</td>
  <td align="left"><font size="2" face="serif">&nbsp;</font></td>
</tr>
<tr valign="bottom">
<td align="left" bgcolor="#ffffff"><font size="2" face="serif">&nbsp;</font></td>
<td align="left" bgcolor="#ffffff">&nbsp;</td>
<td align="right" bgcolor="#ffffff">&nbsp;</td>
<td align="left" bgcolor="#ffffff"><font size="2" face="serif">&nbsp;</font></td>
<td align="left" bgcolor="#ffffff">&nbsp;</td>
<td align="right" bgcolor="#ffffff">&nbsp;</td>
<td align="right"><font size="2" face="serif">&nbsp;</font></td>
<td align="left" bgcolor="#ffffff">&nbsp;</td>
<td align="right" bgcolor="#ffffff">&nbsp;</td>
<td align="center" bgcolor="#ffffff"><font size="2" face="serif"><font face="serif" size="1">810,556 </font></font></td>
<td align="left" bgcolor="#ffffff">&nbsp;</td>
<td align="right" bgcolor="#ffffff">&nbsp;</td>
<td align="left" bgcolor="#ffffff"><font size="2" face="serif">&nbsp;</font></td>
<td align="left" bgcolor="#ffffff">&nbsp;</td>
<td align="right" bgcolor="#ffffff">&nbsp;</td>
<td align="center" bgcolor="#ffffff"><font size="2" face="serif"><font face="serif" size="1">50 </font></font></td>
<td align="left" bgcolor="#ffffff">&nbsp;</td>
<td align="right" bgcolor="#ffffff">&nbsp;</td>
<td align="right"><font size="2" face="serif"><font face="serif" size="1">62</font></font></td>
<td align="left" bgcolor="#ffffff"><font size="2" face="serif"><font face="serif" size="1">%</font></font></td>
<td align="right" bgcolor="#ffffff">&nbsp;</td>
<td align="center" bgcolor="#ffffff"><font size="2" face="serif"><font face="serif" size="1">8.19 </font></font></td>
<td align="left" bgcolor="#ffffff">&nbsp;</td>
<td align="right" bgcolor="#ffffff">&nbsp;</td>
<td align="left" bgcolor="#ffffff"><font size="2" face="serif">&nbsp;</font></td>
<td align="left" bgcolor="#ffffff">&nbsp;</td>
<td align="right" bgcolor="#ffffff">&nbsp;</td>
<td align="left" bgcolor="#ffffff"><font size="2" face="serif">&nbsp;</font></td>
<td align="left" bgcolor="#ffffff">&nbsp;</td>
<td align="right" bgcolor="#ffffff">&nbsp;</td>
<td align="left" bgcolor="#ffffff"><font size="2" face="serif">&nbsp;</font></td>
</tr>
<tr valign="bottom">
  <td align="left"><font size="2" face="serif">&nbsp;</font></td>
  <td align="left">&nbsp;</td>
  <td align="right">&nbsp;</td>
  <td align="left"><font size="2" face="serif">&nbsp;</font></td>
  <td align="left">&nbsp;</td>
  <td align="right">&nbsp;</td>
  <td align="right"><font size="2" face="serif">&nbsp;</font></td>
  <td align="left">&nbsp;</td>
  <td align="right">&nbsp;</td>
  <td align="center"><hr noshade align="center" width="100%" size="1">
  </td>
  <td align="left">&nbsp;</td>
  <td align="right">&nbsp;</td>
  <td align="left"><font size="2" face="serif">&nbsp;</font></td>
  <td align="left">&nbsp;</td>
  <td align="right">&nbsp;</td>
  <td align="left"><hr noshade align="center" width="100%" size="1">
  </td>
  <td align="left"><hr align="left" width="100%" size=1 noshade>
    </td>
  <td align="right"><hr align="left" width="100%" size=1 noshade>
    </td>
  <td align="right"><hr noshade align="center" width="100%" size="1">
  </td>
  <td align="left"><hr align="left" width="100%" size=1 noshade>
    </td>
  <td align="right"><hr align="left" width="100%" size=1 noshade>
    </td>
  <td align="center"><hr noshade align="center" width="100%" size="1">
  </td>
  <td align="left">&nbsp;</td>
  <td align="right">&nbsp;</td>
  <td align="left"><font size="2" face="serif">&nbsp;</font></td>
  <td align="left">&nbsp;</td>
  <td align="right">&nbsp;</td>
  <td align="left"><font size="2" face="serif">&nbsp;</font></td>
  <td align="left">&nbsp;</td>
  <td align="right">&nbsp;</td>
  <td align="left"><font size="2" face="serif">&nbsp;</font></td>
</tr>
<tr valign="bottom">
<td align="left" bgcolor="#FFFFFF"><font size="2" face="serif"><font face="serif" size="1">TOTAL PORTFOLIO</font></font></td>
<td align="left" bgcolor="#FFFFFF">&nbsp;</td>
<td align="right" bgcolor="#FFFFFF">&nbsp;</td>
<td align="left" bgcolor="#FFFFFF"><font size="2" face="serif">&nbsp;</font></td>
<td align="left" bgcolor="#FFFFFF">&nbsp;</td>
<td align="right" bgcolor="#FFFFFF">&nbsp;</td>
<td align="right"><font size="2" face="serif">&nbsp;</font></td>
<td align="left" bgcolor="#FFFFFF">&nbsp;</td>
<td align="right" bgcolor="#FFFFFF">&nbsp;</td>
<td align="center" bgcolor="#FFFFFF"><font size="2" face="serif"><font face="serif" size="1">5,666,051 </font></font></td>
<td align="left" bgcolor="#FFFFFF">&nbsp;</td>
<td align="right" bgcolor="#FFFFFF">&nbsp;</td>
<td align="left" bgcolor="#FFFFFF"><font size="2" face="serif">&nbsp;</font></td>
<td align="left" bgcolor="#FFFFFF">&nbsp;</td>
<td align="right" bgcolor="#FFFFFF">&nbsp;</td>
<td align="center" bgcolor="#FFFFFF"><font size="2" face="serif"><font face="serif" size="1">571</font></font></td>
<td align="left" bgcolor="#FFFFFF">&nbsp;</td>
<td align="right" bgcolor="#FFFFFF">&nbsp;</td>
<td align="right"><font size="2" face="serif"><font face="serif" size="1">90</font></font></td>
<td align="left" bgcolor="#FFFFFF"><font size="2" face="serif"><font face="serif" size="1">%</font></font></td>
<td align="right" bgcolor="#FFFFFF"><font face="serif" size="1">$</font></td>
<td align="center" bgcolor="#FFFFFF"><font size="2" face="serif"><font face="serif" size="1">10.54</font></font></td>
<td align="left" bgcolor="#FFFFFF">&nbsp;</td>
<td align="right" bgcolor="#FFFFFF">&nbsp;</td>
<td align="left" bgcolor="#FFFFFF"><font size="2" face="serif">&nbsp;</font></td>
<td align="left" bgcolor="#FFFFFF">&nbsp;</td>
<td align="right" bgcolor="#FFFFFF">&nbsp;</td>
<td align="left" bgcolor="#FFFFFF"><font size="2" face="serif">&nbsp;</font></td>
<td align="left" bgcolor="#FFFFFF">&nbsp;</td>
<td align="right" bgcolor="#FFFFFF">&nbsp;</td>
<td align="left" bgcolor="#FFFFFF"><font size="2" face="serif">&nbsp;</font></td>
</tr>
<tr valign="bottom">
  <td align="left"><font size="2" face="serif">&nbsp;</font></td>
  <td align="left">&nbsp;</td>
  <td align="right">&nbsp;</td>
  <td align="left"><font size="2" face="serif">&nbsp;</font></td>
  <td align="left">&nbsp;</td>
  <td align="right">&nbsp;</td>
  <td align="right"><font size="2" face="serif">&nbsp;</font></td>
  <td align="left">&nbsp;</td>
  <td align="right">&nbsp;</td>
  <td align="center"><hr noshade align="center" width="100%" size="2">
  </td>
  <td align="left">&nbsp;</td>
  <td align="right">&nbsp;</td>
  <td align="left"><font size="2" face="serif">&nbsp;</font></td>
  <td align="left">&nbsp;</td>
  <td align="right">&nbsp;</td>
  <td align="left"><hr noshade align="center" width="100%" size="2">
  </td>
  <td align="left"><hr size="2" noshade>
    </td>
  <td align="right"><hr size="2" noshade>
    </td>
  <td align="right"><hr noshade align="center" width="100%" size="2">
  </td>
  <td align="left"><hr size="2" noshade>
    </td>
  <td align="right"><hr size="2" noshade>
    </td>
  <td align="center"><hr noshade align="center" width="100%" size="2">
  </td>
  <td align="left">&nbsp;</td>
  <td align="right">&nbsp;</td>
  <td align="left"><font size="2" face="serif">&nbsp;</font></td>
  <td align="left">&nbsp;</td>
  <td align="right">&nbsp;</td>
  <td align="left"><font size="2" face="serif">&nbsp;</font></td>
  <td align="left">&nbsp;</td>
  <td align="right">&nbsp;</td>
  <td align="left"><font size="2" face="serif">&nbsp;</font></td>
</tr>
</table>
<p align="center"><font face="serif" size="2">15</font></p>
<hr noshade align="center" width="100%" size="2">
<div style="page-break-before:always"></div>
<page>
<a name="p?"></a>

<p align="left"><font size="2" face="serif"><b>CEDAR SHOPPING CENTERS, INC.<br>
Property Summary<br>
As of June 30, 2005<br>
(continued)</b></font></p>

<table width="100%"  border="0" cellspacing="0" cellpadding="0">
  <tr valign="top">
    <td width="3%"><font size="2" face="serif">(1)</font></td>
    <td width="3%">&nbsp;</td>
    <td><font size="2" face="serif">&nbsp;&#8220;Stabilized properties&#8221; are
        those properties, with no development/redevelopment activities, having
    an occupancy rate of at least 80%.</font></td>
  </tr>
  <tr valign="top">
    <td>&nbsp;</td>
    <td>&nbsp;</td>
    <td>&nbsp;</td>
  </tr>
  <tr valign="top">
    <td><font size="2" face="serif">(2)</font></td>
    <td>&nbsp;</td>
    <td><font size="2" face="serif">&nbsp;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></td>
  </tr>
  <tr valign="top">
    <td>&nbsp;</td>
    <td>&nbsp;</td>
    <td>&nbsp;</td>
  </tr>
  <tr valign="top">
    <td><font size="2" face="serif">(3)</font></td>
    <td>&nbsp;</td>
    <td><font size="2" face="serif">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
        in November 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></td>
  </tr>
  <tr valign="top">
    <td>&nbsp;</td>
    <td>&nbsp;</td>
    <td>&nbsp;</td>
  </tr>
  <tr valign="top">
    <td><font size="2" face="serif">(4)</font></td>
    <td>&nbsp;</td>
    <td><font size="2" face="serif">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></td>
  </tr>
</table>
<p align="center"><font size="2" face="serif">16</font></p>
<hr noshade align="center" width="100%" size="2">
<div style="page-break-before:always"></div>
<page>
<a name="p?"></a>
<p><a href="#contents"><font size="2">Back to Contents</font></a></p>
<table width="100%" cellspacing="0" cellpadding="0" align="center" border="0">
<tr valign="top" bgcolor="#FFFFFF">
<td colspan="23" align="left"><font size="2" face="serif"><b>CEDAR SHOPPING CENTERS, INC.<br>
Debt Summary<br>
As of June 30, 2005<br>
(unaudited)</b></font></td>
<td width="2%" align="left">&nbsp;</td>
</tr>
</table>
<br>
<table width="100%" border="0" align="center" cellpadding="0" cellspacing="0">
<tr valign="top" bgcolor="#FFFFFF">
<td align="left"><font size="2" face="serif"><b><font face="serif" size="1"></font></b></font></td>
<td align="left">&nbsp;</td>
<td align="right">&nbsp;</td>
<td colspan="2" rowspan="4" align="center" valign="bottom"><b><font face="serif" size="1">Percent<br>
Owned</font></b></td>
<td align="center">&nbsp;</td>
<td rowspan="4" align="center" valign="bottom"><b><font face="serif" size="1">Maturity<br>
Date</font></b></td>
<td align="center">&nbsp;</td>
<td align="center">&nbsp;</td>
<td colspan="2" rowspan="4" align="center" valign="bottom"><b><font face="serif" size="1">Int. rate<br>
Jun 30<br>
2005</font></b></td>
<td colspan="5" align="center"><b><font face="serif" size="1">Balances</font></b></td>
<td align="center">&nbsp;</td>
<td align="center">&nbsp;</td>
<td colspan="4" align="center"><b><font face="serif" size="1">Pro
    rata share</font></b></td>
<td align="center">&nbsp;</td>
</tr>
<tr valign="top" bgcolor="#FFFFFF">
<td align="left"><font size="2" face="serif">&nbsp;</font></td>
<td align="left">&nbsp;</td>
<td align="right">&nbsp;</td>
<td align="center">&nbsp;</td>
<td align="center">&nbsp;</td>
<td align="center">&nbsp;</td>
<td colspan="5" align="center"><hr noshade align="center" width="100%" size="1">
</td>
<td align="center">&nbsp;</td>
<td align="center">&nbsp;</td>
<td colspan="4" align="center"><hr noshade align="center" width="100%" size="1"></td>
<td align="center">&nbsp;</td>
</tr>
<tr valign="top" bgcolor="#FFFFFF">
<td align="left"><font size="2" face="serif">&nbsp;</font></td>
<td rowspan="2" align="left">&nbsp;</td>
<td rowspan="2" align="right">&nbsp;</td>
<td rowspan="2" align="center">&nbsp;</td>
<td rowspan="2" align="center">&nbsp;</td>
<td rowspan="2" align="center">&nbsp;</td>
<td colspan="2" rowspan="2" align="center"><b><font face="serif" size="1">Jun 30<br>
2005</font></b></td>
<td rowspan="2" align="center">&nbsp;</td>
<td rowspan="2" align="center">&nbsp;</td>
<td rowspan="2" align="center" valign="bottom"><b><font face="serif" size="1">Dec 31<br>
2004</font></b></td>
<td rowspan="2" align="center">&nbsp;</td>
<td rowspan="2" align="center">&nbsp;</td>
<td rowspan="2" align="center" valign="bottom"><b><font face="serif" size="1">Jun 30<br>
2005</font></b></td>
<td rowspan="2" align="center">&nbsp;</td>
<td rowspan="2" align="center">&nbsp;</td>
<td rowspan="2" align="center" valign="bottom"><b><font face="serif" size="1">Dec 31<br>
2004</font></b></td>
<td rowspan="2" align="center">&nbsp;</td>
</tr>
<tr valign="top" bgcolor="#ffffff">
<td align="left"><font size="2" face="serif"><b><font face="serif" size="1">Property</font></b></font></td>
</tr>
<tr valign="top">
<td colspan="23" align="left"><hr noshade align="center" width="100%" size="1"></td>
</tr>
<tr valign="top" bgcolor="#FFFFFF">
<td align="left"><font size="2" face="serif"><b><font face="serif" size="1"><u>Fixed-rate mortgages:</u></font></b></font></td>
<td align="left">&nbsp;</td>
<td align="right">&nbsp;</td>
<td align="left"><font size="2" face="serif">&nbsp;</font></td>
<td align="left">&nbsp;</td>
<td align="right">&nbsp;</td>
<td align="left"><font size="2" face="serif">&nbsp;</font></td>
<td align="left">&nbsp;</td>
<td align="right">&nbsp;</td>
<td align="left"><font size="2" face="serif">&nbsp;</font></td>
<td align="left">&nbsp;</td>
<td align="right">&nbsp;</td>
<td align="left"><font size="2" face="serif">&nbsp;</font></td>
<td align="left">&nbsp;</td>
<td align="right">&nbsp;</td>
<td align="left"><font size="2" face="serif">&nbsp;</font></td>
<td align="left">&nbsp;</td>
<td align="right">&nbsp;</td>
<td align="left"><font size="2" face="serif">&nbsp;</font></td>
<td align="left">&nbsp;</td>
<td align="right">&nbsp;</td>
<td align="left"><font size="2" face="serif">&nbsp;</font></td>
<td align="left">&nbsp;</td>
</tr>
<tr valign="bottom" bgcolor="#FFFFFF">
<td align="left"><font size="2" face="serif"><font face="serif" size="1">The Point</font></font></td>
<td width="2%" align="left">&nbsp;</td>
<td width="2%" align="right">&nbsp;</td>
<td align="right"><font size="2" face="serif"><font face="serif" size="1">100.0</font></font></td>
<td width="2%" align="left"><font size="2" face="serif"><font face="serif" size="1">%</font></font></td>
<td width="2%" align="right">&nbsp;</td>
<td align="center"><font size="2" face="serif"><font face="serif" size="1">Sep 2012</font></font></td>
<td width="2%" align="left">&nbsp;</td>
<td width="2%" align="right">&nbsp;</td>
<td width="4%" align="right"><font size="2" face="serif"><font face="serif" size="1">7.63</font></font></td>
<td width="2%" align="left"><font size="2" face="serif"><font face="serif" size="1">%</font></font></td>
<td width="1%" align="right"><font face="serif" size="1">$</font></td>
<td align="right"><font size="2" face="serif"><font face="serif" size="1">    19,099,000 </font></font></td>
<td width="2%" align="left">&nbsp;</td>
<td align="right"><font face="serif" size="1">$</font></td>
<td align="right"><font size="2" face="serif"><font face="serif" size="1">      19,264,000 </font></font></td>
<td width="2%" align="left">&nbsp;</td>
<td align="right"><font face="serif" size="1">$</font></td>
<td align="right"><font size="2" face="serif"><font face="serif" size="1">    19,099,000 </font></font></td>
<td width="2%" align="left">&nbsp;</td>
<td align="right"><font face="serif" size="1">$</font></td>
<td align="right"><font size="2" face="serif"><font face="serif" size="1">    19,264,000 </font></font></td>
<td width="2%" align="left">&nbsp;</td>
</tr>
<tr valign="bottom" bgcolor="#eeeeee">
<td align="left"><font size="2" face="serif"><font face="serif" size="1">Academy Plaza</font></font></td>
<td align="left">&nbsp;</td>
<td align="right">&nbsp;</td>
<td align="right"><font size="2" face="serif"><font face="serif" size="1">100.0</font></font></td>
<td align="left"><font size="2" face="serif"><font face="serif" size="1">%</font></font></td>
<td align="right">&nbsp;</td>
<td align="center"><font size="2" face="serif"><font face="serif" size="1">Mar 2013</font></font></td>
<td align="left">&nbsp;</td>
<td align="right">&nbsp;</td>
<td align="right"><font size="2" face="serif"><font face="serif" size="1">7.28</font></font></td>
<td align="left"><font size="2" face="serif"><font face="serif" size="1">%</font></font></td>
<td align="right">&nbsp;</td>
<td align="right"><font size="2" face="serif"><font face="serif" size="1">10,200,000 </font></font></td>
<td align="left">&nbsp;</td>
<td align="right">&nbsp;</td>
<td align="right"><font size="2" face="serif"><font face="serif" size="1">10,278,000 </font></font></td>
<td align="left">&nbsp;</td>
<td align="right">&nbsp;</td>
<td align="right"><font size="2" face="serif"><font face="serif" size="1">10,200,000 </font></font></td>
<td align="left">&nbsp;</td>
<td align="right">&nbsp;</td>
<td align="right"><font size="2" face="serif"><font face="serif" size="1">10,278,000 </font></font></td>
<td align="left">&nbsp;</td>
</tr>
<tr valign="bottom" bgcolor="#FFFFFF">
<td align="left"><font size="2" face="serif"><font face="serif" size="1">Port Richmond Village</font></font></td>
<td align="left">&nbsp;</td>
<td align="right">&nbsp;</td>
<td align="right"><font size="2" face="serif"><font face="serif" size="1">100.0</font></font></td>
<td align="left"><font size="2" face="serif"><font face="serif" size="1">%</font></font></td>
<td align="right">&nbsp;</td>
<td align="center"><font size="2" face="serif"><font face="serif" size="1">Apr 2008</font></font></td>
<td align="left">&nbsp;</td>
<td align="right">&nbsp;</td>
<td align="right"><font size="2" face="serif"><font face="serif" size="1">7.17</font></font></td>
<td align="left"><font size="2" face="serif"><font face="serif" size="1">%</font></font></td>
<td align="right">&nbsp;</td>
<td align="right"><font size="2" face="serif"><font face="serif" size="1">11,051,000 </font></font></td>
<td align="left">&nbsp;</td>
<td align="right">&nbsp;</td>
<td align="right"><font size="2" face="serif"><font face="serif" size="1">11,135,000 </font></font></td>
<td align="left">&nbsp;</td>
<td align="right">&nbsp;</td>
<td align="right"><font size="2" face="serif"><font face="serif" size="1">11,051,000 </font></font></td>
<td align="left">&nbsp;</td>
<td align="right">&nbsp;</td>
<td align="right"><font size="2" face="serif"><font face="serif" size="1">11,135,000 </font></font></td>
<td align="left">&nbsp;</td>
</tr>
<tr valign="bottom" bgcolor="#eeeeee">
<td align="left"><font size="2" face="serif"><font face="serif" size="1">Washington Center Shoppes</font></font></td>
<td align="left">&nbsp;</td>
<td align="right">&nbsp;</td>
<td align="right"><font size="2" face="serif"><font face="serif" size="1">100.0</font></font></td>
<td align="left"><font size="2" face="serif"><font face="serif" size="1">%</font></font></td>
<td align="right">&nbsp;</td>
<td align="center"><font size="2" face="serif"><font face="serif" size="1">Nov 2007</font></font></td>
<td align="left">&nbsp;</td>
<td align="right">&nbsp;</td>
<td align="right"><font size="2" face="serif"><font face="serif" size="1">7.53</font></font></td>
<td align="left"><font size="2" face="serif"><font face="serif" size="1">%</font></font></td>
<td align="right">&nbsp;</td>
<td align="right"><font size="2" face="serif"><font face="serif" size="1">5,706,000 </font></font></td>
<td align="left">&nbsp;</td>
<td align="right">&nbsp;</td>
<td align="right"><font size="2" face="serif"><font face="serif" size="1">5,749,000 </font></font></td>
<td align="left">&nbsp;</td>
<td align="right">&nbsp;</td>
<td align="right"><font size="2" face="serif"><font face="serif" size="1">5,706,000 </font></font></td>
<td align="left">&nbsp;</td>
<td align="right">&nbsp;</td>
<td align="right"><font size="2" face="serif"><font face="serif" size="1">5,749,000 </font></font></td>
<td align="left">&nbsp;</td>
</tr>
<tr valign="bottom" bgcolor="#FFFFFF">
<td align="left"><font size="2" face="serif"><font face="serif" size="1">Red Lion</font></font></td>
<td align="left">&nbsp;</td>
<td align="right">&nbsp;</td>
<td align="right"><font size="2" face="serif"><font face="serif" size="1">20.0</font></font></td>
<td align="left"><font size="2" face="serif"><font face="serif" size="1">%</font></font></td>
<td align="right">&nbsp;</td>
<td align="center"><font size="2" face="serif"><font face="serif" size="1">Feb 2010</font></font></td>
<td align="left">&nbsp;</td>
<td align="right">&nbsp;</td>
<td align="right"><font size="2" face="serif"><font face="serif" size="1">8.86</font></font></td>
<td align="left"><font size="2" face="serif"><font face="serif" size="1">%</font></font></td>
<td align="right">&nbsp;</td>
<td align="right"><font size="2" face="serif"><font face="serif" size="1">16,384,000 </font></font></td>
<td align="left">&nbsp;</td>
<td align="right">&nbsp;</td>
<td align="right"><font size="2" face="serif"><font face="serif" size="1">16,459,000 </font></font></td>
<td align="left">&nbsp;</td>
<td align="right">&nbsp;</td>
<td align="right"><font size="2" face="serif"><font face="serif" size="1">3,277,000 </font></font></td>
<td align="left">&nbsp;</td>
<td align="right">&nbsp;</td>
<td align="right"><font size="2" face="serif"><font face="serif" size="1">3,292,000 </font></font></td>
<td align="left">&nbsp;</td>
</tr>
<tr valign="bottom" bgcolor="#eeeeee">
<td align="left"><font size="2" face="serif"><font face="serif" size="1">Loyal Plaza</font></font></td>
<td align="left">&nbsp;</td>
<td align="right">&nbsp;</td>
<td align="right"><font size="2" face="serif"><font face="serif" size="1">25.0</font></font></td>
<td align="left"><font size="2" face="serif"><font face="serif" size="1">%</font></font></td>
<td align="right">&nbsp;</td>
<td align="center"><font size="2" face="serif"><font face="serif" size="1">Jun 2011</font></font></td>
<td align="left">&nbsp;</td>
<td align="right">&nbsp;</td>
<td align="right"><font size="2" face="serif"><font face="serif" size="1">7.18</font></font></td>
<td align="left"><font size="2" face="serif"><font face="serif" size="1">%</font></font></td>
<td align="right">&nbsp;</td>
<td align="right"><font size="2" face="serif"><font face="serif" size="1">13,453,000 </font></font></td>
<td align="left">&nbsp;</td>
<td align="right">&nbsp;</td>
<td align="right"><font size="2" face="serif"><font face="serif" size="1">13,532,000 </font></font></td>
<td align="left">&nbsp;</td>
<td align="right">&nbsp;</td>
<td align="right"><font size="2" face="serif"><font face="serif" size="1">3,363,000 </font></font></td>
<td align="left">&nbsp;</td>
<td align="right">&nbsp;</td>
<td align="right"><font size="2" face="serif"><font face="serif" size="1">3,383,000 </font></font></td>
<td align="left">&nbsp;</td>
</tr>
<tr valign="bottom" bgcolor="#FFFFFF">
<td align="left"><font size="2" face="serif"><font face="serif" size="1">Fairview Plaza</font></font></td>
<td align="left">&nbsp;</td>
<td align="right">&nbsp;</td>
<td align="right"><font size="2" face="serif"><font face="serif" size="1">30.0</font></font></td>
<td align="left"><font size="2" face="serif"><font face="serif" size="1">%</font></font></td>
<td align="right">&nbsp;</td>
<td align="center"><font size="2" face="serif"><font face="serif" size="1">Feb 2013</font></font></td>
<td align="left">&nbsp;</td>
<td align="right">&nbsp;</td>
<td align="right"><font size="2" face="serif"><font face="serif" size="1">5.71</font></font></td>
<td align="left"><font size="2" face="serif"><font face="serif" size="1">%</font></font></td>
<td align="right">&nbsp;</td>
<td align="right"><font size="2" face="serif"><font face="serif" size="1">5,900,000 </font></font></td>
<td align="left">&nbsp;</td>
<td align="right">&nbsp;</td>
<td align="right"><font size="2" face="serif"><font face="serif" size="1">5,941,000 </font></font></td>
<td align="left">&nbsp;</td>
<td align="right">&nbsp;</td>
<td align="right"><font size="2" face="serif"><font face="serif" size="1">1,770,000 </font></font></td>
<td align="left">&nbsp;</td>
<td align="right">&nbsp;</td>
<td align="right"><font size="2" face="serif"><font face="serif" size="1">1,782,000 </font></font></td>
<td align="left">&nbsp;</td>
</tr>
<tr valign="bottom" bgcolor="#eeeeee">
<td align="left"><font size="2" face="serif"><font face="serif" size="1">Halifax Plaza</font></font></td>
<td align="left">&nbsp;</td>
<td align="right">&nbsp;</td>
<td align="right"><font size="2" face="serif"><font face="serif" size="1">30.0</font></font></td>
<td align="left"><font size="2" face="serif"><font face="serif" size="1">%</font></font></td>
<td align="right">&nbsp;</td>
<td align="center"><font size="2" face="serif"><font face="serif" size="1">Feb 2010</font></font></td>
<td align="left">&nbsp;</td>
<td align="right">&nbsp;</td>
<td align="right"><font size="2" face="serif"><font face="serif" size="1">6.83</font></font></td>
<td align="left"><font size="2" face="serif"><font face="serif" size="1">%</font></font></td>
<td align="right">&nbsp;</td>
<td align="right"><font size="2" face="serif"><font face="serif" size="1">4,055,000 </font></font></td>
<td align="left">&nbsp;</td>
<td align="right">&nbsp;</td>
<td align="right"><font size="2" face="serif"><font face="serif" size="1">4,100,000 </font></font></td>
<td align="left">&nbsp;</td>
<td align="right">&nbsp;</td>
<td align="right"><font size="2" face="serif"><font face="serif" size="1">1,217,000 </font></font></td>
<td align="left">&nbsp;</td>
<td align="right">&nbsp;</td>
<td align="right"><font size="2" face="serif"><font face="serif" size="1">1,230,000 </font></font></td>
<td align="left">&nbsp;</td>
</tr>
<tr valign="bottom" bgcolor="#FFFFFF">
<td align="left"><font size="2" face="serif"><font face="serif" size="1">Newport Plaza</font></font></td>
<td align="left">&nbsp;</td>
<td align="right">&nbsp;</td>
<td align="right"><font size="2" face="serif"><font face="serif" size="1">30.0</font></font></td>
<td align="left"><font size="2" face="serif"><font face="serif" size="1">%</font></font></td>
<td align="right">&nbsp;</td>
<td align="center"><font size="2" face="serif"><font face="serif" size="1">Feb 2010</font></font></td>
<td align="left">&nbsp;</td>
<td align="right">&nbsp;</td>
<td align="right"><font size="2" face="serif"><font face="serif" size="1">6.83</font></font></td>
<td align="left"><font size="2" face="serif"><font face="serif" size="1">%</font></font></td>
<td align="right">&nbsp;</td>
<td align="right"><font size="2" face="serif"><font face="serif" size="1">3,753,000 </font></font></td>
<td align="left">&nbsp;</td>
<td align="right">&nbsp;</td>
<td align="right"><font size="2" face="serif"><font face="serif" size="1">3,792,000 </font></font></td>
<td align="left">&nbsp;</td>
<td align="right">&nbsp;</td>
<td align="right"><font size="2" face="serif"><font face="serif" size="1">1,126,000 </font></font></td>
<td align="left">&nbsp;</td>
<td align="right">&nbsp;</td>
<td align="right"><font size="2" face="serif"><font face="serif" size="1">1,138,000 </font></font></td>
<td align="left">&nbsp;</td>
</tr>
<tr valign="bottom" bgcolor="#eeeeee">
<td align="left"><font size="2" face="serif"><font face="serif" size="1">Newport Plaza</font></font></td>
<td align="left">&nbsp;</td>
<td align="right">&nbsp;</td>
<td align="right"><font size="2" face="serif"><font face="serif" size="1">30.0</font></font></td>
<td align="left"><font size="2" face="serif"><font face="serif" size="1">%</font></font></td>
<td align="right">&nbsp;</td>
<td align="center"><font size="2" face="serif"><font face="serif" size="1">Feb 2010</font></font></td>
<td align="left">&nbsp;</td>
<td align="right">&nbsp;</td>
<td align="right"><font size="2" face="serif"><font face="serif" size="1">6.83</font></font></td>
<td align="left"><font size="2" face="serif"><font face="serif" size="1">%</font></font></td>
<td align="right">&nbsp;</td>
<td align="right"><font size="2" face="serif"><font face="serif" size="1">1,429,000 </font></font></td>
<td align="left">&nbsp;</td>
<td align="right">&nbsp;</td>
<td align="right"><font size="2" face="serif"><font face="serif" size="1">1,445,000 </font></font></td>
<td align="left">&nbsp;</td>
<td align="right">&nbsp;</td>
<td align="right"><font size="2" face="serif"><font face="serif" size="1">429,000 </font></font></td>
<td align="left">&nbsp;</td>
<td align="right">&nbsp;</td>
<td align="right"><font size="2" face="serif"><font face="serif" size="1">433,000 </font></font></td>
<td align="left">&nbsp;</td>
</tr>
<tr valign="bottom" bgcolor="#FFFFFF">
<td align="left"><font size="2" face="serif"><font face="serif" size="1">Pine Grove Plaza</font></font></td>
<td align="left">&nbsp;</td>
<td align="right">&nbsp;</td>
<td align="right"><font size="2" face="serif"><font face="serif" size="1">100.0</font></font></td>
<td align="left"><font size="2" face="serif"><font face="serif" size="1">%</font></font></td>
<td align="right">&nbsp;</td>
<td align="center"><font size="2" face="serif"><font face="serif" size="1">Apr 2010</font></font></td>
<td align="left">&nbsp;</td>
<td align="right">&nbsp;</td>
<td align="right"><font size="2" face="serif"><font face="serif" size="1">6.24</font></font></td>
<td align="left"><font size="2" face="serif"><font face="serif" size="1">%</font></font></td>
<td align="right">&nbsp;</td>
<td align="right"><font size="2" face="serif"><font face="serif" size="1">5,663,000 </font></font></td>
<td align="left">&nbsp;</td>
<td align="right">&nbsp;</td>
<td align="right"><font size="2" face="serif"><font face="serif" size="1">5,738,000 </font></font></td>
<td align="left">&nbsp;</td>
<td align="right">&nbsp;</td>
<td align="right"><font size="2" face="serif"><font face="serif" size="1">5,663,000 </font></font></td>
<td align="left">&nbsp;</td>
<td align="right">&nbsp;</td>
<td align="right"><font size="2" face="serif"><font face="serif" size="1">5,738,000 </font></font></td>
<td align="left">&nbsp;</td>
</tr>
<tr valign="bottom" bgcolor="#eeeeee">
<td align="left"><font size="2" face="serif"><font face="serif" size="1">Pine Grove Plaza</font></font></td>
<td align="left">&nbsp;</td>
<td align="right">&nbsp;</td>
<td align="right"><font size="2" face="serif"><font face="serif" size="1">100.0</font></font></td>
<td align="left"><font size="2" face="serif"><font face="serif" size="1">%</font></font></td>
<td align="right">&nbsp;</td>
<td align="center"><font size="2" face="serif"><font face="serif" size="1">Mar 2006</font></font></td>
<td align="left">&nbsp;</td>
<td align="right">&nbsp;</td>
<td align="right"><font size="2" face="serif"><font face="serif" size="1">8.50</font></font></td>
<td align="left"><font size="2" face="serif"><font face="serif" size="1">%</font></font></td>
<td align="right">&nbsp;</td>
<td align="right"><font size="2" face="serif"><font face="serif" size="1">388,000 </font></font></td>
<td align="left">&nbsp;</td>
<td align="right">&nbsp;</td>
<td align="right"><font size="2" face="serif"><font face="serif" size="1">388,000 </font></font></td>
<td align="left">&nbsp;</td>
<td align="right">&nbsp;</td>
<td align="right"><font size="2" face="serif"><font face="serif" size="1">388,000 </font></font></td>
<td align="left">&nbsp;</td>
<td align="right">&nbsp;</td>
<td align="right"><font size="2" face="serif"><font face="serif" size="1">388,000 </font></font></td>
<td align="left">&nbsp;</td>
</tr>
<tr valign="bottom" bgcolor="#FFFFFF">
<td align="left"><font size="2" face="serif"><font face="serif" size="1">Golden Triangle</font></font></td>
<td align="left">&nbsp;</td>
<td align="right">&nbsp;</td>
<td align="right"><font size="2" face="serif"><font face="serif" size="1">100.0</font></font></td>
<td align="left"><font size="2" face="serif"><font face="serif" size="1">%</font></font></td>
<td align="right">&nbsp;</td>
<td align="center"><font size="2" face="serif"><font face="serif" size="1">Apr 2008</font></font></td>
<td align="left">&nbsp;</td>
<td align="right">&nbsp;</td>
<td align="right"><font size="2" face="serif"><font face="serif" size="1">6.00</font></font></td>
<td align="left"><font size="2" face="serif"><font face="serif" size="1">%</font></font></td>
<td align="right">&nbsp;</td>
<td align="right"><font size="2" face="serif"><font face="serif" size="1">9,811,000 </font></font></td>
<td align="left">&nbsp;</td>
<td align="right">&nbsp;</td>
<td align="right"><font size="2" face="serif"><font face="serif" size="1">9,987,000 </font></font></td>
<td align="left">&nbsp;</td>
<td align="right">&nbsp;</td>
<td align="right"><font size="2" face="serif"><font face="serif" size="1">9,811,000 </font></font></td>
<td align="left">&nbsp;</td>
<td align="right">&nbsp;</td>
<td align="right"><font size="2" face="serif"><font face="serif" size="1">9,987,000 </font></font></td>
<td align="left">&nbsp;</td>
</tr>
<tr valign="bottom" bgcolor="#eeeeee">
<td align="left"><font size="2" face="serif"><font face="serif" size="1">Townfair Center</font></font></td>
<td align="left">&nbsp;</td>
<td align="right">&nbsp;</td>
<td align="right"><font size="2" face="serif"><font face="serif" size="1">100.0</font></font></td>
<td align="left"><font size="2" face="serif"><font face="serif" size="1">%</font></font></td>
<td align="right">&nbsp;</td>
<td align="center"><font size="2" face="serif"><font face="serif" size="1">Mar 2008</font></font></td>
<td align="left">&nbsp;</td>
<td align="right">&nbsp;</td>
<td align="right"><font size="2" face="serif"><font face="serif" size="1">6.00</font></font></td>
<td align="left"><font size="2" face="serif"><font face="serif" size="1">%</font></font></td>
<td align="right">&nbsp;</td>
<td align="right"><font size="2" face="serif"><font face="serif" size="1">10,042,000 </font></font></td>
<td align="left">&nbsp;</td>
<td align="right">&nbsp;</td>
<td align="right"><font size="2" face="serif"><font face="serif" size="1">         10,167,000 </font></font></td>
<td align="left">&nbsp;</td>
<td align="right">&nbsp;</td>
<td align="right"><font size="2" face="serif"><font face="serif" size="1">10,042,000 </font></font></td>
<td align="left">&nbsp;</td>
<td align="right">&nbsp;</td>
<td align="right"><font size="2" face="serif"><font face="serif" size="1">       10,167,000 </font></font></td>
<td align="left">&nbsp;</td>
</tr>
<tr valign="bottom" bgcolor="#FFFFFF">
<td align="left"><font size="2" face="serif"><font face="serif" size="1">Franklin Village Plaza</font></font></td>
<td align="left">&nbsp;</td>
<td align="right">&nbsp;</td>
<td align="right"><font size="2" face="serif"><font face="serif" size="1">100.0</font></font></td>
<td align="left"><font size="2" face="serif"><font face="serif" size="1">%</font></font></td>
<td align="right">&nbsp;</td>
<td align="center"><font size="2" face="serif"><font face="serif" size="1">Nov 2011</font></font></td>
<td align="left">&nbsp;</td>
<td align="right">&nbsp;</td>
<td align="right"><font size="2" face="serif"><font face="serif" size="1">4.81</font></font></td>
<td align="left"><font size="2" face="serif"><font face="serif" size="1">%</font></font></td>
<td align="right">&nbsp;</td>
<td align="right"><font size="2" face="serif"><font face="serif" size="1">43,500,000 </font></font></td>
<td align="left">&nbsp;</td>
<td align="right">&nbsp;</td>
<td align="right"><font size="2" face="serif"><font face="serif" size="1">         43,500,000 </font></font></td>
<td align="left">&nbsp;</td>
<td align="right">&nbsp;</td>
<td align="right"><font size="2" face="serif"><font face="serif" size="1">43,500,000 </font></font></td>
<td align="left">&nbsp;</td>
<td align="right">&nbsp;</td>
<td align="right"><font size="2" face="serif"><font face="serif" size="1">       43,500,000 </font></font></td>
<td align="left">&nbsp;</td>
</tr>
<tr valign="bottom" bgcolor="#eeeeee">
<td align="left"><font size="2" face="serif"><font face="serif" size="1">Centerville Discount Drug Mart</font></font></td>
<td align="left">&nbsp;</td>
<td align="right">&nbsp;</td>
<td align="right"><font size="2" face="serif"><font face="serif" size="1">100.0</font></font></td>
<td align="left"><font size="2" face="serif"><font face="serif" size="1">%</font></font></td>
<td align="right">&nbsp;</td>
<td align="center"><font size="2" face="serif"><font face="serif" size="1">May 2015</font></font></td>
<td align="left">&nbsp;</td>
<td align="right">&nbsp;</td>
<td align="right"><font size="2" face="serif"><font face="serif" size="1">5.15</font></font></td>
<td align="left"><font size="2" face="serif"><font face="serif" size="1">%</font></font></td>
<td align="right">&nbsp;</td>
<td align="right"><font size="2" face="serif"><font face="serif" size="1">2,997,000 </font></font></td>
<td align="left">&nbsp;</td>
<td align="right">&nbsp;</td>
<td align="right"><font size="2" face="serif"><font face="serif" size="1">&#151;</font></font></td>
<td align="left">&nbsp;</td>
<td align="right">&nbsp;</td>
<td align="right"><font size="2" face="serif"><font face="serif" size="1">2,997,000 </font></font></td>
<td align="left">&nbsp;</td>
<td align="right">&nbsp;</td>
<td align="right"><font size="2" face="serif"><font face="serif" size="1">&#151;</font></font></td>
<td align="left">&nbsp;</td>
</tr>
<tr valign="bottom" bgcolor="#FFFFFF">
<td align="left"><font size="2" face="serif"><font face="serif" size="1">Clyde Discount Drug Mart</font></font></td>
<td align="left">&nbsp;</td>
<td align="right">&nbsp;</td>
<td align="right"><font size="2" face="serif"><font face="serif" size="1">100.0</font></font></td>
<td align="left"><font size="2" face="serif"><font face="serif" size="1">%</font></font></td>
<td align="right">&nbsp;</td>
<td align="center"><font size="2" face="serif"><font face="serif" size="1">May 2015</font></font></td>
<td align="left">&nbsp;</td>
<td align="right">&nbsp;</td>
<td align="right"><font size="2" face="serif"><font face="serif" size="1">5.19</font></font></td>
<td align="left"><font size="2" face="serif"><font face="serif" size="1">%</font></font></td>
<td align="right">&nbsp;</td>
<td align="right"><font size="2" face="serif"><font face="serif" size="1">2,078,000 </font></font></td>
<td align="left">&nbsp;</td>
<td align="right">&nbsp;</td>
<td align="right"><font size="2" face="serif"><font face="serif" size="1">&#151;</font></font></td>
<td align="left">&nbsp;</td>
<td align="right">&nbsp;</td>
<td align="right"><font size="2" face="serif"><font face="serif" size="1">2,078,000 </font></font></td>
<td align="left">&nbsp;</td>
<td align="right">&nbsp;</td>
<td align="right"><font size="2" face="serif"><font face="serif" size="1">&#151;</font></font></td>
<td align="left">&nbsp;</td>
</tr>
<tr valign="bottom" bgcolor="#eeeeee">
<td align="left"><font size="2" face="serif"><font face="serif" size="1">CVS at Bradford</font></font></td>
<td align="left">&nbsp;</td>
<td align="right">&nbsp;</td>
<td align="right"><font size="2" face="serif"><font face="serif" size="1">100.0</font></font></td>
<td align="left"><font size="2" face="serif"><font face="serif" size="1">%</font></font></td>
<td align="right">&nbsp;</td>
<td align="center"><font size="2" face="serif"><font face="serif" size="1">Mar 2017</font></font></td>
<td align="left">&nbsp;</td>
<td align="right">&nbsp;</td>
<td align="right"><font size="2" face="serif"><font face="serif" size="1">5.16</font></font></td>
<td align="left"><font size="2" face="serif"><font face="serif" size="1">%</font></font></td>
<td align="right">&nbsp;</td>
<td align="right"><font size="2" face="serif"><font face="serif" size="1">1,136,000 </font></font></td>
<td align="left">&nbsp;</td>
<td align="right">&nbsp;</td>
<td align="right"><font size="2" face="serif"><font face="serif" size="1">&#151;</font></font></td>
<td align="left">&nbsp;</td>
<td align="right">&nbsp;</td>
<td align="right"><font size="2" face="serif"><font face="serif" size="1">1,136,000 </font></font></td>
<td align="left">&nbsp;</td>
<td align="right">&nbsp;</td>
<td align="right"><font size="2" face="serif"><font face="serif" size="1">&#151;</font></font></td>
<td align="left">&nbsp;</td>
</tr>
<tr valign="bottom" bgcolor="#FFFFFF">
<td align="left"><font size="2" face="serif"><font face="serif" size="1">CVS at Celina</font></font></td>
<td align="left">&nbsp;</td>
<td align="right">&nbsp;</td>
<td align="right"><font size="2" face="serif"><font face="serif" size="1">100.0</font></font></td>
<td align="left"><font size="2" face="serif"><font face="serif" size="1">%</font></font></td>
<td align="right">&nbsp;</td>
<td align="center"><font size="2" face="serif"><font face="serif" size="1">Jan 2020</font></font></td>
<td align="left">&nbsp;</td>
<td align="right">&nbsp;</td>
<td align="right"><font size="2" face="serif"><font face="serif" size="1">5.16</font></font></td>
<td align="left"><font size="2" face="serif"><font face="serif" size="1">%</font></font></td>
<td align="right">&nbsp;</td>
<td align="right"><font size="2" face="serif"><font face="serif" size="1">1,824,000 </font></font></td>
<td align="left">&nbsp;</td>
<td align="right">&nbsp;</td>
<td align="right"><font size="2" face="serif"><font face="serif" size="1">&#151;</font></font></td>
<td align="left">&nbsp;</td>
<td align="right">&nbsp;</td>
<td align="right"><font size="2" face="serif"><font face="serif" size="1">1,824,000 </font></font></td>
<td align="left">&nbsp;</td>
<td align="right">&nbsp;</td>
<td align="right"><font size="2" face="serif"><font face="serif" size="1">&#151;</font></font></td>
<td align="left">&nbsp;</td>
</tr>
<tr valign="bottom" bgcolor="#eeeeee">
<td align="left"><font size="2" face="serif"><font face="serif" size="1">CVS at Erie</font></font></td>
<td align="left">&nbsp;</td>
<td align="right">&nbsp;</td>
<td align="right"><font size="2" face="serif"><font face="serif" size="1">100.0</font></font></td>
<td align="left"><font size="2" face="serif"><font face="serif" size="1">%</font></font></td>
<td align="right">&nbsp;</td>
<td align="center"><font size="2" face="serif"><font face="serif" size="1">Nov 2018</font></font></td>
<td align="left">&nbsp;</td>
<td align="right">&nbsp;</td>
<td align="right"><font size="2" face="serif"><font face="serif" size="1">5.16</font></font></td>
<td align="left"><font size="2" face="serif"><font face="serif" size="1">%</font></font></td>
<td align="right">&nbsp;</td>
<td align="right"><font size="2" face="serif"><font face="serif" size="1">1,520,000 </font></font></td>
<td align="left">&nbsp;</td>
<td align="right">&nbsp;</td>
<td align="right"><font size="2" face="serif"><font face="serif" size="1">&#151;</font></font></td>
<td align="left">&nbsp;</td>
<td align="right">&nbsp;</td>
<td align="right"><font size="2" face="serif"><font face="serif" size="1">1,520,000 </font></font></td>
<td align="left">&nbsp;</td>
<td align="right">&nbsp;</td>
<td align="right"><font size="2" face="serif"><font face="serif" size="1">&#151;</font></font></td>
<td align="left">&nbsp;</td>
</tr>
<tr valign="bottom" bgcolor="#FFFFFF">
<td align="left"><font size="2" face="serif"><font face="serif" size="1">CVS at Portage Trail</font></font></td>
<td align="left">&nbsp;</td>
<td align="right">&nbsp;</td>
<td align="right"><font size="2" face="serif"><font face="serif" size="1">100.0</font></font></td>
<td align="left"><font size="2" face="serif"><font face="serif" size="1">%</font></font></td>
<td align="right">&nbsp;</td>
<td align="center"><font size="2" face="serif"><font face="serif" size="1">Aug 2017</font></font></td>
<td align="left">&nbsp;</td>
<td align="right">&nbsp;</td>
<td align="right"><font size="2" face="serif"><font face="serif" size="1">5.00</font></font></td>
<td align="left"><font size="2" face="serif"><font face="serif" size="1">%</font></font></td>
<td align="right">&nbsp;</td>
<td align="right"><font size="2" face="serif"><font face="serif" size="1">1,220,000 </font></font></td>
<td align="left">&nbsp;</td>
<td align="right">&nbsp;</td>
<td align="right"><font size="2" face="serif"><font face="serif" size="1">&#151;</font></font></td>
<td align="left">&nbsp;</td>
<td align="right">&nbsp;</td>
<td align="right"><font size="2" face="serif"><font face="serif" size="1">1,220,000 </font></font></td>
<td align="left">&nbsp;</td>
<td align="right">&nbsp;</td>
<td align="right"><font size="2" face="serif"><font face="serif" size="1">&#151;</font></font></td>
<td align="left">&nbsp;</td>
</tr>
<tr valign="bottom" bgcolor="#eeeeee">
<td align="left"><font size="2" face="serif"><font face="serif" size="1">Dover Discount Drug Mart</font></font></td>
<td align="left">&nbsp;</td>
<td align="right">&nbsp;</td>
<td align="right"><font size="2" face="serif"><font face="serif" size="1">100.0</font></font></td>
<td align="left"><font size="2" face="serif"><font face="serif" size="1">%</font></font></td>
<td align="right">&nbsp;</td>
<td align="center"><font size="2" face="serif"><font face="serif" size="1">May 2015</font></font></td>
<td align="left">&nbsp;</td>
<td align="right">&nbsp;</td>
<td align="right"><font size="2" face="serif"><font face="serif" size="1">5.20</font></font></td>
<td align="left"><font size="2" face="serif"><font face="serif" size="1">%</font></font></td>
<td align="right">&nbsp;</td>
<td align="right"><font size="2" face="serif"><font face="serif" size="1">2,273,000 </font></font></td>
<td align="left">&nbsp;</td>
<td align="right">&nbsp;</td>
<td align="right"><font size="2" face="serif"><font face="serif" size="1">&#151;</font></font></td>
<td align="left">&nbsp;</td>
<td align="right">&nbsp;</td>
<td align="right"><font size="2" face="serif"><font face="serif" size="1">2,273,000 </font></font></td>
<td align="left">&nbsp;</td>
<td align="right">&nbsp;</td>
<td align="right"><font size="2" face="serif"><font face="serif" size="1">&#151;</font></font></td>
<td align="left">&nbsp;</td>
</tr>
<tr valign="bottom" bgcolor="#FFFFFF">
<td align="left"><font size="2" face="serif"><font face="serif" size="1">East Chestnut</font></font></td>
<td align="left">&nbsp;</td>
<td align="right">&nbsp;</td>
<td align="right"><font size="2" face="serif"><font face="serif" size="1">100.0</font></font></td>
<td align="left"><font size="2" face="serif"><font face="serif" size="1">%</font></font></td>
<td align="right">&nbsp;</td>
<td align="center"><font size="2" face="serif"><font face="serif" size="1">Apr 2018</font></font></td>
<td align="left">&nbsp;</td>
<td align="right">&nbsp;</td>
<td align="right"><font size="2" face="serif"><font face="serif" size="1">5.16</font></font></td>
<td align="left"><font size="2" face="serif"><font face="serif" size="1">%</font></font></td>
<td align="right">&nbsp;</td>
<td align="right"><font size="2" face="serif"><font face="serif" size="1">2,417,000 </font></font></td>
<td align="left">&nbsp;</td>
<td align="right">&nbsp;</td>
<td align="right"><font size="2" face="serif"><font face="serif" size="1">&#151;</font></font></td>
<td align="left">&nbsp;</td>
<td align="right">&nbsp;</td>
<td align="right"><font size="2" face="serif"><font face="serif" size="1">2,417,000 </font></font></td>
<td align="left">&nbsp;</td>
<td align="right">&nbsp;</td>
<td align="right"><font size="2" face="serif"><font face="serif" size="1">&#151;</font></font></td>
<td align="left">&nbsp;</td>
</tr>
<tr valign="bottom" bgcolor="#eeeeee">
<td align="left"><font size="2" face="serif"><font face="serif" size="1">Fairfield Plaza</font></font></td>
<td align="left">&nbsp;</td>
<td align="right">&nbsp;</td>
<td align="right"><font size="2" face="serif"><font face="serif" size="1">100.0</font></font></td>
<td align="left"><font size="2" face="serif"><font face="serif" size="1">%</font></font></td>
<td align="right">&nbsp;</td>
<td align="center"><font size="2" face="serif"><font face="serif" size="1">Jul 2015</font></font></td>
<td align="left">&nbsp;</td>
<td align="right">&nbsp;</td>
<td align="right"><font size="2" face="serif"><font face="serif" size="1">5.00</font></font></td>
<td align="left"><font size="2" face="serif"><font face="serif" size="1">%</font></font></td>
<td align="right">&nbsp;</td>
<td align="right"><font size="2" face="serif"><font face="serif" size="1">5,475,000 </font></font></td>
<td align="left">&nbsp;</td>
<td align="right">&nbsp;</td>
<td align="right"><font size="2" face="serif"><font face="serif" size="1">&#151;</font></font></td>
<td align="left">&nbsp;</td>
<td align="right">&nbsp;</td>
<td align="right"><font size="2" face="serif"><font face="serif" size="1">5,475,000 </font></font></td>
<td align="left">&nbsp;</td>
<td align="right">&nbsp;</td>
<td align="right"><font size="2" face="serif"><font face="serif" size="1">&#151;</font></font></td>
<td align="left">&nbsp;</td>
</tr>
<tr valign="bottom" bgcolor="#FFFFFF">
<td align="left"><font size="2" face="serif"><font face="serif" size="1">Lodi Discount Drug Mart</font></font></td>
<td align="left">&nbsp;</td>
<td align="right">&nbsp;</td>
<td align="right"><font size="2" face="serif"><font face="serif" size="1">100.0</font></font></td>
<td align="left"><font size="2" face="serif"><font face="serif" size="1">%</font></font></td>
<td align="right">&nbsp;</td>
<td align="center"><font size="2" face="serif"><font face="serif" size="1">May 2015</font></font></td>
<td align="left">&nbsp;</td>
<td align="right">&nbsp;</td>
<td align="right"><font size="2" face="serif"><font face="serif" size="1">5.19</font></font></td>
<td align="left"><font size="2" face="serif"><font face="serif" size="1">%</font></font></td>
<td align="right">&nbsp;</td>
<td align="right"><font size="2" face="serif"><font face="serif" size="1">2,532,000 </font></font></td>
<td align="left">&nbsp;</td>
<td align="right">&nbsp;</td>
<td align="right"><font size="2" face="serif"><font face="serif" size="1">&#151;</font></font></td>
<td align="left">&nbsp;</td>
<td align="right">&nbsp;</td>
<td align="right"><font size="2" face="serif"><font face="serif" size="1">2,532,000 </font></font></td>
<td align="left">&nbsp;</td>
<td align="right">&nbsp;</td>
<td align="right"><font size="2" face="serif"><font face="serif" size="1">&#151;</font></font></td>
<td align="left">&nbsp;</td>
</tr>
<tr valign="bottom" bgcolor="#eeeeee">
<td align="left"><font size="2" face="serif"><font face="serif" size="1">McCormick Place</font></font></td>
<td align="left">&nbsp;</td>
<td align="right">&nbsp;</td>
<td align="right"><font size="2" face="serif"><font face="serif" size="1">100.0</font></font></td>
<td align="left"><font size="2" face="serif"><font face="serif" size="1">%</font></font></td>
<td align="right">&nbsp;</td>
<td align="center"><font size="2" face="serif"><font face="serif" size="1">Jul 2008</font></font></td>
<td align="left">&nbsp;</td>
<td align="right">&nbsp;</td>
<td align="right"><font size="2" face="serif"><font face="serif" size="1">5.15</font></font></td>
<td align="left"><font size="2" face="serif"><font face="serif" size="1">%</font></font></td>
<td align="right">&nbsp;</td>
<td align="right"><font size="2" face="serif"><font face="serif" size="1">2,483,000 </font></font></td>
<td align="left">&nbsp;</td>
<td align="right">&nbsp;</td>
<td align="right"><font size="2" face="serif"><font face="serif" size="1">&#151;</font></font></td>
<td align="left">&nbsp;</td>
<td align="right">&nbsp;</td>
<td align="right"><font size="2" face="serif"><font face="serif" size="1">2,483,000 </font></font></td>
<td align="left">&nbsp;</td>
<td align="right">&nbsp;</td>
<td align="right"><font size="2" face="serif"><font face="serif" size="1">&#151;</font></font></td>
<td align="left">&nbsp;</td>
</tr>
<tr valign="bottom" bgcolor="#FFFFFF">
<td align="left"><font size="2" face="serif"><font face="serif" size="1">Ontario Discount Drug Mart</font></font></td>
<td align="left">&nbsp;</td>
<td align="right">&nbsp;</td>
<td align="right"><font size="2" face="serif"><font face="serif" size="1">100.0</font></font></td>
<td align="left"><font size="2" face="serif"><font face="serif" size="1">%</font></font></td>
<td align="right">&nbsp;</td>
<td align="center"><font size="2" face="serif"><font face="serif" size="1">May 2015</font></font></td>
<td align="left">&nbsp;</td>
<td align="right">&nbsp;</td>
<td align="right"><font size="2" face="serif"><font face="serif" size="1">5.20</font></font></td>
<td align="left"><font size="2" face="serif"><font face="serif" size="1">%</font></font></td>
<td align="right">&nbsp;</td>
<td align="right"><font size="2" face="serif"><font face="serif" size="1">2,338,000 </font></font></td>
<td align="left">&nbsp;</td>
<td align="right">&nbsp;</td>
<td align="right"><font size="2" face="serif"><font face="serif" size="1">&#151;</font></font></td>
<td align="left">&nbsp;</td>
<td align="right">&nbsp;</td>
<td align="right"><font size="2" face="serif"><font face="serif" size="1">2,338,000 </font></font></td>
<td align="left">&nbsp;</td>
<td align="right">&nbsp;</td>
<td align="right"><font size="2" face="serif"><font face="serif" size="1">&#151;</font></font></td>
<td align="left">&nbsp;</td>
</tr>
<tr valign="bottom" bgcolor="#eeeeee">
<td align="left"><font size="2" face="serif"><font face="serif" size="1">Pickerington Discount Drug Mart</font></font></td>
<td align="left">&nbsp;</td>
<td align="right">&nbsp;</td>
<td align="right"><font size="2" face="serif"><font face="serif" size="1">100.0</font></font></td>
<td align="left"><font size="2" face="serif"><font face="serif" size="1">%</font></font></td>
<td align="right">&nbsp;</td>
<td align="center"><font size="2" face="serif"><font face="serif" size="1">Jul 2015</font></font></td>
<td align="left">&nbsp;</td>
<td align="right">&nbsp;</td>
<td align="right"><font size="2" face="serif"><font face="serif" size="1">5.00</font></font></td>
<td align="left"><font size="2" face="serif"><font face="serif" size="1">%</font></font></td>
<td align="right">&nbsp;</td>
<td align="right"><font size="2" face="serif"><font face="serif" size="1">4,450,000 </font></font></td>
<td align="left">&nbsp;</td>
<td align="right">&nbsp;</td>
<td align="right"><font size="2" face="serif"><font face="serif" size="1">&#151;</font></font></td>
<td align="left">&nbsp;</td>
<td align="right">&nbsp;</td>
<td align="right"><font size="2" face="serif"><font face="serif" size="1">4,450,000 </font></font></td>
<td align="left">&nbsp;</td>
<td align="right">&nbsp;</td>
<td align="right"><font size="2" face="serif"><font face="serif" size="1">&#151;</font></font></td>
<td align="left">&nbsp;</td>
</tr>
<tr valign="bottom" bgcolor="#FFFFFF">
<td align="left"><font size="2" face="serif"><font face="serif" size="1">Polaris Discount Drug Mart</font></font></td>
<td align="left">&nbsp;</td>
<td align="right">&nbsp;</td>
<td align="right"><font size="2" face="serif"><font face="serif" size="1">100.0</font></font></td>
<td align="left"><font size="2" face="serif"><font face="serif" size="1">%</font></font></td>
<td align="right">&nbsp;</td>
<td align="center"><font size="2" face="serif"><font face="serif" size="1">May 2015</font></font></td>
<td align="left">&nbsp;</td>
<td align="right">&nbsp;</td>
<td align="right"><font size="2" face="serif"><font face="serif" size="1">5.20</font></font></td>
<td align="left"><font size="2" face="serif"><font face="serif" size="1">%</font></font></td>
<td align="right">&nbsp;</td>
<td align="right"><font size="2" face="serif"><font face="serif" size="1">4,770,000 </font></font></td>
<td align="left">&nbsp;</td>
<td align="right">&nbsp;</td>
<td align="right"><font size="2" face="serif"><font face="serif" size="1">&#151;</font></font></td>
<td align="left">&nbsp;</td>
<td align="right">&nbsp;</td>
<td align="right"><font size="2" face="serif"><font face="serif" size="1">4,770,000 </font></font></td>
<td align="left">&nbsp;</td>
<td align="right">&nbsp;</td>
<td align="right"><font size="2" face="serif"><font face="serif" size="1">&#151;</font></font></td>
<td align="left">&nbsp;</td>
</tr>
<tr valign="bottom" bgcolor="#eeeeee">
<td align="left"><font size="2" face="serif"><font face="serif" size="1">Pondside Plaza</font></font></td>
<td align="left">&nbsp;</td>
<td align="right">&nbsp;</td>
<td align="right"><font size="2" face="serif"><font face="serif" size="1">100.0</font></font></td>
<td align="left"><font size="2" face="serif"><font face="serif" size="1">%</font></font></td>
<td align="right">&nbsp;</td>
<td align="center"><font size="2" face="serif"><font face="serif" size="1">May 2015</font></font></td>
<td align="left">&nbsp;</td>
<td align="right">&nbsp;</td>
<td align="right"><font size="2" face="serif"><font face="serif" size="1">5.55</font></font></td>
<td align="left"><font size="2" face="serif"><font face="serif" size="1">%</font></font></td>
<td align="right">&nbsp;</td>
<td align="right"><font size="2" face="serif"><font face="serif" size="1">1,234,000 </font></font></td>
<td align="left">&nbsp;</td>
<td align="right">&nbsp;</td>
<td align="right"><font size="2" face="serif"><font face="serif" size="1">&#151;</font></font></td>
<td align="left">&nbsp;</td>
<td align="right">&nbsp;</td>
<td align="right"><font size="2" face="serif"><font face="serif" size="1">1,234,000 </font></font></td>
<td align="left">&nbsp;</td>
<td align="right">&nbsp;</td>
<td align="right"><font size="2" face="serif"><font face="serif" size="1">&#151;</font></font></td>
<td align="left">&nbsp;</td>
</tr>
<tr valign="bottom" bgcolor="#FFFFFF">
<td align="left"><font size="2" face="serif"><font face="serif" size="1">Powell Discount Drug Mart</font></font></td>
<td align="left">&nbsp;</td>
<td align="right">&nbsp;</td>
<td align="right"><font size="2" face="serif"><font face="serif" size="1">100.0</font></font></td>
<td align="left"><font size="2" face="serif"><font face="serif" size="1">%</font></font></td>
<td align="right">&nbsp;</td>
<td align="center"><font size="2" face="serif"><font face="serif" size="1">May 2015</font></font></td>
<td align="left">&nbsp;</td>
<td align="right">&nbsp;</td>
<td align="right"><font size="2" face="serif"><font face="serif" size="1">5.20</font></font></td>
<td align="left"><font size="2" face="serif"><font face="serif" size="1">%</font></font></td>
<td align="right">&nbsp;</td>
<td align="right"><font size="2" face="serif"><font face="serif" size="1">4,570,000 </font></font></td>
<td align="left">&nbsp;</td>
<td align="right">&nbsp;</td>
<td align="right"><font size="2" face="serif"><font face="serif" size="1">&#151;</font></font></td>
<td align="left">&nbsp;</td>
<td align="right">&nbsp;</td>
<td align="right"><font size="2" face="serif"><font face="serif" size="1">4,570,000 </font></font></td>
<td align="left">&nbsp;</td>
<td align="right">&nbsp;</td>
<td align="right"><font size="2" face="serif"><font face="serif" size="1">&#151;</font></font></td>
<td align="left">&nbsp;</td>
</tr>
<tr valign="bottom" bgcolor="#eeeeee">
<td align="left"><font size="2" face="serif"><font face="serif" size="1">Rite Aid at Massillon</font></font></td>
<td align="left">&nbsp;</td>
<td align="right">&nbsp;</td>
<td align="right"><font size="2" face="serif"><font face="serif" size="1">100.0</font></font></td>
<td align="left"><font size="2" face="serif"><font face="serif" size="1">%</font></font></td>
<td align="right">&nbsp;</td>
<td align="center"><font size="2" face="serif"><font face="serif" size="1">Jan 2020</font></font></td>
<td align="left">&nbsp;</td>
<td align="right">&nbsp;</td>
<td align="right"><font size="2" face="serif"><font face="serif" size="1">5.00</font></font></td>
<td align="left"><font size="2" face="serif"><font face="serif" size="1">%</font></font></td>
<td align="right">&nbsp;</td>
<td align="right"><font size="2" face="serif"><font face="serif" size="1">1,838,000 </font></font></td>
<td align="left">&nbsp;</td>
<td align="right">&nbsp;</td>
<td align="right"><font size="2" face="serif"><font face="serif" size="1">&#151;</font></font></td>
<td align="left">&nbsp;</td>
<td align="right">&nbsp;</td>
<td align="right"><font size="2" face="serif"><font face="serif" size="1">1,838,000 </font></font></td>
<td align="left">&nbsp;</td>
<td align="right">&nbsp;</td>
<td align="right"><font size="2" face="serif"><font face="serif" size="1">&#151;</font></font></td>
<td align="left">&nbsp;</td>
</tr>
<tr valign="bottom" bgcolor="#FFFFFF">
<td align="left"><font size="2" face="serif"><font face="serif" size="1">Shelby Discount Drug Mart</font></font></td>
<td align="left">&nbsp;</td>
<td align="right">&nbsp;</td>
<td align="right"><font size="2" face="serif"><font face="serif" size="1">100.0</font></font></td>
<td align="left"><font size="2" face="serif"><font face="serif" size="1">%</font></font></td>
<td align="right">&nbsp;</td>
<td align="center"><font size="2" face="serif"><font face="serif" size="1">May 2015</font></font></td>
<td align="left">&nbsp;</td>
<td align="right">&nbsp;</td>
<td align="right"><font size="2" face="serif"><font face="serif" size="1">5.19</font></font></td>
<td align="left"><font size="2" face="serif"><font face="serif" size="1">%</font></font></td>
<td align="right">&nbsp;</td>
<td align="right"><font size="2" face="serif"><font face="serif" size="1">2,338,000 </font></font></td>
<td align="left">&nbsp;</td>
<td align="right">&nbsp;</td>
<td align="right"><font size="2" face="serif"><font face="serif" size="1">&#151;</font></font></td>
<td align="left">&nbsp;</td>
<td align="right">&nbsp;</td>
<td align="right"><font size="2" face="serif"><font face="serif" size="1">2,338,000 </font></font></td>
<td align="left">&nbsp;</td>
<td align="right">&nbsp;</td>
<td align="right"><font size="2" face="serif"><font face="serif" size="1">&#151;</font></font></td>
<td align="left">&nbsp;</td>
</tr>
<tr valign="bottom" bgcolor="#eeeeee">
<td align="left"><font size="2" face="serif"><font face="serif" size="1">Staples at Oswego</font></font></td>
<td align="left">&nbsp;</td>
<td align="right">&nbsp;</td>
<td align="right"><font size="2" face="serif"><font face="serif" size="1">100.0</font></font></td>
<td align="left"><font size="2" face="serif"><font face="serif" size="1">%</font></font></td>
<td align="right">&nbsp;</td>
<td align="center"><font size="2" face="serif"><font face="serif" size="1">May 2015</font></font></td>
<td align="left">&nbsp;</td>
<td align="right">&nbsp;</td>
<td align="right"><font size="2" face="serif"><font face="serif" size="1">5.30</font></font></td>
<td align="left"><font size="2" face="serif"><font face="serif" size="1">%</font></font></td>
<td align="right">&nbsp;</td>
<td align="right"><font size="2" face="serif"><font face="serif" size="1">2,403,000 </font></font></td>
<td align="left">&nbsp;</td>
<td align="right">&nbsp;</td>
<td align="right"><font size="2" face="serif"><font face="serif" size="1">&#151;</font></font></td>
<td align="left">&nbsp;</td>
<td align="right">&nbsp;</td>
<td align="right"><font size="2" face="serif"><font face="serif" size="1">2,403,000 </font></font></td>
<td align="left">&nbsp;</td>
<td align="right">&nbsp;</td>
<td align="right"><font size="2" face="serif"><font face="serif" size="1">&#151;</font></font></td>
<td align="left">&nbsp;</td>
</tr>
<tr valign="bottom">
<td align="left"><font size="2" face="serif">&nbsp;</font></td>
<td align="left">&nbsp;</td>
<td align="right">&nbsp;</td>
<td align="left"><font size="2" face="serif">&nbsp;</font></td>
<td align="left">&nbsp;</td>
<td align="right">&nbsp;</td>
<td colspan="16" align="center"><hr noshade align="center" width="100%" size="1"></td>
<td align="left">&nbsp;</td>
</tr>
<tr valign="bottom" bgcolor="#FFFFFF">
<td align="left"><font size="2" face="serif"><b><font face="serif" size="1">Total fixed-rate debt</font></b></font></td>
<td align="left">&nbsp;</td>
<td align="right">&nbsp;</td>
<td align="left"><font size="2" face="serif">&nbsp;</font></td>
<td align="left">&nbsp;</td>
<td align="right">&nbsp;</td>
<td align="center"><font size="2" face="serif"><font face="serif" size="1">6.5 years</font></font></td>
<td align="left">&nbsp;</td>
<td align="right">&nbsp;</td>
<td align="right"><font size="2" face="serif"><font face="serif" size="1">6.20</font></font></td>
<td align="left"><font size="2" face="serif"><font face="serif" size="1">%</font></font></td>
<td align="right">&nbsp;</td>
<td align="right"><font size="2" face="serif"><font face="serif" size="1">210,330,000 </font></font></td>
<td align="left">&nbsp;</td>
<td align="right">&nbsp;</td>
<td align="right"><font size="2" face="serif"><font face="serif" size="1">161,475,000 </font></font></td>
<td align="left">&nbsp;</td>
<td align="right">&nbsp;</td>
<td align="right"><font size="2" face="serif"><font face="serif" size="1">176,538,000 </font></font></td>
<td align="left">&nbsp;</td>
<td align="right">&nbsp;</td>
<td align="right"><font size="2" face="serif"><font face="serif" size="1">127,464,000 </font></font></td>
<td align="left">&nbsp;</td>
</tr>
<tr valign="bottom" bgcolor="#FFFFFF">
<td align="left"><font size="2" face="serif">&nbsp;</font></td>
<td align="left">&nbsp;</td>
<td align="right">&nbsp;</td>
<td align="left"><font size="2" face="serif">&nbsp;</font></td>
<td align="left">&nbsp;</td>
<td align="right">&nbsp;</td>
<td align="center"><font size="2" face="serif"><font face="serif" size="1">[wtd-avg maturity]</font></font></td>
<td align="left">&nbsp;</td>
<td align="right">&nbsp;</td>
<td align="center"><font size="2" face="serif"><font face="serif" size="1">[wtd-avg rate]</font></font></td>
<td align="left">&nbsp;</td>
<td align="right">&nbsp;</td>
<td colspan="10" align="left"><hr noshade align="center" width="100%" size="1"></td>
<td align="left">&nbsp;</td>
</tr>
<tr valign="bottom">
<td align="left"><font size="2" face="serif">&nbsp;</font></td>
<td align="left">&nbsp;</td>
<td align="right">&nbsp;</td>
<td align="left"><font size="2" face="serif">&nbsp;</font></td>
<td align="left">&nbsp;</td>
<td align="right">&nbsp;</td>
<td align="left"><font size="2" face="serif">&nbsp;</font></td>
<td align="left">&nbsp;</td>
<td align="right">&nbsp;</td>
<td align="left"><font size="2" face="serif">&nbsp;</font></td>
<td align="left">&nbsp;</td>
<td align="right">&nbsp;</td>
<td align="left"><font size="2" face="serif">&nbsp;</font></td>
<td align="left">&nbsp;</td>
<td align="right">&nbsp;</td>
<td align="right"><font size="2" face="serif">&nbsp;</font></td>
<td align="left">&nbsp;</td>
<td align="right">&nbsp;</td>
<td align="left"><font size="2" face="serif">&nbsp;</font></td>
<td align="left">&nbsp;</td>
<td align="right">&nbsp;</td>
<td align="right"><font size="2" face="serif">&nbsp;</font></td>
<td align="left">&nbsp;</td>
</tr>
<tr valign="bottom" bgcolor="#FFFFFF">
<td align="left"><font size="2" face="serif"><b><font face="serif" size="1"><u>Variable-rate mortgages:</u></font></b></font></td>
<td align="left">&nbsp;</td>
<td align="right">&nbsp;</td>
<td align="left"><font size="2" face="serif">&nbsp;</font></td>
<td align="left">&nbsp;</td>
<td align="right">&nbsp;</td>
<td align="left"><font size="2" face="serif">&nbsp;</font></td>
<td align="left">&nbsp;</td>
<td align="right">&nbsp;</td>
<td align="left"><font size="2" face="serif">&nbsp;</font></td>
<td align="left">&nbsp;</td>
<td align="right">&nbsp;</td>
<td align="left"><font size="2" face="serif">&nbsp;</font></td>
<td align="left">&nbsp;</td>
<td align="right">&nbsp;</td>
<td align="right"><font size="2" face="serif">&nbsp;</font></td>
<td align="left">&nbsp;</td>
<td align="right">&nbsp;</td>
<td align="left"><font size="2" face="serif">&nbsp;</font></td>
<td align="left">&nbsp;</td>
<td align="right">&nbsp;</td>
<td align="right"><font size="2" face="serif">&nbsp;</font></td>
<td align="left">&nbsp;</td>
</tr>
<tr valign="bottom" bgcolor="#eeeeee">
<td align="left"><font size="2" face="serif"><font face="serif" size="1">LA Fitness Facility</font></font></td>
<td align="left">&nbsp;</td>
<td align="right">&nbsp;</td>
<td align="right"><font size="2" face="serif"><font face="serif" size="1">50.0</font></font></td>
<td align="left"><font size="2" face="serif"><font face="serif" size="1">%</font></font></td>
<td align="right">&nbsp;</td>
<td align="center"><font size="2" face="serif"><font face="serif" size="1">Dec 2007</font></font></td>
<td align="left">&nbsp;</td>
<td align="right">&nbsp;</td>
<td align="right"><font size="2" face="serif"><font face="serif" size="1">6.25</font></font></td>
<td align="left"><font size="2" face="serif"><font face="serif" size="1">%</font></font></td>
<td align="right">&nbsp;</td>
<td align="right"><font size="2" face="serif"><font face="serif" size="1">4,909,000 </font></font></td>
<td align="left">&nbsp;</td>
<td align="right">&nbsp;</td>
<td align="right"><font size="2" face="serif"><font face="serif" size="1">4,955,000 </font></font></td>
<td align="left">&nbsp;</td>
<td align="right">&nbsp;</td>
<td align="right"><font size="2" face="serif"><font face="serif" size="1">2,455,000 </font></font></td>
<td align="left">&nbsp;</td>
<td align="right">&nbsp;</td>
<td align="right"><font size="2" face="serif"><font face="serif" size="1">2,478,000 </font></font></td>
<td align="left">&nbsp;</td>
</tr>
<tr valign="bottom" bgcolor="#FFFFFF">
<td align="left"><font size="2" face="serif"><font face="serif" size="1">Camp Hill</font></font></td>
<td align="left">&nbsp;</td>
<td align="right">&nbsp;</td>
<td align="right"><font size="2" face="serif"><font face="serif" size="1">100.0</font></font></td>
<td align="left"><font size="2" face="serif"><font face="serif" size="1">%</font></font></td>
<td align="right">&nbsp;</td>
<td align="center"><font size="2" face="serif"><font face="serif" size="1">Apr 2008</font></font></td>
<td align="left">&nbsp;</td>
<td align="right">&nbsp;</td>
<td align="right"><font size="2" face="serif"><font face="serif" size="1">5.18</font></font></td>
<td align="left"><font size="2" face="serif"><font face="serif" size="1">%</font></font></td>
<td align="right">&nbsp;</td>
<td align="right"><font size="2" face="serif"><font face="serif" size="1">29,878,000 </font></font></td>
<td align="left">&nbsp;</td>
<td align="right">&nbsp;</td>
<td align="right"><font size="2" face="serif"><font face="serif" size="1">14,000,000 </font></font></td>
<td align="left">&nbsp;</td>
<td align="right">&nbsp;</td>
<td align="right"><font size="2" face="serif"><font face="serif" size="1">29,878,000 </font></font></td>
<td align="left">&nbsp;</td>
<td align="right">&nbsp;</td>
<td align="right"><font size="2" face="serif"><font face="serif" size="1">14,000,000 </font></font></td>
<td align="left">&nbsp;</td>
</tr>
<tr valign="bottom">
<td align="left"><font size="2" face="serif">&nbsp;</font></td>
<td align="left">&nbsp;</td>
<td align="right">&nbsp;</td>
<td align="left"><font size="2" face="serif">&nbsp;</font></td>
<td align="left">&nbsp;</td>
<td align="right">&nbsp;</td>
<td colspan="16" align="center"><hr noshade align="center" width="100%" size="1"></td><td align="left">&nbsp;</td>
</tr>
<tr valign="bottom" bgcolor="#eeeeee">
<td align="left"><font size="2" face="serif"><b><font face="serif" size="1">Total variable rate mortgages</font></b></font></td>
<td align="left">&nbsp;</td>
<td align="right">&nbsp;</td>
<td align="left"><font size="2" face="serif">&nbsp;</font></td>
<td align="left">&nbsp;</td>
<td align="right">&nbsp;</td>
<td align="center"><font size="2" face="serif"><font face="serif" size="1">2.7 years</font></font></td>
<td align="left">&nbsp;</td>
<td align="right">&nbsp;</td>
<td align="right"><font size="2" face="serif"><font face="serif" size="1">5.33</font></font></td>
<td align="left"><font size="2" face="serif"><font face="serif" size="1">%</font></font></td>
<td align="right">&nbsp;</td>
<td align="right"><font size="2" face="serif"><font face="serif" size="1">34,787,000 </font></font></td>
<td align="left">&nbsp;</td>
<td align="right">&nbsp;</td>
<td align="right"><font size="2" face="serif"><font face="serif" size="1">18,955,000 </font></font></td>
<td align="left">&nbsp;</td>
<td align="right">&nbsp;</td>
<td align="right"><font size="2" face="serif"><font face="serif" size="1">32,333,000 </font></font></td>
<td align="left">&nbsp;</td>
<td align="right">&nbsp;</td>
<td align="right"><font size="2" face="serif"><font face="serif" size="1">16,478,000 </font></font></td>
<td align="left">&nbsp;</td>
</tr>
<tr valign="bottom" bgcolor="#FFFFFF">
<td align="left"><font size="2" face="serif">&nbsp;</font></td>
<td align="left">&nbsp;</td>
<td align="right">&nbsp;</td>
<td align="left"><font size="2" face="serif">&nbsp;</font></td>
<td align="left">&nbsp;</td>
<td align="right">&nbsp;</td>
<td align="center"><font size="2" face="serif"><font face="serif" size="1">[wtd-avg maturity]</font></font></td>
<td align="left">&nbsp;</td>
<td align="right">&nbsp;</td>
<td align="center"><font size="2" face="serif"><font face="serif" size="1">[wtd-avg rate]</font></font></td>
<td align="left">&nbsp;</td>
<td align="right">&nbsp;</td>
<td colspan="10" align="left"><hr noshade align="center" width="100%" size="1"></td>
<td align="left">&nbsp;</td>
</tr>
<tr valign="bottom">
  <td align="left">&nbsp;</td>
  <td align="left">&nbsp;</td>
  <td align="right">&nbsp;</td>
  <td align="left">&nbsp;</td>
  <td align="left">&nbsp;</td>
  <td align="right">&nbsp;</td>
  <td colspan="16" align="center">&nbsp;</td>
  <td align="left">&nbsp;</td>
</tr>
<tr valign="bottom">
<td align="left"><font size="2" face="serif">&nbsp;</font></td>
<td align="left">&nbsp;</td>
<td align="right">&nbsp;</td>
<td align="left"><font size="2" face="serif">&nbsp;</font></td>
<td align="left">&nbsp;</td>
<td align="right">&nbsp;</td>
<td colspan="16" align="center"><hr noshade align="center" width="100%" size="1"></td><td align="left">&nbsp;</td>
</tr>
<tr valign="bottom" bgcolor="#FFFFFF">
<td align="left"><font size="2" face="serif"><b><font face="serif" size="1">Total mortgages</font></b></font></td>
<td align="left">&nbsp;</td>
<td align="right">&nbsp;</td>
<td align="left"><font size="2" face="serif">&nbsp;</font></td>
<td align="left">&nbsp;</td>
<td align="right">&nbsp;</td>
<td align="center"><font size="2" face="serif"><font face="serif" size="1">6.0 years</font></font></td>
<td align="left">&nbsp;</td>
<td align="right">&nbsp;</td>
<td align="right"><font size="2" face="serif"><font face="serif" size="1">6.08</font></font></td>
<td align="left"><font size="2" face="serif"><font face="serif" size="1">%</font></font></td>
<td align="right">&nbsp;</td>
<td align="right"><font size="2" face="serif"><font face="serif" size="1">245,117,000 </font></font></td>
<td align="left">&nbsp;</td>
<td align="right">&nbsp;</td>
<td align="right"><font size="2" face="serif"><font face="serif" size="1">180,430,000 </font></font></td>
<td align="left">&nbsp;</td>
<td align="right">&nbsp;</td>
<td align="right"><font size="2" face="serif"><font face="serif" size="1">208,871,000 </font></font></td>
<td align="left">&nbsp;</td>
<td align="right">&nbsp;</td>
<td align="right"><font size="2" face="serif"><font face="serif" size="1">143,942,000 </font></font></td>
<td align="left">&nbsp;</td>
</tr>
<tr valign="bottom" bgcolor="#FFFFFF">
<td align="left"><font size="2" face="serif">&nbsp;</font></td>
<td align="left">&nbsp;</td>
<td align="right">&nbsp;</td>
<td align="left"><font size="2" face="serif">&nbsp;</font></td>
<td align="left">&nbsp;</td>
<td align="right">&nbsp;</td>
<td align="center"><font size="2" face="serif"><font face="serif" size="1">[wtd-avg maturity]</font></font></td>
<td align="left">&nbsp;</td>
<td align="right">&nbsp;</td>
<td align="center"><font size="2" face="serif"><font face="serif" size="1">[wtd-avg rate]</font></font></td>
<td align="left">&nbsp;</td>
<td align="right">&nbsp;</td>
<td colspan="10" align="left"><hr noshade align="center" width="100%" size="1"></td>
<td align="left">&nbsp;</td>
</tr>
<tr valign="bottom">
  <td align="left">&nbsp;</td>
  <td align="left">&nbsp;</td>
  <td align="right">&nbsp;</td>
  <td align="left">&nbsp;</td>
  <td align="left">&nbsp;</td>
  <td align="right">&nbsp;</td>
  <td align="left">&nbsp;</td>
  <td align="left">&nbsp;</td>
  <td align="right">&nbsp;</td>
  <td align="left">&nbsp;</td>
  <td align="left">&nbsp;</td>
  <td align="right">&nbsp;</td>
  <td align="left">&nbsp;</td>
  <td align="left">&nbsp;</td>
  <td align="right">&nbsp;</td>
  <td align="right">&nbsp;</td>
  <td align="left">&nbsp;</td>
  <td align="right">&nbsp;</td>
  <td align="left">&nbsp;</td>
  <td align="left">&nbsp;</td>
  <td align="right">&nbsp;</td>
  <td align="right">&nbsp;</td>
  <td align="left">&nbsp;</td>
</tr>
<tr valign="bottom" bgcolor="#eeeeee">
<td align="left"><font size="2" face="serif"><b><u><font face="serif" size="1">Secured revolving credit facility</font></u></b></font></td>
<td align="left">&nbsp;</td>
<td align="right">&nbsp;</td>
<td align="right"><font size="2" face="serif"><font face="serif" size="1">100.0</font></font></td>
<td align="left"><font size="2" face="serif"><font face="serif" size="1">%</font></font></td>
<td align="right">&nbsp;</td>
<td align="center"><font size="2" face="serif"><font face="serif" size="1">Jan 2007</font></font></td>
<td align="left">&nbsp;</td>
<td align="right">&nbsp;</td>
<td align="right"><font size="2" face="serif"><font face="serif" size="1">4.81</font></font></td>
<td align="left"><font size="2" face="serif"><font face="serif" size="1">%</font></font></td>
<td align="right">&nbsp;</td>
<td align="right"><font size="2" face="serif"><font face="serif" size="1">43,400,000 </font></font></td>
<td align="left">&nbsp;</td>
<td align="right">&nbsp;</td>
<td align="right"><font size="2" face="serif"><font face="serif" size="1">68,200,000 </font></font></td>
<td align="left">&nbsp;</td>
<td align="right">&nbsp;</td>
<td align="right"><font size="2" face="serif"><font face="serif" size="1">43,400,000 </font></font></td>
<td align="left">&nbsp;</td>
<td align="right">&nbsp;</td>
<td align="right"><font size="2" face="serif"><font face="serif" size="1">68,200,000 </font></font></td>
<td align="left">&nbsp;</td>
</tr>
<tr valign="bottom">
<td align="left"><font size="2" face="serif">&nbsp;</font></td>
<td align="left">&nbsp;</td>
<td align="right">&nbsp;</td>
<td align="left"><font size="2" face="serif">&nbsp;</font></td>
<td align="left">&nbsp;</td>
<td align="right">&nbsp;</td>
<td colspan="16" align="center"><hr noshade align="center" width="100%" size="1"></td><td align="left">&nbsp;</td>
</tr>
<tr valign="bottom" bgcolor="#FFFFFF">
<td align="left"><font size="2" face="serif"><b><font face="serif" size="1">Secured revolving credit facility</font></b></font></td>
<td align="left">&nbsp;</td>
<td align="right">&nbsp;</td>
<td align="left"><font size="2" face="serif">&nbsp;</font></td>
<td align="left">&nbsp;</td>
<td align="right">&nbsp;</td>
<td align="center"><font size="2" face="serif"><font face="serif" size="1">1.6 years</font></font></td>
<td align="left">&nbsp;</td>
<td align="right">&nbsp;</td>
<td align="right"><font size="2" face="serif"><font face="serif" size="1">4.81</font></font></td>
<td align="left"><font size="2" face="serif"><font face="serif" size="1">%</font></font></td>
<td align="right">&nbsp;</td>
<td align="right"><font size="2" face="serif"><font face="serif" size="1">43,400,000 </font></font></td>
<td align="left">&nbsp;</td>
<td align="right">&nbsp;</td>
<td align="right"><font size="2" face="serif"><font face="serif" size="1">68,200,000 </font></font></td>
<td align="left">&nbsp;</td>
<td align="right">&nbsp;</td>
<td align="right"><font size="2" face="serif"><font face="serif" size="1">43,400,000 </font></font></td>
<td align="left">&nbsp;</td>
<td align="right">&nbsp;</td>
<td align="right"><font size="2" face="serif"><font face="serif" size="1">68,200,000 </font></font></td>
<td align="left">&nbsp;</td>
</tr>
<tr valign="bottom" bgcolor="#FFFFFF">
<td align="left"><font size="2" face="serif">&nbsp;</font></td>
<td align="left">&nbsp;</td>
<td align="right">&nbsp;</td>
<td align="left"><font size="2" face="serif">&nbsp;</font></td>
<td align="left">&nbsp;</td>
<td align="right">&nbsp;</td>
<td align="center"><font size="2" face="serif"><font face="serif" size="1">[wtd-avg maturity]</font></font></td>
<td align="left">&nbsp;</td>
<td align="right">&nbsp;</td>
<td align="center"><font size="2" face="serif"><font face="serif" size="1">[wtd-avg rate]</font></font></td>
<td align="left">&nbsp;</td>
<td align="right">&nbsp;</td>
<td colspan="10" align="left"><hr noshade align="center" width="100%" size="1"></td>
<td align="left">&nbsp;</td>
</tr>
<tr valign="bottom" bgcolor="#FFFFFF">
  <td align="left">&nbsp;</td>
  <td align="left">&nbsp;</td>
  <td align="right">&nbsp;</td>
  <td align="left">&nbsp;</td>
  <td align="left">&nbsp;</td>
  <td align="right">&nbsp;</td>
  <td align="center">&nbsp;</td>
  <td align="left">&nbsp;</td>
  <td align="right">&nbsp;</td>
  <td align="center">&nbsp;</td>
  <td align="left">&nbsp;</td>
  <td align="right">&nbsp;</td>
  <td colspan="10" align="left">&nbsp;</td>
  <td align="left">&nbsp;</td>
</tr>
<tr valign="bottom">
<td align="left"><font size="2" face="serif">&nbsp;</font></td>
<td align="left">&nbsp;</td>
<td align="right">&nbsp;</td>
<td align="left"><font size="2" face="serif">&nbsp;</font></td>
<td align="left">&nbsp;</td>
<td align="right">&nbsp;</td>
<td colspan="4" align="center"><hr noshade align="center" width="100%" size="1"></td>
<td align="left">&nbsp;</td>
<td align="right">&nbsp;</td>
<td align="left"><font size="2" face="serif">&nbsp;</font></td>
<td align="left">&nbsp;</td>
<td align="right">&nbsp;</td>
<td align="right"><font size="2" face="serif">&nbsp;</font></td>
<td align="left">&nbsp;</td>
<td align="right">&nbsp;</td>
<td align="left"><font size="2" face="serif">&nbsp;</font></td>
<td align="left">&nbsp;</td>
<td align="right">&nbsp;</td>
<td align="right"><font size="2" face="serif">&nbsp;</font></td>
<td align="left">&nbsp;</td>
</tr>
<tr valign="bottom" bgcolor="#eeeeee">
<td align="left"><font size="2" face="serif"><b><u><font face="serif" size="1">Total debt</font></u></b></font></td>
<td align="left">&nbsp;</td>
<td align="right">&nbsp;</td>
<td align="left"><font size="2" face="serif">&nbsp;</font></td>
<td align="left">&nbsp;</td>
<td align="right">&nbsp;</td>
<td align="center"><font size="2" face="serif"><font face="serif" size="1">5.3 years</font></font></td>
<td align="left">&nbsp;</td>
<td align="right">&nbsp;</td>
<td align="right"><font size="2" face="serif"><font face="serif" size="1">5.89</font></font></td>
<td align="left"><font size="2" face="serif"><font face="serif" size="1">%</font></font></td>
<td align="right"><font face="serif" size="1">$</font></td>
<td align="right"><font size="2" face="serif"><font face="serif" size="1">  288,517,000 </font></font></td>
<td align="left">&nbsp;</td>
<td align="right"><font face="serif" size="1">$</font></td>
<td align="right"><font size="2" face="serif"><font face="serif" size="1">    248,630,000 </font></font></td>
<td align="left">&nbsp;</td>
<td align="right"><font face="serif" size="1">$</font></td>
<td align="right"><font size="2" face="serif"><font face="serif" size="1">  252,271,000 </font></font></td>
<td align="left">&nbsp;</td>
<td align="right"><font face="serif" size="1">$</font></td>
<td align="right"><font size="2" face="serif"><font face="serif" size="1">  212,142,000 </font></font></td>
<td align="left">&nbsp;</td>
</tr>
<tr valign="bottom" bgcolor="#FFFFFF">
<td align="left"><font size="2" face="serif">&nbsp;</font></td>
<td align="left">&nbsp;</td>
<td align="right">&nbsp;</td>
<td align="left"><font size="2" face="serif">&nbsp;</font></td>
<td align="left">&nbsp;</td>
<td align="right">&nbsp;</td>
<td align="center"><font size="2" face="serif"><font face="serif" size="1">[wtd-avg maturity]</font></font></td>
<td align="left">&nbsp;</td>
<td align="right">&nbsp;</td>
<td align="center"><font size="2" face="serif"><font face="serif" size="1">[wtd-avg rate]</font></font></td>
<td align="left">&nbsp;</td>
<td align="right">&nbsp;</td>
<td colspan="10" align="left"><hr noshade align="center" width="100%" size="2"></td>
<td align="left">&nbsp;</td>
</tr>
</table>
<p align="center"><font face="serif" size="2">17</font></p>
<hr noshade align="center" width="100%" size="2">
<div style="page-break-before:always"></div>
<page>
<a name="p?"></a>
<p><a href="#contents"><font size="2">Back to Contents</font></a></p>
<br><br>
<table width="100%" border="0" align="center" cellpadding="0" cellspacing="0">
<tr valign="top" bgcolor="#FFFFFF">
<td colspan="13" align="left"><font size="2" face="serif"><b>CEDAR SHOPPING CENTERS, INC.<br>
Debt Summary<br>
As of June 30, 2005<br>
(unaudited)<br>
(continued)</b></font></td>
</tr>
<tr align="center" valign="bottom" bgcolor="#FFFFFF">
<td><font size="1" face="serif">&nbsp;</font></td>
<td><font size="1">&nbsp;</font></td>
<td><font size="1">&nbsp;</font></td>
<td colspan="4"><font size="1" face="serif"><b>Mortgage debt</b></font></td>
<td><font size="1">&nbsp;</font></td>
<td colspan="2"><font size="1">&nbsp;</font></td>
<td><font size="1">&nbsp;</font></td>
<td colspan="2"><font size="1" face="serif">&nbsp;&nbsp;&nbsp;</font></td>
</tr>
<tr align="center" valign="bottom" bgcolor="#FFFFFF">
  <td><font size="1">&nbsp;</font></td>
  <td><font size="1">&nbsp;</font></td>
  <td colspan="5"><hr align="left" width="100%" size=1 noshade></td>
  <td><font size="1">&nbsp;</font></td>
  <td colspan="2"><font size="1">&nbsp;</font></td>
  <td><font size="1">&nbsp;</font></td>
  <td colspan="2"><font size="1">&nbsp;</font></td>
</tr>
<tr align="center" valign="bottom" bgcolor="#FFFFFF">
<td><font size="1" face="serif">&nbsp;<b>Maturity schedule by year</b></font></td>
<td><font size="1">&nbsp;</font></td>
<td colspan="2"><font size="1" face="serif"><b>Scheduled<br>
amortization</b></font></td>
<td><font size="1">&nbsp;</font></td>
<td colspan="2"><font size="1" face="serif"><b>Balloon<br>
payments</b></font></td>
<td><font size="1">&nbsp;</font></td>
<td colspan="2"><font size="1" face="serif"><b>Secured revolving<br>
credit facility (a)</b></font></td>
<td><font size="1">&nbsp;</font></td>
<td colspan="2"><font size="1" face="serif"><b>Total</b></font></td>
</tr>
<tr align="center" valign="bottom" bgcolor="#FFFFFF">
  <td><hr align="left" width="100%" size=1 noshade>
    </td>
  <td>&nbsp;</td>
  <td colspan="11"><hr align="left" width="100%" size=1 noshade></td>
  </tr>
<tr valign="bottom" bgcolor="#eeeeee">
<td align="center"><font size="2" face="serif">2005</font></td>
<td width="2%" align="center">&nbsp;</td>
<td width="1%" align="right"><font size="2" face="serif">$</font></td>
<td width="12%" align="right"><font size="2" face="serif">        1,610,000 </font></td>
<td width="2%" align="right"><div align="justify"></div></td>
<td width="1%" align="right"><font size="2" face="serif">$</font></td>
<td width="12%" align="right"><font size="2" face="serif">&#151;</font></td>
<td width="2%" align="right">&nbsp;</td>
<td width="1%" align="right">&nbsp;</td>
<td width="14%" align="right"><font size="2" face="serif">&nbsp;</font></td>
<td width="2%" align="right">&nbsp;</td>
<td width="1%" align="right"><font size="2" face="serif">$</font></td>
<td width="12%" align="right"><font size="2" face="serif">         1,610,000 </font></td>
</tr>
<tr valign="bottom" bgcolor="#FFFFFF">
<td align="center"><font size="2" face="serif">2006</font></td>
<td align="center">&nbsp;</td>
<td align="right">&nbsp;</td>
<td align="right"><font size="2" face="serif">3,374,000 </font></td>
<td align="right">&nbsp;</td>
<td align="right">&nbsp;</td>
<td align="right"><font size="2" face="serif">431,000 </font></td>
<td align="right">&nbsp;</td>
<td align="right">&nbsp;</td>
<td align="right"><font size="2" face="serif">&nbsp;</font></td>
<td align="right">&nbsp;</td>
<td align="right">&nbsp;</td>
<td align="right"><font size="2" face="serif">3,805,000 </font></td>
</tr>
<tr valign="bottom" bgcolor="#eeeeee">
<td align="center"><font size="2" face="serif">2007</font></td>
<td align="center">&nbsp;</td>
<td align="right">&nbsp;</td>
<td align="right"><font size="2" face="serif">3,587,000 </font></td>
<td align="right">&nbsp;</td>
<td align="right">&nbsp;</td>
<td align="right"><font size="2" face="serif">10,225,000 </font></td>
<td align="right">&nbsp;</td>
<td align="right"><font size="2" face="serif">$</font></td>
<td align="right"><font size="2" face="serif">         43,400,000 </font></td>
<td align="right">&nbsp;</td>
<td align="right">&nbsp;</td>
<td align="right"><font size="2" face="serif">57,212,000 </font></td>
</tr>
<tr valign="bottom" bgcolor="#FFFFFF">
<td align="center"><font size="2" face="serif">2008</font></td>
<td align="center">&nbsp;</td>
<td align="right">&nbsp;</td>
<td align="right"><font size="2" face="serif">2,826,000 </font></td>
<td align="right">&nbsp;</td>
<td align="right">&nbsp;</td>
<td align="right"><font size="2" face="serif">60,582,000 </font></td>
<td align="right">&nbsp;</td>
<td align="right">&nbsp;</td>
<td align="right"><font size="2" face="serif">&nbsp;</font></td>
<td align="right">&nbsp;</td>
<td align="right">&nbsp;</td>
<td align="right"><font size="2" face="serif">63,408,000 </font></td>
</tr>
<tr valign="bottom" bgcolor="#eeeeee">
<td align="center"><font size="2" face="serif">2009</font></td>
<td align="center">&nbsp;</td>
<td align="right">&nbsp;</td>
<td align="right"><font size="2" face="serif">2,718,000 </font></td>
<td align="right">&nbsp;</td>
<td align="right">&nbsp;</td>
<td align="right"><font size="2" face="serif">&#151;</font></td>
<td align="right">&nbsp;</td>
<td align="right">&nbsp;</td>
<td align="right"><font size="2" face="serif">&nbsp;</font></td>
<td align="right">&nbsp;</td>
<td align="right">&nbsp;</td>
<td align="right"><font size="2" face="serif">2,718,000 </font></td>
</tr>
<tr valign="bottom" bgcolor="#FFFFFF">
<td align="center"><font size="2" face="serif">2010</font></td>
<td align="center">&nbsp;</td>
<td align="right">&nbsp;</td>
<td align="right"><font size="2" face="serif">2,368,000 </font></td>
<td align="right">&nbsp;</td>
<td align="right">&nbsp;</td>
<td align="right"><font size="2" face="serif">28,833,000 </font></td>
<td align="right">&nbsp;</td>
<td align="right">&nbsp;</td>
<td align="right"><font size="2" face="serif">&nbsp;</font></td>
<td align="right">&nbsp;</td>
<td align="right">&nbsp;</td>
<td align="right"><font size="2" face="serif">31,201,000 </font></td>
</tr>
<tr valign="bottom" bgcolor="#eeeeee">
<td align="center"><font size="2" face="serif">2011</font></td>
<td align="center">&nbsp;</td>
<td align="right">&nbsp;</td>
<td align="right"><font size="2" face="serif">2,309,000 </font></td>
<td align="right">&nbsp;</td>
<td align="right">&nbsp;</td>
<td align="right"><font size="2" face="serif">55,786,000 </font></td>
<td align="right">&nbsp;</td>
<td align="right">&nbsp;</td>
<td align="right"><font size="2" face="serif">&nbsp;</font></td>
<td align="right">&nbsp;</td>
<td align="right">&nbsp;</td>
<td align="right"><font size="2" face="serif">58,095,000 </font></td>
</tr>
<tr valign="bottom" bgcolor="#FFFFFF">
<td align="center"><font size="2" face="serif">2012</font></td>
<td align="center">&nbsp;</td>
<td align="right">&nbsp;</td>
<td align="right"><font size="2" face="serif">2,140,000 </font></td>
<td align="right">&nbsp;</td>
<td align="right">&nbsp;</td>
<td align="right"><font size="2" face="serif">15,901,000 </font></td>
<td align="right">&nbsp;</td>
<td align="right">&nbsp;</td>
<td align="right"><font size="2" face="serif">&nbsp;</font></td>
<td align="right">&nbsp;</td>
<td align="right">&nbsp;</td>
<td align="right"><font size="2" face="serif">18,041,000 </font></td>
</tr>
<tr valign="bottom" bgcolor="#eeeeee">
<td align="center"><font size="2" face="serif">2013</font></td>
<td align="center">&nbsp;</td>
<td align="right">&nbsp;</td>
<td align="right"><font size="2" face="serif">1,514,000 </font></td>
<td align="right">&nbsp;</td>
<td align="right">&nbsp;</td>
<td align="right"><font size="2" face="serif">13,711,000 </font></td>
<td align="right">&nbsp;</td>
<td align="right">&nbsp;</td>
<td align="right"><font size="2" face="serif">&nbsp;</font></td>
<td align="right">&nbsp;</td>
<td align="right">&nbsp;</td>
<td align="right"><font size="2" face="serif">15,225,000 </font></td>
</tr>
<tr valign="bottom" bgcolor="#FFFFFF">
<td align="center"><font size="2" face="serif">2014</font></td>
<td align="center">&nbsp;</td>
<td align="right">&nbsp;</td>
<td align="right"><font size="2" face="serif">1,546,000 </font></td>
<td align="right">&nbsp;</td>
<td align="right">&nbsp;</td>
<td align="right"><font size="2" face="serif">&#151;</font></td>
<td align="right">&nbsp;</td>
<td align="right">&nbsp;</td>
<td align="right"><font size="2" face="serif">&nbsp;</font></td>
<td align="right">&nbsp;</td>
<td align="right">&nbsp;</td>
<td align="right"><font size="2" face="serif">1,546,000 </font></td>
</tr>
<tr valign="bottom" bgcolor="#eeeeee">
<td align="center"><font size="2" face="serif">2015</font></td>
<td align="center">&nbsp;</td>
<td align="right">&nbsp;</td>
<td align="right"><font size="2" face="serif">1,118,000 </font></td>
<td align="right">&nbsp;</td>
<td align="right">&nbsp;</td>
<td align="right"><font size="2" face="serif">31,050,000 </font></td>
<td align="right">&nbsp;</td>
<td align="right">&nbsp;</td>
<td align="right"><font size="2" face="serif">&nbsp;</font></td>
<td align="right">&nbsp;</td>
<td align="right">&nbsp;</td>
<td align="right"><font size="2" face="serif">32,168,000 </font></td>
</tr>
<tr valign="bottom" bgcolor="#FFFFFF">
<td align="center"><font size="2" face="serif">2016</font></td>
<td align="center">&nbsp;</td>
<td align="right">&nbsp;</td>
<td align="right"><font size="2" face="serif">845,000 </font></td>
<td align="right">&nbsp;</td>
<td align="right">&nbsp;</td>
<td align="right"><font size="2" face="serif">&#151;</font></td>
<td align="right">&nbsp;</td>
<td align="right">&nbsp;</td>
<td align="right"><font size="2" face="serif">&nbsp;</font></td>
<td align="right">&nbsp;</td>
<td align="right">&nbsp;</td>
<td align="right"><font size="2" face="serif">845,000 </font></td>
</tr>
<tr valign="bottom" bgcolor="#eeeeee">
<td align="center"><font size="2" face="serif">2017</font></td>
<td align="center">&nbsp;</td>
<td align="right">&nbsp;</td>
<td align="right"><font size="2" face="serif">749,000 </font></td>
<td align="right">&nbsp;</td>
<td align="right">&nbsp;</td>
<td align="right"><font size="2" face="serif">&#151;</font></td>
<td align="right">&nbsp;</td>
<td align="right">&nbsp;</td>
<td align="right"><font size="2" face="serif">&nbsp;</font></td>
<td align="right">&nbsp;</td>
<td align="right">&nbsp;</td>
<td align="right"><font size="2" face="serif">749,000 </font></td>
</tr>
<tr valign="bottom" bgcolor="#FFFFFF">
<td align="center"><font size="2" face="serif">2018</font></td>
<td align="center">&nbsp;</td>
<td align="right">&nbsp;</td>
<td align="right"><font size="2" face="serif">528,000 </font></td>
<td align="right">&nbsp;</td>
<td align="right">&nbsp;</td>
<td align="right"><font size="2" face="serif">966,000 </font></td>
<td align="right">&nbsp;</td>
<td align="right">&nbsp;</td>
<td align="right"><font size="2" face="serif">&nbsp;</font></td>
<td align="right">&nbsp;</td>
<td align="right">&nbsp;</td>
<td align="right"><font size="2" face="serif">1,494,000 </font></td>
</tr>
<tr valign="bottom" bgcolor="#eeeeee">
<td align="center"><font size="2" face="serif">2019</font></td>
<td align="center">&nbsp;</td>
<td align="right">&nbsp;</td>
<td align="right"><font size="2" face="serif">367,000 </font></td>
<td align="right">&nbsp;</td>
<td align="right">&nbsp;</td>
<td align="right"><font size="2" face="serif">&#151;</font></td>
<td align="right">&nbsp;</td>
<td align="right">&nbsp;</td>
<td align="right"><font size="2" face="serif">&nbsp;</font></td>
<td align="right">&nbsp;</td>
<td align="right">&nbsp;</td>
<td align="right"><font size="2" face="serif">367,000 </font></td>
</tr>
<tr valign="bottom" bgcolor="#FFFFFF">
<td align="center"><font size="2" face="serif">2020</font></td>
<td align="center">&nbsp;</td>
<td align="right">&nbsp;</td>
<td align="right"><font size="2" face="serif">33,000 </font></td>
<td align="right">&nbsp;</td>
<td align="right">&nbsp;</td>
<td align="right"><font size="2" face="serif">&#151;</font></td>
<td align="right">&nbsp;</td>
<td align="right">&nbsp;</td>
<td align="right"><font size="2" face="serif">&nbsp;</font></td>
<td align="right">&nbsp;</td>
<td align="right">&nbsp;</td>
<td align="right"><font size="2" face="serif">33,000 </font></td>
</tr>
<tr valign="bottom" bgcolor="#FFFFFF">
  <td align="center">&nbsp;</td>
  <td align="center">&nbsp;</td>
  <td colspan="11" align="right"><hr size="1" noshade></td>
  </tr>
<tr valign="bottom" bgcolor="#eeeeee">
<td align="left"><font size="2" face="serif">&nbsp;</font></td>
<td align="left">&nbsp;</td>
<td align="right"><font size="2" face="serif">$</font></td>
<td align="right"><font size="2" face="serif">      27,632,000 </font></td>
<td align="right">&nbsp;</td>
<td align="right"><font size="2" face="serif">$</font></td>
<td align="right"><font size="2" face="serif">        217,485,000 </font></td>
<td align="right">&nbsp;</td>
<td align="right"><font size="2" face="serif">$</font></td>
<td align="right"><font size="2" face="serif">         43,400,000 </font></td>
<td align="right">&nbsp;</td>
<td align="right"><font size="2" face="serif">$</font></td>
<td align="right"><font size="2" face="serif">     288,517,000 </font></td>
</tr>
<tr valign="bottom">
<td align="left"><font size="2" face="serif">&nbsp;</font></td>
<td align="left">&nbsp;</td>
<td colspan="11" align="right"><hr size="2" noshade></td>
</tr>
</table>

<p><font size="2" face="serif">(a) The Company has the option to extend the facility for one year beyond the scheduled maturity date of January 2007.</font></p>
<p align="center"><font face="serif" size="2">18</font></p>
<hr noshade align="center" width="100%" size="2">
<div style="page-break-before:always"></div>
<page>
<a name="p?"></a>
<p><a href="#contents"><font size="2">Back to Contents</font></a></p>
<br><br>
<table width="100%" cellspacing="0" cellpadding="0" align="center" border="0">
<tr valign="bottom" bgcolor="#FFFFFF">
<td colspan="32" align="left"><font size="2" face="serif"><b>CEDAR SHOPPING CENTERS, INC<br>
Consolidated Joint Ventures Information</b></font></td>
</tr>
</table>
<table width="100%" border="0" align="center" cellpadding="0" cellspacing="0">
<tr valign="bottom" bgcolor="#FFFFFF">
<td align="left"><font size="2" face="serif"><b><font face="serif" size="1">(unaudited)</font></b></font></td>
<td align="right">&nbsp;</td>
<td align="left"><font size="2" face="serif">&nbsp;</font></td>
<td align="left">&nbsp;</td>
<td align="right">&nbsp;</td>
<td colspan="16" align="center"><font size="2" face="serif"><b><font face="serif" size="1">As of June 30, 2005</font></b></font></td>
<td width="1%" align="left">&nbsp;</td>
</tr>
<tr valign="bottom" bgcolor="#FFFFFF">
  <td align="left">&nbsp;</td>
  <td align="right">&nbsp;</td>
  <td align="left">&nbsp;</td>
  <td align="left">&nbsp;</td>
  <td align="right">&nbsp;</td>
  <td colspan="16" align="center"><hr size="1" noshade></td>
  <td align="left">&nbsp;</td>
</tr>
<tr align="center" valign="bottom" bgcolor="#FFFFFF">
<td rowspan="3"><font size="2" face="serif">&nbsp;</font><font size="2" face="serif">&nbsp;</font><font size="2" face="serif"><b><font face="serif" size="1">Property</font></b></font></td>
<td rowspan="3">&nbsp;</td>
<td colspan="2" rowspan="3"><font size="2" face="serif">&nbsp;</font><font face="serif" size="1"><b>Partners&#146;<br>
percent</b></font></td>
<td rowspan="3">&nbsp;</td>
<td rowspan="3"><font size="2" face="serif">&nbsp;</font><b><font face="serif" size="1">Real estate,<br>
net</font></b></td>
<td rowspan="3">&nbsp;</td>
<td rowspan="3">&nbsp;</td>
<td rowspan="3"><font size="1" face="serif"><b>Mortgage<br>
loans<br>
payable</b></font></td>
<td rowspan="3">&nbsp;</td>
<td rowspan="3">&nbsp;</td>
<td rowspan="3"><font size="1" face="serif"><b>Other assets<br>
liabilities,<br>
net</b></font></td>
<td rowspan="3">&nbsp;</td>
<td rowspan="3">&nbsp;</td>
<td colspan="7" rowspan="2"><b><font face="serif" size="1">Equity (a)</font></b><hr size="1" noshade>
</td>
<td width="1%">&nbsp;</td>
</tr>
<tr valign="bottom" bgcolor="#FFFFFF">
<td width="1%">&nbsp;</td>
</tr>
<tr valign="bottom" bgcolor="#FFFFFF">
<td align="center"><font size="2" face="serif"><b><font face="serif" size="1">Partners</font></b></font></td>
<td align="center">&nbsp;</td>
<td align="center">&nbsp;</td>
<td align="center"><font size="2" face="serif"><b><font face="serif" size="1">Cedar (b)(c)</font></b></font></td>
<td align="center">&nbsp;</td>
<td align="center">&nbsp;</td>
<td align="center"><font size="2" face="serif"><b><font face="serif" size="1">Total</font></b></font></td>
<td width="1%" align="center">&nbsp;</td>
</tr>
<tr valign="bottom">
  <td colspan="4" align="left"><hr size="1" noshade></td>
  <td colspan="18" align="right"><hr size="1" noshade></td>
  </tr>
<tr valign="bottom">
<td align="left"><font size="2" face="serif">&nbsp;</font></td>
<td align="right">&nbsp;</td>
<td align="left"><font size="2" face="serif">&nbsp;</font></td>
<td align="left">&nbsp;</td>
<td align="right">&nbsp;</td>
<td align="left"><font size="2" face="serif">&nbsp;</font></td>
<td align="left">&nbsp;</td>
<td align="right">&nbsp;</td>
<td align="left"><font size="2" face="serif">&nbsp;</font></td>
<td align="left">&nbsp;</td>
<td align="right">&nbsp;</td>
<td align="left"><font size="2" face="serif">&nbsp;</font></td>
<td align="left">&nbsp;</td>
<td align="right">&nbsp;</td>
<td align="left"><font size="2" face="serif">&nbsp;</font></td>
<td align="left">&nbsp;</td>
<td align="right">&nbsp;</td>
<td align="left"><font size="2" face="serif">&nbsp;</font></td>
<td align="left">&nbsp;</td>
<td align="right">&nbsp;</td>
<td align="left"><font size="2" face="serif">&nbsp;</font></td>
<td width="1%" align="left">&nbsp;</td>
</tr>
<tr valign="bottom" bgcolor="#eeeeee">
<td align="left"><font size="2" face="serif"><font face="serif" size="1">Loyal Plaza</font></font></td>
<td width="1%" align="right">&nbsp;</td>
<td width="4%" align="right"><font size="2" face="serif"><font face="serif" size="1">75</font></font></td>
<td width="2%" align="left"><font size="2" face="serif"><font face="serif" size="1">%</font></font></td>
<td width="1%" align="right"><font size="1" face="serif">$</font></td>
<td width="8%" align="right"><font size="2" face="serif"><font face="serif" size="1">    19,548,400 </font></font></td>
<td width="2%" align="left">&nbsp;</td>
<td width="1%" align="right"><font size="1" face="serif">$</font></td>
<td width="8%" align="right"><font size="2" face="serif"><font face="serif" size="1">  (13,452,979</font></font></td>
<td width="2%" align="left"><font size="2" face="serif"><font face="serif" size="1">)</font></font></td>
<td width="1%" align="right"><font size="1" face="serif">$</font></td>
<td width="8%" align="right"><font size="2" face="serif"><font face="serif" size="1">       1,235,183 </font></font></td>
<td width="2%" align="left">&nbsp;</td>
<td width="1%" align="right"><font size="1" face="serif">$</font></td>
<td width="8%" align="right"><font size="2" face="serif"><font face="serif" size="1">    4,755,496 </font></font></td>
<td width="2%" align="left">&nbsp;</td>
<td width="1%" align="right"><font size="1" face="serif">$</font></td>
<td width="8%" align="right"><font size="2" face="serif"><font face="serif" size="1">    2,575,108 </font></font></td>
<td width="2%" align="left">&nbsp;</td>
<td width="1%" align="right"><font size="1" face="serif">$</font></td>
<td width="8%" align="right"><font size="2" face="serif"><font face="serif" size="1">     7,330,604 </font></font></td>
<td width="1%" align="left">&nbsp;</td>
</tr>
<tr valign="bottom">
<td align="left"><font size="2" face="serif">&nbsp;</font></td>
<td align="right">&nbsp;</td>
<td align="right"><font size="2" face="serif">&nbsp;</font></td>
<td align="left">&nbsp;</td>
<td align="right"><font size="1">&nbsp;</font></td>
<td align="right"><font size="2" face="serif">&nbsp;</font></td>
<td align="left">&nbsp;</td>
<td align="right"><font size="1">&nbsp;</font></td>
<td align="right"><font size="2" face="serif">&nbsp;</font></td>
<td align="left">&nbsp;</td>
<td align="right"><font size="1">&nbsp;</font></td>
<td align="right"><font size="2" face="serif">&nbsp;</font></td>
<td align="left">&nbsp;</td>
<td align="right"><font size="1">&nbsp;</font></td>
<td align="right"><font size="2" face="serif">&nbsp;</font></td>
<td align="left">&nbsp;</td>
<td align="right"><font size="1">&nbsp;</font></td>
<td align="right"><font size="2" face="serif">&nbsp;</font></td>
<td align="left">&nbsp;</td>
<td align="right"><font size="1">&nbsp;</font></td>
<td align="right"><font size="2" face="serif">&nbsp;</font></td>
<td width="1%" align="left">&nbsp;</td>
</tr>
<tr valign="bottom" bgcolor="#FFFFFF">
<td align="left"><font size="2" face="serif"><font face="serif" size="1">Red Lion</font></font></td>
<td align="right">&nbsp;</td>
<td align="right"><font size="2" face="serif"><font face="serif" size="1">80</font></font></td>
<td align="left"><font size="2" face="serif"><font face="serif" size="1">%</font></font></td>
<td align="right"><font size="1">&nbsp;</font></td>
<td align="right"><font size="2" face="serif"><font face="serif" size="1">18,570,837 </font></font></td>
<td align="left">&nbsp;</td>
<td align="right"><font size="1">&nbsp;</font></td>
<td align="right"><font size="2" face="serif"><font face="serif" size="1">(16,383,930</font></font></td>
<td align="left"><font size="2" face="serif"><font face="serif" size="1">)</font></font></td>
<td align="right"><font size="1">&nbsp;</font></td>
<td align="right"><font size="2" face="serif"><font face="serif" size="1">1,641,943 </font></font></td>
<td align="left">&nbsp;</td>
<td align="right"><font size="1">&nbsp;</font></td>
<td align="right"><font size="2" face="serif"><font face="serif" size="1">2,481,759 </font></font></td>
<td align="left">&nbsp;</td>
<td align="right"><font size="1">&nbsp;</font></td>
<td align="right"><font size="2" face="serif"><font face="serif" size="1">       1,347,091 </font></font></td>
<td align="left">&nbsp;</td>
<td align="right"><font size="1">&nbsp;</font></td>
<td align="right"><font size="2" face="serif"><font face="serif" size="1">        3,828,850 </font></font></td>
<td width="1%" align="left">&nbsp;</td>
</tr>
<tr valign="bottom">
<td align="left"><font size="2" face="serif">&nbsp;</font></td>
<td align="right">&nbsp;</td>
<td align="right"><font size="2" face="serif">&nbsp;</font></td>
<td align="left">&nbsp;</td>
<td align="right"><font size="1">&nbsp;</font></td>
<td align="right"><font size="2" face="serif">&nbsp;</font></td>
<td align="left">&nbsp;</td>
<td align="right"><font size="1">&nbsp;</font></td>
<td align="right"><font size="2" face="serif">&nbsp;</font></td>
<td align="left">&nbsp;</td>
<td align="right"><font size="1">&nbsp;</font></td>
<td align="right"><font size="2" face="serif">&nbsp;</font></td>
<td align="left">&nbsp;</td>
<td align="right"><font size="1">&nbsp;</font></td>
<td align="right"><font size="2" face="serif">&nbsp;</font></td>
<td align="left">&nbsp;</td>
<td align="right"><font size="1">&nbsp;</font></td>
<td align="right"><font size="2" face="serif">&nbsp;</font></td>
<td align="left">&nbsp;</td>
<td align="right"><font size="1">&nbsp;</font></td>
<td align="right"><font size="2" face="serif">&nbsp;</font></td>
<td width="1%" align="left">&nbsp;</td>
</tr>
<tr valign="bottom" bgcolor="#eeeeee">
<td align="left"><font size="2" face="serif"><font face="serif" size="1">Fairview Plaza (d)</font></font></td>
<td align="right">&nbsp;</td>
<td align="right"><font size="2" face="serif"><font face="serif" size="1">70</font></font></td>
<td align="left"><font size="2" face="serif"><font face="serif" size="1">%</font></font></td>
<td align="right"><font size="1">&nbsp;</font></td>
<td align="right"><font size="2" face="serif"><font face="serif" size="1">8,778,974 </font></font></td>
<td align="left">&nbsp;</td>
<td align="right"><font size="1">&nbsp;</font></td>
<td align="right"><font size="2" face="serif"><font face="serif" size="1">(5,899,979</font></font></td>
<td align="left"><font size="2" face="serif"><font face="serif" size="1">)</font></font></td>
<td align="right"><font size="1">&nbsp;</font></td>
<td align="right"><font size="2" face="serif"><font face="serif" size="1">(318,904</font></font></td>
<td align="left"><font size="2" face="serif"><font face="serif" size="1">)</font></font></td>
<td align="right"><font size="1">&nbsp;</font></td>
<td align="right"><font size="2" face="serif"><font face="serif" size="1">1,567,652 </font></font></td>
<td align="left">&nbsp;</td>
<td align="right"><font size="1">&nbsp;</font></td>
<td align="right"><font size="2" face="serif"><font face="serif" size="1">          992,439 </font></font></td>
<td align="left">&nbsp;</td>
<td align="right"><font size="1">&nbsp;</font></td>
<td align="right"><font size="2" face="serif"><font face="serif" size="1">        2,560,091 </font></font></td>
<td width="1%" align="left">&nbsp;</td>
</tr>
<tr valign="bottom">
<td align="left"><font size="2" face="serif">&nbsp;</font></td>
<td align="right">&nbsp;</td>
<td align="right"><font size="2" face="serif">&nbsp;</font></td>
<td align="left">&nbsp;</td>
<td align="right"><font size="1">&nbsp;</font></td>
<td align="right"><font size="2" face="serif">&nbsp;</font></td>
<td align="left">&nbsp;</td>
<td align="right"><font size="1">&nbsp;</font></td>
<td align="right"><font size="2" face="serif">&nbsp;</font></td>
<td align="left">&nbsp;</td>
<td align="right"><font size="1">&nbsp;</font></td>
<td align="right"><font size="2" face="serif">&nbsp;</font></td>
<td align="left">&nbsp;</td>
<td align="right"><font size="1">&nbsp;</font></td>
<td align="right"><font size="2" face="serif">&nbsp;</font></td>
<td align="left">&nbsp;</td>
<td align="right"><font size="1">&nbsp;</font></td>
<td align="right"><font size="2" face="serif">&nbsp;</font></td>
<td align="left">&nbsp;</td>
<td align="right"><font size="1">&nbsp;</font></td>
<td align="right"><font size="2" face="serif">&nbsp;</font></td>
<td width="1%" align="left">&nbsp;</td>
</tr>
<tr valign="bottom" bgcolor="#FFFFFF">
<td align="left"><font size="2" face="serif"><font face="serif" size="1">Halifax Plaza (d)</font></font></td>
<td align="right">&nbsp;</td>
<td align="right"><font size="2" face="serif"><font face="serif" size="1">70</font></font></td>
<td align="left"><font size="2" face="serif"><font face="serif" size="1">%</font></font></td>
<td align="right"><font size="1">&nbsp;</font></td>
<td align="right"><font size="2" face="serif"><font face="serif" size="1">5,512,083 </font></font></td>
<td align="left">&nbsp;</td>
<td align="right"><font size="1">&nbsp;</font></td>
<td align="right"><font size="2" face="serif"><font face="serif" size="1">(4,055,000</font></font></td>
<td align="left"><font size="2" face="serif"><font face="serif" size="1">)</font></font></td>
<td align="right"><font size="1">&nbsp;</font></td>
<td align="right"><font size="2" face="serif"><font face="serif" size="1">(87,953</font></font></td>
<td align="left"><font size="2" face="serif"><font face="serif" size="1">)</font></font></td>
<td align="right"><font size="1">&nbsp;</font></td>
<td align="right"><font size="2" face="serif"><font face="serif" size="1">1,159,084 </font></font></td>
<td align="left">&nbsp;</td>
<td align="right"><font size="1">&nbsp;</font></td>
<td align="right"><font size="2" face="serif"><font face="serif" size="1">          210,046 </font></font></td>
<td align="left">&nbsp;</td>
<td align="right"><font size="1">&nbsp;</font></td>
<td align="right"><font size="2" face="serif"><font face="serif" size="1">        1,369,130 </font></font></td>
<td width="1%" align="left">&nbsp;</td>
</tr>
<tr valign="bottom">
<td align="left"><font size="2" face="serif">&nbsp;</font></td>
<td align="right">&nbsp;</td>
<td align="right"><font size="2" face="serif">&nbsp;</font></td>
<td align="left">&nbsp;</td>
<td align="right"><font size="1">&nbsp;</font></td>
<td align="right"><font size="2" face="serif">&nbsp;</font></td>
<td align="left">&nbsp;</td>
<td align="right"><font size="1">&nbsp;</font></td>
<td align="right"><font size="2" face="serif">&nbsp;</font></td>
<td align="left">&nbsp;</td>
<td align="right"><font size="1">&nbsp;</font></td>
<td align="right"><font size="2" face="serif">&nbsp;</font></td>
<td align="left">&nbsp;</td>
<td align="right"><font size="1">&nbsp;</font></td>
<td align="right"><font size="2" face="serif">&nbsp;</font></td>
<td align="left">&nbsp;</td>
<td align="right"><font size="1">&nbsp;</font></td>
<td align="right"><font size="2" face="serif">&nbsp;</font></td>
<td align="left">&nbsp;</td>
<td align="right"><font size="1">&nbsp;</font></td>
<td align="right"><font size="2" face="serif">&nbsp;</font></td>
<td width="1%" align="left">&nbsp;</td>
</tr>
<tr valign="bottom" bgcolor="#eeeeee">
<td align="left"><font size="2" face="serif"><font face="serif" size="1">Newport Plaza (d)</font></font></td>
<td align="right">&nbsp;</td>
<td align="right"><font size="2" face="serif"><font face="serif" size="1">70</font></font></td>
<td align="left"><font size="2" face="serif"><font face="serif" size="1">%</font></font></td>
<td align="right"><font size="1">&nbsp;</font></td>
<td align="right"><font size="2" face="serif"><font face="serif" size="1">6,436,208 </font></font></td>
<td align="left">&nbsp;</td>
<td align="right"><font size="1">&nbsp;</font></td>
<td align="right"><font size="2" face="serif"><font face="serif" size="1">(5,181,984</font></font></td>
<td align="left"><font size="2" face="serif"><font face="serif" size="1">)</font></font></td>
<td align="right"><font size="1">&nbsp;</font></td>
<td align="right"><font size="2" face="serif"><font face="serif" size="1">114,837 </font></font></td>
<td align="left">&nbsp;</td>
<td align="right"><font size="1">&nbsp;</font></td>
<td align="right"><font size="2" face="serif"><font face="serif" size="1">1,063,509 </font></font></td>
<td align="left">&nbsp;</td>
<td align="right"><font size="1">&nbsp;</font></td>
<td align="right"><font size="2" face="serif"><font face="serif" size="1">          305,552 </font></font></td>
<td align="left">&nbsp;</td>
<td align="right"><font size="1">&nbsp;</font></td>
<td align="right"><font size="2" face="serif"><font face="serif" size="1">        1,369,061 </font></font></td>
<td width="1%" align="left">&nbsp;</td>
</tr>
<tr valign="bottom">
<td align="left"><font size="2" face="serif">&nbsp;</font></td>
<td align="right">&nbsp;</td>
<td align="right"><font size="2" face="serif">&nbsp;</font></td>
<td align="left">&nbsp;</td>
<td align="right"><font size="1">&nbsp;</font></td>
<td align="right"><font size="2" face="serif">&nbsp;</font></td>
<td align="left">&nbsp;</td>
<td align="right"><font size="1">&nbsp;</font></td>
<td align="right"><font size="2" face="serif">&nbsp;</font></td>
<td align="left">&nbsp;</td>
<td align="right"><font size="1">&nbsp;</font></td>
<td align="right"><font size="2" face="serif">&nbsp;</font></td>
<td align="left">&nbsp;</td>
<td align="right"><font size="1">&nbsp;</font></td>
<td align="right"><font size="2" face="serif">&nbsp;</font></td>
<td align="left">&nbsp;</td>
<td align="right"><font size="1">&nbsp;</font></td>
<td align="right"><font size="2" face="serif">&nbsp;</font></td>
<td align="left">&nbsp;</td>
<td align="right"><font size="1">&nbsp;</font></td>
<td align="right"><font size="2" face="serif">&nbsp;</font></td>
<td width="1%" align="left">&nbsp;</td>
</tr>
<tr valign="bottom" bgcolor="#FFFFFF">
<td align="left"><font size="2" face="serif"><font face="serif" size="1">LA Fitness Facility</font></font></td>
<td align="right">&nbsp;</td>
<td align="right"><font size="2" face="serif"><font face="serif" size="1">50</font></font></td>
<td align="left"><font size="2" face="serif"><font face="serif" size="1">%</font></font></td>
<td align="right"><font size="1">&nbsp;</font></td>
<td align="right"><font size="2" face="serif"><font face="serif" size="1">5,797,566 </font></font></td>
<td align="left">&nbsp;</td>
<td align="right"><font size="1">&nbsp;</font></td>
<td align="right"><font size="2" face="serif"><font face="serif" size="1">(4,909,501</font></font></td>
<td align="left"><font size="2" face="serif"><font face="serif" size="1">)</font></font></td>
<td align="right"><font size="1">&nbsp;</font></td>
<td align="right"><font size="2" face="serif"><font face="serif" size="1">387,580 </font></font></td>
<td align="left">&nbsp;</td>
<td align="right"><font size="1">&nbsp;</font></td>
<td align="right"><font size="2" face="serif"><font face="serif" size="1">901,124 </font></font></td>
<td align="left">&nbsp;</td>
<td align="right"><font size="1">&nbsp;</font></td>
<td align="right"><font size="2" face="serif"><font face="serif" size="1">          374,521 </font></font></td>
<td align="left">&nbsp;</td>
<td align="right"><font size="1">&nbsp;</font></td>
<td align="right"><font size="2" face="serif"><font face="serif" size="1">        1,275,645 </font></font></td>
<td width="1%" align="left">&nbsp;</td>
</tr>
<tr valign="bottom" bgcolor="#FFFFFF">
  <td align="left">&nbsp;</td>
  <td align="right">&nbsp;</td>
  <td align="right">&nbsp;</td>
  <td align="left">&nbsp;</td>
  <td colspan="18" align="right"><hr size="1" noshade></td>
  </tr>
<tr valign="bottom" bgcolor="#eeeeee">
<td align="left"><font size="2" face="serif">&nbsp;</font></td>
<td align="right">&nbsp;</td>
<td align="right"><font size="2" face="serif">&nbsp;</font></td>
<td align="left">&nbsp;</td>
<td align="right"><font size="1" face="serif">$</font></td>
<td align="right"><font size="2" face="serif"><font face="serif" size="1">    64,644,068 </font></font></td>
<td align="left">&nbsp;</td>
<td align="right"><font size="1" face="serif">$</font></td>
<td align="right"><font size="2" face="serif"><font face="serif" size="1">  (49,883,373</font></font></td>
<td align="left"><font size="2" face="serif"><font face="serif" size="1">)</font></font></td>
<td align="right"><font size="1" face="serif">$</font></td>
<td align="right"><font size="2" face="serif"><font face="serif" size="1">       2,972,686 </font></font></td>
<td align="left">&nbsp;</td>
<td align="right"><font size="1" face="serif">$</font></td>
<td align="right"><font size="2" face="serif"><font face="serif" size="1">  11,928,624 </font></font></td>
<td align="left">&nbsp;</td>
<td align="right"><font size="1" face="serif">$</font></td>
<td align="right"><font size="2" face="serif"><font face="serif" size="1">    5,804,757 </font></font></td>
<td align="left">&nbsp;</td>
<td align="right"><font size="1" face="serif">$</font></td>
<td align="right"><font size="2" face="serif"><font face="serif" size="1">   17,733,381 </font></font></td>
<td width="1%" align="left">&nbsp;</td>
</tr>
<tr valign="bottom" bgcolor="#FFFFFF">
  <td align="left">&nbsp;</td>
  <td align="right">&nbsp;</td>
  <td align="right">&nbsp;</td>
  <td align="left">&nbsp;</td>
  <td colspan="18" align="right"><hr size="2" noshade></td>
  </tr>
</table>
<br><br>
<table width="100%" border="0" align="center" cellpadding="0" cellspacing="0">
<tr valign="top">
<td align="center" valign="bottom"><font size="1" face="serif">&nbsp;</font></td>
<td align="center" valign="bottom"><font size="1" face="serif">&nbsp;</font></td>
<td align="center" valign="bottom">&nbsp;</td>
<td align="center" valign="bottom">&nbsp;</td>
<td colspan="28" align="center" valign="bottom"><font size="1" face="serif"><b>For the six months ended June 30, 2005</b></font></td>
<td align="left"><font size="1" face="serif">&nbsp;</font></td>
</tr>
<tr valign="top">
  <td align="center" valign="bottom">&nbsp;</td>
  <td align="center" valign="bottom">&nbsp;</td>
  <td align="center" valign="bottom">&nbsp;</td>
  <td align="center" valign="bottom">&nbsp;</td>
  <td colspan="28" align="center" valign="bottom"><hr size="1" noshade></td>
  <td align="left">&nbsp;</td>
</tr>
<tr valign="top">
<td align="center" valign="bottom"><font size="1" face="serif">&nbsp;</font></td>
<td align="center" valign="bottom"><font size="1" face="serif">&nbsp;</font></td>
<td align="center" valign="bottom">&nbsp;</td>
<td align="center" valign="bottom">&nbsp;</td>
<td align="center" valign="bottom">&nbsp;</td>
<td colspan="16" align="center" valign="bottom"><font size="1" face="serif"><b>Property-level operations</b></font></td>
<td align="center" valign="bottom"></td>
<td align="center" valign="bottom"></td>
<td align="center" valign="bottom">&nbsp;</td>
<td colspan="8" align="center" valign="bottom"><font size="1" face="serif"><b>Share of property net income<br>
</b></font></td>
<td align="left"><font size="1" face="serif">&nbsp;</font></td>
</tr>
<tr valign="top">
  <td align="center" valign="bottom">&nbsp;</td>
  <td align="center" valign="bottom">&nbsp;</td>
  <td align="center" valign="bottom">&nbsp;</td>
  <td align="center" valign="bottom">&nbsp;</td>
  <td colspan="17" align="center" valign="bottom"><hr size="1" noshade>
  </td>
  <td align="center" valign="bottom"></td>
  <td align="center" valign="bottom"></td>
  <td align="center" valign="bottom">&nbsp;</td>
  <td colspan="8" align="center" valign="bottom"><hr size="1" noshade></td>
  <td align="left">&nbsp;</td>
</tr>
<tr valign="top">
<td align="center" valign="bottom">&nbsp;</td>
<td colspan="2" align="center" valign="bottom"><b><font face="serif" size="1">Partners&#146;<br>
</font></b></td>
<td align="center" valign="bottom">&nbsp;</td>
<td colspan="2" align="center" valign="bottom"><font size="1" face="serif">&nbsp;</font><font size="2" face="serif"><b></b></font></td>
<td align="center" valign="bottom">&nbsp;</td>
<td colspan="2" align="center" valign="bottom"><font size="1" face="serif"><b></b></font><b><font face="serif" size="1">Operating</font></b></td>
<td align="center" valign="bottom">&nbsp;</td>
<td colspan="2" align="center" valign="bottom"><font size="1" face="serif"><b>Depreciation/</b></font></td>
<td align="center" valign="bottom">&nbsp;</td>
<td colspan="2" align="center" valign="bottom"><font size="1" face="serif"><b>Operating</b></font></td>
<td align="center" valign="bottom">&nbsp;</td>
<td colspan="2" align="center" valign="bottom"><font size="1" face="serif"><b>Non-op</b></font></td>
<td align="center" valign="bottom">&nbsp;</td>
<td colspan="2" align="center" valign="bottom">&nbsp;</td>
<td align="center" valign="bottom">&nbsp;</td>
<td align="center" valign="bottom"><font size="1" face="serif">&nbsp;</font><font size="2" face="serif">&nbsp;</font></td>
<td align="center" valign="bottom">&nbsp;</td>
<td colspan="8" align="center" valign="bottom"><font size="1" face="serif">&nbsp;</font><font size="2" face="serif"><b></b></font><font size="1" face="serif"><b>&lt;&lt;&lt; Partners&gt;&gt;&gt;</b></font>
  <hr size="1" noshade>
  </td>
<td align="left"><font size="1" face="serif">&nbsp;</font></td>
</tr>
<tr valign="top" bgcolor="#FFFFFF">
  <td align="center" valign="bottom"><font size="1" face="serif">&nbsp;</font><font size="2" face="serif"><b><font face="serif" size="1">Property</font></b></font></td>
  <td colspan="2" align="center" valign="bottom"><b><font face="serif" size="1">
percent</font></b></td>
  <td align="center" valign="bottom">&nbsp;</td>
  <td colspan="2" align="center" valign="bottom"><font size="2" face="serif"><b><font face="serif" size="1">Revenues</font></b></font></td>
  <td align="center" valign="bottom">&nbsp;</td>
  <td colspan="2" align="center" valign="bottom"><font size="1" face="serif"><b></b></font><b><font face="serif" size="1">expenses</font></b></td>
  <td align="center" valign="bottom">&nbsp;</td>
  <td colspan="2" align="center" valign="bottom"><font size="1" face="serif"><b>amortization</b></font></td>
  <td align="center" valign="bottom">&nbsp;</td>
  <td colspan="2" align="center" valign="bottom"><font size="1" face="serif"><b>income</b></font></td>
  <td align="center" valign="bottom">&nbsp;</td>
  <td colspan="2" align="center" valign="bottom"><font size="1" face="serif"><b>inc/exp
    (e)</b></font></td>
  <td align="center" valign="bottom">&nbsp;</td>
  <td colspan="2" align="center" valign="bottom"><font size="1" face="serif">&nbsp;</font><font size="2" face="serif"><b><font face="serif" size="1">Net
    income</font></b></font></td>
  <td align="center" valign="bottom">&nbsp;</td>
  <td align="center" valign="bottom">&nbsp;</td>
  <td align="center" valign="bottom">&nbsp;</td>
  <td colspan="2" align="center" valign="bottom"><font size="2" face="serif"><b><font face="serif" size="1">Regular</font></b></font></td>
  <td align="center" valign="bottom">&nbsp;</td>
  <td align="center" valign="bottom">&nbsp;</td>
  <td align="center" valign="bottom"><font size="2" face="serif"><b><font face="serif" size="1">Preference</font></b></font></td>
  <td align="center" valign="bottom">&nbsp;</td>
  <td colspan="2" align="center" valign="bottom"><font size="2" face="serif"><b><font face="serif" size="1">Cedar
    (b)</font></b></font></td>
  <td align="left"><font size="2" face="serif">&nbsp;</font></td>
</tr>
<tr valign="top">
  <td colspan="3" align="center" valign="bottom"><hr size="1" noshade></td>
  <td align="center" valign="bottom">&nbsp;</td>
  <td colspan="17" align="center" valign="bottom"><hr size="1" noshade></td>
  <td align="center" valign="bottom">&nbsp;</td>
  <td align="center" valign="bottom">&nbsp;</td>
  <td align="center" valign="bottom">&nbsp;</td>
  <td colspan="9" align="center" valign="bottom"><hr size="1" noshade></td>
  </tr>
<tr valign="top">
<td align="center" valign="bottom"><font size="2" face="serif">&nbsp;</font></td>
<td align="center" valign="bottom"><font size="2" face="serif">&nbsp;</font></td>
<td align="center" valign="bottom">&nbsp;</td>
<td align="center" valign="bottom">&nbsp;</td>
<td align="center" valign="bottom">&nbsp;</td>
<td align="center" valign="bottom"><font size="2" face="serif">&nbsp;</font></td>
<td align="center" valign="bottom">&nbsp;</td>
<td align="center" valign="bottom">&nbsp;</td>
<td align="center" valign="bottom"><font size="2" face="serif">&nbsp;</font></td>
<td align="center" valign="bottom">&nbsp;</td>
<td align="center" valign="bottom"><font size="1">&nbsp;</font></td>
<td align="center" valign="bottom"><font size="2" face="serif">&nbsp;</font></td>
<td align="center" valign="bottom">&nbsp;</td>
<td align="center" valign="bottom"><font size="1">&nbsp;</font></td>
<td align="center" valign="bottom"><font size="2" face="serif">&nbsp;</font></td>
<td align="center" valign="bottom">&nbsp;</td>
<td align="center" valign="bottom"><font size="1">&nbsp;</font></td>
<td align="center" valign="bottom"><font size="2" face="serif">&nbsp;</font></td>
<td align="center" valign="bottom">&nbsp;</td>
<td align="center" valign="bottom"><font size="1">&nbsp;</font></td>
<td align="center" valign="bottom"><font size="2" face="serif">&nbsp;</font></td>
<td align="center" valign="bottom">&nbsp;</td>
<td align="center" valign="bottom"><font size="2" face="serif">&nbsp;</font></td>
<td align="center" valign="bottom">&nbsp;</td>
<td align="center" valign="bottom">&nbsp;</td>
<td align="center" valign="bottom"><font size="2" face="serif">&nbsp;</font></td>
<td align="center" valign="bottom">&nbsp;</td>
<td align="center" valign="bottom"><font size="1">&nbsp;</font></td>
<td align="center" valign="bottom"><font size="2" face="serif">&nbsp;</font></td>
<td align="center" valign="bottom">&nbsp;</td>
<td align="center" valign="bottom"><font size="1">&nbsp;</font></td>
<td align="center" valign="bottom"><font size="2" face="serif">&nbsp;</font></td>
<td align="left"><font size="2" face="serif">&nbsp;</font></td>
</tr>
<tr valign="top" bgcolor="#eeeeee">
<td align="left" valign="bottom"><font size="2" face="serif"><font face="serif" size="1">Loyal Plaza</font></font></td>
<td width="4%" align="right" valign="bottom"><font size="2" face="serif"><font face="serif" size="1">75</font></font></td>
<td width="1%" align="left" valign="bottom"><font size="2" face="serif"><font face="serif" size="1">%</font></font></td>
<td width="2%" align="left" valign="bottom">&nbsp;</td>
<td width="1%" align="right" valign="bottom"><font size="1" face="serif">$</font></td>
<td width="6%" align="right" valign="bottom"><font size="2" face="serif"><font face="serif" size="1">  1,413,059 </font></font></td>
<td width="2%" align="left" valign="bottom">&nbsp;</td>
<td width="1%" align="right" valign="bottom"><font size="1" face="serif">$</font></td>
<td width="6%" align="right" valign="bottom"><font size="2" face="serif"><font face="serif" size="1">     360,267 </font></font></td>
<td width="2%" align="left" valign="bottom">&nbsp;</td>
<td width="1%" align="right" valign="bottom"><font size="1" face="serif">$</font></td>
<td width="6%" align="right" valign="bottom"><font size="2" face="serif"><font face="serif" size="1">     268,912 </font></font></td>
<td width="2%" align="left" valign="bottom">&nbsp;</td>
<td width="1%" align="right" valign="bottom"><font size="1" face="serif">$</font></td>
<td width="6%" align="right" valign="bottom"><font size="2" face="serif"><font face="serif" size="1">     783,880 </font></font></td>
<td width="2%" align="left" valign="bottom">&nbsp;</td>
<td width="1%" align="right" valign="bottom"><font size="1" face="serif">$</font></td>
<td width="6%" align="right" valign="bottom"><font size="2" face="serif"><font face="serif" size="1">   549,069 </font></font></td>
<td width="2%" align="left" valign="bottom">&nbsp;</td>
<td width="1%" align="right" valign="bottom"><font size="1" face="serif">$</font></td>
<td width="6%" align="right" valign="bottom"><font size="2" face="serif"><font face="serif" size="1">   234,811 </font></font></td>
<td width="1%" align="left" valign="bottom">&nbsp;</td>
<td width="2%" align="left" valign="bottom"><font size="2" face="serif">&nbsp;</font></td>
<td width="1%" align="left" valign="bottom">&nbsp;</td>
<td width="1%" align="right" valign="bottom"><font size="1" face="serif">$</font></td>
<td width="6%" align="right" valign="bottom"><font size="2" face="serif"><font face="serif" size="1">    176,108 </font></font></td>
<td width="2%" align="left" valign="bottom">&nbsp;</td>
<td width="1%" align="right" valign="bottom"><font size="1" face="serif">$</font></td>
<td width="6%" align="right" valign="bottom"><font size="2" face="serif"><font face="serif" size="1">  58,703 </font></font></td>
<td width="2%" align="left" valign="bottom">&nbsp;</td>
<td width="1%" align="right" valign="bottom"><font size="1" face="serif">$</font></td>
<td width="6%" align="right" valign="bottom"><font size="2" face="serif"><font face="serif" size="1">&#151;</font></font></td>
<td align="left"><font size="2" face="serif">&nbsp;</font></td>
</tr>
<tr valign="top">
<td align="left" valign="bottom"><font size="2" face="serif">&nbsp;</font></td>
<td align="right" valign="bottom"><font size="2" face="serif">&nbsp;</font></td>
<td align="left" valign="bottom">&nbsp;</td>
<td align="left" valign="bottom">&nbsp;</td>
<td align="right" valign="bottom"><font size="1">&nbsp;</font></td>
<td align="right" valign="bottom"><font size="2" face="serif">&nbsp;</font></td>
<td align="left" valign="bottom">&nbsp;</td>
<td align="right" valign="bottom"><font size="1">&nbsp;</font></td>
<td align="right" valign="bottom"><font size="2" face="serif">&nbsp;</font></td>
<td align="left" valign="bottom">&nbsp;</td>
<td align="right" valign="bottom"><font size="1">&nbsp;</font></td>
<td align="right" valign="bottom"><font size="2" face="serif">&nbsp;</font></td>
<td align="left" valign="bottom">&nbsp;</td>
<td align="right" valign="bottom"><font size="1">&nbsp;</font></td>
<td align="right" valign="bottom"><font size="2" face="serif">&nbsp;</font></td>
<td align="left" valign="bottom">&nbsp;</td>
<td align="right" valign="bottom"><font size="1">&nbsp;</font></td>
<td align="right" valign="bottom"><font size="2" face="serif">&nbsp;</font></td>
<td align="left" valign="bottom">&nbsp;</td>
<td align="right" valign="bottom"><font size="1">&nbsp;</font></td>
<td align="right" valign="bottom"><font size="2" face="serif">&nbsp;</font></td>
<td align="left" valign="bottom">&nbsp;</td>
<td align="left" valign="bottom"><font size="2" face="serif">&nbsp;</font></td>
<td align="left" valign="bottom">&nbsp;</td>
<td align="right" valign="bottom"><font size="1">&nbsp;</font></td>
<td align="right" valign="bottom"><font size="2" face="serif">&nbsp;</font></td>
<td align="left" valign="bottom">&nbsp;</td>
<td align="right" valign="bottom">&nbsp;</td>
<td align="right" valign="bottom"><font size="2" face="serif">&nbsp;</font></td>
<td align="left" valign="bottom">&nbsp;</td>
<td align="right" valign="bottom">&nbsp;</td>
<td align="right" valign="bottom"><font size="2" face="serif">&nbsp;</font></td>
<td align="left"><font size="2" face="serif">&nbsp;</font></td>
</tr>
<tr valign="top" bgcolor="#FFFFFF">
<td align="left" valign="bottom"><font size="2" face="serif"><font face="serif" size="1">Red Lion</font></font></td>
<td align="right" valign="bottom"><font size="2" face="serif"><font face="serif" size="1">80</font></font></td>
<td align="left" valign="bottom"><font size="2" face="serif"><font face="serif" size="1">%</font></font></td>
<td align="left" valign="bottom">&nbsp;</td>
<td align="right" valign="bottom"><font size="1">&nbsp;</font></td>
<td align="right" valign="bottom"><font size="2" face="serif"><font face="serif" size="1">1,546,391 </font></font></td>
<td align="left" valign="bottom">&nbsp;</td>
<td align="right" valign="bottom"><font size="1">&nbsp;</font></td>
<td align="right" valign="bottom"><font size="2" face="serif"><font face="serif" size="1">459,867 </font></font></td>
<td align="left" valign="bottom">&nbsp;</td>
<td align="right" valign="bottom"><font size="1">&nbsp;</font></td>
<td align="right" valign="bottom"><font size="2" face="serif"><font face="serif" size="1">215,118 </font></font></td>
<td align="left" valign="bottom">&nbsp;</td>
<td align="right" valign="bottom"><font size="1">&nbsp;</font></td>
<td align="right" valign="bottom"><font size="2" face="serif"><font face="serif" size="1">871,406 </font></font></td>
<td align="left" valign="bottom">&nbsp;</td>
<td align="right" valign="bottom"><font size="1">&nbsp;</font></td>
<td align="right" valign="bottom"><font size="2" face="serif"><font face="serif" size="1">769,941 </font></font></td>
<td align="left" valign="bottom">&nbsp;</td>
<td align="right" valign="bottom"><font size="1">&nbsp;</font></td>
<td align="right" valign="bottom"><font size="2" face="serif"><font face="serif" size="1">101,465 </font></font></td>
<td align="left" valign="bottom">&nbsp;</td>
<td align="left" valign="bottom"><font size="2" face="serif">&nbsp;</font></td>
<td align="left" valign="bottom">&nbsp;</td>
<td align="right" valign="bottom"><font size="1">&nbsp;</font></td>
<td align="right" valign="bottom"><font size="2" face="serif"><font face="serif" size="1">81,172 </font></font></td>
<td align="left" valign="bottom">&nbsp;</td>
<td align="right" valign="bottom">&nbsp;</td>
<td align="right" valign="bottom"><font size="2" face="serif"><font face="serif" size="1">&#151;</font></font></td>
<td align="left" valign="bottom">&nbsp;</td>
<td align="right" valign="bottom">&nbsp;</td>
<td align="right" valign="bottom"><font size="2" face="serif"><font face="serif" size="1">     20,293 </font></font></td>
<td align="left"><font size="2" face="serif">&nbsp;</font></td>
</tr>
<tr valign="top">
<td align="left" valign="bottom"><font size="2" face="serif">&nbsp;</font></td>
<td align="right" valign="bottom"><font size="2" face="serif">&nbsp;</font></td>
<td align="left" valign="bottom">&nbsp;</td>
<td align="left" valign="bottom">&nbsp;</td>
<td align="right" valign="bottom"><font size="1">&nbsp;</font></td>
<td align="right" valign="bottom"><font size="2" face="serif">&nbsp;</font></td>
<td align="left" valign="bottom">&nbsp;</td>
<td align="right" valign="bottom"><font size="1">&nbsp;</font></td>
<td align="right" valign="bottom"><font size="2" face="serif">&nbsp;</font></td>
<td align="left" valign="bottom">&nbsp;</td>
<td align="right" valign="bottom"><font size="1">&nbsp;</font></td>
<td align="right" valign="bottom"><font size="2" face="serif">&nbsp;</font></td>
<td align="left" valign="bottom">&nbsp;</td>
<td align="right" valign="bottom"><font size="1">&nbsp;</font></td>
<td align="right" valign="bottom"><font size="2" face="serif">&nbsp;</font></td>
<td align="left" valign="bottom">&nbsp;</td>
<td align="right" valign="bottom"><font size="1">&nbsp;</font></td>
<td align="right" valign="bottom"><font size="2" face="serif">&nbsp;</font></td>
<td align="left" valign="bottom">&nbsp;</td>
<td align="right" valign="bottom"><font size="1">&nbsp;</font></td>
<td align="right" valign="bottom"><font size="2" face="serif">&nbsp;</font></td>
<td align="left" valign="bottom">&nbsp;</td>
<td align="left" valign="bottom"><font size="2" face="serif">&nbsp;</font></td>
<td align="left" valign="bottom">&nbsp;</td>
<td align="right" valign="bottom"><font size="1">&nbsp;</font></td>
<td align="right" valign="bottom"><font size="2" face="serif">&nbsp;</font></td>
<td align="left" valign="bottom">&nbsp;</td>
<td align="right" valign="bottom">&nbsp;</td>
<td align="right" valign="bottom"><font size="2" face="serif">&nbsp;</font></td>
<td align="left" valign="bottom">&nbsp;</td>
<td align="right" valign="bottom">&nbsp;</td>
<td align="right" valign="bottom"><font size="2" face="serif">&nbsp;</font></td>
<td align="left"><font size="2" face="serif">&nbsp;</font></td>
</tr>
<tr valign="top" bgcolor="#eeeeee">
<td align="left" valign="bottom"><font size="2" face="serif"><font face="serif" size="1">Fairview Plaza (d)</font></font></td>
<td align="right" valign="bottom"><font size="2" face="serif"><font face="serif" size="1">70</font></font></td>
<td align="left" valign="bottom"><font size="2" face="serif"><font face="serif" size="1">%</font></font></td>
<td align="left" valign="bottom">&nbsp;</td>
<td align="right" valign="bottom"><font size="1">&nbsp;</font></td>
<td align="right" valign="bottom"><font size="2" face="serif"><font face="serif" size="1">452,680 </font></font></td>
<td align="left" valign="bottom">&nbsp;</td>
<td align="right" valign="bottom"><font size="1">&nbsp;</font></td>
<td align="right" valign="bottom"><font size="2" face="serif"><font face="serif" size="1">54,062 </font></font></td>
<td align="left" valign="bottom">&nbsp;</td>
<td align="right" valign="bottom"><font size="1">&nbsp;</font></td>
<td align="right" valign="bottom"><font size="2" face="serif"><font face="serif" size="1">94,624 </font></font></td>
<td align="left" valign="bottom">&nbsp;</td>
<td align="right" valign="bottom"><font size="1">&nbsp;</font></td>
<td align="right" valign="bottom"><font size="2" face="serif"><font face="serif" size="1">303,994 </font></font></td>
<td align="left" valign="bottom">&nbsp;</td>
<td align="right" valign="bottom"><font size="1">&nbsp;</font></td>
<td align="right" valign="bottom"><font size="2" face="serif"><font face="serif" size="1">170,503 </font></font></td>
<td align="left" valign="bottom">&nbsp;</td>
<td align="right" valign="bottom"><font size="1">&nbsp;</font></td>
<td align="right" valign="bottom"><font size="2" face="serif"><font face="serif" size="1">133,491 </font></font></td>
<td align="center" valign="bottom">&nbsp;</td>
<td align="right" valign="bottom"><font size="2" face="serif">)</font></td>
<td align="left" valign="bottom">&nbsp;</td>
<td align="right" valign="bottom"><font size="1">&nbsp;</font></td>
<td align="right" valign="bottom"><font size="2" face="serif">&nbsp;</font></td>
<td align="left" valign="bottom">&nbsp;</td>
<td align="right" valign="bottom">&nbsp;</td>
<td align="right" valign="bottom"><font size="2" face="serif">&nbsp;</font></td>
<td align="left" valign="bottom">&nbsp;</td>
<td align="right" valign="bottom">&nbsp;</td>
<td align="right" valign="bottom"><font size="2" face="serif">&nbsp;</font></td>
<td align="left"><font size="2" face="serif">&nbsp;</font></td>
</tr>
<tr valign="top" bgcolor="#FFFFFF">
<td align="left" valign="bottom"><font size="2" face="serif">&nbsp;</font></td>
<td align="right" valign="bottom"><font size="2" face="serif">&nbsp;</font></td>
<td align="left" valign="bottom">&nbsp;</td>
<td align="left" valign="bottom">&nbsp;</td>
<td align="right" valign="bottom"><font size="1">&nbsp;</font></td>
<td align="right" valign="bottom"><font size="2" face="serif">&nbsp;</font></td>
<td align="left" valign="bottom">&nbsp;</td>
<td align="right" valign="bottom"><font size="1">&nbsp;</font></td>
<td align="right" valign="bottom"><font size="2" face="serif">&nbsp;</font></td>
<td align="left" valign="bottom">&nbsp;</td>
<td align="right" valign="bottom"><font size="1">&nbsp;</font></td>
<td align="right" valign="bottom"><font size="2" face="serif">&nbsp;</font></td>
<td align="left" valign="bottom">&nbsp;</td>
<td align="right" valign="bottom"><font size="1">&nbsp;</font></td>
<td align="right" valign="bottom"><font size="2" face="serif">&nbsp;</font></td>
<td align="left" valign="bottom">&nbsp;</td>
<td align="right" valign="bottom"><font size="1">&nbsp;</font></td>
<td align="right" valign="bottom"><font size="2" face="serif">&nbsp;</font></td>
<td align="left" valign="bottom">&nbsp;</td>
<td align="right" valign="bottom"><font size="1">&nbsp;</font></td>
<td align="right" valign="bottom"><font size="2" face="serif">&nbsp;</font></td>
<td align="center" valign="bottom">&nbsp;</td>
<td align="right" valign="bottom"><font size="2" face="serif">)</font></td>
<td align="left" valign="bottom">&nbsp;</td>
<td align="right" valign="bottom"><font size="1">&nbsp;</font></td>
<td align="right" valign="bottom"><font size="2" face="serif">&nbsp;</font></td>
<td align="left" valign="bottom">&nbsp;</td>
<td align="right" valign="bottom">&nbsp;</td>
<td align="right" valign="bottom"><font size="2" face="serif">&nbsp;</font></td>
<td align="left" valign="bottom">&nbsp;</td>
<td align="right" valign="bottom">&nbsp;</td>
<td align="right" valign="bottom"><font size="2" face="serif">&nbsp;</font></td>
<td align="left"><font size="2" face="serif">&nbsp;</font></td>
</tr>
<tr valign="top" bgcolor="#FFFFFF">
<td align="left" valign="bottom"><font size="2" face="serif"><font face="serif" size="1">Halifax Plaza (d)</font></font></td>
<td align="right" valign="bottom"><font size="2" face="serif"><font face="serif" size="1">70</font></font></td>
<td align="left" valign="bottom"><font size="2" face="serif"><font face="serif" size="1">%</font></font></td>
<td align="left" valign="bottom">&nbsp;</td>
<td align="right" valign="bottom"><font size="1">&nbsp;</font></td>
<td align="right" valign="bottom"><font size="2" face="serif"><font face="serif" size="1">383,808 </font></font></td>
<td align="left" valign="bottom">&nbsp;</td>
<td align="right" valign="bottom"><font size="1">&nbsp;</font></td>
<td align="right" valign="bottom"><font size="2" face="serif"><font face="serif" size="1">84,366 </font></font></td>
<td align="left" valign="bottom">&nbsp;</td>
<td align="right" valign="bottom"><font size="1">&nbsp;</font></td>
<td align="right" valign="bottom"><font size="2" face="serif"><font face="serif" size="1">58,696 </font></font></td>
<td align="left" valign="bottom">&nbsp;</td>
<td align="right" valign="bottom"><font size="1">&nbsp;</font></td>
<td align="right" valign="bottom"><font size="2" face="serif"><font face="serif" size="1">240,746 </font></font></td>
<td align="left" valign="bottom">&nbsp;</td>
<td align="right" valign="bottom"><font size="1">&nbsp;</font></td>
<td align="right" valign="bottom"><font size="2" face="serif"><font face="serif" size="1">144,862 </font></font></td>
<td align="left" valign="bottom">&nbsp;</td>
<td align="right" valign="bottom"><font size="1">&nbsp;</font></td>
<td align="right" valign="bottom"><font size="2" face="serif"><font face="serif" size="1">95,884 </font></font></td>
<td align="center" valign="bottom">&nbsp;</td>
<td align="right" valign="bottom"><font size="2" face="serif">)</font></td>
<td align="left" valign="bottom">&nbsp;</td>
<td align="right" valign="bottom"><font size="1">&nbsp;</font></td>
<td align="right" valign="bottom"><font size="2" face="serif"><font face="serif" size="1">227,379 </font></font></td>
<td align="left" valign="bottom">&nbsp;</td>
<td align="right" valign="bottom">&nbsp;</td>
<td align="right" valign="bottom"><font size="2" face="serif"><font face="serif" size="1">     19,491 </font></font></td>
<td align="left" valign="bottom">&nbsp;</td>
<td align="right" valign="bottom">&nbsp;</td>
<td align="right" valign="bottom"><font size="2" face="serif"><font face="serif" size="1">     77,957 </font></font></td>
<td align="left"><font size="2" face="serif">&nbsp;</font></td>
</tr>
<tr valign="top" bgcolor="#FFFFFF">
<td align="left" valign="bottom"><font size="2" face="serif">&nbsp;</font></td>
<td align="right" valign="bottom"><font size="2" face="serif">&nbsp;</font></td>
<td align="left" valign="bottom">&nbsp;</td>
<td align="left" valign="bottom">&nbsp;</td>
<td align="right" valign="bottom"><font size="1">&nbsp;</font></td>
<td align="right" valign="bottom"><font size="2" face="serif">&nbsp;</font></td>
<td align="left" valign="bottom">&nbsp;</td>
<td align="right" valign="bottom"><font size="1">&nbsp;</font></td>
<td align="right" valign="bottom"><font size="2" face="serif">&nbsp;</font></td>
<td align="left" valign="bottom">&nbsp;</td>
<td align="right" valign="bottom"><font size="1">&nbsp;</font></td>
<td align="right" valign="bottom"><font size="2" face="serif">&nbsp;</font></td>
<td align="left" valign="bottom">&nbsp;</td>
<td align="right" valign="bottom"><font size="1">&nbsp;</font></td>
<td align="right" valign="bottom"><font size="2" face="serif">&nbsp;</font></td>
<td align="left" valign="bottom">&nbsp;</td>
<td align="right" valign="bottom"><font size="1">&nbsp;</font></td>
<td align="right" valign="bottom"><font size="2" face="serif">&nbsp;</font></td>
<td align="left" valign="bottom">&nbsp;</td>
<td align="right" valign="bottom"><font size="1">&nbsp;</font></td>
<td align="right" valign="bottom"><font size="2" face="serif">&nbsp;</font></td>
<td align="center" valign="bottom">&nbsp;</td>
<td align="right" valign="bottom"><font size="2" face="serif">)</font></td>
<td align="left" valign="bottom">&nbsp;</td>
<td align="right" valign="bottom"><font size="1">&nbsp;</font></td>
<td align="right" valign="bottom"><font size="2" face="serif">&nbsp;</font></td>
<td align="left" valign="bottom">&nbsp;</td>
<td align="right" valign="bottom">&nbsp;</td>
<td align="right" valign="bottom"><font size="2" face="serif">&nbsp;</font></td>
<td align="left" valign="bottom">&nbsp;</td>
<td align="right" valign="bottom">&nbsp;</td>
<td align="right" valign="bottom"><font size="2" face="serif">&nbsp;</font></td>
<td align="left"><font size="2" face="serif">&nbsp;</font></td>
</tr>
<tr valign="top" bgcolor="#eeeeee">
<td align="left" valign="bottom"><font size="2" face="serif"><font face="serif" size="1">Newport Plaza (d)</font></font></td>
<td align="right" valign="bottom"><font size="2" face="serif"><font face="serif" size="1">70</font></font></td>
<td align="left" valign="bottom"><font size="2" face="serif"><font face="serif" size="1">%</font></font></td>
<td align="left" valign="bottom">&nbsp;</td>
<td align="right" valign="bottom"><font size="1">&nbsp;</font></td>
<td align="right" valign="bottom"><font size="2" face="serif"><font face="serif" size="1">458,124 </font></font></td>
<td align="left" valign="bottom">&nbsp;</td>
<td align="right" valign="bottom"><font size="1">&nbsp;</font></td>
<td align="right" valign="bottom"><font size="2" face="serif"><font face="serif" size="1">113,096 </font></font></td>
<td align="left" valign="bottom">&nbsp;</td>
<td align="right" valign="bottom"><font size="1">&nbsp;</font></td>
<td align="right" valign="bottom"><font size="2" face="serif"><font face="serif" size="1">68,077 </font></font></td>
<td align="left" valign="bottom">&nbsp;</td>
<td align="right" valign="bottom"><font size="1">&nbsp;</font></td>
<td align="right" valign="bottom"><font size="2" face="serif"><font face="serif" size="1">276,951 </font></font></td>
<td align="left" valign="bottom">&nbsp;</td>
<td align="right" valign="bottom"><font size="1">&nbsp;</font></td>
<td align="right" valign="bottom"><font size="2" face="serif"><font face="serif" size="1">181,499 </font></font></td>
<td align="left" valign="bottom">&nbsp;</td>
<td align="right" valign="bottom"><font size="1">&nbsp;</font></td>
<td align="right" valign="bottom"><font size="2" face="serif"><font face="serif" size="1">95,452 </font></font></td>
<td align="center" valign="bottom">&nbsp;</td>
<td align="right" valign="bottom"><font size="2" face="serif">)</font></td>
<td align="left" valign="bottom">&nbsp;</td>
<td align="right" valign="bottom"><font size="1">&nbsp;</font></td>
<td align="right" valign="bottom"><font size="2" face="serif">&nbsp;</font></td>
<td align="left" valign="bottom">&nbsp;</td>
<td align="right" valign="bottom">&nbsp;</td>
<td align="right" valign="bottom"><font size="2" face="serif">&nbsp;</font></td>
<td align="left" valign="bottom">&nbsp;</td>
<td align="right" valign="bottom">&nbsp;</td>
<td align="right" valign="bottom"><font size="2" face="serif">&nbsp;</font></td>
<td align="left"><font size="2" face="serif">&nbsp;</font></td>
</tr>
<tr valign="top">
<td align="left" valign="bottom"><font size="2" face="serif">&nbsp;</font></td>
<td align="right" valign="bottom"><font size="2" face="serif">&nbsp;</font></td>
<td align="left" valign="bottom">&nbsp;</td>
<td align="left" valign="bottom">&nbsp;</td>
<td align="right" valign="bottom"><font size="1">&nbsp;</font></td>
<td align="right" valign="bottom"><font size="2" face="serif">&nbsp;</font></td>
<td align="left" valign="bottom">&nbsp;</td>
<td align="right" valign="bottom"><font size="1">&nbsp;</font></td>
<td align="right" valign="bottom"><font size="2" face="serif">&nbsp;</font></td>
<td align="left" valign="bottom">&nbsp;</td>
<td align="right" valign="bottom"><font size="1">&nbsp;</font></td>
<td align="right" valign="bottom"><font size="2" face="serif">&nbsp;</font></td>
<td align="left" valign="bottom">&nbsp;</td>
<td align="right" valign="bottom"><font size="1">&nbsp;</font></td>
<td align="right" valign="bottom"><font size="2" face="serif">&nbsp;</font></td>
<td align="left" valign="bottom">&nbsp;</td>
<td align="right" valign="bottom"><font size="1">&nbsp;</font></td>
<td align="right" valign="bottom"><font size="2" face="serif">&nbsp;</font></td>
<td align="left" valign="bottom">&nbsp;</td>
<td align="right" valign="bottom"><font size="1">&nbsp;</font></td>
<td align="right" valign="bottom"><font size="2" face="serif">&nbsp;</font></td>
<td align="left" valign="bottom">&nbsp;</td>
<td align="right" valign="bottom"><font size="2" face="serif">&nbsp;</font></td>
<td align="left" valign="bottom">&nbsp;</td>
<td align="right" valign="bottom"><font size="1">&nbsp;</font></td>
<td align="right" valign="bottom"><font size="2" face="serif">&nbsp;</font></td>
<td align="left" valign="bottom">&nbsp;</td>
<td align="right" valign="bottom">&nbsp;</td>
<td align="right" valign="bottom"><font size="2" face="serif">&nbsp;</font></td>
<td align="left" valign="bottom">&nbsp;</td>
<td align="right" valign="bottom">&nbsp;</td>
<td align="right" valign="bottom"><font size="2" face="serif">&nbsp;</font></td>
<td align="left"><font size="2" face="serif">&nbsp;</font></td>
</tr>
<tr valign="top" bgcolor="#FFFFFF">
<td align="left" valign="bottom"><font size="2" face="serif"><font face="serif" size="1">LA Fitness Facility</font></font></td>
<td align="right" valign="bottom"><font size="2" face="serif"><font face="serif" size="1">50</font></font></td>
<td align="left" valign="bottom"><font size="2" face="serif"><font face="serif" size="1">%</font></font></td>
<td align="left" valign="bottom">&nbsp;</td>
<td align="right" valign="bottom"><font size="1">&nbsp;</font></td>
<td align="right" valign="bottom"><font size="2" face="serif"><font face="serif" size="1">370,800 </font></font></td>
<td align="left" valign="bottom">&nbsp;</td>
<td align="right" valign="bottom"><font size="1">&nbsp;</font></td>
<td align="right" valign="bottom"><font size="2" face="serif"><font face="serif" size="1">10,490 </font></font></td>
<td align="left" valign="bottom">&nbsp;</td>
<td align="right" valign="bottom"><font size="1">&nbsp;</font></td>
<td align="right" valign="bottom"><font size="2" face="serif"><font face="serif" size="1">57,390 </font></font></td>
<td align="left" valign="bottom">&nbsp;</td>
<td align="right" valign="bottom"><font size="1">&nbsp;</font></td>
<td align="right" valign="bottom"><font size="2" face="serif"><font face="serif" size="1">302,920 </font></font></td>
<td align="left" valign="bottom">&nbsp;</td>
<td align="right" valign="bottom"><font size="1">&nbsp;</font></td>
<td align="right" valign="bottom"><font size="2" face="serif"><font face="serif" size="1">172,662 </font></font></td>
<td align="left" valign="bottom">&nbsp;</td>
<td align="right" valign="bottom"><font size="1">&nbsp;</font></td>
<td align="right" valign="bottom"><font size="2" face="serif"><font face="serif" size="1">130,258 </font></font></td>
<td align="left" valign="bottom">&nbsp;</td>
<td align="left" valign="bottom"><font size="2" face="serif">&nbsp;</font></td>
<td align="left" valign="bottom">&nbsp;</td>
<td align="right" valign="bottom"><font size="1">&nbsp;</font></td>
<td align="right" valign="bottom"><font size="2" face="serif"><font face="serif" size="1">65,129 </font></font></td>
<td align="left" valign="bottom">&nbsp;</td>
<td align="right" valign="bottom">&nbsp;</td>
<td align="right" valign="bottom"><font size="2" face="serif"><font face="serif" size="1">     14,980 </font></font></td>
<td align="left" valign="bottom">&nbsp;</td>
<td align="right" valign="bottom">&nbsp;</td>
<td align="right" valign="bottom"><font size="2" face="serif"><font face="serif" size="1">     50,149 </font></font></td>
<td align="left"><font size="2" face="serif">&nbsp;</font></td>
</tr>
<tr valign="top">
<td align="left" valign="bottom">&nbsp;</td>
<td align="right" valign="bottom">&nbsp;</td>
<td align="left" valign="bottom">&nbsp;</td>
<td align="left" valign="bottom">&nbsp;</td>
<td colspan="17" align="right" valign="bottom"><hr size="1" noshade></td>
<td align="left" valign="bottom">&nbsp;</td>
<td align="left" valign="bottom">&nbsp;</td>
<td align="left" valign="bottom">&nbsp;</td>
<td colspan="9" align="right" valign="bottom"><hr size="1" noshade></td>
</tr>
<tr valign="top" bgcolor="#eeeeee">
<td align="left" valign="bottom"><font size="2" face="serif">&nbsp;</font></td>
<td align="right" valign="bottom"><font size="2" face="serif">&nbsp;</font></td>
<td align="left" valign="bottom">&nbsp;</td>
<td align="left" valign="bottom">&nbsp;</td>
<td align="right" valign="bottom"><font size="1" face="serif">$</font></td>
<td align="right" valign="bottom"><font size="2" face="serif"><font face="serif" size="1">  4,624,862 </font></font></td>
<td align="left" valign="bottom">&nbsp;</td>
<td align="right" valign="bottom"><font size="1" face="serif">$</font></td>
<td align="right" valign="bottom"><font size="2" face="serif"><font face="serif" size="1">  1,082,148 </font></font></td>
<td align="left" valign="bottom">&nbsp;</td>
<td align="right" valign="bottom"><font size="1" face="serif">$</font></td>
<td align="right" valign="bottom"><font size="2" face="serif"><font face="serif" size="1">     762,817 </font></font></td>
<td align="left" valign="bottom">&nbsp;</td>
<td align="right" valign="bottom"><font size="1" face="serif">$</font></td>
<td align="right" valign="bottom"><font size="2" face="serif"><font face="serif" size="1">  2,779,897 </font></font></td>
<td align="left" valign="bottom">&nbsp;</td>
<td align="right" valign="bottom"><font size="1" face="serif">$</font></td>
<td align="right" valign="bottom"><font size="2" face="serif"><font face="serif" size="1">1,988,536 </font></font></td>
<td align="left" valign="bottom">&nbsp;</td>
<td align="right" valign="bottom"><font size="1" face="serif">$</font></td>
<td align="right" valign="bottom"><font size="2" face="serif"><font face="serif" size="1">   791,361 </font></font></td>
<td align="left" valign="bottom">&nbsp;</td>
<td align="left" valign="bottom"><font size="2" face="serif">&nbsp;</font></td>
<td align="left" valign="bottom">&nbsp;</td>
<td align="right" valign="bottom"><font size="1" face="serif">$</font></td>
<td align="right" valign="bottom"><font size="2" face="serif"><font face="serif" size="1">    549,788 </font></font></td>
<td align="left" valign="bottom">&nbsp;</td>
<td align="right" valign="bottom"><font size="1" face="serif">$</font></td>
<td align="right" valign="bottom"><font size="2" face="serif"><font face="serif" size="1">  93,174 </font></font></td>
<td align="left" valign="bottom">&nbsp;</td>
<td align="right" valign="bottom"><font size="1" face="serif">$</font></td>
<td align="right" valign="bottom"><font size="2" face="serif"><font face="serif" size="1">148,399 </font></font></td>
<td align="left"><font size="2" face="serif">&nbsp;</font></td>
</tr>
<tr valign="top">
<td align="left" valign="bottom">&nbsp;</td>
<td align="right" valign="bottom">&nbsp;</td>
<td align="left" valign="bottom">&nbsp;</td>
<td align="left" valign="bottom">&nbsp;</td>
<td colspan="17" align="right" valign="bottom"><hr size="2" noshade></td>
<td align="left" valign="bottom">&nbsp;</td>
<td align="left" valign="bottom">&nbsp;</td>
<td align="left" valign="bottom">&nbsp;</td>
<td colspan="9" align="right" valign="bottom"><hr size="2" noshade></td>
</tr>
</table>
<p align="center"><font face="serif" size="2">19</font></p>
<hr noshade align="center" width="100%" size="2">
<div style="page-break-before:always"></div>
<page>
<a name="p?"></a>
<p><a href="#contents"><font size="2">Back to Contents</font></a></p>
<br><br>
<table width="100%" cellspacing="0" cellpadding="0" align="center" border="0">
<tr valign="top" bgcolor="#FFFFFF">
<td colspan="20" align="left"><font size="2" face="serif"><b>CEDAR SHOPPING CENTERS, INC<br>
Consolidated Joint Ventures Information<br>
(unaudited)<br>
(continued)</b></font></td>
</tr>
</table>
<br>
<table width="100%" border="0" align="center" cellpadding="0" cellspacing="0">
<tr align="center" valign="bottom" bgcolor="#FFFFFF">
<td width="44%"><font size="1" face="serif">&nbsp;</font></td>
<td><font size="1">&nbsp;</font></td>
<td colspan="2"><font size="1" face="serif"><b>Partners&#146;</b></font></td>
<td><font size="1">&nbsp;</font></td>
<td><font size="1">&nbsp;</font></td>
<td><font size="1">&nbsp;</font></td>
<td><font size="1" face="serif">&nbsp;</font></td>
<td><font size="1">&nbsp;</font></td>
<td><font size="1">&nbsp;</font></td>
<td colspan="7"><font size="1" face="serif"><b>Share of FFO (a)</b></font>  <hr size="1" noshade></td>
<td>&nbsp;</td>
</tr>
<tr align="center" valign="bottom" bgcolor="#FFFFFF">
<td><font size="1" face="serif"><b>Property</b></font></td>
<td><font size="1">&nbsp;</font></td>
<td colspan="2"><font size="1" face="serif"><b>percent</b></font></td>
<td><font size="1">&nbsp;</font></td>
<td colspan="2"><font size="1" face="serif"><b>Cedar</b></font></td>
<td><font size="1" face="serif">&nbsp;</font></td>
<td><font size="1">&nbsp;</font></td>
<td colspan="2"><font size="1" face="serif"><b>Partners</b></font></td>
<td><font size="1">&nbsp;</font></td>
<td colspan="2"><font size="1" face="serif"><b>Cedar (b)</b></font></td>
<td><font size="1">&nbsp;</font></td>
<td colspan="2"><font size="1" face="serif"><b>Total</b></font></td>
<td>&nbsp;</td>
</tr>
<tr align="center" valign="bottom" bgcolor="#FFFFFF">
  <td colspan="7"><hr size="1" noshade></td>
  <td>&nbsp;</td>
  <td>&nbsp;</td>
  <td colspan="9"><hr size="1" noshade></td>
  </tr>
<tr valign="bottom">
<td align="left"><font size="2" face="serif">&nbsp;</font></td>
<td align="right">&nbsp;</td>
<td align="left"><font size="2" face="serif">&nbsp;</font></td>
<td align="left">&nbsp;</td>
<td align="right">&nbsp;</td>
<td align="left"><font size="2" face="serif">&nbsp;</font></td>
<td align="left">&nbsp;</td>
<td align="left"><font size="2" face="serif">&nbsp;</font></td>
<td align="left">&nbsp;</td>
<td align="right">&nbsp;</td>
<td align="left"><font size="2" face="serif">&nbsp;</font></td>
<td align="left">&nbsp;</td>
<td align="right">&nbsp;</td>
<td align="left"><font size="2" face="serif">&nbsp;</font></td>
<td align="left">&nbsp;</td>
<td align="right">&nbsp;</td>
<td align="left"><font size="2" face="serif">&nbsp;</font></td>
<td align="left">&nbsp;</td>
</tr>
<tr valign="bottom" bgcolor="#eeeeee">
<td align="left"><font size="2" face="serif">Loyal Plaza</font></td>
<td width="2%" align="right">&nbsp;</td>
<td width="4%" align="right"><font size="2" face="serif">75</font></td>
<td width="2%" align="left"><font size="2" face="serif">%</font></td>
<td width="2%" align="right">&nbsp;</td>
<td width="4%" align="right"><font size="2" face="serif">25</font></td>
<td width="2%" align="left"><font size="2" face="serif">%</font></td>
<td width="2%" align="left"><font size="2" face="serif">&nbsp;</font></td>
<td width="2%" align="left">&nbsp;</td>
<td width="1%" align="right"><font size="2" face="serif">$</font></td>
<td width="8%" align="right"><font size="2" face="serif">       375,607 </font></td>
<td width="2%" align="left">&nbsp;</td>
<td width="1%" align="right"><font size="2" face="serif">$</font></td>
<td width="8%" align="right"><font size="2" face="serif">    128,117 </font></td>
<td width="2%" align="left">&nbsp;</td>
<td width="1%" align="right"><font size="2" face="serif">$</font></td>
<td width="8%" align="right"><font size="2" face="serif">       503,724 </font></td>
<td width="2%" align="left">&nbsp;</td>
</tr>
<tr valign="bottom">
<td align="left"><font size="2" face="serif">&nbsp;</font></td>
<td align="right">&nbsp;</td>
<td align="right"><font size="2" face="serif">&nbsp;</font></td>
<td align="left">&nbsp;</td>
<td align="right">&nbsp;</td>
<td align="right"><font size="2" face="serif">&nbsp;</font></td>
<td align="left">&nbsp;</td>
<td align="left"><font size="2" face="serif">&nbsp;</font></td>
<td align="left">&nbsp;</td>
<td align="right">&nbsp;</td>
<td align="right"><font size="2" face="serif">&nbsp;</font></td>
<td align="left">&nbsp;</td>
<td align="right">&nbsp;</td>
<td align="right"><font size="2" face="serif">&nbsp;</font></td>
<td align="left">&nbsp;</td>
<td align="right">&nbsp;</td>
<td align="right"><font size="2" face="serif">&nbsp;</font></td>
<td align="left">&nbsp;</td>
</tr>
<tr valign="bottom" bgcolor="#FFFFFF">
<td align="left"><font size="2" face="serif">Red Lion</font></td>
<td align="right">&nbsp;</td>
<td align="right"><font size="2" face="serif">80</font></td>
<td align="left"><font size="2" face="serif">%</font></td>
<td align="right">&nbsp;</td>
<td align="right"><font size="2" face="serif">20</font></td>
<td align="left"><font size="2" face="serif">%</font></td>
<td align="left"><font size="2" face="serif">&nbsp;</font></td>
<td align="left">&nbsp;</td>
<td align="right">&nbsp;</td>
<td align="right"><font size="2" face="serif">253,266 </font></td>
<td align="left">&nbsp;</td>
<td align="right">&nbsp;</td>
<td align="right"><font size="2" face="serif">         63,316 </font></td>
<td align="left">&nbsp;</td>
<td align="right">&nbsp;</td>
<td align="right"><font size="2" face="serif">316,582 </font></td>
<td align="left">&nbsp;</td>
</tr>
<tr valign="bottom">
<td align="left"><font size="2" face="serif">&nbsp;</font></td>
<td align="right">&nbsp;</td>
<td align="right"><font size="2" face="serif">&nbsp;</font></td>
<td align="left">&nbsp;</td>
<td align="right">&nbsp;</td>
<td align="right"><font size="2" face="serif">&nbsp;</font></td>
<td align="left">&nbsp;</td>
<td align="left"><font size="2" face="serif">&nbsp;</font></td>
<td align="left">&nbsp;</td>
<td align="right">&nbsp;</td>
<td align="right"><font size="2" face="serif">&nbsp;</font></td>
<td align="left">&nbsp;</td>
<td align="right">&nbsp;</td>
<td align="right"><font size="2" face="serif">&nbsp;</font></td>
<td align="left">&nbsp;</td>
<td align="right">&nbsp;</td>
<td align="right"><font size="2" face="serif">&nbsp;</font></td>
<td align="left">&nbsp;</td>
</tr>
<tr valign="bottom" bgcolor="#eeeeee">
<td align="left"><font size="2" face="serif">Fairview Plaza (d)</font></td>
<td align="right">&nbsp;</td>
<td align="right"><font size="2" face="serif">70</font></td>
<td align="left"><font size="2" face="serif">%</font></td>
<td align="right">&nbsp;</td>
<td align="right"><font size="2" face="serif">30</font></td>
<td align="left"><font size="2" face="serif">%</font></td>
<td align="right"><font size="2" face="serif">)</font></td>
<td align="left">&nbsp;</td>
<td align="right">&nbsp;</td>
<td align="right"><font size="2" face="serif">&nbsp;</font></td>
<td align="left">&nbsp;</td>
<td align="right">&nbsp;</td>
<td align="right"><font size="2" face="serif">&nbsp;</font></td>
<td align="left">&nbsp;</td>
<td align="right">&nbsp;</td>
<td align="right"><font size="2" face="serif">&nbsp;</font></td>
<td align="left">&nbsp;</td>
</tr>
<tr valign="bottom" bgcolor="#FFFFFF">
<td align="left"><font size="2" face="serif">&nbsp;</font></td>
<td align="right">&nbsp;</td>
<td align="right"><font size="2" face="serif">&nbsp;</font></td>
<td align="left">&nbsp;</td>
<td align="right">&nbsp;</td>
<td align="right"><font size="2" face="serif">&nbsp;</font></td>
<td align="left">&nbsp;</td>
<td align="right"><font size="2" face="serif">)</font></td>
<td align="left">&nbsp;</td>
<td align="right">&nbsp;</td>
<td align="right"><font size="2" face="serif">&nbsp;</font></td>
<td align="left">&nbsp;</td>
<td align="right">&nbsp;</td>
<td align="right"><font size="2" face="serif">&nbsp;</font></td>
<td align="left">&nbsp;</td>
<td align="right">&nbsp;</td>
<td align="right"><font size="2" face="serif">&nbsp;</font></td>
<td align="left">&nbsp;</td>
</tr>
<tr valign="bottom" bgcolor="#FFFFFF">
<td align="left"><font size="2" face="serif">Halifax Plaza (d)</font></td>
<td align="right">&nbsp;</td>
<td align="right"><font size="2" face="serif">70</font></td>
<td align="left"><font size="2" face="serif">%</font></td>
<td align="right">&nbsp;</td>
<td align="right"><font size="2" face="serif">30</font></td>
<td align="left"><font size="2" face="serif">%</font></td>
<td align="right"><font size="2" face="serif">)</font></td>
<td align="left">&nbsp;</td>
<td align="right">&nbsp;</td>
<td align="right"><font size="2" face="serif">379,697 </font></td>
<td align="left">&nbsp;</td>
<td align="right">&nbsp;</td>
<td align="right"><font size="2" face="serif">       166,529 </font></td>
<td align="left">&nbsp;</td>
<td align="right">&nbsp;</td>
<td align="right"><font size="2" face="serif">546,226 </font></td>
<td align="left">&nbsp;</td>
</tr>
<tr valign="bottom" bgcolor="#FFFFFF">
<td align="left"><font size="2" face="serif">&nbsp;</font></td>
<td align="right">&nbsp;</td>
<td align="right"><font size="2" face="serif">&nbsp;</font></td>
<td align="left">&nbsp;</td>
<td align="right">&nbsp;</td>
<td align="right"><font size="2" face="serif">&nbsp;</font></td>
<td align="left">&nbsp;</td>
<td align="right"><font size="2" face="serif">)</font></td>
<td align="left">&nbsp;</td>
<td align="right">&nbsp;</td>
<td align="right"><font size="2" face="serif">&nbsp;</font></td>
<td align="left">&nbsp;</td>
<td align="right">&nbsp;</td>
<td align="right"><font size="2" face="serif">&nbsp;</font></td>
<td align="left">&nbsp;</td>
<td align="right">&nbsp;</td>
<td align="right"><font size="2" face="serif">&nbsp;</font></td>
<td align="left">&nbsp;</td>
</tr>
<tr valign="bottom" bgcolor="#eeeeee">
<td align="left"><font size="2" face="serif">Newport Plaza (d)</font></td>
<td align="right">&nbsp;</td>
<td align="right"><font size="2" face="serif">70</font></td>
<td align="left"><font size="2" face="serif">%</font></td>
<td align="right">&nbsp;</td>
<td align="right"><font size="2" face="serif">30</font></td>
<td align="left"><font size="2" face="serif">%</font></td>
<td align="right"><font size="2" face="serif">)</font></td>
<td align="left">&nbsp;</td>
<td align="right">&nbsp;</td>
<td align="right"><font size="2" face="serif">&nbsp;</font></td>
<td align="left">&nbsp;</td>
<td align="right">&nbsp;</td>
<td align="right"><font size="2" face="serif">&nbsp;</font></td>
<td align="left">&nbsp;</td>
<td align="right">&nbsp;</td>
<td align="right"><font size="2" face="serif">&nbsp;</font></td>
<td align="left">&nbsp;</td>
</tr>
<tr valign="bottom">
<td align="left"><font size="2" face="serif">&nbsp;</font></td>
<td align="right">&nbsp;</td>
<td align="right"><font size="2" face="serif">&nbsp;</font></td>
<td align="left">&nbsp;</td>
<td align="right">&nbsp;</td>
<td align="right"><font size="2" face="serif">&nbsp;</font></td>
<td align="left">&nbsp;</td>
<td align="right"><font size="2" face="serif">&nbsp;</font></td>
<td align="left">&nbsp;</td>
<td align="right">&nbsp;</td>
<td align="right"><font size="2" face="serif">&nbsp;</font></td>
<td align="left">&nbsp;</td>
<td align="right">&nbsp;</td>
<td align="right"><font size="2" face="serif">&nbsp;</font></td>
<td align="left">&nbsp;</td>
<td align="right">&nbsp;</td>
<td align="right"><font size="2" face="serif">&nbsp;</font></td>
<td align="left">&nbsp;</td>
</tr>
<tr valign="bottom" bgcolor="#FFFFFF">
<td align="left"><font size="2" face="serif">LA Fitness Facility</font></td>
<td align="right">&nbsp;</td>
<td align="right"><font size="2" face="serif">50</font></td>
<td align="left"><font size="2" face="serif">%</font></td>
<td align="right">&nbsp;</td>
<td align="right"><font size="2" face="serif">50</font></td>
<td align="left"><font size="2" face="serif">%</font></td>
<td align="right"><font size="2" face="serif">&nbsp;</font></td>
<td align="left">&nbsp;</td>
<td align="right">&nbsp;</td>
<td align="right"><font size="2" face="serif">115,424 </font></td>
<td align="left">&nbsp;</td>
<td align="right">&nbsp;</td>
<td align="right"><font size="2" face="serif">         72,224 </font></td>
<td align="left">&nbsp;</td>
<td align="right">&nbsp;</td>
<td align="right"><font size="2" face="serif">187,648 </font></td>
<td align="left">&nbsp;</td>
</tr>
<tr valign="bottom">
<td align="left"><font size="2" face="serif">&nbsp;</font></td>
<td align="right">&nbsp;</td>
<td align="right"><font size="2" face="serif">&nbsp;</font></td>
<td align="left">&nbsp;</td>
<td align="right">&nbsp;</td>
<td align="right"><font size="2" face="serif">&nbsp;</font></td>
<td align="left">&nbsp;</td>
<td align="left"><font size="2" face="serif">&nbsp;</font></td>
<td align="left">&nbsp;</td>
<td colspan="9" align="right"><hr size="1" noshade></td>
<tr valign="bottom" bgcolor="#eeeeee">
<td align="left"><font size="2" face="serif">&nbsp;</font></td>
<td align="right">&nbsp;</td>
<td align="right"><font size="2" face="serif">&nbsp;</font></td>
<td align="left">&nbsp;</td>
<td align="right">&nbsp;</td>
<td align="right"><font size="2" face="serif">&nbsp;</font></td>
<td align="left">&nbsp;</td>
<td align="right"><font size="2" face="serif">&nbsp;</font></td>
<td align="left">&nbsp;</td>
<td align="right"><font size="2" face="serif">$</font></td>
<td align="right"><font size="2" face="serif">    1,123,994 </font></td>
<td align="left">&nbsp;</td>
<td align="right"><font size="2" face="serif">$</font></td>
<td align="right"><font size="2" face="serif">    430,186 </font></td>
<td align="left">&nbsp;</td>
<td align="right"><font size="2" face="serif">$</font></td>
<td align="right"><font size="2" face="serif">    1,554,180 </font></td>
<td align="left">&nbsp;</td>
</tr>
<tr valign="bottom">
<td align="left"><font size="2" face="serif">&nbsp;</font></td>
<td align="right">&nbsp;</td>
<td align="right"><font size="2" face="serif">&nbsp;</font></td>
<td align="left">&nbsp;</td>
<td align="right">&nbsp;</td>
<td align="right"><font size="2" face="serif">&nbsp;</font></td>
<td align="left">&nbsp;</td>
<td align="left"><font size="2" face="serif">&nbsp;</font></td>
<td align="left">&nbsp;</td>
<td colspan="9" align="right"><hr size="2" noshade></td>
</tr>
</table>
<br>
<table width="100%" cellspacing="0" cellpadding="0" align="center" border="0">
<tr valign="top" bgcolor="#FFFFFF">
<td colspan="19" align="left"><font size="2" face="serif">(a) The Partners/Cedar shares of equity and FFO, as presented, differ from amounts</font><font size="2" face="serif">calculated using the stated ownership percentages because of (1) non-proportionate</font><font size="2" face="serif">initial investments (per the respective joint venture agreements), and (2) the</font><font size="2" face="serif">&nbsp;</font><font size="2" face="serif">effect of preference returns to joint venture partners.</font><font size="2" face="serif">&nbsp;</font><font size="2" face="serif">&nbsp;</font></td>
<td align="left">&nbsp;</td>
</tr>
<tr valign="top">
<td align="left"><font size="2" face="serif">&nbsp;</font></td>
<td align="left">&nbsp;</td>
<td align="right">&nbsp;</td>
<td align="left"><font size="2" face="serif">&nbsp;</font></td>
<td align="left">&nbsp;</td>
<td align="right">&nbsp;</td>
<td align="left"><font size="2" face="serif">&nbsp;</font></td>
<td align="left">&nbsp;</td>
<td align="right">&nbsp;</td>
<td align="left"><font size="2" face="serif">&nbsp;</font></td>
<td align="left">&nbsp;</td>
<td align="right">&nbsp;</td>
<td align="left"><font size="2" face="serif">&nbsp;</font></td>
<td align="left">&nbsp;</td>
<td align="right">&nbsp;</td>
<td align="left"><font size="2" face="serif">&nbsp;</font></td>
<td align="left">&nbsp;</td>
<td align="right">&nbsp;</td>
<td align="left"><font size="2" face="serif">&nbsp;</font></td>
<td align="left">&nbsp;</td>
</tr>
<tr valign="top" bgcolor="#FFFFFF">
<td colspan="19" align="left"><font size="2" face="serif">(b) Includes limited partners&#146; share.</font></td>
</tr>
<tr valign="top">
<td align="left"><font size="2" face="serif">&nbsp;</font></td>
<td align="left">&nbsp;</td>
<td align="right">&nbsp;</td>
<td align="left"><font size="2" face="serif">&nbsp;</font></td>
<td align="left">&nbsp;</td>
<td align="right">&nbsp;</td>
<td align="left"><font size="2" face="serif">&nbsp;</font></td>
<td align="left">&nbsp;</td>
<td align="right">&nbsp;</td>
<td align="left"><font size="2" face="serif">&nbsp;</font></td>
<td align="left">&nbsp;</td>
<td align="right">&nbsp;</td>
<td align="left"><font size="2" face="serif">&nbsp;</font></td>
<td align="left">&nbsp;</td>
<td align="right">&nbsp;</td>
<td align="left"><font size="2" face="serif">&nbsp;</font></td>
<td align="left">&nbsp;</td>
<td align="right">&nbsp;</td>
<td align="left"><font size="2" face="serif">&nbsp;</font></td>
<td align="left">&nbsp;</td>
</tr>
<tr valign="top" bgcolor="#FFFFFF">
<td colspan="19" align="left"><font size="2" face="serif">(c) Equity includes net receivable/payable balances, on open account, between joint</font><font size="2" face="serif">venture and wholly-owned entities.</font></td>
<td align="left">&nbsp;</td>
</tr>
<tr valign="top">
<td align="left"><font size="2" face="serif">&nbsp;</font></td>
<td align="left">&nbsp;</td>
<td align="right">&nbsp;</td>
<td align="left"><font size="2" face="serif">&nbsp;</font></td>
<td align="left">&nbsp;</td>
<td align="right">&nbsp;</td>
<td align="left"><font size="2" face="serif">&nbsp;</font></td>
<td align="left">&nbsp;</td>
<td align="right">&nbsp;</td>
<td align="left"><font size="2" face="serif">&nbsp;</font></td>
<td align="left">&nbsp;</td>
<td align="right">&nbsp;</td>
<td align="left"><font size="2" face="serif">&nbsp;</font></td>
<td align="left">&nbsp;</td>
<td align="right">&nbsp;</td>
<td align="left"><font size="2" face="serif">&nbsp;</font></td>
<td align="left">&nbsp;</td>
<td align="right">&nbsp;</td>
<td align="left"><font size="2" face="serif">&nbsp;</font></td>
<td align="left">&nbsp;</td>
</tr>
<tr valign="top" bgcolor="#FFFFFF">
<td colspan="19" align="left"><font size="2" face="serif">(d) As each of these three properties is under an umbrella partnership, any shortfall</font><font size="2" face="serif">in required preference payments by any one of the properties will be offset by excess</font><font size="2" face="serif">cash flow from any of the other properties.</font></td>
<td align="left">&nbsp;</td>
</tr>
<tr valign="top">
<td align="left"><font size="2" face="serif">&nbsp;</font></td>
<td align="left">&nbsp;</td>
<td align="right">&nbsp;</td>
<td align="left"><font size="2" face="serif">&nbsp;</font></td>
<td align="left">&nbsp;</td>
<td align="right">&nbsp;</td>
<td align="left"><font size="2" face="serif">&nbsp;</font></td>
<td align="left">&nbsp;</td>
<td align="right">&nbsp;</td>
<td align="left"><font size="2" face="serif">&nbsp;</font></td>
<td align="left">&nbsp;</td>
<td align="right">&nbsp;</td>
<td align="left"><font size="2" face="serif">&nbsp;</font></td>
<td align="left">&nbsp;</td>
<td align="right">&nbsp;</td>
<td align="left"><font size="2" face="serif">&nbsp;</font></td>
<td align="left">&nbsp;</td>
<td align="right">&nbsp;</td>
<td align="left"><font size="2" face="serif">&nbsp;</font></td>
<td align="left">&nbsp;</td>
</tr>
<tr valign="top" bgcolor="#FFFFFF">
<td colspan="19" align="left"><font size="2" face="serif">(e) Non-operating income and expense consists principally of interest</font><font size="2" face="serif">&nbsp;</font><font size="2" face="serif">expense and amortization of deferred financing costs.</font></td>
<td align="left">&nbsp;</td>
</tr>
<tr valign="top">
<td align="left"><font size="2" face="serif">&nbsp;</font></td>
<td align="left">&nbsp;</td>
<td align="right">&nbsp;</td>
<td align="left"><font size="2" face="serif">&nbsp;</font></td>
<td align="left">&nbsp;</td>
<td align="right">&nbsp;</td>
<td align="left"><font size="2" face="serif">&nbsp;</font></td>
<td align="left">&nbsp;</td>
<td align="right">&nbsp;</td>
<td align="left"><font size="2" face="serif">&nbsp;</font></td>
<td align="left">&nbsp;</td>
<td align="right">&nbsp;</td>
<td align="left"><font size="2" face="serif">&nbsp;</font></td>
<td align="left">&nbsp;</td>
<td align="right">&nbsp;</td>
<td align="left"><font size="2" face="serif">&nbsp;</font></td>
<td align="left">&nbsp;</td>
<td align="right">&nbsp;</td>
<td align="left"><font size="2" face="serif">&nbsp;</font></td>
<td align="left">&nbsp;</td>
</tr>
</table>
<p align="left"><font size="2" face="serif"><br></font></p>
<p align="center"><font face="serif" size="2">20</font></p>
<hr noshade align="center" width="100%" size="2">
<div style="page-break-before:always"></div>
<page>
<a name="p?"></a>
<p><a href="#contents"><font size="2">Back to Contents</font></a></p>
<table width="100%" cellspacing="0" cellpadding="0" align="center" border="0">
<tr valign="top" bgcolor="#FFFFFF">
<td colspan="4" align="left"><font size="2" face="serif"><b>CEDAR SHOPPING CENTERS, INC.</b></font></td>
<td align="left">&nbsp;</td>
<td align="right">&nbsp;</td>
<td align="left"><font size="2" face="serif">&nbsp;</font></td>
<td align="left">&nbsp;</td>
<td align="right">&nbsp;</td>
<td align="left"><font size="2" face="serif">&nbsp;</font></td>
<td align="left">&nbsp;</td>
<td align="right">&nbsp;</td>
<td align="left"><font size="2" face="serif">&nbsp;</font></td>
<td align="left">&nbsp;</td>
<td align="right">&nbsp;</td>
<td align="left"><font size="2" face="serif">&nbsp;</font></td>
<td align="left">&nbsp;</td>
<td align="right">&nbsp;</td>
<td align="left"><font size="2" face="serif">&nbsp;</font></td>
<td align="left">&nbsp;</td>
</tr>
<tr valign="top" bgcolor="#FFFFFF">
<td colspan="4" align="left"><font size="2" face="serif"><b>Tenant Concentration Schedule</b></font></td>
<td align="left">&nbsp;</td>
<td align="right">&nbsp;</td>
<td align="left"><font size="2" face="serif">&nbsp;</font></td>
<td align="left">&nbsp;</td>
<td align="right">&nbsp;</td>
<td align="left"><font size="2" face="serif">&nbsp;</font></td>
<td align="left">&nbsp;</td>
<td align="right">&nbsp;</td>
<td align="left"><font size="2" face="serif">&nbsp;</font></td>
<td align="left">&nbsp;</td>
<td align="right">&nbsp;</td>
<td align="left"><font size="2" face="serif">&nbsp;</font></td>
<td align="left">&nbsp;</td>
<td align="right">&nbsp;</td>
<td align="left"><font size="2" face="serif">&nbsp;</font></td>
<td align="left">&nbsp;</td>
</tr>
<tr valign="top" bgcolor="#FFFFFF">
<td align="left"><font size="2" face="serif"><b>As of June 30, 2005</b></font></td>
<td align="left" width="2%">&nbsp;</td>
<td width="1%" align="right">&nbsp;</td>
<td width="6%" align="left"><font size="2" face="serif">&nbsp;</font></td>
<td width="2%" align="left">&nbsp;</td>
<td width="1%" align="right">&nbsp;</td>
<td width="8%" align="left"><font size="2" face="serif">&nbsp;</font></td>
<td width="2%" align="left">&nbsp;</td>
<td width="1%" align="right">&nbsp;</td>
<td width="9%" align="left"><font size="2" face="serif">&nbsp;</font></td>
<td width="2%" align="left">&nbsp;</td>
<td width="1%" align="right">&nbsp;</td>
<td width="12%" align="left"><font size="2" face="serif">&nbsp;</font></td>
<td width="2%" align="left">&nbsp;</td>
<td width="1%" align="right">&nbsp;</td>
<td width="9%" align="left"><font size="2" face="serif">&nbsp;</font></td>
<td width="2%" align="left">&nbsp;</td>
<td width="1%" align="right">&nbsp;</td>
<td width="9%" align="left"><font size="2" face="serif">&nbsp;</font></td>
<td width="2%" align="left">&nbsp;</td> </tr>
<tr valign="top" bgcolor="#FFFFFF">
<td align="left"><font size="2" face="serif"><b>(unaudited)</b></font></td>
<td align="left">&nbsp;</td>
<td align="right">&nbsp;</td>
<td align="left"><font size="2" face="serif">&nbsp;</font></td>
<td align="left">&nbsp;</td>
<td align="right">&nbsp;</td>
<td align="left"><font size="2" face="serif">&nbsp;</font></td>
<td align="left">&nbsp;</td>
<td align="right">&nbsp;</td>
<td align="left"><font size="2" face="serif">&nbsp;</font></td>
<td align="left">&nbsp;</td>
<td align="right">&nbsp;</td>
<td align="left"><font size="2" face="serif">&nbsp;</font></td>
<td align="left">&nbsp;</td>
<td align="right">&nbsp;</td>
<td align="left"><font size="2" face="serif">&nbsp;</font></td>
<td align="left">&nbsp;</td>
<td align="right">&nbsp;</td>
<td align="left"><font size="2" face="serif">&nbsp;</font></td>
<td align="left">&nbsp;</td>
</tr>
</table>
<br>
<table width="100%" border="0" align="center" cellpadding="0" cellspacing="0">
<tr align="center" valign="bottom" bgcolor="#FFFFFF">
<td><font size="1" face="serif">&nbsp;&nbsp;<b>Tenant</b></font></td>
<td><font size="1">&nbsp;</font></td>
<td><font size="1" face="serif">&nbsp;<b>Number<br>
of stores</b></font></td>
<td><font size="1">&nbsp;</font></td>
<td colspan="2"><font size="1" face="serif">&nbsp;&nbsp;<b>Sq ft</b></font><font size="1">&nbsp;</font></td>
<td colspan="3"><font size="1" face="serif">&nbsp;<b>Percentage<br>
Sq ft</b></font><font size="1">&nbsp;</font></td>
<td colspan="2"><font size="1" face="serif">&nbsp;<b>Annualized<br>
  base rents</b></font></td>
<td><font size="1">&nbsp;</font></td>
<td>&nbsp;</td>
<td><font size="1" face="serif"><b>Annualized<br>
base rents<br>
per sq ft</b></font></td>
<td><font size="1">&nbsp;</font></td>
<td colspan="2"><font size="1" face="serif"><b>Percentage<br>
Annualized<br>
base rents</b></font></td>
</tr>
<tr valign="bottom" bgcolor="#FFFFFF">
  <td colspan="17" align="left"><hr size="1" noshade></td>
  </tr>
<tr valign="bottom" bgcolor="#eeeeee">
<td align="left"><font size="2" face="serif">Giant Foods/Stop &amp; Shop</font></td>
<td width="2%" align="right">&nbsp;</td>
<td align="center"><font size="2" face="serif">9 </font></td>
<td width="2%" align="right">&nbsp;</td>
<td align="right"><font size="2" face="serif">467,218 </font></td>
<td width="2%" align="right">&nbsp;</td>
<td width="8%" align="right"><font size="2" face="serif">8.25</font></td>
<td width="2%" align="left"><font size="2" face="serif">%</font></td>
<td width="2%" align="left">&nbsp;</td>
<td width="1%" align="right"><font size="2" face="serif">$</font></td>
<td width="8%" align="right"><font size="2" face="serif">      5,032,211 </font></td>
<td width="2%" align="left">&nbsp;</td>
<td width="1%" align="right"><font size="2" face="serif">$</font></td>
<td width="8%" align="right"><font size="2" face="serif">        10.77 </font></td>
<td width="2%" align="left">&nbsp;</td>
<td width="6%" align="right"><font size="2" face="serif">9.31</font></td>
<td width="2%" align="left"><font size="2" face="serif">%</font></td>
</tr>
<tr valign="bottom" bgcolor="#FFFFFF">
<td align="left"><font size="2" face="serif">Staples</font></td>
<td align="right">&nbsp;</td>
<td align="center"><font size="2" face="serif">8 </font></td>
<td align="right">&nbsp;</td>
<td align="right"><font size="2" face="serif">174,829 </font></td>
<td align="right">&nbsp;</td>
<td align="right"><font size="2" face="serif">3.09</font></td>
<td align="left"><font size="2" face="serif">%</font></td>
<td align="left">&nbsp;</td>
<td align="right">&nbsp;</td>
<td align="right"><font size="2" face="serif">2,261,073 </font></td>
<td align="left">&nbsp;</td>
<td align="right">&nbsp;</td>
<td align="right"><font size="2" face="serif">12.93 </font></td>
<td align="left">&nbsp;</td>
<td align="right"><font size="2" face="serif">4.18</font></td>
<td align="left"><font size="2" face="serif">%</font></td>
</tr>
<tr valign="bottom" bgcolor="#eeeeee">
<td align="left"><font size="2" face="serif">Discount Drug Mart</font></td>
<td align="right">&nbsp;</td>
<td align="center"><font size="2" face="serif">9 </font></td>
<td align="right">&nbsp;</td>
<td align="right"><font size="2" face="serif">232,563 </font></td>
<td align="right">&nbsp;</td>
<td align="right"><font size="2" face="serif">4.10</font></td>
<td align="left"><font size="2" face="serif">%</font></td>
<td align="left">&nbsp;</td>
<td align="right">&nbsp;</td>
<td align="right"><font size="2" face="serif">2,082,403 </font></td>
<td align="left">&nbsp;</td>
<td align="right">&nbsp;</td>
<td align="right"><font size="2" face="serif">8.95 </font></td>
<td align="left">&nbsp;</td>
<td align="right"><font size="2" face="serif">3.85</font></td>
<td align="left"><font size="2" face="serif">%</font></td>
</tr>
<tr valign="bottom" bgcolor="#FFFFFF">
<td align="left"><font size="2" face="serif">LA Fitness</font></td>
<td align="right">&nbsp;</td>
<td align="center"><font size="2" face="serif">3 </font></td>
<td align="right">&nbsp;</td>
<td align="right"><font size="2" face="serif">122,996 </font></td>
<td align="right">&nbsp;</td>
<td align="right"><font size="2" face="serif">2.17</font></td>
<td align="left"><font size="2" face="serif">%</font></td>
<td align="left">&nbsp;</td>
<td align="right">&nbsp;</td>
<td align="right"><font size="2" face="serif">1,743,072 </font></td>
<td align="left">&nbsp;</td>
<td align="right">&nbsp;</td>
<td align="right"><font size="2" face="serif">14.17 </font></td>
<td align="left">&nbsp;</td>
<td align="right"><font size="2" face="serif">3.22</font></td>
<td align="left"><font size="2" face="serif">%</font></td>
</tr>
<tr valign="bottom" bgcolor="#eeeeee">
<td align="left"><font size="2" face="serif">Wal-Mart/Sam&#146;s Club</font></td>
<td align="right">&nbsp;</td>
<td align="center"><font size="2" face="serif">2 </font></td>
<td align="right">&nbsp;</td>
<td align="right"><font size="2" face="serif">205,237 </font></td>
<td align="right">&nbsp;</td>
<td align="right"><font size="2" face="serif">3.62</font></td>
<td align="left"><font size="2" face="serif">%</font></td>
<td align="left">&nbsp;</td>
<td align="right">&nbsp;</td>
<td align="right"><font size="2" face="serif">1,367,563 </font></td>
<td align="left">&nbsp;</td>
<td align="right">&nbsp;</td>
<td align="right"><font size="2" face="serif">6.66 </font></td>
<td align="left">&nbsp;</td>
<td align="right"><font size="2" face="serif">2.53</font></td>
<td align="left"><font size="2" face="serif">%</font></td>
</tr>
<tr valign="bottom" bgcolor="#FFFFFF">
<td align="left"><font size="2" face="serif">United Artists Theatre Group</font></td>
<td align="right">&nbsp;</td>
<td align="center"><font size="2" face="serif">1 </font></td>
<td align="right">&nbsp;</td>
<td align="right"><font size="2" face="serif"> &nbsp;77,700</font></td>
<td align="right">&nbsp;</td>
<td align="right"><font size="2" face="serif">1.37</font></td>
<td align="left"><font size="2" face="serif">%</font></td>
<td align="left">&nbsp;</td>
<td align="right">&nbsp;</td>
<td align="right"><font size="2" face="serif">1,332,769 </font></td>
<td align="left">&nbsp;</td>
<td align="right">&nbsp;</td>
<td align="right"><font size="2" face="serif">17.15 </font></td>
<td align="left">&nbsp;</td>
<td align="right"><font size="2" face="serif">2.47</font></td>
<td align="left"><font size="2" face="serif">%</font></td>
</tr>
<tr valign="bottom" bgcolor="#eeeeee">
<td align="left"><font size="2" face="serif">CVS</font></td>
<td align="right">&nbsp;</td>
<td align="center"><font size="2" face="serif">8 </font></td>
<td align="right">&nbsp;</td>
<td align="right"><font size="2" face="serif">79,757 </font></td>
<td align="right">&nbsp;</td>
<td align="right"><font size="2" face="serif">1.41</font></td>
<td align="left"><font size="2" face="serif">%</font></td>
<td align="left">&nbsp;</td>
<td align="right">&nbsp;</td>
<td align="right"><font size="2" face="serif">1,153,171 </font></td>
<td align="left">&nbsp;</td>
<td align="right">&nbsp;</td>
<td align="right"><font size="2" face="serif">14.46 </font></td>
<td align="left">&nbsp;</td>
<td align="right"><font size="2" face="serif">2.13</font></td>
<td align="left"><font size="2" face="serif">%</font></td>
</tr>
<tr valign="bottom" bgcolor="#FFFFFF">
<td align="left"><font size="2" face="serif">Shop &#146;n Save</font></td>
<td align="right">&nbsp;</td>
<td align="center"><font size="2" face="serif">2 </font></td>
<td align="right">&nbsp;</td>
<td align="right"><font size="2" face="serif">102,654 </font></td>
<td align="right">&nbsp;</td>
<td align="right"><font size="2" face="serif">1.81</font></td>
<td align="left"><font size="2" face="serif">%</font></td>
<td align="left">&nbsp;</td>
<td align="right">&nbsp;</td>
<td align="right"><font size="2" face="serif">854,151 </font></td>
<td align="left">&nbsp;</td>
<td align="right">&nbsp;</td>
<td align="right"><font size="2" face="serif">8.32 </font></td>
<td align="left">&nbsp;</td>
<td align="right"><font size="2" face="serif">1.58</font></td>
<td align="left"><font size="2" face="serif">%</font></td>
</tr>
<tr valign="bottom" bgcolor="#eeeeee">
<td align="left"><font size="2" face="serif">Boscov&#146;s</font></td>
<td align="right">&nbsp;</td>
<td align="center"><font size="2" face="serif">1 </font></td>
<td align="right">&nbsp;</td>
<td align="right"><font size="2" face="serif">167,597 </font></td>
<td align="right">&nbsp;</td>
<td align="right"><font size="2" face="serif">2.96</font></td>
<td align="left"><font size="2" face="serif">%</font></td>
<td align="left">&nbsp;</td>
<td align="right">&nbsp;</td>
<td align="right"><font size="2" face="serif">742,071 </font></td>
<td align="left">&nbsp;</td>
<td align="right">&nbsp;</td>
<td align="right"><font size="2" face="serif">4.43 </font></td>
<td align="left">&nbsp;</td>
<td align="right"><font size="2" face="serif">1.37</font></td>
<td align="left"><font size="2" face="serif">%</font></td>
</tr>
<tr valign="bottom" bgcolor="#FFFFFF">
<td align="left"><font size="2" face="serif">Home Depot</font></td>
<td align="right">&nbsp;</td>
<td align="center"><font size="2" face="serif">1 </font></td>
<td align="right">&nbsp;</td>
<td align="right"><font size="2" face="serif">103,003 </font></td>
<td align="right">&nbsp;</td>
<td align="right"><font size="2" face="serif">1.82</font></td>
<td align="left"><font size="2" face="serif">%</font></td>
<td align="left">&nbsp;</td>
<td align="right">&nbsp;</td>
<td align="right"><font size="2" face="serif">721,021 </font></td>
<td align="left">&nbsp;</td>
<td align="right">&nbsp;</td>
<td align="right"><font size="2" face="serif">7.00 </font></td>
<td align="left">&nbsp;</td>
<td align="right"><font size="2" face="serif">1.33</font></td>
<td align="left"><font size="2" face="serif">%</font></td>
</tr>
<tr valign="bottom" bgcolor="#FFFFFF">
  <td align="left">&nbsp;</td>
  <td align="right">&nbsp;</td>
  <td colspan="15" align="right"><hr size="1" noshade></td>
  </tr>
<tr valign="bottom" bgcolor="#eeeeee">
<td align="left"><font size="2" face="serif"><b>Sub-total top ten tenants</b></font></td>
<td align="right">&nbsp;</td>
<td align="right"><font size="2" face="serif">44 </font></td>
<td align="right">&nbsp;</td>
<td align="right"><font size="2" face="serif">1,733,554 </font></td>
<td align="right">&nbsp;</td>
<td align="right"><font size="2" face="serif">30.60</font></td>
<td align="left"><font size="2" face="serif">%</font></td>
<td align="left">&nbsp;</td>
<td align="right">&nbsp;</td>
<td align="right"><font size="2" face="serif">17,289,505 </font></td>
<td align="left">&nbsp;</td>
<td align="right">&nbsp;</td>
<td align="right"><font size="2" face="serif">9.97 </font></td>
<td align="left">&nbsp;</td>
<td align="right"><font size="2" face="serif">31.98</font></td>
<td align="left"><font size="2" face="serif">%</font></td>
</tr>
<tr valign="bottom">
<td align="left"><font size="2" face="serif">&nbsp;</font></td>
<td align="right">&nbsp;</td>
<td align="left"><font size="2" face="serif">&nbsp;</font></td>
<td align="right">&nbsp;</td>
<td align="left"><font size="2" face="serif">&nbsp;</font></td>
<td align="right">&nbsp;</td>
<td align="left"><font size="2" face="serif">&nbsp;</font></td>
<td align="left">&nbsp;</td>
<td align="left">&nbsp;</td>
<td align="right">&nbsp;</td>
<td align="right"><font size="2" face="serif">&nbsp;</font></td>
<td align="left">&nbsp;</td>
<td align="right">&nbsp;</td>
<td align="right"><font size="2" face="serif">&nbsp;</font></td>
<td align="left">&nbsp;</td>
<td align="left"><font size="2" face="serif">&nbsp;</font></td>
<td align="left">&nbsp;</td>
</tr>
<tr valign="bottom" bgcolor="#FFFFFF">
<td align="left"><font size="2" face="serif">Remaining tenants</font></td>
<td align="right">&nbsp;</td>
<td align="right"><font size="2" face="serif">527</font></td>
<td align="right">&nbsp;</td>
<td align="right"><font size="2" face="serif">3,393,815</font></td>
<td align="right">&nbsp;</td>
<td align="right"><font size="2" face="serif">59.90</font></td>
<td align="left"><font size="2" face="serif">%</font></td>
<td align="left">&nbsp;</td>
<td align="right">&nbsp;</td>
<td align="right"><font size="2" face="serif">36,767,530</font></td>
<td align="left">&nbsp;</td>
<td align="right">&nbsp;</td>
<td align="right"><font size="2" face="serif">10.83</font></td>
<td align="left">&nbsp;</td>
<td align="right"><font size="2" face="serif">68.02</font></td>
<td align="left"><font size="2" face="serif">%</font></td>
</tr>
<tr valign="bottom" bgcolor="#FFFFFF">
  <td align="left">&nbsp;</td>
  <td align="right">&nbsp;</td>
  <td colspan="15" align="right"><hr size="1" noshade></td>
  </tr>
<tr valign="bottom" bgcolor="#eeeeee">
<td align="left"><font size="2" face="serif"><b>Sub-total all tenants</b></font></td>
<td align="right">&nbsp;</td>
<td align="right"><font size="2" face="serif">571</font></td>
<td align="right">&nbsp;</td>
<td align="right"><font size="2" face="serif">5,127,369</font></td>
<td align="right">&nbsp;</td>
<td align="right"><font size="2" face="serif">90.49</font></td>
<td align="left"><font size="2" face="serif">%</font></td>
<td align="left">&nbsp;</td>
<td align="right">&nbsp;</td>
<td align="right"><font size="2" face="serif">54,057,036</font></td>
<td align="left">&nbsp;</td>
<td align="right">&nbsp;</td>
<td align="right"><font size="2" face="serif">10.54</font></td>
<td align="left">&nbsp;</td>
<td align="right"><font size="2" face="serif">100.00</font></td>
<td align="left"><font size="2" face="serif">%</font></td>
</tr>
<tr valign="bottom">
<td align="left"><font size="2" face="serif">&nbsp;</font></td>
<td align="right">&nbsp;</td>
<td align="left"><font size="2" face="serif">&nbsp;</font></td>
<td align="right">&nbsp;</td>
<td align="left"><font size="2" face="serif">&nbsp;</font></td>
<td align="right">&nbsp;</td>
<td align="left"><font size="2" face="serif">&nbsp;</font></td>
<td align="left">&nbsp;</td>
<td align="left">&nbsp;</td>
<td align="right">&nbsp;</td>
<td align="right"><font size="2" face="serif">&nbsp;</font></td>
<td align="left">&nbsp;</td>
<td align="right">&nbsp;</td>
<td align="right"><font size="2" face="serif">&nbsp;</font></td>
<td align="left">&nbsp;</td>
<td align="left"><font size="2" face="serif">&nbsp;</font></td>
<td align="left">&nbsp;</td>
</tr>
<tr valign="bottom" bgcolor="#FFFFFF">
<td align="left"><font size="2" face="serif">Vacant (a)</font></td>
<td align="right">&nbsp;</td>
<td align="right"><font size="2" face="serif">N/A</font></td>
<td align="right">&nbsp;</td>
<td align="right"><font size="2" face="serif">538,682</font></td>
<td align="right">&nbsp;</td>
<td align="right"><font size="2" face="serif">9.51</font></td>
<td align="left"><font size="2" face="serif">%</font></td>
<td align="left">&nbsp;</td>
<td align="right">&nbsp;</td>
<td align="right"><font size="2" face="serif">N/A</font></td>
<td align="left">&nbsp;</td>
<td align="right">&nbsp;</td>
<td align="right"><font size="2" face="serif">N/A</font></td>
<td align="left">&nbsp;</td>
<td align="right"><font size="2" face="serif">N/A</font></td>
<td align="left">&nbsp;</td>
</tr>
<tr valign="bottom" bgcolor="#FFFFFF">
  <td align="left">&nbsp;</td>
  <td align="right">&nbsp;</td>
  <td colspan="15" align="right"><hr size="1" noshade></td>
  </tr>
<tr valign="bottom" bgcolor="#eeeeee">
<td align="left"><font size="2" face="serif"><b>Total (including vacant)</b></font></td>
<td align="right">&nbsp;</td>
<td align="right"><font size="2" face="serif">571</font></td>
<td align="right">&nbsp;</td>
<td align="right"><font size="2" face="serif">5,666,051 </font></td>
<td align="right">&nbsp;</td>
<td align="right"><font size="2" face="serif">100.00</font></td>
<td align="left"><font size="2" face="serif">%</font></td>
<td align="left">&nbsp;</td>
<td align="right"><font size="2" face="serif">$</font></td>
<td align="right"><font size="2" face="serif">    54,057,036</font></td>
<td align="left">&nbsp;</td>
<td align="right"><font size="2" face="serif">$</font></td>
<td align="right"><font size="2" face="serif">          9.54 </font></td>
<td align="left">&nbsp;</td>
<td align="right"><font size="2" face="serif">N/A</font></td>
<td align="left">&nbsp;</td>
</tr>
<tr valign="bottom">
<td align="left"><font size="2" face="serif">&nbsp;</font></td>
<td align="right">&nbsp;</td>
<td colspan="15" align="left"><hr size="2" noshade></td>
</tr>
</table>
<br>
<table width="100%" cellspacing="0" cellpadding="0" align="center" border="0">
<tr valign="top" bgcolor="#FFFFFF">
<td colspan="16" align="left"><font size="2" face="serif">(a) Includes locations presently undergoing development and/or redevelopment activities.</font></td>
<td align="left">&nbsp;</td>
<td align="right">&nbsp;</td>
<td align="left"><font size="2" face="serif">&nbsp;</font></td>
<td align="left">&nbsp;</td>
</tr>
</table>
<p align="center"><font face="serif" size="2">21</font></p>
<hr noshade align="center" width="100%" size="2">
<div style="page-break-before:always"></div>
<page>
<a name="p?"></a>
<p><a href="#contents"><font size="2">Back to Contents</font></a></p>


<table width="100%" cellspacing="0" cellpadding="0" border="0">
<tr valign="top">
<td align="left"><font size="2" face="serif"><b>CEDAR SHOPPING CENTERS, INC.<br>Lease Expiration Schedule<br>As of June 30, 2005<br>(unaudited)</b></font></td>
</tr>
</table>
<br>
<table width="100%" cellspacing="0" cellpadding="0" align="center" border="0">
<tr align="center" valign="bottom">
<td bgcolor="#FFFFFF"><font size="1" face="serif"><b>Number<br>
  of tenants</b></font></td>
<td width="2%" bgcolor="#FFFFFF"><font size="1">&nbsp;</font></td>
<td width="10%" bgcolor="#FFFFFF"><font size="1" face="serif"><b>Sq ft</b></font></td>
<td width="2%" bgcolor="#FFFFFF"><font size="1">&nbsp;</font></td>
<td width="1%" bgcolor="#FFFFFF"><font size="1">&nbsp;</font></td>
<td colspan="2" bgcolor="#FFFFFF"><font size="1" face="serif"><b>Percentage<br>
  of total<br>sq ft</b></font></td>
<td width="1%" bgcolor="#FFFFFF"><font size="1">&nbsp;</font></td>
<td width="10%" bgcolor="#FFFFFF"><font size="1" face="serif"><b>Year<br>
  leases<br>expire</b></font></td>
<td width="2%" bgcolor="#FFFFFF"><font size="1">&nbsp;</font></td>
<td width="1%" bgcolor="#FFFFFF"><font size="1">&nbsp;</font></td>
<td width="13%" bgcolor="#FFFFFF"><font size="1" face="serif"><b>Annualized<br>
  expiring<br>base rents</b></font></td>
<td width="2%" bgcolor="#FFFFFF"><font size="1">&nbsp;</font></td>
<td width="1%" bgcolor="#FFFFFF"><font size="1">&nbsp;</font></td>
<td width="12%" bgcolor="#FFFFFF"><font size="1" face="serif"><b>Annualized<br>
  expiring<br>per sq ft</b></font></td>
<td width="2%" bgcolor="#FFFFFF"><font size="1">&nbsp;</font></td>
<td width="1%" bgcolor="#FFFFFF"><font size="1">&nbsp;</font></td>
<td colspan="2" bgcolor="#FFFFFF"><font size="1" face="serif"><b>Percentage<br>
  Annualized<br>expiring<br>base rents</b></font></td>
</tr>
<tr valign="bottom">
  <td colspan="19" align="left"><hr align="left" width="100%" size=1 noshade></td>
  </tr>
<tr valign="bottom">
<td align="left"><font size="2" face="serif">&nbsp;</font></td>
<td align="right">&nbsp;</td>
<td align="left"><font size="2" face="serif">&nbsp;</font></td>
<td align="left">&nbsp;</td>
<td align="right">&nbsp;</td>
<td align="left"><font size="2" face="serif">&nbsp;</font></td>
<td align="left">&nbsp;</td>
<td align="right">&nbsp;</td>
<td align="left"><font size="2" face="serif">&nbsp;</font></td>
<td align="left">&nbsp;</td>
<td align="right">&nbsp;</td>
<td align="left"><font size="2" face="serif">&nbsp;</font></td>
<td align="left">&nbsp;</td>
<td align="right">&nbsp;</td>
<td align="left"><font size="2" face="serif">&nbsp;</font></td>
<td align="left">&nbsp;</td>
<td align="right">&nbsp;</td>
<td width="7%" align="left"><font size="2" face="serif">&nbsp;</font></td>
<td width="5%" align="left">&nbsp;</td>
</tr>
<tr align="right" valign="bottom">
<td align="center" bgcolor="#eeeeee"><font size="2" face="serif">15</font></td>
<td width="2%" bgcolor="#eeeeee">&nbsp;</td>
<td width="10%" bgcolor="#eeeeee"><font size="2" face="serif">59,825</font></td>
<td width="2%" bgcolor="#eeeeee">&nbsp;</td>
<td width="1%" bgcolor="#eeeeee">&nbsp;</td>
<td width="7%" bgcolor="#eeeeee"><font size="2" face="serif">1.06</font></td>
<td width="2%" align="left" bgcolor="#eeeeee"><font size="2" face="serif">%</font></td>
<td width="1%" bgcolor="#eeeeee">&nbsp;</td>
<td width="10%" align="center" bgcolor="#eeeeee"><font size="2" face="serif">M-T-M</font></td>
<td width="2%" bgcolor="#eeeeee">&nbsp;</td>
<td width="1%" bgcolor="#eeeeee"><font size="2" face="serif">$</font></td>
<td width="13%" bgcolor="#eeeeee"><font size="2" face="serif"> 874,210 </font></td>
<td width="2%" bgcolor="#eeeeee">&nbsp;</td>
<td bgcolor="#eeeeee"><font size="2" face="serif">$</font></td>
<td bgcolor="#eeeeee"><font size="2" face="serif"> 14.61 </font></td>
<td bgcolor="#eeeeee">&nbsp;</td>
<td bgcolor="#eeeeee">&nbsp;</td>
<td width="7%" bgcolor="#eeeeee"><font size="2" face="serif">1.62</font></td>
<td width="5%" align="left" bgcolor="#eeeeee"><font size="2" face="serif">%</font></td>
</tr>
<tr align="right" valign="bottom">
<td align="center" bgcolor="#FFFFFF"><font size="2" face="serif">44</font></td>
<td bgcolor="#FFFFFF">&nbsp;</td>
<td bgcolor="#FFFFFF"><font size="2" face="serif">174,847</font></td>
<td bgcolor="#FFFFFF">&nbsp;</td>
<td bgcolor="#FFFFFF">&nbsp;</td>
<td bgcolor="#FFFFFF"><font size="2" face="serif">3.09</font></td>
<td align="left" bgcolor="#FFFFFF"><font size="2" face="serif">%</font></td>
<td bgcolor="#FFFFFF">&nbsp;</td>
<td align="center"><font size="2" face="serif">2005</font></td>
<td bgcolor="#FFFFFF">&nbsp;</td>
<td bgcolor="#FFFFFF">&nbsp;</td>
<td bgcolor="#FFFFFF"><font size="2" face="serif">2,082,161</font></td>
<td bgcolor="#FFFFFF">&nbsp;</td>
<td bgcolor="#FFFFFF">&nbsp;</td>
<td bgcolor="#FFFFFF"><font size="2" face="serif">11.91 </font></td>
<td bgcolor="#FFFFFF">&nbsp;</td>
<td bgcolor="#FFFFFF">&nbsp;</td>
<td bgcolor="#FFFFFF"><font size="2" face="serif">3.85</font></td>
<td align="left" bgcolor="#FFFFFF"><font size="2" face="serif">%</font></td>
</tr>
<tr align="right" valign="bottom">
<td align="center" bgcolor="#eeeeee"><font size="2" face="serif">83</font></td>
<td bgcolor="#eeeeee">&nbsp;</td>
<td bgcolor="#eeeeee"><font size="2" face="serif">369,739</font></td>
<td bgcolor="#eeeeee">&nbsp;</td>
<td bgcolor="#eeeeee">&nbsp;</td>
<td bgcolor="#eeeeee"><font size="2" face="serif">6.53</font></td>
<td align="left" bgcolor="#eeeeee"><font size="2" face="serif">%</font></td>
<td bgcolor="#eeeeee">&nbsp;</td>
<td align="center" bgcolor="#eeeeee"><font size="2" face="serif">2006</font></td>
<td bgcolor="#eeeeee">&nbsp;</td>
<td bgcolor="#eeeeee">&nbsp;</td>
<td bgcolor="#eeeeee"><font size="2" face="serif">4,369,052</font></td>
<td bgcolor="#eeeeee">&nbsp;</td>
<td bgcolor="#eeeeee">&nbsp;</td>
<td bgcolor="#eeeeee"><font size="2" face="serif">11.82 </font></td>
<td bgcolor="#eeeeee">&nbsp;</td>
<td bgcolor="#eeeeee">&nbsp;</td>
<td bgcolor="#eeeeee"><font size="2" face="serif">8.08</font></td>
<td align="left" bgcolor="#eeeeee"><font size="2" face="serif">%</font></td>
</tr>
<tr align="right" valign="bottom">
<td align="center" bgcolor="#FFFFFF"><font size="2" face="serif">79</font></td>
<td bgcolor="#FFFFFF">&nbsp;</td>
<td bgcolor="#FFFFFF"><font size="2" face="serif">280,309</font></td>
<td bgcolor="#FFFFFF">&nbsp;</td>
<td bgcolor="#FFFFFF">&nbsp;</td>
<td bgcolor="#FFFFFF"><font size="2" face="serif">4.95</font></td>
<td align="left" bgcolor="#FFFFFF"><font size="2" face="serif">%</font></td>
<td bgcolor="#FFFFFF">&nbsp;</td>
<td align="center"><font size="2" face="serif">2007</font></td>
<td bgcolor="#FFFFFF">&nbsp;</td>
<td bgcolor="#FFFFFF">&nbsp;</td>
<td bgcolor="#FFFFFF"><font size="2" face="serif">3,881,902</font></td>
<td bgcolor="#FFFFFF">&nbsp;</td>
<td bgcolor="#FFFFFF">&nbsp;</td>
<td bgcolor="#FFFFFF"><font size="2" face="serif">13.85</font></td>
<td bgcolor="#FFFFFF">&nbsp;</td>
<td bgcolor="#FFFFFF">&nbsp;</td>
<td bgcolor="#FFFFFF"><font size="2" face="serif">7.18</font></td>
<td align="left" bgcolor="#FFFFFF"><font size="2" face="serif">%</font></td>
</tr>
<tr align="right" valign="bottom">
<td align="center" bgcolor="#eeeeee"><font size="2" face="serif">78</font></td>
<td bgcolor="#eeeeee">&nbsp;</td>
<td bgcolor="#eeeeee"><font size="2" face="serif">370,417</font></td>
<td bgcolor="#eeeeee">&nbsp;</td>
<td bgcolor="#eeeeee">&nbsp;</td>
<td bgcolor="#eeeeee"><font size="2" face="serif">6.54</font></td>
<td align="left" bgcolor="#eeeeee"><font size="2" face="serif">%</font></td>
<td bgcolor="#eeeeee">&nbsp;</td>
<td align="center" bgcolor="#eeeeee"><font size="2" face="serif">2008</font></td>
<td bgcolor="#eeeeee">&nbsp;</td>
<td bgcolor="#eeeeee">&nbsp;</td>
<td bgcolor="#eeeeee"><font size="2" face="serif">5,028,009</font></td>
<td bgcolor="#eeeeee">&nbsp;</td>
<td bgcolor="#eeeeee">&nbsp;</td>
<td bgcolor="#eeeeee"><font size="2" face="serif">13.57</font></td>
<td bgcolor="#eeeeee">&nbsp;</td>
<td bgcolor="#eeeeee">&nbsp;</td>
<td bgcolor="#eeeeee"><font size="2" face="serif">9.30</font></td>
<td align="left" bgcolor="#eeeeee"><font size="2" face="serif">%</font></td>
</tr>
<tr align="right" valign="bottom">
<td align="center" bgcolor="#FFFFFF"><font size="2" face="serif">91</font></td>
<td bgcolor="#FFFFFF">&nbsp;</td>
<td bgcolor="#FFFFFF"><font size="2" face="serif">485,456</font></td>
<td bgcolor="#FFFFFF">&nbsp;</td>
<td bgcolor="#FFFFFF">&nbsp;</td>
<td bgcolor="#FFFFFF"><font size="2" face="serif">8.57</font></td>
<td align="left" bgcolor="#FFFFFF"><font size="2" face="serif">%</font></td>
<td bgcolor="#FFFFFF">&nbsp;</td>
<td align="center"><font size="2" face="serif">2009</font></td>
<td bgcolor="#FFFFFF">&nbsp;</td>
<td bgcolor="#FFFFFF">&nbsp;</td>
<td bgcolor="#FFFFFF"><font size="2" face="serif">4,996,724</font></td>
<td bgcolor="#FFFFFF">&nbsp;</td>
<td bgcolor="#FFFFFF">&nbsp;</td>
<td bgcolor="#FFFFFF"><font size="2" face="serif">10.29</font></td>
<td bgcolor="#FFFFFF">&nbsp;</td>
<td bgcolor="#FFFFFF">&nbsp;</td>
<td bgcolor="#FFFFFF"><font size="2" face="serif">9.24</font></td>
<td align="left" bgcolor="#FFFFFF"><font size="2" face="serif">%</font></td>
</tr>
<tr align="right" valign="bottom">
<td align="center" bgcolor="#eeeeee"><font size="2" face="serif">36</font></td>
<td bgcolor="#eeeeee">&nbsp;</td>
<td bgcolor="#eeeeee"><font size="2" face="serif">603,839</font></td>
<td bgcolor="#eeeeee">&nbsp;</td>
<td bgcolor="#eeeeee">&nbsp;</td>
<td bgcolor="#eeeeee"><font size="2" face="serif">10.66</font></td>
<td align="left" bgcolor="#eeeeee"><font size="2" face="serif">%</font></td>
<td bgcolor="#eeeeee">&nbsp;</td>
<td align="center" bgcolor="#eeeeee"><font size="2" face="serif">2010</font></td>
<td bgcolor="#eeeeee">&nbsp;</td>
<td bgcolor="#eeeeee">&nbsp;</td>
<td bgcolor="#eeeeee"><font size="2" face="serif">4,747,772</font></td>
<td bgcolor="#eeeeee">&nbsp;</td>
<td bgcolor="#eeeeee">&nbsp;</td>
<td bgcolor="#eeeeee"><font size="2" face="serif">7.86 </font></td>
<td bgcolor="#eeeeee">&nbsp;</td>
<td bgcolor="#eeeeee">&nbsp;</td>
<td bgcolor="#eeeeee"><font size="2" face="serif">8.78</font></td>
<td align="left" bgcolor="#eeeeee"><font size="2" face="serif">%</font></td>
</tr>
<tr align="right" valign="bottom">
<td align="center" bgcolor="#FFFFFF"><font size="2" face="serif">25</font></td>
<td bgcolor="#FFFFFF">&nbsp;</td>
<td bgcolor="#FFFFFF"><font size="2" face="serif">379,210</font></td>
<td bgcolor="#FFFFFF">&nbsp;</td>
<td bgcolor="#FFFFFF">&nbsp;</td>
<td bgcolor="#FFFFFF"><font size="2" face="serif">6.69</font></td>
<td align="left" bgcolor="#FFFFFF"><font size="2" face="serif">%</font></td>
<td bgcolor="#FFFFFF">&nbsp;</td>
<td align="center"><font size="2" face="serif">2011</font></td>
<td bgcolor="#FFFFFF">&nbsp;</td>
<td bgcolor="#FFFFFF">&nbsp;</td>
<td bgcolor="#FFFFFF"><font size="2" face="serif">3,254,883</font></td>
<td bgcolor="#FFFFFF">&nbsp;</td>
<td bgcolor="#FFFFFF">&nbsp;</td>
<td bgcolor="#FFFFFF"><font size="2" face="serif">8.58 </font></td>
<td bgcolor="#FFFFFF">&nbsp;</td>
<td bgcolor="#FFFFFF">&nbsp;</td>
<td bgcolor="#FFFFFF"><font size="2" face="serif">6.02</font></td>
<td align="left" bgcolor="#FFFFFF"><font size="2" face="serif">%</font></td>
</tr>
<tr align="right" valign="bottom">
<td align="center" bgcolor="#eeeeee"><font size="2" face="serif">22 </font></td>
<td bgcolor="#eeeeee">&nbsp;</td>
<td bgcolor="#eeeeee"><font size="2" face="serif">205,466</font></td>
<td bgcolor="#eeeeee">&nbsp;</td>
<td bgcolor="#eeeeee">&nbsp;</td>
<td bgcolor="#eeeeee"><font size="2" face="serif">3.63</font></td>
<td align="left" bgcolor="#eeeeee"><font size="2" face="serif">%</font></td>
<td bgcolor="#eeeeee">&nbsp;</td>
<td align="center" bgcolor="#eeeeee"><font size="2" face="serif">2012</font></td>
<td bgcolor="#eeeeee">&nbsp;</td>
<td bgcolor="#eeeeee">&nbsp;</td>
<td bgcolor="#eeeeee"><font size="2" face="serif">2,159,334</font></td>
<td bgcolor="#eeeeee">&nbsp;</td>
<td bgcolor="#eeeeee">&nbsp;</td>
<td bgcolor="#eeeeee"><font size="2" face="serif">10.51 </font></td>
<td bgcolor="#eeeeee">&nbsp;</td>
<td bgcolor="#eeeeee">&nbsp;</td>
<td bgcolor="#eeeeee"><font size="2" face="serif">3.99</font></td>
<td align="left" bgcolor="#eeeeee"><font size="2" face="serif">%</font></td>
</tr>
<tr align="right" valign="bottom">
<td align="center" bgcolor="#FFFFFF"><font size="2" face="serif">17</font></td>
<td bgcolor="#FFFFFF">&nbsp;</td>
<td bgcolor="#FFFFFF"><font size="2" face="serif">169,989</font></td>
<td bgcolor="#FFFFFF">&nbsp;</td>
<td bgcolor="#FFFFFF">&nbsp;</td>
<td bgcolor="#FFFFFF"><font size="2" face="serif">3.00</font></td>
<td align="left" bgcolor="#FFFFFF"><font size="2" face="serif">%</font></td>
<td bgcolor="#FFFFFF">&nbsp;</td>
<td align="center"><font size="2" face="serif">2013</font></td>
<td bgcolor="#FFFFFF">&nbsp;</td>
<td bgcolor="#FFFFFF">&nbsp;</td>
<td bgcolor="#FFFFFF"><font size="2" face="serif">1,907,932</font></td>
<td bgcolor="#FFFFFF">&nbsp;</td>
<td bgcolor="#FFFFFF">&nbsp;</td>
<td bgcolor="#FFFFFF"><font size="2" face="serif">11.22 </font></td>
<td bgcolor="#FFFFFF">&nbsp;</td>
<td bgcolor="#FFFFFF">&nbsp;</td>
<td bgcolor="#FFFFFF"><font size="2" face="serif">3.53</font></td>
<td align="left" bgcolor="#FFFFFF"><font size="2" face="serif">%</font></td>
</tr>
<tr align="right" valign="bottom">
<td align="center" bgcolor="#eeeeee"><font size="2" face="serif">19</font></td>
<td bgcolor="#eeeeee">&nbsp;</td>
<td bgcolor="#eeeeee"><font size="2" face="serif">153,340</font></td>
<td bgcolor="#eeeeee">&nbsp;</td>
<td bgcolor="#eeeeee">&nbsp;</td>
<td bgcolor="#eeeeee"><font size="2" face="serif">2.71</font></td>
<td align="left" bgcolor="#eeeeee"><font size="2" face="serif">%</font></td>
<td bgcolor="#eeeeee">&nbsp;</td>
<td align="center" bgcolor="#eeeeee"><font size="2" face="serif">2014</font></td>
<td bgcolor="#eeeeee">&nbsp;</td>
<td bgcolor="#eeeeee">&nbsp;</td>
<td bgcolor="#eeeeee"><font size="2" face="serif">1,972,325</font></td>
<td bgcolor="#eeeeee">&nbsp;</td>
<td bgcolor="#eeeeee">&nbsp;</td>
<td bgcolor="#eeeeee"><font size="2" face="serif">12.86 </font></td>
<td bgcolor="#eeeeee">&nbsp;</td>
<td bgcolor="#eeeeee">&nbsp;</td>
<td bgcolor="#eeeeee"><font size="2" face="serif">3.65</font></td>
<td align="left" bgcolor="#eeeeee"><font size="2" face="serif">%</font></td>
</tr>
<tr align="right" valign="bottom">
<td align="center" bgcolor="#FFFFFF"><font size="2" face="serif">10</font></td>
<td bgcolor="#FFFFFF">&nbsp;</td>
<td bgcolor="#FFFFFF"><font size="2" face="serif">258,673</font></td>
<td bgcolor="#FFFFFF">&nbsp;</td>
<td bgcolor="#FFFFFF">&nbsp;</td>
<td bgcolor="#FFFFFF"><font size="2" face="serif">4.57</font></td>
<td align="left" bgcolor="#FFFFFF"><font size="2" face="serif">%</font></td>
<td bgcolor="#FFFFFF">&nbsp;</td>
<td align="center"><font size="2" face="serif">2015</font></td>
<td bgcolor="#FFFFFF">&nbsp;</td>
<td bgcolor="#FFFFFF">&nbsp;</td>
<td bgcolor="#FFFFFF"><font size="2" face="serif">2,324,253</font></td>
<td bgcolor="#FFFFFF">&nbsp;</td>
<td bgcolor="#FFFFFF">&nbsp;</td>
<td bgcolor="#FFFFFF"><font size="2" face="serif">8.99 </font></td>
<td bgcolor="#FFFFFF">&nbsp;</td>
<td bgcolor="#FFFFFF">&nbsp;</td>
<td bgcolor="#FFFFFF"><font size="2" face="serif">4.30</font></td>
<td align="left" bgcolor="#FFFFFF"><font size="2" face="serif">%</font></td>
</tr>
<tr align="right" valign="bottom">
  <td colspan="7" bgcolor="#FFFFFF"><hr align="left" width="100%" size=1 noshade></td>
  <td bgcolor="#FFFFFF">&nbsp;</td>
  <td align="center">&nbsp;</td>
  <td bgcolor="#FFFFFF">&nbsp;</td>
  <td bgcolor="#FFFFFF">&nbsp;</td>
  <td colspan="8" bgcolor="#FFFFFF"><hr align="left" width="100%" size=1 noshade></td>
  </tr>
<tr align="right" valign="bottom">
<td align="center" bgcolor="#eeeeee"><font size="2" face="serif">519 &nbsp;</font></td>
<td bgcolor="#eeeeee">&nbsp;</td>
<td bgcolor="#eeeeee"><font size="2" face="serif">3,511,110</font></td>
<td bgcolor="#eeeeee">&nbsp;</td>
<td bgcolor="#eeeeee">&nbsp;</td>
<td bgcolor="#eeeeee"><font size="2" face="serif">61.97</font></td>
<td align="left" bgcolor="#eeeeee"><font size="2" face="serif">%</font></td>
<td bgcolor="#eeeeee">&nbsp;</td>
<td align="center" bgcolor="#eeeeee"><font size="2" face="serif">&nbsp;</font></td>
<td bgcolor="#eeeeee">&nbsp;</td>
<td bgcolor="#eeeeee">&nbsp;</td>
<td bgcolor="#eeeeee"><font size="2" face="serif">37,598,557</font></td>
<td bgcolor="#eeeeee">&nbsp;</td>
<td bgcolor="#eeeeee">&nbsp;</td>
<td bgcolor="#eeeeee"><font size="2" face="serif">10.71</font></td>
<td bgcolor="#eeeeee">&nbsp;</td>
<td bgcolor="#eeeeee">&nbsp;</td>
<td bgcolor="#eeeeee"><font size="2" face="serif">69.55</font></td>
<td align="left" bgcolor="#eeeeee"><font size="2" face="serif">%</font></td>
</tr>
<tr align="right" valign="bottom">
<td align="center"><font size="2" face="serif">&nbsp;</font></td>
<td>&nbsp;</td>
<td><font size="2" face="serif">&nbsp;</font></td>
<td>&nbsp;</td>
<td>&nbsp;</td>
<td><font size="2" face="serif">&nbsp;</font></td>
<td align="left">&nbsp;</td>
<td>&nbsp;</td>
<td align="center"><font size="2" face="serif">&nbsp;</font></td>
<td>&nbsp;</td>
<td>&nbsp;</td>
<td><font size="2" face="serif">&nbsp;</font></td>
<td>&nbsp;</td>
<td>&nbsp;</td>
<td><font size="2" face="serif">&nbsp;</font></td>
<td>&nbsp;</td>
<td>&nbsp;</td>
<td><font size="2" face="serif">&nbsp;</font></td>
<td align="left">&nbsp;</td>
</tr>
<tr align="right" valign="bottom">
<td align="center" bgcolor="#FFFFFF"><font size="2" face="serif">52 </font></td>
<td bgcolor="#FFFFFF">&nbsp;</td>
<td bgcolor="#FFFFFF"><font size="2" face="serif">1,616,259</font></td>
<td bgcolor="#FFFFFF">&nbsp;</td>
<td bgcolor="#FFFFFF">&nbsp;</td>
<td bgcolor="#FFFFFF"><font size="2" face="serif">28.53</font></td>
<td align="left" bgcolor="#FFFFFF"><font size="2" face="serif">%</font></td>
<td bgcolor="#FFFFFF">&nbsp;</td>
<td align="center"><font size="2" face="serif">Thereafter</font></td>
<td bgcolor="#FFFFFF">&nbsp;</td>
<td bgcolor="#FFFFFF">&nbsp;</td>
<td bgcolor="#FFFFFF"><font size="2" face="serif">16,458,479</font></td>
<td bgcolor="#FFFFFF">&nbsp;</td>
<td bgcolor="#FFFFFF">&nbsp;</td>
<td bgcolor="#FFFFFF"><font size="2" face="serif">10.18</font></td>
<td bgcolor="#FFFFFF">&nbsp;</td>
<td bgcolor="#FFFFFF">&nbsp;</td>
<td bgcolor="#FFFFFF"><font size="2" face="serif">30.45</font></td>
<td align="left" bgcolor="#FFFFFF"><font size="2" face="serif">%</font></td>
</tr>
<tr align="right" valign="bottom">
  <td colspan="7" bgcolor="#FFFFFF"><hr align="left" width="100%" size=1 noshade></td>
  <td bgcolor="#FFFFFF">&nbsp;</td>
  <td align="center">&nbsp;</td>
  <td bgcolor="#FFFFFF">&nbsp;</td>
  <td bgcolor="#FFFFFF">&nbsp;</td>
  <td colspan="8" bgcolor="#FFFFFF"><hr align="left" width="100%" size=1 noshade></td>
  </tr>
<tr align="right" valign="bottom">
<td align="center" bgcolor="#eeeeee"><font size="2" face="serif">571</font></td>
<td bgcolor="#eeeeee">&nbsp;</td>
<td bgcolor="#eeeeee"><font size="2" face="serif">5,127,369</font></td>
<td bgcolor="#eeeeee">&nbsp;</td>
<td bgcolor="#eeeeee">&nbsp;</td>
<td bgcolor="#eeeeee"><font size="2" face="serif">90.49</font></td>
<td align="left" bgcolor="#eeeeee"><font size="2" face="serif">%</font></td>
<td bgcolor="#eeeeee">&nbsp;</td>
<td align="center" bgcolor="#eeeeee"><font size="2" face="serif">&nbsp;</font></td>
<td bgcolor="#eeeeee">&nbsp;</td>
<td bgcolor="#eeeeee">&nbsp;</td>
<td bgcolor="#eeeeee"><font size="2" face="serif">54,057,036</font></td>
<td bgcolor="#eeeeee">&nbsp;</td>
<td bgcolor="#eeeeee">&nbsp;</td>
<td bgcolor="#eeeeee"><font size="2" face="serif">10.54</font></td>
<td bgcolor="#eeeeee">&nbsp;</td>
<td bgcolor="#eeeeee">&nbsp;</td>
<td bgcolor="#eeeeee"><font size="2" face="serif">100.00</font></td>
<td align="left" bgcolor="#eeeeee"><font size="2" face="serif">%</font></td>
</tr>
<tr align="right" valign="bottom">
<td align="center"><font size="2" face="serif">&nbsp;</font></td>
<td>&nbsp;</td>
<td><font size="2" face="serif">&nbsp;</font></td>
<td>&nbsp;</td>
<td>&nbsp;</td>
<td><font size="2" face="serif">&nbsp;</font></td>
<td align="left">&nbsp;</td>
<td>&nbsp;</td>
<td align="center"><font size="2" face="serif">&nbsp;</font></td>
<td>&nbsp;</td>
<td>&nbsp;</td>
<td><font size="2" face="serif">&nbsp;</font></td>
<td>&nbsp;</td>
<td>&nbsp;</td>
<td><font size="2" face="serif">&nbsp;</font></td>
<td>&nbsp;</td>
<td>&nbsp;</td>
<td><font size="2" face="serif">&nbsp;</font></td>
<td align="left">&nbsp;</td>
</tr>
<tr align="right" valign="bottom">
<td align="center" bgcolor="#FFFFFF"><font size="2" face="serif">N/A</font></td>
<td bgcolor="#FFFFFF">&nbsp;</td>
<td bgcolor="#FFFFFF"><font size="2" face="serif">538,682</font></td>
<td bgcolor="#FFFFFF">&nbsp;</td>
<td bgcolor="#FFFFFF">&nbsp;</td>
<td bgcolor="#FFFFFF"><font size="2" face="serif">9.51</font></td>
<td align="left" bgcolor="#FFFFFF"><font size="2" face="serif">%</font></td>
<td bgcolor="#FFFFFF">&nbsp;</td>
<td align="center"><font size="2" face="serif">Vacant (a)</font></td>
<td bgcolor="#FFFFFF">&nbsp;</td>
<td bgcolor="#FFFFFF">&nbsp;</td>
<td bgcolor="#FFFFFF"><font size="2" face="serif">N/A</font></td>
<td bgcolor="#FFFFFF">&nbsp;</td>
<td bgcolor="#FFFFFF">&nbsp;</td>
<td bgcolor="#FFFFFF"><font size="2" face="serif">N/A</font></td>
<td bgcolor="#FFFFFF">&nbsp;</td>
<td bgcolor="#FFFFFF">&nbsp;</td>
<td bgcolor="#FFFFFF"><font size="2" face="serif">N/A</font></td>
<td align="left" bgcolor="#FFFFFF">&nbsp;</td>
</tr>
<tr align="right" valign="bottom">
  <td colspan="7" bgcolor="#FFFFFF"><hr align="left" width="100%" size=1 noshade></td>
  <td bgcolor="#FFFFFF">&nbsp;</td>
  <td align="center">&nbsp;</td>
  <td bgcolor="#FFFFFF">&nbsp;</td>
  <td bgcolor="#FFFFFF">&nbsp;</td>
  <td colspan="8" bgcolor="#FFFFFF"><hr align="left" width="100%" size=1 noshade></td>
  </tr>
<tr align="right" valign="bottom">
<td><font size="2" face="serif">&nbsp;</font></td>
<td>&nbsp;</td>
<td><font size="2" face="serif">&nbsp;</font></td>
<td>&nbsp;</td>
<td>&nbsp;</td>
<td><font size="2" face="serif">&nbsp;</font></td>
<td align="left">&nbsp;</td>
<td>&nbsp;</td>
<td align="center"><font size="2" face="serif">&nbsp;</font></td>
<td>&nbsp;</td>
<td>&nbsp;</td>
<td><font size="2" face="serif">&nbsp;</font></td>
<td>&nbsp;</td>
<td>&nbsp;</td>
<td><font size="2" face="serif">&nbsp;</font></td>
<td>&nbsp;</td>
<td>&nbsp;</td>
<td><font size="2" face="serif">&nbsp;</font></td>
<td align="left">&nbsp;</td>
</tr>
<tr align="right" valign="bottom" bgcolor="#eeeeee">
<td><font size="2" face="serif">&nbsp;</font></td>
<td>&nbsp;</td>
<td><font size="2" face="serif">&nbsp;</font></td>
<td>&nbsp;</td>
<td>&nbsp;</td>
<td><font size="2" face="serif">&nbsp;</font></td>
<td align="left">&nbsp;</td>
<td>&nbsp;</td>
<td align="center"><font size="2" face="serif">Total</font></td>
<td>&nbsp;</td>
<td>&nbsp;</td>
<td><font size="2" face="serif">&nbsp;</font></td>
<td>&nbsp;</td>
<td>&nbsp;</td>
<td><font size="2" face="serif">&nbsp;</font></td>
<td>&nbsp;</td>
<td>&nbsp;</td>
<td><font size="2" face="serif">&nbsp;</font></td>
<td align="left">&nbsp;</td>
</tr>
<tr align="right" valign="bottom">
<td align="center" bgcolor="#eeeeee"><font size="2" face="serif">571</font></td>
<td bgcolor="#eeeeee">&nbsp;</td>
<td bgcolor="#eeeeee"><font size="2" face="serif">5,666,051</font></td>
<td bgcolor="#eeeeee">&nbsp;</td>
<td bgcolor="#eeeeee">&nbsp;</td>
<td bgcolor="#eeeeee"><font size="2" face="serif">100.00</font></td>
<td align="left" bgcolor="#eeeeee"><font size="2" face="serif">%</font></td>
<td bgcolor="#eeeeee">&nbsp;</td>
<td align="center" bgcolor="#eeeeee"><font size="2" face="serif">portfolio</font></td>
<td bgcolor="#eeeeee">&nbsp;</td>
<td bgcolor="#eeeeee"><font size="2" face="serif">$</font></td>
<td bgcolor="#eeeeee"><font size="2" face="serif"> 54,057,036</font></td>
<td bgcolor="#eeeeee">&nbsp;</td>
<td bgcolor="#eeeeee"><font size="2" face="serif">$</font></td>
<td bgcolor="#eeeeee"><font size="2" face="serif"> 9.54 </font></td>
<td bgcolor="#eeeeee">&nbsp;</td>
<td bgcolor="#eeeeee">&nbsp;</td>
<td bgcolor="#eeeeee"><font size="2" face="serif">N/A</font></td>
<td align="left" bgcolor="#eeeeee">&nbsp;</td>
</tr>
<tr align="right" valign="bottom">
  <td colspan="7" bgcolor="#FFFFFF"><hr align="left" width="100%" size=2 noshade></td>
  <td bgcolor="#FFFFFF">&nbsp;</td>
  <td align="center">&nbsp;</td>
  <td bgcolor="#FFFFFF">&nbsp;</td>
  <td bgcolor="#FFFFFF">&nbsp;</td>
  <td colspan="8" bgcolor="#FFFFFF"><hr align="left" width="100%" size=2 noshade></td>
  </tr>
<tr align="right" valign="bottom">
<td><font size="2" face="serif">&nbsp;</font></td>
<td>&nbsp;</td>
<td><font size="2" face="serif">&nbsp;</font></td>
<td>&nbsp;</td>
<td>&nbsp;</td>
<td><font size="2" face="serif">&nbsp;</font></td>
<td align="left">&nbsp;</td>
<td>&nbsp;</td>
<td align="center"><font size="2" face="serif">&nbsp;</font></td>
<td>&nbsp;</td>
<td>&nbsp;</td>
<td><font size="2" face="serif">&nbsp;</font></td>
<td>&nbsp;</td>
<td>&nbsp;</td>
<td><font size="2" face="serif">&nbsp;</font></td>
<td>&nbsp;</td>
<td>&nbsp;</td>
<td><font size="2" face="serif">&nbsp;</font></td>
<td align="left">&nbsp;</td>
</tr>
</table>
<br><br>
<table width="100%" cellspacing="0" cellpadding="0" border="0">
<tr valign="top">
<td align="left"><font size="2" face="serif">(a) Includes locations presently undergoing development and/or redevelopment activities.</font></td>
</tr>
</table>
<p align="center"><font face="serif" size="2">22</font></p>
<hr noshade align="center" width="100%" size="2">
</body>
</html>
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