<SEC-DOCUMENT>0001193125-12-099124.txt : 20120306
<SEC-HEADER>0001193125-12-099124.hdr.sgml : 20120306
<ACCEPTANCE-DATETIME>20120306163707
ACCESSION NUMBER:		0001193125-12-099124
CONFORMED SUBMISSION TYPE:	10-K
PUBLIC DOCUMENT COUNT:		20
CONFORMED PERIOD OF REPORT:	20111231
FILED AS OF DATE:		20120306
DATE AS OF CHANGE:		20120306

FILER:

	COMPANY DATA:	
		COMPANY CONFORMED NAME:			CEDAR REALTY TRUST, 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:		10-K
		SEC ACT:		1934 Act
		SEC FILE NUMBER:	001-31817
		FILM NUMBER:		12670860

	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 SHOPPING CENTERS INC
		DATE OF NAME CHANGE:	20030812

	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
</SEC-HEADER>
<DOCUMENT>
<TYPE>10-K
<SEQUENCE>1
<FILENAME>d305538d10k.htm
<DESCRIPTION>10-K
<TEXT>
<HTML><HEAD>
<TITLE>10-K</TITLE>
</HEAD>
 <BODY BGCOLOR="WHITE">
<h5 align="left"><a href="#toc">Table of Contents</a></h5>


 <P STYLE="line-height:0px;margin-top:0px;margin-bottom:0px;border-bottom:0.5pt solid #000000">&nbsp;</P>
<P STYLE="line-height:3px;margin-top:0px;margin-bottom:2px;border-bottom:0.5pt solid #000000">&nbsp;</P> <P STYLE="margin-top:8px;margin-bottom:0px" ALIGN="center"><FONT STYLE="font-family:Times New Roman" SIZE="5"><B>UNITED STATES </B></FONT></P>
<P STYLE="margin-top:0px;margin-bottom:0px" ALIGN="center"><FONT STYLE="font-family:Times New Roman" SIZE="5"><B>SECURITIES AND EXCHANGE COMMISSION </B></FONT></P> <P STYLE="margin-top:0px;margin-bottom:0px" ALIGN="center"><FONT
STYLE="font-family:Times New Roman" SIZE="3"><B>WASHINGTON, D.C. 20549 </B></FONT></P> <P STYLE="font-size:10px;margin-top:0px;margin-bottom:0px">&nbsp;</P><center>
<P STYLE="line-height:6px;margin-top:0px;margin-bottom:2px;border-bottom:1pt solid #000000;width:21%">&nbsp;</P></center> <P STYLE="margin-top:10px;margin-bottom:0px" ALIGN="center"><FONT STYLE="font-family:Times New Roman" SIZE="5"><B>FORM 10-K
</B></FONT></P> <P STYLE="font-size:10px;margin-top:0px;margin-bottom:0px">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR>
<TD WIDTH="4%" VALIGN="top" ALIGN="left"><FONT STYLE="font-family:Times New Roman" SIZE="3"><B></B><FONT STYLE="FONT-FAMILY:WINGDINGS">&#120;</FONT><B></B><B></B></FONT></TD>
<TD ALIGN="left" VALIGN="top"> <P ALIGN="justify"><FONT STYLE="font-family:Times New Roman" SIZE="3"><B>ANNUAL REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 </B></FONT></P></TD></TR></TABLE>
 <P STYLE="margin-top:10px;margin-bottom:0px; text-indent:4%" ALIGN="justify"><FONT STYLE="font-family:Times New Roman" SIZE="3"><B>For the fiscal year ended December&nbsp;31, 2011 </B></FONT></P>
 <P STYLE="margin-top:10px;margin-bottom:0px" ALIGN="center"><FONT STYLE="font-family:Times New Roman" SIZE="3"><B>OR </B></FONT></P> <P STYLE="font-size:10px;margin-top:0px;margin-bottom:0px">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR>
<TD WIDTH="4%" VALIGN="top" ALIGN="left"><FONT STYLE="font-family:Times New Roman" SIZE="3"><B></B><FONT STYLE="FONT-FAMILY:WINGDINGS">&#168;</FONT><B></B><B></B></FONT></TD>
<TD ALIGN="left" VALIGN="top"> <P ALIGN="justify"><FONT STYLE="font-family:Times New Roman" SIZE="3"><B>TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 </B></FONT></P></TD></TR></TABLE>
<P STYLE="margin-top:10px;margin-bottom:0px" ALIGN="center"><FONT STYLE="font-family:Times New Roman" SIZE="3"><B>COMMISSION FILE NUMBER: 001-31817 </B></FONT></P> <P STYLE="font-size:10px;margin-top:0px;margin-bottom:0px">&nbsp;</P><center>
<P STYLE="line-height:6px;margin-top:0px;margin-bottom:2px;border-bottom:1pt solid #000000;width:21%">&nbsp;</P></center> <P STYLE="margin-top:10px;margin-bottom:0px" ALIGN="center"><FONT STYLE="font-family:Times New Roman" SIZE="6"><B>CEDAR REALTY
TRUST, INC. </B></FONT></P> <P STYLE="margin-top:0px;margin-bottom:0px" ALIGN="center"><FONT STYLE="font-family:Times New Roman" SIZE="2"><B>(Exact name of registrant as specified in its charter) </B></FONT></P>
<P STYLE="font-size:10px;margin-top:0px;margin-bottom:0px">&nbsp;</P>
<TABLE CELLSPACING="0" CELLPADDING="0" WIDTH="100%" BORDER="0" STYLE="BORDER-COLLAPSE:COLLAPSE" ALIGN="center">


<TR>
<TD WIDTH="50%"></TD>
<TD VALIGN="bottom" WIDTH="2%"></TD>
<TD WIDTH="48%"></TD></TR>


<TR>
<TD VALIGN="top" ALIGN="center"><FONT STYLE="font-family:Times New Roman" SIZE="2"><B>Maryland</B></FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="top" ALIGN="center"><FONT STYLE="font-family:Times New Roman" SIZE="2"><B>42-1241468</B></FONT></TD></TR>
<TR>
<TD VALIGN="top" ALIGN="center"> <P STYLE="margin-top:0px;margin-bottom:0px" ALIGN="center"><FONT STYLE="font-family:Times New Roman" SIZE="1"><B>(State or other jurisdiction of</B></FONT></P>
<P STYLE="margin-top:0px;margin-bottom:1px" ALIGN="center"><FONT STYLE="font-family:Times New Roman" SIZE="1"><B>incorporation or organization)</B></FONT></P></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="top" ALIGN="center"> <P STYLE="margin-top:0px;margin-bottom:0px" ALIGN="center"><FONT STYLE="font-family:Times New Roman" SIZE="1"><B>(I.R.S. Employer</B></FONT></P> <P STYLE="margin-top:0px;margin-bottom:1px" ALIGN="center"><FONT
STYLE="font-family:Times New Roman" SIZE="1"><B>Identification Number)</B></FONT></P></TD></TR>
</TABLE> <P STYLE="font-size:10px;margin-top:0px;margin-bottom:0px">&nbsp;</P>
<TABLE CELLSPACING="0" CELLPADDING="0" WIDTH="100%" BORDER="0" STYLE="BORDER-COLLAPSE:COLLAPSE" ALIGN="center">


<TR>
<TD WIDTH="50%"></TD>
<TD VALIGN="bottom" WIDTH="2%"></TD>
<TD WIDTH="48%"></TD></TR>


<TR>
<TD VALIGN="top" ALIGN="center"><FONT STYLE="font-family:Times New Roman" SIZE="2"><B>44 South Bayles Avenue, Port Washington, NY</B></FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="top" ALIGN="center"><FONT STYLE="font-family:Times New Roman" SIZE="2"><B>11050-3765</B></FONT></TD></TR>
<TR>
<TD VALIGN="top" ALIGN="center"><FONT STYLE="font-family:Times New Roman" SIZE="1"><B>(Address of principal executive offices)</B></FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="top" ALIGN="center"><FONT STYLE="font-family:Times New Roman" SIZE="1"><B>(Zip Code)</B></FONT></TD></TR>
</TABLE> <P STYLE="margin-top:10px;margin-bottom:0px" ALIGN="center"><FONT STYLE="font-family:Times New Roman" SIZE="2"><B>Registrant&#146;s telephone number, including area code: (516)&nbsp;767-6492 </B></FONT></P>
<P STYLE="margin-top:10px;margin-bottom:0px" ALIGN="center"><FONT STYLE="font-family:Times New Roman" SIZE="2"><B>Securities registered pursuant to Section&nbsp;12(b) of the Act: </B></FONT></P>
<P STYLE="font-size:10px;margin-top:0px;margin-bottom:0px">&nbsp;</P>
<TABLE CELLSPACING="0" CELLPADDING="0" WIDTH="100%" BORDER="0" STYLE="BORDER-COLLAPSE:COLLAPSE" ALIGN="center">


<TR>
<TD WIDTH="50%"></TD>
<TD VALIGN="bottom" WIDTH="2%"></TD>
<TD WIDTH="48%"></TD></TR>
<TR>
<TD VALIGN="bottom" NOWRAP ALIGN="center"> <P STYLE="border-bottom:1px solid #000000;width:60pt" ALIGN="center"><FONT STYLE="font-family:Times New Roman" SIZE="1"><B>Title of each class</B></FONT></P></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="center"> <P STYLE="border-bottom:1px solid #000000;width:148pt" ALIGN="center"><FONT STYLE="font-family:Times New Roman" SIZE="1"><B>Name of each exchange on </B><I></I><B>which registered</B></FONT></P></TD></TR>


<TR>
<TD VALIGN="top" ALIGN="center"> <P STYLE="margin-top:0px;margin-bottom:0px" ALIGN="center"><FONT STYLE="font-family:Times New Roman" SIZE="2">Common Stock, $0.06 par value</FONT></P> <P STYLE="margin-top:0px;margin-bottom:1px" ALIGN="center"><FONT
STYLE="font-family:Times New Roman" SIZE="2">8-7/8% Series A Cumulative Redeemable</FONT></P></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="top" ALIGN="center"><FONT STYLE="font-family:Times New Roman" SIZE="2">New York Stock Exchange</FONT></TD></TR>
<TR>
<TD VALIGN="top" ALIGN="center"><FONT STYLE="font-family:Times New Roman" SIZE="2">Preferred Stock, $25.00 Liquidation Value</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="top" ALIGN="center"><FONT STYLE="font-family:Times New Roman" SIZE="2">New York Stock Exchange</FONT></TD></TR>
</TABLE> <P STYLE="margin-top:10px;margin-bottom:0px" ALIGN="center"><FONT STYLE="font-family:Times New Roman" SIZE="2"><B>Securities registered pursuant to Section&nbsp;12(g) of the Act: </B></FONT></P>
<P STYLE="margin-top:0px;margin-bottom:0px" ALIGN="center"><FONT STYLE="font-family:Times New Roman" SIZE="2"><B>None </B></FONT></P> <P STYLE="font-size:10px;margin-top:0px;margin-bottom:0px">&nbsp;</P><center>
<P STYLE="line-height:6px;margin-top:0px;margin-bottom:2px;border-bottom:1pt solid #000000;width:21%">&nbsp;</P></center> <P STYLE="margin-top:10px;margin-bottom:0px"><FONT STYLE="font-family:Times New Roman" SIZE="2">Indicate by check mark if the
registrant is a well-known seasoned issuer, as defined in Rule 405 of the Securities
Act.&nbsp;&nbsp;&nbsp;&nbsp;Yes&nbsp;&nbsp;<FONT STYLE="FONT-FAMILY:WINGDINGS">&#168;</FONT>&nbsp;&nbsp;&nbsp;&nbsp;No&nbsp;&nbsp;<FONT STYLE="FONT-FAMILY:WINGDINGS">&#120;</FONT> </FONT></P>
<P STYLE="margin-top:10px;margin-bottom:0px" ALIGN="justify"><FONT STYLE="font-family:Times New Roman" SIZE="2">Indicate by check mark if the registrant is not required to file reports pursuant to Section&nbsp;13 or Section&nbsp;15(d) of the
Act.&nbsp;&nbsp;&nbsp;&nbsp;Yes&nbsp;&nbsp;<FONT STYLE="FONT-FAMILY:WINGDINGS">&#168;</FONT>&nbsp;&nbsp;&nbsp;&nbsp;No&nbsp;&nbsp;<FONT STYLE="FONT-FAMILY:WINGDINGS">&#120;</FONT> </FONT></P>
<P STYLE="margin-top:10px;margin-bottom:0px" ALIGN="justify"><FONT STYLE="font-family:Times New Roman" SIZE="2">Indicate by check mark whether the registrant (1)&nbsp;has filed all reports required to be filed by Section&nbsp;13 or 15(d) of the
Securities Exchange Act of 1934 during the preceding 12 months (or for such shorter period that the registrant was required to file such reports) and (2)&nbsp;has been subject to such filing requirements for the past 90
days.&nbsp;&nbsp;&nbsp;&nbsp;Yes&nbsp;&nbsp;<FONT STYLE="FONT-FAMILY:WINGDINGS">&#120;</FONT>&nbsp;&nbsp;&nbsp;&nbsp;No&nbsp;&nbsp;<FONT STYLE="FONT-FAMILY:WINGDINGS">&#168;</FONT> </FONT></P>
<P STYLE="margin-top:10px;margin-bottom:0px" ALIGN="justify"><FONT STYLE="font-family:Times New Roman" SIZE="2">Indicate by check mark whether the registrant has submitted electronically and posted on its corporate Web site, if any, every
Interactive Data File required to be submitted and posted pursuant to Rule 405 of Regulation S-T (&#167;232.405 of this chapter) during the preceding 12 months (or for such shorter period that the registrant was required to submit and post such
files).&nbsp;&nbsp;&nbsp;&nbsp;Yes&nbsp;&nbsp;<FONT STYLE="FONT-FAMILY:WINGDINGS">&#120;</FONT>&nbsp;&nbsp;&nbsp;&nbsp;No&nbsp;&nbsp;<FONT STYLE="FONT-FAMILY:WINGDINGS">&#168;</FONT> </FONT></P>
<P STYLE="margin-top:10px;margin-bottom:0px" ALIGN="justify"><FONT STYLE="font-family:Times New Roman" SIZE="2">Indicate by check mark if disclosure of delinquent filers pursuant to Item&nbsp;405 of Regulation S-K is not contained herein, and will
not be contained, to the best of registrant&#146;s knowledge, in definitive proxy or information statements incorporated by reference in Part III of this Form 10-K or any amendment to this Form 10-K.&nbsp;&nbsp;&nbsp;&nbsp;<FONT
STYLE="FONT-FAMILY:WINGDINGS">&#120;</FONT> </FONT></P> <P STYLE="margin-top:10px;margin-bottom:0px" ALIGN="justify"><FONT STYLE="font-family:Times New Roman" SIZE="2">Indicate by check mark whether the registrant is a large accelerated filer, an
accelerated filer, a non-accelerated filer, or a smaller reporting company. See the definitions of &#147;large accelerated filer,&#148; &#147;accelerated filer&#148; and &#147;smaller reporting company&#148; in Rule 12b-2 of the Exchange Act. (Check
one): </FONT></P> <P STYLE="font-size:10px;margin-top:0px;margin-bottom:0px">&nbsp;</P>
<TABLE CELLSPACING="0" CELLPADDING="0" WIDTH="100%" BORDER="0" STYLE="BORDER-COLLAPSE:COLLAPSE" ALIGN="center">


<TR>
<TD WIDTH="16%"></TD>
<TD VALIGN="bottom" WIDTH="1%"></TD>
<TD WIDTH="60%"></TD>
<TD VALIGN="bottom" WIDTH="1%"></TD>
<TD WIDTH="20%"></TD>
<TD VALIGN="bottom" WIDTH="1%"></TD>
<TD WIDTH="1%"></TD></TR>


<TR>
<TD VALIGN="bottom"> <P ALIGN="justify"><FONT STYLE="font-family:Times New Roman" SIZE="2">Large&nbsp;accelerated&nbsp;filer</FONT></P></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"> <P ALIGN="justify"><FONT STYLE="font-family:Times New Roman" SIZE="2"><FONT STYLE="FONT-FAMILY:WINGDINGS">&#168;</FONT></FONT></P></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"> <P ALIGN="justify"><FONT STYLE="font-family:Times New Roman" SIZE="2">Accelerated&nbsp;filer</FONT></P></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"> <P ALIGN="justify"><FONT STYLE="font-family:Times New Roman" SIZE="2"><FONT STYLE="FONT-FAMILY:WINGDINGS">&#120;</FONT></FONT></P></TD></TR>
<TR>
<TD HEIGHT="8"></TD>
<TD HEIGHT="8" COLSPAN="2"></TD>
<TD HEIGHT="8" COLSPAN="2"></TD>
<TD HEIGHT="8" COLSPAN="2"></TD></TR>
<TR>
<TD VALIGN="bottom"> <P ALIGN="justify"><FONT STYLE="font-family:Times New Roman" SIZE="2">Non-accelerated filer</FONT></P></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"> <P ALIGN="justify"><FONT STYLE="font-family:Times New Roman" SIZE="2"><FONT STYLE="FONT-FAMILY:WINGDINGS">&#168;</FONT>&nbsp;&nbsp;(Do not check if a smaller reporting company)</FONT></P></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"> <P ALIGN="justify"><FONT STYLE="font-family:Times New Roman" SIZE="2">Smaller&nbsp;reporting&nbsp;company</FONT></P></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"> <P ALIGN="justify"><FONT STYLE="font-family:Times New Roman" SIZE="2"><FONT STYLE="FONT-FAMILY:WINGDINGS">&#168;</FONT></FONT></P></TD></TR>
</TABLE> <P STYLE="margin-top:10px;margin-bottom:0px"><FONT STYLE="font-family:Times New Roman" SIZE="2">Indicate by check mark whether the registrant is a shell company (as defined in Rule 12b-2 of the Exchange
Act).&nbsp;&nbsp;&nbsp;&nbsp;Yes&nbsp;&nbsp;<FONT STYLE="FONT-FAMILY:WINGDINGS">&#168;</FONT>&nbsp;&nbsp;&nbsp;&nbsp;No&nbsp;&nbsp;<FONT STYLE="FONT-FAMILY:WINGDINGS">&#120;</FONT> </FONT></P>
<P STYLE="margin-top:10px;margin-bottom:0px" ALIGN="justify"><FONT STYLE="font-family:Times New Roman" SIZE="2">Based on the closing sales price on June&nbsp;30, 2011 of $5.15 per share, the aggregate market value of the voting stock held by
non-affiliates of the registrant was approximately $345,676,000. </FONT></P> <P STYLE="margin-top:10px;margin-bottom:0px" ALIGN="justify"><FONT STYLE="font-family:Times New Roman" SIZE="2">The number of shares outstanding of the registrant&#146;s
Common Stock $.06 par value was 69,315,860 on February&nbsp;29, 2012. </FONT></P> <P STYLE="font-size:10px;margin-top:0px;margin-bottom:0px">&nbsp;</P><center>
<P STYLE="line-height:6px;margin-top:0px;margin-bottom:2px;border-bottom:1pt solid #000000;width:21%">&nbsp;</P></center> <P STYLE="margin-top:10px;margin-bottom:0px" ALIGN="center"><FONT STYLE="font-family:Times New Roman" SIZE="2"><B>DOCUMENTS
INCORPORATED BY REFERENCE: </B></FONT></P> <P STYLE="margin-top:10px;margin-bottom:0px" ALIGN="justify"><FONT STYLE="font-family:Times New Roman" SIZE="2">Portions of the registrant&#146;s definitive proxy statement relating to its 2012 annual
meeting of shareholders are incorporated herein by reference. </FONT></P> <P STYLE="font-size:8px;margin-top:0px;margin-bottom:0px">&nbsp;</P> <P STYLE="line-height:0px;margin-top:0px;margin-bottom:0px;border-bottom:0.5pt solid #000000">&nbsp;</P>
<P STYLE="line-height:3px;margin-top:0px;margin-bottom:2px;border-bottom:0.5pt solid #000000">&nbsp;</P>

<p Style='page-break-before:always'>
<HR  SIZE="3" style="COLOR:#999999" WIDTH="100%" ALIGN="CENTER">
<h5 align="left"><a href="#toc">Table of Contents</a></h5>


 <P STYLE="margin-top:0px;margin-bottom:0px" ALIGN="center"><FONT STYLE="font-family:Times New Roman" SIZE="2"><B>CEDAR REALTY TRUST, INC. </B></FONT></P>
<P STYLE="margin-top:10px;margin-bottom:0px" ALIGN="center"><FONT STYLE="font-family:Times New Roman" SIZE="2"><B><A NAME="toc"></A>TABLE OF CONTENTS </B></FONT></P> <P STYLE="font-size:10px;margin-top:0px;margin-bottom:0px">&nbsp;</P>
<TABLE CELLSPACING="0" CELLPADDING="0" WIDTH="100%" BORDER="0" STYLE="BORDER-COLLAPSE:COLLAPSE" ALIGN="center">


<TR STYLE="visibility:hidden; line-height:0pt; color:white">
<TD WIDTH="5%"></TD>
<TD VALIGN="bottom" WIDTH="4%"></TD>
<TD nowrap><FONT STYLE="Times New Roman" SIZE="1"><B>September 30,</B></FONT></TD>
<TD VALIGN="bottom" WIDTH="4%"></TD>
<TD></TD>
<TD nowrap><FONT STYLE="Times New Roman" SIZE="1"><B>September 30,</B></FONT></TD>
<TD></TD></TR>
<TR>
<TD VALIGN="bottom" NOWRAP> <P STYLE="border-bottom:1px solid #000000;width:29pt"><FONT STYLE="font-family:Times New Roman" SIZE="1"><B>Item&nbsp;No.</B></FONT></P></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" COLSPAN="2" ALIGN="center">
<P STYLE="border-bottom:1px solid #000000;width:62pt" ALIGN="center"><FONT STYLE="font-family:Times New Roman" SIZE="1"><B>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Page&nbsp;No.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</B></FONT></P></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD></TR>


<TR>
<TD VALIGN="top" COLSPAN="6" ALIGN="center"><FONT STYLE="font-family:Times New Roman" SIZE="2"><B><A HREF="#tx308892_1">PART I </A></B></FONT></TD>
<TD VALIGN="top"><FONT STYLE="font-family:Times New Roman" SIZE="2"><B><A HREF="#tx308892_1"></A>&nbsp;&nbsp;</B></FONT></TD></TR>
<TR>
<TD VALIGN="top" NOWRAP> <P STYLE="margin-left:1.00em; text-indent:-1.00em"><FONT STYLE="font-family:Times New Roman" SIZE="2">1and 2.</FONT></P></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="2"><A HREF="#tx305538_2">Business and Properties </A></FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="2">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:Times New Roman" SIZE="2">3</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="2">&nbsp;&nbsp;</FONT></TD></TR>
<TR>
<TD VALIGN="top"> <P STYLE="margin-left:1.00em; text-indent:-1.00em"><FONT STYLE="font-family:Times New Roman" SIZE="2">1A.</FONT></P></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="2"><A HREF="#tx308892_3">Risk Factors</A></FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="2">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:Times New Roman" SIZE="2">16</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="2">&nbsp;&nbsp;</FONT></TD></TR>
<TR>
<TD VALIGN="top"> <P STYLE="margin-left:1.00em; text-indent:-1.00em"><FONT STYLE="font-family:Times New Roman" SIZE="2">1B.</FONT></P></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="2"><A HREF="#tx308892_4">Unresolved Staff Comments</A></FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="2">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:Times New Roman" SIZE="2">25</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="2">&nbsp;&nbsp;</FONT></TD></TR>
<TR>
<TD VALIGN="top"> <P STYLE="margin-left:1.00em; text-indent:-1.00em"><FONT STYLE="font-family:Times New Roman" SIZE="2">3.</FONT></P></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="2"><A HREF="#tx308892_5">Legal Proceedings</A></FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="2">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:Times New Roman" SIZE="2">25</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="2">&nbsp;&nbsp;</FONT></TD></TR>
<TR>
<TD VALIGN="top"> <P STYLE="margin-left:1.00em; text-indent:-1.00em"><FONT STYLE="font-family:Times New Roman" SIZE="2">4.</FONT></P></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="2"><A HREF="#tx308892_6">Mine Safety Disclosures</A></FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="2">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:Times New Roman" SIZE="2">25</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="2">&nbsp;&nbsp;</FONT></TD></TR>
<TR>
<TD HEIGHT="13" COLSPAN="7"></TD></TR>
<TR>
<TD VALIGN="top" COLSPAN="6" ALIGN="center"><FONT STYLE="font-family:Times New Roman" SIZE="2"><B><A HREF="#tx308892_7">PART II </A></B></FONT></TD>
<TD VALIGN="top"><FONT STYLE="font-family:Times New Roman" SIZE="2"><B><A HREF="#tx308892_7"></A>&nbsp;&nbsp;</B></FONT></TD></TR>
<TR>
<TD VALIGN="top"> <P STYLE="margin-left:1.00em; text-indent:-1.00em"><FONT STYLE="font-family:Times New Roman" SIZE="2">5.</FONT></P></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="2"><A HREF="#tx308892_8">Market for Registrant&#146;s Common Equity, Related Stockholder Matters and Issuer Purchases of Equity Securities </A></FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="2">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:Times New Roman" SIZE="2">28</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="2">&nbsp;&nbsp;</FONT></TD></TR>
<TR>
<TD VALIGN="top"> <P STYLE="margin-left:1.00em; text-indent:-1.00em"><FONT STYLE="font-family:Times New Roman" SIZE="2">6.</FONT></P></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="2"><A HREF="#tx308892_9">Selected Financial Data </A></FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="2">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:Times New Roman" SIZE="2">31</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="2">&nbsp;&nbsp;</FONT></TD></TR>
<TR>
<TD VALIGN="top"> <P STYLE="margin-left:1.00em; text-indent:-1.00em"><FONT STYLE="font-family:Times New Roman" SIZE="2">7.</FONT></P></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="2"><A HREF="#tx308892_10">Management&#146;s Discussion and Analysis of Financial Condition and Results of Operations</A></FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="2">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:Times New Roman" SIZE="2">33</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="2">&nbsp;&nbsp;</FONT></TD></TR>
<TR>
<TD VALIGN="top"> <P STYLE="margin-left:1.00em; text-indent:-1.00em"><FONT STYLE="font-family:Times New Roman" SIZE="2">7A.</FONT></P></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="2"><A HREF="#tx308892_11">Quantitative and Qualitative Disclosures about Market Risk</A></FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="2">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:Times New Roman" SIZE="2">50</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="2">&nbsp;&nbsp;</FONT></TD></TR>
<TR>
<TD VALIGN="top"> <P STYLE="margin-left:1.00em; text-indent:-1.00em"><FONT STYLE="font-family:Times New Roman" SIZE="2">8.</FONT></P></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="2"><A HREF="#tx308892_12">Financial Statements and Supplementary Data </A></FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="2">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:Times New Roman" SIZE="2">51</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="2">&nbsp;&nbsp;</FONT></TD></TR>
<TR>
<TD VALIGN="top"> <P STYLE="margin-left:1.00em; text-indent:-1.00em"><FONT STYLE="font-family:Times New Roman" SIZE="2">9.</FONT></P></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="2"><A HREF="#tx308892_13">Changes in and Disagreements With Accountants on Accounting and Financial Disclosure </A></FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="2">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:Times New Roman" SIZE="2">103</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="2">&nbsp;&nbsp;</FONT></TD></TR>
<TR>
<TD VALIGN="top"> <P STYLE="margin-left:1.00em; text-indent:-1.00em"><FONT STYLE="font-family:Times New Roman" SIZE="2">9A.</FONT></P></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="2"><A HREF="#tx308892_14">Controls and Procedures, including Management Report on Internal Control Over Financial Reporting </A></FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="2">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:Times New Roman" SIZE="2">103</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="2">&nbsp;&nbsp;</FONT></TD></TR>
<TR>
<TD VALIGN="top"> <P STYLE="margin-left:1.00em; text-indent:-1.00em"><FONT STYLE="font-family:Times New Roman" SIZE="2">9B.</FONT></P></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="2"><A HREF="#tx308892_15">Other Information </A></FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="2">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:Times New Roman" SIZE="2">105</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="2">&nbsp;&nbsp;</FONT></TD></TR>
<TR>
<TD HEIGHT="13" COLSPAN="7"></TD></TR>
<TR>
<TD VALIGN="top" COLSPAN="6" ALIGN="center"><FONT STYLE="font-family:Times New Roman" SIZE="2"><B><A HREF="#tx308892_16">PART III </A></B></FONT></TD>
<TD VALIGN="top"><FONT STYLE="font-family:Times New Roman" SIZE="2"><B><A HREF="#tx308892_16"></A>&nbsp;&nbsp;</B></FONT></TD></TR>
<TR>
<TD VALIGN="top"> <P STYLE="margin-left:1.00em; text-indent:-1.00em"><FONT STYLE="font-family:Times New Roman" SIZE="2">10.</FONT></P></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="2"><A HREF="#tx308892_17">Directors, Executive Officers and Corporate Governance </A></FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="2">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:Times New Roman" SIZE="2">105</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="2">&nbsp;&nbsp;</FONT></TD></TR>
<TR>
<TD VALIGN="top"> <P STYLE="margin-left:1.00em; text-indent:-1.00em"><FONT STYLE="font-family:Times New Roman" SIZE="2">11.</FONT></P></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="2"><A HREF="#tx308892_18">Executive Compensation </A></FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="2">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:Times New Roman" SIZE="2">105</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="2">&nbsp;&nbsp;</FONT></TD></TR>
<TR>
<TD VALIGN="top"> <P STYLE="margin-left:1.00em; text-indent:-1.00em"><FONT STYLE="font-family:Times New Roman" SIZE="2">12.</FONT></P></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="2"><A HREF="#tx308892_19">Security Ownership of Certain Beneficial Owners and Management and Related Stockholder Matters </A></FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="2">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:Times New Roman" SIZE="2">105</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="2">&nbsp;&nbsp;</FONT></TD></TR>
<TR>
<TD VALIGN="top"> <P STYLE="margin-left:1.00em; text-indent:-1.00em"><FONT STYLE="font-family:Times New Roman" SIZE="2">13.</FONT></P></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="2"><A HREF="#tx308892_20">Certain Relationships and Related Transactions, and Director Independence </A></FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="2">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:Times New Roman" SIZE="2">105</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="2">&nbsp;&nbsp;</FONT></TD></TR>
<TR>
<TD VALIGN="top"> <P STYLE="margin-left:1.00em; text-indent:-1.00em"><FONT STYLE="font-family:Times New Roman" SIZE="2">14.</FONT></P></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="2"><A HREF="#tx308892_21">Principal Accountant Fees and Services </A></FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="2">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:Times New Roman" SIZE="2">105</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="2">&nbsp;&nbsp;</FONT></TD></TR>
<TR>
<TD HEIGHT="13" COLSPAN="7"></TD></TR>
<TR>
<TD VALIGN="top" COLSPAN="6" ALIGN="center"><FONT STYLE="font-family:Times New Roman" SIZE="2"><B><A HREF="#tx308892_22">PART IV </A></B></FONT></TD>
<TD VALIGN="top"><FONT STYLE="font-family:Times New Roman" SIZE="2"><B><A HREF="#tx308892_22"></A>&nbsp;&nbsp;</B></FONT></TD></TR>
<TR>
<TD VALIGN="top"> <P STYLE="margin-left:1.00em; text-indent:-1.00em"><FONT STYLE="font-family:Times New Roman" SIZE="2">15</FONT></P></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="2"><A HREF="#tx308892_23">Exhibits and Financial Statement Schedules </A></FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="2">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:Times New Roman" SIZE="2">106</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="2">&nbsp;&nbsp;</FONT></TD></TR>
</TABLE>
 <p STYLE="margin-top:0px;margin-bottom:0px"><FONT SIZE="1">&nbsp;</FONT></P> <P STYLE="margin-top:0px;margin-bottom:0px" ALIGN="center"><FONT STYLE="font-family:Times New Roman" SIZE="2">2 </FONT></P>


<p Style='page-break-before:always'>
<HR  SIZE="3" style="COLOR:#999999" WIDTH="100%" ALIGN="CENTER">
<h5 align="left"><a href="#toc">Table of Contents</a></h5>


 <P STYLE="margin-top:0px;margin-bottom:0px"><FONT STYLE="font-family:Times New Roman" SIZE="2"><B><A NAME="tx308892_1"></A>Part I. </B></FONT></P>
<P STYLE="font-size:10px;margin-top:0px;margin-bottom:0px">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR>
<TD WIDTH="9%" VALIGN="top" ALIGN="left"><FONT STYLE="font-family:Times New Roman" SIZE="2"><B><A NAME="tx305538_2"></A>Items&nbsp;1&nbsp;and&nbsp;</B></FONT></TD>
<TD ALIGN="left" VALIGN="top"><FONT STYLE="font-family:Times New Roman" SIZE="2"><B>2. Business and Properties </B></FONT></TD></TR></TABLE>
<P STYLE="margin-top:10px;margin-bottom:0px"><FONT STYLE="font-family:Times New Roman" SIZE="2"><B><I>General </I></B></FONT></P> <P STYLE="margin-top:10px;margin-bottom:0px; text-indent:4%" ALIGN="justify"><FONT
STYLE="font-family:Times New Roman" SIZE="2">Cedar Realty Trust, Inc. (the &#147;Company&#148;), organized in 1984, is a fully-integrated real estate investment trust which focuses primarily on ownership and operation of supermarket-anchored
shopping centers straddling the Washington DC to Boston corridor. At December&nbsp;31, 2011, the Company owned and managed a portfolio of 70 operating properties (excluding properties &#147;held for sale/conveyance&#148;) totaling approximately
9.6&nbsp;million square feet of gross leasable area (&#147;GLA&#148;). In addition, the Company has an ownership interest in 22 operating properties, with approximately 3.7&nbsp;million square feet of GLA, through its Cedar/RioCan joint venture in
which the Company has a 20% interest. The entire managed portfolio, including the Cedar/RioCan properties, was approximately 93.1% leased at December&nbsp;31, 2011. </FONT></P>
<P STYLE="margin-top:10px;margin-bottom:0px; text-indent:4%" ALIGN="justify"><FONT STYLE="font-family:Times New Roman" SIZE="2">During 2011, in keeping with its stated goal of reducing overall leverage to an appropriate level by selling non-core and
limited growth potential assets, the Company determined (1)&nbsp;to completely exit the Ohio market, principally the Discount Drug Mart portfolio of drugstore/convenience centers, and concentrate on the mid-Atlantic and Northeast coastal regions (10
properties sold in 2011 and four properties &#147;held for sale&#148; as of December&nbsp;31, 2011), (2)&nbsp;to concentrate on grocery-anchored strip centers, by disposing of its mall and single-tenant/triple-net-lease properties (three properties
sold in 2011 and 11 properties &#147;held for sale&#148; as of December&nbsp;31, 2011), and (3)&nbsp;to focus on improving operations and performance at the Company&#146;s remaining properties, and to reduce development activities, by disposing of
certain development projects, land acquired for development, and other non-core assets (four properties sold in 2011 and five properties &#147;held for sale/conveyance&#148; as of December&nbsp;31, 2011). In addition, discontinued operations reflect
the anticipated consummation of the Homburg joint venture buy/sell transactions (seven properties &#147;held for sale&#148; as of December&nbsp;31, 2011). </FONT></P> <P STYLE="margin-top:10px;margin-bottom:0px; text-indent:4%" ALIGN="justify"><FONT
STYLE="font-family:Times New Roman" SIZE="2">The Company has elected to be taxed as a real estate investment trust (&#147;REIT&#148;) under applicable provisions of the Internal Revenue Code of 1986, as amended (the &#147;Code&#148;). To qualify as
a REIT under those provisions, the Company must have a preponderant percentage of its assets invested in, and income derived from, real estate and related sources. The Company&#146;s objectives are to provide to its shareholders a
professionally-managed real estate portfolio consisting primarily of supermarket-anchored shopping centers straddling the Washington DC to Boston corridor, which will provide substantial cash flow, currently and in the future, taking into account an
acceptable modest risk profile, and which will present opportunities for additional growth in income and capital appreciation. </FONT></P> <P STYLE="margin-top:10px;margin-bottom:0px; text-indent:4%" ALIGN="justify"><FONT
STYLE="font-family:Times New Roman" SIZE="2">The Company, organized as a Maryland corporation, has established an umbrella partnership structure through the contribution of substantially all of its assets to Cedar Realty Trust Partnership L.P. (the
&#147;Operating Partnership&#148;), organized as a limited partnership under the laws of Delaware. The Company conducts substantially all of its business through the Operating Partnership. At December&nbsp;31, 2011, the Company owned 98.0% of the
Operating Partnership and is its sole general partner. The approximately 1.4&nbsp;million limited Operating Partnership Units (&#147;OP Units&#148;) are economically equivalent to the Company&#146;s common stock and are convertible into the
Company&#146;s common stock at the option of the holders on a one-to-one basis. </FONT></P>
 <p STYLE="margin-top:0px;margin-bottom:0px"><FONT SIZE="1">&nbsp;</FONT></P> <P STYLE="margin-top:0px;margin-bottom:0px" ALIGN="center"><FONT STYLE="font-family:Times New Roman" SIZE="2">3 </FONT></P>


<p Style='page-break-before:always'>
<HR  SIZE="3" style="COLOR:#999999" WIDTH="100%" ALIGN="CENTER">
<h5 align="left"><a href="#toc">Table of Contents</a></h5>


 <P STYLE="margin-top:0px;margin-bottom:0px; text-indent:4%" ALIGN="justify"><FONT STYLE="font-family:Times New Roman" SIZE="2">The Company derives substantially all of its revenues from rents and
operating expense reimbursements received pursuant to long-term leases. The Company&#146;s operating results therefore depend on the ability of its tenants to make the payments required by the terms of their leases. The Company focuses its
investment activities on supermarket-anchored community shopping centers. The Company believes that, because of the need of consumers to purchase food and other staple goods and services generally available at such centers, its type of
&#147;necessities-based&#148; properties should provide relatively stable revenue flows even during difficult economic times. </FONT></P> <P STYLE="margin-top:10px;margin-bottom:0px; text-indent:4%" ALIGN="justify"><FONT
STYLE="font-family:Times New Roman" SIZE="2">The Company, the Operating Partnership, their subsidiaries and affiliated partnerships are separate legal entities. For ease of reference, the terms &#147;we&#148;, &#147;our&#148;, &#147;us&#148;,
&#147;Company&#148; and &#147;Operating Partnership&#148; (including their respective subsidiaries and affiliates) refer to the business and properties of all these entities, unless the context otherwise requires. The Company&#146;s executive
offices are located at 44 South Bayles Avenue, Port Washington, New York 11050-3765 (telephone 516-767-6492). The Company also maintains property management, construction management and/or leasing offices at several of its shopping-center
properties. The Company&#146;s website can be accessed at www.cedarrealtytrust.com, where a copy of the Company&#146;s Forms 10-K, 10-Q, 8-K and other filings with the Securities and Exchange Commission (&#147;SEC&#148;) can be obtained free of
charge. These SEC filings are added to the website as soon as reasonably practicable. The Company&#146;s Code of Ethics, corporate governance guidelines and committee charters are also available on the website. </FONT></P>
<P STYLE="margin-top:10px;margin-bottom:0px"><FONT STYLE="font-family:Times New Roman" SIZE="2"><B><I>The Company&#146;s Properties </I></B></FONT></P>
<P STYLE="margin-top:10px;margin-bottom:0px"><FONT STYLE="font-family:Times New Roman" SIZE="2"><B><I>Consolidated Portfolio </I></B></FONT></P> <P STYLE="margin-top:10px;margin-bottom:0px; text-indent:4%" ALIGN="justify"><FONT
STYLE="font-family:Times New Roman" SIZE="2">The following tables summarize information relating to the Company&#146;s consolidated portfolio as of December&nbsp;31, 2011: </FONT></P>
<P STYLE="font-size:10px;margin-top:0px;margin-bottom:0px">&nbsp;</P>
<TABLE CELLSPACING="0" CELLPADDING="0" WIDTH="100%" BORDER="0" STYLE="BORDER-COLLAPSE:COLLAPSE" ALIGN="center">


<TR STYLE="visibility:hidden; line-height:0pt; color:white">
<TD WIDTH="93%"></TD>
<TD VALIGN="bottom" WIDTH="1%"></TD>
<TD></TD>
<TD nowrap><FONT STYLE="Times New Roman" SIZE="1"><B>September 30,</B></FONT></TD>
<TD></TD>
<TD VALIGN="bottom" WIDTH="1%"></TD>
<TD></TD>
<TD nowrap><FONT STYLE="Times New Roman" SIZE="1"><B>September 30,</B></FONT></TD>
<TD></TD>
<TD VALIGN="bottom" WIDTH="1%"></TD>
<TD></TD>
<TD nowrap><FONT STYLE="Times New Roman" SIZE="1"><B>September 30,</B></FONT></TD>
<TD></TD></TR>
<TR>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" COLSPAN="2" ALIGN="center"><FONT STYLE="font-family:Times New Roman" SIZE="1"><B>Number&nbsp;of</B></FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;&nbsp;&nbsp;</FONT></TD>
<TD COLSPAN="2" VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" COLSPAN="2" ALIGN="center"><FONT STYLE="font-family:Times New Roman" SIZE="1"><B>Percentage</B></FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD></TR>
<TR>
<TD VALIGN="bottom" NOWRAP> <P STYLE="border-bottom:1px solid #000000;width:17pt"><FONT STYLE="font-family:Times New Roman" SIZE="1"><B>State</B></FONT></P></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" COLSPAN="2" ALIGN="center" STYLE="border-bottom:1px solid #000000"><FONT STYLE="font-family:Times New Roman" SIZE="1"><B>properties</B></FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" COLSPAN="2" ALIGN="center" STYLE="border-bottom:1px solid #000000"><FONT STYLE="font-family:Times New Roman" SIZE="1"><B>GLA</B></FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" COLSPAN="2" ALIGN="center" STYLE="border-bottom:1px solid #000000"><FONT STYLE="font-family:Times New Roman" SIZE="1"><B>of GLA</B></FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD></TR>


<TR>
<TD HEIGHT="13"></TD>
<TD HEIGHT="13" COLSPAN="4"></TD>
<TD HEIGHT="13" COLSPAN="4"></TD>
<TD HEIGHT="13" COLSPAN="4"></TD></TR>
<TR BGCOLOR="#cceeff">
<TD VALIGN="top"> <P STYLE="margin-left:1.00em; text-indent:-1.00em"><FONT STYLE="font-family:Times New Roman" SIZE="2">Pennsylvania</FONT></P></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="2">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:Times New Roman" SIZE="2">34</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="2">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="2">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:Times New Roman" SIZE="2">5,309,000</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="2">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="2">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:Times New Roman" SIZE="2">55.3</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="2">%&nbsp;</FONT></TD></TR>
<TR>
<TD VALIGN="top"> <P STYLE="margin-left:1.00em; text-indent:-1.00em"><FONT STYLE="font-family:Times New Roman" SIZE="2">Connecticut</FONT></P></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="2">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:Times New Roman" SIZE="2">6</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="2">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="2">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:Times New Roman" SIZE="2">1,054,000</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="2">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="2">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:Times New Roman" SIZE="2">11.0</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="2">%&nbsp;</FONT></TD></TR>
<TR BGCOLOR="#cceeff">
<TD VALIGN="top"> <P STYLE="margin-left:1.00em; text-indent:-1.00em"><FONT STYLE="font-family:Times New Roman" SIZE="2">Massachusetts</FONT></P></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="2">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:Times New Roman" SIZE="2">7</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="2">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="2">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:Times New Roman" SIZE="2">1,005,000</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="2">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="2">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:Times New Roman" SIZE="2">10.5</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="2">%&nbsp;</FONT></TD></TR>
<TR>
<TD VALIGN="top"> <P STYLE="margin-left:1.00em; text-indent:-1.00em"><FONT STYLE="font-family:Times New Roman" SIZE="2">Maryland</FONT></P></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="2">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:Times New Roman" SIZE="2">7</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="2">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="2">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:Times New Roman" SIZE="2">836,000</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="2">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="2">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:Times New Roman" SIZE="2">8.7</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="2">%&nbsp;</FONT></TD></TR>
<TR BGCOLOR="#cceeff">
<TD VALIGN="top"> <P STYLE="margin-left:1.00em; text-indent:-1.00em"><FONT STYLE="font-family:Times New Roman" SIZE="2">Virginia</FONT></P></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="2">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:Times New Roman" SIZE="2">11</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="2">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="2">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:Times New Roman" SIZE="2">816,000</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="2">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="2">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:Times New Roman" SIZE="2">8.5</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="2">%&nbsp;</FONT></TD></TR>
<TR>
<TD VALIGN="top"> <P STYLE="margin-left:1.00em; text-indent:-1.00em"><FONT STYLE="font-family:Times New Roman" SIZE="2">New Jersey</FONT></P></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="2">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:Times New Roman" SIZE="2">3</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="2">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="2">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:Times New Roman" SIZE="2">373,000</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="2">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="2">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:Times New Roman" SIZE="2">3.9</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="2">%&nbsp;</FONT></TD></TR>
<TR BGCOLOR="#cceeff">
<TD VALIGN="top"> <P STYLE="margin-left:1.00em; text-indent:-1.00em"><FONT STYLE="font-family:Times New Roman" SIZE="2">New York</FONT></P></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="2">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:Times New Roman" SIZE="2">2</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="2">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="2">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:Times New Roman" SIZE="2">200,000</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="2">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="2">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:Times New Roman" SIZE="2">2.1</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="2">%&nbsp;</FONT></TD></TR>
<TR STYLE="font-size:1px">
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"> <P STYLE="border-top:1px solid #000000">&nbsp;</P></TD>
<TD VALIGN="bottom"> <P STYLE="border-top:1px solid #000000">&nbsp;</P></TD>
<TD>&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"> <P STYLE="border-top:1px solid #000000">&nbsp;</P></TD>
<TD VALIGN="bottom"> <P STYLE="border-top:1px solid #000000">&nbsp;</P></TD>
<TD>&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"> <P STYLE="border-top:1px solid #000000">&nbsp;</P></TD>
<TD VALIGN="bottom"> <P STYLE="border-top:1px solid #000000">&nbsp;</P></TD>
<TD>&nbsp;</TD></TR>
<TR>
<TD VALIGN="top"> <P STYLE="margin-left:1.00em; text-indent:-1.00em"><FONT STYLE="font-family:Times New Roman" SIZE="2">Total consolidated portfolio</FONT></P></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="2">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:Times New Roman" SIZE="2">70</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="2">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="2">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:Times New Roman" SIZE="2">9,593,000</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="2">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="2">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:Times New Roman" SIZE="2">100.0</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="2">%&nbsp;</FONT></TD></TR>
<TR STYLE="font-size:1px">
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"> <P STYLE="border-top:3px double #000000">&nbsp;</P></TD>
<TD VALIGN="bottom"> <P STYLE="border-top:3px double #000000">&nbsp;</P></TD>
<TD>&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"> <P STYLE="border-top:3px double #000000">&nbsp;</P></TD>
<TD VALIGN="bottom"> <P STYLE="border-top:3px double #000000">&nbsp;</P></TD>
<TD>&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"> <P STYLE="border-top:3px double #000000">&nbsp;</P></TD>
<TD VALIGN="bottom"> <P STYLE="border-top:3px double #000000">&nbsp;</P></TD>
<TD>&nbsp;</TD></TR>
</TABLE>
 <p STYLE="margin-top:0px;margin-bottom:0px"><FONT SIZE="1">&nbsp;</FONT></P> <P STYLE="margin-top:0px;margin-bottom:0px" ALIGN="center"><FONT STYLE="font-family:Times New Roman" SIZE="2">4 </FONT></P>


<p Style='page-break-before:always'>
<HR  SIZE="3" style="COLOR:#999999" WIDTH="100%" ALIGN="CENTER">
<h5 align="left"><a href="#toc">Table of Contents</a></h5>


 <P>&nbsp;</P>
<TABLE CELLSPACING="0" CELLPADDING="0" WIDTH="100%" BORDER="0" STYLE="BORDER-COLLAPSE:COLLAPSE" ALIGN="center">


<TR STYLE="visibility:hidden; line-height:0pt; color:white">
<TD WIDTH="83%"></TD>
<TD VALIGN="bottom" WIDTH="1%"></TD>
<TD></TD>
<TD nowrap><FONT STYLE="Times New Roman" SIZE="1"><B>September 30,</B></FONT></TD>
<TD></TD>
<TD VALIGN="bottom" WIDTH="1%"></TD>
<TD></TD>
<TD nowrap><FONT STYLE="Times New Roman" SIZE="1"><B>September 30,</B></FONT></TD>
<TD></TD>
<TD VALIGN="bottom" WIDTH="1%"></TD>
<TD></TD>
<TD nowrap><FONT STYLE="Times New Roman" SIZE="1"><B>September 30,</B></FONT></TD>
<TD></TD>
<TD VALIGN="bottom" WIDTH="1%"></TD>
<TD></TD>
<TD nowrap><FONT STYLE="Times New Roman" SIZE="1"><B>September 30,</B></FONT></TD>
<TD></TD>
<TD VALIGN="bottom" WIDTH="1%"></TD>
<TD></TD>
<TD nowrap><FONT STYLE="Times New Roman" SIZE="1"><B>September 30,</B></FONT></TD>
<TD></TD>
<TD VALIGN="bottom" WIDTH="1%"></TD>
<TD></TD>
<TD nowrap><FONT STYLE="Times New Roman" SIZE="1"><B>September 30,</B></FONT></TD>
<TD></TD></TR>
<TR>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" COLSPAN="2" ALIGN="center"><FONT STYLE="font-family:Times New Roman" SIZE="1"><B>Number</B></FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;&nbsp;&nbsp;</FONT></TD>
<TD COLSPAN="2" VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;&nbsp;&nbsp;</FONT></TD>
<TD COLSPAN="2" VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD COLSPAN="2" VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" COLSPAN="2" ALIGN="center"><FONT STYLE="font-family:Times New Roman" SIZE="1"><B>Annualized</B></FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" COLSPAN="2" ALIGN="center"><FONT STYLE="font-family:Times New Roman" SIZE="1"><B>Percentage</B></FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD></TR>
<TR>
<TD VALIGN="bottom" NOWRAP> <P STYLE="border-bottom:1px solid #000000;width:24pt"><FONT STYLE="font-family:Times New Roman" SIZE="1"><B>Tenant</B></FONT></P></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" COLSPAN="2" ALIGN="center" STYLE="border-bottom:1px solid #000000"><FONT STYLE="font-family:Times New Roman" SIZE="1"><B>of<BR>stores</B></FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" COLSPAN="2" ALIGN="center" STYLE="border-bottom:1px solid #000000"><FONT STYLE="font-family:Times New Roman" SIZE="1"><B>GLA</B></FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" COLSPAN="2" ALIGN="center" STYLE="border-bottom:1px solid #000000"><FONT STYLE="font-family:Times New Roman" SIZE="1"><B>%&nbsp;of&nbsp;GLA</B></FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" COLSPAN="2" ALIGN="center" STYLE="border-bottom:1px solid #000000"><FONT STYLE="font-family:Times New Roman" SIZE="1"><B>Annualized<BR>base rent</B></FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" COLSPAN="2" ALIGN="center" STYLE="border-bottom:1px solid #000000"><FONT STYLE="font-family:Times New Roman" SIZE="1"><B>base rent<BR>per sq. ft.</B></FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" COLSPAN="2" ALIGN="center" STYLE="border-bottom:1px solid #000000"><FONT STYLE="font-family:Times New Roman" SIZE="1"><B>annualized<BR>base rents</B></FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD></TR>


<TR BGCOLOR="#cceeff">
<TD VALIGN="top"> <P STYLE="margin-left:1.00em; text-indent:-1.00em"><FONT STYLE="font-family:Times New Roman" SIZE="2"><B>Top twenty tenants (a):</B></FONT></P></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD></TR>
<TR>
<TD VALIGN="top"> <P STYLE="margin-left:3.00em; text-indent:-1.00em"><FONT STYLE="font-family:Times New Roman" SIZE="2">Giant Foods</FONT></P></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="2">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:Times New Roman" SIZE="2">16</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="2">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="2">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:Times New Roman" SIZE="2">981,000</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="2">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="2">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:Times New Roman" SIZE="2">10.2</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="2">%&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="2">$</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:Times New Roman" SIZE="2">14,144,000</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="2">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="2">$</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:Times New Roman" SIZE="2">14.42</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="2">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="2">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:Times New Roman" SIZE="2">13.9</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="2">%&nbsp;</FONT></TD></TR>
<TR BGCOLOR="#cceeff">
<TD VALIGN="top"> <P STYLE="margin-left:3.00em; text-indent:-1.00em"><FONT STYLE="font-family:Times New Roman" SIZE="2">LA Fitness</FONT></P></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="2">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:Times New Roman" SIZE="2">6</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="2">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="2">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:Times New Roman" SIZE="2">251,000</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="2">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="2">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:Times New Roman" SIZE="2">2.6</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="2">%&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="2">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:Times New Roman" SIZE="2">4,028,000</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="2">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="2">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:Times New Roman" SIZE="2">16.05</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="2">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="2">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:Times New Roman" SIZE="2">4.0</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="2">%&nbsp;</FONT></TD></TR>
<TR>
<TD VALIGN="top"> <P STYLE="margin-left:3.00em; text-indent:-1.00em"><FONT STYLE="font-family:Times New Roman" SIZE="2">Farm Fresh</FONT></P></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="2">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:Times New Roman" SIZE="2">6</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="2">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="2">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:Times New Roman" SIZE="2">364,000</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="2">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="2">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:Times New Roman" SIZE="2">3.8</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="2">%&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="2">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:Times New Roman" SIZE="2">3,909,000</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="2">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="2">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:Times New Roman" SIZE="2">10.74</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="2">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="2">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:Times New Roman" SIZE="2">3.9</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="2">%&nbsp;</FONT></TD></TR>
<TR BGCOLOR="#cceeff">
<TD VALIGN="top"> <P STYLE="margin-left:3.00em; text-indent:-1.00em"><FONT STYLE="font-family:Times New Roman" SIZE="2">Shaw&#146;s</FONT></P></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="2">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:Times New Roman" SIZE="2">3</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="2">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="2">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:Times New Roman" SIZE="2">180,000</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="2">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="2">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:Times New Roman" SIZE="2">1.9</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="2">%&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="2">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:Times New Roman" SIZE="2">2,323,000</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="2">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="2">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:Times New Roman" SIZE="2">12.91</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="2">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="2">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:Times New Roman" SIZE="2">2.3</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="2">%&nbsp;</FONT></TD></TR>
<TR>
<TD VALIGN="top"> <P STYLE="margin-left:3.00em; text-indent:-1.00em"><FONT STYLE="font-family:Times New Roman" SIZE="2">Food Lion</FONT></P></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="2">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:Times New Roman" SIZE="2">7</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="2">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="2">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:Times New Roman" SIZE="2">243,000</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="2">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="2">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:Times New Roman" SIZE="2">2.5</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="2">%&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="2">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:Times New Roman" SIZE="2">1,925,000</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="2">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="2">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:Times New Roman" SIZE="2">7.92</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="2">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="2">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:Times New Roman" SIZE="2">1.9</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="2">%&nbsp;</FONT></TD></TR>
<TR BGCOLOR="#cceeff">
<TD VALIGN="top"> <P STYLE="margin-left:3.00em; text-indent:-1.00em"><FONT STYLE="font-family:Times New Roman" SIZE="2">Dollar Tree</FONT></P></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="2">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:Times New Roman" SIZE="2">19</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="2">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="2">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:Times New Roman" SIZE="2">194,000</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="2">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="2">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:Times New Roman" SIZE="2">2.0</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="2">%&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="2">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:Times New Roman" SIZE="2">1,908,000</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="2">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="2">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:Times New Roman" SIZE="2">9.84</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="2">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="2">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:Times New Roman" SIZE="2">1.9</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="2">%&nbsp;</FONT></TD></TR>
<TR>
<TD VALIGN="top"> <P STYLE="margin-left:3.00em; text-indent:-1.00em"><FONT STYLE="font-family:Times New Roman" SIZE="2">Stop&nbsp;&amp; Shop</FONT></P></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="2">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:Times New Roman" SIZE="2">3</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="2">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="2">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:Times New Roman" SIZE="2">196,000</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="2">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="2">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:Times New Roman" SIZE="2">2.0</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="2">%&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="2">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:Times New Roman" SIZE="2">1,802,000</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="2">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="2">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:Times New Roman" SIZE="2">9.19</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="2">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="2">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:Times New Roman" SIZE="2">1.8</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="2">%&nbsp;</FONT></TD></TR>
<TR BGCOLOR="#cceeff">
<TD VALIGN="top"> <P STYLE="margin-left:3.00em; text-indent:-1.00em"><FONT STYLE="font-family:Times New Roman" SIZE="2">Shop Rite</FONT></P></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="2">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:Times New Roman" SIZE="2">2</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="2">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="2">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:Times New Roman" SIZE="2">118,000</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="2">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="2">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:Times New Roman" SIZE="2">1.2</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="2">%&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="2">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:Times New Roman" SIZE="2">1,695,000</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="2">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="2">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:Times New Roman" SIZE="2">18.80</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="2">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="2">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:Times New Roman" SIZE="2">1.7</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="2">%&nbsp;</FONT></TD></TR>
<TR>
<TD VALIGN="top"> <P STYLE="margin-left:3.00em; text-indent:-1.00em"><FONT STYLE="font-family:Times New Roman" SIZE="2">Staples</FONT></P></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="2">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:Times New Roman" SIZE="2">5</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="2">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="2">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:Times New Roman" SIZE="2">104,000</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="2">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="2">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:Times New Roman" SIZE="2">1.1</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="2">%&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="2">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:Times New Roman" SIZE="2">1,682,000</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="2">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="2">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:Times New Roman" SIZE="2">16.17</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="2">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="2">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:Times New Roman" SIZE="2">1.7</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="2">%&nbsp;</FONT></TD></TR>
<TR BGCOLOR="#cceeff">
<TD VALIGN="top"> <P STYLE="margin-left:3.00em; text-indent:-1.00em"><FONT STYLE="font-family:Times New Roman" SIZE="2">Redner&#146;s</FONT></P></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="2">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:Times New Roman" SIZE="2">4</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="2">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="2">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:Times New Roman" SIZE="2">202,000</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="2">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="2">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:Times New Roman" SIZE="2">2.1</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="2">%&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="2">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:Times New Roman" SIZE="2">1,514,000</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="2">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="2">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:Times New Roman" SIZE="2">7.50</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="2">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="2">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:Times New Roman" SIZE="2">1.5</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="2">%&nbsp;</FONT></TD></TR>
<TR>
<TD VALIGN="top"> <P STYLE="margin-left:3.00em; text-indent:-1.00em"><FONT STYLE="font-family:Times New Roman" SIZE="2">United Artists</FONT></P></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="2">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:Times New Roman" SIZE="2">1</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="2">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="2">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:Times New Roman" SIZE="2">78,000</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="2">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="2">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:Times New Roman" SIZE="2">0.8</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="2">%&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="2">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:Times New Roman" SIZE="2">1,456,000</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="2">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="2">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:Times New Roman" SIZE="2">18.67</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="2">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="2">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:Times New Roman" SIZE="2">1.4</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="2">%&nbsp;</FONT></TD></TR>
<TR BGCOLOR="#cceeff">
<TD VALIGN="top"> <P STYLE="margin-left:3.00em; text-indent:-1.00em"><FONT STYLE="font-family:Times New Roman" SIZE="2">Shoppers Food Warehouse</FONT></P></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="2">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:Times New Roman" SIZE="2">2</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="2">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="2">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:Times New Roman" SIZE="2">120,000</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="2">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="2">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:Times New Roman" SIZE="2">1.3</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="2">%&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="2">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:Times New Roman" SIZE="2">1,237,000</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="2">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="2">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:Times New Roman" SIZE="2">10.31</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="2">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="2">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:Times New Roman" SIZE="2">1.2</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="2">%&nbsp;</FONT></TD></TR>
<TR>
<TD VALIGN="top"> <P STYLE="margin-left:3.00em; text-indent:-1.00em"><FONT STYLE="font-family:Times New Roman" SIZE="2">Ukrop&#146;s</FONT></P></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="2">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:Times New Roman" SIZE="2">1</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="2">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="2">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:Times New Roman" SIZE="2">63,000</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="2">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="2">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:Times New Roman" SIZE="2">0.7</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="2">%&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="2">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:Times New Roman" SIZE="2">1,098,000</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="2">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="2">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:Times New Roman" SIZE="2">17.43</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="2">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="2">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:Times New Roman" SIZE="2">1.1</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="2">%&nbsp;</FONT></TD></TR>
<TR BGCOLOR="#cceeff">
<TD VALIGN="top"> <P STYLE="margin-left:3.00em; text-indent:-1.00em"><FONT STYLE="font-family:Times New Roman" SIZE="2">Carmike Cinema</FONT></P></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="2">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:Times New Roman" SIZE="2">1</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="2">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="2">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:Times New Roman" SIZE="2">45,000</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="2">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="2">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:Times New Roman" SIZE="2">0.5</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="2">%&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="2">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:Times New Roman" SIZE="2">1,034,000</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="2">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="2">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:Times New Roman" SIZE="2">22.98</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="2">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="2">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:Times New Roman" SIZE="2">1.0</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="2">%&nbsp;</FONT></TD></TR>
<TR>
<TD VALIGN="top"> <P STYLE="margin-left:3.00em; text-indent:-1.00em"><FONT STYLE="font-family:Times New Roman" SIZE="2">Rite Aid</FONT></P></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="2">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:Times New Roman" SIZE="2">7</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="2">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="2">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:Times New Roman" SIZE="2">83,000</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="2">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="2">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:Times New Roman" SIZE="2">0.9</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="2">%&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="2">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:Times New Roman" SIZE="2">995,000</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="2">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="2">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:Times New Roman" SIZE="2">11.99</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="2">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="2">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:Times New Roman" SIZE="2">1.0</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="2">%&nbsp;</FONT></TD></TR>
<TR BGCOLOR="#cceeff">
<TD VALIGN="top"> <P STYLE="margin-left:3.00em; text-indent:-1.00em"><FONT STYLE="font-family:Times New Roman" SIZE="2">Giant Eagle</FONT></P></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="2">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:Times New Roman" SIZE="2">1</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="2">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="2">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:Times New Roman" SIZE="2">84,000</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="2">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="2">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:Times New Roman" SIZE="2">0.9</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="2">%&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="2">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:Times New Roman" SIZE="2">922,000</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="2">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="2">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:Times New Roman" SIZE="2">10.98</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="2">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="2">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:Times New Roman" SIZE="2">0.9</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="2">%&nbsp;</FONT></TD></TR>
<TR>
<TD VALIGN="top"> <P STYLE="margin-left:3.00em; text-indent:-1.00em"><FONT STYLE="font-family:Times New Roman" SIZE="2">Marshalls</FONT></P></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="2">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:Times New Roman" SIZE="2">4</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="2">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="2">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:Times New Roman" SIZE="2">114,000</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="2">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="2">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:Times New Roman" SIZE="2">1.2</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="2">%&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="2">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:Times New Roman" SIZE="2">819,000</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="2">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="2">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:Times New Roman" SIZE="2">7.18</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="2">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="2">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:Times New Roman" SIZE="2">0.8</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="2">%&nbsp;</FONT></TD></TR>
<TR BGCOLOR="#cceeff">
<TD VALIGN="top"> <P STYLE="margin-left:3.00em; text-indent:-1.00em"><FONT STYLE="font-family:Times New Roman" SIZE="2">Dick&#146;s Sporting Goods</FONT></P></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="2">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:Times New Roman" SIZE="2">1</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="2">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="2">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:Times New Roman" SIZE="2">56,000</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="2">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="2">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:Times New Roman" SIZE="2">0.6</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="2">%&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="2">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:Times New Roman" SIZE="2">812,000</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="2">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="2">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:Times New Roman" SIZE="2">14.50</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="2">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="2">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:Times New Roman" SIZE="2">0.8</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="2">%&nbsp;</FONT></TD></TR>
<TR>
<TD VALIGN="top"> <P STYLE="margin-left:3.00em; text-indent:-1.00em"><FONT STYLE="font-family:Times New Roman" SIZE="2">Home Depot</FONT></P></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="2">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:Times New Roman" SIZE="2">1</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="2">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="2">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:Times New Roman" SIZE="2">103,000</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="2">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="2">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:Times New Roman" SIZE="2">1.1</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="2">%&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="2">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:Times New Roman" SIZE="2">773,000</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="2">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="2">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:Times New Roman" SIZE="2">7.50</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="2">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="2">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:Times New Roman" SIZE="2">0.8</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="2">%&nbsp;</FONT></TD></TR>
<TR BGCOLOR="#cceeff">
<TD VALIGN="top"> <P STYLE="margin-left:3.00em; text-indent:-1.00em"><FONT STYLE="font-family:Times New Roman" SIZE="2">Acme Markets</FONT></P></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="2">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:Times New Roman" SIZE="2">3</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="2">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="2">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:Times New Roman" SIZE="2">172,000</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="2">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="2">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:Times New Roman" SIZE="2">1.8</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="2">%&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="2">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:Times New Roman" SIZE="2">756,000</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="2">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="2">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:Times New Roman" SIZE="2">4.40</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="2">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="2">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:Times New Roman" SIZE="2">0.7</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="2">%&nbsp;</FONT></TD></TR>
<TR STYLE="font-size:1px">
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"> <P STYLE="border-top:1px solid #000000">&nbsp;</P></TD>
<TD VALIGN="bottom"> <P STYLE="border-top:1px solid #000000">&nbsp;</P></TD>
<TD>&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"> <P STYLE="border-top:1px solid #000000">&nbsp;</P></TD>
<TD VALIGN="bottom"> <P STYLE="border-top:1px solid #000000">&nbsp;</P></TD>
<TD>&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"> <P STYLE="border-top:1px solid #000000">&nbsp;</P></TD>
<TD VALIGN="bottom"> <P STYLE="border-top:1px solid #000000">&nbsp;</P></TD>
<TD>&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom"> <P STYLE="border-top:1px solid #000000">&nbsp;</P></TD>
<TD VALIGN="bottom"> <P STYLE="border-top:1px solid #000000">&nbsp;</P></TD>
<TD>&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"> <P STYLE="border-top:1px solid #000000">&nbsp;</P></TD>
<TD VALIGN="bottom"> <P STYLE="border-top:1px solid #000000">&nbsp;</P></TD>
<TD>&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"> <P STYLE="border-top:1px solid #000000">&nbsp;</P></TD>
<TD VALIGN="bottom"> <P STYLE="border-top:1px solid #000000">&nbsp;</P></TD>
<TD>&nbsp;</TD></TR>
<TR>
<TD VALIGN="top"> <P STYLE="margin-left:1.00em; text-indent:-1.00em"><FONT STYLE="font-family:Times New Roman" SIZE="2"><B>Sub-total top twenty tenants</B></FONT></P></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="2">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:Times New Roman" SIZE="2">93</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="2">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="2">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:Times New Roman" SIZE="2">3,751,000</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="2">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="2">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:Times New Roman" SIZE="2">39.1</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="2">%&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="2">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:Times New Roman" SIZE="2">44,832,000</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="2">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="2">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:Times New Roman" SIZE="2">11.95</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="2">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="2">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:Times New Roman" SIZE="2">44.2</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="2">%&nbsp;</FONT></TD></TR>
<TR>
<TD HEIGHT="13"></TD>
<TD HEIGHT="13" COLSPAN="4"></TD>
<TD HEIGHT="13" COLSPAN="4"></TD>
<TD HEIGHT="13" COLSPAN="4"></TD>
<TD HEIGHT="13" COLSPAN="4"></TD>
<TD HEIGHT="13" COLSPAN="4"></TD>
<TD HEIGHT="13" COLSPAN="4"></TD></TR>
<TR BGCOLOR="#cceeff">
<TD VALIGN="top"> <P STYLE="margin-left:1.00em; text-indent:-1.00em"><FONT STYLE="font-family:Times New Roman" SIZE="2"><B>Remaining tenants</B></FONT></P></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="2">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:Times New Roman" SIZE="2">779</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="2">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="2">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:Times New Roman" SIZE="2">5,039,000</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="2">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="2">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:Times New Roman" SIZE="2">52.5</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="2">%&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="2">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:Times New Roman" SIZE="2">56,604,000</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="2">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="2">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:Times New Roman" SIZE="2">11.23</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="2">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="2">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:Times New Roman" SIZE="2">55.8</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="2">%&nbsp;</FONT></TD></TR>
<TR STYLE="font-size:1px">
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"> <P STYLE="border-top:1px solid #000000">&nbsp;</P></TD>
<TD VALIGN="bottom"> <P STYLE="border-top:1px solid #000000">&nbsp;</P></TD>
<TD>&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"> <P STYLE="border-top:1px solid #000000">&nbsp;</P></TD>
<TD VALIGN="bottom"> <P STYLE="border-top:1px solid #000000">&nbsp;</P></TD>
<TD>&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"> <P STYLE="border-top:1px solid #000000">&nbsp;</P></TD>
<TD VALIGN="bottom"> <P STYLE="border-top:1px solid #000000">&nbsp;</P></TD>
<TD>&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom"> <P STYLE="border-top:1px solid #000000">&nbsp;</P></TD>
<TD VALIGN="bottom"> <P STYLE="border-top:1px solid #000000">&nbsp;</P></TD>
<TD>&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"> <P STYLE="border-top:1px solid #000000">&nbsp;</P></TD>
<TD VALIGN="bottom"> <P STYLE="border-top:1px solid #000000">&nbsp;</P></TD>
<TD>&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"> <P STYLE="border-top:1px solid #000000">&nbsp;</P></TD>
<TD VALIGN="bottom"> <P STYLE="border-top:1px solid #000000">&nbsp;</P></TD>
<TD>&nbsp;</TD></TR>
<TR>
<TD VALIGN="top"> <P STYLE="margin-left:1.00em; text-indent:-1.00em"><FONT STYLE="font-family:Times New Roman" SIZE="2"><B>Sub-total all tenants (b)</B></FONT></P></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="2">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:Times New Roman" SIZE="2">872</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="2">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="2">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:Times New Roman" SIZE="2">8,790,000</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="2">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="2">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:Times New Roman" SIZE="2">91.6</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="2">%&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="2">$</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:Times New Roman" SIZE="2">101,436,000</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="2">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="2">$</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:Times New Roman" SIZE="2">11.54</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="2">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="2">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:Times New Roman" SIZE="2">100.0</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="2">%&nbsp;</FONT></TD></TR>
<TR STYLE="font-size:1px">
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom"> <P STYLE="border-top:3px double #000000">&nbsp;</P></TD>
<TD VALIGN="bottom"> <P STYLE="border-top:3px double #000000">&nbsp;</P></TD>
<TD>&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"> <P STYLE="border-top:3px double #000000">&nbsp;</P></TD>
<TD VALIGN="bottom"> <P STYLE="border-top:3px double #000000">&nbsp;</P></TD>
<TD>&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"> <P STYLE="border-top:3px double #000000">&nbsp;</P></TD>
<TD VALIGN="bottom"> <P STYLE="border-top:3px double #000000">&nbsp;</P></TD>
<TD>&nbsp;</TD></TR>
<TR>
<TD HEIGHT="13"></TD>
<TD HEIGHT="13" COLSPAN="4"></TD>
<TD HEIGHT="13" COLSPAN="4"></TD>
<TD HEIGHT="13" COLSPAN="4"></TD>
<TD HEIGHT="13" COLSPAN="4"></TD>
<TD HEIGHT="13" COLSPAN="4"></TD>
<TD HEIGHT="13" COLSPAN="4"></TD></TR>
<TR BGCOLOR="#cceeff">
<TD VALIGN="top"> <P STYLE="margin-left:1.00em; text-indent:-1.00em"><FONT STYLE="font-family:Times New Roman" SIZE="2"><B>Vacant space</B></FONT></P></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="2">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:Times New Roman" SIZE="2">N/A</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="2">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="2">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:Times New Roman" SIZE="2">803,000</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="2">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="2">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:Times New Roman" SIZE="2">8.4</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="2">%&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD></TR>
<TR STYLE="font-size:1px">
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"> <P STYLE="border-top:1px solid #000000">&nbsp;</P></TD>
<TD VALIGN="bottom"> <P STYLE="border-top:1px solid #000000">&nbsp;</P></TD>
<TD>&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"> <P STYLE="border-top:1px solid #000000">&nbsp;</P></TD>
<TD VALIGN="bottom"> <P STYLE="border-top:1px solid #000000">&nbsp;</P></TD>
<TD>&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"> <P STYLE="border-top:1px solid #000000">&nbsp;</P></TD>
<TD VALIGN="bottom"> <P STYLE="border-top:1px solid #000000">&nbsp;</P></TD>
<TD>&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD></TR>
<TR>
<TD VALIGN="top"> <P STYLE="margin-left:1.00em; text-indent:-1.00em"><FONT STYLE="font-family:Times New Roman" SIZE="2"><B>Total</B></FONT></P></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="2">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:Times New Roman" SIZE="2">872</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="2">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="2">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:Times New Roman" SIZE="2">9,593,000</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="2">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="2">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:Times New Roman" SIZE="2">100.0</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="2">%&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD></TR>
<TR STYLE="font-size:1px">
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"> <P STYLE="border-top:3px double #000000">&nbsp;</P></TD>
<TD VALIGN="bottom"> <P STYLE="border-top:3px double #000000">&nbsp;</P></TD>
<TD>&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"> <P STYLE="border-top:3px double #000000">&nbsp;</P></TD>
<TD VALIGN="bottom"> <P STYLE="border-top:3px double #000000">&nbsp;</P></TD>
<TD>&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"> <P STYLE="border-top:3px double #000000">&nbsp;</P></TD>
<TD VALIGN="bottom"> <P STYLE="border-top:3px double #000000">&nbsp;</P></TD>
<TD>&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD></TR>
</TABLE> <P STYLE="font-size:10px;margin-top:0px;margin-bottom:0px">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR>
<TD WIDTH="4%" VALIGN="top" ALIGN="left"><FONT STYLE="font-family:Times New Roman" SIZE="2">(a)</FONT></TD>
<TD ALIGN="left" VALIGN="top"> <P ALIGN="justify"><FONT STYLE="font-family:Times New Roman" SIZE="2">Several of the tenants listed above share common ownership with other tenants including, without limitation, (1) Giant Foods, Stop&nbsp;&amp; Shop,
and Martins at Glen Allen (GLA of 63,000; annualized base rent of $418,000), (2)&nbsp;Farm Fresh, Shaw&#146;s , Shop &#145;n Save (GLA of 53,000; annualized base rent of $532,000) , Shoppers Food Warehouse, and Acme Markets.
</FONT></P></TD></TR></TABLE> <P STYLE="font-size:10px;margin-top:0px;margin-bottom:0px">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR>
<TD WIDTH="4%" VALIGN="top" ALIGN="left"><FONT STYLE="font-family:Times New Roman" SIZE="2">(b)</FONT></TD>
<TD ALIGN="left" VALIGN="top"> <P ALIGN="justify"><FONT STYLE="font-family:Times New Roman" SIZE="2">Comprised of large tenants (greater than 15,000 sq. ft.) and small tenants as follows: </FONT></P></TD></TR></TABLE>
<P STYLE="font-size:10px;margin-top:0px;margin-bottom:0px">&nbsp;</P>
<TABLE CELLSPACING="0" CELLPADDING="0" WIDTH="100%" BORDER="0" STYLE="BORDER-COLLAPSE:COLLAPSE" ALIGN="center">


<TR STYLE="visibility:hidden; line-height:0pt; color:white">
<TD WIDTH="84%"></TD>
<TD VALIGN="bottom" WIDTH="1%"></TD>
<TD></TD>
<TD nowrap><FONT STYLE="Times New Roman" SIZE="1"><B>September 30,</B></FONT></TD>
<TD></TD>
<TD VALIGN="bottom" WIDTH="1%"></TD>
<TD></TD>
<TD nowrap><FONT STYLE="Times New Roman" SIZE="1"><B>September 30,</B></FONT></TD>
<TD></TD>
<TD VALIGN="bottom" WIDTH="1%"></TD>
<TD></TD>
<TD nowrap><FONT STYLE="Times New Roman" SIZE="1"><B>September 30,</B></FONT></TD>
<TD></TD>
<TD VALIGN="bottom" WIDTH="1%"></TD>
<TD></TD>
<TD nowrap><FONT STYLE="Times New Roman" SIZE="1"><B>September 30,</B></FONT></TD>
<TD></TD>
<TD VALIGN="bottom" WIDTH="1%"></TD>
<TD></TD>
<TD nowrap><FONT STYLE="Times New Roman" SIZE="1"><B>September 30,</B></FONT></TD>
<TD></TD></TR>
<TR>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;&nbsp;&nbsp;</FONT></TD>
<TD COLSPAN="2" VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;&nbsp;&nbsp;</FONT></TD>
<TD COLSPAN="2" VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD COLSPAN="2" VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" COLSPAN="2" ALIGN="center"><FONT STYLE="font-family:Times New Roman" SIZE="1"><B>Annualized</B></FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" COLSPAN="2" ALIGN="center"><FONT STYLE="font-family:Times New Roman" SIZE="1"><B>Percentage</B></FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD></TR>
<TR>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;&nbsp;&nbsp;</FONT></TD>
<TD COLSPAN="2" VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;&nbsp;&nbsp;</FONT></TD>
<TD COLSPAN="2" VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" COLSPAN="2" ALIGN="center"><FONT STYLE="font-family:Times New Roman" SIZE="1"><B>Annualized</B></FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" COLSPAN="2" ALIGN="center"><FONT STYLE="font-family:Times New Roman" SIZE="1"><B>base rent</B></FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" COLSPAN="2" ALIGN="center"><FONT STYLE="font-family:Times New Roman" SIZE="1"><B>annualized</B></FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD></TR>
<TR>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" COLSPAN="2" ALIGN="center" STYLE="border-bottom:1px solid #000000"><FONT STYLE="font-family:Times New Roman" SIZE="1"><B>GLA</B></FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" COLSPAN="2" ALIGN="center" STYLE="border-bottom:1px solid #000000"><FONT STYLE="font-family:Times New Roman" SIZE="1"><B>%&nbsp;of&nbsp;GLA</B></FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" COLSPAN="2" ALIGN="center" STYLE="border-bottom:1px solid #000000"><FONT STYLE="font-family:Times New Roman" SIZE="1"><B>base rent</B></FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" COLSPAN="2" ALIGN="center" STYLE="border-bottom:1px solid #000000"><FONT STYLE="font-family:Times New Roman" SIZE="1"><B>per sq. ft.</B></FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" COLSPAN="2" ALIGN="center" STYLE="border-bottom:1px solid #000000"><FONT STYLE="font-family:Times New Roman" SIZE="1"><B>base rents</B></FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD></TR>


<TR BGCOLOR="#cceeff">
<TD VALIGN="top"> <P STYLE="margin-left:1.00em; text-indent:-1.00em"><FONT STYLE="font-family:Times New Roman" SIZE="2">Large tenants</FONT></P></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="2">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:Times New Roman" SIZE="2">6,224,000</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="2">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="2">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:Times New Roman" SIZE="2">70.8</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="2">%&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="2">$</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:Times New Roman" SIZE="2">61,853,000</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="2">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="2">$</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:Times New Roman" SIZE="2">9.94</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="2">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="2">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:Times New Roman" SIZE="2">61.0</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="2">%&nbsp;</FONT></TD></TR>
<TR>
<TD VALIGN="top"> <P STYLE="margin-left:1.00em; text-indent:-1.00em"><FONT STYLE="font-family:Times New Roman" SIZE="2">Small tenants</FONT></P></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="2">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:Times New Roman" SIZE="2">2,566,000</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="2">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="2">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:Times New Roman" SIZE="2">29.2</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="2">%&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="2">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:Times New Roman" SIZE="2">39,583,000</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="2">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="2">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:Times New Roman" SIZE="2">15.43</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="2">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="2">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:Times New Roman" SIZE="2">39.0</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="2">%&nbsp;</FONT></TD></TR>
<TR STYLE="font-size:1px">
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"> <P STYLE="border-top:1px solid #000000">&nbsp;</P></TD>
<TD VALIGN="bottom"> <P STYLE="border-top:1px solid #000000">&nbsp;</P></TD>
<TD>&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"> <P STYLE="border-top:1px solid #000000">&nbsp;</P></TD>
<TD VALIGN="bottom"> <P STYLE="border-top:1px solid #000000">&nbsp;</P></TD>
<TD>&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom"> <P STYLE="border-top:1px solid #000000">&nbsp;</P></TD>
<TD VALIGN="bottom"> <P STYLE="border-top:1px solid #000000">&nbsp;</P></TD>
<TD>&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"> <P STYLE="border-top:1px solid #000000">&nbsp;</P></TD>
<TD VALIGN="bottom"> <P STYLE="border-top:1px solid #000000">&nbsp;</P></TD>
<TD>&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"> <P STYLE="border-top:1px solid #000000">&nbsp;</P></TD>
<TD VALIGN="bottom"> <P STYLE="border-top:1px solid #000000">&nbsp;</P></TD>
<TD>&nbsp;</TD></TR>
<TR BGCOLOR="#cceeff">
<TD VALIGN="top"> <P STYLE="margin-left:3.00em; text-indent:-1.00em"><FONT STYLE="font-family:Times New Roman" SIZE="2">Total</FONT></P></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="2">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:Times New Roman" SIZE="2">8,790,000</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="2">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="2">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:Times New Roman" SIZE="2">100.0</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="2">%&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="2">$</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:Times New Roman" SIZE="2">101,436,000</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="2">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="2">$</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:Times New Roman" SIZE="2">11.54</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="2">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="2">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:Times New Roman" SIZE="2">100.0</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="2">%&nbsp;</FONT></TD></TR>
<TR STYLE="font-size:1px">
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"> <P STYLE="border-top:3px double #000000">&nbsp;</P></TD>
<TD VALIGN="bottom"> <P STYLE="border-top:3px double #000000">&nbsp;</P></TD>
<TD>&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"> <P STYLE="border-top:3px double #000000">&nbsp;</P></TD>
<TD VALIGN="bottom"> <P STYLE="border-top:3px double #000000">&nbsp;</P></TD>
<TD>&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom"> <P STYLE="border-top:3px double #000000">&nbsp;</P></TD>
<TD VALIGN="bottom"> <P STYLE="border-top:3px double #000000">&nbsp;</P></TD>
<TD>&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"> <P STYLE="border-top:3px double #000000">&nbsp;</P></TD>
<TD VALIGN="bottom"> <P STYLE="border-top:3px double #000000">&nbsp;</P></TD>
<TD>&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"> <P STYLE="border-top:3px double #000000">&nbsp;</P></TD>
<TD VALIGN="bottom"> <P STYLE="border-top:3px double #000000">&nbsp;</P></TD>
<TD>&nbsp;</TD></TR>
</TABLE>
 <p STYLE="margin-top:0px;margin-bottom:0px"><FONT SIZE="1">&nbsp;</FONT></P> <P STYLE="margin-top:0px;margin-bottom:0px" ALIGN="center"><FONT STYLE="font-family:Times New Roman" SIZE="2">5 </FONT></P>


<p Style='page-break-before:always'>
<HR  SIZE="3" style="COLOR:#999999" WIDTH="100%" ALIGN="CENTER">
<h5 align="left"><a href="#toc">Table of Contents</a></h5>


 <P>&nbsp;</P>
<TABLE CELLSPACING="0" CELLPADDING="0" WIDTH="100%" BORDER="0" STYLE="BORDER-COLLAPSE:COLLAPSE" ALIGN="center">


<TR STYLE="visibility:hidden; line-height:0pt; color:white">
<TD WIDTH="83%"></TD>
<TD VALIGN="bottom" WIDTH="1%"></TD>
<TD></TD>
<TD nowrap><FONT STYLE="Times New Roman" SIZE="1"><B>September 30,</B></FONT></TD>
<TD></TD>
<TD VALIGN="bottom" WIDTH="1%"></TD>
<TD></TD>
<TD nowrap><FONT STYLE="Times New Roman" SIZE="1"><B>September 30,</B></FONT></TD>
<TD></TD>
<TD VALIGN="bottom" WIDTH="1%"></TD>
<TD></TD>
<TD nowrap><FONT STYLE="Times New Roman" SIZE="1"><B>September 30,</B></FONT></TD>
<TD></TD>
<TD VALIGN="bottom" WIDTH="1%"></TD>
<TD></TD>
<TD nowrap><FONT STYLE="Times New Roman" SIZE="1"><B>September 30,</B></FONT></TD>
<TD></TD>
<TD VALIGN="bottom" WIDTH="1%"></TD>
<TD></TD>
<TD nowrap><FONT STYLE="Times New Roman" SIZE="1"><B>September 30,</B></FONT></TD>
<TD></TD>
<TD VALIGN="bottom" WIDTH="1%"></TD>
<TD></TD>
<TD nowrap><FONT STYLE="Times New Roman" SIZE="1"><B>September 30,</B></FONT></TD>
<TD></TD></TR>
<TR>
<TD VALIGN="bottom" NOWRAP> <P STYLE="margin-top:0px;margin-bottom:0px"><FONT STYLE="font-family:Times New Roman" SIZE="1"><B>Year of lease</B></FONT></P> <P STYLE="margin-top:0px;margin-bottom:1px;border-bottom:1px solid #000000;width:43pt"><FONT
STYLE="font-family:Times New Roman" SIZE="1"><B>expiration</B></FONT></P></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" COLSPAN="2" ALIGN="center" STYLE="border-bottom:1px solid #000000"><FONT STYLE="font-family:Times New Roman" SIZE="1"><B>Number<BR>of leases<BR>expiring</B></FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" COLSPAN="2" ALIGN="center" STYLE="border-bottom:1px solid #000000"><FONT STYLE="font-family:Times New Roman" SIZE="1"><B>GLA<BR>expiring</B></FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" COLSPAN="2" ALIGN="center" STYLE="border-bottom:1px solid #000000"><FONT STYLE="font-family:Times New Roman" SIZE="1"><B>Percentage<BR>of GLA<BR>expiring</B></FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" COLSPAN="2" ALIGN="center" STYLE="border-bottom:1px solid #000000"><FONT STYLE="font-family:Times New Roman" SIZE="1"><B>Annualized<BR>expiring</B></FONT><br><FONT STYLE="font-family:Times New Roman" SIZE="1"><B>base
rents</B></FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" COLSPAN="2" ALIGN="center" STYLE="border-bottom:1px solid #000000"><FONT STYLE="font-family:Times New Roman" SIZE="1"><B>Annualized<BR>expiring&nbsp;
base</B></FONT><br><FONT STYLE="font-family:Times New Roman" SIZE="1"><B>rents&nbsp;per&nbsp;sq.&nbsp;ft.</B></FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" COLSPAN="2" ALIGN="center" STYLE="border-bottom:1px solid #000000"><FONT STYLE="font-family:Times New Roman" SIZE="1"><B>Percentage<BR>of&nbsp;
annualized<BR>expiring</B></FONT><br><FONT STYLE="font-family:Times New Roman" SIZE="1"><B>base rents</B></FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD></TR>


<TR>
<TD HEIGHT="13"></TD>
<TD HEIGHT="13" COLSPAN="4"></TD>
<TD HEIGHT="13" COLSPAN="4"></TD>
<TD HEIGHT="13" COLSPAN="4"></TD>
<TD HEIGHT="13" COLSPAN="4"></TD>
<TD HEIGHT="13" COLSPAN="4"></TD>
<TD HEIGHT="13" COLSPAN="4"></TD></TR>
<TR BGCOLOR="#cceeff">
<TD VALIGN="top"> <P STYLE="margin-left:1.00em; text-indent:-1.00em"><FONT STYLE="font-family:Times New Roman" SIZE="2">Month-To-Month</FONT></P></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="2">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:Times New Roman" SIZE="2">18</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="2">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="2">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:Times New Roman" SIZE="2">47,000</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="2">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="2">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:Times New Roman" SIZE="2">0.5</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="2">%&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="2">$</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:Times New Roman" SIZE="2">562,000</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="2">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="2">$</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:Times New Roman" SIZE="2">11.96</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="2">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="2">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:Times New Roman" SIZE="2">0.6</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="2">%&nbsp;</FONT></TD></TR>
<TR>
<TD VALIGN="top"> <P STYLE="margin-left:3.00em; text-indent:-1.00em"><FONT STYLE="font-family:Times New Roman" SIZE="2">2012</FONT></P></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="2">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:Times New Roman" SIZE="2">107</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="2">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="2">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:Times New Roman" SIZE="2">377,000</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="2">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="2">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:Times New Roman" SIZE="2">4.3</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="2">%&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="2">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:Times New Roman" SIZE="2">4,364,000</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="2">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="2">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:Times New Roman" SIZE="2">11.58</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="2">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="2">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:Times New Roman" SIZE="2">4.3</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="2">%&nbsp;</FONT></TD></TR>
<TR BGCOLOR="#cceeff">
<TD VALIGN="top"> <P STYLE="margin-left:3.00em; text-indent:-1.00em"><FONT STYLE="font-family:Times New Roman" SIZE="2">2013</FONT></P></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="2">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:Times New Roman" SIZE="2">119</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="2">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="2">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:Times New Roman" SIZE="2">520,000</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="2">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="2">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:Times New Roman" SIZE="2">5.9</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="2">%&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="2">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:Times New Roman" SIZE="2">6,985,000</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="2">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="2">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:Times New Roman" SIZE="2">13.43</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="2">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="2">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:Times New Roman" SIZE="2">6.9</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="2">%&nbsp;</FONT></TD></TR>
<TR>
<TD VALIGN="top"> <P STYLE="margin-left:3.00em; text-indent:-1.00em"><FONT STYLE="font-family:Times New Roman" SIZE="2">2014</FONT></P></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="2">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:Times New Roman" SIZE="2">132</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="2">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="2">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:Times New Roman" SIZE="2">1,185,000</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="2">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="2">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:Times New Roman" SIZE="2">13.5</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="2">%&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="2">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:Times New Roman" SIZE="2">10,642,000</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="2">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="2">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:Times New Roman" SIZE="2">8.98</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="2">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="2">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:Times New Roman" SIZE="2">10.5</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="2">%&nbsp;</FONT></TD></TR>
<TR BGCOLOR="#cceeff">
<TD VALIGN="top"> <P STYLE="margin-left:3.00em; text-indent:-1.00em"><FONT STYLE="font-family:Times New Roman" SIZE="2">2015</FONT></P></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="2">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:Times New Roman" SIZE="2">135</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="2">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="2">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:Times New Roman" SIZE="2">1,267,000</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="2">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="2">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:Times New Roman" SIZE="2">14.4</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="2">%&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="2">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:Times New Roman" SIZE="2">13,465,000</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="2">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="2">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:Times New Roman" SIZE="2">10.63</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="2">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="2">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:Times New Roman" SIZE="2">13.3</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="2">%&nbsp;</FONT></TD></TR>
<TR>
<TD VALIGN="top"> <P STYLE="margin-left:3.00em; text-indent:-1.00em"><FONT STYLE="font-family:Times New Roman" SIZE="2">2016</FONT></P></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="2">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:Times New Roman" SIZE="2">117</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="2">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="2">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:Times New Roman" SIZE="2">1,025,000</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="2">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="2">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:Times New Roman" SIZE="2">11.7</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="2">%&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="2">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:Times New Roman" SIZE="2">11,112,000</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="2">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="2">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:Times New Roman" SIZE="2">10.84</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="2">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="2">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:Times New Roman" SIZE="2">11.0</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="2">%&nbsp;</FONT></TD></TR>
<TR BGCOLOR="#cceeff">
<TD VALIGN="top"> <P STYLE="margin-left:3.00em; text-indent:-1.00em"><FONT STYLE="font-family:Times New Roman" SIZE="2">2017</FONT></P></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="2">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:Times New Roman" SIZE="2">67</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="2">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="2">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:Times New Roman" SIZE="2">815,000</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="2">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="2">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:Times New Roman" SIZE="2">9.3</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="2">%&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="2">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:Times New Roman" SIZE="2">9,712,000</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="2">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="2">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:Times New Roman" SIZE="2">11.92</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="2">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="2">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:Times New Roman" SIZE="2">9.6</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="2">%&nbsp;</FONT></TD></TR>
<TR>
<TD VALIGN="top"> <P STYLE="margin-left:3.00em; text-indent:-1.00em"><FONT STYLE="font-family:Times New Roman" SIZE="2">2018</FONT></P></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="2">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:Times New Roman" SIZE="2">36</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="2">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="2">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:Times New Roman" SIZE="2">480,000</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="2">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="2">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:Times New Roman" SIZE="2">5.5</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="2">%&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="2">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:Times New Roman" SIZE="2">6,478,000</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="2">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="2">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:Times New Roman" SIZE="2">13.50</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="2">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="2">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:Times New Roman" SIZE="2">6.4</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="2">%&nbsp;</FONT></TD></TR>
<TR BGCOLOR="#cceeff">
<TD VALIGN="top"> <P STYLE="margin-left:3.00em; text-indent:-1.00em"><FONT STYLE="font-family:Times New Roman" SIZE="2">2019</FONT></P></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="2">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:Times New Roman" SIZE="2">25</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="2">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="2">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:Times New Roman" SIZE="2">330,000</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="2">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="2">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:Times New Roman" SIZE="2">3.8</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="2">%&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="2">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:Times New Roman" SIZE="2">3,745,000</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="2">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="2">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:Times New Roman" SIZE="2">11.35</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="2">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="2">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:Times New Roman" SIZE="2">3.7</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="2">%&nbsp;</FONT></TD></TR>
<TR>
<TD VALIGN="top"> <P STYLE="margin-left:3.00em; text-indent:-1.00em"><FONT STYLE="font-family:Times New Roman" SIZE="2">2020</FONT></P></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="2">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:Times New Roman" SIZE="2">32</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="2">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="2">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:Times New Roman" SIZE="2">884,000</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="2">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="2">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:Times New Roman" SIZE="2">10.1</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="2">%&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="2">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:Times New Roman" SIZE="2">8,123,000</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="2">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="2">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:Times New Roman" SIZE="2">9.19</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="2">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="2">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:Times New Roman" SIZE="2">8.0</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="2">%&nbsp;</FONT></TD></TR>
<TR BGCOLOR="#cceeff">
<TD VALIGN="top"> <P STYLE="margin-left:3.00em; text-indent:-1.00em"><FONT STYLE="font-family:Times New Roman" SIZE="2">2021</FONT></P></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="2">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:Times New Roman" SIZE="2">29</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="2">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="2">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:Times New Roman" SIZE="2">404,000</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="2">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="2">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:Times New Roman" SIZE="2">4.6</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="2">%&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="2">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:Times New Roman" SIZE="2">5,698,000</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="2">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="2">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:Times New Roman" SIZE="2">14.10</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="2">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="2">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:Times New Roman" SIZE="2">5.6</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="2">%&nbsp;</FONT></TD></TR>
<TR>
<TD VALIGN="top"> <P STYLE="margin-left:3.00em; text-indent:-1.00em"><FONT STYLE="font-family:Times New Roman" SIZE="2">2022</FONT></P></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="2">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:Times New Roman" SIZE="2">6</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="2">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="2">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:Times New Roman" SIZE="2">40,000</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="2">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="2">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:Times New Roman" SIZE="2">0.5</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="2">%&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="2">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:Times New Roman" SIZE="2">540,000</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="2">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="2">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:Times New Roman" SIZE="2">13.50</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="2">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="2">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:Times New Roman" SIZE="2">0.5</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="2">%&nbsp;</FONT></TD></TR>
<TR BGCOLOR="#cceeff">
<TD VALIGN="top"> <P STYLE="margin-left:1.00em; text-indent:-1.00em"><FONT STYLE="font-family:Times New Roman" SIZE="2">Thereafter</FONT></P></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="2">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:Times New Roman" SIZE="2">49</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="2">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="2">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:Times New Roman" SIZE="2">1,416,000</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="2">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="2">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:Times New Roman" SIZE="2">16.1</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="2">%&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="2">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:Times New Roman" SIZE="2">20,010,000</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="2">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="2">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:Times New Roman" SIZE="2">14.13</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="2">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="2">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:Times New Roman" SIZE="2">19.7</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="2">%&nbsp;</FONT></TD></TR>
<TR STYLE="font-size:1px">
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"> <P STYLE="border-top:1px solid #000000">&nbsp;</P></TD>
<TD VALIGN="bottom"> <P STYLE="border-top:1px solid #000000">&nbsp;</P></TD>
<TD>&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"> <P STYLE="border-top:1px solid #000000">&nbsp;</P></TD>
<TD VALIGN="bottom"> <P STYLE="border-top:1px solid #000000">&nbsp;</P></TD>
<TD>&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"> <P STYLE="border-top:1px solid #000000">&nbsp;</P></TD>
<TD VALIGN="bottom"> <P STYLE="border-top:1px solid #000000">&nbsp;</P></TD>
<TD>&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom"> <P STYLE="border-top:1px solid #000000">&nbsp;</P></TD>
<TD VALIGN="bottom"> <P STYLE="border-top:1px solid #000000">&nbsp;</P></TD>
<TD>&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"> <P STYLE="border-top:1px solid #000000">&nbsp;</P></TD>
<TD VALIGN="bottom"> <P STYLE="border-top:1px solid #000000">&nbsp;</P></TD>
<TD>&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"> <P STYLE="border-top:1px solid #000000">&nbsp;</P></TD>
<TD VALIGN="bottom"> <P STYLE="border-top:1px solid #000000">&nbsp;</P></TD>
<TD>&nbsp;</TD></TR>
<TR>
<TD HEIGHT="13"></TD>
<TD HEIGHT="13" COLSPAN="4"></TD>
<TD HEIGHT="13" COLSPAN="4"></TD>
<TD HEIGHT="13" COLSPAN="4"></TD>
<TD HEIGHT="13" COLSPAN="4"></TD>
<TD HEIGHT="13" COLSPAN="4"></TD>
<TD HEIGHT="13" COLSPAN="4"></TD></TR>
<TR>
<TD VALIGN="top"> <P STYLE="margin-left:1.00em; text-indent:-1.00em"><FONT STYLE="font-family:Times New Roman" SIZE="2">All tenants</FONT></P></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="2">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:Times New Roman" SIZE="2">872</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="2">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="2">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:Times New Roman" SIZE="2">8,790,000</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="2">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="2">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:Times New Roman" SIZE="2">100.0</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="2">%&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="2">$</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:Times New Roman" SIZE="2">101,436,000</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="2">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="2">$</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:Times New Roman" SIZE="2">11.54</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="2">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="2">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:Times New Roman" SIZE="2">100.0</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="2">%&nbsp;</FONT></TD></TR>
<TR STYLE="font-size:1px">
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"> <P STYLE="border-top:3px double #000000">&nbsp;</P></TD>
<TD VALIGN="bottom"> <P STYLE="border-top:3px double #000000">&nbsp;</P></TD>
<TD>&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom"> <P STYLE="border-top:3px double #000000">&nbsp;</P></TD>
<TD VALIGN="bottom"> <P STYLE="border-top:3px double #000000">&nbsp;</P></TD>
<TD>&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"> <P STYLE="border-top:3px double #000000">&nbsp;</P></TD>
<TD VALIGN="bottom"> <P STYLE="border-top:3px double #000000">&nbsp;</P></TD>
<TD>&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"> <P STYLE="border-top:3px double #000000">&nbsp;</P></TD>
<TD VALIGN="bottom"> <P STYLE="border-top:3px double #000000">&nbsp;</P></TD>
<TD>&nbsp;</TD></TR>
<TR>
<TD HEIGHT="13"></TD>
<TD HEIGHT="13" COLSPAN="4"></TD>
<TD HEIGHT="13" COLSPAN="4"></TD>
<TD HEIGHT="13" COLSPAN="4"></TD>
<TD HEIGHT="13" COLSPAN="4"></TD>
<TD HEIGHT="13" COLSPAN="4"></TD>
<TD HEIGHT="13" COLSPAN="4"></TD></TR>
<TR BGCOLOR="#cceeff">
<TD VALIGN="top"> <P STYLE="margin-left:1.00em; text-indent:-1.00em"><FONT STYLE="font-family:Times New Roman" SIZE="2">Vacant space</FONT></P></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="2">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:Times New Roman" SIZE="2">N/A</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="2">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="2">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:Times New Roman" SIZE="2">803,000</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="2">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="2">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:Times New Roman" SIZE="2">N/A</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="2">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD></TR>
<TR STYLE="font-size:1px">
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"> <P STYLE="border-top:1px solid #000000">&nbsp;</P></TD>
<TD VALIGN="bottom"> <P STYLE="border-top:1px solid #000000">&nbsp;</P></TD>
<TD>&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"> <P STYLE="border-top:1px solid #000000">&nbsp;</P></TD>
<TD VALIGN="bottom"> <P STYLE="border-top:1px solid #000000">&nbsp;</P></TD>
<TD>&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"> <P STYLE="border-top:1px solid #000000">&nbsp;</P></TD>
<TD VALIGN="bottom"> <P STYLE="border-top:1px solid #000000">&nbsp;</P></TD>
<TD>&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD></TR>
<TR>
<TD HEIGHT="13"></TD>
<TD HEIGHT="13" COLSPAN="4"></TD>
<TD HEIGHT="13" COLSPAN="4"></TD>
<TD HEIGHT="13" COLSPAN="4"></TD>
<TD HEIGHT="13" COLSPAN="4"></TD>
<TD HEIGHT="13" COLSPAN="4"></TD>
<TD HEIGHT="13" COLSPAN="4"></TD></TR>
<TR>
<TD VALIGN="top"> <P STYLE="margin-left:3.00em; text-indent:-1.00em"><FONT STYLE="font-family:Times New Roman" SIZE="2">Total</FONT></P></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="2">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:Times New Roman" SIZE="2">872</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="2">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="2">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:Times New Roman" SIZE="2">9,593,000</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="2">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="2">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:Times New Roman" SIZE="2">N/A</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="2">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD></TR>
<TR STYLE="font-size:1px">
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"> <P STYLE="border-top:3px double #000000">&nbsp;</P></TD>
<TD VALIGN="bottom"> <P STYLE="border-top:3px double #000000">&nbsp;</P></TD>
<TD>&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"> <P STYLE="border-top:3px double #000000">&nbsp;</P></TD>
<TD VALIGN="bottom"> <P STYLE="border-top:3px double #000000">&nbsp;</P></TD>
<TD>&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"> <P STYLE="border-top:3px double #000000">&nbsp;</P></TD>
<TD VALIGN="bottom"> <P STYLE="border-top:3px double #000000">&nbsp;</P></TD>
<TD>&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD></TR>
</TABLE>
 <p STYLE="margin-top:0px;margin-bottom:0px"><FONT SIZE="1">&nbsp;</FONT></P> <P STYLE="margin-top:0px;margin-bottom:0px" ALIGN="center"><FONT STYLE="font-family:Times New Roman" SIZE="2">6 </FONT></P>


<p Style='page-break-before:always'>
<HR  SIZE="3" style="COLOR:#999999" WIDTH="100%" ALIGN="CENTER">
<h5 align="left"><a href="#toc">Table of Contents</a></h5>


 <P>&nbsp;</P>
<TABLE CELLSPACING="0" CELLPADDING="0" WIDTH="100%" BORDER="0" STYLE="BORDER-COLLAPSE:COLLAPSE" ALIGN="center">


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<TD WIDTH="83%"></TD>
<TD VALIGN="bottom" WIDTH="1%"></TD>
<TD></TD>
<TD></TD>
<TD></TD>
<TD VALIGN="bottom" WIDTH="1%"></TD>
<TD></TD>
<TD></TD>
<TD></TD>
<TD VALIGN="bottom" WIDTH="1%"></TD>
<TD></TD>
<TD></TD>
<TD></TD>
<TD VALIGN="bottom" WIDTH="1%"></TD>
<TD></TD>
<TD></TD>
<TD></TD>
<TD VALIGN="bottom" WIDTH="1%"></TD>
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<TD></TD>
<TD></TD>
<TD VALIGN="bottom" WIDTH="1%"></TD>
<TD></TD></TR>
<TR>
<TD VALIGN="bottom" NOWRAP> <P STYLE="border-bottom:1px solid #000000;width:70pt"><FONT STYLE="font-family:Times New Roman" SIZE="1"><B>Property description</B></FONT></P></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" COLSPAN="2" ALIGN="center" STYLE="border-bottom:1px solid #000000"><FONT STYLE="font-family:Times New Roman" SIZE="1"><B>Percent<BR>owned</B></FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" COLSPAN="2" ALIGN="center" STYLE="border-bottom:1px solid #000000"><FONT STYLE="font-family:Times New Roman" SIZE="1"><B>Year<BR>acquired</B></FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" COLSPAN="2" ALIGN="center" STYLE="border-bottom:1px solid #000000"><FONT STYLE="font-family:Times New Roman" SIZE="1"><B>GLA</B></FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" COLSPAN="2" ALIGN="center" STYLE="border-bottom:1px solid #000000"><FONT STYLE="font-family:Times New Roman" SIZE="1"><B>%<BR>occupied</B></FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" COLSPAN="2" ALIGN="center" STYLE="border-bottom:1px solid #000000"><FONT STYLE="font-family:Times New Roman" SIZE="1"><B>Average<BR>base&nbsp;rent&nbsp;per<BR>leased sq. ft.</B></FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="center" STYLE="border-bottom:1px solid #000000"> <P STYLE="margin-top:0px;margin-bottom:1px" ALIGN="center"><FONT STYLE="font-family:Times New Roman" SIZE="1"><B>Major tenants (a)</B></FONT></P></TD></TR>


<TR BGCOLOR="#cceeff">
<TD VALIGN="top" NOWRAP> <P STYLE="margin-left:1.00em; text-indent:-1.00em"><FONT STYLE="font-family:Times New Roman" SIZE="2"><B><U>Connecticut (6 properties)</U></B></FONT></P></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="top"></TD>
<TD VALIGN="top"></TD>
<TD VALIGN="top"></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="top"></TD>
<TD VALIGN="top"></TD>
<TD VALIGN="top"></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="top"></TD>
<TD VALIGN="top"></TD>
<TD VALIGN="top"></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="top"></TD>
<TD VALIGN="top"></TD>
<TD VALIGN="top"></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="top"></TD>
<TD VALIGN="top"></TD>
<TD VALIGN="top"></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="top"></TD></TR>
<TR>
<TD VALIGN="top"> <P STYLE="margin-left:1.00em; text-indent:-1.00em"><FONT STYLE="font-family:Times New Roman" SIZE="2">Groton Shopping Center</FONT></P></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="top"><FONT STYLE="font-family:Times New Roman" SIZE="2">&nbsp;</FONT></TD>
<TD VALIGN="top" ALIGN="right"><FONT STYLE="font-family:Times New Roman" SIZE="2">100</FONT></TD>
<TD NOWRAP VALIGN="top"><FONT STYLE="font-family:Times New Roman" SIZE="2">%&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="top"><FONT STYLE="font-family:Times New Roman" SIZE="2">&nbsp;</FONT></TD>
<TD VALIGN="top" ALIGN="right"><FONT STYLE="font-family:Times New Roman" SIZE="2">2007</FONT></TD>
<TD NOWRAP VALIGN="top"><FONT STYLE="font-family:Times New Roman" SIZE="2">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="top"><FONT STYLE="font-family:Times New Roman" SIZE="2">&nbsp;</FONT></TD>
<TD VALIGN="top" ALIGN="right"><FONT STYLE="font-family:Times New Roman" SIZE="2">117,986</FONT></TD>
<TD NOWRAP VALIGN="top"><FONT STYLE="font-family:Times New Roman" SIZE="2">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="top"><FONT STYLE="font-family:Times New Roman" SIZE="2">&nbsp;</FONT></TD>
<TD VALIGN="top" ALIGN="right"><FONT STYLE="font-family:Times New Roman" SIZE="2">90.8</FONT></TD>
<TD NOWRAP VALIGN="top"><FONT STYLE="font-family:Times New Roman" SIZE="2">%&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="top"><FONT STYLE="font-family:Times New Roman" SIZE="2">$</FONT></TD>
<TD VALIGN="top" ALIGN="right"><FONT STYLE="font-family:Times New Roman" SIZE="2">10.96</FONT></TD>
<TD NOWRAP VALIGN="top"><FONT STYLE="font-family:Times New Roman" SIZE="2">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="top"><FONT STYLE="font-family:Times New Roman" SIZE="2">TJ Maxx</FONT></TD></TR>
<TR BGCOLOR="#cceeff">
<TD VALIGN="top"> <P STYLE="margin-left:1.00em; text-indent:-1.00em"><FONT STYLE="font-family:Times New Roman" SIZE="2">Jordan Lane</FONT></P></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="top"><FONT STYLE="font-family:Times New Roman" SIZE="2">&nbsp;</FONT></TD>
<TD VALIGN="top" ALIGN="right"><FONT STYLE="font-family:Times New Roman" SIZE="2">100</FONT></TD>
<TD NOWRAP VALIGN="top"><FONT STYLE="font-family:Times New Roman" SIZE="2">%&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="top"><FONT STYLE="font-family:Times New Roman" SIZE="2">&nbsp;</FONT></TD>
<TD VALIGN="top" ALIGN="right"><FONT STYLE="font-family:Times New Roman" SIZE="2">2005</FONT></TD>
<TD NOWRAP VALIGN="top"><FONT STYLE="font-family:Times New Roman" SIZE="2">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="top"><FONT STYLE="font-family:Times New Roman" SIZE="2">&nbsp;</FONT></TD>
<TD VALIGN="top" ALIGN="right"><FONT STYLE="font-family:Times New Roman" SIZE="2">181,730</FONT></TD>
<TD NOWRAP VALIGN="top"><FONT STYLE="font-family:Times New Roman" SIZE="2">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="top"><FONT STYLE="font-family:Times New Roman" SIZE="2">&nbsp;</FONT></TD>
<TD VALIGN="top" ALIGN="right"><FONT STYLE="font-family:Times New Roman" SIZE="2">97.7</FONT></TD>
<TD NOWRAP VALIGN="top"><FONT STYLE="font-family:Times New Roman" SIZE="2">%&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="top"><FONT STYLE="font-family:Times New Roman" SIZE="2">&nbsp;</FONT></TD>
<TD VALIGN="top" ALIGN="right"><FONT STYLE="font-family:Times New Roman" SIZE="2">10.87</FONT></TD>
<TD NOWRAP VALIGN="top"><FONT STYLE="font-family:Times New Roman" SIZE="2">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="top"> <P STYLE="margin-top:0px;margin-bottom:0px"><FONT STYLE="font-family:Times New Roman" SIZE="2">Stop&nbsp;&amp;&nbsp;Shop</FONT></P> <P STYLE="margin-top:0px;margin-bottom:0px"><FONT STYLE="font-family:Times New Roman" SIZE="2">CW
Price</FONT></P> <P STYLE="margin-top:0px;margin-bottom:1px"><FONT STYLE="font-family:Times New Roman" SIZE="2">Retro Fitness</FONT></P></TD></TR>
<TR>
<TD VALIGN="top"> <P STYLE="margin-left:1.00em; text-indent:-1.00em"><FONT STYLE="font-family:Times New Roman" SIZE="2">New London Mall</FONT></P></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="top"><FONT STYLE="font-family:Times New Roman" SIZE="2">&nbsp;</FONT></TD>
<TD VALIGN="top" ALIGN="right"><FONT STYLE="font-family:Times New Roman" SIZE="2">40</FONT></TD>
<TD NOWRAP VALIGN="top"><FONT STYLE="font-family:Times New Roman" SIZE="2">%&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="top"><FONT STYLE="font-family:Times New Roman" SIZE="2">&nbsp;</FONT></TD>
<TD VALIGN="top" ALIGN="right"><FONT STYLE="font-family:Times New Roman" SIZE="2">2009</FONT></TD>
<TD NOWRAP VALIGN="top"><FONT STYLE="font-family:Times New Roman" SIZE="2">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="top"><FONT STYLE="font-family:Times New Roman" SIZE="2">&nbsp;</FONT></TD>
<TD VALIGN="top" ALIGN="right"><FONT STYLE="font-family:Times New Roman" SIZE="2">259,293</FONT></TD>
<TD NOWRAP VALIGN="top"><FONT STYLE="font-family:Times New Roman" SIZE="2">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="top"><FONT STYLE="font-family:Times New Roman" SIZE="2">&nbsp;</FONT></TD>
<TD VALIGN="top" ALIGN="right"><FONT STYLE="font-family:Times New Roman" SIZE="2">96.9</FONT></TD>
<TD NOWRAP VALIGN="top"><FONT STYLE="font-family:Times New Roman" SIZE="2">%&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="top"><FONT STYLE="font-family:Times New Roman" SIZE="2">&nbsp;</FONT></TD>
<TD VALIGN="top" ALIGN="right"><FONT STYLE="font-family:Times New Roman" SIZE="2">13.98</FONT></TD>
<TD NOWRAP VALIGN="top"><FONT STYLE="font-family:Times New Roman" SIZE="2">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="top"> <P STYLE="margin-top:0px;margin-bottom:0px"><FONT STYLE="font-family:Times New Roman" SIZE="2">Shoprite</FONT></P> <P STYLE="margin-top:0px;margin-bottom:0px"><FONT STYLE="font-family:Times New Roman" SIZE="2">Marshalls</FONT></P>
<P STYLE="margin-top:0px;margin-bottom:0px"><FONT STYLE="font-family:Times New Roman" SIZE="2">Homegoods</FONT></P> <P STYLE="margin-top:0px;margin-bottom:0px"><FONT STYLE="font-family:Times New Roman" SIZE="2">Petsmart</FONT></P>
<P STYLE="margin-top:0px;margin-bottom:1px"><FONT STYLE="font-family:Times New Roman" SIZE="2">AC Moore</FONT></P></TD></TR>
<TR BGCOLOR="#cceeff">
<TD VALIGN="top"> <P STYLE="margin-left:1.00em; text-indent:-1.00em"><FONT STYLE="font-family:Times New Roman" SIZE="2">Oakland Commons</FONT></P></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="top"><FONT STYLE="font-family:Times New Roman" SIZE="2">&nbsp;</FONT></TD>
<TD VALIGN="top" ALIGN="right"><FONT STYLE="font-family:Times New Roman" SIZE="2">100</FONT></TD>
<TD NOWRAP VALIGN="top"><FONT STYLE="font-family:Times New Roman" SIZE="2">%&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="top"><FONT STYLE="font-family:Times New Roman" SIZE="2">&nbsp;</FONT></TD>
<TD VALIGN="top" ALIGN="right"><FONT STYLE="font-family:Times New Roman" SIZE="2">2007</FONT></TD>
<TD NOWRAP VALIGN="top"><FONT STYLE="font-family:Times New Roman" SIZE="2">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="top"><FONT STYLE="font-family:Times New Roman" SIZE="2">&nbsp;</FONT></TD>
<TD VALIGN="top" ALIGN="right"><FONT STYLE="font-family:Times New Roman" SIZE="2">89,850</FONT></TD>
<TD NOWRAP VALIGN="top"><FONT STYLE="font-family:Times New Roman" SIZE="2">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="top"><FONT STYLE="font-family:Times New Roman" SIZE="2">&nbsp;</FONT></TD>
<TD VALIGN="top" ALIGN="right"><FONT STYLE="font-family:Times New Roman" SIZE="2">100.0</FONT></TD>
<TD NOWRAP VALIGN="top"><FONT STYLE="font-family:Times New Roman" SIZE="2">%&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="top"><FONT STYLE="font-family:Times New Roman" SIZE="2">&nbsp;</FONT></TD>
<TD VALIGN="top" ALIGN="right"><FONT STYLE="font-family:Times New Roman" SIZE="2">11.02</FONT></TD>
<TD NOWRAP VALIGN="top"><FONT STYLE="font-family:Times New Roman" SIZE="2">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="top" NOWRAP> <P STYLE="margin-top:0px;margin-bottom:0px"><FONT STYLE="font-family:Times New Roman" SIZE="2">Shaw&#146;s</FONT></P> <P STYLE="margin-top:0px;margin-bottom:1px"><FONT STYLE="font-family:Times New Roman" SIZE="2">Bristol Ten
Pin</FONT></P></TD></TR>
<TR>
<TD VALIGN="top" NOWRAP> <P STYLE="margin-left:1.00em; text-indent:-1.00em"><FONT STYLE="font-family:Times New Roman" SIZE="2">Southington Shopping Center</FONT></P></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="top"><FONT STYLE="font-family:Times New Roman" SIZE="2">&nbsp;</FONT></TD>
<TD VALIGN="top" ALIGN="right"><FONT STYLE="font-family:Times New Roman" SIZE="2">100</FONT></TD>
<TD NOWRAP VALIGN="top"><FONT STYLE="font-family:Times New Roman" SIZE="2">%&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="top"><FONT STYLE="font-family:Times New Roman" SIZE="2">&nbsp;</FONT></TD>
<TD VALIGN="top" ALIGN="right"><FONT STYLE="font-family:Times New Roman" SIZE="2">2003</FONT></TD>
<TD NOWRAP VALIGN="top"><FONT STYLE="font-family:Times New Roman" SIZE="2">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="top"><FONT STYLE="font-family:Times New Roman" SIZE="2">&nbsp;</FONT></TD>
<TD VALIGN="top" ALIGN="right"><FONT STYLE="font-family:Times New Roman" SIZE="2">155,842</FONT></TD>
<TD NOWRAP VALIGN="top"><FONT STYLE="font-family:Times New Roman" SIZE="2">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="top"><FONT STYLE="font-family:Times New Roman" SIZE="2">&nbsp;</FONT></TD>
<TD VALIGN="top" ALIGN="right"><FONT STYLE="font-family:Times New Roman" SIZE="2">98.7</FONT></TD>
<TD NOWRAP VALIGN="top"><FONT STYLE="font-family:Times New Roman" SIZE="2">%&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="top"><FONT STYLE="font-family:Times New Roman" SIZE="2">&nbsp;</FONT></TD>
<TD VALIGN="top" ALIGN="right"><FONT STYLE="font-family:Times New Roman" SIZE="2">6.72</FONT></TD>
<TD NOWRAP VALIGN="top"><FONT STYLE="font-family:Times New Roman" SIZE="2">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="top"> <P STYLE="margin-top:0px;margin-bottom:0px"><FONT STYLE="font-family:Times New Roman" SIZE="2">Wal-Mart</FONT></P>
<P STYLE="margin-top:0px;margin-bottom:1px"><FONT STYLE="font-family:Times New Roman" SIZE="2">NAMCO</FONT></P></TD></TR>
<TR BGCOLOR="#cceeff">
<TD VALIGN="top"> <P STYLE="margin-left:1.00em; text-indent:-1.00em"><FONT STYLE="font-family:Times New Roman" SIZE="2">The Brickyard</FONT></P></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="top"><FONT STYLE="font-family:Times New Roman" SIZE="2">&nbsp;</FONT></TD>
<TD VALIGN="top" ALIGN="right"><FONT STYLE="font-family:Times New Roman" SIZE="2">100</FONT></TD>
<TD NOWRAP VALIGN="top"><FONT STYLE="font-family:Times New Roman" SIZE="2">%&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="top"><FONT STYLE="font-family:Times New Roman" SIZE="2">&nbsp;</FONT></TD>
<TD VALIGN="top" ALIGN="right"><FONT STYLE="font-family:Times New Roman" SIZE="2">2004</FONT></TD>
<TD NOWRAP VALIGN="top"><FONT STYLE="font-family:Times New Roman" SIZE="2">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="top"><FONT STYLE="font-family:Times New Roman" SIZE="2">&nbsp;</FONT></TD>
<TD VALIGN="top" ALIGN="right"><FONT STYLE="font-family:Times New Roman" SIZE="2">249,553</FONT></TD>
<TD NOWRAP VALIGN="top"><FONT STYLE="font-family:Times New Roman" SIZE="2">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="top"><FONT STYLE="font-family:Times New Roman" SIZE="2">&nbsp;</FONT></TD>
<TD VALIGN="top" ALIGN="right"><FONT STYLE="font-family:Times New Roman" SIZE="2">59.7</FONT></TD>
<TD NOWRAP VALIGN="top"><FONT STYLE="font-family:Times New Roman" SIZE="2">%&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="top"><FONT STYLE="font-family:Times New Roman" SIZE="2">&nbsp;</FONT></TD>
<TD VALIGN="top" ALIGN="right"><FONT STYLE="font-family:Times New Roman" SIZE="2">8.39</FONT></TD>
<TD NOWRAP VALIGN="top"><FONT STYLE="font-family:Times New Roman" SIZE="2">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="top"> <P STYLE="margin-top:0px;margin-bottom:0px"><FONT STYLE="font-family:Times New Roman" SIZE="2">Home Depot</FONT></P>
<P STYLE="margin-top:0px;margin-bottom:1px"><FONT STYLE="font-family:Times New Roman" SIZE="2">Syms</FONT></P></TD></TR>
<TR STYLE="font-size:1px">
<TD VALIGN="top"></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;&nbsp;&nbsp;</TD>
<TD VALIGN="top"></TD>
<TD VALIGN="top"></TD>
<TD VALIGN="top"></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="top"></TD>
<TD VALIGN="top"></TD>
<TD VALIGN="top"></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;&nbsp;&nbsp;</TD>
<TD VALIGN="top"> <P STYLE="border-top:1px solid #000000">&nbsp;</P></TD>
<TD VALIGN="top"> <P STYLE="border-top:1px solid #000000">&nbsp;</P></TD>
<TD>&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;&nbsp;&nbsp;</TD>
<TD VALIGN="top"></TD>
<TD VALIGN="top"></TD>
<TD VALIGN="top"></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="top"></TD>
<TD VALIGN="top"></TD>
<TD VALIGN="top"></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;&nbsp;&nbsp;</TD>
<TD VALIGN="top"></TD></TR>
<TR>
<TD VALIGN="top"> <P STYLE="margin-left:3.00em; text-indent:-1.00em"><FONT STYLE="font-family:Times New Roman" SIZE="2"><B>Total Connecticut</B></FONT></P></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="top"></TD>
<TD VALIGN="top"></TD>
<TD VALIGN="top"></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="top"></TD>
<TD VALIGN="top"></TD>
<TD VALIGN="top"></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="top"><FONT STYLE="font-family:Times New Roman" SIZE="2"><B>&nbsp;</B></FONT></TD>
<TD VALIGN="top" ALIGN="right"><FONT STYLE="font-family:Times New Roman" SIZE="2"><B>1,054,254</B></FONT></TD>
<TD NOWRAP VALIGN="top"><FONT STYLE="font-family:Times New Roman" SIZE="2"><B>&nbsp;&nbsp;</B></FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="top"><FONT STYLE="font-family:Times New Roman" SIZE="2"><B>&nbsp;</B></FONT></TD>
<TD VALIGN="top" ALIGN="right"><FONT STYLE="font-family:Times New Roman" SIZE="2"><B>88.1</B></FONT></TD>
<TD NOWRAP VALIGN="top"><FONT STYLE="font-family:Times New Roman" SIZE="2"><B>%&nbsp;</B></FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="top"><FONT STYLE="font-family:Times New Roman" SIZE="2"><B>&nbsp;</B></FONT></TD>
<TD VALIGN="top" ALIGN="right"><FONT STYLE="font-family:Times New Roman" SIZE="2"><B>10.65</B></FONT></TD>
<TD NOWRAP VALIGN="top"><FONT STYLE="font-family:Times New Roman" SIZE="2"><B>&nbsp;&nbsp;</B></FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="top"></TD></TR>
<TR STYLE="font-size:1px">
<TD VALIGN="top"></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;&nbsp;&nbsp;</TD>
<TD VALIGN="top"></TD>
<TD VALIGN="top"></TD>
<TD VALIGN="top"></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="top"></TD>
<TD VALIGN="top"></TD>
<TD VALIGN="top"></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;&nbsp;&nbsp;</TD>
<TD VALIGN="top"> <P STYLE="border-top:1px solid #000000">&nbsp;</P></TD>
<TD VALIGN="top"> <P STYLE="border-top:1px solid #000000">&nbsp;</P></TD>
<TD>&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;&nbsp;&nbsp;</TD>
<TD VALIGN="top"></TD>
<TD VALIGN="top"></TD>
<TD VALIGN="top"></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="top"></TD>
<TD VALIGN="top"></TD>
<TD VALIGN="top"></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;&nbsp;&nbsp;</TD>
<TD VALIGN="top"></TD></TR>
<TR>
<TD HEIGHT="13"></TD>
<TD HEIGHT="13" COLSPAN="4"></TD>
<TD HEIGHT="13" COLSPAN="4"></TD>
<TD HEIGHT="13" COLSPAN="4"></TD>
<TD HEIGHT="13" COLSPAN="4"></TD>
<TD HEIGHT="13" COLSPAN="4"></TD>
<TD HEIGHT="13" COLSPAN="2"></TD></TR>
<TR BGCOLOR="#cceeff">
<TD VALIGN="top"> <P STYLE="margin-left:1.00em; text-indent:-1.00em"><FONT STYLE="font-family:Times New Roman" SIZE="2"><B><U>Maryland (7 properties)</U></B></FONT></P></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="top"></TD>
<TD VALIGN="top"></TD>
<TD VALIGN="top"></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="top"></TD>
<TD VALIGN="top"></TD>
<TD VALIGN="top"></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="top"></TD>
<TD VALIGN="top"></TD>
<TD VALIGN="top"></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="top"></TD>
<TD VALIGN="top"></TD>
<TD VALIGN="top"></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="top"></TD>
<TD VALIGN="top"></TD>
<TD VALIGN="top"></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="top"></TD></TR>
<TR>
<TD VALIGN="top"> <P STYLE="margin-left:1.00em; text-indent:-1.00em"><FONT STYLE="font-family:Times New Roman" SIZE="2">Kenley Village</FONT></P></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="top"><FONT STYLE="font-family:Times New Roman" SIZE="2">&nbsp;</FONT></TD>
<TD VALIGN="top" ALIGN="right"><FONT STYLE="font-family:Times New Roman" SIZE="2">100</FONT></TD>
<TD NOWRAP VALIGN="top"><FONT STYLE="font-family:Times New Roman" SIZE="2">%&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="top"><FONT STYLE="font-family:Times New Roman" SIZE="2">&nbsp;</FONT></TD>
<TD VALIGN="top" ALIGN="right"><FONT STYLE="font-family:Times New Roman" SIZE="2">2005</FONT></TD>
<TD NOWRAP VALIGN="top"><FONT STYLE="font-family:Times New Roman" SIZE="2">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="top"><FONT STYLE="font-family:Times New Roman" SIZE="2">&nbsp;</FONT></TD>
<TD VALIGN="top" ALIGN="right"><FONT STYLE="font-family:Times New Roman" SIZE="2">51,894</FONT></TD>
<TD NOWRAP VALIGN="top"><FONT STYLE="font-family:Times New Roman" SIZE="2">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="top"><FONT STYLE="font-family:Times New Roman" SIZE="2">&nbsp;</FONT></TD>
<TD VALIGN="top" ALIGN="right"><FONT STYLE="font-family:Times New Roman" SIZE="2">76.6</FONT></TD>
<TD NOWRAP VALIGN="top"><FONT STYLE="font-family:Times New Roman" SIZE="2">%&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="top"><FONT STYLE="font-family:Times New Roman" SIZE="2">&nbsp;</FONT></TD>
<TD VALIGN="top" ALIGN="right"><FONT STYLE="font-family:Times New Roman" SIZE="2">9.00</FONT></TD>
<TD NOWRAP VALIGN="top"><FONT STYLE="font-family:Times New Roman" SIZE="2">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="top"><FONT STYLE="font-family:Times New Roman" SIZE="2">Food Lion</FONT></TD></TR>
<TR BGCOLOR="#cceeff">
<TD VALIGN="top"> <P STYLE="margin-left:1.00em; text-indent:-1.00em"><FONT STYLE="font-family:Times New Roman" SIZE="2">Metro Square</FONT></P></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="top"><FONT STYLE="font-family:Times New Roman" SIZE="2">&nbsp;</FONT></TD>
<TD VALIGN="top" ALIGN="right"><FONT STYLE="font-family:Times New Roman" SIZE="2">100</FONT></TD>
<TD NOWRAP VALIGN="top"><FONT STYLE="font-family:Times New Roman" SIZE="2">%&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="top"><FONT STYLE="font-family:Times New Roman" SIZE="2">&nbsp;</FONT></TD>
<TD VALIGN="top" ALIGN="right"><FONT STYLE="font-family:Times New Roman" SIZE="2">2008</FONT></TD>
<TD NOWRAP VALIGN="top"><FONT STYLE="font-family:Times New Roman" SIZE="2">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="top"><FONT STYLE="font-family:Times New Roman" SIZE="2">&nbsp;</FONT></TD>
<TD VALIGN="top" ALIGN="right"><FONT STYLE="font-family:Times New Roman" SIZE="2">71,896</FONT></TD>
<TD NOWRAP VALIGN="top"><FONT STYLE="font-family:Times New Roman" SIZE="2">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="top"><FONT STYLE="font-family:Times New Roman" SIZE="2">&nbsp;</FONT></TD>
<TD VALIGN="top" ALIGN="right"><FONT STYLE="font-family:Times New Roman" SIZE="2">100.0</FONT></TD>
<TD NOWRAP VALIGN="top"><FONT STYLE="font-family:Times New Roman" SIZE="2">%&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="top"><FONT STYLE="font-family:Times New Roman" SIZE="2">&nbsp;</FONT></TD>
<TD VALIGN="top" ALIGN="right"><FONT STYLE="font-family:Times New Roman" SIZE="2">18.68</FONT></TD>
<TD NOWRAP VALIGN="top"><FONT STYLE="font-family:Times New Roman" SIZE="2">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="top"><FONT STYLE="font-family:Times New Roman" SIZE="2">Shoppers Food Warehouse</FONT></TD></TR>
<TR>
<TD VALIGN="top"> <P STYLE="margin-left:1.00em; text-indent:-1.00em"><FONT STYLE="font-family:Times New Roman" SIZE="2">Oakland Mills</FONT></P></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="top"><FONT STYLE="font-family:Times New Roman" SIZE="2">&nbsp;</FONT></TD>
<TD VALIGN="top" ALIGN="right"><FONT STYLE="font-family:Times New Roman" SIZE="2">100</FONT></TD>
<TD NOWRAP VALIGN="top"><FONT STYLE="font-family:Times New Roman" SIZE="2">%&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="top"><FONT STYLE="font-family:Times New Roman" SIZE="2">&nbsp;</FONT></TD>
<TD VALIGN="top" ALIGN="right"><FONT STYLE="font-family:Times New Roman" SIZE="2">2005</FONT></TD>
<TD NOWRAP VALIGN="top"><FONT STYLE="font-family:Times New Roman" SIZE="2">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="top"><FONT STYLE="font-family:Times New Roman" SIZE="2">&nbsp;</FONT></TD>
<TD VALIGN="top" ALIGN="right"><FONT STYLE="font-family:Times New Roman" SIZE="2">58,224</FONT></TD>
<TD NOWRAP VALIGN="top"><FONT STYLE="font-family:Times New Roman" SIZE="2">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="top"><FONT STYLE="font-family:Times New Roman" SIZE="2">&nbsp;</FONT></TD>
<TD VALIGN="top" ALIGN="right"><FONT STYLE="font-family:Times New Roman" SIZE="2">100.0</FONT></TD>
<TD NOWRAP VALIGN="top"><FONT STYLE="font-family:Times New Roman" SIZE="2">%&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="top"><FONT STYLE="font-family:Times New Roman" SIZE="2">&nbsp;</FONT></TD>
<TD VALIGN="top" ALIGN="right"><FONT STYLE="font-family:Times New Roman" SIZE="2">13.30</FONT></TD>
<TD NOWRAP VALIGN="top"><FONT STYLE="font-family:Times New Roman" SIZE="2">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="top"><FONT STYLE="font-family:Times New Roman" SIZE="2">Food Lion</FONT></TD></TR>
<TR BGCOLOR="#cceeff">
<TD VALIGN="top"> <P STYLE="margin-left:1.00em; text-indent:-1.00em"><FONT STYLE="font-family:Times New Roman" SIZE="2">San Souci Plaza</FONT></P></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="top"><FONT STYLE="font-family:Times New Roman" SIZE="2">&nbsp;</FONT></TD>
<TD VALIGN="top" ALIGN="right"><FONT STYLE="font-family:Times New Roman" SIZE="2">40</FONT></TD>
<TD NOWRAP VALIGN="top"><FONT STYLE="font-family:Times New Roman" SIZE="2">%&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="top"><FONT STYLE="font-family:Times New Roman" SIZE="2">&nbsp;</FONT></TD>
<TD VALIGN="top" ALIGN="right"><FONT STYLE="font-family:Times New Roman" SIZE="2">2009</FONT></TD>
<TD NOWRAP VALIGN="top"><FONT STYLE="font-family:Times New Roman" SIZE="2">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="top"><FONT STYLE="font-family:Times New Roman" SIZE="2">&nbsp;</FONT></TD>
<TD VALIGN="top" ALIGN="right"><FONT STYLE="font-family:Times New Roman" SIZE="2">264,134</FONT></TD>
<TD NOWRAP VALIGN="top"><FONT STYLE="font-family:Times New Roman" SIZE="2">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="top"><FONT STYLE="font-family:Times New Roman" SIZE="2">&nbsp;</FONT></TD>
<TD VALIGN="top" ALIGN="right"><FONT STYLE="font-family:Times New Roman" SIZE="2">86.9</FONT></TD>
<TD NOWRAP VALIGN="top"><FONT STYLE="font-family:Times New Roman" SIZE="2">%&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="top"><FONT STYLE="font-family:Times New Roman" SIZE="2">&nbsp;</FONT></TD>
<TD VALIGN="top" ALIGN="right"><FONT STYLE="font-family:Times New Roman" SIZE="2">10.21</FONT></TD>
<TD NOWRAP VALIGN="top"><FONT STYLE="font-family:Times New Roman" SIZE="2">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="top" NOWRAP> <P STYLE="margin-top:0px;margin-bottom:0px"><FONT STYLE="font-family:Times New Roman" SIZE="2">Shoppers&nbsp;Food&nbsp;Warehouse</FONT></P> <P STYLE="margin-top:0px;margin-bottom:0px"><FONT
STYLE="font-family:Times New Roman" SIZE="2">Marshalls</FONT></P> <P STYLE="margin-top:0px;margin-bottom:1px"><FONT STYLE="font-family:Times New Roman" SIZE="2">Maximum Health&nbsp;and&nbsp;Fitness</FONT></P></TD></TR>
<TR>
<TD VALIGN="top"> <P STYLE="margin-left:1.00em; text-indent:-1.00em"><FONT STYLE="font-family:Times New Roman" SIZE="2">St. James Square</FONT></P></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="top"><FONT STYLE="font-family:Times New Roman" SIZE="2">&nbsp;</FONT></TD>
<TD VALIGN="top" ALIGN="right"><FONT STYLE="font-family:Times New Roman" SIZE="2">100</FONT></TD>
<TD NOWRAP VALIGN="top"><FONT STYLE="font-family:Times New Roman" SIZE="2">%&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="top"><FONT STYLE="font-family:Times New Roman" SIZE="2">&nbsp;</FONT></TD>
<TD VALIGN="top" ALIGN="right"><FONT STYLE="font-family:Times New Roman" SIZE="2">2005</FONT></TD>
<TD NOWRAP VALIGN="top"><FONT STYLE="font-family:Times New Roman" SIZE="2">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="top"><FONT STYLE="font-family:Times New Roman" SIZE="2">&nbsp;</FONT></TD>
<TD VALIGN="top" ALIGN="right"><FONT STYLE="font-family:Times New Roman" SIZE="2">39,903</FONT></TD>
<TD NOWRAP VALIGN="top"><FONT STYLE="font-family:Times New Roman" SIZE="2">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="top"><FONT STYLE="font-family:Times New Roman" SIZE="2">&nbsp;</FONT></TD>
<TD VALIGN="top" ALIGN="right"><FONT STYLE="font-family:Times New Roman" SIZE="2">100.0</FONT></TD>
<TD NOWRAP VALIGN="top"><FONT STYLE="font-family:Times New Roman" SIZE="2">%&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="top"><FONT STYLE="font-family:Times New Roman" SIZE="2">&nbsp;</FONT></TD>
<TD VALIGN="top" ALIGN="right"><FONT STYLE="font-family:Times New Roman" SIZE="2">11.38</FONT></TD>
<TD NOWRAP VALIGN="top"><FONT STYLE="font-family:Times New Roman" SIZE="2">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="top"><FONT STYLE="font-family:Times New Roman" SIZE="2">Food Lion</FONT></TD></TR>
<TR BGCOLOR="#cceeff">
<TD VALIGN="top"> <P STYLE="margin-left:1.00em; text-indent:-1.00em"><FONT STYLE="font-family:Times New Roman" SIZE="2">Valley Plaza</FONT></P></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="top"><FONT STYLE="font-family:Times New Roman" SIZE="2">&nbsp;</FONT></TD>
<TD VALIGN="top" ALIGN="right"><FONT STYLE="font-family:Times New Roman" SIZE="2">100</FONT></TD>
<TD NOWRAP VALIGN="top"><FONT STYLE="font-family:Times New Roman" SIZE="2">%&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="top"><FONT STYLE="font-family:Times New Roman" SIZE="2">&nbsp;</FONT></TD>
<TD VALIGN="top" ALIGN="right"><FONT STYLE="font-family:Times New Roman" SIZE="2">2003</FONT></TD>
<TD NOWRAP VALIGN="top"><FONT STYLE="font-family:Times New Roman" SIZE="2">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="top"><FONT STYLE="font-family:Times New Roman" SIZE="2">&nbsp;</FONT></TD>
<TD VALIGN="top" ALIGN="right"><FONT STYLE="font-family:Times New Roman" SIZE="2">190,939</FONT></TD>
<TD NOWRAP VALIGN="top"><FONT STYLE="font-family:Times New Roman" SIZE="2">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="top"><FONT STYLE="font-family:Times New Roman" SIZE="2">&nbsp;</FONT></TD>
<TD VALIGN="top" ALIGN="right"><FONT STYLE="font-family:Times New Roman" SIZE="2">97.2</FONT></TD>
<TD NOWRAP VALIGN="top"><FONT STYLE="font-family:Times New Roman" SIZE="2">%&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="top"><FONT STYLE="font-family:Times New Roman" SIZE="2">&nbsp;</FONT></TD>
<TD VALIGN="top" ALIGN="right"><FONT STYLE="font-family:Times New Roman" SIZE="2">4.75</FONT></TD>
<TD NOWRAP VALIGN="top"><FONT STYLE="font-family:Times New Roman" SIZE="2">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="top"> <P STYLE="margin-top:0px;margin-bottom:0px"><FONT STYLE="font-family:Times New Roman" SIZE="2">K-Mart</FONT></P>
<P STYLE="margin-top:0px;margin-bottom:0px"><FONT STYLE="font-family:Times New Roman" SIZE="2">Ollie&#146;s&nbsp;Bargain&nbsp;Outlet</FONT></P> <P STYLE="margin-top:0px;margin-bottom:1px"><FONT STYLE="font-family:Times New Roman" SIZE="2">Tractor
Supply</FONT></P></TD></TR>
<TR>
<TD VALIGN="top"> <P STYLE="margin-left:1.00em; text-indent:-1.00em"><FONT STYLE="font-family:Times New Roman" SIZE="2">Yorktowne Plaza</FONT></P></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="top"><FONT STYLE="font-family:Times New Roman" SIZE="2">&nbsp;</FONT></TD>
<TD VALIGN="top" ALIGN="right"><FONT STYLE="font-family:Times New Roman" SIZE="2">100</FONT></TD>
<TD NOWRAP VALIGN="top"><FONT STYLE="font-family:Times New Roman" SIZE="2">%&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="top"><FONT STYLE="font-family:Times New Roman" SIZE="2">&nbsp;</FONT></TD>
<TD VALIGN="top" ALIGN="right"><FONT STYLE="font-family:Times New Roman" SIZE="2">2007</FONT></TD>
<TD NOWRAP VALIGN="top"><FONT STYLE="font-family:Times New Roman" SIZE="2">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="top"><FONT STYLE="font-family:Times New Roman" SIZE="2">&nbsp;</FONT></TD>
<TD VALIGN="top" ALIGN="right"><FONT STYLE="font-family:Times New Roman" SIZE="2">158,982</FONT></TD>
<TD NOWRAP VALIGN="top"><FONT STYLE="font-family:Times New Roman" SIZE="2">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="top"><FONT STYLE="font-family:Times New Roman" SIZE="2">&nbsp;</FONT></TD>
<TD VALIGN="top" ALIGN="right"><FONT STYLE="font-family:Times New Roman" SIZE="2">96.8</FONT></TD>
<TD NOWRAP VALIGN="top"><FONT STYLE="font-family:Times New Roman" SIZE="2">%&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="top"><FONT STYLE="font-family:Times New Roman" SIZE="2">&nbsp;</FONT></TD>
<TD VALIGN="top" ALIGN="right"><FONT STYLE="font-family:Times New Roman" SIZE="2">13.85</FONT></TD>
<TD NOWRAP VALIGN="top"><FONT STYLE="font-family:Times New Roman" SIZE="2">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="top"><FONT STYLE="font-family:Times New Roman" SIZE="2">Food Lion</FONT></TD></TR>
<TR STYLE="font-size:1px">
<TD VALIGN="top"></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;&nbsp;&nbsp;</TD>
<TD VALIGN="top"></TD>
<TD VALIGN="top"></TD>
<TD VALIGN="top"></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="top"></TD>
<TD VALIGN="top"></TD>
<TD VALIGN="top"></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;&nbsp;&nbsp;</TD>
<TD VALIGN="top"> <P STYLE="border-top:1px solid #000000">&nbsp;</P></TD>
<TD VALIGN="top"> <P STYLE="border-top:1px solid #000000">&nbsp;</P></TD>
<TD>&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;&nbsp;&nbsp;</TD>
<TD VALIGN="top"></TD>
<TD VALIGN="top"></TD>
<TD VALIGN="top"></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="top"></TD>
<TD VALIGN="top"></TD>
<TD VALIGN="top"></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;&nbsp;&nbsp;</TD>
<TD VALIGN="top"></TD></TR>
<TR BGCOLOR="#cceeff">
<TD VALIGN="top"> <P STYLE="margin-left:3.00em; text-indent:-1.00em"><FONT STYLE="font-family:Times New Roman" SIZE="2"><B>Total Maryland</B></FONT></P></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="top"></TD>
<TD VALIGN="top"></TD>
<TD VALIGN="top"></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="top"></TD>
<TD VALIGN="top"></TD>
<TD VALIGN="top"></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="top"><FONT STYLE="font-family:Times New Roman" SIZE="2"><B>&nbsp;</B></FONT></TD>
<TD VALIGN="top" ALIGN="right"><FONT STYLE="font-family:Times New Roman" SIZE="2"><B>835,972</B></FONT></TD>
<TD NOWRAP VALIGN="top"><FONT STYLE="font-family:Times New Roman" SIZE="2"><B>&nbsp;&nbsp;</B></FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="top"><FONT STYLE="font-family:Times New Roman" SIZE="2"><B>&nbsp;</B></FONT></TD>
<TD VALIGN="top" ALIGN="right"><FONT STYLE="font-family:Times New Roman" SIZE="2"><B>93.2</B></FONT></TD>
<TD NOWRAP VALIGN="top"><FONT STYLE="font-family:Times New Roman" SIZE="2"><B>%&nbsp;</B></FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="top"><FONT STYLE="font-family:Times New Roman" SIZE="2"><B>&nbsp;</B></FONT></TD>
<TD VALIGN="top" ALIGN="right"><FONT STYLE="font-family:Times New Roman" SIZE="2"><B>10.64</B></FONT></TD>
<TD NOWRAP VALIGN="top"><FONT STYLE="font-family:Times New Roman" SIZE="2"><B>&nbsp;&nbsp;</B></FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="top"></TD></TR>
<TR STYLE="font-size:1px">
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"> <P STYLE="border-top:1px solid #000000">&nbsp;</P></TD>
<TD VALIGN="bottom"> <P STYLE="border-top:1px solid #000000">&nbsp;</P></TD>
<TD>&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"></TD></TR>
</TABLE>
 <p STYLE="margin-top:0px;margin-bottom:0px"><FONT SIZE="1">&nbsp;</FONT></P> <P STYLE="margin-top:0px;margin-bottom:0px" ALIGN="center"><FONT STYLE="font-family:Times New Roman" SIZE="2">7 </FONT></P>


<p Style='page-break-before:always'>
<HR  SIZE="3" style="COLOR:#999999" WIDTH="100%" ALIGN="CENTER">
<h5 align="left"><a href="#toc">Table of Contents</a></h5>


 <P>&nbsp;</P>
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<TD WIDTH="87%"></TD>
<TD VALIGN="bottom" WIDTH="1%"></TD>
<TD></TD>
<TD></TD>
<TD></TD>
<TD VALIGN="bottom" WIDTH="1%"></TD>
<TD></TD>
<TD></TD>
<TD></TD>
<TD VALIGN="bottom" WIDTH="1%"></TD>
<TD></TD>
<TD></TD>
<TD></TD>
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<TD></TD>
<TD></TD>
<TD></TD>
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<TD></TD>
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<TD VALIGN="bottom" WIDTH="1%"></TD>
<TD></TD></TR>
<TR>
<TD VALIGN="bottom" NOWRAP> <P STYLE="border-bottom:1px solid #000000;width:70pt"><FONT STYLE="font-family:Times New Roman" SIZE="1"><B>Property description</B></FONT></P></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" COLSPAN="2" ALIGN="center" STYLE="border-bottom:1px solid #000000"><FONT STYLE="font-family:Times New Roman" SIZE="1"><B>Percent<BR>owned</B></FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" COLSPAN="2" ALIGN="center" STYLE="border-bottom:1px solid #000000"><FONT STYLE="font-family:Times New Roman" SIZE="1"><B>Year<BR>acquired</B></FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" COLSPAN="2" ALIGN="center" STYLE="border-bottom:1px solid #000000"><FONT STYLE="font-family:Times New Roman" SIZE="1"><B>GLA</B></FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" COLSPAN="2" ALIGN="center" STYLE="border-bottom:1px solid #000000"><FONT STYLE="font-family:Times New Roman" SIZE="1"><B>%<BR>occupied</B></FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" COLSPAN="2" ALIGN="center" STYLE="border-bottom:1px solid #000000"><FONT STYLE="font-family:Times New Roman" SIZE="1"><B>Average<BR>base&nbsp;rent&nbsp;per<BR>leased sq. ft.</B></FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="center" STYLE="border-bottom:1px solid #000000"> <P STYLE="margin-top:0px;margin-bottom:1px" ALIGN="center"><FONT STYLE="font-family:Times New Roman" SIZE="1"><B>Major tenants (a)</B></FONT></P></TD></TR>


<TR BGCOLOR="#cceeff">
<TD VALIGN="top" NOWRAP> <P STYLE="margin-left:1.00em; text-indent:-1.00em"><FONT STYLE="font-family:Times New Roman" SIZE="2"><B><U>Massachusetts (7 properties)</U></B></FONT></P></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="top"></TD>
<TD VALIGN="top"></TD>
<TD VALIGN="top"></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="top"></TD>
<TD VALIGN="top"></TD>
<TD VALIGN="top"></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="top"></TD>
<TD VALIGN="top"></TD>
<TD VALIGN="top"></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="top"></TD>
<TD VALIGN="top"></TD>
<TD VALIGN="top"></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="top"></TD>
<TD VALIGN="top"></TD>
<TD VALIGN="top"></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="top"></TD></TR>
<TR>
<TD VALIGN="top"> <P STYLE="margin-left:1.00em; text-indent:-1.00em"><FONT STYLE="font-family:Times New Roman" SIZE="2">Fieldstone Marketplace</FONT></P></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="top"><FONT STYLE="font-family:Times New Roman" SIZE="2">&nbsp;</FONT></TD>
<TD VALIGN="top" ALIGN="right"><FONT STYLE="font-family:Times New Roman" SIZE="2">20</FONT></TD>
<TD NOWRAP VALIGN="top"><FONT STYLE="font-family:Times New Roman" SIZE="2">%&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="top"><FONT STYLE="font-family:Times New Roman" SIZE="2">&nbsp;</FONT></TD>
<TD VALIGN="top" ALIGN="right"><FONT STYLE="font-family:Times New Roman" SIZE="2">2005</FONT></TD>
<TD NOWRAP VALIGN="top"><FONT STYLE="font-family:Times New Roman" SIZE="2">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="top"><FONT STYLE="font-family:Times New Roman" SIZE="2">&nbsp;</FONT></TD>
<TD VALIGN="top" ALIGN="right"><FONT STYLE="font-family:Times New Roman" SIZE="2">193,970</FONT></TD>
<TD NOWRAP VALIGN="top"><FONT STYLE="font-family:Times New Roman" SIZE="2">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="top"><FONT STYLE="font-family:Times New Roman" SIZE="2">&nbsp;</FONT></TD>
<TD VALIGN="top" ALIGN="right"><FONT STYLE="font-family:Times New Roman" SIZE="2">95.8</FONT></TD>
<TD NOWRAP VALIGN="top"><FONT STYLE="font-family:Times New Roman" SIZE="2">%&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="top"><FONT STYLE="font-family:Times New Roman" SIZE="2">&nbsp;</FONT></TD>
<TD VALIGN="top" ALIGN="right"><FONT STYLE="font-family:Times New Roman" SIZE="2">11.09</FONT></TD>
<TD NOWRAP VALIGN="top"><FONT STYLE="font-family:Times New Roman" SIZE="2">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="top"> <P STYLE="margin-top:0px;margin-bottom:0px"><FONT STYLE="font-family:Times New Roman" SIZE="2">Shaw&#146;s</FONT></P> <P STYLE="margin-top:0px;margin-bottom:0px"><FONT STYLE="font-family:Times New Roman" SIZE="2">Flagship
Cinema</FONT></P> <P STYLE="margin-top:0px;margin-bottom:1px"><FONT STYLE="font-family:Times New Roman" SIZE="2">New&nbsp;Bedford&nbsp;Wine&nbsp;and&nbsp;Spirits</FONT></P></TD></TR>
<TR BGCOLOR="#cceeff">
<TD VALIGN="top"> <P STYLE="margin-left:1.00em; text-indent:-1.00em"><FONT STYLE="font-family:Times New Roman" SIZE="2">Kings Plaza</FONT></P></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="top"><FONT STYLE="font-family:Times New Roman" SIZE="2">&nbsp;</FONT></TD>
<TD VALIGN="top" ALIGN="right"><FONT STYLE="font-family:Times New Roman" SIZE="2">100</FONT></TD>
<TD NOWRAP VALIGN="top"><FONT STYLE="font-family:Times New Roman" SIZE="2">%&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="top"><FONT STYLE="font-family:Times New Roman" SIZE="2">&nbsp;</FONT></TD>
<TD VALIGN="top" ALIGN="right"><FONT STYLE="font-family:Times New Roman" SIZE="2">2007</FONT></TD>
<TD NOWRAP VALIGN="top"><FONT STYLE="font-family:Times New Roman" SIZE="2">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="top"><FONT STYLE="font-family:Times New Roman" SIZE="2">&nbsp;</FONT></TD>
<TD VALIGN="top" ALIGN="right"><FONT STYLE="font-family:Times New Roman" SIZE="2">168,243</FONT></TD>
<TD NOWRAP VALIGN="top"><FONT STYLE="font-family:Times New Roman" SIZE="2">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="top"><FONT STYLE="font-family:Times New Roman" SIZE="2">&nbsp;</FONT></TD>
<TD VALIGN="top" ALIGN="right"><FONT STYLE="font-family:Times New Roman" SIZE="2">95.2</FONT></TD>
<TD NOWRAP VALIGN="top"><FONT STYLE="font-family:Times New Roman" SIZE="2">%&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="top"><FONT STYLE="font-family:Times New Roman" SIZE="2">&nbsp;</FONT></TD>
<TD VALIGN="top" ALIGN="right"><FONT STYLE="font-family:Times New Roman" SIZE="2">6.22</FONT></TD>
<TD NOWRAP VALIGN="top"><FONT STYLE="font-family:Times New Roman" SIZE="2">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="top"> <P STYLE="margin-top:0px;margin-bottom:0px"><FONT STYLE="font-family:Times New Roman" SIZE="2">Work Out World</FONT></P> <P STYLE="margin-top:0px;margin-bottom:0px"><FONT STYLE="font-family:Times New Roman" SIZE="2">CW
Price</FONT></P> <P STYLE="margin-top:0px;margin-bottom:0px"><FONT STYLE="font-family:Times New Roman" SIZE="2">Ocean State Job Lot</FONT></P>
<P STYLE="margin-top:0px;margin-bottom:1px"><FONT STYLE="font-family:Times New Roman" SIZE="2">Savers</FONT></P></TD></TR>
<TR>
<TD VALIGN="top"> <P STYLE="margin-left:1.00em; text-indent:-1.00em"><FONT STYLE="font-family:Times New Roman" SIZE="2">Norwood Shopping Center</FONT></P></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="top"><FONT STYLE="font-family:Times New Roman" SIZE="2">&nbsp;</FONT></TD>
<TD VALIGN="top" ALIGN="right"><FONT STYLE="font-family:Times New Roman" SIZE="2">100</FONT></TD>
<TD NOWRAP VALIGN="top"><FONT STYLE="font-family:Times New Roman" SIZE="2">%&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="top"><FONT STYLE="font-family:Times New Roman" SIZE="2">&nbsp;</FONT></TD>
<TD VALIGN="top" ALIGN="right"><FONT STYLE="font-family:Times New Roman" SIZE="2">2006</FONT></TD>
<TD NOWRAP VALIGN="top"><FONT STYLE="font-family:Times New Roman" SIZE="2">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="top"><FONT STYLE="font-family:Times New Roman" SIZE="2">&nbsp;</FONT></TD>
<TD VALIGN="top" ALIGN="right"><FONT STYLE="font-family:Times New Roman" SIZE="2">102,459</FONT></TD>
<TD NOWRAP VALIGN="top"><FONT STYLE="font-family:Times New Roman" SIZE="2">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="top"><FONT STYLE="font-family:Times New Roman" SIZE="2">&nbsp;</FONT></TD>
<TD VALIGN="top" ALIGN="right"><FONT STYLE="font-family:Times New Roman" SIZE="2">98.2</FONT></TD>
<TD NOWRAP VALIGN="top"><FONT STYLE="font-family:Times New Roman" SIZE="2">%&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="top"><FONT STYLE="font-family:Times New Roman" SIZE="2">&nbsp;</FONT></TD>
<TD VALIGN="top" ALIGN="right"><FONT STYLE="font-family:Times New Roman" SIZE="2">7.71</FONT></TD>
<TD NOWRAP VALIGN="top"><FONT STYLE="font-family:Times New Roman" SIZE="2">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="top"> <P STYLE="margin-top:0px;margin-bottom:0px"><FONT STYLE="font-family:Times New Roman" SIZE="2">Hannaford Brothers</FONT></P>
<P STYLE="margin-top:0px;margin-bottom:0px"><FONT STYLE="font-family:Times New Roman" SIZE="2">Rocky&#146;s&nbsp;Ace&nbsp;Hardware</FONT></P> <P STYLE="margin-top:0px;margin-bottom:1px"><FONT STYLE="font-family:Times New Roman" SIZE="2">Dollar
Tree</FONT></P></TD></TR>
<TR BGCOLOR="#cceeff">
<TD VALIGN="top"> <P STYLE="margin-left:1.00em; text-indent:-1.00em"><FONT STYLE="font-family:Times New Roman" SIZE="2">Price Chopper Plaza</FONT></P></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="top"><FONT STYLE="font-family:Times New Roman" SIZE="2">&nbsp;</FONT></TD>
<TD VALIGN="top" ALIGN="right"><FONT STYLE="font-family:Times New Roman" SIZE="2">100</FONT></TD>
<TD NOWRAP VALIGN="top"><FONT STYLE="font-family:Times New Roman" SIZE="2">%&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="top"><FONT STYLE="font-family:Times New Roman" SIZE="2">&nbsp;</FONT></TD>
<TD VALIGN="top" ALIGN="right"><FONT STYLE="font-family:Times New Roman" SIZE="2">2007</FONT></TD>
<TD NOWRAP VALIGN="top"><FONT STYLE="font-family:Times New Roman" SIZE="2">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="top"><FONT STYLE="font-family:Times New Roman" SIZE="2">&nbsp;</FONT></TD>
<TD VALIGN="top" ALIGN="right"><FONT STYLE="font-family:Times New Roman" SIZE="2">101,824</FONT></TD>
<TD NOWRAP VALIGN="top"><FONT STYLE="font-family:Times New Roman" SIZE="2">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="top"><FONT STYLE="font-family:Times New Roman" SIZE="2">&nbsp;</FONT></TD>
<TD VALIGN="top" ALIGN="right"><FONT STYLE="font-family:Times New Roman" SIZE="2">91.1</FONT></TD>
<TD NOWRAP VALIGN="top"><FONT STYLE="font-family:Times New Roman" SIZE="2">%&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="top"><FONT STYLE="font-family:Times New Roman" SIZE="2">&nbsp;</FONT></TD>
<TD VALIGN="top" ALIGN="right"><FONT STYLE="font-family:Times New Roman" SIZE="2">10.87</FONT></TD>
<TD NOWRAP VALIGN="top"><FONT STYLE="font-family:Times New Roman" SIZE="2">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="top"><FONT STYLE="font-family:Times New Roman" SIZE="2">Price Chopper</FONT></TD></TR>
<TR>
<TD VALIGN="top"> <P STYLE="margin-left:1.00em; text-indent:-1.00em"><FONT STYLE="font-family:Times New Roman" SIZE="2">The Shops at Suffolk Downs</FONT></P></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="top"><FONT STYLE="font-family:Times New Roman" SIZE="2">&nbsp;</FONT></TD>
<TD VALIGN="top" ALIGN="right"><FONT STYLE="font-family:Times New Roman" SIZE="2">100</FONT></TD>
<TD NOWRAP VALIGN="top"><FONT STYLE="font-family:Times New Roman" SIZE="2">%&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="top"><FONT STYLE="font-family:Times New Roman" SIZE="2">&nbsp;</FONT></TD>
<TD VALIGN="top" ALIGN="right"><FONT STYLE="font-family:Times New Roman" SIZE="2">2005</FONT></TD>
<TD NOWRAP VALIGN="top"><FONT STYLE="font-family:Times New Roman" SIZE="2">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="top"><FONT STYLE="font-family:Times New Roman" SIZE="2">&nbsp;</FONT></TD>
<TD VALIGN="top" ALIGN="right"><FONT STYLE="font-family:Times New Roman" SIZE="2">121,251</FONT></TD>
<TD NOWRAP VALIGN="top"><FONT STYLE="font-family:Times New Roman" SIZE="2">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="top"><FONT STYLE="font-family:Times New Roman" SIZE="2">&nbsp;</FONT></TD>
<TD VALIGN="top" ALIGN="right"><FONT STYLE="font-family:Times New Roman" SIZE="2">86.8</FONT></TD>
<TD NOWRAP VALIGN="top"><FONT STYLE="font-family:Times New Roman" SIZE="2">%&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="top"><FONT STYLE="font-family:Times New Roman" SIZE="2">&nbsp;</FONT></TD>
<TD VALIGN="top" ALIGN="right"><FONT STYLE="font-family:Times New Roman" SIZE="2">12.64</FONT></TD>
<TD NOWRAP VALIGN="top"><FONT STYLE="font-family:Times New Roman" SIZE="2">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="top"><FONT STYLE="font-family:Times New Roman" SIZE="2">Stop &amp; Shop</FONT></TD></TR>
<TR BGCOLOR="#cceeff">
<TD VALIGN="top"> <P STYLE="margin-left:1.00em; text-indent:-1.00em"><FONT STYLE="font-family:Times New Roman" SIZE="2">Timpany Plaza</FONT></P></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="top"><FONT STYLE="font-family:Times New Roman" SIZE="2">&nbsp;</FONT></TD>
<TD VALIGN="top" ALIGN="right"><FONT STYLE="font-family:Times New Roman" SIZE="2">100</FONT></TD>
<TD NOWRAP VALIGN="top"><FONT STYLE="font-family:Times New Roman" SIZE="2">%&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="top"><FONT STYLE="font-family:Times New Roman" SIZE="2">&nbsp;</FONT></TD>
<TD VALIGN="top" ALIGN="right"><FONT STYLE="font-family:Times New Roman" SIZE="2">2007</FONT></TD>
<TD NOWRAP VALIGN="top"><FONT STYLE="font-family:Times New Roman" SIZE="2">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="top"><FONT STYLE="font-family:Times New Roman" SIZE="2">&nbsp;</FONT></TD>
<TD VALIGN="top" ALIGN="right"><FONT STYLE="font-family:Times New Roman" SIZE="2">183,775</FONT></TD>
<TD NOWRAP VALIGN="top"><FONT STYLE="font-family:Times New Roman" SIZE="2">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="top"><FONT STYLE="font-family:Times New Roman" SIZE="2">&nbsp;</FONT></TD>
<TD VALIGN="top" ALIGN="right"><FONT STYLE="font-family:Times New Roman" SIZE="2">91.8</FONT></TD>
<TD NOWRAP VALIGN="top"><FONT STYLE="font-family:Times New Roman" SIZE="2">%&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="top"><FONT STYLE="font-family:Times New Roman" SIZE="2">&nbsp;</FONT></TD>
<TD VALIGN="top" ALIGN="right"><FONT STYLE="font-family:Times New Roman" SIZE="2">6.60</FONT></TD>
<TD NOWRAP VALIGN="top"><FONT STYLE="font-family:Times New Roman" SIZE="2">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="top"> <P STYLE="margin-top:0px;margin-bottom:0px"><FONT STYLE="font-family:Times New Roman" SIZE="2">Stop &amp; Shop</FONT></P> <P STYLE="margin-top:0px;margin-bottom:0px"><FONT STYLE="font-family:Times New Roman" SIZE="2">Big
Lots</FONT></P> <P STYLE="margin-top:0px;margin-bottom:1px"><FONT STYLE="font-family:Times New Roman" SIZE="2">Gardner Theater</FONT></P></TD></TR>
<TR>
<TD VALIGN="top"> <P STYLE="margin-left:1.00em; text-indent:-1.00em"><FONT STYLE="font-family:Times New Roman" SIZE="2">West Bridgewater Plaza</FONT></P></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="top"><FONT STYLE="font-family:Times New Roman" SIZE="2">&nbsp;</FONT></TD>
<TD VALIGN="top" ALIGN="right"><FONT STYLE="font-family:Times New Roman" SIZE="2">100</FONT></TD>
<TD NOWRAP VALIGN="top"><FONT STYLE="font-family:Times New Roman" SIZE="2">%&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="top"><FONT STYLE="font-family:Times New Roman" SIZE="2">&nbsp;</FONT></TD>
<TD VALIGN="top" ALIGN="right"><FONT STYLE="font-family:Times New Roman" SIZE="2">2007</FONT></TD>
<TD NOWRAP VALIGN="top"><FONT STYLE="font-family:Times New Roman" SIZE="2">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="top"><FONT STYLE="font-family:Times New Roman" SIZE="2">&nbsp;</FONT></TD>
<TD VALIGN="top" ALIGN="right"><FONT STYLE="font-family:Times New Roman" SIZE="2">133,039</FONT></TD>
<TD NOWRAP VALIGN="top"><FONT STYLE="font-family:Times New Roman" SIZE="2">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="top"><FONT STYLE="font-family:Times New Roman" SIZE="2">&nbsp;</FONT></TD>
<TD VALIGN="top" ALIGN="right"><FONT STYLE="font-family:Times New Roman" SIZE="2">96.9</FONT></TD>
<TD NOWRAP VALIGN="top"><FONT STYLE="font-family:Times New Roman" SIZE="2">%&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="top"><FONT STYLE="font-family:Times New Roman" SIZE="2">&nbsp;</FONT></TD>
<TD VALIGN="top" ALIGN="right"><FONT STYLE="font-family:Times New Roman" SIZE="2">8.55</FONT></TD>
<TD NOWRAP VALIGN="top"><FONT STYLE="font-family:Times New Roman" SIZE="2">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="top"> <P STYLE="margin-top:0px;margin-bottom:0px"><FONT STYLE="font-family:Times New Roman" SIZE="2">Shaw&#146;s</FONT></P> <P STYLE="margin-top:0px;margin-bottom:0px"><FONT STYLE="font-family:Times New Roman" SIZE="2">Big
Lots</FONT></P> <P STYLE="margin-top:0px;margin-bottom:1px"><FONT STYLE="font-family:Times New Roman" SIZE="2">Planet Fitness</FONT></P></TD></TR>
<TR STYLE="font-size:1px">
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"> <P STYLE="border-top:1px solid #000000">&nbsp;</P></TD>
<TD VALIGN="bottom"> <P STYLE="border-top:1px solid #000000">&nbsp;</P></TD>
<TD>&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"></TD></TR>
<TR BGCOLOR="#cceeff">
<TD VALIGN="top" NOWRAP> <P STYLE="margin-left:3.00em; text-indent:-1.00em"><FONT STYLE="font-family:Times New Roman" SIZE="2"><B>Total Massachusetts</B></FONT></P></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="2"><B>&nbsp;</B></FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:Times New Roman" SIZE="2"><B>1,004,561</B></FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="2"><B>&nbsp;&nbsp;</B></FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="2"><B>&nbsp;</B></FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:Times New Roman" SIZE="2"><B>93.8</B></FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="2"><B>%&nbsp;</B></FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="2"><B>&nbsp;</B></FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:Times New Roman" SIZE="2"><B>8.90</B></FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="2"><B>&nbsp;&nbsp;</B></FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"></TD></TR>
<TR STYLE="font-size:1px">
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"> <P STYLE="border-top:1px solid #000000">&nbsp;</P></TD>
<TD VALIGN="bottom"> <P STYLE="border-top:1px solid #000000">&nbsp;</P></TD>
<TD>&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"></TD></TR>
<TR>
<TD HEIGHT="13"></TD>
<TD HEIGHT="13" COLSPAN="4"></TD>
<TD HEIGHT="13" COLSPAN="4"></TD>
<TD HEIGHT="13" COLSPAN="4"></TD>
<TD HEIGHT="13" COLSPAN="4"></TD>
<TD HEIGHT="13" COLSPAN="4"></TD>
<TD HEIGHT="13" COLSPAN="2"></TD></TR>
<TR>
<TD VALIGN="top"> <P STYLE="margin-left:1.00em; text-indent:-1.00em"><FONT STYLE="font-family:Times New Roman" SIZE="2"><U><B>New Jersey (3 properties)</B></U></FONT></P></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="top"></TD>
<TD VALIGN="top"></TD>
<TD VALIGN="top"></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="top"></TD>
<TD VALIGN="top"></TD>
<TD VALIGN="top"></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="top"></TD>
<TD VALIGN="top"></TD>
<TD VALIGN="top"></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="top"></TD>
<TD VALIGN="top"></TD>
<TD VALIGN="top"></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="top"></TD>
<TD VALIGN="top"></TD>
<TD VALIGN="top"></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="top"></TD></TR>
<TR BGCOLOR="#cceeff">
<TD VALIGN="top"> <P STYLE="margin-left:1.00em; text-indent:-1.00em"><FONT STYLE="font-family:Times New Roman" SIZE="2">Carll&#146;s Corner</FONT></P></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="top"><FONT STYLE="font-family:Times New Roman" SIZE="2">&nbsp;</FONT></TD>
<TD VALIGN="top" ALIGN="right"><FONT STYLE="font-family:Times New Roman" SIZE="2">100</FONT></TD>
<TD NOWRAP VALIGN="top"><FONT STYLE="font-family:Times New Roman" SIZE="2">%&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="top"><FONT STYLE="font-family:Times New Roman" SIZE="2">&nbsp;</FONT></TD>
<TD VALIGN="top" ALIGN="right"><FONT STYLE="font-family:Times New Roman" SIZE="2">2007</FONT></TD>
<TD NOWRAP VALIGN="top"><FONT STYLE="font-family:Times New Roman" SIZE="2">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="top"><FONT STYLE="font-family:Times New Roman" SIZE="2">&nbsp;</FONT></TD>
<TD VALIGN="top" ALIGN="right"><FONT STYLE="font-family:Times New Roman" SIZE="2">129,582</FONT></TD>
<TD NOWRAP VALIGN="top"><FONT STYLE="font-family:Times New Roman" SIZE="2">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="top"><FONT STYLE="font-family:Times New Roman" SIZE="2">&nbsp;</FONT></TD>
<TD VALIGN="top" ALIGN="right"><FONT STYLE="font-family:Times New Roman" SIZE="2">88.5</FONT></TD>
<TD NOWRAP VALIGN="top"><FONT STYLE="font-family:Times New Roman" SIZE="2">%&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="top"><FONT STYLE="font-family:Times New Roman" SIZE="2">&nbsp;</FONT></TD>
<TD VALIGN="top" ALIGN="right"><FONT STYLE="font-family:Times New Roman" SIZE="2">8.92</FONT></TD>
<TD NOWRAP VALIGN="top"><FONT STYLE="font-family:Times New Roman" SIZE="2">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="top"> <P STYLE="margin-top:0px;margin-bottom:0px"><FONT STYLE="font-family:Times New Roman" SIZE="2">Acme Markets</FONT></P>
<P STYLE="margin-top:0px;margin-bottom:1px"><FONT STYLE="font-family:Times New Roman" SIZE="2">Peebles</FONT></P></TD></TR>
<TR>
<TD VALIGN="top"> <P STYLE="margin-left:1.00em; text-indent:-1.00em"><FONT STYLE="font-family:Times New Roman" SIZE="2">Pine Grove Plaza</FONT></P></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="top"><FONT STYLE="font-family:Times New Roman" SIZE="2">&nbsp;</FONT></TD>
<TD VALIGN="top" ALIGN="right"><FONT STYLE="font-family:Times New Roman" SIZE="2">100</FONT></TD>
<TD NOWRAP VALIGN="top"><FONT STYLE="font-family:Times New Roman" SIZE="2">%&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="top"><FONT STYLE="font-family:Times New Roman" SIZE="2">&nbsp;</FONT></TD>
<TD VALIGN="top" ALIGN="right"><FONT STYLE="font-family:Times New Roman" SIZE="2">2003</FONT></TD>
<TD NOWRAP VALIGN="top"><FONT STYLE="font-family:Times New Roman" SIZE="2">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="top"><FONT STYLE="font-family:Times New Roman" SIZE="2">&nbsp;</FONT></TD>
<TD VALIGN="top" ALIGN="right"><FONT STYLE="font-family:Times New Roman" SIZE="2">86,089</FONT></TD>
<TD NOWRAP VALIGN="top"><FONT STYLE="font-family:Times New Roman" SIZE="2">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="top"><FONT STYLE="font-family:Times New Roman" SIZE="2">&nbsp;</FONT></TD>
<TD VALIGN="top" ALIGN="right"><FONT STYLE="font-family:Times New Roman" SIZE="2">94.4</FONT></TD>
<TD NOWRAP VALIGN="top"><FONT STYLE="font-family:Times New Roman" SIZE="2">%&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="top"><FONT STYLE="font-family:Times New Roman" SIZE="2">&nbsp;</FONT></TD>
<TD VALIGN="top" ALIGN="right"><FONT STYLE="font-family:Times New Roman" SIZE="2">10.44</FONT></TD>
<TD NOWRAP VALIGN="top"><FONT STYLE="font-family:Times New Roman" SIZE="2">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="top"><FONT STYLE="font-family:Times New Roman" SIZE="2">Peebles</FONT></TD></TR>
<TR BGCOLOR="#cceeff">
<TD VALIGN="top"> <P STYLE="margin-left:1.00em; text-indent:-1.00em"><FONT STYLE="font-family:Times New Roman" SIZE="2">Washington Center Shoppes</FONT></P></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="top"><FONT STYLE="font-family:Times New Roman" SIZE="2">&nbsp;</FONT></TD>
<TD VALIGN="top" ALIGN="right"><FONT STYLE="font-family:Times New Roman" SIZE="2">100</FONT></TD>
<TD NOWRAP VALIGN="top"><FONT STYLE="font-family:Times New Roman" SIZE="2">%&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="top"><FONT STYLE="font-family:Times New Roman" SIZE="2">&nbsp;</FONT></TD>
<TD VALIGN="top" ALIGN="right"><FONT STYLE="font-family:Times New Roman" SIZE="2">2001</FONT></TD>
<TD NOWRAP VALIGN="top"><FONT STYLE="font-family:Times New Roman" SIZE="2">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="top"><FONT STYLE="font-family:Times New Roman" SIZE="2">&nbsp;</FONT></TD>
<TD VALIGN="top" ALIGN="right"><FONT STYLE="font-family:Times New Roman" SIZE="2">157,394</FONT></TD>
<TD NOWRAP VALIGN="top"><FONT STYLE="font-family:Times New Roman" SIZE="2">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="top"><FONT STYLE="font-family:Times New Roman" SIZE="2">&nbsp;</FONT></TD>
<TD VALIGN="top" ALIGN="right"><FONT STYLE="font-family:Times New Roman" SIZE="2">95.6</FONT></TD>
<TD NOWRAP VALIGN="top"><FONT STYLE="font-family:Times New Roman" SIZE="2">%&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="top"><FONT STYLE="font-family:Times New Roman" SIZE="2">&nbsp;</FONT></TD>
<TD VALIGN="top" ALIGN="right"><FONT STYLE="font-family:Times New Roman" SIZE="2">8.86</FONT></TD>
<TD NOWRAP VALIGN="top"><FONT STYLE="font-family:Times New Roman" SIZE="2">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="top"> <P STYLE="margin-top:0px;margin-bottom:0px"><FONT STYLE="font-family:Times New Roman" SIZE="2">Acme Markets</FONT></P> <P STYLE="margin-top:0px;margin-bottom:1px"><FONT STYLE="font-family:Times New Roman" SIZE="2">Planet
Fitness</FONT></P></TD></TR>
<TR STYLE="font-size:1px">
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"> <P STYLE="border-top:1px solid #000000">&nbsp;</P></TD>
<TD VALIGN="bottom"> <P STYLE="border-top:1px solid #000000">&nbsp;</P></TD>
<TD>&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"></TD></TR>
<TR>
<TD VALIGN="top"> <P STYLE="margin-left:3.00em; text-indent:-1.00em"><FONT STYLE="font-family:Times New Roman" SIZE="2"><B>Total New Jersey</B></FONT></P></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="2"><B>&nbsp;</B></FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:Times New Roman" SIZE="2"><B>373,065</B></FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="2"><B>&nbsp;&nbsp;</B></FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="2"><B>&nbsp;</B></FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:Times New Roman" SIZE="2"><B>92.9</B></FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="2"><B>%&nbsp;</B></FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="2"><B>&nbsp;</B></FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:Times New Roman" SIZE="2"><B>9.25</B></FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="2"><B>&nbsp;&nbsp;</B></FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"></TD></TR>
<TR STYLE="font-size:1px">
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"> <P STYLE="border-top:1px solid #000000">&nbsp;</P></TD>
<TD VALIGN="bottom"> <P STYLE="border-top:1px solid #000000">&nbsp;</P></TD>
<TD>&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"></TD></TR>
<TR>
<TD HEIGHT="13"></TD>
<TD HEIGHT="13" COLSPAN="4"></TD>
<TD HEIGHT="13" COLSPAN="4"></TD>
<TD HEIGHT="13" COLSPAN="4"></TD>
<TD HEIGHT="13" COLSPAN="4"></TD>
<TD HEIGHT="13" COLSPAN="4"></TD>
<TD HEIGHT="13" COLSPAN="2"></TD></TR>
<TR BGCOLOR="#cceeff">
<TD VALIGN="top"> <P STYLE="margin-left:1.00em; text-indent:-1.00em"><FONT STYLE="font-family:Times New Roman" SIZE="2"><B><U>New York (2 properties)</U></B></FONT></P></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"></TD></TR>
<TR>
<TD VALIGN="top"> <P STYLE="margin-left:1.00em; text-indent:-1.00em"><FONT STYLE="font-family:Times New Roman" SIZE="2">Carman&#146;s Plaza</FONT></P></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="top"><FONT STYLE="font-family:Times New Roman" SIZE="2">&nbsp;</FONT></TD>
<TD VALIGN="top" ALIGN="right"><FONT STYLE="font-family:Times New Roman" SIZE="2">100</FONT></TD>
<TD NOWRAP VALIGN="top"><FONT STYLE="font-family:Times New Roman" SIZE="2">%&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="top"><FONT STYLE="font-family:Times New Roman" SIZE="2">&nbsp;</FONT></TD>
<TD VALIGN="top" ALIGN="right"><FONT STYLE="font-family:Times New Roman" SIZE="2">2007</FONT></TD>
<TD NOWRAP VALIGN="top"><FONT STYLE="font-family:Times New Roman" SIZE="2">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="top"><FONT STYLE="font-family:Times New Roman" SIZE="2">&nbsp;</FONT></TD>
<TD VALIGN="top" ALIGN="right"><FONT STYLE="font-family:Times New Roman" SIZE="2">194,806</FONT></TD>
<TD NOWRAP VALIGN="top"><FONT STYLE="font-family:Times New Roman" SIZE="2">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="top"><FONT STYLE="font-family:Times New Roman" SIZE="2">&nbsp;</FONT></TD>
<TD VALIGN="top" ALIGN="right"><FONT STYLE="font-family:Times New Roman" SIZE="2">91.1</FONT></TD>
<TD NOWRAP VALIGN="top"><FONT STYLE="font-family:Times New Roman" SIZE="2">%&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="top"><FONT STYLE="font-family:Times New Roman" SIZE="2">&nbsp;</FONT></TD>
<TD VALIGN="top" ALIGN="right"><FONT STYLE="font-family:Times New Roman" SIZE="2">17.12</FONT></TD>
<TD NOWRAP VALIGN="top"><FONT STYLE="font-family:Times New Roman" SIZE="2">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="top"> <P STYLE="margin-top:0px;margin-bottom:0px"><FONT STYLE="font-family:Times New Roman" SIZE="2">Pathmark</FONT></P> <P STYLE="margin-top:0px;margin-bottom:0px"><FONT STYLE="font-family:Times New Roman" SIZE="2">Extreme
Fitness</FONT></P> <P STYLE="margin-top:0px;margin-bottom:1px"><FONT STYLE="font-family:Times New Roman" SIZE="2">Home Goods Department&nbsp;of&nbsp;Motor&nbsp;Vehicle</FONT></P></TD></TR>
<TR BGCOLOR="#cceeff">
<TD VALIGN="top"> <P STYLE="margin-left:1.00em; text-indent:-1.00em"><FONT STYLE="font-family:Times New Roman" SIZE="2">Kingston Plaza</FONT></P></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="top"><FONT STYLE="font-family:Times New Roman" SIZE="2">&nbsp;</FONT></TD>
<TD VALIGN="top" ALIGN="right"><FONT STYLE="font-family:Times New Roman" SIZE="2">100</FONT></TD>
<TD NOWRAP VALIGN="top"><FONT STYLE="font-family:Times New Roman" SIZE="2">%&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="top"><FONT STYLE="font-family:Times New Roman" SIZE="2">&nbsp;</FONT></TD>
<TD VALIGN="top" ALIGN="right"><FONT STYLE="font-family:Times New Roman" SIZE="2">2006</FONT></TD>
<TD NOWRAP VALIGN="top"><FONT STYLE="font-family:Times New Roman" SIZE="2">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="top"><FONT STYLE="font-family:Times New Roman" SIZE="2">&nbsp;</FONT></TD>
<TD VALIGN="top" ALIGN="right"><FONT STYLE="font-family:Times New Roman" SIZE="2">5,324</FONT></TD>
<TD NOWRAP VALIGN="top"><FONT STYLE="font-family:Times New Roman" SIZE="2">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="top"><FONT STYLE="font-family:Times New Roman" SIZE="2">&nbsp;</FONT></TD>
<TD VALIGN="top" ALIGN="right"><FONT STYLE="font-family:Times New Roman" SIZE="2">100.0</FONT></TD>
<TD NOWRAP VALIGN="top"><FONT STYLE="font-family:Times New Roman" SIZE="2">%&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="top"><FONT STYLE="font-family:Times New Roman" SIZE="2">&nbsp;</FONT></TD>
<TD VALIGN="top" ALIGN="right"><FONT STYLE="font-family:Times New Roman" SIZE="2">26.67</FONT></TD>
<TD NOWRAP VALIGN="top"><FONT STYLE="font-family:Times New Roman" SIZE="2">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="top"><FONT STYLE="font-family:Times New Roman" SIZE="2">Taco Bell</FONT></TD></TR>
<TR STYLE="font-size:1px">
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"> <P STYLE="border-top:1px solid #000000">&nbsp;</P></TD>
<TD VALIGN="bottom"> <P STYLE="border-top:1px solid #000000">&nbsp;</P></TD>
<TD>&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"></TD></TR>
<TR>
<TD VALIGN="top"> <P STYLE="margin-left:3.00em; text-indent:-1.00em"><FONT STYLE="font-family:Times New Roman" SIZE="2"><B>Total New York</B></FONT></P></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="2"><B>&nbsp;</B></FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:Times New Roman" SIZE="2"><B>200,130</B></FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="2"><B>&nbsp;&nbsp;</B></FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="2"><B>&nbsp;</B></FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:Times New Roman" SIZE="2"><B>91.4</B></FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="2"><B>%&nbsp;</B></FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="2"><B>&nbsp;</B></FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:Times New Roman" SIZE="2"><B>17.40</B></FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="2"><B>&nbsp;&nbsp;</B></FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"></TD></TR>
<TR STYLE="font-size:1px">
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"> <P STYLE="border-top:1px solid #000000">&nbsp;</P></TD>
<TD VALIGN="bottom"> <P STYLE="border-top:1px solid #000000">&nbsp;</P></TD>
<TD>&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"></TD></TR>
</TABLE>
 <p STYLE="margin-top:0px;margin-bottom:0px"><FONT SIZE="1">&nbsp;</FONT></P> <P STYLE="margin-top:0px;margin-bottom:0px" ALIGN="center"><FONT STYLE="font-family:Times New Roman" SIZE="2">8 </FONT></P>


<p Style='page-break-before:always'>
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<h5 align="left"><a href="#toc">Table of Contents</a></h5>


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<TD VALIGN="bottom" WIDTH="1%"></TD>
<TD></TD>
<TD></TD>
<TD></TD>
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<TD></TD>
<TD></TD>
<TD VALIGN="bottom" WIDTH="1%"></TD>
<TD></TD>
<TD></TD>
<TD></TD>
<TD VALIGN="bottom" WIDTH="1%"></TD>
<TD></TD>
<TD></TD>
<TD></TD>
<TD VALIGN="bottom" WIDTH="1%"></TD>
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<TD VALIGN="bottom" WIDTH="1%"></TD>
<TD></TD></TR>
<TR>
<TD VALIGN="bottom" NOWRAP> <P STYLE="border-bottom:1px solid #000000;width:70pt"><FONT STYLE="font-family:Times New Roman" SIZE="1"><B>Property description</B></FONT></P></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" COLSPAN="2" ALIGN="center" STYLE="border-bottom:1px solid #000000"><FONT STYLE="font-family:Times New Roman" SIZE="1"><B>Percent<BR>owned</B></FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" COLSPAN="2" ALIGN="center" STYLE="border-bottom:1px solid #000000"><FONT STYLE="font-family:Times New Roman" SIZE="1"><B>Year<BR>acquired</B></FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" COLSPAN="2" ALIGN="center" STYLE="border-bottom:1px solid #000000"><FONT STYLE="font-family:Times New Roman" SIZE="1"><B>GLA</B></FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" COLSPAN="2" ALIGN="center" STYLE="border-bottom:1px solid #000000"><FONT STYLE="font-family:Times New Roman" SIZE="1"><B>%<BR>occupied</B></FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" COLSPAN="2" ALIGN="center" STYLE="border-bottom:1px solid #000000"><FONT STYLE="font-family:Times New Roman" SIZE="1"><B>Average<BR>base&nbsp;rent&nbsp;per<BR>leased sq. ft.</B></FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="center" STYLE="border-bottom:1px solid #000000"> <P STYLE="margin-top:0px;margin-bottom:1px" ALIGN="center"><FONT STYLE="font-family:Times New Roman" SIZE="1"><B>Major tenants (a)</B></FONT></P></TD></TR>


<TR BGCOLOR="#cceeff">
<TD VALIGN="top" NOWRAP> <P STYLE="margin-left:1.00em; text-indent:-1.00em"><FONT STYLE="font-family:Times New Roman" SIZE="2"><B><U>Pennsylvania (34 properties)</U></B></FONT></P></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"></TD></TR>
<TR>
<TD VALIGN="top"> <P STYLE="margin-left:1.00em; text-indent:-1.00em"><FONT STYLE="font-family:Times New Roman" SIZE="2">Academy Plaza</FONT></P></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="2">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:Times New Roman" SIZE="2">100</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="2">%&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="2">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:Times New Roman" SIZE="2">2001</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="2">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="2">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:Times New Roman" SIZE="2">151,977</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="2">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="2">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:Times New Roman" SIZE="2">81.3</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="2">%&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="2">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:Times New Roman" SIZE="2">13.20</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="2">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"> <P ALIGN="justify"><FONT STYLE="font-family:Times New Roman" SIZE="2">Acme Markets</FONT></P></TD></TR>
<TR BGCOLOR="#cceeff">
<TD VALIGN="top"> <P STYLE="margin-left:1.00em; text-indent:-1.00em"><FONT STYLE="font-family:Times New Roman" SIZE="2">Camp Hill</FONT></P></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="top"><FONT STYLE="font-family:Times New Roman" SIZE="2">&nbsp;</FONT></TD>
<TD VALIGN="top" ALIGN="right"><FONT STYLE="font-family:Times New Roman" SIZE="2">100</FONT></TD>
<TD NOWRAP VALIGN="top"><FONT STYLE="font-family:Times New Roman" SIZE="2">%&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="top"><FONT STYLE="font-family:Times New Roman" SIZE="2">&nbsp;</FONT></TD>
<TD VALIGN="top" ALIGN="right"><FONT STYLE="font-family:Times New Roman" SIZE="2">2002</FONT></TD>
<TD NOWRAP VALIGN="top"><FONT STYLE="font-family:Times New Roman" SIZE="2">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="top"><FONT STYLE="font-family:Times New Roman" SIZE="2">&nbsp;</FONT></TD>
<TD VALIGN="top" ALIGN="right"><FONT STYLE="font-family:Times New Roman" SIZE="2">472,717</FONT></TD>
<TD NOWRAP VALIGN="top"><FONT STYLE="font-family:Times New Roman" SIZE="2">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="top"><FONT STYLE="font-family:Times New Roman" SIZE="2">&nbsp;</FONT></TD>
<TD VALIGN="top" ALIGN="right"><FONT STYLE="font-family:Times New Roman" SIZE="2">98.8</FONT></TD>
<TD NOWRAP VALIGN="top"><FONT STYLE="font-family:Times New Roman" SIZE="2">%&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="top"><FONT STYLE="font-family:Times New Roman" SIZE="2">&nbsp;</FONT></TD>
<TD VALIGN="top" ALIGN="right"><FONT STYLE="font-family:Times New Roman" SIZE="2">13.44</FONT></TD>
<TD NOWRAP VALIGN="top"><FONT STYLE="font-family:Times New Roman" SIZE="2">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" NOWRAP> <P STYLE="margin-top:0px;margin-bottom:0px"><FONT STYLE="font-family:Times New Roman" SIZE="2">Boscov&#146;s</FONT></P> <P STYLE="margin-top:0px;margin-bottom:0px"><FONT STYLE="font-family:Times New Roman" SIZE="2">Giant
Foods</FONT></P> <P STYLE="margin-top:0px;margin-bottom:0px"><FONT STYLE="font-family:Times New Roman" SIZE="2">LA Fitness</FONT></P> <P STYLE="margin-top:0px;margin-bottom:0px"><FONT STYLE="font-family:Times New Roman" SIZE="2">Orthopedic Inst of
PA</FONT></P> <P STYLE="margin-top:0px;margin-bottom:0px"><FONT STYLE="font-family:Times New Roman" SIZE="2">Barnes &amp; Noble</FONT></P>
<P STYLE="margin-top:0px;margin-bottom:1px"><FONT STYLE="font-family:Times New Roman" SIZE="2">Staples</FONT></P></TD></TR>
<TR>
<TD VALIGN="top"> <P STYLE="margin-left:1.00em; text-indent:-1.00em"><FONT STYLE="font-family:Times New Roman" SIZE="2">Carbondale Plaza</FONT></P></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="top"><FONT STYLE="font-family:Times New Roman" SIZE="2">&nbsp;</FONT></TD>
<TD VALIGN="top" ALIGN="right"><FONT STYLE="font-family:Times New Roman" SIZE="2">100</FONT></TD>
<TD NOWRAP VALIGN="top"><FONT STYLE="font-family:Times New Roman" SIZE="2">%&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="top"><FONT STYLE="font-family:Times New Roman" SIZE="2">&nbsp;</FONT></TD>
<TD VALIGN="top" ALIGN="right"><FONT STYLE="font-family:Times New Roman" SIZE="2">2004</FONT></TD>
<TD NOWRAP VALIGN="top"><FONT STYLE="font-family:Times New Roman" SIZE="2">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="top"><FONT STYLE="font-family:Times New Roman" SIZE="2">&nbsp;</FONT></TD>
<TD VALIGN="top" ALIGN="right"><FONT STYLE="font-family:Times New Roman" SIZE="2">121,135</FONT></TD>
<TD NOWRAP VALIGN="top"><FONT STYLE="font-family:Times New Roman" SIZE="2">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="top"><FONT STYLE="font-family:Times New Roman" SIZE="2">&nbsp;</FONT></TD>
<TD VALIGN="top" ALIGN="right"><FONT STYLE="font-family:Times New Roman" SIZE="2">91.8</FONT></TD>
<TD NOWRAP VALIGN="top"><FONT STYLE="font-family:Times New Roman" SIZE="2">%&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="top"><FONT STYLE="font-family:Times New Roman" SIZE="2">&nbsp;</FONT></TD>
<TD VALIGN="top" ALIGN="right"><FONT STYLE="font-family:Times New Roman" SIZE="2">6.97</FONT></TD>
<TD NOWRAP VALIGN="top"><FONT STYLE="font-family:Times New Roman" SIZE="2">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"> <P STYLE="margin-top:0px;margin-bottom:0px"><FONT STYLE="font-family:Times New Roman" SIZE="2">Weis Markets</FONT></P>
<P STYLE="margin-top:0px;margin-bottom:1px"><FONT STYLE="font-family:Times New Roman" SIZE="2">Peebles</FONT></P></TD></TR>
<TR BGCOLOR="#cceeff">
<TD VALIGN="top"> <P STYLE="margin-left:1.00em; text-indent:-1.00em"><FONT STYLE="font-family:Times New Roman" SIZE="2">Circle Plaza</FONT></P></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="2">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:Times New Roman" SIZE="2">100</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="2">%&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="2">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:Times New Roman" SIZE="2">2007</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="2">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="2">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:Times New Roman" SIZE="2">92,171</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="2">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="2">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:Times New Roman" SIZE="2">100.0</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="2">%&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="2">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:Times New Roman" SIZE="2">2.74</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="2">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="2">K-Mart</FONT></TD></TR>
<TR>
<TD VALIGN="top"> <P STYLE="margin-left:1.00em; text-indent:-1.00em"><FONT STYLE="font-family:Times New Roman" SIZE="2">Colonial Commons</FONT></P></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="top"><FONT STYLE="font-family:Times New Roman" SIZE="2">&nbsp;</FONT></TD>
<TD VALIGN="top" ALIGN="right"><FONT STYLE="font-family:Times New Roman" SIZE="2">100</FONT></TD>
<TD NOWRAP VALIGN="top"><FONT STYLE="font-family:Times New Roman" SIZE="2">%&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="top"><FONT STYLE="font-family:Times New Roman" SIZE="2">&nbsp;</FONT></TD>
<TD VALIGN="top" ALIGN="right"><FONT STYLE="font-family:Times New Roman" SIZE="2">2011</FONT></TD>
<TD NOWRAP VALIGN="top"><FONT STYLE="font-family:Times New Roman" SIZE="2">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="top"><FONT STYLE="font-family:Times New Roman" SIZE="2">&nbsp;</FONT></TD>
<TD VALIGN="top" ALIGN="right"><FONT STYLE="font-family:Times New Roman" SIZE="2">474,765</FONT></TD>
<TD NOWRAP VALIGN="top"><FONT STYLE="font-family:Times New Roman" SIZE="2">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="top"><FONT STYLE="font-family:Times New Roman" SIZE="2">&nbsp;</FONT></TD>
<TD VALIGN="top" ALIGN="right"><FONT STYLE="font-family:Times New Roman" SIZE="2">84.1</FONT></TD>
<TD NOWRAP VALIGN="top"><FONT STYLE="font-family:Times New Roman" SIZE="2">%&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="top"><FONT STYLE="font-family:Times New Roman" SIZE="2">&nbsp;</FONT></TD>
<TD VALIGN="top" ALIGN="right"><FONT STYLE="font-family:Times New Roman" SIZE="2">12.60</FONT></TD>
<TD NOWRAP VALIGN="top"><FONT STYLE="font-family:Times New Roman" SIZE="2">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" NOWRAP> <P STYLE="margin-top:0px;margin-bottom:0px"><FONT STYLE="font-family:Times New Roman" SIZE="2">Giant Foods</FONT></P>
<P STYLE="margin-top:0px;margin-bottom:0px"><FONT STYLE="font-family:Times New Roman" SIZE="2">Dick&#146;s Sporting Goods</FONT></P> <P STYLE="margin-top:0px;margin-bottom:0px"><FONT STYLE="font-family:Times New Roman" SIZE="2">L.A.
Fitness</FONT></P> <P STYLE="margin-top:0px;margin-bottom:0px"><FONT STYLE="font-family:Times New Roman" SIZE="2">Ross Dress For Less</FONT></P>
<P STYLE="margin-top:0px;margin-bottom:0px"><FONT STYLE="font-family:Times New Roman" SIZE="2">Marshalls</FONT></P> <P STYLE="margin-top:0px;margin-bottom:0px"><FONT STYLE="font-family:Times New Roman" SIZE="2">JoAnn Fabrics</FONT></P>
<P STYLE="margin-top:0px;margin-bottom:0px"><FONT STYLE="font-family:Times New Roman" SIZE="2">David&#146;s Furniture</FONT></P> <P STYLE="margin-top:0px;margin-bottom:1px"><FONT STYLE="font-family:Times New Roman" SIZE="2">Office
Max</FONT></P></TD></TR>
<TR BGCOLOR="#cceeff">
<TD VALIGN="top"> <P STYLE="margin-left:1.00em; text-indent:-1.00em"><FONT STYLE="font-family:Times New Roman" SIZE="2">Crossroads II</FONT></P></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="2">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:Times New Roman" SIZE="2">60</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="2">%&nbsp;(b)&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="2">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:Times New Roman" SIZE="2">2008</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="2">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="2">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:Times New Roman" SIZE="2">133,188</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="2">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="2">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:Times New Roman" SIZE="2">91.4</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="2">%&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="2">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:Times New Roman" SIZE="2">19.51</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="2">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="2">Giant Foods</FONT></TD></TR>
<TR>
<TD VALIGN="top"> <P STYLE="margin-left:1.00em; text-indent:-1.00em"><FONT STYLE="font-family:Times New Roman" SIZE="2">East Chestnut</FONT></P></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="2">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:Times New Roman" SIZE="2">100</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="2">%&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="2">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:Times New Roman" SIZE="2">2005</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="2">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="2">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:Times New Roman" SIZE="2">21,180</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="2">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="2">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:Times New Roman" SIZE="2">100.0</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="2">%&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="2">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:Times New Roman" SIZE="2">15.42</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="2">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="2">Rite Aid</FONT></TD></TR>
<TR BGCOLOR="#cceeff">
<TD VALIGN="top"> <P STYLE="margin-left:1.00em; text-indent:-1.00em"><FONT STYLE="font-family:Times New Roman" SIZE="2">Fairview Commons</FONT></P></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="2">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:Times New Roman" SIZE="2">100</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="2">%&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="2">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:Times New Roman" SIZE="2">2007</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="2">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="2">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:Times New Roman" SIZE="2">59,578</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="2">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="2">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:Times New Roman" SIZE="2">68.9</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="2">%&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="2">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:Times New Roman" SIZE="2">6.87</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="2">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="2">Giant Foods</FONT></TD></TR>
<TR>
<TD VALIGN="top"> <P STYLE="margin-left:1.00em; text-indent:-1.00em"><FONT STYLE="font-family:Times New Roman" SIZE="2">Fairview Plaza</FONT></P></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="2">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:Times New Roman" SIZE="2">100</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="2">%&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="2">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:Times New Roman" SIZE="2">2003</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="2">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="2">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:Times New Roman" SIZE="2">69,579</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="2">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="2">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:Times New Roman" SIZE="2">100.0</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="2">%&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="2">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:Times New Roman" SIZE="2">12.31</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="2">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="2">Giant Foods</FONT></TD></TR>
<TR BGCOLOR="#cceeff">
<TD VALIGN="top"> <P STYLE="margin-left:1.00em; text-indent:-1.00em"><FONT STYLE="font-family:Times New Roman" SIZE="2">Fort Washington</FONT></P></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="2">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:Times New Roman" SIZE="2">100</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="2">%&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="2">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:Times New Roman" SIZE="2">2002</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="2">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="2">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:Times New Roman" SIZE="2">41,000</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="2">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="2">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:Times New Roman" SIZE="2">100.0</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="2">%&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="2">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:Times New Roman" SIZE="2">19.90</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="2">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="2">LA Fitness</FONT></TD></TR>
<TR>
<TD VALIGN="top"> <P STYLE="margin-left:1.00em; text-indent:-1.00em"><FONT STYLE="font-family:Times New Roman" SIZE="2">Gold Star Plaza</FONT></P></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="2">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:Times New Roman" SIZE="2">100</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="2">%&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="2">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:Times New Roman" SIZE="2">2006</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="2">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="2">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:Times New Roman" SIZE="2">71,720</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="2">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="2">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:Times New Roman" SIZE="2">82.2</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="2">%&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="2">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:Times New Roman" SIZE="2">8.91</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="2">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="2">Redner&#146;s</FONT></TD></TR>
<TR BGCOLOR="#cceeff">
<TD VALIGN="top"> <P STYLE="margin-left:1.00em; text-indent:-1.00em"><FONT STYLE="font-family:Times New Roman" SIZE="2">Golden Triangle</FONT></P></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="top"><FONT STYLE="font-family:Times New Roman" SIZE="2">&nbsp;</FONT></TD>
<TD VALIGN="top" ALIGN="right"><FONT STYLE="font-family:Times New Roman" SIZE="2">100</FONT></TD>
<TD NOWRAP VALIGN="top"><FONT STYLE="font-family:Times New Roman" SIZE="2">%&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="top"><FONT STYLE="font-family:Times New Roman" SIZE="2">&nbsp;</FONT></TD>
<TD VALIGN="top" ALIGN="right"><FONT STYLE="font-family:Times New Roman" SIZE="2">2003</FONT></TD>
<TD NOWRAP VALIGN="top"><FONT STYLE="font-family:Times New Roman" SIZE="2">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="top"><FONT STYLE="font-family:Times New Roman" SIZE="2">&nbsp;</FONT></TD>
<TD VALIGN="top" ALIGN="right"><FONT STYLE="font-family:Times New Roman" SIZE="2">202,943</FONT></TD>
<TD NOWRAP VALIGN="top"><FONT STYLE="font-family:Times New Roman" SIZE="2">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="top"><FONT STYLE="font-family:Times New Roman" SIZE="2">&nbsp;</FONT></TD>
<TD VALIGN="top" ALIGN="right"><FONT STYLE="font-family:Times New Roman" SIZE="2">97.4</FONT></TD>
<TD NOWRAP VALIGN="top"><FONT STYLE="font-family:Times New Roman" SIZE="2">%&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="top"><FONT STYLE="font-family:Times New Roman" SIZE="2">&nbsp;</FONT></TD>
<TD VALIGN="top" ALIGN="right"><FONT STYLE="font-family:Times New Roman" SIZE="2">12.30</FONT></TD>
<TD NOWRAP VALIGN="top"><FONT STYLE="font-family:Times New Roman" SIZE="2">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"> <P STYLE="margin-top:0px;margin-bottom:0px"><FONT STYLE="font-family:Times New Roman" SIZE="2">LA Fitness</FONT></P>
<P STYLE="margin-top:0px;margin-bottom:0px"><FONT STYLE="font-family:Times New Roman" SIZE="2">Marshalls</FONT></P> <P STYLE="margin-top:0px;margin-bottom:0px"><FONT STYLE="font-family:Times New Roman" SIZE="2">Staples</FONT></P>
<P STYLE="margin-top:0px;margin-bottom:0px"><FONT STYLE="font-family:Times New Roman" SIZE="2">Just Cabinets</FONT></P> <P STYLE="margin-top:0px;margin-bottom:1px"><FONT STYLE="font-family:Times New Roman" SIZE="2">Aldi</FONT></P></TD></TR>
<TR>
<TD VALIGN="top"> <P STYLE="margin-left:1.00em; text-indent:-1.00em"><FONT STYLE="font-family:Times New Roman" SIZE="2">Halifax Plaza</FONT></P></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="top"><FONT STYLE="font-family:Times New Roman" SIZE="2">&nbsp;</FONT></TD>
<TD VALIGN="top" ALIGN="right"><FONT STYLE="font-family:Times New Roman" SIZE="2">100</FONT></TD>
<TD NOWRAP VALIGN="top"><FONT STYLE="font-family:Times New Roman" SIZE="2">%&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="top"><FONT STYLE="font-family:Times New Roman" SIZE="2">&nbsp;</FONT></TD>
<TD VALIGN="top" ALIGN="right"><FONT STYLE="font-family:Times New Roman" SIZE="2">2003</FONT></TD>
<TD NOWRAP VALIGN="top"><FONT STYLE="font-family:Times New Roman" SIZE="2">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="top"><FONT STYLE="font-family:Times New Roman" SIZE="2">&nbsp;</FONT></TD>
<TD VALIGN="top" ALIGN="right"><FONT STYLE="font-family:Times New Roman" SIZE="2">51,510</FONT></TD>
<TD NOWRAP VALIGN="top"><FONT STYLE="font-family:Times New Roman" SIZE="2">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="top"><FONT STYLE="font-family:Times New Roman" SIZE="2">&nbsp;</FONT></TD>
<TD VALIGN="top" ALIGN="right"><FONT STYLE="font-family:Times New Roman" SIZE="2">100.0</FONT></TD>
<TD NOWRAP VALIGN="top"><FONT STYLE="font-family:Times New Roman" SIZE="2">%&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="top"><FONT STYLE="font-family:Times New Roman" SIZE="2">&nbsp;</FONT></TD>
<TD VALIGN="top" ALIGN="right"><FONT STYLE="font-family:Times New Roman" SIZE="2">11.77</FONT></TD>
<TD NOWRAP VALIGN="top"><FONT STYLE="font-family:Times New Roman" SIZE="2">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="2">Giant Foods</FONT></TD></TR>
<TR BGCOLOR="#cceeff">
<TD VALIGN="top"> <P STYLE="margin-left:1.00em; text-indent:-1.00em"><FONT STYLE="font-family:Times New Roman" SIZE="2">Hamburg Commons</FONT></P></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="top"><FONT STYLE="font-family:Times New Roman" SIZE="2">&nbsp;</FONT></TD>
<TD VALIGN="top" ALIGN="right"><FONT STYLE="font-family:Times New Roman" SIZE="2">100</FONT></TD>
<TD NOWRAP VALIGN="top"><FONT STYLE="font-family:Times New Roman" SIZE="2">%&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="top"><FONT STYLE="font-family:Times New Roman" SIZE="2">&nbsp;</FONT></TD>
<TD VALIGN="top" ALIGN="right"><FONT STYLE="font-family:Times New Roman" SIZE="2">2004</FONT></TD>
<TD NOWRAP VALIGN="top"><FONT STYLE="font-family:Times New Roman" SIZE="2">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="top"><FONT STYLE="font-family:Times New Roman" SIZE="2">&nbsp;</FONT></TD>
<TD VALIGN="top" ALIGN="right"><FONT STYLE="font-family:Times New Roman" SIZE="2">99,580</FONT></TD>
<TD NOWRAP VALIGN="top"><FONT STYLE="font-family:Times New Roman" SIZE="2">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="top"><FONT STYLE="font-family:Times New Roman" SIZE="2">&nbsp;</FONT></TD>
<TD VALIGN="top" ALIGN="right"><FONT STYLE="font-family:Times New Roman" SIZE="2">97.3</FONT></TD>
<TD NOWRAP VALIGN="top"><FONT STYLE="font-family:Times New Roman" SIZE="2">%&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="top"><FONT STYLE="font-family:Times New Roman" SIZE="2">&nbsp;</FONT></TD>
<TD VALIGN="top" ALIGN="right"><FONT STYLE="font-family:Times New Roman" SIZE="2">6.59</FONT></TD>
<TD NOWRAP VALIGN="top"><FONT STYLE="font-family:Times New Roman" SIZE="2">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"> <P STYLE="margin-top:0px;margin-bottom:0px"><FONT STYLE="font-family:Times New Roman" SIZE="2">Redner&#146;s</FONT></P>
<P STYLE="margin-top:0px;margin-bottom:1px"><FONT STYLE="font-family:Times New Roman" SIZE="2">Peebles</FONT></P></TD></TR>
<TR>
<TD VALIGN="top"> <P STYLE="margin-left:1.00em; text-indent:-1.00em"><FONT STYLE="font-family:Times New Roman" SIZE="2">Huntingdon Plaza</FONT></P></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="top"><FONT STYLE="font-family:Times New Roman" SIZE="2">&nbsp;</FONT></TD>
<TD VALIGN="top" ALIGN="right"><FONT STYLE="font-family:Times New Roman" SIZE="2">100</FONT></TD>
<TD NOWRAP VALIGN="top"><FONT STYLE="font-family:Times New Roman" SIZE="2">%&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="top"><FONT STYLE="font-family:Times New Roman" SIZE="2">&nbsp;</FONT></TD>
<TD VALIGN="top" ALIGN="right"><FONT STYLE="font-family:Times New Roman" SIZE="2">2004</FONT></TD>
<TD NOWRAP VALIGN="top"><FONT STYLE="font-family:Times New Roman" SIZE="2">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="top"><FONT STYLE="font-family:Times New Roman" SIZE="2">&nbsp;</FONT></TD>
<TD VALIGN="top" ALIGN="right"><FONT STYLE="font-family:Times New Roman" SIZE="2">142,845</FONT></TD>
<TD NOWRAP VALIGN="top"><FONT STYLE="font-family:Times New Roman" SIZE="2">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="top"><FONT STYLE="font-family:Times New Roman" SIZE="2">&nbsp;</FONT></TD>
<TD VALIGN="top" ALIGN="right"><FONT STYLE="font-family:Times New Roman" SIZE="2">68.1</FONT></TD>
<TD NOWRAP VALIGN="top"><FONT STYLE="font-family:Times New Roman" SIZE="2">%&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="top"><FONT STYLE="font-family:Times New Roman" SIZE="2">&nbsp;</FONT></TD>
<TD VALIGN="top" ALIGN="right"><FONT STYLE="font-family:Times New Roman" SIZE="2">5.49</FONT></TD>
<TD NOWRAP VALIGN="top"><FONT STYLE="font-family:Times New Roman" SIZE="2">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"> <P STYLE="margin-top:0px;margin-bottom:0px"><FONT STYLE="font-family:Times New Roman" SIZE="2">Sears</FONT></P>
<P STYLE="margin-top:0px;margin-bottom:1px"><FONT STYLE="font-family:Times New Roman" SIZE="2">Peebles</FONT></P></TD></TR>
<TR BGCOLOR="#cceeff">
<TD VALIGN="top"> <P STYLE="margin-left:1.00em; text-indent:-1.00em"><FONT STYLE="font-family:Times New Roman" SIZE="2">Lake Raystown Plaza</FONT></P></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="top"><FONT STYLE="font-family:Times New Roman" SIZE="2">&nbsp;</FONT></TD>
<TD VALIGN="top" ALIGN="right"><FONT STYLE="font-family:Times New Roman" SIZE="2">100</FONT></TD>
<TD NOWRAP VALIGN="top"><FONT STYLE="font-family:Times New Roman" SIZE="2">%&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="top"><FONT STYLE="font-family:Times New Roman" SIZE="2">&nbsp;</FONT></TD>
<TD VALIGN="top" ALIGN="right"><FONT STYLE="font-family:Times New Roman" SIZE="2">2004</FONT></TD>
<TD NOWRAP VALIGN="top"><FONT STYLE="font-family:Times New Roman" SIZE="2">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="top"><FONT STYLE="font-family:Times New Roman" SIZE="2">&nbsp;</FONT></TD>
<TD VALIGN="top" ALIGN="right"><FONT STYLE="font-family:Times New Roman" SIZE="2">140,159</FONT></TD>
<TD NOWRAP VALIGN="top"><FONT STYLE="font-family:Times New Roman" SIZE="2">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="top"><FONT STYLE="font-family:Times New Roman" SIZE="2">&nbsp;</FONT></TD>
<TD VALIGN="top" ALIGN="right"><FONT STYLE="font-family:Times New Roman" SIZE="2">95.6</FONT></TD>
<TD NOWRAP VALIGN="top"><FONT STYLE="font-family:Times New Roman" SIZE="2">%&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="top"><FONT STYLE="font-family:Times New Roman" SIZE="2">&nbsp;</FONT></TD>
<TD VALIGN="top" ALIGN="right"><FONT STYLE="font-family:Times New Roman" SIZE="2">12.51</FONT></TD>
<TD NOWRAP VALIGN="top"><FONT STYLE="font-family:Times New Roman" SIZE="2">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"> <P STYLE="margin-top:0px;margin-bottom:0px"><FONT STYLE="font-family:Times New Roman" SIZE="2">Giant Foods</FONT></P> <P STYLE="margin-top:0px;margin-bottom:1px"><FONT STYLE="font-family:Times New Roman" SIZE="2">Tractor
Supply</FONT></P></TD></TR>
<TR>
<TD VALIGN="top"> <P STYLE="margin-left:1.00em; text-indent:-1.00em"><FONT STYLE="font-family:Times New Roman" SIZE="2">Liberty Marketplace</FONT></P></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="top"><FONT STYLE="font-family:Times New Roman" SIZE="2">&nbsp;</FONT></TD>
<TD VALIGN="top" ALIGN="right"><FONT STYLE="font-family:Times New Roman" SIZE="2">100</FONT></TD>
<TD NOWRAP VALIGN="top"><FONT STYLE="font-family:Times New Roman" SIZE="2">%&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="top"><FONT STYLE="font-family:Times New Roman" SIZE="2">&nbsp;</FONT></TD>
<TD VALIGN="top" ALIGN="right"><FONT STYLE="font-family:Times New Roman" SIZE="2">2005</FONT></TD>
<TD NOWRAP VALIGN="top"><FONT STYLE="font-family:Times New Roman" SIZE="2">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="top"><FONT STYLE="font-family:Times New Roman" SIZE="2">&nbsp;</FONT></TD>
<TD VALIGN="top" ALIGN="right"><FONT STYLE="font-family:Times New Roman" SIZE="2">68,200</FONT></TD>
<TD NOWRAP VALIGN="top"><FONT STYLE="font-family:Times New Roman" SIZE="2">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="top"><FONT STYLE="font-family:Times New Roman" SIZE="2">&nbsp;</FONT></TD>
<TD VALIGN="top" ALIGN="right"><FONT STYLE="font-family:Times New Roman" SIZE="2">91.2</FONT></TD>
<TD NOWRAP VALIGN="top"><FONT STYLE="font-family:Times New Roman" SIZE="2">%&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="top"><FONT STYLE="font-family:Times New Roman" SIZE="2">&nbsp;</FONT></TD>
<TD VALIGN="top" ALIGN="right"><FONT STYLE="font-family:Times New Roman" SIZE="2">17.45</FONT></TD>
<TD NOWRAP VALIGN="top"><FONT STYLE="font-family:Times New Roman" SIZE="2">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="2">Giant Foods</FONT></TD></TR>
<TR BGCOLOR="#cceeff">
<TD VALIGN="top"> <P STYLE="margin-left:1.00em; text-indent:-1.00em"><FONT STYLE="font-family:Times New Roman" SIZE="2">Meadows Marketplace</FONT></P></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="top"><FONT STYLE="font-family:Times New Roman" SIZE="2">&nbsp;</FONT></TD>
<TD VALIGN="top" ALIGN="right"><FONT STYLE="font-family:Times New Roman" SIZE="2">20</FONT></TD>
<TD NOWRAP VALIGN="top"><FONT STYLE="font-family:Times New Roman" SIZE="2">%&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="top"><FONT STYLE="font-family:Times New Roman" SIZE="2">&nbsp;</FONT></TD>
<TD VALIGN="top" ALIGN="right"><FONT STYLE="font-family:Times New Roman" SIZE="2">2004</FONT></TD>
<TD NOWRAP VALIGN="top"><FONT STYLE="font-family:Times New Roman" SIZE="2">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="top"><FONT STYLE="font-family:Times New Roman" SIZE="2">&nbsp;</FONT></TD>
<TD VALIGN="top" ALIGN="right"><FONT STYLE="font-family:Times New Roman" SIZE="2">91,518</FONT></TD>
<TD NOWRAP VALIGN="top"><FONT STYLE="font-family:Times New Roman" SIZE="2">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="top"><FONT STYLE="font-family:Times New Roman" SIZE="2">&nbsp;</FONT></TD>
<TD VALIGN="top" ALIGN="right"><FONT STYLE="font-family:Times New Roman" SIZE="2">100.0</FONT></TD>
<TD NOWRAP VALIGN="top"><FONT STYLE="font-family:Times New Roman" SIZE="2">%&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="top"><FONT STYLE="font-family:Times New Roman" SIZE="2">&nbsp;</FONT></TD>
<TD VALIGN="top" ALIGN="right"><FONT STYLE="font-family:Times New Roman" SIZE="2">15.28</FONT></TD>
<TD NOWRAP VALIGN="top"><FONT STYLE="font-family:Times New Roman" SIZE="2">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="2">Giant Foods</FONT></TD></TR>
<TR>
<TD VALIGN="top"> <P STYLE="margin-left:1.00em; text-indent:-1.00em"><FONT STYLE="font-family:Times New Roman" SIZE="2">Mechanicsburg Giant</FONT></P></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="top"><FONT STYLE="font-family:Times New Roman" SIZE="2">&nbsp;</FONT></TD>
<TD VALIGN="top" ALIGN="right"><FONT STYLE="font-family:Times New Roman" SIZE="2">100</FONT></TD>
<TD NOWRAP VALIGN="top"><FONT STYLE="font-family:Times New Roman" SIZE="2">%&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="top"><FONT STYLE="font-family:Times New Roman" SIZE="2">&nbsp;</FONT></TD>
<TD VALIGN="top" ALIGN="right"><FONT STYLE="font-family:Times New Roman" SIZE="2">2005</FONT></TD>
<TD NOWRAP VALIGN="top"><FONT STYLE="font-family:Times New Roman" SIZE="2">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="top"><FONT STYLE="font-family:Times New Roman" SIZE="2">&nbsp;</FONT></TD>
<TD VALIGN="top" ALIGN="right"><FONT STYLE="font-family:Times New Roman" SIZE="2">51,500</FONT></TD>
<TD NOWRAP VALIGN="top"><FONT STYLE="font-family:Times New Roman" SIZE="2">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="top"><FONT STYLE="font-family:Times New Roman" SIZE="2">&nbsp;</FONT></TD>
<TD VALIGN="top" ALIGN="right"><FONT STYLE="font-family:Times New Roman" SIZE="2">100.0</FONT></TD>
<TD NOWRAP VALIGN="top"><FONT STYLE="font-family:Times New Roman" SIZE="2">%&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="top"><FONT STYLE="font-family:Times New Roman" SIZE="2">&nbsp;</FONT></TD>
<TD VALIGN="top" ALIGN="right"><FONT STYLE="font-family:Times New Roman" SIZE="2">21.78</FONT></TD>
<TD NOWRAP VALIGN="top"><FONT STYLE="font-family:Times New Roman" SIZE="2">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="2">Giant Foods</FONT></TD></TR>
</TABLE>
 <p STYLE="margin-top:0px;margin-bottom:0px"><FONT SIZE="1">&nbsp;</FONT></P> <P STYLE="margin-top:0px;margin-bottom:0px" ALIGN="center"><FONT STYLE="font-family:Times New Roman" SIZE="2">9 </FONT></P>


<p Style='page-break-before:always'>
<HR  SIZE="3" style="COLOR:#999999" WIDTH="100%" ALIGN="CENTER">
<h5 align="left"><a href="#toc">Table of Contents</a></h5>


 <P>&nbsp;</P>
<TABLE CELLSPACING="0" CELLPADDING="0" WIDTH="100%" BORDER="0" STYLE="BORDER-COLLAPSE:COLLAPSE" ALIGN="center">


<TR>
<TD WIDTH="87%"></TD>
<TD VALIGN="bottom" WIDTH="1%"></TD>
<TD></TD>
<TD></TD>
<TD></TD>
<TD VALIGN="bottom" WIDTH="1%"></TD>
<TD></TD>
<TD></TD>
<TD></TD>
<TD VALIGN="bottom" WIDTH="1%"></TD>
<TD></TD>
<TD></TD>
<TD></TD>
<TD VALIGN="bottom" WIDTH="1%"></TD>
<TD></TD>
<TD></TD>
<TD></TD>
<TD VALIGN="bottom" WIDTH="1%"></TD>
<TD></TD>
<TD></TD>
<TD></TD>
<TD VALIGN="bottom" WIDTH="1%"></TD>
<TD></TD></TR>
<TR>
<TD VALIGN="bottom" NOWRAP> <P STYLE="border-bottom:1px solid #000000;width:70pt"><FONT STYLE="font-family:Times New Roman" SIZE="1"><B>Property description</B></FONT></P></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" COLSPAN="2" ALIGN="center" STYLE="border-bottom:1px solid #000000"><FONT STYLE="font-family:Times New Roman" SIZE="1"><B>Percent<BR>owned</B></FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" COLSPAN="2" ALIGN="center" STYLE="border-bottom:1px solid #000000"><FONT STYLE="font-family:Times New Roman" SIZE="1"><B>Year<BR>acquired</B></FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" COLSPAN="2" ALIGN="center" STYLE="border-bottom:1px solid #000000"><FONT STYLE="font-family:Times New Roman" SIZE="1"><B>GLA</B></FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" COLSPAN="2" ALIGN="center" STYLE="border-bottom:1px solid #000000"><FONT STYLE="font-family:Times New Roman" SIZE="1"><B>%<BR>occupied</B></FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" COLSPAN="2" ALIGN="center" STYLE="border-bottom:1px solid #000000"><FONT STYLE="font-family:Times New Roman" SIZE="1"><B>Average<BR>base&nbsp;rent&nbsp;per<BR>leased sq. ft.</B></FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="center" STYLE="border-bottom:1px solid #000000"> <P STYLE="margin-top:0px;margin-bottom:1px" ALIGN="center"><FONT STYLE="font-family:Times New Roman" SIZE="1"><B>Major tenants&nbsp;(a)</B></FONT></P></TD></TR>


<TR BGCOLOR="#cceeff">
<TD VALIGN="top" NOWRAP> <P STYLE="margin-left:1.00em; text-indent:-1.00em"><FONT STYLE="font-family:Times New Roman" SIZE="2"><B>Pennsylvania (continued)</B></FONT></P></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="top"></TD>
<TD VALIGN="top"></TD>
<TD VALIGN="top"></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="top"></TD>
<TD VALIGN="top"></TD>
<TD VALIGN="top"></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="top"></TD>
<TD VALIGN="top"></TD>
<TD VALIGN="top"></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="top"></TD>
<TD VALIGN="top"></TD>
<TD VALIGN="top"></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="top"></TD>
<TD VALIGN="top"></TD>
<TD VALIGN="top"></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="top"></TD></TR>
<TR>
<TD VALIGN="top"> <P STYLE="margin-left:1.00em; text-indent:-1.00em"><FONT STYLE="font-family:Times New Roman" SIZE="2">Newport Plaza</FONT></P></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="top"><FONT STYLE="font-family:Times New Roman" SIZE="2">&nbsp;</FONT></TD>
<TD VALIGN="top" ALIGN="right"><FONT STYLE="font-family:Times New Roman" SIZE="2">100</FONT></TD>
<TD NOWRAP VALIGN="top"><FONT STYLE="font-family:Times New Roman" SIZE="2">%&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="top"><FONT STYLE="font-family:Times New Roman" SIZE="2">&nbsp;</FONT></TD>
<TD VALIGN="top" ALIGN="right"><FONT STYLE="font-family:Times New Roman" SIZE="2">2003</FONT></TD>
<TD NOWRAP VALIGN="top"><FONT STYLE="font-family:Times New Roman" SIZE="2">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="top"><FONT STYLE="font-family:Times New Roman" SIZE="2">&nbsp;</FONT></TD>
<TD VALIGN="top" ALIGN="right"><FONT STYLE="font-family:Times New Roman" SIZE="2">64,489</FONT></TD>
<TD NOWRAP VALIGN="top"><FONT STYLE="font-family:Times New Roman" SIZE="2">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="top"><FONT STYLE="font-family:Times New Roman" SIZE="2">&nbsp;</FONT></TD>
<TD VALIGN="top" ALIGN="right"><FONT STYLE="font-family:Times New Roman" SIZE="2">100.0</FONT></TD>
<TD NOWRAP VALIGN="top"><FONT STYLE="font-family:Times New Roman" SIZE="2">%&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="top"><FONT STYLE="font-family:Times New Roman" SIZE="2">&nbsp;</FONT></TD>
<TD VALIGN="top" ALIGN="right"><FONT STYLE="font-family:Times New Roman" SIZE="2">11.51</FONT></TD>
<TD NOWRAP VALIGN="top"><FONT STYLE="font-family:Times New Roman" SIZE="2">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="top" NOWRAP><FONT STYLE="font-family:Times New Roman" SIZE="2">Giant Foods</FONT></TD></TR>
<TR BGCOLOR="#cceeff">
<TD VALIGN="top"> <P STYLE="margin-left:1.00em; text-indent:-1.00em"><FONT STYLE="font-family:Times New Roman" SIZE="2">Northside Commons</FONT></P></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="top"><FONT STYLE="font-family:Times New Roman" SIZE="2">&nbsp;</FONT></TD>
<TD VALIGN="top" ALIGN="right"><FONT STYLE="font-family:Times New Roman" SIZE="2">100</FONT></TD>
<TD NOWRAP VALIGN="top"><FONT STYLE="font-family:Times New Roman" SIZE="2">%&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="top"><FONT STYLE="font-family:Times New Roman" SIZE="2">&nbsp;</FONT></TD>
<TD VALIGN="top" ALIGN="right"><FONT STYLE="font-family:Times New Roman" SIZE="2">2008</FONT></TD>
<TD NOWRAP VALIGN="top"><FONT STYLE="font-family:Times New Roman" SIZE="2">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="top"><FONT STYLE="font-family:Times New Roman" SIZE="2">&nbsp;</FONT></TD>
<TD VALIGN="top" ALIGN="right"><FONT STYLE="font-family:Times New Roman" SIZE="2">64,710</FONT></TD>
<TD NOWRAP VALIGN="top"><FONT STYLE="font-family:Times New Roman" SIZE="2">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="top"><FONT STYLE="font-family:Times New Roman" SIZE="2">&nbsp;</FONT></TD>
<TD VALIGN="top" ALIGN="right"><FONT STYLE="font-family:Times New Roman" SIZE="2">96.1</FONT></TD>
<TD NOWRAP VALIGN="top"><FONT STYLE="font-family:Times New Roman" SIZE="2">%&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="top"><FONT STYLE="font-family:Times New Roman" SIZE="2">&nbsp;</FONT></TD>
<TD VALIGN="top" ALIGN="right"><FONT STYLE="font-family:Times New Roman" SIZE="2">9.88</FONT></TD>
<TD NOWRAP VALIGN="top"><FONT STYLE="font-family:Times New Roman" SIZE="2">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="top" NOWRAP><FONT STYLE="font-family:Times New Roman" SIZE="2">Redner&#146;s Market</FONT></TD></TR>
<TR>
<TD VALIGN="top"> <P STYLE="margin-left:1.00em; text-indent:-1.00em"><FONT STYLE="font-family:Times New Roman" SIZE="2">Palmyra Shopping Center</FONT></P></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="top"><FONT STYLE="font-family:Times New Roman" SIZE="2">&nbsp;</FONT></TD>
<TD VALIGN="top" ALIGN="right"><FONT STYLE="font-family:Times New Roman" SIZE="2">100</FONT></TD>
<TD NOWRAP VALIGN="top"><FONT STYLE="font-family:Times New Roman" SIZE="2">%&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="top"><FONT STYLE="font-family:Times New Roman" SIZE="2">&nbsp;</FONT></TD>
<TD VALIGN="top" ALIGN="right"><FONT STYLE="font-family:Times New Roman" SIZE="2">2005</FONT></TD>
<TD NOWRAP VALIGN="top"><FONT STYLE="font-family:Times New Roman" SIZE="2">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="top"><FONT STYLE="font-family:Times New Roman" SIZE="2">&nbsp;</FONT></TD>
<TD VALIGN="top" ALIGN="right"><FONT STYLE="font-family:Times New Roman" SIZE="2">110,970</FONT></TD>
<TD NOWRAP VALIGN="top"><FONT STYLE="font-family:Times New Roman" SIZE="2">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="top"><FONT STYLE="font-family:Times New Roman" SIZE="2">&nbsp;</FONT></TD>
<TD VALIGN="top" ALIGN="right"><FONT STYLE="font-family:Times New Roman" SIZE="2">89.3</FONT></TD>
<TD NOWRAP VALIGN="top"><FONT STYLE="font-family:Times New Roman" SIZE="2">%&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="top"><FONT STYLE="font-family:Times New Roman" SIZE="2">&nbsp;</FONT></TD>
<TD VALIGN="top" ALIGN="right"><FONT STYLE="font-family:Times New Roman" SIZE="2">5.60</FONT></TD>
<TD NOWRAP VALIGN="top"><FONT STYLE="font-family:Times New Roman" SIZE="2">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="top" NOWRAP> <P STYLE="margin-top:0px;margin-bottom:0px"><FONT STYLE="font-family:Times New Roman" SIZE="2">Weis Markets</FONT></P> <P STYLE="margin-top:0px;margin-bottom:1px"><FONT STYLE="font-family:Times New Roman" SIZE="2">Rite
Aid</FONT></P></TD></TR>
<TR BGCOLOR="#cceeff">
<TD VALIGN="top"> <P STYLE="margin-left:1.00em; text-indent:-1.00em"><FONT STYLE="font-family:Times New Roman" SIZE="2">Port Richmond Village</FONT></P></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="top"><FONT STYLE="font-family:Times New Roman" SIZE="2">&nbsp;</FONT></TD>
<TD VALIGN="top" ALIGN="right"><FONT STYLE="font-family:Times New Roman" SIZE="2">100</FONT></TD>
<TD NOWRAP VALIGN="top"><FONT STYLE="font-family:Times New Roman" SIZE="2">%&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="top"><FONT STYLE="font-family:Times New Roman" SIZE="2">&nbsp;</FONT></TD>
<TD VALIGN="top" ALIGN="right"><FONT STYLE="font-family:Times New Roman" SIZE="2">2001</FONT></TD>
<TD NOWRAP VALIGN="top"><FONT STYLE="font-family:Times New Roman" SIZE="2">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="top"><FONT STYLE="font-family:Times New Roman" SIZE="2">&nbsp;</FONT></TD>
<TD VALIGN="top" ALIGN="right"><FONT STYLE="font-family:Times New Roman" SIZE="2">154,908</FONT></TD>
<TD NOWRAP VALIGN="top"><FONT STYLE="font-family:Times New Roman" SIZE="2">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="top"><FONT STYLE="font-family:Times New Roman" SIZE="2">&nbsp;</FONT></TD>
<TD VALIGN="top" ALIGN="right"><FONT STYLE="font-family:Times New Roman" SIZE="2">96.1</FONT></TD>
<TD NOWRAP VALIGN="top"><FONT STYLE="font-family:Times New Roman" SIZE="2">%&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="top"><FONT STYLE="font-family:Times New Roman" SIZE="2">&nbsp;</FONT></TD>
<TD VALIGN="top" ALIGN="right"><FONT STYLE="font-family:Times New Roman" SIZE="2">12.33</FONT></TD>
<TD NOWRAP VALIGN="top"><FONT STYLE="font-family:Times New Roman" SIZE="2">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="top" NOWRAP> <P STYLE="margin-top:0px;margin-bottom:0px"><FONT STYLE="font-family:Times New Roman" SIZE="2">Thriftway</FONT></P> <P STYLE="margin-top:0px;margin-bottom:0px"><FONT STYLE="font-family:Times New Roman" SIZE="2">Pep
Boys</FONT></P> <P STYLE="margin-top:0px;margin-bottom:1px"><FONT STYLE="font-family:Times New Roman" SIZE="2">City Stores, Inc.</FONT></P></TD></TR>
<TR>
<TD VALIGN="top"> <P STYLE="margin-left:1.00em; text-indent:-1.00em"><FONT STYLE="font-family:Times New Roman" SIZE="2">River View Plaza I, II and III</FONT></P></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="top"><FONT STYLE="font-family:Times New Roman" SIZE="2">&nbsp;</FONT></TD>
<TD VALIGN="top" ALIGN="right"><FONT STYLE="font-family:Times New Roman" SIZE="2">100</FONT></TD>
<TD NOWRAP VALIGN="top"><FONT STYLE="font-family:Times New Roman" SIZE="2">%&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="top"><FONT STYLE="font-family:Times New Roman" SIZE="2">&nbsp;</FONT></TD>
<TD VALIGN="top" ALIGN="right"><FONT STYLE="font-family:Times New Roman" SIZE="2">2003</FONT></TD>
<TD NOWRAP VALIGN="top"><FONT STYLE="font-family:Times New Roman" SIZE="2">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="top"><FONT STYLE="font-family:Times New Roman" SIZE="2">&nbsp;</FONT></TD>
<TD VALIGN="top" ALIGN="right"><FONT STYLE="font-family:Times New Roman" SIZE="2">244,034</FONT></TD>
<TD NOWRAP VALIGN="top"><FONT STYLE="font-family:Times New Roman" SIZE="2">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="top"><FONT STYLE="font-family:Times New Roman" SIZE="2">&nbsp;</FONT></TD>
<TD VALIGN="top" ALIGN="right"><FONT STYLE="font-family:Times New Roman" SIZE="2">83.1</FONT></TD>
<TD NOWRAP VALIGN="top"><FONT STYLE="font-family:Times New Roman" SIZE="2">%&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="top"><FONT STYLE="font-family:Times New Roman" SIZE="2">&nbsp;</FONT></TD>
<TD VALIGN="top" ALIGN="right"><FONT STYLE="font-family:Times New Roman" SIZE="2">18.44</FONT></TD>
<TD NOWRAP VALIGN="top"><FONT STYLE="font-family:Times New Roman" SIZE="2">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="top" NOWRAP> <P STYLE="margin-top:0px;margin-bottom:0px"><FONT STYLE="font-family:Times New Roman" SIZE="2">United Artists</FONT></P> <P STYLE="margin-top:0px;margin-bottom:0px"><FONT STYLE="font-family:Times New Roman" SIZE="2">Avalon
Carpet</FONT></P> <P STYLE="margin-top:0px;margin-bottom:0px"><FONT STYLE="font-family:Times New Roman" SIZE="2">Pep Boys</FONT></P>
<P STYLE="margin-top:0px;margin-bottom:1px"><FONT STYLE="font-family:Times New Roman" SIZE="2">Staples</FONT></P></TD></TR>
<TR BGCOLOR="#cceeff">
<TD VALIGN="top"> <P STYLE="margin-left:1.00em; text-indent:-1.00em"><FONT STYLE="font-family:Times New Roman" SIZE="2">South Philadelphia</FONT></P></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="top"><FONT STYLE="font-family:Times New Roman" SIZE="2">&nbsp;</FONT></TD>
<TD VALIGN="top" ALIGN="right"><FONT STYLE="font-family:Times New Roman" SIZE="2">100</FONT></TD>
<TD NOWRAP VALIGN="top"><FONT STYLE="font-family:Times New Roman" SIZE="2">%&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="top"><FONT STYLE="font-family:Times New Roman" SIZE="2">&nbsp;</FONT></TD>
<TD VALIGN="top" ALIGN="right"><FONT STYLE="font-family:Times New Roman" SIZE="2">2003</FONT></TD>
<TD NOWRAP VALIGN="top"><FONT STYLE="font-family:Times New Roman" SIZE="2">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="top"><FONT STYLE="font-family:Times New Roman" SIZE="2">&nbsp;</FONT></TD>
<TD VALIGN="top" ALIGN="right"><FONT STYLE="font-family:Times New Roman" SIZE="2">283,415</FONT></TD>
<TD NOWRAP VALIGN="top"><FONT STYLE="font-family:Times New Roman" SIZE="2">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="top"><FONT STYLE="font-family:Times New Roman" SIZE="2">&nbsp;</FONT></TD>
<TD VALIGN="top" ALIGN="right"><FONT STYLE="font-family:Times New Roman" SIZE="2">82.3</FONT></TD>
<TD NOWRAP VALIGN="top"><FONT STYLE="font-family:Times New Roman" SIZE="2">%&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="top"><FONT STYLE="font-family:Times New Roman" SIZE="2">&nbsp;</FONT></TD>
<TD VALIGN="top" ALIGN="right"><FONT STYLE="font-family:Times New Roman" SIZE="2">14.02</FONT></TD>
<TD NOWRAP VALIGN="top"><FONT STYLE="font-family:Times New Roman" SIZE="2">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="top" NOWRAP> <P STYLE="margin-top:0px;margin-bottom:0px"><FONT STYLE="font-family:Times New Roman" SIZE="2">Shop Rite</FONT></P> <P STYLE="margin-top:0px;margin-bottom:0px"><FONT STYLE="font-family:Times New Roman" SIZE="2">Ross Dress
For Less</FONT></P> <P STYLE="margin-top:0px;margin-bottom:0px"><FONT STYLE="font-family:Times New Roman" SIZE="2">Bally&#146;s Total Fitness</FONT></P>
<P STYLE="margin-top:0px;margin-bottom:1px"><FONT STYLE="font-family:Times New Roman" SIZE="2">Modell&#146;s</FONT></P></TD></TR>
<TR>
<TD VALIGN="top"> <P STYLE="margin-left:1.00em; text-indent:-1.00em"><FONT STYLE="font-family:Times New Roman" SIZE="2">Swede Square</FONT></P></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="top"><FONT STYLE="font-family:Times New Roman" SIZE="2">&nbsp;</FONT></TD>
<TD VALIGN="top" ALIGN="right"><FONT STYLE="font-family:Times New Roman" SIZE="2">100</FONT></TD>
<TD NOWRAP VALIGN="top"><FONT STYLE="font-family:Times New Roman" SIZE="2">%&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="top"><FONT STYLE="font-family:Times New Roman" SIZE="2">&nbsp;</FONT></TD>
<TD VALIGN="top" ALIGN="right"><FONT STYLE="font-family:Times New Roman" SIZE="2">2003</FONT></TD>
<TD NOWRAP VALIGN="top"><FONT STYLE="font-family:Times New Roman" SIZE="2">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="top"><FONT STYLE="font-family:Times New Roman" SIZE="2">&nbsp;</FONT></TD>
<TD VALIGN="top" ALIGN="right"><FONT STYLE="font-family:Times New Roman" SIZE="2">100,816</FONT></TD>
<TD NOWRAP VALIGN="top"><FONT STYLE="font-family:Times New Roman" SIZE="2">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="top"><FONT STYLE="font-family:Times New Roman" SIZE="2">&nbsp;</FONT></TD>
<TD VALIGN="top" ALIGN="right"><FONT STYLE="font-family:Times New Roman" SIZE="2">95.0</FONT></TD>
<TD NOWRAP VALIGN="top"><FONT STYLE="font-family:Times New Roman" SIZE="2">%&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="top"><FONT STYLE="font-family:Times New Roman" SIZE="2">&nbsp;</FONT></TD>
<TD VALIGN="top" ALIGN="right"><FONT STYLE="font-family:Times New Roman" SIZE="2">15.51</FONT></TD>
<TD NOWRAP VALIGN="top"><FONT STYLE="font-family:Times New Roman" SIZE="2">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="top" NOWRAP><FONT STYLE="font-family:Times New Roman" SIZE="2">LA Fitness</FONT></TD></TR>
<TR BGCOLOR="#cceeff">
<TD VALIGN="top"> <P STYLE="margin-left:1.00em; text-indent:-1.00em"><FONT STYLE="font-family:Times New Roman" SIZE="2">The Commons</FONT></P></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="top"><FONT STYLE="font-family:Times New Roman" SIZE="2">&nbsp;</FONT></TD>
<TD VALIGN="top" ALIGN="right"><FONT STYLE="font-family:Times New Roman" SIZE="2">100</FONT></TD>
<TD NOWRAP VALIGN="top"><FONT STYLE="font-family:Times New Roman" SIZE="2">%&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="top"><FONT STYLE="font-family:Times New Roman" SIZE="2">&nbsp;</FONT></TD>
<TD VALIGN="top" ALIGN="right"><FONT STYLE="font-family:Times New Roman" SIZE="2">2004</FONT></TD>
<TD NOWRAP VALIGN="top"><FONT STYLE="font-family:Times New Roman" SIZE="2">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="top"><FONT STYLE="font-family:Times New Roman" SIZE="2">&nbsp;</FONT></TD>
<TD VALIGN="top" ALIGN="right"><FONT STYLE="font-family:Times New Roman" SIZE="2">203,426</FONT></TD>
<TD NOWRAP VALIGN="top"><FONT STYLE="font-family:Times New Roman" SIZE="2">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="top"><FONT STYLE="font-family:Times New Roman" SIZE="2">&nbsp;</FONT></TD>
<TD VALIGN="top" ALIGN="right"><FONT STYLE="font-family:Times New Roman" SIZE="2">87.5</FONT></TD>
<TD NOWRAP VALIGN="top"><FONT STYLE="font-family:Times New Roman" SIZE="2">%&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="top"><FONT STYLE="font-family:Times New Roman" SIZE="2">&nbsp;</FONT></TD>
<TD VALIGN="top" ALIGN="right"><FONT STYLE="font-family:Times New Roman" SIZE="2">9.84</FONT></TD>
<TD NOWRAP VALIGN="top"><FONT STYLE="font-family:Times New Roman" SIZE="2">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="top" NOWRAP> <P STYLE="margin-top:0px;margin-bottom:0px"><FONT STYLE="font-family:Times New Roman" SIZE="2">Bon-Ton</FONT></P> <P STYLE="margin-top:0px;margin-bottom:0px"><FONT STYLE="font-family:Times New Roman" SIZE="2">Shop&#146;n
Save</FONT></P> <P STYLE="margin-top:0px;margin-bottom:1px"><FONT STYLE="font-family:Times New Roman" SIZE="2">TJ Maxx</FONT></P></TD></TR>
<TR>
<TD VALIGN="top"> <P STYLE="margin-left:1.00em; text-indent:-1.00em"><FONT STYLE="font-family:Times New Roman" SIZE="2">The Point</FONT></P></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="top"><FONT STYLE="font-family:Times New Roman" SIZE="2">&nbsp;</FONT></TD>
<TD VALIGN="top" ALIGN="right"><FONT STYLE="font-family:Times New Roman" SIZE="2">100</FONT></TD>
<TD NOWRAP VALIGN="top"><FONT STYLE="font-family:Times New Roman" SIZE="2">%&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="top"><FONT STYLE="font-family:Times New Roman" SIZE="2">&nbsp;</FONT></TD>
<TD VALIGN="top" ALIGN="right"><FONT STYLE="font-family:Times New Roman" SIZE="2">2000</FONT></TD>
<TD NOWRAP VALIGN="top"><FONT STYLE="font-family:Times New Roman" SIZE="2">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="top"><FONT STYLE="font-family:Times New Roman" SIZE="2">&nbsp;</FONT></TD>
<TD VALIGN="top" ALIGN="right"><FONT STYLE="font-family:Times New Roman" SIZE="2">268,037</FONT></TD>
<TD NOWRAP VALIGN="top"><FONT STYLE="font-family:Times New Roman" SIZE="2">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="top"><FONT STYLE="font-family:Times New Roman" SIZE="2">&nbsp;</FONT></TD>
<TD VALIGN="top" ALIGN="right"><FONT STYLE="font-family:Times New Roman" SIZE="2">99.0</FONT></TD>
<TD NOWRAP VALIGN="top"><FONT STYLE="font-family:Times New Roman" SIZE="2">%&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="top"><FONT STYLE="font-family:Times New Roman" SIZE="2">&nbsp;</FONT></TD>
<TD VALIGN="top" ALIGN="right"><FONT STYLE="font-family:Times New Roman" SIZE="2">12.30</FONT></TD>
<TD NOWRAP VALIGN="top"><FONT STYLE="font-family:Times New Roman" SIZE="2">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="top" NOWRAP> <P STYLE="margin-top:0px;margin-bottom:0px"><FONT STYLE="font-family:Times New Roman" SIZE="2">Burlington Coat Factory</FONT></P>
<P STYLE="margin-top:0px;margin-bottom:0px"><FONT STYLE="font-family:Times New Roman" SIZE="2">Giant Foods</FONT></P> <P STYLE="margin-top:0px;margin-bottom:0px"><FONT STYLE="font-family:Times New Roman" SIZE="2">AC Moore</FONT></P>
<P STYLE="margin-top:0px;margin-bottom:1px"><FONT STYLE="font-family:Times New Roman" SIZE="2">Staples</FONT></P></TD></TR>
<TR BGCOLOR="#cceeff">
<TD VALIGN="top"> <P STYLE="margin-left:1.00em; text-indent:-1.00em"><FONT STYLE="font-family:Times New Roman" SIZE="2">Townfair Center</FONT></P></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="top"><FONT STYLE="font-family:Times New Roman" SIZE="2">&nbsp;</FONT></TD>
<TD VALIGN="top" ALIGN="right"><FONT STYLE="font-family:Times New Roman" SIZE="2">100</FONT></TD>
<TD NOWRAP VALIGN="top"><FONT STYLE="font-family:Times New Roman" SIZE="2">%&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="top"><FONT STYLE="font-family:Times New Roman" SIZE="2">&nbsp;</FONT></TD>
<TD VALIGN="top" ALIGN="right"><FONT STYLE="font-family:Times New Roman" SIZE="2">2004</FONT></TD>
<TD NOWRAP VALIGN="top"><FONT STYLE="font-family:Times New Roman" SIZE="2">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="top"><FONT STYLE="font-family:Times New Roman" SIZE="2">&nbsp;</FONT></TD>
<TD VALIGN="top" ALIGN="right"><FONT STYLE="font-family:Times New Roman" SIZE="2">218,662</FONT></TD>
<TD NOWRAP VALIGN="top"><FONT STYLE="font-family:Times New Roman" SIZE="2">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="top"><FONT STYLE="font-family:Times New Roman" SIZE="2">&nbsp;</FONT></TD>
<TD VALIGN="top" ALIGN="right"><FONT STYLE="font-family:Times New Roman" SIZE="2">99.1</FONT></TD>
<TD NOWRAP VALIGN="top"><FONT STYLE="font-family:Times New Roman" SIZE="2">%&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="top"><FONT STYLE="font-family:Times New Roman" SIZE="2">&nbsp;</FONT></TD>
<TD VALIGN="top" ALIGN="right"><FONT STYLE="font-family:Times New Roman" SIZE="2">8.56</FONT></TD>
<TD NOWRAP VALIGN="top"><FONT STYLE="font-family:Times New Roman" SIZE="2">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="top" NOWRAP> <P STYLE="margin-top:0px;margin-bottom:0px"><FONT STYLE="font-family:Times New Roman" SIZE="2">Lowe&#146;s Home Centers</FONT></P>
<P STYLE="margin-top:0px;margin-bottom:0px"><FONT STYLE="font-family:Times New Roman" SIZE="2">Giant Eagle</FONT></P> <P STYLE="margin-top:0px;margin-bottom:1px"><FONT STYLE="font-family:Times New Roman" SIZE="2">Michael&#146;s
Store</FONT></P></TD></TR>
<TR>
<TD VALIGN="top"> <P STYLE="margin-left:1.00em; text-indent:-1.00em"><FONT STYLE="font-family:Times New Roman" SIZE="2">Trexler Mall</FONT></P></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="top"><FONT STYLE="font-family:Times New Roman" SIZE="2">&nbsp;</FONT></TD>
<TD VALIGN="top" ALIGN="right"><FONT STYLE="font-family:Times New Roman" SIZE="2">100</FONT></TD>
<TD NOWRAP VALIGN="top"><FONT STYLE="font-family:Times New Roman" SIZE="2">%&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="top"><FONT STYLE="font-family:Times New Roman" SIZE="2">&nbsp;</FONT></TD>
<TD VALIGN="top" ALIGN="right"><FONT STYLE="font-family:Times New Roman" SIZE="2">2005</FONT></TD>
<TD NOWRAP VALIGN="top"><FONT STYLE="font-family:Times New Roman" SIZE="2">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="top"><FONT STYLE="font-family:Times New Roman" SIZE="2">&nbsp;</FONT></TD>
<TD VALIGN="top" ALIGN="right"><FONT STYLE="font-family:Times New Roman" SIZE="2">339,363</FONT></TD>
<TD NOWRAP VALIGN="top"><FONT STYLE="font-family:Times New Roman" SIZE="2">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="top"><FONT STYLE="font-family:Times New Roman" SIZE="2">&nbsp;</FONT></TD>
<TD VALIGN="top" ALIGN="right"><FONT STYLE="font-family:Times New Roman" SIZE="2">98.5</FONT></TD>
<TD NOWRAP VALIGN="top"><FONT STYLE="font-family:Times New Roman" SIZE="2">%&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="top"><FONT STYLE="font-family:Times New Roman" SIZE="2">&nbsp;</FONT></TD>
<TD VALIGN="top" ALIGN="right"><FONT STYLE="font-family:Times New Roman" SIZE="2">8.67</FONT></TD>
<TD NOWRAP VALIGN="top"><FONT STYLE="font-family:Times New Roman" SIZE="2">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="top" NOWRAP> <P STYLE="margin-top:0px;margin-bottom:0px"><FONT STYLE="font-family:Times New Roman" SIZE="2">Kohl&#146;s</FONT></P>
<P STYLE="margin-top:0px;margin-bottom:0px"><FONT STYLE="font-family:Times New Roman" SIZE="2">Bon-Ton</FONT></P> <P STYLE="margin-top:0px;margin-bottom:0px"><FONT STYLE="font-family:Times New Roman" SIZE="2">Giant Foods</FONT></P>
<P STYLE="margin-top:0px;margin-bottom:0px"><FONT STYLE="font-family:Times New Roman" SIZE="2">Lehigh&nbsp;Wellness&nbsp;Partners</FONT></P>
<P STYLE="margin-top:0px;margin-bottom:1px"><FONT STYLE="font-family:Times New Roman" SIZE="2">Trexlertown&nbsp;Fitness&nbsp;Club</FONT></P></TD></TR>
<TR BGCOLOR="#cceeff">
<TD VALIGN="top"> <P STYLE="margin-left:1.00em; text-indent:-1.00em"><FONT STYLE="font-family:Times New Roman" SIZE="2">Trexlertown Plaza</FONT></P></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="top"><FONT STYLE="font-family:Times New Roman" SIZE="2">&nbsp;</FONT></TD>
<TD VALIGN="top" ALIGN="right"><FONT STYLE="font-family:Times New Roman" SIZE="2">100</FONT></TD>
<TD NOWRAP VALIGN="top"><FONT STYLE="font-family:Times New Roman" SIZE="2">%&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="top"><FONT STYLE="font-family:Times New Roman" SIZE="2">&nbsp;</FONT></TD>
<TD VALIGN="top" ALIGN="right"><FONT STYLE="font-family:Times New Roman" SIZE="2">2006</FONT></TD>
<TD NOWRAP VALIGN="top"><FONT STYLE="font-family:Times New Roman" SIZE="2">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="top"><FONT STYLE="font-family:Times New Roman" SIZE="2">&nbsp;</FONT></TD>
<TD VALIGN="top" ALIGN="right"><FONT STYLE="font-family:Times New Roman" SIZE="2">316,143</FONT></TD>
<TD NOWRAP VALIGN="top"><FONT STYLE="font-family:Times New Roman" SIZE="2">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="top"><FONT STYLE="font-family:Times New Roman" SIZE="2">&nbsp;</FONT></TD>
<TD VALIGN="top" ALIGN="right"><FONT STYLE="font-family:Times New Roman" SIZE="2">78.1</FONT></TD>
<TD NOWRAP VALIGN="top"><FONT STYLE="font-family:Times New Roman" SIZE="2">%&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="top"><FONT STYLE="font-family:Times New Roman" SIZE="2">&nbsp;</FONT></TD>
<TD VALIGN="top" ALIGN="right"><FONT STYLE="font-family:Times New Roman" SIZE="2">13.18</FONT></TD>
<TD NOWRAP VALIGN="top"><FONT STYLE="font-family:Times New Roman" SIZE="2">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="top" NOWRAP> <P STYLE="margin-top:0px;margin-bottom:0px"><FONT STYLE="font-family:Times New Roman" SIZE="2">Giant Foods</FONT></P>
<P STYLE="margin-top:0px;margin-bottom:0px"><FONT STYLE="font-family:Times New Roman" SIZE="2">Redner&#146;s</FONT></P> <P STYLE="margin-top:0px;margin-bottom:0px"><FONT STYLE="font-family:Times New Roman" SIZE="2">Big Lots</FONT></P>
<P STYLE="margin-top:0px;margin-bottom:0px"><FONT STYLE="font-family:Times New Roman" SIZE="2">Tractor Supply</FONT></P> <P STYLE="margin-top:0px;margin-bottom:1px"><FONT STYLE="font-family:Times New Roman" SIZE="2">Sears</FONT></P></TD></TR>
<TR>
<TD VALIGN="top"> <P STYLE="margin-left:1.00em; text-indent:-1.00em"><FONT STYLE="font-family:Times New Roman" SIZE="2">Upland Square</FONT></P></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="top"><FONT STYLE="font-family:Times New Roman" SIZE="2">&nbsp;</FONT></TD>
<TD VALIGN="top" ALIGN="right"><FONT STYLE="font-family:Times New Roman" SIZE="2">60</FONT></TD>
<TD NOWRAP VALIGN="top"><FONT STYLE="font-family:Times New Roman" SIZE="2">%&nbsp;(b)&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="top"><FONT STYLE="font-family:Times New Roman" SIZE="2">&nbsp;</FONT></TD>
<TD VALIGN="top" ALIGN="right"><FONT STYLE="font-family:Times New Roman" SIZE="2">2007</FONT></TD>
<TD NOWRAP VALIGN="top"><FONT STYLE="font-family:Times New Roman" SIZE="2">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="top"><FONT STYLE="font-family:Times New Roman" SIZE="2">&nbsp;</FONT></TD>
<TD VALIGN="top" ALIGN="right"><FONT STYLE="font-family:Times New Roman" SIZE="2">382,578</FONT></TD>
<TD NOWRAP VALIGN="top"><FONT STYLE="font-family:Times New Roman" SIZE="2">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="top"><FONT STYLE="font-family:Times New Roman" SIZE="2">&nbsp;</FONT></TD>
<TD VALIGN="top" ALIGN="right"><FONT STYLE="font-family:Times New Roman" SIZE="2">93.6</FONT></TD>
<TD NOWRAP VALIGN="top"><FONT STYLE="font-family:Times New Roman" SIZE="2">%&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="top"><FONT STYLE="font-family:Times New Roman" SIZE="2">&nbsp;</FONT></TD>
<TD VALIGN="top" ALIGN="right"><FONT STYLE="font-family:Times New Roman" SIZE="2">16.55</FONT></TD>
<TD NOWRAP VALIGN="top"><FONT STYLE="font-family:Times New Roman" SIZE="2">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="top" NOWRAP> <P STYLE="margin-top:0px;margin-bottom:0px"><FONT STYLE="font-family:Times New Roman" SIZE="2">Giant Foods</FONT></P> <P STYLE="margin-top:0px;margin-bottom:0px"><FONT STYLE="font-family:Times New Roman" SIZE="2">Carmike
Cinema</FONT></P> <P STYLE="margin-top:0px;margin-bottom:0px"><FONT STYLE="font-family:Times New Roman" SIZE="2">LA Fitness</FONT></P> <P STYLE="margin-top:0px;margin-bottom:0px"><FONT STYLE="font-family:Times New Roman" SIZE="2">Best Buy</FONT></P>
<P STYLE="margin-top:0px;margin-bottom:0px"><FONT STYLE="font-family:Times New Roman" SIZE="2">TJ Maxx</FONT></P> <P STYLE="margin-top:0px;margin-bottom:0px"><FONT STYLE="font-family:Times New Roman" SIZE="2">Bed, Bath &amp; Beyond</FONT></P>
<P STYLE="margin-top:0px;margin-bottom:0px"><FONT STYLE="font-family:Times New Roman" SIZE="2">A.C. Moore</FONT></P> <P STYLE="margin-top:0px;margin-bottom:1px"><FONT STYLE="font-family:Times New Roman" SIZE="2">Staples</FONT></P></TD></TR>
<TR STYLE="font-size:1px">
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"> <P STYLE="border-top:1px solid #000000">&nbsp;</P></TD>
<TD VALIGN="bottom"> <P STYLE="border-top:1px solid #000000">&nbsp;</P></TD>
<TD>&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom"></TD></TR>
<TR BGCOLOR="#cceeff">
<TD VALIGN="top" NOWRAP> <P STYLE="margin-left:3.00em; text-indent:-1.00em"><FONT STYLE="font-family:Times New Roman" SIZE="2"><B>Total Pennsylvania</B></FONT></P></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="2"><B>&nbsp;</B></FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:Times New Roman" SIZE="2"><B>5,308,816</B></FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="2"><B>&nbsp;&nbsp;</B></FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="2"><B>&nbsp;</B></FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:Times New Roman" SIZE="2"><B>91.1</B></FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="2"><B>%&nbsp;</B></FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="2"><B>&nbsp;</B></FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:Times New Roman" SIZE="2"><B>12.37</B></FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="2"><B>&nbsp;&nbsp;</B></FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"></TD></TR>
<TR STYLE="font-size:1px">
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"> <P STYLE="border-top:1px solid #000000">&nbsp;</P></TD>
<TD VALIGN="bottom"> <P STYLE="border-top:1px solid #000000">&nbsp;</P></TD>
<TD>&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom"></TD></TR>
</TABLE>
 <p STYLE="margin-top:0px;margin-bottom:0px"><FONT SIZE="1">&nbsp;</FONT></P> <P STYLE="margin-top:0px;margin-bottom:0px" ALIGN="center"><FONT STYLE="font-family:Times New Roman" SIZE="2">10 </FONT></P>



<p Style='page-break-before:always'>
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<h5 align="left"><a href="#toc">Table of Contents</a></h5>


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<TD VALIGN="bottom" NOWRAP> <P STYLE="border-bottom:1px solid #000000;width:70pt"><FONT STYLE="font-family:Times New Roman" SIZE="1"><B>Property description</B></FONT></P></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" COLSPAN="2" ALIGN="center" STYLE="border-bottom:1px solid #000000"><FONT STYLE="font-family:Times New Roman" SIZE="1"><B>Percent<BR>owned</B></FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" COLSPAN="2" ALIGN="center" STYLE="border-bottom:1px solid #000000"><FONT STYLE="font-family:Times New Roman" SIZE="1"><B>Year<BR>acquired</B></FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" COLSPAN="2" ALIGN="center" STYLE="border-bottom:1px solid #000000"><FONT STYLE="font-family:Times New Roman" SIZE="1"><B>GLA</B></FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" COLSPAN="2" ALIGN="center" STYLE="border-bottom:1px solid #000000"><FONT STYLE="font-family:Times New Roman" SIZE="1"><B>%<BR>occupied</B></FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" COLSPAN="2" ALIGN="center" STYLE="border-bottom:1px solid #000000"><FONT STYLE="font-family:Times New Roman" SIZE="1"><B>Average<BR>base&nbsp;rent&nbsp;per<BR>leased sq. ft.</B></FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="center" STYLE="border-bottom:1px solid #000000"> <P STYLE="margin-top:0px;margin-bottom:1px" ALIGN="center"><FONT STYLE="font-family:Times New Roman" SIZE="1"><B>Major&nbsp;tenants&nbsp;(a)</B></FONT></P></TD></TR>


<TR BGCOLOR="#cceeff">
<TD VALIGN="top"> <P STYLE="margin-left:1.00em; text-indent:-1.00em"><FONT STYLE="font-family:Times New Roman" SIZE="2"><B><U>Virginia (11 properties)</U></B></FONT></P></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"></TD></TR>
<TR>
<TD VALIGN="top"> <P STYLE="margin-left:1.00em; text-indent:-1.00em"><FONT STYLE="font-family:Times New Roman" SIZE="2">Annie Land Plaza</FONT></P></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="2">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:Times New Roman" SIZE="2">100</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="2">%&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="2">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:Times New Roman" SIZE="2">2006</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="2">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="2">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:Times New Roman" SIZE="2">42,500</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="2">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="2">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:Times New Roman" SIZE="2">97.18</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="2">%&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="2">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:Times New Roman" SIZE="2">9.30</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="2">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="2">Food Lion</FONT></TD></TR>
<TR BGCOLOR="#cceeff">
<TD VALIGN="top"> <P STYLE="margin-left:1.00em; text-indent:-1.00em"><FONT STYLE="font-family:Times New Roman" SIZE="2">Coliseum Marketplace</FONT></P></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="2">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:Times New Roman" SIZE="2">100</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="2">%&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="2">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:Times New Roman" SIZE="2">2005</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="2">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="2">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:Times New Roman" SIZE="2">103,069</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="2">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="2">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:Times New Roman" SIZE="2">80.74</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="2">%&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="2">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:Times New Roman" SIZE="2">15.59</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="2">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="2">Farm Fresh</FONT></TD></TR>
<TR>
<TD VALIGN="top"> <P STYLE="margin-left:1.00em; text-indent:-1.00em"><FONT STYLE="font-family:Times New Roman" SIZE="2">Elmhurst Square</FONT></P></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="2">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:Times New Roman" SIZE="2">100</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="2">%&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="2">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:Times New Roman" SIZE="2">2006</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="2">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="2">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:Times New Roman" SIZE="2">66,250</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="2">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="2">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:Times New Roman" SIZE="2">89.10</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="2">%&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="2">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:Times New Roman" SIZE="2">9.26</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="2">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="2">Food Lion</FONT></TD></TR>
<TR BGCOLOR="#cceeff">
<TD VALIGN="top"> <P STYLE="margin-left:1.00em; text-indent:-1.00em"><FONT STYLE="font-family:Times New Roman" SIZE="2">General Booth Plaza</FONT></P></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="2">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:Times New Roman" SIZE="2">100</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="2">%&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="2">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:Times New Roman" SIZE="2">2005</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="2">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="2">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:Times New Roman" SIZE="2">73,320</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="2">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="2">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:Times New Roman" SIZE="2">95.09</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="2">%&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="2">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:Times New Roman" SIZE="2">12.53</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="2">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="2">Farm Fresh</FONT></TD></TR>
<TR>
<TD VALIGN="top"> <P STYLE="margin-left:1.00em; text-indent:-1.00em"><FONT STYLE="font-family:Times New Roman" SIZE="2">Kempsville Crossing</FONT></P></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="2">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:Times New Roman" SIZE="2">100</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="2">%&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="2">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:Times New Roman" SIZE="2">2005</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="2">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="2">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:Times New Roman" SIZE="2">94,477</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="2">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="2">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:Times New Roman" SIZE="2">98.68</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="2">%&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="2">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:Times New Roman" SIZE="2">11.13</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="2">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="2">Farm Fresh</FONT></TD></TR>
<TR BGCOLOR="#cceeff">
<TD VALIGN="top"> <P STYLE="margin-left:1.00em; text-indent:-1.00em"><FONT STYLE="font-family:Times New Roman" SIZE="2">Martin&#146;s at Glen Allen</FONT></P></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="2">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:Times New Roman" SIZE="2">100</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="2">%&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="2">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:Times New Roman" SIZE="2">2005</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="2">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="2">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:Times New Roman" SIZE="2">63,328</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="2">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="2">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:Times New Roman" SIZE="2">100.00</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="2">%&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="2">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:Times New Roman" SIZE="2">6.61</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="2">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="2">Martin&#146;s</FONT></TD></TR>
<TR>
<TD VALIGN="top"> <P STYLE="margin-left:1.00em; text-indent:-1.00em"><FONT STYLE="font-family:Times New Roman" SIZE="2">Oak Ridge Shopping Center</FONT></P></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="2">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:Times New Roman" SIZE="2">100</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="2">%&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="2">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:Times New Roman" SIZE="2">2006</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="2">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="2">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:Times New Roman" SIZE="2">38,700</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="2">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="2">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:Times New Roman" SIZE="2">100.00</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="2">%&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="2">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:Times New Roman" SIZE="2">10.62</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="2">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="2">Food Lion</FONT></TD></TR>
<TR BGCOLOR="#cceeff">
<TD VALIGN="top"> <P STYLE="margin-left:1.00em; text-indent:-1.00em"><FONT STYLE="font-family:Times New Roman" SIZE="2">Smithfield Plaza</FONT></P></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="top"><FONT STYLE="font-family:Times New Roman" SIZE="2">&nbsp;</FONT></TD>
<TD VALIGN="top" ALIGN="right"><FONT STYLE="font-family:Times New Roman" SIZE="2">100</FONT></TD>
<TD NOWRAP VALIGN="top"><FONT STYLE="font-family:Times New Roman" SIZE="2">%&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="top"><FONT STYLE="font-family:Times New Roman" SIZE="2">&nbsp;</FONT></TD>
<TD VALIGN="top" ALIGN="right"><FONT STYLE="font-family:Times New Roman" SIZE="2">2005/2008</FONT></TD>
<TD NOWRAP VALIGN="top"><FONT STYLE="font-family:Times New Roman" SIZE="2">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="top"><FONT STYLE="font-family:Times New Roman" SIZE="2">&nbsp;</FONT></TD>
<TD VALIGN="top" ALIGN="right"><FONT STYLE="font-family:Times New Roman" SIZE="2">134,664</FONT></TD>
<TD NOWRAP VALIGN="top"><FONT STYLE="font-family:Times New Roman" SIZE="2">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="top"><FONT STYLE="font-family:Times New Roman" SIZE="2">&nbsp;</FONT></TD>
<TD VALIGN="top" ALIGN="right"><FONT STYLE="font-family:Times New Roman" SIZE="2">95.32</FONT></TD>
<TD NOWRAP VALIGN="top"><FONT STYLE="font-family:Times New Roman" SIZE="2">%&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="top"><FONT STYLE="font-family:Times New Roman" SIZE="2">&nbsp;</FONT></TD>
<TD VALIGN="top" ALIGN="right"><FONT STYLE="font-family:Times New Roman" SIZE="2">9.25</FONT></TD>
<TD NOWRAP VALIGN="top"><FONT STYLE="font-family:Times New Roman" SIZE="2">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" NOWRAP> <P STYLE="margin-top:0px;margin-bottom:0px"><FONT STYLE="font-family:Times New Roman" SIZE="2">Farm Fresh</FONT></P> <P STYLE="margin-top:0px;margin-bottom:1px"><FONT STYLE="font-family:Times New Roman" SIZE="2">Maxway
Peebles</FONT></P></TD></TR>
<TR>
<TD VALIGN="top"> <P STYLE="margin-left:1.00em; text-indent:-1.00em"><FONT STYLE="font-family:Times New Roman" SIZE="2">Suffolk Plaza</FONT></P></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="2">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:Times New Roman" SIZE="2">100</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="2">%&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="2">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:Times New Roman" SIZE="2">2005</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="2">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="2">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:Times New Roman" SIZE="2">67,216</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="2">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="2">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:Times New Roman" SIZE="2">100.00</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="2">%&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="2">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:Times New Roman" SIZE="2">9.40</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="2">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="2">Farm Fresh</FONT></TD></TR>
<TR BGCOLOR="#cceeff">
<TD VALIGN="top"> <P STYLE="margin-left:1.00em; text-indent:-1.00em"><FONT STYLE="font-family:Times New Roman" SIZE="2">Ukrop&#146;s at Fredericksburg</FONT></P></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="2">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:Times New Roman" SIZE="2">100</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="2">%&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="2">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:Times New Roman" SIZE="2">2005</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="2">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="2">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:Times New Roman" SIZE="2">63,000</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="2">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="2">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:Times New Roman" SIZE="2">100.00</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="2">%&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="2">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:Times New Roman" SIZE="2">17.42</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="2">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="2">Ukrop&#146;s Supermarket</FONT></TD></TR>
<TR>
<TD VALIGN="top"> <P STYLE="margin-left:1.00em; text-indent:-1.00em"><FONT STYLE="font-family:Times New Roman" SIZE="2">Virginia Little Creek</FONT></P></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="2">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:Times New Roman" SIZE="2">100</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="2">%&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="2">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:Times New Roman" SIZE="2">2005</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="2">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="2">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:Times New Roman" SIZE="2">69,620</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="2">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="2">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:Times New Roman" SIZE="2">100.00</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="2">%&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="2">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:Times New Roman" SIZE="2">11.12</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="2">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="2">Farm Fresh</FONT></TD></TR>
<TR STYLE="font-size:1px">
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom"> <P STYLE="border-top:1px solid #000000">&nbsp;</P></TD>
<TD VALIGN="bottom"> <P STYLE="border-top:1px solid #000000">&nbsp;</P></TD>
<TD>&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom"></TD></TR>
<TR BGCOLOR="#cceeff">
<TD VALIGN="top"> <P STYLE="margin-left:3.00em; text-indent:-1.00em"><FONT STYLE="font-family:Times New Roman" SIZE="2"><B>Total Virginia</B></FONT></P></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="2"><B>&nbsp;</B></FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:Times New Roman" SIZE="2"><B>816,144</B></FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="2"><B>&nbsp;&nbsp;</B></FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="2"><B>&nbsp;</B></FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:Times New Roman" SIZE="2"><B>95.2</B></FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="2"><B>%&nbsp;</B></FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="2"><B>&nbsp;</B></FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:Times New Roman" SIZE="2"><B>11.15</B></FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="2"><B>&nbsp;&nbsp;</B></FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"></TD></TR>
<TR STYLE="font-size:1px">
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom"> <P STYLE="border-top:1px solid #000000">&nbsp;</P></TD>
<TD VALIGN="bottom"> <P STYLE="border-top:1px solid #000000">&nbsp;</P></TD>
<TD>&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom"></TD></TR>
<TR>
<TD HEIGHT="13"></TD>
<TD HEIGHT="13" COLSPAN="8"></TD>
<TD HEIGHT="13" COLSPAN="4"></TD>
<TD HEIGHT="13" COLSPAN="4"></TD>
<TD HEIGHT="13" COLSPAN="4"></TD>
<TD HEIGHT="13" COLSPAN="2"></TD></TR>
<TR>
<TD VALIGN="top" NOWRAP> <P STYLE="margin-left:3.00em; text-indent:-1.00em"><FONT STYLE="font-family:Times New Roman" SIZE="2"><B>Total Consolidated Portfolio (70 Properties)</B></FONT></P></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"></TD>
<TD COLSPAN="5" VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="2"><B>&nbsp;</B></FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:Times New Roman" SIZE="2"><B>9,592,942</B></FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="2"><B>&nbsp;&nbsp;</B></FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="2"><B>&nbsp;</B></FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:Times New Roman" SIZE="2"><B>91.6</B></FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="2"><B>%&nbsp;</B></FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="2"><B>$</B></FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:Times New Roman" SIZE="2"><B>11.54</B></FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="2"><B>&nbsp;&nbsp;</B></FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"></TD></TR>
<TR STYLE="font-size:1px">
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom"> <P STYLE="border-top:3px double #000000">&nbsp;</P></TD>
<TD VALIGN="bottom"> <P STYLE="border-top:3px double #000000">&nbsp;</P></TD>
<TD>&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom"> <P STYLE="border-top:3px double #000000">&nbsp;</P></TD>
<TD VALIGN="bottom"> <P STYLE="border-top:3px double #000000">&nbsp;</P></TD>
<TD>&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom"> <P STYLE="border-top:3px double #000000">&nbsp;</P></TD>
<TD VALIGN="bottom"> <P STYLE="border-top:3px double #000000">&nbsp;</P></TD>
<TD>&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom"></TD></TR>
</TABLE> <P STYLE="font-size:10px;margin-top:0px;margin-bottom:0px">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR>
<TD WIDTH="4%" VALIGN="top" ALIGN="left"><FONT STYLE="font-family:Times New Roman" SIZE="2">(a)</FONT></TD>
<TD ALIGN="left" VALIGN="top"> <P ALIGN="justify"><FONT STYLE="font-family:Times New Roman" SIZE="2">Major tenants are determined as tenants with 15,000 or more sq. ft. of GLA, tenants at single-tenant properties, or the largest tenant at a
property. </FONT></P></TD></TR></TABLE> <P STYLE="margin-top:10px;margin-bottom:0px; text-indent:4%" ALIGN="justify"><FONT STYLE="font-family:Times New Roman" SIZE="2">The terms of the Company&#146;s retail leases generally vary from tenancies at
will to 25 years, excluding renewal options. Anchor tenant leases are typically for 10 to 25 years, with one or more renewal options available to the lessee upon expiration of the initial lease term. By contrast, smaller store leases are typically
negotiated for five-year terms. The longer terms of major tenant leases serve to protect the Company against significant vacancies and to assure the presence of strong tenants which draw consumers to its centers. The shorter terms of smaller store
leases allow the Company under appropriate circumstances to adjust rental rates periodically for non-major store space and, where possible, to upgrade or adjust the overall tenant mix. </FONT></P>
<P STYLE="margin-top:10px;margin-bottom:0px; text-indent:4%" ALIGN="justify"><FONT STYLE="font-family:Times New Roman" SIZE="2">Most leases contain provisions requiring tenants to pay their pro rata share of real estate taxes, insurance and certain
operating costs. Some leases also provide that tenants pay percentage rent based upon sales volume generally in excess of certain negotiated minimums. </FONT></P> <P STYLE="margin-top:10px;margin-bottom:0px; text-indent:4%" ALIGN="justify"><FONT
STYLE="font-family:Times New Roman" SIZE="2">Giant Food Stores, LLC (&#147;Giant Foods&#148;), which is owned by Ahold N.V., a Netherlands corporation, leased approximately 10%, 8% and 8% of the Company&#146;s GLA at December&nbsp;31, 2011, 2010 and
2009, respectively, and accounted for approximately 13%, 11% and 10% of the Company&#146;s total revenues during 2011, 2010 and 2009, respectively. Giant Foods, in combination with Stop&nbsp;&amp; Shop, Inc., which is also owned by Ahold N.V.,
accounted for approximately 16%, 13% and 14% of the Company&#146;s total revenues during 2011, 2010 and 2009, respectively. No other tenant leased more than 10% of GLA at December&nbsp;31, 2011, 2010 or 2009, or contributed more than 10% of total
revenues during 2011, 2010 or 2009. </FONT></P>
 <p STYLE="margin-top:0px;margin-bottom:0px"><FONT SIZE="1">&nbsp;</FONT></P> <P STYLE="margin-top:0px;margin-bottom:0px" ALIGN="center"><FONT STYLE="font-family:Times New Roman" SIZE="2">11 </FONT></P>



<p Style='page-break-before:always'>
<HR  SIZE="3" style="COLOR:#999999" WIDTH="100%" ALIGN="CENTER">
<h5 align="left"><a href="#toc">Table of Contents</a></h5>


 <P STYLE="margin-top:0px;margin-bottom:0px"><FONT STYLE="font-family:Times New Roman" SIZE="2"><B><I>Cedar/RioCan Joint Venture Portfolio </I></B></FONT></P>
<P STYLE="margin-top:10px;margin-bottom:0px; text-indent:4%" ALIGN="justify"><FONT STYLE="font-family:Times New Roman" SIZE="2">The following tables summarize information relating to the Cedar/RioCan joint venture portfolio as of December&nbsp;31,
2011: </FONT></P> <P STYLE="font-size:10px;margin-top:0px;margin-bottom:0px">&nbsp;</P>
<TABLE CELLSPACING="0" CELLPADDING="0" WIDTH="100%" BORDER="0" STYLE="BORDER-COLLAPSE:COLLAPSE" ALIGN="center">


<TR STYLE="visibility:hidden; line-height:0pt; color:white">
<TD WIDTH="93%"></TD>
<TD VALIGN="bottom" WIDTH="1%"></TD>
<TD></TD>
<TD nowrap><FONT STYLE="Times New Roman" SIZE="1"><B>September 30,</B></FONT></TD>
<TD></TD>
<TD VALIGN="bottom" WIDTH="1%"></TD>
<TD></TD>
<TD nowrap><FONT STYLE="Times New Roman" SIZE="1"><B>September 30,</B></FONT></TD>
<TD></TD>
<TD VALIGN="bottom" WIDTH="1%"></TD>
<TD></TD>
<TD nowrap><FONT STYLE="Times New Roman" SIZE="1"><B>September 30,</B></FONT></TD>
<TD></TD></TR>
<TR>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" COLSPAN="2" ALIGN="center"><FONT STYLE="font-family:Times New Roman" SIZE="1"><B>Number&nbsp;of</B></FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;&nbsp;&nbsp;</FONT></TD>
<TD COLSPAN="2" VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" COLSPAN="2" ALIGN="center"><FONT STYLE="font-family:Times New Roman" SIZE="1"><B>Percentage</B></FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD></TR>
<TR>
<TD VALIGN="bottom" NOWRAP> <P STYLE="border-bottom:1px solid #000000;width:17pt"><FONT STYLE="font-family:Times New Roman" SIZE="1"><B>State</B></FONT></P></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" COLSPAN="2" ALIGN="center" STYLE="border-bottom:1px solid #000000"><FONT STYLE="font-family:Times New Roman" SIZE="1"><B>properties</B></FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" COLSPAN="2" ALIGN="center" STYLE="border-bottom:1px solid #000000"><FONT STYLE="font-family:Times New Roman" SIZE="1"><B>GLA</B></FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" COLSPAN="2" ALIGN="center" STYLE="border-bottom:1px solid #000000"><FONT STYLE="font-family:Times New Roman" SIZE="1"><B>of GLA</B></FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD></TR>


<TR>
<TD HEIGHT="13"></TD>
<TD HEIGHT="13" COLSPAN="4"></TD>
<TD HEIGHT="13" COLSPAN="4"></TD>
<TD HEIGHT="13" COLSPAN="4"></TD></TR>
<TR BGCOLOR="#cceeff">
<TD VALIGN="top"> <P STYLE="margin-left:1.00em; text-indent:-1.00em"><FONT STYLE="font-family:Times New Roman" SIZE="2">Pennsylvania</FONT></P></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="2">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:Times New Roman" SIZE="2">12</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="2">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="2">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:Times New Roman" SIZE="2">2,142,000</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="2">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="2">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:Times New Roman" SIZE="2">57.8</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="2">%&nbsp;</FONT></TD></TR>
<TR>
<TD VALIGN="top"> <P STYLE="margin-left:1.00em; text-indent:-1.00em"><FONT STYLE="font-family:Times New Roman" SIZE="2">Massachusetts</FONT></P></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="2">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:Times New Roman" SIZE="2">3</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="2">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="2">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:Times New Roman" SIZE="2">641,000</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="2">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="2">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:Times New Roman" SIZE="2">17.3</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="2">%&nbsp;</FONT></TD></TR>
<TR BGCOLOR="#cceeff">
<TD VALIGN="top"> <P STYLE="margin-left:1.00em; text-indent:-1.00em"><FONT STYLE="font-family:Times New Roman" SIZE="2">New Jersey</FONT></P></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="2">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:Times New Roman" SIZE="2">2</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="2">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="2">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:Times New Roman" SIZE="2">409,000</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="2">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="2">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:Times New Roman" SIZE="2">11.1</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="2">%&nbsp;</FONT></TD></TR>
<TR>
<TD VALIGN="top"> <P STYLE="margin-left:1.00em; text-indent:-1.00em"><FONT STYLE="font-family:Times New Roman" SIZE="2">Virginia</FONT></P></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="2">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:Times New Roman" SIZE="2">2</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="2">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="2">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:Times New Roman" SIZE="2">276,000</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="2">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="2">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:Times New Roman" SIZE="2">7.4</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="2">%&nbsp;</FONT></TD></TR>
<TR BGCOLOR="#cceeff">
<TD VALIGN="top"> <P STYLE="margin-left:1.00em; text-indent:-1.00em"><FONT STYLE="font-family:Times New Roman" SIZE="2">Connecticut</FONT></P></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="2">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:Times New Roman" SIZE="2">2</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="2">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="2">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:Times New Roman" SIZE="2">172,000</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="2">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="2">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:Times New Roman" SIZE="2">4.6</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="2">%&nbsp;</FONT></TD></TR>
<TR>
<TD VALIGN="top"> <P STYLE="margin-left:1.00em; text-indent:-1.00em"><FONT STYLE="font-family:Times New Roman" SIZE="2">Maryland</FONT></P></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="2">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:Times New Roman" SIZE="2">1</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="2">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="2">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:Times New Roman" SIZE="2">68,000</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="2">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="2">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:Times New Roman" SIZE="2">1.8</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="2">%&nbsp;</FONT></TD></TR>
<TR STYLE="font-size:1px">
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"> <P STYLE="border-top:1px solid #000000">&nbsp;</P></TD>
<TD VALIGN="bottom"> <P STYLE="border-top:1px solid #000000">&nbsp;</P></TD>
<TD>&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"> <P STYLE="border-top:1px solid #000000">&nbsp;</P></TD>
<TD VALIGN="bottom"> <P STYLE="border-top:1px solid #000000">&nbsp;</P></TD>
<TD>&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"> <P STYLE="border-top:1px solid #000000">&nbsp;</P></TD>
<TD VALIGN="bottom"> <P STYLE="border-top:1px solid #000000">&nbsp;</P></TD>
<TD>&nbsp;</TD></TR>
<TR>
<TD HEIGHT="13"></TD>
<TD HEIGHT="13" COLSPAN="4"></TD>
<TD HEIGHT="13" COLSPAN="4"></TD>
<TD HEIGHT="13" COLSPAN="4"></TD></TR>
<TR BGCOLOR="#cceeff">
<TD VALIGN="top"> <P STYLE="margin-left:1.00em; text-indent:-1.00em"><FONT STYLE="font-family:Times New Roman" SIZE="2">Total Cedar/RioCan joint venture portfolio</FONT></P></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="2">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:Times New Roman" SIZE="2">22</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="2">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="2">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:Times New Roman" SIZE="2">3,708,000</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="2">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="2">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:Times New Roman" SIZE="2">100.0</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="2">%&nbsp;</FONT></TD></TR>
<TR STYLE="font-size:1px">
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"> <P STYLE="border-top:3px double #000000">&nbsp;</P></TD>
<TD VALIGN="bottom"> <P STYLE="border-top:3px double #000000">&nbsp;</P></TD>
<TD>&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"> <P STYLE="border-top:3px double #000000">&nbsp;</P></TD>
<TD VALIGN="bottom"> <P STYLE="border-top:3px double #000000">&nbsp;</P></TD>
<TD>&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"> <P STYLE="border-top:3px double #000000">&nbsp;</P></TD>
<TD VALIGN="bottom"> <P STYLE="border-top:3px double #000000">&nbsp;</P></TD>
<TD>&nbsp;</TD></TR>
</TABLE>
 <p STYLE="margin-top:0px;margin-bottom:0px"><FONT SIZE="1">&nbsp;</FONT></P> <P STYLE="margin-top:0px;margin-bottom:0px" ALIGN="center"><FONT STYLE="font-family:Times New Roman" SIZE="2">12 </FONT></P>



<p Style='page-break-before:always'>
<HR  SIZE="3" style="COLOR:#999999" WIDTH="100%" ALIGN="CENTER">
<h5 align="left"><a href="#toc">Table of Contents</a></h5>


 <P>&nbsp;</P>
<TABLE CELLSPACING="0" CELLPADDING="0" WIDTH="100%" BORDER="0" STYLE="BORDER-COLLAPSE:COLLAPSE" ALIGN="center">


<TR STYLE="visibility:hidden; line-height:0pt; color:white">
<TD WIDTH="83%"></TD>
<TD VALIGN="bottom" WIDTH="1%"></TD>
<TD></TD>
<TD nowrap><FONT STYLE="Times New Roman" SIZE="1"><B>September 30,</B></FONT></TD>
<TD></TD>
<TD VALIGN="bottom" WIDTH="1%"></TD>
<TD></TD>
<TD nowrap><FONT STYLE="Times New Roman" SIZE="1"><B>September 30,</B></FONT></TD>
<TD></TD>
<TD VALIGN="bottom" WIDTH="1%"></TD>
<TD></TD>
<TD nowrap><FONT STYLE="Times New Roman" SIZE="1"><B>September 30,</B></FONT></TD>
<TD></TD>
<TD VALIGN="bottom" WIDTH="1%"></TD>
<TD></TD>
<TD nowrap><FONT STYLE="Times New Roman" SIZE="1"><B>September 30,</B></FONT></TD>
<TD></TD>
<TD VALIGN="bottom" WIDTH="1%"></TD>
<TD nowrap><FONT STYLE="Times New Roman" SIZE="1"><B>September 30,</B></FONT></TD></TR>
<TR>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" COLSPAN="2" ALIGN="center"><FONT STYLE="font-family:Times New Roman" SIZE="1"><B>Percent</B></FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD COLSPAN="2" VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;&nbsp;&nbsp;</FONT></TD>
<TD COLSPAN="2" VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" COLSPAN="2" ALIGN="center"><FONT STYLE="font-family:Times New Roman" SIZE="1"><B>Average</B></FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD></TR>
<TR>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" COLSPAN="2" ALIGN="center"><FONT STYLE="font-family:Times New Roman" SIZE="1"><B>owned</B></FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD COLSPAN="2" VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" COLSPAN="2" ALIGN="center"><FONT STYLE="font-family:Times New Roman" SIZE="1"><B>%</B></FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" COLSPAN="2" ALIGN="center"><FONT STYLE="font-family:Times New Roman" SIZE="1"><B>base&nbsp;rent&nbsp;per</B></FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD></TR>
<TR>
<TD VALIGN="bottom" NOWRAP> <P STYLE="border-bottom:1px solid #000000;width:70pt"><FONT STYLE="font-family:Times New Roman" SIZE="1"><B>Property description</B></FONT></P></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" COLSPAN="2" ALIGN="center" STYLE="border-bottom:1px solid #000000"><FONT STYLE="font-family:Times New Roman" SIZE="1"><B>by&nbsp;Cedar</B></FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" COLSPAN="2" ALIGN="center" STYLE="border-bottom:1px solid #000000"><FONT STYLE="font-family:Times New Roman" SIZE="1"><B>GLA</B></FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" COLSPAN="2" ALIGN="center" STYLE="border-bottom:1px solid #000000"><FONT STYLE="font-family:Times New Roman" SIZE="1"><B>occupied</B></FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" COLSPAN="2" ALIGN="center" STYLE="border-bottom:1px solid #000000"><FONT STYLE="font-family:Times New Roman" SIZE="1"><B>leased&nbsp;sq.&nbsp;ft.</B></FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="center" STYLE="border-bottom:1px solid #000000"><FONT STYLE="font-family:Times New Roman" SIZE="1"><B>Major&nbsp;tenants&nbsp;(a)</B></FONT></TD></TR>


<TR BGCOLOR="#cceeff">
<TD VALIGN="top"> <P STYLE="margin-left:1.00em; text-indent:-1.00em"><FONT STYLE="font-family:Times New Roman" SIZE="2"><B><U>Connecticut (2 properties)</U></B></FONT></P></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"></TD></TR>
<TR>
<TD VALIGN="top"> <P STYLE="margin-left:1.00em; text-indent:-1.00em"><FONT STYLE="font-family:Times New Roman" SIZE="2">Montville Commons</FONT></P></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="2">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:Times New Roman" SIZE="2">20</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="2">%&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="2">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:Times New Roman" SIZE="2">117,916</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="2">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="2">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:Times New Roman" SIZE="2">97.5</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="2">%&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="2">$</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:Times New Roman" SIZE="2">15.00</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="2">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" NOWRAP><FONT STYLE="font-family:Times New Roman" SIZE="2">Stop&nbsp;&amp;&nbsp;Shop</FONT></TD></TR>
<TR BGCOLOR="#cceeff">
<TD VALIGN="top"> <P STYLE="margin-left:1.00em; text-indent:-1.00em"><FONT STYLE="font-family:Times New Roman" SIZE="2">Stop&nbsp;&amp; Shop Plaza</FONT></P></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="2">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:Times New Roman" SIZE="2">20</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="2">%&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="2">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:Times New Roman" SIZE="2">54,510</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="2">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="2">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:Times New Roman" SIZE="2">100.0</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="2">%&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="2">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:Times New Roman" SIZE="2">16.69</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="2">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" NOWRAP><FONT STYLE="font-family:Times New Roman" SIZE="2">Stop &amp; Shop</FONT></TD></TR>
<TR STYLE="font-size:1px">
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom"> <P STYLE="border-top:1px solid #000000">&nbsp;</P></TD>
<TD VALIGN="bottom"> <P STYLE="border-top:1px solid #000000">&nbsp;</P></TD>
<TD>&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"></TD></TR>
<TR>
<TD VALIGN="top"> <P STYLE="margin-left:3.00em; text-indent:-1.00em"><FONT STYLE="font-family:Times New Roman" SIZE="2"><B>Total Connecticut</B></FONT></P></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="2"><B>&nbsp;</B></FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:Times New Roman" SIZE="2"><B>172,426</B></FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="2"><B>&nbsp;&nbsp;</B></FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="2"><B>&nbsp;</B></FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:Times New Roman" SIZE="2"><B>98.3</B></FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="2"><B>%&nbsp;</B></FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="2"><B>&nbsp;</B></FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:Times New Roman" SIZE="2"><B>15.54</B></FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="2"><B>&nbsp;&nbsp;</B></FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"></TD></TR>
<TR STYLE="font-size:1px">
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom"> <P STYLE="border-top:1px solid #000000">&nbsp;</P></TD>
<TD VALIGN="bottom"> <P STYLE="border-top:1px solid #000000">&nbsp;</P></TD>
<TD>&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"></TD></TR>
<TR>
<TD HEIGHT="13"></TD>
<TD HEIGHT="13" COLSPAN="4"></TD>
<TD HEIGHT="13" COLSPAN="4"></TD>
<TD HEIGHT="13" COLSPAN="4"></TD>
<TD HEIGHT="13" COLSPAN="4"></TD>
<TD HEIGHT="13" COLSPAN="2"></TD></TR>
<TR BGCOLOR="#cceeff">
<TD VALIGN="top"> <P STYLE="margin-left:1.00em; text-indent:-1.00em"><FONT STYLE="font-family:Times New Roman" SIZE="2"><U><B>Maryland (1 property)</B></U></FONT></P></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"></TD></TR>
<TR>
<TD VALIGN="top"> <P STYLE="margin-left:1.00em; text-indent:-1.00em"><FONT STYLE="font-family:Times New Roman" SIZE="2">Marlboro Crossroads</FONT></P></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="2">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:Times New Roman" SIZE="2">20</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="2">%&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="2"><B>&nbsp;</B></FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:Times New Roman" SIZE="2"><B>67,975</B></FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="2"><B>&nbsp;&nbsp;</B></FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="2"><B>&nbsp;</B></FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:Times New Roman" SIZE="2"><B>100.0</B></FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="2"><B>%&nbsp;</B></FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="2"><B>&nbsp;</B></FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:Times New Roman" SIZE="2"><B>15.07</B></FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="2"><B>&nbsp;&nbsp;</B></FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" NOWRAP><FONT STYLE="font-family:Times New Roman" SIZE="2">Giant Foods</FONT></TD></TR>
<TR STYLE="font-size:1px">
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom"> <P STYLE="border-top:1px solid #000000">&nbsp;</P></TD>
<TD VALIGN="bottom"> <P STYLE="border-top:1px solid #000000">&nbsp;</P></TD>
<TD>&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"></TD></TR>
<TR>
<TD HEIGHT="13"></TD>
<TD HEIGHT="13" COLSPAN="4"></TD>
<TD HEIGHT="13" COLSPAN="4"></TD>
<TD HEIGHT="13" COLSPAN="4"></TD>
<TD HEIGHT="13" COLSPAN="4"></TD>
<TD HEIGHT="13" COLSPAN="2"></TD></TR>
<TR BGCOLOR="#cceeff">
<TD VALIGN="top"> <P STYLE="margin-left:1.00em; text-indent:-1.00em"><FONT STYLE="font-family:Times New Roman" SIZE="2"><U><B>Massachusetts (3 properties)</B></U></FONT></P></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"></TD></TR>
<TR>
<TD VALIGN="top"> <P STYLE="margin-left:1.00em; text-indent:-1.00em"><FONT STYLE="font-family:Times New Roman" SIZE="2">Franklin Village Plaza</FONT></P></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="2">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:Times New Roman" SIZE="2">20</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="2">%&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="2">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:Times New Roman" SIZE="2">304,347</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="2">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="2">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:Times New Roman" SIZE="2">93.2</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="2">%&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="2">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:Times New Roman" SIZE="2">19.72</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="2">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" NOWRAP><FONT STYLE="font-family:Times New Roman" SIZE="2">Stop &amp; Shop</FONT></TD></TR>
<TR>
<TD VALIGN="top"></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" NOWRAP><FONT STYLE="font-family:Times New Roman" SIZE="2">Marshalls</FONT></TD></TR>
<TR>
<TD VALIGN="top"></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" NOWRAP><FONT STYLE="font-family:Times New Roman" SIZE="2">Team&nbsp;Fitness</FONT></TD></TR>
<TR BGCOLOR="#cceeff">
<TD VALIGN="top"> <P STYLE="margin-left:1.00em; text-indent:-1.00em"><FONT STYLE="font-family:Times New Roman" SIZE="2">Northwoods Crossing</FONT></P></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="2">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:Times New Roman" SIZE="2">20</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="2">%&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="2">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:Times New Roman" SIZE="2">159,562</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="2">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="2">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:Times New Roman" SIZE="2">100.0</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="2">%&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="2">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:Times New Roman" SIZE="2">11.70</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="2">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" NOWRAP><FONT STYLE="font-family:Times New Roman" SIZE="2">BJ&#146;s&nbsp;Wholesale&nbsp;Club</FONT></TD></TR>
<TR BGCOLOR="#cceeff">
<TD VALIGN="top"></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" NOWRAP><FONT STYLE="font-family:Times New Roman" SIZE="2">Tractor Supply</FONT></TD></TR>
<TR>
<TD VALIGN="top"> <P STYLE="margin-left:1.00em; text-indent:-1.00em"><FONT STYLE="font-family:Times New Roman" SIZE="2">Raynham Commons</FONT></P></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="2">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:Times New Roman" SIZE="2">20</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="2">%&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="2">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:Times New Roman" SIZE="2">176,609</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="2">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="2">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:Times New Roman" SIZE="2">97.7</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="2">%&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="2">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:Times New Roman" SIZE="2">11.57</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="2">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" NOWRAP><FONT STYLE="font-family:Times New Roman" SIZE="2">Shaw&#146;s</FONT></TD></TR>
<TR>
<TD VALIGN="top"></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" NOWRAP><FONT STYLE="font-family:Times New Roman" SIZE="2">Marshall&#146;s</FONT></TD></TR>
<TR>
<TD VALIGN="top"></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" NOWRAP><FONT STYLE="font-family:Times New Roman" SIZE="2">JoAnn Fabrics</FONT></TD></TR>
<TR STYLE="font-size:1px">
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom"> <P STYLE="border-top:1px solid #000000">&nbsp;</P></TD>
<TD VALIGN="bottom"> <P STYLE="border-top:1px solid #000000">&nbsp;</P></TD>
<TD>&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"></TD></TR>
<TR BGCOLOR="#cceeff">
<TD VALIGN="top"> <P STYLE="margin-left:3.00em; text-indent:-1.00em"><FONT STYLE="font-family:Times New Roman" SIZE="2"><B>Total Massachusetts</B></FONT></P></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="2"><B>&nbsp;</B></FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:Times New Roman" SIZE="2"><B>640,518</B></FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="2"><B>&nbsp;&nbsp;</B></FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="2"><B>&nbsp;</B></FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:Times New Roman" SIZE="2"><B>96.2</B></FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="2"><B>%&nbsp;</B></FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="2"><B>&nbsp;</B></FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:Times New Roman" SIZE="2"><B>15.36</B></FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="2"><B>&nbsp;&nbsp;</B></FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"></TD></TR>
<TR STYLE="font-size:1px">
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom"> <P STYLE="border-top:1px solid #000000">&nbsp;</P></TD>
<TD VALIGN="bottom"> <P STYLE="border-top:1px solid #000000">&nbsp;</P></TD>
<TD>&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"></TD></TR>
<TR>
<TD HEIGHT="13"></TD>
<TD HEIGHT="13" COLSPAN="4"></TD>
<TD HEIGHT="13" COLSPAN="4"></TD>
<TD HEIGHT="13" COLSPAN="4"></TD>
<TD HEIGHT="13" COLSPAN="4"></TD>
<TD HEIGHT="13" COLSPAN="2"></TD></TR>
<TR>
<TD VALIGN="top"> <P STYLE="margin-left:1.00em; text-indent:-1.00em"><FONT STYLE="font-family:Times New Roman" SIZE="2"><U><B>New Jersey (2 properties)</B></U></FONT></P></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"></TD></TR>
<TR BGCOLOR="#cceeff">
<TD VALIGN="top"> <P STYLE="margin-left:1.00em; text-indent:-1.00em"><FONT STYLE="font-family:Times New Roman" SIZE="2">Cross Keys Place</FONT></P></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="2">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:Times New Roman" SIZE="2">20</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="2">%&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="2">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:Times New Roman" SIZE="2">148,173</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="2">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="2">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:Times New Roman" SIZE="2">100.0</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="2">%&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="2">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:Times New Roman" SIZE="2">16.21</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="2">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" NOWRAP><FONT STYLE="font-family:Times New Roman" SIZE="2">Sports Authority</FONT></TD></TR>
<TR BGCOLOR="#cceeff">
<TD VALIGN="top"></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" NOWRAP><FONT STYLE="font-family:Times New Roman" SIZE="2">Bed Bath &amp; Beyond</FONT></TD></TR>
<TR BGCOLOR="#cceeff">
<TD VALIGN="top"></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" NOWRAP><FONT STYLE="font-family:Times New Roman" SIZE="2">AC Moore</FONT></TD></TR>
<TR BGCOLOR="#cceeff">
<TD VALIGN="top"></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" NOWRAP><FONT STYLE="font-family:Times New Roman" SIZE="2">Old Navy</FONT></TD></TR>
<TR BGCOLOR="#cceeff">
<TD VALIGN="top"></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" NOWRAP><FONT STYLE="font-family:Times New Roman" SIZE="2">Petco</FONT></TD></TR>
<TR>
<TD VALIGN="top"> <P STYLE="margin-left:1.00em; text-indent:-1.00em"><FONT STYLE="font-family:Times New Roman" SIZE="2">Sunrise Plaza</FONT></P></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="2">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:Times New Roman" SIZE="2">20</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="2">%&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="2">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:Times New Roman" SIZE="2">261,060</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="2">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="2">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:Times New Roman" SIZE="2">97.1</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="2">%&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="2">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:Times New Roman" SIZE="2">7.63</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="2">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" NOWRAP><FONT STYLE="font-family:Times New Roman" SIZE="2">Home Depot</FONT></TD></TR>
<TR>
<TD VALIGN="top"></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" NOWRAP><FONT STYLE="font-family:Times New Roman" SIZE="2">Kohl&#146;s&nbsp;Department&nbsp;Store</FONT></TD></TR>
<TR>
<TD VALIGN="top"></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" NOWRAP><FONT STYLE="font-family:Times New Roman" SIZE="2">Staples</FONT></TD></TR>
<TR STYLE="font-size:1px">
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom"> <P STYLE="border-top:1px solid #000000">&nbsp;</P></TD>
<TD VALIGN="bottom"> <P STYLE="border-top:1px solid #000000">&nbsp;</P></TD>
<TD>&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"></TD></TR>
<TR BGCOLOR="#cceeff">
<TD VALIGN="top"> <P STYLE="margin-left:3.00em; text-indent:-1.00em"><FONT STYLE="font-family:Times New Roman" SIZE="2"><B>Total New Jersey</B></FONT></P></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="2"><B>&nbsp;</B></FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:Times New Roman" SIZE="2"><B>409,233</B></FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="2"><B>&nbsp;&nbsp;</B></FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="2"><B>&nbsp;</B></FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:Times New Roman" SIZE="2"><B>98.2</B></FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="2"><B>%&nbsp;</B></FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="2"><B>&nbsp;</B></FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:Times New Roman" SIZE="2"><B>10.79</B></FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="2"><B>&nbsp;&nbsp;</B></FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"></TD></TR>
<TR STYLE="font-size:1px">
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom"> <P STYLE="border-top:1px solid #000000">&nbsp;</P></TD>
<TD VALIGN="bottom"> <P STYLE="border-top:1px solid #000000">&nbsp;</P></TD>
<TD>&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"></TD></TR>
<TR>
<TD HEIGHT="13"></TD>
<TD HEIGHT="13" COLSPAN="4"></TD>
<TD HEIGHT="13" COLSPAN="4"></TD>
<TD HEIGHT="13" COLSPAN="4"></TD>
<TD HEIGHT="13" COLSPAN="4"></TD>
<TD HEIGHT="13" COLSPAN="2"></TD></TR>
<TR>
<TD VALIGN="top"> <P STYLE="margin-left:1.00em; text-indent:-1.00em"><FONT STYLE="font-family:Times New Roman" SIZE="2"><B><U>Pennsylvania (12 properties)</U></B></FONT></P></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"></TD></TR>
<TR BGCOLOR="#cceeff">
<TD VALIGN="top"> <P STYLE="margin-left:1.00em; text-indent:-1.00em"><FONT STYLE="font-family:Times New Roman" SIZE="2">Blue Mountain Commons</FONT></P></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="2">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:Times New Roman" SIZE="2">20</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="2">%&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="2">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:Times New Roman" SIZE="2">123,353</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="2">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="2">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:Times New Roman" SIZE="2">92.6</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="2">%&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="2">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:Times New Roman" SIZE="2">25.50</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="2">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" NOWRAP><FONT STYLE="font-family:Times New Roman" SIZE="2">Giant Foods</FONT></TD></TR>
<TR>
<TD VALIGN="top"> <P STYLE="margin-left:1.00em; text-indent:-1.00em"><FONT STYLE="font-family:Times New Roman" SIZE="2">Columbus Crossing</FONT></P></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="2">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:Times New Roman" SIZE="2">20</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="2">%&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="2">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:Times New Roman" SIZE="2">142,166</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="2">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="2">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:Times New Roman" SIZE="2">100.0</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="2">%&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="2">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:Times New Roman" SIZE="2">17.21</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="2">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" NOWRAP><FONT STYLE="font-family:Times New Roman" SIZE="2">Super Fresh</FONT></TD></TR>
<TR>
<TD VALIGN="top"></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" NOWRAP><FONT STYLE="font-family:Times New Roman" SIZE="2">Old Navy</FONT></TD></TR>
<TR>
<TD VALIGN="top"></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" NOWRAP><FONT STYLE="font-family:Times New Roman" SIZE="2">AC Moore</FONT></TD></TR>
<TR BGCOLOR="#cceeff">
<TD VALIGN="top"> <P STYLE="margin-left:1.00em; text-indent:-1.00em"><FONT STYLE="font-family:Times New Roman" SIZE="2">Creekview Plaza</FONT></P></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="2">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:Times New Roman" SIZE="2">20</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="2">%&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="2">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:Times New Roman" SIZE="2">136,423</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="2">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="2">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:Times New Roman" SIZE="2">100.0</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="2">%&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="2">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:Times New Roman" SIZE="2">15.36</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="2">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" NOWRAP><FONT STYLE="font-family:Times New Roman" SIZE="2">Giant Foods</FONT></TD></TR>
<TR BGCOLOR="#cceeff">
<TD VALIGN="top"></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" NOWRAP><FONT STYLE="font-family:Times New Roman" SIZE="2">L.A. Fitness</FONT></TD></TR>
<TR BGCOLOR="#cceeff">
<TD VALIGN="top"></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" NOWRAP><FONT STYLE="font-family:Times New Roman" SIZE="2">Bed Bath &amp; Beyond</FONT></TD></TR>
</TABLE>
 <p STYLE="margin-top:0px;margin-bottom:0px"><FONT SIZE="1">&nbsp;</FONT></P> <P STYLE="margin-top:0px;margin-bottom:0px" ALIGN="center"><FONT STYLE="font-family:Times New Roman" SIZE="2">13 </FONT></P>



<p Style='page-break-before:always'>
<HR  SIZE="3" style="COLOR:#999999" WIDTH="100%" ALIGN="CENTER">
<h5 align="left"><a href="#toc">Table of Contents</a></h5>


 <P>&nbsp;</P>
<TABLE CELLSPACING="0" CELLPADDING="0" WIDTH="100%" BORDER="0" STYLE="BORDER-COLLAPSE:COLLAPSE" ALIGN="center">


<TR STYLE="visibility:hidden; line-height:0pt; color:white">
<TD WIDTH="83%"></TD>
<TD VALIGN="bottom" WIDTH="1%"></TD>
<TD></TD>
<TD nowrap><FONT STYLE="Times New Roman" SIZE="1"><B>September 30,</B></FONT></TD>
<TD></TD>
<TD VALIGN="bottom" WIDTH="1%"></TD>
<TD></TD>
<TD nowrap><FONT STYLE="Times New Roman" SIZE="1"><B>September 30,</B></FONT></TD>
<TD></TD>
<TD VALIGN="bottom" WIDTH="1%"></TD>
<TD></TD>
<TD nowrap><FONT STYLE="Times New Roman" SIZE="1"><B>September 30,</B></FONT></TD>
<TD></TD>
<TD VALIGN="bottom" WIDTH="1%"></TD>
<TD></TD>
<TD nowrap><FONT STYLE="Times New Roman" SIZE="1"><B>September 30,</B></FONT></TD>
<TD></TD>
<TD VALIGN="bottom" WIDTH="1%"></TD>
<TD nowrap><FONT STYLE="Times New Roman" SIZE="1"><B>September 30,</B></FONT></TD></TR>
<TR>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" COLSPAN="2" ALIGN="center"><FONT STYLE="font-family:Times New Roman" SIZE="1"><B>Percent</B></FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD COLSPAN="2" VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;&nbsp;&nbsp;</FONT></TD>
<TD COLSPAN="2" VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" COLSPAN="2" ALIGN="center"><FONT STYLE="font-family:Times New Roman" SIZE="1"><B>Average</B></FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD></TR>
<TR>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" COLSPAN="2" ALIGN="center"><FONT STYLE="font-family:Times New Roman" SIZE="1"><B>owned</B></FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD COLSPAN="2" VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" COLSPAN="2" ALIGN="center"><FONT STYLE="font-family:Times New Roman" SIZE="1"><B>%</B></FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" COLSPAN="2" ALIGN="center"><FONT STYLE="font-family:Times New Roman" SIZE="1"><B>base&nbsp;rent&nbsp;per</B></FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD></TR>
<TR>
<TD VALIGN="bottom" NOWRAP> <P STYLE="border-bottom:1px solid #000000;width:70pt"><FONT STYLE="font-family:Times New Roman" SIZE="1"><B>Property description</B></FONT></P></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" COLSPAN="2" ALIGN="center" STYLE="border-bottom:1px solid #000000"><FONT STYLE="font-family:Times New Roman" SIZE="1"><B>by&nbsp;Cedar</B></FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" COLSPAN="2" ALIGN="center" STYLE="border-bottom:1px solid #000000"><FONT STYLE="font-family:Times New Roman" SIZE="1"><B>GLA</B></FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" COLSPAN="2" ALIGN="center" STYLE="border-bottom:1px solid #000000"><FONT STYLE="font-family:Times New Roman" SIZE="1"><B>occupied</B></FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" COLSPAN="2" ALIGN="center" STYLE="border-bottom:1px solid #000000"><FONT STYLE="font-family:Times New Roman" SIZE="1"><B>leased sq. ft.</B></FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="center" STYLE="border-bottom:1px solid #000000"><FONT STYLE="font-family:Times New Roman" SIZE="1"><B>Major&nbsp;tenants&nbsp;(a)</B></FONT></TD></TR>


<TR BGCOLOR="#cceeff">
<TD VALIGN="top"> <P STYLE="margin-left:1.00em; text-indent:-1.00em"><FONT STYLE="font-family:Times New Roman" SIZE="2"><B>Pennsylvania (continued)</B></FONT></P></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"></TD></TR>
<TR>
<TD VALIGN="top"> <P STYLE="margin-left:1.00em; text-indent:-1.00em"><FONT STYLE="font-family:Times New Roman" SIZE="2">Exeter Commons</FONT></P></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="2">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:Times New Roman" SIZE="2">20</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="2">%&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="2">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:Times New Roman" SIZE="2">361,321</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="2">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="2">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:Times New Roman" SIZE="2">97.9</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="2">%&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="2">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:Times New Roman" SIZE="2">12.84</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="2">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" NOWRAP><FONT STYLE="font-family:Times New Roman" SIZE="2">Lowe&#146;s</FONT></TD></TR>
<TR>
<TD VALIGN="top"></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" NOWRAP><FONT STYLE="font-family:Times New Roman" SIZE="2">Giant&nbsp;Foods</FONT></TD></TR>
<TR>
<TD VALIGN="top"></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" NOWRAP><FONT STYLE="font-family:Times New Roman" SIZE="2">Staples</FONT></TD></TR>
<TR BGCOLOR="#cceeff">
<TD VALIGN="top"> <P STYLE="margin-left:1.00em; text-indent:-1.00em"><FONT STYLE="font-family:Times New Roman" SIZE="2">Gettysburg Marketplace</FONT></P></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="2">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:Times New Roman" SIZE="2">20</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="2">%&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="2">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:Times New Roman" SIZE="2">82,784</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="2">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="2">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:Times New Roman" SIZE="2">93.9</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="2">%&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="2">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:Times New Roman" SIZE="2">20.23</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="2">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" NOWRAP><FONT STYLE="font-family:Times New Roman" SIZE="2">Giant Foods</FONT></TD></TR>
<TR>
<TD VALIGN="top"> <P STYLE="margin-left:1.00em; text-indent:-1.00em"><FONT STYLE="font-family:Times New Roman" SIZE="2">Loyal Plaza</FONT></P></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="2">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:Times New Roman" SIZE="2">20</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="2">%&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="2">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:Times New Roman" SIZE="2">293,825</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="2">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="2">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:Times New Roman" SIZE="2">98.3</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="2">%&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="2">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:Times New Roman" SIZE="2">8.06</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="2">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" NOWRAP><FONT STYLE="font-family:Times New Roman" SIZE="2">K-Mart</FONT></TD></TR>
<TR>
<TD VALIGN="top"></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" NOWRAP><FONT STYLE="font-family:Times New Roman" SIZE="2">Giant Foods</FONT></TD></TR>
<TR>
<TD VALIGN="top"></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" NOWRAP><FONT STYLE="font-family:Times New Roman" SIZE="2">Staples</FONT></TD></TR>
<TR BGCOLOR="#cceeff">
<TD VALIGN="top"> <P STYLE="margin-left:1.00em; text-indent:-1.00em"><FONT STYLE="font-family:Times New Roman" SIZE="2">Monroe Marketplace</FONT></P></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="2">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:Times New Roman" SIZE="2">20</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="2">%&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="2">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:Times New Roman" SIZE="2">340,930</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="2">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="2">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:Times New Roman" SIZE="2">96.2</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="2">%&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="2">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:Times New Roman" SIZE="2">10.52</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="2">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" NOWRAP><FONT STYLE="font-family:Times New Roman" SIZE="2">Giant Food</FONT></TD></TR>
<TR BGCOLOR="#cceeff">
<TD VALIGN="top"></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" NOWRAP><FONT STYLE="font-family:Times New Roman" SIZE="2">Kohl&#146;s&nbsp;Department&nbsp;Store</FONT></TD></TR>
<TR BGCOLOR="#cceeff">
<TD VALIGN="top"></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" NOWRAP><FONT STYLE="font-family:Times New Roman" SIZE="2">Dick&#146;s Sporting Goods</FONT></TD></TR>
<TR BGCOLOR="#cceeff">
<TD VALIGN="top"></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" NOWRAP><FONT STYLE="font-family:Times New Roman" SIZE="2">Best Buy</FONT></TD></TR>
<TR BGCOLOR="#cceeff">
<TD VALIGN="top"></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" NOWRAP><FONT STYLE="font-family:Times New Roman" SIZE="2">Bed Bath &amp; Beyond</FONT></TD></TR>
<TR BGCOLOR="#cceeff">
<TD VALIGN="top"></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" NOWRAP><FONT STYLE="font-family:Times New Roman" SIZE="2">Michael&#146;s</FONT></TD></TR>
<TR BGCOLOR="#cceeff">
<TD VALIGN="top"></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" NOWRAP><FONT STYLE="font-family:Times New Roman" SIZE="2">Pet Smart</FONT></TD></TR>
<TR>
<TD VALIGN="top"> <P STYLE="margin-left:1.00em; text-indent:-1.00em"><FONT STYLE="font-family:Times New Roman" SIZE="2">Northland Center</FONT></P></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="2">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:Times New Roman" SIZE="2">20</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="2">%&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="2">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:Times New Roman" SIZE="2">108,260</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="2">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="2">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:Times New Roman" SIZE="2">97.6</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="2">%&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="2">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:Times New Roman" SIZE="2">9.83</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="2">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" NOWRAP><FONT STYLE="font-family:Times New Roman" SIZE="2">Giant Foods</FONT></TD></TR>
<TR BGCOLOR="#cceeff">
<TD VALIGN="top"> <P STYLE="margin-left:1.00em; text-indent:-1.00em"><FONT STYLE="font-family:Times New Roman" SIZE="2">Pitney Road Plaza</FONT></P></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="2">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:Times New Roman" SIZE="2">20</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="2">%&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="2">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:Times New Roman" SIZE="2">45,915</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="2">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="2">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:Times New Roman" SIZE="2">100.0</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="2">%&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="2">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:Times New Roman" SIZE="2">19.75</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="2">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" NOWRAP><FONT STYLE="font-family:Times New Roman" SIZE="2">Best Buy</FONT></TD></TR>
<TR>
<TD VALIGN="top"> <P STYLE="margin-left:1.00em; text-indent:-1.00em"><FONT STYLE="font-family:Times New Roman" SIZE="2">Sunset Crossing</FONT></P></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="2">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:Times New Roman" SIZE="2">20</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="2">%&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="2">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:Times New Roman" SIZE="2">74,142</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="2">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="2">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:Times New Roman" SIZE="2">88.7</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="2">%&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="2">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:Times New Roman" SIZE="2">14.52</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="2">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" NOWRAP><FONT STYLE="font-family:Times New Roman" SIZE="2">Giant Foods</FONT></TD></TR>
<TR BGCOLOR="#cceeff">
<TD VALIGN="top"> <P STYLE="margin-left:1.00em; text-indent:-1.00em"><FONT STYLE="font-family:Times New Roman" SIZE="2">Town Square Plaza</FONT></P></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="2">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:Times New Roman" SIZE="2">20</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="2">%&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="2">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:Times New Roman" SIZE="2">127,678</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="2">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="2">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:Times New Roman" SIZE="2">100.0</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="2">%&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="2">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:Times New Roman" SIZE="2">13.01</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="2">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" NOWRAP><FONT STYLE="font-family:Times New Roman" SIZE="2">Giant Foods</FONT></TD></TR>
<TR BGCOLOR="#cceeff">
<TD VALIGN="top"></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" NOWRAP><FONT STYLE="font-family:Times New Roman" SIZE="2">A.C. Moore</FONT></TD></TR>
<TR BGCOLOR="#cceeff">
<TD VALIGN="top"></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" NOWRAP><FONT STYLE="font-family:Times New Roman" SIZE="2">Pet Smart</FONT></TD></TR>
<TR>
<TD VALIGN="top"> <P STYLE="margin-left:1.00em; text-indent:-1.00em"><FONT STYLE="font-family:Times New Roman" SIZE="2">York Marketplace</FONT></P></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="2">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:Times New Roman" SIZE="2">20</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="2">%&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="2">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:Times New Roman" SIZE="2">305,410</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="2">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="2">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:Times New Roman" SIZE="2">96.1</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="2">%&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="2">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:Times New Roman" SIZE="2">8.53</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="2">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" NOWRAP><FONT STYLE="font-family:Times New Roman" SIZE="2">Lowe&#146;s</FONT></TD></TR>
<TR>
<TD VALIGN="top"></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" NOWRAP><FONT STYLE="font-family:Times New Roman" SIZE="2">Giant Foods</FONT></TD></TR>
<TR>
<TD VALIGN="top"></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" NOWRAP><FONT STYLE="font-family:Times New Roman" SIZE="2">Office Max</FONT></TD></TR>
<TR>
<TD VALIGN="top"></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" NOWRAP><FONT STYLE="font-family:Times New Roman" SIZE="2">Super Shoes</FONT></TD></TR>
<TR STYLE="font-size:1px">
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom"> <P STYLE="border-top:1px solid #000000">&nbsp;</P></TD>
<TD VALIGN="bottom"> <P STYLE="border-top:1px solid #000000">&nbsp;</P></TD>
<TD>&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"></TD></TR>
<TR BGCOLOR="#cceeff">
<TD VALIGN="top"> <P STYLE="margin-left:3.00em; text-indent:-1.00em"><FONT STYLE="font-family:Times New Roman" SIZE="2"><B>Total Pennsylvania</B></FONT></P></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="2"><B>&nbsp;</B></FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:Times New Roman" SIZE="2"><B>2,142,207</B></FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="2"><B>&nbsp;&nbsp;</B></FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="2"><B>&nbsp;</B></FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:Times New Roman" SIZE="2"><B>97.1</B></FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="2"><B>%&nbsp;</B></FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="2"><B>&nbsp;</B></FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:Times New Roman" SIZE="2"><B>12.70</B></FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="2"><B>&nbsp;&nbsp;</B></FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"></TD></TR>
<TR STYLE="font-size:1px">
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom"> <P STYLE="border-top:1px solid #000000">&nbsp;</P></TD>
<TD VALIGN="bottom"> <P STYLE="border-top:1px solid #000000">&nbsp;</P></TD>
<TD>&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"></TD></TR>
<TR>
<TD HEIGHT="13"></TD>
<TD HEIGHT="13" COLSPAN="4"></TD>
<TD HEIGHT="13" COLSPAN="4"></TD>
<TD HEIGHT="13" COLSPAN="4"></TD>
<TD HEIGHT="13" COLSPAN="4"></TD>
<TD HEIGHT="13" COLSPAN="2"></TD></TR>
<TR>
<TD VALIGN="top"> <P STYLE="margin-left:1.00em; text-indent:-1.00em"><FONT STYLE="font-family:Times New Roman" SIZE="2"><B><U>Virginia (2 properties)</U></B></FONT></P></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"></TD></TR>
<TR BGCOLOR="#cceeff">
<TD VALIGN="top"> <P STYLE="margin-left:1.00em; text-indent:-1.00em"><FONT STYLE="font-family:Times New Roman" SIZE="2">New River Valley</FONT></P></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="2">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:Times New Roman" SIZE="2">20</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="2">%&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="2">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:Times New Roman" SIZE="2">164,663</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="2">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="2">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:Times New Roman" SIZE="2">96.1</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="2">%&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="2">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:Times New Roman" SIZE="2">13.78</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="2">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" NOWRAP><FONT STYLE="font-family:Times New Roman" SIZE="2">Best Buy</FONT></TD></TR>
<TR BGCOLOR="#cceeff">
<TD VALIGN="top"></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" NOWRAP><FONT STYLE="font-family:Times New Roman" SIZE="2">Ross Stores</FONT></TD></TR>
<TR BGCOLOR="#cceeff">
<TD VALIGN="top"></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" NOWRAP><FONT STYLE="font-family:Times New Roman" SIZE="2">Bed Bath &amp; Beyond</FONT></TD></TR>
<TR BGCOLOR="#cceeff">
<TD VALIGN="top"></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" NOWRAP><FONT STYLE="font-family:Times New Roman" SIZE="2">Staples</FONT></TD></TR>
<TR BGCOLOR="#cceeff">
<TD VALIGN="top"></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" NOWRAP><FONT STYLE="font-family:Times New Roman" SIZE="2">Petsmart</FONT></TD></TR>
<TR BGCOLOR="#cceeff">
<TD VALIGN="top"></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" NOWRAP><FONT STYLE="font-family:Times New Roman" SIZE="2">Old Navy</FONT></TD></TR>
<TR>
<TD VALIGN="top"> <P STYLE="margin-left:1.00em; text-indent:-1.00em"><FONT STYLE="font-family:Times New Roman" SIZE="2">Towne Crossing</FONT></P></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="2">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:Times New Roman" SIZE="2">20</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="2">%&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="2">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:Times New Roman" SIZE="2">111,016</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="2">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="2">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:Times New Roman" SIZE="2">90.6</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="2">%&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="2">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:Times New Roman" SIZE="2">15.29</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="2">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" NOWRAP><FONT STYLE="font-family:Times New Roman" SIZE="2">Bed Bath &amp; Beyond</FONT></TD></TR>
<TR>
<TD VALIGN="top"></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" NOWRAP><FONT STYLE="font-family:Times New Roman" SIZE="2">Michael&#146;s</FONT></TD></TR>
<TR STYLE="font-size:1px">
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom"> <P STYLE="border-top:1px solid #000000">&nbsp;</P></TD>
<TD VALIGN="bottom"> <P STYLE="border-top:1px solid #000000">&nbsp;</P></TD>
<TD>&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"></TD></TR>
<TR BGCOLOR="#cceeff">
<TD VALIGN="top"> <P STYLE="margin-left:3.00em; text-indent:-1.00em"><FONT STYLE="font-family:Times New Roman" SIZE="2"><B>Total Virginia</B></FONT></P></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="2"><B>&nbsp;</B></FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:Times New Roman" SIZE="2"><B>275,679</B></FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="2"><B>&nbsp;&nbsp;</B></FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="2"><B>&nbsp;</B></FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:Times New Roman" SIZE="2"><B>93.9</B></FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="2"><B>%&nbsp;</B></FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="2"><B>&nbsp;</B></FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:Times New Roman" SIZE="2"><B>14.37</B></FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="2"><B>&nbsp;&nbsp;</B></FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"></TD></TR>
<TR STYLE="font-size:1px">
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom"> <P STYLE="border-top:1px solid #000000">&nbsp;</P></TD>
<TD VALIGN="bottom"> <P STYLE="border-top:1px solid #000000">&nbsp;</P></TD>
<TD>&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"></TD></TR>
<TR>
<TD HEIGHT="13"></TD>
<TD HEIGHT="13" COLSPAN="4"></TD>
<TD HEIGHT="13" COLSPAN="4"></TD>
<TD HEIGHT="13" COLSPAN="4"></TD>
<TD HEIGHT="13" COLSPAN="4"></TD>
<TD HEIGHT="13" COLSPAN="2"></TD></TR>
<TR>
<TD VALIGN="top"> <P STYLE="margin-left:3.00em; text-indent:-1.00em"><FONT STYLE="font-family:Times New Roman" SIZE="2"><B>Total Cedar/RioCan Joint Venture (22 properties)</B></FONT></P></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="2"><B>&nbsp;</B></FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:Times New Roman" SIZE="2"><B>3,708,038</B></FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="2"><B>&nbsp;&nbsp;</B></FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="2"><B>&nbsp;</B></FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:Times New Roman" SIZE="2"><B>96.9</B></FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="2"><B>%&nbsp;</B></FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="2"><B>$</B></FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:Times New Roman" SIZE="2"><B>13.24</B></FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="2"><B>&nbsp;&nbsp;</B></FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"></TD></TR>
<TR STYLE="font-size:1px">
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom"> <P STYLE="border-top:3px double #000000">&nbsp;</P></TD>
<TD VALIGN="bottom"> <P STYLE="border-top:3px double #000000">&nbsp;</P></TD>
<TD>&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"></TD></TR>
</TABLE> <P STYLE="font-size:10px;margin-top:0px;margin-bottom:0px">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR>
<TD WIDTH="4%" VALIGN="top" ALIGN="left"><FONT STYLE="font-family:Times New Roman" SIZE="2">(a)</FONT></TD>
<TD ALIGN="left" VALIGN="top"> <P ALIGN="justify"><FONT STYLE="font-family:Times New Roman" SIZE="2">Major tenants are determined as tenants with 15,000 or more sq.ft of GLA. </FONT></P></TD></TR></TABLE>
 <p STYLE="margin-top:0px;margin-bottom:0px"><FONT SIZE="1">&nbsp;</FONT></P> <P STYLE="margin-top:0px;margin-bottom:0px" ALIGN="center"><FONT STYLE="font-family:Times New Roman" SIZE="2">14 </FONT></P>



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 <P STYLE="margin-top:0px;margin-bottom:0px"><FONT STYLE="font-family:Times New Roman" SIZE="2"><B><I>Executive Offices </I></B></FONT></P>
<P STYLE="margin-top:10px;margin-bottom:0px; text-indent:4%" ALIGN="justify"><FONT STYLE="font-family:Times New Roman" SIZE="2">The Company&#146;s executive offices are located at 44 South Bayles Avenue, Port Washington, New York, in which it
presently occupies approximately 14,700 square feet leased from a partnership owned 44.9% by the Company&#146;s former Chairman. The Company believes that the terms of its lease, which expires in February 2020, are at market. </FONT></P>
<P STYLE="margin-top:10px;margin-bottom:0px"><FONT STYLE="font-family:Times New Roman" SIZE="2"><B><I>Competition </I></B></FONT></P> <P STYLE="margin-top:10px;margin-bottom:0px; text-indent:4%" ALIGN="justify"><FONT
STYLE="font-family:Times New Roman" SIZE="2">The Company believes that competition for the acquisition and operation of retail shopping and convenience centers is highly fragmented. It faces competition from institutional investors, public and
private REITs, owner-operators engaged in the acquisition, ownership and leasing of shopping centers, as well as from numerous local, regional and national real estate developers and owners in each of its markets. It also faces competition in
leasing available space at its properties to prospective tenants. Competition for tenants varies depending upon the characteristics of each local market in which the Company owns and manages properties. The Company believes that the principal
competitive factors in attracting tenants in its market areas are location, price and other lease terms, the presence of anchor tenants, the mix, quality and sales results of other tenants, and maintenance, appearance, access and traffic patterns of
its properties. </FONT></P> <P STYLE="margin-top:10px;margin-bottom:0px"><FONT STYLE="font-family:Times New Roman" SIZE="2"><B><I>Environmental Matters </I></B></FONT></P> <P STYLE="margin-top:10px;margin-bottom:0px; text-indent:4%" ALIGN="justify"><FONT
STYLE="font-family:Times New Roman" SIZE="2">Under various federal, state, and local laws, ordinances and regulations, an owner or operator of real estate may be required to investigate and clean up hazardous or toxic substances or other
contaminants at property owned, leased, managed or otherwise operated by such person, and may be held liable to a governmental entity or to third parties for property damage, and for investigation and cleanup costs in connection with such
contamination. The cost of investigation, remediation or removal of such substances may be substantial, and the presence of such substances, or the failure to properly remediate such conditions, may adversely affect the owner&#146;s, lessor&#146;s
or operator&#146;s ability to sell or rent such property or to arrange financing using such property as collateral. In connection with the ownership, operation and management of real estate, the Company may potentially become liable for removal or
remediation costs, as well as certain other related costs and liabilities, including governmental fines and injuries to persons and/or property. </FONT></P> <P STYLE="margin-top:10px;margin-bottom:0px; text-indent:4%" ALIGN="justify"><FONT
STYLE="font-family:Times New Roman" SIZE="2">The Company believes that environmental studies conducted at the time of acquisition with respect to all of its properties have not revealed environmental liabilities that would have a material adverse
effect on its business, results of operations or liquidity. However, no assurances can be given that existing environmental studies with respect to any of the properties reveal all environmental liabilities, that any prior owner of or tenant at a
property did not create a material environmental condition not known to the Company, or that a material environmental condition does not otherwise exist at any one or more of its properties. If a material environmental condition does in fact exist,
it could have an adverse impact upon the Company&#146;s financial condition, results of operations and liquidity. </FONT></P>
 <p STYLE="margin-top:0px;margin-bottom:0px"><FONT SIZE="1">&nbsp;</FONT></P> <P STYLE="margin-top:0px;margin-bottom:0px" ALIGN="center"><FONT STYLE="font-family:Times New Roman" SIZE="2">15 </FONT></P>



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 <P STYLE="margin-top:0px;margin-bottom:0px"><FONT STYLE="font-family:Times New Roman" SIZE="2"><B><I>Employees </I></B></FONT></P>
<P STYLE="margin-top:10px;margin-bottom:0px; text-indent:4%" ALIGN="justify"><FONT STYLE="font-family:Times New Roman" SIZE="2">As of December&nbsp;31, 2011, the Company had 115 employees (109 full-time and 6 part-time). The Company believes that
its relations with its employees are good. </FONT></P> <P STYLE="font-size:10px;margin-top:0px;margin-bottom:0px">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR>
<TD WIDTH="9%" VALIGN="top" ALIGN="left"><FONT STYLE="font-family:Times New Roman" SIZE="2"><B><A NAME="tx308892_3"></A>Item&nbsp;1A.</B></FONT></TD>
<TD ALIGN="left" VALIGN="top"><FONT STYLE="font-family:Times New Roman" SIZE="2"><B>Risk Factors </B></FONT></TD></TR></TABLE>
<P STYLE="margin-top:10px;margin-bottom:0px" ALIGN="justify"><FONT STYLE="font-family:Times New Roman" SIZE="2"><B><I>Although improving somewhat in recent months, economic conditions in the U.S. economy in general, and specifically uncertainty in
the credit markets and retail environment, could adversely affect our ability to continue to pay dividends or cause us to reduce further the amount of our dividends</I></B><I>.</I><B><I> </I></B></FONT></P>
<P STYLE="margin-top:10px;margin-bottom:0px; text-indent:4%" ALIGN="justify"><FONT STYLE="font-family:Times New Roman" SIZE="2">As a result of the then state of the U.S. economy, constrained capital markets and the difficult retail environment, on
April&nbsp;2, 2009 our Board of Directors suspended the payment of dividends. The Board reinstituted dividends at the annual rate of $.36 per share as of January&nbsp;20, 2010. Subsequently, the Board determined to reduce the quarterly dividend for
2012 to a target annual rate of $.20 per share. However, there can be no assurance that as a result of economic conditions the Company will not be forced, once again, to suspend or reduce the payment of dividends. </FONT></P>
<P STYLE="margin-top:10px;margin-bottom:0px" ALIGN="justify"><FONT STYLE="font-family:Times New Roman" SIZE="2"><B><I>Any volatility and instability in the credit markets could adversely affect our ability to obtain new financing or to refinance
existing indebtedness</I></B><I>.</I><B><I> </I></B></FONT></P> <P STYLE="margin-top:10px;margin-bottom:0px; text-indent:4%" ALIGN="justify"><FONT STYLE="font-family:Times New Roman" SIZE="2">Any continued uncertainty in the credit markets may
negatively impact our ability to access debt financing, to arrange property-specific financing or to refinance our existing debt as it matures on favorable terms or at all. As a result, we may be forced to seek potentially less attractive
financings, including equity investments on terms that may not be favorable to us. In doing so, the Company may be compelled to dilute the interests of existing shareholders that could also adversely reduce the trading price of our common stock.
</FONT></P> <P STYLE="margin-top:10px;margin-bottom:0px" ALIGN="justify"><FONT STYLE="font-family:Times New Roman" SIZE="2"><I></I><B><I>Our properties consist primarily of supermarket-anchored community shopping centers. Our performance therefore
is linked to economic conditions in the market for retail space generally</I></B><I>. </I></FONT></P> <P STYLE="margin-top:10px;margin-bottom:0px; text-indent:4%" ALIGN="justify"><FONT STYLE="font-family:Times New Roman" SIZE="2">Our properties
consist primarily of supermarket-anchored community shopping centers, and our performance therefore is linked to economic conditions in the market for retail space generally. This also means that we are subject to the risks that affect the retail
environment generally, including the levels of consumer spending, the willingness of retailers to lease space in our shopping centers, tenant bankruptcies, changes in economic conditions and consumer confidence. A downturn in the U.S. economy and
reduced consumer spending could impact our tenants&#146; ability to meet their lease obligations due to poor operating results, lack of liquidity or other reasons, and therefore decrease the revenue generated by our properties and/or the value of
our properties. Our ability to lease space and negotiate and maintain favorable rents could also be negatively impacted by the state of the U.S. economy. Moreover, the demand for leasing space in our shopping centers could also significantly decline
during a significant downturn in the U.S. economy that could result in a decline in our occupancy percentage and reduction in rental revenues. The U.S. economy has experienced, and is expected to continue to experience, substantial unemployment at
rates which approach their highest levels in the country&#146;s history.&nbsp;Such levels of reported unemployment may in fact mask more serious </FONT></P>
 <p STYLE="margin-top:0px;margin-bottom:0px"><FONT SIZE="1">&nbsp;</FONT></P> <P STYLE="margin-top:0px;margin-bottom:0px" ALIGN="center"><FONT STYLE="font-family:Times New Roman" SIZE="2">16 </FONT></P>



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 <P STYLE="margin-top:0px;margin-bottom:0px" ALIGN="justify"><FONT STYLE="font-family:Times New Roman" SIZE="2">
unemployment issues, such as persons who have not sought to re-enter the labor force after having been unemployed for substantial periods of time and, further, may not fairly reflect persons who
are under-employed or temporarily employed.&nbsp;Sustained levels of high unemployment can be expected to have a serious negative impact on consumer spending in affected areas.&nbsp;While unemployment levels may vary considerably in different areas
of the country, and within the markets in which we presently operate, any sustained unemployment may have a continuing negative impact on sales by our tenants at our various shopping centers.</FONT></P>
<P STYLE="margin-top:10px;margin-bottom:0px; text-indent:4%" ALIGN="justify"><FONT STYLE="font-family:Times New Roman" SIZE="2">There has been ongoing pressure on prices of petroleum products resulting from actual or potential dislocations in the
world&#146;s supply caused by political turmoil in countries which are major sources or distribution links for such products. This has tended to adversely impact the pricing of gasoline, among other products, in this country, which may cause
shoppers to restrict their trips by automobile to shopping centers, reduce their purchases of gasoline and other products from the fuel service stations affiliated with the supermarkets at several of our properties, as well as reduce their levels of
discretionary spending, all of which, in turn, could adversely affect sales at our properties. </FONT></P> <P STYLE="margin-top:10px;margin-bottom:0px"><FONT STYLE="font-family:Times New Roman" SIZE="2"><B><I>Our performance and value are subject to
risks associated with real estate assets and with the real estate industry. </I></B></FONT></P> <P STYLE="margin-top:10px;margin-bottom:0px; text-indent:4%" ALIGN="justify"><FONT STYLE="font-family:Times New Roman" SIZE="2">Our performance and value
are subject to risks associated with real estate assets and with the real estate industry, including, among other things, risks related to adverse changes in national, regional and local economic and market conditions.&nbsp;Our continued ability to
make expected distributions to our shareholders depends on our ability to generate sufficient revenues to meet operating expenses, future debt service and capital expenditure requirements. Events and conditions generally applicable to owners and
operators of real property that are beyond our control may decrease cash available for distribution and the value of our properties. These events and conditions include, but may not be limited to, the following: </FONT></P>
<P STYLE="font-size:10px;margin-top:0px;margin-bottom:0px">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR>
<TD WIDTH="4%"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD WIDTH="4%" VALIGN="top" ALIGN="left"><FONT STYLE="font-family:Times New Roman" SIZE="2">1.</FONT></TD>
<TD ALIGN="left" VALIGN="top"> <P ALIGN="justify"><FONT STYLE="font-family:Times New Roman" SIZE="2">local oversupply, increased competition or declining demand for real estate; </FONT></P></TD></TR></TABLE>
<P STYLE="font-size:10px;margin-top:0px;margin-bottom:0px">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR>
<TD WIDTH="4%"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD WIDTH="4%" VALIGN="top" ALIGN="left"><FONT STYLE="font-family:Times New Roman" SIZE="2">2.</FONT></TD>
<TD ALIGN="left" VALIGN="top"> <P ALIGN="justify"><FONT STYLE="font-family:Times New Roman" SIZE="2">local economic conditions, which may be adversely impacted by plant closings, business layoffs, industry slow-downs, weather conditions, natural
disasters and other factors; </FONT></P></TD></TR></TABLE> <P STYLE="font-size:10px;margin-top:0px;margin-bottom:0px">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR>
<TD WIDTH="4%"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD WIDTH="4%" VALIGN="top" ALIGN="left"><FONT STYLE="font-family:Times New Roman" SIZE="2">3.</FONT></TD>
<TD ALIGN="left" VALIGN="top"> <P ALIGN="justify"><FONT STYLE="font-family:Times New Roman" SIZE="2">non-payment or deferred payment of rent or other charges by tenants, either as a result of tenant-specific financial ills, or general economic
events or circumstances adversely affecting consumer disposable income or credit; </FONT></P></TD></TR></TABLE> <P STYLE="font-size:10px;margin-top:0px;margin-bottom:0px">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR>
<TD WIDTH="4%"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD WIDTH="4%" VALIGN="top" ALIGN="left"><FONT STYLE="font-family:Times New Roman" SIZE="2">4.</FONT></TD>
<TD ALIGN="left" VALIGN="top"> <P ALIGN="justify"><FONT STYLE="font-family:Times New Roman" SIZE="2">vacancies or an inability to rent space on acceptable terms; </FONT></P></TD></TR></TABLE>
<P STYLE="font-size:10px;margin-top:0px;margin-bottom:0px">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR>
<TD WIDTH="4%"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD WIDTH="4%" VALIGN="top" ALIGN="left"><FONT STYLE="font-family:Times New Roman" SIZE="2">5.</FONT></TD>
<TD ALIGN="left" VALIGN="top"> <P ALIGN="justify"><FONT STYLE="font-family:Times New Roman" SIZE="2">increased operating costs, including real estate taxes, insurance premiums, utilities, and repairs and maintenance; </FONT></P></TD></TR></TABLE>
 <p STYLE="margin-top:0px;margin-bottom:0px"><FONT SIZE="1">&nbsp;</FONT></P> <P STYLE="margin-top:0px;margin-bottom:0px" ALIGN="center"><FONT STYLE="font-family:Times New Roman" SIZE="2">17 </FONT></P>



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<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR>
<TD WIDTH="8%"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD WIDTH="5%" VALIGN="top" ALIGN="left"><FONT STYLE="font-family:Times New Roman" SIZE="2">6.</FONT></TD>
<TD ALIGN="left" VALIGN="top"> <P ALIGN="justify"><FONT STYLE="font-family:Times New Roman" SIZE="2">volatility and/or increases in interest rates, or the non-availability of funds in the credit markets in general; </FONT></P></TD></TR></TABLE>
<P STYLE="font-size:10px;margin-top:0px;margin-bottom:0px">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR>
<TD WIDTH="8%"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD WIDTH="5%" VALIGN="top" ALIGN="left"><FONT STYLE="font-family:Times New Roman" SIZE="2">7.</FONT></TD>
<TD ALIGN="left" VALIGN="top"> <P ALIGN="justify"><FONT STYLE="font-family:Times New Roman" SIZE="2">increased costs of complying with current, new or expanded governmental regulations; </FONT></P></TD></TR></TABLE>
<P STYLE="font-size:10px;margin-top:0px;margin-bottom:0px">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR>
<TD WIDTH="8%"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD WIDTH="5%" VALIGN="top" ALIGN="left"><FONT STYLE="font-family:Times New Roman" SIZE="2">8.</FONT></TD>
<TD ALIGN="left" VALIGN="top"> <P ALIGN="justify"><FONT STYLE="font-family:Times New Roman" SIZE="2">the relative illiquidity of real estate investments; </FONT></P></TD></TR></TABLE>
<P STYLE="font-size:10px;margin-top:0px;margin-bottom:0px">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR>
<TD WIDTH="8%"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD WIDTH="5%" VALIGN="top" ALIGN="left"><FONT STYLE="font-family:Times New Roman" SIZE="2">9.</FONT></TD>
<TD ALIGN="left" VALIGN="top"> <P ALIGN="justify"><FONT STYLE="font-family:Times New Roman" SIZE="2">changing market demographics; </FONT></P></TD></TR></TABLE> <P STYLE="font-size:10px;margin-top:0px;margin-bottom:0px">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR>
<TD WIDTH="8%"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD WIDTH="5%" VALIGN="top" ALIGN="left"><FONT STYLE="font-family:Times New Roman" SIZE="2">10.</FONT></TD>
<TD ALIGN="left" VALIGN="top"> <P ALIGN="justify"><FONT STYLE="font-family:Times New Roman" SIZE="2">changing traffic patterns; </FONT></P></TD></TR></TABLE> <P STYLE="font-size:10px;margin-top:0px;margin-bottom:0px">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR>
<TD WIDTH="8%"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD WIDTH="5%" VALIGN="top" ALIGN="left"><FONT STYLE="font-family:Times New Roman" SIZE="2">11.</FONT></TD>
<TD ALIGN="left" VALIGN="top"> <P ALIGN="justify"><FONT STYLE="font-family:Times New Roman" SIZE="2">an inability to arrange property-specific replacement financing for maturing mortgage loans in acceptable amounts and/or on acceptable terms.
</FONT></P></TD></TR></TABLE> <P STYLE="margin-top:10px;margin-bottom:0px" ALIGN="justify"><FONT STYLE="font-family:Times New Roman" SIZE="2"><B><I>Our substantial indebtedness and any constraints on credit may impede our operating performance, and
put us at a competitive disadvantage. </I></B></FONT></P> <P STYLE="margin-top:10px;margin-bottom:0px; text-indent:4%" ALIGN="justify"><FONT STYLE="font-family:Times New Roman" SIZE="2">Our substantial debt may harm our business and operating
results by (i)&nbsp;requiring us to use a substantial portion of our available liquidity to pay required debt service and/or repayments or establish additional reserves, which would reduce amounts available for distributions, (ii)&nbsp;placing us at
a competitive disadvantage compared to competitors that have less debt or debt at more favorable terms, (iii)&nbsp;making us more vulnerable to economic and industry downturns and reducing our flexibility in responding to changing business and
economic conditions, and (iv)&nbsp;limiting our ability to borrow more money for operations or capital expenditures. In addition, increases in interest rates may impede our operating performance and put us at a competitive disadvantage. Further,
payments of required debt service or amounts due at maturity, or creation of additional reserves under loan agreements, could adversely affect our liquidity. </FONT></P> <P STYLE="margin-top:10px;margin-bottom:0px" ALIGN="justify"><FONT
STYLE="font-family:Times New Roman" SIZE="2"><B><I>If we fail to dispose of properties presently held for sale or reduce our outstanding indebtedness, our financial condition may be adversely affected. </I></B></FONT></P>
<P STYLE="margin-top:10px;margin-bottom:0px; text-indent:4%" ALIGN="justify"><FONT STYLE="font-family:Times New Roman" SIZE="2">We have announced plans to dispose of certain shopping centers owned by us and to use the proceeds from the dispositions
to reduce our outstanding indebtedness. If we fail to dispose of these properties in a timely fashion or if we do not realize the proceeds presently anticipated from such sales, we will not be able to reduce our outstanding debt as presently
planned, which may adversely affect our financial condition. </FONT></P> <P STYLE="margin-top:10px;margin-bottom:0px" ALIGN="justify"><FONT STYLE="font-family:Times New Roman" SIZE="2"><B><I>As substantially all of our revenues are derived from
rental income, failure of tenants to pay rent or delays in arranging leases and occupancy at our properties could seriously harm our operating results and financial condition. </I></B></FONT></P>
<P STYLE="margin-top:10px;margin-bottom:0px; text-indent:4%" ALIGN="justify"><FONT STYLE="font-family:Times New Roman" SIZE="2">Substantially all of our revenues are derived from rental income from our properties. Our tenants may experience a
downturn in their respective businesses and/or in the economy generally at any time that may weaken their financial condition. As a result, any such tenants may delay lease commencement, fail to make rental payments when due, decline to extend a
lease upon its expiration, become insolvent, or declare bankruptcy. Any leasing delays, failure to make rental or other payments when due, or tenant bankruptcies, could result in the termination of tenants&#146; leases, which would have a negative
impact on our operating results. In addition, adverse market and economic conditions and competition may impede our ability to renew leases or re-let space as leases expire, which could harm our business and operating results. </FONT></P>
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 <P STYLE="margin-top:0px;margin-bottom:0px; text-indent:4%" ALIGN="justify"><FONT STYLE="font-family:Times New Roman" SIZE="2">Our business may be seriously harmed if a major tenant fails to renew its
lease(s) or vacates one or more properties and prevents us from re-leasing such premises by continuing to pay base rent for the balance of the lease terms. In addition, the loss of such a major tenant could result in lease terminations or reductions
in rent by other tenants at the affected properties, as provided in their respective leases. </FONT></P> <P STYLE="margin-top:10px;margin-bottom:0px; text-indent:4%" ALIGN="justify"><FONT STYLE="font-family:Times New Roman" SIZE="2">We may be
restricted from re-leasing space based on existing exclusivity lease provisions with some of our tenants. In these cases, the leases contain provisions giving the tenant the exclusive right to sell particular types of merchandise or provide specific
types of services within the particular retail center, which limits the ability of other tenants within that center to sell such merchandise or provide such services. When re-leasing space after a vacancy by one of such other tenants, such lease
provisions may limit the number and types of prospective tenants for the vacant space. The failure to re-lease space or to re-lease space on satisfactory terms could harm operating results. </FONT></P>
<P STYLE="margin-top:10px;margin-bottom:0px; text-indent:4%" ALIGN="justify"><FONT STYLE="font-family:Times New Roman" SIZE="2">Any bankruptcy filings by, or relating to, one of our tenants or a lease guarantor would generally bar efforts by us to
collect pre-bankruptcy debts from that tenant, or lease guarantor, unless we receive an order permitting us to do so from the bankruptcy court. A bankruptcy by a tenant or lease guarantor could delay efforts to collect past due balances, and could
ultimately preclude full or, in fact, any collection of such sums. If a lease is affirmed by the tenant in bankruptcy, all pre-bankruptcy balances due under the lease must generally be paid in full. However, if a lease is disaffirmed by a tenant in
bankruptcy, we would have only an unsecured claim for damages, which would be paid normally only to the extent that funds are available, and only in the same percentage as is paid to all other members of the same class of unsecured creditors. It is
possible, and indeed likely, that we would recover substantially less than, or in fact no portion of, the full value of any unsecured claims we hold, which may in turn harm our financial condition. </FONT></P>
<P STYLE="margin-top:10px;margin-bottom:0px" ALIGN="justify"><FONT STYLE="font-family:Times New Roman" SIZE="2"><B><I>&#147;New Technology&#148; developments may impact customer traffic at certain tenants&#146; stores and ultimately sales at such
stores. </I></B></FONT></P> <P STYLE="margin-top:10px;margin-bottom:0px; text-indent:4%" ALIGN="justify"><FONT STYLE="font-family:Times New Roman" SIZE="2">We may be adversely affected by developments of new technology which may cause the business
of certain of our tenants to become substantially diminished or functionally obsolete, with the result that such tenants may be unable to pay rent, become insolvent, file for bankruptcy protection, close their stores, or terminate their leases.
Examples of the potentially adverse effects of new technology on retail businesses include, amongst other things, the advent of on-line movie rentals on video stores, the effect of &#147;e-books&#148; and small screen readers on book stores, and
increased sales of electronic products &#147;on-line&#148;. </FONT></P> <P STYLE="margin-top:10px;margin-bottom:0px; text-indent:4%" ALIGN="justify"><FONT STYLE="font-family:Times New Roman" SIZE="2">Substantial recent annual increases in on-line
sales have also caused many retailers to sell products on line on their websites with pick-ups at a store or warehouse or through deliveries. With special reference to our principal tenants, on-line grocery orders are available and especially useful
in urban areas, but have not yet become a major factor affecting supermarkets in our portfolio. </FONT></P>
 <p STYLE="margin-top:0px;margin-bottom:0px"><FONT SIZE="1">&nbsp;</FONT></P> <P STYLE="margin-top:0px;margin-bottom:0px" ALIGN="center"><FONT STYLE="font-family:Times New Roman" SIZE="2">19 </FONT></P>



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 <P STYLE="margin-top:0px;margin-bottom:0px" ALIGN="justify"><FONT STYLE="font-family:Times New Roman" SIZE="2"><B><I>Competition may impede our ability to renew leases or re-let spaces as leases expire,
which could harm our business and operating results. </I></B></FONT></P> <P STYLE="margin-top:10px;margin-bottom:0px; text-indent:4%" ALIGN="justify"><FONT STYLE="font-family:Times New Roman" SIZE="2">We also face competition from similar retail
centers within our respective trade areas that may affect our ability to renew leases or re-let space as leases expire. Certain national retail chain bankruptcies and resulting store closings/lease disaffirmations have generally resulted in
increased available retail space which, in turn, has resulted in increased competitive pressure to renew tenant leases upon expiration and to find new tenants for vacant space at such properties. In addition, any new competitive properties that are
developed within the trade areas of our existing properties may result in increased competition for customer traffic and creditworthy tenants. Increased competition for tenants may require us to make tenant and/or capital improvements to properties
beyond those that we would otherwise have planned to make. Any unbudgeted tenant and/or capital improvements we undertake may reduce cash that would otherwise be available for distributions to shareholders. Ultimately, to the extent we are unable to
renew leases or re-let space as leases expire, our business and operations could be negatively impacted. </FONT></P> <P STYLE="margin-top:10px;margin-bottom:0px" ALIGN="justify"><FONT STYLE="font-family:Times New Roman" SIZE="2"><B><I>Our current
and future joint venture investments could be adversely affected by the lack of sole decision-making authority, reliance on joint venture partners&#146; financial condition, and any disputes that may arise between our joint venture partners and us.
</I></B></FONT></P> <P STYLE="margin-top:10px;margin-bottom:0px; text-indent:4%" ALIGN="justify"><FONT STYLE="font-family:Times New Roman" SIZE="2">We presently own a significant number of our properties in joint venture, and in the future we may
continue to co-invest with third parties through joint ventures and/or contribute some of our properties to joint ventures. We are generally not in a position to exercise sole decision-making authority regarding the properties owned through joint
ventures. Investments in joint ventures may, under certain circumstances, involve risks not present when a third party is not involved, including the possibility that joint venture partners might file for bankruptcy protection or fail to fund their
share of required capital contributions. Joint venture partners may have business interests or goals that are inconsistent with our business interests or goals, and may be in a position to take actions contrary to our policies or objectives. Such
investments also may have the potential risk of impasses on decisions, such as a sale, because neither the joint venture partner nor we would have full control over the joint venture. Any disputes that may arise between joint venture partners and us
may result in litigation or arbitration that would increase our expenses and prevent our officers and/or directors from focusing their time and effort on our business. Consequently, actions by or disputes with joint venture partners might result in
subjecting properties owned by the joint venture to additional risk. In addition, we may in certain circumstances be liable for the actions of our third-party joint venture partners. Our joint venture partner(s) or we may not be in a position to
respond to capital calls, and such calls could thus adversely affect our ownership or profits interest through subordination, dilution or super priorities. Also, the triggering of buy/sell provisions in the respective joint venture agreements could
adversely affect our ownership interests. </FONT></P> <P STYLE="margin-top:10px;margin-bottom:0px; text-indent:4%" ALIGN="justify"><FONT STYLE="font-family:Times New Roman" SIZE="2">As indicated, we have entered into joint venture arrangements with
respect to a number of our properties. The applicable joint venture agreements generally include so-called &#147;buy/sell&#148; provisions pursuant to which, after a specified period of years, either party may initiate a &#147;buy/sell&#148;
arrangement pursuant to which the initiating party can designate a value for the relevant property or properties, and the other party, after a specified notice period, may then elect either to sell its proportionate ownership interest in the joint
venture based on that value for the entire property or to purchase the initiating party&#146;s ownership interest based on such valuation for the entire property, subject to certain time limits for closing and other closing conditions where
applicable. On February&nbsp;15, 2011, Homburg Invest Inc., our co-venturer in nine supermarket-anchored shopping centers, initiated a &#147;buy/sell&#148; option under the joint venture agreement. For more information, see Notes 4 and 5 of Notes to
Consolidated Financial Statements elsewhere in this report. </FONT></P>
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 <P STYLE="margin-top:0px;margin-bottom:0px; text-indent:4%" ALIGN="justify"><FONT STYLE="font-family:Times New Roman" SIZE="2">The risk to us is that we may not be in a position financially, by virtue of
lack of access to funds at an acceptable cost and within prescribed time limits, to purchase the co-venturer&#146;s interest in the event of such &#147;triggering&#148; of the buy/sell provision by the co-venturer. Accordingly, we may be forced to
sell our interest in the relevant property or properties on terms and at a time when such sale might not be considered in our best interests. In the event of such sale, we might also lose the benefit of various fees payable to us by the joint
venture for property management, leasing and other services, as well as the benefit, where applicable, of a &#147;promote&#148; structure in such joint venture arrangement pursuant to which we could realize an additional share of profits, gains,
cash flow, or proceeds of a sale, financing, refinancing or other capital transactions. Among other things, such sale could adversely affect on-going rental revenues, income from joint ventures, market penetration, relationships with tenants, and
overall credit metrics. </FONT></P> <P STYLE="margin-top:10px;margin-bottom:0px" ALIGN="justify"><FONT STYLE="font-family:Times New Roman" SIZE="2"><B><I>The financial covenants in our loan agreements may restrict our operating or acquisition
activities, which may harm our financial condition and operating results. </I></B></FONT></P> <P STYLE="margin-top:10px;margin-bottom:0px; text-indent:4%" ALIGN="justify"><FONT STYLE="font-family:Times New Roman" SIZE="2">The financial covenants in
our loan agreements may restrict our operating or acquisition activities, which may harm our financial condition and operating results.&nbsp;The mortgages on our properties contain customary negative covenants, such as those that limit our ability,
without the prior consent of the lender, to sell or otherwise transfer any ownership interest, to further mortgage the applicable property, to enter into leases, or to discontinue insurance coverage. Our ability to borrow under our secured revolving
credit facilities is subject to compliance with these financial and other covenants, including restrictions on property eligible for collateral, the payment of dividends, and overall restrictions on the amount of indebtedness we can incur. If we
breach covenants in our debt agreements, the lenders could declare a default and require us to repay the debt immediately and, if the debt is secured, could take possession of the property or properties securing the loan. </FONT></P>
<P STYLE="margin-top:10px;margin-bottom:0px" ALIGN="justify"><FONT STYLE="font-family:Times New Roman" SIZE="2"><B><I>A substantial portion of our properties straddle the Washington DC to Boston corridor, which exposes us to greater economic risks
than if our properties were owned in several geographic regions. </I></B></FONT></P> <P STYLE="margin-top:10px;margin-bottom:0px; text-indent:4%" ALIGN="justify"><FONT STYLE="font-family:Times New Roman" SIZE="2">Our properties are located largely
in the mid-Atlantic and Northeast coastal regions, which exposes us to greater economic risks than if we owned properties in more geographic regions (in particular, 34 of our properties are located in Pennsylvania). Any adverse economic or real
estate developments resulting from the regulatory environment, business climate, fiscal problems or weather in such regions could have an adverse impact on our prospects. In addition, the economic condition of each of our markets may be dependent on
one or more industries. An economic downturn in one of these industry sectors may result in an increase in tenant vacancies, which may harm our performance in the affected markets. High barriers to entry in the Mid-Atlantic and Northeast due to
mature economies, road patterns, density of population, restrictions on development, and high land costs, coupled with large numbers of often overlapping government jurisdictions, may make it difficult for the Company to continue to grow in these
areas. </FONT></P> <P STYLE="margin-top:10px;margin-bottom:0px"><FONT STYLE="font-family:Times New Roman" SIZE="2"><B><I>Our success depends on key personnel whose continued service is not guaranteed. </I></B></FONT></P>
<P STYLE="margin-top:10px;margin-bottom:0px; text-indent:4%" ALIGN="justify"><FONT STYLE="font-family:Times New Roman" SIZE="2">Our success depends on the efforts of key personnel, whose continued service is not guaranteed. Key personnel could be
lost because we could not offer, among other things, competitive compensation programs. The loss of services of key personnel could materially and adversely affect our operations because of diminished relationships with lenders, sources of equity
capital, construction companies, and existing and prospective tenants, and the ability to conduct our business and operations without material disruption. </FONT></P>
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 <P STYLE="margin-top:0px;margin-bottom:0px"><FONT STYLE="font-family:Times New Roman" SIZE="2"><B><I>Potential losses may not be covered by insurance. </I></B></FONT></P>
<P STYLE="margin-top:10px;margin-bottom:0px; text-indent:4%" ALIGN="justify"><FONT STYLE="font-family:Times New Roman" SIZE="2">Potential losses may not be covered by insurance. We carry comprehensive liability, fire, flood, extended coverage and
rental loss insurance under a blanket policy covering all of our properties. We believe the policy specifications and insured limits are appropriate and adequate given the relative risk of loss, the cost of the coverage and industry practice. We do
not carry insurance for losses such as from war, nuclear accidents, and nuclear, biological and chemical occurrences from terrorist&#146;s acts. Some of the insurance, such as that covering losses due to floods and earthquakes, is subject to
limitations involving large deductibles or co-payments and policy limits that may not be sufficient to cover losses. Additionally, certain tenants have termination rights in respect of certain casualties. If we receive casualty proceeds, we may not
be able to reinvest such proceeds profitably or at all, and we may be forced to recognize taxable gain on the affected property. If we experience losses that are uninsured or that exceed policy limits, we could lose the capital invested in the
damaged properties as well as the anticipated future cash flows from those properties. In addition, if the damaged properties are subject to recourse indebtedness, we would continue to be liable for the indebtedness, even if these properties were
irreparably damaged. </FONT></P> <P STYLE="margin-top:10px;margin-bottom:0px"><FONT STYLE="font-family:Times New Roman" SIZE="2"><B><I>Future terrorist attacks could harm the demand for, and the value of, our properties. </I></B></FONT></P>
<P STYLE="margin-top:10px;margin-bottom:0px; text-indent:4%" ALIGN="justify"><FONT STYLE="font-family:Times New Roman" SIZE="2">Future terrorist attacks, such as the attacks that occurred in New York, Pennsylvania and Washington,&nbsp;DC on
September&nbsp;11, 2001, and other acts of terrorism or war, could harm the demand for, and the value of, our properties. Terrorist attacks could directly impact the value of our properties through damage, destruction, loss or increased security
costs, and the availability of insurance for such acts may be limited or may be subject to substantial cost increases. To the extent that our tenants are impacted by future attacks, their ability to continue to honor obligations under their existing
leases could be adversely affected. </FONT></P> <P STYLE="margin-top:10px;margin-bottom:0px" ALIGN="justify"><FONT STYLE="font-family:Times New Roman" SIZE="2"><B><I>If we fail to continue as a REIT, our distributions will not be deductible, and our
income will be subject to taxation, thereby reducing earnings available for distribution. </I></B></FONT></P> <P STYLE="margin-top:10px;margin-bottom:0px; text-indent:4%" ALIGN="justify"><FONT STYLE="font-family:Times New Roman" SIZE="2">If we do
not continue to qualify as a REIT, our distributions will not be deductible, and our income will be subject to taxation, reducing earnings available for distribution. We have elected to be taxed as a REIT under the Code. A REIT will generally not be
subject to federal income taxation on that portion of its income that qualifies as REIT taxable income, to the extent that it distributes at least 90% of its taxable income to its shareholders and complies with certain other requirements. In
addition, if we did not continue to qualify as a REIT, we may also be subject to state and local income taxes in certain of the jurisdictions in which our properties are located. </FONT></P>
<P STYLE="margin-top:10px;margin-bottom:0px; text-indent:4%" ALIGN="justify"><FONT STYLE="font-family:Times New Roman" SIZE="2">We intend to make distributions to shareholders to comply with the requirements of the Code. However, differences in
timing between the recognition of taxable income and the actual receipt of cash could require us to sell assets, borrow funds or pay a portion of the dividend in common stock to meet the 90% distribution requirement of the Code. Certain assets
generate substantial differences between </FONT></P>
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taxable income and income recognized in accordance with accounting principles generally accepted in the United States (&#147;GAAP&#148;). Such assets include, without limitation, operating real
estate that was acquired through structures that may limit or completely eliminate the depreciation deduction that would otherwise be available for income tax purposes. As a result, the Code requirement to distribute a substantial portion of our
otherwise net taxable income in order to maintain REIT status could cause us to (i)&nbsp;distribute amounts that could otherwise be used for future acquisitions, capital expenditures or repayment of debt, (ii)&nbsp;borrow on unfavorable terms,
(iii)&nbsp;sell assets on unfavorable terms or (iv)&nbsp;pay a portion of our common dividend in common stock. If we fail to obtain debt or equity capital in the future, it could limit our operations and our ability to grow, which could have a
material adverse effect on the value of our common stock. </FONT></P> <P STYLE="margin-top:10px;margin-bottom:0px; text-indent:4%" ALIGN="justify"><FONT STYLE="font-family:Times New Roman" SIZE="2">Dividends payable by REITs do not qualify for the
reduced tax rates under tax legislation which reduced the maximum tax rate for dividends payable to individuals from 35% to 15% (through 2012). Although this legislation does not adversely affect the taxation of REITs or dividends paid by REITs, the
more favorable rates applicable to regular corporate dividends could cause investors to perceive investments in REITs to be relatively less attractive than investments in the stock of corporations that pay dividends qualifying for reduced rates of
tax, which in turn could adversely affect the value of the stock of REITs. </FONT></P> <P STYLE="margin-top:10px;margin-bottom:0px" ALIGN="justify"><FONT STYLE="font-family:Times New Roman" SIZE="2"><B><I>We could incur significant costs related to
government regulation and litigation over environmental matters and various other federal, state and local regulatory requirements. </I></B></FONT></P> <P STYLE="margin-top:10px;margin-bottom:0px; text-indent:4%" ALIGN="justify"><FONT
STYLE="font-family:Times New Roman" SIZE="2">We could incur significant costs related to government regulations and litigation over environmental matters. Under various federal, state and local laws, ordinances and regulations, an owner or operator
of real estate may be required to investigate and clean up hazardous or toxic substances or other contaminants at property owned, leased, managed or otherwise operated by such person, and may be held liable to a governmental entity or to third
parties for property damage, and for investigation and cleanup costs in connection with such contamination. The cost of investigation, remediation or removal of such substances may be substantial, and the presence of such substances, or the failure
to properly remediate such conditions, may adversely affect the owner&#146;s, lessor&#146;s or operator&#146;s ability to sell or rent such property or to arrange financing using such property as collateral. In connection with the ownership,
operation and management of real properties, we are potentially liable for removal or remediation costs, as well as certain other related costs and liabilities, including governmental fines, injuries to persons, and damage to property. </FONT></P>
<P STYLE="margin-top:10px;margin-bottom:0px; text-indent:4%" ALIGN="justify"><FONT STYLE="font-family:Times New Roman" SIZE="2">We may incur significant costs complying with the Americans with Disabilities Act of 1990, as amended, and similar laws,
which require that all public accommodations meet federal requirements related to access and use by disabled persons, and with various other federal, state and local regulatory requirements, such as state and local fire and life safety requirements.
</FONT></P> <P STYLE="margin-top:10px;margin-bottom:0px; text-indent:4%" ALIGN="justify"><FONT STYLE="font-family:Times New Roman" SIZE="2">The Company believes environmental studies conducted at the time of acquisition with respect to all of our
properties did not reveal any material environmental liabilities, and we are unaware of any subsequent environmental matters that would have created a material liability. We believe that our properties are currently in material compliance with
applicable environmental, as well as non-environmental, statutory and regulatory requirements. If one or more of our properties were not in compliance with such federal, state and local laws, we could be required to incur additional costs to
</FONT></P>
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bring the property into compliance. If we incur substantial costs to comply with such requirements, our business and operations could be adversely affected. If we fail to comply with such
requirements, we might incur governmental fines or private damage awards. We cannot presently determine whether existing requirements will change or whether future requirements will require us to make significant unanticipated expenditures that will
adversely impact our business and operations. </FONT></P> <P STYLE="margin-top:10px;margin-bottom:0px" ALIGN="justify"><FONT STYLE="font-family:Times New Roman" SIZE="2"><B><I>Our charter and Maryland law contain provisions that may delay, defer or
prevent a change of control transaction and depress our stock price. </I></B></FONT></P> <P STYLE="margin-top:10px;margin-bottom:0px; text-indent:4%" ALIGN="justify"><FONT STYLE="font-family:Times New Roman" SIZE="2">Our charter and Maryland law
contain provisions that may delay, defer or prevent a change of control transaction and depress the price of our common stock. The charter, subject to certain exceptions, authorizes directors to take such actions as are necessary and desirable
relating to qualification as a REIT, and to limit any person to beneficial ownership of no more than 9.9% of the outstanding shares of our common stock. Our Board of Directors, in its sole discretion, may exempt a proposed transferee from the
ownership limit, but may not grant an exemption from the ownership limit to any proposed transferee whose direct or indirect ownership could jeopardize our status as a REIT. These restrictions on transferability and ownership will not apply if our
Board of Directors determines that it is no longer in our best interests to continue to qualify as, or to be, a REIT. This ownership limit may delay or impede a transaction or a change of control that might involve a premium price for our common
stock or otherwise be in the best interests of shareholders. Our Board of Directors has waived the ownership limit to permit each of Inland American Real Estate Trust, Inc. and RioCan Real Estate Investment Trust to acquire up to 14% and 16%,
respectively, of our stock; provided, however, that each of them has agreed to various voting restrictions and standstill provisions. </FONT></P> <P STYLE="margin-top:10px;margin-bottom:0px; text-indent:4%" ALIGN="justify"><FONT
STYLE="font-family:Times New Roman" SIZE="2">We may authorize and issue stock and OP Units without shareholder approval. Our charter authorizes the Board of Directors to issue additional shares of common or preferred stock, to issue additional OP
Units, to classify or reclassify any unissued shares of common or preferred stock, and to set the preferences, rights and other terms of such classified or unclassified shares. In connection with obtaining shareholder approval to increase the number
of authorized shares of preferred stock, we have agreed not to use our preferred stock for anti-takeover purposes or in connection with a shareholder rights plan unless we obtain shareholder approval. Certain provisions of the Maryland General
Corporation Law (the &#147;MGCL&#148;) may have the effect of inhibiting a third party from making a proposal to acquire us or of impeding a change of control under circumstances that otherwise could provide the holders of shares of our common stock
with the opportunity to realize a premium over the then-prevailing market price of such shares, including: </FONT></P> <P STYLE="font-size:10px;margin-top:0px;margin-bottom:0px">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR>
<TD WIDTH="4%"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD WIDTH="4%" VALIGN="top" ALIGN="left"><FONT STYLE="font-family:Times New Roman" SIZE="2">1.</FONT></TD>
<TD ALIGN="left" VALIGN="top"> <P ALIGN="justify"><FONT STYLE="font-family:Times New Roman" SIZE="2">&#147;business combination&#148; provisions that, subject to limitations, prohibit certain business combinations between us and an &#147;interested
stockholder&#148; (defined generally as any person or an affiliate thereof who beneficially owns 10% or more of the voting power of our shares) for five years after the most recent date on which the stockholder becomes an interested stockholder, and
thereafter imposes special appraisal rights and special stockholder voting requirements on these combinations; and </FONT></P></TD></TR></TABLE> <P STYLE="font-size:10px;margin-top:0px;margin-bottom:0px">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR>
<TD WIDTH="4%"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD WIDTH="4%" VALIGN="top" ALIGN="left"><FONT STYLE="font-family:Times New Roman" SIZE="2">2.</FONT></TD>
<TD ALIGN="left" VALIGN="top"> <P ALIGN="justify"><FONT STYLE="font-family:Times New Roman" SIZE="2">&#147;control share&#148; provisions that provide that our &#147;control shares&#148; (defined as shares that, when aggregated with other shares
controlled by the stockholder, entitle the stockholder to exercise one of three increasing ranges of voting power in electing directors) acquired in a &#147;control </FONT></P></TD></TR></TABLE>
 <p STYLE="margin-top:0px;margin-bottom:0px"><FONT SIZE="1">&nbsp;</FONT></P> <P STYLE="margin-top:0px;margin-bottom:0px" ALIGN="center"><FONT STYLE="font-family:Times New Roman" SIZE="2">24 </FONT></P>



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 <P STYLE="margin-top:0px;margin-bottom:0px; margin-left:8%" ALIGN="justify"><FONT STYLE="font-family:Times New Roman" SIZE="2">
share acquisition&#148; (defined as the direct or indirect acquisition of ownership or control of control shares) have no voting rights except to the extent approved by our shareholders by the
affirmative vote of at least two-thirds of all the votes entitled to be cast on the matter, excluding all interested shares. </FONT></P> <P STYLE="margin-top:10px;margin-bottom:0px; text-indent:4%" ALIGN="justify"><FONT
STYLE="font-family:Times New Roman" SIZE="2">We have opted out of these provisions of the MGCL. However, the Board of Directors may, by resolution, elect to opt in to the business combination provisions of the MGCL, and we may, by amendment to our
bylaws, opt in to the control share provisions of the MGCL. </FONT></P> <P STYLE="font-size:10px;margin-top:0px;margin-bottom:0px">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR>
<TD WIDTH="9%" VALIGN="top" ALIGN="left"><FONT STYLE="font-family:Times New Roman" SIZE="2"><B><A NAME="tx308892_4"></A>Item&nbsp;1B.</B></FONT></TD>
<TD ALIGN="left" VALIGN="top"><FONT STYLE="font-family:Times New Roman" SIZE="2"><B>Unresolved Staff Comments: </B>None<B> </B></FONT></TD></TR></TABLE> <P STYLE="font-size:10px;margin-top:0px;margin-bottom:0px">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR>
<TD WIDTH="9%" VALIGN="top" ALIGN="left"><FONT STYLE="font-family:Times New Roman" SIZE="2"><B><A NAME="tx308892_5"></A>Item&nbsp;3.</B></FONT></TD>
<TD ALIGN="left" VALIGN="top"><FONT STYLE="font-family:Times New Roman" SIZE="2"><B>Legal Proceedings </B></FONT></TD></TR></TABLE> <P STYLE="margin-top:10px;margin-bottom:0px; text-indent:4%" ALIGN="justify"><FONT
STYLE="font-family:Times New Roman" SIZE="2">The Company is not presently involved in any litigation, nor, to its knowledge, is any litigation threatened against the Company or its subsidiaries, which is either not covered by the Company&#146;s
liability insurance, or, in management&#146;s opinion, would result in a material adverse effect on the Company&#146;s financial position or results of operations. </FONT></P> <P STYLE="font-size:10px;margin-top:0px;margin-bottom:0px">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR>
<TD WIDTH="9%" VALIGN="top" ALIGN="left"><FONT STYLE="font-family:Times New Roman" SIZE="2"><B><A NAME="tx308892_6"></A>Item&nbsp;4.</B></FONT></TD>
<TD ALIGN="left" VALIGN="top"><FONT STYLE="font-family:Times New Roman" SIZE="2"><B>Mine Safety Disclosures: </B>Not applicable<B> </B></FONT></TD></TR></TABLE> <P STYLE="margin-top:10px;margin-bottom:0px"><FONT
STYLE="font-family:Times New Roman" SIZE="2"><B>Directors and Executive Officers of the Company </B></FONT></P> <P STYLE="margin-top:10px;margin-bottom:0px"><FONT STYLE="font-family:Times New Roman" SIZE="2">Information regarding the Company&#146;s
directors and executive officers is set forth below: </FONT></P> <P STYLE="font-size:10px;margin-top:0px;margin-bottom:0px">&nbsp;</P>
<TABLE CELLSPACING="0" CELLPADDING="0" WIDTH="100%" BORDER="0" STYLE="BORDER-COLLAPSE:COLLAPSE" ALIGN="center">


<TR>
<TD WIDTH="33%"></TD>
<TD VALIGN="bottom" WIDTH="1%"></TD>
<TD WIDTH="31%"></TD>
<TD VALIGN="bottom" WIDTH="1%"></TD>
<TD WIDTH="34%"></TD></TR>
<TR>
<TD VALIGN="bottom" NOWRAP> <P STYLE="border-bottom:1px solid #000000;width:20pt"><FONT STYLE="font-family:Times New Roman" SIZE="1"><B>Name</B></FONT></P></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" NOWRAP ALIGN="center"> <P STYLE="border-bottom:1px solid #000000;width:13pt" ALIGN="center"><FONT STYLE="font-family:Times New Roman" SIZE="1"><B>Age</B></FONT></P></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" NOWRAP ALIGN="center"> <P STYLE="border-bottom:1px solid #000000;width:27pt" ALIGN="center"><FONT STYLE="font-family:Times New Roman" SIZE="1"><B>Position</B></FONT></P></TD></TR>


<TR>
<TD HEIGHT="13"></TD>
<TD HEIGHT="13" COLSPAN="2"></TD>
<TD HEIGHT="13" COLSPAN="2"></TD></TR>
<TR BGCOLOR="#cceeff">
<TD VALIGN="top"> <P STYLE="margin-left:1.00em; text-indent:-1.00em"><FONT STYLE="font-family:Times New Roman" SIZE="2">Bruce J. Schanzer</FONT></P></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="center"><FONT STYLE="font-family:Times New Roman" SIZE="2">43</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" NOWRAP><FONT STYLE="font-family:Times New Roman" SIZE="2">Chief Executive Officer and President, Director</FONT></TD></TR>
<TR>
<TD VALIGN="top"> <P STYLE="margin-left:1.00em; text-indent:-1.00em"><FONT STYLE="font-family:Times New Roman" SIZE="2">Roger M. Widmann</FONT></P></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="center"><FONT STYLE="font-family:Times New Roman" SIZE="2">72</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" NOWRAP><FONT STYLE="font-family:Times New Roman" SIZE="2">Chairman of the Board of Directors</FONT></TD></TR>
<TR BGCOLOR="#cceeff">
<TD VALIGN="top"> <P STYLE="margin-left:1.00em; text-indent:-1.00em"><FONT STYLE="font-family:Times New Roman" SIZE="2">James J. Burns</FONT></P></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="center"><FONT STYLE="font-family:Times New Roman" SIZE="2">72</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" NOWRAP><FONT STYLE="font-family:Times New Roman" SIZE="2">Director</FONT></TD></TR>
<TR>
<TD VALIGN="top"> <P STYLE="margin-left:1.00em; text-indent:-1.00em"><FONT STYLE="font-family:Times New Roman" SIZE="2">Raghunath Davloor</FONT></P></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="center"><FONT STYLE="font-family:Times New Roman" SIZE="2">50</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" NOWRAP><FONT STYLE="font-family:Times New Roman" SIZE="2">Director</FONT></TD></TR>
<TR BGCOLOR="#cceeff">
<TD VALIGN="top"> <P STYLE="margin-left:1.00em; text-indent:-1.00em"><FONT STYLE="font-family:Times New Roman" SIZE="2">Pamela N. Hootkin</FONT></P></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="center"><FONT STYLE="font-family:Times New Roman" SIZE="2">64</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" NOWRAP><FONT STYLE="font-family:Times New Roman" SIZE="2">Director</FONT></TD></TR>
<TR>
<TD VALIGN="top"> <P STYLE="margin-left:1.00em; text-indent:-1.00em"><FONT STYLE="font-family:Times New Roman" SIZE="2">Paul G. Kirk Jr.</FONT></P></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="center"><FONT STYLE="font-family:Times New Roman" SIZE="2">74</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" NOWRAP><FONT STYLE="font-family:Times New Roman" SIZE="2">Director</FONT></TD></TR>
<TR BGCOLOR="#cceeff">
<TD VALIGN="top"> <P STYLE="margin-left:1.00em; text-indent:-1.00em"><FONT STYLE="font-family:Times New Roman" SIZE="2">Everett B. Miller III</FONT></P></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="center"><FONT STYLE="font-family:Times New Roman" SIZE="2">66</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" NOWRAP><FONT STYLE="font-family:Times New Roman" SIZE="2">Director</FONT></TD></TR>
<TR>
<TD VALIGN="top"> <P STYLE="margin-left:1.00em; text-indent:-1.00em"><FONT STYLE="font-family:Times New Roman" SIZE="2">Philip R. Mays</FONT></P></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="center"><FONT STYLE="font-family:Times New Roman" SIZE="2">44</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" NOWRAP><FONT STYLE="font-family:Times New Roman" SIZE="2">Chief Financial Officer</FONT></TD></TR>
<TR BGCOLOR="#cceeff">
<TD VALIGN="top"> <P STYLE="margin-left:1.00em; text-indent:-1.00em"><FONT STYLE="font-family:Times New Roman" SIZE="2">Brenda J. Walker</FONT></P></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="center"><FONT STYLE="font-family:Times New Roman" SIZE="2">59</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" NOWRAP><FONT STYLE="font-family:Times New Roman" SIZE="2">Vice President - Chief Operating Officer</FONT></TD></TR>
</TABLE> <P STYLE="margin-top:10px;margin-bottom:0px; text-indent:4%" ALIGN="justify"><FONT STYLE="font-family:Times New Roman" SIZE="2"><I>Bruce J. Schanzer </I>joined the Company in June 2011 as President, Chief Executive
Officer and as a director. Prior thereto, Mr.&nbsp;Schanzer was employed by Goldman Sachs&nbsp;&amp; Co. since 2007, with his most recent position being a managing director in the real estate investment banking group. From 2001 to 2007, he was
employed by Merrill Lynch, with his last position being vice president in their real estate investment banking group. Earlier in his career, Mr.&nbsp;Schanzer practiced real estate law for six years in New York. Mr.&nbsp;Schanzer received a B.A.
from Yeshiva University, an M.B.A. from the University of Chicago, and a J.D. from the Benjamin N. Cardozo School of Law, where he was a member of the Law Review. </FONT></P>
 <p STYLE="margin-top:0px;margin-bottom:0px"><FONT SIZE="1">&nbsp;</FONT></P> <P STYLE="margin-top:0px;margin-bottom:0px" ALIGN="center"><FONT STYLE="font-family:Times New Roman" SIZE="2">25 </FONT></P>



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 <P STYLE="margin-top:0px;margin-bottom:0px; text-indent:4%" ALIGN="justify"><FONT STYLE="font-family:Times New Roman" SIZE="2"><I>Roger M. Widmann, </I>a director since October 2003, the non-executive
Chairman of the Board since June 2011, and a member of the Compensation and Nominating/Corporate Governance Committees, is an investment banker. He was a principal of the investment banking firm of Tanner&nbsp;&amp; Co., Inc. from 1997 to 2004. From
1986 to 1995, Mr.&nbsp;Widmann was a senior managing director of Chemical Securities, Inc., a subsidiary of Chemical Banking Corporation (now JPMorgan Chase Corporation). Prior to joining Chemical Securities, Inc., Mr.&nbsp;Widmann was a founder and
managing director of First Reserve Corporation, the largest independent energy investing firm in the U.S. Previously, he was senior vice president with the investment banking firm of Donaldson, Lufkin&nbsp;&amp; Jenrette, responsible for the
firm&#146;s domestic and international investment banking business. He had also been a vice president with New Court Securities (now Rothschild, Inc.). He was a director of Lydall, Inc. (listed on the New York Stock Exchange), a manufacturer of
thermal, acoustical and filtration materials, from 1974 to 2004, and its chairman from 1998 to 2004. He is a director of Standard Motor Products, Inc. (listed on the New York Stock Exchange), a manufacturer of automobile replacement parts, is
Chairman of Keystone National Group, a fund of private equity funds, and is Chairman and CEO of Cutwater Associates LLC, a corporate advisory firm. He is also a senior moderator of the Aspen Seminar at The Aspen Institute and Vice Chairman of Oxfam
America. Mr.&nbsp;Widmann received an A.B. from Brown University and a J.D. from the Columbia University School of Law. </FONT></P> <P STYLE="margin-top:10px;margin-bottom:0px; text-indent:4%" ALIGN="justify"><FONT
STYLE="font-family:Times New Roman" SIZE="2"><I>James J. Burns</I>, a director since 2001 and a member of the Audit (Chair) and Nominating/Corporate Governance Committees, was chief financial officer and senior vice president of Reis, Inc. (formerly
Wellsford Real Properties, Inc.) from December 2000 until March 2006, and vice chairman from April 2006 until March 2009, when he entered into a consulting role at that company (where he continues to have the primary responsibility for income tax
reporting and compliance). He joined Reis in October 1999 as chief accounting officer upon his retirement from Ernst&nbsp;&amp; Young LLP in September 1999. At Ernst&nbsp;&amp; Young LLP, Mr.&nbsp;Burns was a senior audit partner in the E&amp;Y
Kenneth Leventhal Real Estate Group for 22&nbsp;years. Since 2000, Mr.&nbsp;Burns has also served as a director of One Liberty Properties, Inc., a real estate investment trust listed on the New York Stock Exchange. Mr.&nbsp;Burns is a certified
public accountant and a member of the American Institute of Certified Public Accountants. Mr.&nbsp;Burns received a B.A. and M.B.A. from Baruch College of the City University of New York.<I> </I></FONT></P>
<P STYLE="margin-top:10px;margin-bottom:0px; text-indent:4%" ALIGN="justify"><FONT STYLE="font-family:Times New Roman" SIZE="2"><I>Raghunath Davloor</I>, a director since October 2009, is currently Executive Vice President and Chief Financial
Officer of RioCan Real Estate Investment Trust, Canada&#146;s largest real estate investment trust. RioCan, headquartered in Toronto, Ontario, is involved in the ownership, development, management, leasing, acquisition and redevelopment of retail
properties across Canada. RioCan, through a subsidiary, owns an investment in the Company, and is a partner with the Company in several joint venture properties in the U.S. Prior to joining RioCan in February 2008, Mr.&nbsp;Davloor spent two years
as Vice-President and Director of Investment Banking at TD Securities, covering the real estate sector. For ten years prior thereto, he was with O&amp;Y Properties Corporation and O&amp;Y REIT in a number of progressive positions, ultimately
becoming Chief Financial Officer. Prior to joining O&amp;Y, Mr.&nbsp;Davloor was a Senior Tax Manager at Arthur Andersen in the real estate advisory services group, specializing in real estate and international taxation. He is a chartered accountant
and a member of the Institute of Chartered Accountants of Ontario. Mr.&nbsp;Davloor holds a Bachelor of Commerce degree from the University of Manitoba. </FONT></P>
 <p STYLE="margin-top:0px;margin-bottom:0px"><FONT SIZE="1">&nbsp;</FONT></P> <P STYLE="margin-top:0px;margin-bottom:0px" ALIGN="center"><FONT STYLE="font-family:Times New Roman" SIZE="2">26 </FONT></P>



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 <P STYLE="margin-top:0px;margin-bottom:0px; text-indent:4%" ALIGN="justify"><FONT STYLE="font-family:Times New Roman" SIZE="2"><I>Pamela N. Hootkin, </I>a director since June 2008 and a member of the
Audit and Compensation Committees, has been senior vice president at PVH Corp. (formerly Phillips-Van Heusen Corporation) since May 2010. She joined PVH Corp. in 1988 as vice president, treasurer and corporate secretary; in 1999 she became vice
president, treasurer and director of investor relations, and in June 2007 she became senior vice president, treasurer and director of investor relations. From 1986 to 1988, Ms.&nbsp;Hootkin was vice president and chief financial officer of Yves
Saint Laurent Parfums, Inc. From 1975 to 1986, she was employed by Squibb Corporation in various capacities, with her last position being vice president and treasurer of a division of Squibb. Ms.&nbsp;Hootkin is a board member of Safe Horizon, New
York (a not-for-profit organization) where she also serves on the executive and finance committees. Ms.&nbsp;Hootkin received a B.A. from the State University of New York at Binghamton and a M.A. from Boston University. </FONT></P>
<P STYLE="margin-top:10px;margin-bottom:0px; text-indent:4%" ALIGN="justify"><FONT STYLE="font-family:Times New Roman" SIZE="2"><I>Paul G. Kirk, Jr.,</I> a director from 2005 to September 2009, when he resigned as the result of his appointment as a
United States Senator for Massachusetts to the seat previously held by the late Senator Edward M. Kennedy, and re-elected to the Board in June 2010, is a member of the Compensation and Nominating/Corporate Governance (Chair) Committees, and is a
retired partner of the law firm of Sullivan&nbsp;&amp; Worcester, LLP of Boston, MA. He was a member of the firm from 1977 through 1990. He also serves as Chairman and CEO of Kirk&nbsp;&amp; Associates, Inc., a business advisory and consulting firm.
Mr.&nbsp;Kirk currently serves on the Board of Directors of the Hartford Financial Services Group, Inc. and the Advisory Board of Bloomberg Government. He served on the Board of Directors of Rayonier, Incorporated (a real estate investment trust
listed on the New York Stock Exchange) from 1994 to 2011. He has previously served on the Boards of Directors of ITT Corporation (1989-1997) and of Bradley Real Estate, Inc. (1991-2000), a real estate investment trust that was subsequently acquired
by Heritage Property Investment Trust, Inc. Mr.&nbsp;Kirk was a founding Director of the John F. Kennedy Library Foundation and served as its Chairman from 1992 to 2009. He was a founding Director of the Commission on Presidential Debates and served
as its Co-Chairman from 1987 to 2009. From 1985 to 1989, Mr.&nbsp;Kirk served as Chairman of the Democratic Party of the U.S., and from 1983-1985 as its Treasurer. A graduate of Harvard College and Harvard Law School, Mr.&nbsp;Kirk is past-Chairman
of the Harvard Board of Overseers&#146; Nominating Committee and of the Harvard Board of Overseers&#146; Committee to Visit the Department of Athletics. He has received many awards for civic leadership and public service, including honorary doctors
of law degrees from Stonehill College and the Southern New England School of Law. </FONT></P> <P STYLE="margin-top:10px;margin-bottom:0px; text-indent:4%" ALIGN="justify"><FONT STYLE="font-family:Times New Roman" SIZE="2"><I>Everett B. Miller,
III</I>, a director since 1998 and a member of the Audit and Compensation (Chair) Committees, retired at the end of 2011 from his position as vice president of alternative investments at the YMCA Retirement Fund, a position he held since September
2003. Mr.&nbsp;Miller is a member of the Real Estate Advisory Committee of the New York State Common Retirement Fund, a position he has held since March 2003. Prior to his retirement in May 2002 from Commonfund Realty, Inc., a registered investment
advisor, Mr.&nbsp;Miller was the chief operating officer of that company from 1997 until May 2002. From January 1995 through March 1997, Mr.&nbsp;Miller was the Principal Investment Officer for Real Estate and Alternative Investment at the Office of
the Treasurer of the State of Connecticut. Prior thereto, Mr.&nbsp;Miller was employed for eighteen years at affiliates of Travelers Realty Investment Co., at which his last position was senior vice president. Mr.&nbsp;Miller received a B.S. from
Yale University. </FONT></P>
 <p STYLE="margin-top:0px;margin-bottom:0px"><FONT SIZE="1">&nbsp;</FONT></P> <P STYLE="margin-top:0px;margin-bottom:0px" ALIGN="center"><FONT STYLE="font-family:Times New Roman" SIZE="2">27 </FONT></P>



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 <P STYLE="margin-top:0px;margin-bottom:0px; text-indent:4%" ALIGN="justify"><FONT STYLE="font-family:Times New Roman" SIZE="2"><I>Philip R. Mays</I> joined the Company in June 2011 as Chief Financial
Officer. From May 2005 until June 2011, Mr.&nbsp;Mays was with Federal Realty Investment Trust, a publicly-traded equity REIT specializing in shopping centers, where he initially served as Controller, was subsequently promoted to Chief Accounting
Officer in September 2006, and again to Vice President, Chief Accounting Officer in February 2007. Prior to joining Federal Realty, he was Vice President of Finance and Corporate Controller for CRIIMI MAE, Inc. from June 2004 until May 2005. Earlier
in his career, Mr.&nbsp;Mays held various accounting and finance positions, including seven years as an accountant at Ernst&nbsp;&amp; Young, LLP, with his last position being senior manager, where he supervised audits and assisted clients in the
real estate, construction and hospitality industries, including publicly-traded REITs. Mr.&nbsp;Mays is a certified public accountant and a member of the American Institute of Certified Public Accountants. Mr.&nbsp;Mays received a B.S. degree from
Jacksonville University, Florida. </FONT></P> <P STYLE="margin-top:10px;margin-bottom:0px; text-indent:4%" ALIGN="justify"><FONT STYLE="font-family:Times New Roman" SIZE="2"><I>Brenda J. Walker</I> has been a vice president of the Company since
1998, was elected Chief Operating Office in 2009, was a director from 1998 until June 2008, and was treasurer from April 1998 until November 1999. She was an executive officer since 1992 of the real estate management companies, and their respective
predecessors and affiliates, which were merged into the Company in 2003. Ms.&nbsp;Walker has been involved in real estate-related finance, property and asset management for more than thirty-five years. Ms.&nbsp;Walker received a B.A. from Lincoln
University, Pennsylvania. </FONT></P> <P STYLE="margin-top:10px;margin-bottom:0px"><FONT STYLE="font-family:Times New Roman" SIZE="2"><B><A NAME="tx308892_7"></A>Part II. </B></FONT></P>
<P STYLE="font-size:10px;margin-top:0px;margin-bottom:0px">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR>
<TD WIDTH="9%" VALIGN="top" ALIGN="left"><FONT STYLE="font-family:Times New Roman" SIZE="2"><B><A NAME="tx308892_8"></A>Item&nbsp;5.</B></FONT></TD>
<TD ALIGN="left" VALIGN="top"><FONT STYLE="font-family:Times New Roman" SIZE="2"><B>Market for Registrant&#146;s Common Equity, Related Stockholder Matters and Issuer Purchases of Equity Securities </B></FONT></TD></TR></TABLE>
<P STYLE="margin-top:10px;margin-bottom:0px"><FONT STYLE="font-family:Times New Roman" SIZE="2"><B>Dividend Information </B></FONT></P> <P STYLE="margin-top:10px;margin-bottom:0px; text-indent:4%" ALIGN="justify"><FONT
STYLE="font-family:Times New Roman" SIZE="2">A corporation electing REIT status is required to distribute at least 90% of its &#147;REIT taxable income&#148;, as defined in the Code, to continue qualification as a REIT. The Company paid dividends
totaling $0.36 per share during 2011. However, in keeping with its stated goal of reducing overall leverage, and in order to maximize financial flexibility, the Company&#146;s Board of Directors determined to reduce the quarterly dividend for 2012
to a target rate of $0.05 per share (an annual rate of $0.20 per share). While the Company intends to continue paying regular quarterly dividends, future dividend declarations will continue to be at the discretion of the Board of Directors, and will
depend on the cash flow and financial condition of the Company, capital requirements, annual distribution requirements under the REIT provisions of the Code, and such other factors as the Board of Directors may deem relevant. </FONT></P>
<P STYLE="margin-top:10px;margin-bottom:0px"><FONT STYLE="font-family:Times New Roman" SIZE="2"><B>Market Information </B></FONT></P> <P STYLE="margin-top:10px;margin-bottom:0px; text-indent:4%" ALIGN="justify"><FONT
STYLE="font-family:Times New Roman" SIZE="2">The Company had 67,928,337 shares of common stock outstanding held by approximately 700 shareholders of record at December&nbsp;31, 2011. The Company believes it has more than 6,000 beneficial holders of
its common stock. The Company&#146;s shares trade on the NYSE under the symbol &#147;CDR&#148;. The following table sets forth, for each quarter for the last two years, (i)&nbsp;the high, low, and closing prices of the Company&#146;s common stock,
and (ii)&nbsp;dividends paid: </FONT></P>
 <p STYLE="margin-top:0px;margin-bottom:0px"><FONT SIZE="1">&nbsp;</FONT></P> <P STYLE="margin-top:0px;margin-bottom:0px" ALIGN="center"><FONT STYLE="font-family:Times New Roman" SIZE="2">28 </FONT></P>



<p Style='page-break-before:always'>
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<h5 align="left"><a href="#toc">Table of Contents</a></h5>


 <P>&nbsp;</P>
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<TR STYLE="visibility:hidden; line-height:0pt; color:white">
<TD WIDTH="85%"></TD>
<TD VALIGN="bottom" WIDTH="1%"></TD>
<TD></TD>
<TD nowrap><FONT STYLE="Times New Roman" SIZE="1"><B>September 30,</B></FONT></TD>
<TD></TD>
<TD VALIGN="bottom" WIDTH="1%"></TD>
<TD></TD>
<TD nowrap><FONT STYLE="Times New Roman" SIZE="1"><B>September 30,</B></FONT></TD>
<TD></TD>
<TD VALIGN="bottom" WIDTH="1%"></TD>
<TD></TD>
<TD nowrap><FONT STYLE="Times New Roman" SIZE="1"><B>September 30,</B></FONT></TD>
<TD></TD>
<TD VALIGN="bottom" WIDTH="1%"></TD>
<TD></TD>
<TD nowrap><FONT STYLE="Times New Roman" SIZE="1"><B>September 30,</B></FONT></TD>
<TD></TD></TR>
<TR>
<TD VALIGN="bottom" NOWRAP> <P STYLE="border-bottom:1px solid #000000;width:50pt"><FONT STYLE="font-family:Times New Roman" SIZE="1"><B>Quarter ended</B></FONT></P></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" COLSPAN="10" ALIGN="center" STYLE="border-bottom:1px solid #000000"><FONT STYLE="font-family:Times New Roman" SIZE="1"><B>Market price range</B></FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" COLSPAN="2" ALIGN="center"><FONT STYLE="font-family:Times New Roman" SIZE="1"><B>Dividends</B></FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD></TR>
<TR>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" COLSPAN="2" ALIGN="center" STYLE="border-bottom:1px solid #000000"><FONT STYLE="font-family:Times New Roman" SIZE="1"><B>High</B></FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" COLSPAN="2" ALIGN="center" STYLE="border-bottom:1px solid #000000"><FONT STYLE="font-family:Times New Roman" SIZE="1"><B>Low</B></FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" COLSPAN="2" ALIGN="center" STYLE="border-bottom:1px solid #000000"><FONT STYLE="font-family:Times New Roman" SIZE="1"><B>Close</B></FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" COLSPAN="2" ALIGN="center" STYLE="border-bottom:1px solid #000000"><FONT STYLE="font-family:Times New Roman" SIZE="1"><B>paid</B></FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD></TR>


<TR>
<TD HEIGHT="13"></TD>
<TD HEIGHT="13" COLSPAN="4"></TD>
<TD HEIGHT="13" COLSPAN="4"></TD>
<TD HEIGHT="13" COLSPAN="4"></TD>
<TD HEIGHT="13" COLSPAN="4"></TD></TR>
<TR BGCOLOR="#cceeff">
<TD VALIGN="top"> <P STYLE="margin-left:1.00em; text-indent:-1.00em"><FONT STYLE="font-family:Times New Roman" SIZE="2"><B><U>2011</U></B></FONT></P></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD></TR>
<TR>
<TD HEIGHT="13"></TD>
<TD HEIGHT="13" COLSPAN="4"></TD>
<TD HEIGHT="13" COLSPAN="4"></TD>
<TD HEIGHT="13" COLSPAN="4"></TD>
<TD HEIGHT="13" COLSPAN="4"></TD></TR>
<TR>
<TD VALIGN="top"> <P STYLE="margin-left:1.00em; text-indent:-1.00em"><FONT STYLE="font-family:Times New Roman" SIZE="2">March 31</FONT></P></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="2">$</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:Times New Roman" SIZE="2">6.58</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="2">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="2">$</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:Times New Roman" SIZE="2">5.26</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="2">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="2">$</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:Times New Roman" SIZE="2">6.03</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="2">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="2">$</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:Times New Roman" SIZE="2">0.09</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="2">&nbsp;&nbsp;</FONT></TD></TR>
<TR BGCOLOR="#cceeff">
<TD VALIGN="top"> <P STYLE="margin-left:1.00em; text-indent:-1.00em"><FONT STYLE="font-family:Times New Roman" SIZE="2">June 30</FONT></P></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="2">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:Times New Roman" SIZE="2">6.27</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="2">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="2">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:Times New Roman" SIZE="2">4.82</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="2">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="2">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:Times New Roman" SIZE="2">5.15</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="2">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="2">$</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:Times New Roman" SIZE="2">0.09</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="2">&nbsp;&nbsp;</FONT></TD></TR>
<TR>
<TD VALIGN="top"> <P STYLE="margin-left:1.00em; text-indent:-1.00em"><FONT STYLE="font-family:Times New Roman" SIZE="2">September 30</FONT></P></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="2">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:Times New Roman" SIZE="2">5.44</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="2">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="2">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:Times New Roman" SIZE="2">3.01</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="2">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="2">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:Times New Roman" SIZE="2">3.11</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="2">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="2">$</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:Times New Roman" SIZE="2">0.09</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="2">&nbsp;&nbsp;</FONT></TD></TR>
<TR BGCOLOR="#cceeff">
<TD VALIGN="top"> <P STYLE="margin-left:1.00em; text-indent:-1.00em"><FONT STYLE="font-family:Times New Roman" SIZE="2">December 31</FONT></P></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="2">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:Times New Roman" SIZE="2">4.71</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="2">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="2">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:Times New Roman" SIZE="2">2.65</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="2">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="2">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:Times New Roman" SIZE="2">4.31</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="2">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="2">$</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:Times New Roman" SIZE="2">0.09</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="2">&nbsp;&nbsp;</FONT></TD></TR>
<TR>
<TD HEIGHT="13"></TD>
<TD HEIGHT="13" COLSPAN="4"></TD>
<TD HEIGHT="13" COLSPAN="4"></TD>
<TD HEIGHT="13" COLSPAN="4"></TD>
<TD HEIGHT="13" COLSPAN="4"></TD></TR>
<TR>
<TD VALIGN="top"> <P STYLE="margin-left:1.00em; text-indent:-1.00em"><FONT STYLE="font-family:Times New Roman" SIZE="2"><B><U>2010</U></B></FONT></P></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD></TR>
<TR>
<TD HEIGHT="13"></TD>
<TD HEIGHT="13" COLSPAN="4"></TD>
<TD HEIGHT="13" COLSPAN="4"></TD>
<TD HEIGHT="13" COLSPAN="4"></TD>
<TD HEIGHT="13" COLSPAN="4"></TD></TR>
<TR BGCOLOR="#cceeff">
<TD VALIGN="top"> <P STYLE="margin-left:1.00em; text-indent:-1.00em"><FONT STYLE="font-family:Times New Roman" SIZE="2">March 31</FONT></P></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="2">$</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:Times New Roman" SIZE="2">8.20</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="2">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="2">$</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:Times New Roman" SIZE="2">6.26</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="2">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="2">$</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:Times New Roman" SIZE="2">7.91</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="2">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="2">$</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:Times New Roman" SIZE="2">&#151;&nbsp;&nbsp;</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="2">&nbsp;&nbsp;</FONT></TD></TR>
<TR>
<TD VALIGN="top"> <P STYLE="margin-left:1.00em; text-indent:-1.00em"><FONT STYLE="font-family:Times New Roman" SIZE="2">June 30</FONT></P></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="2">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:Times New Roman" SIZE="2">8.39</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="2">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="2">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:Times New Roman" SIZE="2">5.85</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="2">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="2">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:Times New Roman" SIZE="2">6.02</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="2">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="2">$</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:Times New Roman" SIZE="2">0.09</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="2">&nbsp;&nbsp;</FONT></TD></TR>
<TR BGCOLOR="#cceeff">
<TD VALIGN="top"> <P STYLE="margin-left:1.00em; text-indent:-1.00em"><FONT STYLE="font-family:Times New Roman" SIZE="2">September 30</FONT></P></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="2">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:Times New Roman" SIZE="2">6.67</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="2">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="2">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:Times New Roman" SIZE="2">4.91</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="2">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="2">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:Times New Roman" SIZE="2">6.08</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="2">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="2">$</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:Times New Roman" SIZE="2">0.09</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="2">&nbsp;&nbsp;</FONT></TD></TR>
<TR>
<TD VALIGN="top"> <P STYLE="margin-left:1.00em; text-indent:-1.00em"><FONT STYLE="font-family:Times New Roman" SIZE="2">December 31</FONT></P></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="2">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:Times New Roman" SIZE="2">6.81</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="2">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="2">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:Times New Roman" SIZE="2">5.81</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="2">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="2">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:Times New Roman" SIZE="2">6.29</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="2">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="2">$</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:Times New Roman" SIZE="2">0.09</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="2">&nbsp;&nbsp;</FONT></TD></TR>
</TABLE> <P STYLE="margin-top:10px;margin-bottom:0px"><FONT STYLE="font-family:Times New Roman" SIZE="2"><B>Stockholder Return Performance Presentation </B></FONT></P>
<P STYLE="margin-top:10px;margin-bottom:0px; text-indent:4%" ALIGN="justify"><FONT STYLE="font-family:Times New Roman" SIZE="2">The following line graph sets forth for the period January&nbsp;1, 2007 through December&nbsp;31, 2011 a comparison of
the percentage change in the cumulative total stockholder return on the Company&#146;s common stock compared to the cumulative total return of the Russell 2000 index and the National Association of Real Estate Investment Trusts Equity REIT Total
Return Index. </FONT></P> <P STYLE="margin-top:10px;margin-bottom:0px; text-indent:4%" ALIGN="justify"><FONT STYLE="font-family:Times New Roman" SIZE="2">The graph assumes that the shares of the Company&#146;s common stock were bought at the price
of $100 per share and that the value of the investment in each of the Company&#146;s common stock and the indices was $100 at the beginning of the period. The graph further assumes the reinvestment of dividends when paid. </FONT></P>
 <p STYLE="margin-top:0px;margin-bottom:0px"><FONT SIZE="1">&nbsp;</FONT></P> <P STYLE="margin-top:0px;margin-bottom:0px" ALIGN="center"><FONT STYLE="font-family:Times New Roman" SIZE="2">29 </FONT></P>



<p Style='page-break-before:always'>
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<h5 align="left"><a href="#toc">Table of Contents</a></h5>


 <P>&nbsp;</P> <P STYLE="margin-top:0px;margin-bottom:0px" ALIGN="center">


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<TD nowrap><FONT STYLE="Times New Roman" SIZE="1"><B>September 30,</B></FONT></TD>
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<TD nowrap><FONT STYLE="Times New Roman" SIZE="1"><B>September 30,</B></FONT></TD>
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<TD nowrap><FONT STYLE="Times New Roman" SIZE="1"><B>September 30,</B></FONT></TD>
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<TD nowrap><FONT STYLE="Times New Roman" SIZE="1"><B>September 30,</B></FONT></TD>
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<TD nowrap><FONT STYLE="Times New Roman" SIZE="1"><B>September 30,</B></FONT></TD>
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<TD nowrap><FONT STYLE="Times New Roman" SIZE="1"><B>September 30,</B></FONT></TD>
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<TD VALIGN="bottom">&nbsp;<FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;&nbsp;&nbsp;</FONT></TD>
<TD COLSPAN="2" VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" COLSPAN="18" ALIGN="center" STYLE="border-bottom:1px solid #000000"><FONT STYLE="font-family:Times New Roman" SIZE="1"><B>Period Ending</B></FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD></TR>
<TR>
<TD VALIGN="bottom" NOWRAP> <P STYLE="border-bottom:1px solid #000000;width:19pt"><FONT STYLE="font-family:Times New Roman" SIZE="1"><B>Index</B></FONT></P></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" COLSPAN="2" ALIGN="center" STYLE="border-bottom:1px solid #000000"><FONT STYLE="font-family:Times New Roman" SIZE="1"><B>01/01/07</B></FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" COLSPAN="2" ALIGN="center" STYLE="border-bottom:1px solid #000000"><FONT STYLE="font-family:Times New Roman" SIZE="1"><B>12/31/07</B></FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" COLSPAN="2" ALIGN="center" STYLE="border-bottom:1px solid #000000"><FONT STYLE="font-family:Times New Roman" SIZE="1"><B>12/31/08</B></FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" COLSPAN="2" ALIGN="center" STYLE="border-bottom:1px solid #000000"><FONT STYLE="font-family:Times New Roman" SIZE="1"><B>12/31/09</B></FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" COLSPAN="2" ALIGN="center" STYLE="border-bottom:1px solid #000000"><FONT STYLE="font-family:Times New Roman" SIZE="1"><B>12/31/10</B></FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" COLSPAN="2" ALIGN="center" STYLE="border-bottom:1px solid #000000"><FONT STYLE="font-family:Times New Roman" SIZE="1"><B>12/31/11</B></FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD></TR>


<TR BGCOLOR="#cceeff">
<TD VALIGN="top"> <P STYLE="margin-left:1.00em; text-indent:-1.00em"><FONT STYLE="font-family:Times New Roman" SIZE="2">Cedar Realty Trust, Inc.</FONT></P></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="2">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:Times New Roman" SIZE="2">100.00</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="2">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="2">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:Times New Roman" SIZE="2">68.55</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="2">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="2">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:Times New Roman" SIZE="2">51.51</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="2">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="2">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:Times New Roman" SIZE="2">50.95</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="2">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="2">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:Times New Roman" SIZE="2">49.11</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="2">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="2">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:Times New Roman" SIZE="2">36.46</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="2">&nbsp;&nbsp;</FONT></TD></TR>
<TR>
<TD VALIGN="top"> <P STYLE="margin-left:1.00em; text-indent:-1.00em"><FONT STYLE="font-family:Times New Roman" SIZE="2">Russell 2000</FONT></P></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="2">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:Times New Roman" SIZE="2">100.00</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="2">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="2">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:Times New Roman" SIZE="2">98.43</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="2">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="2">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:Times New Roman" SIZE="2">65.18</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="2">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="2">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:Times New Roman" SIZE="2">82.89</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="2">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="2">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:Times New Roman" SIZE="2">105.14</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="2">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="2">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:Times New Roman" SIZE="2">100.75</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="2">&nbsp;&nbsp;</FONT></TD></TR>
<TR BGCOLOR="#cceeff">
<TD VALIGN="top"> <P STYLE="margin-left:1.00em; text-indent:-1.00em"><FONT STYLE="font-family:Times New Roman" SIZE="2">NAREIT All Equity REIT Index</FONT></P></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="2">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:Times New Roman" SIZE="2">100.00</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="2">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="2">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:Times New Roman" SIZE="2">84.31</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="2">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="2">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:Times New Roman" SIZE="2">52.50</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="2">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="2">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:Times New Roman" SIZE="2">67.20</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="2">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="2">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:Times New Roman" SIZE="2">85.98</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="2">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="2">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:Times New Roman" SIZE="2">93.10</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="2">&nbsp;&nbsp;</FONT></TD></TR>
</TABLE>
 <p STYLE="margin-top:0px;margin-bottom:0px"><FONT SIZE="1">&nbsp;</FONT></P> <P STYLE="margin-top:0px;margin-bottom:0px" ALIGN="center"><FONT STYLE="font-family:Times New Roman" SIZE="2">30 </FONT></P>



<p Style='page-break-before:always'>
<HR  SIZE="3" style="COLOR:#999999" WIDTH="100%" ALIGN="CENTER">
<h5 align="left"><a href="#toc">Table of Contents</a></h5>



<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR>
<TD WIDTH="9%" VALIGN="top" ALIGN="left"><FONT STYLE="font-family:Times New Roman" SIZE="2"><B><A NAME="tx308892_9"></A>Item&nbsp;6.</B></FONT></TD>
<TD ALIGN="left" VALIGN="top"><FONT STYLE="font-family:Times New Roman" SIZE="2"><B>Selected Financial Data (a) </B></FONT></TD></TR></TABLE> <P STYLE="font-size:10px;margin-top:0px;margin-bottom:0px">&nbsp;</P>
<TABLE CELLSPACING="0" CELLPADDING="0" WIDTH="100%" BORDER="0" STYLE="BORDER-COLLAPSE:COLLAPSE" ALIGN="center">


<TR STYLE="visibility:hidden; line-height:0pt; color:white">
<TD WIDTH="80%"></TD>
<TD VALIGN="bottom" WIDTH="1%"></TD>
<TD></TD>
<TD nowrap><FONT STYLE="Times New Roman" SIZE="1"><B>September 30,</B></FONT></TD>
<TD></TD>
<TD VALIGN="bottom" WIDTH="1%"></TD>
<TD></TD>
<TD nowrap><FONT STYLE="Times New Roman" SIZE="1"><B>September 30,</B></FONT></TD>
<TD></TD>
<TD VALIGN="bottom" WIDTH="1%"></TD>
<TD></TD>
<TD nowrap><FONT STYLE="Times New Roman" SIZE="1"><B>September 30,</B></FONT></TD>
<TD></TD>
<TD VALIGN="bottom" WIDTH="1%"></TD>
<TD></TD>
<TD nowrap><FONT STYLE="Times New Roman" SIZE="1"><B>September 30,</B></FONT></TD>
<TD></TD>
<TD VALIGN="bottom" WIDTH="1%"></TD>
<TD></TD>
<TD nowrap><FONT STYLE="Times New Roman" SIZE="1"><B>September 30,</B></FONT></TD>
<TD></TD></TR>
<TR>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" COLSPAN="18" ALIGN="center" STYLE="border-bottom:1px solid #000000"><FONT STYLE="font-family:Times New Roman" SIZE="1"><B>Years ended December&nbsp;31,</B></FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD></TR>
<TR>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" COLSPAN="2" ALIGN="center" STYLE="border-bottom:1px solid #000000"><FONT STYLE="font-family:Times New Roman" SIZE="1"><B>2011</B></FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" COLSPAN="2" ALIGN="center" STYLE="border-bottom:1px solid #000000"><FONT STYLE="font-family:Times New Roman" SIZE="1"><B>2010</B></FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" COLSPAN="2" ALIGN="center" STYLE="border-bottom:1px solid #000000"><FONT STYLE="font-family:Times New Roman" SIZE="1"><B>2009</B></FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" COLSPAN="2" ALIGN="center" STYLE="border-bottom:1px solid #000000"><FONT STYLE="font-family:Times New Roman" SIZE="1"><B>2008</B></FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" COLSPAN="2" ALIGN="center" STYLE="border-bottom:1px solid #000000"><FONT STYLE="font-family:Times New Roman" SIZE="1"><B>2007</B></FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD></TR>


<TR>
<TD HEIGHT="13"></TD>
<TD HEIGHT="13" COLSPAN="4"></TD>
<TD HEIGHT="13" COLSPAN="4"></TD>
<TD HEIGHT="13" COLSPAN="4"></TD>
<TD HEIGHT="13" COLSPAN="4"></TD>
<TD HEIGHT="13" COLSPAN="4"></TD></TR>
<TR BGCOLOR="#cceeff">
<TD VALIGN="top"> <P STYLE="margin-left:1.00em; text-indent:-1.00em"><FONT STYLE="font-family:Times New Roman" SIZE="2"><U><B>Operations data:</B></U></FONT></P></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD></TR>
<TR>
<TD VALIGN="top"> <P STYLE="margin-left:1.00em; text-indent:-1.00em"><FONT STYLE="font-family:Times New Roman" SIZE="2">Total revenues</FONT></P></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="2">$</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:Times New Roman" SIZE="2">135,413,000</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="2">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="2">$</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:Times New Roman" SIZE="2">131,572,000</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="2">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="2">$</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:Times New Roman" SIZE="2">140,395,000</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="2">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="2">$</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:Times New Roman" SIZE="2">127,005,000</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="2">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="2">$</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:Times New Roman" SIZE="2">111,784,000</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="2">&nbsp;&nbsp;</FONT></TD></TR>
<TR STYLE="font-size:1px">
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"> <P STYLE="border-top:1px solid #000000">&nbsp;</P></TD>
<TD VALIGN="bottom"> <P STYLE="border-top:1px solid #000000">&nbsp;</P></TD>
<TD>&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"> <P STYLE="border-top:1px solid #000000">&nbsp;</P></TD>
<TD VALIGN="bottom"> <P STYLE="border-top:1px solid #000000">&nbsp;</P></TD>
<TD>&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"> <P STYLE="border-top:1px solid #000000">&nbsp;</P></TD>
<TD VALIGN="bottom"> <P STYLE="border-top:1px solid #000000">&nbsp;</P></TD>
<TD>&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"> <P STYLE="border-top:1px solid #000000">&nbsp;</P></TD>
<TD VALIGN="bottom"> <P STYLE="border-top:1px solid #000000">&nbsp;</P></TD>
<TD>&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"> <P STYLE="border-top:1px solid #000000">&nbsp;</P></TD>
<TD VALIGN="bottom"> <P STYLE="border-top:1px solid #000000">&nbsp;</P></TD>
<TD>&nbsp;</TD></TR>
<TR BGCOLOR="#cceeff">
<TD VALIGN="top"> <P STYLE="margin-left:1.00em; text-indent:-1.00em"><FONT STYLE="font-family:Times New Roman" SIZE="2">Expenses:</FONT></P></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD></TR>
<TR>
<TD VALIGN="top"> <P STYLE="margin-left:3.00em; text-indent:-1.00em"><FONT STYLE="font-family:Times New Roman" SIZE="2">Property operating expenses</FONT></P></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="2">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:Times New Roman" SIZE="2">44,236,000</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="2">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="2">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:Times New Roman" SIZE="2">41,783,000</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="2">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="2">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:Times New Roman" SIZE="2">40,457,000</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="2">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="2">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:Times New Roman" SIZE="2">35,056,000</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="2">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="2">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:Times New Roman" SIZE="2">28,523,000</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="2">&nbsp;&nbsp;</FONT></TD></TR>
<TR BGCOLOR="#cceeff">
<TD VALIGN="top"> <P STYLE="margin-left:3.00em; text-indent:-1.00em"><FONT STYLE="font-family:Times New Roman" SIZE="2">General and administrative</FONT></P></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="2">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:Times New Roman" SIZE="2">11,085,000</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="2">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="2">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:Times New Roman" SIZE="2">9,537,000</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="2">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="2">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:Times New Roman" SIZE="2">10,158,000</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="2">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="2">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:Times New Roman" SIZE="2">8,586,000</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="2">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="2">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:Times New Roman" SIZE="2">9,041,000</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="2">&nbsp;&nbsp;</FONT></TD></TR>
<TR>
<TD VALIGN="top"> <P STYLE="margin-left:3.00em; text-indent:-1.00em"><FONT STYLE="font-family:Times New Roman" SIZE="2">Management transition charges</FONT></P></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="2">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:Times New Roman" SIZE="2">6,530,000</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="2">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="2">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:Times New Roman" SIZE="2">&#151;&nbsp;&nbsp;</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="2">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="2">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:Times New Roman" SIZE="2">&#151;&nbsp;&nbsp;</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="2">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="2">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:Times New Roman" SIZE="2">&#151;&nbsp;&nbsp;</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="2">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="2">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:Times New Roman" SIZE="2">&#151;&nbsp;&nbsp;</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="2">&nbsp;&nbsp;</FONT></TD></TR>
<TR BGCOLOR="#cceeff">
<TD VALIGN="top"> <P STYLE="margin-left:3.00em; text-indent:-1.00em"><FONT STYLE="font-family:Times New Roman" SIZE="2">Impairments</FONT></P></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="2">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:Times New Roman" SIZE="2">7,148,000</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="2">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="2">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:Times New Roman" SIZE="2">2,493,000</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="2">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="2">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:Times New Roman" SIZE="2">23,636,000</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="2">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="2">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:Times New Roman" SIZE="2">&#151;&nbsp;&nbsp;</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="2">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="2">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:Times New Roman" SIZE="2">&#151;&nbsp;&nbsp;</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="2">&nbsp;&nbsp;</FONT></TD></TR>
<TR>
<TD VALIGN="top"> <P STYLE="margin-left:3.00em; text-indent:-1.00em"><FONT STYLE="font-family:Times New Roman" SIZE="2">Acquisition transaction costs and terminated projects</FONT></P></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="2">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:Times New Roman" SIZE="2">1,436,000</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="2">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="2">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:Times New Roman" SIZE="2">3,958,000</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="2">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="2">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:Times New Roman" SIZE="2">4,367,000</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="2">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="2">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:Times New Roman" SIZE="2">855,000</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="2">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="2">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:Times New Roman" SIZE="2">&#151;&nbsp;&nbsp;</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="2">&nbsp;&nbsp;</FONT></TD></TR>
<TR BGCOLOR="#cceeff">
<TD VALIGN="top"> <P STYLE="margin-left:3.00em; text-indent:-1.00em"><FONT STYLE="font-family:Times New Roman" SIZE="2">Depreciation and amortization</FONT></P></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="2">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:Times New Roman" SIZE="2">43,250,000</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="2">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="2">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:Times New Roman" SIZE="2">34,872,000</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="2">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="2">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:Times New Roman" SIZE="2">42,853,000</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="2">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="2">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:Times New Roman" SIZE="2">37,097,000</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="2">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="2">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:Times New Roman" SIZE="2">30,914,000</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="2">&nbsp;&nbsp;</FONT></TD></TR>
<TR STYLE="font-size:1px">
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"> <P STYLE="border-top:1px solid #000000">&nbsp;</P></TD>
<TD VALIGN="bottom"> <P STYLE="border-top:1px solid #000000">&nbsp;</P></TD>
<TD>&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"> <P STYLE="border-top:1px solid #000000">&nbsp;</P></TD>
<TD VALIGN="bottom"> <P STYLE="border-top:1px solid #000000">&nbsp;</P></TD>
<TD>&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"> <P STYLE="border-top:1px solid #000000">&nbsp;</P></TD>
<TD VALIGN="bottom"> <P STYLE="border-top:1px solid #000000">&nbsp;</P></TD>
<TD>&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"> <P STYLE="border-top:1px solid #000000">&nbsp;</P></TD>
<TD VALIGN="bottom"> <P STYLE="border-top:1px solid #000000">&nbsp;</P></TD>
<TD>&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"> <P STYLE="border-top:1px solid #000000">&nbsp;</P></TD>
<TD VALIGN="bottom"> <P STYLE="border-top:1px solid #000000">&nbsp;</P></TD>
<TD>&nbsp;</TD></TR>
<TR>
<TD VALIGN="top"> <P STYLE="margin-left:1.00em; text-indent:-1.00em"><FONT STYLE="font-family:Times New Roman" SIZE="2">Total expenses</FONT></P></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="2">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:Times New Roman" SIZE="2">113,685,000</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="2">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="2">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:Times New Roman" SIZE="2">92,643,000</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="2">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="2">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:Times New Roman" SIZE="2">121,471,000</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="2">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="2">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:Times New Roman" SIZE="2">81,594,000</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="2">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="2">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:Times New Roman" SIZE="2">68,478,000</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="2">&nbsp;&nbsp;</FONT></TD></TR>
<TR>
<TD HEIGHT="13"></TD>
<TD HEIGHT="13" COLSPAN="4"></TD>
<TD HEIGHT="13" COLSPAN="4"></TD>
<TD HEIGHT="13" COLSPAN="4"></TD>
<TD HEIGHT="13" COLSPAN="4"></TD>
<TD HEIGHT="13" COLSPAN="4"></TD></TR>
<TR BGCOLOR="#cceeff">
<TD VALIGN="top"> <P STYLE="margin-left:1.00em; text-indent:-1.00em"><FONT STYLE="font-family:Times New Roman" SIZE="2">Operating income</FONT></P></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="2">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:Times New Roman" SIZE="2">21,728,000</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="2">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="2">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:Times New Roman" SIZE="2">38,929,000</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="2">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="2">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:Times New Roman" SIZE="2">18,924,000</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="2">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="2">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:Times New Roman" SIZE="2">45,411,000</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="2">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="2">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:Times New Roman" SIZE="2">43,306,000</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="2">&nbsp;&nbsp;</FONT></TD></TR>
<TR>
<TD HEIGHT="13"></TD>
<TD HEIGHT="13" COLSPAN="4"></TD>
<TD HEIGHT="13" COLSPAN="4"></TD>
<TD HEIGHT="13" COLSPAN="4"></TD>
<TD HEIGHT="13" COLSPAN="4"></TD>
<TD HEIGHT="13" COLSPAN="4"></TD></TR>
<TR>
<TD VALIGN="top"> <P STYLE="margin-left:1.00em; text-indent:-1.00em"><FONT STYLE="font-family:Times New Roman" SIZE="2">Non-operating income and expense:</FONT></P></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD></TR>
<TR BGCOLOR="#cceeff">
<TD VALIGN="top"> <P STYLE="margin-left:3.00em; text-indent:-1.00em"><FONT STYLE="font-family:Times New Roman" SIZE="2">Interest expense and amortization/write-off of deferred financing costs</FONT></P></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="2">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:Times New Roman" SIZE="2">(41,870,000</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="2">)&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="2">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:Times New Roman" SIZE="2">(45,690,000</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="2">)&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="2">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:Times New Roman" SIZE="2">(41,669,000</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="2">)&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="2">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:Times New Roman" SIZE="2">(36,667,000</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="2">)&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="2">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:Times New Roman" SIZE="2">(30,947,000</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="2">)&nbsp;</FONT></TD></TR>
<TR>
<TD VALIGN="top"> <P STYLE="margin-left:3.00em; text-indent:-1.00em"><FONT STYLE="font-family:Times New Roman" SIZE="2">Equity in (loss) income of unconsolidated joint ventures</FONT></P></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="2">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:Times New Roman" SIZE="2">(6,290,000</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="2">)&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="2">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:Times New Roman" SIZE="2">484,000</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="2">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="2">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:Times New Roman" SIZE="2">1,098,000</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="2">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="2">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:Times New Roman" SIZE="2">956,000</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="2">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="2">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:Times New Roman" SIZE="2">634,000</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="2">&nbsp;&nbsp;</FONT></TD></TR>
<TR BGCOLOR="#cceeff">
<TD VALIGN="top"> <P STYLE="margin-left:3.00em; text-indent:-1.00em"><FONT STYLE="font-family:Times New Roman" SIZE="2">Gain on sale</FONT></P></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="2">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:Times New Roman" SIZE="2">130,000</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="2">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="2">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:Times New Roman" SIZE="2">&#151;&nbsp;&nbsp;</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="2">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="2">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:Times New Roman" SIZE="2">521,000</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="2">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="2">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:Times New Roman" SIZE="2">&#151;&nbsp;&nbsp;</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="2">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="2">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:Times New Roman" SIZE="2">&#151;&nbsp;&nbsp;</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="2">&nbsp;&nbsp;</FONT></TD></TR>
<TR>
<TD VALIGN="top"> <P STYLE="margin-left:3.00em; text-indent:-1.00em"><FONT STYLE="font-family:Times New Roman" SIZE="2">Interest income</FONT></P></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="2">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:Times New Roman" SIZE="2">349,000</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="2">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="2">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:Times New Roman" SIZE="2">21,000</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="2">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="2">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:Times New Roman" SIZE="2">63,000</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="2">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="2">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:Times New Roman" SIZE="2">271,000</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="2">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="2">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:Times New Roman" SIZE="2">769,000</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="2">&nbsp;&nbsp;</FONT></TD></TR>
<TR STYLE="font-size:1px">
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"> <P STYLE="border-top:1px solid #000000">&nbsp;</P></TD>
<TD VALIGN="bottom"> <P STYLE="border-top:1px solid #000000">&nbsp;</P></TD>
<TD>&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"> <P STYLE="border-top:1px solid #000000">&nbsp;</P></TD>
<TD VALIGN="bottom"> <P STYLE="border-top:1px solid #000000">&nbsp;</P></TD>
<TD>&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"> <P STYLE="border-top:1px solid #000000">&nbsp;</P></TD>
<TD VALIGN="bottom"> <P STYLE="border-top:1px solid #000000">&nbsp;</P></TD>
<TD>&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"> <P STYLE="border-top:1px solid #000000">&nbsp;</P></TD>
<TD VALIGN="bottom"> <P STYLE="border-top:1px solid #000000">&nbsp;</P></TD>
<TD>&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"> <P STYLE="border-top:1px solid #000000">&nbsp;</P></TD>
<TD VALIGN="bottom"> <P STYLE="border-top:1px solid #000000">&nbsp;</P></TD>
<TD>&nbsp;</TD></TR>
<TR BGCOLOR="#cceeff">
<TD VALIGN="top"> <P STYLE="margin-left:1.00em; text-indent:-1.00em"><FONT STYLE="font-family:Times New Roman" SIZE="2">Total non-operating income and expense</FONT></P></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="2">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:Times New Roman" SIZE="2">(47,681,000</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="2">)&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="2">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:Times New Roman" SIZE="2">(45,185,000</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="2">)&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="2">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:Times New Roman" SIZE="2">(39,987,000</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="2">)&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="2">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:Times New Roman" SIZE="2">(35,440,000</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="2">)&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="2">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:Times New Roman" SIZE="2">(29,544,000</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="2">)&nbsp;</FONT></TD></TR>
<TR>
<TD HEIGHT="13"></TD>
<TD HEIGHT="13" COLSPAN="4"></TD>
<TD HEIGHT="13" COLSPAN="4"></TD>
<TD HEIGHT="13" COLSPAN="4"></TD>
<TD HEIGHT="13" COLSPAN="4"></TD>
<TD HEIGHT="13" COLSPAN="4"></TD></TR>
<TR>
<TD VALIGN="top"> <P STYLE="margin-left:1.00em; text-indent:-1.00em"><FONT STYLE="font-family:Times New Roman" SIZE="2">(Loss) income before discontinued operations</FONT></P></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="2">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:Times New Roman" SIZE="2">(25,953,000</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="2">)&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="2">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:Times New Roman" SIZE="2">(6,256,000</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="2">)&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="2">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:Times New Roman" SIZE="2">(21,063,000</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="2">)&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="2">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:Times New Roman" SIZE="2">9,971,000</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="2">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="2">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:Times New Roman" SIZE="2">13,762,000</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="2">&nbsp;&nbsp;</FONT></TD></TR>
<TR>
<TD HEIGHT="13"></TD>
<TD HEIGHT="13" COLSPAN="4"></TD>
<TD HEIGHT="13" COLSPAN="4"></TD>
<TD HEIGHT="13" COLSPAN="4"></TD>
<TD HEIGHT="13" COLSPAN="4"></TD>
<TD HEIGHT="13" COLSPAN="4"></TD></TR>
<TR BGCOLOR="#cceeff">
<TD VALIGN="top"> <P STYLE="margin-left:1.00em; text-indent:-1.00em"><FONT STYLE="font-family:Times New Roman" SIZE="2">(Loss) income from discontinued operations</FONT></P></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="2">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:Times New Roman" SIZE="2">(83,445,000</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="2">)&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="2">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:Times New Roman" SIZE="2">(38,098,000</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="2">)&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="2">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:Times New Roman" SIZE="2">3,495,000</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="2">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="2">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:Times New Roman" SIZE="2">10,827,000</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="2">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="2">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:Times New Roman" SIZE="2">10,105,000</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="2">&nbsp;&nbsp;</FONT></TD></TR>
<TR>
<TD VALIGN="top"> <P STYLE="margin-left:1.00em; text-indent:-1.00em"><FONT STYLE="font-family:Times New Roman" SIZE="2">Gain on sales of discontinued operations</FONT></P></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="2">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:Times New Roman" SIZE="2">884,000</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="2">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="2">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:Times New Roman" SIZE="2">170,000</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="2">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="2">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:Times New Roman" SIZE="2">557,000</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="2">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="2">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:Times New Roman" SIZE="2">&#151;&nbsp;&nbsp;</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="2">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="2">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:Times New Roman" SIZE="2">&#151;&nbsp;&nbsp;</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="2">&nbsp;&nbsp;</FONT></TD></TR>
<TR STYLE="font-size:1px">
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"> <P STYLE="border-top:1px solid #000000">&nbsp;</P></TD>
<TD VALIGN="bottom"> <P STYLE="border-top:1px solid #000000">&nbsp;</P></TD>
<TD>&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"> <P STYLE="border-top:1px solid #000000">&nbsp;</P></TD>
<TD VALIGN="bottom"> <P STYLE="border-top:1px solid #000000">&nbsp;</P></TD>
<TD>&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"> <P STYLE="border-top:1px solid #000000">&nbsp;</P></TD>
<TD VALIGN="bottom"> <P STYLE="border-top:1px solid #000000">&nbsp;</P></TD>
<TD>&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"> <P STYLE="border-top:1px solid #000000">&nbsp;</P></TD>
<TD VALIGN="bottom"> <P STYLE="border-top:1px solid #000000">&nbsp;</P></TD>
<TD>&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"> <P STYLE="border-top:1px solid #000000">&nbsp;</P></TD>
<TD VALIGN="bottom"> <P STYLE="border-top:1px solid #000000">&nbsp;</P></TD>
<TD>&nbsp;</TD></TR>
<TR>
<TD HEIGHT="13"></TD>
<TD HEIGHT="13" COLSPAN="4"></TD>
<TD HEIGHT="13" COLSPAN="4"></TD>
<TD HEIGHT="13" COLSPAN="4"></TD>
<TD HEIGHT="13" COLSPAN="4"></TD>
<TD HEIGHT="13" COLSPAN="4"></TD></TR>
<TR BGCOLOR="#cceeff">
<TD VALIGN="top"> <P STYLE="margin-left:1.00em; text-indent:-1.00em"><FONT STYLE="font-family:Times New Roman" SIZE="2">Net (loss) income</FONT></P></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="2">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:Times New Roman" SIZE="2">(108,514,000</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="2">)&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="2">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:Times New Roman" SIZE="2">(44,184,000</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="2">)&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="2">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:Times New Roman" SIZE="2">(17,011,000</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="2">)&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="2">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:Times New Roman" SIZE="2">20,798,000</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="2">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="2">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:Times New Roman" SIZE="2">23,867,000</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="2">&nbsp;&nbsp;</FONT></TD></TR>
<TR>
<TD HEIGHT="13"></TD>
<TD HEIGHT="13" COLSPAN="4"></TD>
<TD HEIGHT="13" COLSPAN="4"></TD>
<TD HEIGHT="13" COLSPAN="4"></TD>
<TD HEIGHT="13" COLSPAN="4"></TD>
<TD HEIGHT="13" COLSPAN="4"></TD></TR>
<TR>
<TD VALIGN="top"> <P STYLE="margin-left:1.00em; text-indent:-1.00em"><FONT STYLE="font-family:Times New Roman" SIZE="2">Less, net loss (income) attributable to noncontrolling interests</FONT></P></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD></TR>
<TR BGCOLOR="#cceeff">
<TD VALIGN="top"> <P STYLE="margin-left:3.00em; text-indent:-1.00em"><FONT STYLE="font-family:Times New Roman" SIZE="2">Minority interests in consolidated joint ventures</FONT></P></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="2">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:Times New Roman" SIZE="2">2,507,000</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="2">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="2">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:Times New Roman" SIZE="2">1,613,000</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="2">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="2">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:Times New Roman" SIZE="2">(772,000</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="2">)&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="2">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:Times New Roman" SIZE="2">(2,157,000</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="2">)&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="2">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:Times New Roman" SIZE="2">(1,415,000</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="2">)&nbsp;</FONT></TD></TR>
<TR>
<TD VALIGN="top"> <P STYLE="margin-left:3.00em; text-indent:-1.00em"><FONT STYLE="font-family:Times New Roman" SIZE="2">Limited partners&#146; interest in Operating Partnership</FONT></P></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="2">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:Times New Roman" SIZE="2">2,446,000</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="2">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="2">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:Times New Roman" SIZE="2">1,282,000</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="2">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="2">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:Times New Roman" SIZE="2">912,000</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="2">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="2">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:Times New Roman" SIZE="2">(468,000</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="2">)&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="2">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:Times New Roman" SIZE="2">(627,000</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="2">)&nbsp;</FONT></TD></TR>
<TR STYLE="font-size:1px">
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"> <P STYLE="border-top:1px solid #000000">&nbsp;</P></TD>
<TD VALIGN="bottom"> <P STYLE="border-top:1px solid #000000">&nbsp;</P></TD>
<TD>&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"> <P STYLE="border-top:1px solid #000000">&nbsp;</P></TD>
<TD VALIGN="bottom"> <P STYLE="border-top:1px solid #000000">&nbsp;</P></TD>
<TD>&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"> <P STYLE="border-top:1px solid #000000">&nbsp;</P></TD>
<TD VALIGN="bottom"> <P STYLE="border-top:1px solid #000000">&nbsp;</P></TD>
<TD>&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"> <P STYLE="border-top:1px solid #000000">&nbsp;</P></TD>
<TD VALIGN="bottom"> <P STYLE="border-top:1px solid #000000">&nbsp;</P></TD>
<TD>&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"> <P STYLE="border-top:1px solid #000000">&nbsp;</P></TD>
<TD VALIGN="bottom"> <P STYLE="border-top:1px solid #000000">&nbsp;</P></TD>
<TD>&nbsp;</TD></TR>
<TR>
<TD HEIGHT="13"></TD>
<TD HEIGHT="13" COLSPAN="4"></TD>
<TD HEIGHT="13" COLSPAN="4"></TD>
<TD HEIGHT="13" COLSPAN="4"></TD>
<TD HEIGHT="13" COLSPAN="4"></TD>
<TD HEIGHT="13" COLSPAN="4"></TD></TR>
<TR BGCOLOR="#cceeff">
<TD VALIGN="top"> <P STYLE="margin-left:1.00em; text-indent:-1.00em"><FONT STYLE="font-family:Times New Roman" SIZE="2">Net (loss) income attributable to Cedar Realty Trust, Inc.</FONT></P></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="2">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:Times New Roman" SIZE="2">(103,561,000</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="2">)&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="2">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:Times New Roman" SIZE="2">(41,289,000</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="2">)&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="2">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:Times New Roman" SIZE="2">(16,871,000</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="2">)&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="2">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:Times New Roman" SIZE="2">18,173,000</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="2">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="2">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:Times New Roman" SIZE="2">21,825,000</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="2">&nbsp;&nbsp;</FONT></TD></TR>
<TR>
<TD HEIGHT="13"></TD>
<TD HEIGHT="13" COLSPAN="4"></TD>
<TD HEIGHT="13" COLSPAN="4"></TD>
<TD HEIGHT="13" COLSPAN="4"></TD>
<TD HEIGHT="13" COLSPAN="4"></TD>
<TD HEIGHT="13" COLSPAN="4"></TD></TR>
<TR>
<TD VALIGN="top"> <P STYLE="margin-left:1.00em; text-indent:-1.00em"><FONT STYLE="font-family:Times New Roman" SIZE="2">Preferred distribution requirements</FONT></P></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="2">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:Times New Roman" SIZE="2">(14,200,000</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="2">)&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="2">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:Times New Roman" SIZE="2">(10,196,000</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="2">)&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="2">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:Times New Roman" SIZE="2">(7,876,000</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="2">)&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="2">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:Times New Roman" SIZE="2">(7,877,000</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="2">)&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="2">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:Times New Roman" SIZE="2">(7,877,000</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="2">)&nbsp;</FONT></TD></TR>
<TR STYLE="font-size:1px">
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"> <P STYLE="border-top:1px solid #000000">&nbsp;</P></TD>
<TD VALIGN="bottom"> <P STYLE="border-top:1px solid #000000">&nbsp;</P></TD>
<TD>&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"> <P STYLE="border-top:1px solid #000000">&nbsp;</P></TD>
<TD VALIGN="bottom"> <P STYLE="border-top:1px solid #000000">&nbsp;</P></TD>
<TD>&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"> <P STYLE="border-top:1px solid #000000">&nbsp;</P></TD>
<TD VALIGN="bottom"> <P STYLE="border-top:1px solid #000000">&nbsp;</P></TD>
<TD>&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"> <P STYLE="border-top:1px solid #000000">&nbsp;</P></TD>
<TD VALIGN="bottom"> <P STYLE="border-top:1px solid #000000">&nbsp;</P></TD>
<TD>&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"> <P STYLE="border-top:1px solid #000000">&nbsp;</P></TD>
<TD VALIGN="bottom"> <P STYLE="border-top:1px solid #000000">&nbsp;</P></TD>
<TD>&nbsp;</TD></TR>
<TR>
<TD HEIGHT="13"></TD>
<TD HEIGHT="13" COLSPAN="4"></TD>
<TD HEIGHT="13" COLSPAN="4"></TD>
<TD HEIGHT="13" COLSPAN="4"></TD>
<TD HEIGHT="13" COLSPAN="4"></TD>
<TD HEIGHT="13" COLSPAN="4"></TD></TR>
<TR BGCOLOR="#cceeff">
<TD VALIGN="top"> <P STYLE="margin-left:1.00em; text-indent:-1.00em"><FONT STYLE="font-family:Times New Roman" SIZE="2">Net (loss) income attributable to common shareholders</FONT></P></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="2">$</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:Times New Roman" SIZE="2">(117,761,000</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="2">)&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="2">$</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:Times New Roman" SIZE="2">(51,485,000</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="2">)&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="2">$</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:Times New Roman" SIZE="2">(24,747,000</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="2">)&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="2">$</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:Times New Roman" SIZE="2">10,296,000</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="2">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="2">$</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:Times New Roman" SIZE="2">13,948,000</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="2">&nbsp;&nbsp;</FONT></TD></TR>
<TR STYLE="font-size:1px">
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"> <P STYLE="border-top:3px double #000000">&nbsp;</P></TD>
<TD VALIGN="bottom"> <P STYLE="border-top:3px double #000000">&nbsp;</P></TD>
<TD>&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"> <P STYLE="border-top:3px double #000000">&nbsp;</P></TD>
<TD VALIGN="bottom"> <P STYLE="border-top:3px double #000000">&nbsp;</P></TD>
<TD>&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"> <P STYLE="border-top:3px double #000000">&nbsp;</P></TD>
<TD VALIGN="bottom"> <P STYLE="border-top:3px double #000000">&nbsp;</P></TD>
<TD>&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"> <P STYLE="border-top:3px double #000000">&nbsp;</P></TD>
<TD VALIGN="bottom"> <P STYLE="border-top:3px double #000000">&nbsp;</P></TD>
<TD>&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"> <P STYLE="border-top:3px double #000000">&nbsp;</P></TD>
<TD VALIGN="bottom"> <P STYLE="border-top:3px double #000000">&nbsp;</P></TD>
<TD>&nbsp;</TD></TR>
<TR>
<TD HEIGHT="13"></TD>
<TD HEIGHT="13" COLSPAN="4"></TD>
<TD HEIGHT="13" COLSPAN="4"></TD>
<TD HEIGHT="13" COLSPAN="4"></TD>
<TD HEIGHT="13" COLSPAN="4"></TD>
<TD HEIGHT="13" COLSPAN="4"></TD></TR>
<TR>
<TD VALIGN="top"> <P STYLE="margin-left:1.00em; text-indent:-1.00em"><FONT STYLE="font-family:Times New Roman" SIZE="2">Per common share (basic and diluted) attributable to common shareholders:</FONT></P></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD></TR>
<TR BGCOLOR="#cceeff">
<TD VALIGN="top"> <P STYLE="margin-left:3.00em; text-indent:-1.00em"><FONT STYLE="font-family:Times New Roman" SIZE="2">Continuing operations</FONT></P></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="2">$</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:Times New Roman" SIZE="2">(0.61</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="2">)&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="2">$</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:Times New Roman" SIZE="2">(0.24</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="2">)&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="2">$</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:Times New Roman" SIZE="2">(0.60</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="2">)&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="2">$</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:Times New Roman" SIZE="2">(0.01</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="2">)&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="2">$</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:Times New Roman" SIZE="2">0.09</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="2">&nbsp;&nbsp;</FONT></TD></TR>
<TR>
<TD VALIGN="top"> <P STYLE="margin-left:3.00em; text-indent:-1.00em"><FONT STYLE="font-family:Times New Roman" SIZE="2">Discontinued operations</FONT></P></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="2">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:Times New Roman" SIZE="2">(1.18</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="2">)&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="2">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:Times New Roman" SIZE="2">(0.57</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="2">)&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="2">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:Times New Roman" SIZE="2">0.06</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="2">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="2">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:Times New Roman" SIZE="2">0.24</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="2">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="2">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:Times New Roman" SIZE="2">0.23</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="2">&nbsp;&nbsp;</FONT></TD></TR>
<TR STYLE="font-size:1px">
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"> <P STYLE="border-top:1px solid #000000">&nbsp;</P></TD>
<TD VALIGN="bottom"> <P STYLE="border-top:1px solid #000000">&nbsp;</P></TD>
<TD>&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"> <P STYLE="border-top:1px solid #000000">&nbsp;</P></TD>
<TD VALIGN="bottom"> <P STYLE="border-top:1px solid #000000">&nbsp;</P></TD>
<TD>&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"> <P STYLE="border-top:1px solid #000000">&nbsp;</P></TD>
<TD VALIGN="bottom"> <P STYLE="border-top:1px solid #000000">&nbsp;</P></TD>
<TD>&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"> <P STYLE="border-top:1px solid #000000">&nbsp;</P></TD>
<TD VALIGN="bottom"> <P STYLE="border-top:1px solid #000000">&nbsp;</P></TD>
<TD>&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"> <P STYLE="border-top:1px solid #000000">&nbsp;</P></TD>
<TD VALIGN="bottom"> <P STYLE="border-top:1px solid #000000">&nbsp;</P></TD>
<TD>&nbsp;</TD></TR>
<TR BGCOLOR="#cceeff">
<TD VALIGN="top"></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="2">$</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:Times New Roman" SIZE="2">(1.79</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="2">)&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="2">$</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:Times New Roman" SIZE="2">(0.81</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="2">)&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="2">$</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:Times New Roman" SIZE="2">(0.54</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="2">)&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="2">$</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:Times New Roman" SIZE="2">0.23</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="2">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="2">$</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:Times New Roman" SIZE="2">0.32</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="2">&nbsp;&nbsp;</FONT></TD></TR>
<TR STYLE="font-size:1px">
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"> <P STYLE="border-top:3px double #000000">&nbsp;</P></TD>
<TD VALIGN="bottom"> <P STYLE="border-top:3px double #000000">&nbsp;</P></TD>
<TD>&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"> <P STYLE="border-top:3px double #000000">&nbsp;</P></TD>
<TD VALIGN="bottom"> <P STYLE="border-top:3px double #000000">&nbsp;</P></TD>
<TD>&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"> <P STYLE="border-top:3px double #000000">&nbsp;</P></TD>
<TD VALIGN="bottom"> <P STYLE="border-top:3px double #000000">&nbsp;</P></TD>
<TD>&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"> <P STYLE="border-top:3px double #000000">&nbsp;</P></TD>
<TD VALIGN="bottom"> <P STYLE="border-top:3px double #000000">&nbsp;</P></TD>
<TD>&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"> <P STYLE="border-top:3px double #000000">&nbsp;</P></TD>
<TD VALIGN="bottom"> <P STYLE="border-top:3px double #000000">&nbsp;</P></TD>
<TD>&nbsp;</TD></TR>
<TR>
<TD HEIGHT="13"></TD>
<TD HEIGHT="13" COLSPAN="4"></TD>
<TD HEIGHT="13" COLSPAN="4"></TD>
<TD HEIGHT="13" COLSPAN="4"></TD>
<TD HEIGHT="13" COLSPAN="4"></TD>
<TD HEIGHT="13" COLSPAN="4"></TD></TR>
<TR>
<TD VALIGN="top"> <P STYLE="margin-left:1.00em; text-indent:-1.00em"><FONT STYLE="font-family:Times New Roman" SIZE="2">Amounts attributable to Cedar Realty Trust, Inc. common shareholders, net of limited partners&#146; interest</FONT></P></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD></TR>
<TR BGCOLOR="#cceeff">
<TD VALIGN="top"> <P STYLE="margin-left:3.00em; text-indent:-1.00em"><FONT STYLE="font-family:Times New Roman" SIZE="2">(Loss) income from continuing operations</FONT></P></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="2">$</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:Times New Roman" SIZE="2">(39,236,000</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="2">)&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="2">$</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:Times New Roman" SIZE="2">(15,504,000</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="2">)&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="2">$</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:Times New Roman" SIZE="2">(27,630,000</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="2">)&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="2">$</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:Times New Roman" SIZE="2">(65,000</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="2">)&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="2">$</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:Times New Roman" SIZE="2">4,278,000</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="2">&nbsp;&nbsp;</FONT></TD></TR>
<TR>
<TD VALIGN="top"> <P STYLE="margin-left:3.00em; text-indent:-1.00em"><FONT STYLE="font-family:Times New Roman" SIZE="2">(Loss) income from discontinued operations</FONT></P></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="2">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:Times New Roman" SIZE="2">(78,525,000</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="2">)&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="2">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:Times New Roman" SIZE="2">(35,981,000</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="2">)&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="2">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:Times New Roman" SIZE="2">2,883,000</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="2">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="2">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:Times New Roman" SIZE="2">10,361,000</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="2">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="2">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:Times New Roman" SIZE="2">9,670,000</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="2">&nbsp;&nbsp;</FONT></TD></TR>
<TR STYLE="font-size:1px">
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"> <P STYLE="border-top:1px solid #000000">&nbsp;</P></TD>
<TD VALIGN="bottom"> <P STYLE="border-top:1px solid #000000">&nbsp;</P></TD>
<TD>&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"> <P STYLE="border-top:1px solid #000000">&nbsp;</P></TD>
<TD VALIGN="bottom"> <P STYLE="border-top:1px solid #000000">&nbsp;</P></TD>
<TD>&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"> <P STYLE="border-top:1px solid #000000">&nbsp;</P></TD>
<TD VALIGN="bottom"> <P STYLE="border-top:1px solid #000000">&nbsp;</P></TD>
<TD>&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"> <P STYLE="border-top:1px solid #000000">&nbsp;</P></TD>
<TD VALIGN="bottom"> <P STYLE="border-top:1px solid #000000">&nbsp;</P></TD>
<TD>&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"> <P STYLE="border-top:1px solid #000000">&nbsp;</P></TD>
<TD VALIGN="bottom"> <P STYLE="border-top:1px solid #000000">&nbsp;</P></TD>
<TD>&nbsp;</TD></TR>
<TR BGCOLOR="#cceeff">
<TD VALIGN="top"> <P STYLE="margin-left:3.00em; text-indent:-1.00em"><FONT STYLE="font-family:Times New Roman" SIZE="2">Net (loss) income</FONT></P></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="2">$</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:Times New Roman" SIZE="2">(117,761,000</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="2">)&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="2">$</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:Times New Roman" SIZE="2">(51,485,000</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="2">)&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="2">$</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:Times New Roman" SIZE="2">(24,747,000</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="2">)&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="2">$</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:Times New Roman" SIZE="2">10,296,000</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="2">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="2">$</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:Times New Roman" SIZE="2">13,948,000</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="2">&nbsp;&nbsp;</FONT></TD></TR>
<TR STYLE="font-size:1px">
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"> <P STYLE="border-top:3px double #000000">&nbsp;</P></TD>
<TD VALIGN="bottom"> <P STYLE="border-top:3px double #000000">&nbsp;</P></TD>
<TD>&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"> <P STYLE="border-top:3px double #000000">&nbsp;</P></TD>
<TD VALIGN="bottom"> <P STYLE="border-top:3px double #000000">&nbsp;</P></TD>
<TD>&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"> <P STYLE="border-top:3px double #000000">&nbsp;</P></TD>
<TD VALIGN="bottom"> <P STYLE="border-top:3px double #000000">&nbsp;</P></TD>
<TD>&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"> <P STYLE="border-top:3px double #000000">&nbsp;</P></TD>
<TD VALIGN="bottom"> <P STYLE="border-top:3px double #000000">&nbsp;</P></TD>
<TD>&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"> <P STYLE="border-top:3px double #000000">&nbsp;</P></TD>
<TD VALIGN="bottom"> <P STYLE="border-top:3px double #000000">&nbsp;</P></TD>
<TD>&nbsp;</TD></TR>
<TR>
<TD HEIGHT="13"></TD>
<TD HEIGHT="13" COLSPAN="4"></TD>
<TD HEIGHT="13" COLSPAN="4"></TD>
<TD HEIGHT="13" COLSPAN="4"></TD>
<TD HEIGHT="13" COLSPAN="4"></TD>
<TD HEIGHT="13" COLSPAN="4"></TD></TR>
<TR>
<TD VALIGN="top"> <P STYLE="margin-left:1.00em; text-indent:-1.00em"><FONT STYLE="font-family:Times New Roman" SIZE="2">Dividends to common shareholders</FONT></P></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="2">$</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:Times New Roman" SIZE="2">24,705,000</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="2">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="2">$</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:Times New Roman" SIZE="2">17,749,000</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="2">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="2">$</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:Times New Roman" SIZE="2">9,742,000</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="2">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="2">$</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:Times New Roman" SIZE="2">40,027,000</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="2">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="2">$</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:Times New Roman" SIZE="2">39,775,000</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="2">&nbsp;&nbsp;</FONT></TD></TR>
<TR BGCOLOR="#cceeff">
<TD VALIGN="top"> <P STYLE="margin-left:1.00em; text-indent:-1.00em"><FONT STYLE="font-family:Times New Roman" SIZE="2">Per common share</FONT></P></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="2">$</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:Times New Roman" SIZE="2">0.3600</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="2">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="2">$</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:Times New Roman" SIZE="2">0.2700</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="2">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="2">$</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:Times New Roman" SIZE="2">0.2025</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="2">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="2">$</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:Times New Roman" SIZE="2">0.9000</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="2">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="2">$</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:Times New Roman" SIZE="2">0.9000</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="2">&nbsp;&nbsp;</FONT></TD></TR>
<TR>
<TD HEIGHT="13"></TD>
<TD HEIGHT="13" COLSPAN="4"></TD>
<TD HEIGHT="13" COLSPAN="4"></TD>
<TD HEIGHT="13" COLSPAN="4"></TD>
<TD HEIGHT="13" COLSPAN="4"></TD>
<TD HEIGHT="13" COLSPAN="4"></TD></TR>
<TR>
<TD VALIGN="top"> <P STYLE="margin-left:1.00em; text-indent:-1.00em"><FONT STYLE="font-family:Times New Roman" SIZE="2">Weighted average number of common shares&#151;basic</FONT></P></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="2">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:Times New Roman" SIZE="2">66,387,000</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="2">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="2">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:Times New Roman" SIZE="2">63,843,000</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="2">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="2">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:Times New Roman" SIZE="2">46,234,000</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="2">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="2">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:Times New Roman" SIZE="2">44,475,000</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="2">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="2">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:Times New Roman" SIZE="2">44,193,000</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="2">&nbsp;&nbsp;</FONT></TD></TR>
<TR STYLE="font-size:1px">
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"> <P STYLE="border-top:3px double #000000">&nbsp;</P></TD>
<TD VALIGN="bottom"> <P STYLE="border-top:3px double #000000">&nbsp;</P></TD>
<TD>&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"> <P STYLE="border-top:3px double #000000">&nbsp;</P></TD>
<TD VALIGN="bottom"> <P STYLE="border-top:3px double #000000">&nbsp;</P></TD>
<TD>&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"> <P STYLE="border-top:3px double #000000">&nbsp;</P></TD>
<TD VALIGN="bottom"> <P STYLE="border-top:3px double #000000">&nbsp;</P></TD>
<TD>&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"> <P STYLE="border-top:3px double #000000">&nbsp;</P></TD>
<TD VALIGN="bottom"> <P STYLE="border-top:3px double #000000">&nbsp;</P></TD>
<TD>&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"> <P STYLE="border-top:3px double #000000">&nbsp;</P></TD>
<TD VALIGN="bottom"> <P STYLE="border-top:3px double #000000">&nbsp;</P></TD>
<TD>&nbsp;</TD></TR>
<TR BGCOLOR="#cceeff">
<TD VALIGN="top"> <P STYLE="margin-left:1.00em; text-indent:-1.00em"><FONT STYLE="font-family:Times New Roman" SIZE="2">Weighted average number of common shares&#151;diluted</FONT></P></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="2">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:Times New Roman" SIZE="2">66,387,000</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="2">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="2">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:Times New Roman" SIZE="2">63,862,000</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="2">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="2">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:Times New Roman" SIZE="2">46,234,000</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="2">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="2">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:Times New Roman" SIZE="2">44,475,000</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="2">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="2">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:Times New Roman" SIZE="2">44,197,000</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="2">&nbsp;&nbsp;</FONT></TD></TR>
<TR STYLE="font-size:1px">
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"> <P STYLE="border-top:3px double #000000">&nbsp;</P></TD>
<TD VALIGN="bottom"> <P STYLE="border-top:3px double #000000">&nbsp;</P></TD>
<TD>&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"> <P STYLE="border-top:3px double #000000">&nbsp;</P></TD>
<TD VALIGN="bottom"> <P STYLE="border-top:3px double #000000">&nbsp;</P></TD>
<TD>&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"> <P STYLE="border-top:3px double #000000">&nbsp;</P></TD>
<TD VALIGN="bottom"> <P STYLE="border-top:3px double #000000">&nbsp;</P></TD>
<TD>&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"> <P STYLE="border-top:3px double #000000">&nbsp;</P></TD>
<TD VALIGN="bottom"> <P STYLE="border-top:3px double #000000">&nbsp;</P></TD>
<TD>&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"> <P STYLE="border-top:3px double #000000">&nbsp;</P></TD>
<TD VALIGN="bottom"> <P STYLE="border-top:3px double #000000">&nbsp;</P></TD>
<TD>&nbsp;</TD></TR>
</TABLE>
 <p STYLE="margin-top:0px;margin-bottom:0px"><FONT SIZE="1">&nbsp;</FONT></P> <P STYLE="margin-top:0px;margin-bottom:0px" ALIGN="center"><FONT STYLE="font-family:Times New Roman" SIZE="2">31 </FONT></P>



<p Style='page-break-before:always'>
<HR  SIZE="3" style="COLOR:#999999" WIDTH="100%" ALIGN="CENTER">
<h5 align="left"><a href="#toc">Table of Contents</a></h5>



<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR>
<TD WIDTH="9%" VALIGN="top" ALIGN="left"><FONT STYLE="font-family:Times New Roman" SIZE="2"><B>Item&nbsp;6.</B></FONT></TD>
<TD ALIGN="left" VALIGN="top"><FONT STYLE="font-family:Times New Roman" SIZE="2"><B>Selected Financial Data (a) (continued) </B></FONT></TD></TR></TABLE> <P STYLE="font-size:10px;margin-top:0px;margin-bottom:0px">&nbsp;</P>
<TABLE CELLSPACING="0" CELLPADDING="0" WIDTH="100%" BORDER="0" STYLE="BORDER-COLLAPSE:COLLAPSE" ALIGN="center">


<TR STYLE="visibility:hidden; line-height:0pt; color:white">
<TD WIDTH="80%"></TD>
<TD VALIGN="bottom" WIDTH="1%"></TD>
<TD></TD>
<TD nowrap><FONT STYLE="Times New Roman" SIZE="1"><B>September 30,</B></FONT></TD>
<TD></TD>
<TD VALIGN="bottom" WIDTH="1%"></TD>
<TD></TD>
<TD nowrap><FONT STYLE="Times New Roman" SIZE="1"><B>September 30,</B></FONT></TD>
<TD></TD>
<TD VALIGN="bottom" WIDTH="1%"></TD>
<TD></TD>
<TD nowrap><FONT STYLE="Times New Roman" SIZE="1"><B>September 30,</B></FONT></TD>
<TD></TD>
<TD VALIGN="bottom" WIDTH="1%"></TD>
<TD></TD>
<TD nowrap><FONT STYLE="Times New Roman" SIZE="1"><B>September 30,</B></FONT></TD>
<TD></TD>
<TD VALIGN="bottom" WIDTH="1%"></TD>
<TD></TD>
<TD nowrap><FONT STYLE="Times New Roman" SIZE="1"><B>September 30,</B></FONT></TD>
<TD></TD></TR>
<TR>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" COLSPAN="18" ALIGN="center" STYLE="border-bottom:1px solid #000000"><FONT STYLE="font-family:Times New Roman" SIZE="1"><B>Years ended December&nbsp;31,</B></FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD></TR>
<TR>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" COLSPAN="2" ALIGN="center" STYLE="border-bottom:1px solid #000000"><FONT STYLE="font-family:Times New Roman" SIZE="1"><B>2011</B></FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" COLSPAN="2" ALIGN="center" STYLE="border-bottom:1px solid #000000"><FONT STYLE="font-family:Times New Roman" SIZE="1"><B>2010</B></FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" COLSPAN="2" ALIGN="center" STYLE="border-bottom:1px solid #000000"><FONT STYLE="font-family:Times New Roman" SIZE="1"><B>2009</B></FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" COLSPAN="2" ALIGN="center" STYLE="border-bottom:1px solid #000000"><FONT STYLE="font-family:Times New Roman" SIZE="1"><B>2008</B></FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" COLSPAN="2" ALIGN="center" STYLE="border-bottom:1px solid #000000"><FONT STYLE="font-family:Times New Roman" SIZE="1"><B>2007</B></FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD></TR>


<TR BGCOLOR="#cceeff">
<TD VALIGN="top"> <P STYLE="margin-left:1.00em; text-indent:-1.00em"><FONT STYLE="font-family:Times New Roman" SIZE="2"><B><U>Balance sheet data:</U></B></FONT></P></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD></TR>
<TR>
<TD HEIGHT="13"></TD>
<TD HEIGHT="13" COLSPAN="4"></TD>
<TD HEIGHT="13" COLSPAN="4"></TD>
<TD HEIGHT="13" COLSPAN="4"></TD>
<TD HEIGHT="13" COLSPAN="4"></TD>
<TD HEIGHT="13" COLSPAN="4"></TD></TR>
<TR>
<TD VALIGN="top"> <P STYLE="margin-left:1.00em; text-indent:-1.00em"><FONT STYLE="font-family:Times New Roman" SIZE="2">Real estate, net</FONT></P></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="2">$</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:Times New Roman" SIZE="2">1,171,513,000</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="2">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="2">$</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:Times New Roman" SIZE="2">1,132,313,000</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="2">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="2">$</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:Times New Roman" SIZE="2">1,146,939,000</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="2">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="2">$</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:Times New Roman" SIZE="2">1,045,046,000</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="2">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="2">$</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:Times New Roman" SIZE="2">946,659,000</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="2">&nbsp;&nbsp;</FONT></TD></TR>
<TR BGCOLOR="#cceeff">
<TD VALIGN="top"> <P STYLE="margin-left:1.00em; text-indent:-1.00em"><FONT STYLE="font-family:Times New Roman" SIZE="2">Real estate to be transferred to a joint venture</FONT></P></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="2">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:Times New Roman" SIZE="2">&#151;&nbsp;&nbsp;</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="2">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="2">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:Times New Roman" SIZE="2">&#151;&nbsp;&nbsp;</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="2">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="2">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:Times New Roman" SIZE="2">139,743,000</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="2">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="2">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:Times New Roman" SIZE="2">194,952,000</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="2">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="2">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:Times New Roman" SIZE="2">165,277,000</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="2">&nbsp;&nbsp;</FONT></TD></TR>
<TR>
<TD VALIGN="top"> <P STYLE="margin-left:1.00em; text-indent:-1.00em"><FONT STYLE="font-family:Times New Roman" SIZE="2">Real estate held for sale/conveyance</FONT></P></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="2">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:Times New Roman" SIZE="2">206,674,000</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="2">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="2">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:Times New Roman" SIZE="2">348,743,000</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="2">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="2">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:Times New Roman" SIZE="2">392,649,000</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="2">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="2">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:Times New Roman" SIZE="2">419,717,000</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="2">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="2">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:Times New Roman" SIZE="2">403,768,000</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="2">&nbsp;&nbsp;</FONT></TD></TR>
<TR BGCOLOR="#cceeff">
<TD VALIGN="top"> <P STYLE="margin-left:1.00em; text-indent:-1.00em"><FONT STYLE="font-family:Times New Roman" SIZE="2">Investment in unconsolidated joint ventures</FONT></P></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="2">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:Times New Roman" SIZE="2">44,743,000</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="2">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="2">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:Times New Roman" SIZE="2">52,466,000</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="2">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="2">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:Times New Roman" SIZE="2">14,113,000</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="2">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="2">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:Times New Roman" SIZE="2">4,976,000</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="2">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="2">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:Times New Roman" SIZE="2">3,757,000</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="2">&nbsp;&nbsp;</FONT></TD></TR>
<TR>
<TD VALIGN="top"> <P STYLE="margin-left:1.00em; text-indent:-1.00em"><FONT STYLE="font-family:Times New Roman" SIZE="2">Other assets</FONT></P></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="2">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:Times New Roman" SIZE="2">89,233,000</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="2">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="2">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:Times New Roman" SIZE="2">88,965,000</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="2">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="2">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:Times New Roman" SIZE="2">91,674,000</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="2">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="2">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:Times New Roman" SIZE="2">70,337,000</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="2">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="2">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:Times New Roman" SIZE="2">83,634,000</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="2">&nbsp;&nbsp;</FONT></TD></TR>
<TR STYLE="font-size:1px">
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"> <P STYLE="border-top:1px solid #000000">&nbsp;</P></TD>
<TD VALIGN="bottom"> <P STYLE="border-top:1px solid #000000">&nbsp;</P></TD>
<TD>&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom"> <P STYLE="border-top:1px solid #000000">&nbsp;</P></TD>
<TD VALIGN="bottom"> <P STYLE="border-top:1px solid #000000">&nbsp;</P></TD>
<TD>&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom"> <P STYLE="border-top:1px solid #000000">&nbsp;</P></TD>
<TD VALIGN="bottom"> <P STYLE="border-top:1px solid #000000">&nbsp;</P></TD>
<TD>&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom"> <P STYLE="border-top:1px solid #000000">&nbsp;</P></TD>
<TD VALIGN="bottom"> <P STYLE="border-top:1px solid #000000">&nbsp;</P></TD>
<TD>&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom"> <P STYLE="border-top:1px solid #000000">&nbsp;</P></TD>
<TD VALIGN="bottom"> <P STYLE="border-top:1px solid #000000">&nbsp;</P></TD>
<TD>&nbsp;</TD></TR>
<TR BGCOLOR="#cceeff">
<TD VALIGN="top"> <P STYLE="margin-left:1.00em; text-indent:-1.00em"><FONT STYLE="font-family:Times New Roman" SIZE="2">Total assets</FONT></P></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="2">$</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:Times New Roman" SIZE="2">1,512,163,000</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="2">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="2">$</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:Times New Roman" SIZE="2">1,622,487,000</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="2">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="2">$</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:Times New Roman" SIZE="2">1,785,118,000</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="2">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="2">$</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:Times New Roman" SIZE="2">1,735,028,000</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="2">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="2">$</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:Times New Roman" SIZE="2">1,603,095,000</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="2">&nbsp;&nbsp;</FONT></TD></TR>
<TR STYLE="font-size:1px">
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"> <P STYLE="border-top:3px double #000000">&nbsp;</P></TD>
<TD VALIGN="bottom"> <P STYLE="border-top:3px double #000000">&nbsp;</P></TD>
<TD>&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom"> <P STYLE="border-top:3px double #000000">&nbsp;</P></TD>
<TD VALIGN="bottom"> <P STYLE="border-top:3px double #000000">&nbsp;</P></TD>
<TD>&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom"> <P STYLE="border-top:3px double #000000">&nbsp;</P></TD>
<TD VALIGN="bottom"> <P STYLE="border-top:3px double #000000">&nbsp;</P></TD>
<TD>&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom"> <P STYLE="border-top:3px double #000000">&nbsp;</P></TD>
<TD VALIGN="bottom"> <P STYLE="border-top:3px double #000000">&nbsp;</P></TD>
<TD>&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom"> <P STYLE="border-top:3px double #000000">&nbsp;</P></TD>
<TD VALIGN="bottom"> <P STYLE="border-top:3px double #000000">&nbsp;</P></TD>
<TD>&nbsp;</TD></TR>
<TR>
<TD HEIGHT="13"></TD>
<TD HEIGHT="13" COLSPAN="4"></TD>
<TD HEIGHT="13" COLSPAN="4"></TD>
<TD HEIGHT="13" COLSPAN="4"></TD>
<TD HEIGHT="13" COLSPAN="4"></TD>
<TD HEIGHT="13" COLSPAN="4"></TD></TR>
<TR>
<TD VALIGN="top"> <P STYLE="margin-left:1.00em; text-indent:-1.00em"><FONT STYLE="font-family:Times New Roman" SIZE="2">Mortgages and loans payable</FONT></P></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="2">$</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:Times New Roman" SIZE="2">755,344,000</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="2">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="2">$</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:Times New Roman" SIZE="2">683,122,000</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="2">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="2">$</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:Times New Roman" SIZE="2">799,667,000</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="2">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="2">$</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:Times New Roman" SIZE="2">771,991,000</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="2">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="2">$</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:Times New Roman" SIZE="2">605,177,000</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="2">&nbsp;&nbsp;</FONT></TD></TR>
<TR BGCOLOR="#cceeff">
<TD VALIGN="top"> <P STYLE="margin-left:1.00em; text-indent:-1.00em"><FONT STYLE="font-family:Times New Roman" SIZE="2">Mortgage loans payable&#151;real estate to be transferred to a joint venture</FONT></P></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="2">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:Times New Roman" SIZE="2">&#151;&nbsp;&nbsp;</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="2">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="2">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:Times New Roman" SIZE="2">&#151;&nbsp;&nbsp;</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="2">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="2">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:Times New Roman" SIZE="2">94,018,000</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="2">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="2">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:Times New Roman" SIZE="2">77,307,000</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="2">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="2">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:Times New Roman" SIZE="2">70,458,000</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="2">&nbsp;&nbsp;</FONT></TD></TR>
<TR>
<TD VALIGN="top"> <P STYLE="margin-left:1.00em; text-indent:-1.00em"><FONT STYLE="font-family:Times New Roman" SIZE="2">Mortgage loans payable&#151;real estate held for sale/conveyance</FONT></P></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="2">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:Times New Roman" SIZE="2">122,604,000</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="2">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="2">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:Times New Roman" SIZE="2">156,991,000</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="2">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="2">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:Times New Roman" SIZE="2">158,762,000</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="2">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="2">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:Times New Roman" SIZE="2">164,175,000</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="2">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="2">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:Times New Roman" SIZE="2">175,879,000</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="2">&nbsp;&nbsp;</FONT></TD></TR>
<TR BGCOLOR="#cceeff">
<TD VALIGN="top"> <P STYLE="margin-left:1.00em; text-indent:-1.00em"><FONT STYLE="font-family:Times New Roman" SIZE="2">Other liabilities</FONT></P></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="2">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:Times New Roman" SIZE="2">73,827,000</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="2">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="2">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:Times New Roman" SIZE="2">76,850,000</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="2">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="2">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:Times New Roman" SIZE="2">106,269,000</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="2">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="2">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:Times New Roman" SIZE="2">116,361,000</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="2">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="2">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:Times New Roman" SIZE="2">105,654,000</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="2">&nbsp;&nbsp;</FONT></TD></TR>
<TR STYLE="font-size:1px">
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"> <P STYLE="border-top:1px solid #000000">&nbsp;</P></TD>
<TD VALIGN="bottom"> <P STYLE="border-top:1px solid #000000">&nbsp;</P></TD>
<TD>&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom"> <P STYLE="border-top:1px solid #000000">&nbsp;</P></TD>
<TD VALIGN="bottom"> <P STYLE="border-top:1px solid #000000">&nbsp;</P></TD>
<TD>&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom"> <P STYLE="border-top:1px solid #000000">&nbsp;</P></TD>
<TD VALIGN="bottom"> <P STYLE="border-top:1px solid #000000">&nbsp;</P></TD>
<TD>&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom"> <P STYLE="border-top:1px solid #000000">&nbsp;</P></TD>
<TD VALIGN="bottom"> <P STYLE="border-top:1px solid #000000">&nbsp;</P></TD>
<TD>&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom"> <P STYLE="border-top:1px solid #000000">&nbsp;</P></TD>
<TD VALIGN="bottom"> <P STYLE="border-top:1px solid #000000">&nbsp;</P></TD>
<TD>&nbsp;</TD></TR>
<TR>
<TD VALIGN="top"> <P STYLE="margin-left:1.00em; text-indent:-1.00em"><FONT STYLE="font-family:Times New Roman" SIZE="2">Total liabilities</FONT></P></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="2">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:Times New Roman" SIZE="2">951,775,000</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="2">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="2">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:Times New Roman" SIZE="2">916,963,000</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="2">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="2">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:Times New Roman" SIZE="2">1,158,716,000</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="2">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="2">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:Times New Roman" SIZE="2">1,129,834,000</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="2">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="2">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:Times New Roman" SIZE="2">957,168,000</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="2">&nbsp;&nbsp;</FONT></TD></TR>
<TR BGCOLOR="#cceeff">
<TD VALIGN="top"> <P STYLE="margin-left:1.00em; text-indent:-1.00em"><FONT STYLE="font-family:Times New Roman" SIZE="2">Noncontrolling interest&#151;limited partners&#146; mezzanine OP Units</FONT></P></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="2">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:Times New Roman" SIZE="2">4,616,000</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="2">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="2">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:Times New Roman" SIZE="2">7,053,000</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="2">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="2">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:Times New Roman" SIZE="2">12,638,000</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="2">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="2">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:Times New Roman" SIZE="2">14,257,000</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="2">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="2">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:Times New Roman" SIZE="2">15,570,000</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="2">&nbsp;&nbsp;</FONT></TD></TR>
<TR>
<TD VALIGN="top"> <P STYLE="margin-left:1.00em; text-indent:-1.00em"><FONT STYLE="font-family:Times New Roman" SIZE="2">Equity:</FONT></P></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD></TR>
<TR BGCOLOR="#cceeff">
<TD VALIGN="top"> <P STYLE="margin-left:3.00em; text-indent:-1.00em"><FONT STYLE="font-family:Times New Roman" SIZE="2">Cedar Realty Trust, Inc. shareholders&#146; equity</FONT></P></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="2">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:Times New Roman" SIZE="2">493,843,000</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="2">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="2">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:Times New Roman" SIZE="2">630,066,000</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="2">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="2">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:Times New Roman" SIZE="2">538,456,000</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="2">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="2">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:Times New Roman" SIZE="2">523,521,000</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="2">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="2">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:Times New Roman" SIZE="2">557,849,000</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="2">&nbsp;&nbsp;</FONT></TD></TR>
<TR>
<TD VALIGN="top"> <P STYLE="margin-left:3.00em; text-indent:-1.00em"><FONT STYLE="font-family:Times New Roman" SIZE="2">Noncontrolling interests</FONT></P></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="2">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:Times New Roman" SIZE="2">61,929,000</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="2">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="2">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:Times New Roman" SIZE="2">68,405,000</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="2">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="2">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:Times New Roman" SIZE="2">75,308,000</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="2">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="2">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:Times New Roman" SIZE="2">67,416,000</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="2">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="2">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:Times New Roman" SIZE="2">72,508,000</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="2">&nbsp;&nbsp;</FONT></TD></TR>
<TR STYLE="font-size:1px">
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"> <P STYLE="border-top:1px solid #000000">&nbsp;</P></TD>
<TD VALIGN="bottom"> <P STYLE="border-top:1px solid #000000">&nbsp;</P></TD>
<TD>&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom"> <P STYLE="border-top:1px solid #000000">&nbsp;</P></TD>
<TD VALIGN="bottom"> <P STYLE="border-top:1px solid #000000">&nbsp;</P></TD>
<TD>&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom"> <P STYLE="border-top:1px solid #000000">&nbsp;</P></TD>
<TD VALIGN="bottom"> <P STYLE="border-top:1px solid #000000">&nbsp;</P></TD>
<TD>&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom"> <P STYLE="border-top:1px solid #000000">&nbsp;</P></TD>
<TD VALIGN="bottom"> <P STYLE="border-top:1px solid #000000">&nbsp;</P></TD>
<TD>&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom"> <P STYLE="border-top:1px solid #000000">&nbsp;</P></TD>
<TD VALIGN="bottom"> <P STYLE="border-top:1px solid #000000">&nbsp;</P></TD>
<TD>&nbsp;</TD></TR>
<TR BGCOLOR="#cceeff">
<TD VALIGN="top"> <P STYLE="margin-left:3.00em; text-indent:-1.00em"><FONT STYLE="font-family:Times New Roman" SIZE="2">Total equity</FONT></P></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="2">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:Times New Roman" SIZE="2">555,772,000</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="2">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="2">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:Times New Roman" SIZE="2">698,471,000</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="2">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="2">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:Times New Roman" SIZE="2">613,764,000</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="2">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="2">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:Times New Roman" SIZE="2">590,937,000</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="2">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="2">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:Times New Roman" SIZE="2">630,357,000</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="2">&nbsp;&nbsp;</FONT></TD></TR>
<TR STYLE="font-size:1px">
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"> <P STYLE="border-top:1px solid #000000">&nbsp;</P></TD>
<TD VALIGN="bottom"> <P STYLE="border-top:1px solid #000000">&nbsp;</P></TD>
<TD>&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom"> <P STYLE="border-top:1px solid #000000">&nbsp;</P></TD>
<TD VALIGN="bottom"> <P STYLE="border-top:1px solid #000000">&nbsp;</P></TD>
<TD>&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom"> <P STYLE="border-top:1px solid #000000">&nbsp;</P></TD>
<TD VALIGN="bottom"> <P STYLE="border-top:1px solid #000000">&nbsp;</P></TD>
<TD>&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom"> <P STYLE="border-top:1px solid #000000">&nbsp;</P></TD>
<TD VALIGN="bottom"> <P STYLE="border-top:1px solid #000000">&nbsp;</P></TD>
<TD>&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom"> <P STYLE="border-top:1px solid #000000">&nbsp;</P></TD>
<TD VALIGN="bottom"> <P STYLE="border-top:1px solid #000000">&nbsp;</P></TD>
<TD>&nbsp;</TD></TR>
<TR>
<TD VALIGN="top"> <P STYLE="margin-left:1.00em; text-indent:-1.00em"><FONT STYLE="font-family:Times New Roman" SIZE="2">Total liabilities and equity</FONT></P></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="2">$</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:Times New Roman" SIZE="2">1,512,163,000</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="2">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="2">$</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:Times New Roman" SIZE="2">1,622,487,000</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="2">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="2">$</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:Times New Roman" SIZE="2">1,785,118,000</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="2">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="2">$</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:Times New Roman" SIZE="2">1,735,028,000</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="2">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="2">$</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:Times New Roman" SIZE="2">1,603,095,000</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="2">&nbsp;&nbsp;</FONT></TD></TR>
<TR STYLE="font-size:1px">
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"> <P STYLE="border-top:3px double #000000">&nbsp;</P></TD>
<TD VALIGN="bottom"> <P STYLE="border-top:3px double #000000">&nbsp;</P></TD>
<TD>&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom"> <P STYLE="border-top:3px double #000000">&nbsp;</P></TD>
<TD VALIGN="bottom"> <P STYLE="border-top:3px double #000000">&nbsp;</P></TD>
<TD>&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom"> <P STYLE="border-top:3px double #000000">&nbsp;</P></TD>
<TD VALIGN="bottom"> <P STYLE="border-top:3px double #000000">&nbsp;</P></TD>
<TD>&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom"> <P STYLE="border-top:3px double #000000">&nbsp;</P></TD>
<TD VALIGN="bottom"> <P STYLE="border-top:3px double #000000">&nbsp;</P></TD>
<TD>&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom"> <P STYLE="border-top:3px double #000000">&nbsp;</P></TD>
<TD VALIGN="bottom"> <P STYLE="border-top:3px double #000000">&nbsp;</P></TD>
<TD>&nbsp;</TD></TR>
<TR>
<TD HEIGHT="13"></TD>
<TD HEIGHT="13" COLSPAN="4"></TD>
<TD HEIGHT="13" COLSPAN="4"></TD>
<TD HEIGHT="13" COLSPAN="4"></TD>
<TD HEIGHT="13" COLSPAN="4"></TD>
<TD HEIGHT="13" COLSPAN="4"></TD></TR>
<TR BGCOLOR="#cceeff">
<TD VALIGN="top" NOWRAP> <P STYLE="margin-left:1.00em; text-indent:-1.00em"><FONT STYLE="font-family:Times New Roman" SIZE="2"><B><U>Weighted average number of common shares:</U></B></FONT></P></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD></TR>
<TR>
<TD VALIGN="top"> <P STYLE="margin-left:1.00em; text-indent:-1.00em"><FONT STYLE="font-family:Times New Roman" SIZE="2">Basic earnings per share</FONT></P></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="2">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:Times New Roman" SIZE="2">66,387,000</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="2">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="2">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:Times New Roman" SIZE="2">63,843,000</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="2">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="2">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:Times New Roman" SIZE="2">46,234,000</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="2">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="2">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:Times New Roman" SIZE="2">44,475,000</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="2">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="2">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:Times New Roman" SIZE="2">44,193,000</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="2">&nbsp;&nbsp;</FONT></TD></TR>
<TR STYLE="font-size:1px">
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"> <P STYLE="border-top:3px double #000000">&nbsp;</P></TD>
<TD VALIGN="bottom"> <P STYLE="border-top:3px double #000000">&nbsp;</P></TD>
<TD>&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom"> <P STYLE="border-top:3px double #000000">&nbsp;</P></TD>
<TD VALIGN="bottom"> <P STYLE="border-top:3px double #000000">&nbsp;</P></TD>
<TD>&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom"> <P STYLE="border-top:3px double #000000">&nbsp;</P></TD>
<TD VALIGN="bottom"> <P STYLE="border-top:3px double #000000">&nbsp;</P></TD>
<TD>&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom"> <P STYLE="border-top:3px double #000000">&nbsp;</P></TD>
<TD VALIGN="bottom"> <P STYLE="border-top:3px double #000000">&nbsp;</P></TD>
<TD>&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom"> <P STYLE="border-top:3px double #000000">&nbsp;</P></TD>
<TD VALIGN="bottom"> <P STYLE="border-top:3px double #000000">&nbsp;</P></TD>
<TD>&nbsp;</TD></TR>
<TR BGCOLOR="#cceeff">
<TD VALIGN="top"> <P STYLE="margin-left:1.00em; text-indent:-1.00em"><FONT STYLE="font-family:Times New Roman" SIZE="2">Diluted earnings per share</FONT></P></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="2">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:Times New Roman" SIZE="2">66,387,000</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="2">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="2">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:Times New Roman" SIZE="2">63,862,000</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="2">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="2">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:Times New Roman" SIZE="2">46,234,000</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="2">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="2">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:Times New Roman" SIZE="2">44,475,000</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="2">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="2">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:Times New Roman" SIZE="2">44,197,000</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="2">&nbsp;&nbsp;</FONT></TD></TR>
<TR STYLE="font-size:1px">
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"> <P STYLE="border-top:3px double #000000">&nbsp;</P></TD>
<TD VALIGN="bottom"> <P STYLE="border-top:3px double #000000">&nbsp;</P></TD>
<TD>&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom"> <P STYLE="border-top:3px double #000000">&nbsp;</P></TD>
<TD VALIGN="bottom"> <P STYLE="border-top:3px double #000000">&nbsp;</P></TD>
<TD>&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom"> <P STYLE="border-top:3px double #000000">&nbsp;</P></TD>
<TD VALIGN="bottom"> <P STYLE="border-top:3px double #000000">&nbsp;</P></TD>
<TD>&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom"> <P STYLE="border-top:3px double #000000">&nbsp;</P></TD>
<TD VALIGN="bottom"> <P STYLE="border-top:3px double #000000">&nbsp;</P></TD>
<TD>&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom"> <P STYLE="border-top:3px double #000000">&nbsp;</P></TD>
<TD VALIGN="bottom"> <P STYLE="border-top:3px double #000000">&nbsp;</P></TD>
<TD>&nbsp;</TD></TR>
<TR>
<TD HEIGHT="13"></TD>
<TD HEIGHT="13" COLSPAN="4"></TD>
<TD HEIGHT="13" COLSPAN="4"></TD>
<TD HEIGHT="13" COLSPAN="4"></TD>
<TD HEIGHT="13" COLSPAN="4"></TD>
<TD HEIGHT="13" COLSPAN="4"></TD></TR>
<TR>
<TD VALIGN="top"> <P STYLE="margin-left:1.00em; text-indent:-1.00em"><FONT STYLE="font-family:Times New Roman" SIZE="2"><B><U>Other data:</U></B></FONT></P></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD></TR>
<TR BGCOLOR="#cceeff">
<TD VALIGN="top"> <P STYLE="margin-left:1.00em; text-indent:-1.00em"><FONT STYLE="font-family:Times New Roman" SIZE="2">Funds From Operations (&#147;FFO&#148;) (b)</FONT></P></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="2">$</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:Times New Roman" SIZE="2">26,717,000</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="2">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="2">$</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:Times New Roman" SIZE="2">29,510,000</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="2">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="2">$</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:Times New Roman" SIZE="2">51,776,000</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="2">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="2">$</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:Times New Roman" SIZE="2">56,859,000</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="2">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="2">$</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:Times New Roman" SIZE="2">56,190,000</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="2">&nbsp;&nbsp;</FONT></TD></TR>
<TR>
<TD HEIGHT="13"></TD>
<TD HEIGHT="13" COLSPAN="4"></TD>
<TD HEIGHT="13" COLSPAN="4"></TD>
<TD HEIGHT="13" COLSPAN="4"></TD>
<TD HEIGHT="13" COLSPAN="4"></TD>
<TD HEIGHT="13" COLSPAN="4"></TD></TR>
<TR>
<TD VALIGN="top"> <P STYLE="margin-left:1.00em; text-indent:-1.00em"><FONT STYLE="font-family:Times New Roman" SIZE="2">Cash flows provided by (used in):</FONT></P></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD></TR>
<TR BGCOLOR="#cceeff">
<TD VALIGN="top"> <P STYLE="margin-left:3.00em; text-indent:-1.00em"><FONT STYLE="font-family:Times New Roman" SIZE="2">Operating activities</FONT></P></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="2">$</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:Times New Roman" SIZE="2">39,246,000</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="2">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="2">$</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:Times New Roman" SIZE="2">41,702,000</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="2">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="2">$</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:Times New Roman" SIZE="2">51,942,000</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="2">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="2">$</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:Times New Roman" SIZE="2">60,815,000</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="2">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="2">$</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:Times New Roman" SIZE="2">53,503,000</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="2">&nbsp;&nbsp;</FONT></TD></TR>
<TR>
<TD VALIGN="top"> <P STYLE="margin-left:3.00em; text-indent:-1.00em"><FONT STYLE="font-family:Times New Roman" SIZE="2">Investing activities</FONT></P></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="2">$</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:Times New Roman" SIZE="2">(64,241,000</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="2">)&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="2">$</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:Times New Roman" SIZE="2">(29,834,000</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="2">)&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="2">$</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:Times New Roman" SIZE="2">(70,026,000</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="2">)&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="2">$</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:Times New Roman" SIZE="2">(151,390,000</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="2">)&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="2">$</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:Times New Roman" SIZE="2">(192,432,000</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="2">)&nbsp;</FONT></TD></TR>
<TR BGCOLOR="#cceeff">
<TD VALIGN="top"> <P STYLE="margin-left:3.00em; text-indent:-1.00em"><FONT STYLE="font-family:Times New Roman" SIZE="2">Financing activities</FONT></P></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="2">$</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:Times New Roman" SIZE="2">22,899,000</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="2">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="2">$</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:Times New Roman" SIZE="2">(14,866,000</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="2">)&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="2">$</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:Times New Roman" SIZE="2">27,017,000</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="2">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="2">$</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:Times New Roman" SIZE="2">75,517,000</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="2">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="2">$</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:Times New Roman" SIZE="2">143,735,000</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="2">&nbsp;&nbsp;</FONT></TD></TR>
<TR>
<TD HEIGHT="13"></TD>
<TD HEIGHT="13" COLSPAN="4"></TD>
<TD HEIGHT="13" COLSPAN="4"></TD>
<TD HEIGHT="13" COLSPAN="4"></TD>
<TD HEIGHT="13" COLSPAN="4"></TD>
<TD HEIGHT="13" COLSPAN="4"></TD></TR>
<TR>
<TD VALIGN="top"> <P STYLE="margin-left:1.00em; text-indent:-1.00em"><FONT STYLE="font-family:Times New Roman" SIZE="2">Square feet of GLA</FONT></P></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="2">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:Times New Roman" SIZE="2">9,593,000</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="2">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="2">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:Times New Roman" SIZE="2">9,015,000</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="2">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="2">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:Times New Roman" SIZE="2">8,809,000</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="2">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="2">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:Times New Roman" SIZE="2">7,853,000</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="2">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="2">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:Times New Roman" SIZE="2">7,698,000</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="2">&nbsp;&nbsp;</FONT></TD></TR>
<TR BGCOLOR="#cceeff">
<TD VALIGN="top"> <P STYLE="margin-left:1.00em; text-indent:-1.00em"><FONT STYLE="font-family:Times New Roman" SIZE="2">Percent leased</FONT></P></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="2">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:Times New Roman" SIZE="2">92</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="2">%&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="2">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:Times New Roman" SIZE="2">90</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="2">%&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="2">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:Times New Roman" SIZE="2">91</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="2">%&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="2">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:Times New Roman" SIZE="2">92</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="2">%&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="2">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:Times New Roman" SIZE="2">92</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="2">%&nbsp;</FONT></TD></TR>
<TR>
<TD VALIGN="top"> <P STYLE="margin-left:1.00em; text-indent:-1.00em"><FONT STYLE="font-family:Times New Roman" SIZE="2">Average annualized base rent per leased square foot</FONT></P></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="2">$</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:Times New Roman" SIZE="2">11.54</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="2">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="2">$</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:Times New Roman" SIZE="2">11.34</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="2">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="2">$</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:Times New Roman" SIZE="2">10.92</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="2">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="2">$</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:Times New Roman" SIZE="2">10.68</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="2">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="2">$</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:Times New Roman" SIZE="2">10.47</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="2">&nbsp;&nbsp;</FONT></TD></TR>
</TABLE> <P STYLE="line-height:8px;margin-top:0px;margin-bottom:2px;border-bottom:0.5pt solid #000000;width:10%">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR>
<TD WIDTH="4%" VALIGN="top" ALIGN="left"><FONT STYLE="font-family:Times New Roman" SIZE="2">(a)</FONT></TD>
<TD ALIGN="left" VALIGN="top"> <P ALIGN="justify"><FONT STYLE="font-family:Times New Roman" SIZE="2">The data presented reflect certain reclassifications of prior period amounts to conform to the 2011 presentation, principally to reflect the sale
and/or treatment as &#147;held for sale/conveyance&#148; of certain operating properties and the treatment thereof as &#147;discontinued operations&#148;. The reclassifications had no impact on the previously-reported net income attributable to
common shareholders or earnings per share. </FONT></P></TD></TR></TABLE> <P STYLE="font-size:10px;margin-top:0px;margin-bottom:0px">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR>
<TD WIDTH="4%" VALIGN="top" ALIGN="left"><FONT STYLE="font-family:Times New Roman" SIZE="2">(b)</FONT></TD>
<TD ALIGN="left" VALIGN="top"> <P ALIGN="justify"><FONT STYLE="font-family:Times New Roman" SIZE="2">See Item&nbsp;7&#151;&#147;Management&#146;s Discussion and Analysis of Financial Condition and Results of Operations&#148; for a reconciliation of
FFO to net (loss) attributable to common shareholders. FFO has been restated for prior years based on a recent NAREIT clarification with respect to the computation of FFO. </FONT></P></TD></TR></TABLE>
 <p STYLE="margin-top:0px;margin-bottom:0px"><FONT SIZE="1">&nbsp;</FONT></P> <P STYLE="margin-top:0px;margin-bottom:0px" ALIGN="center"><FONT STYLE="font-family:Times New Roman" SIZE="2">32 </FONT></P>



<p Style='page-break-before:always'>
<HR  SIZE="3" style="COLOR:#999999" WIDTH="100%" ALIGN="CENTER">
<h5 align="left"><a href="#toc">Table of Contents</a></h5>



<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR>
<TD WIDTH="9%" VALIGN="top" ALIGN="left"><FONT STYLE="font-family:Times New Roman" SIZE="2"><B><A NAME="tx308892_10"></A>Item&nbsp;7.</B></FONT></TD>
<TD ALIGN="left" VALIGN="top"><FONT STYLE="font-family:Times New Roman" SIZE="2"><B>Management&#146;s Discussion and Analysis of Financial Condition and Results of Operations </B></FONT></TD></TR></TABLE>
<P STYLE="margin-top:10px;margin-bottom:0px; text-indent:4%" ALIGN="justify"><FONT STYLE="font-family:Times New Roman" SIZE="2">The following discussion should be read in conjunction with the Company&#146;s consolidated financial statements and
related notes thereto included elsewhere in this report. </FONT></P> <P STYLE="margin-top:10px;margin-bottom:0px"><FONT STYLE="font-family:Times New Roman" SIZE="2"><B>Executive Summary </B></FONT></P>
<P STYLE="margin-top:10px;margin-bottom:0px; text-indent:4%" ALIGN="justify"><FONT STYLE="font-family:Times New Roman" SIZE="2">The Company is a fully-integrated real estate investment trust which currently focuses primarily on ownership and
operation of supermarket-anchored shopping centers straddling the Washington DC to Boston corridor. At December&nbsp;31, 2011, the Company owned and managed a portfolio of 70 operating properties (excluding properties &#147;held for
sale/conveyance&#148;) totaling approximately 9.6&nbsp;million square feet of GLA. In addition, the Company has an ownership interest in 22 operating properties, with approximately 3.7&nbsp;million square feet of GLA, through its Cedar/RioCan joint
venture in which the Company has a 20% interest. The entire managed portfolio, including the Cedar/RioCan properties, was approximately 93.1% leased at December&nbsp;31, 2011. </FONT></P>
<P STYLE="margin-top:10px;margin-bottom:0px; text-indent:4%" ALIGN="justify"><FONT STYLE="font-family:Times New Roman" SIZE="2">During 2011, in keeping with its stated goal of reducing overall leverage to an appropriate level by selling non-core and
limited growth potential assets, the Company determined (1)&nbsp;to completely exit the Ohio market, principally the Discount Drug Mart portfolio of drugstore/convenience centers, and concentrate on the mid-Atlantic and Northeast coastal regions
(four properties &#147;held for sale&#148; as of December&nbsp;31, 2011), (2)&nbsp;to concentrate on grocery-anchored strip centers, by disposing of its mall and single-tenant/triple-net-lease properties (11 properties &#147;held for sale&#148; as
of December&nbsp;31, 2011), and (3)&nbsp;to focus on improving operations and performance at the Company&#146;s remaining properties, and to reduce development activities, by disposing of certain development projects, land acquired for development,
and other non-core assets (five properties &#147;held for sale/conveyance&#148; as of December&nbsp;31, 2011). In addition, discontinued operations reflect the anticipated consummation of the Homburg joint venture buy/sell transactions (seven
properties &#147;held for sale&#148; as of December&nbsp;31, 2011). </FONT></P> <P STYLE="margin-top:10px;margin-bottom:0px; text-indent:4%" ALIGN="justify"><FONT STYLE="font-family:Times New Roman" SIZE="2">The Company, organized as a Maryland
corporation, has established an umbrella partnership structure through the contribution of substantially all of its assets to the Operating Partnership, organized as a limited partnership under the laws of Delaware. The Company conducts
substantially all of its business through the Operating Partnership. At December&nbsp;31, 2011, the Company owned 98.0% of the Operating Partnership and is its sole general partner. The approximately 1.4&nbsp;million OP Units are economically
equivalent to the Company&#146;s common stock and are convertible into the Company&#146;s common stock at the option of the holders on a one-to-one basis. </FONT></P> <P STYLE="margin-top:10px;margin-bottom:0px; text-indent:4%" ALIGN="justify"><FONT
STYLE="font-family:Times New Roman" SIZE="2">The Company derives substantially all of its revenues from rents and operating expense reimbursements received pursuant to long-term leases. The Company&#146;s operating results therefore depend on the
ability of its tenants to make the payments required by the terms of their leases. The Company focuses its investment activities on supermarket-anchored community shopping centers. The Company believes that, because of the need of consumers to
purchase food and other staple goods and services generally available at such centers, its type of &#147;necessities-based&#148; properties should provide relatively stable revenue flows even during difficult economic times. </FONT></P>
 <p STYLE="margin-top:0px;margin-bottom:0px"><FONT SIZE="1">&nbsp;</FONT></P> <P STYLE="margin-top:0px;margin-bottom:0px" ALIGN="center"><FONT STYLE="font-family:Times New Roman" SIZE="2">33 </FONT></P>



<p Style='page-break-before:always'>
<HR  SIZE="3" style="COLOR:#999999" WIDTH="100%" ALIGN="CENTER">
<h5 align="left"><a href="#toc">Table of Contents</a></h5>


 <P STYLE="margin-top:0px;margin-bottom:0px; text-indent:4%" ALIGN="justify"><FONT STYLE="font-family:Times New Roman" SIZE="2">The Cedar/RioCan joint venture has acquired primarily stabilized
supermarket-anchored properties in the Company&#146;s primary market areas. The Company believes it gains additional benefits with tenants and vendors by having an interest in managing these additional properties within its primary markets.
</FONT></P> <P STYLE="margin-top:10px;margin-bottom:0px"><FONT STYLE="font-family:Times New Roman" SIZE="2"><B><I>Significant Transactions </I></B></FONT></P> <P STYLE="margin-top:10px;margin-bottom:0px; text-indent:4%" ALIGN="justify"><FONT
STYLE="font-family:Times New Roman" SIZE="2">On January&nbsp;26, 2012, the Company entered into a $300 million secured credit facility (the &#147;Credit Facility&#148;). The Credit Facility amends, restates and consolidates the Company&#146;s prior
$185 million stabilized property revolving credit facility ($74,035,000 outstanding at December&nbsp;31, 2011, bearing interest at 5.5%&nbsp;per annum) and its $150 million development property credit facility ($92,282,000 outstanding at
December&nbsp;31, 2011, bearing interest at 2.5%&nbsp;per annum) that were due to expire on January&nbsp;31, 2012 and June&nbsp;13, 2012, respectively. In anticipation of the new Credit Facility, the Company determined to forego its one-year
extension option applicable to the stabilized property credit revolving facility. </FONT></P>
 <p STYLE="margin-top:0px;margin-bottom:0px"><FONT SIZE="1">&nbsp;</FONT></P> <P STYLE="margin-top:0px;margin-bottom:0px" ALIGN="center"><FONT STYLE="font-family:Times New Roman" SIZE="2">34 </FONT></P>



<p Style='page-break-before:always'>
<HR  SIZE="3" style="COLOR:#999999" WIDTH="100%" ALIGN="CENTER">
<h5 align="left"><a href="#toc">Table of Contents</a></h5>


 <P STYLE="margin-top:0px;margin-bottom:0px; text-indent:4%" ALIGN="justify"><FONT STYLE="font-family:Times New Roman" SIZE="2">The table below details 2011 acquisitions and dispositions: </FONT></P>
<P STYLE="margin-top:10px;margin-bottom:0px"><FONT STYLE="font-family:Times New Roman" SIZE="2"><B><I><U>Acquisitions</U> </I></B></FONT></P> <P STYLE="font-size:10px;margin-top:0px;margin-bottom:0px">&nbsp;</P>
<TABLE CELLSPACING="0" CELLPADDING="0" WIDTH="100%" BORDER="0" STYLE="BORDER-COLLAPSE:COLLAPSE" ALIGN="center">


<TR STYLE="visibility:hidden; line-height:0pt; color:white">
<TD WIDTH="85%"></TD>
<TD VALIGN="bottom" WIDTH="1%"></TD>
<TD nowrap><FONT STYLE="Times New Roman" SIZE="1"><B>September 30,</B></FONT></TD>
<TD VALIGN="bottom" WIDTH="1%"></TD>
<TD></TD>
<TD nowrap><FONT STYLE="Times New Roman" SIZE="1"><B>September 30,</B></FONT></TD>
<TD></TD>
<TD VALIGN="bottom" WIDTH="1%"></TD>
<TD></TD>
<TD nowrap><FONT STYLE="Times New Roman" SIZE="1"><B>September 30,</B></FONT></TD>
<TD></TD>
<TD VALIGN="bottom" WIDTH="1%"></TD>
<TD></TD>
<TD nowrap><FONT STYLE="Times New Roman" SIZE="1"><B>September 30,</B></FONT></TD>
<TD></TD></TR>
<TR>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" COLSPAN="2" ALIGN="center"><FONT STYLE="font-family:Times New Roman" SIZE="1"><B>GLA /</B></FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" COLSPAN="2" ALIGN="center"><FONT STYLE="font-family:Times New Roman" SIZE="1"><B>Date</B></FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" COLSPAN="2" ALIGN="center"><FONT STYLE="font-family:Times New Roman" SIZE="1"><B>Purchase</B></FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD></TR>
<TR>
<TD VALIGN="bottom" NOWRAP> <P STYLE="border-bottom:1px solid #000000;width:30pt"><FONT STYLE="font-family:Times New Roman" SIZE="1"><B>Property</B></FONT></P></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="center" STYLE="border-bottom:1px solid #000000"><FONT STYLE="font-family:Times New Roman" SIZE="1"><B>Location</B></FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" COLSPAN="2" ALIGN="center" STYLE="border-bottom:1px solid #000000"><FONT STYLE="font-family:Times New Roman" SIZE="1"><B>Acreage</B></FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" COLSPAN="2" ALIGN="center" STYLE="border-bottom:1px solid #000000"><FONT STYLE="font-family:Times New Roman" SIZE="1"><B>Acquired</B></FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" COLSPAN="2" ALIGN="center" STYLE="border-bottom:1px solid #000000"><FONT STYLE="font-family:Times New Roman" SIZE="1"><B>Price</B></FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD></TR>


<TR>
<TD HEIGHT="13"></TD>
<TD HEIGHT="13" COLSPAN="2"></TD>
<TD HEIGHT="13" COLSPAN="4"></TD>
<TD HEIGHT="13" COLSPAN="4"></TD>
<TD HEIGHT="13" COLSPAN="4"></TD></TR>
<TR BGCOLOR="#cceeff">
<TD VALIGN="top"> <P STYLE="margin-left:1.00em; text-indent:-1.00em"><FONT STYLE="font-family:Times New Roman" SIZE="2"><B><U>Consolidated</U></B></FONT></P></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD></TR>
<TR>
<TD HEIGHT="13"></TD>
<TD HEIGHT="13" COLSPAN="2"></TD>
<TD HEIGHT="13" COLSPAN="4"></TD>
<TD HEIGHT="13" COLSPAN="4"></TD>
<TD HEIGHT="13" COLSPAN="4"></TD></TR>
<TR>
<TD VALIGN="top"> <P STYLE="margin-left:1.00em; text-indent:-1.00em"><FONT STYLE="font-family:Times New Roman" SIZE="2">Colonial Commons</FONT></P></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="2">Lower&nbsp;Paxton&nbsp;Township,&nbsp;PA</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="2">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:Times New Roman" SIZE="2">474,765</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="2">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="2">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:Times New Roman" SIZE="2">1/14/2011</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="2">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="2">$</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:Times New Roman" SIZE="2">49,100,000</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="2">&nbsp;&nbsp;</FONT></TD></TR>
<TR>
<TD HEIGHT="13"></TD>
<TD HEIGHT="13" COLSPAN="2"></TD>
<TD HEIGHT="13" COLSPAN="4"></TD>
<TD HEIGHT="13" COLSPAN="4"></TD>
<TD HEIGHT="13" COLSPAN="4"></TD></TR>
<TR BGCOLOR="#cceeff">
<TD VALIGN="top"> <P STYLE="margin-left:1.00em; text-indent:-1.00em"><FONT STYLE="font-family:Times New Roman" SIZE="2"><B><U>Unconsolidated Cedar/RioCan Joint Venture</U></B></FONT></P></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD></TR>
<TR>
<TD HEIGHT="13"></TD>
<TD HEIGHT="13" COLSPAN="2"></TD>
<TD HEIGHT="13" COLSPAN="4"></TD>
<TD HEIGHT="13" COLSPAN="4"></TD>
<TD HEIGHT="13" COLSPAN="4"></TD></TR>
<TR>
<TD VALIGN="top"> <P STYLE="margin-left:1.00em; text-indent:-1.00em"><FONT STYLE="font-family:Times New Roman" SIZE="2">Northwoods Crossing</FONT></P></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="2">Taunton, MA</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="2">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:Times New Roman" SIZE="2">159,562</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="2">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="2">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:Times New Roman" SIZE="2">4/15/2011</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="2">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="2">$</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:Times New Roman" SIZE="2">23,400,000</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="2">&nbsp;&nbsp;</FONT></TD></TR>
</TABLE> <P STYLE="margin-top:10px;margin-bottom:0px"><FONT STYLE="font-family:Times New Roman" SIZE="2"><B><I><U>Dispositions</U> </I></B></FONT></P> <P STYLE="font-size:10px;margin-top:0px;margin-bottom:0px">&nbsp;</P>
<TABLE CELLSPACING="0" CELLPADDING="0" WIDTH="100%" BORDER="0" STYLE="BORDER-COLLAPSE:COLLAPSE" ALIGN="center">


<TR STYLE="visibility:hidden; line-height:0pt; color:white">
<TD WIDTH="91%"></TD>
<TD VALIGN="bottom" WIDTH="1%"></TD>
<TD nowrap><FONT STYLE="Times New Roman" SIZE="1"><B>September 30,</B></FONT></TD>
<TD VALIGN="bottom" WIDTH="1%"></TD>
<TD></TD>
<TD nowrap><FONT STYLE="Times New Roman" SIZE="1"><B>September 30,</B></FONT></TD>
<TD></TD>
<TD VALIGN="bottom" WIDTH="1%"></TD>
<TD></TD>
<TD nowrap><FONT STYLE="Times New Roman" SIZE="1"><B>September 30,</B></FONT></TD>
<TD></TD>
<TD VALIGN="bottom" WIDTH="1%"></TD>
<TD></TD>
<TD nowrap><FONT STYLE="Times New Roman" SIZE="1"><B>September 30,</B></FONT></TD>
<TD></TD></TR>
<TR>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" COLSPAN="2" ALIGN="center"><FONT STYLE="font-family:Times New Roman" SIZE="1"><B>GLA/</B></FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" COLSPAN="2" ALIGN="center"><FONT STYLE="font-family:Times New Roman" SIZE="1"><B>Date</B></FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" COLSPAN="2" ALIGN="center"><FONT STYLE="font-family:Times New Roman" SIZE="1"><B>Sales</B></FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD></TR>
<TR>
<TD VALIGN="bottom" NOWRAP> <P STYLE="border-bottom:1px solid #000000;width:30pt"><FONT STYLE="font-family:Times New Roman" SIZE="1"><B>Property</B></FONT></P></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="center" STYLE="border-bottom:1px solid #000000"><FONT STYLE="font-family:Times New Roman" SIZE="1"><B>Location</B></FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" COLSPAN="2" ALIGN="center" STYLE="border-bottom:1px solid #000000"><FONT STYLE="font-family:Times New Roman" SIZE="1"><B>Acreage</B></FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" COLSPAN="2" ALIGN="center" STYLE="border-bottom:1px solid #000000"><FONT STYLE="font-family:Times New Roman" SIZE="1"><B>Sold</B></FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" COLSPAN="2" ALIGN="center" STYLE="border-bottom:1px solid #000000"><FONT STYLE="font-family:Times New Roman" SIZE="1"><B>Price</B></FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD></TR>


<TR>
<TD HEIGHT="13"></TD>
<TD HEIGHT="13" COLSPAN="2"></TD>
<TD HEIGHT="13" COLSPAN="4"></TD>
<TD HEIGHT="13" COLSPAN="4"></TD>
<TD HEIGHT="13" COLSPAN="4"></TD></TR>
<TR BGCOLOR="#cceeff">
<TD VALIGN="top"> <P STYLE="margin-left:1.00em; text-indent:-1.00em"><FONT STYLE="font-family:Times New Roman" SIZE="2"><B><U>Consolidated</U></B></FONT></P></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD></TR>
<TR>
<TD HEIGHT="13"></TD>
<TD HEIGHT="13" COLSPAN="2"></TD>
<TD HEIGHT="13" COLSPAN="4"></TD>
<TD HEIGHT="13" COLSPAN="4"></TD>
<TD HEIGHT="13" COLSPAN="4"></TD></TR>
<TR>
<TD VALIGN="top"> <P STYLE="margin-left:1.00em; text-indent:-1.00em"><FONT STYLE="font-family:Times New Roman" SIZE="2">Bergstrasse Land</FONT></P></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" NOWRAP><FONT STYLE="font-family:Times New Roman" SIZE="2">Ephrata, PA</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="2">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:Times New Roman" SIZE="2">7.7&nbsp;acres</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="2">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="2">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:Times New Roman" SIZE="2">2/14/2011</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="2">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="2">$</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:Times New Roman" SIZE="2">1,900,000</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="2">&nbsp;&nbsp;</FONT></TD></TR>
<TR>
<TD HEIGHT="13"></TD>
<TD HEIGHT="13" COLSPAN="2"></TD>
<TD HEIGHT="13" COLSPAN="4"></TD>
<TD HEIGHT="13" COLSPAN="4"></TD>
<TD HEIGHT="13" COLSPAN="4"></TD></TR>
<TR BGCOLOR="#cceeff">
<TD VALIGN="top"> <P STYLE="margin-left:1.00em; text-indent:-1.00em"><FONT STYLE="font-family:Times New Roman" SIZE="2">Enon Discount Drug Mart Plaza</FONT></P></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" NOWRAP><FONT STYLE="font-family:Times New Roman" SIZE="2">Enon, OH</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="2">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:Times New Roman" SIZE="2">42,876</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="2">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="2">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:Times New Roman" SIZE="2">3/30/2011</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="2">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="2">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:Times New Roman" SIZE="2">2,125,000</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="2">&nbsp;&nbsp;</FONT></TD></TR>
<TR>
<TD HEIGHT="13"></TD>
<TD HEIGHT="13" COLSPAN="2"></TD>
<TD HEIGHT="13" COLSPAN="4"></TD>
<TD HEIGHT="13" COLSPAN="4"></TD>
<TD HEIGHT="13" COLSPAN="4"></TD></TR>
<TR>
<TD VALIGN="top"> <P STYLE="margin-left:1.00em; text-indent:-1.00em"><FONT STYLE="font-family:Times New Roman" SIZE="2">Hills&nbsp;&amp; Dales Discount Drug Mart Plaza</FONT></P></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" NOWRAP><FONT STYLE="font-family:Times New Roman" SIZE="2">Canton, OH</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="2">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:Times New Roman" SIZE="2">33,553</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="2">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="2">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:Times New Roman" SIZE="2">3/30/2011</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="2">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="2">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:Times New Roman" SIZE="2">1,907,000</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="2">&nbsp;&nbsp;</FONT></TD></TR>
<TR>
<TD HEIGHT="13"></TD>
<TD HEIGHT="13" COLSPAN="2"></TD>
<TD HEIGHT="13" COLSPAN="4"></TD>
<TD HEIGHT="13" COLSPAN="4"></TD>
<TD HEIGHT="13" COLSPAN="4"></TD></TR>
<TR BGCOLOR="#cceeff">
<TD VALIGN="top"> <P STYLE="margin-left:1.00em; text-indent:-1.00em"><FONT STYLE="font-family:Times New Roman" SIZE="2">Fairfield Plaza</FONT></P></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" NOWRAP><FONT STYLE="font-family:Times New Roman" SIZE="2">Fairfield, CT</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="2">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:Times New Roman" SIZE="2">72,279</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="2">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="2">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:Times New Roman" SIZE="2">4/15/2011</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="2">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="2">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:Times New Roman" SIZE="2">10,840,000</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="2">&nbsp;&nbsp;</FONT></TD></TR>
<TR>
<TD HEIGHT="13"></TD>
<TD HEIGHT="13" COLSPAN="2"></TD>
<TD HEIGHT="13" COLSPAN="4"></TD>
<TD HEIGHT="13" COLSPAN="4"></TD>
<TD HEIGHT="13" COLSPAN="4"></TD></TR>
<TR>
<TD VALIGN="top"> <P STYLE="margin-left:1.00em; text-indent:-1.00em"><FONT STYLE="font-family:Times New Roman" SIZE="2">CVS at Kingston</FONT></P></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" NOWRAP><FONT STYLE="font-family:Times New Roman" SIZE="2">Kingston, NY</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="2">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:Times New Roman" SIZE="2">13,013</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="2">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="2">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:Times New Roman" SIZE="2">11/14/2011</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="2">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="2">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:Times New Roman" SIZE="2">5,250,000</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="2">&nbsp;&nbsp;</FONT></TD></TR>
<TR>
<TD HEIGHT="13"></TD>
<TD HEIGHT="13" COLSPAN="2"></TD>
<TD HEIGHT="13" COLSPAN="4"></TD>
<TD HEIGHT="13" COLSPAN="4"></TD>
<TD HEIGHT="13" COLSPAN="4"></TD></TR>
<TR BGCOLOR="#cceeff">
<TD VALIGN="top"> <P STYLE="margin-left:1.00em; text-indent:-1.00em"><FONT STYLE="font-family:Times New Roman" SIZE="2">CVS at Kinderhook</FONT></P></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" NOWRAP><FONT STYLE="font-family:Times New Roman" SIZE="2">Kinderhook,&nbsp;NY</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="2">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:Times New Roman" SIZE="2">13,225</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="2">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="2">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:Times New Roman" SIZE="2">12/8/2011</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="2">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="2">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:Times New Roman" SIZE="2">4,000,000</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="2">&nbsp;&nbsp;</FONT></TD></TR>
<TR>
<TD HEIGHT="13"></TD>
<TD HEIGHT="13" COLSPAN="2"></TD>
<TD HEIGHT="13" COLSPAN="4"></TD>
<TD HEIGHT="13" COLSPAN="4"></TD>
<TD HEIGHT="13" COLSPAN="4"></TD></TR>
<TR>
<TD VALIGN="top"> <P STYLE="margin-left:1.00em; text-indent:-1.00em"><FONT STYLE="font-family:Times New Roman" SIZE="2">Shoppes at Salem Run</FONT></P></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" NOWRAP><FONT STYLE="font-family:Times New Roman" SIZE="2">Fredericksburg,&nbsp;VA</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="2">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:Times New Roman" SIZE="2">15,100</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="2">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="2">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:Times New Roman" SIZE="2">12/12/2011</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="2">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="2">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:Times New Roman" SIZE="2">1,675,000</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="2">&nbsp;&nbsp;</FONT></TD></TR>
<TR>
<TD HEIGHT="13"></TD>
<TD HEIGHT="13" COLSPAN="2"></TD>
<TD HEIGHT="13" COLSPAN="4"></TD>
<TD HEIGHT="13" COLSPAN="4"></TD>
<TD HEIGHT="13" COLSPAN="4"></TD></TR>
<TR BGCOLOR="#cceeff">
<TD VALIGN="top"> <P STYLE="margin-left:1.00em; text-indent:-1.00em"><FONT STYLE="font-family:Times New Roman" SIZE="2">Virginia Center Commons</FONT></P></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" NOWRAP><FONT STYLE="font-family:Times New Roman" SIZE="2">Glen Allen, VA</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="2">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:Times New Roman" SIZE="2">9,763</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="2">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="2">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:Times New Roman" SIZE="2">12/21/2011</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="2">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="2">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:Times New Roman" SIZE="2">3,550,000</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="2">&nbsp;&nbsp;</FONT></TD></TR>
<TR>
<TD HEIGHT="13"></TD>
<TD HEIGHT="13" COLSPAN="2"></TD>
<TD HEIGHT="13" COLSPAN="4"></TD>
<TD HEIGHT="13" COLSPAN="4"></TD>
<TD HEIGHT="13" COLSPAN="4"></TD></TR>
<TR>
<TD VALIGN="top"> <P STYLE="margin-left:1.00em; text-indent:-1.00em"><FONT STYLE="font-family:Times New Roman" SIZE="2">Centerville Discount Drug Mart Plaza</FONT></P></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" NOWRAP><FONT STYLE="font-family:Times New Roman" SIZE="2">Centerville, OH</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="2">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:Times New Roman" SIZE="2">49,287</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="2">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="2">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:Times New Roman" SIZE="2">12/28/2011</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="2">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="2">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:Times New Roman" SIZE="2">2,743,000</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="2">&nbsp;&nbsp;</FONT></TD></TR>
<TR>
<TD HEIGHT="13"></TD>
<TD HEIGHT="13" COLSPAN="2"></TD>
<TD HEIGHT="13" COLSPAN="4"></TD>
<TD HEIGHT="13" COLSPAN="4"></TD>
<TD HEIGHT="13" COLSPAN="4"></TD></TR>
<TR BGCOLOR="#cceeff">
<TD VALIGN="top"> <P STYLE="margin-left:1.00em; text-indent:-1.00em"><FONT STYLE="font-family:Times New Roman" SIZE="2">Clyde Discount Drug Mart Plaza</FONT></P></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" NOWRAP><FONT STYLE="font-family:Times New Roman" SIZE="2">Clyde, OH</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="2">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:Times New Roman" SIZE="2">34,592</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="2">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="2">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:Times New Roman" SIZE="2">12/28/2011</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="2">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="2">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:Times New Roman" SIZE="2">1,903,000</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="2">&nbsp;&nbsp;</FONT></TD></TR>
<TR>
<TD HEIGHT="13"></TD>
<TD HEIGHT="13" COLSPAN="2"></TD>
<TD HEIGHT="13" COLSPAN="4"></TD>
<TD HEIGHT="13" COLSPAN="4"></TD>
<TD HEIGHT="13" COLSPAN="4"></TD></TR>
<TR>
<TD VALIGN="top"> <P STYLE="margin-left:1.00em; text-indent:-1.00em"><FONT STYLE="font-family:Times New Roman" SIZE="2">FirstMerit Bank at Cuyahoga Falls</FONT></P></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" NOWRAP><FONT STYLE="font-family:Times New Roman" SIZE="2">Cuyahoga Falls, OH</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="2">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:Times New Roman" SIZE="2">3,200</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="2">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="2">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:Times New Roman" SIZE="2">12/28/2011</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="2">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="2">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:Times New Roman" SIZE="2">915,000</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="2">&nbsp;&nbsp;</FONT></TD></TR>
<TR>
<TD HEIGHT="13"></TD>
<TD HEIGHT="13" COLSPAN="2"></TD>
<TD HEIGHT="13" COLSPAN="4"></TD>
<TD HEIGHT="13" COLSPAN="4"></TD>
<TD HEIGHT="13" COLSPAN="4"></TD></TR>
<TR BGCOLOR="#cceeff">
<TD VALIGN="top"> <P STYLE="margin-left:1.00em; text-indent:-1.00em"><FONT STYLE="font-family:Times New Roman" SIZE="2">Lodi Discount Drug Mart Plaza</FONT></P></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" NOWRAP><FONT STYLE="font-family:Times New Roman" SIZE="2">Lodi, OH</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="2">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:Times New Roman" SIZE="2">38,576</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="2">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="2">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:Times New Roman" SIZE="2">12/28/2011</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="2">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="2">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:Times New Roman" SIZE="2">2,319,000</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="2">&nbsp;&nbsp;</FONT></TD></TR>
<TR>
<TD HEIGHT="13"></TD>
<TD HEIGHT="13" COLSPAN="2"></TD>
<TD HEIGHT="13" COLSPAN="4"></TD>
<TD HEIGHT="13" COLSPAN="4"></TD>
<TD HEIGHT="13" COLSPAN="4"></TD></TR>
<TR>
<TD VALIGN="top"> <P STYLE="margin-left:1.00em; text-indent:-1.00em"><FONT STYLE="font-family:Times New Roman" SIZE="2">Mason Discount Drug Mart Plaza</FONT></P></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" NOWRAP><FONT STYLE="font-family:Times New Roman" SIZE="2">Mason, OH</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="2">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:Times New Roman" SIZE="2">52,896</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="2">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="2">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:Times New Roman" SIZE="2">12/28/2011</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="2">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="2">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:Times New Roman" SIZE="2">4,653,000</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="2">&nbsp;&nbsp;</FONT></TD></TR>
<TR>
<TD HEIGHT="13"></TD>
<TD HEIGHT="13" COLSPAN="2"></TD>
<TD HEIGHT="13" COLSPAN="4"></TD>
<TD HEIGHT="13" COLSPAN="4"></TD>
<TD HEIGHT="13" COLSPAN="4"></TD></TR>
<TR BGCOLOR="#cceeff">
<TD VALIGN="top"> <P STYLE="margin-left:1.00em; text-indent:-1.00em"><FONT STYLE="font-family:Times New Roman" SIZE="2">Ontario Discount Drug Mart Plaza</FONT></P></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" NOWRAP><FONT STYLE="font-family:Times New Roman" SIZE="2">Ontario, OH</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="2">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:Times New Roman" SIZE="2">38,623</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="2">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="2">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:Times New Roman" SIZE="2">12/28/2011</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="2">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="2">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:Times New Roman" SIZE="2">2,141,000</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="2">&nbsp;&nbsp;</FONT></TD></TR>
<TR>
<TD HEIGHT="13"></TD>
<TD HEIGHT="13" COLSPAN="2"></TD>
<TD HEIGHT="13" COLSPAN="4"></TD>
<TD HEIGHT="13" COLSPAN="4"></TD>
<TD HEIGHT="13" COLSPAN="4"></TD></TR>
<TR>
<TD VALIGN="top"> <P STYLE="margin-left:1.00em; text-indent:-1.00em"><FONT STYLE="font-family:Times New Roman" SIZE="2">Pickerington Discount Drug Mart Plaza</FONT></P></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" NOWRAP><FONT STYLE="font-family:Times New Roman" SIZE="2">Pickerington, OH</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="2">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:Times New Roman" SIZE="2">47,810</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="2">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="2">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:Times New Roman" SIZE="2">12/28/2011</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="2">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="2">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:Times New Roman" SIZE="2">4,072,000</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="2">&nbsp;&nbsp;</FONT></TD></TR>
<TR>
<TD HEIGHT="13"></TD>
<TD HEIGHT="13" COLSPAN="2"></TD>
<TD HEIGHT="13" COLSPAN="4"></TD>
<TD HEIGHT="13" COLSPAN="4"></TD>
<TD HEIGHT="13" COLSPAN="4"></TD></TR>
<TR BGCOLOR="#cceeff">
<TD VALIGN="top"> <P STYLE="margin-left:1.00em; text-indent:-1.00em"><FONT STYLE="font-family:Times New Roman" SIZE="2">Polaris Discount Drug Mart Plaza</FONT></P></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" NOWRAP><FONT STYLE="font-family:Times New Roman" SIZE="2">Polaris, OH</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="2">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:Times New Roman" SIZE="2">50,283</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="2">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="2">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:Times New Roman" SIZE="2">12/28/2011</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="2">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="2">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:Times New Roman" SIZE="2">4,370,000</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="2">&nbsp;&nbsp;</FONT></TD></TR>
<TR>
<TD HEIGHT="13"></TD>
<TD HEIGHT="13" COLSPAN="2"></TD>
<TD HEIGHT="13" COLSPAN="4"></TD>
<TD HEIGHT="13" COLSPAN="4"></TD>
<TD HEIGHT="13" COLSPAN="4"></TD></TR>
<TR>
<TD VALIGN="top"> <P STYLE="margin-left:1.00em; text-indent:-1.00em"><FONT STYLE="font-family:Times New Roman" SIZE="2">Shelby Discount Drug Mart Plaza</FONT></P></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" NOWRAP><FONT STYLE="font-family:Times New Roman" SIZE="2">Shelby, OH</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="2">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:Times New Roman" SIZE="2">36,596</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="2">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="2">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:Times New Roman" SIZE="2">12/28/2011</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="2">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="2">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:Times New Roman" SIZE="2">2,141,000</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="2">&nbsp;&nbsp;</FONT></TD></TR>
<TR STYLE="font-size:1px">
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"> <P STYLE="border-top:1px solid #000000">&nbsp;</P></TD>
<TD VALIGN="bottom"> <P STYLE="border-top:1px solid #000000">&nbsp;</P></TD>
<TD>&nbsp;</TD></TR>
<TR>
<TD HEIGHT="13"></TD>
<TD HEIGHT="13" COLSPAN="2"></TD>
<TD HEIGHT="13" COLSPAN="4"></TD>
<TD HEIGHT="13" COLSPAN="4"></TD>
<TD HEIGHT="13" COLSPAN="4"></TD></TR>
<TR BGCOLOR="#cceeff">
<TD VALIGN="top"> <P STYLE="margin-left:1.00em; text-indent:-1.00em"><FONT STYLE="font-family:Times New Roman" SIZE="2">Total</FONT></P></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="2">$</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:Times New Roman" SIZE="2">56,504,000</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="2">&nbsp;&nbsp;</FONT></TD></TR>
<TR STYLE="font-size:1px">
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"> <P STYLE="border-top:3px double #000000">&nbsp;</P></TD>
<TD VALIGN="bottom"> <P STYLE="border-top:3px double #000000">&nbsp;</P></TD>
<TD>&nbsp;</TD></TR>
</TABLE>
 <p STYLE="margin-top:0px;margin-bottom:0px"><FONT SIZE="1">&nbsp;</FONT></P> <P STYLE="margin-top:0px;margin-bottom:0px" ALIGN="center"><FONT STYLE="font-family:Times New Roman" SIZE="2">35 </FONT></P>



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<h5 align="left"><a href="#toc">Table of Contents</a></h5>


 <P STYLE="margin-top:0px;margin-bottom:0px"><FONT STYLE="font-family:Times New Roman" SIZE="2"><B><I>Discontinued operations, land dispositions and write-off of investment in unconsolidated joint venture
</I></B></FONT></P> <P STYLE="margin-top:10px;margin-bottom:0px; text-indent:4%" ALIGN="justify"><FONT STYLE="font-family:Times New Roman" SIZE="2">In connection with management&#146;s review of the Company&#146;s real estate investments, the
Company determined (1)&nbsp;to completely exit the Ohio market, principally the Discount Drug Mart portfolio of drugstore/convenience centers, and concentrate on the mid-Atlantic and Northeast coastal regions (four properties &#147;held for
sale&#148; as of December&nbsp;31, 2011), (2)&nbsp;to concentrate on grocery-anchored strip centers, by disposing of its mall and single-tenant/triple-net-lease properties (11 properties &#147;held for sale&#148; as of December&nbsp;31, 2011), and
(3)&nbsp;to focus on improving operations and performance at the Company&#146;s remaining properties, and to reduce development activities, by disposing of certain development projects, land acquired for development, and other non-core assets (five
properties &#147;held for sale/conveyance&#148; as of December&nbsp;31, 2011). In addition, discontinued operations reflect the anticipated consummation of the Homburg joint venture buy/sell transactions (seven properties &#147;held for sale&#148;
as of December&nbsp;31, 2011). </FONT></P> <P STYLE="margin-top:10px;margin-bottom:0px; text-indent:4%" ALIGN="justify"><FONT STYLE="font-family:Times New Roman" SIZE="2">The carrying values of the assets and liabilities of these properties,
principally the net book values of the real estate and the related mortgage loans payable to be assumed by the buyers (or conveyed to the mortgagee), have been reclassified as &#147;held for sale/conveyance&#148; on the Company&#146;s consolidated
balance sheets at December&nbsp;31, 2011 and December&nbsp;31, 2010. In addition, the properties&#146; results of operations have been classified as &#147;discontinued operations&#148; for all periods presented. Impairment charges relating to
operating properties are included in discontinued operations in the accompanying statements of operations; impairment charges relating to land parcels are included in operating income in the accompanying statements of operations. The impairment
charge amounts included in operating income for 2010 and 2009 relate to properties transferred to the Cedar/RioCan joint venture. The following is a summary of these charges: </FONT></P>
<P STYLE="font-size:10px;margin-top:0px;margin-bottom:0px">&nbsp;</P>
<TABLE CELLSPACING="0" CELLPADDING="0" WIDTH="100%" BORDER="0" STYLE="BORDER-COLLAPSE:COLLAPSE" ALIGN="center">


<TR STYLE="visibility:hidden; line-height:0pt; color:white">
<TD WIDTH="89%"></TD>
<TD VALIGN="bottom" WIDTH="1%"></TD>
<TD></TD>
<TD nowrap><FONT STYLE="Times New Roman" SIZE="1"><B>September 30,</B></FONT></TD>
<TD></TD>
<TD VALIGN="bottom" WIDTH="1%"></TD>
<TD></TD>
<TD nowrap><FONT STYLE="Times New Roman" SIZE="1"><B>September 30,</B></FONT></TD>
<TD></TD>
<TD VALIGN="bottom" WIDTH="1%"></TD>
<TD></TD>
<TD nowrap><FONT STYLE="Times New Roman" SIZE="1"><B>September 30,</B></FONT></TD>
<TD></TD></TR>
<TR>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" COLSPAN="10" ALIGN="center" STYLE="border-bottom:1px solid #000000"><FONT STYLE="font-family:Times New Roman" SIZE="1"><B>Years ended December&nbsp;31,</B></FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD></TR>
<TR>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" COLSPAN="2" ALIGN="center" STYLE="border-bottom:1px solid #000000"><FONT STYLE="font-family:Times New Roman" SIZE="1"><B>2011</B></FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" COLSPAN="2" ALIGN="center" STYLE="border-bottom:1px solid #000000"><FONT STYLE="font-family:Times New Roman" SIZE="1"><B>2010</B></FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" COLSPAN="2" ALIGN="center" STYLE="border-bottom:1px solid #000000"><FONT STYLE="font-family:Times New Roman" SIZE="1"><B>2009</B></FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD></TR>


<TR>
<TD HEIGHT="13"></TD>
<TD HEIGHT="13" COLSPAN="4"></TD>
<TD HEIGHT="13" COLSPAN="4"></TD>
<TD HEIGHT="13" COLSPAN="4"></TD></TR>
<TR BGCOLOR="#cceeff">
<TD VALIGN="top"> <P STYLE="margin-left:1.00em; text-indent:-1.00em"><FONT STYLE="font-family:Times New Roman" SIZE="2">Impairment charges&#151;land parcels and properties transferred to Cedar/RioCan joint venture</FONT></P></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="2">$</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:Times New Roman" SIZE="2">7,148,000</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="2">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="2">$</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:Times New Roman" SIZE="2">2,493,000</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="2">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="2">$</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:Times New Roman" SIZE="2">23,636,000</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="2">&nbsp;&nbsp;</FONT></TD></TR>
<TR STYLE="font-size:1px">
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"> <P STYLE="border-top:3px double #000000">&nbsp;</P></TD>
<TD VALIGN="bottom"> <P STYLE="border-top:3px double #000000">&nbsp;</P></TD>
<TD>&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"> <P STYLE="border-top:3px double #000000">&nbsp;</P></TD>
<TD VALIGN="bottom"> <P STYLE="border-top:3px double #000000">&nbsp;</P></TD>
<TD>&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"> <P STYLE="border-top:3px double #000000">&nbsp;</P></TD>
<TD VALIGN="bottom"> <P STYLE="border-top:3px double #000000">&nbsp;</P></TD>
<TD>&nbsp;</TD></TR>
<TR>
<TD VALIGN="top"> <P STYLE="margin-left:1.00em; text-indent:-1.00em"><FONT STYLE="font-family:Times New Roman" SIZE="2">Write-off of investment in unconsolidated joint venture</FONT></P></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="2">$</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:Times New Roman" SIZE="2">7,961,000</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="2">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="2">$</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:Times New Roman" SIZE="2">&#151;&nbsp;&nbsp;</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="2">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="2">$</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:Times New Roman" SIZE="2">&#151;&nbsp;&nbsp;</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="2">&nbsp;&nbsp;</FONT></TD></TR>
<TR STYLE="font-size:1px">
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"> <P STYLE="border-top:3px double #000000">&nbsp;</P></TD>
<TD VALIGN="bottom"> <P STYLE="border-top:3px double #000000">&nbsp;</P></TD>
<TD>&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"> <P STYLE="border-top:3px double #000000">&nbsp;</P></TD>
<TD VALIGN="bottom"> <P STYLE="border-top:3px double #000000">&nbsp;</P></TD>
<TD>&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"> <P STYLE="border-top:3px double #000000">&nbsp;</P></TD>
<TD VALIGN="bottom"> <P STYLE="border-top:3px double #000000">&nbsp;</P></TD>
<TD>&nbsp;</TD></TR>
<TR BGCOLOR="#cceeff">
<TD VALIGN="top"> <P STYLE="margin-left:1.00em; text-indent:-1.00em"><FONT STYLE="font-family:Times New Roman" SIZE="2">Impairment charges&#151;properties held for sale/conveyance</FONT></P></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="2">$</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:Times New Roman" SIZE="2">88,458,000</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="2">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="2">$</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:Times New Roman" SIZE="2">39,822,000</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="2">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="2">$</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:Times New Roman" SIZE="2">3,559,000</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="2">&nbsp;&nbsp;</FONT></TD></TR>
<TR STYLE="font-size:1px">
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"> <P STYLE="border-top:3px double #000000">&nbsp;</P></TD>
<TD VALIGN="bottom"> <P STYLE="border-top:3px double #000000">&nbsp;</P></TD>
<TD>&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"> <P STYLE="border-top:3px double #000000">&nbsp;</P></TD>
<TD VALIGN="bottom"> <P STYLE="border-top:3px double #000000">&nbsp;</P></TD>
<TD>&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"> <P STYLE="border-top:3px double #000000">&nbsp;</P></TD>
<TD VALIGN="bottom"> <P STYLE="border-top:3px double #000000">&nbsp;</P></TD>
<TD>&nbsp;</TD></TR>
</TABLE> <P STYLE="margin-top:10px;margin-bottom:0px; text-indent:4%" ALIGN="justify"><FONT STYLE="font-family:Times New Roman" SIZE="2">Impairment charges included in discontinued operations for 2011 included $11.1 million
related to the Discount Drug Mart portfolio, $33.1 million related to malls, $5.3 million related to single-tenant/triple-net-lease properties, $36.6 million related to development projects and other non-core properties, and $2.4 million related to
the Homburg joint venture properties. Impairment charges included in discontinued operations for 2010 included $26.8 million related to the Discount Drug Mart portfolio, $12.6 million related to malls, $0.1 million related to a
single-tenant/triple-net-lease property, and $0.3 million related to a development project. Impairment charges included in discontinued operations for 2009 included $2.4 million related to the Discount Drug Mart portfolio and $1.2 million related to
single-tenant/triple-net-lease properties. </FONT></P>
 <p STYLE="margin-top:0px;margin-bottom:0px"><FONT SIZE="1">&nbsp;</FONT></P> <P STYLE="margin-top:0px;margin-bottom:0px" ALIGN="center"><FONT STYLE="font-family:Times New Roman" SIZE="2">36 </FONT></P>



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 <P STYLE="margin-top:0px;margin-bottom:0px"><FONT STYLE="font-family:Times New Roman" SIZE="2"><B>Summary of Critical Accounting Policies </B></FONT></P>
<P STYLE="margin-top:10px;margin-bottom:0px; text-indent:4%" ALIGN="justify"><FONT STYLE="font-family:Times New Roman" SIZE="2">The preparation of the consolidated financial statements in conformity with GAAP requires the Company to make estimates
and judgments that affect the reported amounts of assets and liabilities, revenues and expenses, and related disclosures of contingent assets and liabilities. On an ongoing basis, management evaluates its estimates, including those related to
revenue recognition and the allowance for doubtful accounts receivable, real estate investments and purchase accounting allocations related thereto, asset impairment, and derivatives used to hedge interest-rate risks. Management&#146;s estimates are
based both on information that is currently available and on various other assumptions management believes to be reasonable under the circumstances. Actual results could differ from those estimates and those estimates could be different under
varying assumptions or conditions. </FONT></P> <P STYLE="margin-top:10px;margin-bottom:0px; text-indent:4%" ALIGN="justify"><FONT STYLE="font-family:Times New Roman" SIZE="2">The Company has identified the following critical accounting policies, the
application of which requires significant judgments and estimates: </FONT></P> <P STYLE="margin-top:10px;margin-bottom:0px"><FONT STYLE="font-family:Times New Roman" SIZE="2"><B><I>Revenue Recognition </I></B></FONT></P>
<P STYLE="margin-top:10px;margin-bottom:0px; text-indent:4%" ALIGN="justify"><FONT STYLE="font-family:Times New Roman" SIZE="2">Rental income with scheduled rent increases is recognized using the straight-line method over the respective terms of the
leases. The aggregate excess of rental revenue recognized on a straight-line basis over base rents under applicable lease provisions is included in straight-line rents receivable on the consolidated balance sheet. Leases also generally contain
provisions under which the tenants reimburse the Company for a portion of property operating expenses and real estate taxes incurred; such income is recognized in the periods earned. In addition, certain operating leases contain contingent rent
provisions under which tenants are required to pay a percentage of their sales in excess of a specified amount as additional rent. The Company defers recognition of contingent rental income until those specified targets are met. </FONT></P>
<P STYLE="margin-top:10px;margin-bottom:0px; text-indent:4%" ALIGN="justify"><FONT STYLE="font-family:Times New Roman" SIZE="2">The Company must make estimates as to the collectability of its accounts receivable related to base rent, straight-line
rent, expense reimbursements and other revenues. Management analyzes accounts receivable by considering tenant creditworthiness, current economic conditions, and changes in tenants&#146; payment patterns when evaluating the adequacy of the allowance
for doubtful accounts receivable. These estimates have a direct impact on net income, because a higher bad debt allowance would result in lower net income, whereas a lower bad debt allowance would result in higher net income. </FONT></P>
<P STYLE="margin-top:10px;margin-bottom:0px"><FONT STYLE="font-family:Times New Roman" SIZE="2"><B><I>Real Estate Investments </I></B></FONT></P> <P STYLE="margin-top:10px;margin-bottom:0px; text-indent:4%" ALIGN="justify"><FONT
STYLE="font-family:Times New Roman" SIZE="2">Real estate investments are carried at cost less accumulated depreciation. The provision for depreciation is calculated using the straight-line method based on estimated useful lives. Expenditures for
maintenance, repairs and betterments that do not materially prolong the normal useful life of an asset are charged to operations as incurred. Expenditures for betterments that substantially extend the useful lives of real estate assets are
capitalized. </FONT></P>
 <p STYLE="margin-top:0px;margin-bottom:0px"><FONT SIZE="1">&nbsp;</FONT></P> <P STYLE="margin-top:0px;margin-bottom:0px" ALIGN="center"><FONT STYLE="font-family:Times New Roman" SIZE="2">37 </FONT></P>



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<h5 align="left"><a href="#toc">Table of Contents</a></h5>


 <P STYLE="margin-top:0px;margin-bottom:0px; text-indent:4%" ALIGN="justify"><FONT STYLE="font-family:Times New Roman" SIZE="2">Real estate investments include costs of development and redevelopment
activities, and construction in progress. Capitalized costs, including interest and other carrying costs during the construction and/or renovation periods, are included in the cost of the related asset and charged to operations through depreciation
over the asset&#146;s estimated useful life. The Company is required to make subjective estimates as to the useful lives of its real estate assets for purposes of determining the amount of depreciation to reflect on an annual basis. These
assessments have a direct impact on net income. A shorter estimate of the useful life of an asset would have the effect of increasing depreciation expense and lowering net income, whereas a longer estimate of the useful life of an asset would have
the effect of reducing depreciation expense and increasing net income. </FONT></P> <P STYLE="margin-top:10px;margin-bottom:0px; text-indent:4%" ALIGN="justify"><FONT STYLE="font-family:Times New Roman" SIZE="2">A variety of costs are incurred in the
acquisition, development and leasing of a property, such as pre-construction costs essential to the development of the property, development costs, construction costs, interest costs, real estate taxes, salaries and related costs, and other costs
incurred during the period of development. After a determination is made to capitalize a cost, it is allocated to the specific component of a project that is benefited. The Company ceases capitalization on the portions substantially completed and
occupied, or held available for occupancy, and capitalizes only those costs associated with the portions under construction. The Company considers a construction project as substantially completed and held available for occupancy upon the completion
of tenant improvements, but not later than one year from cessation of major development activity. Determination of when a development project is substantially complete and capitalization must cease involves a degree of judgment. The effect of a
longer capitalization period would be to increase capitalized costs and would result in higher net income, whereas the effect of a shorter capitalization period would be to reduce capitalized costs and would result in lower net income. </FONT></P>
<P STYLE="margin-top:10px;margin-bottom:0px; text-indent:4%" ALIGN="justify"><FONT STYLE="font-family:Times New Roman" SIZE="2">The Company allocates the fair value of real estate acquired to land, buildings and improvements. In addition, the fair
value of in-place leases is allocated to intangible lease assets and liabilities. The fair value of the tangible assets of an acquired property is determined by valuing the property as if it were vacant, which value is then allocated to land,
buildings and improvements based on management&#146;s determination of the relative fair values of such assets. In valuing an acquired property&#146;s intangibles, factors considered by management include an estimate of carrying costs during the
expected lease-up periods, such as real estate taxes, insurance, other operating expenses, and estimates of lost rental revenue during the expected lease-up periods based on its evaluation of current market demand. Management also estimates costs to
execute similar leases, including leasing commissions, tenant improvements, legal and other related costs. </FONT></P>
<P STYLE="margin-top:10px;margin-bottom:0px; text-indent:4%" ALIGN="justify"><FONT STYLE="font-family:Times New Roman" SIZE="2">The values of acquired above-market and below-market leases are recorded based on the present values (using discount
rates which reflect the risks associated with the leases acquired) of the differences between the contractual amounts to be received and management&#146;s estimate of market lease rates, measured over the terms of the respective leases that
management deemed appropriate at the time of the acquisitions. Such valuations include a consideration of the non-cancellable terms of the respective leases as well as any applicable renewal period(s). The fair values associated with below-market
rental renewal options are determined based on the Company&#146;s experience and the relevant facts and circumstances that existed at the time of the acquisitions. The values of above-market leases are amortized to rental income over the terms of
the respective non-cancelable lease periods. The portion of the values of below-market leases associated with the original non-cancelable lease terms are amortized </FONT></P>
 <p STYLE="margin-top:0px;margin-bottom:0px"><FONT SIZE="1">&nbsp;</FONT></P> <P STYLE="margin-top:0px;margin-bottom:0px" ALIGN="center"><FONT STYLE="font-family:Times New Roman" SIZE="2">38 </FONT></P>



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<h5 align="left"><a href="#toc">Table of Contents</a></h5>


 <P STYLE="margin-top:0px;margin-bottom:0px" ALIGN="justify"><FONT STYLE="font-family:Times New Roman" SIZE="2">
to rental income over the terms of the respective non-cancelable lease periods. The portion of the values of the leases associated with below-market renewal options that are likely of exercise
are amortized to rental income over the respective renewal periods. The value of other intangible assets (including leasing commissions, tenant improvements, etc.) is amortized to expense over the applicable terms of the respective leases. If a
lease were to be terminated prior to its stated expiration or not renewed, all unamortized amounts relating to that lease would be recognized in operations at that time. </FONT></P>
<P STYLE="margin-top:10px;margin-bottom:0px; text-indent:4%" ALIGN="justify"><FONT STYLE="font-family:Times New Roman" SIZE="2">Management is required to make subjective assessments in connection with its valuation of real estate acquisitions. These
assessments have a direct impact on net income, because (i)&nbsp;above-market and below-market lease intangibles are amortized to rental income, and (ii)&nbsp;the value of other intangibles is amortized to expense. Accordingly, higher allocations to
below-market lease liability and other intangibles would result in higher rental income and amortization expense, whereas lower allocations to below-market lease liability and other intangibles would result in lower rental income and amortization
expense. </FONT></P> <P STYLE="margin-top:10px;margin-bottom:0px; text-indent:4%" ALIGN="justify"><FONT STYLE="font-family:Times New Roman" SIZE="2">Management reviews each real estate investment for impairment whenever events or circumstances
indicate that the carrying value of a real estate investment may not be recoverable. The review of recoverability is based on an estimate of the future cash flows that are expected to result from the real estate investment&#146;s use and eventual
disposition. These estimates of cash flows consider factors such as expected future operating income, trends and prospects, as well as the effects of leasing demand, competition and other factors. If an impairment event exists due to the projected
inability to recover the carrying value of a real estate investment, an impairment loss is recorded to the extent that the carrying value exceeds estimated fair value. A real estate investment held for sale is carried at the lower of its carrying
amount or estimated fair value, less the cost of a potential sale. Depreciation and amortization are suspended during the period the property is held for sale.&nbsp;Management is required to make subjective assessments as to whether there are
impairments in the value of its real estate properties. These assessments have a direct impact on net income, because an impairment loss is recognized in the period that the assessment is made. </FONT></P>
<P STYLE="margin-top:10px;margin-bottom:0px"><FONT STYLE="font-family:Times New Roman" SIZE="2"><B><I>New Accounting Pronouncements </I></B></FONT></P> <P STYLE="margin-top:10px;margin-bottom:0px; text-indent:4%" ALIGN="justify"><FONT
STYLE="font-family:Times New Roman" SIZE="2">See Note 2 of Notes to Consolidated Financial Statements included in Item&nbsp;8 below for information relating to new accounting pronouncements. </FONT></P> <P STYLE="margin-top:10px;margin-bottom:0px"><FONT
STYLE="font-family:Times New Roman" SIZE="2"><B>Results of Operations </B></FONT></P> <P STYLE="margin-top:10px;margin-bottom:0px; text-indent:4%" ALIGN="justify"><FONT STYLE="font-family:Times New Roman" SIZE="2">Differences in results of
operations between 2011 and 2010, and between 2010 and 2009, respectively, were primarily due to the Company&#146;s property disposition program resulting from its determination (1)&nbsp;to completely exit the Ohio market, principally the Discount
Drug Mart portfolio of drugstore/convenience centers, and concentrate on the mid-Atlantic and Northeast coastal regions (10 properties sold in 2011 and four properties &#147;held for sale&#148; as of December&nbsp;31, 2011), (2)&nbsp;to concentrate
on grocery-anchored strip centers, by disposing of its mall and single-tenant/triple-net-lease properties (three properties sold in 2011 and 11 properties &#147;held for sale&#148; as of December&nbsp;31, 2011), and (3)&nbsp;to focus on improving
operations and performance at the Company&#146;s remaining properties, and to reduce development activities, by disposing of certain development projects, land acquired for development, and other non-core assets (four properties sold in 2011 and
five properties &#147;held for sale/conveyance&#148; as </FONT></P>
 <p STYLE="margin-top:0px;margin-bottom:0px"><FONT SIZE="1">&nbsp;</FONT></P> <P STYLE="margin-top:0px;margin-bottom:0px" ALIGN="center"><FONT STYLE="font-family:Times New Roman" SIZE="2">39 </FONT></P>



<p Style='page-break-before:always'>
<HR  SIZE="3" style="COLOR:#999999" WIDTH="100%" ALIGN="CENTER">
<h5 align="left"><a href="#toc">Table of Contents</a></h5>


 <P STYLE="margin-top:0px;margin-bottom:0px" ALIGN="justify"><FONT STYLE="font-family:Times New Roman" SIZE="2">
of December&nbsp;31, 2011). In addition, the Company determined not to proceed with the redevelopment of two vacant single-tenant, adjacent land parcels in Philadelphia, Pennsylvania (one owned
in joint venture and the other 100%-owned by the Company). Since January&nbsp;1, 2009, the Company has sold, or has treated as &#147;held for sale/conveyance&#148;, 64 properties aggregating approximately 3.3&nbsp;million square feet of GLA.
Properties &#147;held for sale/conveyance&#148; also reflect the anticipated consummation of the Homburg joint venture buy/sell transactions. As a result, in addition to an $8.0 million write-off of its redevelopment joint venture investment in June
2011, the Company has recorded impairment charges related to discontinued operations of $88.5 million, $39.8 million and $3.6 million during 2011, 2010 and 2009, respectively. Results for 2011 also include management transition charges of
approximately $6.5 million. Differences in results of operations between 2011 and 2010, and 2010 and 2009 also reflect increased results from a greater number of properties owned by the unconsolidated Cedar/RioCan joint venture, as well as more
ground-up development and redevelopment projects coming on line. </FONT></P> <P STYLE="margin-top:10px;margin-bottom:0px; text-indent:4%" ALIGN="justify"><FONT STYLE="font-family:Times New Roman" SIZE="2">Net (loss) attributable to common
shareholders was ($117.8) million, ($51.5) million and ($24.7) million for 2011, 2010 and 2009, respectively. </FONT></P> <P STYLE="margin-top:10px;margin-bottom:0px"><FONT STYLE="font-family:Times New Roman" SIZE="2"><B><U>Comparison of 2011 to
2010 </U></B></FONT></P> <P STYLE="font-size:10px;margin-top:0px;margin-bottom:0px">&nbsp;</P>
<TABLE CELLSPACING="0" CELLPADDING="0" WIDTH="100%" BORDER="0" STYLE="BORDER-COLLAPSE:COLLAPSE" ALIGN="center">


<TR STYLE="visibility:hidden; line-height:0pt; color:white">
<TD WIDTH="81%"></TD>
<TD VALIGN="bottom" WIDTH="1%"></TD>
<TD></TD>
<TD nowrap><FONT STYLE="Times New Roman" SIZE="1"><B>September 30,</B></FONT></TD>
<TD></TD>
<TD VALIGN="bottom" WIDTH="1%"></TD>
<TD></TD>
<TD nowrap><FONT STYLE="Times New Roman" SIZE="1"><B>September 30,</B></FONT></TD>
<TD></TD>
<TD VALIGN="bottom" WIDTH="1%"></TD>
<TD></TD>
<TD nowrap><FONT STYLE="Times New Roman" SIZE="1"><B>September 30,</B></FONT></TD>
<TD></TD>
<TD VALIGN="bottom" WIDTH="1%"></TD>
<TD></TD>
<TD nowrap><FONT STYLE="Times New Roman" SIZE="1"><B>September 30,</B></FONT></TD>
<TD></TD>
<TD VALIGN="bottom" WIDTH="1%"></TD>
<TD></TD>
<TD nowrap><FONT STYLE="Times New Roman" SIZE="1"><B>September 30,</B></FONT></TD>
<TD></TD>
<TD VALIGN="bottom" WIDTH="1%"></TD>
<TD></TD>
<TD nowrap><FONT STYLE="Times New Roman" SIZE="1"><B>September 30,</B></FONT></TD>
<TD></TD></TR>
<TR>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;&nbsp;&nbsp;</FONT></TD>
<TD COLSPAN="2" VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;&nbsp;&nbsp;</FONT></TD>
<TD COLSPAN="2" VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;&nbsp;&nbsp;</FONT></TD>
<TD COLSPAN="2" VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD COLSPAN="2" VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD COLSPAN="2" VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" COLSPAN="2" ALIGN="center"><FONT STYLE="font-family:Times New Roman" SIZE="1"><B>Properties</B></FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD></TR>
<TR>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;&nbsp;&nbsp;</FONT></TD>
<TD COLSPAN="2" VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;&nbsp;&nbsp;</FONT></TD>
<TD COLSPAN="2" VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" COLSPAN="2" ALIGN="center"><FONT STYLE="font-family:Times New Roman" SIZE="1"><B>Increase</B></FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" COLSPAN="2" ALIGN="center"><FONT STYLE="font-family:Times New Roman" SIZE="1"><B>Percent</B></FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD COLSPAN="2" VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" COLSPAN="2" ALIGN="center"><FONT STYLE="font-family:Times New Roman" SIZE="1"><B>held in</B></FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD></TR>
<TR>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" COLSPAN="2" ALIGN="center" STYLE="border-bottom:1px solid #000000"><FONT STYLE="font-family:Times New Roman" SIZE="1"><B>2011</B></FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" COLSPAN="2" ALIGN="center" STYLE="border-bottom:1px solid #000000"><FONT STYLE="font-family:Times New Roman" SIZE="1"><B>2010</B></FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" COLSPAN="2" ALIGN="center" STYLE="border-bottom:1px solid #000000"><FONT STYLE="font-family:Times New Roman" SIZE="1"><B>(decrease)</B></FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" COLSPAN="2" ALIGN="center" STYLE="border-bottom:1px solid #000000"><FONT STYLE="font-family:Times New Roman" SIZE="1"><B>change</B></FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" COLSPAN="2" ALIGN="center" STYLE="border-bottom:1px solid #000000"><FONT STYLE="font-family:Times New Roman" SIZE="1"><B>Other</B></FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" COLSPAN="2" ALIGN="center" STYLE="border-bottom:1px solid #000000"><FONT STYLE="font-family:Times New Roman" SIZE="1"><B>both&nbsp;periods</B></FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD></TR>


<TR>
<TD HEIGHT="13"></TD>
<TD HEIGHT="13" COLSPAN="4"></TD>
<TD HEIGHT="13" COLSPAN="4"></TD>
<TD HEIGHT="13" COLSPAN="4"></TD>
<TD HEIGHT="13" COLSPAN="4"></TD>
<TD HEIGHT="13" COLSPAN="4"></TD>
<TD HEIGHT="13" COLSPAN="4"></TD></TR>
<TR BGCOLOR="#cceeff">
<TD VALIGN="top"> <P STYLE="margin-left:1.00em; text-indent:-1.00em"><FONT STYLE="font-family:Times New Roman" SIZE="2">Total revenues</FONT></P></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="2">$</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:Times New Roman" SIZE="2">135,413,000</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="2">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="2">$</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:Times New Roman" SIZE="2">131,572,000</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="2">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="2">$</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:Times New Roman" SIZE="2">3,841,000</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="2">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="2">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:Times New Roman" SIZE="2">3</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="2">%&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="2">$</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:Times New Roman" SIZE="2">2,607,000</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="2">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="2">$</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:Times New Roman" SIZE="2">1,234,000</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="2">&nbsp;&nbsp;</FONT></TD></TR>
<TR>
<TD VALIGN="top"> <P STYLE="margin-left:1.00em; text-indent:-1.00em"><FONT STYLE="font-family:Times New Roman" SIZE="2">Property operating expenses</FONT></P></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="2">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:Times New Roman" SIZE="2">44,236,000</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="2">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="2">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:Times New Roman" SIZE="2">41,783,000</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="2">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="2">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:Times New Roman" SIZE="2">2,453,000</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="2">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="2">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:Times New Roman" SIZE="2">6</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="2">%&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="2">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:Times New Roman" SIZE="2">997,000</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="2">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="2">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:Times New Roman" SIZE="2">1,456,000</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="2">&nbsp;&nbsp;</FONT></TD></TR>
<TR BGCOLOR="#cceeff">
<TD VALIGN="top"> <P STYLE="margin-left:1.00em; text-indent:-1.00em"><FONT STYLE="font-family:Times New Roman" SIZE="2">Depreciation and amortization</FONT></P></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="2">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:Times New Roman" SIZE="2">43,250,000</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="2">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="2">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:Times New Roman" SIZE="2">34,872,000</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="2">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="2">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:Times New Roman" SIZE="2">8,378,000</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="2">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="2">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:Times New Roman" SIZE="2">24</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="2">%&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="2">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:Times New Roman" SIZE="2">2,223,000</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="2">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="2">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:Times New Roman" SIZE="2">6,155,000</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="2">&nbsp;&nbsp;</FONT></TD></TR>
<TR>
<TD VALIGN="top"> <P STYLE="margin-left:1.00em; text-indent:-1.00em"><FONT STYLE="font-family:Times New Roman" SIZE="2">General and administrative</FONT></P></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="2">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:Times New Roman" SIZE="2">11,085,000</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="2">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="2">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:Times New Roman" SIZE="2">9,537,000</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="2">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="2">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:Times New Roman" SIZE="2">1,548,000</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="2">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="2">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:Times New Roman" SIZE="2">16</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="2">%&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD></TR>
<TR BGCOLOR="#cceeff">
<TD VALIGN="top"> <P STYLE="margin-left:1.00em; text-indent:-1.00em"><FONT STYLE="font-family:Times New Roman" SIZE="2">Management transition charges</FONT></P></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="2">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:Times New Roman" SIZE="2">6,530,000</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="2">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="2">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:Times New Roman" SIZE="2">&#151;&nbsp;&nbsp;</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="2">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="2">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:Times New Roman" SIZE="2">6,530,000</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="2">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD></TR>
<TR>
<TD VALIGN="top"> <P STYLE="margin-left:1.00em; text-indent:-1.00em"><FONT STYLE="font-family:Times New Roman" SIZE="2">Impairments</FONT></P></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="2">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:Times New Roman" SIZE="2">7,148,000</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="2">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="2">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:Times New Roman" SIZE="2">2,493,000</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="2">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="2">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:Times New Roman" SIZE="2">4,655,000</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="2">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD></TR>
<TR BGCOLOR="#cceeff">
<TD VALIGN="top"> <P STYLE="margin-left:1.00em; text-indent:-1.00em"><FONT STYLE="font-family:Times New Roman" SIZE="2">Acquisition transaction costs and terminated projects</FONT></P></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="2">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:Times New Roman" SIZE="2">1,436,000</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="2">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="2">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:Times New Roman" SIZE="2">3,958,000</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="2">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="2">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:Times New Roman" SIZE="2">(2,522,000</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="2">)&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD></TR>
<TR>
<TD VALIGN="top"> <P STYLE="margin-left:1.00em; text-indent:-1.00em"><FONT STYLE="font-family:Times New Roman" SIZE="2">Interest expense, including amortization of deferred financing costs</FONT></P></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="2">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:Times New Roman" SIZE="2">41,870,000</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="2">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="2">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:Times New Roman" SIZE="2">43,138,000</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="2">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="2">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:Times New Roman" SIZE="2">(1,268,000</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="2">)&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="2">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:Times New Roman" SIZE="2">-3</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="2">%&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD></TR>
<TR BGCOLOR="#cceeff">
<TD VALIGN="top"> <P STYLE="margin-left:1.00em; text-indent:-1.00em"><FONT STYLE="font-family:Times New Roman" SIZE="2">Accelerated write-off of deferred financing costs</FONT></P></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="2">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:Times New Roman" SIZE="2">&#151;&nbsp;&nbsp;</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="2">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="2">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:Times New Roman" SIZE="2">2,552,000</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="2">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="2">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:Times New Roman" SIZE="2">(2,552,000</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="2">)&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD></TR>
<TR>
<TD VALIGN="top"> <P STYLE="margin-left:1.00em; text-indent:-1.00em"><FONT STYLE="font-family:Times New Roman" SIZE="2">Unconsolidated joint ventures:</FONT></P></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD></TR>
<TR BGCOLOR="#cceeff">
<TD VALIGN="top"> <P STYLE="margin-left:3.00em; text-indent:-1.00em"><FONT STYLE="font-family:Times New Roman" SIZE="2">Equity in income</FONT></P></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="2">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:Times New Roman" SIZE="2">1,671,000</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="2">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="2">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:Times New Roman" SIZE="2">484,000</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="2">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="2">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:Times New Roman" SIZE="2">1,187,000</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="2">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD></TR>
<TR>
<TD VALIGN="top"> <P STYLE="margin-left:3.00em; text-indent:-1.00em"><FONT STYLE="font-family:Times New Roman" SIZE="2">Write off of investment</FONT></P></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="2">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:Times New Roman" SIZE="2">7,961,000</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="2">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="2">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:Times New Roman" SIZE="2">&#151;&nbsp;&nbsp;</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="2">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="2">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:Times New Roman" SIZE="2">7,961,000</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="2">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD></TR>
<TR BGCOLOR="#cceeff">
<TD VALIGN="top"> <P STYLE="margin-left:1.00em; text-indent:-1.00em"><FONT STYLE="font-family:Times New Roman" SIZE="2">Gain on sale</FONT></P></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="2">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:Times New Roman" SIZE="2">130,000</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="2">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="2">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:Times New Roman" SIZE="2">&#151;&nbsp;&nbsp;</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="2">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="2">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:Times New Roman" SIZE="2">130,000</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="2">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD></TR>
<TR>
<TD VALIGN="top"> <P STYLE="margin-left:1.00em; text-indent:-1.00em"><FONT STYLE="font-family:Times New Roman" SIZE="2">Discontinued operations:</FONT></P></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD></TR>
<TR BGCOLOR="#cceeff">
<TD VALIGN="top"> <P STYLE="margin-left:3.00em; text-indent:-1.00em"><FONT STYLE="font-family:Times New Roman" SIZE="2">Income from operations</FONT></P></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="2">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:Times New Roman" SIZE="2">5,013,000</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="2">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="2">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:Times New Roman" SIZE="2">1,724,000</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="2">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="2">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:Times New Roman" SIZE="2">3,289,000</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="2">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD></TR>
<TR>
<TD VALIGN="top"> <P STYLE="margin-left:3.00em; text-indent:-1.00em"><FONT STYLE="font-family:Times New Roman" SIZE="2">Impairment charges</FONT></P></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="2">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:Times New Roman" SIZE="2">88,458,000</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="2">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="2">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:Times New Roman" SIZE="2">39,822,000</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="2">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="2">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:Times New Roman" SIZE="2">48,636,000</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="2">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD></TR>
<TR BGCOLOR="#cceeff">
<TD VALIGN="top"> <P STYLE="margin-left:3.00em; text-indent:-1.00em"><FONT STYLE="font-family:Times New Roman" SIZE="2">Gain on sales</FONT></P></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="2">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:Times New Roman" SIZE="2">884,000</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="2">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="2">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:Times New Roman" SIZE="2">170,000</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="2">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="2">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:Times New Roman" SIZE="2">714,000</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="2">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD></TR>
</TABLE>
 <p STYLE="margin-top:0px;margin-bottom:0px"><FONT SIZE="1">&nbsp;</FONT></P> <P STYLE="margin-top:0px;margin-bottom:0px" ALIGN="center"><FONT STYLE="font-family:Times New Roman" SIZE="2">40 </FONT></P>



<p Style='page-break-before:always'>
<HR  SIZE="3" style="COLOR:#999999" WIDTH="100%" ALIGN="CENTER">
<h5 align="left"><a href="#toc">Table of Contents</a></h5>


 <P STYLE="margin-top:0px;margin-bottom:0px; text-indent:4%" ALIGN="justify"><FONT STYLE="font-family:Times New Roman" SIZE="2"><B>Properties held in both periods. </B>The Company held 67 properties
(excluding &#147;held for sale/conveyance&#148;, ground-up and redevelopment properties) throughout 2011 and 2010. </FONT></P> <P STYLE="margin-top:10px;margin-bottom:0px; text-indent:4%" ALIGN="justify"><FONT
STYLE="font-family:Times New Roman" SIZE="2"><B>Total revenues</B> were higher primarily as a result of increases in (i)&nbsp;base rent and tenant recoveries at ground-up development properties ($1.3 million), (ii)&nbsp;base rent and tenant
recoveries at operating properties ($1.3 million), (iii)&nbsp;base rent and tenant recoveries at redevelopment properties ($1.0 million), and (iv)&nbsp;percentage rent ($0.1 million), which are partially off-set by decreases in (v)&nbsp;amortization
of intangible lease liabilities ($1.2 million), (vi)&nbsp;joint venture fee income ($0.8 million), and (vii)&nbsp;straight-line rents ($0.5 million). </FONT></P> <P STYLE="margin-top:10px;margin-bottom:0px; text-indent:4%" ALIGN="justify"><FONT
STYLE="font-family:Times New Roman" SIZE="2"><B>Property operating expenses</B> were higher primarily as a result of increases in (i)&nbsp;payroll and related expenses ($0.8 million), (ii)&nbsp;real estate taxes ($0.3 million), (iii)&nbsp;snow
removal costs ($0.3 million), (iv)&nbsp;billable tenant utilities ($0.1 million), (v)&nbsp;repairs and maintenance ($0.1 million), (vi)&nbsp;insurance expense ($0.1 million), and (vii)&nbsp;other operating expenses ($0.2 million), which are
partially off-set by decreases in (viii)&nbsp;the provision for doubtful accounts ($0.2 million) and (ix)&nbsp;utility expense ($0.2 million). </FONT></P> <P STYLE="margin-top:10px;margin-bottom:0px; text-indent:4%" ALIGN="justify"><FONT
STYLE="font-family:Times New Roman" SIZE="2"><B>Depreciation and amortization expenses</B> increased primarily as a result of the change in use of a building, at a redevelopment project, which is scheduled to be demolished in 2012. Other factors
contributing to the increase included additional depreciation expense at ground-up and redevelopment properties as improvements have been placed into service, and increases related to capital improvements at operating properties. </FONT></P>
<P STYLE="margin-top:10px;margin-bottom:0px; text-indent:4%" ALIGN="justify"><FONT STYLE="font-family:Times New Roman" SIZE="2"><B>General and administrative expenses</B> were higher primarily as a result of increases in (i)&nbsp;payroll and payroll
related expenses ($0.3 million), (ii)&nbsp;a legal settlement received in the Company&#146;s favor in 2010 in excess of a legal settlement received in the Company&#146;s favor in 2011 ($0.5 million), (iii)&nbsp;accounting and other professional fees
($0.2 million), (iv)&nbsp;information technology costs ($0.2 million), (v)&nbsp;rent expense ($0.1 million) and (vi)&nbsp;other costs ($0.2 million). </FONT></P> <P STYLE="margin-top:10px;margin-bottom:0px; text-indent:4%" ALIGN="justify"><FONT
STYLE="font-family:Times New Roman" SIZE="2"><B>Management transition charges </B>in 2011 relate to the retirement of the Company&#146;s then Chairman of the Board, Chief Executive Officer and President, and the end of the employment of the
Company&#146;s then Chief Financial Officer, and include (i)&nbsp;an aggregate of approximately $3.7&nbsp;million in cash severance payments (including the cost of related payroll taxes and benefits), (ii)&nbsp;the write off of all amounts related
to the vesting of restricted share grants (an aggregate of approximately $2.0&nbsp;million), and (iii)&nbsp;approximately $0.8&nbsp;million of other non-recurring costs, primarily professional fees and expenses related to the hiring of a new
President/Chief Executive Officer and Chief Financial Officer. </FONT></P> <P STYLE="margin-top:10px;margin-bottom:0px; text-indent:4%" ALIGN="justify"><FONT STYLE="font-family:Times New Roman" SIZE="2"><B>Impairments </B>for 2011 relate principally
to land parcels treated as &#147;held for sale&#148;, as more fully discussed elsewhere in this report. Impairments for 2010 relate principally to properties initially transferred to the Cedar/RioCan joint venture. </FONT></P>
<P STYLE="margin-top:10px;margin-bottom:0px; text-indent:4%" ALIGN="justify"><FONT STYLE="font-family:Times New Roman" SIZE="2"><B>Acquisition transaction costs and terminated projects </B>were lower in 2011 primarily due to fees accrued in 2010 to
the Company&#146;s advisor related to the RioCan joint venture transactions. </FONT></P>
 <p STYLE="margin-top:0px;margin-bottom:0px"><FONT SIZE="1">&nbsp;</FONT></P> <P STYLE="margin-top:0px;margin-bottom:0px" ALIGN="center"><FONT STYLE="font-family:Times New Roman" SIZE="2">41 </FONT></P>



<p Style='page-break-before:always'>
<HR  SIZE="3" style="COLOR:#999999" WIDTH="100%" ALIGN="CENTER">
<h5 align="left"><a href="#toc">Table of Contents</a></h5>


 <P STYLE="margin-top:0px;margin-bottom:0px; text-indent:4%" ALIGN="justify"><FONT STYLE="font-family:Times New Roman" SIZE="2"><B>Interest expense, including amortization of deferred financing costs
</B>decreased primarily as a result of (i)&nbsp;lower amortization of deferred financing costs, principally related to the accelerated write-off of deferred financing costs in September 2010 ($1.4 million), (ii)&nbsp;lower outstanding borrowings
under the Company&#146;s credit facilities ($1.1 million), and (iii)&nbsp;higher capitalized interest ($0.3 million), which are partially off-set by (iv)&nbsp;an increase in mortgage interest expense as a result of property acquisitions and
property-specific financings ($1.5 million). </FONT></P> <P STYLE="margin-top:10px;margin-bottom:0px; text-indent:4%" ALIGN="justify"><FONT STYLE="font-family:Times New Roman" SIZE="2"><B>Accelerated write-off of deferred financing costs </B>in 2010
resulted from the Company, at its option, reducing the commitments under the stabilized property credit facility from $285.0 million to $185.0 million. </FONT></P> <P STYLE="margin-top:10px;margin-bottom:0px; text-indent:4%" ALIGN="justify"><FONT
STYLE="font-family:Times New Roman" SIZE="2"><B>Equity in income of unconsolidated joint ventures </B>was higher in 2011 as a result of an increase in operating results from the Cedar/RioCan joint venture, primarily lower acquisition transaction
costs in 2011 compared to those incurred in 2010, offset by nominal operating results in 2011 as compared with 2010 from the joint venture redevelopment property in Philadelphia (as more fully discussed elsewhere in this report). </FONT></P>
<P STYLE="margin-top:10px;margin-bottom:0px; text-indent:4%" ALIGN="justify"><FONT STYLE="font-family:Times New Roman" SIZE="2"><B>Write-off of investment in unconsolidated joint venture </B>relates to the aforementioned redevelopment joint venture,
as more fully discussed elsewhere in this report. </FONT></P> <P STYLE="margin-top:10px;margin-bottom:0px; text-indent:4%" ALIGN="justify"><FONT STYLE="font-family:Times New Roman" SIZE="2"><B>Discontinued operations </B>for 2011 and 2010 include
the results of operations, impairment charges and gain on sales for properties sold or treated as &#147;held for sale/conveyance&#148;, as more fully discussed elsewhere in this report. </FONT></P>
<P STYLE="margin-top:10px;margin-bottom:0px; text-indent:4%" ALIGN="justify"><FONT STYLE="font-family:Times New Roman" SIZE="2"><B>The &#147;Other&#148; column </B>includes results for the following properties: </FONT></P>
<P STYLE="font-size:10px;margin-top:0px;margin-bottom:0px">&nbsp;</P>
<TABLE CELLSPACING="0" CELLPADDING="0" WIDTH="100%" BORDER="0" STYLE="BORDER-COLLAPSE:COLLAPSE" ALIGN="center">


<TR STYLE="visibility:hidden; line-height:0pt; color:white">
<TD WIDTH="90%"></TD>
<TD VALIGN="bottom" WIDTH="1%"></TD>
<TD></TD>
<TD nowrap><FONT STYLE="Times New Roman" SIZE="1"><B>September 30,</B></FONT></TD>
<TD></TD>
<TD VALIGN="bottom" WIDTH="1%"></TD>
<TD></TD>
<TD nowrap><FONT STYLE="Times New Roman" SIZE="1"><B>September 30,</B></FONT></TD>
<TD></TD>
<TD VALIGN="bottom" WIDTH="1%"></TD>
<TD></TD>
<TD nowrap><FONT STYLE="Times New Roman" SIZE="1"><B>September 30,</B></FONT></TD>
<TD></TD></TR>
<TR>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" COLSPAN="2" ALIGN="center"><FONT STYLE="font-family:Times New Roman" SIZE="1"><B>Total</B></FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" COLSPAN="2" ALIGN="center"><FONT STYLE="font-family:Times New Roman" SIZE="1"><B>Property</B></FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" COLSPAN="2" ALIGN="center"><FONT STYLE="font-family:Times New Roman" SIZE="1"><B>Depreciation&nbsp;and</B></FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD></TR>
<TR>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" COLSPAN="2" ALIGN="center" STYLE="border-bottom:1px solid #000000"><FONT STYLE="font-family:Times New Roman" SIZE="1"><B>revenues</B></FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" COLSPAN="2" ALIGN="center" STYLE="border-bottom:1px solid #000000"><FONT STYLE="font-family:Times New Roman" SIZE="1"><B>operating&nbsp;expenses</B></FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" COLSPAN="2" ALIGN="center" STYLE="border-bottom:1px solid #000000"><FONT STYLE="font-family:Times New Roman" SIZE="1"><B>amortization</B></FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD></TR>


<TR BGCOLOR="#cceeff">
<TD VALIGN="top"> <P STYLE="margin-left:1.00em; text-indent:-1.00em"><FONT STYLE="font-family:Times New Roman" SIZE="2">Properties acquired after January 1, 2010</FONT></P></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="2">$</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:Times New Roman" SIZE="2">5,911,000</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="2">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="2">$</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:Times New Roman" SIZE="2">1,937,000</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="2">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="2">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:Times New Roman" SIZE="2">$2,223,000</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="2">&nbsp;&nbsp;</FONT></TD></TR>
<TR>
<TD VALIGN="top"> <P STYLE="margin-left:1.00em; text-indent:-1.00em"><FONT STYLE="font-family:Times New Roman" SIZE="2">Properties prior to transfer to Cedar/RioCan joint venture</FONT></P></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="2">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:Times New Roman" SIZE="2">(3,304,000</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="2">)&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="2">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:Times New Roman" SIZE="2">(940,000</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="2">)&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="2">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:Times New Roman" SIZE="2">&#151;&nbsp;&nbsp;</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="2">&nbsp;&nbsp;</FONT></TD></TR>
<TR STYLE="font-size:1px">
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"> <P STYLE="border-top:1px solid #000000">&nbsp;</P></TD>
<TD VALIGN="bottom"> <P STYLE="border-top:1px solid #000000">&nbsp;</P></TD>
<TD>&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"> <P STYLE="border-top:1px solid #000000">&nbsp;</P></TD>
<TD VALIGN="bottom"> <P STYLE="border-top:1px solid #000000">&nbsp;</P></TD>
<TD>&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"> <P STYLE="border-top:1px solid #000000">&nbsp;</P></TD>
<TD VALIGN="bottom"> <P STYLE="border-top:1px solid #000000">&nbsp;</P></TD>
<TD>&nbsp;</TD></TR>
<TR>
<TD HEIGHT="13"></TD>
<TD HEIGHT="13" COLSPAN="4"></TD>
<TD HEIGHT="13" COLSPAN="4"></TD>
<TD HEIGHT="13" COLSPAN="4"></TD></TR>
<TR BGCOLOR="#cceeff">
<TD VALIGN="top"></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="2">$</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:Times New Roman" SIZE="2">2,607,000</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="2">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="2">$</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:Times New Roman" SIZE="2">997,000</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="2">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="2">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:Times New Roman" SIZE="2">$2,223,000</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="2">&nbsp;&nbsp;</FONT></TD></TR>
<TR STYLE="font-size:1px">
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"> <P STYLE="border-top:3px double #000000">&nbsp;</P></TD>
<TD VALIGN="bottom"> <P STYLE="border-top:3px double #000000">&nbsp;</P></TD>
<TD>&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"> <P STYLE="border-top:3px double #000000">&nbsp;</P></TD>
<TD VALIGN="bottom"> <P STYLE="border-top:3px double #000000">&nbsp;</P></TD>
<TD>&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"> <P STYLE="border-top:3px double #000000">&nbsp;</P></TD>
<TD VALIGN="bottom"> <P STYLE="border-top:3px double #000000">&nbsp;</P></TD>
<TD>&nbsp;</TD></TR>
</TABLE>
 <p STYLE="margin-top:0px;margin-bottom:0px"><FONT SIZE="1">&nbsp;</FONT></P> <P STYLE="margin-top:0px;margin-bottom:0px" ALIGN="center"><FONT STYLE="font-family:Times New Roman" SIZE="2">42 </FONT></P>



<p Style='page-break-before:always'>
<HR  SIZE="3" style="COLOR:#999999" WIDTH="100%" ALIGN="CENTER">
<h5 align="left"><a href="#toc">Table of Contents</a></h5>


 <P STYLE="margin-top:0px;margin-bottom:0px"><FONT STYLE="font-family:Times New Roman" SIZE="2"><B><U>Comparison 2010 to 2009</U> </B></FONT></P>
<P STYLE="font-size:10px;margin-top:0px;margin-bottom:0px">&nbsp;</P>
<TABLE CELLSPACING="0" CELLPADDING="0" WIDTH="100%" BORDER="0" STYLE="BORDER-COLLAPSE:COLLAPSE" ALIGN="center">


<TR STYLE="visibility:hidden; line-height:0pt; color:white">
<TD WIDTH="79%"></TD>
<TD VALIGN="bottom" WIDTH="1%"></TD>
<TD></TD>
<TD nowrap><FONT STYLE="Times New Roman" SIZE="1"><B>September 30,</B></FONT></TD>
<TD></TD>
<TD VALIGN="bottom" WIDTH="1%"></TD>
<TD></TD>
<TD nowrap><FONT STYLE="Times New Roman" SIZE="1"><B>September 30,</B></FONT></TD>
<TD></TD>
<TD VALIGN="bottom" WIDTH="1%"></TD>
<TD></TD>
<TD nowrap><FONT STYLE="Times New Roman" SIZE="1"><B>September 30,</B></FONT></TD>
<TD></TD>
<TD VALIGN="bottom" WIDTH="1%"></TD>
<TD></TD>
<TD nowrap><FONT STYLE="Times New Roman" SIZE="1"><B>September 30,</B></FONT></TD>
<TD></TD>
<TD VALIGN="bottom" WIDTH="1%"></TD>
<TD></TD>
<TD nowrap><FONT STYLE="Times New Roman" SIZE="1"><B>September 30,</B></FONT></TD>
<TD></TD>
<TD VALIGN="bottom" WIDTH="1%"></TD>
<TD></TD>
<TD nowrap><FONT STYLE="Times New Roman" SIZE="1"><B>September 30,</B></FONT></TD>
<TD></TD></TR>
<TR>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;&nbsp;&nbsp;</FONT></TD>
<TD COLSPAN="2" VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;&nbsp;&nbsp;</FONT></TD>
<TD COLSPAN="2" VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;&nbsp;&nbsp;</FONT></TD>
<TD COLSPAN="2" VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD COLSPAN="2" VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD COLSPAN="2" VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" COLSPAN="2" ALIGN="center"><FONT STYLE="font-family:Times New Roman" SIZE="1"><B>Properties</B></FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD></TR>
<TR>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;&nbsp;&nbsp;</FONT></TD>
<TD COLSPAN="2" VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;&nbsp;&nbsp;</FONT></TD>
<TD COLSPAN="2" VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" COLSPAN="2" ALIGN="center"><FONT STYLE="font-family:Times New Roman" SIZE="1"><B>Increase</B></FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" COLSPAN="2" ALIGN="center"><FONT STYLE="font-family:Times New Roman" SIZE="1"><B>Percent</B></FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD COLSPAN="2" VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" COLSPAN="2" ALIGN="center"><FONT STYLE="font-family:Times New Roman" SIZE="1"><B>held in</B></FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD></TR>
<TR>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" COLSPAN="2" ALIGN="center" STYLE="border-bottom:1px solid #000000"><FONT STYLE="font-family:Times New Roman" SIZE="1"><B>2010</B></FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" COLSPAN="2" ALIGN="center" STYLE="border-bottom:1px solid #000000"><FONT STYLE="font-family:Times New Roman" SIZE="1"><B>2009</B></FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" COLSPAN="2" ALIGN="center" STYLE="border-bottom:1px solid #000000"><FONT STYLE="font-family:Times New Roman" SIZE="1"><B>(decrease)</B></FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" COLSPAN="2" ALIGN="center" STYLE="border-bottom:1px solid #000000"><FONT STYLE="font-family:Times New Roman" SIZE="1"><B>change</B></FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" COLSPAN="2" ALIGN="center" STYLE="border-bottom:1px solid #000000"><FONT STYLE="font-family:Times New Roman" SIZE="1"><B>Other</B></FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" COLSPAN="2" ALIGN="center" STYLE="border-bottom:1px solid #000000"><FONT STYLE="font-family:Times New Roman" SIZE="1"><B>both periods</B></FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD></TR>


<TR>
<TD HEIGHT="13"></TD>
<TD HEIGHT="13" COLSPAN="4"></TD>
<TD HEIGHT="13" COLSPAN="4"></TD>
<TD HEIGHT="13" COLSPAN="4"></TD>
<TD HEIGHT="13" COLSPAN="4"></TD>
<TD HEIGHT="13" COLSPAN="4"></TD>
<TD HEIGHT="13" COLSPAN="4"></TD></TR>
<TR BGCOLOR="#cceeff">
<TD VALIGN="top"> <P STYLE="margin-left:1.00em; text-indent:-1.00em"><FONT STYLE="font-family:Times New Roman" SIZE="2">Total revenues</FONT></P></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="2">$</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:Times New Roman" SIZE="2">131,572,000</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="2">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="2">$</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:Times New Roman" SIZE="2">140,395,000</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="2">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="2">$</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:Times New Roman" SIZE="2">(8,823,000</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="2">)&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="2">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:Times New Roman" SIZE="2">-6</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="2">%&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="2">$</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:Times New Roman" SIZE="2">(14,369,000</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="2">)&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="2">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:Times New Roman" SIZE="2">5,546,000</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="2">&nbsp;&nbsp;</FONT></TD></TR>
<TR>
<TD VALIGN="top"> <P STYLE="margin-left:1.00em; text-indent:-1.00em"><FONT STYLE="font-family:Times New Roman" SIZE="2">Property operating expenses</FONT></P></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="2">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:Times New Roman" SIZE="2">41,783,000</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="2">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="2">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:Times New Roman" SIZE="2">40,457,000</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="2">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="2">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:Times New Roman" SIZE="2">1,326,000</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="2">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="2">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:Times New Roman" SIZE="2">3</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="2">%&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="2">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:Times New Roman" SIZE="2">(3,496,000</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="2">)&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="2">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:Times New Roman" SIZE="2">4,822,000</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="2">&nbsp;&nbsp;</FONT></TD></TR>
<TR BGCOLOR="#cceeff">
<TD VALIGN="top"> <P STYLE="margin-left:1.00em; text-indent:-1.00em"><FONT STYLE="font-family:Times New Roman" SIZE="2">Depreciation and amortization</FONT></P></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="2">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:Times New Roman" SIZE="2">34,872,000</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="2">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="2">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:Times New Roman" SIZE="2">42,853,000</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="2">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="2">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:Times New Roman" SIZE="2">(7,981,000</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="2">)&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="2">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:Times New Roman" SIZE="2">-19</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="2">%&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="2">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:Times New Roman" SIZE="2">(1,997,000</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="2">)&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="2">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:Times New Roman" SIZE="2">(5,984,000</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="2">)&nbsp;</FONT></TD></TR>
<TR>
<TD VALIGN="top"> <P STYLE="margin-left:1.00em; text-indent:-1.00em"><FONT STYLE="font-family:Times New Roman" SIZE="2">General and administrative</FONT></P></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="2">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:Times New Roman" SIZE="2">9,537,000</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="2">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="2">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:Times New Roman" SIZE="2">10,158,000</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="2">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="2">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:Times New Roman" SIZE="2">(621,000</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="2">)&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="2">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:Times New Roman" SIZE="2">-6</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="2">%&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD></TR>
<TR BGCOLOR="#cceeff">
<TD VALIGN="top"> <P STYLE="margin-left:1.00em; text-indent:-1.00em"><FONT STYLE="font-family:Times New Roman" SIZE="2">Impairments</FONT></P></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="2">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:Times New Roman" SIZE="2">2,493,000</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="2">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="2">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:Times New Roman" SIZE="2">23,636,000</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="2">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="2">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:Times New Roman" SIZE="2">(21,143,000</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="2">)&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD></TR>
<TR>
<TD VALIGN="top"> <P STYLE="margin-left:1.00em; text-indent:-1.00em"><FONT STYLE="font-family:Times New Roman" SIZE="2">Acquisition transaction costs and terminated projects</FONT></P></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="2">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:Times New Roman" SIZE="2">3,958,000</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="2">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="2">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:Times New Roman" SIZE="2">4,367,000</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="2">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="2">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:Times New Roman" SIZE="2">(409,000</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="2">)&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD></TR>
<TR BGCOLOR="#cceeff">
<TD VALIGN="top"> <P STYLE="margin-left:1.00em; text-indent:-1.00em"><FONT STYLE="font-family:Times New Roman" SIZE="2">Interest expense, including amortization of deferred financing costs</FONT></P></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="2">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:Times New Roman" SIZE="2">43,138,000</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="2">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="2">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:Times New Roman" SIZE="2">41,669,000</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="2">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="2">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:Times New Roman" SIZE="2">1,469,000</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="2">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="2">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:Times New Roman" SIZE="2">4</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="2">%&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD></TR>
<TR>
<TD VALIGN="top"> <P STYLE="margin-left:1.00em; text-indent:-1.00em"><FONT STYLE="font-family:Times New Roman" SIZE="2">Accelerated write-off of deferred financing costs</FONT></P></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="2">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:Times New Roman" SIZE="2">2,552,000</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="2">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="2">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:Times New Roman" SIZE="2">&#151;&nbsp;&nbsp;</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="2">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="2">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:Times New Roman" SIZE="2">2,552,000</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="2">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD></TR>
<TR BGCOLOR="#cceeff">
<TD VALIGN="top"> <P STYLE="margin-left:1.00em; text-indent:-1.00em"><FONT STYLE="font-family:Times New Roman" SIZE="2">Equity in income of unconsolidated joint ventures:</FONT></P></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="2">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:Times New Roman" SIZE="2">484,000</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="2">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="2">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:Times New Roman" SIZE="2">1,098,000</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="2">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="2">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:Times New Roman" SIZE="2">(614,000</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="2">)&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD></TR>
<TR>
<TD VALIGN="top"> <P STYLE="margin-left:1.00em; text-indent:-1.00em"><FONT STYLE="font-family:Times New Roman" SIZE="2">Gain on sale</FONT></P></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="2">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:Times New Roman" SIZE="2">&#151;&nbsp;&nbsp;</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="2">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="2">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:Times New Roman" SIZE="2">521,000</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="2">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="2">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:Times New Roman" SIZE="2">(521,000</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="2">)&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD></TR>
<TR BGCOLOR="#cceeff">
<TD VALIGN="top"> <P STYLE="margin-left:1.00em; text-indent:-1.00em"><FONT STYLE="font-family:Times New Roman" SIZE="2">Discontinued operations:</FONT></P></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD></TR>
<TR>
<TD VALIGN="top"> <P STYLE="margin-left:3.00em; text-indent:-1.00em"><FONT STYLE="font-family:Times New Roman" SIZE="2">Income from operations</FONT></P></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="2">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:Times New Roman" SIZE="2">1,724,000</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="2">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="2">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:Times New Roman" SIZE="2">7,054,000</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="2">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="2">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:Times New Roman" SIZE="2">(5,330,000</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="2">)&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD></TR>
<TR BGCOLOR="#cceeff">
<TD VALIGN="top"> <P STYLE="margin-left:3.00em; text-indent:-1.00em"><FONT STYLE="font-family:Times New Roman" SIZE="2">Impairment charges</FONT></P></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="2">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:Times New Roman" SIZE="2">39,822,000</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="2">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="2">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:Times New Roman" SIZE="2">3,559,000</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="2">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="2">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:Times New Roman" SIZE="2">36,263,000</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="2">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD></TR>
<TR>
<TD VALIGN="top"> <P STYLE="margin-left:3.00em; text-indent:-1.00em"><FONT STYLE="font-family:Times New Roman" SIZE="2">Gain on sales</FONT></P></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="2">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:Times New Roman" SIZE="2">170,000</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="2">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="2">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:Times New Roman" SIZE="2">557,000</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="2">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="2">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:Times New Roman" SIZE="2">(387,000</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="2">)&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD></TR>
</TABLE> <P STYLE="margin-top:10px;margin-bottom:0px; text-indent:4%" ALIGN="justify"><FONT STYLE="font-family:Times New Roman" SIZE="2"><B>Properties held in both periods. </B>The Company held 65 properties (excluding
&#147;held for sale/conveyance&#148;, ground-up and redevelopment properties) throughout 2010 and 2009. </FONT></P>
<P STYLE="margin-top:10px;margin-bottom:0px; text-indent:4%" ALIGN="justify"><FONT STYLE="font-family:Times New Roman" SIZE="2"><B>Total revenues</B> were higher primarily as a result of increases in (i)&nbsp;base rent and recovery income at
ground-up development properties ($6.6 million), (ii)&nbsp;joint venture fee income ($3.5 million), and (iii)&nbsp;base rent and recovery income at operating properties ($0.8 million), which are partially off-set by decreases in
(iv)&nbsp;amortization of intangible lease liabilities ($3.6 million), (v)&nbsp;base rent and recovery income at redevelopment properties ($1.3 million), (vi)&nbsp;straight-line rents ($0.4 million), and (vii)&nbsp;percentage rent and other income
($0.1 million). </FONT></P> <P STYLE="margin-top:10px;margin-bottom:0px; text-indent:4%" ALIGN="justify"><FONT STYLE="font-family:Times New Roman" SIZE="2"><B>Property operating expenses</B> were higher primarily as a result of increases in
(i)&nbsp;real estate tax expense ($1.7 million), (ii)&nbsp;payroll and related expenses ($1.4 million), (iii)&nbsp;management fees paid to third parties ($0.6 million), (iv)&nbsp;other operating expenses ($0.4 million), (v)&nbsp;utility expense
($0.2 million), (vi)&nbsp;non-billable expenses ($0.2 million), (vii)&nbsp;snow removal costs ($0.2 million), (viii)&nbsp;provision for doubtful accounts ($0.2 million), and (ix)&nbsp;professional fees ($0.1 million), which are partially off-set by
a decrease in (x)&nbsp;insurance expense ($0.2 million). </FONT></P>
 <p STYLE="margin-top:0px;margin-bottom:0px"><FONT SIZE="1">&nbsp;</FONT></P> <P STYLE="margin-top:0px;margin-bottom:0px" ALIGN="center"><FONT STYLE="font-family:Times New Roman" SIZE="2">43 </FONT></P>



<p Style='page-break-before:always'>
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<h5 align="left"><a href="#toc">Table of Contents</a></h5>


 <P STYLE="margin-top:0px;margin-bottom:0px; text-indent:4%" ALIGN="justify"><FONT STYLE="font-family:Times New Roman" SIZE="2"><B>Depreciation and amortization expenses</B> decreased primarily as a
result of completion of scheduled depreciation and amortization at certain properties and the razing of a building at a redevelopment project in 2009. </FONT></P> <P STYLE="margin-top:10px;margin-bottom:0px; text-indent:4%" ALIGN="justify"><FONT
STYLE="font-family:Times New Roman" SIZE="2"><B>General and administrative expenses</B> were lower primarily as a result of a legal settlement received in the Company&#146;s favor in 2010 ($0.7 million). </FONT></P>
<P STYLE="margin-top:10px;margin-bottom:0px; text-indent:4%" ALIGN="justify"><FONT STYLE="font-family:Times New Roman" SIZE="2"><B>Impairments </B>for 2010 and 2009 relate to the properties initially transferred to the Cedar/RioCan joint venture.
</FONT></P> <P STYLE="margin-top:10px;margin-bottom:0px; text-indent:4%" ALIGN="justify"><FONT STYLE="font-family:Times New Roman" SIZE="2"><B>Acquisition transaction costs and terminated projects </B>for 2010 include (i)&nbsp;an acquisition fee
paid to the Company&#146;s investment advisor related to the Cedar/RioCan joint venture ($2.7 million), and (ii)&nbsp;the write off of costs incurred in the prior years related to (a)&nbsp;a potential development project in Milford, Delaware that
the Company determined would not go forward ($1.3 million), and (b)&nbsp;a cancelled acquisition ($0.1 million). Acquisition transaction costs and terminated projects for 2009 include (i)&nbsp;the costs associated with the acquisitions of San Souci
Plaza and New London Mall (net of minority interest share) and the costs primarily associated with a cancelled acquisition (an aggregate of $1.5 million), (ii)&nbsp;the decision to terminate potential development opportunities in Williamsport,
Pennsylvania and Ephrata, Pennsylvania (an aggregate of $2.8&nbsp;million), and (iii)&nbsp;the costs primarily associated with a cancelled acquisition. </FONT></P> <P STYLE="margin-top:10px;margin-bottom:0px; text-indent:4%" ALIGN="justify"><FONT
STYLE="font-family:Times New Roman" SIZE="2"><B>Interest expense, including amortization of deferred financing costs </B>increased primarily as a result of (i)&nbsp;lower capitalized interest ($3.6 million), (ii)&nbsp;higher amortization of deferred
financing costs, related principally to the closing of the stabilized property credit facility in November 2009 ($1.1 million), and (iii)&nbsp;increased borrowings under the Company&#146;s credit facilities ($0.4 million), which are partially
off-set by (iv)&nbsp;lower balances of mortgage loans payable, related principally to the initial transfers of properties to the Cedar/RioCan joint venture ($3.5 million). </FONT></P>
<P STYLE="margin-top:10px;margin-bottom:0px; text-indent:4%" ALIGN="justify"><FONT STYLE="font-family:Times New Roman" SIZE="2"><B>Accelerated write-off of deferred financing costs </B>in 2010 resulted from the Company, at its option, reducing the
commitments under the stabilized property credit facility from $285.0 million to $185.0 million. </FONT></P> <P STYLE="margin-top:10px;margin-bottom:0px; text-indent:4%" ALIGN="justify"><FONT STYLE="font-family:Times New Roman" SIZE="2"><B>Equity in
income of unconsolidated joint ventures </B>was lower in 2010 as a result of higher acquisition transaction costs in 2010 compared to those incurred in 2009. </FONT></P> <P STYLE="margin-top:10px;margin-bottom:0px; text-indent:4%" ALIGN="justify"><FONT
STYLE="font-family:Times New Roman" SIZE="2"><B>Discontinued operations </B>for 2010 and 2009 include the results of operations, impairment charges and gain on sales for properties sold or treated as &#147;held for sale/conveyance&#148;, as more
fully discussed elsewhere in this report. </FONT></P>
 <p STYLE="margin-top:0px;margin-bottom:0px"><FONT SIZE="1">&nbsp;</FONT></P> <P STYLE="margin-top:0px;margin-bottom:0px" ALIGN="center"><FONT STYLE="font-family:Times New Roman" SIZE="2">44 </FONT></P>



<p Style='page-break-before:always'>
<HR  SIZE="3" style="COLOR:#999999" WIDTH="100%" ALIGN="CENTER">
<h5 align="left"><a href="#toc">Table of Contents</a></h5>


 <P STYLE="margin-top:0px;margin-bottom:0px; text-indent:4%" ALIGN="justify"><FONT STYLE="font-family:Times New Roman" SIZE="2"><B>The &#147;Other&#148; column </B>includes the results for the following
properties: </FONT></P> <P STYLE="font-size:10px;margin-top:0px;margin-bottom:0px">&nbsp;</P>
<TABLE CELLSPACING="0" CELLPADDING="0" WIDTH="100%" BORDER="0" STYLE="BORDER-COLLAPSE:COLLAPSE" ALIGN="center">


<TR STYLE="visibility:hidden; line-height:0pt; color:white">
<TD WIDTH="88%"></TD>
<TD VALIGN="bottom" WIDTH="1%"></TD>
<TD></TD>
<TD nowrap><FONT STYLE="Times New Roman" SIZE="1"><B>September 30,</B></FONT></TD>
<TD></TD>
<TD VALIGN="bottom" WIDTH="1%"></TD>
<TD></TD>
<TD nowrap><FONT STYLE="Times New Roman" SIZE="1"><B>September 30,</B></FONT></TD>
<TD></TD>
<TD VALIGN="bottom" WIDTH="1%"></TD>
<TD></TD>
<TD nowrap><FONT STYLE="Times New Roman" SIZE="1"><B>September 30,</B></FONT></TD>
<TD></TD></TR>
<TR>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" COLSPAN="2" ALIGN="center"><FONT STYLE="font-family:Times New Roman" SIZE="1"><B>Total</B></FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" COLSPAN="2" ALIGN="center"><FONT STYLE="font-family:Times New Roman" SIZE="1"><B>Property</B></FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" COLSPAN="2" ALIGN="center"><FONT STYLE="font-family:Times New Roman" SIZE="1"><B>Depreciation&nbsp;and</B></FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD></TR>
<TR>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" COLSPAN="2" ALIGN="center" STYLE="border-bottom:1px solid #000000"><FONT STYLE="font-family:Times New Roman" SIZE="1"><B>revenues</B></FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" COLSPAN="2" ALIGN="center" STYLE="border-bottom:1px solid #000000"><FONT STYLE="font-family:Times New Roman" SIZE="1"><B>operating&nbsp;expenses</B></FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" COLSPAN="2" ALIGN="center" STYLE="border-bottom:1px solid #000000"><FONT STYLE="font-family:Times New Roman" SIZE="1"><B>amortization</B></FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD></TR>


<TR BGCOLOR="#cceeff">
<TD VALIGN="top"> <P STYLE="margin-left:1.00em; text-indent:-1.00em"><FONT STYLE="font-family:Times New Roman" SIZE="2">Properties acquired after January 1, 2009</FONT></P></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="2">$</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:Times New Roman" SIZE="2">716,000</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="2">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="2">$</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:Times New Roman" SIZE="2">300,000</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="2">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="2">$</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:Times New Roman" SIZE="2">2,190,000</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="2">&nbsp;&nbsp;</FONT></TD></TR>
<TR>
<TD VALIGN="top"> <P STYLE="margin-left:1.00em; text-indent:-1.00em"><FONT STYLE="font-family:Times New Roman" SIZE="2">Properties prior to transfer to Cedar/RioCan joint venture</FONT></P></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="2">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:Times New Roman" SIZE="2">(15,085,000</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="2">)&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="2">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:Times New Roman" SIZE="2">(3,796,000</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="2">)&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="2">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:Times New Roman" SIZE="2">(4,187,000</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="2">)&nbsp;</FONT></TD></TR>
<TR STYLE="font-size:1px">
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"> <P STYLE="border-top:1px solid #000000">&nbsp;</P></TD>
<TD VALIGN="bottom"> <P STYLE="border-top:1px solid #000000">&nbsp;</P></TD>
<TD>&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"> <P STYLE="border-top:1px solid #000000">&nbsp;</P></TD>
<TD VALIGN="bottom"> <P STYLE="border-top:1px solid #000000">&nbsp;</P></TD>
<TD>&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"> <P STYLE="border-top:1px solid #000000">&nbsp;</P></TD>
<TD VALIGN="bottom"> <P STYLE="border-top:1px solid #000000">&nbsp;</P></TD>
<TD>&nbsp;</TD></TR>
<TR>
<TD HEIGHT="13"></TD>
<TD HEIGHT="13" COLSPAN="4"></TD>
<TD HEIGHT="13" COLSPAN="4"></TD>
<TD HEIGHT="13" COLSPAN="4"></TD></TR>
<TR BGCOLOR="#cceeff">
<TD VALIGN="top"></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="2">$</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:Times New Roman" SIZE="2">(14,369,000</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="2">)&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="2">$</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:Times New Roman" SIZE="2">(3,496,000</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="2">)&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="2">$</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:Times New Roman" SIZE="2">(1,997,000</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="2">)&nbsp;</FONT></TD></TR>
<TR STYLE="font-size:1px">
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"> <P STYLE="border-top:3px double #000000">&nbsp;</P></TD>
<TD VALIGN="bottom"> <P STYLE="border-top:3px double #000000">&nbsp;</P></TD>
<TD>&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"> <P STYLE="border-top:3px double #000000">&nbsp;</P></TD>
<TD VALIGN="bottom"> <P STYLE="border-top:3px double #000000">&nbsp;</P></TD>
<TD>&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"> <P STYLE="border-top:3px double #000000">&nbsp;</P></TD>
<TD VALIGN="bottom"> <P STYLE="border-top:3px double #000000">&nbsp;</P></TD>
<TD>&nbsp;</TD></TR>
</TABLE> <P STYLE="margin-top:10px;margin-bottom:0px"><FONT STYLE="font-family:Times New Roman" SIZE="2"><B>Liquidity and Capital Resources </B></FONT></P>
<P STYLE="margin-top:10px;margin-bottom:0px; text-indent:4%" ALIGN="justify"><FONT STYLE="font-family:Times New Roman" SIZE="2">The Company funds operating expenses and other short-term liquidity requirements, including debt service, tenant
improvements, leasing commissions, preferred and common dividend distributions, if made, and distributions to minority interest partners, if made, primarily from its operations and distributions received from the Cedar/RioCan joint venture. The
Company may also use its revolving credit facilities for these purposes. The Company expects to fund long-term liquidity requirements for property acquisitions, redevelopment costs, remaining development costs, capital improvements, joint venture
contributions, and maturing debt initially with its credit facilities, and ultimately through a combination of issuing and/or assuming additional mortgage debt, the sale of equity securities, the issuance of additional OP Units, and the sale of
properties or interests therein (including joint venture arrangements). Although the Company believes it has access to secured financing, there can be no assurance that the Company will have the availability of mortgage financing on completed
development projects, additional construction financing, net proceeds from the contribution of properties to joint ventures, or proceeds from the refinancing of existing debt. </FONT></P>
<P STYLE="margin-top:10px;margin-bottom:0px; text-indent:4%" ALIGN="justify"><FONT STYLE="font-family:Times New Roman" SIZE="2">Debt is comprised of the following at December&nbsp;31, 2011: </FONT></P>
<P STYLE="font-size:10px;margin-top:0px;margin-bottom:0px">&nbsp;</P>
<TABLE CELLSPACING="0" CELLPADDING="0" WIDTH="100%" BORDER="0" STYLE="BORDER-COLLAPSE:COLLAPSE" ALIGN="center">


<TR STYLE="visibility:hidden; line-height:0pt; color:white">
<TD WIDTH="92%"></TD>
<TD VALIGN="bottom" WIDTH="1%"></TD>
<TD></TD>
<TD nowrap><FONT STYLE="Times New Roman" SIZE="1"><B>September 30,</B></FONT></TD>
<TD></TD>
<TD VALIGN="bottom" WIDTH="1%"></TD>
<TD></TD>
<TD nowrap><FONT STYLE="Times New Roman" SIZE="1"><B>September 30,</B></FONT></TD>
<TD></TD>
<TD VALIGN="bottom" WIDTH="1%"></TD>
<TD nowrap><FONT STYLE="Times New Roman" SIZE="1"><B>September 30,</B></FONT></TD></TR>
<TR>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;&nbsp;&nbsp;</FONT></TD>
<TD COLSPAN="2" VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" COLSPAN="5" ALIGN="center" STYLE="border-bottom:1px solid #000000"><FONT STYLE="font-family:Times New Roman" SIZE="1"><B>Interest rates</B></FONT></TD></TR>
<TR>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" COLSPAN="2" ALIGN="center"><FONT STYLE="font-family:Times New Roman" SIZE="1"><B>Balance</B></FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" COLSPAN="2" ALIGN="center"><FONT STYLE="font-family:Times New Roman" SIZE="1"><B>Weighted</B></FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD></TR>
<TR>
<TD VALIGN="bottom" NOWRAP> <P STYLE="border-bottom:1px solid #000000;width:39pt"><FONT STYLE="font-family:Times New Roman" SIZE="1"><B>Description</B></FONT></P></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" COLSPAN="2" ALIGN="center" STYLE="border-bottom:1px solid #000000"><FONT STYLE="font-family:Times New Roman" SIZE="1"><B>outstanding</B></FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" COLSPAN="2" ALIGN="center" STYLE="border-bottom:1px solid #000000"><FONT STYLE="font-family:Times New Roman" SIZE="1"><B>average</B></FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="center" STYLE="border-bottom:1px solid #000000"> <P STYLE="margin-top:0px;margin-bottom:1px" ALIGN="center"><FONT STYLE="font-family:Times New Roman" SIZE="1"><B>Range</B></FONT></P></TD></TR>


<TR BGCOLOR="#cceeff">
<TD VALIGN="top"> <P STYLE="margin-left:1.00em; text-indent:-1.00em"><FONT STYLE="font-family:Times New Roman" SIZE="2">Fixed-rate mortgages</FONT></P></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="2">$</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:Times New Roman" SIZE="2">525,259,000</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="2">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="2">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:Times New Roman" SIZE="2">5.8</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="2">%&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" NOWRAP ALIGN="right"><FONT STYLE="font-family:Times New Roman" SIZE="2">5.0%&nbsp;-7.6%</FONT></TD></TR>
<TR>
<TD VALIGN="top"> <P STYLE="margin-left:1.00em; text-indent:-1.00em"><FONT STYLE="font-family:Times New Roman" SIZE="2">Variable-rate mortgage</FONT></P></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="2">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:Times New Roman" SIZE="2">63,768,000</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="2">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="2">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:Times New Roman" SIZE="2">3.0</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="2">%&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"></TD></TR>
<TR STYLE="font-size:1px">
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"> <P STYLE="border-top:1px solid #000000">&nbsp;</P></TD>
<TD VALIGN="bottom"> <P STYLE="border-top:1px solid #000000">&nbsp;</P></TD>
<TD>&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"> <P STYLE="border-top:1px solid #000000">&nbsp;</P></TD>
<TD VALIGN="bottom"> <P STYLE="border-top:1px solid #000000">&nbsp;</P></TD>
<TD>&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom"></TD></TR>
<TR BGCOLOR="#cceeff">
<TD VALIGN="top"> <P STYLE="margin-left:1.00em; text-indent:-1.00em"><FONT STYLE="font-family:Times New Roman" SIZE="2">Total property-specific mortgages</FONT></P></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="2">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:Times New Roman" SIZE="2">589,027,000</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="2">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="2">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:Times New Roman" SIZE="2">5.5</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="2">%&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"></TD></TR>
<TR>
<TD VALIGN="top"> <P STYLE="margin-left:1.00em; text-indent:-1.00em"><FONT STYLE="font-family:Times New Roman" SIZE="2">Stabilized property credit facility</FONT></P></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="2">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:Times New Roman" SIZE="2">74,035,000</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="2">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="2">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:Times New Roman" SIZE="2">5.5</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="2">%&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"></TD></TR>
<TR BGCOLOR="#cceeff">
<TD VALIGN="top"> <P STYLE="margin-left:1.00em; text-indent:-1.00em"><FONT STYLE="font-family:Times New Roman" SIZE="2">Development property credit facility</FONT></P></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="2">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:Times New Roman" SIZE="2">92,282,000</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="2">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="2">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:Times New Roman" SIZE="2">2.5</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="2">%&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"></TD></TR>
<TR STYLE="font-size:1px">
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"> <P STYLE="border-top:1px solid #000000">&nbsp;</P></TD>
<TD VALIGN="bottom"> <P STYLE="border-top:1px solid #000000">&nbsp;</P></TD>
<TD>&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"> <P STYLE="border-top:1px solid #000000">&nbsp;</P></TD>
<TD VALIGN="bottom"> <P STYLE="border-top:1px solid #000000">&nbsp;</P></TD>
<TD>&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom"></TD></TR>
<TR>
<TD VALIGN="top"></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="2">$</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:Times New Roman" SIZE="2">755,344,000</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="2">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="2">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:Times New Roman" SIZE="2">5.2</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="2">%&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"></TD></TR>
<TR STYLE="font-size:1px">
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"> <P STYLE="border-top:3px double #000000">&nbsp;</P></TD>
<TD VALIGN="bottom"> <P STYLE="border-top:3px double #000000">&nbsp;</P></TD>
<TD>&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"> <P STYLE="border-top:3px double #000000">&nbsp;</P></TD>
<TD VALIGN="bottom"> <P STYLE="border-top:3px double #000000">&nbsp;</P></TD>
<TD>&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom"></TD></TR>
</TABLE> <P STYLE="margin-top:10px;margin-bottom:0px; text-indent:4%" ALIGN="justify"><FONT STYLE="font-family:Times New Roman" SIZE="2">On January&nbsp;26, 2012, the Company entered into a new $300 million amended, restated
and consolidated credit facility. The Credit Facility is comprised of a four-year $75 million term loan and a three-year $225 million revolving credit facility, subject to collateral in place (the Company has pledged 27 of its shopping center
properties as collateral for such borrowings, including seven properties which are being treated as &#147;real estate held for sale/conveyance&#148;). Borrowings under the new facility are initially priced at LIBOR plus 275 bps (a total of
3.0%&nbsp;per annum at closing) and can range from LIBOR plus 200 to 300 bps based on the Company&#146;s leverage ratio. Subject to customary conditions, the </FONT></P>
 <p STYLE="margin-top:0px;margin-bottom:0px"><FONT SIZE="1">&nbsp;</FONT></P> <P STYLE="margin-top:0px;margin-bottom:0px" ALIGN="center"><FONT STYLE="font-family:Times New Roman" SIZE="2">45 </FONT></P>



<p Style='page-break-before:always'>
<HR  SIZE="3" style="COLOR:#999999" WIDTH="100%" ALIGN="CENTER">
<h5 align="left"><a href="#toc">Table of Contents</a></h5>


 <P STYLE="margin-top:0px;margin-bottom:0px" ALIGN="justify"><FONT STYLE="font-family:Times New Roman" SIZE="2">
term loan and the revolving credit facility may both be extended for one additional year at the Company&#146;s option. Under an accordion feature, the Credit Facility can be increased to $500
million, subject to customary conditions, collateral in place and lending commitments from participating banks. The Credit Facility contains financial covenants including, but not limited to, maximum debt leverage, minimum interest coverage, minimum
fixed charge coverage, and minimum net worth. In addition, the Credit Facility contains restrictions including, but not limited to, limits on indebtedness, certain investments and distributions. The Credit Facility is available to fund acquisitions,
redevelopment and remaining development activities, capital expenditures, mortgage repayments, dividend distributions, working capital and other general corporate purposes. Based on covenant measurements and collateral in place at the closing, the
Company was permitted to draw up to approximately $232.8 million, of which approximately $62.8 million remained available as of that date (after payment of closing costs, fees and expenses). </FONT></P>
<P STYLE="margin-top:10px;margin-bottom:0px; text-indent:4%" ALIGN="justify"><FONT STYLE="font-family:Times New Roman" SIZE="2">The variable-rate mortgage represents a $70.7&nbsp;million construction facility, as amended in November 2011, pursuant
to which the Company has pledged its joint venture ground-up development property in Pottsgrove, Pennsylvania as collateral for borrowings thereunder. The facility is guaranteed by the Company and will expire in October 2013, subject to a one-year
extension option. Borrowings under the facility bear interest the Company&#146;s option at either LIBOR plus a spread of 275 bps or the agent bank&#146;s prime rate plus a spread of 125 bps, with principal payable based on a 30-year amortization
schedule. Borrowings outstanding under the facility aggregated $63.8 million at December&nbsp;31, 2011, and such borrowings bore interest at a rate of 3.5%&nbsp;per annum. </FONT></P>
<P STYLE="margin-top:10px;margin-bottom:0px; text-indent:4%" ALIGN="justify"><FONT STYLE="font-family:Times New Roman" SIZE="2">Other property-specific mortgage loans payable at December&nbsp;31, 2011 consisted of fixed-rate notes totaling $525.3
million, with a weighted average interest rate of 5.8%. For 2012, the Company has approximately $9.3 million of scheduled debt principal amortization payments and $29.6 million of scheduled balloon payments. </FONT></P>
<P STYLE="margin-top:10px;margin-bottom:0px; text-indent:4%" ALIGN="justify"><FONT STYLE="font-family:Times New Roman" SIZE="2">Total mortgage loans payable and secured credit facilities have an overall weighted average interest rate of 5.2% and
mature at various dates through 2029. The terms of several of the Company&#146;s mortgage loans payable require the Company to deposit certain replacement and other reserves with its lenders. Such &#147;restricted cash&#148; is generally available
only for property-level requirements for which the reserves have been established, and is not available to fund other property-level or Company-level obligations. </FONT></P>
<P STYLE="margin-top:10px;margin-bottom:0px; text-indent:4%" ALIGN="justify"><FONT STYLE="font-family:Times New Roman" SIZE="2">In order to continue qualifying as a REIT, the Company is required to distribute at least 90% of its &#147;REIT taxable
income&#148;, as defined in the Code. The Company paid dividends totaling $0.36 per share during 2011. However, in keeping with its stated goal of reducing overall leverage, and in order to maximize financial flexibility, the Company&#146;s Board of
Directors determined to reduce the quarterly dividend for 2012 to a target rate of $0.05 per share (an annual rate of $0.20 per share). While the Company intends to continue paying regular quarterly dividends, future dividend declarations will
continue to be at the discretion of the Board of Directors, and will depend on the cash flow and financial condition of the Company, capital requirements, annual distribution requirements under the REIT provisions of the Code, and such other factors
as the Board of Directors may deem relevant. </FONT></P>
 <p STYLE="margin-top:0px;margin-bottom:0px"><FONT SIZE="1">&nbsp;</FONT></P> <P STYLE="margin-top:0px;margin-bottom:0px" ALIGN="center"><FONT STYLE="font-family:Times New Roman" SIZE="2">46 </FONT></P>



<p Style='page-break-before:always'>
<HR  SIZE="3" style="COLOR:#999999" WIDTH="100%" ALIGN="CENTER">
<h5 align="left"><a href="#toc">Table of Contents</a></h5>


 <P STYLE="margin-top:0px;margin-bottom:0px"><FONT STYLE="font-family:Times New Roman" SIZE="2"><B><I>Contractual obligations and commercial commitments </I></B></FONT></P>
<P STYLE="margin-top:10px;margin-bottom:0px; text-indent:4%" ALIGN="justify"><FONT STYLE="font-family:Times New Roman" SIZE="2">The following table sets forth the Company&#146;s significant debt repayment, interest and operating lease obligations at
December&nbsp;31, 2011: </FONT></P> <P STYLE="font-size:10px;margin-top:0px;margin-bottom:0px">&nbsp;</P>
<TABLE CELLSPACING="0" CELLPADDING="0" WIDTH="100%" BORDER="0" STYLE="BORDER-COLLAPSE:COLLAPSE" ALIGN="center">


<TR STYLE="visibility:hidden; line-height:0pt; color:white">
<TD WIDTH="79%"></TD>
<TD VALIGN="bottom" WIDTH="1%"></TD>
<TD></TD>
<TD nowrap><FONT STYLE="Times New Roman" SIZE="1"><B>Septem</B></FONT></TD>
<TD></TD>
<TD VALIGN="bottom" WIDTH="1%"></TD>
<TD></TD>
<TD nowrap><FONT STYLE="Times New Roman" SIZE="1"><B>Septem</B></FONT></TD>
<TD></TD>
<TD VALIGN="bottom" WIDTH="1%"></TD>
<TD></TD>
<TD nowrap><FONT STYLE="Times New Roman" SIZE="1"><B>Septem</B></FONT></TD>
<TD></TD>
<TD VALIGN="bottom" WIDTH="1%"></TD>
<TD></TD>
<TD nowrap><FONT STYLE="Times New Roman" SIZE="1"><B>Septem</B></FONT></TD>
<TD></TD>
<TD VALIGN="bottom" WIDTH="1%"></TD>
<TD></TD>
<TD nowrap><FONT STYLE="Times New Roman" SIZE="1"><B>Septem</B></FONT></TD>
<TD></TD>
<TD VALIGN="bottom" WIDTH="1%"></TD>
<TD></TD>
<TD nowrap><FONT STYLE="Times New Roman" SIZE="1"><B>Septem</B></FONT></TD>
<TD></TD>
<TD VALIGN="bottom" WIDTH="1%"></TD>
<TD></TD>
<TD nowrap><FONT STYLE="Times New Roman" SIZE="1"><B>Septem</B></FONT></TD>
<TD></TD></TR>
<TR>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" COLSPAN="26" ALIGN="center" STYLE="border-bottom:1px solid #000000"><FONT STYLE="font-family:Times New Roman" SIZE="1"><B>Maturity Date</B></FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD></TR>
<TR>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" COLSPAN="2" ALIGN="center" STYLE="border-bottom:1px solid #000000"><FONT STYLE="font-family:Times New Roman" SIZE="1"><B>2012</B></FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" COLSPAN="2" ALIGN="center" STYLE="border-bottom:1px solid #000000"><FONT STYLE="font-family:Times New Roman" SIZE="1"><B>2013</B></FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" COLSPAN="2" ALIGN="center" STYLE="border-bottom:1px solid #000000"><FONT STYLE="font-family:Times New Roman" SIZE="1"><B>2014</B></FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" COLSPAN="2" ALIGN="center" STYLE="border-bottom:1px solid #000000"><FONT STYLE="font-family:Times New Roman" SIZE="1"><B>2015</B></FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" COLSPAN="2" ALIGN="center" STYLE="border-bottom:1px solid #000000"><FONT STYLE="font-family:Times New Roman" SIZE="1"><B>2016</B></FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" COLSPAN="2" ALIGN="center" STYLE="border-bottom:1px solid #000000"><FONT STYLE="font-family:Times New Roman" SIZE="1"><B>Thereafter</B></FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" COLSPAN="2" ALIGN="center" STYLE="border-bottom:1px solid #000000"><FONT STYLE="font-family:Times New Roman" SIZE="1"><B>Total</B></FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD></TR>


<TR BGCOLOR="#cceeff">
<TD VALIGN="top"> <P STYLE="margin-left:1.00em; text-indent:-1.00em"><FONT STYLE="font-family:Times New Roman" SIZE="2">Debt: (i)</FONT></P></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD></TR>
<TR>
<TD VALIGN="top"> <P STYLE="margin-left:3.00em; text-indent:-1.00em"><FONT STYLE="font-family:Times New Roman" SIZE="2">Mortgage loans payable (ii)</FONT></P></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="2">$</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:Times New Roman" SIZE="2">38,980,000</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="2">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="2">$</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:Times New Roman" SIZE="2">125,328,000</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="2">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="2">$</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:Times New Roman" SIZE="2">106,436,000</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="2">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="2">$</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:Times New Roman" SIZE="2">77,325,000</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="2">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="2">$</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:Times New Roman" SIZE="2">98,937,000</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="2">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="2">$</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:Times New Roman" SIZE="2">142,021,000</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="2">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="2">$</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:Times New Roman" SIZE="2">589,027,000</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="2">&nbsp;&nbsp;</FONT></TD></TR>
<TR BGCOLOR="#cceeff">
<TD VALIGN="top"> <P STYLE="margin-left:3.00em; text-indent:-1.00em"><FONT STYLE="font-family:Times New Roman" SIZE="2">Credit facilities (iii)</FONT></P></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="2">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:Times New Roman" SIZE="2">&#151;&nbsp;&nbsp;</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="2">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="2">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:Times New Roman" SIZE="2">&#151;&nbsp;&nbsp;</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="2">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="2">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:Times New Roman" SIZE="2">&#151;&nbsp;&nbsp;</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="2">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="2">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:Times New Roman" SIZE="2">91,317,000</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="2">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="2">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:Times New Roman" SIZE="2">75,000,000</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="2">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="2">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:Times New Roman" SIZE="2">&#151;&nbsp;&nbsp;</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="2">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="2">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:Times New Roman" SIZE="2">166,317,000</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="2">&nbsp;&nbsp;</FONT></TD></TR>
<TR>
<TD VALIGN="top"> <P STYLE="margin-left:3.00em; text-indent:-1.00em"><FONT STYLE="font-family:Times New Roman" SIZE="2">Interest payments (iv)</FONT></P></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="2">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:Times New Roman" SIZE="2">32,506,000</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="2">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="2">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:Times New Roman" SIZE="2">27,058,000</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="2">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="2">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:Times New Roman" SIZE="2">21,335,000</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="2">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="2">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:Times New Roman" SIZE="2">14,385,000</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="2">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="2">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:Times New Roman" SIZE="2">12,558,000</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="2">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="2">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:Times New Roman" SIZE="2">12,838,000</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="2">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="2">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:Times New Roman" SIZE="2">120,680,000</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="2">&nbsp;&nbsp;</FONT></TD></TR>
<TR BGCOLOR="#cceeff">
<TD VALIGN="top"> <P STYLE="margin-left:1.00em; text-indent:-1.00em"><FONT STYLE="font-family:Times New Roman" SIZE="2">Operating lease obligations</FONT></P></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="2">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:Times New Roman" SIZE="2">1,539,000</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="2">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="2">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:Times New Roman" SIZE="2">1,553,000</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="2">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="2">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:Times New Roman" SIZE="2">1,567,000</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="2">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="2">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:Times New Roman" SIZE="2">1,583,000</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="2">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="2">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:Times New Roman" SIZE="2">1,596,000</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="2">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="2">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:Times New Roman" SIZE="2">11,787,000</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="2">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="2">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:Times New Roman" SIZE="2">19,625,000</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="2">&nbsp;&nbsp;</FONT></TD></TR>
<TR STYLE="font-size:1px">
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom"> <P STYLE="border-top:1px solid #000000">&nbsp;</P></TD>
<TD VALIGN="bottom"> <P STYLE="border-top:1px solid #000000">&nbsp;</P></TD>
<TD>&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom"> <P STYLE="border-top:1px solid #000000">&nbsp;</P></TD>
<TD VALIGN="bottom"> <P STYLE="border-top:1px solid #000000">&nbsp;</P></TD>
<TD>&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom"> <P STYLE="border-top:1px solid #000000">&nbsp;</P></TD>
<TD VALIGN="bottom"> <P STYLE="border-top:1px solid #000000">&nbsp;</P></TD>
<TD>&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom"> <P STYLE="border-top:1px solid #000000">&nbsp;</P></TD>
<TD VALIGN="bottom"> <P STYLE="border-top:1px solid #000000">&nbsp;</P></TD>
<TD>&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom"> <P STYLE="border-top:1px solid #000000">&nbsp;</P></TD>
<TD VALIGN="bottom"> <P STYLE="border-top:1px solid #000000">&nbsp;</P></TD>
<TD>&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom"> <P STYLE="border-top:1px solid #000000">&nbsp;</P></TD>
<TD VALIGN="bottom"> <P STYLE="border-top:1px solid #000000">&nbsp;</P></TD>
<TD>&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom"> <P STYLE="border-top:1px solid #000000">&nbsp;</P></TD>
<TD VALIGN="bottom"> <P STYLE="border-top:1px solid #000000">&nbsp;</P></TD>
<TD>&nbsp;</TD></TR>
<TR>
<TD VALIGN="top"> <P STYLE="margin-left:1.00em; text-indent:-1.00em"><FONT STYLE="font-family:Times New Roman" SIZE="2">Total</FONT></P></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="2">$</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:Times New Roman" SIZE="2">73,025,000</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="2">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="2">$</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:Times New Roman" SIZE="2">153,939,000</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="2">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="2">$</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:Times New Roman" SIZE="2">129,338,000</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="2">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="2">$</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:Times New Roman" SIZE="2">184,610,000</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="2">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="2">$</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:Times New Roman" SIZE="2">188,091,000</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="2">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="2">$</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:Times New Roman" SIZE="2">166,646,000</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="2">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="2">$</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:Times New Roman" SIZE="2">895,649,000</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="2">&nbsp;&nbsp;</FONT></TD></TR>
<TR STYLE="font-size:1px">
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom"> <P STYLE="border-top:3px double #000000">&nbsp;</P></TD>
<TD VALIGN="bottom"> <P STYLE="border-top:3px double #000000">&nbsp;</P></TD>
<TD>&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom"> <P STYLE="border-top:3px double #000000">&nbsp;</P></TD>
<TD VALIGN="bottom"> <P STYLE="border-top:3px double #000000">&nbsp;</P></TD>
<TD>&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom"> <P STYLE="border-top:3px double #000000">&nbsp;</P></TD>
<TD VALIGN="bottom"> <P STYLE="border-top:3px double #000000">&nbsp;</P></TD>
<TD>&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom"> <P STYLE="border-top:3px double #000000">&nbsp;</P></TD>
<TD VALIGN="bottom"> <P STYLE="border-top:3px double #000000">&nbsp;</P></TD>
<TD>&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom"> <P STYLE="border-top:3px double #000000">&nbsp;</P></TD>
<TD VALIGN="bottom"> <P STYLE="border-top:3px double #000000">&nbsp;</P></TD>
<TD>&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom"> <P STYLE="border-top:3px double #000000">&nbsp;</P></TD>
<TD VALIGN="bottom"> <P STYLE="border-top:3px double #000000">&nbsp;</P></TD>
<TD>&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom"> <P STYLE="border-top:3px double #000000">&nbsp;</P></TD>
<TD VALIGN="bottom"> <P STYLE="border-top:3px double #000000">&nbsp;</P></TD>
<TD>&nbsp;</TD></TR>
</TABLE> <P STYLE="font-size:10px;margin-top:0px;margin-bottom:0px">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR>
<TD WIDTH="4%" VALIGN="top" ALIGN="left"><FONT STYLE="font-family:Times New Roman" SIZE="2">(i)</FONT></TD>
<TD ALIGN="left" VALIGN="top"> <P ALIGN="justify"><FONT STYLE="font-family:Times New Roman" SIZE="2">Does not include amounts applicable to unconsolidated joint ventures or discontinued operations. </FONT></P></TD></TR></TABLE>
<P STYLE="font-size:10px;margin-top:0px;margin-bottom:0px">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR>
<TD WIDTH="4%" VALIGN="top" ALIGN="left"><FONT STYLE="font-family:Times New Roman" SIZE="2">(ii)</FONT></TD>
<TD ALIGN="left" VALIGN="top"> <P ALIGN="justify"><FONT STYLE="font-family:Times New Roman" SIZE="2">Mortgage loans payable for 2013 includes $62.2 million applicable to property-specific construction financing which is subject to a one-year
extension option. </FONT></P></TD></TR></TABLE> <P STYLE="font-size:10px;margin-top:0px;margin-bottom:0px">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR>
<TD WIDTH="4%" VALIGN="top" ALIGN="left"><FONT STYLE="font-family:Times New Roman" SIZE="2">(iii)</FONT></TD>
<TD ALIGN="left" VALIGN="top"> <P ALIGN="justify"><FONT STYLE="font-family:Times New Roman" SIZE="2">Reflects the amended, restated and consolidated credit facility concluded on January 26, 2012; each of the 2015 and 2016 amounts are subject to a
one-year extension option. </FONT></P></TD></TR></TABLE> <P STYLE="font-size:10px;margin-top:0px;margin-bottom:0px">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR>
<TD WIDTH="4%" VALIGN="top" ALIGN="left"><FONT STYLE="font-family:Times New Roman" SIZE="2">(iv)</FONT></TD>
<TD ALIGN="left" VALIGN="top"> <P ALIGN="justify"><FONT STYLE="font-family:Times New Roman" SIZE="2">Represents interest payments expected to be incurred on the Company&#146;s consolidated debt obligations as of December&nbsp;31, 2011, including
capitalized interest. For variable-rate debt, the rate in effect at December&nbsp;31, 2011 ( or the initial pricing of the new credit facility ) is assumed to remain in effect until the maturities of the respective obligations.
</FONT></P></TD></TR></TABLE> <P STYLE="margin-top:10px;margin-bottom:0px; text-indent:4%" ALIGN="justify"><FONT STYLE="font-family:Times New Roman" SIZE="2">In addition, the Company plans to spend between $20 million and $25 million during 2012 in
connection with redevelopment and remaining development activities in process as of December&nbsp;31, 2011. </FONT></P> <P STYLE="margin-top:10px;margin-bottom:0px"><FONT STYLE="font-family:Times New Roman" SIZE="2"><B>Net Cash Flows </B></FONT></P>
<P STYLE="font-size:10px;margin-top:0px;margin-bottom:0px">&nbsp;</P>
<TABLE CELLSPACING="0" CELLPADDING="0" WIDTH="100%" BORDER="0" STYLE="BORDER-COLLAPSE:COLLAPSE" ALIGN="center">


<TR STYLE="visibility:hidden; line-height:0pt; color:white">
<TD WIDTH="88%"></TD>
<TD VALIGN="bottom" WIDTH="1%"></TD>
<TD></TD>
<TD nowrap><FONT STYLE="Times New Roman" SIZE="1"><B>September 30,</B></FONT></TD>
<TD></TD>
<TD VALIGN="bottom" WIDTH="1%"></TD>
<TD></TD>
<TD nowrap><FONT STYLE="Times New Roman" SIZE="1"><B>September 30,</B></FONT></TD>
<TD></TD>
<TD VALIGN="bottom" WIDTH="1%"></TD>
<TD></TD>
<TD nowrap><FONT STYLE="Times New Roman" SIZE="1"><B>September 30,</B></FONT></TD>
<TD></TD></TR>
<TR>
<TD VALIGN="bottom">&nbsp;<FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" COLSPAN="2" ALIGN="center" STYLE="border-bottom:1px solid #000000"><FONT STYLE="font-family:Times New Roman" SIZE="1"><B>2011</B></FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" COLSPAN="2" ALIGN="center" STYLE="border-bottom:1px solid #000000"><FONT STYLE="font-family:Times New Roman" SIZE="1"><B>2010</B></FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" COLSPAN="2" ALIGN="center" STYLE="border-bottom:1px solid #000000"><FONT STYLE="font-family:Times New Roman" SIZE="1"><B>2009</B></FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD></TR>


<TR BGCOLOR="#cceeff">
<TD VALIGN="top"> <P STYLE="margin-left:1.00em; text-indent:-1.00em"><FONT STYLE="font-family:Times New Roman" SIZE="2">Cash flows provided by (used in):</FONT></P></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD></TR>
<TR>
<TD VALIGN="top"> <P STYLE="margin-left:3.00em; text-indent:-1.00em"><FONT STYLE="font-family:Times New Roman" SIZE="2">Operating activities</FONT></P></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="2">$</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:Times New Roman" SIZE="2">39,246,000</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="2">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="2">$</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:Times New Roman" SIZE="2">41,702,000</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="2">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="2">$</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:Times New Roman" SIZE="2">51,942,000</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="2">&nbsp;&nbsp;</FONT></TD></TR>
<TR BGCOLOR="#cceeff">
<TD VALIGN="top"> <P STYLE="margin-left:3.00em; text-indent:-1.00em"><FONT STYLE="font-family:Times New Roman" SIZE="2">Investing activities</FONT></P></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="2">$</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:Times New Roman" SIZE="2">(64,241,000</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="2">)&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="2">$</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:Times New Roman" SIZE="2">(29,834,000</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="2">)&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="2">$</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:Times New Roman" SIZE="2">(70,026,000</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="2">)&nbsp;</FONT></TD></TR>
<TR>
<TD VALIGN="top"> <P STYLE="margin-left:3.00em; text-indent:-1.00em"><FONT STYLE="font-family:Times New Roman" SIZE="2">Financing activities</FONT></P></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="2">$</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:Times New Roman" SIZE="2">22,899,000</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="2">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="2">$</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:Times New Roman" SIZE="2">(14,866,000</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="2">)&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="2">$</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:Times New Roman" SIZE="2">27,017,000</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="2">&nbsp;&nbsp;</FONT></TD></TR>
</TABLE> <P STYLE="margin-top:10px;margin-bottom:0px"><FONT STYLE="font-family:Times New Roman" SIZE="2"><B><I>Operating Activities </I></B></FONT></P>
<P STYLE="margin-top:10px;margin-bottom:0px; text-indent:4%" ALIGN="justify"><FONT STYLE="font-family:Times New Roman" SIZE="2">The comparative changes in net cash flows provided by operating activities during 2011, 2010 and 2009 were primarily the
result of the impact of the Cedar/RioCan joint venture transactions, the Company&#146;s property acquisition/disposition program, and continuing development/redevelopment activities. </FONT></P>
<P STYLE="font-size:10px;margin-top:0px;margin-bottom:0px"><FONT SIZE="1">&nbsp;</FONT></P>
 <p STYLE="margin-top:0px;margin-bottom:0px"><FONT SIZE="1">&nbsp;</FONT></P> <P STYLE="margin-top:0px;margin-bottom:0px" ALIGN="center"><FONT STYLE="font-family:Times New Roman" SIZE="2">47 </FONT></P>



<p Style='page-break-before:always'>
<HR  SIZE="3" style="COLOR:#999999" WIDTH="100%" ALIGN="CENTER">
<h5 align="left"><a href="#toc">Table of Contents</a></h5>


 <P STYLE="margin-top:0px;margin-bottom:0px"><FONT STYLE="font-family:Times New Roman" SIZE="2"><B><I>Investing Activities </I></B></FONT></P>
<P STYLE="margin-top:10px;margin-bottom:0px; text-indent:4%" ALIGN="justify"><FONT STYLE="font-family:Times New Roman" SIZE="2">Net cash flows used in investing activities were primarily the result of the Cedar/RioCan joint venture transactions and
the Company&#146;s acquisition/disposition activities. During 2011, the Company acquired a grocery-anchored shopping center and incurred expenditures for property improvements (an aggregate of $92.1 million), had an increase in loans and other
receivables and construction escrows ($6.2 million) and made investments in the Cedar/RioCan joint venture ($4.3 million), offset by proceeds from sales of properties treated as discontinued operations ($30.6 million), net proceeds relating to the
properties transferred to the Cedar/RioCan joint venture ($3.5 million) and distribution of capital from the Cedar/RioCan joint venture ($4.3 million). During 2010, the Company made investments in the Cedar/RioCan joint venture ($51.4&nbsp;million),
acquired a single-tenant office property and incurred expenditures for property improvements (an aggregate of $30.2&nbsp;million), and had an increase in other receivables and construction escrows (an aggregate of $3.4 million), offset by proceeds
from the transfers of five properties to the Cedar/RioCan joint venture ($31.0 million), distributions of capital from the Cedar/RioCan joint venture ($21.5&nbsp;million), and the sales of properties treated as discontinued operations
($2.7&nbsp;million). During 2009, the Company acquired two shopping and convenience centers and incurred expenditures for property improvements, an aggregate of $108.3 million. The Company realized proceeds from the transfers of two properties to
the RioCan joint venture ($32.1 million) and from the sales of properties treated as discontinued operations ($6.8 million). </FONT></P> <P STYLE="margin-top:10px;margin-bottom:0px"><FONT STYLE="font-family:Times New Roman" SIZE="2"><B><I>Financing
Activities </I></B></FONT></P> <P STYLE="margin-top:10px;margin-bottom:0px; text-indent:4%" ALIGN="justify"><FONT STYLE="font-family:Times New Roman" SIZE="2">During 2011, the Company received proceeds from mortgage refinancings ($45.8 million), net
advances from its revolving credit facilities ($33.7 million), proceeds from the sale of common stock ($4.3 million), and had a contribution from a consolidated joint venture minority interest ($0.3 million), offset by preferred and common stock
distributions ($38.9&nbsp;million), repayment of mortgage obligations ($17.4 million), distributions to noncontrolling interest (minority interest and limited partners&#151;$3.8 million), and the payment of debt financing costs ($1.1 million).
During 2010, the Company had net repayments to its revolving credit facilities ($125.1&nbsp;million), preferred and common stock distributions ($31.9&nbsp;million), repayment of mortgage obligations ($20.9&nbsp;million, including $11.0&nbsp;million
of mortgage balloon payments), termination payments relating to interest rate swaps ($5.5&nbsp;million), distributions paid to noncontrolling interests (minority interest and limited partners&#151;$4.2&nbsp;million), redemptions of OP Units
($3.4&nbsp;million), and the payment of debt financing costs ($2.0 million), offset by the proceeds from sales of preferred and common stock ($141.2&nbsp;million), the proceeds of mortgage financings ($27.0&nbsp;million), and the proceeds from the
exercise of the RioCan warrant ($10.0&nbsp;million). During 2009, the Company received proceeds of mortgage financings of $60.9 million, proceeds from sales of common stock of $40.9 million, $12.2&nbsp;million in contributions from noncontrolling
interests (minority interest partners), and $5.0 million in proceeds from a standby equity advance (not settled as of December&nbsp;31, 2009), offset by net repayments to its revolving credit facilities of $46.8 million, repayment of mortgage
obligations of $18.2 million (including $8.9 million of mortgage balloon payments), preferred and common stock distributions of $12.9&nbsp;million, the payment of financing costs of $10.0&nbsp;million, and distributions paid to noncontrolling
interests (minority and limited partner interests) of $4.1&nbsp;million. </FONT></P>
 <p STYLE="margin-top:0px;margin-bottom:0px"><FONT SIZE="1">&nbsp;</FONT></P> <P STYLE="margin-top:0px;margin-bottom:0px" ALIGN="center"><FONT STYLE="font-family:Times New Roman" SIZE="2">48 </FONT></P>



<p Style='page-break-before:always'>
<HR  SIZE="3" style="COLOR:#999999" WIDTH="100%" ALIGN="CENTER">
<h5 align="left"><a href="#toc">Table of Contents</a></h5>


 <P STYLE="margin-top:0px;margin-bottom:0px"><FONT STYLE="font-family:Times New Roman" SIZE="2"><B>Funds From Operations </B></FONT></P>
<P STYLE="margin-top:10px;margin-bottom:0px; text-indent:4%" ALIGN="justify"><FONT STYLE="font-family:Times New Roman" SIZE="2">Funds From Operations &#147;FFO&#148; is a widely-recognized non-GAAP financial measure for REITs that the Company
believes, when considered with financial statements determined in accordance with GAAP, is useful to investors in understanding financial performance and providing a relevant basis for comparison among REITs. In addition, FFO is useful to investors
as it captures features particular to real estate performance by recognizing that real estate generally appreciates over time or maintains residual value to a much greater extent than do other depreciable assets. Investors should review FFO, along
with GAAP net income, when trying to understand a REIT&#146;s operating performance. The Company considers FFO an important supplemental measure of its operating performance and believes that it is frequently used by securities analysts, investors
and other interested parties in the evaluation of REITs. </FONT></P> <P STYLE="margin-top:10px;margin-bottom:0px; text-indent:4%" ALIGN="justify"><FONT STYLE="font-family:Times New Roman" SIZE="2">The Company computes FFO in accordance with the
&#147;White Paper&#148; 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 real estate-related depreciation and amortization, and after adjustments for partnerships and joint ventures (which are computed to reflect FFO on the same basis). In addition, NAREIT has
recently clarified its computation of FFO so as to exclude impairment charges for all periods presented. FFO does not represent cash generated from operating activities and should not be considered as an alternative to net income applicable to
common shareholders or to cash flow from operating activities. FFO is not indicative of cash available to fund ongoing cash needs, including the ability to make cash distributions. Although FFO is a measure used for comparability in assessing the
performance of REITs, as the NAREIT White Paper only provides guidelines for computing FFO, the computation of FFO may vary from one company to another. The following table sets forth the Company&#146;s calculations of FFO for 2011, 2010 and 2009:
</FONT></P> <P STYLE="font-size:10px;margin-top:0px;margin-bottom:0px">&nbsp;</P>
<TABLE CELLSPACING="0" CELLPADDING="0" WIDTH="100%" BORDER="0" STYLE="BORDER-COLLAPSE:COLLAPSE" ALIGN="center">


<TR STYLE="visibility:hidden; line-height:0pt; color:white">
<TD WIDTH="88%"></TD>
<TD VALIGN="bottom" WIDTH="1%"></TD>
<TD></TD>
<TD nowrap><FONT STYLE="Times New Roman" SIZE="1"><B>September 30,</B></FONT></TD>
<TD></TD>
<TD VALIGN="bottom" WIDTH="1%"></TD>
<TD></TD>
<TD nowrap><FONT STYLE="Times New Roman" SIZE="1"><B>September 30,</B></FONT></TD>
<TD></TD>
<TD VALIGN="bottom" WIDTH="1%"></TD>
<TD></TD>
<TD nowrap><FONT STYLE="Times New Roman" SIZE="1"><B>September 30,</B></FONT></TD>
<TD></TD></TR>
<TR>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" COLSPAN="2" ALIGN="center" STYLE="border-bottom:1px solid #000000"><FONT STYLE="font-family:Times New Roman" SIZE="1"><B>2011</B></FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" COLSPAN="2" ALIGN="center" STYLE="border-bottom:1px solid #000000"><FONT STYLE="font-family:Times New Roman" SIZE="1"><B>2010</B></FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" COLSPAN="2" ALIGN="center" STYLE="border-bottom:1px solid #000000"><FONT STYLE="font-family:Times New Roman" SIZE="1"><B>2009</B></FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD></TR>


<TR>
<TD HEIGHT="13"></TD>
<TD HEIGHT="13" COLSPAN="4"></TD>
<TD HEIGHT="13" COLSPAN="4"></TD>
<TD HEIGHT="13" COLSPAN="4"></TD></TR>
<TR BGCOLOR="#cceeff">
<TD VALIGN="top"> <P STYLE="margin-left:1.00em; text-indent:-1.00em"><FONT STYLE="font-family:Times New Roman" SIZE="2">Net loss attributable to common shareholders</FONT></P></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="2">$</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:Times New Roman" SIZE="2">(117,761,000</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="2">)&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="2">$</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:Times New Roman" SIZE="2">(51,485,000</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="2">)&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="2">$</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:Times New Roman" SIZE="2">(24,747,000</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="2">)&nbsp;</FONT></TD></TR>
<TR>
<TD VALIGN="top"> <P STYLE="margin-left:1.00em; text-indent:-1.00em"><FONT STYLE="font-family:Times New Roman" SIZE="2">Add (deduct):</FONT></P></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD></TR>
<TR BGCOLOR="#cceeff">
<TD VALIGN="top"> <P STYLE="margin-left:3.00em; text-indent:-1.00em"><FONT STYLE="font-family:Times New Roman" SIZE="2">Real estate depreciation and amortization</FONT></P></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="2">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:Times New Roman" SIZE="2">48,353,000</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="2">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="2">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:Times New Roman" SIZE="2">46,279,000</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="2">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="2">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:Times New Roman" SIZE="2">55,391,000</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="2">&nbsp;&nbsp;</FONT></TD></TR>
<TR>
<TD VALIGN="top"> <P STYLE="margin-left:3.00em; text-indent:-1.00em"><FONT STYLE="font-family:Times New Roman" SIZE="2">Limited partners&#146; interest</FONT></P></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="2">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:Times New Roman" SIZE="2">(2,446,000</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="2">)&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="2">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:Times New Roman" SIZE="2">(1,282,000</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="2">)&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="2">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:Times New Roman" SIZE="2">(912,000</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="2">)&nbsp;</FONT></TD></TR>
<TR BGCOLOR="#cceeff">
<TD VALIGN="top"> <P STYLE="margin-left:3.00em; text-indent:-1.00em"><FONT STYLE="font-family:Times New Roman" SIZE="2">Impairment charges and write-off of joint venture interest</FONT></P></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="2">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:Times New Roman" SIZE="2">103,567,000</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="2">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="2">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:Times New Roman" SIZE="2">42,315,000</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="2">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="2">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:Times New Roman" SIZE="2">27,195,000</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="2">&nbsp;&nbsp;</FONT></TD></TR>
<TR>
<TD VALIGN="top"> <P STYLE="margin-left:3.00em; text-indent:-1.00em"><FONT STYLE="font-family:Times New Roman" SIZE="2">Gain on sales</FONT></P></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="2">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:Times New Roman" SIZE="2">(884,000</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="2">)&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="2">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:Times New Roman" SIZE="2">(170,000</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="2">)&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="2">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:Times New Roman" SIZE="2">(557,000</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="2">)&nbsp;</FONT></TD></TR>
<TR BGCOLOR="#cceeff">
<TD VALIGN="top"> <P STYLE="margin-left:3.00em; text-indent:-1.00em"><FONT STYLE="font-family:Times New Roman" SIZE="2">Consolidated minority interest:</FONT></P></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD></TR>
<TR>
<TD VALIGN="top"> <P STYLE="margin-left:5.00em; text-indent:-1.00em"><FONT STYLE="font-family:Times New Roman" SIZE="2">Share of income</FONT></P></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="2">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:Times New Roman" SIZE="2">(2,507,000</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="2">)&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="2">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:Times New Roman" SIZE="2">(1,613,000</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="2">)&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="2">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:Times New Roman" SIZE="2">772,000</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="2">&nbsp;&nbsp;</FONT></TD></TR>
<TR BGCOLOR="#cceeff">
<TD VALIGN="top"> <P STYLE="margin-left:5.00em; text-indent:-1.00em"><FONT STYLE="font-family:Times New Roman" SIZE="2">Share of FFO</FONT></P></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="2">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:Times New Roman" SIZE="2">(5,918,000</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="2">)&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="2">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:Times New Roman" SIZE="2">(6,846,000</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="2">)&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="2">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:Times New Roman" SIZE="2">(5,787,000</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="2">)&nbsp;</FONT></TD></TR>
<TR>
<TD VALIGN="top"> <P STYLE="margin-left:3.00em; text-indent:-1.00em"><FONT STYLE="font-family:Times New Roman" SIZE="2">Unconsolidated joint venture:</FONT></P></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD></TR>
<TR BGCOLOR="#cceeff">
<TD VALIGN="top"> <P STYLE="margin-left:5.00em; text-indent:-1.00em"><FONT STYLE="font-family:Times New Roman" SIZE="2">Share of income</FONT></P></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="2">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:Times New Roman" SIZE="2">(1,671,000</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="2">)&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="2">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:Times New Roman" SIZE="2">(484,000</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="2">)&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="2">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:Times New Roman" SIZE="2">(1,098,000</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="2">)&nbsp;</FONT></TD></TR>
<TR>
<TD VALIGN="top"> <P STYLE="margin-left:5.00em; text-indent:-1.00em"><FONT STYLE="font-family:Times New Roman" SIZE="2">Share of FFO</FONT></P></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="2">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:Times New Roman" SIZE="2">5,984,000</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="2">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="2">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:Times New Roman" SIZE="2">2,796,000</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="2">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="2">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:Times New Roman" SIZE="2">1,519,000</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="2">&nbsp;&nbsp;</FONT></TD></TR>
<TR STYLE="font-size:1px">
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"> <P STYLE="border-top:1px solid #000000">&nbsp;</P></TD>
<TD VALIGN="bottom"> <P STYLE="border-top:1px solid #000000">&nbsp;</P></TD>
<TD>&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"> <P STYLE="border-top:1px solid #000000">&nbsp;</P></TD>
<TD VALIGN="bottom"> <P STYLE="border-top:1px solid #000000">&nbsp;</P></TD>
<TD>&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"> <P STYLE="border-top:1px solid #000000">&nbsp;</P></TD>
<TD VALIGN="bottom"> <P STYLE="border-top:1px solid #000000">&nbsp;</P></TD>
<TD>&nbsp;</TD></TR>
<TR BGCOLOR="#cceeff">
<TD VALIGN="top"> <P STYLE="margin-left:1.00em; text-indent:-1.00em"><FONT STYLE="font-family:Times New Roman" SIZE="2">FFO</FONT></P></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="2">$</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:Times New Roman" SIZE="2">26,717,000</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="2">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="2">$</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:Times New Roman" SIZE="2">29,510,000</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="2">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="2">$</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:Times New Roman" SIZE="2">51,776,000</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="2">&nbsp;&nbsp;</FONT></TD></TR>
<TR STYLE="font-size:1px">
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"> <P STYLE="border-top:3px double #000000">&nbsp;</P></TD>
<TD VALIGN="bottom"> <P STYLE="border-top:3px double #000000">&nbsp;</P></TD>
<TD>&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"> <P STYLE="border-top:3px double #000000">&nbsp;</P></TD>
<TD VALIGN="bottom"> <P STYLE="border-top:3px double #000000">&nbsp;</P></TD>
<TD>&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"> <P STYLE="border-top:3px double #000000">&nbsp;</P></TD>
<TD VALIGN="bottom"> <P STYLE="border-top:3px double #000000">&nbsp;</P></TD>
<TD>&nbsp;</TD></TR>
</TABLE>
 <p STYLE="margin-top:0px;margin-bottom:0px"><FONT SIZE="1">&nbsp;</FONT></P> <P STYLE="margin-top:0px;margin-bottom:0px" ALIGN="center"><FONT STYLE="font-family:Times New Roman" SIZE="2">49 </FONT></P>



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<h5 align="left"><a href="#toc">Table of Contents</a></h5>


 <P STYLE="margin-top:0px;margin-bottom:0px"><FONT STYLE="font-family:Times New Roman" SIZE="2"><B>Inflation </B></FONT></P> <P STYLE="margin-top:10px;margin-bottom:0px; text-indent:4%" ALIGN="justify"><FONT
STYLE="font-family:Times New Roman" SIZE="2">Inflation has been relatively low in recent years and has not had a significant detrimental impact on the Company&#146;s results of operations. Should inflation rates increase in the future, substantially
all of the Company&#146;s tenant leases contain provisions designed to partially mitigate the negative impact of inflation in the near term. Such lease provisions include clauses that require tenants to reimburse the Company for real estate taxes
and many of the operating expenses it incurs. Significant inflation rate increases over a prolonged period of time may have a material adverse impact on the Company&#146;s business. </FONT></P>
<P STYLE="font-size:10px;margin-top:0px;margin-bottom:0px">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR>
<TD WIDTH="9%" VALIGN="top" ALIGN="left"><FONT STYLE="font-family:Times New Roman" SIZE="2"><B>Item&nbsp;7A.</B></FONT></TD>
<TD ALIGN="left" VALIGN="top"><FONT STYLE="font-family:Times New Roman" SIZE="2"><B>Quantitative and Qualitative Disclosures About Market Risk </B></FONT></TD></TR></TABLE>
<P STYLE="margin-top:10px;margin-bottom:0px; text-indent:4%" ALIGN="justify"><FONT STYLE="font-family:Times New Roman" SIZE="2">One of the principal market risks facing the Company is interest rate risk on its credit facilities. The Company may,
when advantageous, hedge its interest rate risk by using derivative financial instruments. The Company is not subject to foreign currency risk. </FONT></P> <P STYLE="margin-top:10px;margin-bottom:0px; text-indent:4%" ALIGN="justify"><FONT
STYLE="font-family:Times New Roman" SIZE="2">The Company is exposed to interest rate changes primarily through (i)&nbsp;the variable-rate credit facilities used to maintain liquidity, fund capital expenditures, ground-up development/redevelopment
activities, and expand its real estate investment portfolio, (ii)&nbsp;property-specific variable-rate construction financing, and (iii)&nbsp;other property-specific variable-rate mortgages. The Company&#146;s objectives with respect to interest
rate risk are to limit the impact of interest rate changes on operations and cash flows, and to lower its overall borrowing costs. To achieve these objectives, the Company may borrow at fixed rates and may enter into derivative financial instruments
such as interest rate swaps, caps, etc., in order to mitigate its interest rate risk on a related variable-rate financial instrument. The Company does not enter into derivative or interest rate transactions for speculative purposes. At
December&nbsp;31, 2011, the Company had approximately $32.1 million of mortgage loans payable subject to interest rate swaps which converted LIBOR-based variable rates to fixed annual rates ranging from 5.2% and 6.5%&nbsp;per annum. At that date,
the Company had accrued liabilities of $2.1 million (included in accounts payable and accrued expenses on the consolidated balance sheet) relating to the fair value of interest rate swaps applicable to these mortgage loans payable. </FONT></P>
<P STYLE="margin-top:10px;margin-bottom:0px; text-indent:4%" ALIGN="justify"><FONT STYLE="font-family:Times New Roman" SIZE="2">At December&nbsp;31, 2011, long-term debt consisted of fixed-rate mortgage loans payable and variable-rate debt
(principally the Company&#146;s variable-rate credit facilities). The average interest rate on the $525.3 million of fixed-rate indebtedness outstanding was 5.8%, with maturities at various dates through 2029. The average interest rate on the $230.1
million of variable-rate debt (including $166.3 million in advances under the Company&#146;s revolving credit facilities) was 3.6% (3.0% reflecting the amended, restated and consolidated credit facility concluded January&nbsp;26, 2012). The $75
million term loan segment of the new facility matures in January 2016, and the $91.3 million revolving credit segment matures in January 2015, each subject to a one-year extension option. With respect to the $230.1 million of variable-rate debt
outstanding at December&nbsp;31, 2011, if interest rates either increase or decrease by 1%, the Company&#146;s interest cost would increase or decrease respectively by approximately $2.3 million per annum. </FONT></P>
 <p STYLE="margin-top:0px;margin-bottom:0px"><FONT SIZE="1">&nbsp;</FONT></P> <P STYLE="margin-top:0px;margin-bottom:0px" ALIGN="center"><FONT STYLE="font-family:Times New Roman" SIZE="2">50 </FONT></P>



<p Style='page-break-before:always'>
<HR  SIZE="3" style="COLOR:#999999" WIDTH="100%" ALIGN="CENTER">
<h5 align="left"><a href="#toc">Table of Contents</a></h5>



<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR>
<TD WIDTH="9%" VALIGN="top" ALIGN="left"><FONT STYLE="font-family:Times New Roman" SIZE="2"><B><A NAME="tx308892_12"></A>Item&nbsp;8.</B></FONT></TD>
<TD ALIGN="left" VALIGN="top"><FONT STYLE="font-family:Times New Roman" SIZE="2"><B>Financial Statements and Supplementary Data </B></FONT></TD></TR></TABLE> <P STYLE="font-size:10px;margin-top:0px;margin-bottom:0px">&nbsp;</P>
<TABLE CELLSPACING="0" CELLPADDING="0" WIDTH="100%" BORDER="0" STYLE="BORDER-COLLAPSE:COLLAPSE" ALIGN="center">


<TR>
<TD WIDTH="93%"></TD>
<TD VALIGN="bottom" WIDTH="2%"></TD>
<TD></TD>
<TD></TD>
<TD></TD></TR>


<TR>
<TD VALIGN="top"> <P STYLE="margin-left:1.00em; text-indent:-1.00em"><FONT STYLE="font-family:Times New Roman" SIZE="2"><A HREF="#tx308892_24">Report of Independent Registered Public Accounting Firm </A></FONT></P></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="2">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:Times New Roman" SIZE="2">52</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="2">&nbsp;&nbsp;</FONT></TD></TR>
<TR>
<TD HEIGHT="13"></TD>
<TD HEIGHT="13" COLSPAN="4"></TD></TR>
<TR>
<TD VALIGN="top"> <P STYLE="margin-left:1.00em; text-indent:-1.00em"><FONT STYLE="font-family:Times New Roman" SIZE="2"><A HREF="#tx308892_25">Consolidated Balance Sheets, December 31, 2011 and 2010</A></FONT></P></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="top"><FONT STYLE="font-family:Times New Roman" SIZE="2">&nbsp;</FONT></TD>
<TD VALIGN="top" ALIGN="right"><FONT STYLE="font-family:Times New Roman" SIZE="2">53</FONT></TD>
<TD NOWRAP VALIGN="top"><FONT STYLE="font-family:Times New Roman" SIZE="2">&nbsp;&nbsp;</FONT></TD></TR>
<TR>
<TD HEIGHT="13"></TD>
<TD HEIGHT="13" COLSPAN="4"></TD></TR>
<TR>
<TD VALIGN="top"> <P STYLE="margin-left:1.00em; text-indent:-1.00em"><FONT STYLE="font-family:Times New Roman" SIZE="2"><A HREF="#tx308892_26">Consolidated Statements of Operations, years ended December&nbsp;31, 2011, 2010 and 2009
</A></FONT></P></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="top"><FONT STYLE="font-family:Times New Roman" SIZE="2">&nbsp;</FONT></TD>
<TD VALIGN="top" ALIGN="right"><FONT STYLE="font-family:Times New Roman" SIZE="2">54</FONT></TD>
<TD NOWRAP VALIGN="top"><FONT STYLE="font-family:Times New Roman" SIZE="2">&nbsp;&nbsp;</FONT></TD></TR>
<TR>
<TD HEIGHT="13"></TD>
<TD HEIGHT="13" COLSPAN="4"></TD></TR>
<TR>
<TD VALIGN="top"> <P STYLE="margin-left:1.00em; text-indent:-1.00em"><FONT STYLE="font-family:Times New Roman" SIZE="2"><A HREF="#tx308892_27">Consolidated Statements of Equity, years ended December&nbsp;31, 2011, 2010 and 2009 </A></FONT></P></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="top"><FONT STYLE="font-family:Times New Roman" SIZE="2">&nbsp;</FONT></TD>
<TD VALIGN="top" ALIGN="right"><FONT STYLE="font-family:Times New Roman" SIZE="2">55-56</FONT></TD>
<TD NOWRAP VALIGN="top"><FONT STYLE="font-family:Times New Roman" SIZE="2">&nbsp;&nbsp;</FONT></TD></TR>
<TR>
<TD HEIGHT="13"></TD>
<TD HEIGHT="13" COLSPAN="4"></TD></TR>
<TR>
<TD VALIGN="top"> <P STYLE="margin-left:1.00em; text-indent:-1.00em"><FONT STYLE="font-family:Times New Roman" SIZE="2"><A HREF="#tx308892_28">Consolidated Statements of Cash Flows, years ended December&nbsp;31, 2011, 2010 and 2009
</A></FONT></P></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="top"><FONT STYLE="font-family:Times New Roman" SIZE="2">&nbsp;</FONT></TD>
<TD VALIGN="top" ALIGN="right"><FONT STYLE="font-family:Times New Roman" SIZE="2">57</FONT></TD>
<TD NOWRAP VALIGN="top"><FONT STYLE="font-family:Times New Roman" SIZE="2">&nbsp;&nbsp;</FONT></TD></TR>
<TR>
<TD HEIGHT="13"></TD>
<TD HEIGHT="13" COLSPAN="4"></TD></TR>
<TR>
<TD VALIGN="top"> <P STYLE="margin-left:1.00em; text-indent:-1.00em"><FONT STYLE="font-family:Times New Roman" SIZE="2"><A HREF="#tx308892_29">Notes to Consolidated Financial Statements</A></FONT></P></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="top"><FONT STYLE="font-family:Times New Roman" SIZE="2">&nbsp;</FONT></TD>
<TD VALIGN="top" ALIGN="right"><FONT STYLE="font-family:Times New Roman" SIZE="2">58-97</FONT></TD>
<TD NOWRAP VALIGN="top"><FONT STYLE="font-family:Times New Roman" SIZE="2">&nbsp;&nbsp;</FONT></TD></TR>
<TR>
<TD HEIGHT="13"></TD>
<TD HEIGHT="13" COLSPAN="4"></TD></TR>
<TR>
<TD VALIGN="top"> <P STYLE="margin-top:0px;margin-bottom:1px; margin-left:1.00em; text-indent:-1.00em"><FONT STYLE="font-family:Times New Roman" SIZE="2">Schedule Filed As Part Of This Report</FONT></P></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="top"></TD>
<TD VALIGN="top"></TD>
<TD VALIGN="top"></TD></TR>
<TR>
<TD HEIGHT="13"></TD>
<TD HEIGHT="13" COLSPAN="4"></TD></TR>
<TR>
<TD VALIGN="top"> <P STYLE="margin-left:1.00em; text-indent:-1.00em"><FONT STYLE="font-family:Times New Roman" SIZE="2"><A HREF="#tx308892_30">Schedule III &#150; Real Estate and Accumulated Depreciation, December 31, 2011 </A></FONT></P></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD NOWRAP VALIGN="top"><FONT STYLE="font-family:Times New Roman" SIZE="2">&nbsp;</FONT></TD>
<TD NOWRAP VALIGN="top" ALIGN="right"><FONT STYLE="font-family:Times New Roman" SIZE="2">98-102</FONT></TD>
<TD NOWRAP VALIGN="top"><FONT STYLE="font-family:Times New Roman" SIZE="2">&nbsp;&nbsp;</FONT></TD></TR>
</TABLE> <P STYLE="margin-top:10px;margin-bottom:0px" ALIGN="justify"><FONT STYLE="font-family:Times New Roman" SIZE="2">All other schedules have been omitted because the required information is not present, is not present in
amounts sufficient to require submission of the schedule, or is included in the consolidated financial statements or notes thereto. </FONT></P>
 <p STYLE="margin-top:0px;margin-bottom:0px"><FONT SIZE="1">&nbsp;</FONT></P> <P STYLE="margin-top:0px;margin-bottom:0px" ALIGN="center"><FONT STYLE="font-family:Times New Roman" SIZE="2">51 </FONT></P>



<p Style='page-break-before:always'>
<HR  SIZE="3" style="COLOR:#999999" WIDTH="100%" ALIGN="CENTER">
<h5 align="left"><a href="#toc">Table of Contents</a></h5>


 <P STYLE="margin-top:0px;margin-bottom:0px"><FONT STYLE="font-family:Times New Roman" SIZE="2"><B><A NAME="tx305538_24"></A>Report of Independent Registered Public Accounting Firm </B></FONT></P>
<P STYLE="margin-top:10px;margin-bottom:0px"><FONT STYLE="font-family:Times New Roman" SIZE="2"><B>The Board of Directors and Shareholders of </B></FONT></P> <P STYLE="margin-top:0px;margin-bottom:0px"><FONT
STYLE="font-family:Times New Roman" SIZE="2"><B>Cedar Realty Trust, Inc. </B></FONT></P> <P STYLE="margin-top:10px;margin-bottom:0px" ALIGN="justify"><FONT STYLE="font-family:Times New Roman" SIZE="2">We have audited the accompanying consolidated
balance sheets of Cedar Realty Trust, Inc. (the &#147;Company&#148;) as of December&nbsp;31, 2011 and 2010, and the related consolidated statements of operations, equity, and cash flows for each of the three years in the period ended
December&nbsp;31, 2011. Our audits also included the financial statement schedule listed in the Index at Item&nbsp;8. These financial statements and schedule are the responsibility of the Company&#146;s management. Our responsibility is to express
an opinion on these financial statements and schedule based on our audits. </FONT></P> <P STYLE="margin-top:10px;margin-bottom:0px" ALIGN="justify"><FONT STYLE="font-family:Times New Roman" SIZE="2">We conducted our audits in accordance with the
standards of the Public Company Accounting Oversight Board (United States). Those standards require that we plan and perform the audit to obtain reasonable assurance about whether the financial statements are free of material misstatement. An audit
includes examining, on a test basis, evidence supporting the amounts and disclosures in the financial statements. An audit also includes assessing the accounting principles used and significant estimates made by management, as well as evaluating the
overall financial statement presentation. We believe that our audits provide a reasonable basis for our opinion. </FONT></P> <P STYLE="margin-top:10px;margin-bottom:0px" ALIGN="justify"><FONT STYLE="font-family:Times New Roman" SIZE="2">In our
opinion, the financial statements referred to above present fairly, in all material respects, the consolidated financial position of Cedar Realty Trust, Inc. at December&nbsp;31, 2011 and 2010, and the consolidated results of its operations and its
cash flows for each of the three years in the period ended December&nbsp;31, 2011, in conformity with U.S. generally accepted accounting principles. Also, in our opinion, the related financial statement schedule, when considered in relation to the
basic financial statements taken as a whole, presents fairly, in all material respects, the information set forth therein. </FONT></P> <P STYLE="margin-top:10px;margin-bottom:0px" ALIGN="justify"><FONT STYLE="font-family:Times New Roman" SIZE="2">We
also have audited, in accordance with the standards of the Public Company Accounting Oversight Board (United States), Cedar Realty Trust, Inc.&#146;s internal control over financial reporting as of December&nbsp;31, 2011, based on criteria
established in Internal Control&#151;Integrated Framework issued by the Committee of Sponsoring Organizations of the Treadway Commission and our report dated March&nbsp;6, 2012 expressed an unqualified opinion thereon. </FONT></P>
<P STYLE="font-size:10px;margin-top:0px;margin-bottom:0px">&nbsp;</P><DIV ALIGN="right">
<TABLE CELLSPACING="0" CELLPADDING="0" WIDTH="40%" BORDER="0" STYLE="BORDER-COLLAPSE:COLLAPSE">


<TR>
<TD WIDTH="100%"></TD></TR>


<TR>
<TD VALIGN="top"> <P STYLE="margin-top:0px;margin-bottom:1px;border-bottom:1px solid #000000"><FONT STYLE="font-family:Times New Roman" SIZE="2"><U>/s/ ERNST&nbsp;&amp; YOUNG LLP</U></FONT></P></TD></TR>
</TABLE></DIV> <P STYLE="margin-top:10px;margin-bottom:0px"><FONT STYLE="font-family:Times New Roman" SIZE="2">New York, New York </FONT></P> <P STYLE="margin-top:0px;margin-bottom:0px"><FONT
STYLE="font-family:Times New Roman" SIZE="2">March&nbsp;6, 2012 </FONT></P>
 <p STYLE="margin-top:0px;margin-bottom:0px"><FONT SIZE="1">&nbsp;</FONT></P> <P STYLE="margin-top:0px;margin-bottom:0px" ALIGN="center"><FONT STYLE="font-family:Times New Roman" SIZE="2">52 </FONT></P>



<p Style='page-break-before:always'>
<HR  SIZE="3" style="COLOR:#999999" WIDTH="100%" ALIGN="CENTER">
<h5 align="left"><a href="#toc">Table of Contents</a></h5>


 <P STYLE="margin-top:0px;margin-bottom:0px" ALIGN="center"><FONT STYLE="font-family:Times New Roman" SIZE="2"><B>CEDAR REALTY TRUST, INC. </B></FONT></P>
 <P STYLE="margin-top:0px;margin-bottom:0px" ALIGN="center"><FONT STYLE="font-family:Times New Roman" SIZE="2"><B><A NAME="tx308892_25"></A>Consolidated Balance Sheets </B></FONT></P>
 <P STYLE="font-size:10px;margin-top:0px;margin-bottom:0px">&nbsp;</P>
<TABLE CELLSPACING="0" CELLPADDING="0" WIDTH="100%" BORDER="0" STYLE="BORDER-COLLAPSE:COLLAPSE" ALIGN="center">


<TR STYLE="visibility:hidden; line-height:0pt; color:white">
<TD WIDTH="92%"></TD>
<TD VALIGN="bottom" WIDTH="1%"></TD>
<TD></TD>
<TD nowrap><FONT STYLE="Times New Roman" SIZE="1"><B>September 30,</B></FONT></TD>
<TD></TD>
<TD VALIGN="bottom" WIDTH="1%"></TD>
<TD></TD>
<TD nowrap><FONT STYLE="Times New Roman" SIZE="1"><B>September 30,</B></FONT></TD>
<TD></TD></TR>
<TR>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" COLSPAN="2" ALIGN="center"><FONT STYLE="font-family:Times New Roman" SIZE="1"><B>December&nbsp;31</B></FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" COLSPAN="2" ALIGN="center"><FONT STYLE="font-family:Times New Roman" SIZE="1"><B>December&nbsp;31,</B></FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD></TR>
<TR>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" COLSPAN="2" ALIGN="center" STYLE="border-bottom:1px solid #000000"><FONT STYLE="font-family:Times New Roman" SIZE="1"><B>2011</B></FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" COLSPAN="2" ALIGN="center" STYLE="border-bottom:1px solid #000000"><FONT STYLE="font-family:Times New Roman" SIZE="1"><B>2010</B></FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD></TR>


<TR BGCOLOR="#cceeff">
<TD VALIGN="top"> <P STYLE="margin-left:1.00em; text-indent:-1.00em"><FONT STYLE="font-family:Times New Roman" SIZE="2">Assets</FONT></P></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD></TR>
<TR>
<TD VALIGN="top"> <P STYLE="margin-left:3.00em; text-indent:-1.00em"><FONT STYLE="font-family:Times New Roman" SIZE="2">Real estate:</FONT></P></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD></TR>
<TR BGCOLOR="#cceeff">
<TD VALIGN="top"> <P STYLE="margin-left:5.00em; text-indent:-1.00em"><FONT STYLE="font-family:Times New Roman" SIZE="2">Land</FONT></P></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="2">$</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:Times New Roman" SIZE="2">269,479,000</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="2">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="2">$</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:Times New Roman" SIZE="2">261,673,000</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="2">&nbsp;&nbsp;</FONT></TD></TR>
<TR>
<TD VALIGN="top"> <P STYLE="margin-left:5.00em; text-indent:-1.00em"><FONT STYLE="font-family:Times New Roman" SIZE="2">Buildings and improvements</FONT></P></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="2">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:Times New Roman" SIZE="2">1,099,642,000</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="2">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="2">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:Times New Roman" SIZE="2">1,028,443,000</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="2">&nbsp;&nbsp;</FONT></TD></TR>
<TR STYLE="font-size:1px">
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"> <P STYLE="border-top:1px solid #000000">&nbsp;</P></TD>
<TD VALIGN="bottom"> <P STYLE="border-top:1px solid #000000">&nbsp;</P></TD>
<TD>&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"> <P STYLE="border-top:1px solid #000000">&nbsp;</P></TD>
<TD VALIGN="bottom"> <P STYLE="border-top:1px solid #000000">&nbsp;</P></TD>
<TD>&nbsp;</TD></TR>
<TR BGCOLOR="#cceeff">
<TD VALIGN="top"></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="2">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:Times New Roman" SIZE="2">1,369,121,000</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="2">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="2">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:Times New Roman" SIZE="2">1,290,116,000</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="2">&nbsp;&nbsp;</FONT></TD></TR>
<TR>
<TD VALIGN="top"> <P STYLE="margin-left:5.00em; text-indent:-1.00em"><FONT STYLE="font-family:Times New Roman" SIZE="2">Less accumulated depreciation</FONT></P></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="2">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:Times New Roman" SIZE="2">(197,608,000</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="2">)&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="2">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:Times New Roman" SIZE="2">(157,803,000</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="2">)&nbsp;</FONT></TD></TR>
<TR STYLE="font-size:1px">
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"> <P STYLE="border-top:1px solid #000000">&nbsp;</P></TD>
<TD VALIGN="bottom"> <P STYLE="border-top:1px solid #000000">&nbsp;</P></TD>
<TD>&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"> <P STYLE="border-top:1px solid #000000">&nbsp;</P></TD>
<TD VALIGN="bottom"> <P STYLE="border-top:1px solid #000000">&nbsp;</P></TD>
<TD>&nbsp;</TD></TR>
<TR BGCOLOR="#cceeff">
<TD VALIGN="top"> <P STYLE="margin-left:3.00em; text-indent:-1.00em"><FONT STYLE="font-family:Times New Roman" SIZE="2">Real estate, net</FONT></P></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="2">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:Times New Roman" SIZE="2">1,171,513,000</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="2">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="2">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:Times New Roman" SIZE="2">1,132,313,000</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="2">&nbsp;&nbsp;</FONT></TD></TR>
<TR>
<TD HEIGHT="13"></TD>
<TD HEIGHT="13" COLSPAN="4"></TD>
<TD HEIGHT="13" COLSPAN="4"></TD></TR>
<TR>
<TD VALIGN="top"> <P STYLE="margin-left:3.00em; text-indent:-1.00em"><FONT STYLE="font-family:Times New Roman" SIZE="2">Real estate held for sale/conveyance</FONT></P></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="2">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:Times New Roman" SIZE="2">206,674,000</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="2">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="2">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:Times New Roman" SIZE="2">348,743,000</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="2">&nbsp;&nbsp;</FONT></TD></TR>
<TR BGCOLOR="#cceeff">
<TD VALIGN="top"> <P STYLE="margin-left:3.00em; text-indent:-1.00em"><FONT STYLE="font-family:Times New Roman" SIZE="2">Investment in unconsolidated joint ventures</FONT></P></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="2">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:Times New Roman" SIZE="2">44,743,000</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="2">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="2">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:Times New Roman" SIZE="2">52,466,000</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="2">&nbsp;&nbsp;</FONT></TD></TR>
<TR>
<TD HEIGHT="13"></TD>
<TD HEIGHT="13" COLSPAN="4"></TD>
<TD HEIGHT="13" COLSPAN="4"></TD></TR>
<TR>
<TD VALIGN="top"> <P STYLE="margin-left:3.00em; text-indent:-1.00em"><FONT STYLE="font-family:Times New Roman" SIZE="2">Cash and cash equivalents</FONT></P></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="2">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:Times New Roman" SIZE="2">12,070,000</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="2">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="2">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:Times New Roman" SIZE="2">14,166,000</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="2">&nbsp;&nbsp;</FONT></TD></TR>
<TR BGCOLOR="#cceeff">
<TD VALIGN="top"> <P STYLE="margin-left:3.00em; text-indent:-1.00em"><FONT STYLE="font-family:Times New Roman" SIZE="2">Restricted cash</FONT></P></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="2">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:Times New Roman" SIZE="2">14,707,000</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="2">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="2">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:Times New Roman" SIZE="2">12,493,000</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="2">&nbsp;&nbsp;</FONT></TD></TR>
<TR>
<TD VALIGN="top"> <P STYLE="margin-left:3.00em; text-indent:-1.00em"><FONT STYLE="font-family:Times New Roman" SIZE="2">Receivables:</FONT></P></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD></TR>
<TR BGCOLOR="#cceeff">
<TD VALIGN="top"> <P STYLE="margin-left:5.00em; text-indent:-1.00em"><FONT STYLE="font-family:Times New Roman" SIZE="2">Rents and other tenant receivables, net</FONT></P></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="2">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:Times New Roman" SIZE="2">6,882,000</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="2">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="2">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:Times New Roman" SIZE="2">7,048,000</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="2">&nbsp;&nbsp;</FONT></TD></TR>
<TR>
<TD VALIGN="top"> <P STYLE="margin-left:5.00em; text-indent:-1.00em"><FONT STYLE="font-family:Times New Roman" SIZE="2">Straight-line rents</FONT></P></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="2">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:Times New Roman" SIZE="2">13,572,000</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="2">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="2">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:Times New Roman" SIZE="2">12,471,000</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="2">&nbsp;&nbsp;</FONT></TD></TR>
<TR BGCOLOR="#cceeff">
<TD VALIGN="top"> <P STYLE="margin-left:5.00em; text-indent:-1.00em"><FONT STYLE="font-family:Times New Roman" SIZE="2">Other (including joint venture settlements of $1.2 million and $6.0 million)</FONT></P></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="2">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:Times New Roman" SIZE="2">5,810,000</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="2">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="2">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:Times New Roman" SIZE="2">6,868,000</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="2">&nbsp;&nbsp;</FONT></TD></TR>
<TR>
<TD VALIGN="top"> <P STYLE="margin-left:3.00em; text-indent:-1.00em"><FONT STYLE="font-family:Times New Roman" SIZE="2">Other assets</FONT></P></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="2">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:Times New Roman" SIZE="2">12,358,000</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="2">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="2">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:Times New Roman" SIZE="2">9,411,000</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="2">&nbsp;&nbsp;</FONT></TD></TR>
<TR BGCOLOR="#cceeff">
<TD VALIGN="top"> <P STYLE="margin-left:3.00em; text-indent:-1.00em"><FONT STYLE="font-family:Times New Roman" SIZE="2">Deferred charges, net</FONT></P></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="2">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:Times New Roman" SIZE="2">21,535,000</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="2">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="2">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:Times New Roman" SIZE="2">24,456,000</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="2">&nbsp;&nbsp;</FONT></TD></TR>
<TR>
<TD VALIGN="top"> <P STYLE="margin-left:3.00em; text-indent:-1.00em"><FONT STYLE="font-family:Times New Roman" SIZE="2">Assets relating to real estate held for sale/conveyance</FONT></P></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="2">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:Times New Roman" SIZE="2">2,299,000</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="2">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="2">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:Times New Roman" SIZE="2">2,052,000</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="2">&nbsp;&nbsp;</FONT></TD></TR>
<TR STYLE="font-size:1px">
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"> <P STYLE="border-top:1px solid #000000">&nbsp;</P></TD>
<TD VALIGN="bottom"> <P STYLE="border-top:1px solid #000000">&nbsp;</P></TD>
<TD>&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"> <P STYLE="border-top:1px solid #000000">&nbsp;</P></TD>
<TD VALIGN="bottom"> <P STYLE="border-top:1px solid #000000">&nbsp;</P></TD>
<TD>&nbsp;</TD></TR>
<TR BGCOLOR="#cceeff">
<TD VALIGN="top"> <P STYLE="margin-left:1.00em; text-indent:-1.00em"><FONT STYLE="font-family:Times New Roman" SIZE="2">Total assets</FONT></P></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="2">$</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:Times New Roman" SIZE="2">1,512,163,000</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="2">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="2">$</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:Times New Roman" SIZE="2">1,622,487,000</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="2">&nbsp;&nbsp;</FONT></TD></TR>
<TR STYLE="font-size:1px">
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"> <P STYLE="border-top:3px double #000000">&nbsp;</P></TD>
<TD VALIGN="bottom"> <P STYLE="border-top:3px double #000000">&nbsp;</P></TD>
<TD>&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"> <P STYLE="border-top:3px double #000000">&nbsp;</P></TD>
<TD VALIGN="bottom"> <P STYLE="border-top:3px double #000000">&nbsp;</P></TD>
<TD>&nbsp;</TD></TR>
<TR>
<TD HEIGHT="13"></TD>
<TD HEIGHT="13" COLSPAN="4"></TD>
<TD HEIGHT="13" COLSPAN="4"></TD></TR>
<TR>
<TD VALIGN="top"> <P STYLE="margin-left:1.00em; text-indent:-1.00em"><FONT STYLE="font-family:Times New Roman" SIZE="2">Liabilities and equity</FONT></P></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD></TR>
<TR BGCOLOR="#cceeff">
<TD VALIGN="top"> <P STYLE="margin-left:3.00em; text-indent:-1.00em"><FONT STYLE="font-family:Times New Roman" SIZE="2">Mortgage loans payable</FONT></P></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="2">$</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:Times New Roman" SIZE="2">589,027,000</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="2">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="2">$</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:Times New Roman" SIZE="2">550,525,000</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="2">&nbsp;&nbsp;</FONT></TD></TR>
<TR>
<TD VALIGN="top"> <P STYLE="margin-left:3.00em; text-indent:-1.00em"><FONT STYLE="font-family:Times New Roman" SIZE="2">Mortgage loans payable&#151;real estate held for sale/conveyance</FONT></P></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="2">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:Times New Roman" SIZE="2">122,604,000</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="2">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="2">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:Times New Roman" SIZE="2">156,991,000</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="2">&nbsp;&nbsp;</FONT></TD></TR>
<TR BGCOLOR="#cceeff">
<TD VALIGN="top"> <P STYLE="margin-left:3.00em; text-indent:-1.00em"><FONT STYLE="font-family:Times New Roman" SIZE="2">Secured revolving credit facilities</FONT></P></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="2">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:Times New Roman" SIZE="2">166,317,000</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="2">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="2">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:Times New Roman" SIZE="2">132,597,000</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="2">&nbsp;&nbsp;</FONT></TD></TR>
<TR>
<TD VALIGN="top"> <P STYLE="margin-left:3.00em; text-indent:-1.00em"><FONT STYLE="font-family:Times New Roman" SIZE="2">Accounts payable and accrued liabilities</FONT></P></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="2">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:Times New Roman" SIZE="2">32,404,000</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="2">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="2">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:Times New Roman" SIZE="2">29,026,000</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="2">&nbsp;&nbsp;</FONT></TD></TR>
<TR BGCOLOR="#cceeff">
<TD VALIGN="top"> <P STYLE="margin-left:3.00em; text-indent:-1.00em"><FONT STYLE="font-family:Times New Roman" SIZE="2">Unamortized intangible lease liabilities</FONT></P></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="2">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:Times New Roman" SIZE="2">35,017,000</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="2">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="2">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:Times New Roman" SIZE="2">40,253,000</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="2">&nbsp;&nbsp;</FONT></TD></TR>
<TR>
<TD VALIGN="top"> <P STYLE="margin-left:3.00em; text-indent:-1.00em"><FONT STYLE="font-family:Times New Roman" SIZE="2">Liabilities relating to real estate held for sale/conveyance</FONT></P></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="2">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:Times New Roman" SIZE="2">6,406,000</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="2">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="2">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:Times New Roman" SIZE="2">7,571,000</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="2">&nbsp;&nbsp;</FONT></TD></TR>
<TR STYLE="font-size:1px">
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"> <P STYLE="border-top:1px solid #000000">&nbsp;</P></TD>
<TD VALIGN="bottom"> <P STYLE="border-top:1px solid #000000">&nbsp;</P></TD>
<TD>&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"> <P STYLE="border-top:1px solid #000000">&nbsp;</P></TD>
<TD VALIGN="bottom"> <P STYLE="border-top:1px solid #000000">&nbsp;</P></TD>
<TD>&nbsp;</TD></TR>
<TR BGCOLOR="#cceeff">
<TD VALIGN="top"> <P STYLE="margin-left:1.00em; text-indent:-1.00em"><FONT STYLE="font-family:Times New Roman" SIZE="2">Total liabilities</FONT></P></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="2">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:Times New Roman" SIZE="2">951,775,000</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="2">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="2">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:Times New Roman" SIZE="2">916,963,000</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="2">&nbsp;&nbsp;</FONT></TD></TR>
<TR STYLE="font-size:1px">
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"> <P STYLE="border-top:1px solid #000000">&nbsp;</P></TD>
<TD VALIGN="bottom"> <P STYLE="border-top:1px solid #000000">&nbsp;</P></TD>
<TD>&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"> <P STYLE="border-top:1px solid #000000">&nbsp;</P></TD>
<TD VALIGN="bottom"> <P STYLE="border-top:1px solid #000000">&nbsp;</P></TD>
<TD>&nbsp;</TD></TR>
<TR>
<TD HEIGHT="13"></TD>
<TD HEIGHT="13" COLSPAN="4"></TD>
<TD HEIGHT="13" COLSPAN="4"></TD></TR>
<TR>
<TD VALIGN="top"> <P STYLE="margin-left:1.00em; text-indent:-1.00em"><FONT STYLE="font-family:Times New Roman" SIZE="2">Noncontrolling interest&#151;limited partners&#146; mezzanine OP Units</FONT></P></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="2">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:Times New Roman" SIZE="2">4,616,000</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="2">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="2">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:Times New Roman" SIZE="2">7,053,000</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="2">&nbsp;&nbsp;</FONT></TD></TR>
<TR>
<TD HEIGHT="13"></TD>
<TD HEIGHT="13" COLSPAN="4"></TD>
<TD HEIGHT="13" COLSPAN="4"></TD></TR>
<TR BGCOLOR="#cceeff">
<TD VALIGN="top"> <P STYLE="margin-left:1.00em; text-indent:-1.00em"><FONT STYLE="font-family:Times New Roman" SIZE="2">Commitments and contingencies</FONT></P></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="2">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:Times New Roman" SIZE="2">&#151;&nbsp;&nbsp;</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="2">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="2">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:Times New Roman" SIZE="2">&#151;&nbsp;&nbsp;</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="2">&nbsp;&nbsp;</FONT></TD></TR>
<TR>
<TD HEIGHT="13"></TD>
<TD HEIGHT="13" COLSPAN="4"></TD>
<TD HEIGHT="13" COLSPAN="4"></TD></TR>
<TR>
<TD VALIGN="top"> <P STYLE="margin-left:1.00em; text-indent:-1.00em"><FONT STYLE="font-family:Times New Roman" SIZE="2">Equity:</FONT></P></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD></TR>
<TR BGCOLOR="#cceeff">
<TD VALIGN="top"> <P STYLE="margin-left:3.00em; text-indent:-1.00em"><FONT STYLE="font-family:Times New Roman" SIZE="2">Cedar Realty Trust, Inc. shareholders&#146; equity:</FONT></P></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD></TR>
<TR>
<TD VALIGN="top"> <P STYLE="margin-left:5.00em; text-indent:-1.00em"><FONT STYLE="font-family:Times New Roman" SIZE="2">Preferred stock ($.01 par value, $25.00 per share liquidation value, 12,500,000 shares authorized, 6,400,000 shares issued and
outstanding)</FONT></P></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="2">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:Times New Roman" SIZE="2">158,575,000</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="2">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="2">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:Times New Roman" SIZE="2">158,575,000</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="2">&nbsp;&nbsp;</FONT></TD></TR>
<TR BGCOLOR="#cceeff">
<TD VALIGN="top"> <P STYLE="margin-left:5.00em; text-indent:-1.00em"><FONT STYLE="font-family:Times New Roman" SIZE="2">Common stock ($.06 par value, 150,000,000 shares authorized 67,928,000 and 66,520,000 shares, respectively, issued and
outstanding)</FONT></P></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="2">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:Times New Roman" SIZE="2">4,076,000</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="2">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="2">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:Times New Roman" SIZE="2">3,991,000</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="2">&nbsp;&nbsp;</FONT></TD></TR>
<TR>
<TD VALIGN="top"> <P STYLE="margin-left:5.00em; text-indent:-1.00em"><FONT STYLE="font-family:Times New Roman" SIZE="2">Treasury stock (1,313,000 and 1,120,000 shares, respectively, at cost)</FONT></P></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="2">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:Times New Roman" SIZE="2">(10,528,000</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="2">)&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="2">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:Times New Roman" SIZE="2">(10,367,000</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="2">)&nbsp;</FONT></TD></TR>
<TR BGCOLOR="#cceeff">
<TD VALIGN="top"> <P STYLE="margin-left:5.00em; text-indent:-1.00em"><FONT STYLE="font-family:Times New Roman" SIZE="2">Additional paid-in capital</FONT></P></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="2">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:Times New Roman" SIZE="2">718,974,000</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="2">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="2">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:Times New Roman" SIZE="2">712,548,000</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="2">&nbsp;&nbsp;</FONT></TD></TR>
<TR>
<TD VALIGN="top"> <P STYLE="margin-left:5.00em; text-indent:-1.00em"><FONT STYLE="font-family:Times New Roman" SIZE="2">Cumulative distributions in excess of net income</FONT></P></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="2">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:Times New Roman" SIZE="2">(373,741,000</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="2">)&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="2">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:Times New Roman" SIZE="2">(231,275,000</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="2">)&nbsp;</FONT></TD></TR>
<TR BGCOLOR="#cceeff">
<TD VALIGN="top"> <P STYLE="margin-left:5.00em; text-indent:-1.00em"><FONT STYLE="font-family:Times New Roman" SIZE="2">Accumulated other comprehensive loss</FONT></P></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="2">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:Times New Roman" SIZE="2">(3,513,000</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="2">)&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="2">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:Times New Roman" SIZE="2">(3,406,000</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="2">)&nbsp;</FONT></TD></TR>
<TR STYLE="font-size:1px">
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"> <P STYLE="border-top:1px solid #000000">&nbsp;</P></TD>
<TD VALIGN="bottom"> <P STYLE="border-top:1px solid #000000">&nbsp;</P></TD>
<TD>&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"> <P STYLE="border-top:1px solid #000000">&nbsp;</P></TD>
<TD VALIGN="bottom"> <P STYLE="border-top:1px solid #000000">&nbsp;</P></TD>
<TD>&nbsp;</TD></TR>
<TR>
<TD VALIGN="top"> <P STYLE="margin-left:7.00em; text-indent:-1.00em"><FONT STYLE="font-family:Times New Roman" SIZE="2">Total Cedar Realty Trust, Inc. shareholders&#146; equity</FONT></P></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="2">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:Times New Roman" SIZE="2">493,843,000</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="2">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="2">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:Times New Roman" SIZE="2">630,066,000</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="2">&nbsp;&nbsp;</FONT></TD></TR>
<TR STYLE="font-size:1px">
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"> <P STYLE="border-top:1px solid #000000">&nbsp;</P></TD>
<TD VALIGN="bottom"> <P STYLE="border-top:1px solid #000000">&nbsp;</P></TD>
<TD>&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"> <P STYLE="border-top:1px solid #000000">&nbsp;</P></TD>
<TD VALIGN="bottom"> <P STYLE="border-top:1px solid #000000">&nbsp;</P></TD>
<TD>&nbsp;</TD></TR>
<TR BGCOLOR="#cceeff">
<TD VALIGN="top"> <P STYLE="margin-left:3.00em; text-indent:-1.00em"><FONT STYLE="font-family:Times New Roman" SIZE="2">Noncontrolling interests:</FONT></P></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD></TR>
<TR>
<TD VALIGN="top"> <P STYLE="margin-left:5.00em; text-indent:-1.00em"><FONT STYLE="font-family:Times New Roman" SIZE="2">Minority interests in consolidated joint ventures</FONT></P></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="2">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:Times New Roman" SIZE="2">56,511,000</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="2">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="2">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:Times New Roman" SIZE="2">62,050,000</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="2">&nbsp;&nbsp;</FONT></TD></TR>
<TR BGCOLOR="#cceeff">
<TD VALIGN="top"> <P STYLE="margin-left:5.00em; text-indent:-1.00em"><FONT STYLE="font-family:Times New Roman" SIZE="2">Limited partners&#146; OP Units</FONT></P></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="2">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:Times New Roman" SIZE="2">5,418,000</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="2">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="2">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:Times New Roman" SIZE="2">6,355,000</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="2">&nbsp;&nbsp;</FONT></TD></TR>
<TR STYLE="font-size:1px">
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"> <P STYLE="border-top:1px solid #000000">&nbsp;</P></TD>
<TD VALIGN="bottom"> <P STYLE="border-top:1px solid #000000">&nbsp;</P></TD>
<TD>&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"> <P STYLE="border-top:1px solid #000000">&nbsp;</P></TD>
<TD VALIGN="bottom"> <P STYLE="border-top:1px solid #000000">&nbsp;</P></TD>
<TD>&nbsp;</TD></TR>
<TR>
<TD VALIGN="top"> <P STYLE="margin-left:7.00em; text-indent:-1.00em"><FONT STYLE="font-family:Times New Roman" SIZE="2">Total noncontrolling interests</FONT></P></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="2">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:Times New Roman" SIZE="2">61,929,000</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="2">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="2">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:Times New Roman" SIZE="2">68,405,000</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="2">&nbsp;&nbsp;</FONT></TD></TR>
<TR STYLE="font-size:1px">
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"> <P STYLE="border-top:1px solid #000000">&nbsp;</P></TD>
<TD VALIGN="bottom"> <P STYLE="border-top:1px solid #000000">&nbsp;</P></TD>
<TD>&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"> <P STYLE="border-top:1px solid #000000">&nbsp;</P></TD>
<TD VALIGN="bottom"> <P STYLE="border-top:1px solid #000000">&nbsp;</P></TD>
<TD>&nbsp;</TD></TR>
<TR BGCOLOR="#cceeff">
<TD VALIGN="top"> <P STYLE="margin-left:1.00em; text-indent:-1.00em"><FONT STYLE="font-family:Times New Roman" SIZE="2">Total equity</FONT></P></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="2">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:Times New Roman" SIZE="2">555,772,000</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="2">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="2">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:Times New Roman" SIZE="2">698,471,000</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="2">&nbsp;&nbsp;</FONT></TD></TR>
<TR STYLE="font-size:1px">
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"> <P STYLE="border-top:1px solid #000000">&nbsp;</P></TD>
<TD VALIGN="bottom"> <P STYLE="border-top:1px solid #000000">&nbsp;</P></TD>
<TD>&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"> <P STYLE="border-top:1px solid #000000">&nbsp;</P></TD>
<TD VALIGN="bottom"> <P STYLE="border-top:1px solid #000000">&nbsp;</P></TD>
<TD>&nbsp;</TD></TR>
<TR>
<TD VALIGN="top"> <P STYLE="margin-left:1.00em; text-indent:-1.00em"><FONT STYLE="font-family:Times New Roman" SIZE="2">Total liabilities and equity</FONT></P></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="2">$</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:Times New Roman" SIZE="2">1,512,163,000</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="2">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="2">$</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:Times New Roman" SIZE="2">1,622,487,000</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="2">&nbsp;&nbsp;</FONT></TD></TR>
<TR STYLE="font-size:1px">
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"> <P STYLE="border-top:3px double #000000">&nbsp;</P></TD>
<TD VALIGN="bottom"> <P STYLE="border-top:3px double #000000">&nbsp;</P></TD>
<TD>&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"> <P STYLE="border-top:3px double #000000">&nbsp;</P></TD>
<TD VALIGN="bottom"> <P STYLE="border-top:3px double #000000">&nbsp;</P></TD>
<TD>&nbsp;</TD></TR>
</TABLE>
 <P STYLE="margin-top:10px;margin-bottom:0px" ALIGN="center"><FONT STYLE="font-family:Times New Roman" SIZE="2">See accompanying notes to consolidated financial statements. </FONT></P>
 <p STYLE="margin-top:0px;margin-bottom:0px"><FONT SIZE="1">&nbsp;</FONT></P> <P STYLE="margin-top:0px;margin-bottom:0px" ALIGN="center"><FONT STYLE="font-family:Times New Roman" SIZE="2">53 </FONT></P>



<p Style='page-break-before:always'>
<HR  SIZE="3" style="COLOR:#999999" WIDTH="100%" ALIGN="CENTER">
<h5 align="left"><a href="#toc">Table of Contents</a></h5>


 <P STYLE="margin-top:0px;margin-bottom:0px" ALIGN="center"><FONT STYLE="font-family:Times New Roman" SIZE="2"><B>CEDAR REALTY TRUST, INC. </B></FONT></P>
 <P STYLE="margin-top:0px;margin-bottom:0px" ALIGN="center"><FONT STYLE="font-family:Times New Roman" SIZE="2"><B><A NAME="tx308892_26"></A>Consolidated Statements of Operations </B></FONT></P>
 <P STYLE="font-size:10px;margin-top:0px;margin-bottom:0px">&nbsp;</P>
<TABLE CELLSPACING="0" CELLPADDING="0" WIDTH="100%" BORDER="0" STYLE="BORDER-COLLAPSE:COLLAPSE" ALIGN="center">


<TR STYLE="visibility:hidden; line-height:0pt; color:white">
<TD WIDTH="88%"></TD>
<TD VALIGN="bottom" WIDTH="1%"></TD>
<TD></TD>
<TD nowrap><FONT STYLE="Times New Roman" SIZE="1"><B>September 30,</B></FONT></TD>
<TD></TD>
<TD VALIGN="bottom" WIDTH="1%"></TD>
<TD></TD>
<TD nowrap><FONT STYLE="Times New Roman" SIZE="1"><B>September 30,</B></FONT></TD>
<TD></TD>
<TD VALIGN="bottom" WIDTH="1%"></TD>
<TD></TD>
<TD nowrap><FONT STYLE="Times New Roman" SIZE="1"><B>September 30,</B></FONT></TD>
<TD></TD></TR>
<TR>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" COLSPAN="10" ALIGN="center" STYLE="border-bottom:1px solid #000000"><FONT STYLE="font-family:Times New Roman" SIZE="1"><B>Years ended December&nbsp;31,</B></FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD></TR>
<TR>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" COLSPAN="2" ALIGN="center" STYLE="border-bottom:1px solid #000000"><FONT STYLE="font-family:Times New Roman" SIZE="1"><B>2011</B></FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" COLSPAN="2" ALIGN="center" STYLE="border-bottom:1px solid #000000"><FONT STYLE="font-family:Times New Roman" SIZE="1"><B>2010</B></FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" COLSPAN="2" ALIGN="center" STYLE="border-bottom:1px solid #000000"><FONT STYLE="font-family:Times New Roman" SIZE="1"><B>2009</B></FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD></TR>


<TR BGCOLOR="#cceeff">
<TD VALIGN="top"> <P STYLE="margin-left:1.00em; text-indent:-1.00em"><FONT STYLE="font-family:Times New Roman" SIZE="2">Revenues:</FONT></P></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD></TR>
<TR>
<TD VALIGN="top"> <P STYLE="margin-left:3.00em; text-indent:-1.00em"><FONT STYLE="font-family:Times New Roman" SIZE="2">Rents</FONT></P></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="2">$</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:Times New Roman" SIZE="2">105,452,000</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="2">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="2">$</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:Times New Roman" SIZE="2">102,070,000</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="2">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="2">$</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:Times New Roman" SIZE="2">113,041,000</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="2">&nbsp;&nbsp;</FONT></TD></TR>
<TR BGCOLOR="#cceeff">
<TD VALIGN="top"> <P STYLE="margin-left:3.00em; text-indent:-1.00em"><FONT STYLE="font-family:Times New Roman" SIZE="2">Expense recoveries</FONT></P></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="2">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:Times New Roman" SIZE="2">26,947,000</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="2">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="2">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:Times New Roman" SIZE="2">25,716,000</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="2">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="2">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:Times New Roman" SIZE="2">27,066,000</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="2">&nbsp;&nbsp;</FONT></TD></TR>
<TR>
<TD VALIGN="top"> <P STYLE="margin-left:3.00em; text-indent:-1.00em"><FONT STYLE="font-family:Times New Roman" SIZE="2">Other</FONT></P></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="2">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:Times New Roman" SIZE="2">3,014,000</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="2">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="2">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:Times New Roman" SIZE="2">3,786,000</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="2">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="2">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:Times New Roman" SIZE="2">288,000</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="2">&nbsp;&nbsp;</FONT></TD></TR>
<TR STYLE="font-size:1px">
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"> <P STYLE="border-top:1px solid #000000">&nbsp;</P></TD>
<TD VALIGN="bottom"> <P STYLE="border-top:1px solid #000000">&nbsp;</P></TD>
<TD>&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"> <P STYLE="border-top:1px solid #000000">&nbsp;</P></TD>
<TD VALIGN="bottom"> <P STYLE="border-top:1px solid #000000">&nbsp;</P></TD>
<TD>&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"> <P STYLE="border-top:1px solid #000000">&nbsp;</P></TD>
<TD VALIGN="bottom"> <P STYLE="border-top:1px solid #000000">&nbsp;</P></TD>
<TD>&nbsp;</TD></TR>
<TR BGCOLOR="#cceeff">
<TD VALIGN="top"> <P STYLE="margin-left:1.00em; text-indent:-1.00em"><FONT STYLE="font-family:Times New Roman" SIZE="2">Total revenues</FONT></P></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="2">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:Times New Roman" SIZE="2">135,413,000</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="2">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="2">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:Times New Roman" SIZE="2">131,572,000</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="2">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="2">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:Times New Roman" SIZE="2">140,395,000</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="2">&nbsp;&nbsp;</FONT></TD></TR>
<TR STYLE="font-size:1px">
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"> <P STYLE="border-top:1px solid #000000">&nbsp;</P></TD>
<TD VALIGN="bottom"> <P STYLE="border-top:1px solid #000000">&nbsp;</P></TD>
<TD>&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"> <P STYLE="border-top:1px solid #000000">&nbsp;</P></TD>
<TD VALIGN="bottom"> <P STYLE="border-top:1px solid #000000">&nbsp;</P></TD>
<TD>&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"> <P STYLE="border-top:1px solid #000000">&nbsp;</P></TD>
<TD VALIGN="bottom"> <P STYLE="border-top:1px solid #000000">&nbsp;</P></TD>
<TD>&nbsp;</TD></TR>
<TR>
<TD VALIGN="top"> <P STYLE="margin-left:1.00em; text-indent:-1.00em"><FONT STYLE="font-family:Times New Roman" SIZE="2">Expenses:</FONT></P></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD></TR>
<TR BGCOLOR="#cceeff">
<TD VALIGN="top"> <P STYLE="margin-left:3.00em; text-indent:-1.00em"><FONT STYLE="font-family:Times New Roman" SIZE="2">Operating, maintenance and management</FONT></P></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="2">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:Times New Roman" SIZE="2">27,608,000</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="2">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="2">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:Times New Roman" SIZE="2">25,632,000</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="2">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="2">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:Times New Roman" SIZE="2">24,732,000</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="2">&nbsp;&nbsp;</FONT></TD></TR>
<TR>
<TD VALIGN="top"> <P STYLE="margin-left:3.00em; text-indent:-1.00em"><FONT STYLE="font-family:Times New Roman" SIZE="2">Real estate and other property-related taxes</FONT></P></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="2">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:Times New Roman" SIZE="2">16,628,000</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="2">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="2">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:Times New Roman" SIZE="2">16,151,000</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="2">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="2">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:Times New Roman" SIZE="2">15,725,000</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="2">&nbsp;&nbsp;</FONT></TD></TR>
<TR BGCOLOR="#cceeff">
<TD VALIGN="top"> <P STYLE="margin-left:3.00em; text-indent:-1.00em"><FONT STYLE="font-family:Times New Roman" SIZE="2">General and administrative</FONT></P></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="2">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:Times New Roman" SIZE="2">11,085,000</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="2">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="2">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:Times New Roman" SIZE="2">9,537,000</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="2">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="2">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:Times New Roman" SIZE="2">10,158,000</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="2">&nbsp;&nbsp;</FONT></TD></TR>
<TR>
<TD VALIGN="top"> <P STYLE="margin-left:3.00em; text-indent:-1.00em"><FONT STYLE="font-family:Times New Roman" SIZE="2">Management transition charges</FONT></P></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="2">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:Times New Roman" SIZE="2">6,530,000</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="2">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="2">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:Times New Roman" SIZE="2">&#151;&nbsp;&nbsp;</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="2">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="2">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:Times New Roman" SIZE="2">&#151;&nbsp;&nbsp;</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="2">&nbsp;&nbsp;</FONT></TD></TR>
<TR BGCOLOR="#cceeff">
<TD VALIGN="top"> <P STYLE="margin-left:3.00em; text-indent:-1.00em"><FONT STYLE="font-family:Times New Roman" SIZE="2">Impairment charges</FONT></P></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="2">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:Times New Roman" SIZE="2">7,148,000</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="2">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="2">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:Times New Roman" SIZE="2">2,493,000</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="2">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="2">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:Times New Roman" SIZE="2">23,636,000</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="2">&nbsp;&nbsp;</FONT></TD></TR>
<TR>
<TD VALIGN="top"> <P STYLE="margin-left:3.00em; text-indent:-1.00em"><FONT STYLE="font-family:Times New Roman" SIZE="2">Acquisition transaction costs and terminated projects</FONT></P></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="2">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:Times New Roman" SIZE="2">1,436,000</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="2">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="2">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:Times New Roman" SIZE="2">3,958,000</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="2">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="2">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:Times New Roman" SIZE="2">4,367,000</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="2">&nbsp;&nbsp;</FONT></TD></TR>
<TR BGCOLOR="#cceeff">
<TD VALIGN="top"> <P STYLE="margin-left:3.00em; text-indent:-1.00em"><FONT STYLE="font-family:Times New Roman" SIZE="2">Depreciation and amortization</FONT></P></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="2">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:Times New Roman" SIZE="2">43,250,000</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="2">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="2">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:Times New Roman" SIZE="2">34,872,000</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="2">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="2">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:Times New Roman" SIZE="2">42,853,000</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="2">&nbsp;&nbsp;</FONT></TD></TR>
<TR STYLE="font-size:1px">
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"> <P STYLE="border-top:1px solid #000000">&nbsp;</P></TD>
<TD VALIGN="bottom"> <P STYLE="border-top:1px solid #000000">&nbsp;</P></TD>
<TD>&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"> <P STYLE="border-top:1px solid #000000">&nbsp;</P></TD>
<TD VALIGN="bottom"> <P STYLE="border-top:1px solid #000000">&nbsp;</P></TD>
<TD>&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"> <P STYLE="border-top:1px solid #000000">&nbsp;</P></TD>
<TD VALIGN="bottom"> <P STYLE="border-top:1px solid #000000">&nbsp;</P></TD>
<TD>&nbsp;</TD></TR>
<TR>
<TD VALIGN="top"> <P STYLE="margin-left:1.00em; text-indent:-1.00em"><FONT STYLE="font-family:Times New Roman" SIZE="2">Total expenses</FONT></P></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="2">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:Times New Roman" SIZE="2">113,685,000</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="2">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="2">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:Times New Roman" SIZE="2">92,643,000</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="2">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="2">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:Times New Roman" SIZE="2">121,471,000</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="2">&nbsp;&nbsp;</FONT></TD></TR>
<TR STYLE="font-size:1px">
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"> <P STYLE="border-top:1px solid #000000">&nbsp;</P></TD>
<TD VALIGN="bottom"> <P STYLE="border-top:1px solid #000000">&nbsp;</P></TD>
<TD>&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"> <P STYLE="border-top:1px solid #000000">&nbsp;</P></TD>
<TD VALIGN="bottom"> <P STYLE="border-top:1px solid #000000">&nbsp;</P></TD>
<TD>&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"> <P STYLE="border-top:1px solid #000000">&nbsp;</P></TD>
<TD VALIGN="bottom"> <P STYLE="border-top:1px solid #000000">&nbsp;</P></TD>
<TD>&nbsp;</TD></TR>
<TR>
<TD HEIGHT="13"></TD>
<TD HEIGHT="13" COLSPAN="4"></TD>
<TD HEIGHT="13" COLSPAN="4"></TD>
<TD HEIGHT="13" COLSPAN="4"></TD></TR>
<TR BGCOLOR="#cceeff">
<TD VALIGN="top"> <P STYLE="margin-left:1.00em; text-indent:-1.00em"><FONT STYLE="font-family:Times New Roman" SIZE="2">Operating income</FONT></P></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="2">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:Times New Roman" SIZE="2">21,728,000</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="2">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="2">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:Times New Roman" SIZE="2">38,929,000</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="2">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="2">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:Times New Roman" SIZE="2">18,924,000</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="2">&nbsp;&nbsp;</FONT></TD></TR>
<TR>
<TD VALIGN="top"> <P STYLE="margin-left:1.00em; text-indent:-1.00em"><FONT STYLE="font-family:Times New Roman" SIZE="2">Non-operating income and expense:</FONT></P></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD></TR>
<TR BGCOLOR="#cceeff">
<TD VALIGN="top"> <P STYLE="margin-left:3.00em; text-indent:-1.00em"><FONT STYLE="font-family:Times New Roman" SIZE="2">Interest expense, including amortization of deferred financing costs</FONT></P></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="2">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:Times New Roman" SIZE="2">(41,870,000</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="2">)&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="2">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:Times New Roman" SIZE="2">(43,138,000</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="2">)&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="2">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:Times New Roman" SIZE="2">(41,669,000</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="2">)&nbsp;</FONT></TD></TR>
<TR>
<TD VALIGN="top"> <P STYLE="margin-left:3.00em; text-indent:-1.00em"><FONT STYLE="font-family:Times New Roman" SIZE="2">Accelerated write-off of deferred financing costs</FONT></P></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="2">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:Times New Roman" SIZE="2">&#151;&nbsp;&nbsp;</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="2">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="2">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:Times New Roman" SIZE="2">(2,552,000</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="2">)&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="2">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:Times New Roman" SIZE="2">&#151;&nbsp;&nbsp;</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="2">&nbsp;&nbsp;</FONT></TD></TR>
<TR BGCOLOR="#cceeff">
<TD VALIGN="top"> <P STYLE="margin-left:3.00em; text-indent:-1.00em"><FONT STYLE="font-family:Times New Roman" SIZE="2">Interest income</FONT></P></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="2">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:Times New Roman" SIZE="2">349,000</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="2">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="2">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:Times New Roman" SIZE="2">21,000</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="2">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="2">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:Times New Roman" SIZE="2">63,000</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="2">&nbsp;&nbsp;</FONT></TD></TR>
<TR>
<TD VALIGN="top"> <P STYLE="margin-left:3.00em; text-indent:-1.00em"><FONT STYLE="font-family:Times New Roman" SIZE="2">Unconsolidated joint ventures:</FONT></P></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD></TR>
<TR BGCOLOR="#cceeff">
<TD VALIGN="top"> <P STYLE="margin-left:5.00em; text-indent:-1.00em"><FONT STYLE="font-family:Times New Roman" SIZE="2">Equity in income</FONT></P></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="2">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:Times New Roman" SIZE="2">1,671,000</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="2">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="2">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:Times New Roman" SIZE="2">484,000</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="2">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="2">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:Times New Roman" SIZE="2">1,098,000</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="2">&nbsp;&nbsp;</FONT></TD></TR>
<TR>
<TD VALIGN="top"> <P STYLE="margin-left:5.00em; text-indent:-1.00em"><FONT STYLE="font-family:Times New Roman" SIZE="2">Write-off of investment</FONT></P></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="2">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:Times New Roman" SIZE="2">(7,961,000</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="2">)&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="2">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:Times New Roman" SIZE="2">&#151;&nbsp;&nbsp;</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="2">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="2">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:Times New Roman" SIZE="2">&#151;&nbsp;&nbsp;</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="2">&nbsp;&nbsp;</FONT></TD></TR>
<TR BGCOLOR="#cceeff">
<TD VALIGN="top"> <P STYLE="margin-left:3.00em; text-indent:-1.00em"><FONT STYLE="font-family:Times New Roman" SIZE="2">Gain on sales</FONT></P></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="2">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:Times New Roman" SIZE="2">130,000</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="2">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="2">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:Times New Roman" SIZE="2">&#151;&nbsp;&nbsp;</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="2">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="2">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:Times New Roman" SIZE="2">521,000</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="2">&nbsp;&nbsp;</FONT></TD></TR>
<TR STYLE="font-size:1px">
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"> <P STYLE="border-top:1px solid #000000">&nbsp;</P></TD>
<TD VALIGN="bottom"> <P STYLE="border-top:1px solid #000000">&nbsp;</P></TD>
<TD>&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"> <P STYLE="border-top:1px solid #000000">&nbsp;</P></TD>
<TD VALIGN="bottom"> <P STYLE="border-top:1px solid #000000">&nbsp;</P></TD>
<TD>&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"> <P STYLE="border-top:1px solid #000000">&nbsp;</P></TD>
<TD VALIGN="bottom"> <P STYLE="border-top:1px solid #000000">&nbsp;</P></TD>
<TD>&nbsp;</TD></TR>
<TR>
<TD VALIGN="top"> <P STYLE="margin-left:1.00em; text-indent:-1.00em"><FONT STYLE="font-family:Times New Roman" SIZE="2">Total non-operating income and expense</FONT></P></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="2">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:Times New Roman" SIZE="2">(47,681,000</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="2">)&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="2">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:Times New Roman" SIZE="2">(45,185,000</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="2">)&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="2">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:Times New Roman" SIZE="2">(39,987,000</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="2">)&nbsp;</FONT></TD></TR>
<TR STYLE="font-size:1px">
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"> <P STYLE="border-top:1px solid #000000">&nbsp;</P></TD>
<TD VALIGN="bottom"> <P STYLE="border-top:1px solid #000000">&nbsp;</P></TD>
<TD>&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"> <P STYLE="border-top:1px solid #000000">&nbsp;</P></TD>
<TD VALIGN="bottom"> <P STYLE="border-top:1px solid #000000">&nbsp;</P></TD>
<TD>&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"> <P STYLE="border-top:1px solid #000000">&nbsp;</P></TD>
<TD VALIGN="bottom"> <P STYLE="border-top:1px solid #000000">&nbsp;</P></TD>
<TD>&nbsp;</TD></TR>
<TR>
<TD HEIGHT="13"></TD>
<TD HEIGHT="13" COLSPAN="4"></TD>
<TD HEIGHT="13" COLSPAN="4"></TD>
<TD HEIGHT="13" COLSPAN="4"></TD></TR>
<TR BGCOLOR="#cceeff">
<TD VALIGN="top"> <P STYLE="margin-left:1.00em; text-indent:-1.00em"><FONT STYLE="font-family:Times New Roman" SIZE="2">Loss before discontinued operations</FONT></P></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="2">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:Times New Roman" SIZE="2">(25,953,000</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="2">)&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="2">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:Times New Roman" SIZE="2">(6,256,000</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="2">)&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="2">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:Times New Roman" SIZE="2">(21,063,000</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="2">)&nbsp;</FONT></TD></TR>
<TR>
<TD HEIGHT="13"></TD>
<TD HEIGHT="13" COLSPAN="4"></TD>
<TD HEIGHT="13" COLSPAN="4"></TD>
<TD HEIGHT="13" COLSPAN="4"></TD></TR>
<TR>
<TD VALIGN="top"> <P STYLE="margin-left:1.00em; text-indent:-1.00em"><FONT STYLE="font-family:Times New Roman" SIZE="2">Discontinued operations:</FONT></P></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD></TR>
<TR BGCOLOR="#cceeff">
<TD VALIGN="top"> <P STYLE="margin-left:3.00em; text-indent:-1.00em"><FONT STYLE="font-family:Times New Roman" SIZE="2">Income from operations</FONT></P></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="2">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:Times New Roman" SIZE="2">5,013,000</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="2">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="2">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:Times New Roman" SIZE="2">1,724,000</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="2">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="2">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:Times New Roman" SIZE="2">7,054,000</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="2">&nbsp;&nbsp;</FONT></TD></TR>
<TR>
<TD VALIGN="top"> <P STYLE="margin-left:3.00em; text-indent:-1.00em"><FONT STYLE="font-family:Times New Roman" SIZE="2">Impairment charges</FONT></P></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="2">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:Times New Roman" SIZE="2">(88,458,000</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="2">)&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="2">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:Times New Roman" SIZE="2">(39,822,000</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="2">)&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="2">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:Times New Roman" SIZE="2">(3,559,000</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="2">)&nbsp;</FONT></TD></TR>
<TR BGCOLOR="#cceeff">
<TD VALIGN="top"> <P STYLE="margin-left:3.00em; text-indent:-1.00em"><FONT STYLE="font-family:Times New Roman" SIZE="2">Gain on sales</FONT></P></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="2">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:Times New Roman" SIZE="2">884,000</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="2">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="2">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:Times New Roman" SIZE="2">170,000</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="2">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="2">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:Times New Roman" SIZE="2">557,000</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="2">&nbsp;&nbsp;</FONT></TD></TR>
<TR STYLE="font-size:1px">
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"> <P STYLE="border-top:1px solid #000000">&nbsp;</P></TD>
<TD VALIGN="bottom"> <P STYLE="border-top:1px solid #000000">&nbsp;</P></TD>
<TD>&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"> <P STYLE="border-top:1px solid #000000">&nbsp;</P></TD>
<TD VALIGN="bottom"> <P STYLE="border-top:1px solid #000000">&nbsp;</P></TD>
<TD>&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"> <P STYLE="border-top:1px solid #000000">&nbsp;</P></TD>
<TD VALIGN="bottom"> <P STYLE="border-top:1px solid #000000">&nbsp;</P></TD>
<TD>&nbsp;</TD></TR>
<TR>
<TD VALIGN="top"> <P STYLE="margin-left:1.00em; text-indent:-1.00em"><FONT STYLE="font-family:Times New Roman" SIZE="2">Total discontinued operations</FONT></P></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="2">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:Times New Roman" SIZE="2">(82,561,000</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="2">)&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="2">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:Times New Roman" SIZE="2">(37,928,000</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="2">)&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="2">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:Times New Roman" SIZE="2">4,052,000</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="2">&nbsp;&nbsp;</FONT></TD></TR>
<TR STYLE="font-size:1px">
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"> <P STYLE="border-top:1px solid #000000">&nbsp;</P></TD>
<TD VALIGN="bottom"> <P STYLE="border-top:1px solid #000000">&nbsp;</P></TD>
<TD>&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"> <P STYLE="border-top:1px solid #000000">&nbsp;</P></TD>
<TD VALIGN="bottom"> <P STYLE="border-top:1px solid #000000">&nbsp;</P></TD>
<TD>&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"> <P STYLE="border-top:1px solid #000000">&nbsp;</P></TD>
<TD VALIGN="bottom"> <P STYLE="border-top:1px solid #000000">&nbsp;</P></TD>
<TD>&nbsp;</TD></TR>
<TR>
<TD HEIGHT="13"></TD>
<TD HEIGHT="13" COLSPAN="4"></TD>
<TD HEIGHT="13" COLSPAN="4"></TD>
<TD HEIGHT="13" COLSPAN="4"></TD></TR>
<TR BGCOLOR="#cceeff">
<TD VALIGN="top"> <P STYLE="margin-left:1.00em; text-indent:-1.00em"><FONT STYLE="font-family:Times New Roman" SIZE="2">Net loss</FONT></P></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="2">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:Times New Roman" SIZE="2">(108,514,000</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="2">)&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="2">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:Times New Roman" SIZE="2">(44,184,000</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="2">)&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="2">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:Times New Roman" SIZE="2">(17,011,000</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="2">)&nbsp;</FONT></TD></TR>
<TR>
<TD HEIGHT="13"></TD>
<TD HEIGHT="13" COLSPAN="4"></TD>
<TD HEIGHT="13" COLSPAN="4"></TD>
<TD HEIGHT="13" COLSPAN="4"></TD></TR>
<TR>
<TD VALIGN="top"> <P STYLE="margin-left:1.00em; text-indent:-1.00em"><FONT STYLE="font-family:Times New Roman" SIZE="2">Less, net loss (income) attributable to noncontrolling interests:</FONT></P></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD></TR>
<TR BGCOLOR="#cceeff">
<TD VALIGN="top"> <P STYLE="margin-left:3.00em; text-indent:-1.00em"><FONT STYLE="font-family:Times New Roman" SIZE="2">Minority interests in consolidated joint ventures</FONT></P></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="2">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:Times New Roman" SIZE="2">2,507,000</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="2">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="2">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:Times New Roman" SIZE="2">1,613,000</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="2">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="2">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:Times New Roman" SIZE="2">(772,000</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="2">)&nbsp;</FONT></TD></TR>
<TR>
<TD VALIGN="top"> <P STYLE="margin-left:3.00em; text-indent:-1.00em"><FONT STYLE="font-family:Times New Roman" SIZE="2">Limited partners&#146; interest in Operating Partnership</FONT></P></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="2">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:Times New Roman" SIZE="2">2,446,000</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="2">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="2">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:Times New Roman" SIZE="2">1,282,000</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="2">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="2">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:Times New Roman" SIZE="2">912,000</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="2">&nbsp;&nbsp;</FONT></TD></TR>
<TR STYLE="font-size:1px">
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"> <P STYLE="border-top:1px solid #000000">&nbsp;</P></TD>
<TD VALIGN="bottom"> <P STYLE="border-top:1px solid #000000">&nbsp;</P></TD>
<TD>&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"> <P STYLE="border-top:1px solid #000000">&nbsp;</P></TD>
<TD VALIGN="bottom"> <P STYLE="border-top:1px solid #000000">&nbsp;</P></TD>
<TD>&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"> <P STYLE="border-top:1px solid #000000">&nbsp;</P></TD>
<TD VALIGN="bottom"> <P STYLE="border-top:1px solid #000000">&nbsp;</P></TD>
<TD>&nbsp;</TD></TR>
<TR BGCOLOR="#cceeff">
<TD VALIGN="top"> <P STYLE="margin-left:3.00em; text-indent:-1.00em"><FONT STYLE="font-family:Times New Roman" SIZE="2">Total net loss attributable to noncontrolling interests</FONT></P></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="2">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:Times New Roman" SIZE="2">4,953,000</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="2">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="2">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:Times New Roman" SIZE="2">2,895,000</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="2">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="2">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:Times New Roman" SIZE="2">140,000</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="2">&nbsp;&nbsp;</FONT></TD></TR>
<TR STYLE="font-size:1px">
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"> <P STYLE="border-top:1px solid #000000">&nbsp;</P></TD>
<TD VALIGN="bottom"> <P STYLE="border-top:1px solid #000000">&nbsp;</P></TD>
<TD>&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"> <P STYLE="border-top:1px solid #000000">&nbsp;</P></TD>
<TD VALIGN="bottom"> <P STYLE="border-top:1px solid #000000">&nbsp;</P></TD>
<TD>&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"> <P STYLE="border-top:1px solid #000000">&nbsp;</P></TD>
<TD VALIGN="bottom"> <P STYLE="border-top:1px solid #000000">&nbsp;</P></TD>
<TD>&nbsp;</TD></TR>
<TR>
<TD HEIGHT="13"></TD>
<TD HEIGHT="13" COLSPAN="4"></TD>
<TD HEIGHT="13" COLSPAN="4"></TD>
<TD HEIGHT="13" COLSPAN="4"></TD></TR>
<TR>
<TD VALIGN="top"> <P STYLE="margin-left:1.00em; text-indent:-1.00em"><FONT STYLE="font-family:Times New Roman" SIZE="2">Net loss attributable to Cedar Realty Trust, Inc.</FONT></P></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="2">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:Times New Roman" SIZE="2">(103,561,000</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="2">)&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="2">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:Times New Roman" SIZE="2">(41,289,000</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="2">)&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="2">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:Times New Roman" SIZE="2">(16,871,000</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="2">)&nbsp;</FONT></TD></TR>
<TR>
<TD HEIGHT="13"></TD>
<TD HEIGHT="13" COLSPAN="4"></TD>
<TD HEIGHT="13" COLSPAN="4"></TD>
<TD HEIGHT="13" COLSPAN="4"></TD></TR>
<TR BGCOLOR="#cceeff">
<TD VALIGN="top"> <P STYLE="margin-left:1.00em; text-indent:-1.00em"><FONT STYLE="font-family:Times New Roman" SIZE="2">Preferred distribution requirements</FONT></P></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="2">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:Times New Roman" SIZE="2">(14,200,000</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="2">)&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="2">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:Times New Roman" SIZE="2">(10,196,000</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="2">)&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="2">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:Times New Roman" SIZE="2">(7,876,000</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="2">)&nbsp;</FONT></TD></TR>
<TR STYLE="font-size:1px">
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"> <P STYLE="border-top:1px solid #000000">&nbsp;</P></TD>
<TD VALIGN="bottom"> <P STYLE="border-top:1px solid #000000">&nbsp;</P></TD>
<TD>&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"> <P STYLE="border-top:1px solid #000000">&nbsp;</P></TD>
<TD VALIGN="bottom"> <P STYLE="border-top:1px solid #000000">&nbsp;</P></TD>
<TD>&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"> <P STYLE="border-top:1px solid #000000">&nbsp;</P></TD>
<TD VALIGN="bottom"> <P STYLE="border-top:1px solid #000000">&nbsp;</P></TD>
<TD>&nbsp;</TD></TR>
<TR>
<TD HEIGHT="13"></TD>
<TD HEIGHT="13" COLSPAN="4"></TD>
<TD HEIGHT="13" COLSPAN="4"></TD>
<TD HEIGHT="13" COLSPAN="4"></TD></TR>
<TR>
<TD VALIGN="top"> <P STYLE="margin-left:1.00em; text-indent:-1.00em"><FONT STYLE="font-family:Times New Roman" SIZE="2">Net loss attributable to common shareholders</FONT></P></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="2">$</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:Times New Roman" SIZE="2">(117,761,000</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="2">)&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="2">$</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:Times New Roman" SIZE="2">(51,485,000</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="2">)&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="2">$</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:Times New Roman" SIZE="2">(24,747,000</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="2">)&nbsp;</FONT></TD></TR>
<TR STYLE="font-size:1px">
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"> <P STYLE="border-top:3px double #000000">&nbsp;</P></TD>
<TD VALIGN="bottom"> <P STYLE="border-top:3px double #000000">&nbsp;</P></TD>
<TD>&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"> <P STYLE="border-top:3px double #000000">&nbsp;</P></TD>
<TD VALIGN="bottom"> <P STYLE="border-top:3px double #000000">&nbsp;</P></TD>
<TD>&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"> <P STYLE="border-top:3px double #000000">&nbsp;</P></TD>
<TD VALIGN="bottom"> <P STYLE="border-top:3px double #000000">&nbsp;</P></TD>
<TD>&nbsp;</TD></TR>
<TR>
<TD HEIGHT="13"></TD>
<TD HEIGHT="13" COLSPAN="4"></TD>
<TD HEIGHT="13" COLSPAN="4"></TD>
<TD HEIGHT="13" COLSPAN="4"></TD></TR>
<TR BGCOLOR="#cceeff">
<TD VALIGN="top"> <P STYLE="margin-left:1.00em; text-indent:-1.00em"><FONT STYLE="font-family:Times New Roman" SIZE="2">Per common share attributable to common shareholders (basic and diluted):</FONT></P></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD></TR>
<TR>
<TD VALIGN="top"> <P STYLE="margin-left:3.00em; text-indent:-1.00em"><FONT STYLE="font-family:Times New Roman" SIZE="2">Continuing operations</FONT></P></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="2">$</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:Times New Roman" SIZE="2">(0.61</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="2">)&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="2">$</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:Times New Roman" SIZE="2">(0.24</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="2">)&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="2">$</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:Times New Roman" SIZE="2">(0.60</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="2">)&nbsp;</FONT></TD></TR>
<TR BGCOLOR="#cceeff">
<TD VALIGN="top"> <P STYLE="margin-left:3.00em; text-indent:-1.00em"><FONT STYLE="font-family:Times New Roman" SIZE="2">Discontinued operations</FONT></P></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="2">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:Times New Roman" SIZE="2">(1.18</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="2">)&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="2">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:Times New Roman" SIZE="2">(0.57</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="2">)&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="2">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:Times New Roman" SIZE="2">0.06</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="2">&nbsp;&nbsp;</FONT></TD></TR>
<TR STYLE="font-size:1px">
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"> <P STYLE="border-top:1px solid #000000">&nbsp;</P></TD>
<TD VALIGN="bottom"> <P STYLE="border-top:1px solid #000000">&nbsp;</P></TD>
<TD>&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"> <P STYLE="border-top:1px solid #000000">&nbsp;</P></TD>
<TD VALIGN="bottom"> <P STYLE="border-top:1px solid #000000">&nbsp;</P></TD>
<TD>&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"> <P STYLE="border-top:1px solid #000000">&nbsp;</P></TD>
<TD VALIGN="bottom"> <P STYLE="border-top:1px solid #000000">&nbsp;</P></TD>
<TD>&nbsp;</TD></TR>
<TR>
<TD VALIGN="top"></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="2">$</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:Times New Roman" SIZE="2">(1.79</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="2">)&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="2">$</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:Times New Roman" SIZE="2">(0.81</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="2">)&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="2">$</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:Times New Roman" SIZE="2">(0.54</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="2">)&nbsp;</FONT></TD></TR>
<TR STYLE="font-size:1px">
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"> <P STYLE="border-top:3px double #000000">&nbsp;</P></TD>
<TD VALIGN="bottom"> <P STYLE="border-top:3px double #000000">&nbsp;</P></TD>
<TD>&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"> <P STYLE="border-top:3px double #000000">&nbsp;</P></TD>
<TD VALIGN="bottom"> <P STYLE="border-top:3px double #000000">&nbsp;</P></TD>
<TD>&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"> <P STYLE="border-top:3px double #000000">&nbsp;</P></TD>
<TD VALIGN="bottom"> <P STYLE="border-top:3px double #000000">&nbsp;</P></TD>
<TD>&nbsp;</TD></TR>
<TR BGCOLOR="#cceeff">
<TD VALIGN="top"> <P STYLE="margin-left:1.00em; text-indent:-1.00em"><FONT STYLE="font-family:Times New Roman" SIZE="2">Amounts attributable to Cedar Realty Trust, Inc. common shareholders, net of limited partners&#146; interest:</FONT></P></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD></TR>
<TR>
<TD VALIGN="top"> <P STYLE="margin-left:3.00em; text-indent:-1.00em"><FONT STYLE="font-family:Times New Roman" SIZE="2">Loss from continuing operations</FONT></P></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="2">$</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:Times New Roman" SIZE="2">(39,236,000</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="2">)&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="2">$</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:Times New Roman" SIZE="2">(15,504,000</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="2">)&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="2">$</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:Times New Roman" SIZE="2">(27,630,000</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="2">)&nbsp;</FONT></TD></TR>
<TR BGCOLOR="#cceeff">
<TD VALIGN="top"> <P STYLE="margin-left:3.00em; text-indent:-1.00em"><FONT STYLE="font-family:Times New Roman" SIZE="2">(Loss) income from discontinued operations</FONT></P></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="2">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:Times New Roman" SIZE="2">(79,391,000</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="2">)&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="2">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:Times New Roman" SIZE="2">(36,147,000</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="2">)&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="2">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:Times New Roman" SIZE="2">2,347,000</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="2">&nbsp;&nbsp;</FONT></TD></TR>
<TR>
<TD VALIGN="top"> <P STYLE="margin-left:3.00em; text-indent:-1.00em"><FONT STYLE="font-family:Times New Roman" SIZE="2">Gain on sales of discontinued operations</FONT></P></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="2">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:Times New Roman" SIZE="2">866,000</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="2">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="2">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:Times New Roman" SIZE="2">166,000</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="2">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="2">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:Times New Roman" SIZE="2">536,000</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="2">&nbsp;&nbsp;</FONT></TD></TR>
<TR STYLE="font-size:1px">
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"> <P STYLE="border-top:1px solid #000000">&nbsp;</P></TD>
<TD VALIGN="bottom"> <P STYLE="border-top:1px solid #000000">&nbsp;</P></TD>
<TD>&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"> <P STYLE="border-top:1px solid #000000">&nbsp;</P></TD>
<TD VALIGN="bottom"> <P STYLE="border-top:1px solid #000000">&nbsp;</P></TD>
<TD>&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"> <P STYLE="border-top:1px solid #000000">&nbsp;</P></TD>
<TD VALIGN="bottom"> <P STYLE="border-top:1px solid #000000">&nbsp;</P></TD>
<TD>&nbsp;</TD></TR>
<TR BGCOLOR="#cceeff">
<TD VALIGN="top"> <P STYLE="margin-left:3.00em; text-indent:-1.00em"><FONT STYLE="font-family:Times New Roman" SIZE="2">Net loss</FONT></P></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="2">$</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:Times New Roman" SIZE="2">(117,761,000</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="2">)&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="2">$</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:Times New Roman" SIZE="2">(51,485,000</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="2">)&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="2">$</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:Times New Roman" SIZE="2">(24,747,000</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="2">)&nbsp;</FONT></TD></TR>
<TR STYLE="font-size:1px">
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"> <P STYLE="border-top:3px double #000000">&nbsp;</P></TD>
<TD VALIGN="bottom"> <P STYLE="border-top:3px double #000000">&nbsp;</P></TD>
<TD>&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"> <P STYLE="border-top:3px double #000000">&nbsp;</P></TD>
<TD VALIGN="bottom"> <P STYLE="border-top:3px double #000000">&nbsp;</P></TD>
<TD>&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"> <P STYLE="border-top:3px double #000000">&nbsp;</P></TD>
<TD VALIGN="bottom"> <P STYLE="border-top:3px double #000000">&nbsp;</P></TD>
<TD>&nbsp;</TD></TR>
<TR>
<TD HEIGHT="13"></TD>
<TD HEIGHT="13" COLSPAN="4"></TD>
<TD HEIGHT="13" COLSPAN="4"></TD>
<TD HEIGHT="13" COLSPAN="4"></TD></TR>
<TR>
<TD VALIGN="top"> <P STYLE="margin-left:1.00em; text-indent:-1.00em"><FONT STYLE="font-family:Times New Roman" SIZE="2">Weighted average number of common shares &#151; basic and diluted</FONT></P></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="2">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:Times New Roman" SIZE="2">66,387,000</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="2">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="2">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:Times New Roman" SIZE="2">63,843,000</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="2">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="2">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:Times New Roman" SIZE="2">46,234,000</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="2">&nbsp;&nbsp;</FONT></TD></TR>
<TR STYLE="font-size:1px">
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"> <P STYLE="border-top:3px double #000000">&nbsp;</P></TD>
<TD VALIGN="bottom"> <P STYLE="border-top:3px double #000000">&nbsp;</P></TD>
<TD>&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"> <P STYLE="border-top:3px double #000000">&nbsp;</P></TD>
<TD VALIGN="bottom"> <P STYLE="border-top:3px double #000000">&nbsp;</P></TD>
<TD>&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"> <P STYLE="border-top:3px double #000000">&nbsp;</P></TD>
<TD VALIGN="bottom"> <P STYLE="border-top:3px double #000000">&nbsp;</P></TD>
<TD>&nbsp;</TD></TR>
</TABLE>
 <P STYLE="margin-top:10px;margin-bottom:0px" ALIGN="center"><FONT STYLE="font-family:Times New Roman" SIZE="2">See accompanying notes to consolidated financial statements. </FONT></P>
 <p STYLE="margin-top:0px;margin-bottom:0px"><FONT SIZE="1">&nbsp;</FONT></P> <P STYLE="margin-top:0px;margin-bottom:0px" ALIGN="center"><FONT STYLE="font-family:Times New Roman" SIZE="2">54 </FONT></P>



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<h5 align="left"><a href="#toc">Table of Contents</a></h5>


 <P STYLE="margin-top:0px;margin-bottom:0px" ALIGN="center"><FONT STYLE="font-family:Times New Roman" SIZE="2"><B>CEDAR REALTY TRUST, INC. </B></FONT></P>
 <P STYLE="margin-top:0px;margin-bottom:0px" ALIGN="center"><FONT STYLE="font-family:Times New Roman" SIZE="2"><B><A NAME="tx308892_27"></A>Consolidated Statements of Equity </B></FONT></P>
 <P STYLE="margin-top:0px;margin-bottom:0px" ALIGN="center"><FONT STYLE="font-family:Times New Roman" SIZE="2"><B>Years ended December&nbsp;31, 2011, 2010 and 2009 </B></FONT></P>
<P STYLE="font-size:10px;margin-top:0px;margin-bottom:0px">&nbsp;</P>
<TABLE CELLSPACING="0" CELLPADDING="0" WIDTH="100%" BORDER="0" STYLE="BORDER-COLLAPSE:COLLAPSE" ALIGN="center">


<TR STYLE="visibility:hidden; line-height:0pt; color:white">
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<TD></TD>
<TD nowrap><FONT STYLE="Times New Roman" SIZE="1"><B>Sep 30</B></FONT></TD>
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<TD nowrap><FONT STYLE="Times New Roman" SIZE="1"><B>Sep 30</B></FONT></TD>
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<TD nowrap><FONT STYLE="Times New Roman" SIZE="1"><B>Sep 30</B></FONT></TD>
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<TD nowrap><FONT STYLE="Times New Roman" SIZE="1"><B>Sep 30</B></FONT></TD>
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<TD nowrap><FONT STYLE="Times New Roman" SIZE="1"><B>Sep 30</B></FONT></TD>
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<TD nowrap><FONT STYLE="Times New Roman" SIZE="1"><B>Sep 30</B></FONT></TD>
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<TD nowrap><FONT STYLE="Times New Roman" SIZE="1"><B>Sep 30</B></FONT></TD>
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<TD VALIGN="bottom" WIDTH="1%"></TD>
<TD></TD>
<TD nowrap><FONT STYLE="Times New Roman" SIZE="1"><B>Sep 30</B></FONT></TD>
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<TD VALIGN="bottom" WIDTH="1%"></TD>
<TD></TD>
<TD nowrap><FONT STYLE="Times New Roman" SIZE="1"><B>Sep 30</B></FONT></TD>
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<TR>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" COLSPAN="34" ALIGN="center" STYLE="border-bottom:1px solid #000000"><FONT STYLE="font-family:Times New Roman" SIZE="1"><B>Cedar Realty Trust, Inc. Shareholders</B></FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD></TR>
<TR>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" COLSPAN="6" ALIGN="center" STYLE="border-bottom:1px solid #000000"><FONT STYLE="font-family:Times New Roman" SIZE="1"><B>Preferred stock</B></FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" COLSPAN="6" ALIGN="center" STYLE="border-bottom:1px solid #000000"><FONT STYLE="font-family:Times New Roman" SIZE="1"><B>Common stock</B></FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD COLSPAN="2" VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD COLSPAN="2" VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" COLSPAN="2" ALIGN="center"><FONT STYLE="font-family:Times New Roman" SIZE="1"><B>Cumulative</B></FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" COLSPAN="2" ALIGN="center"><FONT STYLE="font-family:Times New Roman" SIZE="1"><B>Accumulated</B></FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD COLSPAN="2" VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD></TR>
<TR>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD COLSPAN="2" VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" COLSPAN="2" ALIGN="center"><FONT STYLE="font-family:Times New Roman" SIZE="1"><B>$25.00</B></FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD COLSPAN="2" VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD COLSPAN="2" VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" COLSPAN="2" ALIGN="center"><FONT STYLE="font-family:Times New Roman" SIZE="1"><B>Treasury</B></FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" COLSPAN="2" ALIGN="center"><FONT STYLE="font-family:Times New Roman" SIZE="1"><B>Additional</B></FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" COLSPAN="2" ALIGN="center"><FONT STYLE="font-family:Times New Roman" SIZE="1"><B>distributions</B></FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" COLSPAN="2" ALIGN="center"><FONT STYLE="font-family:Times New Roman" SIZE="1"><B>other</B></FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD COLSPAN="2" VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD></TR>
<TR>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD COLSPAN="2" VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" COLSPAN="2" ALIGN="center"><FONT STYLE="font-family:Times New Roman" SIZE="1"><B>Liquidation</B></FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD COLSPAN="2" VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" COLSPAN="2" ALIGN="center"><FONT STYLE="font-family:Times New Roman" SIZE="1"><B>$0.06</B></FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" COLSPAN="2" ALIGN="center"><FONT STYLE="font-family:Times New Roman" SIZE="1"><B>stock,</B></FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" COLSPAN="2" ALIGN="center"><FONT STYLE="font-family:Times New Roman" SIZE="1"><B>paid-in</B></FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" COLSPAN="2" ALIGN="center"><FONT STYLE="font-family:Times New Roman" SIZE="1"><B>in excess of</B></FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" COLSPAN="2" ALIGN="center"><FONT STYLE="font-family:Times New Roman" SIZE="1"><B>comprehensive</B></FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD COLSPAN="2" VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD></TR>
<TR>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" COLSPAN="2" ALIGN="center" STYLE="border-bottom:1px solid #000000"><FONT STYLE="font-family:Times New Roman" SIZE="1"><B>Shares</B></FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" COLSPAN="2" ALIGN="center" STYLE="border-bottom:1px solid #000000"><FONT STYLE="font-family:Times New Roman" SIZE="1"><B>value</B></FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" COLSPAN="2" ALIGN="center" STYLE="border-bottom:1px solid #000000"><FONT STYLE="font-family:Times New Roman" SIZE="1"><B>Shares</B></FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" COLSPAN="2" ALIGN="center" STYLE="border-bottom:1px solid #000000"><FONT STYLE="font-family:Times New Roman" SIZE="1"><B>Par&nbsp;value</B></FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" COLSPAN="2" ALIGN="center" STYLE="border-bottom:1px solid #000000"><FONT STYLE="font-family:Times New Roman" SIZE="1"><B>at cost</B></FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" COLSPAN="2" ALIGN="center" STYLE="border-bottom:1px solid #000000"><FONT STYLE="font-family:Times New Roman" SIZE="1"><B>capital</B></FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" COLSPAN="2" ALIGN="center" STYLE="border-bottom:1px solid #000000"><FONT STYLE="font-family:Times New Roman" SIZE="1"><B>net income</B></FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" COLSPAN="2" ALIGN="center" STYLE="border-bottom:1px solid #000000"><FONT STYLE="font-family:Times New Roman" SIZE="1"><B>(loss)</B></FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" COLSPAN="2" ALIGN="center" STYLE="border-bottom:1px solid #000000"><FONT STYLE="font-family:Times New Roman" SIZE="1"><B>Total</B></FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD></TR>


<TR>
<TD HEIGHT="13"></TD>
<TD HEIGHT="13" COLSPAN="4"></TD>
<TD HEIGHT="13" COLSPAN="4"></TD>
<TD HEIGHT="13" COLSPAN="4"></TD>
<TD HEIGHT="13" COLSPAN="4"></TD>
<TD HEIGHT="13" COLSPAN="4"></TD>
<TD HEIGHT="13" COLSPAN="4"></TD>
<TD HEIGHT="13" COLSPAN="4"></TD>
<TD HEIGHT="13" COLSPAN="4"></TD>
<TD HEIGHT="13" COLSPAN="4"></TD></TR>
<TR BGCOLOR="#cceeff">
<TD VALIGN="top"> <P STYLE="margin-left:1.00em; text-indent:-1.00em"><FONT STYLE="font-family:Times New Roman" SIZE="1">Balance, December&nbsp;31, 2008</FONT></P></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:Times New Roman" SIZE="1">3,550,000</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="1">$</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:Times New Roman" SIZE="1">88,750,000</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:Times New Roman" SIZE="1">44,468,000</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="1">$</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:Times New Roman" SIZE="1">2,668,000</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="1">$</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:Times New Roman" SIZE="1">(9,175,000</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="1">)&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="1">$</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:Times New Roman" SIZE="1">576,086,000</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="1">$</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:Times New Roman" SIZE="1">(127,552,000</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="1">)&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="1">$</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:Times New Roman" SIZE="1">(7,256,000</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="1">)&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="1">$</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:Times New Roman" SIZE="1">523,521,000</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="1">&nbsp;&nbsp;</FONT></TD></TR>
<TR>
<TD HEIGHT="13"></TD>
<TD HEIGHT="13" COLSPAN="4"></TD>
<TD HEIGHT="13" COLSPAN="4"></TD>
<TD HEIGHT="13" COLSPAN="4"></TD>
<TD HEIGHT="13" COLSPAN="4"></TD>
<TD HEIGHT="13" COLSPAN="4"></TD>
<TD HEIGHT="13" COLSPAN="4"></TD>
<TD HEIGHT="13" COLSPAN="4"></TD>
<TD HEIGHT="13" COLSPAN="4"></TD>
<TD HEIGHT="13" COLSPAN="4"></TD></TR>
<TR>
<TD VALIGN="top"> <P STYLE="margin-left:1.00em; text-indent:-1.00em"><FONT STYLE="font-family:Times New Roman" SIZE="1">Net loss</FONT></P></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:Times New Roman" SIZE="1">&#151;&nbsp;&nbsp;</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:Times New Roman" SIZE="1">&#151;&nbsp;&nbsp;</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:Times New Roman" SIZE="1">&#151;&nbsp;&nbsp;</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:Times New Roman" SIZE="1">&#151;&nbsp;&nbsp;</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:Times New Roman" SIZE="1">&#151;&nbsp;&nbsp;</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:Times New Roman" SIZE="1">&#151;&nbsp;&nbsp;</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:Times New Roman" SIZE="1">(16,871,000</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="1">)&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:Times New Roman" SIZE="1">&#151;&nbsp;&nbsp;</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:Times New Roman" SIZE="1">(16,871,000</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="1">)&nbsp;</FONT></TD></TR>
<TR BGCOLOR="#cceeff">
<TD VALIGN="top"> <P STYLE="margin-left:1.00em; text-indent:-1.00em"><FONT STYLE="font-family:Times New Roman" SIZE="1">Unrealized gain on change in fair value of cash flow hedges</FONT></P></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:Times New Roman" SIZE="1">&#151;&nbsp;&nbsp;</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:Times New Roman" SIZE="1">&#151;&nbsp;&nbsp;</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:Times New Roman" SIZE="1">&#151;&nbsp;&nbsp;</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:Times New Roman" SIZE="1">&#151;&nbsp;&nbsp;</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:Times New Roman" SIZE="1">&#151;&nbsp;&nbsp;</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:Times New Roman" SIZE="1">&#151;&nbsp;&nbsp;</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:Times New Roman" SIZE="1">&#151;&nbsp;&nbsp;</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:Times New Roman" SIZE="1">4,264,000</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:Times New Roman" SIZE="1">4,264,000</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="1">&nbsp;&nbsp;</FONT></TD></TR>
<TR STYLE="font-size:1px">
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom"> <P STYLE="border-top:1px solid #000000">&nbsp;</P></TD>
<TD VALIGN="bottom"> <P STYLE="border-top:1px solid #000000">&nbsp;</P></TD>
<TD>&nbsp;</TD></TR>
<TR>
<TD VALIGN="top"> <P STYLE="margin-left:1.00em; text-indent:-1.00em"><FONT STYLE="font-family:Times New Roman" SIZE="1">Total other comprehensive loss</FONT></P></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:Times New Roman" SIZE="1">(12,607,000</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="1">)&nbsp;</FONT></TD></TR>
<TR STYLE="font-size:1px">
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom"> <P STYLE="border-top:1px solid #000000">&nbsp;</P></TD>
<TD VALIGN="bottom"> <P STYLE="border-top:1px solid #000000">&nbsp;</P></TD>
<TD>&nbsp;</TD></TR>
<TR>
<TD HEIGHT="13"></TD>
<TD HEIGHT="13" COLSPAN="4"></TD>
<TD HEIGHT="13" COLSPAN="4"></TD>
<TD HEIGHT="13" COLSPAN="4"></TD>
<TD HEIGHT="13" COLSPAN="4"></TD>
<TD HEIGHT="13" COLSPAN="4"></TD>
<TD HEIGHT="13" COLSPAN="4"></TD>
<TD HEIGHT="13" COLSPAN="4"></TD>
<TD HEIGHT="13" COLSPAN="4"></TD>
<TD HEIGHT="13" COLSPAN="4"></TD></TR>
<TR BGCOLOR="#cceeff">
<TD VALIGN="top"> <P STYLE="margin-left:1.00em; text-indent:-1.00em"><FONT STYLE="font-family:Times New Roman" SIZE="1">Share-based compensation, net</FONT></P></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:Times New Roman" SIZE="1">&#151;&nbsp;&nbsp;</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:Times New Roman" SIZE="1">&#151;&nbsp;&nbsp;</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:Times New Roman" SIZE="1">570,000</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:Times New Roman" SIZE="1">34,000</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:Times New Roman" SIZE="1">(513,000</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="1">)&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:Times New Roman" SIZE="1">3,070,000</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:Times New Roman" SIZE="1">&#151;&nbsp;&nbsp;</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:Times New Roman" SIZE="1">&#151;&nbsp;&nbsp;</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:Times New Roman" SIZE="1">2,591,000</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="1">&nbsp;&nbsp;</FONT></TD></TR>
<TR>
<TD VALIGN="top"> <P STYLE="margin-left:1.00em; text-indent:-1.00em"><FONT STYLE="font-family:Times New Roman" SIZE="1">Net proceeds from the sales of common stock and issuance of warrants</FONT></P></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:Times New Roman" SIZE="1">&#151;&nbsp;&nbsp;</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:Times New Roman" SIZE="1">&#151;&nbsp;&nbsp;</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:Times New Roman" SIZE="1">7,089,000</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:Times New Roman" SIZE="1">425,000</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:Times New Roman" SIZE="1">&#151;&nbsp;&nbsp;</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:Times New Roman" SIZE="1">40,465,000</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:Times New Roman" SIZE="1">&#151;&nbsp;&nbsp;</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:Times New Roman" SIZE="1">&#151;&nbsp;&nbsp;</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:Times New Roman" SIZE="1">40,890,000</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="1">&nbsp;&nbsp;</FONT></TD></TR>
<TR BGCOLOR="#cceeff">
<TD VALIGN="top"> <P STYLE="margin-left:1.00em; text-indent:-1.00em"><FONT STYLE="font-family:Times New Roman" SIZE="1">Conversion of OP units into common stock</FONT></P></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:Times New Roman" SIZE="1">&#151;&nbsp;&nbsp;</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:Times New Roman" SIZE="1">&#151;&nbsp;&nbsp;</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:Times New Roman" SIZE="1">12,000</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:Times New Roman" SIZE="1">1,000</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:Times New Roman" SIZE="1">&#151;&nbsp;&nbsp;</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:Times New Roman" SIZE="1">130,000</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:Times New Roman" SIZE="1">&#151;&nbsp;&nbsp;</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:Times New Roman" SIZE="1">&#151;&nbsp;&nbsp;</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:Times New Roman" SIZE="1">131,000</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="1">&nbsp;&nbsp;</FONT></TD></TR>
<TR>
<TD VALIGN="top"> <P STYLE="margin-left:1.00em; text-indent:-1.00em"><FONT STYLE="font-family:Times New Roman" SIZE="1">Preferred distribution requirements</FONT></P></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:Times New Roman" SIZE="1">&#151;&nbsp;&nbsp;</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:Times New Roman" SIZE="1">&#151;&nbsp;&nbsp;</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:Times New Roman" SIZE="1">&#151;&nbsp;&nbsp;</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:Times New Roman" SIZE="1">&#151;&nbsp;&nbsp;</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:Times New Roman" SIZE="1">&#151;&nbsp;&nbsp;</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:Times New Roman" SIZE="1">&#151;&nbsp;&nbsp;</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:Times New Roman" SIZE="1">(7,876,000</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="1">)&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:Times New Roman" SIZE="1">&#151;&nbsp;&nbsp;</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:Times New Roman" SIZE="1">(7,876,000</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="1">)&nbsp;</FONT></TD></TR>
<TR BGCOLOR="#cceeff">
<TD VALIGN="top"> <P STYLE="margin-left:1.00em; text-indent:-1.00em"><FONT STYLE="font-family:Times New Roman" SIZE="1">Distributions to common shareholders/noncontrolling interests</FONT></P></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:Times New Roman" SIZE="1">&#151;&nbsp;&nbsp;</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:Times New Roman" SIZE="1">&#151;&nbsp;&nbsp;</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:Times New Roman" SIZE="1">&#151;&nbsp;&nbsp;</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:Times New Roman" SIZE="1">&#151;&nbsp;&nbsp;</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:Times New Roman" SIZE="1">&#151;&nbsp;&nbsp;</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:Times New Roman" SIZE="1">&#151;&nbsp;&nbsp;</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:Times New Roman" SIZE="1">(9,742,000</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="1">)&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:Times New Roman" SIZE="1">&#151;&nbsp;&nbsp;</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:Times New Roman" SIZE="1">(9,742,000</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="1">)&nbsp;</FONT></TD></TR>
<TR>
<TD VALIGN="top"> <P STYLE="margin-left:1.00em; text-indent:-1.00em"><FONT STYLE="font-family:Times New Roman" SIZE="1">Reallocation adjustment of limited partners&#146; interest</FONT></P></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:Times New Roman" SIZE="1">&#151;&nbsp;&nbsp;</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:Times New Roman" SIZE="1">&#151;&nbsp;&nbsp;</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:Times New Roman" SIZE="1">&#151;&nbsp;&nbsp;</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:Times New Roman" SIZE="1">&#151;&nbsp;&nbsp;</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:Times New Roman" SIZE="1">&#151;&nbsp;&nbsp;</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:Times New Roman" SIZE="1">1,548,000</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:Times New Roman" SIZE="1">&#151;&nbsp;&nbsp;</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:Times New Roman" SIZE="1">&#151;&nbsp;&nbsp;</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:Times New Roman" SIZE="1">1,548,000</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="1">&nbsp;&nbsp;</FONT></TD></TR>
<TR STYLE="font-size:1px">
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom"> <P STYLE="border-top:1px solid #000000">&nbsp;</P></TD>
<TD VALIGN="bottom"> <P STYLE="border-top:1px solid #000000">&nbsp;</P></TD>
<TD>&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom"> <P STYLE="border-top:1px solid #000000">&nbsp;</P></TD>
<TD VALIGN="bottom"> <P STYLE="border-top:1px solid #000000">&nbsp;</P></TD>
<TD>&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom"> <P STYLE="border-top:1px solid #000000">&nbsp;</P></TD>
<TD VALIGN="bottom"> <P STYLE="border-top:1px solid #000000">&nbsp;</P></TD>
<TD>&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom"> <P STYLE="border-top:1px solid #000000">&nbsp;</P></TD>
<TD VALIGN="bottom"> <P STYLE="border-top:1px solid #000000">&nbsp;</P></TD>
<TD>&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom"> <P STYLE="border-top:1px solid #000000">&nbsp;</P></TD>
<TD VALIGN="bottom"> <P STYLE="border-top:1px solid #000000">&nbsp;</P></TD>
<TD>&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom"> <P STYLE="border-top:1px solid #000000">&nbsp;</P></TD>
<TD VALIGN="bottom"> <P STYLE="border-top:1px solid #000000">&nbsp;</P></TD>
<TD>&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom"> <P STYLE="border-top:1px solid #000000">&nbsp;</P></TD>
<TD VALIGN="bottom"> <P STYLE="border-top:1px solid #000000">&nbsp;</P></TD>
<TD>&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom"> <P STYLE="border-top:1px solid #000000">&nbsp;</P></TD>
<TD VALIGN="bottom"> <P STYLE="border-top:1px solid #000000">&nbsp;</P></TD>
<TD>&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom"> <P STYLE="border-top:1px solid #000000">&nbsp;</P></TD>
<TD VALIGN="bottom"> <P STYLE="border-top:1px solid #000000">&nbsp;</P></TD>
<TD>&nbsp;</TD></TR>
<TR>
<TD HEIGHT="13"></TD>
<TD HEIGHT="13" COLSPAN="4"></TD>
<TD HEIGHT="13" COLSPAN="4"></TD>
<TD HEIGHT="13" COLSPAN="4"></TD>
<TD HEIGHT="13" COLSPAN="4"></TD>
<TD HEIGHT="13" COLSPAN="4"></TD>
<TD HEIGHT="13" COLSPAN="4"></TD>
<TD HEIGHT="13" COLSPAN="4"></TD>
<TD HEIGHT="13" COLSPAN="4"></TD>
<TD HEIGHT="13" COLSPAN="4"></TD></TR>
<TR BGCOLOR="#cceeff">
<TD VALIGN="top"> <P STYLE="margin-left:1.00em; text-indent:-1.00em"><FONT STYLE="font-family:Times New Roman" SIZE="1">Balance, December&nbsp;31, 2009</FONT></P></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:Times New Roman" SIZE="1">3,550,000</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:Times New Roman" SIZE="1">88,750,000</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:Times New Roman" SIZE="1">52,139,000</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:Times New Roman" SIZE="1">3,128,000</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:Times New Roman" SIZE="1">(9,688,000</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="1">)&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:Times New Roman" SIZE="1">621,299,000</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:Times New Roman" SIZE="1">(162,041,000</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="1">)&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:Times New Roman" SIZE="1">(2,992,000</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="1">)&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:Times New Roman" SIZE="1">538,456,000</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="1">&nbsp;&nbsp;</FONT></TD></TR>
<TR>
<TD HEIGHT="13"></TD>
<TD HEIGHT="13" COLSPAN="4"></TD>
<TD HEIGHT="13" COLSPAN="4"></TD>
<TD HEIGHT="13" COLSPAN="4"></TD>
<TD HEIGHT="13" COLSPAN="4"></TD>
<TD HEIGHT="13" COLSPAN="4"></TD>
<TD HEIGHT="13" COLSPAN="4"></TD>
<TD HEIGHT="13" COLSPAN="4"></TD>
<TD HEIGHT="13" COLSPAN="4"></TD>
<TD HEIGHT="13" COLSPAN="4"></TD></TR>
<TR>
<TD VALIGN="top"> <P STYLE="margin-left:1.00em; text-indent:-1.00em"><FONT STYLE="font-family:Times New Roman" SIZE="1">Net loss</FONT></P></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:Times New Roman" SIZE="1">&#151;&nbsp;&nbsp;</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:Times New Roman" SIZE="1">&#151;&nbsp;&nbsp;</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:Times New Roman" SIZE="1">&#151;&nbsp;&nbsp;</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:Times New Roman" SIZE="1">&#151;&nbsp;&nbsp;</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:Times New Roman" SIZE="1">&#151;&nbsp;&nbsp;</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:Times New Roman" SIZE="1">&#151;&nbsp;&nbsp;</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:Times New Roman" SIZE="1">(41,289,000</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="1">)&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:Times New Roman" SIZE="1">&#151;&nbsp;&nbsp;</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:Times New Roman" SIZE="1">(41,289,000</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="1">)&nbsp;</FONT></TD></TR>
<TR BGCOLOR="#cceeff">
<TD VALIGN="top"> <P STYLE="margin-left:1.00em; text-indent:-1.00em"><FONT STYLE="font-family:Times New Roman" SIZE="1">Unrealized loss on change in fair value of cash flow hedges</FONT></P></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:Times New Roman" SIZE="1">&#151;&nbsp;&nbsp;</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:Times New Roman" SIZE="1">&#151;&nbsp;&nbsp;</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:Times New Roman" SIZE="1">&#151;&nbsp;&nbsp;</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:Times New Roman" SIZE="1">&#151;&nbsp;&nbsp;</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:Times New Roman" SIZE="1">&#151;&nbsp;&nbsp;</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:Times New Roman" SIZE="1">&#151;&nbsp;&nbsp;</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:Times New Roman" SIZE="1">&#151;&nbsp;&nbsp;</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:Times New Roman" SIZE="1">(414,000</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="1">)&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:Times New Roman" SIZE="1">(414,000</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="1">)&nbsp;</FONT></TD></TR>
<TR STYLE="font-size:1px">
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom"> <P STYLE="border-top:1px solid #000000">&nbsp;</P></TD>
<TD VALIGN="bottom"> <P STYLE="border-top:1px solid #000000">&nbsp;</P></TD>
<TD>&nbsp;</TD></TR>
<TR>
<TD VALIGN="top"> <P STYLE="margin-left:1.00em; text-indent:-1.00em"><FONT STYLE="font-family:Times New Roman" SIZE="1">Total other comprehensive loss</FONT></P></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:Times New Roman" SIZE="1">(41,703,000</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="1">)&nbsp;</FONT></TD></TR>
<TR STYLE="font-size:1px">
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom"> <P STYLE="border-top:1px solid #000000">&nbsp;</P></TD>
<TD VALIGN="bottom"> <P STYLE="border-top:1px solid #000000">&nbsp;</P></TD>
<TD>&nbsp;</TD></TR>
<TR>
<TD HEIGHT="13"></TD>
<TD HEIGHT="13" COLSPAN="4"></TD>
<TD HEIGHT="13" COLSPAN="4"></TD>
<TD HEIGHT="13" COLSPAN="4"></TD>
<TD HEIGHT="13" COLSPAN="4"></TD>
<TD HEIGHT="13" COLSPAN="4"></TD>
<TD HEIGHT="13" COLSPAN="4"></TD>
<TD HEIGHT="13" COLSPAN="4"></TD>
<TD HEIGHT="13" COLSPAN="4"></TD>
<TD HEIGHT="13" COLSPAN="4"></TD></TR>
<TR BGCOLOR="#cceeff">
<TD VALIGN="top"> <P STYLE="margin-left:1.00em; text-indent:-1.00em"><FONT STYLE="font-family:Times New Roman" SIZE="1">Share-based compensation, net</FONT></P></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:Times New Roman" SIZE="1">&#151;&nbsp;&nbsp;</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:Times New Roman" SIZE="1">&#151;&nbsp;&nbsp;</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:Times New Roman" SIZE="1">436,000</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:Times New Roman" SIZE="1">27,000</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:Times New Roman" SIZE="1">(679,000</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="1">)&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:Times New Roman" SIZE="1">3,604,000</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:Times New Roman" SIZE="1">&#151;&nbsp;&nbsp;</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:Times New Roman" SIZE="1">&#151;&nbsp;&nbsp;</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:Times New Roman" SIZE="1">2,952,000</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="1">&nbsp;&nbsp;</FONT></TD></TR>
<TR>
<TD VALIGN="top"> <P STYLE="margin-left:1.00em; text-indent:-1.00em"><FONT STYLE="font-family:Times New Roman" SIZE="1">Net proceeds from the sale of preferred and common stock</FONT></P></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:Times New Roman" SIZE="1">2,850,000</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:Times New Roman" SIZE="1">69,825,000</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:Times New Roman" SIZE="1">12,455,000</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:Times New Roman" SIZE="1">747,000</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:Times New Roman" SIZE="1">&#151;&nbsp;&nbsp;</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:Times New Roman" SIZE="1">77,433,000</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:Times New Roman" SIZE="1">&#151;&nbsp;&nbsp;</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:Times New Roman" SIZE="1">&#151;&nbsp;&nbsp;</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:Times New Roman" SIZE="1">148,005,000</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="1">&nbsp;&nbsp;</FONT></TD></TR>
<TR BGCOLOR="#cceeff">
<TD VALIGN="top"> <P STYLE="margin-left:1.00em; text-indent:-1.00em"><FONT STYLE="font-family:Times New Roman" SIZE="1">Net proceeds from dividend reinvestment and direct stock purchase plan</FONT></P></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:Times New Roman" SIZE="1">&#151;&nbsp;&nbsp;</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:Times New Roman" SIZE="1">&#151;&nbsp;&nbsp;</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:Times New Roman" SIZE="1">1,451,000</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:Times New Roman" SIZE="1">87,000</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:Times New Roman" SIZE="1">&#151;&nbsp;&nbsp;</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:Times New Roman" SIZE="1">8,144,000</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:Times New Roman" SIZE="1">&#151;&nbsp;&nbsp;</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:Times New Roman" SIZE="1">&#151;&nbsp;&nbsp;</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:Times New Roman" SIZE="1">8,231,000</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="1">&nbsp;&nbsp;</FONT></TD></TR>
<TR>
<TD VALIGN="top"> <P STYLE="margin-left:1.00em; text-indent:-1.00em"><FONT STYLE="font-family:Times New Roman" SIZE="1">Preferred distribution requirements</FONT></P></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:Times New Roman" SIZE="1">&#151;&nbsp;&nbsp;</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:Times New Roman" SIZE="1">&#151;&nbsp;&nbsp;</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:Times New Roman" SIZE="1">&#151;&nbsp;&nbsp;</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:Times New Roman" SIZE="1">&#151;&nbsp;&nbsp;</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:Times New Roman" SIZE="1">&#151;&nbsp;&nbsp;</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:Times New Roman" SIZE="1">&#151;&nbsp;&nbsp;</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:Times New Roman" SIZE="1">(10,196,000</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="1">)&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:Times New Roman" SIZE="1">&#151;&nbsp;&nbsp;</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:Times New Roman" SIZE="1">(10,196,000</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="1">)&nbsp;</FONT></TD></TR>
<TR BGCOLOR="#cceeff">
<TD VALIGN="top"> <P STYLE="margin-left:1.00em; text-indent:-1.00em"><FONT STYLE="font-family:Times New Roman" SIZE="1">Distributions to common shareholders/noncontrolling interests</FONT></P></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:Times New Roman" SIZE="1">&#151;&nbsp;&nbsp;</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:Times New Roman" SIZE="1">&#151;&nbsp;&nbsp;</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:Times New Roman" SIZE="1">&#151;&nbsp;&nbsp;</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:Times New Roman" SIZE="1">&#151;&nbsp;&nbsp;</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:Times New Roman" SIZE="1">&#151;&nbsp;&nbsp;</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:Times New Roman" SIZE="1">&#151;&nbsp;&nbsp;</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:Times New Roman" SIZE="1">(17,749,000</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="1">)&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:Times New Roman" SIZE="1">&#151;&nbsp;&nbsp;</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:Times New Roman" SIZE="1">(17,749,000</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="1">)&nbsp;</FONT></TD></TR>
<TR>
<TD VALIGN="top"> <P STYLE="margin-left:1.00em; text-indent:-1.00em"><FONT STYLE="font-family:Times New Roman" SIZE="1">Conversion of OP Units into common stock</FONT></P></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:Times New Roman" SIZE="1">&#151;&nbsp;&nbsp;</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:Times New Roman" SIZE="1">&#151;&nbsp;&nbsp;</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:Times New Roman" SIZE="1">39,000</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:Times New Roman" SIZE="1">2,000</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:Times New Roman" SIZE="1">&#151;&nbsp;&nbsp;</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:Times New Roman" SIZE="1">401,000</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:Times New Roman" SIZE="1">&#151;&nbsp;&nbsp;</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:Times New Roman" SIZE="1">&#151;&nbsp;&nbsp;</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:Times New Roman" SIZE="1">403,000</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="1">&nbsp;&nbsp;</FONT></TD></TR>
<TR BGCOLOR="#cceeff">
<TD VALIGN="top"> <P STYLE="margin-left:1.00em; text-indent:-1.00em"><FONT STYLE="font-family:Times New Roman" SIZE="1">Reallocation adjustment of limited partners&#146; interest</FONT></P></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:Times New Roman" SIZE="1">&#151;&nbsp;&nbsp;</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:Times New Roman" SIZE="1">&#151;&nbsp;&nbsp;</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:Times New Roman" SIZE="1">&#151;&nbsp;&nbsp;</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:Times New Roman" SIZE="1">&#151;&nbsp;&nbsp;</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:Times New Roman" SIZE="1">&#151;&nbsp;&nbsp;</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:Times New Roman" SIZE="1">1,667,000</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:Times New Roman" SIZE="1">&#151;&nbsp;&nbsp;</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:Times New Roman" SIZE="1">&#151;&nbsp;&nbsp;</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:Times New Roman" SIZE="1">1,667,000</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="1">&nbsp;&nbsp;</FONT></TD></TR>
<TR STYLE="font-size:1px">
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom"> <P STYLE="border-top:1px solid #000000">&nbsp;</P></TD>
<TD VALIGN="bottom"> <P STYLE="border-top:1px solid #000000">&nbsp;</P></TD>
<TD>&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom"> <P STYLE="border-top:1px solid #000000">&nbsp;</P></TD>
<TD VALIGN="bottom"> <P STYLE="border-top:1px solid #000000">&nbsp;</P></TD>
<TD>&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom"> <P STYLE="border-top:1px solid #000000">&nbsp;</P></TD>
<TD VALIGN="bottom"> <P STYLE="border-top:1px solid #000000">&nbsp;</P></TD>
<TD>&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom"> <P STYLE="border-top:1px solid #000000">&nbsp;</P></TD>
<TD VALIGN="bottom"> <P STYLE="border-top:1px solid #000000">&nbsp;</P></TD>
<TD>&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom"> <P STYLE="border-top:1px solid #000000">&nbsp;</P></TD>
<TD VALIGN="bottom"> <P STYLE="border-top:1px solid #000000">&nbsp;</P></TD>
<TD>&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom"> <P STYLE="border-top:1px solid #000000">&nbsp;</P></TD>
<TD VALIGN="bottom"> <P STYLE="border-top:1px solid #000000">&nbsp;</P></TD>
<TD>&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom"> <P STYLE="border-top:1px solid #000000">&nbsp;</P></TD>
<TD VALIGN="bottom"> <P STYLE="border-top:1px solid #000000">&nbsp;</P></TD>
<TD>&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom"> <P STYLE="border-top:1px solid #000000">&nbsp;</P></TD>
<TD VALIGN="bottom"> <P STYLE="border-top:1px solid #000000">&nbsp;</P></TD>
<TD>&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom"> <P STYLE="border-top:1px solid #000000">&nbsp;</P></TD>
<TD VALIGN="bottom"> <P STYLE="border-top:1px solid #000000">&nbsp;</P></TD>
<TD>&nbsp;</TD></TR>
<TR>
<TD HEIGHT="13"></TD>
<TD HEIGHT="13" COLSPAN="4"></TD>
<TD HEIGHT="13" COLSPAN="4"></TD>
<TD HEIGHT="13" COLSPAN="4"></TD>
<TD HEIGHT="13" COLSPAN="4"></TD>
<TD HEIGHT="13" COLSPAN="4"></TD>
<TD HEIGHT="13" COLSPAN="4"></TD>
<TD HEIGHT="13" COLSPAN="4"></TD>
<TD HEIGHT="13" COLSPAN="4"></TD>
<TD HEIGHT="13" COLSPAN="4"></TD></TR>
<TR>
<TD VALIGN="top"> <P STYLE="margin-left:1.00em; text-indent:-1.00em"><FONT STYLE="font-family:Times New Roman" SIZE="1">Balance, December&nbsp;31, 2010</FONT></P></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:Times New Roman" SIZE="1">6,400,000</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:Times New Roman" SIZE="1">158,575,000</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:Times New Roman" SIZE="1">66,520,000</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:Times New Roman" SIZE="1">3,991,000</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:Times New Roman" SIZE="1">(10,367,000</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="1">)&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:Times New Roman" SIZE="1">712,548,000</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:Times New Roman" SIZE="1">(231,275,000</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="1">)&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:Times New Roman" SIZE="1">(3,406,000</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="1">)&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:Times New Roman" SIZE="1">630,066,000</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="1">&nbsp;&nbsp;</FONT></TD></TR>
<TR>
<TD HEIGHT="13"></TD>
<TD HEIGHT="13" COLSPAN="4"></TD>
<TD HEIGHT="13" COLSPAN="4"></TD>
<TD HEIGHT="13" COLSPAN="4"></TD>
<TD HEIGHT="13" COLSPAN="4"></TD>
<TD HEIGHT="13" COLSPAN="4"></TD>
<TD HEIGHT="13" COLSPAN="4"></TD>
<TD HEIGHT="13" COLSPAN="4"></TD>
<TD HEIGHT="13" COLSPAN="4"></TD>
<TD HEIGHT="13" COLSPAN="4"></TD></TR>
<TR BGCOLOR="#cceeff">
<TD VALIGN="top"> <P STYLE="margin-left:1.00em; text-indent:-1.00em"><FONT STYLE="font-family:Times New Roman" SIZE="1">Net loss</FONT></P></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:Times New Roman" SIZE="1">&#151;&nbsp;&nbsp;</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:Times New Roman" SIZE="1">&#151;&nbsp;&nbsp;</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:Times New Roman" SIZE="1">&#151;&nbsp;&nbsp;</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:Times New Roman" SIZE="1">&#151;&nbsp;&nbsp;</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:Times New Roman" SIZE="1">&#151;&nbsp;&nbsp;</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:Times New Roman" SIZE="1">&#151;&nbsp;&nbsp;</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:Times New Roman" SIZE="1">(103,561,000</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="1">)&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:Times New Roman" SIZE="1">&#151;&nbsp;&nbsp;</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:Times New Roman" SIZE="1">(103,561,000</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="1">)&nbsp;</FONT></TD></TR>
<TR>
<TD VALIGN="top"> <P STYLE="margin-left:1.00em; text-indent:-1.00em"><FONT STYLE="font-family:Times New Roman" SIZE="1">Unrealized gain on change in fair value of cash flow hedges</FONT></P></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:Times New Roman" SIZE="1">&#151;&nbsp;&nbsp;</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:Times New Roman" SIZE="1">&#151;&nbsp;&nbsp;</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:Times New Roman" SIZE="1">&#151;&nbsp;&nbsp;</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:Times New Roman" SIZE="1">&#151;&nbsp;&nbsp;</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:Times New Roman" SIZE="1">&#151;&nbsp;&nbsp;</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:Times New Roman" SIZE="1">&#151;&nbsp;&nbsp;</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:Times New Roman" SIZE="1">&#151;&nbsp;&nbsp;</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:Times New Roman" SIZE="1">11,000</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:Times New Roman" SIZE="1">11,000</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="1">&nbsp;&nbsp;</FONT></TD></TR>
<TR BGCOLOR="#cceeff">
<TD VALIGN="top"> <P STYLE="margin-left:1.00em; text-indent:-1.00em"><FONT STYLE="font-family:Times New Roman" SIZE="1">Unrealized loss on change in fair value of cash flow hedge&#151;unconsolidated joint venture</FONT></P></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:Times New Roman" SIZE="1">&#151;&nbsp;&nbsp;</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:Times New Roman" SIZE="1">&#151;&nbsp;&nbsp;</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:Times New Roman" SIZE="1">&#151;&nbsp;&nbsp;</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:Times New Roman" SIZE="1">&#151;&nbsp;&nbsp;</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:Times New Roman" SIZE="1">&#151;&nbsp;&nbsp;</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:Times New Roman" SIZE="1">&#151;&nbsp;&nbsp;</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:Times New Roman" SIZE="1">(118,000</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="1">)&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:Times New Roman" SIZE="1">(118,000</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="1">)&nbsp;</FONT></TD></TR>
<TR STYLE="font-size:1px">
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom"> <P STYLE="border-top:1px solid #000000">&nbsp;</P></TD>
<TD VALIGN="bottom"> <P STYLE="border-top:1px solid #000000">&nbsp;</P></TD>
<TD>&nbsp;</TD></TR>
<TR>
<TD VALIGN="top"> <P STYLE="margin-left:1.00em; text-indent:-1.00em"><FONT STYLE="font-family:Times New Roman" SIZE="1">Total other comprehensive loss</FONT></P></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:Times New Roman" SIZE="1">(103,668,000</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="1">)&nbsp;</FONT></TD></TR>
<TR STYLE="font-size:1px">
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom"> <P STYLE="border-top:1px solid #000000">&nbsp;</P></TD>
<TD VALIGN="bottom"> <P STYLE="border-top:1px solid #000000">&nbsp;</P></TD>
<TD>&nbsp;</TD></TR>
<TR>
<TD HEIGHT="13"></TD>
<TD HEIGHT="13" COLSPAN="4"></TD>
<TD HEIGHT="13" COLSPAN="4"></TD>
<TD HEIGHT="13" COLSPAN="4"></TD>
<TD HEIGHT="13" COLSPAN="4"></TD>
<TD HEIGHT="13" COLSPAN="4"></TD>
<TD HEIGHT="13" COLSPAN="4"></TD>
<TD HEIGHT="13" COLSPAN="4"></TD>
<TD HEIGHT="13" COLSPAN="4"></TD>
<TD HEIGHT="13" COLSPAN="4"></TD></TR>
<TR BGCOLOR="#cceeff">
<TD VALIGN="top"> <P STYLE="margin-left:1.00em; text-indent:-1.00em"><FONT STYLE="font-family:Times New Roman" SIZE="1">Share-based compensation, net</FONT></P></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:Times New Roman" SIZE="1">&#151;&nbsp;&nbsp;</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:Times New Roman" SIZE="1">&#151;&nbsp;&nbsp;</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:Times New Roman" SIZE="1">676,000</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:Times New Roman" SIZE="1">41,000</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:Times New Roman" SIZE="1">(161,000</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="1">)&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:Times New Roman" SIZE="1">1,753,000</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:Times New Roman" SIZE="1">&#151;&nbsp;&nbsp;</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:Times New Roman" SIZE="1">&#151;&nbsp;&nbsp;</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:Times New Roman" SIZE="1">1,633,000</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="1">&nbsp;&nbsp;</FONT></TD></TR>
<TR>
<TD VALIGN="top"> <P STYLE="margin-left:1.00em; text-indent:-1.00em"><FONT STYLE="font-family:Times New Roman" SIZE="1">Net proceeds from sale of common stock</FONT></P></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:Times New Roman" SIZE="1">&#151;&nbsp;&nbsp;</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:Times New Roman" SIZE="1">&#151;&nbsp;&nbsp;</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:Times New Roman" SIZE="1">39,000</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:Times New Roman" SIZE="1">2,000</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:Times New Roman" SIZE="1">&#151;&nbsp;&nbsp;</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:Times New Roman" SIZE="1">223,000</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:Times New Roman" SIZE="1">&#151;&nbsp;&nbsp;</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:Times New Roman" SIZE="1">&#151;&nbsp;&nbsp;</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:Times New Roman" SIZE="1">225,000</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="1">&nbsp;&nbsp;</FONT></TD></TR>
<TR BGCOLOR="#cceeff">
<TD VALIGN="top"> <P STYLE="margin-left:1.00em; text-indent:-1.00em"><FONT STYLE="font-family:Times New Roman" SIZE="1">Net proceeds from dividend reinvestment and direct stock purchase plan</FONT></P></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:Times New Roman" SIZE="1">&#151;&nbsp;&nbsp;</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:Times New Roman" SIZE="1">&#151;&nbsp;&nbsp;</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:Times New Roman" SIZE="1">693,000</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:Times New Roman" SIZE="1">42,000</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:Times New Roman" SIZE="1">&#151;&nbsp;&nbsp;</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:Times New Roman" SIZE="1">4,038,000</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:Times New Roman" SIZE="1">&#151;&nbsp;&nbsp;</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:Times New Roman" SIZE="1">&#151;&nbsp;&nbsp;</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:Times New Roman" SIZE="1">4,080,000</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="1">&nbsp;&nbsp;</FONT></TD></TR>
<TR>
<TD VALIGN="top"> <P STYLE="margin-left:1.00em; text-indent:-1.00em"><FONT STYLE="font-family:Times New Roman" SIZE="1">Preferred distribution requirements</FONT></P></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:Times New Roman" SIZE="1">&#151;&nbsp;&nbsp;</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:Times New Roman" SIZE="1">&#151;&nbsp;&nbsp;</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:Times New Roman" SIZE="1">&#151;&nbsp;&nbsp;</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:Times New Roman" SIZE="1">&#151;&nbsp;&nbsp;</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:Times New Roman" SIZE="1">&#151;&nbsp;&nbsp;</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:Times New Roman" SIZE="1">&#151;&nbsp;&nbsp;</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:Times New Roman" SIZE="1">(14,200,000</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="1">)&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:Times New Roman" SIZE="1">&#151;&nbsp;&nbsp;</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:Times New Roman" SIZE="1">(14,200,000</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="1">)&nbsp;</FONT></TD></TR>
<TR BGCOLOR="#cceeff">
<TD VALIGN="top"> <P STYLE="margin-left:1.00em; text-indent:-1.00em"><FONT STYLE="font-family:Times New Roman" SIZE="1">Distributions to common shareholders/noncontrolling interests</FONT></P></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:Times New Roman" SIZE="1">&#151;&nbsp;&nbsp;</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:Times New Roman" SIZE="1">&#151;&nbsp;&nbsp;</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:Times New Roman" SIZE="1">&#151;&nbsp;&nbsp;</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:Times New Roman" SIZE="1">&#151;&nbsp;&nbsp;</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:Times New Roman" SIZE="1">&#151;&nbsp;&nbsp;</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:Times New Roman" SIZE="1">&#151;&nbsp;&nbsp;</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:Times New Roman" SIZE="1">(24,705,000</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="1">)&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:Times New Roman" SIZE="1">&#151;&nbsp;&nbsp;</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:Times New Roman" SIZE="1">(24,705,000</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="1">)&nbsp;</FONT></TD></TR>
<TR>
<TD VALIGN="top"> <P STYLE="margin-left:1.00em; text-indent:-1.00em"><FONT STYLE="font-family:Times New Roman" SIZE="1">Contribution from minority interest partners</FONT></P></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:Times New Roman" SIZE="1">&#151;&nbsp;&nbsp;</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:Times New Roman" SIZE="1">&#151;&nbsp;&nbsp;</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:Times New Roman" SIZE="1">&#151;&nbsp;&nbsp;</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:Times New Roman" SIZE="1">&#151;&nbsp;&nbsp;</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:Times New Roman" SIZE="1">&#151;&nbsp;&nbsp;</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:Times New Roman" SIZE="1">&#151;&nbsp;&nbsp;</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:Times New Roman" SIZE="1">&#151;&nbsp;&nbsp;</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:Times New Roman" SIZE="1">&#151;&nbsp;&nbsp;</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:Times New Roman" SIZE="1">&#151;&nbsp;&nbsp;</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="1">&nbsp;&nbsp;</FONT></TD></TR>
<TR BGCOLOR="#cceeff">
<TD VALIGN="top"> <P STYLE="margin-left:1.00em; text-indent:-1.00em"><FONT STYLE="font-family:Times New Roman" SIZE="1">Reallocation adjustment of limited partners&#146; interest</FONT></P></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:Times New Roman" SIZE="1">&#151;&nbsp;&nbsp;</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:Times New Roman" SIZE="1">&#151;&nbsp;&nbsp;</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:Times New Roman" SIZE="1">&#151;&nbsp;&nbsp;</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:Times New Roman" SIZE="1">&#151;&nbsp;&nbsp;</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:Times New Roman" SIZE="1">&#151;&nbsp;&nbsp;</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:Times New Roman" SIZE="1">412,000</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:Times New Roman" SIZE="1">&#151;&nbsp;&nbsp;</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:Times New Roman" SIZE="1">&#151;&nbsp;&nbsp;</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:Times New Roman" SIZE="1">412,000</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="1">&nbsp;&nbsp;</FONT></TD></TR>
<TR STYLE="font-size:1px">
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom"> <P STYLE="border-top:1px solid #000000">&nbsp;</P></TD>
<TD VALIGN="bottom"> <P STYLE="border-top:1px solid #000000">&nbsp;</P></TD>
<TD>&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom"> <P STYLE="border-top:1px solid #000000">&nbsp;</P></TD>
<TD VALIGN="bottom"> <P STYLE="border-top:1px solid #000000">&nbsp;</P></TD>
<TD>&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom"> <P STYLE="border-top:1px solid #000000">&nbsp;</P></TD>
<TD VALIGN="bottom"> <P STYLE="border-top:1px solid #000000">&nbsp;</P></TD>
<TD>&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom"> <P STYLE="border-top:1px solid #000000">&nbsp;</P></TD>
<TD VALIGN="bottom"> <P STYLE="border-top:1px solid #000000">&nbsp;</P></TD>
<TD>&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom"> <P STYLE="border-top:1px solid #000000">&nbsp;</P></TD>
<TD VALIGN="bottom"> <P STYLE="border-top:1px solid #000000">&nbsp;</P></TD>
<TD>&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom"> <P STYLE="border-top:1px solid #000000">&nbsp;</P></TD>
<TD VALIGN="bottom"> <P STYLE="border-top:1px solid #000000">&nbsp;</P></TD>
<TD>&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom"> <P STYLE="border-top:1px solid #000000">&nbsp;</P></TD>
<TD VALIGN="bottom"> <P STYLE="border-top:1px solid #000000">&nbsp;</P></TD>
<TD>&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom"> <P STYLE="border-top:1px solid #000000">&nbsp;</P></TD>
<TD VALIGN="bottom"> <P STYLE="border-top:1px solid #000000">&nbsp;</P></TD>
<TD>&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom"> <P STYLE="border-top:1px solid #000000">&nbsp;</P></TD>
<TD VALIGN="bottom"> <P STYLE="border-top:1px solid #000000">&nbsp;</P></TD>
<TD>&nbsp;</TD></TR>
<TR>
<TD HEIGHT="13"></TD>
<TD HEIGHT="13" COLSPAN="4"></TD>
<TD HEIGHT="13" COLSPAN="4"></TD>
<TD HEIGHT="13" COLSPAN="4"></TD>
<TD HEIGHT="13" COLSPAN="4"></TD>
<TD HEIGHT="13" COLSPAN="4"></TD>
<TD HEIGHT="13" COLSPAN="4"></TD>
<TD HEIGHT="13" COLSPAN="4"></TD>
<TD HEIGHT="13" COLSPAN="4"></TD>
<TD HEIGHT="13" COLSPAN="4"></TD></TR>
<TR>
<TD VALIGN="top"> <P STYLE="margin-left:1.00em; text-indent:-1.00em"><FONT STYLE="font-family:Times New Roman" SIZE="1">Balance, December&nbsp;31, 2011</FONT></P></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:Times New Roman" SIZE="1">6,400,000</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="1">$</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:Times New Roman" SIZE="1">158,575,000</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:Times New Roman" SIZE="1">67,928,000</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="1">$</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:Times New Roman" SIZE="1">4,076,000</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="1">$</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:Times New Roman" SIZE="1">(10,528,000</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="1">)&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="1">$</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:Times New Roman" SIZE="1">718,974,000</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="1">$</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:Times New Roman" SIZE="1">(373,741,000</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="1">)&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="1">$</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:Times New Roman" SIZE="1">(3,513,000</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="1">)&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="1">$</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:Times New Roman" SIZE="1">493,843,000</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="1">&nbsp;&nbsp;</FONT></TD></TR>
<TR STYLE="font-size:1px">
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom"> <P STYLE="border-top:3px double #000000">&nbsp;</P></TD>
<TD VALIGN="bottom"> <P STYLE="border-top:3px double #000000">&nbsp;</P></TD>
<TD>&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom"> <P STYLE="border-top:3px double #000000">&nbsp;</P></TD>
<TD VALIGN="bottom"> <P STYLE="border-top:3px double #000000">&nbsp;</P></TD>
<TD>&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom"> <P STYLE="border-top:3px double #000000">&nbsp;</P></TD>
<TD VALIGN="bottom"> <P STYLE="border-top:3px double #000000">&nbsp;</P></TD>
<TD>&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom"> <P STYLE="border-top:3px double #000000">&nbsp;</P></TD>
<TD VALIGN="bottom"> <P STYLE="border-top:3px double #000000">&nbsp;</P></TD>
<TD>&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom"> <P STYLE="border-top:3px double #000000">&nbsp;</P></TD>
<TD VALIGN="bottom"> <P STYLE="border-top:3px double #000000">&nbsp;</P></TD>
<TD>&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom"> <P STYLE="border-top:3px double #000000">&nbsp;</P></TD>
<TD VALIGN="bottom"> <P STYLE="border-top:3px double #000000">&nbsp;</P></TD>
<TD>&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom"> <P STYLE="border-top:3px double #000000">&nbsp;</P></TD>
<TD VALIGN="bottom"> <P STYLE="border-top:3px double #000000">&nbsp;</P></TD>
<TD>&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom"> <P STYLE="border-top:3px double #000000">&nbsp;</P></TD>
<TD VALIGN="bottom"> <P STYLE="border-top:3px double #000000">&nbsp;</P></TD>
<TD>&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom"> <P STYLE="border-top:3px double #000000">&nbsp;</P></TD>
<TD VALIGN="bottom"> <P STYLE="border-top:3px double #000000">&nbsp;</P></TD>
<TD>&nbsp;</TD></TR>
</TABLE> <P STYLE="margin-top:10px;margin-bottom:0px" ALIGN="center"><FONT STYLE="font-family:Times New Roman" SIZE="2">See accompanying notes to consolidated financial statements. </FONT></P>
 <p STYLE="margin-top:0px;margin-bottom:0px"><FONT SIZE="1">&nbsp;</FONT></P> <P STYLE="margin-top:0px;margin-bottom:0px" ALIGN="center"><FONT STYLE="font-family:Times New Roman" SIZE="2">55 </FONT></P>



<p Style='page-break-before:always'>
<HR  SIZE="3" style="COLOR:#999999" WIDTH="100%" ALIGN="CENTER">
<h5 align="left"><a href="#toc">Table of Contents</a></h5>


 <P STYLE="margin-top:0px;margin-bottom:0px" ALIGN="center"><FONT STYLE="font-family:Times New Roman" SIZE="2"><B>CEDAR REALTY TRUST, INC. </B></FONT></P>
<P STYLE="margin-top:0px;margin-bottom:0px" ALIGN="center"><FONT STYLE="font-family:Times New Roman" SIZE="2"><B>Consolidated Statements of Equity </B></FONT></P> <P STYLE="margin-top:0px;margin-bottom:0px" ALIGN="center"><FONT
STYLE="font-family:Times New Roman" SIZE="2"><B>Years ended December&nbsp;31, 2011, 2010 and 2009 </B></FONT></P> <P STYLE="margin-top:0px;margin-bottom:0px" ALIGN="center"><FONT STYLE="font-family:Times New Roman" SIZE="2"><B><I>(continued)
</I></B></FONT></P> <P STYLE="font-size:10px;margin-top:0px;margin-bottom:0px">&nbsp;</P>
<TABLE CELLSPACING="0" CELLPADDING="0" WIDTH="100%" BORDER="0" STYLE="BORDER-COLLAPSE:COLLAPSE" ALIGN="center">


<TR STYLE="visibility:hidden; line-height:0pt; color:white">
<TD WIDTH="84%"></TD>
<TD VALIGN="bottom" WIDTH="1%"></TD>
<TD></TD>
<TD nowrap><FONT STYLE="Times New Roman" SIZE="1"><B>September 30,</B></FONT></TD>
<TD></TD>
<TD VALIGN="bottom" WIDTH="1%"></TD>
<TD></TD>
<TD nowrap><FONT STYLE="Times New Roman" SIZE="1"><B>September 30,</B></FONT></TD>
<TD></TD>
<TD VALIGN="bottom" WIDTH="1%"></TD>
<TD></TD>
<TD nowrap><FONT STYLE="Times New Roman" SIZE="1"><B>September 30,</B></FONT></TD>
<TD></TD>
<TD VALIGN="bottom" WIDTH="1%"></TD>
<TD></TD>
<TD nowrap><FONT STYLE="Times New Roman" SIZE="1"><B>September 30,</B></FONT></TD>
<TD></TD></TR>
<TR>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" COLSPAN="10" ALIGN="center" STYLE="border-bottom:1px solid #000000"><FONT STYLE="font-family:Times New Roman" SIZE="1"><B>Noncontrolling Interests</B></FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD COLSPAN="2" VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD></TR>
<TR>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" COLSPAN="2" ALIGN="center"><FONT STYLE="font-family:Times New Roman" SIZE="1"><B>Minority</B></FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" COLSPAN="2" ALIGN="center"><FONT STYLE="font-family:Times New Roman" SIZE="1"><B>Limited</B></FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD COLSPAN="2" VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD COLSPAN="2" VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD></TR>
<TR>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" COLSPAN="2" ALIGN="center"><FONT STYLE="font-family:Times New Roman" SIZE="1"><B>interests in</B></FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" COLSPAN="2" ALIGN="center"><FONT STYLE="font-family:Times New Roman" SIZE="1"><B>partners&#146;</B></FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD COLSPAN="2" VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD COLSPAN="2" VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD></TR>
<TR>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" COLSPAN="2" ALIGN="center"><FONT STYLE="font-family:Times New Roman" SIZE="1"><B>consolidated</B></FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" COLSPAN="2" ALIGN="center"><FONT STYLE="font-family:Times New Roman" SIZE="1"><B>mezzanine</B></FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD COLSPAN="2" VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" COLSPAN="2" ALIGN="center"><FONT STYLE="font-family:Times New Roman" SIZE="1"><B>Total</B></FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD></TR>
<TR>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" COLSPAN="2" ALIGN="center" STYLE="border-bottom:1px solid #000000"><FONT STYLE="font-family:Times New Roman" SIZE="1"><B>joint ventures</B></FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" COLSPAN="2" ALIGN="center" STYLE="border-bottom:1px solid #000000"><FONT STYLE="font-family:Times New Roman" SIZE="1"><B>OP Units</B></FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" COLSPAN="2" ALIGN="center" STYLE="border-bottom:1px solid #000000"><FONT STYLE="font-family:Times New Roman" SIZE="1"><B>Total</B></FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" COLSPAN="2" ALIGN="center" STYLE="border-bottom:1px solid #000000"><FONT STYLE="font-family:Times New Roman" SIZE="1"><B>equity</B></FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD></TR>


<TR>
<TD HEIGHT="13"></TD>
<TD HEIGHT="13" COLSPAN="4"></TD>
<TD HEIGHT="13" COLSPAN="4"></TD>
<TD HEIGHT="13" COLSPAN="4"></TD>
<TD HEIGHT="13" COLSPAN="4"></TD></TR>
<TR BGCOLOR="#cceeff">
<TD VALIGN="top"> <P STYLE="margin-left:1.00em; text-indent:-1.00em"><FONT STYLE="font-family:Times New Roman" SIZE="2">Balance, December&nbsp;31, 2008</FONT></P></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="2">$</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:Times New Roman" SIZE="2">58,150,000</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="2">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="2">$</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:Times New Roman" SIZE="2">9,266,000</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="2">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="2">$</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:Times New Roman" SIZE="2">67,416,000</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="2">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="2">$</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:Times New Roman" SIZE="2">590,937,000</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="2">&nbsp;&nbsp;</FONT></TD></TR>
<TR>
<TD HEIGHT="13"></TD>
<TD HEIGHT="13" COLSPAN="4"></TD>
<TD HEIGHT="13" COLSPAN="4"></TD>
<TD HEIGHT="13" COLSPAN="4"></TD>
<TD HEIGHT="13" COLSPAN="4"></TD></TR>
<TR>
<TD VALIGN="top"> <P STYLE="margin-left:1.00em; text-indent:-1.00em"><FONT STYLE="font-family:Times New Roman" SIZE="2">Net loss</FONT></P></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="2">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:Times New Roman" SIZE="2">772,000</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="2">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="2">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:Times New Roman" SIZE="2">(361,000</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="2">)&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="2">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:Times New Roman" SIZE="2">411,000</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="2">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="2">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:Times New Roman" SIZE="2">(16,460,000</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="2">)&nbsp;</FONT></TD></TR>
<TR BGCOLOR="#cceeff">
<TD VALIGN="top"> <P STYLE="margin-left:1.00em; text-indent:-1.00em"><FONT STYLE="font-family:Times New Roman" SIZE="2">Unrealized gain on change in fair value of cash flow hedges</FONT></P></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="2">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:Times New Roman" SIZE="2">&#151;&nbsp;&nbsp;</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="2">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="2">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:Times New Roman" SIZE="2">79,000</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="2">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="2">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:Times New Roman" SIZE="2">79,000</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="2">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="2">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:Times New Roman" SIZE="2">4,343,000</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="2">&nbsp;&nbsp;</FONT></TD></TR>
<TR STYLE="font-size:1px">
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom"> <P STYLE="border-top:1px solid #000000">&nbsp;</P></TD>
<TD VALIGN="bottom"> <P STYLE="border-top:1px solid #000000">&nbsp;</P></TD>
<TD>&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom"> <P STYLE="border-top:1px solid #000000">&nbsp;</P></TD>
<TD VALIGN="bottom"> <P STYLE="border-top:1px solid #000000">&nbsp;</P></TD>
<TD>&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom"> <P STYLE="border-top:1px solid #000000">&nbsp;</P></TD>
<TD VALIGN="bottom"> <P STYLE="border-top:1px solid #000000">&nbsp;</P></TD>
<TD>&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom"> <P STYLE="border-top:1px solid #000000">&nbsp;</P></TD>
<TD VALIGN="bottom"> <P STYLE="border-top:1px solid #000000">&nbsp;</P></TD>
<TD>&nbsp;</TD></TR>
<TR>
<TD VALIGN="top"> <P STYLE="margin-left:1.00em; text-indent:-1.00em"><FONT STYLE="font-family:Times New Roman" SIZE="2">Total other comprehensive loss</FONT></P></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="2">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:Times New Roman" SIZE="2">772,000</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="2">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="2">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:Times New Roman" SIZE="2">(282,000</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="2">)&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="2">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:Times New Roman" SIZE="2">490,000</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="2">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="2">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:Times New Roman" SIZE="2">(12,117,000</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="2">)&nbsp;</FONT></TD></TR>
<TR STYLE="font-size:1px">
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom"> <P STYLE="border-top:1px solid #000000">&nbsp;</P></TD>
<TD VALIGN="bottom"> <P STYLE="border-top:1px solid #000000">&nbsp;</P></TD>
<TD>&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom"> <P STYLE="border-top:1px solid #000000">&nbsp;</P></TD>
<TD VALIGN="bottom"> <P STYLE="border-top:1px solid #000000">&nbsp;</P></TD>
<TD>&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom"> <P STYLE="border-top:1px solid #000000">&nbsp;</P></TD>
<TD VALIGN="bottom"> <P STYLE="border-top:1px solid #000000">&nbsp;</P></TD>
<TD>&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom"> <P STYLE="border-top:1px solid #000000">&nbsp;</P></TD>
<TD VALIGN="bottom"> <P STYLE="border-top:1px solid #000000">&nbsp;</P></TD>
<TD>&nbsp;</TD></TR>
<TR>
<TD HEIGHT="13"></TD>
<TD HEIGHT="13" COLSPAN="4"></TD>
<TD HEIGHT="13" COLSPAN="4"></TD>
<TD HEIGHT="13" COLSPAN="4"></TD>
<TD HEIGHT="13" COLSPAN="4"></TD></TR>
<TR BGCOLOR="#cceeff">
<TD VALIGN="top"> <P STYLE="margin-left:1.00em; text-indent:-1.00em"><FONT STYLE="font-family:Times New Roman" SIZE="2">Share-based compensation, net</FONT></P></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="2">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:Times New Roman" SIZE="2">&#151;&nbsp;&nbsp;</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="2">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="2">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:Times New Roman" SIZE="2">&#151;&nbsp;&nbsp;</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="2">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="2">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:Times New Roman" SIZE="2">&#151;&nbsp;&nbsp;</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="2">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="2">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:Times New Roman" SIZE="2">2,591,000</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="2">&nbsp;&nbsp;</FONT></TD></TR>
<TR>
<TD VALIGN="top"> <P STYLE="margin-left:1.00em; text-indent:-1.00em"><FONT STYLE="font-family:Times New Roman" SIZE="2">Net proceeds from the sales of common stock and issuance of warrants</FONT></P></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="2">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:Times New Roman" SIZE="2">&#151;&nbsp;&nbsp;</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="2">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="2">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:Times New Roman" SIZE="2">&#151;&nbsp;&nbsp;</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="2">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="2">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:Times New Roman" SIZE="2">&#151;&nbsp;&nbsp;</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="2">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="2">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:Times New Roman" SIZE="2">40,890,000</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="2">&nbsp;&nbsp;</FONT></TD></TR>
<TR BGCOLOR="#cceeff">
<TD VALIGN="top"> <P STYLE="margin-left:1.00em; text-indent:-1.00em"><FONT STYLE="font-family:Times New Roman" SIZE="2">Conversion of OP units into common stock</FONT></P></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="2">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:Times New Roman" SIZE="2">&#151;&nbsp;&nbsp;</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="2">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="2">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:Times New Roman" SIZE="2">(131,000</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="2">)&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="2">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:Times New Roman" SIZE="2">(131,000</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="2">)&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="2">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:Times New Roman" SIZE="2">&#151;&nbsp;&nbsp;</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="2">&nbsp;&nbsp;</FONT></TD></TR>
<TR>
<TD VALIGN="top"> <P STYLE="margin-left:1.00em; text-indent:-1.00em"><FONT STYLE="font-family:Times New Roman" SIZE="2">Preferred distribution requirements</FONT></P></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="2">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:Times New Roman" SIZE="2">&#151;&nbsp;&nbsp;</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="2">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="2">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:Times New Roman" SIZE="2">&#151;&nbsp;&nbsp;</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="2">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="2">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:Times New Roman" SIZE="2">&#151;&nbsp;&nbsp;</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="2">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="2">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:Times New Roman" SIZE="2">(7,876,000</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="2">)&nbsp;</FONT></TD></TR>
<TR BGCOLOR="#cceeff">
<TD VALIGN="top"> <P STYLE="margin-left:1.00em; text-indent:-1.00em"><FONT STYLE="font-family:Times New Roman" SIZE="2">Distributions to common shareholders/noncontrolling interests</FONT></P></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="2">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:Times New Roman" SIZE="2">(3,905,000</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="2">)&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="2">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:Times New Roman" SIZE="2">(167,000</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="2">)&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="2">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:Times New Roman" SIZE="2">(4,072,000</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="2">)&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="2">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:Times New Roman" SIZE="2">(13,814,000</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="2">)&nbsp;</FONT></TD></TR>
<TR>
<TD VALIGN="top"> <P STYLE="margin-left:1.00em; text-indent:-1.00em"><FONT STYLE="font-family:Times New Roman" SIZE="2">Reallocation adjustment of limited partners&#146; interest</FONT></P></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="2">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:Times New Roman" SIZE="2">&#151;&nbsp;&nbsp;</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="2">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="2">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:Times New Roman" SIZE="2">(607,000</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="2">)&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="2">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:Times New Roman" SIZE="2">(607,000</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="2">)&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="2">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:Times New Roman" SIZE="2">941,000</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="2">&nbsp;&nbsp;</FONT></TD></TR>
<TR BGCOLOR="#cceeff">
<TD VALIGN="top"> <P STYLE="margin-left:1.00em; text-indent:-1.00em"><FONT STYLE="font-family:Times New Roman" SIZE="2">Additional noncontrolling interests&#146; shares</FONT></P></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="2">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:Times New Roman" SIZE="2">12,212,000</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="2">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="2">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:Times New Roman" SIZE="2">&#151;&nbsp;&nbsp;</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="2">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="2">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:Times New Roman" SIZE="2">12,212,000</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="2">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="2">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:Times New Roman" SIZE="2">12,212,000</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="2">&nbsp;&nbsp;</FONT></TD></TR>
<TR STYLE="font-size:1px">
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom"> <P STYLE="border-top:1px solid #000000">&nbsp;</P></TD>
<TD VALIGN="bottom"> <P STYLE="border-top:1px solid #000000">&nbsp;</P></TD>
<TD>&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom"> <P STYLE="border-top:1px solid #000000">&nbsp;</P></TD>
<TD VALIGN="bottom"> <P STYLE="border-top:1px solid #000000">&nbsp;</P></TD>
<TD>&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom"> <P STYLE="border-top:1px solid #000000">&nbsp;</P></TD>
<TD VALIGN="bottom"> <P STYLE="border-top:1px solid #000000">&nbsp;</P></TD>
<TD>&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom"> <P STYLE="border-top:1px solid #000000">&nbsp;</P></TD>
<TD VALIGN="bottom"> <P STYLE="border-top:1px solid #000000">&nbsp;</P></TD>
<TD>&nbsp;</TD></TR>
<TR>
<TD HEIGHT="13"></TD>
<TD HEIGHT="13" COLSPAN="4"></TD>
<TD HEIGHT="13" COLSPAN="4"></TD>
<TD HEIGHT="13" COLSPAN="4"></TD>
<TD HEIGHT="13" COLSPAN="4"></TD></TR>
<TR>
<TD VALIGN="top"> <P STYLE="margin-left:1.00em; text-indent:-1.00em"><FONT STYLE="font-family:Times New Roman" SIZE="2">Balance, December&nbsp;31, 2009</FONT></P></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="2">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:Times New Roman" SIZE="2">67,229,000</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="2">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="2">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:Times New Roman" SIZE="2">8,079,000</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="2">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="2">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:Times New Roman" SIZE="2">75,308,000</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="2">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="2">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:Times New Roman" SIZE="2">613,764,000</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="2">&nbsp;&nbsp;</FONT></TD></TR>
<TR>
<TD HEIGHT="13"></TD>
<TD HEIGHT="13" COLSPAN="4"></TD>
<TD HEIGHT="13" COLSPAN="4"></TD>
<TD HEIGHT="13" COLSPAN="4"></TD>
<TD HEIGHT="13" COLSPAN="4"></TD></TR>
<TR BGCOLOR="#cceeff">
<TD VALIGN="top"> <P STYLE="margin-left:1.00em; text-indent:-1.00em"><FONT STYLE="font-family:Times New Roman" SIZE="2">Net (loss) income</FONT></P></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="2">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:Times New Roman" SIZE="2">(1,613,000</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="2">)&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="2">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:Times New Roman" SIZE="2">(642,000</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="2">)&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="2">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:Times New Roman" SIZE="2">(2,255,000</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="2">)&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="2">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:Times New Roman" SIZE="2">(43,544,000</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="2">)&nbsp;</FONT></TD></TR>
<TR>
<TD VALIGN="top"> <P STYLE="margin-left:1.00em; text-indent:-1.00em"><FONT STYLE="font-family:Times New Roman" SIZE="2">Unrealized gain on change in fair value of cash flow hedges</FONT></P></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="2">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:Times New Roman" SIZE="2">&#151;&nbsp;&nbsp;</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="2">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="2">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:Times New Roman" SIZE="2">(22,000</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="2">)&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="2">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:Times New Roman" SIZE="2">(22,000</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="2">)&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="2">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:Times New Roman" SIZE="2">(436,000</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="2">)&nbsp;</FONT></TD></TR>
<TR STYLE="font-size:1px">
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom"> <P STYLE="border-top:1px solid #000000">&nbsp;</P></TD>
<TD VALIGN="bottom"> <P STYLE="border-top:1px solid #000000">&nbsp;</P></TD>
<TD>&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom"> <P STYLE="border-top:1px solid #000000">&nbsp;</P></TD>
<TD VALIGN="bottom"> <P STYLE="border-top:1px solid #000000">&nbsp;</P></TD>
<TD>&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom"> <P STYLE="border-top:1px solid #000000">&nbsp;</P></TD>
<TD VALIGN="bottom"> <P STYLE="border-top:1px solid #000000">&nbsp;</P></TD>
<TD>&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom"> <P STYLE="border-top:1px solid #000000">&nbsp;</P></TD>
<TD VALIGN="bottom"> <P STYLE="border-top:1px solid #000000">&nbsp;</P></TD>
<TD>&nbsp;</TD></TR>
<TR BGCOLOR="#cceeff">
<TD VALIGN="top"> <P STYLE="margin-left:1.00em; text-indent:-1.00em"><FONT STYLE="font-family:Times New Roman" SIZE="2">Total other comprehensive loss</FONT></P></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="2">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:Times New Roman" SIZE="2">(1,613,000</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="2">)&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="2">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:Times New Roman" SIZE="2">(664,000</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="2">)&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="2">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:Times New Roman" SIZE="2">(2,277,000</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="2">)&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="2">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:Times New Roman" SIZE="2">(43,980,000</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="2">)&nbsp;</FONT></TD></TR>
<TR STYLE="font-size:1px">
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom"> <P STYLE="border-top:1px solid #000000">&nbsp;</P></TD>
<TD VALIGN="bottom"> <P STYLE="border-top:1px solid #000000">&nbsp;</P></TD>
<TD>&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom"> <P STYLE="border-top:1px solid #000000">&nbsp;</P></TD>
<TD VALIGN="bottom"> <P STYLE="border-top:1px solid #000000">&nbsp;</P></TD>
<TD>&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom"> <P STYLE="border-top:1px solid #000000">&nbsp;</P></TD>
<TD VALIGN="bottom"> <P STYLE="border-top:1px solid #000000">&nbsp;</P></TD>
<TD>&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom"> <P STYLE="border-top:1px solid #000000">&nbsp;</P></TD>
<TD VALIGN="bottom"> <P STYLE="border-top:1px solid #000000">&nbsp;</P></TD>
<TD>&nbsp;</TD></TR>
<TR>
<TD HEIGHT="13"></TD>
<TD HEIGHT="13" COLSPAN="4"></TD>
<TD HEIGHT="13" COLSPAN="4"></TD>
<TD HEIGHT="13" COLSPAN="4"></TD>
<TD HEIGHT="13" COLSPAN="4"></TD></TR>
<TR>
<TD VALIGN="top"> <P STYLE="margin-left:1.00em; text-indent:-1.00em"><FONT STYLE="font-family:Times New Roman" SIZE="2">Share-based compensation, net</FONT></P></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="2">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:Times New Roman" SIZE="2">&#151;&nbsp;&nbsp;</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="2">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="2">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:Times New Roman" SIZE="2">&#151;&nbsp;&nbsp;</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="2">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="2">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:Times New Roman" SIZE="2">&#151;&nbsp;&nbsp;</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="2">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="2">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:Times New Roman" SIZE="2">2,952,000</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="2">&nbsp;&nbsp;</FONT></TD></TR>
<TR BGCOLOR="#cceeff">
<TD VALIGN="top"> <P STYLE="margin-left:1.00em; text-indent:-1.00em"><FONT STYLE="font-family:Times New Roman" SIZE="2">Net proceeds from the sale of preferred and common stock</FONT></P></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="2">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:Times New Roman" SIZE="2">&#151;&nbsp;&nbsp;</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="2">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="2">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:Times New Roman" SIZE="2">&#151;&nbsp;&nbsp;</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="2">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="2">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:Times New Roman" SIZE="2">&#151;&nbsp;&nbsp;</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="2">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="2">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:Times New Roman" SIZE="2">148,005,000</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="2">&nbsp;&nbsp;</FONT></TD></TR>
<TR>
<TD VALIGN="top"> <P STYLE="margin-left:1.00em; text-indent:-1.00em"><FONT STYLE="font-family:Times New Roman" SIZE="2">Net proceeds from dividend reinvestment and direct stock purchase plan</FONT></P></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="2">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:Times New Roman" SIZE="2">&#151;&nbsp;&nbsp;</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="2">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="2">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:Times New Roman" SIZE="2">&#151;&nbsp;&nbsp;</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="2">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="2">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:Times New Roman" SIZE="2">&#151;&nbsp;&nbsp;</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="2">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="2">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:Times New Roman" SIZE="2">8,231,000</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="2">&nbsp;&nbsp;</FONT></TD></TR>
<TR BGCOLOR="#cceeff">
<TD VALIGN="top"> <P STYLE="margin-left:1.00em; text-indent:-1.00em"><FONT STYLE="font-family:Times New Roman" SIZE="2">Preferred distribution requirements</FONT></P></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="2">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:Times New Roman" SIZE="2">&#151;&nbsp;&nbsp;</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="2">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="2">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:Times New Roman" SIZE="2">&#151;&nbsp;&nbsp;</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="2">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="2">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:Times New Roman" SIZE="2">&#151;&nbsp;&nbsp;</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="2">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="2">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:Times New Roman" SIZE="2">(10,196,000</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="2">)&nbsp;</FONT></TD></TR>
<TR>
<TD VALIGN="top"> <P STYLE="margin-left:1.00em; text-indent:-1.00em"><FONT STYLE="font-family:Times New Roman" SIZE="2">Distributions to common shareholders/noncontrolling interests</FONT></P></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="2">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:Times New Roman" SIZE="2">(3,566,000</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="2">)&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="2">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:Times New Roman" SIZE="2">(209,000</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="2">)&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="2">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:Times New Roman" SIZE="2">(3,775,000</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="2">)&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="2">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:Times New Roman" SIZE="2">(21,524,000</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="2">)&nbsp;</FONT></TD></TR>
<TR BGCOLOR="#cceeff">
<TD VALIGN="top"> <P STYLE="margin-left:1.00em; text-indent:-1.00em"><FONT STYLE="font-family:Times New Roman" SIZE="2">Conversion of OP Units into common stock</FONT></P></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="2">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:Times New Roman" SIZE="2">&#151;&nbsp;&nbsp;</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="2">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="2">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:Times New Roman" SIZE="2">(194,000</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="2">)&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="2">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:Times New Roman" SIZE="2">(194,000</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="2">)&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="2">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:Times New Roman" SIZE="2">209,000</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="2">&nbsp;&nbsp;</FONT></TD></TR>
<TR>
<TD VALIGN="top"> <P STYLE="margin-left:1.00em; text-indent:-1.00em"><FONT STYLE="font-family:Times New Roman" SIZE="2">Reallocation adjustment of limited partners&#146; interest</FONT></P></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="2">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:Times New Roman" SIZE="2">&#151;&nbsp;&nbsp;</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="2">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="2">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:Times New Roman" SIZE="2">(657,000</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="2">)&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="2">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:Times New Roman" SIZE="2">(657,000</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="2">)&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="2">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:Times New Roman" SIZE="2">1,010,000</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="2">&nbsp;&nbsp;</FONT></TD></TR>
<TR STYLE="font-size:1px">
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom"> <P STYLE="border-top:1px solid #000000">&nbsp;</P></TD>
<TD VALIGN="bottom"> <P STYLE="border-top:1px solid #000000">&nbsp;</P></TD>
<TD>&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom"> <P STYLE="border-top:1px solid #000000">&nbsp;</P></TD>
<TD VALIGN="bottom"> <P STYLE="border-top:1px solid #000000">&nbsp;</P></TD>
<TD>&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom"> <P STYLE="border-top:1px solid #000000">&nbsp;</P></TD>
<TD VALIGN="bottom"> <P STYLE="border-top:1px solid #000000">&nbsp;</P></TD>
<TD>&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom"> <P STYLE="border-top:1px solid #000000">&nbsp;</P></TD>
<TD VALIGN="bottom"> <P STYLE="border-top:1px solid #000000">&nbsp;</P></TD>
<TD>&nbsp;</TD></TR>
<TR>
<TD HEIGHT="13"></TD>
<TD HEIGHT="13" COLSPAN="4"></TD>
<TD HEIGHT="13" COLSPAN="4"></TD>
<TD HEIGHT="13" COLSPAN="4"></TD>
<TD HEIGHT="13" COLSPAN="4"></TD></TR>
<TR BGCOLOR="#cceeff">
<TD VALIGN="top"> <P STYLE="margin-left:1.00em; text-indent:-1.00em"><FONT STYLE="font-family:Times New Roman" SIZE="2">Balance, December&nbsp;31, 2010</FONT></P></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="2">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:Times New Roman" SIZE="2">62,050,000</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="2">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="2">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:Times New Roman" SIZE="2">6,355,000</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="2">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="2">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:Times New Roman" SIZE="2">68,405,000</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="2">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="2">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:Times New Roman" SIZE="2">698,471,000</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="2">&nbsp;&nbsp;</FONT></TD></TR>
<TR>
<TD HEIGHT="13"></TD>
<TD HEIGHT="13" COLSPAN="4"></TD>
<TD HEIGHT="13" COLSPAN="4"></TD>
<TD HEIGHT="13" COLSPAN="4"></TD>
<TD HEIGHT="13" COLSPAN="4"></TD></TR>
<TR>
<TD VALIGN="top"> <P STYLE="margin-left:1.00em; text-indent:-1.00em"><FONT STYLE="font-family:Times New Roman" SIZE="2">Net loss</FONT></P></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="2">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:Times New Roman" SIZE="2">(2,507,000</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="2">)&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="2">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:Times New Roman" SIZE="2">(1,320,000</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="2">)&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="2">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:Times New Roman" SIZE="2">(3,827,000</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="2">)&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="2">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:Times New Roman" SIZE="2">(107,388,000</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="2">)&nbsp;</FONT></TD></TR>
<TR BGCOLOR="#cceeff">
<TD VALIGN="top"> <P STYLE="margin-left:1.00em; text-indent:-1.00em"><FONT STYLE="font-family:Times New Roman" SIZE="2">Unrealized gain on change in fair value of cash flow hedges</FONT></P></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="2">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:Times New Roman" SIZE="2">&#151;&nbsp;&nbsp;</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="2">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="2">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:Times New Roman" SIZE="2">(5,000</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="2">)&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="2">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:Times New Roman" SIZE="2">(5,000</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="2">)&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="2">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:Times New Roman" SIZE="2">6,000</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="2">&nbsp;&nbsp;</FONT></TD></TR>
<TR>
<TD VALIGN="top"> <P STYLE="margin-left:1.00em; text-indent:-1.00em"><FONT STYLE="font-family:Times New Roman" SIZE="2">Unrealized loss on change in fair value of cash flow hedge&#151;unconsolidated joint venture</FONT></P></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="2">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:Times New Roman" SIZE="2">&#151;&nbsp;&nbsp;</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="2">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="2">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:Times New Roman" SIZE="2">&#151;&nbsp;&nbsp;</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="2">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="2">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:Times New Roman" SIZE="2">&#151;&nbsp;&nbsp;</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="2">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="2">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:Times New Roman" SIZE="2">(118,000</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="2">)&nbsp;</FONT></TD></TR>
<TR STYLE="font-size:1px">
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom"> <P STYLE="border-top:1px solid #000000">&nbsp;</P></TD>
<TD VALIGN="bottom"> <P STYLE="border-top:1px solid #000000">&nbsp;</P></TD>
<TD>&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom"> <P STYLE="border-top:1px solid #000000">&nbsp;</P></TD>
<TD VALIGN="bottom"> <P STYLE="border-top:1px solid #000000">&nbsp;</P></TD>
<TD>&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom"> <P STYLE="border-top:1px solid #000000">&nbsp;</P></TD>
<TD VALIGN="bottom"> <P STYLE="border-top:1px solid #000000">&nbsp;</P></TD>
<TD>&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom"> <P STYLE="border-top:1px solid #000000">&nbsp;</P></TD>
<TD VALIGN="bottom"> <P STYLE="border-top:1px solid #000000">&nbsp;</P></TD>
<TD>&nbsp;</TD></TR>
<TR BGCOLOR="#cceeff">
<TD VALIGN="top"> <P STYLE="margin-left:1.00em; text-indent:-1.00em"><FONT STYLE="font-family:Times New Roman" SIZE="2">Total other comprehensive loss</FONT></P></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="2">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:Times New Roman" SIZE="2">(2,507,000</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="2">)&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="2">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:Times New Roman" SIZE="2">(1,325,000</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="2">)&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="2">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:Times New Roman" SIZE="2">(3,832,000</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="2">)&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="2">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:Times New Roman" SIZE="2">(107,500,000</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="2">)&nbsp;</FONT></TD></TR>
<TR STYLE="font-size:1px">
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom"> <P STYLE="border-top:1px solid #000000">&nbsp;</P></TD>
<TD VALIGN="bottom"> <P STYLE="border-top:1px solid #000000">&nbsp;</P></TD>
<TD>&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom"> <P STYLE="border-top:1px solid #000000">&nbsp;</P></TD>
<TD VALIGN="bottom"> <P STYLE="border-top:1px solid #000000">&nbsp;</P></TD>
<TD>&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom"> <P STYLE="border-top:1px solid #000000">&nbsp;</P></TD>
<TD VALIGN="bottom"> <P STYLE="border-top:1px solid #000000">&nbsp;</P></TD>
<TD>&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom"> <P STYLE="border-top:1px solid #000000">&nbsp;</P></TD>
<TD VALIGN="bottom"> <P STYLE="border-top:1px solid #000000">&nbsp;</P></TD>
<TD>&nbsp;</TD></TR>
<TR>
<TD HEIGHT="13"></TD>
<TD HEIGHT="13" COLSPAN="4"></TD>
<TD HEIGHT="13" COLSPAN="4"></TD>
<TD HEIGHT="13" COLSPAN="4"></TD>
<TD HEIGHT="13" COLSPAN="4"></TD></TR>
<TR>
<TD VALIGN="top"> <P STYLE="margin-left:1.00em; text-indent:-1.00em"><FONT STYLE="font-family:Times New Roman" SIZE="2">Share-based compensation, net</FONT></P></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="2">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:Times New Roman" SIZE="2">&#151;&nbsp;&nbsp;</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="2">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="2">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:Times New Roman" SIZE="2">&#151;&nbsp;&nbsp;</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="2">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="2">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:Times New Roman" SIZE="2">&#151;&nbsp;&nbsp;</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="2">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="2">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:Times New Roman" SIZE="2">1,633,000</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="2">&nbsp;&nbsp;</FONT></TD></TR>
<TR BGCOLOR="#cceeff">
<TD VALIGN="top"> <P STYLE="margin-left:1.00em; text-indent:-1.00em"><FONT STYLE="font-family:Times New Roman" SIZE="2">Net proceeds from the sale of common stock</FONT></P></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="2">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:Times New Roman" SIZE="2">&#151;&nbsp;&nbsp;</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="2">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="2">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:Times New Roman" SIZE="2">&#151;&nbsp;&nbsp;</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="2">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="2">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:Times New Roman" SIZE="2">&#151;&nbsp;&nbsp;</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="2">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="2">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:Times New Roman" SIZE="2">225,000</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="2">&nbsp;&nbsp;</FONT></TD></TR>
<TR>
<TD VALIGN="top"> <P STYLE="margin-left:1.00em; text-indent:-1.00em"><FONT STYLE="font-family:Times New Roman" SIZE="2">Net proceeds from dividend reinvestment and direct stock purchase plan</FONT></P></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="2">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:Times New Roman" SIZE="2">&#151;&nbsp;&nbsp;</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="2">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="2">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:Times New Roman" SIZE="2">&#151;&nbsp;&nbsp;</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="2">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="2">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:Times New Roman" SIZE="2">&#151;&nbsp;&nbsp;</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="2">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="2">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:Times New Roman" SIZE="2">4,080,000</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="2">&nbsp;&nbsp;</FONT></TD></TR>
<TR BGCOLOR="#cceeff">
<TD VALIGN="top"> <P STYLE="margin-left:1.00em; text-indent:-1.00em"><FONT STYLE="font-family:Times New Roman" SIZE="2">Preferred distribution requirements</FONT></P></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="2">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:Times New Roman" SIZE="2">&#151;&nbsp;&nbsp;</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="2">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="2">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:Times New Roman" SIZE="2">&#151;&nbsp;&nbsp;</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="2">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="2">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:Times New Roman" SIZE="2">&#151;&nbsp;&nbsp;</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="2">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="2">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:Times New Roman" SIZE="2">(14,200,000</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="2">)&nbsp;</FONT></TD></TR>
<TR>
<TD VALIGN="top"> <P STYLE="margin-left:1.00em; text-indent:-1.00em"><FONT STYLE="font-family:Times New Roman" SIZE="2">Distributions to common shareholders/noncontrolling interests</FONT></P></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="2">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:Times New Roman" SIZE="2">(3,301,000</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="2">)&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="2">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:Times New Roman" SIZE="2">(276,000</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="2">)&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="2">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:Times New Roman" SIZE="2">(3,577,000</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="2">)&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="2">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:Times New Roman" SIZE="2">(28,282,000</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="2">)&nbsp;</FONT></TD></TR>
<TR BGCOLOR="#cceeff">
<TD VALIGN="top"> <P STYLE="margin-left:1.00em; text-indent:-1.00em"><FONT STYLE="font-family:Times New Roman" SIZE="2">Contribution from minority interest partners</FONT></P></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="2">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:Times New Roman" SIZE="2">269,000</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="2">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="2">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:Times New Roman" SIZE="2">&#151;&nbsp;&nbsp;</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="2">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="2">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:Times New Roman" SIZE="2">269,000</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="2">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="2">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:Times New Roman" SIZE="2">269,000</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="2">&nbsp;&nbsp;</FONT></TD></TR>
<TR>
<TD VALIGN="top"> <P STYLE="margin-left:1.00em; text-indent:-1.00em"><FONT STYLE="font-family:Times New Roman" SIZE="2">Reallocation adjustment of limited partners&#146; interest</FONT></P></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="2">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:Times New Roman" SIZE="2">&#151;&nbsp;&nbsp;</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="2">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="2">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:Times New Roman" SIZE="2">664,000</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="2">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="2">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:Times New Roman" SIZE="2">664,000</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="2">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="2">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:Times New Roman" SIZE="2">1,076,000</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="2">&nbsp;&nbsp;</FONT></TD></TR>
<TR STYLE="font-size:1px">
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom"> <P STYLE="border-top:1px solid #000000">&nbsp;</P></TD>
<TD VALIGN="bottom"> <P STYLE="border-top:1px solid #000000">&nbsp;</P></TD>
<TD>&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom"> <P STYLE="border-top:1px solid #000000">&nbsp;</P></TD>
<TD VALIGN="bottom"> <P STYLE="border-top:1px solid #000000">&nbsp;</P></TD>
<TD>&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom"> <P STYLE="border-top:1px solid #000000">&nbsp;</P></TD>
<TD VALIGN="bottom"> <P STYLE="border-top:1px solid #000000">&nbsp;</P></TD>
<TD>&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom"> <P STYLE="border-top:1px solid #000000">&nbsp;</P></TD>
<TD VALIGN="bottom"> <P STYLE="border-top:1px solid #000000">&nbsp;</P></TD>
<TD>&nbsp;</TD></TR>
<TR>
<TD HEIGHT="13"></TD>
<TD HEIGHT="13" COLSPAN="4"></TD>
<TD HEIGHT="13" COLSPAN="4"></TD>
<TD HEIGHT="13" COLSPAN="4"></TD>
<TD HEIGHT="13" COLSPAN="4"></TD></TR>
<TR BGCOLOR="#cceeff">
<TD VALIGN="top"> <P STYLE="margin-left:1.00em; text-indent:-1.00em"><FONT STYLE="font-family:Times New Roman" SIZE="2">Balance, December&nbsp;31, 2011</FONT></P></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="2">$</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:Times New Roman" SIZE="2">56,511,000</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="2">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="2">$</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:Times New Roman" SIZE="2">5,418,000</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="2">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="2">$</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:Times New Roman" SIZE="2">61,929,000</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="2">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="2">$</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:Times New Roman" SIZE="2">555,772,000</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="2">&nbsp;&nbsp;</FONT></TD></TR>
<TR STYLE="font-size:1px">
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom"> <P STYLE="border-top:3px double #000000">&nbsp;</P></TD>
<TD VALIGN="bottom"> <P STYLE="border-top:3px double #000000">&nbsp;</P></TD>
<TD>&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom"> <P STYLE="border-top:3px double #000000">&nbsp;</P></TD>
<TD VALIGN="bottom"> <P STYLE="border-top:3px double #000000">&nbsp;</P></TD>
<TD>&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom"> <P STYLE="border-top:3px double #000000">&nbsp;</P></TD>
<TD VALIGN="bottom"> <P STYLE="border-top:3px double #000000">&nbsp;</P></TD>
<TD>&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom"> <P STYLE="border-top:3px double #000000">&nbsp;</P></TD>
<TD VALIGN="bottom"> <P STYLE="border-top:3px double #000000">&nbsp;</P></TD>
<TD>&nbsp;</TD></TR>
</TABLE>
 <P STYLE="margin-top:10px;margin-bottom:0px" ALIGN="center"><FONT STYLE="font-family:Times New Roman" SIZE="2">See accompanying notes to consolidated financial statements. </FONT></P>
 <p STYLE="margin-top:0px;margin-bottom:0px"><FONT SIZE="1">&nbsp;</FONT></P> <P STYLE="margin-top:0px;margin-bottom:0px" ALIGN="center"><FONT STYLE="font-family:Times New Roman" SIZE="2">56 </FONT></P>



<p Style='page-break-before:always'>
<HR  SIZE="3" style="COLOR:#999999" WIDTH="100%" ALIGN="CENTER">
<h5 align="left"><a href="#toc">Table of Contents</a></h5>


 <P STYLE="margin-top:0px;margin-bottom:0px" ALIGN="center"><FONT STYLE="font-family:Times New Roman" SIZE="2"><B>CEDAR REALTY TRUST, INC. </B></FONT></P>
 <P STYLE="margin-top:0px;margin-bottom:0px" ALIGN="center"><FONT STYLE="font-family:Times New Roman" SIZE="2"><B><A NAME="tx308892_28"></A>Consolidated Statements of Cash Flows </B></FONT></P>
 <P STYLE="font-size:10px;margin-top:0px;margin-bottom:0px">&nbsp;</P>
<TABLE CELLSPACING="0" CELLPADDING="0" WIDTH="100%" BORDER="0" STYLE="BORDER-COLLAPSE:COLLAPSE" ALIGN="center">


<TR STYLE="visibility:hidden; line-height:0pt; color:white">
<TD WIDTH="88%"></TD>
<TD VALIGN="bottom" WIDTH="1%"></TD>
<TD></TD>
<TD nowrap><FONT STYLE="Times New Roman" SIZE="1"><B>September 30,</B></FONT></TD>
<TD></TD>
<TD VALIGN="bottom" WIDTH="1%"></TD>
<TD></TD>
<TD nowrap><FONT STYLE="Times New Roman" SIZE="1"><B>September 30,</B></FONT></TD>
<TD></TD>
<TD VALIGN="bottom" WIDTH="1%"></TD>
<TD></TD>
<TD nowrap><FONT STYLE="Times New Roman" SIZE="1"><B>September 30,</B></FONT></TD>
<TD></TD></TR>
<TR>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" COLSPAN="10" ALIGN="center" STYLE="border-bottom:1px solid #000000"><FONT STYLE="font-family:Times New Roman" SIZE="1"><B>Years ended December&nbsp;31,</B></FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD></TR>
<TR>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" COLSPAN="2" ALIGN="center" STYLE="border-bottom:1px solid #000000"><FONT STYLE="font-family:Times New Roman" SIZE="1"><B>2011</B></FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" COLSPAN="2" ALIGN="center" STYLE="border-bottom:1px solid #000000"><FONT STYLE="font-family:Times New Roman" SIZE="1"><B>2010</B></FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" COLSPAN="2" ALIGN="center" STYLE="border-bottom:1px solid #000000"><FONT STYLE="font-family:Times New Roman" SIZE="1"><B>2009</B></FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD></TR>


<TR BGCOLOR="#cceeff">
<TD VALIGN="top"> <P STYLE="margin-left:1.00em; text-indent:-1.00em"><FONT STYLE="font-family:Times New Roman" SIZE="2">Cash flow from operating activities:</FONT></P></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD></TR>
<TR>
<TD VALIGN="top"> <P STYLE="margin-left:3.00em; text-indent:-1.00em"><FONT STYLE="font-family:Times New Roman" SIZE="2">Net loss</FONT></P></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="2">$</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:Times New Roman" SIZE="2">(108,514,000</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="2">)&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="2">$</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:Times New Roman" SIZE="2">(44,184,000</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="2">)&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="2">$</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:Times New Roman" SIZE="2">(17,011,000</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="2">)&nbsp;</FONT></TD></TR>
<TR BGCOLOR="#cceeff">
<TD VALIGN="top"> <P STYLE="margin-left:3.00em; text-indent:-1.00em"><FONT STYLE="font-family:Times New Roman" SIZE="2">Adjustments to reconcile net loss to net cash provided by operating activities:</FONT></P></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD></TR>
<TR>
<TD VALIGN="top"> <P STYLE="margin-left:5.00em; text-indent:-1.00em"><FONT STYLE="font-family:Times New Roman" SIZE="2">Equity in income of unconsolidated joint ventures</FONT></P></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="2">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:Times New Roman" SIZE="2">(1,671,000</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="2">)&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="2">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:Times New Roman" SIZE="2">(484,000</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="2">)&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="2">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:Times New Roman" SIZE="2">(1,098,000</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="2">)&nbsp;</FONT></TD></TR>
<TR BGCOLOR="#cceeff">
<TD VALIGN="top"> <P STYLE="margin-left:5.00em; text-indent:-1.00em"><FONT STYLE="font-family:Times New Roman" SIZE="2">Distributions from unconsolidated joint ventures</FONT></P></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="2">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:Times New Roman" SIZE="2">1,399,000</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="2">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="2">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:Times New Roman" SIZE="2">819,000</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="2">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="2">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:Times New Roman" SIZE="2">921,000</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="2">&nbsp;&nbsp;</FONT></TD></TR>
<TR>
<TD VALIGN="top"> <P STYLE="margin-left:5.00em; text-indent:-1.00em"><FONT STYLE="font-family:Times New Roman" SIZE="2">Write-off of investment in unconsolidated joint venture</FONT></P></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="2">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:Times New Roman" SIZE="2">7,961,000</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="2">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="2">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:Times New Roman" SIZE="2">&#151;&nbsp;&nbsp;</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="2">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="2">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:Times New Roman" SIZE="2">&#151;&nbsp;&nbsp;</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="2">&nbsp;&nbsp;</FONT></TD></TR>
<TR BGCOLOR="#cceeff">
<TD VALIGN="top"> <P STYLE="margin-left:5.00em; text-indent:-1.00em"><FONT STYLE="font-family:Times New Roman" SIZE="2">Impairment charges</FONT></P></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="2">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:Times New Roman" SIZE="2">7,148,000</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="2">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="2">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:Times New Roman" SIZE="2">2,493,000</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="2">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="2">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:Times New Roman" SIZE="2">23,636,000</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="2">&nbsp;&nbsp;</FONT></TD></TR>
<TR>
<TD VALIGN="top"> <P STYLE="margin-left:5.00em; text-indent:-1.00em"><FONT STYLE="font-family:Times New Roman" SIZE="2">Acquisition transaction costs and terminated projects</FONT></P></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="2">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:Times New Roman" SIZE="2">1,436,000</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="2">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="2">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:Times New Roman" SIZE="2">1,302,000</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="2">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="2">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:Times New Roman" SIZE="2">3,094,000</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="2">&nbsp;&nbsp;</FONT></TD></TR>
<TR BGCOLOR="#cceeff">
<TD VALIGN="top"> <P STYLE="margin-left:5.00em; text-indent:-1.00em"><FONT STYLE="font-family:Times New Roman" SIZE="2">Impairments charges&#151;discontinued operations</FONT></P></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="2">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:Times New Roman" SIZE="2">88,458,000</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="2">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="2">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:Times New Roman" SIZE="2">39,527,000</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="2">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="2">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:Times New Roman" SIZE="2">3,559,000</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="2">&nbsp;&nbsp;</FONT></TD></TR>
<TR>
<TD VALIGN="top"> <P STYLE="margin-left:5.00em; text-indent:-1.00em"><FONT STYLE="font-family:Times New Roman" SIZE="2">Gain on sale</FONT></P></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="2">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:Times New Roman" SIZE="2">(1,014,000</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="2">)&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="2">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:Times New Roman" SIZE="2">(170,000</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="2">)&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="2">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:Times New Roman" SIZE="2">(1,078,000</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="2">)&nbsp;</FONT></TD></TR>
<TR BGCOLOR="#cceeff">
<TD VALIGN="top"> <P STYLE="margin-left:5.00em; text-indent:-1.00em"><FONT STYLE="font-family:Times New Roman" SIZE="2">Straight-line rents</FONT></P></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="2">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:Times New Roman" SIZE="2">(1,611,000</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="2">)&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="2">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:Times New Roman" SIZE="2">(1,854,000</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="2">)&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="2">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:Times New Roman" SIZE="2">(2,874,000</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="2">)&nbsp;</FONT></TD></TR>
<TR>
<TD VALIGN="top"> <P STYLE="margin-left:5.00em; text-indent:-1.00em"><FONT STYLE="font-family:Times New Roman" SIZE="2">Provision for doubtful accounts</FONT></P></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="2">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:Times New Roman" SIZE="2">3,270,000</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="2">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="2">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:Times New Roman" SIZE="2">3,952,000</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="2">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="2">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:Times New Roman" SIZE="2">3,859,000</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="2">&nbsp;&nbsp;</FONT></TD></TR>
<TR BGCOLOR="#cceeff">
<TD VALIGN="top"> <P STYLE="margin-left:5.00em; text-indent:-1.00em"><FONT STYLE="font-family:Times New Roman" SIZE="2">Depreciation and amortization</FONT></P></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="2">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:Times New Roman" SIZE="2">48,606,000</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="2">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="2">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:Times New Roman" SIZE="2">46,464,000</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="2">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="2">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:Times New Roman" SIZE="2">55,391,000</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="2">&nbsp;&nbsp;</FONT></TD></TR>
<TR>
<TD VALIGN="top"> <P STYLE="margin-left:5.00em; text-indent:-1.00em"><FONT STYLE="font-family:Times New Roman" SIZE="2">Amortization of intangible lease liabilities</FONT></P></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="2">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:Times New Roman" SIZE="2">(6,524,000</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="2">)&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="2">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:Times New Roman" SIZE="2">(9,154,000</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="2">)&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="2">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:Times New Roman" SIZE="2">(13,522,000</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="2">)&nbsp;</FONT></TD></TR>
<TR BGCOLOR="#cceeff">
<TD VALIGN="top"> <P STYLE="margin-left:5.00em; text-indent:-1.00em"><FONT STYLE="font-family:Times New Roman" SIZE="2">Amortization (including accelerated write-off) and market price adjustments relating to share-based compensation</FONT></P></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="2">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:Times New Roman" SIZE="2">4,890,000</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="2">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="2">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:Times New Roman" SIZE="2">2,979,000</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="2">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="2">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:Times New Roman" SIZE="2">2,433,000</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="2">&nbsp;&nbsp;</FONT></TD></TR>
<TR>
<TD VALIGN="top"> <P STYLE="margin-left:5.00em; text-indent:-1.00em"><FONT STYLE="font-family:Times New Roman" SIZE="2">Amortization (including accelerated write-off) of deferred financing costs</FONT></P></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="2">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:Times New Roman" SIZE="2">4,138,000</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="2">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="2">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:Times New Roman" SIZE="2">8,109,000</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="2">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="2">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:Times New Roman" SIZE="2">3,648,000</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="2">&nbsp;&nbsp;</FONT></TD></TR>
<TR BGCOLOR="#cceeff">
<TD VALIGN="top"> <P STYLE="margin-left:3.00em; text-indent:-1.00em"><FONT STYLE="font-family:Times New Roman" SIZE="2">Increases/decreases in operating assets and liabilities:</FONT></P></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD></TR>
<TR>
<TD VALIGN="top"> <P STYLE="margin-left:5.00em; text-indent:-1.00em"><FONT STYLE="font-family:Times New Roman" SIZE="2">Rents and other receivables, net</FONT></P></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="2">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:Times New Roman" SIZE="2">(3,374,000</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="2">)&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="2">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:Times New Roman" SIZE="2">(4,561,000</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="2">)&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="2">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:Times New Roman" SIZE="2">(6,414,000</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="2">)&nbsp;</FONT></TD></TR>
<TR BGCOLOR="#cceeff">
<TD VALIGN="top"> <P STYLE="margin-left:5.00em; text-indent:-1.00em"><FONT STYLE="font-family:Times New Roman" SIZE="2">Prepaid expenses and other</FONT></P></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="2">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:Times New Roman" SIZE="2">(2,774,000</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="2">)&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="2">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:Times New Roman" SIZE="2">(2,029,000</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="2">)&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="2">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:Times New Roman" SIZE="2">(5,168,000</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="2">)&nbsp;</FONT></TD></TR>
<TR>
<TD VALIGN="top"> <P STYLE="margin-left:5.00em; text-indent:-1.00em"><FONT STYLE="font-family:Times New Roman" SIZE="2">Accounts payable and accrued expenses</FONT></P></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="2">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:Times New Roman" SIZE="2">(2,578,000</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="2">)&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="2">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:Times New Roman" SIZE="2">(1,507,000</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="2">)&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="2">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:Times New Roman" SIZE="2">2,566,000</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="2">&nbsp;&nbsp;</FONT></TD></TR>
<TR STYLE="font-size:1px">
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"> <P STYLE="border-top:1px solid #000000">&nbsp;</P></TD>
<TD VALIGN="bottom"> <P STYLE="border-top:1px solid #000000">&nbsp;</P></TD>
<TD>&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"> <P STYLE="border-top:1px solid #000000">&nbsp;</P></TD>
<TD VALIGN="bottom"> <P STYLE="border-top:1px solid #000000">&nbsp;</P></TD>
<TD>&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"> <P STYLE="border-top:1px solid #000000">&nbsp;</P></TD>
<TD VALIGN="bottom"> <P STYLE="border-top:1px solid #000000">&nbsp;</P></TD>
<TD>&nbsp;</TD></TR>
<TR BGCOLOR="#cceeff">
<TD VALIGN="top"> <P STYLE="margin-left:1.00em; text-indent:-1.00em"><FONT STYLE="font-family:Times New Roman" SIZE="2">Net cash provided by operating activities</FONT></P></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="2">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:Times New Roman" SIZE="2">39,246,000</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="2">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="2">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:Times New Roman" SIZE="2">41,702,000</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="2">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="2">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:Times New Roman" SIZE="2">51,942,000</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="2">&nbsp;&nbsp;</FONT></TD></TR>
<TR STYLE="font-size:1px">
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"> <P STYLE="border-top:1px solid #000000">&nbsp;</P></TD>
<TD VALIGN="bottom"> <P STYLE="border-top:1px solid #000000">&nbsp;</P></TD>
<TD>&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"> <P STYLE="border-top:1px solid #000000">&nbsp;</P></TD>
<TD VALIGN="bottom"> <P STYLE="border-top:1px solid #000000">&nbsp;</P></TD>
<TD>&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"> <P STYLE="border-top:1px solid #000000">&nbsp;</P></TD>
<TD VALIGN="bottom"> <P STYLE="border-top:1px solid #000000">&nbsp;</P></TD>
<TD>&nbsp;</TD></TR>
<TR>
<TD HEIGHT="13"></TD>
<TD HEIGHT="13" COLSPAN="4"></TD>
<TD HEIGHT="13" COLSPAN="4"></TD>
<TD HEIGHT="13" COLSPAN="4"></TD></TR>
<TR>
<TD VALIGN="top"> <P STYLE="margin-left:1.00em; text-indent:-1.00em"><FONT STYLE="font-family:Times New Roman" SIZE="2">Cash flow from investing activities:</FONT></P></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD></TR>
<TR BGCOLOR="#cceeff">
<TD VALIGN="top"> <P STYLE="margin-left:3.00em; text-indent:-1.00em"><FONT STYLE="font-family:Times New Roman" SIZE="2">Expenditures for real estate and improvements</FONT></P></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="2">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:Times New Roman" SIZE="2">(92,152,000</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="2">)&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="2">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:Times New Roman" SIZE="2">(30,155,000</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="2">)&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="2">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:Times New Roman" SIZE="2">(108,300,000</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="2">)&nbsp;</FONT></TD></TR>
<TR>
<TD VALIGN="top"> <P STYLE="margin-left:3.00em; text-indent:-1.00em"><FONT STYLE="font-family:Times New Roman" SIZE="2">Net proceeds from sales of real estate</FONT></P></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="2">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:Times New Roman" SIZE="2">30,586,000</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="2">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="2">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:Times New Roman" SIZE="2">2,661,000</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="2">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="2">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:Times New Roman" SIZE="2">6,752,000</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="2">&nbsp;&nbsp;</FONT></TD></TR>
<TR BGCOLOR="#cceeff">
<TD VALIGN="top"> <P STYLE="margin-left:3.00em; text-indent:-1.00em"><FONT STYLE="font-family:Times New Roman" SIZE="2">Net proceeds from transfers to unconsolidated Cedar/RioCan joint venture, less cash at dates of transfer</FONT></P></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="2">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:Times New Roman" SIZE="2">3,545,000</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="2">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="2">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:Times New Roman" SIZE="2">31,013,000</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="2">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="2">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:Times New Roman" SIZE="2">32,089,000</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="2">&nbsp;&nbsp;</FONT></TD></TR>
<TR>
<TD VALIGN="top"> <P STYLE="margin-left:3.00em; text-indent:-1.00em"><FONT STYLE="font-family:Times New Roman" SIZE="2">Investments in and advances to unconsolidated joint ventures</FONT></P></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="2">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:Times New Roman" SIZE="2">(4,300,000</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="2">)&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="2">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:Times New Roman" SIZE="2">(51,441,000</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="2">)&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="2">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:Times New Roman" SIZE="2">(350,000</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="2">)&nbsp;</FONT></TD></TR>
<TR BGCOLOR="#cceeff">
<TD VALIGN="top"> <P STYLE="margin-left:3.00em; text-indent:-1.00em"><FONT STYLE="font-family:Times New Roman" SIZE="2">Distributions of capital from unconsolidated joint ventures</FONT></P></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="2">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:Times New Roman" SIZE="2">4,315,000</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="2">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="2">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:Times New Roman" SIZE="2">21,502,000</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="2">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="2">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:Times New Roman" SIZE="2">&#151;&nbsp;&nbsp;</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="2">&nbsp;&nbsp;</FONT></TD></TR>
<TR>
<TD VALIGN="top"> <P STYLE="margin-left:3.00em; text-indent:-1.00em"><FONT STYLE="font-family:Times New Roman" SIZE="2">Increase in other receivables</FONT></P></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="2">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:Times New Roman" SIZE="2">(3,268,000</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="2">)&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="2">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:Times New Roman" SIZE="2">(2,563,000</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="2">)&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="2">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:Times New Roman" SIZE="2">&#151;&nbsp;&nbsp;</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="2">&nbsp;&nbsp;</FONT></TD></TR>
<TR BGCOLOR="#cceeff">
<TD VALIGN="top"> <P STYLE="margin-left:3.00em; text-indent:-1.00em"><FONT STYLE="font-family:Times New Roman" SIZE="2">Construction escrows and other</FONT></P></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="2">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:Times New Roman" SIZE="2">(2,967,000</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="2">)&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="2">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:Times New Roman" SIZE="2">(851,000</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="2">)&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="2">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:Times New Roman" SIZE="2">(217,000</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="2">)&nbsp;</FONT></TD></TR>
<TR STYLE="font-size:1px">
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"> <P STYLE="border-top:1px solid #000000">&nbsp;</P></TD>
<TD VALIGN="bottom"> <P STYLE="border-top:1px solid #000000">&nbsp;</P></TD>
<TD>&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"> <P STYLE="border-top:1px solid #000000">&nbsp;</P></TD>
<TD VALIGN="bottom"> <P STYLE="border-top:1px solid #000000">&nbsp;</P></TD>
<TD>&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"> <P STYLE="border-top:1px solid #000000">&nbsp;</P></TD>
<TD VALIGN="bottom"> <P STYLE="border-top:1px solid #000000">&nbsp;</P></TD>
<TD>&nbsp;</TD></TR>
<TR>
<TD VALIGN="top"> <P STYLE="margin-left:1.00em; text-indent:-1.00em"><FONT STYLE="font-family:Times New Roman" SIZE="2">Net cash used in investing activities</FONT></P></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="2">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:Times New Roman" SIZE="2">(64,241,000</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="2">)&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="2">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:Times New Roman" SIZE="2">(29,834,000</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="2">)&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="2">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:Times New Roman" SIZE="2">(70,026,000</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="2">)&nbsp;</FONT></TD></TR>
<TR STYLE="font-size:1px">
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"> <P STYLE="border-top:1px solid #000000">&nbsp;</P></TD>
<TD VALIGN="bottom"> <P STYLE="border-top:1px solid #000000">&nbsp;</P></TD>
<TD>&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"> <P STYLE="border-top:1px solid #000000">&nbsp;</P></TD>
<TD VALIGN="bottom"> <P STYLE="border-top:1px solid #000000">&nbsp;</P></TD>
<TD>&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"> <P STYLE="border-top:1px solid #000000">&nbsp;</P></TD>
<TD VALIGN="bottom"> <P STYLE="border-top:1px solid #000000">&nbsp;</P></TD>
<TD>&nbsp;</TD></TR>
<TR>
<TD HEIGHT="13"></TD>
<TD HEIGHT="13" COLSPAN="4"></TD>
<TD HEIGHT="13" COLSPAN="4"></TD>
<TD HEIGHT="13" COLSPAN="4"></TD></TR>
<TR BGCOLOR="#cceeff">
<TD VALIGN="top"> <P STYLE="margin-left:1.00em; text-indent:-1.00em"><FONT STYLE="font-family:Times New Roman" SIZE="2">Cash flow from financing activities:</FONT></P></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD></TR>
<TR>
<TD VALIGN="top"> <P STYLE="margin-left:3.00em; text-indent:-1.00em"><FONT STYLE="font-family:Times New Roman" SIZE="2">Net advances/(repayments) from/(to) revolving credit facilities</FONT></P></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="2">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:Times New Roman" SIZE="2">33,720,000</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="2">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="2">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:Times New Roman" SIZE="2">(125,088,000</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="2">)&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="2">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:Times New Roman" SIZE="2">(46,805,000</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="2">)&nbsp;</FONT></TD></TR>
<TR BGCOLOR="#cceeff">
<TD VALIGN="top"> <P STYLE="margin-left:3.00em; text-indent:-1.00em"><FONT STYLE="font-family:Times New Roman" SIZE="2">Proceeds from mortgage financings</FONT></P></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="2">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:Times New Roman" SIZE="2">45,791,000</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="2">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="2">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:Times New Roman" SIZE="2">26,984,000</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="2">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="2">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:Times New Roman" SIZE="2">60,950,000</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="2">&nbsp;&nbsp;</FONT></TD></TR>
<TR>
<TD VALIGN="top"> <P STYLE="margin-left:3.00em; text-indent:-1.00em"><FONT STYLE="font-family:Times New Roman" SIZE="2">Mortgage repayments</FONT></P></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="2">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:Times New Roman" SIZE="2">(17,404,000</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="2">)&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="2">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:Times New Roman" SIZE="2">(20,944,000</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="2">)&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="2">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:Times New Roman" SIZE="2">(18,203,000</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="2">)&nbsp;</FONT></TD></TR>
<TR BGCOLOR="#cceeff">
<TD VALIGN="top"> <P STYLE="margin-left:3.00em; text-indent:-1.00em"><FONT STYLE="font-family:Times New Roman" SIZE="2">Payments of debt financing costs</FONT></P></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="2">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:Times New Roman" SIZE="2">(1,068,000</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="2">)&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="2">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:Times New Roman" SIZE="2">(2,025,000</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="2">)&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="2">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:Times New Roman" SIZE="2">(9,973,000</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="2">)&nbsp;</FONT></TD></TR>
<TR>
<TD VALIGN="top"> <P STYLE="margin-left:3.00em; text-indent:-1.00em"><FONT STYLE="font-family:Times New Roman" SIZE="2">Termination payment related to interest rate swaps</FONT></P></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="2">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:Times New Roman" SIZE="2">&#151;&nbsp;&nbsp;</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="2">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="2">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:Times New Roman" SIZE="2">(5,476,000</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="2">)&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="2">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:Times New Roman" SIZE="2">&#151;&nbsp;&nbsp;</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="2">&nbsp;&nbsp;</FONT></TD></TR>
<TR BGCOLOR="#cceeff">
<TD VALIGN="top"> <P STYLE="margin-left:3.00em; text-indent:-1.00em"><FONT STYLE="font-family:Times New Roman" SIZE="2">Noncontrolling interests:</FONT></P></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD></TR>
<TR>
<TD VALIGN="top"> <P STYLE="margin-left:5.00em; text-indent:-1.00em"><FONT STYLE="font-family:Times New Roman" SIZE="2">Contribution from consolidated joint venture minority interests</FONT></P></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="2">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:Times New Roman" SIZE="2">269,000</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="2">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="2">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:Times New Roman" SIZE="2">&#151;&nbsp;&nbsp;</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="2">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="2">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:Times New Roman" SIZE="2">12,212,000</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="2">&nbsp;&nbsp;</FONT></TD></TR>
<TR BGCOLOR="#cceeff">
<TD VALIGN="top"> <P STYLE="margin-left:5.00em; text-indent:-1.00em"><FONT STYLE="font-family:Times New Roman" SIZE="2">Distributions to consolidated joint venture minority interests</FONT></P></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="2">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:Times New Roman" SIZE="2">(3,301,000</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="2">)&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="2">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:Times New Roman" SIZE="2">(3,566,000</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="2">)&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="2">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:Times New Roman" SIZE="2">(3,905,000</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="2">)&nbsp;</FONT></TD></TR>
<TR>
<TD VALIGN="top"> <P STYLE="margin-left:5.00em; text-indent:-1.00em"><FONT STYLE="font-family:Times New Roman" SIZE="2">Redemptions of Operating Partnership Units</FONT></P></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="2">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:Times New Roman" SIZE="2">&#151;&nbsp;&nbsp;</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="2">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="2">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:Times New Roman" SIZE="2">(3,443,000</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="2">)&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="2">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:Times New Roman" SIZE="2">&#151;&nbsp;&nbsp;</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="2">&nbsp;&nbsp;</FONT></TD></TR>
<TR BGCOLOR="#cceeff">
<TD VALIGN="top"> <P STYLE="margin-left:5.00em; text-indent:-1.00em"><FONT STYLE="font-family:Times New Roman" SIZE="2">Distributions to limited partners</FONT></P></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="2">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:Times New Roman" SIZE="2">(508,000</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="2">)&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="2">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:Times New Roman" SIZE="2">(654,000</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="2">)&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="2">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:Times New Roman" SIZE="2">(227,000</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="2">)&nbsp;</FONT></TD></TR>
<TR>
<TD VALIGN="top"> <P STYLE="margin-left:3.00em; text-indent:-1.00em"><FONT STYLE="font-family:Times New Roman" SIZE="2">Net proceeds from the sales of common stock</FONT></P></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="2">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:Times New Roman" SIZE="2">4,305,000</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="2">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="2">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:Times New Roman" SIZE="2">141,248,000</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="2">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="2">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:Times New Roman" SIZE="2">40,890,000</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="2">&nbsp;&nbsp;</FONT></TD></TR>
<TR BGCOLOR="#cceeff">
<TD VALIGN="top"> <P STYLE="margin-left:3.00em; text-indent:-1.00em"><FONT STYLE="font-family:Times New Roman" SIZE="2">Exercise of warrant</FONT></P></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="2">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:Times New Roman" SIZE="2">&#151;&nbsp;&nbsp;</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="2">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="2">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:Times New Roman" SIZE="2">10,000,000</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="2">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="2">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:Times New Roman" SIZE="2">&#151;&nbsp;&nbsp;</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="2">&nbsp;&nbsp;</FONT></TD></TR>
<TR>
<TD VALIGN="top"> <P STYLE="margin-left:3.00em; text-indent:-1.00em"><FONT STYLE="font-family:Times New Roman" SIZE="2">Preferred stock distributions</FONT></P></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="2">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:Times New Roman" SIZE="2">(14,200,000</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="2">)&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="2">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:Times New Roman" SIZE="2">(9,457,000</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="2">)&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="2">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:Times New Roman" SIZE="2">(7,876,000</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="2">)&nbsp;</FONT></TD></TR>
<TR BGCOLOR="#cceeff">
<TD VALIGN="top"> <P STYLE="margin-left:3.00em; text-indent:-1.00em"><FONT STYLE="font-family:Times New Roman" SIZE="2">Distributions to common shareholders</FONT></P></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="2">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:Times New Roman" SIZE="2">(24,705,000</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="2">)&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="2">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:Times New Roman" SIZE="2">(22,445,000</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="2">)&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="2">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:Times New Roman" SIZE="2">(5,046,000</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="2">)&nbsp;</FONT></TD></TR>
<TR>
<TD VALIGN="top"> <P STYLE="margin-left:3.00em; text-indent:-1.00em"><FONT STYLE="font-family:Times New Roman" SIZE="2">Proceeds from standby equity advance not settled</FONT></P></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="2">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:Times New Roman" SIZE="2">&#151;&nbsp;&nbsp;</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="2">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="2">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:Times New Roman" SIZE="2">&#151;&nbsp;&nbsp;</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="2">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="2">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:Times New Roman" SIZE="2">5,000,000</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="2">&nbsp;&nbsp;</FONT></TD></TR>
<TR STYLE="font-size:1px">
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"> <P STYLE="border-top:1px solid #000000">&nbsp;</P></TD>
<TD VALIGN="bottom"> <P STYLE="border-top:1px solid #000000">&nbsp;</P></TD>
<TD>&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"> <P STYLE="border-top:1px solid #000000">&nbsp;</P></TD>
<TD VALIGN="bottom"> <P STYLE="border-top:1px solid #000000">&nbsp;</P></TD>
<TD>&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"> <P STYLE="border-top:1px solid #000000">&nbsp;</P></TD>
<TD VALIGN="bottom"> <P STYLE="border-top:1px solid #000000">&nbsp;</P></TD>
<TD>&nbsp;</TD></TR>
<TR BGCOLOR="#cceeff">
<TD VALIGN="top"> <P STYLE="margin-left:1.00em; text-indent:-1.00em"><FONT STYLE="font-family:Times New Roman" SIZE="2">Net cash provided by (used in) financing activities</FONT></P></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="2">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:Times New Roman" SIZE="2">22,899,000</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="2">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="2">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:Times New Roman" SIZE="2">(14,866,000</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="2">)&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="2">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:Times New Roman" SIZE="2">27,017,000</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="2">&nbsp;&nbsp;</FONT></TD></TR>
<TR STYLE="font-size:1px">
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"> <P STYLE="border-top:1px solid #000000">&nbsp;</P></TD>
<TD VALIGN="bottom"> <P STYLE="border-top:1px solid #000000">&nbsp;</P></TD>
<TD>&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"> <P STYLE="border-top:1px solid #000000">&nbsp;</P></TD>
<TD VALIGN="bottom"> <P STYLE="border-top:1px solid #000000">&nbsp;</P></TD>
<TD>&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"> <P STYLE="border-top:1px solid #000000">&nbsp;</P></TD>
<TD VALIGN="bottom"> <P STYLE="border-top:1px solid #000000">&nbsp;</P></TD>
<TD>&nbsp;</TD></TR>
<TR>
<TD HEIGHT="13"></TD>
<TD HEIGHT="13" COLSPAN="4"></TD>
<TD HEIGHT="13" COLSPAN="4"></TD>
<TD HEIGHT="13" COLSPAN="4"></TD></TR>
<TR>
<TD VALIGN="top"> <P STYLE="margin-left:1.00em; text-indent:-1.00em"><FONT STYLE="font-family:Times New Roman" SIZE="2">Net (decrease) increase in cash and cash equivalents</FONT></P></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="2">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:Times New Roman" SIZE="2">(2,096,000</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="2">)&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="2">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:Times New Roman" SIZE="2">(2,998,000</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="2">)&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="2">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:Times New Roman" SIZE="2">8,933,000</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="2">&nbsp;&nbsp;</FONT></TD></TR>
<TR BGCOLOR="#cceeff">
<TD VALIGN="top"> <P STYLE="margin-left:1.00em; text-indent:-1.00em"><FONT STYLE="font-family:Times New Roman" SIZE="2">Cash and cash equivalents at beginning of period</FONT></P></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="2">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:Times New Roman" SIZE="2">14,166,000</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="2">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="2">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:Times New Roman" SIZE="2">17,164,000</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="2">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="2">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:Times New Roman" SIZE="2">8,231,000</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="2">&nbsp;&nbsp;</FONT></TD></TR>
<TR STYLE="font-size:1px">
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"> <P STYLE="border-top:1px solid #000000">&nbsp;</P></TD>
<TD VALIGN="bottom"> <P STYLE="border-top:1px solid #000000">&nbsp;</P></TD>
<TD>&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"> <P STYLE="border-top:1px solid #000000">&nbsp;</P></TD>
<TD VALIGN="bottom"> <P STYLE="border-top:1px solid #000000">&nbsp;</P></TD>
<TD>&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"> <P STYLE="border-top:1px solid #000000">&nbsp;</P></TD>
<TD VALIGN="bottom"> <P STYLE="border-top:1px solid #000000">&nbsp;</P></TD>
<TD>&nbsp;</TD></TR>
<TR>
<TD VALIGN="top"> <P STYLE="margin-left:1.00em; text-indent:-1.00em"><FONT STYLE="font-family:Times New Roman" SIZE="2">Cash and cash equivalents at end of period</FONT></P></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="2">$</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:Times New Roman" SIZE="2">12,070,000</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="2">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="2">$</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:Times New Roman" SIZE="2">14,166,000</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="2">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="2">$</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:Times New Roman" SIZE="2">17,164,000</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="2">&nbsp;&nbsp;</FONT></TD></TR>
<TR STYLE="font-size:1px">
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"> <P STYLE="border-top:3px double #000000">&nbsp;</P></TD>
<TD VALIGN="bottom"> <P STYLE="border-top:3px double #000000">&nbsp;</P></TD>
<TD>&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"> <P STYLE="border-top:3px double #000000">&nbsp;</P></TD>
<TD VALIGN="bottom"> <P STYLE="border-top:3px double #000000">&nbsp;</P></TD>
<TD>&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"> <P STYLE="border-top:3px double #000000">&nbsp;</P></TD>
<TD VALIGN="bottom"> <P STYLE="border-top:3px double #000000">&nbsp;</P></TD>
<TD>&nbsp;</TD></TR>
</TABLE>
 <P STYLE="margin-top:6px;margin-bottom:0px" ALIGN="center"><FONT STYLE="font-family:Times New Roman" SIZE="2">See accompanying notes to consolidated financial statements. </FONT></P>
 <p STYLE="margin-top:0px;margin-bottom:0px"><FONT SIZE="1">&nbsp;</FONT></P> <P STYLE="margin-top:0px;margin-bottom:0px" ALIGN="center"><FONT STYLE="font-family:Times New Roman" SIZE="2">57 </FONT></P>



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 <P STYLE="margin-top:0px;margin-bottom:0px" ALIGN="center"><FONT STYLE="font-family:Times New Roman" SIZE="2"><B>Cedar Realty Trust, Inc. </B></FONT></P>
 <P STYLE="margin-top:0px;margin-bottom:0px" ALIGN="center"><FONT STYLE="font-family:Times New Roman" SIZE="2"><B><A NAME="tx308892_29"></A>Notes to Consolidated Financial Statements </B></FONT></P>
<P STYLE="margin-top:0px;margin-bottom:0px" ALIGN="center"><FONT STYLE="font-family:Times New Roman" SIZE="2"><B>December&nbsp;31, 2011 </B></FONT></P>
 <P STYLE="margin-top:10px;margin-bottom:0px"><FONT STYLE="font-family:Times New Roman" SIZE="2"><B>Note 1. Business and Organization </B></FONT></P>
 <P STYLE="margin-top:10px;margin-bottom:0px; text-indent:4%" ALIGN="justify"><FONT STYLE="font-family:Times New Roman" SIZE="2">Cedar Realty Trust, Inc. (formerly known as Cedar Shopping Centers, Inc.&#151;the &#147;Company&#148;)
is a real estate investment trust (&#147;REIT&#148;) that focuses primarily on ownership and operation of supermarket-anchored shopping centers straddling the Washington DC to Boston corridor. At December&nbsp;31, 2011, the Company owned and managed
92 operating properties (excluding properties &#147;held for sale/conveyance&#148;), including 22 properties in the unconsolidated Cedar/RioCan joint venture. </FONT></P> <P STYLE="margin-top:10px;margin-bottom:0px; text-indent:4%" ALIGN="justify"><FONT
STYLE="font-family:Times New Roman" SIZE="2">During the third quarter of 2011, the Company determined (1)&nbsp;to completely exit the Ohio market, principally the Discount Drug Mart portfolio of drugstore/convenience centers, and concentrate on the
mid-Atlantic and Northeast coastal regions (10 properties sold in 2011 and four properties &#147;held for sale&#148; as of December&nbsp;31, 2011), (2)&nbsp;to concentrate on grocery-anchored strip centers, by disposing of its mall and
single-tenant/triple-net-lease properties (three properties sold in 2011 and 11 properties &#147;held for sale&#148; as of December&nbsp;31, 2011), and (3)&nbsp;to focus on improving operations and performance at the Company&#146;s remaining
properties, and to reduce development activities, by disposing of certain development projects, land acquired for development, and other non-core assets (four properties sold in 2011 and five properties &#147;held for sale/conveyance&#148; as of
December&nbsp;31, 2011). In addition, discontinued operations reflect the anticipated consummation of the Homburg joint venture buy/sell transactions (seven properties &#147;held for sale&#148; as of December&nbsp;31, 2011). </FONT></P>
<P STYLE="margin-top:10px;margin-bottom:0px; text-indent:4%" ALIGN="justify"><FONT STYLE="font-family:Times New Roman" SIZE="2">Cedar Realty Trust Partnership, L.P. (formerly known as Cedar Shopping Centers Partnership, L.P.&#151;the &#147;Operating
Partnership&#148;) is the entity through which the Company conducts substantially all of its business and owns (either directly or through subsidiaries) substantially all of its assets. At December&nbsp;31, 2011 the Company owned a 98.0% economic
interest in, and was the sole general partner of, the Operating Partnership. The limited partners&#146; interest in the Operating Partnership (2.0% at December&nbsp;31, 2011) is represented by Operating Partnership Units (&#147;OP Units&#148;). The
carrying amount of such interest is adjusted at the end of each reporting period to an amount equal to the limited partners&#146; ownership percentage of the Operating Partnership&#146;s net equity. The approximately 1.4&nbsp;million OP Units
outstanding at December&nbsp;31, 2011 are economically equivalent to the Company&#146;s common stock. The holders of OP Units have the right to exchange their OP Units for the same number of shares of the Company&#146;s common stock or, at the
Company&#146;s option, for cash. </FONT></P> <P STYLE="margin-top:10px;margin-bottom:0px; text-indent:4%" ALIGN="justify"><FONT STYLE="font-family:Times New Roman" SIZE="2">As used herein, the &#147;Company&#148; refers to Cedar Realty Trust, Inc.
and its subsidiaries on a consolidated basis, including the Operating Partnership or, where the context so requires, Cedar Realty Trust, Inc. only. </FONT></P>
 <p STYLE="margin-top:0px;margin-bottom:0px"><FONT SIZE="1">&nbsp;</FONT></P> <P STYLE="margin-top:0px;margin-bottom:0px" ALIGN="center"><FONT STYLE="font-family:Times New Roman" SIZE="2">58 </FONT></P>



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 <P STYLE="margin-top:0px;margin-bottom:0px" ALIGN="center"><FONT STYLE="font-family:Times New Roman" SIZE="2"><B>Cedar Realty Trust, Inc. </B></FONT></P>
<P STYLE="margin-top:0px;margin-bottom:0px" ALIGN="center"><FONT STYLE="font-family:Times New Roman" SIZE="2"><B>Notes to Consolidated Financial Statements </B></FONT></P> <P STYLE="margin-top:0px;margin-bottom:0px" ALIGN="center"><FONT
STYLE="font-family:Times New Roman" SIZE="2"><B>December 31, 2011 </B></FONT></P> <p STYLE="margin-top:0px;margin-bottom:0px"><FONT SIZE="1">&nbsp;</FONT></P>

 <P STYLE="margin-top:0px;margin-bottom:0px"><FONT STYLE="font-family:Times New Roman" SIZE="2"><B>Note 2. Summary of Significant Accounting Policies </B></FONT></P>
 <P STYLE="margin-top:10px;margin-bottom:0px"><FONT STYLE="font-family:Times New Roman" SIZE="2"><B><I>Principles of Consolidation/ Basis of Preparation </I></B></FONT></P>
<P STYLE="margin-top:10px;margin-bottom:0px; text-indent:4%" ALIGN="justify"><FONT STYLE="font-family:Times New Roman" SIZE="2">The consolidated financial statements include the accounts and operations of the Company, the Operating Partnership, its
subsidiaries, and certain joint venture partnerships in which it participates. The Company consolidates all variable interest entities (&#147;VIEs&#148;) for which it is the primary beneficiary. Generally, a VIE is an entity with one or more of the
following characteristics: (a)&nbsp;the total equity investment at risk is not sufficient to permit the entity to finance its activities without additional subordinated financial support, (b)&nbsp;as a group, the holders of the equity investment at
risk (i)&nbsp;lack the power to make decisions about the entity&#146;s activities that significantly impacts the entity&#146;s performance through voting or similar rights, (ii)&nbsp;have no obligation to absorb the expected losses of the entity, or
(iii)&nbsp;have no right to receive the expected residual returns of the entity, or (c)&nbsp;the equity investors have voting rights that are not proportional to their economic interests, and substantially all of the entity&#146;s activities either
involve, or are conducted on behalf of, an investor that has disproportionately few voting rights. A VIE is required to be consolidated by its primary beneficiary. The primary beneficiary of a VIE has (i)&nbsp;the power to direct the activities that
most significantly impact the entity&#146;s economic performance, and (ii)&nbsp;the obligation to absorb losses of the VIE or the right to receive benefits from the VIE that could be significant to the VIE. Significant judgments related to these
determinations include estimates about the current and future fair values and performance of real estate held by these VIEs and general market conditions. </FONT></P> <P STYLE="margin-top:10px;margin-bottom:0px; text-indent:4%" ALIGN="justify"><FONT
STYLE="font-family:Times New Roman" SIZE="2">With respect to its 13 consolidated joint ventures, the Company has general partnership interests of 20% in nine properties, 40% in two properties, 50% in one property, and 75% in one property. As
(i)&nbsp;such entities are not VIEs, and (ii)&nbsp;the Company is the sole general partner and exercises substantial operating control over these entities, the Company has determined that such entities should be consolidated for financial statement
purposes. Current accounting guidance provides a framework for determining whether a general partner controls, and should consolidate, a limited partnership or similar entity in which it owns a minority interest. Seven of the nine 20%-owned
properties, and the 50%-owned and 75%-owned properties are treated as &#147;held for sale/conveyance&#148; at December&nbsp;31, 2011 (see note 5 &#150; &#147;Discontinued operations, land dispositions and write-off of investment in unconsolidated
joint venture&#148;). </FONT></P> <P STYLE="margin-top:10px;margin-bottom:0px; text-indent:4%" ALIGN="justify"><FONT STYLE="font-family:Times New Roman" SIZE="2">The Company&#146;s has three 60%-owned joint ventures originally formed to develop the
projects known as Upland Square, Heritage Crossings and Crossroads II. These joint ventures are consolidated as they are deemed to be VIEs and the Company is the primary beneficiary. In each case, the Company guarantees all related debt, the
Company&#146;s partners are not required to fund additional capital requirements, the Company has an economic interest greater than its voting proportion, and the Company participates in the management activities that significantly impact the
performance of these joint ventures. At December&nbsp;31, 2011, these VIEs owned real estate with a carrying value of $143.6 million. At December&nbsp;31, 2011, one of the VIEs had a property-</FONT></P>

 <p STYLE="margin-top:0px;margin-bottom:0px"><FONT SIZE="1">&nbsp;</FONT></P> <P STYLE="margin-top:0px;margin-bottom:0px" ALIGN="center"><FONT STYLE="font-family:Times New Roman" SIZE="2">59 </FONT></P>



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 <P STYLE="margin-top:0px;margin-bottom:0px" ALIGN="center"><FONT STYLE="font-family:Times New Roman" SIZE="2"><B>Cedar Realty Trust, Inc. </B></FONT></P>
<P STYLE="margin-top:0px;margin-bottom:0px" ALIGN="center"><FONT STYLE="font-family:Times New Roman" SIZE="2"><B>Notes to Consolidated Financial Statements </B></FONT></P> <P STYLE="margin-top:0px;margin-bottom:0px" ALIGN="center"><FONT
STYLE="font-family:Times New Roman" SIZE="2"><B>December 31, 2011 </B></FONT></P> <p STYLE="margin-top:0px;margin-bottom:0px"><FONT SIZE="1">&nbsp;</FONT></P>
 <P STYLE="margin-top:0px;margin-bottom:0px" ALIGN="justify"><FONT STYLE="font-family:Times New Roman" SIZE="2">
specific mortgage loan payable aggregating $63.8&nbsp;million, and the real estate owned by the other two VIEs partially collateralized the development property credit facility to the extent of
$28.1 million. Heritage Crossings is treated as &#147;held for sale/conveyance&#148; at December&nbsp;31, 2011 (see note 5 &#150; &#147;Discontinued operations, land dispositions and write-off of investment in unconsolidated joint venture&#148;).
</FONT></P> <P STYLE="margin-top:10px;margin-bottom:0px; text-indent:4%" ALIGN="justify"><FONT STYLE="font-family:Times New Roman" SIZE="2">At December&nbsp;31, 2011, the Company had a deposit of $0.6 million on a land parcel to be purchased for
future development. Although the entity holding the deposit is considered a VIE, the Company has not consolidated it as the Company is not the primary beneficiary. </FONT></P>
<P STYLE="margin-top:10px;margin-bottom:0px; text-indent:4%" ALIGN="justify"><FONT STYLE="font-family:Times New Roman" SIZE="2">With respect to its remaining unconsolidated joint venture, the Company has a 20% interest in a joint venture with RioCan
Real Estate Investment Trust of Toronto, Canada, a publicly-traded Canadian real estate investment trust (&#147;RioCan&#148;), formed initially for the acquisition of seven shopping center properties owned by the Company; all seven properties had
been transferred to the joint venture by May 2010 and, as of December&nbsp;31, 2011, the joint venture owned 22 properties. Although the Company provides management and other services, RioCan has significant management participation rights. The
Company has determined that this joint venture is not a VIE and, accordingly, the Company accounts for its investment in this joint venture under the equity method. The accounting treatment presentation on the accompanying consolidated statements of
operations for 2010 and 2009 reflects the results of the properties&#146; operations through the respective dates of transfer in current operations and, prospectively following their transfer to the joint venture, as &#147;equity in income of
unconsolidated joint ventures&#148;. Accordingly, the accompanying statements of operations for 2010 and 2009 include revenues of $3.3 million and $18.6 million, respectively, applicable to the periods prior to the dates of transfer. </FONT></P>
<P STYLE="margin-top:10px;margin-bottom:0px; text-indent:4%" ALIGN="justify"><FONT STYLE="font-family:Times New Roman" SIZE="2">Until June 2011, the Company had an approximate 85% limited partner&#146;s interest in an unconsolidated joint venture
(increased in the second quarter of 2011 from approximately 76% for a payment of $745,000) which owned a single-tenant property in Philadelphia, Pennsylvania. The Company had determined that this joint venture was not a VIE, as the Company had no
control over the entity, did not provide any management or other services to the entity, and had no substantial participating or &#147;kick out&#148; rights. The Company had accounted for its investment in this joint venture under the equity method.
In exchange for a payment by the Company of $838,000 to its joint venture partners, the Company (a)&nbsp;obtained appropriate releases, (b)&nbsp;assigned its limited partnership interest to other partners of the joint venture, and (c)&nbsp;wrote off
its investment in the joint venture (all as more fully discussed note 5 &#150; &#147;Discontinued operations, land dispositions and write-off of investment in unconsolidated joint venture&#148;). </FONT></P>
<P STYLE="margin-top:10px;margin-bottom:0px; text-indent:4%" ALIGN="justify"><FONT STYLE="font-family:Times New Roman" SIZE="2">The accompanying financial statements are prepared on the accrual basis in accordance with accounting principles
generally accepted in the United States (&#147;GAAP&#148;), which requires management to make estimates and assumptions that affect the disclosure of contingent assets and liabilities, the reported amounts of assets and liabilities at the date of
the financial statements, and the reported amounts of revenue and expenses during the periods covered by the financial statements. Actual results could differ from these estimates. </FONT></P>
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 <P STYLE="margin-top:0px;margin-bottom:0px" ALIGN="center"><FONT STYLE="font-family:Times New Roman" SIZE="2"><B>Cedar Realty Trust, Inc. </B></FONT></P>
<P STYLE="margin-top:0px;margin-bottom:0px" ALIGN="center"><FONT STYLE="font-family:Times New Roman" SIZE="2"><B>Notes to Consolidated Financial Statements </B></FONT></P> <P STYLE="margin-top:0px;margin-bottom:0px" ALIGN="center"><FONT
STYLE="font-family:Times New Roman" SIZE="2"><B>December 31, 2011 </B></FONT></P> <p STYLE="margin-top:0px;margin-bottom:0px"><FONT SIZE="1">&nbsp;</FONT></P>
 <P STYLE="margin-top:0px;margin-bottom:0px; text-indent:4%" ALIGN="justify"><FONT STYLE="font-family:Times New Roman" SIZE="2">The consolidated financial statements reflect certain reclassifications
of prior period amounts to conform to the 2011 presentation, principally to reflect the sale and/or treatment as &#147;held for sale/conveyance&#148; of certain operating properties and the treatment thereof as &#147;discontinued operations&#148;.
The reclassifications had no impact on previously-reported net income attributable to common shareholders or earnings per share. </FONT></P> <P STYLE="margin-top:10px;margin-bottom:0px"><FONT STYLE="font-family:Times New Roman" SIZE="2"><B><I>Real
Estate Investments </I></B></FONT></P> <P STYLE="margin-top:10px;margin-bottom:0px; text-indent:4%" ALIGN="justify"><FONT STYLE="font-family:Times New Roman" SIZE="2">Real estate investments are carried at cost less accumulated depreciation. The
provision for depreciation is calculated using the straight-line method based upon the estimated useful lives of the respective assets of between 3 and 40 years. Depreciation expense amounted to $40.0 million, $32.3 million and $36.0 million for
2011, 2010 and 2009, respectively. Expenditures for betterments that substantially extend the useful lives of the assets are capitalized. Expenditures for maintenance, repairs, and betterments that do not substantially prolong the normal useful life
of an asset are charged to operations as incurred. </FONT></P> <P STYLE="margin-top:10px;margin-bottom:0px; text-indent:4%" ALIGN="justify"><FONT STYLE="font-family:Times New Roman" SIZE="2">Real estate investments include costs of ground-up
development and redevelopment activities, and construction in progress. Capitalized costs, including interest and other carrying costs during the construction and/or renovation periods, are included in the cost of the related asset and charged to
operations through depreciation over the asset&#146;s estimated useful life. A variety of costs are incurred in the acquisition, development and leasing of a property, such as pre-construction costs essential to the development of the property,
development costs, construction costs, interest costs, real estate taxes, salaries and related costs, and other costs incurred during the period of development. After a determination is made to capitalize a cost, it is allocated to the specific
component of a project that is benefited. The Company ceases capitalization on the portions substantially completed and occupied, or held available for occupancy, and capitalizes only those costs associated with the portions under development. The
Company considers a construction project to be substantially completed and held available for occupancy upon the completion of tenant improvements, but not later than one year from cessation of major construction activity. </FONT></P>
<P STYLE="margin-top:10px;margin-bottom:0px; text-indent:4%" ALIGN="justify"><FONT STYLE="font-family:Times New Roman" SIZE="2">The Company allocates the fair value of real estate acquired to land, buildings and improvements. In addition, the fair
value of in-place leases is allocated to intangible lease assets and liabilities. The fair value of the tangible assets of an acquired property is determined by valuing the property as if it were vacant, which value is then allocated to land,
buildings and improvements based on management&#146;s determination of the relative fair values of these assets. In valuing an acquired property&#146;s intangibles, factors considered by management include an estimate of carrying costs during the
expected lease-up periods, such as real estate taxes, insurance, other operating expenses, and estimates of lost rental revenue during the expected lease-up periods based on its evaluation of current market demand. Management also estimates costs to
execute similar leases, including leasing commissions, tenant improvements, legal and other related costs. </FONT></P>
 <p STYLE="margin-top:0px;margin-bottom:0px"><FONT SIZE="1">&nbsp;</FONT></P> <P STYLE="margin-top:0px;margin-bottom:0px" ALIGN="center"><FONT STYLE="font-family:Times New Roman" SIZE="2">61 </FONT></P>



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 <P STYLE="margin-top:0px;margin-bottom:0px" ALIGN="center"><FONT STYLE="font-family:Times New Roman" SIZE="2"><B>Cedar Realty Trust, Inc. </B></FONT></P>
<P STYLE="margin-top:0px;margin-bottom:0px" ALIGN="center"><FONT STYLE="font-family:Times New Roman" SIZE="2"><B>Notes to Consolidated Financial Statements </B></FONT></P> <P STYLE="margin-top:0px;margin-bottom:0px" ALIGN="center"><FONT
STYLE="font-family:Times New Roman" SIZE="2"><B>December 31, 2011 </B></FONT></P> <p STYLE="margin-top:0px;margin-bottom:0px"><FONT SIZE="1">&nbsp;</FONT></P>
 <P STYLE="margin-top:0px;margin-bottom:0px; text-indent:4%" ALIGN="justify"><FONT STYLE="font-family:Times New Roman" SIZE="2">The values of acquired above-market and below-market leases are recorded
based on the present values (using discount rates which reflect the risks associated with the leases acquired) of the differences between the contractual amounts to be received and management&#146;s estimate of market lease rates, measured over the
terms of the respective leases that management deemed appropriate at the time of the acquisitions. Such valuations include a consideration of the non-cancellable terms of the respective leases as well as any applicable renewal period(s). The fair
values associated with below-market rental renewal options are determined based on the Company&#146;s experience and the relevant facts and circumstances that existed at the time of the acquisitions. The values of above-market leases are amortized
to rental income over the terms of the respective non-cancelable lease periods. The portion of the values of below-market leases associated with the original non-cancelable lease terms are amortized to rental income over the terms of the respective
non-cancelable lease periods. The portion of the values of the leases associated with below-market renewal options that are likely of exercise are amortized to rental income over the respective renewal periods. The value of other intangible assets
(including leasing commissions, tenant improvements, etc.) is amortized to expense over the applicable terms of the respective leases. If a lease were to be terminated prior to its stated expiration or not renewed, all unamortized amounts relating
to that lease would be recognized in operations at that time. </FONT></P> <P STYLE="margin-top:10px;margin-bottom:0px; text-indent:4%" ALIGN="justify"><FONT STYLE="font-family:Times New Roman" SIZE="2">Management reviews each real estate investment
for impairment whenever events or circumstances indicate that the carrying value of a real estate investment may not be recoverable. The review of recoverability of real estate investments held for use is based on an estimate of the future cash
flows that are expected to result from the real estate investment&#146;s use and eventual disposition. These cash flows consider factors such as expected future operating income, trends and prospects, as well as the effects of leasing demand,
capital expenditures, competition and other factors. If an impairment event exists due to the projected inability to recover the carrying value of a real estate investment, an impairment loss is recorded to the extent that the carrying value exceeds
estimated fair value.&nbsp;Real estate investments held for sale/conveyance are carried at the lower of their respective carrying amounts or estimated fair values, less costs to sell. Depreciation and amortization are suspended during the periods
held for sale/conveyance. </FONT></P> <P STYLE="margin-top:10px;margin-bottom:0px; text-indent:4%" ALIGN="justify"><FONT STYLE="font-family:Times New Roman" SIZE="2">Sales of real estate are recognized only when sufficient down payments have been
obtained, possession and other attributes of ownership have been transferred to the buyer and the Company has no significant continuing involvement. The Company believes these criteria were met for all real estate sold during 2011, 2010 and 2009.
</FONT></P> <P STYLE="margin-top:10px;margin-bottom:0px; text-indent:4%" ALIGN="justify"><FONT STYLE="font-family:Times New Roman" SIZE="2">During 2011, 2010, and 2009, the Company expensed acquisition transaction costs of $0.9 million, $0 and $1.6
million, respectively, related to the properties the Company acquired. </FONT></P>
 <p STYLE="margin-top:0px;margin-bottom:0px"><FONT SIZE="1">&nbsp;</FONT></P> <P STYLE="margin-top:0px;margin-bottom:0px" ALIGN="center"><FONT STYLE="font-family:Times New Roman" SIZE="2">62 </FONT></P>



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 <P STYLE="margin-top:0px;margin-bottom:0px" ALIGN="center"><FONT STYLE="font-family:Times New Roman" SIZE="2"><B>Cedar Realty Trust, Inc. </B></FONT></P>
<P STYLE="margin-top:0px;margin-bottom:0px" ALIGN="center"><FONT STYLE="font-family:Times New Roman" SIZE="2"><B>Notes to Consolidated Financial Statements </B></FONT></P> <P STYLE="margin-top:0px;margin-bottom:0px" ALIGN="center"><FONT
STYLE="font-family:Times New Roman" SIZE="2"><B>December 31, 2011 </B></FONT></P> <p STYLE="margin-top:0px;margin-bottom:0px"><FONT SIZE="1">&nbsp;</FONT></P>
 <P STYLE="margin-top:0px;margin-bottom:0px; text-indent:4%" ALIGN="justify"><FONT STYLE="font-family:Times New Roman" SIZE="2">During 2011, 2010 and 2009, the Company wrote-off costs incurred for
potential development projects that the Company determined would not go forward $0.5 million, $1.3 million and $2.8 million, respectively. </FONT></P> <P STYLE="margin-top:10px;margin-bottom:0px; text-indent:4%" ALIGN="justify"><FONT
STYLE="font-family:Times New Roman" SIZE="2">During 2010, the Company incurred fees to its investment advisor of $2.7 million related to the Cedar/RioCan joint venture. </FONT></P> <P STYLE="margin-top:10px;margin-bottom:0px"><FONT
STYLE="font-family:Times New Roman" SIZE="2"><B><I>Cash and Cash Equivalents / Restricted Cash </I></B></FONT></P> <P STYLE="margin-top:10px;margin-bottom:0px; text-indent:4%" ALIGN="justify"><FONT STYLE="font-family:Times New Roman" SIZE="2">Cash
and cash equivalents consist of cash in banks and short-term investments with original maturities of less than ninety days, and include cash at consolidated joint ventures of $7.7 million and $6.7 million at December&nbsp;31, 2011 and 2010,
respectively. </FONT></P> <P STYLE="margin-top:10px;margin-bottom:0px; text-indent:4%" ALIGN="justify"><FONT STYLE="font-family:Times New Roman" SIZE="2">The terms of several of the Company&#146;s mortgage loans payable require the Company to
deposit certain replacement and other reserves with its lenders. Such &#147;restricted cash&#148; is generally available only for property-level requirements for which the reserves have been established. </FONT></P>
<P STYLE="margin-top:10px;margin-bottom:0px"><FONT STYLE="font-family:Times New Roman" SIZE="2"><B><I>Fair Value Measurements </I></B></FONT></P> <P STYLE="margin-top:10px;margin-bottom:0px; text-indent:4%" ALIGN="justify"><FONT
STYLE="font-family:Times New Roman" SIZE="2">The fair value measurement accounting guidance establishes a fair value hierarchy that prioritizes observable and unobservable inputs used to measure fair value into three levels: </FONT></P>
<P STYLE="font-size:10px;margin-top:0px;margin-bottom:0px">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR>
<TD WIDTH="4%"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD WIDTH="3%" VALIGN="top" ALIGN="left"><FONT STYLE="font-family:Times New Roman" SIZE="2">&#149;</FONT></TD>
<TD WIDTH="1%" VALIGN="top"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD ALIGN="left" VALIGN="top"> <P ALIGN="justify"><FONT STYLE="font-family:Times New Roman" SIZE="2">Level 1 &#150; Inputs to the valuation methodology are quoted prices (unadjusted) for identical assets or liabilities in active markets.
</FONT></P></TD></TR></TABLE> <P STYLE="font-size:10px;margin-top:0px;margin-bottom:0px">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR>
<TD WIDTH="4%"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD WIDTH="3%" VALIGN="top" ALIGN="left"><FONT STYLE="font-family:Times New Roman" SIZE="2">&#149;</FONT></TD>
<TD WIDTH="1%" VALIGN="top"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD ALIGN="left" VALIGN="top"> <P ALIGN="justify"><FONT STYLE="font-family:Times New Roman" SIZE="2">Level 2 &#150; Inputs to the valuation methodology include quoted prices for similar assets and liabilities in active markets, and inputs that are
observable for the asset or liability, either directly or indirectly, for substantially the full term of the financial instrument. </FONT></P></TD></TR></TABLE> <P STYLE="font-size:10px;margin-top:0px;margin-bottom:0px">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR>
<TD WIDTH="4%"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD WIDTH="3%" VALIGN="top" ALIGN="left"><FONT STYLE="font-family:Times New Roman" SIZE="2">&#149;</FONT></TD>
<TD WIDTH="1%" VALIGN="top"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD ALIGN="left" VALIGN="top"> <P ALIGN="justify"><FONT STYLE="font-family:Times New Roman" SIZE="2">Level 3 &#150; Inputs to the valuation methodology are unobservable and significant to the fair value measurement. </FONT></P></TD></TR></TABLE>
<P STYLE="margin-top:10px;margin-bottom:0px; text-indent:4%" ALIGN="justify"><FONT STYLE="font-family:Times New Roman" SIZE="2">The fair value hierarchy gives the highest priority to Level 1 inputs and the lowest priority to Level 3 inputs. In
determining fair value, the Company utilizes valuation techniques that maximize the use of observable inputs and minimize the use of unobservable inputs to the extent possible while also considering counterparty credit risk in the assessment of fair
value. Financial liabilities measured at fair value in the consolidated financial statements consist of interest rate swaps. The fair values of interest rate swaps are determined using widely accepted valuation techniques, including discounted cash
flow analysis, on the expected cash flows of each derivative. The analysis reflects the contractual terms of the swaps, including the period to maturity, and uses observable market-based inputs, including interest rate curves (&#147;significant
other observable inputs&#148;). The fair value calculation also includes an amount for risk of non-performance </FONT></P>
 <p STYLE="margin-top:0px;margin-bottom:0px"><FONT SIZE="1">&nbsp;</FONT></P> <P STYLE="margin-top:0px;margin-bottom:0px" ALIGN="center"><FONT STYLE="font-family:Times New Roman" SIZE="2">63 </FONT></P>



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 <P STYLE="margin-top:0px;margin-bottom:0px" ALIGN="center"><FONT STYLE="font-family:Times New Roman" SIZE="2"><B>Cedar Realty Trust, Inc. </B></FONT></P>
<P STYLE="margin-top:0px;margin-bottom:0px" ALIGN="center"><FONT STYLE="font-family:Times New Roman" SIZE="2"><B>Notes to Consolidated Financial Statements </B></FONT></P> <P STYLE="margin-top:0px;margin-bottom:0px" ALIGN="center"><FONT
STYLE="font-family:Times New Roman" SIZE="2"><B>December 31, 2011 </B></FONT></P> <p STYLE="margin-top:0px;margin-bottom:0px"><FONT SIZE="1">&nbsp;</FONT></P>
 <P STYLE="margin-top:0px;margin-bottom:0px" ALIGN="justify"><FONT STYLE="font-family:Times New Roman" SIZE="2">
using &#147;significant unobservable inputs&#148; such as estimates of current credit spreads to evaluate the likelihood of default. The Company has concluded, as of December&nbsp;31, 2011, that
the fair value associated with the &#147;significant unobservable inputs&#148; relating to the Company&#146;s risk of non-performance was insignificant to the overall fair value of the interest rate swap agreements and, as a result, the Company has
determined that the relevant inputs for purposes of calculating the fair value of the interest rate swap agreements, in their entirety, were based upon &#147;significant other observable inputs&#148;. Nonfinancial assets and liabilities measured at
fair value in the consolidated financial statements consists of real estate held for sale/conveyance- discontinued operations. </FONT></P> <P STYLE="margin-top:10px;margin-bottom:0px"><FONT STYLE="font-family:Times New Roman" SIZE="2"><B><I>Revenue
Recognition and Receivables </I></B></FONT></P> <P STYLE="margin-top:10px;margin-bottom:0px; text-indent:4%" ALIGN="justify"><FONT STYLE="font-family:Times New Roman" SIZE="2">Management has determined that all of the Company&#146;s leases with its
various tenants are operating leases. Rental income with scheduled rent increases is recognized using the straight-line method over the respective non-cancelable terms of the leases. The aggregate excess of rental revenue recognized on a
straight-line basis over the contractual base rents is included in straight-line rents on the consolidated balance sheet. Leases also generally contain provisions under which the tenants reimburse the Company for a portion of property operating
expenses and real estate taxes incurred, generally attributable to their respective allocable portions of gross leasable area. Such income is recognized in the periods earned. In addition, a limited number of operating leases contain contingent rent
provisions under which tenants are required to pay, as additional rent, a percentage of their sales in excess of a specified amount. The Company defers recognition of contingent rental income until those specified sales targets are met. </FONT></P>
<P STYLE="margin-top:10px;margin-bottom:0px; text-indent:4%" ALIGN="justify"><FONT STYLE="font-family:Times New Roman" SIZE="2">The Company must make estimates as to the collectability of its accounts receivable related to base rent, straight-line
rent, percentage rent, expense reimbursements and other revenues. When management analyzes accounts receivable and evaluates the adequacy of the allowance for doubtful accounts, it considers such things as historical bad debts, tenant
creditworthiness, current economic trends, current developments relevant to a tenant&#146;s business specifically and to its business category generally, and changes in tenants&#146; payment patterns. The allowance for doubtful accounts was $5.8
million and $5.4 million at December&nbsp;31, 2011 and 2010, respectively. The provision for doubtful accounts (included in operating, maintenance and management expenses) was $1.9 million, $2.1 million and $2.0 million in 2011, 2010 and 2009,
respectively. </FONT></P> <P STYLE="margin-top:10px;margin-bottom:0px"><FONT STYLE="font-family:Times New Roman" SIZE="2"><B><I>Income Taxes </I></B></FONT></P> <P STYLE="margin-top:10px;margin-bottom:0px; text-indent:4%" ALIGN="justify"><FONT
STYLE="font-family:Times New Roman" SIZE="2">The Company has elected to be taxed as a REIT under the Internal Revenue Code of 1986, as amended (the &#147;Code&#148;). A REIT will generally not be subject to federal income taxation on that portion of
its income that qualifies as REIT taxable income, to the extent that it distributes at least 90% of such REIT taxable income to its shareholders and complies with certain other requirements. As of December&nbsp;30, 2011, the Company was in
compliance with all REIT requirements. </FONT></P>
 <p STYLE="margin-top:0px;margin-bottom:0px"><FONT SIZE="1">&nbsp;</FONT></P> <P STYLE="margin-top:0px;margin-bottom:0px" ALIGN="center"><FONT STYLE="font-family:Times New Roman" SIZE="2">64 </FONT></P>



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 <P STYLE="margin-top:0px;margin-bottom:0px" ALIGN="center"><FONT STYLE="font-family:Times New Roman" SIZE="2"><B>Cedar Realty Trust, Inc. </B></FONT></P>
<P STYLE="margin-top:0px;margin-bottom:0px" ALIGN="center"><FONT STYLE="font-family:Times New Roman" SIZE="2"><B>Notes to Consolidated Financial Statements </B></FONT></P> <P STYLE="margin-top:0px;margin-bottom:0px" ALIGN="center"><FONT
STYLE="font-family:Times New Roman" SIZE="2"><B>December 31, 2011 </B></FONT></P> <p STYLE="margin-top:0px;margin-bottom:0px"><FONT SIZE="1">&nbsp;</FONT></P>
 <P STYLE="margin-top:0px;margin-bottom:0px; text-indent:4%" ALIGN="justify"><FONT STYLE="font-family:Times New Roman" SIZE="2">The Company follows a two-step approach for evaluating uncertain
federal, state and local tax positions. Recognition (step one) occurs when an enterprise concludes that a tax position, based solely on its technical merits, is more-likely-than-not to be sustained upon examination. Measurement (step two) determines
the amount of benefit that more-likely-than-not will be realized upon settlement. Derecognition of a tax position that was previously recognized would occur when a company subsequently determines that a tax position no longer meets the
more-likely-than-not threshold of being sustained. The Company has not identified any uncertain tax positions which would require an accrual. </FONT></P>
<P STYLE="margin-top:10px;margin-bottom:0px"><FONT STYLE="font-family:Times New Roman" SIZE="2"><B><I>Derivative Financial Instruments </I></B></FONT></P> <P STYLE="margin-top:10px;margin-bottom:0px; text-indent:4%" ALIGN="justify"><FONT
STYLE="font-family:Times New Roman" SIZE="2">The Company occasionally utilizes derivative financial instruments, principally interest rate swaps, to manage its exposure to fluctuations in interest rates. The Company has established policies and
procedures for risk assessment, and the approval, reporting and monitoring of derivative financial instruments. Derivative financial instruments must be effective in reducing the Company&#146;s interest rate risk exposure in order to qualify for
hedge accounting. When the terms of an underlying transaction are modified, or when the underlying hedged item ceases to exist, all changes in the fair value of the instrument are marked-to-market with changes in value included in net income for
each period until the derivative financial instrument matures or is settled. Any derivative financial instrument used for risk management that does not meet the hedging criteria is marked-to-market with the changes in value included in net income.
The Company has not entered into, and does not plan to enter into, derivative financial instruments for trading or speculative purposes. </FONT></P>
<P STYLE="margin-top:10px;margin-bottom:0px"><FONT STYLE="font-family:Times New Roman" SIZE="2"><B><I>Noncontrolling Interest &#151; Limited Partners&#146; Mezzanine OP Units </I></B></FONT></P>
<P STYLE="margin-top:10px;margin-bottom:0px; text-indent:4%" ALIGN="justify"><FONT STYLE="font-family:Times New Roman" SIZE="2">The Company follows the accounting guidance related to noncontrolling interests in consolidated financial statements,
which clarifies that a noncontrolling interest in a subsidiary (minority interests or certain limited partners&#146; interest, in the case of the Company), subject to the classification and measurement of redeemable securities, is an ownership
interest in a consolidated entity which should be reported as equity in the parent company&#146;s consolidated financial statements. The guidance requires a reconciliation of the beginning and ending balances of equity attributable to noncontrolling
interests and disclosure, on the face of the consolidated income statement, of those amounts of consolidated net income attributable to the noncontrolling interests. The Company classifies the balances related to minority interests in consolidated
joint ventures and limited partners&#146; interest in the Operating Partnership into the consolidated equity accounts, as appropriate. Certain noncontrolling interests of the Company are classified in the mezzanine section of the balance sheet (the
&#147;mezzanine OP Units&#148;) as such OP Units do not meet the requirements for equity classification (certain of the holders of such OP Units have registration rights that provide such holders with the right to demand registration under the
</FONT></P>
 <p STYLE="margin-top:0px;margin-bottom:0px"><FONT SIZE="1">&nbsp;</FONT></P> <P STYLE="margin-top:0px;margin-bottom:0px" ALIGN="center"><FONT STYLE="font-family:Times New Roman" SIZE="2">65 </FONT></P>



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 <P STYLE="margin-top:0px;margin-bottom:0px" ALIGN="center"><FONT STYLE="font-family:Times New Roman" SIZE="2"><B>Cedar Realty Trust, Inc. </B></FONT></P>
<P STYLE="margin-top:0px;margin-bottom:0px" ALIGN="center"><FONT STYLE="font-family:Times New Roman" SIZE="2"><B>Notes to Consolidated Financial Statements </B></FONT></P> <P STYLE="margin-top:0px;margin-bottom:0px" ALIGN="center"><FONT
STYLE="font-family:Times New Roman" SIZE="2"><B>December 31, 2011 </B></FONT></P> <p STYLE="margin-top:0px;margin-bottom:0px"><FONT SIZE="1">&nbsp;</FONT></P>
 <P STYLE="margin-top:0px;margin-bottom:0px" ALIGN="justify"><FONT STYLE="font-family:Times New Roman" SIZE="2">
federal securities laws of the common stock of the Company issuable upon conversion of such OP Units). The Company adjusts the carrying value of the mezzanine OP Units each period to equal the
greater of its historical carrying value or its redemption value. Through December&nbsp;31, 2011, there have been no cumulative net adjustments recorded to the carrying amounts of the mezzanine OP Units. </FONT></P>
<P STYLE="margin-top:10px;margin-bottom:0px"><FONT STYLE="font-family:Times New Roman" SIZE="2"><B><I>Share-Based Compensation </I></B></FONT></P> <P STYLE="margin-top:10px;margin-bottom:0px; text-indent:4%" ALIGN="justify"><FONT
STYLE="font-family:Times New Roman" SIZE="2">The Company&#146;s 2004 Stock Incentive Plan (the &#147;Incentive Plan&#148;) establishes the procedures for the granting of incentive stock options, stock appreciation rights, restricted shares,
performance units and performance shares. The maximum number of shares of the Company&#146;s common stock that may be issued pursuant to the Incentive Plan is 4,850,000 (including a 2,100,000 share increase approved by shareholders on June&nbsp;15,
2011), and the maximum number of shares that may be granted to a participant in any calendar year may not exceed 250,000. All grants issued pursuant to the Incentive Plan are &#147;restricted stock grants&#148; which generally vest (i)&nbsp;at the
end of designated time periods for time-based grants, or (ii)&nbsp;upon the completion of a designated period of performance for performance-based grants and satisfaction of performance criteria. Time&#150;based grants are valued according to the
market price for the Company&#146;s common stock at the date of grant. For performance-based grants, the Company generally engages an independent appraisal company to determine the value of the shares at the date of grant, taking into account the
underlying contingency risks associated with the performance criteria. The value of all grants is being expensed on a straight-line basis over the respective vesting periods (irrespective of achievement of the performance-based grants) adjusted, as
applicable, for forfeitures. For restricted share grants subject to graded vesting, the amounts expensed are at least equal to the measured expense of each vested tranche. Based on the current terms of the Incentive Plan, those grants of restricted
shares that are transferred to Rabbi Trusts are classified as treasury stock on the Company&#146;s consolidated balance sheet. </FONT></P>
 <p STYLE="margin-top:0px;margin-bottom:0px"><FONT SIZE="1">&nbsp;</FONT></P> <P STYLE="margin-top:0px;margin-bottom:0px" ALIGN="center"><FONT STYLE="font-family:Times New Roman" SIZE="2">66 </FONT></P>



<p Style='page-break-before:always'>
<HR  SIZE="3" style="COLOR:#999999" WIDTH="100%" ALIGN="CENTER">
<h5 align="left"><a href="#toc">Table of Contents</a></h5>



 <P STYLE="margin-top:0px;margin-bottom:0px" ALIGN="center"><FONT STYLE="font-family:Times New Roman" SIZE="2"><B>Cedar Realty Trust, Inc. </B></FONT></P>
<P STYLE="margin-top:0px;margin-bottom:0px" ALIGN="center"><FONT STYLE="font-family:Times New Roman" SIZE="2"><B>Notes to Consolidated Financial Statements </B></FONT></P> <P STYLE="margin-top:0px;margin-bottom:0px" ALIGN="center"><FONT
STYLE="font-family:Times New Roman" SIZE="2"><B>December 31, 2011 </B></FONT></P> <p STYLE="margin-top:0px;margin-bottom:0px"><FONT SIZE="1">&nbsp;</FONT></P>
 <P STYLE="margin-top:0px;margin-bottom:0px"><FONT STYLE="font-family:Times New Roman" SIZE="2"><B><I>Supplemental Consolidated Statements of Cash Flows Information </I></B></FONT></P>
<P STYLE="font-size:10px;margin-top:0px;margin-bottom:0px">&nbsp;</P>
<TABLE CELLSPACING="0" CELLPADDING="0" WIDTH="100%" BORDER="0" STYLE="BORDER-COLLAPSE:COLLAPSE" ALIGN="center">


<TR STYLE="visibility:hidden; line-height:0pt; color:white">
<TD WIDTH="88%"></TD>
<TD VALIGN="bottom" WIDTH="1%"></TD>
<TD></TD>
<TD nowrap><FONT STYLE="Times New Roman" SIZE="1"><B>September 30,</B></FONT></TD>
<TD></TD>
<TD VALIGN="bottom" WIDTH="1%"></TD>
<TD></TD>
<TD nowrap><FONT STYLE="Times New Roman" SIZE="1"><B>September 30,</B></FONT></TD>
<TD></TD>
<TD VALIGN="bottom" WIDTH="1%"></TD>
<TD></TD>
<TD nowrap><FONT STYLE="Times New Roman" SIZE="1"><B>September 30,</B></FONT></TD>
<TD></TD></TR>
<TR>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" COLSPAN="10" ALIGN="center" STYLE="border-bottom:1px solid #000000"><FONT STYLE="font-family:Times New Roman" SIZE="1"><B>Years ended December&nbsp;31,</B></FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD></TR>
<TR>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" COLSPAN="2" ALIGN="center" STYLE="border-bottom:1px solid #000000"><FONT STYLE="font-family:Times New Roman" SIZE="1"><B>2011</B></FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" COLSPAN="2" ALIGN="center" STYLE="border-bottom:1px solid #000000"><FONT STYLE="font-family:Times New Roman" SIZE="1"><B>2010</B></FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" COLSPAN="2" ALIGN="center" STYLE="border-bottom:1px solid #000000"><FONT STYLE="font-family:Times New Roman" SIZE="1"><B>2009</B></FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD></TR>


<TR BGCOLOR="#cceeff">
<TD VALIGN="top"> <P STYLE="margin-left:1.00em; text-indent:-1.00em"><FONT STYLE="font-family:Times New Roman" SIZE="2">Supplemental disclosure of cash activities:</FONT></P></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD></TR>
<TR>
<TD VALIGN="top"> <P STYLE="margin-left:3.00em; text-indent:-1.00em"><FONT STYLE="font-family:Times New Roman" SIZE="2">Cash paid for interest</FONT></P></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="2">$</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:Times New Roman" SIZE="2">47,611,000</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="2">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="2">$</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:Times New Roman" SIZE="2">46,247,000</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="2">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="2">$</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:Times New Roman" SIZE="2">50,413,000</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="2">&nbsp;&nbsp;</FONT></TD></TR>
<TR>
<TD HEIGHT="13"></TD>
<TD HEIGHT="13" COLSPAN="4"></TD>
<TD HEIGHT="13" COLSPAN="4"></TD>
<TD HEIGHT="13" COLSPAN="4"></TD></TR>
<TR BGCOLOR="#cceeff">
<TD VALIGN="top"> <P STYLE="margin-left:1.00em; text-indent:-1.00em"><FONT STYLE="font-family:Times New Roman" SIZE="2">Supplemental disclosure of non-cash activities:</FONT></P></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD></TR>
<TR>
<TD VALIGN="top"> <P STYLE="margin-left:3.00em; text-indent:-1.00em"><FONT STYLE="font-family:Times New Roman" SIZE="2">Assumption of mortgage loans payable&#151;acquisitions</FONT></P></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="2">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:Times New Roman" SIZE="2">&#151;&nbsp;&nbsp;</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="2">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="2">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:Times New Roman" SIZE="2">(12,967,000</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="2">)&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="2">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:Times New Roman" SIZE="2">(56,214,000</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="2">)&nbsp;</FONT></TD></TR>
<TR BGCOLOR="#cceeff">
<TD VALIGN="top"> <P STYLE="margin-left:3.00em; text-indent:-1.00em"><FONT STYLE="font-family:Times New Roman" SIZE="2">Assumption of mortgage loans payable upon disposition</FONT></P></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="2">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:Times New Roman" SIZE="2">24,273,000</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="2">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="2">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:Times New Roman" SIZE="2">12,358,000</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="2">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="2">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:Times New Roman" SIZE="2">9,932,000</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="2">&nbsp;&nbsp;</FONT></TD></TR>
<TR>
<TD VALIGN="top"> <P STYLE="margin-left:3.00em; text-indent:-1.00em"><FONT STYLE="font-family:Times New Roman" SIZE="2">Conversion of OP Units into common stock</FONT></P></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="2">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:Times New Roman" SIZE="2">&#151;&nbsp;&nbsp;</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="2">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="2">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:Times New Roman" SIZE="2">403,000</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="2">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="2">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:Times New Roman" SIZE="2">131,000</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="2">&nbsp;&nbsp;</FONT></TD></TR>
<TR BGCOLOR="#cceeff">
<TD VALIGN="top"> <P STYLE="margin-left:3.00em; text-indent:-1.00em"><FONT STYLE="font-family:Times New Roman" SIZE="2">Issuance of warrants</FONT></P></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="2">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:Times New Roman" SIZE="2">&#151;&nbsp;&nbsp;</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="2">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="2">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:Times New Roman" SIZE="2">&#151;&nbsp;&nbsp;</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="2">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="2">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:Times New Roman" SIZE="2">1,643,000</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="2">&nbsp;&nbsp;</FONT></TD></TR>
<TR>
<TD VALIGN="top"> <P STYLE="margin-left:3.00em; text-indent:-1.00em"><FONT STYLE="font-family:Times New Roman" SIZE="2">Capitalization of interest costs</FONT></P></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="2">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:Times New Roman" SIZE="2">1,979,000</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="2">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="2">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:Times New Roman" SIZE="2">1,889,000</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="2">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="2">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:Times New Roman" SIZE="2">4,800,000</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="2">&nbsp;&nbsp;</FONT></TD></TR>
<TR BGCOLOR="#cceeff">
<TD VALIGN="top"> <P STYLE="margin-left:3.00em; text-indent:-1.00em"><FONT STYLE="font-family:Times New Roman" SIZE="2">Capitalization of deferred financing costs</FONT></P></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="2">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:Times New Roman" SIZE="2">650,000</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="2">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="2">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:Times New Roman" SIZE="2">652,000</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="2">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="2">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:Times New Roman" SIZE="2">1,486,000</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="2">&nbsp;&nbsp;</FONT></TD></TR>
<TR>
<TD VALIGN="top"> <P STYLE="margin-left:3.00em; text-indent:-1.00em"><FONT STYLE="font-family:Times New Roman" SIZE="2">Purchase accounting allocations:</FONT></P></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD></TR>
<TR BGCOLOR="#cceeff">
<TD VALIGN="top"> <P STYLE="margin-left:5.00em; text-indent:-1.00em"><FONT STYLE="font-family:Times New Roman" SIZE="2">Intangible lease and other assets</FONT></P></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="2">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:Times New Roman" SIZE="2">6,810,000</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="2">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="2">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:Times New Roman" SIZE="2">&#151;&nbsp;&nbsp;</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="2">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="2">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:Times New Roman" SIZE="2">7,057,000</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="2">&nbsp;&nbsp;</FONT></TD></TR>
<TR>
<TD VALIGN="top"> <P STYLE="margin-left:5.00em; text-indent:-1.00em"><FONT STYLE="font-family:Times New Roman" SIZE="2">Intangible lease liabilities</FONT></P></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="2">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:Times New Roman" SIZE="2">(725,000</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="2">)&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="2">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:Times New Roman" SIZE="2">(2,600,000</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="2">)&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="2">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:Times New Roman" SIZE="2">(3,215,000</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="2">)&nbsp;</FONT></TD></TR>
<TR>
<TD HEIGHT="13"></TD>
<TD HEIGHT="13" COLSPAN="4"></TD>
<TD HEIGHT="13" COLSPAN="4"></TD>
<TD HEIGHT="13" COLSPAN="4"></TD></TR>
<TR BGCOLOR="#cceeff">
<TD VALIGN="top"> <P STYLE="margin-left:3.00em; text-indent:-1.00em"><FONT STYLE="font-family:Times New Roman" SIZE="2">Deconsolidation of properties transferred to joint venture:</FONT></P></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD></TR>
<TR>
<TD VALIGN="top"> <P STYLE="margin-left:5.00em; text-indent:-1.00em"><FONT STYLE="font-family:Times New Roman" SIZE="2">Real estate, net</FONT></P></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="2">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:Times New Roman" SIZE="2">&#151;&nbsp;&nbsp;</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="2">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="2">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:Times New Roman" SIZE="2">139,743,000</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="2">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="2">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:Times New Roman" SIZE="2">42,829,000</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="2">&nbsp;&nbsp;</FONT></TD></TR>
<TR BGCOLOR="#cceeff">
<TD VALIGN="top"> <P STYLE="margin-left:5.00em; text-indent:-1.00em"><FONT STYLE="font-family:Times New Roman" SIZE="2">Mortgage loans payable</FONT></P></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="2">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:Times New Roman" SIZE="2">&#151;&nbsp;&nbsp;</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="2">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="2">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:Times New Roman" SIZE="2">(94,018,000</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="2">)&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="2">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:Times New Roman" SIZE="2">&#151;&nbsp;&nbsp;</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="2">&nbsp;&nbsp;</FONT></TD></TR>
<TR>
<TD VALIGN="top"> <P STYLE="margin-left:5.00em; text-indent:-1.00em"><FONT STYLE="font-family:Times New Roman" SIZE="2">Other assets/liabilities, net</FONT></P></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="2">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:Times New Roman" SIZE="2">&#151;&nbsp;&nbsp;</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="2">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="2">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:Times New Roman" SIZE="2">(3,574,000</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="2">)&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="2">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:Times New Roman" SIZE="2">1,277,000</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="2">&nbsp;&nbsp;</FONT></TD></TR>
<TR BGCOLOR="#cceeff">
<TD VALIGN="top"> <P STYLE="margin-left:5.00em; text-indent:-1.00em"><FONT STYLE="font-family:Times New Roman" SIZE="2">Investment in and advances to unconsolidated joint venture</FONT></P></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="2">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:Times New Roman" SIZE="2">&#151;&nbsp;&nbsp;</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="2">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="2">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:Times New Roman" SIZE="2">9,423,000</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="2">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="2">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:Times New Roman" SIZE="2">8,610,000</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="2">&nbsp;&nbsp;</FONT></TD></TR>
</TABLE> <P STYLE="margin-top:10px;margin-bottom:0px"><FONT STYLE="font-family:Times New Roman" SIZE="2"><B><I>Recently-Issued Accounting Pronouncements </I></B></FONT></P>
<P STYLE="margin-top:10px;margin-bottom:0px; text-indent:4%" ALIGN="justify"><FONT STYLE="font-family:Times New Roman" SIZE="2">In May 2011, the Financial Accounting Standards Board (&#147;FASB&#148;) issued ASU No.&nbsp;2011-04, &#147;Fair Value
Measurement: Amendments to Achieve Common Fair Value Measurement and Disclosure Requirements in U.S GAAP and IFRS&#148;. This update defines fair value, clarifies a framework to measure fair value, and requires specific disclosures of fair value
measurements. The guidance is effective for the Company&#146;s interim and annual reporting periods beginning January&nbsp;1, 2012 and is required to be applied prospectively. The Company does not expect adoption of this guidance to have a material
impact on its financial condition or results of operations. </FONT></P> <P STYLE="margin-top:10px;margin-bottom:0px; text-indent:4%" ALIGN="justify"><FONT STYLE="font-family:Times New Roman" SIZE="2">In June 2011, the FASB issued Accounting
Standards Update 2011-05, &#147;Presentation of Comprehensive Income&#148;. This standard eliminates the current requirement to report other comprehensive income and its components in the statement of equity and instead requires the components of
other comprehensive income to be presented either in a single continuous statement of comprehensive income or in two separate but consecutive statements. The guidance </FONT></P>
 <p STYLE="margin-top:0px;margin-bottom:0px"><FONT SIZE="1">&nbsp;</FONT></P> <P STYLE="margin-top:0px;margin-bottom:0px" ALIGN="center"><FONT STYLE="font-family:Times New Roman" SIZE="2">67 </FONT></P>



<p Style='page-break-before:always'>
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<h5 align="left"><a href="#toc">Table of Contents</a></h5>



 <P STYLE="margin-top:0px;margin-bottom:0px" ALIGN="center"><FONT STYLE="font-family:Times New Roman" SIZE="2"><B>Cedar Realty Trust, Inc. </B></FONT></P>
<P STYLE="margin-top:0px;margin-bottom:0px" ALIGN="center"><FONT STYLE="font-family:Times New Roman" SIZE="2"><B>Notes to Consolidated Financial Statements </B></FONT></P> <P STYLE="margin-top:0px;margin-bottom:0px" ALIGN="center"><FONT
STYLE="font-family:Times New Roman" SIZE="2"><B>December 31, 2011 </B></FONT></P> <p STYLE="margin-top:0px;margin-bottom:0px"><FONT SIZE="1">&nbsp;</FONT></P>
 <P STYLE="margin-top:0px;margin-bottom:0px" ALIGN="justify"><FONT STYLE="font-family:Times New Roman" SIZE="2">
is effective for the Company&#146;s interim and annual reporting periods beginning January&nbsp;1, 2012 and is required to be applied retrospectively. Other than presentation in the financial
statements, the adoption of this guidance will have no effect on the Company&#146;s financial position or results of operations. </FONT></P>
 <P STYLE="margin-top:10px;margin-bottom:0px"><FONT STYLE="font-family:Times New Roman" SIZE="2"><B>Note 3. Real Estate </B></FONT></P>
 <P STYLE="margin-top:10px;margin-bottom:0px; text-indent:4%" ALIGN="justify"><FONT STYLE="font-family:Times New Roman" SIZE="2">Real estate at December&nbsp;31, 2011 and 2010 is comprised of the following: </FONT></P>
<P STYLE="font-size:10px;margin-top:0px;margin-bottom:0px">&nbsp;</P>
<TABLE CELLSPACING="0" CELLPADDING="0" WIDTH="100%" BORDER="0" STYLE="BORDER-COLLAPSE:COLLAPSE" ALIGN="center">


<TR STYLE="visibility:hidden; line-height:0pt; color:white">
<TD WIDTH="92%"></TD>
<TD VALIGN="bottom" WIDTH="1%"></TD>
<TD></TD>
<TD nowrap><FONT STYLE="Times New Roman" SIZE="1"><B>September 30,</B></FONT></TD>
<TD></TD>
<TD VALIGN="bottom" WIDTH="1%"></TD>
<TD></TD>
<TD nowrap><FONT STYLE="Times New Roman" SIZE="1"><B>September 30,</B></FONT></TD>
<TD></TD></TR>
<TR>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" COLSPAN="6" ALIGN="center" STYLE="border-bottom:1px solid #000000"><FONT STYLE="font-family:Times New Roman" SIZE="1"><B>Years ended December&nbsp;31,</B></FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD></TR>
<TR>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" COLSPAN="2" ALIGN="center" STYLE="border-bottom:1px solid #000000"><FONT STYLE="font-family:Times New Roman" SIZE="1"><B>2011</B></FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" COLSPAN="2" ALIGN="center" STYLE="border-bottom:1px solid #000000"><FONT STYLE="font-family:Times New Roman" SIZE="1"><B>2010</B></FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD></TR>


<TR>
<TD HEIGHT="13"></TD>
<TD HEIGHT="13" COLSPAN="4"></TD>
<TD HEIGHT="13" COLSPAN="4"></TD></TR>
<TR BGCOLOR="#cceeff">
<TD VALIGN="top"> <P STYLE="margin-left:1.00em; text-indent:-1.00em"><FONT STYLE="font-family:Times New Roman" SIZE="2"><B><U>Cost</U></B></FONT></P></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD></TR>
<TR>
<TD VALIGN="top"> <P STYLE="margin-left:1.00em; text-indent:-1.00em"><FONT STYLE="font-family:Times New Roman" SIZE="2">Balance, beginning of year</FONT></P></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="2">$</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:Times New Roman" SIZE="2">1,290,116,000</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="2">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="2">$</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:Times New Roman" SIZE="2">1,273,395,000</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="2">&nbsp;&nbsp;</FONT></TD></TR>
<TR BGCOLOR="#cceeff">
<TD VALIGN="top"> <P STYLE="margin-left:1.00em; text-indent:-1.00em"><FONT STYLE="font-family:Times New Roman" SIZE="2">Property acquired</FONT></P></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="2">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:Times New Roman" SIZE="2">46,863,000</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="2">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="2">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:Times New Roman" SIZE="2">&#151;&nbsp;&nbsp;</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="2">&nbsp;&nbsp;</FONT></TD></TR>
<TR>
<TD VALIGN="top"> <P STYLE="margin-left:1.00em; text-indent:-1.00em"><FONT STYLE="font-family:Times New Roman" SIZE="2">Improvements and betterments</FONT></P></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="2">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:Times New Roman" SIZE="2">32,373,000</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="2">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="2">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:Times New Roman" SIZE="2">17,631,000</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="2">&nbsp;&nbsp;</FONT></TD></TR>
<TR BGCOLOR="#cceeff">
<TD VALIGN="top"> <P STYLE="margin-left:1.00em; text-indent:-1.00em"><FONT STYLE="font-family:Times New Roman" SIZE="2">Write-off of fully-depreciated assets</FONT></P></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="2">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:Times New Roman" SIZE="2">(231,000</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="2">)&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="2">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:Times New Roman" SIZE="2">(910,000</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="2">)&nbsp;</FONT></TD></TR>
<TR STYLE="font-size:1px">
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"> <P STYLE="border-top:1px solid #000000">&nbsp;</P></TD>
<TD VALIGN="bottom"> <P STYLE="border-top:1px solid #000000">&nbsp;</P></TD>
<TD>&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"> <P STYLE="border-top:1px solid #000000">&nbsp;</P></TD>
<TD VALIGN="bottom"> <P STYLE="border-top:1px solid #000000">&nbsp;</P></TD>
<TD>&nbsp;</TD></TR>
<TR>
<TD VALIGN="top"> <P STYLE="margin-left:1.00em; text-indent:-1.00em"><FONT STYLE="font-family:Times New Roman" SIZE="2">Balance, end of the year</FONT></P></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="2">$</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:Times New Roman" SIZE="2">1,369,121,000</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="2">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="2">$</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:Times New Roman" SIZE="2">1,290,116,000</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="2">&nbsp;&nbsp;</FONT></TD></TR>
<TR STYLE="font-size:1px">
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"> <P STYLE="border-top:3px double #000000">&nbsp;</P></TD>
<TD VALIGN="bottom"> <P STYLE="border-top:3px double #000000">&nbsp;</P></TD>
<TD>&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"> <P STYLE="border-top:3px double #000000">&nbsp;</P></TD>
<TD VALIGN="bottom"> <P STYLE="border-top:3px double #000000">&nbsp;</P></TD>
<TD>&nbsp;</TD></TR>
<TR>
<TD HEIGHT="13"></TD>
<TD HEIGHT="13" COLSPAN="4"></TD>
<TD HEIGHT="13" COLSPAN="4"></TD></TR>
<TR BGCOLOR="#cceeff">
<TD VALIGN="top"> <P STYLE="margin-left:1.00em; text-indent:-1.00em"><FONT STYLE="font-family:Times New Roman" SIZE="2"><B><U>Accumulated depreciation</U></B></FONT></P></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD></TR>
<TR>
<TD VALIGN="top"> <P STYLE="margin-left:1.00em; text-indent:-1.00em"><FONT STYLE="font-family:Times New Roman" SIZE="2">Balance, beginning of the year</FONT></P></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="2">$</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:Times New Roman" SIZE="2">(157,803,000</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="2">)&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="2">$</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:Times New Roman" SIZE="2">(126,456,000</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="2">)&nbsp;</FONT></TD></TR>
<TR BGCOLOR="#cceeff">
<TD VALIGN="top"> <P STYLE="margin-left:1.00em; text-indent:-1.00em"><FONT STYLE="font-family:Times New Roman" SIZE="2">Depreciation expense</FONT></P></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="2">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:Times New Roman" SIZE="2">(40,036,000</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="2">)&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="2">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:Times New Roman" SIZE="2">(32,257,000</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="2">)&nbsp;</FONT></TD></TR>
<TR>
<TD VALIGN="top"> <P STYLE="margin-left:1.00em; text-indent:-1.00em"><FONT STYLE="font-family:Times New Roman" SIZE="2">Write-off of fully-depreciated assets</FONT></P></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="2">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:Times New Roman" SIZE="2">231,000</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="2">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="2">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:Times New Roman" SIZE="2">910,000</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="2">&nbsp;&nbsp;</FONT></TD></TR>
<TR STYLE="font-size:1px">
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"> <P STYLE="border-top:1px solid #000000">&nbsp;</P></TD>
<TD VALIGN="bottom"> <P STYLE="border-top:1px solid #000000">&nbsp;</P></TD>
<TD>&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"> <P STYLE="border-top:1px solid #000000">&nbsp;</P></TD>
<TD VALIGN="bottom"> <P STYLE="border-top:1px solid #000000">&nbsp;</P></TD>
<TD>&nbsp;</TD></TR>
<TR BGCOLOR="#cceeff">
<TD VALIGN="top"> <P STYLE="margin-left:1.00em; text-indent:-1.00em"><FONT STYLE="font-family:Times New Roman" SIZE="2">Balance, end of the year</FONT></P></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="2">$</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:Times New Roman" SIZE="2">(197,608,000</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="2">)&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="2">$</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:Times New Roman" SIZE="2">(157,803,000</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="2">)&nbsp;</FONT></TD></TR>
<TR STYLE="font-size:1px">
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"> <P STYLE="border-top:3px double #000000">&nbsp;</P></TD>
<TD VALIGN="bottom"> <P STYLE="border-top:3px double #000000">&nbsp;</P></TD>
<TD>&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"> <P STYLE="border-top:3px double #000000">&nbsp;</P></TD>
<TD VALIGN="bottom"> <P STYLE="border-top:3px double #000000">&nbsp;</P></TD>
<TD>&nbsp;</TD></TR>
<TR>
<TD HEIGHT="13"></TD>
<TD HEIGHT="13" COLSPAN="4"></TD>
<TD HEIGHT="13" COLSPAN="4"></TD></TR>
<TR>
<TD VALIGN="top"> <P STYLE="margin-left:1.00em; text-indent:-1.00em"><FONT STYLE="font-family:Times New Roman" SIZE="2">Net book value</FONT></P></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="2">$</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:Times New Roman" SIZE="2">1,171,513,000</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="2">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="2">$</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:Times New Roman" SIZE="2">1,132,313,000</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="2">&nbsp;&nbsp;</FONT></TD></TR>
<TR STYLE="font-size:1px">
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"> <P STYLE="border-top:3px double #000000">&nbsp;</P></TD>
<TD VALIGN="bottom"> <P STYLE="border-top:3px double #000000">&nbsp;</P></TD>
<TD>&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"> <P STYLE="border-top:3px double #000000">&nbsp;</P></TD>
<TD VALIGN="bottom"> <P STYLE="border-top:3px double #000000">&nbsp;</P></TD>
<TD>&nbsp;</TD></TR>
</TABLE> <P STYLE="margin-top:10px;margin-bottom:0px; text-indent:4%" ALIGN="justify"><FONT STYLE="font-family:Times New Roman" SIZE="2">On January&nbsp;14, 2011, the Company acquired Colonial Commons, a shopping center
located in Lower Paxton Township, Pennsylvania. The purchase price for the property was approximately $49.1 million (in addition, the Company incurred transactions costs of $0.6 million). At closing, the Company entered into a first mortgage in the
amount of $28.1 million, which bears interest at 5.6%&nbsp;per annum and matures in February 2021. </FONT></P> <P STYLE="margin-top:10px;margin-bottom:0px; text-indent:4%" ALIGN="justify"><FONT STYLE="font-family:Times New Roman" SIZE="2">At
December&nbsp;31, 2011, substantially all of the Company&#146;s real estate was pledged as collateral for mortgage loans payable and the secured revolving credit facilities. </FONT></P>
 <P STYLE="margin-top:10px;margin-bottom:0px"><FONT STYLE="font-family:Times New Roman" SIZE="2"><B>Note 4. Investment in Cedar/RioCan Joint Venture </B></FONT></P>
 <P STYLE="margin-top:10px;margin-bottom:0px; text-indent:4%" ALIGN="justify"><FONT STYLE="font-family:Times New Roman" SIZE="2">The Company and RioCan have entered into an 80% (RioCan) and 20% (Cedar) joint venture
(i)&nbsp;initially for the purchase of seven supermarket-anchored properties previously owned by the Company (completed in May 2010), and (ii)&nbsp;then to acquire additional primarily supermarket-anchored properties in the Company&#146;s primary
market areas, in the same joint venture format. At December&nbsp;31, 2011, the joint venture owned 22 properties. </FONT></P>
 <p STYLE="margin-top:0px;margin-bottom:0px"><FONT SIZE="1">&nbsp;</FONT></P> <P STYLE="margin-top:0px;margin-bottom:0px" ALIGN="center"><FONT STYLE="font-family:Times New Roman" SIZE="2">68 </FONT></P>



<p Style='page-break-before:always'>
<HR  SIZE="3" style="COLOR:#999999" WIDTH="100%" ALIGN="CENTER">
<h5 align="left"><a href="#toc">Table of Contents</a></h5>



 <P STYLE="margin-top:0px;margin-bottom:0px" ALIGN="center"><FONT STYLE="font-family:Times New Roman" SIZE="2"><B>Cedar Realty Trust, Inc. </B></FONT></P>
<P STYLE="margin-top:0px;margin-bottom:0px" ALIGN="center"><FONT STYLE="font-family:Times New Roman" SIZE="2"><B>Notes to Consolidated Financial Statements </B></FONT></P> <P STYLE="margin-top:0px;margin-bottom:0px" ALIGN="center"><FONT
STYLE="font-family:Times New Roman" SIZE="2"><B>December 31, 2011 </B></FONT></P> <p STYLE="margin-top:0px;margin-bottom:0px"><FONT SIZE="1">&nbsp;</FONT></P>
 <P STYLE="margin-top:0px;margin-bottom:0px; text-indent:4%" ALIGN="justify"><FONT STYLE="font-family:Times New Roman" SIZE="2">The Company earned fees from the joint venture of approximately $2.8
million and $3.6 million for 2011 and 2010, respectively, representing accounting fees, management fees, acquisition fees and financing fees. Such fees are included in other revenues in the accompanying statements of operations. </FONT></P>
<P STYLE="margin-top:10px;margin-bottom:0px; text-indent:4%" ALIGN="justify"><FONT STYLE="font-family:Times New Roman" SIZE="2">In connection with the formation of the joint venture and the agreement to transfer the seven properties which were
reclassified as &#147;held for sale&#148;, the Company recorded impairment charges of $2.5 million and $23.6 million in 2010 and 2009, respectively. Such charges were based on a comparison of the arms-length negotiated transfer amounts set forth in
the contract with the carrying values of the properties transferred. In 2010, the Company incurred fees to its investment advisor as it relates to the Cedar/RioCan joint venture of $2.7 million. The joint venture agreement provides that, any time
after December&nbsp;10, 2012, either the Company or RioCan may initiate a &#147;buy/sell&#148; arrangement pursuant to which the initiating party can designate a value for all the joint venture&#146;s properties (in the aggregate), and the other
party may then elect either to sell its proportionate ownership interest in the joint venture based on that value or to purchase the initiating party&#146;s ownership interest based on such valuation. </FONT></P>
<P STYLE="font-size:10px;margin-top:0px;margin-bottom:0px"><FONT SIZE="1">&nbsp;</FONT></P>
 <p STYLE="margin-top:0px;margin-bottom:0px"><FONT SIZE="1">&nbsp;</FONT></P> <P STYLE="margin-top:0px;margin-bottom:0px" ALIGN="center"><FONT STYLE="font-family:Times New Roman" SIZE="2">69 </FONT></P>



<p Style='page-break-before:always'>
<HR  SIZE="3" style="COLOR:#999999" WIDTH="100%" ALIGN="CENTER">
<h5 align="left"><a href="#toc">Table of Contents</a></h5>



 <P STYLE="margin-top:0px;margin-bottom:0px" ALIGN="center"><FONT STYLE="font-family:Times New Roman" SIZE="2"><B>Cedar Realty Trust, Inc. </B></FONT></P>
<P STYLE="margin-top:0px;margin-bottom:0px" ALIGN="center"><FONT STYLE="font-family:Times New Roman" SIZE="2"><B>Notes to Consolidated Financial Statements </B></FONT></P> <P STYLE="margin-top:0px;margin-bottom:0px" ALIGN="center"><FONT
STYLE="font-family:Times New Roman" SIZE="2"><B>December 31, 2011 </B></FONT></P> <p STYLE="margin-top:0px;margin-bottom:0px"><FONT SIZE="1">&nbsp;</FONT></P>
 <P STYLE="margin-top:0px;margin-bottom:0px; text-indent:4%" ALIGN="justify"><FONT STYLE="font-family:Times New Roman" SIZE="2">The following summarizes certain financial information related to the
Company&#146;s investment in the Cedar/RioCan unconsolidated joint venture: </FONT></P> <P STYLE="font-size:10px;margin-top:0px;margin-bottom:0px">&nbsp;</P>
<TABLE CELLSPACING="0" CELLPADDING="0" WIDTH="100%" BORDER="0" STYLE="BORDER-COLLAPSE:COLLAPSE" ALIGN="center">


<TR STYLE="visibility:hidden; line-height:0pt; color:white">
<TD WIDTH="93%"></TD>
<TD VALIGN="bottom" WIDTH="1%"></TD>
<TD></TD>
<TD nowrap><FONT STYLE="Times New Roman" SIZE="1"><B>September 30,</B></FONT></TD>
<TD></TD>
<TD VALIGN="bottom" WIDTH="1%"></TD>
<TD></TD>
<TD nowrap><FONT STYLE="Times New Roman" SIZE="1"><B>September 30,</B></FONT></TD>
<TD></TD></TR>
<TR>
<TD VALIGN="bottom" NOWRAP> <P STYLE="border-bottom:1px solid #000000;width:50pt"><FONT STYLE="font-family:Times New Roman" SIZE="1"><B>Balance Sheets</B></FONT></P></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" COLSPAN="6" ALIGN="center" STYLE="border-bottom:1px solid #000000"><FONT STYLE="font-family:Times New Roman" SIZE="1"><B>December&nbsp;31,</B></FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD></TR>
<TR>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" COLSPAN="2" ALIGN="center" STYLE="border-bottom:1px solid #000000"><FONT STYLE="font-family:Times New Roman" SIZE="1"><B>2011</B></FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" COLSPAN="2" ALIGN="center" STYLE="border-bottom:1px solid #000000"><FONT STYLE="font-family:Times New Roman" SIZE="1"><B>2010</B></FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD></TR>


<TR>
<TD HEIGHT="13"></TD>
<TD HEIGHT="13" COLSPAN="4"></TD>
<TD HEIGHT="13" COLSPAN="4"></TD></TR>
<TR BGCOLOR="#cceeff">
<TD VALIGN="top"> <P STYLE="margin-left:1.00em; text-indent:-1.00em"><FONT STYLE="font-family:Times New Roman" SIZE="2">Assets:</FONT></P></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD></TR>
<TR>
<TD VALIGN="top"> <P STYLE="margin-left:1.00em; text-indent:-1.00em"><FONT STYLE="font-family:Times New Roman" SIZE="2">Real estate, net</FONT></P></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="2">$</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:Times New Roman" SIZE="2">532,071,000</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="2">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="2">$</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:Times New Roman" SIZE="2">524,447,000</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="2">&nbsp;&nbsp;</FONT></TD></TR>
<TR BGCOLOR="#cceeff">
<TD VALIGN="top"> <P STYLE="margin-left:1.00em; text-indent:-1.00em"><FONT STYLE="font-family:Times New Roman" SIZE="2">Cash and cash equivalents</FONT></P></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="2">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:Times New Roman" SIZE="2">12,797,000</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="2">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="2">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:Times New Roman" SIZE="2">5,934,000</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="2">&nbsp;&nbsp;</FONT></TD></TR>
<TR>
<TD VALIGN="top"> <P STYLE="margin-left:1.00em; text-indent:-1.00em"><FONT STYLE="font-family:Times New Roman" SIZE="2">Restricted cash</FONT></P></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="2">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:Times New Roman" SIZE="2">3,689,000</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="2">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="2">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:Times New Roman" SIZE="2">4,464,000</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="2">&nbsp;&nbsp;</FONT></TD></TR>
<TR BGCOLOR="#cceeff">
<TD VALIGN="top"> <P STYLE="margin-left:1.00em; text-indent:-1.00em"><FONT STYLE="font-family:Times New Roman" SIZE="2">Rent and other receivables</FONT></P></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="2">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:Times New Roman" SIZE="2">2,419,000</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="2">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="2">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:Times New Roman" SIZE="2">2,074,000</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="2">&nbsp;&nbsp;</FONT></TD></TR>
<TR>
<TD VALIGN="top"> <P STYLE="margin-left:1.00em; text-indent:-1.00em"><FONT STYLE="font-family:Times New Roman" SIZE="2">Straight-line rent</FONT></P></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="2">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:Times New Roman" SIZE="2">2,743,000</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="2">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="2">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:Times New Roman" SIZE="2">1,000,000</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="2">&nbsp;&nbsp;</FONT></TD></TR>
<TR BGCOLOR="#cceeff">
<TD VALIGN="top"> <P STYLE="margin-left:1.00em; text-indent:-1.00em"><FONT STYLE="font-family:Times New Roman" SIZE="2">Deferred charges, net</FONT></P></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="2">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:Times New Roman" SIZE="2">12,682,000</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="2">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="2">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:Times New Roman" SIZE="2">13,269,000</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="2">&nbsp;&nbsp;</FONT></TD></TR>
<TR>
<TD VALIGN="top"> <P STYLE="margin-left:1.00em; text-indent:-1.00em"><FONT STYLE="font-family:Times New Roman" SIZE="2">Other assets</FONT></P></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="2">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:Times New Roman" SIZE="2">5,549,000</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="2">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="2">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:Times New Roman" SIZE="2">8,514,000</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="2">&nbsp;&nbsp;</FONT></TD></TR>
<TR STYLE="font-size:1px">
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"> <P STYLE="border-top:1px solid #000000">&nbsp;</P></TD>
<TD VALIGN="bottom"> <P STYLE="border-top:1px solid #000000">&nbsp;</P></TD>
<TD>&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"> <P STYLE="border-top:1px solid #000000">&nbsp;</P></TD>
<TD VALIGN="bottom"> <P STYLE="border-top:1px solid #000000">&nbsp;</P></TD>
<TD>&nbsp;</TD></TR>
<TR BGCOLOR="#cceeff">
<TD VALIGN="top"> <P STYLE="margin-left:1.00em; text-indent:-1.00em"><FONT STYLE="font-family:Times New Roman" SIZE="2">Total assets</FONT></P></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="2">$</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:Times New Roman" SIZE="2">571,950,000</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="2">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="2">$</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:Times New Roman" SIZE="2">559,702,000</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="2">&nbsp;&nbsp;</FONT></TD></TR>
<TR STYLE="font-size:1px">
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"> <P STYLE="border-top:3px double #000000">&nbsp;</P></TD>
<TD VALIGN="bottom"> <P STYLE="border-top:3px double #000000">&nbsp;</P></TD>
<TD>&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"> <P STYLE="border-top:3px double #000000">&nbsp;</P></TD>
<TD VALIGN="bottom"> <P STYLE="border-top:3px double #000000">&nbsp;</P></TD>
<TD>&nbsp;</TD></TR>
<TR>
<TD HEIGHT="13"></TD>
<TD HEIGHT="13" COLSPAN="4"></TD>
<TD HEIGHT="13" COLSPAN="4"></TD></TR>
<TR>
<TD VALIGN="top"> <P STYLE="margin-left:1.00em; text-indent:-1.00em"><FONT STYLE="font-family:Times New Roman" SIZE="2">Liabilities and partners&#146; capital:</FONT></P></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD></TR>
<TR BGCOLOR="#cceeff">
<TD VALIGN="top"> <P STYLE="margin-left:1.00em; text-indent:-1.00em"><FONT STYLE="font-family:Times New Roman" SIZE="2">Mortgage loans payable</FONT></P></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="2">$</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:Times New Roman" SIZE="2">317,293,000</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="2">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="2">$</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:Times New Roman" SIZE="2">293,400,000</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="2">&nbsp;&nbsp;</FONT></TD></TR>
<TR>
<TD VALIGN="top"> <P STYLE="margin-left:1.00em; text-indent:-1.00em"><FONT STYLE="font-family:Times New Roman" SIZE="2">Due to the Company</FONT></P></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="2">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:Times New Roman" SIZE="2">1,203,000</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="2">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="2">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:Times New Roman" SIZE="2">6,036,000</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="2">&nbsp;&nbsp;</FONT></TD></TR>
<TR BGCOLOR="#cceeff">
<TD VALIGN="top"> <P STYLE="margin-left:1.00em; text-indent:-1.00em"><FONT STYLE="font-family:Times New Roman" SIZE="2">Unamortized lease liability</FONT></P></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="2">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:Times New Roman" SIZE="2">22,182,000</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="2">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="2">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:Times New Roman" SIZE="2">24,573,000</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="2">&nbsp;&nbsp;</FONT></TD></TR>
<TR>
<TD VALIGN="top"> <P STYLE="margin-left:1.00em; text-indent:-1.00em"><FONT STYLE="font-family:Times New Roman" SIZE="2">Other liabilities</FONT></P></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="2">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:Times New Roman" SIZE="2">8,248,000</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="2">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="2">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:Times New Roman" SIZE="2">7,738,000</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="2">&nbsp;&nbsp;</FONT></TD></TR>
<TR STYLE="font-size:1px">
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"> <P STYLE="border-top:1px solid #000000">&nbsp;</P></TD>
<TD VALIGN="bottom"> <P STYLE="border-top:1px solid #000000">&nbsp;</P></TD>
<TD>&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"> <P STYLE="border-top:1px solid #000000">&nbsp;</P></TD>
<TD VALIGN="bottom"> <P STYLE="border-top:1px solid #000000">&nbsp;</P></TD>
<TD>&nbsp;</TD></TR>
<TR BGCOLOR="#cceeff">
<TD VALIGN="top"> <P STYLE="margin-left:1.00em; text-indent:-1.00em"><FONT STYLE="font-family:Times New Roman" SIZE="2">Total liabilities</FONT></P></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="2">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:Times New Roman" SIZE="2">348,926,000</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="2">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="2">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:Times New Roman" SIZE="2">331,747,000</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="2">&nbsp;&nbsp;</FONT></TD></TR>
<TR>
<TD HEIGHT="13"></TD>
<TD HEIGHT="13" COLSPAN="4"></TD>
<TD HEIGHT="13" COLSPAN="4"></TD></TR>
<TR>
<TD VALIGN="top"> <P STYLE="margin-left:1.00em; text-indent:-1.00em"><FONT STYLE="font-family:Times New Roman" SIZE="2">Preferred stock</FONT></P></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="2">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:Times New Roman" SIZE="2">97,000</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="2">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="2">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:Times New Roman" SIZE="2">97,000</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="2">&nbsp;&nbsp;</FONT></TD></TR>
<TR>
<TD HEIGHT="13"></TD>
<TD HEIGHT="13" COLSPAN="4"></TD>
<TD HEIGHT="13" COLSPAN="4"></TD></TR>
<TR BGCOLOR="#cceeff">
<TD VALIGN="top"> <P STYLE="margin-left:1.00em; text-indent:-1.00em"><FONT STYLE="font-family:Times New Roman" SIZE="2">Accumulated other comprehensive (loss)</FONT></P></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="2">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:Times New Roman" SIZE="2">(590,000</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="2">)&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="2">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:Times New Roman" SIZE="2">&#151;&nbsp;&nbsp;</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="2">&nbsp;&nbsp;</FONT></TD></TR>
<TR>
<TD HEIGHT="13"></TD>
<TD HEIGHT="13" COLSPAN="4"></TD>
<TD HEIGHT="13" COLSPAN="4"></TD></TR>
<TR>
<TD VALIGN="top"> <P STYLE="margin-left:1.00em; text-indent:-1.00em"><FONT STYLE="font-family:Times New Roman" SIZE="2">Partners&#146; capital:</FONT></P></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD></TR>
<TR BGCOLOR="#cceeff">
<TD VALIGN="top"> <P STYLE="margin-left:3.00em; text-indent:-1.00em"><FONT STYLE="font-family:Times New Roman" SIZE="2">RioCan</FONT></P></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="2">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:Times New Roman" SIZE="2">178,774,000</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="2">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="2">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:Times New Roman" SIZE="2">181,239,000</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="2">&nbsp;&nbsp;</FONT></TD></TR>
<TR>
<TD VALIGN="top"> <P STYLE="margin-left:3.00em; text-indent:-1.00em"><FONT STYLE="font-family:Times New Roman" SIZE="2">The Company</FONT></P></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="2">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:Times New Roman" SIZE="2">44,743,000</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="2">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="2">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:Times New Roman" SIZE="2">46,619,000</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="2">&nbsp;&nbsp;</FONT></TD></TR>
<TR STYLE="font-size:1px">
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"> <P STYLE="border-top:1px solid #000000">&nbsp;</P></TD>
<TD VALIGN="bottom"> <P STYLE="border-top:1px solid #000000">&nbsp;</P></TD>
<TD>&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"> <P STYLE="border-top:1px solid #000000">&nbsp;</P></TD>
<TD VALIGN="bottom"> <P STYLE="border-top:1px solid #000000">&nbsp;</P></TD>
<TD>&nbsp;</TD></TR>
<TR BGCOLOR="#cceeff">
<TD VALIGN="top"> <P STYLE="margin-left:1.00em; text-indent:-1.00em"><FONT STYLE="font-family:Times New Roman" SIZE="2">Total partners&#146; capital</FONT></P></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="2">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:Times New Roman" SIZE="2">223,517,000</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="2">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="2">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:Times New Roman" SIZE="2">227,858,000</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="2">&nbsp;&nbsp;</FONT></TD></TR>
<TR STYLE="font-size:1px">
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"> <P STYLE="border-top:1px solid #000000">&nbsp;</P></TD>
<TD VALIGN="bottom"> <P STYLE="border-top:1px solid #000000">&nbsp;</P></TD>
<TD>&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"> <P STYLE="border-top:1px solid #000000">&nbsp;</P></TD>
<TD VALIGN="bottom"> <P STYLE="border-top:1px solid #000000">&nbsp;</P></TD>
<TD>&nbsp;</TD></TR>
<TR>
<TD VALIGN="top"> <P STYLE="margin-left:1.00em; text-indent:-1.00em"><FONT STYLE="font-family:Times New Roman" SIZE="2">Total liabilities and partners&#146; capital</FONT></P></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="2">$</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:Times New Roman" SIZE="2">571,950,000</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="2">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="2">$</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:Times New Roman" SIZE="2">559,702,000</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="2">&nbsp;&nbsp;</FONT></TD></TR>
<TR STYLE="font-size:1px">
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"> <P STYLE="border-top:3px double #000000">&nbsp;</P></TD>
<TD VALIGN="bottom"> <P STYLE="border-top:3px double #000000">&nbsp;</P></TD>
<TD>&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"> <P STYLE="border-top:3px double #000000">&nbsp;</P></TD>
<TD VALIGN="bottom"> <P STYLE="border-top:3px double #000000">&nbsp;</P></TD>
<TD>&nbsp;</TD></TR>
</TABLE>
 <p STYLE="margin-top:0px;margin-bottom:0px"><FONT SIZE="1">&nbsp;</FONT></P> <P STYLE="margin-top:0px;margin-bottom:0px" ALIGN="center"><FONT STYLE="font-family:Times New Roman" SIZE="2">70 </FONT></P>



<p Style='page-break-before:always'>
<HR  SIZE="3" style="COLOR:#999999" WIDTH="100%" ALIGN="CENTER">
<h5 align="left"><a href="#toc">Table of Contents</a></h5>



 <P STYLE="margin-top:0px;margin-bottom:0px" ALIGN="center"><FONT STYLE="font-family:Times New Roman" SIZE="2"><B>Cedar Realty Trust, Inc. </B></FONT></P>
<P STYLE="margin-top:0px;margin-bottom:0px" ALIGN="center"><FONT STYLE="font-family:Times New Roman" SIZE="2"><B>Notes to Consolidated Financial Statements </B></FONT></P> <P STYLE="margin-top:0px;margin-bottom:0px" ALIGN="center"><FONT
STYLE="font-family:Times New Roman" SIZE="2"><B>December 31, 2011 </B></FONT></P> <p STYLE="margin-top:0px;margin-bottom:0px"><FONT SIZE="1">&nbsp;</FONT></P>
 <P STYLE="margin-top:0px;margin-bottom:0px; text-indent:4%" ALIGN="justify"><FONT STYLE="font-family:Times New Roman" SIZE="2">The following table summarizes details of the acquisitions of the joint
venture during 2011 and 2010: </FONT></P> <P STYLE="font-size:10px;margin-top:0px;margin-bottom:0px">&nbsp;</P>
<TABLE CELLSPACING="0" CELLPADDING="0" WIDTH="100%" BORDER="0" STYLE="BORDER-COLLAPSE:COLLAPSE" ALIGN="center">


<TR STYLE="visibility:hidden; line-height:0pt; color:white">
<TD WIDTH="85%"></TD>
<TD VALIGN="bottom" WIDTH="1%"></TD>
<TD></TD>
<TD nowrap><FONT STYLE="Times New Roman" SIZE="1"><B>September 30,</B></FONT></TD>
<TD></TD>
<TD VALIGN="bottom" WIDTH="1%"></TD>
<TD></TD>
<TD nowrap><FONT STYLE="Times New Roman" SIZE="1"><B>September 30,</B></FONT></TD>
<TD></TD>
<TD VALIGN="bottom" WIDTH="1%"></TD>
<TD></TD>
<TD nowrap><FONT STYLE="Times New Roman" SIZE="1"><B>September 30,</B></FONT></TD>
<TD></TD>
<TD VALIGN="bottom" WIDTH="1%"></TD>
<TD></TD>
<TD nowrap><FONT STYLE="Times New Roman" SIZE="1"><B>September 30,</B></FONT></TD>
<TD></TD>
<TD VALIGN="bottom" WIDTH="1%"></TD>
<TD></TD>
<TD nowrap><FONT STYLE="Times New Roman" SIZE="1"><B>September 30,</B></FONT></TD>
<TD></TD></TR>
<TR>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;&nbsp;&nbsp;</FONT></TD>
<TD COLSPAN="2" VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;&nbsp;&nbsp;</FONT></TD>
<TD COLSPAN="2" VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;&nbsp;&nbsp;</FONT></TD>
<TD COLSPAN="2" VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" COLSPAN="2" ALIGN="center"><FONT STYLE="font-family:Times New Roman" SIZE="1"><B>Mortgage</B></FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;&nbsp;&nbsp;</FONT></TD>
<TD COLSPAN="2" VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD></TR>
<TR>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;&nbsp;&nbsp;</FONT></TD>
<TD COLSPAN="2" VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" COLSPAN="2" ALIGN="center"><FONT STYLE="font-family:Times New Roman" SIZE="1"><B>Acquisition</B></FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" COLSPAN="2" ALIGN="center"><FONT STYLE="font-family:Times New Roman" SIZE="1"><B>Purchase</B></FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" COLSPAN="2" ALIGN="center"><FONT STYLE="font-family:Times New Roman" SIZE="1"><B>Loans</B></FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" COLSPAN="2" ALIGN="center"><FONT STYLE="font-family:Times New Roman" SIZE="1"><B>Int.</B></FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD></TR>
<TR>
<TD VALIGN="bottom" NOWRAP> <P STYLE="border-bottom:1px solid #000000;width:72pt"><FONT STYLE="font-family:Times New Roman" SIZE="1"><B>Property Description</B></FONT></P></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" COLSPAN="2" ALIGN="center" STYLE="border-bottom:1px solid #000000"><FONT STYLE="font-family:Times New Roman" SIZE="1"><B>State</B></FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" COLSPAN="2" ALIGN="center" STYLE="border-bottom:1px solid #000000"><FONT STYLE="font-family:Times New Roman" SIZE="1"><B>date</B></FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" COLSPAN="2" ALIGN="center" STYLE="border-bottom:1px solid #000000"><FONT STYLE="font-family:Times New Roman" SIZE="1"><B>price</B></FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" COLSPAN="2" ALIGN="center" STYLE="border-bottom:1px solid #000000"><FONT STYLE="font-family:Times New Roman" SIZE="1"><B>Payable (a)</B></FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" COLSPAN="2" ALIGN="center" STYLE="border-bottom:1px solid #000000"><FONT STYLE="font-family:Times New Roman" SIZE="1"><B>rate</B></FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD></TR>


<TR BGCOLOR="#cceeff">
<TD VALIGN="top"> <P STYLE="margin-left:1.00em; text-indent:-1.00em"><FONT STYLE="font-family:Times New Roman" SIZE="2"><B><U>2011 Acquisition</U></B></FONT></P></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD></TR>
<TR>
<TD VALIGN="top"> <P STYLE="margin-left:3.00em; text-indent:-1.00em"><FONT STYLE="font-family:Times New Roman" SIZE="2">Northwoods Crossing</FONT></P></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="2">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:Times New Roman" SIZE="2">MA</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="2">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="2">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:Times New Roman" SIZE="2">4/15/2011</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="2">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="2">$</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:Times New Roman" SIZE="2">23,450,000</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="2">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="2">$</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:Times New Roman" SIZE="2">14,429,000</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="2">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="2">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:Times New Roman" SIZE="2">5.2</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="2">%&nbsp;</FONT></TD></TR>
<TR>
<TD HEIGHT="13"></TD>
<TD HEIGHT="13" COLSPAN="4"></TD>
<TD HEIGHT="13" COLSPAN="4"></TD>
<TD HEIGHT="13" COLSPAN="4"></TD>
<TD HEIGHT="13" COLSPAN="4"></TD>
<TD HEIGHT="13" COLSPAN="4"></TD></TR>
<TR BGCOLOR="#cceeff">
<TD VALIGN="top"> <P STYLE="margin-left:1.00em; text-indent:-1.00em"><FONT STYLE="font-family:Times New Roman" SIZE="2"><B><U>2010 Acquisitions</U></B></FONT></P></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD></TR>
<TR>
<TD VALIGN="top"> <P STYLE="margin-left:3.00em; text-indent:-1.00em"><FONT STYLE="font-family:Times New Roman" SIZE="2">Creekview Plaza</FONT></P></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="2">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:Times New Roman" SIZE="2">PA</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="2">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="2">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:Times New Roman" SIZE="2">9/29/2010</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="2">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="2">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:Times New Roman" SIZE="2">26,240,000</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="2">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="2">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:Times New Roman" SIZE="2">14,432,000</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="2">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="2">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:Times New Roman" SIZE="2">4.8</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="2">%&nbsp;</FONT></TD></TR>
<TR BGCOLOR="#cceeff">
<TD VALIGN="top"> <P STYLE="margin-left:3.00em; text-indent:-1.00em"><FONT STYLE="font-family:Times New Roman" SIZE="2">Cross Keys Place</FONT></P></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="2">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:Times New Roman" SIZE="2">NJ</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="2">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="2">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:Times New Roman" SIZE="2">10/13/2010</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="2">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="2">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:Times New Roman" SIZE="2">26,336,000</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="2">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="2">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:Times New Roman" SIZE="2">14,600,000</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="2">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="2">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:Times New Roman" SIZE="2">5.1</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="2">%&nbsp;</FONT></TD></TR>
<TR>
<TD VALIGN="top"> <P STYLE="margin-left:3.00em; text-indent:-1.00em"><FONT STYLE="font-family:Times New Roman" SIZE="2">Exeter Commons</FONT></P></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="2">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:Times New Roman" SIZE="2">PA</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="2">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="2">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:Times New Roman" SIZE="2">8/3/2010</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="2">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="2">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:Times New Roman" SIZE="2">53,000,000</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="2">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="2">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:Times New Roman" SIZE="2">30,000,000</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="2">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="2">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:Times New Roman" SIZE="2">5.3</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="2">%&nbsp;</FONT></TD></TR>
<TR BGCOLOR="#cceeff">
<TD VALIGN="top"> <P STYLE="margin-left:3.00em; text-indent:-1.00em"><FONT STYLE="font-family:Times New Roman" SIZE="2">Gettysburg Marketplace</FONT></P></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="2">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:Times New Roman" SIZE="2">PA</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="2">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="2">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:Times New Roman" SIZE="2">10/21/2010</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="2">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="2">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:Times New Roman" SIZE="2">19,850,000</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="2">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="2">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:Times New Roman" SIZE="2">10,918,000</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="2">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="2">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:Times New Roman" SIZE="2">5.0</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="2">%&nbsp;</FONT></TD></TR>
<TR>
<TD VALIGN="top"> <P STYLE="margin-left:3.00em; text-indent:-1.00em"><FONT STYLE="font-family:Times New Roman" SIZE="2">Marlboro Crossroads</FONT></P></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="2">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:Times New Roman" SIZE="2">MD</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="2">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="2">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:Times New Roman" SIZE="2">10/21/2010</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="2">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="2">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:Times New Roman" SIZE="2">12,500,000</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="2">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="2">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:Times New Roman" SIZE="2">6,875,000</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="2">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="2">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:Times New Roman" SIZE="2">5.1</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="2">%&nbsp;</FONT></TD></TR>
<TR BGCOLOR="#cceeff">
<TD VALIGN="top"> <P STYLE="margin-left:3.00em; text-indent:-1.00em"><FONT STYLE="font-family:Times New Roman" SIZE="2">Monroe Marketplace</FONT></P></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="2">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:Times New Roman" SIZE="2">PA</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="2">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="2">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:Times New Roman" SIZE="2">9/29/2010</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="2">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="2">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:Times New Roman" SIZE="2">41,990,000</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="2">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="2">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:Times New Roman" SIZE="2">23,095,000</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="2">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="2">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:Times New Roman" SIZE="2">4.8</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="2">%&nbsp;</FONT></TD></TR>
<TR>
<TD VALIGN="top"> <P STYLE="margin-left:3.00em; text-indent:-1.00em"><FONT STYLE="font-family:Times New Roman" SIZE="2">Montville Commons</FONT></P></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="2">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:Times New Roman" SIZE="2">CT</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="2">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="2">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:Times New Roman" SIZE="2">9/29/2010</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="2">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="2">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:Times New Roman" SIZE="2">18,900,000</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="2">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="2">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:Times New Roman" SIZE="2">10,500,000</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="2">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="2">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:Times New Roman" SIZE="2">5.8</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="2">%&nbsp;</FONT></TD></TR>
<TR BGCOLOR="#cceeff">
<TD VALIGN="top"> <P STYLE="margin-left:3.00em; text-indent:-1.00em"><FONT STYLE="font-family:Times New Roman" SIZE="2">New River Valley</FONT></P></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="2">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:Times New Roman" SIZE="2">VA</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="2">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="2">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:Times New Roman" SIZE="2">9/29/2010</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="2">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="2">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:Times New Roman" SIZE="2">27,970,000</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="2">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="2">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:Times New Roman" SIZE="2">15,163,000</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="2">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="2">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:Times New Roman" SIZE="2">4.8</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="2">%&nbsp;</FONT></TD></TR>
<TR>
<TD VALIGN="top"> <P STYLE="margin-left:3.00em; text-indent:-1.00em"><FONT STYLE="font-family:Times New Roman" SIZE="2">Northland Center</FONT></P></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="2">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:Times New Roman" SIZE="2">PA</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="2">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="2">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:Times New Roman" SIZE="2">10/21/2010</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="2">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="2">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:Times New Roman" SIZE="2">10,248,000</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="2">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="2">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:Times New Roman" SIZE="2">6,298,000</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="2">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="2">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:Times New Roman" SIZE="2">5.0</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="2">%&nbsp;</FONT></TD></TR>
<TR BGCOLOR="#cceeff">
<TD VALIGN="top"> <P STYLE="margin-left:3.00em; text-indent:-1.00em"><FONT STYLE="font-family:Times New Roman" SIZE="2">Pitney Road Plaza</FONT></P></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="2">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:Times New Roman" SIZE="2">PA</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="2">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="2">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:Times New Roman" SIZE="2">9/29/2010</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="2">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="2">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:Times New Roman" SIZE="2">11,060,000</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="2">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="2">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:Times New Roman" SIZE="2">6,083,000</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="2">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="2">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:Times New Roman" SIZE="2">4.8</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="2">%&nbsp;</FONT></TD></TR>
<TR>
<TD VALIGN="top"> <P STYLE="margin-left:3.00em; text-indent:-1.00em"><FONT STYLE="font-family:Times New Roman" SIZE="2">Sunrise Plaza</FONT></P></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="2">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:Times New Roman" SIZE="2">NJ</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="2">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="2">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:Times New Roman" SIZE="2">9/29/2010</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="2">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="2">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:Times New Roman" SIZE="2">26,460,000</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="2">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="2">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:Times New Roman" SIZE="2">13,728,000</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="2">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="2">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:Times New Roman" SIZE="2">4.8</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="2">%&nbsp;</FONT></TD></TR>
<TR BGCOLOR="#cceeff">
<TD VALIGN="top"> <P STYLE="margin-left:3.00em; text-indent:-1.00em"><FONT STYLE="font-family:Times New Roman" SIZE="2">Town Square Plaza</FONT></P></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="2">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:Times New Roman" SIZE="2">PA</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="2">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="2">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:Times New Roman" SIZE="2">1/26/2010</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="2">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="2">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:Times New Roman" SIZE="2">18,854,000</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="2">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="2">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:Times New Roman" SIZE="2">11,000,000</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="2">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="2">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:Times New Roman" SIZE="2">5.0</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="2">%&nbsp;</FONT></TD></TR>
<TR>
<TD VALIGN="top"> <P STYLE="margin-left:3.00em; text-indent:-1.00em"><FONT STYLE="font-family:Times New Roman" SIZE="2">Towne Crossings</FONT></P></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="2">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:Times New Roman" SIZE="2">VA</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="2">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="2">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:Times New Roman" SIZE="2">10/21/2010</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="2">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="2">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:Times New Roman" SIZE="2">19,000,000</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="2">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="2">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:Times New Roman" SIZE="2">10,450,000</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="2">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="2">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:Times New Roman" SIZE="2">5.0</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="2">%&nbsp;</FONT></TD></TR>
<TR BGCOLOR="#cceeff">
<TD VALIGN="top"> <P STYLE="margin-left:3.00em; text-indent:-1.00em"><FONT STYLE="font-family:Times New Roman" SIZE="2">York Marketplace</FONT></P></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="2">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:Times New Roman" SIZE="2">PA</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="2">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="2">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:Times New Roman" SIZE="2">10/21/2010</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="2">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="2">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:Times New Roman" SIZE="2">29,200,000</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="2">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="2">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:Times New Roman" SIZE="2">16,060,000</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="2">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="2">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:Times New Roman" SIZE="2">5.0</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="2">%&nbsp;</FONT></TD></TR>
</TABLE> <P STYLE="font-size:10px;margin-top:0px;margin-bottom:0px">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR>
<TD WIDTH="4%" VALIGN="top" ALIGN="left"><FONT STYLE="font-family:Times New Roman" SIZE="2">(a)</FONT></TD>
<TD ALIGN="left" VALIGN="top"> <P ALIGN="justify"><FONT STYLE="font-family:Times New Roman" SIZE="2">Mortgage loans payable represents the loan amount on the dates of borrowing and/or assumption. </FONT></P></TD></TR></TABLE>
<P STYLE="margin-top:10px;margin-bottom:0px; text-indent:4%" ALIGN="justify"><FONT STYLE="font-family:Times New Roman" SIZE="2">The joint venture&#146;s property-specific mortgage loans payable are collateralized by all of the joint venture&#146;s
real estate, and bear interest at rates ranging from 4.1% to 6.4%&nbsp;per annum, a weighted average of 5.0%&nbsp;per annum. </FONT></P> <P STYLE="margin-top:10px;margin-bottom:0px; text-indent:4%" ALIGN="justify"><FONT
STYLE="font-family:Times New Roman" SIZE="2">In June 2011, the joint venture refinanced a $12.3 million, 7.2% fixed-rate mortgage originally due in June 2011. The new $14.8 million fixed-rate mortgage bears interest at 5.0%&nbsp;per annum, with
principal and interest payments based on a 30-year amortization schedule, and matures in July 2021. </FONT></P> <P STYLE="margin-top:10px;margin-bottom:0px; text-indent:4%" ALIGN="justify"><FONT STYLE="font-family:Times New Roman" SIZE="2">In August
2011, the joint venture refinanced a $43.3 million, 4.8% fixed-rate mortgage originally due in November 2011. The new $44.0 million fixed-rate mortgage bears interest at 4.1%&nbsp;per annum, with principal and interest payments based on a 30-year
amortization schedule, and matures in August 2016. </FONT></P>
 <p STYLE="margin-top:0px;margin-bottom:0px"><FONT SIZE="1">&nbsp;</FONT></P> <P STYLE="margin-top:0px;margin-bottom:0px" ALIGN="center"><FONT STYLE="font-family:Times New Roman" SIZE="2">71 </FONT></P>



<p Style='page-break-before:always'>
<HR  SIZE="3" style="COLOR:#999999" WIDTH="100%" ALIGN="CENTER">
<h5 align="left"><a href="#toc">Table of Contents</a></h5>



 <P STYLE="margin-top:0px;margin-bottom:0px" ALIGN="center"><FONT STYLE="font-family:Times New Roman" SIZE="2"><B>Cedar Realty Trust, Inc. </B></FONT></P>
<P STYLE="margin-top:0px;margin-bottom:0px" ALIGN="center"><FONT STYLE="font-family:Times New Roman" SIZE="2"><B>Notes to Consolidated Financial Statements </B></FONT></P> <P STYLE="margin-top:0px;margin-bottom:0px" ALIGN="center"><FONT
STYLE="font-family:Times New Roman" SIZE="2"><B>December 31, 2011 </B></FONT></P> <p STYLE="margin-top:0px;margin-bottom:0px"><FONT SIZE="1">&nbsp;</FONT></P>
 <P STYLE="margin-top:0px;margin-bottom:0px; text-indent:4%" ALIGN="justify"><FONT STYLE="font-family:Times New Roman" SIZE="2">Scheduled principal payments on mortgage loans payable at
December&nbsp;31, 2011 are as follows: </FONT></P> <P STYLE="font-size:10px;margin-top:0px;margin-bottom:0px">&nbsp;</P>
<TABLE CELLSPACING="0" CELLPADDING="0" WIDTH="100%" BORDER="0" STYLE="BORDER-COLLAPSE:COLLAPSE" ALIGN="center">


<TR STYLE="visibility:hidden; line-height:0pt; color:white">
<TD WIDTH="98%"></TD>
<TD VALIGN="bottom" WIDTH="1%"></TD>
<TD></TD>
<TD nowrap><FONT STYLE="Times New Roman" SIZE="1"><B>September 30,</B></FONT></TD>
<TD></TD></TR>


<TR BGCOLOR="#cceeff">
<TD VALIGN="top"> <P STYLE="margin-left:3.00em; text-indent:-1.00em"><FONT STYLE="font-family:Times New Roman" SIZE="2">2012</FONT></P></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="2">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:Times New Roman" SIZE="2">4,856,000</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="2">&nbsp;&nbsp;</FONT></TD></TR>
<TR>
<TD VALIGN="top"> <P STYLE="margin-left:3.00em; text-indent:-1.00em"><FONT STYLE="font-family:Times New Roman" SIZE="2">2013</FONT></P></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="2">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:Times New Roman" SIZE="2">5,105,000</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="2">&nbsp;&nbsp;</FONT></TD></TR>
<TR BGCOLOR="#cceeff">
<TD VALIGN="top"> <P STYLE="margin-left:3.00em; text-indent:-1.00em"><FONT STYLE="font-family:Times New Roman" SIZE="2">2014</FONT></P></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="2">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:Times New Roman" SIZE="2">34,903,000</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="2">&nbsp;&nbsp;</FONT></TD></TR>
<TR>
<TD VALIGN="top"> <P STYLE="margin-left:3.00em; text-indent:-1.00em"><FONT STYLE="font-family:Times New Roman" SIZE="2">2015</FONT></P></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="2">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:Times New Roman" SIZE="2">101,736,000</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="2">&nbsp;&nbsp;</FONT></TD></TR>
<TR BGCOLOR="#cceeff">
<TD VALIGN="top"> <P STYLE="margin-left:3.00em; text-indent:-1.00em"><FONT STYLE="font-family:Times New Roman" SIZE="2">2016</FONT></P></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="2">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:Times New Roman" SIZE="2">55,192,000</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="2">&nbsp;&nbsp;</FONT></TD></TR>
<TR>
<TD VALIGN="top"> <P STYLE="margin-left:1.00em; text-indent:-1.00em"><FONT STYLE="font-family:Times New Roman" SIZE="2">Thereafter</FONT></P></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="2">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:Times New Roman" SIZE="2">115,501,000</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="2">&nbsp;&nbsp;</FONT></TD></TR>
<TR STYLE="font-size:1px">
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"> <P STYLE="border-top:1px solid #000000">&nbsp;</P></TD>
<TD VALIGN="bottom"> <P STYLE="border-top:1px solid #000000">&nbsp;</P></TD>
<TD>&nbsp;</TD></TR>
<TR BGCOLOR="#cceeff">
<TD VALIGN="top"></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="2">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:Times New Roman" SIZE="2">317,293,000</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="2">&nbsp;&nbsp;</FONT></TD></TR>
<TR STYLE="font-size:1px">
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"> <P STYLE="border-top:3px double #000000">&nbsp;</P></TD>
<TD VALIGN="bottom"> <P STYLE="border-top:3px double #000000">&nbsp;</P></TD>
<TD>&nbsp;</TD></TR>
</TABLE> <P STYLE="font-size:10px;margin-top:0px;margin-bottom:0px">&nbsp;</P>
<TABLE CELLSPACING="0" CELLPADDING="0" WIDTH="100%" BORDER="0" STYLE="BORDER-COLLAPSE:COLLAPSE" ALIGN="center">


<TR STYLE="visibility:hidden; line-height:0pt; color:white">
<TD WIDTH="88%"></TD>
<TD VALIGN="bottom" WIDTH="1%"></TD>
<TD></TD>
<TD nowrap><FONT STYLE="Times New Roman" SIZE="1"><B>September 30,</B></FONT></TD>
<TD></TD>
<TD VALIGN="bottom" WIDTH="1%"></TD>
<TD></TD>
<TD nowrap><FONT STYLE="Times New Roman" SIZE="1"><B>September 30,</B></FONT></TD>
<TD></TD>
<TD VALIGN="bottom" WIDTH="1%"></TD>
<TD></TD>
<TD nowrap><FONT STYLE="Times New Roman" SIZE="1"><B>September 30,</B></FONT></TD>
<TD></TD></TR>
<TR>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" COLSPAN="10" ALIGN="center" STYLE="border-bottom:1px solid #000000"><FONT STYLE="font-family:Times New Roman" SIZE="1"><B>Years ended December&nbsp;31,</B></FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD></TR>
<TR>
<TD VALIGN="bottom" NOWRAP> <P STYLE="border-bottom:1px solid #000000;width:86pt"><FONT STYLE="font-family:Times New Roman" SIZE="1"><B>Statements of Operations</B></FONT></P></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" COLSPAN="2" ALIGN="center" STYLE="border-bottom:1px solid #000000"><FONT STYLE="font-family:Times New Roman" SIZE="1"><B>2011</B></FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" COLSPAN="2" ALIGN="center" STYLE="border-bottom:1px solid #000000"><FONT STYLE="font-family:Times New Roman" SIZE="1"><B>2010</B></FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" COLSPAN="2" ALIGN="center" STYLE="border-bottom:1px solid #000000"><FONT STYLE="font-family:Times New Roman" SIZE="1"><B>2009</B></FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD></TR>


<TR>
<TD HEIGHT="13"></TD>
<TD HEIGHT="13" COLSPAN="4"></TD>
<TD HEIGHT="13" COLSPAN="4"></TD>
<TD HEIGHT="13" COLSPAN="4"></TD></TR>
<TR BGCOLOR="#cceeff">
<TD VALIGN="top"> <P STYLE="margin-left:1.00em; text-indent:-1.00em"><FONT STYLE="font-family:Times New Roman" SIZE="2">Revenues</FONT></P></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="2">$</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:Times New Roman" SIZE="2">62,500,000</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="2">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="2">$</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:Times New Roman" SIZE="2">30,194,000</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="2">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="2">$</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:Times New Roman" SIZE="2">282,000</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="2">&nbsp;&nbsp;</FONT></TD></TR>
<TR>
<TD VALIGN="top"> <P STYLE="margin-left:1.00em; text-indent:-1.00em"><FONT STYLE="font-family:Times New Roman" SIZE="2">Property operating and other expenses</FONT></P></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="2">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:Times New Roman" SIZE="2">(6,631,000</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="2">)&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="2">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:Times New Roman" SIZE="2">(2,636,000</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="2">)&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="2">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:Times New Roman" SIZE="2">(57,000</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="2">)&nbsp;</FONT></TD></TR>
<TR BGCOLOR="#cceeff">
<TD VALIGN="top"> <P STYLE="margin-left:1.00em; text-indent:-1.00em"><FONT STYLE="font-family:Times New Roman" SIZE="2">Management fees to the Company</FONT></P></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="2">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:Times New Roman" SIZE="2">(2,006,000</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="2">)&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="2">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:Times New Roman" SIZE="2">(973,000</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="2">)&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="2">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:Times New Roman" SIZE="2">(8,000</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="2">)&nbsp;</FONT></TD></TR>
<TR>
<TD VALIGN="top"> <P STYLE="margin-left:1.00em; text-indent:-1.00em"><FONT STYLE="font-family:Times New Roman" SIZE="2">Real estate taxes</FONT></P></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="2">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:Times New Roman" SIZE="2">(7,214,000</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="2">)&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="2">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:Times New Roman" SIZE="2">(3,286,000</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="2">)&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="2">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:Times New Roman" SIZE="2">(10,000</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="2">)&nbsp;</FONT></TD></TR>
<TR BGCOLOR="#cceeff">
<TD VALIGN="top"> <P STYLE="margin-left:1.00em; text-indent:-1.00em"><FONT STYLE="font-family:Times New Roman" SIZE="2">Acquisition transaction costs (a)</FONT></P></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="2">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:Times New Roman" SIZE="2">(917,000</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="2">)&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="2">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:Times New Roman" SIZE="2">(7,119,000</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="2">)&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="2">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:Times New Roman" SIZE="2">&#151;&nbsp;&nbsp;</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="2">&nbsp;&nbsp;</FONT></TD></TR>
<TR>
<TD VALIGN="top"> <P STYLE="margin-left:1.00em; text-indent:-1.00em"><FONT STYLE="font-family:Times New Roman" SIZE="2">General and administrative</FONT></P></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="2">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:Times New Roman" SIZE="2">(308,000</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="2">)&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="2">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:Times New Roman" SIZE="2">(622,000</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="2">)&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="2">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:Times New Roman" SIZE="2">&#151;&nbsp;&nbsp;</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="2">&nbsp;&nbsp;</FONT></TD></TR>
<TR BGCOLOR="#cceeff">
<TD VALIGN="top"> <P STYLE="margin-left:1.00em; text-indent:-1.00em"><FONT STYLE="font-family:Times New Roman" SIZE="2">Depreciation and amortization</FONT></P></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="2">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:Times New Roman" SIZE="2">(20,616,000</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="2">)&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="2">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:Times New Roman" SIZE="2">(9,523,000</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="2">)&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="2">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:Times New Roman" SIZE="2">(71,000</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="2">)&nbsp;</FONT></TD></TR>
<TR>
<TD VALIGN="top"> <P STYLE="margin-left:1.00em; text-indent:-1.00em"><FONT STYLE="font-family:Times New Roman" SIZE="2">Interest and other non-operating expenses, net</FONT></P></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="2">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:Times New Roman" SIZE="2">(18,078,000</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="2">)&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="2">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:Times New Roman" SIZE="2">(7,903,000</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="2">)&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="2">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:Times New Roman" SIZE="2">&#151;&nbsp;&nbsp;</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="2">&nbsp;&nbsp;</FONT></TD></TR>
<TR STYLE="font-size:1px">
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"> <P STYLE="border-top:1px solid #000000">&nbsp;</P></TD>
<TD VALIGN="bottom"> <P STYLE="border-top:1px solid #000000">&nbsp;</P></TD>
<TD>&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"> <P STYLE="border-top:1px solid #000000">&nbsp;</P></TD>
<TD VALIGN="bottom"> <P STYLE="border-top:1px solid #000000">&nbsp;</P></TD>
<TD>&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"> <P STYLE="border-top:1px solid #000000">&nbsp;</P></TD>
<TD VALIGN="bottom"> <P STYLE="border-top:1px solid #000000">&nbsp;</P></TD>
<TD>&nbsp;</TD></TR>
<TR BGCOLOR="#cceeff">
<TD VALIGN="top"> <P STYLE="margin-left:1.00em; text-indent:-1.00em"><FONT STYLE="font-family:Times New Roman" SIZE="2">Net income (loss)</FONT></P></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="2">$</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:Times New Roman" SIZE="2">6,730,000</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="2">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="2">$</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:Times New Roman" SIZE="2">(1,868,000</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="2">)&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="2">$</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:Times New Roman" SIZE="2">136,000</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="2">&nbsp;&nbsp;</FONT></TD></TR>
<TR STYLE="font-size:1px">
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"> <P STYLE="border-top:3px double #000000">&nbsp;</P></TD>
<TD VALIGN="bottom"> <P STYLE="border-top:3px double #000000">&nbsp;</P></TD>
<TD>&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"> <P STYLE="border-top:3px double #000000">&nbsp;</P></TD>
<TD VALIGN="bottom"> <P STYLE="border-top:3px double #000000">&nbsp;</P></TD>
<TD>&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"> <P STYLE="border-top:3px double #000000">&nbsp;</P></TD>
<TD VALIGN="bottom"> <P STYLE="border-top:3px double #000000">&nbsp;</P></TD>
<TD>&nbsp;</TD></TR>
<TR>
<TD VALIGN="top"> <P STYLE="margin-left:3.00em; text-indent:-1.00em"><FONT STYLE="font-family:Times New Roman" SIZE="2">RioCan</FONT></P></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="2">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:Times New Roman" SIZE="2">5,384,000</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="2">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="2">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:Times New Roman" SIZE="2">(1,493,000</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="2">)&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="2">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:Times New Roman" SIZE="2">109,000</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="2">&nbsp;&nbsp;</FONT></TD></TR>
<TR BGCOLOR="#cceeff">
<TD VALIGN="top"> <P STYLE="margin-left:3.00em; text-indent:-1.00em"><FONT STYLE="font-family:Times New Roman" SIZE="2">The Company</FONT></P></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="2">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:Times New Roman" SIZE="2">1,346,000</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="2">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="2">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:Times New Roman" SIZE="2">(375,000</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="2">)&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="2">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:Times New Roman" SIZE="2">27,000</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="2">&nbsp;&nbsp;</FONT></TD></TR>
<TR STYLE="font-size:1px">
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"> <P STYLE="border-top:1px solid #000000">&nbsp;</P></TD>
<TD VALIGN="bottom"> <P STYLE="border-top:1px solid #000000">&nbsp;</P></TD>
<TD>&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"> <P STYLE="border-top:1px solid #000000">&nbsp;</P></TD>
<TD VALIGN="bottom"> <P STYLE="border-top:1px solid #000000">&nbsp;</P></TD>
<TD>&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"> <P STYLE="border-top:1px solid #000000">&nbsp;</P></TD>
<TD VALIGN="bottom"> <P STYLE="border-top:1px solid #000000">&nbsp;</P></TD>
<TD>&nbsp;</TD></TR>
<TR>
<TD VALIGN="top"></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="2">$</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:Times New Roman" SIZE="2">6,730,000</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="2">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="2">$</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:Times New Roman" SIZE="2">(1,868,000</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="2">)&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="2">$</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:Times New Roman" SIZE="2">136,000</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="2">&nbsp;&nbsp;</FONT></TD></TR>
<TR STYLE="font-size:1px">
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"> <P STYLE="border-top:3px double #000000">&nbsp;</P></TD>
<TD VALIGN="bottom"> <P STYLE="border-top:3px double #000000">&nbsp;</P></TD>
<TD>&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"> <P STYLE="border-top:3px double #000000">&nbsp;</P></TD>
<TD VALIGN="bottom"> <P STYLE="border-top:3px double #000000">&nbsp;</P></TD>
<TD>&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"> <P STYLE="border-top:3px double #000000">&nbsp;</P></TD>
<TD VALIGN="bottom"> <P STYLE="border-top:3px double #000000">&nbsp;</P></TD>
<TD>&nbsp;</TD></TR>
</TABLE> <P STYLE="font-size:10px;margin-top:0px;margin-bottom:0px">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR>
<TD WIDTH="4%" VALIGN="top" ALIGN="left"><FONT STYLE="font-family:Times New Roman" SIZE="2">(a)</FONT></TD>
<TD ALIGN="left" VALIGN="top"> <P ALIGN="justify"><FONT STYLE="font-family:Times New Roman" SIZE="2">Includes $0.6 and $2.8 million, respectively, paid to former owners of certain acquired properties representing the values assigned for the
post-closing leasing of vacant spaces in excess of the fair value amounts estimated at closing. </FONT></P></TD></TR></TABLE> <P STYLE="margin-top:10px;margin-bottom:0px"><FONT STYLE="font-family:Times New Roman" SIZE="2"><B>Note 5 &#151;
Discontinued operations, land dispositions and write-off of investment in unconsolidated joint venture </B></FONT></P> <P STYLE="margin-top:10px;margin-bottom:0px; text-indent:4%" ALIGN="justify"><FONT STYLE="font-family:Times New Roman" SIZE="2">In
connection with management&#146;s review of the Company&#146;s real estate investments, the Company determined (1)&nbsp;to completely exit the Ohio market, principally the Discount Drug Mart portfolio of drugstore/convenience centers, and
concentrate on the mid-Atlantic and Northeast </FONT></P>
 <p STYLE="margin-top:0px;margin-bottom:0px"><FONT SIZE="1">&nbsp;</FONT></P> <P STYLE="margin-top:0px;margin-bottom:0px" ALIGN="center"><FONT STYLE="font-family:Times New Roman" SIZE="2">72 </FONT></P>



<p Style='page-break-before:always'>
<HR  SIZE="3" style="COLOR:#999999" WIDTH="100%" ALIGN="CENTER">
<h5 align="left"><a href="#toc">Table of Contents</a></h5>



 <P STYLE="margin-top:0px;margin-bottom:0px" ALIGN="center"><FONT STYLE="font-family:Times New Roman" SIZE="2"><B>Cedar Realty Trust, Inc. </B></FONT></P>
<P STYLE="margin-top:0px;margin-bottom:0px" ALIGN="center"><FONT STYLE="font-family:Times New Roman" SIZE="2"><B>Notes to Consolidated Financial Statements </B></FONT></P> <P STYLE="margin-top:0px;margin-bottom:0px" ALIGN="center"><FONT
STYLE="font-family:Times New Roman" SIZE="2"><B>December 31, 2011 </B></FONT></P> <p STYLE="margin-top:0px;margin-bottom:0px"><FONT SIZE="1">&nbsp;</FONT></P>
 <P STYLE="margin-top:0px;margin-bottom:0px" ALIGN="justify"><FONT STYLE="font-family:Times New Roman" SIZE="2">
coastal regions (four properties &#147;held for sale&#148; as of December&nbsp;31, 2011), (2)&nbsp;to concentrate on grocery-anchored strip centers, by disposing of its mall and
single-tenant/triple-net-lease properties (11 properties &#147;held for sale&#148; as of December&nbsp;31, 2011), and (3)&nbsp;to focus on improving operations and performance at the Company&#146;s remaining properties, and to reduce development
activities, by disposing of certain development projects, land acquired for development, and other non-core assets (five properties &#147;held for sale/conveyance&#148; as of December&nbsp;31, 2011). In addition, discontinued operations reflect the
anticipated consummation of the Homburg joint venture buy/sell transactions (seven properties &#147;held for sale&#148; as of December&nbsp;31, 2011). </FONT></P> <P STYLE="margin-top:10px;margin-bottom:0px; text-indent:4%" ALIGN="justify"><FONT
STYLE="font-family:Times New Roman" SIZE="2">The carrying values of the assets and liabilities of these properties, principally the net book values of the real estate and the related mortgage loans payable to be assumed by the buyers (or conveyed to
the mortgagee), have been reclassified as &#147;held for sale/conveyance&#148; on the Company&#146;s consolidated balance sheets at December&nbsp;31, 2011 and December&nbsp;31, 2010. The Company anticipates that sales of all such properties
classified as &#147;held for sale&#148; will be concluded during 2012. In addition, the properties&#146; results of operations have been classified as &#147;discontinued operations&#148; for all periods presented. Impairment charges relating to
operating properties are included in discontinued operations in the accompanying statements of operations; impairment charges relating to land parcels are included in operating income in the accompanying statements of operations. The impairment
charge amounts included in operating income for 2010 and 2009 relate to properties transferred to the Cedar/RioCan joint venture. The following is a summary of these charges: </FONT></P>
<P STYLE="font-size:10px;margin-top:0px;margin-bottom:0px">&nbsp;</P>
<TABLE CELLSPACING="0" CELLPADDING="0" WIDTH="100%" BORDER="0" STYLE="BORDER-COLLAPSE:COLLAPSE" ALIGN="center">


<TR STYLE="visibility:hidden; line-height:0pt; color:white">
<TD WIDTH="89%"></TD>
<TD VALIGN="bottom" WIDTH="1%"></TD>
<TD></TD>
<TD nowrap><FONT STYLE="Times New Roman" SIZE="1"><B>September 30,</B></FONT></TD>
<TD></TD>
<TD VALIGN="bottom" WIDTH="1%"></TD>
<TD></TD>
<TD nowrap><FONT STYLE="Times New Roman" SIZE="1"><B>September 30,</B></FONT></TD>
<TD></TD>
<TD VALIGN="bottom" WIDTH="1%"></TD>
<TD></TD>
<TD nowrap><FONT STYLE="Times New Roman" SIZE="1"><B>September 30,</B></FONT></TD>
<TD></TD></TR>
<TR>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" COLSPAN="10" ALIGN="center" STYLE="border-bottom:1px solid #000000"><FONT STYLE="font-family:Times New Roman" SIZE="1"><B>Years ended December&nbsp;31,</B></FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD></TR>
<TR>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" COLSPAN="2" ALIGN="center" STYLE="border-bottom:1px solid #000000"><FONT STYLE="font-family:Times New Roman" SIZE="1"><B>2011</B></FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" COLSPAN="2" ALIGN="center" STYLE="border-bottom:1px solid #000000"><FONT STYLE="font-family:Times New Roman" SIZE="1"><B>2010</B></FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" COLSPAN="2" ALIGN="center" STYLE="border-bottom:1px solid #000000"><FONT STYLE="font-family:Times New Roman" SIZE="1"><B>2009</B></FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD></TR>


<TR>
<TD HEIGHT="13"></TD>
<TD HEIGHT="13" COLSPAN="4"></TD>
<TD HEIGHT="13" COLSPAN="4"></TD>
<TD HEIGHT="13" COLSPAN="4"></TD></TR>
<TR BGCOLOR="#cceeff">
<TD VALIGN="top"> <P STYLE="margin-left:1.00em; text-indent:-1.00em"><FONT STYLE="font-family:Times New Roman" SIZE="2">Impairment charges&#151;land parcels and properties transferred to Cedar/RioCan joint venture</FONT></P></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="2">$</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:Times New Roman" SIZE="2">7,148,000</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="2">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="2">$</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:Times New Roman" SIZE="2">2,493,000</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="2">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="2">$</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:Times New Roman" SIZE="2">23,636,000</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="2">&nbsp;&nbsp;</FONT></TD></TR>
<TR STYLE="font-size:1px">
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"> <P STYLE="border-top:3px double #000000">&nbsp;</P></TD>
<TD VALIGN="bottom"> <P STYLE="border-top:3px double #000000">&nbsp;</P></TD>
<TD>&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"> <P STYLE="border-top:3px double #000000">&nbsp;</P></TD>
<TD VALIGN="bottom"> <P STYLE="border-top:3px double #000000">&nbsp;</P></TD>
<TD>&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"> <P STYLE="border-top:3px double #000000">&nbsp;</P></TD>
<TD VALIGN="bottom"> <P STYLE="border-top:3px double #000000">&nbsp;</P></TD>
<TD>&nbsp;</TD></TR>
<TR>
<TD VALIGN="top"> <P STYLE="margin-left:1.00em; text-indent:-1.00em"><FONT STYLE="font-family:Times New Roman" SIZE="2">Write-off of investment in unconsolidated joint venture</FONT></P></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="2">$</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:Times New Roman" SIZE="2">7,961,000</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="2">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="2">$</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:Times New Roman" SIZE="2">&#151;&nbsp;&nbsp;</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="2">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="2">$</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:Times New Roman" SIZE="2">&#151;&nbsp;&nbsp;</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="2">&nbsp;&nbsp;</FONT></TD></TR>
<TR STYLE="font-size:1px">
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"> <P STYLE="border-top:3px double #000000">&nbsp;</P></TD>
<TD VALIGN="bottom"> <P STYLE="border-top:3px double #000000">&nbsp;</P></TD>
<TD>&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"> <P STYLE="border-top:3px double #000000">&nbsp;</P></TD>
<TD VALIGN="bottom"> <P STYLE="border-top:3px double #000000">&nbsp;</P></TD>
<TD>&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"> <P STYLE="border-top:3px double #000000">&nbsp;</P></TD>
<TD VALIGN="bottom"> <P STYLE="border-top:3px double #000000">&nbsp;</P></TD>
<TD>&nbsp;</TD></TR>
<TR BGCOLOR="#cceeff">
<TD VALIGN="top"> <P STYLE="margin-left:1.00em; text-indent:-1.00em"><FONT STYLE="font-family:Times New Roman" SIZE="2">Impairment charges&#151;properties held for sale/conveyance</FONT></P></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="2">$</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:Times New Roman" SIZE="2">88,458,000</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="2">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="2">$</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:Times New Roman" SIZE="2">39,822,000</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="2">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="2">$</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:Times New Roman" SIZE="2">3,559,000</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="2">&nbsp;&nbsp;</FONT></TD></TR>
<TR STYLE="font-size:1px">
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"> <P STYLE="border-top:3px double #000000">&nbsp;</P></TD>
<TD VALIGN="bottom"> <P STYLE="border-top:3px double #000000">&nbsp;</P></TD>
<TD>&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"> <P STYLE="border-top:3px double #000000">&nbsp;</P></TD>
<TD VALIGN="bottom"> <P STYLE="border-top:3px double #000000">&nbsp;</P></TD>
<TD>&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"> <P STYLE="border-top:3px double #000000">&nbsp;</P></TD>
<TD VALIGN="bottom"> <P STYLE="border-top:3px double #000000">&nbsp;</P></TD>
<TD>&nbsp;</TD></TR>
</TABLE> <P STYLE="margin-top:10px;margin-bottom:0px; text-indent:4%" ALIGN="justify"><FONT STYLE="font-family:Times New Roman" SIZE="2">Impairment charges included in discontinued operations for 2011 included $11.1 million
related to the Discount Drug Mart portfolio, $33.1 million related to malls, $5.3 million related to single-tenant/triple-net-lease properties, $36.6 million related to development projects and other non-core properties, and $2.4 million related to
the Homburg joint venture properties. Impairment charges included in discontinued operations for 2010 included $26.8 million related to the Discount Drug Mart portfolio, $12.6 million related to malls, $0.1 million related to a
single-tenant/triple-net-lease property, and $0.3 million related to a development project. Impairment charges included in discontinued operations for 2009 included $2.4 million related to the Discount Drug Mart portfolio and $1.2 million related to
single-tenant/triple-net-lease properties. </FONT></P>
 <p STYLE="margin-top:0px;margin-bottom:0px"><FONT SIZE="1">&nbsp;</FONT></P> <P STYLE="margin-top:0px;margin-bottom:0px" ALIGN="center"><FONT STYLE="font-family:Times New Roman" SIZE="2">73 </FONT></P>



<p Style='page-break-before:always'>
<HR  SIZE="3" style="COLOR:#999999" WIDTH="100%" ALIGN="CENTER">
<h5 align="left"><a href="#toc">Table of Contents</a></h5>



 <P STYLE="margin-top:0px;margin-bottom:0px" ALIGN="center"><FONT STYLE="font-family:Times New Roman" SIZE="2"><B>Cedar Realty Trust, Inc. </B></FONT></P>
<P STYLE="margin-top:0px;margin-bottom:0px" ALIGN="center"><FONT STYLE="font-family:Times New Roman" SIZE="2"><B>Notes to Consolidated Financial Statements </B></FONT></P> <P STYLE="margin-top:0px;margin-bottom:0px" ALIGN="center"><FONT
STYLE="font-family:Times New Roman" SIZE="2"><B>December 31, 2011 </B></FONT></P> <p STYLE="margin-top:0px;margin-bottom:0px"><FONT SIZE="1">&nbsp;</FONT></P>
 <P STYLE="margin-top:0px;margin-bottom:0px; text-indent:4%" ALIGN="justify"><FONT STYLE="font-family:Times New Roman" SIZE="2">The impairment charges were based on a comparison of the carrying values
of the properties with either (1)&nbsp;the actual sales price less costs to sell for the properties sold or contract amounts for properties in the process of being sold, (2)&nbsp;estimated sales prices based on discounted cash flow analyses, if no
contract amounts were as yet being negotiated, as discussed in more detail in Note 6 &#151; &#147;Fair Value Measurements&#148;, (3)&nbsp;an &#147;as is&#148; appraisal with respect to the single-tenant property in Philadelphia, Pennsylvania to be
conveyed to the mortgagee, or (4)&nbsp;with respect to the land parcels, estimated sales prices. Prior to the Company&#146;s plan to dispose of properties reclassified to &#147;held for sale/conveyance&#148;, the Company performed recoverability
analyses based on the estimated undiscounted cash flows that were expected to result from the real estate investments&#146; use and eventual disposal. The projected undiscounted cash flows of each property reflected that the carrying value of each
real estate investment would be recovered. However, as a result of the properties&#146; meeting the &#147;held for sale&#148; criteria, such properties were written down to the lower of their carrying value and estimated fair values less costs to
sell as described above. </FONT></P> <P STYLE="margin-top:10px;margin-bottom:0px; text-indent:4%" ALIGN="justify"><FONT STYLE="font-family:Times New Roman" SIZE="2">The following is a summary of the components of (loss) income from discontinued
operations: </FONT></P> <P STYLE="font-size:10px;margin-top:0px;margin-bottom:0px">&nbsp;</P>
<TABLE CELLSPACING="0" CELLPADDING="0" WIDTH="100%" BORDER="0" STYLE="BORDER-COLLAPSE:COLLAPSE" ALIGN="center">


<TR STYLE="visibility:hidden; line-height:0pt; color:white">
<TD WIDTH="88%"></TD>
<TD VALIGN="bottom" WIDTH="1%"></TD>
<TD></TD>
<TD nowrap><FONT STYLE="Times New Roman" SIZE="1"><B>September 30,</B></FONT></TD>
<TD></TD>
<TD VALIGN="bottom" WIDTH="1%"></TD>
<TD></TD>
<TD nowrap><FONT STYLE="Times New Roman" SIZE="1"><B>September 30,</B></FONT></TD>
<TD></TD>
<TD VALIGN="bottom" WIDTH="1%"></TD>
<TD></TD>
<TD nowrap><FONT STYLE="Times New Roman" SIZE="1"><B>September 30,</B></FONT></TD>
<TD></TD></TR>
<TR>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" COLSPAN="10" ALIGN="center" STYLE="border-bottom:1px solid #000000"><FONT STYLE="font-family:Times New Roman" SIZE="1"><B>Years ended December&nbsp;31,</B></FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD></TR>
<TR>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" COLSPAN="2" ALIGN="center" STYLE="border-bottom:1px solid #000000"><FONT STYLE="font-family:Times New Roman" SIZE="1"><B>2011</B></FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" COLSPAN="2" ALIGN="center" STYLE="border-bottom:1px solid #000000"><FONT STYLE="font-family:Times New Roman" SIZE="1"><B>2010</B></FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" COLSPAN="2" ALIGN="center" STYLE="border-bottom:1px solid #000000"><FONT STYLE="font-family:Times New Roman" SIZE="1"><B>2009</B></FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD></TR>


<TR BGCOLOR="#cceeff">
<TD VALIGN="top"> <P STYLE="margin-left:1.00em; text-indent:-1.00em"><FONT STYLE="font-family:Times New Roman" SIZE="2">Revenues:</FONT></P></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD></TR>
<TR>
<TD VALIGN="top"> <P STYLE="margin-left:3.00em; text-indent:-1.00em"><FONT STYLE="font-family:Times New Roman" SIZE="2">Rents</FONT></P></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="2">$</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:Times New Roman" SIZE="2">26,986,000</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="2">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="2">$</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:Times New Roman" SIZE="2">30,287,000</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="2">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="2">$</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:Times New Roman" SIZE="2">34,944,000</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="2">&nbsp;&nbsp;</FONT></TD></TR>
<TR BGCOLOR="#cceeff">
<TD VALIGN="top"> <P STYLE="margin-left:3.00em; text-indent:-1.00em"><FONT STYLE="font-family:Times New Roman" SIZE="2">Expense recoveries</FONT></P></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="2">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:Times New Roman" SIZE="2">6,531,000</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="2">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="2">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:Times New Roman" SIZE="2">7,093,000</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="2">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="2">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:Times New Roman" SIZE="2">8,626,000</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="2">&nbsp;&nbsp;</FONT></TD></TR>
<TR>
<TD VALIGN="top"> <P STYLE="margin-left:3.00em; text-indent:-1.00em"><FONT STYLE="font-family:Times New Roman" SIZE="2">Other</FONT></P></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="2">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:Times New Roman" SIZE="2">527,000</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="2">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="2">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:Times New Roman" SIZE="2">81,000</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="2">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="2">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:Times New Roman" SIZE="2">1,127,000</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="2">&nbsp;&nbsp;</FONT></TD></TR>
<TR STYLE="font-size:1px">
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"> <P STYLE="border-top:1px solid #000000">&nbsp;</P></TD>
<TD VALIGN="bottom"> <P STYLE="border-top:1px solid #000000">&nbsp;</P></TD>
<TD>&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"> <P STYLE="border-top:1px solid #000000">&nbsp;</P></TD>
<TD VALIGN="bottom"> <P STYLE="border-top:1px solid #000000">&nbsp;</P></TD>
<TD>&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"> <P STYLE="border-top:1px solid #000000">&nbsp;</P></TD>
<TD VALIGN="bottom"> <P STYLE="border-top:1px solid #000000">&nbsp;</P></TD>
<TD>&nbsp;</TD></TR>
<TR BGCOLOR="#cceeff">
<TD VALIGN="top"> <P STYLE="margin-left:1.00em; text-indent:-1.00em"><FONT STYLE="font-family:Times New Roman" SIZE="2">Total revenues</FONT></P></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="2">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:Times New Roman" SIZE="2">34,044,000</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="2">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="2">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:Times New Roman" SIZE="2">37,461,000</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="2">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="2">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:Times New Roman" SIZE="2">44,697,000</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="2">&nbsp;&nbsp;</FONT></TD></TR>
<TR STYLE="font-size:1px">
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"> <P STYLE="border-top:1px solid #000000">&nbsp;</P></TD>
<TD VALIGN="bottom"> <P STYLE="border-top:1px solid #000000">&nbsp;</P></TD>
<TD>&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"> <P STYLE="border-top:1px solid #000000">&nbsp;</P></TD>
<TD VALIGN="bottom"> <P STYLE="border-top:1px solid #000000">&nbsp;</P></TD>
<TD>&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"> <P STYLE="border-top:1px solid #000000">&nbsp;</P></TD>
<TD VALIGN="bottom"> <P STYLE="border-top:1px solid #000000">&nbsp;</P></TD>
<TD>&nbsp;</TD></TR>
<TR>
<TD VALIGN="top"> <P STYLE="margin-left:1.00em; text-indent:-1.00em"><FONT STYLE="font-family:Times New Roman" SIZE="2">Expenses:</FONT></P></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD></TR>
<TR BGCOLOR="#cceeff">
<TD VALIGN="top"> <P STYLE="margin-left:3.00em; text-indent:-1.00em"><FONT STYLE="font-family:Times New Roman" SIZE="2">Operating, maintenance and management</FONT></P></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="2">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:Times New Roman" SIZE="2">9,045,000</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="2">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="2">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:Times New Roman" SIZE="2">10,108,000</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="2">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="2">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:Times New Roman" SIZE="2">10,181,000</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="2">&nbsp;&nbsp;</FONT></TD></TR>
<TR>
<TD VALIGN="top"> <P STYLE="margin-left:3.00em; text-indent:-1.00em"><FONT STYLE="font-family:Times New Roman" SIZE="2">Real estate and other property-related taxes</FONT></P></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="2">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:Times New Roman" SIZE="2">5,375,000</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="2">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="2">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:Times New Roman" SIZE="2">5,411,000</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="2">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="2">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:Times New Roman" SIZE="2">5,888,000</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="2">&nbsp;&nbsp;</FONT></TD></TR>
<TR BGCOLOR="#cceeff">
<TD VALIGN="top"> <P STYLE="margin-left:3.00em; text-indent:-1.00em"><FONT STYLE="font-family:Times New Roman" SIZE="2">Depreciation and amortization</FONT></P></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="2">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:Times New Roman" SIZE="2">5,356,000</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="2">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="2">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:Times New Roman" SIZE="2">11,571,000</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="2">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="2">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:Times New Roman" SIZE="2">12,559,000</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="2">&nbsp;&nbsp;</FONT></TD></TR>
<TR>
<TD VALIGN="top"> <P STYLE="margin-left:3.00em; text-indent:-1.00em"><FONT STYLE="font-family:Times New Roman" SIZE="2">Interest expense</FONT></P></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="2">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:Times New Roman" SIZE="2">9,255,000</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="2">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="2">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:Times New Roman" SIZE="2">8,647,000</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="2">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="2">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:Times New Roman" SIZE="2">9,015,000</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="2">&nbsp;&nbsp;</FONT></TD></TR>
<TR STYLE="font-size:1px">
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"> <P STYLE="border-top:1px solid #000000">&nbsp;</P></TD>
<TD VALIGN="bottom"> <P STYLE="border-top:1px solid #000000">&nbsp;</P></TD>
<TD>&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"> <P STYLE="border-top:1px solid #000000">&nbsp;</P></TD>
<TD VALIGN="bottom"> <P STYLE="border-top:1px solid #000000">&nbsp;</P></TD>
<TD>&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"> <P STYLE="border-top:1px solid #000000">&nbsp;</P></TD>
<TD VALIGN="bottom"> <P STYLE="border-top:1px solid #000000">&nbsp;</P></TD>
<TD>&nbsp;</TD></TR>
<TR BGCOLOR="#cceeff">
<TD VALIGN="top"></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="2">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:Times New Roman" SIZE="2">29,031,000</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="2">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="2">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:Times New Roman" SIZE="2">35,737,000</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="2">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="2">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:Times New Roman" SIZE="2">37,643,000</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="2">&nbsp;&nbsp;</FONT></TD></TR>
<TR STYLE="font-size:1px">
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"> <P STYLE="border-top:1px solid #000000">&nbsp;</P></TD>
<TD VALIGN="bottom"> <P STYLE="border-top:1px solid #000000">&nbsp;</P></TD>
<TD>&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"> <P STYLE="border-top:1px solid #000000">&nbsp;</P></TD>
<TD VALIGN="bottom"> <P STYLE="border-top:1px solid #000000">&nbsp;</P></TD>
<TD>&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"> <P STYLE="border-top:1px solid #000000">&nbsp;</P></TD>
<TD VALIGN="bottom"> <P STYLE="border-top:1px solid #000000">&nbsp;</P></TD>
<TD>&nbsp;</TD></TR>
<TR>
<TD VALIGN="top"> <P STYLE="margin-left:1.00em; text-indent:-1.00em"><FONT STYLE="font-family:Times New Roman" SIZE="2">Income from discontinued operations before impairment charges</FONT></P></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="2">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:Times New Roman" SIZE="2">5,013,000</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="2">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="2">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:Times New Roman" SIZE="2">1,724,000</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="2">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="2">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:Times New Roman" SIZE="2">7,054,000</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="2">&nbsp;&nbsp;</FONT></TD></TR>
<TR STYLE="font-size:1px">
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"> <P STYLE="border-top:1px solid #000000">&nbsp;</P></TD>
<TD VALIGN="bottom"> <P STYLE="border-top:1px solid #000000">&nbsp;</P></TD>
<TD>&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"> <P STYLE="border-top:1px solid #000000">&nbsp;</P></TD>
<TD VALIGN="bottom"> <P STYLE="border-top:1px solid #000000">&nbsp;</P></TD>
<TD>&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"> <P STYLE="border-top:1px solid #000000">&nbsp;</P></TD>
<TD VALIGN="bottom"> <P STYLE="border-top:1px solid #000000">&nbsp;</P></TD>
<TD>&nbsp;</TD></TR>
<TR BGCOLOR="#cceeff">
<TD VALIGN="top"> <P STYLE="margin-left:1.00em; text-indent:-1.00em"><FONT STYLE="font-family:Times New Roman" SIZE="2">Impairment charges</FONT></P></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="2">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:Times New Roman" SIZE="2">(88,458,000</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="2">)&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="2">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:Times New Roman" SIZE="2">(39,822,000</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="2">)&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="2">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:Times New Roman" SIZE="2">(3,559,000</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="2">)&nbsp;</FONT></TD></TR>
<TR STYLE="font-size:1px">
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"> <P STYLE="border-top:1px solid #000000">&nbsp;</P></TD>
<TD VALIGN="bottom"> <P STYLE="border-top:1px solid #000000">&nbsp;</P></TD>
<TD>&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"> <P STYLE="border-top:1px solid #000000">&nbsp;</P></TD>
<TD VALIGN="bottom"> <P STYLE="border-top:1px solid #000000">&nbsp;</P></TD>
<TD>&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"> <P STYLE="border-top:1px solid #000000">&nbsp;</P></TD>
<TD VALIGN="bottom"> <P STYLE="border-top:1px solid #000000">&nbsp;</P></TD>
<TD>&nbsp;</TD></TR>
<TR>
<TD VALIGN="top"> <P STYLE="margin-left:1.00em; text-indent:-1.00em"><FONT STYLE="font-family:Times New Roman" SIZE="2">(Loss) income from discontinued operations</FONT></P></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="2">$</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:Times New Roman" SIZE="2">(83,445,000</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="2">)&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="2">$</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:Times New Roman" SIZE="2">(38,098,000</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="2">)&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="2">$</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:Times New Roman" SIZE="2">3,495,000</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="2">&nbsp;&nbsp;</FONT></TD></TR>
<TR STYLE="font-size:1px">
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"> <P STYLE="border-top:3px double #000000">&nbsp;</P></TD>
<TD VALIGN="bottom"> <P STYLE="border-top:3px double #000000">&nbsp;</P></TD>
<TD>&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"> <P STYLE="border-top:3px double #000000">&nbsp;</P></TD>
<TD VALIGN="bottom"> <P STYLE="border-top:3px double #000000">&nbsp;</P></TD>
<TD>&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"> <P STYLE="border-top:3px double #000000">&nbsp;</P></TD>
<TD VALIGN="bottom"> <P STYLE="border-top:3px double #000000">&nbsp;</P></TD>
<TD>&nbsp;</TD></TR>
<TR>
<TD HEIGHT="13"></TD>
<TD HEIGHT="13" COLSPAN="4"></TD>
<TD HEIGHT="13" COLSPAN="4"></TD>
<TD HEIGHT="13" COLSPAN="4"></TD></TR>
<TR BGCOLOR="#cceeff">
<TD VALIGN="top"> <P STYLE="margin-left:1.00em; text-indent:-1.00em"><FONT STYLE="font-family:Times New Roman" SIZE="2">Gain on sales of discontinued operations</FONT></P></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="2">$</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:Times New Roman" SIZE="2">884,000</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="2">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="2">$</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:Times New Roman" SIZE="2">170,000</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="2">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="2">$</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:Times New Roman" SIZE="2">557,000</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="2">&nbsp;&nbsp;</FONT></TD></TR>
<TR STYLE="font-size:1px">
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"> <P STYLE="border-top:3px double #000000">&nbsp;</P></TD>
<TD VALIGN="bottom"> <P STYLE="border-top:3px double #000000">&nbsp;</P></TD>
<TD>&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"> <P STYLE="border-top:3px double #000000">&nbsp;</P></TD>
<TD VALIGN="bottom"> <P STYLE="border-top:3px double #000000">&nbsp;</P></TD>
<TD>&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"> <P STYLE="border-top:3px double #000000">&nbsp;</P></TD>
<TD VALIGN="bottom"> <P STYLE="border-top:3px double #000000">&nbsp;</P></TD>
<TD>&nbsp;</TD></TR>
</TABLE>
 <p STYLE="margin-top:0px;margin-bottom:0px"><FONT SIZE="1">&nbsp;</FONT></P> <P STYLE="margin-top:0px;margin-bottom:0px" ALIGN="center"><FONT STYLE="font-family:Times New Roman" SIZE="2">74 </FONT></P>



<p Style='page-break-before:always'>
<HR  SIZE="3" style="COLOR:#999999" WIDTH="100%" ALIGN="CENTER">
<h5 align="left"><a href="#toc">Table of Contents</a></h5>



 <P STYLE="margin-top:0px;margin-bottom:0px" ALIGN="center"><FONT STYLE="font-family:Times New Roman" SIZE="2"><B>Cedar Realty Trust, Inc. </B></FONT></P>
<P STYLE="margin-top:0px;margin-bottom:0px" ALIGN="center"><FONT STYLE="font-family:Times New Roman" SIZE="2"><B>Notes to Consolidated Financial Statements </B></FONT></P> <P STYLE="margin-top:0px;margin-bottom:0px" ALIGN="center"><FONT
STYLE="font-family:Times New Roman" SIZE="2"><B>December 31, 2011 </B></FONT></P> <p STYLE="margin-top:0px;margin-bottom:0px"><FONT SIZE="1">&nbsp;</FONT></P>
 <P STYLE="margin-top:0px;margin-bottom:0px; text-indent:4%" ALIGN="justify"><FONT STYLE="font-family:Times New Roman" SIZE="2">During 2011, the Company completed the following transactions related to
properties &#147;held for sale/conveyance&#148;: </FONT></P> <P STYLE="font-size:10px;margin-top:0px;margin-bottom:0px">&nbsp;</P>
<TABLE CELLSPACING="0" CELLPADDING="0" WIDTH="100%" BORDER="0" STYLE="BORDER-COLLAPSE:COLLAPSE" ALIGN="center">


<TR STYLE="visibility:hidden; line-height:0pt; color:white">
<TD WIDTH="89%"></TD>
<TD VALIGN="bottom" WIDTH="1%"></TD>
<TD nowrap><FONT STYLE="Times New Roman" SIZE="1"><B>September 30,</B></FONT></TD>
<TD VALIGN="bottom" WIDTH="1%"></TD>
<TD></TD>
<TD nowrap><FONT STYLE="Times New Roman" SIZE="1"><B>September 30,</B></FONT></TD>
<TD></TD>
<TD VALIGN="bottom" WIDTH="1%"></TD>
<TD></TD>
<TD nowrap><FONT STYLE="Times New Roman" SIZE="1"><B>September 30,</B></FONT></TD>
<TD></TD>
<TD VALIGN="bottom" WIDTH="1%"></TD>
<TD></TD>
<TD nowrap><FONT STYLE="Times New Roman" SIZE="1"><B>September 30,</B></FONT></TD>
<TD></TD></TR>
<TR>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" COLSPAN="2" ALIGN="center"><FONT STYLE="font-family:Times New Roman" SIZE="1"><B>Date</B></FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" COLSPAN="2" ALIGN="center"><FONT STYLE="font-family:Times New Roman" SIZE="1"><B>Sales</B></FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" COLSPAN="2" ALIGN="center"><FONT STYLE="font-family:Times New Roman" SIZE="1"><B>Gain on</B></FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD></TR>
<TR>
<TD VALIGN="bottom" NOWRAP> <P STYLE="border-bottom:1px solid #000000;width:30pt"><FONT STYLE="font-family:Times New Roman" SIZE="1"><B>Property</B></FONT></P></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="center" STYLE="border-bottom:1px solid #000000"><FONT STYLE="font-family:Times New Roman" SIZE="1"><B>Location</B></FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" COLSPAN="2" ALIGN="center" STYLE="border-bottom:1px solid #000000"><FONT STYLE="font-family:Times New Roman" SIZE="1"><B>Sold</B></FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" COLSPAN="2" ALIGN="center" STYLE="border-bottom:1px solid #000000"><FONT STYLE="font-family:Times New Roman" SIZE="1"><B>Price</B></FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" COLSPAN="2" ALIGN="center" STYLE="border-bottom:1px solid #000000"><FONT STYLE="font-family:Times New Roman" SIZE="1"><B>Sale</B></FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD></TR>


<TR>
<TD HEIGHT="13"></TD>
<TD HEIGHT="13" COLSPAN="2"></TD>
<TD HEIGHT="13" COLSPAN="4"></TD>
<TD HEIGHT="13" COLSPAN="4"></TD>
<TD HEIGHT="13" COLSPAN="4"></TD></TR>
<TR BGCOLOR="#cceeff">
<TD VALIGN="top"> <P STYLE="margin-left:1.00em; text-indent:-1.00em"><FONT STYLE="font-family:Times New Roman" SIZE="2">Bergstrasse Land</FONT></P></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="2">Ephrata, PA</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="2">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:Times New Roman" SIZE="2">2/14/2011</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="2">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="2">$</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:Times New Roman" SIZE="2">1,900,000</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="2">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="2">$</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:Times New Roman" SIZE="2">33,000</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="2">&nbsp;&nbsp;</FONT></TD></TR>
<TR>
<TD VALIGN="top"> <P STYLE="margin-left:1.00em; text-indent:-1.00em"><FONT STYLE="font-family:Times New Roman" SIZE="2">Two properties</FONT></P></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="2">OH</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="2">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:Times New Roman" SIZE="2">3/30/2011</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="2">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="2">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:Times New Roman" SIZE="2">4,032,000</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="2">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="2">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:Times New Roman" SIZE="2">&#151;&nbsp;&nbsp;</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="2">&nbsp;&nbsp;</FONT></TD></TR>
<TR BGCOLOR="#cceeff">
<TD VALIGN="top"> <P STYLE="margin-left:1.00em; text-indent:-1.00em"><FONT STYLE="font-family:Times New Roman" SIZE="2">Fairfield Plaza</FONT></P></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="2">Fairfield, CT</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="2">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:Times New Roman" SIZE="2">4/15/2011</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="2">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="2">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:Times New Roman" SIZE="2">10,840,000</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="2">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="2">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:Times New Roman" SIZE="2">470,000</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="2">&nbsp;&nbsp;</FONT></TD></TR>
<TR>
<TD VALIGN="top"> <P STYLE="margin-left:1.00em; text-indent:-1.00em"><FONT STYLE="font-family:Times New Roman" SIZE="2">CVS at Kingston</FONT></P></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="2">Kingston, NY</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="2">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:Times New Roman" SIZE="2">11/14/2011</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="2">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="2">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:Times New Roman" SIZE="2">5,250,000</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="2">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="2">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:Times New Roman" SIZE="2">185,000</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="2">&nbsp;&nbsp;</FONT></TD></TR>
<TR BGCOLOR="#cceeff">
<TD VALIGN="top"> <P STYLE="margin-left:1.00em; text-indent:-1.00em"><FONT STYLE="font-family:Times New Roman" SIZE="2">CVS at Kinderhook</FONT></P></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="2">Kinderhook,&nbsp;NY</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="2">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:Times New Roman" SIZE="2">12/8/2011</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="2">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="2">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:Times New Roman" SIZE="2">4,000,000</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="2">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="2">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:Times New Roman" SIZE="2">196,000</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="2">&nbsp;&nbsp;</FONT></TD></TR>
<TR>
<TD VALIGN="top"> <P STYLE="margin-left:1.00em; text-indent:-1.00em"><FONT STYLE="font-family:Times New Roman" SIZE="2">Shoppes at Salem Run</FONT></P></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="2">Fredericksburg,&nbsp;VA</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="2">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:Times New Roman" SIZE="2">12/12/2011</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="2">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="2">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:Times New Roman" SIZE="2">1,675,000</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="2">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="2">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:Times New Roman" SIZE="2">&#151;&nbsp;&nbsp;</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="2">&nbsp;&nbsp;</FONT></TD></TR>
<TR BGCOLOR="#cceeff">
<TD VALIGN="top"> <P STYLE="margin-left:1.00em; text-indent:-1.00em"><FONT STYLE="font-family:Times New Roman" SIZE="2">Virginia Center Commons</FONT></P></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="2">Glen Allen, VA</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="2">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:Times New Roman" SIZE="2">12/21/2011</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="2">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="2">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:Times New Roman" SIZE="2">3,550,000</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="2">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="2">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:Times New Roman" SIZE="2">&#151;&nbsp;&nbsp;</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="2">&nbsp;&nbsp;</FONT></TD></TR>
<TR>
<TD VALIGN="top"> <P STYLE="margin-left:1.00em; text-indent:-1.00em"><FONT STYLE="font-family:Times New Roman" SIZE="2">Nine properties</FONT></P></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="2">OH</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="2">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:Times New Roman" SIZE="2">12/28/2011</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="2">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="2">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:Times New Roman" SIZE="2">25,257,000</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="2">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="2">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:Times New Roman" SIZE="2">&#151;&nbsp;&nbsp;</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="2">&nbsp;&nbsp;</FONT></TD></TR>
</TABLE> <P STYLE="margin-top:10px;margin-bottom:0px; text-indent:4%" ALIGN="justify"><FONT STYLE="font-family:Times New Roman" SIZE="2">The Company is also planning to arrange conveyances of three other Ohio properties to
their respective mortgagees by deed-in-lieu of foreclosure processes, whereby the Company&#146;s subsidiaries would be released from all obligations, including any unpaid principal and interest. No payments have been made on these mortgages
subsequent to December&nbsp;31, 2011. </FONT></P> <P STYLE="margin-top:10px;margin-bottom:0px; text-indent:4%" ALIGN="justify"><FONT STYLE="font-family:Times New Roman" SIZE="2">During 2010, the Company completed the following transactions related
to properties &#147;held for sale/conveyance&#148;: </FONT></P> <P STYLE="font-size:10px;margin-top:0px;margin-bottom:0px">&nbsp;</P>
<TABLE CELLSPACING="0" CELLPADDING="0" WIDTH="100%" BORDER="0" STYLE="BORDER-COLLAPSE:COLLAPSE" ALIGN="center">


<TR STYLE="visibility:hidden; line-height:0pt; color:white">
<TD WIDTH="89%"></TD>
<TD VALIGN="bottom" WIDTH="1%"></TD>
<TD nowrap><FONT STYLE="Times New Roman" SIZE="1"><B>September 30,</B></FONT></TD>
<TD VALIGN="bottom" WIDTH="1%"></TD>
<TD></TD>
<TD nowrap><FONT STYLE="Times New Roman" SIZE="1"><B>September 30,</B></FONT></TD>
<TD></TD>
<TD VALIGN="bottom" WIDTH="1%"></TD>
<TD></TD>
<TD nowrap><FONT STYLE="Times New Roman" SIZE="1"><B>September 30,</B></FONT></TD>
<TD></TD>
<TD VALIGN="bottom" WIDTH="1%"></TD>
<TD></TD>
<TD nowrap><FONT STYLE="Times New Roman" SIZE="1"><B>September 30,</B></FONT></TD>
<TD></TD></TR>
<TR>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" COLSPAN="2" ALIGN="center"><FONT STYLE="font-family:Times New Roman" SIZE="1"><B>Date</B></FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" COLSPAN="2" ALIGN="center"><FONT STYLE="font-family:Times New Roman" SIZE="1"><B>Sales</B></FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" COLSPAN="2" ALIGN="center"><FONT STYLE="font-family:Times New Roman" SIZE="1"><B>Gain on</B></FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD></TR>
<TR>
<TD VALIGN="bottom" NOWRAP> <P STYLE="border-bottom:1px solid #000000;width:30pt"><FONT STYLE="font-family:Times New Roman" SIZE="1"><B>Property</B></FONT></P></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="center" STYLE="border-bottom:1px solid #000000"><FONT STYLE="font-family:Times New Roman" SIZE="1"><B>Location</B></FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" COLSPAN="2" ALIGN="center" STYLE="border-bottom:1px solid #000000"><FONT STYLE="font-family:Times New Roman" SIZE="1"><B>Sold</B></FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" COLSPAN="2" ALIGN="center" STYLE="border-bottom:1px solid #000000"><FONT STYLE="font-family:Times New Roman" SIZE="1"><B>Price</B></FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" COLSPAN="2" ALIGN="center" STYLE="border-bottom:1px solid #000000"><FONT STYLE="font-family:Times New Roman" SIZE="1"><B>Sale</B></FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD></TR>


<TR>
<TD HEIGHT="13"></TD>
<TD HEIGHT="13" COLSPAN="2"></TD>
<TD HEIGHT="13" COLSPAN="4"></TD>
<TD HEIGHT="13" COLSPAN="4"></TD>
<TD HEIGHT="13" COLSPAN="4"></TD></TR>
<TR BGCOLOR="#cceeff">
<TD VALIGN="top"> <P STYLE="margin-left:1.00em; text-indent:-1.00em"><FONT STYLE="font-family:Times New Roman" SIZE="2">Carrollton Discount Drug Mart Plaza</FONT></P></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="2">Carrollton,&nbsp;OH</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="2">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:Times New Roman" SIZE="2">1/28/2010</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="2">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="2">$</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:Times New Roman" SIZE="2">3,300,000</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="2">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="2">$</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:Times New Roman" SIZE="2">&#151;&nbsp;&nbsp;</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="2">&nbsp;&nbsp;</FONT></TD></TR>
<TR>
<TD VALIGN="top"> <P STYLE="margin-left:1.00em; text-indent:-1.00em"><FONT STYLE="font-family:Times New Roman" SIZE="2">Pondside Plaza</FONT></P></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="2">Geneseo, NY</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="2">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:Times New Roman" SIZE="2">2/4/2010</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="2">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="2">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:Times New Roman" SIZE="2">1,600,000</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="2">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="2">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:Times New Roman" SIZE="2">&#151;&nbsp;&nbsp;</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="2">&nbsp;&nbsp;</FONT></TD></TR>
<TR BGCOLOR="#cceeff">
<TD VALIGN="top"> <P STYLE="margin-left:1.00em; text-indent:-1.00em"><FONT STYLE="font-family:Times New Roman" SIZE="2">Family Dollar at Zanesville</FONT></P></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="2">Zanesville,&nbsp;OH</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="2">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:Times New Roman" SIZE="2">2/25/2010</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="2">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="2">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:Times New Roman" SIZE="2">575,000</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="2">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="2">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:Times New Roman" SIZE="2">170,000</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="2">&nbsp;&nbsp;</FONT></TD></TR>
<TR>
<TD VALIGN="top"> <P STYLE="margin-left:1.00em; text-indent:-1.00em"><FONT STYLE="font-family:Times New Roman" SIZE="2">Powell Discount Drug Mart Plaza</FONT></P></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="2">Powell, OH</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="2">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:Times New Roman" SIZE="2">3/23/2010</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="2">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="2">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:Times New Roman" SIZE="2">5,150,000</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="2">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="2">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:Times New Roman" SIZE="2">&#151;&nbsp;&nbsp;</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="2">&nbsp;&nbsp;</FONT></TD></TR>
<TR BGCOLOR="#cceeff">
<TD VALIGN="top"> <P STYLE="margin-left:1.00em; text-indent:-1.00em"><FONT STYLE="font-family:Times New Roman" SIZE="2">Long Reach Village</FONT></P></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="2">Columbia, MD</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="2">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:Times New Roman" SIZE="2">10/29/2010</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="2">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="2">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:Times New Roman" SIZE="2">5,500,000</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="2">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="2">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:Times New Roman" SIZE="2">&#151;&nbsp;&nbsp;</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="2">&nbsp;&nbsp;</FONT></TD></TR>
</TABLE> <P STYLE="margin-top:10px;margin-bottom:0px; text-indent:4%" ALIGN="justify"><FONT STYLE="font-family:Times New Roman" SIZE="2"><B>Homburg Joint Venture.</B> In February 2011, Homburg Invest Inc. (&#147;HII&#148;)
exercised its buy/sell option pursuant to the terms of the joint venture agreements for each of the nine properties owned by the venture. The offered values for the properties, in the aggregate, amounted to approximately $55.0 million over existing
property-specific financing (approximately $100.9 million at December&nbsp;31, 2011). Currently, the Company has made elections to purchase HII&#146;s 80% interest in two of the nine properties, Meadows Marketplace, located in Hershey, Pennsylvania
and Fieldstone Marketplace, located in New Bedford, </FONT></P>
 <p STYLE="margin-top:0px;margin-bottom:0px"><FONT SIZE="1">&nbsp;</FONT></P> <P STYLE="margin-top:0px;margin-bottom:0px" ALIGN="center"><FONT STYLE="font-family:Times New Roman" SIZE="2">75 </FONT></P>



<p Style='page-break-before:always'>
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<h5 align="left"><a href="#toc">Table of Contents</a></h5>



 <P STYLE="margin-top:0px;margin-bottom:0px" ALIGN="center"><FONT STYLE="font-family:Times New Roman" SIZE="2"><B>Cedar Realty Trust, Inc. </B></FONT></P>
<P STYLE="margin-top:0px;margin-bottom:0px" ALIGN="center"><FONT STYLE="font-family:Times New Roman" SIZE="2"><B>Notes to Consolidated Financial Statements </B></FONT></P> <P STYLE="margin-top:0px;margin-bottom:0px" ALIGN="center"><FONT
STYLE="font-family:Times New Roman" SIZE="2"><B>December 31, 2011 </B></FONT></P> <p STYLE="margin-top:0px;margin-bottom:0px"><FONT SIZE="1">&nbsp;</FONT></P>
 <P STYLE="margin-top:0px;margin-bottom:0px" ALIGN="justify"><FONT STYLE="font-family:Times New Roman" SIZE="2">
Massachusetts. At the closing, the Company will pay approximately $5.5 million to HII for its 80% interest in the two properties; the outstanding balances of the mortgage loans payable on the
properties were approximately $27.7 million at December&nbsp;31, 2011. The Company also determined not to meet HII&#146;s buy/sell offers for each of the remaining seven properties, which are now being treated as &#147;held for
sale/conveyance&#148;. At the closing, the Company will receive proceeds of approximately $8.3 million from HII for its 20% interest in the seven properties; the outstanding balances of the mortgage loans payable on the properties aggregated
approximately $73.2 million at December&nbsp;31, 2011. The Company&#146;s property management agreements for the seven properties will terminate upon the closing of the sale. Although there are still uncertainties with respect to the obtaining of
the required approvals of the lenders holding mortgages on the properties, the Company anticipates that the contemplated transactions will close in 2012. </FONT></P> <P STYLE="margin-top:10px;margin-bottom:0px; text-indent:4%" ALIGN="justify"><FONT
STYLE="font-family:Times New Roman" SIZE="2"><B>Philadelphia Redevelopment Property.</B> The tenant at two properties, one owned in an unconsolidated joint venture and the other owned 100% by the Company (acquired in October 2010), vacated both
premises in April 2011, at which time both the joint venture and the Company&#146;s wholly-owned subsidiary had CMBS non-recourse first mortgage loans secured by the properties in the amounts of $14.7 million due for payment in May 2011 and $12.9
million due for payment in March 2012, respectively ($250,000 of the $12.9 million loan is guaranteed by the Company). The Company reviewed its investment alternatives and determined that it would not be prudent to proceed with the development, sale
or lease of the properties, or to advance the funds necessary to pay off the mortgages. Such determination was based on the uncertainty in obtaining favorable revisions to zoning, difficult existing deed restrictions, the uncertainty in achieving
required economic returns given the extensive additional capital investments required, and uncertain current market conditions for sale or lease. Accordingly, the Company wrote off its investment in the joint venture ($8.0 million&#151;see Note
2&#151;&#147;Summary of Significant Accounting Policies &#150; Principles of Consolidation/Basis of Preparation&#148;), and recorded an impairment charge related to the value of the 100%-owned property ($9.1 million, included in discontinued
operations). No payments have been made on the 100%-owned property mortgage since May 2011, although the Company has been accruing interest expense and will pay certain property-related maintenance/security expenses as they become due. The Company
is negotiating a conveyance of the property to the mortgagee by a deed-in-lieu of foreclosure process, whereby the Company&#146;s subsidiary would be released from all obligations, including any unpaid principal and interest (other than the
aforementioned $250,000 guaranty). At the time of such conveyance, the Company would recognize a gain based on the excess of the carrying amount of the liabilities (mortgage principal and any accrued property-related expenses) over the carrying
amount of the property (approximately $6.8 million as of December&nbsp;31, 2011). </FONT></P> <P STYLE="margin-top:10px;margin-bottom:0px; text-indent:4%" ALIGN="justify"><FONT STYLE="font-family:Times New Roman" SIZE="2"><B>Ohio Properties.
</B>Impairment charges related to these properties recorded in 2011 included additional charges of approximately $10.5 million, principally representing adjustments to the net realizable values of certain of the properties treated as &#147;held for
sale/conveyance&#148; as of December&nbsp;31, 2010. The additional charges were based principally on changes in the structure of previously-negotiated transactions, whereby (1)&nbsp;the Company terminated a contract to swap three
</FONT></P>
 <p STYLE="margin-top:0px;margin-bottom:0px"><FONT SIZE="1">&nbsp;</FONT></P> <P STYLE="margin-top:0px;margin-bottom:0px" ALIGN="center"><FONT STYLE="font-family:Times New Roman" SIZE="2">76 </FONT></P>



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 <P STYLE="margin-top:0px;margin-bottom:0px" ALIGN="center"><FONT STYLE="font-family:Times New Roman" SIZE="2"><B>Cedar Realty Trust, Inc. </B></FONT></P>
<P STYLE="margin-top:0px;margin-bottom:0px" ALIGN="center"><FONT STYLE="font-family:Times New Roman" SIZE="2"><B>Notes to Consolidated Financial Statements </B></FONT></P> <P STYLE="margin-top:0px;margin-bottom:0px" ALIGN="center"><FONT
STYLE="font-family:Times New Roman" SIZE="2"><B>December 31, 2011 </B></FONT></P> <p STYLE="margin-top:0px;margin-bottom:0px"><FONT SIZE="1">&nbsp;</FONT></P>
 <P STYLE="margin-top:0px;margin-bottom:0px" ALIGN="justify"><FONT STYLE="font-family:Times New Roman" SIZE="2">
properties for certain land parcels in Ohio and instead entered into a new agreement to sell the properties for cash and assumption of existing debt, and (2)&nbsp;as a result of amending its
contract for the sale of the 12 properties discussed below, the Company revalued the properties on an individual, and not portfolio, basis (the buyers in both cases being members of the group from which the Company originally acquired substantially
all of its drug store/convenience centers). </FONT></P> <P STYLE="margin-top:10px;margin-bottom:0px; text-indent:4%" ALIGN="justify"><FONT STYLE="font-family:Times New Roman" SIZE="2">On April&nbsp;27, 2011, the Company made a two-year $4.1 million
loan to the developers of a site located in Columbus, Ohio (the developers are certain other members of the group from which the Company acquired substantially all of its drug store/convenience centers). The loan was made in consideration of the
borrowers facilitating (but not being parties to) the contract for the sale of the 12 properties. The loan (which may be increased, under certain conditions, by an additional $300,000) bears interest at 6.25%&nbsp;per annum and is collateralized by
a first mortgage on the development parcel. The balance of the loan and accrued interest aggregated $4.3 million as of December&nbsp;31, 2011. </FONT></P> <P STYLE="margin-top:10px;margin-bottom:0px; text-indent:4%" ALIGN="justify"><FONT
STYLE="font-family:Times New Roman" SIZE="2">On April&nbsp;29, 2011, the Company entered into a contract, as subsequently amended, for the sale of 12 properties, subject to the obtaining of approvals of the lenders holding mortgages on the
properties. The $28.0 million net aggregate sales price for the properties, after reflecting estimated closing costs and expenses, includes mortgage loans payable to be assumed and approximates the properties&#146; carrying values. The sales of nine
of the properties closed on December&nbsp;28, 2011. Two of the remaining properties were sold in early 2012, with the remaining property expected to be sold during 2012. </FONT></P>
 <P STYLE="margin-top:10px;margin-bottom:0px"><FONT STYLE="font-family:Times New Roman" SIZE="2"><B>Note 6. Fair Value Measurements </B></FONT></P>
 <P STYLE="margin-top:10px;margin-bottom:0px; text-indent:4%" ALIGN="justify"><FONT STYLE="font-family:Times New Roman" SIZE="2">The carrying amounts of cash and cash equivalents, restricted cash, rents and other receivables,
certain other assets, accounts payable and accrued expenses approximate fair value.&nbsp;The fair value of the Company&#146;s investments and liabilities related to deferred compensation plans were determined to be a Level 1 within the valuation
hierarchy, and were based on independent values provided by financial institutions. The valuation of the liability for the Company&#146;s interest rate swaps, which is measured on a recurring basis, was determined to be a Level 2 within the
valuation hierarchy, and was based on independent values provided by financial institutions. The valuation of the assets for the Company&#146;s real estate held for sale/conveyance &#150; discontinued operations, which is measured on a nonrecurring
basis, have been determined to be (i)&nbsp;a Level 2 within the valuation hierarchy, based on the respective contracts of sale or (ii)&nbsp;Level 3 within the valuation hierarchy, where applicable, based on estimated sales prices determined by
discounted cash flow analyses if no contract amounts were as yet being negotiated. The discounted cash flow analyses included all estimated cash inflows and outflows over a specific holding period and where applicable, any estimated debt premiums.
These cash flows were comprised of unobservable inputs which included contractual rental revenues and forecasted rental revenues and expenses based upon market conditions and expectations for growth. Capitalization rates and discount rates utilized
in these analyses were based upon observable rates that the Company believed to be within a reasonable range of current market rates for the respective properties. </FONT></P>
 <p STYLE="margin-top:0px;margin-bottom:0px"><FONT SIZE="1">&nbsp;</FONT></P> <P STYLE="margin-top:0px;margin-bottom:0px" ALIGN="center"><FONT STYLE="font-family:Times New Roman" SIZE="2">77 </FONT></P>



<p Style='page-break-before:always'>
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<h5 align="left"><a href="#toc">Table of Contents</a></h5>



 <P STYLE="margin-top:0px;margin-bottom:0px" ALIGN="center"><FONT STYLE="font-family:Times New Roman" SIZE="2"><B>Cedar Realty Trust, Inc. </B></FONT></P>
<P STYLE="margin-top:0px;margin-bottom:0px" ALIGN="center"><FONT STYLE="font-family:Times New Roman" SIZE="2"><B>Notes to Consolidated Financial Statements </B></FONT></P> <P STYLE="margin-top:0px;margin-bottom:0px" ALIGN="center"><FONT
STYLE="font-family:Times New Roman" SIZE="2"><B>December 31, 2011 </B></FONT></P> <p STYLE="margin-top:0px;margin-bottom:0px"><FONT SIZE="1">&nbsp;</FONT></P>
 <P STYLE="margin-top:0px;margin-bottom:0px; text-indent:4%" ALIGN="justify"><FONT STYLE="font-family:Times New Roman" SIZE="2">The following tables show the hierarchy for those assets measured at
fair value on a recurring basis as of December&nbsp;31, 2011 and December&nbsp;31, 2010, respectively: </FONT></P> <P STYLE="font-size:10px;margin-top:0px;margin-bottom:0px">&nbsp;</P>
<TABLE CELLSPACING="0" CELLPADDING="0" WIDTH="100%" BORDER="0" STYLE="BORDER-COLLAPSE:COLLAPSE" ALIGN="center">


<TR STYLE="visibility:hidden; line-height:0pt; color:white">
<TD WIDTH="88%"></TD>
<TD VALIGN="bottom" WIDTH="1%"></TD>
<TD></TD>
<TD nowrap><FONT STYLE="Times New Roman" SIZE="1"><B>Septemb</B></FONT></TD>
<TD></TD>
<TD VALIGN="bottom" WIDTH="1%"></TD>
<TD></TD>
<TD nowrap><FONT STYLE="Times New Roman" SIZE="1"><B>Septemb</B></FONT></TD>
<TD></TD>
<TD VALIGN="bottom" WIDTH="1%"></TD>
<TD></TD>
<TD nowrap><FONT STYLE="Times New Roman" SIZE="1"><B>Septemb</B></FONT></TD>
<TD></TD>
<TD VALIGN="bottom" WIDTH="1%"></TD>
<TD></TD>
<TD nowrap><FONT STYLE="Times New Roman" SIZE="1"><B>Septemb</B></FONT></TD>
<TD></TD></TR>
<TR>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" COLSPAN="14" ALIGN="center"><FONT STYLE="font-family:Times New Roman" SIZE="1"><B>Assets/Liabilities Measured at Fair Value on a</B></FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD></TR>
<TR>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" COLSPAN="14" ALIGN="center"><FONT STYLE="font-family:Times New Roman" SIZE="1"><B>Recurring Basis</B></FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD></TR>
<TR>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" COLSPAN="14" ALIGN="center" STYLE="border-bottom:1px solid #000000"><FONT STYLE="font-family:Times New Roman" SIZE="1"><B>December 31, 2011</B></FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD></TR>
<TR>
<TD VALIGN="bottom" NOWRAP> <P STYLE="border-bottom:1px solid #000000;width:39pt"><FONT STYLE="font-family:Times New Roman" SIZE="1"><B>Description</B></FONT></P></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" COLSPAN="2" ALIGN="center" STYLE="border-bottom:1px solid #000000"><FONT STYLE="font-family:Times New Roman" SIZE="1"><B>Level&nbsp;1</B></FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" COLSPAN="2" ALIGN="center" STYLE="border-bottom:1px solid #000000"><FONT STYLE="font-family:Times New Roman" SIZE="1"><B>Level&nbsp;2</B></FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" COLSPAN="2" ALIGN="center" STYLE="border-bottom:1px solid #000000"><FONT STYLE="font-family:Times New Roman" SIZE="1"><B>Level&nbsp;3</B></FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" COLSPAN="2" ALIGN="center" STYLE="border-bottom:1px solid #000000"><FONT STYLE="font-family:Times New Roman" SIZE="1"><B>Total</B></FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD></TR>


<TR BGCOLOR="#cceeff">
<TD VALIGN="top"> <P STYLE="margin-left:1.00em; text-indent:-1.00em"><FONT STYLE="font-family:Times New Roman" SIZE="2">Investments</FONT></P></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="2">$</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:Times New Roman" SIZE="2">3,562,000</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="2">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="2">$</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:Times New Roman" SIZE="2">&#151;&nbsp;&nbsp;</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="2">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="2">$</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:Times New Roman" SIZE="2">&#151;&nbsp;&nbsp;</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="2">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="2">$</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:Times New Roman" SIZE="2">3,562,000</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="2">&nbsp;&nbsp;</FONT></TD></TR>
<TR STYLE="font-size:1px">
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom"> <P STYLE="border-top:3px double #000000">&nbsp;</P></TD>
<TD VALIGN="bottom"> <P STYLE="border-top:3px double #000000">&nbsp;</P></TD>
<TD>&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom"> <P STYLE="border-top:3px double #000000">&nbsp;</P></TD>
<TD VALIGN="bottom"> <P STYLE="border-top:3px double #000000">&nbsp;</P></TD>
<TD>&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom"> <P STYLE="border-top:3px double #000000">&nbsp;</P></TD>
<TD VALIGN="bottom"> <P STYLE="border-top:3px double #000000">&nbsp;</P></TD>
<TD>&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom"> <P STYLE="border-top:3px double #000000">&nbsp;</P></TD>
<TD VALIGN="bottom"> <P STYLE="border-top:3px double #000000">&nbsp;</P></TD>
<TD>&nbsp;</TD></TR>
<TR>
<TD VALIGN="top"> <P STYLE="margin-left:1.00em; text-indent:-1.00em"><FONT STYLE="font-family:Times New Roman" SIZE="2">Liabilities relating to deferred compensation plans</FONT></P></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="2">$</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:Times New Roman" SIZE="2">3,562,000</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="2">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="2">$</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:Times New Roman" SIZE="2">&#151;&nbsp;&nbsp;</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="2">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="2">$</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:Times New Roman" SIZE="2">&#151;&nbsp;&nbsp;</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="2">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="2">$</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:Times New Roman" SIZE="2">3,562,000</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="2">&nbsp;&nbsp;</FONT></TD></TR>
<TR STYLE="font-size:1px">
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom"> <P STYLE="border-top:3px double #000000">&nbsp;</P></TD>
<TD VALIGN="bottom"> <P STYLE="border-top:3px double #000000">&nbsp;</P></TD>
<TD>&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom"> <P STYLE="border-top:3px double #000000">&nbsp;</P></TD>
<TD VALIGN="bottom"> <P STYLE="border-top:3px double #000000">&nbsp;</P></TD>
<TD>&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom"> <P STYLE="border-top:3px double #000000">&nbsp;</P></TD>
<TD VALIGN="bottom"> <P STYLE="border-top:3px double #000000">&nbsp;</P></TD>
<TD>&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom"> <P STYLE="border-top:3px double #000000">&nbsp;</P></TD>
<TD VALIGN="bottom"> <P STYLE="border-top:3px double #000000">&nbsp;</P></TD>
<TD>&nbsp;</TD></TR>
<TR BGCOLOR="#cceeff">
<TD VALIGN="top"> <P STYLE="margin-left:1.00em; text-indent:-1.00em"><FONT STYLE="font-family:Times New Roman" SIZE="2">Interest rate swaps liability</FONT></P></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="2">$</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:Times New Roman" SIZE="2">&#151;&nbsp;&nbsp;</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="2">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="2">$</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:Times New Roman" SIZE="2">2,053,000</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="2">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="2">$</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:Times New Roman" SIZE="2">&#151;&nbsp;&nbsp;</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="2">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="2">$</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:Times New Roman" SIZE="2">2,053,000</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="2">&nbsp;&nbsp;</FONT></TD></TR>
<TR STYLE="font-size:1px">
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom"> <P STYLE="border-top:3px double #000000">&nbsp;</P></TD>
<TD VALIGN="bottom"> <P STYLE="border-top:3px double #000000">&nbsp;</P></TD>
<TD>&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom"> <P STYLE="border-top:3px double #000000">&nbsp;</P></TD>
<TD VALIGN="bottom"> <P STYLE="border-top:3px double #000000">&nbsp;</P></TD>
<TD>&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom"> <P STYLE="border-top:3px double #000000">&nbsp;</P></TD>
<TD VALIGN="bottom"> <P STYLE="border-top:3px double #000000">&nbsp;</P></TD>
<TD>&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom"> <P STYLE="border-top:3px double #000000">&nbsp;</P></TD>
<TD VALIGN="bottom"> <P STYLE="border-top:3px double #000000">&nbsp;</P></TD>
<TD>&nbsp;</TD></TR>
<TR>
<TD HEIGHT="13"></TD>
<TD HEIGHT="13" COLSPAN="16"></TD></TR>
<TR>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" COLSPAN="14" ALIGN="center"><FONT STYLE="font-family:Times New Roman" SIZE="1"><B>Assets/Liabilities Measured at Fair Value on a</B></FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD></TR>
<TR>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD COLSPAN="2" VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" COLSPAN="6" ALIGN="center"><FONT STYLE="font-family:Times New Roman" SIZE="1"><B>Recurring Basis</B></FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD COLSPAN="2" VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD></TR>
<TR>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" COLSPAN="14" ALIGN="center" STYLE="border-bottom:1px solid #000000"><FONT STYLE="font-family:Times New Roman" SIZE="1"><B>December 31, 2010</B></FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD></TR>
<TR>
<TD VALIGN="bottom" NOWRAP> <P STYLE="border-bottom:1px solid #000000;width:39pt"><FONT STYLE="font-family:Times New Roman" SIZE="1"><B>Description</B></FONT></P></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" COLSPAN="2" ALIGN="center" STYLE="border-bottom:1px solid #000000"><FONT STYLE="font-family:Times New Roman" SIZE="1"><B>Level&nbsp;1</B></FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" COLSPAN="2" ALIGN="center" STYLE="border-bottom:1px solid #000000"><FONT STYLE="font-family:Times New Roman" SIZE="1"><B>Level 2</B></FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" COLSPAN="2" ALIGN="center" STYLE="border-bottom:1px solid #000000"><FONT STYLE="font-family:Times New Roman" SIZE="1"><B>Level&nbsp;3</B></FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" COLSPAN="2" ALIGN="center" STYLE="border-bottom:1px solid #000000"><FONT STYLE="font-family:Times New Roman" SIZE="1"><B>Total</B></FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD></TR>
<TR BGCOLOR="#cceeff">
<TD VALIGN="top"> <P STYLE="margin-left:1.00em; text-indent:-1.00em"><FONT STYLE="font-family:Times New Roman" SIZE="2">Interest rate swaps liability</FONT></P></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="2">$</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:Times New Roman" SIZE="2">&#151;&nbsp;&nbsp;</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="2">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="2">$</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:Times New Roman" SIZE="2">1,642,000</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="2">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="2">$</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:Times New Roman" SIZE="2">&#151;&nbsp;&nbsp;</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="2">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="2">$</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:Times New Roman" SIZE="2">1,642,000</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="2">&nbsp;&nbsp;</FONT></TD></TR>
<TR STYLE="font-size:1px">
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom"> <P STYLE="border-top:3px double #000000">&nbsp;</P></TD>
<TD VALIGN="bottom"> <P STYLE="border-top:3px double #000000">&nbsp;</P></TD>
<TD>&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom"> <P STYLE="border-top:3px double #000000">&nbsp;</P></TD>
<TD VALIGN="bottom"> <P STYLE="border-top:3px double #000000">&nbsp;</P></TD>
<TD>&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom"> <P STYLE="border-top:3px double #000000">&nbsp;</P></TD>
<TD VALIGN="bottom"> <P STYLE="border-top:3px double #000000">&nbsp;</P></TD>
<TD>&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom"> <P STYLE="border-top:3px double #000000">&nbsp;</P></TD>
<TD VALIGN="bottom"> <P STYLE="border-top:3px double #000000">&nbsp;</P></TD>
<TD>&nbsp;</TD></TR>
</TABLE> <P STYLE="margin-top:10px;margin-bottom:0px; text-indent:4%" ALIGN="justify"><FONT STYLE="font-family:Times New Roman" SIZE="2">The fair value of the Company&#146;s fixed rate mortgage loans was estimated using
available market information and discounted cash flows analyses based on borrowing rates the Company believes it could obtain with similar terms and maturities.&nbsp;As of December&nbsp;31, 2011 and December&nbsp;31, 2010, the aggregate fair values
of the Company&#146;s fixed rate mortgage loans were approximately $529.0 million and $490.1 million, respectively; the carrying values of such loans were $525.3 million and $488.0 million, respectively, at those dates. </FONT></P>
 <p STYLE="margin-top:0px;margin-bottom:0px"><FONT SIZE="1">&nbsp;</FONT></P> <P STYLE="margin-top:0px;margin-bottom:0px" ALIGN="center"><FONT STYLE="font-family:Times New Roman" SIZE="2">78 </FONT></P>



<p Style='page-break-before:always'>
<HR  SIZE="3" style="COLOR:#999999" WIDTH="100%" ALIGN="CENTER">
<h5 align="left"><a href="#toc">Table of Contents</a></h5>



 <P STYLE="margin-top:0px;margin-bottom:0px" ALIGN="center"><FONT STYLE="font-family:Times New Roman" SIZE="2"><B>Cedar Realty Trust, Inc. </B></FONT></P>
<P STYLE="margin-top:0px;margin-bottom:0px" ALIGN="center"><FONT STYLE="font-family:Times New Roman" SIZE="2"><B>Notes to Consolidated Financial Statements </B></FONT></P> <P STYLE="margin-top:0px;margin-bottom:0px" ALIGN="center"><FONT
STYLE="font-family:Times New Roman" SIZE="2"><B>December 31, 2011 </B></FONT></P> <p STYLE="margin-top:0px;margin-bottom:0px"><FONT SIZE="1">&nbsp;</FONT></P>
 <P STYLE="margin-top:0px;margin-bottom:0px; text-indent:4%" ALIGN="justify"><FONT STYLE="font-family:Times New Roman" SIZE="2">The following tables show the hierarchy for those assets measured at
fair value on a non-recurring basis as of December&nbsp;31, 2011 and December&nbsp;31, 2010, respectively: </FONT></P> <P STYLE="font-size:10px;margin-top:0px;margin-bottom:0px">&nbsp;</P>
<TABLE CELLSPACING="0" CELLPADDING="0" WIDTH="100%" BORDER="0" STYLE="BORDER-COLLAPSE:COLLAPSE" ALIGN="center">


<TR STYLE="visibility:hidden; line-height:0pt; color:white">
<TD WIDTH="85%"></TD>
<TD VALIGN="bottom" WIDTH="1%"></TD>
<TD></TD>
<TD nowrap><FONT STYLE="Times New Roman" SIZE="1"><B>September 30,</B></FONT></TD>
<TD></TD>
<TD VALIGN="bottom" WIDTH="1%"></TD>
<TD></TD>
<TD nowrap><FONT STYLE="Times New Roman" SIZE="1"><B>September 30,</B></FONT></TD>
<TD></TD>
<TD VALIGN="bottom" WIDTH="1%"></TD>
<TD></TD>
<TD nowrap><FONT STYLE="Times New Roman" SIZE="1"><B>September 30,</B></FONT></TD>
<TD></TD>
<TD VALIGN="bottom" WIDTH="1%"></TD>
<TD></TD>
<TD nowrap><FONT STYLE="Times New Roman" SIZE="1"><B>September 30,</B></FONT></TD>
<TD></TD></TR>
<TR>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" COLSPAN="14" ALIGN="center"><FONT STYLE="font-family:Times New Roman" SIZE="1"><B>Assets Measured at Fair Value on a</B></FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD></TR>
<TR>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" COLSPAN="14" ALIGN="center"><FONT STYLE="font-family:Times New Roman" SIZE="1"><B>Non-Recurring&nbsp;Basis</B></FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD></TR>
<TR>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" COLSPAN="14" ALIGN="center" STYLE="border-bottom:1px solid #000000"><FONT STYLE="font-family:Times New Roman" SIZE="1"><B>December 31, 2011</B></FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD></TR>
<TR>
<TD VALIGN="bottom" NOWRAP> <P STYLE="border-bottom:1px solid #000000;width:59pt"><FONT STYLE="font-family:Times New Roman" SIZE="1"><B>Asset Description</B></FONT></P></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" COLSPAN="2" ALIGN="center" STYLE="border-bottom:1px solid #000000"><FONT STYLE="font-family:Times New Roman" SIZE="1"><B>Level&nbsp;1</B></FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" COLSPAN="2" ALIGN="center" STYLE="border-bottom:1px solid #000000"><FONT STYLE="font-family:Times New Roman" SIZE="1"><B>Level 2</B></FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" COLSPAN="2" ALIGN="center" STYLE="border-bottom:1px solid #000000"><FONT STYLE="font-family:Times New Roman" SIZE="1"><B>Level 3</B></FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" COLSPAN="2" ALIGN="center" STYLE="border-bottom:1px solid #000000"><FONT STYLE="font-family:Times New Roman" SIZE="1"><B>Total</B></FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD></TR>


<TR BGCOLOR="#cceeff">
<TD VALIGN="top"> <P STYLE="margin-left:1.00em; text-indent:-1.00em"><FONT STYLE="font-family:Times New Roman" SIZE="2">Real estate held for sale/conveyance</FONT></P></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="2">$</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:Times New Roman" SIZE="2">&#151;&nbsp;&nbsp;</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="2">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="2">$</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:Times New Roman" SIZE="2">124,154,000</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="2">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="2">$</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:Times New Roman" SIZE="2">82,520,000</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="2">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="2">$</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:Times New Roman" SIZE="2">206,674,000</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="2">&nbsp;&nbsp;</FONT></TD></TR>
<TR STYLE="font-size:1px">
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"> <P STYLE="border-top:3px double #000000">&nbsp;</P></TD>
<TD VALIGN="bottom"> <P STYLE="border-top:3px double #000000">&nbsp;</P></TD>
<TD>&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"> <P STYLE="border-top:3px double #000000">&nbsp;</P></TD>
<TD VALIGN="bottom"> <P STYLE="border-top:3px double #000000">&nbsp;</P></TD>
<TD>&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"> <P STYLE="border-top:3px double #000000">&nbsp;</P></TD>
<TD VALIGN="bottom"> <P STYLE="border-top:3px double #000000">&nbsp;</P></TD>
<TD>&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"> <P STYLE="border-top:3px double #000000">&nbsp;</P></TD>
<TD VALIGN="bottom"> <P STYLE="border-top:3px double #000000">&nbsp;</P></TD>
<TD>&nbsp;</TD></TR>
</TABLE> <P STYLE="font-size:10px;margin-top:0px;margin-bottom:0px">&nbsp;</P>
<TABLE CELLSPACING="0" CELLPADDING="0" WIDTH="100%" BORDER="0" STYLE="BORDER-COLLAPSE:COLLAPSE" ALIGN="center">


<TR STYLE="visibility:hidden; line-height:0pt; color:white">
<TD WIDTH="87%"></TD>
<TD VALIGN="bottom" WIDTH="1%"></TD>
<TD></TD>
<TD nowrap><FONT STYLE="Times New Roman" SIZE="1"><B>September 30,</B></FONT></TD>
<TD></TD>
<TD VALIGN="bottom" WIDTH="1%"></TD>
<TD></TD>
<TD nowrap><FONT STYLE="Times New Roman" SIZE="1"><B>September 30,</B></FONT></TD>
<TD></TD>
<TD VALIGN="bottom" WIDTH="1%"></TD>
<TD></TD>
<TD nowrap><FONT STYLE="Times New Roman" SIZE="1"><B>September 30,</B></FONT></TD>
<TD></TD>
<TD VALIGN="bottom" WIDTH="1%"></TD>
<TD></TD>
<TD nowrap><FONT STYLE="Times New Roman" SIZE="1"><B>September 30,</B></FONT></TD>
<TD></TD></TR>
<TR>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" COLSPAN="14" ALIGN="center"><FONT STYLE="font-family:Times New Roman" SIZE="1"><B>Assets Measured at Fair Value on a</B></FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD></TR>
<TR>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" COLSPAN="14" ALIGN="center"><FONT STYLE="font-family:Times New Roman" SIZE="1"><B>Non-Recurring Basis</B></FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD></TR>
<TR>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" COLSPAN="14" ALIGN="center" STYLE="border-bottom:1px solid #000000"><FONT STYLE="font-family:Times New Roman" SIZE="1"><B>December 31, 2010</B></FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD></TR>
<TR>
<TD VALIGN="bottom" NOWRAP> <P STYLE="border-bottom:1px solid #000000;width:59pt"><FONT STYLE="font-family:Times New Roman" SIZE="1"><B>Asset Description</B></FONT></P></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" COLSPAN="2" ALIGN="center" STYLE="border-bottom:1px solid #000000"><FONT STYLE="font-family:Times New Roman" SIZE="1"><B>Level&nbsp;1</B></FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" COLSPAN="2" ALIGN="center" STYLE="border-bottom:1px solid #000000"><FONT STYLE="font-family:Times New Roman" SIZE="1"><B>Level 2</B></FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" COLSPAN="2" ALIGN="center" STYLE="border-bottom:1px solid #000000"><FONT STYLE="font-family:Times New Roman" SIZE="1"><B>Level 3</B></FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" COLSPAN="2" ALIGN="center" STYLE="border-bottom:1px solid #000000"><FONT STYLE="font-family:Times New Roman" SIZE="1"><B>Total</B></FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD></TR>


<TR BGCOLOR="#cceeff">
<TD VALIGN="top"> <P STYLE="margin-left:1.00em; text-indent:-1.00em"><FONT STYLE="font-family:Times New Roman" SIZE="2">Real estate held for sale/conveyance</FONT></P></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="2">$</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:Times New Roman" SIZE="2">&#151;</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="2">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="2">$</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:Times New Roman" SIZE="2">22,773,000</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="2">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="2">$</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:Times New Roman" SIZE="2">47,186,000</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="2">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="2">$</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:Times New Roman" SIZE="2">69,959,000&nbsp;</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="2">(a)&nbsp;</FONT></TD></TR>
<TR STYLE="font-size:1px">
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"> <P STYLE="border-top:3px double #000000">&nbsp;</P></TD>
<TD VALIGN="bottom"> <P STYLE="border-top:3px double #000000">&nbsp;</P></TD>
<TD>&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"> <P STYLE="border-top:3px double #000000">&nbsp;</P></TD>
<TD VALIGN="bottom"> <P STYLE="border-top:3px double #000000">&nbsp;</P></TD>
<TD>&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"> <P STYLE="border-top:3px double #000000">&nbsp;</P></TD>
<TD VALIGN="bottom"> <P STYLE="border-top:3px double #000000">&nbsp;</P></TD>
<TD>&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"> <P STYLE="border-top:3px double #000000">&nbsp;</P></TD>
<TD VALIGN="bottom"> <P STYLE="border-top:3px double #000000">&nbsp;</P></TD>
<TD>&nbsp;</TD></TR>
</TABLE> <P STYLE="font-size:10px;margin-top:0px;margin-bottom:0px">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR>
<TD WIDTH="4%" VALIGN="top" ALIGN="left"><FONT STYLE="font-family:Times New Roman" SIZE="2">(a)</FONT></TD>
<TD ALIGN="left" VALIGN="top"> <P ALIGN="justify"><FONT STYLE="font-family:Times New Roman" SIZE="2">Excludes $278.8 million relating to properties subsequently treated as &#147;held for sale/conveyance&#148; as of December&nbsp;31, 2011 and
recorded at fair value as of that date. </FONT></P></TD></TR></TABLE>
 <P STYLE="margin-top:10px;margin-bottom:0px"><FONT STYLE="font-family:Times New Roman" SIZE="2"><B>Note 7. Concentration of Credit Risk </B></FONT></P>
 <P STYLE="margin-top:10px;margin-bottom:0px; text-indent:4%" ALIGN="justify"><FONT STYLE="font-family:Times New Roman" SIZE="2">Financial instruments that potentially subject the Company to concentrations of credit risk consist
primarily of cash and cash equivalents in excess of insured amounts and tenant receivables. The Company places its cash and cash equivalents with high quality financial institutions. Management performs ongoing credit evaluations of its tenants and
requires certain tenants to provide security deposits and/or suitable guarantees. </FONT></P> <P STYLE="margin-top:10px;margin-bottom:0px; text-indent:4%" ALIGN="justify"><FONT STYLE="font-family:Times New Roman" SIZE="2">Excluding properties
treated as discontinued operations, Giant Food Stores, LLC (&#147;Giant Foods&#148;), which is owned by Ahold N.V., a Netherlands corporation, accounted for approximately 13%, 11% and 10% of the Company&#146;s total revenues in 2011, 2010 and 2009,
respectively. Giant Foods, in combination with Stop&nbsp;&amp; Shop, Inc., which is also owned by Ahold N.V., accounted for approximately 16%, 13% and 14% of the Company&#146;s total revenues in 2011, 2010 and 2009, respectively. </FONT></P>
<P STYLE="margin-top:10px;margin-bottom:0px; text-indent:4%" ALIGN="justify"><FONT STYLE="font-family:Times New Roman" SIZE="2">The Company&#146;s properties are located largely in the mid-Atlantic and Northeast coastal regions, which exposes it to
greater economic risks than if the properties it owned were located in a greater number of geographic regions (in particular, 34 of the Company&#146;s properties are located in Pennsylvania). </FONT></P>
 <p STYLE="margin-top:0px;margin-bottom:0px"><FONT SIZE="1">&nbsp;</FONT></P> <P STYLE="margin-top:0px;margin-bottom:0px" ALIGN="center"><FONT STYLE="font-family:Times New Roman" SIZE="2">79 </FONT></P>



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<HR  SIZE="3" style="COLOR:#999999" WIDTH="100%" ALIGN="CENTER">
<h5 align="left"><a href="#toc">Table of Contents</a></h5>



 <P STYLE="margin-top:0px;margin-bottom:0px" ALIGN="center"><FONT STYLE="font-family:Times New Roman" SIZE="2"><B>Cedar Realty Trust, Inc. </B></FONT></P>
<P STYLE="margin-top:0px;margin-bottom:0px" ALIGN="center"><FONT STYLE="font-family:Times New Roman" SIZE="2"><B>Notes to Consolidated Financial Statements </B></FONT></P> <P STYLE="margin-top:0px;margin-bottom:0px" ALIGN="center"><FONT
STYLE="font-family:Times New Roman" SIZE="2"><B>December 31, 2011 </B></FONT></P> <p STYLE="margin-top:0px;margin-bottom:0px"><FONT SIZE="1">&nbsp;</FONT></P>

 <P STYLE="margin-top:0px;margin-bottom:0px"><FONT STYLE="font-family:Times New Roman" SIZE="2"><B>Note 8. Other Assets </B></FONT></P>
 <P STYLE="margin-top:10px;margin-bottom:0px; text-indent:4%" ALIGN="justify"><FONT STYLE="font-family:Times New Roman" SIZE="2">Other assets at December&nbsp;31, 2011and 2010 are comprised of the following: </FONT></P>
<P STYLE="font-size:10px;margin-top:0px;margin-bottom:0px">&nbsp;</P>
<TABLE CELLSPACING="0" CELLPADDING="0" WIDTH="100%" BORDER="0" STYLE="BORDER-COLLAPSE:COLLAPSE" ALIGN="center">


<TR STYLE="visibility:hidden; line-height:0pt; color:white">
<TD WIDTH="93%"></TD>
<TD VALIGN="bottom" WIDTH="1%"></TD>
<TD></TD>
<TD nowrap><FONT STYLE="Times New Roman" SIZE="1"><B>September 30,</B></FONT></TD>
<TD></TD>
<TD VALIGN="bottom" WIDTH="1%"></TD>
<TD></TD>
<TD nowrap><FONT STYLE="Times New Roman" SIZE="1"><B>September 30,</B></FONT></TD>
<TD></TD></TR>
<TR>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" COLSPAN="6" ALIGN="center" STYLE="border-bottom:1px solid #000000"><FONT STYLE="font-family:Times New Roman" SIZE="1"><B>December&nbsp;31,</B></FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD></TR>
<TR>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" COLSPAN="2" ALIGN="center" STYLE="border-bottom:1px solid #000000"><FONT STYLE="font-family:Times New Roman" SIZE="1"><B>2011</B></FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" COLSPAN="2" ALIGN="center" STYLE="border-bottom:1px solid #000000"><FONT STYLE="font-family:Times New Roman" SIZE="1"><B>2010</B></FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD></TR>


<TR>
<TD HEIGHT="13"></TD>
<TD HEIGHT="13" COLSPAN="4"></TD>
<TD HEIGHT="13" COLSPAN="4"></TD></TR>
<TR BGCOLOR="#cceeff">
<TD VALIGN="top"> <P STYLE="margin-left:1.00em; text-indent:-1.00em"><FONT STYLE="font-family:Times New Roman" SIZE="2">Prepaid expenses</FONT></P></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="2">$</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:Times New Roman" SIZE="2">5,857,000</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="2">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="2">$</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:Times New Roman" SIZE="2">5,258,000</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="2">&nbsp;&nbsp;</FONT></TD></TR>
<TR>
<TD VALIGN="top"> <P STYLE="margin-left:1.00em; text-indent:-1.00em"><FONT STYLE="font-family:Times New Roman" SIZE="2">Investments and cumulative mark-to-market adjustments related to share-based compensation</FONT></P></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="2">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:Times New Roman" SIZE="2">3,562,000</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="2">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="2">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:Times New Roman" SIZE="2">2,101,000</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="2">&nbsp;&nbsp;</FONT></TD></TR>
<TR BGCOLOR="#cceeff">
<TD VALIGN="top"> <P STYLE="margin-left:1.00em; text-indent:-1.00em"><FONT STYLE="font-family:Times New Roman" SIZE="2">Property and other deposits</FONT></P></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="2">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:Times New Roman" SIZE="2">1,430,000</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="2">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="2">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:Times New Roman" SIZE="2">1,527,000</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="2">&nbsp;&nbsp;</FONT></TD></TR>
<TR>
<TD VALIGN="top"> <P STYLE="margin-left:1.00em; text-indent:-1.00em"><FONT STYLE="font-family:Times New Roman" SIZE="2">Leasehold improvements, furniture and fixtures</FONT></P></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="2">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:Times New Roman" SIZE="2">1,035,000</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="2">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="2">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:Times New Roman" SIZE="2">525,000</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="2">&nbsp;&nbsp;</FONT></TD></TR>
<TR BGCOLOR="#cceeff">
<TD VALIGN="top"> <P STYLE="margin-left:1.00em; text-indent:-1.00em"><FONT STYLE="font-family:Times New Roman" SIZE="2">Other</FONT></P></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="2">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:Times New Roman" SIZE="2">474,000</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="2">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="2">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:Times New Roman" SIZE="2">&#151;&nbsp;&nbsp;</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="2">&nbsp;&nbsp;</FONT></TD></TR>
<TR STYLE="font-size:1px">
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"> <P STYLE="border-top:1px solid #000000">&nbsp;</P></TD>
<TD VALIGN="bottom"> <P STYLE="border-top:1px solid #000000">&nbsp;</P></TD>
<TD>&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"> <P STYLE="border-top:1px solid #000000">&nbsp;</P></TD>
<TD VALIGN="bottom"> <P STYLE="border-top:1px solid #000000">&nbsp;</P></TD>
<TD>&nbsp;</TD></TR>
<TR>
<TD VALIGN="top"></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="2">$</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:Times New Roman" SIZE="2">12,358,000</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="2">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="2">$</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:Times New Roman" SIZE="2">9,411,000</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="2">&nbsp;&nbsp;</FONT></TD></TR>
<TR STYLE="font-size:1px">
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"> <P STYLE="border-top:3px double #000000">&nbsp;</P></TD>
<TD VALIGN="bottom"> <P STYLE="border-top:3px double #000000">&nbsp;</P></TD>
<TD>&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"> <P STYLE="border-top:3px double #000000">&nbsp;</P></TD>
<TD VALIGN="bottom"> <P STYLE="border-top:3px double #000000">&nbsp;</P></TD>
<TD>&nbsp;</TD></TR>
</TABLE>
 <P STYLE="margin-top:10px;margin-bottom:0px"><FONT STYLE="font-family:Times New Roman" SIZE="2"><B>Note 9. Deferred Charges, Net </B></FONT></P>
 <P STYLE="margin-top:10px;margin-bottom:0px; text-indent:4%" ALIGN="justify"><FONT STYLE="font-family:Times New Roman" SIZE="2">Deferred charges at December&nbsp;31, 2011 and 2010 are net of accumulated amortization and are
comprised of the following: </FONT></P> <P STYLE="font-size:10px;margin-top:0px;margin-bottom:0px">&nbsp;</P>
<TABLE CELLSPACING="0" CELLPADDING="0" WIDTH="100%" BORDER="0" STYLE="BORDER-COLLAPSE:COLLAPSE" ALIGN="center">


<TR STYLE="visibility:hidden; line-height:0pt; color:white">
<TD WIDTH="93%"></TD>
<TD VALIGN="bottom" WIDTH="1%"></TD>
<TD></TD>
<TD nowrap><FONT STYLE="Times New Roman" SIZE="1"><B>September 30,</B></FONT></TD>
<TD></TD>
<TD VALIGN="bottom" WIDTH="1%"></TD>
<TD></TD>
<TD nowrap><FONT STYLE="Times New Roman" SIZE="1"><B>September 30,</B></FONT></TD>
<TD></TD></TR>
<TR>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" COLSPAN="6" ALIGN="center" STYLE="border-bottom:1px solid #000000"><FONT STYLE="font-family:Times New Roman" SIZE="1"><B>December&nbsp;31,</B></FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD></TR>
<TR>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" COLSPAN="2" ALIGN="center" STYLE="border-bottom:1px solid #000000"><FONT STYLE="font-family:Times New Roman" SIZE="1"><B>2011</B></FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" COLSPAN="2" ALIGN="center" STYLE="border-bottom:1px solid #000000"><FONT STYLE="font-family:Times New Roman" SIZE="1"><B>2010</B></FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD></TR>


<TR>
<TD HEIGHT="13"></TD>
<TD HEIGHT="13" COLSPAN="4"></TD>
<TD HEIGHT="13" COLSPAN="4"></TD></TR>
<TR BGCOLOR="#cceeff">
<TD VALIGN="top"> <P STYLE="margin-left:1.00em; text-indent:-1.00em"><FONT STYLE="font-family:Times New Roman" SIZE="2">Lease origination costs (a)</FONT></P></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="2">$</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:Times New Roman" SIZE="2">14,336,000</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="2">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="2">$</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:Times New Roman" SIZE="2">13,282,000</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="2">&nbsp;&nbsp;</FONT></TD></TR>
<TR>
<TD VALIGN="top"> <P STYLE="margin-left:1.00em; text-indent:-1.00em"><FONT STYLE="font-family:Times New Roman" SIZE="2">Financing costs (b)</FONT></P></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="2">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:Times New Roman" SIZE="2">6,268,000</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="2">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="2">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:Times New Roman" SIZE="2">9,623,000</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="2">&nbsp;&nbsp;</FONT></TD></TR>
<TR BGCOLOR="#cceeff">
<TD VALIGN="top"> <P STYLE="margin-left:1.00em; text-indent:-1.00em"><FONT STYLE="font-family:Times New Roman" SIZE="2">Other</FONT></P></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="2">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:Times New Roman" SIZE="2">931,000</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="2">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="2">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:Times New Roman" SIZE="2">1,551,000</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="2">&nbsp;&nbsp;</FONT></TD></TR>
<TR STYLE="font-size:1px">
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"> <P STYLE="border-top:1px solid #000000">&nbsp;</P></TD>
<TD VALIGN="bottom"> <P STYLE="border-top:1px solid #000000">&nbsp;</P></TD>
<TD>&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"> <P STYLE="border-top:1px solid #000000">&nbsp;</P></TD>
<TD VALIGN="bottom"> <P STYLE="border-top:1px solid #000000">&nbsp;</P></TD>
<TD>&nbsp;</TD></TR>
<TR>
<TD VALIGN="top"></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="2">$</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:Times New Roman" SIZE="2">21,535,000</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="2">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="2">$</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:Times New Roman" SIZE="2">24,456,000</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="2">&nbsp;&nbsp;</FONT></TD></TR>
<TR STYLE="font-size:1px">
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"> <P STYLE="border-top:3px double #000000">&nbsp;</P></TD>
<TD VALIGN="bottom"> <P STYLE="border-top:3px double #000000">&nbsp;</P></TD>
<TD>&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"> <P STYLE="border-top:3px double #000000">&nbsp;</P></TD>
<TD VALIGN="bottom"> <P STYLE="border-top:3px double #000000">&nbsp;</P></TD>
<TD>&nbsp;</TD></TR>
</TABLE> <P STYLE="font-size:10px;margin-top:0px;margin-bottom:0px">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR>
<TD WIDTH="4%" VALIGN="top" ALIGN="left"><FONT STYLE="font-family:Times New Roman" SIZE="2">(a)</FONT></TD>
<TD ALIGN="left" VALIGN="top"> <P ALIGN="justify"><FONT STYLE="font-family:Times New Roman" SIZE="2">Lease origination costs include the unamortized balance of intangible lease assets resulting from purchase accounting allocations of $6.6 million
(cost of $16.8 million and accumulated amortization of $10.2 million) and $5.9 million (cost of $14.5 million and accumulated amortization of $8.6 million), respectively. </FONT></P></TD></TR></TABLE>
<P STYLE="font-size:10px;margin-top:0px;margin-bottom:0px">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR>
<TD WIDTH="4%" VALIGN="top" ALIGN="left"><FONT STYLE="font-family:Times New Roman" SIZE="2">(b)</FONT></TD>
<TD ALIGN="left" VALIGN="top"> <P ALIGN="justify"><FONT STYLE="font-family:Times New Roman" SIZE="2">In September 2010, the Company elected to reduce the total commitments under its then stabilized property revolving credit facility by $100.0
million. In this connection, the Company accelerated the write-off of approximately $2.6 million of deferred financing costs. </FONT></P></TD></TR></TABLE>
 <p STYLE="margin-top:0px;margin-bottom:0px"><FONT SIZE="1">&nbsp;</FONT></P> <P STYLE="margin-top:0px;margin-bottom:0px" ALIGN="center"><FONT STYLE="font-family:Times New Roman" SIZE="2">80 </FONT></P>



<p Style='page-break-before:always'>
<HR  SIZE="3" style="COLOR:#999999" WIDTH="100%" ALIGN="CENTER">
<h5 align="left"><a href="#toc">Table of Contents</a></h5>



 <P STYLE="margin-top:0px;margin-bottom:0px" ALIGN="center"><FONT STYLE="font-family:Times New Roman" SIZE="2"><B>Cedar Realty Trust, Inc. </B></FONT></P>
<P STYLE="margin-top:0px;margin-bottom:0px" ALIGN="center"><FONT STYLE="font-family:Times New Roman" SIZE="2"><B>Notes to Consolidated Financial Statements </B></FONT></P> <P STYLE="margin-top:0px;margin-bottom:0px" ALIGN="center"><FONT
STYLE="font-family:Times New Roman" SIZE="2"><B>December 31, 2011 </B></FONT></P> <p STYLE="margin-top:0px;margin-bottom:0px"><FONT SIZE="1">&nbsp;</FONT></P>
 <P STYLE="margin-top:0px;margin-bottom:0px; text-indent:4%" ALIGN="justify"><FONT STYLE="font-family:Times New Roman" SIZE="2">Deferred charges are amortized over the terms of the related agreements.
Amortization expense related to deferred charges (including amortization of deferred financing costs included in non-operating income and expense) amounted to $7.4 million, $10.8 million and $7.5 million for 2011, 2010 and 2009, respectively. The
unamortized balances of deferred lease origination costs and deferred financing costs are net of accumulated amortization of $15.7 million and $23.5 million, respectively, and will be charged to future operations as follows (lease origination costs
through 2033, and financing costs through 2029): </FONT></P> <P STYLE="font-size:10px;margin-top:0px;margin-bottom:0px">&nbsp;</P>
<TABLE CELLSPACING="0" CELLPADDING="0" WIDTH="100%" BORDER="0" STYLE="BORDER-COLLAPSE:COLLAPSE" ALIGN="center">


<TR STYLE="visibility:hidden; line-height:0pt; color:white">
<TD WIDTH="93%"></TD>
<TD VALIGN="bottom" WIDTH="1%"></TD>
<TD></TD>
<TD nowrap><FONT STYLE="Times New Roman" SIZE="1"><B>September 30,</B></FONT></TD>
<TD></TD>
<TD VALIGN="bottom" WIDTH="1%"></TD>
<TD></TD>
<TD nowrap><FONT STYLE="Times New Roman" SIZE="1"><B>September 30,</B></FONT></TD>
<TD></TD></TR>
<TR>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" COLSPAN="2" ALIGN="center"><FONT STYLE="font-family:Times New Roman" SIZE="1"><B>Lease</B></FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;&nbsp;&nbsp;</FONT></TD>
<TD COLSPAN="2" VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD></TR>
<TR>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" COLSPAN="2" ALIGN="center"><FONT STYLE="font-family:Times New Roman" SIZE="1"><B>origination</B></FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" COLSPAN="2" ALIGN="center"><FONT STYLE="font-family:Times New Roman" SIZE="1"><B>Financing</B></FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD></TR>
<TR>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" COLSPAN="2" ALIGN="center" STYLE="border-bottom:1px solid #000000"><FONT STYLE="font-family:Times New Roman" SIZE="1"><B>costs</B></FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" COLSPAN="2" ALIGN="center" STYLE="border-bottom:1px solid #000000"><FONT STYLE="font-family:Times New Roman" SIZE="1"><B>costs</B></FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD></TR>


<TR>
<TD HEIGHT="13"></TD>
<TD HEIGHT="13" COLSPAN="4"></TD>
<TD HEIGHT="13" COLSPAN="4"></TD></TR>
<TR BGCOLOR="#cceeff">
<TD VALIGN="top"> <P STYLE="margin-left:3.00em; text-indent:-1.00em"><FONT STYLE="font-family:Times New Roman" SIZE="2">2012</FONT></P></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="2">$</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:Times New Roman" SIZE="2">2,509,000</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="2">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="2">$</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:Times New Roman" SIZE="2">3,827,000&nbsp;</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="2">(a)&nbsp;</FONT></TD></TR>
<TR>
<TD VALIGN="top"> <P STYLE="margin-left:3.00em; text-indent:-1.00em"><FONT STYLE="font-family:Times New Roman" SIZE="2">2013</FONT></P></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="2">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:Times New Roman" SIZE="2">2,250,000</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="2">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="2">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:Times New Roman" SIZE="2">848,000</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="2">&nbsp;&nbsp;</FONT></TD></TR>
<TR BGCOLOR="#cceeff">
<TD VALIGN="top"> <P STYLE="margin-left:3.00em; text-indent:-1.00em"><FONT STYLE="font-family:Times New Roman" SIZE="2">2014</FONT></P></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="2">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:Times New Roman" SIZE="2">1,931,000</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="2">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="2">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:Times New Roman" SIZE="2">452,000</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="2">&nbsp;&nbsp;</FONT></TD></TR>
<TR>
<TD VALIGN="top"> <P STYLE="margin-left:3.00em; text-indent:-1.00em"><FONT STYLE="font-family:Times New Roman" SIZE="2">2015</FONT></P></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="2">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:Times New Roman" SIZE="2">1,621,000</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="2">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="2">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:Times New Roman" SIZE="2">300,000</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="2">&nbsp;&nbsp;</FONT></TD></TR>
<TR BGCOLOR="#cceeff">
<TD VALIGN="top"> <P STYLE="margin-left:3.00em; text-indent:-1.00em"><FONT STYLE="font-family:Times New Roman" SIZE="2">2016</FONT></P></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="2">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:Times New Roman" SIZE="2">1,316,000</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="2">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="2">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:Times New Roman" SIZE="2">227,000</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="2">&nbsp;&nbsp;</FONT></TD></TR>
<TR>
<TD VALIGN="top"> <P STYLE="margin-left:1.00em; text-indent:-1.00em"><FONT STYLE="font-family:Times New Roman" SIZE="2">Thereafter</FONT></P></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="2">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:Times New Roman" SIZE="2">4,709,000</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="2">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="2">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:Times New Roman" SIZE="2">614,000</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="2">&nbsp;&nbsp;</FONT></TD></TR>
<TR STYLE="font-size:1px">
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"> <P STYLE="border-top:1px solid #000000">&nbsp;</P></TD>
<TD VALIGN="bottom"> <P STYLE="border-top:1px solid #000000">&nbsp;</P></TD>
<TD>&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"> <P STYLE="border-top:1px solid #000000">&nbsp;</P></TD>
<TD VALIGN="bottom"> <P STYLE="border-top:1px solid #000000">&nbsp;</P></TD>
<TD>&nbsp;</TD></TR>
<TR BGCOLOR="#cceeff">
<TD VALIGN="top"></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="2">$</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:Times New Roman" SIZE="2">14,336,000</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="2">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="2">$</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:Times New Roman" SIZE="2">6,268,000</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="2">&nbsp;&nbsp;</FONT></TD></TR>
<TR STYLE="font-size:1px">
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"> <P STYLE="border-top:3px double #000000">&nbsp;</P></TD>
<TD VALIGN="bottom"> <P STYLE="border-top:3px double #000000">&nbsp;</P></TD>
<TD>&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"> <P STYLE="border-top:3px double #000000">&nbsp;</P></TD>
<TD VALIGN="bottom"> <P STYLE="border-top:3px double #000000">&nbsp;</P></TD>
<TD>&nbsp;</TD></TR>
</TABLE> <P STYLE="font-size:10px;margin-top:0px;margin-bottom:0px">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR>
<TD WIDTH="4%" VALIGN="top" ALIGN="left"><FONT STYLE="font-family:Times New Roman" SIZE="2">(a)</FONT></TD>
<TD ALIGN="left" VALIGN="top"> <P ALIGN="justify"><FONT STYLE="font-family:Times New Roman" SIZE="2">Includes $2.8 million relating to the stabilized property and development property credit facilities which were refinanced in January 2012.
</FONT></P></TD></TR></TABLE>
 <p STYLE="margin-top:0px;margin-bottom:0px"><FONT SIZE="1">&nbsp;</FONT></P> <P STYLE="margin-top:0px;margin-bottom:0px" ALIGN="center"><FONT STYLE="font-family:Times New Roman" SIZE="2">81 </FONT></P>



<p Style='page-break-before:always'>
<HR  SIZE="3" style="COLOR:#999999" WIDTH="100%" ALIGN="CENTER">
<h5 align="left"><a href="#toc">Table of Contents</a></h5>



 <P STYLE="margin-top:0px;margin-bottom:0px" ALIGN="center"><FONT STYLE="font-family:Times New Roman" SIZE="2"><B>Cedar Realty Trust, Inc. </B></FONT></P>
<P STYLE="margin-top:0px;margin-bottom:0px" ALIGN="center"><FONT STYLE="font-family:Times New Roman" SIZE="2"><B>Notes to Consolidated Financial Statements </B></FONT></P> <P STYLE="margin-top:0px;margin-bottom:0px" ALIGN="center"><FONT
STYLE="font-family:Times New Roman" SIZE="2"><B>December 31, 2011 </B></FONT></P> <p STYLE="margin-top:0px;margin-bottom:0px"><FONT SIZE="1">&nbsp;</FONT></P>

 <P STYLE="margin-top:0px;margin-bottom:0px"><FONT STYLE="font-family:Times New Roman" SIZE="2"><B>Note 10. Mortgage Loans Payable and Secured Revolving Credit Facilities </B></FONT></P>
 <P STYLE="margin-top:10px;margin-bottom:0px; text-indent:4%" ALIGN="justify"><FONT STYLE="font-family:Times New Roman" SIZE="2">Secured debt is comprised of the following at December&nbsp;31, 2011 and 2010: </FONT></P>
<P STYLE="font-size:10px;margin-top:0px;margin-bottom:0px">&nbsp;</P>
<TABLE CELLSPACING="0" CELLPADDING="0" WIDTH="100%" BORDER="0" STYLE="BORDER-COLLAPSE:COLLAPSE" ALIGN="center">


<TR STYLE="visibility:hidden; line-height:0pt; color:white">
<TD WIDTH="83%"></TD>
<TD VALIGN="bottom" WIDTH="1%"></TD>
<TD></TD>
<TD nowrap><FONT STYLE="Times New Roman" SIZE="1"><B>September 30,</B></FONT></TD>
<TD></TD>
<TD VALIGN="bottom" WIDTH="1%"></TD>
<TD></TD>
<TD nowrap><FONT STYLE="Times New Roman" SIZE="1"><B>September 30,</B></FONT></TD>
<TD></TD>
<TD VALIGN="bottom" WIDTH="1%"></TD>
<TD nowrap><FONT STYLE="Times New Roman" SIZE="1"><B>September 30,</B></FONT></TD>
<TD VALIGN="bottom" WIDTH="1%"></TD>
<TD></TD>
<TD nowrap><FONT STYLE="Times New Roman" SIZE="1"><B>September 30,</B></FONT></TD>
<TD></TD>
<TD VALIGN="bottom" WIDTH="1%"></TD>
<TD></TD>
<TD nowrap><FONT STYLE="Times New Roman" SIZE="1"><B>September 30,</B></FONT></TD>
<TD></TD>
<TD VALIGN="bottom" WIDTH="1%"></TD>
<TD nowrap><FONT STYLE="Times New Roman" SIZE="1"><B>September 30,</B></FONT></TD></TR>
<TR>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" COLSPAN="9" ALIGN="center" STYLE="border-bottom:1px solid #000000"><FONT STYLE="font-family:Times New Roman" SIZE="1"><B>December&nbsp;31, 2011</B></FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" COLSPAN="9" ALIGN="center" STYLE="border-bottom:1px solid #000000"><FONT STYLE="font-family:Times New Roman" SIZE="1"><B>December&nbsp;31, 2010 (a)</B></FONT></TD></TR>
<TR>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;&nbsp;&nbsp;</FONT></TD>
<TD COLSPAN="2" VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" COLSPAN="5" ALIGN="center" STYLE="border-bottom:1px solid #000000"><FONT STYLE="font-family:Times New Roman" SIZE="1"><B>Interest rates</B></FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;&nbsp;&nbsp;</FONT></TD>
<TD COLSPAN="2" VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" COLSPAN="5" ALIGN="center" STYLE="border-bottom:1px solid #000000"><FONT STYLE="font-family:Times New Roman" SIZE="1"><B>Interest rates</B></FONT></TD></TR>
<TR>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" COLSPAN="2" ALIGN="center"><FONT STYLE="font-family:Times New Roman" SIZE="1"><B>Balance</B></FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" COLSPAN="2" ALIGN="center"><FONT STYLE="font-family:Times New Roman" SIZE="1"><B>Weighted</B></FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" COLSPAN="2" ALIGN="center"><FONT STYLE="font-family:Times New Roman" SIZE="1"><B>Balance</B></FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" COLSPAN="2" ALIGN="center"><FONT STYLE="font-family:Times New Roman" SIZE="1"><B>Weighted</B></FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD></TR>
<TR>
<TD VALIGN="bottom" NOWRAP> <P STYLE="border-bottom:1px solid #000000;width:39pt"><FONT STYLE="font-family:Times New Roman" SIZE="1"><B>Description</B></FONT></P></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" COLSPAN="2" ALIGN="center" STYLE="border-bottom:1px solid #000000"><FONT STYLE="font-family:Times New Roman" SIZE="1"><B>outstanding</B></FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" COLSPAN="2" ALIGN="center" STYLE="border-bottom:1px solid #000000"><FONT STYLE="font-family:Times New Roman" SIZE="1"><B>average</B></FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="center" STYLE="border-bottom:1px solid #000000"> <P STYLE="margin-top:0px;margin-bottom:1px" ALIGN="center"><FONT STYLE="font-family:Times New Roman" SIZE="1"><B>Range</B></FONT></P></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" COLSPAN="2" ALIGN="center" STYLE="border-bottom:1px solid #000000"><FONT STYLE="font-family:Times New Roman" SIZE="1"><B>outstanding</B></FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" COLSPAN="2" ALIGN="center" STYLE="border-bottom:1px solid #000000"><FONT STYLE="font-family:Times New Roman" SIZE="1"><B>average</B></FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="center" STYLE="border-bottom:1px solid #000000"> <P STYLE="margin-top:0px;margin-bottom:1px" ALIGN="center"><FONT STYLE="font-family:Times New Roman" SIZE="1"><B>Range</B></FONT></P></TD></TR>


<TR BGCOLOR="#cceeff">
<TD VALIGN="top"> <P STYLE="margin-left:1.00em; text-indent:-1.00em"><FONT STYLE="font-family:Times New Roman" SIZE="2">Fixed-rate mortgages</FONT></P></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="2">$</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:Times New Roman" SIZE="2">525,259,000</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="2">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="2">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:Times New Roman" SIZE="2">5.8</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="2">%&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" NOWRAP ALIGN="center"><FONT STYLE="font-family:Times New Roman" SIZE="2">5.0%&nbsp;-&nbsp;7.6%</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="2">$</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:Times New Roman" SIZE="2">487,957,000</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="2">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="2">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:Times New Roman" SIZE="2">5.9</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="2">%&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" NOWRAP ALIGN="center"><FONT STYLE="font-family:Times New Roman" SIZE="2">5.0%&nbsp;-&nbsp;7.6%</FONT></TD></TR>
<TR>
<TD VALIGN="top"> <P STYLE="margin-left:1.00em; text-indent:-1.00em"><FONT STYLE="font-family:Times New Roman" SIZE="2">Variable-rate mortgage</FONT></P></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="2">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:Times New Roman" SIZE="2">63,768,000</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="2">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="2">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:Times New Roman" SIZE="2">3.0</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="2">%&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="2">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:Times New Roman" SIZE="2">62,568,000</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="2">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="2">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:Times New Roman" SIZE="2">2.5</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="2">%&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"></TD></TR>
<TR STYLE="font-size:1px">
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"> <P STYLE="border-top:1px solid #000000">&nbsp;</P></TD>
<TD VALIGN="bottom"> <P STYLE="border-top:1px solid #000000">&nbsp;</P></TD>
<TD>&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"> <P STYLE="border-top:1px solid #000000">&nbsp;</P></TD>
<TD VALIGN="bottom"> <P STYLE="border-top:1px solid #000000">&nbsp;</P></TD>
<TD>&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"> <P STYLE="border-top:1px solid #000000">&nbsp;</P></TD>
<TD VALIGN="bottom"> <P STYLE="border-top:1px solid #000000">&nbsp;</P></TD>
<TD>&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"> <P STYLE="border-top:1px solid #000000">&nbsp;</P></TD>
<TD VALIGN="bottom"> <P STYLE="border-top:1px solid #000000">&nbsp;</P></TD>
<TD>&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom"></TD></TR>
<TR BGCOLOR="#cceeff">
<TD VALIGN="top"> <P STYLE="margin-left:1.00em; text-indent:-1.00em"><FONT STYLE="font-family:Times New Roman" SIZE="2">Total property-specific mortgages</FONT></P></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="2">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:Times New Roman" SIZE="2">589,027,000</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="2">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="2">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:Times New Roman" SIZE="2">5.5</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="2">%&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="2">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:Times New Roman" SIZE="2">550,525,000</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="2">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="2">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:Times New Roman" SIZE="2">5.6</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="2">%&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"></TD></TR>
<TR>
<TD VALIGN="top"> <P STYLE="margin-left:1.00em; text-indent:-1.00em"><FONT STYLE="font-family:Times New Roman" SIZE="2">Stabilized property credit facility</FONT></P></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="2">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:Times New Roman" SIZE="2">74,035,000</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="2">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="2">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:Times New Roman" SIZE="2">5.5</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="2">%&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="2">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:Times New Roman" SIZE="2">29,535,000</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="2">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="2">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:Times New Roman" SIZE="2">5.5</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="2">%&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"></TD></TR>
<TR BGCOLOR="#cceeff">
<TD VALIGN="top"> <P STYLE="margin-left:1.00em; text-indent:-1.00em"><FONT STYLE="font-family:Times New Roman" SIZE="2">Development property credit facility</FONT></P></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="2">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:Times New Roman" SIZE="2">92,282,000</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="2">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="2">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:Times New Roman" SIZE="2">2.5</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="2">%&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="2">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:Times New Roman" SIZE="2">103,062,000</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="2">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="2">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:Times New Roman" SIZE="2">2.5</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="2">%&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"></TD></TR>
<TR STYLE="font-size:1px">
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"> <P STYLE="border-top:1px solid #000000">&nbsp;</P></TD>
<TD VALIGN="bottom"> <P STYLE="border-top:1px solid #000000">&nbsp;</P></TD>
<TD>&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"> <P STYLE="border-top:1px solid #000000">&nbsp;</P></TD>
<TD VALIGN="bottom"> <P STYLE="border-top:1px solid #000000">&nbsp;</P></TD>
<TD>&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"> <P STYLE="border-top:1px solid #000000">&nbsp;</P></TD>
<TD VALIGN="bottom"> <P STYLE="border-top:1px solid #000000">&nbsp;</P></TD>
<TD>&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"> <P STYLE="border-top:1px solid #000000">&nbsp;</P></TD>
<TD VALIGN="bottom"> <P STYLE="border-top:1px solid #000000">&nbsp;</P></TD>
<TD>&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom"></TD></TR>
<TR>
<TD VALIGN="top"></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="2">$</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:Times New Roman" SIZE="2">755,344,000</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="2">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="2">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:Times New Roman" SIZE="2">5.2</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="2">%&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="2">$</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:Times New Roman" SIZE="2">683,122,000</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="2">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="2">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:Times New Roman" SIZE="2">5.1</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="2">%&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"></TD></TR>
<TR STYLE="font-size:1px">
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"> <P STYLE="border-top:3px double #000000">&nbsp;</P></TD>
<TD VALIGN="bottom"> <P STYLE="border-top:3px double #000000">&nbsp;</P></TD>
<TD>&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"> <P STYLE="border-top:3px double #000000">&nbsp;</P></TD>
<TD VALIGN="bottom"> <P STYLE="border-top:3px double #000000">&nbsp;</P></TD>
<TD>&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"> <P STYLE="border-top:3px double #000000">&nbsp;</P></TD>
<TD VALIGN="bottom"> <P STYLE="border-top:3px double #000000">&nbsp;</P></TD>
<TD>&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"> <P STYLE="border-top:3px double #000000">&nbsp;</P></TD>
<TD VALIGN="bottom"> <P STYLE="border-top:3px double #000000">&nbsp;</P></TD>
<TD>&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom"></TD></TR>
<TR>
<TD HEIGHT="13" COLSPAN="21"></TD></TR>
<TR>
<TD VALIGN="top" COLSPAN="21"><FONT STYLE="font-family:Times New Roman" SIZE="2"><B><U>Mortgage loans payable related to real estate held for sale/conveyance &#151; discontinued operations (a)</U></B></FONT></TD></TR>
<TR>
<TD HEIGHT="13"></TD>
<TD HEIGHT="13" COLSPAN="4"></TD>
<TD HEIGHT="13" COLSPAN="4"></TD>
<TD HEIGHT="13" COLSPAN="2"></TD>
<TD HEIGHT="13" COLSPAN="4"></TD>
<TD HEIGHT="13" COLSPAN="4"></TD>
<TD HEIGHT="13" COLSPAN="2"></TD></TR>
<TR BGCOLOR="#cceeff">
<TD VALIGN="top"> <P STYLE="margin-top:0px;margin-bottom:1px; margin-left:1.00em; text-indent:-1.00em"><FONT STYLE="font-family:Times New Roman" SIZE="2">Fixed-rate mortgages</FONT></P></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="2">$</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:Times New Roman" SIZE="2">103,704,000</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="2">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="2">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:Times New Roman" SIZE="2">5.7</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="2">%&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" NOWRAP><FONT STYLE="font-family:Times New Roman" SIZE="2">5.0%&nbsp;-&nbsp;6.5%</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="2">$</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:Times New Roman" SIZE="2">135,991,000</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="2">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="2">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:Times New Roman" SIZE="2">5.6</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="2">%&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" NOWRAP><FONT STYLE="font-family:Times New Roman" SIZE="2">5.0%&nbsp;-&nbsp;6.5%</FONT></TD></TR>
<TR>
<TD VALIGN="top"> <P STYLE="margin-left:1.00em; text-indent:-1.00em"><FONT STYLE="font-family:Times New Roman" SIZE="2">Variable-rate mortgage</FONT></P></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="2">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:Times New Roman" SIZE="2">18,900,000</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="2">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="2">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:Times New Roman" SIZE="2">5.9</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="2">%&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="2">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:Times New Roman" SIZE="2">21,000,000</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="2">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="2">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:Times New Roman" SIZE="2">5.9</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="2">%&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"></TD></TR>
<TR STYLE="font-size:1px">
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"> <P STYLE="border-top:1px solid #000000">&nbsp;</P></TD>
<TD VALIGN="bottom"> <P STYLE="border-top:1px solid #000000">&nbsp;</P></TD>
<TD>&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"> <P STYLE="border-top:1px solid #000000">&nbsp;</P></TD>
<TD VALIGN="bottom"> <P STYLE="border-top:1px solid #000000">&nbsp;</P></TD>
<TD>&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"> <P STYLE="border-top:1px solid #000000">&nbsp;</P></TD>
<TD VALIGN="bottom"> <P STYLE="border-top:1px solid #000000">&nbsp;</P></TD>
<TD>&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"> <P STYLE="border-top:1px solid #000000">&nbsp;</P></TD>
<TD VALIGN="bottom"> <P STYLE="border-top:1px solid #000000">&nbsp;</P></TD>
<TD>&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom"></TD></TR>
<TR BGCOLOR="#cceeff">
<TD VALIGN="top"></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="2">$</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:Times New Roman" SIZE="2">122,604,000</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="2">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="2">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:Times New Roman" SIZE="2">5.7</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="2">%&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="2">$</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:Times New Roman" SIZE="2">156,991,000</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="2">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="2">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:Times New Roman" SIZE="2">5.6</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="2">%&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"></TD></TR>
<TR STYLE="font-size:1px">
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"> <P STYLE="border-top:3px double #000000">&nbsp;</P></TD>
<TD VALIGN="bottom"> <P STYLE="border-top:3px double #000000">&nbsp;</P></TD>
<TD>&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"> <P STYLE="border-top:3px double #000000">&nbsp;</P></TD>
<TD VALIGN="bottom"> <P STYLE="border-top:3px double #000000">&nbsp;</P></TD>
<TD>&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"> <P STYLE="border-top:3px double #000000">&nbsp;</P></TD>
<TD VALIGN="bottom"> <P STYLE="border-top:3px double #000000">&nbsp;</P></TD>
<TD>&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"> <P STYLE="border-top:3px double #000000">&nbsp;</P></TD>
<TD VALIGN="bottom"> <P STYLE="border-top:3px double #000000">&nbsp;</P></TD>
<TD>&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom"></TD></TR>
</TABLE> <P STYLE="font-size:10px;margin-top:0px;margin-bottom:0px">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR>
<TD WIDTH="4%" VALIGN="top" ALIGN="left"><FONT STYLE="font-family:Times New Roman" SIZE="2">(a)</FONT></TD>
<TD ALIGN="left" VALIGN="top"> <P ALIGN="justify"><FONT STYLE="font-family:Times New Roman" SIZE="2">Restated to reflect the reclassifications of properties subsequently treated as &#147;held for sale/conveyance&#148;. </FONT></P></TD></TR></TABLE>
<P STYLE="margin-top:10px;margin-bottom:0px"><FONT STYLE="font-family:Times New Roman" SIZE="2"><B><I>Mortgage loans payable </I></B></FONT></P> <P STYLE="margin-top:10px;margin-bottom:0px; text-indent:4%" ALIGN="justify"><FONT
STYLE="font-family:Times New Roman" SIZE="2">Mortgage loan activity for 2011 and 2010 is summarized as follows: </FONT></P> <P STYLE="font-size:10px;margin-top:0px;margin-bottom:0px">&nbsp;</P>
<TABLE CELLSPACING="0" CELLPADDING="0" WIDTH="100%" BORDER="0" STYLE="BORDER-COLLAPSE:COLLAPSE" ALIGN="center">


<TR STYLE="visibility:hidden; line-height:0pt; color:white">
<TD WIDTH="92%"></TD>
<TD VALIGN="bottom" WIDTH="1%"></TD>
<TD></TD>
<TD nowrap><FONT STYLE="Times New Roman" SIZE="1"><B>September 30,</B></FONT></TD>
<TD></TD>
<TD VALIGN="bottom" WIDTH="1%"></TD>
<TD></TD>
<TD nowrap><FONT STYLE="Times New Roman" SIZE="1"><B>September 30,</B></FONT></TD>
<TD></TD></TR>
<TR>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" COLSPAN="6" ALIGN="center" STYLE="border-bottom:1px solid #000000"><FONT STYLE="font-family:Times New Roman" SIZE="1"><B>Years ended December&nbsp;31,</B></FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD></TR>
<TR>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" COLSPAN="2" ALIGN="center" STYLE="border-bottom:1px solid #000000"><FONT STYLE="font-family:Times New Roman" SIZE="1"><B>2011</B></FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" COLSPAN="2" ALIGN="center" STYLE="border-bottom:1px solid #000000"><FONT STYLE="font-family:Times New Roman" SIZE="1"><B>2010</B></FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD></TR>


<TR BGCOLOR="#cceeff">
<TD VALIGN="top"> <P STYLE="margin-left:1.00em; text-indent:-1.00em"><FONT STYLE="font-family:Times New Roman" SIZE="2">Balance, beginning of year</FONT></P></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="2">$</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:Times New Roman" SIZE="2">550,525,000</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="2">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="2">$</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:Times New Roman" SIZE="2">541,979,000</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="2">&nbsp;&nbsp;</FONT></TD></TR>
<TR>
<TD VALIGN="top"> <P STYLE="margin-left:1.00em; text-indent:-1.00em"><FONT STYLE="font-family:Times New Roman" SIZE="2">New mortgage borrowings and assumptions</FONT></P></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="2">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:Times New Roman" SIZE="2">45,791,000</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="2">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="2">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:Times New Roman" SIZE="2">26,984,000</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="2">&nbsp;&nbsp;</FONT></TD></TR>
<TR BGCOLOR="#cceeff">
<TD VALIGN="top"> <P STYLE="margin-left:1.00em; text-indent:-1.00em"><FONT STYLE="font-family:Times New Roman" SIZE="2">Repayments</FONT></P></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="2">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:Times New Roman" SIZE="2">(7,289,000</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="2">)&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="2">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:Times New Roman" SIZE="2">(18,438,000</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="2">)&nbsp;</FONT></TD></TR>
<TR STYLE="font-size:1px">
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"> <P STYLE="border-top:1px solid #000000">&nbsp;</P></TD>
<TD VALIGN="bottom"> <P STYLE="border-top:1px solid #000000">&nbsp;</P></TD>
<TD>&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"> <P STYLE="border-top:1px solid #000000">&nbsp;</P></TD>
<TD VALIGN="bottom"> <P STYLE="border-top:1px solid #000000">&nbsp;</P></TD>
<TD>&nbsp;</TD></TR>
<TR>
<TD VALIGN="top"> <P STYLE="margin-left:1.00em; text-indent:-1.00em"><FONT STYLE="font-family:Times New Roman" SIZE="2">Balance, end of the year</FONT></P></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="2">$</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:Times New Roman" SIZE="2">589,027,000</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="2">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="2">$</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:Times New Roman" SIZE="2">550,525,000</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="2">&nbsp;&nbsp;</FONT></TD></TR>
<TR STYLE="font-size:1px">
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"> <P STYLE="border-top:3px double #000000">&nbsp;</P></TD>
<TD VALIGN="bottom"> <P STYLE="border-top:3px double #000000">&nbsp;</P></TD>
<TD>&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"> <P STYLE="border-top:3px double #000000">&nbsp;</P></TD>
<TD VALIGN="bottom"> <P STYLE="border-top:3px double #000000">&nbsp;</P></TD>
<TD>&nbsp;</TD></TR>
</TABLE> <P STYLE="margin-top:10px;margin-bottom:0px; text-indent:4%" ALIGN="justify"><FONT STYLE="font-family:Times New Roman" SIZE="2">On July&nbsp;6, 2011, the Company refinanced a property that had collateralized the
development property credit facility. The new fixed-rate mortgage, aggregating $16.5&nbsp;million, bears interest at 5.2%&nbsp;per annum, with principal payments based on a 25-year amortization schedule, and maturing in July 2021. The proceeds
reduced the balances under the development property credit facility and the stabilized property credit facility by $10.8 million and $5.7 million, respectively. </FONT></P>
 <p STYLE="margin-top:0px;margin-bottom:0px"><FONT SIZE="1">&nbsp;</FONT></P> <P STYLE="margin-top:0px;margin-bottom:0px" ALIGN="center"><FONT STYLE="font-family:Times New Roman" SIZE="2">82 </FONT></P>



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<h5 align="left"><a href="#toc">Table of Contents</a></h5>



 <P STYLE="margin-top:0px;margin-bottom:0px" ALIGN="center"><FONT STYLE="font-family:Times New Roman" SIZE="2"><B>Cedar Realty Trust, Inc. </B></FONT></P>
<P STYLE="margin-top:0px;margin-bottom:0px" ALIGN="center"><FONT STYLE="font-family:Times New Roman" SIZE="2"><B>Notes to Consolidated Financial Statements </B></FONT></P> <P STYLE="margin-top:0px;margin-bottom:0px" ALIGN="center"><FONT
STYLE="font-family:Times New Roman" SIZE="2"><B>December 31, 2011 </B></FONT></P> <p STYLE="margin-top:0px;margin-bottom:0px"><FONT SIZE="1">&nbsp;</FONT></P>
 <P STYLE="margin-top:0px;margin-bottom:0px; text-indent:4%" ALIGN="justify"><FONT STYLE="font-family:Times New Roman" SIZE="2">During 2010, the Company completed a $10.6 million fixed-rate mortgage
loan payable on a previously unencumbered property, with an interest rate of 5.5%&nbsp;per annum. The property was previously included in the collateral pool for the Company&#146;s secured revolving stabilized property credit facility. In addition,
the Company refinanced three properties in 2010. The new fixed-rate mortgage loans payable aggregated $15.0 million and bear interest at a weighted average of 6.2%&nbsp;per annum. </FONT></P>
<P STYLE="margin-top:10px;margin-bottom:0px; text-indent:4%" ALIGN="justify"><FONT STYLE="font-family:Times New Roman" SIZE="2">The variable-rate mortgage represents a $70.7&nbsp;million construction facility, as amended in November 2011, pursuant
to which the Company has pledged its joint venture ground-up development property in Pottsgrove, Pennsylvania as collateral for borrowings thereunder. The facility is guaranteed by the Company and will expire in October 2013, subject to a one-year
extension option. Borrowings under the facility bear interest at the Company&#146;s option at either LIBOR plus a spread of 275 bps or the agent bank&#146;s prime rate plus a spread of 125 bps, with principal payable based on a 30-year amortization
schedule. Borrowings outstanding under the facility aggregated $63.8 million at December&nbsp;31, 2011, and such borrowings bore interest at a rate of 3.0%&nbsp;per annum. </FONT></P> <P STYLE="margin-top:10px;margin-bottom:0px"><FONT
STYLE="font-family:Times New Roman" SIZE="2"><B><I>Amended, Restated and Consolidated Credit Facility </I></B></FONT></P>
<P STYLE="margin-top:10px;margin-bottom:0px; text-indent:4%" ALIGN="justify"><FONT STYLE="font-family:Times New Roman" SIZE="2">On January&nbsp;26, 2012, the Company entered into a $300 million secured credit facility (&#147;Credit Facility&#148;).
The Credit Facility amends, restates and consolidates the Company&#146;s prior $185 million stabilized property revolving credit facility ($74,035,000 outstanding at December&nbsp;31, 2011, bearing interest at 5.5%&nbsp;per annum) and its $150
million development property credit facility ($92,282,000 outstanding at December&nbsp;31, 2011, bearing interest at 2.5%&nbsp;per annum) that were due to expire on January&nbsp;31, 2012 and June&nbsp;13, 2012, respectively. In anticipation of the
new Credit Facility, the Company determined to forego its one-year extension option applicable to the stabilized property credit revolving facility. </FONT></P> <P STYLE="margin-top:10px;margin-bottom:0px; text-indent:4%" ALIGN="justify"><FONT
STYLE="font-family:Times New Roman" SIZE="2">The new Credit Facility is comprised of a four-year $75 million term loan and a three-year $225 million revolving credit facility, subject to collateral in place (the Company has pledged 27 of its
shopping center properties as collateral for such borrowings, including seven properties which are being treated as &#147;real estate held for sale/conveyance&#148;). In connection with the new Credit Facility, the Company paid participating lender
fees, and closing and transaction costs of approximately $3.7 million. </FONT></P> <P STYLE="margin-top:10px;margin-bottom:0px; text-indent:4%" ALIGN="justify"><FONT STYLE="font-family:Times New Roman" SIZE="2">Borrowings under the new Credit
Facility are initially priced at LIBOR plus 275 bps (a total of 3.0%&nbsp;per annum at closing) and can range from LIBOR plus 200 to 300 bps based on the Company&#146;s leverage ratio. Subject to customary conditions, the term loan and the revolving
credit facility may both be extended for one additional year at the Company&#146;s option. Under an accordion feature, the Credit Facility can be increased to $500 million, subject to customary conditions, collateral in place and lending commitments
from participating banks. </FONT></P>
 <p STYLE="margin-top:0px;margin-bottom:0px"><FONT SIZE="1">&nbsp;</FONT></P> <P STYLE="margin-top:0px;margin-bottom:0px" ALIGN="center"><FONT STYLE="font-family:Times New Roman" SIZE="2">83 </FONT></P>



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<h5 align="left"><a href="#toc">Table of Contents</a></h5>



 <P STYLE="margin-top:0px;margin-bottom:0px" ALIGN="center"><FONT STYLE="font-family:Times New Roman" SIZE="2"><B>Cedar Realty Trust, Inc. </B></FONT></P>
<P STYLE="margin-top:0px;margin-bottom:0px" ALIGN="center"><FONT STYLE="font-family:Times New Roman" SIZE="2"><B>Notes to Consolidated Financial Statements </B></FONT></P> <P STYLE="margin-top:0px;margin-bottom:0px" ALIGN="center"><FONT
STYLE="font-family:Times New Roman" SIZE="2"><B>December 31, 2011 </B></FONT></P> <p STYLE="margin-top:0px;margin-bottom:0px"><FONT SIZE="1">&nbsp;</FONT></P>
 <P STYLE="margin-top:0px;margin-bottom:0px; text-indent:4%" ALIGN="justify"><FONT STYLE="font-family:Times New Roman" SIZE="2">The Credit Facility contains financial covenants including, but not
limited to, maximum debt leverage, minimum interest coverage, minimum fixed charge coverage, and minimum net worth. In addition, the Credit Facility contains restrictions including, but not limited to, limits on indebtedness, certain investments and
distributions. The Company&#146;s failure to comply with these covenants or the occurrence of an event of default under the Credit Facility could result in the acceleration of the Company&#146;s debt and other financial obligations under the Credit
Facility. The Credit Facility will be available to fund acquisitions, redevelopment and remaining development activities, capital expenditures, mortgage repayments, dividend distributions, working capital and other general corporate purposes.
</FONT></P> <P STYLE="margin-top:10px;margin-bottom:0px; text-indent:4%" ALIGN="justify"><FONT STYLE="font-family:Times New Roman" SIZE="2">Based on covenant measurements and collateral in place at the closing, the Company was permitted to draw up
to approximately $232.8 million, of which approximately $62.8 million remained available as of that date (after payment of closing costs, fees and expenses). </FONT></P> <P STYLE="margin-top:10px;margin-bottom:0px"><FONT
STYLE="font-family:Times New Roman" SIZE="2"><B><I>Scheduled Principal Payments </I></B></FONT></P> <P STYLE="margin-top:10px;margin-bottom:0px; text-indent:4%" ALIGN="justify"><FONT STYLE="font-family:Times New Roman" SIZE="2">Scheduled principal
payments on mortgage loans payable and secured revolving credit facilities at December&nbsp;31, 2011, due on various dates from 2012 to 2029, are as follows (reflecting the amended, restated and consolidated credit facility concluded on
January&nbsp;26, 2012): </FONT></P> <P STYLE="font-size:10px;margin-top:0px;margin-bottom:0px">&nbsp;</P>
<TABLE CELLSPACING="0" CELLPADDING="0" WIDTH="100%" BORDER="0" STYLE="BORDER-COLLAPSE:COLLAPSE" ALIGN="center">


<TR STYLE="visibility:hidden; line-height:0pt; color:white">
<TD WIDTH="96%"></TD>
<TD VALIGN="bottom" WIDTH="1%"></TD>
<TD></TD>
<TD nowrap><FONT STYLE="Times New Roman" SIZE="1"><B>September 30,</B></FONT></TD>
<TD></TD></TR>


<TR BGCOLOR="#cceeff">
<TD VALIGN="top"> <P STYLE="margin-left:3.00em; text-indent:-1.00em"><FONT STYLE="font-family:Times New Roman" SIZE="2">2012</FONT></P></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="2">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:Times New Roman" SIZE="2">38,980,000&nbsp;</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="2">&nbsp;&nbsp;</FONT></TD></TR>
<TR>
<TD VALIGN="top"> <P STYLE="margin-left:3.00em; text-indent:-1.00em"><FONT STYLE="font-family:Times New Roman" SIZE="2">2013</FONT></P></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="2">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:Times New Roman" SIZE="2">125,328,000&nbsp;</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="2">(a)&nbsp;</FONT></TD></TR>
<TR BGCOLOR="#cceeff">
<TD VALIGN="top"> <P STYLE="margin-left:3.00em; text-indent:-1.00em"><FONT STYLE="font-family:Times New Roman" SIZE="2">2014</FONT></P></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="2">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:Times New Roman" SIZE="2">106,436,000&nbsp;</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="2">&nbsp;&nbsp;</FONT></TD></TR>
<TR>
<TD VALIGN="top"> <P STYLE="margin-left:3.00em; text-indent:-1.00em"><FONT STYLE="font-family:Times New Roman" SIZE="2">2015</FONT></P></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="2">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:Times New Roman" SIZE="2">168,642,000&nbsp;</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="2">(b)&nbsp;</FONT></TD></TR>
<TR BGCOLOR="#cceeff">
<TD VALIGN="top"> <P STYLE="margin-left:3.00em; text-indent:-1.00em"><FONT STYLE="font-family:Times New Roman" SIZE="2">2016</FONT></P></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="2">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:Times New Roman" SIZE="2">173,937,000&nbsp;</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="2">(c)&nbsp;</FONT></TD></TR>
<TR>
<TD VALIGN="top"> <P STYLE="margin-left:1.00em; text-indent:-1.00em"><FONT STYLE="font-family:Times New Roman" SIZE="2">Thereafter</FONT></P></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="2">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:Times New Roman" SIZE="2">142,021,000&nbsp;</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="2">&nbsp;&nbsp;</FONT></TD></TR>
<TR STYLE="font-size:1px">
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"> <P STYLE="border-top:1px solid #000000">&nbsp;</P></TD>
<TD VALIGN="bottom"> <P STYLE="border-top:1px solid #000000">&nbsp;</P></TD>
<TD>&nbsp;</TD></TR>
<TR BGCOLOR="#cceeff">
<TD VALIGN="top"></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="2">$</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:Times New Roman" SIZE="2">755,344,000&nbsp;</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="2">&nbsp;&nbsp;</FONT></TD></TR>
<TR STYLE="font-size:1px">
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"> <P STYLE="border-top:3px double #000000">&nbsp;</P></TD>
<TD VALIGN="bottom"> <P STYLE="border-top:3px double #000000">&nbsp;</P></TD>
<TD>&nbsp;</TD></TR>
</TABLE> <P STYLE="font-size:10px;margin-top:0px;margin-bottom:0px">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR>
<TD WIDTH="4%" VALIGN="top" ALIGN="left"><FONT STYLE="font-family:Times New Roman" SIZE="2">(a)</FONT></TD>
<TD ALIGN="left" VALIGN="top"> <P ALIGN="justify"><FONT STYLE="font-family:Times New Roman" SIZE="2">Includes $62.2 million subject to a one-year extension option. </FONT></P></TD></TR></TABLE>
<P STYLE="font-size:10px;margin-top:0px;margin-bottom:0px">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR>
<TD WIDTH="4%" VALIGN="top" ALIGN="left"><FONT STYLE="font-family:Times New Roman" SIZE="2">(b)</FONT></TD>
<TD ALIGN="left" VALIGN="top"> <P ALIGN="justify"><FONT STYLE="font-family:Times New Roman" SIZE="2">Includes $91.3 million subject to a one-year extension option. </FONT></P></TD></TR></TABLE>
<P STYLE="font-size:10px;margin-top:0px;margin-bottom:0px">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR>
<TD WIDTH="4%" VALIGN="top" ALIGN="left"><FONT STYLE="font-family:Times New Roman" SIZE="2">(c)</FONT></TD>
<TD ALIGN="left" VALIGN="top"> <P ALIGN="justify"><FONT STYLE="font-family:Times New Roman" SIZE="2">Includes $75.0 million subject to a one-year extension option. </FONT></P></TD></TR></TABLE>
 <P STYLE="margin-top:10px;margin-bottom:0px"><FONT STYLE="font-family:Times New Roman" SIZE="2"><B>Note 11. Derivative Financial Instruments </B></FONT></P>
 <P STYLE="margin-top:10px;margin-bottom:0px; text-indent:4%" ALIGN="justify"><FONT STYLE="font-family:Times New Roman" SIZE="2">At December&nbsp;31, 2011, the Company had approximately $32.1 million of mortgage loans payable
subject to interest rate swaps. Such interest rate swaps converted LIBOR-based variable rates to fixed annual rates of 5.2% and 6.5%&nbsp;per annum. At that date, the Company had accrued liabilities of $2.1 million (included in accounts payable and
accrued expenses on the consolidated balance sheet) relating to the fair value of interest rate swaps applicable to existing </FONT></P>
 <p STYLE="margin-top:0px;margin-bottom:0px"><FONT SIZE="1">&nbsp;</FONT></P> <P STYLE="margin-top:0px;margin-bottom:0px" ALIGN="center"><FONT STYLE="font-family:Times New Roman" SIZE="2">84 </FONT></P>



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<h5 align="left"><a href="#toc">Table of Contents</a></h5>



 <P STYLE="margin-top:0px;margin-bottom:0px" ALIGN="center"><FONT STYLE="font-family:Times New Roman" SIZE="2"><B>Cedar Realty Trust, Inc. </B></FONT></P>
<P STYLE="margin-top:0px;margin-bottom:0px" ALIGN="center"><FONT STYLE="font-family:Times New Roman" SIZE="2"><B>Notes to Consolidated Financial Statements </B></FONT></P> <P STYLE="margin-top:0px;margin-bottom:0px" ALIGN="center"><FONT
STYLE="font-family:Times New Roman" SIZE="2"><B>December 31, 2011 </B></FONT></P> <p STYLE="margin-top:0px;margin-bottom:0px"><FONT SIZE="1">&nbsp;</FONT></P>
 <P STYLE="margin-top:0px;margin-bottom:0px" ALIGN="justify"><FONT STYLE="font-family:Times New Roman" SIZE="2">
mortgage loans payable. Charges and/or credits relating to the changes in fair values of such interest rate swaps are made to accumulated other comprehensive (loss) income, noncontrolling
interests (minority interests in consolidated joint ventures and limited partners&#146; interest), or operations (included in interest expense), as appropriate. </FONT></P>
<P STYLE="margin-top:10px;margin-bottom:0px; text-indent:4%" ALIGN="justify"><FONT STYLE="font-family:Times New Roman" SIZE="2">The following is a summary of the derivative financial instruments held by the Company and the Cedar/RioCan joint venture
at December&nbsp;31, 2011 and 2010: </FONT></P> <P STYLE="font-size:10px;margin-top:0px;margin-bottom:0px">&nbsp;</P>
<TABLE CELLSPACING="0" CELLPADDING="0" WIDTH="100%" BORDER="0" STYLE="BORDER-COLLAPSE:COLLAPSE" ALIGN="center">


<TR STYLE="visibility:hidden; line-height:0pt; color:white">
<TD WIDTH="80%"></TD>
<TD VALIGN="bottom" WIDTH="1%"></TD>
<TD nowrap><FONT STYLE="Times New Roman" SIZE="1"><B>Septemb</B></FONT></TD>
<TD VALIGN="bottom" WIDTH="1%"></TD>
<TD></TD>
<TD nowrap><FONT STYLE="Times New Roman" SIZE="1"><B>Septemb</B></FONT></TD>
<TD></TD>
<TD VALIGN="bottom" WIDTH="1%"></TD>
<TD></TD>
<TD nowrap><FONT STYLE="Times New Roman" SIZE="1"><B>Septemb</B></FONT></TD>
<TD></TD>
<TD VALIGN="bottom" WIDTH="1%"></TD>
<TD></TD>
<TD nowrap><FONT STYLE="Times New Roman" SIZE="1"><B>Septemb</B></FONT></TD>
<TD></TD>
<TD VALIGN="bottom" WIDTH="1%"></TD>
<TD></TD>
<TD nowrap><FONT STYLE="Times New Roman" SIZE="1"><B>Septemb</B></FONT></TD>
<TD></TD>
<TD VALIGN="bottom" WIDTH="1%"></TD>
<TD></TD>
<TD nowrap><FONT STYLE="Times New Roman" SIZE="1"><B>Septemb</B></FONT></TD>
<TD></TD>
<TD VALIGN="bottom" WIDTH="1%"></TD>
<TD nowrap><FONT STYLE="Times New Roman" SIZE="1"><B>Septemb</B></FONT></TD>
<TD VALIGN="bottom" WIDTH="1%"></TD>
<TD></TD>
<TD nowrap><FONT STYLE="Times New Roman" SIZE="1"><B>Septemb</B></FONT></TD>
<TD></TD>
<TD VALIGN="bottom" WIDTH="1%"></TD>
<TD></TD>
<TD nowrap><FONT STYLE="Times New Roman" SIZE="1"><B>Septemb</B></FONT></TD>
<TD></TD></TR>
<TR>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD COLSPAN="2" VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" COLSPAN="10" ALIGN="center" STYLE="border-bottom:1px solid #000000"><FONT STYLE="font-family:Times New Roman" SIZE="1"><B>Notional values</B></FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD COLSPAN="2" VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="center"><FONT STYLE="font-family:Times New Roman" SIZE="1"><B>Balance</B></FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" COLSPAN="6" ALIGN="center" STYLE="border-bottom:1px solid #000000"><FONT STYLE="font-family:Times New Roman" SIZE="1"><B>Fair value</B></FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD></TR>
<TR>
<TD VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="1"><B>Designation/</B></FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD COLSPAN="2" VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" COLSPAN="2" ALIGN="center"><FONT STYLE="font-family:Times New Roman" SIZE="1"><B>December&nbsp;31,</B></FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD COLSPAN="2" VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" COLSPAN="2" ALIGN="center"><FONT STYLE="font-family:Times New Roman" SIZE="1"><B>December&nbsp;31,</B></FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" COLSPAN="2" ALIGN="center"><FONT STYLE="font-family:Times New Roman" SIZE="1"><B>Maturity</B></FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="center"><FONT STYLE="font-family:Times New Roman" SIZE="1"><B>sheet</B></FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" COLSPAN="2" ALIGN="center"><FONT STYLE="font-family:Times New Roman" SIZE="1"><B>December&nbsp;31,</B></FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" COLSPAN="2" ALIGN="center"><FONT STYLE="font-family:Times New Roman" SIZE="1"><B>December&nbsp;31,</B></FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD></TR>
<TR>
<TD VALIGN="bottom" NOWRAP> <P STYLE="border-bottom:1px solid #000000;width:34pt"><FONT STYLE="font-family:Times New Roman" SIZE="1"><B>Cash flow</B></FONT></P></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="center" STYLE="border-bottom:1px solid #000000"> <P STYLE="margin-top:0px;margin-bottom:1px" ALIGN="center"><FONT STYLE="font-family:Times New Roman" SIZE="1"><B>Derivative</B></FONT></P></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" COLSPAN="2" ALIGN="center" STYLE="border-bottom:1px solid #000000"><FONT STYLE="font-family:Times New Roman" SIZE="1"><B>Count</B></FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" COLSPAN="2" ALIGN="center" STYLE="border-bottom:1px solid #000000"><FONT STYLE="font-family:Times New Roman" SIZE="1"><B>2011</B></FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" COLSPAN="2" ALIGN="center" STYLE="border-bottom:1px solid #000000"><FONT STYLE="font-family:Times New Roman" SIZE="1"><B>Count</B></FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" COLSPAN="2" ALIGN="center" STYLE="border-bottom:1px solid #000000"><FONT STYLE="font-family:Times New Roman" SIZE="1"><B>2010</B></FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" COLSPAN="2" ALIGN="center" STYLE="border-bottom:1px solid #000000"><FONT STYLE="font-family:Times New Roman" SIZE="1"><B>dates</B></FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="center" STYLE="border-bottom:1px solid #000000"> <P STYLE="margin-top:0px;margin-bottom:1px" ALIGN="center"><FONT STYLE="font-family:Times New Roman" SIZE="1"><B>location</B></FONT></P></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" COLSPAN="2" ALIGN="center" STYLE="border-bottom:1px solid #000000"><FONT STYLE="font-family:Times New Roman" SIZE="1"><B>2011</B></FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" COLSPAN="2" ALIGN="center" STYLE="border-bottom:1px solid #000000"><FONT STYLE="font-family:Times New Roman" SIZE="1"><B>2010</B></FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD></TR>


<TR BGCOLOR="#cceeff">
<TD VALIGN="top"></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="1">Interest rate swaps</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="1">Accrued liabilities</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD></TR>
<TR>
<TD VALIGN="top"> <P STYLE="margin-left:1.00em; text-indent:-1.00em"><FONT STYLE="font-family:Times New Roman" SIZE="1">Qualifying</FONT></P></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="1">Consolidated</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:Times New Roman" SIZE="1">3</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="1">$</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:Times New Roman" SIZE="1">32,091,000</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:Times New Roman" SIZE="1">2</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="1">$</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:Times New Roman" SIZE="1">20,218,000</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="1">&nbsp;</FONT></TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:Times New Roman" SIZE="1">2013-2018</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="1">Consolidated</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="1">$</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:Times New Roman" SIZE="1">2,053,000</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="1">$</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:Times New Roman" SIZE="1">1,642,000</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="1">&nbsp;&nbsp;</FONT></TD></TR>
<TR STYLE="font-size:1px">
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom"> <P STYLE="border-top:3px double #000000">&nbsp;</P></TD>
<TD VALIGN="bottom"> <P STYLE="border-top:3px double #000000">&nbsp;</P></TD>
<TD>&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom"> <P STYLE="border-top:3px double #000000">&nbsp;</P></TD>
<TD VALIGN="bottom"> <P STYLE="border-top:3px double #000000">&nbsp;</P></TD>
<TD>&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom"> <P STYLE="border-top:3px double #000000">&nbsp;</P></TD>
<TD VALIGN="bottom"> <P STYLE="border-top:3px double #000000">&nbsp;</P></TD>
<TD>&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom"> <P STYLE="border-top:3px double #000000">&nbsp;</P></TD>
<TD VALIGN="bottom"> <P STYLE="border-top:3px double #000000">&nbsp;</P></TD>
<TD>&nbsp;</TD></TR>
<TR BGCOLOR="#cceeff">
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"> <P STYLE="margin-top:0px;margin-bottom:1px"><FONT STYLE="font-family:Times New Roman" SIZE="1">Cedar/RioCan</FONT></P></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"> <P STYLE="margin-top:0px;margin-bottom:1px"><FONT STYLE="font-family:Times New Roman" SIZE="1">Cedar/RioCan</FONT></P></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD></TR>
<TR>
<TD VALIGN="bottom"> <P STYLE="margin-left:1.00em; text-indent:-1.00em"><FONT STYLE="font-family:Times New Roman" SIZE="1">Qualifying</FONT></P></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="1">Joint&nbsp;Venture</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:Times New Roman" SIZE="1">1</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="1">$</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:Times New Roman" SIZE="1">14,182,000</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:Times New Roman" SIZE="1">&#151;&nbsp;&nbsp;</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="1">$</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:Times New Roman" SIZE="1">&#151;&nbsp;&nbsp;</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:Times New Roman" SIZE="1">2016</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="1">Joint Venture</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="1">$</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:Times New Roman" SIZE="1">2,419,000</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="1">$</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:Times New Roman" SIZE="1">&#151;&nbsp;&nbsp;</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="1">&nbsp;&nbsp;</FONT></TD></TR>
<TR STYLE="font-size:1px">
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom"> <P STYLE="border-top:3px double #000000">&nbsp;</P></TD>
<TD VALIGN="bottom"> <P STYLE="border-top:3px double #000000">&nbsp;</P></TD>
<TD>&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom"> <P STYLE="border-top:3px double #000000">&nbsp;</P></TD>
<TD VALIGN="bottom"> <P STYLE="border-top:3px double #000000">&nbsp;</P></TD>
<TD>&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom"> <P STYLE="border-top:3px double #000000">&nbsp;</P></TD>
<TD VALIGN="bottom"> <P STYLE="border-top:3px double #000000">&nbsp;</P></TD>
<TD>&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom"> <P STYLE="border-top:3px double #000000">&nbsp;</P></TD>
<TD VALIGN="bottom"> <P STYLE="border-top:3px double #000000">&nbsp;</P></TD>
<TD>&nbsp;</TD></TR>
</TABLE>
 <p STYLE="margin-top:0px;margin-bottom:0px"><FONT SIZE="1">&nbsp;</FONT></P> <P STYLE="margin-top:0px;margin-bottom:0px" ALIGN="center"><FONT STYLE="font-family:Times New Roman" SIZE="2">85 </FONT></P>



<p Style='page-break-before:always'>
<HR  SIZE="3" style="COLOR:#999999" WIDTH="100%" ALIGN="CENTER">
<h5 align="left"><a href="#toc">Table of Contents</a></h5>



 <P STYLE="margin-top:0px;margin-bottom:0px" ALIGN="center"><FONT STYLE="font-family:Times New Roman" SIZE="2"><B>Cedar Realty Trust, Inc. </B></FONT></P>
<P STYLE="margin-top:0px;margin-bottom:0px" ALIGN="center"><FONT STYLE="font-family:Times New Roman" SIZE="2"><B>Notes to Consolidated Financial Statements </B></FONT></P> <P STYLE="margin-top:0px;margin-bottom:0px" ALIGN="center"><FONT
STYLE="font-family:Times New Roman" SIZE="2"><B>December 31, 2011 </B></FONT></P> <p STYLE="margin-top:0px;margin-bottom:0px"><FONT SIZE="1">&nbsp;</FONT></P>
 <P STYLE="margin-top:0px;margin-bottom:0px; text-indent:4%" ALIGN="justify"><FONT STYLE="font-family:Times New Roman" SIZE="2">The following presents the effect of the Company&#146;s derivative
financial instruments on the consolidated statements of operations and the consolidated statements of equity for 2011, 2010 and 2009, respectively: </FONT></P> <P STYLE="font-size:10px;margin-top:0px;margin-bottom:0px">&nbsp;</P>
<TABLE CELLSPACING="0" CELLPADDING="0" WIDTH="100%" BORDER="0" STYLE="BORDER-COLLAPSE:COLLAPSE" ALIGN="center">


<TR STYLE="visibility:hidden; line-height:0pt; color:white">
<TD WIDTH="87%"></TD>
<TD VALIGN="bottom" WIDTH="1%"></TD>
<TD></TD>
<TD nowrap><FONT STYLE="Times New Roman" SIZE="1"><B>September 30,</B></FONT></TD>
<TD></TD>
<TD VALIGN="bottom" WIDTH="1%"></TD>
<TD></TD>
<TD nowrap><FONT STYLE="Times New Roman" SIZE="1"><B>September 30,</B></FONT></TD>
<TD></TD>
<TD VALIGN="bottom" WIDTH="1%"></TD>
<TD></TD>
<TD nowrap><FONT STYLE="Times New Roman" SIZE="1"><B>September 30,</B></FONT></TD>
<TD></TD>
<TD VALIGN="bottom" WIDTH="1%"></TD>
<TD></TD>
<TD nowrap><FONT STYLE="Times New Roman" SIZE="1"><B>September 30,</B></FONT></TD>
<TD></TD></TR>
<TR>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;&nbsp;&nbsp;</FONT></TD>
<TD COLSPAN="2" VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" COLSPAN="10" ALIGN="center"><FONT STYLE="font-family:Times New Roman" SIZE="1"><B>Amount of gain (loss) recognized in other</B></FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD></TR>
<TR>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;&nbsp;&nbsp;</FONT></TD>
<TD COLSPAN="2" VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" COLSPAN="10" ALIGN="center" STYLE="border-bottom:1px solid #000000"><FONT STYLE="font-family:Times New Roman" SIZE="1"><B>comprehensive (loss) income (effective portion)</B></FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD></TR>
<TR>
<TD VALIGN="bottom" NOWRAP><FONT STYLE="font-family:Times New Roman" SIZE="1"><B>Designation/</B></FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;&nbsp;&nbsp;</FONT></TD>
<TD COLSPAN="2" VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" COLSPAN="10" ALIGN="center" STYLE="border-bottom:1px solid #000000"><FONT STYLE="font-family:Times New Roman" SIZE="1"><B>Year ended December&nbsp;31,</B></FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD></TR>
<TR>
<TD VALIGN="bottom" NOWRAP> <P STYLE="border-bottom:1px solid #000000;width:34pt"><FONT STYLE="font-family:Times New Roman" SIZE="1"><B>Cash flow</B></FONT></P></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" COLSPAN="2" ALIGN="center" STYLE="border-bottom:1px solid #000000"><FONT STYLE="font-family:Times New Roman" SIZE="1"><B>Derivative</B></FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" COLSPAN="2" ALIGN="center" STYLE="border-bottom:1px solid #000000"><FONT STYLE="font-family:Times New Roman" SIZE="1"><B>2011</B></FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" COLSPAN="2" ALIGN="center" STYLE="border-bottom:1px solid #000000"><FONT STYLE="font-family:Times New Roman" SIZE="1"><B>2010</B></FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" COLSPAN="2" ALIGN="center" STYLE="border-bottom:1px solid #000000"><FONT STYLE="font-family:Times New Roman" SIZE="1"><B>2009</B></FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD></TR>


<TR BGCOLOR="#cceeff">
<TD VALIGN="top"></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="2">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="2">Interest&nbsp;rate&nbsp;swaps</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="2">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD></TR>
<TR>
<TD VALIGN="top"> <P STYLE="margin-left:1.00em; text-indent:-1.00em"><FONT STYLE="font-family:Times New Roman" SIZE="2">Non-qualifying</FONT></P></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="2">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:Times New Roman" SIZE="2">Consolidated</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="2">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="2">$</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:Times New Roman" SIZE="2">&#151;&nbsp;&nbsp;</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="2">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="2">$</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:Times New Roman" SIZE="2">&#151;&nbsp;&nbsp;</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="2">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="2">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:Times New Roman" SIZE="2">106,000</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="2">&nbsp;&nbsp;</FONT></TD></TR>
<TR STYLE="font-size:1px">
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"> <P STYLE="border-top:3px double #000000">&nbsp;</P></TD>
<TD VALIGN="bottom"> <P STYLE="border-top:3px double #000000">&nbsp;</P></TD>
<TD>&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"> <P STYLE="border-top:3px double #000000">&nbsp;</P></TD>
<TD VALIGN="bottom"> <P STYLE="border-top:3px double #000000">&nbsp;</P></TD>
<TD>&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"> <P STYLE="border-top:3px double #000000">&nbsp;</P></TD>
<TD VALIGN="bottom"> <P STYLE="border-top:3px double #000000">&nbsp;</P></TD>
<TD>&nbsp;</TD></TR>
<TR BGCOLOR="#cceeff">
<TD VALIGN="top"> <P STYLE="margin-left:3.00em; text-indent:-1.00em"><FONT STYLE="font-family:Times New Roman" SIZE="2">Qualifying</FONT></P></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="2">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:Times New Roman" SIZE="2">Consolidated</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="2">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="2">$</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:Times New Roman" SIZE="2">(398,000</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="2">)&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="2">$</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:Times New Roman" SIZE="2">(670,000</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="2">)&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="2">$</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:Times New Roman" SIZE="2">4,237,000</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="2">&nbsp;&nbsp;</FONT></TD></TR>
<TR STYLE="font-size:1px">
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"> <P STYLE="border-top:3px double #000000">&nbsp;</P></TD>
<TD VALIGN="bottom"> <P STYLE="border-top:3px double #000000">&nbsp;</P></TD>
<TD>&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"> <P STYLE="border-top:3px double #000000">&nbsp;</P></TD>
<TD VALIGN="bottom"> <P STYLE="border-top:3px double #000000">&nbsp;</P></TD>
<TD>&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"> <P STYLE="border-top:3px double #000000">&nbsp;</P></TD>
<TD VALIGN="bottom"> <P STYLE="border-top:3px double #000000">&nbsp;</P></TD>
<TD>&nbsp;</TD></TR>
<TR>
<TD VALIGN="top"></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="2">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:Times New Roman" SIZE="2">Cedar/RioCan</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="2">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD></TR>
<TR BGCOLOR="#cceeff">
<TD VALIGN="top"> <P STYLE="margin-left:3.00em; text-indent:-1.00em"><FONT STYLE="font-family:Times New Roman" SIZE="2">Qualifying</FONT></P></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="2">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:Times New Roman" SIZE="2">Joint Venture</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="2">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="2">$</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:Times New Roman" SIZE="2">(118,000</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="2">)&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="2">$</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:Times New Roman" SIZE="2">&#151;&nbsp;&nbsp;</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="2">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="2">$</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:Times New Roman" SIZE="2">&#151;&nbsp;&nbsp;</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="2">&nbsp;&nbsp;</FONT></TD></TR>
<TR STYLE="font-size:1px">
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"> <P STYLE="border-top:3px double #000000">&nbsp;</P></TD>
<TD VALIGN="bottom"> <P STYLE="border-top:3px double #000000">&nbsp;</P></TD>
<TD>&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"> <P STYLE="border-top:3px double #000000">&nbsp;</P></TD>
<TD VALIGN="bottom"> <P STYLE="border-top:3px double #000000">&nbsp;</P></TD>
<TD>&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"> <P STYLE="border-top:3px double #000000">&nbsp;</P></TD>
<TD VALIGN="bottom"> <P STYLE="border-top:3px double #000000">&nbsp;</P></TD>
<TD>&nbsp;</TD></TR>
</TABLE> <P STYLE="margin-top:10px;margin-bottom:0px" ALIGN="justify"><FONT STYLE="font-family:Times New Roman" SIZE="2">The above table does not include amortization and adjustments related to the terminated Crossroads II
swap which were recorded as a reduction of other comprehensive income and as a reduction of interest expense in the amount of $409,000 and $252,000 in 2011 and 2010, respectively. </FONT></P>
<P STYLE="font-size:10px;margin-top:0px;margin-bottom:0px">&nbsp;</P>
<TABLE CELLSPACING="0" CELLPADDING="0" WIDTH="100%" BORDER="0" STYLE="BORDER-COLLAPSE:COLLAPSE" ALIGN="center">


<TR STYLE="visibility:hidden; line-height:0pt; color:white">
<TD WIDTH="87%"></TD>
<TD VALIGN="bottom" WIDTH="1%"></TD>
<TD></TD>
<TD nowrap><FONT STYLE="Times New Roman" SIZE="1"><B>September 30,</B></FONT></TD>
<TD></TD>
<TD VALIGN="bottom" WIDTH="1%"></TD>
<TD></TD>
<TD nowrap><FONT STYLE="Times New Roman" SIZE="1"><B>September 30,</B></FONT></TD>
<TD></TD>
<TD VALIGN="bottom" WIDTH="1%"></TD>
<TD></TD>
<TD nowrap><FONT STYLE="Times New Roman" SIZE="1"><B>September 30,</B></FONT></TD>
<TD></TD>
<TD VALIGN="bottom" WIDTH="1%"></TD>
<TD></TD>
<TD nowrap><FONT STYLE="Times New Roman" SIZE="1"><B>September 30,</B></FONT></TD>
<TD></TD></TR>
<TR>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;&nbsp;&nbsp;</FONT></TD>
<TD COLSPAN="2" VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" COLSPAN="10" ALIGN="center"><FONT STYLE="font-family:Times New Roman" SIZE="1"><B>Amount&nbsp;of&nbsp;gain&nbsp;recognized&nbsp;in&nbsp;interest&nbsp;expense</B></FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD></TR>
<TR>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;&nbsp;&nbsp;</FONT></TD>
<TD COLSPAN="2" VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" COLSPAN="10" ALIGN="center" STYLE="border-bottom:1px solid #000000"><FONT STYLE="font-family:Times New Roman" SIZE="1"><B>(ineffective portion)</B></FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD></TR>
<TR>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;&nbsp;&nbsp;</FONT></TD>
<TD COLSPAN="2" VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" COLSPAN="10" ALIGN="center" STYLE="border-bottom:1px solid #000000"><FONT STYLE="font-family:Times New Roman" SIZE="1"><B>Year ended December&nbsp;31,</B></FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD></TR>
<TR>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;&nbsp;&nbsp;</FONT></TD>
<TD COLSPAN="2" VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" COLSPAN="2" ALIGN="center" STYLE="border-bottom:1px solid #000000"><FONT STYLE="font-family:Times New Roman" SIZE="1"><B>2011</B></FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" COLSPAN="2" ALIGN="center" STYLE="border-bottom:1px solid #000000"><FONT STYLE="font-family:Times New Roman" SIZE="1"><B>2010</B></FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" COLSPAN="2" ALIGN="center" STYLE="border-bottom:1px solid #000000"><FONT STYLE="font-family:Times New Roman" SIZE="1"><B>2009</B></FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD></TR>


<TR BGCOLOR="#cceeff">
<TD VALIGN="top"> <P STYLE="margin-left:1.00em; text-indent:-1.00em"><FONT STYLE="font-family:Times New Roman" SIZE="2">Non-qualifying</FONT></P></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="2">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:Times New Roman" SIZE="2">Interest&nbsp;rate&nbsp;swaps</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="2">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="2">$</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:Times New Roman" SIZE="2">&#151;&nbsp;&nbsp;</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="2">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="2">$</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:Times New Roman" SIZE="2">&#151;&nbsp;&nbsp;</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="2">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="2">$</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:Times New Roman" SIZE="2">107,000</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="2">&nbsp;&nbsp;</FONT></TD></TR>
<TR STYLE="font-size:1px">
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"> <P STYLE="border-top:3px double #000000">&nbsp;</P></TD>
<TD VALIGN="bottom"> <P STYLE="border-top:3px double #000000">&nbsp;</P></TD>
<TD>&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"> <P STYLE="border-top:3px double #000000">&nbsp;</P></TD>
<TD VALIGN="bottom"> <P STYLE="border-top:3px double #000000">&nbsp;</P></TD>
<TD>&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"> <P STYLE="border-top:3px double #000000">&nbsp;</P></TD>
<TD VALIGN="bottom"> <P STYLE="border-top:3px double #000000">&nbsp;</P></TD>
<TD>&nbsp;</TD></TR>
<TR>
<TD VALIGN="top"> <P STYLE="margin-left:3.00em; text-indent:-1.00em"><FONT STYLE="font-family:Times New Roman" SIZE="2">Qualifying</FONT></P></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="2">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:Times New Roman" SIZE="2">Interest rate swaps</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="2">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="2">$</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:Times New Roman" SIZE="2">&#151;&nbsp;&nbsp;</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="2">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="2">$</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:Times New Roman" SIZE="2">&#151;&nbsp;&nbsp;</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="2">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="2">$</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:Times New Roman" SIZE="2">67,000</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="2">&nbsp;&nbsp;</FONT></TD></TR>
<TR STYLE="font-size:1px">
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"> <P STYLE="border-top:3px double #000000">&nbsp;</P></TD>
<TD VALIGN="bottom"> <P STYLE="border-top:3px double #000000">&nbsp;</P></TD>
<TD>&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"> <P STYLE="border-top:3px double #000000">&nbsp;</P></TD>
<TD VALIGN="bottom"> <P STYLE="border-top:3px double #000000">&nbsp;</P></TD>
<TD>&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"> <P STYLE="border-top:3px double #000000">&nbsp;</P></TD>
<TD VALIGN="bottom"> <P STYLE="border-top:3px double #000000">&nbsp;</P></TD>
<TD>&nbsp;</TD></TR>
</TABLE> <P STYLE="margin-top:10px;margin-bottom:0px; text-indent:4%" ALIGN="justify"><FONT STYLE="font-family:Times New Roman" SIZE="2">As of December&nbsp;31, 2011, the Company believes it has no significant risk associated
with non-performance of the financial institutions which are the counterparties to its derivative contracts. Additionally, based on the rates in effect as of December&nbsp;31, 2011, if a counterparty were to default, the Company would receive a net
interest benefit. On January&nbsp;20, 2010, the Company paid approximately $5.5&nbsp;million to terminate interest rate swaps applicable to the financing for its development joint venture project in Stroudsburg, Pennsylvania. </FONT></P>
 <P STYLE="margin-top:10px;margin-bottom:0px"><FONT STYLE="font-family:Times New Roman" SIZE="2"><B>Note 12. Intangible Lease Asset/Liability </B></FONT></P>
 <P STYLE="margin-top:10px;margin-bottom:0px; text-indent:4%" ALIGN="justify"><FONT STYLE="font-family:Times New Roman" SIZE="2">Unamortized intangible lease liabilities that relate to below-market leases amounted to $35.0 million
and $40.3 million at December&nbsp;31, 2011 and December&nbsp;31, 2010, respectively. Unamortized intangible lease assets that relate to above-market leases amounted to $0.5 million and $0 at December&nbsp;31, 2011 and December&nbsp;31, 2010,
respectively. </FONT></P> <P STYLE="font-size:10px;margin-top:0px;margin-bottom:0px"><FONT SIZE="1">&nbsp;</FONT></P>
 <p STYLE="margin-top:0px;margin-bottom:0px"><FONT SIZE="1">&nbsp;</FONT></P> <P STYLE="margin-top:0px;margin-bottom:0px" ALIGN="center"><FONT STYLE="font-family:Times New Roman" SIZE="2">86 </FONT></P>



<p Style='page-break-before:always'>
<HR  SIZE="3" style="COLOR:#999999" WIDTH="100%" ALIGN="CENTER">
<h5 align="left"><a href="#toc">Table of Contents</a></h5>



 <P STYLE="margin-top:0px;margin-bottom:0px" ALIGN="center"><FONT STYLE="font-family:Times New Roman" SIZE="2"><B>Cedar Realty Trust, Inc. </B></FONT></P>
<P STYLE="margin-top:0px;margin-bottom:0px" ALIGN="center"><FONT STYLE="font-family:Times New Roman" SIZE="2"><B>Notes to Consolidated Financial Statements </B></FONT></P> <P STYLE="margin-top:0px;margin-bottom:0px" ALIGN="center"><FONT
STYLE="font-family:Times New Roman" SIZE="2"><B>December 31, 2011 </B></FONT></P> <p STYLE="margin-top:0px;margin-bottom:0px"><FONT SIZE="1">&nbsp;</FONT></P>
 <P STYLE="margin-top:0px;margin-bottom:0px; text-indent:4%" ALIGN="justify"><FONT STYLE="font-family:Times New Roman" SIZE="2">The unamortized balance of intangible lease liabilities at
December&nbsp;31, 2011 is net of accumulated amortization of $51.8 million, and will be credited to future operations through 2043 as follows: </FONT></P> <P STYLE="font-size:10px;margin-top:0px;margin-bottom:0px">&nbsp;</P>
<TABLE CELLSPACING="0" CELLPADDING="0" WIDTH="100%" BORDER="0" STYLE="BORDER-COLLAPSE:COLLAPSE" ALIGN="center">


<TR STYLE="visibility:hidden; line-height:0pt; color:white">
<TD WIDTH="97%"></TD>
<TD VALIGN="bottom" WIDTH="1%"></TD>
<TD></TD>
<TD nowrap><FONT STYLE="Times New Roman" SIZE="1"><B>September 30,</B></FONT></TD>
<TD></TD></TR>


<TR BGCOLOR="#cceeff">
<TD VALIGN="top"> <P STYLE="margin-left:3.00em; text-indent:-1.00em"><FONT STYLE="font-family:Times New Roman" SIZE="2">2012</FONT></P></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="2">$</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:Times New Roman" SIZE="2"> 5,097,000</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="2">&nbsp;&nbsp;</FONT></TD></TR>
<TR>
<TD VALIGN="top"> <P STYLE="margin-left:3.00em; text-indent:-1.00em"><FONT STYLE="font-family:Times New Roman" SIZE="2">2013</FONT></P></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="2">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:Times New Roman" SIZE="2">4,668,000</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="2">&nbsp;&nbsp;</FONT></TD></TR>
<TR BGCOLOR="#cceeff">
<TD VALIGN="top"> <P STYLE="margin-left:3.00em; text-indent:-1.00em"><FONT STYLE="font-family:Times New Roman" SIZE="2">2014</FONT></P></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="2">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:Times New Roman" SIZE="2">4,207,000</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="2">&nbsp;&nbsp;</FONT></TD></TR>
<TR>
<TD VALIGN="top"> <P STYLE="margin-left:3.00em; text-indent:-1.00em"><FONT STYLE="font-family:Times New Roman" SIZE="2">2015</FONT></P></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="2">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:Times New Roman" SIZE="2">3,093,000</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="2">&nbsp;&nbsp;</FONT></TD></TR>
<TR BGCOLOR="#cceeff">
<TD VALIGN="top"> <P STYLE="margin-left:3.00em; text-indent:-1.00em"><FONT STYLE="font-family:Times New Roman" SIZE="2">2016</FONT></P></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="2">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:Times New Roman" SIZE="2">1,911,000</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="2">&nbsp;&nbsp;</FONT></TD></TR>
<TR>
<TD VALIGN="top"> <P STYLE="margin-left:1.00em; text-indent:-1.00em"><FONT STYLE="font-family:Times New Roman" SIZE="2">Thereafter</FONT></P></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="2">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:Times New Roman" SIZE="2">16,041,000</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="2">&nbsp;&nbsp;</FONT></TD></TR>
<TR STYLE="font-size:1px">
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"> <P STYLE="border-top:1px solid #000000">&nbsp;</P></TD>
<TD VALIGN="bottom"> <P STYLE="border-top:1px solid #000000">&nbsp;</P></TD>
<TD>&nbsp;</TD></TR>
<TR BGCOLOR="#cceeff">
<TD VALIGN="top"></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="2">$</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:Times New Roman" SIZE="2">35,017,000</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="2">&nbsp;&nbsp;</FONT></TD></TR>
<TR STYLE="font-size:1px">
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"> <P STYLE="border-top:3px double #000000">&nbsp;</P></TD>
<TD VALIGN="bottom"> <P STYLE="border-top:3px double #000000">&nbsp;</P></TD>
<TD>&nbsp;</TD></TR>
</TABLE>
 <P STYLE="margin-top:10px;margin-bottom:0px"><FONT STYLE="font-family:Times New Roman" SIZE="2"><B>Note 13. Commitments and Contingencies </B></FONT></P>
 <P STYLE="margin-top:10px;margin-bottom:0px; text-indent:4%" ALIGN="justify"><FONT STYLE="font-family:Times New Roman" SIZE="2">The Company is a party to certain legal actions arising in the normal course of business. Management
does not expect there to be adverse consequences from these actions that would be material to the Company&#146;s consolidated financial statements. </FONT></P> <P STYLE="margin-top:10px;margin-bottom:0px; text-indent:4%" ALIGN="justify"><FONT
STYLE="font-family:Times New Roman" SIZE="2">Under various federal, state, and local laws, ordinances, and regulations, an owner or operator of real estate may be required to investigate and clean up hazardous or toxic substances, or petroleum
product releases, at its properties. The owner may be liable to governmental entities or to third parties for property damage, and for investigation and cleanup costs incurred by such parties in connection with any contamination. Management is
unaware of any environmental matters that would have a material impact on the Company&#146;s consolidated financial statements. </FONT></P> <P STYLE="margin-top:10px;margin-bottom:0px; text-indent:4%" ALIGN="justify"><FONT
STYLE="font-family:Times New Roman" SIZE="2">The Company&#146;s executive offices are located at 44 South Bayles Avenue, Port Washington, New York, which it leased from a partnership owned 44.9% by the Company&#146;s former Chairman and Chief
Executive Officer. The terms of the lease, as amended, will expire in February 2020. Future minimum rents payable under the terms of the lease, as amended, amount to $495,000, $509,000, $523,000, $537,000, $552,000 and $1.8 million during the years
2012 through 2016, and thereafter, respectively. In addition, several of the Company&#146;s properties and portions of several others are owned subject to operating leases which provide for annual payments subject, in certain cases, to
cost-of-living or fair market value adjustments, as follows: 2012&#151;$1.0&nbsp;million, 2013&#151;$1.0&nbsp;million, 2014&#151;$1.0&nbsp;million, 2015&#151;$1.0&nbsp;million, 2016&#151;$1.0&nbsp;million and thereafter&#151;$9.9 million.
</FONT></P> <P STYLE="margin-top:10px;margin-bottom:0px; text-indent:4%" ALIGN="justify"><FONT STYLE="font-family:Times New Roman" SIZE="2">Rent expense was $1.3 million, $1.0 million and $0.8 million for 2011, 2010 and 2009, respectively.
</FONT></P>
 <p STYLE="margin-top:0px;margin-bottom:0px"><FONT SIZE="1">&nbsp;</FONT></P> <P STYLE="margin-top:0px;margin-bottom:0px" ALIGN="center"><FONT STYLE="font-family:Times New Roman" SIZE="2">87 </FONT></P>



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 <P STYLE="margin-top:0px;margin-bottom:0px" ALIGN="center"><FONT STYLE="font-family:Times New Roman" SIZE="2"><B>Cedar Realty Trust, Inc. </B></FONT></P>
<P STYLE="margin-top:0px;margin-bottom:0px" ALIGN="center"><FONT STYLE="font-family:Times New Roman" SIZE="2"><B>Notes to Consolidated Financial Statements </B></FONT></P> <P STYLE="margin-top:0px;margin-bottom:0px" ALIGN="center"><FONT
STYLE="font-family:Times New Roman" SIZE="2"><B>December 31, 2011 </B></FONT></P> <p STYLE="margin-top:0px;margin-bottom:0px"><FONT SIZE="1">&nbsp;</FONT></P>
 <P STYLE="margin-top:0px;margin-bottom:0px; text-indent:4%" ALIGN="justify"><FONT STYLE="font-family:Times New Roman" SIZE="2">The Company has entered into joint venture arrangements with respect to
a number of its properties. The applicable joint venture agreements generally include buy/sell provisions pursuant to which, after a specified period of years, either party may initiate a buy/sell arrangement pursuant to which the initiating party
can designate a value for the relevant property or properties, and the other party may then elect either to sell its proportionate ownership interest in the joint venture based on that value for the entire property or to purchase the initiating
party&#146;s ownership interest based on such valuation for the entire property. </FONT></P>
 <P STYLE="margin-top:10px;margin-bottom:0px"><FONT STYLE="font-family:Times New Roman" SIZE="2"><B>Note 14. Preferred and Common Stock </B></FONT></P>
 <P STYLE="margin-top:10px;margin-bottom:0px; text-indent:4%" ALIGN="justify"><FONT STYLE="font-family:Times New Roman" SIZE="2">The Company has a Dividend Reinvestment and Direct Stock Purchase Plan (&#147;DRIP&#148;) which offers
a convenient method for shareholders to invest cash dividends and/or make optional cash payments to purchase shares of the Company&#146;s common stock. Such purchases are at 100% of market value (increased in March 2011 from 98% of market value).
During 2011, the Company issued 693,000 shares of its common stock at an average price of $6.02 per share and realized proceeds after expenses of approximately $4.1 million. During 2010, the Company issued 1,451,000 shares of its common stock at an
average price of $5.79 per share and realized proceeds after expenses of approximately $8.2 million. At December&nbsp;31, 2011, there remained 2,856,000 shares authorized under the DRIP. </FONT></P>
<P STYLE="margin-top:10px;margin-bottom:0px; text-indent:4%" ALIGN="justify"><FONT STYLE="font-family:Times New Roman" SIZE="2">In connection with litigation settlements in the Company&#146;s favor, the Company received cash payments of $975,000
($225,000 and $750,000, respectively, in 2011 and 2010). In addition, the defendants acquired 133,000 shares of the Company&#146;s common stock (39,000 shares at an average price of $5.78 per share in 2011 and 94,000 shares at an average price of
$8.01 per share in 2010) from which the Company realized net proceeds of an additional $975,000 ($225,000 and $750,000, respectively, in 2011 and 2010). </FONT></P> <P STYLE="margin-top:10px;margin-bottom:0px; text-indent:4%" ALIGN="justify"><FONT
STYLE="font-family:Times New Roman" SIZE="2">In February 2010, the Company concluded a public offering of 7,500,000 shares of its common stock at $6.60 per share, and realized net proceeds, after offering expenses, of approximately $47.0 million. In
March 2010, the underwriters exercised their over-allotment option to the extent of 698,000 shares, and the Company realized additional net proceeds of $4.4 million. In connection with the offering, RioCan purchased 1,350,000 shares of the
Company&#146;s common stock and the Company realized additional net proceeds of $8.9 million. </FONT></P> <P STYLE="margin-top:10px;margin-bottom:0px; text-indent:4%" ALIGN="justify"><FONT STYLE="font-family:Times New Roman" SIZE="2">In connection
with the RioCan transactions, the Company issued to RioCan warrants to purchase 1,428,570 shares of the Company&#146;s common stock at an exercise price of $7.00 per share. RioCan exercised its warrant in April 2010 and the Company realized net
proceeds of $10.0 million. </FONT></P> <P STYLE="margin-top:10px;margin-bottom:0px; text-indent:4%" ALIGN="justify"><FONT STYLE="font-family:Times New Roman" SIZE="2">In August 2010, the Company concluded a public offering of 2,850,000 shares of its
8-7/8% Series A Cumulative Redeemable preferred stock at $24.50 per share, and realized net proceeds, after offering expenses, of approximately $67.4 million. In connection with the sale, the Company&#146;s investment advisor received an
underwriter&#146;s discount of approximately $2.4 million. The Company&#146;s 8-7/8% Series A Cumulative Redeemable Preferred Stock has no stated </FONT></P>
 <p STYLE="margin-top:0px;margin-bottom:0px"><FONT SIZE="1">&nbsp;</FONT></P> <P STYLE="margin-top:0px;margin-bottom:0px" ALIGN="center"><FONT STYLE="font-family:Times New Roman" SIZE="2">88 </FONT></P>



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<h5 align="left"><a href="#toc">Table of Contents</a></h5>



 <P STYLE="margin-top:0px;margin-bottom:0px" ALIGN="center"><FONT STYLE="font-family:Times New Roman" SIZE="2"><B>Cedar Realty Trust, Inc. </B></FONT></P>
<P STYLE="margin-top:0px;margin-bottom:0px" ALIGN="center"><FONT STYLE="font-family:Times New Roman" SIZE="2"><B>Notes to Consolidated Financial Statements </B></FONT></P> <P STYLE="margin-top:0px;margin-bottom:0px" ALIGN="center"><FONT
STYLE="font-family:Times New Roman" SIZE="2"><B>December 31, 2011 </B></FONT></P> <p STYLE="margin-top:0px;margin-bottom:0px"><FONT SIZE="1">&nbsp;</FONT></P>
 <P STYLE="margin-top:0px;margin-bottom:0px" ALIGN="justify"><FONT STYLE="font-family:Times New Roman" SIZE="2">
maturity, is not convertible into any other security of the Company, and is redeemable at the Company&#146;s option at a price of $25.00 per share, plus accrued and unpaid distributions. There
were $1.6 million of accrued preferred stock distributions at both December&nbsp;31, 2011 and 2010, respectively. </FONT></P> <P STYLE="margin-top:10px;margin-bottom:0px; text-indent:4%" ALIGN="justify"><FONT
STYLE="font-family:Times New Roman" SIZE="2">The Company had a Standby Equity Purchase Agreement (the &#147;SEPA Agreement&#148;) with an investment company for sales of its shares of common stock at a discount to market of 1.75% plus a placement
agent fee 0.75% (paid to an investment advisor). In addition, the Agreement provided that Company could request advances from time to time up to $5.0 million each (with respect to such advances, the common stock sales were at a discount to market of
2.75% and the placement agent fee was 1.25%). Such advances were initially recorded as a liability and, as shares were sold on a daily basis and the advances were settled, such liability was thereafter reflected in equity. At December&nbsp;31, 2009,
there was an unsettled advance liability of $5.0 million which was settled in January and February 2010 by the sale of 718,000 shares of the Company&#146;s common stock at an average selling price of $6.97 per share. Through the remainder of 2010,
an additional 667,000 shares were sold pursuant to the SEPA Agreement, at an average price of $7.52 per share, and the Company realized net proceeds, after allocation of issuance expenses, of approximately $4.9 million. There have been no additional
SEPA Agreement transactions and the Agreement expired in September 2011. </FONT></P> <P STYLE="margin-top:10px;margin-bottom:0px; text-indent:4%" ALIGN="justify"><FONT STYLE="font-family:Times New Roman" SIZE="2">During 2010, the Company, at its
option, elected to redeem for cash approximately 552,000 OP Units that had been offered for conversion by the holders thereof, for an aggregate purchase price of approximately $3.4 million. Such OP Units had been issued to certain members of the
group from which the Company had acquired the major portion of its Ohio drug store/convenience center properties. </FONT></P> <P STYLE="margin-top:10px;margin-bottom:0px; text-indent:4%" ALIGN="justify"><FONT
STYLE="font-family:Times New Roman" SIZE="2">In connection with an acquisition of a shopping center in 2002, the Operating Partnership issued warrants to purchase approximately 83,000 OP Units to a then minority interest partner in the property.
Such warrants have an exercise price of $13.50 per unit, subject to certain anti-dilution adjustments, are fully vested, and will expire on May&nbsp;31, 2012. </FONT></P>
 <p STYLE="margin-top:0px;margin-bottom:0px"><FONT SIZE="1">&nbsp;</FONT></P> <P STYLE="margin-top:0px;margin-bottom:0px" ALIGN="center"><FONT STYLE="font-family:Times New Roman" SIZE="2">89 </FONT></P>



<p Style='page-break-before:always'>
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<h5 align="left"><a href="#toc">Table of Contents</a></h5>



 <P STYLE="margin-top:0px;margin-bottom:0px" ALIGN="center"><FONT STYLE="font-family:Times New Roman" SIZE="2"><B>Cedar Realty Trust, Inc. </B></FONT></P>
<P STYLE="margin-top:0px;margin-bottom:0px" ALIGN="center"><FONT STYLE="font-family:Times New Roman" SIZE="2"><B>Notes to Consolidated Financial Statements </B></FONT></P> <P STYLE="margin-top:0px;margin-bottom:0px" ALIGN="center"><FONT
STYLE="font-family:Times New Roman" SIZE="2"><B>December 31, 2011 </B></FONT></P> <p STYLE="margin-top:0px;margin-bottom:0px"><FONT SIZE="1">&nbsp;</FONT></P>

 <P STYLE="margin-top:0px;margin-bottom:0px"><FONT STYLE="font-family:Times New Roman" SIZE="2"><B>Note 15. Rental Revenues </B></FONT></P>
 <P STYLE="margin-top:10px;margin-bottom:0px; text-indent:4%" ALIGN="justify"><FONT STYLE="font-family:Times New Roman" SIZE="2">Rental revenues for 2011, 2010 and 2009 are comprised of the following: </FONT></P>
<P STYLE="font-size:10px;margin-top:0px;margin-bottom:0px">&nbsp;</P>
<TABLE CELLSPACING="0" CELLPADDING="0" WIDTH="100%" BORDER="0" STYLE="BORDER-COLLAPSE:COLLAPSE" ALIGN="center">


<TR STYLE="visibility:hidden; line-height:0pt; color:white">
<TD WIDTH="89%"></TD>
<TD VALIGN="bottom" WIDTH="1%"></TD>
<TD></TD>
<TD nowrap><FONT STYLE="Times New Roman" SIZE="1"><B>September 30,</B></FONT></TD>
<TD></TD>
<TD VALIGN="bottom" WIDTH="1%"></TD>
<TD></TD>
<TD nowrap><FONT STYLE="Times New Roman" SIZE="1"><B>September 30,</B></FONT></TD>
<TD></TD>
<TD VALIGN="bottom" WIDTH="1%"></TD>
<TD></TD>
<TD nowrap><FONT STYLE="Times New Roman" SIZE="1"><B>September 30,</B></FONT></TD>
<TD></TD></TR>
<TR>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" COLSPAN="2" ALIGN="center" STYLE="border-bottom:1px solid #000000"><FONT STYLE="font-family:Times New Roman" SIZE="1"><B>2011</B></FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" COLSPAN="2" ALIGN="center" STYLE="border-bottom:1px solid #000000"><FONT STYLE="font-family:Times New Roman" SIZE="1"><B>2010</B></FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" COLSPAN="2" ALIGN="center" STYLE="border-bottom:1px solid #000000"><FONT STYLE="font-family:Times New Roman" SIZE="1"><B>2009</B></FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD></TR>


<TR BGCOLOR="#cceeff">
<TD VALIGN="top"> <P STYLE="margin-left:1.00em; text-indent:-1.00em"><FONT STYLE="font-family:Times New Roman" SIZE="2">Base rents</FONT></P></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="2">$</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:Times New Roman" SIZE="2">97,437,000</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="2">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="2">$</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:Times New Roman" SIZE="2">93,493,000</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="2">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="2">$</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:Times New Roman" SIZE="2">98,216,000</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="2">&nbsp;&nbsp;</FONT></TD></TR>
<TR>
<TD VALIGN="top"> <P STYLE="margin-left:1.00em; text-indent:-1.00em"><FONT STYLE="font-family:Times New Roman" SIZE="2">Percentage rent</FONT></P></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="2">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:Times New Roman" SIZE="2">1,058,000</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="2">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="2">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:Times New Roman" SIZE="2">906,000</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="2">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="2">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:Times New Roman" SIZE="2">998,000</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="2">&nbsp;&nbsp;</FONT></TD></TR>
<TR BGCOLOR="#cceeff">
<TD VALIGN="top"> <P STYLE="margin-left:1.00em; text-indent:-1.00em"><FONT STYLE="font-family:Times New Roman" SIZE="2">Straight-line rents</FONT></P></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="2">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:Times New Roman" SIZE="2">1,221,000</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="2">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="2">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:Times New Roman" SIZE="2">1,577,000</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="2">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="2">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:Times New Roman" SIZE="2">2,593,000</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="2">&nbsp;&nbsp;</FONT></TD></TR>
<TR>
<TD VALIGN="top"> <P STYLE="margin-left:1.00em; text-indent:-1.00em"><FONT STYLE="font-family:Times New Roman" SIZE="2">Amortization of intangible lease liabilities</FONT></P></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="2">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:Times New Roman" SIZE="2">5,736,000</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="2">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="2">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:Times New Roman" SIZE="2">6,094,000</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="2">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="2">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:Times New Roman" SIZE="2">11,234,000</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="2">&nbsp;&nbsp;</FONT></TD></TR>
<TR STYLE="font-size:1px">
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"> <P STYLE="border-top:1px solid #000000">&nbsp;</P></TD>
<TD VALIGN="bottom"> <P STYLE="border-top:1px solid #000000">&nbsp;</P></TD>
<TD>&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"> <P STYLE="border-top:1px solid #000000">&nbsp;</P></TD>
<TD VALIGN="bottom"> <P STYLE="border-top:1px solid #000000">&nbsp;</P></TD>
<TD>&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"> <P STYLE="border-top:1px solid #000000">&nbsp;</P></TD>
<TD VALIGN="bottom"> <P STYLE="border-top:1px solid #000000">&nbsp;</P></TD>
<TD>&nbsp;</TD></TR>
<TR BGCOLOR="#cceeff">
<TD VALIGN="top"></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="2">$</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:Times New Roman" SIZE="2">105,452,000</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="2">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="2">$</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:Times New Roman" SIZE="2">102,070,000</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="2">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="2">$</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:Times New Roman" SIZE="2">113,041,000</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="2">&nbsp;&nbsp;</FONT></TD></TR>
<TR STYLE="font-size:1px">
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"> <P STYLE="border-top:3px double #000000">&nbsp;</P></TD>
<TD VALIGN="bottom"> <P STYLE="border-top:3px double #000000">&nbsp;</P></TD>
<TD>&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"> <P STYLE="border-top:3px double #000000">&nbsp;</P></TD>
<TD VALIGN="bottom"> <P STYLE="border-top:3px double #000000">&nbsp;</P></TD>
<TD>&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"> <P STYLE="border-top:3px double #000000">&nbsp;</P></TD>
<TD VALIGN="bottom"> <P STYLE="border-top:3px double #000000">&nbsp;</P></TD>
<TD>&nbsp;</TD></TR>
</TABLE> <P STYLE="margin-top:10px;margin-bottom:0px; text-indent:4%" ALIGN="justify"><FONT STYLE="font-family:Times New Roman" SIZE="2">Annual future base rents due to be received under non-cancelable operating leases in
effect at December&nbsp;31, 2011 are approximately as follows (excluding those base rents applicable to properties treated as discontinued operations): </FONT></P> <P STYLE="font-size:10px;margin-top:0px;margin-bottom:0px">&nbsp;</P>
<TABLE CELLSPACING="0" CELLPADDING="0" WIDTH="100%" BORDER="0" STYLE="BORDER-COLLAPSE:COLLAPSE" ALIGN="center">


<TR STYLE="visibility:hidden; line-height:0pt; color:white">
<TD WIDTH="97%"></TD>
<TD VALIGN="bottom" WIDTH="1%"></TD>
<TD></TD>
<TD nowrap><FONT STYLE="Times New Roman" SIZE="1"><B>September 30,</B></FONT></TD>
<TD></TD></TR>


<TR BGCOLOR="#cceeff">
<TD VALIGN="top"> <P STYLE="margin-left:3.00em; text-indent:-1.00em"><FONT STYLE="font-family:Times New Roman" SIZE="2">2012</FONT></P></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="2">$</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:Times New Roman" SIZE="2"> 98,863,000</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="2">&nbsp;&nbsp;</FONT></TD></TR>
<TR>
<TD VALIGN="top"> <P STYLE="margin-left:3.00em; text-indent:-1.00em"><FONT STYLE="font-family:Times New Roman" SIZE="2">2013</FONT></P></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="2">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:Times New Roman" SIZE="2">94,271,000</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="2">&nbsp;&nbsp;</FONT></TD></TR>
<TR BGCOLOR="#cceeff">
<TD VALIGN="top"> <P STYLE="margin-left:3.00em; text-indent:-1.00em"><FONT STYLE="font-family:Times New Roman" SIZE="2">2014</FONT></P></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="2">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:Times New Roman" SIZE="2">84,973,000</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="2">&nbsp;&nbsp;</FONT></TD></TR>
<TR>
<TD VALIGN="top"> <P STYLE="margin-left:3.00em; text-indent:-1.00em"><FONT STYLE="font-family:Times New Roman" SIZE="2">2015</FONT></P></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="2">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:Times New Roman" SIZE="2">74,732,000</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="2">&nbsp;&nbsp;</FONT></TD></TR>
<TR BGCOLOR="#cceeff">
<TD VALIGN="top"> <P STYLE="margin-left:3.00em; text-indent:-1.00em"><FONT STYLE="font-family:Times New Roman" SIZE="2">2016</FONT></P></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="2">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:Times New Roman" SIZE="2">62,253,000</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="2">&nbsp;&nbsp;</FONT></TD></TR>
<TR>
<TD VALIGN="top"> <P STYLE="margin-left:1.00em; text-indent:-1.00em"><FONT STYLE="font-family:Times New Roman" SIZE="2">Thereafter</FONT></P></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="2">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:Times New Roman" SIZE="2">319,301,000</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="2">&nbsp;&nbsp;</FONT></TD></TR>
<TR STYLE="font-size:1px">
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"> <P STYLE="border-top:1px solid #000000">&nbsp;</P></TD>
<TD VALIGN="bottom"> <P STYLE="border-top:1px solid #000000">&nbsp;</P></TD>
<TD>&nbsp;</TD></TR>
<TR BGCOLOR="#cceeff">
<TD VALIGN="top"></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="2">$</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:Times New Roman" SIZE="2">734,393,000</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="2">&nbsp;&nbsp;</FONT></TD></TR>
<TR STYLE="font-size:1px">
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"> <P STYLE="border-top:3px double #000000">&nbsp;</P></TD>
<TD VALIGN="bottom"> <P STYLE="border-top:3px double #000000">&nbsp;</P></TD>
<TD>&nbsp;</TD></TR>
</TABLE> <P STYLE="margin-top:10px;margin-bottom:0px; text-indent:4%" ALIGN="justify"><FONT STYLE="font-family:Times New Roman" SIZE="2">Total future minimum rents do not include expense recoveries for real estate taxes and
operating costs, or percentage rents based upon tenants&#146; sales volume. Such additional revenue amounts aggregated approximately $28.0 million, $26.6 million and $28.3 million for 2011, 2010 and 2009, respectively. In addition, such amounts do
not include amortization of intangible lease liabilities. </FONT></P>
 <P STYLE="margin-top:10px;margin-bottom:0px"><FONT STYLE="font-family:Times New Roman" SIZE="2"><B>Note 16. 401(k) Retirement Plan </B></FONT></P>
 <P STYLE="margin-top:10px;margin-bottom:0px; text-indent:4%" ALIGN="justify"><FONT STYLE="font-family:Times New Roman" SIZE="2">The Company has a 401(k) retirement plan (the &#147;Plan&#148;), which permits all eligible employees
to defer a portion of their compensation under the Code. Pursuant to the provisions of the Plan, the Company may make discretionary contributions on behalf of eligible employees. The Company made contributions to the Plan of $275,000, $266,000 and
$248,000 in 2011, 2010 and 2009, respectively. </FONT></P>
 <p STYLE="margin-top:0px;margin-bottom:0px"><FONT SIZE="1">&nbsp;</FONT></P> <P STYLE="margin-top:0px;margin-bottom:0px" ALIGN="center"><FONT STYLE="font-family:Times New Roman" SIZE="2">90 </FONT></P>



<p Style='page-break-before:always'>
<HR  SIZE="3" style="COLOR:#999999" WIDTH="100%" ALIGN="CENTER">
<h5 align="left"><a href="#toc">Table of Contents</a></h5>



 <P STYLE="margin-top:0px;margin-bottom:0px" ALIGN="center"><FONT STYLE="font-family:Times New Roman" SIZE="2"><B>Cedar Realty Trust, Inc. </B></FONT></P>
<P STYLE="margin-top:0px;margin-bottom:0px" ALIGN="center"><FONT STYLE="font-family:Times New Roman" SIZE="2"><B>Notes to Consolidated Financial Statements </B></FONT></P> <P STYLE="margin-top:0px;margin-bottom:0px" ALIGN="center"><FONT
STYLE="font-family:Times New Roman" SIZE="2"><B>December 31, 2011 </B></FONT></P> <p STYLE="margin-top:0px;margin-bottom:0px"><FONT SIZE="1">&nbsp;</FONT></P>

 <P STYLE="margin-top:0px;margin-bottom:0px"><FONT STYLE="font-family:Times New Roman" SIZE="2"><B>Note 17. Management Transition Charges </B></FONT></P>
 <P STYLE="margin-top:10px;margin-bottom:0px; text-indent:4%" ALIGN="justify"><FONT STYLE="font-family:Times New Roman" SIZE="2">In June 2011, the Company&#146;s then Chairman of the Board, Chief Executive Officer and President
retired, and the employment of the Company&#146;s then Chief Financial Officer ended. Pursuant to their respective employment and/or separation agreements, (a)&nbsp;they are to receive an aggregate of approximately $3.7 million in cash severance
payments (including the cost of related payroll taxes and benefits, and substantially all of which has been funded), and (b)&nbsp;all of their unvested restricted share grants became vested and all related amounts were written off (an aggregate of
approximately $2.0 million &#150; see &#147;Stock-Based Compensation&#148; below). Together with approximately $0.8 million of other non-recurring costs, primarily professional fees and expenses related to the hiring of a new President/Chief
Executive Officer and Chief Financial Officer, the Company recorded an aggregate of approximately $6.5 million as &#147;management transition charges&#148;. </FONT></P>
 <P STYLE="margin-top:10px;margin-bottom:0px"><FONT STYLE="font-family:Times New Roman" SIZE="2"><B>Note 18. Share-Based Compensation </B></FONT></P>
 <P STYLE="margin-top:10px;margin-bottom:0px; text-indent:4%" ALIGN="justify"><FONT STYLE="font-family:Times New Roman" SIZE="2">The following tables set forth certain share-based compensation information for 2011, 2010 and 2009,
respectively: </FONT></P> <P STYLE="font-size:10px;margin-top:0px;margin-bottom:0px">&nbsp;</P>
<TABLE CELLSPACING="0" CELLPADDING="0" WIDTH="100%" BORDER="0" STYLE="BORDER-COLLAPSE:COLLAPSE" ALIGN="center">


<TR STYLE="visibility:hidden; line-height:0pt; color:white">
<TD WIDTH="88%"></TD>
<TD VALIGN="bottom" WIDTH="1%"></TD>
<TD></TD>
<TD nowrap><FONT STYLE="Times New Roman" SIZE="1"><B>September 30,</B></FONT></TD>
<TD></TD>
<TD VALIGN="bottom" WIDTH="1%"></TD>
<TD></TD>
<TD nowrap><FONT STYLE="Times New Roman" SIZE="1"><B>September 30,</B></FONT></TD>
<TD></TD>
<TD VALIGN="bottom" WIDTH="1%"></TD>
<TD></TD>
<TD nowrap><FONT STYLE="Times New Roman" SIZE="1"><B>September 30,</B></FONT></TD>
<TD></TD></TR>
<TR>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" COLSPAN="10" ALIGN="center" STYLE="border-bottom:1px solid #000000"><FONT STYLE="font-family:Times New Roman" SIZE="1"><B>Years ended December&nbsp;31,</B></FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD></TR>
<TR>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" COLSPAN="2" ALIGN="center" STYLE="border-bottom:1px solid #000000"><FONT STYLE="font-family:Times New Roman" SIZE="1"><B>2011</B></FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" COLSPAN="2" ALIGN="center" STYLE="border-bottom:1px solid #000000"><FONT STYLE="font-family:Times New Roman" SIZE="1"><B>2010</B></FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" COLSPAN="2" ALIGN="center" STYLE="border-bottom:1px solid #000000"><FONT STYLE="font-family:Times New Roman" SIZE="1"><B>2009</B></FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD></TR>


<TR BGCOLOR="#cceeff">
<TD VALIGN="top"> <P STYLE="margin-left:1.00em; text-indent:-1.00em"><FONT STYLE="font-family:Times New Roman" SIZE="2">Share-based compensation:</FONT></P></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD></TR>
<TR>
<TD VALIGN="top"> <P STYLE="margin-left:3.00em; text-indent:-1.00em"><FONT STYLE="font-family:Times New Roman" SIZE="2">Expense relating to share grants</FONT></P></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="2">$</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:Times New Roman" SIZE="2">5,665,000</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="2">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="2">$</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:Times New Roman" SIZE="2">3,260,000</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="2">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="2">$</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:Times New Roman" SIZE="2">2,921,000</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="2">&nbsp;&nbsp;</FONT></TD></TR>
<TR BGCOLOR="#cceeff">
<TD VALIGN="top"> <P STYLE="margin-left:3.00em; text-indent:-1.00em"><FONT STYLE="font-family:Times New Roman" SIZE="2">Adjustments to reflect changes in market price of certain share grants</FONT></P></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="2">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:Times New Roman" SIZE="2">(775,000</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="2">)&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="2">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:Times New Roman" SIZE="2">(281,000</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="2">)&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="2">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:Times New Roman" SIZE="2">(488,000</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="2">)&nbsp;</FONT></TD></TR>
<TR STYLE="font-size:1px">
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"> <P STYLE="border-top:1px solid #000000">&nbsp;</P></TD>
<TD VALIGN="bottom"> <P STYLE="border-top:1px solid #000000">&nbsp;</P></TD>
<TD>&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"> <P STYLE="border-top:1px solid #000000">&nbsp;</P></TD>
<TD VALIGN="bottom"> <P STYLE="border-top:1px solid #000000">&nbsp;</P></TD>
<TD>&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"> <P STYLE="border-top:1px solid #000000">&nbsp;</P></TD>
<TD VALIGN="bottom"> <P STYLE="border-top:1px solid #000000">&nbsp;</P></TD>
<TD>&nbsp;</TD></TR>
<TR>
<TD VALIGN="top"> <P STYLE="margin-left:3.00em; text-indent:-1.00em"><FONT STYLE="font-family:Times New Roman" SIZE="2">Total charged to operations (a)</FONT></P></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="2">$</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:Times New Roman" SIZE="2">4,890,000</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="2">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="2">$</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:Times New Roman" SIZE="2">2,979,000</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="2">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="2">$</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:Times New Roman" SIZE="2">2,433,000</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="2">&nbsp;&nbsp;</FONT></TD></TR>
<TR STYLE="font-size:1px">
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"> <P STYLE="border-top:3px double #000000">&nbsp;</P></TD>
<TD VALIGN="bottom"> <P STYLE="border-top:3px double #000000">&nbsp;</P></TD>
<TD>&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"> <P STYLE="border-top:3px double #000000">&nbsp;</P></TD>
<TD VALIGN="bottom"> <P STYLE="border-top:3px double #000000">&nbsp;</P></TD>
<TD>&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"> <P STYLE="border-top:3px double #000000">&nbsp;</P></TD>
<TD VALIGN="bottom"> <P STYLE="border-top:3px double #000000">&nbsp;</P></TD>
<TD>&nbsp;</TD></TR>
</TABLE> <P STYLE="font-size:10px;margin-top:0px;margin-bottom:0px">&nbsp;</P>
<TABLE CELLSPACING="0" CELLPADDING="0" WIDTH="100%" BORDER="0" STYLE="BORDER-COLLAPSE:COLLAPSE" ALIGN="center">


<TR STYLE="visibility:hidden; line-height:0pt; color:white">
<TD WIDTH="94%"></TD>
<TD VALIGN="bottom" WIDTH="1%"></TD>
<TD></TD>
<TD nowrap><FONT STYLE="Times New Roman" SIZE="1"><B>September 30,</B></FONT></TD>
<TD></TD>
<TD VALIGN="bottom" WIDTH="1%"></TD>
<TD></TD>
<TD nowrap><FONT STYLE="Times New Roman" SIZE="1"><B>September 30,</B></FONT></TD>
<TD></TD></TR>
<TR>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;&nbsp;&nbsp;</FONT></TD>
<TD COLSPAN="2" VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" COLSPAN="2" ALIGN="center"><FONT STYLE="font-family:Times New Roman" SIZE="1"><B>Weighted&nbsp;average</B></FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD></TR>
<TR>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" COLSPAN="2" ALIGN="center" STYLE="border-bottom:1px solid #000000"><FONT STYLE="font-family:Times New Roman" SIZE="1"><B>Shares</B></FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" COLSPAN="2" ALIGN="center" STYLE="border-bottom:1px solid #000000"><FONT STYLE="font-family:Times New Roman" SIZE="1"><B>grant&nbsp;date&nbsp;value</B></FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD></TR>


<TR>
<TD HEIGHT="13"></TD>
<TD HEIGHT="13" COLSPAN="4"></TD>
<TD HEIGHT="13" COLSPAN="4"></TD></TR>
<TR BGCOLOR="#cceeff">
<TD VALIGN="top"> <P STYLE="margin-left:1.00em; text-indent:-1.00em"><FONT STYLE="font-family:Times New Roman" SIZE="2">Unvested shares, December&nbsp;31, 2010</FONT></P></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="2">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:Times New Roman" SIZE="2">1,280,000</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="2">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="2">$</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:Times New Roman" SIZE="2">6.28</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="2">&nbsp;&nbsp;</FONT></TD></TR>
<TR>
<TD VALIGN="top"> <P STYLE="margin-left:1.00em; text-indent:-1.00em"><FONT STYLE="font-family:Times New Roman" SIZE="2">Restricted share grants (b)</FONT></P></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="2">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:Times New Roman" SIZE="2">961,000</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="2">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="2">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:Times New Roman" SIZE="2">5.40</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="2">&nbsp;&nbsp;</FONT></TD></TR>
<TR BGCOLOR="#cceeff">
<TD VALIGN="top"> <P STYLE="margin-left:1.00em; text-indent:-1.00em"><FONT STYLE="font-family:Times New Roman" SIZE="2">Vested during period (c)</FONT></P></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="2">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:Times New Roman" SIZE="2">(1,038,000</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="2">)&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="2">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:Times New Roman" SIZE="2">6.51</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="2">&nbsp;&nbsp;</FONT></TD></TR>
<TR>
<TD VALIGN="top"> <P STYLE="margin-left:1.00em; text-indent:-1.00em"><FONT STYLE="font-family:Times New Roman" SIZE="2">Forfeitures/cancellations</FONT></P></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="2">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:Times New Roman" SIZE="2">(97,000</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="2">)&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="2">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:Times New Roman" SIZE="2">5.70</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="2">&nbsp;&nbsp;</FONT></TD></TR>
<TR STYLE="font-size:1px">
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"> <P STYLE="border-top:1px solid #000000">&nbsp;</P></TD>
<TD VALIGN="bottom"> <P STYLE="border-top:1px solid #000000">&nbsp;</P></TD>
<TD>&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"> <P STYLE="border-top:1px solid #000000">&nbsp;</P></TD>
<TD VALIGN="bottom"> <P STYLE="border-top:1px solid #000000">&nbsp;</P></TD>
<TD>&nbsp;</TD></TR>
<TR BGCOLOR="#cceeff">
<TD VALIGN="top"> <P STYLE="margin-left:1.00em; text-indent:-1.00em"><FONT STYLE="font-family:Times New Roman" SIZE="2">Unvested shares, December&nbsp;31, 2011</FONT></P></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="2">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:Times New Roman" SIZE="2">1,106,000</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="2">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="2">$</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:Times New Roman" SIZE="2">5.31</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="2">&nbsp;&nbsp;</FONT></TD></TR>
<TR STYLE="font-size:1px">
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"> <P STYLE="border-top:3px double #000000">&nbsp;</P></TD>
<TD VALIGN="bottom"> <P STYLE="border-top:3px double #000000">&nbsp;</P></TD>
<TD>&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"> <P STYLE="border-top:3px double #000000">&nbsp;</P></TD>
<TD VALIGN="bottom"> <P STYLE="border-top:3px double #000000">&nbsp;</P></TD>
<TD>&nbsp;</TD></TR>
</TABLE> <P STYLE="font-size:10px;margin-top:0px;margin-bottom:0px">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR>
<TD WIDTH="4%" VALIGN="top" ALIGN="left"><FONT STYLE="font-family:Times New Roman" SIZE="2">(a)</FONT></TD>
<TD ALIGN="left" VALIGN="top"> <P ALIGN="justify"><FONT STYLE="font-family:Times New Roman" SIZE="2">Includes $1,980,000 applicable to the accelerated vestings discussed below. </FONT></P></TD></TR></TABLE>
<P STYLE="font-size:10px;margin-top:0px;margin-bottom:0px">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR>
<TD WIDTH="4%" VALIGN="top" ALIGN="left"><FONT STYLE="font-family:Times New Roman" SIZE="2">(b)</FONT></TD>
<TD ALIGN="left" VALIGN="top"> <P ALIGN="justify"><FONT STYLE="font-family:Times New Roman" SIZE="2">Does not include the equity or liability award shares discussed below. </FONT></P></TD></TR></TABLE>
<P STYLE="font-size:10px;margin-top:0px;margin-bottom:0px">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR>
<TD WIDTH="4%" VALIGN="top" ALIGN="left"><FONT STYLE="font-family:Times New Roman" SIZE="2">(c)</FONT></TD>
<TD ALIGN="left" VALIGN="top"> <P ALIGN="justify"><FONT STYLE="font-family:Times New Roman" SIZE="2">Includes 706,000 shares ($5.35 weighted average grant date fair value) applicable to the accelerated vestings discussed below.
</FONT></P></TD></TR></TABLE>
 <p STYLE="margin-top:0px;margin-bottom:0px"><FONT SIZE="1">&nbsp;</FONT></P> <P STYLE="margin-top:0px;margin-bottom:0px" ALIGN="center"><FONT STYLE="font-family:Times New Roman" SIZE="2">91 </FONT></P>



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<HR  SIZE="3" style="COLOR:#999999" WIDTH="100%" ALIGN="CENTER">
<h5 align="left"><a href="#toc">Table of Contents</a></h5>



 <P STYLE="margin-top:0px;margin-bottom:0px" ALIGN="center"><FONT STYLE="font-family:Times New Roman" SIZE="2"><B>Cedar Realty Trust, Inc. </B></FONT></P>
<P STYLE="margin-top:0px;margin-bottom:0px" ALIGN="center"><FONT STYLE="font-family:Times New Roman" SIZE="2"><B>Notes to Consolidated Financial Statements </B></FONT></P> <P STYLE="margin-top:0px;margin-bottom:0px" ALIGN="center"><FONT
STYLE="font-family:Times New Roman" SIZE="2"><B>December 31, 2011 </B></FONT></P> <p STYLE="margin-top:0px;margin-bottom:0px"><FONT SIZE="1">&nbsp;</FONT></P>
 <P STYLE="margin-top:0px;margin-bottom:0px; text-indent:4%" ALIGN="justify"><FONT STYLE="font-family:Times New Roman" SIZE="2">The per share weighted average grant date fair values of shares granted
during 2011, 2010 and 2009 were $5.40, $6.54, and $4.95, respectively. The total fair values of shares vested during 2011, 2010 and 2009 were $5,507,000, $996,000 and $569,000, respectively (the 2011 amount includes $3,569,000 applicable to the
accelerated vestings discussed below). </FONT></P> <P STYLE="margin-top:10px;margin-bottom:0px; text-indent:4%" ALIGN="justify"><FONT STYLE="font-family:Times New Roman" SIZE="2">At December&nbsp;31, 2011, 2.3&nbsp;million shares remained available
for grants pursuant to the Incentive Plan (excluding the 1,750,000 shares and 500,000 shares, respectively, applicable to the equity and liability awards discussed below). At December&nbsp;31, 2011, there remained an aggregate of approximately $13.0
million applicable to all such grants and awards to be expensed over a weighted average period of 5.8 years. </FONT></P>
<P STYLE="margin-top:10px;margin-bottom:0px; text-indent:4%" ALIGN="justify"><FONT STYLE="font-family:Times New Roman" SIZE="2">In connection with the retirement of the Company&#146;s Chairman of the Board, Chief Executive Officer and President, and
the end of the employment of the Company&#146;s Chief Financial Officer (see Note &#150; 17 &#147;Management Transition Charges&#148;), all of their outstanding restricted share grants, consisting of time-based grants (284,000 shares) and
performance-based grants (422,000 shares) became vested (an aggregate of 706,000 shares), and were expensed in full at the then market value of the shares (an aggregate of approximately $2.0 million). </FONT></P>
<P STYLE="margin-top:10px;margin-bottom:0px; text-indent:4%" ALIGN="justify"><FONT STYLE="font-family:Times New Roman" SIZE="2">The Company&#146;s new President and Chief Executive Officer is to receive restricted share grants totaling
2.5&nbsp;million shares, one-half of which are to be time-based, vesting upon the seventh anniversary of the date of grant (vesting on June&nbsp;15, 2018), and the other half to be performance-based, to be earned if the total annual return on an
investment in the Company&#146;s common stock (&#147;TSR&#148;) is at least an average of 6.5%&nbsp;per year for the seven years ending June&nbsp;15, 2018. An independent appraisal determined the value of the performance-based award to be $4.39 per
share compared to a market price at the date of grant of $4.98 per share. As a result of existing limitations within the Incentive Plan, only 250,000 shares have been issued, 1,750,000 shares are being accounted for as an &#147;equity award&#148;,
and 500,000 shares are being accounted for as a &#147;liability award&#148;. The values of the equity and liability awards are being expensed on a straight-line basis over the vesting period. Consistent with such awards to other recipients,
dividends are paid on all the shares, including the equity and liability award shares, with the dividends paid on the equity award shares treated as distributions to common shareholders and included in the statement of equity, and the dividends paid
on the liability award shares treated as compensation and included in the statement of operations. In addition, with respect to the liability award, adjustments to reflect changes in the fair value of the award (based on changes in the market price
of the Company&#146;s common stock) are also charged to operations. It is the Company&#146;s intention to seek a modification of the terms of the Incentive Plan (or to adopt a new stock incentive plan) so as to permit the grant of the entire
2.5&nbsp;million shares. Until such changes are effectuated, the Company will issue 250,000 shares each calendar year, thereby reducing the liability established for the equity award. If, by June&nbsp;15, 2018, the entire 2.5&nbsp;million shares
have not been issued, the parties have agreed to satisfy any remaining Company obligations on a mutually-agreeable economic basis. </FONT></P>
 <p STYLE="margin-top:0px;margin-bottom:0px"><FONT SIZE="1">&nbsp;</FONT></P> <P STYLE="margin-top:0px;margin-bottom:0px" ALIGN="center"><FONT STYLE="font-family:Times New Roman" SIZE="2">92 </FONT></P>



<p Style='page-break-before:always'>
<HR  SIZE="3" style="COLOR:#999999" WIDTH="100%" ALIGN="CENTER">
<h5 align="left"><a href="#toc">Table of Contents</a></h5>



 <P STYLE="margin-top:0px;margin-bottom:0px" ALIGN="center"><FONT STYLE="font-family:Times New Roman" SIZE="2"><B>Cedar Realty Trust, Inc. </B></FONT></P>
<P STYLE="margin-top:0px;margin-bottom:0px" ALIGN="center"><FONT STYLE="font-family:Times New Roman" SIZE="2"><B>Notes to Consolidated Financial Statements </B></FONT></P> <P STYLE="margin-top:0px;margin-bottom:0px" ALIGN="center"><FONT
STYLE="font-family:Times New Roman" SIZE="2"><B>December 31, 2011 </B></FONT></P> <p STYLE="margin-top:0px;margin-bottom:0px"><FONT SIZE="1">&nbsp;</FONT></P>
 <P STYLE="margin-top:0px;margin-bottom:0px; text-indent:4%" ALIGN="justify"><FONT STYLE="font-family:Times New Roman" SIZE="2">In January&nbsp;2009, 2010 and 2011, the Company issued shares of common
stock as performance-based grants, with vesting to be based on the TSR over the three calendar years commencing with the dates of grant. Portions of each grant are to vest (a)&nbsp;if the TSR on the Company&#146;s common stock is equal to or greater
than a specified average return per year (the &#147;Absolute TSR&#148;), and (b)&nbsp;if there is a positive comparison of the TSR on the Company&#146;s common stock to the Company&#146;s peer group (the &#147;Relative TSR&#148;). The Company
obtained independent appraisals to determine the values of each category of the&nbsp;performance-based shares issued. The following table summarizes information relating to the performance-based grants: </FONT></P>
<P STYLE="font-size:10px;margin-top:0px;margin-bottom:0px">&nbsp;</P>
<TABLE CELLSPACING="0" CELLPADDING="0" WIDTH="100%" BORDER="0" STYLE="BORDER-COLLAPSE:COLLAPSE" ALIGN="center">


<TR STYLE="visibility:hidden; line-height:0pt; color:white">
<TD WIDTH="78%"></TD>
<TD VALIGN="bottom" WIDTH="1%"></TD>
<TD></TD>
<TD nowrap><FONT STYLE="Times New Roman" SIZE="1"><B>September 30,</B></FONT></TD>
<TD></TD>
<TD VALIGN="bottom" WIDTH="1%"></TD>
<TD></TD>
<TD nowrap><FONT STYLE="Times New Roman" SIZE="1"><B>September 30,</B></FONT></TD>
<TD></TD>
<TD VALIGN="bottom" WIDTH="1%"></TD>
<TD></TD>
<TD nowrap><FONT STYLE="Times New Roman" SIZE="1"><B>September 30,</B></FONT></TD>
<TD></TD>
<TD VALIGN="bottom" WIDTH="1%"></TD>
<TD></TD>
<TD nowrap><FONT STYLE="Times New Roman" SIZE="1"><B>September 30,</B></FONT></TD>
<TD></TD>
<TD VALIGN="bottom" WIDTH="1%"></TD>
<TD></TD>
<TD nowrap><FONT STYLE="Times New Roman" SIZE="1"><B>September 30,</B></FONT></TD>
<TD></TD>
<TD VALIGN="bottom" WIDTH="1%"></TD>
<TD></TD>
<TD nowrap><FONT STYLE="Times New Roman" SIZE="1"><B>September 30,</B></FONT></TD>
<TD></TD>
<TD VALIGN="bottom" WIDTH="1%"></TD>
<TD></TD>
<TD nowrap><FONT STYLE="Times New Roman" SIZE="1"><B>September 30,</B></FONT></TD>
<TD></TD></TR>
<TR>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;&nbsp;&nbsp;</FONT></TD>
<TD COLSPAN="2" VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;&nbsp;&nbsp;</FONT></TD>
<TD COLSPAN="2" VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" COLSPAN="10" ALIGN="center" STYLE="border-bottom:1px solid #000000"><FONT STYLE="font-family:Times New Roman" SIZE="1"><B>Absolute TSR</B></FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" COLSPAN="6" ALIGN="center" STYLE="border-bottom:1px solid #000000"><FONT STYLE="font-family:Times New Roman" SIZE="1"><B>Relative TSR</B></FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD></TR>
<TR>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;&nbsp;&nbsp;</FONT></TD>
<TD COLSPAN="2" VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" COLSPAN="2" ALIGN="center"><FONT STYLE="font-family:Times New Roman" SIZE="1"><B>Grant&nbsp;date</B></FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;&nbsp;&nbsp;</FONT></TD>
<TD COLSPAN="2" VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" COLSPAN="2" ALIGN="center"><FONT STYLE="font-family:Times New Roman" SIZE="1"><B>Annual</B></FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD COLSPAN="2" VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;&nbsp;&nbsp;</FONT></TD>
<TD COLSPAN="2" VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD COLSPAN="2" VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD></TR>
<TR>
<TD VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="1"><B>Grant</B></FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" COLSPAN="2" ALIGN="center"><FONT STYLE="font-family:Times New Roman" SIZE="1"><B>Shares</B></FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" COLSPAN="2" ALIGN="center"><FONT STYLE="font-family:Times New Roman" SIZE="1"><B>market</B></FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" COLSPAN="2" ALIGN="center"><FONT STYLE="font-family:Times New Roman" SIZE="1"><B>Portion&nbsp;of</B></FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" COLSPAN="2" ALIGN="center"><FONT STYLE="font-family:Times New Roman" SIZE="1"><B>average</B></FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" COLSPAN="2" ALIGN="center"><FONT STYLE="font-family:Times New Roman" SIZE="1"><B>Appraisal</B></FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" COLSPAN="2" ALIGN="center"><FONT STYLE="font-family:Times New Roman" SIZE="1"><B>Portion&nbsp;of</B></FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" COLSPAN="2" ALIGN="center"><FONT STYLE="font-family:Times New Roman" SIZE="1"><B>Appraisal</B></FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD></TR>
<TR>
<TD VALIGN="bottom" NOWRAP> <P STYLE="border-bottom:1px solid #000000;width:15pt"><FONT STYLE="font-family:Times New Roman" SIZE="1"><B>year</B></FONT></P></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" COLSPAN="2" ALIGN="center" STYLE="border-bottom:1px solid #000000"><FONT STYLE="font-family:Times New Roman" SIZE="1"><B>granted</B></FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" COLSPAN="2" ALIGN="center" STYLE="border-bottom:1px solid #000000"><FONT STYLE="font-family:Times New Roman" SIZE="1"><B>price</B></FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" COLSPAN="2" ALIGN="center" STYLE="border-bottom:1px solid #000000"><FONT STYLE="font-family:Times New Roman" SIZE="1"><B>grant</B></FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" COLSPAN="2" ALIGN="center" STYLE="border-bottom:1px solid #000000"><FONT STYLE="font-family:Times New Roman" SIZE="1"><B>return</B></FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" COLSPAN="2" ALIGN="center" STYLE="border-bottom:1px solid #000000"><FONT STYLE="font-family:Times New Roman" SIZE="1"><B>value</B></FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" COLSPAN="2" ALIGN="center" STYLE="border-bottom:1px solid #000000"><FONT STYLE="font-family:Times New Roman" SIZE="1"><B>grant</B></FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" COLSPAN="2" ALIGN="center" STYLE="border-bottom:1px solid #000000"><FONT STYLE="font-family:Times New Roman" SIZE="1"><B>value</B></FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD></TR>


<TR BGCOLOR="#cceeff">
<TD VALIGN="top"> <P STYLE="margin-left:1.00em; text-indent:-1.00em"><FONT STYLE="font-family:Times New Roman" SIZE="2">2009</FONT></P></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="2">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:Times New Roman" SIZE="2">218,000</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="2">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="2">$</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:Times New Roman" SIZE="2">7.02</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="2">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="2">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:Times New Roman" SIZE="2">75</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="2">%&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="2">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:Times New Roman" SIZE="2">6</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="2">%&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="2">$</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:Times New Roman" SIZE="2">5.44</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="2">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="2">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:Times New Roman" SIZE="2">25</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="2">%&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="2">$</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:Times New Roman" SIZE="2">6.48</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="2">&nbsp;&nbsp;</FONT></TD></TR>
<TR>
<TD VALIGN="top"> <P STYLE="margin-left:1.00em; text-indent:-1.00em"><FONT STYLE="font-family:Times New Roman" SIZE="2">2010</FONT></P></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="2">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:Times New Roman" SIZE="2">227,000</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="2">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="2">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:Times New Roman" SIZE="2">6.70</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="2">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="2">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:Times New Roman" SIZE="2">50</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="2">%&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="2">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:Times New Roman" SIZE="2">6</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="2">%&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="2">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:Times New Roman" SIZE="2">4.56</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="2">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="2">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:Times New Roman" SIZE="2">50</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="2">%&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="2">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:Times New Roman" SIZE="2">6.00</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="2">&nbsp;&nbsp;</FONT></TD></TR>
<TR BGCOLOR="#cceeff">
<TD VALIGN="top"> <P STYLE="margin-left:1.00em; text-indent:-1.00em"><FONT STYLE="font-family:Times New Roman" SIZE="2">2011</FONT></P></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="2">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:Times New Roman" SIZE="2">275,000</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="2">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="2">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:Times New Roman" SIZE="2">6.54</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="2">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="2">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:Times New Roman" SIZE="2">50</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="2">%&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="2">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:Times New Roman" SIZE="2">8</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="2">%&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="2">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:Times New Roman" SIZE="2">4.40</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="2">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="2">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:Times New Roman" SIZE="2">50</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="2">%&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="2">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:Times New Roman" SIZE="2">5.91</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="2">&nbsp;&nbsp;</FONT></TD></TR>
</TABLE> <P STYLE="margin-top:10px;margin-bottom:0px; text-indent:4%" ALIGN="justify"><FONT STYLE="font-family:Times New Roman" SIZE="2">After the accelerated vestings in June 2011 of certain of these shares, as discussed
above, there remained 82,000 shares, 84,000 shares and 123,000 shares, respectively, of the 2009, 2010 and 2011 performance-based awards. However, as the Company did not achieve either TSR measure for the three years ended December&nbsp;31, 2011,
none of the shares granted in 2009 vested. </FONT></P> <P STYLE="margin-top:10px;margin-bottom:0px; text-indent:4%" ALIGN="justify"><FONT STYLE="font-family:Times New Roman" SIZE="2">In addition to the above, there were other time-based restricted
shares issued, which amount to 436,000 shares, 279,000 shares and 397,000 shares, for 2011, 2010 and 2009, respectively. </FONT></P>
 <p STYLE="margin-top:0px;margin-bottom:0px"><FONT SIZE="1">&nbsp;</FONT></P> <P STYLE="margin-top:0px;margin-bottom:0px" ALIGN="center"><FONT STYLE="font-family:Times New Roman" SIZE="2">93 </FONT></P>



<p Style='page-break-before:always'>
<HR  SIZE="3" style="COLOR:#999999" WIDTH="100%" ALIGN="CENTER">
<h5 align="left"><a href="#toc">Table of Contents</a></h5>



 <P STYLE="margin-top:0px;margin-bottom:0px" ALIGN="center"><FONT STYLE="font-family:Times New Roman" SIZE="2"><B>Cedar Realty Trust, Inc. </B></FONT></P>
<P STYLE="margin-top:0px;margin-bottom:0px" ALIGN="center"><FONT STYLE="font-family:Times New Roman" SIZE="2"><B>Notes to Consolidated Financial Statements </B></FONT></P> <P STYLE="margin-top:0px;margin-bottom:0px" ALIGN="center"><FONT
STYLE="font-family:Times New Roman" SIZE="2"><B>December 31, 2011 </B></FONT></P> <p STYLE="margin-top:0px;margin-bottom:0px"><FONT SIZE="1">&nbsp;</FONT></P>

 <P STYLE="margin-top:0px;margin-bottom:0px"><FONT STYLE="font-family:Times New Roman" SIZE="2"><B>Note 19. Noncontrolling interest&#151;Limited Partners&#146; Mezzanine OP Units </B></FONT></P>
 <P STYLE="margin-top:10px;margin-bottom:0px; text-indent:4%" ALIGN="justify"><FONT STYLE="font-family:Times New Roman" SIZE="2">The following summarizes the activity relating to the limited partners&#146; mezzanine OP Units:
</FONT></P> <P STYLE="font-size:10px;margin-top:0px;margin-bottom:0px">&nbsp;</P>
<TABLE CELLSPACING="0" CELLPADDING="0" WIDTH="100%" BORDER="0" STYLE="BORDER-COLLAPSE:COLLAPSE" ALIGN="center">


<TR STYLE="visibility:hidden; line-height:0pt; color:white">
<TD WIDTH="92%"></TD>
<TD VALIGN="bottom" WIDTH="1%"></TD>
<TD></TD>
<TD nowrap><FONT STYLE="Times New Roman" SIZE="1"><B>September 30,</B></FONT></TD>
<TD></TD>
<TD VALIGN="bottom" WIDTH="1%"></TD>
<TD></TD>
<TD nowrap><FONT STYLE="Times New Roman" SIZE="1"><B>September 30,</B></FONT></TD>
<TD></TD></TR>
<TR>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" COLSPAN="6" ALIGN="center" STYLE="border-bottom:1px solid #000000"><FONT STYLE="font-family:Times New Roman" SIZE="1"><B>December&nbsp;31,</B></FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD></TR>
<TR>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" COLSPAN="2" ALIGN="center" STYLE="border-bottom:1px solid #000000"><FONT STYLE="font-family:Times New Roman" SIZE="1"><B>2011</B></FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" COLSPAN="2" ALIGN="center" STYLE="border-bottom:1px solid #000000"><FONT STYLE="font-family:Times New Roman" SIZE="1"><B>2010</B></FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD></TR>


<TR>
<TD HEIGHT="13"></TD>
<TD HEIGHT="13" COLSPAN="4"></TD>
<TD HEIGHT="13" COLSPAN="4"></TD></TR>
<TR BGCOLOR="#cceeff">
<TD VALIGN="top"> <P STYLE="margin-left:1.00em; text-indent:-1.00em"><FONT STYLE="font-family:Times New Roman" SIZE="2">Balance, beginning of year</FONT></P></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="2">$</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:Times New Roman" SIZE="2">7,053,000</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="2">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="2">$</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:Times New Roman" SIZE="2">12,638,000</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="2">&nbsp;&nbsp;</FONT></TD></TR>
<TR STYLE="font-size:1px">
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"> <P STYLE="border-top:1px solid #000000">&nbsp;</P></TD>
<TD VALIGN="bottom"> <P STYLE="border-top:1px solid #000000">&nbsp;</P></TD>
<TD>&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"> <P STYLE="border-top:1px solid #000000">&nbsp;</P></TD>
<TD VALIGN="bottom"> <P STYLE="border-top:1px solid #000000">&nbsp;</P></TD>
<TD>&nbsp;</TD></TR>
<TR>
<TD VALIGN="top"> <P STYLE="margin-left:1.00em; text-indent:-1.00em"><FONT STYLE="font-family:Times New Roman" SIZE="2">Net loss</FONT></P></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="2">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:Times New Roman" SIZE="2">(1,126,000</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="2">)&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="2">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:Times New Roman" SIZE="2">(640,000</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="2">)&nbsp;</FONT></TD></TR>
<TR BGCOLOR="#cceeff">
<TD VALIGN="top"> <P STYLE="margin-left:1.00em; text-indent:-1.00em"><FONT STYLE="font-family:Times New Roman" SIZE="2">Unrealized gain on change in fair value of cash flow hedges</FONT></P></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="2">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:Times New Roman" SIZE="2">(3,000</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="2">)&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="2">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:Times New Roman" SIZE="2">(18,000</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="2">)&nbsp;</FONT></TD></TR>
<TR STYLE="font-size:1px">
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"> <P STYLE="border-top:1px solid #000000">&nbsp;</P></TD>
<TD VALIGN="bottom"> <P STYLE="border-top:1px solid #000000">&nbsp;</P></TD>
<TD>&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"> <P STYLE="border-top:1px solid #000000">&nbsp;</P></TD>
<TD VALIGN="bottom"> <P STYLE="border-top:1px solid #000000">&nbsp;</P></TD>
<TD>&nbsp;</TD></TR>
<TR>
<TD VALIGN="top"> <P STYLE="margin-left:1.00em; text-indent:-1.00em"><FONT STYLE="font-family:Times New Roman" SIZE="2">Total other comprehensive loss</FONT></P></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="2">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:Times New Roman" SIZE="2">(1,129,000</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="2">)&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="2">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:Times New Roman" SIZE="2">(658,000</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="2">)&nbsp;</FONT></TD></TR>
<TR STYLE="font-size:1px">
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"> <P STYLE="border-top:1px solid #000000">&nbsp;</P></TD>
<TD VALIGN="bottom"> <P STYLE="border-top:1px solid #000000">&nbsp;</P></TD>
<TD>&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"> <P STYLE="border-top:1px solid #000000">&nbsp;</P></TD>
<TD VALIGN="bottom"> <P STYLE="border-top:1px solid #000000">&nbsp;</P></TD>
<TD>&nbsp;</TD></TR>
<TR>
<TD HEIGHT="13"></TD>
<TD HEIGHT="13" COLSPAN="4"></TD>
<TD HEIGHT="13" COLSPAN="4"></TD></TR>
<TR BGCOLOR="#cceeff">
<TD VALIGN="top"> <P STYLE="margin-left:1.00em; text-indent:-1.00em"><FONT STYLE="font-family:Times New Roman" SIZE="2">Distributions</FONT></P></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="2">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:Times New Roman" SIZE="2">(232,000</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="2">)&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="2">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:Times New Roman" SIZE="2">(266,000</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="2">)&nbsp;</FONT></TD></TR>
<TR>
<TD VALIGN="top"> <P STYLE="margin-left:1.00em; text-indent:-1.00em"><FONT STYLE="font-family:Times New Roman" SIZE="2">Reallocation adjustment of limited partners&#146; interest and conversions and redemptions of OP Units</FONT></P></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="2">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:Times New Roman" SIZE="2">(1,076,000</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="2">)&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="2">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:Times New Roman" SIZE="2">(4,661,000</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="2">)&nbsp;</FONT></TD></TR>
<TR STYLE="font-size:1px">
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"> <P STYLE="border-top:1px solid #000000">&nbsp;</P></TD>
<TD VALIGN="bottom"> <P STYLE="border-top:1px solid #000000">&nbsp;</P></TD>
<TD>&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"> <P STYLE="border-top:1px solid #000000">&nbsp;</P></TD>
<TD VALIGN="bottom"> <P STYLE="border-top:1px solid #000000">&nbsp;</P></TD>
<TD>&nbsp;</TD></TR>
<TR>
<TD HEIGHT="13"></TD>
<TD HEIGHT="13" COLSPAN="4"></TD>
<TD HEIGHT="13" COLSPAN="4"></TD></TR>
<TR BGCOLOR="#cceeff">
<TD VALIGN="top"> <P STYLE="margin-left:1.00em; text-indent:-1.00em"><FONT STYLE="font-family:Times New Roman" SIZE="2">Balance, end of year</FONT></P></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="2">$</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:Times New Roman" SIZE="2">4,616,000</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="2">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="2">$</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:Times New Roman" SIZE="2">7,053,000</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="2">&nbsp;&nbsp;</FONT></TD></TR>
<TR STYLE="font-size:1px">
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"> <P STYLE="border-top:3px double #000000">&nbsp;</P></TD>
<TD VALIGN="bottom"> <P STYLE="border-top:3px double #000000">&nbsp;</P></TD>
<TD>&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"> <P STYLE="border-top:3px double #000000">&nbsp;</P></TD>
<TD VALIGN="bottom"> <P STYLE="border-top:3px double #000000">&nbsp;</P></TD>
<TD>&nbsp;</TD></TR>
</TABLE> <P STYLE="margin-top:10px;margin-bottom:0px; text-indent:4%" ALIGN="justify"><FONT STYLE="font-family:Times New Roman" SIZE="2">See note 22 for information relating to 2012 conversions of mezzanine OP Units.
</FONT></P>
 <P STYLE="margin-top:10px;margin-bottom:0px"><FONT STYLE="font-family:Times New Roman" SIZE="2"><B>Note 20. Earnings/Dividends Per Share </B></FONT></P>
 <P STYLE="margin-top:10px;margin-bottom:0px; text-indent:4%" ALIGN="justify"><FONT STYLE="font-family:Times New Roman" SIZE="2">Basic earnings per share (&#147;EPS&#148;) is calculated by dividing net income (loss) attributable to
the Company&#146;s common shareholders by the weighted average number of common shares outstanding for the period including participating securities (restricted shares issued pursuant to the Company&#146;s stock-based compensation program are
considered participating securities, as such shares have non-forfeitable rights to receive dividends). Unvested restricted shares are not allocated net losses and/or any excess of dividends declared over net income, as such amounts are allocated
entirely to the common shareholders. For 2011, the Company had 2.3&nbsp;million weighted average unvested restricted shares outstanding (including the weighted average impact of the 2.0&nbsp;million shares awarded to the Company&#146;s new
President/Chief Executive Officer in June 2011). EPS for the 2010 and 2009 is calculated based on the data presented on the face of the consolidated statements of operations for those periods. The following table provides a reconciliation of the
numerator and denominator of the EPS calculations for 2011: </FONT></P>
 <p STYLE="margin-top:0px;margin-bottom:0px"><FONT SIZE="1">&nbsp;</FONT></P> <P STYLE="margin-top:0px;margin-bottom:0px" ALIGN="center"><FONT STYLE="font-family:Times New Roman" SIZE="2">94 </FONT></P>



<p Style='page-break-before:always'>
<HR  SIZE="3" style="COLOR:#999999" WIDTH="100%" ALIGN="CENTER">
<h5 align="left"><a href="#toc">Table of Contents</a></h5>



 <P STYLE="margin-top:0px;margin-bottom:0px" ALIGN="center"><FONT STYLE="font-family:Times New Roman" SIZE="2"><B>Cedar Realty Trust, Inc. </B></FONT></P>
<P STYLE="margin-top:0px;margin-bottom:0px" ALIGN="center"><FONT STYLE="font-family:Times New Roman" SIZE="2"><B>Notes to Consolidated Financial Statements </B></FONT></P> <P STYLE="margin-top:0px;margin-bottom:0px" ALIGN="center"><FONT
STYLE="font-family:Times New Roman" SIZE="2"><B>December 31, 2011 </B></FONT></P> <p STYLE="margin-top:0px;margin-bottom:0px"><FONT SIZE="1">&nbsp;</FONT></P>
 <P>&nbsp;</P>
<TABLE CELLSPACING="0" CELLPADDING="0" WIDTH="100%" BORDER="0" STYLE="BORDER-COLLAPSE:COLLAPSE" ALIGN="center">


<TR STYLE="visibility:hidden; line-height:0pt; color:white">
<TD WIDTH="96%"></TD>
<TD VALIGN="bottom" WIDTH="1%"></TD>
<TD></TD>
<TD nowrap><FONT STYLE="Times New Roman" SIZE="1"><B>September 30,</B></FONT></TD>
<TD></TD></TR>


<TR BGCOLOR="#cceeff">
<TD VALIGN="top"> <P STYLE="margin-left:1.00em; text-indent:-1.00em"><FONT STYLE="font-family:Times New Roman" SIZE="2"><B><U>Numerator</U></B></FONT></P></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD></TR>
<TR>
<TD VALIGN="top"> <P STYLE="margin-left:1.00em; text-indent:-1.00em"><FONT STYLE="font-family:Times New Roman" SIZE="2">(Loss) from continuing operations</FONT></P></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="2">$</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:Times New Roman" SIZE="2">(25,953,000</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="2">)&nbsp;</FONT></TD></TR>
<TR BGCOLOR="#cceeff">
<TD VALIGN="top"> <P STYLE="margin-left:1.00em; text-indent:-1.00em"><FONT STYLE="font-family:Times New Roman" SIZE="2">Preferred distribution requirements</FONT></P></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="2">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:Times New Roman" SIZE="2">(14,200,000</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="2">)&nbsp;</FONT></TD></TR>
<TR>
<TD VALIGN="top"> <P STYLE="margin-left:1.00em; text-indent:-1.00em"><FONT STYLE="font-family:Times New Roman" SIZE="2">Plus, net income attributable to noncontrolling interests</FONT></P></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="2">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:Times New Roman" SIZE="2">917,000</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="2">&nbsp;&nbsp;</FONT></TD></TR>
<TR BGCOLOR="#cceeff">
<TD VALIGN="top"> <P STYLE="margin-left:1.00em; text-indent:-1.00em"><FONT STYLE="font-family:Times New Roman" SIZE="2">Less, earnings allocated to unvested shares</FONT></P></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="2">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:Times New Roman" SIZE="2">(810,000</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="2">)&nbsp;</FONT></TD></TR>
<TR STYLE="font-size:1px">
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"> <P STYLE="border-top:1px solid #000000">&nbsp;</P></TD>
<TD VALIGN="bottom"> <P STYLE="border-top:1px solid #000000">&nbsp;</P></TD>
<TD>&nbsp;</TD></TR>
<TR>
<TD VALIGN="top"> <P STYLE="margin-left:1.00em; text-indent:-1.00em"><FONT STYLE="font-family:Times New Roman" SIZE="2">Loss from continuing operations available for common shareholders</FONT></P></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="2">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:Times New Roman" SIZE="2">(40,046,000</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="2">)&nbsp;</FONT></TD></TR>
<TR BGCOLOR="#cceeff">
<TD VALIGN="top"> <P STYLE="margin-left:1.00em; text-indent:-1.00em"><FONT STYLE="font-family:Times New Roman" SIZE="2">Results from discontinued operations</FONT></P></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="2">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:Times New Roman" SIZE="2">(78,525,000</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="2">)&nbsp;</FONT></TD></TR>
<TR STYLE="font-size:1px">
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"> <P STYLE="border-top:1px solid #000000">&nbsp;</P></TD>
<TD VALIGN="bottom"> <P STYLE="border-top:1px solid #000000">&nbsp;</P></TD>
<TD>&nbsp;</TD></TR>
<TR>
<TD VALIGN="top"> <P STYLE="margin-left:1.00em; text-indent:-1.00em"><FONT STYLE="font-family:Times New Roman" SIZE="2">Net (loss) available for common shareholders, basic and diluted</FONT></P></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="2">$</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:Times New Roman" SIZE="2">(118,571,000</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="2">)&nbsp;</FONT></TD></TR>
<TR STYLE="font-size:1px">
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"> <P STYLE="border-top:3px double #000000">&nbsp;</P></TD>
<TD VALIGN="bottom"> <P STYLE="border-top:3px double #000000">&nbsp;</P></TD>
<TD>&nbsp;</TD></TR>
<TR>
<TD HEIGHT="13"></TD>
<TD HEIGHT="13" COLSPAN="4"></TD></TR>
<TR BGCOLOR="#cceeff">
<TD VALIGN="top"> <P STYLE="margin-left:1.00em; text-indent:-1.00em"><FONT STYLE="font-family:Times New Roman" SIZE="2"><B><U>Denominator</U></B></FONT></P></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD></TR>
<TR>
<TD VALIGN="top"> <P STYLE="margin-left:1.00em; text-indent:-1.00em"><FONT STYLE="font-family:Times New Roman" SIZE="2">Weighted average number of vested common shares outstanding</FONT></P></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="2">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:Times New Roman" SIZE="2">66,387,000</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="2">&nbsp;&nbsp;</FONT></TD></TR>
<TR STYLE="font-size:1px">
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"> <P STYLE="border-top:3px double #000000">&nbsp;</P></TD>
<TD VALIGN="bottom"> <P STYLE="border-top:3px double #000000">&nbsp;</P></TD>
<TD>&nbsp;</TD></TR>
<TR>
<TD HEIGHT="13"></TD>
<TD HEIGHT="13" COLSPAN="4"></TD></TR>
<TR BGCOLOR="#cceeff">
<TD VALIGN="top"> <P STYLE="margin-left:1.00em; text-indent:-1.00em"><FONT STYLE="font-family:Times New Roman" SIZE="2"><B><U>Earnings (loss) per common share, basic and diluted</U></B></FONT></P></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD></TR>
<TR>
<TD VALIGN="top"> <P STYLE="margin-left:1.00em; text-indent:-1.00em"><FONT STYLE="font-family:Times New Roman" SIZE="2">Continuing operations</FONT></P></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="2">$</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:Times New Roman" SIZE="2">(0.61</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="2">)&nbsp;</FONT></TD></TR>
<TR BGCOLOR="#cceeff">
<TD VALIGN="top"> <P STYLE="margin-left:1.00em; text-indent:-1.00em"><FONT STYLE="font-family:Times New Roman" SIZE="2">Discontinued operations</FONT></P></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="2">$</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:Times New Roman" SIZE="2">(1.18</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="2">)&nbsp;</FONT></TD></TR>
<TR STYLE="font-size:1px">
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"> <P STYLE="border-top:1px solid #000000">&nbsp;</P></TD>
<TD VALIGN="bottom"> <P STYLE="border-top:1px solid #000000">&nbsp;</P></TD>
<TD>&nbsp;</TD></TR>
<TR>
<TD VALIGN="top"></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="2">$</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:Times New Roman" SIZE="2">(1.79</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="2">)&nbsp;</FONT></TD></TR>
<TR STYLE="font-size:1px">
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"> <P STYLE="border-top:3px double #000000">&nbsp;</P></TD>
<TD VALIGN="bottom"> <P STYLE="border-top:3px double #000000">&nbsp;</P></TD>
<TD>&nbsp;</TD></TR>
</TABLE> <P STYLE="margin-top:10px;margin-bottom:0px; text-indent:4%" ALIGN="justify"><FONT STYLE="font-family:Times New Roman" SIZE="2">Fully-diluted EPS reflects the potential dilution that could occur if securities or other
contracts to issue common stock were exercised or converted into shares of common stock. The net loss attributable to noncontrolling interests of the Operating Partnership has been excluded from the numerator and the related OP Units have been
excluded from the denominator for the purpose of calculating diluted EPS as there would have been no effect had such amounts been included. The weighted average number of OP Units outstanding for 2011, 2010 and 2009 were 1,415,000, 1,814,000 and
2,014,000, respectively. In addition, warrants for the purchase of OP Units (83,000 for all periods) have been excluded as they were anti-dilutive for all periods presented. </FONT></P>
<P STYLE="margin-top:10px;margin-bottom:0px; text-indent:4%" ALIGN="justify"><FONT STYLE="font-family:Times New Roman" SIZE="2">Dividends to common shareholders in 2011, 2010 and 2009 were $24,705,000 ($0.36 per share), $17,749,000 ($0.27 per
share), and $9,742,000 ($0.2025 per share), respectively. </FONT></P>
 <p STYLE="margin-top:0px;margin-bottom:0px"><FONT SIZE="1">&nbsp;</FONT></P> <P STYLE="margin-top:0px;margin-bottom:0px" ALIGN="center"><FONT STYLE="font-family:Times New Roman" SIZE="2">95 </FONT></P>



<p Style='page-break-before:always'>
<HR  SIZE="3" style="COLOR:#999999" WIDTH="100%" ALIGN="CENTER">
<h5 align="left"><a href="#toc">Table of Contents</a></h5>



 <P STYLE="margin-top:0px;margin-bottom:0px" ALIGN="center"><FONT STYLE="font-family:Times New Roman" SIZE="2"><B>Cedar Realty Trust, Inc. </B></FONT></P>
<P STYLE="margin-top:0px;margin-bottom:0px" ALIGN="center"><FONT STYLE="font-family:Times New Roman" SIZE="2"><B>Notes to Consolidated Financial Statements </B></FONT></P> <P STYLE="margin-top:0px;margin-bottom:0px" ALIGN="center"><FONT
STYLE="font-family:Times New Roman" SIZE="2"><B>December 31, 2011 </B></FONT></P> <p STYLE="margin-top:0px;margin-bottom:0px"><FONT SIZE="1">&nbsp;</FONT></P>

 <P STYLE="margin-top:0px;margin-bottom:0px"><FONT STYLE="font-family:Times New Roman" SIZE="2"><B>Note 21. Selected Quarterly Financial Data (unaudited) </B></FONT></P>
 <P STYLE="font-size:10px;margin-top:0px;margin-bottom:0px">&nbsp;</P>
<TABLE CELLSPACING="0" CELLPADDING="0" WIDTH="100%" BORDER="0" STYLE="BORDER-COLLAPSE:COLLAPSE" ALIGN="center">


<TR STYLE="visibility:hidden; line-height:0pt; color:white">
<TD WIDTH="84%"></TD>
<TD VALIGN="bottom" WIDTH="1%"></TD>
<TD></TD>
<TD nowrap><FONT STYLE="Times New Roman" SIZE="1"><B>September 30,</B></FONT></TD>
<TD></TD>
<TD VALIGN="bottom" WIDTH="1%"></TD>
<TD></TD>
<TD nowrap><FONT STYLE="Times New Roman" SIZE="1"><B>September 30,</B></FONT></TD>
<TD></TD>
<TD VALIGN="bottom" WIDTH="1%"></TD>
<TD></TD>
<TD nowrap><FONT STYLE="Times New Roman" SIZE="1"><B>September 30,</B></FONT></TD>
<TD></TD>
<TD VALIGN="bottom" WIDTH="1%"></TD>
<TD></TD>
<TD nowrap><FONT STYLE="Times New Roman" SIZE="1"><B>September 30,</B></FONT></TD>
<TD></TD></TR>
<TR>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" COLSPAN="14" ALIGN="center" STYLE="border-bottom:1px solid #000000"><FONT STYLE="font-family:Times New Roman" SIZE="1"><B>Quarter ended</B></FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD></TR>
<TR>
<TD VALIGN="bottom" NOWRAP> <P STYLE="border-bottom:1px solid #000000;width:16pt"><FONT STYLE="font-family:Times New Roman" SIZE="1"><B>Year</B></FONT></P></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" COLSPAN="2" ALIGN="center" STYLE="border-bottom:1px solid #000000"><FONT STYLE="font-family:Times New Roman" SIZE="1"><B>March&nbsp;31</B></FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" COLSPAN="2" ALIGN="center" STYLE="border-bottom:1px solid #000000"><FONT STYLE="font-family:Times New Roman" SIZE="1"><B>June&nbsp;30</B></FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" COLSPAN="2" ALIGN="center" STYLE="border-bottom:1px solid #000000"><FONT STYLE="font-family:Times New Roman" SIZE="1"><B>September&nbsp;30</B></FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" COLSPAN="2" ALIGN="center" STYLE="border-bottom:1px solid #000000"><FONT STYLE="font-family:Times New Roman" SIZE="1"><B>December&nbsp;31</B></FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD></TR>


<TR BGCOLOR="#cceeff">
<TD VALIGN="top"> <P STYLE="margin-left:1.00em; text-indent:-1.00em"><FONT STYLE="font-family:Times New Roman" SIZE="2"><B><U>2011</U></B></FONT></P></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD></TR>
<TR>
<TD VALIGN="top"> <P STYLE="margin-left:1.00em; text-indent:-1.00em"><FONT STYLE="font-family:Times New Roman" SIZE="2">Revenues as previously reported</FONT></P></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="2">$</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:Times New Roman" SIZE="2">41,620,000</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="2">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="2">$</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:Times New Roman" SIZE="2">38,299,000</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="2">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="2">$</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:Times New Roman" SIZE="2">33,460,000</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="2">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="2">$</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:Times New Roman" SIZE="2">34,334,000</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="2">&nbsp;&nbsp;</FONT></TD></TR>
<TR BGCOLOR="#cceeff">
<TD VALIGN="top"> <P STYLE="margin-left:1.00em; text-indent:-1.00em"><FONT STYLE="font-family:Times New Roman" SIZE="2">Revenues from discontinued operations and reclassifications (a)</FONT></P></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="2">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:Times New Roman" SIZE="2">(7,030,000</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="2">)&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="2">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:Times New Roman" SIZE="2">(5,690,000</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="2">)&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="2">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:Times New Roman" SIZE="2">420,000</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="2">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="2">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:Times New Roman" SIZE="2">&#151;&nbsp;&nbsp;</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="2">&nbsp;&nbsp;</FONT></TD></TR>
<TR STYLE="font-size:1px">
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"> <P STYLE="border-top:1px solid #000000">&nbsp;</P></TD>
<TD VALIGN="bottom"> <P STYLE="border-top:1px solid #000000">&nbsp;</P></TD>
<TD>&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"> <P STYLE="border-top:1px solid #000000">&nbsp;</P></TD>
<TD VALIGN="bottom"> <P STYLE="border-top:1px solid #000000">&nbsp;</P></TD>
<TD>&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"> <P STYLE="border-top:1px solid #000000">&nbsp;</P></TD>
<TD VALIGN="bottom"> <P STYLE="border-top:1px solid #000000">&nbsp;</P></TD>
<TD>&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"> <P STYLE="border-top:1px solid #000000">&nbsp;</P></TD>
<TD VALIGN="bottom"> <P STYLE="border-top:1px solid #000000">&nbsp;</P></TD>
<TD>&nbsp;</TD></TR>
<TR>
<TD VALIGN="top"> <P STYLE="margin-left:1.00em; text-indent:-1.00em"><FONT STYLE="font-family:Times New Roman" SIZE="2">Revenues</FONT></P></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="2">$</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:Times New Roman" SIZE="2">34,590,000</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="2">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="2">$</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:Times New Roman" SIZE="2">32,609,000</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="2">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="2">$</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:Times New Roman" SIZE="2">33,880,000</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="2">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="2">$</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:Times New Roman" SIZE="2">34,334,000</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="2">&nbsp;&nbsp;</FONT></TD></TR>
<TR STYLE="font-size:1px">
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"> <P STYLE="border-top:3px double #000000">&nbsp;</P></TD>
<TD VALIGN="bottom"> <P STYLE="border-top:3px double #000000">&nbsp;</P></TD>
<TD>&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"> <P STYLE="border-top:3px double #000000">&nbsp;</P></TD>
<TD VALIGN="bottom"> <P STYLE="border-top:3px double #000000">&nbsp;</P></TD>
<TD>&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"> <P STYLE="border-top:3px double #000000">&nbsp;</P></TD>
<TD VALIGN="bottom"> <P STYLE="border-top:3px double #000000">&nbsp;</P></TD>
<TD>&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"> <P STYLE="border-top:3px double #000000">&nbsp;</P></TD>
<TD VALIGN="bottom"> <P STYLE="border-top:3px double #000000">&nbsp;</P></TD>
<TD>&nbsp;</TD></TR>
<TR>
<TD HEIGHT="13"></TD>
<TD HEIGHT="13" COLSPAN="4"></TD>
<TD HEIGHT="13" COLSPAN="4"></TD>
<TD HEIGHT="13" COLSPAN="4"></TD>
<TD HEIGHT="13" COLSPAN="4"></TD></TR>
<TR BGCOLOR="#cceeff">
<TD VALIGN="top"> <P STYLE="margin-left:1.00em; text-indent:-1.00em"><FONT STYLE="font-family:Times New Roman" SIZE="2">Net loss</FONT></P></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="2">$</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:Times New Roman" SIZE="2">(9,093,000</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="2">)&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="2">$</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:Times New Roman" SIZE="2">(24,729,000</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="2">)&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="2">$</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:Times New Roman" SIZE="2">(71,265,000</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="2">)&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="2">$</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:Times New Roman" SIZE="2">(3,427,000</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="2">)&nbsp;</FONT></TD></TR>
<TR>
<TD VALIGN="top"> <P STYLE="margin-left:1.00em; text-indent:-1.00em"><FONT STYLE="font-family:Times New Roman" SIZE="2">Net loss attributable to common shareholders</FONT></P></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="2">$</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:Times New Roman" SIZE="2">(12,309,000</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="2">)&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="2">$</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:Times New Roman" SIZE="2">(27,668,000</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="2">)&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="2">$</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:Times New Roman" SIZE="2">(70,105,000</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="2">)&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="2">$</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:Times New Roman" SIZE="2">(7,679,000</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="2">)&nbsp;</FONT></TD></TR>
<TR BGCOLOR="#cceeff">
<TD VALIGN="top"> <P STYLE="margin-left:1.00em; text-indent:-1.00em"><FONT STYLE="font-family:Times New Roman" SIZE="2">Per common share (basic and diluted) (b)</FONT></P></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="2">$</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:Times New Roman" SIZE="2">(0.18</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="2">)&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="2">$</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:Times New Roman" SIZE="2">(0.41</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="2">)&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="2">$</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:Times New Roman" SIZE="2">(1.05</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="2">)&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="2">$</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:Times New Roman" SIZE="2">(0.12</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="2">)&nbsp;</FONT></TD></TR>
<TR>
<TD HEIGHT="13"></TD>
<TD HEIGHT="13" COLSPAN="4"></TD>
<TD HEIGHT="13" COLSPAN="4"></TD>
<TD HEIGHT="13" COLSPAN="4"></TD>
<TD HEIGHT="13" COLSPAN="4"></TD></TR>
<TR>
<TD VALIGN="top"> <P STYLE="margin-left:1.00em; text-indent:-1.00em"><FONT STYLE="font-family:Times New Roman" SIZE="2"><B><U>2010</U></B></FONT></P></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD></TR>
<TR BGCOLOR="#cceeff">
<TD VALIGN="top"> <P STYLE="margin-left:1.00em; text-indent:-1.00em"><FONT STYLE="font-family:Times New Roman" SIZE="2">Revenues as previously reported</FONT></P></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="2">$</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:Times New Roman" SIZE="2">41,786,000</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="2">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="2">$</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:Times New Roman" SIZE="2">37,989,000</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="2">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="2">$</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:Times New Roman" SIZE="2">31,710,000</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="2">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="2">$</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:Times New Roman" SIZE="2">39,230,000</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="2">&nbsp;&nbsp;</FONT></TD></TR>
<TR>
<TD VALIGN="top"> <P STYLE="margin-left:1.00em; text-indent:-1.00em"><FONT STYLE="font-family:Times New Roman" SIZE="2">Revenues from discontinued operations and reclassifications (a)</FONT></P></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="2">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:Times New Roman" SIZE="2">(6,308,000</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="2">)&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="2">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:Times New Roman" SIZE="2">(6,030,000</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="2">)&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="2">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:Times New Roman" SIZE="2">&#151;&nbsp;&nbsp;</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="2">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="2">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:Times New Roman" SIZE="2">(6,805,000</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="2">)&nbsp;</FONT></TD></TR>
<TR STYLE="font-size:1px">
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"> <P STYLE="border-top:1px solid #000000">&nbsp;</P></TD>
<TD VALIGN="bottom"> <P STYLE="border-top:1px solid #000000">&nbsp;</P></TD>
<TD>&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"> <P STYLE="border-top:1px solid #000000">&nbsp;</P></TD>
<TD VALIGN="bottom"> <P STYLE="border-top:1px solid #000000">&nbsp;</P></TD>
<TD>&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"> <P STYLE="border-top:1px solid #000000">&nbsp;</P></TD>
<TD VALIGN="bottom"> <P STYLE="border-top:1px solid #000000">&nbsp;</P></TD>
<TD>&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"> <P STYLE="border-top:1px solid #000000">&nbsp;</P></TD>
<TD VALIGN="bottom"> <P STYLE="border-top:1px solid #000000">&nbsp;</P></TD>
<TD>&nbsp;</TD></TR>
<TR BGCOLOR="#cceeff">
<TD VALIGN="top"> <P STYLE="margin-left:1.00em; text-indent:-1.00em"><FONT STYLE="font-family:Times New Roman" SIZE="2">Revenues</FONT></P></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="2">$</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:Times New Roman" SIZE="2">35,478,000</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="2">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="2">$</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:Times New Roman" SIZE="2">31,959,000</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="2">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="2">$</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:Times New Roman" SIZE="2">31,710,000</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="2">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="2">$</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:Times New Roman" SIZE="2">32,425,000</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="2">&nbsp;&nbsp;</FONT></TD></TR>
<TR STYLE="font-size:1px">
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"> <P STYLE="border-top:3px double #000000">&nbsp;</P></TD>
<TD VALIGN="bottom"> <P STYLE="border-top:3px double #000000">&nbsp;</P></TD>
<TD>&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"> <P STYLE="border-top:3px double #000000">&nbsp;</P></TD>
<TD VALIGN="bottom"> <P STYLE="border-top:3px double #000000">&nbsp;</P></TD>
<TD>&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"> <P STYLE="border-top:3px double #000000">&nbsp;</P></TD>
<TD VALIGN="bottom"> <P STYLE="border-top:3px double #000000">&nbsp;</P></TD>
<TD>&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"> <P STYLE="border-top:3px double #000000">&nbsp;</P></TD>
<TD VALIGN="bottom"> <P STYLE="border-top:3px double #000000">&nbsp;</P></TD>
<TD>&nbsp;</TD></TR>
<TR>
<TD HEIGHT="13"></TD>
<TD HEIGHT="13" COLSPAN="4"></TD>
<TD HEIGHT="13" COLSPAN="4"></TD>
<TD HEIGHT="13" COLSPAN="4"></TD>
<TD HEIGHT="13" COLSPAN="4"></TD></TR>
<TR>
<TD VALIGN="top"> <P STYLE="margin-left:1.00em; text-indent:-1.00em"><FONT STYLE="font-family:Times New Roman" SIZE="2">Net loss</FONT></P></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="2">$</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:Times New Roman" SIZE="2">(1,160,000</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="2">)&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="2">$</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:Times New Roman" SIZE="2">(2,547,000</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="2">)&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="2">$</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:Times New Roman" SIZE="2">(4,491,000</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="2">)&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="2">$</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:Times New Roman" SIZE="2">(35,986,000</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="2">)&nbsp;</FONT></TD></TR>
<TR BGCOLOR="#cceeff">
<TD VALIGN="top"> <P STYLE="margin-left:1.00em; text-indent:-1.00em"><FONT STYLE="font-family:Times New Roman" SIZE="2">Net loss attributable to common shareholders</FONT></P></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="2">$</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:Times New Roman" SIZE="2">(3,490,000</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="2">)&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="2">$</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:Times New Roman" SIZE="2">(4,251,000</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="2">)&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="2">$</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:Times New Roman" SIZE="2">(6,780,000</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="2">)&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="2">$</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:Times New Roman" SIZE="2">(36,964,000</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="2">)&nbsp;</FONT></TD></TR>
<TR>
<TD VALIGN="top"> <P STYLE="margin-left:1.00em; text-indent:-1.00em"><FONT STYLE="font-family:Times New Roman" SIZE="2">Per common share (basic and diluted) (b)</FONT></P></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="2">$</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:Times New Roman" SIZE="2">(0.06</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="2">)&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="2">$</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:Times New Roman" SIZE="2">(0.07</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="2">)&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="2">$</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:Times New Roman" SIZE="2">(0.10</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="2">)&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="2">$</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:Times New Roman" SIZE="2">(0.56</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="2">)&nbsp;</FONT></TD></TR>
</TABLE> <P STYLE="font-size:10px;margin-top:0px;margin-bottom:0px">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR>
<TD WIDTH="4%" VALIGN="top" ALIGN="left"><FONT STYLE="font-family:Times New Roman" SIZE="2">(a)</FONT></TD>
<TD ALIGN="left" VALIGN="top"> <P ALIGN="justify"><FONT STYLE="font-family:Times New Roman" SIZE="2">Represents revenues from discontinued operations which were previously included in revenues as previously reported. </FONT></P></TD></TR></TABLE>
<P STYLE="font-size:10px;margin-top:0px;margin-bottom:0px">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR>
<TD WIDTH="4%" VALIGN="top" ALIGN="left"><FONT STYLE="font-family:Times New Roman" SIZE="2">(b)</FONT></TD>
<TD ALIGN="left" VALIGN="top"> <P ALIGN="justify"><FONT STYLE="font-family:Times New Roman" SIZE="2">Differences between the sum of the four quarterly per share amounts and the annual per share amounts are attributable to the effect of the weighted
average outstanding share calculations for the respective periods. </FONT></P></TD></TR></TABLE>
 <P STYLE="margin-top:10px;margin-bottom:0px"><FONT STYLE="font-family:Times New Roman" SIZE="2"><B>Note 22. Subsequent Events </B></FONT></P>
 <P STYLE="margin-top:10px;margin-bottom:0px; text-indent:4%" ALIGN="justify"><FONT STYLE="font-family:Times New Roman" SIZE="2">In determining subsequent events, management reviewed all activity from January&nbsp;1, 2012 through
the date of filing this Annual Report on Form 10-K. </FONT></P> <P STYLE="margin-top:10px;margin-bottom:0px; text-indent:4%" ALIGN="justify"><FONT STYLE="font-family:Times New Roman" SIZE="2">On January&nbsp;26, 2012, the Company&#146;s Board of
Directors declared a dividend of $0.05 per share with respect to its common stock as well as an equal distribution per unit on its outstanding OP Units. At the same time, the Board declared a dividend of $0.5546875 per share with respect to the
Company&#146;s 8-7/8% Series&nbsp;A Cumulative Redeemable Preferred Stock. The distributions are payable on February&nbsp;21, 2012 to shareholders of record on February&nbsp;10, 2012. </FONT></P>
 <p STYLE="margin-top:0px;margin-bottom:0px"><FONT SIZE="1">&nbsp;</FONT></P> <P STYLE="margin-top:0px;margin-bottom:0px" ALIGN="center"><FONT STYLE="font-family:Times New Roman" SIZE="2">96 </FONT></P>



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<h5 align="left"><a href="#toc">Table of Contents</a></h5>



 <P STYLE="margin-top:0px;margin-bottom:0px" ALIGN="center"><FONT STYLE="font-family:Times New Roman" SIZE="2"><B>Cedar Realty Trust, Inc. </B></FONT></P>
<P STYLE="margin-top:0px;margin-bottom:0px" ALIGN="center"><FONT STYLE="font-family:Times New Roman" SIZE="2"><B>Notes to Consolidated Financial Statements </B></FONT></P> <P STYLE="margin-top:0px;margin-bottom:0px" ALIGN="center"><FONT
STYLE="font-family:Times New Roman" SIZE="2"><B>December 31, 2011 </B></FONT></P> <p STYLE="margin-top:0px;margin-bottom:0px"><FONT SIZE="1">&nbsp;</FONT></P>
 <P STYLE="margin-top:0px;margin-bottom:0px; text-indent:4%" ALIGN="justify"><FONT STYLE="font-family:Times New Roman" SIZE="2">In January and February 2012, holders of 851,000 OP Units (including
554,000 mezzanine OP Units) converted their holdings to shares of the Company&#146;s common stock. In connection therewith, approximately $3.5 million of the December&nbsp;31, 2011 carrying value of mezzanine OP Units will be reclassified to equity.
</FONT></P>
 <P STYLE="font-size:10px;margin-top:0px;margin-bottom:0px"><FONT SIZE="1">&nbsp;</FONT></P>
 <p STYLE="margin-top:0px;margin-bottom:0px"><FONT SIZE="1">&nbsp;</FONT></P> <P STYLE="margin-top:0px;margin-bottom:0px" ALIGN="center"><FONT STYLE="font-family:Times New Roman" SIZE="2">97 </FONT></P>



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<h5 align="left"><a href="#toc">Table of Contents</a></h5>


 <P STYLE="margin-top:0px;margin-bottom:0px"><FONT STYLE="font-family:Times New Roman" SIZE="2"><B>Cedar Realty Trust, Inc. </B></FONT></P> <P STYLE="margin-top:0px;margin-bottom:0px"><FONT
STYLE="font-family:Times New Roman" SIZE="2"><B><A NAME="tx308892_30"></A>Schedule III </B></FONT></P> <P STYLE="margin-top:0px;margin-bottom:0px"><FONT STYLE="font-family:Times New Roman" SIZE="2"><B>Real Estate and Accumulated Depreciation
</B></FONT></P> <P STYLE="margin-top:0px;margin-bottom:0px"><FONT STYLE="font-family:Times New Roman" SIZE="2"><B>Year ended December&nbsp;31, 2011 </B></FONT></P> <P STYLE="font-size:10px;margin-top:0px;margin-bottom:0px">&nbsp;</P>
<P STYLE="font-size:10px;margin-top:0px;margin-bottom:0px">&nbsp;</P>
<TABLE CELLSPACING="0" CELLPADDING="0" WIDTH="100%" BORDER="0" STYLE="BORDER-COLLAPSE:COLLAPSE" ALIGN="center">


<TR STYLE="visibility:hidden; line-height:0pt; color:white">
<TD WIDTH="78%"></TD>
<TD VALIGN="bottom" WIDTH="1%"></TD>
<TD nowrap><FONT STYLE="Times New Roman" SIZE="1"><B>September 30,</B></FONT></TD>
<TD VALIGN="bottom" WIDTH="1%"></TD>
<TD nowrap><FONT STYLE="Times New Roman" SIZE="1"><B>September 30,</B></FONT></TD>
<TD VALIGN="bottom" WIDTH="1%"></TD>
<TD></TD>
<TD nowrap><FONT STYLE="Times New Roman" SIZE="1"><B>September 30,</B></FONT></TD>
<TD></TD>
<TD VALIGN="bottom" WIDTH="1%"></TD>
<TD nowrap><FONT STYLE="Times New Roman" SIZE="1"><B>September 30,</B></FONT></TD>
<TD VALIGN="bottom" WIDTH="1%"></TD>
<TD></TD>
<TD nowrap><FONT STYLE="Times New Roman" SIZE="1"><B>September 30,</B></FONT></TD>
<TD></TD>
<TD VALIGN="bottom" WIDTH="1%"></TD>
<TD></TD>
<TD nowrap><FONT STYLE="Times New Roman" SIZE="1"><B>September 30,</B></FONT></TD>
<TD></TD>
<TD VALIGN="bottom" WIDTH="1%"></TD>
<TD></TD>
<TD nowrap><FONT STYLE="Times New Roman" SIZE="1"><B>September 30,</B></FONT></TD>
<TD></TD></TR>
<TR>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;&nbsp;&nbsp;</FONT></TD>
<TD COLSPAN="2" VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="center"><FONT STYLE="font-family:Times New Roman" SIZE="1"><B>Year built/</B></FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" COLSPAN="2" ALIGN="center"><FONT STYLE="font-family:Times New Roman" SIZE="1"><B>Gross</B></FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" COLSPAN="6" ALIGN="center" STYLE="border-bottom:1px solid #000000"><FONT STYLE="font-family:Times New Roman" SIZE="1"><B>Initial cost to the Company</B></FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD></TR>
<TR>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="center"><FONT STYLE="font-family:Times New Roman" SIZE="1"><B>Year</B></FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" COLSPAN="2" ALIGN="center"><FONT STYLE="font-family:Times New Roman" SIZE="1"><B>Percent</B></FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="center"><FONT STYLE="font-family:Times New Roman" SIZE="1"><B>Year last</B></FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" COLSPAN="2" ALIGN="center"><FONT STYLE="font-family:Times New Roman" SIZE="1"><B>leasable</B></FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;&nbsp;&nbsp;</FONT></TD>
<TD COLSPAN="2" VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" COLSPAN="2" ALIGN="center"><FONT STYLE="font-family:Times New Roman" SIZE="1"><B>Building and</B></FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD></TR>
<TR>
<TD VALIGN="bottom" NOWRAP> <P STYLE="border-bottom:1px solid #000000;width:30pt"><FONT STYLE="font-family:Times New Roman" SIZE="1"><B>Property</B></FONT></P></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="center" STYLE="border-bottom:1px solid #000000"><FONT STYLE="font-family:Times New Roman" SIZE="1"><B>State</B></FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="center" STYLE="border-bottom:1px solid #000000"><FONT STYLE="font-family:Times New Roman" SIZE="1"><B>acquired</B></FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" COLSPAN="2" ALIGN="center" STYLE="border-bottom:1px solid #000000"><FONT STYLE="font-family:Times New Roman" SIZE="1"><B>owned</B></FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="center" STYLE="border-bottom:1px solid #000000"><FONT STYLE="font-family:Times New Roman" SIZE="1"><B>renovated</B></FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" COLSPAN="2" ALIGN="center" STYLE="border-bottom:1px solid #000000"><FONT STYLE="font-family:Times New Roman" SIZE="1"><B>area</B></FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" COLSPAN="2" ALIGN="center" STYLE="border-bottom:1px solid #000000"><FONT STYLE="font-family:Times New Roman" SIZE="1"><B>Land</B></FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" COLSPAN="2" ALIGN="center" STYLE="border-bottom:1px solid #000000"><FONT STYLE="font-family:Times New Roman" SIZE="1"><B>Improvements</B></FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD></TR>


<TR>
<TD HEIGHT="13"></TD>
<TD HEIGHT="13" COLSPAN="2"></TD>
<TD HEIGHT="13" COLSPAN="2"></TD>
<TD HEIGHT="13" COLSPAN="4"></TD>
<TD HEIGHT="13" COLSPAN="2"></TD>
<TD HEIGHT="13" COLSPAN="4"></TD>
<TD HEIGHT="13" COLSPAN="4"></TD>
<TD HEIGHT="13" COLSPAN="4"></TD></TR>
<TR BGCOLOR="#cceeff">
<TD VALIGN="top"> <P STYLE="margin-left:1.00em; text-indent:-1.00em"><FONT STYLE="font-family:Times New Roman" SIZE="2">Academy Plaza</FONT></P></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="center"><FONT STYLE="font-family:Times New Roman" SIZE="2">PA</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="center"><FONT STYLE="font-family:Times New Roman" SIZE="2">2001</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="2">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:Times New Roman" SIZE="2">100</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="2">%&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="center"><FONT STYLE="font-family:Times New Roman" SIZE="2">1965/1998</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="2">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:Times New Roman" SIZE="2">151,977</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="2">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="2">$</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:Times New Roman" SIZE="2">2,406,000</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="2">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="2">$</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:Times New Roman" SIZE="2">9,623,000</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="2">&nbsp;&nbsp;</FONT></TD></TR>
<TR>
<TD VALIGN="top"> <P STYLE="margin-left:1.00em; text-indent:-1.00em"><FONT STYLE="font-family:Times New Roman" SIZE="2">Annie Land Plaza</FONT></P></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="center"><FONT STYLE="font-family:Times New Roman" SIZE="2">VA</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="center"><FONT STYLE="font-family:Times New Roman" SIZE="2">2006</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="2">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:Times New Roman" SIZE="2">100</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="2">%&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="center"><FONT STYLE="font-family:Times New Roman" SIZE="2">1999</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="2">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:Times New Roman" SIZE="2">42,500</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="2">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="2">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:Times New Roman" SIZE="2">809,000</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="2">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="2">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:Times New Roman" SIZE="2">4,015,000</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="2">&nbsp;&nbsp;</FONT></TD></TR>
<TR BGCOLOR="#cceeff">
<TD VALIGN="top"> <P STYLE="margin-left:1.00em; text-indent:-1.00em"><FONT STYLE="font-family:Times New Roman" SIZE="2">Camp Hill</FONT></P></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="center"><FONT STYLE="font-family:Times New Roman" SIZE="2">PA</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="center"><FONT STYLE="font-family:Times New Roman" SIZE="2">2002</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="2">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:Times New Roman" SIZE="2">100</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="2">%&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" NOWRAP ALIGN="center"><FONT STYLE="font-family:Times New Roman" SIZE="2">1958/2005</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="2">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:Times New Roman" SIZE="2">472,717</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="2">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="2">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:Times New Roman" SIZE="2">4,460,000</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="2">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="2">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:Times New Roman" SIZE="2">17,857,000</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="2">&nbsp;&nbsp;</FONT></TD></TR>
<TR>
<TD VALIGN="top"> <P STYLE="margin-left:1.00em; text-indent:-1.00em"><FONT STYLE="font-family:Times New Roman" SIZE="2">Carbondale Plaza</FONT></P></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="center"><FONT STYLE="font-family:Times New Roman" SIZE="2">PA</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="center"><FONT STYLE="font-family:Times New Roman" SIZE="2">2004</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="2">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:Times New Roman" SIZE="2">100</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="2">%&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="center"><FONT STYLE="font-family:Times New Roman" SIZE="2">1972/2005</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="2">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:Times New Roman" SIZE="2">121,135</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="2">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="2">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:Times New Roman" SIZE="2">1,586,000</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="2">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="2">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:Times New Roman" SIZE="2">7,289,000</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="2">&nbsp;&nbsp;</FONT></TD></TR>
<TR BGCOLOR="#cceeff">
<TD VALIGN="top"> <P STYLE="margin-left:1.00em; text-indent:-1.00em"><FONT STYLE="font-family:Times New Roman" SIZE="2">Carll&#146;s Corner</FONT></P></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="center"><FONT STYLE="font-family:Times New Roman" SIZE="2">NJ</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="center"><FONT STYLE="font-family:Times New Roman" SIZE="2">2007</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="2">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:Times New Roman" SIZE="2">100</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="2">%&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" NOWRAP ALIGN="center"><FONT STYLE="font-family:Times New Roman" SIZE="2">1960&#146;s-1999/</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="2">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:Times New Roman" SIZE="2">129,582</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="2">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="2">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:Times New Roman" SIZE="2">3,034,000</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="2">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="2">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:Times New Roman" SIZE="2">15,293,000</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="2">&nbsp;&nbsp;</FONT></TD></TR>
<TR>
<TD VALIGN="top"> <P STYLE="margin-left:1.00em; text-indent:-1.00em"><FONT STYLE="font-family:Times New Roman" SIZE="2">Carmans Plaza</FONT></P></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="center"><FONT STYLE="font-family:Times New Roman" SIZE="2">NY</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="center"><FONT STYLE="font-family:Times New Roman" SIZE="2">2007</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="2">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:Times New Roman" SIZE="2">100</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="2">%&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="center"><FONT STYLE="font-family:Times New Roman" SIZE="2">1954/2007</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="2">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:Times New Roman" SIZE="2">194,806</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="2">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="2">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:Times New Roman" SIZE="2">8,539,000</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="2">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="2">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:Times New Roman" SIZE="2">35,804,000</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="2">&nbsp;&nbsp;</FONT></TD></TR>
<TR BGCOLOR="#cceeff">
<TD VALIGN="top"> <P STYLE="margin-left:1.00em; text-indent:-1.00em"><FONT STYLE="font-family:Times New Roman" SIZE="2">Circle Plaza</FONT></P></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="center"><FONT STYLE="font-family:Times New Roman" SIZE="2">PA</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="center"><FONT STYLE="font-family:Times New Roman" SIZE="2">2007</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="2">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:Times New Roman" SIZE="2">100</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="2">%&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="center"><FONT STYLE="font-family:Times New Roman" SIZE="2">1979/1991</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="2">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:Times New Roman" SIZE="2">92,171</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="2">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="2">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:Times New Roman" SIZE="2">561,000</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="2">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="2">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:Times New Roman" SIZE="2">2,884,000</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="2">&nbsp;&nbsp;</FONT></TD></TR>
<TR>
<TD VALIGN="top"> <P STYLE="margin-left:1.00em; text-indent:-1.00em"><FONT STYLE="font-family:Times New Roman" SIZE="2">Coliseum Marketplace</FONT></P></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="center"><FONT STYLE="font-family:Times New Roman" SIZE="2">VA</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="center"><FONT STYLE="font-family:Times New Roman" SIZE="2">2005</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="2">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:Times New Roman" SIZE="2">100</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="2">%&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="center"><FONT STYLE="font-family:Times New Roman" SIZE="2">1987/2005</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="2">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:Times New Roman" SIZE="2">103,069</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="2">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="2">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:Times New Roman" SIZE="2">2,924,000</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="2">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="2">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:Times New Roman" SIZE="2">14,416,000</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="2">&nbsp;&nbsp;</FONT></TD></TR>
<TR BGCOLOR="#cceeff">
<TD VALIGN="top"> <P STYLE="margin-left:1.00em; text-indent:-1.00em"><FONT STYLE="font-family:Times New Roman" SIZE="2">Colonial Commons</FONT></P></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="center"><FONT STYLE="font-family:Times New Roman" SIZE="2">PA</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="center"><FONT STYLE="font-family:Times New Roman" SIZE="2">2011</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="2">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:Times New Roman" SIZE="2">100</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="2">%&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="center"><FONT STYLE="font-family:Times New Roman" SIZE="2">2011</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="2">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:Times New Roman" SIZE="2">474,765</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="2">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="2">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:Times New Roman" SIZE="2">9,367,000</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="2">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="2">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:Times New Roman" SIZE="2">37,496,000</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="2">&nbsp;&nbsp;</FONT></TD></TR>
<TR>
<TD VALIGN="top"> <P STYLE="margin-left:1.00em; text-indent:-1.00em"><FONT STYLE="font-family:Times New Roman" SIZE="2">Crossroads II</FONT></P></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="center"><FONT STYLE="font-family:Times New Roman" SIZE="2">PA</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="center"><FONT STYLE="font-family:Times New Roman" SIZE="2">2008</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="2">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:Times New Roman" SIZE="2">60</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="2">%&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="center"><FONT STYLE="font-family:Times New Roman" SIZE="2">2009</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="2">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:Times New Roman" SIZE="2">133,188</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="2">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="2">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:Times New Roman" SIZE="2">15,383,000</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="2">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="2">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:Times New Roman" SIZE="2">&#151;&nbsp;&nbsp;</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="2">&nbsp;&nbsp;</FONT></TD></TR>
<TR BGCOLOR="#cceeff">
<TD VALIGN="top"> <P STYLE="margin-left:1.00em; text-indent:-1.00em"><FONT STYLE="font-family:Times New Roman" SIZE="2">East Chestnut</FONT></P></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="center"><FONT STYLE="font-family:Times New Roman" SIZE="2">PA</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="center"><FONT STYLE="font-family:Times New Roman" SIZE="2">2005</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="2">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:Times New Roman" SIZE="2">100</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="2">%&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="center"><FONT STYLE="font-family:Times New Roman" SIZE="2">1996</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="2">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:Times New Roman" SIZE="2">21,180</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="2">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="2">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:Times New Roman" SIZE="2">800,000</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="2">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="2">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:Times New Roman" SIZE="2">3,699,000</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="2">&nbsp;&nbsp;</FONT></TD></TR>
<TR>
<TD VALIGN="top"> <P STYLE="margin-left:1.00em; text-indent:-1.00em"><FONT STYLE="font-family:Times New Roman" SIZE="2">Elmhurst Square</FONT></P></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="center"><FONT STYLE="font-family:Times New Roman" SIZE="2">VA</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="center"><FONT STYLE="font-family:Times New Roman" SIZE="2">2006</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="2">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:Times New Roman" SIZE="2">100</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="2">%&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="center"><FONT STYLE="font-family:Times New Roman" SIZE="2">1961-1983</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="2">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:Times New Roman" SIZE="2">66,250</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="2">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="2">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:Times New Roman" SIZE="2">1,371,000</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="2">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="2">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:Times New Roman" SIZE="2">5,994,000</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="2">&nbsp;&nbsp;</FONT></TD></TR>
<TR BGCOLOR="#cceeff">
<TD VALIGN="top"> <P STYLE="margin-left:1.00em; text-indent:-1.00em"><FONT STYLE="font-family:Times New Roman" SIZE="2">Fairview Plaza</FONT></P></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="center"><FONT STYLE="font-family:Times New Roman" SIZE="2">PA</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="center"><FONT STYLE="font-family:Times New Roman" SIZE="2">2003</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="2">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:Times New Roman" SIZE="2">100</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="2">%&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="center"><FONT STYLE="font-family:Times New Roman" SIZE="2">1992</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="2">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:Times New Roman" SIZE="2">69,579</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="2">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="2">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:Times New Roman" SIZE="2">2,128,000</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="2">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="2">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:Times New Roman" SIZE="2">8,483,000</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="2">&nbsp;&nbsp;</FONT></TD></TR>
<TR>
<TD VALIGN="top"> <P STYLE="margin-left:1.00em; text-indent:-1.00em"><FONT STYLE="font-family:Times New Roman" SIZE="2">Fairview Commons</FONT></P></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="center"><FONT STYLE="font-family:Times New Roman" SIZE="2">PA</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="center"><FONT STYLE="font-family:Times New Roman" SIZE="2">2007</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="2">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:Times New Roman" SIZE="2">100</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="2">%&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="center"><FONT STYLE="font-family:Times New Roman" SIZE="2">1976/2003</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="2">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:Times New Roman" SIZE="2">59,578</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="2">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="2">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:Times New Roman" SIZE="2">858,000</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="2">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="2">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:Times New Roman" SIZE="2">3,568,000</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="2">&nbsp;&nbsp;</FONT></TD></TR>
<TR BGCOLOR="#cceeff">
<TD VALIGN="top"> <P STYLE="margin-left:1.00em; text-indent:-1.00em"><FONT STYLE="font-family:Times New Roman" SIZE="2">Fieldstone Marketplace</FONT></P></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="center"><FONT STYLE="font-family:Times New Roman" SIZE="2">MA</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="center"><FONT STYLE="font-family:Times New Roman" SIZE="2">2005</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="2">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:Times New Roman" SIZE="2">20</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="2">%&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="center"><FONT STYLE="font-family:Times New Roman" SIZE="2">1988/2003</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="2">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:Times New Roman" SIZE="2">193,970</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="2">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="2">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:Times New Roman" SIZE="2">5,229,000</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="2">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="2">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:Times New Roman" SIZE="2">21,440,000</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="2">&nbsp;&nbsp;</FONT></TD></TR>
<TR>
<TD VALIGN="top"> <P STYLE="margin-left:1.00em; text-indent:-1.00em"><FONT STYLE="font-family:Times New Roman" SIZE="2">Fort Washington</FONT></P></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="center"><FONT STYLE="font-family:Times New Roman" SIZE="2">PA</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="center"><FONT STYLE="font-family:Times New Roman" SIZE="2">2002</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="2">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:Times New Roman" SIZE="2">100</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="2">%&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="center"><FONT STYLE="font-family:Times New Roman" SIZE="2">2003</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="2">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:Times New Roman" SIZE="2">41,000</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="2">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="2">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:Times New Roman" SIZE="2">2,462,000</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="2">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="2">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:Times New Roman" SIZE="2">&#151;&nbsp;&nbsp;</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="2">&nbsp;&nbsp;</FONT></TD></TR>
<TR BGCOLOR="#cceeff">
<TD VALIGN="top"> <P STYLE="margin-left:1.00em; text-indent:-1.00em"><FONT STYLE="font-family:Times New Roman" SIZE="2">General Booth Plaza</FONT></P></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="center"><FONT STYLE="font-family:Times New Roman" SIZE="2">VA</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="center"><FONT STYLE="font-family:Times New Roman" SIZE="2">2005</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="2">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:Times New Roman" SIZE="2">100</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="2">%&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="center"><FONT STYLE="font-family:Times New Roman" SIZE="2">1985</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="2">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:Times New Roman" SIZE="2">73,320</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="2">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="2">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:Times New Roman" SIZE="2">1,935,000</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="2">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="2">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:Times New Roman" SIZE="2">9,493,000</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="2">&nbsp;&nbsp;</FONT></TD></TR>
<TR>
<TD VALIGN="top"> <P STYLE="margin-left:1.00em; text-indent:-1.00em"><FONT STYLE="font-family:Times New Roman" SIZE="2">Gold Star Plaza</FONT></P></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="center"><FONT STYLE="font-family:Times New Roman" SIZE="2">PA</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="center"><FONT STYLE="font-family:Times New Roman" SIZE="2">2006</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="2">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:Times New Roman" SIZE="2">100</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="2">%&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="center"><FONT STYLE="font-family:Times New Roman" SIZE="2">1988</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="2">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:Times New Roman" SIZE="2">71,720</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="2">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="2">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:Times New Roman" SIZE="2">1,644,000</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="2">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="2">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:Times New Roman" SIZE="2">6,519,000</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="2">&nbsp;&nbsp;</FONT></TD></TR>
<TR BGCOLOR="#cceeff">
<TD VALIGN="top"> <P STYLE="margin-left:1.00em; text-indent:-1.00em"><FONT STYLE="font-family:Times New Roman" SIZE="2">Golden Triangle</FONT></P></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="center"><FONT STYLE="font-family:Times New Roman" SIZE="2">PA</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="center"><FONT STYLE="font-family:Times New Roman" SIZE="2">2003</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="2">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:Times New Roman" SIZE="2">100</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="2">%&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="center"><FONT STYLE="font-family:Times New Roman" SIZE="2">1960/2005</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="2">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:Times New Roman" SIZE="2">202,943</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="2">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="2">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:Times New Roman" SIZE="2">2,320,000</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="2">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="2">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:Times New Roman" SIZE="2">9,713,000</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="2">&nbsp;&nbsp;</FONT></TD></TR>
<TR>
<TD VALIGN="top"> <P STYLE="margin-left:1.00em; text-indent:-1.00em"><FONT STYLE="font-family:Times New Roman" SIZE="2">Groton Shopping Center</FONT></P></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="center"><FONT STYLE="font-family:Times New Roman" SIZE="2">CT</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="center"><FONT STYLE="font-family:Times New Roman" SIZE="2">2007</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="2">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:Times New Roman" SIZE="2">100</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="2">%&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="center"><FONT STYLE="font-family:Times New Roman" SIZE="2">1969</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="2">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:Times New Roman" SIZE="2">117,986</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="2">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="2">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:Times New Roman" SIZE="2">3,070,000</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="2">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="2">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:Times New Roman" SIZE="2">12,320,000</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="2">&nbsp;&nbsp;</FONT></TD></TR>
<TR BGCOLOR="#cceeff">
<TD VALIGN="top"> <P STYLE="margin-left:1.00em; text-indent:-1.00em"><FONT STYLE="font-family:Times New Roman" SIZE="2">Halifax Plaza</FONT></P></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="center"><FONT STYLE="font-family:Times New Roman" SIZE="2">PA</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="center"><FONT STYLE="font-family:Times New Roman" SIZE="2">2003</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="2">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:Times New Roman" SIZE="2">100</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="2">%&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="center"><FONT STYLE="font-family:Times New Roman" SIZE="2">1994</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="2">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:Times New Roman" SIZE="2">51,510</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="2">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="2">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:Times New Roman" SIZE="2">1,412,000</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="2">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="2">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:Times New Roman" SIZE="2">5,799,000</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="2">&nbsp;&nbsp;</FONT></TD></TR>
<TR>
<TD VALIGN="top"> <P STYLE="margin-left:1.00em; text-indent:-1.00em"><FONT STYLE="font-family:Times New Roman" SIZE="2">Hamburg Commons</FONT></P></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="center"><FONT STYLE="font-family:Times New Roman" SIZE="2">PA</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="center"><FONT STYLE="font-family:Times New Roman" SIZE="2">2004</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="2">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:Times New Roman" SIZE="2">100</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="2">%&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="center"><FONT STYLE="font-family:Times New Roman" SIZE="2">1988-1993</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="2">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:Times New Roman" SIZE="2">99,580</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="2">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="2">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:Times New Roman" SIZE="2">1,153,000</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="2">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="2">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:Times New Roman" SIZE="2">4,678,000</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="2">&nbsp;&nbsp;</FONT></TD></TR>
<TR BGCOLOR="#cceeff">
<TD VALIGN="top"> <P STYLE="margin-left:1.00em; text-indent:-1.00em"><FONT STYLE="font-family:Times New Roman" SIZE="2">Huntingdon Plaza</FONT></P></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="center"><FONT STYLE="font-family:Times New Roman" SIZE="2">PA</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="center"><FONT STYLE="font-family:Times New Roman" SIZE="2">2004</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="2">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:Times New Roman" SIZE="2">100</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="2">%&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="center"><FONT STYLE="font-family:Times New Roman" SIZE="2">1972&nbsp;-2003</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="2">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:Times New Roman" SIZE="2">142,845</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="2">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="2">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:Times New Roman" SIZE="2">933,000</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="2">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="2">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:Times New Roman" SIZE="2">4,129,000</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="2">&nbsp;&nbsp;</FONT></TD></TR>
<TR>
<TD VALIGN="top"> <P STYLE="margin-left:1.00em; text-indent:-1.00em"><FONT STYLE="font-family:Times New Roman" SIZE="2">Jordan Lane</FONT></P></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="center"><FONT STYLE="font-family:Times New Roman" SIZE="2">CT</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="center"><FONT STYLE="font-family:Times New Roman" SIZE="2">2005</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="2">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:Times New Roman" SIZE="2">100</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="2">%&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="center"><FONT STYLE="font-family:Times New Roman" SIZE="2">1969/1991</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="2">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:Times New Roman" SIZE="2">181,730</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="2">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="2">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:Times New Roman" SIZE="2">4,291,000</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="2">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="2">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:Times New Roman" SIZE="2">21,176,000</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="2">&nbsp;&nbsp;</FONT></TD></TR>
<TR BGCOLOR="#cceeff">
<TD VALIGN="top"> <P STYLE="margin-left:1.00em; text-indent:-1.00em"><FONT STYLE="font-family:Times New Roman" SIZE="2">Kempsville Crossing</FONT></P></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="center"><FONT STYLE="font-family:Times New Roman" SIZE="2">VA</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="center"><FONT STYLE="font-family:Times New Roman" SIZE="2">2005</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="2">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:Times New Roman" SIZE="2">100</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="2">%&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="center"><FONT STYLE="font-family:Times New Roman" SIZE="2">1985</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="2">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:Times New Roman" SIZE="2">94,477</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="2">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="2">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:Times New Roman" SIZE="2">2,207,000</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="2">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="2">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:Times New Roman" SIZE="2">11,000,000</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="2">&nbsp;&nbsp;</FONT></TD></TR>
<TR>
<TD VALIGN="top"> <P STYLE="margin-left:1.00em; text-indent:-1.00em"><FONT STYLE="font-family:Times New Roman" SIZE="2">Kenley Village</FONT></P></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="center"><FONT STYLE="font-family:Times New Roman" SIZE="2">MD</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="center"><FONT STYLE="font-family:Times New Roman" SIZE="2">2005</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="2">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:Times New Roman" SIZE="2">100</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="2">%&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="center"><FONT STYLE="font-family:Times New Roman" SIZE="2">1988</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="2">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:Times New Roman" SIZE="2">51,894</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="2">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="2">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:Times New Roman" SIZE="2">726,000</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="2">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="2">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:Times New Roman" SIZE="2">3,512,000</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="2">&nbsp;&nbsp;</FONT></TD></TR>
<TR BGCOLOR="#cceeff">
<TD VALIGN="top"> <P STYLE="margin-left:1.00em; text-indent:-1.00em"><FONT STYLE="font-family:Times New Roman" SIZE="2">Kings Plaza</FONT></P></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="center"><FONT STYLE="font-family:Times New Roman" SIZE="2">MA</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="center"><FONT STYLE="font-family:Times New Roman" SIZE="2">2007</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="2">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:Times New Roman" SIZE="2">100</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="2">%&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="center"><FONT STYLE="font-family:Times New Roman" SIZE="2">1970/1994</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="2">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:Times New Roman" SIZE="2">168,243</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="2">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="2">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:Times New Roman" SIZE="2">2,413,000</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="2">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="2">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:Times New Roman" SIZE="2">12,604,000</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="2">&nbsp;&nbsp;</FONT></TD></TR>
<TR>
<TD VALIGN="top"> <P STYLE="margin-left:1.00em; text-indent:-1.00em"><FONT STYLE="font-family:Times New Roman" SIZE="2">Kingston Plaza</FONT></P></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="center"><FONT STYLE="font-family:Times New Roman" SIZE="2">NY</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="center"><FONT STYLE="font-family:Times New Roman" SIZE="2">2006</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="2">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:Times New Roman" SIZE="2">100</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="2">%&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="center"><FONT STYLE="font-family:Times New Roman" SIZE="2">2006</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="2">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:Times New Roman" SIZE="2">5,324</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="2">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="2">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:Times New Roman" SIZE="2">1,644,000</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="2">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="2">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:Times New Roman" SIZE="2">&#151;&nbsp;&nbsp;</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="2">&nbsp;&nbsp;</FONT></TD></TR>
<TR BGCOLOR="#cceeff">
<TD VALIGN="top"> <P STYLE="margin-left:1.00em; text-indent:-1.00em"><FONT STYLE="font-family:Times New Roman" SIZE="2">Lake Raystown Plaza</FONT></P></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="center"><FONT STYLE="font-family:Times New Roman" SIZE="2">PA</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="center"><FONT STYLE="font-family:Times New Roman" SIZE="2">2004</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="2">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:Times New Roman" SIZE="2">100</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="2">%&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="center"><FONT STYLE="font-family:Times New Roman" SIZE="2">1995</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="2">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:Times New Roman" SIZE="2">140,159</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="2">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="2">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:Times New Roman" SIZE="2">2,231,000</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="2">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="2">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:Times New Roman" SIZE="2">6,735,000</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="2">&nbsp;&nbsp;</FONT></TD></TR>
<TR>
<TD VALIGN="top"> <P STYLE="margin-left:1.00em; text-indent:-1.00em"><FONT STYLE="font-family:Times New Roman" SIZE="2">Liberty Marketplace</FONT></P></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="center"><FONT STYLE="font-family:Times New Roman" SIZE="2">PA</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="center"><FONT STYLE="font-family:Times New Roman" SIZE="2">2005</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="2">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:Times New Roman" SIZE="2">100</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="2">%&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="center"><FONT STYLE="font-family:Times New Roman" SIZE="2">2003</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="2">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:Times New Roman" SIZE="2">68,200</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="2">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="2">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:Times New Roman" SIZE="2">2,665,000</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="2">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="2">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:Times New Roman" SIZE="2">12,639,000</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="2">&nbsp;&nbsp;</FONT></TD></TR>
<TR BGCOLOR="#cceeff">
<TD VALIGN="top"> <P STYLE="margin-left:1.00em; text-indent:-1.00em"><FONT STYLE="font-family:Times New Roman" SIZE="2">Martins&#146;s at Glen Allen</FONT></P></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="center"><FONT STYLE="font-family:Times New Roman" SIZE="2">VA</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="center"><FONT STYLE="font-family:Times New Roman" SIZE="2">2005</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="2">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:Times New Roman" SIZE="2">100</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="2">%&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="center"><FONT STYLE="font-family:Times New Roman" SIZE="2">2000</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="2">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:Times New Roman" SIZE="2">63,328</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="2">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="2">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:Times New Roman" SIZE="2">6,769,000</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="2">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="2">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:Times New Roman" SIZE="2">683,000</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="2">&nbsp;&nbsp;</FONT></TD></TR>
<TR>
<TD VALIGN="top"> <P STYLE="margin-left:1.00em; text-indent:-1.00em"><FONT STYLE="font-family:Times New Roman" SIZE="2">Meadows Marketplace</FONT></P></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="center"><FONT STYLE="font-family:Times New Roman" SIZE="2">PA</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="center"><FONT STYLE="font-family:Times New Roman" SIZE="2">2004</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="2">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:Times New Roman" SIZE="2">20</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="2">%&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="center"><FONT STYLE="font-family:Times New Roman" SIZE="2">2005</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="2">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:Times New Roman" SIZE="2">91,518</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="2">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="2">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:Times New Roman" SIZE="2">1,914,000</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="2">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="2">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:Times New Roman" SIZE="2">&#151;&nbsp;&nbsp;</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="2">&nbsp;&nbsp;</FONT></TD></TR>
<TR BGCOLOR="#cceeff">
<TD VALIGN="top"> <P STYLE="margin-left:1.00em; text-indent:-1.00em"><FONT STYLE="font-family:Times New Roman" SIZE="2">Mechanicsburg Giant</FONT></P></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="center"><FONT STYLE="font-family:Times New Roman" SIZE="2">PA</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="center"><FONT STYLE="font-family:Times New Roman" SIZE="2">2005</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="2">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:Times New Roman" SIZE="2">100</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="2">%&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="center"><FONT STYLE="font-family:Times New Roman" SIZE="2">2003</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="2">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:Times New Roman" SIZE="2">51,500</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="2">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="2">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:Times New Roman" SIZE="2">2,709,000</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="2">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="2">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:Times New Roman" SIZE="2">12,159,000</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="2">&nbsp;&nbsp;</FONT></TD></TR>
<TR>
<TD VALIGN="top"> <P STYLE="margin-left:1.00em; text-indent:-1.00em"><FONT STYLE="font-family:Times New Roman" SIZE="2">Metro Square</FONT></P></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="center"><FONT STYLE="font-family:Times New Roman" SIZE="2">MD</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="center"><FONT STYLE="font-family:Times New Roman" SIZE="2">2008</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="2">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:Times New Roman" SIZE="2">100</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="2">%&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="center"><FONT STYLE="font-family:Times New Roman" SIZE="2">1999</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="2">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:Times New Roman" SIZE="2">71,896</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="2">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="2">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:Times New Roman" SIZE="2">3,121,000</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="2">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="2">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:Times New Roman" SIZE="2">12,341,000</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="2">&nbsp;&nbsp;</FONT></TD></TR>
<TR BGCOLOR="#cceeff">
<TD VALIGN="top"> <P STYLE="margin-left:1.00em; text-indent:-1.00em"><FONT STYLE="font-family:Times New Roman" SIZE="2">Newport Plaza</FONT></P></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="center"><FONT STYLE="font-family:Times New Roman" SIZE="2">PA</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="center"><FONT STYLE="font-family:Times New Roman" SIZE="2">2003</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="2">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:Times New Roman" SIZE="2">100</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="2">%&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="center"><FONT STYLE="font-family:Times New Roman" SIZE="2">1996</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="2">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:Times New Roman" SIZE="2">64,489</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="2">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="2">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:Times New Roman" SIZE="2">1,721,000</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="2">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="2">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:Times New Roman" SIZE="2">7,758,000</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="2">&nbsp;&nbsp;</FONT></TD></TR>
<TR>
<TD VALIGN="top"> <P STYLE="margin-left:1.00em; text-indent:-1.00em"><FONT STYLE="font-family:Times New Roman" SIZE="2">New London Mall</FONT></P></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="center"><FONT STYLE="font-family:Times New Roman" SIZE="2">CT</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="center"><FONT STYLE="font-family:Times New Roman" SIZE="2">2009</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="2">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:Times New Roman" SIZE="2">40</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="2">%&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="center"><FONT STYLE="font-family:Times New Roman" SIZE="2">1967/1997</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="2">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:Times New Roman" SIZE="2">259,293</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="2">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="2">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:Times New Roman" SIZE="2">14,891,000</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="2">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="2">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:Times New Roman" SIZE="2">24,967,000</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="2">&nbsp;&nbsp;</FONT></TD></TR>
<TR BGCOLOR="#cceeff">
<TD VALIGN="top"> <P STYLE="margin-left:1.00em; text-indent:-1.00em"><FONT STYLE="font-family:Times New Roman" SIZE="2">Northside Commons</FONT></P></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="center"><FONT STYLE="font-family:Times New Roman" SIZE="2">PA</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="center"><FONT STYLE="font-family:Times New Roman" SIZE="2">2008</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="2">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:Times New Roman" SIZE="2">100</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="2">%&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="center"><FONT STYLE="font-family:Times New Roman" SIZE="2">2009</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="2">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:Times New Roman" SIZE="2">64,710</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="2">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="2">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:Times New Roman" SIZE="2">3,332,000</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="2">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="2">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:Times New Roman" SIZE="2">&#151;&nbsp;&nbsp;</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="2">&nbsp;&nbsp;</FONT></TD></TR>
</TABLE>
 <p STYLE="margin-top:0px;margin-bottom:0px"><FONT SIZE="1">&nbsp;</FONT></P> <P STYLE="margin-top:0px;margin-bottom:0px" ALIGN="center"><FONT STYLE="font-family:Times New Roman" SIZE="2">98 </FONT></P>



<p Style='page-break-before:always'>
<HR  SIZE="3" style="COLOR:#999999" WIDTH="100%" ALIGN="CENTER">
<h5 align="left"><a href="#toc">Table of Contents</a></h5>


 <P STYLE="margin-top:0px;margin-bottom:0px"><FONT STYLE="font-family:Times New Roman" SIZE="2"><B>Cedar Realty Trust, Inc. </B></FONT></P> <P STYLE="margin-top:0px;margin-bottom:0px"><FONT
STYLE="font-family:Times New Roman" SIZE="2"><B>Schedule III </B></FONT></P> <P STYLE="margin-top:0px;margin-bottom:0px"><FONT STYLE="font-family:Times New Roman" SIZE="2"><B>Real Estate and Accumulated Depreciation </B></FONT></P>
<P STYLE="margin-top:0px;margin-bottom:0px"><FONT STYLE="font-family:Times New Roman" SIZE="2"><B>Year ended December&nbsp;31, 2011 </B></FONT></P> <P STYLE="margin-top:10px;margin-bottom:0px" ALIGN="justify"><FONT
STYLE="font-family:Times New Roman" SIZE="2"><I>(continued)</I> </FONT></P> <P STYLE="font-size:10px;margin-top:0px;margin-bottom:0px">&nbsp;</P>
<TABLE CELLSPACING="0" CELLPADDING="0" WIDTH="100%" BORDER="0" STYLE="BORDER-COLLAPSE:COLLAPSE" ALIGN="center">


<TR STYLE="visibility:hidden; line-height:0pt; color:white">
<TD WIDTH="80%"></TD>
<TD VALIGN="bottom" WIDTH="1%"></TD>
<TD></TD>
<TD nowrap><FONT STYLE="Times New Roman" SIZE="1"><B>September 30,</B></FONT></TD>
<TD></TD>
<TD VALIGN="bottom" WIDTH="1%"></TD>
<TD></TD>
<TD nowrap><FONT STYLE="Times New Roman" SIZE="1"><B>September 30,</B></FONT></TD>
<TD></TD>
<TD VALIGN="bottom" WIDTH="1%"></TD>
<TD></TD>
<TD nowrap><FONT STYLE="Times New Roman" SIZE="1"><B>September 30,</B></FONT></TD>
<TD></TD>
<TD VALIGN="bottom" WIDTH="1%"></TD>
<TD></TD>
<TD nowrap><FONT STYLE="Times New Roman" SIZE="1"><B>September 30,</B></FONT></TD>
<TD></TD>
<TD VALIGN="bottom" WIDTH="1%"></TD>
<TD></TD>
<TD nowrap><FONT STYLE="Times New Roman" SIZE="1"><B>September 30,</B></FONT></TD>
<TD></TD>
<TD VALIGN="bottom" WIDTH="1%"></TD>
<TD></TD>
<TD nowrap><FONT STYLE="Times New Roman" SIZE="1"><B>September 30,</B></FONT></TD>
<TD></TD></TR>
<TR>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;&nbsp;&nbsp;</FONT></TD>
<TD COLSPAN="2" VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" COLSPAN="10" ALIGN="center"><FONT STYLE="font-family:Times New Roman" SIZE="1"><B>Gross amount at which carried at</B></FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;&nbsp;&nbsp;</FONT></TD>
<TD COLSPAN="2" VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;&nbsp;&nbsp;</FONT></TD>
<TD COLSPAN="2" VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD></TR>
<TR>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" COLSPAN="2" ALIGN="center"><FONT STYLE="font-family:Times New Roman" SIZE="1"><B>Subsequent</B></FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" COLSPAN="10" ALIGN="center" STYLE="border-bottom:1px solid #000000"><FONT STYLE="font-family:Times New Roman" SIZE="1"><B>December 31, 2011</B></FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;&nbsp;&nbsp;</FONT></TD>
<TD COLSPAN="2" VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;&nbsp;&nbsp;</FONT></TD>
<TD COLSPAN="2" VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD></TR>
<TR>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" COLSPAN="2" ALIGN="center"><FONT STYLE="font-family:Times New Roman" SIZE="1"><B>cost</B></FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD COLSPAN="2" VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" COLSPAN="2" ALIGN="center"><FONT STYLE="font-family:Times New Roman" SIZE="1"><B>Building and</B></FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;&nbsp;&nbsp;</FONT></TD>
<TD COLSPAN="2" VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" COLSPAN="2" ALIGN="center"><FONT STYLE="font-family:Times New Roman" SIZE="1"><B>Accumulated</B></FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" COLSPAN="2" ALIGN="center"><FONT STYLE="font-family:Times New Roman" SIZE="1"><B>Amount of</B></FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD></TR>
<TR>
<TD VALIGN="bottom" NOWRAP> <P STYLE="border-bottom:1px solid #000000;width:30pt"><FONT STYLE="font-family:Times New Roman" SIZE="1"><B>Property</B></FONT></P></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" COLSPAN="2" ALIGN="center" STYLE="border-bottom:1px solid #000000"><FONT STYLE="font-family:Times New Roman" SIZE="1"><B>capitalized</B></FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" COLSPAN="2" ALIGN="center" STYLE="border-bottom:1px solid #000000"><FONT STYLE="font-family:Times New Roman" SIZE="1"><B>Land</B></FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" COLSPAN="2" ALIGN="center" STYLE="border-bottom:1px solid #000000"><FONT STYLE="font-family:Times New Roman" SIZE="1"><B>improvements</B></FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" COLSPAN="2" ALIGN="center" STYLE="border-bottom:1px solid #000000"><FONT STYLE="font-family:Times New Roman" SIZE="1"><B>Total</B></FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" COLSPAN="2" ALIGN="center" STYLE="border-bottom:1px solid #000000"><FONT STYLE="font-family:Times New Roman" SIZE="1"><B>depreciation&nbsp;(4)</B></FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" COLSPAN="2" ALIGN="center" STYLE="border-bottom:1px solid #000000"><FONT STYLE="font-family:Times New Roman" SIZE="1"><B>Encumbrance</B></FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD></TR>


<TR>
<TD HEIGHT="13"></TD>
<TD HEIGHT="13" COLSPAN="4"></TD>
<TD HEIGHT="13" COLSPAN="4"></TD>
<TD HEIGHT="13" COLSPAN="4"></TD>
<TD HEIGHT="13" COLSPAN="4"></TD>
<TD HEIGHT="13" COLSPAN="4"></TD>
<TD HEIGHT="13" COLSPAN="4"></TD></TR>
<TR BGCOLOR="#cceeff">
<TD VALIGN="top"> <P STYLE="margin-left:1.00em; text-indent:-1.00em"><FONT STYLE="font-family:Times New Roman" SIZE="2">Academy Plaza</FONT></P></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="2">$</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:Times New Roman" SIZE="2">1,696,000</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="2">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="2">$</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:Times New Roman" SIZE="2">2,406,000</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="2">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="2">$</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:Times New Roman" SIZE="2">11,319,000</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="2">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="2">$</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:Times New Roman" SIZE="2">13,725,000</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="2">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="2">$</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:Times New Roman" SIZE="2">2,987,000</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="2">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="2">$</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:Times New Roman" SIZE="2">8,894,000</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="2">&nbsp;&nbsp;</FONT></TD></TR>
<TR>
<TD VALIGN="top"> <P STYLE="margin-left:1.00em; text-indent:-1.00em"><FONT STYLE="font-family:Times New Roman" SIZE="2">Annie Land Plaza</FONT></P></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="2">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:Times New Roman" SIZE="2">54,000</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="2">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="2">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:Times New Roman" SIZE="2">809,000</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="2">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="2">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:Times New Roman" SIZE="2">4,069,000</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="2">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="2">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:Times New Roman" SIZE="2">4,878,000</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="2">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="2">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:Times New Roman" SIZE="2">773,000</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="2">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="2">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:Times New Roman" SIZE="2">(3</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="2">)&nbsp;</FONT></TD></TR>
<TR BGCOLOR="#cceeff">
<TD VALIGN="top"> <P STYLE="margin-left:1.00em; text-indent:-1.00em"><FONT STYLE="font-family:Times New Roman" SIZE="2">Camp Hill</FONT></P></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="2">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:Times New Roman" SIZE="2">43,504,000</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="2">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="2">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:Times New Roman" SIZE="2">4,424,000</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="2">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="2">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:Times New Roman" SIZE="2">61,397,000</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="2">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="2">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:Times New Roman" SIZE="2">65,821,000</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="2">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="2">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:Times New Roman" SIZE="2">11,312,000</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="2">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="2">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:Times New Roman" SIZE="2">65,000,000</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="2">&nbsp;&nbsp;</FONT></TD></TR>
<TR>
<TD VALIGN="top"> <P STYLE="margin-left:1.00em; text-indent:-1.00em"><FONT STYLE="font-family:Times New Roman" SIZE="2">Carbondale Plaza</FONT></P></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="2">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:Times New Roman" SIZE="2">4,883,000</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="2">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="2">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:Times New Roman" SIZE="2">1,586,000</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="2">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="2">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:Times New Roman" SIZE="2">12,172,000</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="2">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="2">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:Times New Roman" SIZE="2">13,758,000</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="2">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="2">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:Times New Roman" SIZE="2">2,736,000</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="2">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="2">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:Times New Roman" SIZE="2">4,864,000</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="2">&nbsp;&nbsp;</FONT></TD></TR>
<TR BGCOLOR="#cceeff">
<TD VALIGN="top"> <P STYLE="margin-left:1.00em; text-indent:-1.00em"><FONT STYLE="font-family:Times New Roman" SIZE="2">Carll&#146;s Corner</FONT></P></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="2">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:Times New Roman" SIZE="2">(1,425,000</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="2">)&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="2">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:Times New Roman" SIZE="2">2,898,000</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="2">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="2">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:Times New Roman" SIZE="2">14,004,000</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="2">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="2">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:Times New Roman" SIZE="2">16,902,000</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="2">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="2">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:Times New Roman" SIZE="2">2,166,000</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="2">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="2">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:Times New Roman" SIZE="2">5,656,000</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="2">&nbsp;&nbsp;</FONT></TD></TR>
<TR>
<TD VALIGN="top"> <P STYLE="margin-left:1.00em; text-indent:-1.00em"><FONT STYLE="font-family:Times New Roman" SIZE="2">Carmans Plaza</FONT></P></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="2">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:Times New Roman" SIZE="2">(645,000</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="2">)&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="2">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:Times New Roman" SIZE="2">8,421,000</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="2">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="2">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:Times New Roman" SIZE="2">35,277,000</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="2">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="2">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:Times New Roman" SIZE="2">43,698,000</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="2">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="2">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:Times New Roman" SIZE="2">5,190,000</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="2">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="2">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:Times New Roman" SIZE="2">33,391,000</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="2">&nbsp;&nbsp;</FONT></TD></TR>
<TR BGCOLOR="#cceeff">
<TD VALIGN="top"> <P STYLE="margin-left:1.00em; text-indent:-1.00em"><FONT STYLE="font-family:Times New Roman" SIZE="2">Circle Plaza</FONT></P></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="2">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:Times New Roman" SIZE="2">65,000</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="2">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="2">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:Times New Roman" SIZE="2">546,000</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="2">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="2">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:Times New Roman" SIZE="2">2,964,000</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="2">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="2">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:Times New Roman" SIZE="2">3,510,000</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="2">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="2">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:Times New Roman" SIZE="2">351,000</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="2">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="2">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:Times New Roman" SIZE="2">(3</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="2">)&nbsp;</FONT></TD></TR>
<TR>
<TD VALIGN="top"> <P STYLE="margin-left:1.00em; text-indent:-1.00em"><FONT STYLE="font-family:Times New Roman" SIZE="2">Coliseum Marketplace</FONT></P></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="2">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:Times New Roman" SIZE="2">3,739,000</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="2">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="2">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:Times New Roman" SIZE="2">3,586,000</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="2">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="2">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:Times New Roman" SIZE="2">17,493,000</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="2">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="2">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:Times New Roman" SIZE="2">21,079,000</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="2">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="2">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:Times New Roman" SIZE="2">3,810,000</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="2">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="2">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:Times New Roman" SIZE="2">11,703,000</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="2">&nbsp;&nbsp;</FONT></TD></TR>
<TR BGCOLOR="#cceeff">
<TD VALIGN="top"> <P STYLE="margin-left:1.00em; text-indent:-1.00em"><FONT STYLE="font-family:Times New Roman" SIZE="2">Crossroads II</FONT></P></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="2">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:Times New Roman" SIZE="2">28,440,000</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="2">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="2">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:Times New Roman" SIZE="2">17,671,000</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="2">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="2">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:Times New Roman" SIZE="2">26,152,000</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="2">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="2">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:Times New Roman" SIZE="2">43,823,000</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="2">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="2">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:Times New Roman" SIZE="2">1,433,000</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="2">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="2">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:Times New Roman" SIZE="2">(3</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="2">)&nbsp;</FONT></TD></TR>
<TR>
<TD VALIGN="top"> <P STYLE="margin-left:1.00em; text-indent:-1.00em"><FONT STYLE="font-family:Times New Roman" SIZE="2">Colonial Commons</FONT></P></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="2">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:Times New Roman" SIZE="2">312,000</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="2">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="2">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:Times New Roman" SIZE="2">9,367,000</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="2">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="2">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:Times New Roman" SIZE="2">37,808,000</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="2">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="2">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:Times New Roman" SIZE="2">47,175,000</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="2">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="2">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:Times New Roman" SIZE="2">1,827,000</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="2">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="2">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:Times New Roman" SIZE="2">27,729,000</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="2">&nbsp;&nbsp;</FONT></TD></TR>
<TR BGCOLOR="#cceeff">
<TD VALIGN="top"> <P STYLE="margin-left:1.00em; text-indent:-1.00em"><FONT STYLE="font-family:Times New Roman" SIZE="2">East Chestnut</FONT></P></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="2">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:Times New Roman" SIZE="2">3,000</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="2">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="2">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:Times New Roman" SIZE="2">800,000</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="2">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="2">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:Times New Roman" SIZE="2">3,702,000</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="2">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="2">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:Times New Roman" SIZE="2">4,502,000</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="2">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="2">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:Times New Roman" SIZE="2">917,000</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="2">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="2">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:Times New Roman" SIZE="2">1,773,000</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="2">&nbsp;&nbsp;</FONT></TD></TR>
<TR>
<TD VALIGN="top"> <P STYLE="margin-left:1.00em; text-indent:-1.00em"><FONT STYLE="font-family:Times New Roman" SIZE="2">Elmhurst Square</FONT></P></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="2">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:Times New Roman" SIZE="2">256,000</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="2">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="2">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:Times New Roman" SIZE="2">1,371,000</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="2">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="2">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:Times New Roman" SIZE="2">6,250,000</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="2">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="2">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:Times New Roman" SIZE="2">7,621,000</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="2">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="2">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:Times New Roman" SIZE="2">1,261,000</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="2">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="2">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:Times New Roman" SIZE="2">3,892,000</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="2">&nbsp;&nbsp;</FONT></TD></TR>
<TR BGCOLOR="#cceeff">
<TD VALIGN="top"> <P STYLE="margin-left:1.00em; text-indent:-1.00em"><FONT STYLE="font-family:Times New Roman" SIZE="2">Fairview Plaza</FONT></P></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="2">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:Times New Roman" SIZE="2">270,000</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="2">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="2">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:Times New Roman" SIZE="2">2,129,000</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="2">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="2">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:Times New Roman" SIZE="2">8,752,000</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="2">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="2">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:Times New Roman" SIZE="2">10,881,000</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="2">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="2">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:Times New Roman" SIZE="2">2,082,000</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="2">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="2">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:Times New Roman" SIZE="2">5,254,000</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="2">&nbsp;&nbsp;</FONT></TD></TR>
<TR>
<TD VALIGN="top"> <P STYLE="margin-left:1.00em; text-indent:-1.00em"><FONT STYLE="font-family:Times New Roman" SIZE="2">Fairview Commons</FONT></P></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="2">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:Times New Roman" SIZE="2">&#151;&nbsp;&nbsp;</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="2">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="2">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:Times New Roman" SIZE="2">858,000</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="2">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="2">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:Times New Roman" SIZE="2">3,568,000</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="2">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="2">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:Times New Roman" SIZE="2">4,426,000</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="2">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="2">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:Times New Roman" SIZE="2">693,000</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="2">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="2">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:Times New Roman" SIZE="2">(3</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="2">)&nbsp;</FONT></TD></TR>
<TR BGCOLOR="#cceeff">
<TD VALIGN="top"> <P STYLE="margin-left:1.00em; text-indent:-1.00em"><FONT STYLE="font-family:Times New Roman" SIZE="2">Fieldstone Marketplace</FONT></P></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="2">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:Times New Roman" SIZE="2">593,000</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="2">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="2">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:Times New Roman" SIZE="2">5,167,000</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="2">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="2">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:Times New Roman" SIZE="2">22,095,000</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="2">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="2">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:Times New Roman" SIZE="2">27,262,000</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="2">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="2">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:Times New Roman" SIZE="2">4,504,000</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="2">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="2">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:Times New Roman" SIZE="2">17,900,000</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="2">&nbsp;&nbsp;</FONT></TD></TR>
<TR>
<TD VALIGN="top"> <P STYLE="margin-left:1.00em; text-indent:-1.00em"><FONT STYLE="font-family:Times New Roman" SIZE="2">Fort Washington</FONT></P></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="2">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:Times New Roman" SIZE="2">5,176,000</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="2">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="2">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:Times New Roman" SIZE="2">2,462,000</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="2">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="2">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:Times New Roman" SIZE="2">5,176,000</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="2">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="2">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:Times New Roman" SIZE="2">7,638,000</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="2">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="2">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:Times New Roman" SIZE="2">1,194,000</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="2">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="2">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:Times New Roman" SIZE="2">5,535,000</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="2">&nbsp;&nbsp;</FONT></TD></TR>
<TR BGCOLOR="#cceeff">
<TD VALIGN="top"> <P STYLE="margin-left:1.00em; text-indent:-1.00em"><FONT STYLE="font-family:Times New Roman" SIZE="2">General Booth Plaza</FONT></P></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="2">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:Times New Roman" SIZE="2">187,000</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="2">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="2">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:Times New Roman" SIZE="2">1,935,000</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="2">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="2">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:Times New Roman" SIZE="2">9,680,000</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="2">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="2">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:Times New Roman" SIZE="2">11,615,000</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="2">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="2">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:Times New Roman" SIZE="2">2,441,000</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="2">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="2">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:Times New Roman" SIZE="2">5,136,000</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="2">&nbsp;&nbsp;</FONT></TD></TR>
<TR>
<TD VALIGN="top"> <P STYLE="margin-left:1.00em; text-indent:-1.00em"><FONT STYLE="font-family:Times New Roman" SIZE="2">Gold Star Plaza</FONT></P></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="2">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:Times New Roman" SIZE="2">266,000</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="2">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="2">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:Times New Roman" SIZE="2">1,644,000</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="2">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="2">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:Times New Roman" SIZE="2">6,785,000</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="2">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="2">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:Times New Roman" SIZE="2">8,429,000</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="2">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="2">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:Times New Roman" SIZE="2">1,371,000</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="2">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="2">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:Times New Roman" SIZE="2">2,009,000</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="2">&nbsp;&nbsp;</FONT></TD></TR>
<TR BGCOLOR="#cceeff">
<TD VALIGN="top"> <P STYLE="margin-left:1.00em; text-indent:-1.00em"><FONT STYLE="font-family:Times New Roman" SIZE="2">Golden Triangle</FONT></P></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="2">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:Times New Roman" SIZE="2">9,796,000</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="2">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="2">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:Times New Roman" SIZE="2">2,320,000</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="2">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="2">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:Times New Roman" SIZE="2">19,509,000</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="2">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="2">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:Times New Roman" SIZE="2">21,829,000</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="2">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="2">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:Times New Roman" SIZE="2">4,980,000</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="2">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="2">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:Times New Roman" SIZE="2">20,387,000</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="2">&nbsp;&nbsp;</FONT></TD></TR>
<TR>
<TD VALIGN="top"> <P STYLE="margin-left:1.00em; text-indent:-1.00em"><FONT STYLE="font-family:Times New Roman" SIZE="2">Groton Shopping Center</FONT></P></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="2">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:Times New Roman" SIZE="2">342,000</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="2">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="2">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:Times New Roman" SIZE="2">3,073,000</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="2">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="2">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:Times New Roman" SIZE="2">12,659,000</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="2">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="2">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:Times New Roman" SIZE="2">15,732,000</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="2">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="2">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:Times New Roman" SIZE="2">2,256,000</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="2">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="2">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:Times New Roman" SIZE="2">11,412,000</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="2">&nbsp;&nbsp;</FONT></TD></TR>
<TR BGCOLOR="#cceeff">
<TD VALIGN="top"> <P STYLE="margin-left:1.00em; text-indent:-1.00em"><FONT STYLE="font-family:Times New Roman" SIZE="2">Halifax Plaza</FONT></P></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="2">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:Times New Roman" SIZE="2">224,000</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="2">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="2">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:Times New Roman" SIZE="2">1,347,000</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="2">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="2">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:Times New Roman" SIZE="2">6,088,000</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="2">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="2">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:Times New Roman" SIZE="2">7,435,000</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="2">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="2">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:Times New Roman" SIZE="2">1,341,000</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="2">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="2">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:Times New Roman" SIZE="2">4,175,000</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="2">&nbsp;&nbsp;</FONT></TD></TR>
<TR>
<TD VALIGN="top"> <P STYLE="margin-left:1.00em; text-indent:-1.00em"><FONT STYLE="font-family:Times New Roman" SIZE="2">Hamburg Commons</FONT></P></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="2">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:Times New Roman" SIZE="2">5,402,000</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="2">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="2">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:Times New Roman" SIZE="2">1,153,000</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="2">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="2">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:Times New Roman" SIZE="2">10,080,000</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="2">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="2">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:Times New Roman" SIZE="2">11,233,000</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="2">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="2">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:Times New Roman" SIZE="2">1,776,000</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="2">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="2">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:Times New Roman" SIZE="2">5,017,000</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="2">&nbsp;&nbsp;</FONT></TD></TR>
<TR BGCOLOR="#cceeff">
<TD VALIGN="top"> <P STYLE="margin-left:1.00em; text-indent:-1.00em"><FONT STYLE="font-family:Times New Roman" SIZE="2">Huntingdon Plaza</FONT></P></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="2">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:Times New Roman" SIZE="2">1,892,000</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="2">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="2">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:Times New Roman" SIZE="2">933,000</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="2">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="2">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:Times New Roman" SIZE="2">6,021,000</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="2">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="2">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:Times New Roman" SIZE="2">6,954,000</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="2">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="2">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:Times New Roman" SIZE="2">1,035,000</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="2">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="2">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:Times New Roman" SIZE="2">(3</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="2">)&nbsp;</FONT></TD></TR>
<TR>
<TD VALIGN="top"> <P STYLE="margin-left:1.00em; text-indent:-1.00em"><FONT STYLE="font-family:Times New Roman" SIZE="2">Jordan Lane</FONT></P></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="2">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:Times New Roman" SIZE="2">973,000</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="2">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="2">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:Times New Roman" SIZE="2">4,291,000</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="2">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="2">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:Times New Roman" SIZE="2">22,149,000</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="2">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="2">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:Times New Roman" SIZE="2">26,440,000</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="2">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="2">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:Times New Roman" SIZE="2">4,638,000</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="2">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="2">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:Times New Roman" SIZE="2">12,628,000</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="2">&nbsp;&nbsp;</FONT></TD></TR>
<TR BGCOLOR="#cceeff">
<TD VALIGN="top"> <P STYLE="margin-left:1.00em; text-indent:-1.00em"><FONT STYLE="font-family:Times New Roman" SIZE="2">Kempsville Crossing</FONT></P></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="2">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:Times New Roman" SIZE="2">140,000</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="2">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="2">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:Times New Roman" SIZE="2">2,207,000</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="2">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="2">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:Times New Roman" SIZE="2">11,140,000</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="2">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="2">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:Times New Roman" SIZE="2">13,347,000</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="2">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="2">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:Times New Roman" SIZE="2">2,974,000</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="2">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="2">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:Times New Roman" SIZE="2">5,799,000</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="2">&nbsp;&nbsp;</FONT></TD></TR>
<TR>
<TD VALIGN="top"> <P STYLE="margin-left:1.00em; text-indent:-1.00em"><FONT STYLE="font-family:Times New Roman" SIZE="2">Kenley Village</FONT></P></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="2">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:Times New Roman" SIZE="2">120,000</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="2">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="2">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:Times New Roman" SIZE="2">726,000</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="2">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="2">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:Times New Roman" SIZE="2">3,632,000</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="2">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="2">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:Times New Roman" SIZE="2">4,358,000</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="2">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="2">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:Times New Roman" SIZE="2">1,109,000</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="2">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="2">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:Times New Roman" SIZE="2">(3</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="2">)&nbsp;</FONT></TD></TR>
<TR BGCOLOR="#cceeff">
<TD VALIGN="top"> <P STYLE="margin-left:1.00em; text-indent:-1.00em"><FONT STYLE="font-family:Times New Roman" SIZE="2">Kings Plaza</FONT></P></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="2">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:Times New Roman" SIZE="2">337,000</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="2">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="2">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:Times New Roman" SIZE="2">2,408,000</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="2">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="2">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:Times New Roman" SIZE="2">12,946,000</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="2">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="2">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:Times New Roman" SIZE="2">15,354,000</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="2">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="2">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:Times New Roman" SIZE="2">2,141,000</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="2">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="2">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:Times New Roman" SIZE="2">7,538,000</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="2">&nbsp;&nbsp;</FONT></TD></TR>
<TR>
<TD VALIGN="top"> <P STYLE="margin-left:1.00em; text-indent:-1.00em"><FONT STYLE="font-family:Times New Roman" SIZE="2">Kingston Plaza</FONT></P></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="2">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:Times New Roman" SIZE="2">(962,000</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="2">)&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="2">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:Times New Roman" SIZE="2">496,000</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="2">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="2">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:Times New Roman" SIZE="2">186,000</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="2">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="2">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:Times New Roman" SIZE="2">682,000</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="2">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="2">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:Times New Roman" SIZE="2">30,000</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="2">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="2">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:Times New Roman" SIZE="2">511,000</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="2">&nbsp;&nbsp;</FONT></TD></TR>
<TR BGCOLOR="#cceeff">
<TD VALIGN="top"> <P STYLE="margin-left:1.00em; text-indent:-1.00em"><FONT STYLE="font-family:Times New Roman" SIZE="2">Lake Raystown Plaza</FONT></P></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="2">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:Times New Roman" SIZE="2">6,829,000</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="2">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="2">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:Times New Roman" SIZE="2">2,231,000</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="2">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="2">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:Times New Roman" SIZE="2">13,564,000</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="2">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="2">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:Times New Roman" SIZE="2">15,795,000</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="2">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="2">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:Times New Roman" SIZE="2">2,882,000</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="2">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="2">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:Times New Roman" SIZE="2">(3</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="2">)&nbsp;</FONT></TD></TR>
<TR>
<TD VALIGN="top"> <P STYLE="margin-left:1.00em; text-indent:-1.00em"><FONT STYLE="font-family:Times New Roman" SIZE="2">Liberty Marketplace</FONT></P></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="2">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:Times New Roman" SIZE="2">294,000</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="2">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="2">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:Times New Roman" SIZE="2">2,695,000</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="2">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="2">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:Times New Roman" SIZE="2">12,903,000</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="2">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="2">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:Times New Roman" SIZE="2">15,598,000</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="2">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="2">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:Times New Roman" SIZE="2">2,462,000</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="2">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="2">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:Times New Roman" SIZE="2">8,840,000</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="2">&nbsp;&nbsp;</FONT></TD></TR>
<TR BGCOLOR="#cceeff">
<TD VALIGN="top"> <P STYLE="margin-left:1.00em; text-indent:-1.00em"><FONT STYLE="font-family:Times New Roman" SIZE="2">Martins&#146;s at Glen Allen</FONT></P></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="2">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:Times New Roman" SIZE="2">3,000</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="2">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="2">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:Times New Roman" SIZE="2">5,367,000</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="2">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="2">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:Times New Roman" SIZE="2">2,088,000</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="2">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="2">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:Times New Roman" SIZE="2">7,455,000</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="2">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="2">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:Times New Roman" SIZE="2">495,000</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="2">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="2">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:Times New Roman" SIZE="2">(3</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="2">)&nbsp;</FONT></TD></TR>
<TR>
<TD VALIGN="top"> <P STYLE="margin-left:1.00em; text-indent:-1.00em"><FONT STYLE="font-family:Times New Roman" SIZE="2">Meadows Marketplace</FONT></P></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="2">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:Times New Roman" SIZE="2">11,402,000</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="2">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="2">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:Times New Roman" SIZE="2">1,914,000</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="2">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="2">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:Times New Roman" SIZE="2">11,402,000</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="2">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="2">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:Times New Roman" SIZE="2">13,316,000</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="2">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="2">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:Times New Roman" SIZE="2">1,685,000</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="2">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="2">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:Times New Roman" SIZE="2">10,002,000</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="2">&nbsp;&nbsp;</FONT></TD></TR>
<TR BGCOLOR="#cceeff">
<TD VALIGN="top"> <P STYLE="margin-left:1.00em; text-indent:-1.00em"><FONT STYLE="font-family:Times New Roman" SIZE="2">Mechanicsburg Giant</FONT></P></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="2">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:Times New Roman" SIZE="2">&#151;&nbsp;&nbsp;</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="2">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="2">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:Times New Roman" SIZE="2">2,709,000</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="2">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="2">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:Times New Roman" SIZE="2">12,159,000</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="2">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="2">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:Times New Roman" SIZE="2">14,868,000</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="2">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="2">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:Times New Roman" SIZE="2">2,137,000</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="2">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="2">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:Times New Roman" SIZE="2">9,075,000</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="2">&nbsp;&nbsp;</FONT></TD></TR>
<TR>
<TD VALIGN="top"> <P STYLE="margin-left:1.00em; text-indent:-1.00em"><FONT STYLE="font-family:Times New Roman" SIZE="2">Metro Square</FONT></P></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="2">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:Times New Roman" SIZE="2">(301,000</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="2">)&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="2">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:Times New Roman" SIZE="2">5,250,000</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="2">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="2">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:Times New Roman" SIZE="2">9,911,000</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="2">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="2">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:Times New Roman" SIZE="2">15,161,000</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="2">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="2">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:Times New Roman" SIZE="2">1,066,000</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="2">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="2">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:Times New Roman" SIZE="2">8,750,000</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="2">&nbsp;&nbsp;</FONT></TD></TR>
<TR BGCOLOR="#cceeff">
<TD VALIGN="top"> <P STYLE="margin-left:1.00em; text-indent:-1.00em"><FONT STYLE="font-family:Times New Roman" SIZE="2">Newport Plaza</FONT></P></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="2">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:Times New Roman" SIZE="2">236,000</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="2">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="2">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:Times New Roman" SIZE="2">1,682,000</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="2">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="2">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:Times New Roman" SIZE="2">8,033,000</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="2">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="2">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:Times New Roman" SIZE="2">9,715,000</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="2">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="2">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:Times New Roman" SIZE="2">1,671,000</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="2">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="2">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:Times New Roman" SIZE="2">5,471,000</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="2">&nbsp;&nbsp;</FONT></TD></TR>
<TR>
<TD VALIGN="top"> <P STYLE="margin-left:1.00em; text-indent:-1.00em"><FONT STYLE="font-family:Times New Roman" SIZE="2">New London Mall</FONT></P></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="2">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:Times New Roman" SIZE="2">999,000</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="2">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="2">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:Times New Roman" SIZE="2">8,827,000</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="2">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="2">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:Times New Roman" SIZE="2">32,030,000</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="2">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="2">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:Times New Roman" SIZE="2">40,857,000</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="2">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="2">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:Times New Roman" SIZE="2">4,431,000</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="2">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="2">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:Times New Roman" SIZE="2">26,388,000</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="2">&nbsp;&nbsp;</FONT></TD></TR>
<TR BGCOLOR="#cceeff">
<TD VALIGN="top"> <P STYLE="margin-left:1.00em; text-indent:-1.00em"><FONT STYLE="font-family:Times New Roman" SIZE="2">Northside Commons</FONT></P></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="2">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:Times New Roman" SIZE="2">10,001,000</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="2">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="2">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:Times New Roman" SIZE="2">3,379,000</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="2">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="2">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:Times New Roman" SIZE="2">9,954,000</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="2">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="2">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:Times New Roman" SIZE="2">13,333,000</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="2">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="2">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:Times New Roman" SIZE="2">552,000</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="2">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="2">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:Times New Roman" SIZE="2">(3</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="2">)&nbsp;</FONT></TD></TR>
</TABLE>
 <p STYLE="margin-top:0px;margin-bottom:0px"><FONT SIZE="1">&nbsp;</FONT></P> <P STYLE="margin-top:0px;margin-bottom:0px" ALIGN="center"><FONT STYLE="font-family:Times New Roman" SIZE="2">99 </FONT></P>



<p Style='page-break-before:always'>
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<h5 align="left"><a href="#toc">Table of Contents</a></h5>


 <P STYLE="margin-top:0px;margin-bottom:0px"><FONT STYLE="font-family:Times New Roman" SIZE="2"><B>Cedar Realty Trust, Inc. </B></FONT></P> <P STYLE="margin-top:0px;margin-bottom:0px"><FONT
STYLE="font-family:Times New Roman" SIZE="2"><B>Schedule III </B></FONT></P> <P STYLE="margin-top:0px;margin-bottom:0px"><FONT STYLE="font-family:Times New Roman" SIZE="2"><B>Real Estate and Accumulated Depreciation </B></FONT></P>
<P STYLE="margin-top:0px;margin-bottom:0px"><FONT STYLE="font-family:Times New Roman" SIZE="2"><B>Year ended December&nbsp;31, 2011 </B></FONT></P> <P STYLE="margin-top:10px;margin-bottom:0px" ALIGN="justify"><FONT
STYLE="font-family:Times New Roman" SIZE="2"><I>(continued)</I> </FONT></P> <P STYLE="font-size:10px;margin-top:0px;margin-bottom:0px">&nbsp;</P>
<TABLE CELLSPACING="0" CELLPADDING="0" WIDTH="100%" BORDER="0" STYLE="BORDER-COLLAPSE:COLLAPSE" ALIGN="center">


<TR STYLE="visibility:hidden; line-height:0pt; color:white">
<TD WIDTH="83%"></TD>
<TD VALIGN="bottom" WIDTH="1%"></TD>
<TD nowrap><FONT STYLE="Times New Roman" SIZE="1"><B>September 30,</B></FONT></TD>
<TD VALIGN="bottom" WIDTH="1%"></TD>
<TD nowrap><FONT STYLE="Times New Roman" SIZE="1"><B>September 30,</B></FONT></TD>
<TD VALIGN="bottom" WIDTH="1%"></TD>
<TD></TD>
<TD nowrap><FONT STYLE="Times New Roman" SIZE="1"><B>September 30,</B></FONT></TD>
<TD></TD>
<TD VALIGN="bottom" WIDTH="1%"></TD>
<TD nowrap><FONT STYLE="Times New Roman" SIZE="1"><B>September 30,</B></FONT></TD>
<TD VALIGN="bottom" WIDTH="1%"></TD>
<TD></TD>
<TD nowrap><FONT STYLE="Times New Roman" SIZE="1"><B>September 30,</B></FONT></TD>
<TD></TD>
<TD VALIGN="bottom" WIDTH="1%"></TD>
<TD></TD>
<TD nowrap><FONT STYLE="Times New Roman" SIZE="1"><B>September 30,</B></FONT></TD>
<TD></TD>
<TD VALIGN="bottom" WIDTH="1%"></TD>
<TD></TD>
<TD nowrap><FONT STYLE="Times New Roman" SIZE="1"><B>September 30,</B></FONT></TD>
<TD></TD></TR>
<TR>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD COLSPAN="2" VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="center"><FONT STYLE="font-family:Times New Roman" SIZE="1"><B>Year built/</B></FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" COLSPAN="2" ALIGN="center"><FONT STYLE="font-family:Times New Roman" SIZE="1"><B>Gross</B></FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" COLSPAN="6" ALIGN="center" STYLE="border-bottom:1px solid #000000"><FONT STYLE="font-family:Times New Roman" SIZE="1"><B>Initial cost to the Company</B></FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD></TR>
<TR>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="center"><FONT STYLE="font-family:Times New Roman" SIZE="1"><B>Year</B></FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" COLSPAN="2" ALIGN="center"><FONT STYLE="font-family:Times New Roman" SIZE="1"><B>Percent</B></FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="center"><FONT STYLE="font-family:Times New Roman" SIZE="1"><B>Year last</B></FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" COLSPAN="2" ALIGN="center"><FONT STYLE="font-family:Times New Roman" SIZE="1"><B>leasable</B></FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD COLSPAN="2" VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" COLSPAN="2" ALIGN="center"><FONT STYLE="font-family:Times New Roman" SIZE="1"><B>Building and</B></FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD></TR>
<TR>
<TD VALIGN="bottom" NOWRAP> <P STYLE="border-bottom:1px solid #000000;width:30pt"><FONT STYLE="font-family:Times New Roman" SIZE="1"><B>Property</B></FONT></P></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="center" STYLE="border-bottom:1px solid #000000"><FONT STYLE="font-family:Times New Roman" SIZE="1"><B>State</B></FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="center" STYLE="border-bottom:1px solid #000000"><FONT STYLE="font-family:Times New Roman" SIZE="1"><B>acquired</B></FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" COLSPAN="2" ALIGN="center" STYLE="border-bottom:1px solid #000000"><FONT STYLE="font-family:Times New Roman" SIZE="1"><B>owned</B></FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="center" STYLE="border-bottom:1px solid #000000"><FONT STYLE="font-family:Times New Roman" SIZE="1"><B>renovated</B></FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" COLSPAN="2" ALIGN="center" STYLE="border-bottom:1px solid #000000"><FONT STYLE="font-family:Times New Roman" SIZE="1"><B>area</B></FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" COLSPAN="2" ALIGN="center" STYLE="border-bottom:1px solid #000000"><FONT STYLE="font-family:Times New Roman" SIZE="1"><B>Land</B></FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" COLSPAN="2" ALIGN="center" STYLE="border-bottom:1px solid #000000"><FONT STYLE="font-family:Times New Roman" SIZE="1"><B>Improvements</B></FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD></TR>


<TR>
<TD HEIGHT="13"></TD>
<TD HEIGHT="13" COLSPAN="2"></TD>
<TD HEIGHT="13" COLSPAN="2"></TD>
<TD HEIGHT="13" COLSPAN="4"></TD>
<TD HEIGHT="13" COLSPAN="2"></TD>
<TD HEIGHT="13" COLSPAN="4"></TD>
<TD HEIGHT="13" COLSPAN="4"></TD>
<TD HEIGHT="13" COLSPAN="4"></TD></TR>
<TR BGCOLOR="#cceeff">
<TD VALIGN="top"> <P STYLE="margin-left:1.00em; text-indent:-1.00em"><FONT STYLE="font-family:Times New Roman" SIZE="2">Norwood Shopping Center</FONT></P></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="center"><FONT STYLE="font-family:Times New Roman" SIZE="2">MA</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="center"><FONT STYLE="font-family:Times New Roman" SIZE="2">2006</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="2">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:Times New Roman" SIZE="2">100</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="2">%&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="center"><FONT STYLE="font-family:Times New Roman" SIZE="2">1965/2006</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="2">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:Times New Roman" SIZE="2">102,459</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="2">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="2">$</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:Times New Roman" SIZE="2">1,874,000</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="2">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="2">$</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:Times New Roman" SIZE="2">8,453,000</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="2">&nbsp;&nbsp;</FONT></TD></TR>
<TR>
<TD VALIGN="top"> <P STYLE="margin-left:1.00em; text-indent:-1.00em"><FONT STYLE="font-family:Times New Roman" SIZE="2">Oak Ridge</FONT></P></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="center"><FONT STYLE="font-family:Times New Roman" SIZE="2">VA</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="center"><FONT STYLE="font-family:Times New Roman" SIZE="2">2006</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="2">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:Times New Roman" SIZE="2">100</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="2">%&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="center"><FONT STYLE="font-family:Times New Roman" SIZE="2">2000</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="2">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:Times New Roman" SIZE="2">38,700</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="2">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="2">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:Times New Roman" SIZE="2">960,000</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="2">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="2">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:Times New Roman" SIZE="2">4,254,000</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="2">&nbsp;&nbsp;</FONT></TD></TR>
<TR BGCOLOR="#cceeff">
<TD VALIGN="top"> <P STYLE="margin-left:1.00em; text-indent:-1.00em"><FONT STYLE="font-family:Times New Roman" SIZE="2">Oakland Commons</FONT></P></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="center"><FONT STYLE="font-family:Times New Roman" SIZE="2">CT</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="center"><FONT STYLE="font-family:Times New Roman" SIZE="2">2007</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="2">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:Times New Roman" SIZE="2">100</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="2">%&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="center"><FONT STYLE="font-family:Times New Roman" SIZE="2">1962/1995</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="2">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:Times New Roman" SIZE="2">89,850</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="2">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="2">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:Times New Roman" SIZE="2">2,504,000</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="2">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="2">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:Times New Roman" SIZE="2">15,662,000</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="2">&nbsp;&nbsp;</FONT></TD></TR>
<TR>
<TD VALIGN="top"> <P STYLE="margin-left:1.00em; text-indent:-1.00em"><FONT STYLE="font-family:Times New Roman" SIZE="2">Oakland Mills</FONT></P></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="center"><FONT STYLE="font-family:Times New Roman" SIZE="2">MD</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="center"><FONT STYLE="font-family:Times New Roman" SIZE="2">2005</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="2">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:Times New Roman" SIZE="2">100</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="2">%&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="center"><FONT STYLE="font-family:Times New Roman" SIZE="2">1960&#146;s/2004</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="2">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:Times New Roman" SIZE="2">58,224</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="2">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="2">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:Times New Roman" SIZE="2">1,611,000</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="2">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="2">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:Times New Roman" SIZE="2">6,292,000</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="2">&nbsp;&nbsp;</FONT></TD></TR>
<TR BGCOLOR="#cceeff">
<TD VALIGN="top"> <P STYLE="margin-left:1.00em; text-indent:-1.00em"><FONT STYLE="font-family:Times New Roman" SIZE="2">Palmyra Shopping Center</FONT></P></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="center"><FONT STYLE="font-family:Times New Roman" SIZE="2">PA</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="center"><FONT STYLE="font-family:Times New Roman" SIZE="2">2005</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="2">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:Times New Roman" SIZE="2">100</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="2">%&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="center"><FONT STYLE="font-family:Times New Roman" SIZE="2">1960/1995</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="2">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:Times New Roman" SIZE="2">110,970</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="2">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="2">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:Times New Roman" SIZE="2">1,488,000</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="2">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="2">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:Times New Roman" SIZE="2">6,566,000</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="2">&nbsp;&nbsp;</FONT></TD></TR>
<TR>
<TD VALIGN="top"> <P STYLE="margin-left:1.00em; text-indent:-1.00em"><FONT STYLE="font-family:Times New Roman" SIZE="2">Pine Grove Plaza</FONT></P></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="center"><FONT STYLE="font-family:Times New Roman" SIZE="2">NJ</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="center"><FONT STYLE="font-family:Times New Roman" SIZE="2">2003</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="2">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:Times New Roman" SIZE="2">100</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="2">%&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="center"><FONT STYLE="font-family:Times New Roman" SIZE="2">2001/2002</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="2">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:Times New Roman" SIZE="2">86,089</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="2">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="2">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:Times New Roman" SIZE="2">2,010,000</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="2">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="2">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:Times New Roman" SIZE="2">6,489,000</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="2">&nbsp;&nbsp;</FONT></TD></TR>
<TR BGCOLOR="#cceeff">
<TD VALIGN="top"> <P STYLE="margin-left:1.00em; text-indent:-1.00em"><FONT STYLE="font-family:Times New Roman" SIZE="2">Port Richmond Village</FONT></P></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="center"><FONT STYLE="font-family:Times New Roman" SIZE="2">PA</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="center"><FONT STYLE="font-family:Times New Roman" SIZE="2">2001</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="2">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:Times New Roman" SIZE="2">100</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="2">%&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="center"><FONT STYLE="font-family:Times New Roman" SIZE="2">1988</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="2">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:Times New Roman" SIZE="2">154,908</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="2">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="2">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:Times New Roman" SIZE="2">2,942,000</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="2">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="2">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:Times New Roman" SIZE="2">11,769,000</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="2">&nbsp;&nbsp;</FONT></TD></TR>
<TR>
<TD VALIGN="top"> <P STYLE="margin-left:1.00em; text-indent:-1.00em"><FONT STYLE="font-family:Times New Roman" SIZE="2">Price Chopper Plaza</FONT></P></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="center"><FONT STYLE="font-family:Times New Roman" SIZE="2">MA</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="center"><FONT STYLE="font-family:Times New Roman" SIZE="2">2007</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="2">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:Times New Roman" SIZE="2">100</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="2">%&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" NOWRAP ALIGN="center"><FONT STYLE="font-family:Times New Roman" SIZE="2">1960&#146;s-2004</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="2">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:Times New Roman" SIZE="2">101,824</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="2">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="2">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:Times New Roman" SIZE="2">3,551,000</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="2">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="2">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:Times New Roman" SIZE="2">18,412,000</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="2">&nbsp;&nbsp;</FONT></TD></TR>
<TR BGCOLOR="#cceeff">
<TD VALIGN="top"> <P STYLE="margin-left:1.00em; text-indent:-1.00em"><FONT STYLE="font-family:Times New Roman" SIZE="2">River View Plaza I, II and III</FONT></P></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="center"><FONT STYLE="font-family:Times New Roman" SIZE="2">PA</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="center"><FONT STYLE="font-family:Times New Roman" SIZE="2">2003</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="2">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:Times New Roman" SIZE="2">100</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="2">%&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="center"><FONT STYLE="font-family:Times New Roman" SIZE="2">1991/1998</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="2">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:Times New Roman" SIZE="2">244,034</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="2">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="2">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:Times New Roman" SIZE="2">9,718,000</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="2">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="2">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:Times New Roman" SIZE="2">40,356,000</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="2">&nbsp;&nbsp;</FONT></TD></TR>
<TR>
<TD VALIGN="top"> <P STYLE="margin-left:1.00em; text-indent:-1.00em"><FONT STYLE="font-family:Times New Roman" SIZE="2">San Souci Plaza</FONT></P></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="center"><FONT STYLE="font-family:Times New Roman" SIZE="2">MD</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="center"><FONT STYLE="font-family:Times New Roman" SIZE="2">2009</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="2">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:Times New Roman" SIZE="2">40</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="2">%&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="center"><FONT STYLE="font-family:Times New Roman" SIZE="2">1985 - 1997</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="2">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:Times New Roman" SIZE="2">264,134</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="2">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="2">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:Times New Roman" SIZE="2">14,849,000</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="2">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="2">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:Times New Roman" SIZE="2">18,445,000</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="2">&nbsp;&nbsp;</FONT></TD></TR>
<TR BGCOLOR="#cceeff">
<TD VALIGN="top"> <P STYLE="margin-left:1.00em; text-indent:-1.00em"><FONT STYLE="font-family:Times New Roman" SIZE="2">Smithfield Plaza</FONT></P></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="center"><FONT STYLE="font-family:Times New Roman" SIZE="2">VA</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="center"><FONT STYLE="font-family:Times New Roman" SIZE="2">2005-2008</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="2">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:Times New Roman" SIZE="2">100</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="2">%&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="center"><FONT STYLE="font-family:Times New Roman" SIZE="2">1987/1996</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="2">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:Times New Roman" SIZE="2">134,664</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="2">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="2">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:Times New Roman" SIZE="2">2,947,000</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="2">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="2">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:Times New Roman" SIZE="2">12,737,000</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="2">&nbsp;&nbsp;</FONT></TD></TR>
<TR>
<TD VALIGN="top"> <P STYLE="margin-left:1.00em; text-indent:-1.00em"><FONT STYLE="font-family:Times New Roman" SIZE="2">South Philadelphia</FONT></P></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="center"><FONT STYLE="font-family:Times New Roman" SIZE="2">PA</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="center"><FONT STYLE="font-family:Times New Roman" SIZE="2">2003</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="2">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:Times New Roman" SIZE="2">100</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="2">%&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="center"><FONT STYLE="font-family:Times New Roman" SIZE="2">1950/2003</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="2">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:Times New Roman" SIZE="2">283,415</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="2">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="2">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:Times New Roman" SIZE="2">8,222,000</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="2">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="2">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:Times New Roman" SIZE="2">36,314,000</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="2">&nbsp;&nbsp;</FONT></TD></TR>
<TR BGCOLOR="#cceeff">
<TD VALIGN="top"> <P STYLE="margin-left:1.00em; text-indent:-1.00em"><FONT STYLE="font-family:Times New Roman" SIZE="2">Southington Shopping Center</FONT></P></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="center"><FONT STYLE="font-family:Times New Roman" SIZE="2">CT</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="center"><FONT STYLE="font-family:Times New Roman" SIZE="2">2003</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="2">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:Times New Roman" SIZE="2">100</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="2">%&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="center"><FONT STYLE="font-family:Times New Roman" SIZE="2">1972/2000</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="2">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:Times New Roman" SIZE="2">155,842</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="2">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="2">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:Times New Roman" SIZE="2">&#151;&nbsp;&nbsp;</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="2">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="2">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:Times New Roman" SIZE="2">11,834,000</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="2">&nbsp;&nbsp;</FONT></TD></TR>
<TR>
<TD VALIGN="top"> <P STYLE="margin-left:1.00em; text-indent:-1.00em"><FONT STYLE="font-family:Times New Roman" SIZE="2">St. James Square</FONT></P></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="center"><FONT STYLE="font-family:Times New Roman" SIZE="2">MD</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="center"><FONT STYLE="font-family:Times New Roman" SIZE="2">2005</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="2">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:Times New Roman" SIZE="2">100</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="2">%&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="center"><FONT STYLE="font-family:Times New Roman" SIZE="2">2000</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="2">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:Times New Roman" SIZE="2">39,903</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="2">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="2">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:Times New Roman" SIZE="2">688,000</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="2">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="2">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:Times New Roman" SIZE="2">3,838,000</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="2">&nbsp;&nbsp;</FONT></TD></TR>
<TR BGCOLOR="#cceeff">
<TD VALIGN="top"> <P STYLE="margin-left:1.00em; text-indent:-1.00em"><FONT STYLE="font-family:Times New Roman" SIZE="2">Suffolk Plaza</FONT></P></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="center"><FONT STYLE="font-family:Times New Roman" SIZE="2">VA</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="center"><FONT STYLE="font-family:Times New Roman" SIZE="2">2005</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="2">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:Times New Roman" SIZE="2">100</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="2">%&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="center"><FONT STYLE="font-family:Times New Roman" SIZE="2">1984</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="2">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:Times New Roman" SIZE="2">67,216</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="2">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="2">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:Times New Roman" SIZE="2">1,402,000</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="2">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="2">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:Times New Roman" SIZE="2">7,236,000</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="2">&nbsp;&nbsp;</FONT></TD></TR>
<TR>
<TD VALIGN="top"> <P STYLE="margin-left:1.00em; text-indent:-1.00em"><FONT STYLE="font-family:Times New Roman" SIZE="2">Swede Square</FONT></P></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="center"><FONT STYLE="font-family:Times New Roman" SIZE="2">PA</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="center"><FONT STYLE="font-family:Times New Roman" SIZE="2">2003</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="2">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:Times New Roman" SIZE="2">100</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="2">%&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="center"><FONT STYLE="font-family:Times New Roman" SIZE="2">1980/2004</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="2">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:Times New Roman" SIZE="2">100,816</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="2">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="2">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:Times New Roman" SIZE="2">2,268,000</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="2">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="2">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:Times New Roman" SIZE="2">6,232,000</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="2">&nbsp;&nbsp;</FONT></TD></TR>
<TR BGCOLOR="#cceeff">
<TD VALIGN="top"> <P STYLE="margin-left:1.00em; text-indent:-1.00em"><FONT STYLE="font-family:Times New Roman" SIZE="2">The Brickyard</FONT></P></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="center"><FONT STYLE="font-family:Times New Roman" SIZE="2">CT</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="center"><FONT STYLE="font-family:Times New Roman" SIZE="2">2004</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="2">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:Times New Roman" SIZE="2">100</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="2">%&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="center"><FONT STYLE="font-family:Times New Roman" SIZE="2">1990</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="2">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:Times New Roman" SIZE="2">249,553</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="2">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="2">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:Times New Roman" SIZE="2">7,632,000</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="2">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="2">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:Times New Roman" SIZE="2">29,308,000</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="2">&nbsp;&nbsp;</FONT></TD></TR>
<TR>
<TD VALIGN="top"> <P STYLE="margin-left:1.00em; text-indent:-1.00em"><FONT STYLE="font-family:Times New Roman" SIZE="2">The Commons</FONT></P></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="center"><FONT STYLE="font-family:Times New Roman" SIZE="2">PA</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="center"><FONT STYLE="font-family:Times New Roman" SIZE="2">2004</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="2">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:Times New Roman" SIZE="2">100</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="2">%&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="center"><FONT STYLE="font-family:Times New Roman" SIZE="2">2003</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="2">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:Times New Roman" SIZE="2">203,426</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="2">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="2">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:Times New Roman" SIZE="2">3,098,000</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="2">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="2">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:Times New Roman" SIZE="2">14,047,000</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="2">&nbsp;&nbsp;</FONT></TD></TR>
<TR BGCOLOR="#cceeff">
<TD VALIGN="top"> <P STYLE="margin-left:1.00em; text-indent:-1.00em"><FONT STYLE="font-family:Times New Roman" SIZE="2">The Point</FONT></P></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="center"><FONT STYLE="font-family:Times New Roman" SIZE="2">PA</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="center"><FONT STYLE="font-family:Times New Roman" SIZE="2">2000</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="2">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:Times New Roman" SIZE="2">100</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="2">%&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="center"><FONT STYLE="font-family:Times New Roman" SIZE="2">1972/2001</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="2">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:Times New Roman" SIZE="2">268,037</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="2">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="2">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:Times New Roman" SIZE="2">2,700,000</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="2">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="2">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:Times New Roman" SIZE="2">10,800,000</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="2">&nbsp;&nbsp;</FONT></TD></TR>
<TR>
<TD VALIGN="top"> <P STYLE="margin-left:1.00em; text-indent:-1.00em"><FONT STYLE="font-family:Times New Roman" SIZE="2">The Shops at Suffolk Downs</FONT></P></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="center"><FONT STYLE="font-family:Times New Roman" SIZE="2">MA</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="center"><FONT STYLE="font-family:Times New Roman" SIZE="2">2005</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="2">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:Times New Roman" SIZE="2">100</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="2">%&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="center"><FONT STYLE="font-family:Times New Roman" SIZE="2">2005</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="2">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:Times New Roman" SIZE="2">121,251</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="2">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="2">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:Times New Roman" SIZE="2">7,580,000</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="2">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="2">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:Times New Roman" SIZE="2">11,089,000</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="2">&nbsp;&nbsp;</FONT></TD></TR>
<TR BGCOLOR="#cceeff">
<TD VALIGN="top"> <P STYLE="margin-left:1.00em; text-indent:-1.00em"><FONT STYLE="font-family:Times New Roman" SIZE="2">Timpany Plaza</FONT></P></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="center"><FONT STYLE="font-family:Times New Roman" SIZE="2">MA</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="center"><FONT STYLE="font-family:Times New Roman" SIZE="2">2007</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="2">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:Times New Roman" SIZE="2">100</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="2">%&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" NOWRAP ALIGN="center"><FONT STYLE="font-family:Times New Roman" SIZE="2">1970&#146;s-1989</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="2">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:Times New Roman" SIZE="2">183,775</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="2">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="2">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:Times New Roman" SIZE="2">3,412,000</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="2">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="2">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:Times New Roman" SIZE="2">19,240,000</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="2">&nbsp;&nbsp;</FONT></TD></TR>
<TR>
<TD VALIGN="top"> <P STYLE="margin-left:1.00em; text-indent:-1.00em"><FONT STYLE="font-family:Times New Roman" SIZE="2">Townfair Center</FONT></P></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="center"><FONT STYLE="font-family:Times New Roman" SIZE="2">PA</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="center"><FONT STYLE="font-family:Times New Roman" SIZE="2">2004</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="2">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:Times New Roman" SIZE="2">100</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="2">%&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="center"><FONT STYLE="font-family:Times New Roman" SIZE="2">2002</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="2">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:Times New Roman" SIZE="2">218,662</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="2">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="2">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:Times New Roman" SIZE="2">3,022,000</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="2">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="2">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:Times New Roman" SIZE="2">13,786,000</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="2">&nbsp;&nbsp;</FONT></TD></TR>
<TR BGCOLOR="#cceeff">
<TD VALIGN="top"> <P STYLE="margin-left:1.00em; text-indent:-1.00em"><FONT STYLE="font-family:Times New Roman" SIZE="2">Trexler Mall</FONT></P></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="center"><FONT STYLE="font-family:Times New Roman" SIZE="2">PA</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="center"><FONT STYLE="font-family:Times New Roman" SIZE="2">2005</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="2">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:Times New Roman" SIZE="2">100</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="2">%&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="center"><FONT STYLE="font-family:Times New Roman" SIZE="2">1973/2004</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="2">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:Times New Roman" SIZE="2">339,363</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="2">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="2">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:Times New Roman" SIZE="2">6,932,000</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="2">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="2">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:Times New Roman" SIZE="2">32,815,000</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="2">&nbsp;&nbsp;</FONT></TD></TR>
<TR>
<TD VALIGN="top"> <P STYLE="margin-left:1.00em; text-indent:-1.00em"><FONT STYLE="font-family:Times New Roman" SIZE="2">Trexlertown Plaza</FONT></P></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="center"><FONT STYLE="font-family:Times New Roman" SIZE="2">PA</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="center"><FONT STYLE="font-family:Times New Roman" SIZE="2">2006</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="2">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:Times New Roman" SIZE="2">100</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="2">%&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="center"><FONT STYLE="font-family:Times New Roman" SIZE="2">1990/2005</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="2">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:Times New Roman" SIZE="2">316,143</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="2">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="2">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:Times New Roman" SIZE="2">13,349,000</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="2">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="2">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:Times New Roman" SIZE="2">23,867,000</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="2">&nbsp;&nbsp;</FONT></TD></TR>
<TR BGCOLOR="#cceeff">
<TD VALIGN="top"> <P STYLE="margin-left:1.00em; text-indent:-1.00em"><FONT STYLE="font-family:Times New Roman" SIZE="2">Ukrop&#146;s at Fredericksburg</FONT></P></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="center"><FONT STYLE="font-family:Times New Roman" SIZE="2">VA</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="center"><FONT STYLE="font-family:Times New Roman" SIZE="2">2005</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="2">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:Times New Roman" SIZE="2">100</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="2">%&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="center"><FONT STYLE="font-family:Times New Roman" SIZE="2">1997</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="2">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:Times New Roman" SIZE="2">63,000</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="2">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="2">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:Times New Roman" SIZE="2">3,213,000</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="2">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="2">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:Times New Roman" SIZE="2">12,758,000</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="2">&nbsp;&nbsp;</FONT></TD></TR>
<TR>
<TD VALIGN="top"> <P STYLE="margin-left:1.00em; text-indent:-1.00em"><FONT STYLE="font-family:Times New Roman" SIZE="2">Valley Plaza</FONT></P></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="center"><FONT STYLE="font-family:Times New Roman" SIZE="2">MD</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="center"><FONT STYLE="font-family:Times New Roman" SIZE="2">2003</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="2">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:Times New Roman" SIZE="2">100</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="2">%&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="center"><FONT STYLE="font-family:Times New Roman" SIZE="2">1975/1994</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="2">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:Times New Roman" SIZE="2">190,939</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="2">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="2">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:Times New Roman" SIZE="2">1,950,000</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="2">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="2">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:Times New Roman" SIZE="2">7,766,000</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="2">&nbsp;&nbsp;</FONT></TD></TR>
<TR BGCOLOR="#cceeff">
<TD VALIGN="top"> <P STYLE="margin-left:1.00em; text-indent:-1.00em"><FONT STYLE="font-family:Times New Roman" SIZE="2">Virginia Little Creek</FONT></P></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="center"><FONT STYLE="font-family:Times New Roman" SIZE="2">VA</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="center"><FONT STYLE="font-family:Times New Roman" SIZE="2">2005</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="2">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:Times New Roman" SIZE="2">100</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="2">%&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="center"><FONT STYLE="font-family:Times New Roman" SIZE="2">1996/2001</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="2">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:Times New Roman" SIZE="2">69,620</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="2">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="2">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:Times New Roman" SIZE="2">1,650,000</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="2">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="2">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:Times New Roman" SIZE="2">8,350,000</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="2">&nbsp;&nbsp;</FONT></TD></TR>
<TR>
<TD VALIGN="top"> <P STYLE="margin-left:1.00em; text-indent:-1.00em"><FONT STYLE="font-family:Times New Roman" SIZE="2">Washington Center Shoppes</FONT></P></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="center"><FONT STYLE="font-family:Times New Roman" SIZE="2">NJ</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="center"><FONT STYLE="font-family:Times New Roman" SIZE="2">2001</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="2">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:Times New Roman" SIZE="2">100</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="2">%&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="center"><FONT STYLE="font-family:Times New Roman" SIZE="2">1979/1995</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="2">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:Times New Roman" SIZE="2">157,394</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="2">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="2">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:Times New Roman" SIZE="2">2,061,000</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="2">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="2">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:Times New Roman" SIZE="2">7,314,000</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="2">&nbsp;&nbsp;</FONT></TD></TR>
<TR BGCOLOR="#cceeff">
<TD VALIGN="top"> <P STYLE="margin-left:1.00em; text-indent:-1.00em"><FONT STYLE="font-family:Times New Roman" SIZE="2">West Bridgewater Plaza</FONT></P></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="center"><FONT STYLE="font-family:Times New Roman" SIZE="2">MA</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="center"><FONT STYLE="font-family:Times New Roman" SIZE="2">2007</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="2">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:Times New Roman" SIZE="2">100</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="2">%&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="center"><FONT STYLE="font-family:Times New Roman" SIZE="2">1970/2007</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="2">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:Times New Roman" SIZE="2">133,039</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="2">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="2">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:Times New Roman" SIZE="2">2,823,000</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="2">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="2">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:Times New Roman" SIZE="2">14,901,000</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="2">&nbsp;&nbsp;</FONT></TD></TR>
<TR>
<TD VALIGN="top"> <P STYLE="margin-left:1.00em; text-indent:-1.00em"><FONT STYLE="font-family:Times New Roman" SIZE="2">Upland Square</FONT></P></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="center"><FONT STYLE="font-family:Times New Roman" SIZE="2">PA</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="center"><FONT STYLE="font-family:Times New Roman" SIZE="2">2007</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="2">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:Times New Roman" SIZE="2">60</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="2">%&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="center"><FONT STYLE="font-family:Times New Roman" SIZE="2">2009</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="2">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:Times New Roman" SIZE="2">382,578</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="2">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="2">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:Times New Roman" SIZE="2">28,187,000</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="2">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="2">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:Times New Roman" SIZE="2">&#151;&nbsp;&nbsp;</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="2">&nbsp;&nbsp;</FONT></TD></TR>
<TR BGCOLOR="#cceeff">
<TD VALIGN="top"> <P STYLE="margin-left:1.00em; text-indent:-1.00em"><FONT STYLE="font-family:Times New Roman" SIZE="2">Yorktowne Plaza</FONT></P></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="center"><FONT STYLE="font-family:Times New Roman" SIZE="2">MD</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="center"><FONT STYLE="font-family:Times New Roman" SIZE="2">2007</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="2">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:Times New Roman" SIZE="2">100</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="2">%&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="center"><FONT STYLE="font-family:Times New Roman" SIZE="2">1970/2000</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="2">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:Times New Roman" SIZE="2">158,982</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="2">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="2">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:Times New Roman" SIZE="2">5,940,000</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="2">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="2">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:Times New Roman" SIZE="2">25,505,000</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="2">&nbsp;&nbsp;</FONT></TD></TR>
<TR STYLE="font-size:1px">
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom"> <P STYLE="border-top:1px solid #000000">&nbsp;</P></TD>
<TD VALIGN="bottom"> <P STYLE="border-top:1px solid #000000">&nbsp;</P></TD>
<TD>&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom"> <P STYLE="border-top:1px solid #000000">&nbsp;</P></TD>
<TD VALIGN="bottom"> <P STYLE="border-top:1px solid #000000">&nbsp;</P></TD>
<TD>&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom"> <P STYLE="border-top:1px solid #000000">&nbsp;</P></TD>
<TD VALIGN="bottom"> <P STYLE="border-top:1px solid #000000">&nbsp;</P></TD>
<TD>&nbsp;</TD></TR>
<TR>
<TD HEIGHT="13"></TD>
<TD HEIGHT="13" COLSPAN="2"></TD>
<TD HEIGHT="13" COLSPAN="2"></TD>
<TD HEIGHT="13" COLSPAN="4"></TD>
<TD HEIGHT="13" COLSPAN="2"></TD>
<TD HEIGHT="13" COLSPAN="4"></TD>
<TD HEIGHT="13" COLSPAN="4"></TD>
<TD HEIGHT="13" COLSPAN="4"></TD></TR>
<TR>
<TD VALIGN="top"> <P STYLE="margin-left:1.00em; text-indent:-1.00em"><FONT STYLE="font-family:Times New Roman" SIZE="2"><B>Total Consolidated Portfiolio</B></FONT></P></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="2">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:Times New Roman" SIZE="2">9,592,942</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="2">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="2">$</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:Times New Roman" SIZE="2">275,601,000</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="2">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="2">$</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:Times New Roman" SIZE="2">812,521,000</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="2">&nbsp;&nbsp;</FONT></TD></TR>
<TR STYLE="font-size:1px">
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom"> <P STYLE="border-top:3px double #000000">&nbsp;</P></TD>
<TD VALIGN="bottom"> <P STYLE="border-top:3px double #000000">&nbsp;</P></TD>
<TD>&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom"> <P STYLE="border-top:3px double #000000">&nbsp;</P></TD>
<TD VALIGN="bottom"> <P STYLE="border-top:3px double #000000">&nbsp;</P></TD>
<TD>&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom"> <P STYLE="border-top:3px double #000000">&nbsp;</P></TD>
<TD VALIGN="bottom"> <P STYLE="border-top:3px double #000000">&nbsp;</P></TD>
<TD>&nbsp;</TD></TR>
</TABLE>
 <p STYLE="margin-top:0px;margin-bottom:0px"><FONT SIZE="1">&nbsp;</FONT></P> <P STYLE="margin-top:0px;margin-bottom:0px" ALIGN="center"><FONT STYLE="font-family:Times New Roman" SIZE="2">100
</FONT></P>


<p Style='page-break-before:always'>
<HR  SIZE="3" style="COLOR:#999999" WIDTH="100%" ALIGN="CENTER">
<h5 align="left"><a href="#toc">Table of Contents</a></h5>


 <P STYLE="margin-top:0px;margin-bottom:0px"><FONT STYLE="font-family:Times New Roman" SIZE="2"><B>Cedar Realty Trust, Inc. </B></FONT></P> <P STYLE="margin-top:0px;margin-bottom:0px"><FONT
STYLE="font-family:Times New Roman" SIZE="2"><B>Schedule III </B></FONT></P> <P STYLE="margin-top:0px;margin-bottom:0px"><FONT STYLE="font-family:Times New Roman" SIZE="2"><B>Real Estate and Accumulated Depreciation </B></FONT></P>
<P STYLE="margin-top:0px;margin-bottom:0px"><FONT STYLE="font-family:Times New Roman" SIZE="2"><B>Year ended December&nbsp;31, 2011 </B></FONT></P> <P STYLE="margin-top:10px;margin-bottom:0px" ALIGN="justify"><FONT
STYLE="font-family:Times New Roman" SIZE="2"><I>(continued)</I> </FONT></P> <P STYLE="font-size:10px;margin-top:0px;margin-bottom:0px">&nbsp;</P>
<TABLE CELLSPACING="0" CELLPADDING="0" WIDTH="100%" BORDER="0" STYLE="BORDER-COLLAPSE:COLLAPSE" ALIGN="center">


<TR STYLE="visibility:hidden; line-height:0pt; color:white">
<TD WIDTH="80%"></TD>
<TD VALIGN="bottom" WIDTH="1%"></TD>
<TD></TD>
<TD nowrap><FONT STYLE="Times New Roman" SIZE="1"><B>September 30,</B></FONT></TD>
<TD></TD>
<TD VALIGN="bottom" WIDTH="1%"></TD>
<TD></TD>
<TD nowrap><FONT STYLE="Times New Roman" SIZE="1"><B>September 30,</B></FONT></TD>
<TD></TD>
<TD VALIGN="bottom" WIDTH="1%"></TD>
<TD></TD>
<TD nowrap><FONT STYLE="Times New Roman" SIZE="1"><B>September 30,</B></FONT></TD>
<TD></TD>
<TD VALIGN="bottom" WIDTH="1%"></TD>
<TD></TD>
<TD nowrap><FONT STYLE="Times New Roman" SIZE="1"><B>September 30,</B></FONT></TD>
<TD></TD>
<TD VALIGN="bottom" WIDTH="1%"></TD>
<TD></TD>
<TD nowrap><FONT STYLE="Times New Roman" SIZE="1"><B>September 30,</B></FONT></TD>
<TD></TD>
<TD VALIGN="bottom" WIDTH="1%"></TD>
<TD></TD>
<TD nowrap><FONT STYLE="Times New Roman" SIZE="1"><B>September 30,</B></FONT></TD>
<TD></TD></TR>
<TR>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;&nbsp;&nbsp;</FONT></TD>
<TD COLSPAN="2" VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" COLSPAN="10" ALIGN="center"><FONT STYLE="font-family:Times New Roman" SIZE="1"><B>Gross amount at which carried at</B></FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;&nbsp;&nbsp;</FONT></TD>
<TD COLSPAN="2" VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;&nbsp;&nbsp;</FONT></TD>
<TD COLSPAN="2" VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD></TR>
<TR>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" COLSPAN="2" ALIGN="center"><FONT STYLE="font-family:Times New Roman" SIZE="1"><B>Subsequent</B></FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" COLSPAN="10" ALIGN="center" STYLE="border-bottom:1px solid #000000"><FONT STYLE="font-family:Times New Roman" SIZE="1"><B>December 31, 2011</B></FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;&nbsp;&nbsp;</FONT></TD>
<TD COLSPAN="2" VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;&nbsp;&nbsp;</FONT></TD>
<TD COLSPAN="2" VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD></TR>
<TR>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" COLSPAN="2" ALIGN="center"><FONT STYLE="font-family:Times New Roman" SIZE="1"><B>cost</B></FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD COLSPAN="2" VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" COLSPAN="2" ALIGN="center"><FONT STYLE="font-family:Times New Roman" SIZE="1"><B>Building and</B></FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;&nbsp;&nbsp;</FONT></TD>
<TD COLSPAN="2" VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" COLSPAN="2" ALIGN="center"><FONT STYLE="font-family:Times New Roman" SIZE="1"><B>Accumulated</B></FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" COLSPAN="2" ALIGN="center"><FONT STYLE="font-family:Times New Roman" SIZE="1"><B>Amount of</B></FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD></TR>
<TR>
<TD VALIGN="bottom" NOWRAP> <P STYLE="border-bottom:1px solid #000000;width:30pt"><FONT STYLE="font-family:Times New Roman" SIZE="1"><B>Property</B></FONT></P></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" COLSPAN="2" ALIGN="center" STYLE="border-bottom:1px solid #000000"><FONT STYLE="font-family:Times New Roman" SIZE="1"><B>capitalized</B></FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" COLSPAN="2" ALIGN="center" STYLE="border-bottom:1px solid #000000"><FONT STYLE="font-family:Times New Roman" SIZE="1"><B>Land</B></FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" COLSPAN="2" ALIGN="center" STYLE="border-bottom:1px solid #000000"><FONT STYLE="font-family:Times New Roman" SIZE="1"><B>improvements</B></FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" COLSPAN="2" ALIGN="center" STYLE="border-bottom:1px solid #000000"><FONT STYLE="font-family:Times New Roman" SIZE="1"><B>Total</B></FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" COLSPAN="2" ALIGN="center" STYLE="border-bottom:1px solid #000000"><FONT STYLE="font-family:Times New Roman" SIZE="1"><B>depreciation (4)</B></FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" COLSPAN="2" ALIGN="center" STYLE="border-bottom:1px solid #000000"><FONT STYLE="font-family:Times New Roman" SIZE="1"><B>Encumbrance</B></FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD></TR>


<TR>
<TD HEIGHT="13"></TD>
<TD HEIGHT="13" COLSPAN="4"></TD>
<TD HEIGHT="13" COLSPAN="4"></TD>
<TD HEIGHT="13" COLSPAN="4"></TD>
<TD HEIGHT="13" COLSPAN="4"></TD>
<TD HEIGHT="13" COLSPAN="4"></TD>
<TD HEIGHT="13" COLSPAN="4"></TD></TR>
<TR BGCOLOR="#cceeff">
<TD VALIGN="top"> <P STYLE="margin-left:1.00em; text-indent:-1.00em"><FONT STYLE="font-family:Times New Roman" SIZE="2">Norwood Shopping Center</FONT></P></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="2">$</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:Times New Roman" SIZE="2">460,000</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="2">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="2">$</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:Times New Roman" SIZE="2">1,874,000</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="2">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="2">$</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:Times New Roman" SIZE="2">8,913,000</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="2">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="2">$</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:Times New Roman" SIZE="2">10,787,000</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="2">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="2">$</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:Times New Roman" SIZE="2">1,741,000</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="2">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="2">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:Times New Roman" SIZE="2">(3</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="2">)&nbsp;</FONT></TD></TR>
<TR>
<TD VALIGN="top"> <P STYLE="margin-left:1.00em; text-indent:-1.00em"><FONT STYLE="font-family:Times New Roman" SIZE="2">Oak Ridge</FONT></P></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="2">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:Times New Roman" SIZE="2">27,000</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="2">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="2">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:Times New Roman" SIZE="2">960,000</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="2">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="2">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:Times New Roman" SIZE="2">4,281,000</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="2">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="2">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:Times New Roman" SIZE="2">5,241,000</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="2">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="2">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:Times New Roman" SIZE="2">695,000</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="2">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="2">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:Times New Roman" SIZE="2">3,351,000</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="2">&nbsp;&nbsp;</FONT></TD></TR>
<TR BGCOLOR="#cceeff">
<TD VALIGN="top"> <P STYLE="margin-left:1.00em; text-indent:-1.00em"><FONT STYLE="font-family:Times New Roman" SIZE="2">Oakland Commons</FONT></P></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="2">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:Times New Roman" SIZE="2">(525,000</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="2">)&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="2">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:Times New Roman" SIZE="2">2,504,000</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="2">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="2">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:Times New Roman" SIZE="2">15,137,000</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="2">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="2">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:Times New Roman" SIZE="2">17,641,000</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="2">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="2">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:Times New Roman" SIZE="2">2,253,000</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="2">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="2">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:Times New Roman" SIZE="2">(3</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="2">)&nbsp;</FONT></TD></TR>
<TR>
<TD VALIGN="top"> <P STYLE="margin-left:1.00em; text-indent:-1.00em"><FONT STYLE="font-family:Times New Roman" SIZE="2">Oakland Mills</FONT></P></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="2">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:Times New Roman" SIZE="2">32,000</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="2">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="2">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:Times New Roman" SIZE="2">1,611,000</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="2">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="2">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:Times New Roman" SIZE="2">6,324,000</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="2">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="2">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:Times New Roman" SIZE="2">7,935,000</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="2">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="2">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:Times New Roman" SIZE="2">1,516,000</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="2">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="2">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:Times New Roman" SIZE="2">4,748,000</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="2">&nbsp;&nbsp;</FONT></TD></TR>
<TR BGCOLOR="#cceeff">
<TD VALIGN="top"> <P STYLE="margin-left:1.00em; text-indent:-1.00em"><FONT STYLE="font-family:Times New Roman" SIZE="2">Palmyra Shopping Center</FONT></P></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="2">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:Times New Roman" SIZE="2">1,048,000</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="2">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="2">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:Times New Roman" SIZE="2">1,488,000</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="2">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="2">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:Times New Roman" SIZE="2">7,614,000</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="2">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="2">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:Times New Roman" SIZE="2">9,102,000</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="2">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="2">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:Times New Roman" SIZE="2">1,659,000</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="2">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="2">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:Times New Roman" SIZE="2">(3</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="2">)&nbsp;</FONT></TD></TR>
<TR>
<TD VALIGN="top"> <P STYLE="margin-left:1.00em; text-indent:-1.00em"><FONT STYLE="font-family:Times New Roman" SIZE="2">Pine Grove Plaza</FONT></P></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="2">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:Times New Roman" SIZE="2">125,000</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="2">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="2">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:Times New Roman" SIZE="2">2,010,000</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="2">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="2">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:Times New Roman" SIZE="2">6,614,000</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="2">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="2">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:Times New Roman" SIZE="2">8,624,000</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="2">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="2">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:Times New Roman" SIZE="2">1,443,000</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="2">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="2">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:Times New Roman" SIZE="2">5,574,000</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="2">&nbsp;&nbsp;</FONT></TD></TR>
<TR BGCOLOR="#cceeff">
<TD VALIGN="top"> <P STYLE="margin-left:1.00em; text-indent:-1.00em"><FONT STYLE="font-family:Times New Roman" SIZE="2">Port Richmond Village</FONT></P></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="2">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:Times New Roman" SIZE="2">712,000</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="2">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="2">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:Times New Roman" SIZE="2">2,843,000</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="2">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="2">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:Times New Roman" SIZE="2">12,580,000</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="2">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="2">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:Times New Roman" SIZE="2">15,423,000</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="2">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="2">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:Times New Roman" SIZE="2">3,316,000</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="2">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="2">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:Times New Roman" SIZE="2">14,156,000</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="2">&nbsp;&nbsp;</FONT></TD></TR>
<TR>
<TD VALIGN="top"> <P STYLE="margin-left:1.00em; text-indent:-1.00em"><FONT STYLE="font-family:Times New Roman" SIZE="2">Price Chopper Plaza</FONT></P></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="2">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:Times New Roman" SIZE="2">(552,000</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="2">)&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="2">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:Times New Roman" SIZE="2">4,082,000</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="2">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="2">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:Times New Roman" SIZE="2">17,329,000</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="2">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="2">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:Times New Roman" SIZE="2">21,411,000</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="2">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="2">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:Times New Roman" SIZE="2">2,383,000</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="2">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="2">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:Times New Roman" SIZE="2">(3</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="2">)&nbsp;</FONT></TD></TR>
<TR BGCOLOR="#cceeff">
<TD VALIGN="top"> <P STYLE="margin-left:1.00em; text-indent:-1.00em"><FONT STYLE="font-family:Times New Roman" SIZE="2">River View Plaza I, II and III</FONT></P></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="2">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:Times New Roman" SIZE="2">4,091,000</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="2">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="2">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:Times New Roman" SIZE="2">9,718,000</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="2">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="2">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:Times New Roman" SIZE="2">44,447,000</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="2">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="2">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:Times New Roman" SIZE="2">54,165,000</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="2">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="2">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:Times New Roman" SIZE="2">9,908,000</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="2">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="2">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:Times New Roman" SIZE="2">(3</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="2">)&nbsp;</FONT></TD></TR>
<TR>
<TD VALIGN="top"> <P STYLE="margin-left:1.00em; text-indent:-1.00em"><FONT STYLE="font-family:Times New Roman" SIZE="2">San Souci Plaza</FONT></P></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="2">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:Times New Roman" SIZE="2">1,559,000</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="2">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="2">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:Times New Roman" SIZE="2">13,406,000</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="2">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="2">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:Times New Roman" SIZE="2">21,447,000</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="2">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="2">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:Times New Roman" SIZE="2">34,853,000</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="2">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="2">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:Times New Roman" SIZE="2">4,169,000</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="2">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="2">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:Times New Roman" SIZE="2">27,200,000</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="2">&nbsp;&nbsp;</FONT></TD></TR>
<TR BGCOLOR="#cceeff">
<TD VALIGN="top"> <P STYLE="margin-left:1.00em; text-indent:-1.00em"><FONT STYLE="font-family:Times New Roman" SIZE="2">Smithfield Plaza</FONT></P></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="2">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:Times New Roman" SIZE="2">323,000</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="2">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="2">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:Times New Roman" SIZE="2">2,919,000</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="2">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="2">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:Times New Roman" SIZE="2">13,088,000</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="2">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="2">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:Times New Roman" SIZE="2">16,007,000</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="2">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="2">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:Times New Roman" SIZE="2">2,366,000</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="2">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="2">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:Times New Roman" SIZE="2">10,115,000</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="2">&nbsp;&nbsp;</FONT></TD></TR>
<TR>
<TD VALIGN="top"> <P STYLE="margin-left:1.00em; text-indent:-1.00em"><FONT STYLE="font-family:Times New Roman" SIZE="2">South Philadelphia</FONT></P></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="2">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:Times New Roman" SIZE="2">2,606,000</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="2">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="2">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:Times New Roman" SIZE="2">8,222,000</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="2">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="2">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:Times New Roman" SIZE="2">38,920,000</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="2">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="2">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:Times New Roman" SIZE="2">47,142,000</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="2">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="2">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:Times New Roman" SIZE="2">10,236,000</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="2">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="2">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:Times New Roman" SIZE="2">(3</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="2">)&nbsp;</FONT></TD></TR>
<TR BGCOLOR="#cceeff">
<TD VALIGN="top"> <P STYLE="margin-left:1.00em; text-indent:-1.00em"><FONT STYLE="font-family:Times New Roman" SIZE="2">Southington Shopping Center</FONT></P></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="2">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:Times New Roman" SIZE="2">35,000</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="2">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="2">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:Times New Roman" SIZE="2">&#151;&nbsp;&nbsp;</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="2">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="2">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:Times New Roman" SIZE="2">11,869,000</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="2">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="2">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:Times New Roman" SIZE="2">11,869,000</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="2">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="2">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:Times New Roman" SIZE="2">2,481,000</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="2">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="2">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:Times New Roman" SIZE="2">5,577,000</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="2">&nbsp;&nbsp;</FONT></TD></TR>
<TR>
<TD VALIGN="top"> <P STYLE="margin-left:1.00em; text-indent:-1.00em"><FONT STYLE="font-family:Times New Roman" SIZE="2">St. James Square</FONT></P></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="2">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:Times New Roman" SIZE="2">644,000</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="2">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="2">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:Times New Roman" SIZE="2">688,000</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="2">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="2">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:Times New Roman" SIZE="2">4,482,000</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="2">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="2">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:Times New Roman" SIZE="2">5,170,000</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="2">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="2">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:Times New Roman" SIZE="2">1,160,000</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="2">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="2">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:Times New Roman" SIZE="2">(3</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="2">)&nbsp;</FONT></TD></TR>
<TR BGCOLOR="#cceeff">
<TD VALIGN="top"> <P STYLE="margin-left:1.00em; text-indent:-1.00em"><FONT STYLE="font-family:Times New Roman" SIZE="2">Suffolk Plaza</FONT></P></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="2">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:Times New Roman" SIZE="2">&#151;&nbsp;&nbsp;</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="2">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="2">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:Times New Roman" SIZE="2">1,402,000</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="2">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="2">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:Times New Roman" SIZE="2">7,236,000</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="2">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="2">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:Times New Roman" SIZE="2">8,638,000</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="2">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="2">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:Times New Roman" SIZE="2">1,948,000</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="2">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="2">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:Times New Roman" SIZE="2">4,353,000</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="2">&nbsp;&nbsp;</FONT></TD></TR>
<TR>
<TD VALIGN="top"> <P STYLE="margin-left:1.00em; text-indent:-1.00em"><FONT STYLE="font-family:Times New Roman" SIZE="2">Swede Square</FONT></P></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="2">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:Times New Roman" SIZE="2">5,419,000</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="2">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="2">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:Times New Roman" SIZE="2">2,272,000</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="2">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="2">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:Times New Roman" SIZE="2">11,647,000</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="2">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="2">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:Times New Roman" SIZE="2">13,919,000</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="2">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="2">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:Times New Roman" SIZE="2">3,089,000</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="2">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="2">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:Times New Roman" SIZE="2">10,453,000</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="2">&nbsp;&nbsp;</FONT></TD></TR>
<TR BGCOLOR="#cceeff">
<TD VALIGN="top"> <P STYLE="margin-left:1.00em; text-indent:-1.00em"><FONT STYLE="font-family:Times New Roman" SIZE="2">The Brickyard</FONT></P></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="2">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:Times New Roman" SIZE="2">1,401,000</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="2">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="2">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:Times New Roman" SIZE="2">7,648,000</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="2">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="2">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:Times New Roman" SIZE="2">30,693,000</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="2">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="2">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:Times New Roman" SIZE="2">38,341,000</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="2">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="2">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:Times New Roman" SIZE="2">12,547,000</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="2">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="2">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:Times New Roman" SIZE="2">(3</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="2">)&nbsp;</FONT></TD></TR>
<TR>
<TD VALIGN="top"> <P STYLE="margin-left:1.00em; text-indent:-1.00em"><FONT STYLE="font-family:Times New Roman" SIZE="2">The Commons</FONT></P></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="2">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:Times New Roman" SIZE="2">2,871,000</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="2">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="2">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:Times New Roman" SIZE="2">3,098,000</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="2">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="2">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:Times New Roman" SIZE="2">16,918,000</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="2">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="2">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:Times New Roman" SIZE="2">20,016,000</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="2">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="2">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:Times New Roman" SIZE="2">3,895,000</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="2">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="2">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:Times New Roman" SIZE="2">(3</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="2">)&nbsp;</FONT></TD></TR>
<TR BGCOLOR="#cceeff">
<TD VALIGN="top"> <P STYLE="margin-left:1.00em; text-indent:-1.00em"><FONT STYLE="font-family:Times New Roman" SIZE="2">The Point</FONT></P></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="2">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:Times New Roman" SIZE="2">14,546,000</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="2">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="2">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:Times New Roman" SIZE="2">2,996,000</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="2">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="2">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:Times New Roman" SIZE="2">25,050,000</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="2">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="2">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:Times New Roman" SIZE="2">28,046,000</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="2">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="2">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:Times New Roman" SIZE="2">5,847,000</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="2">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="2">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:Times New Roman" SIZE="2">16,277,000</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="2">&nbsp;&nbsp;</FONT></TD></TR>
<TR>
<TD VALIGN="top"> <P STYLE="margin-left:1.00em; text-indent:-1.00em"><FONT STYLE="font-family:Times New Roman" SIZE="2">The Shops at Suffolk Downs</FONT></P></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="2">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:Times New Roman" SIZE="2">8,548,000</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="2">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="2">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:Times New Roman" SIZE="2">7,580,000</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="2">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="2">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:Times New Roman" SIZE="2">19,637,000</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="2">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="2">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:Times New Roman" SIZE="2">27,217,000</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="2">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="2">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:Times New Roman" SIZE="2">2,579,000</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="2">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="2">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:Times New Roman" SIZE="2">(3</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="2">)&nbsp;</FONT></TD></TR>
<TR BGCOLOR="#cceeff">
<TD VALIGN="top"> <P STYLE="margin-left:1.00em; text-indent:-1.00em"><FONT STYLE="font-family:Times New Roman" SIZE="2">Timpany Plaza</FONT></P></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="2">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:Times New Roman" SIZE="2">102,000</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="2">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="2">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:Times New Roman" SIZE="2">3,368,000</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="2">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="2">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:Times New Roman" SIZE="2">19,386,000</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="2">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="2">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:Times New Roman" SIZE="2">22,754,000</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="2">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="2">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:Times New Roman" SIZE="2">2,965,000</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="2">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="2">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:Times New Roman" SIZE="2">7,996,000</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="2">&nbsp;&nbsp;</FONT></TD></TR>
<TR>
<TD VALIGN="top"> <P STYLE="margin-left:1.00em; text-indent:-1.00em"><FONT STYLE="font-family:Times New Roman" SIZE="2">Townfair Center</FONT></P></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="2">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:Times New Roman" SIZE="2">7,453,000</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="2">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="2">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:Times New Roman" SIZE="2">3,022,000</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="2">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="2">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:Times New Roman" SIZE="2">21,239,000</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="2">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="2">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:Times New Roman" SIZE="2">24,261,000</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="2">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="2">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:Times New Roman" SIZE="2">3,136,000</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="2">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="2">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:Times New Roman" SIZE="2">16,371,000</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="2">&nbsp;&nbsp;</FONT></TD></TR>
<TR BGCOLOR="#cceeff">
<TD VALIGN="top"> <P STYLE="margin-left:1.00em; text-indent:-1.00em"><FONT STYLE="font-family:Times New Roman" SIZE="2">Trexler Mall</FONT></P></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="2">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:Times New Roman" SIZE="2">3,924,000</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="2">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="2">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:Times New Roman" SIZE="2">6,932,000</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="2">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="2">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:Times New Roman" SIZE="2">36,739,000</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="2">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="2">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:Times New Roman" SIZE="2">43,671,000</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="2">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="2">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:Times New Roman" SIZE="2">6,705,000</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="2">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="2">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:Times New Roman" SIZE="2">20,637,000</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="2">&nbsp;&nbsp;</FONT></TD></TR>
<TR>
<TD VALIGN="top"> <P STYLE="margin-left:1.00em; text-indent:-1.00em"><FONT STYLE="font-family:Times New Roman" SIZE="2">Trexlertown Plaza</FONT></P></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="2">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:Times New Roman" SIZE="2">21,133,000</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="2">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="2">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:Times New Roman" SIZE="2">13,351,000</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="2">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="2">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:Times New Roman" SIZE="2">44,998,000</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="2">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="2">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:Times New Roman" SIZE="2">58,349,000</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="2">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="2">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:Times New Roman" SIZE="2">3,865,000</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="2">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="2">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:Times New Roman" SIZE="2">(3</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="2">)&nbsp;</FONT></TD></TR>
<TR BGCOLOR="#cceeff">
<TD VALIGN="top"> <P STYLE="margin-left:1.00em; text-indent:-1.00em"><FONT STYLE="font-family:Times New Roman" SIZE="2">Ukrop&#146;s at Fredericksburg</FONT></P></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="2">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:Times New Roman" SIZE="2">&#151;&nbsp;&nbsp;</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="2">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="2">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:Times New Roman" SIZE="2">3,213,000</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="2">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="2">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:Times New Roman" SIZE="2">12,758,000</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="2">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="2">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:Times New Roman" SIZE="2">15,971,000</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="2">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="2">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:Times New Roman" SIZE="2">2,267,000</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="2">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="2">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:Times New Roman" SIZE="2">(3</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="2">)&nbsp;</FONT></TD></TR>
<TR>
<TD VALIGN="top"> <P STYLE="margin-left:1.00em; text-indent:-1.00em"><FONT STYLE="font-family:Times New Roman" SIZE="2">Valley Plaza</FONT></P></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="2">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:Times New Roman" SIZE="2">870,000</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="2">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="2">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:Times New Roman" SIZE="2">1,950,000</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="2">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="2">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:Times New Roman" SIZE="2">8,636,000</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="2">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="2">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:Times New Roman" SIZE="2">10,586,000</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="2">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="2">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:Times New Roman" SIZE="2">1,847,000</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="2">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="2">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:Times New Roman" SIZE="2">(3</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="2">)&nbsp;</FONT></TD></TR>
<TR BGCOLOR="#cceeff">
<TD VALIGN="top"> <P STYLE="margin-left:1.00em; text-indent:-1.00em"><FONT STYLE="font-family:Times New Roman" SIZE="2">Virginia Little Creek</FONT></P></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="2">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:Times New Roman" SIZE="2">(10,000</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="2">)&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="2">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:Times New Roman" SIZE="2">1,639,000</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="2">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="2">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:Times New Roman" SIZE="2">8,351,000</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="2">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="2">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:Times New Roman" SIZE="2">9,990,000</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="2">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="2">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:Times New Roman" SIZE="2">2,068,000</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="2">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="2">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:Times New Roman" SIZE="2">5,035,000</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="2">&nbsp;&nbsp;</FONT></TD></TR>
<TR>
<TD VALIGN="top"> <P STYLE="margin-left:1.00em; text-indent:-1.00em"><FONT STYLE="font-family:Times New Roman" SIZE="2">Washington Center Shoppes</FONT></P></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="2">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:Times New Roman" SIZE="2">3,754,000</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="2">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="2">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:Times New Roman" SIZE="2">2,000,000</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="2">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="2">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:Times New Roman" SIZE="2">11,129,000</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="2">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="2">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:Times New Roman" SIZE="2">13,129,000</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="2">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="2">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:Times New Roman" SIZE="2">3,032,000</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="2">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="2">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:Times New Roman" SIZE="2">8,321,000</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="2">&nbsp;&nbsp;</FONT></TD></TR>
<TR BGCOLOR="#cceeff">
<TD VALIGN="top"> <P STYLE="margin-left:1.00em; text-indent:-1.00em"><FONT STYLE="font-family:Times New Roman" SIZE="2">West Bridgewater Plaza</FONT></P></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="2">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:Times New Roman" SIZE="2">(700,000</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="2">)&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="2">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:Times New Roman" SIZE="2">2,630,000</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="2">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="2">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:Times New Roman" SIZE="2">14,394,000</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="2">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="2">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:Times New Roman" SIZE="2">17,024,000</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="2">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="2">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:Times New Roman" SIZE="2">1,989,000</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="2">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="2">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:Times New Roman" SIZE="2">10,659,000</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="2">&nbsp;&nbsp;</FONT></TD></TR>
<TR>
<TD VALIGN="top"> <P STYLE="margin-left:1.00em; text-indent:-1.00em"><FONT STYLE="font-family:Times New Roman" SIZE="2">Upland Square</FONT></P></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="2">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:Times New Roman" SIZE="2">65,708,000</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="2">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="2">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:Times New Roman" SIZE="2">27,112,000</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="2">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="2">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:Times New Roman" SIZE="2">66,783,000</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="2">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="2">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:Times New Roman" SIZE="2">93,895,000</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="2">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="2">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:Times New Roman" SIZE="2">3,444,000</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="2">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="2">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:Times New Roman" SIZE="2">63,768,000</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="2">&nbsp;&nbsp;</FONT></TD></TR>
<TR BGCOLOR="#cceeff">
<TD VALIGN="top"> <P STYLE="margin-left:1.00em; text-indent:-1.00em"><FONT STYLE="font-family:Times New Roman" SIZE="2">Yorktowne Plaza</FONT></P></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="2">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:Times New Roman" SIZE="2">294,000</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="2">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="2">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:Times New Roman" SIZE="2">5,853,000</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="2">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="2">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:Times New Roman" SIZE="2">25,886,000</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="2">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="2">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:Times New Roman" SIZE="2">31,739,000</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="2">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="2">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:Times New Roman" SIZE="2">4,350,000</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="2">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="2">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:Times New Roman" SIZE="2">19,707,000</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="2">&nbsp;&nbsp;</FONT></TD></TR>
<TR STYLE="font-size:1px">
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"> <P STYLE="border-top:1px solid #000000">&nbsp;</P></TD>
<TD VALIGN="bottom"> <P STYLE="border-top:1px solid #000000">&nbsp;</P></TD>
<TD>&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"> <P STYLE="border-top:1px solid #000000">&nbsp;</P></TD>
<TD VALIGN="bottom"> <P STYLE="border-top:1px solid #000000">&nbsp;</P></TD>
<TD>&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"> <P STYLE="border-top:1px solid #000000">&nbsp;</P></TD>
<TD VALIGN="bottom"> <P STYLE="border-top:1px solid #000000">&nbsp;</P></TD>
<TD>&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"> <P STYLE="border-top:1px solid #000000">&nbsp;</P></TD>
<TD VALIGN="bottom"> <P STYLE="border-top:1px solid #000000">&nbsp;</P></TD>
<TD>&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"> <P STYLE="border-top:1px solid #000000">&nbsp;</P></TD>
<TD VALIGN="bottom"> <P STYLE="border-top:1px solid #000000">&nbsp;</P></TD>
<TD>&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"> <P STYLE="border-top:1px solid #000000">&nbsp;</P></TD>
<TD VALIGN="bottom"> <P STYLE="border-top:1px solid #000000">&nbsp;</P></TD>
<TD>&nbsp;</TD></TR>
<TR>
<TD HEIGHT="13"></TD>
<TD HEIGHT="13" COLSPAN="4"></TD>
<TD HEIGHT="13" COLSPAN="4"></TD>
<TD HEIGHT="13" COLSPAN="4"></TD>
<TD HEIGHT="13" COLSPAN="4"></TD>
<TD HEIGHT="13" COLSPAN="4"></TD>
<TD HEIGHT="13" COLSPAN="4"></TD></TR>
<TR>
<TD VALIGN="top"> <P STYLE="margin-left:1.00em; text-indent:-1.00em"><FONT STYLE="font-family:Times New Roman" SIZE="2"><B>Tota Consolidated Portfiolio</B></FONT></P></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="2">$</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:Times New Roman" SIZE="2">280,999,000</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="2">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="2">$</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:Times New Roman" SIZE="2">269,479,000</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="2">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="2">$</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:Times New Roman" SIZE="2">1,099,642,000</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="2">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="2">$</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:Times New Roman" SIZE="2">1,369,121,000</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="2">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="2">$</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:Times New Roman" SIZE="2">197,608,000</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="2">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="2">$</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:Times New Roman" SIZE="2">589,027,000</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="2">&nbsp;&nbsp;</FONT></TD></TR>
<TR STYLE="font-size:1px">
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"> <P STYLE="border-top:3px double #000000">&nbsp;</P></TD>
<TD VALIGN="bottom"> <P STYLE="border-top:3px double #000000">&nbsp;</P></TD>
<TD>&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"> <P STYLE="border-top:3px double #000000">&nbsp;</P></TD>
<TD VALIGN="bottom"> <P STYLE="border-top:3px double #000000">&nbsp;</P></TD>
<TD>&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"> <P STYLE="border-top:3px double #000000">&nbsp;</P></TD>
<TD VALIGN="bottom"> <P STYLE="border-top:3px double #000000">&nbsp;</P></TD>
<TD>&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"> <P STYLE="border-top:3px double #000000">&nbsp;</P></TD>
<TD VALIGN="bottom"> <P STYLE="border-top:3px double #000000">&nbsp;</P></TD>
<TD>&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"> <P STYLE="border-top:3px double #000000">&nbsp;</P></TD>
<TD VALIGN="bottom"> <P STYLE="border-top:3px double #000000">&nbsp;</P></TD>
<TD>&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"> <P STYLE="border-top:3px double #000000">&nbsp;</P></TD>
<TD VALIGN="bottom"> <P STYLE="border-top:3px double #000000">&nbsp;</P></TD>
<TD>&nbsp;</TD></TR>
</TABLE>
 <p STYLE="margin-top:0px;margin-bottom:0px"><FONT SIZE="1">&nbsp;</FONT></P> <P STYLE="margin-top:0px;margin-bottom:0px" ALIGN="center"><FONT STYLE="font-family:Times New Roman" SIZE="2">101
</FONT></P>


<p Style='page-break-before:always'>
<HR  SIZE="3" style="COLOR:#999999" WIDTH="100%" ALIGN="CENTER">
<h5 align="left"><a href="#toc">Table of Contents</a></h5>


 <P STYLE="margin-top:0px;margin-bottom:0px"><FONT STYLE="font-family:Times New Roman" SIZE="2"><B>Cedar Realty Trust, Inc. </B></FONT></P> <P STYLE="margin-top:0px;margin-bottom:0px"><FONT
STYLE="font-family:Times New Roman" SIZE="2"><B>Schedule III </B></FONT></P> <P STYLE="margin-top:0px;margin-bottom:0px"><FONT STYLE="font-family:Times New Roman" SIZE="2"><B>Real Estate and Accumulated Depreciation </B></FONT></P>
<P STYLE="margin-top:0px;margin-bottom:0px"><FONT STYLE="font-family:Times New Roman" SIZE="2"><B>Year ended December&nbsp;31, 2011 </B></FONT></P>
<P STYLE="margin-top:10px;margin-bottom:0px"><FONT STYLE="font-family:Times New Roman" SIZE="2"><B><I>(continued) </I></B></FONT></P> <P STYLE="margin-top:10px;margin-bottom:0px"><FONT STYLE="font-family:Times New Roman" SIZE="2">The changes in real
estate and accumulated depreciation for the three years ended December&nbsp;31, 2011 are as follows (1): </FONT></P> <P STYLE="font-size:10px;margin-top:0px;margin-bottom:0px">&nbsp;</P>
<TABLE CELLSPACING="0" CELLPADDING="0" WIDTH="100%" BORDER="0" STYLE="BORDER-COLLAPSE:COLLAPSE" ALIGN="center">


<TR STYLE="visibility:hidden; line-height:0pt; color:white">
<TD WIDTH="88%"></TD>
<TD VALIGN="bottom" WIDTH="1%"></TD>
<TD></TD>
<TD nowrap><FONT STYLE="Times New Roman" SIZE="1"><B>September 30,</B></FONT></TD>
<TD></TD>
<TD VALIGN="bottom" WIDTH="1%"></TD>
<TD></TD>
<TD nowrap><FONT STYLE="Times New Roman" SIZE="1"><B>September 30,</B></FONT></TD>
<TD></TD>
<TD VALIGN="bottom" WIDTH="1%"></TD>
<TD></TD>
<TD nowrap><FONT STYLE="Times New Roman" SIZE="1"><B>September 30,</B></FONT></TD>
<TD></TD></TR>
<TR>
<TD VALIGN="bottom">&nbsp;<FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" COLSPAN="2" ALIGN="center" STYLE="border-bottom:1px solid #000000"><FONT STYLE="font-family:Times New Roman" SIZE="1"><B>2011</B></FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" COLSPAN="2" ALIGN="center" STYLE="border-bottom:1px solid #000000"><FONT STYLE="font-family:Times New Roman" SIZE="1"><B>2010</B></FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" COLSPAN="2" ALIGN="center" STYLE="border-bottom:1px solid #000000"><FONT STYLE="font-family:Times New Roman" SIZE="1"><B>2009</B></FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD></TR>


<TR BGCOLOR="#cceeff">
<TD VALIGN="top"> <P STYLE="margin-left:1.00em; text-indent:-1.00em"><FONT STYLE="font-family:Times New Roman" SIZE="2"><B><U>Cost</U></B></FONT></P></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD></TR>
<TR>
<TD HEIGHT="13"></TD>
<TD HEIGHT="13" COLSPAN="4"></TD>
<TD HEIGHT="13" COLSPAN="4"></TD>
<TD HEIGHT="13" COLSPAN="4"></TD></TR>
<TR>
<TD VALIGN="top"> <P STYLE="margin-left:1.00em; text-indent:-1.00em"><FONT STYLE="font-family:Times New Roman" SIZE="2">Balance, beginning of the year</FONT></P></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="2">$</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:Times New Roman" SIZE="2">1,290,116,000</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="2">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="2">$</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:Times New Roman" SIZE="2">1,273,395,000</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="2">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="2">$</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:Times New Roman" SIZE="2">1,141,623,000</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="2">&nbsp;&nbsp;</FONT></TD></TR>
<TR BGCOLOR="#cceeff">
<TD VALIGN="top"> <P STYLE="margin-left:1.00em; text-indent:-1.00em"><FONT STYLE="font-family:Times New Roman" SIZE="2">Properties acquired</FONT></P></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="2">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:Times New Roman" SIZE="2">46,863,000</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="2">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="2">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:Times New Roman" SIZE="2">&#151;&nbsp;&nbsp;</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="2">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="2">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:Times New Roman" SIZE="2">73,152,000</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="2">&nbsp;&nbsp;</FONT></TD></TR>
<TR>
<TD VALIGN="top"> <P STYLE="margin-left:1.00em; text-indent:-1.00em"><FONT STYLE="font-family:Times New Roman" SIZE="2">Improvements and betterments</FONT></P></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="2">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:Times New Roman" SIZE="2">32,373,000</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="2">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="2">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:Times New Roman" SIZE="2">17,631,000</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="2">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="2">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:Times New Roman" SIZE="2">64,767,000</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="2">&nbsp;&nbsp;</FONT></TD></TR>
<TR BGCOLOR="#cceeff">
<TD VALIGN="top"> <P STYLE="margin-left:1.00em; text-indent:-1.00em"><FONT STYLE="font-family:Times New Roman" SIZE="2">Write-off fully-depreciated assets</FONT></P></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="2">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:Times New Roman" SIZE="2">(231,000</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="2">)&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="2">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:Times New Roman" SIZE="2">(910,000</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="2">)&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="2">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:Times New Roman" SIZE="2">(6,147,000</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="2">)&nbsp;</FONT></TD></TR>
<TR STYLE="font-size:1px">
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"> <P STYLE="border-top:1px solid #000000">&nbsp;</P></TD>
<TD VALIGN="bottom"> <P STYLE="border-top:1px solid #000000">&nbsp;</P></TD>
<TD>&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"> <P STYLE="border-top:1px solid #000000">&nbsp;</P></TD>
<TD VALIGN="bottom"> <P STYLE="border-top:1px solid #000000">&nbsp;</P></TD>
<TD>&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"> <P STYLE="border-top:1px solid #000000">&nbsp;</P></TD>
<TD VALIGN="bottom"> <P STYLE="border-top:1px solid #000000">&nbsp;</P></TD>
<TD>&nbsp;</TD></TR>
<TR>
<TD VALIGN="top"> <P STYLE="margin-left:1.00em; text-indent:-1.00em"><FONT STYLE="font-family:Times New Roman" SIZE="2">Balance, end of the year (2)</FONT></P></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="2">$</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:Times New Roman" SIZE="2">1,369,121,000</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="2">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="2">$</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:Times New Roman" SIZE="2">1,290,116,000</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="2">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="2">$</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:Times New Roman" SIZE="2">1,273,395,000</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="2">&nbsp;&nbsp;</FONT></TD></TR>
<TR STYLE="font-size:1px">
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"> <P STYLE="border-top:3px double #000000">&nbsp;</P></TD>
<TD VALIGN="bottom"> <P STYLE="border-top:3px double #000000">&nbsp;</P></TD>
<TD>&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"> <P STYLE="border-top:3px double #000000">&nbsp;</P></TD>
<TD VALIGN="bottom"> <P STYLE="border-top:3px double #000000">&nbsp;</P></TD>
<TD>&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"> <P STYLE="border-top:3px double #000000">&nbsp;</P></TD>
<TD VALIGN="bottom"> <P STYLE="border-top:3px double #000000">&nbsp;</P></TD>
<TD>&nbsp;</TD></TR></TABLE> <P STYLE="font-size:10px;margin-top:0px;margin-bottom:0px">&nbsp;</P>
<TABLE CELLSPACING="0" CELLPADDING="0" WIDTH="100%" BORDER="0" STYLE="BORDER-COLLAPSE:COLLAPSE" ALIGN="center">


<TR STYLE="visibility:hidden; line-height:0pt; color:white">
<TD WIDTH="88%"></TD>
<TD VALIGN="bottom" WIDTH="1%"></TD>
<TD></TD>
<TD nowrap><FONT STYLE="Times New Roman" SIZE="1"><B>September 30,</B></FONT></TD>
<TD></TD>
<TD VALIGN="bottom" WIDTH="1%"></TD>
<TD></TD>
<TD nowrap><FONT STYLE="Times New Roman" SIZE="1"><B>September 30,</B></FONT></TD>
<TD></TD>
<TD VALIGN="bottom" WIDTH="1%"></TD>
<TD></TD>
<TD nowrap><FONT STYLE="Times New Roman" SIZE="1"><B>September 30,</B></FONT></TD>
<TD></TD></TR>

<TR BGCOLOR="#cceeff">
<TD VALIGN="top"> <P STYLE="margin-left:1.00em; text-indent:-1.00em"><FONT STYLE="font-family:Times New Roman" SIZE="2"><B><U>Accumulated depreciation</U></B></FONT></P></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD></TR>
<TR>
<TD HEIGHT="13"></TD>
<TD HEIGHT="13" COLSPAN="4"></TD>
<TD HEIGHT="13" COLSPAN="4"></TD>
<TD HEIGHT="13" COLSPAN="4"></TD></TR>
<TR>
<TD VALIGN="top"> <P STYLE="margin-left:1.00em; text-indent:-1.00em"><FONT STYLE="font-family:Times New Roman" SIZE="2">Balance, beginning of the year</FONT></P></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="2">$</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:Times New Roman" SIZE="2">157,803,000</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="2">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="2">$</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:Times New Roman" SIZE="2">126,456,000</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="2">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="2">$</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:Times New Roman" SIZE="2">96,593,000</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="2">&nbsp;&nbsp;</FONT></TD></TR>
<TR BGCOLOR="#cceeff">
<TD VALIGN="top"> <P STYLE="margin-left:1.00em; text-indent:-1.00em"><FONT STYLE="font-family:Times New Roman" SIZE="2">Depreciation expense</FONT></P></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="2">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:Times New Roman" SIZE="2">40,036,000</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="2">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="2">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:Times New Roman" SIZE="2">32,257,000</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="2">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="2">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:Times New Roman" SIZE="2">36,010,000</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="2">&nbsp;&nbsp;</FONT></TD></TR>
<TR>
<TD VALIGN="top"> <P STYLE="margin-left:1.00em; text-indent:-1.00em"><FONT STYLE="font-family:Times New Roman" SIZE="2">Write-off fully-depreciated assets</FONT></P></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="2">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:Times New Roman" SIZE="2">(231,000</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="2">)&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="2">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:Times New Roman" SIZE="2">(910,000</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="2">)&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="2">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:Times New Roman" SIZE="2">(6,147,000</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="2">)&nbsp;</FONT></TD></TR>
<TR STYLE="font-size:1px">
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"> <P STYLE="border-top:1px solid #000000">&nbsp;</P></TD>
<TD VALIGN="bottom"> <P STYLE="border-top:1px solid #000000">&nbsp;</P></TD>
<TD>&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"> <P STYLE="border-top:1px solid #000000">&nbsp;</P></TD>
<TD VALIGN="bottom"> <P STYLE="border-top:1px solid #000000">&nbsp;</P></TD>
<TD>&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"> <P STYLE="border-top:1px solid #000000">&nbsp;</P></TD>
<TD VALIGN="bottom"> <P STYLE="border-top:1px solid #000000">&nbsp;</P></TD>
<TD>&nbsp;</TD></TR>
<TR BGCOLOR="#cceeff">
<TD VALIGN="top"> <P STYLE="margin-left:1.00em; text-indent:-1.00em"><FONT STYLE="font-family:Times New Roman" SIZE="2">Balance, end of the year</FONT></P></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="2">$</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:Times New Roman" SIZE="2">197,608,000</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="2">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="2">$</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:Times New Roman" SIZE="2">157,803,000</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="2">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="2">$</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:Times New Roman" SIZE="2">126,456,000</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="2">&nbsp;&nbsp;</FONT></TD></TR>
<TR STYLE="font-size:1px">
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"> <P STYLE="border-top:3px double #000000">&nbsp;</P></TD>
<TD VALIGN="bottom"> <P STYLE="border-top:3px double #000000">&nbsp;</P></TD>
<TD>&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"> <P STYLE="border-top:3px double #000000">&nbsp;</P></TD>
<TD VALIGN="bottom"> <P STYLE="border-top:3px double #000000">&nbsp;</P></TD>
<TD>&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"> <P STYLE="border-top:3px double #000000">&nbsp;</P></TD>
<TD VALIGN="bottom"> <P STYLE="border-top:3px double #000000">&nbsp;</P></TD>
<TD>&nbsp;</TD></TR>
<TR>
<TD HEIGHT="13"></TD>
<TD HEIGHT="13" COLSPAN="4"></TD>
<TD HEIGHT="13" COLSPAN="4"></TD>
<TD HEIGHT="13" COLSPAN="4"></TD></TR>
<TR>
<TD VALIGN="top"> <P STYLE="margin-left:1.00em; text-indent:-1.00em"><FONT STYLE="font-family:Times New Roman" SIZE="2">Net book value</FONT></P></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="2">$</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:Times New Roman" SIZE="2">1,171,513,000</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="2">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="2">$</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:Times New Roman" SIZE="2">1,132,313,000</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="2">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="2">$</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:Times New Roman" SIZE="2">1,146,939,000</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="2">&nbsp;&nbsp;</FONT></TD></TR>
<TR STYLE="font-size:1px">
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"> <P STYLE="border-top:3px double #000000">&nbsp;</P></TD>
<TD VALIGN="bottom"> <P STYLE="border-top:3px double #000000">&nbsp;</P></TD>
<TD>&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"> <P STYLE="border-top:3px double #000000">&nbsp;</P></TD>
<TD VALIGN="bottom"> <P STYLE="border-top:3px double #000000">&nbsp;</P></TD>
<TD>&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"> <P STYLE="border-top:3px double #000000">&nbsp;</P></TD>
<TD VALIGN="bottom"> <P STYLE="border-top:3px double #000000">&nbsp;</P></TD>
<TD>&nbsp;</TD></TR>
</TABLE> <P STYLE="font-size:10px;margin-top:0px;margin-bottom:0px">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR>
<TD WIDTH="4%" VALIGN="top" ALIGN="left"><FONT STYLE="font-family:Times New Roman" SIZE="2">(1)</FONT></TD>
<TD ALIGN="left" VALIGN="top"> <P ALIGN="justify"><FONT STYLE="font-family:Times New Roman" SIZE="2">Restated to reflect the reclassifications of properties to &#147;real estate held for sale/conveyance&#148; during 2011.
</FONT></P></TD></TR></TABLE> <P STYLE="font-size:10px;margin-top:0px;margin-bottom:0px">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR>
<TD WIDTH="4%" VALIGN="top" ALIGN="left"><FONT STYLE="font-family:Times New Roman" SIZE="2">(2)</FONT></TD>
<TD ALIGN="left" VALIGN="top"> <P ALIGN="justify"><FONT STYLE="font-family:Times New Roman" SIZE="2">At December 31, 2011, the aggregate cost for federal income tax purposes was approximately $17.4 million less than the Company&#146;s recorded
values. </FONT></P></TD></TR></TABLE> <P STYLE="font-size:10px;margin-top:0px;margin-bottom:0px">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR>
<TD WIDTH="4%" VALIGN="top" ALIGN="left"><FONT STYLE="font-family:Times New Roman" SIZE="2">(3)</FONT></TD>
<TD ALIGN="left" VALIGN="top"> <P ALIGN="justify"><FONT STYLE="font-family:Times New Roman" SIZE="2">The total net book value of properties pledged as collateral under the Company&#146;s secured revolving credit facilities was $374.8 million at
December 31, 2011 (in addition, $24.5 million relating to properties treated as &#147;real estate held for sale/conveyance&#148; was also pledged as collateral under the Company&#146;s secured revolving credit facility); the total amount outstanding
under the secured revolving credit facilities was $166,317,000. </FONT></P></TD></TR></TABLE> <P STYLE="font-size:10px;margin-top:0px;margin-bottom:0px">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR>
<TD WIDTH="4%" VALIGN="top" ALIGN="left"><FONT STYLE="font-family:Times New Roman" SIZE="2">(4)</FONT></TD>
<TD ALIGN="left" VALIGN="top"> <P ALIGN="justify"><FONT STYLE="font-family:Times New Roman" SIZE="2">Depreciation is provided over the estimated useful lives of the buildings and improvements, which range from 3 to 40 years.
</FONT></P></TD></TR></TABLE>
 <p STYLE="margin-top:0px;margin-bottom:0px"><FONT SIZE="1">&nbsp;</FONT></P> <P STYLE="margin-top:0px;margin-bottom:0px" ALIGN="center"><FONT STYLE="font-family:Times New Roman" SIZE="2">102
</FONT></P>


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 <P STYLE="margin-top:0px;margin-bottom:0px"><FONT STYLE="font-family:Times New Roman" SIZE="2"><B><A NAME="tx308892_13"></A>Item&nbsp;9. Changes in and Disagreements with Accountants on Accounting and
Financial Disclosure </B></FONT></P> <P STYLE="margin-top:10px;margin-bottom:0px"><FONT STYLE="font-family:Times New Roman" SIZE="2">None </FONT></P> <P STYLE="margin-top:10px;margin-bottom:0px"><FONT STYLE="font-family:Times New Roman" SIZE="2"><A NAME="tx308892_14">
</A>I<B>tem&nbsp;9A. Controls and Procedures</B> </FONT></P> <P STYLE="margin-top:10px;margin-bottom:0px"><FONT STYLE="font-family:Times New Roman" SIZE="2"><B>Evaluation of Disclosure Controls and Procedures </B></FONT></P>
<P STYLE="margin-top:10px;margin-bottom:0px; text-indent:4%" ALIGN="justify"><FONT STYLE="font-family:Times New Roman" SIZE="2">The Company maintains disclosure controls and procedures and internal controls designed to ensure that information
required to be disclosed in its filings under the Securities Exchange Act of 1934 is reported within the time periods specified in the rules and regulations of the Securities and Exchange Commission (&#147;SEC&#148;). In this regard, the Company has
formed a Disclosure Committee currently comprised of several of the Company&#146;s executive officers as well as certain other employees with knowledge of information that may be considered in the SEC reporting process. The Committee has
responsibility for the development and assessment of the financial and non-financial information to be included in the reports filed with the SEC, and assists the Company&#146;s Chief Executive Officer and Chief Financial Officer in connection with
their certifications contained in the Company&#146;s SEC filings. The Committee meets regularly and reports to the Audit Committee on a quarterly or more frequent basis. The Company&#146;s principal executive and financial officers have evaluated
its disclosure controls and procedures as of December&nbsp;31, 2011, and have determined that such disclosure controls and procedures are effective. </FONT></P> <P STYLE="margin-top:10px;margin-bottom:0px; text-indent:4%" ALIGN="justify"><FONT
STYLE="font-family:Times New Roman" SIZE="2">There have been no changes in the internal controls over financial reporting or in other factors that have materially affected, or are reasonably likely to materially affect, these internal controls over
financial reporting during the last quarter of 2011. </FONT></P> <P STYLE="margin-top:10px;margin-bottom:0px"><FONT STYLE="font-family:Times New Roman" SIZE="2"><B>Management Report on Internal Control Over Financial Reporting </B></FONT></P>
<P STYLE="margin-top:10px;margin-bottom:0px; text-indent:4%" ALIGN="justify"><FONT STYLE="font-family:Times New Roman" SIZE="2">The Company&#146;s management is responsible for establishing and maintaining adequate internal control over financial
reporting. The Company&#146;s internal control system was designed to provide reasonable assurance to the Company&#146;s management and Board of Directors regarding the preparation and fair presentation of published financial statements. All
internal control systems, no matter how well designed, have inherent limitations. Therefore, even those systems determined to be effective can provide only reasonable assurance with respect to financial statement preparation and presentation.
</FONT></P> <P STYLE="margin-top:10px;margin-bottom:0px; text-indent:4%" ALIGN="justify"><FONT STYLE="font-family:Times New Roman" SIZE="2">The Company&#146;s management assessed the effectiveness of the Company&#146;s internal control over
financial reporting as of December&nbsp;31, 2011. In making this assessment, it used the criteria set forth by the Committee of Sponsoring Organizations of the Treadway Commission (&#147;COSO&#148;) in &#147;Internal Control &#150; Integrated
Framework&#148;. Based on such assessment, management believes that, as of December&nbsp;31, 2011, the Company&#146;s internal control over financial reporting is effective based on those criteria. </FONT></P>
<P STYLE="margin-top:10px;margin-bottom:0px; text-indent:4%" ALIGN="justify"><FONT STYLE="font-family:Times New Roman" SIZE="2">Ernst&nbsp;&amp; Young LLP, the Company&#146;s independent registered public accounting firm, has issued an opinion on
the Company&#146;s internal control over financial reporting, which appears elsewhere in this report. </FONT></P>
 <p STYLE="margin-top:0px;margin-bottom:0px"><FONT SIZE="1">&nbsp;</FONT></P> <P STYLE="margin-top:0px;margin-bottom:0px" ALIGN="center"><FONT STYLE="font-family:Times New Roman" SIZE="2">103
</FONT></P>


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 <P STYLE="margin-top:0px;margin-bottom:0px"><FONT STYLE="font-family:Times New Roman" SIZE="2"><B>Report of Independent Registered Public Accounting Firm </B></FONT></P>
<P STYLE="margin-top:10px;margin-bottom:0px"><FONT STYLE="font-family:Times New Roman" SIZE="2"><B>The Board of Directors and Shareholders of </B></FONT></P> <P STYLE="margin-top:0px;margin-bottom:0px"><FONT
STYLE="font-family:Times New Roman" SIZE="2"><B>Cedar Realty Trust, Inc. </B></FONT></P> <P STYLE="margin-top:10px;margin-bottom:0px" ALIGN="justify"><FONT STYLE="font-family:Times New Roman" SIZE="2">We have audited Cedar Realty Trust, Inc.&#146;s
(the &#147;Company&#148;) internal control over financial reporting as of December&nbsp;31, 2011, based on criteria established in Internal Control&#151;Integrated Framework issued by the Committee of Sponsoring Organizations of the Treadway
Commission (the COSO criteria). Cedar Realty Trust, Inc.&#146;s management is responsible for maintaining effective internal control over financial reporting, and for its assessment of the effectiveness of internal control over financial reporting
included in the accompanying Item&nbsp;9A. Controls and Procedures &#150;&#148;Management Report on Internal Control Over Financial Reporting&#148;. Our responsibility is to express an opinion on the Company&#146;s internal control over financial
reporting based on our audit. </FONT></P> <P STYLE="margin-top:10px;margin-bottom:0px" ALIGN="justify"><FONT STYLE="font-family:Times New Roman" SIZE="2">We conducted our audit in accordance with the standards of the Public Company Accounting
Oversight Board (United States). Those standards require that we plan and perform the audit to obtain reasonable assurance about whether effective internal control over financial reporting was maintained in all material respects. Our audit included
obtaining an understanding of internal control over financial reporting, assessing the risk that a material weakness exists, testing and evaluating the design and operating effectiveness of internal control based on the assessed risk, and performing
such other procedures as we considered necessary in the circumstances. We believe that our audit provides a reasonable basis for our opinion. </FONT></P> <P STYLE="margin-top:10px;margin-bottom:0px" ALIGN="justify"><FONT
STYLE="font-family:Times New Roman" SIZE="2">A company&#146;s internal control over financial reporting is a process designed to provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial
statements for external purposes in accordance with generally accepted accounting principles. A company&#146;s internal control over financial reporting includes those policies and procedures that (1)&nbsp;pertain to the maintenance of records that,
in reasonable detail, accurately and fairly reflect the transactions and dispositions of the assets of the company; (2)&nbsp;provide reasonable assurance that transactions are recorded as necessary to permit preparation of financial statements in
accordance with generally accepted accounting principles, and that receipts and expenditures of the company are being made only in accordance with authorizations of management and directors of the company; and (3)&nbsp;provide reasonable assurance
regarding prevention or timely detection of unauthorized acquisition, use, or disposition of the company&#146;s assets that could have a material effect on the financial statements. </FONT></P>
<P STYLE="margin-top:10px;margin-bottom:0px" ALIGN="justify"><FONT STYLE="font-family:Times New Roman" SIZE="2">Because of its inherent limitations, internal control over financial reporting may not prevent or detect misstatements. Also, projections
of any evaluation of effectiveness to future periods are subject to the risk that controls may become inadequate because of changes in conditions, or that the degree of compliance with the policies or procedures may deteriorate. </FONT></P>
<P STYLE="margin-top:10px;margin-bottom:0px" ALIGN="justify"><FONT STYLE="font-family:Times New Roman" SIZE="2">In our opinion, Cedar Realty Trust, Inc. maintained, in all material respects, effective internal control over financial reporting as of
December&nbsp;31, 2011, based on the COSO criteria. </FONT></P> <P STYLE="margin-top:10px;margin-bottom:0px" ALIGN="justify"><FONT STYLE="font-family:Times New Roman" SIZE="2">We also have audited, in accordance with the standards of the Public
Company Accounting Oversight Board (United States), the 2011 consolidated financial statements of Cedar Realty Trust, Inc. and our report dated March&nbsp;6, 2012 expressed an unqualified opinion thereon. </FONT></P>
<P STYLE="font-size:10px;margin-top:0px;margin-bottom:0px">&nbsp;</P><DIV ALIGN="right">
<TABLE CELLSPACING="0" CELLPADDING="0" WIDTH="40%" BORDER="0" STYLE="BORDER-COLLAPSE:COLLAPSE">


<TR>
<TD WIDTH="100%"></TD></TR>


<TR>
<TD VALIGN="top" STYLE="BORDER-BOTTOM:1px solid #000000"> <P ALIGN="justify"><FONT STYLE="font-family:Times New Roman" SIZE="2">/s/ ERNST&nbsp;&amp; YOUNG LLP</FONT></P></TD></TR>
</TABLE></DIV> <P STYLE="margin-top:10px;margin-bottom:0px"><FONT STYLE="font-family:Times New Roman" SIZE="2">New York, New York </FONT></P> <P STYLE="margin-top:0px;margin-bottom:0px"><FONT
STYLE="font-family:Times New Roman" SIZE="2">March&nbsp;6, 2012 </FONT></P>
 <p STYLE="margin-top:0px;margin-bottom:0px"><FONT SIZE="1">&nbsp;</FONT></P> <P STYLE="margin-top:0px;margin-bottom:0px" ALIGN="center"><FONT STYLE="font-family:Times New Roman" SIZE="2">104
</FONT></P>


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<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR>
<TD WIDTH="9%" VALIGN="top" ALIGN="left"><FONT STYLE="font-family:Times New Roman" SIZE="2"><B>It<A NAME="tx308892_15"></A>em&nbsp;9B.</B></FONT></TD>
<TD ALIGN="left" VALIGN="top"><FONT STYLE="font-family:Times New Roman" SIZE="2"><B>Other Information </B></FONT></TD></TR></TABLE> <P STYLE="margin-top:10px;margin-bottom:0px; text-indent:4%" ALIGN="justify"><FONT
STYLE="font-family:Times New Roman" SIZE="2">Effective March&nbsp;1, 2012, the Board of Directors of the Company amended the Company&#146;s By-Laws to add a new Section&nbsp;2.11 relating to nomination of directors. Section&nbsp;2.11 requires that
nominations of persons by stockholders to serve on the Board of Directors must be made not less than 90 days nor more than 120 days prior to the first anniversary of the preceding year&#146;s annual meeting of stockholders; provided, however, that
with respect to the annual meeting to be held in 2012, such notice must be received not less than 60 days before the date of the annual meeting. </FONT></P> <P STYLE="margin-top:10px;margin-bottom:0px; text-indent:4%" ALIGN="justify"><FONT
STYLE="font-family:Times New Roman" SIZE="2">The By-Laws, as amended, are filed as an exhibit to this Annual Report on Form 10-K and reference is made to such exhibit for the full provisions of new Section&nbsp;2.11. </FONT></P>
<P STYLE="margin-top:10px;margin-bottom:0px"><FONT STYLE="font-family:Times New Roman" SIZE="2"><B>P<A NAME="tx308892_16"></A>art III. </B></FONT></P> <P STYLE="font-size:10px;margin-top:0px;margin-bottom:0px">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR>
<TD WIDTH="9%" VALIGN="top" ALIGN="left"><FONT STYLE="font-family:Times New Roman" SIZE="2"><B><A NAME="tx308892_17"></A>Item&nbsp;10.</B></FONT></TD>
<TD ALIGN="left" VALIGN="top"><FONT STYLE="font-family:Times New Roman" SIZE="2"><B>Directors, Executive Officers and Corporate Governance </B></FONT></TD></TR></TABLE> <P STYLE="margin-top:10px;margin-bottom:0px; text-indent:4%" ALIGN="justify"><FONT
STYLE="font-family:Times New Roman" SIZE="2">This item is incorporated by reference to the definitive proxy statement for the 2012 Annual Meeting of Shareholders, to be filed pursuant to Regulation 14A. </FONT></P>
<P STYLE="font-size:10px;margin-top:0px;margin-bottom:0px">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR>
<TD WIDTH="9%" VALIGN="top" ALIGN="left"><FONT STYLE="font-family:Times New Roman" SIZE="2"><B><A NAME="tx308892_18"></A>Item&nbsp;11.</B></FONT></TD>
<TD ALIGN="left" VALIGN="top"><FONT STYLE="font-family:Times New Roman" SIZE="2"><B>Executive Compensation </B></FONT></TD></TR></TABLE> <P STYLE="margin-top:10px;margin-bottom:0px; text-indent:4%" ALIGN="justify"><FONT
STYLE="font-family:Times New Roman" SIZE="2">This item is incorporated by reference to the definitive proxy statement for the 2012 Annual Meeting of Shareholders, to be filed pursuant to Regulation 14A. </FONT></P>
<P STYLE="font-size:10px;margin-top:0px;margin-bottom:0px">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR>
<TD WIDTH="9%" VALIGN="top" ALIGN="left"><FONT STYLE="font-family:Times New Roman" SIZE="2"><B>It<A NAME="tx308892_19"></A>em&nbsp;12.</B></FONT></TD>
<TD ALIGN="left" VALIGN="top"><FONT STYLE="font-family:Times New Roman" SIZE="2"><B>Security Ownership of Certain Beneficial Owners and Management and Related Stockholder Matters </B></FONT></TD></TR></TABLE>
<P STYLE="margin-top:10px;margin-bottom:0px; text-indent:4%" ALIGN="justify"><FONT STYLE="font-family:Times New Roman" SIZE="2">This item is incorporated by reference to the definitive proxy statement for the 2012 Annual Meeting of Shareholders, to
be filed pursuant to Regulation 14A. </FONT></P> <P STYLE="font-size:10px;margin-top:0px;margin-bottom:0px">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR>
<TD WIDTH="9%" VALIGN="top" ALIGN="left"><FONT STYLE="font-family:Times New Roman" SIZE="2"><B>Ite<A NAME="tx308892_20"></A>m&nbsp;13.</B></FONT></TD>
<TD ALIGN="left" VALIGN="top"><FONT STYLE="font-family:Times New Roman" SIZE="2"><B>Certain Relationships and Related Transactions and Director Independence </B></FONT></TD></TR></TABLE>
<P STYLE="margin-top:10px;margin-bottom:0px; text-indent:4%" ALIGN="justify"><FONT STYLE="font-family:Times New Roman" SIZE="2">This item is incorporated by reference to the definitive proxy statement for the 2012 Annual Meeting of Shareholders, to
be filed pursuant to Regulation 14A. </FONT></P> <P STYLE="font-size:10px;margin-top:0px;margin-bottom:0px">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR>
<TD WIDTH="9%" VALIGN="top" ALIGN="left"><FONT STYLE="font-family:Times New Roman" SIZE="2"><B>It<A NAME="tx308892_21"></A>em&nbsp;14.</B></FONT></TD>
<TD ALIGN="left" VALIGN="top"><FONT STYLE="font-family:Times New Roman" SIZE="2"><B>Principal Accountant Fees and Services </B></FONT></TD></TR></TABLE> <P STYLE="margin-top:10px;margin-bottom:0px; text-indent:4%" ALIGN="justify"><FONT
STYLE="font-family:Times New Roman" SIZE="2">This item is incorporated by reference to the definitive proxy statement for the 2012 Annual Meeting of Shareholders, to be filed pursuant to Regulation 14A. </FONT></P>
 <p STYLE="margin-top:0px;margin-bottom:0px"><FONT SIZE="1">&nbsp;</FONT></P> <P STYLE="margin-top:0px;margin-bottom:0px" ALIGN="center"><FONT STYLE="font-family:Times New Roman" SIZE="2">105
</FONT></P>


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 <P STYLE="margin-top:0px;margin-bottom:0px"><FONT STYLE="font-family:Times New Roman" SIZE="2"><B>Pa<A NAME="tx308892_22"></A>rt IV </B></FONT></P>
<P STYLE="font-size:10px;margin-top:0px;margin-bottom:0px">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR>
<TD WIDTH="9%" VALIGN="top" ALIGN="left"><FONT STYLE="font-family:Times New Roman" SIZE="2"><B>I<A NAME="tx308892_23"></A>tem&nbsp;15.</B></FONT></TD>
<TD ALIGN="left" VALIGN="top"><FONT STYLE="font-family:Times New Roman" SIZE="2"><B>Exhibits and Financial Statement Schedules </B></FONT></TD></TR></TABLE> <P STYLE="font-size:10px;margin-top:0px;margin-bottom:0px">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR>
<TD WIDTH="4%"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD WIDTH="4%" VALIGN="top" ALIGN="left"><FONT STYLE="font-family:Times New Roman" SIZE="2">(a)</FONT></TD>
<TD ALIGN="left" VALIGN="top"> <P ALIGN="justify"><FONT STYLE="font-family:Times New Roman" SIZE="2">1. Financial Statements </FONT></P></TD></TR></TABLE> <P STYLE="margin-top:10px;margin-bottom:0px; margin-left:8%" ALIGN="justify"><FONT
STYLE="font-family:Times New Roman" SIZE="2">&nbsp;&nbsp;&nbsp;&nbsp;The response to this portion of Item&nbsp;15 is included in Item&nbsp;8 of this report </FONT></P> <P STYLE="margin-top:10px;margin-bottom:0px; text-indent:8%" ALIGN="justify"><FONT
STYLE="font-family:Times New Roman" SIZE="2">2. Financial Statement Schedules </FONT></P> <P STYLE="margin-top:10px;margin-bottom:0px; margin-left:8%" ALIGN="justify"><FONT STYLE="font-family:Times New Roman" SIZE="2">&nbsp;&nbsp;&nbsp;&nbsp;The
response to this portion of Item&nbsp;15 is included in Item&nbsp;8 of this report. </FONT></P> <P STYLE="margin-top:10px;margin-bottom:0px; text-indent:8%" ALIGN="justify"><FONT STYLE="font-family:Times New Roman" SIZE="2">3. Exhibits </FONT></P>
<P STYLE="font-size:10px;margin-top:0px;margin-bottom:0px">&nbsp;</P>
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<TD WIDTH="92%"></TD></TR>
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<TD VALIGN="bottom" NOWRAP> <P STYLE="border-bottom:1px solid #000000;width:15pt"><FONT STYLE="font-family:Times New Roman" SIZE="1"><B>Item</B></FONT></P></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" NOWRAP STYLE="border-bottom:1px solid #000000"> <P STYLE="margin-top:0px;margin-bottom:1px"><FONT STYLE="font-family:Times New Roman" SIZE="1"><B>Title or Description</B></FONT></P></TD></TR>


<TR>
<TD HEIGHT="8"></TD>
<TD HEIGHT="8" COLSPAN="2"></TD></TR>
<TR>
<TD VALIGN="top" NOWRAP><FONT STYLE="font-family:Times New Roman" SIZE="2">3.1</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="top"><FONT STYLE="font-family:Times New Roman" SIZE="2">Articles of Incorporation of Cedar Realty Trust, Inc., including all amendments and articles supplementary previously filed.</FONT></TD></TR>
<TR>
<TD HEIGHT="8"></TD>
<TD HEIGHT="8" COLSPAN="2"></TD></TR>
<TR>
<TD VALIGN="top" NOWRAP><FONT STYLE="font-family:Times New Roman" SIZE="2">3.2</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="top"><FONT STYLE="font-family:Times New Roman" SIZE="2">By-laws of Cedar Realty Trust, Inc., including all amendments previously filed.</FONT></TD></TR>
<TR>
<TD HEIGHT="8"></TD>
<TD HEIGHT="8" COLSPAN="2"></TD></TR>
<TR>
<TD VALIGN="top" NOWRAP><FONT STYLE="font-family:Times New Roman" SIZE="2">3.3.a</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="top"><FONT STYLE="font-family:Times New Roman" SIZE="2">Agreement of Limited Partnership of Cedar Shopping Centers Partnership, L.P., incorporated by reference to Exhibit 3.4 of the Registration Statement on Form S-11 filed on August 20,
2003, as amended.</FONT></TD></TR>
<TR>
<TD HEIGHT="8"></TD>
<TD HEIGHT="8" COLSPAN="2"></TD></TR>
<TR>
<TD VALIGN="top" NOWRAP><FONT STYLE="font-family:Times New Roman" SIZE="2">3.3.b</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="top"><FONT STYLE="font-family:Times New Roman" SIZE="2">Amendment No. 1 to Agreement of Limited Partnership of Cedar Shopping Centers Partnership, L.P., incorporated by reference to Exhibit 3.5 of the Registration Statement on Form S-11
filed on August 20, 2003, as amended.</FONT></TD></TR>
<TR>
<TD HEIGHT="8"></TD>
<TD HEIGHT="8" COLSPAN="2"></TD></TR>
<TR>
<TD VALIGN="top" NOWRAP><FONT STYLE="font-family:Times New Roman" SIZE="2">3.3.c</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="top"><FONT STYLE="font-family:Times New Roman" SIZE="2">Amendment No. 2 to Agreement of Limited Partnership of Cedar Shopping Centers Partnership, L.P., incorporated by reference to Exhibit 3.3.c of Form 10-K for the year ended December
31, 2004.</FONT></TD></TR>
<TR>
<TD HEIGHT="8"></TD>
<TD HEIGHT="8" COLSPAN="2"></TD></TR>
<TR>
<TD VALIGN="top" NOWRAP><FONT STYLE="font-family:Times New Roman" SIZE="2">3.3.d</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="top"><FONT STYLE="font-family:Times New Roman" SIZE="2">Amendment No. 3 to Agreement of Limited Partnership of Cedar Shopping Centers Partnership, L.P. , incorporated by reference to Exhibit 3.3.d of Form 10-K for the year ended December
31, 2006.</FONT></TD></TR>
<TR>
<TD HEIGHT="8"></TD>
<TD HEIGHT="8" COLSPAN="2"></TD></TR>
<TR>
<TD VALIGN="top" NOWRAP><FONT STYLE="font-family:Times New Roman" SIZE="2">3.3.e</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="top"><FONT STYLE="font-family:Times New Roman" SIZE="2">Amendment No. 4 to Agreement of Limited Partnership of Cedar Shopping Centers Partnership, L.P. , incorporated by reference to Exhibit 3.2 of Form 10-Q for the quarterly period
ended September 30, 2010.</FONT></TD></TR>
<TR>
<TD HEIGHT="8"></TD>
<TD HEIGHT="8" COLSPAN="2"></TD></TR>
<TR>
<TD VALIGN="top" NOWRAP><FONT STYLE="font-family:Times New Roman" SIZE="2">10.1.a*</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="top"><FONT STYLE="font-family:Times New Roman" SIZE="2">Cedar Shopping Centers, Inc. Senior Executive Deferred Compensation Plan, effective as of October 29, 2003, incorporated by reference to Exhibit 10.6.a of Form 10-K for the year
ended December 31, 2004.</FONT></TD></TR>
<TR>
<TD HEIGHT="8"></TD>
<TD HEIGHT="8" COLSPAN="2"></TD></TR>
<TR>
<TD VALIGN="top" NOWRAP><FONT STYLE="font-family:Times New Roman" SIZE="2">10.1.b*</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="top"><FONT STYLE="font-family:Times New Roman" SIZE="2">Amendment No. 1 to the Cedar Shopping Centers, Inc. Senior Executive Deferred Compensation Plan, effective as of October 29, 2003, incorporated by reference to Exhibit 10.6.b of
Form 10-K for the year ended December 31, 2004.</FONT></TD></TR>
<TR>
<TD HEIGHT="8"></TD>
<TD HEIGHT="8" COLSPAN="2"></TD></TR>
<TR>
<TD VALIGN="top" NOWRAP><FONT STYLE="font-family:Times New Roman" SIZE="2">10.1.c*</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="top"><FONT STYLE="font-family:Times New Roman" SIZE="2">Amendment No. 2 to the Cedar Shopping Centers, Inc. Senior Executive Deferred Compensation Plan, effective as of August 9, 2004, incorporated by reference to Exhibit 10.6.c of Form
10-K for the year ended December 31, 2004.</FONT></TD></TR>
<TR>
<TD HEIGHT="8"></TD>
<TD HEIGHT="8" COLSPAN="2"></TD></TR>
<TR>
<TD VALIGN="top" NOWRAP><FONT STYLE="font-family:Times New Roman" SIZE="2">10.1.d*</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="top"><FONT STYLE="font-family:Times New Roman" SIZE="2">Amendment No. 3 to the Cedar Shopping Centers, Inc. Senior Executive Deferred Compensation Plan, effective as of December 19, 2005, incorporated by reference to Exhibit 10.2 of Form
8-K filed on December 22, 2005.</FONT></TD></TR></TABLE>
 <p STYLE="margin-top:0px;margin-bottom:0px"><FONT SIZE="1">&nbsp;</FONT></P> <P STYLE="margin-top:0px;margin-bottom:0px" ALIGN="center"><FONT STYLE="font-family:Times New Roman" SIZE="2">106
</FONT></P>


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<h5 align="left"><a href="#toc">Table of Contents</a></h5>



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<TD WIDTH="92%"></TD></TR>

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<TD VALIGN="bottom" NOWRAP> <P STYLE="border-bottom:1px solid #000000;width:15pt"><FONT STYLE="font-family:Times New Roman" SIZE="1"><B>Item</B></FONT></P></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" NOWRAP STYLE="border-bottom:1px solid #000000"> <P STYLE="margin-top:0px;margin-bottom:1px"><FONT STYLE="font-family:Times New Roman" SIZE="1"><B>Title or Description</B></FONT></P></TD></TR>


<TR>
<TD HEIGHT="8"></TD>
<TD HEIGHT="8" COLSPAN="2"></TD></TR>
<TR>
<TD VALIGN="top" NOWRAP><FONT STYLE="font-family:Times New Roman" SIZE="2">10.1.e*</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="top"><FONT STYLE="font-family:Times New Roman" SIZE="2">Amendment No. 4 to the Cedar Shopping Centers, Inc. Senior Executive Deferred Compensation Plan, effective as of December 21, 2006, incorporated by reference to Exhibit 10.1.e of
Form 10-K for the year ended December 31, 2006.</FONT></TD></TR>
<TR>
<TD HEIGHT="8"></TD>
<TD HEIGHT="8" COLSPAN="2"></TD></TR>
<TR>
<TD VALIGN="top" NOWRAP><FONT STYLE="font-family:Times New Roman" SIZE="2">10.1.f*</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="top"><FONT STYLE="font-family:Times New Roman" SIZE="2">Amendment No. 5 to the Cedar Shopping Centers, Inc. Senior Executive Deferred Compensation Plan, effective as of December 11, 2007, incorporated by reference to Exhibit 10.1.f of
Form 10-K for the year ended December 31, 2007.</FONT></TD></TR>
<TR>
<TD HEIGHT="8"></TD>
<TD HEIGHT="8" COLSPAN="2"></TD></TR>
<TR>
<TD VALIGN="top" NOWRAP><FONT STYLE="font-family:Times New Roman" SIZE="2">10.1.g*</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="top"><FONT STYLE="font-family:Times New Roman" SIZE="2">Amendment No. 6 to the Cedar Shopping Centers, Inc. Senior Executive Deferred Compensation Plan, effective as of December 14, 2011.</FONT></TD></TR>
<TR>
<TD HEIGHT="8"></TD>
<TD HEIGHT="8" COLSPAN="2"></TD></TR>
<TR>
<TD VALIGN="top" NOWRAP><FONT STYLE="font-family:Times New Roman" SIZE="2">10.2.a*</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="top"><FONT STYLE="font-family:Times New Roman" SIZE="2">2005 Cedar Shopping Centers, Inc. Deferred Compensation Plan, incorporated by reference to Exhibit 10.1 of Form 8-K filed on December 22, 2005.</FONT></TD></TR>
<TR>
<TD HEIGHT="8"></TD>
<TD HEIGHT="8" COLSPAN="2"></TD></TR>
<TR>
<TD VALIGN="top" NOWRAP><FONT STYLE="font-family:Times New Roman" SIZE="2">10.2.b*</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="top"><FONT STYLE="font-family:Times New Roman" SIZE="2">Amendment No. 1 to the 2005 Cedar Shopping Centers, Inc. Deferred Compensation Plan, effective as of December 21, 2006, incorporated by reference to Exhibit 10.2.b of Form 10-K for
the year ended December 31, 2006.</FONT></TD></TR>
<TR>
<TD HEIGHT="8"></TD>
<TD HEIGHT="8" COLSPAN="2"></TD></TR>
<TR>
<TD VALIGN="top" NOWRAP><FONT STYLE="font-family:Times New Roman" SIZE="2">10.2.c*</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="top"><FONT STYLE="font-family:Times New Roman" SIZE="2">Amendment No. 2 to the 2005 Cedar Shopping Centers, Inc. Deferred Compensation Plan, effective as of December 11, 2007, incorporated by reference to Exhibit 10.2.c of Form 10-K for
the year ended December 31, 2007.</FONT></TD></TR>
<TR>
<TD HEIGHT="8"></TD>
<TD HEIGHT="8" COLSPAN="2"></TD></TR>
<TR>
<TD VALIGN="top" NOWRAP><FONT STYLE="font-family:Times New Roman" SIZE="2">10.2.d*</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="top"><FONT STYLE="font-family:Times New Roman" SIZE="2">Amendment No. 3 to the 2005 Cedar Shopping Centers, Inc. Deferred Compensation Plan, effective as of December 16, 2008, incorporated by reference to Exhibit 10.2.d of Form 10-K for
the year ended December 31, 2008.</FONT></TD></TR>
<TR>
<TD HEIGHT="8"></TD>
<TD HEIGHT="8" COLSPAN="2"></TD></TR>
<TR>
<TD VALIGN="top" NOWRAP><FONT STYLE="font-family:Times New Roman" SIZE="2">10.2.e*</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="top"><FONT STYLE="font-family:Times New Roman" SIZE="2">Amendment No. 4 to the 2005 Cedar Shopping Centers, Inc. Deferred Compensation Plan, effective as of June 30, 2011, incorporated by reference to Exhibit 10.4 of Form 10-Q for the
quarterly period ended September 30, 2011.</FONT></TD></TR>
<TR>
<TD HEIGHT="8"></TD>
<TD HEIGHT="8" COLSPAN="2"></TD></TR>
<TR>
<TD VALIGN="top" NOWRAP><FONT STYLE="font-family:Times New Roman" SIZE="2">10.2.f*</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="top"><FONT STYLE="font-family:Times New Roman" SIZE="2">Amendment No. 5 to the 2005 Cedar Shopping Centers, Inc. Deferred Compensation Plan, effective as of December 14, 2011.</FONT></TD></TR>
<TR>
<TD HEIGHT="8"></TD>
<TD HEIGHT="8" COLSPAN="2"></TD></TR>
<TR>
<TD VALIGN="top" NOWRAP><FONT STYLE="font-family:Times New Roman" SIZE="2">10.3.a*</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="top"><FONT STYLE="font-family:Times New Roman" SIZE="2">Employment Agreement between Cedar Shopping Centers, Inc. and Philip R. Mays, dated as of May 24, 2011, incorporated by reference to Exhibit 10.1 of Form 10-Q for the quarterly
period ended June 30, 2011.</FONT></TD></TR>
<TR>
<TD HEIGHT="8"></TD>
<TD HEIGHT="8" COLSPAN="2"></TD></TR>
<TR>
<TD VALIGN="top" NOWRAP><FONT STYLE="font-family:Times New Roman" SIZE="2">10.3.b*</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="top"><FONT STYLE="font-family:Times New Roman" SIZE="2">Employment Agreement between Cedar Shopping Centers, Inc. and Bruce J. Schanzer, dated as of May 31, 2011, incorporated by reference to Exhibit 10.2 of Form 10-Q for the quarterly
period ended June 30, 2011.</FONT></TD></TR>
<TR>
<TD HEIGHT="8"></TD>
<TD HEIGHT="8" COLSPAN="2"></TD></TR>
<TR>
<TD VALIGN="top" NOWRAP><FONT STYLE="font-family:Times New Roman" SIZE="2">10.3.c*</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="top"><FONT STYLE="font-family:Times New Roman" SIZE="2">Letter Agreement between Cedar Shopping Centers, Inc. and Lawrence E. Kreider, Jr., dated as of June 1, 2011, incorporated by reference to Exhibit 10.3 of Form 10-Q for the
quarterly period ended June 30, 2011.</FONT></TD></TR>
<TR>
<TD HEIGHT="8"></TD>
<TD HEIGHT="8" COLSPAN="2"></TD></TR>
<TR>
<TD VALIGN="top" NOWRAP><FONT STYLE="font-family:Times New Roman" SIZE="2">10.3.d*</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="top"><FONT STYLE="font-family:Times New Roman" SIZE="2">Letter Agreement between Cedar Shopping Centers, Inc. and Leo S. Ullman, dated as of June 9, 2011, incorporated by reference to Exhibit 10.4 of Form 10-Q for the quarterly period
ended June 30, 2011.</FONT></TD></TR>
<TR>
<TD HEIGHT="8"></TD>
<TD HEIGHT="8" COLSPAN="2"></TD></TR>
<TR>
<TD VALIGN="top" NOWRAP><FONT STYLE="font-family:Times New Roman" SIZE="2">10.3.e*</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="top"><FONT STYLE="font-family:Times New Roman" SIZE="2">Amended and Restated Employment Agreement between Cedar Shopping Centers, Inc. and Brenda J. Walker, dated as of September 28, 2011, incorporated by reference to Exhibit 10.2 of
Form 10-Q for the quarterly period ended September 30, 2011.</FONT></TD></TR>
<TR>
<TD HEIGHT="8"></TD>
<TD HEIGHT="8" COLSPAN="2"></TD></TR>
<TR>
<TD VALIGN="top" NOWRAP><FONT STYLE="font-family:Times New Roman" SIZE="2">10.3.f*</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="top"><FONT STYLE="font-family:Times New Roman" SIZE="2">Consulting Agreement between Cedar Shopping Centers, Inc. and Frank C. Ullman, dated as of January 13, 2011, incorporated by reference to Exhibit 10.1 of Form 8-K filed on January
20, 2011.</FONT></TD></TR>
<TR>
<TD HEIGHT="8"></TD>
<TD HEIGHT="8" COLSPAN="2"></TD></TR>
<TR>
<TD VALIGN="top" NOWRAP><FONT STYLE="font-family:Times New Roman" SIZE="2">10.3.g*</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="top"><FONT STYLE="font-family:Times New Roman" SIZE="2">Termination of Consulting Agreement between Cedar Shopping Centers, Inc. and Frank C. Ullman, dated August 24, 2011.</FONT></TD></TR>
<TR>
<TD HEIGHT="8"></TD>
<TD HEIGHT="8" COLSPAN="2"></TD></TR>
<TR>
<TD VALIGN="top" NOWRAP><FONT STYLE="font-family:Times New Roman" SIZE="2">10.4</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="top"><FONT STYLE="font-family:Times New Roman" SIZE="2">Amended, Restated and Consolidated Loan Agreement (the &#147;Loan Agreement&#148;) by and among Cedar Realty Trust Partnership, L.P., KeyBank, National Association, the other
lending institutions which are or may become parties to the Loan Agreement (the &#147;Lenders&#148;), and KeyBank National Association (as Administrative Agent), dated as of January 26, 2012.</FONT></TD></TR>
<TR>
<TD HEIGHT="8"></TD>
<TD HEIGHT="8" COLSPAN="2"></TD></TR>
<TR>
<TD VALIGN="top" NOWRAP><FONT STYLE="font-family:Times New Roman" SIZE="2">10.5.a</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="top"><FONT STYLE="font-family:Times New Roman" SIZE="2">Agreement Regarding Purchase of Partnership Interests By and Between Cedar Shopping Centers Partnership, L.P. and Homburg Holdings (U.S.) Inc. dated as of March 26, 2007,
incorporated by reference to Exhibit 10.4 of Form 10-Q for the quarterly period ended September 30, 2010.</FONT></TD></TR></TABLE>
 <p STYLE="margin-top:0px;margin-bottom:0px"><FONT SIZE="1">&nbsp;</FONT></P> <P STYLE="margin-top:0px;margin-bottom:0px" ALIGN="center"><FONT STYLE="font-family:Times New Roman" SIZE="2">107
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<h5 align="left"><a href="#toc">Table of Contents</a></h5>



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<TD VALIGN="bottom" NOWRAP> <P STYLE="border-bottom:1px solid #000000;width:15pt"><FONT STYLE="font-family:Times New Roman" SIZE="1"><B>Item</B></FONT></P></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" NOWRAP STYLE="border-bottom:1px solid #000000"> <P STYLE="margin-top:0px;margin-bottom:1px"><FONT STYLE="font-family:Times New Roman" SIZE="1"><B>Title or Description</B></FONT></P></TD></TR>


<TR>
<TD HEIGHT="8"></TD>
<TD HEIGHT="8" COLSPAN="2"></TD></TR>
<TR>
<TD VALIGN="top" NOWRAP><FONT STYLE="font-family:Times New Roman" SIZE="2">10.5.b</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="top"><FONT STYLE="font-family:Times New Roman" SIZE="2">First Amendment to Agreement Regarding Purchase of Partnership Interests dated as of June 29, 2007, incorporated by reference to Exhibit 10.1 of Form 8-K filed on December 12,
2007.</FONT></TD></TR>
<TR>
<TD HEIGHT="8"></TD>
<TD HEIGHT="8" COLSPAN="2"></TD></TR>
<TR>
<TD VALIGN="top" NOWRAP><FONT STYLE="font-family:Times New Roman" SIZE="2">10.5.c</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="top"><FONT STYLE="font-family:Times New Roman" SIZE="2">Second Amendment to Agreement Regarding Purchase of Partnership Interests dated as of October 31, 2007, incorporated by reference to Exhibit 10.2 of Form 8-K filed on December 12,
2007.</FONT></TD></TR>
<TR>
<TD HEIGHT="8"></TD>
<TD HEIGHT="8" COLSPAN="2"></TD></TR>
<TR>
<TD VALIGN="top" NOWRAP><FONT STYLE="font-family:Times New Roman" SIZE="2">10.6</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="top"><FONT STYLE="font-family:Times New Roman" SIZE="2">Voting Agreement dated February 13, 2008 among Cedar Shopping Centers, Inc., Inland American Real Estate Trust, Inc., Inland Investment Advisors, Inc. Inland Real Estate Investment
Corporation and The Inland Group, Inc., incorporated by reference to Exhibit 10.11 of Form 10-K for the year ended December 31, 2007.</FONT></TD></TR>
<TR>
<TD HEIGHT="8"></TD>
<TD HEIGHT="8" COLSPAN="2"></TD></TR>
<TR>
<TD VALIGN="top" NOWRAP><FONT STYLE="font-family:Times New Roman" SIZE="2">10.7.a</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="top"><FONT STYLE="font-family:Times New Roman" SIZE="2">Securities Purchase Agreement dated as of October 26, 2009, by and among Cedar Shopping Centers, Inc., Cedar Shopping Centers Partnership L.P., RioCan Holdings USA Inc. and RioCan
Real Estate Investment Trust, incorporated by reference to Exhibit 10.6.a of Form 10-Q for the quarterly period ended September 30, 2010.</FONT></TD></TR>
<TR>
<TD HEIGHT="8"></TD>
<TD HEIGHT="8" COLSPAN="2"></TD></TR>
<TR>
<TD VALIGN="top" NOWRAP><FONT STYLE="font-family:Times New Roman" SIZE="2">10.7.a.i</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="top"><FONT STYLE="font-family:Times New Roman" SIZE="2">Amendment to Securities Purchase Agreement dated February 5, 2010, incorporated by reference to Exhibit 10.6.b of Form 10-Q for the quarterly period ended September 30,
2010.</FONT></TD></TR>
<TR>
<TD HEIGHT="8"></TD>
<TD HEIGHT="8" COLSPAN="2"></TD></TR>
<TR>
<TD VALIGN="top" NOWRAP><FONT STYLE="font-family:Times New Roman" SIZE="2">10.7.a.ii</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="top"><FONT STYLE="font-family:Times New Roman" SIZE="2">Amendment to Securities Purchase Agreement dated February 26, 2010, incorporated by reference to Exhibit 10.6.c of Form 10-Q for the quarterly period ended September 30,
2010.</FONT></TD></TR>
<TR>
<TD HEIGHT="8"></TD>
<TD HEIGHT="8" COLSPAN="2"></TD></TR>
<TR>
<TD VALIGN="top" NOWRAP><FONT STYLE="font-family:Times New Roman" SIZE="2">10.7.b</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="top"><FONT STYLE="font-family:Times New Roman" SIZE="2">Agreement regarding purchase of Partnership Interests dated October 26, 2009 between Cedar Shopping Centers, Inc. and RioCan Holdings USA Inc., incorporated by reference to Exhibit
10.7 of Form 10-Q for the quarterly period ended September 30, 2010.</FONT></TD></TR>
<TR>
<TD HEIGHT="13"></TD>
<TD HEIGHT="13" COLSPAN="2"></TD></TR>
<TR>
<TD VALIGN="top" NOWRAP><FONT STYLE="font-family:Times New Roman" SIZE="2">21.1</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="top"><FONT STYLE="font-family:Times New Roman" SIZE="2">List of Subsidiaries of the Registrant</FONT></TD></TR>
<TR>
<TD HEIGHT="8"></TD>
<TD HEIGHT="8" COLSPAN="2"></TD></TR>
<TR>
<TD VALIGN="top" NOWRAP><FONT STYLE="font-family:Times New Roman" SIZE="2">23.1</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="top"><FONT STYLE="font-family:Times New Roman" SIZE="2">Consent of Ernst &amp; Young LLP, Independent Registered Public Accounting Firm</FONT></TD></TR>
<TR>
<TD HEIGHT="8"></TD>
<TD HEIGHT="8" COLSPAN="2"></TD></TR>
<TR>
<TD VALIGN="top" NOWRAP><FONT STYLE="font-family:Times New Roman" SIZE="2">31.1</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="top"><FONT STYLE="font-family:Times New Roman" SIZE="2">Section 302 Chief Executive Officer Certification</FONT></TD></TR>
<TR>
<TD HEIGHT="8"></TD>
<TD HEIGHT="8" COLSPAN="2"></TD></TR>
<TR>
<TD VALIGN="top" NOWRAP><FONT STYLE="font-family:Times New Roman" SIZE="2">31.2</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="top"><FONT STYLE="font-family:Times New Roman" SIZE="2">Section 302 Chief Financial Officer Certification</FONT></TD></TR>
<TR>
<TD HEIGHT="8"></TD>
<TD HEIGHT="8" COLSPAN="2"></TD></TR>
<TR>
<TD VALIGN="top" NOWRAP><FONT STYLE="font-family:Times New Roman" SIZE="2">32.1</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="top"><FONT STYLE="font-family:Times New Roman" SIZE="2">Section 906 Chief Executive Officer Certification</FONT></TD></TR>
<TR>
<TD HEIGHT="8"></TD>
<TD HEIGHT="8" COLSPAN="2"></TD></TR>
<TR>
<TD VALIGN="top" NOWRAP><FONT STYLE="font-family:Times New Roman" SIZE="2">32.2</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="top"><FONT STYLE="font-family:Times New Roman" SIZE="2">Section 906 Chief Financial Officer Certification</FONT></TD></TR>
<TR>
<TD HEIGHT="8"></TD>
<TD HEIGHT="8" COLSPAN="2"></TD></TR>
<TR>
<TD VALIGN="top" NOWRAP><FONT STYLE="font-family:Times New Roman" SIZE="2">101.INS</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="top"><FONT STYLE="font-family:Times New Roman" SIZE="2">XBRL Instance Document</FONT></TD></TR>
<TR>
<TD HEIGHT="8"></TD>
<TD HEIGHT="8" COLSPAN="2"></TD></TR>
<TR>
<TD VALIGN="top" NOWRAP><FONT STYLE="font-family:Times New Roman" SIZE="2">101.SCH</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="top"><FONT STYLE="font-family:Times New Roman" SIZE="2">XBRL Taxonomy Extension Schema Document</FONT></TD></TR>
<TR>
<TD HEIGHT="8"></TD>
<TD HEIGHT="8" COLSPAN="2"></TD></TR>
<TR>
<TD VALIGN="top" NOWRAP><FONT STYLE="font-family:Times New Roman" SIZE="2">101.CAL</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="top"><FONT STYLE="font-family:Times New Roman" SIZE="2">XBRL Taxonomy Extension Calculation Linkbase Document</FONT></TD></TR>
<TR>
<TD HEIGHT="8"></TD>
<TD HEIGHT="8" COLSPAN="2"></TD></TR>
<TR>
<TD VALIGN="top" NOWRAP><FONT STYLE="font-family:Times New Roman" SIZE="2">101.DEF</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="top"><FONT STYLE="font-family:Times New Roman" SIZE="2">XBRL Taxonomy Extension Definition Linkbase Document</FONT></TD></TR>
<TR>
<TD HEIGHT="8"></TD>
<TD HEIGHT="8" COLSPAN="2"></TD></TR>
<TR>
<TD VALIGN="top" NOWRAP><FONT STYLE="font-family:Times New Roman" SIZE="2">101.LAB</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="top"><FONT STYLE="font-family:Times New Roman" SIZE="2">XBRL Taxonomy Extension Label Linkbase Document</FONT></TD></TR>
<TR>
<TD HEIGHT="8"></TD>
<TD HEIGHT="8" COLSPAN="2"></TD></TR>
<TR>
<TD VALIGN="top" NOWRAP><FONT STYLE="font-family:Times New Roman" SIZE="2">101.PRE</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="top"><FONT STYLE="font-family:Times New Roman" SIZE="2">XBRL Taxonomy Extension Presentation Linkbase Document</FONT></TD></TR>
</TABLE> <P STYLE="line-height:8px;margin-top:0px;margin-bottom:2px;border-bottom:0.5pt solid #000000;width:10%">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR>
<TD WIDTH="4%" VALIGN="top" ALIGN="left"><FONT STYLE="font-family:Times New Roman" SIZE="2">*</FONT></TD>
<TD ALIGN="left" VALIGN="top"><FONT STYLE="font-family:Times New Roman" SIZE="2">Management contracts or compensatory plans required to be filed pursuant to Rule 601 of Regulation S-K. </FONT></TD></TR></TABLE>
<P STYLE="font-size:10px;margin-top:0px;margin-bottom:0px">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR>
<TD WIDTH="4%" VALIGN="top" ALIGN="left"><FONT STYLE="font-family:Times New Roman" SIZE="2">(b)</FONT></TD>
<TD ALIGN="left" VALIGN="top"><FONT STYLE="font-family:Times New Roman" SIZE="2">Exhibits </FONT></TD></TR></TABLE> <P STYLE="margin-top:10px;margin-bottom:0px; text-indent:4%"><FONT STYLE="font-family:Times New Roman" SIZE="2">The response to this
portion of Item&nbsp;15 is included in Item&nbsp;15(a) (3)&nbsp;above. </FONT></P> <P STYLE="font-size:10px;margin-top:0px;margin-bottom:0px">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR>
<TD WIDTH="4%" VALIGN="top" ALIGN="left"><FONT STYLE="font-family:Times New Roman" SIZE="2">(c)</FONT></TD>
<TD ALIGN="left" VALIGN="top"><FONT STYLE="font-family:Times New Roman" SIZE="2">The following financial statement schedules are filed as part of the report: </FONT></TD></TR></TABLE> <P STYLE="margin-top:10px;margin-bottom:0px; text-indent:4%"><FONT
STYLE="font-family:Times New Roman" SIZE="2">The response to this portion of Item&nbsp;15 is included in Item&nbsp;15(a) (2)&nbsp;above. </FONT></P>
 <p STYLE="margin-top:0px;margin-bottom:0px"><FONT SIZE="1">&nbsp;</FONT></P> <P STYLE="margin-top:0px;margin-bottom:0px" ALIGN="center"><FONT STYLE="font-family:Times New Roman" SIZE="2">108
</FONT></P>


<p Style='page-break-before:always'>
<HR  SIZE="3" style="COLOR:#999999" WIDTH="100%" ALIGN="CENTER">
<h5 align="left"><a href="#toc">Table of Contents</a></h5>


 <P STYLE="margin-top:0px;margin-bottom:0px" ALIGN="center"><FONT STYLE="font-family:Times New Roman" SIZE="2"><B>SIGNATURES </B></FONT></P> <P STYLE="margin-top:10px;margin-bottom:0px" ALIGN="justify"><FONT
STYLE="font-family:Times New Roman" SIZE="2">Pursuant to the requirements of Section&nbsp;13 or 15(d) of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned thereunto duly
authorized. </FONT></P> <P STYLE="margin-top:10px;margin-bottom:0px" ALIGN="center"><FONT STYLE="font-family:Times New Roman" SIZE="2">CEDAR REALTY TRUST, INC. </FONT></P> <P STYLE="font-size:10px;margin-top:0px;margin-bottom:0px">&nbsp;</P>
<TABLE CELLSPACING="0" CELLPADDING="0" WIDTH="100%" BORDER="0" STYLE="BORDER-COLLAPSE:COLLAPSE">


<TR>
<TD WIDTH="47%"></TD>
<TD VALIGN="bottom" WIDTH="1%"></TD>
<TD WIDTH="4%"></TD>
<TD VALIGN="bottom" WIDTH="1%"></TD>
<TD WIDTH="47%"></TD></TR>


<TR>
<TD HEIGHT="16"></TD>
<TD HEIGHT="16" COLSPAN="2"></TD>
<TD HEIGHT="16" COLSPAN="2"></TD></TR>
<TR>
<TD VALIGN="top" STYLE="border-bottom:1px solid #000000"> <P STYLE="margin-top:0px;margin-bottom:1px" ALIGN="justify"><FONT STYLE="font-family:Times New Roman" SIZE="2">/s/ BRUCE J. SCHANZER</FONT></P></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="top"></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="top" STYLE="border-bottom:1px solid #000000"> <P STYLE="margin-top:0px;margin-bottom:1px" ALIGN="justify"><FONT STYLE="font-family:Times New Roman" SIZE="2">/s/ PHILIP R. MAYS</FONT></P></TD></TR>
<TR>
<TD VALIGN="top"> <P ALIGN="justify"><FONT STYLE="font-family:Times New Roman" SIZE="2">Bruce J. Schanzer</FONT></P></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="top"></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="top"> <P ALIGN="justify"><FONT STYLE="font-family:Times New Roman" SIZE="2">Philip R. Mays</FONT></P></TD></TR>
<TR>
<TD VALIGN="top"> <P ALIGN="justify"><FONT STYLE="font-family:Times New Roman" SIZE="2">President</FONT></P></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"> <P ALIGN="justify"><FONT STYLE="font-family:Times New Roman" SIZE="2">Chief Financial Officer</FONT></P></TD></TR>
<TR>
<TD VALIGN="top"> <P ALIGN="justify"><FONT STYLE="font-family:Times New Roman" SIZE="2">(principal executive officer)</FONT></P></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"> <P ALIGN="justify"><FONT STYLE="font-family:Times New Roman" SIZE="2">(principal financial officer)</FONT></P></TD></TR>
<TR>
<TD HEIGHT="13"></TD>
<TD HEIGHT="13" COLSPAN="2"></TD>
<TD HEIGHT="13" COLSPAN="2"></TD></TR>
<TR>
<TD VALIGN="top" STYLE="BORDER-BOTTOM:1px solid #000000"> <P ALIGN="justify"><FONT STYLE="font-family:Times New Roman" SIZE="2">/s/ GASPARE J. SAITTA, II</FONT></P></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"></TD></TR>
<TR>
<TD VALIGN="top"> <P ALIGN="justify"><FONT STYLE="font-family:Times New Roman" SIZE="2">Gaspare J. Saitta, II</FONT></P></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"></TD></TR>
<TR>
<TD VALIGN="top"> <P STYLE="margin-top:0px;margin-bottom:0px" ALIGN="justify"><FONT STYLE="font-family:Times New Roman" SIZE="2">Chief Accounting Officer</FONT></P> <P STYLE="margin-top:0px;margin-bottom:1px" ALIGN="justify"><FONT
STYLE="font-family:Times New Roman" SIZE="2">(principal accounting officer)</FONT></P></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"></TD></TR>
</TABLE> <P STYLE="margin-top:10px;margin-bottom:0px"><FONT STYLE="font-family:Times New Roman" SIZE="2">March&nbsp;6, 2012 </FONT></P> <P STYLE="margin-top:10px;margin-bottom:0px" ALIGN="justify"><FONT
STYLE="font-family:Times New Roman" SIZE="2">Pursuant to the requirements of the Securities Exchange Act of 1934, this report has been signed by the following persons on behalf of the registrant and in the capacities and as of the date indicated.
</FONT></P> <P STYLE="font-size:10px;margin-top:0px;margin-bottom:0px">&nbsp;</P>
<TABLE CELLSPACING="0" CELLPADDING="0" WIDTH="100%" BORDER="0" STYLE="BORDER-COLLAPSE:COLLAPSE">


<TR>
<TD WIDTH="47%"></TD>
<TD VALIGN="bottom" WIDTH="1%"></TD>
<TD WIDTH="4%"></TD>
<TD VALIGN="bottom" WIDTH="1%"></TD>
<TD WIDTH="47%"></TD></TR>


<TR>
<TD VALIGN="top" STYLE="border-bottom:1px solid #000000"> <P STYLE="margin-top:0px;margin-bottom:1px" ALIGN="justify"><FONT STYLE="font-family:Times New Roman" SIZE="2">/s/ JAMES J. BURNS</FONT></P></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="top"></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" STYLE="border-bottom:1px solid #000000"> <P STYLE="margin-top:0px;margin-bottom:1px" ALIGN="justify"><FONT STYLE="font-family:Times New Roman" SIZE="2">/s/ RAGHUNATH DAVLOOR</FONT></P></TD></TR>
<TR>
<TD VALIGN="top"> <P ALIGN="justify"><FONT STYLE="font-family:Times New Roman" SIZE="2">James J. Burns</FONT></P></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="top"></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="top"> <P ALIGN="justify"><FONT STYLE="font-family:Times New Roman" SIZE="2">Raghunath Davloor</FONT></P></TD></TR>
<TR>
<TD VALIGN="top"> <P ALIGN="justify"><FONT STYLE="font-family:Times New Roman" SIZE="2">Director</FONT></P></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="top"></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="top"> <P ALIGN="justify"><FONT STYLE="font-family:Times New Roman" SIZE="2">Director</FONT></P></TD></TR>
</TABLE> <P STYLE="font-size:10px;margin-top:0px;margin-bottom:0px">&nbsp;</P>
<TABLE CELLSPACING="0" CELLPADDING="0" WIDTH="100%" BORDER="0" STYLE="BORDER-COLLAPSE:COLLAPSE">


<TR>
<TD WIDTH="47%"></TD>
<TD VALIGN="bottom" WIDTH="1%"></TD>
<TD WIDTH="4%"></TD>
<TD VALIGN="bottom" WIDTH="1%"></TD>
<TD WIDTH="47%"></TD></TR>


<TR>
<TD VALIGN="top" STYLE="border-bottom:1px solid #000000"> <P STYLE="margin-top:0px;margin-bottom:1px" ALIGN="justify"><FONT STYLE="font-family:Times New Roman" SIZE="2">/s/ PAMELA N. HOOTKIN</FONT></P></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="top"></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" STYLE="border-bottom:1px solid #000000"> <P STYLE="margin-top:0px;margin-bottom:1px" ALIGN="justify"><FONT STYLE="font-family:Times New Roman" SIZE="2">/s/ PAUL G. KIRK, JR</FONT></P></TD></TR>
<TR>
<TD VALIGN="top"> <P ALIGN="justify"><FONT STYLE="font-family:Times New Roman" SIZE="2">Pamela N. Hootkin</FONT></P></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="top"></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="top"> <P ALIGN="justify"><FONT STYLE="font-family:Times New Roman" SIZE="2">Paul G. Kirk, Jr.</FONT></P></TD></TR>
<TR>
<TD VALIGN="top"> <P ALIGN="justify"><FONT STYLE="font-family:Times New Roman" SIZE="2">Director</FONT></P></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="top"></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="top"> <P ALIGN="justify"><FONT STYLE="font-family:Times New Roman" SIZE="2">Director</FONT></P></TD></TR>
</TABLE> <P STYLE="font-size:10px;margin-top:0px;margin-bottom:0px">&nbsp;</P>
<TABLE CELLSPACING="0" CELLPADDING="0" WIDTH="100%" BORDER="0" STYLE="BORDER-COLLAPSE:COLLAPSE">


<TR>
<TD WIDTH="47%"></TD>
<TD VALIGN="bottom" WIDTH="1%"></TD>
<TD WIDTH="4%"></TD>
<TD VALIGN="bottom" WIDTH="1%"></TD>
<TD WIDTH="47%"></TD></TR>


<TR>
<TD VALIGN="top" STYLE="border-bottom:1px solid #000000"> <P STYLE="margin-top:0px;margin-bottom:1px" ALIGN="justify"><FONT STYLE="font-family:Times New Roman" SIZE="2">/s/ EVERETT B. MILLER, III</FONT></P></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="top"></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" STYLE="border-bottom:1px solid #000000"> <P STYLE="margin-top:0px;margin-bottom:1px" ALIGN="justify"><FONT STYLE="font-family:Times New Roman" SIZE="2">/s/ BRUCE J. SCHANZER</FONT></P></TD></TR>
<TR>
<TD VALIGN="top"> <P ALIGN="justify"><FONT STYLE="font-family:Times New Roman" SIZE="2">Everett B. Miller, III</FONT></P></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="top"></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="top"> <P ALIGN="justify"><FONT STYLE="font-family:Times New Roman" SIZE="2">Bruce J. Schanzer</FONT></P></TD></TR>
<TR>
<TD VALIGN="top"> <P ALIGN="justify"><FONT STYLE="font-family:Times New Roman" SIZE="2">Director</FONT></P></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="top"></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="top"> <P ALIGN="justify"><FONT STYLE="font-family:Times New Roman" SIZE="2">Director</FONT></P></TD></TR>
<TR>
<TD HEIGHT="13"></TD>
<TD HEIGHT="13" COLSPAN="2"></TD>
<TD HEIGHT="13" COLSPAN="2"></TD></TR>
<TR>
<TD VALIGN="top" STYLE="BORDER-BOTTOM:1px solid #000000"> <P STYLE="margin-left:1.00em; text-indent:-1.00em"><FONT STYLE="font-family:Times New Roman" SIZE="2">/s/ ROGER M. WIDMANN</FONT></P></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"></TD></TR>
<TR>
<TD VALIGN="top"> <P STYLE="margin-top:0px;margin-bottom:0px" ALIGN="justify"><FONT STYLE="font-family:Times New Roman" SIZE="2">Roger M. Widmann</FONT></P> <P STYLE="margin-top:0px;margin-bottom:1px" ALIGN="justify"><FONT
STYLE="font-family:Times New Roman" SIZE="2">Director</FONT></P></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"></TD></TR>
</TABLE> <P STYLE="margin-top:10px;margin-bottom:0px"><FONT STYLE="font-family:Times New Roman" SIZE="2">March&nbsp;6, 2012 </FONT></P>
 <p STYLE="margin-top:0px;margin-bottom:0px"><FONT SIZE="1">&nbsp;</FONT></P> <P STYLE="margin-top:0px;margin-bottom:0px" ALIGN="center"><FONT STYLE="font-family:Times New Roman" SIZE="2">109
</FONT></P>

</BODY></HTML>
</TEXT>
</DOCUMENT>
<DOCUMENT>
<TYPE>EX-3.1
<SEQUENCE>2
<FILENAME>d305538dex31.htm
<DESCRIPTION>EX-3.1
<TEXT>
<HTML><HEAD>
<TITLE>EX-3.1</TITLE>
</HEAD>
 <BODY BGCOLOR="WHITE">


 <P STYLE="margin-top:0px;margin-bottom:0px" ALIGN="right"><FONT STYLE="font-family:Times New Roman" SIZE="2"><B>Exhibit 3.1 </B></FONT></P> <P STYLE="margin-top:10px;margin-bottom:0px" ALIGN="center"><FONT
STYLE="font-family:Times New Roman" SIZE="2"><B>Exhibit 3.1a </B></FONT></P> <P STYLE="margin-top:10px;margin-bottom:0px" ALIGN="center"><FONT STYLE="font-family:Times New Roman" SIZE="2"><B>ARTICLES OF INCORPORATION </B></FONT></P>
<P STYLE="margin-top:0px;margin-bottom:0px" ALIGN="center"><FONT STYLE="font-family:Times New Roman" SIZE="2"><B>OF </B></FONT></P>
<P STYLE="margin-top:0px;margin-bottom:0px" ALIGN="center"><FONT STYLE="font-family:Times New Roman" SIZE="2"><B>CEDAR INCOME FUND, LTD. </B></FONT></P>
<P STYLE="margin-top:10px;margin-bottom:0px"><FONT STYLE="font-family:Times New Roman" SIZE="2">I, THE UNDERSIGNED, JAMES T. CUNNINGHAM, whose post-office address is c/o Stroock&nbsp;&amp; Stroock&nbsp;&amp; Lavan LLP, 180 Maiden Lane, New York, New
York 10038, being at least eighteen years of age, do hereby form a corporation, under and by virtue of the General Laws of the State of Maryland authorizing the formation of corporations. </FONT></P>
<P STYLE="margin-top:10px;margin-bottom:0px" ALIGN="center"><FONT STYLE="font-family:Times New Roman" SIZE="2"><B>ARTICLE I </B></FONT></P>
<P STYLE="margin-top:10px;margin-bottom:0px" ALIGN="center"><FONT STYLE="font-family:Times New Roman" SIZE="2"><B>Name </B></FONT></P> <P STYLE="margin-top:10px;margin-bottom:0px"><FONT STYLE="font-family:Times New Roman" SIZE="2">The name of the
Corporation shall be Cedar Income Fund, Ltd. (the &#147;Corporation&#148;). </FONT></P> <P STYLE="margin-top:10px;margin-bottom:0px" ALIGN="center"><FONT STYLE="font-family:Times New Roman" SIZE="2"><B>ARTICLE II </B></FONT></P>
<P STYLE="margin-top:10px;margin-bottom:0px" ALIGN="center"><FONT STYLE="font-family:Times New Roman" SIZE="2"><B>Principal Office, Registered Office and Agent </B></FONT></P> <P STYLE="margin-top:10px;margin-bottom:0px"><FONT
STYLE="font-family:Times New Roman" SIZE="2">The address of the Corporation&#146;s principal office in Maryland is c/o The Corporation Trust, Incorporated, 300 East Lombard Street, Baltimore, Maryland 21202. The address of the Corporation&#146;s
principal office and registered office in the State of Maryland is 300 East Lombard Street, Baltimore, Maryland 21202. The name of its registered agent at that office is The Corporation Trust, Incorporated, a Maryland corporation. </FONT></P>
<P STYLE="margin-top:10px;margin-bottom:0px" ALIGN="center"><FONT STYLE="font-family:Times New Roman" SIZE="2"><B>ARTICLE III </B></FONT></P> <P STYLE="margin-top:10px;margin-bottom:0px" ALIGN="center"><FONT
STYLE="font-family:Times New Roman" SIZE="2"><B>Purposes </B></FONT></P> <P STYLE="margin-top:10px;margin-bottom:0px"><FONT STYLE="font-family:Times New Roman" SIZE="2">The purpose of the Corporation is to engage in any lawful act or activity for
which corporations may be organized under the General Corporation Law of Maryland as now or hereafter in force. </FONT></P> <P STYLE="margin-top:10px;margin-bottom:0px" ALIGN="center"><FONT STYLE="font-family:Times New Roman" SIZE="2"><B>ARTICLE IV
</B></FONT></P> <P STYLE="margin-top:10px;margin-bottom:0px" ALIGN="center"><FONT STYLE="font-family:Times New Roman" SIZE="2"><B>Capital Stock </B></FONT></P> <P STYLE="margin-top:10px;margin-bottom:0px"><FONT
STYLE="font-family:Times New Roman" SIZE="2">A. Authorized Shares. The total number of shares of all classes of capital stock that the Corporation shall have authority to issue is 55&nbsp;million shares, consisting of 50&nbsp;million shares of
Common Stock with a par value of $.01 per share (the &#147;Common Stock&#148;), amounting in the aggregate to par value of $500,000, and 5&nbsp;million shares of Preferred Stock with a par value of $.01 per share (the &#147;Preferred Stock&#148;),
amounting in the aggregate to par value of $50,000. </FONT></P>

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 <P STYLE="margin-top:10px;margin-bottom:0px"><FONT STYLE="font-family:Times New Roman" SIZE="2">B. Common Stock </FONT></P> <P STYLE="margin-top:10px;margin-bottom:0px"><FONT
STYLE="font-family:Times New Roman" SIZE="2">1. Dividend Rights. Subject to the preferential dividend rights of the Preferred Stock, if any, as may be determined by the Board of Directors of the Corporation pursuant to paragraph C of this Article
IV, Holders (as defined below) shall be entitled to receive such dividends as may be declared by the Board of Directors of the Corporation. Upon the declaration of dividends hereunder, Holders shall be entitled to share in all such dividends, pro
rata, in accordance with the relative number of shares of Common Stock held by each such Holder. </FONT></P> <P STYLE="margin-top:10px;margin-bottom:0px"><FONT STYLE="font-family:Times New Roman" SIZE="2">2. Rights Upon Liquidation. Subject to the
preferential rights of the Preferred Stock, if any, as may be determined by the Board of Directors of the Corporation pursuant to paragraph C of this Article IV, in the event of any voluntary or involuntary liquidation, dissolution or winding up of,
or any distribution of the assets of, the Corporation, each Holder shall be entitled to receive, ratably with each other Holder, that portion of the assets of the Corporation available for distribution to its stockholders as the number of shares of
the Common Stock held by such Holder bears to the total number of shares of Common Stock then outstanding. </FONT></P> <P STYLE="margin-top:10px;margin-bottom:0px"><FONT STYLE="font-family:Times New Roman" SIZE="2">3. Voting Rights. Each Holder
shall be entitled to vote on all matters (on which a holder of Common Stock shall be entitled to vote), and shall be entitled to one vote for each share of the Common Stock held by such Holder. </FONT></P>
<P STYLE="margin-top:10px;margin-bottom:0px"><FONT STYLE="font-family:Times New Roman" SIZE="2">4. Restrictions on Ownership and Transfer to Preserve Tax Benefit. </FONT></P> <P STYLE="margin-top:10px;margin-bottom:0px"><FONT
STYLE="font-family:Times New Roman" SIZE="2">(a) Definitions </FONT></P> <P STYLE="margin-top:10px;margin-bottom:0px"><FONT STYLE="font-family:Times New Roman" SIZE="2">For the purposes of this Article IV, the following terms shall have the
following meanings: </FONT></P> <P STYLE="margin-top:10px;margin-bottom:0px"><FONT STYLE="font-family:Times New Roman" SIZE="2">&#147;Act&#148; shall mean the General Corporation Law of Maryland. </FONT></P>
<P STYLE="margin-top:10px;margin-bottom:0px"><FONT STYLE="font-family:Times New Roman" SIZE="2">&#147;Beneficial Ownership&#148; shall mean ownership of Common Stock by a Person who would be treated as an owner of such shares of Common Stock either
directly or constructively through the application of Section&nbsp;544 of the Code, as modified by Section&nbsp;856(h) of the Code. The terms &#147;Beneficial Owner,&#148; &#147;Beneficially Owns&#148; and &#147;Beneficially Owned&#148; shall have
the correlative meanings. </FONT></P> <P STYLE="margin-top:10px;margin-bottom:0px"><FONT STYLE="font-family:Times New Roman" SIZE="2">&#147;Charitable Trust&#148; shall mean the trust created pursuant to subparagraph B(4)(c)(i) of this Article IV.
</FONT></P> <P STYLE="margin-top:10px;margin-bottom:0px"><FONT STYLE="font-family:Times New Roman" SIZE="2">&#147;Code&#148; shall mean the Internal Revenue Code of 1986, as amended from time to time. </FONT></P>
 <p STYLE="margin-top:0px;margin-bottom:0px"><FONT SIZE="1">&nbsp;</FONT></P> <P STYLE="margin-top:0px;margin-bottom:0px" ALIGN="center"><FONT STYLE="font-family:Times New Roman" SIZE="2">2 </FONT></P>


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 <P STYLE="margin-top:10px;margin-bottom:0px"><FONT STYLE="font-family:Times New Roman" SIZE="2">&#147;Constructive Ownership&#148; shall mean ownership of Common Stock by a Person who would be treated as
an owner of such shares of Common Stock either directly or constructively through the application of Section&nbsp;318 of the Code, as modified by Section&nbsp;856(d)(5) of the Code. The terms &#147;Constructive Owner,&#148; &#147;Constructively
Owns&#148; and &#147;Constructively Owned&#148; shall have the correlative meanings. </FONT></P> <P STYLE="margin-top:10px;margin-bottom:0px"><FONT STYLE="font-family:Times New Roman" SIZE="2">&#147;Date of the Merger&#148; shall mean the latter of
the Merger and the redemption of shares of Common Stock held by Cedar Bay Company in exchange for Units. </FONT></P> <P STYLE="margin-top:10px;margin-bottom:0px"><FONT STYLE="font-family:Times New Roman" SIZE="2">&#147;Existing Holder&#148; shall
mean (i)&nbsp;Cedar Bay Company and (ii)&nbsp;any Person (other than another Existing Holder) to whom an Existing Holder transfers Beneficial Ownership of Common Stock causing such transferee to Beneficially Own Common Stock in excess of the
Ownership Limit. </FONT></P> <P STYLE="margin-top:10px;margin-bottom:0px"><FONT STYLE="font-family:Times New Roman" SIZE="2">&#147;Existing Holder Limit&#148; (i)&nbsp;for any Existing Holder who is an Existing Holder by virtue of clause (i)&nbsp;of
the definition thereof, shall mean, initially, the percentage of Common Stock Beneficially Owned by such Person immediately after the Merger, and after any adjustment pursuant to subparagraph B(4)(i) of this Article IV, shall mean such percentage of
the outstanding Common Stock as so adjusted; and (ii)&nbsp;for any Existing Holder who becomes an Existing Holder by virtue of clause (ii)&nbsp;of the definition thereof, shall mean, initially, the percentage of the outstanding Common Stock
Beneficially Owned by such Existing Holder at the time that such Existing Holder becomes an Existing Holder, and after any adjustment pursuant to subparagraph B(4)(i) of this Article IV, shall mean such percentage of the outstanding Common Stock as
so adjusted; provided, however, that the Existing Holding Limits for all Existing Holders when combined shall not exceed 85% of the Corporation&#146;s Common Stock. For purposes of determining the Existing Holder Limit, the amount of Common Stock
outstanding at the time of the determination shall be deemed to include the maximum number of shares that Existing Holders may beneficially own with respect to options and rights to convert Units into Common Stock pursuant to Section&nbsp;8.6 of the
Partnership Agreement and shall not include shares that may be Beneficially Owned solely by other persons upon exercise of options or rights to convert into Common Stock. From the Date of the Merger and prior to the Restriction Termination Date, the
Secretary of the Corporation shall maintain and, upon request, make available to each Existing Holder, a schedule which sets forth the then current Existing Holder Limits for each Existing Holder. </FONT></P>
<P STYLE="margin-top:10px;margin-bottom:0px"><FONT STYLE="font-family:Times New Roman" SIZE="2">&#147;Holder&#148; shall mean the record holder of shares of Common Stock, or in the case of shares held by a Purported Record Transferee, the Charitable
Trust. </FONT></P> <P STYLE="margin-top:10px;margin-bottom:0px"><FONT STYLE="font-family:Times New Roman" SIZE="2">&#147;IRS&#148; shall mean the United States Internal Revenue Service. </FONT></P>
 <p STYLE="margin-top:0px;margin-bottom:0px"><FONT SIZE="1">&nbsp;</FONT></P> <P STYLE="margin-top:0px;margin-bottom:0px" ALIGN="center"><FONT STYLE="font-family:Times New Roman" SIZE="2">3 </FONT></P>


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 <P STYLE="margin-top:10px;margin-bottom:0px"><FONT STYLE="font-family:Times New Roman" SIZE="2">&#147;Market Price&#148; shall mean the last reported sales price reported on the New York Stock Exchange
of Common Stock on the trading day immediately preceding the relevant date, or if the Common Stock is not then traded on the New York Stock Exchange, the last reported sales price of the Common Stock on the trading day immediately preceding the
relevant date as reported on any exchange or quotation system over which the Common Stock may be traded, or if the Common Stock is not then traded over any exchange or quotation system, then the market price of the Common Stock on the relevant date
as determined in good faith by the Board of Directors of the Corporation. </FONT></P> <P STYLE="margin-top:10px;margin-bottom:0px"><FONT STYLE="font-family:Times New Roman" SIZE="2">&#147;Merger&#148; shall mean the merger of Cedar Income Fund,
Ltd., an Iowa corporation, with and into the Corporation, its wholly-owned subsidiary. </FONT></P> <P STYLE="margin-top:10px;margin-bottom:0px"><FONT STYLE="font-family:Times New Roman" SIZE="2">&#147;Ownership Limit&#148; shall initially mean 3.5%
of the outstanding Common Stock of the Corporation, and after any adjustment as set forth in subparagraph B(4)(i) of this Article IV, shall mean such greater percentage. </FONT></P> <P STYLE="margin-top:10px;margin-bottom:0px"><FONT
STYLE="font-family:Times New Roman" SIZE="2">&#147;Partner&#148; shall mean any Person owning Units. </FONT></P> <P STYLE="margin-top:10px;margin-bottom:0px"><FONT STYLE="font-family:Times New Roman" SIZE="2">&#147;Partnership&#148; shall mean Cedar
Income Fund Partnership, L.P., a Delaware limited partnership. </FONT></P> <P STYLE="margin-top:10px;margin-bottom:0px"><FONT STYLE="font-family:Times New Roman" SIZE="2">&#147;Partnership Agreement&#148; shall mean the Agreement of Limited
Partnership of the Partnership, of which the Corporation is the sole general partner, as such agreement may be amended from time to time. </FONT></P>
<P STYLE="margin-top:10px;margin-bottom:0px"><FONT STYLE="font-family:Times New Roman" SIZE="2">&#147;Person&#148; shall mean an individual, corporation, partnership, estate, trust, a portion of a trust permanently set aside for or to be used
exclusively for the purposes described in Section&nbsp;642(c) of the Code, association, private foundation within the meaning of Section&nbsp;509(a) of the Code, joint stock company or other entity and also includes a group as that term is used for
purposes of Section&nbsp;13(d)(3) of the Securities Exchange Act of 1934, as amended; but does not include (i)&nbsp;Cedar Bay Company, and (ii)&nbsp;an underwriter which participates in a public offering of the Common Stock provided that the
ownership of Common Stock by such underwriter would not result in the Corporation failing to qualify as a REIT. </FONT></P> <P STYLE="margin-top:10px;margin-bottom:0px"><FONT STYLE="font-family:Times New Roman" SIZE="2">&#147;Purported
Transferee&#148; shall mean, with respect to any purported Transfer which results in a violation of subparagraph B(4)(b) of this Article IV, the purported beneficial transferee or owner for whom the Purported Record Transferee would have acquired or
owned shares of Common Stock, if such Transfer had been valid under such subparagraph. </FONT></P> <P STYLE="margin-top:10px;margin-bottom:0px"><FONT STYLE="font-family:Times New Roman" SIZE="2">&#147;Purported Record Transferee&#148; shall mean,
with respect to any purported Transfer which results in a violation of subparagraph B(4)(b) of this Article IV, the record holder of the Common Stock if such Transfer had been valid under such subparagraph. </FONT></P>
<P STYLE="margin-top:10px;margin-bottom:0px"><FONT STYLE="font-family:Times New Roman" SIZE="2">&#147;REIT&#148; shall mean a Real Estate Investment Trust under Section&nbsp;856 of the Code. </FONT></P>
 <p STYLE="margin-top:0px;margin-bottom:0px"><FONT SIZE="1">&nbsp;</FONT></P> <P STYLE="margin-top:0px;margin-bottom:0px" ALIGN="center"><FONT STYLE="font-family:Times New Roman" SIZE="2">4 </FONT></P>


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 <P STYLE="margin-top:10px;margin-bottom:0px"><FONT STYLE="font-family:Times New Roman" SIZE="2">&#147;Restriction Termination Date&#148; shall mean the first day after the Date of the Merger on which the
Board of Directors of the Corporation determines that it is no longer in the best interests of the Corporation to attempt to, or continue to, qualify as a REIT. </FONT></P> <P STYLE="margin-top:10px;margin-bottom:0px"><FONT
STYLE="font-family:Times New Roman" SIZE="2">&#147;Transfer&#148; shall mean any sale, transfer, gift, assignment, devise or other disposition of Common Stock (including (i)&nbsp;the granting of any option or entering into any agreement for the
sale, transfer or other disposition of Common Stock or (ii)&nbsp;the sale, transfer, assignment or other disposition of any securities or rights convertible into or exchangeable for Common Stock), whether voluntary or involuntary, whether of record
or beneficially or Beneficially or Constructively (including but not limited to transfers of interests in other entities which result in changes in Beneficial or Constructive Ownership of Common Stock), and whether by operation of law or otherwise.
</FONT></P> <P STYLE="margin-top:10px;margin-bottom:0px"><FONT STYLE="font-family:Times New Roman" SIZE="2">&#147;Trustee&#148; shall mean the Corporation as trustee for the Charitable Trust, and any successor trustee appointed by the Corporation.
</FONT></P> <P STYLE="margin-top:10px;margin-bottom:0px"><FONT STYLE="font-family:Times New Roman" SIZE="2">&#147;Units&#148; shall mean the units into which partnership interests of the Partnership are divided, and as the same may be adjusted, as
provided in the Partnership Agreement. </FONT></P> <P STYLE="margin-top:10px;margin-bottom:0px"><FONT STYLE="font-family:Times New Roman" SIZE="2">(b) Restriction on Ownership and Transfers. </FONT></P> <P STYLE="margin-top:10px;margin-bottom:0px"><FONT
STYLE="font-family:Times New Roman" SIZE="2">(i) Except as provided in subparagraph B(4)(k) of this Article IV, from the Date of the Merger and prior to the Restriction Termination Date, no Person (other than an Existing Holder) shall Beneficially
Own shares of Common Stock in excess of the Ownership Limit, and no Existing Holder shall Beneficially Own shares of Common Stock in excess of the Existing Holder Limit for such Existing Holder. </FONT></P>
<P STYLE="margin-top:10px;margin-bottom:0px"><FONT STYLE="font-family:Times New Roman" SIZE="2">(ii) Except as provided in subparagraph B(4)(k) of this Article IV, from the Date of the Merger and prior to the Restriction Termination Date, any
Transfer that, if effective, would result in any Person (other than an Existing Holder) Beneficially Owning Common Stock in excess of the Ownership Limit shall be void ab initio as to the Transfer of such shares of Common Stock which would be
otherwise Beneficially Owned by such Person in excess of the Ownership Limit; and the Purported Transferee shall acquire no rights in such shares of Common Stock. </FONT></P> <P STYLE="margin-top:10px;margin-bottom:0px"><FONT
STYLE="font-family:Times New Roman" SIZE="2">(iii) Except as provided in subparagraph B(4)(k) of this Article IV, from the Date of the Merger and prior to the Restriction Termination Date, any Transfer that, if effective, would result in any
Existing Holder Beneficially Owning Common Stock in excess of the applicable Existing Holder Limit shall be void ab initio as to the Transfer of such shares of Common Stock which would be otherwise Beneficially Owned by such Existing Holder in
excess of the applicable Existing Holder Limit; and such Existing Holder shall acquire no rights in such shares of Common Stock. </FONT></P>
 <p STYLE="margin-top:0px;margin-bottom:0px"><FONT SIZE="1">&nbsp;</FONT></P> <P STYLE="margin-top:0px;margin-bottom:0px" ALIGN="center"><FONT STYLE="font-family:Times New Roman" SIZE="2">5 </FONT></P>


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 <P STYLE="margin-top:10px;margin-bottom:0px"><FONT STYLE="font-family:Times New Roman" SIZE="2">(iv) Except as provided in subparagraph B(4)(k) of this Article IV, from the Date of the Merger and prior
to the Restriction Termination Date, any Transfer that, if effective, would result in the Common Stock being beneficially owned by less than 100 Persons (determined without reference to any rules of attribution) shall be void ab initio as to the
Transfer of such shares of Common Stock which would be otherwise beneficially owned by the transferee; and the intended transferee shall acquire no rights in such shares of Common Stock. </FONT></P> <P STYLE="margin-top:10px;margin-bottom:0px"><FONT
STYLE="font-family:Times New Roman" SIZE="2">(v) Notwithstanding any other provisions contained in this Article IV, from the Date of the Merger and prior to the Restriction Termination Date, any Transfer or other event that, if effective, would
result in the Corporation being &#147;closely held&#148; within the meaning of Section&nbsp;856(h) of the Code, or would otherwise result in the Corporation failing to qualify as a REIT (including, but not limited to, a Transfer or other event that
would result in the Corporation owning (directly or Constructively) an interest in a tenant that is described in Section&nbsp;856(d)(2)(B) of the Code if the income derived by the Corporation from such tenant would cause the Corporation to fail to
satisfy any of the gross income requirements of Section&nbsp;856(c) of the Code), shall be void ab initio as to the Transfer of the shares of Common Stock which would cause the Corporation to be &#147;closely held&#148; within the meaning of
Section&nbsp;856(h) of the Code or would otherwise result in the Corporation failing to qualify as a REIT; and the intended transferee or owner or Constructive or Beneficial Owner shall acquire or retain no rights in such shares of Common Stock.
</FONT></P> <P STYLE="margin-top:10px;margin-bottom:0px"><FONT STYLE="font-family:Times New Roman" SIZE="2">(c) Effect of Transfer in Violation of Subparagraph (B)(4)(b). </FONT></P> <P STYLE="margin-top:10px;margin-bottom:0px"><FONT
STYLE="font-family:Times New Roman" SIZE="2">(i) If, notwithstanding the other provisions contained in this Article IV, at any time after the Date of the Merger and prior to the Restriction Termination Date, there is a purported Transfer, change in
the capital structure of the Corporation, or other event such that one or more of the restrictions on ownership and transfers described in subparagraph B(4)(b) above has been violated, then the shares of Common Stock being Transferred (or in the
case of an event other than a Transfer, the shares owned or Constructively Owned or Beneficially Owned) which would cause one or more of the restrictions on ownership or transfer to be violated (rounded up to the nearest whole share) (the
&#147;Trust Shares&#148;), shall automatically be transferred to the Corporation, as Trustee of a trust (the &#147;Charitable Trust&#148;) for the exclusive benefit of The American Cancer Society (the &#147;Designated Charity&#148;), an organization
described in Section&nbsp;170(b)(1)(A) and 170(c) of the Code. The Purported Transferee shall have no rights in such Trust Shares. </FONT></P> <P STYLE="margin-top:10px;margin-bottom:0px"><FONT STYLE="font-family:Times New Roman" SIZE="2">(ii) The
Corporation, as Trustee of the Charitable Trust, may transfer the shares held in such trust to a Person whose ownership of the shares will not result in a violation of the ownership restrictions (a &#147;Permitted Transferee&#148;). If such a
transfer is made, the interest of the Designated Charity will terminate and proceeds of the sale will be payable to the Purported Transferee and to the Designated Charity. The Purported Transferee will receive the lesser of (1)&nbsp;the price paid
by the Purported Transferee for the shares or, if the Purported Transferee did not give value for the shares, the Market Price of the shares on the day of the event causing the shares to be held in trust, and (2)&nbsp;the price per share received by
the Corporation, as Trustee, from the sale or other disposition of the shares held in trust. The Designated Charity will receive any proceeds in excess of the amount payable to the Purported Transferee. The Purported Transferee will not be entitled
to designate a Permitted Transferee. </FONT></P>
 <p STYLE="margin-top:0px;margin-bottom:0px"><FONT SIZE="1">&nbsp;</FONT></P> <P STYLE="margin-top:0px;margin-bottom:0px" ALIGN="center"><FONT STYLE="font-family:Times New Roman" SIZE="2">6 </FONT></P>


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 <P STYLE="margin-top:10px;margin-bottom:0px"><FONT STYLE="font-family:Times New Roman" SIZE="2">(iii) All stock held in the Charitable Trust will be deemed to have been offered for sale to the
Corporation or its designee for a 90-day period, at the lesser of the price paid for that stock by the Purported Transferee and the Market Price on the date that the Corporation accepts the offer. This period will commence on the date of the
violative transfer, if the Purported Transferee gives notice to the Corporation of the transfer, or the date that the Board of Directors of the Corporation determines that a violative transfer occurred, if no such notice is provided. </FONT></P>
<P STYLE="margin-top:10px;margin-bottom:0px"><FONT STYLE="font-family:Times New Roman" SIZE="2">(iv) Any dividend or distribution paid prior to the discovery by the Corporation that shares of Common Stock have been transferred in violation of
subparagraph B(4)(b) of this Article IV, shall be repaid to the Corporation upon demand and shall be held in trust for the Designated Charity. Any dividend or distribution declared but unpaid shall be rescinded as void ab initio with respect to such
shares of stock. </FONT></P> <P STYLE="margin-top:10px;margin-bottom:0px"><FONT STYLE="font-family:Times New Roman" SIZE="2">(v) Subject to the preferential rights of the Preferred Stock, if any, as may be determined by the Board of Directors of the
Corporation pursuant to paragraph C of this Article IV, in the event of any voluntary or involuntary liquidation, dissolution or winding up of, or any distribution of the assets of, the Corporation, the Designated Charity shall be entitled to
receive, ratably with each other holder of Common Stock, that portion of the assets of the Corporation available for distribution to its stockholders as the number of Trust Shares bears to the total number of shares of Common Stock then outstanding
(including the Trust Shares). The Corporation, as Trustee, or if the Corporation shall have been dissolved, any trustee appointed by the Corporation prior to its dissolution, shall distribute to the Designated Charity, when determined (or if not
determined, or only partially determined, ratably to the other holders of Common Stock who have been determined and the Designated Charity), any such assets received in respect of the Trust Shares in any liquidation, dissolution or winding up of, or
any distribution of the assets of, the Corporation. </FONT></P> <P STYLE="margin-top:10px;margin-bottom:0px"><FONT STYLE="font-family:Times New Roman" SIZE="2">(vi) The Purported Transferee will not be entitled to vote any Common Stock it attempts
to acquire, and any stockholder vote will be rescinded if a Purported Transferee votes and the stockholder vote would have been decided differently if such Purported Transferee&#146;s vote was not counted. </FONT></P>
<P STYLE="margin-top:10px;margin-bottom:0px"><FONT STYLE="font-family:Times New Roman" SIZE="2">(d) Remedies for Breach. If the Board of Directors or its designees shall at any time determine in good faith that a Transfer or other event has taken
place in violation of subparagraph B(4)(b) of this Article IV or that a Person intends to acquire or has attempted to acquire beneficial ownership (determined without reference to any rules of attribution), Beneficial Ownership or Constructive
Ownership of any shares of the Corporation in violation of subparagraph B(4)(b) of this Article IV, the Corporation shall inform the Purported Transferee of its obligations pursuant to this Article IV, including such Purported Transferee&#146;s
obligations to pay over to the Charitable Trust any and all dividends received with respect to the Trust Shares. In addition, the Board of Directors or its designees shall take such action as it deems advisable to refuse to give effect or to prevent
such Transfer, including, but not limited to, refusing to give effect to such Transfer on the books of the Corporation or instituting proceedings to enjoin such Transfer and to recover any dividend erroneously paid and declaring any votes
erroneously cast to be retroactively invalid; provided, however, that any Transfers (or, in the case of events other than a Transfer, ownership or Constructive Ownership or Beneficial Ownership) in violation of subparagraph B(4)(b) of this Article
IV shall automatically result in a transfer to the Charitable Trust as described in subparagraph B(4)(c), irrespective of any action (or non-action) by the Board of Directors. </FONT></P>
 <p STYLE="margin-top:0px;margin-bottom:0px"><FONT SIZE="1">&nbsp;</FONT></P> <P STYLE="margin-top:0px;margin-bottom:0px" ALIGN="center"><FONT STYLE="font-family:Times New Roman" SIZE="2">7 </FONT></P>


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 <P STYLE="margin-top:10px;margin-bottom:0px"><FONT STYLE="font-family:Times New Roman" SIZE="2">(e) Notice of Restricted Transfer. Any Person who acquires or attempts to acquire shares in violation of
subparagraph B(4)(b) of this Article IV, or any Person who is a Purported Transferee, shall immediately give written notice to the Corporation of such event and shall provide to the Corporation such other information as the Corporation may request
in order to determine the effect, if any, of such Transfer or attempted Transfer on the Corporation&#146;s status as a REIT. </FONT></P> <P STYLE="margin-top:10px;margin-bottom:0px"><FONT STYLE="font-family:Times New Roman" SIZE="2">(f) Owners
Required To Provide Information. From the Date of the Merger and prior to the Restriction Termination Date each Person who is a beneficial owner or Beneficial Owner or Constructive Owner of Common Stock and each Person (including the stockholder of
record) who is holding Common Stock for a Beneficial Owner or Constructive Owner shall provide to the Corporation such information that the Corporation may request, in good faith, in order to determine the Corporation&#146;s status as a REIT.
</FONT></P> <P STYLE="margin-top:10px;margin-bottom:0px"><FONT STYLE="font-family:Times New Roman" SIZE="2">(g) Remedies Not Limited. Nothing contained in this Article IV shall limit the authority of the Board of Directors to take such other action
as it deems necessary or advisable to protect the Corporation and the interests of its stockholders by preservation of the Corporation&#146;s status as a REIT. </FONT></P> <P STYLE="margin-top:10px;margin-bottom:0px"><FONT
STYLE="font-family:Times New Roman" SIZE="2">(h) Ambiguity. In the case of an ambiguity in the application of any of the provisions of subparagraph B(4) of this Article IV, including any definition contained in subparagraph B(4)(a), the Board of
Directors shall have the power to determine the application of the provisions of this subparagraph B(4) with respect to any situation based on the facts known to it. </FONT></P> <P STYLE="margin-top:10px;margin-bottom:0px"><FONT
STYLE="font-family:Times New Roman" SIZE="2">(i) Modification of Ownership Limit or Existing Holder Limit. Subject to the limitations provided in subparagraph B(4)(j), the Board of Directors may from time to time increase the Ownership Limit or the
Existing Holder Limit and shall file Articles Supplementary with the State Department of Assessment and Taxation of Maryland to evidence such increase. </FONT></P>
 <p STYLE="margin-top:0px;margin-bottom:0px"><FONT SIZE="1">&nbsp;</FONT></P> <P STYLE="margin-top:0px;margin-bottom:0px" ALIGN="center"><FONT STYLE="font-family:Times New Roman" SIZE="2">8 </FONT></P>


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 <P STYLE="margin-top:10px;margin-bottom:0px"><FONT STYLE="font-family:Times New Roman" SIZE="2">(j) Limitations on Modifications. </FONT></P> <P STYLE="margin-top:10px;margin-bottom:0px"><FONT
STYLE="font-family:Times New Roman" SIZE="2">(i) From the Date of the Merger and prior to the Restriction Termination Date, neither the Ownership Limit nor any Existing Holder Limit may be increased (nor may any additional Existing Holder Limit be
created) if, after giving effect to such increase (or creation), five Persons who are Beneficial Owners of Common Stock (including all of the then Existing Holders) could (taking into account the Ownership Limit and the Existing Holder Limit)
Beneficially Own, in the aggregate, more than 49% of the outstanding Common Stock. </FONT></P> <P STYLE="margin-top:10px;margin-bottom:0px"><FONT STYLE="font-family:Times New Roman" SIZE="2">(ii) Prior to the modification of any Existing Holder
Limit or Ownership Limit pursuant to subparagraph B(4)(i) of this Article IV, the Board of Directors of the Corporation may require such opinions of counsel, affidavits, undertakings or agreements as it may deem necessary or advisable in order to
determine or ensure the Corporation&#146;s status as a REIT. </FONT></P> <P STYLE="margin-top:10px;margin-bottom:0px"><FONT STYLE="font-family:Times New Roman" SIZE="2">(iii) No Existing Holder Limit shall be reduced to a percentage which is less
than the Ownership Limit. </FONT></P> <P STYLE="margin-top:10px;margin-bottom:0px"><FONT STYLE="font-family:Times New Roman" SIZE="2">(iv) The Ownership Limit may not be increased to a percentage which is greater than 9.9%. </FONT></P>
<P STYLE="margin-top:10px;margin-bottom:0px"><FONT STYLE="font-family:Times New Roman" SIZE="2">(k) Exceptions. </FONT></P> <P STYLE="margin-top:10px;margin-bottom:0px"><FONT STYLE="font-family:Times New Roman" SIZE="2">(i) The Board of Directors,
in its sole discretion, may exempt a Person from the Ownership Limit or the Existing Holder Limit, as the case may be, if such Person is not an individual for purposes of Section&nbsp;542(a)(2) of the Code and the Board of Directors obtains such
representations and undertakings from such Person as are reasonably necessary to ascertain that no individual&#146;s Beneficial Ownership of such shares of Common Stock will violate the Ownership Limit or the applicable Existing Holder Limit, as the
case may be, and agrees that any violation of such representations or undertaking (or other action which is contrary to the restrictions contained in this subparagraph B(4) of this Article IV) or attempted violation will result in such shares of
Common Stock automatically being transferred to the Charitable Trust. </FONT></P> <P STYLE="margin-top:10px;margin-bottom:0px"><FONT STYLE="font-family:Times New Roman" SIZE="2">(ii) Prior to granting any exception pursuant to subparagraph
B(4)(k)(i) of this Article IV, the Board of Directors may require a ruling from the IRS, or an opinion of counsel, in either case in form and substance satisfactory to the Board of Directors in its sole discretion, as it may deem necessary or
advisable in order to determine or ensure the Corporation&#146;s status as a REIT. </FONT></P>
 <p STYLE="margin-top:0px;margin-bottom:0px"><FONT SIZE="1">&nbsp;</FONT></P> <P STYLE="margin-top:0px;margin-bottom:0px" ALIGN="center"><FONT STYLE="font-family:Times New Roman" SIZE="2">9 </FONT></P>


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 <P STYLE="margin-top:10px;margin-bottom:0px"><FONT STYLE="font-family:Times New Roman" SIZE="2">5. Legend. Each certificate for shares of Common Stock shall bear legends substantially to the effect of
the following: </FONT></P> <P STYLE="margin-top:10px;margin-bottom:0px"><FONT STYLE="font-family:Times New Roman" SIZE="2">&#147;The Corporation is authorized to issue two classes of capital stock which are designated as Common Stock and Preferred
Stock. The Board of Directors is authorized to determine the preferences, limitations and relative rights of the Preferred Stock before the issuance of any Preferred Stock. The Corporation will furnish, without charge, to any stockholder making a
written request therefor, a copy of the Corporation&#146;s charter and a written statement of the designations, relative rights, preferences and limitations applicable to each such class of stock. Requests for the Corporation&#146;s charter and such
written statement may be directed to Cedar Income Fund, Ltd., 44 South Bayles Avenue, Port Washington, New York 11050, Attention: Secretary. </FONT></P>
<P STYLE="margin-top:10px;margin-bottom:0px"><FONT STYLE="font-family:Times New Roman" SIZE="2">The shares of Common Stock represented by this certificate are subject to restrictions on ownership and Transfer for the purpose of the
Corporation&#146;s maintenance of its status as a Real Estate Investment Trust under the Code. No Person may Beneficially Own shares of Common Stock in excess of 3.5% (or such greater percentage as may be determined by the Board of Directors of the
Corporation) of the outstanding Common Stock of the Corporation (unless such Person is an Existing Holder) with certain exceptions set forth in the Corporation&#146;s charter. Any Person who attempts to Beneficially Own shares of Common Stock in
excess of the above limitations must immediately notify the Corporation. All capitalized terms in this legend have the meanings defined in the Corporation&#146;s charter. Transfers in violation of the restrictions described above may be void ab
initio. </FONT></P> <P STYLE="margin-top:10px;margin-bottom:0px"><FONT STYLE="font-family:Times New Roman" SIZE="2">In addition, upon the occurrence of certain events, if the restrictions on ownership are violated, the shares of Common Stock
represented hereby may be automatically exchanged for Trust Shares which will be held in trust by the Corporation. The Corporation has an option to acquire Trust Shares under certain circumstances. The Corporation will furnish to the holder hereof
upon request and without charge a complete written statement of the terms and conditions of the Trust Shares. Requests for such statement may be directed to Cedar Income Fund, Ltd., 44 South Bayles Avenue, Port Washington, New York 11050, Attention:
Secretary.&#148; </FONT></P> <P STYLE="margin-top:10px;margin-bottom:0px"><FONT STYLE="font-family:Times New Roman" SIZE="2">6. Severability. If any provision of this Article IV or any application of any such provision is determined to be invalid by
any Federal or state court having jurisdiction over the issues, the validity of the remaining provisions shall not be affected and other applications of such provisions shall be affected only to the extent necessary to comply with the determination
of such court. </FONT></P> <P STYLE="margin-top:10px;margin-bottom:0px"><FONT STYLE="font-family:Times New Roman" SIZE="2">C. Preferred Stock. The Board of Directors of the Corporation, by resolution, is hereby expressly vested with authority to
provide for the issuance of the shares of Preferred Stock in one or more classes or one or more series, with such voting powers, full or limited, or no voting powers, and with such designations, preferences and relative, participating, optional and
other special rights, and qualifications, limitations or restrictions thereof, if any, as shall be stated and expressed in the resolution or resolutions providing for such issue adopted by the Board of Directors. Except as otherwise provided by law,
the holders of the Preferred Stock of the Corporation shall only have such voting rights as are provided for or expressed in the resolutions of the Board of Directors relating to such Preferred Stock adopted pursuant to the authority contained in
the Articles of Incorporation. Before issuance of any such shares of Preferred Stock, the Corporation shall file Articles Supplementary with the State Department of Assessment and Taxation of Maryland in accordance with the provision of
Section&nbsp;2-208 of the Act. </FONT></P>
 <p STYLE="margin-top:0px;margin-bottom:0px"><FONT SIZE="1">&nbsp;</FONT></P> <P STYLE="margin-top:0px;margin-bottom:0px" ALIGN="center"><FONT STYLE="font-family:Times New Roman" SIZE="2">10 </FONT></P>



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 <P STYLE="margin-top:10px;margin-bottom:0px"><FONT STYLE="font-family:Times New Roman" SIZE="2">D. Reservation of Shares. Pursuant to the obligations of the Corporation under the Partnership Agreement to
issue shares of Common Stock in exchange for Units, the Board of Directors is hereby required to reserve a sufficient number of authorized but unissued shares of Common Stock to permit the Corporation to issue shares of Common Stock in exchange for
Units that may be exchanged for shares of Common Stock pursuant to the Partnership Agreement. </FONT></P> <P STYLE="margin-top:10px;margin-bottom:0px"><FONT STYLE="font-family:Times New Roman" SIZE="2">E. Preemptive Rights. No holder of shares of
capital stock of the Corporation shall, as such holder, have any preemptive or other right to purchase or subscribe for any shares of Common Stock or any class of capital stock of the Corporation which the Corporation may issue or sell. </FONT></P>
<P STYLE="margin-top:10px;margin-bottom:0px"><FONT STYLE="font-family:Times New Roman" SIZE="2">F. Control Shares. Pursuant to Section&nbsp;3-702(b) of the Act, the terms of Subtitle 7 of Title 3 of the Act shall be inapplicable to any acquisition
of a Control Share (as defined in the Act) that is not prohibited by the terms of Article IV. </FONT></P> <P STYLE="margin-top:10px;margin-bottom:0px"><FONT STYLE="font-family:Times New Roman" SIZE="2">G. Business Combinations. Pursuant to
Section&nbsp;3-603(e)(1)(iii) of the Act, the terms of Section&nbsp;3-602 of such law shall be inapplicable to the Corporation. </FONT></P>
<P STYLE="margin-top:10px;margin-bottom:0px" ALIGN="center"><FONT STYLE="font-family:Times New Roman" SIZE="2"><B>ARTICLE V </B></FONT></P>
<P STYLE="margin-top:10px;margin-bottom:0px" ALIGN="center"><FONT STYLE="font-family:Times New Roman" SIZE="2"><B>Board of Directors </B></FONT></P> <P STYLE="margin-top:10px;margin-bottom:0px"><FONT STYLE="font-family:Times New Roman" SIZE="2">A.
Management. The management of the business and the conduct of the affairs of the Corporation shall be vested in its Board of Directors. </FONT></P> <P STYLE="margin-top:10px;margin-bottom:0px"><FONT STYLE="font-family:Times New Roman" SIZE="2">B.
Number. The number of directors which will constitute the entire Board of Directors shall be fixed by, or in the manner provided in, the By-Laws but shall in no event be less than three. The names of the directors who shall act until the first
annual meeting or until their successors are duly chosen and qualified are Leo S. Ullman, J.A.M.H. der Kinderen and Everett B. Miller III. </FONT></P> <P STYLE="margin-top:10px;margin-bottom:0px"><FONT STYLE="font-family:Times New Roman" SIZE="2">C.
Classification. The directors shall be classified, with respect to the time for which they severally hold office, into three classes, as nearly equal in number as possible, as shall be provided in the By-Laws of the Corporation, one class to be
originally elected for a term expiring at the annual meeting of stockholders to be held in 1999, another class to be originally elected for a term expiring at the annual meeting of stockholders to be held in 2000, and another class to be originally
elected for a term expiring at the annual meeting of stockholders to be held in 2001, with each class to hold office until its successors are elected and qualified. At each annual meeting of the stockholders of the Corporation, the date of which
shall be fixed by or pursuant to the By-Laws of the Corporation, the successors of the class of directors whose terms expire at that meeting shall be elected to hold office for a term expiring at the annual meeting of stockholders held in the third
year following the year of their election. No election of directors need be by written ballot. No decrease in the number of directors constituting the Board of Directors shall shorten the term of any incumbent director. </FONT></P>
 <p STYLE="margin-top:0px;margin-bottom:0px"><FONT SIZE="1">&nbsp;</FONT></P> <P STYLE="margin-top:0px;margin-bottom:0px" ALIGN="center"><FONT STYLE="font-family:Times New Roman" SIZE="2">11 </FONT></P>



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 <P STYLE="margin-top:10px;margin-bottom:0px"><FONT STYLE="font-family:Times New Roman" SIZE="2">D. Vacancies. Newly created directorships resulting from any increase in the number of directors may be
filled by the Board of Directors, or as otherwise provided in the By-Laws, and any vacancies on the Board of Directors resulting from death, resignation, removal or other cause shall only be filled by the affirmative vote of a majority of the
remaining directors then in office, even though less than a quorum of the Board of Directors, or by a sole remaining director, or as otherwise provided in the By-Laws. Any director elected in accordance with the preceding sentence shall hold office
until the next annual meeting of the Corporation, at which time a successor shall be elected to fill the remaining term of the position filled by such director. </FONT></P> <P STYLE="margin-top:10px;margin-bottom:0px"><FONT
STYLE="font-family:Times New Roman" SIZE="2">E. Removal. Any director may be removed from office only for cause and only by the affirmative vote of the holders of a majority of the combined voting power of the then outstanding shares entitled to
vote in the election of directors. For purposes of this subparagraph E of Article V &#147;cause&#148; shall mean the willful and continuous failure of a director to substantially perform such director&#146;s duties to the Corporation (other than any
such failure resulting from temporary incapacity due to physical or mental illness) or the willful engaging by a director in gross misconduct materially and demonstrably injurious to the Corporation. </FONT></P>
<P STYLE="margin-top:10px;margin-bottom:0px"><FONT STYLE="font-family:Times New Roman" SIZE="2">F. By-Laws. The power to adopt, alter and/or repeal the By-Laws of the Corporation is vested exclusively in the Board of Directors. </FONT></P>
<P STYLE="margin-top:10px;margin-bottom:0px"><FONT STYLE="font-family:Times New Roman" SIZE="2">G. Powers. The enumeration and definition of particular powers of the Board of Directors included in the foregoing shall in no way be limited or
restricted by reference to or inference from the terms of any other clause of this or any other Article of the charter of the Corporation, or construed as or deemed by inference or otherwise in any manner to exclude or limit the powers conferred
upon the Board of Directors under the General Corporation Law of Maryland as now or hereafter in force. </FONT></P> <P STYLE="margin-top:10px;margin-bottom:0px" ALIGN="center"><FONT STYLE="font-family:Times New Roman" SIZE="2"><B>ARTICLE VI
</B></FONT></P> <P STYLE="margin-top:10px;margin-bottom:0px" ALIGN="center"><FONT STYLE="font-family:Times New Roman" SIZE="2"><B>Liability </B></FONT></P>
<P STYLE="margin-top:10px;margin-bottom:0px"><FONT STYLE="font-family:Times New Roman" SIZE="2">The liability of the directors and officers of the Corporation to the Corporation and its stockholders for money damages is hereby limited to the fullest
extent permitted by Section&nbsp;5-349 of the Courts and Judicial Proceedings Code of Maryland (or its successor) as such provisions may be amended from time to time. </FONT></P>
 <p STYLE="margin-top:0px;margin-bottom:0px"><FONT SIZE="1">&nbsp;</FONT></P> <P STYLE="margin-top:0px;margin-bottom:0px" ALIGN="center"><FONT STYLE="font-family:Times New Roman" SIZE="2">12 </FONT></P>



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 <P STYLE="margin-top:10px;margin-bottom:0px" ALIGN="center"><FONT STYLE="font-family:Times New Roman" SIZE="2"><B>ARTICLE VII </B></FONT></P> <P STYLE="margin-top:10px;margin-bottom:0px" ALIGN="center"><FONT
STYLE="font-family:Times New Roman" SIZE="2"><B>Indemnification </B></FONT></P> <P STYLE="margin-top:10px;margin-bottom:0px"><FONT STYLE="font-family:Times New Roman" SIZE="2">The Corporation shall indemnify (A)&nbsp;its directors and officers,
whether serving the Corporation or at its request any other entity, to the full extent required or permitted by the General Laws of the State of Maryland now or hereafter in force, including the advance of expenses under the procedures and to the
full extent permitted by law and (B)&nbsp;other employees and agents to such extent as shall be authorized by the Board of Directors or the Corporation&#146;s By-Laws and be permitted by law. The foregoing rights of indemnification shall not be
exclusive of any other rights to which those seeking indemnification may be entitled. The Board of Directors may take such action as is necessary to carry out these indemnification provisions and is expressly empowered to adopt, approve and amend
from time to time such By-Laws, resolutions or contracts implementing such provisions or such further indemnification arrangements as may be permitted by law. No amendment of the charter of the Corporation shall limit or eliminate the right to
indemnification provided hereunder with respect to acts or omissions occurring prior to such amendment or repeal. </FONT></P> <P STYLE="margin-top:10px;margin-bottom:0px" ALIGN="center"><FONT STYLE="font-family:Times New Roman" SIZE="2"><B>ARTICLE
VIII </B></FONT></P> <P STYLE="margin-top:10px;margin-bottom:0px" ALIGN="center"><FONT STYLE="font-family:Times New Roman" SIZE="2"><B>Existence </B></FONT></P> <P STYLE="margin-top:10px;margin-bottom:0px"><FONT
STYLE="font-family:Times New Roman" SIZE="2">The Corporation is to have perpetual existence. </FONT></P> <P STYLE="margin-top:10px;margin-bottom:0px"><FONT STYLE="font-family:Times New Roman" SIZE="2">IN WITNESS WHEREOF, the undersigned incorporator
of Cedar Income Fund, Ltd. who executed the foregoing Articles of Incorporation hereby acknowledges the same to be his act and further acknowledges that, to the best of his knowledge the matters and facts set forth therein are true in all material
respects under the penalties of perjury. </FONT></P> <P STYLE="margin-top:10px;margin-bottom:0px"><FONT STYLE="font-family:Times New Roman" SIZE="2"><B>Dated the 11th day of June, 1998. </B></FONT></P>
<P STYLE="font-size:10px;margin-top:0px;margin-bottom:0px">&nbsp;</P><DIV ALIGN="right">
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<TD VALIGN="top" COLSPAN="3" STYLE="BORDER-BOTTOM:1px solid #000000"><FONT STYLE="font-family:Times New Roman" SIZE="2">/s/ James T. Cunningham</FONT></TD></TR>
<TR>
<TD VALIGN="top" COLSPAN="3"><FONT STYLE="font-family:Times New Roman" SIZE="2">JAMES T. CUNNINGHAM</FONT></TD></TR>
</TABLE></DIV>
 <p STYLE="margin-top:0px;margin-bottom:0px"><FONT SIZE="1">&nbsp;</FONT></P> <P STYLE="margin-top:0px;margin-bottom:0px" ALIGN="center"><FONT STYLE="font-family:Times New Roman" SIZE="2">13 </FONT></P>



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 <P STYLE="margin-top:10px;margin-bottom:0px" ALIGN="center"><FONT STYLE="font-family:Times New Roman" SIZE="2"><B>CERTIFICATE OF CORRECTION </B></FONT></P>
<P STYLE="margin-top:0px;margin-bottom:0px" ALIGN="center"><FONT STYLE="font-family:Times New Roman" SIZE="2"><B>TO </B></FONT></P> <P STYLE="margin-top:0px;margin-bottom:0px" ALIGN="center"><FONT STYLE="font-family:Times New Roman" SIZE="2"><B>THE
ARTICLES OF INCORPORATION </B></FONT></P> <P STYLE="margin-top:0px;margin-bottom:0px" ALIGN="center"><FONT STYLE="font-family:Times New Roman" SIZE="2"><B>OF </B></FONT></P> <P STYLE="margin-top:0px;margin-bottom:0px" ALIGN="center"><FONT
STYLE="font-family:Times New Roman" SIZE="2"><B>CEDAR INCOME FUND, LTD., </B></FONT></P> <P STYLE="margin-top:0px;margin-bottom:0px" ALIGN="center"><FONT STYLE="font-family:Times New Roman" SIZE="2"><B>a Maryland Corporation </B></FONT></P>
<P STYLE="margin-top:10px;margin-bottom:0px"><FONT STYLE="font-family:Times New Roman" SIZE="2">Pursuant to the provisions of Section&nbsp;1-207 of the Maryland General Corporation Law, the undersigned executes the following Certificate of
Correction: </FONT></P> <P STYLE="margin-top:10px;margin-bottom:0px"><FONT STYLE="font-family:Times New Roman" SIZE="2">1. The title of the document being corrected is the &#147;Articles of Incorporation of Cedar Income Fund, Ltd.&#148; (the
&#147;Articles&#148;). </FONT></P> <P STYLE="margin-top:10px;margin-bottom:0px"><FONT STYLE="font-family:Times New Roman" SIZE="2">2. The name of the sole party to the Articles is James T. Cunningham, as sole incorporator of Cedar Income Fund, Ltd.,
a Maryland corporation. 3. The date that the Articles were filed with the State of Maryland Department of Assessments and Taxation is June&nbsp;12, 1998. </FONT></P> <P STYLE="margin-top:10px;margin-bottom:0px"><FONT
STYLE="font-family:Times New Roman" SIZE="2">4. The erroneous provision of the Articles to be corrected is the proviso beginning on the 11th line of the definition of the term &#147;Existing Holder Limit&#148; contained in Article IV paragraph
B.4.(a) of the Articles (the &#147;Proviso&#148;) which currently reads as follows: </FONT></P> <P STYLE="margin-top:10px;margin-bottom:0px"><FONT STYLE="font-family:Times New Roman" SIZE="2">&#147;provided, however, that the Existing Holding Limits
for all Existing Holders when combined shall not exceed 85% of the Corporation&#146;s Common Stock.&#148; </FONT></P> <P STYLE="margin-top:10px;margin-bottom:0px"><FONT STYLE="font-family:Times New Roman" SIZE="2">5. The foregoing erroneous Proviso
is hereby corrected to read as follows: </FONT></P> <P STYLE="margin-top:10px;margin-bottom:0px"><FONT STYLE="font-family:Times New Roman" SIZE="2">&#147;provided, however, that the Existing Holder Limits for all Existing Holders when combined shall
not exceed 35% of the Corporation&#146;s Common Stock.&#148; </FONT></P> <P STYLE="margin-top:10px;margin-bottom:0px"><FONT STYLE="font-family:Times New Roman" SIZE="2">IN WITNESS WHEREOF, the undersigned sole incorporator of Cedar Income Fund,
Ltd., who executes the foregoing Certificate of Correction, hereby acknowledges the same to be his act and further acknowledges that, to the best of his knowledge, the matters and facts set forth herein are true in all material respects under the
penalties of perjury. </FONT></P> <P STYLE="margin-top:10px;margin-bottom:0px"><FONT STYLE="font-family:Times New Roman" SIZE="2"><B>Dated the 24th day of July, 1998. </B></FONT></P>
<P STYLE="font-size:10px;margin-top:0px;margin-bottom:0px">&nbsp;</P><DIV ALIGN="right">
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<TD VALIGN="top" COLSPAN="3" STYLE="BORDER-BOTTOM:1px solid #000000"><FONT STYLE="font-family:Times New Roman" SIZE="2">/s/ James T. Cunningham</FONT></TD></TR>
<TR>
<TD VALIGN="top" COLSPAN="3"><FONT STYLE="font-family:Times New Roman" SIZE="2">JAMES T. CUNNINGHAM</FONT></TD></TR>
</TABLE></DIV>
 <p STYLE="margin-top:0px;margin-bottom:0px"><FONT SIZE="1">&nbsp;</FONT></P> <P STYLE="margin-top:0px;margin-bottom:0px" ALIGN="center"><FONT STYLE="font-family:Times New Roman" SIZE="2">14 </FONT></P>



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<TD VALIGN="top" NOWRAP> <P STYLE="text-indent:2.00em"><FONT STYLE="font-family:Times New Roman" SIZE="2">STATE&nbsp;OF&nbsp;MARYLAND</FONT></P></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="center"><FONT STYLE="font-family:Times New Roman" SIZE="2">PARRIS&nbsp;N.&nbsp;GLENDENING</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"></TD></TR>
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<TD VALIGN="top" NOWRAP> <P STYLE="text-indent:2.00em"><FONT STYLE="font-family:Times New Roman" SIZE="2">DEPARTMENT OF</FONT></P></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="top"></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" NOWRAP ALIGN="center"><FONT STYLE="font-family:Times New Roman" SIZE="2">GOVERNOR</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
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<TD VALIGN="top" NOWRAP> <P STYLE="text-indent:2.00em"><FONT STYLE="font-family:Times New Roman" SIZE="2">ASSESSMENTS&nbsp;AND&nbsp;TAXATION</FONT></P></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="top"><FONT STYLE="font-family:Times New Roman" SIZE="2">[SEAL]</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" NOWRAP ALIGN="center"><FONT STYLE="font-family:Times New Roman" SIZE="2">RONALD W. WINEHOLT</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
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<TR>
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<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="top"></TD>
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<TD VALIGN="bottom" NOWRAP ALIGN="center"><FONT STYLE="font-family:Times New Roman" SIZE="2">DIRECTOR</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
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<TD VALIGN="top" NOWRAP> <P STYLE="text-indent:2.00em"><FONT STYLE="font-family:Times New Roman" SIZE="2">CHARTER DIVISION</FONT></P></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
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<TD VALIGN="bottom" NOWRAP ALIGN="center"><FONT STYLE="font-family:Times New Roman" SIZE="2">PAUL B. ANDERSON</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
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<TR>
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<TD VALIGN="bottom" NOWRAP ALIGN="center"><FONT STYLE="font-family:Times New Roman" SIZE="2">ADMINISTRATOR</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"></TD></TR>
</TABLE> <P STYLE="margin-top:10px;margin-bottom:0px" ALIGN="center"><FONT STYLE="font-family:Times New Roman" SIZE="2"><B>ARTICLES OF AMENDMENT</B> </FONT></P> <P STYLE="margin-top:0px;margin-bottom:0px" ALIGN="center"><FONT
STYLE="font-family:Times New Roman" SIZE="2"><B></B>(See instructions on previous page) </FONT></P> <P STYLE="margin-top:10px;margin-bottom:0px" ALIGN="center"><FONT STYLE="font-family:Times New Roman" SIZE="2">(1) </FONT></P>
<P STYLE="margin-top:10px;margin-bottom:0px"><FONT STYLE="font-family:Times New Roman" SIZE="2">(2) Cedar Income Fund, Ltd. &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;, a
Maryland corporation hereby certifies to the State Department of Assessments and Taxation of Maryland that: </FONT></P> <P STYLE="margin-top:10px;margin-bottom:0px"><FONT STYLE="font-family:Times New Roman" SIZE="2">(3) The charter of the
corporation is hereby amended as follows: by striking out <U>Article I of the articles of incorporation and inserting in lieu thereof the </U>following: </FONT></P> <P STYLE="margin-top:10px;margin-bottom:0px" ALIGN="center"><FONT
STYLE="font-family:Times New Roman" SIZE="2"><B><U>Article I</U> </B></FONT></P> <P STYLE="margin-top:10px;margin-bottom:0px" ALIGN="center"><FONT STYLE="font-family:Times New Roman" SIZE="2"><B><U>Name</U> </B></FONT></P>
<P STYLE="margin-top:10px;margin-bottom:0px"><FONT STYLE="font-family:Times New Roman" SIZE="2"><B><U>The name of the Corporation shall be Uni-Invest (U.S.A.), Ltd. (the </U></B>&#147;Corporation&#148;). </FONT></P>
<P STYLE="margin-top:10px;margin-bottom:0px"><FONT STYLE="font-family:Times New Roman" SIZE="2">This amendment of the charter of the corporation has been approved by </FONT></P> <P STYLE="margin-top:10px;margin-bottom:0px"><FONT
STYLE="font-family:Times New Roman" SIZE="2">(4) The directors and shareholders. </FONT></P> <P STYLE="margin-top:10px;margin-bottom:0px"><FONT STYLE="font-family:Times New Roman" SIZE="2">We the undersigned President and Secretary swear under
penalties of perjury that the foregoing is a corporate act. </FONT></P> <P STYLE="font-size:10px;margin-top:0px;margin-bottom:0px">&nbsp;</P>
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<TD VALIGN="bottom" WIDTH="16%"></TD>
<TD nowrap><FONT STYLE="Times New Roman" SIZE="1"><B>September 30,</B></FONT></TD>
<TD VALIGN="bottom" WIDTH="15%"></TD>
<TD nowrap><FONT STYLE="Times New Roman" SIZE="1"><B>September 30,</B></FONT></TD></TR>


<TR>
<TD VALIGN="top" ALIGN="center" STYLE="BORDER-BOTTOM:1px solid #000000"><FONT STYLE="font-family:Times New Roman" SIZE="2">/s/ Stuart H. Widowski</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="top"></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #000000"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="top" ALIGN="center" STYLE="BORDER-BOTTOM:1px solid #000000"><FONT STYLE="font-family:Times New Roman" SIZE="2">/s/ Leo&nbsp;S.&nbsp;Ullman</FONT></TD></TR>
<TR>
<TD VALIGN="top" ALIGN="center"><FONT STYLE="font-family:Times New Roman" SIZE="2">SECRETARY</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="top"></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="top" ALIGN="center"><FONT STYLE="font-family:Times New Roman" SIZE="2">PRESIDENT</FONT></TD></TR>
</TABLE> <P STYLE="margin-top:10px;margin-bottom:0px" ALIGN="center"><FONT STYLE="font-family:Times New Roman" SIZE="2"><B>MAIL TO: STATE DEPARTMENT OF ASSESSMENTS&nbsp;&amp; TAXATION</B> </FONT></P>
<P STYLE="margin-top:0px;margin-bottom:0px" ALIGN="center"><FONT STYLE="font-family:Times New Roman" SIZE="2"><B>301 WEST PRESTON STREET, ROOM 809</B> </FONT></P> <P STYLE="margin-top:0px;margin-bottom:0px" ALIGN="center"><FONT
STYLE="font-family:Times New Roman" SIZE="2"><B>BALTIMORE, MD 21201</B> </FONT></P> <P STYLE="margin-top:0px;margin-bottom:0px" ALIGN="center"><FONT STYLE="font-family:Times New Roman" SIZE="2"><B></B>PHONE: 401-767-1350 </FONT></P>
 <p STYLE="margin-top:0px;margin-bottom:0px"><FONT SIZE="1">&nbsp;</FONT></P> <P STYLE="margin-top:0px;margin-bottom:0px" ALIGN="center"><FONT STYLE="font-family:Times New Roman" SIZE="2">15 </FONT></P>



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<TD></TD>
<TD VALIGN="bottom" WIDTH="7%"></TD>
<TD WIDTH="18%"></TD>
<TD VALIGN="bottom" WIDTH="7%"></TD>
<TD WIDTH="18%"></TD>
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<TD WIDTH="18%"></TD>
<TD VALIGN="bottom" WIDTH="7%"></TD>
<TD WIDTH="18%"></TD></TR>


<TR>
<TD VALIGN="top"></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="top"> <P STYLE="margin-top:0px;margin-bottom:0px"><FONT STYLE="font-family:Times New Roman" SIZE="2">STATE OF MARYLAND</FONT></P> <P STYLE="margin-top:0px;margin-bottom:0px"><FONT STYLE="font-family:Times New Roman" SIZE="2">DEPARTMENT
OF</FONT></P> <P STYLE="margin-top:0px;margin-bottom:0px"><FONT STYLE="font-family:Times New Roman" SIZE="2">ASSESSMENTS&nbsp;AND&nbsp;TAXATION</FONT></P> <P STYLE="font-size:10px;margin-top:0px;margin-bottom:0px">&nbsp;</P>
<P STYLE="margin-top:10px;margin-bottom:1px"><FONT STYLE="font-family:Times New Roman" SIZE="2">CHARTER DIVISION</FONT></P></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="top"> <P STYLE="font-size:10px;margin-top:0px;margin-bottom:0px">&nbsp;</P> <P STYLE="font-size:10px;margin-top:0px;margin-bottom:0px">&nbsp;</P> <P STYLE="margin-top:0px;margin-bottom:1px"><FONT
STYLE="font-family:Times New Roman" SIZE="2">[SEAL]</FONT></P></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="top" ALIGN="center"> <P STYLE="margin-top:0px;margin-bottom:0px" ALIGN="center"><FONT STYLE="font-family:Times New Roman" SIZE="2">PARRIS&nbsp;N.&nbsp;GLENDENING</FONT></P> <P STYLE="margin-top:0px;margin-bottom:0px" ALIGN="center"><FONT
STYLE="font-family:Times New Roman" SIZE="2">GOVERNOR</FONT></P> <P STYLE="margin-top:0px;margin-bottom:0px" ALIGN="center"><FONT STYLE="font-family:Times New Roman" SIZE="2">RONALD&nbsp;W.&nbsp;WINEHOLT</FONT></P>
<P STYLE="margin-top:0px;margin-bottom:0px" ALIGN="center"><FONT STYLE="font-family:Times New Roman" SIZE="2">DIRECTOR</FONT></P> <P STYLE="margin-top:0px;margin-bottom:0px" ALIGN="center"><FONT STYLE="font-family:Times New Roman" SIZE="2">PAUL B.
ANDERSON</FONT></P> <P STYLE="margin-top:0px;margin-bottom:1px" ALIGN="center"><FONT STYLE="font-family:Times New Roman" SIZE="2">ADMINISTRATOR</FONT></P></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="top"></TD></TR>
</TABLE> <P STYLE="margin-top:10px;margin-bottom:0px" ALIGN="center"><FONT STYLE="font-family:Times New Roman" SIZE="2"><B>ARTICLES OF AMENDMENT </B> </FONT></P> <P STYLE="margin-top:0px;margin-bottom:0px" ALIGN="center"><FONT
STYLE="font-family:Times New Roman" SIZE="2">(See instructions on previous page) </FONT></P> <P STYLE="margin-top:10px;margin-bottom:0px" ALIGN="center"><FONT STYLE="font-family:Times New Roman" SIZE="2">(1) </FONT></P>
<P STYLE="margin-top:10px;margin-bottom:0px"><FONT STYLE="font-family:Times New Roman" SIZE="2">(2) Uni-Invest (U.S.A.), Ltd. &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;, a
Maryland corporation hereby certifies to the State Department of Assessments and Taxation of Maryland that: </FONT></P> <P STYLE="margin-top:10px;margin-bottom:0px"><FONT STYLE="font-family:Times New Roman" SIZE="2">(3) The charter of the
corporation is hereby amended as follows: The name of the Corporation is hereby changed to &#147;Cedar Income Fund, Ltd.&#148; </FONT></P> <P STYLE="margin-top:10px;margin-bottom:0px"><FONT STYLE="font-family:Times New Roman" SIZE="2">This amendment
of the charter of the corporation has been approved by </FONT></P> <P STYLE="margin-top:10px;margin-bottom:0px"><FONT STYLE="font-family:Times New Roman" SIZE="2">(4) The directors. </FONT></P> <P STYLE="margin-top:10px;margin-bottom:0px"><FONT
STYLE="font-family:Times New Roman" SIZE="2">We the undersigned President and Secretary swear under penalties of perjury that the foregoing is a corporate act. </FONT></P> <P STYLE="font-size:10px;margin-top:0px;margin-bottom:0px">&nbsp;</P>
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<TD WIDTH="23%"></TD>
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<TD VALIGN="bottom" WIDTH="2%"></TD>
<TD WIDTH="22%"></TD></TR>


<TR>
<TD VALIGN="top"> <P STYLE="margin-top:0px;margin-bottom:0px;border-bottom:1px solid #000000" ALIGN="center"><FONT STYLE="font-family:Times New Roman" SIZE="2">/s/ Stuart H. Widowski</FONT></P>
<P STYLE="margin-top:0px;margin-bottom:0px" ALIGN="center"><FONT STYLE="font-family:Times New Roman" SIZE="2">SECRETARY</FONT></P> <P STYLE="margin-top:0px;margin-bottom:1px" ALIGN="center"><FONT STYLE="font-family:Times New Roman" SIZE="2">Stuart
H. Widowski</FONT></P></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="top"></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="top"> <P STYLE="margin-top:0px;margin-bottom:0px;border-bottom:1px solid #000000" ALIGN="center"><FONT STYLE="font-family:Times New Roman" SIZE="2">/s/ Leo S. Ullman</FONT></P> <P STYLE="margin-top:0px;margin-bottom:0px" ALIGN="center"><FONT
STYLE="font-family:Times New Roman" SIZE="2">PRESIDENT</FONT></P> <P STYLE="margin-top:0px;margin-bottom:1px" ALIGN="center"><FONT STYLE="font-family:Times New Roman" SIZE="2">Leo S. Ullman</FONT></P></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="top"></TD></TR>
</TABLE> <P STYLE="margin-top:10px;margin-bottom:0px" ALIGN="center"><FONT STYLE="font-family:Times New Roman" SIZE="2"><B>MAIL TO: STATE DEPARTMENT OF ASSESSMENTS&nbsp;&amp; TAXATION </B></FONT></P>
<P STYLE="margin-top:0px;margin-bottom:0px" ALIGN="center"><FONT STYLE="font-family:Times New Roman" SIZE="2"><B>301 WEST PRESTON STREET, ROOM 809 </B></FONT></P> <P STYLE="margin-top:0px;margin-bottom:0px" ALIGN="center"><FONT
STYLE="font-family:Times New Roman" SIZE="2"><B>BALTIMORE, MD 21201 </B></FONT></P> <P STYLE="margin-top:0px;margin-bottom:0px" ALIGN="center"><FONT STYLE="font-family:Times New Roman" SIZE="2">PHONE: 401-767-1350 </FONT></P>
 <p STYLE="margin-top:0px;margin-bottom:0px"><FONT SIZE="1">&nbsp;</FONT></P> <P STYLE="margin-top:0px;margin-bottom:0px" ALIGN="center"><FONT STYLE="font-family:Times New Roman" SIZE="2">16 </FONT></P>



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 <P STYLE="margin-top:10px;margin-bottom:0px" ALIGN="center"><FONT STYLE="font-family:Times New Roman" SIZE="2"><B>ARTICLES OF AMENDMENT </B></FONT></P>
<P STYLE="margin-top:0px;margin-bottom:0px" ALIGN="center"><FONT STYLE="font-family:Times New Roman" SIZE="2"><B>OF ARTICLES OF INCORPORATION </B></FONT></P> <P STYLE="margin-top:0px;margin-bottom:0px" ALIGN="center"><FONT
STYLE="font-family:Times New Roman" SIZE="2"><B>OF </B></FONT></P> <P STYLE="margin-top:0px;margin-bottom:0px" ALIGN="center"><FONT STYLE="font-family:Times New Roman" SIZE="2"><B>CEDAR SHOPPING CENTERS, INC. </B></FONT></P>
<P STYLE="margin-top:10px;margin-bottom:0px"><FONT STYLE="font-family:Times New Roman" SIZE="2">Cedar Shopping Centers, Inc., a Maryland corporation (the &#147;Corporation&#148;), hereby certifies to the State Department of Assessments and Taxation
of Maryland that: </FONT></P> <P STYLE="margin-top:10px;margin-bottom:0px"><FONT STYLE="font-family:Times New Roman" SIZE="2">1. The Articles of Incorporation of the Corporation, filed with the State Department of Assessments and Taxation of
Maryland on June&nbsp;12, 1998, as amended, are hereby amended as follows: </FONT></P> <P STYLE="margin-top:10px;margin-bottom:0px"><FONT STYLE="font-family:Times New Roman" SIZE="2">(i) The first paragraph of Article IV shall be deleted in its
entirety and replaced with the following: </FONT></P> <P STYLE="margin-top:10px;margin-bottom:0px" ALIGN="center"><FONT STYLE="font-family:Times New Roman" SIZE="2"><B>Capital Stock </B></FONT></P> <P STYLE="margin-top:10px;margin-bottom:0px"><FONT
STYLE="font-family:Times New Roman" SIZE="2">A. Authorized Shares. The total number of shares of all classes of capital stock that the Corporation shall have authority to issue is 55&nbsp;million shares, consisting of 50&nbsp;million shares of
Common Stock with a par value of $.06 per share (the &#147;Common Stock&#148;), amounting in the aggregate to par value of $3,000,000, and 5&nbsp;million shares of Preferred Stock with a par value of $.01 per share (the &#147;Preferred Stock&#148;),
amounting in the aggregate to par value of $50,000. </FONT></P> <P STYLE="margin-top:10px;margin-bottom:0px"><FONT STYLE="font-family:Times New Roman" SIZE="2">The amendment to the Articles of Incorporation of the Corporation has been advised by the
Board of Directors and approved by the holders of at least two-thirds of the shares of the Corporation&#146;s Common Stock entitled to vote at the Corporation&#146;s Annual Meeting held on October&nbsp;9, 2003. </FONT></P>
 <p STYLE="margin-top:0px;margin-bottom:0px"><FONT SIZE="1">&nbsp;</FONT></P> <P STYLE="margin-top:0px;margin-bottom:0px" ALIGN="center"><FONT STYLE="font-family:Times New Roman" SIZE="2">17 </FONT></P>



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 <P STYLE="margin-top:10px;margin-bottom:0px"><FONT STYLE="font-family:Times New Roman" SIZE="2">IN WITNESS WHEREOF, we the undersigned President and Secretary hereby swear under penalties of perjury that
the adoption of the foregoing Articles of Amendment of Articles of Incorporation of Cedar Shopping Centers, Inc. is a corporate act of Cedar Shopping Centers, Inc. and that we have caused these Articles of Amendment to be executed and attested this
9th day of October, 2003. </FONT></P> <P STYLE="margin-top:10px;margin-bottom:0px" ALIGN="center"><FONT STYLE="font-family:Times New Roman" SIZE="2"><B>CEDAR SHOPPING CENTERS, INC. </B></FONT></P>
<P STYLE="font-size:10px;margin-top:0px;margin-bottom:0px">&nbsp;</P><DIV ALIGN="right">
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<TD WIDTH="92%"></TD></TR>


<TR>
<TD VALIGN="top"><FONT STYLE="font-family:Times New Roman" SIZE="2">By:</FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #000000"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="top" STYLE="BORDER-BOTTOM:1px solid #000000"><FONT STYLE="font-family:Times New Roman" SIZE="2">/s/ Leo S. Ullman</FONT></TD></TR>
<TR>
<TD VALIGN="top"></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="2">Leo S. Ullman, President</FONT></TD></TR>
</TABLE></DIV> <P STYLE="margin-top:10px;margin-bottom:0px"><FONT STYLE="font-family:Times New Roman" SIZE="2">Attest: </FONT></P> <P STYLE="font-size:10px;margin-top:0px;margin-bottom:0px">&nbsp;</P>
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<TR>
<TD WIDTH="100%"></TD></TR>


<TR>
<TD VALIGN="top" STYLE="BORDER-BOTTOM:1px solid #000000"><FONT STYLE="font-family:Times New Roman" SIZE="2">/s/ Stuart H. Widowski</FONT></TD></TR>
<TR>
<TD VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="2">Stuart H. Widowsky, Secretary</FONT></TD></TR>
</TABLE>
 <p STYLE="margin-top:0px;margin-bottom:0px"><FONT SIZE="1">&nbsp;</FONT></P> <P STYLE="margin-top:0px;margin-bottom:0px" ALIGN="center"><FONT STYLE="font-family:Times New Roman" SIZE="2">18 </FONT></P>



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 <P STYLE="margin-top:10px;margin-bottom:0px" ALIGN="center"><FONT STYLE="font-family:Times New Roman" SIZE="2"><B>ARTICLES OF AMENDMENT </B></FONT></P>
<P STYLE="margin-top:0px;margin-bottom:0px" ALIGN="center"><FONT STYLE="font-family:Times New Roman" SIZE="2"><B>OF ARTICLES OF INCORPORATION </B></FONT></P> <P STYLE="margin-top:0px;margin-bottom:0px" ALIGN="center"><FONT
STYLE="font-family:Times New Roman" SIZE="2"><B>OF </B></FONT></P> <P STYLE="margin-top:0px;margin-bottom:0px" ALIGN="center"><FONT STYLE="font-family:Times New Roman" SIZE="2"><B>CEDAR INCOME FUND, LTD. </B></FONT></P>
<P STYLE="margin-top:10px;margin-bottom:0px"><FONT STYLE="font-family:Times New Roman" SIZE="2">Cedar Income Fund, Ltd., a Maryland corporation (the &#147;Corporation&#148;), hereby certifies to the State Department of Assessments and Taxation of
Maryland, that: </FONT></P> <P STYLE="margin-top:10px;margin-bottom:0px"><FONT STYLE="font-family:Times New Roman" SIZE="2">1. Article I of the Articles of Incorporation of the Corporation, filed with the State Department of Assessments and Taxation
of Maryland on June&nbsp;12, 1998, as heretofore amended, is hereby amended to read as follows: </FONT></P> <P STYLE="margin-top:10px;margin-bottom:0px" ALIGN="center"><FONT STYLE="font-family:Times New Roman" SIZE="2"><B>ARTICLE I </B></FONT></P>
<P STYLE="margin-top:10px;margin-bottom:0px" ALIGN="center"><FONT STYLE="font-family:Times New Roman" SIZE="2"><B>Name </B></FONT></P> <P STYLE="margin-top:10px;margin-bottom:0px"><FONT STYLE="font-family:Times New Roman" SIZE="2">The name of the
Corporation shall be Cedar Shopping Centers, Inc. (the &#147;Corporation&#148;). </FONT></P> <P STYLE="margin-top:10px;margin-bottom:0px"><FONT STYLE="font-family:Times New Roman" SIZE="2">2. The amendment of the charter of the Corporation has been
approved by a majority of the entire Board of Directors since the amendment is limited to a change expressly authorized by Section&nbsp;2-605 of the Maryland General Corporation Law. </FONT></P> <P STYLE="margin-top:10px;margin-bottom:0px"><FONT
STYLE="font-family:Times New Roman" SIZE="2">IN WITNESS WHEREOF, we the undersigned President and Secretary hereby swear under penalties of perjury that the foregoing Articles of Amendment of Articles of Incorporation of Cedar Income Fund, Ltd. is a
corporate act of Cedar Income Fund, Ltd. and have caused these Articles of Amendment to be executed and attested this day of July, 2003. </FONT></P> <P STYLE="margin-top:10px;margin-bottom:0px" ALIGN="center"><FONT
STYLE="font-family:Times New Roman" SIZE="2"><B>CEDAR INCOME FUND, LTD. </B></FONT></P> <P STYLE="margin-top:10px;margin-bottom:0px" ALIGN="center"><FONT STYLE="font-family:Times New Roman" SIZE="2"><U>By:</U> </FONT></P>
<P STYLE="margin-top:0px;margin-bottom:0px" ALIGN="center"><FONT STYLE="font-family:Times New Roman" SIZE="2"><B>Leo S. Ullman, President </B></FONT></P>
<P STYLE="margin-top:10px;margin-bottom:0px"><FONT STYLE="font-family:Times New Roman" SIZE="2"><B>Attest: </B></FONT></P> <P STYLE="margin-top:10px;margin-bottom:0px"><FONT STYLE="font-family:Times New Roman" SIZE="2"><B>Stuart H. Widowsky,
Secretary </B></FONT></P>
 <p STYLE="margin-top:0px;margin-bottom:0px"><FONT SIZE="1">&nbsp;</FONT></P> <P STYLE="margin-top:0px;margin-bottom:0px" ALIGN="center"><FONT STYLE="font-family:Times New Roman" SIZE="2">19 </FONT></P>



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<HR  SIZE="3" style="COLOR:#999999" WIDTH="100%" ALIGN="CENTER">


 <P STYLE="margin-top:10px;margin-bottom:0px" ALIGN="center"><FONT STYLE="font-family:Times New Roman" SIZE="2"><B>ARTICLES OF AMENDMENT</B> </FONT></P>
<P STYLE="margin-top:0px;margin-bottom:0px" ALIGN="center"><FONT STYLE="font-family:Times New Roman" SIZE="2"><B>OF ARTICLES OF INCORPORATION</B> </FONT></P> <P STYLE="margin-top:0px;margin-bottom:0px" ALIGN="center"><FONT
STYLE="font-family:Times New Roman" SIZE="2"><B>OF</B> </FONT></P> <P STYLE="margin-top:0px;margin-bottom:0px" ALIGN="center"><FONT STYLE="font-family:Times New Roman" SIZE="2"><B>CEDAR SHOPPING CENTERS, INC.</B> </FONT></P>
<P STYLE="margin-top:10px;margin-bottom:0px"><FONT STYLE="font-family:Times New Roman" SIZE="2">Cedar Shopping Centers, Inc., a Maryland corporation (the &#147;Corporation&#148;), hereby certifies to the State Department of Assessments and Taxation
of Maryland that: </FONT></P> <P STYLE="margin-top:10px;margin-bottom:0px"><FONT STYLE="font-family:Times New Roman" SIZE="2">1. The Articles of Incorporation of the Corporation, filed with the State Department of Assessments and Taxation of
Maryland on June&nbsp;12, 1998, as amended, are hereby amended as follows: </FONT></P> <P STYLE="margin-top:10px;margin-bottom:0px"><FONT STYLE="font-family:Times New Roman" SIZE="2">(i) The definition of &#147;Ownership Limit&#148; in subparagraph
B(4)(a) of Article IV shall be deleted in its entirety and replaced with the following: </FONT></P> <P STYLE="margin-top:10px;margin-bottom:0px"><FONT STYLE="font-family:Times New Roman" SIZE="2">&#147;Ownership Limit&#148; shall mean 9.9% of the
outstanding Common Stock of the Corporation, and after any adjustment as set forth in subparagraph B(4)(i) of this Article IV, shall mean such greater percentage. </FONT></P> <P STYLE="margin-top:10px;margin-bottom:0px"><FONT
STYLE="font-family:Times New Roman" SIZE="2">(ii) Clause (i)&nbsp;of the definition of &#147;Existing Holder Limit&#148; in subparagraph B(4)(a) of Article IV shall be deleted in its entirety and replaced with the following: </FONT></P>
<P STYLE="margin-top:10px;margin-bottom:0px"><FONT STYLE="font-family:Times New Roman" SIZE="2">(i) for any Existing Holder who is an Existing Holder by virtue of clause (i)&nbsp;of the definition thereof, shall mean, initially, the percentage of
Common Stock Beneficially Owned by such Person immediately after the Public Offering, and after any adjustment pursuant to subparagraph B(4)(i) of this Article IV, shall mean such percentage of the outstanding Common Stock as so adjusted.
</FONT></P> <P STYLE="margin-top:10px;margin-bottom:0px"><FONT STYLE="font-family:Times New Roman" SIZE="2">(iii) Section B(4)(j)(i) of Article IV shall be deleted in its entirety and replaced with the following: </FONT></P>
<P STYLE="margin-top:10px;margin-bottom:0px"><FONT STYLE="font-family:Times New Roman" SIZE="2">(i) Prior to the Restriction Termination Date, neither the Ownership Limit nor any Existing Holder Limit may be increased (nor may any additional
Existing Holder Limit be created) if, after giving effect to such increase (or creation), five persons who are Beneficial Owners of Common Stock (including all of the then Existing Holders) could (taking into account the Ownership Limit and the
Existing Holder Limit) Beneficially Own, in the aggregate, more than 49.5% of the outstanding Common Stock. </FONT></P> <P STYLE="margin-top:10px;margin-bottom:0px"><FONT STYLE="font-family:Times New Roman" SIZE="2">(iv) The following definition
shall be added to Section B(4)(a) of Article IV: </FONT></P> <P STYLE="margin-top:10px;margin-bottom:0px"><FONT STYLE="font-family:Times New Roman" SIZE="2">&#147;Public Offering&#148; shall mean the public offering, if any, of the Company&#146;s
common stock that is consummated prior to June&nbsp;30, 2004. </FONT></P>
 <p STYLE="margin-top:0px;margin-bottom:0px"><FONT SIZE="1">&nbsp;</FONT></P> <P STYLE="margin-top:0px;margin-bottom:0px" ALIGN="center"><FONT STYLE="font-family:Times New Roman" SIZE="2">20 </FONT></P>



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 <P STYLE="margin-top:10px;margin-bottom:0px"><FONT STYLE="font-family:Times New Roman" SIZE="2">(v) Section C of Article V shall be deleted in its entirety and replaced with the following: </FONT></P>
<P STYLE="margin-top:10px;margin-bottom:0px"><FONT STYLE="font-family:Times New Roman" SIZE="2">C. At each annual meeting of the stockholders of the Corporation, the date of which shall be fixed by or pursuant to the By-Laws of the Corporation, the
successors of the class of directors whose terms expire at that meeting shall be elected to hold office for a term of one year and until such director&#146;s earlier resignation or removal; provided, however, each director elected at the annual
meetings of the Corporation held in 2001 and 2002 shall serve for the full three-year term to which such director was elected or until such director&#146;s earlier resignation or removal. No election of directors need be by written ballot. No
decrease in the number of directors constituting the Board of Directors shall shorten the term of any incumbent director. </FONT></P> <P STYLE="margin-top:10px;margin-bottom:0px"><FONT STYLE="font-family:Times New Roman" SIZE="2">2. The amendments
to the Articles of Incorporation of the Corporation have been advised by the Board of Directors and approved by the shareholders of at least two-thirds of the shares of the Corporation&#146;s Common Stock entitled to vote at the Corporation&#146;s
Annual Meeting held on October&nbsp;9, 2003. </FONT></P>
 <p STYLE="margin-top:0px;margin-bottom:0px"><FONT SIZE="1">&nbsp;</FONT></P> <P STYLE="margin-top:0px;margin-bottom:0px" ALIGN="center"><FONT STYLE="font-family:Times New Roman" SIZE="2">21 </FONT></P>



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 <P STYLE="margin-top:10px;margin-bottom:0px"><FONT STYLE="font-family:Times New Roman" SIZE="2">IN WITNESS WHEREOF, we the undersigned President and Secretary hereby swear under penalties of perjury that
the adoption of the foregoing Articles of Amendment of Articles of Incorporation of Cedar Shopping Centers, Inc. is a corporate act of Cedar Shopping Centers, Inc. and that we have caused these Articles of Amendment to be executed and attested this
day of October, 2003. </FONT></P> <P STYLE="margin-top:30px;margin-bottom:0px" ALIGN="center"><FONT STYLE="font-family:Times New Roman" SIZE="2"><B>CEDAR SHOPPING CENTERS, INC.</B> </FONT></P>
<P STYLE="margin-top:10px;margin-bottom:0px" ALIGN="center"><FONT STYLE="font-family:Times New Roman" SIZE="2"><U>By:</U> </FONT></P> <P STYLE="margin-top:0px;margin-bottom:0px" ALIGN="center"><FONT STYLE="font-family:Times New Roman" SIZE="2">Leo
S. Ullman, President </FONT></P> <P STYLE="margin-top:10px;margin-bottom:0px"><FONT STYLE="font-family:Times New Roman" SIZE="2"><B>Attest: </B></FONT></P>
<P STYLE="margin-top:10px;margin-bottom:0px"><FONT STYLE="font-family:Times New Roman" SIZE="2"><B>Stuart H. Widowsky, Secretary </B></FONT></P>
 <p STYLE="margin-top:0px;margin-bottom:0px"><FONT SIZE="1">&nbsp;</FONT></P> <P STYLE="margin-top:0px;margin-bottom:0px" ALIGN="center"><FONT STYLE="font-family:Times New Roman" SIZE="2">22 </FONT></P>



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 <P STYLE="margin-top:10px;margin-bottom:0px" ALIGN="center"><FONT STYLE="font-family:Times New Roman" SIZE="2"><B>CEDAR SHOPPING CENTERS, INC.</B> </FONT></P>
<P STYLE="margin-top:0px;margin-bottom:0px" ALIGN="center"><FONT STYLE="font-family:Times New Roman" SIZE="2"><B>ARTICLES SUPPLEMENTARY</B> </FONT></P> <P STYLE="margin-top:0px;margin-bottom:0px" ALIGN="center"><FONT
STYLE="font-family:Times New Roman" SIZE="2"><B>8 7/8% SERIES A CUMULATIVE REDEEMABLE PREFERRED STOCK</B> </FONT></P> <P STYLE="margin-top:10px;margin-bottom:0px"><FONT STYLE="font-family:Times New Roman" SIZE="2">Cedar Shopping Centers, Inc., a
Maryland corporation (the &#147;Corporation&#148;), hereby certifies to the State Department of Assessments and Taxation of Maryland that: </FONT></P>
<P STYLE="margin-top:10px;margin-bottom:0px"><FONT STYLE="font-family:Times New Roman" SIZE="2">FIRST : Under a power contained in Article IV of the Articles of Incorporation of the Corporation, as amended and supplemented (the &#147;Charter&#148;),
the Board of Directors of the Corporation (the &#147;Board of Directors&#148;), by resolution duly adopted at a meeting duly called and held on July&nbsp;19, 2004 (the &#147;Board Resolutions&#148;), and the Pricing Committee of the Board of
Directors established by the Board Resolutions, by resolution duly adopted at a meeting duly called and held on July&nbsp;23, 2004, classified and designated 2,350,000 shares (the &#147;Shares&#148;) of Preferred Stock (as defined in the Charter) as
shares of 8?% Series A Cumulative Redeemable Preferred Stock, with the preferences, conversions and other rights, voting powers, restrictions, limitations as to dividends and other distributions, qualifications and terms and conditions of redemption
of shares of stock as follows and provided for the issuance thereof. Upon any restatement of the Charter, Sections 1 through 13 of this Article FIRST shall become part of Article IV of the Charter, with such changes in enumeration as are necessary
to complete such restatement. </FONT></P> <P STYLE="margin-top:10px;margin-bottom:0px"><FONT STYLE="font-family:Times New Roman" SIZE="2">(1) Designation and Number. A series of shares of Preferred Stock, designated as the &#147;8 7/8% Series A
Cumulative Redeemable Preferred Stock&#148; (the &#147;Series A Preferred Stock&#148;), is hereby established. The number of shares of Series A Preferred Stock shall be 2,350,000. The par value of the Series A Preferred Stock shall be $.01 per
share. </FONT></P> <P STYLE="margin-top:10px;margin-bottom:0px"><FONT STYLE="font-family:Times New Roman" SIZE="2">(2) Rank. The Series A Preferred Stock will, with respect to distribution rights and rights upon liquidation, dissolution or winding
up of the Corporation, rank (a)&nbsp;senior to all classes or series of Common Stock (as defined in the Charter), and to all equity securities the terms of which provide that such equity securities shall rank junior to the Series A Preferred Stock;
(b)&nbsp;on parity with all equity securities issued by the Corporation the terms of which specifically provide that such equity securities rank on parity with the Series A Preferred Stock; and (c)&nbsp;junior to all equity securities issued by the
Corporation the terms of which specifically provide that such equity securities rank senior to the Series A Preferred Stock. The term &#147;equity securities&#148; shall not include convertible debt securities. </FONT></P>
<P STYLE="margin-top:10px;margin-bottom:0px"><FONT STYLE="font-family:Times New Roman" SIZE="2">(3) Distributions. </FONT></P> <P STYLE="margin-top:10px;margin-bottom:0px"><FONT STYLE="font-family:Times New Roman" SIZE="2">(a) Holders of Series A
Preferred Stock shall be entitled to receive, when and if declared by the Board of Directors, out of funds legally available for payment of distributions, cumulative preferential cash distributions at the rate of 8 7/8% of the liquidation preference
per annum (which is equivalent to a fixed annual amount of $2.21875 per share of Series A Preferred Stock). Such distributions shall accrue and cumulate from the date of original issuance (July 28, 2004) and shall be payable quarterly in arrears on
the 20th day of February, May, August and November of each year or, if not a business day, the next succeeding business day (each a &#147;Distribution Payment Date&#148;). The first distribution on the Series A Preferred Stock
</FONT></P>
 <p STYLE="margin-top:0px;margin-bottom:0px"><FONT SIZE="1">&nbsp;</FONT></P> <P STYLE="margin-top:0px;margin-bottom:0px" ALIGN="center"><FONT STYLE="font-family:Times New Roman" SIZE="2">23 </FONT></P>



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 <P STYLE="margin-top:10px;margin-bottom:0px"><FONT STYLE="font-family:Times New Roman" SIZE="2">shall be paid on November&nbsp;20, 2004, will be for more than a full quarter and will reflect
distributions accumulated from the date of original issuance through November&nbsp;20, 2004. Any distribution payable on the Series A Preferred Stock for any partial distribution period shall be prorated and computed on the basis of a 360-day year
consisting of twelve 30-day months. Distributions shall be payable to holders of record as they appear in the stock records of the Corporation at the close of business on the applicable distribution record date, which shall be a date designated by
the Board of Directors for the payment of distributions that is not more than 60 nor less than 10 calendar days immediately preceding such Distribution Payment Date (each, a &#147;Distribution Record Date&#148;). </FONT></P>
<P STYLE="margin-top:10px;margin-bottom:0px"><FONT STYLE="font-family:Times New Roman" SIZE="2">(b) No distribution on the Series A Preferred Stock shall be authorized or declared or paid or set apart for payment by the Corporation at such time as
the terms and provisions of any agreement of the Corporation, including any agreement relating to its indebtedness or any other of the Corporation&#146;s preferred stock, prohibits such authorization, declaration, payment or setting apart for
payment or provides that such authorization, declaration, payment or setting apart for payment would constitute a breach or default thereunder, or if such authorization, declaration, payment or setting apart for payment shall be restricted or
prohibited by law. </FONT></P> <P STYLE="margin-top:10px;margin-bottom:0px"><FONT STYLE="font-family:Times New Roman" SIZE="2">Notwithstanding anything to the contrary contained herein, distributions on the Series A Preferred Stock shall accrue and
cumulate whether or not the Corporation has earnings, whether or not there are funds legally available for the payment of such distributions and whether or not such distributions are declared by the Board of Directors. Accrued but unpaid
distributions on the Series A Preferred Stock shall cumulate as of the Distribution Payment Date on which they first become payable or on the date of redemption, as the case may be. No interest shall be payable in respect of any distribution on the
Series A Preferred Stock that may be in arrears. </FONT></P> <P STYLE="margin-top:10px;margin-bottom:0px"><FONT STYLE="font-family:Times New Roman" SIZE="2">(c) Except as provided in the following sentence, if any Series A Preferred Stock are
outstanding, no distributions, other than distributions in kind of the Corporation&#146;s Common Stock or other shares of the Corporation&#146;s equity securities ranking junior to the Series A Preferred Stock as to distributions and upon
liquidation, may be declared or paid or set apart for payment, and no other distribution may be declared or made upon, the Corporation&#146;s Common Stock or any other shares of equity securities of the Corporation of any other class or series
ranking, as to distributions and upon liquidation, on parity with or junior to the Series A Preferred Stock unless full cumulative distributions have been or contemporaneously are declared and paid or declared and a sum sufficient is set apart for
such payment on the Series A Preferred Stock for all past distribution periods and the then current distribution period. When distributions are not paid in full (or a sum sufficient for such full payment is not so set apart) upon the Series A
Preferred Stock and all other equity securities ranking on parity, as to distributions, with the Series A Preferred Stock, all distributions declared upon the Series A Preferred Stock and any other equity securities ranking on parity, as to
distributions, with the Series A Preferred Stock shall be authorized pro rata so that the amount of distributions authorized per share of Series A Preferred Stock and each such other equity security shall in all cases bear to each other the same
ratio that accrued distributions per share of Series A Preferred Stock and such other equity security (which shall not include any accumulation in respect of unpaid distributions for prior distribution periods if such other equity securities do not
have a cumulative distribution) bear to each other. No interest, or sum of money in lieu of interest, shall be payable in respect of any distribution payment or payments on Series A Preferred Stock which may be in arrears. </FONT></P>
 <p STYLE="margin-top:0px;margin-bottom:0px"><FONT SIZE="1">&nbsp;</FONT></P> <P STYLE="margin-top:0px;margin-bottom:0px" ALIGN="center"><FONT STYLE="font-family:Times New Roman" SIZE="2">24 </FONT></P>



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 <P STYLE="margin-top:10px;margin-bottom:0px"><FONT STYLE="font-family:Times New Roman" SIZE="2">(d) Except as provided in clause (c), unless full cumulative distributions on the Series A Preferred Stock
have been or contemporaneously are declared and paid or declared and a sum sufficient is set apart for payment for all past distribution periods and the then current distribution period, no Common Stock or any other shares of equity securities of
the Corporation ranking junior to or on parity with the Series A Preferred Stock as to distributions or upon liquidation shall be redeemed, purchased or otherwise acquired for any consideration (or any monies be paid to or made available for a
sinking fund for the redemption of any such shares) by the Corporation (except by conversion into or exchange for Common Stock or other shares of equity securities of the Corporation ranking junior to the Series A Preferred Stock as to distributions
and amounts upon liquidation). The foregoing shall not prohibit any redemption, purchase or other acquisition by the Corporation of any class or series of equity securities of the Corporation for the purpose of enforcing restrictions on ownership
contained in the Corporation&#146;s Charter or preserving the Corporation&#146;s status as a real estate investment trust. </FONT></P> <P STYLE="margin-top:10px;margin-bottom:0px"><FONT STYLE="font-family:Times New Roman" SIZE="2">(e) Holders of
Series A Preferred Stock shall not be entitled to any distribution, whether payable in cash, property or shares, in excess of full cumulative distributions on the Series A Preferred Stock as described above. Any distribution payment made on the
Series A Preferred Stock, including any capital gain distributions, shall first be credited against the earliest accrued but unpaid distribution due with respect to the Series A Preferred Stock which remains payable. </FONT></P>
<P STYLE="margin-top:10px;margin-bottom:0px"><FONT STYLE="font-family:Times New Roman" SIZE="2">(f) If, for any taxable year, the Corporation elects to designate as a &#147;capital gain dividend&#148; (as defined in Section&nbsp;857 of the Code) any
portion (the &#147;Capital Gains Amount&#148;) of the dividends (as determined for federal income tax purposes) paid or made available for the year to holders of all series or classes of the Corporation&#146;s stock (the &#147;Total
Dividends&#148;), then, except as otherwise required by applicable law, that portion of the Capital Gains Amount that shall be allocable to the holders of Series A Preferred Stock shall be in proportion to the amount that the total dividends (as
determined for federal income tax purposes) paid or made available to the holders of the Series A Preferred Stock for the year bears to the Total Dividends. Except as otherwise required by applicable law, the Corporation will make a similar
allocation with respect to any undistributed long-term capital gains of the Corporation which are to be included in its stockholders&#146; long-term capital gains, based on the allocation of the Capital Gains Amount which would have resulted if such
undistributed long-term capital gains has been distributed as &#147;capital gains dividends&#148; by the Corporation to its stockholders. </FONT></P> <P STYLE="margin-top:10px;margin-bottom:0px"><FONT STYLE="font-family:Times New Roman" SIZE="2">(4)
Liquidation Preference. </FONT></P> <P STYLE="margin-top:10px;margin-bottom:0px"><FONT STYLE="font-family:Times New Roman" SIZE="2">(a) In the event of any voluntary or involuntary liquidation, dissolution or winding up of the Corporation (referred
to herein sometimes as a &#147;liquidation&#148;), the holders of Series A Preferred Stock then outstanding shall be entitled to receive out of the assets of the Corporation legally available for distribution to stockholders (after payment or
provision for payment of all debts and other liabilities of the Corporation) the sum of (i)&nbsp;the liquidation </FONT></P>
 <p STYLE="margin-top:0px;margin-bottom:0px"><FONT SIZE="1">&nbsp;</FONT></P> <P STYLE="margin-top:0px;margin-bottom:0px" ALIGN="center"><FONT STYLE="font-family:Times New Roman" SIZE="2">25 </FONT></P>



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 <P STYLE="margin-top:10px;margin-bottom:0px"><FONT STYLE="font-family:Times New Roman" SIZE="2">preference of $25.00 per share, (ii)&nbsp;the applicable premium per share (expressed as a percentage of
the liquidation preference of $25.00 per share) as set forth in the table below during the twelve-month period beginning on July&nbsp;28 of each year and (c)&nbsp;an amount equal to any accrued and unpaid distributions (whether or not declared) to
the date of payment, before any distribution of assets is made to holders of Common Stock (as defined in the Charter) or any equity securities that the Corporation may issue that rank junior to the Series A Preferred Stock as to liquidation rights.
</FONT></P> <P STYLE="font-size:10px;margin-top:0px;margin-bottom:0px">&nbsp;</P>
<TABLE CELLSPACING="0" CELLPADDING="0" WIDTH="100%" BORDER="0" STYLE="BORDER-COLLAPSE:COLLAPSE" ALIGN="center">


<TR STYLE="visibility:hidden; line-height:0pt; color:white">
<TD WIDTH="97%"></TD>
<TD VALIGN="bottom" WIDTH="1%"></TD>
<TD></TD>
<TD nowrap><FONT STYLE="Times New Roman" SIZE="1"><B>September 30,</B></FONT></TD>
<TD></TD></TR>
<TR>
<TD VALIGN="bottom" NOWRAP> <P STYLE="border-bottom:1px solid #000000;width:74pt"><FONT STYLE="font-family:Times New Roman" SIZE="1"><B>12-MONTH PERIOD</B></FONT></P></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" COLSPAN="2" ALIGN="center" STYLE="border-bottom:1px solid #000000"><FONT STYLE="font-family:Times New Roman" SIZE="1"><B>APPLICABLE&nbsp;PREMIUM</B></FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD></TR>


<TR BGCOLOR="#cceeff">
<TD VALIGN="top"> <P STYLE="margin-left:1.00em; text-indent:-1.00em"><FONT STYLE="font-family:Times New Roman" SIZE="2">July&nbsp;28, 2004 to July&nbsp;27, 2005</FONT></P></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="2">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:Times New Roman" SIZE="2">5</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="2">%&nbsp;</FONT></TD></TR>
<TR>
<TD VALIGN="top"> <P STYLE="margin-left:1.00em; text-indent:-1.00em"><FONT STYLE="font-family:Times New Roman" SIZE="2">July&nbsp;28, 2005 to July&nbsp;27, 2006</FONT></P></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="2">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:Times New Roman" SIZE="2">4</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="2">%&nbsp;</FONT></TD></TR>
<TR BGCOLOR="#cceeff">
<TD VALIGN="top"> <P STYLE="margin-left:1.00em; text-indent:-1.00em"><FONT STYLE="font-family:Times New Roman" SIZE="2">July&nbsp;28, 2006 to July&nbsp;27, 2007</FONT></P></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="2">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:Times New Roman" SIZE="2">3</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="2">%&nbsp;</FONT></TD></TR>
<TR>
<TD VALIGN="top"> <P STYLE="margin-left:1.00em; text-indent:-1.00em"><FONT STYLE="font-family:Times New Roman" SIZE="2">July&nbsp;28, 2007 to July&nbsp;27, 2008</FONT></P></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="2">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:Times New Roman" SIZE="2">2</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="2">%&nbsp;</FONT></TD></TR>
<TR BGCOLOR="#cceeff">
<TD VALIGN="top"> <P STYLE="margin-left:1.00em; text-indent:-1.00em"><FONT STYLE="font-family:Times New Roman" SIZE="2">July&nbsp;28, 2008 to July&nbsp;27, 2009</FONT></P></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="2">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:Times New Roman" SIZE="2">1</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="2">%&nbsp;</FONT></TD></TR>
<TR>
<TD VALIGN="top"> <P STYLE="margin-left:1.00em; text-indent:-1.00em"><FONT STYLE="font-family:Times New Roman" SIZE="2">July&nbsp;28, 2009 and thereafter</FONT></P></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="2">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:Times New Roman" SIZE="2">0</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="2">&nbsp;&nbsp;</FONT></TD></TR>
</TABLE> <P STYLE="margin-top:10px;margin-bottom:0px"><FONT STYLE="font-family:Times New Roman" SIZE="2">(b) If, upon any such voluntary or involuntary liquidation, dissolution or winding up of the Corporation, the assets of
the Corporation are insufficient to make full payment to holders of the Series A Preferred Stock and any shares of other classes or series of equity securities of the Corporation ranking on parity with the Series A Preferred Stock as to liquidation
rights, then the holders of the Series A Preferred Stock and all other such classes or series of equity securities ranking on parity with the Series A Preferred Stock as to liquidation rights shall share ratably in any distribution of assets in
proportion to the full liquidating distributions to which they would otherwise be respectively entitled. </FONT></P> <P STYLE="margin-top:10px;margin-bottom:0px"><FONT STYLE="font-family:Times New Roman" SIZE="2">(c) Written notice of any such
liquidation, dissolution or winding up of the Corporation, stating the payment date or dates when, and the place or places where, the amounts distributable in such circumstances shall be payable, shall be given by first class mail, postage pre-paid,
not less than 30 nor more than 60 calendar days immediately preceding the payment date stated therein, to each record holder of the Series A Preferred Stock at the respective addresses of such holders as the same shall appear on the share transfer
records of the Corporation. </FONT></P> <P STYLE="margin-top:10px;margin-bottom:0px"><FONT STYLE="font-family:Times New Roman" SIZE="2">(d) After payment of the full amount of the liquidating distributions to which they are entitled, the holders of
Series A Preferred Stock shall have no right or claim to any of the remaining assets of the Corporation. </FONT></P> <P STYLE="margin-top:10px;margin-bottom:0px"><FONT STYLE="font-family:Times New Roman" SIZE="2">(e) None of a consolidation or
merger of the Corporation with or into another entity, the merger of another entity with or into the Corporation, a statutory share exchange by the Corporation or a sale, lease, transfer or conveyance of all or substantially all of the
Corporation&#146;s assets or business shall be considered a liquidation, dissolution or winding up of the Corporation. </FONT></P> <P STYLE="margin-top:10px;margin-bottom:0px"><FONT STYLE="font-family:Times New Roman" SIZE="2">(f) In determining
whether a distribution (other than upon voluntary or involuntary dissolution) by dividend, redemption or other acquisition of shares of the Corporation or otherwise is permitted under Maryland law, amounts that would be needed, if the Corporation
were to be dissolved at the time of the distribution, to satisfy the preferential rights upon dissolution of the holders of Series A Preferred Stock will not be added to the Corporation&#146;s total liabilities. </FONT></P>
 <p STYLE="margin-top:0px;margin-bottom:0px"><FONT SIZE="1">&nbsp;</FONT></P> <P STYLE="margin-top:0px;margin-bottom:0px" ALIGN="center"><FONT STYLE="font-family:Times New Roman" SIZE="2">26 </FONT></P>



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 <P STYLE="margin-top:10px;margin-bottom:0px"><FONT STYLE="font-family:Times New Roman" SIZE="2">(5) Redemption. </FONT></P> <P STYLE="margin-top:10px;margin-bottom:0px"><FONT
STYLE="font-family:Times New Roman" SIZE="2">(a) Except as otherwise set forth in this Section&nbsp;5 and in Section&nbsp;8, the Series A Preferred Stock is not redeemable prior to July&nbsp;28, 2009, except that the Corporation will be entitled to
redeem, purchase or acquire shares of Series A Preferred Stock in order to ensure that the Corporation remains qualified as a REIT for federal income tax purposes. </FONT></P> <P STYLE="margin-top:10px;margin-bottom:0px"><FONT
STYLE="font-family:Times New Roman" SIZE="2">(b) On or after July&nbsp;28, 2009 the Corporation, at its option, upon giving notice as provided below, may redeem the Series A Preferred Stock, in whole or from time to time in part, for cash, at a
redemption price of $25.00 per share, plus all accrued and unpaid distributions on such Series A Preferred Stock to the date of redemption, whether or not declared (the &#147;Redemption Right&#148;). </FONT></P>
<P STYLE="margin-top:10px;margin-bottom:0px"><FONT STYLE="font-family:Times New Roman" SIZE="2">(c) If fewer than all of the outstanding shares of Series A Preferred Stock are to be redeemed pursuant to the Redemption Right, the shares to be
redeemed shall be selected pro rata (as nearly as practicable without creating fractional shares) or by lot or in such other equitable method prescribed by the Board of Directors. If such redemption is to be by lot and, as a result of such
redemption, any holder of Series A Preferred Stock would become a holder of a number of Series A Preferred Stock in excess of the Ownership Limit because such holder&#146;s shares of Series A Preferred Stock were not redeemed, or were only redeemed
in part, then, except as otherwise provided in the Charter, the Corporation shall redeem the requisite number of shares of Series A Preferred Stock of such holder such that no holder will hold in excess of the Ownership Limit subsequent to such
redemption. </FONT></P> <P STYLE="margin-top:10px;margin-bottom:0px"><FONT STYLE="font-family:Times New Roman" SIZE="2">(d) Notwithstanding anything to the contrary contained herein, unless full cumulative distributions on all shares of Series A
Preferred Stock have been or contemporaneously are declared and paid or declared and a sum sufficient is set apart for payment for all past distribution periods and the then current distribution period, no shares of Series A Preferred Stock shall be
redeemed unless all outstanding shares of Series A Preferred Stock are simultaneously redeemed. In addition, unless full cumulative distributions on all shares of Series A Preferred Stock have been or contemporaneously are declared and paid or
declared and a sum sufficient is set apart for payment for all past distribution periods and the then current distribution period, the Corporation shall not purchase or otherwise acquire directly or indirectly any shares of Series A Preferred Stock
or any other shares of equity securities of the Corporation ranking junior to or on parity with the Series A Preferred Stock as to distributions or upon liquidation (except by conversion into or exchange for shares of equity securities of the
Corporation ranking junior to the Series A Preferred Stock as to distributions and upon liquidation). The restrictions in this Section&nbsp;5 on redemptions, purchases and other acquisitions shall not prevent the redemption, purchase or acquisition
by the Corporation of Preferred Stock of any series pursuant to Article IV of the Charter or Section&nbsp;5(a) hereof, or otherwise in order to ensure that the Corporation remains qualified as a REIT for United States federal income tax purposes, or
the purchase or acquisition of Series A Preferred Stock pursuant to a purchase or exchange offer made on the same terms to all holders of the Series A Preferred Stock. </FONT></P>
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 <P STYLE="margin-top:10px;margin-bottom:0px"><FONT STYLE="font-family:Times New Roman" SIZE="2">(e) Immediately prior to any redemption of shares of Series A Preferred Stock, the Corporation shall pay,
in cash, any accrued and unpaid distributions to the redemption date, whether or not declared, unless a redemption date falls after a Distribution Record Date and prior to the corresponding Distribution Payment Date, in which case each holder of
Series A Preferred Stock at the close of business on such Distribution Record Date shall be entitled to the distribution payable on such shares on the corresponding Distribution Payment Date notwithstanding the redemption of such shares before the
Distribution Payment Date. Except as provided in the previous sentence, the Corporation shall make no payment or allowance for unpaid distributions, whether or not in arrears, on Series A Preferred Stock for which a notice of redemption has been
given. </FONT></P> <P STYLE="margin-top:10px;margin-bottom:0px"><FONT STYLE="font-family:Times New Roman" SIZE="2">(f) The following provisions set forth the procedures for redemption. </FONT></P> <P STYLE="margin-top:10px;margin-bottom:0px"><FONT
STYLE="font-family:Times New Roman" SIZE="2">(i) Notice of redemption will be mailed by the Corporation, postage prepaid, no less than 30 nor more than 60 calendar days immediately preceding the redemption date, addressed to the respective holders
of record of the Series A Preferred Stock to be redeemed at their respective addresses as they appear on the stock transfer records of the Corporation. No failure to give such notice or any defect thereto or in the mailing thereof shall affect the
validity of the proceedings for the redemption of any Series A Preferred Stock except as to the holder to whom notice was defective or not given. </FONT></P> <P STYLE="margin-top:10px;margin-bottom:0px"><FONT
STYLE="font-family:Times New Roman" SIZE="2">(ii) In addition to any information required by law or by the applicable rules of any exchange upon which the Series A Preferred Stock may be listed or admitted to trading, each notice shall state:
(A)&nbsp;the redemption date; (B)&nbsp;the redemption price; (C)&nbsp;the number of Series A Preferred Stock to be redeemed; (D)&nbsp;the place or places where the holders of Series A Preferred Stock may surrender certificates for payment of the
redemption price; and (E)&nbsp;that distributions on the Series A Preferred Stock to be redeemed will cease to accrue on the redemption date. If less than all of the Series A Preferred Stock held by any holder are to be redeemed, the notice mailed
to each holder shall also specify the number of Series A Preferred Stock held by such holder to be redeemed. </FONT></P> <P STYLE="margin-top:10px;margin-bottom:0px"><FONT STYLE="font-family:Times New Roman" SIZE="2">(iii) On or after the redemption
date, each holder of Series A Preferred Stock to be redeemed shall present and surrender the certificates representing his Series A Preferred Stock to the Corporation at the place designated in the notice of redemption and thereupon the redemption
price of such shares (including all accrued and unpaid distributions up to the redemption date) shall be paid to or on the order of the person whose name appears on such certificate representing Series A Preferred Stock as the owner thereof and each
surrendered certificate shall be canceled. If fewer than all the shares represented by any such certificate representing Series A Preferred Stock are to be redeemed, a new certificate shall be issued representing the unredeemed shares. </FONT></P>
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 <P STYLE="margin-top:10px;margin-bottom:0px"><FONT STYLE="font-family:Times New Roman" SIZE="2">(iv) From and after the redemption date (unless the Corporation defaults in payment of the redemption
price), all distributions on the Series A Preferred Stock designated for redemption and all rights of the holders thereof, except the right to receive the redemption price thereof and all accrued and unpaid distributions up to the redemption date,
shall terminate with respect to such shares and such shares shall not thereafter be transferred (except with the consent of the Corporation) on the Corporation&#146;s stock transfer records, and such shares shall not be deemed to be outstanding for
any purpose whatsoever. At its election, the Corporation, prior to a redemption date, may irrevocably deposit the redemption price (including accrued and unpaid distributions to the redemption date) of the Series A Preferred Stock so called for
redemption in trust for the holders thereof with a bank or trust company, in which case the redemption notice to holders of the Series A Preferred Stock to be redeemed shall (A)&nbsp;state the date of such deposit, (B)&nbsp;specify the office of
such bank or trust company as the place of payment of the redemption price and (C)&nbsp;require such holders to surrender the certificates representing such shares at such place on or about the date fixed in such redemption notice (which may not be
later than the redemption date) against payment of the redemption price (including all accrued and unpaid distributions to the redemption date). Any monies so deposited which remain unclaimed by the holders of the Series A Preferred Stock at the end
of two years after the redemption date shall be returned by such bank or trust company to the Corporation. </FONT></P> <P STYLE="margin-top:10px;margin-bottom:0px"><FONT STYLE="font-family:Times New Roman" SIZE="2">(g) Any Series A Preferred Stock
that shall at any time have been redeemed shall, after such redemption, have the status of authorized but unissued Preferred Stock, without designation as to series until such shares are once more designated as part of a particular series by the
Board of Directors. </FONT></P> <P STYLE="margin-top:10px;margin-bottom:0px"><FONT STYLE="font-family:Times New Roman" SIZE="2">(6) Voting Rights. </FONT></P> <P STYLE="margin-top:10px;margin-bottom:0px"><FONT
STYLE="font-family:Times New Roman" SIZE="2">(a) Holders of the Series A Preferred Stock shall not have any voting rights, except as set forth below. </FONT></P> <P STYLE="margin-top:10px;margin-bottom:0px"><FONT
STYLE="font-family:Times New Roman" SIZE="2">Whenever distributions on the Series A Preferred Stock are in arrears for six or more consecutive quarterly periods (a &#147;Preferred Distribution Default&#148;), the holders of Series A Preferred Stock
(voting together as a single class with all other equity securities of the Corporation upon which like voting rights have been conferred and are exercisable (&#147;Parity Preferred Stock&#148;)) shall be entitled to elect a total of two additional
directors to the Corporation&#146;s Board of Directors (the &#147;Preferred Stock Directors&#148;) at a special meeting called by the holders of record of at least 10% of the outstanding shares of Series A Preferred Stock (unless such request is
received less than 90 calendar days before the date fixed for the next annual or special meeting of stockholders) or, if the request for a special meeting is received by the Corporation less than 90 calendar days before the date fixed for the next
annual or special meeting of stockholders, at the next annual meeting of stockholders, and at each subsequent annual meeting until all distributions accrued on the Series A Preferred Stock for the past distribution periods and the then current
distribution period shall have been fully paid or declared and a sum sufficient for the payment thereof set aside for payment. On any matter in which the holders of Series A Preferred Stock are entitled to vote (as expressly provided herein or as
may be required by law), including any action by written consent, each share of Series A Preferred Stock shall have one vote per share, except that when shares of any other series of preferred stock of the Corporation shall have the right to vote
with the Series A Preferred Stock as a single class on any matter, then the Series A Preferred Stock and such other series shall have with respect to such matters one vote per $25.00 of stated liquidation preference. </FONT></P>
 <p STYLE="margin-top:0px;margin-bottom:0px"><FONT SIZE="1">&nbsp;</FONT></P> <P STYLE="margin-top:0px;margin-bottom:0px" ALIGN="center"><FONT STYLE="font-family:Times New Roman" SIZE="2">29 </FONT></P>



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 <P STYLE="margin-top:10px;margin-bottom:0px"><FONT STYLE="font-family:Times New Roman" SIZE="2">(b) If and when all accrued distributions and the distribution for the then current distribution period on
the Series A Preferred Stock shall have been paid in full or declared and a sum sufficient for the payment thereof set aside for payment in full, the holders of Series A Preferred Stock shall be divested of the voting rights set forth in clause
(a)&nbsp;above (subject to revesting in the event of each and every Preferred Distribution Default) and, if all accrued distributions and the distribution for the then current distribution period have been paid in full or declared by the Board of
Directors and set aside for payment in full on all other series of Parity Preferred Stock upon which like voting rights have been conferred and are exercisable, the term of office of each Preferred Stock Director so elected shall terminate. Any
Preferred Stock Director may be removed at any time with or without cause by the vote or consent of, and shall not be removed otherwise than by the vote of, the holders of a majority of the outstanding Series A Preferred Stock when they have the
voting rights set forth in clause (a)&nbsp;above and all other series of Parity Preferred Stock (voting as a single class). So long as a Preferred Distribution Default shall continue, any vacancy in the office of a Preferred Stock Director may be
filled by written consent of the Preferred Stock Director remaining in office, or if none remains in office, by a vote of the holders of a majority of the outstanding Series A Preferred Stock when they have the voting rights set forth in clause
(a)&nbsp;above and all other series of Parity Preferred Stock (voting as a single class). The Preferred Stock Directors shall each be entitled to one vote per director on any matter. </FONT></P> <P STYLE="margin-top:10px;margin-bottom:0px"><FONT
STYLE="font-family:Times New Roman" SIZE="2">(c) So long as any Series A Preferred Stock remain outstanding, the Corporation shall not, without the affirmative vote or consent of the holders of at least two-thirds of the Series A Preferred Stock
outstanding at the time, given in person or by proxy, either in writing or at a meeting (such series voting separately as a class), (i)&nbsp;authorize, create or increase the authorized or issued amount of any class or series of equity securities
ranking senior to the outstanding Series A Preferred Stock with respect to the payment of distributions or the distribution of assets upon voluntary or involuntary liquidation, dissolution or winding up of the Corporation or reclassify any
authorized equity securities of the Corporation into any such senior equity securities, or create, authorize or issue any obligation or security convertible into or evidencing the right to purchase any such senior equity securities; or
(ii)&nbsp;amend, alter or repeal the provisions of the Charter (including these Articles Supplementary), whether by merger or consolidation (in either case, an &#147;Event&#148;) or otherwise, so as to materially and adversely affect any right,
preference, privilege or voting power of the Series A Preferred Stock; provided, however, that with respect to any such amendment, alteration or repeal of the provisions of the Charter (including these Articles Supplementary) upon the occurrence of
an Event, so long as shares of the Series A Preferred Stock remain outstanding with the terms thereof materially unchanged in any adverse respect, taking into account that, upon the occurrence of an Event, the Corporation may not be the surviving
entity and such surviving entity may thereafter be the issuer of the Series A Preferred Stock, the occurrence of any such Event shall not be deemed to materially and adversely affect the rights, preferences or voting powers of the Series A Preferred
Stock; and provided further that any increase in the amount of authorized Series A Preferred Stock or the creation or issuance of or increase in the amount of any other class or series of the Corporation&#146;s equity securities, in each case
ranking on parity with or junior to the Series A Preferred Stock with respect to the payment of distributions and the distribution of assets upon voluntary or involuntary liquidation, dissolution or winding up of the Corporation, shall not be deemed
to materially and adversely affect the rights, preferences, privileges or voting powers of the Series A Preferred Stock. </FONT></P>
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 <P STYLE="margin-top:10px;margin-bottom:0px"><FONT STYLE="font-family:Times New Roman" SIZE="2">(d) The foregoing voting provisions shall not apply if, at or prior to the time when the action with
respect to which such vote or consent would otherwise be required shall be effected, all outstanding Series A Preferred Stock shall have been redeemed or called for redemption upon proper notice and sufficient funds shall have been deposited in
trust to effect such redemption. </FONT></P> <P STYLE="margin-top:10px;margin-bottom:0px"><FONT STYLE="font-family:Times New Roman" SIZE="2">(7) Conversion. The Series A Preferred Stock is not convertible into or exchangeable for any other property
or securities of the Corporation. </FONT></P> <P STYLE="margin-top:10px;margin-bottom:0px"><FONT STYLE="font-family:Times New Roman" SIZE="2">(8) Ownership Limitations. The provisions of this Section&nbsp;8 shall apply with respect to the
limitations on the ownership and acquisition of shares of Series A Preferred Stock. </FONT></P> <P STYLE="margin-top:10px;margin-bottom:0px"><FONT STYLE="font-family:Times New Roman" SIZE="2">(a) Definitions </FONT></P>
<P STYLE="margin-top:10px;margin-bottom:0px"><FONT STYLE="font-family:Times New Roman" SIZE="2">For the purposes of this Section&nbsp;8, the following terms shall have the following meanings: </FONT></P> <P STYLE="margin-top:10px;margin-bottom:0px"><FONT
STYLE="font-family:Times New Roman" SIZE="2">&#147;Act&#148; shall mean the General Corporation Law of Maryland. </FONT></P> <P STYLE="margin-top:10px;margin-bottom:0px"><FONT STYLE="font-family:Times New Roman" SIZE="2">&#147;Beneficial
Ownership&#148; shall mean ownership of Series A Preferred Stock by a Person who would be treated as an owner of such shares of Series A Preferred Stock either directly or constructively through the application of Section&nbsp;544 of the Code, as
modified by Section&nbsp;856(h) of the Code. The terms &#147;Beneficial Owner,&#148; &#147;Beneficially Owns&#148; and &#147;Beneficially Owned&#148; shall have the correlative meanings. </FONT></P> <P STYLE="margin-top:10px;margin-bottom:0px"><FONT
STYLE="font-family:Times New Roman" SIZE="2">&#147;Charitable Trust&#148; shall mean the trust created pursuant to subparagraph 8(c)(i) of this Section&nbsp;8. </FONT></P> <P STYLE="margin-top:10px;margin-bottom:0px"><FONT
STYLE="font-family:Times New Roman" SIZE="2">&#147;Code&#148; shall mean the Internal Revenue Code of 1986, as amended from time to time. All section references to the Code shall include any successor provisions thereof as may be adopted from time
to time. </FONT></P> <P STYLE="margin-top:10px;margin-bottom:0px"><FONT STYLE="font-family:Times New Roman" SIZE="2">&#147;Constructive Ownership&#148; shall mean ownership of Series A Preferred Stock by a Person who would be treated as an owner of
such shares of Series A Preferred Stock either directly or constructively through the application of Section&nbsp;318 of the Code, as modified by Section&nbsp;856(d)(5) of the Code. The terms &#147;Constructive Owner,&#148; &#147;Constructively
Owns&#148; and &#147;Constructively Owned&#148; shall have the correlative meanings. </FONT></P> <P STYLE="margin-top:10px;margin-bottom:0px"><FONT STYLE="font-family:Times New Roman" SIZE="2">&#147;Holder&#148; shall mean the record holder of
shares of Series A Preferred Stock, or in the case of shares held by a Purported Record Transferee, the Charitable Trust. </FONT></P> <P STYLE="margin-top:10px;margin-bottom:0px"><FONT STYLE="font-family:Times New Roman" SIZE="2">&#147;Initial
Date&#148; shall mean the date upon which the Corporation issues the Series A Preferred Stock. </FONT></P>
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 <P STYLE="margin-top:10px;margin-bottom:0px"><FONT STYLE="font-family:Times New Roman" SIZE="2">&#147;IRS&#148; shall mean the United States Internal Revenue Service. </FONT></P>
<P STYLE="margin-top:10px;margin-bottom:0px"><FONT STYLE="font-family:Times New Roman" SIZE="2">&#147;Market Price&#148; shall mean the last reported sales price reported on the New York Stock Exchange of Series A Preferred Stock on the trading day
immediately preceding the relevant date, or if the Series A Preferred Stock is not then traded on the New York Stock Exchange, the last reported sales price of the Series A Preferred Stock on the trading day immediately preceding the relevant date
as reported on any exchange or quotation system over which the Series A Preferred Stock may be traded, or if the Series A Preferred Stock is not then traded over any exchange or quotation system, then the market price of the Series A Preferred Stock
on the relevant date as determined in good faith by the Board of Directors of the Corporation. </FONT></P> <P STYLE="margin-top:10px;margin-bottom:0px"><FONT STYLE="font-family:Times New Roman" SIZE="2">&#147;Ownership Limit&#148; shall mean 9.9% of
the outstanding Series A Preferred Stock of the Corporation, and after any adjustment as set forth in subparagraph 8(i) of this Section&nbsp;8, shall mean such greater percentage. </FONT></P> <P STYLE="margin-top:10px;margin-bottom:0px"><FONT
STYLE="font-family:Times New Roman" SIZE="2">&#147;Partner&#148; shall mean any Person owning Units. </FONT></P> <P STYLE="margin-top:10px;margin-bottom:0px"><FONT STYLE="font-family:Times New Roman" SIZE="2">&#147;Partnership&#148; shall mean Cedar
Shopping Centers Partnership, L.P., a Delaware limited partnership. </FONT></P> <P STYLE="margin-top:10px;margin-bottom:0px"><FONT STYLE="font-family:Times New Roman" SIZE="2">&#147;Partnership Agreement&#148; shall mean the Agreement of Limited
Partnership of the Partnership, of which the Corporation is the sole general partner, as amended, as such agreement may be further amended from time to time. </FONT></P> <P STYLE="margin-top:10px;margin-bottom:0px"><FONT
STYLE="font-family:Times New Roman" SIZE="2">&#147;Person&#148; shall mean an individual, corporation, partnership, estate, trust, a portion of a trust permanently set aside for or to be used exclusively for the purposes described in
Section&nbsp;642(c) of the Code, association, private foundation within the meaning of Section&nbsp;509(a) of the Code, joint stock company or other entity and also includes a group as that term is used for purposes of Section&nbsp;13(d)(3) of the
Securities Exchange Act of 1934, as amended; but does not include an underwriter which participates in a public offering of the Series A Preferred Stock provided that the ownership of Series A Preferred Stock by such underwriter would not result in
the Corporation failing to qualify as a REIT. </FONT></P> <P STYLE="margin-top:10px;margin-bottom:0px"><FONT STYLE="font-family:Times New Roman" SIZE="2">&#147;Purported Transferee&#148; shall mean, with respect to any purported Transfer (or other
event) which results in a violation of subparagraph 8(b) of this Section&nbsp;8, the purported beneficial transferee or owner for whom the Purported Record Transferee would have acquired or owned shares of Series A Preferred Stock, if such Transfer
had been valid under such subparagraph. </FONT></P> <P STYLE="margin-top:10px;margin-bottom:0px"><FONT STYLE="font-family:Times New Roman" SIZE="2">&#147;Purported Record Transferee&#148; shall mean, with respect to any purported Transfer which
results in a violation of subparagraph 8(b) of this Section&nbsp;8, the record holder of the Series A Preferred Stock if such Transfer had been valid under such subparagraph. </FONT></P> <P STYLE="margin-top:10px;margin-bottom:0px"><FONT
STYLE="font-family:Times New Roman" SIZE="2">&#147;REIT&#148; shall mean a Real Estate Investment Trust under Section&nbsp;856 of the Code. </FONT></P>
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 <P STYLE="margin-top:10px;margin-bottom:0px"><FONT STYLE="font-family:Times New Roman" SIZE="2">&#147;Restriction Termination Date&#148; shall mean the first day on which the Board of Directors of the
Corporation determines that it is no longer in the best interests of the Corporation to attempt to, or continue to, qualify as a REIT. </FONT></P>
<P STYLE="margin-top:10px;margin-bottom:0px"><FONT STYLE="font-family:Times New Roman" SIZE="2">&#147;Transfer&#148; shall mean any sale, issuance, transfer, gift, assignment, devise or other disposition of Series A Preferred Stock as well as any
other event that causes any Person to Beneficially Own or Constructively Own Series A Preferred Stock (including (i)&nbsp;the granting of any option or entering into any agreement for the sale, transfer or other disposition of Series A Preferred
Stock or (ii)&nbsp;the sale, transfer. assignment or other disposition of any securities or rights convertible into or exchangeable for Series A Preferred Stock), whether voluntary or involuntary, whether of record or beneficially or Beneficially or
Constructively (including but not limited to transfers of interests in other entities which result in changes in Beneficial or Constrictive Ownership of Series A Preferred Stock), and whether by operation of law or otherwise. </FONT></P>
<P STYLE="margin-top:10px;margin-bottom:0px"><FONT STYLE="font-family:Times New Roman" SIZE="2">&#147;Trustee&#148; shall mean the Corporation as trustee for the Charitable Trust, and any successor trustee appointed by the Corporation. </FONT></P>
<P STYLE="margin-top:10px;margin-bottom:0px"><FONT STYLE="font-family:Times New Roman" SIZE="2">&#147;Units&#148; shall mean the units into which partnership interests of the Partnership are divided, and as the same may be adjusted, as provided in
the Partnership Agreement. </FONT></P> <P STYLE="margin-top:10px;margin-bottom:0px"><FONT STYLE="font-family:Times New Roman" SIZE="2">(b) Restriction on Ownership and Transfer. </FONT></P> <P STYLE="margin-top:10px;margin-bottom:0px"><FONT
STYLE="font-family:Times New Roman" SIZE="2">(i) Except as provided in subparagraph 8(k) of this Section&nbsp;8, from the Initial Date and prior to the Restriction Termination Date, no Person shall Beneficially Own shares of Series A Preferred Stock
in excess of the Ownership Limit. </FONT></P> <P STYLE="margin-top:10px;margin-bottom:0px"><FONT STYLE="font-family:Times New Roman" SIZE="2">(ii) Except as provided in subparagraph 8(k) of this Section&nbsp;8, from the Initial Date and prior to the
Restriction Termination Date, any Transfer that, if effective, would result in any Person Beneficially Owning Series A Preferred Stock in excess of the Ownership Limit shall be void ab initio as to the Transfer of such shares of Series A Preferred
Stock which would be otherwise Beneficially Owned by such Person in excess of the Ownership Limit; and the Purported Transferee shall acquire no rights in such shares of Series A Preferred Stock. </FONT></P>
<P STYLE="margin-top:10px;margin-bottom:0px"><FONT STYLE="font-family:Times New Roman" SIZE="2">(iii) Except as provided in subparagraph 8(k) of this Section&nbsp;8, from the Initial Date and prior to the Restriction Termination Date, any Transfer
that, if effective, would result in the Series A Preferred Stock being beneficially owned by less than 100 Persons (determined without reference to any rules of attribution) shall be void ab initio as to the Transfer of such shares of Series A
Preferred Stock which would be otherwise beneficially owned by the transferee; and the intended transferee shall acquire no rights in such shares of Series A Preferred Stock. </FONT></P> <P STYLE="margin-top:10px;margin-bottom:0px"><FONT
STYLE="font-family:Times New Roman" SIZE="2">(iv) Notwithstanding any other provisions contained in this Section&nbsp;8, from the Initial Date and prior to the Restriction Termination Date, any Transfer or other event that, if effective, would
result in the Corporation being &#147;closely held&#148; within the meaning of Section&nbsp;856(h) of the Code, or would otherwise result in the Corporation failing to qualify as a REIT (including, but not limited to, a Transfer or other event that
would result in the Corporation owning (directly or Constructively) an interest in a tenant that is described in Section </FONT></P>
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 <P STYLE="margin-top:10px;margin-bottom:0px"><FONT STYLE="font-family:Times New Roman" SIZE="2">856(d)(2)(B) of the Code if the income derived by the Corporation from such tenant would cause the
Corporation to fail to satisfy, any of the gross income requirements of Section&nbsp;856(c) of the Code), shall be void ab initio as to the Transfer of the shares of Series A Preferred Stock which would cause the Corporation to be &#147;closely
held&#148; within the meaning of Section&nbsp;856(h) of the Code or would otherwise result in the Corporation failing to qualify as a REIT; and the intended transferee or owner or Constructive or Beneficial Owner shall acquire or retain no rights in
such shares of Series A Preferred Stock. </FONT></P> <P STYLE="margin-top:10px;margin-bottom:0px"><FONT STYLE="font-family:Times New Roman" SIZE="2">(c) Effect of Transfer in Violation of Subparagraph 8(b). </FONT></P>
<P STYLE="margin-top:10px;margin-bottom:0px"><FONT STYLE="font-family:Times New Roman" SIZE="2">(i) If, notwithstanding the other provisions contained in this Section&nbsp;8, at any time after the Initial Date and prior to the Restriction
Termination Date, there is a purported Transfer, or change in the capital structure of the Corporation, or other event such that one or more of the restrictions on ownership and transfers described in subparagraph 8(b) above has been violated, then
the shares of Series A Preferred Stock being Transferred (or in the case of an event other than a Transfer, the shares owned or Constructively Owned or Beneficially Owned) which would cause one or more of the restrictions on ownership or transfer to
be violated (rounded up to the nearest whole share) (the &#147;Trust Shares&#148;), shall automatically be transferred to the Corporation, as Trustee of a trust (the &#147;Charitable Trust&#148;) for the exclusive benefit of The American Cancer
Society (the &#147;Designated Charity&#148;), an organization described in Section&nbsp;170(b)(1)(A ) and 170(c) of the Code. The Purported Transferee shall have no rights in such Trust Shares. </FONT></P>
<P STYLE="margin-top:10px;margin-bottom:0px"><FONT STYLE="font-family:Times New Roman" SIZE="2">(ii) The Corporation, as Trustee of the Charitable Trust, may transfer the shares held in such trust to a Person whose ownership of the shares will not
result in a violation of the ownership restrictions (a &#147;Permitted Transferee&#148;). If such a transfer is made, the interest of the Designated Charity will terminate and proceeds of the sale will be payable to the Purported Transferee and to
the Designated Charity. The Purported Transferee will receive the lesser of (1)&nbsp;the price paid by the Purported Transferee for the shares or, if the Purported Transferee did not give value for the shares, the Market Price of the shares on the
day of the event causing the shares to be held in trust, and (2)&nbsp;the price per share received by the Corporation, as Trustee, from the sale or other disposition of the shares held in trust. The Designated Charity will receive any proceeds in
excess of the amount payable to the Purported Transferee. The Purported Transferee will not be entitled to designate a Permitted Transferee. </FONT></P>
<P STYLE="margin-top:10px;margin-bottom:0px"><FONT STYLE="font-family:Times New Roman" SIZE="2">(iii) All stock held in the Charitable Trust will be deemed to have been offered for sale to the Corporation or its designee for a 90-day period, at the
lesser of the price paid for that stock by the Purported Transferee and the Market Price on the date that the Corporation accepts the offer. This period will commence on the date of the violative transfer, if the Purported Transferee gives notice to
the Corporation of the transfer, or the date that the Board of Directors of the Corporation determines that a violative transfer occurred, if no such notice is provided. </FONT></P> <P STYLE="margin-top:10px;margin-bottom:0px"><FONT
STYLE="font-family:Times New Roman" SIZE="2">(iv) Any dividend or distribution paid prior to the discovery by the Corporation that shares of Series A Preferred Stock have been transferred in violation of subparagraph 8(b) of this Section&nbsp;8,
shall be repaid to the Corporation upon demand and shall be held in trust for the Designated Charity. Any dividend or distribution declared but unpaid shall be rescinded as void ab initio with respect to such shares of stock. </FONT></P>
 <p STYLE="margin-top:0px;margin-bottom:0px"><FONT SIZE="1">&nbsp;</FONT></P> <P STYLE="margin-top:0px;margin-bottom:0px" ALIGN="center"><FONT STYLE="font-family:Times New Roman" SIZE="2">34 </FONT></P>



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 <P STYLE="margin-top:10px;margin-bottom:0px"><FONT STYLE="font-family:Times New Roman" SIZE="2">(v) In the event of any voluntary or involuntary liquidation, dissolution or winding up of, or any
distribution of the assets of, the Corporation, the Designated Charity shall be entitled to receive, ratably with each other holder of Series A Preferred Stock, that portion of the assets of the Corporation available for distribution to its
stockholders as the number of Trust Shares bears to the total number of shares of Series A Preferred Stock then outstanding (including the Trust Shares). The Corporation, as Trustee, or if the Corporation shall have been dissolved, any trustee
appointed by the Corporation prior to its dissolution, shall distribute to the Designated Charity, when determined (or if not determined, or only partially determined, ratably to the other holders of Series A Preferred Stock who have been determined
and the Designated Charity), any such assets received in respect of the Trust Shares in any liquidation, dissolution or winding up of, or any distribution of the assets of, the Corporation. </FONT></P> <P STYLE="margin-top:10px;margin-bottom:0px"><FONT
STYLE="font-family:Times New Roman" SIZE="2">(vi) The Purported Transferee will not be entitled to vote any Series A Preferred Stock it attempts to acquire, and any stockholder vote will be rescinded if a Purported Transferee votes and the
stockholder vote would have been decided differently if such Purported Transferee&#146;s vote was not counted. </FONT></P> <P STYLE="margin-top:10px;margin-bottom:0px"><FONT STYLE="font-family:Times New Roman" SIZE="2">(d) Remedies for Breach. If
the Board of Directors or its designees shall at any time determine in good faith that a Transfer or other event has taken place in violation of subparagraph 8(b) of this Section&nbsp;8 or that a Person intends to acquire or has attempted to acquire
beneficial ownership (determined without reference to any rules of attribution), Beneficial Ownership or Constructive Ownership of any shares of Series A Preferred Stock in violation of subparagraph 8(b) of this Section&nbsp;8, the Corporation shall
inform the Purported Transferee of its obligations pursuant to this Section&nbsp;8, including such Purported Transferee&#146;s obligations to pay over to the Charitable Trust any and all dividends received with respect to the Trust Shares. In
addition, the Board of Directors or its designees shall take such action as it deems advisable to refuse to give effect or to prevent such Transfer, including, but not limited to, refusing to give effect to such Transfer on the books of the
Corporation or instituting proceedings to enjoin such Transfer and to recover any dividend erroneously paid and declaring any votes erroneously cast to be retroactively invalid; provided, however, that any Transfers (or, in the case of events other
than a Transfer, ownership or Constructive Ownership or Beneficial Ownership) in violation of subparagraph 8(b) of this Section&nbsp;8 shall automatically result in a transfer to the Charitable Trust as described in subparagraph 8(c), irrespective
of any action (or non-action) by the Board of Directors. </FONT></P> <P STYLE="margin-top:10px;margin-bottom:0px"><FONT STYLE="font-family:Times New Roman" SIZE="2">(e) Notice of Restricted Transfer. Any Person who acquires or attempts to acquire
shares of Series A Preferred Stock in violation of subparagraph 8(b) of this Section&nbsp;8, or any Person who is a Purported Transferee, shall immediately give written notice to the Corporation of such event and shall provide to the Corporation
such other information as the Corporation may request in order to determine the effect, if any, of such Transfer or attempted Transfer on the Corporation&#146;s status as a REIT. </FONT></P>
 <p STYLE="margin-top:0px;margin-bottom:0px"><FONT SIZE="1">&nbsp;</FONT></P> <P STYLE="margin-top:0px;margin-bottom:0px" ALIGN="center"><FONT STYLE="font-family:Times New Roman" SIZE="2">35 </FONT></P>



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 <P STYLE="margin-top:10px;margin-bottom:0px"><FONT STYLE="font-family:Times New Roman" SIZE="2">(f) Owners Required To Provide Information. From the Initial Date and prior to the Restriction Termination
Date each Person who is a beneficial owner or Beneficial Owner or Constructive Owner of Series A Preferred Stock and each Person (including the stockholder of record) who is holding Series A Preferred Stock for a Beneficial Owner or Constructive
Owner shall provide to the Corporation such information that the Corporation may request, in good faith, in order to determine the Corporation&#146;s status as a REIT. </FONT></P> <P STYLE="margin-top:10px;margin-bottom:0px"><FONT
STYLE="font-family:Times New Roman" SIZE="2">(g) Remedies Not Limited. Nothing contained in this Section&nbsp;8 shall limit the authority of the Board of Directors to take such other action as it deems necessary or advisable to protect the
Corporation and the interests of its stockholders by preservation of the Corporation&#146;s status as a REIT. </FONT></P> <P STYLE="margin-top:10px;margin-bottom:0px"><FONT STYLE="font-family:Times New Roman" SIZE="2">(h) Ambiguity. In the case of
an ambiguity in the application of any of the provisions of subparagraph 8 of this Section&nbsp;8, including any definition contained in subparagraph 8(a), the Board of Directors shall have the power to determine the application of the provisions of
this subparagraph 8 with respect to any situation based on the facts known to it. </FONT></P> <P STYLE="margin-top:10px;margin-bottom:0px"><FONT STYLE="font-family:Times New Roman" SIZE="2">(i) Modification of Ownership Limit. Subject to the
limitations provided in subparagraph 8(j), the Board of Directors may from time to time increase the Ownership Limit and shall file Articles Supplementary with the State Department of Assessment and Taxation of Maryland to evidence such increase.
</FONT></P> <P STYLE="margin-top:10px;margin-bottom:0px"><FONT STYLE="font-family:Times New Roman" SIZE="2">(j) Limitations on Modifications. </FONT></P>
<P STYLE="margin-top:10px;margin-bottom:0px"><FONT STYLE="font-family:Times New Roman" SIZE="2">(i) From the Initial Date and prior to the Restriction Termination Date, the Ownership Limit may not be increased if, after giving effect to such
increase, five Persons who are Beneficial Owners of Series A Preferred Stock could (taking into account the Ownership Limit) Beneficially Own, in the aggregate, more than 49.5% of the outstanding Series A Preferred Stock. </FONT></P>
<P STYLE="margin-top:10px;margin-bottom:0px"><FONT STYLE="font-family:Times New Roman" SIZE="2">(ii) Prior to the modification of any Ownership Limit pursuant to subparagraph 8(i) of this Section&nbsp;8, the Board of Directors of the Corporation may
require such opinions of counsel, affidavits, undertakings or agreements as it may deem necessary or advisable in order to determine or ensure the Corporation&#146;s status as a REIT. </FONT></P> <P STYLE="margin-top:10px;margin-bottom:0px"><FONT
STYLE="font-family:Times New Roman" SIZE="2">(k) Exceptions. </FONT></P> <P STYLE="margin-top:10px;margin-bottom:0px"><FONT STYLE="font-family:Times New Roman" SIZE="2">(i) The Board of Directors, in its sole discretion, may exempt a Person from the
Ownership Limit, if such Person is not an individual for purposes of Section&nbsp;542(a)(2) of the Code and the Board of Directors obtains such representations and undertakings from such Person as are reasonably necessary to ascertain that no
individual&#146;s Beneficial Ownership of such shares of Series A Preferred Stock will violate the Ownership Limit, and agrees that any violation of such representations or undertaking (or other action which is contrary to the restrictions contained
in this subparagraph 8 of this Section&nbsp;8) or attempted violation will result in such shares of Series A Preferred Stock automatically being transferred to the Charitable Trust. </FONT></P> <P STYLE="margin-top:10px;margin-bottom:0px"><FONT
STYLE="font-family:Times New Roman" SIZE="2">(ii) Prior to granting any exception pursuant to subparagraph 8(k)(i) of this Section&nbsp;8, the Board of Directors may require a ruling from the IRS, or an opinion of counsel, in either case in form and
substance satisfactory to the Board of Directors in its sole discretion, as it may deem necessary or advisable in order to determine or ensure the Corporation&#146;s status as a REIT. </FONT></P>
 <p STYLE="margin-top:0px;margin-bottom:0px"><FONT SIZE="1">&nbsp;</FONT></P> <P STYLE="margin-top:0px;margin-bottom:0px" ALIGN="center"><FONT STYLE="font-family:Times New Roman" SIZE="2">36 </FONT></P>



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 <P STYLE="margin-top:10px;margin-bottom:0px"><FONT STYLE="font-family:Times New Roman" SIZE="2">(l) Legend. Each certificate for shares of Series A Preferred Stock shall bear legends substantially to the
effect of the following: </FONT></P> <P STYLE="margin-top:10px;margin-bottom:0px"><FONT STYLE="font-family:Times New Roman" SIZE="2">&#147;The Corporation is authorized to issue two classes of capital stock which are designated as Common Stock and
Preferred Stock. The Board of Directors is authorized to determine the preferences, limitations and relative rights of the Preferred Stock before the issuance of any Preferred Stock. The Corporation will furnish, without charge, to any stockholder
making a written request therefor, a copy of the Corporation&#146;s charter and a written statement of the designations, relative rights, preferences and limitations applicable to each such class of stock. Requests for the Corporation&#146;s charter
and such written statement may be directed to Cedar Shopping Centers, Inc., 44 South Bayles Avenue, Port Washington, New York 11050, Attention: Secretary. </FONT></P> <P STYLE="margin-top:10px;margin-bottom:0px"><FONT
STYLE="font-family:Times New Roman" SIZE="2">The shares of Series A Preferred Stock represented by this certificate are subject to restrictions on ownership and Transfer for the purpose of the Corporation&#146;s maintenance of its status as a Real
Estate Investment Trust under the Code. No Person may Beneficially Own shares of Series A Preferred Stock in excess of 9.9% (or such greater percentage as may be determined by the Board of Directors of the Corporation) of the outstanding Series A
Preferred Stock of the Corporation with certain exceptions set forth in the Corporation&#146;s charter. Any Person who attempts to Beneficially Own shares of Series A Preferred Stock in excess of the above limitations must immediately notify the
Corporation. All capitalized terms in this legend have the meanings defined in the Corporation&#146;s charter. Transfers in violation of the restrictions described above may be void ab initio. </FONT></P>
<P STYLE="margin-top:10px;margin-bottom:0px"><FONT STYLE="font-family:Times New Roman" SIZE="2">In addition, upon the occurrence of certain events, if the restrictions on ownership are violated, the shares of Series A Preferred Stock represented
hereby may be automatically exchanged for Trust Shares which will be held in trust by the Corporation. The Corporation has an option to acquire Trust Shares under certain circumstances. The Corporation will furnish to the holder hereof upon request
and without charge a complete written statement of the terms and conditions of the Trust Shares. Requests for such statement may be directed to Cedar Shopping Centers, Inc., 44 South Bayles Avenue, Port Washington, New York 11050, Attention:
Secretary.&#148; </FONT></P> <P STYLE="margin-top:10px;margin-bottom:0px"><FONT STYLE="font-family:Times New Roman" SIZE="2">(m) Severability. If any provision of this Section&nbsp;8 or any application of any such provision is determined to be
invalid by any Federal or state court having jurisdiction over the issues, the validity of the remaining provisions shall not be affected and other applications of such provision shall be affected only to the extent necessary to comply with the
determination of such court. </FONT></P> <P STYLE="margin-top:10px;margin-bottom:0px"><FONT STYLE="font-family:Times New Roman" SIZE="2">(9) Status. Upon any redemption of shares of Series A Preferred Stock, the shares of Series A Preferred Stock
which are redeemed will be reclassified as authorized and unissued shares of Preferred Stock, and the number of shares of Series A Preferred Stock which the Corporation has the authority to issue will be decreased by the redemption of shares of
Series </FONT></P>
 <p STYLE="margin-top:0px;margin-bottom:0px"><FONT SIZE="1">&nbsp;</FONT></P> <P STYLE="margin-top:0px;margin-bottom:0px" ALIGN="center"><FONT STYLE="font-family:Times New Roman" SIZE="2">37 </FONT></P>



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 <P STYLE="margin-top:10px;margin-bottom:0px"><FONT STYLE="font-family:Times New Roman" SIZE="2">A Preferred Stock, so that the shares of Series A Preferred Stock which were redeemed may not be reissued.
</FONT></P> <P STYLE="margin-top:10px;margin-bottom:0px"><FONT STYLE="font-family:Times New Roman" SIZE="2">(10) Exclusion of Other Rights. The shares of Series A Preferred Stock shall not have any preferences, conversion or other rights, voting
powers, restrictions, limitations as to dividends or other distributions, qualifications or terms or conditions of redemption other than those specifically set forth in these Articles Supplementary. The shares of Series A Preferred Stock shall have
no preemptive or subscription rights. </FONT></P> <P STYLE="margin-top:10px;margin-bottom:0px"><FONT STYLE="font-family:Times New Roman" SIZE="2">(11) Headings of Subdivisions. The headings of the various subdivisions hereof are for convenience of
reference only and shall not affect the interpretation of any of the provisions hereof. </FONT></P> <P STYLE="margin-top:10px;margin-bottom:0px"><FONT STYLE="font-family:Times New Roman" SIZE="2">(12) Severability of Provisions. If any preferences,
conversion or other rights, voting powers, restrictions, limitations as to dividends or other distributions, qualifications or terms or conditions of redemption of the Series A Preferred Stock set forth in the Charter is invalid, unlawful or
incapable of being enforced by reason of any rule of law or public policy, all other preferences, conversion or other rights, voting powers, restrictions, limitations as to dividends or other distributions, qualifications or terms or conditions of
redemption of Series A Preferred Stock set forth in the Charter which can be given effect without the invalid, unlawful or unenforceable provision thereof shall, nevertheless, remain in full force and effect, and no preferences, conversion or other
rights, voting powers, restrictions, limitations as to dividends or other distributions, qualifications or terms or conditions of redemption of Series A Preferred Stock herein set forth shall be deemed dependent upon any other provision thereof
unless so expressed therein. </FONT></P> <P STYLE="margin-top:10px;margin-bottom:0px"><FONT STYLE="font-family:Times New Roman" SIZE="2">SECOND : The Shares have been classified and designated by the Board of Directors under the authority contained
in the Charter. </FONT></P> <P STYLE="margin-top:10px;margin-bottom:0px"><FONT STYLE="font-family:Times New Roman" SIZE="2">THIRD : These Articles Supplementary have been approved by the Board of Directors in the manner and by the vote required by
law. </FONT></P> <P STYLE="margin-top:10px;margin-bottom:0px"><FONT STYLE="font-family:Times New Roman" SIZE="2">FOURTH : The undersigned President of the Corporation acknowledges these Articles Supplementary to be the corporate act of the
Corporation and, as to all matters or facts required to be verified under oath, the undersigned President acknowledges that to the best of his knowledge, information and belief, these matters and facts are true in all material respects and that this
statement is made under the penalties for perjury. </FONT></P> <P STYLE="margin-top:10px;margin-bottom:0px" ALIGN="center"><FONT STYLE="font-family:Times New Roman" SIZE="2"><B>[REMAINDER OF PAGE INTENTIONALLY LEFT BLANK]</B> </FONT></P>
 <p STYLE="margin-top:0px;margin-bottom:0px"><FONT SIZE="1">&nbsp;</FONT></P> <P STYLE="margin-top:0px;margin-bottom:0px" ALIGN="center"><FONT STYLE="font-family:Times New Roman" SIZE="2">38 </FONT></P>



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 <P STYLE="margin-top:10px;margin-bottom:0px"><FONT STYLE="font-family:Times New Roman" SIZE="2">IN WITNESS WHEREOF, the Corporation has caused these Articles Supplementary to be executed under seal in
its name and on its behalf by its President and attested to by its Secretary on this 26th of July, 2004. </FONT></P> <P STYLE="font-size:10px;margin-top:0px;margin-bottom:0px">&nbsp;</P>
<TABLE CELLSPACING="0" CELLPADDING="0" WIDTH="100%" BORDER="0" STYLE="BORDER-COLLAPSE:COLLAPSE" ALIGN="center">


<TR>
<TD WIDTH="50%"></TD>
<TD VALIGN="bottom" WIDTH="2%"></TD>
<TD WIDTH="48%"></TD></TR>


<TR>
<TD VALIGN="top"><FONT STYLE="font-family:Times New Roman" SIZE="2">ATTEST:</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="top"><FONT STYLE="font-family:Times New Roman" SIZE="2">CEDAR SHOPPING CENTERS, INC.</FONT></TD></TR>
<TR>
<TD HEIGHT="13"></TD>
<TD HEIGHT="13" COLSPAN="2"></TD></TR>
<TR>
<TD VALIGN="top"> <P STYLE="margin-top:0px;margin-bottom:1px;border-bottom:1px solid #000000"><FONT STYLE="font-family:Times New Roman" SIZE="2">/s/ STUART H. WIDOWSKI</FONT></P></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="top"> <P STYLE="margin-top:0px;margin-bottom:1px;border-bottom:1px solid #000000"><FONT STYLE="font-family:Times New Roman" SIZE="2">/s/ LEO S. ULLMAN</FONT></P></TD></TR>
<TR>
<TD VALIGN="top"><FONT STYLE="font-family:Times New Roman" SIZE="2">Stuart H. Widowski, Secretary</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="top"><FONT STYLE="font-family:Times New Roman" SIZE="2">Leo S. Ullman, President</FONT></TD></TR>
</TABLE>
 <p STYLE="margin-top:0px;margin-bottom:0px"><FONT SIZE="1">&nbsp;</FONT></P> <P STYLE="margin-top:0px;margin-bottom:0px" ALIGN="center"><FONT STYLE="font-family:Times New Roman" SIZE="2">39 </FONT></P>



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 <P STYLE="margin-top:10px;margin-bottom:0px" ALIGN="center"><FONT STYLE="font-family:Times New Roman" SIZE="2"><B>CEDAR SHOPPING CENTERS, INC. </B></FONT></P>
<P STYLE="margin-top:10px;margin-bottom:0px" ALIGN="center"><FONT STYLE="font-family:Times New Roman" SIZE="2"><B>ARTICLES SUPPLEMENTARY </B></FONT></P> <P STYLE="margin-top:10px;margin-bottom:0px" ALIGN="center"><FONT
STYLE="font-family:Times New Roman" SIZE="2"><B>87/8% Series A Cumulative Redeemable Preferred Stock </B></FONT></P> <P STYLE="margin-top:10px;margin-bottom:0px"><FONT STYLE="font-family:Times New Roman" SIZE="2">Cedar Shopping Centers, Inc., a
Maryland corporation (the &#147;Corporation&#148;), hereby certifies to the State Department of Assessments and Taxation of Maryland (the &#147;Department&#148;) that: </FONT></P> <P STYLE="margin-top:10px;margin-bottom:0px"><FONT
STYLE="font-family:Times New Roman" SIZE="2">FIRST: By Articles Supplementary filed with the Department on July&nbsp;27, 2004 (the &#147;July 2004 Articles Supplementary&#148;), the Corporation classified and designated 2,350,000 shares of Preferred
Stock (as defined in the Charter (defined below)) as shares of 87/8% Series A Cumulative Redeemable Preferred Stock (the &#147;Series A Preferred Stock&#148;), and set the preferences, conversion and other rights, voting powers, restrictions,
limitations as to dividends, qualifications, terms and conditions of redemption and other terms and conditions of such Series A Preferred Stock, all as set forth in the July 2004 Articles Supplementary. </FONT></P>
<P STYLE="margin-top:10px;margin-bottom:0px"><FONT STYLE="font-family:Times New Roman" SIZE="2">SECOND: Under a power contained in Article IV of the Articles of Incorporation of the Corporation, as amended and supplemented (the &#147;Charter&#148;),
the Board of Directors of the Corporation (the &#147;Board of Directors&#148;), by resolution duly adopted at a meeting duly called and held on April&nbsp;15, 2004 (the &#147;Board Resolutions&#148;), and the Pricing Committee of the Board of
Directors established by the Board Resolutions, by resolution duly adopted on March&nbsp;30, 2005, classified and designated an additional 1,200,000 shares of Preferred Stock as Series A Preferred Stock (the &#147;Additional Shares of Series A
Preferred Stock&#148;) and provided for the issuance thereof. The Additional Shares of Series A Preferred Stock form a single series with and have the same preferences, conversion and other rights, voting powers, restrictions, limitations as to
dividends and other distributions, qualifications and terms and conditions of redemption of shares of stock as the Series A Preferred Stock established pursuant to the July 2004 Articles Supplementary, all as set forth in the July 2004 Articles
Supplementary, except as provided herein. Upon any restatement of the Charter, Sections 1 and 2 of this Article SECOND shall become part of Article IV of the Charter, with such changes in enumeration as are necessary to complete such restatement.
</FONT></P> <P STYLE="margin-top:10px;margin-bottom:0px"><FONT STYLE="font-family:Times New Roman" SIZE="2">Section&nbsp;1. Number, Preferences and Other Rights. The number of Additional Shares of Series A Preferred Stock shall be 1,200,000 and
shall form a single series with the 2,350,000 shares of Series A Preferred Stock established pursuant to the July 2004 Articles Supplementary for a total of 3,550,000 shares of Preferred Stock classified and designated as shares of Series A
Preferred Stock. The Additional Shares of Series A Preferred Stock shall have the same preferences, conversion and other rights, voting powers, restrictions, limitations as to dividends and other distributions, qualifications and terms and
conditions of redemption of shares of stock as the 2,350,000 shares of Series A Preferred Stock established pursuant to the July 2004 Articles Supplementary, all as set forth in the July 2004 Articles Supplementary, except as provided herein. The
par value of the Additional Shares of Series A Preferred Stock shall be $.01 per share. </FONT></P>
 <p STYLE="margin-top:0px;margin-bottom:0px"><FONT SIZE="1">&nbsp;</FONT></P> <P STYLE="margin-top:0px;margin-bottom:0px" ALIGN="center"><FONT STYLE="font-family:Times New Roman" SIZE="2">40 </FONT></P>



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 <P STYLE="margin-top:10px;margin-bottom:0px"><FONT STYLE="font-family:Times New Roman" SIZE="2">Section&nbsp;2. Distributions. Holders of the Additional Shares of Series A Preferred Stock shall be
entitled to receive the full amount of all distributions payable in respect of the Series A Preferred Stock from and after the date of original issuance of the Additional Shares of Series A Preferred Stock but shall not be entitled to receive any
distributions paid or payable with regard to Series A Preferred Stock prior to the date of such issuance. </FONT></P> <P STYLE="margin-top:10px;margin-bottom:0px"><FONT STYLE="font-family:Times New Roman" SIZE="2">THIRD: The Additional Shares of
Series A Preferred Stock have been classified and designated by the Board of Directors under the authority contained in the Charter. </FONT></P> <P STYLE="margin-top:10px;margin-bottom:0px"><FONT STYLE="font-family:Times New Roman" SIZE="2">FOURTH:
These Articles Supplementary have been approved by the Board of Directors in the manner and by the vote required by law. </FONT></P> <P STYLE="margin-top:10px;margin-bottom:0px"><FONT STYLE="font-family:Times New Roman" SIZE="2">FIFTH: The
undersigned President of the Corporation acknowledges these Articles Supplementary to be the corporate act of the Corporation and, as to all matters or facts required to be verified under oath, the undersigned President acknowledges that to the best
of his knowledge, information and belief, these matters and facts are true in all material respects and that this statement is made under the penalties for perjury. </FONT></P>
 <p STYLE="margin-top:0px;margin-bottom:0px"><FONT SIZE="1">&nbsp;</FONT></P> <P STYLE="margin-top:0px;margin-bottom:0px" ALIGN="center"><FONT STYLE="font-family:Times New Roman" SIZE="2">41 </FONT></P>



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 <P STYLE="margin-top:10px;margin-bottom:0px"><FONT STYLE="font-family:Times New Roman" SIZE="2">IN WITNESS WHEREOF, the Corporation has caused these Articles Supplementary to be executed under seal in
its name and on its behalf by its President and attested to by its Secretary on this 1st of April, 2005. </FONT></P> <P STYLE="font-size:10px;margin-top:0px;margin-bottom:0px">&nbsp;</P>
<TABLE CELLSPACING="0" CELLPADDING="0" WIDTH="100%" BORDER="0" STYLE="BORDER-COLLAPSE:COLLAPSE" ALIGN="center">


<TR>
<TD WIDTH="50%"></TD>
<TD VALIGN="bottom" WIDTH="2%"></TD>
<TD WIDTH="48%"></TD></TR>


<TR>
<TD VALIGN="top"> <P STYLE="margin-top:0px;margin-bottom:0px"><FONT STYLE="font-family:Times New Roman" SIZE="2">ATTEST:</FONT></P> <P STYLE="margin-top:0px;margin-bottom:1px;border-bottom:1px solid #000000">&nbsp;</P></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="top"> <P STYLE="margin-top:0px;margin-bottom:0px"><FONT STYLE="font-family:Times New Roman" SIZE="2">CEDAR SHOPPING CENTERS, INC.</FONT></P> <P STYLE="margin-top:0px;margin-bottom:1px;border-bottom:1px solid #000000">&nbsp;</P></TD></TR>

<TR>
<TD VALIGN="top"><FONT STYLE="font-family:Times New Roman" SIZE="2">Lise Oelbaum, Assistant Secretary</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="top"><FONT STYLE="font-family:Times New Roman" SIZE="2">Leo S. Ullman, President</FONT></TD></TR>
</TABLE> <P STYLE="font-size:10px;margin-top:0px;margin-bottom:0px"><FONT SIZE="1">&nbsp;</FONT></P>
 <p STYLE="margin-top:0px;margin-bottom:0px"><FONT SIZE="1">&nbsp;</FONT></P> <P STYLE="margin-top:0px;margin-bottom:0px" ALIGN="center"><FONT STYLE="font-family:Times New Roman" SIZE="2">42 </FONT></P>



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 <P STYLE="margin-top:22px;margin-bottom:0px" ALIGN="center"><FONT STYLE="font-family:Times New Roman" SIZE="2"><B>ARTICLES OF AMENDMENT</B> </FONT></P>
<P STYLE="margin-top:0px;margin-bottom:0px" ALIGN="center"><FONT STYLE="font-family:Times New Roman" SIZE="2"><B>OF ARTICLES OF INCORPORATION</B> </FONT></P> <P STYLE="margin-top:0px;margin-bottom:0px" ALIGN="center"><FONT
STYLE="font-family:Times New Roman" SIZE="2"><B>OF</B> </FONT></P> <P STYLE="margin-top:0px;margin-bottom:0px" ALIGN="center"><FONT STYLE="font-family:Times New Roman" SIZE="2"><B>CEDAR SHOPPING CENTERS, INC.</B> </FONT></P>
<P STYLE="margin-top:10px;margin-bottom:0px"><FONT STYLE="font-family:Times New Roman" SIZE="2">Cedar Shopping Centers, Inc., a Maryland corporation (the &#147;Corporation&#148;), hereby certifies to the State Department of Assessments and Taxation
of Maryland that: </FONT></P> <P STYLE="margin-top:10px;margin-bottom:0px"><FONT STYLE="font-family:Times New Roman" SIZE="2">The Articles of Amendment presently being filed increase the number of authorized shares of Common Stock and Preferred
Stock and the aggregate value thereof. The Corporation is presently authorized to issue 55&nbsp;million shares, consisting of 50&nbsp;million shares of Common Stock with a par value of $.06, amounting in the aggregate to par value of $3,000,000, and
5&nbsp;million shares of Preferred Stock with a par value of $.01 per share, amounting in the aggregate to par value of $50,000. The Articles of Amendment increase the number of authorized shares of Common Stock to 150&nbsp;million shares and the
number of authorized shares of Preferred Stock to 12.5&nbsp;million shares. </FONT></P> <P STYLE="margin-top:10px;margin-bottom:0px"><FONT STYLE="font-family:Times New Roman" SIZE="2">1. The Articles of Incorporation of the Corporation, filed with
the State Department of Assessments and Taxation of Maryland on June&nbsp;12, 1998, as amended, are hereby amended as follows: </FONT></P> <P STYLE="margin-top:10px;margin-bottom:0px"><FONT STYLE="font-family:Times New Roman" SIZE="2">(i) The first
paragraph of Article IV shall be deleted in its entirety and replaced with the following: </FONT></P> <P STYLE="margin-top:10px;margin-bottom:0px" ALIGN="center"><FONT STYLE="font-family:Times New Roman" SIZE="2"><B>Capital Stock</B> </FONT></P>
<P STYLE="margin-top:10px;margin-bottom:0px"><FONT STYLE="font-family:Times New Roman" SIZE="2">A. Authorized Shares. The total number of shares of all classes of capital stock that the Corporation shall have authority to issue is 162.5&nbsp;million
shares, consisting of 150&nbsp;million shares of Common Stock with a par value of $.06 per share (the &#147;Common Stock&#148;), amounting in the aggregate to par value of $9,000,000 and 12.5&nbsp;million shares of Preferred Stock with a par value
of $.01 per share (the &#147;Preferred Stock&#148;), amounting in the aggregate to par value of $125,000. </FONT></P> <P STYLE="margin-top:10px;margin-bottom:0px"><FONT STYLE="font-family:Times New Roman" SIZE="2">(ii) The first sentence of Article
IV C shall be amended to read as follows: </FONT></P> <P STYLE="margin-top:10px;margin-bottom:0px"><FONT STYLE="font-family:Times New Roman" SIZE="2">&#147;C. Preferred Stock. The Board of Directors of the Corporation by resolution is hereby
expressly vested with authority to provide for the issuance of the shares of Preferred Stock in one or more classes or one or more series, with such voting powers, full or limited, or no voting powers, and with such designations, preferences and
relative, participating, optional and other special rights and qualifications, limitations or restrictions thereof, if any, as shall be stated and expressed in the resolution or resolutions providing for such issue adopted by the Board of Directors;
provided, however, (1)&nbsp;the preferred stock will not be used as, or in conjunction with, an anti-takeover defense (including potential mergers, in connection with an existing or future shareholder rights plan, </FONT></P>
 <p STYLE="margin-top:0px;margin-bottom:0px"><FONT SIZE="1">&nbsp;</FONT></P> <P STYLE="margin-top:0px;margin-bottom:0px" ALIGN="center"><FONT STYLE="font-family:Times New Roman" SIZE="2">43 </FONT></P>



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 <P STYLE="margin-top:10px;margin-bottom:0px"><FONT STYLE="font-family:Times New Roman" SIZE="2">or by designating terms, or issuing shares in transactions for the purposes of aiding management in
defending against an unsolicited bid for control of the Company) unless approved by the shareholders at such time; (2)&nbsp;the preferred stock will not be issued to an individual or group for the purpose of creating a block of voting power to
support management on controversial issues without receiving shareholder approval; and (3)&nbsp;if the preferred stock is to have voting rights, the shares will have the same voting rights as the common stock (including upon conversion)&#148;.
</FONT></P> <P STYLE="margin-top:10px;margin-bottom:0px"><FONT STYLE="font-family:Times New Roman" SIZE="2">2. The Amendment to the Articles of Incorporation of the Corporation has been advised by the Board of Directors and approved by the holders
of at least two-thirds of the shares of the Corporation&#146;s Common Stock entitled to vote at the Corporation&#146;s Special Meeting held on September&nbsp;12, 2007. </FONT></P>
 <p STYLE="margin-top:0px;margin-bottom:0px"><FONT SIZE="1">&nbsp;</FONT></P> <P STYLE="margin-top:0px;margin-bottom:0px" ALIGN="center"><FONT STYLE="font-family:Times New Roman" SIZE="2">44 </FONT></P>



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 <P STYLE="margin-top:10px;margin-bottom:0px"><FONT STYLE="font-family:Times New Roman" SIZE="2">IN WITNESS WHEREOF, we the undersigned President and Secretary hereby swear under penalties of perjury that
the adoption of the foregoing Articles of Amendment of Articles of Incorporation of Cedar Shopping Centers, Inc. is a corporate act of Cedar Shopping Centers, Inc., and that we have caused these Articles of Amendment to be executed and attested this
12th day of September, 2007. </FONT></P> <P STYLE="font-size:10px;margin-top:0px;margin-bottom:0px">&nbsp;</P><DIV ALIGN="right">
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<TD WIDTH="100%"></TD></TR>


<TR>
<TD VALIGN="top"><FONT STYLE="font-family:Times New Roman" SIZE="2"><B>CEDAR SHOPPING CENTERS, INC.</B></FONT></TD></TR>
<TR>
<TD HEIGHT="16"></TD></TR>
<TR>
<TD VALIGN="top" STYLE="BORDER-BOTTOM:1px solid #000000"><FONT STYLE="font-family:Times New Roman" SIZE="2">By:</FONT></TD></TR>
<TR>
<TD VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="2"><B><U></U>Leo S. Ullman, President</B></FONT></TD></TR>
</TABLE></DIV> <P STYLE="font-size:10px;margin-top:0px;margin-bottom:0px">&nbsp;</P>
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<TR>
<TD VALIGN="top"><FONT STYLE="font-family:Times New Roman" SIZE="2"><B>Attest:</B></FONT></TD></TR>
<TR>
<TD HEIGHT="8"></TD></TR>
<TR>
<TD VALIGN="top" STYLE="BORDER-BOTTOM:1px solid #000000"><FONT SIZE="1">&nbsp;</FONT><FONT SIZE="">&nbsp;</FONT></TD></TR>
<TR>
<TD VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="2"><B>Stuart H. Widowski, Secretary</B></FONT></TD></TR>
</TABLE>
 <p STYLE="margin-top:0px;margin-bottom:0px"><FONT SIZE="1">&nbsp;</FONT></P> <P STYLE="margin-top:0px;margin-bottom:0px" ALIGN="center"><FONT STYLE="font-family:Times New Roman" SIZE="2">45 </FONT></P>



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 <P STYLE="margin-top:10px;margin-bottom:0px" ALIGN="center"><FONT STYLE="font-family:Times New Roman" SIZE="2">CEDAR SHOPPING CENTERS, INC. </FONT></P>
<P STYLE="margin-top:10px;margin-bottom:0px" ALIGN="center"><FONT STYLE="font-family:Times New Roman" SIZE="2">ARTICLES SUPPLEMENTARY </FONT></P> <P STYLE="margin-top:10px;margin-bottom:0px" ALIGN="center"><FONT
STYLE="font-family:Times New Roman" SIZE="2">87/8% Series&nbsp;A Cumulative Redeemable Preferred Stock </FONT></P> <P STYLE="margin-top:10px;margin-bottom:0px; text-indent:4%"><FONT STYLE="font-family:Times New Roman" SIZE="2">Cedar Shopping
Centers, Inc., a Maryland corporation (the &#147;Corporation&#148;), hereby certifies to the State Department of Assessments and Taxation of Maryland (the &#147;Department&#148;) that: </FONT></P> <P STYLE="margin-top:10px;margin-bottom:0px"><FONT
STYLE="font-family:Times New Roman" SIZE="2">Article&nbsp;I. <U>FIRST</U>: By Articles Supplementary filed with the Department on July&nbsp;27, 2004 (the &#147;July 2004 Articles Supplementary&#148;), the Corporation classified and designated
2,350,000 shares of Preferred Stock (as defined in the Charter (defined below)) as shares of 87/8% Series&nbsp;A Cumulative Redeemable Preferred Stock (the &#147;Series&nbsp;A Preferred Stock&#148;), and set the preferences, conversion and other
rights, voting powers, restrictions, limitations as to dividends and other distributions, qualifications, terms and conditions of redemption and other terms and conditions of such Series&nbsp;A Preferred Stock. By Articles Supplementary filed with
the Department on April&nbsp;1, 2005 (the &#147;April 2005 Articles Supplementary&#148;), the Corporation classified and designated an additional 1,200,000 shares of Preferred Stock as Series&nbsp;A Preferred Stock, forming a single series with and
having the same preferences, conversion and other rights, voting powers, restrictions, limitations as to dividends and other distributions, qualifications and terms and conditions of redemption of shares of stock as the Series&nbsp;A Preferred Stock
established pursuant to the July&nbsp;2004 Articles Supplementary. </FONT></P> <P STYLE="margin-top:10px;margin-bottom:0px"><FONT STYLE="font-family:Times New Roman" SIZE="2">Article&nbsp;II. <U>SECOND</U>: Under a power contained in Article&nbsp;IV
of the Articles of Incorporation of the Corporation, as amended and supplemented (the &#147;Charter&#148;), the Board of Directors of the Corporation (the &#147;Board of Directors&#148;), by resolutions duly adopted at meetings duly called and held
on August 16, 2010 and August&nbsp;18, 2010 (the &#147;Board Resolutions&#148;), and the Pricing Committee of the Board of Directors established by the Board Resolutions, by resolution duly adopted on August&nbsp;18, 2010, classified and designated
an additional 2,850,000 shares of Preferred Stock as Series&nbsp;A Preferred Stock (the &#147;Additional Shares of Series&nbsp;A Preferred Stock&#148;) and provided for the issuance thereof. The Additional Shares of Series&nbsp;A Preferred Stock
form a single series with and have the same preferences, conversion and other rights, voting powers, restrictions, limitations as to dividends and other distributions, qualifications and terms and conditions of redemption of shares of stock as the
Series&nbsp;A Preferred Stock established pursuant to the July&nbsp;2004 Articles Supplementary and the April&nbsp;2005 Articles Supplementary, all as set forth in the July&nbsp;2004 Articles Supplementary and the April&nbsp;2005 Articles
Supplementary. Upon any restatement of the Charter, Sections&nbsp;1 and 2 of this Article&nbsp;SECOND shall become part of Article&nbsp;IV of the Charter, with such changes in enumeration as are necessary to complete such restatement. </FONT></P>
 <p STYLE="margin-top:0px;margin-bottom:0px"><FONT SIZE="1">&nbsp;</FONT></P> <P STYLE="margin-top:0px;margin-bottom:0px" ALIGN="center"><FONT STYLE="font-family:Times New Roman" SIZE="2">46 </FONT></P>



<p Style='page-break-before:always'>
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 <P STYLE="margin-top:0px;margin-bottom:0px; text-indent:4%"><FONT STYLE="font-family:Times New Roman" SIZE="2">Section&nbsp;1. <U>Number, Preferences and Other Rights</U>. The number of Additional Shares
of Series&nbsp;A Preferred Stock shall be 2,850,000 and shall form a single series with the 3,550,000 shares of Series&nbsp;A Preferred Stock established pursuant to the July&nbsp;2004 Articles Supplementary and the April&nbsp;2005 Articles
Supplementary for a total of 6,400,000 shares of Preferred Stock classified and designated as shares of Series&nbsp;A Preferred Stock. The Additional Shares of Series&nbsp;A Preferred Stock shall have the same preferences, conversion and other
rights, voting powers, restrictions, limitations as to dividends and other distributions, qualifications and terms and conditions of redemption of shares of stock as the 3,550,000 shares of Series&nbsp;A Preferred Stock established pursuant to the
July&nbsp;2004 Articles Supplementary and the April&nbsp;2005 Articles Supplementary, all as set forth in the July&nbsp;2004 Articles Supplementary and the April&nbsp;2005 Articles Supplementary. The par value of the Additional Shares of
Series&nbsp;A Preferred Stock shall be $.01 per share. </FONT></P> <P STYLE="margin-top:10px;margin-bottom:0px; text-indent:4%"><FONT STYLE="font-family:Times New Roman" SIZE="2">Section&nbsp;2. <U>Distributions</U>. Holders of the Additional Shares
of Series&nbsp;A Preferred Stock shall be entitled to receive the full amount of all distributions payable in respect of the Series&nbsp;A Preferred Stock from the Distribution Payment Date immediately preceding the date of original issuance of the
Additional Shares of Series&nbsp;A Preferred Stock but shall not be entitled to receive any distributions paid or payable with regard to Series&nbsp;A Preferred Stock prior to such Distribution Payment Date. </FONT></P>
<P STYLE="margin-top:10px;margin-bottom:0px; text-indent:4%"><FONT STYLE="font-family:Times New Roman" SIZE="2"><U>THIRD</U>: The Additional Shares of Series&nbsp;A Preferred Stock have been classified and designated by the Board of Directors under
the authority contained in the Charter. </FONT></P> <P STYLE="margin-top:10px;margin-bottom:0px; text-indent:4%"><FONT STYLE="font-family:Times New Roman" SIZE="2"><U>FOURTH</U>: These Articles Supplementary have been approved by the Board of
Directors in the manner and by the vote required by law. </FONT></P> <P STYLE="margin-top:10px;margin-bottom:0px; text-indent:4%"><FONT STYLE="font-family:Times New Roman" SIZE="2"><U>FIFTH</U>: The undersigned President of the Corporation
acknowledges these Articles Supplementary to be the corporate act of the Corporation and, as to all matters or facts required to be verified under oath, the undersigned President acknowledges that to the best of his knowledge, information and
belief, these matters and facts are true in all material respects and that this statement is made under the penalties for perjury. </FONT></P>
 <p STYLE="margin-top:0px;margin-bottom:0px"><FONT SIZE="1">&nbsp;</FONT></P> <P STYLE="margin-top:0px;margin-bottom:0px" ALIGN="center"><FONT STYLE="font-family:Times New Roman" SIZE="2">47 </FONT></P>



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 <P STYLE="margin-top:0px;margin-bottom:0px; text-indent:4%"><FONT STYLE="font-family:Times New Roman" SIZE="2">IN WITNESS WHEREOF, the Corporation has caused these Articles Supplementary to be executed
under seal in its name and on its behalf by its President and attested to by its Secretary on this 18th of August, 2010. </FONT></P> <P STYLE="font-size:10px;margin-top:0px;margin-bottom:0px">&nbsp;</P>
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<TD WIDTH="23%"></TD>
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<TD WIDTH="23%"></TD>
<TD VALIGN="bottom" WIDTH="2%"></TD>
<TD WIDTH="22%"></TD></TR>


<TR>
<TD VALIGN="top"><FONT STYLE="font-family:Times New Roman" SIZE="2">ATTEST:</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" NOWRAP><FONT STYLE="font-family:Times New Roman" SIZE="2">CEDAR&nbsp;SHOPPING&nbsp;CENTERS,&nbsp;INC.</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"></TD></TR>
<TR>
<TD HEIGHT="13"></TD>
<TD HEIGHT="13" COLSPAN="2"></TD>
<TD HEIGHT="13" COLSPAN="2"></TD>
<TD HEIGHT="13" COLSPAN="2"></TD></TR>
<TR>
<TD VALIGN="top" NOWRAP> <P STYLE="margin-top:0px;margin-bottom:0px;border-bottom:1px solid #000000"><FONT STYLE="font-family:Times New Roman" SIZE="2">/s/ Stuart H. Widowski</FONT></P> <P STYLE="margin-top:0px;margin-bottom:1px"><FONT
STYLE="font-family:Times New Roman" SIZE="2">Stuart H. Widowski, Secretary</FONT></P></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"> <P STYLE="margin-top:0px;margin-bottom:0px;border-bottom:1px solid #000000"><FONT STYLE="font-family:Times New Roman" SIZE="2">/s/ Leo S. Ullman</FONT></P> <P STYLE="margin-top:0px;margin-bottom:1px"><FONT
STYLE="font-family:Times New Roman" SIZE="2">Leo S. Ullman, President</FONT></P></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"></TD></TR>
</TABLE>
 <p STYLE="margin-top:0px;margin-bottom:0px"><FONT SIZE="1">&nbsp;</FONT></P> <P STYLE="margin-top:0px;margin-bottom:0px" ALIGN="center"><FONT STYLE="font-family:Times New Roman" SIZE="2">48 </FONT></P>



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 <P STYLE="margin-top:0px;margin-bottom:0px" ALIGN="center"><FONT STYLE="font-family:Times New Roman" SIZE="2"><B>ARTICLES OF AMENDMENT </B></FONT></P>
<P STYLE="margin-top:10px;margin-bottom:0px" ALIGN="center"><FONT STYLE="font-family:Times New Roman" SIZE="2"><B>(1) </B></FONT></P>
<P STYLE="margin-top:10px;margin-bottom:0px"><FONT STYLE="font-family:Times New Roman" SIZE="2"><B></B><B>(2)</B><B>
</B>Cedar&nbsp;Shopping&nbsp;Centers,&nbsp;Inc.,<B></B>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;, a Maryland corporation hereby certifies to the State Department of
Assessments and Taxation of Maryland that: </FONT></P> <P STYLE="margin-top:10px;margin-bottom:0px"><FONT STYLE="font-family:Times New Roman" SIZE="2"><B>(3)</B> The charter of the corporation is hereby amended as follows: </FONT></P>
<P STYLE="margin-top:10px;margin-bottom:0px"><FONT STYLE="font-family:Times New Roman" SIZE="2">By striking out Article I of the Articles of Incorporation and inserting in lieu thereof the following: </FONT></P>
<P STYLE="margin-top:10px;margin-bottom:0px" ALIGN="center"><FONT STYLE="font-family:Times New Roman" SIZE="2">ARTICLE I </FONT></P> <P STYLE="margin-top:10px;margin-bottom:0px" ALIGN="center"><FONT STYLE="font-family:Times New Roman" SIZE="2">Name
</FONT></P> <P STYLE="margin-top:10px;margin-bottom:0px"><FONT STYLE="font-family:Times New Roman" SIZE="2">The name of the Corporation shall be Cedar Realty Trust, Inc. (the &#147;Corporation&#148;). </FONT></P>
<P STYLE="margin-top:10px;margin-bottom:0px"><FONT STYLE="font-family:Times New Roman" SIZE="2">The effective date of this name change amendment shall be November 9, 2011. </FONT></P> <P STYLE="margin-top:12px;margin-bottom:0px; text-indent:4%"><FONT
STYLE="font-family:Times New Roman" SIZE="2">This amendment of the charter of the corporation has been approved by </FONT></P> <P STYLE="margin-top:10px;margin-bottom:0px"><FONT STYLE="font-family:Times New Roman" SIZE="2"><B>(4)</B>&nbsp;The Board
of Directors </FONT></P> <P STYLE="margin-top:10px;margin-bottom:0px; text-indent:4%"><FONT STYLE="font-family:Times New Roman" SIZE="2">We the undersigned President and Secretary swear under penalties of perjury that the foregoing is a corporate
act. </FONT></P> <P STYLE="font-size:10px;margin-top:0px;margin-bottom:0px">&nbsp;</P>
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<TD WIDTH="26%"></TD>
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<TD WIDTH="23%"></TD>
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<TD WIDTH="23%"></TD>
<TD VALIGN="bottom" WIDTH="2%"></TD>
<TD WIDTH="22%"></TD></TR>
<TR>
<TD VALIGN="bottom"> <P STYLE="margin-top:0px;margin-bottom:1px;border-bottom:1px solid #000000"><FONT STYLE="font-family:Times New Roman" SIZE="2"><B>(5)</B>&nbsp;/s/ Stuart Widowski</FONT></P></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" STYLE="border-bottom:1px solid #000000"> <P STYLE="margin-top:0px;margin-bottom:1px"><FONT STYLE="font-family:Times New Roman" SIZE="2"><B>(5)</B>&nbsp;/s/ Bruce J. Schanzer</FONT></P></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD></TR>
<TR>
<TD HEIGHT="13"></TD>
<TD HEIGHT="13" COLSPAN="2"></TD>
<TD HEIGHT="13" COLSPAN="2"></TD>
<TD HEIGHT="13" COLSPAN="2"></TD></TR>
<TR>
<TD VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="2"><B>(6)</B>&nbsp;Return address of filing party:</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD></TR>
<TR>
<TD HEIGHT="13"></TD>
<TD HEIGHT="13" COLSPAN="2"></TD>
<TD HEIGHT="13" COLSPAN="2"></TD>
<TD HEIGHT="13" COLSPAN="2"></TD></TR>
<TR>
<TD VALIGN="bottom"> <P STYLE="margin-top:0px;margin-bottom:1px;border-bottom:1px solid #000000"><FONT STYLE="font-family:Times New Roman" SIZE="2">&nbsp;</FONT></P></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD></TR>
<TR>
<TD HEIGHT="13"></TD>
<TD HEIGHT="13" COLSPAN="2"></TD>
<TD HEIGHT="13" COLSPAN="2"></TD>
<TD HEIGHT="13" COLSPAN="2"></TD></TR>
<TR>
<TD VALIGN="bottom"> <P STYLE="margin-top:0px;margin-bottom:1px;border-bottom:1px solid #000000"><FONT STYLE="font-family:Times New Roman" SIZE="2">&nbsp;</FONT></P></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD></TR>
<TR>
<TD HEIGHT="13"></TD>
<TD HEIGHT="13" COLSPAN="2"></TD>
<TD HEIGHT="13" COLSPAN="2"></TD>
<TD HEIGHT="13" COLSPAN="2"></TD></TR>
<TR>
<TD VALIGN="bottom"> <P STYLE="margin-top:0px;margin-bottom:1px;border-bottom:1px solid #000000"><FONT STYLE="font-family:Times New Roman" SIZE="2">&nbsp;</FONT></P></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD></TR></TABLE>
 <p STYLE="margin-top:0px;margin-bottom:0px"><FONT SIZE="1">&nbsp;</FONT></P> <P STYLE="margin-top:0px;margin-bottom:0px" ALIGN="center"><FONT STYLE="font-family:Times New Roman" SIZE="2">49 </FONT></P>


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<TYPE>EX-3.2
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<FILENAME>d305538dex32.htm
<DESCRIPTION>EX-3.2
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 <P STYLE="margin-top:0px;margin-bottom:0px" ALIGN="right"><FONT STYLE="font-family:Times New Roman" SIZE="2"><B>Exhibit 3.2 </B></FONT></P> <P STYLE="margin-top:10px;margin-bottom:0px" ALIGN="center"><FONT
STYLE="font-family:Times New Roman" SIZE="2"><B>CEDAR REALTY TRUST, INC. </B></FONT></P> <P STYLE="margin-top:10px;margin-bottom:0px" ALIGN="center"><FONT STYLE="font-family:Times New Roman" SIZE="2"><B>AMENDED AND RESTATED BY-LAWS </B></FONT></P>
<P STYLE="margin-top:10px;margin-bottom:0px" ALIGN="center"><FONT STYLE="font-family:Times New Roman" SIZE="2"><B>adopted August&nbsp;13, 2003, as amended effective November&nbsp;27, 2007,</B></FONT></P>
<P STYLE="margin-top:0px;margin-bottom:0px" ALIGN="center"><FONT STYLE="font-family:Times New Roman" SIZE="2"><B>June&nbsp;15, 2011,&nbsp;November&nbsp;9, 2011 and March&nbsp;1, 2012 </B></FONT></P>
<P STYLE="margin-top:10px;margin-bottom:0px" ALIGN="center"><FONT STYLE="font-family:Times New Roman" SIZE="2">ARTICLE 1 </FONT></P>
<P STYLE="margin-top:0px;margin-bottom:0px" ALIGN="center"><FONT STYLE="font-family:Times New Roman" SIZE="2">OFFICES </FONT></P> <P STYLE="margin-top:10px;margin-bottom:0px; text-indent:4%" ALIGN="justify"><FONT
STYLE="font-family:Times New Roman" SIZE="2">Cedar Realty Trust, Inc. (the &#147;Corporation&#148;) shall maintain a registered office in the State of Maryland as required by law. The Corporation may also have offices at other places, within or
without the State of Maryland as the business of the Corporation may require. </FONT></P> <P STYLE="margin-top:10px;margin-bottom:0px" ALIGN="center"><FONT STYLE="font-family:Times New Roman" SIZE="2">ARTICLE 2 </FONT></P>
<P STYLE="margin-top:0px;margin-bottom:0px" ALIGN="center"><FONT STYLE="font-family:Times New Roman" SIZE="2">STOCKHOLDERS </FONT></P> <P STYLE="margin-top:10px;margin-bottom:0px; text-indent:4%" ALIGN="justify"><FONT
STYLE="font-family:Times New Roman" SIZE="2">Section 2.01 <U>Place of Meetings</U>. Meetings of stockholders possessing voting shares shall be held at such place in the United States, within or without the State of Maryland, as the Board of
Directors designates. </FONT></P> <P STYLE="margin-top:10px;margin-bottom:0px; text-indent:4%" ALIGN="justify"><FONT STYLE="font-family:Times New Roman" SIZE="2">Section 2.02 <U>Annual Meeting</U>. The annual meeting of the stockholders possessing
voting shares shall be held on such date and at such time as the Board of Directors designates. At each annual meeting, such stockholders shall elect the members of the Board of Directors whose terms have expired and transact such other business as
may be properly brought before the meeting. </FONT></P> <P STYLE="margin-top:10px;margin-bottom:0px; text-indent:4%" ALIGN="justify"><FONT STYLE="font-family:Times New Roman" SIZE="2">Section 2.03 <U>Special Meetings</U>. Special meetings of
stockholders may be called by the Chairman of the Board and shall be called by the Chairman of the Board or the Secretary at the request in writing of (x)&nbsp;a majority of the Directors or (y)&nbsp;the holders of 25 percent or more of the issued
and outstanding shares of capital stock of the Corporation entitled to be voted at the meeting. Such a request shall state the purpose or purposes of the proposed meeting. </FONT></P>
<P STYLE="margin-top:10px;margin-bottom:0px; text-indent:4%" ALIGN="justify"><FONT STYLE="font-family:Times New Roman" SIZE="2">Section 2.04 <U>Notice of Stockholder Meetings</U>. </FONT></P>
<P STYLE="margin-top:10px;margin-bottom:0px; text-indent:8%" ALIGN="justify"><FONT STYLE="font-family:Times New Roman" SIZE="2">(a) <U>Required Notice</U>. Written notice stating the place, day and hour of any annual or special stockholder meeting
shall be delivered not less than 10 or more than 60 days before the date of the meeting, either personally or by mail, by or at the direction of the Chairman of the Board, the Board of Directors, or other persons calling the meeting, to each
stockholder of record entitled to vote at such meeting and to any other stockholder entitled by the Maryland General Corporation Law (the &#147;Act&#148;) or the charter to receive notice of the meeting. Notice shall be deemed to be effective at the
earliest of: (1)&nbsp;when deposited in the United States mail, addressed to the stockholder at his address as it appears on the stock transfer books of the Corporation, with postage thereon prepaid; (2)&nbsp;on the date shown on the return receipt
if sent by registered or certified mail, return receipt requested, and the receipt is signed by or on behalf of the addressee; or (3)&nbsp;when received. </FONT></P>

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 <P STYLE="margin-top:0px;margin-bottom:0px; text-indent:8%" ALIGN="justify"><FONT STYLE="font-family:Times New Roman" SIZE="2">(b) <U>Adjourned Meeting</U>. If any stockholder meeting is adjourned to a
different date, time, or place, notice need not be given of the new date, time, and place, if the new date, time, and place is announced at the meeting before adjournment. But if a new record date for the adjourned meeting is or must be fixed then
notice must be given pursuant to the requirements of paragraph (a)&nbsp;of this Section&nbsp;2.04, to those persons who are stockholders as of the new record date. </FONT></P>
<P STYLE="margin-top:10px;margin-bottom:0px; text-indent:8%" ALIGN="justify"><FONT STYLE="font-family:Times New Roman" SIZE="2">(c) <U>Waiver of Notice</U>. A stockholder may waive notice of the meeting (or any notice required by the Act, charter,
or By-Laws), by a writing signed by the stockholder entitled to the notice, which is delivered to the Corporation (either before or after the date and time stated in the notice) for inclusion in the minutes or filing with the corporate records.
</FONT></P> <P STYLE="margin-top:10px;margin-bottom:0px; text-indent:4%" ALIGN="justify"><FONT STYLE="font-family:Times New Roman" SIZE="2">A stockholder&#146;s attendance at a meeting: </FONT></P>
<P STYLE="font-size:10px;margin-top:0px;margin-bottom:0px">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR>
<TD WIDTH="4%"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD WIDTH="4%" VALIGN="top" ALIGN="left"><FONT STYLE="font-family:Times New Roman" SIZE="2">(1)</FONT></TD>
<TD ALIGN="left" VALIGN="top"> <P ALIGN="justify"><FONT STYLE="font-family:Times New Roman" SIZE="2">waives objection to lack of notice or defective notice of the meeting unless the stockholder at the beginning of the meeting objects to holding the
meeting or transacting business at the meeting; or </FONT></P></TD></TR></TABLE> <P STYLE="font-size:10px;margin-top:0px;margin-bottom:0px">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR>
<TD WIDTH="4%"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD WIDTH="4%" VALIGN="top" ALIGN="left"><FONT STYLE="font-family:Times New Roman" SIZE="2">(2)</FONT></TD>
<TD ALIGN="left" VALIGN="top"> <P ALIGN="justify"><FONT STYLE="font-family:Times New Roman" SIZE="2">waives objection to consideration of a particular matter at the meeting that is not within the purpose or purposes described in the meeting notice,
unless the stockholder objects to considering the matter when it is presented. </FONT></P></TD></TR></TABLE> <P STYLE="margin-top:10px;margin-bottom:0px; text-indent:8%" ALIGN="justify"><FONT STYLE="font-family:Times New Roman" SIZE="2">(d)
<U>Contents of Notice</U>. The notice of each special stockholder meeting shall include a description of the purpose or purposes for which the meeting is called. Except as provided in this Section&nbsp;2.04(d), or as provided in the
Corporation&#146;s charter, or otherwise in the Act, the notice of an annual stockholder meeting need not include a description of the purpose or purposes for which the meeting is called. </FONT></P>
<P STYLE="margin-top:10px;margin-bottom:0px; text-indent:4%" ALIGN="justify"><FONT STYLE="font-family:Times New Roman" SIZE="2">Section 2.05 <U>Quorum</U>. The holders, present in person or represented by proxy, of shares of capital stock entitled
to cast a majority of all votes entitled to be cast at the meeting shall constitute a quorum for the transaction of business at the meeting. If less than a quorum is present, the holders of a majority of such shares whose holders are so present or
represented may from time to time adjourn the meeting to another place, date, or hour until a quorum is present, whereupon the meeting may be held, as adjourned, without further notice except as required by law or by Section&nbsp;2.04. </FONT></P>
<P STYLE="margin-top:10px;margin-bottom:0px; text-indent:4%" ALIGN="justify"><FONT STYLE="font-family:Times New Roman" SIZE="2">Section 2.06 <U>Voting</U>. When a quorum is present at a meeting of the stockholders, the vote of the holders of a
majority of the shares of capital stock entitled to be voted whose holders are present in person or represented by proxy shall decide any question brought before the meeting, unless the question is one upon which, by express provision of law or of
the Articles of Incorporation or of these By-Laws, a different vote is required. Unless otherwise provided in the charter, each holder of shares of Common Stock shall at a meeting of the stockholders be entitled to one (1)&nbsp;vote in person or by
proxy for each share of Common Stock held by such stockholder. At a meeting of the stockholders, all questions relating to the qualifications of voters, the validity of proxies, and the acceptance or rejection of votes shall be decided by the
presiding officer of the meeting. </FONT></P>
 <p STYLE="margin-top:0px;margin-bottom:0px"><FONT SIZE="1">&nbsp;</FONT></P> <P STYLE="margin-top:0px;margin-bottom:0px" ALIGN="center"><FONT STYLE="font-family:Times New Roman" SIZE="2">2 </FONT></P>


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 <P STYLE="margin-top:0px;margin-bottom:0px; text-indent:4%" ALIGN="justify"><FONT STYLE="font-family:Times New Roman" SIZE="2">Section 2.07 <U>Presiding Officer of Meetings</U>. The Chairman of the
Board, or in his absence, the President, or in his absence a Vice President, or in his absence a chairman for the meeting chosen by the Board of Directors, shall preside at all meetings of the stockholders. In the absence of all of the foregoing,
the presiding officer shall be elected by vote of the holders of a majority of the shares of capital stock entitled to be voted whose holders are present in person or represented by proxy at the meeting. </FONT></P>
<P STYLE="margin-top:10px;margin-bottom:0px; text-indent:4%" ALIGN="justify"><FONT STYLE="font-family:Times New Roman" SIZE="2">Section 2.08 <U>Secretary of Meetings</U>. The Secretary of the Corporation shall act as secretary of all meetings of the
stockholders. In the absence of the Secretary, the presiding officer of the meeting shall appoint any other person to act as secretary of the meeting. </FONT></P> <P STYLE="margin-top:10px;margin-bottom:0px; text-indent:4%" ALIGN="justify"><FONT
STYLE="font-family:Times New Roman" SIZE="2">Section 2.09 <U>Action in Lieu of Meeting</U>. Any action required or permitted to be taken at any annual or special meeting of the stockholders may be taken without a meeting, without prior notice and
without a vote, if consents in writing, setting forth the action so taken, are signed by all of the holders of shares of capital stock entitled to vote thereon. </FONT></P>
<P STYLE="margin-top:10px;margin-bottom:0px; text-indent:4%" ALIGN="justify"><FONT STYLE="font-family:Times New Roman" SIZE="2">Section 2.10 <U>Proxies</U>. At all meetings of stockholders, a stockholder may vote in person, or vote by proxy which is
executed in writing by the stockholder or which is executed by his duly authorized attorney-in-fact. Such proxy shall be filed with the Secretary of the Corporation or other persons authorized to tabulate votes before or at the time of the meeting.
No proxy shall be valid after 11 months from the date of its execution unless otherwise provided in the proxy. </FONT></P>
<P STYLE="margin-top:10px;margin-bottom:0px; text-indent:4%" ALIGN="justify"><FONT STYLE="font-family:Times New Roman" SIZE="2">Section 2.11 <U>Nomination of Directors</U>. (a)&nbsp;Only persons who are nominated in accordance with the procedures
set forth in these By-Laws shall be eligible to serve as directors. Nominations of persons for election to the Board of Directors of the Corporation may be made at a meeting of stockholders (i)&nbsp;by or at the direction of the Board of Directors
or (ii)&nbsp;by any stockholder of the Corporation who is a stockholder of record at the time of giving of notice provided for in this Section&nbsp;2.11, who shall be entitled to vote for the election of directors at the meeting and who timely
complies with the notice procedures set forth in this Section&nbsp;2.11. </FONT></P> <P STYLE="margin-top:10px;margin-bottom:0px; text-indent:8%" ALIGN="justify"><FONT STYLE="font-family:Times New Roman" SIZE="2">(b) To be timely, a
stockholder&#146;s notice shall be in writing and delivered to or mailed and received at the principal executive offices of the Corporation not less than 90 days nor more than 120 days prior to the first anniversary of the preceding year&#146;s
annual meeting of stockholders; provided, however, that in the event that the date of the annual meeting is advanced more than 30 days prior to such anniversary date or delayed more than 60 days after such anniversary date then to be timely such
notice must be received by the Corporation no later than the later of 90 days prior to the date of the meeting or the 10th day following the day on which public announcement of the date of the meeting was made; provided, further, however, with
respect to the annual meeting of stockholders to be held in 2012, such notice must be received not less than 60 days before the date of such annual meeting. Such stockholder&#146;s notice shall set forth: </FONT></P>
<P STYLE="margin-top:10px;margin-bottom:0px; margin-left:8%; text-indent:4%" ALIGN="justify"><FONT STYLE="font-family:Times New Roman" SIZE="2">(i) with respect to each person whom the stockholder proposes to nominate for election or reelection as a
director all information relating to such person that is required to be disclosed in solicitations of proxies for election of directors, or is otherwise required, in each case pursuant to Regulation&nbsp;14A under the Securities Exchange Act of 1934
(including such person&#146;s written consent to being named in the proxy statement as a nominee and to serving as a director if elected); and </FONT></P>
 <p STYLE="margin-top:0px;margin-bottom:0px"><FONT SIZE="1">&nbsp;</FONT></P> <P STYLE="margin-top:0px;margin-bottom:0px" ALIGN="center"><FONT STYLE="font-family:Times New Roman" SIZE="2">3 </FONT></P>


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 <P STYLE="margin-top:0px;margin-bottom:0px; margin-left:8%; text-indent:4%" ALIGN="justify"><FONT STYLE="font-family:Times New Roman" SIZE="2">(ii) with respect to the stockholder giving the notice:
(x)&nbsp;the name and address, as they appear on the Corporation&#146;s books, of such stockholder and any Stockholder Associate, (y)&nbsp;the class and number of shares of the Corporation which are held of record or are beneficially owned by such
stockholder and/or by any Stockholder Associate with respect to the Corporation&#146;s securities and (z)&nbsp;any Derivative Position held or beneficially held by the stockholder and/or any Stockholder Associate. </FONT></P>
<P STYLE="margin-top:10px;margin-bottom:0px; text-indent:8%" ALIGN="justify"><FONT STYLE="font-family:Times New Roman" SIZE="2">(c) &#147;Stockholder Associate&#148; means, with respect to any stockholder (i)&nbsp;any person controlling, directly or
indirectly, or acting in concert with, such stockholder, (ii)&nbsp;any beneficial owner of shares of stock of the Corporation owned of record or beneficially by such stockholder and/or (iii)&nbsp;any person controlling, controlled by or under common
control with such Stockholder Associate. </FONT></P> <P STYLE="margin-top:10px;margin-bottom:0px; text-indent:8%" ALIGN="justify"><FONT STYLE="font-family:Times New Roman" SIZE="2">(d) &#147;Derivative Position&#148; shall mean, with respect to any
security of the Corporation, any direct or indirect transaction or series of transactions in, or agreement, arrangement, understanding or relationship with respect to, any option, warrant, convertible security, stock appreciation right or other
contractual right, whether or not presently exercisable, which has an exercise or conversion privilege or settlement payment or mechanism at a price related to such Corporation security or a value determined in whole or part with reference to, or
derived in whole or in part from, the market price or value of such Corporation security (without regard to whether such instrument or right (i)&nbsp;conveys any voting power to such person or Stockholder Associate or (ii)&nbsp;is required to be, or
capable of being, settled through delivery of such securities) or which provides to the holder of such instrument or right an opportunity, directly or indirectly, to profit or share in any profit derived from any increase in the value of such
Corporation security. </FONT></P> <P STYLE="margin-top:10px;margin-bottom:0px; text-indent:8%" ALIGN="justify"><FONT STYLE="font-family:Times New Roman" SIZE="2">(e) At the request of the Board of Directors, any person nominated by the Board of
Directors for election as a director shall furnish to the secretary of the Corporation that information required to be set forth in a stockholder&#146;s notice of nomination which pertains to the nominee. The chairman of the meeting shall, if the
facts warrant, determine and declare to the meeting that a nomination was not made in accordance with the procedures prescribed by these By-Laws, and if the chairman should so determine, the chairman shall so declare to the meeting and the defective
nomination shall be disregarded. Notwithstanding the foregoing provisions of this Section&nbsp;2.11, a stockholder shall also comply with all applicable requirements of the Securities Exchange Act of 1934, and the rules and regulations thereunder,
with respect to the matters set forth in this Section&nbsp;2.11. </FONT></P> <P STYLE="margin-top:10px;margin-bottom:0px" ALIGN="center"><FONT STYLE="font-family:Times New Roman" SIZE="2">ARTICLE 3 </FONT></P>
<P STYLE="margin-top:0px;margin-bottom:0px" ALIGN="center"><FONT STYLE="font-family:Times New Roman" SIZE="2">BOARD OF DIRECTORS </FONT></P> <P STYLE="margin-top:10px;margin-bottom:0px; text-indent:4%" ALIGN="justify"><FONT
STYLE="font-family:Times New Roman" SIZE="2">Section 3.01 <U>Powers</U>. The business of the Corporation shall be managed under the direction of the Board of Directors, which shall exercise all such powers of the Corporation and do all such lawful
acts and things as are not by law or by the Articles of Incorporation or by these By-Laws directed or required to be exercised or done by the stockholders. </FONT></P>
 <p STYLE="margin-top:0px;margin-bottom:0px"><FONT SIZE="1">&nbsp;</FONT></P> <P STYLE="margin-top:0px;margin-bottom:0px" ALIGN="center"><FONT STYLE="font-family:Times New Roman" SIZE="2">4 </FONT></P>


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 <P STYLE="margin-top:0px;margin-bottom:0px; text-indent:4%" ALIGN="justify"><FONT STYLE="font-family:Times New Roman" SIZE="2">Section 3.02 <U>Number; Election; Qualification; Term</U>. </FONT></P>
<P STYLE="margin-top:10px;margin-bottom:0px; text-indent:8%" ALIGN="justify"><FONT STYLE="font-family:Times New Roman" SIZE="2">(a) The Board of Directors shall initially consist of at least three members or as determined from time to time by
amendment of this subsection. The term of office of a Director shall not be affected by any decrease in the authorized number of Directors. </FONT></P> <P STYLE="margin-top:10px;margin-bottom:0px; text-indent:8%" ALIGN="justify"><FONT
STYLE="font-family:Times New Roman" SIZE="2">(b) Until the first annual meeting of the stockholders, the Board of Directors shall initially consist of the persons named as the Directors of the Corporation by the incorporator in the charter. At the
first annual meeting and at each subsequent annual meeting of the stockholders, the stockholders shall elect the successors of the Directors whose term have expired at that meeting to serve for a term expiring in accordance with
Section&nbsp;3.02(d). The number of Directors shall in no event be less than three. </FONT></P> <P STYLE="margin-top:10px;margin-bottom:0px; text-indent:8%" ALIGN="justify"><FONT STYLE="font-family:Times New Roman" SIZE="2">(c) Unless by the terms
of the action pursuant to which he was elected any special condition or conditions must be fulfilled in order for him to be qualified, a person elected as a Director shall be deemed to be qualified (1)&nbsp;upon his receipt of notice of election and
his indication of acceptance thereof or (2)&nbsp;upon the expiration of ten days after notice of election is given to him without his having given notice of inability or unwillingness to serve. </FONT></P>
<P STYLE="margin-top:10px;margin-bottom:0px; text-indent:8%" ALIGN="justify"><FONT STYLE="font-family:Times New Roman" SIZE="2">(d) At each annual meeting of the stockholders of the Corporation, the successors of the class of directors whose terms
expire at that meeting shall be elected to hold office for a term of one year and until such director&#146;s earlier resignation or removal; provided, however, each director elected at the annual meetings of the Corporation held in 2001 and 2002
shall serve for the full three-year term to which such director was elected or until such director&#146;s earlier resignation or removal. No election of directors need be by written ballot. No decrease in the number of directors constituting the
Board of Directors shall shorten the term of any incumbent director. </FONT></P> <P STYLE="margin-top:10px;margin-bottom:0px; text-indent:4%" ALIGN="justify"><FONT STYLE="font-family:Times New Roman" SIZE="2">Section 3.03 <U>Vacancies</U>. Whenever
between annual meetings of the stockholders any vacancy exists in the Board of Directors by reason of death, resignation, removal, or increase in the authorized number of Directors, or otherwise, it may be filled by the Board of Directors (if
permitted under the Act) or by the stockholders at a special meeting of the stockholders called for that purpose. </FONT></P> <P STYLE="margin-top:10px;margin-bottom:0px; text-indent:4%" ALIGN="justify"><FONT
STYLE="font-family:Times New Roman" SIZE="2">Section 3.04 <U>Place of Meetings</U>. Any meeting of the Board of Directors may be held either within or without the State of Maryland. </FONT></P>
<P STYLE="margin-top:10px;margin-bottom:0px; text-indent:4%" ALIGN="justify"><FONT STYLE="font-family:Times New Roman" SIZE="2">Section 3.05 <U>Annual Meeting</U>. There shall be an annual meeting of the Board of Directors for the election of
officers and the transaction of such other business as may be brought before the meeting. The annual meeting of the Board shall be held immediately following the annual meeting of the stockholders or any adjournment thereof, at the place where the
annual meeting of the stockholders was held or at such other place as a majority of the Directors who are then present determine. If the annual meeting is not so held, it shall be called and held in the manner provided herein for special meetings of
the Board or conducted pursuant to Section&nbsp;3.11. </FONT></P>
 <p STYLE="margin-top:0px;margin-bottom:0px"><FONT SIZE="1">&nbsp;</FONT></P> <P STYLE="margin-top:0px;margin-bottom:0px" ALIGN="center"><FONT STYLE="font-family:Times New Roman" SIZE="2">5 </FONT></P>


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 <P STYLE="margin-top:0px;margin-bottom:0px; text-indent:4%" ALIGN="justify"><FONT STYLE="font-family:Times New Roman" SIZE="2">Section 3.06 <U>Regular Meetings</U>. Regular meetings of the Board of
Directors, other than the annual meeting, may be held without notice at such times and places as the Board may have fixed by resolution. </FONT></P> <P STYLE="margin-top:10px;margin-bottom:0px; text-indent:4%" ALIGN="justify"><FONT
STYLE="font-family:Times New Roman" SIZE="2">Section 3.07 <U>Special Meetings</U>. Special meetings of the Board of Directors may be called by the Chairman of the Board or the President and shall be called on the written request of a majority of the
Directors. Not less than one day&#146;s notice of a special meeting shall be given by the Secretary to each Director. </FONT></P> <P STYLE="margin-top:10px;margin-bottom:0px; text-indent:4%" ALIGN="justify"><FONT
STYLE="font-family:Times New Roman" SIZE="2">Section 3.08 <U>Organization</U>. Every meeting of the Board of Directors shall be presided over by the Chairman of the Board, or in his absence by the President. In the absence of the Chairman of the
Board and the President, a presiding officer shall be chosen by a majority of the Directors present. The Secretary of the Corporation shall act as secretary of the meeting. In his absence the presiding officer shall appoint another person to act as
secretary of the meeting. </FONT></P> <P STYLE="margin-top:10px;margin-bottom:0px; text-indent:4%" ALIGN="justify"><FONT STYLE="font-family:Times New Roman" SIZE="2">Section 3.09 <U>Quorum</U>. The presence of a majority of the number of Directors
then serving shall be necessary to constitute a quorum for the transaction of business at a meeting of the Board of Directors. If less than a quorum is present, a majority of the Directors present may adjourn the meeting to another time or place
until a quorum is present, whereupon the meeting may be held, as adjourned, without further notice. </FONT></P> <P STYLE="margin-top:10px;margin-bottom:0px; text-indent:4%" ALIGN="justify"><FONT STYLE="font-family:Times New Roman" SIZE="2">Section
3.10 <U>Vote</U>. The act of a majority of the Directors present at any meeting at which there is a quorum shall be the act of the Board of Directors, except as may be otherwise specifically provided by law, by the Articles of Incorporation, or by
these By-Laws. Where a vote of the Directors present results in a tie, the action proposed shall not constitute an act of the Board of Directors. </FONT></P> <P STYLE="margin-top:10px;margin-bottom:0px; text-indent:4%" ALIGN="justify"><FONT
STYLE="font-family:Times New Roman" SIZE="2">Section 3.11 <U>Action in Lieu of a Meeting</U>. Any action required or permitted to be taken at any meeting of the Board of Directors or of any committee thereof may be taken without a meeting, if all of
the members of the Board or committee, as the case may be, consent thereto in writing, and the writing or writings are filed with the minutes of the proceedings of the Board or committee. </FONT></P>
<P STYLE="margin-top:10px;margin-bottom:0px; text-indent:4%" ALIGN="justify"><FONT STYLE="font-family:Times New Roman" SIZE="2">Section 3.12 <U>Conference Call Meeting</U>. Members of the Board of Directors or of any committee thereof may
participate in a meeting of the Board or committee, as the case may be, by means of conference telephone or similar communications equipment by means of which all persons participating in the meeting can hear each other, and such participation in a
meeting shall constitute presence in person at the meeting. </FONT></P> <P STYLE="margin-top:10px;margin-bottom:0px" ALIGN="center"><FONT STYLE="font-family:Times New Roman" SIZE="2">ARTICLE 4 </FONT></P>
<P STYLE="margin-top:0px;margin-bottom:0px" ALIGN="center"><FONT STYLE="font-family:Times New Roman" SIZE="2">COMMITTEES </FONT></P> <P STYLE="margin-top:10px;margin-bottom:0px; text-indent:4%" ALIGN="justify"><FONT
STYLE="font-family:Times New Roman" SIZE="2">Section 4.01 <U>Committees of the Board</U>. The Board of Directors may, by resolution passed by a majority of the Directors in office, establish one or more committees, each committee to consist of two
or more of the Directors. The Board may designate one or more Directors as alternate members of any committee, who may replace any absent or disqualified member or members at any meeting of the committee. Any such committee, to the extent provided
in the resolution of the Board, shall have and may exercise all the power and authority </FONT></P>
 <p STYLE="margin-top:0px;margin-bottom:0px"><FONT SIZE="1">&nbsp;</FONT></P> <P STYLE="margin-top:0px;margin-bottom:0px" ALIGN="center"><FONT STYLE="font-family:Times New Roman" SIZE="2">6 </FONT></P>


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 <P STYLE="margin-top:0px;margin-bottom:0px" ALIGN="justify"><FONT STYLE="font-family:Times New Roman" SIZE="2">
of the Board for direction and supervision of the management of the business and affairs of the Corporation, and may authorize the seal of the Corporation to be affixed to all papers that may
require it. No such committee, however, shall have power or authority in reference to (i)&nbsp;amending the charter or the By-Laws, (ii)&nbsp;adopting an agreement of merger or consolidation, (iii)&nbsp;recommending to the stockholders the sale,
lease, or exchange of all or substantially all of the Corporation&#146;s property and assets, (iv)&nbsp;recommending to the stockholders a dissolution of the Corporation or a revocation of a dissolution, (v)&nbsp;electing a Director, or electing or
removing an officer; and (vi)&nbsp;unless the resolution expressly so provided, no such committee shall have the power or authority to declare a dividend or to authorize the issuance of stock. </FONT></P>
<P STYLE="margin-top:10px;margin-bottom:0px; text-indent:4%" ALIGN="justify"><FONT STYLE="font-family:Times New Roman" SIZE="2">Section 4.02 <U>Procedures; Minutes of Meetings</U>. Each committee shall determine its rules with respect to notice,
quorum, voting, and the taking of action, provided that such rules shall be consistent with law, the rules in these By-Laws applicable to the Board of Directors, and the resolution of the Board establishing the committee. Each committee shall keep
regular minutes of its meetings and report the same to the Board of Directors when required. </FONT></P> <P STYLE="margin-top:10px;margin-bottom:0px" ALIGN="center"><FONT STYLE="font-family:Times New Roman" SIZE="2">ARTICLE 5 </FONT></P>
<P STYLE="margin-top:0px;margin-bottom:0px" ALIGN="center"><FONT STYLE="font-family:Times New Roman" SIZE="2">OFFICERS </FONT></P> <P STYLE="margin-top:10px;margin-bottom:0px; text-indent:4%" ALIGN="justify"><FONT
STYLE="font-family:Times New Roman" SIZE="2">Section 5.01 <U>General</U>. The Board of Directors shall elect the officers of the Corporation, which shall include a President, Treasurer and a Secretary and such other officers, including, without
limitation, Chairman of the Board, Vice Chairman, Chief Operating Officer, Vice-Presidents, Comptroller and General Counsel as in the Board&#146;s opinion are desirable for the conduct of the business of the Corporation. Any two or more offices may
be held by the same person except that the President shall not hold the office of Vice-President or Secretary. </FONT></P>
<P STYLE="margin-top:10px;margin-bottom:0px; text-indent:4%" ALIGN="justify"><FONT STYLE="font-family:Times New Roman" SIZE="2">Section 5.02 <U>Powers and Duties</U>. Each of the officers of the Corporation shall, unless otherwise ordered by the
Board of Directors, have such powers and duties as generally pertain to his respective office as well as such powers and duties as from time to time may be conferred upon him by the Board and these By-Laws. </FONT></P>
<P STYLE="margin-top:10px;margin-bottom:0px; text-indent:4%" ALIGN="justify"><FONT STYLE="font-family:Times New Roman" SIZE="2">Section 5.03 <U>Term of Office; Removal and Vacancy</U>. Each officer shall hold his office until his successor is
elected and qualified or until his earlier resignation or removal and shall be subject to removal with or without cause at any time by the affirmative vote of a majority of the Directors in office. Any vacancy occurring in any office of the
Corporation shall be filled by the Board of Directors. </FONT></P> <P STYLE="margin-top:10px;margin-bottom:0px; text-indent:4%" ALIGN="justify"><FONT STYLE="font-family:Times New Roman" SIZE="2">Section 5.04 <U>Chairman of the Board</U>. The
Chairman of the Board, if present, shall preside at meetings of the Board and of the stockholders. </FONT></P> <P STYLE="margin-top:10px;margin-bottom:0px; text-indent:4%" ALIGN="justify"><FONT STYLE="font-family:Times New Roman" SIZE="2">Section
5.05 <U>President</U>. The President shall be the chief executive officer of the Corporation and, subject to the control of the Board of Directors, shall supervise and control in general all of the business and affairs of the Corporation. He may
sign, with the Secretary or any other proper officer of the Corporation authorized by the Board of Directors, certificates for shares of the Corporation and deeds, mortgages, bonds, contracts, or other instruments which the Board of Directors has
authorized to be executed, except in cases where the signing and execution thereof shall be expressly delegated by the Board of Directors or by these By-Laws to some other officer or agent of the Corporation, or shall be required by law to be
otherwise signed or executed; and in general shall perform all duties incident to the office of president and chief executive officer and such other duties as may be prescribed by the Board of Directors from time to time.
</FONT></P>
 <p STYLE="margin-top:0px;margin-bottom:0px"><FONT SIZE="1">&nbsp;</FONT></P> <P STYLE="margin-top:0px;margin-bottom:0px" ALIGN="center"><FONT STYLE="font-family:Times New Roman" SIZE="2">7 </FONT></P>


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 <P STYLE="margin-top:0px;margin-bottom:0px; text-indent:4%" ALIGN="justify"><FONT STYLE="font-family:Times New Roman" SIZE="2">Section 5.06 <U>Treasurer</U>. The Treasurer shall: (a)&nbsp;have charge and
custody of and be responsible for all funds and securities of the Corporation; (b)&nbsp;receive and give receipts for moneys due and payable to the Corporation from any source whatsoever, and deposit all such moneys in the name of the Corporation in
such banks, trust companies, or other depositaries as shall be selected by the Board of Directors; and (c)&nbsp;in general, perform all of the duties incident to the office of treasurer and such other duties as from time to time may be assigned to
him by the Chairman of the Board, the President or by the Board of Directors. If required by the Board of Directors, the Treasurer shall give a bond for the faithful discharge of his duties in such sum and with such surety or sureties as the Board
of Directors shall determine. </FONT></P> <P STYLE="margin-top:10px;margin-bottom:0px; text-indent:4%" ALIGN="justify"><FONT STYLE="font-family:Times New Roman" SIZE="2">Section 5.07 <U>Secretary</U>. The Secretary shall: (a)&nbsp;keep the minutes
of the proceedings of the stockholders and of the Board of Directors in one or more books provided for that purpose; (b)&nbsp;see that all notices are duly given in accordance with the provisions of these By-Laws or as required by law; (c)&nbsp;be
custodian of the corporate records and of any seal of the Corporation and if there is a seal of the Corporation, see that it is affixed to all documents the execution of which on behalf of the Corporation under its seal is duly authorized;
(d)&nbsp;when requested or required, authenticate any records of the Corporation; (e)&nbsp;keep a register of the post office address of each stockholder which shall be furnished to the secretary by such stockholder; (f)&nbsp;sign with the Chairman
of the Board, the President or a Vice-President, certificates for shares of the Corporation, the issuance of which shall have been authorized by resolution of the Board of Directors; (g)&nbsp;have general charge of the stock transfer books of the
Corporation; and (h)&nbsp;in general perform all duties incident to the offices of secretary and such other duties as from time to time may be assigned to him by the Chairman of the Board, the President or by the Board of Directors. </FONT></P>
<P STYLE="margin-top:10px;margin-bottom:0px" ALIGN="center"><FONT STYLE="font-family:Times New Roman" SIZE="2">ARTICLE 6 </FONT></P>
<P STYLE="margin-top:0px;margin-bottom:0px" ALIGN="center"><FONT STYLE="font-family:Times New Roman" SIZE="2">CAPITAL STOCK </FONT></P> <P STYLE="margin-top:10px;margin-bottom:0px; text-indent:4%" ALIGN="justify"><FONT
STYLE="font-family:Times New Roman" SIZE="2">Section 6.01 <U>Certificates of Stock</U>. Shares of capital stock of the Corporation may be certificated or uncertificated, as provided under the Maryland General Corporation Law. Each stockholder, upon
written request to the transfer agent or registrar of the Corporation, shall be entitled to a certificate of the capital stock of the Corporation in such form as may from time to time be prescribed by the Board. Each certificate shall bear the
Corporation seal and shall be signed by the chairman of the board or the president or a vice president and by the treasurer or an assistant treasurer or the secretary or an assistant secretary. The Corporation seal and the signatures by Corporation
officers may be facsimiles if the certificate is manually countersigned by an authorized person on behalf of a transfer agent or registrar other than the Corporation or its employee. In case any officer, transfer agent or registrar who has signed or
whose facsimile signature has been placed on the certificate shall have ceased to be an officer, transfer agent or registrar before the certificate is issued, it may be issued by the Corporation with the same effect as if the officer, transfer agent
or registrar were the officer, transfer agent or registrar at the time of its issue. Every certificate for shares of stock which are subject to any restriction on transfer and every certificate issued when the Corporation is authorized to issue more
than one class or series of stock shall contain a legend with respect thereto as is required by law. The Corporation shall be permitted to issue fractional Shares. </FONT></P>
 <p STYLE="margin-top:0px;margin-bottom:0px"><FONT SIZE="1">&nbsp;</FONT></P> <P STYLE="margin-top:0px;margin-bottom:0px" ALIGN="center"><FONT STYLE="font-family:Times New Roman" SIZE="2">8 </FONT></P>


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 <P STYLE="margin-top:0px;margin-bottom:0px; text-indent:4%" ALIGN="justify"><FONT STYLE="font-family:Times New Roman" SIZE="2">Section 6.02 <U>Transfers</U>. Upon the surrender to the Corporation or the
transfer agent of the Corporation of a certificate for shares duly endorsed or accompanied by proper evidence of succession, assignation or authority to transfer, the Corporation shall issue a new certificate or evidence of the issuance of
uncertificated shares to the stockholder entitled thereto, cancel the old certificate and record the transaction upon the Corporation&#146;s books. Upon the surrender of any certificate for transfer of stock, the certificate shall at once be
conspicuously marked on its face &#147;Cancelled&#148; and filed with the permanent stock records of the Corporation. Upon the receipt of proper transfer instructions from the registered owner of uncertificated shares, the uncertificated shares
shall be cancelled and new equivalent uncertificated shares or certificated shares shall be issued to the stockholder entitled thereto and the transaction shall be recorded upon the Corporation&#146;s books. If the Corporation has a transfer agent
or registrar acting on its behalf, the signature of any officer or representative thereof may be in a facsimile. </FONT></P> <P STYLE="margin-top:10px;margin-bottom:0px; text-indent:4%" ALIGN="justify"><FONT
STYLE="font-family:Times New Roman" SIZE="2">Section 6.03 <U>Ownership of Stock</U>. The Corporation shall be entitled to treat the holder of record of any share or shares of stock as the owner thereof in fact and shall not be bound to recognize any
equitable or other claim to or interest in such share or shares on the part of any other person, whether or not it has express or other notice thereof, except as otherwise expressly provided by law or in the charter. </FONT></P>
<P STYLE="margin-top:10px;margin-bottom:0px; text-indent:4%" ALIGN="justify"><FONT STYLE="font-family:Times New Roman" SIZE="2">Section 6.04 <U>Lost, Stolen, or Destroyed Certificates</U>. In case any certificate for stock of the Corporation is
lost, stolen, or destroyed, the Corporation may require such proof of the fact and such indemnity to be given to it, to its transfer agent, or to its registrar, if any, as deemed necessary or advisable by it. </FONT></P>
<P STYLE="margin-top:10px;margin-bottom:0px" ALIGN="center"><FONT STYLE="font-family:Times New Roman" SIZE="2">ARTICLE 7 </FONT></P>
<P STYLE="margin-top:0px;margin-bottom:0px" ALIGN="center"><FONT STYLE="font-family:Times New Roman" SIZE="2">MISCELLANEOUS </FONT></P> <P STYLE="margin-top:10px;margin-bottom:0px; text-indent:4%" ALIGN="justify"><FONT
STYLE="font-family:Times New Roman" SIZE="2">Section 7.01 <U>Corporate Seal</U>. The seal of the Corporation shall be circular in form and shall contain the name of the Corporation, the year of incorporation, and the word &#147;Maryland.&#148;
</FONT></P> <P STYLE="margin-top:10px;margin-bottom:0px; text-indent:4%" ALIGN="justify"><FONT STYLE="font-family:Times New Roman" SIZE="2">Section 7.02 <U>Fiscal Year</U>. The Corporation&#146;s fiscal year shall end on December&nbsp;31. The Board
of Directors shall have power to change the fiscal year of the Corporation from time to time. </FONT></P> <P STYLE="margin-top:10px;margin-bottom:0px" ALIGN="center"><FONT STYLE="font-family:Times New Roman" SIZE="2">ARTICLE 8 </FONT></P>
<P STYLE="margin-top:0px;margin-bottom:0px" ALIGN="center"><FONT STYLE="font-family:Times New Roman" SIZE="2">INDEMNIFICATION; TRANSACTIONS WITH INTERESTED PERSONS </FONT></P>
<P STYLE="margin-top:10px;margin-bottom:0px; text-indent:4%" ALIGN="justify"><FONT STYLE="font-family:Times New Roman" SIZE="2">Section 8.01 <U>Indemnification</U>. The Corporation shall, to the fullest extent required or permitted by applicable
law, indemnify any person who is or was, or is the personal representative of a deceased person who was, a Director, officer, employee, or agent of the Corporation against any judgments, penalties, fines, settlements and reasonable expenses and any
other liabilities to the fullest extent permitted by Section&nbsp;2-418 of the Act as in effect from time to time; provided that, unless applicable law otherwise requires, indemnification shall be contingent upon a determination, by the Board of
Directors by a majority vote of a quorum </FONT></P>
 <p STYLE="margin-top:0px;margin-bottom:0px"><FONT SIZE="1">&nbsp;</FONT></P> <P STYLE="margin-top:0px;margin-bottom:0px" ALIGN="center"><FONT STYLE="font-family:Times New Roman" SIZE="2">9 </FONT></P>


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 <P STYLE="margin-top:0px;margin-bottom:0px" ALIGN="justify"><FONT STYLE="font-family:Times New Roman" SIZE="2">
consisting of Directors not, at the time, parties to the proceeding, or, if such a quorum cannot be obtained, then by a majority vote of a committee of the Board of Directors consisting solely of
two or more Directors not, at the time, parties to such proceeding and who were duly designated to act in the matter by a majority vote of the full board in which the designated Directors who are parties may participate or by special legal counsel
selected by and if directed by the Board of Directors as set forth above, that indemnification is proper in the circumstances because such Director, officer, employee, or agent has met the applicable standard of conduct prescribed by
Section&nbsp;2-418(b) of the Act. </FONT></P> <P STYLE="margin-top:10px;margin-bottom:0px; text-indent:4%" ALIGN="justify"><FONT STYLE="font-family:Times New Roman" SIZE="2">Section 8.02 <U>Transactions With Interested Persons</U>. No contract or
transaction between the Corporation and any of its Directors or officers, or between the Corporation and any other corporation, partnership, association, or other organization in which any of its Directors or officers is a director or officer or has
a financial interest, shall be void or voidable solely for that reason, or solely because the Director or officer is present at or participates in the meeting of the Board of Directors or committee thereof at which the contract or transaction is
authorized or solely because his vote is counted for such purpose, if </FONT></P> <P STYLE="margin-top:10px;margin-bottom:0px; text-indent:8%" ALIGN="justify"><FONT STYLE="font-family:Times New Roman" SIZE="2">(a) the material facts as to his
relationship or interest and as to the contract or transaction are disclosed or are known to the Board of Directors or the committee, and the Board of Directors or committee in good faith approves or ratifies the contract or transaction by the
affirmative vote of a majority of the disinterested Directors, even though the disinterested Directors are less than a quorum; </FONT></P> <P STYLE="margin-top:10px;margin-bottom:0px; text-indent:8%" ALIGN="justify"><FONT
STYLE="font-family:Times New Roman" SIZE="2">(b) the material facts as to his relationship or interest and as to the contract or transaction are disclosed or are known to the stockholders entitled to vote thereon, and the contract or transaction is
specifically approved in good faith by a majority of the votes cast by the stockholders other than the votes of shares owned of record or beneficially by the interested Director, officer, corporation, firm or other entity; or </FONT></P>
<P STYLE="margin-top:10px;margin-bottom:0px; text-indent:8%" ALIGN="justify"><FONT STYLE="font-family:Times New Roman" SIZE="2">(c) the contract or transaction is fair and reasonable as to the Corporation as of the time it is authorized, approved,
or ratified by the Board of Directors, a committee thereof, or the stockholders. </FONT></P> <P STYLE="margin-top:10px;margin-bottom:0px" ALIGN="center"><FONT STYLE="font-family:Times New Roman" SIZE="2">ARTICLE 9 </FONT></P>
<P STYLE="margin-top:0px;margin-bottom:0px" ALIGN="center"><FONT STYLE="font-family:Times New Roman" SIZE="2">AMENDMENT </FONT></P> <P STYLE="margin-top:10px;margin-bottom:0px; text-indent:4%" ALIGN="justify"><FONT
STYLE="font-family:Times New Roman" SIZE="2">The power to amend or repeal these By-Laws and to adopt new By-Laws is vested exclusively in the Board of Directors. </FONT></P>
 <p STYLE="margin-top:0px;margin-bottom:0px"><FONT SIZE="1">&nbsp;</FONT></P> <P STYLE="margin-top:0px;margin-bottom:0px" ALIGN="center"><FONT STYLE="font-family:Times New Roman" SIZE="2">10 </FONT></P>


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<TYPE>EX-10.1.G
<SEQUENCE>4
<FILENAME>d305538dex101g.htm
<DESCRIPTION>EX-10.1.G
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<TITLE>EX-10.1.G</TITLE>
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 <P STYLE="margin-top:0px;margin-bottom:0px" ALIGN="right"><FONT STYLE="font-family:Times New Roman" SIZE="2"><B>Exhibit 10.1(g) </B></FONT></P>
<P STYLE="margin-top:10px;margin-bottom:0px" ALIGN="center"><FONT STYLE="font-family:Times New Roman" SIZE="2"><B>AMENDMENT NO. 6 </B></FONT></P> <P STYLE="margin-top:0px;margin-bottom:0px" ALIGN="center"><FONT
STYLE="font-family:Times New Roman" SIZE="2"><B>TO THE </B></FONT></P> <P STYLE="margin-top:0px;margin-bottom:0px" ALIGN="center"><FONT STYLE="font-family:Times New Roman" SIZE="2"><B>CEDAR SHOPPING CENTERS, INC. </B></FONT></P>
<P STYLE="margin-top:0px;margin-bottom:0px" ALIGN="center"><FONT STYLE="font-family:Times New Roman" SIZE="2"><B>SENIOR EXECUTIVE DEFERRED COMPENSATION PLAN </B></FONT></P>
<P STYLE="margin-top:10px;margin-bottom:0px; text-indent:8%" ALIGN="justify"><FONT STYLE="font-family:Times New Roman" SIZE="2">WHEREAS, Cedar Shopping Centers, Inc. (the &#147;Company&#148;) has adopted the Cedar Shopping Centers, Inc. Senior
Executive Deferred Compensation Plan (the &#147;Plan&#148;); and </FONT></P> <P STYLE="margin-top:10px;margin-bottom:0px; text-indent:8%" ALIGN="justify"><FONT STYLE="font-family:Times New Roman" SIZE="2">WHEREAS, effective November&nbsp;9, 2011,
the Company formally changed its name to Cedar Realty Trust, Inc.; and </FONT></P> <P STYLE="margin-top:6px;margin-bottom:0px; text-indent:8%" ALIGN="justify"><FONT STYLE="font-family:Times New Roman" SIZE="2">WHEREAS, Section&nbsp;9.1 of the Plan
permits the Board of Directors of the Company to amend the Plan; and </FONT></P> <P STYLE="margin-top:10px;margin-bottom:0px; text-indent:8%" ALIGN="justify"><FONT STYLE="font-family:Times New Roman" SIZE="2">WHEREAS, the Board of Directors of the
Company now desires to amend the Plan to reflect the change in the name of the Company; </FONT></P> <P STYLE="margin-top:10px;margin-bottom:0px; text-indent:8%" ALIGN="justify"><FONT STYLE="font-family:Times New Roman" SIZE="2">NOW, THEREFORE, the
Plan is hereby amended as follows: </FONT></P> <P STYLE="font-size:10px;margin-top:0px;margin-bottom:0px">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR>
<TD WIDTH="4%" VALIGN="top" ALIGN="left"><FONT STYLE="font-family:Times New Roman" SIZE="2">1.</FONT></TD>
<TD ALIGN="left" VALIGN="top"> <P ALIGN="justify"><FONT STYLE="font-family:Times New Roman" SIZE="2">The Plan is hereby renamed the &#147;Cedar Realty Trust, Inc. Senior Executive Deferred Compensation Plan.&#148; </FONT></P></TD></TR></TABLE>
<P STYLE="font-size:10px;margin-top:0px;margin-bottom:0px">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR>
<TD WIDTH="4%" VALIGN="top" ALIGN="left"><FONT STYLE="font-family:Times New Roman" SIZE="2">2.</FONT></TD>
<TD ALIGN="left" VALIGN="top"> <P ALIGN="justify"><FONT STYLE="font-family:Times New Roman" SIZE="2">Section&nbsp;2.6 of the Plan is hereby amended to read in its entirety as follows: </FONT></P></TD></TR></TABLE>
<P STYLE="margin-top:10px;margin-bottom:0px; margin-left:4%" ALIGN="justify"><FONT STYLE="font-family:Times New Roman" SIZE="2">&#147;2.6 <U>Company</U>. &#145;Company&#146; shall mean (i)&nbsp;for periods prior to November&nbsp;9, 2011, Cedar
Shopping Centers, Inc. and (ii)&nbsp;for periods on and after November&nbsp;9, 2011, Cedar Realty Trust, Inc. and any successor thereto which adopts this Plan.&#148; </FONT></P> <P STYLE="font-size:10px;margin-top:0px;margin-bottom:0px">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR>
<TD WIDTH="4%" VALIGN="top" ALIGN="left"><FONT STYLE="font-family:Times New Roman" SIZE="2">3.</FONT></TD>
<TD ALIGN="left" VALIGN="top"> <P ALIGN="justify"><FONT STYLE="font-family:Times New Roman" SIZE="2">This Amendment shall be effective as of November&nbsp;9, 2011. </FONT></P></TD></TR></TABLE>
<P STYLE="font-size:10px;margin-top:0px;margin-bottom:0px">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR>
<TD WIDTH="4%" VALIGN="top" ALIGN="left"><FONT STYLE="font-family:Times New Roman" SIZE="2">4.</FONT></TD>
<TD ALIGN="left" VALIGN="top"> <P ALIGN="justify"><FONT STYLE="font-family:Times New Roman" SIZE="2">Except to the extent hereinabove set forth, the Plan shall remain in full force and effect. </FONT></P></TD></TR></TABLE>

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 <P STYLE="margin-top:0px;margin-bottom:0px; text-indent:8%" ALIGN="justify"><FONT STYLE="font-family:Times New Roman" SIZE="2">IN WITNESS WHEREOF, the Board of Directors of the Company has caused this
Amendment to be executed by a duly authorized officer of the Company as of the 14th day of December, 2011. </FONT></P> <P STYLE="font-size:10px;margin-top:0px;margin-bottom:0px">&nbsp;</P><DIV ALIGN="right">
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<TD WIDTH="12%"></TD>
<TD VALIGN="bottom" WIDTH="1%"></TD>
<TD WIDTH="87%"></TD></TR>


<TR>
<TD VALIGN="top" COLSPAN="3"> <P STYLE="margin-top:0px;margin-bottom:0px" ALIGN="justify"><FONT STYLE="font-family:Times New Roman" SIZE="2">CEDAR REALTY TRUST, INC.</FONT></P> <P STYLE="margin-top:0px;margin-bottom:1px" ALIGN="justify"><FONT
STYLE="font-family:Times New Roman" SIZE="2">(formerly&nbsp;known&nbsp;as&nbsp;CEDAR&nbsp;SHOPPING&nbsp;CENTERS,&nbsp;INC.)</FONT></P></TD></TR>
<TR>
<TD HEIGHT="16"></TD>
<TD HEIGHT="16" COLSPAN="2"></TD></TR>
<TR>
<TD VALIGN="top"><FONT STYLE="font-family:Times New Roman" SIZE="2">By:</FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #000000"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="top" STYLE="BORDER-BOTTOM:1px solid #000000"> <P ALIGN="justify"><FONT STYLE="font-family:Times New Roman" SIZE="2">/s/ Brenda J. Walker</FONT></P></TD></TR>
<TR>
<TD VALIGN="top"></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"> <P STYLE="margin-top:0px;margin-bottom:0px; margin-left:1.00em; text-indent:-1.00em"><FONT STYLE="font-family:Times New Roman" SIZE="2">Name: Brenda J. Walker</FONT></P>
<P STYLE="margin-top:0px;margin-bottom:1px; margin-left:1.00em; text-indent:-1.00em"><FONT STYLE="font-family:Times New Roman" SIZE="2">Title: Vice President</FONT></P></TD></TR>
</TABLE></DIV>
 <p STYLE="margin-top:0px;margin-bottom:0px"><FONT SIZE="1">&nbsp;</FONT></P> <P STYLE="margin-top:0px;margin-bottom:0px" ALIGN="center"><FONT STYLE="font-family:Times New Roman" SIZE="2">2 </FONT></P>

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<TYPE>EX-10.2.F
<SEQUENCE>5
<FILENAME>d305538dex102f.htm
<DESCRIPTION>EX-10.2.F
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 <P STYLE="margin-top:0px;margin-bottom:0px" ALIGN="right"><FONT STYLE="font-family:Times New Roman" SIZE="2"><B>Exhibit 10.2 f </B></FONT></P> <P STYLE="margin-top:10px;margin-bottom:0px" ALIGN="center"><FONT
STYLE="font-family:Times New Roman" SIZE="2"><B>AMENDMENT NO. 5 </B></FONT></P> <P STYLE="margin-top:0px;margin-bottom:0px" ALIGN="center"><FONT STYLE="font-family:Times New Roman" SIZE="2"><B>TO THE </B></FONT></P>
<P STYLE="margin-top:0px;margin-bottom:0px" ALIGN="center"><FONT STYLE="font-family:Times New Roman" SIZE="2"><B>2005 CEDAR SHOPPING CENTERS, INC. </B></FONT></P> <P STYLE="margin-top:0px;margin-bottom:0px" ALIGN="center"><FONT
STYLE="font-family:Times New Roman" SIZE="2"><B>DEFERRED </B></FONT></P> <P STYLE="margin-top:0px;margin-bottom:0px" ALIGN="center"><FONT STYLE="font-family:Times New Roman" SIZE="2"><B>COMPENSATION PLAN </B></FONT></P>
<P STYLE="margin-top:10px;margin-bottom:0px; text-indent:8%" ALIGN="justify"><FONT STYLE="font-family:Times New Roman" SIZE="2">WHEREAS, Cedar Shopping Centers, Inc. (the &#147;Company&#148;) adopted the 2005 Cedar Shopping Centers, Inc. Deferred
Compensation Plan (the &#147;Plan&#148;); and </FONT></P> <P STYLE="margin-top:10px;margin-bottom:0px; text-indent:8%" ALIGN="justify"><FONT STYLE="font-family:Times New Roman" SIZE="2">WHEREAS, effective November&nbsp;9, 2011, the Company formally
changed its name to Cedar Realty Trust, Inc.; and </FONT></P> <P STYLE="margin-top:10px;margin-bottom:0px; text-indent:8%" ALIGN="justify"><FONT STYLE="font-family:Times New Roman" SIZE="2">WHEREAS, the Company entered into an employment agreement
with Bruce J. Schanzer, dated as of May&nbsp;31, 2011 (the &#147;Schanzer Employment Agreement&#148;), which provides for certain share awards with vesting provisions significantly different from the Company&#146;s customary Share Deferral Awards;
and </FONT></P> <P STYLE="margin-top:10px;margin-bottom:0px; text-indent:8%" ALIGN="justify"><FONT STYLE="font-family:Times New Roman" SIZE="2">WHEREAS, Section&nbsp;8.1 of the Plan generally permits the Board of Directors of the Company to amend
the Plan; and </FONT></P> <P STYLE="margin-top:10px;margin-bottom:0px; text-indent:8%" ALIGN="justify"><FONT STYLE="font-family:Times New Roman" SIZE="2">WHEREAS, the Board of Directors of the Company now desires to amend the Plan (i)&nbsp;to
reflect the change of the name of the Company, (ii)&nbsp;to better coordinate the deferral period with the terms of the share awards provided for in the Schanzer Employment Agreement and (iii)&nbsp;to amend the Plan in certain other respects;
</FONT></P> <P STYLE="margin-top:10px;margin-bottom:0px; text-indent:8%" ALIGN="justify"><FONT STYLE="font-family:Times New Roman" SIZE="2">NOW, THEREFORE, the Plan is hereby amended as follows: </FONT></P>
<P STYLE="font-size:10px;margin-top:0px;margin-bottom:0px">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR>
<TD WIDTH="4%" VALIGN="top" ALIGN="left"><FONT STYLE="font-family:Times New Roman" SIZE="2">1.</FONT></TD>
<TD ALIGN="left" VALIGN="top"> <P ALIGN="justify"><FONT STYLE="font-family:Times New Roman" SIZE="2">The Plan is hereby renamed the &#147;2005 Cedar Realty Trust, Inc. Deferred Compensation Plan.&#148; </FONT></P></TD></TR></TABLE>
<P STYLE="font-size:10px;margin-top:0px;margin-bottom:0px">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR>
<TD WIDTH="4%" VALIGN="top" ALIGN="left"><FONT STYLE="font-family:Times New Roman" SIZE="2">2.</FONT></TD>
<TD ALIGN="left" VALIGN="top"> <P ALIGN="justify"><FONT STYLE="font-family:Times New Roman" SIZE="2">The Preamble of the Plan is hereby amended to read in its entirety as follows: </FONT></P></TD></TR></TABLE>

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 <P STYLE="margin-top:0px;margin-bottom:0px; margin-left:4%" ALIGN="justify"><FONT STYLE="font-family:Times New Roman" SIZE="2">&#147;The purpose of this Plan (as herein below defined) is to enable select
employees and directors of the Company (as hereinbelow defined) to defer compensation in accordance with the terms and conditions set forth herein. The Plan shall be effective as of the Effective Date.&#148; </FONT></P>
<P STYLE="font-size:10px;margin-top:0px;margin-bottom:0px">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR>
<TD WIDTH="4%" VALIGN="top" ALIGN="left"><FONT STYLE="font-family:Times New Roman" SIZE="2">3.</FONT></TD>
<TD ALIGN="left" VALIGN="top"> <P ALIGN="justify"><FONT STYLE="font-family:Times New Roman" SIZE="2">Section&nbsp;1.1(l) of the Plan is hereby amended to read in its entirety as follows: </FONT></P></TD></TR></TABLE>
<P STYLE="margin-top:10px;margin-bottom:0px; margin-left:4%" ALIGN="justify"><FONT STYLE="font-family:Times New Roman" SIZE="2">&#147;(l) &#145;<U>Company</U>&#146; shall mean (i)&nbsp;for periods prior to November&nbsp;9, 2011, Cedar Shopping
Centers, Inc. and (ii)&nbsp;for periods on and after November&nbsp;9, 2011, Cedar Realty Trust, Inc. and any successor thereto which adopts this Plan.&#148; </FONT></P> <P STYLE="font-size:10px;margin-top:0px;margin-bottom:0px">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR>
<TD WIDTH="4%" VALIGN="top" ALIGN="left"><FONT STYLE="font-family:Times New Roman" SIZE="2">4.</FONT></TD>
<TD ALIGN="left" VALIGN="top"> <P ALIGN="justify"><FONT STYLE="font-family:Times New Roman" SIZE="2">Section&nbsp;1.1(dd) of the Plan is hereby amended to read in its entirety as follows: </FONT></P></TD></TR></TABLE>
<P STYLE="margin-top:10px;margin-bottom:0px; margin-left:4%" ALIGN="justify"><FONT STYLE="font-family:Times New Roman" SIZE="2">&#147;(dd) &#145;<U>Original Share Distribution Date</U>&#146; with respect to any Share Deferral Account means the first
business day of the January next following the third anniversary of the date on which units of Shares were first credited to the Participant&#146;s Share Deferral Account, or such earlier date as set forth on Schedule A hereto. Notwithstanding the
foregoing, in the event that Bruce J. Schanzer elects to defer some or all of the Shares granted under his Employment Agreement with the Company, dated as of May&nbsp;31, 2011, the Original Share Distribution Date with respect to his Share Deferral
Account relating to those Shares means the first business day of the January next following the later of 2018 or the third anniversary of the date on which the units of Shares were first credited to his Share Deferral Account.&#148; </FONT></P>
<P STYLE="font-size:10px;margin-top:0px;margin-bottom:0px">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR>
<TD WIDTH="4%" VALIGN="top" ALIGN="left"><FONT STYLE="font-family:Times New Roman" SIZE="2">5.</FONT></TD>
<TD ALIGN="left" VALIGN="top"> <P ALIGN="justify"><FONT STYLE="font-family:Times New Roman" SIZE="2">Section&nbsp;1.1(ff) of the Plan is hereby amended to read in its entirety as follows: </FONT></P></TD></TR></TABLE>
<P STYLE="margin-top:10px;margin-bottom:0px; margin-left:4%" ALIGN="justify"><FONT STYLE="font-family:Times New Roman" SIZE="2">&#147;(ff) &#145;<U>Plan</U>&#146; shall mean (i)&nbsp;for periods prior to November&nbsp;9, 2011, the 2005 Cedar
Shopping Centers, Inc. Deferred Compensation Plan and (ii)&nbsp;for periods on and after November&nbsp;9, 2011, the 2005 Cedar Realty Trust, Inc. Deferred Compensation Plan, as set forth herein.&#148; </FONT></P>
<P STYLE="font-size:10px;margin-top:0px;margin-bottom:0px">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR>
<TD WIDTH="4%" VALIGN="top" ALIGN="left"><FONT STYLE="font-family:Times New Roman" SIZE="2">6.</FONT></TD>
<TD ALIGN="left" VALIGN="top"> <P ALIGN="justify"><FONT STYLE="font-family:Times New Roman" SIZE="2">Section&nbsp;1.1(qq) of the Plan is hereby amended to read in its entirety as follows: </FONT></P></TD></TR></TABLE>
<P STYLE="margin-top:10px;margin-bottom:0px; margin-left:4%" ALIGN="justify"><FONT STYLE="font-family:Times New Roman" SIZE="2">&#147;(qq) &#145;<U>Trust</U>&#146; shall mean the 2005 Cedar Realty Trust, Inc. Deferred Compensation Plan Trust (known
prior to November&nbsp;9, 2011 as the 2005 Cedar Shopping Centers, Inc. Deferred Compensation Trust) created by the Company pursuant to Section&nbsp;3.5 hereof, to assist the Company in meeting its obligations under this Plan, substantially in the
Form of Exhibit A attached hereto, as amended from time to time.&#148; </FONT></P> <P STYLE="font-size:10px;margin-top:0px;margin-bottom:0px">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR>
<TD WIDTH="4%" VALIGN="top" ALIGN="left"><FONT STYLE="font-family:Times New Roman" SIZE="2">7.</FONT></TD>
<TD ALIGN="left" VALIGN="top"> <P ALIGN="justify"><FONT STYLE="font-family:Times New Roman" SIZE="2">Section&nbsp;4.1(a) of the Plan is hereby amended to add a clause (v)&nbsp;to the end thereof, to read in its entirety as follows
</FONT></P></TD></TR></TABLE> <P STYLE="margin-top:10px;margin-bottom:0px; margin-left:4%" ALIGN="justify"><FONT STYLE="font-family:Times New Roman" SIZE="2">&#147;(v) Notwithstanding anything in the Plan to the contrary, for each Plan Year, Bruce
J. Schanzer may elect to defer some or all of the Shares granted under his Employment Agreement with the Company, dated as of May&nbsp;31, 2011, with respect to such Plan Year. Any such election shall be treated as a Share Deferral
</FONT></P>
 <p STYLE="margin-top:0px;margin-bottom:0px"><FONT SIZE="1">&nbsp;</FONT></P> <P STYLE="margin-top:0px;margin-bottom:0px" ALIGN="center"><FONT STYLE="font-family:Times New Roman" SIZE="2">2 </FONT></P>


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 <P STYLE="margin-top:0px;margin-bottom:0px; margin-left:4%" ALIGN="justify"><FONT STYLE="font-family:Times New Roman" SIZE="2">
under Section&nbsp;4.1(a)(i) and shall be subject to the same terms and conditions as a Share Deferral under Section&nbsp;4.1(a)(i) except to the extent otherwise provided herein. Any such
election shall specify whether it applies to (A)&nbsp;the 250,000 Shares to be granted as of the first business day of any Plan Year in satisfaction of clause (B)&nbsp;of the penultimate sentence of Section&nbsp;3.1(c) of the Employment Agreement or
(B)&nbsp;any other Shares granted to Bruce J. Schanzer in such Plan Year, or both.&#148; </FONT></P> <P STYLE="font-size:10px;margin-top:0px;margin-bottom:0px">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR>
<TD WIDTH="4%" VALIGN="top" ALIGN="left"><FONT STYLE="font-family:Times New Roman" SIZE="2">8.</FONT></TD>
<TD ALIGN="left" VALIGN="top"> <P ALIGN="justify"><FONT STYLE="font-family:Times New Roman" SIZE="2">This Amendment shall be effective as follows: </FONT></P></TD></TR></TABLE>
<P STYLE="margin-top:10px;margin-bottom:0px; margin-left:4%" ALIGN="justify"><FONT STYLE="font-family:Times New Roman" SIZE="2">a. Paragraphs 1, 2, 3, 5 and 6 of this Amendment shall be effective as of November&nbsp;9, 2011; </FONT></P>
<P STYLE="margin-top:10px;margin-bottom:0px; margin-left:4%" ALIGN="justify"><FONT STYLE="font-family:Times New Roman" SIZE="2">b. Paragraphs 4 and 7 of this Amendment shall be effective as of December&nbsp;14, 2011. </FONT></P>
<P STYLE="font-size:10px;margin-top:0px;margin-bottom:0px">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR>
<TD WIDTH="4%" VALIGN="top" ALIGN="left"><FONT STYLE="font-family:Times New Roman" SIZE="2">9.</FONT></TD>
<TD ALIGN="left" VALIGN="top"> <P ALIGN="justify"><FONT STYLE="font-family:Times New Roman" SIZE="2">Except to the extent hereinabove set forth, the Plan shall remain in full force and effect. </FONT></P></TD></TR></TABLE>
<P STYLE="margin-top:10px;margin-bottom:0px; text-indent:8%" ALIGN="justify"><FONT STYLE="font-family:Times New Roman" SIZE="2">IN WITNESS WHEREOF, the Board of Directors of the Company has caused this Amendment to be executed by a duly authorized
officer of the Company as of the 14th day of December, 2011. </FONT></P> <P STYLE="font-size:10px;margin-top:0px;margin-bottom:0px">&nbsp;</P>
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<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="top"></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="top" COLSPAN="3"> <P STYLE="margin-top:0px;margin-bottom:0px"><FONT STYLE="font-family:Times New Roman" SIZE="2">CEDAR REALTY TRUST, INC.</FONT></P> <P STYLE="margin-top:0px;margin-bottom:1px; margin-left:1.00em; text-indent:-1.00em"><FONT
STYLE="font-family:Times New Roman" SIZE="2">(formerly known as CEDAR SHOPPING CENTERS, INC.)</FONT></P></TD></TR>
<TR>
<TD HEIGHT="16"></TD>
<TD HEIGHT="16" COLSPAN="2"></TD>
<TD HEIGHT="16" COLSPAN="2"></TD>
<TD HEIGHT="16" COLSPAN="2"></TD></TR>
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<TD VALIGN="top"></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="top"><FONT STYLE="font-family:Times New Roman" SIZE="2">By:</FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #000000"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="top" STYLE="BORDER-BOTTOM:1px solid #000000"><FONT STYLE="font-family:Times New Roman" SIZE="2">/s/ Brenda J. Walker</FONT></TD></TR>
<TR>
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<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="top"></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
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<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="top"><FONT STYLE="font-family:Times New Roman" SIZE="2">Name: Brenda J. Walker</FONT></TD></TR>
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<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="top"></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="2">Title: Vice President</FONT></TD></TR>
</TABLE>
 <p STYLE="margin-top:0px;margin-bottom:0px"><FONT SIZE="1">&nbsp;</FONT></P> <P STYLE="margin-top:0px;margin-bottom:0px" ALIGN="center"><FONT STYLE="font-family:Times New Roman" SIZE="2">3 </FONT></P>

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<TYPE>EX-10.3.G
<SEQUENCE>6
<FILENAME>d305538dex103g.htm
<DESCRIPTION>EX-10.3.G
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 <P STYLE="margin-top:0px;margin-bottom:0px" ALIGN="right"><FONT STYLE="font-family:Times New Roman" SIZE="2"><B><U>Exhibit 10.3.g </U></B></FONT></P>
<P STYLE="margin-top:10px;margin-bottom:0px" ALIGN="center"><FONT STYLE="font-family:Times New Roman" SIZE="2"><U>Termination of Consulting Agreement </U></FONT></P> <P STYLE="margin-top:10px;margin-bottom:0px; text-indent:4%"><FONT
STYLE="font-family:Times New Roman" SIZE="2">This Termination of Consulting Agreement (this &#147;Agreement&#148;) is entered into this 24th day of August, 2011, by and between Cedar Shopping Centers, Inc., a Maryland corporation (the
&#147;Company&#148;) and Frank C. Ullman, an individual (the &#147;Consultant&#148;). </FONT></P> <P STYLE="margin-top:10px;margin-bottom:0px" ALIGN="center"><FONT STYLE="font-family:Times New Roman" SIZE="2"><U>W I T N E S S E T H</U>: </FONT></P>
<P STYLE="margin-top:10px;margin-bottom:0px; text-indent:4%"><FONT STYLE="font-family:Times New Roman" SIZE="2">WHEREAS, the Company and the Consultant entered into a Consulting Agreement dated January&nbsp;13, 2011; and </FONT></P>
<P STYLE="margin-top:10px;margin-bottom:0px; text-indent:4%"><FONT STYLE="font-family:Times New Roman" SIZE="2">WHEREAS, the Company and the Consultant mutually desire to terminate the Consulting Agreement effective October&nbsp;31, 2011 in
accordance with the terms hereinafter set forth; </FONT></P> <P STYLE="margin-top:10px;margin-bottom:0px; text-indent:4%"><FONT STYLE="font-family:Times New Roman" SIZE="2">NOW, THEREFORE, in consideration of the premises and the mutual covenants
and agreements herein contained, the receipt and sufficiency of which are hereby acknowledged, and intending to be legally bound hereby, the parties agree as follows: </FONT></P> <P STYLE="font-size:10px;margin-top:0px;margin-bottom:0px">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
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<TD WIDTH="4%" VALIGN="top" ALIGN="left"><FONT STYLE="font-family:Times New Roman" SIZE="2">1.</FONT></TD>
<TD ALIGN="left" VALIGN="top"><FONT STYLE="font-family:Times New Roman" SIZE="2">The Consulting Agreement shall terminate and be of no further effect as of October&nbsp;31, 2011. </FONT></TD></TR></TABLE>
<P STYLE="font-size:10px;margin-top:0px;margin-bottom:0px">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
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<TD WIDTH="4%" VALIGN="top" ALIGN="left"><FONT STYLE="font-family:Times New Roman" SIZE="2">2.</FONT></TD>
<TD ALIGN="left" VALIGN="top"><FONT STYLE="font-family:Times New Roman" SIZE="2">The Consultant acknowledges that he has been paid in full for all services rendered through July&nbsp;31, 2011. The Consultant further acknowledges and agrees that,
notwithstanding any provision in the Consulting Agreement to the contrary, other than payment for the month of August 2011 in the net amount of $6,087.02 ($6,250 less deduction for Medicare in the amount of $162.98), which shall be paid in the
ordinary course in accordance with prior practice (and payment in the same amount and same manner for each of the months of September and October 2011, provided the Consultant provides the services described in Section&nbsp;3 below during such
months), he shall not be entitled to any additional or other payments applicable to any period subsequent thereto or in connection with the termination of the Consulting Agreement or for any other reason. </FONT></TD></TR></TABLE>
<P STYLE="font-size:10px;margin-top:0px;margin-bottom:0px">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
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<TD WIDTH="4%" VALIGN="top" ALIGN="left"><FONT STYLE="font-family:Times New Roman" SIZE="2">3.</FONT></TD>
<TD ALIGN="left" VALIGN="top"><FONT STYLE="font-family:Times New Roman" SIZE="2">In addition to the services specifically listed in Section&nbsp;3 of the Consulting Agreement, which the Consultant agrees to perform and with respect to which the
Consultant agrees to make himself available through October&nbsp;31, 2011, the Consultant agrees to perform such additional services as are requested by the Chief Executive Officer, the Chief Operating Officer or the Vice President of Acquisitions,
including without limitation training and orientation of new employees and preparation of such corporate-level reports and presentations as are requested by any of such officers. </FONT></TD></TR></TABLE>

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<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
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<TD WIDTH="4%" VALIGN="top" ALIGN="left"><FONT STYLE="font-family:Times New Roman" SIZE="2">4.</FONT></TD>
<TD ALIGN="left" VALIGN="top"><FONT STYLE="font-family:Times New Roman" SIZE="2">After October&nbsp;31, 2011, the Consultant shall no longer be entitled to the use of any Company property, including without limitation, work space at the
Company&#146;s Port Washington offices, computer, cell phone or blackberry. The Consultant may transfer to his personal phone or PDA the phone number associated with such cell phone or blackberry, which equipment, along with all keys and other
access devices, shall be returned to the Company no later than October&nbsp;31, 2011. The Consultant may use, on a reasonable basis, the Company&#146;s fax machine and photocopier, provided that the Consultant will limit such use to such equipment
with the lowest demand and Company personnel shall at all times have priority of the use of such equipment. </FONT></TD></TR></TABLE> <P STYLE="font-size:10px;margin-top:0px;margin-bottom:0px">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
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<TD WIDTH="4%" VALIGN="top" ALIGN="left"><FONT STYLE="font-family:Times New Roman" SIZE="2">5.</FONT></TD>
<TD ALIGN="left" VALIGN="top"><FONT STYLE="font-family:Times New Roman" SIZE="2">Each of the Consultant and the Company agrees not to make any statements which are false, defamatory or derogatory in any respect, either orally or in writing, about
the other, the Company, the business of the Company or the Company&#146;s officers, directors or employees. </FONT></TD></TR></TABLE> <P STYLE="font-size:10px;margin-top:0px;margin-bottom:0px">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
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<TD WIDTH="4%" VALIGN="top" ALIGN="left"><FONT STYLE="font-family:Times New Roman" SIZE="2">6.</FONT></TD>
<TD ALIGN="left" VALIGN="top"><FONT STYLE="font-family:Times New Roman" SIZE="2">This Agreement contains the entire understanding of the parties as to the subject matter hereof and except as otherwise provided herein fully supersedes all prior
agreements and understandings between the parties as to such subject matter. This Agreement may not be amended, supplemented, canceled or discharged except by a written instrument executed by the party as to whom enforcement is sought.
</FONT></TD></TR></TABLE> <P STYLE="font-size:10px;margin-top:0px;margin-bottom:0px">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
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<TD WIDTH="4%" VALIGN="top" ALIGN="left"><FONT STYLE="font-family:Times New Roman" SIZE="2">7.</FONT></TD>
<TD ALIGN="left" VALIGN="top"><FONT STYLE="font-family:Times New Roman" SIZE="2">This Agreement shall be governed by and construed in accordance with the laws of the State of New York, without giving effect to principles of conflict of laws.
</FONT></TD></TR></TABLE> <P STYLE="font-size:10px;margin-top:0px;margin-bottom:0px">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR>
<TD WIDTH="4%" VALIGN="top" ALIGN="left"><FONT STYLE="font-family:Times New Roman" SIZE="2">8.</FONT></TD>
<TD ALIGN="left" VALIGN="top"><FONT STYLE="font-family:Times New Roman" SIZE="2">This Agreement may be executed in one or more counterparts, each of which shall be deemed an original and all such counterparts shall constitute one and the same
instrument. </FONT></TD></TR></TABLE> <P STYLE="font-size:10px;margin-top:0px;margin-bottom:0px">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
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<TD WIDTH="4%" VALIGN="top" ALIGN="left"><FONT STYLE="font-family:Times New Roman" SIZE="2">9.</FONT></TD>
<TD ALIGN="left" VALIGN="top"><FONT STYLE="font-family:Times New Roman" SIZE="2">All notices, requests, demands and other communications provided for by this Agreement shall be in writing and mailed in the United States enclosed in a registered or
certified postage pre-paid envelope, return receipt requested, or delivered by same-day or overnight courier service, and addressed to the addresses of the respective parties stated below or to such changed addresses as such parties may fix by
notice: To the Company: Cedar Shopping Centers, Inc., 44 South Bayles Avenue, Port Washington, NY 11050, Attn: President; To the Consultant: Frank C. Ullman, 1 Toms Lane, Unit 2C, Port Washington, NY 11050. </FONT></TD></TR></TABLE>
<P STYLE="font-size:10px;margin-top:0px;margin-bottom:0px">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
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<TD WIDTH="4%" VALIGN="top" ALIGN="left"><FONT STYLE="font-family:Times New Roman" SIZE="2">10.</FONT></TD>
<TD ALIGN="left" VALIGN="top"><FONT STYLE="font-family:Times New Roman" SIZE="2">This Agreement is personal in nature and is not transferrable. </FONT></TD></TR></TABLE>

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<TD WIDTH="4%" VALIGN="top" ALIGN="left"><FONT STYLE="font-family:Times New Roman" SIZE="2">11.</FONT></TD>
<TD ALIGN="left" VALIGN="top"><FONT STYLE="font-family:Times New Roman" SIZE="2">The provisions of Sections 5.3, 5.4, 6 and 17 of the Consultant&#146;s previously-terminated Employment Agreement (including the definitions related thereto) shall
continue to remain in full force and effect. </FONT></TD></TR></TABLE> <P STYLE="margin-top:10px;margin-bottom:0px"><FONT STYLE="font-family:Times New Roman" SIZE="2">IN WITNESS WHEREOF, the parties hereto have hereunder set their hands the day and
year set forth above. </FONT></P> <P STYLE="font-size:10px;margin-top:0px;margin-bottom:0px">&nbsp;</P>
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<TD VALIGN="top" COLSPAN="3"><FONT STYLE="font-family:Times New Roman" SIZE="2">Cedar Shopping Centers, Inc.</FONT></TD></TR>
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<TD VALIGN="top"><FONT STYLE="font-family:Times New Roman" SIZE="2">By:</FONT></TD>
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<TD VALIGN="top" STYLE="BORDER-BOTTOM:1px solid #000000"><FONT STYLE="font-family:Times New Roman" SIZE="2">/s/ BRUCE J. SCHANZER</FONT></TD></TR>
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<TD VALIGN="top"><FONT STYLE="font-family:Times New Roman" SIZE="2">Bruce J. Schanzer</FONT></TD></TR>
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<TD VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="2">President</FONT></TD></TR>
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<TD HEIGHT="13" COLSPAN="4"></TD></TR>
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<TD VALIGN="top" COLSPAN="3"> <P STYLE="margin-top:0px;margin-bottom:1px;border-bottom:1px solid #000000"><FONT STYLE="font-family:Times New Roman" SIZE="2">/s/ FRANK C. ULLMAN</FONT></P></TD></TR>
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<TD VALIGN="top" COLSPAN="3"><FONT STYLE="font-family:Times New Roman" SIZE="2">Frank C. Ullman</FONT></TD></TR>
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<DOCUMENT>
<TYPE>EX-10.4
<SEQUENCE>7
<FILENAME>d305538dex104.htm
<DESCRIPTION>EX-10.4
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 <P STYLE="margin-top:0px;margin-bottom:0px" ALIGN="right"><FONT STYLE="font-family:Times New Roman" SIZE="2"><B>Exhibit 10.4 </B></FONT></P> <P STYLE="margin-top:10px;margin-bottom:0px" ALIGN="center"><FONT
STYLE="font-family:Times New Roman" SIZE="2">AMENDED, RESTATED AND CONSOLIDATED LOAN AGREEMENT </FONT></P> <P STYLE="margin-top:10px;margin-bottom:0px" ALIGN="center"><FONT STYLE="font-family:Times New Roman" SIZE="2">Dated as of January&nbsp;26,
2012 </FONT></P> <P STYLE="margin-top:10px;margin-bottom:0px" ALIGN="center"><FONT STYLE="font-family:Times New Roman" SIZE="2">Among </FONT></P> <P STYLE="margin-top:10px;margin-bottom:0px" ALIGN="center"><FONT
STYLE="font-family:Times New Roman" SIZE="2">CEDAR REALTY TRUST PARTNERSHIP, L.P. </FONT></P> <P STYLE="margin-top:0px;margin-bottom:0px" ALIGN="center"><FONT STYLE="font-family:Times New Roman" SIZE="2">as Borrower </FONT></P>
<P STYLE="margin-top:10px;margin-bottom:0px" ALIGN="center"><FONT STYLE="font-family:Times New Roman" SIZE="2">THE LENDERS FROM TIME TO TIME PARTY HERETO </FONT></P> <P STYLE="margin-top:10px;margin-bottom:0px" ALIGN="center"><FONT
STYLE="font-family:Times New Roman" SIZE="2">KEYBANK NATIONAL ASSOCIATION, </FONT></P> <P STYLE="margin-top:0px;margin-bottom:0px" ALIGN="center"><FONT STYLE="font-family:Times New Roman" SIZE="2">as Administrative Agent </FONT></P>
<P STYLE="margin-top:10px;margin-bottom:0px" ALIGN="center"><FONT STYLE="font-family:Times New Roman" SIZE="2">KEYBANC CAPITAL MARKETS, </FONT></P> <P STYLE="margin-top:10px;margin-bottom:0px" ALIGN="center"><FONT
STYLE="font-family:Times New Roman" SIZE="2">and </FONT></P> <P STYLE="margin-top:10px;margin-bottom:0px" ALIGN="center"><FONT STYLE="font-family:Times New Roman" SIZE="2">MERRILL LYNCH, PIERCE, FENNER&nbsp;&amp; SMITH INCORPORATED, </FONT></P>
<P STYLE="margin-top:0px;margin-bottom:0px" ALIGN="center"><FONT STYLE="font-family:Times New Roman" SIZE="2">as Co-Lead Arranger and Co-Lead Book Manager </FONT></P> <P STYLE="margin-top:10px;margin-bottom:0px" ALIGN="center"><FONT
STYLE="font-family:Times New Roman" SIZE="2">BANK OF AMERICA, N.A., </FONT></P> <P STYLE="margin-top:10px;margin-bottom:0px" ALIGN="center"><FONT STYLE="font-family:Times New Roman" SIZE="2">as Syndication Agent </FONT></P>
<P STYLE="margin-top:10px;margin-bottom:0px" ALIGN="center"><FONT STYLE="font-family:Times New Roman" SIZE="2">and </FONT></P>
<P STYLE="margin-top:10px;margin-bottom:0px" ALIGN="center"><FONT STYLE="font-family:Times New Roman" SIZE="2">MANUFACTURERS AND TRADERS TRUST COMPANY and REGIONS BANK, </FONT></P> <P STYLE="margin-top:10px;margin-bottom:0px" ALIGN="center"><FONT
STYLE="font-family:Times New Roman" SIZE="2">as Co-Documentation Agents </FONT></P>

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 <P STYLE="margin-top:0px;margin-bottom:0px" ALIGN="center"><FONT STYLE="font-family:Times New Roman" SIZE="3"><B><U>TABLE OF CONTENTS </U></B></FONT></P>
<P STYLE="font-size:10px;margin-top:0px;margin-bottom:0px">&nbsp;</P> <P STYLE="font-size:10px;margin-top:0px;margin-bottom:0px">&nbsp;</P>
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<TD nowrap><FONT STYLE="Times New Roman" SIZE="1"><B>September 30,</B></FONT></TD>
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<TD VALIGN="bottom" COLSPAN="2" ALIGN="right"> <P STYLE="border-bottom:1px solid #000000;width:16pt" ALIGN="right"><FONT STYLE="font-family:Times New Roman" SIZE="1"><B>Page</B></FONT></P></TD>
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<TD VALIGN="top"> <P STYLE="margin-left:1.00em; text-indent:-1.00em"><FONT STYLE="font-family:Times New Roman" SIZE="2">1. DEFINITIONS</FONT></P></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="2">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:Times New Roman" SIZE="2">2</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="2">&nbsp;&nbsp;</FONT></TD></TR>
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<TD VALIGN="top"> <P STYLE="margin-left:3.00em; text-indent:-1.00em"><FONT STYLE="font-family:Times New Roman" SIZE="2">1.1 Defined Terms</FONT></P></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="2">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:Times New Roman" SIZE="2">2</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="2">&nbsp;&nbsp;</FONT></TD></TR>
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<TD VALIGN="top"> <P STYLE="margin-left:3.00em; text-indent:-1.00em"><FONT STYLE="font-family:Times New Roman" SIZE="2">1.2 Other Interpretive Provisions</FONT></P></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="2">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:Times New Roman" SIZE="2">35</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="2">&nbsp;&nbsp;</FONT></TD></TR>
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<TD VALIGN="top"> <P STYLE="margin-left:3.00em; text-indent:-1.00em"><FONT STYLE="font-family:Times New Roman" SIZE="2">1.3 Accounting Terms</FONT></P></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="2">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:Times New Roman" SIZE="2">36</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="2">&nbsp;&nbsp;</FONT></TD></TR>
<TR BGCOLOR="#cceeff">
<TD VALIGN="top"> <P STYLE="margin-left:3.00em; text-indent:-1.00em"><FONT STYLE="font-family:Times New Roman" SIZE="2">1.4 Rounding</FONT></P></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="2">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:Times New Roman" SIZE="2">36</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="2">&nbsp;&nbsp;</FONT></TD></TR>
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<TD VALIGN="top"> <P STYLE="margin-left:3.00em; text-indent:-1.00em"><FONT STYLE="font-family:Times New Roman" SIZE="2">1.5 Times of Day</FONT></P></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="2">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:Times New Roman" SIZE="2">36</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="2">&nbsp;&nbsp;</FONT></TD></TR>
<TR BGCOLOR="#cceeff">
<TD VALIGN="top"> <P STYLE="margin-left:3.00em; text-indent:-1.00em"><FONT STYLE="font-family:Times New Roman" SIZE="2">1.6 Letter of Credit Amounts</FONT></P></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="2">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:Times New Roman" SIZE="2">36</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="2">&nbsp;&nbsp;</FONT></TD></TR>
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<TD VALIGN="top"> <P STYLE="margin-left:1.00em; text-indent:-1.00em"><FONT STYLE="font-family:Times New Roman" SIZE="2">2. LOAN PROVISIONS</FONT></P></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="2">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:Times New Roman" SIZE="2">37</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="2">&nbsp;&nbsp;</FONT></TD></TR>
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<TD VALIGN="top"> <P STYLE="margin-left:3.00em; text-indent:-1.00em"><FONT STYLE="font-family:Times New Roman" SIZE="2">2.1 General Loan Provisions</FONT></P></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="2">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:Times New Roman" SIZE="2">37</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="2">&nbsp;&nbsp;</FONT></TD></TR>
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<TD VALIGN="top"> <P STYLE="margin-left:5.00em; text-indent:-1.00em"><FONT STYLE="font-family:Times New Roman" SIZE="2">2.1.1 Loans</FONT></P></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="2">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:Times New Roman" SIZE="2">37</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="2">&nbsp;&nbsp;</FONT></TD></TR>
<TR BGCOLOR="#cceeff">
<TD VALIGN="top"> <P STYLE="margin-left:5.00em; text-indent:-1.00em"><FONT STYLE="font-family:Times New Roman" SIZE="2">2.1.2 Procedures and Limits</FONT></P></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="2">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:Times New Roman" SIZE="2">39</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="2">&nbsp;&nbsp;</FONT></TD></TR>
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<TD VALIGN="top"> <P STYLE="margin-left:5.00em; text-indent:-1.00em"><FONT STYLE="font-family:Times New Roman" SIZE="2">2.1.3 Funding Procedures</FONT></P></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="2">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:Times New Roman" SIZE="2">39</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="2">&nbsp;&nbsp;</FONT></TD></TR>
<TR BGCOLOR="#cceeff">
<TD VALIGN="top"> <P STYLE="margin-left:3.00em; text-indent:-1.00em"><FONT STYLE="font-family:Times New Roman" SIZE="2">2.2 Term of Loan</FONT></P></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="2">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:Times New Roman" SIZE="2">40</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="2">&nbsp;&nbsp;</FONT></TD></TR>
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<TD VALIGN="top"> <P STYLE="margin-left:5.00em; text-indent:-1.00em"><FONT STYLE="font-family:Times New Roman" SIZE="2">2.2.1 Revolving Facility</FONT></P></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="2">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:Times New Roman" SIZE="2">40</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="2">&nbsp;&nbsp;</FONT></TD></TR>
<TR BGCOLOR="#cceeff">
<TD VALIGN="top"> <P STYLE="margin-left:5.00em; text-indent:-1.00em"><FONT STYLE="font-family:Times New Roman" SIZE="2">2.2.2 Term Facility</FONT></P></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="2">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:Times New Roman" SIZE="2">41</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="2">&nbsp;&nbsp;</FONT></TD></TR>
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<TD VALIGN="top"> <P STYLE="margin-left:5.00em; text-indent:-1.00em"><FONT STYLE="font-family:Times New Roman" SIZE="2">2.2.3 Termination/Reduction of Revolving Commitments</FONT></P></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="2">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:Times New Roman" SIZE="2">42</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="2">&nbsp;&nbsp;</FONT></TD></TR>
<TR BGCOLOR="#cceeff">
<TD VALIGN="top"> <P STYLE="margin-left:3.00em; text-indent:-1.00em"><FONT STYLE="font-family:Times New Roman" SIZE="2">2.3 Interest Rate and Payment Terms</FONT></P></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="2">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:Times New Roman" SIZE="2">43</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="2">&nbsp;&nbsp;</FONT></TD></TR>
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<TD VALIGN="top"> <P STYLE="margin-left:5.00em; text-indent:-1.00em"><FONT STYLE="font-family:Times New Roman" SIZE="2">2.3.1 Borrower&#146;s Options</FONT></P></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="2">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:Times New Roman" SIZE="2">43</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="2">&nbsp;&nbsp;</FONT></TD></TR>
<TR BGCOLOR="#cceeff">
<TD VALIGN="top"> <P STYLE="margin-left:5.00em; text-indent:-1.00em"><FONT STYLE="font-family:Times New Roman" SIZE="2">2.3.2 Selection To Be Made</FONT></P></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="2">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:Times New Roman" SIZE="2">43</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="2">&nbsp;&nbsp;</FONT></TD></TR>
<TR>
<TD VALIGN="top"> <P STYLE="margin-left:5.00em; text-indent:-1.00em"><FONT STYLE="font-family:Times New Roman" SIZE="2">2.3.3 Notice</FONT></P></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="2">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:Times New Roman" SIZE="2">44</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="2">&nbsp;&nbsp;</FONT></TD></TR>
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<TD VALIGN="top"> <P STYLE="margin-left:5.00em; text-indent:-1.00em"><FONT STYLE="font-family:Times New Roman" SIZE="2">2.3.4 If No Notice</FONT></P></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="2">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:Times New Roman" SIZE="2">44</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="2">&nbsp;&nbsp;</FONT></TD></TR>
<TR>
<TD VALIGN="top"> <P STYLE="margin-left:5.00em; text-indent:-1.00em"><FONT STYLE="font-family:Times New Roman" SIZE="2">2.3.5 Telephonic Notice</FONT></P></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="2">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:Times New Roman" SIZE="2">44</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="2">&nbsp;&nbsp;</FONT></TD></TR>
<TR BGCOLOR="#cceeff">
<TD VALIGN="top"> <P STYLE="margin-left:5.00em; text-indent:-1.00em"><FONT STYLE="font-family:Times New Roman" SIZE="2">2.3.6 Limits On Options</FONT></P></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="2">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:Times New Roman" SIZE="2">44</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="2">&nbsp;&nbsp;</FONT></TD></TR>
<TR>
<TD VALIGN="top"> <P STYLE="margin-left:5.00em; text-indent:-1.00em"><FONT STYLE="font-family:Times New Roman" SIZE="2">2.3.7 Payment and Calculation of Interest</FONT></P></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="2">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:Times New Roman" SIZE="2">44</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="2">&nbsp;&nbsp;</FONT></TD></TR>
<TR BGCOLOR="#cceeff">
<TD VALIGN="top"> <P STYLE="margin-left:5.00em; text-indent:-1.00em"><FONT STYLE="font-family:Times New Roman" SIZE="2">2.3.8 Mandatory Principal Payments</FONT></P></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="2">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:Times New Roman" SIZE="2">45</FONT></TD>
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<TD VALIGN="top"> <P STYLE="margin-left:5.00em; text-indent:-1.00em"><FONT STYLE="font-family:Times New Roman" SIZE="2">2.3.9 Prepayment</FONT></P></TD>
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<TD VALIGN="top"> <P STYLE="margin-left:5.00em; text-indent:-1.00em"><FONT STYLE="font-family:Times New Roman" SIZE="2">2.3.10 Maturity</FONT></P></TD>
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<TD VALIGN="top"> <P STYLE="margin-left:5.00em; text-indent:-1.00em"><FONT STYLE="font-family:Times New Roman" SIZE="2">2.3.11 Method of Payment; Date of Credit; Administrative Agent&#146;s Clawback</FONT></P></TD>
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<TD VALIGN="top"> <P STYLE="margin-left:5.00em; text-indent:-1.00em"><FONT STYLE="font-family:Times New Roman" SIZE="2">2.3.12 Billings</FONT></P></TD>
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<TD VALIGN="top"> <P STYLE="margin-left:5.00em; text-indent:-1.00em"><FONT STYLE="font-family:Times New Roman" SIZE="2">2.3.13 Default Rate</FONT></P></TD>
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<TD VALIGN="top"> <P STYLE="margin-left:5.00em; text-indent:-1.00em"><FONT STYLE="font-family:Times New Roman" SIZE="2">2.3.14 Late Charges</FONT></P></TD>
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<TD VALIGN="top"> <P STYLE="margin-left:5.00em; text-indent:-1.00em"><FONT STYLE="font-family:Times New Roman" SIZE="2">2.3.15 Breakage Fee</FONT></P></TD>
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<TD VALIGN="top"> <P STYLE="margin-left:5.00em; text-indent:-1.00em"><FONT STYLE="font-family:Times New Roman" SIZE="2">2.3.16 Borrower Information</FONT></P></TD>
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<TD VALIGN="top"> <P STYLE="margin-left:3.00em; text-indent:-1.00em"><FONT STYLE="font-family:Times New Roman" SIZE="2">2.4 Loan Fees</FONT></P></TD>
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<TD VALIGN="top"> <P STYLE="margin-left:5.00em; text-indent:-1.00em"><FONT STYLE="font-family:Times New Roman" SIZE="2">2.4.1 Loan Fees</FONT></P></TD>
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<TD VALIGN="top"> <P STYLE="margin-left:5.00em; text-indent:-1.00em"><FONT STYLE="font-family:Times New Roman" SIZE="2">2.4.2 Unused Fee</FONT></P></TD>
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<TD VALIGN="top"> <P STYLE="margin-left:5.00em; text-indent:-1.00em"><FONT STYLE="font-family:Times New Roman" SIZE="2">2.4.3 Payment of Fees Generally</FONT></P></TD>
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<TD VALIGN="top"> <P STYLE="margin-left:1.00em; text-indent:-1.00em"><FONT STYLE="font-family:Times New Roman" SIZE="2">2.5 [Reserved]</FONT></P></TD>
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<TD VALIGN="top"> <P STYLE="margin-left:1.00em; text-indent:-1.00em"><FONT STYLE="font-family:Times New Roman" SIZE="2">2.6 Additional Provisions Related to Interest Rate Selection</FONT></P></TD>
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<TD VALIGN="top"> <P STYLE="margin-left:5.00em; text-indent:-1.00em"><FONT STYLE="font-family:Times New Roman" SIZE="2">2.6.1 Increased Costs. If any Change in Law shall:</FONT></P></TD>
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 <p STYLE="margin-top:0px;margin-bottom:0px"><FONT SIZE="1">&nbsp;</FONT></P> <P STYLE="margin-top:0px;margin-bottom:0px" ALIGN="center"><FONT STYLE="font-family:Times New Roman" SIZE="2">i </FONT></P>


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<TD nowrap><FONT STYLE="Times New Roman" SIZE="1"><B>September 30,</B></FONT></TD>
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<TD VALIGN="top"> <P STYLE="margin-left:5.00em; text-indent:-1.00em"><FONT STYLE="font-family:Times New Roman" SIZE="2">2.6.2 Capital Requirements</FONT></P></TD>
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<TD VALIGN="top"> <P STYLE="margin-left:5.00em; text-indent:-1.00em"><FONT STYLE="font-family:Times New Roman" SIZE="2">2.6.3 Illegality</FONT></P></TD>
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<TD VALIGN="top"> <P STYLE="margin-left:5.00em; text-indent:-1.00em"><FONT STYLE="font-family:Times New Roman" SIZE="2">2.6.4 Availability</FONT></P></TD>
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<TD VALIGN="top"> <P STYLE="margin-left:5.00em; text-indent:-1.00em"><FONT STYLE="font-family:Times New Roman" SIZE="2">2.6.5 Base Rate Advances</FONT></P></TD>
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<TD VALIGN="top"> <P STYLE="margin-left:5.00em; text-indent:-1.00em"><FONT STYLE="font-family:Times New Roman" SIZE="2">2.6.6 Delay in Requests</FONT></P></TD>
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<TD VALIGN="top"> <P STYLE="margin-left:5.00em; text-indent:-1.00em"><FONT STYLE="font-family:Times New Roman" SIZE="2">2.6.7 Mitigation</FONT></P></TD>
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<TD VALIGN="top"> <P STYLE="margin-left:5.00em; text-indent:-1.00em"><FONT STYLE="font-family:Times New Roman" SIZE="2">2.6.8 Survival</FONT></P></TD>
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<TD VALIGN="top"> <P STYLE="margin-left:5.00em; text-indent:-1.00em"><FONT STYLE="font-family:Times New Roman" SIZE="2">2.6.9 Taxes</FONT></P></TD>
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<TD VALIGN="top"> <P STYLE="margin-left:3.00em; text-indent:-1.00em"><FONT STYLE="font-family:Times New Roman" SIZE="2">2.7 Letters of Credit</FONT></P></TD>
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<TD VALIGN="top"> <P STYLE="margin-left:5.00em; text-indent:-1.00em"><FONT STYLE="font-family:Times New Roman" SIZE="2">2.7.1 The Letter of Credit Commitment</FONT></P></TD>
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<TD VALIGN="top"> <P STYLE="margin-left:5.00em; text-indent:-1.00em"><FONT STYLE="font-family:Times New Roman" SIZE="2">2.7.2 Procedures for Issuance and Amendment of Letters of Credit; Auto-Extension Letters of Credit</FONT></P></TD>
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<TD VALIGN="top"> <P STYLE="margin-left:5.00em; text-indent:-1.00em"><FONT STYLE="font-family:Times New Roman" SIZE="2">2.7.3 Drawings and Reimbursements; Funding of Participations</FONT></P></TD>
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<TD VALIGN="top"> <P STYLE="margin-left:5.00em; text-indent:-1.00em"><FONT STYLE="font-family:Times New Roman" SIZE="2">2.7.4 Repayment of Participations</FONT></P></TD>
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<TD VALIGN="top"> <P STYLE="margin-left:5.00em; text-indent:-1.00em"><FONT STYLE="font-family:Times New Roman" SIZE="2">2.7.5 Obligations Absolute</FONT></P></TD>
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<TD VALIGN="top"> <P STYLE="margin-left:5.00em; text-indent:-1.00em"><FONT STYLE="font-family:Times New Roman" SIZE="2">2.7.6 Role of L/C Issuer</FONT></P></TD>
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<TD VALIGN="top"> <P STYLE="margin-left:5.00em; text-indent:-1.00em"><FONT STYLE="font-family:Times New Roman" SIZE="2">2.7.7 Cash Collateral</FONT></P></TD>
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<TD VALIGN="top"> <P STYLE="margin-left:5.00em; text-indent:-1.00em"><FONT STYLE="font-family:Times New Roman" SIZE="2">2.7.8 Applicability of ISP</FONT></P></TD>
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<TD VALIGN="top"> <P STYLE="margin-left:5.00em; text-indent:-1.00em"><FONT STYLE="font-family:Times New Roman" SIZE="2">2.7.9 Letter of Credit Fees</FONT></P></TD>
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<TD VALIGN="top"> <P STYLE="margin-left:5.00em; text-indent:-1.00em"><FONT STYLE="font-family:Times New Roman" SIZE="2">2.7.10 Fronting Fee and Documentary and Processing Charges Payable to L/C Issuer</FONT></P></TD>
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<TD VALIGN="top"> <P STYLE="margin-left:5.00em; text-indent:-1.00em"><FONT STYLE="font-family:Times New Roman" SIZE="2">2.7.11 Conflict with Issuer Documents</FONT></P></TD>
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<TD VALIGN="top"> <P STYLE="margin-left:5.00em; text-indent:-1.00em"><FONT STYLE="font-family:Times New Roman" SIZE="2">2.7.12 Letters of Credit Issued for Borrower Subsidiaries</FONT></P></TD>
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<TD VALIGN="top"> <P STYLE="margin-left:5.00em; text-indent:-1.00em"><FONT STYLE="font-family:Times New Roman" SIZE="2">2.7.13 Amount</FONT></P></TD>
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<TD VALIGN="top"> <P STYLE="margin-left:3.00em; text-indent:-1.00em"><FONT STYLE="font-family:Times New Roman" SIZE="2">2.8 Taxes</FONT></P></TD>
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<TD VALIGN="top"> <P STYLE="margin-left:5.00em; text-indent:-1.00em"><FONT STYLE="font-family:Times New Roman" SIZE="2">2.8.1 Payments Free of Taxes; Obligation to Withhold; Payments on Account of Taxes</FONT></P></TD>
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<TD VALIGN="top"> <P STYLE="margin-left:5.00em; text-indent:-1.00em"><FONT STYLE="font-family:Times New Roman" SIZE="2">2.8.2 Payment of Other Taxes by the Borrower</FONT></P></TD>
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<TD VALIGN="top"> <P STYLE="margin-left:5.00em; text-indent:-1.00em"><FONT STYLE="font-family:Times New Roman" SIZE="2">2.8.3 Tax Indemnifications</FONT></P></TD>
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<TD VALIGN="top"> <P STYLE="margin-left:5.00em; text-indent:-1.00em"><FONT STYLE="font-family:Times New Roman" SIZE="2">2.8.4 Evidence of Payments</FONT></P></TD>
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<TD VALIGN="top"> <P STYLE="margin-left:5.00em; text-indent:-1.00em"><FONT STYLE="font-family:Times New Roman" SIZE="2">2.8.5 Status of Lenders; Tax Documentation</FONT></P></TD>
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<TD VALIGN="top"> <P STYLE="margin-left:5.00em; text-indent:-1.00em"><FONT STYLE="font-family:Times New Roman" SIZE="2">2.8.6 Treatment of Certain Refunds</FONT></P></TD>
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<TD VALIGN="top"> <P STYLE="margin-left:1.00em; text-indent:-1.00em"><FONT STYLE="font-family:Times New Roman" SIZE="2">3. SECURITY FOR THE LOAN; LOAN AND SECURITY DOCUMENTS</FONT></P></TD>
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<TD VALIGN="top"> <P STYLE="margin-left:3.00em; text-indent:-1.00em"><FONT STYLE="font-family:Times New Roman" SIZE="2">3.1 Security</FONT></P></TD>
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<TD VALIGN="top"> <P STYLE="margin-left:5.00em; text-indent:-1.00em"><FONT STYLE="font-family:Times New Roman" SIZE="2">3.1.1 Mortgage/Deed of Trust and Security Agreement</FONT></P></TD>
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<TD VALIGN="top"> <P STYLE="margin-left:5.00em; text-indent:-1.00em"><FONT STYLE="font-family:Times New Roman" SIZE="2">3.1.2 Collateral Assignment of Leases and Rents</FONT></P></TD>
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<TD VALIGN="top"> <P STYLE="margin-left:5.00em; text-indent:-1.00em"><FONT STYLE="font-family:Times New Roman" SIZE="2">3.1.3 Collateral Assignment of Contracts</FONT></P></TD>
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<TD VALIGN="top"> <P STYLE="margin-left:5.00em; text-indent:-1.00em"><FONT STYLE="font-family:Times New Roman" SIZE="2">3.1.4 Guaranties</FONT></P></TD>
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<TD VALIGN="top"> <P STYLE="margin-left:5.00em; text-indent:-1.00em"><FONT STYLE="font-family:Times New Roman" SIZE="2">3.1.5 Environmental Compliance and Indemnification Agreement</FONT></P></TD>
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<TD VALIGN="top"> <P STYLE="margin-left:5.00em; text-indent:-1.00em"><FONT STYLE="font-family:Times New Roman" SIZE="2">3.1.6 Ownership Interest and Inter-Company Loan Pledge</FONT></P></TD>
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<TD VALIGN="top"> <P STYLE="margin-left:5.00em; text-indent:-1.00em"><FONT STYLE="font-family:Times New Roman" SIZE="2">3.1.7 Additional Documents</FONT></P></TD>
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<TD VALIGN="top"> <P STYLE="margin-left:3.00em; text-indent:-1.00em"><FONT STYLE="font-family:Times New Roman" SIZE="2">3.2 Loan Documents and Security Documents</FONT></P></TD>
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<TD VALIGN="top"> <P STYLE="margin-left:3.00em; text-indent:-1.00em"><FONT STYLE="font-family:Times New Roman" SIZE="2">3.3 Removal of Individual Property as a Borrowing Base Property - Borrower</FONT></P></TD>
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<TD VALIGN="top"> <P STYLE="margin-left:5.00em; text-indent:-1.00em"><FONT STYLE="font-family:Times New Roman" SIZE="2">3.3.1 Borrowing Base Compliance</FONT></P></TD>
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<TD VALIGN="top"> <P STYLE="margin-left:5.00em; text-indent:-1.00em"><FONT STYLE="font-family:Times New Roman" SIZE="2">3.3.2 Financial Covenant Compliance</FONT></P></TD>
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<TD VALIGN="top"> <P STYLE="margin-left:5.00em; text-indent:-1.00em"><FONT STYLE="font-family:Times New Roman" SIZE="2">3.3.3 No Default Upon Release</FONT></P></TD>
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 <p STYLE="margin-top:0px;margin-bottom:0px"><FONT SIZE="1">&nbsp;</FONT></P> <P STYLE="margin-top:0px;margin-bottom:0px" ALIGN="center"><FONT STYLE="font-family:Times New Roman" SIZE="2">ii </FONT></P>



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<TD nowrap><FONT STYLE="Times New Roman" SIZE="1"><B>September 30,</B></FONT></TD>
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<TD VALIGN="top"> <P STYLE="margin-left:5.00em; text-indent:-1.00em"><FONT STYLE="font-family:Times New Roman" SIZE="2">3.3.4 No Default Prior to Release</FONT></P></TD>
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<TD VALIGN="top"> <P STYLE="margin-left:5.00em; text-indent:-1.00em"><FONT STYLE="font-family:Times New Roman" SIZE="2">3.3.5 [Reserved]</FONT></P></TD>
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<TD VALIGN="top"> <P STYLE="margin-left:5.00em; text-indent:-1.00em"><FONT STYLE="font-family:Times New Roman" SIZE="2">3.3.6 Payment of Fees</FONT></P></TD>
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<TD VALIGN="top"> <P STYLE="margin-left:5.00em; text-indent:-1.00em"><FONT STYLE="font-family:Times New Roman" SIZE="2">3.3.7 Theater Parcel</FONT></P></TD>
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<TD VALIGN="top"> <P STYLE="margin-left:3.00em; text-indent:-1.00em"><FONT STYLE="font-family:Times New Roman" SIZE="2">3.4 Removal of Individual Property as a Borrowing Base Property - Administrative Agent</FONT></P></TD>
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<TD VALIGN="top"> <P STYLE="margin-left:5.00em; text-indent:-1.00em"><FONT STYLE="font-family:Times New Roman" SIZE="2">3.4.1 Removal Criteria</FONT></P></TD>
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<TD VALIGN="top"> <P STYLE="margin-left:5.00em; text-indent:-1.00em"><FONT STYLE="font-family:Times New Roman" SIZE="2">3.4.2 [Reserved]</FONT></P></TD>
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<TD VALIGN="top"> <P STYLE="margin-left:5.00em; text-indent:-1.00em"><FONT STYLE="font-family:Times New Roman" SIZE="2">3.4.3 Release by Administrative Agent</FONT></P></TD>
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<TD VALIGN="top"> <P STYLE="margin-left:3.00em; text-indent:-1.00em"><FONT STYLE="font-family:Times New Roman" SIZE="2">3.5 Additional Borrowing Base Property</FONT></P></TD>
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<TD VALIGN="top"> <P STYLE="margin-left:1.00em; text-indent:-1.00em"><FONT STYLE="font-family:Times New Roman" SIZE="2">4. CONTINUING AUTHORITY OF AUTHORIZED OFFICERS</FONT></P></TD>
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<TD VALIGN="top"> <P STYLE="margin-left:1.00em; text-indent:-1.00em"><FONT STYLE="font-family:Times New Roman" SIZE="2">5. CONDITIONS PRECEDENT</FONT></P></TD>
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<TD VALIGN="top"> <P STYLE="margin-left:3.00em; text-indent:-1.00em"><FONT STYLE="font-family:Times New Roman" SIZE="2">5.1 Closing Loan and Funding Initial Loan Advance</FONT></P></TD>
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<TD VALIGN="top"> <P STYLE="margin-left:5.00em; text-indent:-1.00em"><FONT STYLE="font-family:Times New Roman" SIZE="2">5.1.1 Satisfactory Loan Documents</FONT></P></TD>
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<TD VALIGN="top"> <P STYLE="margin-left:5.00em; text-indent:-1.00em"><FONT STYLE="font-family:Times New Roman" SIZE="2">5.1.2 Financial Information; No Material Change</FONT></P></TD>
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<TD VALIGN="top"> <P STYLE="margin-left:5.00em; text-indent:-1.00em"><FONT STYLE="font-family:Times New Roman" SIZE="2">5.1.3 Representations and Warranties Accurate</FONT></P></TD>
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<TD VALIGN="top"> <P STYLE="margin-left:5.00em; text-indent:-1.00em"><FONT STYLE="font-family:Times New Roman" SIZE="2">5.1.4 Validity and Sufficiency of Security Documents</FONT></P></TD>
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<TD VALIGN="top"> <P STYLE="margin-left:5.00em; text-indent:-1.00em"><FONT STYLE="font-family:Times New Roman" SIZE="2">5.1.5 Litigation</FONT></P></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="2">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:Times New Roman" SIZE="2">73</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="2">&nbsp;&nbsp;</FONT></TD></TR>
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<TD VALIGN="top"> <P STYLE="margin-left:5.00em; text-indent:-1.00em"><FONT STYLE="font-family:Times New Roman" SIZE="2">5.1.6 Formation Documents and Entity Agreements</FONT></P></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="2">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:Times New Roman" SIZE="2">74</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="2">&nbsp;&nbsp;</FONT></TD></TR>
<TR BGCOLOR="#cceeff">
<TD VALIGN="top"> <P STYLE="margin-left:5.00em; text-indent:-1.00em"><FONT STYLE="font-family:Times New Roman" SIZE="2">5.1.7 Compliance With Laws</FONT></P></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="2">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:Times New Roman" SIZE="2">74</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="2">&nbsp;&nbsp;</FONT></TD></TR>
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<TD VALIGN="top"> <P STYLE="margin-left:5.00em; text-indent:-1.00em"><FONT STYLE="font-family:Times New Roman" SIZE="2">5.1.8 Compliance With Financial Covenants</FONT></P></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="2">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:Times New Roman" SIZE="2">74</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="2">&nbsp;&nbsp;</FONT></TD></TR>
<TR BGCOLOR="#cceeff">
<TD VALIGN="top"> <P STYLE="margin-left:5.00em; text-indent:-1.00em"><FONT STYLE="font-family:Times New Roman" SIZE="2">5.1.9 Borrowing Base Property Due Diligence</FONT></P></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="2">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:Times New Roman" SIZE="2">74</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="2">&nbsp;&nbsp;</FONT></TD></TR>
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<TD VALIGN="top"> <P STYLE="margin-left:5.00em; text-indent:-1.00em"><FONT STYLE="font-family:Times New Roman" SIZE="2">5.1.10 Condition of Property</FONT></P></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="2">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:Times New Roman" SIZE="2">74</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="2">&nbsp;&nbsp;</FONT></TD></TR>
<TR BGCOLOR="#cceeff">
<TD VALIGN="top"> <P STYLE="margin-left:5.00em; text-indent:-1.00em"><FONT STYLE="font-family:Times New Roman" SIZE="2">5.1.11 Insurance</FONT></P></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="2">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:Times New Roman" SIZE="2">74</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="2">&nbsp;&nbsp;</FONT></TD></TR>
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<TD VALIGN="top"> <P STYLE="margin-left:5.00em; text-indent:-1.00em"><FONT STYLE="font-family:Times New Roman" SIZE="2">5.1.12 Third Party Consents and Agreements</FONT></P></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="2">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:Times New Roman" SIZE="2">74</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="2">&nbsp;&nbsp;</FONT></TD></TR>
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<TD VALIGN="top"> <P STYLE="margin-left:5.00em; text-indent:-1.00em"><FONT STYLE="font-family:Times New Roman" SIZE="2">5.1.13 Legal and other Opinions</FONT></P></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="2">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:Times New Roman" SIZE="2">75</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="2">&nbsp;&nbsp;</FONT></TD></TR>
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<TD VALIGN="top"> <P STYLE="margin-left:5.00em; text-indent:-1.00em"><FONT STYLE="font-family:Times New Roman" SIZE="2">5.1.14 No Default</FONT></P></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="2">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:Times New Roman" SIZE="2">75</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="2">&nbsp;&nbsp;</FONT></TD></TR>
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<TD VALIGN="top"> <P STYLE="margin-left:3.00em; text-indent:-1.00em"><FONT STYLE="font-family:Times New Roman" SIZE="2">5.2 Conditions to all Credit Extensions</FONT></P></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="2">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:Times New Roman" SIZE="2">75</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="2">&nbsp;&nbsp;</FONT></TD></TR>
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<TD VALIGN="top"> <P STYLE="margin-left:5.00em; text-indent:-1.00em"><FONT STYLE="font-family:Times New Roman" SIZE="2">5.2.1 Financial Covenant Compliance</FONT></P></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="2">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:Times New Roman" SIZE="2">75</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="2">&nbsp;&nbsp;</FONT></TD></TR>
<TR BGCOLOR="#cceeff">
<TD VALIGN="top"> <P STYLE="margin-left:5.00em; text-indent:-1.00em"><FONT STYLE="font-family:Times New Roman" SIZE="2">5.2.2 No Default</FONT></P></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="2">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:Times New Roman" SIZE="2">76</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="2">&nbsp;&nbsp;</FONT></TD></TR>
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<TD VALIGN="top"> <P STYLE="margin-left:5.00em; text-indent:-1.00em"><FONT STYLE="font-family:Times New Roman" SIZE="2">5.2.3 Loan Notice</FONT></P></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="2">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:Times New Roman" SIZE="2">76</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="2">&nbsp;&nbsp;</FONT></TD></TR>
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<TD HEIGHT="13"></TD>
<TD HEIGHT="13" COLSPAN="4"></TD></TR>
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<TD VALIGN="top"> <P STYLE="margin-left:1.00em; text-indent:-1.00em"><FONT STYLE="font-family:Times New Roman" SIZE="2">6. REPRESENTATIONS AND WARRANTIES</FONT></P></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="2">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:Times New Roman" SIZE="2">76</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="2">&nbsp;&nbsp;</FONT></TD></TR>
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<TD VALIGN="top"> <P STYLE="margin-left:3.00em; text-indent:-1.00em"><FONT STYLE="font-family:Times New Roman" SIZE="2">6.1 Formation</FONT></P></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="2">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:Times New Roman" SIZE="2">76</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="2">&nbsp;&nbsp;</FONT></TD></TR>
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<TD VALIGN="top"> <P STYLE="margin-left:3.00em; text-indent:-1.00em"><FONT STYLE="font-family:Times New Roman" SIZE="2">6.2 Proceedings; Enforceability</FONT></P></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="2">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:Times New Roman" SIZE="2">76</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="2">&nbsp;&nbsp;</FONT></TD></TR>
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<TD VALIGN="top"> <P STYLE="margin-left:3.00em; text-indent:-1.00em"><FONT STYLE="font-family:Times New Roman" SIZE="2">6.3 Conflicts</FONT></P></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="2">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:Times New Roman" SIZE="2">76</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="2">&nbsp;&nbsp;</FONT></TD></TR>
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<TD VALIGN="top"> <P STYLE="margin-left:3.00em; text-indent:-1.00em"><FONT STYLE="font-family:Times New Roman" SIZE="2">6.4 Ownership and Taxpayer Identification Numbers</FONT></P></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="2">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:Times New Roman" SIZE="2">77</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="2">&nbsp;&nbsp;</FONT></TD></TR>
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<TD VALIGN="top"> <P STYLE="margin-left:3.00em; text-indent:-1.00em"><FONT STYLE="font-family:Times New Roman" SIZE="2">6.5 Litigation</FONT></P></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="2">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:Times New Roman" SIZE="2">77</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="2">&nbsp;&nbsp;</FONT></TD></TR>
<TR BGCOLOR="#cceeff">
<TD VALIGN="top"> <P STYLE="margin-left:3.00em; text-indent:-1.00em"><FONT STYLE="font-family:Times New Roman" SIZE="2">6.6 Information</FONT></P></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="2">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:Times New Roman" SIZE="2">77</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="2">&nbsp;&nbsp;</FONT></TD></TR>
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<TD VALIGN="top"> <P STYLE="margin-left:3.00em; text-indent:-1.00em"><FONT STYLE="font-family:Times New Roman" SIZE="2">6.7 Taxes</FONT></P></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="2">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:Times New Roman" SIZE="2">77</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="2">&nbsp;&nbsp;</FONT></TD></TR>
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<TD VALIGN="top"> <P STYLE="margin-left:3.00em; text-indent:-1.00em"><FONT STYLE="font-family:Times New Roman" SIZE="2">6.8 Financial Information</FONT></P></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="2">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:Times New Roman" SIZE="2">77</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="2">&nbsp;&nbsp;</FONT></TD></TR>
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<TD VALIGN="top"> <P STYLE="margin-left:3.00em; text-indent:-1.00em"><FONT STYLE="font-family:Times New Roman" SIZE="2">6.9 Control Provisions</FONT></P></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="2">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:Times New Roman" SIZE="2">78</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="2">&nbsp;&nbsp;</FONT></TD></TR>
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<TD VALIGN="top"> <P STYLE="margin-left:3.00em; text-indent:-1.00em"><FONT STYLE="font-family:Times New Roman" SIZE="2">6.10 Formation Documents</FONT></P></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="2">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:Times New Roman" SIZE="2">78</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="2">&nbsp;&nbsp;</FONT></TD></TR>
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<TD VALIGN="top"> <P STYLE="margin-left:3.00em; text-indent:-1.00em"><FONT STYLE="font-family:Times New Roman" SIZE="2">6.11 Bankruptcy Filings</FONT></P></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="2">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:Times New Roman" SIZE="2">78</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="2">&nbsp;&nbsp;</FONT></TD></TR>
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<TD VALIGN="top"> <P STYLE="margin-left:3.00em; text-indent:-1.00em"><FONT STYLE="font-family:Times New Roman" SIZE="2">6.12 Investment Company</FONT></P></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="2">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:Times New Roman" SIZE="2">78</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="2">&nbsp;&nbsp;</FONT></TD></TR>
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 <p STYLE="margin-top:0px;margin-bottom:0px"><FONT SIZE="1">&nbsp;</FONT></P> <P STYLE="margin-top:0px;margin-bottom:0px" ALIGN="center"><FONT STYLE="font-family:Times New Roman" SIZE="2">iii
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<TD nowrap><FONT STYLE="Times New Roman" SIZE="1"><B>September 30,</B></FONT></TD>
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<TD VALIGN="top"> <P STYLE="margin-left:3.00em; text-indent:-1.00em"><FONT STYLE="font-family:Times New Roman" SIZE="2">6.13 [Reserved]</FONT></P></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="2">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:Times New Roman" SIZE="2">78</FONT></TD>
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<TD VALIGN="top"> <P STYLE="margin-left:3.00em; text-indent:-1.00em"><FONT STYLE="font-family:Times New Roman" SIZE="2">6.14 Borrowing Base Properties</FONT></P></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="2">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:Times New Roman" SIZE="2">78</FONT></TD>
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<TD VALIGN="top"> <P STYLE="margin-left:5.00em; text-indent:-1.00em"><FONT STYLE="font-family:Times New Roman" SIZE="2">6.14.1 Licenses and Permits</FONT></P></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="2">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:Times New Roman" SIZE="2">78</FONT></TD>
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<TD VALIGN="top"> <P STYLE="margin-left:5.00em; text-indent:-1.00em"><FONT STYLE="font-family:Times New Roman" SIZE="2">6.14.2 Ownership</FONT></P></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="2">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:Times New Roman" SIZE="2">78</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="2">&nbsp;&nbsp;</FONT></TD></TR>
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<TD VALIGN="top"> <P STYLE="margin-left:5.00em; text-indent:-1.00em"><FONT STYLE="font-family:Times New Roman" SIZE="2">6.14.3 Environmental Matters</FONT></P></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="2">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:Times New Roman" SIZE="2">79</FONT></TD>
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<TD VALIGN="top"> <P STYLE="margin-left:5.00em; text-indent:-1.00em"><FONT STYLE="font-family:Times New Roman" SIZE="2">6.14.4 Leases</FONT></P></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="2">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:Times New Roman" SIZE="2">79</FONT></TD>
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<TD VALIGN="top"> <P STYLE="margin-left:5.00em; text-indent:-1.00em"><FONT STYLE="font-family:Times New Roman" SIZE="2">6.14.5 Ground Lease</FONT></P></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="2">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:Times New Roman" SIZE="2">80</FONT></TD>
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<TD VALIGN="top"> <P STYLE="margin-left:3.00em; text-indent:-1.00em"><FONT STYLE="font-family:Times New Roman" SIZE="2">6.15 Margin Regulations; Use of Proceeds</FONT></P></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="2">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:Times New Roman" SIZE="2">80</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="2">&nbsp;&nbsp;</FONT></TD></TR>
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<TD VALIGN="top"> <P STYLE="margin-left:3.00em; text-indent:-1.00em"><FONT STYLE="font-family:Times New Roman" SIZE="2">6.16 Insurance</FONT></P></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="2">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:Times New Roman" SIZE="2">80</FONT></TD>
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<TD VALIGN="top"> <P STYLE="margin-left:3.00em; text-indent:-1.00em"><FONT STYLE="font-family:Times New Roman" SIZE="2">6.17 Deferred Compensation and ERISA</FONT></P></TD>
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<TD VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="2">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:Times New Roman" SIZE="2">80</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="2">&nbsp;&nbsp;</FONT></TD></TR>
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<TD VALIGN="top"> <P STYLE="margin-left:3.00em; text-indent:-1.00em"><FONT STYLE="font-family:Times New Roman" SIZE="2">6.18 [Reserved]</FONT></P></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="2">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:Times New Roman" SIZE="2">80</FONT></TD>
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<TD VALIGN="top"> <P STYLE="margin-left:3.00em; text-indent:-1.00em"><FONT STYLE="font-family:Times New Roman" SIZE="2">6.19 No Default</FONT></P></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="2">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:Times New Roman" SIZE="2">81</FONT></TD>
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<TD VALIGN="top"> <P STYLE="margin-left:3.00em; text-indent:-1.00em"><FONT STYLE="font-family:Times New Roman" SIZE="2">6.20 Governmental Authorizations; Other Consents</FONT></P></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="2">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:Times New Roman" SIZE="2">81</FONT></TD>
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<TD VALIGN="top"> <P STYLE="margin-left:3.00em; text-indent:-1.00em"><FONT STYLE="font-family:Times New Roman" SIZE="2">6.21 Qualification as a REIT</FONT></P></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="2">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:Times New Roman" SIZE="2">81</FONT></TD>
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<TD VALIGN="top"> <P STYLE="margin-left:3.00em; text-indent:-1.00em"><FONT STYLE="font-family:Times New Roman" SIZE="2">6.22 Compliance with Laws</FONT></P></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="2">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:Times New Roman" SIZE="2">81</FONT></TD>
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<TD VALIGN="top"> <P STYLE="margin-left:3.00em; text-indent:-1.00em"><FONT STYLE="font-family:Times New Roman" SIZE="2">6.23 Property Matters</FONT></P></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="2">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:Times New Roman" SIZE="2">81</FONT></TD>
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<TD VALIGN="top"> <P STYLE="margin-left:5.00em; text-indent:-1.00em"><FONT STYLE="font-family:Times New Roman" SIZE="2">6.23.1 Major Leases</FONT></P></TD>
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<TD VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="2">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:Times New Roman" SIZE="2">81</FONT></TD>
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<TD VALIGN="top"> <P STYLE="margin-left:5.00em; text-indent:-1.00em"><FONT STYLE="font-family:Times New Roman" SIZE="2">6.23.2 Borrowing Base Properties</FONT></P></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="2">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:Times New Roman" SIZE="2">81</FONT></TD>
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<TD VALIGN="top"> <P STYLE="margin-left:5.00em; text-indent:-1.00em"><FONT STYLE="font-family:Times New Roman" SIZE="2">6.23.3 Flood Hazard</FONT></P></TD>
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<TD VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="2">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:Times New Roman" SIZE="2">81</FONT></TD>
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<TD VALIGN="top"> <P STYLE="margin-left:3.00em; text-indent:-1.00em"><FONT STYLE="font-family:Times New Roman" SIZE="2">6.24 Solvency</FONT></P></TD>
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<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:Times New Roman" SIZE="2">81</FONT></TD>
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<TD VALIGN="top"> <P STYLE="margin-left:3.00em; text-indent:-1.00em"><FONT STYLE="font-family:Times New Roman" SIZE="2">6.25 Regarding Representations and Warranties</FONT></P></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="2">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:Times New Roman" SIZE="2">82</FONT></TD>
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<TD VALIGN="top"> <P STYLE="margin-left:1.00em; text-indent:-1.00em"><FONT STYLE="font-family:Times New Roman" SIZE="2">7. AFFIRMATIVE COVENANTS</FONT></P></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="2">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:Times New Roman" SIZE="2">82</FONT></TD>
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<TD VALIGN="top"> <P STYLE="margin-left:3.00em; text-indent:-1.00em"><FONT STYLE="font-family:Times New Roman" SIZE="2">7.1 Notices</FONT></P></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="2">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:Times New Roman" SIZE="2">82</FONT></TD>
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<TD VALIGN="top"> <P STYLE="margin-left:3.00em; text-indent:-1.00em"><FONT STYLE="font-family:Times New Roman" SIZE="2">7.2 Financial Statements; Reports; Officer&#146;s Certificates</FONT></P></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="2">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:Times New Roman" SIZE="2">83</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="2">&nbsp;&nbsp;</FONT></TD></TR>
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<TD VALIGN="top"> <P STYLE="margin-left:5.00em; text-indent:-1.00em"><FONT STYLE="font-family:Times New Roman" SIZE="2">7.2.1 Annual Statements</FONT></P></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="2">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:Times New Roman" SIZE="2">83</FONT></TD>
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<TD VALIGN="top"> <P STYLE="margin-left:5.00em; text-indent:-1.00em"><FONT STYLE="font-family:Times New Roman" SIZE="2">7.2.2 Periodic Statements</FONT></P></TD>
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<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:Times New Roman" SIZE="2">83</FONT></TD>
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<TD VALIGN="top"> <P STYLE="margin-left:5.00em; text-indent:-1.00em"><FONT STYLE="font-family:Times New Roman" SIZE="2">7.2.3 Borrowing Base Property Reports</FONT></P></TD>
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<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:Times New Roman" SIZE="2">84</FONT></TD>
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<TD VALIGN="top"> <P STYLE="margin-left:5.00em; text-indent:-1.00em"><FONT STYLE="font-family:Times New Roman" SIZE="2">7.2.4 SEC Reports</FONT></P></TD>
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<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:Times New Roman" SIZE="2">84</FONT></TD>
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<TD VALIGN="top"> <P STYLE="margin-left:5.00em; text-indent:-1.00em"><FONT STYLE="font-family:Times New Roman" SIZE="2">7.2.5 Compliance Certificates</FONT></P></TD>
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<TD VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="2">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:Times New Roman" SIZE="2">84</FONT></TD>
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<TD VALIGN="top"> <P STYLE="margin-left:5.00em; text-indent:-1.00em"><FONT STYLE="font-family:Times New Roman" SIZE="2">7.2.6 Data Requested</FONT></P></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="2">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:Times New Roman" SIZE="2">85</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="2">&nbsp;&nbsp;</FONT></TD></TR>
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<TD VALIGN="top"> <P STYLE="margin-left:5.00em; text-indent:-1.00em"><FONT STYLE="font-family:Times New Roman" SIZE="2">7.2.7 Tax Returns</FONT></P></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="2">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:Times New Roman" SIZE="2">85</FONT></TD>
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<TD VALIGN="top"> <P STYLE="margin-left:5.00em; text-indent:-1.00em"><FONT STYLE="font-family:Times New Roman" SIZE="2">7.2.8 Lease Notices</FONT></P></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="2">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:Times New Roman" SIZE="2">85</FONT></TD>
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<TD VALIGN="top"> <P STYLE="margin-left:5.00em; text-indent:-1.00em"><FONT STYLE="font-family:Times New Roman" SIZE="2">7.2.9 Ground Lessor Interest Notices</FONT></P></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="2">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:Times New Roman" SIZE="2">85</FONT></TD>
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<TD VALIGN="top"> <P STYLE="margin-left:5.00em; text-indent:-1.00em"><FONT STYLE="font-family:Times New Roman" SIZE="2">7.2.10 Entity Notices</FONT></P></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="2">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:Times New Roman" SIZE="2">85</FONT></TD>
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<TD VALIGN="top"> <P STYLE="margin-left:5.00em; text-indent:-1.00em"><FONT STYLE="font-family:Times New Roman" SIZE="2">7.2.11 Property Acquisition or Sale</FONT></P></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="2">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:Times New Roman" SIZE="2">85</FONT></TD>
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<TD VALIGN="top"> <P STYLE="margin-left:5.00em; text-indent:-1.00em"><FONT STYLE="font-family:Times New Roman" SIZE="2">7.2.12 Property Finance</FONT></P></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="2">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:Times New Roman" SIZE="2">85</FONT></TD>
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<TD VALIGN="top"> <P STYLE="margin-left:5.00em; text-indent:-1.00em"><FONT STYLE="font-family:Times New Roman" SIZE="2">7.2.13 Notice of Litigation</FONT></P></TD>
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<TD VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="2">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:Times New Roman" SIZE="2">85</FONT></TD>
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<TD VALIGN="top"> <P STYLE="margin-left:3.00em; text-indent:-1.00em"><FONT STYLE="font-family:Times New Roman" SIZE="2">7.3 Existence</FONT></P></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;&nbsp;&nbsp;</FONT></TD>
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<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:Times New Roman" SIZE="2">86</FONT></TD>
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<TD VALIGN="top"> <P STYLE="margin-left:3.00em; text-indent:-1.00em"><FONT STYLE="font-family:Times New Roman" SIZE="2">7.4 Payment of Taxes</FONT></P></TD>
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<TD VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="2">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:Times New Roman" SIZE="2">87</FONT></TD>
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<TD VALIGN="top"> <P STYLE="margin-left:3.00em; text-indent:-1.00em"><FONT STYLE="font-family:Times New Roman" SIZE="2">7.5 Insurance; Casualty, Taking</FONT></P></TD>
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<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:Times New Roman" SIZE="2">87</FONT></TD>
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<TD VALIGN="top"> <P STYLE="margin-left:5.00em; text-indent:-1.00em"><FONT STYLE="font-family:Times New Roman" SIZE="2">7.5.1 General Insurance Requirements</FONT></P></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="2">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:Times New Roman" SIZE="2">87</FONT></TD>
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<TD VALIGN="top"> <P STYLE="margin-left:5.00em; text-indent:-1.00em"><FONT STYLE="font-family:Times New Roman" SIZE="2">7.5.2 Excess Insurance Coverage</FONT></P></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="2">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:Times New Roman" SIZE="2">87</FONT></TD>
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<TD VALIGN="top"> <P STYLE="margin-left:5.00em; text-indent:-1.00em"><FONT STYLE="font-family:Times New Roman" SIZE="2">7.5.3 Payment of Premiums</FONT></P></TD>
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<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:Times New Roman" SIZE="2">87</FONT></TD>
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<TD VALIGN="top"> <P STYLE="margin-left:5.00em; text-indent:-1.00em"><FONT STYLE="font-family:Times New Roman" SIZE="2">7.5.4 Notice of Damage</FONT></P></TD>
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<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:Times New Roman" SIZE="2">87</FONT></TD>
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<TD VALIGN="top"> <P STYLE="margin-left:3.00em; text-indent:-1.00em"><FONT STYLE="font-family:Times New Roman" SIZE="2">7.6 Inspection</FONT></P></TD>
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<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:Times New Roman" SIZE="2">88</FONT></TD>
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<TD VALIGN="top"> <P STYLE="margin-left:3.00em; text-indent:-1.00em"><FONT STYLE="font-family:Times New Roman" SIZE="2">7.7 Loan Documents</FONT></P></TD>
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<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:Times New Roman" SIZE="2">88</FONT></TD>
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 <p STYLE="margin-top:0px;margin-bottom:0px"><FONT SIZE="1">&nbsp;</FONT></P> <P STYLE="margin-top:0px;margin-bottom:0px" ALIGN="center"><FONT STYLE="font-family:Times New Roman" SIZE="2">iv </FONT></P>



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<TD nowrap><FONT STYLE="Times New Roman" SIZE="1"><B>September 30,</B></FONT></TD>
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<TD VALIGN="top"> <P STYLE="margin-left:3.00em; text-indent:-1.00em"><FONT STYLE="font-family:Times New Roman" SIZE="2">7.8 Further Assurances</FONT></P></TD>
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<TD VALIGN="top"> <P STYLE="margin-left:3.00em; text-indent:-1.00em"><FONT STYLE="font-family:Times New Roman" SIZE="2">7.9 Books and Records</FONT></P></TD>
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<TD VALIGN="top"> <P STYLE="margin-left:3.00em; text-indent:-1.00em"><FONT STYLE="font-family:Times New Roman" SIZE="2">7.10 Business and Operations</FONT></P></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="2">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:Times New Roman" SIZE="2">89</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="2">&nbsp;&nbsp;</FONT></TD></TR>
<TR>
<TD VALIGN="top"> <P STYLE="margin-left:3.00em; text-indent:-1.00em"><FONT STYLE="font-family:Times New Roman" SIZE="2">7.11 Title</FONT></P></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="2">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:Times New Roman" SIZE="2">89</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="2">&nbsp;&nbsp;</FONT></TD></TR>
<TR BGCOLOR="#cceeff">
<TD VALIGN="top"> <P STYLE="margin-left:3.00em; text-indent:-1.00em"><FONT STYLE="font-family:Times New Roman" SIZE="2">7.12 Estoppel</FONT></P></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="2">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:Times New Roman" SIZE="2">89</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="2">&nbsp;&nbsp;</FONT></TD></TR>
<TR>
<TD VALIGN="top"> <P STYLE="margin-left:3.00em; text-indent:-1.00em"><FONT STYLE="font-family:Times New Roman" SIZE="2">7.13 ERISA</FONT></P></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="2">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:Times New Roman" SIZE="2">89</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="2">&nbsp;&nbsp;</FONT></TD></TR>
<TR BGCOLOR="#cceeff">
<TD VALIGN="top"> <P STYLE="margin-left:3.00em; text-indent:-1.00em"><FONT STYLE="font-family:Times New Roman" SIZE="2">7.14 [Reserved]</FONT></P></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="2">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:Times New Roman" SIZE="2">90</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="2">&nbsp;&nbsp;</FONT></TD></TR>
<TR>
<TD VALIGN="top"> <P STYLE="margin-left:3.00em; text-indent:-1.00em"><FONT STYLE="font-family:Times New Roman" SIZE="2">7.15 Costs and Expenses</FONT></P></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="2">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:Times New Roman" SIZE="2">90</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="2">&nbsp;&nbsp;</FONT></TD></TR>
<TR BGCOLOR="#cceeff">
<TD VALIGN="top"> <P STYLE="margin-left:3.00em; text-indent:-1.00em"><FONT STYLE="font-family:Times New Roman" SIZE="2">7.16 Appraisals</FONT></P></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="2">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:Times New Roman" SIZE="2">90</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="2">&nbsp;&nbsp;</FONT></TD></TR>
<TR>
<TD VALIGN="top"> <P STYLE="margin-left:5.00em; text-indent:-1.00em"><FONT STYLE="font-family:Times New Roman" SIZE="2">7.16.1 Appraisal</FONT></P></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="2">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:Times New Roman" SIZE="2">90</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="2">&nbsp;&nbsp;</FONT></TD></TR>
<TR BGCOLOR="#cceeff">
<TD VALIGN="top"> <P STYLE="margin-left:5.00em; text-indent:-1.00em"><FONT STYLE="font-family:Times New Roman" SIZE="2">7.16.2 Costs of Appraisal</FONT></P></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="2">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:Times New Roman" SIZE="2">90</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="2">&nbsp;&nbsp;</FONT></TD></TR>
<TR>
<TD VALIGN="top"> <P STYLE="margin-left:3.00em; text-indent:-1.00em"><FONT STYLE="font-family:Times New Roman" SIZE="2">7.17 Indemnification</FONT></P></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="2">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:Times New Roman" SIZE="2">91</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="2">&nbsp;&nbsp;</FONT></TD></TR>
<TR BGCOLOR="#cceeff">
<TD VALIGN="top"> <P STYLE="margin-left:3.00em; text-indent:-1.00em"><FONT STYLE="font-family:Times New Roman" SIZE="2">7.18 Leasing Matters</FONT></P></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="2">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:Times New Roman" SIZE="2">91</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="2">&nbsp;&nbsp;</FONT></TD></TR>
<TR>
<TD VALIGN="top"> <P STYLE="margin-left:5.00em; text-indent:-1.00em"><FONT STYLE="font-family:Times New Roman" SIZE="2">7.18.1 Administrative Agent&#146;s Approval Required</FONT></P></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="2">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:Times New Roman" SIZE="2">91</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="2">&nbsp;&nbsp;</FONT></TD></TR>
<TR BGCOLOR="#cceeff">
<TD VALIGN="top"> <P STYLE="margin-left:5.00em; text-indent:-1.00em"><FONT STYLE="font-family:Times New Roman" SIZE="2">7.18.2 Borrower&#146;s Requests</FONT></P></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="2">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:Times New Roman" SIZE="2">91</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="2">&nbsp;&nbsp;</FONT></TD></TR>
<TR>
<TD VALIGN="top"> <P STYLE="margin-left:5.00em; text-indent:-1.00em"><FONT STYLE="font-family:Times New Roman" SIZE="2">7.18.3 Response</FONT></P></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="2">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:Times New Roman" SIZE="2">91</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="2">&nbsp;&nbsp;</FONT></TD></TR>
<TR BGCOLOR="#cceeff">
<TD VALIGN="top"> <P STYLE="margin-left:5.00em; text-indent:-1.00em"><FONT STYLE="font-family:Times New Roman" SIZE="2">7.18.4 Intentionally Omitted</FONT></P></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="2">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:Times New Roman" SIZE="2">92</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="2">&nbsp;&nbsp;</FONT></TD></TR>
<TR>
<TD VALIGN="top"> <P STYLE="margin-left:5.00em; text-indent:-1.00em"><FONT STYLE="font-family:Times New Roman" SIZE="2">7.18.5 Preliminary Submission</FONT></P></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="2">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:Times New Roman" SIZE="2">92</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="2">&nbsp;&nbsp;</FONT></TD></TR>
<TR BGCOLOR="#cceeff">
<TD VALIGN="top"> <P STYLE="margin-left:3.00em; text-indent:-1.00em"><FONT STYLE="font-family:Times New Roman" SIZE="2">7.19 Interest Coverage Ratio</FONT></P></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="2">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:Times New Roman" SIZE="2">93</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="2">&nbsp;&nbsp;</FONT></TD></TR>
<TR>
<TD VALIGN="top"> <P STYLE="margin-left:3.00em; text-indent:-1.00em"><FONT STYLE="font-family:Times New Roman" SIZE="2">7.20 Leverage Ratio</FONT></P></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="2">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:Times New Roman" SIZE="2">93</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="2">&nbsp;&nbsp;</FONT></TD></TR>
<TR BGCOLOR="#cceeff">
<TD VALIGN="top"> <P STYLE="margin-left:3.00em; text-indent:-1.00em"><FONT STYLE="font-family:Times New Roman" SIZE="2">7.21 Fixed Charge Ratio</FONT></P></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="2">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:Times New Roman" SIZE="2">93</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="2">&nbsp;&nbsp;</FONT></TD></TR>
<TR>
<TD VALIGN="top"> <P STYLE="margin-left:3.00em; text-indent:-1.00em"><FONT STYLE="font-family:Times New Roman" SIZE="2">7.22 Net Worth</FONT></P></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="2">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:Times New Roman" SIZE="2">93</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="2">&nbsp;&nbsp;</FONT></TD></TR>
<TR BGCOLOR="#cceeff">
<TD VALIGN="top"> <P STYLE="margin-left:3.00em; text-indent:-1.00em"><FONT STYLE="font-family:Times New Roman" SIZE="2">7.23 Borrowing Base Property Covenants</FONT></P></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="2">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:Times New Roman" SIZE="2">94</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="2">&nbsp;&nbsp;</FONT></TD></TR>
<TR>
<TD VALIGN="top"> <P STYLE="margin-left:5.00em; text-indent:-1.00em"><FONT STYLE="font-family:Times New Roman" SIZE="2">7.23.1 Occupancy Ratio</FONT></P></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="2">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:Times New Roman" SIZE="2">94</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="2">&nbsp;&nbsp;</FONT></TD></TR>
<TR BGCOLOR="#cceeff">
<TD VALIGN="top"> <P STYLE="margin-left:5.00em; text-indent:-1.00em"><FONT STYLE="font-family:Times New Roman" SIZE="2">7.23.2 Retail Center</FONT></P></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="2">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:Times New Roman" SIZE="2">94</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="2">&nbsp;&nbsp;</FONT></TD></TR>
<TR>
<TD VALIGN="top"> <P STYLE="margin-left:5.00em; text-indent:-1.00em"><FONT STYLE="font-family:Times New Roman" SIZE="2">7.23.3 Business Strategy</FONT></P></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="2">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:Times New Roman" SIZE="2">94</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="2">&nbsp;&nbsp;</FONT></TD></TR>
<TR BGCOLOR="#cceeff">
<TD VALIGN="top"> <P STYLE="margin-left:5.00em; text-indent:-1.00em"><FONT STYLE="font-family:Times New Roman" SIZE="2">7.23.4 Estoppels and SNDA Agreements</FONT></P></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="2">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:Times New Roman" SIZE="2">94</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="2">&nbsp;&nbsp;</FONT></TD></TR>
<TR>
<TD VALIGN="top"> <P STYLE="margin-left:5.00em; text-indent:-1.00em"><FONT STYLE="font-family:Times New Roman" SIZE="2">7.23.5 Title Insurance</FONT></P></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="2">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:Times New Roman" SIZE="2">94</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="2">&nbsp;&nbsp;</FONT></TD></TR>
<TR BGCOLOR="#cceeff">
<TD VALIGN="top"> <P STYLE="margin-left:3.00em; text-indent:-1.00em"><FONT STYLE="font-family:Times New Roman" SIZE="2">7.24 Variable Rate Debt</FONT></P></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="2">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:Times New Roman" SIZE="2">94</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="2">&nbsp;&nbsp;</FONT></TD></TR>
<TR>
<TD VALIGN="top"> <P STYLE="margin-left:3.00em; text-indent:-1.00em"><FONT STYLE="font-family:Times New Roman" SIZE="2">7.25 Replacement Documentation</FONT></P></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="2">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:Times New Roman" SIZE="2">94</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="2">&nbsp;&nbsp;</FONT></TD></TR>
<TR BGCOLOR="#cceeff">
<TD VALIGN="top"> <P STYLE="margin-left:3.00em; text-indent:-1.00em"><FONT STYLE="font-family:Times New Roman" SIZE="2">7.26 Maintenance of REIT Status</FONT></P></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="2">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:Times New Roman" SIZE="2">94</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="2">&nbsp;&nbsp;</FONT></TD></TR>
<TR>
<TD VALIGN="top"> <P STYLE="margin-left:3.00em; text-indent:-1.00em"><FONT STYLE="font-family:Times New Roman" SIZE="2">7.27 The Lenders&#146; Consultants</FONT></P></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="2">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:Times New Roman" SIZE="2">95</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="2">&nbsp;&nbsp;</FONT></TD></TR>
<TR BGCOLOR="#cceeff">
<TD VALIGN="top"> <P STYLE="margin-left:5.00em; text-indent:-1.00em"><FONT STYLE="font-family:Times New Roman" SIZE="2">7.27.1 Right to Employ</FONT></P></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="2">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:Times New Roman" SIZE="2">95</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="2">&nbsp;&nbsp;</FONT></TD></TR>
<TR>
<TD VALIGN="top"> <P STYLE="margin-left:5.00em; text-indent:-1.00em"><FONT STYLE="font-family:Times New Roman" SIZE="2">7.27.2 Functions</FONT></P></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="2">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:Times New Roman" SIZE="2">95</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="2">&nbsp;&nbsp;</FONT></TD></TR>
<TR BGCOLOR="#cceeff">
<TD VALIGN="top"> <P STYLE="margin-left:5.00em; text-indent:-1.00em"><FONT STYLE="font-family:Times New Roman" SIZE="2">7.27.3 Payment</FONT></P></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="2">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:Times New Roman" SIZE="2">95</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="2">&nbsp;&nbsp;</FONT></TD></TR>
<TR>
<TD VALIGN="top"> <P STYLE="margin-left:5.00em; text-indent:-1.00em"><FONT STYLE="font-family:Times New Roman" SIZE="2">7.27.4 Access</FONT></P></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="2">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:Times New Roman" SIZE="2">95</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="2">&nbsp;&nbsp;</FONT></TD></TR>
<TR BGCOLOR="#cceeff">
<TD VALIGN="top"> <P STYLE="margin-left:5.00em; text-indent:-1.00em"><FONT STYLE="font-family:Times New Roman" SIZE="2">7.27.5 No Liability</FONT></P></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="2">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:Times New Roman" SIZE="2">95</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="2">&nbsp;&nbsp;</FONT></TD></TR>
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<TD VALIGN="top"> <P STYLE="margin-left:3.00em; text-indent:-1.00em"><FONT STYLE="font-family:Times New Roman" SIZE="2">7.28 Payment of Obligations</FONT></P></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="2">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:Times New Roman" SIZE="2">95</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="2">&nbsp;&nbsp;</FONT></TD></TR>
<TR BGCOLOR="#cceeff">
<TD VALIGN="top"> <P STYLE="margin-left:3.00em; text-indent:-1.00em"><FONT STYLE="font-family:Times New Roman" SIZE="2">7.29 Compliance with Laws</FONT></P></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="2">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:Times New Roman" SIZE="2">95</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="2">&nbsp;&nbsp;</FONT></TD></TR>
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<TD VALIGN="top"> <P STYLE="margin-left:3.00em; text-indent:-1.00em"><FONT STYLE="font-family:Times New Roman" SIZE="2">7.30 SNDA and Estoppels for Existing Borrowing Base Properties</FONT></P></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="2">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:Times New Roman" SIZE="2">95</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="2">&nbsp;&nbsp;</FONT></TD></TR>
<TR>
<TD HEIGHT="13"></TD>
<TD HEIGHT="13" COLSPAN="4"></TD></TR>
<TR BGCOLOR="#cceeff">
<TD VALIGN="top"> <P STYLE="margin-left:1.00em; text-indent:-1.00em"><FONT STYLE="font-family:Times New Roman" SIZE="2">8. NEGATIVE COVENANTS</FONT></P></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="2">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:Times New Roman" SIZE="2">96</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="2">&nbsp;&nbsp;</FONT></TD></TR>
<TR>
<TD HEIGHT="13"></TD>
<TD HEIGHT="13" COLSPAN="4"></TD></TR>
<TR>
<TD VALIGN="top"> <P STYLE="margin-left:3.00em; text-indent:-1.00em"><FONT STYLE="font-family:Times New Roman" SIZE="2">8.1 No Changes to the Borrower and other Loan Parties</FONT></P></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="2">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:Times New Roman" SIZE="2">96</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="2">&nbsp;&nbsp;</FONT></TD></TR>
<TR BGCOLOR="#cceeff">
<TD VALIGN="top"> <P STYLE="margin-left:3.00em; text-indent:-1.00em"><FONT STYLE="font-family:Times New Roman" SIZE="2">8.2 Restrictions on Liens</FONT></P></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="2">&nbsp;</FONT></TD>
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<TD VALIGN="top"> <P STYLE="margin-left:5.00em; text-indent:-1.00em"><FONT STYLE="font-family:Times New Roman" SIZE="2">8.2.1 Administrative Agent&#146;s Liens</FONT></P></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;&nbsp;&nbsp;</FONT></TD>
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<TD VALIGN="top"> <P STYLE="margin-left:5.00em; text-indent:-1.00em"><FONT STYLE="font-family:Times New Roman" SIZE="2">8.2.2 Permitted Debt</FONT></P></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;&nbsp;&nbsp;</FONT></TD>
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<TD VALIGN="top"> <P STYLE="margin-left:5.00em; text-indent:-1.00em"><FONT STYLE="font-family:Times New Roman" SIZE="2">8.2.3 Tax Liens</FONT></P></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;&nbsp;&nbsp;</FONT></TD>
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 <p STYLE="margin-top:0px;margin-bottom:0px"><FONT SIZE="1">&nbsp;</FONT></P> <P STYLE="margin-top:0px;margin-bottom:0px" ALIGN="center"><FONT STYLE="font-family:Times New Roman" SIZE="2">v </FONT></P>


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<TD nowrap><FONT STYLE="Times New Roman" SIZE="1"><B>September 30,</B></FONT></TD>
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<TD VALIGN="bottom" COLSPAN="2" ALIGN="right"> <P STYLE="border-bottom:1px solid #000000;width:16pt" ALIGN="right"><FONT STYLE="font-family:Times New Roman" SIZE="1"><B>Page</B></FONT></P></TD>
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<TD VALIGN="top"> <P STYLE="margin-left:5.00em; text-indent:-1.00em"><FONT STYLE="font-family:Times New Roman" SIZE="2">8.2.4 Judgment Liens</FONT></P></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;&nbsp;&nbsp;</FONT></TD>
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<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:Times New Roman" SIZE="2">97</FONT></TD>
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<TD VALIGN="top"> <P STYLE="margin-left:5.00em; text-indent:-1.00em"><FONT STYLE="font-family:Times New Roman" SIZE="2">8.2.5 Personal Property Liens</FONT></P></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;&nbsp;&nbsp;</FONT></TD>
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<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:Times New Roman" SIZE="2">97</FONT></TD>
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<TD VALIGN="top"> <P STYLE="margin-left:5.00em; text-indent:-1.00em"><FONT STYLE="font-family:Times New Roman" SIZE="2">8.2.6 L/C Issuer Liens</FONT></P></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="2">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:Times New Roman" SIZE="2">97</FONT></TD>
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<TD VALIGN="top"> <P STYLE="margin-left:5.00em; text-indent:-1.00em"><FONT STYLE="font-family:Times New Roman" SIZE="2">8.2.7 Easements, etc.</FONT></P></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="2">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:Times New Roman" SIZE="2">97</FONT></TD>
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<TD VALIGN="top"> <P STYLE="margin-left:5.00em; text-indent:-1.00em"><FONT STYLE="font-family:Times New Roman" SIZE="2">8.2.8 Title Matters</FONT></P></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;&nbsp;&nbsp;</FONT></TD>
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<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:Times New Roman" SIZE="2">97</FONT></TD>
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<TD VALIGN="top"> <P STYLE="margin-left:3.00em; text-indent:-1.00em"><FONT STYLE="font-family:Times New Roman" SIZE="2">8.3 Consolidations, Mergers, Sales of Assets, Issuance and Sale of Equity</FONT></P></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="2">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:Times New Roman" SIZE="2">97</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="2">&nbsp;&nbsp;</FONT></TD></TR>
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<TD VALIGN="top"> <P STYLE="margin-left:5.00em; text-indent:-1.00em"><FONT STYLE="font-family:Times New Roman" SIZE="2">8.3.1 Transfers</FONT></P></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="2">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:Times New Roman" SIZE="2">98</FONT></TD>
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<TD VALIGN="top"> <P STYLE="margin-left:5.00em; text-indent:-1.00em"><FONT STYLE="font-family:Times New Roman" SIZE="2">8.3.2 Non-Loan Parties</FONT></P></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="2">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:Times New Roman" SIZE="2">98</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="2">&nbsp;&nbsp;</FONT></TD></TR>
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<TD VALIGN="top"> <P STYLE="margin-left:5.00em; text-indent:-1.00em"><FONT STYLE="font-family:Times New Roman" SIZE="2">8.3.3 Loan Parties</FONT></P></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="2">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:Times New Roman" SIZE="2">98</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="2">&nbsp;&nbsp;</FONT></TD></TR>
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<TD VALIGN="top"> <P STYLE="margin-left:5.00em; text-indent:-1.00em"><FONT STYLE="font-family:Times New Roman" SIZE="2">8.3.4 Borrowing Base Properties</FONT></P></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="2">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:Times New Roman" SIZE="2">98</FONT></TD>
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<TD VALIGN="top"> <P STYLE="margin-left:5.00em; text-indent:-1.00em"><FONT STYLE="font-family:Times New Roman" SIZE="2">8.3.5 Leases</FONT></P></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="2">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:Times New Roman" SIZE="2">98</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="2">&nbsp;&nbsp;</FONT></TD></TR>
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<TD VALIGN="top"> <P STYLE="margin-left:5.00em; text-indent:-1.00em"><FONT STYLE="font-family:Times New Roman" SIZE="2">8.3.6 Property Transfers</FONT></P></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="2">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:Times New Roman" SIZE="2">98</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="2">&nbsp;&nbsp;</FONT></TD></TR>
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<TD VALIGN="top"> <P STYLE="margin-left:5.00em; text-indent:-1.00em"><FONT STYLE="font-family:Times New Roman" SIZE="2">8.3.7 Ordinary Course</FONT></P></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="2">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:Times New Roman" SIZE="2">98</FONT></TD>
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<TD VALIGN="top"> <P STYLE="margin-left:5.00em; text-indent:-1.00em"><FONT STYLE="font-family:Times New Roman" SIZE="2">8.3.8 With Consent</FONT></P></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="2">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:Times New Roman" SIZE="2">98</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="2">&nbsp;&nbsp;</FONT></TD></TR>
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<TD VALIGN="top"> <P STYLE="margin-left:5.00em; text-indent:-1.00em"><FONT STYLE="font-family:Times New Roman" SIZE="2">8.3.9 Permitted Investments</FONT></P></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="2">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:Times New Roman" SIZE="2">98</FONT></TD>
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<TD VALIGN="top"> <P STYLE="margin-left:5.00em; text-indent:-1.00em"><FONT STYLE="font-family:Times New Roman" SIZE="2">8.3.10 Equity Issuances</FONT></P></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="2">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:Times New Roman" SIZE="2">99</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="2">&nbsp;&nbsp;</FONT></TD></TR>
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<TD VALIGN="top"> <P STYLE="margin-left:5.00em; text-indent:-1.00em"><FONT STYLE="font-family:Times New Roman" SIZE="2">8.3.11 Merger of Loan Parties</FONT></P></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="2">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:Times New Roman" SIZE="2">99</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="2">&nbsp;&nbsp;</FONT></TD></TR>
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<TD VALIGN="top"> <P STYLE="margin-left:5.00em; text-indent:-1.00em"><FONT STYLE="font-family:Times New Roman" SIZE="2">8.3.12 Cedar-Riverview</FONT></P></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="2">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:Times New Roman" SIZE="2">99</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="2">&nbsp;&nbsp;</FONT></TD></TR>
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<TD VALIGN="top"> <P STYLE="margin-left:5.00em; text-indent:-1.00em"><FONT STYLE="font-family:Times New Roman" SIZE="2">8.3.13 Cedar-Revere</FONT></P></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="2">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:Times New Roman" SIZE="2">99</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="2">&nbsp;&nbsp;</FONT></TD></TR>
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<TD VALIGN="top"> <P STYLE="margin-left:3.00em; text-indent:-1.00em"><FONT STYLE="font-family:Times New Roman" SIZE="2">8.4 Restrictions on Debt</FONT></P></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="2">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:Times New Roman" SIZE="2">99</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="2">&nbsp;&nbsp;</FONT></TD></TR>
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<TD VALIGN="top"> <P STYLE="margin-left:5.00em; text-indent:-1.00em"><FONT STYLE="font-family:Times New Roman" SIZE="2">8.4.1 Debt under this Agreement</FONT></P></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="2">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:Times New Roman" SIZE="2">99</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="2">&nbsp;&nbsp;</FONT></TD></TR>
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<TD VALIGN="top"> <P STYLE="margin-left:5.00em; text-indent:-1.00em"><FONT STYLE="font-family:Times New Roman" SIZE="2">8.4.2 [Reserved]</FONT></P></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="2">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:Times New Roman" SIZE="2">99</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="2">&nbsp;&nbsp;</FONT></TD></TR>
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<TD VALIGN="top"> <P STYLE="margin-left:5.00em; text-indent:-1.00em"><FONT STYLE="font-family:Times New Roman" SIZE="2">8.4.3 Individual Property Debt</FONT></P></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="2">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:Times New Roman" SIZE="2">99</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="2">&nbsp;&nbsp;</FONT></TD></TR>
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<TD VALIGN="top"> <P STYLE="margin-left:5.00em; text-indent:-1.00em"><FONT STYLE="font-family:Times New Roman" SIZE="2">8.4.4 Nonrecourse Debt</FONT></P></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="2">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:Times New Roman" SIZE="2">99</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="2">&nbsp;&nbsp;</FONT></TD></TR>
<TR BGCOLOR="#cceeff">
<TD VALIGN="top"> <P STYLE="margin-left:5.00em; text-indent:-1.00em"><FONT STYLE="font-family:Times New Roman" SIZE="2">8.4.5 Ordinary Course</FONT></P></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="2">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:Times New Roman" SIZE="2">99</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="2">&nbsp;&nbsp;</FONT></TD></TR>
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<TD VALIGN="top"> <P STYLE="margin-left:5.00em; text-indent:-1.00em"><FONT STYLE="font-family:Times New Roman" SIZE="2">8.4.6 Capital Leases</FONT></P></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="2">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:Times New Roman" SIZE="2">100</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="2">&nbsp;&nbsp;</FONT></TD></TR>
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<TD VALIGN="top"> <P STYLE="margin-left:5.00em; text-indent:-1.00em"><FONT STYLE="font-family:Times New Roman" SIZE="2">8.4.7 Cross-Collateralized Debt</FONT></P></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="2">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:Times New Roman" SIZE="2">100</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="2">&nbsp;&nbsp;</FONT></TD></TR>
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<TD VALIGN="top"> <P STYLE="margin-left:5.00em; text-indent:-1.00em"><FONT STYLE="font-family:Times New Roman" SIZE="2">8.4.8 Other Unsecured Debt</FONT></P></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="2">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:Times New Roman" SIZE="2">100</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="2">&nbsp;&nbsp;</FONT></TD></TR>
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<TD VALIGN="top"> <P STYLE="margin-left:5.00em; text-indent:-1.00em"><FONT STYLE="font-family:Times New Roman" SIZE="2">8.4.9 Other Debt</FONT></P></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="2">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:Times New Roman" SIZE="2">100</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="2">&nbsp;&nbsp;</FONT></TD></TR>
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<TD VALIGN="top"> <P STYLE="margin-left:3.00em; text-indent:-1.00em"><FONT STYLE="font-family:Times New Roman" SIZE="2">8.5 Other Business</FONT></P></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="2">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:Times New Roman" SIZE="2">100</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="2">&nbsp;&nbsp;</FONT></TD></TR>
<TR BGCOLOR="#cceeff">
<TD VALIGN="top"> <P STYLE="margin-left:3.00em; text-indent:-1.00em"><FONT STYLE="font-family:Times New Roman" SIZE="2">8.6 Change of Control</FONT></P></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="2">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:Times New Roman" SIZE="2">100</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="2">&nbsp;&nbsp;</FONT></TD></TR>
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<TD VALIGN="top"> <P STYLE="margin-left:3.00em; text-indent:-1.00em"><FONT STYLE="font-family:Times New Roman" SIZE="2">8.7 Forgiveness of Debt</FONT></P></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="2">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:Times New Roman" SIZE="2">100</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="2">&nbsp;&nbsp;</FONT></TD></TR>
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<TD VALIGN="top"> <P STYLE="margin-left:3.00em; text-indent:-1.00em"><FONT STYLE="font-family:Times New Roman" SIZE="2">8.8 Affiliate Transactions</FONT></P></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="2">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:Times New Roman" SIZE="2">100</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="2">&nbsp;&nbsp;</FONT></TD></TR>
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<TD VALIGN="top"> <P STYLE="margin-left:3.00em; text-indent:-1.00em"><FONT STYLE="font-family:Times New Roman" SIZE="2">8.9 ERISA</FONT></P></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="2">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:Times New Roman" SIZE="2">100</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="2">&nbsp;&nbsp;</FONT></TD></TR>
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<TD VALIGN="top"> <P STYLE="margin-left:3.00em; text-indent:-1.00em"><FONT STYLE="font-family:Times New Roman" SIZE="2">8.10 Bankruptcy Filings</FONT></P></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="2">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:Times New Roman" SIZE="2">100</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="2">&nbsp;&nbsp;</FONT></TD></TR>
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<TD VALIGN="top"> <P STYLE="margin-left:3.00em; text-indent:-1.00em"><FONT STYLE="font-family:Times New Roman" SIZE="2">8.11 Investment Company</FONT></P></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="2">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:Times New Roman" SIZE="2">100</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="2">&nbsp;&nbsp;</FONT></TD></TR>
<TR BGCOLOR="#cceeff">
<TD VALIGN="top"> <P STYLE="margin-left:3.00em; text-indent:-1.00em"><FONT STYLE="font-family:Times New Roman" SIZE="2">8.12 [Reserved]</FONT></P></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="2">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:Times New Roman" SIZE="2">100</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="2">&nbsp;&nbsp;</FONT></TD></TR>
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<TD VALIGN="top"> <P STYLE="margin-left:3.00em; text-indent:-1.00em"><FONT STYLE="font-family:Times New Roman" SIZE="2">8.13 Use of Proceeds</FONT></P></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="2">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:Times New Roman" SIZE="2">101</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="2">&nbsp;&nbsp;</FONT></TD></TR>
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<TD VALIGN="top"> <P STYLE="margin-left:3.00em; text-indent:-1.00em"><FONT STYLE="font-family:Times New Roman" SIZE="2">8.14 Distributions</FONT></P></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="2">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:Times New Roman" SIZE="2">101</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="2">&nbsp;&nbsp;</FONT></TD></TR>
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<TD VALIGN="top"> <P STYLE="margin-left:3.00em; text-indent:-1.00em"><FONT STYLE="font-family:Times New Roman" SIZE="2">8.15 Restrictions on Investments</FONT></P></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="2">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:Times New Roman" SIZE="2">101</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="2">&nbsp;&nbsp;</FONT></TD></TR>
<TR BGCOLOR="#cceeff">
<TD VALIGN="top"> <P STYLE="margin-left:3.00em; text-indent:-1.00em"><FONT STYLE="font-family:Times New Roman" SIZE="2">8.16 Negative Pledges, Etc.</FONT></P></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="2">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:Times New Roman" SIZE="2">101</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="2">&nbsp;&nbsp;</FONT></TD></TR>
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<TD VALIGN="top"> <P STYLE="margin-left:3.00em; text-indent:-1.00em"><FONT STYLE="font-family:Times New Roman" SIZE="2">8.17 Other Covenants</FONT></P></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="2">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:Times New Roman" SIZE="2">101</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="2">&nbsp;&nbsp;</FONT></TD></TR>
<TR BGCOLOR="#cceeff">
<TD VALIGN="top"> <P STYLE="margin-left:3.00em; text-indent:-1.00em"><FONT STYLE="font-family:Times New Roman" SIZE="2">8.18 Swap Contracts</FONT></P></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="2">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:Times New Roman" SIZE="2">101</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="2">&nbsp;&nbsp;</FONT></TD></TR>
<TR>
<TD HEIGHT="13"></TD>
<TD HEIGHT="13" COLSPAN="4"></TD></TR>
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<TD VALIGN="top"> <P STYLE="margin-left:1.00em; text-indent:-1.00em"><FONT STYLE="font-family:Times New Roman" SIZE="2">9. SPECIAL PROVISIONS</FONT></P></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="2">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:Times New Roman" SIZE="2">102</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="2">&nbsp;&nbsp;</FONT></TD></TR>
<TR>
<TD HEIGHT="13"></TD>
<TD HEIGHT="13" COLSPAN="4"></TD></TR>
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<TD VALIGN="top"> <P STYLE="margin-left:3.00em; text-indent:-1.00em"><FONT STYLE="font-family:Times New Roman" SIZE="2">9.1 Legal Requirements</FONT></P></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="2">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:Times New Roman" SIZE="2">102</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="2">&nbsp;&nbsp;</FONT></TD></TR>
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<TD VALIGN="top"> <P STYLE="margin-left:3.00em; text-indent:-1.00em"><FONT STYLE="font-family:Times New Roman" SIZE="2">9.2 Limited Recourse Provisions</FONT></P></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="2">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:Times New Roman" SIZE="2">102</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="2">&nbsp;&nbsp;</FONT></TD></TR>
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 <p STYLE="margin-top:0px;margin-bottom:0px"><FONT SIZE="1">&nbsp;</FONT></P> <P STYLE="margin-top:0px;margin-bottom:0px" ALIGN="center"><FONT STYLE="font-family:Times New Roman" SIZE="2">vi </FONT></P>



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<TD nowrap><FONT STYLE="Times New Roman" SIZE="1"><B>September 30,</B></FONT></TD>
<TD></TD></TR>
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<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" COLSPAN="2" ALIGN="right"> <P STYLE="border-bottom:1px solid #000000;width:16pt" ALIGN="right"><FONT STYLE="font-family:Times New Roman" SIZE="1"><B>Page</B></FONT></P></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD></TR>


<TR>
<TD HEIGHT="13"></TD>
<TD HEIGHT="13" COLSPAN="4"></TD></TR>
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<TD VALIGN="top"> <P STYLE="margin-left:5.00em; text-indent:-1.00em"><FONT STYLE="font-family:Times New Roman" SIZE="2">9.2.1 Borrower Fully Liable</FONT></P></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="2">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:Times New Roman" SIZE="2">102</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="2">&nbsp;&nbsp;</FONT></TD></TR>
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<TD VALIGN="top"> <P STYLE="margin-left:5.00em; text-indent:-1.00em"><FONT STYLE="font-family:Times New Roman" SIZE="2">9.2.2 Certain Non-Recourse</FONT></P></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="2">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:Times New Roman" SIZE="2">102</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="2">&nbsp;&nbsp;</FONT></TD></TR>
<TR BGCOLOR="#cceeff">
<TD VALIGN="top"> <P STYLE="margin-left:5.00em; text-indent:-1.00em"><FONT STYLE="font-family:Times New Roman" SIZE="2">9.2.3 Additional Matters</FONT></P></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="2">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:Times New Roman" SIZE="2">103</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="2">&nbsp;&nbsp;</FONT></TD></TR>
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<TD VALIGN="top"> <P STYLE="margin-left:3.00em; text-indent:-1.00em"><FONT STYLE="font-family:Times New Roman" SIZE="2">9.3 Payment of Obligations</FONT></P></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="2">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:Times New Roman" SIZE="2">103</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="2">&nbsp;&nbsp;</FONT></TD></TR>
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<TD HEIGHT="13"></TD>
<TD HEIGHT="13" COLSPAN="4"></TD></TR>
<TR BGCOLOR="#cceeff">
<TD VALIGN="top"> <P STYLE="margin-left:1.00em; text-indent:-1.00em"><FONT STYLE="font-family:Times New Roman" SIZE="2">10. EVENTS OF DEFAULT</FONT></P></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="2">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:Times New Roman" SIZE="2">103</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="2">&nbsp;&nbsp;</FONT></TD></TR>
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<TD HEIGHT="13"></TD>
<TD HEIGHT="13" COLSPAN="4"></TD></TR>
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<TD VALIGN="top"> <P STYLE="margin-left:3.00em; text-indent:-1.00em"><FONT STYLE="font-family:Times New Roman" SIZE="2">10.1 Default and Events of Default</FONT></P></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="2">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:Times New Roman" SIZE="2">103</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="2">&nbsp;&nbsp;</FONT></TD></TR>
<TR BGCOLOR="#cceeff">
<TD VALIGN="top"> <P STYLE="margin-left:5.00em; text-indent:-1.00em"><FONT STYLE="font-family:Times New Roman" SIZE="2">10.1.1 Failure to Pay the Loan</FONT></P></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="2">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:Times New Roman" SIZE="2">103</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="2">&nbsp;&nbsp;</FONT></TD></TR>
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<TD VALIGN="top"> <P STYLE="margin-left:5.00em; text-indent:-1.00em"><FONT STYLE="font-family:Times New Roman" SIZE="2">10.1.2 Failure to Make Other Payments</FONT></P></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="2">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:Times New Roman" SIZE="2">103</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="2">&nbsp;&nbsp;</FONT></TD></TR>
<TR BGCOLOR="#cceeff">
<TD VALIGN="top"> <P STYLE="margin-left:5.00em; text-indent:-1.00em"><FONT STYLE="font-family:Times New Roman" SIZE="2">10.1.3 Security Documents and Other Loan Documents</FONT></P></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="2">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:Times New Roman" SIZE="2">104</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="2">&nbsp;&nbsp;</FONT></TD></TR>
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<TD VALIGN="top"> <P STYLE="margin-left:5.00em; text-indent:-1.00em"><FONT STYLE="font-family:Times New Roman" SIZE="2">10.1.4 Default under Other Agreements</FONT></P></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="2">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:Times New Roman" SIZE="2">104</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="2">&nbsp;&nbsp;</FONT></TD></TR>
<TR BGCOLOR="#cceeff">
<TD VALIGN="top"> <P STYLE="margin-left:5.00em; text-indent:-1.00em"><FONT STYLE="font-family:Times New Roman" SIZE="2">10.1.5 Representations and Warranties</FONT></P></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="2">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:Times New Roman" SIZE="2">104</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="2">&nbsp;&nbsp;</FONT></TD></TR>
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<TD VALIGN="top"> <P STYLE="margin-left:5.00em; text-indent:-1.00em"><FONT STYLE="font-family:Times New Roman" SIZE="2">10.1.6 Affirmative Covenants</FONT></P></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="2">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:Times New Roman" SIZE="2">104</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="2">&nbsp;&nbsp;</FONT></TD></TR>
<TR BGCOLOR="#cceeff">
<TD VALIGN="top"> <P STYLE="margin-left:5.00em; text-indent:-1.00em"><FONT STYLE="font-family:Times New Roman" SIZE="2">10.1.7 Negative Covenants</FONT></P></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="2">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:Times New Roman" SIZE="2">105</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="2">&nbsp;&nbsp;</FONT></TD></TR>
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<TD VALIGN="top"> <P STYLE="margin-left:5.00em; text-indent:-1.00em"><FONT STYLE="font-family:Times New Roman" SIZE="2">10.1.8 Financial Status and Insolvency</FONT></P></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="2">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:Times New Roman" SIZE="2">105</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="2">&nbsp;&nbsp;</FONT></TD></TR>
<TR BGCOLOR="#cceeff">
<TD VALIGN="top"> <P STYLE="margin-left:5.00em; text-indent:-1.00em"><FONT STYLE="font-family:Times New Roman" SIZE="2">10.1.9 Loan Documents</FONT></P></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="2">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:Times New Roman" SIZE="2">105</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="2">&nbsp;&nbsp;</FONT></TD></TR>
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<TD VALIGN="top"> <P STYLE="margin-left:5.00em; text-indent:-1.00em"><FONT STYLE="font-family:Times New Roman" SIZE="2">10.1.10 Judgments</FONT></P></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="2">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:Times New Roman" SIZE="2">105</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="2">&nbsp;&nbsp;</FONT></TD></TR>
<TR BGCOLOR="#cceeff">
<TD VALIGN="top"> <P STYLE="margin-left:5.00em; text-indent:-1.00em"><FONT STYLE="font-family:Times New Roman" SIZE="2">10.1.11 ERISA</FONT></P></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="2">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:Times New Roman" SIZE="2">105</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="2">&nbsp;&nbsp;</FONT></TD></TR>
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<TD VALIGN="top"> <P STYLE="margin-left:5.00em; text-indent:-1.00em"><FONT STYLE="font-family:Times New Roman" SIZE="2">10.1.12 Change of Control</FONT></P></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="2">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:Times New Roman" SIZE="2">106</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="2">&nbsp;&nbsp;</FONT></TD></TR>
<TR BGCOLOR="#cceeff">
<TD VALIGN="top"> <P STYLE="margin-left:5.00em; text-indent:-1.00em"><FONT STYLE="font-family:Times New Roman" SIZE="2">10.1.13 Indictment; Forfeiture</FONT></P></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="2">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:Times New Roman" SIZE="2">106</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="2">&nbsp;&nbsp;</FONT></TD></TR>
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<TD VALIGN="top"> <P STYLE="margin-left:5.00em; text-indent:-1.00em"><FONT STYLE="font-family:Times New Roman" SIZE="2">10.1.14 Generally</FONT></P></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="2">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:Times New Roman" SIZE="2">106</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="2">&nbsp;&nbsp;</FONT></TD></TR>
<TR BGCOLOR="#cceeff">
<TD VALIGN="top"> <P STYLE="margin-left:3.00em; text-indent:-1.00em"><FONT STYLE="font-family:Times New Roman" SIZE="2">10.2 Grace Periods and Notice</FONT></P></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="2">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:Times New Roman" SIZE="2">106</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="2">&nbsp;&nbsp;</FONT></TD></TR>
<TR>
<TD VALIGN="top"> <P STYLE="margin-left:5.00em; text-indent:-1.00em"><FONT STYLE="font-family:Times New Roman" SIZE="2">10.2.1 No Notice or Grace Period</FONT></P></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="2">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:Times New Roman" SIZE="2">106</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="2">&nbsp;&nbsp;</FONT></TD></TR>
<TR BGCOLOR="#cceeff">
<TD VALIGN="top"> <P STYLE="margin-left:5.00em; text-indent:-1.00em"><FONT STYLE="font-family:Times New Roman" SIZE="2">10.2.2 Nonpayment of Interest</FONT></P></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="2">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:Times New Roman" SIZE="2">107</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="2">&nbsp;&nbsp;</FONT></TD></TR>
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<TD VALIGN="top"> <P STYLE="margin-left:5.00em; text-indent:-1.00em"><FONT STYLE="font-family:Times New Roman" SIZE="2">10.2.3 Other Monetary Defaults</FONT></P></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="2">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:Times New Roman" SIZE="2">107</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="2">&nbsp;&nbsp;</FONT></TD></TR>
<TR BGCOLOR="#cceeff">
<TD VALIGN="top"> <P STYLE="margin-left:5.00em; text-indent:-1.00em"><FONT STYLE="font-family:Times New Roman" SIZE="2">10.2.4 Nonmonetary Defaults Capable of Cure</FONT></P></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="2">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:Times New Roman" SIZE="2">107</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="2">&nbsp;&nbsp;</FONT></TD></TR>
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<TD VALIGN="top"> <P STYLE="margin-left:5.00em; text-indent:-1.00em"><FONT STYLE="font-family:Times New Roman" SIZE="2">10.2.5 Borrowing Base Property Defaults</FONT></P></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="2">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:Times New Roman" SIZE="2">107</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="2">&nbsp;&nbsp;</FONT></TD></TR>
<TR>
<TD HEIGHT="13"></TD>
<TD HEIGHT="13" COLSPAN="4"></TD></TR>
<TR BGCOLOR="#cceeff">
<TD VALIGN="top"> <P STYLE="margin-left:1.00em; text-indent:-1.00em"><FONT STYLE="font-family:Times New Roman" SIZE="2">11. REMEDIES</FONT></P></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="2">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:Times New Roman" SIZE="2">107</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="2">&nbsp;&nbsp;</FONT></TD></TR>
<TR>
<TD HEIGHT="13"></TD>
<TD HEIGHT="13" COLSPAN="4"></TD></TR>
<TR>
<TD VALIGN="top"> <P STYLE="margin-left:3.00em; text-indent:-1.00em"><FONT STYLE="font-family:Times New Roman" SIZE="2">11.1 Remedies</FONT></P></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="2">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:Times New Roman" SIZE="2">107</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="2">&nbsp;&nbsp;</FONT></TD></TR>
<TR BGCOLOR="#cceeff">
<TD VALIGN="top"> <P STYLE="margin-left:5.00em; text-indent:-1.00em"><FONT STYLE="font-family:Times New Roman" SIZE="2">11.1.1 Accelerate Debt</FONT></P></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="2">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:Times New Roman" SIZE="2">107</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="2">&nbsp;&nbsp;</FONT></TD></TR>
<TR>
<TD VALIGN="top"> <P STYLE="margin-left:5.00em; text-indent:-1.00em"><FONT STYLE="font-family:Times New Roman" SIZE="2">11.1.2 Collateralize Letters of Credit</FONT></P></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="2">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:Times New Roman" SIZE="2">107</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="2">&nbsp;&nbsp;</FONT></TD></TR>
<TR BGCOLOR="#cceeff">
<TD VALIGN="top"> <P STYLE="margin-left:5.00em; text-indent:-1.00em"><FONT STYLE="font-family:Times New Roman" SIZE="2">11.1.3 Pursue Remedies</FONT></P></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="2">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:Times New Roman" SIZE="2">107</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="2">&nbsp;&nbsp;</FONT></TD></TR>
<TR>
<TD VALIGN="top"> <P STYLE="margin-left:3.00em; text-indent:-1.00em"><FONT STYLE="font-family:Times New Roman" SIZE="2">11.2 Distribution of Liquidation Proceeds</FONT></P></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="2">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:Times New Roman" SIZE="2">108</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="2">&nbsp;&nbsp;</FONT></TD></TR>
<TR BGCOLOR="#cceeff">
<TD VALIGN="top"> <P STYLE="margin-left:3.00em; text-indent:-1.00em"><FONT STYLE="font-family:Times New Roman" SIZE="2">11.3 Power of Attorney</FONT></P></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="2">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:Times New Roman" SIZE="2">108</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="2">&nbsp;&nbsp;</FONT></TD></TR>
<TR>
<TD HEIGHT="13"></TD>
<TD HEIGHT="13" COLSPAN="4"></TD></TR>
<TR>
<TD VALIGN="top"> <P STYLE="margin-left:1.00em; text-indent:-1.00em"><FONT STYLE="font-family:Times New Roman" SIZE="2">12. SECURITY INTEREST AND SET-OFF</FONT></P></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="2">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:Times New Roman" SIZE="2">109</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="2">&nbsp;&nbsp;</FONT></TD></TR>
<TR>
<TD HEIGHT="13"></TD>
<TD HEIGHT="13" COLSPAN="4"></TD></TR>
<TR BGCOLOR="#cceeff">
<TD VALIGN="top"> <P STYLE="margin-left:3.00em; text-indent:-1.00em"><FONT STYLE="font-family:Times New Roman" SIZE="2">12.1 Security Interest</FONT></P></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="2">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:Times New Roman" SIZE="2">109</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="2">&nbsp;&nbsp;</FONT></TD></TR>
<TR>
<TD VALIGN="top"> <P STYLE="margin-left:3.00em; text-indent:-1.00em"><FONT STYLE="font-family:Times New Roman" SIZE="2">12.2 Set-Off/Sharing of Payments</FONT></P></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="2">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:Times New Roman" SIZE="2">109</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="2">&nbsp;&nbsp;</FONT></TD></TR>
<TR BGCOLOR="#cceeff">
<TD VALIGN="top"> <P STYLE="margin-left:3.00em; text-indent:-1.00em"><FONT STYLE="font-family:Times New Roman" SIZE="2">12.3 Right to Freeze</FONT></P></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="2">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:Times New Roman" SIZE="2">110</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="2">&nbsp;&nbsp;</FONT></TD></TR>
<TR>
<TD VALIGN="top"> <P STYLE="margin-left:3.00em; text-indent:-1.00em"><FONT STYLE="font-family:Times New Roman" SIZE="2">12.4 Additional Rights</FONT></P></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="2">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:Times New Roman" SIZE="2">110</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="2">&nbsp;&nbsp;</FONT></TD></TR>
<TR>
<TD HEIGHT="13"></TD>
<TD HEIGHT="13" COLSPAN="4"></TD></TR>
<TR BGCOLOR="#cceeff">
<TD VALIGN="top"> <P STYLE="margin-left:1.00em; text-indent:-1.00em"><FONT STYLE="font-family:Times New Roman" SIZE="2">13. THE ADMINISTRATIVE AGENT AND THE LENDERS</FONT></P></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="2">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:Times New Roman" SIZE="2">110</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="2">&nbsp;&nbsp;</FONT></TD></TR>
<TR>
<TD HEIGHT="13"></TD>
<TD HEIGHT="13" COLSPAN="4"></TD></TR>
<TR>
<TD VALIGN="top"> <P STYLE="margin-left:3.00em; text-indent:-1.00em"><FONT STYLE="font-family:Times New Roman" SIZE="2">13.1 Rights, Duties and Immunities of the Administrative Agent</FONT></P></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="2">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:Times New Roman" SIZE="2">110</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="2">&nbsp;&nbsp;</FONT></TD></TR>
<TR BGCOLOR="#cceeff">
<TD VALIGN="top"> <P STYLE="margin-left:5.00em; text-indent:-1.00em"><FONT STYLE="font-family:Times New Roman" SIZE="2">13.1.1 Appointment of Administrative Agent</FONT></P></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="2">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:Times New Roman" SIZE="2">110</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="2">&nbsp;&nbsp;</FONT></TD></TR>
<TR>
<TD VALIGN="top"> <P STYLE="margin-left:5.00em; text-indent:-1.00em"><FONT STYLE="font-family:Times New Roman" SIZE="2">13.1.2 No Other Duties, Etc.</FONT></P></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="2">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:Times New Roman" SIZE="2">110</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="2">&nbsp;&nbsp;</FONT></TD></TR>
<TR BGCOLOR="#cceeff">
<TD VALIGN="top"> <P STYLE="margin-left:5.00em; text-indent:-1.00em"><FONT STYLE="font-family:Times New Roman" SIZE="2">13.1.3 Delegation of Duties</FONT></P></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="2">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:Times New Roman" SIZE="2">110</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="2">&nbsp;&nbsp;</FONT></TD></TR>
</TABLE>
 <p STYLE="margin-top:0px;margin-bottom:0px"><FONT SIZE="1">&nbsp;</FONT></P> <P STYLE="margin-top:0px;margin-bottom:0px" ALIGN="center"><FONT STYLE="font-family:Times New Roman" SIZE="2">vii
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<TD VALIGN="bottom" COLSPAN="2" ALIGN="right"> <P STYLE="border-bottom:1px solid #000000;width:16pt" ALIGN="right"><FONT STYLE="font-family:Times New Roman" SIZE="1"><B>Page</B></FONT></P></TD>
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<TD HEIGHT="13"></TD>
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<TD VALIGN="top"></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="top"></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="2">13.1.4</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="2">Exculpatory Provisions</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="2">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:Times New Roman" SIZE="2">111</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="2">&nbsp;&nbsp;</FONT></TD></TR>
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<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="top"></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="top"> <P STYLE="margin-left:1.00em; text-indent:-1.00em"><FONT STYLE="font-family:Times New Roman" SIZE="2">13.1.5</FONT></P></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="2">Reliance by Administrative Agent</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="2">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:Times New Roman" SIZE="2">112</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="2">&nbsp;&nbsp;</FONT></TD></TR>
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<TD VALIGN="top"></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="top"></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="top"> <P STYLE="margin-left:1.00em; text-indent:-1.00em"><FONT STYLE="font-family:Times New Roman" SIZE="2">13.1.6</FONT></P></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="2">Notice of Default</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="2">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:Times New Roman" SIZE="2">112</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="2">&nbsp;&nbsp;</FONT></TD></TR>
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<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="top"></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="top"> <P STYLE="margin-left:1.00em; text-indent:-1.00em"><FONT STYLE="font-family:Times New Roman" SIZE="2">13.1.7</FONT></P></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="2">Lenders&#146; Credit Decisions</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="2">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:Times New Roman" SIZE="2">112</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="2">&nbsp;&nbsp;</FONT></TD></TR>
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<TD VALIGN="top"></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="top"></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="top"> <P STYLE="margin-left:1.00em; text-indent:-1.00em"><FONT STYLE="font-family:Times New Roman" SIZE="2">13.1.8</FONT></P></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="2">Administrative Agent&#146;s Reimbursement and Indemnification</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="2">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:Times New Roman" SIZE="2">112</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="2">&nbsp;&nbsp;</FONT></TD></TR>
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<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="top"> <P STYLE="margin-left:1.00em; text-indent:-1.00em"><FONT STYLE="font-family:Times New Roman" SIZE="2">13.1.9</FONT></P></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="2">Administrative Agent in its Individual Capacity</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="2">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:Times New Roman" SIZE="2">113</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="2">&nbsp;&nbsp;</FONT></TD></TR>
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<TD VALIGN="top"></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="top"></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="top"> <P STYLE="margin-left:1.00em; text-indent:-1.00em"><FONT STYLE="font-family:Times New Roman" SIZE="2">13.1.10</FONT></P></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="2">Successor Administrative Agent</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="2">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:Times New Roman" SIZE="2">113</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="2">&nbsp;&nbsp;</FONT></TD></TR>
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<TD VALIGN="top"> <P STYLE="margin-left:1.00em; text-indent:-1.00em"><FONT STYLE="font-family:Times New Roman" SIZE="2">13.1.11</FONT></P></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="2">Administrative Agent May File Proofs of Claim</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="2">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:Times New Roman" SIZE="2">114</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="2">&nbsp;&nbsp;</FONT></TD></TR>
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<TD VALIGN="top"> <P STYLE="margin-left:1.00em; text-indent:-1.00em"><FONT STYLE="font-family:Times New Roman" SIZE="2">13.1.12</FONT></P></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="2">Collateral and Guaranty Matters</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="2">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:Times New Roman" SIZE="2">115</FONT></TD>
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<TD VALIGN="top"> <P STYLE="margin-left:1.00em; text-indent:-1.00em"><FONT STYLE="font-family:Times New Roman" SIZE="2">13.2</FONT></P></TD>
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<TD VALIGN="top" COLSPAN="3"> <P STYLE="margin-left:1.00em; text-indent:-1.00em"><FONT STYLE="font-family:Times New Roman" SIZE="2">Respecting Loans and Payments</FONT></P></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="2">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:Times New Roman" SIZE="2">115</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="2">&nbsp;&nbsp;</FONT></TD></TR>
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<TD VALIGN="top"> <P STYLE="margin-left:1.00em; text-indent:-1.00em"><FONT STYLE="font-family:Times New Roman" SIZE="2">13.2.1</FONT></P></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="2">Adjustments</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="2">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:Times New Roman" SIZE="2">116</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="2">&nbsp;&nbsp;</FONT></TD></TR>
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<TD VALIGN="top"></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="top"> <P STYLE="margin-left:1.00em; text-indent:-1.00em"><FONT STYLE="font-family:Times New Roman" SIZE="2">13.2.2</FONT></P></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="2">Setoff</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="2">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:Times New Roman" SIZE="2">116</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="2">&nbsp;&nbsp;</FONT></TD></TR>
<TR BGCOLOR="#cceeff">
<TD VALIGN="top"></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="top"></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="top"> <P STYLE="margin-left:1.00em; text-indent:-1.00em"><FONT STYLE="font-family:Times New Roman" SIZE="2">13.2.3</FONT></P></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="2">Distribution by the Administrative Agent</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="2">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:Times New Roman" SIZE="2">116</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="2">&nbsp;&nbsp;</FONT></TD></TR>
<TR>
<TD VALIGN="top"></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="top"></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="top"> <P STYLE="margin-left:1.00em; text-indent:-1.00em"><FONT STYLE="font-family:Times New Roman" SIZE="2">13.2.4</FONT></P></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="2">Defaulting Lender</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="2">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:Times New Roman" SIZE="2">116</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="2">&nbsp;&nbsp;</FONT></TD></TR>
<TR BGCOLOR="#cceeff">
<TD VALIGN="top"></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="top"></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="top"> <P STYLE="margin-left:1.00em; text-indent:-1.00em"><FONT STYLE="font-family:Times New Roman" SIZE="2">13.2.5</FONT></P></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="2">Holders</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="2">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:Times New Roman" SIZE="2">117</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="2">&nbsp;&nbsp;</FONT></TD></TR>
<TR>
<TD VALIGN="top"></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="top"> <P STYLE="margin-left:1.00em; text-indent:-1.00em"><FONT STYLE="font-family:Times New Roman" SIZE="2">13.3</FONT></P></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="top" COLSPAN="3"> <P STYLE="margin-left:1.00em; text-indent:-1.00em"><FONT STYLE="font-family:Times New Roman" SIZE="2">Assignments by Lenders</FONT></P></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="2">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:Times New Roman" SIZE="2">117</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="2">&nbsp;&nbsp;</FONT></TD></TR>
<TR BGCOLOR="#cceeff">
<TD VALIGN="top"></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="top"></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="top"> <P STYLE="margin-left:1.00em; text-indent:-1.00em"><FONT STYLE="font-family:Times New Roman" SIZE="2">13.3.1</FONT></P></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="2">Successors and Assigns Generally</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="2">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:Times New Roman" SIZE="2">117</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="2">&nbsp;&nbsp;</FONT></TD></TR>
<TR>
<TD VALIGN="top"></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="top"></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="top"> <P STYLE="margin-left:1.00em; text-indent:-1.00em"><FONT STYLE="font-family:Times New Roman" SIZE="2">13.3.2</FONT></P></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="2">Assignments by Lenders</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="2">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:Times New Roman" SIZE="2">118</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="2">&nbsp;&nbsp;</FONT></TD></TR>
<TR BGCOLOR="#cceeff">
<TD VALIGN="top"></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="top"></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="top"> <P STYLE="margin-left:1.00em; text-indent:-1.00em"><FONT STYLE="font-family:Times New Roman" SIZE="2">13.3.3</FONT></P></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="2">Register</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="2">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:Times New Roman" SIZE="2">120</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="2">&nbsp;&nbsp;</FONT></TD></TR>
<TR>
<TD VALIGN="top"></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="top"></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="top"> <P STYLE="margin-left:1.00em; text-indent:-1.00em"><FONT STYLE="font-family:Times New Roman" SIZE="2">13.3.4</FONT></P></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="2">Participations</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="2">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:Times New Roman" SIZE="2">120</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="2">&nbsp;&nbsp;</FONT></TD></TR>
<TR BGCOLOR="#cceeff">
<TD VALIGN="top"></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="top"></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="top"> <P STYLE="margin-left:1.00em; text-indent:-1.00em"><FONT STYLE="font-family:Times New Roman" SIZE="2">13.3.5</FONT></P></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="2">Limitations upon Participant Rights</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="2">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:Times New Roman" SIZE="2">121</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="2">&nbsp;&nbsp;</FONT></TD></TR>
<TR>
<TD VALIGN="top"></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="top"></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="top"> <P STYLE="margin-left:1.00em; text-indent:-1.00em"><FONT STYLE="font-family:Times New Roman" SIZE="2">13.3.6</FONT></P></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="2">Certain Pledges</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="2">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:Times New Roman" SIZE="2">121</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="2">&nbsp;&nbsp;</FONT></TD></TR>
<TR BGCOLOR="#cceeff">
<TD VALIGN="top"></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="top"></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="top"> <P STYLE="margin-left:1.00em; text-indent:-1.00em"><FONT STYLE="font-family:Times New Roman" SIZE="2">13.3.7</FONT></P></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="2">Resignation as L/C Issuer after Assignment</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="2">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:Times New Roman" SIZE="2">121</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="2">&nbsp;&nbsp;</FONT></TD></TR>
<TR>
<TD VALIGN="top"></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="top"> <P STYLE="margin-left:1.00em; text-indent:-1.00em"><FONT STYLE="font-family:Times New Roman" SIZE="2">13.4</FONT></P></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="top" COLSPAN="3"> <P STYLE="margin-left:1.00em; text-indent:-1.00em"><FONT STYLE="font-family:Times New Roman" SIZE="2">Administrative Matters</FONT></P></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="2">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:Times New Roman" SIZE="2">122</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="2">&nbsp;&nbsp;</FONT></TD></TR>
<TR BGCOLOR="#cceeff">
<TD VALIGN="top"></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="top"></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="top"> <P STYLE="margin-left:1.00em; text-indent:-1.00em"><FONT STYLE="font-family:Times New Roman" SIZE="2">13.4.1</FONT></P></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="2">Amendment, Waiver, Consent, Etc.</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="2">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:Times New Roman" SIZE="2">122</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="2">&nbsp;&nbsp;</FONT></TD></TR>
<TR>
<TD VALIGN="top"></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="top"></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="top"> <P STYLE="margin-left:1.00em; text-indent:-1.00em"><FONT STYLE="font-family:Times New Roman" SIZE="2">13.4.2</FONT></P></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="2">Deemed Consent or Approval</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="2">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:Times New Roman" SIZE="2">123</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="2">&nbsp;&nbsp;</FONT></TD></TR>
<TR>
<TD HEIGHT="13"></TD>
<TD HEIGHT="13" COLSPAN="6"></TD>
<TD HEIGHT="13" COLSPAN="4"></TD></TR>
<TR BGCOLOR="#cceeff">
<TD VALIGN="top"> <P STYLE="margin-left:1.00em; text-indent:-1.00em"><FONT STYLE="font-family:Times New Roman" SIZE="2">14.</FONT></P></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="top" COLSPAN="5"> <P STYLE="margin-left:1.00em; text-indent:-1.00em"><FONT STYLE="font-family:Times New Roman" SIZE="2">CASUALTY AND TAKING</FONT></P></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="2">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:Times New Roman" SIZE="2">124</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="2">&nbsp;&nbsp;</FONT></TD></TR>
<TR>
<TD HEIGHT="13"></TD>
<TD HEIGHT="13" COLSPAN="2"></TD>
<TD HEIGHT="13" COLSPAN="4"></TD>
<TD HEIGHT="13" COLSPAN="4"></TD></TR>
<TR>
<TD VALIGN="top"></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="top"> <P STYLE="margin-left:1.00em; text-indent:-1.00em"><FONT STYLE="font-family:Times New Roman" SIZE="2">14.1</FONT></P></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="top" COLSPAN="3"> <P STYLE="margin-left:1.00em; text-indent:-1.00em"><FONT STYLE="font-family:Times New Roman" SIZE="2">Casualty or Taking; Obligation To Repair</FONT></P></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="2">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:Times New Roman" SIZE="2">124</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="2">&nbsp;&nbsp;</FONT></TD></TR>
<TR BGCOLOR="#cceeff">
<TD VALIGN="top"></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="top"> <P STYLE="margin-left:1.00em; text-indent:-1.00em"><FONT STYLE="font-family:Times New Roman" SIZE="2">14.2</FONT></P></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="top" COLSPAN="3"> <P STYLE="margin-left:1.00em; text-indent:-1.00em"><FONT STYLE="font-family:Times New Roman" SIZE="2">Adjustment of Claims</FONT></P></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="2">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:Times New Roman" SIZE="2">124</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="2">&nbsp;&nbsp;</FONT></TD></TR>
<TR>
<TD VALIGN="top"></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="top"> <P STYLE="margin-left:1.00em; text-indent:-1.00em"><FONT STYLE="font-family:Times New Roman" SIZE="2">14.3</FONT></P></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="top" COLSPAN="3"> <P STYLE="margin-left:1.00em; text-indent:-1.00em"><FONT STYLE="font-family:Times New Roman" SIZE="2">Payment and Application of Insurance Proceeds and Condemnation Awards</FONT></P></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="2">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:Times New Roman" SIZE="2">124</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="2">&nbsp;&nbsp;</FONT></TD></TR>
<TR BGCOLOR="#cceeff">
<TD VALIGN="top"></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="top"></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="top"> <P STYLE="margin-left:1.00em; text-indent:-1.00em"><FONT STYLE="font-family:Times New Roman" SIZE="2">14.3.1</FONT></P></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"> <P STYLE="margin-left:1.00em; text-indent:-1.00em"><FONT STYLE="font-family:Times New Roman" SIZE="2">Insurance Proceeds</FONT></P></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="2">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:Times New Roman" SIZE="2">124</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="2">&nbsp;&nbsp;</FONT></TD></TR>
<TR>
<TD VALIGN="top"></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="top"></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="top"> <P STYLE="margin-left:1.00em; text-indent:-1.00em"><FONT STYLE="font-family:Times New Roman" SIZE="2">14.3.2</FONT></P></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"> <P STYLE="margin-left:1.00em; text-indent:-1.00em"><FONT STYLE="font-family:Times New Roman" SIZE="2">Release of Funds</FONT></P></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="2">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:Times New Roman" SIZE="2">124</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="2">&nbsp;&nbsp;</FONT></TD></TR>
<TR BGCOLOR="#cceeff">
<TD VALIGN="top"></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="top"></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="top"> <P STYLE="margin-left:1.00em; text-indent:-1.00em"><FONT STYLE="font-family:Times New Roman" SIZE="2">14.3.3</FONT></P></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"> <P STYLE="margin-left:1.00em; text-indent:-1.00em"><FONT STYLE="font-family:Times New Roman" SIZE="2">Conditions</FONT></P></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="2">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:Times New Roman" SIZE="2">124</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="2">&nbsp;&nbsp;</FONT></TD></TR>
<TR>
<TD VALIGN="top"></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="top"> <P STYLE="margin-left:1.00em; text-indent:-1.00em"><FONT STYLE="font-family:Times New Roman" SIZE="2">14.4</FONT></P></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="top" COLSPAN="3"> <P STYLE="margin-left:1.00em; text-indent:-1.00em"><FONT STYLE="font-family:Times New Roman" SIZE="2">Conditions To Release of Insurance Proceeds</FONT></P></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="2">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:Times New Roman" SIZE="2">125</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="2">&nbsp;&nbsp;</FONT></TD></TR>
<TR BGCOLOR="#cceeff">
<TD VALIGN="top"></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="top"> <P STYLE="margin-left:1.00em; text-indent:-1.00em"><FONT STYLE="font-family:Times New Roman" SIZE="2">14.5</FONT></P></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="top" COLSPAN="3"> <P STYLE="margin-left:1.00em; text-indent:-1.00em"><FONT STYLE="font-family:Times New Roman" SIZE="2">Consultants</FONT></P></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="2">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:Times New Roman" SIZE="2">126</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="2">&nbsp;&nbsp;</FONT></TD></TR>
<TR>
<TD VALIGN="top"></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="top"> <P STYLE="margin-left:1.00em; text-indent:-1.00em"><FONT STYLE="font-family:Times New Roman" SIZE="2">14.6</FONT></P></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="top" COLSPAN="3"> <P STYLE="margin-left:1.00em; text-indent:-1.00em"><FONT STYLE="font-family:Times New Roman" SIZE="2">Final Payments</FONT></P></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="2">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:Times New Roman" SIZE="2">126</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="2">&nbsp;&nbsp;</FONT></TD></TR>
<TR BGCOLOR="#cceeff">
<TD VALIGN="top"></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="top"> <P STYLE="margin-left:1.00em; text-indent:-1.00em"><FONT STYLE="font-family:Times New Roman" SIZE="2">14.7</FONT></P></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="top" COLSPAN="3"> <P STYLE="margin-left:1.00em; text-indent:-1.00em"><FONT STYLE="font-family:Times New Roman" SIZE="2">Lease Provisions</FONT></P></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="2">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:Times New Roman" SIZE="2">126</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="2">&nbsp;&nbsp;</FONT></TD></TR>
<TR>
<TD VALIGN="top"></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="top"> <P STYLE="margin-left:1.00em; text-indent:-1.00em"><FONT STYLE="font-family:Times New Roman" SIZE="2">14.8</FONT></P></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="top" COLSPAN="3"> <P STYLE="margin-left:1.00em; text-indent:-1.00em"><FONT STYLE="font-family:Times New Roman" SIZE="2">No Default</FONT></P></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="2">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:Times New Roman" SIZE="2">126</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="2">&nbsp;&nbsp;</FONT></TD></TR>
<TR>
<TD HEIGHT="13"></TD>
<TD HEIGHT="13" COLSPAN="6"></TD>
<TD HEIGHT="13" COLSPAN="4"></TD></TR>
<TR BGCOLOR="#cceeff">
<TD VALIGN="top"> <P STYLE="margin-left:1.00em; text-indent:-1.00em"><FONT STYLE="font-family:Times New Roman" SIZE="2">15.</FONT></P></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="top" COLSPAN="5"> <P STYLE="margin-left:1.00em; text-indent:-1.00em"><FONT STYLE="font-family:Times New Roman" SIZE="2">GENERAL PROVISIONS</FONT></P></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="2">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:Times New Roman" SIZE="2">126</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="2">&nbsp;&nbsp;</FONT></TD></TR>
<TR>
<TD HEIGHT="13"></TD>
<TD HEIGHT="13" COLSPAN="2"></TD>
<TD HEIGHT="13" COLSPAN="4"></TD>
<TD HEIGHT="13" COLSPAN="4"></TD></TR>
<TR>
<TD VALIGN="top"></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="top"> <P STYLE="margin-left:1.00em; text-indent:-1.00em"><FONT STYLE="font-family:Times New Roman" SIZE="2">15.1</FONT></P></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="top" COLSPAN="3"> <P STYLE="margin-left:1.00em; text-indent:-1.00em"><FONT STYLE="font-family:Times New Roman" SIZE="2">Notices</FONT></P></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="2">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:Times New Roman" SIZE="2">126</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="2">&nbsp;&nbsp;</FONT></TD></TR>
<TR BGCOLOR="#cceeff">
<TD VALIGN="top"></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="top"> <P STYLE="margin-left:1.00em; text-indent:-1.00em"><FONT STYLE="font-family:Times New Roman" SIZE="2">15.2</FONT></P></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="top" COLSPAN="3"> <P STYLE="margin-left:1.00em; text-indent:-1.00em"><FONT STYLE="font-family:Times New Roman" SIZE="2">Interest Rate Limitation</FONT></P></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="2">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:Times New Roman" SIZE="2">129</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="2">&nbsp;&nbsp;</FONT></TD></TR>
<TR>
<TD VALIGN="top"></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="top"> <P STYLE="margin-left:1.00em; text-indent:-1.00em"><FONT STYLE="font-family:Times New Roman" SIZE="2">15.3</FONT></P></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="top" COLSPAN="3"> <P STYLE="margin-left:1.00em; text-indent:-1.00em"><FONT STYLE="font-family:Times New Roman" SIZE="2">[Reserved]</FONT></P></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="2">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:Times New Roman" SIZE="2">129</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="2">&nbsp;&nbsp;</FONT></TD></TR>
<TR BGCOLOR="#cceeff">
<TD VALIGN="top"></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="top"> <P STYLE="margin-left:1.00em; text-indent:-1.00em"><FONT STYLE="font-family:Times New Roman" SIZE="2">15.4</FONT></P></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="top" COLSPAN="3"> <P STYLE="margin-left:1.00em; text-indent:-1.00em"><FONT STYLE="font-family:Times New Roman" SIZE="2">[Reserved]</FONT></P></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="2">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:Times New Roman" SIZE="2">129</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="2">&nbsp;&nbsp;</FONT></TD></TR>
<TR>
<TD VALIGN="top"></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="top"> <P STYLE="margin-left:1.00em; text-indent:-1.00em"><FONT STYLE="font-family:Times New Roman" SIZE="2">15.5</FONT></P></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="top" COLSPAN="3"> <P STYLE="margin-left:1.00em; text-indent:-1.00em"><FONT STYLE="font-family:Times New Roman" SIZE="2">Parties Bound</FONT></P></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="2">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:Times New Roman" SIZE="2">129</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="2">&nbsp;&nbsp;</FONT></TD></TR>
<TR BGCOLOR="#cceeff">
<TD VALIGN="top"></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="top"> <P STYLE="margin-left:1.00em; text-indent:-1.00em"><FONT STYLE="font-family:Times New Roman" SIZE="2">15.6</FONT></P></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="top" COLSPAN="3"> <P STYLE="margin-left:1.00em; text-indent:-1.00em"><FONT STYLE="font-family:Times New Roman" SIZE="2">Governing Law; Consent to Jurisdiction; Mutual Waiver of Jury Trial</FONT></P></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="2">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:Times New Roman" SIZE="2">129</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="2">&nbsp;&nbsp;</FONT></TD></TR>
</TABLE>
 <p STYLE="margin-top:0px;margin-bottom:0px"><FONT SIZE="1">&nbsp;</FONT></P> <P STYLE="margin-top:0px;margin-bottom:0px" ALIGN="center"><FONT STYLE="font-family:Times New Roman" SIZE="2">viii
</FONT></P>


<p Style='page-break-before:always'>
<HR  SIZE="3" style="COLOR:#999999" WIDTH="100%" ALIGN="CENTER">


 <P>&nbsp;</P>
<TABLE CELLSPACING="0" CELLPADDING="0" WIDTH="100%" BORDER="0" STYLE="BORDER-COLLAPSE:COLLAPSE" ALIGN="center">


<TR>
<TD WIDTH="2%"></TD>
<TD VALIGN="bottom" WIDTH="1%"></TD>
<TD WIDTH="4%"></TD>
<TD VALIGN="bottom" WIDTH="1%"></TD>
<TD WIDTH="4%"></TD>
<TD VALIGN="bottom" WIDTH="1%"></TD>
<TD WIDTH="84%"></TD>
<TD VALIGN="bottom" WIDTH="1%"></TD>
<TD></TD>
<TD></TD>
<TD></TD></TR>
<TR>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" COLSPAN="2" ALIGN="right" STYLE="border-bottom:1px solid #000000"><FONT STYLE="font-family:Times New Roman" SIZE="1"><B>Page</B></FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD></TR>


<TR>
<TD HEIGHT="13"></TD>
<TD HEIGHT="13" COLSPAN="2"></TD>
<TD HEIGHT="13" COLSPAN="2"></TD>
<TD HEIGHT="13" COLSPAN="2"></TD>
<TD HEIGHT="13" COLSPAN="4"></TD></TR>
<TR BGCOLOR="#cceeff">
<TD VALIGN="top"></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="2">15.6.1</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="2">GOVERNING LAW</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="2">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:Times New Roman" SIZE="2">130</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="2">&nbsp;&nbsp;</FONT></TD></TR>
<TR>
<TD VALIGN="top"></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="top"></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="top"> <P STYLE="margin-left:1.00em; text-indent:-1.00em"><FONT STYLE="font-family:Times New Roman" SIZE="2">15.6.2</FONT></P></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="2">SUBMISSION TO JURISDICTION</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="2">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:Times New Roman" SIZE="2">130</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="2">&nbsp;&nbsp;</FONT></TD></TR>
<TR BGCOLOR="#cceeff">
<TD VALIGN="top"></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="top"></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="top"> <P STYLE="margin-left:1.00em; text-indent:-1.00em"><FONT STYLE="font-family:Times New Roman" SIZE="2">15.6.3</FONT></P></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="2">WAIVER OF VENUE</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="2">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:Times New Roman" SIZE="2">131</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="2">&nbsp;&nbsp;</FONT></TD></TR>
<TR>
<TD VALIGN="top"></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="top"></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="top"> <P STYLE="margin-left:1.00em; text-indent:-1.00em"><FONT STYLE="font-family:Times New Roman" SIZE="2">15.6.4</FONT></P></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="2">SERVICE OF PROCESS</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="2">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:Times New Roman" SIZE="2">131</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="2">&nbsp;&nbsp;</FONT></TD></TR>
<TR BGCOLOR="#cceeff">
<TD VALIGN="top"></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="top"></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="top"> <P STYLE="margin-left:1.00em; text-indent:-1.00em"><FONT STYLE="font-family:Times New Roman" SIZE="2">15.6.5</FONT></P></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="2">WAIVER OF JURY TRIAL</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="2">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:Times New Roman" SIZE="2">131</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="2">&nbsp;&nbsp;</FONT></TD></TR>
<TR>
<TD VALIGN="top"></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="top"> <P STYLE="margin-left:1.00em; text-indent:-1.00em"><FONT STYLE="font-family:Times New Roman" SIZE="2">15.7</FONT></P></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="top" COLSPAN="3"> <P STYLE="margin-left:1.00em; text-indent:-1.00em"><FONT STYLE="font-family:Times New Roman" SIZE="2">Survival</FONT></P></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="2">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:Times New Roman" SIZE="2">131</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="2">&nbsp;&nbsp;</FONT></TD></TR>
<TR BGCOLOR="#cceeff">
<TD VALIGN="top"></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="top"> <P STYLE="margin-left:1.00em; text-indent:-1.00em"><FONT STYLE="font-family:Times New Roman" SIZE="2">15.8</FONT></P></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="top" COLSPAN="3"> <P STYLE="margin-left:1.00em; text-indent:-1.00em"><FONT STYLE="font-family:Times New Roman" SIZE="2">Cumulative Rights</FONT></P></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="2">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:Times New Roman" SIZE="2">131</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="2">&nbsp;&nbsp;</FONT></TD></TR>
<TR>
<TD VALIGN="top"></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="top"> <P STYLE="margin-left:1.00em; text-indent:-1.00em"><FONT STYLE="font-family:Times New Roman" SIZE="2">15.9</FONT></P></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="top" COLSPAN="3"> <P STYLE="margin-left:1.00em; text-indent:-1.00em"><FONT STYLE="font-family:Times New Roman" SIZE="2">Expenses; Indemnity; Damage Waiver</FONT></P></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="2">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:Times New Roman" SIZE="2">132</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="2">&nbsp;&nbsp;</FONT></TD></TR>
<TR BGCOLOR="#cceeff">
<TD VALIGN="top"></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="top"></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="top"> <P STYLE="margin-left:1.00em; text-indent:-1.00em"><FONT STYLE="font-family:Times New Roman" SIZE="2">15.9.1</FONT></P></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="2">Costs and Expenses</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="2">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:Times New Roman" SIZE="2">132</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="2">&nbsp;&nbsp;</FONT></TD></TR>
<TR>
<TD VALIGN="top"></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="top"></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="top"> <P STYLE="margin-left:1.00em; text-indent:-1.00em"><FONT STYLE="font-family:Times New Roman" SIZE="2">15.9.2</FONT></P></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="2">Indemnification by the Borrower</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="2">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:Times New Roman" SIZE="2">132</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="2">&nbsp;&nbsp;</FONT></TD></TR>
<TR BGCOLOR="#cceeff">
<TD VALIGN="top"></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="top"></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="top"> <P STYLE="margin-left:1.00em; text-indent:-1.00em"><FONT STYLE="font-family:Times New Roman" SIZE="2">15.9.3</FONT></P></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="2">Reimbursement by Lenders</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="2">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:Times New Roman" SIZE="2">133</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="2">&nbsp;&nbsp;</FONT></TD></TR>
<TR>
<TD VALIGN="top"></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="top"></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="top"> <P STYLE="margin-left:1.00em; text-indent:-1.00em"><FONT STYLE="font-family:Times New Roman" SIZE="2">15.9.4</FONT></P></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="2">Waiver of Consequential Damages, Etc.</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="2">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:Times New Roman" SIZE="2">133</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="2">&nbsp;&nbsp;</FONT></TD></TR>
<TR BGCOLOR="#cceeff">
<TD VALIGN="top"></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="top"></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="top"> <P STYLE="margin-left:1.00em; text-indent:-1.00em"><FONT STYLE="font-family:Times New Roman" SIZE="2">15.9.5</FONT></P></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="2">Payments</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="2">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:Times New Roman" SIZE="2">133</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="2">&nbsp;&nbsp;</FONT></TD></TR>
<TR>
<TD VALIGN="top"></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="top"></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="top"> <P STYLE="margin-left:1.00em; text-indent:-1.00em"><FONT STYLE="font-family:Times New Roman" SIZE="2">15.9.6</FONT></P></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="2">Survival</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="2">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:Times New Roman" SIZE="2">134</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="2">&nbsp;&nbsp;</FONT></TD></TR>
<TR BGCOLOR="#cceeff">
<TD VALIGN="top"></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="top"> <P STYLE="margin-left:1.00em; text-indent:-1.00em"><FONT STYLE="font-family:Times New Roman" SIZE="2">15.10</FONT></P></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="top" COLSPAN="3"> <P STYLE="margin-left:1.00em; text-indent:-1.00em"><FONT STYLE="font-family:Times New Roman" SIZE="2">Regarding Consents</FONT></P></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="2">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:Times New Roman" SIZE="2">134</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="2">&nbsp;&nbsp;</FONT></TD></TR>
<TR>
<TD VALIGN="top"></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="top"> <P STYLE="margin-left:1.00em; text-indent:-1.00em"><FONT STYLE="font-family:Times New Roman" SIZE="2">15.11</FONT></P></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="top" COLSPAN="3"> <P STYLE="margin-left:1.00em; text-indent:-1.00em"><FONT STYLE="font-family:Times New Roman" SIZE="2">Obligations Absolute</FONT></P></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="2">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:Times New Roman" SIZE="2">134</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="2">&nbsp;&nbsp;</FONT></TD></TR>
<TR BGCOLOR="#cceeff">
<TD VALIGN="top"></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="top"> <P STYLE="margin-left:1.00em; text-indent:-1.00em"><FONT STYLE="font-family:Times New Roman" SIZE="2">15.12</FONT></P></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="top" COLSPAN="3"> <P STYLE="margin-left:1.00em; text-indent:-1.00em"><FONT STYLE="font-family:Times New Roman" SIZE="2">Table of Contents, Title and Headings</FONT></P></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="2">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:Times New Roman" SIZE="2">134</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="2">&nbsp;&nbsp;</FONT></TD></TR>
<TR>
<TD VALIGN="top"></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="top"> <P STYLE="margin-left:1.00em; text-indent:-1.00em"><FONT STYLE="font-family:Times New Roman" SIZE="2">15.13</FONT></P></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="top" COLSPAN="3"> <P STYLE="margin-left:1.00em; text-indent:-1.00em"><FONT STYLE="font-family:Times New Roman" SIZE="2">Counterparts</FONT></P></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="2">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:Times New Roman" SIZE="2">134</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="2">&nbsp;&nbsp;</FONT></TD></TR>
<TR BGCOLOR="#cceeff">
<TD VALIGN="top"></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="top"> <P STYLE="margin-left:1.00em; text-indent:-1.00em"><FONT STYLE="font-family:Times New Roman" SIZE="2">15.14</FONT></P></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="top" COLSPAN="3"> <P STYLE="margin-left:1.00em; text-indent:-1.00em"><FONT STYLE="font-family:Times New Roman" SIZE="2">Satisfaction of Commitment Letter</FONT></P></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="2">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:Times New Roman" SIZE="2">134</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="2">&nbsp;&nbsp;</FONT></TD></TR>
<TR>
<TD VALIGN="top"></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="top"> <P STYLE="margin-left:1.00em; text-indent:-1.00em"><FONT STYLE="font-family:Times New Roman" SIZE="2">15.15</FONT></P></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="top" COLSPAN="3"> <P STYLE="margin-left:1.00em; text-indent:-1.00em"><FONT STYLE="font-family:Times New Roman" SIZE="2">Time Of the Essence</FONT></P></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="2">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:Times New Roman" SIZE="2">134</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="2">&nbsp;&nbsp;</FONT></TD></TR>
<TR BGCOLOR="#cceeff">
<TD VALIGN="top"></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="top"> <P STYLE="margin-left:1.00em; text-indent:-1.00em"><FONT STYLE="font-family:Times New Roman" SIZE="2">15.16</FONT></P></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="top" COLSPAN="3"> <P STYLE="margin-left:1.00em; text-indent:-1.00em"><FONT STYLE="font-family:Times New Roman" SIZE="2">No Oral Change</FONT></P></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="2">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:Times New Roman" SIZE="2">134</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="2">&nbsp;&nbsp;</FONT></TD></TR>
<TR>
<TD VALIGN="top"></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="top"> <P STYLE="margin-left:1.00em; text-indent:-1.00em"><FONT STYLE="font-family:Times New Roman" SIZE="2">15.17</FONT></P></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="top" COLSPAN="3"> <P STYLE="margin-left:1.00em; text-indent:-1.00em"><FONT STYLE="font-family:Times New Roman" SIZE="2">Monthly Statements</FONT></P></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="2">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:Times New Roman" SIZE="2">135</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="2">&nbsp;&nbsp;</FONT></TD></TR>
<TR BGCOLOR="#cceeff">
<TD VALIGN="top"></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="top"> <P STYLE="margin-left:1.00em; text-indent:-1.00em"><FONT STYLE="font-family:Times New Roman" SIZE="2">15.18</FONT></P></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="top" COLSPAN="3"> <P STYLE="margin-left:1.00em; text-indent:-1.00em"><FONT STYLE="font-family:Times New Roman" SIZE="2">No Advisory or Fiduciary Responsibility</FONT></P></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="2">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:Times New Roman" SIZE="2">135</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="2">&nbsp;&nbsp;</FONT></TD></TR>
<TR>
<TD VALIGN="top"></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="top"> <P STYLE="margin-left:1.00em; text-indent:-1.00em"><FONT STYLE="font-family:Times New Roman" SIZE="2">15.19</FONT></P></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="top" COLSPAN="3"> <P STYLE="margin-left:1.00em; text-indent:-1.00em"><FONT STYLE="font-family:Times New Roman" SIZE="2">USA PATRIOT Act</FONT></P></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="2">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:Times New Roman" SIZE="2">135</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="2">&nbsp;&nbsp;</FONT></TD></TR>
<TR BGCOLOR="#cceeff">
<TD VALIGN="top"></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="top"> <P STYLE="margin-left:1.00em; text-indent:-1.00em"><FONT STYLE="font-family:Times New Roman" SIZE="2">15.20</FONT></P></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="top" COLSPAN="3"> <P STYLE="margin-left:1.00em; text-indent:-1.00em"><FONT STYLE="font-family:Times New Roman" SIZE="2">Treatment of Certain Information; Confidentiality</FONT></P></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="2">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:Times New Roman" SIZE="2">136</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="2">&nbsp;&nbsp;</FONT></TD></TR>
<TR>
<TD VALIGN="top"></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="top"> <P STYLE="margin-left:1.00em; text-indent:-1.00em"><FONT STYLE="font-family:Times New Roman" SIZE="2">15.21</FONT></P></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="top" COLSPAN="3"> <P STYLE="margin-left:1.00em; text-indent:-1.00em"><FONT STYLE="font-family:Times New Roman" SIZE="2">Amendment, Restatement and Consolidation</FONT></P></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="2">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:Times New Roman" SIZE="2">136</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="2">&nbsp;&nbsp;</FONT></TD></TR>
</TABLE>
 <p STYLE="margin-top:0px;margin-bottom:0px"><FONT SIZE="1">&nbsp;</FONT></P> <P STYLE="margin-top:0px;margin-bottom:0px" ALIGN="center"><FONT STYLE="font-family:Times New Roman" SIZE="2">ix </FONT></P>



<p Style='page-break-before:always'>
<HR  SIZE="3" style="COLOR:#999999" WIDTH="100%" ALIGN="CENTER">


 <P STYLE="margin-top:0px;margin-bottom:0px" ALIGN="center"><FONT STYLE="font-family:Times New Roman" SIZE="2">SCHEDULES </FONT></P> <P STYLE="font-size:10px;margin-top:0px;margin-bottom:0px">&nbsp;</P>
<TABLE CELLSPACING="0" CELLPADDING="0" WIDTH="100%" BORDER="0" STYLE="BORDER-COLLAPSE:COLLAPSE" ALIGN="center">


<TR>
<TD WIDTH="14%"></TD>
<TD VALIGN="bottom" WIDTH="3%"></TD>
<TD WIDTH="83%"></TD></TR>


<TR BGCOLOR="#cceeff">
<TD VALIGN="top"> <P STYLE="margin-left:1.00em; text-indent:-1.00em"><FONT STYLE="font-family:Times New Roman" SIZE="2">Schedule 1.1(a)</FONT></P></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="2">Lenders&#146; Commitment</FONT></TD></TR>
<TR>
<TD HEIGHT="13"></TD>
<TD HEIGHT="13" COLSPAN="2"></TD></TR>
<TR>
<TD VALIGN="top"> <P STYLE="margin-left:1.00em; text-indent:-1.00em"><FONT STYLE="font-family:Times New Roman" SIZE="2">Schedule 1.1(b)</FONT></P></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="2">Existing Letters of Credit</FONT></TD></TR>
<TR>
<TD HEIGHT="13"></TD>
<TD HEIGHT="13" COLSPAN="2"></TD></TR>
<TR BGCOLOR="#cceeff">
<TD VALIGN="top"> <P STYLE="margin-left:1.00em; text-indent:-1.00em"><FONT STYLE="font-family:Times New Roman" SIZE="2">Schedule 3.3.7</FONT></P></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="2">Theater Parcel Description</FONT></TD></TR>
<TR>
<TD HEIGHT="13"></TD>
<TD HEIGHT="13" COLSPAN="2"></TD></TR>
<TR>
<TD VALIGN="top"> <P STYLE="margin-left:1.00em; text-indent:-1.00em"><FONT STYLE="font-family:Times New Roman" SIZE="2">Schedule 4</FONT></P></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="2">Authorized Officers</FONT></TD></TR>
<TR>
<TD HEIGHT="13"></TD>
<TD HEIGHT="13" COLSPAN="2"></TD></TR>
<TR BGCOLOR="#cceeff">
<TD VALIGN="top"> <P STYLE="margin-left:1.00em; text-indent:-1.00em"><FONT STYLE="font-family:Times New Roman" SIZE="2">Schedule 5.1.11</FONT></P></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="2">Required Property, Hazard and Other Insurance</FONT></TD></TR>
<TR>
<TD HEIGHT="13"></TD>
<TD HEIGHT="13" COLSPAN="2"></TD></TR>
<TR>
<TD VALIGN="top"> <P STYLE="margin-left:1.00em; text-indent:-1.00em"><FONT STYLE="font-family:Times New Roman" SIZE="2">Schedule 6.4</FONT></P></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="2">Ownership Interests and Taxpayer Identification Numbers</FONT></TD></TR>
<TR>
<TD HEIGHT="13"></TD>
<TD HEIGHT="13" COLSPAN="2"></TD></TR>
<TR BGCOLOR="#cceeff">
<TD VALIGN="top"> <P STYLE="margin-left:1.00em; text-indent:-1.00em"><FONT STYLE="font-family:Times New Roman" SIZE="2">Schedule&nbsp;6.14.2</FONT></P></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="2">Borrowing Base Properties</FONT></TD></TR>
<TR>
<TD HEIGHT="13"></TD>
<TD HEIGHT="13" COLSPAN="2"></TD></TR>
<TR>
<TD VALIGN="top"> <P STYLE="margin-left:1.00em; text-indent:-1.00em"><FONT STYLE="font-family:Times New Roman" SIZE="2">Schedule&nbsp;6.14.5</FONT></P></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="2">Ground Leases</FONT></TD></TR>
<TR>
<TD HEIGHT="13"></TD>
<TD HEIGHT="13" COLSPAN="2"></TD></TR>
<TR BGCOLOR="#cceeff">
<TD VALIGN="top"> <P STYLE="margin-left:1.00em; text-indent:-1.00em"><FONT STYLE="font-family:Times New Roman" SIZE="2">Schedule 6.23.1</FONT></P></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="2">Major Leases</FONT></TD></TR>
<TR>
<TD HEIGHT="13"></TD>
<TD HEIGHT="13" COLSPAN="2"></TD></TR>
<TR>
<TD VALIGN="top"> <P STYLE="margin-left:1.00em; text-indent:-1.00em"><FONT STYLE="font-family:Times New Roman" SIZE="2">Schedule 8.3.6</FONT></P></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="2">Designated Properties</FONT></TD></TR>
<TR>
<TD HEIGHT="13"></TD>
<TD HEIGHT="13" COLSPAN="2"></TD></TR>
<TR BGCOLOR="#cceeff">
<TD VALIGN="top"> <P STYLE="margin-left:1.00em; text-indent:-1.00em"><FONT STYLE="font-family:Times New Roman" SIZE="2">Schedule 15.1</FONT></P></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="2">Notices</FONT></TD></TR>
</TABLE>
 <p STYLE="margin-top:0px;margin-bottom:0px"><FONT SIZE="1">&nbsp;</FONT></P> <P STYLE="margin-top:0px;margin-bottom:0px" ALIGN="center"><FONT STYLE="font-family:Times New Roman" SIZE="2">x </FONT></P>


<p Style='page-break-before:always'>
<HR  SIZE="3" style="COLOR:#999999" WIDTH="100%" ALIGN="CENTER">


 <P STYLE="margin-top:0px;margin-bottom:0px" ALIGN="center"><FONT STYLE="font-family:Times New Roman" SIZE="2">EXHIBITS </FONT></P> <P STYLE="font-size:10px;margin-top:0px;margin-bottom:0px">&nbsp;</P>
<TABLE CELLSPACING="0" CELLPADDING="0" WIDTH="100%" BORDER="0" STYLE="BORDER-COLLAPSE:COLLAPSE" ALIGN="center">


<TR STYLE="visibility:hidden; line-height:0pt; color:white">
<TD WIDTH="10%"></TD>
<TD VALIGN="bottom" WIDTH="2%"></TD>
<TD nowrap><FONT STYLE="Times New Roman" SIZE="1"><B>September 30,</B></FONT></TD>
<TD VALIGN="bottom" WIDTH="2%"></TD>
<TD nowrap><FONT STYLE="Times New Roman" SIZE="1"><B>September 30,</B></FONT></TD></TR>


<TR>
<TD HEIGHT="8"></TD>
<TD HEIGHT="8" COLSPAN="2"></TD>
<TD HEIGHT="8" COLSPAN="2"></TD></TR>
<TR BGCOLOR="#cceeff">
<TD VALIGN="top" NOWRAP> <P STYLE="margin-left:1.00em; text-indent:-1.00em"><FONT STYLE="font-family:Times New Roman" SIZE="2">Exhibit A</FONT></P></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="top" ALIGN="center"><FONT STYLE="font-family:Times New Roman" SIZE="2">&#151;&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="2">Form of Loan Notice</FONT></TD></TR>
<TR>
<TD HEIGHT="8"></TD>
<TD HEIGHT="8" COLSPAN="2"></TD>
<TD HEIGHT="8" COLSPAN="2"></TD></TR>
<TR>
<TD VALIGN="top" NOWRAP> <P STYLE="margin-left:1.00em; text-indent:-1.00em"><FONT STYLE="font-family:Times New Roman" SIZE="2">Exhibit B</FONT></P></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="top" ALIGN="center"><FONT STYLE="font-family:Times New Roman" SIZE="2">&#151;&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="2">Form of Note</FONT></TD></TR>
<TR>
<TD HEIGHT="8"></TD>
<TD HEIGHT="8" COLSPAN="2"></TD>
<TD HEIGHT="8" COLSPAN="2"></TD></TR>
<TR BGCOLOR="#cceeff">
<TD VALIGN="top" NOWRAP> <P STYLE="margin-left:1.00em; text-indent:-1.00em"><FONT STYLE="font-family:Times New Roman" SIZE="2">Exhibit C</FONT></P></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="top" ALIGN="center"><FONT STYLE="font-family:Times New Roman" SIZE="2">&#151;&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="2">Form of Compliance Certificate</FONT></TD></TR>
<TR>
<TD HEIGHT="8"></TD>
<TD HEIGHT="8" COLSPAN="2"></TD>
<TD HEIGHT="8" COLSPAN="2"></TD></TR>
<TR>
<TD VALIGN="top" NOWRAP> <P STYLE="margin-left:1.00em; text-indent:-1.00em"><FONT STYLE="font-family:Times New Roman" SIZE="2">Exhibit D</FONT></P></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="top" ALIGN="center"><FONT STYLE="font-family:Times New Roman" SIZE="2">&#151;&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="2">Form of Assignment and Assumption</FONT></TD></TR>
<TR>
<TD HEIGHT="8"></TD>
<TD HEIGHT="8" COLSPAN="2"></TD>
<TD HEIGHT="8" COLSPAN="2"></TD></TR>
<TR BGCOLOR="#cceeff">
<TD VALIGN="top" NOWRAP> <P STYLE="margin-left:1.00em; text-indent:-1.00em"><FONT STYLE="font-family:Times New Roman" SIZE="2">Exhibit E</FONT></P></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="top" ALIGN="center"><FONT STYLE="font-family:Times New Roman" SIZE="2">&#151;&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="2">Form of Estoppel Certificate</FONT></TD></TR>
<TR>
<TD HEIGHT="8"></TD>
<TD HEIGHT="8" COLSPAN="2"></TD>
<TD HEIGHT="8" COLSPAN="2"></TD></TR>
<TR>
<TD VALIGN="top" NOWRAP> <P STYLE="margin-left:1.00em; text-indent:-1.00em"><FONT STYLE="font-family:Times New Roman" SIZE="2">Exhibit F</FONT></P></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="top" ALIGN="center"><FONT STYLE="font-family:Times New Roman" SIZE="2">&#151;&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="2">Form of Closing Compliance Certificate</FONT></TD></TR>
<TR>
<TD HEIGHT="8"></TD>
<TD HEIGHT="8" COLSPAN="2"></TD>
<TD HEIGHT="8" COLSPAN="2"></TD></TR>
<TR BGCOLOR="#cceeff">
<TD VALIGN="top" NOWRAP> <P STYLE="margin-left:1.00em; text-indent:-1.00em"><FONT STYLE="font-family:Times New Roman" SIZE="2">Exhibit G</FONT></P></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="top" ALIGN="center"><FONT STYLE="font-family:Times New Roman" SIZE="2">&#151;&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="2">Form of Guaranty Agreement</FONT></TD></TR>
<TR>
<TD HEIGHT="8"></TD>
<TD HEIGHT="8" COLSPAN="2"></TD>
<TD HEIGHT="8" COLSPAN="2"></TD></TR>
<TR>
<TD VALIGN="top" NOWRAP> <P STYLE="margin-left:1.00em; text-indent:-1.00em"><FONT STYLE="font-family:Times New Roman" SIZE="2">Exhibit H</FONT></P></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="top" ALIGN="center"><FONT STYLE="font-family:Times New Roman" SIZE="2">&#151;&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="2">Form of Environmental Indemnity Agreement</FONT></TD></TR>
<TR>
<TD HEIGHT="8"></TD>
<TD HEIGHT="8" COLSPAN="2"></TD>
<TD HEIGHT="8" COLSPAN="2"></TD></TR>
<TR BGCOLOR="#cceeff">
<TD VALIGN="top" NOWRAP> <P STYLE="margin-left:1.00em; text-indent:-1.00em"><FONT STYLE="font-family:Times New Roman" SIZE="2">Exhibit I</FONT></P></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="top" ALIGN="center"><FONT STYLE="font-family:Times New Roman" SIZE="2">&#151;&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="2">Form of Pledge and Security Agreement</FONT></TD></TR>
<TR>
<TD HEIGHT="8"></TD>
<TD HEIGHT="8" COLSPAN="2"></TD>
<TD HEIGHT="8" COLSPAN="2"></TD></TR>
<TR>
<TD VALIGN="top" NOWRAP> <P STYLE="margin-left:1.00em; text-indent:-1.00em"><FONT STYLE="font-family:Times New Roman" SIZE="2">Exhibit J</FONT></P></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="top" ALIGN="center"><FONT STYLE="font-family:Times New Roman" SIZE="2">&#151;&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="2">Form of Cash Flow Projections</FONT></TD></TR>
<TR>
<TD HEIGHT="8"></TD>
<TD HEIGHT="8" COLSPAN="2"></TD>
<TD HEIGHT="8" COLSPAN="2"></TD></TR>
<TR BGCOLOR="#cceeff">
<TD VALIGN="top" NOWRAP> <P STYLE="margin-left:1.00em; text-indent:-1.00em"><FONT STYLE="font-family:Times New Roman" SIZE="2">Exhibit K</FONT></P></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="top" ALIGN="center"><FONT STYLE="font-family:Times New Roman" SIZE="2">&#151;&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="2">Form of Mortgage / Deed of Trust</FONT></TD></TR>
<TR>
<TD HEIGHT="8"></TD>
<TD HEIGHT="8" COLSPAN="2"></TD>
<TD HEIGHT="8" COLSPAN="2"></TD></TR>
<TR>
<TD VALIGN="top" NOWRAP> <P STYLE="margin-left:1.00em; text-indent:-1.00em"><FONT STYLE="font-family:Times New Roman" SIZE="2">Exhibit L</FONT></P></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="top" ALIGN="center"><FONT STYLE="font-family:Times New Roman" SIZE="2">&#151;&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="2">Form of Assignment of Leases and Rents</FONT></TD></TR>
<TR>
<TD HEIGHT="8"></TD>
<TD HEIGHT="8" COLSPAN="2"></TD>
<TD HEIGHT="8" COLSPAN="2"></TD></TR>
<TR BGCOLOR="#cceeff">
<TD VALIGN="top" NOWRAP> <P STYLE="margin-left:1.00em; text-indent:-1.00em"><FONT STYLE="font-family:Times New Roman" SIZE="2">Exhibit M</FONT></P></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="top" ALIGN="center"><FONT STYLE="font-family:Times New Roman" SIZE="2">&#151;&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="2">Form of Collateral Assignment of Contracts</FONT></TD></TR>
<TR>
<TD HEIGHT="8"></TD>
<TD HEIGHT="8" COLSPAN="2"></TD>
<TD HEIGHT="8" COLSPAN="2"></TD></TR>
<TR>
<TD VALIGN="top" NOWRAP> <P STYLE="margin-left:1.00em; text-indent:-1.00em"><FONT STYLE="font-family:Times New Roman" SIZE="2">Exhibit N</FONT></P></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="top" ALIGN="center"><FONT STYLE="font-family:Times New Roman" SIZE="2">&#151;&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="2">Form of Consent</FONT></TD></TR>
</TABLE>
 <p STYLE="margin-top:0px;margin-bottom:0px"><FONT SIZE="1">&nbsp;</FONT></P> <P STYLE="margin-top:0px;margin-bottom:0px" ALIGN="center"><FONT STYLE="font-family:Times New Roman" SIZE="2">xi </FONT></P>



<p Style='page-break-before:always'>
<HR  SIZE="3" style="COLOR:#999999" WIDTH="100%" ALIGN="CENTER">


 <P STYLE="margin-top:0px;margin-bottom:0px" ALIGN="center"><FONT STYLE="font-family:Times New Roman" SIZE="2"><B><U>THIS AMENDED, RESTATED AND CONSOLIDATED LOAN AGREEMENT AMENDS, RESTATES AND
CONSOLIDATES IN THEIR ENTIRETY (1)&nbsp;THAT CERTAIN AMENDED AND RESTATED LOAN AGREEMENT DATED AS OF NOVEMBER 10, 2009 AMONGST CEDAR REALTY TRUST PARTNERSHIP, L.P. FORMERLY KNOWN AS CEDAR SHOPPING CENTERS PARTNERSHIP, L.P., THE LENDERS PARTY
THERETO, AND BANK OF AMERICA, N.A., AS ADMNISTRATIVE AGENT (THE &#147;EXISTING BAML AGREEMENT&#148;), AND (2)&nbsp;THAT CERTAIN AMENDED AND RESTATED LOAN AGREEMENT DATED OCTOBER 17, 2008 AMONGST CEDAR REALTY TRUST PARTNERSHIP, L.P. FORMERLY KNOWN AS
CEDAR SHOPPING CENTERS PARTNERSHIP, L.P., THE LENDERS PARTY THERETO AND KEYBANK NATIONAL ASSOCIATION, AS AGENT, AS AMENDED BY FIRST AMENDMENT TO LOAN AGREEMENT DATED AS OF APRIL 9, 2010 (THE &#147;EXISTING KEYBANK AGREEMENT&#148;).
</U></B></FONT></P> <P STYLE="margin-top:10px;margin-bottom:0px" ALIGN="center"><FONT STYLE="font-family:Times New Roman" SIZE="3"><B><U>AMENDED, RESTATED AND CONSOLIDATED LOAN AGREEMENT </U></B></FONT></P>
<P STYLE="margin-top:10px;margin-bottom:0px; text-indent:4%" ALIGN="justify"><FONT STYLE="font-family:Times New Roman" SIZE="2">This agreement (this &#147;<U>Loan Agreement</U>&#148; or &#147;<U>Agreement</U>&#148;) is made and entered into as of
January&nbsp;26, 2012, by and between CEDAR REALTY TRUST PARTNERSHIP, L.P., a Delaware limited partnership (the &#147;<U>Borrower</U>&#148;), KEYBANK NATIONAL ASSOCIATION (&#147;<U>KeyBank</U>&#148;) and the several banks and other financial
institutions as are, or may from time to time become parties to this Agreement (each a &#147;<U>Lender</U>&#148; and collectively, the&nbsp;&#147;<U>Lenders</U>&#148;), KEYBANK NATIONAL ASSOCIATION, as administrative agent for the Lenders (the
&#147;<U>Administrative Agent</U>&#148;), KEYBANC CAPITAL MARKETS and MERRILL LYNCH, PIERCE, FENNER&nbsp;&amp; SMITH INCORPORATED as Co-Lead Arranger and Co-Lead Book Manager, BANK OF AMERICA, N.A., as Syndication Agent, and MANUFACTURERS AND
TRADERS TRUST COMPANY and REGIONS BANK, as Co-Documentation Agents. </FONT></P> <P STYLE="margin-top:10px;margin-bottom:0px" ALIGN="center"><FONT STYLE="font-family:Times New Roman" SIZE="2"><B>WITNESSETH: </B></FONT></P>
<P STYLE="margin-top:10px;margin-bottom:0px; text-indent:4%" ALIGN="justify"><FONT STYLE="font-family:Times New Roman" SIZE="2">WHEREAS, the Borrower has entered into the Existing BAML Facility and the Existing KeyBank Facility, and has requested
that the Lenders amend, restate and consolidate the Existing BAML Facility and the Existing KeyBank Facility into one Amended, Restated and Consolidated Loan Agreement as set forth herein and provide to the Borrower the Revolving Facility and the
Term Facility; </FONT></P> <P STYLE="margin-top:10px;margin-bottom:0px; text-indent:4%" ALIGN="justify"><FONT STYLE="font-family:Times New Roman" SIZE="2">WHEREAS, the Lenders have so agreed to amend, restate and consolidate the Existing BAML
Facility and the Existing KeyBank Facility as provided herein and provide for both the Revolving Facility and the Term Facility on and subject to the terms and conditions set forth herein; </FONT></P>
<P STYLE="margin-top:10px;margin-bottom:0px; text-indent:4%" ALIGN="justify"><FONT STYLE="font-family:Times New Roman" SIZE="2">WHEREAS, each and every lender party to the Existing BAML Facility has become a Lender under this Agreement or has been
paid in full all principal, interest, fees and other amounts owing to it under the Existing BAML Facility; </FONT></P>
<P STYLE="margin-top:10px;margin-bottom:0px; text-indent:4%" ALIGN="justify"><FONT STYLE="font-family:Times New Roman" SIZE="2">WHEREAS, each and every lender party to the Existing KeyBank Facility has become a Lender under this Agreement or has
been paid in full all principal, interest, fees and other amounts owing to it under the Existing KeyBank Facility; and </FONT></P>
 <p STYLE="margin-top:0px;margin-bottom:0px"><FONT SIZE="1">&nbsp;</FONT></P> <P STYLE="margin-top:0px;margin-bottom:0px" ALIGN="center"><FONT STYLE="font-family:Times New Roman" SIZE="2">1 </FONT></P>


<p Style='page-break-before:always'>
<HR  SIZE="3" style="COLOR:#999999" WIDTH="100%" ALIGN="CENTER">


 <P STYLE="margin-top:0px;margin-bottom:0px; text-indent:4%" ALIGN="justify"><FONT STYLE="font-family:Times New Roman" SIZE="2">WHEREAS, Bank of America, N.A., by its execution hereof, has resigned as
Administrative Agent under the Existing BAML Facility, and the Lenders, by their execution hereof, have appointed KeyBank National Association, as successor Administrative Agent&nbsp;under the Existing BAML facility; </FONT></P>
<P STYLE="margin-top:10px;margin-bottom:0px; text-indent:4%" ALIGN="justify"><FONT STYLE="font-family:Times New Roman" SIZE="2"><B>NOW, THEREFORE, IN CONSIDERATION</B> of the premises and other good and valuable consideration, the receipt and
sufficiency of which is hereby acknowledged, the parties hereto agree as follows: </FONT></P> <P STYLE="margin-top:10px;margin-bottom:0px" ALIGN="justify"><FONT STYLE="font-family:Times New Roman" SIZE="2"><B>1. <U>DEFINITIONS.</U> </B></FONT></P>
<P STYLE="margin-top:10px;margin-bottom:0px; text-indent:4%" ALIGN="justify"><FONT STYLE="font-family:Times New Roman" SIZE="2"><B>1.1 <U>Defined Terms.</U></B> </FONT></P>
<P STYLE="margin-top:10px;margin-bottom:0px; text-indent:4%" ALIGN="justify"><FONT STYLE="font-family:Times New Roman" SIZE="2">As used in this Loan Agreement, the following terms shall have the meanings specified below unless the context otherwise
requires: </FONT></P> <P STYLE="margin-top:10px;margin-bottom:0px; text-indent:4%" ALIGN="justify"><FONT STYLE="font-family:Times New Roman" SIZE="2">&#147;<U>Act</U>&#148; shall have the meaning set forth in <U>Section&nbsp;15.19</U>. </FONT></P>
<P STYLE="margin-top:10px;margin-bottom:0px; text-indent:4%" ALIGN="justify"><FONT STYLE="font-family:Times New Roman" SIZE="2">&#147;<U>Additional Collateral Request</U>&#148; shall have the meaning set forth in <U>Section&nbsp;3.5</U>. </FONT></P>
<P STYLE="margin-top:10px;margin-bottom:0px; text-indent:4%" ALIGN="justify"><FONT STYLE="font-family:Times New Roman" SIZE="2">&#147;<U>Adjusted Appraised Value</U>&#148; shall mean 65% of the Aggregate Appraised Value of the Collateral Properties.
</FONT></P> <P STYLE="margin-top:10px;margin-bottom:0px; text-indent:4%" ALIGN="justify"><FONT STYLE="font-family:Times New Roman" SIZE="2">&#147;<U>Adjusted Capitalized Value</U>&#148; shall mean with respect to any Borrowing Base Property that has
suffered an Event of Loss, the most recent fiscal quarter Adjusted Net Operating Income for such Borrowing Base Property, annualized, capitalized at the Capitalization Rate. </FONT></P>
<P STYLE="margin-top:10px;margin-bottom:0px; text-indent:4%" ALIGN="justify"><FONT STYLE="font-family:Times New Roman" SIZE="2">&#147;<U>Adjusted FFO</U>&#148; shall mean, for CRT and its Consolidated Subsidiaries, net income (loss) (computed in
accordance with GAAP), excluding gains (or losses) from (i)&nbsp;debt restructurings, (ii)&nbsp;sales of real property, and (iii)&nbsp;extraordinary and/or nonrecurring items, plus real estate related depreciation and amortization and after
adjustments for unconsolidated partnerships and joint ventures, as set forth in more detail under the definitions and interpretations thereof relative to funds from operations promulgated by the National Association of Real Estate Investment Trusts
or its successor. </FONT></P> <P STYLE="margin-top:10px;margin-bottom:0px; text-indent:4%" ALIGN="justify"><FONT STYLE="font-family:Times New Roman" SIZE="2">&#147;<U>Adjusted Net Operating Income</U>&#148; shall mean, for any period of
determination, for any Individual Property, the Pro Rata Share of (i)&nbsp;Net Operating Income, <U>less</U> (ii)&nbsp;management fees (calculated as the greater of either three percent (3%)&nbsp;of total revenue or actual management expenses
incurred), to the extent not already deducted from Net Operating Income, less (iii)&nbsp;allowances for capital expenditures in the amount of $0.20 per annum per rentable square foot of completed improvements. </FONT></P>
<P STYLE="margin-top:10px;margin-bottom:0px; text-indent:4%" ALIGN="justify"><FONT STYLE="font-family:Times New Roman" SIZE="2">&#147;<U>Administrative Agent</U>&#148; shall mean, KEYBANK NATIONAL ASSOCIATION, acting as agent for the Lenders,
together with its successors and assigns. </FONT></P>
 <p STYLE="margin-top:0px;margin-bottom:0px"><FONT SIZE="1">&nbsp;</FONT></P> <P STYLE="margin-top:0px;margin-bottom:0px" ALIGN="center"><FONT STYLE="font-family:Times New Roman" SIZE="2">2 </FONT></P>


<p Style='page-break-before:always'>
<HR  SIZE="3" style="COLOR:#999999" WIDTH="100%" ALIGN="CENTER">


 <P STYLE="margin-top:0px;margin-bottom:0px; text-indent:4%" ALIGN="justify"><FONT STYLE="font-family:Times New Roman" SIZE="2">&#147;<U>Administrative Agent&#146;s Office</U>&#148; shall mean the
Administrative Agent&#146;s address and, as appropriate, account as set forth in <U>Section&nbsp;15.1</U>, or such other address or account as the Administrative Agent may from time to time notify to the Borrower and the Lenders </FONT></P>
<P STYLE="margin-top:10px;margin-bottom:0px; text-indent:4%" ALIGN="justify"><FONT STYLE="font-family:Times New Roman" SIZE="2">&#147;<U>Administrative Questionnaire</U>&#148; shall mean an Administrative Questionnaire in a form supplied by the
Administrative Agent. </FONT></P> <P STYLE="margin-top:10px;margin-bottom:0px; text-indent:4%" ALIGN="justify"><FONT STYLE="font-family:Times New Roman" SIZE="2">&#147;<U>Affiliate</U>&#148; shall mean, with respect to any Person, another Person
that directly, or indirectly through one or more intermediaries, Controls or is Controlled by or is under common Control with the Person specified. </FONT></P> <P STYLE="margin-top:10px;margin-bottom:0px; text-indent:4%" ALIGN="justify"><FONT
STYLE="font-family:Times New Roman" SIZE="2">&#147;<U>Agent Parties</U>&#148; shall have the meaning set forth in <U>Section&nbsp;15.1(c)</U>. </FONT></P> <P STYLE="margin-top:10px;margin-bottom:0px; text-indent:4%" ALIGN="justify"><FONT
STYLE="font-family:Times New Roman" SIZE="2">&#147;<U>Aggregate Appraised Value</U>&#148; shall mean, with respect to any group of Collateral Properties, the sum of the Appraised Values for such Collateral Properties. </FONT></P>
<P STYLE="margin-top:10px;margin-bottom:0px; text-indent:4%" ALIGN="justify"><FONT STYLE="font-family:Times New Roman" SIZE="2">&#147;<U>Agreement</U>&#148; shall have the meaning set forth in the Preamble. </FONT></P>
<P STYLE="margin-top:10px;margin-bottom:0px; text-indent:4%" ALIGN="justify"><FONT STYLE="font-family:Times New Roman" SIZE="2">&#147;<U>Anchor Tenant</U>&#148; means a tenant that meets any one of the following tests, as reasonably determined by
the Administrative Agent: </FONT></P> <P STYLE="margin-top:10px;margin-bottom:0px; margin-left:4%" ALIGN="justify"><FONT STYLE="font-family:Times New Roman" SIZE="2">1. The tenant (or an Affiliate thereof) is national in nature, or publicly traded
on a major stock exchange; </FONT></P> <P STYLE="margin-top:10px;margin-bottom:0px; margin-left:4%" ALIGN="justify"><FONT STYLE="font-family:Times New Roman" SIZE="2">2. The tenant (or an Affiliate thereof) holds an investment grade rating by
Standard&nbsp;&amp; Poor&#146;s Ratings Group, a division of McGraw-Hill Corporation, Moody&#146;s Investor Service, Inc. or another nationally recognized rating agency reasonably acceptable to the Administrative Agent; </FONT></P>
<P STYLE="margin-top:10px;margin-bottom:0px; margin-left:4%" ALIGN="justify"><FONT STYLE="font-family:Times New Roman" SIZE="2">3. The tenant (or an Affiliate thereof) is one of the ten largest tenant of properties owned by the Borrower or the
Borrower Subsidiaries (calculated either by reference to square footage or by annualized base rent); or </FONT></P> <P STYLE="margin-top:10px;margin-bottom:0px; margin-left:4%" ALIGN="justify"><FONT STYLE="font-family:Times New Roman" SIZE="2">4.
The tenant (or an Affiliate thereof) is either the first or second largest in its subject competitive market by market share (either by general/global market share, or specific market share in the subject Individual Property&#146;s market).
</FONT></P> <P STYLE="margin-top:10px;margin-bottom:0px; text-indent:4%" ALIGN="justify"><FONT STYLE="font-family:Times New Roman" SIZE="2">&#147;<U>Applicable Margin</U>&#148; shall mean, for any day, with respect to any LIBO Rate Advances or Base
Rate Advances, as the case may be, the applicable rate per annum set forth below under the caption &#147;LIBO Rate Advances&#148; or &#147;Base Rate Advances&#148;: </FONT></P> <P STYLE="font-size:10px;margin-top:0px;margin-bottom:0px">&nbsp;</P>
<TABLE CELLSPACING="0" CELLPADDING="0" WIDTH="100%" BORDER="0" STYLE="BORDER-COLLAPSE:COLLAPSE" ALIGN="center">


<TR STYLE="visibility:hidden; line-height:0pt; color:white">
<TD></TD>
<TD VALIGN="bottom" WIDTH="11%"></TD>
<TD nowrap><FONT STYLE="Times New Roman" SIZE="1"><B>September 30,</B></FONT></TD>
<TD VALIGN="bottom" WIDTH="11%"></TD>
<TD></TD>
<TD nowrap><FONT STYLE="Times New Roman" SIZE="1"><B>September 30,</B></FONT></TD>
<TD></TD>
<TD VALIGN="bottom" WIDTH="10%"></TD>
<TD></TD>
<TD nowrap><FONT STYLE="Times New Roman" SIZE="1"><B>September 30,</B></FONT></TD>
<TD></TD></TR>
<TR>
<TD VALIGN="bottom" NOWRAP> <P STYLE="border-bottom:1px solid #000000;width:18pt"><FONT STYLE="font-family:Times New Roman" SIZE="1"><B>Level</B></FONT></P></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="center" STYLE="border-bottom:1px solid #000000"> <P STYLE="margin-top:0px;margin-bottom:1px" ALIGN="center"><FONT STYLE="font-family:Times New Roman" SIZE="1"><B>Leverage&nbsp;Ratio</B></FONT></P></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" COLSPAN="2" ALIGN="center" STYLE="border-bottom:1px solid #000000"><FONT STYLE="font-family:Times New Roman" SIZE="1"><B>LIBO&nbsp;Rate&nbsp;Advances</B></FONT><br><FONT STYLE="font-family:Times New Roman" SIZE="1"><B>Applicable
Margin</B></FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" COLSPAN="2" ALIGN="center" STYLE="border-bottom:1px solid #000000"><FONT STYLE="font-family:Times New Roman" SIZE="1"><B>Base&nbsp;Rate&nbsp;Advances</B></FONT><br><FONT STYLE="font-family:Times New Roman" SIZE="1"><B>Applicable
Margin</B></FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD></TR>


<TR BGCOLOR="#cceeff">
<TD VALIGN="top"><FONT STYLE="font-family:Times New Roman" SIZE="2">1</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="center"><FONT STYLE="font-family:Times New Roman" SIZE="2"><FONT STYLE="FONT-FAMILY:SYMBOL">&#179;</FONT> 60% but &lt; 65%</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="2">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:Times New Roman" SIZE="2">3.00</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="2">%&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="2">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:Times New Roman" SIZE="2">2.00</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="2">%&nbsp;</FONT></TD></TR>
<TR>
<TD VALIGN="top"><FONT STYLE="font-family:Times New Roman" SIZE="2">2</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="center"><FONT STYLE="font-family:Times New Roman" SIZE="2"><FONT STYLE="FONT-FAMILY:SYMBOL">&#179;</FONT> 55% but &lt; 60%</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="2">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:Times New Roman" SIZE="2">2.75</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="2">%&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="2">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:Times New Roman" SIZE="2">1.75</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="2">%&nbsp;</FONT></TD></TR>
<TR BGCOLOR="#cceeff">
<TD VALIGN="top"><FONT STYLE="font-family:Times New Roman" SIZE="2">3</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="center"><FONT STYLE="font-family:Times New Roman" SIZE="2"><FONT STYLE="FONT-FAMILY:SYMBOL">&#179;</FONT> 50% but &lt; 55%</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="2">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:Times New Roman" SIZE="2">2.50</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="2">%&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="2">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:Times New Roman" SIZE="2">1.50</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="2">%&nbsp;</FONT></TD></TR>
<TR>
<TD VALIGN="top"><FONT STYLE="font-family:Times New Roman" SIZE="2">4</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="center"><FONT STYLE="font-family:Times New Roman" SIZE="2"><FONT STYLE="FONT-FAMILY:SYMBOL">&#179;</FONT> 45% but &lt; 50%</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="2">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:Times New Roman" SIZE="2">2.25</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="2">%&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="2">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:Times New Roman" SIZE="2">1.25</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="2">%&nbsp;</FONT></TD></TR>
<TR BGCOLOR="#cceeff">
<TD VALIGN="top"><FONT STYLE="font-family:Times New Roman" SIZE="2">5</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="center"><FONT STYLE="font-family:Times New Roman" SIZE="2">&lt; 45%</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="2">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:Times New Roman" SIZE="2">2.00</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="2">%&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="2">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:Times New Roman" SIZE="2">1.00</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="2">%&nbsp;</FONT></TD></TR>
</TABLE>
 <p STYLE="margin-top:0px;margin-bottom:0px"><FONT SIZE="1">&nbsp;</FONT></P> <P STYLE="margin-top:0px;margin-bottom:0px" ALIGN="center"><FONT STYLE="font-family:Times New Roman" SIZE="2">3 </FONT></P>


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 <P STYLE="margin-top:0px;margin-bottom:0px; text-indent:4%" ALIGN="justify"><FONT STYLE="font-family:Times New Roman" SIZE="2">Each change in the applicable LIBO Rate Advances Applicable Margin or the
Base Rate Advances Applicable Margin, as the case may be, shall apply during the period commencing on the date of the most recent Compliance Certificate delivered to the Administrative Agent and ending on the date of receipt of the next Compliance
Certificate. If a Compliance Certificate is not delivered to the Administrative Agent in accordance with the terms hereof, the Applicable Margin shall be deemed to be based on Level 1 until the required Compliance Certificate is delivered to the
Administrative Agent. The provisions of this definition shall be subject to Section&nbsp;2.3.16. </FONT></P>
<P STYLE="margin-top:10px;margin-bottom:0px; text-indent:4%" ALIGN="justify"><FONT STYLE="font-family:Times New Roman" SIZE="2">&#147;<U>Appraisal</U>&#148; shall mean an MAI appraisal reflecting the &#147;as is&#148; (in the case of Stabilized
Assets) or &#147;as stabilized&#148; (in the case of Development Assets) appraised market value of an Individual Property ordered by the Administrative Agent (or by the Borrower in accordance with <U>Section&nbsp;7.16.1</U>) in form and substance
reasonably acceptable to the Administrative Agent and the Required Lenders and prepared by an appraiser reasonably acceptable to the Administrative Agent. </FONT></P> <P STYLE="margin-top:10px;margin-bottom:0px; text-indent:4%" ALIGN="justify"><FONT
STYLE="font-family:Times New Roman" SIZE="2">&#147;<U>Appraised Value</U>&#148; shall mean, with respect to any Collateral Property, the &#147;as is&#148; (for any Stabilized Asset) or &#147;as stabilized&#148; (for any Development Asset) appraised
market value for such Collateral Property set forth in an Appraisal. </FONT></P> <P STYLE="margin-top:10px;margin-bottom:0px; text-indent:4%" ALIGN="justify"><FONT STYLE="font-family:Times New Roman" SIZE="2">&#147;<U>Approved Fund</U>&#148; shall
mean any Fund that is administered or managed by (a)&nbsp;a Lender, (b)&nbsp;an Affiliate of a Lender or (c)&nbsp;an entity or an Affiliate of an entity that administers or manages a Lender. </FONT></P>
<P STYLE="margin-top:10px;margin-bottom:0px; text-indent:4%" ALIGN="justify"><FONT STYLE="font-family:Times New Roman" SIZE="2">&#147;<U>Arranger</U>&#148; shall mean, collectively, KeyBanc Capital Markets and Merrill Lynch, Pierce,
Fenner&nbsp;&amp; Smith Incorporated. </FONT></P> <P STYLE="margin-top:10px;margin-bottom:0px; text-indent:4%" ALIGN="justify"><FONT STYLE="font-family:Times New Roman" SIZE="2">&#147;<U>Assignee Group</U>&#148; shall mean two or more Eligible
Assignees that are Affiliates of one another or two or more Approved Funds managed by the same investment advisor. </FONT></P> <P STYLE="margin-top:10px;margin-bottom:0px; text-indent:4%" ALIGN="justify"><FONT
STYLE="font-family:Times New Roman" SIZE="2">&#147;<U>Assignment and Assumption</U>&#148; shall mean an assignment and assumption entered into by a Lender and an assignee (with the consent of any party whose consent is required by
<U>Section&nbsp;13.3</U>, and accepted by the Administrative Agent), in substantially the form of <U>Exhibit D</U> or any other form approved by the Administrative Agent. </FONT></P>
<P STYLE="margin-top:10px;margin-bottom:0px; text-indent:4%" ALIGN="justify"><FONT STYLE="font-family:Times New Roman" SIZE="2">&#147;<U>Assignment of Leases and Rents</U>&#148; shall have the meaning set forth in <U>Section&nbsp;3.1.2</U>, as such
agreements may be amended, restated, supplemented or otherwise updated or modified from time to time. </FONT></P>
<P STYLE="margin-top:10px;margin-bottom:0px; text-indent:4%" ALIGN="justify"><FONT STYLE="font-family:Times New Roman" SIZE="2">&#147;<U>Authorized Officer</U>&#148; shall mean, with respect to any Loan Party, the Chief Executive Officer, the Chief
Financial Officer, the Chief Operating Officer, the Vice President of Operations and their respective successors, it being understood that one individual may hold the office of Chief Operating Officer and Vice President of Operations. </FONT></P>
<P STYLE="margin-top:10px;margin-bottom:0px; text-indent:4%" ALIGN="justify"><FONT STYLE="font-family:Times New Roman" SIZE="2">&#147;<U>Auto-Extension Letter of Credit</U>&#148; shall have the meaning set forth in <U>Section&nbsp;2.7.2(c)</U>.
</FONT></P>
 <p STYLE="margin-top:0px;margin-bottom:0px"><FONT SIZE="1">&nbsp;</FONT></P> <P STYLE="margin-top:0px;margin-bottom:0px" ALIGN="center"><FONT STYLE="font-family:Times New Roman" SIZE="2">4 </FONT></P>


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 <P STYLE="margin-top:0px;margin-bottom:0px; text-indent:4%" ALIGN="justify"><FONT STYLE="font-family:Times New Roman" SIZE="2">&#147;<U>Auto-Reinstatement Letter of Credit</U>&#148; shall have the
meaning set forth in <U>Section&nbsp;2.7.2(d)</U>. </FONT></P> <P STYLE="margin-top:10px;margin-bottom:0px; text-indent:4%" ALIGN="justify"><FONT STYLE="font-family:Times New Roman" SIZE="2">&#147;<U>BOFA</U>&#148; shall mean Bank of America, N.A.,
a national banking association. </FONT></P> <P STYLE="margin-top:10px;margin-bottom:0px; text-indent:4%" ALIGN="justify"><FONT STYLE="font-family:Times New Roman" SIZE="2">&#147;<U>Base Rate</U>&#148; shall mean for any day a fluctuating rate per
annum equal to the highest of (a)&nbsp;the Federal Funds Rate <U>plus</U> one half of 1% (0.50%), or (b)&nbsp;the Prime Rate in effect for such day. &#147;<U>Prime Rate</U>&#148; shall mean the rate of interest in effect for such day as publicly
announced from time to time by KeyBank as its &#147;prime rate.&#148; The &#147;prime rate&#148; is a rate set by KeyBank based upon various factors including KeyBank&#146;s costs and desired return, general economic conditions and other factors,
and is used as a reference point for pricing some loans, which may be priced at, above, or below such announced rate. Any change in such rate announced by KeyBank shall take effect at the opening of business on the day specified in the public
announcement of such change. </FONT></P> <P STYLE="margin-top:10px;margin-bottom:0px; text-indent:4%" ALIGN="justify"><FONT STYLE="font-family:Times New Roman" SIZE="2">&#147;<U>Base Rate Advance</U>&#148; shall mean any principal amount outstanding
under this Agreement which pursuant to this Agreement bears interest at the Base Rate Accrual Rate. </FONT></P>
<P STYLE="margin-top:10px;margin-bottom:0px; text-indent:4%" ALIGN="justify"><FONT STYLE="font-family:Times New Roman" SIZE="2">&#147;<U>Base Rate Accrual Rate</U>&#148; shall mean the greater of (a)&nbsp;the Base Rate plus the Applicable Margin or
(b)&nbsp;the LIBO Rate (as specified in clause (b)&nbsp;of the definition thereof) <U>plus</U> the Applicable Margin for the corresponding LIBO Rate Advance had such advance been a LIBO Rate Advance. </FONT></P>
<P STYLE="margin-top:10px;margin-bottom:0px; text-indent:4%" ALIGN="justify"><FONT STYLE="font-family:Times New Roman" SIZE="2">&#147;<U>Book Value</U>&#148; shall mean the value of such property or asset, as determined in accordance with GAAP.
</FONT></P> <P STYLE="margin-top:10px;margin-bottom:0px; text-indent:4%" ALIGN="justify"><FONT STYLE="font-family:Times New Roman" SIZE="2">&#147;<U>Borrower</U>&#148; shall have the meaning set forth in the Preamble. </FONT></P>
<P STYLE="margin-top:10px;margin-bottom:0px; text-indent:4%" ALIGN="justify"><FONT STYLE="font-family:Times New Roman" SIZE="2">&#147;<U>Borrower Materials</U>&#148; shall have the meaning set forth in <U>Section&nbsp;7.2.13</U>. </FONT></P>
<P STYLE="margin-top:10px;margin-bottom:0px; text-indent:4%" ALIGN="justify"><FONT STYLE="font-family:Times New Roman" SIZE="2">&#147;<U>Borrower Reduction Date</U>&#148; shall have the meaning set forth in Section&nbsp;2.2.2.(b). </FONT></P>
<P STYLE="margin-top:10px;margin-bottom:0px; text-indent:4%" ALIGN="justify"><FONT STYLE="font-family:Times New Roman" SIZE="2">&#147;<U>Borrower Subsidiaries</U>&#148; shall mean, individually and collectively, all of the Subsidiaries of the
Borrower and/or CRT. </FONT></P> <P STYLE="margin-top:10px;margin-bottom:0px; text-indent:4%" ALIGN="justify"><FONT STYLE="font-family:Times New Roman" SIZE="2">&#147;<U>Borrower Termination Date</U>&#148; shall have the meaning set forth in
Section&nbsp;2.2.2.(a). </FONT></P> <P STYLE="margin-top:10px;margin-bottom:0px; text-indent:4%" ALIGN="justify"><FONT STYLE="font-family:Times New Roman" SIZE="2">&#147;<U>Borrowing Base Property</U>&#148; and &#147;<U>Borrowing Base
Properties</U>&#148; shall mean, the Individual Properties initially listed in <U>Schedule&nbsp;6.14.2(i)</U> hereto, plus any Individual Property which subsequently becomes a Borrowing Base Property in accordance with <U>Section&nbsp;3.5</U>,
hereof, but excluding (i)&nbsp;any Borrowing Base Property which is determined by the Administrative Agent to no longer be a Borrowing Base Property in accordance with <U>Section&nbsp;3.4</U>, hereof, or (ii)&nbsp;any Borrowing Base Property which
is released as Collateral in accordance with <U>Section&nbsp;3.3</U> hereof. </FONT></P> <P STYLE="margin-top:10px;margin-bottom:0px; text-indent:4%" ALIGN="justify"><FONT STYLE="font-family:Times New Roman" SIZE="2">&#147;<U>Borrowing Base Property
Owner</U>&#148; and &#147;<U>Borrowing Base Property Owners</U>&#148; shall mean, from time to time, the Wholly-Owned Subsidiary or Subsidiaries of the Borrower or CRT which is or are the owner or owners of the fee simple interest in, or the
approved ground lessee of, a Borrowing Base Property or the Borrowing Base Properties. </FONT></P>
 <p STYLE="margin-top:0px;margin-bottom:0px"><FONT SIZE="1">&nbsp;</FONT></P> <P STYLE="margin-top:0px;margin-bottom:0px" ALIGN="center"><FONT STYLE="font-family:Times New Roman" SIZE="2">5 </FONT></P>


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 <P STYLE="margin-top:0px;margin-bottom:0px; text-indent:4%" ALIGN="justify"><FONT STYLE="font-family:Times New Roman" SIZE="2">&#147;<U>Borrowing Base Property Requirements</U>&#148; shall mean the
requirements, with respect to any Individual Property, set forth below: </FONT></P> <P STYLE="margin-top:10px;margin-bottom:0px; text-indent:4%" ALIGN="justify"><FONT STYLE="font-family:Times New Roman" SIZE="2">(a) The Individual Property satisfies
all Eligibility Criteria. </FONT></P> <P STYLE="margin-top:10px;margin-bottom:0px; text-indent:4%" ALIGN="justify"><FONT STYLE="font-family:Times New Roman" SIZE="2">(b) The Borrower (or applicable Loan Party) has executed all Security Documents in
connection with such Individual Property, including, without limitation, the Security Documents set forth in <U>Section&nbsp;3.1.1</U> through and including <U>Section&nbsp;3.1.7</U> hereof. </FONT></P>
<P STYLE="margin-top:10px;margin-bottom:0px; text-indent:4%" ALIGN="justify"><FONT STYLE="font-family:Times New Roman" SIZE="2">(c) The Individual Property is owned in fee simple or ground leased pursuant to a Ground Lease by a Wholly-Owned
Subsidiary of the Borrower, except as otherwise approved by the Administrative Agent and the Required Lenders. </FONT></P>
<P STYLE="margin-top:10px;margin-bottom:0px; text-indent:4%" ALIGN="justify"><FONT STYLE="font-family:Times New Roman" SIZE="2">(d) The Administrative Agent shall have received and completed a satisfactory review of such due diligence as the
Administrative Agent and the Required Lenders may reasonably require (with the Borrower delivering such diligence to the Administrative Agent for delivery to the Lenders) with respect to any Individual Property (with the Administrative Agent
agreeing to use reasonable efforts to utilize any due diligence previously submitted by the Borrower and received by the Administrative Agent pursuant to the Existing BAML Facility or the Existing KeyBank Facility), including, without limitation:
</FONT></P> <P STYLE="margin-top:10px;margin-bottom:0px; text-indent:4%" ALIGN="justify"><FONT STYLE="font-family:Times New Roman" SIZE="2">(i) A mortgagee&#146;s title insurance policy naming the Administrative Agent, on behalf of the Lenders, as
the first mortgagee, which meets the Administrative Agent&#146;s title insurance requirements furnished to the Borrower to the reasonable satisfaction of the Administrative Agent and the Administrative Agent&#146;s counsel; and (2)&nbsp;such other
evidence of the perfection of its security interests as the Administrative Agent and the Administrative Agent&#146;s counsel may reasonably require; </FONT></P> <P STYLE="margin-top:10px;margin-bottom:0px; text-indent:4%" ALIGN="justify"><FONT
STYLE="font-family:Times New Roman" SIZE="2">(ii) A current, as built survey of the Individual Property containing a certification thereon, or on a separate surveyor&#146;s certificate, of a land surveyor reasonably acceptable to the Administrative
Agent which meets the Administrative Agent&#146;s customary survey requirements furnished to the Borrower from time to time to the reasonable satisfaction of the Administrative Agent and the Administrative Agent&#146;s counsel; </FONT></P>
<P STYLE="margin-top:10px;margin-bottom:0px; text-indent:4%" ALIGN="justify"><FONT STYLE="font-family:Times New Roman" SIZE="2">(iii) If the Individual Property (or any portion thereof) is ground leased by the Borrowing Base Property Owner, a copy
of the Ground Lease. Further, in the event that the ground lessor of the Individual Property (or any portion thereof) is (x)&nbsp;an Affiliate of any Loan Party, the said ground lessor shall join in the Mortgage to include within the Collateral the
fee interest in the said Individual Property or (y)&nbsp;not an Affiliate of any Loan Party, the Administrative Agent (at its option) shall receive an Estoppel Certificate in the form of <U>Exhibit E</U> annexed hereto from the ground lessor or in
the form required by the ground lease provided such form is reasonably acceptable to the Administrative Agent; </FONT></P>
<P STYLE="margin-top:10px;margin-bottom:0px; text-indent:4%" ALIGN="justify"><FONT STYLE="font-family:Times New Roman" SIZE="2">(iv) With respect to any Individual Property with one or more tenants subject to a Major Lease to be added as a Borrowing
Base Property, the Borrower has obtained an executed estoppel certificate and an executed subordination, nondisturbance and attornment agreement from each such tenant, subject to <U>Section&nbsp;7.30</U> with respect to Existing Borrowing Base
Properties; </FONT></P>
 <p STYLE="margin-top:0px;margin-bottom:0px"><FONT SIZE="1">&nbsp;</FONT></P> <P STYLE="margin-top:0px;margin-bottom:0px" ALIGN="center"><FONT STYLE="font-family:Times New Roman" SIZE="2">6 </FONT></P>


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 <P STYLE="margin-top:0px;margin-bottom:0px; text-indent:4%" ALIGN="justify"><FONT STYLE="font-family:Times New Roman" SIZE="2">(v) Copies of all Major Leases and, to the extent requested by the
Administrative Agent, copies of other Leases; </FONT></P> <P STYLE="margin-top:10px;margin-bottom:0px; text-indent:4%" ALIGN="justify"><FONT STYLE="font-family:Times New Roman" SIZE="2">(vi) A copy of the property management agreement with respect
to the Individual Property, if any, and, if requested by the Administrative Agent, a consent by the property manager to the collateral assignment of the property management agreement to the Administrative Agent, on behalf of the Lenders; </FONT></P>
<P STYLE="margin-top:10px;margin-bottom:0px; text-indent:4%" ALIGN="justify"><FONT STYLE="font-family:Times New Roman" SIZE="2">(vii) A copy of any reciprocal easement agreements with respect to the Individual Property and, only if there are
material financial obligations of a recurring and defined nature payable by the owner of the Borrowing Base Property thereunder, if requested by the Administrative Agent, an estoppel certificate from all of the parties thereto in form and substance
reasonably acceptable to the Administrative Agent; </FONT></P> <P STYLE="margin-top:10px;margin-bottom:0px; text-indent:4%" ALIGN="justify"><FONT STYLE="font-family:Times New Roman" SIZE="2">(viii) Evidence of existence of all Licenses and Permits
to evidence compliance with Laws with respect to the use and operation of the Individual Property; </FONT></P> <P STYLE="margin-top:10px;margin-bottom:0px; text-indent:4%" ALIGN="justify"><FONT STYLE="font-family:Times New Roman" SIZE="2">(ix)
Evidence of insurance complying with the requirements of <U>Schedule 5.1.11</U> hereto; </FONT></P> <P STYLE="margin-top:10px;margin-bottom:0px; text-indent:4%" ALIGN="justify"><FONT STYLE="font-family:Times New Roman" SIZE="2">(x) A current
Appraisal; <U>provided</U> that Appraisals that are less than six (6)&nbsp;months old shall be acceptable; </FONT></P>
<P STYLE="margin-top:10px;margin-bottom:0px; text-indent:4%" ALIGN="justify"><FONT STYLE="font-family:Times New Roman" SIZE="2">(xi) A current environmental Phase I Site Assessment performed by a firm reasonably acceptable to the Administrative
Agent within six (6)&nbsp;months of submission to the Administrative Agent (or within six (6)&nbsp;months of when such Individual Property became a Borrowing Base Property whether under this Agreement or the Existing BAML Facility or the Existing
KeyBank Facility), which indicates the property is free from recognized hazardous materials or substances apparent from the inspection, or affected by such environmental matters as may be reasonably acceptable to the Administrative Agent and the
Required Lenders; </FONT></P> <P STYLE="margin-top:10px;margin-bottom:0px; text-indent:4%" ALIGN="justify"><FONT STYLE="font-family:Times New Roman" SIZE="2">(xii) A current structural report performed by an engineering firm reasonably acceptable to
the Administrative Agent within six (6)&nbsp;months of submission to the Administrative Agent (or within six (6)&nbsp;months of when such Individual Property became a Borrowing Base Property under this Agreement, the Existing BAML Facility or the
Existing KeyBank Facility) relative to any improvements on the Individual Property, such report to be reasonably acceptable to the Administrative Agent and the Required Lenders; </FONT></P>
<P STYLE="margin-top:10px;margin-bottom:0px; text-indent:4%" ALIGN="justify"><FONT STYLE="font-family:Times New Roman" SIZE="2">(xiii) Five (5)&nbsp;years of Cash Flow Projections for the Individual Property; and </FONT></P>
<P STYLE="margin-top:10px;margin-bottom:0px; text-indent:4%" ALIGN="justify"><FONT STYLE="font-family:Times New Roman" SIZE="2">(xiv) Such other real estate documents (including, without limitation, flood hazard determinations and evidence of flood
insurance to the extent required) reasonably deemed appropriate for commercially reasonable underwriting by the Administrative Agent in respect of the Borrowing Base Property. </FONT></P>
<P STYLE="margin-top:10px;margin-bottom:0px; text-indent:4%" ALIGN="justify"><FONT STYLE="font-family:Times New Roman" SIZE="2">(e) Additionally, for any Individual Property classified as a Development Asset, the Borrower shall be deemed to have
provided the following, each of which shall be deemed to have been approved by the Lenders: </FONT></P>
 <p STYLE="margin-top:0px;margin-bottom:0px"><FONT SIZE="1">&nbsp;</FONT></P> <P STYLE="margin-top:0px;margin-bottom:0px" ALIGN="center"><FONT STYLE="font-family:Times New Roman" SIZE="2">7 </FONT></P>


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 <P STYLE="margin-top:0px;margin-bottom:0px; text-indent:4%" ALIGN="justify"><FONT STYLE="font-family:Times New Roman" SIZE="2">(i) The Construction Budget; </FONT></P>
<P STYLE="margin-top:10px;margin-bottom:0px; text-indent:4%" ALIGN="justify"><FONT STYLE="font-family:Times New Roman" SIZE="2">(ii) the Operating Pro Forma for the subject property; </FONT></P>
<P STYLE="margin-top:10px;margin-bottom:0px; text-indent:4%" ALIGN="justify"><FONT STYLE="font-family:Times New Roman" SIZE="2">(iii) An executive summary describing the Development Asset, along with the Borrower&#146;s investment plan for such
property; and </FONT></P> <P STYLE="margin-top:10px;margin-bottom:0px; text-indent:4%" ALIGN="justify"><FONT STYLE="font-family:Times New Roman" SIZE="2">(iv) Copies of the site plan for the Individual Property, along with copies of all material
agreements and contracts related to the development of the property currently in effect for such property. </FONT></P>
<P STYLE="margin-top:10px;margin-bottom:0px; text-indent:4%" ALIGN="justify"><FONT STYLE="font-family:Times New Roman" SIZE="2">&#147;<U>Borrowing Base Value</U>&#148; shall mean, as of the most recent Compliance Certificate or Borrowing Base
Property report, as applicable, delivered to the Administrative Agent, the sum of (a)&nbsp;for Borrowing Base Properties that are Stabilized Assets, the lesser of (i)&nbsp;Adjusted Appraised Value of all such Borrowing Base Properties, or
(ii)&nbsp;the Implied Loan Amount for all such Borrowing Base Properties, <U>plus</U> (b)&nbsp;for Borrowing Base Properties that are Development Assets, the aggregate of the least of, calculated separately for each Development Asset, (i)&nbsp;the
Adjusted Appraised Value of such Development Asset, or (ii)&nbsp;65% of the total costs for such Development Asset, as set forth on the Construction Budget for such Development Asset, or (iii)&nbsp;the Implied Loan Amount for such Development Asset.
Notwithstanding the above, the Borrowing Base Value for any Borrowing Base Property as to which an Event of Loss has occurred shall be equal to the Adjusted Capitalized Value for a period of time equal to the lesser of (x)&nbsp;twelve months from
the Event of Loss or (y)&nbsp;the determination that such Borrowing Base Property is not, or ceases to be, a Restoration Property. Notwithstanding the foregoing, (i)&nbsp;commencing with the Closing Date and continuing until December&nbsp;31, 2012,
Borrowing Base Value derived from Development Assets shall at no time during such period exceed twenty-five percent (25%)&nbsp;of the total Borrowing Base Value; (ii)&nbsp;commencing January&nbsp;1, 2013 and continuing until December&nbsp;31, 2013,
Borrowing Base Value derived from Development Assets shall at no time during such period exceed twenty percent (20%)&nbsp;of the total Borrowing Base Value; and (iii)&nbsp;commencing January&nbsp;1, 2014 and continuing until the Maturity Date,
Borrowing Base Value derived from Development Assets shall at no time during such period exceed fifteen percent (15%)&nbsp;of the total Borrowing Base Value. </FONT></P> <P STYLE="margin-top:10px;margin-bottom:0px; text-indent:4%" ALIGN="justify"><FONT
STYLE="font-family:Times New Roman" SIZE="2">&#147;<U>Breakage Fee</U>&#148; shall have the meaning set forth in <U>Section&nbsp;2.3.15</U>. </FONT></P> <P STYLE="margin-top:10px;margin-bottom:0px; text-indent:4%" ALIGN="justify"><FONT
STYLE="font-family:Times New Roman" SIZE="2">&#147;<U>Business Day</U>&#148; shall mean any day other than a Saturday, Sunday or other day on which commercial banks are authorized to close under the Laws of, or are in fact closed in, New York, New
York or the state where the Administrative Agent&#146;s Office is located and, if such day relates to any LIBO Rate Advance, shall mean any such day on which dealings in Dollar deposits are conducted by and between banks in the London interbank
eurodollar market. Further, payments shall be due on the first Business Day of each calendar month </FONT></P>
<P STYLE="margin-top:10px;margin-bottom:0px; text-indent:4%" ALIGN="justify"><FONT STYLE="font-family:Times New Roman" SIZE="2">&#147;<U>Calculation Date</U>&#148; shall mean the last day of each calendar quarter commencing with December&nbsp;31,
2011. </FONT></P> <P STYLE="margin-top:10px;margin-bottom:0px; text-indent:4%" ALIGN="justify"><FONT STYLE="font-family:Times New Roman" SIZE="2">&#147;<U>Calculation Period</U>&#148; shall mean for each Calculation Date, the just completed calendar
quarter (inclusive of the applicable Calculation Date). </FONT></P>
 <p STYLE="margin-top:0px;margin-bottom:0px"><FONT SIZE="1">&nbsp;</FONT></P> <P STYLE="margin-top:0px;margin-bottom:0px" ALIGN="center"><FONT STYLE="font-family:Times New Roman" SIZE="2">8 </FONT></P>


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 <P STYLE="margin-top:0px;margin-bottom:0px; text-indent:4%" ALIGN="justify"><FONT STYLE="font-family:Times New Roman" SIZE="2">&#147;<U>Capital Stock</U>&#148; shall mean (i)&nbsp;with respect to any
Person that is a corporation, any and all shares, interests, participations or other equivalents (however designated and whether or not voting) of corporate stock, including without limitation, each class or series of common stock and preferred
stock of such Person and (ii)&nbsp;with respect to any Person that is not a corporation, any and all investment units, partnership, membership or other equity interests of such Person. </FONT></P>
<P STYLE="margin-top:10px;margin-bottom:0px; text-indent:4%" ALIGN="justify"><FONT STYLE="font-family:Times New Roman" SIZE="2">&#147;<U>Capitalization Rate</U>&#148; shall be equal to eight percent (8%). </FONT></P>
<P STYLE="margin-top:10px;margin-bottom:0px; text-indent:4%" ALIGN="justify"><FONT STYLE="font-family:Times New Roman" SIZE="2">&#147;<U>Cash Collateral</U>&#148; shall have the meaning set forth in <U>Section&nbsp;2.7.7</U>. </FONT></P>
<P STYLE="margin-top:10px;margin-bottom:0px; text-indent:4%" ALIGN="justify"><FONT STYLE="font-family:Times New Roman" SIZE="2">&#147;<U>Cash Collateralize</U>&#148; shall have the meaning set forth in <U>Section&nbsp;2.7.7</U>. </FONT></P>
<P STYLE="margin-top:10px;margin-bottom:0px; text-indent:4%" ALIGN="justify"><FONT STYLE="font-family:Times New Roman" SIZE="2">&#147;<U>Cash Flow Projections</U>&#148; shall mean a detailed schedule&nbsp;of all cash Distributions projected to be
made to the Borrower from the Borrower Subsidiaries, as detailed on the model delivered to the Administrative Agent prior to the Closing Date (attached hereto as <U>Exhibit J</U>), and subject to change as shall be detailed in the respective
Officer&#146;s Certificate to be provided to the Administrative Agent as set forth herein. </FONT></P> <P STYLE="margin-top:10px;margin-bottom:0px; text-indent:4%" ALIGN="justify"><FONT STYLE="font-family:Times New Roman" SIZE="2">&#147;<U>Change in
Law</U>&#148; shall mean the occurrence, after the Closing Date, of any of the following: (a)&nbsp;the adoption or taking effect of any law, rule, regulation or treaty, (b)&nbsp;any change in any law, rule, regulation or treaty or in the
administration, interpretation or application thereof by any Governmental Authority or (c)&nbsp;the making or issuance of any request, guideline or directive (whether or not having the force of law) by any Governmental Authority. Notwithstanding
anything herein to the contrary, (a)&nbsp;the Dodd-Frank Wall Street Reform and Consumer Protection Act and all requests, rules, guidelines and directives thereunder or issued in connection therewith and (b)&nbsp;all requests, rules, guidelines or
directives promulgated by the Bank for International Settlements, the Basel Committee on Banking Supervision (or any successor or similar authority) or the United States or foreign regulatory authorities, in each case pursuant to Basel III, shall in
each case be deemed to be a &#147;Change in Law&#148;, regardless of the date enacted, adopted or issued. </FONT></P>
<P STYLE="margin-top:10px;margin-bottom:0px; text-indent:4%" ALIGN="justify"><FONT STYLE="font-family:Times New Roman" SIZE="2">&#147;<U>Change of Control</U>&#148; shall mean the occurrence of any of the following: </FONT></P>
<P STYLE="margin-top:10px;margin-bottom:0px; text-indent:4%" ALIGN="justify"><FONT STYLE="font-family:Times New Roman" SIZE="2">(a) The acquisition by any Person, or &#147;group&#148; (within the meaning of Sections 13(d) and 14(d)(2) of the
Securities Exchange Act of 1934, as amended) of Persons acting in concert, of beneficial ownership (within the meaning of Rule 13d-3 of the Securities and Exchange Commission under the Securities Exchange Act of 1934, as amended), directly or
indirectly, of 50% or more of the outstanding shares of voting stock of CRT, other than short term acquisitions necessary in connection with the ultimate sale or other offerings of equity interests otherwise permitted hereunder; </FONT></P>
<P STYLE="margin-top:10px;margin-bottom:0px; text-indent:4%" ALIGN="justify"><FONT STYLE="font-family:Times New Roman" SIZE="2">(b) During any period of twelve (12)&nbsp;consecutive calendar months, individuals: </FONT></P>
<P STYLE="margin-top:10px;margin-bottom:0px; text-indent:4%" ALIGN="justify"><FONT STYLE="font-family:Times New Roman" SIZE="2">(1) Who were directors of CRT on the first day of such period; or </FONT></P>
<P STYLE="margin-top:10px;margin-bottom:0px; text-indent:4%" ALIGN="justify"><FONT STYLE="font-family:Times New Roman" SIZE="2">(2) Whose election or nomination for election to the board of directors of CRT was recommended or approved by at least a
majority of the directors then still in office who were directors of CRT on the first day of such period, or whose election or nomination for election was so approved, </FONT></P>
 <p STYLE="margin-top:0px;margin-bottom:0px"><FONT SIZE="1">&nbsp;</FONT></P> <P STYLE="margin-top:0px;margin-bottom:0px" ALIGN="center"><FONT STYLE="font-family:Times New Roman" SIZE="2">9 </FONT></P>


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 <P STYLE="margin-top:0px;margin-bottom:0px; text-indent:4%" ALIGN="justify"><FONT STYLE="font-family:Times New Roman" SIZE="2">shall cease to constitute a majority of the board of directors of CRT; or
</FONT></P> <P STYLE="margin-top:10px;margin-bottom:0px; text-indent:4%" ALIGN="justify"><FONT STYLE="font-family:Times New Roman" SIZE="2">(c) CRT shall cease to be the sole general partner of Borrower; or </FONT></P>
<P STYLE="margin-top:10px;margin-bottom:0px; text-indent:4%" ALIGN="justify"><FONT STYLE="font-family:Times New Roman" SIZE="2">(d) CRT shall cease to own a minimum of 50% of the beneficial ownership interest in the Borrower, or </FONT></P>
<P STYLE="margin-top:10px;margin-bottom:0px; text-indent:4%" ALIGN="justify"><FONT STYLE="font-family:Times New Roman" SIZE="2">(e) With respect to any Borrowing Base Property Owner, the transfer of any ownership interest therein such that such
Borrowing Base Property Owner is not a Wholly-Owned Subsidiary of the Borrower or CRT. </FONT></P> <P STYLE="margin-top:10px;margin-bottom:0px; text-indent:4%" ALIGN="justify"><FONT STYLE="font-family:Times New Roman" SIZE="2">&#147;<U>Closing
Compliance Certificate</U>&#148; shall have the meaning set forth in <U>Section&nbsp;5.1.2(b)</U>. </FONT></P>
<P STYLE="margin-top:10px;margin-bottom:0px; text-indent:4%" ALIGN="justify"><FONT STYLE="font-family:Times New Roman" SIZE="2">&#147;<U>Closing Date</U>&#148; shall have the meaning set forth in <U>Section&nbsp;5.1</U>. </FONT></P>
<P STYLE="margin-top:10px;margin-bottom:0px; text-indent:4%" ALIGN="justify"><FONT STYLE="font-family:Times New Roman" SIZE="2">&#147;<U>Code</U>&#148; shall mean the Internal Revenue Code of 1986, as amended from time to time, and the regulations
promulgated and rulings issued thereunder. Section&nbsp;references to the Code are to the Code, as in effect at the date of this Agreement and any subsequent provisions of the Code, amendatory thereof, supplemental thereto or substituted therefor.
</FONT></P> <P STYLE="margin-top:10px;margin-bottom:0px; text-indent:4%" ALIGN="justify"><FONT STYLE="font-family:Times New Roman" SIZE="2">&#147;<U>Collateral</U>&#148; shall have the meaning set forth in <U>Section&nbsp;3.1</U>. </FONT></P>
<P STYLE="margin-top:10px;margin-bottom:0px; text-indent:4%" ALIGN="justify"><FONT STYLE="font-family:Times New Roman" SIZE="2">&#147;<U>Collateral Assignment of Contract</U>&#148; shall have the meaning set forth in <U>Section&nbsp;3.1.3</U>, as
such agreements may be amended, restated, supplemented or otherwise updated or modified from time to time. </FONT></P>
<P STYLE="margin-top:10px;margin-bottom:0px; text-indent:4%" ALIGN="justify"><FONT STYLE="font-family:Times New Roman" SIZE="2">&#147;<U>Collateral Property</U>&#148; and &#147;<U>Collateral Properties</U>&#148; shall mean any Borrowing Base
Property or Borrowing Base Properties and other Individual Properties which (i)&nbsp;were a Borrowing Base Property, (ii)&nbsp;were no longer deemed such under <U>Section&nbsp;3.4.1</U>, and (iii)&nbsp;for which the Release Conditions have not been
satisfied, as described in <U>Section&nbsp;3.4.3</U>. </FONT></P> <P STYLE="margin-top:10px;margin-bottom:0px; text-indent:4%" ALIGN="justify"><FONT STYLE="font-family:Times New Roman" SIZE="2">&#147;<U>Collateral Release Request</U>&#148; shall
have the meaning set forth in <U>Section&nbsp;3.3</U>. </FONT></P> <P STYLE="margin-top:10px;margin-bottom:0px; text-indent:4%" ALIGN="justify"><FONT STYLE="font-family:Times New Roman" SIZE="2">&#147;<U>Combined EBITDA</U>&#148; shall mean the sum
of the Pro Rata Share of EBITDA for each Consolidated CRT Entity and each Unconsolidated CRT Entity. </FONT></P>
<P STYLE="margin-top:10px;margin-bottom:0px; text-indent:4%" ALIGN="justify"><FONT STYLE="font-family:Times New Roman" SIZE="2">&#147;<U>Commitment</U>&#148; shall mean, with respect to each Lender, the aggregate amount of such Lender&#146;s
Revolving Commitment and Term Commitment. </FONT></P> <P STYLE="margin-top:10px;margin-bottom:0px; text-indent:4%" ALIGN="justify"><FONT STYLE="font-family:Times New Roman" SIZE="2">&#147;<U>Commitment Letter</U>&#148; shall mean that certain
commitment letter, dated as of November&nbsp;7, 2011, by and among the Borrower and KeyBank. </FONT></P>
<P STYLE="margin-top:10px;margin-bottom:0px; text-indent:4%" ALIGN="justify"><FONT STYLE="font-family:Times New Roman" SIZE="2">&#147;<U>Commitment Percentage</U>&#148; shall mean with respect to any Lender at any time, the percentage (carried out
to the ninth decimal place) of the Total Commitments represented by such Lender&#146;s Commitment at such time. If the commitment of each Lender to make Loan </FONT></P>
 <p STYLE="margin-top:0px;margin-bottom:0px"><FONT SIZE="1">&nbsp;</FONT></P> <P STYLE="margin-top:0px;margin-bottom:0px" ALIGN="center"><FONT STYLE="font-family:Times New Roman" SIZE="2">10 </FONT></P>



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 <P STYLE="margin-top:0px;margin-bottom:0px" ALIGN="justify"><FONT STYLE="font-family:Times New Roman" SIZE="2">Advances and the obligation of the L/C Issuer to make L/C Credit Extensions have been
terminated pursuant to <U>Section&nbsp;11.2</U> or if the Total Commitments have expired, then the Commitment Percentage of each Lender shall be determined based on the Commitment Percentage of such Lender most recently in effect, giving effect to
any subsequent assignments. The initial Commitment Percentage of each Lender is set forth opposite the name of such Lender on <U>Schedule 1.1(a)</U> or in the Assignment and Assumption pursuant to which such Lender becomes a party hereto, as
applicable. </FONT></P> <P STYLE="margin-top:10px;margin-bottom:0px; text-indent:4%" ALIGN="justify"><FONT STYLE="font-family:Times New Roman" SIZE="2">&#147;<U>Compliance Certificate</U>&#148; shall mean a compliance certificate in the form of
<U>Exhibit C</U>. </FONT></P> <P STYLE="margin-top:10px;margin-bottom:0px; text-indent:4%" ALIGN="justify"><FONT STYLE="font-family:Times New Roman" SIZE="2">&#147;<U>Consent</U>&#148; shall have the meaning set forth in <U>Section&nbsp;3.1.6</U>.
</FONT></P> <P STYLE="margin-top:10px;margin-bottom:0px; text-indent:4%" ALIGN="justify"><FONT STYLE="font-family:Times New Roman" SIZE="2">&#147;<U>Consolidated</U>&#148; or &#147;<U>Consolidating</U>&#148; shall mean consolidated or consolidating
as defined in accordance with GAAP. </FONT></P> <P STYLE="margin-top:10px;margin-bottom:0px; text-indent:4%" ALIGN="justify"><FONT STYLE="font-family:Times New Roman" SIZE="2">&#147;<U>Consolidated CRT Entity</U>&#148; or &#147;<U>Consolidated CRT
Entities</U>&#148; shall mean, singly and collectively, the Borrower, CRT, and any Subsidiary of the Borrower or CRT that is Consolidated. </FONT></P> <P STYLE="margin-top:10px;margin-bottom:0px; text-indent:4%" ALIGN="justify"><FONT
STYLE="font-family:Times New Roman" SIZE="2">&#147;<U>Construction Budget</U>&#148; means with respect to an Individual Property to be developed or renovated, a pro forma construction budget detailing the total development costs of the project to
the time at which said project becomes a Stabilized Asset, including the interest reserve and contingencies, together with a development schedule detailing start date, schedule of draws/payment of project costs and a completion date, as well as
projected timeline of issuance of Licenses and Permits, if not previously issued. </FONT></P> <P STYLE="margin-top:10px;margin-bottom:0px; text-indent:4%" ALIGN="justify"><FONT STYLE="font-family:Times New Roman" SIZE="2">&#147;<U>Control</U>&#148;
shall mean the possession, directly or indirectly, of the power to direct or cause the direction of the management or policies of a Person, whether through the ability to exercise voting power, by contract or otherwise.
&#147;<U>Controlling</U>&#148; and &#147;<U>Controlled</U>&#148; have meanings correlative thereto. </FONT></P>
<P STYLE="margin-top:10px;margin-bottom:0px; text-indent:4%" ALIGN="justify"><FONT STYLE="font-family:Times New Roman" SIZE="2">&#147;<U>Cost to Repair</U>&#148; shall have the meaning set forth in <U>Section&nbsp;14.3.1</U>. </FONT></P>
<P STYLE="margin-top:10px;margin-bottom:0px; text-indent:4%" ALIGN="justify"><FONT STYLE="font-family:Times New Roman" SIZE="2">&#147;<U>Credit Extension</U>&#148; shall mean each of the following: (a)&nbsp;a Loan Advance and (b)&nbsp;an L/C Credit
Extension. </FONT></P> <P STYLE="margin-top:10px;margin-bottom:0px; text-indent:4%" ALIGN="justify"><FONT STYLE="font-family:Times New Roman" SIZE="2">&#147;<U>CRT</U>&#148; shall mean Cedar Realty Trust, Inc., a Maryland corporation. </FONT></P>
<P STYLE="margin-top:10px;margin-bottom:0px; text-indent:4%" ALIGN="justify"><FONT STYLE="font-family:Times New Roman" SIZE="2">&#147;<U>Debt</U>&#148; shall mean, with respect to any Person, without duplication, (i)&nbsp;all indebtedness of such
Person for borrowed money, (ii)&nbsp;all indebtedness of such Person for the deferred purchase price of property or services (other than property and services purchased, and expense accruals and deferred compensation items arising, in the ordinary
course of business), (iii)&nbsp;all obligations of such Person evidenced by notes, bonds, debentures or other similar instruments (other than performance, surety and appeal bonds arising in the ordinary course of business), (iv)&nbsp;all
indebtedness of such Person created or arising under any conditional sale or other title retention agreement with respect to property acquired by such Person (even though the rights and remedies of the seller or lender under such agreement in the
event of default are limited to repossession or sale of such property), (v)&nbsp;all obligations of such Person under leases which have been, or should </FONT></P>
 <p STYLE="margin-top:0px;margin-bottom:0px"><FONT SIZE="1">&nbsp;</FONT></P> <P STYLE="margin-top:0px;margin-bottom:0px" ALIGN="center"><FONT STYLE="font-family:Times New Roman" SIZE="2">11 </FONT></P>



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 <P STYLE="margin-top:0px;margin-bottom:0px" ALIGN="justify"><FONT STYLE="font-family:Times New Roman" SIZE="2">be, in accordance with generally accepted accounting principles, recorded as capital leases,
to the extent required to be so recorded, (vi)&nbsp;all reimbursement, payment or similar obligations of such Person, contingent or otherwise, under acceptance, letter of credit or similar facilities (other than letters of credit in support of trade
obligations or in connection with workers&#146; compensation, unemployment insurance, old-age pensions and other social security benefits in the ordinary course of business), (vii)&nbsp;any Guarantee of any indebtedness or other obligation of any
Person, either directly or indirectly, of indebtedness described in clauses (i)&nbsp;through (vi), and (viii)&nbsp;all Debt referred to in clauses (i)&nbsp;through (vii)&nbsp;above secured by (or for which the holder of such Debt has an existing
right, contingent or otherwise, to be secured by) any Lien, security interest or other charge or encumbrance upon or in property (including, without limitation, accounts and contract rights) owned by such Person, even though such Person has not
assumed or become liable for the payment of such Debt. For the purposes of the calculation of the Financial Covenants, Debt of any entity in which a Person owns an ownership interest shall be calculated on its Pro Rata Share of such Debt, unless
such Person has delivered a guaranty or other indemnity in connection with such Debt creating a greater proportionate liability, in which event, such greater liability shall apply. </FONT></P>
<P STYLE="margin-top:10px;margin-bottom:0px; text-indent:4%" ALIGN="justify"><FONT STYLE="font-family:Times New Roman" SIZE="2">&#147;<U>Debtor Relief Laws</U>&#148; shall mean the Bankruptcy Code of the United States, and all other liquidation,
conservatorship, bankruptcy, assignment for the benefit of creditors, moratorium, rearrangement, receivership, insolvency, reorganization, or similar debtor relief Laws of the United States or other applicable jurisdictions from time to time in
effect and affecting the rights of creditors generally. </FONT></P> <P STYLE="margin-top:10px;margin-bottom:0px; text-indent:4%" ALIGN="justify"><FONT STYLE="font-family:Times New Roman" SIZE="2">&#147;<U>Default</U>&#148; shall have the meaning set
forth in <U>Section&nbsp;10.1</U>. </FONT></P> <P STYLE="margin-top:10px;margin-bottom:0px; text-indent:4%" ALIGN="justify"><FONT STYLE="font-family:Times New Roman" SIZE="2">&#147;<U>Default Rate</U>&#148; shall mean (a)&nbsp;when used with respect
to Borrower Obligations other than Letter of Credit Fees, an interest rate equal to (i)&nbsp;the Base Rate plus (ii)&nbsp;the Applicable Margin, if any, applicable to Base Rate Advances plus (iii)&nbsp;four percent (4.0%)&nbsp;per annum; provided,
however, that with respect to a LIBO Rate Advance, the Default Rate shall be an interest rate equal to the interest rate (including any Applicable Margin) otherwise applicable to such Loan plus four percent (4.0%)&nbsp;per annum and (b)&nbsp;when
used with respect to Letter of Credit Fees, a rate equal to the Applicable Margin plus four percent (4.0%)&nbsp;per annum. </FONT></P> <P STYLE="margin-top:10px;margin-bottom:0px; text-indent:4%" ALIGN="justify"><FONT
STYLE="font-family:Times New Roman" SIZE="2">&#147;<U>Defaulting Lender</U>&#148; shall mean Lender that (a)&nbsp;has failed to (i)&nbsp;fund all or any portion of its Loans or participation in L/C Obligations within two (2)&nbsp;Business Days of
the date such Loans or participations were required to be funded hereunder unless such Lender notifies the Administrative Agent and the Borrower in writing that such failure is the result of such Lender&#146;s determination that one or more
conditions precedent to funding (each of which conditions precedent, together with any applicable default, shall be specifically identified in such writing) has not been satisfied, or (ii)&nbsp;pay to the Administrative Agent or any other Lender any
other amount required to be paid by it hereunder (including in respect of its participation in L/C Obligations) within two (2)&nbsp;Business Days of the date when due, (b)&nbsp;has notified the Borrower or the Administrative Agent in writing that it
does not intend to comply with its funding obligations hereunder, or has made a public statement to that effect (unless such writing or public statement relates to such Lender&#146;s obligation to fund a Loan hereunder and states that such position
is based on such Lender&#146;s determination that a condition precedent to funding (which condition precedent, together with any applicable default, shall be specifically identified in such writing or </FONT></P>
 <p STYLE="margin-top:0px;margin-bottom:0px"><FONT SIZE="1">&nbsp;</FONT></P> <P STYLE="margin-top:0px;margin-bottom:0px" ALIGN="center"><FONT STYLE="font-family:Times New Roman" SIZE="2">12 </FONT></P>



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 <P STYLE="margin-top:0px;margin-bottom:0px" ALIGN="justify"><FONT STYLE="font-family:Times New Roman" SIZE="2">public statement) cannot be satisfied), (c)&nbsp;has failed, within three Business Days
after written request by the Administrative Agent or the Borrower, to confirm in writing to the Administrative Agent and the Borrower that it will comply with its funding obligations hereunder (<U>provided</U> that such Lender shall cease to be a
Defaulting Lender pursuant to this clause (c)&nbsp;upon receipt of such written confirmation by the Administrative Agent and the Borrower), or (d)&nbsp;has, or has a direct or indirect parent company that has, (i)&nbsp;become the subject of a
proceeding under any Debtor Relief Law, or (ii)&nbsp;had appointed for it a receiver, custodian, conservator, trustee, administrator, assignee for the benefit of creditors or similar Person charged with reorganization or liquidation of its business
or assets, including the Federal Deposit Insurance Corporation or any other state or federal regulatory authority acting in such a capacity; <U>provided</U> that a Lender shall not be a Defaulting Lender solely by virtue of the ownership or
acquisition of any equity interest in that Lender or any direct or indirect parent company thereof by a governmental authority so long as such ownership interest does not result in or provide such Lender with immunity from the jurisdiction of courts
within the United States or from the enforcement of judgments or writs of attachment on its assets or permit such Lender (or such governmental authority) to reject, repudiate, disavow or disaffirm any contracts or agreements made with such Lender.
Any determination by the Administrative Agent that a Lender is a Defaulting Lender under clauses (a)&nbsp;through (d)&nbsp;above shall be conclusive and binding absent manifest error, and such Lender shall be deemed to be a Defaulting Lender upon
delivery of written notice of such determination to the Borrower and each Lender. </FONT></P> <P STYLE="margin-top:10px;margin-bottom:0px; text-indent:4%" ALIGN="justify"><FONT STYLE="font-family:Times New Roman" SIZE="2">&#147;<U>Designated
Property(ies)</U>&#148; shall mean the Individual Properties listed on Schedule 8.3.6. </FONT></P> <P STYLE="margin-top:10px;margin-bottom:0px; text-indent:4%" ALIGN="justify"><FONT STYLE="font-family:Times New Roman" SIZE="2">&#147;<U>Development
Assets</U>&#148; shall mean Individual Properties as to which construction of the associated or contemplated improvements has commenced (either new construction or substantial renovation) but has not yet been completed such that a certificate of
occupancy (or the local equivalent) for a substantial portion of the intended improvements has not yet been issued or, for any completed project, until one hundred eighty (180)&nbsp;days after completion. Further, with respect to the existing
Borrowing Base Properties that are Development Assets Borrower is deemed to have provided to Agent the documentation necessary to meet the following criteria: </FONT></P> <P STYLE="margin-top:10px;margin-bottom:0px; text-indent:4%" ALIGN="justify"><FONT
STYLE="font-family:Times New Roman" SIZE="2">(a) That Borrower shall have satisfied the Equity Requirement; </FONT></P>
<P STYLE="margin-top:10px;margin-bottom:0px; text-indent:4%" ALIGN="justify"><FONT STYLE="font-family:Times New Roman" SIZE="2">(b) That there are then in effect leases for such property evidencing a minimum fifty percent (50%)&nbsp;Occupancy Ratio,
inclusive of that occupied by the Anchor Tenant; </FONT></P> <P STYLE="margin-top:10px;margin-bottom:0px; text-indent:4%" ALIGN="justify"><FONT STYLE="font-family:Times New Roman" SIZE="2">(c) the proposed construction of such Borrowing Base
Property (or the renovation or expansion thereof) is scheduled for substantial completion at least ninety (90)&nbsp;days prior to the Revolving Facility Initial Maturity Date, or if the Revolving Facility has been extended, the Revolving Facility
Extended Maturity Date; </FONT></P> <P STYLE="margin-top:10px;margin-bottom:0px; text-indent:4%" ALIGN="justify"><FONT STYLE="font-family:Times New Roman" SIZE="2">(d) Upon completion of the Development Asset, the ratio of Pro Forma Annual Net
Operating Income (based on executed leases and letters of intent then in place) to Projected Debt Service for the Development Asset shall be no less than 1.0 to 1.0; and </FONT></P>
 <p STYLE="margin-top:0px;margin-bottom:0px"><FONT SIZE="1">&nbsp;</FONT></P> <P STYLE="margin-top:0px;margin-bottom:0px" ALIGN="center"><FONT STYLE="font-family:Times New Roman" SIZE="2">13 </FONT></P>



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 <P STYLE="margin-top:0px;margin-bottom:0px; text-indent:4%" ALIGN="justify"><FONT STYLE="font-family:Times New Roman" SIZE="2">(e) That such property has been fully-approved and entitled for development
and construction by all necessary state and local authorities. </FONT></P> <P STYLE="margin-top:10px;margin-bottom:0px; text-indent:4%" ALIGN="justify"><FONT STYLE="font-family:Times New Roman" SIZE="2">Notwithstanding any other provision of this
Agreement, the only Development Assets which may be accepted as Borrowing Base Properties hereunder are the following Existing Borrowing Base Properties: (1)&nbsp;Northside Commons Shopping Center, (2)&nbsp;Units 1, 2, 3, 3A, 4 and 5 of The
Trexlertown Plaza Shopping Center and (3)&nbsp;Brickyard Plaza Shopping Center. </FONT></P>
<P STYLE="margin-top:10px;margin-bottom:0px; text-indent:4%" ALIGN="justify"><FONT STYLE="font-family:Times New Roman" SIZE="2">&#147;<U>Distribution</U>&#148; shall mean, with respect to any Person, that such Person has paid a dividend or returned
any equity capital to its stockholders, members or partners or made any other distribution, payment or delivery of property (other than common stock or partnership or membership interests of such Person) or cash to its stockholders, members or
partners as such, or redeemed, retired, purchased or otherwise acquired, directly or indirectly, for a consideration any shares of any class of its capital stock or any membership or partnership interests (or any options or warrants issued by such
Person with respect to its capital stock or membership or partnership interests), or shall have permitted any of its Subsidiaries to purchase or otherwise acquire for a consideration any shares of any class of the capital stock or any membership or
partnership interests of such Person (or any options or warrants issued by such Person with respect to its capital stock or membership or partnership interests). Without limiting the foregoing, &#147;<U>Distributions</U>&#148; with respect to any
Person shall also include all payments made by such Person with respect to any stock appreciation rights, plans, equity incentive or achievement plans or any similar plans. </FONT></P>
<P STYLE="margin-top:10px;margin-bottom:0px; text-indent:4%" ALIGN="justify"><FONT STYLE="font-family:Times New Roman" SIZE="2">&#147;<U>Dollars</U>&#148; shall mean lawful money of the United States. </FONT></P>
<P STYLE="margin-top:10px;margin-bottom:0px; text-indent:4%" ALIGN="justify"><FONT STYLE="font-family:Times New Roman" SIZE="2">&#147;<U>Drawdown Date</U>&#148; shall have the meaning set forth in <U>Section&nbsp;2.1.2(a)</U>. </FONT></P>
<P STYLE="margin-top:10px;margin-bottom:0px; text-indent:4%" ALIGN="justify"><FONT STYLE="font-family:Times New Roman" SIZE="2">&#147;<U>EBITDA</U>&#148; shall mean for any Person the sum of (i)&nbsp;net income (or loss), <U>plus</U>
(ii)&nbsp;actual interest paid or payable respecting all Debt to the extent included as an expense in the calculation of net income (or loss), <U>plus</U> (iii)&nbsp;total Tax Expenses to the extent included as an expense in the calculation of net
income (or loss), <U>plus</U> (iv)&nbsp;total depreciation and amortization expense, to the extent included as an expense in the calculation of net income (or loss), <U>plus</U> (v)&nbsp;losses from extraordinary items, nonrecurring items, asset
sales, write-ups or forgiveness of debt, to the extent included as an expense in the calculation of net income, <U>minus</U> (vi)&nbsp;gains from extraordinary items, nonrecurring items, asset sales, write-ups or forgiveness of debt, to the extent
included as income in the calculation of net income, <U>minus</U> (vii)&nbsp;allowances for capital expenditures in the amount of $0.20 per annum per rentable square foot of improvements, <U>adjusted</U> (viii)&nbsp;for the elimination of straight
line rents, all of the foregoing as determined in accordance with GAAP, as appropriate, minus (ix)&nbsp;to the extent not deducted in calculating net income (or loss), Ground Lease Payments. Without limiting the generality of the foregoing, in
determining EBITDA, net income shall include as income, Rent Loss Proceeds. </FONT></P> <P STYLE="margin-top:10px;margin-bottom:0px; text-indent:4%" ALIGN="justify"><FONT STYLE="font-family:Times New Roman" SIZE="2">&#147;<U>Eligibility
Criteria</U>&#148; shall mean the following criteria which must be satisfied in a manner acceptable to the Administrative Agent for each Borrowing Base Property: </FONT></P>
 <p STYLE="margin-top:0px;margin-bottom:0px"><FONT SIZE="1">&nbsp;</FONT></P> <P STYLE="margin-top:0px;margin-bottom:0px" ALIGN="center"><FONT STYLE="font-family:Times New Roman" SIZE="2">14 </FONT></P>



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 <P STYLE="margin-top:0px;margin-bottom:0px; text-indent:4%" ALIGN="justify"><FONT STYLE="font-family:Times New Roman" SIZE="2">(a) The Borrowing Base Property is a to be constructed, renovated, expanded
or completed retail center located within the contiguous United States within one of CRT&#146;s then current core markets, and being owned by a Borrowing Base Property Owner; </FONT></P>
<P STYLE="margin-top:10px;margin-bottom:0px; text-indent:4%" ALIGN="justify"><FONT STYLE="font-family:Times New Roman" SIZE="2">(b) The Borrowing Base Property is of a scope and of an asset quality consistent with CRT&#146;s other grocery-anchored
properties or such other retail center-related assets as is approved by the Administrative Agent; </FONT></P> <P STYLE="margin-top:10px;margin-bottom:0px; text-indent:4%" ALIGN="justify"><FONT STYLE="font-family:Times New Roman" SIZE="2">(c) The
Borrower provides reasonably acceptable historical operating and leasing information; </FONT></P> <P STYLE="margin-top:10px;margin-bottom:0px; text-indent:4%" ALIGN="justify"><FONT STYLE="font-family:Times New Roman" SIZE="2">(d) The Borrower
provides a certification as to the absence of any material environmental issues; </FONT></P> <P STYLE="margin-top:10px;margin-bottom:0px; text-indent:4%" ALIGN="justify"><FONT STYLE="font-family:Times New Roman" SIZE="2">(e) The Borrower provides
certification as to the absence of any material structural issues; and </FONT></P> <P STYLE="margin-top:10px;margin-bottom:0px; text-indent:4%" ALIGN="justify"><FONT STYLE="font-family:Times New Roman" SIZE="2">(f) No security interests, liens or
other encumbrances shall exist on the Borrowing Base Property upon its inclusion as a Borrowing Base Property, other than Permitted Liens. </FONT></P> <P STYLE="margin-top:10px;margin-bottom:0px; text-indent:4%" ALIGN="justify"><FONT
STYLE="font-family:Times New Roman" SIZE="2">&#147;<U>Eligible Assignee</U>&#148; shall mean any Person that meets the requirements to be an assignee under <U>Section&nbsp;13.3.2</U> (including the requirements or limitations set forth in
<U>Sections 13.3.2(c)</U>, <U>(e)</U>&nbsp;and <U>(f)</U>), subject to such consents, if any, as may be required under <U>Section&nbsp;13.3.2(c)</U>. </FONT></P> <P STYLE="margin-top:10px;margin-bottom:0px; text-indent:4%" ALIGN="justify"><FONT
STYLE="font-family:Times New Roman" SIZE="2">&#147;<U>Environmental Indemnity Agreement</U>&#148; shall have the meaning set forth in <U>Section&nbsp;3.1.5</U>, as such agreements may be amended, restated, supplemented or otherwise updated or
modified from time to time. </FONT></P> <P STYLE="margin-top:10px;margin-bottom:0px; text-indent:4%" ALIGN="justify"><FONT STYLE="font-family:Times New Roman" SIZE="2">&#147;<U>Environmental Legal Requirements</U>&#148; shall have the meaning set
forth in the Environmental Indemnity Agreement. </FONT></P> <P STYLE="margin-top:10px;margin-bottom:0px; text-indent:4%" ALIGN="justify"><FONT STYLE="font-family:Times New Roman" SIZE="2">&#147;<U>Equity Requirement</U>&#148; means, with respect to
each Borrowing Base Property Owner that owns a Development Asset, an upfront equity investment to be made and maintained at all times in such Borrowing Base Property Owner equal to thirty-five percent (35%)&nbsp;of the total development costs
reflected in the Construction Budget submitted by the Borrower in connection with the approval of such Borrowing Base Property which Equity Requirement may be funded by Loans advanced under this Agreement with respect to other Borrowing Base
Properties. </FONT></P> <P STYLE="margin-top:10px;margin-bottom:0px; text-indent:4%" ALIGN="justify"><FONT STYLE="font-family:Times New Roman" SIZE="2">&#147;<U>ERISA</U>&#148; shall mean the Employee Retirement Income Security Act of 1974, as
amended from time to time, and the regulations promulgated and rulings issued thereunder. Section references to ERISA are to ERISA, as in effect at the date of this Agreement and any subsequent provisions of ERISA, amendatory thereof, supplemental
thereto or substituted therefor. </FONT></P> <P STYLE="margin-top:10px;margin-bottom:0px; text-indent:4%" ALIGN="justify"><FONT STYLE="font-family:Times New Roman" SIZE="2">&#147;<U>ERISA Affiliate</U>&#148; shall mean each person (as defined in
Section&nbsp;3(9) of ERISA) which together with either Borrower or a Loan Party would be deemed to be a &#147;single employer&#148; (i)&nbsp;within the meaning of Section&nbsp;414(b), (c), (m)&nbsp;or (o)&nbsp;of the Code or (ii)&nbsp;as a result of
either Borrower or a Loan Party being or having been a general partner of such Person. </FONT></P>
 <p STYLE="margin-top:0px;margin-bottom:0px"><FONT SIZE="1">&nbsp;</FONT></P> <P STYLE="margin-top:0px;margin-bottom:0px" ALIGN="center"><FONT STYLE="font-family:Times New Roman" SIZE="2">15 </FONT></P>



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 <P STYLE="margin-top:0px;margin-bottom:0px; text-indent:4%" ALIGN="justify"><FONT STYLE="font-family:Times New Roman" SIZE="2">&#147;<U>Event of Default</U>&#148; shall have the meaning set forth in
<U>Section&nbsp;10.1</U>. </FONT></P> <P STYLE="margin-top:10px;margin-bottom:0px; text-indent:4%" ALIGN="justify"><FONT STYLE="font-family:Times New Roman" SIZE="2">&#147;<U>Event of Loss</U>&#148; shall mean, with respect to any Collateral
Property, any of the following: (a)&nbsp;any loss or destruction of, or damage to, such Collateral Property; or (b)&nbsp;any actual condemnation, seizure or taking, by exercise of the power of eminent domain or otherwise, of such Collateral
Property, or confiscation of such Collateral Property or the requisition of such Collateral Property by a Governmental Agency or any Person having the power of eminent domain, or any voluntary transfer of such Collateral Property or any portion
thereof in lieu of any such condemnation, seizure or taking. </FONT></P> <P STYLE="margin-top:10px;margin-bottom:0px; text-indent:4%" ALIGN="justify"><FONT STYLE="font-family:Times New Roman" SIZE="2">&#147;<U>Excluded Taxes</U>&#148; shall mean,
with respect to the Administrative Agent, any Lender, the L/C Issuer or any other recipient of any payment to be made by or on account of any obligation of the Borrower hereunder, (a)&nbsp;taxes imposed on or measured by its overall gross or net
income (however denominated), and franchise taxes or similar taxes imposed on it (in lieu of net income taxes), by the jurisdiction (or any political subdivision thereof) under the Laws of which such recipient is organized or in which its principal
office is located or, in the case of any Lender, in which its applicable Lending Office is located or with which it has a present of former connection (other than any such connection resulting from its having executed, delivered or performed its
obligations or received a payment under, or enforced, this Agreement or any other Loan Document), (b)&nbsp;any branch profits taxes imposed by the United States or any similar tax imposed by any other jurisdiction in which the Borrower is located,
(c)&nbsp;any backup withholding tax that is required by the Code to be withheld from amounts payable to a Lender that has failed to comply with <U>Sections 2.8.5(b)(i)</U>, <U>(d)</U>&nbsp;in the case of a Foreign Lender (other than an assignee
pursuant to a request by the Borrower under <U>Section&nbsp;13.2.4</U>), any United States withholding tax that (i)&nbsp;is required to be imposed on amounts payable to such Foreign Lender pursuant to the Laws in force at the time such Foreign
Lender becomes a party hereto (or designates a new Lending Office) or (ii)&nbsp;is attributable to such Foreign Lender&#146;s failure or inability (other than as a result of a Change in Law) to comply with clause (ii)&nbsp;of
<U>Section&nbsp;2.8.5(b)</U>, except to the extent that such Foreign Lender (or its assignor, if any) was entitled, at the time of designation of a new Lending Office (or assignment), to receive additional amounts from the Borrower with respect to
such withholding tax pursuant to <U>Sections 2.8.5(b)</U> or&nbsp;<U>(c)</U> , (e)&nbsp;any tax attributable to a failure or inability to comply with Section&nbsp;2.8.5(c), and (f)&nbsp;any U.S. federal withholding taxes imposed under FATCA.
</FONT></P> <P STYLE="margin-top:10px;margin-bottom:0px; text-indent:4%" ALIGN="justify"><FONT STYLE="font-family:Times New Roman" SIZE="2">&#147;<U>Existing BAML Agreement</U>&#148; shall have the meaning set forth in the introduction to this
Agreement. </FONT></P> <P STYLE="margin-top:10px;margin-bottom:0px; text-indent:4%" ALIGN="justify"><FONT STYLE="font-family:Times New Roman" SIZE="2">&#147;<U>Existing BAML Facility</U>&#148; shall mean the revolving credit facility provided to the
Borrower by various lenders and Bank of America, N.A., as administrative agent, pursuant to that certain Amended and Restated Loan Agreement dated as of November&nbsp;10, 2009, and various documents and instruments executed in connection therewith.
</FONT></P> <P STYLE="margin-top:10px;margin-bottom:0px; text-indent:4%" ALIGN="justify"><FONT STYLE="font-family:Times New Roman" SIZE="2">&#147;<U>Existing Borrowing Base Properties</U>&#148; shall mean the Individual Properties that are qualified
as Borrowing Base Properties under the Existing BAML Facility and the Existing KeyBank Facility as of the Closing Date. </FONT></P>
 <p STYLE="margin-top:0px;margin-bottom:0px"><FONT SIZE="1">&nbsp;</FONT></P> <P STYLE="margin-top:0px;margin-bottom:0px" ALIGN="center"><FONT STYLE="font-family:Times New Roman" SIZE="2">16 </FONT></P>



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 <P STYLE="margin-top:0px;margin-bottom:0px; text-indent:4%" ALIGN="justify"><FONT STYLE="font-family:Times New Roman" SIZE="2">&#147;<U>Existing KeyBank Agreement</U>&#148; shall have the meaning set
forth in the introduction to this Agreement. </FONT></P> <P STYLE="margin-top:10px;margin-bottom:0px; text-indent:4%" ALIGN="justify"><FONT STYLE="font-family:Times New Roman" SIZE="2">&#147;<U>Existing KeyBank Facility</U>&#148; shall mean the
revolving credit facility provided to the Borrower by various lenders and KeyBank National Association, as administrative agent, pursuant to that certain Amended and Restated Loan Agreement dated as of October&nbsp;17, 2008, as amended by First
Amendment to Loan Agreement dated as of April&nbsp;9, 2010, and various documents and instruments executed in connection therewith. </FONT></P> <P STYLE="margin-top:10px;margin-bottom:0px; text-indent:4%" ALIGN="justify"><FONT
STYLE="font-family:Times New Roman" SIZE="2">&#147;<U>Existing Letter of Credit</U>&#148; shall mean those certain letters of credit listed on <U>Schedule&nbsp;1.1(b)</U> issued by KeyBank under the Existing KeyBank Facility or BOFA under the
Existing BAML Facility, each of which shall be deemed to have been issued under the terms of this Agreement. </FONT></P>
<P STYLE="margin-top:10px;margin-bottom:0px; text-indent:4%" ALIGN="justify"><FONT STYLE="font-family:Times New Roman" SIZE="2">&#147;<U>FATCA</U>&#148; shall mean Sections 1471 through 1474 of the Code, as of the date of this Agreement (or any
amended or successor version that is substantively comparable and not materially more onerous to comply with) and any current or future regulations or official interpretations thereof. </FONT></P>
<P STYLE="margin-top:10px;margin-bottom:0px; text-indent:4%" ALIGN="justify"><FONT STYLE="font-family:Times New Roman" SIZE="2">&#147;<U>Federal Funds Rate</U>&#148; shall mean, for any day, the rate per annum equal to the weighted average of the
rates on overnight Federal funds transactions with members of the Federal Reserve System arranged by Federal funds brokers on such day, as published by the Federal Reserve Bank of New York; provided that (a)&nbsp;if such day is not a Business Day,
the Federal Funds Rate for such day shall be such rate on such transactions in effect on the next preceding Business Day as so published on the next succeeding Business Day, and (b)&nbsp;if no such rate is so published on such next succeeding
Business Day, the Federal Funds Rate for such day shall be the average rate (rounded upward, if necessary, to a whole multiple of 1/100 of 1%) charged to KeyBank on such day on such transactions as determined by the Administrative Agent. </FONT></P>
<P STYLE="margin-top:10px;margin-bottom:0px; text-indent:4%" ALIGN="justify"><FONT STYLE="font-family:Times New Roman" SIZE="2">&#147;<U>Fee Letter</U>&#148; shall mean that certain fee letter, dated as of January&nbsp;26, 2012, by and among the
Borrower and KeyBank. </FONT></P> <P STYLE="margin-top:10px;margin-bottom:0px; text-indent:4%" ALIGN="justify"><FONT STYLE="font-family:Times New Roman" SIZE="2">&#147;<U>Financial Covenants</U>&#148; shall mean those covenants of the Borrower set
forth in <U>Sections&nbsp;7.19</U>, <U>7.20</U>, <U>7.21</U>, <U>7.22</U> and <U>7.24</U>. </FONT></P> <P STYLE="margin-top:10px;margin-bottom:0px; text-indent:4%" ALIGN="justify"><FONT STYLE="font-family:Times New Roman" SIZE="2">&#147;<U>Fiscal
Year</U>&#148; shall mean each twelve month period commencing on January&nbsp;1 and ending on December&nbsp;31. </FONT></P>
<P STYLE="margin-top:10px;margin-bottom:0px; text-indent:4%" ALIGN="justify"><FONT STYLE="font-family:Times New Roman" SIZE="2">&#147;<U>Fixed Charges</U>&#148; shall mean the aggregate of the Pro Rata Share of all (a)&nbsp;Interest Expenses
(excluding any interest expenses required to be capitalized under GAAP), (b)&nbsp;regularly scheduled principal amortization payments (other than any final &#147;balloon&#148; payments due at maturity) on all Debt of the Consolidated CRT Entities
and the Unconsolidated CRT Entities, and (c)&nbsp;preferred dividend payments or required Distributions (other than Distributions by the Borrower to holders of operating partnership units and Distributions by CRT to common equity holders) paid or
payable by the Consolidated CRT Entities and the Unconsolidated CRT Entities, and (d)&nbsp;Tax Expenses for the Consolidated CRT Entities and the Unconsolidated CRT Entities, all of the foregoing as determined in accordance with GAAP. </FONT></P>
 <p STYLE="margin-top:0px;margin-bottom:0px"><FONT SIZE="1">&nbsp;</FONT></P> <P STYLE="margin-top:0px;margin-bottom:0px" ALIGN="center"><FONT STYLE="font-family:Times New Roman" SIZE="2">17 </FONT></P>



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 <P STYLE="margin-top:0px;margin-bottom:0px; text-indent:4%" ALIGN="justify"><FONT STYLE="font-family:Times New Roman" SIZE="2">&#147;<U>Fixed Charge Ratio</U>&#148; shall mean, for each Calculation
Period, the ratio of (a)&nbsp;Combined EBITDA to (b)&nbsp;Fixed Charges. </FONT></P> <P STYLE="margin-top:10px;margin-bottom:0px; text-indent:4%" ALIGN="justify"><FONT STYLE="font-family:Times New Roman" SIZE="2">&#147;<U>Foreign Lender</U>&#148;
shall mean any Lender that is not a United States person within the meaning of Section&nbsp;7701(a)(30) of the Code. </FONT></P> <P STYLE="margin-top:10px;margin-bottom:0px; text-indent:4%" ALIGN="justify"><FONT
STYLE="font-family:Times New Roman" SIZE="2">&#147;<U>Formation Documents</U>&#148; shall mean, singly and collectively, the partnership agreements, joint venture agreements, limited partnership agreements, limited liability company or operating
agreements and certificates of limited partnership and certificates of formation, articles (or certificate) of incorporation and by-laws and any similar agreement, document or instrument of any Person, as amended subject to the terms and provisions
hereof. </FONT></P> <P STYLE="margin-top:10px;margin-bottom:0px; text-indent:4%" ALIGN="justify"><FONT STYLE="font-family:Times New Roman" SIZE="2">&#147;<U>Fund</U>&#148; shall mean any Person (other than a natural Person) that is (or will be)
engaged in making, purchasing, holding or otherwise investing in commercial loans and similar extensions of credit in the ordinary course of its activities. </FONT></P> <P STYLE="margin-top:10px;margin-bottom:0px; text-indent:4%" ALIGN="justify"><FONT
STYLE="font-family:Times New Roman" SIZE="2">&#147;<U>Funding Evidence</U>&#148; shall mean, in connection with the Borrower raising the funds necessary to make any Mandatory Principal Payment to be made pursuant to <U>Section&nbsp;2.3.8</U>,
evidence in connection with (i)&nbsp;the sale of any asset, that the Borrower has entered into a sales agreement, letter of intent, or listed the asset for sale with a recognized broker or (ii)&nbsp;the financing or refinancing of an asset, that the
Borrower has obtained a commitment for such financing or submitted a loan application to a recognized financial institution, the proceeds of which together with such other funds as are available to the Borrower will be sufficient to make the
required payment. </FONT></P> <P STYLE="margin-top:10px;margin-bottom:0px; text-indent:4%" ALIGN="justify"><FONT STYLE="font-family:Times New Roman" SIZE="2">&#147;<U>GAAP</U>&#148; shall mean generally accepted accounting principles in the United
States of America. </FONT></P> <P STYLE="margin-top:10px;margin-bottom:0px; text-indent:4%" ALIGN="justify"><FONT STYLE="font-family:Times New Roman" SIZE="2">&#147;<U>Governmental Authority</U>&#148; shall mean the government of the United States
or any other nation, or of any political subdivision thereof, whether state or local, and any agency, authority, instrumentality, regulatory body, court, central bank or other entity exercising executive, legislative, judicial, taxing, regulatory or
administrative powers or functions of or pertaining to government (including any supra-national bodies such as the European Union or the European Central Bank). </FONT></P>
<P STYLE="margin-top:10px;margin-bottom:0px; text-indent:4%" ALIGN="justify"><FONT STYLE="font-family:Times New Roman" SIZE="2">&#147;<U>Ground Leases</U>&#148; shall mean, from time to time, any ground lease relative to an Individual Property and
with respect to &#147;Ground Leases&#148; covering Borrowing Base Properties, for which the Administrative Agent has given its prior written approval. </FONT></P> <P STYLE="margin-top:10px;margin-bottom:0px; text-indent:4%" ALIGN="justify"><FONT
STYLE="font-family:Times New Roman" SIZE="2"><B></B>&#147;<U>Ground Lease Payments</U>&#148; shall mean the sum of the Pro Rata Share of (i)&nbsp;payments made by the Consolidated CRT Entities under Ground Leases and (ii)&nbsp;payments made under
Ground Leases by Unconsolidated CRT Entities. Ground Lease Payments shall not include the payments made by Cedar-South Philadelphia I, LLC under that certain ground lease dated as of October&nbsp;31, 2003 by and between SPSP Corporation, Passyunk
Supermarket, Inc., and Twenty Fourth Street Passyunk Partners, L.P., as landlord, and Cedar-South Philadelphia I, LLC, as tenant.<B> </B></FONT></P>
 <p STYLE="margin-top:0px;margin-bottom:0px"><FONT SIZE="1">&nbsp;</FONT></P> <P STYLE="margin-top:0px;margin-bottom:0px" ALIGN="center"><FONT STYLE="font-family:Times New Roman" SIZE="2">18 </FONT></P>



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 <P STYLE="margin-top:0px;margin-bottom:0px; text-indent:4%" ALIGN="justify"><FONT STYLE="font-family:Times New Roman" SIZE="2">&#147;<U>Guarantee</U>&#148; shall mean, as to any Person, any (a)&nbsp;any
obligation, contingent or otherwise, of such Person guaranteeing or having the economic effect of guaranteeing any Debt or other obligation payable or performable by another Person (the &#147;<U>primary obligor</U>&#148;) in any manner, whether
directly or indirectly, and including any obligation of such Person, direct or indirect, (i)&nbsp;to purchase or pay (or advance or supply funds for the purchase or payment of) such Debt or other obligation, (ii)&nbsp;to purchase or lease property,
securities or services for the purpose of assuring the obligee in respect of such Debt or other obligation of the payment or performance of such Debt or other obligation, (iii)&nbsp;to maintain working capital, equity capital or any other financial
statement condition or liquidity or level of income or cash flow of the primary obligor so as to enable the primary obligor to pay such Debt or other obligation, or (iv)&nbsp;entered into for the purpose of assuring in any other manner the obligee
in respect of such Debt or other obligation of the payment or performance thereof or to protect such obligee against loss in respect thereof (in whole or in part), or (b)&nbsp;any Lien on any assets of such Person securing any Debt or other
obligation of any other Person, whether or not such Debt or other obligation is assumed by such Person (or any right, contingent or otherwise, of any holder of such Debt to obtain any such Lien). The amount of any Guarantee shall be deemed to be an
amount equal to the stated or determinable amount of the related primary obligation, or portion thereof, in respect of which such Guarantee is made or, if not stated or determinable, the maximum reasonably anticipated liability in respect thereof as
determined by the guaranteeing Person in good faith. The term &#147;<U>Guarantee</U>&#148; as a verb has a corresponding meaning. </FONT></P> <P STYLE="margin-top:10px;margin-bottom:0px; text-indent:4%" ALIGN="justify"><FONT
STYLE="font-family:Times New Roman" SIZE="2">&#147;<U>Guaranty</U>&#148; shall have the meaning set forth in <U>Section&nbsp;3.1.4</U>, as such agreements may be amended, restated, supplemented or otherwise updated or modified from time to time.
</FONT></P> <P STYLE="margin-top:10px;margin-bottom:0px; text-indent:4%" ALIGN="justify"><FONT STYLE="font-family:Times New Roman" SIZE="2">&#147;<U>Guarantor</U>&#148; or &#147;<U>Guarantors</U>&#148; shall mean CRT and those certain single-purpose
Subsidiaries of the Borrower that have entered into a Guaranty, including without limitation, each Borrowing Base Property Owner and each Wholly-Owned Subsidiary of the Borrower or CRT which owns a direct or indirect ownership interest in a
Borrowing Base Property Owner. </FONT></P> <P STYLE="margin-top:10px;margin-bottom:0px; text-indent:4%" ALIGN="justify"><FONT STYLE="font-family:Times New Roman" SIZE="2">&#147;<U>Hazardous Materials</U>&#148; shall mean and include asbestos, mold,
flammable materials, explosives, radioactive substances, polychlorinated biphenyls, radioactive substances, other carcinogens, oil and other petroleum products, pollutants or contaminants that could be a detriment to the environment, and any other
hazardous or toxic materials, wastes, or substances which are defined, determined or identified as such in any past, present or future federal, state or local laws, rules, codes or regulations, or any judicial or administrative interpretation of
such laws, rules, codes or regulations. </FONT></P> <P STYLE="margin-top:10px;margin-bottom:0px; text-indent:4%" ALIGN="justify"><FONT STYLE="font-family:Times New Roman" SIZE="2">&#147;<U>Honor Date</U>&#148; shall have the meaning set forth in
<U>Section&nbsp;2.7.3(a)</U>. </FONT></P> <P STYLE="margin-top:10px;margin-bottom:0px; text-indent:4%" ALIGN="justify"><FONT STYLE="font-family:Times New Roman" SIZE="2"><B></B>&#147;<U>Implied Debt Service</U>&#148; shall mean the greater of
(a)&nbsp;the annual amount of principal and interest payable on a hypothetical loan in an amount equal to the Implied Loan Amount, based upon a thirty (30)&nbsp;year direct reduction monthly amortization schedule and a per annum interest rate equal
to the actual blended interest rate for the Loan, or (b)&nbsp;an annual debt service constant of seven and ninety eight-one hundredths percent (7.98%)&nbsp;on such hypothetical loan amount.<B> </B></FONT></P>
 <p STYLE="margin-top:0px;margin-bottom:0px"><FONT SIZE="1">&nbsp;</FONT></P> <P STYLE="margin-top:0px;margin-bottom:0px" ALIGN="center"><FONT STYLE="font-family:Times New Roman" SIZE="2">19 </FONT></P>



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 <P STYLE="margin-top:0px;margin-bottom:0px; text-indent:4%" ALIGN="justify"><FONT STYLE="font-family:Times New Roman" SIZE="2">&#147;<U>Implied Debt Service Coverage Ratio</U>&#148; shall mean as of each
Calculation Date, the ratio of (i)&nbsp;the aggregate of (a)&nbsp;Adjusted Net Operating Income for all Stabilized Assets for the most recent fiscal quarter, annualized, plus (b)&nbsp;Pro Forma Annual Net Operating Income upon completion for all
Development Assets, to (ii)&nbsp;Implied Debt Service; such calculation and results to be as verified by the Administrative Agent. </FONT></P> <P STYLE="margin-top:10px;margin-bottom:0px; text-indent:4%" ALIGN="justify"><FONT
STYLE="font-family:Times New Roman" SIZE="2">&#147;<U>Implied Loan Amount</U>&#148; shall mean a principal amount which would generate as of any Calculation Date an Implied Debt Service Coverage Ratio of 1.35 to 1.00, which Implied Loan Amount may
be revised by the Administrative Agent after the Closing Date or as of the most recent Compliance Certificate or Borrowing Base Property report, as applicable, delivered to the Administrative Agent, to reflect additions, removals and other
adjustments to the Borrowing Base Properties since the Closing Date or the most recent Compliance Certificate or Borrowing Base Property report, as applicable, delivered to the Administrative Agent. </FONT></P>
<P STYLE="margin-top:10px;margin-bottom:0px; text-indent:4%" ALIGN="justify"><FONT STYLE="font-family:Times New Roman" SIZE="2">&#147;<U>Increase Effective Date</U>&#148; shall have the meaning set forth in <U>Section&nbsp;2.1.1(c)</U>. </FONT></P>
<P STYLE="margin-top:10px;margin-bottom:0px; text-indent:4%" ALIGN="justify"><FONT STYLE="font-family:Times New Roman" SIZE="2">&#147;<U>Indemnified Taxes</U>&#148; shall mean Taxes other than Excluded Taxes. </FONT></P>
<P STYLE="margin-top:10px;margin-bottom:0px; text-indent:4%" ALIGN="justify"><FONT STYLE="font-family:Times New Roman" SIZE="2">&#147;<U>Indemnitee</U>&#148; shall have the meaning set forth in <U>Section&nbsp;15.9.2</U>. </FONT></P>
<P STYLE="margin-top:10px;margin-bottom:0px; text-indent:4%" ALIGN="justify"><FONT STYLE="font-family:Times New Roman" SIZE="2">&#147;<U>Individual Property</U>&#148; and &#147;<U>Individual Properties</U>&#148; shall mean, from time to time, all
real estate property owned or ground leased by any Consolidated CRT Entity or any Unconsolidated CRT Entity, together with all improvements, fixtures, equipment, and personalty relating to such property. </FONT></P>
<P STYLE="margin-top:10px;margin-bottom:0px; text-indent:4%" ALIGN="justify"><FONT STYLE="font-family:Times New Roman" SIZE="2">&#147;<U>Insurance/Taking Release Conditions</U>&#148; shall mean, as to any Event of Loss, the following conditions:
(a)&nbsp;the Cost to Repair is less than or equal to Five Hundred Thousand Dollars ($500,000); (b)&nbsp;no Event of Default shall have occurred and be continuing; (c)&nbsp;the Borrowing Base Property and the use thereof after the Repair Work will be
in compliance with, and permitted under, all applicable Laws; and (d)&nbsp;such Event of Loss does not materially impair access to the Borrowing Base Property. </FONT></P> <P STYLE="margin-top:10px;margin-bottom:0px; text-indent:4%" ALIGN="justify"><FONT
STYLE="font-family:Times New Roman" SIZE="2">&#147;<U>Information</U>&#148; shall have the meaning set forth in <U>Section&nbsp;15.20</U>. </FONT></P> <P STYLE="margin-top:10px;margin-bottom:0px; text-indent:4%" ALIGN="justify"><FONT
STYLE="font-family:Times New Roman" SIZE="2">&#147;<U>Interest Coverage Ratio</U>&#148; shall mean the ratio of (a)&nbsp;a CRT&#146;s Combined EBITDA for the immediately preceding calendar quarter to (b)&nbsp;all Pro Rata Interest Expense paid or
payable respecting all Debt by the Consolidated CRT Entities and the Unconsolidated CRT Entities for such period (excluding in each instance any interest expenses required to be capitalized under GAAP). </FONT></P>
<P STYLE="margin-top:10px;margin-bottom:0px; text-indent:4%" ALIGN="justify"><FONT STYLE="font-family:Times New Roman" SIZE="2">&#147;<U>Interest Expense</U>&#148; shall mean the sum of the Pro Rata Share of the aggregate actual interest expense
(whether expensed or capitalized) paid or payable respecting all Debt by the Consolidated CRT Entities and the Unconsolidated CRT Entities. </FONT></P> <P STYLE="margin-top:10px;margin-bottom:0px; text-indent:4%" ALIGN="justify"><FONT
STYLE="font-family:Times New Roman" SIZE="2">&#147;<U>Interest Period</U>&#148; shall mean, as to each LIBO Rate Advance, the period commencing on the date such LIBO Rate Advance is disbursed or converted to or continued as a LIBO Rate Advance and
ending either one week or on the numerically corresponding day in the first, second, third or sixth month thereafter, as selected by the Borrower in its Loan Notice; <U>provided</U> that: </FONT></P>
 <p STYLE="margin-top:0px;margin-bottom:0px"><FONT SIZE="1">&nbsp;</FONT></P> <P STYLE="margin-top:0px;margin-bottom:0px" ALIGN="center"><FONT STYLE="font-family:Times New Roman" SIZE="2">20 </FONT></P>



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 <P STYLE="margin-top:0px;margin-bottom:0px; text-indent:4%" ALIGN="justify"><FONT STYLE="font-family:Times New Roman" SIZE="2">(i) any Interest Period that would otherwise end on a day that is not a
Business Day shall be extended to the next succeeding Business Day unless such Business Day falls in another calendar month, in which case such Interest Period shall end on the next preceding Business Day; </FONT></P>
<P STYLE="margin-top:10px;margin-bottom:0px; text-indent:4%" ALIGN="justify"><FONT STYLE="font-family:Times New Roman" SIZE="2">(ii) any Interest Period that begins on the last Business Day of a calendar month (or on a day for which there is no
numerically corresponding day in the calendar month at the end of such Interest Period) shall end on the last Business Day of the calendar month at the end of such Interest Period; and </FONT></P>
<P STYLE="margin-top:10px;margin-bottom:0px; text-indent:4%" ALIGN="justify"><FONT STYLE="font-family:Times New Roman" SIZE="2">(iii) no Interest Period shall extend beyond the Maturity Date. </FONT></P>
<P STYLE="margin-top:10px;margin-bottom:0px; text-indent:4%" ALIGN="justify"><FONT STYLE="font-family:Times New Roman" SIZE="2">&#147;<U>Investment</U>&#148; shall mean the acquisition of any real property or tangible personal property or of any
stock or other security, any loan, advance, bank deposit, money market fund, contribution to capital, extension of credit (except for accounts receivable arising in the ordinary course of business and payable in accordance with customary terms), or
purchase or commitment or option to purchase or otherwise acquire real estate or tangible personal property or stock or other securities of any party or any part of the business or assets comprising such business, or any part thereof. </FONT></P>
<P STYLE="margin-top:10px;margin-bottom:0px; text-indent:4%" ALIGN="justify"><FONT STYLE="font-family:Times New Roman" SIZE="2">&#147;<U>ISP</U>&#148; shall mean, with respect to any Letter of Credit, the &#147;International Standby Practices
1998&#148; published by the Institute of International Banking Law&nbsp;&amp; Practice (or such later version thereof as may be in effect at the time of issuance). </FONT></P>
<P STYLE="margin-top:10px;margin-bottom:0px; text-indent:4%" ALIGN="justify"><FONT STYLE="font-family:Times New Roman" SIZE="2">&#147;<U>Issuer Documents</U>&#148; shall mean with respect to any Letter of Credit, the Letter of Credit Application,
and any other document, agreement and instrument entered into by the L/C Issuer and the Borrower (or any Borrower Subsidiary) or in favor the L/C Issuer and relating to any such Letter of Credit. </FONT></P>
<P STYLE="margin-top:10px;margin-bottom:0px; text-indent:4%" ALIGN="justify"><FONT STYLE="font-family:Times New Roman" SIZE="2">&#147;<U>Joinder Agreement</U>&#148; shall have the meaning set forth in <U>Section&nbsp;2.1.1(d)</U>. </FONT></P>
<P STYLE="margin-top:10px;margin-bottom:0px; text-indent:4%" ALIGN="justify"><FONT STYLE="font-family:Times New Roman" SIZE="2">&#147;<U>KeyBank</U>&#148; shall mean KEYBANK NATIONAL ASSOCIATION and its successors and assigns. </FONT></P>
<P STYLE="margin-top:10px;margin-bottom:0px; text-indent:4%" ALIGN="justify"><FONT STYLE="font-family:Times New Roman" SIZE="2">&#147;<U>Knowledge</U>&#148; or &#147;<U>knowledge</U>&#148; shall mean, with respect to any Loan Party, the actual
knowledge of any Authorized Officer of such Loan Party. Notwithstanding the foregoing, such named parties and their successors are not parties to this Agreement and shall have no liability for a breach of any representation, warranty, covenant or
agreement deemed to be made to their actual knowledge. </FONT></P> <P STYLE="margin-top:10px;margin-bottom:0px; text-indent:4%" ALIGN="justify"><FONT STYLE="font-family:Times New Roman" SIZE="2">&#147;<U>Land Assets</U>&#148; shall mean Individual
Properties constituting raw or undeveloped land as to which construction of contemplated improvements has not commenced or which does not generate rental revenues under a Ground Lease. </FONT></P>
<P STYLE="margin-top:10px;margin-bottom:0px; text-indent:4%" ALIGN="justify"><FONT STYLE="font-family:Times New Roman" SIZE="2">&#147;<U>Late Charge</U>&#148; shall have the meaning set forth in <U>Section&nbsp;2.3.14</U>. </FONT></P>
 <p STYLE="margin-top:0px;margin-bottom:0px"><FONT SIZE="1">&nbsp;</FONT></P> <P STYLE="margin-top:0px;margin-bottom:0px" ALIGN="center"><FONT STYLE="font-family:Times New Roman" SIZE="2">21 </FONT></P>



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 <P STYLE="margin-top:0px;margin-bottom:0px; text-indent:4%" ALIGN="justify"><FONT STYLE="font-family:Times New Roman" SIZE="2">&#147;<U>Laws</U>&#148; shall mean, collectively, all Federal, state and
local statutes, treaties, rules, guidelines, regulations, ordinances, codes and administrative or judicial precedents or authorities, including the interpretation or administration thereof by any Governmental Authority charged with the enforcement,
interpretation or administration thereof, and all applicable administrative orders, directed duties, requests, licenses, authorizations and permits of, and agreements with, any Governmental Authority, in each case having the force of law.
</FONT></P> <P STYLE="margin-top:10px;margin-bottom:0px; text-indent:4%" ALIGN="justify"><FONT STYLE="font-family:Times New Roman" SIZE="2">&#147;<U>L/C Advance</U>&#148; shall mean, with respect to each Lender, such Lender&#146;s funding of its
participation in any L/C Borrowing in accordance with its Commitment Percentage. </FONT></P> <P STYLE="margin-top:10px;margin-bottom:0px; text-indent:4%" ALIGN="justify"><FONT STYLE="font-family:Times New Roman" SIZE="2">&#147;<U>L/C
Borrowing</U>&#148; shall mean an extension of credit resulting from a drawing under any Letter of Credit which has not been reimbursed on the date when made or refinanced as a Loan Advance. </FONT></P>
<P STYLE="margin-top:10px;margin-bottom:0px; text-indent:4%" ALIGN="justify"><FONT STYLE="font-family:Times New Roman" SIZE="2">&#147;<U>L/C Credit Extension</U>&#148; shall mean, with respect to any Letter of Credit, the issuance thereof or
extension of the expiry date thereof, or the increase of the amount thereof. </FONT></P> <P STYLE="margin-top:10px;margin-bottom:0px; text-indent:4%" ALIGN="justify"><FONT STYLE="font-family:Times New Roman" SIZE="2">&#147;<U>L/C Draw</U>&#148;
shall mean a payment made by the Administrative Agent pursuant to a Letter of Credit which was presented to the Administrative Agent for a draw of proceeds thereunder. </FONT></P>
<P STYLE="margin-top:10px;margin-bottom:0px; text-indent:4%" ALIGN="justify"><FONT STYLE="font-family:Times New Roman" SIZE="2">&#147;<U>L/C Exposure</U>&#148; shall mean, at any time, the sum of (a)&nbsp;the aggregate undrawn amount of all
outstanding Letters of Credit at such time, plus (b)&nbsp;the aggregate amount of all L/C Draws that have not yet been reimbursed by or on behalf of the Borrower, or repaid through a Loan Advance, at such time. </FONT></P>
<P STYLE="margin-top:10px;margin-bottom:0px; text-indent:4%" ALIGN="justify"><FONT STYLE="font-family:Times New Roman" SIZE="2">&#147;<U>L/C Issuer</U>&#148; shall mean KeyBank in its capacity as issuer of Letters of Credit hereunder, or any
successor issuer of Letters of Credit hereunder, with each of KeyBank and BOFA having the same rights and privileges as the L/C Issuer with respect to the respective Existing Letters of Credit. It is understood and agreed that BOFA shall have no
obligation to renew any Existing Letter of Credit or to issue any new Letter of Credit. </FONT></P> <P STYLE="margin-top:10px;margin-bottom:0px; text-indent:4%" ALIGN="justify"><FONT STYLE="font-family:Times New Roman" SIZE="2">&#147;<U>L/C
Obligations</U>&#148; shall mean, as of any date of determination, the aggregate amount available to be drawn under all outstanding Letters of Credit plus the aggregate of all Unreimbursed Amounts, including all L/C Borrowings. For purposes of
computing the amount available to be drawn under any Letter of Credit, the amount of such Letter of Credit shall be determined in accordance with <U>Section&nbsp;2.7.13</U>. For all purposes of this Agreement, if on any date of determination a
Letter of Credit has expired by its terms but any amount may still be drawn thereunder by reason of the operation of Rule&nbsp;3.14 of the ISP, such Letter of Credit shall be deemed to be &#147;outstanding&#148; in the amount so remaining available
to be drawn. </FONT></P> <P STYLE="margin-top:10px;margin-bottom:0px; text-indent:4%" ALIGN="justify"><FONT STYLE="font-family:Times New Roman" SIZE="2">&#147;<U>Lease</U>&#148; shall mean any lease relative to all or any portion of a Borrowing Base
Property. </FONT></P> <P STYLE="margin-top:10px;margin-bottom:0px; text-indent:4%" ALIGN="justify"><FONT STYLE="font-family:Times New Roman" SIZE="2">&#147;<U>Lenders</U>&#148; shall have the meaning set forth in the Preamble. </FONT></P>
<P STYLE="margin-top:10px;margin-bottom:0px; text-indent:4%" ALIGN="justify"><FONT STYLE="font-family:Times New Roman" SIZE="2">&#147;<U>Lenders&#146; Consultant</U>&#148; shall have the meaning set forth in <U>Section&nbsp;27.1</U>. </FONT></P>
<P STYLE="margin-top:10px;margin-bottom:0px; text-indent:4%" ALIGN="justify"><FONT STYLE="font-family:Times New Roman" SIZE="2">&#147;<U>Lending Office</U>&#148; shall mean, as to any Lender, the office or offices of such Lender described as such in
such Lender&#146;s Administrative Questionnaire, or such other office or offices as a Lender may from time to time notify the Borrower and the Administrative Agent. </FONT></P>
 <p STYLE="margin-top:0px;margin-bottom:0px"><FONT SIZE="1">&nbsp;</FONT></P> <P STYLE="margin-top:0px;margin-bottom:0px" ALIGN="center"><FONT STYLE="font-family:Times New Roman" SIZE="2">22 </FONT></P>



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 <P STYLE="margin-top:0px;margin-bottom:0px; text-indent:4%" ALIGN="justify"><FONT STYLE="font-family:Times New Roman" SIZE="2">&#147;<U>Letter of Credit</U>&#148; shall mean any standby letter of credit
issued hereunder and shall include the Existing Letters of Credit. </FONT></P> <P STYLE="margin-top:10px;margin-bottom:0px; text-indent:4%" ALIGN="justify"><FONT STYLE="font-family:Times New Roman" SIZE="2">&#147;<U>Letter of Credit
Application</U>&#148; shall mean an application and agreement for the issuance or amendment of a Letter of Credit in the form from time to time in use by the L/C Issuer. </FONT></P>
<P STYLE="margin-top:10px;margin-bottom:0px; text-indent:4%" ALIGN="justify"><FONT STYLE="font-family:Times New Roman" SIZE="2">&#147;<U>Letter of Credit Expiration Date</U>&#148; shall mean the day that is seven days prior to the Maturity Date then
in effect (or, if such day is not a Business Day, the next preceding Business Day). </FONT></P> <P STYLE="margin-top:10px;margin-bottom:0px; text-indent:4%" ALIGN="justify"><FONT STYLE="font-family:Times New Roman" SIZE="2">&#147;<U>Letter of Credit
Fee</U>&#148; shall have the meaning set forth in <U>Section&nbsp;2.7.9</U>. </FONT></P> <P STYLE="margin-top:10px;margin-bottom:0px; text-indent:4%" ALIGN="justify"><FONT STYLE="font-family:Times New Roman" SIZE="2">&#147;<U>Letter of Credit
Sublimit</U>&#148; shall mean an amount equal to $15,000,000. The Letter of Credit Sublimit is part of, and not in addition to, the Total Revolving Commitments. </FONT></P>
<P STYLE="margin-top:10px;margin-bottom:0px; text-indent:4%" ALIGN="justify"><FONT STYLE="font-family:Times New Roman" SIZE="2">&#147;<U>Leverage Ratio</U>&#148; shall mean the quotient (expressed as a percentage) resulting from dividing
(i)&nbsp;the aggregate of all Debt of the Consolidated CRT Entities and the Unconsolidated CRT Entities by (ii)&nbsp;the Total Asset Value. </FONT></P> <P STYLE="margin-top:10px;margin-bottom:0px; text-indent:4%" ALIGN="justify"><FONT
STYLE="font-family:Times New Roman" SIZE="2">&#147;<U>LIBO Rate</U>&#148; shall mean: </FONT></P> <P STYLE="margin-top:10px;margin-bottom:0px; text-indent:4%" ALIGN="justify"><FONT STYLE="font-family:Times New Roman" SIZE="2">(a) For any Interest
Period with respect to a LIBO Rate Advance, the rate per annum equal to (A)&nbsp;the British Bankers Association LIBOR Rate as published by Reuters (or other commercially available source providing quotations of BBA LIBOR as designated by the
Administrative Agent from time to time) (&#147;<U>BBA LIBOR</U>&#148;), at approximately 11:00 a.m., London time, two (2)&nbsp;Business Days prior to the commencement of such Interest Period, for Dollar deposits (for delivery on the first day of
such Interest Period) with a term equivalent to such Interest Period or (B)&nbsp;if such published rate is not available at such time for any reason, the rate determined by the Administrative Agent to be the rate at which deposits in Dollars for
delivery on the first day of such Interest Period in same day funds in the approximate amount of the LIBO Rate Advance being made, continued or converted by KeyBank and with a term equivalent to such Interest Period would be offered to major banks,
including KeyBank, in the London interbank Eurodollar market at their request at approximately 11:00&nbsp;a.m. (London time) two Business Days prior to the commencement of such Interest Period. </FONT></P>
<P STYLE="margin-top:10px;margin-bottom:0px; text-indent:4%" ALIGN="justify"><FONT STYLE="font-family:Times New Roman" SIZE="2">(b) For any interest rate calculation with respect to a Base Rate Advance, the rate per annum equal to (i)&nbsp;BBA
LIBOR, at approximately 11:00 a.m., London time on the date of determination (provided that if such day is not a London Business Day, the next preceding London Business Day) for Dollar deposits being delivered in the London interbank market for a
term of one month commencing that day or (ii)&nbsp;if such published rate is not available at such time for any reason, the rate determined by the Administrative Agent to be the rate at which deposits in Dollars for delivery on the date of
determination in same day funds in the approximate amount of the subject Base Rate Advance being made, continued or converted by KeyBank and with a term equal to one month would be offered to major banks, including KeyBank, in the London interbank
Eurodollar market at their request at the date and time of determination. </FONT></P>
 <p STYLE="margin-top:0px;margin-bottom:0px"><FONT SIZE="1">&nbsp;</FONT></P> <P STYLE="margin-top:0px;margin-bottom:0px" ALIGN="center"><FONT STYLE="font-family:Times New Roman" SIZE="2">23 </FONT></P>



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 <P STYLE="margin-top:0px;margin-bottom:0px; text-indent:4%" ALIGN="justify"><FONT STYLE="font-family:Times New Roman" SIZE="2">&#147;<U>LIBO Rate Advance</U>&#148; shall mean any principal outstanding
under this Agreement which pursuant to this Agreement bears interest at the LIBO Rate plus the Applicable Margin. </FONT></P> <P STYLE="margin-top:10px;margin-bottom:0px; text-indent:4%" ALIGN="justify"><FONT
STYLE="font-family:Times New Roman" SIZE="2">&#147;<U>Lien</U>&#148; shall mean any mortgage, deed of trust, lien, pledge, hypothecation, assignment, security interest, or any other encumbrance, charge or transfer, including, without limitation, any
conditional sale or other title retention agreement, any financing lease having substantially the same economic effect as any of the foregoing, and mechanic&#146;s, materialmen&#146;s and other similar liens and encumbrances. </FONT></P>
<P STYLE="margin-top:10px;margin-bottom:0px; text-indent:4%" ALIGN="justify"><FONT STYLE="font-family:Times New Roman" SIZE="2">&#147;<U>Licenses and Permits</U>&#148; shall mean all licenses, permits, authorizations and agreements issued by or
agreed to by any governmental authority or by a private party, and including, but not limited to, building permits, occupancy permits and such special permits, variances and other relief as may be required pursuant to Laws which may be applicable to
any Collateral Property. </FONT></P> <P STYLE="margin-top:10px;margin-bottom:0px; text-indent:4%" ALIGN="justify"><FONT STYLE="font-family:Times New Roman" SIZE="2">&#147;<U>Line Fee</U>&#148; shall have the meaning set forth in Section&nbsp;2.4.2.
</FONT></P> <P STYLE="margin-top:10px;margin-bottom:0px; text-indent:4%" ALIGN="justify"><FONT STYLE="font-family:Times New Roman" SIZE="2">&#147;<U>Line Percentage</U>&#148; shall mean (i)&nbsp;0.25%&nbsp;per annum, to the extent the Total
Revolving Outstandings are greater than or equal to fifty percent (50%)&nbsp;of the Total Revolving Commitments and (ii)&nbsp;0.35%&nbsp;per annum, to the extent the Total Revolving Outstandings are less than fifty percent (50%)&nbsp;of the Total
Revolving Commitments. </FONT></P> <P STYLE="margin-top:10px;margin-bottom:0px; text-indent:4%" ALIGN="justify"><FONT STYLE="font-family:Times New Roman" SIZE="2">&#147;<U>Liquidation Proceeds</U>&#148; shall mean amounts received by the
Administrative Agent and/or the Lenders in the exercise of the rights and remedies under the Loan Documents (including, but not limited to, all rents, profits and other proceeds received by the Administrative Agent and/or the Lenders from the
liquidation of, or exercising rights upon the occurrence of an Event of Default relative to, any Collateral, but not including any amount bid at a foreclosure sale or on behalf of the Administrative Agent or otherwise credited to the Borrower in,
any deed-in-lieu of foreclosure or similar transaction). </FONT></P> <P STYLE="margin-top:10px;margin-bottom:0px; text-indent:4%" ALIGN="justify"><FONT STYLE="font-family:Times New Roman" SIZE="2">&#147;<U>Loan</U>&#148; shall mean, individually or
collectively, as the context so requires, for either the Revolving Facility or the Term Facility, any extension of credit by a Lender to the Borrower under <U>Article 2</U> in the form of a Base Rate Advance or a LIBO Rate Advance. </FONT></P>
<P STYLE="margin-top:10px;margin-bottom:0px; text-indent:4%" ALIGN="justify"><FONT STYLE="font-family:Times New Roman" SIZE="2">&#147;<U>Loan Advance</U>&#148; or &#147;<U>Loan Advances</U>&#148; shall mean any advance of any proceeds of the
Revolving Facility or the Term Facility, as the case may be. </FONT></P> <P STYLE="margin-top:10px;margin-bottom:0px; text-indent:4%" ALIGN="justify"><FONT STYLE="font-family:Times New Roman" SIZE="2">&#147;<U>Loan Agreement</U>&#148; shall have the
meaning set forth in the Preamble. </FONT></P> <P STYLE="margin-top:10px;margin-bottom:0px; text-indent:4%" ALIGN="justify"><FONT STYLE="font-family:Times New Roman" SIZE="2">&#147;<U>Loan Documents</U>&#148; shall have the meaning set forth in
<U>Section&nbsp;3.2</U>. </FONT></P> <P STYLE="margin-top:10px;margin-bottom:0px; text-indent:4%" ALIGN="justify"><FONT STYLE="font-family:Times New Roman" SIZE="2">&#147;<U>Loan Notice</U>&#148; shall have the meaning set forth in
<U>Section&nbsp;2.1.2(b)</U>. </FONT></P> <P STYLE="margin-top:10px;margin-bottom:0px; text-indent:4%" ALIGN="justify"><FONT STYLE="font-family:Times New Roman" SIZE="2">&#147;<U>Loan Party</U>&#148; and &#147;<U>Loan Parties</U>&#148; shall mean,
singly and collectively, the Borrower, the Guarantors and each Borrowing Base Property Owner, and any Subsidiary and Affiliate of any of the foregoing which is party to any of the Loan Documents. </FONT></P>
 <p STYLE="margin-top:0px;margin-bottom:0px"><FONT SIZE="1">&nbsp;</FONT></P> <P STYLE="margin-top:0px;margin-bottom:0px" ALIGN="center"><FONT STYLE="font-family:Times New Roman" SIZE="2">24 </FONT></P>



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 <P STYLE="margin-top:0px;margin-bottom:0px; text-indent:4%" ALIGN="justify"><FONT STYLE="font-family:Times New Roman" SIZE="2">&#147;<U>Major Event of Loss</U>&#148; shall mean, with respect to any
Borrowing Base Property, both (1)&nbsp;any of the following: (a)&nbsp;any loss or destruction of, or damage to, such Borrowing Base Property such that either (x)&nbsp;the repairs and restoration thereof cannot be completed, in the judgment of the
Lenders&#146; Consultant and if there is no Lenders&#146; Consultant, an independent architect or engineer retained by the Borrower, within six (6)&nbsp;months after the occurrence of such loss, damage or destruction or (y)&nbsp;rendering more than
fifty percent (50%)&nbsp;of the Borrowing Base Property unusable for the purposes conducted thereon immediately prior to such loss, destruction or damage, as determined by the applicable Lenders&#146; Consultant and if there is no Lenders&#146;
Consultant, an independent architect or engineer retained by the Borrower; or (b)&nbsp;any actual condemnation, seizure or taking, by exercise of the power of eminent domain or otherwise, of such Borrowing Base Property, or confiscation of such
Borrowing Base Property or the requisition of such Borrowing Base Property by a Governmental Agency or any Person having the power of eminent domain, or any voluntary transfer of such Borrowing Base Property or any portion thereof in lieu of any
such condemnation, seizure or taking, rendering more than fifty percent (50%)&nbsp;of the leaseable area of such Borrowing Base Property unusable for the purposes conducted thereon immediately prior to action, as determined by the Lenders&#146;
Consultant and if there is no Lenders&#146; Consultant, an independent architect or engineer retained by the Borrower, and (2)&nbsp;the Administrative Agent does not elect under <U>Section&nbsp;14.3.3</U> to make Net Proceeds with respect to such
Event of Loss available for Repair Work. </FONT></P> <P STYLE="margin-top:10px;margin-bottom:0px; text-indent:4%" ALIGN="justify"><FONT STYLE="font-family:Times New Roman" SIZE="2">&#147;<U>Major Lease</U>&#148; shall mean (i)&nbsp;any Lease for
space in any Borrowing Base Property (x)&nbsp;in excess of 25,000 rentable square feet, or (y)&nbsp;in excess of 15,000 rentable square feet and in excess of ten percent (10%)&nbsp;of the rentable square footage of such Borrowing Base Property, or
(ii)&nbsp;any Lease with a tenant who is a tenant in more than one Borrowing Base Property and who leases 25,000 or more rentable square feet, in the aggregate, in all Borrowing Base Properties. </FONT></P>
<P STYLE="margin-top:10px;margin-bottom:0px; text-indent:4%" ALIGN="justify"><FONT STYLE="font-family:Times New Roman" SIZE="2">&#147;<U>Mandatory Principal Payment</U>&#148; shall have the meaning set forth in <U>Section&nbsp;2.3.8</U>. </FONT></P>
<P STYLE="margin-top:10px;margin-bottom:0px; text-indent:4%" ALIGN="justify"><FONT STYLE="font-family:Times New Roman" SIZE="2">&#147;<U>Material Adverse Effect</U>&#148; shall mean a material adverse effect on (i)&nbsp;the business, assets,
operations or financial or other condition of any of the Borrower, CRT, or, taken as a whole, the Loan Parties, (ii)&nbsp;the ability of any of the Borrower, CRT, or, taken as a whole, the Loan Parties to perform any material Obligations or to pay
any Obligations which it is or they are obligated to pay in accordance with the terms hereof or of any other Loan Document, (iii)&nbsp;the rights of, or benefits available to, the Administrative Agent and/or any of the Lenders under any Loan
Document or (iv)&nbsp;any Lien given to Administrative Agent and/or any of the Lenders on any material portion of the Collateral or the priority of any such Lien. </FONT></P>
<P STYLE="margin-top:10px;margin-bottom:0px; text-indent:4%" ALIGN="justify"><FONT STYLE="font-family:Times New Roman" SIZE="2">&#147;<U>Maturity Date</U>&#148; shall be either of the Revolving Facility Maturity Date or the Term Facility Maturity
Date, as the context of this Agreement requires. </FONT></P> <P STYLE="margin-top:10px;margin-bottom:0px; text-indent:4%" ALIGN="justify"><FONT STYLE="font-family:Times New Roman" SIZE="2">&#147;<U>Maximum Loan Amount</U>&#148; shall have the
meaning set forth in <U>Section&nbsp;2.1.1(a)</U>. </FONT></P> <P STYLE="margin-top:10px;margin-bottom:0px; text-indent:4%" ALIGN="justify"><FONT STYLE="font-family:Times New Roman" SIZE="2">&#147;<U>Maximum Rate</U>&#148; shall have the meaning set
forth in <U>Section&nbsp;15.2</U>. </FONT></P> <P STYLE="margin-top:10px;margin-bottom:0px; text-indent:4%" ALIGN="justify"><FONT STYLE="font-family:Times New Roman" SIZE="2">&#147;<U>Mortgage</U>&#148; shall have the meaning set forth in
<U>Section&nbsp;3.1.1(a)</U>, as such agreements may be amended, restated, supplemented or otherwise updated or modified from time to time. </FONT></P> <P STYLE="margin-top:10px;margin-bottom:0px; text-indent:4%" ALIGN="justify"><FONT
STYLE="font-family:Times New Roman" SIZE="2">&#147;<U>Net Operating Income</U>&#148; shall mean, for any period of determination, (i)&nbsp;net operating income generated by an Individual Property for such period (i.e., gross operating income,
inclusive of any rent loss insurance, less expenses (including Ground Lease Payments and </FONT></P>
 <p STYLE="margin-top:0px;margin-bottom:0px"><FONT SIZE="1">&nbsp;</FONT></P> <P STYLE="margin-top:0px;margin-bottom:0px" ALIGN="center"><FONT STYLE="font-family:Times New Roman" SIZE="2">25 </FONT></P>



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 <P STYLE="margin-top:0px;margin-bottom:0px" ALIGN="justify"><FONT STYLE="font-family:Times New Roman" SIZE="2">exclusive of debt service, capital expenditures and vacancy allowances and before
depreciation and amortization)), determined in accordance with GAAP, as generated by, through or under Leases, and (ii)&nbsp;all other income arising from direct operations of or licenses or operating agreements for any part of the Individual
Property determined on a GAAP basis. For purposes hereof, all rental income shall be adjusted for straight line rents. Borrower shall provide the Administrative Agent with all information and materials required by the Administrative Agent necessary
for the determination of Net Operating Income. If any Leases are scheduled to expire during such period of determination, no rents or other amounts payable under such Leases with respect to any portion of such period occurring after such scheduled
expiration date shall be included in the determination of Net Operating Income for such period. If any Leases are scheduled to commence (and rent and occupancy pursuant thereto are also scheduled to commence) during such period of determination, the
rents and other amounts payable under such Leases with respect to any period occurring after the scheduled commencement date shall be included in the determination of Net Operating Income for such period. </FONT></P>
<P STYLE="margin-top:10px;margin-bottom:0px; text-indent:4%" ALIGN="justify"><FONT STYLE="font-family:Times New Roman" SIZE="2">&#147;<U>Net Proceeds</U>&#148; shall mean (i)&nbsp;the net amount of all insurance proceeds received under any insurance
policies other than Rent Loss Proceeds as a result of the occurrence of an Event of Loss described in clause (a)&nbsp;of the definition of Event of Loss with respect to any Collateral Property, after deduction of the reasonable costs and expenses
(including, but not limited to reasonable counsel fees), if any, in collecting the same, or (ii)&nbsp;the net amount of all awards and payments received with respect to the occurrence of an Event of Loss described in clause (b)&nbsp;of the
definition of Event of Loss, after deduction of the reasonable costs and expenses (including, but not limited to reasonable counsel fees), if any, in collecting the same, whichever the case may be. </FONT></P>
<P STYLE="margin-top:10px;margin-bottom:0px; text-indent:4%" ALIGN="justify"><FONT STYLE="font-family:Times New Roman" SIZE="2">&#147;<U>Net Worth</U>&#148; shall mean (a)&nbsp;the sum of (i)&nbsp;total CRT shareholders&#146; equity in the Borrower
and (ii)&nbsp;the limited partners&#146; interest in the Borrower (both controlling and non-controlling interests) as of the Calculation Date appearing on the consolidated financial statements of CRT as determined in accordance with GAAP,
<U>plus</U> (b)&nbsp;depreciation and amortization provided after September&nbsp;30, 2011 through the Calculation Date on a cumulative basis. </FONT></P> <P STYLE="margin-top:10px;margin-bottom:0px; text-indent:4%" ALIGN="justify"><FONT
STYLE="font-family:Times New Roman" SIZE="2">&#147;<U>Non-Extension Notice Date</U>&#148; shall have the meaning set forth in <U>Section&nbsp;2.7.2(c)</U>. </FONT></P> <P STYLE="margin-top:10px;margin-bottom:0px; text-indent:4%" ALIGN="justify"><FONT
STYLE="font-family:Times New Roman" SIZE="2">&#147;<U>Non-Reinstatement Deadline</U>&#148; shall have the meaning set forth in <U>Section&nbsp;2.7.2(d)</U>. </FONT></P> <P STYLE="margin-top:10px;margin-bottom:0px; text-indent:4%" ALIGN="justify"><FONT
STYLE="font-family:Times New Roman" SIZE="2">&#147;<U>Non-Retail Assets</U>&#148; shall mean Individual Properties that generate more than fifteen percent (15%)&nbsp;of base rental revenues from non-retail tenants. </FONT></P>
<P STYLE="margin-top:10px;margin-bottom:0px; text-indent:4%" ALIGN="justify"><FONT STYLE="font-family:Times New Roman" SIZE="2">&#147;<U>Note</U>&#148; shall mean, collectively, the various promissory notes payable to each Lender in the form of
<U>Exhibit B</U>. </FONT></P> <P STYLE="margin-top:10px;margin-bottom:0px; text-indent:4%" ALIGN="justify"><FONT STYLE="font-family:Times New Roman" SIZE="2">&#147;<U>Obligations</U>&#148; shall mean without limitation, all and each of the
following, whether now existing or hereafter arising: </FONT></P> <P STYLE="margin-top:10px;margin-bottom:0px; text-indent:4%" ALIGN="justify"><FONT STYLE="font-family:Times New Roman" SIZE="2">(a) Any and all direct and indirect liabilities, debts,
and obligations of the Borrower or any Loan Party to the Administrative Agent or any Lender under or arising out of the Loan Documents, each of every kind, nature, and description. </FONT></P>
 <p STYLE="margin-top:0px;margin-bottom:0px"><FONT SIZE="1">&nbsp;</FONT></P> <P STYLE="margin-top:0px;margin-bottom:0px" ALIGN="center"><FONT STYLE="font-family:Times New Roman" SIZE="2">26 </FONT></P>



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 <P STYLE="margin-top:0px;margin-bottom:0px; text-indent:4%" ALIGN="justify"><FONT STYLE="font-family:Times New Roman" SIZE="2">(b) Each obligation to repay any loan, advance, indebtedness, note,
obligation, overdraft, or amount now or hereafter owing by the Borrower or any Loan Party to the Administrative Agent or any Lender (including all future advances whether or not made pursuant to a commitment by the Administrative Agent or any
Lender) under or arising out of the Loan Documents, whether or not any of such are liquidated, unliquidated, primary, secondary, secured, unsecured, direct, indirect, absolute, contingent, or of any other type, nature, or description, or by reason
of any cause of action which the Administrative Agent or any Lender may hold against the Borrower or any Loan Party including, without limitation, any obligation arising under any Swap Contract with the Administrative Agent or any Lender.
</FONT></P> <P STYLE="margin-top:10px;margin-bottom:0px; text-indent:4%" ALIGN="justify"><FONT STYLE="font-family:Times New Roman" SIZE="2">(c) All notes and other obligations of the Borrower or any Loan Party now or hereafter assigned to or held by
the Administrative Agent or any Lender under or arising out of the Loan Documents, each of every kind, nature, and description. </FONT></P> <P STYLE="margin-top:10px;margin-bottom:0px; text-indent:4%" ALIGN="justify"><FONT
STYLE="font-family:Times New Roman" SIZE="2">(d) All interest, fees, and charges and other amounts which may be charged by the Administrative Agent or any Lender to the Borrower or any Loan Party and/or which may be due from the Borrower or any Loan
Party to the Administrative Agent or any Lender from time to time under or arising out of the Loan Documents. </FONT></P>
<P STYLE="margin-top:10px;margin-bottom:0px; text-indent:4%" ALIGN="justify"><FONT STYLE="font-family:Times New Roman" SIZE="2">(e) All costs and expenses incurred or paid by the Administrative Agent or any Lender in respect of any agreement between
the Borrower or any Loan Party and the Administrative Agent or any Lender or instrument furnished by the Borrower or any Loan Party to the Administrative Agent or any Lender (including, without limitation, costs of collection, attorneys&#146;
reasonable fees, and all court and litigation costs and expenses) in connection with the Loan. </FONT></P> <P STYLE="margin-top:10px;margin-bottom:0px; text-indent:4%" ALIGN="justify"><FONT STYLE="font-family:Times New Roman" SIZE="2">(f) Any and
all covenants of the Borrower or any Loan Party to or with the Administrative Agent or any Lender and any and all obligations of the Borrower or any Loan Party to act or to refrain from acting in accordance with any agreement between the Borrower or
any Loan Party and the Administrative Agent or any Lender or instrument furnished by the Borrower or any Loan Party to the Administrative Agent or any Lender in connection with the Loan. </FONT></P>
<P STYLE="margin-top:10px;margin-bottom:0px; text-indent:4%" ALIGN="justify"><FONT STYLE="font-family:Times New Roman" SIZE="2">&#147;<U>Occupancy Ratio</U>&#148; shall mean with respect to any Borrowing Base Property, the ratio as determined by the
Administrative Agent of the rentable square footage thereof as to which tenants are paying rent, to the total rentable square footage thereof. Notwithstanding the foregoing, for purposes of determining compliance with <U>Section&nbsp;7.23.1</U> of
this Agreement, the Occupancy Ratio for any Borrowing Base Property as to which an Event of Loss has occurred shall be equal to the greater of (i)&nbsp;the actual Occupancy Ratio with respect thereto or (ii)&nbsp;the Occupancy Ratio immediately
prior to the said Event of Loss for a period equal to the lesser of (x)&nbsp;six (6)&nbsp;months from the occurrence of the Event of Loss or (y)&nbsp;the determination that the subject Borrowing Base Property is not, or ceases to be, a Restoration
Property. </FONT></P> <P STYLE="margin-top:10px;margin-bottom:0px; text-indent:4%" ALIGN="justify"><FONT STYLE="font-family:Times New Roman" SIZE="2">&#147;<U>Officer&#146;s Certificate</U>&#148; shall mean a certificate delivered to the
Administrative Agent by the Borrower, a Borrower Subsidiary, or a Guarantor, as the case may be respectively, which is signed by an Authorized Officer. </FONT></P>
 <p STYLE="margin-top:0px;margin-bottom:0px"><FONT SIZE="1">&nbsp;</FONT></P> <P STYLE="margin-top:0px;margin-bottom:0px" ALIGN="center"><FONT STYLE="font-family:Times New Roman" SIZE="2">27 </FONT></P>



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 <P STYLE="margin-top:0px;margin-bottom:0px; text-indent:4%" ALIGN="justify"><FONT STYLE="font-family:Times New Roman" SIZE="2">&#147;<U>Operating Pro Forma</U>&#148; shall mean, for each Development
Asset, a projection of Net Operating Income and cash flows for the five year period commencing as of the date on which such Development Asset becomes a Stabilized Asset. </FONT></P>
<P STYLE="margin-top:10px;margin-bottom:0px; text-indent:4%" ALIGN="justify"><FONT STYLE="font-family:Times New Roman" SIZE="2">&#147;<U>Other Taxes</U>&#148; shall mean all present or future stamp or documentary taxes or any other excise or
property taxes, charges or similar levies arising from any payment made hereunder or under any other Loan Document or from the execution, delivery or enforcement of, or otherwise with respect to, this Agreement or any other Loan Document.
</FONT></P> <P STYLE="margin-top:10px;margin-bottom:0px; text-indent:4%" ALIGN="justify"><FONT STYLE="font-family:Times New Roman" SIZE="2">&#147;<U>Outstanding Amount</U>&#148; shall mean (i)&nbsp;with respect to the Loan on any date, the aggregate
outstanding principal amount thereof after giving effect to any borrowings and prepayments or repayments of the Loan occurring on such date; and (ii)&nbsp;with respect to any L/C Obligations on any date, the amount of such L/C Obligations on such
date after giving effect to any L/C Credit Extension occurring on such date and any other changes in the aggregate amount of the L/C Obligations as of such date, including as a result of any reimbursements by the Borrower of Unreimbursed Amounts.
</FONT></P> <P STYLE="margin-top:10px;margin-bottom:0px; text-indent:4%" ALIGN="justify"><FONT STYLE="font-family:Times New Roman" SIZE="2">&#147;<U>Participant</U>&#148; shall have the meaning set forth in <U>Section&nbsp;13.3.4</U>. </FONT></P>
<P STYLE="margin-top:10px;margin-bottom:0px; text-indent:4%" ALIGN="justify"><FONT STYLE="font-family:Times New Roman" SIZE="2">&#147;<U>Participant Register</U>&#148; shall have the meaning set forth in <U>Section&nbsp;13.3.4</U>. </FONT></P>
<P STYLE="margin-top:10px;margin-bottom:0px; text-indent:4%" ALIGN="justify"><FONT STYLE="font-family:Times New Roman" SIZE="2">&#147;<U>PBGC</U>&#148; shall mean the Pension Benefit Guaranty Corporation established pursuant to Section&nbsp;4002 of
ERISA, or any successor thereto. </FONT></P> <P STYLE="margin-top:10px;margin-bottom:0px; text-indent:4%" ALIGN="justify"><FONT STYLE="font-family:Times New Roman" SIZE="2">&#147;<U>Permitted Debt</U>&#148; shall have the meaning set forth in
<U>Section&nbsp;8.4</U>. </FONT></P> <P STYLE="margin-top:10px;margin-bottom:0px; text-indent:4%" ALIGN="justify"><FONT STYLE="font-family:Times New Roman" SIZE="2">&#147;<U>Permitted Distributions</U>&#148; shall mean (a)&nbsp;so long as no Event
of Default exists and is continuing, or would be created thereby, any Distributions (including the repurchase or redemption of stock of CRT or partnership interests in the Borrower) by the Borrower and CRT, (i)&nbsp;in any amount, provided that such
Distributions, when added to Distributions for each of the last three calendar quarters, to the extent not included in the determination of Adjusted FFO, shall not exceed ninety-five (95%)&nbsp;percent of Adjusted FFO for the just completed four
calendar quarters (with the initial test to be for the quarter ending December&nbsp;31, 2011); <U>provided</U> that any Distributions by the Borrower or CRT shall be permitted as are necessary for CRT to maintain REIT status including any
Distributions that are greater than the amounts set forth in this subclause (a)(i), (ii)&nbsp;concerning the issuance of operating partnership units or stock in return for equity interests in connection with any Permitted Investment, or
(iii)&nbsp;in connection with the repurchase or redemption of preferred stock of CRT utilizing the proceeds of new issued preferred or common equity on equal or more favorable terms, or (b)&nbsp;at any time after and during the continuance of any
Event of Default, such Distributions as are necessary for CRT to maintain REIT status (measured on a quarterly basis), all of the foregoing tested by the Borrower on each Calculation Date, such calculation and results to be as verified by the
Administrative Agent. </FONT></P> <P STYLE="margin-top:10px;margin-bottom:0px; text-indent:4%" ALIGN="justify"><FONT STYLE="font-family:Times New Roman" SIZE="2">&#147;<U>Permitted Liens</U>&#148; shall have the meaning set forth in
<U>Section&nbsp;8.2</U>. </FONT></P> <P STYLE="margin-top:10px;margin-bottom:0px; text-indent:4%" ALIGN="justify"><FONT STYLE="font-family:Times New Roman" SIZE="2">&#147;<U>Permitted Investments</U>&#148; shall mean the following: </FONT></P>
 <p STYLE="margin-top:0px;margin-bottom:0px"><FONT SIZE="1">&nbsp;</FONT></P> <P STYLE="margin-top:0px;margin-bottom:0px" ALIGN="center"><FONT STYLE="font-family:Times New Roman" SIZE="2">28 </FONT></P>



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 <P STYLE="margin-top:0px;margin-bottom:0px; text-indent:4%" ALIGN="justify"><FONT STYLE="font-family:Times New Roman" SIZE="2">(a) The Pro Rata Share of Investments in Development Assets (valued at
undepreciated Book Value) which, in the aggregate, do not exceed twenty percent (20%)&nbsp;of Total Asset Value; </FONT></P> <P STYLE="margin-top:10px;margin-bottom:0px; text-indent:4%" ALIGN="justify"><FONT
STYLE="font-family:Times New Roman" SIZE="2">(b) The Pro Rata Share of Investments in Land Assets which, in the aggregate, valued at undepreciated Book Value do not exceed seven and one-half percent (7.5%)&nbsp;of Total Asset Value; </FONT></P>
<P STYLE="margin-top:10px;margin-bottom:0px; text-indent:4%" ALIGN="justify"><FONT STYLE="font-family:Times New Roman" SIZE="2">(c) Investments in Unconsolidated CRT Entities including, without limitation, the purchase of all or any portion of any
interests held by persons that are not Wholly-Owned Subsidiaries of the Borrower; </FONT></P> <P STYLE="margin-top:10px;margin-bottom:0px; text-indent:4%" ALIGN="justify"><FONT STYLE="font-family:Times New Roman" SIZE="2">(d) The Pro Rata Share of
Investments in Non-Retail Assets which, in the aggregate, do not exceed five percent (5%)&nbsp;of Total Asset Value; and </FONT></P> <P STYLE="margin-top:10px;margin-bottom:0px; text-indent:4%" ALIGN="justify"><FONT
STYLE="font-family:Times New Roman" SIZE="2">(e) Investments in Swap Contracts. </FONT></P> <P STYLE="margin-top:10px;margin-bottom:0px" ALIGN="justify"><FONT STYLE="font-family:Times New Roman" SIZE="2">Notwithstanding anything in this Agreement to
the contrary, the total Permitted Investments described in Sections (a), (b), and (d)&nbsp;above shall not, in the aggregate, exceed twenty-five percent (25%)&nbsp;of the Total Asset Value. </FONT></P>
<P STYLE="margin-top:10px;margin-bottom:0px; text-indent:4%" ALIGN="justify"><FONT STYLE="font-family:Times New Roman" SIZE="2">&#147;<U>Person</U>&#148; shall mean any natural person, corporation, limited liability company, trust, joint venture,
association, company, partnership, Governmental Authority or other entity. </FONT></P> <P STYLE="margin-top:10px;margin-bottom:0px; text-indent:4%" ALIGN="justify"><FONT STYLE="font-family:Times New Roman" SIZE="2">&#147;<U>Plan</U>&#148; shall mean
any multiemployer or single-employer plan as defined in Section&nbsp;4001 of ERISA, which is maintained or contributed to by (or to which there is an obligation to contribute of) any Loan Party or any ERISA Affiliate, including each such Plan for
the five year period immediately following the latest date on which such Loan Party or an ERISA Affiliate maintained, contributed to or had an obligation to contribute to such Plan. </FONT></P>
<P STYLE="margin-top:10px;margin-bottom:0px; text-indent:4%" ALIGN="justify"><FONT STYLE="font-family:Times New Roman" SIZE="2">&#147;<U>Platform</U>&#148; shall have the meaning set forth in <U>Section&nbsp;7.2.13</U>. </FONT></P>
<P STYLE="margin-top:10px;margin-bottom:0px; text-indent:4%" ALIGN="justify"><FONT STYLE="font-family:Times New Roman" SIZE="2">&#147;<U>Pledge and Security Agreement</U>&#148; shall have the meaning set forth in <U>Section&nbsp;3.1.6</U>, as such
agreements may be amended, restated, supplemented or otherwise updated or modified from time to time. </FONT></P>
<P STYLE="margin-top:10px;margin-bottom:0px; text-indent:4%" ALIGN="justify"><FONT STYLE="font-family:Times New Roman" SIZE="2">&#147;<U>Preliminary Approval</U>&#148; shall mean the following: </FONT></P>
<P STYLE="margin-top:10px;margin-bottom:0px; text-indent:4%" ALIGN="justify"><FONT STYLE="font-family:Times New Roman" SIZE="2">(a) Delivery by the Borrower to the Administrative Agent and the Lenders of the following with respect to any Individual
Property proposed to be a Borrowing Base Property, each such item to the reasonable satisfaction of the Administrative Agent and the Lenders: </FONT></P> <P STYLE="margin-top:10px;margin-bottom:0px; text-indent:4%" ALIGN="justify"><FONT
STYLE="font-family:Times New Roman" SIZE="2">(i) A physical description; </FONT></P> <P STYLE="margin-top:10px;margin-bottom:0px; text-indent:4%" ALIGN="justify"><FONT STYLE="font-family:Times New Roman" SIZE="2">(ii) A current rent roll and a
leasing status report for the Individual Property (for those properties classified as Development Assets, the Borrower shall only be required to deliver a leasing prospect report), along with operating statements; </FONT></P>
 <p STYLE="margin-top:0px;margin-bottom:0px"><FONT SIZE="1">&nbsp;</FONT></P> <P STYLE="margin-top:0px;margin-bottom:0px" ALIGN="center"><FONT STYLE="font-family:Times New Roman" SIZE="2">29 </FONT></P>



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 <P STYLE="margin-top:0px;margin-bottom:0px; text-indent:4%" ALIGN="justify"><FONT STYLE="font-family:Times New Roman" SIZE="2">(iii) To the extent then available in Borrower&#146;s files, the following:
a survey, environmental reports, copies of existing title insurance policies or a title commitment, and copies of all title exceptions, engineering reports and similar information; and </FONT></P>
<P STYLE="margin-top:10px;margin-bottom:0px; text-indent:4%" ALIGN="justify"><FONT STYLE="font-family:Times New Roman" SIZE="2">(iv) The Borrower&#146;s certification that to its knowledge the proposed Borrowing Base Property presently satisfies (or
is anticipated to satisfy upon the grant of such Collateral) the Eligibility Criteria set forth in subsections (a), (d), (e)&nbsp;and (f), of the definition of Eligibility Criteria. </FONT></P>
<P STYLE="margin-top:10px;margin-bottom:0px; text-indent:4%" ALIGN="justify"><FONT STYLE="font-family:Times New Roman" SIZE="2">(b) Administrative Agent and the Required Lenders shall, within ten (10)&nbsp;Business Days after delivery of all items
described in subsection&nbsp;(a), above, grant or deny the preliminary approval for the proposed Borrowing Base Property. </FONT></P> <P STYLE="margin-top:10px;margin-bottom:0px; text-indent:4%" ALIGN="justify"><FONT
STYLE="font-family:Times New Roman" SIZE="2">&#147;<U>Pro Forma Annual Net Operating Income&#148;</U> shall mean, for each Development Asset, the projected Pro Rata Share of (i)&nbsp;Net Operating Income less (ii)&nbsp;management fees (calculated as
the greater of either 3% of total revenue or actual management expenses incurred), to the extent not already deducted from Net Operating Income, less (iii)&nbsp;allowances for capital expenditures in the amount of $0.20 per annum per rentable square
foot of completed improvements to be achieved upon completion of the Development Asset, based on the Operating Pro Forma delivered by the Borrower to the Administrative Agent, as such Operating Pro Forma shall be updated from time. </FONT></P>
<P STYLE="margin-top:10px;margin-bottom:0px; text-indent:4%" ALIGN="justify"><FONT STYLE="font-family:Times New Roman" SIZE="2">&#147;<U>Projected Debt Service</U>&#148; shall mean, as to any Development Asset, the annual interest payments which
would be made on a loan in an amount equal the total amount anticipated to be advanced with respect to the subject Development Asset, with interest accruing at an assumed rate equal to the weighted average of the interest rates then in effect under
the Loan. </FONT></P> <P STYLE="margin-top:10px;margin-bottom:0px; text-indent:4%" ALIGN="justify"><FONT STYLE="font-family:Times New Roman" SIZE="2">&#147;<U>Pro Rata Share</U>&#148; shall mean a calculation based on the percentage of the Capital
Stock of or other equity interest in any Person owned, directly or indirectly, by the Borrower and/or CRT. </FONT></P>
<P STYLE="margin-top:10px;margin-bottom:0px; text-indent:4%" ALIGN="justify"><FONT STYLE="font-family:Times New Roman" SIZE="2">&#147;<U>Public Lender</U>&#148; shall have the meaning set forth in <U>Section&nbsp;7.2.13</U>. </FONT></P>
<P STYLE="margin-top:10px;margin-bottom:0px; text-indent:4%" ALIGN="justify"><FONT STYLE="font-family:Times New Roman" SIZE="2">&#147;<U>Register</U>&#148; shall have the meaning set forth in <U>Section&nbsp;13.3.3</U>. </FONT></P>
<P STYLE="margin-top:10px;margin-bottom:0px; text-indent:4%" ALIGN="justify"><FONT STYLE="font-family:Times New Roman" SIZE="2">&#147;<U>REIT</U>&#148; shall mean a &#147;real estate investment trust&#148; as such term is defined in Section&nbsp;856
of the Code. </FONT></P> <P STYLE="margin-top:10px;margin-bottom:0px; text-indent:4%" ALIGN="justify"><FONT STYLE="font-family:Times New Roman" SIZE="2">&#147;<U>Related Parties</U>&#148; shall mean, with respect to any Person, such Person&#146;s
Affiliates and the partners, directors, officers, employees, agents, trustees and advisors of such Person and of such Person&#146;s Affiliates. </FONT></P> <P STYLE="margin-top:10px;margin-bottom:0px; text-indent:4%" ALIGN="justify"><FONT
STYLE="font-family:Times New Roman" SIZE="2">&#147;<U>Release Conditions</U>&#148; shall have the meaning set forth in <U>Section&nbsp;3.3</U>. </FONT></P> <P STYLE="margin-top:10px;margin-bottom:0px; text-indent:4%" ALIGN="justify"><FONT
STYLE="font-family:Times New Roman" SIZE="2">&#147;<U>Rent Loss Proceeds</U>&#148; shall mean the proceeds received under any rent loss or business interruption insurance policies. </FONT></P>
<P STYLE="margin-top:10px;margin-bottom:0px; text-indent:4%" ALIGN="justify"><FONT STYLE="font-family:Times New Roman" SIZE="2">&#147;<U>Repair Work</U>&#148; shall have the meaning set forth in <U>Section&nbsp;14.1</U>. </FONT></P>
 <p STYLE="margin-top:0px;margin-bottom:0px"><FONT SIZE="1">&nbsp;</FONT></P> <P STYLE="margin-top:0px;margin-bottom:0px" ALIGN="center"><FONT STYLE="font-family:Times New Roman" SIZE="2">30 </FONT></P>



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 <P STYLE="margin-top:0px;margin-bottom:0px; text-indent:4%" ALIGN="justify"><FONT STYLE="font-family:Times New Roman" SIZE="2">&#147;<U>Reportable Event</U>&#148; shall mean an event described in
Section&nbsp;4043(b) of ERISA with respect to a Plan other than those events as to which the 30-day notice period is waived under subsection&nbsp;.13, .14, .16, .18, .19 or .20 of PBGC Regulation Section&nbsp;2615, or as otherwise now or hereafter
defined in ERISA. </FONT></P> <P STYLE="margin-top:10px;margin-bottom:0px; text-indent:4%" ALIGN="justify"><FONT STYLE="font-family:Times New Roman" SIZE="2">&#147;<U>Required Lenders</U>&#148; shall mean, as of any date of determination, Lenders
having more than 66 2/3% of the Total Commitments or, if the Commitment of each Lender to make Loans and the obligation of the L/C Issuer to make L/C Credit Extensions have been terminated pursuant to <U>Section&nbsp;11</U>, Lenders holding in the
aggregate at least 66 2/3% of the Obligations (including the aggregate amount of each Lender&#146;s risk participation and funded participation in L/C Obligations); <U>provided</U> that the Commitment of, and the portion of the Obligations held or
deemed held by, any Defaulting Lender shall be excluded for purposes of making a determination of Required Lenders. </FONT></P> <P STYLE="margin-top:10px;margin-bottom:0px; text-indent:4%" ALIGN="justify"><FONT
STYLE="font-family:Times New Roman" SIZE="2">&#147;<U>Restoration Property</U>&#148; shall mean any Collateral Property as to which an Event of Loss has occurred and as to which the Net Proceeds are being made available in accordance with the terms
and provisions of <U>Article 14</U> for Repair Work relative to the subject Collateral Property and such Repair Work can be completed in six (6)&nbsp;months, as determined by the Administrative Agent in its reasonable discretion. </FONT></P>
<P STYLE="margin-top:10px;margin-bottom:0px; text-indent:4%" ALIGN="justify"><FONT STYLE="font-family:Times New Roman" SIZE="2">&#147;<U>Revolving Commitment</U>&#148; shall mean the amount set forth on <U>Schedule 1.1(a)</U> hereto as the amount of
such Lender&#146;s commitment to make Loans under the Revolving Facility, as may be amended from time to time by the Administrative Agent as provided in <U>Section&nbsp;2.1.1(d)</U> and/or <U>Article 13</U>. </FONT></P>
<P STYLE="margin-top:10px;margin-bottom:0px; text-indent:4%" ALIGN="justify"><FONT STYLE="font-family:Times New Roman" SIZE="2">&#147;<U>Revolving Facility</U>&#148; shall mean that certain senior secured revolving loan facility provided by Lenders
to the Borrower in an amount equal to $225,000,000 in accordance with the terms and conditions herein, as such amount may be adjusted pursuant to the terms of this Agreement. </FONT></P>
<P STYLE="margin-top:10px;margin-bottom:0px; text-indent:4%" ALIGN="justify"><FONT STYLE="font-family:Times New Roman" SIZE="2">&#147;<U>Revolving Facility Extended Maturity Date</U>&#148; shall have the meaning set forth in
<U>Section&nbsp;2.2.1</U>. </FONT></P> <P STYLE="margin-top:10px;margin-bottom:0px; text-indent:4%" ALIGN="justify"><FONT STYLE="font-family:Times New Roman" SIZE="2">&#147;<U>Revolving Facility Extension Fee</U>&#148; shall have the meaning set
forth in <U>Section&nbsp;2.2.1(e)</U>. </FONT></P> <P STYLE="margin-top:10px;margin-bottom:0px; text-indent:4%" ALIGN="justify"><FONT STYLE="font-family:Times New Roman" SIZE="2">&#147;<U>Revolving Facility Extended Term</U>&#148; shall have the
meaning set forth in <U>Section&nbsp;2.2.1</U>. </FONT></P> <P STYLE="margin-top:10px;margin-bottom:0px; text-indent:4%" ALIGN="justify"><FONT STYLE="font-family:Times New Roman" SIZE="2">&#147;<U>Revolving Facility Initial Maturity Date</U>&#148;
shall have the meaning set forth in <U>Section&nbsp;2.2.1</U>. </FONT></P> <P STYLE="margin-top:10px;margin-bottom:0px; text-indent:4%" ALIGN="justify"><FONT STYLE="font-family:Times New Roman" SIZE="2">&#147;<U>Revolving Facility Initial
Term</U>&#148; shall have the meaning set forth in <U>Section&nbsp;2.2.1</U>. </FONT></P> <P STYLE="margin-top:10px;margin-bottom:0px; text-indent:4%" ALIGN="justify"><FONT STYLE="font-family:Times New Roman" SIZE="2">&#147;<U>Revolving Facility
Maturity</U>&#148; shall mean the Revolving Facility Initial Maturity Date, or, if extended pursuant to the terms hereof, the Revolving Facility Extended Maturity Date, or, in any instance, upon acceleration of the Revolving Facility Loans, if such
Revolving Facility Loans have been accelerated by the Lenders upon an Event of Default. </FONT></P> <P STYLE="margin-top:10px;margin-bottom:0px; text-indent:4%" ALIGN="justify"><FONT STYLE="font-family:Times New Roman" SIZE="2">&#147;<U>Revolving
Facility Maturity Date</U>&#148; shall have the meaning set forth in <U>Section&nbsp;2.2.1</U>. </FONT></P>
 <p STYLE="margin-top:0px;margin-bottom:0px"><FONT SIZE="1">&nbsp;</FONT></P> <P STYLE="margin-top:0px;margin-bottom:0px" ALIGN="center"><FONT STYLE="font-family:Times New Roman" SIZE="2">31 </FONT></P>



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 <P STYLE="margin-top:0px;margin-bottom:0px; text-indent:4%" ALIGN="justify"><FONT STYLE="font-family:Times New Roman" SIZE="2">&#147;<U>Security Documents</U>&#148; shall have the meaning set forth in
<U>Section&nbsp;3.2</U>. </FONT></P> <P STYLE="margin-top:10px;margin-bottom:0px; text-indent:4%" ALIGN="justify"><FONT STYLE="font-family:Times New Roman" SIZE="2">&#147;<U>Stabilized Asset</U>&#148; shall mean an Individual Property that is
neither a Development Asset nor a Land Asset. </FONT></P> <P STYLE="margin-top:10px;margin-bottom:0px; text-indent:4%" ALIGN="justify"><FONT STYLE="font-family:Times New Roman" SIZE="2">&#147;<U>State</U>&#148; shall mean the State or Commonwealth
in which the subject of such reference or any part thereof is located. </FONT></P> <P STYLE="margin-top:10px;margin-bottom:0px; text-indent:4%" ALIGN="justify"><FONT STYLE="font-family:Times New Roman" SIZE="2">&#147;<U>Statement</U>&#148; shall
have the meaning set forth in <U>Section&nbsp;15.17</U>. </FONT></P> <P STYLE="margin-top:10px;margin-bottom:0px; text-indent:4%" ALIGN="justify"><FONT STYLE="font-family:Times New Roman" SIZE="2">&#147;<U>Subsidiary</U>&#148; shall mean, as to any
Person, a corporation, partnership, limited liability company or other entity of which shares of stock or other ownership interests having ordinary voting power (other than stock or such other ownership interests having such power only by reason of
the happening of a contingency) to elect a majority of the board of directors or other managers of such corporation, limited liability company, partnership or other entity are at the time owned, or the management of which is otherwise controlled,
directly or indirectly through one or more intermediaries, or both, by such Person. </FONT></P> <P STYLE="margin-top:10px;margin-bottom:0px; text-indent:4%" ALIGN="justify"><FONT STYLE="font-family:Times New Roman" SIZE="2">&#147;<U>Swap
Contract</U>&#148; shall mean (a)&nbsp;any and all rate swap transactions, basis swaps, credit derivative transactions, forward rate transactions, commodity swaps, commodity options, forward commodity contracts, equity or equity index swaps or
options, bond or bond price or bond index swaps or options or forward bond or forward bond price or forward bond index transactions, interest rate options, forward foreign exchange transactions, cap transactions, floor transactions, collar
transactions, currency swap transactions, cross-currency rate swap transactions, currency options, spot contracts, or any other similar transactions or any combination of any of the foregoing (including any options to enter into any of the
foregoing), whether or not any such transaction is governed by or subject to any master agreement, and (b)&nbsp;any confirmations relating to the foregoing transactions and any Master Agreements related thereto, including, without limitation, any
form of master agreement published by the International Swaps and Derivatives Association, Inc., any International Foreign Exchange Master Agreement, or any other master agreement (any such master agreement, together with any related schedules, a
&#147;Master Agreement&#148;). </FONT></P> <P STYLE="margin-top:10px;margin-bottom:0px; text-indent:4%" ALIGN="justify"><FONT STYLE="font-family:Times New Roman" SIZE="2">&#147;<U>Swap Termination Value</U>&#148; shall mean, with respect to the
Borrower or a Borrower Subsidiary, in respect of any one or more Swap Contracts, after taking into account the effect of any legally enforceable netting agreement relating to such Swap Contracts, for any date on or after the date such Swap Contracts
have been closed out and termination value(s) determined in accordance therewith, such termination value(s) to be payable by the Borrower or such Subsidiary. </FONT></P> <P STYLE="margin-top:10px;margin-bottom:0px; text-indent:4%" ALIGN="justify"><FONT
STYLE="font-family:Times New Roman" SIZE="2">&#147;<U>Tax Expenses</U>&#148; shall mean tax expense (if any) attributable to income and franchise taxes based on or measured by income, whether paid or accrued. </FONT></P>
<P STYLE="margin-top:10px;margin-bottom:0px; text-indent:4%" ALIGN="justify"><FONT STYLE="font-family:Times New Roman" SIZE="2">&#147;<U>Taxes</U>&#148; shall mean all present or future taxes, levies, imposts, duties, deductions, withholdings
(including backup withholding), assessments, fees or other charges imposed by any Governmental Authority, including any interest, additions to tax or penalties applicable thereto. </FONT></P>
 <p STYLE="margin-top:0px;margin-bottom:0px"><FONT SIZE="1">&nbsp;</FONT></P> <P STYLE="margin-top:0px;margin-bottom:0px" ALIGN="center"><FONT STYLE="font-family:Times New Roman" SIZE="2">32 </FONT></P>



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 <P STYLE="margin-top:0px;margin-bottom:0px; text-indent:4%" ALIGN="justify"><FONT STYLE="font-family:Times New Roman" SIZE="2">&#147;<U>Term Commitment</U>&#148; shall mean the amount set forth on
<U>Schedule 1.1(a)</U> hereto as the amount of such Lender&#146;s commitment to make a Loan under the Term Facility, as may be amended from time to time by the Administrative Agent as provided in Section&nbsp;2.1.1(d). </FONT></P>
<P STYLE="margin-top:10px;margin-bottom:0px; text-indent:4%" ALIGN="justify"><FONT STYLE="font-family:Times New Roman" SIZE="2">&#147;<U>Term Facility</U>&#148; shall mean that certain senior secured term loan facility made by Lenders to the
Borrower in the amount of $75,000,000 in accordance with the terms and conditions herein, as such amount may be adjusted pursuant to the terms of this Agreement. </FONT></P>
<P STYLE="margin-top:10px;margin-bottom:0px; text-indent:4%" ALIGN="justify"><FONT STYLE="font-family:Times New Roman" SIZE="2">&#147;<U>Term Facility Extended Maturity Date</U>&#148; shall have the meaning set forth in <U>Section&nbsp;2.2.2</U>.
</FONT></P> <P STYLE="margin-top:10px;margin-bottom:0px; text-indent:4%" ALIGN="justify"><FONT STYLE="font-family:Times New Roman" SIZE="2">&#147;<U>Term Facility Extended Term</U>&#148; shall have the meaning set forth in <U>Section&nbsp;2.2.2</U>.
</FONT></P> <P STYLE="margin-top:10px;margin-bottom:0px; text-indent:4%" ALIGN="justify"><FONT STYLE="font-family:Times New Roman" SIZE="2">&#147;<U>Term Facility Extension Fee</U>&#148; shall have the meaning set forth in
<U>Section&nbsp;2.2.2(e)</U>. </FONT></P> <P STYLE="margin-top:10px;margin-bottom:0px; text-indent:4%" ALIGN="justify"><FONT STYLE="font-family:Times New Roman" SIZE="2">&#147;<U>Term Facility Initial Maturity Date</U>&#148; shall have the meaning
set forth in <U>Section&nbsp;2.2.2</U>. </FONT></P> <P STYLE="margin-top:10px;margin-bottom:0px; text-indent:4%" ALIGN="justify"><FONT STYLE="font-family:Times New Roman" SIZE="2">&#147;<U>Term Facility Initial Term</U>&#148; shall have the meaning
set forth in <U>Section&nbsp;2.2.2</U>. </FONT></P> <P STYLE="margin-top:10px;margin-bottom:0px; text-indent:4%" ALIGN="justify"><FONT STYLE="font-family:Times New Roman" SIZE="2">&#147;<U>Term Facility Maturity</U>&#148; shall mean the Term
Facility Initial Maturity Date, or, if extended pursuant to the terms hereof, the Term Facility Extended Maturity Date, or, in any instance, upon acceleration of the Term Facility Loans, if such Term Facility Loans have been accelerated by the
Lenders upon an Event of Default. </FONT></P> <P STYLE="margin-top:10px;margin-bottom:0px; text-indent:4%" ALIGN="justify"><FONT STYLE="font-family:Times New Roman" SIZE="2">&#147;<U>Term Facility Maturity Date</U>&#148; shall have the meaning set
forth in <U>Section&nbsp;2.2.2</U>. </FONT></P> <P STYLE="margin-top:10px;margin-bottom:0px; text-indent:4%" ALIGN="justify"><FONT STYLE="font-family:Times New Roman" SIZE="2">&#147;<U>Total Asset Value</U>&#148; shall mean the aggregate of:
</FONT></P> <P STYLE="margin-top:10px;margin-bottom:0px; text-indent:4%" ALIGN="justify"><FONT STYLE="font-family:Times New Roman" SIZE="2">(a) For all Individual Properties (which are neither Individual Properties acquired within the prior ninety
(90)&nbsp;days from the Calculation Date, Development Assets, nor Land Assets but shall include any Individual Properties currently held for sale), the Pro Rata Share of the Calculation Period&#146;s aggregate Adjusted Net Operating Income for all
such Individual Properties, annualized, capitalized at a rate of 8.00%; <U>plus</U> </FONT></P> <P STYLE="margin-top:10px;margin-bottom:0px; text-indent:4%" ALIGN="justify"><FONT STYLE="font-family:Times New Roman" SIZE="2">(b) For Land Assets, and
for all Individual Properties which were acquired within the prior ninety (90)&nbsp;days from the Calculation Date, the Pro Rata Share of the undepreciated Book Value as of the Calculation Date; <U>plus</U> </FONT></P>
<P STYLE="margin-top:10px;margin-bottom:0px; text-indent:4%" ALIGN="justify"><FONT STYLE="font-family:Times New Roman" SIZE="2">(c) For Development Assets, at the Borrower&#146;s option, either the Pro Rata Share of the undepreciated Book Value as
of the Calculation Date or the Pro Rata Share of the Calculations Period&#146;s aggregate Adjusted Net Operating Income for such Development Asset, annualized, capitalized at a rate of 8.00%; <U>plus</U> </FONT></P>
<P STYLE="margin-top:10px;margin-bottom:0px; text-indent:4%" ALIGN="justify"><FONT STYLE="font-family:Times New Roman" SIZE="2">(d) For all unrestricted cash and cash equivalent investments, restricted cash held by a qualified intermediary, and
escrows owned by the Consolidated CRT Entities and the Unconsolidated CRT Entities, the Pro Rata Share of the Book Value as of the Calculation Date of such assets; <U>plus</U> </FONT></P>
 <p STYLE="margin-top:0px;margin-bottom:0px"><FONT SIZE="1">&nbsp;</FONT></P> <P STYLE="margin-top:0px;margin-bottom:0px" ALIGN="center"><FONT STYLE="font-family:Times New Roman" SIZE="2">33 </FONT></P>



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 <P STYLE="margin-top:0px;margin-bottom:0px; text-indent:4%" ALIGN="justify"><FONT STYLE="font-family:Times New Roman" SIZE="2">(e) Deposits corresponding to outstanding Letters of Credit. </FONT></P>
<P STYLE="margin-top:10px;margin-bottom:0px; text-indent:4%" ALIGN="justify"><FONT STYLE="font-family:Times New Roman" SIZE="2">The Pro Rata Share of Development Assets completed within the prior ninety (90)&nbsp;days from a Calculation Date will be
valued as set forth in (c)&nbsp;above for a maximum of one hundred eighty (180)&nbsp;days from completion (and continuing until end of such Calculation Period) and based on Adjusted Net Operating Income under subsection (a)&nbsp;above thereafter.
</FONT></P> <P STYLE="margin-top:10px;margin-bottom:0px; text-indent:4%" ALIGN="justify"><FONT STYLE="font-family:Times New Roman" SIZE="2">&#147;<U>Total Commitment</U>&#148; shall mean the sum of the Commitments of the Lenders, as in effect from
time to time. On the Closing Date the Total Commitment equals $300,000,000, consisting of the $225,000,000 Total Revolving Commitments and $75,000,000 Total Term Commitments. </FONT></P>
<P STYLE="margin-top:10px;margin-bottom:0px; text-indent:4%" ALIGN="justify"><FONT STYLE="font-family:Times New Roman" SIZE="2">&#147;<U>Total Outstandings</U>&#148; shall mean the aggregate Outstanding Amount. </FONT></P>
<P STYLE="margin-top:10px;margin-bottom:0px; text-indent:4%" ALIGN="justify"><FONT STYLE="font-family:Times New Roman" SIZE="2">&#147;<U>Total Revolving Commitments</U>&#148; shall mean the aggregate Revolving Commitments of the Lenders from time to
time. </FONT></P> <P STYLE="margin-top:10px;margin-bottom:0px; text-indent:4%" ALIGN="justify"><FONT STYLE="font-family:Times New Roman" SIZE="2">&#147;<U>Total Revolving Outstandings</U>&#148; shall mean the aggregate outstanding Loans under the
Revolving Facility and L/C Obligations. </FONT></P> <P STYLE="margin-top:10px;margin-bottom:0px; text-indent:4%" ALIGN="justify"><FONT STYLE="font-family:Times New Roman" SIZE="2">&#147;<U>Total Term Commitments</U>&#148; shall mean the aggregate
Term Commitments of the Lenders from time to time. </FONT></P> <P STYLE="margin-top:10px;margin-bottom:0px; text-indent:4%" ALIGN="justify"><FONT STYLE="font-family:Times New Roman" SIZE="2">&#147;<U>Treasury Rate</U>&#148; shall mean, as of the
date of any calculation or determination, the latest published rate for United States Treasury Notes or Bills (but the rate on Bills issued on a discounted basis shall be converted to a bond equivalent) as published weekly in the Federal Reserve
Statistical Release H.15(519) of Selected Interest Rates in an amount which approximates (as determined by Administrative Agent) the amount (i)&nbsp;approximately comparable to the portion of the Loan to which the Treasury Rate applies for the
Interest Period, or (ii)&nbsp;in the case of a prepayment, the amount prepaid and with a maturity closest to the original maturity of the installment which is prepaid in whole or in part. </FONT></P>
<P STYLE="margin-top:10px;margin-bottom:0px; text-indent:4%" ALIGN="justify"><FONT STYLE="font-family:Times New Roman" SIZE="2">&#147;<U>Type</U>&#148; shall mean, with respect to any Loan, its character as a Base Rate Advance or a LIBO Rate
Advance. </FONT></P> <P STYLE="margin-top:10px;margin-bottom:0px; text-indent:4%" ALIGN="justify"><FONT STYLE="font-family:Times New Roman" SIZE="2">&#147;<U>UCC</U>&#148; or the &#147;<U>Uniform Commercial Code</U>&#148; shall mean the Uniform
Commercial Code in effect in the State of New York, provided, that as same relates to a Collateral Property, the UCC shall mean the Uniform Commercial Code as adopted in such jurisdiction. </FONT></P>
<P STYLE="margin-top:10px;margin-bottom:0px; text-indent:4%" ALIGN="justify"><FONT STYLE="font-family:Times New Roman" SIZE="2">&#147;<U>Unconsolidated CRT Entity</U>&#148; or &#147;<U>Unconsolidated CRT Entities</U>&#148; shall mean each Person as
to which the Borrower and/or CRT own, directly or indirectly, any Capital Stock, but which is not a Consolidated Subsidiary. </FONT></P> <P STYLE="margin-top:10px;margin-bottom:0px; text-indent:4%" ALIGN="justify"><FONT
STYLE="font-family:Times New Roman" SIZE="2">&#147;<U>United States</U>&#148; and &#147;<U>U.S.</U>&#148; shall each mean the United States of America. </FONT></P> <P STYLE="margin-top:10px;margin-bottom:0px; text-indent:4%" ALIGN="justify"><FONT
STYLE="font-family:Times New Roman" SIZE="2">&#147;<U>Unreimbursed Amount</U>&#148; shall have the meaning set forth in <U>Section&nbsp;2.7.3(a)</U>. </FONT></P> <P STYLE="margin-top:10px;margin-bottom:0px; text-indent:4%" ALIGN="justify"><FONT
STYLE="font-family:Times New Roman" SIZE="2">&#147;<U>Variable Rate Indebtedness</U>&#148; shall mean any Debt that bears interest at a variable rate without the benefit of an interest rate hedge or other interest rate protection agreement. For the
avoidance of doubt, Variable Rate Indebtedness shall not include the notional amount of caps which protect against an upward movement of the LIBO Rate up to 300 basis points. </FONT></P>
 <p STYLE="margin-top:0px;margin-bottom:0px"><FONT SIZE="1">&nbsp;</FONT></P> <P STYLE="margin-top:0px;margin-bottom:0px" ALIGN="center"><FONT STYLE="font-family:Times New Roman" SIZE="2">34 </FONT></P>



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 <P STYLE="margin-top:0px;margin-bottom:0px; text-indent:4%" ALIGN="justify"><FONT STYLE="font-family:Times New Roman" SIZE="2">&#147;<U>Wholly-Owned Subsidiary</U>&#148; shall mean, with respect to any
Person, any other Person as to which one-hundred (100%)&nbsp;percent of the Capital Stock thereof is owned, directly or indirectly, by such Person; provided for purposes of this definition Cedar Riverview, LP, Hamilton FC Associates, L.P., Limerick
HC Realty Partners, L.P., and (provided Borrower or a Borrower Subsidiary becomes the general partner thereof) CF Pottsgrove Associates, L.P., shall be deemed to be a Wholly-Owned Subsidiary of the Borrower. </FONT></P>
<P STYLE="margin-top:10px;margin-bottom:0px; text-indent:4%" ALIGN="justify"><FONT STYLE="font-family:Times New Roman" SIZE="2"><U><B>1.2 Other Interpretive Provisions.</B></U> </FONT></P>
<P STYLE="margin-top:10px;margin-bottom:0px; text-indent:4%" ALIGN="justify"><FONT STYLE="font-family:Times New Roman" SIZE="2">With reference to this Agreement and each other Loan Document, unless otherwise specified herein or in such other Loan
Document: </FONT></P> <P STYLE="margin-top:10px;margin-bottom:0px; margin-left:4%; text-indent:4%" ALIGN="justify"><FONT STYLE="font-family:Times New Roman" SIZE="2">(a) The definitions of terms herein shall apply equally to the singular and plural
forms of the terms defined. Whenever the context may require, any pronoun shall include the corresponding masculine, feminine and neuter forms. The words &#147;<U>include</U>,&#148; &#147;<U>includes</U>&#148; and &#147;<U>including</U>&#148; shall
be deemed to be followed by the phrase &#147;without limitation.&#148; The word &#147;<U>will</U>&#148; shall be construed to have the same meaning and effect as the word &#147;<U>shall</U>.&#148; Unless the context requires otherwise, (i)&nbsp;any
definition of or reference to any agreement, instrument or other document (including any Formation Document) shall be construed as referring to such agreement, instrument or other document as from time to time amended, supplemented or otherwise
modified (subject to any restrictions on such amendments, supplements or modifications set forth herein or in any other Loan Document), (ii)&nbsp;any reference herein to any Person shall be construed to include such Person&#146;s successors and
assigns subject to restrictions on assignments as set forth in this Agreement, (iii)&nbsp;the words &#147;<U>herein</U>,&#148; &#147;<U>hereof</U>&#146; and &#147;<U>hereunder</U>,&#148; and words of similar import when used in any Loan Document,
shall be construed to refer to such Loan Document in its entirety and not to any particular provision thereof, (iv)&nbsp;all references in a Loan Document to Articles, Sections, Exhibits and Schedules shall be construed to refer to Articles and
Sections of, and Exhibits and Schedules to, the Loan Document in which such references appear, (v)&nbsp;any reference to any Law shall include all statutory and regulatory provisions consolidating, amending, replacing or interpreting such Law and
any reference to any Law or regulation shall, unless otherwise specified, refer to such Law or regulation as amended, modified or supplemented from time to time, and (vi)&nbsp;the words &#147;<U>asset</U>&#148; and &#147;<U>property</U>&#148; shall
be construed to have the same meaning and effect and to refer to any and all tangible and intangible assets and properties, including cash, securities, accounts and contract rights. </FONT></P>
<P STYLE="margin-top:10px;margin-bottom:0px; margin-left:4%; text-indent:4%" ALIGN="justify"><FONT STYLE="font-family:Times New Roman" SIZE="2">(b) In the computation of periods of time from a specified date to a later specified date, the word
&#147;<U>from</U>&#148; means &#147;<U>from and including</U>;&#148; the words &#147;<U>to</U>&#148; and &#147;<U>until</U>&#148; each mean &#147;<U>to but excluding</U>;&#148; and the word &#147;<U>through</U>&#148; means &#147;<U>to and
including</U>.&#148; </FONT></P> <P STYLE="margin-top:10px;margin-bottom:0px; text-indent:4%" ALIGN="justify"><FONT STYLE="font-family:Times New Roman" SIZE="2">(c) Section headings herein and in the other Loan Documents are included for convenience
of reference only and shall not affect the interpretation of this Agreement or any other Loan Document. </FONT></P>
 <p STYLE="margin-top:0px;margin-bottom:0px"><FONT SIZE="1">&nbsp;</FONT></P> <P STYLE="margin-top:0px;margin-bottom:0px" ALIGN="center"><FONT STYLE="font-family:Times New Roman" SIZE="2">35 </FONT></P>



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 <P STYLE="margin-top:0px;margin-bottom:0px; text-indent:4%" ALIGN="justify"><FONT STYLE="font-family:Times New Roman" SIZE="2"><B>1.3 <U>Accounting Terms.</U></B> </FONT></P>
<P STYLE="margin-top:10px;margin-bottom:0px; margin-left:4%; text-indent:4%" ALIGN="justify"><FONT STYLE="font-family:Times New Roman" SIZE="2">(a) <U>Generally</U>. All accounting terms not specifically or completely defined herein shall be
construed in conformity with, and all financial data (including financial ratios and other financial calculations) required to be submitted pursuant to this Agreement shall be prepared in conformity with, GAAP applied on a consistent basis, as in
effect from time to time, applied in a manner consistent with that used in preparing the financial statements required by <U>Section&nbsp;7.2.1</U>, <U>except</U> as otherwise specifically prescribed herein. </FONT></P>
<P STYLE="margin-top:10px;margin-bottom:0px; margin-left:4%; text-indent:4%" ALIGN="justify"><FONT STYLE="font-family:Times New Roman" SIZE="2">(b) <U>Changes in GAAP</U>. If at any time any change in GAAP would affect the computation of any
financial ratio or requirement set forth in any Loan Document, and either the Borrower or the Required Lenders shall so request, the Administrative Agent, the Lenders and the Borrower shall negotiate in good faith to amend such ratio or requirement
to preserve the original intent thereof in light of such change in GAAP (subject to the approval of the Required Lenders); <U>provided that</U>, until so amended, (i)&nbsp;such ratio or requirement shall continue to be computed in accordance with
GAAP prior to such change therein and (ii)&nbsp;the Borrower shall provide to the Administrative Agent and the Lenders financial statements and other documents required under this Agreement or as reasonably requested hereunder setting forth a
reconciliation between calculations of such ratio or requirement made before and after giving effect to such change in GAAP. </FONT></P> <P STYLE="margin-top:10px;margin-bottom:0px; text-indent:4%" ALIGN="justify"><FONT
STYLE="font-family:Times New Roman" SIZE="2"><B>1.4 <U>Rounding.</U></B> </FONT></P> <P STYLE="margin-top:10px;margin-bottom:0px; text-indent:4%" ALIGN="justify"><FONT STYLE="font-family:Times New Roman" SIZE="2">Any financial ratios required to be
maintained by the Borrower pursuant to this Agreement shall be calculated by dividing the appropriate component by the other component, carrying the result to one place more than the number of places by which such ratio is expressed herein and
rounding the result up or down to the nearest number (with a rounding-up if there is no nearest number). For example purposes only, in calculating the Fixed Charge Ratio, the calculation shall initially result in three numbers right of the decimal
point. If the last number is four or less, the total number shall be rounded down. If the last number is 5 or more, the total number shall be rounded up. </FONT></P> <P STYLE="margin-top:10px;margin-bottom:0px; text-indent:4%" ALIGN="justify"><FONT
STYLE="font-family:Times New Roman" SIZE="2"><B>1.5 <U>Times of Day.</U></B> </FONT></P> <P STYLE="margin-top:10px;margin-bottom:0px; text-indent:4%" ALIGN="justify"><FONT STYLE="font-family:Times New Roman" SIZE="2">Unless otherwise specified, all
references herein to times of day shall be references to Eastern time (daylight or standard, as applicable). </FONT></P>
<P STYLE="margin-top:10px;margin-bottom:0px; text-indent:4%" ALIGN="justify"><FONT STYLE="font-family:Times New Roman" SIZE="2"><B>1.6 <U>Letter of Credit Amounts.</U></B> </FONT></P>
<P STYLE="margin-top:10px;margin-bottom:0px; text-indent:4%" ALIGN="justify"><FONT STYLE="font-family:Times New Roman" SIZE="2">Unless otherwise specified herein, the amount of a Letter of Credit at any time shall be deemed to be the stated amount
of such Letter of Credit in effect at such time; <U>provided</U>, <U>however</U>, that with respect to any Letter of Credit that, by its terms or the terms of any Issuer Document related thereto, provides for one or more automatic increases in the
stated amount thereof, the amount of such Letter of Credit shall be deemed to be the maximum stated amount of such Letter of Credit after giving effect to all such increases, whether or not such maximum stated amount is in effect at such time.
</FONT></P>
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 <P STYLE="margin-top:0px;margin-bottom:0px" ALIGN="justify"><FONT STYLE="font-family:Times New Roman" SIZE="2"><B>2. <U>LOAN PROVISIONS.</U></B> </FONT></P>
<P STYLE="margin-top:10px;margin-bottom:0px; text-indent:4%" ALIGN="justify"><FONT STYLE="font-family:Times New Roman" SIZE="2"><B>2.1 <U>General Loan Provisions.</U></B> </FONT></P>
<P STYLE="margin-top:10px;margin-bottom:0px; text-indent:8%" ALIGN="justify"><FONT STYLE="font-family:Times New Roman" SIZE="2">2.1.1 <U>Loans.</U> </FONT></P>
<P STYLE="margin-top:10px;margin-bottom:0px; margin-left:8%; text-indent:4%" ALIGN="justify"><FONT STYLE="font-family:Times New Roman" SIZE="2">(a) Subject to all of the terms and conditions hereof, the Lenders hereby agree to make revolving Loan
Advances to the Borrower in under the Revolving Facility between the date hereof and the Maturity Date; <U>provided</U>, that the (i)&nbsp;Total Outstandings shall at no time exceed the lesser of (A)&nbsp;the Total Commitment or (B)&nbsp;the
Borrowing Base Value; (the lesser of (A)&nbsp;or (B)&nbsp;being the &#147;<U>Maximum Loan Amount</U>&#148;), and (ii)&nbsp;the Total Revolving Outstandings shall not exceed the Total Revolving Commitments. Loan Advances made under the Revolving
Facility only may be repaid and reborrowed in accordance with the provisions of this Agreement. </FONT></P>
<P STYLE="margin-top:10px;margin-bottom:0px; margin-left:8%; text-indent:4%" ALIGN="justify"><FONT STYLE="font-family:Times New Roman" SIZE="2">(b) Subject to all of the terms and conditions hereof, each Lender hereby agrees to make a Loan Advance
to the Borrower under the Term Facility on the date hereof in an amount equal to such Lender&#146;s Term Commitment. The Term Facility may not be reborrowed under any circumstances, and, subject to the provisions of Section&nbsp;2.1.1(d) below,
shall be fully advanced upon the execution and delivery of the Loan Documents. </FONT></P> <P STYLE="margin-top:10px;margin-bottom:0px; margin-left:8%; text-indent:4%" ALIGN="justify"><FONT STYLE="font-family:Times New Roman" SIZE="2">(c) The
obligations of the Lenders hereunder are several and independent and not joint. No Lender shall become obligated to advance more than its Commitment Percentage of a respective Loan including, without limitation, as a result of the failure of any
Lender to fulfill its obligations hereunder. </FONT></P> <P STYLE="margin-top:10px;margin-bottom:0px; margin-left:8%; text-indent:4%" ALIGN="justify"><FONT STYLE="font-family:Times New Roman" SIZE="2">(d) Provided no Default or Event of Default
shall then be in existence, the Borrower shall have the right, on one or more occasions prior to the Maturity Date, to elect to increase the Total Commitment; <U>provided</U>, <U>however</U>, that (i)&nbsp;the amount of each such increase shall not
be less than Ten Million Dollars ($10,000,000) and (ii)&nbsp;the aggregate amount of all such increases shall not cause the Total Commitment to exceed Five Hundred Million Dollars ($500,000,000). Any such increase in the Total Commitment shall be
allocated to the Revolving Facility and/or the Term Facility in such amounts as the Borrower may request. Such right may be exercised by the Borrower by written notice to the Administrative Agent, which election shall designate the requested
increase in the Total Commitment and to which of the Revolving Facility and/or the Term Facility such request is being made. At the time of sending such notice, the Borrower (in consultation with the Administrative Agent) shall specify the time
period within which each Lender is requested to respond (which shall in no event be less than ten (10)&nbsp;Business Days from the date of delivery of such notice to the Lenders), and each Lender shall endeavor to respond as promptly as possible
within such time period. Each Lender shall notify the Administrative Agent within such time period whether or not it agrees to increase its Commitment </FONT></P>
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 <P STYLE="margin-top:0px;margin-bottom:0px; margin-left:8%" ALIGN="justify"><FONT STYLE="font-family:Times New Roman" SIZE="2">(which decision shall be in its sole discretion) and, if so, whether by an
amount equal to, greater than, or less than its Commitment Percentage of such requested increase. Any Lender not responding within such time period shall be deemed to have declined to increase its Commitment. The Administrative Agent shall notify
the Borrower and each Lender of the Lenders&#146; responses to each request made hereunder. To achieve the full amount of a requested increase and subject to the approval of the Administrative Agent and the L/C Issuer (which approvals shall not be
unreasonably withheld, conditioned or delayed), the Borrower may also invite additional Eligible Assignees to become Lenders pursuant to a joinder agreement (each a &#147;<U>Joinder Agreement</U>&#148;) in form and substance reasonably satisfactory
to the Administrative Agent and its counsel. If the Total Commitment is increased in accordance with this Section, the Administrative Agent and the Borrower shall determine the effective date (the &#147;<U>Increase Effective Date</U>&#148;) and the
final allocation of each Lender&#146;s increased Commitments among the Term Facility and the Revolving Facility, and if such increase is not pro rata among the Revolving Facility and the Term Facility, the new or increased Commitments issued in
connection with such increase, and the existing Revolving Commitments and Term Commitments of the Lenders, shall be adjusted (but any existing Commitment of a Lender will not be increased unless such Lender has elected to increase its Commitment) so
as to at all times provide that each Lender shall have a pro rata Commitment in each of the Revolving Facility and the Term Facility. The Administrative Agent shall promptly notify the Borrower and the Lenders of the final allocation of such
increase (with such increase being pro rata among existing Lenders choosing to increase their Commitments) and the Increase Effective Date. As a condition precedent to such increase, the Borrower shall deliver to the Administrative Agent a
certificate of the Borrower dated as of the Increase Effective Date signed by an Authorized Officer of the Borrower (i)&nbsp;certifying and attaching the resolutions adopted by the Borrower approving or consenting to such increase, and
(ii)&nbsp;certifying that, before and after giving effect to such increase, (A)&nbsp;the representations and warranties contained in <U>Article 6</U> and the other Loan Documents are true and correct in all material respects on and as of the
Increase Effective Date, except to the extent that such representations and warranties specifically refer to an earlier date, in which case they are true and correct in all material respects as of such earlier date, and except that for purposes of
this <U>Section&nbsp;2.1.1(c)</U>, the representations and warranties contained in <U>Section&nbsp;6.8</U> shall be deemed to refer to the most recent statements furnished to the Administrative Agent, and (B)&nbsp;no Default or Event of Default
exists. The Borrower shall prepay amounts of the Loan outstanding on the Increase Effective Date (and pay any additional amounts required pursuant to <U>Section&nbsp;2.3.15</U>) to the extent necessary to keep the outstanding Loan ratable with any
revised Commitment Percentages arising from any non-ratable increase in the Commitments under this Section, with the amount of any increase in the Term Facility being funded on such Increase Effective Date. This Section shall supersede any
provisions in <U>Sections 12.2</U> or <U>13.4.1</U> to the contrary. </FONT></P>
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 <P STYLE="margin-top:0px;margin-bottom:0px; margin-left:4%; text-indent:4%" ALIGN="justify"><FONT STYLE="font-family:Times New Roman" SIZE="2">2.1.2 <U>Procedures and Limits.</U> The parties hereto agree
that, subject to the provisions of Section&nbsp;2.1.1(d), the proceeds of the Term Facility shall be funded in full on the Closing Date, subject to the Borrower&#146;s satisfaction in full of any conditions to such funding provided for herein. As to
the Revolving Facility, until the Maturity Date, the Lenders shall, subject to the compliance with all of the other terms, conditions and provisions of this Agreement and the absence of any Default or Event of Default at the time of such
disbursement, make disbursements to the Borrower of Loan Advances in installments in accordance with the following: </FONT></P> <P STYLE="margin-top:10px;margin-bottom:0px; margin-left:8%; text-indent:4%" ALIGN="justify"><FONT
STYLE="font-family:Times New Roman" SIZE="2">(a) <U>Written Requests.</U> Loan Advances shall be made, at the Borrower&#146;s written request to Administrative Agent, for the Revolving Facility, on the basis of written requests, made in accordance
with the method and procedures described in <U>Section&nbsp;2.1.3</U> below; and Administrative Agent shall act upon such requests within three (3)&nbsp;Business Days following the receipt of a written request from Borrower for a LIBOR Rate Advance
and within one (1)&nbsp;Business Day following the receipt of a written request from Borrower for a Base Rate Advance, which action may include, without limitation, funding the requested Loan Advance or specifying the basis for not funding and, when
applicable, requesting additional information and supporting documentation. The date on which any Loan Advance is funded (or Letter of Credit is issued) is herein called a &#147;<U>Drawdown Date</U>.&#148; </FONT></P>
<P STYLE="margin-top:10px;margin-bottom:0px; margin-left:8%; text-indent:4%" ALIGN="justify"><FONT STYLE="font-family:Times New Roman" SIZE="2">(b) <U>Requisitions, Certifications.</U> Each request for a Loan Advance shall be in writing and in the
form attached hereto as <U>Exhibit A</U> (a &#147;<U>Loan Notice</U>&#148;). Each such request shall specify (i)&nbsp;the amount of the Loan Advance requested, (ii)&nbsp;the purpose of the Loan Advance requested, (iii)&nbsp;the Total Outstandings
(including the funding of the Loan Advance being requested), (iv)&nbsp;the then-aggregate remaining amount which may be funded under this Agreement, (v)&nbsp;calculations evidencing the Borrower&#146;s continued compliance with the Financial
Covenants, as satisfied by the Closing Compliance Certificate, or once delivered, the most recent Compliance Certificate delivered by the Borrower, (vi)&nbsp;the requested interest rate option, (vii)&nbsp;the Interest Period (if applicable), and
(vii)&nbsp;if the purpose of the Loan Advance is to fund project costs with respect to a Development Asset, such supporting invoices and other documentation as the Administrative Agent may reasonably require evidencing the project costs incurred or
to be paid supporting such Loan Advance. Each request for a Loan Advance hereunder shall be for (a)&nbsp;a minimum amount as required by <U>Section&nbsp;2.3.6</U>, (b)&nbsp;an amount not to exceed (x)&nbsp;the Maximum Loan Amount <U>less</U>
(y)&nbsp;the Total Outstandings (after giving effect to such Loan Advance), and (c)&nbsp;an amount not to exceed (x)&nbsp;the Total Revolving Commitments, less (y)&nbsp;the Total Revolving Outstandings (after giving effect to such Loan Advance).
</FONT></P> <P STYLE="margin-top:10px;margin-bottom:0px; margin-left:4%; text-indent:4%" ALIGN="justify"><FONT STYLE="font-family:Times New Roman" SIZE="2">2.1.3 <U>Funding Procedures.</U> Following receipt of a Loan Notice, the Administrative Agent
shall promptly notify each Lender of the Drawdown Date and of the amount of its Commitment Percentage of the applicable Loans. In the case of a Loan Advance, each Lender shall make the amount of its Commitment Percentage of such Loan available to
the Administrative Agent in immediately available funds at the Administrative Agent&#146;s Office not later than 1:00 p.m. on the Business Day specified as the Drawdown Date in the applicable Loan Notice. Upon satisfaction of the applicable
</FONT></P>
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 <P STYLE="margin-top:0px;margin-bottom:0px; margin-left:4%" ALIGN="justify"><FONT STYLE="font-family:Times New Roman" SIZE="2">conditions set forth in <U>Section&nbsp;5.2</U> (and, if such Loan Advance
is the initial credit extension, <U>Section&nbsp;5.1</U>), the Administrative Agent shall make all funds so received available to the Borrower in like funds as received by the Administrative Agent either by (i)&nbsp;crediting the account of the
Borrower on the books of KeyBank with the amount of such funds or (ii)&nbsp;wire transfer of such funds, in each case in accordance with instructions provided to the Administrative Agent by the Borrower; <U>provided</U>, <U>however</U>, that if, on
the date the Loan Notice with respect to such Loan Advance is given by the Borrower, there are L/C Borrowings outstanding, then the proceeds of such Loan Advance, <U>first</U>, shall be applied to the payment in full of any such L/C Borrowings, and
<U>second</U>, shall be made available to the Borrower as provided above. </FONT></P> <P STYLE="margin-top:10px;margin-bottom:0px; text-indent:4%" ALIGN="justify"><FONT STYLE="font-family:Times New Roman" SIZE="2"><B>2.2 <U>Term of Loan.</U></B>
</FONT></P> <P STYLE="margin-top:10px;margin-bottom:0px; margin-left:4%; text-indent:4%" ALIGN="justify"><FONT STYLE="font-family:Times New Roman" SIZE="2"><B>2.2.1 <U>Revolving Facility.</U></B> The Revolving Facility shall be for a term
(the&nbsp;&#147;Revolving Facility Initial Term&#148;) commencing on the date hereof and ending on January&nbsp;26, 2015 (the &#147;Revolving Facility Initial Maturity Date&#148;) or such earlier date as the Revolving Facility is accelerated
pursuant to the terms of this Agreement upon an Event of Default. The Revolving Facility Initial Term may be extended for one year (the&nbsp;&#147;Revolving Facility Extended Term&#148;) until January&nbsp;26, 2016 (the &#147;Revolving Facility
Extended Maturity Date&#148;) upon satisfaction of the following conditions (hereinafter, the Revolving Facility Initial Maturity Date and the Revolving Facility Extended Maturity Date may be referred to herein sometimes as the &#147;Revolving
Facility Maturity Date&#148; as may be applicable): </FONT></P> <P STYLE="margin-top:10px;margin-bottom:0px; margin-left:8%; text-indent:4%" ALIGN="justify"><FONT STYLE="font-family:Times New Roman" SIZE="2">(a) <U>No Default.</U> No Default or
Event of Default shall exist on the date of the Borrower&#146;s written notice for an extension as provided for in clause (b)&nbsp;below and on the Revolving Facility Initial Maturity Date. </FONT></P>
<P STYLE="margin-top:10px;margin-bottom:0px; margin-left:8%; text-indent:4%" ALIGN="justify"><FONT STYLE="font-family:Times New Roman" SIZE="2">(b) <U>Notice From Borrower.</U> The Borrower shall have given the Administrative Agent (and the
Administrative Agent shall give prompt notice thereof to the Lenders) written notice of the Borrower&#146;s request to exercise its extension right at least sixty (60)&nbsp;days, but no more than ninety (90)&nbsp;days, before the Revolving Facility
Initial Maturity Date. </FONT></P> <P STYLE="margin-top:10px;margin-bottom:0px; margin-left:8%; text-indent:4%" ALIGN="justify"><FONT STYLE="font-family:Times New Roman" SIZE="2">(c) <U>Covenant Compliance.</U> No breach of any covenants imposed
upon the Borrower or the Guarantors shall exist including, without limitation, the Financial Covenants. </FONT></P> <P STYLE="margin-top:10px;margin-bottom:0px; margin-left:8%; text-indent:4%" ALIGN="justify"><FONT
STYLE="font-family:Times New Roman" SIZE="2">(d) <U>Conditions Satisfied.</U> All of the conditions set forth in <U>Sections&nbsp;5.1</U> of this Agreement, to the extent applicable, and <U>Section&nbsp;5.2</U> of this Agreement shall continue to be
satisfied. </FONT></P> <P STYLE="margin-top:10px;margin-bottom:0px; margin-left:8%; text-indent:4%" ALIGN="justify"><FONT STYLE="font-family:Times New Roman" SIZE="2">(e) <U>Extension Fee.</U> The Borrower shall have paid to the Administrative Agent
an extension fee (the &#147;<U>Revolving Facility Extension Fee</U>&#148;) for the pro rata benefit of the Lenders of twenty basis points (0.20%) of the Total Revolving Commitments, such Extension Fee to be payable at least five (5)&nbsp;days prior
to the Revolving Facility Initial Maturity Date, with any such fee paid being promptly refunded if the Administrative Agent determines that the conditions of the requested extension have not been satisfied and the Revolving Facility Initial Maturity
Date is not so extended. </FONT></P>
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 <P STYLE="margin-top:0px;margin-bottom:0px; margin-left:8%; text-indent:4%" ALIGN="justify"><FONT STYLE="font-family:Times New Roman" SIZE="2">(f) <U>Appraisals</U>. The Administrative Agent shall have
obtained an Appraisal (which may be an existing Appraisal if performed not more than twelve (12)&nbsp;months prior to the Revolving Facility Initial Maturity Date) on each Borrowing Base Property. </FONT></P>
<P STYLE="margin-top:10px;margin-bottom:0px; margin-left:8%; text-indent:4%" ALIGN="justify"><FONT STYLE="font-family:Times New Roman" SIZE="2">(g) <U>Additional Documents.</U> The Borrower and the Guarantors shall have executed and delivered to the
Administrative Agent such agreements and documents as the Administrative Agent may reasonably require incident to the extension. </FONT></P> <P STYLE="margin-top:10px;margin-bottom:0px" ALIGN="justify"><FONT
STYLE="font-family:Times New Roman" SIZE="2">Within thirty (30)&nbsp;days following receipt by the Administrative Agent of the Borrower&#146;s written notice under <U>Section&nbsp;2.2.1(b)</U> requesting the respective extension accompanied by those
of the items described above which are then available, the Administrative Agent shall notify the Borrower in writing if all of the conditions precedent to the extension, other than payment of the Revolving Facility Extension Fee, have been
satisfied, or if further information, certificates or work are required. If the Administrative Agent determines that the conditions to extension have been satisfied, other than payment of the Revolving Facility Extension Fee, the Administrative
Agent shall so notify the Borrower and the Lenders and upon the Administrative Agent&#146;s receipt of the Revolving Facility Extension Fee not later than five (5)&nbsp;days prior to the Revolving Facility Initial Maturity Date, the term of the
Revolving Facility shall be extended until the Revolving Facility Extended Maturity Date. </FONT></P>
<P STYLE="margin-top:10px;margin-bottom:0px; margin-left:4%; text-indent:4%" ALIGN="justify"><FONT STYLE="font-family:Times New Roman" SIZE="2">2.2.2 <U>Term Facility.</U> The Term Facility shall be for a term (the&nbsp;&#147;<U>Term Facility
Initial Term</U>&#148;) commencing on the date hereof and ending on January&nbsp;26, 2016 (the &#147;<U>Term Facility Initial Maturity Date</U>&#148;) or such earlier date as the Term Facility is accelerated pursuant to the terms of this Agreement
upon an Event of Default. The Term Facility Initial Term may be extended for one year (the&nbsp;&#147;<U>Term Facility Extended Term</U>&#148;) until January&nbsp;26, 2017 (the &#147;<U>Term Facility Extended Maturity Date</U>&#148;) upon
satisfaction of the following conditions (hereinafter, the Term Facility Initial Maturity Date and the Term Facility Extended Maturity Date may be referred to herein sometimes as the &#147;<U>Term Facility Maturity Date</U>&#148; as may be
applicable): </FONT></P> <P STYLE="margin-top:10px;margin-bottom:0px; margin-left:8%; text-indent:4%" ALIGN="justify"><FONT STYLE="font-family:Times New Roman" SIZE="2">(a) <U>No Default.</U> No Default or Event of Default shall exist on the date of
the Borrower&#146;s written notice for an extension as provided for in clause (b)&nbsp;below and on the Term Facility Initial Maturity Date. </FONT></P> <P STYLE="margin-top:10px;margin-bottom:0px; margin-left:8%; text-indent:4%" ALIGN="justify"><FONT
STYLE="font-family:Times New Roman" SIZE="2">(b) <U>Notice From Borrower.</U> The Borrower shall have given the Administrative Agent (and the Administrative Agent shall give prompt notice thereof to the Lenders) written notice of the Borrower&#146;s
request to exercise its extension right at least sixty (60)&nbsp;days, but no more than ninety (90)&nbsp;days, before the Term Facility Initial Maturity Date. </FONT></P>
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 <P STYLE="margin-top:0px;margin-bottom:0px; margin-left:8%; text-indent:4%" ALIGN="justify"><FONT STYLE="font-family:Times New Roman" SIZE="2">(c) <U>Covenant Compliance.</U> No breach of any covenants
imposed upon the Borrower or the Guarantors shall exist including, without limitation, the Financial Covenants. </FONT></P> <P STYLE="margin-top:10px;margin-bottom:0px; margin-left:8%; text-indent:4%" ALIGN="justify"><FONT
STYLE="font-family:Times New Roman" SIZE="2">(d) <U>Conditions Satisfied.</U> All of the conditions set forth in <U>Sections&nbsp;5.1</U> of this Agreement, to the extent applicable, and <U>Section&nbsp;5.2</U> of this Agreement shall continue to be
satisfied. </FONT></P> <P STYLE="margin-top:10px;margin-bottom:0px; margin-left:8%; text-indent:4%" ALIGN="justify"><FONT STYLE="font-family:Times New Roman" SIZE="2">(e) <U>Extension Fee.</U> The Borrower shall have paid to the Administrative Agent
an extension fee (the &#147;<U>Term Facility Extension Fee</U>&#148;) for the pro rata benefit of the Lenders of twenty basis points (0.20%) of the outstanding principal balance of the Term Facility, such Extension Fee to be payable at least five
(5)&nbsp;days prior to the Term Facility Initial Maturity Date, with any such fee paid being promptly refunded if the Administrative Agent determines that the conditions of the requested extension have not been satisfied and the Term Facility
Initial Maturity Date is not so extended. </FONT></P> <P STYLE="margin-top:10px;margin-bottom:0px; margin-left:8%; text-indent:4%" ALIGN="justify"><FONT STYLE="font-family:Times New Roman" SIZE="2">(f) <U>Appraisals</U>. The Administrative Agent
shall have obtained an Appraisal (which may be an existing Appraisal if performed not more than twelve (12)&nbsp;months prior to the Term Facility Initial Maturity Date) on each Borrowing Base Property. </FONT></P>
<P STYLE="margin-top:10px;margin-bottom:0px; margin-left:8%; text-indent:4%" ALIGN="justify"><FONT STYLE="font-family:Times New Roman" SIZE="2">(g) <U>Additional Documents.</U> The Borrower and the Guarantors shall have executed and delivered to the
Administrative Agent such agreements and documents as the Administrative Agent may reasonably require incident to the extension. </FONT></P> <P STYLE="margin-top:10px;margin-bottom:0px; text-indent:4%" ALIGN="justify"><FONT
STYLE="font-family:Times New Roman" SIZE="2">Within thirty (30)&nbsp;days following receipt by the Administrative Agent of the Borrower&#146;s written notice under <U>Section&nbsp;2.2.2(b)</U> above requesting the respective extension accompanied by
those of the items described above which are then available, the Administrative Agent shall notify the Borrower in writing if all of the conditions precedent to the extension, other than payment of the Term Facility Extension Fee, have been
satisfied, or if further information, certificates or work are required. If the Administrative Agent determines that the conditions to extension have been satisfied, other than payment of the Term Facility Extension Fee, the Administrative Agent
shall so notify the Borrower and the Lenders and upon the Administrative Agent&#146;s receipt of the Term Facility Extension Fee not later than five (5)&nbsp;days prior to the Term Facility Initial Maturity Date, the term of the Term Facility shall
be extended until the Term Facility Extended Maturity Date. </FONT></P> <P STYLE="margin-top:10px;margin-bottom:0px; margin-left:4%; text-indent:4%" ALIGN="justify"><FONT STYLE="font-family:Times New Roman" SIZE="2">2.2.3 <U>Termination/Reduction of
Revolving Commitments.</U> </FONT></P> <P STYLE="margin-top:10px;margin-bottom:0px; margin-left:4%; text-indent:4%" ALIGN="justify"><FONT STYLE="font-family:Times New Roman" SIZE="2">(a) The Borrower shall have the right to terminate this Agreement
prior to the originally scheduled Maturity Date by providing the Administrative Agent with ten (10)&nbsp;days&#146; written notice of the Borrower&#146;s intention to terminate this Agreement (the date of such termination being the &#147;<U>Borrower
Termination Date</U>&#148;). In the event that the Borrower provides such written notice to the Administrative Agent, (i)&nbsp;as of the date of the notice, the Lenders shall have no further obligation to make or issue, and the Borrower shall
</FONT></P>
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 <P STYLE="margin-top:0px;margin-bottom:0px; margin-left:4%" ALIGN="justify"><FONT STYLE="font-family:Times New Roman" SIZE="2">have no further right to receive or request, any Credit Extension hereunder,
and (ii)&nbsp;the Borrower shall be obligated on the Borrower Termination Date to (x)&nbsp;pay in full all accrued interest, principal and other charges due with respect to the Loan, including, without limitation, any Breakage Fees due on account of
such payment and (y)&nbsp;either (1)&nbsp;provide Administrative Agent with cash collateral equal to one hundred three percent (103%)&nbsp;of the outstanding amount of all outstanding Letters of Credit from a source other than the proceeds of the
Loan or (2)&nbsp;return all outstanding Letters of Credit to the Administrative Agent. If such cash collateral is posted, such funds shall be held in an interest bearing account at the Administrative Agent, shall be pledged to secure the
Obligations, and shall be refunded on a dollar for dollar basis to the Borrower upon the return to the Administrative Agent, or the expiration, of each Letter of Credit. </FONT></P>
<P STYLE="margin-top:10px;margin-bottom:0px; margin-left:4%; text-indent:4%" ALIGN="justify"><FONT STYLE="font-family:Times New Roman" SIZE="2">(b) The Borrower shall have the right to reduce the Total Revolving Commitments to an amount not less
than $150,000,000 prior to the originally scheduled Revolving Facility Maturity Date by providing the Administrative Agent with ten (10)&nbsp;days&#146; written notice of the Borrower&#146;s intention to reduce the Total Revolving Commitments (the
date of such reduction being the &#147;<U>Borrower Reduction Date</U>&#148;). In the event that the Borrower provides such written notice to the Administrative Agent, (i)&nbsp;as of the date of the notice, the Lenders shall have no further
obligation to make or issue, and the Borrower shall have no further right to receive or request, any Loans or any Letters of Credit such that the Total Revolving Outstandings, would exceed such reduced Total Revolving Commitments, and (ii)&nbsp;the
Borrower shall be obligated on the Borrower Reduction Date to pay in full the excess of outstanding principal balance of the Total Revolving Outstandings over the reduced Total Revolving Commitments, including, without limitation, any Breakage Fees
due on account of such payment. In order to effect such reduced Total Revolving Commitment, the Administrative Agent shall reduce the Lenders&#146; Revolving Commitments on a pro rata basis. </FONT></P>
<P STYLE="margin-top:10px;margin-bottom:0px; text-indent:4%" ALIGN="justify"><FONT STYLE="font-family:Times New Roman" SIZE="2">2.3 <U>Interest Rate and Payment Terms<B>.</B></U> The Loan shall be payable as to interest and principal in accordance
with the provisions of this Agreement. This Agreement also provides for interest at a Default Rate, Late Charges and prepayment rights and fees. All payments for the account of Lenders shall be applied to the respective accounts of the Lenders in
accordance with each Lender&#146;s Commitment Percentage of the Loan. Any and all interest rate selection and conversion provisions in this Agreement are to be administered by the Administrative Agent and to be allocated on a pro rata basis to the
portion of the balance held by each Lender based upon such Lender&#146;s Commitment Percentage. </FONT></P>
<P STYLE="margin-top:10px;margin-bottom:0px; margin-left:4%; text-indent:4%" ALIGN="justify"><FONT STYLE="font-family:Times New Roman" SIZE="2">2.3.1 <U>Borrower&#146;s Options.</U> Principal amounts outstanding under the Loan shall bear interest at
the following rates, at Borrower&#146;s selection, subject to the conditions and limitations provided for in this Agreement: (i)&nbsp;the Base Rate Accrual Rate or (ii)&nbsp;LIBO Rate plus the Applicable Margin. Borrower&#146;s right to select
pricing options shall cease upon the occurrence and during the continuation of any Event of Default. </FONT></P> <P STYLE="margin-top:10px;margin-bottom:0px; margin-left:4%; text-indent:4%" ALIGN="justify"><FONT
STYLE="font-family:Times New Roman" SIZE="2">2.3.2 <U>Selection To Be Made.</U> Borrower shall select, and thereafter may change the selection of, the applicable interest rate, from the alternatives otherwise provided for in this Agreement, by
giving Administrative Agent a Loan Notice (in accordance with the requirements of <U>Section&nbsp;2.3.3</U>, below): (i)&nbsp;three (3)&nbsp;Business Days </FONT></P>
 <p STYLE="margin-top:0px;margin-bottom:0px"><FONT SIZE="1">&nbsp;</FONT></P> <P STYLE="margin-top:0px;margin-bottom:0px" ALIGN="center"><FONT STYLE="font-family:Times New Roman" SIZE="2">43 </FONT></P>



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 <P STYLE="margin-top:0px;margin-bottom:0px; margin-left:4%" ALIGN="justify"><FONT STYLE="font-family:Times New Roman" SIZE="2">prior to each Loan Advance, (ii)&nbsp;three (3)&nbsp;Business Days prior to
the end of each Interest Period applicable to a LIBO Rate Advance which shall be continued as a LIBO Rate Advance, or (iii)&nbsp;three (3)&nbsp;Business Days prior to any Business Day on which Borrower desires to convert an outstanding Base Rate
Advance to a LIBO Rate Advance. </FONT></P> <P STYLE="margin-top:10px;margin-bottom:0px; margin-left:4%; text-indent:4%" ALIGN="justify"><FONT STYLE="font-family:Times New Roman" SIZE="2">2.3.3 <U>Notice.</U> Each Loan Advance, each conversion of
Loans from one Type to the other, and each continuation of a LIBO Rate Advance shall be made upon the Authorized Officer&#146;s irrevocable notice to the Administrative Agent, which may be given by telephone. Each such notice must be received by the
Administrative Agent not later than 11:00 a.m. (i)&nbsp;with respect to a LIBO Rate Advance, three (3)&nbsp;Business Days prior to, or (ii)&nbsp;with respect to a Base Rate Advance, the requested date of any Loan Advance, conversion or continuation.
Each telephonic notice pursuant to this <U>Section&nbsp;2.3.3</U> must be confirmed promptly by delivery to the Administrative Agent of a written Loan Notice, appropriately completed and signed by an Authorized Officer of the Borrower. </FONT></P>
<P STYLE="margin-top:10px;margin-bottom:0px; margin-left:4%; text-indent:4%" ALIGN="justify"><FONT STYLE="font-family:Times New Roman" SIZE="2">2.3.4 <U>If No Notice.</U> If the Borrower fails to select an interest rate option in accordance with the
foregoing prior to a Loan Advance, or at least three (3)&nbsp;Business Days prior to the last day of the applicable Interest Period of an outstanding LIBO Rate Advance, or if a LIBO Rate Advance is not available, any new Loan Advance made shall be
deemed to be a Base Rate Advance, and on the last day of the applicable Interest Period all outstanding principal amounts of the applicable LIBO Rate Advance shall be deemed converted to a Base Rate Advance. </FONT></P>
<P STYLE="margin-top:10px;margin-bottom:0px; margin-left:4%; text-indent:4%" ALIGN="justify"><FONT STYLE="font-family:Times New Roman" SIZE="2">2.3.5 <U>Telephonic Notice.</U> Without any way limiting the Borrower&#146;s obligation to confirm in
writing any telephonic notice, the Administrative Agent may act without liability upon the basis of telephonic notice believed by the Administrative Agent in good faith to be from the Borrower prior to receipt of written confirmation. In each case
the Borrower hereby waives the right to dispute the Administrative Agent&#146;s record of the terms of such telephonic Loan Notice in the absence of manifest error. </FONT></P>
<P STYLE="margin-top:10px;margin-bottom:0px; margin-left:4%; text-indent:4%" ALIGN="justify"><FONT STYLE="font-family:Times New Roman" SIZE="2">2.3.6 <U>Limits On Options.</U> Each LIBO Rate Advance shall be in a minimum amount of $100,000 or a
whole multiple of $100,000 in excess thereof and each Base Rate Advance shall be in a minimum amount of $100,000 or a whole multiple of $100,000 in excess thereof. At no time shall there be outstanding a total of more than ten (10)&nbsp;LIBO Rate
Advances outstanding at any time. </FONT></P> <P STYLE="margin-top:10px;margin-bottom:0px; margin-left:4%; text-indent:4%" ALIGN="justify"><FONT STYLE="font-family:Times New Roman" SIZE="2">2.3.7 <U>Payment and Calculation of Interest.</U> All
interest shall be payable in arrears commencing February&nbsp;1, 2012 and on the first Business Day of each month thereafter until the principal together with all interest and other charges payable with respect to the Loan shall be fully paid. All
computations of interest for Base Rate Advances shall be made on the basis of a year of 365 or 366 days, as the case may be, and actual days elapsed. All other computations of fees and interest shall be made on the basis of a 360-day year and actual
days elapsed (which results in more fees or interest, as applicable, being paid than if computed on the basis of a 365-day year). Interest shall accrue on each Loan for the day on which the Loan is made, and shall not accrue on a Loan, or any
portion thereof, for the day on which the Loan or such portion is paid, provided that any Loan that is repaid on the same day on which it is made shall, subject to <U>Section&nbsp;2.3.11</U>, bear interest for one day. Interest hereunder shall be
due and payable in accordance with the terms hereof before and after judgment, and before and after the commencement of any proceeding, under any Debtor Relief Law. </FONT></P>
 <p STYLE="margin-top:0px;margin-bottom:0px"><FONT SIZE="1">&nbsp;</FONT></P> <P STYLE="margin-top:0px;margin-bottom:0px" ALIGN="center"><FONT STYLE="font-family:Times New Roman" SIZE="2">44 </FONT></P>



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 <P STYLE="margin-top:0px;margin-bottom:0px; margin-left:4%; text-indent:4%" ALIGN="justify"><FONT STYLE="font-family:Times New Roman" SIZE="2">2.3.8 <U>Mandatory Principal Payments.</U> If, on any day,
the Total Outstandings exceed the Maximum Loan Amount, or the Total Revolving Outstandings exceed the Total Revolving Commitments, then the Borrower shall make a principal payment to the Administrative Agent, for the ratable benefit of the Lenders,
in the amount of either such excess, including any amounts required to be paid under <U>Section&nbsp;2.3.15</U> in immediately available funds within ten (10)&nbsp;Business Days of demand from the Administrative Agent (a &#147;<U>Mandatory Principal
Payment</U>&#148;); provided, however, that if during such ten (10)&nbsp;Business Day period, the Borrower delivers to the Administrative Agent Funding Evidence, such ten (10)&nbsp;Business Day period shall be extended for such additional time as
the Administrative Agent determines, in its reasonable discretion, to be required by the Borrower to make the Mandatory Principal Payment but in no event shall such period exceed a maximum of sixty (60)&nbsp;days from the date that the Mandatory
Principal Payment would otherwise be due hereunder. </FONT></P> <P STYLE="margin-top:10px;margin-bottom:0px; margin-left:4%; text-indent:4%" ALIGN="justify"><FONT STYLE="font-family:Times New Roman" SIZE="2">2.3.9 <U>Prepayment.</U> Any Loan or any
portion thereof may be prepaid in full or in part at any time upon two (2)&nbsp;Business Days prior written notice to the Administrative Agent without premium or penalty with respect to Base Rate Advances and, with respect to LIBO Rate Advances,
subject to payment of any applicable Breakage Fee. Any amounts prepaid under the Revolving Facility may be reborrowed subject to the terms hereof. </FONT></P>
<P STYLE="margin-top:10px;margin-bottom:0px; margin-left:4%; text-indent:4%" ALIGN="justify"><FONT STYLE="font-family:Times New Roman" SIZE="2">2.3.10 <U>Maturity.</U> At either of the Revolving Facility Maturity or the Term Facility Maturity, as
applicable, all accrued interest, principal and other charges due with respect to the respective facility shall be due and payable in full and the principal balance and such other charges, including unpaid interest, shall, at the option of the
Administrative Agent, continue to bear interest thereafter at the Default Rate until so paid. </FONT></P>
<P STYLE="margin-top:10px;margin-bottom:0px; margin-left:4%; text-indent:4%" ALIGN="justify"><FONT STYLE="font-family:Times New Roman" SIZE="2">2.3.11 <U>Method of Payment; Date of Credit; Administrative Agent&#146;s Clawback.</U> </FONT></P>
<P STYLE="margin-top:10px;margin-bottom:0px; margin-left:8%; text-indent:4%" ALIGN="justify"><FONT STYLE="font-family:Times New Roman" SIZE="2">(a) <U>General.</U> All payments to be made by the Borrower shall be made without condition or deduction
for any counterclaim, defense, recoupment or setoff. Except as otherwise expressly provided herein, all payments by the Borrower hereunder shall be made to the Administrative Agent, for the account of the respective Lenders to which such payment is
owed, at the Administrative Agent&#146;s Office in Dollars and in immediately available funds not later than 2:00 p.m. on the date specified herein. The Administrative Agent will promptly distribute to each Lender its Commitment Percentage (or other
applicable share as provided herein) of such payment in like funds as received by wire transfer to such Lender&#146;s Lending Office. All payments received by the Administrative Agent after 2:00 p.m. shall be deemed received on the next succeeding
Business Day and any applicable interest or fee shall continue to accrue. If any payment to be made by the Borrower shall come due on a day other than a Business Day, payment shall be made on the next following Business Day, and such extension of
time shall be reflected in computing interest or fees, as the case may be. </FONT></P>
 <p STYLE="margin-top:0px;margin-bottom:0px"><FONT SIZE="1">&nbsp;</FONT></P> <P STYLE="margin-top:0px;margin-bottom:0px" ALIGN="center"><FONT STYLE="font-family:Times New Roman" SIZE="2">45 </FONT></P>



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 <P STYLE="margin-top:0px;margin-bottom:0px; margin-left:8%; text-indent:4%" ALIGN="justify"><FONT STYLE="font-family:Times New Roman" SIZE="2">(b)(i) <U>Funding by Lenders; Presumption by Administrative
Agent.</U> Unless the Administrative Agent shall have received notice from a Lender prior to the proposed date of any LIBO Rate Advance (or, in the case of any Base Rate Advance, prior to 12:00 noon on the date of such Loan Advance) that such Lender
will not make available to the Administrative Agent such Lender&#146;s share of such Loan Advance, the Administrative Agent may assume that such Lender has made such share available on such date in accordance with <U>Section&nbsp;2.1</U> (or, in the
case of a Base Rate Advance, that such Lender has made such share available in accordance with and at the time required by <U>Section&nbsp;2.1</U>) and may, in reliance upon such assumption, make available to the Borrower a corresponding amount. In
such event, if a Lender has not in fact made its share of the applicable Loan Advance available to the Administrative Agent, then the applicable Lender and the Borrower severally agree to pay to the Administrative Agent forthwith on demand such
corresponding amount in immediately available funds with interest thereon, for each day from and including the date such amount is made available to the Borrower to but excluding the date of payment to the Administrative Agent, at (A)&nbsp;in the
case of a payment to be made by such Lender, the greater of the Federal Funds Rate and a rate determined by the Administrative Agent in accordance with banking industry rules on interbank compensation, <U>plus</U> any administrative, processing or
similar fees customarily charged by the Administrative Agent in connection with the foregoing, and (B)&nbsp;in the case of a payment to be made by the Borrower, the interest rate applicable to Base Rate Advances. If the Borrower and such Lender
shall pay such interest to the Administrative Agent for the same or an overlapping period, the Administrative Agent shall promptly remit to the Borrower the amount of such interest paid by the Borrower for such period. If such Lender pays its share
of the applicable Loan Advance to the Administrative Agent, then the amount so paid shall constitute such Lender&#146;s Loan included in such Loan Advance and the Borrower shall have no further obligation with respect thereto under this
<U>Section&nbsp;2.3.11(b)(i)</U> in respect of such Lender&#146;s share of the Loan Advance; it being understood that such amount advanced by such Lender shall constitute a Loan for all purposes hereunder. Any payment by the Borrower shall be
without prejudice to any claim the Borrower may have against a Lender that shall have failed to make such payment to the Administrative Agent. </FONT></P> <P STYLE="margin-top:10px;margin-bottom:0px; margin-left:13%; text-indent:4%" ALIGN="justify"><FONT
STYLE="font-family:Times New Roman" SIZE="2">(ii) <U>Payments by Borrower; Presumptions by Administrative Agent.</U> Unless the Administrative Agent shall have received notice from the Borrower prior to the date on which any payment is due to the
Administrative Agent for the account of the Lenders or the L/C Issuer hereunder, stating that the Borrower will not make such payment, the Administrative Agent may assume that the Borrower has made such payment on such date in accordance herewith
and may, in reliance upon such assumption, distribute to the Lenders or the L/C Issuer, as the case may be, the amount due. In such event, if the Borrower has not in fact </FONT></P>
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 <P STYLE="margin-top:0px;margin-bottom:0px; margin-left:13%" ALIGN="justify"><FONT STYLE="font-family:Times New Roman" SIZE="2">made such payment, then each of the Lenders or the L/C Issuer, as the case
may be, severally agrees to repay to the Administrative Agent forthwith on demand the amount so distributed to such Lender or the L/C Issuer, in immediately available funds with interest thereon, for each day from and including the date such amount
is distributed to it to but excluding the date of payment to the Administrative Agent, at the greater of the Federal Funds Rate and a rate determined by the Administrative Agent in accordance with banking industry rules on interbank compensation.
</FONT></P> <P STYLE="margin-top:10px;margin-bottom:0px; text-indent:4%" ALIGN="justify"><FONT STYLE="font-family:Times New Roman" SIZE="2">A notice of the Administrative Agent to any Lender or the Borrower with respect to any amount owing under
this subsection (b)&nbsp;shall be conclusive, absent manifest error. </FONT></P> <P STYLE="margin-top:10px;margin-bottom:0px; margin-left:8%; text-indent:4%" ALIGN="justify"><FONT STYLE="font-family:Times New Roman" SIZE="2">(c) <U>Failure to
Satisfy Conditions Precedent.</U> If any Lender makes available to the Administrative Agent funds for any Loan Advance to be made by such Lender as provided in the foregoing provisions of this <U>Section&nbsp;2</U>, and such funds are not made
available to the Borrower by the Administrative Agent because the conditions to the applicable Credit Extension set forth in <U>Section&nbsp;5</U> are not satisfied or waived in accordance with the terms hereof, the Administrative Agent shall return
such funds (in like funds as received from such Lender) to such Lender, without interest. </FONT></P> <P STYLE="margin-top:10px;margin-bottom:0px; margin-left:8%; text-indent:4%" ALIGN="justify"><FONT STYLE="font-family:Times New Roman" SIZE="2">(d)
<U>Funding Source.</U> Nothing herein shall be deemed to obligate any Lender to obtain the funds for any Loan Advance in any particular place or manner or to constitute a representation by any Lender that it has obtained or will obtain the funds for
any Loan Advance in any particular place or manner. </FONT></P> <P STYLE="margin-top:10px;margin-bottom:0px; margin-left:4%; text-indent:4%" ALIGN="justify"><FONT STYLE="font-family:Times New Roman" SIZE="2">2.3.12 <U>Billings.</U> The
Administrative Agent may submit monthly billings reflecting payments due; however, any changes in the interest rate which occur between the date of billing and the due date may be reflected in the billing for a subsequent month. Neither the failure
of the Administrative Agent to submit a billing nor any error in any such billing shall excuse the Borrower from the obligation to make full payment of all the Borrower&#146;s payment obligations when due. </FONT></P>
<P STYLE="margin-top:10px;margin-bottom:0px; margin-left:4%; text-indent:4%" ALIGN="justify"><FONT STYLE="font-family:Times New Roman" SIZE="2">2.3.13 <U>Default Rate.</U> </FONT></P>
<P STYLE="margin-top:10px;margin-bottom:0px; margin-left:8%; text-indent:4%" ALIGN="justify"><FONT STYLE="font-family:Times New Roman" SIZE="2">(a) If any Event of Default has occurred and is continuing pursuant to <U>Section&nbsp;10.1.1</U>, the
Borrower shall pay interest on the principal amount of all outstanding Obligations hereunder at a fluctuating interest rate per annum at all times equal to the Default Rate to the fullest extent permitted by applicable Laws. </FONT></P>
<P STYLE="margin-top:10px;margin-bottom:0px; margin-left:8%; text-indent:4%" ALIGN="justify"><FONT STYLE="font-family:Times New Roman" SIZE="2">(b) In the sole discretion of the Administrative Agent or upon the request of the Required Lenders, while
any other Event of Default exists, the Borrower shall pay interest on the principal amount of all outstanding Obligations hereunder at a fluctuating interest rate per annum at all times equal to the Default Rate to the fullest extent permitted by
applicable Laws. </FONT></P>
 <p STYLE="margin-top:0px;margin-bottom:0px"><FONT SIZE="1">&nbsp;</FONT></P> <P STYLE="margin-top:0px;margin-bottom:0px" ALIGN="center"><FONT STYLE="font-family:Times New Roman" SIZE="2">47 </FONT></P>



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 <P STYLE="margin-top:0px;margin-bottom:0px; margin-left:8%; text-indent:4%" ALIGN="justify"><FONT STYLE="font-family:Times New Roman" SIZE="2">(c) Accrued and unpaid interest on past due amounts
(including interest on past due interest) shall be due and payable upon demand. </FONT></P> <P STYLE="margin-top:10px;margin-bottom:0px; margin-left:4%; text-indent:4%" ALIGN="justify"><FONT STYLE="font-family:Times New Roman" SIZE="2">2.3.14
<U>Late Charges.</U> The Borrower shall pay a late charge (herein, the &#147;<U>Late Charge</U>&#148;) equal to five percent (5%)&nbsp;of the amount of any interest which is not paid within ten (10)&nbsp;days of the due date thereof. Late charges
are: (a)&nbsp;payable in addition to, and not in limitation of, the Default Rate, (b)&nbsp;intended to compensate the Administrative Agent and the Lenders for administrative and processing costs incident to late payments, (c)&nbsp;are not interest,
and (d)&nbsp;shall not be subject to refund or rebate or credited against any other amount due. </FONT></P>
<P STYLE="margin-top:10px;margin-bottom:0px; margin-left:4%; text-indent:4%" ALIGN="justify"><FONT STYLE="font-family:Times New Roman" SIZE="2">2.3.15 <U>Breakage Fee.</U> The Borrower shall pay to the Administrative Agent, for the ratable benefit
of the Lenders, immediately upon request and notwithstanding contrary provisions contained in any of the Loan Documents, such amounts as shall, in the conclusive judgment of the Administrative Agent (in the absence of manifest error), compensate the
Administrative Agent and the Lenders for the loss, cost or expense which it may reasonably incur as a result of (i)&nbsp;any payment or prepayment, under any circumstances whatsoever, whether voluntary or involuntary, of all or any portion of a LIBO
Rate Advance on a date other than the last day of the applicable Interest Period of a LIBO Rate Advance, (ii)&nbsp;the conversion, for any reason whatsoever, whether voluntary or involuntary, of any LIBO Rate Advance to a Base Rate Advance on a date
other than the last day of the applicable Interest Period, (iii)&nbsp;the failure of all or a portion of a Loan Advance which was to have borne interest at the LIBO Rate pursuant to the request of the Borrower to be made under the Loan Agreement
(except as a result of any act or omission of Lender), or (iv)&nbsp;the failure of the Borrower to borrow in accordance with any request submitted by it for a LIBO Rate Advance. Such amounts payable by the Borrower shall be equal to any
administrative costs actually incurred plus any amounts required to compensate for any loss, cost or expense incurred by reason of the liquidation or redeployment of deposits or other funds acquired by the Administrative Agent or any Lender to fund
or maintain a LIBO Rate Advance (herein, collectively, the &#147;<U>Breakage Fee</U>&#148;). A certificate from a Lender provided to the Borrower by the Administrative Agent setting forth the calculation and amount of its Breakage Fee shall be
conclusive absent manifest error. </FONT></P> <P STYLE="margin-top:10px;margin-bottom:0px; margin-left:4%; text-indent:4%" ALIGN="justify"><FONT STYLE="font-family:Times New Roman" SIZE="2">2.3.16 <U>Borrower Information.</U> The parties understand
that the applicable interest rate for the Borrower&#146;s Obligations and certain fees set forth herein may be determined and/or adjusted from time to time based upon certain financial ratios and/or other information to be provided or certified to
the Lenders by Borrower (the &#147;Borrower Information&#148;). If it is subsequently determined that any such Borrower Information was incorrect (for whatever reason, including without limitation because of a subsequent restatement of earnings by
the Borrower) at the time it was delivered to the Agent, and if the applicable interest rate or fees calculated for any period were different than they should have been had the correct information been timely provided, then, such interest rate and
such fees for such period shall be automatically recalculated using correct Borrower Information. The Agent shall promptly notify Borrower in writing of any additional interest and fees due because of such recalculation, and the Borrower shall pay
such additional interest or fees due to the Agent, for the account of each Lender, within </FONT></P>
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 <P STYLE="margin-top:0px;margin-bottom:0px; margin-left:4%" ALIGN="justify"><FONT STYLE="font-family:Times New Roman" SIZE="2">five (5)&nbsp;Business Days of receipt of such written notice. Borrower
shall receive a credit or refund of any overpayment promptly after such determination. Any recalculation of interest or fees required by this provision shall survive the termination of this Agreement, and this provision shall not in any way limit
any of the Agent&#146;s, the L/C Issuer&#146;s, or any Lender&#146;s other rights under this Agreement </FONT></P> <P STYLE="margin-top:10px;margin-bottom:0px; text-indent:4%" ALIGN="justify"><FONT STYLE="font-family:Times New Roman" SIZE="2"><B>2.4
<U>Loan Fees.</U></B> </FONT></P> <P STYLE="margin-top:10px;margin-bottom:0px; margin-left:4%; text-indent:4%" ALIGN="justify"><FONT STYLE="font-family:Times New Roman" SIZE="2">2.4.1 <U>Loan Fees.</U> The Borrower shall pay the Administrative Agent
for the account of the parties specified therein the various fees in accordance with the Fee Letter. </FONT></P> <P STYLE="margin-top:10px;margin-bottom:0px; margin-left:4%; text-indent:4%" ALIGN="justify"><FONT
STYLE="font-family:Times New Roman" SIZE="2">2.4.2 <U>Unused Fee.</U> The Borrower agrees to pay an unused line fee (the &#147;Line Fee&#148;) to the Administrative Agent, for the pro rata benefit of the Lenders. The amount of the Line Fee on any
given day shall equal the Line Percentage multiplied by the amount on such day by which the Total Revolving Commitments exceed the Total Revolving Outstandings. The Line Fee shall be payable to the Administrative Agent quarterly in arrears on the
first day of each calendar quarter for the immediately preceding calendar quarter or portion thereof, with a final payment on the Maturity Date and the first and last payments to be prorated based upon the partial calendar quarters to which they
apply. </FONT></P> <P STYLE="margin-top:10px;margin-bottom:0px; margin-left:4%; text-indent:4%" ALIGN="justify"><FONT STYLE="font-family:Times New Roman" SIZE="2">2.4.3 <U>Payment of Fees Generally.</U> All fees payable hereunder shall be paid on
the dates due, in immediately available funds, to the Administrative Agent for distribution, in the case of facility fees and participation fees, to the Lenders. Except as otherwise provided herein or in the Fee Letter, fees paid under this
Agreement shall not be refundable under any circumstances. </FONT></P> <P STYLE="margin-top:10px;margin-bottom:0px; text-indent:4%" ALIGN="justify"><FONT STYLE="font-family:Times New Roman" SIZE="2"><B>2.5 [Reserved].</B> </FONT></P>
<P STYLE="margin-top:10px;margin-bottom:0px; text-indent:4%" ALIGN="justify"><FONT STYLE="font-family:Times New Roman" SIZE="2"><B>2.6 <U>Additional Provisions Related to Interest Rate Selection.</U></B> </FONT></P>
<P STYLE="margin-top:10px;margin-bottom:0px; margin-left:4%; text-indent:4%" ALIGN="justify"><FONT STYLE="font-family:Times New Roman" SIZE="2">2.6.1 <U>Increased Costs.</U> If any Change in Law shall: </FONT></P>
<P STYLE="margin-top:10px;margin-bottom:0px; margin-left:8%; text-indent:4%" ALIGN="justify"><FONT STYLE="font-family:Times New Roman" SIZE="2">(a) impose, modify or deem applicable any reserve, special deposit, compulsory loan, insurance charge or
similar requirement against assets of, deposits with or for the account of, or credit extended or participated in by, any Lender (except any reserve requirement reflected in the LIBO Rate) or the L/C Issuer; </FONT></P>
<P STYLE="margin-top:10px;margin-bottom:0px; margin-left:8%; text-indent:4%" ALIGN="justify"><FONT STYLE="font-family:Times New Roman" SIZE="2">(b) subject any Lender or the L/C Issuer to any tax of any kind whatsoever with respect to this
Agreement, any Letter of Credit, any participation in a Letter of Credit or any LIBO Rate Advance made by it, or change the basis of taxation of payments to such Lender or the L/C Issuer in respect thereof; or </FONT></P>
<P STYLE="margin-top:10px;margin-bottom:0px; margin-left:8%; text-indent:4%" ALIGN="justify"><FONT STYLE="font-family:Times New Roman" SIZE="2">(c) impose on any Lender or the L/C Issuer or the London interbank market any other condition, cost or
expense affecting this Agreement or LIBO Rate Advances made by such Lender or any Letter of Credit or participation therein; </FONT></P>
 <p STYLE="margin-top:0px;margin-bottom:0px"><FONT SIZE="1">&nbsp;</FONT></P> <P STYLE="margin-top:0px;margin-bottom:0px" ALIGN="center"><FONT STYLE="font-family:Times New Roman" SIZE="2">49 </FONT></P>



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 <P STYLE="margin-top:0px;margin-bottom:0px; text-indent:4%" ALIGN="justify"><FONT STYLE="font-family:Times New Roman" SIZE="2">and the result of any of the foregoing shall be to increase the cost to such
Lender of making or maintaining any LIBO Rate Advance (or of maintaining its obligation to make any such Loan), or to increase the cost to such Lender or the L/C Issuer of participating in, issuing or maintaining any Letter of Credit (or of
maintaining its obligation to participate in or to issue any Letter of Credit), or to reduce the amount of any sum received or receivable by such Lender or the L/C Issuer hereunder (whether of principal, interest or any other amount) then, promptly
upon request of such Lender or the L/C Issuer, the Borrower will pay to such Lender or the L/C Issuer, as the case may be, such additional amount or amounts as will compensate such Lender or the L/C Issuer, as the case may be, for such additional
costs incurred or reduction suffered. A certificate from a Lender provided to the Borrower by the Administrative Agent setting forth such amounts together with calculations thereof shall be conclusive absent manifest error. </FONT></P>
<P STYLE="margin-top:10px;margin-bottom:0px; margin-left:4%; text-indent:4%" ALIGN="justify"><FONT STYLE="font-family:Times New Roman" SIZE="2">2.6.2 <U>Capital Requirements. </U>If any Lender or the L/C Issuer determines that any Change in Law
affecting such Lender or the L/C Issuer or any Lending Office of such Lender or such Lender&#146;s or the L/C Issuer&#146;s holding company, if any, regarding capital requirements has or would have the effect of reducing the rate of return on such
Lender&#146;s or the L/C Issuer&#146;s capital or on the capital of such Lender&#146;s or the L/C Issuer&#146;s holding company, if any, as a consequence of this Agreement, the Commitments of such Lender or the Loans made by, or participations in
Letters of Credit held by, such Lender, or the Letters of Credit issued by the L/C Issuer, to a level below that which such Lender or the L/C Issuer or such Lender&#146;s or the L/C Issuer&#146;s holding company could have achieved but for such
Change in Law (taking into consideration such Lender&#146;s or the L/C Issuer&#146;s policies and the policies of such Lender&#146;s or the L/C Issuer&#146;s holding company with respect to capital adequacy), then from time to time (and in any event
within twenty (20)&nbsp;days) the Borrower will pay to such Lender or the L/C Issuer, as the case may be, such additional amount or amounts as will compensate such Lender or the L/C Issuer or such Lender&#146;s or the L/C Issuer&#146;s holding
company for any such reduction suffered. A certificate from a Lender provided to the Borrower by the Administrative Agent setting forth such amounts together with calculations thereof shall be conclusive absent manifest error. </FONT></P>
<P STYLE="margin-top:10px;margin-bottom:0px; margin-left:4%; text-indent:4%" ALIGN="justify"><FONT STYLE="font-family:Times New Roman" SIZE="2">2.6.3 <U>Illegality. </U>Notwithstanding any other provision of this Agreement, if any Change in Law
shall make it unlawful, or any central bank or Governmental Authority shall assert by directive, guideline or otherwise, that it is unlawful, for any Lender to make or maintain LIBO Rate Advances or to continue to fund or maintain LIBO Rate
Advances, and such Lender, without cost or expense, cannot hold or administer its Commitment from an office where maintaining and funding LIBO Rate Advances can be accomplished, then, on written notice thereof and demand by the Administrative Agent
to the Borrower, (a)&nbsp;the obligation of the Administrative Agent to make LIBO Rate Advances and to convert or continue any Loan as LIBO Rate Advances shall terminate and (b)&nbsp;at the end of the applicable Interest Period, the Borrower shall
convert all principal outstanding under this Agreement into Base Rate Advances. </FONT></P> <P STYLE="margin-top:10px;margin-bottom:0px; margin-left:4%; text-indent:4%" ALIGN="justify"><FONT STYLE="font-family:Times New Roman" SIZE="2">2.6.4
<U>Availability.</U> If, before or after the Borrower has selected to take or maintain a LIBO Rate Advance, but before the Interest Period with respect thereto commences, the Administrative Agent notifies the Borrower that: </FONT></P>
 <p STYLE="margin-top:0px;margin-bottom:0px"><FONT SIZE="1">&nbsp;</FONT></P> <P STYLE="margin-top:0px;margin-bottom:0px" ALIGN="center"><FONT STYLE="font-family:Times New Roman" SIZE="2">50 </FONT></P>



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 <P STYLE="margin-top:0px;margin-bottom:0px; margin-left:8%; text-indent:4%" ALIGN="justify"><FONT STYLE="font-family:Times New Roman" SIZE="2">(a) Dollar deposits in the amount and for the maturity
requested are not available to the Lenders in the London interbank market at the rate specified in the definition of LIBO Rate set forth above, or </FONT></P>
<P STYLE="margin-top:10px;margin-bottom:0px; margin-left:8%; text-indent:4%" ALIGN="justify"><FONT STYLE="font-family:Times New Roman" SIZE="2">(b) Reasonable means do not exist for the Administrative Agent to determine the LIBO Rate for the amounts
and maturity requested, </FONT></P> <P STYLE="margin-top:10px;margin-bottom:0px; text-indent:4%" ALIGN="justify"><FONT STYLE="font-family:Times New Roman" SIZE="2">then the principal which would have been a LIBO Rate Advance shall be a Base Rate
Advance. </FONT></P> <P STYLE="margin-top:10px;margin-bottom:0px; margin-left:4%; text-indent:4%" ALIGN="justify"><FONT STYLE="font-family:Times New Roman" SIZE="2">2.6.5 <U>Base Rate Advances.</U> Each Base Rate Advance shall continue as a Base
Rate Advance until the Revolving Facility Maturity, unless sooner converted, in whole or in part, to a LIBO Rate Advance, subject to the limitations and conditions set forth in this Agreement. </FONT></P>
<P STYLE="margin-top:10px;margin-bottom:0px; margin-left:4%; text-indent:4%" ALIGN="justify"><FONT STYLE="font-family:Times New Roman" SIZE="2">2.6.6 <U>Delay in Requests.</U> Failure or delay on the part of any Lender or the L/C Issuer to demand
compensation pursuant to the foregoing provisions of this Section shall not constitute a waiver of such Lender&#146;s or the L/C Issuer&#146;s right to demand such compensation, <U>provided</U> that the Borrower shall not be required to compensate a
Lender or the L/C Issuer pursuant to the foregoing provisions of this Section for any increased costs incurred or reductions suffered more than six months prior to the date that such Lender or the L/C Issuer, as the case may be, notifies the
Borrower of the change in Law giving rise to such increased costs or reductions and of such Lender&#146;s or the L/C Issuer&#146;s intention to claim compensation therefor (except that, if the change in Law giving rise to such increased costs or
reductions is retroactive, then the six-month period referred to above shall be extended to include the period of retroactive effect thereof). </FONT></P> <P STYLE="margin-top:10px;margin-bottom:0px; margin-left:4%; text-indent:4%" ALIGN="justify"><FONT
STYLE="font-family:Times New Roman" SIZE="2">2.6.7 <U>Mitigation.</U> </FONT></P> <P STYLE="margin-top:10px;margin-bottom:0px; margin-left:8%; text-indent:4%" ALIGN="justify"><FONT STYLE="font-family:Times New Roman" SIZE="2">(a) <U>Designation of a
Different Lending Office.</U> If any Lender requests compensation under this <U>Section&nbsp;2.6</U>, or the Borrower is required to pay any additional amount to any Lender, the L/C Issuer or any Governmental Authority for the account of any Lender
or the L/C Issuer pursuant to <U>Section&nbsp;2.8</U>, then such Lender or the L/C Issuer shall, as applicable, use reasonable efforts to designate a different Lending Office for funding or booking its Loans hereunder or to assign its rights and
obligations hereunder to another of its offices, branches or affiliates, if, in the judgment of such Lender or the L/C Issuer, such designation or assignment (i)&nbsp;would eliminate or reduce amounts payable pursuant to <U>Sections&nbsp;2.8</U> or
<U>2.6.1</U>, <U>2.6.2</U>, as the case may be, and (ii)&nbsp;in each case, would not subject such Lender or the L/C Issuer, as the case may be, to any unreimbursed cost or expense and would not otherwise be disadvantageous to such Lender or the L/C
Issuer, as the case may be. The Borrower hereby agrees to pay all reasonable costs and expenses incurred by any Lender or the L/C Issuer in connection with any such designation or assignment. </FONT></P>
<P STYLE="margin-top:10px;margin-bottom:0px; margin-left:8%; text-indent:4%" ALIGN="justify"><FONT STYLE="font-family:Times New Roman" SIZE="2">(b) <U>Replacement of Lenders.</U> If any Lender requests compensation under <U>Sections 2.6.1</U> or
<U>2.6.2</U>, or if the Borrower is required to pay any additional amount to any Lender or any Governmental Authority for the account of any Lender pursuant to <U>Section&nbsp;2.8</U>, the Borrower may replace such Lender in accordance with
<U>Section&nbsp;13.2.4</U>. </FONT></P>
 <p STYLE="margin-top:0px;margin-bottom:0px"><FONT SIZE="1">&nbsp;</FONT></P> <P STYLE="margin-top:0px;margin-bottom:0px" ALIGN="center"><FONT STYLE="font-family:Times New Roman" SIZE="2">51 </FONT></P>



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 <P STYLE="margin-top:0px;margin-bottom:0px; margin-left:4%; text-indent:4%" ALIGN="justify"><FONT STYLE="font-family:Times New Roman" SIZE="2">2.6.8 <U>Survival.</U> All of the Borrower&#146;s
obligations under this <U>Section&nbsp;2.6</U> shall survive termination of the Total Commitments, repayment of all other Obligations hereunder and resignation of the Administrative Agent. </FONT></P>
<P STYLE="margin-top:10px;margin-bottom:0px; margin-left:4%; text-indent:4%" ALIGN="justify"><FONT STYLE="font-family:Times New Roman" SIZE="2">2.6.9 <U>Taxes.</U> Notwithstanding anything herein to the contrary, no additional amounts shall be
payable by Borrower under this Section&nbsp;2.6 with respect to Taxes on any amounts payable under the Loan Documents, which shall be governed by the provisions of Section&nbsp;2.8 hereof. </FONT></P>
<P STYLE="margin-top:10px;margin-bottom:0px; text-indent:4%" ALIGN="justify"><FONT STYLE="font-family:Times New Roman" SIZE="2"><B>2.7 <U>Letters of Credit.</U></B> </FONT></P>
<P STYLE="margin-top:10px;margin-bottom:0px; margin-left:4%; text-indent:4%" ALIGN="justify"><FONT STYLE="font-family:Times New Roman" SIZE="2">2.7.1 The Letter of Credit Commitment. </FONT></P>
<P STYLE="margin-top:10px;margin-bottom:0px; margin-left:8%; text-indent:4%" ALIGN="justify"><FONT STYLE="font-family:Times New Roman" SIZE="2">(a) Subject to the terms and conditions set forth herein, (A)&nbsp;the L/C Issuer agrees, in reliance
upon the agreements of the Lenders set forth in this <U>Section&nbsp;2.7</U>, (1)&nbsp;from time to time on any Business Day during the period from the Closing Date until the Letter of Credit Expiration Date, to issue Letters of Credit for the
account of the Borrower or Borrower Subsidiaries, and to amend or extend Letters of Credit previously issued by it, in accordance with <U>Section&nbsp;2.7.2</U> below, and (2)&nbsp;to honor drawings under the Letters of Credit; and (B)&nbsp;the
Lenders severally agree to participate in Letters of Credit issued for the account of the Borrower, Borrower Subsidiaries and any drawings thereunder; provided that after giving effect to any L/C Credit Extension with respect to any Letter of
Credit, (x)&nbsp;the Total Revolving Outstandings shall not exceed the Total Revolving Commitments, (y)&nbsp;the aggregate Outstanding Amount of the Loans of any Lender made under the Revolving Facility, plus such Lender&#146;s Commitment Percentage
of the Outstanding Amount of all L/C Obligations, shall not exceed such Lender&#146;s Revolving Commitment, and (z)&nbsp;the Outstanding Amount of the L/C Obligations shall not exceed the Letter of Credit Sublimit. Each request by the Borrower for
the issuance or amendment of a Letter of Credit shall be deemed to be a representation by the Borrower that the L/C Credit Extension so requested complies with the conditions set forth in the proviso to the preceding sentence. Within the foregoing
limits, and subject to the terms and conditions hereof, the Borrower&#146;s ability to obtain Letters of Credit shall be fully revolving, and accordingly the Borrower may, during the foregoing period, obtain Letters of Credit to replace Letters of
Credit that have expired or that have been drawn upon and reimbursed. All Existing Letters of Credit shall be deemed to have been issued pursuant hereto, and from and after the Closing Date shall be subject to and governed by the terms and
conditions hereof. </FONT></P> <P STYLE="margin-top:10px;margin-bottom:0px; margin-left:8%; text-indent:4%" ALIGN="justify"><FONT STYLE="font-family:Times New Roman" SIZE="2">(b) The L/C Issuer shall not issue any Letter of Credit, if: </FONT></P>
 <p STYLE="margin-top:0px;margin-bottom:0px"><FONT SIZE="1">&nbsp;</FONT></P> <P STYLE="margin-top:0px;margin-bottom:0px" ALIGN="center"><FONT STYLE="font-family:Times New Roman" SIZE="2">52 </FONT></P>



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 <P STYLE="margin-top:0px;margin-bottom:0px; margin-left:13%; text-indent:4%" ALIGN="justify"><FONT STYLE="font-family:Times New Roman" SIZE="2">(i) subject to <U>Section&nbsp;2.7.2(c)</U>, the expiry
date of such requested Letter of Credit would occur more than twelve (12)&nbsp;months after the date of issuance or last extension, unless the Required Lenders have approved such expiry date; or </FONT></P>
<P STYLE="margin-top:10px;margin-bottom:0px; margin-left:13%; text-indent:4%" ALIGN="justify"><FONT STYLE="font-family:Times New Roman" SIZE="2">(ii) the expiry date of such requested Letter of Credit would occur after the Letter of Credit
Expiration Date, unless all the Lenders have approved such expiry date, subject to <U>Section&nbsp;2.7.7</U>. </FONT></P> <P STYLE="margin-top:10px;margin-bottom:0px; margin-left:8%; text-indent:4%" ALIGN="justify"><FONT
STYLE="font-family:Times New Roman" SIZE="2">(c) The L/C Issuer shall not be under any obligation to issue any Letter of Credit if: </FONT></P> <P STYLE="margin-top:10px;margin-bottom:0px; margin-left:13%; text-indent:4%" ALIGN="justify"><FONT
STYLE="font-family:Times New Roman" SIZE="2">(i) any order, judgment or decree of any Governmental Authority or arbitrator shall by its terms purport to enjoin or restrain the L/C Issuer from issuing such Letter of Credit, or any Legal Requirement
applicable to the L/C Issuer or any request or directive (whether or not having the force of law) from any Governmental Authority with jurisdiction over the L/C Issuer shall prohibit, or request that the L/C Issuer refrain from, the issuance of
letters of credit generally or such Letter of Credit in particular or shall impose upon the L/C Issuer with respect to such Letter of Credit any restriction, reserve or capital requirement (for which the L/C Issuer is not otherwise compensated
hereunder) not in effect on the Closing Date, or shall impose upon the L/C Issuer any unreimbursed loss, cost or expense which was not applicable on the Closing Date and which the L/C Issuer in good faith deems material to it; </FONT></P>
<P STYLE="margin-top:10px;margin-bottom:0px; margin-left:13%; text-indent:4%" ALIGN="justify"><FONT STYLE="font-family:Times New Roman" SIZE="2">(ii) the issuance of such Letter of Credit would violate one or more policies of the L/C Issuer;
</FONT></P> <P STYLE="margin-top:10px;margin-bottom:0px; margin-left:13%; text-indent:4%" ALIGN="justify"><FONT STYLE="font-family:Times New Roman" SIZE="2">(iii) except as otherwise agreed by the Administrative Agent and the L/C Issuer, such Letter
of Credit is in an initial stated amount less than $25,000; </FONT></P> <P STYLE="margin-top:10px;margin-bottom:0px; margin-left:13%; text-indent:4%" ALIGN="justify"><FONT STYLE="font-family:Times New Roman" SIZE="2">(iv) such Letter of Credit is to
be denominated in a currency other than Dollars; </FONT></P> <P STYLE="margin-top:10px;margin-bottom:0px; margin-left:13%; text-indent:4%" ALIGN="justify"><FONT STYLE="font-family:Times New Roman" SIZE="2">(v) such Letter of Credit contains any
provisions for automatic reinstatement of the stated amount after any drawing thereunder; or </FONT></P>
<P STYLE="margin-top:10px;margin-bottom:0px; margin-left:13%; text-indent:4%" ALIGN="justify"><FONT STYLE="font-family:Times New Roman" SIZE="2">(vi) any Lender is at such time a Defaulting Lender hereunder, unless the L/C Issuer has entered into
satisfactory arrangements with the Borrower or such Lender to eliminate the L/C Issuer&#146;s risk with respect to such Lender, subject to the provisions of <U>Section&nbsp;13.2.4</U>. </FONT></P>
<P STYLE="margin-top:10px;margin-bottom:0px; margin-left:8%; text-indent:4%" ALIGN="justify"><FONT STYLE="font-family:Times New Roman" SIZE="2">(d) The L/C Issuer shall be under no obligation to amend any Letter of Credit if (A)&nbsp;the L/C Issuer
would have no obligation at such time to issue such Letter of Credit in its amended form under the terms hereof, or (B)&nbsp;the beneficiary of such Letter of Credit does not accept the proposed amendment to such Letter of Credit. </FONT></P>
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 <P STYLE="margin-top:0px;margin-bottom:0px; margin-left:8%; text-indent:4%" ALIGN="justify"><FONT STYLE="font-family:Times New Roman" SIZE="2">(e) The L/C Issuer shall act on behalf of the Lenders with
respect to any Letters of Credit issued by it and the documents associated therewith, and the L/C Issuer shall have all of the benefits and immunities (A)&nbsp;provided to the Administrative Agent in <U>Article&nbsp;13</U> with respect to any acts
taken or omissions suffered by the L/C Issuer in connection with Letters of Credit issued by it or proposed to be issued by it and Issuer Documents pertaining to such Letters of Credit as fully as if the term &#147;<U>Administrative Agent</U>&#148;
as used in <U>Article&nbsp;13</U> included the L/C Issuer with respect to such acts or omissions, and (B)&nbsp;as additionally provided herein with respect to the L/C Issuer. </FONT></P>
<P STYLE="margin-top:10px;margin-bottom:0px; margin-left:4%; text-indent:4%" ALIGN="justify"><FONT STYLE="font-family:Times New Roman" SIZE="2">2.7.2 <U>Procedures for Issuance and Amendment of Letters of Credit; Auto-Extension Letters of
Credit.</U> </FONT></P> <P STYLE="margin-top:10px;margin-bottom:0px; margin-left:8%; text-indent:4%" ALIGN="justify"><FONT STYLE="font-family:Times New Roman" SIZE="2">(a) Each Letter of Credit shall be issued or amended, as the case may be, upon
the request of the Borrower delivered to the L/C Issuer (with a copy to the Administrative Agent) in the form of a Letter of Credit Application, appropriately completed and signed by an Authorized Officer of the Borrower. Such Letter of Credit
Application must be received by the L/C Issuer and the Administrative Agent not later than 11:00 a.m. (Eastern Time) at least two Business Days (or such later date and time as the Administrative Agent and the L/C Issuer may agree in a particular
instance in their sole discretion) prior to the proposed issuance date or date of amendment, as the case may be. In the case of a request for an initial issuance of a Letter of Credit, such Letter of Credit Application shall specify in form and
detail reasonably satisfactory to the L/C Issuer: (A)&nbsp;the proposed issuance date of the requested Letter of Credit (which shall be a Business Day); (B)&nbsp;the amount thereof; (C)&nbsp;the expiry date thereof; (D)&nbsp;the name and address of
the beneficiary thereof; (E)&nbsp;the documents to be presented by such beneficiary in case of any drawing thereunder; (F)&nbsp;the full text of any certificate to be presented by such beneficiary in case of any drawing thereunder; and (G)&nbsp;such
other matters as the L/C Issuer may reasonably require. In the case of a request for an amendment of any outstanding Letter of Credit, such Letter of Credit Application shall specify in form and detail satisfactory to the L/C Issuer (1)&nbsp;the
Letter of Credit to be amended; (2)&nbsp;the proposed date of amendment thereof (which shall be a Business Day); (3)&nbsp;the nature of the proposed amendment; and (4)&nbsp;such other matters as the L/C Issuer may reasonably require. Additionally,
the Borrower shall furnish to the L/C Issuer and the Administrative Agent such other documents and information pertaining to such requested Letter of Credit issuance or amendment, including any Issuer Documents, as the L/C Issuer or the
Administrative Agent may reasonably require. </FONT></P>
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 <P STYLE="margin-top:0px;margin-bottom:0px; margin-left:8%; text-indent:4%" ALIGN="justify"><FONT STYLE="font-family:Times New Roman" SIZE="2">(b) Promptly after receipt of any Letter of Credit
Application, the L/C Issuer will provide the Administrative Agent with a copy thereof. Unless the L/C Issuer has received written notice from any Lender, the Administrative Agent or any Loan Party, at least one Business Day prior to the requested
date of issuance or amendment of the applicable Letter of Credit, that one or more applicable conditions contained in <U>Section&nbsp;5.2</U> shall not then be satisfied, then, subject to the terms and conditions hereof, the L/C Issuer shall, on the
requested date, issue a Letter of Credit for the account of the Borrower or the applicable Borrower Subsidiary or enter into the applicable amendment, as the case may be, in each case in accordance with the L/C Issuer&#146;s usual and customary
business practices. Immediately upon the issuance of each Letter of Credit, each Lender shall be deemed to, and hereby irrevocably and unconditionally agrees to, purchase from the L/C Issuer a risk participation in such Letter of Credit in an amount
equal to the product of such Lender&#146;s Commitment Percentage times the amount of such Letter of Credit. </FONT></P> <P STYLE="margin-top:10px;margin-bottom:0px; margin-left:8%; text-indent:4%" ALIGN="justify"><FONT
STYLE="font-family:Times New Roman" SIZE="2">(c) If the Borrower so requests in any applicable Letter of Credit Application, the L/C Issuer may, in its sole and absolute discretion, agree to issue a Letter of Credit that has automatic extension
provisions (each, an &#147;<U>Auto-Extension Letter of Credit</U>&#148;); provided that any such Auto-Extension Letter of Credit must permit the L/C Issuer to prevent any such extension at least once in each twelve-month period (commencing with the
date of issuance of such Letter of Credit) by giving prior notice to the beneficiary thereof not later than a day (the&nbsp;&#147;<U>Non-Extension Notice Date</U>&#148;) in each such twelve-month period to be agreed upon at the time such Letter of
Credit is issued. Unless otherwise directed by the L/C Issuer, the Borrower shall not be required to make a specific request to the L/C Issuer for any such extension. Once an Auto-Extension Letter of Credit has been issued, the Lenders shall be
deemed to have authorized (but may not require) the L/C Issuer to permit the extension of such Letter of Credit at any time to an expiry date not later than the Letter of Credit Expiration Date unless all the Lenders have approved such later expiry
date, subject to <U>Section&nbsp;2.7.7</U>; <U>provided</U>, however, that the L/C Issuer shall not permit any such extension if (A)&nbsp;the L/C Issuer has determined that it would not be permitted, or would have no obligation, at such time to
issue such Letter of Credit in its revised form (as extended) under the terms hereof (by reason of the provisions of clause (ii)&nbsp;or (iii)&nbsp;of <U>Section&nbsp;2.7.1</U> or otherwise), or (B)&nbsp;it has received notice (which may be by
telephone or in writing) on or before the day that is five Business Days before the Non-Extension Notice Date (1)&nbsp;from the Administrative Agent that the Required Lenders have elected not to permit such extension or (2)&nbsp;from the
Administrative Agent, any Lender or the Borrower that one or more of the applicable conditions specified in <U>Section&nbsp;5.2</U> are not then satisfied, and in each such case directing the L/C Issuer not to permit such extension. </FONT></P>
<P STYLE="margin-top:10px;margin-bottom:0px; margin-left:8%; text-indent:4%" ALIGN="justify"><FONT STYLE="font-family:Times New Roman" SIZE="2">(d) If the Borrower so requests in any applicable Letter of Credit Application, the L/C Issuer may, in
its sole and absolute discretion, agree to issue a Letter of Credit that permits the automatic reinstatement of all or a portion of the stated amount thereof after any drawing thereunder (each, an &#147;<U>Auto-Reinstatement Letter of
Credit</U>&#148;). Unless otherwise directed by the L/C Issuer, the Borrower shall not be required to make a specific request to the L/C Issuer to permit such reinstatement. Once an Auto-Reinstatement Letter of Credit has been </FONT></P>
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 <P STYLE="margin-top:0px;margin-bottom:0px; margin-left:8%" ALIGN="justify"><FONT STYLE="font-family:Times New Roman" SIZE="2">issued, except as provided in the following sentence, the Lenders shall be
deemed to have authorized (but may not require) the L/C Issuer to reinstate all or a portion of the stated amount thereof in accordance with the provisions of such Letter of Credit. Notwithstanding the foregoing, if such Auto-Reinstatement Letter of
Credit permits the L/C Issuer to decline to reinstate all or any portion of the stated amount thereof after a drawing thereunder by giving notice of such non-reinstatement within a specified number of days after such drawing (the
&#147;<U>Non-Reinstatement Deadline</U>&#148;), the L/C Issuer shall not permit such reinstatement if it has received a notice (which may be by telephone or in writing) on or before the day that is five Business Days before the Non-Reinstatement
Deadline (A)&nbsp;from the Administrative Agent that the Required Lenders have elected not to permit such reinstatement or (B)&nbsp;from the Administrative Agent, any Lender or the Borrower that one or more of the applicable conditions specified in
<U>Section&nbsp;5.2</U> are not then satisfied (treating such reinstatement as an L/C Credit Extension for purposes of this clause) and, in each case, directing the L/C Issuer not to permit such reinstatement. </FONT></P>
<P STYLE="margin-top:10px;margin-bottom:0px; margin-left:8%; text-indent:4%" ALIGN="justify"><FONT STYLE="font-family:Times New Roman" SIZE="2">(e) Promptly after its delivery of any Letter of Credit or any amendment to a Letter of Credit to an
advising bank with respect thereto or to the beneficiary thereof, the L/C Issuer will also deliver to the Borrower and the Administrative Agent a true and complete copy of such Letter of Credit or amendment. </FONT></P>
<P STYLE="margin-top:10px;margin-bottom:0px; margin-left:4%; text-indent:4%" ALIGN="justify"><FONT STYLE="font-family:Times New Roman" SIZE="2">2.7.3 Drawings and Reimbursements; Funding of Participations. </FONT></P>
<P STYLE="margin-top:10px;margin-bottom:0px; margin-left:8%; text-indent:4%" ALIGN="justify"><FONT STYLE="font-family:Times New Roman" SIZE="2">(a) Upon receipt from the beneficiary of any Letter of Credit of any notice of a drawing under such
Letter of Credit, the L/C Issuer shall notify the Borrower and the Administrative Agent thereof. Not later than 11:00&nbsp;a.m. (Eastern Time) on the date of any payment by the L/C Issuer under a Letter of Credit (each such date, an &#147;<U>Honor
Date</U>&#148;), the Borrower shall reimburse the L/C Issuer through the Administrative Agent in an amount equal to the amount of such drawing. If the Borrower fails to so reimburse the L/C Issuer by such time, the Administrative Agent shall
promptly notify each Lender of the Honor Date, the amount of the unreimbursed drawing (the &#147;<U>Unreimbursed Amount</U>&#148;), and the amount of such Lender&#146;s Commitment Percentage thereof. In such event, the Borrower shall be deemed to
have requested a Base Rate Advance to be disbursed on the Honor Date in an amount equal to the Unreimbursed Amount, without regard to the minimum and multiples specified in <U>Section&nbsp;2.1</U> for the principal amount of the Loan, but subject to
the amount of the unutilized portion of the Total Commitment and the conditions set forth in <U>Section&nbsp;5.2</U>. Any notice given by the L/C Issuer or the Administrative Agent pursuant to this <U>Section&nbsp;2.7.3(a)</U> may be given by
telephone if immediately confirmed in writing; provided that the lack of such an immediate confirmation shall not affect the conclusiveness or binding effect of such notice. </FONT></P>
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 <P STYLE="margin-top:0px;margin-bottom:0px; margin-left:8%; text-indent:4%" ALIGN="justify"><FONT STYLE="font-family:Times New Roman" SIZE="2">(b) Each Lender shall upon any notice pursuant to
<U>Section&nbsp;2.7.3(a)</U> make funds available to the Administrative Agent for the account of the L/C Issuer at the Administrative Agent&#146;s Office in an amount equal to its Commitment Percentage of the Unreimbursed Amount not later than
1:00&nbsp;p.m. (Eastern Time) on the Business Day specified in such notice by the Administrative Agent, whereupon, subject to the provisions of <U>Section&nbsp;2.7.3(c)</U>, each Lender that so makes funds available shall be deemed to have made a
Base Rate Advance to the Borrower in such amount. The Administrative Agent shall remit the funds so received to the L/C Issuer. </FONT></P> <P STYLE="margin-top:10px;margin-bottom:0px; margin-left:8%; text-indent:4%" ALIGN="justify"><FONT
STYLE="font-family:Times New Roman" SIZE="2">(c) With respect to any Unreimbursed Amount that is not fully refinanced by a Loan Advance because the conditions set forth in <U>Section&nbsp;5.2</U> cannot be satisfied or for any other reason, the
Borrower shall be deemed to have incurred from the L/C Issuer an L/C Borrowing in the amount of the Unreimbursed Amount that is not so refinanced, which L/C Borrowing shall be due and payable on demand (together with interest) and shall bear
interest at the Default Rate. In such event, each Lender&#146;s payment to the Administrative Agent for the account of the L/C Issuer pursuant to <U>Section&nbsp;2.7.3(b)</U> shall be deemed payment in respect of its participation in such L/C
Borrowing and shall constitute an L/C Advance from such Lender in satisfaction of its participation obligation under this <U>Section&nbsp;2.7</U>. </FONT></P>
<P STYLE="margin-top:10px;margin-bottom:0px; margin-left:8%; text-indent:4%" ALIGN="justify"><FONT STYLE="font-family:Times New Roman" SIZE="2">(d) Until each Lender funds its Commitment Percentage of any Loan Advance or L/C Advance pursuant to this
<U>Section&nbsp;2.7.3</U> to reimburse the L/C Issuer for any amount drawn under any Letter of Credit, interest in respect of such Lender&#146;s Commitment Percentage of such amount shall be solely for the account of the L/C Issuer. </FONT></P>
<P STYLE="margin-top:10px;margin-bottom:0px; margin-left:8%; text-indent:4%" ALIGN="justify"><FONT STYLE="font-family:Times New Roman" SIZE="2">(e) Each Lender&#146;s obligation to make Loan Advances or L/C Advances to reimburse the L/C Issuer for
amounts drawn under Letters of Credit, as contemplated by this <U>Section&nbsp;2.7.3</U>, shall be absolute and unconditional and shall not be affected by any circumstance, including (A)&nbsp;any setoff, counterclaim, recoupment, defense or other
right which such Lender may have against the L/C Issuer, the Borrower or any other Person for any reason whatsoever; (B)&nbsp;the occurrence or continuance of a Default, or (C)&nbsp;any other occurrence, event or condition, whether or not similar to
any of the foregoing; provided, however, that each Lender&#146;s obligation to make Loan Advances pursuant to this <U>Section&nbsp;2.7.3</U> is subject to the conditions set forth in <U>Section&nbsp;5.2</U>. No such making of an L/C Advance shall
relieve or otherwise impair the obligation of the Borrower to reimburse the L/C Issuer for the amount of any payment made by the L/C Issuer under any Letter of Credit, together with interest as provided herein. </FONT></P>
<P STYLE="margin-top:10px;margin-bottom:0px; margin-left:8%; text-indent:4%" ALIGN="justify"><FONT STYLE="font-family:Times New Roman" SIZE="2">(f) If any Lender fails to make available to the Administrative Agent for the account of the L/C Issuer
any amount required to be paid by such Lender pursuant to the foregoing provisions of this <U>Section&nbsp;2.7.3</U> by the time specified in <U>Section&nbsp;2.7.3(b)</U>, the L/C Issuer shall be entitled to recover from such Lender (acting through
the Administrative Agent), on demand, such amount with interest thereon for the period from the date such payment is required to the date on which such payment is immediately available to the L/C Issuer at a rate per annum equal </FONT></P>
 <p STYLE="margin-top:0px;margin-bottom:0px"><FONT SIZE="1">&nbsp;</FONT></P> <P STYLE="margin-top:0px;margin-bottom:0px" ALIGN="center"><FONT STYLE="font-family:Times New Roman" SIZE="2">57 </FONT></P>



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 <P STYLE="margin-top:0px;margin-bottom:0px; margin-left:8%" ALIGN="justify"><FONT STYLE="font-family:Times New Roman" SIZE="2">to the greater of the Federal Funds Rate and a rate determined by the L/C
Issuer in accordance with banking industry rules on interbank compensation. A certificate of the L/C Issuer submitted to any Lender (through the Administrative Agent) with respect to any amounts owing under this clause (vi)&nbsp;shall be conclusive
absent manifest error. </FONT></P> <P STYLE="margin-top:10px;margin-bottom:0px; margin-left:4%; text-indent:4%" ALIGN="justify"><FONT STYLE="font-family:Times New Roman" SIZE="2">2.7.4 <U>Repayment of Participations.</U> </FONT></P>
<P STYLE="margin-top:10px;margin-bottom:0px; margin-left:8%; text-indent:4%" ALIGN="justify"><FONT STYLE="font-family:Times New Roman" SIZE="2">(a) At any time after the L/C Issuer has made a payment under any Letter of Credit and has received from
any Lender such Lender&#146;s L/C Advance in respect of such payment in accordance with <U>Section&nbsp;2.7.3</U>, if the Administrative Agent receives for the account of the L/C Issuer any payment in respect of the related Unreimbursed Amount or
interest thereon (whether directly from the Borrower or otherwise, including proceeds of Cash Collateral applied thereto by the Administrative Agent), the Administrative Agent will distribute to such Lender its Commitment Percentage thereof
(appropriately adjusted, in the case of interest payments, to reflect the period of time during which such Lender&#146;s L/C Advance was outstanding) in the same funds as those received by the Administrative Agent. </FONT></P>
<P STYLE="margin-top:10px;margin-bottom:0px; margin-left:8%; text-indent:4%" ALIGN="justify"><FONT STYLE="font-family:Times New Roman" SIZE="2">(b) If any payment received by the Administrative Agent for the account of the L/C Issuer pursuant to
<U>Section&nbsp;2.7.3(a)</U> is required to be returned under any of the provisions of this Agreement (including pursuant to any settlement entered into by the L/C Issuer in its discretion), each Lender shall pay to the Administrative Agent for the
account of the L/C Issuer its Commitment Percentage thereof on demand of the Administrative Agent, plus interest thereon from the date of such demand to the date such amount is returned by such Lender, at a rate per annum equal to the Federal Funds
Rate from time to time in effect. The obligations of the Lenders under this clause shall survive the payment in full of the Obligations and the termination of this Agreement. </FONT></P>
<P STYLE="margin-top:10px;margin-bottom:0px; margin-left:4%; text-indent:4%" ALIGN="justify"><FONT STYLE="font-family:Times New Roman" SIZE="2">2.7.5 <U>Obligations Absolute.</U> The obligation of the Borrower to reimburse the L/C Issuer for each
drawing under each Letter of Credit and to repay each L/C Borrowing shall be absolute, unconditional and irrevocable, and shall be paid strictly in accordance with the terms of this Agreement under all circumstances, including the following:
</FONT></P> <P STYLE="margin-top:10px;margin-bottom:0px; margin-left:8%; text-indent:4%" ALIGN="justify"><FONT STYLE="font-family:Times New Roman" SIZE="2">(a) Any lack of validity or enforceability of such Letter of Credit, this Agreement, or any
other Loan Document; </FONT></P> <P STYLE="margin-top:10px;margin-bottom:0px; margin-left:8%; text-indent:4%" ALIGN="justify"><FONT STYLE="font-family:Times New Roman" SIZE="2">(b) The existence of any claim, counterclaim, setoff, defense or other
right that the Borrower or any Borrower Subsidiary may have at any time against any beneficiary or any transferee of such Letter of Credit (or any Person for whom any such beneficiary or any such transferee may be acting), the L/C Issuer or any
other Person, whether in connection with this Agreement, the transactions contemplated hereby or by such Letter of Credit or any agreement or instrument relating thereto, or any unrelated transaction; </FONT></P>
 <p STYLE="margin-top:0px;margin-bottom:0px"><FONT SIZE="1">&nbsp;</FONT></P> <P STYLE="margin-top:0px;margin-bottom:0px" ALIGN="center"><FONT STYLE="font-family:Times New Roman" SIZE="2">58 </FONT></P>



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 <P STYLE="margin-top:0px;margin-bottom:0px; margin-left:8%; text-indent:4%" ALIGN="justify"><FONT STYLE="font-family:Times New Roman" SIZE="2">(c) Any draft, demand, certificate or other document
presented under such Letter of Credit proving to be forged, fraudulent, invalid or insufficient in any respect or any statement therein being untrue or inaccurate in any respect; or any loss or delay in the transmission or otherwise of any document
required in order to make a drawing under such Letter of Credit; </FONT></P> <P STYLE="margin-top:10px;margin-bottom:0px; margin-left:8%; text-indent:4%" ALIGN="justify"><FONT STYLE="font-family:Times New Roman" SIZE="2">(d) Any payment by the L/C
Issuer under such Letter of Credit against presentation of a draft or certificate that does not strictly comply with the terms of such Letter of Credit; or any payment made by the L/C Issuer under such Letter of Credit to any Person purporting to be
a trustee in bankruptcy, debtor-in-possession, assignee for the benefit of creditors, liquidator, receiver or other representative of or successor to any beneficiary or any transferee of such Letter of Credit, including any arising in connection
with any proceeding under any Debtor Relief Law; or </FONT></P> <P STYLE="margin-top:10px;margin-bottom:0px; margin-left:8%; text-indent:4%" ALIGN="justify"><FONT STYLE="font-family:Times New Roman" SIZE="2">(e) Any other circumstance or happening
whatsoever, whether or not similar to any of the foregoing, including any other circumstance that might otherwise constitute a defense available to, or a discharge of, the Borrower or any Borrower Subsidiary. </FONT></P>
<P STYLE="margin-top:10px;margin-bottom:0px; text-indent:4%" ALIGN="justify"><FONT STYLE="font-family:Times New Roman" SIZE="2">The Borrower shall promptly examine a copy of each Letter of Credit and each amendment thereto that is delivered to it
and, in the event of any claim of noncompliance with the Borrower&#146;s instructions or other irregularity, the Borrower will, immediately after discovery thereof, notify the L/C Issuer. The Borrower shall be conclusively deemed to have waived any
such claim against the L/C Issuer and its correspondents unless such notice is given as aforesaid. </FONT></P> <P STYLE="margin-top:10px;margin-bottom:0px; margin-left:4%; text-indent:4%" ALIGN="justify"><FONT
STYLE="font-family:Times New Roman" SIZE="2">2.7.6 <U>Role of L/C Issuer.</U> Each Lender and the Borrower agree that, in paying any drawing under a Letter of Credit, the L/C Issuer shall not have any responsibility to obtain any document (other
than any sight draft, certificates and documents expressly required by the Letter of Credit) or to ascertain or inquire as to the validity or accuracy of any such document or the authority of the Person executing or delivering any such document.
None of the L/C Issuer, the Administrative Agent, any of their respective Affiliates nor any correspondent, participant or assignee of the L/C Issuer shall be liable to any Lender for (i)&nbsp;any action taken or omitted in connection herewith at
the request or with the approval of the Lenders or the Required Lenders, as applicable; (ii)&nbsp;any action taken or omitted in the absence of gross negligence or willful misconduct; or (iii)&nbsp;the due execution, effectiveness, validity or
enforceability of any document or instrument related to any Letter of Credit or Issuer Document. The Borrower hereby assumes all risks of the acts or omissions of any beneficiary or transferee with respect to its use of any Letter of Credit;
provided, however, that this assumption is not intended to, and shall not, preclude the Borrower&#146;s pursuing such rights and remedies as it may have against the beneficiary or transferee at law or under any other agreement. None of the L/C
Issuer, the Administrative Agent, any of their respective Affiliates nor any correspondent, participant or assignee of the L/C Issuer shall be liable or responsible for any of the matters described in clauses&nbsp;(a) through (e)&nbsp;of
<U>Section&nbsp;2.7.5</U> provided, however, that anything in such clauses to the contrary notwithstanding, the Borrower may have a claim against the L/C Issuer, and the L/C Issuer may be liable to the Borrower, to </FONT></P>
 <p STYLE="margin-top:0px;margin-bottom:0px"><FONT SIZE="1">&nbsp;</FONT></P> <P STYLE="margin-top:0px;margin-bottom:0px" ALIGN="center"><FONT STYLE="font-family:Times New Roman" SIZE="2">59 </FONT></P>



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 <P STYLE="margin-top:0px;margin-bottom:0px; margin-left:4%" ALIGN="justify"><FONT STYLE="font-family:Times New Roman" SIZE="2">the extent, but only to the extent, of any direct, as opposed to
consequential or exemplary, damages suffered by the Borrower which the Borrower proves were caused by the L/C Issuer&#146;s willful misconduct or gross negligence or the L/C Issuer&#146;s willful failure to pay under any Letter of Credit after the
presentation to it by the beneficiary of a sight draft and certificate(s) strictly complying with the terms and conditions of a Letter of Credit. In furtherance and not in limitation of the foregoing, the L/C Issuer may accept documents that appear
on their face to be in order, without responsibility for further investigation, regardless of any notice or information to the contrary, and the L/C Issuer shall not be responsible for the validity or sufficiency of any instrument transferring or
assigning or purporting to transfer or assign a Letter of Credit or the rights or benefits thereunder or proceeds thereof, in whole or in part, which may prove to be invalid or ineffective for any reason. </FONT></P>
<P STYLE="margin-top:10px;margin-bottom:0px; margin-left:4%; text-indent:4%" ALIGN="justify"><FONT STYLE="font-family:Times New Roman" SIZE="2">2.7.7 <U>Cash Collateral.</U> Upon the request of the Administrative Agent, (i)&nbsp;if the L/C Issuer
has honored any full or partial drawing request under any Letter of Credit and such drawing has resulted in an L/C Borrowing, or (ii)&nbsp;if, as of the Letter of Credit Expiration Date, any L/C Obligation for any reason remains outstanding, the
Borrower shall, in each case, immediately Cash Collateralize the then Outstanding Amount of all L/C Obligations. For purposes of this Agreement, &#147;<U>Cash Collateralize</U>&#148; means to pledge and deposit with or deliver to the Administrative
Agent, for the benefit of the L/C Issuer and the Lenders, as collateral for the L/C Obligations, cash or deposit account balances (the &#147;<U>Cash Collateral</U>&#148;) pursuant to documentation in form and substance satisfactory to the
Administrative Agent and the L/C Issuer (which documents are hereby consented to by the Lenders). Derivatives of such term have corresponding meanings. The Borrower hereby grants to the Administrative Agent, for the benefit of the L/C Issuer and the
Lenders, a security interest in all such Cash Collateral and all proceeds of the foregoing. Cash Collateral shall be maintained in blocked, non-interest bearing deposit accounts at KeyBank. </FONT></P>
<P STYLE="margin-top:10px;margin-bottom:0px; margin-left:4%; text-indent:4%" ALIGN="justify"><FONT STYLE="font-family:Times New Roman" SIZE="2">2.7.8 <U>Applicability of ISP.</U> Unless otherwise expressly agreed by the L/C Issuer and the Borrower
when a Letter of Credit is issued (including any such agreement applicable to an Existing Letter of Credit), the rules of the ISP shall apply to each standby Letter of Credit. </FONT></P>
<P STYLE="margin-top:10px;margin-bottom:0px; margin-left:4%; text-indent:4%" ALIGN="justify"><FONT STYLE="font-family:Times New Roman" SIZE="2">2.7.9 <U>Letter of Credit Fees.</U> The Borrower shall pay to the Administrative Agent for the account of
each Lender in accordance with its Commitment Percentage an annual Letter of Credit fee (the &#147;<U>Letter of Credit Fee</U>&#148;) for each standby Letter of Credit equal to the Applicable Margin for LIBO Rate Advances times the maximum stated
amount available to be drawn under such Letter of Credit. For purposes of computing the daily amount available to be drawn under any Letter of Credit, the amount of such Letter of Credit shall be determined in accordance with
<U>Section&nbsp;2.7.13</U>. Letter of Credit Fees shall be (i)&nbsp;computed on a quarterly basis in arrears and (ii)&nbsp;due and payable on the first Business Day after the end of each March, June, September&nbsp;and December, commencing with the
first such date to occur after the issuance of such Letter of Credit and on the Letter of Credit Expiration Date. The first and last payments of such Letter of Credit fee are to be prorated based upon the partial calendar quarters to which they
apply. If there is any change in the Applicable Margin for LIBO Rate Advances during any quarter, the </FONT></P>
 <p STYLE="margin-top:0px;margin-bottom:0px"><FONT SIZE="1">&nbsp;</FONT></P> <P STYLE="margin-top:0px;margin-bottom:0px" ALIGN="center"><FONT STYLE="font-family:Times New Roman" SIZE="2">60 </FONT></P>



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 <P STYLE="margin-top:0px;margin-bottom:0px; margin-left:4%" ALIGN="justify"><FONT STYLE="font-family:Times New Roman" SIZE="2">daily amount available to be drawn under each standby Letter of Credit shall
be computed and multiplied by the Applicable Margin for LIBO Rate Advances separately for each period during such quarter that such Applicable Rate was in effect. Notwithstanding anything to the contrary contained herein, upon the request of the
Required Lenders, while any Event of Default exists, all Letter of Credit Fees shall accrue at the Default Rate. </FONT></P> <P STYLE="margin-top:10px;margin-bottom:0px; margin-left:4%; text-indent:4%" ALIGN="justify"><FONT
STYLE="font-family:Times New Roman" SIZE="2">2.7.10 <U>Fronting Fee and Documentary and Processing Charges Payable to L/C Issuer.</U> The Borrower shall pay directly to the L/C Issuer for its own account a fronting fee with respect to each Letter of
Credit, equal to the greater of (i)&nbsp;one eighth of one percent (.125%) per annum, computed on the maximum stated amount of such Letter of Credit or (ii)&nbsp;$500. Such fronting fee shall be due and payable at such time as the Letter of Credit
is issued. For purposes of computing the maximum stated amount available to be drawn under any Letter of Credit, the amount of such Letter of Credit shall be determined in accordance with <U>Section&nbsp;2.7.13</U>. In addition, the Borrower shall
pay directly to the L/C Issuer for its own account the customary issuance, presentation, amendment and other processing fees, and other standard costs and charges, of the L/C Issuer relating to letters of credit as from time to time in effect. Such
customary fees and standard costs and charges are due and payable on demand and are nonrefundable. </FONT></P> <P STYLE="margin-top:10px;margin-bottom:0px; margin-left:4%; text-indent:4%" ALIGN="justify"><FONT
STYLE="font-family:Times New Roman" SIZE="2">2.7.11 <U>Conflict with Issuer Documents.</U> In the event of any conflict between the terms hereof and the terms of any Issuer Document, the terms hereof shall control. </FONT></P>
<P STYLE="margin-top:10px;margin-bottom:0px; margin-left:4%; text-indent:4%" ALIGN="justify"><FONT STYLE="font-family:Times New Roman" SIZE="2">2.7.12 <U>Letters of Credit Issued for Borrower Subsidiaries.</U> Notwithstanding that a Letter of Credit
issued or outstanding hereunder is in support of any obligations of, or is for the account of, a Borrower Subsidiary, the Borrower shall be obligated to reimburse the L/C Issuer hereunder for any and all drawings under such Letter of Credit. The
Borrower hereby acknowledges that the issuance of Letters of Credit for the account of Borrower Subsidiaries inures to the benefit of the Borrower, and that the Borrower&#146;s business derives substantial benefits from the businesses of such
Borrower Subsidiaries. </FONT></P> <P STYLE="margin-top:10px;margin-bottom:0px; margin-left:4%; text-indent:4%" ALIGN="justify"><FONT STYLE="font-family:Times New Roman" SIZE="2">2.7.13 <U>Amount.</U> Unless otherwise specified herein, the amount of
a Letter of Credit at any time shall be deemed to be the stated amount of such Letter of Credit in effect at such time; <U>provided</U>, <U>however</U>, that with respect to any Letter of Credit that, by its terms or the terms of any Issuer Document
related thereto, provides for one or more automatic increases in the stated amount thereof, the amount of such Letter of Credit shall be deemed to be the maximum stated amount of such Letter of Credit after giving effect to all such increases,
whether or not such maximum stated amount is in effect at such time. </FONT></P> <P STYLE="margin-top:10px;margin-bottom:0px; text-indent:4%" ALIGN="justify"><FONT STYLE="font-family:Times New Roman" SIZE="2"><B>2.8 <U>Taxes.</U></B> </FONT></P>
<P STYLE="margin-top:10px;margin-bottom:0px; margin-left:4%; text-indent:4%" ALIGN="justify"><FONT STYLE="font-family:Times New Roman" SIZE="2">2.8.1 <U>Payments Free of Taxes; Obligation to Withhold; Payments on Account of Taxes.</U> </FONT></P>
 <p STYLE="margin-top:0px;margin-bottom:0px"><FONT SIZE="1">&nbsp;</FONT></P> <P STYLE="margin-top:0px;margin-bottom:0px" ALIGN="center"><FONT STYLE="font-family:Times New Roman" SIZE="2">61 </FONT></P>



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 <P STYLE="margin-top:0px;margin-bottom:0px; margin-left:8%; text-indent:4%" ALIGN="justify"><FONT STYLE="font-family:Times New Roman" SIZE="2">(a) Any and all payments by or on account of any obligation
of the Borrower hereunder or under any other Loan Document shall, to the extent permitted by applicable Laws, be made free and clear of and without reduction or withholding for any Taxes. If, however, applicable Laws require the Borrower or the
Administrative Agent to withhold or deduct any Tax, such Tax shall be withheld or deducted in accordance with such Laws as determined by the Borrower or the Administrative Agent, as the case may be, upon the basis of the information and
documentation to be delivered pursuant to <U>Section&nbsp;2.8.5</U> below. </FONT></P> <P STYLE="margin-top:10px;margin-bottom:0px; margin-left:8%; text-indent:4%" ALIGN="justify"><FONT STYLE="font-family:Times New Roman" SIZE="2">(b) If the
Borrower or the Administrative Agent shall be required by the Code to withhold or deduct any Taxes, including both United States Federal backup withholding and withholding taxes, from any payment, then (A)&nbsp;the Administrative Agent shall
withhold or make such deductions as are determined by the Administrative Agent to be required based upon the information and documentation it has received pursuant to <U>Section&nbsp;2.8.5</U> below (unless the Administrative Agent is not a
&#147;United States person&#148; within the meaning of Section&nbsp;7701(a)(30) of the Code, in which case Borrower shall withhold or make such deductions as are determined by the Borrower to be required based on the information and documentation it
has received pursuant to <U>Section&nbsp;2.8.5</U> below), (B)&nbsp;the Administrative Agent shall timely pay the full amount withheld or deducted to the relevant Governmental Authority in accordance with the Code (unless the Administrative Agent is
not a &#147;United States person&#148; within the meaning of Section&nbsp;7701(a)(30) of the Code, in which case Borrower shall timely pay the full amount withheld and deducted to the relevant Governmental Authority in accordance with the Code), and
(C)&nbsp;to the extent that the withholding or deduction is made on account of Indemnified Taxes or Other Taxes, the sum payable by the Borrower shall be increased as necessary so that after any required withholding or the making of all required
deductions (including deductions applicable to additional sums payable under this Section) the Administrative Agent, Lender or L/C Issuer, as the case may be, receives an amount equal to the sum it would have received had no such withholding or
deduction been made. </FONT></P> <P STYLE="margin-top:10px;margin-bottom:0px; margin-left:4%; text-indent:4%" ALIGN="justify"><FONT STYLE="font-family:Times New Roman" SIZE="2">2.8.2 <U>Payment of Other Taxes by the Borrower.</U> Without limiting
the provisions of <U>Section&nbsp;2.7.1</U> above, the Borrower shall timely pay any Other Taxes to the relevant Governmental Authority in accordance with applicable Laws. </FONT></P>
<P STYLE="margin-top:10px;margin-bottom:0px; margin-left:4%; text-indent:4%" ALIGN="justify"><FONT STYLE="font-family:Times New Roman" SIZE="2">2.8.3 <U>Tax Indemnifications.</U> </FONT></P>
<P STYLE="margin-top:10px;margin-bottom:0px; margin-left:8%; text-indent:4%" ALIGN="justify"><FONT STYLE="font-family:Times New Roman" SIZE="2">(a) Without limiting the provisions of <U>Sections 2.8.1</U> or <U>2.8.2</U> above, the Borrower shall,
and does hereby, indemnify the Administrative Agent, each Lender and the L/C Issuer, and shall make payment in respect thereof within 20 days after written demand therefor, for the full amount of any Indemnified Taxes or Other Taxes (including
Indemnified Taxes or Other Taxes imposed or asserted on or attributable to amounts payable under this Section) withheld or deducted by the Borrower or the Administrative Agent or paid by the Administrative Agent, such Lender or the L/C Issuer, as
the case may be, and any penalties, interest and reasonable expenses arising therefrom or with respect thereto, whether or not such Indemnified Taxes or Other Taxes were correctly or legally imposed or asserted by the relevant Governmental
Authority. The Borrower shall also, and does </FONT></P>
 <p STYLE="margin-top:0px;margin-bottom:0px"><FONT SIZE="1">&nbsp;</FONT></P> <P STYLE="margin-top:0px;margin-bottom:0px" ALIGN="center"><FONT STYLE="font-family:Times New Roman" SIZE="2">62 </FONT></P>



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 <P STYLE="margin-top:0px;margin-bottom:0px; margin-left:8%" ALIGN="justify"><FONT STYLE="font-family:Times New Roman" SIZE="2">hereby, indemnify the Administrative Agent, and shall make payment in
respect thereof within twenty (20)&nbsp;days after written demand therefor, for any amount which a Lender or the L/C Issuer for any reason fails to pay indefeasibly to the Administrative Agent as required by clause (b)&nbsp;of this subsection. A
certificate as to the amount of any such payment or liability delivered to the Borrower by a Lender or the L/C Issuer (with a copy to the Administrative Agent), or by the Administrative Agent on its own behalf or on behalf of a Lender or the L/C
Issuer, shall be conclusive absent manifest error. </FONT></P> <P STYLE="margin-top:10px;margin-bottom:0px; margin-left:8%; text-indent:4%" ALIGN="justify"><FONT STYLE="font-family:Times New Roman" SIZE="2">(b) Without limiting the provisions of
<U>Sections 2.8.1</U> or <U>2.8.2</U> above, each Lender and the L/C Issuer shall, and does hereby, indemnify the Borrower and the Administrative Agent, and shall make payment in respect thereof within twenty (20)&nbsp;days after written demand
therefor, against any and all Taxes and any and all related losses, claims, liabilities, penalties, interest and expenses (including the fees, charges and disbursements of any counsel for the Borrower or the Administrative Agent) incurred by or
asserted against the Borrower or the Administrative Agent by any Governmental Authority as a result of the failure by such Lender or the L/C Issuer, as the case may be, to deliver, or as a result of the inaccuracy, inadequacy or deficiency of, any
documentation required to be delivered by such Lender or the L/C Issuer, as the case may be, to the Borrower or the Administrative Agent pursuant to <U>Section&nbsp;2.8.5</U>. Each Lender and the L/C Issuer hereby authorizes the Administrative Agent
to set off and apply any and all amounts at any time owing to such Lender or the L/C Issuer, as the case may be, under this Agreement or any other Loan Document against any amount due to the Administrative Agent under this clause (b). The agreements
in this clause (b)&nbsp;shall survive the resignation and/or replacement of the Administrative Agent, any assignment of rights by, or the replacement of, a Lender or the L/C Issuer, the termination of the Commitments and the repayment, satisfaction
or discharge of all other Obligations. </FONT></P> <P STYLE="margin-top:10px;margin-bottom:0px; margin-left:4%; text-indent:4%" ALIGN="justify"><FONT STYLE="font-family:Times New Roman" SIZE="2">2.8.4 <U>Evidence of Payments.</U> Upon request by the
Borrower or the Administrative Agent, as the case may be, after any payment of Taxes by the Borrower or the Administrative Agent to a Governmental Authority as provided in this <U>Section&nbsp;2.8</U>, the Borrower shall deliver to the
Administrative Agent or the Administrative Agent shall deliver to the Borrower, as the case may be, the original or a certified copy of a receipt issued by such Governmental Authority evidencing such payment, a copy of any return required by Law to
report such payment or other evidence of such payment reasonably satisfactory to the Borrower or the Administrative Agent, as the case may be. </FONT></P> <P STYLE="margin-top:10px;margin-bottom:0px; margin-left:4%; text-indent:4%" ALIGN="justify"><FONT
STYLE="font-family:Times New Roman" SIZE="2">2.8.5 <U>Status of Lenders; Tax Documentation.</U> </FONT></P>
<P STYLE="margin-top:10px;margin-bottom:0px; margin-left:8%; text-indent:4%" ALIGN="justify"><FONT STYLE="font-family:Times New Roman" SIZE="2">(a) Each Lender shall deliver to the Borrower and to the Administrative Agent, at the time or times
prescribed by applicable Laws or when reasonably requested by the Borrower or the Administrative Agent, such properly completed and executed documentation prescribed by applicable Laws or by the taxing authorities of any jurisdiction and such other
reasonably requested information as will permit the Borrower or the Administrative Agent, as the case </FONT></P>
 <p STYLE="margin-top:0px;margin-bottom:0px"><FONT SIZE="1">&nbsp;</FONT></P> <P STYLE="margin-top:0px;margin-bottom:0px" ALIGN="center"><FONT STYLE="font-family:Times New Roman" SIZE="2">63 </FONT></P>



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 <P STYLE="margin-top:0px;margin-bottom:0px; margin-left:8%" ALIGN="justify"><FONT STYLE="font-family:Times New Roman" SIZE="2">may be, to determine (A)&nbsp;whether or not payments made hereunder or
under any other Loan Document are subject to Taxes, (B)&nbsp;if applicable, the required rate of withholding or deduction, and (C)&nbsp;such Lender&#146;s entitlement to any available exemption from, or reduction of, applicable Taxes in respect of
all payments to be made to such Lender by the Borrower pursuant to this Agreement or otherwise to establish such Lender&#146;s status for withholding tax purposes in the applicable jurisdiction. </FONT></P>
<P STYLE="margin-top:10px;margin-bottom:0px; margin-left:8%; text-indent:4%" ALIGN="justify"><FONT STYLE="font-family:Times New Roman" SIZE="2">(b) Without limiting the generality of the foregoing, if the Borrower is resident for tax purposes in the
United States, </FONT></P> <P STYLE="margin-top:10px;margin-bottom:0px; margin-left:13%; text-indent:4%" ALIGN="justify"><FONT STYLE="font-family:Times New Roman" SIZE="2">(i) Any Lender that is a &#147;United States person&#148; within the meaning
of Section&nbsp;7701(a)(30) of the Code shall deliver to the Borrower and the Administrative Agent executed originals of Internal Revenue Service Form W-9 or such other documentation or information prescribed by applicable Laws or reasonably
requested by the Borrower or the Administrative Agent as will enable the Borrower or the Administrative Agent, as the case may be, to determine whether or not such Lender is subject to backup withholding or information reporting requirements; and
</FONT></P> <P STYLE="margin-top:10px;margin-bottom:0px; margin-left:13%; text-indent:4%" ALIGN="justify"><FONT STYLE="font-family:Times New Roman" SIZE="2">(ii) Each Foreign Lender that is entitled under the Code or any applicable treaty to an
exemption from or reduction of withholding tax with respect to payments hereunder or under any other Loan Document shall deliver to the Borrower and the Administrative Agent (in such number of copies as shall be requested by the recipient) on or
prior to the date on which such Foreign Lender becomes a Lender under this Agreement (and from time to time thereafter upon the request of the Borrower or the Administrative Agent, but only if such Foreign Lender is legally entitled to do so),
whichever of the following is applicable: </FONT></P> <P STYLE="margin-top:10px;margin-bottom:0px; margin-left:17%; text-indent:4%" ALIGN="justify"><FONT STYLE="font-family:Times New Roman" SIZE="2">(A) Executed originals of Internal Revenue Service
Form W-8BEN claiming eligibility for benefits of an income tax treaty to which the United States is a party, </FONT></P> <P STYLE="margin-top:10px;margin-bottom:0px; margin-left:17%; text-indent:4%" ALIGN="justify"><FONT
STYLE="font-family:Times New Roman" SIZE="2">(B) Executed originals of Internal Revenue Service Form W-8ECI, </FONT></P> <P STYLE="margin-top:10px;margin-bottom:0px; margin-left:17%; text-indent:4%" ALIGN="justify"><FONT
STYLE="font-family:Times New Roman" SIZE="2">(C) Executed originals of Internal Revenue Service Form W-8IMY and all required supporting documentation, </FONT></P>
<P STYLE="margin-top:10px;margin-bottom:0px; margin-left:17%; text-indent:4%" ALIGN="justify"><FONT STYLE="font-family:Times New Roman" SIZE="2">(D) In the case of a Foreign Lender claiming the benefits of the exemption for portfolio interest under
section 881(c) of the Code, (x)&nbsp;a certificate to the effect that such Foreign Lender is not (A)&nbsp;a &#147;bank&#148; within the meaning of section 881(c)(3)(A) of the Code, (B)&nbsp;a &#147;10 percent shareholder&#148; of the Borrower within
the meaning of section 881(c)(3)(B) of the Code, or (C)&nbsp;a &#147;controlled foreign corporation&#148; described in section 881(c)(3)(C) of the Code and (y)&nbsp;executed originals of Internal Revenue Service Form W-8BEN, or </FONT></P>
 <p STYLE="margin-top:0px;margin-bottom:0px"><FONT SIZE="1">&nbsp;</FONT></P> <P STYLE="margin-top:0px;margin-bottom:0px" ALIGN="center"><FONT STYLE="font-family:Times New Roman" SIZE="2">64 </FONT></P>



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 <P STYLE="margin-top:0px;margin-bottom:0px; margin-left:17%; text-indent:4%" ALIGN="justify"><FONT STYLE="font-family:Times New Roman" SIZE="2">(E) Executed originals of any other form prescribed by
applicable Laws as a basis for claiming exemption from or a reduction in United States Federal withholding tax together with such supplementary documentation as may be prescribed by applicable Laws to permit the Borrower or the Administrative Agent
to determine the withholding or deduction required to be made. </FONT></P> <P STYLE="margin-top:10px;margin-bottom:0px; margin-left:8%; text-indent:4%" ALIGN="justify"><FONT STYLE="font-family:Times New Roman" SIZE="2">(c) If a payment made to a
Lender under any Loan Document would be subject to U.S. federal withholding Tax imposed by FATCA if such Lender were to fail to comply with the applicable reporting requirements of FATCA (including those contained in Section&nbsp;1471(b) or 1472(b)
of the Code, as applicable), such Lender shall deliver to the Borrower and the Administrative Agent at the time or times prescribed by law and at such time or times reasonably requested by the Borrower or the Administrative Agent such documentation
prescribed by applicable law (including as prescribed by Section&nbsp;1471(b)(3)(C)(i) of the Code) and such additional documentation reasonably requested by the Borrower or the Administrative Agent as may be necessary for the Borrower and the
Administrative Agent to comply with their obligations under FATCA and to determine that such Lender has complied with such Lender&#146;s obligations under FATCA or to determine the amount to deduct and withhold from such payment. Solely for purposes
of this Section&nbsp;2.8.5(c), &#147;FATCA&#148; shall include any amendments made to FATCA after the date of this Agreement. </FONT></P> <P STYLE="margin-top:10px;margin-bottom:0px; margin-left:8%; text-indent:4%" ALIGN="justify"><FONT
STYLE="font-family:Times New Roman" SIZE="2">(d) Each Lender shall promptly (A)&nbsp;notify the Borrower and the Administrative Agent of any change in circumstances which would modify or render invalid any claimed exemption or reduction, and
(B)&nbsp;take such steps as shall not be materially disadvantageous to it, in the reasonable judgment of such Lender, and as may be reasonably necessary (including the re-designation of its Lending Office) to avoid any requirement of applicable Laws
of any jurisdiction that the Borrower or the Administrative Agent make any withholding or deduction for taxes from amounts payable to such Lender. </FONT></P>
<P STYLE="margin-top:10px;margin-bottom:0px; margin-left:4%; text-indent:4%" ALIGN="justify"><FONT STYLE="font-family:Times New Roman" SIZE="2">2.8.6 <U>Treatment of Certain Refunds.</U> Unless required by applicable Laws, at no time shall the
Administrative Agent have any obligation to file for or otherwise pursue on behalf of a Lender or the L/C Issuer, or have any obligation to pay to any Lender or the L/C Issuer, any refund of Taxes withheld or deducted from funds paid for the account
of such Lender or the L/C Issuer, as the case may be. If the Administrative Agent, any Lender or the L/C Issuer determines, in its sole discretion, that it has received a refund of any Taxes or Other Taxes as to which it has been indemnified by the
Borrower or with respect to which the Borrower has paid additional amounts pursuant to this Section, it shall pay to the Borrower an amount equal to such refund (but only to the extent of indemnity payments made, or additional amounts paid, by the
Borrower under this Section with respect to the Taxes or Other Taxes giving rise to such refund), net of all </FONT></P>
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 <P STYLE="margin-top:0px;margin-bottom:0px; margin-left:4%" ALIGN="justify"><FONT STYLE="font-family:Times New Roman" SIZE="2">reasonable out-of-pocket expenses actually incurred by the Administrative
Agent, such Lender or the L/C Issuer, as the case may be, and without interest (other than any interest paid by the relevant Governmental Authority with respect to such refund), <U>provided</U> that the Borrower, upon the request of the
Administrative Agent, such Lender or the L/C Issuer, agrees to repay the amount paid over to the Borrower (plus any penalties, interest or other charges imposed by the relevant Governmental Authority) to the Administrative Agent, such Lender or the
L/C Issuer in the event the Administrative Agent, such Lender or the L/C Issuer is required to repay such refund to such Governmental Authority. This Section shall not be construed to require the Administrative Agent, any Lender or the L/C Issuer to
make available its tax returns (or any other information relating to its taxes that it deems confidential) to the Borrower or any other Person. </FONT></P> <P STYLE="margin-top:10px;margin-bottom:0px" ALIGN="justify"><FONT
STYLE="font-family:Times New Roman" SIZE="2"><B>3. <U>SECURITY FOR THE LOAN; LOAN AND SECURITY DOCUMENTS.</U></B> </FONT></P> <P STYLE="margin-top:10px;margin-bottom:0px; text-indent:4%" ALIGN="justify"><FONT
STYLE="font-family:Times New Roman" SIZE="2"><B>3.1 <U>Security.</U></B> The Loan together with interest thereon and all other charges and amounts payable by, and all other obligations of, the Borrower to the Administrative Agent and/or each of the
Lenders, whenever incurred, direct or indirect, absolute or contingent, arising under or with respect to this Agreement, the Security Documents, or any other Loan Document, together with all other Obligations, shall be secured by the following
collateral (the &#147;<U>Collateral</U>&#148;) which the Borrower agrees to provide and maintain, or cause to be provided and maintained (whether provided for each in separate agreements or combined with various other agreements): </FONT></P>
<P STYLE="margin-top:10px;margin-bottom:0px; margin-left:4%; text-indent:4%" ALIGN="justify"><FONT STYLE="font-family:Times New Roman" SIZE="2">3.1.1 <U>Mortgage/Deed of Trust and Security Agreement.</U> </FONT></P>
<P STYLE="margin-top:10px;margin-bottom:0px; margin-left:8%; text-indent:4%" ALIGN="justify"><FONT STYLE="font-family:Times New Roman" SIZE="2">(a) A first priority mortgage/deed of trust/deed to secure debt (as applicable) and security agreement
(individually and collectively, the&nbsp;&#147;<U>Mortgage</U>&#148;) in the form of <U>Exhibit K</U> granted by each Borrowing Base Property Owner to the Administrative Agent or a trustee on behalf of the Administrative Agent, as applicable, for
the ratable benefit of the Lenders, on (i)&nbsp;each Collateral Property, (ii)&nbsp;all land, improvements, furniture, fixtures, equipment, and other assets (including, without limitation, property management agreements, contracts, contract rights,
accounts, Licenses and Permits and general intangibles), including all after-acquired property, owned, or in which each Borrowing Base Property Owner has or obtains any interest, in connection with each Collateral Property; (iii)&nbsp;all insurance
proceeds and other proceeds therefrom, and (iv)&nbsp;all other assets of each Borrowing Base Property Owner, whether now owned or hereafter acquired and related to each Collateral Property. </FONT></P>
<P STYLE="margin-top:10px;margin-bottom:0px; margin-left:8%; text-indent:4%" ALIGN="justify"><FONT STYLE="font-family:Times New Roman" SIZE="2">(b) Each Mortgage shall secure the payment and performance of the Obligations. </FONT></P>
<P STYLE="margin-top:10px;margin-bottom:0px; margin-left:8%; text-indent:4%" ALIGN="justify"><FONT STYLE="font-family:Times New Roman" SIZE="2">(c) At the option of the Administrative Agent, each Mortgage shall be either (x)&nbsp;a first priority
mortgage/deed of trust (as applicable) and security agreement granted by the applicable Borrowing Base Property Owner to the Administrative Agent or a trustee on behalf of the Administrative Agent, as applicable, on behalf of the Lenders, or
(y)&nbsp;an amendment, restatement and consolidation of a first priority mortgage/deed of trust (as applicable) and security agreement acquired by the Administrative Agent, for the ratable benefit of the Lenders, with proceeds of a Loan Advance.
</FONT></P>
 <p STYLE="margin-top:0px;margin-bottom:0px"><FONT SIZE="1">&nbsp;</FONT></P> <P STYLE="margin-top:0px;margin-bottom:0px" ALIGN="center"><FONT STYLE="font-family:Times New Roman" SIZE="2">66 </FONT></P>



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 <P STYLE="margin-top:0px;margin-bottom:0px; margin-left:8%; text-indent:4%" ALIGN="justify"><FONT STYLE="font-family:Times New Roman" SIZE="2">(d) In the event that in connection with the granting of any
Mortgage on a Borrowing Base Property, the Administrative Agent, for the ratable benefit of the Lenders, purchases by assignment an existing mortgage loan or loans on such Borrowing Base Property, the Borrower represents, warrants, covenants and
agrees as follows: </FONT></P> <P STYLE="margin-top:10px;margin-bottom:0px; margin-left:13%; text-indent:4%" ALIGN="justify"><FONT STYLE="font-family:Times New Roman" SIZE="2">(i) The request for the Administrative Agent to purchase by assignment
such loan or loan shall constitute a representation and warranty by the Borrower that (A)&nbsp;all signatures by the Borrower, any Borrower Subsidiary and, to the best of the Borrower&#146;s knowledge, all other Persons on the assigned promissory
note, mortgage, and all other documents, instruments, and agreements executed in connection therewith are genuine, (B)&nbsp;such documents, together with any other documents or instruments supplied by the Borrower to the Administrative Agent, sets
forth the entire agreement with respect to the loan arrangement evidenced thereby, and (C)&nbsp;the applicable Borrowing Base Property Owner is absolutely and unconditionally indebted under said documents and does not have any offsets, defenses, or
counterclaims thereunder, or otherwise against the lender thereunder, or any predecessor in interest to such lender; </FONT></P> <P STYLE="margin-top:10px;margin-bottom:0px; margin-left:13%; text-indent:4%" ALIGN="justify"><FONT
STYLE="font-family:Times New Roman" SIZE="2">(ii) The Borrower waives, on its own behalf and on behalf of CRT and the Loan Parties, any offsets, defenses or counterclaims that exist or may have existed with respect to such assigned loan arrangement
and assigned documents; and </FONT></P> <P STYLE="margin-top:10px;margin-bottom:0px; margin-left:13%; text-indent:4%" ALIGN="justify"><FONT STYLE="font-family:Times New Roman" SIZE="2">(iii) The Borrower shall cause to be delivered to the
Administrative Agent such documents, instruments and agreements as the Administrative Agent shall reasonably require in order to evidence and effectuate such assignment and the terms and conditions hereof. </FONT></P>
<P STYLE="margin-top:10px;margin-bottom:0px; margin-left:4%; text-indent:4%" ALIGN="justify"><FONT STYLE="font-family:Times New Roman" SIZE="2">3.1.2 <U>Collateral Assignment of Leases and Rents.</U> A first priority collateral assignment of leases
and rents (individually and collectively, the &#147;<U>Assignment of Leases and Rents</U>&#148;) granted by each Borrowing Base Property Owner to the Administrative Agent, for the ratable benefit of the Lenders, with respect to all Leases of each
Collateral Property and all income and profits to be derived from the operation and leasing of each Collateral Property in substantially the form of <U>Exhibit L</U>. </FONT></P>
<P STYLE="margin-top:10px;margin-bottom:0px; margin-left:4%; text-indent:4%" ALIGN="justify"><FONT STYLE="font-family:Times New Roman" SIZE="2">3.1.3 <U>Collateral Assignment of Contracts.</U> A first priority collateral assignment and security
agreement granted by each Borrowing Base Property Owner to the Administrative Agent, for the ratable benefit of the Lenders, with respect to all Licenses and Permits and all contracts, agreements and warranties now owned or hereafter acquired by
each Collateral Property Owner and related in any manner to each Collateral Property in substantially the form of <U>Exhibit M</U> (individually and collectively, the &#147;<U>Collateral Assignment of Contract</U>&#148;). </FONT></P>
 <p STYLE="margin-top:0px;margin-bottom:0px"><FONT SIZE="1">&nbsp;</FONT></P> <P STYLE="margin-top:0px;margin-bottom:0px" ALIGN="center"><FONT STYLE="font-family:Times New Roman" SIZE="2">67 </FONT></P>



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 <P STYLE="margin-top:0px;margin-bottom:0px; margin-left:4%; text-indent:4%" ALIGN="justify"><FONT STYLE="font-family:Times New Roman" SIZE="2">3.1.4 <U>Guaranties.</U> The unconditional, continuing
guaranty (individually and collectively the &#147;<U>Guaranty</U>&#148;) from each Guarantor, pursuant to which each Guarantor shall guaranty the prompt, punctual, and faithful payment of the Loan and the performance of all Borrower&#146;s other
Obligations to the Administrative Agent and each of the Lenders under the Loan Documents in substantially the form of <U>Exhibit G</U>, which shall include each Borrowing Base Property Owner and each direct owner of the equity in a Borrowing Base
Property Owner (other than the Borrower). </FONT></P> <P STYLE="margin-top:10px;margin-bottom:0px; margin-left:4%; text-indent:4%" ALIGN="justify"><FONT STYLE="font-family:Times New Roman" SIZE="2">3.1.5 <U>Environmental Compliance and
Indemnification Agreement.</U> A compliance and indemnification agreement with respect to environmental matters (individually and collectively the &#147;<U>Environmental Indemnity Agreement</U>&#148;) from the Borrower, CRT and each Guarantor in
favor of the Administrative Agent and each of the Lenders in substantially the form of <U>Exhibit H</U>. </FONT></P> <P STYLE="margin-top:10px;margin-bottom:0px; margin-left:4%; text-indent:4%" ALIGN="justify"><FONT
STYLE="font-family:Times New Roman" SIZE="2">3.1.6 <U>Ownership Interest and Inter-Company Loan Pledge.</U> A first priority pledge granted by the Borrower (or any Affiliate of the Borrower who directly owns equity in a Borrowing Base Property
Owner) to the Administrative Agent, for the ratable benefit of the Lenders, with respect to (i)&nbsp;the one-hundred (100%)&nbsp;percent ownership interest in each Borrowing Base Property Owner and (ii)&nbsp;any inter-company obligations from time
to time due from any Borrowing Base Property Owner to the Borrower (or such Affiliate) to secure the Obligations pursuant to the terms and conditions of (A)&nbsp;a Pledge and Security Agreement from the Borrower (or Affiliate, as applicable) with
respect to each Borrowing Base Property Owner in substantially the form of <U>Exhibit I</U> (individually and collectively the &#147;<U>Pledge and Security Agreement</U>&#148;) and (B)&nbsp;a Consent from each Borrowing Base Property Owner in
substantially the form of <U>Exhibit N</U> (individually and collectively, the &#147;<U>Consent</U>&#148;). </FONT></P> <P STYLE="margin-top:10px;margin-bottom:0px; margin-left:4%; text-indent:4%" ALIGN="justify"><FONT
STYLE="font-family:Times New Roman" SIZE="2">3.1.7 <U>Additional Documents.</U> Any other documents, instruments and agreements from time to time reasonably required by the Administrative Agent in order to provide a first priority lien on the
Collateral. </FONT></P> <P STYLE="margin-top:10px;margin-bottom:0px; text-indent:4%" ALIGN="justify"><FONT STYLE="font-family:Times New Roman" SIZE="2"><B>3.2 <U>Loan Documents and Security Documents.</U></B> The Loan shall be made, evidenced,
administered, secured and governed by all of the terms, conditions and provisions of the following loan documents (the &#147;<U>Loan Documents</U>&#148;), each as the same may be hereafter modified or amended, consisting of: (i)&nbsp;this Loan
Agreement; (ii)&nbsp;the Notes; (iii)&nbsp;the various documents and agreements referenced in <U>Section&nbsp;3.1</U> above, and (iv)&nbsp;any other documents, instruments, or agreements heretofore or hereafter executed to further evidence or secure
the Loan. </FONT></P> <P STYLE="margin-top:10px;margin-bottom:0px; text-indent:4%" ALIGN="justify"><FONT STYLE="font-family:Times New Roman" SIZE="2">The Loan Documents, referenced in <U>Sections 3.1.1</U> through and including <U>3.1.7</U>,
together with any such other Loan Documents as may be executed in accordance with <U>Section&nbsp;3.5</U>, below, as to any Collateral Property, are sometimes referred to herein, singly and collectively as the&nbsp;&#147;<U>Security
Documents</U>&#148;. </FONT></P>
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 <P STYLE="margin-top:0px;margin-bottom:0px; text-indent:4%" ALIGN="justify"><FONT STYLE="font-family:Times New Roman" SIZE="2"><B>3.3 <U>Removal of Individual Property as a Borrowing Base
Property&#151;Borrower.</U></B> From time to time during the term of this Agreement following (i)&nbsp;Borrower&#146;s written request (&#147;<U>Collateral Release Request</U>&#148;) and (ii)&nbsp;satisfaction of the Release Conditions, the
Administrative Agent shall, in each case to the extent applicable, release such Borrowing Base Property from the Lien held by the Administrative Agent, for the ratable benefit of the Lenders, release the subject Borrowing Base Property Owner from
the Guaranty, terminate the assignments made by such Borrowing Base Property Owner pursuant to the documents set forth in <U>Sections 3.1.2</U> and <U>3.1.3</U>, release the Environmental Indemnity (subject to the terms thereof) delivered pursuant
to <U>Section&nbsp;3.1.5</U>, and release its Lien upon the ownership interest in such Borrowing Base Property Owner and its manager or general partner which was pledged by the Borrower as Collateral pursuant to <U>Section&nbsp;3.1.6</U>, and
thereafter, to the extent such Borrowing Base Property Owner does not own any other Borrowing Base Property, such Borrowing Base Property Owner shall no longer be a Loan Party for the purposes of this Agreement; <U>provided</U>, <U>however</U>, any
such release by the Administrative Agent shall not be deemed to terminate or release such Borrowing Base Property Owner from any obligation or liability under any Loan Document which specifically by its terms survives the said release or the payment
in full of the Obligations. The &#147;<U>Release Conditions</U>&#148; are the following: </FONT></P>
<P STYLE="margin-top:10px;margin-bottom:0px; margin-left:4%; text-indent:4%" ALIGN="justify"><FONT STYLE="font-family:Times New Roman" SIZE="2">3.3.1 <U>Borrowing Base Compliance.</U> After giving effect to the release of the Borrowing Base
Property, the Total Outstandings will be less than or equal to the Maximum Loan Amount. </FONT></P> <P STYLE="margin-top:10px;margin-bottom:0px; margin-left:4%; text-indent:4%" ALIGN="justify"><FONT STYLE="font-family:Times New Roman" SIZE="2">3.3.2
<U>Financial Covenant Compliance.</U> Upon release of the Lien on the subject Borrowing Base Property, the Financial Covenants shall remain satisfied (or be satisfied if the release cures a Default which resulted from the Financial Covenants not
being satisfied). </FONT></P> <P STYLE="margin-top:10px;margin-bottom:0px; margin-left:4%; text-indent:4%" ALIGN="justify"><FONT STYLE="font-family:Times New Roman" SIZE="2">3.3.3 <U>No Default Upon Release.</U> No Default shall exist under this
Agreement or the other Loan Documents at the time of any such release, except for any Default which is cured or remedied by the removal of such Individual Property from being a Borrowing Base Property. </FONT></P>
<P STYLE="margin-top:10px;margin-bottom:0px; margin-left:4%; text-indent:4%" ALIGN="justify"><FONT STYLE="font-family:Times New Roman" SIZE="2">3.3.4 <U>No Default Prior to Release.</U> No Event of Default shall exist under this Agreement or the
other Loan Documents at the time of the Collateral Release Request or at the time of any such release, except for any Event of Default which is cured or remedied by the removal of such Individual Property from being a Borrowing Base Property.
</FONT></P> <P STYLE="margin-top:10px;margin-bottom:0px; margin-left:4%; text-indent:4%" ALIGN="justify"><FONT STYLE="font-family:Times New Roman" SIZE="2">3.3.5 [Reserved]. </FONT></P>
<P STYLE="margin-top:10px;margin-bottom:0px; margin-left:4%; text-indent:4%" ALIGN="justify"><FONT STYLE="font-family:Times New Roman" SIZE="2">3.3.6 <U>Payment of Fees.</U> The Borrower shall pay or reimburse the Administrative Agent for all
appraisal fees, title insurance and recording costs, reasonable legal fees and expenses and other reasonable costs and expenses incurred by Administrative Agent in connection with the release. </FONT></P>
<P STYLE="margin-top:10px;margin-bottom:0px; margin-left:4%; text-indent:4%" ALIGN="justify"><FONT STYLE="font-family:Times New Roman" SIZE="2">Any failure of any removal and release requested by the Borrower to meet all of the Release Conditions
shall be deemed a rejection of the proposed Collateral Release Request and, subject to the other terms and conditions hereof as to whether any Individual Property is a Borrowing Base Property, such Borrowing Base Property shall remain a Borrowing
Base Property hereunder and shall be included within the Collateral. </FONT></P>
 <p STYLE="margin-top:0px;margin-bottom:0px"><FONT SIZE="1">&nbsp;</FONT></P> <P STYLE="margin-top:0px;margin-bottom:0px" ALIGN="center"><FONT STYLE="font-family:Times New Roman" SIZE="2">69 </FONT></P>



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 <P STYLE="margin-top:0px;margin-bottom:0px; margin-left:4%; text-indent:4%" ALIGN="justify"><FONT STYLE="font-family:Times New Roman" SIZE="2">At the request of the Borrower, the Administrative Agent
shall use reasonable efforts to cooperate in the assignment of the Security Documents to a new lender with respect to any Borrowing Base Property being released, subject to the execution of assignment documentation acceptable to the Administrative
Agent. </FONT></P> <P STYLE="margin-top:10px;margin-bottom:0px; margin-left:4%; text-indent:4%" ALIGN="justify"><FONT STYLE="font-family:Times New Roman" SIZE="2">3.3.7 <U>Theater Parcel.</U> Notwithstanding the foregoing provisions of this
<U>Section&nbsp;3.3</U>, the Administrative Agent and the Lenders acknowledge and agree that provided no Event of Default is then in existence, the Administrative Agent shall, upon the written request of the Borrower and without requiring Borrower
to satisfy any of the Release Conditions, release the portion of the Individual Property owned by Cedar-Riverview, L.P., as described on <U>Schedule 3.3.7</U>, from the lien of the Security Documents, and consent to the execution and recording of a
customary reciprocal or other easement agreement with respect such property, <U>provided</U>, however, the foregoing provisions of this <U>Section&nbsp;3.3.7</U> shall not apply in the event that such portion of such Individual Property has been
accepted by the Lenders as a Borrowing Base Property. </FONT></P> <P STYLE="margin-top:10px;margin-bottom:0px; text-indent:4%" ALIGN="justify"><FONT STYLE="font-family:Times New Roman" SIZE="2"><B>3.4 <U>Removal of Individual Property as a Borrowing
Base Property&#151;Administrative Agent.</U></B> </FONT></P> <P STYLE="margin-top:10px;margin-bottom:0px; margin-left:4%; text-indent:4%" ALIGN="justify"><FONT STYLE="font-family:Times New Roman" SIZE="2">3.4.1 <U>Removal Criteria.</U> An Individual
Property shall no longer be deemed to be a Borrowing Base Property upon the determination by the Administrative Agent of the occurrence of any of the following: </FONT></P>
<P STYLE="margin-top:10px;margin-bottom:0px; margin-left:8%; text-indent:4%" ALIGN="justify"><FONT STYLE="font-family:Times New Roman" SIZE="2">(a) A Major Event of Loss occurs as to a Borrowing Base Property; </FONT></P>
<P STYLE="margin-top:10px;margin-bottom:0px; margin-left:8%; text-indent:4%" ALIGN="justify"><FONT STYLE="font-family:Times New Roman" SIZE="2">(b) A Borrowing Base Property as to which an Event of Loss occurs is not, or ceases to be, a Restoration
Property, or upon completion of the Repair Work, will not meet all of the Borrowing Base Property Requirements; or </FONT></P> <P STYLE="margin-top:10px;margin-bottom:0px; margin-left:8%; text-indent:4%" ALIGN="justify"><FONT
STYLE="font-family:Times New Roman" SIZE="2">(c) The Required Lenders have instructed the Administrative Agent to remove a Borrowing Base Property if a tenant or tenants which have Leases in such Borrowing Base Property are subject to bankruptcy or
insolvency proceedings and are not paying rent as required under such Leases or have filed a motion to reject such Lease, or have not assumed such Lease within sixty (60)&nbsp;days (or such longer period granted by the applicable bankruptcy court,
not to exceed one hundred eighty (180)&nbsp;days) after such tenant&#146;s bankruptcy filing. </FONT></P>
<P STYLE="margin-top:10px;margin-bottom:0px; margin-left:4%; text-indent:4%" ALIGN="justify"><FONT STYLE="font-family:Times New Roman" SIZE="2">3.4.2 [Reserved]. </FONT></P>
<P STYLE="margin-top:10px;margin-bottom:0px; margin-left:4%; text-indent:4%" ALIGN="justify"><FONT STYLE="font-family:Times New Roman" SIZE="2">3.4.3 <U>Release by Administrative Agent.</U> With respect to any Individual Property determined by the
Administrative Agent to no longer be deemed a Borrowing Base Property in accordance with this <U>Section&nbsp;3.4</U>, if requested by the Borrower and the Release Conditions are satisfied with respect thereto, the Administrative Agent shall, in
each case to the extent applicable, release such Individual Property from the Lien held by the Administrative Agent, release the subject Borrowing Base Property Owner from the Guaranty, terminate the assignments made by such Borrowing Base Property
Owner pursuant to <U>Sections 3.1.2</U> and <U>3.1.3</U> and release its Lien upon the ownership interest in such Borrowing Base Property Owner and its manager or general partner which was </FONT></P>
 <p STYLE="margin-top:0px;margin-bottom:0px"><FONT SIZE="1">&nbsp;</FONT></P> <P STYLE="margin-top:0px;margin-bottom:0px" ALIGN="center"><FONT STYLE="font-family:Times New Roman" SIZE="2">70 </FONT></P>



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 <P STYLE="margin-top:0px;margin-bottom:0px; margin-left:4%" ALIGN="justify"><FONT STYLE="font-family:Times New Roman" SIZE="2">pledged by the Borrower as Collateral pursuant to <U>Section&nbsp;3.1.6</U>,
and thereafter, to the extent such Borrowing Base Property Owner does not own any other Borrowing Base Property, such Borrowing Base Property Owner shall no longer be a Loan Party for the purposes of this Agreement; <U>provided</U>, <U>however</U>,
any such release by the Administrative Agent shall not be deemed to terminate or release such Borrowing Base Property Owner from any obligation or liability under any Loan Document which specifically by its terms survives the said release or the
payment in full of the Obligations. However, if the said Release Conditions are not satisfied with respect to such Individual Property, although such Individual Property shall no longer be a Borrowing Base Property, the Individual Property shall not
be released from the Lien held by the Administrative Agent (shall continue to be a Collateral Property) and there shall be no release of the Collateral relating to such Individual Property or the subject Borrowing Base Property Owner, until such
time as the Release Conditions are satisfied with respect thereto. </FONT></P> <P STYLE="margin-top:10px;margin-bottom:0px; text-indent:4%" ALIGN="justify"><FONT STYLE="font-family:Times New Roman" SIZE="2"><B>3.5 <U>Additional Borrowing Base
Property.</U></B> From time to time during the term of this Agreement following the Borrower&#146;s written request (&#147;<U>Additional Collateral Request</U>&#148;), the Required Lenders shall authorize the Administrative Agent to accept one or
more Individual Properties as Borrowing Base Properties upon the satisfaction of the following conditions, in a manner reasonably acceptable to the Administrative Agent and the Required Lenders: </FONT></P>
<P STYLE="margin-top:10px;margin-bottom:0px; margin-left:8%; text-indent:4%" ALIGN="justify"><FONT STYLE="font-family:Times New Roman" SIZE="2">(a) If sought by the Borrower, the Borrower shall have obtained Preliminary Approval for the addition of
such Individual Property. </FONT></P> <P STYLE="margin-top:10px;margin-bottom:0px; margin-left:8%; text-indent:4%" ALIGN="justify"><FONT STYLE="font-family:Times New Roman" SIZE="2">(b) The Borrower (or applicable Loan Party) shall have satisfied
all of the Borrowing Base Property Requirements as to such Individual Property. </FONT></P> <P STYLE="margin-top:10px;margin-bottom:0px; margin-left:8%; text-indent:4%" ALIGN="justify"><FONT STYLE="font-family:Times New Roman" SIZE="2">(c) The
Borrower and the applicable Loan Parties shall have executed and delivered the documents set forth in <U>Section&nbsp;3.1</U>. </FONT></P> <P STYLE="margin-top:10px;margin-bottom:0px; margin-left:8%; text-indent:4%" ALIGN="justify"><FONT
STYLE="font-family:Times New Roman" SIZE="2">(d) The Borrower shall pay or reimburse the Administrative Agent for all appraisal fees, title insurance and recording costs, reasonable legal fees and expenses and other costs and expenses incurred by
Administrative Agent in connection with the additional Borrowing Base Property. </FONT></P> <P STYLE="margin-top:10px;margin-bottom:0px; margin-left:8%; text-indent:4%" ALIGN="justify"><FONT STYLE="font-family:Times New Roman" SIZE="2">(e) The
Borrower, the subject Borrowing Base Property Owner, and the subject Individual Property shall have satisfied all applicable conditions precedent set forth in <U>Article 5</U> prior to the inclusion of the Individual Property as a Borrowing Base
Property. </FONT></P> <P STYLE="margin-top:10px;margin-bottom:0px; margin-left:4%; text-indent:4%" ALIGN="justify"><FONT STYLE="font-family:Times New Roman" SIZE="2">The Administrative Agent shall give the Borrower prompt written notice of the
decision of the Lenders with respect to the admission or rejection of any Individual Property as a Borrowing Base Property. To the extent that an Individual Property does not meet the requirements set forth above, the Borrower may nevertheless
request that such Individual Property be included as a Borrowing Base Property and the Required Lenders may, in their sole and absolute discretion, agree to the acceptance of such Individual Property as an additional Borrowing Base Property.
</FONT></P>
 <p STYLE="margin-top:0px;margin-bottom:0px"><FONT SIZE="1">&nbsp;</FONT></P> <P STYLE="margin-top:0px;margin-bottom:0px" ALIGN="center"><FONT STYLE="font-family:Times New Roman" SIZE="2">71 </FONT></P>



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 <P STYLE="margin-top:0px;margin-bottom:0px" ALIGN="justify"><FONT STYLE="font-family:Times New Roman" SIZE="2"><B>4. <U>CONTINUING AUTHORITY OF AUTHORIZED OFFICERS.</U></B> </FONT></P>
<P STYLE="margin-top:10px;margin-bottom:0px; text-indent:4%" ALIGN="justify"><FONT STYLE="font-family:Times New Roman" SIZE="2">The Administrative Agent and each of the Lenders are authorized to rely upon the continuing authority of the Authorized
Officers with respect to all matters pertaining to the Loan and the Loan Documents including, but not limited to, the selection of interest rates, the submission of requests for Loan Advances or Letters of Credit and certificates with regard
thereto. Such authorization may be changed only upon written notice to Administrative Agent accompanied by evidence, reasonably satisfactory to Administrative Agent, of the authority of such Authorized Officer giving such notice and such notice
shall be effective not sooner than five (5)&nbsp;Business Days following receipt thereof by Administrative Agent. The Authorized Officers as of the Closing Date are as set forth on <U>Schedule 4</U>. </FONT></P>
<P STYLE="margin-top:10px;margin-bottom:0px" ALIGN="justify"><FONT STYLE="font-family:Times New Roman" SIZE="2"><B>5. <U>CONDITIONS PRECEDENT.</U></B> </FONT></P> <P STYLE="margin-top:10px;margin-bottom:0px; text-indent:4%" ALIGN="justify"><FONT
STYLE="font-family:Times New Roman" SIZE="2"><B>5.1 <U>Closing Loan and Funding Initial Loan Advance.</U></B> It shall be a condition precedent of Lenders&#146; obligation to close the Loan and to fund the Term Facility or the initial proceeds of
the Revolving Facility that each of the following conditions precedent be satisfied in full, unless specifically waived in writing by all of the Lenders at or prior to the date of this Agreement (the &#147;<U>Closing Date</U>&#148;): </FONT></P>
<P STYLE="margin-top:10px;margin-bottom:0px; margin-left:4%; text-indent:4%" ALIGN="justify"><FONT STYLE="font-family:Times New Roman" SIZE="2">5.1.1 <U>Satisfactory Loan Documents.</U> On the Closing Date, each of the Loan Documents shall be
satisfactory in form, content and manner of execution and delivery to the Administrative Agent and the Administrative Agent&#146;s counsel and all Loan Documents shall be in full force and effect. </FONT></P>
<P STYLE="margin-top:10px;margin-bottom:0px; margin-left:4%; text-indent:4%" ALIGN="justify"><FONT STYLE="font-family:Times New Roman" SIZE="2">5.1.2 <U>Financial Information; No Material Change.</U> </FONT></P>
<P STYLE="margin-top:10px;margin-bottom:0px; margin-left:8%; text-indent:4%" ALIGN="justify"><FONT STYLE="font-family:Times New Roman" SIZE="2">(a) No change shall have occurred in the financial condition, business, affairs, operations or control of
Borrower and/or the Loan Parties, since the date of their respective financial statements most recently delivered to Administrative Agent or any of the Lenders, which change has had or could reasonably be expected to have a Material Adverse Effect;
and Borrower and the other Loan Parties shall have furnished Administrative Agent such other financial information, and certifications as reasonably requested by the Administrative Agent. </FONT></P>
<P STYLE="margin-top:10px;margin-bottom:0px; margin-left:8%; text-indent:4%" ALIGN="justify"><FONT STYLE="font-family:Times New Roman" SIZE="2">(b) The Borrower shall have provided to the Administrative Agent such certificates and other evidence as
the Administrative Agent may reasonably require to evidence that the Borrower, CRT and each of the Borrowing Base Property Owners (both before and after giving effect to the Loan) is solvent, has assets having a fair value in excess of the amount
required to pay such Person&#146;s probable liabilities and existing Debts as such become absolute and mature, and has adequate capital for the conduct of such Person&#146;s business and the ability to pay such Person&#146;s Debts from time to time
incurred in connection therewith as such Debts mature, including the Closing Compliance Certificate (the &#147;<U>Closing Compliance Certificate</U>&#148;) set forth as <U>Exhibit F</U> hereto or in such other form reasonably acceptable to the
Administrative Agent. </FONT></P>
 <p STYLE="margin-top:0px;margin-bottom:0px"><FONT SIZE="1">&nbsp;</FONT></P> <P STYLE="margin-top:0px;margin-bottom:0px" ALIGN="center"><FONT STYLE="font-family:Times New Roman" SIZE="2">72 </FONT></P>



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 <P STYLE="margin-top:0px;margin-bottom:0px; margin-left:4%; text-indent:4%" ALIGN="justify"><FONT STYLE="font-family:Times New Roman" SIZE="2">5.1.3 <U>Representations and Warranties Accurate.</U> All
representations and warranties made by or on behalf of any of the Borrower and the other Loan Parties, or any of them, to the Administrative Agent or any of the Lenders shall be true, accurate and complete in all material respects and shall not omit
any material fact necessary to make the same not materially misleading. </FONT></P> <P STYLE="margin-top:10px;margin-bottom:0px; margin-left:4%; text-indent:4%" ALIGN="justify"><FONT STYLE="font-family:Times New Roman" SIZE="2">5.1.4 <U>Validity and
Sufficiency of Security Documents.</U> The Security Documents shall create a valid and perfected lien in and to the Collateral and each of the Security Documents and related UCC filings will be filed to the satisfaction of the Administrative Agent
and the Administrative Agent&#146;s counsel, including, without limitation, as follows: </FONT></P> <P STYLE="margin-top:10px;margin-bottom:0px; margin-left:8%; text-indent:4%" ALIGN="justify"><FONT STYLE="font-family:Times New Roman" SIZE="2">(a)
The Borrower, the other Loan Parties, and any other Persons executing Loan Documents on the Closing Date shall have delivered to the Administrative Agent with respect to the Security Documents or, in the case of UCC-1 financing statements, delivery
of such financing statements in proper form for recording, and shall have taken all such other actions as may be necessary or, in the reasonable opinion of the Administrative Agent, desirable to perfect the Liens and security interests intended to
be created by the Security Documents in the Collateral covered thereby; provided that, notwithstanding the foregoing, the recordation of the Security Documents and UCC filings, including, without limitation, the Mortgage, the Assignment of Leases,
and the fixture filings, shall not be a condition precedent hereunder if the Administrative Agent has received gap title insurance acceptable to the Administrative Agent; and </FONT></P>
<P STYLE="margin-top:10px;margin-bottom:0px; margin-left:8%; text-indent:4%" ALIGN="justify"><FONT STYLE="font-family:Times New Roman" SIZE="2">(b) On or prior to the Closing Date, the Administrative Agent shall have received the results of a UCC,
tax lien and judgment search as may be reasonably requested by the Administrative Agent with respect to the Borrower and any other Loan Parties, and the results of such search shall indicate there are no judgments which the Administrative Agent
shall reasonably determine in good faith could reasonably be expected to have a Material Adverse Effect or Liens not permitted under the Loan Documents or to be satisfied with the proceeds of the initial Loan Advance or otherwise permitted by the
Administrative Agent. </FONT></P> <P STYLE="margin-top:10px;margin-bottom:0px; margin-left:4%; text-indent:4%" ALIGN="justify"><FONT STYLE="font-family:Times New Roman" SIZE="2">5.1.5 <U>Litigation.</U> On the Closing Date, there shall not be any
actions, suits or proceedings at law or in equity or by or before any governmental instrumentality or other agency or regulatory authority by any entity (private or governmental) pending or, to the best of the Borrower&#146;s knowledge, threatened
with respect to the Loan, the transactions contemplated in the Loan Documents, or the Borrower, any other Loan Party, or any other Borrower Subsidiary, which are not fully covered (subject to deductibles) by an insurance policy issued by a reputable
and financially viable insurance company, or, to the extent not so covered, which the Administrative Agent shall reasonably determine in good faith could reasonably be expected to have a Material Adverse Effect. </FONT></P>
 <p STYLE="margin-top:0px;margin-bottom:0px"><FONT SIZE="1">&nbsp;</FONT></P> <P STYLE="margin-top:0px;margin-bottom:0px" ALIGN="center"><FONT STYLE="font-family:Times New Roman" SIZE="2">73 </FONT></P>



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 <P STYLE="margin-top:0px;margin-bottom:0px; margin-left:4%; text-indent:4%" ALIGN="justify"><FONT STYLE="font-family:Times New Roman" SIZE="2">5.1.6 <U>Formation Documents and Entity Agreements.</U> On
the Closing Date, the Administrative Agent shall have received a certificate of an Authorized Officer of each Loan Party (or the manager or general partner of such Loan Party, as applicable) certifying as to (a)&nbsp;resolutions of such Loan Party
authorizing and approving the transactions contemplated by the Loan Documents, and the execution and delivery thereof by such Loan Party in respect of the documents to which it is a party on its own behalf, or as a general partner or manager of such
Loan Party, in respect of any of the Loan Documents, (b)&nbsp;signatures and incumbency of all Authorized Officers of such Loan Party (or the manager or general partner of such Loan Party, as applicable) executing documentation on behalf of such
entity or on behalf of such Loan Party, in connection with the transactions contemplated by the Loan Documents, (c)&nbsp;the Formation Documents of such Loan Party having been duly executed, delivered and filed (to the extent required by applicable
Laws) and remaining in full force and effect and unmodified except as stated therein as of the date of such certificate (and annexing copies thereof) and (d)&nbsp;the good standing certificates of such Loan Party for (i)&nbsp;its state of formation
and (ii)&nbsp;such other good standing certificates where the conduct of such Loan Party&#146;s business and ownership of its assets requires such qualification unless the failure to be so qualified could not reasonably be expected to have a
Material Adverse Effect on such Loan Party. </FONT></P> <P STYLE="margin-top:10px;margin-bottom:0px; margin-left:4%; text-indent:4%" ALIGN="justify"><FONT STYLE="font-family:Times New Roman" SIZE="2">5.1.7 <U>Compliance With Laws.</U> The
Administrative Agent shall have received and approved evidence that there are no Laws which prohibit or adversely limit the capacity or authority of the Borrower or any Loan Party to enter into the Loan Documents and perform the obligations of such
Person with respect thereto. </FONT></P> <P STYLE="margin-top:10px;margin-bottom:0px; margin-left:4%; text-indent:4%" ALIGN="justify"><FONT STYLE="font-family:Times New Roman" SIZE="2">5.1.8 <U>Compliance With Financial Covenants.</U> The Lenders
shall have received from the Administrative Agent the Closing Compliance Certificate or other evidence reflecting the Borrower&#146;s compliance with the Financial Covenants and the terms and conditions hereof after giving effect to this Agreement
and the other Loan Documents. </FONT></P> <P STYLE="margin-top:10px;margin-bottom:0px; margin-left:4%; text-indent:4%" ALIGN="justify"><FONT STYLE="font-family:Times New Roman" SIZE="2">5.1.9 <U>Borrowing Base Property Due Diligence.</U> The
Administrative Agent shall have received and completed a review of such due diligence as the Administrative Agent may reasonably require with respect to any Borrowing Base Property, consistent with customary commercial lending practices for
properties of a similar nature including, without limitation, satisfaction of the Borrowing Base Property Requirements. </FONT></P> <P STYLE="margin-top:10px;margin-bottom:0px; margin-left:4%; text-indent:4%" ALIGN="justify"><FONT
STYLE="font-family:Times New Roman" SIZE="2">5.1.10 <U>Condition of Property.</U> There shall have been no material unrepaired or unrestored damage or destruction by fire or otherwise to any of the real or tangible personal property comprising or
intended to comprise the Borrowing Base Properties. </FONT></P> <P STYLE="margin-top:10px;margin-bottom:0px; margin-left:4%; text-indent:4%" ALIGN="justify"><FONT STYLE="font-family:Times New Roman" SIZE="2">5.1.11 <U>Insurance.</U> The Borrower
shall have provided to the Administrative Agent with respect to each Borrowing Base Property, the Borrower, each other Loan Party and the Collateral evidence of: (i)&nbsp;insurance coverage which meets the property, hazard, and other insurance
requirements set forth on <U>Schedule 5.1.11</U> of this Loan Agreement to the satisfaction of Administrative Agent; and (ii)&nbsp;payment of the premiums for such insurance in accordance with the requirements set forth in <U>Section&nbsp;7.5.3</U>.
</FONT></P> <P STYLE="margin-top:10px;margin-bottom:0px; margin-left:4%; text-indent:4%" ALIGN="justify"><FONT STYLE="font-family:Times New Roman" SIZE="2">5.1.12 <U>Third Party Consents and Agreements.</U> The Administrative Agent shall have
received such third party consents and agreements, if any, as the Administrative Agent may reasonably require with respect to the entering into the Loan Documents and the performance of the obligations thereunder. </FONT></P>
 <p STYLE="margin-top:0px;margin-bottom:0px"><FONT SIZE="1">&nbsp;</FONT></P> <P STYLE="margin-top:0px;margin-bottom:0px" ALIGN="center"><FONT STYLE="font-family:Times New Roman" SIZE="2">74 </FONT></P>



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 <P STYLE="margin-top:0px;margin-bottom:0px; margin-left:4%; text-indent:4%" ALIGN="justify"><FONT STYLE="font-family:Times New Roman" SIZE="2">5.1.13 <U>Legal and other Opinions.</U> The Administrative
Agent shall have received and approved legal opinion letters from counsel representing the Borrower and the other Loan Parties which meet Administrative Agent&#146;s legal opinion requirements and covering such matters incident to the transactions
contemplated herein as the Administrative Agent may request. </FONT></P> <P STYLE="margin-top:10px;margin-bottom:0px; margin-left:4%; text-indent:4%" ALIGN="justify"><FONT STYLE="font-family:Times New Roman" SIZE="2">5.1.14 <U>No Default. There
shall not be any Default under any of the Loan Documents.</U> </FONT></P> <P STYLE="margin-top:10px;margin-bottom:0px; margin-left:4%; text-indent:4%" ALIGN="justify"><FONT STYLE="font-family:Times New Roman" SIZE="2">Notwithstanding anything to the
contrary contained in this Agreement, with respect to any Existing Borrowing Base Property, the Administrative Agent and the Lenders hereby agree that the only closing requirements with respect to such Existing Borrowing Base Properties shall be
receipt of (a)&nbsp;an amendment, restatement or amendment and restatement of the first priority Mortgage of such Existing Borrowing Base Properties, (b)&nbsp;an amendment, restatement or amendment and restatement of the first priority Collateral
Assignment of Leases and Rents granted by each Borrowing Base Property Owner to the Administrative Agent, (c)&nbsp;an amendment, restatement or amendment and restatement of the Environmental Indemnification Agreement applicable to each Borrowing
Base Property, (d)&nbsp;an amendment, restatement or amendment and restatement, with respect to the Guaranty, the Collateral Assignment of Contract, the Pledge and Security Agreement and the Consent with respect to each Existing Borrowing Base
Property, (e)&nbsp;satisfactory legal opinion letters from counsel representing the Borrower and the other Loan Parties with respect to such Existing Borrowing Base Properties, (f)&nbsp;a title policy &#147;bring down&#148; endorsement with respect
to each existing title policy naming the Administrative Agent as insured with respect to each Existing Borrowing Base Property, (g)&nbsp;to the extent requested by the Administrative Agent, updated flood hazard searches and, if such Borrowing Base
Property is in a flood zone, flood hazard insurance, (h)&nbsp;to the extent necessary, amendments to existing UCC financing statements, (i)&nbsp;the other documentation set forth on the closing agenda provided by the Administrative Agent, and
(j)&nbsp;such other documentation, to the extent not previously delivered and in the possession of the Administrative Agent, required under the definition of Borrowing Base Property Requirements, subject to <U>Section&nbsp;7.30</U>; it being
understood that upon execution of this Agreement, each Lender agrees that the Borrowing Base Property Requirements for each Existing Borrowing Base Property have been satisfied. </FONT></P>
<P STYLE="margin-top:10px;margin-bottom:0px; text-indent:4%" ALIGN="justify"><FONT STYLE="font-family:Times New Roman" SIZE="2"><B>5.2 <U>Conditions to all Credit Extensions.</U></B> The obligation of each Lender to honor any Credit Extension (other
than a Loan Notice requesting only a conversion of Loans to the other Type, or a continuation of LIBO Rate Advances) is subject to the following conditions precedent: </FONT></P>
<P STYLE="margin-top:10px;margin-bottom:0px; margin-left:4%; text-indent:4%" ALIGN="justify"><FONT STYLE="font-family:Times New Roman" SIZE="2">5.2.1 <U>Financial Covenant Compliance.</U> The Borrower shall be in compliance, on a pro forma basis
after giving effect to such Credit Extension, with the Financial Covenants, as satisfied by the Closing Compliance Certificate, or once delivered, the most recent Compliance Certificate delivered by the Borrower. </FONT></P>
 <p STYLE="margin-top:0px;margin-bottom:0px"><FONT SIZE="1">&nbsp;</FONT></P> <P STYLE="margin-top:0px;margin-bottom:0px" ALIGN="center"><FONT STYLE="font-family:Times New Roman" SIZE="2">75 </FONT></P>



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 <P STYLE="margin-top:0px;margin-bottom:0px; margin-left:4%; text-indent:4%" ALIGN="justify"><FONT STYLE="font-family:Times New Roman" SIZE="2">5.2.2 <U>No Default.</U> No Default or Event of Default
shall exist, or would result from such proposed Credit Extension or from the application of the proceeds thereof </FONT></P> <P STYLE="margin-top:10px;margin-bottom:0px; margin-left:4%; text-indent:4%" ALIGN="justify"><FONT
STYLE="font-family:Times New Roman" SIZE="2">5.2.3 <U>Loan Notice.</U> The Administrative Agent and, if applicable, the L/C Issuer shall have received a Loan Notice in accordance with the requirements hereof. </FONT></P>
<P STYLE="margin-top:10px;margin-bottom:0px; text-indent:4%" ALIGN="justify"><FONT STYLE="font-family:Times New Roman" SIZE="2">Each request for a Credit Extension (other than a Loan Notice requesting only a conversion of Loans to the other Type or
a continuation of LIBO Rate Advances) submitted by the Borrower shall be deemed to be a certification that the conditions specified in <U>Sections 5.2.1</U>, <U>5.2.2</U> and <U>5.2.3</U> have been satisfied on and as of the date of the applicable
Credit Extension. </FONT></P> <P STYLE="margin-top:10px;margin-bottom:0px" ALIGN="justify"><FONT STYLE="font-family:Times New Roman" SIZE="2"><B>6. <U>REPRESENTATIONS AND WARRANTIES.</U></B> </FONT></P>
<P STYLE="margin-top:10px;margin-bottom:0px; text-indent:4%" ALIGN="justify"><FONT STYLE="font-family:Times New Roman" SIZE="2">To induce the Lenders to enter into this Agreement and to make each Loan Advance, to issue each Letter of Credit and to
otherwise complete all of the transactions contemplated hereby, the Borrower represents and warrants to the Administrative Agent and each Lender that: </FONT></P> <P STYLE="margin-top:10px;margin-bottom:0px; text-indent:4%" ALIGN="justify"><FONT
STYLE="font-family:Times New Roman" SIZE="2"><B>6.1 <U>Formation.</U></B> Each Loan Party has been duly formed and is validly existing and in good standing as a corporation, partnership or limited liability company, as the case may be, under the
laws of the State of its formation. Each Loan Party has the requisite corporate, partnership or company power and authority, as applicable, to own its assets and conduct its businesses as currently conducted and owned, and to enter into and perform
its obligations under each Loan Document to which it is a party. Each Loan Party is in good standing and authorized to do business in each jurisdiction where the ownership of its assets and/or the conduct of its business requires such qualification
except where the failure to be so qualified could not reasonably be expected to have a Material Adverse Effect. </FONT></P>
<P STYLE="margin-top:10px;margin-bottom:0px; text-indent:4%" ALIGN="justify"><FONT STYLE="font-family:Times New Roman" SIZE="2"><B>6.2 <U>Proceedings; Enforceability.</U></B> Each Loan Party has taken all requisite corporate, partnership or limited
liability company action, as applicable, to authorize the execution, delivery and performance by such Loan Party of the Loan Documents to which it is a party. Each Loan Document which is required to be executed and delivered on or prior to the date
on which this representation and warranty is being made has been duly authorized, executed and delivered and constitutes the legal, valid and binding obligation of each Loan Party thereto, enforceable against each such Loan Party in accordance with
its respective terms except to the extent that the enforceability thereof may be limited by applicable Debtor Relief Laws and to general principles of equity (regardless of whether enforcement is sought in a proceeding in equity or at law).
</FONT></P> <P STYLE="margin-top:10px;margin-bottom:0px; text-indent:4%" ALIGN="justify"><FONT STYLE="font-family:Times New Roman" SIZE="2"><B>6.3 <U>Conflicts.</U></B> Neither the execution, delivery and performance of the Loan Documents by the
Loan Parties nor compliance by any Loan Party with the terms and provisions thereof (including, without limitation, the granting of Liens pursuant to the Security Documents), (a)&nbsp;will contravene any provision of any Law or any order, writ,
injunction or decree of any court or Governmental Authority having jurisdiction over the Borrower, the Property or any Loan Party, (b)&nbsp;will conflict with or result in any breach of any of the terms, covenants, conditions of, or constitute a
default under, or result in the creation or imposition (or the obligation to create or impose) of any Lien (except pursuant to the Security Documents) upon any of the property or </FONT></P>
 <p STYLE="margin-top:0px;margin-bottom:0px"><FONT SIZE="1">&nbsp;</FONT></P> <P STYLE="margin-top:0px;margin-bottom:0px" ALIGN="center"><FONT STYLE="font-family:Times New Roman" SIZE="2">76 </FONT></P>



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 <P STYLE="margin-top:0px;margin-bottom:0px" ALIGN="justify"><FONT STYLE="font-family:Times New Roman" SIZE="2">assets of any Loan Party pursuant to the terms of any indenture, mortgage, deed of trust,
credit agreement or loan agreement or any other agreement, contract or instrument to which any Loan Party is a party or by which it or any of its properties or assets is bound or to which it may be subject, or (c)&nbsp;will violate any provision of
any Formation Document of any Loan Party. </FONT></P> <P STYLE="margin-top:10px;margin-bottom:0px; text-indent:4%" ALIGN="justify"><FONT STYLE="font-family:Times New Roman" SIZE="2"><B>6.4 <U>Ownership and Taxpayer Identification Numbers.</U></B>
All of the partners, owners, stockholders, and members, respectively and as may be applicable, of each Loan Party (other than the Borrower and CRT) are listed in <U>Schedule 6.4</U> (as such may be updated from time to time). Set forth on
<U>Schedule 6.4</U> (as such may be updated from time to time) is the exact correct and legal name, tax identification number(s) and state of incorporation or organization of the Borrower, CRT and each other Loan Party and whether such Loan Party
owns a Borrowing Base Property. Each Borrowing Base Property Owner is a Wholly-Owned Subsidiary of the Borrower. </FONT></P> <P STYLE="margin-top:10px;margin-bottom:0px; text-indent:4%" ALIGN="justify"><FONT
STYLE="font-family:Times New Roman" SIZE="2"><B>6.5 <U>Litigation.</U></B> There are no actions, suits or proceedings at law or in equity or by or before any Governmental Authority or other agency or regulatory authority by any entity (private or
governmental) pending or, to the best of each Loan Party&#146;s knowledge, threatened with respect to the Loan, the transactions contemplated in the Loan Documents, any Loan Party, the Collateral or any Borrower Subsidiary, which are not fully
covered (subject to deductibles) by an insurance policy issued by a reputable and financially viable insurance company, or, to the extent not so covered, could (a)&nbsp;materially adversely affect a Borrowing Base Property or (b)&nbsp;have or
reasonably be expected to have a Material Adverse Effect. </FONT></P> <P STYLE="margin-top:10px;margin-bottom:0px; text-indent:4%" ALIGN="justify"><FONT STYLE="font-family:Times New Roman" SIZE="2"><B>6.6 <U>Information.</U></B> All factual
information furnished by or on behalf of the Borrower or any Loan Party to the Administrative Agent and/or any of the Lenders (including, without limitation, all information contained in the Loan Documents) for purposes of or in connection with this
Agreement, the other Loan Documents or any transaction contemplated herein or therein is, and all other such factual information hereafter furnished by or on behalf of the Borrower or any Loan Party to the Administrative Agent and/or any of the
Lenders will be, true and accurate in all material respects on the date as of which such information is dated or certified and not incomplete by omitting to state any fact necessary to make such information not misleading in any material respect at
such time in light of the circumstances under which such information was provided. There is no material fact presently known to the Borrower which has not been disclosed to the Administrative Agent, and thereupon disclosed by the Administrative
Agent to the Lenders, which could reasonably be expected to have a Material Adverse Effect. </FONT></P> <P STYLE="margin-top:10px;margin-bottom:0px; text-indent:4%" ALIGN="justify"><FONT STYLE="font-family:Times New Roman" SIZE="2"><B>6.7
<U>Taxes.</U></B> All Loan Parties have made all required tax filings and are not delinquent in the payment of any federal, state and local taxes, assessments, impositions or other governmental charges applicable to them and/or their respective
assets, except to the extent same are being contested in a manner which complies with the requirements of <U>Section&nbsp;8.2.4</U>. </FONT></P> <P STYLE="margin-top:10px;margin-bottom:0px; text-indent:4%" ALIGN="justify"><FONT
STYLE="font-family:Times New Roman" SIZE="2"><B>6.8 <U>Financial Information.</U></B> The Consolidated financial statements of CRT and the consolidating financial statements of the Borrower and each Borrower Subsidiary delivered to the
Administrative Agent (and which statements the Administrative Agent has delivered to the Lenders) present fairly the (a)&nbsp;financial condition of CRT and its Subsidiaries and the Borrower and the Borrower Subsidiaries, as applicable, as of the
dates of such statements and (b)&nbsp;results of operations for the periods covered thereby. Since the dates of the relevant financial statements, </FONT></P>
 <p STYLE="margin-top:0px;margin-bottom:0px"><FONT SIZE="1">&nbsp;</FONT></P> <P STYLE="margin-top:0px;margin-bottom:0px" ALIGN="center"><FONT STYLE="font-family:Times New Roman" SIZE="2">77 </FONT></P>



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 <P STYLE="margin-top:0px;margin-bottom:0px" ALIGN="justify"><FONT STYLE="font-family:Times New Roman" SIZE="2">no change has occurred which could reasonably be expected to have a Material Adverse Effect.
All financial statements of CRT, the Borrower, the Borrower Subsidiaries, or any other Loan Party hereafter furnished to the Administrative Agent or any of the Lenders shall be true, accurate and complete in all material respects and shall fairly
present the financial condition of CRT, the Borrower, the Borrower Subsidiaries and/or respective Loan Party, as applicable, as of the date thereof. </FONT></P> <P STYLE="margin-top:10px;margin-bottom:0px; text-indent:4%" ALIGN="justify"><FONT
STYLE="font-family:Times New Roman" SIZE="2"><B>6.9 <U>Control Provisions.</U></B> The Borrower controls, directly or indirectly, and without the requirement for consent of any other Person (other than CRT), the management of each Borrowing Base
Property Owner, subject to the rights of those minority or other equity interest holders as the Administrative Agent may approve. </FONT></P> <P STYLE="margin-top:10px;margin-bottom:0px; text-indent:4%" ALIGN="justify"><FONT
STYLE="font-family:Times New Roman" SIZE="2"><B>6.10 <U>Formation Documents.</U></B> The Borrower has delivered or caused to be delivered to the Administrative Agent true and complete copies of all Formation Documents of the Loan Parties, and all
amendments thereto. </FONT></P> <P STYLE="margin-top:10px;margin-bottom:0px; text-indent:4%" ALIGN="justify"><FONT STYLE="font-family:Times New Roman" SIZE="2"><B>6.11 <U>Bankruptcy Filings.</U></B> No Loan Party is contemplating either a filing of
a petition under any Debtor Relief Laws or the liquidation of all or a major portion of its assets or property, and the Borrower has no knowledge of any Person contemplating the filing of any such petition against any Loan Party. </FONT></P>
<P STYLE="margin-top:10px;margin-bottom:0px; text-indent:4%" ALIGN="justify"><FONT STYLE="font-family:Times New Roman" SIZE="2"><B>6.12 <U>Investment Company.</U></B> No Loan Party is an &#147;investment company&#148; or a company
&#147;controlled&#148; by an &#147;investment company,&#148; within the meaning of the Investment Company Act of 1940, as amended. </FONT></P> <P STYLE="margin-top:10px;margin-bottom:0px; text-indent:4%" ALIGN="justify"><FONT
STYLE="font-family:Times New Roman" SIZE="2"><B>6.13 [Reserved].</B> </FONT></P> <P STYLE="margin-top:10px;margin-bottom:0px; text-indent:4%" ALIGN="justify"><FONT STYLE="font-family:Times New Roman" SIZE="2"><B>6.14 <U>Borrowing Base
Properties.</U></B> </FONT></P> <P STYLE="margin-top:10px;margin-bottom:0px; margin-left:4%; text-indent:4%" ALIGN="justify"><FONT STYLE="font-family:Times New Roman" SIZE="2">6.14.1 <U>Licenses and Permits.</U> The Borrowing Base Property Owners
possess such Licenses and Permits issued by the appropriate federal, state, or local regulatory agencies or bodies necessary to own and operate each Borrowing Base Property, except where the failure to possess any such License or Permit could not
reasonably be expected to have a Material Adverse Effect. The Borrowing Base Property Owners are in material compliance with the terms and conditions of all such Licenses and Permits, except where the failure so to comply could not, singly or in the
aggregate, reasonably be expected to have a Material Adverse Effect. All of the Licenses and Permits are valid and in full force and effect, except where the invalidity of such Licenses and Permits or the failure of such Licenses and Permits to be
in full force and effect could not reasonably be expected to have a Material Adverse Effect. Neither the Borrower nor any of the Borrowing Base Property Owners has received any written notice of proceedings relating to the revocation or modification
of any such Licenses and Permits which, singly or in the aggregate, if the subject of an unfavorable decision, ruling or finding, could reasonably be expected to result in a Material Adverse Effect. </FONT></P>
<P STYLE="margin-top:10px;margin-bottom:0px; margin-left:4%; text-indent:4%" ALIGN="justify"><FONT STYLE="font-family:Times New Roman" SIZE="2">6.14.2 <U>Ownership.</U> (a)&nbsp;The Borrowing Base Property Owners have either (i)&nbsp;fee simple
title to the Borrowing Base Properties or (ii)&nbsp;a leasehold estate interest in the Borrowing Base Properties, as set forth in <U>Schedule 6.14.2</U> (as such may be updated </FONT></P>
 <p STYLE="margin-top:0px;margin-bottom:0px"><FONT SIZE="1">&nbsp;</FONT></P> <P STYLE="margin-top:0px;margin-bottom:0px" ALIGN="center"><FONT STYLE="font-family:Times New Roman" SIZE="2">78 </FONT></P>



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 <P STYLE="margin-top:0px;margin-bottom:0px; margin-left:4%" ALIGN="justify"><FONT STYLE="font-family:Times New Roman" SIZE="2">from time to time), which such schedule (as it may be updated from time to
time) also sets forth the current appraised value of each such Borrowing Base Property; (b)&nbsp;the interest of the Borrowing Base Property Owners in the Borrowing Base Properties are not subject to any Liens except for those in favor of the
Administrative Agent for the ratable benefit of the Lenders securing the repayment of Obligations and other Permitted Liens, (c)&nbsp;neither the Borrower, CRT, nor any of the Borrowing Base Property Owners has received written notice of the
assertion of any material valid claim by anyone adverse to any Loan Party&#146;s ownership, or leasehold rights in and to any Borrowing Base Property (except as may be disclosed in any update from time to time in accordance with
<U>Section&nbsp;6.25</U>) and (d)&nbsp;no Person has an option or right of first refusal to purchase all or part of any Borrowing Base Property or any interest therein which has not been waived (except as disclosed in <U>Schedule 6.14.</U>2 or in
any update from time to time in accordance with <U>Section&nbsp;6.25</U>). </FONT></P> <P STYLE="margin-top:10px;margin-bottom:0px; margin-left:4%; text-indent:4%" ALIGN="justify"><FONT STYLE="font-family:Times New Roman" SIZE="2">6.14.3
<U>Environmental Matters.</U> Except to the extent (i)&nbsp;the failure of the following to be true could not reasonably be expected to have a Material Adverse Effect or (ii)&nbsp;disclosed in writing to the Lenders prior to the Individual Property
becoming a Borrowing Base Property either pursuant to an Environmental Report (as defined in the applicable Environmental Indemnity Agreement) or in the S-11 registration statement filed by the Borrower on October&nbsp;23, 2003 (it being understood
that any such disclosure is limited to the facts known at the time such Individual Property became a Borrowing Base Property and does not include any new information or any change in facts regarding such disclosure that occurs at a later date),
(a)&nbsp;each Borrowing Base Property is free of any Hazardous Materials in violation of any Environmental Laws applicable to such property; (b)&nbsp;none of the Borrowing Base Property Owners nor any Loan Party has received any written notice of a
claim under or pursuant to any Environmental Legal Requirements applicable to a Borrowing Base Property or under common law pertaining to Hazardous Materials on or originating from any Borrowing Base Property (except as may be disclosed in any
update from time to time in accordance with <U>Section&nbsp;6.25</U>) and (c)&nbsp;none of the Borrowing Base Property Owners or any Loan Party has received any written notice from any Governmental Authority claiming any material violation of any
Environmental Legal Requirements that is uncured or unremediated (except as may be disclosed in any update from time to time in accordance with <U>Section&nbsp;6.25</U>) . </FONT></P>
<P STYLE="margin-top:10px;margin-bottom:0px; margin-left:4%; text-indent:4%" ALIGN="justify"><FONT STYLE="font-family:Times New Roman" SIZE="2">6.14.4 <U>Leases.</U> Except to the extent the failure of the following to be true would not result in a
Material Adverse Effect, (a)&nbsp;with respect to the Borrowing Base Properties, each Major Lease is in full force and effect (except as may be disclosed in any update from time to time in accordance with <U>Section&nbsp;6.25</U>), (b)&nbsp;to the
Borrower&#146;s knowledge, none of the Borrowing Base Property Owners is in default after notice and the expiration of all applicable cure periods in the performance of any material obligation under any Major Lease and the Borrower has no knowledge
of any circumstances which, with the passage of time or the giving of notice, or both, would constitute an event of default by any party under any of the Major Leases (except as may be disclosed in any update from time to time in accordance with
<U>Section&nbsp;6.25</U>), (c)&nbsp;to the Borrower&#146;s knowledge, no tenant is in default after notice and the expiration of all applicable cure periods in the performance of any material obligation under any Major Lease (except as may be
disclosed in any update from time to time in accordance with <U>Section&nbsp;6.25</U>), (d)&nbsp;to </FONT></P>
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 <P STYLE="margin-top:0px;margin-bottom:0px; margin-left:4%" ALIGN="justify"><FONT STYLE="font-family:Times New Roman" SIZE="2">the Borrower&#146;s knowledge, there are no actions, voluntary or
involuntary, pending against any tenant under a Major Lease under any Debtor Relief Laws (except as may be disclosed in any update from time to time in accordance with <U>Section&nbsp;6.25</U>), and (e)&nbsp;none of the Major Leases and none of the
rents or other amounts payable thereunder has been assigned, pledged or encumbered by any of the Borrowing Base Property Owners or any other Person, except with respect to the Lien in favor of the Administrative Agent on behalf of the Lenders
securing the repayment of Obligations. </FONT></P> <P STYLE="margin-top:10px;margin-bottom:0px; margin-left:4%; text-indent:4%" ALIGN="justify"><FONT STYLE="font-family:Times New Roman" SIZE="2">6.14.5 <U>Ground Lease.</U> Except to the extent the
failure of the following to be true would not result in a Material Adverse Effect, (a)&nbsp;each Ground Lease with respect to a Borrowing Base Property is valid, binding and in full force and effect as against the applicable Borrowing Base Property
Owners and, to the Borrower&#146;s knowledge, the other party thereto, (b)&nbsp;none of Borrowing Base Property Owner&#146;s interest in the Ground Leases is subject to any pledge, lien, assignment, license or other agreement granting to any third
party any interest therein, (c)&nbsp;no payments under any Ground Lease with respect to a Borrowing Base Property are delinquent, and to the knowledge of the Borrower, there does not exist under any of the Ground Leases any default after notice and
expiration of all applicable cure periods in the performance of any material obligation under a Ground Lease, and (d)&nbsp;the identity of each ground lessor under a Ground Lease with respect to a Borrowing Base Property and whether each such ground
lessor is an Affiliate of any Loan Party are set forth in <U>Schedule 6.14.5</U> (as such may be updated from time to time). </FONT></P> <P STYLE="margin-top:10px;margin-bottom:0px; text-indent:4%" ALIGN="justify"><FONT
STYLE="font-family:Times New Roman" SIZE="2"><B>6.15 <U>Margin Regulations; Use of Proceeds.</U></B> The Loan Parties are not engaged and will not engage, principally or as one of its important activities, in the business of purchasing or carrying
margin stock (within the meaning of Regulation U issued by the Board of Governors of the Federal Reserve System of the United States), or extending credit for the purpose of purchasing or carrying margin stock. The proceeds of the Loan shall be used
solely and exclusively as provided in <U>Section&nbsp;8.13</U>. No portion of the proceeds of the Loan shall be used directly or indirectly, and whether immediately, incidentally or ultimately (a)&nbsp;to purchase or carry any margin stock or to
extend credit to others for the purpose thereof or to repay or refund indebtedness previously incurred for such purpose, or (b)&nbsp;for any purpose which would violate or in inconsistent with the provisions of regulations of the Board of Governors
of the Federal Reserve System including, without limitation, Regulations T, U and X thereof. </FONT></P> <P STYLE="margin-top:10px;margin-bottom:0px; text-indent:4%" ALIGN="justify"><FONT STYLE="font-family:Times New Roman" SIZE="2"><B>6.16
<U>Insurance.</U></B> The Collateral Properties are insured by insurers of recognized financial responsibility against such losses and risks in compliance with the requirements of <U>Schedule 5.5.1</U> hereto. </FONT></P>
<P STYLE="margin-top:10px;margin-bottom:0px; text-indent:4%" ALIGN="justify"><FONT STYLE="font-family:Times New Roman" SIZE="2"><B>6.17 <U>Deferred Compensation and ERISA.</U></B> Neither the Borrower nor any other Loan Party or any ERISA Affiliate,
has any employee pension benefit plan (as defined in Section&nbsp;3(2) of ERISA) subject to Title IV of ERISA nor maintains any employee welfare benefit plan (as defined in Section&nbsp;3(l) of ERISA) that primarily provide for health and welfare
benefits to retired employees or other former employees (other than as required by Section&nbsp;601 of ERISA). </FONT></P>
<P STYLE="margin-top:10px;margin-bottom:0px; text-indent:4%" ALIGN="justify"><FONT STYLE="font-family:Times New Roman" SIZE="2"><B>6.18 [Reserved].</B> </FONT></P>
 <p STYLE="margin-top:0px;margin-bottom:0px"><FONT SIZE="1">&nbsp;</FONT></P> <P STYLE="margin-top:0px;margin-bottom:0px" ALIGN="center"><FONT STYLE="font-family:Times New Roman" SIZE="2">80 </FONT></P>



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 <P STYLE="margin-top:0px;margin-bottom:0px; text-indent:4%" ALIGN="justify"><FONT STYLE="font-family:Times New Roman" SIZE="2"><B>6.19 <U>No Default .</U></B> There is no Default on the part of the
Borrower or any of the other Loan Parties under this Agreement or any of the other Loan Documents and no event has occurred and is continuing which could constitute a Default under any Loan Document. </FONT></P>
<P STYLE="margin-top:10px;margin-bottom:0px; text-indent:4%" ALIGN="justify"><FONT STYLE="font-family:Times New Roman" SIZE="2"><B>6.20 <U>Governmental Authorizations; Other Consents.</U></B> No approval, consent, exemption, authorization, or other
action by, or notice to, or filing with, any Governmental Authority or any other Person that has not been obtained or delivered is necessary or required in connection with the execution, delivery or performance by, or enforcement against, any Loan
Party of this Agreement or any other Loan Document. </FONT></P> <P STYLE="margin-top:10px;margin-bottom:0px; text-indent:4%" ALIGN="justify"><FONT STYLE="font-family:Times New Roman" SIZE="2"><B>6.21 <U>Qualification as a REIT.</U></B> CRT qualified
as a REIT under the provisions of the Code, as applicable, for its fiscal year ended December&nbsp;31, 2010, and has remained qualified from December&nbsp;31, 2010 through the date hereof. All appropriate federal income tax returns for the fiscal
years through December&nbsp;31, 2010 have been filed by CRT with the IRS and no previously filed return has been examined and reported on by the IRS. CRT has not incurred any liability for excise taxes pursuant to Section&nbsp;4981 of the Code. CRT
is organized in conformity with the requirements for qualification as a REIT pursuant to Sections 856 through 860 of the Code, and CRT&#146;s proposed method of operation consistent with CRT&#146;s business and the business activities contemplated
by this Agreement will enable it to meet the requirements for qualification and taxation as a REIT under the Code. </FONT></P> <P STYLE="margin-top:10px;margin-bottom:0px; text-indent:4%" ALIGN="justify"><FONT
STYLE="font-family:Times New Roman" SIZE="2"><B>6.22 <U>Compliance with Laws.</U></B> Each Loan Party is in compliance in all material respects with the requirements of all Laws applicable to it or to its properties, except in such instances in
which (a)&nbsp;such requirement of Law is being contested in good faith by appropriate proceedings diligently conducted or (b)&nbsp;the failure to comply therewith, either individually or in the aggregate, could not reasonably be expected to have a
Material Adverse Effect. </FONT></P> <P STYLE="margin-top:10px;margin-bottom:0px; text-indent:4%" ALIGN="justify"><FONT STYLE="font-family:Times New Roman" SIZE="2"><B>6.23 <U>Property Matters.</U></B> </FONT></P>
<P STYLE="margin-top:10px;margin-bottom:0px; margin-left:4%; text-indent:4%" ALIGN="justify"><FONT STYLE="font-family:Times New Roman" SIZE="2">6.23.1 <U>Major Leases.</U> Set forth on <U>Schedule 6.23.1</U> is a list of all Major Lease locations
and the tenants party to Leases at such Major Lease locations (as updated from time to time). </FONT></P>
<P STYLE="margin-top:10px;margin-bottom:0px; margin-left:4%; text-indent:4%" ALIGN="justify"><FONT STYLE="font-family:Times New Roman" SIZE="2">6.23.2 <U>Borrowing Base Properties.</U> Set forth on <U>Schedule&nbsp;6.4</U> is a list of each
Borrowing Base Property with detail indicating the owner of each Borrowing Base Property and the location of each Borrowing Base Property. </FONT></P> <P STYLE="margin-top:10px;margin-bottom:0px; margin-left:4%; text-indent:4%" ALIGN="justify"><FONT
STYLE="font-family:Times New Roman" SIZE="2">6.23.3 <U>Flood Hazard.</U> Except to the extent covered by flood insurance required by <U>Schedule 5.1.11</U>, if any, no Borrowing Base Property is located in an area designated by the Federal Emergency
Management Agency as having special flood or mudslide hazards. </FONT></P> <P STYLE="margin-top:10px;margin-bottom:0px; text-indent:4%" ALIGN="justify"><FONT STYLE="font-family:Times New Roman" SIZE="2"><B>6.24 <U>Solvency.</U></B> After giving
effect to the transactions contemplated hereby, (a)&nbsp;each of the Loan Parties is solvent and is able to pay its debts and other liabilities, contingent obligations and other commitments as they mature in the normal course of business, and
(b)&nbsp;the fair saleable value of each Loan Party&#146;s assets, measured on a going concern basis, exceeds all probable liabilities, including those to be incurred pursuant to this Agreement. After giving effect to the transactions contemplated
hereby, none of the Loan Parties (i)&nbsp;has unreasonably small capital in </FONT></P>
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 <P STYLE="margin-top:0px;margin-bottom:0px" ALIGN="justify"><FONT STYLE="font-family:Times New Roman" SIZE="2">relation to the business in which it is or proposes to be engaged or (ii)&nbsp;has incurred,
or believes that it will incur debts beyond its ability to pay such debts as they become due; <U>provided</U> that nothing contained in subclause (i)&nbsp;shall require any equity holder to make any capital contribution to comply with such subclause
(i). In executing the Loan Documents and consummating the transactions contemplated hereby, none of the Loan Parties intends to hinder, delay or defraud either present or future creditors or other Persons to which one or more of the Loan Parties is
or will become indebted. </FONT></P> <P STYLE="margin-top:10px;margin-bottom:0px; text-indent:4%" ALIGN="justify"><FONT STYLE="font-family:Times New Roman" SIZE="2"><B>6.25 <U>Regarding Representations and Warranties.</U></B> Each request by any
Borrower for a Loan Advance and/or the issuance of a Letter of Credit: (i)&nbsp;shall constitute an affirmation by Borrower that the foregoing representations and warranties remain true and correct as of the date of such request (except (i)&nbsp;to
the extent that such representations and warranties specifically refer to an earlier date, in which case they shall be true and correct in all material respects as of such earlier date, and except that for purposes of this <U>Section&nbsp;6.25</U>,
the representations and warranties contained in <U>Section&nbsp;6.8</U> shall be deemed to refer to the most recent statements furnished pursuant to <U>Section&nbsp;7.2.1</U> and Section&nbsp;<U>7.2.2</U>; and except as to the representations and
warranties in Sections 6.4, 6.7, 6.9, and 6.14 which may be modified only to reflect events occurring after the date hereof as specifically disclosed in writing to Administrative Agent prior to or simultaneously with such written request) and,
unless Administrative Agent is notified to the contrary prior to the disbursement of the requested Loan Advance or the issuance of the requested Letter of Credit, will be so on the date of such Loan Advance or issuance of such Letter of Credit, and
(ii)&nbsp;shall constitute the representation and warranty of Borrower to Administrative Agent and each of the Lenders that the information set forth in each such request is true and correct in all material respects and omits no material fact
necessary to make the same not misleading, <U>provided</U> that to the extent any representation or warranty made by the Borrower in this Agreement or any other Loan Document shall be incorrect or misleading in any material respect with respect to
one or more Borrowing Base Properties such that the affirmations, representations and warranties required by this <U>Section&nbsp;6.25</U> cannot be made, the Borrower may remove a Borrowing Base Property pursuant to the terms of
<U>Section&nbsp;3.3</U> (with a resulting decrease in the Borrowing Base Value) so that the affirmations, representations and warranties required by this <U>Section&nbsp;6.25</U> may be made. All representations, warranties, covenants and agreements
made in this Agreement or in the other Loan Documents by each Loan Party shall be deemed to have been relied upon by the Administrative Agent and each of the Lenders notwithstanding any investigation heretofore or hereafter made by the
Administrative Agent and/or any of the Lenders or on its behalf. </FONT></P> <P STYLE="margin-top:10px;margin-bottom:0px" ALIGN="justify"><FONT STYLE="font-family:Times New Roman" SIZE="2"><B>7. <U>AFFIRMATIVE COVENANTS.</U></B> </FONT></P>
<P STYLE="margin-top:10px;margin-bottom:0px; text-indent:4%" ALIGN="justify"><FONT STYLE="font-family:Times New Roman" SIZE="2">So long as any Lender shall have any Commitment hereunder, any Loan or other Obligation hereunder shall remain unpaid or
unsatisfied, or any Letter of Credit shall remain outstanding, the Borrower shall, and shall cause, with respect to <U>Sections 7.3</U> through <U>7.13</U>, inclusive and <U>Sections 7.18</U>, <U>7.28</U>, <U>7.29</U> and <U>7.30</U>, each Loan
Party to: </FONT></P> <P STYLE="margin-top:10px;margin-bottom:0px; text-indent:4%" ALIGN="justify"><FONT STYLE="font-family:Times New Roman" SIZE="2"><B>7.1 <U>Notices.</U></B> Within five (5)&nbsp;business days after obtaining actual knowledge
thereof, notify the Administrative Agent in writing (and the Administrative Agent shall thereafter promptly notify the Lenders) of the following: (a)&nbsp;occurrence of any act, event or condition which constitutes a Default or Event of Default
under any of the Loan Documents; and (b)&nbsp;any </FONT></P>
 <p STYLE="margin-top:0px;margin-bottom:0px"><FONT SIZE="1">&nbsp;</FONT></P> <P STYLE="margin-top:0px;margin-bottom:0px" ALIGN="center"><FONT STYLE="font-family:Times New Roman" SIZE="2">82 </FONT></P>



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 <P STYLE="margin-top:0px;margin-bottom:0px" ALIGN="justify"><FONT STYLE="font-family:Times New Roman" SIZE="2">matter that has resulted or could reasonably be expected to result in a Material Adverse
Effect. Any notification delivered pursuant to clause (a)&nbsp;of this <U>Section&nbsp;7.1</U> shall include a written statement of any remedial or curative actions, if applicable, which the Borrower proposes to undertake and/or to cause any of
other Loan Parties to cure or remedy such Default or Event of Default. </FONT></P> <P STYLE="margin-top:10px;margin-bottom:0px; text-indent:4%" ALIGN="justify"><FONT STYLE="font-family:Times New Roman" SIZE="2"><B>7.2 <U>Financial Statements;
Reports; Officer&#146;s Certificates.</U></B> Furnish or cause to be furnished to the Administrative Agent (and the Administrative Agent shall thereafter promptly furnish copies of same to the Lenders) from time to time, the following financial
statements, reports, certificates, and other information, all in form and manner of presentation reasonably acceptable to the Administrative Agent: </FONT></P>
<P STYLE="margin-top:10px;margin-bottom:0px; margin-left:4%; text-indent:4%" ALIGN="justify"><FONT STYLE="font-family:Times New Roman" SIZE="2">7.2.1 <U>Annual Statements.</U> As soon as available and in any event no later than the earlier of
(a)&nbsp;to the extent applicable, five days following the date CRT is required by the SEC to deliver its Form 10-K for each Fiscal Year and (b)&nbsp;ninety (90)&nbsp;days after the close of each Fiscal Year, (i)&nbsp;the Consolidated statements of
financial condition of CRT, as at the end of such Fiscal Year and the related Consolidated statement of income and retained earnings and statement of cash flows for such Fiscal Year, in each case, commencing with the Fiscal Year ending
December&nbsp;31, 2011, setting forth comparative figures for the preceding fiscal year and certified by Ernst&nbsp;&amp; Young LLP or other independent registered public accounting firm of recognized national standing reasonably acceptable to the
Administrative Agent, in an unqualified opinion which report and opinion shall be prepared in accordance with generally accepted auditing standards and shall not be subject to any &#147;going concern&#148; or like qualification or exception or any
qualification or exception as to the scope of such audit, (ii)&nbsp;consolidating income statements for the Borrower and each Borrower Subsidiary; such financial statements to include and to be supplemented by such detail and supporting data and
schedules as the Administrative Agent may from time to time reasonably determine and (iii)&nbsp;updated two-year Cash Flow Projection specifically identifying, without limitation, (A)&nbsp;any changes to the Cash Flow Projection provided in the
immediately prior Officer&#146;s Certificate and (B)&nbsp;any Distributions projected during the next one-hundred and eighty (180)&nbsp;days. </FONT></P> <P STYLE="margin-top:10px;margin-bottom:0px; margin-left:4%; text-indent:4%" ALIGN="justify"><FONT
STYLE="font-family:Times New Roman" SIZE="2">7.2.2 <U>Periodic Statements.</U> As soon as available and in any event no later than the earlier of (a)&nbsp;to the extent applicable, five days following the date CRT is required by the SEC to deliver
its Form 10-Q for each fiscal quarter, and (b)&nbsp;forty-five (45)&nbsp;days after the close of each fiscal quarter (except for the quarter ending on December&nbsp;31), (i)&nbsp;the Consolidated statement of financial condition of CRT, as at the
end of such quarterly period, (ii)&nbsp;the related Consolidated statement of income and retained earnings (for the current quarter and on a year to date basis), and (iii)&nbsp;the Consolidated statement of cash flows (on a year to date basis), in
each case commencing with the fiscal quarter ending September&nbsp;30, 2011, setting forth comparative figures for the related periods in the prior Fiscal Year, internally prepared in accordance with GAAP, consistently applied, subject to normal
year-end audit adjustments, all in form and manner of presentation reasonably acceptable to the Administrative Agent, such financial statements to include and to be supplemented by such detail and supporting data and schedules as the Administrative
Agent may from time to time reasonably determine, together with consolidating income statements for the Borrower and each Borrower Subsidiary. </FONT></P>
 <p STYLE="margin-top:0px;margin-bottom:0px"><FONT SIZE="1">&nbsp;</FONT></P> <P STYLE="margin-top:0px;margin-bottom:0px" ALIGN="center"><FONT STYLE="font-family:Times New Roman" SIZE="2">83 </FONT></P>



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 <P STYLE="margin-top:0px;margin-bottom:0px; margin-left:4%; text-indent:4%" ALIGN="justify"><FONT STYLE="font-family:Times New Roman" SIZE="2">7.2.3 <U>Borrowing Base Property Reports.</U> Quarterly and
annually, upon delivery of each of the financial statements required pursuant to <U>Sections 7.2.1</U> and <U>7.2.2</U>, above, the following financial statements for each of the Borrowing Base Property Owners internally prepared by the Borrower and
certified by the Borrower to be true, accurate and complete in all material respects: (a)&nbsp;to the extent not included in the deliveries under <U>Sections 7.2.1</U> or <U>7.2.2</U>, an operating statement showing all calculation necessary to
determine Adjusted Net Operating Income and/or Pro Forma Annual Net Operating Income on a property by property basis, including, without limitation, the results of operation for the current quarter and on a year-to-date basis for the period just
ended and, annually, an operating statement for the year just ended; and (b)&nbsp;in the form customarily used by the Borrower, a detailed, current rent roll of the subject Borrowing Base Property, containing such details as the Administrative Agent
may reasonably request. </FONT></P> <P STYLE="margin-top:10px;margin-bottom:0px; margin-left:4%; text-indent:4%" ALIGN="justify"><FONT STYLE="font-family:Times New Roman" SIZE="2">7.2.4 <U>SEC Reports.</U> Within five (5)&nbsp;days after being
received, copies of all correspondence from the SEC, other than routine non-substantive general communications from the SEC. </FONT></P> <P STYLE="margin-top:10px;margin-bottom:0px; margin-left:4%; text-indent:4%" ALIGN="justify"><FONT
STYLE="font-family:Times New Roman" SIZE="2">7.2.5 <U>Compliance Certificates.</U> Quarterly and annually, upon delivery of each of the financial statements required pursuant to <U>Sections 7.2.1</U> and <U>7.2.2</U> above, (a)&nbsp;a Compliance
Certificate in form of <U>Exhibit C</U>, annexed hereto, together with an Officer&#146;s Certificate from the Borrower providing and otherwise certifying (i)&nbsp;the compliance or non-compliance by the Borrower with the Financial Covenants,
including such supporting detail as is reasonably deemed necessary by the Administrative Agent to verify the calculations incorporated therein, (ii)&nbsp;a report containing, to the extent not included in the deliveries under <U>Sections 7.2.1</U>,
<U>7.2.2</U>, or <U>7.2.3</U> for all Individual Properties, a summary listing of all Net Operating Income, revenues, rent roll, mortgage Debt, if any, the Borrower&#146;s ownership interest therein, and, in addition, for each Individual Property
acquired during the quarter just ended, the cost basis and the amount and terms of any assumed Debt, (iii)&nbsp;a certification that the financial statements fairly present in all material respects the Consolidated financial condition of CRT and
that no Default or Event of Default has occurred and is continuing, or if it is, a statement as to the nature thereof; (iv)&nbsp;a listing of all filings by the Borrower or CRT with the SEC, including, without limitation, full copies of CRT&#146;s
10-Q and 10-K filings; (v)&nbsp;Cash Flow Projections, as required under <U>Sections 7.2.1</U> and <U>7.2.2</U>, specifically identifying, without limitation, (A)&nbsp;any changes to the Cash Flow Projection provided in the immediately prior
Officer&#146;s Certificate and (B)&nbsp;any Distributions projected during the next one-hundred and eighty (180)&nbsp;days and (C)&nbsp;a consolidated Adjusted FFO; (vi)&nbsp;a list of any Major Leases entered into during the most recent fiscal
quarter and any existing Leases that became Major Leases during the most recent fiscal quarter; and (vii)&nbsp;any material change in accounting policies required by GAAP or financial reporting practices by any Loan Party or their Subsidiaries.
</FONT></P>
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 <P STYLE="margin-top:0px;margin-bottom:0px; margin-left:4%; text-indent:4%" ALIGN="justify"><FONT STYLE="font-family:Times New Roman" SIZE="2">7.2.6 <U>Data Requested.</U> Within a reasonable period of
time and from time to time, such other financial data or information as the Administrative Agent may reasonably request with respect to the Collateral Properties, the Borrower, and/or the other Loan Parties including, but not limited to, rent rolls,
aged receivables, aged payables, leases, budgets, forecasts, reserves, cash flow projections, deposit accounts, mortgage information, physical condition of the Collateral Properties and pending lease proposals; </FONT></P>
<P STYLE="margin-top:10px;margin-bottom:0px; margin-left:4%; text-indent:4%" ALIGN="justify"><FONT STYLE="font-family:Times New Roman" SIZE="2">7.2.7 <U>Tax Returns.</U> Upon the Administrative Agent&#146;s request, copies of all federal and state
tax returns of the Borrower and the other Loan Parties; </FONT></P> <P STYLE="margin-top:10px;margin-bottom:0px; margin-left:4%; text-indent:4%" ALIGN="justify"><FONT STYLE="font-family:Times New Roman" SIZE="2">7.2.8 <U>Lease Notices.</U>
Concurrently with the giving or receipt thereof, and within ten (10)&nbsp;Business Days of receipt thereof, copies of all notices of default given or received by any Loan Party with respect to any Major Lease. </FONT></P>
<P STYLE="margin-top:10px;margin-bottom:0px; margin-left:4%; text-indent:4%" ALIGN="justify"><FONT STYLE="font-family:Times New Roman" SIZE="2">7.2.9 <U>Ground Lessor Interest Notices.</U> Concurrently with the giving thereof, and within five
(5)&nbsp;Business Days of receipt thereof, copies of all material notices, other than routine correspondence, given or received by any Loan Party with respect to any Ground Lease with respect to a Borrowing Base Property. </FONT></P>
<P STYLE="margin-top:10px;margin-bottom:0px; margin-left:4%; text-indent:4%" ALIGN="justify"><FONT STYLE="font-family:Times New Roman" SIZE="2">7.2.10 <U>Entity Notices.</U> Concurrently with the issuance thereof, copies of all material written
notices (excluding routine correspondence) given to the partners, owners, stockholders, and/or members, respectively, of the Borrower. </FONT></P> <P STYLE="margin-top:10px;margin-bottom:0px; margin-left:4%; text-indent:4%" ALIGN="justify"><FONT
STYLE="font-family:Times New Roman" SIZE="2">7.2.11 <U>Property Acquisition or Sale.</U> Within five (5)&nbsp;Business Days of receipt thereof, copies of all notices in any way relating to a proposed sale or acquisition of any Individual Property
which the Borrower or any Borrower Subsidiary intends to consummate. </FONT></P> <P STYLE="margin-top:10px;margin-bottom:0px; margin-left:4%; text-indent:4%" ALIGN="justify"><FONT STYLE="font-family:Times New Roman" SIZE="2">7.2.12 <U>Property
Finance.</U> Within five (5)&nbsp;Business Days of receipt thereof, copies of all notices in any way relating to (a)&nbsp;a proposed finance or refinance of any Individual Property which the Borrower or any Borrower Subsidiary intends to consummate,
(b)&nbsp;the occurrence of any monetary or material non-monetary default or monetary or material non-monetary event of default under any Debt which is recourse to the Borrower, or any other default or event of default under any Debt which is
recourse to the Borrower, the occurrence of which could reasonably be expected to have a Material Adverse Effect, or (c)&nbsp;the occurrence of any monetary or material non-monetary default or monetary or material non-monetary event of default under
any Debt in excess of $40,000,000 which is secured by an Individual Property, or any other default or event of default under any Debt in excess of $40,000,000 which is secured by an Individual Property, the occurrence of which could reasonably be
expected to have a Material Adverse Effect. </FONT></P> <P STYLE="margin-top:10px;margin-bottom:0px; margin-left:4%; text-indent:4%" ALIGN="justify"><FONT STYLE="font-family:Times New Roman" SIZE="2">7.2.13 <U>Notice of Litigation.</U> Within ten
(10)&nbsp;Business Days after an Authorized Officer obtains knowledge thereof, written notice of any pending or, to the best of such Person&#146;s knowledge, threatened action, suit or proceeding at law or in equity or by or before any governmental
instrumentality or other agency or regulatory authority </FONT></P>
 <p STYLE="margin-top:0px;margin-bottom:0px"><FONT SIZE="1">&nbsp;</FONT></P> <P STYLE="margin-top:0px;margin-bottom:0px" ALIGN="center"><FONT STYLE="font-family:Times New Roman" SIZE="2">85 </FONT></P>



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 <P STYLE="margin-top:0px;margin-bottom:0px; margin-left:4%" ALIGN="justify"><FONT STYLE="font-family:Times New Roman" SIZE="2">by any entity (private or governmental) relating in any way to the Loan, the
transactions contemplated in the Loan Documents (including, without limitation, with regard to all Distributions), or the transactions contemplated in any documentation executed in connection therewith, or the Borrower, any other Loan Party, any
other Borrower Subsidiary or any Borrowing Base Property, which is not fully covered (subject to deductibles) by an insurance policy issued by a reputable and financially viable insurance company, or, to the extent not so covered, which could
reasonably be expected to have a Material Adverse Effect or a material adverse effect on a Borrowing Base Property. </FONT></P> <P STYLE="margin-top:10px;margin-bottom:0px; margin-left:4%; text-indent:4%" ALIGN="justify"><FONT
STYLE="font-family:Times New Roman" SIZE="2">The Borrower hereby acknowledges that (a)&nbsp;the Administrative Agent and/or the Arranger will make available to the Lenders and the L/C Issuer materials and/or information provided by or on behalf of
the Borrower hereunder (collectively, &#147;<U>Borrower Materials</U>&#148;) by posting the Borrower Materials on IntraLinks, Syndtaks or another similar electronic system (the &#147;<U>Platform</U>&#148;) and (b)&nbsp;certain of the Lenders (each,
a &#147;<U>Public Lender</U>&#148;) may have personnel who do not wish to receive material non-public information with respect to the Borrower or its Affiliates, or the respective securities of any of the foregoing, and who may be engaged in
investment and other market-related activities with respect to such Persons&#146; securities. The Borrower hereby agrees that so long as the Borrower or CRT is the issuer of any outstanding debt or equity securities that are registered or issued
pursuant to a private offering or is actively contemplating issuing any such securities (w)&nbsp;all Borrower Materials that are to be made available to Public Lenders shall be clearly and conspicuously marked &#147;PUBLIC&#148; which, at a minimum,
shall mean that the word &#147;PUBLIC&#148; shall appear prominently on the first page thereof; (x)&nbsp;by marking Borrower Materials &#147;PUBLIC,&#148; the Borrower shall be deemed to have authorized the Administrative Agent, the Arranger, the
L/C Issuer and the Lenders to treat such Borrower Materials as not containing any material non-public information with respect to the Borrower or its securities for purposes of United States Federal and state securities laws (provided, however, that
to the extent such Borrower Materials constitute Information, they shall be treated as set forth in <U>Section&nbsp;15.20</U>); (y)&nbsp;all Borrower Materials marked &#147;PUBLIC&#148; are permitted to be made available through a portion of the
Platform designated &#147;Public Side Information;&#148; and (z)&nbsp;the Administrative Agent and the Arranger shall be entitled to treat and shall treat any Borrower Materials that are not marked &#147;PUBLIC&#148; as being suitable only for
posting on a portion of the Platform that is not designated &#147;Public Side Information.&#148; Notwithstanding the foregoing, (i)&nbsp;the Borrower shall be under no obligation to mark any Borrower Materials &#147;PUBLIC&#148; and (ii)&nbsp;no
Public Lender shall be permitted to withhold, condition or delay its approval or consent to any matter hereunder based solely on such Public Lender&#146;s failure or refusal to receive and/or review non-Public Borrower Materials. </FONT></P>
<P STYLE="margin-top:10px;margin-bottom:0px; text-indent:4%" ALIGN="justify"><FONT STYLE="font-family:Times New Roman" SIZE="2"><B>7.3 <U>Existence.</U></B> (a)&nbsp;Preserve, renew and keep in full force and effect (i)&nbsp;the partnership, limited
liability company or corporate existence, as applicable, of each Loan Party and (ii)&nbsp;the material rights, licenses, permits and franchises of each Loan Party, (b)&nbsp;comply with all Laws and other Laws applicable to it and its assets,
business and operations, the non-compliance with which could reasonably be expected to have a Material Adverse Effect, (c)&nbsp;to the extent applicable, at all times maintain, preserve and protect all material franchises and trade names and all the
remainder of its property used or useful in the conduct of its business, and (d)&nbsp;keep and cause each Loan Party to keep, its assets in good working order and repair, ordinary wear and tear and damage by casualty or taking by condemnation
excepted, and from time to time make, or cause to be made, all reasonably necessary repairs, renewals, replacements, betterments and improvements thereto. </FONT></P>
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 <P STYLE="margin-top:0px;margin-bottom:0px; text-indent:4%" ALIGN="justify"><FONT STYLE="font-family:Times New Roman" SIZE="2"><B>7.4 <U>Payment of Taxes.</U></B> Duly pay and discharge, before the same
shall become overdue, all taxes, assessments, impositions, and other governmental charges payable by it or with respect to the Collateral Properties, to the extent that same are not paid by the tenants under the respective Leases; <U>provided</U>,
<U>however</U>, the failure of any Loan Party to pay such taxes, assessments, impositions, or other governmental charges shall not constitute a Default or Event of Default as long as same are being contested in a manner which complies with the
requirements of <U>Section&nbsp;8.2.4</U>. </FONT></P> <P STYLE="margin-top:10px;margin-bottom:0px; text-indent:4%" ALIGN="justify"><FONT STYLE="font-family:Times New Roman" SIZE="2"><B>7.5 <U>Insurance; Casualty, Taking.</U></B> </FONT></P>
<P STYLE="margin-top:10px;margin-bottom:0px; margin-left:4%; text-indent:4%" ALIGN="justify"><FONT STYLE="font-family:Times New Roman" SIZE="2">7.5.1 <U>General Insurance Requirements.</U> Maintain or cause the appropriate Person to maintain in full
force and effect the following insurance: (a)&nbsp;the Collateral Properties shall be insured by insurers of recognized financial responsibility against such losses and risks in compliance with the Major Leases and the requirements set forth in
<U>Schedule 5.1.11</U> hereto, and (b)&nbsp;all other assets of the Borrower and the Borrower Subsidiaries shall be insured with such insurance as is reasonable and usual for Persons conducting business operations similar to those of the Borrower
and in compliance with the terms of any secured financing with respect thereto. </FONT></P> <P STYLE="margin-top:10px;margin-bottom:0px; margin-left:4%; text-indent:4%" ALIGN="justify"><FONT STYLE="font-family:Times New Roman" SIZE="2">7.5.2 Excess
Insurance Coverage<U>.</U> Without limiting the generality of the insurance requirements set forth herein, only if commercially available at commercially reasonable rates (in an amount reasonably consistent with the amount of such insurance
generally obtained by companies engaging in real estate business operations of a similar size and nature as that of the Borrower) either (a)&nbsp;the insurance policies required hereunder shall not include any so called &#147;terrorist
exclusion&#148; or similar exclusion or exception to insurance coverage relating to the acts of terrorist groups or individuals, or (b)&nbsp;excess or blanket coverage with respect thereto shall be provided, which excess or blanket coverage must be
in an amount, from an insurer, and in accordance with terms and conditions reasonably acceptable to the Administrative Agent. </FONT></P> <P STYLE="margin-top:10px;margin-bottom:0px; margin-left:4%; text-indent:4%" ALIGN="justify"><FONT
STYLE="font-family:Times New Roman" SIZE="2">7.5.3 <U>Payment of Premiums.</U> All insurance premiums shall be paid, at the Borrower&#146;s option either annually in advance or in installments when due, and the Administrative Agent shall be provided
with evidence of such payment of insurance premiums (or evidence of the relevant installment payment) prior to each renewal or replacement of such coverages. </FONT></P>
<P STYLE="margin-top:10px;margin-bottom:0px; margin-left:4%; text-indent:4%" ALIGN="justify"><FONT STYLE="font-family:Times New Roman" SIZE="2">7.5.4 <U>Notice of Damage.</U> In the event of any damage or destruction to any Collateral Property by
reason of fire or other hazard or casualty, the Borrower shall give immediate written notice thereof to the Administrative Agent. If there is any condemnation for public use of any Collateral Property the Borrower shall give immediate written notice
thereof to the Administrative Agent (and the Administrative Agent shall thereafter promptly notify the Lenders). With respect to any such condemnation, the Borrower shall make the Mandatory Principal Payment, if any is </FONT></P>
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 <P STYLE="margin-top:0px;margin-bottom:0px; margin-left:4%" ALIGN="justify"><FONT STYLE="font-family:Times New Roman" SIZE="2">required, set forth herein. Further, the Borrower shall upon the request of
the Administrative Agent provide to the Administrative Agent a report as to the status of any insurance adjustment, condemnation claim, or restoration resulting from any casualty or taking. </FONT></P>
<P STYLE="margin-top:10px;margin-bottom:0px; text-indent:4%" ALIGN="justify"><FONT STYLE="font-family:Times New Roman" SIZE="2"><B>7.6 </B><B><U>Inspection.</U></B> Permit the Administrative Agent and the Lenders and its/their agents,
representatives and employees to inspect the Collateral Properties, and any and all other assets of the Borrower or any of the Loan Parties, at reasonable hours upon reasonable notice, subject to the rights of tenants therein. The Borrower shall be
responsible for the reasonable costs incurred by the Administrative Agent of one such inspection of each Borrowing Base Property or other asset per year, and all such inspections if an Event of Default is in existence. </FONT></P>
<P STYLE="margin-top:10px;margin-bottom:0px; text-indent:4%" ALIGN="justify"><FONT STYLE="font-family:Times New Roman" SIZE="2"><B>7.7 <U>Loan Documents.</U></B> Observe, perform and satisfy all the terms, provisions, covenants and conditions to be
performed by it under, and to pay when due all costs, fees and expenses, and other Obligations to the extent required under, the Loan Documents. </FONT></P> <P STYLE="margin-top:10px;margin-bottom:0px; text-indent:4%" ALIGN="justify"><FONT
STYLE="font-family:Times New Roman" SIZE="2"><B>7.8 <U>Further Assurances.</U></B> Execute and deliver to the Administrative Agent such documents, instruments, certificates, assignments and other writings, and do such other acts, necessary or
desirable in the reasonable judgment of the Administrative Agent, to evidence, preserve and/or protect the Collateral at any time securing or intended to secure the Obligations or for the better and more effective carrying out of the intents and
purposes of this Agreement and the other Loan Documents. </FONT></P> <P STYLE="margin-top:10px;margin-bottom:0px; text-indent:4%" ALIGN="justify"><FONT STYLE="font-family:Times New Roman" SIZE="2"><B>7.9 <U>Books and Records.</U></B> Maintain and
keep in accordance with GAAP (or such other accounting basis reasonably acceptable to the Administrative Agent), proper and accurate books, records and accounts reflecting all of the financial affairs of the Borrower and such other Loan Parties and
the Borrower Subsidiaries and all items of income and expense in connection with their respective business and operations and in connection with any services, equipment or furnishings provided in connection with the operation of the business of the
Borrower, the other Loan Parties, and the Borrower Subsidiaries, whether such income or expense is realized thereby or by any other Person. The Administrative Agent shall have the right, not more than once each quarter (unless an Event of Default
shall have occurred and be continuing in which case as often as the Administrative Agent shall reasonably determine), during normal business hours and upon reasonable notice, to examine such books, records and accounts at the office of the Person
maintaining such books, records, correspondence, and accounts and to make such copies or extracts thereof as the Administrative Agent shall desire at the Administrative Agent&#146;s cost and expense. The Borrower shall give the Administrative Agent
fifteen (15)&nbsp;Business Days&#146; notice of any change in the location of its financial records from the address specified at the beginning of this Agreement. The Administrative Agent may discuss the financial and other affairs of the Borrower,
the other Loan Parties, and Borrower Subsidiaries with any of its partners, owners, and any accountants hired by the Borrower, it being agreed that the Administrative Agent and each of the Lenders shall use reasonable efforts not to divulge
information obtained from such examination to others except in connection with Laws and in connection with administering the Loan, enforcing its rights and remedies under the Loan Documents and in the conduct, operation and regulation of its banking
and lending business (which may include, without limitation, the transfer of the Loan or of participation interests therein). Any assignee or transferee of the Loan, co-lender, or any holder of a participation interest in the Loan shall deal with
such information in the same manner and in connection with any subsequent transfer of its interest in the Loan or of further participation interests therein. </FONT></P>
 <p STYLE="margin-top:0px;margin-bottom:0px"><FONT SIZE="1">&nbsp;</FONT></P> <P STYLE="margin-top:0px;margin-bottom:0px" ALIGN="center"><FONT STYLE="font-family:Times New Roman" SIZE="2">88 </FONT></P>



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 <P STYLE="margin-top:0px;margin-bottom:0px; text-indent:4%" ALIGN="justify"><FONT STYLE="font-family:Times New Roman" SIZE="2"><B>7.10 <U>Business and Operations</U><U>.</U></B> (a)&nbsp;Continue to
engage in the type of businesses, acquisition, sale, financing, development and operation of retail properties and usual and customary uses incidental to such retail activities presently conducted by them as of the Closing Date, respectively, and
(b)&nbsp;be qualified to do business and in good standing under the Laws of each jurisdiction, and otherwise to comply with all Laws, as and to the extent the same are required for the ownership, maintenance, management and operation of the assets
of such Person except where the failure to be so qualified could not reasonably be expected to have a Material Adverse Effect. </FONT></P> <P STYLE="margin-top:10px;margin-bottom:0px; text-indent:4%" ALIGN="justify"><FONT
STYLE="font-family:Times New Roman" SIZE="2"><B>7.11 <U>Title</U></B><B><U>.</U></B> (a)&nbsp;Warrant and defend (i)&nbsp;the title to each item of Collateral owned by such Person and every part thereof, subject only to Permitted Liens,
(ii)&nbsp;the validity and priority of the Liens and security interests held by the Administrative Agent pursuant to the Loan Documents, in each case against the claims of all Persons whomsoever, and (iii)&nbsp;the title to and in the Collateral
Properties, and (b)&nbsp;the Borrower and the other Loan Parties shall be responsible, jointly and severally, to reimburse the Administrative Agent and the Lenders for any losses, costs, damages or expenses (including reasonable attorneys&#146; fees
and court costs) incurred by the Administrative Agent and/or any of the Lenders if an interest in any item of Collateral, other than as permitted hereunder, is claimed by another Person. </FONT></P>
<P STYLE="margin-top:10px;margin-bottom:0px; text-indent:4%" ALIGN="justify"><FONT STYLE="font-family:Times New Roman" SIZE="2"><B>7.12 <U>Estoppel</U><U>.</U></B> Within ten (10)&nbsp;Business Days after a request therefor from the Administrative
Agent, which request shall not be made by the Administrative Agent more than once each Fiscal Year, furnish to the Administrative Agent a statement, duly acknowledged and certified, setting forth (a)&nbsp;the amount then owing by the Borrower in
respect of the Obligations, (b)&nbsp;the date through which interest on the Loan has been paid, (c)&nbsp;any offsets, counterclaims, credits or defenses to the payment by any Loan Party to the Obligations of which the Borrower has knowledge and
(d)&nbsp;whether any written notice of Default from the Administrative Agent to the Borrower or any of the other Loan Parties is then outstanding and acknowledging that this Agreement and the other Loan Documents are in full force and effect and
unmodified, or if modified, giving the particulars of such modification. </FONT></P> <P STYLE="margin-top:10px;margin-bottom:0px; text-indent:4%" ALIGN="justify"><FONT STYLE="font-family:Times New Roman" SIZE="2"><B>7.13
<U>ERISA</U></B><B><U>.</U></B> As soon as possible and, in any event, within ten (10)&nbsp;days after any Loan Party, Borrower Subsidiary, or any ERISA Affiliate knows of the occurrence of any of the following which could reasonably be expected to
have a Material Adverse Effect, deliver to the Administrative Agent a certificate of an executive officer of the Borrower setting forth details as to such occurrence and the action, if any, that the applicable the Borrower or other Loan Party or
Borrower Subsidiary or such ERISA Affiliate is required or proposes to take, together with any notices required or proposed to be given to or filed with or by such the Borrower, Loan Party, the ERISA Affiliate, the PBGC, a Plan participant or the
Plan administrator with respect thereto: (a)&nbsp;that a Reportable Event has occurred; (b)&nbsp;that any Plan has been deemed to be in &#147;at risk status&#148; (as defined in Section&nbsp;430(i)(4) of the Code without regard to 430(i)(4)(B)
relating to the transition rule) (c)&nbsp;that the minimum required contribution (as defined in Section&nbsp;430(a) of the Code) to a Plan has not been timely made; (d)&nbsp;that a Plan has been or may be terminated, reorganized, partitioned or
declared insolvent under Title IV of ERISA; (e)&nbsp;that proceedings may be or have been instituted to terminate or appoint a trustee to administer a Plan; (f)&nbsp;that a </FONT></P>
 <p STYLE="margin-top:0px;margin-bottom:0px"><FONT SIZE="1">&nbsp;</FONT></P> <P STYLE="margin-top:0px;margin-bottom:0px" ALIGN="center"><FONT STYLE="font-family:Times New Roman" SIZE="2">89 </FONT></P>



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 <P STYLE="margin-top:0px;margin-bottom:0px" ALIGN="justify"><FONT STYLE="font-family:Times New Roman" SIZE="2">proceeding has been instituted pursuant to Section&nbsp;515 of ERISA to collect a delinquent
contribution to a Plan; (g)&nbsp;that such the Borrower, Loan Party, Borrower Subsidiary, or ERISA Affiliate will or may incur any liability (including any indirect, contingent, or secondary liability) to or on account of the termination of or
withdrawal from a Plan under Section&nbsp;4062, 4063, 4064, 4069, 4201, 4204 or 4212 of ERISA or with respect to a Plan under Section&nbsp;401(a)(29), 4971, 4975 or 4980 of the Code or Section&nbsp;409 or 502(i) or 502(l) of ERISA; or (h)&nbsp;or
that such the Borrower, the Loan Party or Borrower Subsidiary may incur any material liability pursuant to any employee welfare benefit plan (as defined in Section&nbsp;3(l) of ERISA) that provides benefits to retired employees or other former
employees (other than as required by Section&nbsp;601 of ERISA) or any employee pension benefit plan (as defined in Section&nbsp;3(2) of ERISA). Upon the request of the Administrative Agent, the Borrower shall (and shall cause the other Loan
Parties, ERISA Affiliates and Borrower Subsidiaries to) deliver to the Administrative Agent a complete copy of the annual report (Form 5500) of each Plan required to be filed with the Department of Labor. In addition to any certificates or notices
delivered to the Administrative Agent pursuant to the first sentence hereof, copies of any material notices received by the Borrower, a Loan Party, a Borrower Subsidiary, or any ERISA Affiliate with respect to any Plan shall be delivered to the
Administrative Agent no later than ten (10)&nbsp;days after the date such report has been filed with the Internal Revenue Service, the Department of Labor, or the PBGC or such notice has been received by the Borrower, Loan Party or Borrower
Subsidiary or ERISA Affiliate, as applicable. </FONT></P> <P STYLE="margin-top:10px;margin-bottom:0px; text-indent:4%" ALIGN="justify"><FONT STYLE="font-family:Times New Roman" SIZE="2"><B>7.14 [Reserved]. </B></FONT></P>
<P STYLE="margin-top:10px;margin-bottom:0px; text-indent:4%" ALIGN="justify"><FONT STYLE="font-family:Times New Roman" SIZE="2"><B>7.15 <U>Costs and Expenses</U><U>.</U> </B>Pay all costs and expenses as required by <U>Section&nbsp;15.9.1</U>.<B>
</B></FONT></P> <P STYLE="margin-top:10px;margin-bottom:0px; text-indent:4%" ALIGN="justify"><FONT STYLE="font-family:Times New Roman" SIZE="2"><B>7.16 <U>Appraisals.</U> </B></FONT></P>
<P STYLE="margin-top:10px;margin-bottom:0px; margin-left:4%; text-indent:4%" ALIGN="justify"><FONT STYLE="font-family:Times New Roman" SIZE="2">7.16.1 Appraisal<U>.</U> The Administrative Agent shall have the right at its option to the extent that
(a)&nbsp;the existing applicable appraisal is more than twelve (12)&nbsp;months old or (b)&nbsp;in the Administrative Agent&#146;s reasonable discretion, the value of any Borrowing Base Property has been materially impacted, to order an Appraisal of
one or more of the Borrowing Base Properties prepared at the Administrative Agent&#146;s direction by an appraiser selected by the Administrative Agent, after notice to the Borrower. An appraiser selected by the Administrative Agent shall be an MAI
member with an appropriate level of professional experience appraising commercial properties in the respective area(s) of the Borrowing Base Properties and otherwise qualified pursuant to provisions of applicable Laws under and pursuant to which the
Administrative Agent operates. At any time, the Borrower shall have the right at its option and at its own expense to direct that the Administrative Agent order an Appraisal of one or more Borrowing Base Properties by an appraiser selected by the
Borrower and approved by the Administrative Agent, such approval not to be unreasonably withheld, conditioned or delayed. </FONT></P> <P STYLE="margin-top:10px;margin-bottom:0px; margin-left:4%; text-indent:4%" ALIGN="justify"><FONT
STYLE="font-family:Times New Roman" SIZE="2">7.16.2 Costs of Appraisal<U>.</U> The Borrower shall pay for the costs of each Appraisal and each updated Appraisal requested by the Administrative Agent only (a)&nbsp;after the occurrence of an Event of
Default, or (b)&nbsp;in connection with an annual Appraisal to be ordered by the Administrative Agent for each Borrowing Base Property, or (c)&nbsp;in connection with any request by the Borrower to extend the Initial Maturity Date to the Extended
Maturity Date, or (d)&nbsp;if, in the Administrative Agent&#146;s reasonable discretion, the value of any Borrowing Base Property has been materially impacted. </FONT></P>
 <p STYLE="margin-top:0px;margin-bottom:0px"><FONT SIZE="1">&nbsp;</FONT></P> <P STYLE="margin-top:0px;margin-bottom:0px" ALIGN="center"><FONT STYLE="font-family:Times New Roman" SIZE="2">90 </FONT></P>



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 <P STYLE="margin-top:0px;margin-bottom:0px; text-indent:4%" ALIGN="justify"><FONT STYLE="font-family:Times New Roman" SIZE="2"><B>7.17 <U>Indemnification</U><U>.</U></B> At all times, both before and
after repayment of the Loan, at its sole cost and expense defend, indemnify, exonerate and save harmless the Administrative Agent and each of the Lenders and all those claiming by, through or under the Administrative Agent and each of the Lenders as
required by <U>Section&nbsp;15.9.2</U>. </FONT></P> <P STYLE="margin-top:10px;margin-bottom:0px; text-indent:4%" ALIGN="justify"><FONT STYLE="font-family:Times New Roman" SIZE="2"><B>7.18 <U>Leasing Matters.</U> </B></FONT></P>
<P STYLE="margin-top:10px;margin-bottom:0px; margin-left:4%; text-indent:4%" ALIGN="justify"><FONT STYLE="font-family:Times New Roman" SIZE="2">7.18.1 <U>Administrative Agent&#146;s Approval Required.</U> </FONT></P>
<P STYLE="margin-top:10px;margin-bottom:0px; margin-left:4%; text-indent:4%" ALIGN="justify"><FONT STYLE="font-family:Times New Roman" SIZE="2">(a) Except as provided for herein, the Loan Parties may enter into, modify, terminate, or amend any Lease
for any Individual Property without the approval of the Administrative Agent or the Lenders. </FONT></P>
<P STYLE="margin-top:10px;margin-bottom:0px; margin-left:4%; text-indent:4%" ALIGN="justify"><FONT STYLE="font-family:Times New Roman" SIZE="2">(b) Administrative Agent&#146;s prior written approval, which shall not be unreasonably withheld or
delayed, shall be required in each instance as to the entering into of any Major Lease. </FONT></P> <P STYLE="margin-top:10px;margin-bottom:0px; margin-left:4%; text-indent:4%" ALIGN="justify"><FONT STYLE="font-family:Times New Roman" SIZE="2">(c)
For any Major Lease requiring approval hereunder, the approval shall relate to: (i)&nbsp;the economic and other material terms of the Major Lease; (ii)&nbsp;each tenant under a proposed Major Lease; (iii)&nbsp;each guarantor of a tenant&#146;s
obligations under a proposed Major Lease; (iv)&nbsp;any material modification or amendment to the Major Lease, and (v)&nbsp;any optional termination, cancellation or surrender of any Major Lease by the Loan Party thereto but not a termination
resulting from a default of the tenant thereunder. </FONT></P> <P STYLE="margin-top:10px;margin-bottom:0px; margin-left:4%; text-indent:4%" ALIGN="justify"><FONT STYLE="font-family:Times New Roman" SIZE="2">7.18.2 <U>Borrower&#146;s Requests.</U>
Subject to <U>Section&nbsp;7.18.5</U>, any request by Borrower for an approval from Administrative Agent with respect to leasing matters shall be sent to the Administrative Agent and shall be accompanied to the extent available, by the following:
(i)&nbsp;the proposed lease or amendment or modification thereof complete with all applicable schedules and exhibits and a lease abstract; (ii)&nbsp;a complete copy of any proposed guaranty; (iii)&nbsp;comprehensive financial information with
respect to the proposed tenant and, if applicable, the proposed guarantor (as to new leases or amendments or modifications to existing leases involving material economic changes); and (iv)&nbsp;an executive summary of the terms and conditions of the
proposed lease and, if applicable, the proposed guaranty. </FONT></P> <P STYLE="margin-top:10px;margin-bottom:0px; margin-left:4%; text-indent:4%" ALIGN="justify"><FONT STYLE="font-family:Times New Roman" SIZE="2">7.18.3 <U>Response.</U> The
Administrative Agent shall act on requests from Borrower for any approval required under <U>Section&nbsp;7.18.2</U> in a commercially reasonable manner and shall use commercially reasonable efforts to respond to any such request within ten
(10)&nbsp;Business Days for approvals required under <U>Section&nbsp;7.18.2</U>, in each instance following Administrative Agent&#146;s receipt thereof with all required supporting information. Administrative Agent&#146;s response may consist of an
approval or disapproval of the request, or a conditional approval thereof subject to specified conditions, or a request for further data or information, or any combination thereof, with any such response including in each instance reasonable detail
with respect to the basis for the </FONT></P>
 <p STYLE="margin-top:0px;margin-bottom:0px"><FONT SIZE="1">&nbsp;</FONT></P> <P STYLE="margin-top:0px;margin-bottom:0px" ALIGN="center"><FONT STYLE="font-family:Times New Roman" SIZE="2">91 </FONT></P>



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 <P STYLE="margin-top:0px;margin-bottom:0px; margin-left:4%" ALIGN="justify"><FONT STYLE="font-family:Times New Roman" SIZE="2">disapproval or the additional information requested. Notwithstanding the
foregoing, any such Lease which is materially consistent with an Approved Lease Term Sheet shall be deemed approved by the Administrative Agent hereunder. If the Borrower submits to Administrative Agent a written request for approval with respect to
a proposed Lease and/or any such action with respect to a Lease and includes the following in all capital, bolded, block letters on the first page thereof: </FONT></P>
<P STYLE="margin-top:10px;margin-bottom:0px; margin-left:4%; text-indent:4%" ALIGN="justify"><FONT STYLE="font-family:Times New Roman" SIZE="2"><B>&#147;THE FOLLOWING REQUEST REQUIRES A RESPONSE WITHIN TEN (10)&nbsp;BUSINESS DAYS OF RECEIPT. FAILURE
TO DO SO WILL BE DEEMED AN APPROVAL OF THE REQUEST.&#148; </B></FONT></P> <P STYLE="margin-top:10px;margin-bottom:0px; margin-left:4%; text-indent:4%" ALIGN="justify"><FONT STYLE="font-family:Times New Roman" SIZE="2">and if the foregoing legend is
included by the Borrower in its communication, the Administrative Agent shall be deemed to have approved or consented to such proposed Lease and/or such action if the Administrative Agent shall fail to object to such proposed Lease and/or such
action within ten (10)&nbsp;Business Days (without counting the day of receipt) of Agent&#146;s receipt of such notice. </FONT></P> <P STYLE="margin-top:10px;margin-bottom:0px; margin-left:4%; text-indent:4%" ALIGN="justify"><FONT
STYLE="font-family:Times New Roman" SIZE="2">7.18.4 <U>Intentionally Omitted.</U> </FONT></P> <P STYLE="margin-top:10px;margin-bottom:0px; margin-left:4%; text-indent:4%" ALIGN="justify"><FONT STYLE="font-family:Times New Roman" SIZE="2">7.18.5
<U>Preliminary Submission.</U> </FONT></P> <P STYLE="margin-top:10px;margin-bottom:0px"><FONT STYLE="font-family:Times New Roman" SIZE="2">. </FONT></P> <P STYLE="margin-top:10px;margin-bottom:0px; margin-left:4%; text-indent:4%" ALIGN="justify"><FONT
STYLE="font-family:Times New Roman" SIZE="2">(a) At Borrower&#146;s option, after the preparation or execution of a term sheet or letter of intent with any proposed tenant under a Major Lease requiring approval herein, the Borrower may deliver to
the Administrative Agent a preliminary submission consisting of, to the extent available, (x)&nbsp;an executive summary or abstract of the terms and conditions of the proposed lease and, if applicable, the proposed guaranty and
(y)&nbsp;comprehensive financial information with respect to the proposed tenant and, if applicable, the proposed guarantor. Administrative Agent shall act on requests from Borrower for any approval under this section in a commercially reasonable
manner and shall use commercially reasonable efforts to respond to any such request within five (5)&nbsp;Business Days following Administrative Agent&#146;s receipt thereof. In the event that Administrative Agent approves such summary material and
financial information for any Major Lease, the material shall be referred to herein as an &#147;Approved Lease Term Sheet&#148;. </FONT></P> <P STYLE="margin-top:10px;margin-bottom:0px; margin-left:4%; text-indent:4%" ALIGN="justify"><FONT
STYLE="font-family:Times New Roman" SIZE="2">(b) Administrative Agent shall not withhold its approval of (x)&nbsp;the economic terms of any lease which are not materially less favorable than the economic terms established by an Approved Lease Term
Sheet, or (y)&nbsp;the identity of the tenant and each guarantor, and any terms or other substantive provisions, reflected in an Approved Lease Term Sheet, unless there has been a material adverse change in the financial condition of the tenant or
any such guarantor since the approval of such Approved Lease Term Sheet. If the Borrower submits to Administrative Agent a written request for approval with respect to an Approved Lease Term Sheet and includes the following in all capital, bolded,
block letters on the first page thereof: </FONT></P> <P STYLE="margin-top:10px;margin-bottom:0px; margin-left:4%; text-indent:4%" ALIGN="justify"><FONT STYLE="font-family:Times New Roman" SIZE="2">&#147;THE FOLLOWING REQUEST REQUIRES A RESPONSE
WITHIN TEN (10)&nbsp;BUSINESS DAYS OF RECEIPT. FAILURE TO DO SO WILL BE DEEMED AN APPROVAL OF THE REQUEST.&#148; </FONT></P>
 <p STYLE="margin-top:0px;margin-bottom:0px"><FONT SIZE="1">&nbsp;</FONT></P> <P STYLE="margin-top:0px;margin-bottom:0px" ALIGN="center"><FONT STYLE="font-family:Times New Roman" SIZE="2">92 </FONT></P>



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 <P STYLE="margin-top:0px;margin-bottom:0px; margin-left:4%" ALIGN="justify"><FONT STYLE="font-family:Times New Roman" SIZE="2">and if the foregoing legend is included by the Borrower in its
communication, the Administrative Agent shall be deemed to have approved or consented to such proposed Approved Lease Term Sheet if the Agent fail to object to such Approved Lease Term Sheet within ten (10)&nbsp;Business Days (without counting the
day of receipt) of Administrative Agent&#146;s receipt of such notice. </FONT></P> <P STYLE="margin-top:10px;margin-bottom:0px; text-indent:4%" ALIGN="justify"><FONT STYLE="font-family:Times New Roman" SIZE="2"><U><B>7.19 Interest Coverage
Ratio.</B></U> Maintain an Interest Coverage Ratio greater than or equal to (a)&nbsp;commencing with the Closing Date and continuing until the end of the quarter ending December&nbsp;31, 2012, 1.75:1 and (b)&nbsp;commencing with the quarter ending
March&nbsp;31, 2013 until the Maturity Date, 1.80:1. The Interest Coverage Ratio covenant shall be tested by the Administrative Agent as of each Calculation Date with results based upon the results for the most recent Calculation Period, such
calculation and results to be verified by the Administrative Agent. </FONT></P> <P STYLE="margin-top:10px;margin-bottom:0px; text-indent:4%" ALIGN="justify"><FONT STYLE="font-family:Times New Roman" SIZE="2"><B><U>7.20 Leverage Ratio.</U></B>
Maintain a Leverage Ratio as determined as of each Calculation Date of less than sixty-five percent (65%). The Leverage Ratio covenant shall be tested by the Administrative Agent as of each Calculation Date, such calculation and results to be
verified by the Administrative Agent. </FONT></P> <P STYLE="margin-top:10px;margin-bottom:0px; text-indent:4%" ALIGN="justify"><FONT STYLE="font-family:Times New Roman" SIZE="2"><B><U>7.21 Fixed Charge Ratio</U></B><B>.</B> Maintain a Fixed Charge
Ratio as determined as of each Calculation Date as follows: </FONT></P> <P STYLE="margin-top:10px;margin-bottom:0px; margin-left:4%; text-indent:4%" ALIGN="justify"><FONT STYLE="font-family:Times New Roman" SIZE="2">(a) Commencing with the Closing
Date and continuing until the end of the quarter ending December&nbsp;31, 2012, not less than 1.25:1; </FONT></P> <P STYLE="margin-top:10px;margin-bottom:0px; margin-left:4%; text-indent:4%" ALIGN="justify"><FONT
STYLE="font-family:Times New Roman" SIZE="2">(b) Commencing with the quarter ending March&nbsp;31, 2013 and continuing until the end of the quarter ending December&nbsp;31, 2013, not less than 1.30:1; </FONT></P>
<P STYLE="margin-top:10px;margin-bottom:0px; margin-left:4%; text-indent:4%" ALIGN="justify"><FONT STYLE="font-family:Times New Roman" SIZE="2">(c) Commencing with the quarter ending March&nbsp;31, 2014 and continuing until the end of the quarter
ending December&nbsp;31, 2014, not less than 1.35:1; and </FONT></P> <P STYLE="margin-top:10px;margin-bottom:0px; margin-left:4%; text-indent:4%" ALIGN="justify"><FONT STYLE="font-family:Times New Roman" SIZE="2">(d) Commencing with the quarter
ending March&nbsp;31, 2015 and continuing until the Maturity Date, not less than 1.40:1. </FONT></P> <P STYLE="margin-top:10px;margin-bottom:0px" ALIGN="justify"><FONT STYLE="font-family:Times New Roman" SIZE="2">The Fixed Charge Ratio covenant
shall be tested by the Administrative Agent as of each Calculation Date with results based upon the results for the most recent Calculation Period, such calculation and results to be verified by the Administrative Agent. </FONT></P>
<P STYLE="margin-top:10px;margin-bottom:0px; text-indent:4%" ALIGN="justify"><FONT STYLE="font-family:Times New Roman" SIZE="2"><B><U>7.22 Net Worth.</U></B> Maintain a Net Worth as determined as of each Calculation Date equal to or greater than the
aggregate of (a)&nbsp;$439,676,000.00 plus (b)&nbsp;seventy-five percent (75%)&nbsp;of the cumulative net cash proceeds received from and the value of assets acquired (net of (i)&nbsp;underwriters&#146; discounts, commissions and other reasonable
out-of-pocket expenses of issuance actually paid to any Person (other than a Loan Party or an Affiliate of any Loan Party) and (ii)&nbsp;Debt incurred or assumed in connection therewith) through the issuance of Capital Stock by CRT after
September&nbsp;30, 2011. The Net Worth covenant shall be tested by the Administrative Agent as of each Calculation Date, such calculation and results to be verified by the Administrative Agent. </FONT></P>
 <p STYLE="margin-top:0px;margin-bottom:0px"><FONT SIZE="1">&nbsp;</FONT></P> <P STYLE="margin-top:0px;margin-bottom:0px" ALIGN="center"><FONT STYLE="font-family:Times New Roman" SIZE="2">93 </FONT></P>



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 <P STYLE="margin-top:0px;margin-bottom:0px; text-indent:4%" ALIGN="justify"><FONT STYLE="font-family:Times New Roman" SIZE="2"><B><U>7.23 Borrowing Base Property Covenants.</U> </B></FONT></P>
<P STYLE="margin-top:10px;margin-bottom:0px; margin-left:4%; text-indent:4%" ALIGN="justify"><FONT STYLE="font-family:Times New Roman" SIZE="2">7.23.1 <U>Occupancy Ratio.</U> Not permit the aggregate Occupancy Ratio for the Borrowing Base Properties
that are Stabilized Assets (determined on an aggregate rentable square foot basis) to be less than eighty percent (80%). </FONT></P> <P STYLE="margin-top:10px;margin-bottom:0px; margin-left:4%; text-indent:4%" ALIGN="justify"><FONT
STYLE="font-family:Times New Roman" SIZE="2">7.23.2 <U>Retail Center.</U> Maintain each Borrowing Base Property at all times (following completion thereof in the case of Development Assets) as a retail center located in the United States owned by a
Borrowing Base Property Owner. </FONT></P> <P STYLE="margin-top:10px;margin-bottom:0px; margin-left:4%; text-indent:4%" ALIGN="justify"><FONT STYLE="font-family:Times New Roman" SIZE="2">7.23.3 <U>Business Strategy.</U> Maintain ownership of each
Borrowing Base Property at all times consistent with the Borrower&#146;s business strategy, and each Borrowing Base Property shall at all times be of an asset quality consistent with the quality of Borrowing Base Properties owned by the Borrowing
Base Property Owners as of the date hereof. </FONT></P> <P STYLE="margin-top:10px;margin-bottom:0px; margin-left:4%; text-indent:4%" ALIGN="justify"><FONT STYLE="font-family:Times New Roman" SIZE="2">7.23.4 <U>Estoppels and SNDA Agreements.</U>
Within thirty (30)&nbsp;days subsequent to the date that a Compliance Certificate is required to be delivered pursuant to <U>Section&nbsp;7.2.5</U>, use commercially reasonable efforts to obtain an executed estoppel and subordination,
non-disturbance and attornment agreement (to the extent such Lease is not subordinated by its terms) from the tenant under any Lease that became a Major Lease during the most recent fiscal quarter (but after the Closing Date). To the extent such
estoppel and/or subordination, non-disturbance and attornment agreement cannot be obtained, provide the Administrative Agent evidence of the matters or issues preventing such agreements from being executed. </FONT></P>
<P STYLE="margin-top:10px;margin-bottom:0px; margin-left:4%; text-indent:4%" ALIGN="justify"><FONT STYLE="font-family:Times New Roman" SIZE="2">7.23.5 <U>Title Insurance</U> Within thirty (30)&nbsp;days subsequent to the date the title insurance on
a Borrowing Base Property is less than 65% of its Appraised Value (as a result of a new Appraisal pursuant to Section&nbsp;7.16), increase the amount of title insurance such that the title insurance on such Borrowing Base Property is equal to 65% of
its Appraised Value. </FONT></P> <P STYLE="margin-top:10px;margin-bottom:0px; text-indent:4%" ALIGN="justify"><FONT STYLE="font-family:Times New Roman" SIZE="2"><B>7.24</B> <B><U>Variable Rate Debt.</U></B> Maintain an aggregate Pro Rata Share of
the Debt (including the Loan) of the Consolidated CRT Entities and the Unconsolidated CRT Entities which is Variable Rate Indebtedness of not more than thirty-five (35%)&nbsp;percent of the Total Asset Value. </FONT></P>
<P STYLE="margin-top:10px;margin-bottom:0px; text-indent:4%" ALIGN="justify"><FONT STYLE="font-family:Times New Roman" SIZE="2"><B>7.25</B> <B><U>Replacement Documentation.</U></B> Upon receipt of an affidavit of an officer of the Administrative
Agent as to the loss, theft, destruction or mutilation of the Note or any other security document which is not of public record, and, in the case of any such loss, theft, destruction or mutilation, upon surrender and cancellation of such Note or
other security document, the Borrower will issue, in lieu thereof, a replacement Note or other security document in the same principal amount thereof and otherwise of like tenor. </FONT></P>
<P STYLE="margin-top:10px;margin-bottom:0px; text-indent:4%" ALIGN="justify"><FONT STYLE="font-family:Times New Roman" SIZE="2"><B>7.26</B> <B><U>Maintenance of REIT Status.</U></B> CRT shall engage in such business activities, and shall refrain
from engaging in such activities, so as to continue to meet the requirements for qualification and taxation as a REIT under the Code. </FONT></P>
 <p STYLE="margin-top:0px;margin-bottom:0px"><FONT SIZE="1">&nbsp;</FONT></P> <P STYLE="margin-top:0px;margin-bottom:0px" ALIGN="center"><FONT STYLE="font-family:Times New Roman" SIZE="2">94 </FONT></P>



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 <P STYLE="margin-top:0px;margin-bottom:0px; text-indent:4%" ALIGN="justify"><FONT STYLE="font-family:Times New Roman" SIZE="2"><B><U>7.27 The Lenders&#146; Consultants.</U> </B></FONT></P>
<P STYLE="margin-top:10px;margin-bottom:0px; margin-left:4%; text-indent:4%" ALIGN="justify"><FONT STYLE="font-family:Times New Roman" SIZE="2">7.27.1 <U>Right to Employ.</U> The Borrower agrees that the Administrative Agent shall have the right to
employ on its behalf and on behalf of the Lenders, its own personnel, or one or more engineers, architects, environmental advisors, scientists, accountants, and attorneys to act as an advisor to the Administrative Agent and the Lenders in connection
with the Loan (each of which shall be a &#147;<U>Lenders&#146; Consultant</U>&#148;). </FONT></P> <P STYLE="margin-top:10px;margin-bottom:0px; margin-left:4%; text-indent:4%" ALIGN="justify"><FONT STYLE="font-family:Times New Roman" SIZE="2">7.27.2
<U>Functions.</U> The functions of a Lenders&#146; Consultant shall include, without limitation: (i)&nbsp;inspection and physical review of any Collateral Property; (ii)&nbsp;review and analysis of environmental matters; (iii)&nbsp;review and
analysis of financial and legal matters; and (iv)&nbsp;providing usual inspection and review services in the event of the use of Net Proceeds for any Repair Work. </FONT></P>
<P STYLE="margin-top:10px;margin-bottom:0px; margin-left:4%; text-indent:4%" ALIGN="justify"><FONT STYLE="font-family:Times New Roman" SIZE="2">7.27.3 <U>Payment.</U> The reasonable costs and fees of the Lenders&#146; Consultants shall be paid by
the Loan Parties upon billing therefor and, if not so paid within thirty (30)&nbsp;days, may be paid directly by the Lenders through a Loan Advance. </FONT></P>
<P STYLE="margin-top:10px;margin-bottom:0px; margin-left:4%; text-indent:4%" ALIGN="justify"><FONT STYLE="font-family:Times New Roman" SIZE="2">7.27.4 <U>Access.</U> The Loan Parties shall provide the Lenders&#146; Consultants with reasonable access
to all Collateral Properties. </FONT></P> <P STYLE="margin-top:10px;margin-bottom:0px; margin-left:4%; text-indent:4%" ALIGN="justify"><FONT STYLE="font-family:Times New Roman" SIZE="2">7.27.5 <U>No Liability.</U> Neither the Administrative Agent
nor any Lender shall have liability to the Borrower, any Loan Party, or third party on account of: (i)&nbsp;services performed by the Lenders&#146; Consultant; or (ii)&nbsp;any failure or neglect by the Lenders&#146; Consultant to properly perform
services. The Borrower shall have no rights under or relating to any agreement, report, or similar document prepared by the Lenders&#146; Consultant for the Administrative Agent or the Lenders. No Lenders&#146; Consultant shall have liability to the
Borrower, any Loan Party, or third party on account of: (x)&nbsp;services performed by such Lenders&#146; Consultant; or (y)&nbsp;any failure or neglect by such Lenders&#146; Consultant to properly perform services, except for its gross negligence
or willful misconduct. </FONT></P> <P STYLE="margin-top:10px;margin-bottom:0px; text-indent:4%" ALIGN="justify"><FONT STYLE="font-family:Times New Roman" SIZE="2"><B>7.28</B> <B><U>Payment of Obligations. </U></B>Pay and discharge as the same shall
become due and payable, all lawful claims which, if unpaid, would by Law become a Lien upon its property (other than Permitted Liens). </FONT></P> <P STYLE="margin-top:10px;margin-bottom:0px; text-indent:4%" ALIGN="justify"><FONT
STYLE="font-family:Times New Roman" SIZE="2"><B>7.29</B> <B><U>Compliance with Laws.</U></B> Comply in all material respects with the requirements of all Laws applicable to it or to its business or property, except in such instances in which
(a)&nbsp;such requirement of Law is being contested in good faith by appropriate proceedings diligently conducted or (b)&nbsp;the failure to comply therewith could not reasonably be expected to have a Material Adverse Effect. </FONT></P>
<P STYLE="margin-top:10px;margin-bottom:0px; text-indent:4%" ALIGN="justify"><FONT STYLE="font-family:Times New Roman" SIZE="2"><B>7.30</B> <B><U>SNDA and Estoppels for Existing Borrowing Base Properties.</U></B> Within one hundred twenty
(120)&nbsp;days subsequent to the Closing Date, use commercially reasonable efforts to obtain executed estoppels and subordination, non-disturbance and attornment agreements from each tenant of an Existing Borrowing Base Property party to a Major
Lease in existence as of the Closing Date, to the extent not already obtained. To the extent such estoppels and/or subordination, non-disturbance and attornment agreements cannot be obtained, provide the Administrative Agent evidence of the matters
or issues preventing such agreements from being executed. </FONT></P>
 <p STYLE="margin-top:0px;margin-bottom:0px"><FONT SIZE="1">&nbsp;</FONT></P> <P STYLE="margin-top:0px;margin-bottom:0px" ALIGN="center"><FONT STYLE="font-family:Times New Roman" SIZE="2">95 </FONT></P>



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 <P STYLE="margin-top:0px;margin-bottom:0px"><FONT STYLE="font-family:Times New Roman" SIZE="2"><B><U>8. NEGATIVE COVENANTS.</U> </B></FONT></P>
<P STYLE="margin-top:10px;margin-bottom:0px; text-indent:4%" ALIGN="justify"><FONT STYLE="font-family:Times New Roman" SIZE="2">So long as any Lender shall have any Commitment hereunder, any Loan or other Obligation hereunder shall remain unpaid or
unsatisfied, or any Letter of Credit shall remain outstanding, the Borrower shall not, nor shall it permit any other Loan Party to directly or indirectly: </FONT></P> <P STYLE="margin-top:10px;margin-bottom:0px; text-indent:4%" ALIGN="justify"><FONT
STYLE="font-family:Times New Roman" SIZE="2"><B>8.1</B> <B><U>No Changes to the Borrower and other Loan Parties. </U></B>Without the prior written consent of the Administrative Agent, such consent not be unreasonably withheld, conditioned or delayed
after not less than thirty (30)&nbsp;days&#146; prior written notice (with reasonable particularity of the facts and circumstances attendant thereto): (a)&nbsp;change its jurisdiction of organization, (b)&nbsp;change its organizational structure or
type, (c)&nbsp;change its legal name, or (d)&nbsp;change the organizational number (if any) assigned by its jurisdiction of formation or its federal employment identification number (if any). </FONT></P>
<P STYLE="margin-top:10px;margin-bottom:0px; text-indent:4%" ALIGN="justify"><FONT STYLE="font-family:Times New Roman" SIZE="2"><B>8.2</B> <B><U>Restrictions on Liens.</U></B> Create, incur, assume or suffer to exist any Lien upon or with respect to
any property or assets (real or personal, tangible or intangible, including, without limitation, the Borrowing Base Properties), whether now owned or hereafter acquired, or sell any such property or assets subject to an understanding or agreement,
contingent or otherwise, to repurchase such property or assets (including sales of accounts receivable with recourse) or assign any right to receive income or permit the filing of any financing statement under the UCC or any other similar notice of
Lien under any similar recording or notice statute, or grant rights with respect to, or otherwise encumber or create a security interest in, such property or assets (including, without limitation, any item of Collateral) or any portion thereof or
any other revenues therefrom or the proceeds payable upon the sale, transfer or other disposition of such property or asset or any portion thereof, or permit or suffer any such action to be taken, except the following (singly and collectively,
&#147;<U>Permitted Liens</U>&#148;): </FONT></P> <P STYLE="margin-top:10px;margin-bottom:0px; margin-left:4%; text-indent:4%" ALIGN="justify"><FONT STYLE="font-family:Times New Roman" SIZE="2">8.2.1 <U>Administrative Agent&#146;s Liens.</U> Liens
created by the Loan Documents; </FONT></P> <P STYLE="margin-top:10px;margin-bottom:0px; margin-left:4%; text-indent:4%" ALIGN="justify"><FONT STYLE="font-family:Times New Roman" SIZE="2">8.2.2 <U>Permitted Debt.</U> Liens to secure Permitted Debt,
provided that (x)&nbsp;the Borrower will be in compliance with the Financial Covenants considering the consequences of the granting of any such Lien and (y)&nbsp;no such Lien shall be secured by any Borrowing Base Property, the ownership interest in
any Borrowing Base Property Owner, or any other assets of any Borrowing Base Property Owner; </FONT></P>
<P STYLE="margin-top:10px;margin-bottom:0px; margin-left:4%; text-indent:4%" ALIGN="justify"><FONT STYLE="font-family:Times New Roman" SIZE="2">8.2.3 <U>Tax Liens.</U> Liens for taxes, assessments or other governmental charges not yet delinquent or
which are being diligently contested in good faith and by appropriate proceedings, if (a)&nbsp;to the extent such contest concerns a Borrowing Base Property, reasonable reserves in an amount not less than the tax, assessment or governmental charge
being so contested shall have been established in a manner reasonably satisfactory to the Administrative Agent or deposited in cash (or cash equivalents) with the Administrative Agent to be held during the pendency of such contest, or such contested
amount shall have been duly bonded in accordance with </FONT></P>
 <p STYLE="margin-top:0px;margin-bottom:0px"><FONT SIZE="1">&nbsp;</FONT></P> <P STYLE="margin-top:0px;margin-bottom:0px" ALIGN="center"><FONT STYLE="font-family:Times New Roman" SIZE="2">96 </FONT></P>



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 <P STYLE="margin-top:0px;margin-bottom:0px; margin-left:4%" ALIGN="justify"><FONT STYLE="font-family:Times New Roman" SIZE="2">applicable Law, (b)&nbsp;no imminent risk of sale, forfeiture or loss of any
interest in any Borrowing Base Property or the Collateral or any part thereof arises during the pendency of such contest and (c)&nbsp;such contest could not reasonably be expected to have a Material Adverse Effect; </FONT></P>
<P STYLE="margin-top:10px;margin-bottom:0px; margin-left:4%; text-indent:4%" ALIGN="justify"><FONT STYLE="font-family:Times New Roman" SIZE="2">8.2.4 <U>Judgment Liens.</U> Liens in respect of property or assets imposed by Law, which do not secure
Debt, such as judgment Liens (provided such judgment Liens do not cause the occurrence of an Event of Default under <U>Section&nbsp;10.1</U>), carriers&#146;, warehousemen&#146;s, material men&#146;s and mechanics&#146; liens and other similar Liens
arising in the ordinary course of business, (a)&nbsp;which, except for such judgment Liens, do not in the aggregate materially detract from the value of any property or assets or have, and could not reasonably be expected to have, a Material Adverse
Effect, (b)&nbsp;which, except for such judgment Liens, are being contested in good faith by appropriate proceedings, which proceedings have the effect of preventing the forfeiture or sale of the property or assets subject to any such Lien, and
(c)&nbsp;which as to any Borrowing Base Property do not have a lien priority prior to the Lien in favor of the Administrative Agent, for the benefit of the Lenders, with respect to the Obligations, including, without limitation, any future Loan
Advances; </FONT></P> <P STYLE="margin-top:10px;margin-bottom:0px; margin-left:4%; text-indent:4%" ALIGN="justify"><FONT STYLE="font-family:Times New Roman" SIZE="2">8.2.5 <U>Personal Property Liens.</U> Liens relating to personal property financing
leases entered into in the ordinary course of business with respect to equipment, fixtures, furniture, furnishings and similar assets; and </FONT></P> <P STYLE="margin-top:10px;margin-bottom:0px; margin-left:4%; text-indent:4%" ALIGN="justify"><FONT
STYLE="font-family:Times New Roman" SIZE="2">8.2.6 <U>L/C Issuer Liens.</U> Liens, if any, in favor of the L/C Issuer to cash collateralize or otherwise secure the obligations of a Defaulting Lender to fund risk participations hereunder. </FONT></P>
<P STYLE="margin-top:10px;margin-bottom:0px; margin-left:4%; text-indent:4%" ALIGN="justify"><FONT STYLE="font-family:Times New Roman" SIZE="2">8.2.7 <U>Easements, etc. </U>Liens in connection with easements, rights-of-way, zoning restrictions and
other similar encumbrances affecting real property which, in the aggregate, do not impose material financial obligations on the Borrower or any Loan Party, and which do not, in the aggregate, materially detract from the value of the property subject
thereto or materially interfere with the ordinary conduct of the business of such property or the Loan Party that owns such property. </FONT></P> <P STYLE="margin-top:10px;margin-bottom:0px; margin-left:4%; text-indent:4%" ALIGN="justify"><FONT
STYLE="font-family:Times New Roman" SIZE="2">8.2.8 <U>Title Matters.</U> Liens and other matters of record noted on Schedule B-1 of the loan title insurance policy approved by the Administrative Agent for each Borrowing Base Property. </FONT></P>
<P STYLE="margin-top:10px;margin-bottom:0px; text-indent:4%" ALIGN="justify"><FONT STYLE="font-family:Times New Roman" SIZE="2"><B>8.3</B> <U><B>Consolidations, Mergers, Sales of Assets, Issuance and Sale of Equity.</B></U> (a)&nbsp;Dissolve,
terminate or liquidate or, without the prior written consent of the Administrative Agent, such consent not to be unreasonably withheld, conditioned or delayed, consolidate with or merge with or into any other Person, (b)&nbsp;issue, sell, lease,
transfer or assign to any Persons or otherwise dispose of (whether in one transaction or a series of transactions) any portion of its assets (whether now owned or hereafter acquired), including, without limitation, any securities, membership or
partnership interests, or other interests of any kind in any other Loan Party or Borrower Subsidiary, directly or indirectly (whether by the issuance of rights of, options or warrants for, or securities convertible into, any such security,
membership or partnership </FONT></P>
 <p STYLE="margin-top:0px;margin-bottom:0px"><FONT SIZE="1">&nbsp;</FONT></P> <P STYLE="margin-top:0px;margin-bottom:0px" ALIGN="center"><FONT STYLE="font-family:Times New Roman" SIZE="2">97 </FONT></P>



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 <P STYLE="margin-top:0px;margin-bottom:0px" ALIGN="justify"><FONT STYLE="font-family:Times New Roman" SIZE="2">interests or other interests of any kind), (c)&nbsp;permit another Person to merge with or
into it, (d)&nbsp;acquire all or substantially all the capital stock, membership or partnership interests or assets of any other Person, or (e)&nbsp;take any action which could have the effect, directly or indirectly, of diluting the economic
interest of any Loan Party in any other Loan Party or Borrower Subsidiary; except the following: </FONT></P> <P STYLE="margin-top:10px;margin-bottom:0px; margin-left:4%; text-indent:4%" ALIGN="justify"><FONT
STYLE="font-family:Times New Roman" SIZE="2">8.3.1 <U>Transfers.</U> Transfers pursuant to the Security Documents and other agreements in favor of the Administrative Agent for the ratable benefit of the Lenders; </FONT></P>
<P STYLE="margin-top:10px;margin-bottom:0px; margin-left:4%; text-indent:4%" ALIGN="justify"><FONT STYLE="font-family:Times New Roman" SIZE="2">8.3.2 <U>Non-Loan Parties.</U> Any such dissolution, liquidation, or termination which does not involve a
Loan Party; </FONT></P> <P STYLE="margin-top:10px;margin-bottom:0px; margin-left:4%; text-indent:4%" ALIGN="justify"><FONT STYLE="font-family:Times New Roman" SIZE="2">8.3.3 <U>Loan Parties. </U>With the prior written consent of the Administrative
Agent and the Required Lenders, such consent not to be unreasonably withheld or delayed, any consolidation, merger, or issuance so long as the Borrower is the surviving entity, provided that (a)&nbsp;the Borrower will be in compliance with the
Financial Covenants considering the consequences of such event, (b)&nbsp;no such event shall cause a Change of Control, and (c)&nbsp;each Borrowing Base Property Owner will continue to be a Wholly-Owned Subsidiary of the Borrower as of the date
hereof; </FONT></P> <P STYLE="margin-top:10px;margin-bottom:0px; margin-left:4%; text-indent:4%" ALIGN="justify"><FONT STYLE="font-family:Times New Roman" SIZE="2">8.3.4 <U>Borrowing Base Properties.</U> Sales of any Borrowing Base Property,
provided the Release Conditions are satisfied with respect thereto; </FONT></P> <P STYLE="margin-top:10px;margin-bottom:0px; margin-left:4%; text-indent:4%" ALIGN="justify"><FONT STYLE="font-family:Times New Roman" SIZE="2">8.3.5 <U>Leases.</U>
Leases of all or any portion of any Borrowing Base Property which either (a)&nbsp;are permitted by the terms of this Agreement without the Administrative Agent&#146;s consent or approval or (b)&nbsp;are approved as provided for in this Loan
Agreement; </FONT></P> <P STYLE="margin-top:10px;margin-bottom:0px; margin-left:4%; text-indent:4%" ALIGN="justify"><FONT STYLE="font-family:Times New Roman" SIZE="2">8.3.6 <U>Property Transfers.</U> Sales, transfers, assignments or other
dispositions of other assets of the Borrower, any Loan Party or any Borrower Subsidiary which do or do not constitute Collateral; provided that (a)&nbsp;the Borrower will be in compliance with the Financial Covenants considering the consequences of
any such sale; and (b)&nbsp;other than in connection with the sale of the Designated Properties, the aggregate amount of any such sales, transfers, or assignments of such other assets shall not exceed ten percent (10%)&nbsp;of the Total Asset Value,
as verified by the Administrative Agent, unless prior written approval is obtained from the Administrative Agent (not to be unreasonably withheld, conditioned or delayed); </FONT></P>
<P STYLE="margin-top:10px;margin-bottom:0px; margin-left:4%; text-indent:4%" ALIGN="justify"><FONT STYLE="font-family:Times New Roman" SIZE="2">8.3.7 <U>Ordinary Course.</U> Sales or dispositions in the ordinary course of business of worn, obsolete
or damaged items of personal property or fixtures which are suitably replaced; </FONT></P> <P STYLE="margin-top:10px;margin-bottom:0px; margin-left:4%; text-indent:4%" ALIGN="justify"><FONT STYLE="font-family:Times New Roman" SIZE="2">8.3.8 <U>With
Consent.</U> Transactions, whether outright or as security, for which the Administrative Agent&#146;s, the Required Lenders&#146; or the Lenders&#146;, as applicable, prior written consent has been obtained to the extent such approval is required
under this Agreement; </FONT></P> <P STYLE="margin-top:10px;margin-bottom:0px; margin-left:4%; text-indent:4%" ALIGN="justify"><FONT STYLE="font-family:Times New Roman" SIZE="2">8.3.9 <U>Permitted Investments.</U> In connection with a Permitted
Investment; </FONT></P>
 <p STYLE="margin-top:0px;margin-bottom:0px"><FONT SIZE="1">&nbsp;</FONT></P> <P STYLE="margin-top:0px;margin-bottom:0px" ALIGN="center"><FONT STYLE="font-family:Times New Roman" SIZE="2">98 </FONT></P>



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 <P STYLE="margin-top:0px;margin-bottom:0px; margin-left:4%; text-indent:4%" ALIGN="justify"><FONT STYLE="font-family:Times New Roman" SIZE="2">8.3.10 <U>Equity Issuances.</U> The issuance or sale of
equity interests in the Borrower or CRT; </FONT></P> <P STYLE="margin-top:10px;margin-bottom:0px; margin-left:4%; text-indent:4%" ALIGN="justify"><FONT STYLE="font-family:Times New Roman" SIZE="2">8.3.11 <U>Merger of Loan Parties.</U> Mergers of and
between Loan Parties, provided (a)&nbsp;the Borrower and CRT shall at all times remain surviving entities, (b)&nbsp;the Administrative Agent receives ten (10)&nbsp;Business Days prior written notice of the proposed merger, and (c)&nbsp;the Borrower
agrees to take all such action and execute all such documents as the Administrative Agent may reasonably require in order to maintain the Administrative Agent&#146;s priority and perfection in the Collateral; </FONT></P>
<P STYLE="margin-top:10px;margin-bottom:0px; margin-left:4%; text-indent:4%" ALIGN="justify"><FONT STYLE="font-family:Times New Roman" SIZE="2">8.3.12 <U>Cedar-Riverview.</U> The sale, transfer, assignment, redemption or other disposition of all or
a portion of any preferred limited partnership interest in Cedar-Riverview LP; or </FONT></P> <P STYLE="margin-top:10px;margin-bottom:0px; margin-left:4%; text-indent:4%" ALIGN="justify"><FONT STYLE="font-family:Times New Roman" SIZE="2">8.3.13
<U>Cedar-Revere.</U> The creation of further condominium units in the Individual Property owned by Cedar-Revere, LLC, and the performance of construction in connection therewith, subject to the Administrative Agent&#146;s reasonable approval of the
condominium documents creating such additional units and such normal and customary due diligence as the Administrative Agent may reasonably require. </FONT></P> <P STYLE="margin-top:10px;margin-bottom:0px; text-indent:4%" ALIGN="justify"><FONT
STYLE="font-family:Times New Roman" SIZE="2"><B>8.4 <U>Restrictions on Debt.</U></B> (a)&nbsp;Create, incur or assume any Debt, or make any voluntary prepayments of any Debt in respect of which it is an obligor, (b)&nbsp;enter into, acquiesce,
suffer or permit any amendment, restatement or other modification of the documentation evidencing and/or securing any Debt under which it is an obligor or (c)&nbsp;increase the amount of any Debt existing as of the Closing Date; except with respect
to the following (singly and collectively, &#147;<U>Permitted Debt</U>&#148;): </FONT></P> <P STYLE="margin-top:10px;margin-bottom:0px; margin-left:4%; text-indent:4%" ALIGN="justify"><FONT STYLE="font-family:Times New Roman" SIZE="2">8.4.1 <U>Debt
under this Agreement.</U> The Obligations; </FONT></P> <P STYLE="margin-top:10px;margin-bottom:0px; margin-left:4%; text-indent:4%" ALIGN="justify"><FONT STYLE="font-family:Times New Roman" SIZE="2">8.4.2 [Reserved]. </FONT></P>
<P STYLE="margin-top:10px;margin-bottom:0px; margin-left:4%; text-indent:4%" ALIGN="justify"><FONT STYLE="font-family:Times New Roman" SIZE="2">8.4.3 <U>Individual Property Debt.</U> Individual Property secured Debt of the Borrower, CRT or any
Borrower Subsidiary which is recourse to the Borrower or CRT consistent with customary project finance market terms and conditions (excluding the Obligations) in an amount not to exceed twenty five percent (25%)&nbsp;of the Total Asset Value in the
aggregate outstanding at any one time, provided that the Borrower will be in compliance with the Financial Covenants considering the consequences of the incurrence of such Debt; </FONT></P>
<P STYLE="margin-top:10px;margin-bottom:0px; margin-left:4%; text-indent:4%" ALIGN="justify"><FONT STYLE="font-family:Times New Roman" SIZE="2">8.4.4 <U>Nonrecourse Debt.</U> Individual Property secured Debt of the Borrower, CRT or any Borrower
Subsidiary which is nonrecourse to the Borrower (other than recourse in connection with customary nonrecourse or &#147;bad boy&#148; carve out provisions) or CRT, provided that the Borrower will be in compliance with the Financial Covenants
considering the consequences of the incurrence of such Debt; </FONT></P> <P STYLE="margin-top:10px;margin-bottom:0px; margin-left:4%; text-indent:4%" ALIGN="justify"><FONT STYLE="font-family:Times New Roman" SIZE="2">8.4.5 <U>Ordinary Course.</U>
Debt incurred in the ordinary course of business for the purchase of goods or services which are payable, without interest, within ninety (90)&nbsp;days of billing; </FONT></P>
 <p STYLE="margin-top:0px;margin-bottom:0px"><FONT SIZE="1">&nbsp;</FONT></P> <P STYLE="margin-top:0px;margin-bottom:0px" ALIGN="center"><FONT STYLE="font-family:Times New Roman" SIZE="2">99 </FONT></P>



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 <P STYLE="margin-top:0px;margin-bottom:0px; margin-left:4%; text-indent:4%" ALIGN="justify"><FONT STYLE="font-family:Times New Roman" SIZE="2">8.4.6 <U>Capital Leases.</U> Debt under capital leases of
the type described in <U>Section&nbsp;8.2.5</U>; </FONT></P> <P STYLE="margin-top:10px;margin-bottom:0px; margin-left:4%; text-indent:4%" ALIGN="justify"><FONT STYLE="font-family:Times New Roman" SIZE="2">8.4.7 <U>Cross-Collateralized Debt.</U>
Individual Property Debt incurred under multi-property, cross-collateralized financings having an outstanding principal balance not to exceed $45,000,000; </FONT></P>
<P STYLE="margin-top:10px;margin-bottom:0px; margin-left:4%; text-indent:4%" ALIGN="justify"><FONT STYLE="font-family:Times New Roman" SIZE="2">8.4.8 <U>Other Unsecured Debt.</U> Unsecured Debt of a type not contemplated by any of the foregoing in
an amount not to exceed $10,000,000 in the aggregate outstanding at any time; and </FONT></P> <P STYLE="margin-top:10px;margin-bottom:0px; margin-left:4%; text-indent:4%" ALIGN="justify"><FONT STYLE="font-family:Times New Roman" SIZE="2">8.4.9
<U>Other Debt.</U> Debt, whether secured or unsecured, of a type not contemplated by any of the foregoing, for which Required Lenders&#146; prior written consent has been obtained. </FONT></P>
<P STYLE="margin-top:10px;margin-bottom:0px; text-indent:4%" ALIGN="justify"><FONT STYLE="font-family:Times New Roman" SIZE="2"><B>8.5 <U>Other Business.</U></B> Enter into any line of business or make any material change in the nature of its
business, purposes or operations, or undertake or participate in activities other than the continuance of its present business except as otherwise specifically permitted by this Agreement or the other Loan Documents. </FONT></P>
<P STYLE="margin-top:10px;margin-bottom:0px; text-indent:4%" ALIGN="justify"><FONT STYLE="font-family:Times New Roman" SIZE="2"><B>8.6 <U>Change of Control.</U></B> Permit or otherwise suffer to occur any Change of Control. </FONT></P>
<P STYLE="margin-top:10px;margin-bottom:0px; text-indent:4%" ALIGN="justify"><FONT STYLE="font-family:Times New Roman" SIZE="2"><B>8.7 <U>Forgiveness of Debt.</U></B> Voluntarily cancel or otherwise forgive or release any Debt owed to it by any
Person, except for adequate consideration and except for settlement of lease obligations of tenants in the Borrower&#146;s reasonable business judgment. </FONT></P> <P STYLE="margin-top:10px;margin-bottom:0px; text-indent:4%" ALIGN="justify"><FONT
STYLE="font-family:Times New Roman" SIZE="2"><B>8.8 <U>Affiliate Transactions.</U></B> Enter into, or be a party to, any transaction with any Person which is an Affiliate of any Loan Party, except transactions (a)&nbsp;involving the offering or sale
of a Person&#146;s equity interests on an arm&#146;s length basis, or (b)&nbsp;entered into in the ordinary course of business and on terms which are no less favorable to such Loan Party or Borrower Subsidiary than would be obtained in a comparable
arm&#146;s-length transaction with an unrelated third party, provided that this <U>Section&nbsp;8.8</U> shall not apply to transactions entirely between and among Loan Parties or entirely between and among Borrower Subsidiaries that are not Loan
Parties. </FONT></P> <P STYLE="margin-top:10px;margin-bottom:0px; text-indent:4%" ALIGN="justify"><FONT STYLE="font-family:Times New Roman" SIZE="2"><B>8.9 <U>ERISA.</U></B> Establish or be obligated to contribute to any Plan. </FONT></P>
<P STYLE="margin-top:10px;margin-bottom:0px; text-indent:4%" ALIGN="justify"><FONT STYLE="font-family:Times New Roman" SIZE="2"><B>8.10 <U>Bankruptcy Filings.</U></B> With respect to any of the Loan Parties, file a petition under any Debtor Relief
Laws for the liquidation of all or a major portion of its assets or property. </FONT></P> <P STYLE="margin-top:10px;margin-bottom:0px; text-indent:4%" ALIGN="justify"><FONT STYLE="font-family:Times New Roman" SIZE="2"><B>8.11 <U>Investment
Company</U><U>.</U></B> Become an &#147;investment company&#148; or a company &#147;controlled&#148; by an &#147;investment company,&#148; within the meaning of the Investment Company Act of 1940, as amended. </FONT></P>
<P STYLE="margin-top:10px;margin-bottom:0px; text-indent:4%" ALIGN="justify"><FONT STYLE="font-family:Times New Roman" SIZE="2"><B>8.12 [Reserved].</B> </FONT></P>
 <p STYLE="margin-top:0px;margin-bottom:0px"><FONT SIZE="1">&nbsp;</FONT></P> <P STYLE="margin-top:0px;margin-bottom:0px" ALIGN="center"><FONT STYLE="font-family:Times New Roman" SIZE="2">100
</FONT></P>


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 <P STYLE="margin-top:0px;margin-bottom:0px; text-indent:4%" ALIGN="justify"><FONT STYLE="font-family:Times New Roman" SIZE="2"><B>8.13 <U>Use of Proceeds.</U></B> Permit the proceeds of the Loan, or any
other accommodation at any time made hereunder, to be used for any purpose which entails a violation of, or is inconsistent with, Regulation T, U or X of the Board, or for any purpose other than to (a)&nbsp;repay certain existing indebtedness of the
Borrower, (b)&nbsp;provide working capital to the Borrower, CRT, and the Borrower Subsidiaries, (c)&nbsp;provide funds for acquisitions, development, capital expenditures, and refinancings of real estate properties by the Borrower, CRT, and the
Borrower Subsidiaries, (d)&nbsp;pay certain closing and transactional costs as approved by the Administrative Agent and (e)&nbsp;for other lawful REIT purposes. </FONT></P>
<P STYLE="margin-top:10px;margin-bottom:0px; text-indent:4%" ALIGN="justify"><FONT STYLE="font-family:Times New Roman" SIZE="2"><B>8.14 <U>Distributions.</U></B> Authorize, declare, or pay any Distributions on behalf of the Borrower, except for
Permitted Distributions. </FONT></P> <P STYLE="margin-top:10px;margin-bottom:0px; text-indent:4%" ALIGN="justify"><FONT STYLE="font-family:Times New Roman" SIZE="2"><B>8.15 <U>Restrictions on Investments.</U></B> Make or permit to exist or to remain
outstanding any Investment except which are in: </FONT></P> <P STYLE="margin-top:10px;margin-bottom:0px; margin-left:8%; text-indent:4%" ALIGN="justify"><FONT STYLE="font-family:Times New Roman" SIZE="2">(a) marketable direct or guaranteed general
obligations of the United States of America which mature within one year from the date of purchase; </FONT></P> <P STYLE="margin-top:10px;margin-bottom:0px; margin-left:8%; text-indent:4%" ALIGN="justify"><FONT
STYLE="font-family:Times New Roman" SIZE="2">(b) (b) bank deposits, certificates of deposit and banker&#146;s acceptances, or other obligations in or of the Lenders or banks located within and chartered by the United States of America or a state and
having assets of over $500,000,000; </FONT></P> <P STYLE="margin-top:10px;margin-bottom:0px; margin-left:8%; text-indent:4%" ALIGN="justify"><FONT STYLE="font-family:Times New Roman" SIZE="2">(c) the Borrower&#146;s Subsidiaries (both Subsidiaries
as of the date hereof and any other Person that becomes a Borrower Subsidiary), subject in all instances to the terms of this Agreement; and </FONT></P> <P STYLE="margin-top:10px;margin-bottom:0px; margin-left:8%; text-indent:4%" ALIGN="justify"><FONT
STYLE="font-family:Times New Roman" SIZE="2">(d) Permitted Investments. </FONT></P> <P STYLE="margin-top:10px;margin-bottom:0px; text-indent:4%" ALIGN="justify"><FONT STYLE="font-family:Times New Roman" SIZE="2"><B>8.16 <U>Negative Pledges,
Etc.</U></B> Enter into any agreement subsequent to the Closing Date (other than a Loan Document) which (a)&nbsp;prohibits the creation or assumption of any Lien upon any of the Collateral, including, without limitation, any hereafter acquired
property, (b)&nbsp;specifically prohibits the amendment or other modification of this Agreement or any other Loan Document, or (c)&nbsp;could reasonably be expected to have a Material Adverse Effect. </FONT></P>
<P STYLE="margin-top:10px;margin-bottom:0px; text-indent:4%" ALIGN="justify"><FONT STYLE="font-family:Times New Roman" SIZE="2"><B>8.17<U> Other Covenants.</U></B> The Borrower hereby represents and warrants to the Administrative Agent and the
Lenders that no Collateral is in the possession of any third party bailee (such as at a warehouse). In the event that the Borrower and/or any of the other Loan Parties, after the date hereof, intends to store or otherwise deliver any Collateral or
other personal property in which the Administrative Agent has been granted a security interest to such a bailee, then the Borrower shall receive the prior written consent of the Administrative Agent not to be unreasonably withheld or delayed and
such bailee must acknowledge in writing that the bailee is holding such Collateral or such other personal property for the benefit of the Administrative Agent and the Lenders. </FONT></P>
<P STYLE="margin-top:10px;margin-bottom:0px; text-indent:4%" ALIGN="justify"><FONT STYLE="font-family:Times New Roman" SIZE="2"><B>8.18 <U>Swap Contracts.</U></B> Not enter into any Swap Contract, unless (i)&nbsp;such Swap Contract was entered into
by such Person in the ordinary course of business for the purpose of directly mitigating risks associated with liabilities, commitments, investments, assets, or property held or reasonably anticipated by such Person, or changes in the value of
securities issued by such Person, and not for purposes of speculation and (ii)&nbsp;such Swap Contract does not contain any provision exonerating the non-defaulting party from its obligation to make payments on outstanding transactions to the
defaulting party other than normal setoff or netting rights; </FONT></P>
 <p STYLE="margin-top:0px;margin-bottom:0px"><FONT SIZE="1">&nbsp;</FONT></P> <P STYLE="margin-top:0px;margin-bottom:0px" ALIGN="center"><FONT STYLE="font-family:Times New Roman" SIZE="2">101
</FONT></P>


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 <P STYLE="margin-top:0px;margin-bottom:0px"><FONT STYLE="font-family:Times New Roman" SIZE="2"><B>9. SPECIAL PROVISIONS. </B></FONT></P>
<P STYLE="margin-top:10px;margin-bottom:0px; text-indent:4%" ALIGN="justify"><FONT STYLE="font-family:Times New Roman" SIZE="2"><B>9.1</B> <B><U>Legal Requirements.</U></B> The Borrower, any Borrower Subsidiary or any Loan Party may contest in good
faith any claim, demand, levy or assessment under any Laws by any Person or entity if: (i)&nbsp;the contest is based upon a material question of Law or fact raised by the Borrower in good faith; (ii)&nbsp;such Person properly commences and
thereafter diligently pursues the contest; (iii)&nbsp;the contest will not materially impair the ability to ultimately comply with the contested Law should the contest not be successful; (iv)&nbsp;if the contest concerns a Borrowing Base Property or
a Borrowing Base Property Owner, reasonable reserves in an amount necessary to undertake and pay for such contest and any corrective or remedial action then or thereafter reasonably likely to be necessary shall have been established in a manner
reasonably satisfactory to the Administrative Agent or deposited in cash (or cash equivalents) with the Administrative Agent to be held during the pendency of such contest, or such contested amount shall have been duly bonded in accordance with
applicable Law; (vi)&nbsp;no Event of Default exists; (vii)&nbsp;if the contest relates to an Environmental Legal Requirement, the conditions set forth in the Environmental Indemnity Agreement relating to such contests shall be satisfied;
(viii)&nbsp;no imminent risk of sale, forfeiture or loss of any interest in any Borrowing Base Property or the Collateral or any part thereof arises during the pendency of such contest; and (ix)&nbsp;such contest could not reasonably be expected to
have a Material Adverse Effect. </FONT></P> <P STYLE="margin-top:10px;margin-bottom:0px; text-indent:4%" ALIGN="justify"><FONT STYLE="font-family:Times New Roman" SIZE="2"><B>9.2</B> <U><B>Limited Recourse Provisions.</B></U> </FONT></P>
<P STYLE="margin-top:10px;margin-bottom:0px; margin-left:4%; text-indent:4%" ALIGN="justify"><FONT STYLE="font-family:Times New Roman" SIZE="2">9.2.1 <U>Borrower Fully Liable.</U> Borrower shall be fully liable for the Loan and the Obligations of
the Borrower to the Administrative Agent and each of the Lenders. </FONT></P> <P STYLE="margin-top:10px;margin-bottom:0px; margin-left:4%; text-indent:4%" ALIGN="justify"><FONT STYLE="font-family:Times New Roman" SIZE="2">9.2.2 <U>Certain
Non-Recourse.</U> This Agreement and all Loan Documents have been executed by the undersigned in its capacity as an officer of CRT, as general partner of the Borrower on behalf of the Borrower or the Loan Parties, and not individually, and none of
the trustees, officers, directors, members, limited partners, or shareholders of the Borrower or CRT or any Loan Party shall be bound or have any personal liability hereunder or thereunder except under any Guaranty or other Loan Document signed by
such Person, other than a signature in a representative capacity. Under no circumstances shall any party be entitled to seek recourse or commence any action against any of the trustees, officers, directors, members, limited partners, or shareholders
of the Borrower or CRT or any such Person&#146;s personal assets for the performance or payment of any obligation hereunder. In all other Loan Documents, all parties shall not seek recourse or commence any action against any of the trustees,
officers, directors, members, limited partners, or shareholders of Borrower or CRT or any of such Person&#146;s personal assets for the performance or payment of any obligation hereunder or thereunder, except under any Guaranty or other Loan
Document signed by such Person, other than a signature in a representative capacity. </FONT></P>
 <p STYLE="margin-top:0px;margin-bottom:0px"><FONT SIZE="1">&nbsp;</FONT></P> <P STYLE="margin-top:0px;margin-bottom:0px" ALIGN="center"><FONT STYLE="font-family:Times New Roman" SIZE="2">102
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 <P STYLE="margin-top:0px;margin-bottom:0px; margin-left:4%; text-indent:4%" ALIGN="justify"><FONT STYLE="font-family:Times New Roman" SIZE="2">9.2.3 <U>Additional Matters.</U> Nothing contained in the
foregoing non-recourse provisions or elsewhere shall: (a)&nbsp;limit the right of the Administrative Agent or any of the Lenders to obtain injunctive relief or to pursue equitable remedies under any of the Loan Documents, excluding only any
injunctive relief ordering payment of obligations by any Person or entity for which personal liability does not otherwise exist; or (b)&nbsp;limit the liability of any attorney, law firm, accountant or other professional who or which renders or
provides any written opinion or certificate to the Administrative Agent or any of the Lenders in connection with the Loan even though such Person or entity may be a limited partner of the Borrower. </FONT></P>
<P STYLE="margin-top:10px;margin-bottom:0px; text-indent:4%" ALIGN="justify"><FONT STYLE="font-family:Times New Roman" SIZE="2"><B>9.3</B> <B><U>Payment of Obligations.</U></B> Upon the return to the Administrative Agent, or the expiration, of all
of the Letters of Credit and the payment in full of the Obligations, in immediately available funds, including, without limitation, all unreimbursed costs and expenses of the Administrative Agent and of each Lender for which the Borrower is
responsible, and the termination of this Agreement, the Administrative Agent shall release any security and other collateral interests as provided for herein and under the other Loan Documents and shall execute and deliver such documents and
termination statements as the Borrower or any other Loan Party reasonably requests to evidence such termination and release. However, such release by the Administrative Agent shall not be deemed to terminate or release any Person from any obligation
or liability under the Loan Documents which specifically by its terms survives the payment in full of the Obligations. </FONT></P> <P STYLE="margin-top:10px;margin-bottom:0px"><FONT STYLE="font-family:Times New Roman" SIZE="2"><B>10. <U>EVENTS OF
DEFAULT.</U> </B></FONT></P> <P STYLE="margin-top:10px;margin-bottom:0px; text-indent:4%" ALIGN="justify"><FONT STYLE="font-family:Times New Roman" SIZE="2">The following provisions deal with Defaults, Events of Default, notice, grace and cure
periods, and certain rights of the Administrative Agent and the Lenders following an Event of Default. </FONT></P>
<P STYLE="margin-top:10px;margin-bottom:0px; text-indent:4%" ALIGN="justify"><FONT STYLE="font-family:Times New Roman" SIZE="2"><B>10.1 <U>Default and Events of Default.</U></B> The term &#147;Default&#148; as used herein or in any of the other Loan
Documents shall mean any fact or circumstance which constitutes, or upon the lapse of time, or giving of notice, or both, could constitute, an Event of Default. The occurrence of any of the following events, continuing uncured beyond any applicable
grace, notice or cure period, respectively, shall constitute an event of default (&#147;<U>Event of Default</U>&#148;). Upon the occurrence of any Event of Default described in <U>Section&nbsp;10.1.8</U>, any and all Obligations shall become due and
payable without any further act on the part of the Administrative Agent. Upon the occurrence of any other Event of Default, the Administrative Agent may, and upon the request of the Required Lenders shall, declare that any and all Obligations shall
become immediately due and payable. </FONT></P> <P STYLE="margin-top:10px;margin-bottom:0px; margin-left:4%; text-indent:4%" ALIGN="justify"><FONT STYLE="font-family:Times New Roman" SIZE="2">10.1.1 <U>Failure to Pay the Loan.</U> The failure by the
Borrower to pay when due any principal of, interest on, or fees in respect of, any Loan, and the specific grace period, if any, allowed for the default in question in <U>Section&nbsp;10.2</U> or elsewhere in this Agreement shall have expired without
such default having been cured. </FONT></P> <P STYLE="margin-top:10px;margin-bottom:0px; margin-left:4%; text-indent:4%" ALIGN="justify"><FONT STYLE="font-family:Times New Roman" SIZE="2">10.1.2 <U>Failure to Make Other Payments.</U> The failure by
the Borrower to pay when due (or upon demand, if payable on demand) any payment Obligation other than any payment Obligation on account of the principal of, or interest on, or fees in respect of, the Loan, and the specific grace period, if any,
allowed for the default in question in <U>Section&nbsp;10.2</U> or elsewhere in this Agreement shall have expired without such default having been cured. </FONT></P>
 <p STYLE="margin-top:0px;margin-bottom:0px"><FONT SIZE="1">&nbsp;</FONT></P> <P STYLE="margin-top:0px;margin-bottom:0px" ALIGN="center"><FONT STYLE="font-family:Times New Roman" SIZE="2">103
</FONT></P>


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 <P STYLE="margin-top:0px;margin-bottom:0px; margin-left:4%; text-indent:4%" ALIGN="justify"><FONT STYLE="font-family:Times New Roman" SIZE="2">10.1.3 Security Documents and Other Loan Documents<U>.</U>
Any other default in the performance of any term or provision of the Security Documents or of any of the other Loan Documents, or a breach, or other failure to satisfy, any other term, provision, condition or warranty under the Security Documents or
any other Loan Document, and the specific grace period, if any, allowed for the default in question in <U>Section&nbsp;10.2</U> or elsewhere in this Agreement shall have expired without such default having been cured. </FONT></P>
<P STYLE="margin-top:10px;margin-bottom:0px; margin-left:4%; text-indent:4%" ALIGN="justify"><FONT STYLE="font-family:Times New Roman" SIZE="2">10.1.4 Default under Other Agreements<U>.</U> (i)&nbsp;The Borrower, CRT or any other Loan Party
(A)&nbsp;fails to make any payment when due (whether by scheduled maturity, required prepayment, acceleration, demand, or otherwise) in respect of any Debt or Guarantee (including amounts owing to all creditors under any combined or syndicated
credit arrangement but excluding the Debt hereunder) such that as a result thereof the aggregate outstanding principal amount of such Debt or Guarantees with respect to which such a failure exists at any time shall exceed $40,000,000, or
(B)&nbsp;fails to observe or perform any other agreement or condition relating to any such Debt or Guarantee or contained in any instrument or agreement evidencing, securing or relating thereto, or any other event occurs, the effect of which default
or other event is (1)&nbsp;to cause, or to permit the holder or holders of such Debt or the beneficiary or beneficiaries of such Guarantee (or a trustee or agent on behalf of such holder or holders or beneficiary or beneficiaries) to cause, with the
giving of notice or passage of time, or both, if required, in excess of $40,000,000 in the aggregate of the outstanding principal amount of such Debt to be demanded or to become due or to be repurchased, prepaid, defeased or redeemed (automatically
or otherwise) at any time, or (2)&nbsp;an offer to repurchase, prepay, defease or redeem in excess of $40,000,000 of the outstanding principal amount of such Debt to be made at any time, prior to its stated maturity, or (3)&nbsp;Guarantees securing
in excess of $40,000,000 of the outstanding principal amount of such Debt to become payable at any time or (4)&nbsp;cash collateral in excess of $40,000,000 in respect thereof to be demanded at any time; or (ii)&nbsp;there occurs under any Swap
Contract an Early Termination Date (as defined in such Swap Contract) resulting from (A)&nbsp;any event of default under such Swap Contract as to which the Borrower, CRT or any Loan Party is the Defaulting Party (as defined in such Swap Contract) or
(B)&nbsp;any Termination Event (as so defined) under such Swap Contract as to which the Borrower, CRT or any other Loan Party is an Affected Party (as so defined) and, in either event, the Swap Termination Value owed by the Borrower, CRT or such
Loan Party as a result thereof is greater than $40,000,000 in the aggregate at any time. </FONT></P>
<P STYLE="margin-top:10px;margin-bottom:0px; margin-left:4%; text-indent:4%" ALIGN="justify"><FONT STYLE="font-family:Times New Roman" SIZE="2">10.1.5 Representations and Warranties<U>.</U> If any representation or warranty made by the Borrower or
by any of the other Loan Parties in the Loan Documents was untrue or misleading in any material respect as of the date made or deemed made, including, without limitation, all representations and warranties made in <U>Article 6</U> herein.
</FONT></P> <P STYLE="margin-top:10px;margin-bottom:0px; margin-left:4%; text-indent:4%" ALIGN="justify"><FONT STYLE="font-family:Times New Roman" SIZE="2">10.1.6 Affirmative Covenants<U>.</U> The breach of any covenant contained in <U>Article 7</U>
herein, including, without limitation, the Financial Covenants. </FONT></P>
 <p STYLE="margin-top:0px;margin-bottom:0px"><FONT SIZE="1">&nbsp;</FONT></P> <P STYLE="margin-top:0px;margin-bottom:0px" ALIGN="center"><FONT STYLE="font-family:Times New Roman" SIZE="2">104
</FONT></P>


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 <P STYLE="margin-top:0px;margin-bottom:0px; margin-left:4%; text-indent:4%" ALIGN="justify"><FONT STYLE="font-family:Times New Roman" SIZE="2">10.1.7 <U>Negative Covenants.</U> The breach of any covenant
contained in <U>Article&nbsp;8</U> herein. </FONT></P> <P STYLE="margin-top:10px;margin-bottom:0px; margin-left:4%; text-indent:4%" ALIGN="justify"><FONT STYLE="font-family:Times New Roman" SIZE="2">10.1.8 <U>Financial Status and Insolvency.</U> Any
Loan Party shall: (i)&nbsp;admit in writing its inability to pay its debts generally as they become due; (ii)&nbsp;file a petition in bankruptcy or a petition to take advantage of any insolvency act; (iii)&nbsp;make an assignment for the benefit of
creditors; (iv)&nbsp;consent to, or acquiesce in, the appointment of a receiver, liquidator or trustee of itself or of the whole or any substantial part of its properties or assets; (v)&nbsp;file a petition or answer seeking reorganization,
arrangement, composition, readjustment, liquidation, dissolution or similar relief under the Federal Bankruptcy laws or any other applicable Law; (vi)&nbsp;have a court of competent jurisdiction enter an order, judgment or decree appointing a
receiver, liquidator or trustee of a Loan Party, or of the whole or any substantial part of the property or assets of a Loan Party, and such order, judgment or decree shall remain unvacated or not set aside or unstayed for ninety (90)&nbsp;days;
(vii)&nbsp;have a petition filed against it seeking reorganization, arrangement, composition, readjustment, liquidation, dissolution or similar relief under the Federal Bankruptcy laws or any other applicable Law and such petition shall remain
undismissed for ninety (90)&nbsp;days; (viii)&nbsp;have, under the provisions of any other Law for the relief or aid of debtors, any court of competent jurisdiction assume custody or control of a Loan Party or of the whole or any substantial part of
its property or assets and such custody or control shall remain unterminated or unstayed for ninety (90)&nbsp;days; or (ix)&nbsp;have an attachment or execution levied against any substantial portion of the property of a Loan Party or against any
portion of the Collateral which is not discharged or dissolved by a bond within sixty (60)&nbsp;days. </FONT></P> <P STYLE="margin-top:10px;margin-bottom:0px; margin-left:4%; text-indent:4%" ALIGN="justify"><FONT
STYLE="font-family:Times New Roman" SIZE="2">10.1.9 <I><U></U></I><U>Loan Documents.<I></I></U><I></I> Any Loan Document, at any time after its execution and delivery and for any reason other than as expressly permitted hereunder or thereunder or
satisfaction in full of all the Obligations, ceases to be in full force and effect; or any Loan Party contests in any manner the validity or enforceability of any Loan Document; or any Loan Party denies that it has any or further liability or
obligation under any Loan Document, or purports to revoke, terminate or rescind any Loan Document. </FONT></P> <P STYLE="margin-top:10px;margin-bottom:0px; margin-left:4%; text-indent:4%" ALIGN="justify"><FONT
STYLE="font-family:Times New Roman" SIZE="2">10.1.10 <U>Judgments. </U>One or more judgments or decrees shall be entered against Borrower or any Loan Party involving a liability (not paid or fully covered (subject to deductibles) by a reputable and
solvent insurance company) and such judgments and decrees either shall be final and non-appealable or shall not be vacated, discharged or stayed or bonded pending appeal for any period of sixty (60)&nbsp;consecutive days, and the aggregate amount of
all such judgments exceeds (a)&nbsp;$5,000,000 for the Borrower or CRT and (b)&nbsp;$750,000 for any other Loan Party. </FONT></P> <P STYLE="margin-top:10px;margin-bottom:0px; margin-left:4%; text-indent:4%" ALIGN="justify"><FONT
STYLE="font-family:Times New Roman" SIZE="2">10.1.11 <U>ERISA.</U> (a)&nbsp;If (i)&nbsp;any Plan shall be deemed to be in &#147;at risk status&#148; (as defined in Section&nbsp;430(i)(4) of the Code without regard to Section&nbsp;430(i)(4)(B)
relating to the transition rule), (ii)&nbsp;any Plan shall have had or is likely to have a trustee appointed to administer such Plan, (iii)&nbsp;any Plan is, shall have been or is likely to be terminated or to be the subject of a distress
termination proceeding under ERISA, (iv)&nbsp;a minimum required contribution (as defined in Section&nbsp;430(a) of the Code) for a Plan has not been timely made, (v)&nbsp;a Loan Party or any ERISA Affiliate has incurred or is likely to incur a
</FONT></P>
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 <P STYLE="margin-top:0px;margin-bottom:0px; margin-left:4%" ALIGN="justify"><FONT STYLE="font-family:Times New Roman" SIZE="2">liability to or on account of a Plan under Section&nbsp;409, 502(i), 502(l),
515, 4062, 4063, 4064, 4069, 4201, 4204 or 4212 of ERISA or Section&nbsp;401(a)(29), 4971, 4975 or 4980 of the Code, or (vi)&nbsp;a Loan Party has incurred or is likely to incur liabilities pursuant to one or more employee welfare benefit plans (as
defined in Section&nbsp;3(l) of ERISA) that primarily provide health and welfare benefits to retired employees or other former employees (other than as required by Section&nbsp;601 of ERISA) and any of the foregoing could have a Material Adverse
Effect; (b)&nbsp;if there shall result from any event or events described in clauses (a)(i), (a)(ii), (a)(iii), (a)(iv) or (a)(v) of this <U>Section&nbsp;10.1.11</U>, the imposition of a lien, the granting of a security interest, or a liability or a
material risk of incurring a liability which could have, or reasonably be expected to have, a Material Adverse Effect; or (c)&nbsp;if any such lien, security interest or liability is imposed or granted and, individually, and/or in the aggregate, in
the reasonable opinion of the Administrative Agent could have, or reasonably be expected to have, a Material Adverse Effect. </FONT></P> <P STYLE="margin-top:10px;margin-bottom:0px; margin-left:4%; text-indent:4%" ALIGN="justify"><FONT
STYLE="font-family:Times New Roman" SIZE="2">10.1.12 <U>Change of Control.</U> If a Change of Control shall occur. </FONT></P> <P STYLE="margin-top:10px;margin-bottom:0px; margin-left:4%; text-indent:4%" ALIGN="justify"><FONT
STYLE="font-family:Times New Roman" SIZE="2">10.1.13 <U>Indictment; Forfeiture.</U> The indictment of, or institution of any legal process or proceeding against, the Borrower or any other Loan Party under any applicable Law where the relief,
penalties, or remedies sought or available include the forfeiture of any property of Borrower and/or any other such Loan Party and/or the imposition of any stay or other order, the effect of which could be to restrain in any material way the conduct
by the Borrower and/or any other such Loan Party of its business in the ordinary course. </FONT></P>
<P STYLE="margin-top:10px;margin-bottom:0px; margin-left:4%; text-indent:4%" ALIGN="justify"><FONT STYLE="font-family:Times New Roman" SIZE="2">10.1.14 <U>Generally.</U> A default by the Borrower in the performance of any term, provision or
condition of this Agreement to be performed by the Borrower, or a breach, or other failure to satisfy, any other term provision, condition, covenant or warranty under this Agreement and such default remains uncured beyond any applicable specific
grace period provided for in this Agreement, including, without limitation, as set forth in <U>Section&nbsp;10.2</U> below. </FONT></P> <P STYLE="margin-top:10px;margin-bottom:0px; text-indent:4%" ALIGN="justify"><FONT
STYLE="font-family:Times New Roman" SIZE="2"><B>10.2</B> <B><U>Grace Periods and Notice.</U></B> As to each of the foregoing events the following provisions relating to grace periods and notice shall apply: </FONT></P>
<P STYLE="margin-top:10px;margin-bottom:0px; margin-left:4%; text-indent:4%" ALIGN="justify"><FONT STYLE="font-family:Times New Roman" SIZE="2">10.2.1 <U>No Notice or Grace Period.</U> There shall be no grace period and no notice provision with
respect to the payment of principal at maturity and/or in connection with a Mandatory Principal Prepayment (except as provided in <U>Section&nbsp;2.3.8</U>) and no grace period and no notice provision with respect to defaults related to the
voluntary filing of bankruptcy or reorganization proceedings or an assignment for the benefit of creditors, or subject to <U>Sections 10.2.4</U> and <U>10.2.5</U>, with respect to a breach of warranty or representation under <U>Article 6</U>, or
(subject to <U>Section&nbsp;10.2.5</U>) with respect to the breach of any of the affirmative covenants set forth in Article 7 (unless a grace or cure period is specifically provided for therein) or (subject to <U>Section&nbsp;10.2.5</U>) with
respect to the breach of any of the negative covenants set forth in <U>Article 8</U>. </FONT></P>
 <p STYLE="margin-top:0px;margin-bottom:0px"><FONT SIZE="1">&nbsp;</FONT></P> <P STYLE="margin-top:0px;margin-bottom:0px" ALIGN="center"><FONT STYLE="font-family:Times New Roman" SIZE="2">106
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 <P STYLE="margin-top:0px;margin-bottom:0px; margin-left:4%; text-indent:4%" ALIGN="justify"><FONT STYLE="font-family:Times New Roman" SIZE="2">10.2.2 Nonpayment of Interest<U>.</U> As to the nonpayment
of interest there shall be a three (3)&nbsp;Business Day grace period without any requirement of notice from the Administrative Agent. </FONT></P> <P STYLE="margin-top:10px;margin-bottom:0px; margin-left:4%; text-indent:4%" ALIGN="justify"><FONT
STYLE="font-family:Times New Roman" SIZE="2">10.2.3 Other Monetary Defaults<U>.</U> All other monetary defaults shall have a three (3)&nbsp;Business Day grace period following notice from the Administrative Agent. </FONT></P>
<P STYLE="margin-top:10px;margin-bottom:0px; margin-left:4%; text-indent:4%" ALIGN="justify"><FONT STYLE="font-family:Times New Roman" SIZE="2">10.2.4 Nonmonetary Defaults Capable of Cure<U>.</U> As to non-monetary Defaults which are reasonably
capable of being cured or remedied, unless there is a specific shorter or longer grace period provided for in this Loan Agreement or in another Loan Document, there shall be a thirty (30)&nbsp;day grace period following such Default; provided that
if such Default would reasonably require more than thirty (30)&nbsp;days to cure or remedy, such longer period as requested by the Borrower but in no event longer than ninety (90)&nbsp;days following such Default and no extension shall be granted if
such Default has caused a Material Adverse Effect. </FONT></P> <P STYLE="margin-top:10px;margin-bottom:0px; margin-left:4%; text-indent:4%" ALIGN="justify"><FONT STYLE="font-family:Times New Roman" SIZE="2">10.2.5 Borrowing Base Property
Defaults<U>.</U> As to any non-monetary Defaults which are capable of being cured or remedied by the removal of any Individual Property or Individual Properties from being Borrowing Base Properties, there shall be a thirty (30)&nbsp;day grace period
following such Default for the Borrower to cure or remedy such Default by removing such Individual Properties from being Borrowing Base Properties, if required, or by removing such Borrowing Base Properties from the Borrowing Base Value. </FONT></P>
<P STYLE="margin-top:10px;margin-bottom:0px"><FONT STYLE="font-family:Times New Roman" SIZE="2"><B>11. <U>REMEDIES.</U> </B></FONT></P> <P STYLE="margin-top:10px;margin-bottom:0px; text-indent:4%" ALIGN="justify"><FONT
STYLE="font-family:Times New Roman" SIZE="2"><B>11.1 <U>Remedies.</U></B> Upon the occurrence and during the continuance of an Event of Default, whether or not the Obligations evidenced by this Agreement and secured by the Security Documents shall
be due and payable or the Administrative Agent shall have instituted any foreclosure or other action for the enforcement of the Security Documents, the Administrative Agent may in its sole and absolute discretion, and shall upon the direction of the
Required Lenders, in addition to any other remedies which the Administrative Agent may have hereunder or under the other Loan Documents, or otherwise, and not in limitation thereof: </FONT></P>
<P STYLE="margin-top:10px;margin-bottom:0px; margin-left:4%; text-indent:4%" ALIGN="justify"><FONT STYLE="font-family:Times New Roman" SIZE="2">11.1.1 Accelerate Debt<U>.</U> Declare the Obligations immediately due and payable (provided that in the
case of a voluntary petition in bankruptcy filed by Borrower or an involuntary petition in bankruptcy filed against Borrower (after expiration of the grace period, if any, set forth in <U>Section&nbsp;10.1.8</U>), such acceleration shall be
automatic). </FONT></P> <P STYLE="margin-top:10px;margin-bottom:0px; margin-left:4%; text-indent:4%" ALIGN="justify"><FONT STYLE="font-family:Times New Roman" SIZE="2">11.1.2 Collateralize Letters of Credit<U>.</U> Require the Borrower to deposit
into accounts maintained with, and pledged to the Administrative Agent, cash proceeds in an amount equal to one hundred three percent (103%)&nbsp;of the L/C Exposure, which deposits shall secure the L/C Exposure. </FONT></P>
<P STYLE="margin-top:10px;margin-bottom:0px; margin-left:4%; text-indent:4%" ALIGN="justify"><FONT STYLE="font-family:Times New Roman" SIZE="2">11.1.3 Pursue Remedies<U>.</U> Pursue any and all remedies provided for hereunder, under any one or more
of the other Loan Documents, and/or otherwise. </FONT></P>
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 <P STYLE="margin-top:0px;margin-bottom:0px; text-indent:4%" ALIGN="justify"><FONT STYLE="font-family:Times New Roman" SIZE="2"><B>11.2 <U>Distribution of Liquidation Proceeds.</U></B> Subject to the
terms and conditions of this Agreement, the Administrative Agent shall distribute all Liquidation Proceeds in the order and manner set forth below: </FONT></P>
<P STYLE="margin-top:10px;margin-bottom:0px; margin-left:4%; text-indent:4%" ALIGN="justify"><FONT STYLE="font-family:Times New Roman" SIZE="2"><U>First</U>: To the Administrative Agent, towards any fees and any expenses for which the Administrative
Agent is entitled to reimbursement under this Agreement or the other Loan Documents not theretofore paid to the Administrative Agent. </FONT></P> <P STYLE="margin-top:10px;margin-bottom:0px; margin-left:4%; text-indent:4%" ALIGN="justify"><FONT
STYLE="font-family:Times New Roman" SIZE="2"><U>Second</U>: To all applicable Lenders in accordance with their proportional share based upon their respective Commitment Percentages until all Lenders have been reimbursed for all fees and expenses
which such Lenders have previously paid to the Administrative Agent and not theretofore paid to such Lenders. </FONT></P> <P STYLE="margin-top:10px;margin-bottom:0px; margin-left:4%; text-indent:4%" ALIGN="justify"><FONT
STYLE="font-family:Times New Roman" SIZE="2"><U>Third</U>: To all applicable Lenders in accordance with their proportional share based upon their respective Commitment Percentages until all Lenders have been paid in full all principal and interest
due to such Lenders under the Loan, with each Lender applying such proceeds for purposes of this Agreement first against the outstanding principal balance due to such Lender under the Loan and then to accrued and unpaid interest due under the Loan.
</FONT></P> <P STYLE="margin-top:10px;margin-bottom:0px; margin-left:4%; text-indent:4%" ALIGN="justify"><FONT STYLE="font-family:Times New Roman" SIZE="2"><U>Fourth</U>: To all applicable Lenders in accordance with their proportional share based
upon their respective Commitment Percentages until all Lenders have been paid in full all other amounts due to such Lenders under the Loan including, without limitation, (a)&nbsp;any costs and expenses incurred directly by such Lenders to the extent
such costs and expenses are reimbursable to such Lenders by the Borrower under the Loan Documents, (b)&nbsp;payment of breakage, termination or other payments, and any interest accrued thereon, due under any Swap Contract between any Loan Party and
any Lender, or any Affiliate of a Lender and (c)&nbsp;Cash Collateralize that portion of L/C Obligations comprised of the aggregate undrawn amount of Letters of Credit, ratably among the Lenders (and, in the case of such Swap Contracts, Affiliates
of Lenders) and the L/C Issuer in proportion to the respective amounts described in this clause Fourth held by them. </FONT></P> <P STYLE="margin-top:10px;margin-bottom:0px; margin-left:4%; text-indent:4%" ALIGN="justify"><FONT
STYLE="font-family:Times New Roman" SIZE="2"><U>Fifth</U>: To the Borrower or such third parties as may be entitled to claim Liquidation Proceeds. </FONT></P>
<P STYLE="margin-top:10px;margin-bottom:0px; margin-left:4%; text-indent:4%" ALIGN="justify"><FONT STYLE="font-family:Times New Roman" SIZE="2">Subject to <U>Section&nbsp;2.7.7</U>, amounts used to provide Cash Collateral for the aggregate undrawn
amount of Letters of Credit pursuant to clause Fourth above shall be applied to satisfy drawings under such Letters of Credit as they occur. If any amount remains on deposit as Cash Collateral after all Letters of Credit have either been fully drawn
or expired, such remaining amount shall be applied to the other Obligations, if any, in the order set forth above. </FONT></P> <P STYLE="margin-top:10px;margin-bottom:0px; text-indent:4%" ALIGN="justify"><FONT
STYLE="font-family:Times New Roman" SIZE="2"><B><U>11.3 Power of Attorney.</U></B> For the purpose of exercising the rights granted by this Article 11, as well as any and all other rights and remedies of Administrative Agent under the Loan
Documents, the Borrower hereby irrevocably constitutes and appoints the Administrative Agent (or any agent designated by Administrative Agent) its true and lawful attorney-in-fact, </FONT></P>
 <p STYLE="margin-top:0px;margin-bottom:0px"><FONT SIZE="1">&nbsp;</FONT></P> <P STYLE="margin-top:0px;margin-bottom:0px" ALIGN="center"><FONT STYLE="font-family:Times New Roman" SIZE="2">108
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 <P STYLE="margin-top:0px;margin-bottom:0px" ALIGN="justify"><FONT STYLE="font-family:Times New Roman" SIZE="2">with full power of substitution, upon and following any Event of Default which is
continuing, to execute, acknowledge and deliver any instruments and to do and perform any acts in the name and on behalf of the Borrower. In connection with the foregoing power of attorney, the Borrower hereby grants unto the Administrative Agent
(acting through any of its officers) full power to do any and all things necessary or appropriate in connection with the exercise of such powers as fully and effectually as the Borrower might or could do, hereby ratifying all that said attorney
shall do or cause to be done by virtue of this Agreement. The foregoing power of attorney shall not be affected by any disability or incapacity suffered by the Borrower and shall survive the same. All powers conferred upon the Administrative Agent
by this Agreement, being coupled with an interest, shall be irrevocable until this Agreement is terminated by a written instrument executed by a duly authorized officer of the Administrative Agent. </FONT></P>
<P STYLE="margin-top:10px;margin-bottom:0px"><FONT STYLE="font-family:Times New Roman" SIZE="2"><B>12. SECURITY INTEREST AND SET-OFF. </B></FONT></P> <P STYLE="margin-top:10px;margin-bottom:0px; text-indent:4%" ALIGN="justify"><FONT
STYLE="font-family:Times New Roman" SIZE="2"><B>12.1</B> <B><U>Security Interest.</U></B> The Borrower hereby grants (and shall cause each other Loan Party to grant) to the Administrative Agent and each of the Lenders, a continuing lien, security
interest and right of setoff (with setoff being subject to <U>Section&nbsp;12.2</U>) as security for all of the Obligations, upon and against all deposits, credits, collateral and property, now or hereafter in the possession, custody, safekeeping or
control of Administrative Agent or any of the Lenders or any of their respective successors and assigns, or in transit to any of them. </FONT></P> <P STYLE="margin-top:10px;margin-bottom:0px; text-indent:4%" ALIGN="justify"><FONT
STYLE="font-family:Times New Roman" SIZE="2"><B>12.2</B> <B><U>Set-Off/Sharing of Payments. </U></B>If any Event of Default occurs, any such deposits, balances or other sums credited by or due from Administrative Agent or any of the Lenders, or from
any of their respective Affiliates, to the Borrower may to the fullest extent not prohibited by applicable Law at any time or from time to time, without regard to the existence, sufficiency or adequacy of any other collateral, and without notice or
compliance with any other condition precedent now or hereafter imposed by statute, rule of law or otherwise, all of which are hereby waived, be set off, appropriated and applied by the Administrative Agent against any or all of Loan Party&#146;s
Obligations irrespective of whether demand shall have been made and although such obligations may be unmatured, in the manner set forth herein. Within five (5)&nbsp;Business Days of making any such set off, appropriation or application, the
Administrative Agent agrees to notify the Borrower thereof, provided the failure to give such notice shall not affect the validity of such set off or appropriation or application. ANY AND ALL RIGHTS TO REQUIRE THE ADMINISTRATIVE AGENT OR ANY OF THE
LENDERS TO EXERCISE ITS RIGHTS OR REMEDIES WITH RESPECT TO ANY OTHER COLLATERAL WHICH SECURES THE OBLIGATIONS, PRIOR TO EXERCISING ITS RIGHT OF SETOFF WITH RESPECT TO SUCH DEPOSITS, CREDITS OR OTHER PROPERTY OF THE BORROWER OR ANY GUARANTOR, ARE
HEREBY KNOWINGLY, VOLUNTARILY AND IRREVOCABLY WAIVED. Each of the Lenders agrees with each other Lender that (a)&nbsp;if an amount to be set off is to be applied to indebtedness of the Borrower to such Lender, other than the Obligations evidenced by
this Agreement due to such Lender, such amount shall be applied ratably to such other indebtedness and to the Obligations evidenced by this Agreement due to such Lender, and (b)&nbsp;if such Lender shall receive from the Borrower, whether by
voluntary payment, exercise of the right of setoff, counterclaim, cross action, enforcement of the claim evidenced by this Agreement due to such Lender by proceedings against the Borrower at law or in equity or by proof thereof in bankruptcy,
reorganization, liquidation, receivership or similar proceedings, or otherwise, and shall retain and apply to the payment of the Obligations due to </FONT></P>
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 <P STYLE="margin-top:0px;margin-bottom:0px" ALIGN="justify"><FONT STYLE="font-family:Times New Roman" SIZE="2">such Lender any amount in excess of its ratable portion of the payments received by all of
the Lenders with respect to Obligations under this Agreement due to all of the Lenders, such Lender will make such disposition and arrangements (excluding any amounts received by the L/C Issuer to secure the obligations of a Defaulting Lender to
fund risk participations hereunder) with the other Lenders with respect to such excess, either by way of distribution, pro tanto assignment of claims, subrogation or otherwise as shall result in each Lender receiving in respect of the Obligations
its proportionate payment as contemplated by this Agreement; provided that if all or any part of such excess payment is thereafter recovered from such Lender, such disposition and arrangements shall be rescinded and the amount restored to the extent
of such recovery, but without interest. </FONT></P> <P STYLE="margin-top:10px;margin-bottom:0px; text-indent:4%" ALIGN="justify"><FONT STYLE="font-family:Times New Roman" SIZE="2"><B>12.3</B> <B><U>Right to Freeze.</U></B> The Administrative Agent
and each of the Lenders shall also have the right, at its option, upon the occurrence of any event which would entitle the Administrative Agent and each of the Lenders to set off or debit as set forth in <U>Section&nbsp;12.2</U>, to freeze, block or
segregate any such deposits, balances and other sums so that Borrower may not access, control or draw upon the same. </FONT></P> <P STYLE="margin-top:10px;margin-bottom:0px; text-indent:4%" ALIGN="justify"><FONT
STYLE="font-family:Times New Roman" SIZE="2"><B>12.4</B> <B><U>Additional Rights.</U></B> The rights of the Administrative Agent, the Lenders and each of their respective Affiliates under this <U>Article 12</U> are in addition to, and not in
limitation of, other rights and remedies, including other rights of set off, which the Administrative Agent or any of the Lenders may have. </FONT></P>
<P STYLE="margin-top:10px;margin-bottom:0px"><FONT STYLE="font-family:Times New Roman" SIZE="2"><B>13. <U>THE ADMINISTRATIVE AGENT AND THE LENDERS.</U> </B></FONT></P> <P STYLE="margin-top:10px;margin-bottom:0px; margin-left:4%" ALIGN="justify"><FONT
STYLE="font-family:Times New Roman" SIZE="2"><B><U>13.1 Rights, Duties and Immunities of the Administrative Agent.</U> </B></FONT></P> <P STYLE="margin-top:10px;margin-bottom:0px; margin-left:4%; text-indent:4%" ALIGN="justify"><FONT
STYLE="font-family:Times New Roman" SIZE="2">13.1.1 <U>Appointment of Administrative Agent.</U> Each of the Lenders and the L/C Issuer hereby irrevocably appoints KeyBank to act on its behalf as the Administrative Agent hereunder and under the other
Loan Documents and authorizes the Administrative Agent to take such actions on its behalf and to exercise such powers as are delegated to the Administrative Agent by the terms hereof or thereof, together with such actions and powers as are
reasonably incidental thereto. The provisions of this <U>Section&nbsp;13.1</U> (other than <U>Sections 13.1.10</U>, and as may be limited by <U>Sections 13.2.4</U> and <U>13.3.2</U>) are solely for the benefit of the Administrative Agent, the
Lenders and the L/C Issuer, and neither the Borrower nor any other Loan Party shall have rights as a third party beneficiary of any of such provisions. </FONT></P>
<P STYLE="margin-top:10px;margin-bottom:0px; margin-left:4%; text-indent:4%" ALIGN="justify"><FONT STYLE="font-family:Times New Roman" SIZE="2">13.1.2 <U>No Other Duties, Etc.</U> Anything herein to the contrary notwithstanding, none of the Sole
Book Manager or the Arranger shall have any powers, duties or responsibilities under this Agreement or any of the other Loan Documents, except in its capacity, as applicable, as the Administrative Agent, a Lender or the L/C Issuer hereunder.
</FONT></P> <P STYLE="margin-top:10px;margin-bottom:0px; margin-left:4%; text-indent:4%" ALIGN="justify"><FONT STYLE="font-family:Times New Roman" SIZE="2">13.1.3 <U>Delegation of Duties.</U> The Administrative Agent may perform any and all of its
duties and exercise its rights and powers hereunder or under any other Loan Document by or through any one or more sub-agents appointed by the Administrative Agent. The Administrative Agent and any such sub-agent may perform any and all of its
</FONT></P>
 <p STYLE="margin-top:0px;margin-bottom:0px"><FONT SIZE="1">&nbsp;</FONT></P> <P STYLE="margin-top:0px;margin-bottom:0px" ALIGN="center"><FONT STYLE="font-family:Times New Roman" SIZE="2">110
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 <P STYLE="margin-top:0px;margin-bottom:0px; margin-left:4%" ALIGN="justify"><FONT STYLE="font-family:Times New Roman" SIZE="2">duties and exercise its rights and powers by or through their respective
Related Parties. The exculpatory provisions of this Article shall apply to any such sub-agent and to the Related Parties of the Administrative Agent and any such sub-agent, and shall apply to their respective activities in connection with the
syndication of the credit facilities provided for herein as well as activities as Administrative Agent. </FONT></P> <P STYLE="margin-top:10px;margin-bottom:0px; margin-left:4%; text-indent:4%" ALIGN="justify"><FONT
STYLE="font-family:Times New Roman" SIZE="2">13.1.4 <U>Exculpatory Provisions.</U> </FONT></P> <P STYLE="margin-top:10px;margin-bottom:0px; margin-left:8%; text-indent:4%" ALIGN="justify"><FONT STYLE="font-family:Times New Roman" SIZE="2">(a) The
Administrative Agent shall not have any duties or obligations except those expressly set forth herein and in the other Loan Documents. Without limiting the generality of the foregoing (but subject to <U>Section&nbsp;13.1.4(b)</U>), the
Administrative Agent: </FONT></P> <P STYLE="margin-top:10px;margin-bottom:0px; margin-left:13%; text-indent:4%" ALIGN="justify"><FONT STYLE="font-family:Times New Roman" SIZE="2">(i) shall not be subject to any fiduciary or other implied duties,
regardless of whether a Default has occurred and is continuing; </FONT></P> <P STYLE="margin-top:10px;margin-bottom:0px; margin-left:13%; text-indent:4%" ALIGN="justify"><FONT STYLE="font-family:Times New Roman" SIZE="2">(ii) (ii) shall not have any
duty to take any discretionary action or exercise any discretionary powers, except discretionary rights and powers expressly contemplated hereby or by the other Loan Documents that the Administrative Agent is required to exercise as directed in
writing by the Required Lenders (or such other number or percentage of the Lenders as shall be expressly provided for herein or in the other Loan Documents), provided that the Administrative Agent shall not be required to take any action that, in
its opinion or the opinion of its counsel, may expose the Administrative Agent to liability or that is contrary to any Loan Document or applicable Law; and </FONT></P>
<P STYLE="margin-top:10px;margin-bottom:0px; margin-left:13%; text-indent:4%" ALIGN="justify"><FONT STYLE="font-family:Times New Roman" SIZE="2">(iii) shall not, except as expressly set forth herein and in the other Loan Documents, have any duty to
disclose, and shall not be liable for the failure to disclose, any information relating to the Borrower or any of its Affiliates that is communicated to or obtained by the Person serving as the Administrative Agent or any of its Affiliates in any
capacity. </FONT></P> <P STYLE="margin-top:10px;margin-bottom:0px; margin-left:8%; text-indent:4%" ALIGN="justify"><FONT STYLE="font-family:Times New Roman" SIZE="2">(b) The Administrative Agent shall not be liable for any action taken or not taken
by it (i)&nbsp;with the consent or at the request of the Required Lenders (or such other number or percentage of the Lenders as shall be necessary), or as the Administrative Agent shall believe in good faith shall be necessary, under the
circumstances as provided in <U>Sections 11.2</U> and <U>13.4.1</U> or (ii)&nbsp;in the absence of its own (or its officers&#146;, directors&#146;, employees&#146;, agents&#146;, attorneys in fact or Affiliates&#146;) gross negligence or willful
misconduct. </FONT></P> <P STYLE="margin-top:10px;margin-bottom:0px; margin-left:8%; text-indent:4%" ALIGN="justify"><FONT STYLE="font-family:Times New Roman" SIZE="2">(c) The Administrative Agent shall not be responsible for or have any duty to
ascertain or inquire into (i)&nbsp;any statement, warranty or representation made in or in connection with this Agreement or any other Loan Document, (ii)&nbsp;the contents of any certificate, report or other document delivered hereunder or
thereunder or in connection herewith or therewith, (iii)&nbsp;the performance or observance of any of the covenants, agreements or other terms or conditions set </FONT></P>
 <p STYLE="margin-top:0px;margin-bottom:0px"><FONT SIZE="1">&nbsp;</FONT></P> <P STYLE="margin-top:0px;margin-bottom:0px" ALIGN="center"><FONT STYLE="font-family:Times New Roman" SIZE="2">111
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 <P STYLE="margin-top:0px;margin-bottom:0px; margin-left:8%" ALIGN="justify"><FONT STYLE="font-family:Times New Roman" SIZE="2">
forth herein or therein or the occurrence of any Default, (iv)&nbsp;the validity, enforceability, effectiveness or genuineness of this Agreement, any other Loan Document or any other agreement,
instrument or document or (v)&nbsp;the satisfaction of any condition set forth in <U>Section&nbsp;5</U> or elsewhere herein, other than to confirm receipt of items expressly required to be delivered to the Administrative Agent. </FONT></P>
<P STYLE="margin-top:10px;margin-bottom:0px; margin-left:4%; text-indent:4%" ALIGN="justify"><FONT STYLE="font-family:Times New Roman" SIZE="2">13.1.5 Reliance by Administrative Agent<U>.</U> The Administrative Agent shall be entitled to rely upon,
and shall not incur any liability for relying upon, any notice, request, certificate, consent, statement, instrument, document or other writing (including any electronic message, Internet or intranet website posting or other distribution) believed
by it to be genuine and to have been signed, sent or otherwise authenticated by the proper Person. The Administrative Agent also may rely upon any statement made to it orally or by telephone and believed by it to have been made by the proper Person,
and shall not incur any liability for relying thereon. In determining compliance with any condition hereunder to the making of a Loan Advance, or the issuance of a Letter of Credit, that by its terms must be fulfilled to the satisfaction of a Lender
or the L/C Issuer, the Administrative Agent may presume that such condition is satisfactory to such Lender or the L/C Issuer unless the Administrative Agent shall have received notice to the contrary from such Lender or the L/C Issuer prior to the
making of such Loan Advance or the issuance of such Letter of Credit. The Administrative Agent may consult with legal counsel (who may be counsel for the Borrower), independent accountants and other experts selected by it, and shall not be liable
for any action taken or not taken by it in accordance with the advice of any such counsel, accountants or experts. </FONT></P> <P STYLE="margin-top:10px;margin-bottom:0px; margin-left:4%; text-indent:4%" ALIGN="justify"><FONT
STYLE="font-family:Times New Roman" SIZE="2">13.1.6 Notice of Default<U>.</U> The Administrative Agent shall be deemed not to have knowledge of any Default unless and until notice describing such Default is given to the Administrative Agent by the
Borrower, a Lender or the L/C Issuer. </FONT></P> <P STYLE="margin-top:10px;margin-bottom:0px; margin-left:4%; text-indent:4%" ALIGN="justify"><FONT STYLE="font-family:Times New Roman" SIZE="2">13.1.7 Lenders&#146; Credit Decisions<U>.</U> Each
Lender and the L/C Issuer acknowledges that it has, independently and without reliance upon the Administrative Agent or any other Lender or any of their Related Parties and based on such documents and information as it has deemed appropriate, made
its own credit analysis and decision to enter into this Agreement. Each Lender and the L/C Issuer also acknowledges that it will, independently and without reliance upon the Administrative Agent or any other Lender or any of their Related Parties
and based on such documents and information as it shall from time to time deem appropriate, continue to make its own decisions in taking or not taking action under or based upon this Agreement, any other Loan Document or any related agreement or any
document furnished hereunder or thereunder. </FONT></P> <P STYLE="margin-top:10px;margin-bottom:0px; margin-left:4%; text-indent:4%" ALIGN="justify"><FONT STYLE="font-family:Times New Roman" SIZE="2">13.1.8 Administrative Agent&#146;s Reimbursement
and Indemnification<U>.</U> The Lenders agree to reimburse and indemnify the Administrative Agent, ratably in proportion to their respective Commitments, for (i)&nbsp;any amounts not reimbursed by the Borrower for which the Administrative Agent is
entitled to reimbursement by the Borrower under this Loan Agreement or the other Loan Documents, (ii)&nbsp;any other expenses incurred by the Administrative Agent on behalf of the Lenders in connection with the preparation, execution, delivery,
administration, amendment, waiver and/or enforcement of this Loan Agreement and the other Loan Documents, and (iii)&nbsp;any </FONT></P>
 <p STYLE="margin-top:0px;margin-bottom:0px"><FONT SIZE="1">&nbsp;</FONT></P> <P STYLE="margin-top:0px;margin-bottom:0px" ALIGN="center"><FONT STYLE="font-family:Times New Roman" SIZE="2">112
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 <P STYLE="margin-top:0px;margin-bottom:0px; margin-left:4%" ALIGN="justify"><FONT STYLE="font-family:Times New Roman" SIZE="2">
liabilities, obligations, losses, damages, penalties, actions, judgments, suits, costs, expenses or disbursements of any kind and nature whatsoever which may be imposed on, incurred by or
asserted against the Administrative Agent in any way relating to or arising out of this Loan Agreement or the other Loan Documents or any other document delivered in connection therewith or any transaction contemplated thereby, or the enforcement of
any of the terms hereof or thereof, provided that no Lender shall be liable for any of the foregoing to the extent that they arise from the gross negligence or willful misconduct of the Administrative Agent. If any indemnity furnished to the
Administrative Agent for any purpose shall, in the opinion of the Administrative Agent, be insufficient or become impaired, the Administrative Agent may call for additional indemnity and cease, or not commence, to do the action indemnified against
until such additional indemnity is furnished. </FONT></P> <P STYLE="margin-top:10px;margin-bottom:0px; margin-left:4%; text-indent:4%" ALIGN="justify"><FONT STYLE="font-family:Times New Roman" SIZE="2">13.1.9 <U>Administrative Agent in its
Individual Capacity.</U> The Person serving as the Administrative Agent hereunder shall have the same rights and powers in its capacity as a Lender as any other Lender and may exercise the same as though it were not the Administrative Agent and the
term &#147;<U>Lender</U>&#148; or &#147;<U>Lenders</U>&#148; shall, unless otherwise expressly indicated or unless the context otherwise requires, include the Person serving as the Administrative Agent hereunder in its individual capacity. Such
Person and its Affiliates may accept deposits from, lend money to, act as the financial advisor or in any other advisory capacity for and generally engage in any kind of business with the Borrower, CRT or any Borrower Subsidiary or other Affiliate
thereof as if such Person were not the Administrative Agent hereunder and without any duty to account therefor to the Lenders. </FONT></P> <P STYLE="margin-top:10px;margin-bottom:0px; margin-left:4%; text-indent:4%" ALIGN="justify"><FONT
STYLE="font-family:Times New Roman" SIZE="2">13.1.10 <U>Successor Administrative Agent.</U> The Administrative Agent may at any time give notice of its resignation to the Lenders, the L/C Issuer and the Borrower. Upon receipt of any such notice of
resignation, the Required Lenders shall have the right, in consultation with and, if such appointment is prior to the occurrence and continuation of an Event of Default, with the prior approval of, the Borrower, such approval not to be unreasonably
withheld or delayed, to appoint a successor, which shall be a bank with an office in the United States, or an Affiliate of any such bank with an office in the United States. If no such successor shall have been so appointed by the Required Lenders
and shall have accepted such appointment within thirty (30)&nbsp;days after the retiring Administrative Agent gives notice of its resignation, then the retiring Administrative Agent may, at the direction and with the consent of the Borrower, on
behalf of the Lenders and the L/C Issuer, appoint a successor Administrative Agent meeting the qualifications set forth above; provided that if the Administrative Agent shall notify the Borrower and the Lenders that no qualifying Person has accepted
such appointment, then such resignation shall nonetheless become effective in accordance with such notice and (1)&nbsp;the retiring Administrative Agent shall be discharged from its duties and obligations hereunder and under the other Loan Documents
(except that in the case of any collateral security held by the Administrative Agent on behalf of the Lenders or the L/C Issuer under any of the Loan Documents, the retiring Administrative Agent shall continue to hold such collateral security until
such time as a successor Administrative Agent is appointed) and (2)&nbsp;all payments, communications and determinations provided to be made by, to or through the Administrative Agent shall instead be made by or to each
</FONT></P>
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 <P STYLE="margin-top:0px;margin-bottom:0px; margin-left:4%" ALIGN="justify"><FONT STYLE="font-family:Times New Roman" SIZE="2">
Lender and the L/C Issuer directly, until such time as the Required Lenders appoint a successor Administrative Agent as provided for above in this Section. Upon the acceptance of a
successor&#146;s appointment as Administrative Agent hereunder, such successor shall succeed to and become vested with all of the rights, powers, privileges and duties of the retiring (or retired) Administrative Agent, and the retiring
Administrative Agent shall be discharged from all of its duties and obligations hereunder or under the other Loan Documents (if not already discharged therefrom as provided above in this Section). The fees payable by the Borrower to a successor
Administrative Agent shall be the same as those payable to its predecessor unless otherwise agreed between the Borrower and such successor. After the retiring Administrative Agent&#146;s resignation hereunder and under the other Loan Documents, the
provisions of this Section and <U>Section&nbsp;15.9</U> shall continue in effect for the benefit of such retiring Administrative Agent, its sub-agents and their respective Related Parties in respect of any actions taken or omitted to be taken by any
of them while the retiring Administrative Agent was acting as Administrative Agent. </FONT></P> <P STYLE="margin-top:10px;margin-bottom:0px; margin-left:4%; text-indent:4%" ALIGN="justify"><FONT STYLE="font-family:Times New Roman" SIZE="2">Any
resignation by KeyBank as Administrative Agent pursuant to this Section shall also constitute its resignation as L/C Issuer. Upon the acceptance of a successor&#146;s appointment as Administrative Agent hereunder, (a)&nbsp;such successor shall
succeed to and become vested with all of the rights, powers, privileges and duties of the retiring L/C Issuer, (b)&nbsp;the retiring L/C Issuer shall be discharged from all of their respective duties and obligations hereunder or under the other Loan
Documents, and (c)&nbsp;the successor L/C Issuer shall issue letters of credit in substitution for the Letters of Credit, if any, outstanding at the time of such succession or make other arrangements satisfactory to the retiring L/C Issuer to
effectively assume the obligations of the retiring L/C Issuer with respect to such Letters of Credit. </FONT></P> <P STYLE="margin-top:10px;margin-bottom:0px; margin-left:4%; text-indent:4%" ALIGN="justify"><FONT
STYLE="font-family:Times New Roman" SIZE="2">13.1.11 <U>Administrative Agent May File Proofs of Claim.</U> In case of the pendency of any proceeding under any Debtor Relief Law or any other judicial proceeding relative to any Loan Party, the
Administrative Agent (irrespective of whether the principal of any Loan or L/C Obligation shall then be due and payable as herein expressed or by declaration or otherwise and irrespective of whether the Administrative Agent shall have made any
demand on the Borrower) shall be entitled and empowered, by intervention in such proceeding or otherwise </FONT></P> <P STYLE="margin-top:10px;margin-bottom:0px; margin-left:8%; text-indent:4%" ALIGN="justify"><FONT
STYLE="font-family:Times New Roman" SIZE="2">(a) to file and prove a claim for the whole amount of the principal and interest owing and unpaid in respect of the Loan, L/C Obligations and all other Obligations that are owing and unpaid and to file
such other documents as may be necessary or advisable in order to have the claims of the Lenders, the L/C Issuer and the Administrative Agent (including any claim for the reasonable compensation, expenses, disbursements and advances of the Lenders,
the L/C Issuer and the Administrative Agent and their respective agents and counsel and all other amounts due the Lenders, the L/C Issuer and the Administrative Agent under <U>Sections 2.4</U>, <U>2.7.9</U>, <U>2.7.10</U> and <U>15.9</U>) allowed in
such judicial proceeding; and </FONT></P>
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 <P STYLE="margin-top:0px;margin-bottom:0px; margin-left:8%; text-indent:4%" ALIGN="justify"><FONT STYLE="font-family:Times New Roman" SIZE="2">(b) to collect and receive any monies or other property
payable or deliverable on any such claims and to distribute the same. </FONT></P> <P STYLE="margin-top:10px;margin-bottom:0px" ALIGN="justify"><FONT STYLE="font-family:Times New Roman" SIZE="2">and any custodian, receiver, assignee, trustee,
liquidator, sequestrator or other similar official in any such judicial proceeding is hereby authorized by each Lender and the L/C Issuer to make such payments to the Administrative Agent and, in the event that the Administrative Agent shall consent
to the making of such payments directly to the Lenders and the L/C Issuer, to pay to the Administrative Agent any amount due for the reasonable compensation, expenses, disbursements and advances of the Administrative Agent and its agents and
counsel, and any other amounts due the Administrative Agent under <U>Sections 2.4</U> and <U>15.9</U>. </FONT></P>
<P STYLE="margin-top:10px;margin-bottom:0px; text-indent:4%" ALIGN="justify"><FONT STYLE="font-family:Times New Roman" SIZE="2">Nothing contained herein shall be deemed to authorize the Administrative Agent to authorize or consent to or accept or
adopt on behalf of any Lender or the L/C Issuer any plan of reorganization, arrangement, adjustment or composition affecting the Obligations or the rights of any Lender or the L/C Issuer to authorize the Administrative Agent to vote in respect of
the claim of any Lender or the L/C Issuer in any such proceeding. </FONT></P> <P STYLE="margin-top:10px;margin-bottom:0px; margin-left:4%; text-indent:4%" ALIGN="justify"><FONT STYLE="font-family:Times New Roman" SIZE="2">13.1.12 Collateral and
Guaranty Matters<U>.</U> The Lenders and the L/C Issuer irrevocably authorize the Administrative Agent, at its option and in its discretion, </FONT></P> <P STYLE="margin-top:10px;margin-bottom:0px; margin-left:8%; text-indent:4%" ALIGN="justify"><FONT
STYLE="font-family:Times New Roman" SIZE="2">(a) to release or assign any Lien on any property granted to or held by the Administrative Agent under any Loan Document (i)&nbsp;upon termination of the Commitments and payment in full of all Obligations
(other than contingent indemnification obligations) and the expiration or termination of all Letters of Credit (other than Letters of Credit as to which other arrangements satisfactory to the Administrative Agent and the L/C Issuer shall have been
made), (ii)&nbsp;that is (1)&nbsp;sold or to be sold as part of or in connection with any sale permitted hereunder or under any other Loan Document or (2)&nbsp;refinanced or to be refinanced as permitted hereunder or under any other Loan Document,
or (iii)&nbsp;subject to <U>Section&nbsp;13.4.1</U>, if approved, authorized or ratified in writing by the Required Lenders; </FONT></P> <P STYLE="margin-top:10px;margin-bottom:0px; margin-left:8%; text-indent:4%" ALIGN="justify"><FONT
STYLE="font-family:Times New Roman" SIZE="2">(b) to subordinate any Lien on any property granted to or held by the Administrative Agent under any Loan Document to the holder of any Lien on such property that is permitted by
<U>Section&nbsp;8.4.6</U>; and </FONT></P> <P STYLE="margin-top:10px;margin-bottom:0px; margin-left:8%; text-indent:4%" ALIGN="justify"><FONT STYLE="font-family:Times New Roman" SIZE="2">(c) to release any Guarantor from its obligations under the
Guaranty if such Person ceases to be a Subsidiary or an owner of a Borrowing Base Property as a result of a transaction permitted hereunder. </FONT></P> <P STYLE="margin-top:10px;margin-bottom:0px; text-indent:4%" ALIGN="justify"><FONT
STYLE="font-family:Times New Roman" SIZE="2">Upon request by the Administrative Agent at any time, the Required Lenders will promptly confirm in writing the Administrative Agent&#146;s authority to release or subordinate its interest in particular
types or items of property, or to release any Guarantor from its obligations under the Guaranty pursuant to this <U>Section&nbsp;13.1.12</U>. </FONT></P> <P STYLE="margin-top:10px;margin-bottom:0px; text-indent:4%" ALIGN="justify"><FONT
STYLE="font-family:Times New Roman" SIZE="2"><B>13.2 <U>Respecting Loans and Payments.</U></B> </FONT></P>
 <p STYLE="margin-top:0px;margin-bottom:0px"><FONT SIZE="1">&nbsp;</FONT></P> <P STYLE="margin-top:0px;margin-bottom:0px" ALIGN="center"><FONT STYLE="font-family:Times New Roman" SIZE="2">115
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 <P STYLE="margin-top:0px;margin-bottom:0px; margin-left:4%; text-indent:4%" ALIGN="justify"><FONT STYLE="font-family:Times New Roman" SIZE="2">13.2.1 Adjustments<U>.</U> If, after the Administrative
Agent has paid each Lender&#146;s proportionate share of any payment received or applied by the Administrative Agent in respect of the Loan and other Obligations, that payment is rescinded or must otherwise be returned or paid over by the
Administrative Agent, whether pursuant to any Debtor Relief Law, sharing of payments clause of any loan agreement or otherwise, such Lender shall, at the Administrative Agent&#146;s request, promptly return its proportionate share of such payment or
application to the Administrative Agent, together with such Lender&#146;s proportionate share of any interest or other amount required to be paid by the Administrative Agent with respect to such payment or application. </FONT></P>
<P STYLE="margin-top:10px;margin-bottom:0px; margin-left:4%; text-indent:4%" ALIGN="justify"><FONT STYLE="font-family:Times New Roman" SIZE="2">13.2.2 Setoff<U>.</U> If any Lender (including the Administrative Agent), acting in its individual
capacity, shall exercise any right of setoff against a deposit balance or other account of the Borrower held by such Lender on account of the obligations of the Borrower under this Loan Agreement, such Lender shall remit to the Administrative Agent
all such sums received pursuant to the exercise of such right of setoff, and the Administrative Agent shall apply all such sums for the benefit of all of the Lenders hereunder in accordance with the terms of this Loan Agreement. </FONT></P>
<P STYLE="margin-top:10px;margin-bottom:0px; margin-left:4%; text-indent:4%" ALIGN="justify"><FONT STYLE="font-family:Times New Roman" SIZE="2">13.2.3 Distribution by the Administrative Agent<U>.</U> If in the opinion of the Administrative Agent
distribution of any amount received by it in such capacity hereunder or under any of the other Loan Documents might involve any liability, it may refrain from making distribution until its right to make distribution shall have been adjudicated by a
court of competent jurisdiction or has been resolved by the mutual consent of all Lenders. In addition, the Administrative Agent may request full and complete indemnity, in form and substance satisfactory to it, prior to making any such
distribution. If a court of competent jurisdiction shall adjudge that any amount received and distributed by the Administrative Agent is to be repaid, each Person to whom any such distribution shall have been made shall either repay to the
Administrative Agent its proportionate share of the amount so adjudged to be repaid or shall pay over to the same in such manner and to such Persons as shall be determined by such court. </FONT></P>
<P STYLE="margin-top:10px;margin-bottom:0px; margin-left:4%; text-indent:4%" ALIGN="justify"><FONT STYLE="font-family:Times New Roman" SIZE="2">13.2.4 Removal or Replacement of a Lender<U>.</U> If any Lender requests compensation under <U>Sections
2.6.1</U> or <U>2.6.2</U>, or if the Borrower is required to pay any additional amount to any Lender or any Governmental Authority for the account of any Lender pursuant to <U>Section&nbsp;2.8</U>, or if any Lender is a Defaulting Lender, then in
addition to, and not in limitation of, the rights and remedies that may be available to the Borrower at law or in equity, the Borrower may, at its sole expense and effort, upon notice to such Lender and the Administrative Agent, require such Lender
to assign and delegate, without recourse (in accordance with and subject to the restrictions contained in, and consents required by, <U>Section&nbsp;13.3</U>), all of its interests, rights and obligations under this Agreement and the related Loan
Documents to an assignee that shall assume such obligations (which assignee may be another Lender, if a Lender accepts such assignment), provided that: </FONT></P>
<P STYLE="margin-top:10px;margin-bottom:0px; margin-left:8%; text-indent:4%" ALIGN="justify"><FONT STYLE="font-family:Times New Roman" SIZE="2">(a) The Administrative Agent shall be paid the assignment fee specified in <U>Section&nbsp;13.3.2(d)</U>;
</FONT></P>
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 <P STYLE="margin-top:0px;margin-bottom:0px; margin-left:8%; text-indent:4%" ALIGN="justify"><FONT STYLE="font-family:Times New Roman" SIZE="2">(b) Such Lender shall have received payment of an amount
equal to the outstanding principal of its Loans and L/C Advances, accrued interest thereon, accrued fees and all other amounts payable to it hereunder and under the other Loan Documents (including any amounts under <U>Section&nbsp;2.3.15</U>) from
the assignee (to the extent of such outstanding principal and accrued interest and fees) or the Borrower (in the case of all other amounts); </FONT></P> <P STYLE="margin-top:10px;margin-bottom:0px; margin-left:8%; text-indent:4%" ALIGN="justify"><FONT
STYLE="font-family:Times New Roman" SIZE="2">(c) In the case of any such assignment resulting from a claim for compensation under <U>Sections 2.6.1</U> or <U>2.6.2</U> or payments required to be made pursuant to <U>Section&nbsp;2.8</U>, such
assignment will result in a reduction in such compensation or payments thereafter; and </FONT></P> <P STYLE="margin-top:10px;margin-bottom:0px; margin-left:8%; text-indent:4%" ALIGN="justify"><FONT STYLE="font-family:Times New Roman" SIZE="2">(d)
Such assignment does not conflict with applicable Laws. </FONT></P> <P STYLE="margin-top:10px;margin-bottom:0px" ALIGN="justify"><FONT STYLE="font-family:Times New Roman" SIZE="2">A Lender shall not be required to make any such assignment or
delegation if, prior thereto, as a result of a waiver by such Lender or otherwise, the circumstances entitling the Borrower to require such assignment and delegation cease to apply. </FONT></P>
<P STYLE="margin-top:10px;margin-bottom:0px; margin-left:4%; text-indent:4%" ALIGN="justify"><FONT STYLE="font-family:Times New Roman" SIZE="2">13.2.5 Holders<U>.</U> The Administrative Agent may deem and treat the Lender designated in the Register
as the proportionate owner of such interest in the Obligations for all purposes hereof unless and until a written notice of the assignment, transfer or endorsement thereof, as the case may be, shall have been filed with the Administrative Agent. Any
request, authority or consent of any Person or entity who, at the time of making such request or giving such authority or consent, is the holder of any designated interest in the Obligations shall be conclusive and binding on any subsequent holder,
transferee or endorsee, as the case may be, of such interest in the Obligations. </FONT></P> <P STYLE="margin-top:10px;margin-bottom:0px; text-indent:4%" ALIGN="justify"><FONT STYLE="font-family:Times New Roman" SIZE="2"><B>13.3 <U>Assignments by
Lenders.</U> </B></FONT></P> <P STYLE="margin-top:10px;margin-bottom:0px; margin-left:4%; text-indent:4%" ALIGN="justify"><FONT STYLE="font-family:Times New Roman" SIZE="2">13.3.1 Successors and Assigns Generally<U>.</U> The provisions of this
Agreement shall be binding upon and inure to the benefit of the parties hereto and their respective successors and assigns permitted hereby, except that neither the Borrower nor any other Loan Party may assign or otherwise transfer any of its rights
or obligations hereunder without the prior written consent of the Administrative Agent and each Lender and no Lender may assign or otherwise transfer any of its rights or obligations hereunder except (i)&nbsp;to an assignee in accordance with the
provisions of <U>Section&nbsp;13.3.2</U>, (ii)&nbsp;by way of participation in accordance with the provisions of <U>Section&nbsp;13.3.4</U>, or (iii)&nbsp;by way of pledge or assignment of a security interest subject to the restrictions of
<U>Section&nbsp;13.3.6</U> (and any other attempted assignment or transfer by any party hereto shall be null and void). Nothing in this Agreement, expressed or implied, shall be construed to confer upon any Person (other than the parties hereto,
their respective successors and assigns permitted hereby, Participants to the extent provided in <U>Section&nbsp;13.3.6</U> and, to the extent expressly contemplated hereby, the Related Parties of each of the Administrative Agent, the L/C Issuer and
the Lenders) any legal or equitable right, remedy or claim under or by reason of this Agreement. </FONT></P>
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 <P STYLE="margin-top:0px;margin-bottom:0px; margin-left:4%; text-indent:4%" ALIGN="justify"><FONT STYLE="font-family:Times New Roman" SIZE="2">13.3.2 Assignments by Lenders<U>.</U> Any Lender may at any
time assign to one or more assignees all or a portion of its rights and obligations under this Agreement (including all or a portion of its Commitment and the Loans (including for purposes of this <U>Section&nbsp;13.3.2</U>, participations in L/C
Obligations) at the time owing to it); provided that any such assignment shall be subject to the following conditions: </FONT></P> <P STYLE="margin-top:10px;margin-bottom:0px; margin-left:8%; text-indent:4%" ALIGN="justify"><FONT
STYLE="font-family:Times New Roman" SIZE="2">(a) <U>Minimum Amounts.</U> </FONT></P> <P STYLE="margin-top:10px;margin-bottom:0px; margin-left:13%; text-indent:4%" ALIGN="justify"><FONT STYLE="font-family:Times New Roman" SIZE="2">(i) in the case of
an assignment of the entire remaining amount of the assigning Lender&#146;s Commitment and the Loans at the time owing to it or in the case of an assignment to a Lender, an Affiliate of a Lender or an Approved Fund, no minimum amount need be
assigned; and </FONT></P> <P STYLE="margin-top:10px;margin-bottom:0px; margin-left:13%; text-indent:4%" ALIGN="justify"><FONT STYLE="font-family:Times New Roman" SIZE="2">(ii) in any case not described in <U>Section&nbsp;13.3.2(a)(i)</U>, the
aggregate amount of the Commitment (which for this purpose includes Loans outstanding thereunder) or, if the Commitment is not then in effect, the principal outstanding balance of the Loans of the assigning Lender subject to each such assignment,
determined as of the date the Assignment and Assumption with respect to such assignment is delivered to the Administrative Agent or, if &#147;Trade Date&#148; is specified in the Assignment and Assumption, as of the Trade Date, shall not be less
than $5,000,000 unless each of the Administrative Agent and, so long as no Event of Default has occurred and is continuing, the Borrower otherwise consents (each such consent not to be unreasonably withheld or delayed); provided, however, that
concurrent assignments to members of an Assignee Group and concurrent assignments from members of an Assignee Group to a single Eligible Assignee (or to an Eligible Assignee and members of its Assignee Group) will be treated as a single assignment
for purposes of determining whether such minimum amount has been met. </FONT></P> <P STYLE="margin-top:10px;margin-bottom:0px; margin-left:8%; text-indent:4%" ALIGN="justify"><FONT STYLE="font-family:Times New Roman" SIZE="2">(b) <U>Proportionate
Amounts.</U> Each partial assignment shall be made as an assignment of a proportionate part of all the assigning Lender&#146;s rights and obligations under this Agreement with respect to the Loans or the Commitment assigned and shall consist of a
pro rata share of each of the Revolving Facility and the Term Facility. </FONT></P> <P STYLE="margin-top:10px;margin-bottom:0px; margin-left:8%; text-indent:4%" ALIGN="justify"><FONT STYLE="font-family:Times New Roman" SIZE="2">(c) <U>Required
Consents.</U> No consent shall be required for any assignment except to the extent required by <U>Section&nbsp;13.3.2(a)(ii)</U> and, in addition: </FONT></P>
<P STYLE="margin-top:10px;margin-bottom:0px; margin-left:13%; text-indent:4%" ALIGN="justify"><FONT STYLE="font-family:Times New Roman" SIZE="2">(i) the consent of the Borrower (such consent not to be unreasonably withheld, conditioned or delayed)
shall be required unless (1)&nbsp;an Event of Default has occurred and is continuing at the time of such assignment or (2)&nbsp;such assignment is to a Lender (other than a Defaulting Lender), an Affiliate of a Lender (other than a Defaulting
Lender) or an Approved Fund; </FONT></P>
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 <P STYLE="margin-top:0px;margin-bottom:0px; margin-left:8%; text-indent:4%" ALIGN="justify"><FONT STYLE="font-family:Times New Roman" SIZE="2">(ii) the consent of the Administrative Agent (such consent
not to be unreasonably withheld or delayed) shall be required if such assignment is to a Person that is not a Lender, an Affiliate of such Lender or an Approved Fund with respect to such Lender; and </FONT></P>
<P STYLE="margin-top:10px;margin-bottom:0px; margin-left:8%; text-indent:4%" ALIGN="justify"><FONT STYLE="font-family:Times New Roman" SIZE="2">(iii) the consent of the L/C Issuer (such consent not to be unreasonably withheld or delayed) shall be
required for any assignment that increases the obligation of the assignee to participate in exposure under one or more Letters of Credit (whether or not then outstanding). </FONT></P>
<P STYLE="margin-top:10px;margin-bottom:0px; margin-left:4%; text-indent:4%" ALIGN="justify"><FONT STYLE="font-family:Times New Roman" SIZE="2">(d) <U>Assignment and Assumption.</U> The parties to each assignment shall execute and deliver to the
Administrative Agent an Assignment and Assumption, together with a processing and recordation fee in the amount of $3,500; provided, however, that the Administrative Agent may, in its sole discretion, elect to waive such processing and recordation
fee in the case of any assignment. The assignee, if it is not a Lender, shall deliver to the Administrative Agent an Administrative Questionnaire. </FONT></P>
<P STYLE="margin-top:10px;margin-bottom:0px; margin-left:4%; text-indent:4%" ALIGN="justify"><FONT STYLE="font-family:Times New Roman" SIZE="2">(e) <U>No Assignment to Borrower.</U> No such assignment shall be made to CRT, the Borrower or any of the
Borrower&#146;s Affiliates or Subsidiaries. </FONT></P> <P STYLE="margin-top:10px;margin-bottom:0px; margin-left:4%; text-indent:4%" ALIGN="justify"><FONT STYLE="font-family:Times New Roman" SIZE="2">(f) <U>No Assignment to Natural Persons.</U> No
such assignment shall be made to a natural Person. </FONT></P> <P STYLE="margin-top:10px;margin-bottom:0px; margin-left:4%; text-indent:4%" ALIGN="justify"><FONT STYLE="font-family:Times New Roman" SIZE="2">(g) <U>No Assignment to Defaulting
Lenders.</U> No such assignment shall be made to a Defaulting Lender. </FONT></P> <P STYLE="margin-top:10px;margin-bottom:0px" ALIGN="justify"><FONT STYLE="font-family:Times New Roman" SIZE="2">Subject to acceptance and recording thereof by the
Administrative Agent pursuant to <U>Section&nbsp;13.2.3</U>, from and after the effective date specified in each Assignment and Assumption, the assignee thereunder shall be a party to this Agreement and, to the extent of the interest assigned by
such Assignment and Assumption, have the rights and obligations of a Lender under this Agreement, and the assigning Lender thereunder shall, to the extent of the interest assigned by such Assignment and Assumption, be released from its obligations
under this Agreement (and, in the case of an Assignment and Assumption covering all of the assigning Lender&#146;s rights and obligations under this Agreement, such Lender shall cease to be a party hereto) but shall continue to be entitled to the
benefits of <U>Sections 2.8</U>, <U>2.6.1</U>, <U>2.6.2</U>, <U>2.3.15</U>, and <U>15.9</U> with respect to facts and circumstances occurring prior to the effective date of such assignment. Upon request, the Borrower (at its expense) shall execute
and deliver a Note to the assignee Lender; provided that such new Note shall be dated the effective date of such Assignment and Acceptance and shall be otherwise in the form of <U>Exhibit B</U>. To the extent a Lender has assigned all of its
Commitment and Loans, it covenants to return any outstanding Note to the Borrower or to provide a lost note indemnity in lieu thereof. Any assignment or transfer by a Lender of rights or obligations under this Agreement that does not comply with
this subsection shall be treated for purposes of this Agreement as a sale by such Lender of a participation in such rights and obligations in accordance with subsection (d)&nbsp;of this Section. </FONT></P>
 <p STYLE="margin-top:0px;margin-bottom:0px"><FONT SIZE="1">&nbsp;</FONT></P> <P STYLE="margin-top:0px;margin-bottom:0px" ALIGN="center"><FONT STYLE="font-family:Times New Roman" SIZE="2">119
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 <P STYLE="margin-top:0px;margin-bottom:0px; margin-left:4%; text-indent:4%" ALIGN="justify"><FONT STYLE="font-family:Times New Roman" SIZE="2">13.3.3 <U>Register.</U> The Administrative Agent, acting
solely for this purpose as an agent of the Borrower, shall maintain at the Administrative Agent&#146;s Office a copy of each Assignment and Assumption delivered to it and a register for the recordation of the names and addresses of the Lenders, and
the Commitments of, and principal amounts of the Loans and L/C Obligations owing to, each Lender pursuant to the terms hereof from time to time (the &#147;<U>Register</U>&#148;). The entries in the Register shall be conclusive, in the absence of
manifest error, and the Borrower, the Administrative Agent and the Lenders may treat each Person whose name is recorded in the Register pursuant to the terms hereof as a Lender hereunder for all purposes of this Agreement, notwithstanding notice to
the contrary. The Register shall be available for inspection by the Borrower and any Lender, at any reasonable time and from time to time upon reasonable prior notice. </FONT></P>
<P STYLE="margin-top:10px;margin-bottom:0px; margin-left:4%; text-indent:4%" ALIGN="justify"><FONT STYLE="font-family:Times New Roman" SIZE="2">13.3.4 <U>Participations.</U> Any Lender may at any time, without the consent of, or notice to, the
Borrower or the Administrative Agent, sell participations to any Person (other than a natural Person or CRT or the Borrower or any of the Borrower&#146;s or CRT&#146;s Affiliates or Subsidiaries) (each, a &#147;<U>Participant</U>&#148;) in all or a
portion of such Lender&#146;s rights and/or obligations under this Agreement (including all or a portion of its Commitment and/or the Loans (including such Lender&#146;s participations in L/C Obligations) owing to it); <U>provided</U> that
(i)&nbsp;such Lender&#146;s obligations under this Agreement shall remain unchanged, (ii)&nbsp;such Lender shall remain solely responsible to the other parties hereto for the performance of such obligations and (iii)&nbsp;the Borrower, the
Administrative Agent, the Lenders and the L/C Issuer shall continue to deal solely and directly with such Lender in connection with such Lender&#146;s rights and obligations under this Agreement. </FONT></P>
<P STYLE="margin-top:10px;margin-bottom:0px; margin-left:4%; text-indent:4%" ALIGN="justify"><FONT STYLE="font-family:Times New Roman" SIZE="2">Any agreement or instrument pursuant to which a Lender sells such a participation shall provide that such
Lender shall retain the sole right to enforce this Agreement and to approve any amendment, modification or waiver of any provision of this Agreement; <U>provided</U> that such agreement or instrument may provide that such Lender will not, without
the consent of the Participant, agree to any amendment, waiver or other modification described in the first proviso to <U>Section&nbsp;13.4.1</U> that affects such Participant. Subject to <U>Section&nbsp;13.3.5</U>, the Borrower agrees that each
Participant shall be entitled to the benefits of <U>Sections 2.8</U>, <U>2.6.1</U>, <U>2.6.2</U> and <U>2.3.15</U> to the same extent as if it were a Lender and had acquired its interest by assignment pursuant to <U>Section&nbsp;13.3.2</U>. To the
extent permitted by Law, each Participant also shall be entitled to the benefits of <U>Section&nbsp;12.2</U> as though it were a Lender, <U>provided</U> such Participant agrees to be subject to <U>Section&nbsp;12.2</U> as though it were a Lender.
</FONT></P> <P STYLE="margin-top:10px;margin-bottom:0px; margin-left:4%; text-indent:4%" ALIGN="justify"><FONT STYLE="font-family:Times New Roman" SIZE="2">Each Lender that sells a participation shall, acting solely for this purpose as an agent of
the Borrower, maintain a register on which it enters the name and address of each Participant and the principal amounts (and stated interest) of each Participant&#146;s interest in the Loans or other obligations under the Loan Documents (the
&#147;<U>Participant Register</U>&#148;); provided that no Lender shall have any obligation to disclose all or any portion of the Participant Register (including the identity of any Participant or any information relating to a Participant&#146;s
interest in any Commitments, Loans, Letters of Credit or its other obligations under any Loan Document) to any Person except to the extent that such disclosure is necessary to establish that such Commitment, Loan, Letter
</FONT></P>
 <p STYLE="margin-top:0px;margin-bottom:0px"><FONT SIZE="1">&nbsp;</FONT></P> <P STYLE="margin-top:0px;margin-bottom:0px" ALIGN="center"><FONT STYLE="font-family:Times New Roman" SIZE="2">120
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 <P STYLE="margin-top:0px;margin-bottom:0px; margin-left:4%" ALIGN="justify"><FONT STYLE="font-family:Times New Roman" SIZE="2">
of Credit or other obligation under any Loan Document is in registered form under Section&nbsp;5f.103-1(c) of the United States Treasury Regulations. The entries in the Participant Register shall
be conclusive absent manifest error, and such Lender shall treat each Person whose name is recorded in the Participant Register as the owner of such participation for all purposes of this Agreement notwithstanding any notice to the contrary. For the
avoidance of doubt, the Administrative Agent (in its capacity as Administrative Agent) shall have no responsibility for maintaining a Participant Register. </FONT></P>
<P STYLE="margin-top:10px;margin-bottom:0px; margin-left:4%; text-indent:4%" ALIGN="justify"><FONT STYLE="font-family:Times New Roman" SIZE="2">13.3.5 <U>Limitations upon Participant Rights.</U> A Participant shall not be entitled to receive any
greater payment under <U>Sections 2.8</U>, <U>2.3.15</U>, <U>2.6.1</U> or <U>2.6.2</U> than the applicable Lender would have been entitled to receive with respect to the participation sold to such Participant, unless the sale of the participation to
such Participant is made with the Borrower&#146;s prior written consent, provided in no instance shall the Borrower&#146;s Obligations be increased as a result thereof. A Participant that would be a Foreign Lender if it were a Lender shall not be
entitled to the benefits of <U>Section&nbsp;2.8</U> unless the Borrower is notified of the participation sold to such Participant and such Participant complies with <U>Section&nbsp;2.8.5</U> as though it were a Lender. </FONT></P>
<P STYLE="margin-top:10px;margin-bottom:0px; margin-left:4%; text-indent:4%" ALIGN="justify"><FONT STYLE="font-family:Times New Roman" SIZE="2">13.3.6 <U>Certain Pledges.</U> Any Lender may at any time pledge or assign a security interest in all or
any portion of its rights under this Agreement (including under its Note, if any) to secure obligations of such Lender, including any pledge or assignment to secure obligations to a Federal Reserve Bank; <U>provided</U> that no such pledge or
assignment or foreclosure with respect to any such pledge or assignment shall release such Lender from any of its obligations hereunder or substitute any such pledgee or assignee for such Lender as a party hereto. </FONT></P>
<P STYLE="margin-top:10px;margin-bottom:0px; margin-left:4%; text-indent:4%" ALIGN="justify"><FONT STYLE="font-family:Times New Roman" SIZE="2">13.3.7 <U>Resignation as L/C Issuer after Assignment.</U> Notwithstanding anything to the contrary
contained herein, if at any time KeyBank assigns all of its Commitment and Loans pursuant to <U>Section&nbsp;13.3.2</U> above, KeyBank may, upon thirty (30)&nbsp;days&#146; notice to the Borrower and the Lenders, resign as L/C Issuer. In the event
of any such resignation as L/C Issuer, the Borrower shall be entitled to appoint from among the Lenders a successor L/C Issuer hereunder; <U>provided</U>, <U>however</U>, that no failure by the Borrower to appoint any such successor shall affect the
resignation of KeyBank as L/C Issuer. If KeyBank resigns as L/C Issuer, it shall retain all the rights, powers, privileges and duties of the L/C Issuer hereunder with respect to all Letters of Credit outstanding as of the effective date of its
resignation as L/C Issuer and all L/C Obligations with respect thereto (including the right to require the Lenders to make Base Rate Advances or fund risk participations in Unreimbursed Amounts pursuant to <U>Section&nbsp;2.7.3</U>). Upon the
appointment of a successor L/C Issuer, (a)&nbsp;such successor shall succeed to and become vested with all of the rights, powers, privileges and duties of the retiring L/C Issuer, and (b)&nbsp;the successor L/C Issuer shall issue letters of credit
in substitution for the Letters of Credit, if any, outstanding at the time of such succession or make other arrangements satisfactory to KeyBank to effectively assume the obligations of KeyBank with respect to such Letters of Credit. </FONT></P>
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 <P STYLE="margin-top:0px;margin-bottom:0px; text-indent:4%" ALIGN="justify"><FONT STYLE="font-family:Times New Roman" SIZE="2"><B><U>13.4 Administrative Matters.</U></B> </FONT></P>
<P STYLE="margin-top:10px;margin-bottom:0px; margin-left:4%; text-indent:4%" ALIGN="justify"><FONT STYLE="font-family:Times New Roman" SIZE="2">13.4.1 <U>Amendment, Waiver, Consent, Etc.</U> Except as otherwise provided herein or as to any term or
provision hereof which specifically provides for the consent or approval of the Administrative Agent, the Required Lenders and/or the Lenders, as applicable, no term or provision of this Loan Agreement or any other Loan Document may be changed,
waived, discharged or terminated, nor may any consent required or permitted by this Loan Agreement or any other Loan Document be given, unless such change, waiver, discharge, termination or consent receives the written approval of the Required
Lenders; <U>provided that</U>, no such waiver and no such amendment, waiver, supplement, modification or release shall: </FONT></P> <P STYLE="margin-top:10px;margin-bottom:0px; margin-left:8%; text-indent:4%" ALIGN="justify"><FONT
STYLE="font-family:Times New Roman" SIZE="2">(a) postpone any date fixed by this Agreement or any other Loan Document for any payment or mandatory prepayment of principal, interest, fees or other amounts due to the Lenders (or any of them) hereunder
or under any other Loan Document without the written consent of each Lender directly affected thereby, </FONT></P> <P STYLE="margin-top:10px;margin-bottom:0px; margin-left:8%; text-indent:4%" ALIGN="justify"><FONT
STYLE="font-family:Times New Roman" SIZE="2">(b) release or discharge any portion of the Collateral other than in accordance with the express provisions of the Loan Documents except to the extent the release of such Collateral is permitted by this
Agreement (in which case such release may be made by the Administrative Agent acting alone) without the written consent of each Lender, </FONT></P> <P STYLE="margin-top:10px;margin-bottom:0px; margin-left:8%; text-indent:4%" ALIGN="justify"><FONT
STYLE="font-family:Times New Roman" SIZE="2">(c) amend, modify or waive any provision of this <U>Section&nbsp;13.4</U> without the written consent of each Lender, </FONT></P>
<P STYLE="margin-top:10px;margin-bottom:0px; margin-left:8%; text-indent:4%" ALIGN="justify"><FONT STYLE="font-family:Times New Roman" SIZE="2">(d) reduce the principal of, or the rate of interest specified herein on, any Loan or L/C Borrowing, or
(subject to clause (iii)&nbsp;of the second proviso at the end of this <U>Section&nbsp;13.4.1</U>) any fees or other amounts payable hereunder or under any other Loan Document without the written consent of each Lender directly affected thereby;
<U>provided</U>, <U>however</U>, that only the consent of the Required Lenders shall be necessary to amend the definition of &#147;<U>Default Rate</U>&#148; or to waive any obligation of the Borrower to pay interest or Letter of Credit Fees at the
Default Rate, </FONT></P> <P STYLE="margin-top:10px;margin-bottom:0px; margin-left:8%; text-indent:4%" ALIGN="justify"><FONT STYLE="font-family:Times New Roman" SIZE="2">(e) change the definition of &#147;<U>Required Lenders</U>&#148; or any other
provision hereof specifying the number or percentage of Lenders required to amend, waive or otherwise modify any rights hereunder or make any determination or grant any consent hereunder without the written consent of each Lender, </FONT></P>
<P STYLE="margin-top:10px;margin-bottom:0px; margin-left:8%; text-indent:4%" ALIGN="justify"><FONT STYLE="font-family:Times New Roman" SIZE="2">(f) extend or increase the Commitment of any Lender (or reinstate any Commitment terminated pursuant to
<U>Section&nbsp;11</U>) without the written consent of such Lender, </FONT></P> <P STYLE="margin-top:10px;margin-bottom:0px; margin-left:8%; text-indent:4%" ALIGN="justify"><FONT STYLE="font-family:Times New Roman" SIZE="2">(g) release or waive any
guaranty of the Obligations or indemnifications provided in the Loan Documents except to the extent the release of the Guarantor is permitted by this Agreement (in which case such release may be made by the Administrative Agent acting alone) without
the written consent of each Lender; or </FONT></P>
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 <P STYLE="margin-top:0px;margin-bottom:0px; margin-left:8%; text-indent:4%" ALIGN="justify"><FONT STYLE="font-family:Times New Roman" SIZE="2">(h) change <U>Section&nbsp;11.2</U> or
<U>Section&nbsp;12.2</U> in a manner that would alter the pro rata sharing of payments required thereby without the written consent of each Lender; </FONT></P> <P STYLE="margin-top:10px;margin-bottom:0px" ALIGN="justify"><FONT
STYLE="font-family:Times New Roman" SIZE="2">and, <U>provided further</U>, that (i)&nbsp;no amendment, waiver or consent shall, unless in writing and signed by the L/C Issuer in addition to the Lenders required above, affect the rights or duties of
the L/C Issuer under this Agreement or any Issuer Document relating to any Letter of Credit issued or to be issued by it; (ii)&nbsp;no amendment, waiver or consent shall, unless in writing and signed by the Administrative Agent in addition to the
Lenders required above, affect the rights or duties of the Administrative Agent under this Agreement or any other Loan Document; and (iii)&nbsp;the Fee Letter may be amended, or rights or privileges thereunder waived, in a writing executed only by
the parties thereto. Notwithstanding anything to the contrary herein, no Defaulting Lender shall have any right to approve or disapprove any amendment, waiver or consent hereunder, except that the Commitment of such Lender may not be increased or
extended without the consent of such Lender. </FONT></P> <P STYLE="margin-top:10px;margin-bottom:0px; margin-left:4%; text-indent:4%" ALIGN="justify"><FONT STYLE="font-family:Times New Roman" SIZE="2">13.4.2 Deemed Consent or Approval<U>.</U> With
respect to any requested amendment, waiver, consent or other action which requires the approval of the Required Lenders or all of the Lenders, as the case may be, in accordance with the terms of this Loan Agreement, or if the Administrative Agent is
required hereunder to seek, or desires to seek, the approval of the Required Lenders or all of the Lenders, as the case may be, prior to undertaking a particular action or course of conduct, the Administrative Agent in each such case shall provide
each Lender with written notice of any such request for amendment, waiver or consent or any other requested or proposed action or course of conduct, accompanied by such detailed background information and explanations as may be reasonably necessary
to determine whether to approve or disapprove such amendment, waiver, consent or other action or course of conduct. The Administrative Agent may (but shall not be required to unless so requested by the Borrower) include in any such notice, printed
in capital letters or boldface type, a legend substantially to the following effect: </FONT></P>
<P STYLE="margin-top:10px;margin-bottom:0px; margin-left:4%; text-indent:4%" ALIGN="justify"><FONT STYLE="font-family:Times New Roman" SIZE="2">&#147;THIS COMMUNICATION REQUIRES IMMEDIATE RESPONSE. FAILURE TO RESPOND WITHIN TEN (10)&nbsp;CALENDAR
DAYS FROM THE RECEIPT OF THIS COMMUNICATION SHALL CONSTITUTE A DEEMED APPROVAL BY THE ADDRESSEE OF THE ACTION REQUESTED BY THE BORROWER OR THE COURSE OF CONDUCT PROPOSED BY THE ADMINISTRATIVE AGENT AND RECITED ABOVE&#148;, </FONT></P>
<P STYLE="margin-top:10px;margin-bottom:0px; margin-left:4%" ALIGN="justify"><FONT STYLE="font-family:Times New Roman" SIZE="2">and if (and only if) the foregoing legend is included by the Administrative Agent in its communication, a Lender shall be
deemed to have approved or consented to such action or course of conduct for all purposes hereunder if such Lender fails to object to such action or course of conduct by written notice to the Administrative Agent within ten (10)&nbsp;calendar days
of such Lender&#146;s receipt of such notice. </FONT></P>
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 <P STYLE="margin-top:0px;margin-bottom:0px"><FONT STYLE="font-family:Times New Roman" SIZE="2"><B>14. CASUALTY AND TAKING. </B></FONT></P>
<P STYLE="margin-top:10px;margin-bottom:0px; text-indent:4%" ALIGN="justify"><FONT STYLE="font-family:Times New Roman" SIZE="2"><B>14.1</B> <B><U>Casualty or Taking; Obligation To Repair.</U></B> In the event of the occurrence of an Event of Loss as
to any Collateral Property, the Borrower shall give immediate written notice thereof to the Administrative Agent and proceed with reasonable diligence, in full compliance with all Laws and the other requirements of the Loan Documents, to repair,
restore, rebuild or replace the affected Collateral Property to its condition immediately prior to such Event of Loss (each, the &#147;<U>Repair Work</U>&#148;). </FONT></P>
<P STYLE="margin-top:10px;margin-bottom:0px; text-indent:4%" ALIGN="justify"><FONT STYLE="font-family:Times New Roman" SIZE="2"><B>14.2</B> <B><U>Adjustment of Claims.</U></B> All insurance claims or condemnation or similar awards shall be adjusted
or settled by the Borrower, at the Borrower&#146;s sole cost and expense, but subject to the Administrative Agent&#146;s prior written approval for any Borrowing Base Property, which approval shall not be unreasonably withheld; <U>provided</U> that
(i)&nbsp;the Administrative Agent shall have the right to participate in any adjustment or settlement for any Borrowing Base Property with respect to which the Net Proceeds in the aggregate are equal to or greater than Five Hundred Thousand Dollars
($500,000) and (ii)&nbsp;if any Event of Default exists under any of the Loan Documents, the Administrative Agent shall have the right to adjust, settle, and compromise such claims without the approval of the Borrower. </FONT></P>
<P STYLE="margin-top:10px;margin-bottom:0px; text-indent:4%" ALIGN="justify"><FONT STYLE="font-family:Times New Roman" SIZE="2"><B>14.3</B> <U><B>Payment and Application of Insurance Proceeds and Condemnation Awards.</B></U> </FONT></P>
<P STYLE="margin-top:10px;margin-bottom:0px; margin-left:4%; text-indent:4%" ALIGN="justify"><FONT STYLE="font-family:Times New Roman" SIZE="2">14.3.1 <U>Insurance Proceeds.</U> Except as otherwise provided for herein, all Net Proceeds shall be paid
to the Administrative Agent and, at the Administrative Agent&#146;s option, be applied to the Obligations or released, in whole or in part, to pay for the actual cost of repair, restoration, rebuilding or replacement to its condition immediately
prior to such Event of Loss (collectively, &#147;<U>Cost To Repair</U>&#148;). If any Net Proceeds are received directly by any Loan Party, such Loan Party shall hold such Net Proceeds in trust for the Administrative Agent and shall promptly deliver
such Net Proceeds in kind to the Administrative Agent. Notwithstanding any other term or provision of this Agreement, provided no Default or Event of Default is then in existence, all Net Proceeds related to any Collateral Property which is not a
Borrowing Base Property shall be released to the Borrower to such repair and reconstruction, without the Borrower having to satisfy the conditions of <U>Sections&nbsp;14.3</U> and <U>14.4</U> hereof. </FONT></P>
<P STYLE="margin-top:10px;margin-bottom:0px; margin-left:4%; text-indent:4%" ALIGN="justify"><FONT STYLE="font-family:Times New Roman" SIZE="2">14.3.2 <U>Release of Funds.</U> Notwithstanding the terms and provisions hereof, with respect to any
Borrowing Base Property, if the Net Proceeds do not exceed Five Hundred Thousand Dollars ($500,000) and the Insurance/Taking Release Conditions have been satisfied in a manner reasonably acceptable to the Administrative Agent, the Administrative
Agent shall release the Net Proceeds to pay for the actual Cost to Repair and the applicable Loan Party shall commence and diligently prosecute to completion, the Repair Work relative to the subject Collateral Property, with any excess being
retained by the applicable Loan Party. </FONT></P> <P STYLE="margin-top:10px;margin-bottom:0px; margin-left:4%; text-indent:4%" ALIGN="justify"><FONT STYLE="font-family:Times New Roman" SIZE="2">14.3.3 <U>Conditions.</U> Notwithstanding the terms
and provisions hereof, with respect to any Borrowing Base Property, if either (i)&nbsp;the Net Proceeds are equal to or greater than Five Hundred Thousand Dollars ($500,000) or (ii)&nbsp;the Net Proceeds do not exceed Five Hundred Thousand Dollars
($500,000), but the Insurance/Taking Release Conditions have not been satisfied with respect to such Event of Loss, the Administrative Agent shall release so much of the Net Proceeds as may be required to pay for the actual Cost To Repair in
accordance the limitations and procedures set forth in <U>Section&nbsp;14.4</U>, if the following conditions are satisfied in a manner reasonably acceptable to the Administrative Agent: </FONT></P>
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 <P STYLE="margin-top:0px;margin-bottom:0px; margin-left:8%; text-indent:4%" ALIGN="justify"><FONT STYLE="font-family:Times New Roman" SIZE="2">(a) no Default or Event of Default shall have occurred and
be continuing under the Loan Documents; </FONT></P> <P STYLE="margin-top:10px;margin-bottom:0px; margin-left:8%; text-indent:4%" ALIGN="justify"><FONT STYLE="font-family:Times New Roman" SIZE="2">(b) in the Administrative Agent&#146;s good faith
judgment such Net Proceeds together with any additional funds as may be deposited with and pledged to the Administrative Agent, on behalf of the Lenders, are sufficient to pay for the Cost To Repair. In order to make this determination, the
Administrative Agent shall be furnished by the Borrower with an estimate of the Cost to Repair accompanied by an independent architect&#146;s or engineer&#146;s certification as to such Cost to Repair and appropriate plans and specifications for the
Repair Work; </FONT></P> <P STYLE="margin-top:10px;margin-bottom:0px; margin-left:8%; text-indent:4%" ALIGN="justify"><FONT STYLE="font-family:Times New Roman" SIZE="2">(c) the subject Event of Loss was not a Major Event of Loss; </FONT></P>
<P STYLE="margin-top:10px;margin-bottom:0px; margin-left:8%; text-indent:4%" ALIGN="justify"><FONT STYLE="font-family:Times New Roman" SIZE="2">(d) the Administrative Agent in the exercise of its reasonable discretion, shall have determined that all
rents from Leases of the subject Collateral Property which are to abate pursuant to their terms are to be payable to the Borrowing Base Property Owner, subject to deductibles, if any, permitted pursuant to the insurance policies to be maintained
pursuant to this Agreement, from Rent Loss Proceeds; </FONT></P> <P STYLE="margin-top:10px;margin-bottom:0px; margin-left:8%; text-indent:4%" ALIGN="justify"><FONT STYLE="font-family:Times New Roman" SIZE="2">(e) in the Administrative Agent&#146;s
good faith judgment, the Repair Work can reasonably be completed on or before the time required under applicable Laws; and </FONT></P> <P STYLE="margin-top:10px;margin-bottom:0px; margin-left:8%; text-indent:4%" ALIGN="justify"><FONT
STYLE="font-family:Times New Roman" SIZE="2">(f) if the Borrowing Base Property was a Stabilized Asset immediately prior to the Event of Loss, the Borrowing Base Property remains a Stabilized Asset. </FONT></P>
<P STYLE="margin-top:10px;margin-bottom:0px; text-indent:8%" ALIGN="justify"><FONT STYLE="font-family:Times New Roman" SIZE="2"><B>14.4</B> <B><U>Conditions To Release of Insurance Proceeds.</U></B> If the Administrative Agent elects or is required
to release insurance proceeds, the Administrative Agent may impose reasonable conditions on such release which shall include, but not be limited to, the following: </FONT></P>
<P STYLE="margin-top:10px;margin-bottom:0px; margin-left:8%; text-indent:4%" ALIGN="justify"><FONT STYLE="font-family:Times New Roman" SIZE="2">(a) Prior written approval by the Administrative Agent, which approval shall not be unreasonably withheld
or delayed of plans, specifications, cost estimates, contracts and bonds for the Repair Work; </FONT></P>
<P STYLE="margin-top:10px;margin-bottom:0px; margin-left:8%; text-indent:4%" ALIGN="justify"><FONT STYLE="font-family:Times New Roman" SIZE="2">(b) Waivers of lien, architect&#146;s and/or engineer&#146;s certificates, and other evidence of costs,
payments and completion as the Administrative Agent may reasonably require; </FONT></P>
 <p STYLE="margin-top:0px;margin-bottom:0px"><FONT SIZE="1">&nbsp;</FONT></P> <P STYLE="margin-top:0px;margin-bottom:0px" ALIGN="center"><FONT STYLE="font-family:Times New Roman" SIZE="2">125
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 <P STYLE="margin-top:0px;margin-bottom:0px; margin-left:8%; text-indent:4%" ALIGN="justify"><FONT STYLE="font-family:Times New Roman" SIZE="2">(c) The funds shall be released upon final completion of the
Repair Work, unless the Borrower requests earlier funding, in which event partial monthly disbursements equal to ninety percent (90%) of the costs of the work completed prior to the certification by the applicable Lender&#146;s Consultant and if
there is no Lender&#146;s Consultant, an independent architect or engineer retained by the Borrower, that the Repair Work is completed, and then upon final completion of the Repair Work as certified by such Lender&#146;s Consultant or independent
architect or engineer, and the receipt by the Administrative Agent of satisfactory evidence of payment and release of all liens, the balance of the funds shall be released; </FONT></P>
<P STYLE="margin-top:10px;margin-bottom:0px; margin-left:8%; text-indent:4%" ALIGN="justify"><FONT STYLE="font-family:Times New Roman" SIZE="2">(d) Determination by the Administrative Agent that the undisbursed balance of such Net Proceeds on
deposit with the Administrative Agent, together with additional funds deposited for the purpose, shall be at least sufficient to pay for the remaining Cost To Repair, free and clear of all liens and claims for lien; </FONT></P>
<P STYLE="margin-top:10px;margin-bottom:0px; margin-left:8%; text-indent:4%" ALIGN="justify"><FONT STYLE="font-family:Times New Roman" SIZE="2">(e) All work to comply with the Laws applicable to the construction of the Improvements; and </FONT></P>
<P STYLE="margin-top:10px;margin-bottom:0px; margin-left:8%; text-indent:4%" ALIGN="justify"><FONT STYLE="font-family:Times New Roman" SIZE="2">(f) The absence of any Default under any Loan Documents. </FONT></P>
<P STYLE="margin-top:10px;margin-bottom:0px; text-indent:4%" ALIGN="justify"><FONT STYLE="font-family:Times New Roman" SIZE="2"><B>14.5</B> <U><B>Consultants</B></U><B><U>.</U></B> The Administrative Agent shall have the right to hire, at the cost
and expense of the Borrower, a Lender&#146;s Consultant to assist the Administrative Agent in the determination of the satisfaction of the conditions provided for herein for the release of the Net Proceeds, to pay the Costs to Repair and to
periodically inspect the status of the construction of any Repair Work. </FONT></P> <P STYLE="margin-top:10px;margin-bottom:0px; text-indent:4%" ALIGN="justify"><FONT STYLE="font-family:Times New Roman" SIZE="2"><B>14.6</B> <U><B>Final
Payments</B><B>.</B></U> In the event that the Administrative Agent makes any Net Proceeds available to any Loan Party for the payment of Costs to Repair as provided for herein, upon the completion of the Repair Work as certified by the applicable
Lender&#146;s Consultant and if there is no Lender&#146;s Consultant, an independent architect or engineer retained by the Borrower, and receipt by the Administrative Agent of satisfactory evidence of payment and release of all liens, any excess Net
Proceeds still held by the Administrative Agent shall be remitted by the Administrative Agent to the Borrower provided that no Event of Default shall have occurred and be continuing; </FONT></P>
<P STYLE="margin-top:10px;margin-bottom:0px; text-indent:4%" ALIGN="justify"><FONT STYLE="font-family:Times New Roman" SIZE="2"><B>14.7</B><U> <B>Lease Provisions</B><B>.</B></U> The terms and provisions of this <U>Article 14</U> shall be subject to
the terms and provisions of any Lease as to which the Administrative Agent has agreed otherwise with respect to the use and disbursement of Net Proceeds in any subordination and non-disturbance agreement entered into between the tenant under such
Lease and the Administrative Agent and shall also be subject to the terms and provisions of any condominium documents as to which a Collateral Property is subject. </FONT></P>
<P STYLE="margin-top:10px;margin-bottom:0px; text-indent:4%" ALIGN="justify"><FONT STYLE="font-family:Times New Roman" SIZE="2"><B>14.8</B> <U><B>No Default</B><B>.</B></U> The Administrative Agent acknowledges that provided that no Event of Default
has occurred and is continuing, all Rent Loss Proceeds shall be payable to the Borrower or the applicable Loan Party. </FONT></P> <P STYLE="margin-top:10px;margin-bottom:0px" ALIGN="justify"><FONT STYLE="font-family:Times New Roman" SIZE="2"><B>15.
<U>GENERAL PROVISIONS</U>.</B> </FONT></P> <P STYLE="margin-top:10px;margin-bottom:0px; text-indent:4%" ALIGN="justify"><FONT STYLE="font-family:Times New Roman" SIZE="2"><B>15.1 <U>Notices.</U></B> </FONT></P>
 <p STYLE="margin-top:0px;margin-bottom:0px"><FONT SIZE="1">&nbsp;</FONT></P> <P STYLE="margin-top:0px;margin-bottom:0px" ALIGN="center"><FONT STYLE="font-family:Times New Roman" SIZE="2">126
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 <P STYLE="margin-top:0px;margin-bottom:0px; margin-left:8%; text-indent:4%" ALIGN="justify"><FONT STYLE="font-family:Times New Roman" SIZE="2">(a) <U>Notices Generally.</U> Except in the case of notices
and other communications expressly permitted to be given by telephone (and except as provided in subsection (b)&nbsp;below), all notices and other communications provided for herein shall be in writing and shall be delivered by hand or overnight
courier service, mailed by certified or registered mail or sent by telecopier as follows, and all notices and other communications expressly permitted hereunder to be given by telephone shall be made to the applicable telephone number, as follows:
</FONT></P> <P STYLE="margin-top:10px;margin-bottom:0px; margin-left:13%; text-indent:4%" ALIGN="justify"><FONT STYLE="font-family:Times New Roman" SIZE="2">(i) if to the Borrower, the Administrative Agent or the L/C Issuer, to the address,
telecopier number, electronic mail address or telephone number specified for such Person on <U>Schedule 15.1</U>; and </FONT></P> <P STYLE="margin-top:10px;margin-bottom:0px; margin-left:13%; text-indent:4%" ALIGN="justify"><FONT
STYLE="font-family:Times New Roman" SIZE="2">(ii) if to any other Lender, to the address, telecopier number, electronic mail address or telephone number specified in its Administrative Questionnaire. </FONT></P>
<P STYLE="margin-top:10px;margin-bottom:0px; margin-left:8%" ALIGN="justify"><FONT STYLE="font-family:Times New Roman" SIZE="2">Notices and other communications sent by hand or overnight courier service, or mailed by certified or registered mail,
shall be deemed to have been given when received; notices and other communications sent by telecopier shall be deemed to have been given when sent (except that, if not given during normal business hours for the recipient, shall be deemed to have
been given at the opening of business on the next business day for the recipient). Notices and other communications delivered through electronic communications to the extent provided in subsection (b)&nbsp;below, shall be effective as provided in
such subsection (b). </FONT></P> <P STYLE="margin-top:10px;margin-bottom:0px; margin-left:8%; text-indent:4%" ALIGN="justify"><FONT STYLE="font-family:Times New Roman" SIZE="2">(b) <U>Electronic Communications.</U> Notices and other communications
to a Lender or the L/C Issuer hereunder may be delivered or furnished by electronic communication (including e-mail and Internet or intranet websites) pursuant to procedures approved by the Administrative Agent, provided that the foregoing shall not
apply to notices to any Lender or the L/C Issuer pursuant to <U>Section&nbsp;2</U> if such Lender or the L/C Issuer, as applicable, has notified the Administrative Agent that it is incapable of receiving notices under such Article by electronic
communication. The Administrative Agent or the Borrower may, in its discretion, agree to accept notices and other communications to it hereunder by electronic communications pursuant to procedures approved by it, provided that approval of such
procedures may be limited to particular notices or communications. </FONT></P> <P STYLE="margin-top:10px;margin-bottom:0px; margin-left:8%; text-indent:4%" ALIGN="justify"><FONT STYLE="font-family:Times New Roman" SIZE="2">Unless the Administrative
Agent otherwise prescribes, (i)&nbsp;notices and other communications sent to an e-mail address shall be deemed received upon the sender&#146;s receipt of an acknowledgement from the intended recipient (such as by the &#147;return receipt
requested&#148; function, as available, return e-mail or other written acknowledgement), provided that if such notice or other communication is not sent during the normal business hours of the recipient, such notice or communication shall be deemed
to have been sent at the opening of business on the next business day for the recipient, and (ii)&nbsp;notices or communications posted to an Internet or intranet website shall be deemed received upon the deemed receipt by the intended recipient at
its e-mail address as described in the foregoing clause&nbsp;(i) of notification that such notice or communication is available and identifying the website address therefor. </FONT></P>
 <p STYLE="margin-top:0px;margin-bottom:0px"><FONT SIZE="1">&nbsp;</FONT></P> <P STYLE="margin-top:0px;margin-bottom:0px" ALIGN="center"><FONT STYLE="font-family:Times New Roman" SIZE="2">127
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 <P STYLE="margin-top:0px;margin-bottom:0px; margin-left:8%; text-indent:4%" ALIGN="justify"><FONT STYLE="font-family:Times New Roman" SIZE="2">(c) <U>The Platform.</U> THE PLATFORM IS PROVIDED &#147;AS
IS&#148; AND &#147;AS AVAILABLE.&#148; THE AGENT PARTIES (AS DEFINED BELOW) DO NOT WARRANT THE ACCURACY OR COMPLETENESS OF THE BORROWER MATERIALS OR THE ADEQUACY OF THE PLATFORM, AND EXPRESSLY DISCLAIM LIABILITY FOR ERRORS IN OR OMISSIONS FROM THE
BORROWER MATERIALS. NO WARRANTY OF ANY KIND, EXPRESS, IMPLIED OR STATUTORY, INCLUDING ANY WARRANTY OF MERCHANTABILITY, FITNESS FOR A PARTICULAR PURPOSE, NON-INFRINGEMENT OF THIRD PARTY RIGHTS OR FREEDOM FROM VIRUSES OR OTHER CODE DEFECTS, IS MADE BY
ANY AGENT PARTY IN CONNECTION WITH THE BORROWER MATERIALS OR THE PLATFORM. In no event shall the Administrative Agent or any of its Related Parties (collectively, the &#147;<U>Agent Parties</U>&#148;) have any liability to the Borrower, any Lender,
the L/C Issuer or any other Person for losses, claims, damages, liabilities or expenses of any kind (whether in tort, contract or otherwise) arising out of the Borrower&#146;s or the Administrative Agent&#146;s transmission of Borrower Materials
through the Internet, except to the extent that such losses, claims, damages, liabilities or expenses are determined by a court of competent jurisdiction by a final and nonappealable judgment to have resulted from the gross negligence or willful
misconduct of such Agent Party; provided, however, that in no event shall any Agent Party have any liability to the Borrower, any Lender, the L/C Issuer or any other Person for indirect, special, incidental, consequential or punitive damages (as
opposed to direct or actual damages). </FONT></P> <P STYLE="margin-top:10px;margin-bottom:0px; margin-left:8%; text-indent:4%" ALIGN="justify"><FONT STYLE="font-family:Times New Roman" SIZE="2">(d) <U>Change of Address, Etc.</U> Each of the
Borrower, the Administrative Agent and the L/C Issuer may change its address, telecopier or telephone number for notices and other communications hereunder by notice to the other parties hereto. Each other Lender may change its address, telecopier
or telephone number for notices and other communications hereunder by notice to the Borrower, the Administrative Agent and the L/C Issuer. In addition, each Lender agrees to notify the Administrative Agent from time to time to ensure that the
Administrative Agent has on record (i)&nbsp;an effective address, contact name, telephone number, telecopier number and electronic mail address to which notices and other communications may be sent and (ii)&nbsp;accurate wire instructions for such
Lender. Furthermore, each Public Lender agrees to cause at least one individual at or on behalf of such Public Lender to at all times have selected the &#147;Private Side Information&#148; or similar designation on the content declaration screen of
the Platform in order to enable such Public Lender or its delegate, in accordance with such Public Lender&#146;s compliance procedures and applicable Law, including United States Federal and state securities Laws, to make reference to Borrower
Materials that are not made available through the &#147;Public Side Information&#148; portion of the Platform and that may contain material non-public information with respect to the Borrower or its securities for purposes of United States Federal
or state securities Laws. </FONT></P>
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 <P STYLE="margin-top:0px;margin-bottom:0px; margin-left:8%; text-indent:4%" ALIGN="justify"><FONT STYLE="font-family:Times New Roman" SIZE="2">(e) <U>Reliance by Administrative Agent, L/C Issuer and
Lenders.</U> The Administrative Agent, the L/C Issuer and the Lenders shall be entitled to rely and act upon any notices (including telephonic Loan Notices) purportedly given by or on behalf of the Borrower even if (i)&nbsp;such notices were not
made in a manner specified herein, were incomplete or were not preceded or followed by any other form of notice specified herein, or (ii)&nbsp;the terms thereof, as understood by the recipient, varied from any confirmation thereof. The Borrower
shall indemnify the Administrative Agent, the L/C Issuer, each Lender and the Related Parties of each of them from all losses, costs, expenses and liabilities resulting from the reliance by such Person on each notice purportedly given by or on
behalf of the Borrower. All telephonic notices to and other telephonic communications with the Administrative Agent may be recorded by the Administrative Agent, and each of the parties hereto hereby consents to such recording. </FONT></P>
<P STYLE="margin-top:10px;margin-bottom:0px; text-indent:4%" ALIGN="justify"><FONT STYLE="font-family:Times New Roman" SIZE="2"><B>15.2 <U>Interest Rate Limitation</U><U>.</U></B> Notwithstanding anything to the contrary contained in any Loan
Document, the interest paid or agreed to be paid under the Loan Documents shall not exceed the maximum rate of non-usurious interest permitted by applicable Law (the &#147;Maximum Rate&#148;). If the Administrative Agent or any Lender shall receive
interest in an amount that exceeds the Maximum Rate, the excess interest shall be applied to the principal of the Loans or, if it exceeds such unpaid principal, refunded to the Borrower. In determining whether the interest contracted for, charged,
or received by the Administrative Agent or a Lender exceeds the Maximum Rate, such Person may, to the extent permitted by applicable Law, (a)&nbsp;characterize any payment that is not principal as an expense, fee, or premium rather than interest,
(b)&nbsp;exclude voluntary prepayments and the effects thereof, and (c)&nbsp;amortize, prorate, allocate, and spread in equal or unequal parts the total amount of interest throughout the contemplated term of the Obligations hereunder. </FONT></P>
<P STYLE="margin-top:10px;margin-bottom:0px; text-indent:4%" ALIGN="justify"><FONT STYLE="font-family:Times New Roman" SIZE="2"><B>15.3 [Reserved].</B> </FONT></P> <P STYLE="margin-top:10px;margin-bottom:0px; text-indent:4%" ALIGN="justify"><FONT
STYLE="font-family:Times New Roman" SIZE="2"><B>15.4 [Reserved].</B> </FONT></P> <P STYLE="margin-top:10px;margin-bottom:0px; text-indent:4%" ALIGN="justify"><FONT STYLE="font-family:Times New Roman" SIZE="2"><B>15.5 <U>Parties Bound</U></B>.
<B><I><U></U></I></B>The provisions of this Agreement and of each of the other Loan Documents shall be binding upon and inure to the benefit of the Borrower and the Administrative Agent and each of the Lenders and their respective successors and
assigns, except as otherwise prohibited by this Agreement or any of the other Loan Documents. </FONT></P> <P STYLE="margin-top:10px;margin-bottom:0px; text-indent:4%" ALIGN="justify"><FONT STYLE="font-family:Times New Roman" SIZE="2">This Agreement
is a contract by and among the Borrower, the Administrative Agent and each of the Lenders for their mutual benefit, and no third Person shall have any right, claim or interest against either Administrative Agent, any of the Lenders or the Borrower
by virtue of any provision hereof. </FONT></P> <P STYLE="margin-top:10px;margin-bottom:0px; text-indent:4%" ALIGN="justify"><FONT STYLE="font-family:Times New Roman" SIZE="2"><U><B>15.6 Governing Law; Consent to Jurisdiction; Mutual Waiver of Jury
Trial.</B> </U></FONT></P>
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 <P STYLE="margin-top:0px;margin-bottom:0px; margin-left:8%; text-indent:4%" ALIGN="justify"><FONT STYLE="font-family:Times New Roman" SIZE="2">15.6.1 <U>GOVERNING LAW.</U> THIS AGREEMENT SHALL BE
GOVERNED BY, AND CONSTRUED IN ACCORDANCE WITH, THE LAW OF THE STATE OF NEW YORK; provided that, notwithstanding the foregoing choice of law: </FONT></P> <P STYLE="margin-top:10px;margin-bottom:0px; margin-left:8%; text-indent:4%" ALIGN="justify"><FONT
STYLE="font-family:Times New Roman" SIZE="2">(a) The Mortgage and Assignment of Leases and Rents with respect to each Collateral Property and the procedures governing the enforcement by Administrative Agent of its foreclosure and other remedies
under the Security Documents and under the other Loan Documents with respect to each Collateral Property shall be governed by the laws of the State in which such Collateral Property is located; </FONT></P>
<P STYLE="margin-top:10px;margin-bottom:0px; margin-left:8%; text-indent:4%" ALIGN="justify"><FONT STYLE="font-family:Times New Roman" SIZE="2">(b) Administrative Agent shall comply with applicable law of the applicable State to the extent required
by the law of such jurisdiction in connection with the foreclosure of the security interests and liens created under the Security Documents and the other Loan Documents with respect to each Collateral Property or other assets; and </FONT></P>
<P STYLE="margin-top:10px;margin-bottom:0px; margin-left:8%; text-indent:4%" ALIGN="justify"><FONT STYLE="font-family:Times New Roman" SIZE="2">(c) The Environmental Indemnity Agreement with respect to each Collateral Property shall be governed by
Federal law and the laws of the State in which such Collateral Property is located, and the provisions of Federal law and the law of the applicable State shall apply in defining the terms Hazardous Materials, Environmental Legal Requirements and
Legal Requirements applicable to each Collateral Property as such terms are used in this Loan Agreement, the Environmental Indemnity and the other Loan Documents. </FONT></P>
<P STYLE="margin-top:10px;margin-bottom:0px; margin-left:8%; text-indent:4%" ALIGN="justify"><FONT STYLE="font-family:Times New Roman" SIZE="2">15.6.2 <U>SUBMISSION TO JURISDICTION</U><U>.</U> EACH PARTY HERETO IRREVOCABLY AND UNCONDITIONALLY
SUBMITS, FOR ITSELF AND ITS PROPERTY, TO THE NONEXCLUSIVE JURISDICTION OF THE COURTS OF THE STATE OF NEW YORK LOCATED WITHIN THE FIRST DEPARTMENT OF THE NEW YORK STATE UNIFIED COURT SYSTEM AND OF THE UNITED STATES DISTRICT COURT OF THE SOUTHERN
DISTRICT OF NEW YORK, AND ANY APPELLATE COURT FROM ANY THEREOF, IN ANY ACTION OR PROCEEDING ARISING OUT OF OR RELATING TO THIS AGREEMENT OR ANY OTHER LOAN DOCUMENTS, OR FOR RECOGNITION OR ENFORCEMENT OF ANY JUDGMENT, AND EACH OF THE PARTIES HERETO
IRREVOCABLY AND UNCONDITIONALLY AGREES THAT ALL CLAIMS IN RESPECT OF ANY SUCH ACTION OR PROCEEDING MAY BE HEARD AND DETERMINED IN SUCH NEW YORK STATE COURT OR, TO THE FULLEST EXTENT PERMITTED BY APPLICABLE LAW, IN SUCH FEDERAL COURT. EACH OF THE
PARTIES HERETO AGREES THAT A FINAL JUDGMENT IN ANY SUCH ACTION OR PROCEEDING SHALL BE CONCLUSIVE AND MAY BE ENFORCED IN OTHER JURISDICTIONS BY SUIT ON THE JUDGMENT OR IN ANY OTHER MANNER PROVIDED BY LAW. NOTHING IN THIS AGREEMENT OR IN ANY OTHER
LOAN DOCUMENTS SHALL AFFECT ANY RIGHT THAT THE ADMINISTRATIVE AGENT, ANY LENDER OR THE L/C ISSUER MAY OTHERWISE HAVE TO BRING ANY ACTION OR PROCEEDING RELATING TO THIS AGREEMENT OR ANY OTHER LOAN DOCUMENTS AGAINST THE BORROWER OR ANY OTHER LOAN
PARTY OR ITS PROPERTIES IN THE COURTS OF ANY JURISDICTION. </FONT></P>
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 <P STYLE="margin-top:0px;margin-bottom:0px; margin-left:8%; text-indent:4%" ALIGN="justify"><FONT STYLE="font-family:Times New Roman" SIZE="2">15.6.3 <U>WAIVER OF VENUE</U><U>.</U> EACH PARTY HERETO
IRREVOCABLY AND UNCONDITIONALLY WAIVES, TO THE FULLEST EXTENT PERMITTED BY APPLICABLE LAW, ANY OBJECTION THAT IT MAY NOW OR HEREAFTER HAVE TO THE LAYING OF VENUE OF ANY ACTION OR PROCEEDING ARISING OUT OF OR RELATING TO THIS AGREEMENT OR ANY OTHER
LOAN DOCUMENTS IN ANY COURT REFERRED TO IN <U>SECTION 15.6.2</U>. EACH OF THE PARTIES HERETO HEREBY IRREVOCABLY WAIVES, TO THE FULLEST EXTENT PERMITTED BY APPLICABLE LAW, THE DEFENSE OF AN INCONVENIENT FORUM TO THE MAINTENANCE OF SUCH ACTION OR
PROCEEDING IN ANY SUCH COURT. </FONT></P> <P STYLE="margin-top:10px;margin-bottom:0px; margin-left:8%; text-indent:4%" ALIGN="justify"><FONT STYLE="font-family:Times New Roman" SIZE="2">15.6.4 <U>SERVICE OF PROCESS</U><U>.</U> EACH PARTY HERETO
IRREVOCABLY CONSENTS TO SERVICE OF PROCESS IN THE MANNER PROVIDED FOR NOTICES IN <U>SECTION&nbsp;15.1</U>. NOTHING IN THIS AGREEMENT WILL AFFECT THE RIGHT OF ANY PARTY HERETO TO SERVE PROCESS IN ANY OTHER MANNER PERMITTED BY APPLICABLE LAW.
</FONT></P> <P STYLE="margin-top:10px;margin-bottom:0px; margin-left:8%; text-indent:4%" ALIGN="justify"><FONT STYLE="font-family:Times New Roman" SIZE="2">15.6.5 <U>WAIVER OF JURY TRIAL</U>. EACH PARTY HERETO HEREBY IRREVOCABLY WAIVES, TO THE
FULLEST EXTENT PERMITTED BY APPLICABLE LAW, ANY RIGHT IT MAY HAVE TO A TRIAL BY JURY IN ANY LEGAL PROCEEDING DIRECTLY OR INDIRECTLY ARISING OUT OF OR RELATING TO THIS AGREEMENT OR ANY OTHER LOAN DOCUMENTS OR THE TRANSACTIONS CONTEMPLATED HEREBY OR
THEREBY (WHETHER BASED ON CONTRACT, TORT OR ANY OTHER THEORY). EACH PARTY HERETO (A)&nbsp;CERTIFIES THAT NO REPRESENTATIVE, AGENT OR ATTORNEY OF ANY OTHER PERSON HAS REPRESENTED, EXPRESSLY OR OTHERWISE, THAT SUCH OTHER PERSON WOULD NOT, IN THE EVENT
OF LITIGATION, SEEK TO ENFORCE THE FOREGOING WAIVER AND (B)&nbsp;ACKNOWLEDGES THAT IT AND THE OTHER PARTIES HERETO HAVE BEEN INDUCED TO ENTER INTO THIS AGREEMENT AND THE OTHER LOAN DOCUMENTS BY, AMONG OTHER THINGS, THE MUTUAL WAIVERS AND
CERTIFICATIONS IN THIS SECTION. </FONT></P> <P STYLE="margin-top:10px;margin-bottom:0px; text-indent:8%" ALIGN="justify"><FONT STYLE="font-family:Times New Roman" SIZE="2"><B>15.7 <U>Survival</U></B><B><U>.</U></B> All representations and warranties
made hereunder and in any other Loan Document or other document delivered pursuant hereto or thereto or in connection herewith or therewith shall survive the execution and delivery hereof and thereof. Such representations and warranties have been or
will be relied upon by the Administrative Agent and each Lender, regardless of any investigation made by the Administrative Agent or any Lender or on their behalf and notwithstanding that the Administrative Agent or any Lender may have had notice or
knowledge of any Default at the time of any Credit Extension, and shall continue in full force and effect as long as any Loan or any other Obligation hereunder shall remain unpaid or unsatisfied or any Letter of Credit shall remain outstanding.
</FONT></P> <P STYLE="margin-top:10px;margin-bottom:0px; text-indent:8%" ALIGN="justify"><FONT STYLE="font-family:Times New Roman" SIZE="2"><B>15.8 <U>Cumulative Rights</U><U>.</U></B> All of the rights of the Administrative Agent and the Lenders
hereunder and under each of the other Loan Documents and any other agreement now or hereafter executed in connection herewith or therewith, shall be cumulative and may be exercised singly, together, or in such combination as Administrative Agent may
determine in its sole good faith judgment. </FONT></P>
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 <P STYLE="margin-top:0px;margin-bottom:0px; text-indent:8%" ALIGN="justify"><FONT STYLE="font-family:Times New Roman" SIZE="2"><U><B>15.9 Expenses; Indemnity; Damage Waiver.</B> </U></FONT></P>
<P STYLE="margin-top:10px;margin-bottom:0px; margin-left:8%; text-indent:4%" ALIGN="justify"><FONT STYLE="font-family:Times New Roman" SIZE="2">15.9.1 <U>Costs and Expenses</U><U>.</U> The Borrower shall pay (i)&nbsp;all reasonable out-of-pocket
expenses incurred by the Administrative Agent, the Syndication Agent and the Co-Documentation Agents and their respective Affiliates (including the reasonable fees, charges and disbursements of counsel for the Administrative Agent, the Syndication
Agent and the Co-Documentation Agents), in connection with the syndication of the credit facilities provided for herein, the preparation, negotiation, execution, delivery and administration of this Agreement and the other Loan Documents or any
amendments, modifications or waivers of the provisions hereof or thereof (whether or not the transactions contemplated hereby or thereby shall be consummated), (ii)&nbsp;all reasonable out-of-pocket expenses incurred by the L/C Issuer in connection
with the issuance, amendment, renewal or extension of any Letter of Credit or any demand for payment thereunder and (iii)&nbsp;all out-of-pocket expenses incurred by the Administrative Agent, any Lender or the L/C Issuer (including the fees, charges
and disbursements of any counsel for the Administrative Agent, any Lender or the L/C Issuer), in connection with the enforcement or protection of its rights (A)&nbsp;in connection with this Agreement and the other Loan Documents, including its
rights under this Section, or (B)&nbsp;in connection with the Loans made or Letters of Credit issued hereunder, including all such out-of-pocket expenses incurred during any workout, restructuring or negotiations in respect of such Loans or Letters
of Credit. </FONT></P> <P STYLE="margin-top:10px;margin-bottom:0px; margin-left:8%; text-indent:4%" ALIGN="justify"><FONT STYLE="font-family:Times New Roman" SIZE="2">15.9.2 <U>Indemnification by the Borrower</U><U>.</U> The Borrower shall indemnify
the Administrative Agent (and any sub-agent thereof), each Lender and the L/C Issuer, and each Related Party of any of the foregoing Persons (each such Person being called an&nbsp;&#147;<U>Indemnitee</U>&#148;) against, and hold each Indemnitee
harmless from, any and all losses, claims, damages, liabilities and related expenses (including the fees, charges and disbursements of any counsel for any Indemnitee), incurred by any Indemnitee or asserted against any Indemnitee by any third party
or by the Borrower or any other Loan Party arising out of, in connection with, or as a result of (i)&nbsp;the execution or delivery of this Agreement, any other Loan Document or any agreement or instrument contemplated hereby or thereby, the
performance by the parties hereto of their respective obligations hereunder or thereunder, the consummation of the transactions contemplated hereby or thereby, or, in the case of the Administrative Agent (and any sub-agent thereof) and its Related
Parties only, the administration of this Agreement and the other Loan Documents (including in respect of any matters addressed in <U>Section&nbsp;2.8</U>), (ii)&nbsp;any Loan or Letter of Credit or the use or proposed use of the proceeds therefrom
(including any refusal by the L/C Issuer to honor a demand for payment under a Letter of Credit if the documents presented in connection with such demand do not strictly comply with the terms of such Letter of Credit), (iii)&nbsp;any actual or
alleged presence or release of Hazardous Materials on or from any property owned or operated by the Borrower or any of its Subsidiaries, or any environmental liability related in any way to CRT, the Borrower or any of its Subsidiaries, or
(iv)&nbsp;any actual or prospective claim, litigation, investigation or proceeding relating to any of the foregoing, whether based on contract, tort or any other </FONT></P>
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 <P STYLE="margin-top:0px;margin-bottom:0px; margin-left:8%" ALIGN="justify"><FONT STYLE="font-family:Times New Roman" SIZE="2">theory, whether brought by a third party or by the Borrower or any other
Loan Party, and regardless of whether any Indemnitee is a party thereto; <U>provided</U> that such indemnity shall not, as to any Indemnitee, be available to the extent that such losses, claims, damages, liabilities or related expenses (x)&nbsp;are
determined by a court of competent jurisdiction by final and nonappealable judgment to have resulted from the gross negligence or willful misconduct of such Indemnitee or (y)&nbsp;result from a claim brought by the Borrower or any other Loan Party
against an Indemnitee for breach in bad faith of such Indemnitee&#146;s obligations hereunder or under any other Loan Document, if the Borrower or such other Loan Party has obtained a final and nonappealable judgment in its favor on such claim as
determined by a court of competent jurisdiction. </FONT></P> <P STYLE="margin-top:10px;margin-bottom:0px; margin-left:8%; text-indent:4%" ALIGN="justify"><FONT STYLE="font-family:Times New Roman" SIZE="2">15.9.3 <U>Reimbursement by
Lenders</U><U>.</U> To the extent that the Borrower for any reason fails to indefeasibly pay any amount required hereunder <U>Sections&nbsp;15.9.1</U> or&nbsp;<U>15.9.2</U> to be paid by it to the Administrative Agent (or any sub-agent thereof), the
L/C Issuer or any Related Party of any of the foregoing, each Lender severally agrees to pay to the Administrative Agent (or any such sub-agent), the L/C Issuer or such Related Party, as the case may be, such Lender&#146;s Commitment Percentage
(determined as of the time that the applicable unreimbursed expense or indemnity payment is sought) of such unpaid amount, provided that the unreimbursed expense or indemnified loss, claim, damage, liability or related expense, as the case may be,
was incurred by or asserted against the Administrative Agent (or any such sub-agent) or the L/C Issuer in its capacity as such, or against any Related Party of any of the foregoing acting for the Administrative Agent (or any such sub-agent) or L/C
Issuer in connection with such capacity. The obligations of the Lenders under this <U>Section&nbsp;15.9.3</U> are subject to the provisions of <U>Section&nbsp;12.2</U>. </FONT></P>
<P STYLE="margin-top:10px;margin-bottom:0px; margin-left:8%; text-indent:4%" ALIGN="justify"><FONT STYLE="font-family:Times New Roman" SIZE="2">15.9.4 <U>Waiver of Consequential Damages, Etc</U>. To the fullest extent permitted by applicable Law,
the Borrower shall not assert, and hereby waives, any claim against any Indemnitee, and the Administrative Agent and each Lender shall not assert, and hereby waives any claim against a Loan Party, on any theory of liability, for special, indirect,
consequential or punitive damages (as opposed to direct or actual damages) arising out of, in connection with, or as a result of, this Agreement, any other Loan Document or any agreement or instrument contemplated hereby, the transactions
contemplated hereby or thereby, any Loan or Letter of Credit or the use of the proceeds thereof, with the exception of any such damages claimed against the Administrative Agent or any Lender by a third party as to which the Administrative Agent and
each Lender has a right of indemnification from the Borrower under <U>Section&nbsp;15.9.2</U>. No Indemnitee referred to in <U>Section&nbsp;15.9.2</U> above shall be liable for any damages arising from the use by unintended recipients of any
information or other materials distributed to such unintended recipients by such Indemnitee through telecommunications, electronic or other information transmission systems in connection with this Agreement or the other Loan Documents or the
transactions contemplated hereby or thereby other than for direct or actual damages resulting from a claim described in clause&nbsp;(x) or (y)&nbsp;of <U>Section&nbsp;15.9.2</U>. </FONT></P>
<P STYLE="margin-top:10px;margin-bottom:0px; margin-left:8%; text-indent:4%" ALIGN="justify"><FONT STYLE="font-family:Times New Roman" SIZE="2">15.9.5 <U>Payments</U><U>.</U> All amounts due under this Section shall be payable not later than ten
Business Days after demand therefor. </FONT></P>
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 <P STYLE="margin-top:0px;margin-bottom:0px; margin-left:8%; text-indent:4%" ALIGN="justify"><FONT STYLE="font-family:Times New Roman" SIZE="2">15.9.6 <U>Survival</U> <U>.</U> The agreements in this
Section shall survive the resignation of the Administrative Agent and the L/C Issuer, the replacement of any Lender, the termination of the Total Commitments and the repayment, satisfaction or discharge of all the other Obligations. </FONT></P>
<P STYLE="margin-top:10px;margin-bottom:0px; text-indent:8%" ALIGN="justify"><FONT STYLE="font-family:Times New Roman" SIZE="2"><B>15.10 <U>Regarding Consents</U><U>.</U></B> Except to the extent expressly provided herein, any and all consents to be
made hereunder by the Administrative Agent, Required Lenders, or Lenders shall be in the discretion of the Party to whom consent rights are given hereunder. </FONT></P> <P STYLE="margin-top:10px;margin-bottom:0px; text-indent:8%" ALIGN="justify"><FONT
STYLE="font-family:Times New Roman" SIZE="2"><B>15.11 <U>Obligations Absolute</U><U>.</U></B> Except to the extent prohibited by applicable law which cannot be waived, the Obligations of Borrower and the obligations of the Loan Parties under the
Loan Documents shall be joint and several, absolute, unconditional and irrevocable and shall be paid strictly in accordance with the terms of the Loan Documents under all circumstances whatsoever, including, without limitation, the existence of any
claim, set off, defense or other right which Borrower or any Loan Party may have at any time against the Administrative Agent or any of the Lenders whether in connection with the Loan or any unrelated transaction. </FONT></P>
<P STYLE="margin-top:10px;margin-bottom:0px; text-indent:8%" ALIGN="justify"><FONT STYLE="font-family:Times New Roman" SIZE="2"><B>15.12 <U>Table of Contents, Title and Headings</U><U>.</U></B> Any Table of Contents, the titles and the headings of
sections are not parts of this Loan Agreement or any other Loan Document and shall not be deemed to affect the meaning or construction of any of its or their provisions. </FONT></P>
<P STYLE="margin-top:10px;margin-bottom:0px; text-indent:8%" ALIGN="justify"><FONT STYLE="font-family:Times New Roman" SIZE="2"><B>15.13 <U>Counterparts</U><U>.</U></B> This Agreement may be executed in counterparts (and by different parties hereto
in different counterparts), each of which shall constitute an original, but all of which when taken together shall constitute a single contract. This Agreement and the other Loan Documents constitute the entire contract among the parties relating to
the subject matter hereof and supersede any and all previous agreements and understandings, oral or written, relating to the subject matter hereof. Except as provided in <U>Section&nbsp;5.1</U>, this Agreement shall become effective when the
Administrative Agent and the Borrower shall have received counterparts hereof that, when taken together, bear the signatures of each party hereto. Delivery of an executed counterpart of a signature page of this Agreement by telecopy or other
electronic imaging means shall be effective as delivery of a manually executed counterpart of this Agreement. </FONT></P>
<P STYLE="margin-top:10px;margin-bottom:0px; text-indent:8%" ALIGN="justify"><FONT STYLE="font-family:Times New Roman" SIZE="2"><B>15.14 <U>Satisfaction of Commitment Letter</U><U>.</U></B> The Loan being made pursuant to the terms hereof and of the
other Loan Documents is being made in satisfaction of Administrative Agent&#146;s and each of the Lenders&#146; obligations under the Commitment Letter. The terms, provisions and conditions of this Agreement and the other Loan Documents supersede
the provisions of the Commitment Letter. </FONT></P> <P STYLE="margin-top:10px;margin-bottom:0px; text-indent:8%" ALIGN="justify"><FONT STYLE="font-family:Times New Roman" SIZE="2"><B>15.15 <U>Time Of the Essence</U><U>.</U></B> Time is of the
essence of each provision of this Agreement and each other Loan Document. </FONT></P> <P STYLE="margin-top:10px;margin-bottom:0px; text-indent:8%" ALIGN="justify"><FONT STYLE="font-family:Times New Roman" SIZE="2"><B>15.16 <U>No Oral
Change</U><U>.</U></B> This Loan Agreement and each of the other Loan Documents may only be amended, terminated, extended or otherwise modified by a writing signed by the party against which enforcement is sought (except no such writing shall be
required for any party which, pursuant to a specific provision of any Loan Document, is required to be bound by changes without such party&#146;s assent). In no event shall any oral agreements, promises, actions, inactions, knowledge, course of
conduct, course of dealings or the like be effective to amend, terminate, extend or otherwise modify this Loan Agreement or any of the other Loan Documents. </FONT></P>
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 <P STYLE="margin-top:0px;margin-bottom:0px; text-indent:4%" ALIGN="justify"><FONT STYLE="font-family:Times New Roman" SIZE="2"><B>15.17 <U>Monthly Statements</U><U>.</U></B> While the Administrative
Agent may issue invoices or other statements on a monthly or periodic basis (a &#147;<U>Statement</U>&#148;), it is expressly acknowledged and agreed that: (i)&nbsp;the failure of the Administrative Agent to issue any Statement on one or more
occasions shall not affect the Borrower&#146;s obligations to make payments under the Loan Documents as and when due; (ii)&nbsp;the inaccuracy of any Statement shall not be binding upon Lenders and so the Borrower shall always remain obligated to
pay the full amount(s) required under the Loan Documents as and when due notwithstanding any provision to the contrary contained in any Statement; (iii)&nbsp;all Statements are issued for information purposes only and shall never constitute any type
of offer, acceptance, modification, or waiver of the Loan Documents or any of Lenders&#146; rights or remedies thereunder; and (iv)&nbsp;in no event shall any Statement serve as the basis for, or a component of, any course of dealing, course of
conduct, or trade practice which would modify, alter, or otherwise affect the express written terms of the Loan Documents. </FONT></P> <P STYLE="margin-top:10px;margin-bottom:0px; text-indent:4%" ALIGN="justify"><FONT
STYLE="font-family:Times New Roman" SIZE="2"><B>15.18 <U>No Advisory or Fiduciary Responsibility</U><U>.</U></B> In connection with all aspects of each transaction completed hereby, the Borrower and each other Loan Party acknowledges and agrees
that: (i)&nbsp;the credit facility provided for hereunder and any related arranging or other services in connection therewith (including in connection with any amendment, waiver or other modification hereof or of any other Loan Document) are
arm&#146;s-length commercial transactions between the Borrower, each other Loan Party and their respective Affiliates, on the one hand, and the Administrative Agent and the Arranger, on the other hand, and the Borrower and each other Loan Party is
capable of evaluating and understanding and understands and accepts the terms, risks and conditions of the transactions contemplated hereby and by the other Loan Documents (including any amendment, waiver or other modification hereof or thereof);
and (ii)&nbsp;the Administrative Agent and the Arranger have not provided and will not provide any legal, accounting, regulatory or tax advice with respect to any of the transactions contemplated hereby (including any amendment, waiver or other
modification hereof or of any other Loan Document) and each of the Borrower and the other Loan Parties has consulted its own legal, accounting, regulatory and tax advisors to the extent it has deemed appropriate. Each of the Borrower and the other
Loan Parties hereby waives and releases, to the fullest extent permitted by Law, any claims that it may have against the Administrative Agent and the Arranger with respect to any breach or alleged breach of agency or fiduciary duty. </FONT></P>
<P STYLE="margin-top:10px;margin-bottom:0px; text-indent:4%" ALIGN="justify"><FONT STYLE="font-family:Times New Roman" SIZE="2"><B>15.19 <U>USA PATRIOT Act</U><U>.</U></B> Each Lender that is subject to the Act (as hereinafter defined) and the
Administrative Agent (for itself and not on behalf of any Lender) hereby notifies the Borrower that pursuant to the requirements of the USA PATRIOT Act (Title III of Pub. L. 107-56 (signed into law October&nbsp;26, 2001)) (the
&#147;<U>Act</U>&#148;), it is required to obtain, verify and record information that identifies the Borrower, which information includes the name and address of the Borrower and other information that will allow such Lender or the Administrative
Agent, as applicable, to identify the Borrower in accordance with the Act. The Borrower shall, promptly following a request by the Administrative Agent or any Lender, provide all documentation and other information that the Administrative Agent or
such Lender requests in order to comply with its ongoing obligations under applicable &#147;know your customer&#148; and anti-money laundering rules and regulations, including the Act. </FONT></P>
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 <P STYLE="margin-top:0px;margin-bottom:0px; text-indent:4%" ALIGN="justify"><FONT STYLE="font-family:Times New Roman" SIZE="2"><B>15.20 <U>Treatment of Certain Information;
Confidentiality</U><U>.</U></B> Each of the Administrative Agent, the Lenders and the L/C Issuer agrees to maintain the confidentiality of the Information (as defined below), except that Information may be disclosed (a)&nbsp;to its Affiliates and to
its and its Affiliates&#146; respective partners, directors, officers, employees, agents, trustees, advisors and representatives to the extent such parties require such information in connection with the transactions contemplated by this Agreement
(it being understood that the Persons to whom such disclosure is made will be informed of the confidential nature of such Information and instructed to keep such Information confidential), (b)&nbsp;to the extent requested by any regulatory authority
purporting to have jurisdiction over it (including any self-regulatory authority, such as the National Association of Insurance Commissioners), (c)&nbsp;to the extent required by applicable laws or regulations or by any subpoena or similar legal
process, (d)&nbsp;to any other party hereto, (e)&nbsp;in connection with the exercise of any remedies hereunder or under any other Loan Document or any action or proceeding relating to this Agreement or any other Loan Document or the enforcement of
rights hereunder or thereunder, (f)&nbsp;subject to an agreement containing provisions substantially the same as those of this Section, to (i)&nbsp;any assignee of or Participant in, or any prospective assignee of or Participant in, any of its
rights or obligations under this Agreement or any Eligible Assignee invited to be a Lender pursuant to <U>Section&nbsp;2.1.1</U> or (ii)&nbsp;any actual or prospective counterparty (or its advisors) to any swap or derivative transaction relating to
the Borrower and its obligations, (g)&nbsp;with the consent of the Borrower or (h)&nbsp;to the extent such Information (x)&nbsp;becomes publicly available other than as a result of a breach of this Section or (y)&nbsp;becomes available to the
Administrative Agent, any Lender, the L/C Issuer or any of their respective Affiliates on a nonconfidential basis from a source other than the Borrower. </FONT></P> <P STYLE="margin-top:10px;margin-bottom:0px; text-indent:4%" ALIGN="justify"><FONT
STYLE="font-family:Times New Roman" SIZE="2">For purposes of this Section, &#147;<U>Information</U>&#148; means all information received from the Borrower or any Subsidiary relating to the Borrower or any Subsidiary or any of their respective
businesses, other than any such information that is available to the Administrative Agent, any Lender or the L/C Issuer on a nonconfidential basis prior to disclosure by the Borrower or any Subsidiary. Any Person required to maintain the
confidentiality of Information as provided in this Section shall be considered to have complied with its obligation to do so if such Person has exercised the same degree of care to maintain the confidentiality of such Information as such Person
would accord to its own confidential information. </FONT></P> <P STYLE="margin-top:10px;margin-bottom:0px; text-indent:4%" ALIGN="justify"><FONT STYLE="font-family:Times New Roman" SIZE="2">Each of the Administrative Agent, the Lenders and the L/C
Issuer acknowledges that (a)&nbsp;the Information may include material non-public information concerning the Borrower or a Subsidiary, as the case may be, (b)&nbsp;it has developed compliance procedures regarding the use of material non-public
information and (c)&nbsp;it will handle such material non-public information in accordance with applicable Law, including United States Federal and state securities Laws. </FONT></P>
<P STYLE="margin-top:10px;margin-bottom:0px; text-indent:4%" ALIGN="justify"><FONT STYLE="font-family:Times New Roman" SIZE="2"><B>15.21 <U>Amendment, Restatement and Consolidation</U>.</B> The Borrower, the Administrative Agent and the Required
Lenders (as defined in the Existing BAML Credit Agreement) hereby acknowledge and agree that (i)&nbsp;Bank of America, N.A. has resigned as administrative agent under the Existing BAML Credit Agreement, (ii)&nbsp;all of Bank of America, N.A.&#146;s
obligations in such capacity as administrative agent have terminated and (iii)&nbsp;all references to the Administrative Agent herein and in the other Loan Documents shall be a reference solely to KeyBank National Association. The Borrower, the
Administrative Agent and the lenders party to the Existing BAML Agreement that are Lenders under this Agreement and </FONT></P>
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 <P STYLE="margin-top:0px;margin-bottom:0px" ALIGN="justify"><FONT STYLE="font-family:Times New Roman" SIZE="2">the Administrative Agent and the Required Lenders (as defined in the Existing KeyBank
Agreement) party to the Existing KeyBank Agreement each hereby agrees that, at such time as this Agreement shall have become effective, the Existing BAML Agreement and the Existing KeyBank Agreement automatically shall be deemed consolidated,
replaced and superseded by this Agreement and the Borrower and the lenders party to the Existing BAML Agreement and the Existing KeyBank Agreement shall no longer have any obligations thereunder (other than those obligations in either of the
Existing BAML Agreement or the Existing KeyBank Agreement that expressly survive the termination of the Existing BAML Agreement or the Existing KeyBank Agreement, as applicable) and instead all obligations of the Borrower and the lenders under the
Existing BAML Agreement and the Existing KeyBank Agreement are now evidenced by this Agreement. The Borrower represents and warrants to the Administrative Agent and each Lender that, simultaneously with the closing and funding of the initial Loan
Advances under this Agreement, a portion of said initial Loan Advances will be disbursed to the administrative agents under the Existing BAML Facility and the Existing KeyBank Facility for repayment in full of all principal, interest, fees and other
amounts owing under the Existing BAML Agreement and/or the Existing KeyBank Agreement, respectively. It is the intention of the parties to this Agreement that this Agreement not operate as a novation of the obligations under the Existing BAML
Agreement or the Existing KeyBank Agreement and shall not operate as a novation or waiver of any right, power or remedy of the Administrative Agent or any Lender. The Security Documents with respect to the existing Borrowing Base Properties and the
existing Borrowing Base Property Owners (as applicable) continue to create a valid security interest in, and Lien upon, the Collateral described therein, in favor of the Administrative Agent, for the benefit of the Lenders to secure the Obligations
under this Agreement. </FONT></P> <P STYLE="margin-top:10px;margin-bottom:0px" ALIGN="center"><FONT STYLE="font-family:Times New Roman" SIZE="2">[The balance of this page is intentionally left blank] </FONT></P>
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 <P STYLE="margin-top:0px;margin-bottom:0px; text-indent:4%" ALIGN="justify"><FONT STYLE="font-family:Times New Roman" SIZE="2">IN WITNESS WHEREOF this Agreement has been duly executed and delivered as of
the date first written above. </FONT></P> <P STYLE="font-size:10px;margin-top:0px;margin-bottom:0px">&nbsp;</P> <P STYLE="font-size:10px;margin-top:0px;margin-bottom:0px">&nbsp;</P>
<TABLE CELLSPACING="0" CELLPADDING="0" WIDTH="100%" BORDER="0" STYLE="BORDER-COLLAPSE:COLLAPSE">


<TR>
<TD WIDTH="46%"></TD>
<TD VALIGN="bottom" WIDTH="1%"></TD>
<TD WIDTH="4%"></TD>
<TD VALIGN="bottom" WIDTH="1%"></TD>
<TD WIDTH="2%"></TD>
<TD VALIGN="bottom" WIDTH="1%"></TD>
<TD WIDTH="45%"></TD></TR>


<TR>
<TD VALIGN="top"><FONT STYLE="font-family:Times New Roman" SIZE="2"><B>BORROWER:</B></FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="top"></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="top" COLSPAN="3"> <P STYLE="margin-top:0px;margin-bottom:0px"><FONT STYLE="font-family:Times New Roman" SIZE="2"><B>CEDAR REALTY TRUST PARTNERSHIP, L.P.</B>, a</FONT></P> <P STYLE="margin-top:0px;margin-bottom:1px"><FONT
STYLE="font-family:Times New Roman" SIZE="2">Delaware limited partnership</FONT></P></TD></TR>
<TR>
<TD HEIGHT="16"></TD>
<TD HEIGHT="16" COLSPAN="2"></TD>
<TD HEIGHT="16" COLSPAN="2"></TD>
<TD HEIGHT="16" COLSPAN="2"></TD></TR>
<TR>
<TD VALIGN="top"></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="top"></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="top"><FONT STYLE="font-family:Times New Roman" SIZE="2">By:</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="top"><FONT STYLE="font-family:Times New Roman" SIZE="2">Cedar Realty Trust, Inc., its general partner</FONT></TD></TR>
<TR>
<TD HEIGHT="13"></TD>
<TD HEIGHT="13" COLSPAN="2"></TD>
<TD HEIGHT="13" COLSPAN="2"></TD>
<TD HEIGHT="13" COLSPAN="2"></TD></TR>
<TR>
<TD VALIGN="top"></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="top"></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="top"></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="top"><FONT STYLE="font-family:Times New Roman" SIZE="2">By: <U>/s/ BRUCE J. SCHANZER</U></FONT></TD></TR>
<TR>
<TD HEIGHT="13"></TD>
<TD HEIGHT="13" COLSPAN="2"></TD>
<TD HEIGHT="13" COLSPAN="2"></TD>
<TD HEIGHT="13" COLSPAN="2"></TD></TR>
<TR>
<TD VALIGN="top"></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="top"></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="2">Name: Bruce J. Schanzer</FONT></TD></TR>
<TR>
<TD HEIGHT="13"></TD>
<TD HEIGHT="13" COLSPAN="2"></TD>
<TD HEIGHT="13" COLSPAN="2"></TD>
<TD HEIGHT="13" COLSPAN="2"></TD></TR>
<TR>
<TD VALIGN="top"></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="top"></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="top"></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="top"><FONT STYLE="font-family:Times New Roman" SIZE="2">Title: President</FONT></TD></TR>
</TABLE> <P STYLE="font-size:10px;margin-top:0px;margin-bottom:0px">&nbsp;</P>
<TABLE CELLSPACING="0" CELLPADDING="0" WIDTH="100%" BORDER="0" STYLE="BORDER-COLLAPSE:COLLAPSE">


<TR>
<TD WIDTH="46%"></TD>
<TD VALIGN="bottom" WIDTH="1%"></TD>
<TD WIDTH="4%"></TD>
<TD VALIGN="bottom" WIDTH="1%"></TD>
<TD WIDTH="2%"></TD>
<TD VALIGN="bottom" WIDTH="1%"></TD>
<TD WIDTH="45%"></TD></TR>


<TR>
<TD VALIGN="top"><FONT STYLE="font-family:Times New Roman" SIZE="2"><B>ADMINISTRATIVE</B></FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="top"></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD COLSPAN="3" VALIGN="top"></TD></TR>
<TR>
<TD VALIGN="top"><FONT STYLE="font-family:Times New Roman" SIZE="2"><B>AGENT:</B></FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="top"></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="top" COLSPAN="3"><FONT STYLE="font-family:Times New Roman" SIZE="2"><B>KEYBANK NATIONAL ASSOCIATION</B></FONT></TD></TR>
<TR>
<TD HEIGHT="16"></TD>
<TD HEIGHT="16" COLSPAN="2"></TD>
<TD HEIGHT="16" COLSPAN="2"></TD>
<TD HEIGHT="16" COLSPAN="2"></TD></TR>
<TR>
<TD VALIGN="top"></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="top"></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="top"><FONT STYLE="font-family:Times New Roman" SIZE="2">By:</FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #000000"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="top" STYLE="BORDER-BOTTOM:1px solid #000000"><FONT STYLE="font-family:Times New Roman" SIZE="2">/s/ GREGORY W. LANE</FONT></TD></TR>
<TR>
<TD VALIGN="top"></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="top"></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="top"></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="top"><FONT STYLE="font-family:Times New Roman" SIZE="2">Gregory W. Lane</FONT></TD></TR>
<TR>
<TD VALIGN="top"></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="top"></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="2">Vice President</FONT></TD></TR>
</TABLE>
 <p STYLE="margin-top:0px;margin-bottom:0px"><FONT SIZE="1">&nbsp;</FONT></P> <P STYLE="margin-top:0px;margin-bottom:0px" ALIGN="center"><FONT STYLE="font-family:Times New Roman" SIZE="2">138
</FONT></P>


<p Style='page-break-before:always'>
<HR  SIZE="3" style="COLOR:#999999" WIDTH="100%" ALIGN="CENTER">


 <P>&nbsp;</P>
<TABLE CELLSPACING="0" CELLPADDING="0" WIDTH="100%" BORDER="0" STYLE="BORDER-COLLAPSE:COLLAPSE">


<TR>
<TD WIDTH="46%"></TD>
<TD VALIGN="bottom" WIDTH="1%"></TD>
<TD WIDTH="4%"></TD>
<TD VALIGN="bottom" WIDTH="1%"></TD>
<TD WIDTH="2%"></TD>
<TD VALIGN="bottom" WIDTH="1%"></TD>
<TD WIDTH="45%"></TD></TR>


<TR>
<TD VALIGN="top"><FONT STYLE="font-family:Times New Roman" SIZE="2"><B>LENDER:</B></FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="top"></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="top" COLSPAN="3"><FONT STYLE="font-family:Times New Roman" SIZE="2"><B>KEYBANK NATIONAL ASSOCIATION</B></FONT></TD></TR>
<TR>
<TD HEIGHT="16"></TD>
<TD HEIGHT="16" COLSPAN="2"></TD>
<TD HEIGHT="16" COLSPAN="2"></TD>
<TD HEIGHT="16" COLSPAN="2"></TD></TR>
<TR>
<TD VALIGN="top"></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="top"></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="top"><FONT STYLE="font-family:Times New Roman" SIZE="2">By:</FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #000000"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="top" STYLE="BORDER-BOTTOM:1px solid #000000"><FONT STYLE="font-family:Times New Roman" SIZE="2">/s/ GREGORY W. LANE</FONT></TD></TR>
<TR>
<TD VALIGN="top"></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="top"></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="top"></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="top"><FONT STYLE="font-family:Times New Roman" SIZE="2">Gregory W. Lane</FONT></TD></TR>
<TR>
<TD VALIGN="top"></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="top"></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="2">Vice President</FONT></TD></TR>
</TABLE>
 <p STYLE="margin-top:0px;margin-bottom:0px"><FONT SIZE="1">&nbsp;</FONT></P> <P STYLE="margin-top:0px;margin-bottom:0px" ALIGN="center"><FONT STYLE="font-family:Times New Roman" SIZE="2">139
</FONT></P>


<p Style='page-break-before:always'>
<HR  SIZE="3" style="COLOR:#999999" WIDTH="100%" ALIGN="CENTER">


 <P>&nbsp;</P>
<TABLE CELLSPACING="0" CELLPADDING="0" WIDTH="100%" BORDER="0" STYLE="BORDER-COLLAPSE:COLLAPSE">


<TR>
<TD WIDTH="46%"></TD>
<TD VALIGN="bottom" WIDTH="1%"></TD>
<TD WIDTH="4%"></TD>
<TD VALIGN="bottom" WIDTH="1%"></TD>
<TD WIDTH="2%"></TD>
<TD VALIGN="bottom" WIDTH="1%"></TD>
<TD WIDTH="45%"></TD></TR>


<TR>
<TD VALIGN="top"><FONT STYLE="font-family:Times New Roman" SIZE="2"><B>LENDER:</B></FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="top"></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="top" COLSPAN="3"><FONT STYLE="font-family:Times New Roman" SIZE="2"><B>BANK OF AMERICA, N.A.</B></FONT></TD></TR>
<TR>
<TD HEIGHT="16"></TD>
<TD HEIGHT="16" COLSPAN="2"></TD>
<TD HEIGHT="16" COLSPAN="2"></TD>
<TD HEIGHT="16" COLSPAN="2"></TD></TR>
<TR>
<TD VALIGN="top"></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="top"></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="top"><FONT STYLE="font-family:Times New Roman" SIZE="2">By:</FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #000000"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="top" STYLE="BORDER-BOTTOM:1px solid #000000"><FONT STYLE="font-family:Times New Roman" SIZE="2">/s/ EYAL NAMORDI</FONT></TD></TR>
<TR>
<TD VALIGN="top"></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="top"></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="top"></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="top"><FONT STYLE="font-family:Times New Roman" SIZE="2">Eyal Namordi</FONT></TD></TR>
<TR>
<TD VALIGN="top"></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="top"></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"> <P STYLE="margin-top:0px;margin-bottom:1px"><FONT STYLE="font-family:Times New Roman" SIZE="2">Senior Vice President</FONT></P></TD></TR>
</TABLE>
 <p STYLE="margin-top:0px;margin-bottom:0px"><FONT SIZE="1">&nbsp;</FONT></P> <P STYLE="margin-top:0px;margin-bottom:0px" ALIGN="center"><FONT STYLE="font-family:Times New Roman" SIZE="2">140
</FONT></P>


<p Style='page-break-before:always'>
<HR  SIZE="3" style="COLOR:#999999" WIDTH="100%" ALIGN="CENTER">


 <P>&nbsp;</P>
<TABLE CELLSPACING="0" CELLPADDING="0" WIDTH="100%" BORDER="0" STYLE="BORDER-COLLAPSE:COLLAPSE">


<TR>
<TD WIDTH="46%"></TD>
<TD VALIGN="bottom" WIDTH="1%"></TD>
<TD WIDTH="4%"></TD>
<TD VALIGN="bottom" WIDTH="1%"></TD>
<TD WIDTH="2%"></TD>
<TD VALIGN="bottom" WIDTH="1%"></TD>
<TD WIDTH="45%"></TD></TR>


<TR>
<TD VALIGN="top"><FONT STYLE="font-family:Times New Roman" SIZE="2"><B>LENDER:</B></FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="top"></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="top" COLSPAN="3"><FONT STYLE="font-family:Times New Roman" SIZE="2"><B>MANUFACTURERS AND TRADERS TRUST COMPANY</B></FONT></TD></TR>
<TR>
<TD HEIGHT="16"></TD>
<TD HEIGHT="16" COLSPAN="2"></TD>
<TD HEIGHT="16" COLSPAN="2"></TD>
<TD HEIGHT="16" COLSPAN="2"></TD></TR>
<TR>
<TD VALIGN="top"></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="top"></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="top"><FONT STYLE="font-family:Times New Roman" SIZE="2">By:</FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #000000"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="top" STYLE="BORDER-BOTTOM:1px solid #000000"><FONT STYLE="font-family:Times New Roman" SIZE="2">/s/ PETER J. OSTROWSKI</FONT></TD></TR>
<TR>
<TD VALIGN="top"></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="top"></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="top"></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="top"><FONT STYLE="font-family:Times New Roman" SIZE="2">Peter J. Ostrowski</FONT></TD></TR>
<TR>
<TD VALIGN="top"></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="top"></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="2">Vice President</FONT></TD></TR>
</TABLE>
 <p STYLE="margin-top:0px;margin-bottom:0px"><FONT SIZE="1">&nbsp;</FONT></P> <P STYLE="margin-top:0px;margin-bottom:0px" ALIGN="center"><FONT STYLE="font-family:Times New Roman" SIZE="2">141
</FONT></P>


<p Style='page-break-before:always'>
<HR  SIZE="3" style="COLOR:#999999" WIDTH="100%" ALIGN="CENTER">


 <P>&nbsp;</P>
<TABLE CELLSPACING="0" CELLPADDING="0" WIDTH="100%" BORDER="0" STYLE="BORDER-COLLAPSE:COLLAPSE">


<TR>
<TD WIDTH="46%"></TD>
<TD VALIGN="bottom" WIDTH="1%"></TD>
<TD WIDTH="4%"></TD>
<TD VALIGN="bottom" WIDTH="1%"></TD>
<TD WIDTH="2%"></TD>
<TD VALIGN="bottom" WIDTH="1%"></TD>
<TD WIDTH="45%"></TD></TR>


<TR>
<TD VALIGN="top"><FONT STYLE="font-family:Times New Roman" SIZE="2"><B>LENDER:</B></FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="top"></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="top" COLSPAN="3"><FONT STYLE="font-family:Times New Roman" SIZE="2"><B>REGIONS BANK</B></FONT></TD></TR>
<TR>
<TD HEIGHT="16"></TD>
<TD HEIGHT="16" COLSPAN="2"></TD>
<TD HEIGHT="16" COLSPAN="2"></TD>
<TD HEIGHT="16" COLSPAN="2"></TD></TR>
<TR>
<TD VALIGN="top"></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="top"></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="top"><FONT STYLE="font-family:Times New Roman" SIZE="2">By:</FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #000000"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="top" STYLE="BORDER-BOTTOM:1px solid #000000"><FONT STYLE="font-family:Times New Roman" SIZE="2">/s/ ROB MACGREGOR</FONT></TD></TR>
<TR>
<TD VALIGN="top"></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="top"></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="top"></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="top"><FONT STYLE="font-family:Times New Roman" SIZE="2">Rob MacGregor</FONT></TD></TR>
<TR>
<TD VALIGN="top"></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="top"></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="2">Senior Vice President</FONT></TD></TR>
</TABLE>
 <p STYLE="margin-top:0px;margin-bottom:0px"><FONT SIZE="1">&nbsp;</FONT></P> <P STYLE="margin-top:0px;margin-bottom:0px" ALIGN="center"><FONT STYLE="font-family:Times New Roman" SIZE="2">142
</FONT></P>


<p Style='page-break-before:always'>
<HR  SIZE="3" style="COLOR:#999999" WIDTH="100%" ALIGN="CENTER">


 <P>&nbsp;</P>
<TABLE CELLSPACING="0" CELLPADDING="0" WIDTH="100%" BORDER="0" STYLE="BORDER-COLLAPSE:COLLAPSE">


<TR>
<TD WIDTH="46%"></TD>
<TD VALIGN="bottom" WIDTH="1%"></TD>
<TD WIDTH="4%"></TD>
<TD VALIGN="bottom" WIDTH="1%"></TD>
<TD WIDTH="2%"></TD>
<TD VALIGN="bottom" WIDTH="1%"></TD>
<TD WIDTH="45%"></TD></TR>


<TR>
<TD VALIGN="top"><FONT STYLE="font-family:Times New Roman" SIZE="2"><B>LENDER:</B></FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="top"></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="top" COLSPAN="3"><FONT STYLE="font-family:Times New Roman" SIZE="2"><B>ROYAL BANK OF CANADA</B></FONT></TD></TR>
<TR>
<TD HEIGHT="16"></TD>
<TD HEIGHT="16" COLSPAN="2"></TD>
<TD HEIGHT="16" COLSPAN="2"></TD>
<TD HEIGHT="16" COLSPAN="2"></TD></TR>
<TR>
<TD VALIGN="top"></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="top"></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="top"><FONT STYLE="font-family:Times New Roman" SIZE="2">By:</FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #000000"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="top" STYLE="BORDER-BOTTOM:1px solid #000000"><FONT STYLE="font-family:Times New Roman" SIZE="2">/s/ G. DAVID COLE</FONT></TD></TR>
<TR>
<TD VALIGN="top"></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="top"></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="top"></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="top"><FONT STYLE="font-family:Times New Roman" SIZE="2">G. David Cole</FONT></TD></TR>
<TR>
<TD VALIGN="top"></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="top"></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="2">Authorized Signatory</FONT></TD></TR>
</TABLE>
 <p STYLE="margin-top:0px;margin-bottom:0px"><FONT SIZE="1">&nbsp;</FONT></P> <P STYLE="margin-top:0px;margin-bottom:0px" ALIGN="center"><FONT STYLE="font-family:Times New Roman" SIZE="2">143
</FONT></P>


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 <P>&nbsp;</P>
<TABLE CELLSPACING="0" CELLPADDING="0" WIDTH="100%" BORDER="0" STYLE="BORDER-COLLAPSE:COLLAPSE">


<TR>
<TD WIDTH="46%"></TD>
<TD VALIGN="bottom" WIDTH="1%"></TD>
<TD WIDTH="4%"></TD>
<TD VALIGN="bottom" WIDTH="1%"></TD>
<TD WIDTH="2%"></TD>
<TD VALIGN="bottom" WIDTH="1%"></TD>
<TD WIDTH="45%"></TD></TR>


<TR>
<TD VALIGN="top"><FONT STYLE="font-family:Times New Roman" SIZE="2"><B>LENDER:</B></FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="top"></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="top" COLSPAN="3"><FONT STYLE="font-family:Times New Roman" SIZE="2"><B>TD BANK, N.A.</B></FONT></TD></TR>
<TR>
<TD HEIGHT="16"></TD>
<TD HEIGHT="16" COLSPAN="2"></TD>
<TD HEIGHT="16" COLSPAN="2"></TD>
<TD HEIGHT="16" COLSPAN="2"></TD></TR>
<TR>
<TD VALIGN="top"></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="top"></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="top"><FONT STYLE="font-family:Times New Roman" SIZE="2">By:</FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #000000"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="top" STYLE="BORDER-BOTTOM:1px solid #000000"><FONT STYLE="font-family:Times New Roman" SIZE="2">/s/ DAVID YESUE</FONT></TD></TR>
<TR>
<TD VALIGN="top"></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="top"></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="top"></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="top"><FONT STYLE="font-family:Times New Roman" SIZE="2">David Yesue</FONT></TD></TR>
<TR>
<TD VALIGN="top"></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="top"></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="2">Vice President</FONT></TD></TR>
</TABLE>
 <p STYLE="margin-top:0px;margin-bottom:0px"><FONT SIZE="1">&nbsp;</FONT></P> <P STYLE="margin-top:0px;margin-bottom:0px" ALIGN="center"><FONT STYLE="font-family:Times New Roman" SIZE="2">144
</FONT></P>


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 <P>&nbsp;</P>
<TABLE CELLSPACING="0" CELLPADDING="0" WIDTH="100%" BORDER="0" STYLE="BORDER-COLLAPSE:COLLAPSE">


<TR>
<TD WIDTH="46%"></TD>
<TD VALIGN="bottom" WIDTH="1%"></TD>
<TD WIDTH="4%"></TD>
<TD VALIGN="bottom" WIDTH="1%"></TD>
<TD WIDTH="2%"></TD>
<TD VALIGN="bottom" WIDTH="1%"></TD>
<TD WIDTH="45%"></TD></TR>


<TR>
<TD VALIGN="top"><FONT STYLE="font-family:Times New Roman" SIZE="2"><B>LENDER:</B></FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="top"></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="top" COLSPAN="3"><FONT STYLE="font-family:Times New Roman" SIZE="2"><B>RAYMOND JAMES BANK, FSB</B></FONT></TD></TR>
<TR>
<TD HEIGHT="16"></TD>
<TD HEIGHT="16" COLSPAN="2"></TD>
<TD HEIGHT="16" COLSPAN="2"></TD>
<TD HEIGHT="16" COLSPAN="2"></TD></TR>
<TR>
<TD VALIGN="top"></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="top"></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="top"><FONT STYLE="font-family:Times New Roman" SIZE="2">By:</FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #000000"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="top" STYLE="BORDER-BOTTOM:1px solid #000000"><FONT STYLE="font-family:Times New Roman" SIZE="2">/s/ ALEXANDER L. RODY</FONT></TD></TR>
<TR>
<TD VALIGN="top"></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="top"></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="top"></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="top"><FONT STYLE="font-family:Times New Roman" SIZE="2">Alexander L. Rody</FONT></TD></TR>
<TR>
<TD VALIGN="top"></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="top"></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="2">Senior Vice President</FONT></TD></TR>
</TABLE>
 <p STYLE="margin-top:0px;margin-bottom:0px"><FONT SIZE="1">&nbsp;</FONT></P> <P STYLE="margin-top:0px;margin-bottom:0px" ALIGN="center"><FONT STYLE="font-family:Times New Roman" SIZE="2">145
</FONT></P>


<p Style='page-break-before:always'>
<HR  SIZE="3" style="COLOR:#999999" WIDTH="100%" ALIGN="CENTER">


 <P>&nbsp;</P>
<TABLE CELLSPACING="0" CELLPADDING="0" WIDTH="100%" BORDER="0" STYLE="BORDER-COLLAPSE:COLLAPSE">


<TR>
<TD WIDTH="45%"></TD>
<TD VALIGN="bottom" WIDTH="1%"></TD>
<TD WIDTH="4%"></TD>
<TD VALIGN="bottom" WIDTH="1%"></TD>
<TD WIDTH="4%"></TD>
<TD VALIGN="bottom" WIDTH="1%"></TD>
<TD WIDTH="44%"></TD></TR>


<TR>
<TD VALIGN="top"><FONT STYLE="font-family:Times New Roman" SIZE="2"><B>LENDER:</B></FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="top"></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="top" COLSPAN="3"><FONT STYLE="font-family:Times New Roman" SIZE="2"><B>GOLDMAN SACHS BANK USA</B></FONT></TD></TR>
<TR>
<TD HEIGHT="16"></TD>
<TD HEIGHT="16" COLSPAN="2"></TD>
<TD HEIGHT="16" COLSPAN="2"></TD>
<TD HEIGHT="16" COLSPAN="2"></TD></TR>
<TR>
<TD VALIGN="top"></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="top"></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="top"><FONT STYLE="font-family:Times New Roman" SIZE="2">By:</FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #000000"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="top" STYLE="BORDER-BOTTOM:1px solid #000000"><FONT STYLE="font-family:Times New Roman" SIZE="2">/s/ MARK WALTON</FONT></TD></TR>
<TR>
<TD VALIGN="top"></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="top"></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="top"><FONT STYLE="font-family:Times New Roman" SIZE="2">Name:</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="top"><FONT STYLE="font-family:Times New Roman" SIZE="2">Mark Walton</FONT></TD></TR>
<TR>
<TD VALIGN="top"></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="top"><FONT STYLE="font-family:Times New Roman" SIZE="2">Title:</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="2">Authorized Signatory</FONT></TD></TR>
</TABLE>
 <p STYLE="margin-top:0px;margin-bottom:0px"><FONT SIZE="1">&nbsp;</FONT></P> <P STYLE="margin-top:0px;margin-bottom:0px" ALIGN="center"><FONT STYLE="font-family:Times New Roman" SIZE="2">146
</FONT></P>


<p Style='page-break-before:always'>
<HR  SIZE="3" style="COLOR:#999999" WIDTH="100%" ALIGN="CENTER">


 <P>&nbsp;</P>
<TABLE CELLSPACING="0" CELLPADDING="0" WIDTH="100%" BORDER="0" STYLE="BORDER-COLLAPSE:COLLAPSE">


<TR>
<TD WIDTH="45%"></TD>
<TD VALIGN="bottom" WIDTH="1%"></TD>
<TD WIDTH="4%"></TD>
<TD VALIGN="bottom" WIDTH="1%"></TD>
<TD WIDTH="4%"></TD>
<TD VALIGN="bottom" WIDTH="1%"></TD>
<TD WIDTH="44%"></TD></TR>


<TR>
<TD VALIGN="top"><FONT STYLE="font-family:Times New Roman" SIZE="2"><B>LENDER:</B></FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="top"></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="top" COLSPAN="3"> <P STYLE="margin-top:0px;margin-bottom:0px"><FONT STYLE="font-family:Times New Roman" SIZE="2"><B>CREDIT SUISSE AG, CAYMAN ISLANDS</B></FONT></P> <P STYLE="margin-top:0px;margin-bottom:1px"><FONT
STYLE="font-family:Times New Roman" SIZE="2"><B>BRANCH</B></FONT></P></TD></TR>
<TR>
<TD HEIGHT="16"></TD>
<TD HEIGHT="16" COLSPAN="2"></TD>
<TD HEIGHT="16" COLSPAN="2"></TD>
<TD HEIGHT="16" COLSPAN="2"></TD></TR>
<TR>
<TD VALIGN="top"></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="top"></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="top"><FONT STYLE="font-family:Times New Roman" SIZE="2">By:</FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #000000"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="top" STYLE="BORDER-BOTTOM:1px solid #000000"><FONT STYLE="font-family:Times New Roman" SIZE="2">/s/ MIKHAIL FAYBUSOVICH</FONT></TD></TR>
<TR>
<TD VALIGN="top"></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="top"></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="top"></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="top"><FONT STYLE="font-family:Times New Roman" SIZE="2">Mikhail Faybusovich</FONT></TD></TR>
<TR>
<TD VALIGN="top"></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="top"><FONT STYLE="font-family:Times New Roman" SIZE="2">Title:</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="2">Director</FONT></TD></TR>
<TR>
<TD HEIGHT="16"></TD>
<TD HEIGHT="16" COLSPAN="2"></TD>
<TD HEIGHT="16" COLSPAN="2"></TD>
<TD HEIGHT="16" COLSPAN="2"></TD></TR>
<TR>
<TD VALIGN="top"></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="top"></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="top"><FONT STYLE="font-family:Times New Roman" SIZE="2">By:</FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #000000"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="top" STYLE="BORDER-BOTTOM:1px solid #000000"><FONT STYLE="font-family:Times New Roman" SIZE="2">/s/ ALEX VERDONE</FONT></TD></TR>
<TR>
<TD VALIGN="top"></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="top"></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="top"></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="top"><FONT STYLE="font-family:Times New Roman" SIZE="2">Alex Verdone</FONT></TD></TR>
<TR>
<TD VALIGN="top"></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="top"><FONT STYLE="font-family:Times New Roman" SIZE="2">Title:</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="2">Associate</FONT></TD></TR>
</TABLE>
 <p STYLE="margin-top:0px;margin-bottom:0px"><FONT SIZE="1">&nbsp;</FONT></P> <P STYLE="margin-top:0px;margin-bottom:0px" ALIGN="center"><FONT STYLE="font-family:Times New Roman" SIZE="2">147
</FONT></P>


<p Style='page-break-before:always'>
<HR  SIZE="3" style="COLOR:#999999" WIDTH="100%" ALIGN="CENTER">


 <P STYLE="margin-top:0px;margin-bottom:0px" ALIGN="right"><FONT STYLE="font-family:Times New Roman" SIZE="2"><B><I>SCHEDULE 1.1(a) </I></B></FONT></P>
<P STYLE="margin-top:10px;margin-bottom:0px" ALIGN="center"><FONT STYLE="font-family:Times New Roman" SIZE="2"><B>COMMITMENTS </B></FONT></P>
<P STYLE="margin-top:0px;margin-bottom:0px" ALIGN="center"><FONT STYLE="font-family:Times New Roman" SIZE="2"><B>AND COMMITMENT PERCENTAGES </B></FONT></P> <P STYLE="font-size:10px;margin-top:0px;margin-bottom:0px">&nbsp;</P>
<TABLE CELLSPACING="0" CELLPADDING="0" WIDTH="100%" BORDER="0" STYLE="BORDER-COLLAPSE:COLLAPSE" ALIGN="center">


<TR STYLE="visibility:hidden; line-height:0pt; color:white">
<TD WIDTH="85%"></TD>
<TD VALIGN="bottom" WIDTH="1%"></TD>
<TD></TD>
<TD nowrap><FONT STYLE="Times New Roman" SIZE="1"><B>September 30,</B></FONT></TD>
<TD></TD>
<TD VALIGN="bottom" WIDTH="1%"></TD>
<TD></TD>
<TD nowrap><FONT STYLE="Times New Roman" SIZE="1"><B>September 30,</B></FONT></TD>
<TD></TD>
<TD VALIGN="bottom" WIDTH="1%"></TD>
<TD></TD>
<TD nowrap><FONT STYLE="Times New Roman" SIZE="1"><B>September 30,</B></FONT></TD>
<TD></TD>
<TD VALIGN="bottom" WIDTH="1%"></TD>
<TD></TD>
<TD nowrap><FONT STYLE="Times New Roman" SIZE="1"><B>September 30,</B></FONT></TD>
<TD></TD></TR>
<TR>
<TD VALIGN="bottom" NOWRAP> <P STYLE="border-bottom:1px solid #000000;width:24pt"><FONT STYLE="font-family:Times New Roman" SIZE="1"><B>Lender</B></FONT></P></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" COLSPAN="2" ALIGN="center" STYLE="border-bottom:1px solid #000000"><FONT STYLE="font-family:Times New Roman" SIZE="1"><B>Revolver</B></FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" COLSPAN="2" ALIGN="center" STYLE="border-bottom:1px solid #000000"><FONT STYLE="font-family:Times New Roman" SIZE="1"><B>Term Loan</B></FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" COLSPAN="2" ALIGN="center" STYLE="border-bottom:1px solid #000000"><FONT STYLE="font-family:Times New Roman" SIZE="1"><B>Facility</B></FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" COLSPAN="2" ALIGN="center" STYLE="border-bottom:1px solid #000000"><FONT STYLE="font-family:Times New Roman" SIZE="1"><B>Percentage of<BR>Facility</B></FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD></TR>


<TR BGCOLOR="#cceeff">
<TD VALIGN="top"> <P STYLE="margin-left:1.00em; text-indent:-1.00em"><FONT STYLE="font-family:Times New Roman" SIZE="2">KeyBank National Association</FONT></P></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="2">$</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:Times New Roman" SIZE="2">37,500,000</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="2">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="2">$</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:Times New Roman" SIZE="2">12,500,000</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="2">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="2">$</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:Times New Roman" SIZE="2">50,000,000</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="2">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="2">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:Times New Roman" SIZE="2">16.6666666667</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="2">%&nbsp;</FONT></TD></TR>
<TR>
<TD VALIGN="top"> <P STYLE="margin-left:1.00em; text-indent:-1.00em"><FONT STYLE="font-family:Times New Roman" SIZE="2">Bank of America, N.A.</FONT></P></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="2">$</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:Times New Roman" SIZE="2">37,500,000</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="2">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="2">$</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:Times New Roman" SIZE="2">12,500,000</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="2">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="2">$</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:Times New Roman" SIZE="2">50,000,000</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="2">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="2">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:Times New Roman" SIZE="2">16.6666666667</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="2">%&nbsp;</FONT></TD></TR>
<TR BGCOLOR="#cceeff">
<TD VALIGN="top"> <P STYLE="margin-left:1.00em; text-indent:-1.00em"><FONT STYLE="font-family:Times New Roman" SIZE="2">Manufacturers and Traders Trust Company</FONT></P></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="2">$</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:Times New Roman" SIZE="2">37,500,000</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="2">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="2">$</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:Times New Roman" SIZE="2">12,500,000</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="2">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="2">$</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:Times New Roman" SIZE="2">50,000,000</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="2">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="2">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:Times New Roman" SIZE="2">16.6666666667</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="2">%&nbsp;</FONT></TD></TR>
<TR>
<TD VALIGN="top"> <P STYLE="margin-left:1.00em; text-indent:-1.00em"><FONT STYLE="font-family:Times New Roman" SIZE="2">Regions Bank</FONT></P></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="2">$</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:Times New Roman" SIZE="2">37,500,000</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="2">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="2">$</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:Times New Roman" SIZE="2">12,500,000</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="2">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="2">$</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:Times New Roman" SIZE="2">50,000,000</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="2">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="2">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:Times New Roman" SIZE="2">16.6666666667</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="2">%&nbsp;</FONT></TD></TR>
<TR BGCOLOR="#cceeff">
<TD VALIGN="top"> <P STYLE="margin-left:1.00em; text-indent:-1.00em"><FONT STYLE="font-family:Times New Roman" SIZE="2">Royal Bank of Canada</FONT></P></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="2">$</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:Times New Roman" SIZE="2">22,500,000</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="2">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="2">$</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:Times New Roman" SIZE="2">7,500,000</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="2">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="2">$</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:Times New Roman" SIZE="2">30,000,000</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="2">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="2">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:Times New Roman" SIZE="2">10.0000000000</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="2">%&nbsp;</FONT></TD></TR>
<TR>
<TD VALIGN="top"> <P STYLE="margin-left:1.00em; text-indent:-1.00em"><FONT STYLE="font-family:Times New Roman" SIZE="2">TD Bank, N.A.</FONT></P></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="2">$</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:Times New Roman" SIZE="2">26,250,000</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="2">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="2">$</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:Times New Roman" SIZE="2">8,750,000</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="2">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="2">$</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:Times New Roman" SIZE="2">35,000,000</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="2">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="2">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:Times New Roman" SIZE="2">11.6666666667</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="2">%&nbsp;</FONT></TD></TR>
<TR BGCOLOR="#cceeff">
<TD VALIGN="top"> <P STYLE="margin-left:1.00em; text-indent:-1.00em"><FONT STYLE="font-family:Times New Roman" SIZE="2">Raymond James Bank, FSB</FONT></P></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="2">$</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:Times New Roman" SIZE="2">11,250,000</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="2">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="2">$</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:Times New Roman" SIZE="2">3,750,000</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="2">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="2">$</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:Times New Roman" SIZE="2">15,000,000</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="2">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="2">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:Times New Roman" SIZE="2">5.0000000000</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="2">%&nbsp;</FONT></TD></TR>
<TR>
<TD VALIGN="top"> <P STYLE="margin-left:1.00em; text-indent:-1.00em"><FONT STYLE="font-family:Times New Roman" SIZE="2">Goldman Sachs Bank USA</FONT></P></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="2">$</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:Times New Roman" SIZE="2">7,500,000</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="2">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="2">$</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:Times New Roman" SIZE="2">2,500,000</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="2">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="2">$</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:Times New Roman" SIZE="2">10,000,000</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="2">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="2">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:Times New Roman" SIZE="2">3.3333333333</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="2">%&nbsp;</FONT></TD></TR>
<TR BGCOLOR="#cceeff">
<TD VALIGN="top"> <P STYLE="margin-left:1.00em; text-indent:-1.00em"><FONT STYLE="font-family:Times New Roman" SIZE="2">Credit Suisse AG, Cayman Islands Branch</FONT></P></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="2">$</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:Times New Roman" SIZE="2">7,500,000</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="2">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="2">$</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:Times New Roman" SIZE="2">2,500,000</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="2">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="2">$</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:Times New Roman" SIZE="2">10,000,000</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="2">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="2">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:Times New Roman" SIZE="2">3.3333333333</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="2">%&nbsp;</FONT></TD></TR>
<TR STYLE="font-size:1px">
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"> <P STYLE="border-top:1px solid #000000">&nbsp;</P></TD>
<TD VALIGN="bottom"> <P STYLE="border-top:1px solid #000000">&nbsp;</P></TD>
<TD>&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"> <P STYLE="border-top:1px solid #000000">&nbsp;</P></TD>
<TD VALIGN="bottom"> <P STYLE="border-top:1px solid #000000">&nbsp;</P></TD>
<TD>&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"> <P STYLE="border-top:1px solid #000000">&nbsp;</P></TD>
<TD VALIGN="bottom"> <P STYLE="border-top:1px solid #000000">&nbsp;</P></TD>
<TD>&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"> <P STYLE="border-top:1px solid #000000">&nbsp;</P></TD>
<TD VALIGN="bottom"> <P STYLE="border-top:1px solid #000000">&nbsp;</P></TD>
<TD>&nbsp;</TD></TR>
<TR>
<TD VALIGN="top"> <P STYLE="margin-left:1.00em; text-indent:-1.00em"><FONT STYLE="font-family:Times New Roman" SIZE="2"><B>Total</B></FONT></P></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="2"><B>$</B></FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:Times New Roman" SIZE="2"><B>225,000,000</B></FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="2"><B>&nbsp;&nbsp;</B></FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="2"><B>$</B></FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:Times New Roman" SIZE="2"><B>75,000,000</B></FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="2"><B>&nbsp;&nbsp;</B></FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="2"><B>$</B></FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:Times New Roman" SIZE="2"><B>300,000,000</B></FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="2"><B>&nbsp;&nbsp;</B></FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="2"><B>&nbsp;</B></FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:Times New Roman" SIZE="2"><B>100.000000000</B></FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="2"><B>%&nbsp;</B></FONT></TD></TR>
<TR STYLE="font-size:1px">
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"> <P STYLE="border-top:1px solid #000000">&nbsp;</P></TD>
<TD VALIGN="bottom"> <P STYLE="border-top:1px solid #000000">&nbsp;</P></TD>
<TD>&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"> <P STYLE="border-top:1px solid #000000">&nbsp;</P></TD>
<TD VALIGN="bottom"> <P STYLE="border-top:1px solid #000000">&nbsp;</P></TD>
<TD>&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"> <P STYLE="border-top:1px solid #000000">&nbsp;</P></TD>
<TD VALIGN="bottom"> <P STYLE="border-top:1px solid #000000">&nbsp;</P></TD>
<TD>&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"> <P STYLE="border-top:1px solid #000000">&nbsp;</P></TD>
<TD VALIGN="bottom"> <P STYLE="border-top:1px solid #000000">&nbsp;</P></TD>
<TD>&nbsp;</TD></TR>
</TABLE> <P STYLE="font-size:10px;margin-top:0px;margin-bottom:0px"><FONT SIZE="1">&nbsp;</FONT></P>

<p Style='page-break-before:always'>
<HR  SIZE="3" style="COLOR:#999999" WIDTH="100%" ALIGN="CENTER">


 <P STYLE="margin-top:0px;margin-bottom:0px" ALIGN="right"><FONT STYLE="font-family:Times New Roman" SIZE="2"><B><I>SCHEDULE 1.1(b) </I></B></FONT></P>
<P STYLE="margin-top:10px;margin-bottom:0px" ALIGN="center"><FONT STYLE="font-family:Times New Roman" SIZE="2"><B>EXISTING LETTERS OF CREDIT </B></FONT></P> <P STYLE="font-size:10px;margin-top:0px;margin-bottom:0px">&nbsp;</P>
<TABLE CELLSPACING="0" CELLPADDING="0" WIDTH="100%" BORDER="0" STYLE="BORDER-COLLAPSE:COLLAPSE" ALIGN="center">


<TR STYLE="visibility:hidden; line-height:0pt; color:white">
<TD WIDTH="91%"></TD>
<TD VALIGN="bottom" WIDTH="1%"></TD>
<TD nowrap><FONT STYLE="Times New Roman" SIZE="1"><B>September 30,</B></FONT></TD>
<TD VALIGN="bottom" WIDTH="1%"></TD>
<TD></TD>
<TD nowrap><FONT STYLE="Times New Roman" SIZE="1"><B>September 30,</B></FONT></TD>
<TD></TD>
<TD VALIGN="bottom" WIDTH="1%"></TD>
<TD></TD>
<TD nowrap><FONT STYLE="Times New Roman" SIZE="1"><B>September 30,</B></FONT></TD>
<TD></TD>
<TD VALIGN="bottom" WIDTH="1%"></TD>
<TD></TD>
<TD nowrap><FONT STYLE="Times New Roman" SIZE="1"><B>September 30,</B></FONT></TD>
<TD></TD></TR>
<TR>
<TD VALIGN="bottom" NOWRAP> <P STYLE="border-bottom:1px solid #000000;width:33pt"><FONT STYLE="font-family:Times New Roman" SIZE="1"><B>Applicant</B></FONT></P></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="center" STYLE="border-bottom:1px solid #000000"><FONT STYLE="font-family:Times New Roman" SIZE="1"><B>Project</B></FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" COLSPAN="2" ALIGN="center" STYLE="border-bottom:1px solid #000000"><FONT STYLE="font-family:Times New Roman" SIZE="1"><B>Amount</B></FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" COLSPAN="2" ALIGN="center" STYLE="border-bottom:1px solid #000000"><FONT STYLE="font-family:Times New Roman" SIZE="1"><B>Expiration<BR>Date</B></FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" COLSPAN="2" ALIGN="center" STYLE="border-bottom:1px solid #000000"><FONT STYLE="font-family:Times New Roman" SIZE="1"><B>Letter of Credit<BR>Number</B></FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD></TR>


<TR BGCOLOR="#cceeff">
<TD VALIGN="top"> <P STYLE="margin-left:1.00em; text-indent:-1.00em"><FONT STYLE="font-family:Times New Roman" SIZE="2">Cedar Realty Trust Partnership, L.P.</FONT></P></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="2">Halifax&nbsp;III</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="2">$</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:Times New Roman" SIZE="2">323,000.00</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="2">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="2">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:Times New Roman" SIZE="2">1/24/2012</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="2">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="2">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:Times New Roman" SIZE="2">00000068058080</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="2">&nbsp;&nbsp;</FONT></TD></TR>
<TR>
<TD VALIGN="top"> <P STYLE="margin-left:1.00em; text-indent:-1.00em"><FONT STYLE="font-family:Times New Roman" SIZE="2">Cedar Realty Trust Partnership, L.P.</FONT></P></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="2">Aston&nbsp;Fueling</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="2">$</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:Times New Roman" SIZE="2">299,351.44</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="2">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="2">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:Times New Roman" SIZE="2">1/24/2012</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="2">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="2">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:Times New Roman" SIZE="2">00000068060792</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="2">&nbsp;&nbsp;</FONT></TD></TR>
<TR BGCOLOR="#cceeff">
<TD VALIGN="top"> <P STYLE="margin-left:1.00em; text-indent:-1.00em"><FONT STYLE="font-family:Times New Roman" SIZE="2">Cedar Realty Trust Partnership, L.P.</FONT></P></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="2">Trexler&nbsp;Plaza</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="2">$</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:Times New Roman" SIZE="2">141,904.13</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="2">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="2">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:Times New Roman" SIZE="2">1/24/2012</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="2">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="2">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:Times New Roman" SIZE="2">00000068060550</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="2">&nbsp;&nbsp;</FONT></TD></TR>
<TR>
<TD VALIGN="top"> <P STYLE="margin-left:1.00em; text-indent:-1.00em"><FONT STYLE="font-family:Times New Roman" SIZE="2">Cedar Realty Trust Partnership, L.P.</FONT></P></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="2">Trexler Plaza</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="2">$</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:Times New Roman" SIZE="2">196,802.77</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="2">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="2">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:Times New Roman" SIZE="2">1/24/2012</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="2">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="2">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:Times New Roman" SIZE="2">00000068058785</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="2">&nbsp;&nbsp;</FONT></TD></TR>
<TR BGCOLOR="#cceeff">
<TD VALIGN="top"> <P STYLE="margin-left:1.00em; text-indent:-1.00em"><FONT STYLE="font-family:Times New Roman" SIZE="2">Cedar Realty Trust Partnership, L.P.</FONT></P></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="2">Brickyard</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="2">$</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:Times New Roman" SIZE="2">115,500.00</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="2">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="2">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:Times New Roman" SIZE="2">7/31/12</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="2">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="2">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:Times New Roman" SIZE="2">00000068058924</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="2">&nbsp;&nbsp;</FONT></TD></TR>
<TR>
<TD VALIGN="top"> <P STYLE="margin-left:1.00em; text-indent:-1.00em"><FONT STYLE="font-family:Times New Roman" SIZE="2">Cedar Realty Trust Partnership, L.P.</FONT></P></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="2">Trexler Plaza</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="2">$</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:Times New Roman" SIZE="2">45,382.82</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="2">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="2">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:Times New Roman" SIZE="2">1/24/2012</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="2">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="2">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:Times New Roman" SIZE="2">00000068058791</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="2">&nbsp;&nbsp;</FONT></TD></TR>
<TR BGCOLOR="#cceeff">
<TD VALIGN="top"> <P STYLE="margin-left:1.00em; text-indent:-1.00em"><FONT STYLE="font-family:Times New Roman" SIZE="2">Cedar-Brickyard, LLC</FONT></P></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="2">Brickyard</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="2">$</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:Times New Roman" SIZE="2">529,075.00</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="2">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="2">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:Times New Roman" SIZE="2">1/13/2013</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="2">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="2">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:Times New Roman" SIZE="2">00000068059929</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="2">&nbsp;&nbsp;</FONT></TD></TR>
<TR STYLE="font-size:1px">
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"> <P STYLE="border-top:1px solid #000000">&nbsp;</P></TD>
<TD VALIGN="bottom"> <P STYLE="border-top:1px solid #000000">&nbsp;</P></TD>
<TD>&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD></TR>
<TR>
<TD HEIGHT="13" COLSPAN="3"></TD>
<TD HEIGHT="13" COLSPAN="4"></TD>
<TD HEIGHT="13" COLSPAN="4"></TD>
<TD HEIGHT="13" COLSPAN="4"></TD></TR>
<TR>
<TD VALIGN="top" COLSPAN="3"> <P STYLE="margin-left:1.00em; text-indent:-1.00em"><FONT STYLE="font-family:Times New Roman" SIZE="2"><B>Total</B></FONT></P></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="2">$</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:Times New Roman" SIZE="2">1,651,016.16</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="2">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD></TR>
<TR STYLE="font-size:1px">
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"> <P STYLE="border-top:1px solid #000000">&nbsp;</P></TD>
<TD VALIGN="bottom"> <P STYLE="border-top:1px solid #000000">&nbsp;</P></TD>
<TD>&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD></TR>
</TABLE> <P STYLE="font-size:10px;margin-top:0px;margin-bottom:0px"><FONT SIZE="1">&nbsp;</FONT></P>

<p Style='page-break-before:always'>
<HR  SIZE="3" style="COLOR:#999999" WIDTH="100%" ALIGN="CENTER">


 <P STYLE="margin-top:0px;margin-bottom:0px" ALIGN="right"><FONT STYLE="font-family:Times New Roman" SIZE="2"><B><I>SCHEDULE 3.3.7 </I></B></FONT></P>
<P STYLE="margin-top:10px;margin-bottom:0px" ALIGN="center"><FONT STYLE="font-family:Times New Roman" SIZE="2"><B>THEATER PARCEL </B></FONT></P> <P STYLE="margin-top:10px;margin-bottom:0px" ALIGN="justify"><FONT
STYLE="font-family:Times New Roman" SIZE="2"><B>ALL THAT CERTAIN</B> lot or piece of ground, with the buildings and improvements thereon erected, <B>SITUATE</B> in the 1st Ward, City of Philadelphia, Commonwealth of Pennsylvania, being bounded and
described according to a Plan of Survey, prepared by John J. Leapson, Professional Land Surveyor, dated February&nbsp;19, 1997, last revised December&nbsp;12, 2003, as follows: </FONT></P>
<P STYLE="margin-top:10px;margin-bottom:0px" ALIGN="justify"><FONT STYLE="font-family:Times New Roman" SIZE="2"><B>BEGINNING</B> at the interSection&nbsp;of the Northeast side of Dickinson Street (50 feet wide) with the Southeast side of Water
Street (50 feet wide); thence along the same North 14 degrees 41 minutes 39 seconds East 331.03 feet to a point in line of Parcel &#147;B&#148; on said Plan; thence along the same the following two (2)&nbsp;courses and distances (1)&nbsp;South 63
degrees 36 minutes 02 seconds East passing partly through a party wall 61.271 feet to a point (2)&nbsp;North 14 degrees 41 minutes 39 seconds East 80.761 feet to a point on the Southwest side of Reed Street (80 feet wide); thence along the same
South 75 degrees 13 minutes 21 seconds East 195.00 feet to a point on the Northwest side of Christopher Columbus Boulevard (formerly Delaware Avenue 150 feet wide); thence along the same South 14 degrees 41 minutes 39 seconds West 399.520 feet to a
point on the previously mentioned Northeast side of Dickinson Street (50 feet wide); thence along the same North 75 degrees 13 minutes 21 seconds West 255.000 feet to the first mentioned point and place of beginning. </FONT></P>
<P STYLE="margin-top:10px;margin-bottom:0px"><FONT STYLE="font-family:Times New Roman" SIZE="2"><B>CONTAINING</B> 97,401 square feet or 2.236 acres. </FONT></P> <P STYLE="margin-top:10px;margin-bottom:0px"><FONT
STYLE="font-family:Times New Roman" SIZE="2"><B>BEING</B> known as #1400 South Christopher Columbus Boulevard (formerly Delaware Avenue). </FONT></P>
<P STYLE="margin-top:10px;margin-bottom:0px"><FONT STYLE="font-family:Times New Roman" SIZE="2"><B>BEING Registry <U>#9 S 16-93, 94</U>. </B></FONT></P> <P STYLE="font-size:10px;margin-top:0px;margin-bottom:0px"><FONT SIZE="1">&nbsp;</FONT></P>

<p Style='page-break-before:always'>
<HR  SIZE="3" style="COLOR:#999999" WIDTH="100%" ALIGN="CENTER">


 <P STYLE="margin-top:0px;margin-bottom:0px" ALIGN="right"><FONT STYLE="font-family:Times New Roman" SIZE="2"><B><I>SCHEDULE 4 </I></B></FONT></P>
<P STYLE="margin-top:10px;margin-bottom:0px" ALIGN="center"><FONT STYLE="font-family:Times New Roman" SIZE="2"><B>AUTHORIZED OFFICERS </B></FONT></P> <P STYLE="font-size:10px;margin-top:0px;margin-bottom:0px">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR>
<TD WIDTH="4%" VALIGN="top" ALIGN="left"><FONT STYLE="font-family:Times New Roman" SIZE="2">1.</FONT></TD>
<TD ALIGN="left" VALIGN="top"> <P ALIGN="justify"><FONT STYLE="font-family:Times New Roman" SIZE="2">Bruce J. Schanzer, Chief Executive Officer of Cedar Realty Trust, Inc. </FONT></P></TD></TR></TABLE>
<P STYLE="font-size:10px;margin-top:0px;margin-bottom:0px">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR>
<TD WIDTH="4%" VALIGN="top" ALIGN="left"><FONT STYLE="font-family:Times New Roman" SIZE="2">2.</FONT></TD>
<TD ALIGN="left" VALIGN="top"> <P ALIGN="justify"><FONT STYLE="font-family:Times New Roman" SIZE="2">Brenda J. Walker, Chief Operating Officer of Cedar Realty Trust, Inc. </FONT></P></TD></TR></TABLE>
<P STYLE="font-size:10px;margin-top:0px;margin-bottom:0px">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR>
<TD WIDTH="4%" VALIGN="top" ALIGN="left"><FONT STYLE="font-family:Times New Roman" SIZE="2">3.</FONT></TD>
<TD ALIGN="left" VALIGN="top"> <P ALIGN="justify"><FONT STYLE="font-family:Times New Roman" SIZE="2">Philip R. Mays, Chief Financial Officer of Cedar Realty Trust, Inc. </FONT></P></TD></TR></TABLE>
<P STYLE="font-size:10px;margin-top:0px;margin-bottom:0px"><FONT SIZE="1">&nbsp;</FONT></P>

<p Style='page-break-before:always'>
<HR  SIZE="3" style="COLOR:#999999" WIDTH="100%" ALIGN="CENTER">


 <P STYLE="margin-top:0px;margin-bottom:0px" ALIGN="right"><FONT STYLE="font-family:Times New Roman" SIZE="2"><B><I>SCHEDULE 5.1.11 </I></B></FONT></P>
<P STYLE="margin-top:10px;margin-bottom:0px" ALIGN="center"><FONT STYLE="font-family:Times New Roman" SIZE="2"><B>REQUIRED PROPERTY, HAZARD AND OTHER INSURANCE </B></FONT></P>
<P STYLE="margin-top:10px;margin-bottom:0px; text-indent:4%" ALIGN="justify"><FONT STYLE="font-family:Times New Roman" SIZE="2">Borrower or the applicable Loan Party shall at all times provide and maintain the following insurance coverages with
respect to each Collateral Property and the Collateral issued by companies qualified to do business in the applicable jurisdictions where the Collateral Property is located, having a Best&#146;s Rating of not less than A-VIII and otherwise
acceptable to Administrative Agent in its sole reasonable discretion: </FONT></P> <P STYLE="margin-top:10px;margin-bottom:0px; margin-left:4%; text-indent:4%" ALIGN="justify"><FONT STYLE="font-family:Times New Roman" SIZE="2">(i) physical insurance
on an all-risk basis without exception (including, without limitation, flood required if property is in a &#147;Special Flood Hazard Area&#148; A or V, vandalism and malicious mischief, earthquake, collapse, boiler explosion, sprinkler coverage,
mold infestation, cost of demolition, increased costs of construction and the value of the undamaged portion of the building and soft costs coverage) covering all the real estate, fixtures and personal property to the extent of the full insurable
value thereof, on a builder&#146;s risk non-reporting form prior to completion and occupancy to Occupy Endorsement, having replacement cost and agreed amount endorsements (with deductibles not in excess of insurable value); </FONT></P>
<P STYLE="margin-top:10px;margin-bottom:0px; margin-left:4%; text-indent:4%" ALIGN="justify"><FONT STYLE="font-family:Times New Roman" SIZE="2">(ii) rent loss or business interruption insurance in an amount equal to one year&#146;s projected rentals
or gross revenues; </FONT></P> <P STYLE="margin-top:10px;margin-bottom:0px; margin-left:4%; text-indent:4%" ALIGN="justify"><FONT STYLE="font-family:Times New Roman" SIZE="2">(iii) public liability insurance, with underlying and umbrella coverages
totaling not less than $2,000,000.00 per occurrence and $10,000,000.00 in the aggregate or such other amounts as may be determined by Administrative Agent from time to time; </FONT></P>
<P STYLE="margin-top:10px;margin-bottom:0px; margin-left:4%; text-indent:4%" ALIGN="justify"><FONT STYLE="font-family:Times New Roman" SIZE="2">(iv) automobile liability insurance (including non-owned automobile) with a coverage of $1,000,000 per
occurrence during construction; </FONT></P> <P STYLE="margin-top:10px;margin-bottom:0px; margin-left:4%; text-indent:4%" ALIGN="justify"><FONT STYLE="font-family:Times New Roman" SIZE="2">(v) worker&#146;s compensation, employer&#146;s liability and
other insurance required by law; </FONT></P> <P STYLE="margin-top:10px;margin-bottom:0px; margin-left:4%; text-indent:4%" ALIGN="justify"><FONT STYLE="font-family:Times New Roman" SIZE="2">(vi) such other insurance coverages in such amounts as
Administrative Agent may request consistent with the customary practices of prudent developers and owners of similar properties. </FONT></P> <P STYLE="margin-top:10px;margin-bottom:0px" ALIGN="justify"><FONT
STYLE="font-family:Times New Roman" SIZE="2">An actual insurance policy or certified copy thereof, or a binder, certificate of insurance, or other evidence of property coverage in the form of Acord 27 (Evidence of Property Coverage), Acord 25
(Certificate of Insurance), or a 30-day binder in form acceptable to Administrative Agent with an unconditional undertaking to deliver the policy or a certified copy within thirty (30)&nbsp;days, shall be delivered at closing of the Loan and prior
to the first Loan Advance. </FONT></P> <P STYLE="margin-top:10px;margin-bottom:0px; text-indent:4%" ALIGN="justify"><FONT STYLE="font-family:Times New Roman" SIZE="2">Flood insurance shall be provided if the property or the collateral is located in
a flood zone, flood risk or flood hazard area as designated pursuant to the Federal Flood Disaster Protection Act of 1973, as amended, and the Regulations thereunder, or if otherwise reasonably required by Administrative Agent. </FONT></P>

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 <P STYLE="margin-top:0px;margin-bottom:0px; text-indent:4%" ALIGN="justify"><FONT STYLE="font-family:Times New Roman" SIZE="2">Administrative Agent, on behalf of the Lenders, shall be named as first
mortgagee on policies of all-risk-type insurance on the Collateral Property, as loss payee on the Collateral and its contents, and as first mortgagee on rent-loss or business interruption coverages related thereto. </FONT></P>
<P STYLE="margin-top:10px;margin-bottom:0px; text-indent:4%" ALIGN="justify"><FONT STYLE="font-family:Times New Roman" SIZE="2">Except with respect to public liability insurance, as to which Administrative Agent, on behalf of the Lenders, shall be
named as an additional insured with respect to the Collateral Property or the Collateral, all other required insurance coverages shall have a so-called &#147;Mortgagee&#146;s endorsement&#148; or &#147;Lenders&#146; loss-payable endorsement&#148;
which shall provide in substance as follows: </FONT></P> <P STYLE="margin-top:10px;margin-bottom:0px; margin-left:4%; text-indent:4%" ALIGN="justify"><FONT STYLE="font-family:Times New Roman" SIZE="2">A. Subject to the terms of this Agreement, loss
or damage, if any, under the policy shall be paid to Administrative Agent and its successors and assigns in whatever form or capacity its interest may appear and whether said interest be vested in said Administrative Agent in its individual or in
its disclosed or undisclosed fiduciary or representative capacity, or otherwise, or vested in a nominee or trustee of said Administrative Agent. </FONT></P>
<P STYLE="margin-top:10px;margin-bottom:0px; margin-left:4%; text-indent:4%" ALIGN="justify"><FONT STYLE="font-family:Times New Roman" SIZE="2">B. The insurance under the policy, or under any rider or endorsement attached thereto, as to the interest
only of Administrative Agent, its successors and assigns, shall not be invalidated nor suspended: </FONT></P> <P STYLE="margin-top:10px;margin-bottom:0px; margin-left:8%; text-indent:4%" ALIGN="justify"><FONT
STYLE="font-family:Times New Roman" SIZE="2">(a) by any error, omission or change respecting the ownership, description, possession or location of the subject of the insurance or the interests therein or the title thereto; or </FONT></P>
<P STYLE="margin-top:10px;margin-bottom:0px; margin-left:8%; text-indent:4%" ALIGN="justify"><FONT STYLE="font-family:Times New Roman" SIZE="2">(b) by the commencement of foreclosure or similar proceedings or the giving of notice of sale of any of
the property covered by the policy by virtue of any mortgage, deed of trust, or security interest; or </FONT></P> <P STYLE="margin-top:10px;margin-bottom:0px; margin-left:8%; text-indent:4%" ALIGN="justify"><FONT
STYLE="font-family:Times New Roman" SIZE="2">(c) by any breach of warranty, act, omission, neglect, or noncompliance with any provisions of the policy by the named insured, or any one else, whether before or after a loss, which under the provisions
of the policy of insurance, would invalidate or suspend the insurance as to the named insured, excluding, however, any acts or omissions of Administrative Agent while exercising active control and management of the insured property. </FONT></P>
<P STYLE="margin-top:10px;margin-bottom:0px; margin-left:4%; text-indent:4%" ALIGN="justify"><FONT STYLE="font-family:Times New Roman" SIZE="2">C. Insurer shall provide Administrative Agent and each of the Lenders with not less than thirty
(30)&nbsp;days, prior written notice of cancellation of the policy (for non-payment or any other reason) or of the non-renewal thereof. </FONT></P> <P STYLE="margin-top:10px;margin-bottom:0px; margin-left:4%; text-indent:4%" ALIGN="justify"><FONT
STYLE="font-family:Times New Roman" SIZE="2">D. The insurer reserves the right to cancel the policy at any time, but only as provided by its terms. However, in such case this policy shall continue in force for the benefit of Administrative Agent for
thirty (30)&nbsp;days after written notice of such cancellation is received by Administrative Agent and shall then cease. </FONT></P>
 <p STYLE="margin-top:0px;margin-bottom:0px"><FONT SIZE="1">&nbsp;</FONT></P> <P STYLE="margin-top:0px;margin-bottom:0px" ALIGN="center"><FONT STYLE="font-family:Times New Roman" SIZE="2">SCHEDULE
5.1.11 - 2 </FONT></P>


<p Style='page-break-before:always'>
<HR  SIZE="3" style="COLOR:#999999" WIDTH="100%" ALIGN="CENTER">


 <P STYLE="margin-top:0px;margin-bottom:0px; margin-left:4%; text-indent:4%" ALIGN="justify"><FONT STYLE="font-family:Times New Roman" SIZE="2">E. Should legal title to and beneficial ownership of any of
the property covered under the policy become vested in Administrative Agent or its agents, successors or assigns, insurance under the policy shall continue for the term thereof for the benefit of Administrative Agent. </FONT></P>
<P STYLE="margin-top:10px;margin-bottom:0px; margin-left:4%; text-indent:4%" ALIGN="justify"><FONT STYLE="font-family:Times New Roman" SIZE="2">F. All notices herein provided to be given by the insurer to Administrative Agent in connection with this
policy and Administrative Agent&#146;s loss payable endorsement shall be mailed to or delivered to Administrative Agent by certified or registered mail, return receipt requested, as follows: </FONT></P>
<P STYLE="margin-top:10px;margin-bottom:0px; margin-left:4%" ALIGN="justify"><FONT STYLE="font-family:Times New Roman" SIZE="2">KeyBank National Association </FONT></P> <P STYLE="margin-top:0px;margin-bottom:0px; margin-left:4%" ALIGN="justify"><FONT
STYLE="font-family:Times New Roman" SIZE="2">225 Franklin Street </FONT></P> <P STYLE="margin-top:0px;margin-bottom:0px; margin-left:4%" ALIGN="justify"><FONT STYLE="font-family:Times New Roman" SIZE="2">Boston, Massachusetts 02110 </FONT></P>
<P STYLE="margin-top:0px;margin-bottom:0px; margin-left:4%" ALIGN="justify"><FONT STYLE="font-family:Times New Roman" SIZE="2">Attention: Mr.&nbsp;Gregory Lane </FONT></P>
 <p STYLE="margin-top:0px;margin-bottom:0px"><FONT SIZE="1">&nbsp;</FONT></P> <P STYLE="margin-top:0px;margin-bottom:0px" ALIGN="center"><FONT STYLE="font-family:Times New Roman" SIZE="2">SCHEDULE
5.1.11 - 3 </FONT></P>


<p Style='page-break-before:always'>
<HR  SIZE="3" style="COLOR:#999999" WIDTH="100%" ALIGN="CENTER">


 <P STYLE="margin-top:0px;margin-bottom:0px" ALIGN="right"><FONT STYLE="font-family:Times New Roman" SIZE="2"><B><I>SCHEDULE 6.4 </I></B></FONT></P>
<P STYLE="margin-top:10px;margin-bottom:0px" ALIGN="center"><FONT STYLE="font-family:Times New Roman" SIZE="2"><B>OWNERSHIP INTERESTS AND TAXPAYER IDENTIFICATION NUMBERS </B></FONT></P> <P STYLE="margin-top:0px;margin-bottom:0px" ALIGN="center"><FONT
STYLE="font-family:Times New Roman" SIZE="2"><B>OF LOAN PARTIES </B></FONT></P> <P STYLE="font-size:10px;margin-top:0px;margin-bottom:0px">&nbsp;</P>
<TABLE CELLSPACING="0" CELLPADDING="0" WIDTH="100%" BORDER="0" STYLE="BORDER-COLLAPSE:COLLAPSE" ALIGN="center">


<TR>
<TD WIDTH="20%"></TD>
<TD VALIGN="bottom" WIDTH="7%"></TD>
<TD WIDTH="17%"></TD>
<TD VALIGN="bottom" WIDTH="7%"></TD>
<TD></TD>
<TD VALIGN="bottom" WIDTH="8%"></TD>
<TD></TD>
<TD></TD>
<TD VALIGN="bottom" WIDTH="8%"></TD>
<TD VALIGN="bottom" WIDTH="8%"></TD>
<TD></TD>
<TD VALIGN="bottom" WIDTH="8%"></TD>
<TD></TD>
<TD></TD>
<TD VALIGN="bottom" WIDTH="8%"></TD></TR>
<TR>
<TD VALIGN="bottom" NOWRAP> <P STYLE="margin-top:0px;margin-bottom:0px"><FONT STYLE="font-family:Times New Roman" SIZE="1"><B>Legal Name of</B></FONT></P> <P STYLE="margin-top:0px;margin-bottom:1px;border-bottom:1px solid #000000;width:49pt"><FONT
STYLE="font-family:Times New Roman" SIZE="1"><B>Loan Party</B></FONT></P></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="center" STYLE="border-bottom:1px solid #000000"> <P STYLE="margin-top:0px;margin-bottom:0px" ALIGN="center"><FONT STYLE="font-family:Times New Roman" SIZE="1"><B>State of</B></FONT></P>
<P STYLE="margin-top:0px;margin-bottom:1px" ALIGN="center"><FONT STYLE="font-family:Times New Roman" SIZE="1"><B>Organization</B></FONT></P></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="center" STYLE="border-bottom:1px solid #000000"><FONT STYLE="font-family:Times New Roman" SIZE="1"><B>Partners/Members</B></FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" COLSPAN="2" ALIGN="center" STYLE="border-bottom:1px solid #000000"><FONT STYLE="font-family:Times New Roman" SIZE="1"><B>Tax</B></FONT><br><FONT STYLE="font-family:Times New Roman" SIZE="1"><B>Identification</B></FONT><br><FONT
STYLE="font-family:Times New Roman" SIZE="1"><B>Number</B></FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="center" STYLE="border-bottom:1px solid #000000"><FONT STYLE="font-family:Times New Roman" SIZE="1"><B>Borrowing</B></FONT><br><FONT STYLE="font-family:Times New Roman" SIZE="1"><B>Base</B></FONT><br><FONT
STYLE="font-family:Times New Roman" SIZE="1"><B>Property</B></FONT><br><FONT STYLE="font-family:Times New Roman" SIZE="1"><B>Owner</B></FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" COLSPAN="2" ALIGN="center" STYLE="border-bottom:1px solid #000000"><FONT STYLE="font-family:Times New Roman" SIZE="1"><B>Prop</B></FONT><br><FONT STYLE="font-family:Times New Roman" SIZE="1"><B>Ref.</B></FONT><br><FONT
STYLE="font-family:Times New Roman" SIZE="1"><B>No</B></FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD></TR>


<TR BGCOLOR="#cceeff">
<TD VALIGN="top" NOWRAP> <P STYLE="margin-left:1.00em; text-indent:-1.00em"><FONT STYLE="font-family:Times New Roman" SIZE="2">Cedar Realty Trust Partnership, L.P.</FONT></P></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="top"><FONT STYLE="font-family:Times New Roman" SIZE="2">Delaware</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="2">N/A</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="2">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:Times New Roman" SIZE="2">11-3440066</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="2">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="center"><FONT STYLE="font-family:Times New Roman" SIZE="2">No</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD></TR>
<TR>
<TD HEIGHT="13"></TD>
<TD HEIGHT="13" COLSPAN="2"></TD>
<TD HEIGHT="13" COLSPAN="2"></TD>
<TD HEIGHT="13" COLSPAN="4"></TD>
<TD HEIGHT="13" COLSPAN="2"></TD>
<TD HEIGHT="13" COLSPAN="4"></TD></TR>
<TR>
<TD VALIGN="top" NOWRAP> <P STYLE="margin-left:1.00em; text-indent:-1.00em"><FONT STYLE="font-family:Times New Roman" SIZE="2">Cedar Realty Trust, Inc.</FONT></P></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="top"><FONT STYLE="font-family:Times New Roman" SIZE="2">Maryland</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="2">N/A</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="2">&nbsp;</FONT></TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:Times New Roman" SIZE="2">42-1241468</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="2">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="center"><FONT STYLE="font-family:Times New Roman" SIZE="2">No</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD></TR>
<TR>
<TD HEIGHT="13"></TD>
<TD HEIGHT="13" COLSPAN="2"></TD>
<TD HEIGHT="13" COLSPAN="2"></TD>
<TD HEIGHT="13" COLSPAN="4"></TD>
<TD HEIGHT="13" COLSPAN="2"></TD>
<TD HEIGHT="13" COLSPAN="4"></TD></TR>
<TR BGCOLOR="#cceeff">
<TD VALIGN="top" NOWRAP> <P STYLE="margin-left:1.00em; text-indent:-1.00em"><FONT STYLE="font-family:Times New Roman" SIZE="2">Cedar-South Philadelphia I, LLC</FONT></P></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="top"><FONT STYLE="font-family:Times New Roman" SIZE="2">Delaware</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="2">Cedar-South<BR>Philadelphia&nbsp;II,&nbsp;LLC<BR>(100%)</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="2">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:Times New Roman" SIZE="2">90-0082050</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="2">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="center"><FONT STYLE="font-family:Times New Roman" SIZE="2">Yes</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="2">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:Times New Roman" SIZE="2">1</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="2">&nbsp;&nbsp;</FONT></TD></TR>
<TR>
<TD HEIGHT="13"></TD>
<TD HEIGHT="13" COLSPAN="2"></TD>
<TD HEIGHT="13" COLSPAN="2"></TD>
<TD HEIGHT="13" COLSPAN="4"></TD>
<TD HEIGHT="13" COLSPAN="2"></TD>
<TD HEIGHT="13" COLSPAN="4"></TD></TR>
<TR>
<TD VALIGN="top" NOWRAP> <P STYLE="margin-left:1.00em; text-indent:-1.00em"><FONT STYLE="font-family:Times New Roman" SIZE="2">Cedar-South Philadelphia II, LLC</FONT></P></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="top"><FONT STYLE="font-family:Times New Roman" SIZE="2">Delaware</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="2">Cedar&nbsp;Realty&nbsp;Trust<BR>Partnership,&nbsp;L.P.<BR>(100%)</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="2">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:Times New Roman" SIZE="2">90-0082060</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="2">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="center"><FONT STYLE="font-family:Times New Roman" SIZE="2">No</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="2">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:Times New Roman" SIZE="2">1</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="2">&nbsp;&nbsp;</FONT></TD></TR>
</TABLE> <P STYLE="font-size:10px;margin-top:0px;margin-bottom:0px"><FONT SIZE="1">&nbsp;</FONT></P>

<p Style='page-break-before:always'>
<HR  SIZE="3" style="COLOR:#999999" WIDTH="100%" ALIGN="CENTER">


 <P>&nbsp;</P>
<TABLE CELLSPACING="0" CELLPADDING="0" WIDTH="100%" BORDER="0" STYLE="BORDER-COLLAPSE:COLLAPSE" ALIGN="center">


<TR STYLE="visibility:hidden; line-height:0pt; color:white">
<TD WIDTH="21%"></TD>
<TD VALIGN="bottom" WIDTH="4%"></TD>
<TD nowrap><FONT STYLE="Times New Roman" SIZE="1"><B>September 30,</B></FONT></TD>
<TD VALIGN="bottom" WIDTH="4%"></TD>
<TD nowrap><FONT STYLE="Times New Roman" SIZE="1"><B>September 30,</B></FONT></TD>
<TD VALIGN="bottom" WIDTH="4%"></TD>
<TD></TD>
<TD nowrap><FONT STYLE="Times New Roman" SIZE="1"><B>September 30,</B></FONT></TD>
<TD></TD>
<TD VALIGN="bottom" WIDTH="4%"></TD>
<TD nowrap><FONT STYLE="Times New Roman" SIZE="1"><B>September 30,</B></FONT></TD>
<TD VALIGN="bottom" WIDTH="4%"></TD>
<TD></TD>
<TD nowrap><FONT STYLE="Times New Roman" SIZE="1"><B>September 30,</B></FONT></TD>
<TD></TD></TR>
<TR>
<TD VALIGN="bottom" NOWRAP> <P STYLE="margin-top:0px;margin-bottom:0px"><FONT STYLE="font-family:Times New Roman" SIZE="1"><B>Legal Name of</B></FONT></P> <P STYLE="margin-top:0px;margin-bottom:1px;border-bottom:1px solid #000000;width:49pt"><FONT
STYLE="font-family:Times New Roman" SIZE="1"><B>Loan Party</B></FONT></P></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="center" STYLE="border-bottom:1px solid #000000"> <P STYLE="margin-top:0px;margin-bottom:0px" ALIGN="center"><FONT STYLE="font-family:Times New Roman" SIZE="1"><B>State of</B></FONT></P>
<P STYLE="margin-top:0px;margin-bottom:1px" ALIGN="center"><FONT STYLE="font-family:Times New Roman" SIZE="1"><B>Organization</B></FONT></P></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="center" STYLE="border-bottom:1px solid #000000"> <P STYLE="margin-top:0px;margin-bottom:1px" ALIGN="center"><FONT STYLE="font-family:Times New Roman" SIZE="1"><B>Partners/Members</B></FONT></P></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" COLSPAN="2" ALIGN="center" STYLE="border-bottom:1px solid #000000"><FONT STYLE="font-family:Times New Roman" SIZE="1"><B>Tax</B></FONT><br><FONT STYLE="font-family:Times New Roman" SIZE="1"><B>Identification</B></FONT><br><FONT
STYLE="font-family:Times New Roman" SIZE="1"><B>Number</B></FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="center" STYLE="border-bottom:1px solid #000000"> <P STYLE="margin-top:0px;margin-bottom:0px" ALIGN="center"><FONT STYLE="font-family:Times New Roman" SIZE="1"><B>Borrowing</B></FONT></P>
<P STYLE="margin-top:0px;margin-bottom:0px" ALIGN="center"><FONT STYLE="font-family:Times New Roman" SIZE="1"><B>Base</B></FONT></P>
<P STYLE="margin-top:0px;margin-bottom:0px" ALIGN="center"><FONT STYLE="font-family:Times New Roman" SIZE="1"><B>Property</B></FONT></P>
<P STYLE="margin-top:0px;margin-bottom:1px" ALIGN="center"><FONT STYLE="font-family:Times New Roman" SIZE="1"><B>Owner</B></FONT></P></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" COLSPAN="2" ALIGN="center" STYLE="border-bottom:1px solid #000000"><FONT STYLE="font-family:Times New Roman" SIZE="1"><B>Prop</B></FONT><br><FONT STYLE="font-family:Times New Roman" SIZE="1"><B>Ref.</B></FONT><br><FONT
STYLE="font-family:Times New Roman" SIZE="1"><B>No</B></FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD></TR>


<TR BGCOLOR="#cceeff">
<TD VALIGN="top"> <P STYLE="margin-left:1.00em; text-indent:-1.00em"><FONT STYLE="font-family:Times New Roman" SIZE="2">Cedar-Riverview LP</FONT></P></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="top"><FONT STYLE="font-family:Times New Roman" SIZE="2">Pennsylvania</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="top"><FONT STYLE="font-family:Times New Roman" SIZE="2">Cedar-Riverview LLC (1% of common interests; general partner); CSC-Riverview LLC (99% of common interests; limited partner); Firehouse Realty Corp. (preferred limited partner); Reed
Development Associates, Inc. (preferred limited partner); South River View Plaza, Inc. (preferred limited partner); River View Development Corp. (preferred limited partner); Riverview Commons, Inc. (preferred limited partner)</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;&nbsp;&nbsp;</FONT></TD>
<TD NOWRAP VALIGN="top"><FONT STYLE="font-family:Times New Roman" SIZE="2">&nbsp;</FONT></TD>
<TD NOWRAP VALIGN="top" ALIGN="right"><FONT STYLE="font-family:Times New Roman" SIZE="2">20-0422200</FONT></TD>
<TD NOWRAP VALIGN="top"><FONT STYLE="font-family:Times New Roman" SIZE="2">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="top" ALIGN="right"><FONT STYLE="font-family:Times New Roman" SIZE="2">Yes</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="top"><FONT STYLE="font-family:Times New Roman" SIZE="2">&nbsp;</FONT></TD>
<TD VALIGN="top" ALIGN="right"><FONT STYLE="font-family:Times New Roman" SIZE="2">2</FONT></TD>
<TD NOWRAP VALIGN="top"><FONT STYLE="font-family:Times New Roman" SIZE="2">&nbsp;&nbsp;</FONT></TD></TR>
<TR>
<TD VALIGN="top"> <P STYLE="margin-left:1.00em; text-indent:-1.00em"><FONT STYLE="font-family:Times New Roman" SIZE="2">Cedar-Riverview LLC</FONT></P></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="top"><FONT STYLE="font-family:Times New Roman" SIZE="2">Delaware</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="top"> <P STYLE="margin-top:0px;margin-bottom:0px"><FONT STYLE="font-family:Times New Roman" SIZE="2">Cedar&nbsp;Realty&nbsp;Trust&nbsp;Partnership,&nbsp;L.P.</FONT></P> <P STYLE="margin-top:0px;margin-bottom:1px"><FONT
STYLE="font-family:Times New Roman" SIZE="2">(100%)</FONT></P></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;&nbsp;&nbsp;</FONT></TD>
<TD NOWRAP VALIGN="top"><FONT STYLE="font-family:Times New Roman" SIZE="2">&nbsp;</FONT></TD>
<TD NOWRAP VALIGN="top" ALIGN="right"><FONT STYLE="font-family:Times New Roman" SIZE="2">20-0151534</FONT></TD>
<TD NOWRAP VALIGN="top"><FONT STYLE="font-family:Times New Roman" SIZE="2">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="top" ALIGN="right"><FONT STYLE="font-family:Times New Roman" SIZE="2">No</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="top"><FONT STYLE="font-family:Times New Roman" SIZE="2">&nbsp;</FONT></TD>
<TD VALIGN="top" ALIGN="right"><FONT STYLE="font-family:Times New Roman" SIZE="2">2</FONT></TD>
<TD NOWRAP VALIGN="top"><FONT STYLE="font-family:Times New Roman" SIZE="2">&nbsp;&nbsp;</FONT></TD></TR>
<TR BGCOLOR="#cceeff">
<TD VALIGN="top"> <P STYLE="margin-left:1.00em; text-indent:-1.00em"><FONT STYLE="font-family:Times New Roman" SIZE="2">CSC-Riverview LLC</FONT></P></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="top"><FONT STYLE="font-family:Times New Roman" SIZE="2">Delaware</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="top"> <P STYLE="margin-top:0px;margin-bottom:0px"><FONT STYLE="font-family:Times New Roman" SIZE="2">Cedar Realty Trust Partnership, L.P.</FONT></P> <P STYLE="margin-top:0px;margin-bottom:1px"><FONT
STYLE="font-family:Times New Roman" SIZE="2">(100%)</FONT></P></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;&nbsp;&nbsp;</FONT></TD>
<TD NOWRAP VALIGN="top"><FONT STYLE="font-family:Times New Roman" SIZE="2">&nbsp;</FONT></TD>
<TD NOWRAP VALIGN="top" ALIGN="right"><FONT STYLE="font-family:Times New Roman" SIZE="2">20-0151125</FONT></TD>
<TD NOWRAP VALIGN="top"><FONT STYLE="font-family:Times New Roman" SIZE="2">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="top" ALIGN="right"><FONT STYLE="font-family:Times New Roman" SIZE="2">No</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="top"><FONT STYLE="font-family:Times New Roman" SIZE="2">&nbsp;</FONT></TD>
<TD VALIGN="top" ALIGN="right"><FONT STYLE="font-family:Times New Roman" SIZE="2">2</FONT></TD>
<TD NOWRAP VALIGN="top"><FONT STYLE="font-family:Times New Roman" SIZE="2">&nbsp;&nbsp;</FONT></TD></TR>
<TR>
<TD VALIGN="top"> <P STYLE="margin-left:1.00em; text-indent:-1.00em"><FONT STYLE="font-family:Times New Roman" SIZE="2">Cedar Lender LLC</FONT></P></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="top"><FONT STYLE="font-family:Times New Roman" SIZE="2">Delaware</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="top"> <P STYLE="margin-top:0px;margin-bottom:0px"><FONT STYLE="font-family:Times New Roman" SIZE="2">Cedar Realty Trust Partnership, L.P.</FONT></P> <P STYLE="margin-top:0px;margin-bottom:1px"><FONT
STYLE="font-family:Times New Roman" SIZE="2">(100%)</FONT></P></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;&nbsp;&nbsp;</FONT></TD>
<TD NOWRAP VALIGN="top"><FONT STYLE="font-family:Times New Roman" SIZE="2">&nbsp;</FONT></TD>
<TD NOWRAP VALIGN="top" ALIGN="right"><FONT STYLE="font-family:Times New Roman" SIZE="2">20-0447171</FONT></TD>
<TD NOWRAP VALIGN="top"><FONT STYLE="font-family:Times New Roman" SIZE="2">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="top" ALIGN="right"><FONT STYLE="font-family:Times New Roman" SIZE="2">No</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="top"></TD>
<TD VALIGN="top"></TD>
<TD VALIGN="top"></TD></TR>
<TR BGCOLOR="#cceeff">
<TD VALIGN="top"> <P STYLE="margin-left:1.00em; text-indent:-1.00em"><FONT STYLE="font-family:Times New Roman" SIZE="2">Cedar Dubois, LLC</FONT></P></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="top"><FONT STYLE="font-family:Times New Roman" SIZE="2">Delaware</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="top"> <P STYLE="margin-top:0px;margin-bottom:0px"><FONT STYLE="font-family:Times New Roman" SIZE="2">Cedar Realty Trust Partnership, L.P.</FONT></P> <P STYLE="margin-top:0px;margin-bottom:1px"><FONT
STYLE="font-family:Times New Roman" SIZE="2">(100%)</FONT></P></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;&nbsp;&nbsp;</FONT></TD>
<TD NOWRAP VALIGN="top"><FONT STYLE="font-family:Times New Roman" SIZE="2">&nbsp;</FONT></TD>
<TD NOWRAP VALIGN="top" ALIGN="right"><FONT STYLE="font-family:Times New Roman" SIZE="2">20-0768567</FONT></TD>
<TD NOWRAP VALIGN="top"><FONT STYLE="font-family:Times New Roman" SIZE="2">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="top" ALIGN="right"><FONT STYLE="font-family:Times New Roman" SIZE="2">Yes</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="top"><FONT STYLE="font-family:Times New Roman" SIZE="2">&nbsp;</FONT></TD>
<TD VALIGN="top" ALIGN="right"><FONT STYLE="font-family:Times New Roman" SIZE="2">3</FONT></TD>
<TD NOWRAP VALIGN="top"><FONT STYLE="font-family:Times New Roman" SIZE="2">&nbsp;&nbsp;</FONT></TD></TR>
<TR>
<TD VALIGN="top"> <P STYLE="margin-left:1.00em; text-indent:-1.00em"><FONT STYLE="font-family:Times New Roman" SIZE="2">Cedar Brickyard, LLC</FONT></P></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="top"><FONT STYLE="font-family:Times New Roman" SIZE="2">Delaware</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="top"> <P STYLE="margin-top:0px;margin-bottom:0px"><FONT STYLE="font-family:Times New Roman" SIZE="2">Cedar Realty Trust Partnership, L.P.</FONT></P> <P STYLE="margin-top:0px;margin-bottom:1px"><FONT
STYLE="font-family:Times New Roman" SIZE="2">(100%)</FONT></P></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;&nbsp;&nbsp;</FONT></TD>
<TD NOWRAP VALIGN="top"><FONT STYLE="font-family:Times New Roman" SIZE="2">&nbsp;</FONT></TD>
<TD NOWRAP VALIGN="top" ALIGN="right"><FONT STYLE="font-family:Times New Roman" SIZE="2">20-2011661</FONT></TD>
<TD NOWRAP VALIGN="top"><FONT STYLE="font-family:Times New Roman" SIZE="2">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="top" ALIGN="right"><FONT STYLE="font-family:Times New Roman" SIZE="2">Yes</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="top"><FONT STYLE="font-family:Times New Roman" SIZE="2">&nbsp;</FONT></TD>
<TD VALIGN="top" ALIGN="right"><FONT STYLE="font-family:Times New Roman" SIZE="2">4</FONT></TD>
<TD NOWRAP VALIGN="top"><FONT STYLE="font-family:Times New Roman" SIZE="2">&nbsp;&nbsp;</FONT></TD></TR>
</TABLE> <P STYLE="font-size:10px;margin-top:0px;margin-bottom:0px"><FONT SIZE="1">&nbsp;</FONT></P>
 <p STYLE="margin-top:0px;margin-bottom:0px"><FONT SIZE="1">&nbsp;</FONT></P> <P STYLE="margin-top:0px;margin-bottom:0px" ALIGN="center"><FONT STYLE="font-family:Times New Roman" SIZE="2">SCHEDULE 6.4 -
2 </FONT></P>


<p Style='page-break-before:always'>
<HR  SIZE="3" style="COLOR:#999999" WIDTH="100%" ALIGN="CENTER">



<TABLE CELLSPACING="0" CELLPADDING="0" WIDTH="100%" BORDER="0" STYLE="BORDER-COLLAPSE:COLLAPSE" ALIGN="center">


<TR STYLE="visibility:hidden; line-height:0pt; color:white">
<TD WIDTH="21%"></TD>
<TD VALIGN="bottom" WIDTH="3%"></TD>
<TD nowrap><FONT STYLE="Times New Roman" SIZE="1"><B>September 30,</B></FONT></TD>
<TD VALIGN="bottom" WIDTH="3%"></TD>
<TD nowrap><FONT STYLE="Times New Roman" SIZE="1"><B>September 30,</B></FONT></TD>
<TD VALIGN="bottom" WIDTH="3%"></TD>
<TD nowrap><FONT STYLE="Times New Roman" SIZE="1"><B>September 30,</B></FONT></TD>
<TD VALIGN="bottom" WIDTH="3%"></TD>
<TD nowrap><FONT STYLE="Times New Roman" SIZE="1"><B>September 30,</B></FONT></TD>
<TD VALIGN="bottom" WIDTH="3%"></TD>
<TD></TD>
<TD nowrap><FONT STYLE="Times New Roman" SIZE="1"><B>September 30,</B></FONT></TD>
<TD></TD></TR>



<TR>
<TD VALIGN="bottom" NOWRAP> <P STYLE="margin-top:0px;margin-bottom:0px"><FONT STYLE="font-family:Times New Roman" SIZE="1"><B>Legal Name of</B></FONT></P> <P STYLE="margin-top:0px;margin-bottom:1px;border-bottom:1px solid #000000;width:49pt"><FONT
STYLE="font-family:Times New Roman" SIZE="1"><B>Loan Party</B></FONT></P></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="center" STYLE="border-bottom:1px solid #000000"> <P STYLE="margin-top:0px;margin-bottom:0px" ALIGN="center"><FONT STYLE="font-family:Times New Roman" SIZE="1"><B>State of</B></FONT></P>
<P STYLE="margin-top:0px;margin-bottom:1px" ALIGN="center"><FONT STYLE="font-family:Times New Roman" SIZE="1"><B>Organization</B></FONT></P></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="center" STYLE="border-bottom:1px solid #000000"> <P STYLE="margin-top:0px;margin-bottom:1px" ALIGN="center"><FONT STYLE="font-family:Times New Roman" SIZE="1"><B>Partners/Members</B></FONT></P></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="center" STYLE="border-bottom:1px solid #000000"><FONT STYLE="font-family:Times New Roman" SIZE="1"><B>Tax</B></FONT><br><FONT STYLE="font-family:Times New Roman" SIZE="1"><B>Identification</B></FONT><br><FONT
STYLE="font-family:Times New Roman" SIZE="1"><B>Number</B></FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="center" STYLE="border-bottom:1px solid #000000"> <P STYLE="margin-top:0px;margin-bottom:0px" ALIGN="center"><FONT STYLE="font-family:Times New Roman" SIZE="1"><B>Borrowing</B></FONT></P>
<P STYLE="margin-top:0px;margin-bottom:0px" ALIGN="center"><FONT STYLE="font-family:Times New Roman" SIZE="1"><B>Base</B></FONT></P>
<P STYLE="margin-top:0px;margin-bottom:0px" ALIGN="center"><FONT STYLE="font-family:Times New Roman" SIZE="1"><B>Property</B></FONT></P>
<P STYLE="margin-top:0px;margin-bottom:1px" ALIGN="center"><FONT STYLE="font-family:Times New Roman" SIZE="1"><B>Owner</B></FONT></P></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" COLSPAN="2" ALIGN="center" STYLE="border-bottom:1px solid #000000"><FONT STYLE="font-family:Times New Roman" SIZE="1"><B>Prop</B></FONT><br><FONT STYLE="font-family:Times New Roman" SIZE="1"><B>Ref.</B></FONT><br><FONT
STYLE="font-family:Times New Roman" SIZE="1"><B>No</B></FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD></TR>


<TR BGCOLOR="#cceeff">
<TD VALIGN="top"> <P STYLE="margin-left:1.00em; text-indent:-1.00em"><FONT STYLE="font-family:Times New Roman" SIZE="2">Cedar Brickyard II, LLC</FONT></P></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="top"><FONT STYLE="font-family:Times New Roman" SIZE="2">Delaware</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="top" NOWRAP> <P STYLE="margin-top:0px;margin-bottom:0px"><FONT STYLE="font-family:Times New Roman" SIZE="2">Cedar Realty Trust Partnership, L.P.</FONT></P> <P STYLE="margin-top:0px;margin-bottom:1px"><FONT
STYLE="font-family:Times New Roman" SIZE="2">(100%)</FONT></P></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="top" ALIGN="center"><FONT STYLE="font-family:Times New Roman" SIZE="2">27-0844498</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="top" ALIGN="center"><FONT STYLE="font-family:Times New Roman" SIZE="2">Yes</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="top"><FONT STYLE="font-family:Times New Roman" SIZE="2">&nbsp;</FONT></TD>
<TD VALIGN="top" ALIGN="right"><FONT STYLE="font-family:Times New Roman" SIZE="2">4</FONT></TD>
<TD NOWRAP VALIGN="top"><FONT STYLE="font-family:Times New Roman" SIZE="2">&nbsp;&nbsp;</FONT></TD></TR>
<TR>
<TD VALIGN="top"> <P STYLE="margin-left:1.00em; text-indent:-1.00em"><FONT STYLE="font-family:Times New Roman" SIZE="2">Cedar St. James, LLC</FONT></P></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="top"><FONT STYLE="font-family:Times New Roman" SIZE="2">Delaware</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="top"> <P STYLE="margin-top:0px;margin-bottom:0px"><FONT STYLE="font-family:Times New Roman" SIZE="2">Cedar Realty Trust Partnership, L.P.</FONT></P> <P STYLE="margin-top:0px;margin-bottom:1px"><FONT
STYLE="font-family:Times New Roman" SIZE="2">(100%)</FONT></P></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="top" NOWRAP ALIGN="center"><FONT STYLE="font-family:Times New Roman" SIZE="2">20-2311739</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="top" ALIGN="center"><FONT STYLE="font-family:Times New Roman" SIZE="2">Yes</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="top"><FONT STYLE="font-family:Times New Roman" SIZE="2">&nbsp;</FONT></TD>
<TD VALIGN="top" ALIGN="right"><FONT STYLE="font-family:Times New Roman" SIZE="2">5</FONT></TD>
<TD NOWRAP VALIGN="top"><FONT STYLE="font-family:Times New Roman" SIZE="2">&nbsp;&nbsp;</FONT></TD></TR>
<TR BGCOLOR="#cceeff">
<TD VALIGN="top"> <P STYLE="margin-left:1.00em; text-indent:-1.00em"><FONT STYLE="font-family:Times New Roman" SIZE="2">Cedar Kenley Village, LLC</FONT></P></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="top"><FONT STYLE="font-family:Times New Roman" SIZE="2">Delaware</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="top"> <P STYLE="margin-top:0px;margin-bottom:0px"><FONT STYLE="font-family:Times New Roman" SIZE="2">Cedar Realty Trust Partnership, L.P.</FONT></P> <P STYLE="margin-top:0px;margin-bottom:1px"><FONT
STYLE="font-family:Times New Roman" SIZE="2">(100%)</FONT></P></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="top" ALIGN="center"><FONT STYLE="font-family:Times New Roman" SIZE="2">20-2311870</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="top" ALIGN="center"><FONT STYLE="font-family:Times New Roman" SIZE="2">Yes</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="top"><FONT STYLE="font-family:Times New Roman" SIZE="2">&nbsp;</FONT></TD>
<TD VALIGN="top" ALIGN="right"><FONT STYLE="font-family:Times New Roman" SIZE="2">6</FONT></TD>
<TD NOWRAP VALIGN="top"><FONT STYLE="font-family:Times New Roman" SIZE="2">&nbsp;&nbsp;</FONT></TD></TR>
<TR>
<TD VALIGN="top"> <P STYLE="margin-left:1.00em; text-indent:-1.00em"><FONT STYLE="font-family:Times New Roman" SIZE="2">Cedar-Valley Plaza, LLC</FONT></P></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="top"><FONT STYLE="font-family:Times New Roman" SIZE="2">Delaware</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="top"> <P STYLE="margin-top:0px;margin-bottom:0px"><FONT STYLE="font-family:Times New Roman" SIZE="2">Cedar Realty Trust Partnership, L.P.</FONT></P> <P STYLE="margin-top:0px;margin-bottom:1px"><FONT
STYLE="font-family:Times New Roman" SIZE="2">(100%)</FONT></P></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="top" ALIGN="center"><FONT STYLE="font-family:Times New Roman" SIZE="2">42-1596164</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="top" ALIGN="center"><FONT STYLE="font-family:Times New Roman" SIZE="2">Yes</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="top"><FONT STYLE="font-family:Times New Roman" SIZE="2">&nbsp;</FONT></TD>
<TD VALIGN="top" ALIGN="right"><FONT STYLE="font-family:Times New Roman" SIZE="2">7</FONT></TD>
<TD NOWRAP VALIGN="top"><FONT STYLE="font-family:Times New Roman" SIZE="2">&nbsp;&nbsp;</FONT></TD></TR>
<TR BGCOLOR="#cceeff">
<TD VALIGN="top"> <P STYLE="margin-left:1.00em; text-indent:-1.00em"><FONT STYLE="font-family:Times New Roman" SIZE="2">Cedar-Glen Allen UK, LLC</FONT></P></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="top"><FONT STYLE="font-family:Times New Roman" SIZE="2">Delaware</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="top"> <P STYLE="margin-top:0px;margin-bottom:0px"><FONT STYLE="font-family:Times New Roman" SIZE="2">Cedar Realty Trust Partnership, L.P.</FONT></P> <P STYLE="margin-top:0px;margin-bottom:1px"><FONT
STYLE="font-family:Times New Roman" SIZE="2">(100%)</FONT></P></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="top" NOWRAP ALIGN="center"><FONT STYLE="font-family:Times New Roman" SIZE="2">20-3797757</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="top" ALIGN="center"><FONT STYLE="font-family:Times New Roman" SIZE="2">Yes</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="top"><FONT STYLE="font-family:Times New Roman" SIZE="2">&nbsp;</FONT></TD>
<TD VALIGN="top" ALIGN="right"><FONT STYLE="font-family:Times New Roman" SIZE="2">8</FONT></TD>
<TD NOWRAP VALIGN="top"><FONT STYLE="font-family:Times New Roman" SIZE="2">&nbsp;&nbsp;</FONT></TD></TR>
<TR>
<TD VALIGN="top"> <P STYLE="margin-left:1.00em; text-indent:-1.00em"><FONT STYLE="font-family:Times New Roman" SIZE="2">Cedar-Fredericksburg UK, LLC</FONT></P></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="top"><FONT STYLE="font-family:Times New Roman" SIZE="2">Delaware</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="top"> <P STYLE="margin-top:0px;margin-bottom:0px"><FONT STYLE="font-family:Times New Roman" SIZE="2">Cedar Realty Trust Partnership, L.P.</FONT></P> <P STYLE="margin-top:0px;margin-bottom:1px"><FONT
STYLE="font-family:Times New Roman" SIZE="2">(100%)</FONT></P></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="top" ALIGN="center"><FONT STYLE="font-family:Times New Roman" SIZE="2">20-3797657</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="top" ALIGN="center"><FONT STYLE="font-family:Times New Roman" SIZE="2">Yes</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="top"><FONT STYLE="font-family:Times New Roman" SIZE="2">&nbsp;</FONT></TD>
<TD VALIGN="top" ALIGN="right"><FONT STYLE="font-family:Times New Roman" SIZE="2">9</FONT></TD>
<TD NOWRAP VALIGN="top"><FONT STYLE="font-family:Times New Roman" SIZE="2">&nbsp;&nbsp;</FONT></TD></TR>
<TR BGCOLOR="#cceeff">
<TD VALIGN="top" NOWRAP> <P STYLE="margin-left:1.00em; text-indent:-1.00em"><FONT STYLE="font-family:Times New Roman" SIZE="2">Cedar-Revere LLC</FONT></P></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="top"><FONT STYLE="font-family:Times New Roman" SIZE="2">Delaware</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="top"> <P STYLE="margin-top:0px;margin-bottom:0px"><FONT STYLE="font-family:Times New Roman" SIZE="2">Cedar Realty Trust Partnership, L.P.</FONT></P> <P STYLE="margin-top:0px;margin-bottom:1px"><FONT
STYLE="font-family:Times New Roman" SIZE="2">(100%)</FONT></P></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="top" ALIGN="center"><FONT STYLE="font-family:Times New Roman" SIZE="2">20-3528504</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="top" ALIGN="center"><FONT STYLE="font-family:Times New Roman" SIZE="2">Yes</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="top"><FONT STYLE="font-family:Times New Roman" SIZE="2">&nbsp;</FONT></TD>
<TD VALIGN="top" ALIGN="right"><FONT STYLE="font-family:Times New Roman" SIZE="2">10</FONT></TD>
<TD NOWRAP VALIGN="top"><FONT STYLE="font-family:Times New Roman" SIZE="2">&nbsp;&nbsp;</FONT></TD></TR>
<TR>
<TD VALIGN="top"> <P STYLE="margin-left:1.00em; text-indent:-1.00em"><FONT STYLE="font-family:Times New Roman" SIZE="2">Cedar-Carlisle, LLC</FONT></P></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="top"><FONT STYLE="font-family:Times New Roman" SIZE="2">Delaware</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="top"> <P STYLE="margin-top:0px;margin-bottom:0px"><FONT STYLE="font-family:Times New Roman" SIZE="2">Cedar Realty Trust Partnership, L.P.</FONT></P> <P STYLE="margin-top:0px;margin-bottom:1px"><FONT
STYLE="font-family:Times New Roman" SIZE="2">(100%)</FONT></P></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="top" ALIGN="center"><FONT STYLE="font-family:Times New Roman" SIZE="2">20-3397838</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="top" ALIGN="center"><FONT STYLE="font-family:Times New Roman" SIZE="2">Yes</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="top"><FONT STYLE="font-family:Times New Roman" SIZE="2">&nbsp;</FONT></TD>
<TD VALIGN="top" ALIGN="right"><FONT STYLE="font-family:Times New Roman" SIZE="2">11</FONT></TD>
<TD NOWRAP VALIGN="top"><FONT STYLE="font-family:Times New Roman" SIZE="2">&nbsp;&nbsp;</FONT></TD></TR>
<TR BGCOLOR="#cceeff">
<TD VALIGN="top"> <P STYLE="margin-left:1.00em; text-indent:-1.00em"><FONT STYLE="font-family:Times New Roman" SIZE="2">Cedar-Oakhurst, LLC</FONT></P></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="top"><FONT STYLE="font-family:Times New Roman" SIZE="2">Delaware</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"> <P STYLE="margin-top:0px;margin-bottom:0px"><FONT STYLE="font-family:Times New Roman" SIZE="2">Cedar Realty Trust Partnership, L.P.</FONT></P> <P STYLE="margin-top:0px;margin-bottom:1px"><FONT
STYLE="font-family:Times New Roman" SIZE="2">(100%)</FONT></P></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="top" ALIGN="center"><FONT STYLE="font-family:Times New Roman" SIZE="2">20-5233216</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="top" ALIGN="center"><FONT STYLE="font-family:Times New Roman" SIZE="2">Yes</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="top"><FONT STYLE="font-family:Times New Roman" SIZE="2">&nbsp;</FONT></TD>
<TD VALIGN="top" ALIGN="right"><FONT STYLE="font-family:Times New Roman" SIZE="2">12</FONT></TD>
<TD NOWRAP VALIGN="top"><FONT STYLE="font-family:Times New Roman" SIZE="2">&nbsp;&nbsp;</FONT></TD></TR>
<TR>
<TD VALIGN="top"> <P STYLE="margin-left:1.00em; text-indent:-1.00em"><FONT STYLE="font-family:Times New Roman" SIZE="2">Cedar-Palmyra, LLC</FONT></P></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="top"><FONT STYLE="font-family:Times New Roman" SIZE="2">Delaware</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"> <P STYLE="margin-top:0px;margin-bottom:0px"><FONT STYLE="font-family:Times New Roman" SIZE="2">Cedar Realty Trust Partnership, L.P.</FONT></P> <P STYLE="margin-top:0px;margin-bottom:1px"><FONT
STYLE="font-family:Times New Roman" SIZE="2">(100%)</FONT></P></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="top" ALIGN="center"><FONT STYLE="font-family:Times New Roman" SIZE="2">20-3897470</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="top" ALIGN="center"><FONT STYLE="font-family:Times New Roman" SIZE="2">Yes</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="top"><FONT STYLE="font-family:Times New Roman" SIZE="2">&nbsp;</FONT></TD>
<TD VALIGN="top" ALIGN="right"><FONT STYLE="font-family:Times New Roman" SIZE="2">13</FONT></TD>
<TD NOWRAP VALIGN="top"><FONT STYLE="font-family:Times New Roman" SIZE="2">&nbsp;&nbsp;</FONT></TD></TR>
<TR BGCOLOR="#cceeff">
<TD VALIGN="top"> <P STYLE="margin-left:1.00em; text-indent:-1.00em"><FONT STYLE="font-family:Times New Roman" SIZE="2">Cedar-Stadium Plaza LLC</FONT></P></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="top"><FONT STYLE="font-family:Times New Roman" SIZE="2">Delaware</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="2">CIF-Loyal Plaza Associates, Corp. (0.01%; member); Cedar Realty Trust Partnership, L.P. (99.99%; member)</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="top" ALIGN="center"><FONT STYLE="font-family:Times New Roman" SIZE="2">20-2957198</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="top" ALIGN="center"><FONT STYLE="font-family:Times New Roman" SIZE="2">Yes</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="top"><FONT STYLE="font-family:Times New Roman" SIZE="2">&nbsp;</FONT></TD>
<TD VALIGN="top" ALIGN="right"><FONT STYLE="font-family:Times New Roman" SIZE="2">14</FONT></TD>
<TD NOWRAP VALIGN="top"><FONT STYLE="font-family:Times New Roman" SIZE="2">&nbsp;&nbsp;</FONT></TD></TR>
<TR>
<TD VALIGN="top"> <P STYLE="margin-left:1.00em; text-indent:-1.00em"><FONT STYLE="font-family:Times New Roman" SIZE="2">CIF-Loyal Plaza Associates, Corp.</FONT></P></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="top"><FONT STYLE="font-family:Times New Roman" SIZE="2">Delaware</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"> <P STYLE="margin-top:0px;margin-bottom:0px"><FONT STYLE="font-family:Times New Roman" SIZE="2">Cedar Realty Trust Partnership, L.P.</FONT></P> <P STYLE="margin-top:0px;margin-bottom:1px"><FONT
STYLE="font-family:Times New Roman" SIZE="2">(100%)</FONT></P></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="top" ALIGN="center"><FONT STYLE="font-family:Times New Roman" SIZE="2">42-1597273</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="top" ALIGN="center"><FONT STYLE="font-family:Times New Roman" SIZE="2">No</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="top"><FONT STYLE="font-family:Times New Roman" SIZE="2">&nbsp;</FONT></TD>
<TD VALIGN="top" ALIGN="right"><FONT STYLE="font-family:Times New Roman" SIZE="2">14</FONT></TD>
<TD NOWRAP VALIGN="top"><FONT STYLE="font-family:Times New Roman" SIZE="2">&nbsp;&nbsp;</FONT></TD></TR>
</TABLE>
 <p STYLE="margin-top:0px;margin-bottom:0px"><FONT SIZE="1">&nbsp;</FONT></P> <P STYLE="margin-top:0px;margin-bottom:0px" ALIGN="center"><FONT STYLE="font-family:Times New Roman" SIZE="2">SCHEDULE 6.4 -
3 </FONT></P>


<p Style='page-break-before:always'>
<HR  SIZE="3" style="COLOR:#999999" WIDTH="100%" ALIGN="CENTER">


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<TABLE CELLSPACING="0" CELLPADDING="0" WIDTH="100%" BORDER="0" STYLE="BORDER-COLLAPSE:COLLAPSE" ALIGN="center">


<TR STYLE="visibility:hidden; line-height:0pt; color:white">
<TD WIDTH="21%"></TD>
<TD VALIGN="bottom" WIDTH="4%"></TD>
<TD nowrap><FONT STYLE="Times New Roman" SIZE="1"><B>September 30,</B></FONT></TD>
<TD VALIGN="bottom" WIDTH="4%"></TD>
<TD nowrap><FONT STYLE="Times New Roman" SIZE="1"><B>September 30,</B></FONT></TD>
<TD VALIGN="bottom" WIDTH="4%"></TD>
<TD nowrap><FONT STYLE="Times New Roman" SIZE="1"><B>September 30,</B></FONT></TD>
<TD VALIGN="bottom" WIDTH="4%"></TD>
<TD nowrap><FONT STYLE="Times New Roman" SIZE="1"><B>September 30,</B></FONT></TD>
<TD VALIGN="bottom" WIDTH="4%"></TD>
<TD></TD>
<TD nowrap><FONT STYLE="Times New Roman" SIZE="1"><B>September 30,</B></FONT></TD>
<TD></TD></TR>



<TR>
<TD VALIGN="bottom" NOWRAP> <P STYLE="margin-top:0px;margin-bottom:0px"><FONT STYLE="font-family:Times New Roman" SIZE="1"><B>Legal Name of</B></FONT></P> <P STYLE="margin-top:0px;margin-bottom:1px;border-bottom:1px solid #000000;width:49pt"><FONT
STYLE="font-family:Times New Roman" SIZE="1"><B>Loan Party</B></FONT></P></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="center" STYLE="border-bottom:1px solid #000000"><FONT STYLE="font-family:Times New Roman" SIZE="1"><B>State of</B></FONT><br><FONT STYLE="font-family:Times New Roman" SIZE="1"><B>Organization</B></FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="center" STYLE="border-bottom:1px solid #000000"> <P STYLE="margin-top:0px;margin-bottom:1px" ALIGN="center"><FONT STYLE="font-family:Times New Roman" SIZE="1"><B>Partners/Members</B></FONT></P></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="center" STYLE="border-bottom:1px solid #000000"><FONT STYLE="font-family:Times New Roman" SIZE="1"><B>Tax</B></FONT><br><FONT STYLE="font-family:Times New Roman" SIZE="1"><B>Identification</B></FONT><br><FONT
STYLE="font-family:Times New Roman" SIZE="1"><B>Number</B></FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="center" STYLE="border-bottom:1px solid #000000"><FONT STYLE="font-family:Times New Roman" SIZE="1"><B>Borrowing</B></FONT><br><FONT STYLE="font-family:Times New Roman" SIZE="1"><B>Base</B></FONT><br><FONT
STYLE="font-family:Times New Roman" SIZE="1"><B>Property</B></FONT><br><FONT STYLE="font-family:Times New Roman" SIZE="1"><B>Owner</B></FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" COLSPAN="2" ALIGN="center" STYLE="border-bottom:1px solid #000000"><FONT STYLE="font-family:Times New Roman" SIZE="1"><B>Prop</B></FONT><br><FONT STYLE="font-family:Times New Roman" SIZE="1"><B>Ref.</B></FONT><br><FONT
STYLE="font-family:Times New Roman" SIZE="1"><B>No</B></FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD></TR>


<TR BGCOLOR="#cceeff">
<TD VALIGN="top"> <P STYLE="margin-left:1.00em; text-indent:-1.00em"><FONT STYLE="font-family:Times New Roman" SIZE="2">Cedar-Annie Land, LLC</FONT></P></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="top"><FONT STYLE="font-family:Times New Roman" SIZE="2">Delaware</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="top"> <P STYLE="margin-top:0px;margin-bottom:0px"><FONT STYLE="font-family:Times New Roman" SIZE="2">Cedar Realty Trust Partnership, L.P.</FONT></P> <P STYLE="margin-top:0px;margin-bottom:1px"><FONT
STYLE="font-family:Times New Roman" SIZE="2">(100%)</FONT></P></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="top" ALIGN="center"><FONT STYLE="font-family:Times New Roman" SIZE="2">20-5412150</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="top" ALIGN="center"><FONT STYLE="font-family:Times New Roman" SIZE="2">Yes</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="top"><FONT STYLE="font-family:Times New Roman" SIZE="2">&nbsp;</FONT></TD>
<TD VALIGN="top" ALIGN="right"><FONT STYLE="font-family:Times New Roman" SIZE="2">15</FONT></TD>
<TD NOWRAP VALIGN="top"><FONT STYLE="font-family:Times New Roman" SIZE="2">&nbsp;&nbsp;</FONT></TD></TR>
<TR>
<TD VALIGN="top"> <P STYLE="margin-left:1.00em; text-indent:-1.00em"><FONT STYLE="font-family:Times New Roman" SIZE="2">Cedar-Arlington Road LLC</FONT></P></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="top"><FONT STYLE="font-family:Times New Roman" SIZE="2">Delaware</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="top"> <P STYLE="margin-top:0px;margin-bottom:0px"><FONT STYLE="font-family:Times New Roman" SIZE="2">Cedar Realty Trust Partnership, L.P.</FONT></P> <P STYLE="margin-top:0px;margin-bottom:1px"><FONT
STYLE="font-family:Times New Roman" SIZE="2">(100%)</FONT></P></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="top" ALIGN="center"><FONT STYLE="font-family:Times New Roman" SIZE="2">20-2369571</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="top" ALIGN="center"><FONT STYLE="font-family:Times New Roman" SIZE="2">Yes</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="top"><FONT STYLE="font-family:Times New Roman" SIZE="2">&nbsp;</FONT></TD>
<TD VALIGN="top" ALIGN="right"><FONT STYLE="font-family:Times New Roman" SIZE="2">16</FONT></TD>
<TD NOWRAP VALIGN="top"><FONT STYLE="font-family:Times New Roman" SIZE="2">&nbsp;&nbsp;</FONT></TD></TR>
<TR BGCOLOR="#cceeff">
<TD VALIGN="top"> <P STYLE="margin-left:1.00em; text-indent:-1.00em"><FONT STYLE="font-family:Times New Roman" SIZE="2">Cedar-Fairview Commons, LLC</FONT></P></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="top"><FONT STYLE="font-family:Times New Roman" SIZE="2">Delaware</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="top"> <P STYLE="margin-top:0px;margin-bottom:0px"><FONT STYLE="font-family:Times New Roman" SIZE="2">Cedar Realty Trust Partnership, L.P.</FONT></P> <P STYLE="margin-top:0px;margin-bottom:1px"><FONT
STYLE="font-family:Times New Roman" SIZE="2">(100%)</FONT></P></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="top" NOWRAP ALIGN="center"><FONT STYLE="font-family:Times New Roman" SIZE="2">20-8241755</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="top" ALIGN="center"><FONT STYLE="font-family:Times New Roman" SIZE="2">Yes</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="top"><FONT STYLE="font-family:Times New Roman" SIZE="2">&nbsp;</FONT></TD>
<TD VALIGN="top" ALIGN="right"><FONT STYLE="font-family:Times New Roman" SIZE="2">17</FONT></TD>
<TD NOWRAP VALIGN="top"><FONT STYLE="font-family:Times New Roman" SIZE="2">&nbsp;&nbsp;</FONT></TD></TR>
<TR>
<TD VALIGN="top"> <P STYLE="margin-left:1.00em; text-indent:-1.00em"><FONT STYLE="font-family:Times New Roman" SIZE="2">Cedar-Norwood, LLC</FONT></P></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="top"><FONT STYLE="font-family:Times New Roman" SIZE="2">Delaware</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="top"> <P STYLE="margin-top:0px;margin-bottom:0px"><FONT STYLE="font-family:Times New Roman" SIZE="2">Cedar Realty Trust Partnership, L.P.</FONT></P> <P STYLE="margin-top:0px;margin-bottom:1px"><FONT
STYLE="font-family:Times New Roman" SIZE="2">(100%)</FONT></P></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="top" ALIGN="center"><FONT STYLE="font-family:Times New Roman" SIZE="2">20-5610606</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="top" ALIGN="center"><FONT STYLE="font-family:Times New Roman" SIZE="2">Yes</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="top"><FONT STYLE="font-family:Times New Roman" SIZE="2">&nbsp;</FONT></TD>
<TD VALIGN="top" ALIGN="right"><FONT STYLE="font-family:Times New Roman" SIZE="2">18</FONT></TD>
<TD NOWRAP VALIGN="top"><FONT STYLE="font-family:Times New Roman" SIZE="2">&nbsp;&nbsp;</FONT></TD></TR>
<TR BGCOLOR="#cceeff">
<TD VALIGN="top"> <P STYLE="margin-left:1.00em; text-indent:-1.00em"><FONT STYLE="font-family:Times New Roman" SIZE="2">Cedar-Metro Square II, LLC</FONT></P></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="top"><FONT STYLE="font-family:Times New Roman" SIZE="2">Delaware</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="top"> <P STYLE="margin-top:0px;margin-bottom:0px"><FONT STYLE="font-family:Times New Roman" SIZE="2">Cedar Realty Trust Partnership, L.P.</FONT></P> <P STYLE="margin-top:0px;margin-bottom:1px"><FONT
STYLE="font-family:Times New Roman" SIZE="2">(100%)</FONT></P></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="top" ALIGN="center"><FONT STYLE="font-family:Times New Roman" SIZE="2">26-3478262</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="top" ALIGN="center"><FONT STYLE="font-family:Times New Roman" SIZE="2">Yes</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="top"><FONT STYLE="font-family:Times New Roman" SIZE="2">&nbsp;</FONT></TD>
<TD VALIGN="top" ALIGN="right"><FONT STYLE="font-family:Times New Roman" SIZE="2">19</FONT></TD>
<TD NOWRAP VALIGN="top"><FONT STYLE="font-family:Times New Roman" SIZE="2">&nbsp;&nbsp;</FONT></TD></TR>
<TR>
<TD VALIGN="top"> <P STYLE="margin-left:1.00em; text-indent:-1.00em"><FONT STYLE="font-family:Times New Roman" SIZE="2">Cedar-Hilliard, LLC</FONT></P></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="top"><FONT STYLE="font-family:Times New Roman" SIZE="2">Delaware</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="top" NOWRAP> <P STYLE="margin-top:0px;margin-bottom:0px"><FONT STYLE="font-family:Times New Roman" SIZE="2">Cedar Realty Trust Partnership, L.P.</FONT></P> <P STYLE="margin-top:0px;margin-bottom:1px"><FONT
STYLE="font-family:Times New Roman" SIZE="2">(100%)</FONT></P></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="top" ALIGN="center"><FONT STYLE="font-family:Times New Roman" SIZE="2">26-0337651</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="top" ALIGN="center"><FONT STYLE="font-family:Times New Roman" SIZE="2">Yes</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="top"><FONT STYLE="font-family:Times New Roman" SIZE="2">&nbsp;</FONT></TD>
<TD VALIGN="top" ALIGN="right"><FONT STYLE="font-family:Times New Roman" SIZE="2">20</FONT></TD>
<TD NOWRAP VALIGN="top"><FONT STYLE="font-family:Times New Roman" SIZE="2">&nbsp;&nbsp;</FONT></TD></TR>
<TR BGCOLOR="#cceeff">
<TD VALIGN="top"> <P STYLE="margin-left:1.00em; text-indent:-1.00em"><FONT STYLE="font-family:Times New Roman" SIZE="2">Cedar-Grove City, LLC</FONT></P></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="top"><FONT STYLE="font-family:Times New Roman" SIZE="2">Delaware</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="top"> <P STYLE="margin-top:0px;margin-bottom:0px"><FONT STYLE="font-family:Times New Roman" SIZE="2">Cedar Realty Trust Partnership, L.P.</FONT></P> <P STYLE="margin-top:0px;margin-bottom:1px"><FONT
STYLE="font-family:Times New Roman" SIZE="2">(100%)</FONT></P></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="top" NOWRAP ALIGN="center"><FONT STYLE="font-family:Times New Roman" SIZE="2">26-0285531</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="top" ALIGN="center"><FONT STYLE="font-family:Times New Roman" SIZE="2">Yes</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="top"><FONT STYLE="font-family:Times New Roman" SIZE="2">&nbsp;</FONT></TD>
<TD VALIGN="top" ALIGN="right"><FONT STYLE="font-family:Times New Roman" SIZE="2">21</FONT></TD>
<TD NOWRAP VALIGN="top"><FONT STYLE="font-family:Times New Roman" SIZE="2">&nbsp;&nbsp;</FONT></TD></TR>
<TR>
<TD VALIGN="top"> <P STYLE="margin-left:1.00em; text-indent:-1.00em"><FONT STYLE="font-family:Times New Roman" SIZE="2">Greentree Road L.L.C. 1</FONT></P></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="top"><FONT STYLE="font-family:Times New Roman" SIZE="2">Delaware</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="top"> <P STYLE="margin-top:0px;margin-bottom:0px"><FONT STYLE="font-family:Times New Roman" SIZE="2">Greentree Road L.L.C. 2</FONT></P>
<P STYLE="margin-top:0px;margin-bottom:1px"><FONT STYLE="font-family:Times New Roman" SIZE="2">(100%)</FONT></P></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="top" ALIGN="center"><FONT STYLE="font-family:Times New Roman" SIZE="2">11-3620398</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="top" ALIGN="center"><FONT STYLE="font-family:Times New Roman" SIZE="2">Yes</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="top"><FONT STYLE="font-family:Times New Roman" SIZE="2">&nbsp;</FONT></TD>
<TD VALIGN="top" ALIGN="right"><FONT STYLE="font-family:Times New Roman" SIZE="2">22</FONT></TD>
<TD NOWRAP VALIGN="top"><FONT STYLE="font-family:Times New Roman" SIZE="2">&nbsp;&nbsp;</FONT></TD></TR>
<TR BGCOLOR="#cceeff">
<TD VALIGN="top"> <P STYLE="margin-left:1.00em; text-indent:-1.00em"><FONT STYLE="font-family:Times New Roman" SIZE="2">Greentree Road L.L.C. 2</FONT></P></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="top"><FONT STYLE="font-family:Times New Roman" SIZE="2">Delaware</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="top"> <P STYLE="margin-top:0px;margin-bottom:0px"><FONT STYLE="font-family:Times New Roman" SIZE="2">Cedar Realty Trust Partnership, L.P.</FONT></P> <P STYLE="margin-top:0px;margin-bottom:1px"><FONT
STYLE="font-family:Times New Roman" SIZE="2">(100%)</FONT></P></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="top" ALIGN="center"><FONT STYLE="font-family:Times New Roman" SIZE="2">11-3620395</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="top" ALIGN="center"><FONT STYLE="font-family:Times New Roman" SIZE="2">No</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="top"><FONT STYLE="font-family:Times New Roman" SIZE="2">&nbsp;</FONT></TD>
<TD VALIGN="top" ALIGN="right"><FONT STYLE="font-family:Times New Roman" SIZE="2">22</FONT></TD>
<TD NOWRAP VALIGN="top"><FONT STYLE="font-family:Times New Roman" SIZE="2">&nbsp;&nbsp;</FONT></TD></TR>
<TR>
<TD VALIGN="top"> <P STYLE="margin-left:1.00em; text-indent:-1.00em"><FONT STYLE="font-family:Times New Roman" SIZE="2">Cedar-Bristol, LLC</FONT></P></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="top"><FONT STYLE="font-family:Times New Roman" SIZE="2">Delaware</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="top"> <P STYLE="margin-top:0px;margin-bottom:0px"><FONT STYLE="font-family:Times New Roman" SIZE="2">Cedar Realty Trust Partnership, L.P.</FONT></P> <P STYLE="margin-top:0px;margin-bottom:1px"><FONT
STYLE="font-family:Times New Roman" SIZE="2">(100%)</FONT></P></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="top" ALIGN="center"><FONT STYLE="font-family:Times New Roman" SIZE="2">20-8328145</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="top" ALIGN="center"><FONT STYLE="font-family:Times New Roman" SIZE="2">Yes</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="top"><FONT STYLE="font-family:Times New Roman" SIZE="2">&nbsp;</FONT></TD>
<TD VALIGN="top" ALIGN="right"><FONT STYLE="font-family:Times New Roman" SIZE="2">23</FONT></TD>
<TD NOWRAP VALIGN="top"><FONT STYLE="font-family:Times New Roman" SIZE="2">&nbsp;&nbsp;</FONT></TD></TR>
<TR BGCOLOR="#cceeff">
<TD VALIGN="top"> <P STYLE="margin-left:1.00em; text-indent:-1.00em"><FONT STYLE="font-family:Times New Roman" SIZE="2">Cedar-Circle, LLC</FONT></P></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="top"><FONT STYLE="font-family:Times New Roman" SIZE="2">Delaware</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="top"> <P STYLE="margin-top:0px;margin-bottom:0px"><FONT STYLE="font-family:Times New Roman" SIZE="2">Cedar Realty Trust Partnership, L.P.</FONT></P> <P STYLE="margin-top:0px;margin-bottom:1px"><FONT
STYLE="font-family:Times New Roman" SIZE="2">(100%)</FONT></P></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="top" ALIGN="center"><FONT STYLE="font-family:Times New Roman" SIZE="2">26-0531641</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="top" ALIGN="center"><FONT STYLE="font-family:Times New Roman" SIZE="2">Yes</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="top"><FONT STYLE="font-family:Times New Roman" SIZE="2">&nbsp;</FONT></TD>
<TD VALIGN="top" ALIGN="right"><FONT STYLE="font-family:Times New Roman" SIZE="2">24</FONT></TD>
<TD NOWRAP VALIGN="top"><FONT STYLE="font-family:Times New Roman" SIZE="2">&nbsp;&nbsp;</FONT></TD></TR>
<TR>
<TD VALIGN="top"> <P STYLE="margin-left:1.00em; text-indent:-1.00em"><FONT STYLE="font-family:Times New Roman" SIZE="2">Hamilton FC Associates, L.P.</FONT></P></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="top"><FONT STYLE="font-family:Times New Roman" SIZE="2">Pennsylvania</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="top"> <P STYLE="margin-top:0px;margin-bottom:0px"><FONT STYLE="font-family:Times New Roman" SIZE="2">Cedar-Hamilton, LLC (60%)</FONT></P>
<P STYLE="margin-top:0px;margin-bottom:1px"><FONT STYLE="font-family:Times New Roman" SIZE="2">Hamilton FC General, LLC (36.99%)</FONT></P></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="top" ALIGN="center"><FONT STYLE="font-family:Times New Roman" SIZE="2">20-8783810</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="top" ALIGN="center"><FONT STYLE="font-family:Times New Roman" SIZE="2">Yes</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="top"><FONT STYLE="font-family:Times New Roman" SIZE="2">&nbsp;</FONT></TD>
<TD VALIGN="top" ALIGN="right"><FONT STYLE="font-family:Times New Roman" SIZE="2">26</FONT></TD>
<TD NOWRAP VALIGN="top"><FONT STYLE="font-family:Times New Roman" SIZE="2">&nbsp;&nbsp;</FONT></TD></TR>
<TR BGCOLOR="#cceeff">
<TD VALIGN="top"> <P STYLE="margin-left:1.00em; text-indent:-1.00em"><FONT STYLE="font-family:Times New Roman" SIZE="2">Cedar-Hamilton, LLC</FONT></P></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="top"><FONT STYLE="font-family:Times New Roman" SIZE="2">Delaware</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="top"> <P STYLE="margin-top:0px;margin-bottom:0px"><FONT STYLE="font-family:Times New Roman" SIZE="2">Cedar Realty Trust Partnership, L.P.</FONT></P> <P STYLE="margin-top:0px;margin-bottom:1px"><FONT
STYLE="font-family:Times New Roman" SIZE="2">(100%)</FONT></P></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="top"></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="top" ALIGN="center"><FONT STYLE="font-family:Times New Roman" SIZE="2">No</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="top"><FONT STYLE="font-family:Times New Roman" SIZE="2">&nbsp;</FONT></TD>
<TD VALIGN="top" ALIGN="right"><FONT STYLE="font-family:Times New Roman" SIZE="2">26</FONT></TD>
<TD NOWRAP VALIGN="top"><FONT STYLE="font-family:Times New Roman" SIZE="2">&nbsp;&nbsp;</FONT></TD></TR>
</TABLE>
 <p STYLE="margin-top:0px;margin-bottom:0px"><FONT SIZE="1">&nbsp;</FONT></P> <P STYLE="margin-top:0px;margin-bottom:0px" ALIGN="center"><FONT STYLE="font-family:Times New Roman" SIZE="2">SCHEDULE 6.4 -
4 </FONT></P>


<p Style='page-break-before:always'>
<HR  SIZE="3" style="COLOR:#999999" WIDTH="100%" ALIGN="CENTER">


 <P>&nbsp;</P>
<TABLE CELLSPACING="0" CELLPADDING="0" WIDTH="100%" BORDER="0" STYLE="BORDER-COLLAPSE:COLLAPSE" ALIGN="center">


<TR STYLE="visibility:hidden; line-height:0pt; color:white">
<TD WIDTH="21%"></TD>
<TD VALIGN="bottom" WIDTH="4%"></TD>
<TD nowrap><FONT STYLE="Times New Roman" SIZE="1"><B>September 30,</B></FONT></TD>
<TD VALIGN="bottom" WIDTH="4%"></TD>
<TD nowrap><FONT STYLE="Times New Roman" SIZE="1"><B>September 30,</B></FONT></TD>
<TD VALIGN="bottom" WIDTH="4%"></TD>
<TD nowrap><FONT STYLE="Times New Roman" SIZE="1"><B>September 30,</B></FONT></TD>
<TD VALIGN="bottom" WIDTH="4%"></TD>
<TD nowrap><FONT STYLE="Times New Roman" SIZE="1"><B>September 30,</B></FONT></TD>
<TD VALIGN="bottom" WIDTH="4%"></TD>
<TD nowrap><FONT STYLE="Times New Roman" SIZE="1"><B>September 30,</B></FONT></TD></TR>



<TR>
<TD VALIGN="bottom" NOWRAP> <P STYLE="margin-top:0px;margin-bottom:0px"><FONT STYLE="font-family:Times New Roman" SIZE="1"><B>Legal Name of</B></FONT></P> <P STYLE="margin-top:0px;margin-bottom:1px;border-bottom:1px solid #000000;width:49pt"><FONT
STYLE="font-family:Times New Roman" SIZE="1"><B>Loan Party</B></FONT></P></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="center" STYLE="border-bottom:1px solid #000000"><FONT STYLE="font-family:Times New Roman" SIZE="1"><B>State of</B></FONT><br><FONT STYLE="font-family:Times New Roman" SIZE="1"><B>Organization</B></FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="center" STYLE="border-bottom:1px solid #000000"> <P STYLE="margin-top:0px;margin-bottom:1px" ALIGN="center"><FONT STYLE="font-family:Times New Roman" SIZE="1"><B>Partners/Members</B></FONT></P></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="center" STYLE="border-bottom:1px solid #000000"><FONT STYLE="font-family:Times New Roman" SIZE="1"><B>Tax</B></FONT><br><FONT STYLE="font-family:Times New Roman" SIZE="1"><B>Identification</B></FONT><br><FONT
STYLE="font-family:Times New Roman" SIZE="1"><B>Number</B></FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="center" STYLE="border-bottom:1px solid #000000"><FONT STYLE="font-family:Times New Roman" SIZE="1"><B>Borrowing</B></FONT><br><FONT STYLE="font-family:Times New Roman" SIZE="1"><B>Base</B></FONT><br><FONT
STYLE="font-family:Times New Roman" SIZE="1"><B>Property</B></FONT><br><FONT STYLE="font-family:Times New Roman" SIZE="1"><B>Owner</B></FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="center" STYLE="border-bottom:1px solid #000000"><FONT STYLE="font-family:Times New Roman" SIZE="1"><B>Prop</B></FONT><br><FONT STYLE="font-family:Times New Roman" SIZE="1"><B>Ref.</B></FONT><br><FONT
STYLE="font-family:Times New Roman" SIZE="1"><B>No</B></FONT></TD></TR>


<TR BGCOLOR="#cceeff">
<TD VALIGN="top"> <P STYLE="margin-left:1.00em; text-indent:-1.00em"><FONT STYLE="font-family:Times New Roman" SIZE="2">Hamilton FC General, LLC</FONT></P></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="top"><FONT STYLE="font-family:Times New Roman" SIZE="2">Pennsylvania</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="top"> <P STYLE="margin-top:0px;margin-bottom:0px"><FONT STYLE="font-family:Times New Roman" SIZE="2">Brandon L. Famous</FONT></P> <P STYLE="margin-top:0px;margin-bottom:0px"><FONT STYLE="font-family:Times New Roman" SIZE="2">Jeffrey S.
Cohen</FONT></P> <P STYLE="margin-top:0px;margin-bottom:0px"><FONT STYLE="font-family:Times New Roman" SIZE="2">Jon D. Kushner</FONT></P> <P STYLE="margin-top:0px;margin-bottom:0px"><FONT STYLE="font-family:Times New Roman" SIZE="2">Steven J.
O&#146;Malley</FONT></P> <P STYLE="margin-top:0px;margin-bottom:0px"><FONT STYLE="font-family:Times New Roman" SIZE="2">G. Trupert Ortlieb</FONT></P> <P STYLE="margin-top:0px;margin-bottom:0px"><FONT STYLE="font-family:Times New Roman" SIZE="2">John
P. Fasciano</FONT></P> <P STYLE="margin-top:0px;margin-bottom:0px"><FONT STYLE="font-family:Times New Roman" SIZE="2">Adam Kohler</FONT></P> <P STYLE="margin-top:0px;margin-bottom:1px"><FONT STYLE="font-family:Times New Roman" SIZE="2">David
Orkin</FONT></P></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="top"></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="top" ALIGN="center"><FONT STYLE="font-family:Times New Roman" SIZE="2">No</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="top" ALIGN="center"><FONT STYLE="font-family:Times New Roman" SIZE="2">26</FONT></TD></TR>
<TR>
<TD VALIGN="top"> <P STYLE="margin-left:1.00em; text-indent:-1.00em"><FONT STYLE="font-family:Times New Roman" SIZE="2">Cedar-Lake Raystown, LLC</FONT></P></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="top"><FONT STYLE="font-family:Times New Roman" SIZE="2">Delaware</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="top"> <P STYLE="margin-top:0px;margin-bottom:0px"><FONT STYLE="font-family:Times New Roman" SIZE="2">Cedar Realty Trust Partnership, L.P.</FONT></P> <P STYLE="margin-top:0px;margin-bottom:1px"><FONT
STYLE="font-family:Times New Roman" SIZE="2">(100%)</FONT></P></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="top" NOWRAP ALIGN="center"><FONT STYLE="font-family:Times New Roman" SIZE="2">20-1158059</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="top" ALIGN="center"><FONT STYLE="font-family:Times New Roman" SIZE="2">Yes</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="top" ALIGN="center"><FONT STYLE="font-family:Times New Roman" SIZE="2">27</FONT></TD></TR>
<TR BGCOLOR="#cceeff">
<TD VALIGN="top"> <P STYLE="margin-left:1.00em; text-indent:-1.00em"><FONT STYLE="font-family:Times New Roman" SIZE="2">Cedar-PC Plaza, LLC</FONT></P></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="top"><FONT STYLE="font-family:Times New Roman" SIZE="2">Delaware</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="top"> <P STYLE="margin-top:0px;margin-bottom:0px"><FONT STYLE="font-family:Times New Roman" SIZE="2">Cedar Realty Trust Partnership, L.P.</FONT></P> <P STYLE="margin-top:0px;margin-bottom:1px"><FONT
STYLE="font-family:Times New Roman" SIZE="2">(100%)</FONT></P></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="top" ALIGN="center"><FONT STYLE="font-family:Times New Roman" SIZE="2">26-1293357</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="top" ALIGN="center"><FONT STYLE="font-family:Times New Roman" SIZE="2">Yes</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="top" ALIGN="center"><FONT STYLE="font-family:Times New Roman" SIZE="2">28</FONT></TD></TR>
<TR>
<TD VALIGN="top"> <P STYLE="margin-left:1.00em; text-indent:-1.00em"><FONT STYLE="font-family:Times New Roman" SIZE="2">Cedar-Dunmore LLC</FONT></P></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="top"><FONT STYLE="font-family:Times New Roman" SIZE="2">Delaware</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="top"> <P STYLE="margin-top:0px;margin-bottom:0px"><FONT STYLE="font-family:Times New Roman" SIZE="2">Cedar Realty Trust Partnership, L.P.</FONT></P> <P STYLE="margin-top:0px;margin-bottom:1px"><FONT
STYLE="font-family:Times New Roman" SIZE="2">(100%)</FONT></P></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="top" ALIGN="center"><FONT STYLE="font-family:Times New Roman" SIZE="2">20-2956203</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="top" ALIGN="center"><FONT STYLE="font-family:Times New Roman" SIZE="2">Yes</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="top" ALIGN="center"><FONT STYLE="font-family:Times New Roman" SIZE="2">29</FONT></TD></TR>
<TR BGCOLOR="#cceeff">
<TD VALIGN="top"> <P STYLE="margin-left:1.00em; text-indent:-1.00em"><FONT STYLE="font-family:Times New Roman" SIZE="2">Cedar-Trexler Plaza 2, LLC</FONT></P></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="top"><FONT STYLE="font-family:Times New Roman" SIZE="2">Delaware</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="top"> <P STYLE="margin-top:0px;margin-bottom:0px"><FONT STYLE="font-family:Times New Roman" SIZE="2">Cedar Realty Trust Partnership, L.P.</FONT></P> <P STYLE="margin-top:0px;margin-bottom:1px"><FONT
STYLE="font-family:Times New Roman" SIZE="2">(100%)</FONT></P></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="top" ALIGN="center"><FONT STYLE="font-family:Times New Roman" SIZE="2">20-5065081</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="top" ALIGN="center"><FONT STYLE="font-family:Times New Roman" SIZE="2">Yes</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="top" ALIGN="center"><FONT STYLE="font-family:Times New Roman" SIZE="2">30</FONT></TD></TR>
<TR>
<TD VALIGN="top"> <P STYLE="margin-left:1.00em; text-indent:-1.00em"><FONT STYLE="font-family:Times New Roman" SIZE="2">Cedar-Trexler Plaza 3, LLC</FONT></P></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="top"><FONT STYLE="font-family:Times New Roman" SIZE="2">Delaware</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="top"> <P STYLE="margin-top:0px;margin-bottom:0px"><FONT STYLE="font-family:Times New Roman" SIZE="2">Cedar Realty Trust Partnership, L.P.</FONT></P> <P STYLE="margin-top:0px;margin-bottom:1px"><FONT
STYLE="font-family:Times New Roman" SIZE="2">(100%)</FONT></P></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="top" ALIGN="center"><FONT STYLE="font-family:Times New Roman" SIZE="2">20-5220380</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="top" ALIGN="center"><FONT STYLE="font-family:Times New Roman" SIZE="2">Yes</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="top" ALIGN="center"><FONT STYLE="font-family:Times New Roman" SIZE="2">30</FONT></TD></TR>
<TR BGCOLOR="#cceeff">
<TD VALIGN="top"> <P STYLE="margin-left:1.00em; text-indent:-1.00em"><FONT STYLE="font-family:Times New Roman" SIZE="2">Cedar-Campbelltown, LLC</FONT></P></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="top"><FONT STYLE="font-family:Times New Roman" SIZE="2">Delaware</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="top"> <P STYLE="margin-top:0px;margin-bottom:0px"><FONT STYLE="font-family:Times New Roman" SIZE="2">Cedar Realty Trust Partnership, L.P.</FONT></P> <P STYLE="margin-top:0px;margin-bottom:1px"><FONT
STYLE="font-family:Times New Roman" SIZE="2">(100%)</FONT></P></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="top" ALIGN="center"><FONT STYLE="font-family:Times New Roman" SIZE="2">26-1675368</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="top" ALIGN="center"><FONT STYLE="font-family:Times New Roman" SIZE="2">Yes</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="top" ALIGN="center"><FONT STYLE="font-family:Times New Roman" SIZE="2">31</FONT></TD></TR>
</TABLE>
 <p STYLE="margin-top:0px;margin-bottom:0px"><FONT SIZE="1">&nbsp;</FONT></P> <P STYLE="margin-top:0px;margin-bottom:0px" ALIGN="center"><FONT STYLE="font-family:Times New Roman" SIZE="2">SCHEDULE 6.4 -
5 </FONT></P>


<p Style='page-break-before:always'>
<HR  SIZE="3" style="COLOR:#999999" WIDTH="100%" ALIGN="CENTER">


 <P STYLE="margin-top:0px;margin-bottom:0px" ALIGN="right"><FONT STYLE="font-family:Times New Roman" SIZE="2"><B><I>SCHEDULE 6.14.2 </I></B></FONT></P>
<P STYLE="margin-top:10px;margin-bottom:0px" ALIGN="center"><FONT STYLE="font-family:Times New Roman" SIZE="2"><B>BORROWING BASE PROPERTIES </B></FONT></P> <P STYLE="font-size:10px;margin-top:0px;margin-bottom:0px">&nbsp;</P>
<TABLE CELLSPACING="0" CELLPADDING="0" WIDTH="100%" BORDER="0" STYLE="BORDER-COLLAPSE:COLLAPSE" ALIGN="center">


<TR STYLE="visibility:hidden; line-height:0pt; color:white">
<TD WIDTH="22%"></TD>
<TD VALIGN="bottom" WIDTH="5%"></TD>
<TD nowrap><FONT STYLE="Times New Roman" SIZE="1"><B>September 30,</B></FONT></TD>
<TD VALIGN="bottom" WIDTH="5%"></TD>
<TD nowrap><FONT STYLE="Times New Roman" SIZE="1"><B>September 30,</B></FONT></TD>
<TD VALIGN="bottom" WIDTH="5%"></TD>
<TD></TD>
<TD nowrap><FONT STYLE="Times New Roman" SIZE="1"><B>September 30,</B></FONT></TD>
<TD></TD></TR>
<TR>
<TD VALIGN="bottom" NOWRAP> <P STYLE="margin-top:0px;margin-bottom:0px"><FONT STYLE="font-family:Times New Roman" SIZE="1"><B>Legal Name of Loan</B></FONT></P> <P STYLE="margin-top:0px;margin-bottom:1px;border-bottom:1px solid #000000;width:77pt"><FONT
STYLE="font-family:Times New Roman" SIZE="1"><B>Party/Property Owner</B></FONT></P></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="center" STYLE="border-bottom:1px solid #000000"> <P STYLE="margin-top:0px;margin-bottom:0px" ALIGN="center"><FONT STYLE="font-family:Times New Roman" SIZE="1"><B>Borrowing Base</B></FONT></P>
<P STYLE="margin-top:0px;margin-bottom:1px" ALIGN="center"><FONT STYLE="font-family:Times New Roman" SIZE="1"><B>Property/Purchase Options</B></FONT></P></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="center" STYLE="border-bottom:1px solid #000000"><FONT STYLE="font-family:Times New Roman" SIZE="1"><B>Fee Simple</B></FONT><br><FONT STYLE="font-family:Times New Roman" SIZE="1"><B>or</B></FONT><br><FONT
STYLE="font-family:Times New Roman" SIZE="1"><B>Leasehold</B></FONT><br><FONT STYLE="font-family:Times New Roman" SIZE="1"><B>Estate</B></FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" COLSPAN="2" ALIGN="center" STYLE="border-bottom:1px solid #000000"><FONT STYLE="font-family:Times New Roman" SIZE="1"><B>Prop.</B></FONT><br><FONT STYLE="font-family:Times New Roman" SIZE="1"><B>Ref.</B></FONT><br><FONT
STYLE="font-family:Times New Roman" SIZE="1"><B>No.</B></FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD></TR>


<TR BGCOLOR="#cceeff">
<TD VALIGN="top"> <P STYLE="margin-left:1.00em; text-indent:-1.00em"><FONT STYLE="font-family:Times New Roman" SIZE="2">Cedar-South Philadelphia I, LLC</FONT></P></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="top"> <P STYLE="margin-top:0px;margin-bottom:0px"><FONT STYLE="font-family:Times New Roman" SIZE="2">South Philadelphia Shopping Plaza</FONT></P> <P STYLE="margin-top:0px;margin-bottom:1px"><FONT
STYLE="font-family:Times New Roman" SIZE="2">Philadelphia, Pennsylvania</FONT></P></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="top"><FONT STYLE="font-family:Times New Roman" SIZE="2">Leasehold</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="top"><FONT STYLE="font-family:Times New Roman" SIZE="2">&nbsp;</FONT></TD>
<TD VALIGN="top" ALIGN="right"><FONT STYLE="font-family:Times New Roman" SIZE="2">1</FONT></TD>
<TD NOWRAP VALIGN="top"><FONT STYLE="font-family:Times New Roman" SIZE="2">&nbsp;&nbsp;</FONT></TD></TR>
<TR>
<TD VALIGN="top"> <P STYLE="margin-left:1.00em; text-indent:-1.00em"><FONT STYLE="font-family:Times New Roman" SIZE="2">Cedar-Riverview LP</FONT></P></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="top"> <P STYLE="margin-top:0px;margin-bottom:0px"><FONT STYLE="font-family:Times New Roman" SIZE="2">Riverview Shopping Center</FONT></P>
<P STYLE="margin-top:0px;margin-bottom:1px"><FONT STYLE="font-family:Times New Roman" SIZE="2">Philadelphia, Pennsylvania</FONT></P></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="top"><FONT STYLE="font-family:Times New Roman" SIZE="2">Leasehold</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="top"><FONT STYLE="font-family:Times New Roman" SIZE="2">&nbsp;</FONT></TD>
<TD VALIGN="top" ALIGN="right"><FONT STYLE="font-family:Times New Roman" SIZE="2">2</FONT></TD>
<TD NOWRAP VALIGN="top"><FONT STYLE="font-family:Times New Roman" SIZE="2">&nbsp;&nbsp;</FONT></TD></TR>
<TR BGCOLOR="#cceeff">
<TD VALIGN="top"> <P STYLE="margin-left:1.00em; text-indent:-1.00em"><FONT STYLE="font-family:Times New Roman" SIZE="2">Cedar Dubois, LLC</FONT></P></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="top"> <P STYLE="margin-top:0px;margin-bottom:0px"><FONT STYLE="font-family:Times New Roman" SIZE="2">Dubois Commons Shopping Center</FONT></P>
<P STYLE="margin-top:0px;margin-bottom:1px"><FONT STYLE="font-family:Times New Roman" SIZE="2">Sandy, Pennsylvania</FONT></P></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="top"><FONT STYLE="font-family:Times New Roman" SIZE="2">Fee&nbsp;Simple</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="top"><FONT STYLE="font-family:Times New Roman" SIZE="2">&nbsp;</FONT></TD>
<TD VALIGN="top" ALIGN="right"><FONT STYLE="font-family:Times New Roman" SIZE="2">3</FONT></TD>
<TD NOWRAP VALIGN="top"><FONT STYLE="font-family:Times New Roman" SIZE="2">&nbsp;&nbsp;</FONT></TD></TR>
<TR>
<TD VALIGN="top"> <P STYLE="margin-top:0px;margin-bottom:0px; margin-left:1.00em; text-indent:-1.00em"><FONT STYLE="font-family:Times New Roman" SIZE="2">Cedar Brickyard, LLC</FONT></P>
<P STYLE="margin-top:0px;margin-bottom:1px; margin-left:1.00em; text-indent:-1.00em"><FONT STYLE="font-family:Times New Roman" SIZE="2">Cedar Brickyard II, LLC</FONT></P></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="top"> <P STYLE="margin-top:0px;margin-bottom:0px"><FONT STYLE="font-family:Times New Roman" SIZE="2">Brickyard Shopping Center</FONT></P>
<P STYLE="margin-top:0px;margin-bottom:1px"><FONT STYLE="font-family:Times New Roman" SIZE="2">Berlin, Connecticut</FONT></P></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="top"><FONT STYLE="font-family:Times New Roman" SIZE="2">Fee Simple</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="top"><FONT STYLE="font-family:Times New Roman" SIZE="2">&nbsp;</FONT></TD>
<TD VALIGN="top" ALIGN="right"><FONT STYLE="font-family:Times New Roman" SIZE="2">4</FONT></TD>
<TD NOWRAP VALIGN="top"><FONT STYLE="font-family:Times New Roman" SIZE="2">&nbsp;&nbsp;</FONT></TD></TR>
<TR BGCOLOR="#cceeff">
<TD VALIGN="top"> <P STYLE="margin-left:1.00em; text-indent:-1.00em"><FONT STYLE="font-family:Times New Roman" SIZE="2">Cedar St. James, LLC</FONT></P></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="top"> <P STYLE="margin-top:0px;margin-bottom:0px"><FONT STYLE="font-family:Times New Roman" SIZE="2">St. James Shopping Center,</FONT></P>
<P STYLE="margin-top:0px;margin-bottom:1px"><FONT STYLE="font-family:Times New Roman" SIZE="2">Hagerstown, Maryland</FONT></P></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="top"><FONT STYLE="font-family:Times New Roman" SIZE="2">Fee Simple</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="top"><FONT STYLE="font-family:Times New Roman" SIZE="2">&nbsp;</FONT></TD>
<TD VALIGN="top" ALIGN="right"><FONT STYLE="font-family:Times New Roman" SIZE="2">5</FONT></TD>
<TD NOWRAP VALIGN="top"><FONT STYLE="font-family:Times New Roman" SIZE="2">&nbsp;&nbsp;</FONT></TD></TR>
<TR>
<TD VALIGN="top"> <P STYLE="margin-left:1.00em; text-indent:-1.00em"><FONT STYLE="font-family:Times New Roman" SIZE="2">Cedar Kenley Village, LLC</FONT></P></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="top"><FONT STYLE="font-family:Times New Roman" SIZE="2">Kenley Village Shopping Center, Hagerstown, Maryland</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="top"><FONT STYLE="font-family:Times New Roman" SIZE="2">Fee Simple</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="top"><FONT STYLE="font-family:Times New Roman" SIZE="2">&nbsp;</FONT></TD>
<TD VALIGN="top" ALIGN="right"><FONT STYLE="font-family:Times New Roman" SIZE="2">6</FONT></TD>
<TD NOWRAP VALIGN="top"><FONT STYLE="font-family:Times New Roman" SIZE="2">&nbsp;&nbsp;</FONT></TD></TR>
<TR BGCOLOR="#cceeff">
<TD VALIGN="top"> <P STYLE="margin-left:1.00em; text-indent:-1.00em"><FONT STYLE="font-family:Times New Roman" SIZE="2">Cedar-Valley Plaza, LLC</FONT></P></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="top"> <P STYLE="margin-top:0px;margin-bottom:0px"><FONT STYLE="font-family:Times New Roman" SIZE="2">Valley Plaza Shopping Center, Hagerstown,</FONT></P> <P STYLE="margin-top:0px;margin-bottom:1px"><FONT
STYLE="font-family:Times New Roman" SIZE="2">Maryland</FONT></P></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="top"><FONT STYLE="font-family:Times New Roman" SIZE="2">Fee Simple</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="top"><FONT STYLE="font-family:Times New Roman" SIZE="2">&nbsp;</FONT></TD>
<TD VALIGN="top" ALIGN="right"><FONT STYLE="font-family:Times New Roman" SIZE="2">7</FONT></TD>
<TD NOWRAP VALIGN="top"><FONT STYLE="font-family:Times New Roman" SIZE="2">&nbsp;&nbsp;</FONT></TD></TR>
<TR>
<TD VALIGN="top"> <P STYLE="margin-left:1.00em; text-indent:-1.00em"><FONT STYLE="font-family:Times New Roman" SIZE="2">Cedar-Glen Allen UK, LLC</FONT></P></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="top"> <P STYLE="margin-top:0px;margin-bottom:0px"><FONT STYLE="font-family:Times New Roman" SIZE="2">Ukrop&#146;s Shopping Center,</FONT></P>
<P STYLE="margin-top:0px;margin-bottom:0px"><FONT STYLE="font-family:Times New Roman" SIZE="2">Glen Allen, Virginia</FONT></P> <P STYLE="font-size:10px;margin-top:0px;margin-bottom:0px">&nbsp;</P> <P STYLE="margin-top:0px;margin-bottom:1px"><FONT
STYLE="font-family:Times New Roman" SIZE="2">Ukrop&#146;s Super Markets, Inc. has a purchase option.</FONT></P></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="top"><FONT STYLE="font-family:Times New Roman" SIZE="2">Fee Simple</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="top"><FONT STYLE="font-family:Times New Roman" SIZE="2">&nbsp;</FONT></TD>
<TD VALIGN="top" ALIGN="right"><FONT STYLE="font-family:Times New Roman" SIZE="2">8</FONT></TD>
<TD NOWRAP VALIGN="top"><FONT STYLE="font-family:Times New Roman" SIZE="2">&nbsp;&nbsp;</FONT></TD></TR>
<TR BGCOLOR="#cceeff">
<TD VALIGN="top"> <P STYLE="margin-left:1.00em; text-indent:-1.00em"><FONT STYLE="font-family:Times New Roman" SIZE="2">Cedar-Fredericksburg UK, LLC</FONT></P></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="top"> <P STYLE="margin-top:0px;margin-bottom:0px"><FONT STYLE="font-family:Times New Roman" SIZE="2">Ukrop&#146;s Shopping Center,</FONT></P>
<P STYLE="margin-top:0px;margin-bottom:0px"><FONT STYLE="font-family:Times New Roman" SIZE="2">Fredericksburg, Virginia</FONT></P> <P STYLE="font-size:10px;margin-top:0px;margin-bottom:0px">&nbsp;</P> <P STYLE="margin-top:0px;margin-bottom:1px"><FONT
STYLE="font-family:Times New Roman" SIZE="2">Ukrop&#146;s Super Markets, Inc. has a purchase option.</FONT></P></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="top"><FONT STYLE="font-family:Times New Roman" SIZE="2">Fee Simple</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="top"><FONT STYLE="font-family:Times New Roman" SIZE="2">&nbsp;</FONT></TD>
<TD VALIGN="top" ALIGN="right"><FONT STYLE="font-family:Times New Roman" SIZE="2">9</FONT></TD>
<TD NOWRAP VALIGN="top"><FONT STYLE="font-family:Times New Roman" SIZE="2">&nbsp;&nbsp;</FONT></TD></TR>
</TABLE>

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<HR  SIZE="3" style="COLOR:#999999" WIDTH="100%" ALIGN="CENTER">


 <P>&nbsp;</P>
<TABLE CELLSPACING="0" CELLPADDING="0" WIDTH="100%" BORDER="0" STYLE="BORDER-COLLAPSE:COLLAPSE" ALIGN="center">


<TR STYLE="visibility:hidden; line-height:0pt; color:white">
<TD WIDTH="22%"></TD>
<TD VALIGN="bottom" WIDTH="4%"></TD>
<TD nowrap><FONT STYLE="Times New Roman" SIZE="1"><B>September 30,</B></FONT></TD>
<TD VALIGN="bottom" WIDTH="4%"></TD>
<TD></TD>
<TD nowrap><FONT STYLE="Times New Roman" SIZE="1"><B>September 30,</B></FONT></TD>
<TD></TD>
<TD VALIGN="bottom" WIDTH="4%"></TD>
<TD></TD>
<TD nowrap><FONT STYLE="Times New Roman" SIZE="1"><B>September 30,</B></FONT></TD>
<TD></TD></TR>
<TR>
<TD VALIGN="bottom" NOWRAP> <P STYLE="margin-top:0px;margin-bottom:0px"><FONT STYLE="font-family:Times New Roman" SIZE="1"><B>Legal Name of Loan</B></FONT></P> <P STYLE="margin-top:0px;margin-bottom:1px;border-bottom:1px solid #000000;width:77pt"><FONT
STYLE="font-family:Times New Roman" SIZE="1"><B>Party/Property Owner</B></FONT></P></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="center" STYLE="border-bottom:1px solid #000000"> <P STYLE="margin-top:0px;margin-bottom:0px" ALIGN="center"><FONT STYLE="font-family:Times New Roman" SIZE="1"><B>Borrowing Base</B></FONT></P>
<P STYLE="margin-top:0px;margin-bottom:1px" ALIGN="center"><FONT STYLE="font-family:Times New Roman" SIZE="1"><B>Property/Purchase Options</B></FONT></P></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" COLSPAN="2" ALIGN="center" STYLE="border-bottom:1px solid #000000"><FONT STYLE="font-family:Times New Roman" SIZE="1"><B>Fee Simple</B></FONT><br><FONT STYLE="font-family:Times New Roman" SIZE="1"><B>or</B></FONT><br><FONT
STYLE="font-family:Times New Roman" SIZE="1"><B>Leasehold</B></FONT><br><FONT STYLE="font-family:Times New Roman" SIZE="1"><B>Estate</B></FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" COLSPAN="2" ALIGN="center" STYLE="border-bottom:1px solid #000000"><FONT STYLE="font-family:Times New Roman" SIZE="1"><B>Prop.</B></FONT><br><FONT STYLE="font-family:Times New Roman" SIZE="1"><B>Ref.</B></FONT><br><FONT
STYLE="font-family:Times New Roman" SIZE="1"><B>No.</B></FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD></TR>


<TR BGCOLOR="#cceeff">
<TD VALIGN="top"> <P STYLE="margin-left:1.00em; text-indent:-1.00em"><FONT STYLE="font-family:Times New Roman" SIZE="2">Cedar-Revere LLC</FONT></P></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="top"> <P STYLE="margin-top:0px;margin-bottom:0px"><FONT STYLE="font-family:Times New Roman" SIZE="2">Unit 2 of The Shops at</FONT></P> <P STYLE="margin-top:0px;margin-bottom:0px"><FONT STYLE="font-family:Times New Roman" SIZE="2">Suffolk
Downs</FONT></P> <P STYLE="margin-top:0px;margin-bottom:0px"><FONT STYLE="font-family:Times New Roman" SIZE="2">Condominium, Revere,</FONT></P>
<P STYLE="margin-top:0px;margin-bottom:0px"><FONT STYLE="font-family:Times New Roman" SIZE="2">Massachusetts</FONT></P> <P STYLE="font-size:10px;margin-top:0px;margin-bottom:0px">&nbsp;</P> <P STYLE="margin-top:0px;margin-bottom:1px"><FONT
STYLE="font-family:Times New Roman" SIZE="2">The Stop &amp; Shop Supermarket Company LLC has a purchase option.</FONT></P></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="top"><FONT STYLE="font-family:Times New Roman" SIZE="2">&nbsp;</FONT></TD>
<TD VALIGN="top" ALIGN="right"><FONT STYLE="font-family:Times New Roman" SIZE="2">Fee&nbsp;Simple</FONT></TD>
<TD NOWRAP VALIGN="top"><FONT STYLE="font-family:Times New Roman" SIZE="2">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="top"><FONT STYLE="font-family:Times New Roman" SIZE="2">&nbsp;</FONT></TD>
<TD VALIGN="top" ALIGN="right"><FONT STYLE="font-family:Times New Roman" SIZE="2">10</FONT></TD>
<TD NOWRAP VALIGN="top"><FONT STYLE="font-family:Times New Roman" SIZE="2">&nbsp;&nbsp;</FONT></TD></TR>
<TR>
<TD VALIGN="top"> <P STYLE="margin-left:1.00em; text-indent:-1.00em"><FONT STYLE="font-family:Times New Roman" SIZE="2">Cedar-Carlisle, LLC</FONT></P></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="top"> <P STYLE="margin-top:0px;margin-bottom:0px"><FONT STYLE="font-family:Times New Roman" SIZE="2">Point at Carlisle Shopping Center</FONT></P> <P STYLE="margin-top:0px;margin-bottom:1px"><FONT
STYLE="font-family:Times New Roman" SIZE="2">Carlisle, Pennsylvania</FONT></P></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="top"><FONT STYLE="font-family:Times New Roman" SIZE="2">&nbsp;</FONT></TD>
<TD VALIGN="top" ALIGN="right"><FONT STYLE="font-family:Times New Roman" SIZE="2">Fee Simple</FONT></TD>
<TD NOWRAP VALIGN="top"><FONT STYLE="font-family:Times New Roman" SIZE="2">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="top"><FONT STYLE="font-family:Times New Roman" SIZE="2">&nbsp;</FONT></TD>
<TD VALIGN="top" ALIGN="right"><FONT STYLE="font-family:Times New Roman" SIZE="2">11</FONT></TD>
<TD NOWRAP VALIGN="top"><FONT STYLE="font-family:Times New Roman" SIZE="2">&nbsp;&nbsp;</FONT></TD></TR>
<TR BGCOLOR="#cceeff">
<TD VALIGN="top"> <P STYLE="margin-left:1.00em; text-indent:-1.00em"><FONT STYLE="font-family:Times New Roman" SIZE="2">Cedar-Oakhurst, LLC</FONT></P></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="top"> <P STYLE="margin-top:0px;margin-bottom:0px"><FONT STYLE="font-family:Times New Roman" SIZE="2">Oakhurst Plaza</FONT></P> <P STYLE="margin-top:0px;margin-bottom:1px"><FONT STYLE="font-family:Times New Roman" SIZE="2">Harrisburg,
Pennsylvania</FONT></P></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="top"><FONT STYLE="font-family:Times New Roman" SIZE="2">&nbsp;</FONT></TD>
<TD VALIGN="top" ALIGN="right"><FONT STYLE="font-family:Times New Roman" SIZE="2">Fee Simple</FONT></TD>
<TD NOWRAP VALIGN="top"><FONT STYLE="font-family:Times New Roman" SIZE="2">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="top"><FONT STYLE="font-family:Times New Roman" SIZE="2">&nbsp;</FONT></TD>
<TD VALIGN="top" ALIGN="right"><FONT STYLE="font-family:Times New Roman" SIZE="2">12</FONT></TD>
<TD NOWRAP VALIGN="top"><FONT STYLE="font-family:Times New Roman" SIZE="2">&nbsp;&nbsp;</FONT></TD></TR>
<TR>
<TD VALIGN="top"> <P STYLE="margin-left:1.00em; text-indent:-1.00em"><FONT STYLE="font-family:Times New Roman" SIZE="2">Cedar-Palmyra, LLC</FONT></P></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="top"> <P STYLE="margin-top:0px;margin-bottom:0px"><FONT STYLE="font-family:Times New Roman" SIZE="2">Palmyra Shopping Center</FONT></P>
<P STYLE="margin-top:0px;margin-bottom:1px"><FONT STYLE="font-family:Times New Roman" SIZE="2">Palmyra, Pennsylvania</FONT></P></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="top"><FONT STYLE="font-family:Times New Roman" SIZE="2">&nbsp;</FONT></TD>
<TD VALIGN="top" ALIGN="right"><FONT STYLE="font-family:Times New Roman" SIZE="2">Fee Simple</FONT></TD>
<TD NOWRAP VALIGN="top"><FONT STYLE="font-family:Times New Roman" SIZE="2">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="top"><FONT STYLE="font-family:Times New Roman" SIZE="2">&nbsp;</FONT></TD>
<TD VALIGN="top" ALIGN="right"><FONT STYLE="font-family:Times New Roman" SIZE="2">13</FONT></TD>
<TD NOWRAP VALIGN="top"><FONT STYLE="font-family:Times New Roman" SIZE="2">&nbsp;&nbsp;</FONT></TD></TR>
<TR BGCOLOR="#cceeff">
<TD VALIGN="top"> <P STYLE="margin-left:1.00em; text-indent:-1.00em"><FONT STYLE="font-family:Times New Roman" SIZE="2">Cedar-Stadium Plaza LLC</FONT></P></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="top"> <P STYLE="margin-top:0px;margin-bottom:0px"><FONT STYLE="font-family:Times New Roman" SIZE="2">Stadium Plaza</FONT></P> <P STYLE="margin-top:0px;margin-bottom:0px"><FONT STYLE="font-family:Times New Roman" SIZE="2">East Lansing,
Michigan</FONT></P> <P STYLE="font-size:10px;margin-top:0px;margin-bottom:0px">&nbsp;</P> <P STYLE="margin-top:0px;margin-bottom:1px"><FONT STYLE="font-family:Times New Roman" SIZE="2">Burger King Corporation has a purchase option.</FONT></P></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="top"><FONT STYLE="font-family:Times New Roman" SIZE="2">&nbsp;</FONT></TD>
<TD VALIGN="top" ALIGN="right"><FONT STYLE="font-family:Times New Roman" SIZE="2">Fee Simple</FONT></TD>
<TD NOWRAP VALIGN="top"><FONT STYLE="font-family:Times New Roman" SIZE="2">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="top"><FONT STYLE="font-family:Times New Roman" SIZE="2">&nbsp;</FONT></TD>
<TD VALIGN="top" ALIGN="right"><FONT STYLE="font-family:Times New Roman" SIZE="2">14</FONT></TD>
<TD NOWRAP VALIGN="top"><FONT STYLE="font-family:Times New Roman" SIZE="2">&nbsp;&nbsp;</FONT></TD></TR>
<TR>
<TD VALIGN="top"> <P STYLE="margin-left:1.00em; text-indent:-1.00em"><FONT STYLE="font-family:Times New Roman" SIZE="2">Cedar-Annie Land, LLC</FONT></P></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="top"> <P STYLE="margin-top:0px;margin-bottom:0px"><FONT STYLE="font-family:Times New Roman" SIZE="2">Annie Land Plaza</FONT></P> <P STYLE="margin-top:0px;margin-bottom:1px"><FONT STYLE="font-family:Times New Roman" SIZE="2">Lovington,
Virginia</FONT></P></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="top"><FONT STYLE="font-family:Times New Roman" SIZE="2">&nbsp;</FONT></TD>
<TD VALIGN="top" ALIGN="right"><FONT STYLE="font-family:Times New Roman" SIZE="2">Fee Simple</FONT></TD>
<TD NOWRAP VALIGN="top"><FONT STYLE="font-family:Times New Roman" SIZE="2">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="top"><FONT STYLE="font-family:Times New Roman" SIZE="2">&nbsp;</FONT></TD>
<TD VALIGN="top" ALIGN="right"><FONT STYLE="font-family:Times New Roman" SIZE="2">15</FONT></TD>
<TD NOWRAP VALIGN="top"><FONT STYLE="font-family:Times New Roman" SIZE="2">&nbsp;&nbsp;</FONT></TD></TR>
<TR BGCOLOR="#cceeff">
<TD VALIGN="top"> <P STYLE="margin-left:1.00em; text-indent:-1.00em"><FONT STYLE="font-family:Times New Roman" SIZE="2">Cedar-Arlington Road LLC</FONT></P></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="top"> <P STYLE="margin-top:0px;margin-bottom:0px"><FONT STYLE="font-family:Times New Roman" SIZE="2">First Merit Bank</FONT></P> <P STYLE="margin-top:0px;margin-bottom:1px"><FONT STYLE="font-family:Times New Roman" SIZE="2">Akron,
Ohio</FONT></P></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="top"><FONT STYLE="font-family:Times New Roman" SIZE="2">&nbsp;</FONT></TD>
<TD VALIGN="top" ALIGN="right"><FONT STYLE="font-family:Times New Roman" SIZE="2">Fee Simple</FONT></TD>
<TD NOWRAP VALIGN="top"><FONT STYLE="font-family:Times New Roman" SIZE="2">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="top"><FONT STYLE="font-family:Times New Roman" SIZE="2">&nbsp;</FONT></TD>
<TD VALIGN="top" ALIGN="right"><FONT STYLE="font-family:Times New Roman" SIZE="2">16</FONT></TD>
<TD NOWRAP VALIGN="top"><FONT STYLE="font-family:Times New Roman" SIZE="2">&nbsp;&nbsp;</FONT></TD></TR>
<TR>
<TD VALIGN="top"> <P STYLE="margin-left:1.00em; text-indent:-1.00em"><FONT STYLE="font-family:Times New Roman" SIZE="2">Cedar-Fairview Commons, LLC</FONT></P></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="top"> <P STYLE="margin-top:0px;margin-bottom:0px"><FONT STYLE="font-family:Times New Roman" SIZE="2">Fairview Commons</FONT></P> <P STYLE="margin-top:0px;margin-bottom:0px"><FONT STYLE="font-family:Times New Roman" SIZE="2">Fairview
Township,</FONT></P> <P STYLE="margin-top:0px;margin-bottom:1px"><FONT STYLE="font-family:Times New Roman" SIZE="2">Pennsylvania</FONT></P></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="top"><FONT STYLE="font-family:Times New Roman" SIZE="2">&nbsp;</FONT></TD>
<TD VALIGN="top" ALIGN="right"><FONT STYLE="font-family:Times New Roman" SIZE="2">Fee Simple</FONT></TD>
<TD NOWRAP VALIGN="top"><FONT STYLE="font-family:Times New Roman" SIZE="2">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="top"><FONT STYLE="font-family:Times New Roman" SIZE="2">&nbsp;</FONT></TD>
<TD VALIGN="top" ALIGN="right"><FONT STYLE="font-family:Times New Roman" SIZE="2">17</FONT></TD>
<TD NOWRAP VALIGN="top"><FONT STYLE="font-family:Times New Roman" SIZE="2">&nbsp;&nbsp;</FONT></TD></TR>
<TR BGCOLOR="#cceeff">
<TD VALIGN="top"> <P STYLE="margin-left:1.00em; text-indent:-1.00em"><FONT STYLE="font-family:Times New Roman" SIZE="2">Cedar-Norwood, LLC</FONT></P></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="top"> <P STYLE="margin-top:0px;margin-bottom:0px"><FONT STYLE="font-family:Times New Roman" SIZE="2">Hannaford Plaza</FONT></P> <P STYLE="margin-top:0px;margin-bottom:1px"><FONT STYLE="font-family:Times New Roman" SIZE="2">Norwood,
Massachusetts</FONT></P></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="top"><FONT STYLE="font-family:Times New Roman" SIZE="2">&nbsp;</FONT></TD>
<TD VALIGN="top" ALIGN="right"><FONT STYLE="font-family:Times New Roman" SIZE="2">Fee Simple</FONT></TD>
<TD NOWRAP VALIGN="top"><FONT STYLE="font-family:Times New Roman" SIZE="2">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="top"><FONT STYLE="font-family:Times New Roman" SIZE="2">&nbsp;</FONT></TD>
<TD VALIGN="top" ALIGN="right"><FONT STYLE="font-family:Times New Roman" SIZE="2">18</FONT></TD>
<TD NOWRAP VALIGN="top"><FONT STYLE="font-family:Times New Roman" SIZE="2">&nbsp;&nbsp;</FONT></TD></TR>
<TR>
<TD VALIGN="top"> <P STYLE="margin-left:1.00em; text-indent:-1.00em"><FONT STYLE="font-family:Times New Roman" SIZE="2">Cedar-Metro Square II, LLC</FONT></P></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="top"> <P STYLE="margin-top:0px;margin-bottom:0px"><FONT STYLE="font-family:Times New Roman" SIZE="2">Metro Square at Owings Mills, Owings Mills,</FONT></P> <P STYLE="margin-top:0px;margin-bottom:1px"><FONT
STYLE="font-family:Times New Roman" SIZE="2">Maryland</FONT></P></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="top"><FONT STYLE="font-family:Times New Roman" SIZE="2">&nbsp;</FONT></TD>
<TD VALIGN="top" ALIGN="right"><FONT STYLE="font-family:Times New Roman" SIZE="2">Fee Simple</FONT></TD>
<TD NOWRAP VALIGN="top"><FONT STYLE="font-family:Times New Roman" SIZE="2">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="top"><FONT STYLE="font-family:Times New Roman" SIZE="2">&nbsp;</FONT></TD>
<TD VALIGN="top" ALIGN="right"><FONT STYLE="font-family:Times New Roman" SIZE="2">19</FONT></TD>
<TD NOWRAP VALIGN="top"><FONT STYLE="font-family:Times New Roman" SIZE="2">&nbsp;&nbsp;</FONT></TD></TR>
<TR BGCOLOR="#cceeff">
<TD VALIGN="top"> <P STYLE="margin-left:1.00em; text-indent:-1.00em"><FONT STYLE="font-family:Times New Roman" SIZE="2">Cedar-Hilliard, LLC</FONT></P></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="top"> <P STYLE="margin-top:0px;margin-bottom:0px"><FONT STYLE="font-family:Times New Roman" SIZE="2">Hilliard Discount Drug Mart,</FONT></P>
<P STYLE="margin-top:0px;margin-bottom:0px"><FONT STYLE="font-family:Times New Roman" SIZE="2">Hilliard, Ohio</FONT></P> <P STYLE="font-size:10px;margin-top:0px;margin-bottom:0px">&nbsp;</P> <P STYLE="margin-top:0px;margin-bottom:1px"><FONT
STYLE="font-family:Times New Roman" SIZE="2">Discount Drug Mart, Inc. has a purchase option.</FONT></P></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="top"><FONT STYLE="font-family:Times New Roman" SIZE="2">&nbsp;</FONT></TD>
<TD VALIGN="top" ALIGN="right"><FONT STYLE="font-family:Times New Roman" SIZE="2">Fee Simple</FONT></TD>
<TD NOWRAP VALIGN="top"><FONT STYLE="font-family:Times New Roman" SIZE="2">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="top"><FONT STYLE="font-family:Times New Roman" SIZE="2">&nbsp;</FONT></TD>
<TD VALIGN="top" ALIGN="right"><FONT STYLE="font-family:Times New Roman" SIZE="2">20</FONT></TD>
<TD NOWRAP VALIGN="top"><FONT STYLE="font-family:Times New Roman" SIZE="2">&nbsp;&nbsp;</FONT></TD></TR>
</TABLE>
 <p STYLE="margin-top:0px;margin-bottom:0px"><FONT SIZE="1">&nbsp;</FONT></P> <P STYLE="margin-top:0px;margin-bottom:0px" ALIGN="center"><FONT STYLE="font-family:Times New Roman" SIZE="2">SCHEDULE
6.14.2 - 2 </FONT></P>


<p Style='page-break-before:always'>
<HR  SIZE="3" style="COLOR:#999999" WIDTH="100%" ALIGN="CENTER">


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<TABLE CELLSPACING="0" CELLPADDING="0" WIDTH="100%" BORDER="0" STYLE="BORDER-COLLAPSE:COLLAPSE" ALIGN="center">


<TR STYLE="visibility:hidden; line-height:0pt; color:white">
<TD WIDTH="22%"></TD>
<TD VALIGN="bottom" WIDTH="4%"></TD>
<TD nowrap><FONT STYLE="Times New Roman" SIZE="1"><B>September 30,</B></FONT></TD>
<TD VALIGN="bottom" WIDTH="4%"></TD>
<TD></TD>
<TD nowrap><FONT STYLE="Times New Roman" SIZE="1"><B>September 30,</B></FONT></TD>
<TD></TD>
<TD VALIGN="bottom" WIDTH="4%"></TD>
<TD></TD>
<TD nowrap><FONT STYLE="Times New Roman" SIZE="1"><B>September 30,</B></FONT></TD>
<TD></TD></TR>
<TR>
<TD VALIGN="bottom" NOWRAP> <P STYLE="margin-top:0px;margin-bottom:0px"><FONT STYLE="font-family:Times New Roman" SIZE="1"><B>Legal Name of Loan</B></FONT></P> <P STYLE="margin-top:0px;margin-bottom:1px;border-bottom:1px solid #000000;width:77pt"><FONT
STYLE="font-family:Times New Roman" SIZE="1"><B>Party/Property Owner</B></FONT></P></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="center" STYLE="border-bottom:1px solid #000000"> <P STYLE="margin-top:0px;margin-bottom:0px" ALIGN="center"><FONT STYLE="font-family:Times New Roman" SIZE="1"><B>Borrowing Base</B></FONT></P>
<P STYLE="margin-top:0px;margin-bottom:1px" ALIGN="center"><FONT STYLE="font-family:Times New Roman" SIZE="1"><B>Property/Purchase Options</B></FONT></P></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" COLSPAN="2" ALIGN="center" STYLE="border-bottom:1px solid #000000"><FONT STYLE="font-family:Times New Roman" SIZE="1"><B>Fee Simple</B></FONT><br><FONT STYLE="font-family:Times New Roman" SIZE="1"><B>or</B></FONT><br><FONT
STYLE="font-family:Times New Roman" SIZE="1"><B>Leasehold</B></FONT><br><FONT STYLE="font-family:Times New Roman" SIZE="1"><B>Estate</B></FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" COLSPAN="2" ALIGN="center" STYLE="border-bottom:1px solid #000000"><FONT STYLE="font-family:Times New Roman" SIZE="1"><B>Prop.</B></FONT><br><FONT STYLE="font-family:Times New Roman" SIZE="1"><B>Ref.</B></FONT><br><FONT
STYLE="font-family:Times New Roman" SIZE="1"><B>No.</B></FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD></TR>


<TR BGCOLOR="#cceeff">
<TD VALIGN="top"> <P STYLE="margin-left:1.00em; text-indent:-1.00em"><FONT STYLE="font-family:Times New Roman" SIZE="2">Cedar-Grove City, LLC</FONT></P></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="top"> <P STYLE="margin-top:0px;margin-bottom:0px"><FONT STYLE="font-family:Times New Roman" SIZE="2">Grove City Discount Drug Mart Plaza, Grove City, Ohio</FONT></P> <P STYLE="font-size:10px;margin-top:0px;margin-bottom:0px">&nbsp;</P>
<P STYLE="margin-top:0px;margin-bottom:1px"><FONT STYLE="font-family:Times New Roman" SIZE="2">Discount Drug Mart, Inc. has a purchase option.</FONT></P></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="top"><FONT STYLE="font-family:Times New Roman" SIZE="2">&nbsp;</FONT></TD>
<TD VALIGN="top" ALIGN="right"><FONT STYLE="font-family:Times New Roman" SIZE="2">Fee&nbsp;Simple</FONT></TD>
<TD NOWRAP VALIGN="top"><FONT STYLE="font-family:Times New Roman" SIZE="2">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="top"><FONT STYLE="font-family:Times New Roman" SIZE="2">&nbsp;</FONT></TD>
<TD VALIGN="top" ALIGN="right"><FONT STYLE="font-family:Times New Roman" SIZE="2">21</FONT></TD>
<TD NOWRAP VALIGN="top"><FONT STYLE="font-family:Times New Roman" SIZE="2">&nbsp;&nbsp;</FONT></TD></TR>
<TR>
<TD VALIGN="top"> <P STYLE="margin-left:1.00em; text-indent:-1.00em"><FONT STYLE="font-family:Times New Roman" SIZE="2">Greentree Road L.L.C. 1</FONT></P></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="top"> <P STYLE="margin-top:0px;margin-bottom:0px"><FONT STYLE="font-family:Times New Roman" SIZE="2">Washington Center Shops,</FONT></P>
<P STYLE="margin-top:0px;margin-bottom:1px"><FONT STYLE="font-family:Times New Roman" SIZE="2">Washington, New Jersey</FONT></P></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="top"><FONT STYLE="font-family:Times New Roman" SIZE="2">&nbsp;</FONT></TD>
<TD VALIGN="top" ALIGN="right"><FONT STYLE="font-family:Times New Roman" SIZE="2">Fee Simple</FONT></TD>
<TD NOWRAP VALIGN="top"><FONT STYLE="font-family:Times New Roman" SIZE="2">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="top"><FONT STYLE="font-family:Times New Roman" SIZE="2">&nbsp;</FONT></TD>
<TD VALIGN="top" ALIGN="right"><FONT STYLE="font-family:Times New Roman" SIZE="2">22</FONT></TD>
<TD NOWRAP VALIGN="top"><FONT STYLE="font-family:Times New Roman" SIZE="2">&nbsp;&nbsp;</FONT></TD></TR>
<TR BGCOLOR="#cceeff">
<TD VALIGN="top"> <P STYLE="margin-left:1.00em; text-indent:-1.00em"><FONT STYLE="font-family:Times New Roman" SIZE="2">Cedar-Bristol, LLC</FONT></P></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="top"> <P STYLE="margin-top:0px;margin-bottom:0px"><FONT STYLE="font-family:Times New Roman" SIZE="2">Oakland Commons, Bristol,</FONT></P>
<P STYLE="margin-top:0px;margin-bottom:1px"><FONT STYLE="font-family:Times New Roman" SIZE="2">Connecticut</FONT></P></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="top"><FONT STYLE="font-family:Times New Roman" SIZE="2">&nbsp;</FONT></TD>
<TD VALIGN="top" ALIGN="right"><FONT STYLE="font-family:Times New Roman" SIZE="2">Fee Simple</FONT></TD>
<TD NOWRAP VALIGN="top"><FONT STYLE="font-family:Times New Roman" SIZE="2">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="top"><FONT STYLE="font-family:Times New Roman" SIZE="2">&nbsp;</FONT></TD>
<TD VALIGN="top" ALIGN="right"><FONT STYLE="font-family:Times New Roman" SIZE="2">23</FONT></TD>
<TD NOWRAP VALIGN="top"><FONT STYLE="font-family:Times New Roman" SIZE="2">&nbsp;&nbsp;</FONT></TD></TR>
<TR>
<TD VALIGN="top"> <P STYLE="margin-left:1.00em; text-indent:-1.00em"><FONT STYLE="font-family:Times New Roman" SIZE="2">Cedar-Circle, LLC</FONT></P></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="top"> <P STYLE="margin-top:0px;margin-bottom:0px"><FONT STYLE="font-family:Times New Roman" SIZE="2">Circle Plaza, Shamokin Dam</FONT></P>
<P STYLE="margin-top:0px;margin-bottom:1px"><FONT STYLE="font-family:Times New Roman" SIZE="2">Borough, Pennsylvania</FONT></P></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="top"><FONT STYLE="font-family:Times New Roman" SIZE="2">&nbsp;</FONT></TD>
<TD VALIGN="top" ALIGN="right"><FONT STYLE="font-family:Times New Roman" SIZE="2">Fee Simple</FONT></TD>
<TD NOWRAP VALIGN="top"><FONT STYLE="font-family:Times New Roman" SIZE="2">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="top"><FONT STYLE="font-family:Times New Roman" SIZE="2">&nbsp;</FONT></TD>
<TD VALIGN="top" ALIGN="right"><FONT STYLE="font-family:Times New Roman" SIZE="2">24</FONT></TD>
<TD NOWRAP VALIGN="top"><FONT STYLE="font-family:Times New Roman" SIZE="2">&nbsp;&nbsp;</FONT></TD></TR>
<TR BGCOLOR="#cceeff">
<TD VALIGN="top"> <P STYLE="margin-left:1.00em; text-indent:-1.00em"><FONT STYLE="font-family:Times New Roman" SIZE="2">Hamilton FC Associates, L.P.</FONT></P></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="top"> <P STYLE="margin-top:0px;margin-bottom:0px"><FONT STYLE="font-family:Times New Roman" SIZE="2">Crossroads II Shopping</FONT></P> <P STYLE="margin-top:0px;margin-bottom:1px"><FONT STYLE="font-family:Times New Roman" SIZE="2">Center,
Dunmore, PA</FONT></P></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="top"><FONT STYLE="font-family:Times New Roman" SIZE="2">&nbsp;</FONT></TD>
<TD VALIGN="top" ALIGN="right"><FONT STYLE="font-family:Times New Roman" SIZE="2">Fee Simple</FONT></TD>
<TD NOWRAP VALIGN="top"><FONT STYLE="font-family:Times New Roman" SIZE="2">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="top"><FONT STYLE="font-family:Times New Roman" SIZE="2">&nbsp;</FONT></TD>
<TD VALIGN="top" ALIGN="right"><FONT STYLE="font-family:Times New Roman" SIZE="2">26</FONT></TD>
<TD NOWRAP VALIGN="top"><FONT STYLE="font-family:Times New Roman" SIZE="2">&nbsp;&nbsp;</FONT></TD></TR>
<TR>
<TD VALIGN="top"> <P STYLE="margin-left:1.00em; text-indent:-1.00em"><FONT STYLE="font-family:Times New Roman" SIZE="2">Cedar-Lake Raystown, LLC</FONT></P></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="top"> <P STYLE="margin-top:0px;margin-bottom:0px"><FONT STYLE="font-family:Times New Roman" SIZE="2">Lake Raystown Shopping</FONT></P> <P STYLE="margin-top:0px;margin-bottom:1px"><FONT STYLE="font-family:Times New Roman" SIZE="2">Center,
Smithfield Township, PA</FONT></P></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="top"><FONT STYLE="font-family:Times New Roman" SIZE="2">&nbsp;</FONT></TD>
<TD VALIGN="top" ALIGN="right"><FONT STYLE="font-family:Times New Roman" SIZE="2">Fee Simple</FONT></TD>
<TD NOWRAP VALIGN="top"><FONT STYLE="font-family:Times New Roman" SIZE="2">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="top"><FONT STYLE="font-family:Times New Roman" SIZE="2">&nbsp;</FONT></TD>
<TD VALIGN="top" ALIGN="right"><FONT STYLE="font-family:Times New Roman" SIZE="2">27</FONT></TD>
<TD NOWRAP VALIGN="top"><FONT STYLE="font-family:Times New Roman" SIZE="2">&nbsp;&nbsp;</FONT></TD></TR>
<TR BGCOLOR="#cceeff">
<TD VALIGN="top"> <P STYLE="margin-left:1.00em; text-indent:-1.00em"><FONT STYLE="font-family:Times New Roman" SIZE="2">Cedar-PC Plaza, LLC</FONT></P></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="top"> <P STYLE="margin-top:0px;margin-bottom:0px"><FONT STYLE="font-family:Times New Roman" SIZE="2">Price Chopper Plaza,</FONT></P> <P STYLE="margin-top:0px;margin-bottom:1px"><FONT STYLE="font-family:Times New Roman" SIZE="2">Webster,
MA</FONT></P></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="top"><FONT STYLE="font-family:Times New Roman" SIZE="2">&nbsp;</FONT></TD>
<TD VALIGN="top" ALIGN="right"><FONT STYLE="font-family:Times New Roman" SIZE="2">Fee Simple</FONT></TD>
<TD NOWRAP VALIGN="top"><FONT STYLE="font-family:Times New Roman" SIZE="2">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="top"><FONT STYLE="font-family:Times New Roman" SIZE="2">&nbsp;</FONT></TD>
<TD VALIGN="top" ALIGN="right"><FONT STYLE="font-family:Times New Roman" SIZE="2">28</FONT></TD>
<TD NOWRAP VALIGN="top"><FONT STYLE="font-family:Times New Roman" SIZE="2">&nbsp;&nbsp;</FONT></TD></TR>
<TR>
<TD VALIGN="top"> <P STYLE="margin-left:1.00em; text-indent:-1.00em"><FONT STYLE="font-family:Times New Roman" SIZE="2">Cedar-Dunmore LLC</FONT></P></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="top"> <P STYLE="margin-top:0px;margin-bottom:0px"><FONT STYLE="font-family:Times New Roman" SIZE="2">Dunmore Shopping Center,</FONT></P>
<P STYLE="margin-top:0px;margin-bottom:1px"><FONT STYLE="font-family:Times New Roman" SIZE="2">Dunmore, PA</FONT></P></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="top"><FONT STYLE="font-family:Times New Roman" SIZE="2">&nbsp;</FONT></TD>
<TD VALIGN="top" ALIGN="right"><FONT STYLE="font-family:Times New Roman" SIZE="2">Fee Simple</FONT></TD>
<TD NOWRAP VALIGN="top"><FONT STYLE="font-family:Times New Roman" SIZE="2">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="top"><FONT STYLE="font-family:Times New Roman" SIZE="2">&nbsp;</FONT></TD>
<TD VALIGN="top" ALIGN="right"><FONT STYLE="font-family:Times New Roman" SIZE="2">29</FONT></TD>
<TD NOWRAP VALIGN="top"><FONT STYLE="font-family:Times New Roman" SIZE="2">&nbsp;&nbsp;</FONT></TD></TR>
<TR BGCOLOR="#cceeff">
<TD VALIGN="top"> <P STYLE="margin-left:1.00em; text-indent:-1.00em"><FONT STYLE="font-family:Times New Roman" SIZE="2">Cedar-Trexler Plaza 2, LLC and Cedar-Trexler Plaza 3, LLC</FONT></P></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="top"> <P STYLE="margin-top:0px;margin-bottom:0px"><FONT STYLE="font-family:Times New Roman" SIZE="2">Trexler Plaza Shopping Center,</FONT></P>
<P STYLE="margin-top:0px;margin-bottom:0px"><FONT STYLE="font-family:Times New Roman" SIZE="2">Lower and Upper</FONT></P> <P STYLE="margin-top:0px;margin-bottom:1px"><FONT STYLE="font-family:Times New Roman" SIZE="2">Macungie Townships,
PA</FONT></P></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="top"><FONT STYLE="font-family:Times New Roman" SIZE="2">&nbsp;</FONT></TD>
<TD VALIGN="top" ALIGN="right"><FONT STYLE="font-family:Times New Roman" SIZE="2">Fee Simple</FONT></TD>
<TD NOWRAP VALIGN="top"><FONT STYLE="font-family:Times New Roman" SIZE="2">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="top"><FONT STYLE="font-family:Times New Roman" SIZE="2">&nbsp;</FONT></TD>
<TD VALIGN="top" ALIGN="right"><FONT STYLE="font-family:Times New Roman" SIZE="2">30</FONT></TD>
<TD NOWRAP VALIGN="top"><FONT STYLE="font-family:Times New Roman" SIZE="2">&nbsp;&nbsp;</FONT></TD></TR>
<TR>
<TD VALIGN="top"> <P STYLE="margin-left:1.00em; text-indent:-1.00em"><FONT STYLE="font-family:Times New Roman" SIZE="2">Cedar-Campbelltown, LLC</FONT></P></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="top"> <P STYLE="margin-top:0px;margin-bottom:0px"><FONT STYLE="font-family:Times New Roman" SIZE="2">Northside Commons</FONT></P> <P STYLE="margin-top:0px;margin-bottom:0px"><FONT STYLE="font-family:Times New Roman" SIZE="2">Shopping
Center, South</FONT></P> <P STYLE="margin-top:0px;margin-bottom:1px"><FONT STYLE="font-family:Times New Roman" SIZE="2">Londonderry Township, PA</FONT></P></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="top"><FONT STYLE="font-family:Times New Roman" SIZE="2">&nbsp;</FONT></TD>
<TD VALIGN="top" ALIGN="right"><FONT STYLE="font-family:Times New Roman" SIZE="2">Fee Simple</FONT></TD>
<TD NOWRAP VALIGN="top"><FONT STYLE="font-family:Times New Roman" SIZE="2">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="top"><FONT STYLE="font-family:Times New Roman" SIZE="2">&nbsp;</FONT></TD>
<TD VALIGN="top" ALIGN="right"><FONT STYLE="font-family:Times New Roman" SIZE="2">31</FONT></TD>
<TD NOWRAP VALIGN="top"><FONT STYLE="font-family:Times New Roman" SIZE="2">&nbsp;&nbsp;</FONT></TD></TR>
</TABLE>
 <p STYLE="margin-top:0px;margin-bottom:0px"><FONT SIZE="1">&nbsp;</FONT></P> <P STYLE="margin-top:0px;margin-bottom:0px" ALIGN="center"><FONT STYLE="font-family:Times New Roman" SIZE="2">SCHEDULE
6.14.2 - 3 </FONT></P>


<p Style='page-break-before:always'>
<HR  SIZE="3" style="COLOR:#999999" WIDTH="100%" ALIGN="CENTER">


 <P STYLE="margin-top:0px;margin-bottom:0px" ALIGN="right"><FONT STYLE="font-family:Times New Roman" SIZE="2"><B><I>SCHEDULE 6.14.5 </I></B></FONT></P>
<P STYLE="margin-top:10px;margin-bottom:0px" ALIGN="center"><FONT STYLE="font-family:Times New Roman" SIZE="2"><B>GROUND LEASES </B></FONT></P> <P STYLE="margin-top:10px;margin-bottom:0px" ALIGN="justify"><FONT
STYLE="font-family:Times New Roman" SIZE="2">That certain Ground Lease, dated as of October&nbsp;31, 2003, by and between SPSP Corporation, Passyunk Supermarket, Inc., and Twenty Fourth Street Passyunk Partners, L.P., as landlord, and Cedar-South
Philadelphia I, LLC, as tenant. </FONT></P> <P STYLE="margin-top:10px;margin-bottom:0px" ALIGN="justify"><FONT STYLE="font-family:Times New Roman" SIZE="2">That certain Lease, dated as of June&nbsp;24, 1992, between Interstate Land Management
Corporation and Riverview Commons, Inc. </FONT></P> <P STYLE="margin-top:10px;margin-bottom:0px" ALIGN="justify"><FONT STYLE="font-family:Times New Roman" SIZE="2">That certain First Amendment to Lease, dated as of February&nbsp;10, 1993, between
Interstate Land Management Corporation and Riverview Commons, Inc. </FONT></P> <P STYLE="margin-top:10px;margin-bottom:0px" ALIGN="justify"><FONT STYLE="font-family:Times New Roman" SIZE="2">That certain Lease, dated as of October&nbsp;16, 1991,
between Interstate Land Management Corporation and Riverview Commons, Inc. </FONT></P> <P STYLE="margin-top:10px;margin-bottom:0px" ALIGN="justify"><FONT STYLE="font-family:Times New Roman" SIZE="2">That certain Assignment and Assumption of Lease
Agreement and Estoppel Certificate, between Interstate Land Management Corporation and Riverview Commons, Inc. (with regard to the Lease dated June&nbsp;24, 1992). </FONT></P> <P STYLE="margin-top:10px;margin-bottom:0px" ALIGN="justify"><FONT
STYLE="font-family:Times New Roman" SIZE="2">That certain Assignment and Assumption of Lease Agreement and Estoppel Certificate, between Interstate Land Management Corporation and Riverview Commons, Inc. (with regard to the Lease dated
October&nbsp;16, 1991). </FONT></P> <P STYLE="margin-top:10px;margin-bottom:0px"><FONT STYLE="font-family:Times New Roman" SIZE="2">As of the Closing Date, no ground lessor is an Affiliate of any Loan Party. </FONT></P>

<p Style='page-break-before:always'>
<HR  SIZE="3" style="COLOR:#999999" WIDTH="100%" ALIGN="CENTER">


 <P STYLE="margin-top:0px;margin-bottom:0px" ALIGN="right"><FONT STYLE="font-family:Times New Roman" SIZE="2"><B><I>SCHEDULE 6.23.1 </I></B></FONT></P>
<P STYLE="margin-top:10px;margin-bottom:0px" ALIGN="center"><FONT STYLE="font-family:Times New Roman" SIZE="2"><B>MAJOR LEASE LOCATIONS </B></FONT></P> <P STYLE="font-size:10px;margin-top:0px;margin-bottom:0px">&nbsp;</P>
<TABLE CELLSPACING="0" CELLPADDING="0" WIDTH="100%" BORDER="0" STYLE="BORDER-COLLAPSE:COLLAPSE" ALIGN="center">


<TR STYLE="visibility:hidden; line-height:0pt; color:white">
<TD WIDTH="21%"></TD>
<TD VALIGN="bottom" WIDTH="3%"></TD>
<TD nowrap><FONT STYLE="Times New Roman" SIZE="1"><B>September 30,</B></FONT></TD>
<TD VALIGN="bottom" WIDTH="3%"></TD>
<TD nowrap><FONT STYLE="Times New Roman" SIZE="1"><B>September 30,</B></FONT></TD>
<TD VALIGN="bottom" WIDTH="3%"></TD>
<TD></TD>
<TD nowrap><FONT STYLE="Times New Roman" SIZE="1"><B>September 30,</B></FONT></TD>
<TD></TD>
<TD VALIGN="bottom" WIDTH="3%"></TD>
<TD></TD>
<TD nowrap><FONT STYLE="Times New Roman" SIZE="1"><B>September 30,</B></FONT></TD>
<TD></TD></TR>
<TR>
<TD VALIGN="bottom" NOWRAP> <P STYLE="margin-top:0px;margin-bottom:0px"><FONT STYLE="font-family:Times New Roman" SIZE="1"><B>Legal Name of</B></FONT></P>
<P STYLE="margin-top:0px;margin-bottom:0px"><FONT STYLE="font-family:Times New Roman" SIZE="1"><B>Loan</B></FONT></P> <P STYLE="margin-top:0px;margin-bottom:0px"><FONT STYLE="font-family:Times New Roman" SIZE="1"><B>Party/Property</B></FONT></P>
<P STYLE="margin-top:0px;margin-bottom:1px;border-bottom:1px solid #000000;width:51pt"><FONT STYLE="font-family:Times New Roman" SIZE="1"><B>Owner</B></FONT></P></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="center" STYLE="border-bottom:1px solid #000000"> <P STYLE="margin-top:0px;margin-bottom:1px" ALIGN="center"><FONT STYLE="font-family:Times New Roman" SIZE="1"><B>Borrowing Base Property</B></FONT></P></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="center" STYLE="border-bottom:1px solid #000000"> <P STYLE="margin-top:0px;margin-bottom:1px" ALIGN="center"><FONT STYLE="font-family:Times New Roman" SIZE="1"><B>Major Leases</B></FONT></P></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" COLSPAN="2" ALIGN="center" STYLE="border-bottom:1px solid #000000"><FONT STYLE="font-family:Times New Roman" SIZE="1"><B>Square<BR>Feet</B></FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" COLSPAN="2" ALIGN="center" STYLE="border-bottom:1px solid #000000"><FONT STYLE="font-family:Times New Roman" SIZE="1"><B>Prop.<BR>Ref.<BR>No.</B></FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD></TR>


<TR BGCOLOR="#cceeff">
<TD VALIGN="top"> <P STYLE="margin-left:1.00em; text-indent:-1.00em"><FONT STYLE="font-family:Times New Roman" SIZE="2">Cedar-South Philadelphia I, LLC</FONT></P></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="top"> <P STYLE="margin-top:0px;margin-bottom:0px"><FONT STYLE="font-family:Times New Roman" SIZE="2">South Philadelphia</FONT></P> <P STYLE="margin-top:0px;margin-bottom:0px"><FONT STYLE="font-family:Times New Roman" SIZE="2">Shopping
Plaza</FONT></P> <P STYLE="margin-top:0px;margin-bottom:0px"><FONT STYLE="font-family:Times New Roman" SIZE="2">Philadelphia,</FONT></P>
<P STYLE="margin-top:0px;margin-bottom:1px"><FONT STYLE="font-family:Times New Roman" SIZE="2">Pennsylvania</FONT></P></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="top"> <P STYLE="margin-top:0px;margin-bottom:0px"><FONT STYLE="font-family:Times New Roman" SIZE="2">Bally Total Fitness</FONT></P> <P STYLE="margin-top:0px;margin-bottom:0px"><FONT STYLE="font-family:Times New Roman" SIZE="2">Dollar
Tree Stores</FONT></P> <P STYLE="margin-top:0px;margin-bottom:0px"><FONT STYLE="font-family:Times New Roman" SIZE="2">Ross Dress for Less</FONT></P> <P STYLE="margin-top:0px;margin-bottom:1px"><FONT STYLE="font-family:Times New Roman" SIZE="2">Shop
Rite</FONT></P></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="top"><FONT STYLE="font-family:Times New Roman" SIZE="2">&nbsp;</FONT><BR> <P STYLE="margin-bottom:0px; margin-top:0px"><FONT STYLE="font-family:Times New Roman" SIZE="2">&nbsp;</FONT></P> <P STYLE="margin-bottom:0px; margin-top:0px"><FONT
STYLE="font-family:Times New Roman" SIZE="2">&nbsp;</FONT></P> <P STYLE="margin-bottom:1px; margin-top:0px"><FONT STYLE="font-family:Times New Roman" SIZE="2">&nbsp;</FONT></P></TD>
<TD VALIGN="top" ALIGN="right"><FONT STYLE="font-family:Times New Roman" SIZE="2">31,000</FONT><BR> <P STYLE="margin-bottom:0px; margin-top:0px" ALIGN="right"><FONT STYLE="font-family:Times New Roman" SIZE="2">6,930</FONT></P>
<P STYLE="margin-bottom:0px; margin-top:0px" ALIGN="right"><FONT STYLE="font-family:Times New Roman" SIZE="2">31,349</FONT></P>
<P STYLE="margin-bottom:1px; margin-top:0px" ALIGN="right"><FONT STYLE="font-family:Times New Roman" SIZE="2">54,388</FONT></P></TD>
<TD NOWRAP VALIGN="top"><FONT STYLE="font-family:Times New Roman" SIZE="2">&nbsp;&nbsp;</FONT><BR> <P STYLE="margin-bottom:0px; margin-top:0px"><FONT STYLE="font-family:Times New Roman" SIZE="2">&nbsp;&nbsp;</FONT></P>
<P STYLE="margin-bottom:0px; margin-top:0px"><FONT STYLE="font-family:Times New Roman" SIZE="2">&nbsp;&nbsp;</FONT></P> <P STYLE="margin-bottom:1px; margin-top:0px"><FONT STYLE="font-family:Times New Roman" SIZE="2">&nbsp;&nbsp;</FONT></P></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="top"><FONT STYLE="font-family:Times New Roman" SIZE="2">&nbsp;</FONT></TD>
<TD VALIGN="top" ALIGN="right"><FONT STYLE="font-family:Times New Roman" SIZE="2">1</FONT></TD>
<TD NOWRAP VALIGN="top"><FONT STYLE="font-family:Times New Roman" SIZE="2">&nbsp;&nbsp;</FONT></TD></TR>
<TR>
<TD VALIGN="top"> <P STYLE="margin-left:1.00em; text-indent:-1.00em"><FONT STYLE="font-family:Times New Roman" SIZE="2">Cedar-Riverview LP</FONT></P></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="top"> <P STYLE="margin-top:0px;margin-bottom:0px"><FONT STYLE="font-family:Times New Roman" SIZE="2">Riverview Shopping Center</FONT></P>
<P STYLE="margin-top:0px;margin-bottom:0px"><FONT STYLE="font-family:Times New Roman" SIZE="2">Philadelphia,</FONT></P> <P STYLE="margin-top:0px;margin-bottom:1px"><FONT STYLE="font-family:Times New Roman" SIZE="2">Pennsylvania</FONT></P></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="top"> <P STYLE="margin-top:0px;margin-bottom:0px"><FONT STYLE="font-family:Times New Roman" SIZE="2">Avalon Carpet, Tile, Etc.</FONT></P> <P STYLE="margin-top:0px;margin-bottom:0px"><FONT STYLE="font-family:Times New Roman" SIZE="2">Pep
Boys</FONT></P> <P STYLE="margin-top:0px;margin-bottom:1px"><FONT STYLE="font-family:Times New Roman" SIZE="2">United Artist Theatre Group</FONT></P></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="top"><FONT STYLE="font-family:Times New Roman" SIZE="2">&nbsp;</FONT><BR> <P STYLE="margin-bottom:0px; margin-top:0px"><FONT STYLE="font-family:Times New Roman" SIZE="2">&nbsp;</FONT></P> <P STYLE="margin-bottom:1px; margin-top:0px"><FONT
STYLE="font-family:Times New Roman" SIZE="2">&nbsp;</FONT></P></TD>
<TD VALIGN="top" ALIGN="right"><FONT STYLE="font-family:Times New Roman" SIZE="2">25,000</FONT><BR> <P STYLE="margin-bottom:0px; margin-top:0px" ALIGN="right"><FONT STYLE="font-family:Times New Roman" SIZE="2">22,000</FONT></P>
<P STYLE="margin-bottom:1px; margin-top:0px" ALIGN="right"><FONT STYLE="font-family:Times New Roman" SIZE="2">77,700</FONT></P></TD>
<TD NOWRAP VALIGN="top"><FONT STYLE="font-family:Times New Roman" SIZE="2">&nbsp;&nbsp;</FONT><BR> <P STYLE="margin-bottom:0px; margin-top:0px"><FONT STYLE="font-family:Times New Roman" SIZE="2">&nbsp;&nbsp;</FONT></P>
<P STYLE="margin-bottom:1px; margin-top:0px"><FONT STYLE="font-family:Times New Roman" SIZE="2">&nbsp;&nbsp;</FONT></P></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="top"><FONT STYLE="font-family:Times New Roman" SIZE="2">&nbsp;</FONT></TD>
<TD VALIGN="top" ALIGN="right"><FONT STYLE="font-family:Times New Roman" SIZE="2">2</FONT></TD>
<TD NOWRAP VALIGN="top"><FONT STYLE="font-family:Times New Roman" SIZE="2">&nbsp;&nbsp;</FONT></TD></TR>
<TR BGCOLOR="#cceeff">
<TD VALIGN="top"> <P STYLE="margin-left:1.00em; text-indent:-1.00em"><FONT STYLE="font-family:Times New Roman" SIZE="2">Cedar Dubois, LLC</FONT></P></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="top"> <P STYLE="margin-top:0px;margin-bottom:0px"><FONT STYLE="font-family:Times New Roman" SIZE="2">Dubois Commons Shopping Center</FONT></P>
<P STYLE="margin-top:0px;margin-bottom:1px"><FONT STYLE="font-family:Times New Roman" SIZE="2">Sandy, Pennsylvania</FONT></P></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="top"> <P STYLE="margin-top:0px;margin-bottom:0px"><FONT STYLE="font-family:Times New Roman" SIZE="2">The Bon-Ton Dept Stores</FONT></P> <P STYLE="margin-top:0px;margin-bottom:1px"><FONT STYLE="font-family:Times New Roman" SIZE="2">Shop N
Save</FONT></P></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="top"><FONT STYLE="font-family:Times New Roman" SIZE="2">&nbsp;</FONT><BR> <P STYLE="margin-bottom:1px; margin-top:0px"><FONT STYLE="font-family:Times New Roman" SIZE="2">&nbsp;</FONT></P></TD>
<TD VALIGN="top" ALIGN="right"><FONT STYLE="font-family:Times New Roman" SIZE="2">54,500</FONT><BR> <P STYLE="margin-bottom:1px; margin-top:0px" ALIGN="right"><FONT STYLE="font-family:Times New Roman" SIZE="2">52,654</FONT></P></TD>
<TD NOWRAP VALIGN="top"><FONT STYLE="font-family:Times New Roman" SIZE="2">&nbsp;&nbsp;</FONT><BR> <P STYLE="margin-bottom:1px; margin-top:0px"><FONT STYLE="font-family:Times New Roman" SIZE="2">&nbsp;&nbsp;</FONT></P></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="top"><FONT STYLE="font-family:Times New Roman" SIZE="2">&nbsp;</FONT></TD>
<TD VALIGN="top" ALIGN="right"><FONT STYLE="font-family:Times New Roman" SIZE="2">3</FONT></TD>
<TD NOWRAP VALIGN="top"><FONT STYLE="font-family:Times New Roman" SIZE="2">&nbsp;&nbsp;</FONT></TD></TR>
<TR>
<TD VALIGN="top"> <P STYLE="margin-top:0px;margin-bottom:0px; margin-left:1.00em; text-indent:-1.00em"><FONT STYLE="font-family:Times New Roman" SIZE="2">Cedar Brickyard, LLC</FONT></P>
<P STYLE="margin-top:0px;margin-bottom:1px; margin-left:1.00em; text-indent:-1.00em"><FONT STYLE="font-family:Times New Roman" SIZE="2">Cedar Brickyard II, LLC</FONT></P></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="top"> <P STYLE="margin-top:0px;margin-bottom:0px"><FONT STYLE="font-family:Times New Roman" SIZE="2">Brickyard Shopping Center</FONT></P>
<P STYLE="margin-top:0px;margin-bottom:1px"><FONT STYLE="font-family:Times New Roman" SIZE="2">Berlin, Connecticut</FONT></P></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="top"><FONT STYLE="font-family:Times New Roman" SIZE="2">Home Depot</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="top"><FONT STYLE="font-family:Times New Roman" SIZE="2">&nbsp;</FONT></TD>
<TD VALIGN="top" ALIGN="right"><FONT STYLE="font-family:Times New Roman" SIZE="2">103,003</FONT></TD>
<TD NOWRAP VALIGN="top"><FONT STYLE="font-family:Times New Roman" SIZE="2">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="top"><FONT STYLE="font-family:Times New Roman" SIZE="2">&nbsp;</FONT></TD>
<TD VALIGN="top" ALIGN="right"><FONT STYLE="font-family:Times New Roman" SIZE="2">4</FONT></TD>
<TD NOWRAP VALIGN="top"><FONT STYLE="font-family:Times New Roman" SIZE="2">&nbsp;&nbsp;</FONT></TD></TR>
<TR BGCOLOR="#cceeff">
<TD VALIGN="top"> <P STYLE="margin-left:1.00em; text-indent:-1.00em"><FONT STYLE="font-family:Times New Roman" SIZE="2">Cedar St. James, LLC</FONT></P></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="top"> <P STYLE="margin-top:0px;margin-bottom:0px"><FONT STYLE="font-family:Times New Roman" SIZE="2">St. James Shopping</FONT></P> <P STYLE="margin-top:0px;margin-bottom:0px"><FONT STYLE="font-family:Times New Roman" SIZE="2">Center,
Hagerstown,</FONT></P> <P STYLE="margin-top:0px;margin-bottom:1px"><FONT STYLE="font-family:Times New Roman" SIZE="2">Maryland</FONT></P></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="top"><FONT STYLE="font-family:Times New Roman" SIZE="2">Food Lion</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="top"><FONT STYLE="font-family:Times New Roman" SIZE="2">&nbsp;</FONT></TD>
<TD VALIGN="top" ALIGN="right"><FONT STYLE="font-family:Times New Roman" SIZE="2">33,000</FONT></TD>
<TD NOWRAP VALIGN="top"><FONT STYLE="font-family:Times New Roman" SIZE="2">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="top"><FONT STYLE="font-family:Times New Roman" SIZE="2">&nbsp;</FONT></TD>
<TD VALIGN="top" ALIGN="right"><FONT STYLE="font-family:Times New Roman" SIZE="2">5</FONT></TD>
<TD NOWRAP VALIGN="top"><FONT STYLE="font-family:Times New Roman" SIZE="2">&nbsp;&nbsp;</FONT></TD></TR>
<TR>
<TD VALIGN="top"> <P STYLE="margin-left:1.00em; text-indent:-1.00em"><FONT STYLE="font-family:Times New Roman" SIZE="2">Cedar Kenley Village, LLC</FONT></P></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="top"> <P STYLE="margin-top:0px;margin-bottom:0px"><FONT STYLE="font-family:Times New Roman" SIZE="2">Kenley Village Shopping</FONT></P>
<P STYLE="margin-top:0px;margin-bottom:0px"><FONT STYLE="font-family:Times New Roman" SIZE="2">Center, Hagerstown,</FONT></P> <P STYLE="margin-top:0px;margin-bottom:1px"><FONT STYLE="font-family:Times New Roman" SIZE="2">Maryland</FONT></P></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="top"><FONT STYLE="font-family:Times New Roman" SIZE="2">Food Lion</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="top"><FONT STYLE="font-family:Times New Roman" SIZE="2">&nbsp;</FONT></TD>
<TD VALIGN="top" ALIGN="right"><FONT STYLE="font-family:Times New Roman" SIZE="2">29,000</FONT></TD>
<TD NOWRAP VALIGN="top"><FONT STYLE="font-family:Times New Roman" SIZE="2">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="top"><FONT STYLE="font-family:Times New Roman" SIZE="2">&nbsp;</FONT></TD>
<TD VALIGN="top" ALIGN="right"><FONT STYLE="font-family:Times New Roman" SIZE="2">6</FONT></TD>
<TD NOWRAP VALIGN="top"><FONT STYLE="font-family:Times New Roman" SIZE="2">&nbsp;&nbsp;</FONT></TD></TR>
<TR BGCOLOR="#cceeff">
<TD VALIGN="top"> <P STYLE="margin-left:1.00em; text-indent:-1.00em"><FONT STYLE="font-family:Times New Roman" SIZE="2">Cedar-Valley Plaza, LLC</FONT></P></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="top"> <P STYLE="margin-top:0px;margin-bottom:0px"><FONT STYLE="font-family:Times New Roman" SIZE="2">Valley Plaza Shopping</FONT></P> <P STYLE="margin-top:0px;margin-bottom:0px"><FONT STYLE="font-family:Times New Roman" SIZE="2">Center,
Hagerstown,</FONT></P> <P STYLE="margin-top:0px;margin-bottom:1px"><FONT STYLE="font-family:Times New Roman" SIZE="2">Maryland</FONT></P></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="top"> <P STYLE="margin-top:0px;margin-bottom:0px"><FONT STYLE="font-family:Times New Roman" SIZE="2">K-Mart</FONT></P> <P STYLE="margin-top:0px;margin-bottom:0px"><FONT STYLE="font-family:Times New Roman" SIZE="2">Ollie&#146;s Bargain
Outlet</FONT></P> <P STYLE="margin-top:0px;margin-bottom:1px"><FONT STYLE="font-family:Times New Roman" SIZE="2">Tractor Supply Company</FONT></P></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="top"><FONT STYLE="font-family:Times New Roman" SIZE="2">&nbsp;</FONT><BR> <P STYLE="margin-bottom:0px; margin-top:0px"><FONT STYLE="font-family:Times New Roman" SIZE="2">&nbsp;</FONT></P> <P STYLE="margin-bottom:1px; margin-top:0px"><FONT
STYLE="font-family:Times New Roman" SIZE="2">&nbsp;</FONT></P></TD>
<TD VALIGN="top" ALIGN="right"><FONT STYLE="font-family:Times New Roman" SIZE="2">95,810</FONT><BR> <P STYLE="margin-bottom:0px; margin-top:0px" ALIGN="right"><FONT STYLE="font-family:Times New Roman" SIZE="2">41,888</FONT></P>
<P STYLE="margin-bottom:1px; margin-top:0px" ALIGN="right"><FONT STYLE="font-family:Times New Roman" SIZE="2">32,095</FONT></P></TD>
<TD NOWRAP VALIGN="top"><FONT STYLE="font-family:Times New Roman" SIZE="2">&nbsp;&nbsp;</FONT><BR> <P STYLE="margin-bottom:0px; margin-top:0px"><FONT STYLE="font-family:Times New Roman" SIZE="2">&nbsp;&nbsp;</FONT></P>
<P STYLE="margin-bottom:1px; margin-top:0px"><FONT STYLE="font-family:Times New Roman" SIZE="2">&nbsp;&nbsp;</FONT></P></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="top"><FONT STYLE="font-family:Times New Roman" SIZE="2">&nbsp;</FONT></TD>
<TD VALIGN="top" ALIGN="right"><FONT STYLE="font-family:Times New Roman" SIZE="2">7</FONT></TD>
<TD NOWRAP VALIGN="top"><FONT STYLE="font-family:Times New Roman" SIZE="2">&nbsp;&nbsp;</FONT></TD></TR>
<TR>
<TD VALIGN="top"> <P STYLE="margin-left:1.00em; text-indent:-1.00em"><FONT STYLE="font-family:Times New Roman" SIZE="2">Cedar-Glen Allen UK, LLC</FONT></P></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="top"> <P STYLE="margin-top:0px;margin-bottom:0px"><FONT STYLE="font-family:Times New Roman" SIZE="2">Ukrop&#146;s Shopping Center,</FONT></P>
<P STYLE="margin-top:0px;margin-bottom:1px"><FONT STYLE="font-family:Times New Roman" SIZE="2">Glen Allen, Virginia</FONT></P></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="top"><FONT STYLE="font-family:Times New Roman" SIZE="2">Giant Food Store/Martin&#146;s</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="top"><FONT STYLE="font-family:Times New Roman" SIZE="2">&nbsp;</FONT></TD>
<TD VALIGN="top" ALIGN="right"><FONT STYLE="font-family:Times New Roman" SIZE="2">63,328</FONT></TD>
<TD NOWRAP VALIGN="top"><FONT STYLE="font-family:Times New Roman" SIZE="2">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="top"><FONT STYLE="font-family:Times New Roman" SIZE="2">&nbsp;</FONT></TD>
<TD VALIGN="top" ALIGN="right"><FONT STYLE="font-family:Times New Roman" SIZE="2">8</FONT></TD>
<TD NOWRAP VALIGN="top"><FONT STYLE="font-family:Times New Roman" SIZE="2">&nbsp;&nbsp;</FONT></TD></TR>
<TR BGCOLOR="#cceeff">
<TD VALIGN="top"> <P STYLE="margin-left:1.00em; text-indent:-1.00em"><FONT STYLE="font-family:Times New Roman" SIZE="2">Cedar-Fredericksburg UK, LLC</FONT></P></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="top"> <P STYLE="margin-top:0px;margin-bottom:0px"><FONT STYLE="font-family:Times New Roman" SIZE="2">Ukrop&#146;s Shopping Center,</FONT></P>
<P STYLE="margin-top:0px;margin-bottom:1px"><FONT STYLE="font-family:Times New Roman" SIZE="2">Fredericksburg, Virginia</FONT></P></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="top"><FONT STYLE="font-family:Times New Roman" SIZE="2">Ukrop&#146;s</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="top"><FONT STYLE="font-family:Times New Roman" SIZE="2">&nbsp;</FONT></TD>
<TD VALIGN="top" ALIGN="right"><FONT STYLE="font-family:Times New Roman" SIZE="2">63,000</FONT></TD>
<TD NOWRAP VALIGN="top"><FONT STYLE="font-family:Times New Roman" SIZE="2">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="top"><FONT STYLE="font-family:Times New Roman" SIZE="2">&nbsp;</FONT></TD>
<TD VALIGN="top" ALIGN="right"><FONT STYLE="font-family:Times New Roman" SIZE="2">9</FONT></TD>
<TD NOWRAP VALIGN="top"><FONT STYLE="font-family:Times New Roman" SIZE="2">&nbsp;&nbsp;</FONT></TD></TR>
<TR>
<TD VALIGN="top"> <P STYLE="margin-left:1.00em; text-indent:-1.00em"><FONT STYLE="font-family:Times New Roman" SIZE="2">Cedar-Revere LLC</FONT></P></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="top"> <P STYLE="margin-top:0px;margin-bottom:0px"><FONT STYLE="font-family:Times New Roman" SIZE="2">Unit 2 of The Shops at Suffolk Downs</FONT></P> <P STYLE="margin-top:0px;margin-bottom:0px"><FONT
STYLE="font-family:Times New Roman" SIZE="2">Condominium, Revere,</FONT></P> <P STYLE="margin-top:0px;margin-bottom:1px"><FONT STYLE="font-family:Times New Roman" SIZE="2">Massachusetts</FONT></P></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="top"><FONT STYLE="font-family:Times New Roman" SIZE="2">Stop &amp; Shop</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="top"><FONT STYLE="font-family:Times New Roman" SIZE="2">&nbsp;</FONT></TD>
<TD VALIGN="top" ALIGN="right"><FONT STYLE="font-family:Times New Roman" SIZE="2">74,977</FONT></TD>
<TD NOWRAP VALIGN="top"><FONT STYLE="font-family:Times New Roman" SIZE="2">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="top"><FONT STYLE="font-family:Times New Roman" SIZE="2">&nbsp;</FONT></TD>
<TD VALIGN="top" ALIGN="right"><FONT STYLE="font-family:Times New Roman" SIZE="2">10</FONT></TD>
<TD NOWRAP VALIGN="top"><FONT STYLE="font-family:Times New Roman" SIZE="2">&nbsp;&nbsp;</FONT></TD></TR>
</TABLE>

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 <P>&nbsp;</P>
<TABLE CELLSPACING="0" CELLPADDING="0" WIDTH="100%" BORDER="0" STYLE="BORDER-COLLAPSE:COLLAPSE" ALIGN="center">


<TR STYLE="visibility:hidden; line-height:0pt; color:white">
<TD WIDTH="22%"></TD>
<TD VALIGN="bottom" WIDTH="3%"></TD>
<TD nowrap><FONT STYLE="Times New Roman" SIZE="1"><B>September 30,</B></FONT></TD>
<TD VALIGN="bottom" WIDTH="3%"></TD>
<TD nowrap><FONT STYLE="Times New Roman" SIZE="1"><B>September 30,</B></FONT></TD>
<TD VALIGN="bottom" WIDTH="3%"></TD>
<TD></TD>
<TD nowrap><FONT STYLE="Times New Roman" SIZE="1"><B>September 30,</B></FONT></TD>
<TD></TD>
<TD VALIGN="bottom" WIDTH="3%"></TD>
<TD></TD>
<TD nowrap><FONT STYLE="Times New Roman" SIZE="1"><B>September 30,</B></FONT></TD>
<TD></TD></TR>
<TR>
<TD VALIGN="bottom" NOWRAP> <P STYLE="margin-top:0px;margin-bottom:0px"><FONT STYLE="font-family:Times New Roman" SIZE="1"><B>Legal Name of</B></FONT></P>
<P STYLE="margin-top:0px;margin-bottom:0px"><FONT STYLE="font-family:Times New Roman" SIZE="1"><B>Loan</B></FONT></P> <P STYLE="margin-top:0px;margin-bottom:0px"><FONT STYLE="font-family:Times New Roman" SIZE="1"><B>Party/Property</B></FONT></P>
<P STYLE="margin-top:0px;margin-bottom:1px;border-bottom:1px solid #000000;width:51pt"><FONT STYLE="font-family:Times New Roman" SIZE="1"><B>Owner</B></FONT></P></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="center" STYLE="border-bottom:1px solid #000000"> <P STYLE="margin-top:0px;margin-bottom:1px" ALIGN="center"><FONT STYLE="font-family:Times New Roman" SIZE="1"><B>Borrowing Base Property</B></FONT></P></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="center" STYLE="border-bottom:1px solid #000000"> <P STYLE="margin-top:0px;margin-bottom:1px" ALIGN="center"><FONT STYLE="font-family:Times New Roman" SIZE="1"><B>Major Leases</B></FONT></P></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" COLSPAN="2" ALIGN="center" STYLE="border-bottom:1px solid #000000"><FONT STYLE="font-family:Times New Roman" SIZE="1"><B>Square<BR>Feet</B></FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" COLSPAN="2" ALIGN="center" STYLE="border-bottom:1px solid #000000"><FONT STYLE="font-family:Times New Roman" SIZE="1"><B>Prop.<BR>Ref.<BR>No.</B></FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD></TR>


<TR BGCOLOR="#cceeff">
<TD VALIGN="top"> <P STYLE="margin-left:1.00em; text-indent:-1.00em"><FONT STYLE="font-family:Times New Roman" SIZE="2">Cedar-Carlisle, LLC</FONT></P></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="top"> <P STYLE="margin-top:0px;margin-bottom:0px"><FONT STYLE="font-family:Times New Roman" SIZE="2">Point at Carlisle Shopping Center</FONT></P> <P STYLE="margin-top:0px;margin-bottom:1px"><FONT
STYLE="font-family:Times New Roman" SIZE="2">Carlisle, Pennsylvania</FONT></P></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="top"> <P STYLE="margin-top:0px;margin-bottom:0px"><FONT STYLE="font-family:Times New Roman" SIZE="2">The Bon-Ton</FONT></P> <P STYLE="margin-top:0px;margin-bottom:0px"><FONT STYLE="font-family:Times New Roman" SIZE="2">Dollar Tree
Stores</FONT></P> <P STYLE="margin-top:0px;margin-bottom:0px"><FONT STYLE="font-family:Times New Roman" SIZE="2">Dunham Sports</FONT></P> <P STYLE="margin-top:0px;margin-bottom:1px"><FONT STYLE="font-family:Times New Roman" SIZE="2">Office
Max</FONT></P></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="top"><FONT STYLE="font-family:Times New Roman" SIZE="2">&nbsp;</FONT><BR> <P STYLE="margin-bottom:0px; margin-top:0px"><FONT STYLE="font-family:Times New Roman" SIZE="2">&nbsp;</FONT></P> <P STYLE="margin-bottom:0px; margin-top:0px"><FONT
STYLE="font-family:Times New Roman" SIZE="2">&nbsp;</FONT></P> <P STYLE="margin-bottom:1px; margin-top:0px"><FONT STYLE="font-family:Times New Roman" SIZE="2">&nbsp;</FONT></P></TD>
<TD VALIGN="top" ALIGN="right"><FONT STYLE="font-family:Times New Roman" SIZE="2">59,925</FONT><BR> <P STYLE="margin-bottom:0px; margin-top:0px" ALIGN="right"><FONT STYLE="font-family:Times New Roman" SIZE="2">16,300</FONT></P>
<P STYLE="margin-bottom:0px; margin-top:0px" ALIGN="right"><FONT STYLE="font-family:Times New Roman" SIZE="2">21,300</FONT></P>
<P STYLE="margin-bottom:1px; margin-top:0px" ALIGN="right"><FONT STYLE="font-family:Times New Roman" SIZE="2">22,645</FONT></P></TD>
<TD NOWRAP VALIGN="top"><FONT STYLE="font-family:Times New Roman" SIZE="2">&nbsp;&nbsp;</FONT><BR> <P STYLE="margin-bottom:0px; margin-top:0px"><FONT STYLE="font-family:Times New Roman" SIZE="2">&nbsp;&nbsp;</FONT></P>
<P STYLE="margin-bottom:0px; margin-top:0px"><FONT STYLE="font-family:Times New Roman" SIZE="2">&nbsp;&nbsp;</FONT></P> <P STYLE="margin-bottom:1px; margin-top:0px"><FONT STYLE="font-family:Times New Roman" SIZE="2">&nbsp;&nbsp;</FONT></P></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="top"><FONT STYLE="font-family:Times New Roman" SIZE="2">&nbsp;</FONT></TD>
<TD VALIGN="top" ALIGN="right"><FONT STYLE="font-family:Times New Roman" SIZE="2">11</FONT></TD>
<TD NOWRAP VALIGN="top"><FONT STYLE="font-family:Times New Roman" SIZE="2">&nbsp;&nbsp;</FONT></TD></TR>
<TR>
<TD VALIGN="top"> <P STYLE="margin-left:1.00em; text-indent:-1.00em"><FONT STYLE="font-family:Times New Roman" SIZE="2">Cedar-Oakhurst, LLC</FONT></P></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="top"> <P STYLE="margin-top:0px;margin-bottom:0px"><FONT STYLE="font-family:Times New Roman" SIZE="2">Oakhurst Plaza</FONT></P> <P STYLE="margin-top:0px;margin-bottom:1px"><FONT STYLE="font-family:Times New Roman" SIZE="2">Harrisburg,
Pennsylvania</FONT></P></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="top"> <P STYLE="margin-top:0px;margin-bottom:0px"><FONT STYLE="font-family:Times New Roman" SIZE="2">CVS</FONT></P> <P STYLE="margin-top:0px;margin-bottom:1px"><FONT STYLE="font-family:Times New Roman" SIZE="2">Gold&#146;s
Gym</FONT></P></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="top"><FONT STYLE="font-family:Times New Roman" SIZE="2">&nbsp;</FONT><BR> <P STYLE="margin-bottom:1px; margin-top:0px"><FONT STYLE="font-family:Times New Roman" SIZE="2">&nbsp;</FONT></P></TD>
<TD VALIGN="top" ALIGN="right"><FONT STYLE="font-family:Times New Roman" SIZE="2">11,300</FONT><BR> <P STYLE="margin-bottom:1px; margin-top:0px" ALIGN="right"><FONT STYLE="font-family:Times New Roman" SIZE="2">23,499</FONT></P></TD>
<TD NOWRAP VALIGN="top"><FONT STYLE="font-family:Times New Roman" SIZE="2">&nbsp;&nbsp;</FONT><BR> <P STYLE="margin-bottom:1px; margin-top:0px"><FONT STYLE="font-family:Times New Roman" SIZE="2">&nbsp;&nbsp;</FONT></P></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="top"><FONT STYLE="font-family:Times New Roman" SIZE="2">&nbsp;</FONT></TD>
<TD VALIGN="top" ALIGN="right"><FONT STYLE="font-family:Times New Roman" SIZE="2">12</FONT></TD>
<TD NOWRAP VALIGN="top"><FONT STYLE="font-family:Times New Roman" SIZE="2">&nbsp;&nbsp;</FONT></TD></TR>
<TR BGCOLOR="#cceeff">
<TD VALIGN="top"> <P STYLE="margin-left:1.00em; text-indent:-1.00em"><FONT STYLE="font-family:Times New Roman" SIZE="2">Cedar-Palmyra, LLC</FONT></P></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="top"> <P STYLE="margin-top:0px;margin-bottom:0px"><FONT STYLE="font-family:Times New Roman" SIZE="2">Palmyra Shopping Center</FONT></P>
<P STYLE="margin-top:0px;margin-bottom:1px"><FONT STYLE="font-family:Times New Roman" SIZE="2">Palmyra, Pennsylvania</FONT></P></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="top"><FONT STYLE="font-family:Times New Roman" SIZE="2">Weis Markets</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="top"><FONT STYLE="font-family:Times New Roman" SIZE="2">&nbsp;</FONT></TD>
<TD VALIGN="top" ALIGN="right"><FONT STYLE="font-family:Times New Roman" SIZE="2">46,912</FONT></TD>
<TD NOWRAP VALIGN="top"><FONT STYLE="font-family:Times New Roman" SIZE="2">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="top"><FONT STYLE="font-family:Times New Roman" SIZE="2">&nbsp;</FONT></TD>
<TD VALIGN="top" ALIGN="right"><FONT STYLE="font-family:Times New Roman" SIZE="2">13</FONT></TD>
<TD NOWRAP VALIGN="top"><FONT STYLE="font-family:Times New Roman" SIZE="2">&nbsp;&nbsp;</FONT></TD></TR>
<TR>
<TD VALIGN="top"> <P STYLE="margin-left:1.00em; text-indent:-1.00em"><FONT STYLE="font-family:Times New Roman" SIZE="2">Cedar-Stadium Plaza LLC</FONT></P></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="top"> <P STYLE="margin-top:0px;margin-bottom:0px"><FONT STYLE="font-family:Times New Roman" SIZE="2">Stadium Plaza</FONT></P> <P STYLE="margin-top:0px;margin-bottom:1px"><FONT STYLE="font-family:Times New Roman" SIZE="2">East Lansing,
Michigan</FONT></P></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="top"><FONT STYLE="font-family:Times New Roman" SIZE="2">Hobby Lobby</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="top"><FONT STYLE="font-family:Times New Roman" SIZE="2">&nbsp;</FONT></TD>
<TD VALIGN="top" ALIGN="right"><FONT STYLE="font-family:Times New Roman" SIZE="2">54,650</FONT></TD>
<TD NOWRAP VALIGN="top"><FONT STYLE="font-family:Times New Roman" SIZE="2">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="top"><FONT STYLE="font-family:Times New Roman" SIZE="2">&nbsp;</FONT></TD>
<TD VALIGN="top" ALIGN="right"><FONT STYLE="font-family:Times New Roman" SIZE="2">14</FONT></TD>
<TD NOWRAP VALIGN="top"><FONT STYLE="font-family:Times New Roman" SIZE="2">&nbsp;&nbsp;</FONT></TD></TR>
<TR BGCOLOR="#cceeff">
<TD VALIGN="top"> <P STYLE="margin-left:1.00em; text-indent:-1.00em"><FONT STYLE="font-family:Times New Roman" SIZE="2">Cedar-Annie Land, LLC</FONT></P></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="top"> <P STYLE="margin-top:0px;margin-bottom:0px"><FONT STYLE="font-family:Times New Roman" SIZE="2">Annie Land Plaza</FONT></P> <P STYLE="margin-top:0px;margin-bottom:1px"><FONT STYLE="font-family:Times New Roman" SIZE="2">Lovington,
Virginia</FONT></P></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="top"><FONT STYLE="font-family:Times New Roman" SIZE="2">Food Lion</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="top"><FONT STYLE="font-family:Times New Roman" SIZE="2">&nbsp;</FONT></TD>
<TD VALIGN="top" ALIGN="right"><FONT STYLE="font-family:Times New Roman" SIZE="2">29,000</FONT></TD>
<TD NOWRAP VALIGN="top"><FONT STYLE="font-family:Times New Roman" SIZE="2">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="top"><FONT STYLE="font-family:Times New Roman" SIZE="2">&nbsp;</FONT></TD>
<TD VALIGN="top" ALIGN="right"><FONT STYLE="font-family:Times New Roman" SIZE="2">15</FONT></TD>
<TD NOWRAP VALIGN="top"><FONT STYLE="font-family:Times New Roman" SIZE="2">&nbsp;&nbsp;</FONT></TD></TR>
<TR>
<TD VALIGN="top"> <P STYLE="margin-left:1.00em; text-indent:-1.00em"><FONT STYLE="font-family:Times New Roman" SIZE="2">Cedar-Arlington Road LLC</FONT></P></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="top"> <P STYLE="margin-top:0px;margin-bottom:0px"><FONT STYLE="font-family:Times New Roman" SIZE="2">First Merit Bank</FONT></P> <P STYLE="margin-top:0px;margin-bottom:1px"><FONT STYLE="font-family:Times New Roman" SIZE="2">Akron,
Ohio</FONT></P></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="top"></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="top"></TD>
<TD VALIGN="top"></TD>
<TD VALIGN="top"></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="top"><FONT STYLE="font-family:Times New Roman" SIZE="2">&nbsp;</FONT></TD>
<TD VALIGN="top" ALIGN="right"><FONT STYLE="font-family:Times New Roman" SIZE="2">16</FONT></TD>
<TD NOWRAP VALIGN="top"><FONT STYLE="font-family:Times New Roman" SIZE="2">&nbsp;&nbsp;</FONT></TD></TR>
<TR BGCOLOR="#cceeff">
<TD VALIGN="top"> <P STYLE="margin-left:1.00em; text-indent:-1.00em"><FONT STYLE="font-family:Times New Roman" SIZE="2">Cedar-Fairview Commons, LLC</FONT></P></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="top"> <P STYLE="margin-top:0px;margin-bottom:0px"><FONT STYLE="font-family:Times New Roman" SIZE="2">Fairview Commons</FONT></P> <P STYLE="margin-top:0px;margin-bottom:1px"><FONT STYLE="font-family:Times New Roman" SIZE="2">Fairview
Township, Pennsylvania</FONT></P></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="top"><FONT STYLE="font-family:Times New Roman" SIZE="2">Giant Foods</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="top"><FONT STYLE="font-family:Times New Roman" SIZE="2">&nbsp;</FONT></TD>
<TD VALIGN="top" ALIGN="right"><FONT STYLE="font-family:Times New Roman" SIZE="2">17,264</FONT></TD>
<TD NOWRAP VALIGN="top"><FONT STYLE="font-family:Times New Roman" SIZE="2">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="top"><FONT STYLE="font-family:Times New Roman" SIZE="2">&nbsp;</FONT></TD>
<TD VALIGN="top" ALIGN="right"><FONT STYLE="font-family:Times New Roman" SIZE="2">17</FONT></TD>
<TD NOWRAP VALIGN="top"><FONT STYLE="font-family:Times New Roman" SIZE="2">&nbsp;&nbsp;</FONT></TD></TR>
<TR>
<TD VALIGN="top"> <P STYLE="margin-left:1.00em; text-indent:-1.00em"><FONT STYLE="font-family:Times New Roman" SIZE="2">Cedar-Norwood, LLC</FONT></P></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="top"> <P STYLE="margin-top:0px;margin-bottom:0px"><FONT STYLE="font-family:Times New Roman" SIZE="2">Hannaford Plaza</FONT></P> <P STYLE="margin-top:0px;margin-bottom:1px"><FONT STYLE="font-family:Times New Roman" SIZE="2">Norwood,
Massachusetts</FONT></P></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="top"> <P STYLE="margin-top:0px;margin-bottom:0px"><FONT STYLE="font-family:Times New Roman" SIZE="2">Dollar Tree Stores</FONT></P>
<P STYLE="margin-top:0px;margin-bottom:0px"><FONT STYLE="font-family:Times New Roman" SIZE="2">Hannaford&nbsp;Brothers</FONT></P> <P STYLE="margin-top:0px;margin-bottom:1px"><FONT STYLE="font-family:Times New Roman" SIZE="2">Rocky&#146;s
Ace&nbsp;Hardware</FONT></P></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="top"><FONT STYLE="font-family:Times New Roman" SIZE="2">&nbsp;</FONT><BR> <P STYLE="margin-bottom:0px; margin-top:0px"><FONT STYLE="font-family:Times New Roman" SIZE="2">&nbsp;</FONT></P> <P STYLE="margin-bottom:1px; margin-top:0px"><FONT
STYLE="font-family:Times New Roman" SIZE="2">&nbsp;</FONT></P></TD>
<TD VALIGN="top" ALIGN="right"><FONT STYLE="font-family:Times New Roman" SIZE="2">16,798</FONT><BR> <P STYLE="margin-bottom:0px; margin-top:0px" ALIGN="right"><FONT STYLE="font-family:Times New Roman" SIZE="2">42,598</FONT></P>
<P STYLE="margin-bottom:1px; margin-top:0px" ALIGN="right"><FONT STYLE="font-family:Times New Roman" SIZE="2">18,830</FONT></P></TD>
<TD NOWRAP VALIGN="top"><FONT STYLE="font-family:Times New Roman" SIZE="2">&nbsp;&nbsp;</FONT><BR> <P STYLE="margin-bottom:0px; margin-top:0px"><FONT STYLE="font-family:Times New Roman" SIZE="2">&nbsp;&nbsp;</FONT></P>
<P STYLE="margin-bottom:1px; margin-top:0px"><FONT STYLE="font-family:Times New Roman" SIZE="2">&nbsp;&nbsp;</FONT></P></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="top"><FONT STYLE="font-family:Times New Roman" SIZE="2">&nbsp;</FONT></TD>
<TD VALIGN="top" ALIGN="right"><FONT STYLE="font-family:Times New Roman" SIZE="2">18</FONT></TD>
<TD NOWRAP VALIGN="top"><FONT STYLE="font-family:Times New Roman" SIZE="2">&nbsp;&nbsp;</FONT></TD></TR>
<TR BGCOLOR="#cceeff">
<TD VALIGN="top"> <P STYLE="margin-left:1.00em; text-indent:-1.00em"><FONT STYLE="font-family:Times New Roman" SIZE="2">Cedar-Metro Square II, LLC</FONT></P></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="top"><FONT STYLE="font-family:Times New Roman" SIZE="2">Metro Square at Owings Mills, Owings Mills, Maryland</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="top"></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="top"></TD>
<TD VALIGN="top"></TD>
<TD VALIGN="top"></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="top"><FONT STYLE="font-family:Times New Roman" SIZE="2">&nbsp;</FONT></TD>
<TD VALIGN="top" ALIGN="right"><FONT STYLE="font-family:Times New Roman" SIZE="2">19</FONT></TD>
<TD NOWRAP VALIGN="top"><FONT STYLE="font-family:Times New Roman" SIZE="2">&nbsp;&nbsp;</FONT></TD></TR>
<TR>
<TD VALIGN="top"> <P STYLE="margin-left:1.00em; text-indent:-1.00em"><FONT STYLE="font-family:Times New Roman" SIZE="2">Cedar-Hilliard, LLC</FONT></P></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="top"><FONT STYLE="font-family:Times New Roman" SIZE="2">Hilliard Discount Drug Mart, Hilliard, Ohio</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="top"><FONT STYLE="font-family:Times New Roman" SIZE="2">Discount Drug Mart</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="top"><FONT STYLE="font-family:Times New Roman" SIZE="2">&nbsp;</FONT></TD>
<TD VALIGN="top" ALIGN="right"><FONT STYLE="font-family:Times New Roman" SIZE="2">24,592</FONT></TD>
<TD NOWRAP VALIGN="top"><FONT STYLE="font-family:Times New Roman" SIZE="2">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="top"><FONT STYLE="font-family:Times New Roman" SIZE="2">&nbsp;</FONT></TD>
<TD VALIGN="top" ALIGN="right"><FONT STYLE="font-family:Times New Roman" SIZE="2">20</FONT></TD>
<TD NOWRAP VALIGN="top"><FONT STYLE="font-family:Times New Roman" SIZE="2">&nbsp;&nbsp;</FONT></TD></TR>
<TR BGCOLOR="#cceeff">
<TD VALIGN="top"> <P STYLE="margin-left:1.00em; text-indent:-1.00em"><FONT STYLE="font-family:Times New Roman" SIZE="2">Cedar-Grove City, LLC</FONT></P></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="top"><FONT STYLE="font-family:Times New Roman" SIZE="2">Grove City Discount Drug Mart Plaza, Grove City, Ohio</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="top"><FONT STYLE="font-family:Times New Roman" SIZE="2">Discount Drug Mart</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="top"><FONT STYLE="font-family:Times New Roman" SIZE="2">&nbsp;</FONT></TD>
<TD VALIGN="top" ALIGN="right"><FONT STYLE="font-family:Times New Roman" SIZE="2">24,596</FONT></TD>
<TD NOWRAP VALIGN="top"><FONT STYLE="font-family:Times New Roman" SIZE="2">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="top"><FONT STYLE="font-family:Times New Roman" SIZE="2">&nbsp;</FONT></TD>
<TD VALIGN="top" ALIGN="right"><FONT STYLE="font-family:Times New Roman" SIZE="2">21</FONT></TD>
<TD NOWRAP VALIGN="top"><FONT STYLE="font-family:Times New Roman" SIZE="2">&nbsp;&nbsp;</FONT></TD></TR>
<TR>
<TD VALIGN="top"> <P STYLE="margin-left:1.00em; text-indent:-1.00em"><FONT STYLE="font-family:Times New Roman" SIZE="2">Greentree Road L.L.C. 1</FONT></P></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="top"><FONT STYLE="font-family:Times New Roman" SIZE="2">Washington Center Shops, Washington, New Jersey</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="top"></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="top"></TD>
<TD VALIGN="top"></TD>
<TD VALIGN="top"></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="top"><FONT STYLE="font-family:Times New Roman" SIZE="2">&nbsp;</FONT></TD>
<TD VALIGN="top" ALIGN="right"><FONT STYLE="font-family:Times New Roman" SIZE="2">22</FONT></TD>
<TD NOWRAP VALIGN="top"><FONT STYLE="font-family:Times New Roman" SIZE="2">&nbsp;&nbsp;</FONT></TD></TR>
<TR BGCOLOR="#cceeff">
<TD VALIGN="top"> <P STYLE="margin-left:1.00em; text-indent:-1.00em"><FONT STYLE="font-family:Times New Roman" SIZE="2">Cedar-Bristol, LLC</FONT></P></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="top"><FONT STYLE="font-family:Times New Roman" SIZE="2">Oakland Commons, Bristol, Connecticut</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="top"> <P STYLE="margin-top:0px;margin-bottom:0px"><FONT STYLE="font-family:Times New Roman" SIZE="2">Bristol Ten Pin</FONT></P>
<P STYLE="margin-top:0px;margin-bottom:1px"><FONT STYLE="font-family:Times New Roman" SIZE="2">Shaw&#146;s</FONT></P></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="top"><FONT STYLE="font-family:Times New Roman" SIZE="2">&nbsp;</FONT><BR> <P STYLE="margin-bottom:1px; margin-top:0px"><FONT STYLE="font-family:Times New Roman" SIZE="2">&nbsp;</FONT></P></TD>
<TD VALIGN="top" ALIGN="right"><FONT STYLE="font-family:Times New Roman" SIZE="2">35,189</FONT><BR> <P STYLE="margin-bottom:1px; margin-top:0px" ALIGN="right"><FONT STYLE="font-family:Times New Roman" SIZE="2">54,661</FONT></P></TD>
<TD NOWRAP VALIGN="top"><FONT STYLE="font-family:Times New Roman" SIZE="2">&nbsp;&nbsp;</FONT><BR> <P STYLE="margin-bottom:1px; margin-top:0px"><FONT STYLE="font-family:Times New Roman" SIZE="2">&nbsp;&nbsp;</FONT></P></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="top"><FONT STYLE="font-family:Times New Roman" SIZE="2">&nbsp;</FONT></TD>
<TD VALIGN="top" ALIGN="right"><FONT STYLE="font-family:Times New Roman" SIZE="2">23</FONT></TD>
<TD NOWRAP VALIGN="top"><FONT STYLE="font-family:Times New Roman" SIZE="2">&nbsp;&nbsp;</FONT></TD></TR>
</TABLE>
 <p STYLE="margin-top:0px;margin-bottom:0px"><FONT SIZE="1">&nbsp;</FONT></P> <P STYLE="margin-top:0px;margin-bottom:0px" ALIGN="center"><FONT STYLE="font-family:Times New Roman" SIZE="2">SCHEDULE
6.23.1 - 2 </FONT></P>


<p Style='page-break-before:always'>
<HR  SIZE="3" style="COLOR:#999999" WIDTH="100%" ALIGN="CENTER">


 <P>&nbsp;</P>
<TABLE CELLSPACING="0" CELLPADDING="0" WIDTH="100%" BORDER="0" STYLE="BORDER-COLLAPSE:COLLAPSE" ALIGN="center">


<TR STYLE="visibility:hidden; line-height:0pt; color:white">
<TD WIDTH="22%"></TD>
<TD VALIGN="bottom" WIDTH="3%"></TD>
<TD nowrap><FONT STYLE="Times New Roman" SIZE="1"><B>September 30,</B></FONT></TD>
<TD VALIGN="bottom" WIDTH="3%"></TD>
<TD nowrap><FONT STYLE="Times New Roman" SIZE="1"><B>September 30,</B></FONT></TD>
<TD VALIGN="bottom" WIDTH="3%"></TD>
<TD></TD>
<TD nowrap><FONT STYLE="Times New Roman" SIZE="1"><B>September 30,</B></FONT></TD>
<TD></TD>
<TD VALIGN="bottom" WIDTH="3%"></TD>
<TD></TD>
<TD nowrap><FONT STYLE="Times New Roman" SIZE="1"><B>September 30,</B></FONT></TD>
<TD></TD></TR>
<TR>
<TD VALIGN="bottom" NOWRAP> <P STYLE="margin-top:0px;margin-bottom:0px"><FONT STYLE="font-family:Times New Roman" SIZE="1"><B>Legal Name of</B></FONT></P>
<P STYLE="margin-top:0px;margin-bottom:0px"><FONT STYLE="font-family:Times New Roman" SIZE="1"><B>Loan</B></FONT></P> <P STYLE="margin-top:0px;margin-bottom:0px"><FONT STYLE="font-family:Times New Roman" SIZE="1"><B>Party/Property</B></FONT></P>
<P STYLE="margin-top:0px;margin-bottom:1px;border-bottom:1px solid #000000;width:51pt"><FONT STYLE="font-family:Times New Roman" SIZE="1"><B>Owner</B></FONT></P></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="center" STYLE="border-bottom:1px solid #000000"> <P STYLE="margin-top:0px;margin-bottom:1px" ALIGN="center"><FONT STYLE="font-family:Times New Roman" SIZE="1"><B>Borrowing Base Property</B></FONT></P></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="center" STYLE="border-bottom:1px solid #000000"> <P STYLE="margin-top:0px;margin-bottom:1px" ALIGN="center"><FONT STYLE="font-family:Times New Roman" SIZE="1"><B>Major Leases</B></FONT></P></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" COLSPAN="2" ALIGN="center" STYLE="border-bottom:1px solid #000000"><FONT STYLE="font-family:Times New Roman" SIZE="1"><B>Square<BR>Feet</B></FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" COLSPAN="2" ALIGN="center" STYLE="border-bottom:1px solid #000000"><FONT STYLE="font-family:Times New Roman" SIZE="1"><B>Prop.<BR>Ref.<BR>No.</B></FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD></TR>


<TR BGCOLOR="#cceeff">
<TD VALIGN="top"> <P STYLE="margin-left:1.00em; text-indent:-1.00em"><FONT STYLE="font-family:Times New Roman" SIZE="2">Cedar-Circle, LLC</FONT></P></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="top"> <P STYLE="margin-top:0px;margin-bottom:0px"><FONT STYLE="font-family:Times New Roman" SIZE="2">Circle Plaza, Shamokin</FONT></P> <P STYLE="margin-top:0px;margin-bottom:0px"><FONT STYLE="font-family:Times New Roman" SIZE="2">Dam
Borough,</FONT></P> <P STYLE="margin-top:0px;margin-bottom:1px"><FONT STYLE="font-family:Times New Roman" SIZE="2">Pennsylvania</FONT></P></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="top"><FONT STYLE="font-family:Times New Roman" SIZE="2">K-Mart</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="top"><FONT STYLE="font-family:Times New Roman" SIZE="2">&nbsp;</FONT></TD>
<TD VALIGN="top" ALIGN="right"><FONT STYLE="font-family:Times New Roman" SIZE="2">92,171</FONT></TD>
<TD NOWRAP VALIGN="top"><FONT STYLE="font-family:Times New Roman" SIZE="2">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="top"><FONT STYLE="font-family:Times New Roman" SIZE="2">&nbsp;</FONT></TD>
<TD VALIGN="top" ALIGN="right"><FONT STYLE="font-family:Times New Roman" SIZE="2">24</FONT></TD>
<TD NOWRAP VALIGN="top"><FONT STYLE="font-family:Times New Roman" SIZE="2">&nbsp;&nbsp;</FONT></TD></TR>
<TR>
<TD VALIGN="top"> <P STYLE="margin-left:1.00em; text-indent:-1.00em"><FONT STYLE="font-family:Times New Roman" SIZE="2">Hamilton FC Associates, L.P.</FONT></P></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="top"> <P STYLE="margin-top:0px;margin-bottom:0px"><FONT STYLE="font-family:Times New Roman" SIZE="2">Crossroads II Shopping Center,</FONT></P>
<P STYLE="margin-top:0px;margin-bottom:1px"><FONT STYLE="font-family:Times New Roman" SIZE="2">Dunmore, PA</FONT></P></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="top"><FONT STYLE="font-family:Times New Roman" SIZE="2">Giant Food Store</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="top"><FONT STYLE="font-family:Times New Roman" SIZE="2">&nbsp;</FONT></TD>
<TD VALIGN="top" ALIGN="right"><FONT STYLE="font-family:Times New Roman" SIZE="2">76,415</FONT></TD>
<TD NOWRAP VALIGN="top"><FONT STYLE="font-family:Times New Roman" SIZE="2">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="top"><FONT STYLE="font-family:Times New Roman" SIZE="2">&nbsp;</FONT></TD>
<TD VALIGN="top" ALIGN="right"><FONT STYLE="font-family:Times New Roman" SIZE="2">26</FONT></TD>
<TD NOWRAP VALIGN="top"><FONT STYLE="font-family:Times New Roman" SIZE="2">&nbsp;&nbsp;</FONT></TD></TR>
<TR BGCOLOR="#cceeff">
<TD VALIGN="top"> <P STYLE="margin-left:1.00em; text-indent:-1.00em"><FONT STYLE="font-family:Times New Roman" SIZE="2">Cedar-Lake Raystown, LLC</FONT></P></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="top"> <P STYLE="margin-top:0px;margin-bottom:0px"><FONT STYLE="font-family:Times New Roman" SIZE="2">Lake Raystown Shopping Center,</FONT></P>
<P STYLE="margin-top:0px;margin-bottom:1px"><FONT STYLE="font-family:Times New Roman" SIZE="2">Smithfield Township, PA</FONT></P></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="top"> <P STYLE="margin-top:0px;margin-bottom:0px"><FONT STYLE="font-family:Times New Roman" SIZE="2">Giant Food Store</FONT></P> <P STYLE="margin-top:0px;margin-bottom:1px"><FONT STYLE="font-family:Times New Roman" SIZE="2">Tractor
Supply Company</FONT></P></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="top"><FONT STYLE="font-family:Times New Roman" SIZE="2">&nbsp;</FONT><BR> <P STYLE="margin-bottom:1px; margin-top:0px"><FONT STYLE="font-family:Times New Roman" SIZE="2">&nbsp;</FONT></P></TD>
<TD VALIGN="top" ALIGN="right"><FONT STYLE="font-family:Times New Roman" SIZE="2">61,435</FONT><BR> <P STYLE="margin-bottom:1px; margin-top:0px" ALIGN="right"><FONT STYLE="font-family:Times New Roman" SIZE="2">32,711</FONT></P></TD>
<TD NOWRAP VALIGN="top"><FONT STYLE="font-family:Times New Roman" SIZE="2">&nbsp;&nbsp;</FONT><BR> <P STYLE="margin-bottom:1px; margin-top:0px"><FONT STYLE="font-family:Times New Roman" SIZE="2">&nbsp;&nbsp;</FONT></P></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="top"><FONT STYLE="font-family:Times New Roman" SIZE="2">&nbsp;</FONT></TD>
<TD VALIGN="top" ALIGN="right"><FONT STYLE="font-family:Times New Roman" SIZE="2">27</FONT></TD>
<TD NOWRAP VALIGN="top"><FONT STYLE="font-family:Times New Roman" SIZE="2">&nbsp;&nbsp;</FONT></TD></TR>
<TR>
<TD VALIGN="top"> <P STYLE="margin-left:1.00em; text-indent:-1.00em"><FONT STYLE="font-family:Times New Roman" SIZE="2">Cedar-PC Plaza, LLC</FONT></P></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="top"> <P STYLE="margin-top:0px;margin-bottom:0px"><FONT STYLE="font-family:Times New Roman" SIZE="2">Price Chopper Plaza,</FONT></P> <P STYLE="margin-top:0px;margin-bottom:1px"><FONT STYLE="font-family:Times New Roman" SIZE="2">Webster,
MA</FONT></P></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="top"><FONT STYLE="font-family:Times New Roman" SIZE="2">Price Chopper</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="top"><FONT STYLE="font-family:Times New Roman" SIZE="2">&nbsp;</FONT></TD>
<TD VALIGN="top" ALIGN="right"><FONT STYLE="font-family:Times New Roman" SIZE="2">58,545</FONT></TD>
<TD NOWRAP VALIGN="top"><FONT STYLE="font-family:Times New Roman" SIZE="2">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="top"><FONT STYLE="font-family:Times New Roman" SIZE="2">&nbsp;</FONT></TD>
<TD VALIGN="top" ALIGN="right"><FONT STYLE="font-family:Times New Roman" SIZE="2">28</FONT></TD>
<TD NOWRAP VALIGN="top"><FONT STYLE="font-family:Times New Roman" SIZE="2">&nbsp;&nbsp;</FONT></TD></TR>
<TR BGCOLOR="#cceeff">
<TD VALIGN="top"> <P STYLE="margin-left:1.00em; text-indent:-1.00em"><FONT STYLE="font-family:Times New Roman" SIZE="2">Cedar-Dunmore LLC</FONT></P></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="top"> <P STYLE="margin-top:0px;margin-bottom:0px"><FONT STYLE="font-family:Times New Roman" SIZE="2">Dunmore Shopping Center,</FONT></P>
<P STYLE="margin-top:0px;margin-bottom:1px"><FONT STYLE="font-family:Times New Roman" SIZE="2">Dunmore, PA</FONT></P></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="top"> <P STYLE="margin-top:0px;margin-bottom:0px"><FONT STYLE="font-family:Times New Roman" SIZE="2">Eynon Furniture Outlet</FONT></P> <P STYLE="margin-top:0px;margin-bottom:1px"><FONT STYLE="font-family:Times New Roman" SIZE="2">Big
Lots</FONT></P></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="top"><FONT STYLE="font-family:Times New Roman" SIZE="2">&nbsp;</FONT></TD>
<TD VALIGN="top" ALIGN="right"><FONT STYLE="font-family:Times New Roman" SIZE="2">40,000</FONT></TD>
<TD NOWRAP VALIGN="top"><FONT STYLE="font-family:Times New Roman" SIZE="2">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="top"><FONT STYLE="font-family:Times New Roman" SIZE="2">&nbsp;</FONT></TD>
<TD VALIGN="top" ALIGN="right"><FONT STYLE="font-family:Times New Roman" SIZE="2">29</FONT></TD>
<TD NOWRAP VALIGN="top"><FONT STYLE="font-family:Times New Roman" SIZE="2">&nbsp;&nbsp;</FONT></TD></TR>
<TR>
<TD VALIGN="top"> <P STYLE="margin-left:1.00em; text-indent:-1.00em"><FONT STYLE="font-family:Times New Roman" SIZE="2">Cedar-Trexler Plaza 2, LLC and Cedar-Trexler Plaza 3, LLC</FONT></P></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="top"> <P STYLE="margin-top:0px;margin-bottom:0px"><FONT STYLE="font-family:Times New Roman" SIZE="2">Trexler Plaza Shopping Center,</FONT></P>
<P STYLE="margin-top:0px;margin-bottom:0px"><FONT STYLE="font-family:Times New Roman" SIZE="2">Lower and Upper</FONT></P> <P STYLE="margin-top:0px;margin-bottom:1px"><FONT STYLE="font-family:Times New Roman" SIZE="2">Macungie Townships,
PA</FONT></P></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="top"> <P STYLE="margin-top:0px;margin-bottom:0px"><FONT STYLE="font-family:Times New Roman" SIZE="2">Redner&#146;s Markets</FONT></P> <P STYLE="margin-top:0px;margin-bottom:1px"><FONT STYLE="font-family:Times New Roman" SIZE="2">Big
Lots</FONT></P></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="top"><FONT STYLE="font-family:Times New Roman" SIZE="2">&nbsp;</FONT><BR> <P STYLE="margin-bottom:1px; margin-top:0px"><FONT STYLE="font-family:Times New Roman" SIZE="2">&nbsp;</FONT></P></TD>
<TD VALIGN="top" ALIGN="right"><FONT STYLE="font-family:Times New Roman" SIZE="2">47,900</FONT><BR> <P STYLE="margin-bottom:1px; margin-top:0px" ALIGN="right"><FONT STYLE="font-family:Times New Roman" SIZE="2">33,824</FONT></P></TD>
<TD NOWRAP VALIGN="top"><FONT STYLE="font-family:Times New Roman" SIZE="2">&nbsp;&nbsp;</FONT><BR> <P STYLE="margin-bottom:1px; margin-top:0px"><FONT STYLE="font-family:Times New Roman" SIZE="2">&nbsp;&nbsp;</FONT></P></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="top"><FONT STYLE="font-family:Times New Roman" SIZE="2">&nbsp;</FONT></TD>
<TD VALIGN="top" ALIGN="right"><FONT STYLE="font-family:Times New Roman" SIZE="2">30</FONT></TD>
<TD NOWRAP VALIGN="top"><FONT STYLE="font-family:Times New Roman" SIZE="2">&nbsp;&nbsp;</FONT></TD></TR>
<TR BGCOLOR="#cceeff">
<TD VALIGN="top"> <P STYLE="margin-left:1.00em; text-indent:-1.00em"><FONT STYLE="font-family:Times New Roman" SIZE="2">Cedar-Campbelltown, LLC</FONT></P></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="top"><FONT STYLE="font-family:Times New Roman" SIZE="2">Northside Commons Shopping Center, South Londonderry Township, PA</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="top"><FONT STYLE="font-family:Times New Roman" SIZE="2">Redner&#146;s Market</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="top"><FONT STYLE="font-family:Times New Roman" SIZE="2">&nbsp;</FONT></TD>
<TD VALIGN="top" ALIGN="right"><FONT STYLE="font-family:Times New Roman" SIZE="2">48,519</FONT></TD>
<TD NOWRAP VALIGN="top"><FONT STYLE="font-family:Times New Roman" SIZE="2">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="top"><FONT STYLE="font-family:Times New Roman" SIZE="2">&nbsp;</FONT></TD>
<TD VALIGN="top" ALIGN="right"><FONT STYLE="font-family:Times New Roman" SIZE="2">31</FONT></TD>
<TD NOWRAP VALIGN="top"><FONT STYLE="font-family:Times New Roman" SIZE="2">&nbsp;&nbsp;</FONT></TD></TR>
</TABLE>
 <p STYLE="margin-top:0px;margin-bottom:0px"><FONT SIZE="1">&nbsp;</FONT></P> <P STYLE="margin-top:0px;margin-bottom:0px" ALIGN="center"><FONT STYLE="font-family:Times New Roman" SIZE="2">SCHEDULE
6.23.1 - 3 </FONT></P>


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 <P STYLE="margin-top:0px;margin-bottom:0px" ALIGN="right"><FONT STYLE="font-family:Times New Roman" SIZE="2"><B><I>SCHEDULE 8.3.6 </I></B></FONT></P>
<P STYLE="margin-top:10px;margin-bottom:0px" ALIGN="center"><FONT STYLE="font-family:Times New Roman" SIZE="3"><B>DESIGNATED PROPERTIES </B></FONT></P>
<P STYLE="margin-top:10px;margin-bottom:0px"><FONT STYLE="font-family:Times New Roman" SIZE="2"><U>Shopping Centers: </U></FONT></P> <P STYLE="margin-top:0px;margin-bottom:0px"><FONT STYLE="font-family:Times New Roman" SIZE="2">Aston Center
</FONT></P> <P STYLE="margin-top:0px;margin-bottom:0px"><FONT STYLE="font-family:Times New Roman" SIZE="2">Ayr Town Center </FONT></P> <P STYLE="margin-top:0px;margin-bottom:0px"><FONT STYLE="font-family:Times New Roman" SIZE="2">Columbia Mall
</FONT></P> <P STYLE="margin-top:0px;margin-bottom:0px"><FONT STYLE="font-family:Times New Roman" SIZE="2">CVS at Bradford </FONT></P> <P STYLE="margin-top:0px;margin-bottom:0px"><FONT STYLE="font-family:Times New Roman" SIZE="2">CVS at Celina
</FONT></P> <P STYLE="margin-top:0px;margin-bottom:0px"><FONT STYLE="font-family:Times New Roman" SIZE="2">CVS at Erie </FONT></P> <P STYLE="margin-top:0px;margin-bottom:0px"><FONT STYLE="font-family:Times New Roman" SIZE="2">CVS at Kinderhook
</FONT></P> <P STYLE="margin-top:0px;margin-bottom:0px"><FONT STYLE="font-family:Times New Roman" SIZE="2">CVS at Kingston </FONT></P> <P STYLE="margin-top:0px;margin-bottom:0px"><FONT STYLE="font-family:Times New Roman" SIZE="2">CVS at Naugatuck
</FONT></P> <P STYLE="margin-top:0px;margin-bottom:0px"><FONT STYLE="font-family:Times New Roman" SIZE="2">CVS at Portage Trail </FONT></P> <P STYLE="margin-top:0px;margin-bottom:0px"><FONT STYLE="font-family:Times New Roman" SIZE="2">Dunmore
Shopping Center </FONT></P> <P STYLE="margin-top:0px;margin-bottom:0px"><FONT STYLE="font-family:Times New Roman" SIZE="2">FirstMerit Bank at Akron </FONT></P> <P STYLE="margin-top:0px;margin-bottom:0px"><FONT
STYLE="font-family:Times New Roman" SIZE="2">Gahanna Discount Drug Mart Plaza </FONT></P> <P STYLE="margin-top:0px;margin-bottom:0px"><FONT STYLE="font-family:Times New Roman" SIZE="2">Grove City Discount Drug Mart Plaza </FONT></P>
<P STYLE="margin-top:0px;margin-bottom:0px"><FONT STYLE="font-family:Times New Roman" SIZE="2">Heritage Crossing </FONT></P> <P STYLE="margin-top:0px;margin-bottom:0px"><FONT STYLE="font-family:Times New Roman" SIZE="2">Hilliard Discount Drug Mart
Plaza </FONT></P> <P STYLE="margin-top:0px;margin-bottom:0px"><FONT STYLE="font-family:Times New Roman" SIZE="2">McCormick Place </FONT></P> <P STYLE="margin-top:0px;margin-bottom:0px"><FONT STYLE="font-family:Times New Roman" SIZE="2">Oakhurst
Plaza </FONT></P> <P STYLE="margin-top:0px;margin-bottom:0px"><FONT STYLE="font-family:Times New Roman" SIZE="2">Parkway Plaza </FONT></P> <P STYLE="margin-top:0px;margin-bottom:0px"><FONT STYLE="font-family:Times New Roman" SIZE="2">Pennsboro
Commons </FONT></P> <P STYLE="margin-top:0px;margin-bottom:0px"><FONT STYLE="font-family:Times New Roman" SIZE="2">Rite Aid at Massillon </FONT></P>
<P STYLE="margin-top:0px;margin-bottom:0px"><FONT STYLE="font-family:Times New Roman" SIZE="2">Roosevelt II </FONT></P> <P STYLE="margin-top:0px;margin-bottom:0px"><FONT STYLE="font-family:Times New Roman" SIZE="2">Scott Town Center </FONT></P>
<P STYLE="margin-top:0px;margin-bottom:0px"><FONT STYLE="font-family:Times New Roman" SIZE="2">Shore Mall </FONT></P> <P STYLE="margin-top:0px;margin-bottom:0px"><FONT STYLE="font-family:Times New Roman" SIZE="2">Spring Meadow Shopping Center
</FONT></P> <P STYLE="margin-top:0px;margin-bottom:0px"><FONT STYLE="font-family:Times New Roman" SIZE="2">Stadium Plaza </FONT></P> <P STYLE="margin-top:0px;margin-bottom:0px"><FONT STYLE="font-family:Times New Roman" SIZE="2">Stonehedge Square
</FONT></P> <P STYLE="margin-top:0px;margin-bottom:0px"><FONT STYLE="font-family:Times New Roman" SIZE="2">The Point at Carlisle </FONT></P> <P STYLE="margin-top:0px;margin-bottom:0px"><FONT STYLE="font-family:Times New Roman" SIZE="2">Westlake
Discount Drug Mart Plaza </FONT></P> <P STYLE="margin-top:10px;margin-bottom:0px"><FONT STYLE="font-family:Times New Roman" SIZE="2"><U>Land and approx acres: </U></FONT></P> <P STYLE="margin-top:0px;margin-bottom:0px"><FONT
STYLE="font-family:Times New Roman" SIZE="2">Aston Center&#151;6 acres </FONT></P> <P STYLE="margin-top:0px;margin-bottom:0px"><FONT STYLE="font-family:Times New Roman" SIZE="2">Blue Mountain Commons&#151;9 acres </FONT></P>
<P STYLE="margin-top:0px;margin-bottom:0px"><FONT STYLE="font-family:Times New Roman" SIZE="2">Halifax Commons&#151;4 acres </FONT></P> <P STYLE="margin-top:0px;margin-bottom:0px"><FONT STYLE="font-family:Times New Roman" SIZE="2">Halifax
Plaza&#151;13 acres </FONT></P> <P STYLE="margin-top:0px;margin-bottom:0px"><FONT STYLE="font-family:Times New Roman" SIZE="2">Liberty Marketplace&#151;16 acres </FONT></P> <P STYLE="margin-top:0px;margin-bottom:0px"><FONT
STYLE="font-family:Times New Roman" SIZE="2">Maxatawny Marketplace&#151;32 acres </FONT></P> <P STYLE="margin-top:0px;margin-bottom:0px"><FONT STYLE="font-family:Times New Roman" SIZE="2">Oregon Pike&#151;11 acres </FONT></P>
<P STYLE="margin-top:0px;margin-bottom:0px"><FONT STYLE="font-family:Times New Roman" SIZE="2">Shore Mall&#151;50 acres </FONT></P> <P STYLE="margin-top:0px;margin-bottom:0px"><FONT STYLE="font-family:Times New Roman" SIZE="2">Trindle Springs&#151;2
acres </FONT></P> <P STYLE="margin-top:0px;margin-bottom:0px"><FONT STYLE="font-family:Times New Roman" SIZE="2">Wyoming -12 acres </FONT></P> <P STYLE="font-size:10px;margin-top:0px;margin-bottom:0px"><FONT SIZE="1">&nbsp;</FONT></P>

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 <P STYLE="margin-top:0px;margin-bottom:0px" ALIGN="right"><FONT STYLE="font-family:Times New Roman" SIZE="2"><B><I>SCHEDULE 15.1 </I></B></FONT></P>
<P STYLE="margin-top:10px;margin-bottom:0px" ALIGN="center"><FONT STYLE="font-family:Times New Roman" SIZE="2"><B>NOTICES </B></FONT></P> <P STYLE="margin-top:10px;margin-bottom:0px"><FONT STYLE="font-family:Times New Roman" SIZE="2">BORROWER:
</FONT></P> <P STYLE="margin-top:0px;margin-bottom:0px"><FONT STYLE="font-family:Times New Roman" SIZE="2">Cedar Realty Trust Partnership, L.P. </FONT></P>
<P STYLE="margin-top:0px;margin-bottom:0px"><FONT STYLE="font-family:Times New Roman" SIZE="2">44 South Bayles Avenue </FONT></P> <P STYLE="margin-top:0px;margin-bottom:0px"><FONT STYLE="font-family:Times New Roman" SIZE="2">Port Washington, New
York 11050 </FONT></P> <P STYLE="margin-top:0px;margin-bottom:0px"><FONT STYLE="font-family:Times New Roman" SIZE="2">Attention: Philip R. Mays </FONT></P>
<P STYLE="margin-top:0px;margin-bottom:0px"><FONT STYLE="font-family:Times New Roman" SIZE="2">Telephone: (516)&nbsp;944-4572 </FONT></P> <P STYLE="margin-top:0px;margin-bottom:0px"><FONT STYLE="font-family:Times New Roman" SIZE="2">Telecopier:
(516)&nbsp;767-6497 </FONT></P> <P STYLE="margin-top:0px;margin-bottom:0px"><FONT STYLE="font-family:Times New Roman" SIZE="2">Electronic Mail: pmays@cdrrt. com </FONT></P> <P STYLE="margin-top:0px;margin-bottom:0px"><FONT
STYLE="font-family:Times New Roman" SIZE="2">Website Address: www.cedarrealtytrust.com </FONT></P> <P STYLE="margin-top:0px;margin-bottom:0px"><FONT STYLE="font-family:Times New Roman" SIZE="2">U.S. Taxpayer Identification Number: 11-3440066
</FONT></P> <P STYLE="margin-top:10px;margin-bottom:0px"><FONT STYLE="font-family:Times New Roman" SIZE="2">with copies to: </FONT></P> <P STYLE="margin-top:10px;margin-bottom:0px"><FONT STYLE="font-family:Times New Roman" SIZE="2">Cedar Realty
Trust Partnership, L.P. </FONT></P> <P STYLE="margin-top:0px;margin-bottom:0px"><FONT STYLE="font-family:Times New Roman" SIZE="2">44 South Bayles Avenue </FONT></P> <P STYLE="margin-top:0px;margin-bottom:0px"><FONT
STYLE="font-family:Times New Roman" SIZE="2">Port Washington, New York 11050 </FONT></P> <P STYLE="margin-top:0px;margin-bottom:0px"><FONT STYLE="font-family:Times New Roman" SIZE="2">Stuart Widowski, Esq. </FONT></P>
<P STYLE="margin-top:0px;margin-bottom:0px"><FONT STYLE="font-family:Times New Roman" SIZE="2">Telephone: (516)&nbsp;944-4529 </FONT></P> <P STYLE="margin-top:0px;margin-bottom:0px"><FONT STYLE="font-family:Times New Roman" SIZE="2">Telecopier:
(516)&nbsp;767-6497 </FONT></P> <P STYLE="margin-top:0px;margin-bottom:0px"><FONT STYLE="font-family:Times New Roman" SIZE="2">Electronic Mail: swidowski@cdrrt.com </FONT></P> <P STYLE="margin-top:10px;margin-bottom:0px"><FONT
STYLE="font-family:Times New Roman" SIZE="2">and </FONT></P> <P STYLE="margin-top:10px;margin-bottom:0px"><FONT STYLE="font-family:Times New Roman" SIZE="2">Stroock&nbsp;&amp; Stroock&nbsp;&amp; Lavan LLP </FONT></P>
<P STYLE="margin-top:0px;margin-bottom:0px"><FONT STYLE="font-family:Times New Roman" SIZE="2">180 Maiden Lane </FONT></P> <P STYLE="margin-top:0px;margin-bottom:0px"><FONT STYLE="font-family:Times New Roman" SIZE="2">New York, NY 10038-4982
</FONT></P> <P STYLE="margin-top:0px;margin-bottom:0px"><FONT STYLE="font-family:Times New Roman" SIZE="2">Attention: Karen Scanna, Esq. </FONT></P>
<P STYLE="margin-top:0px;margin-bottom:0px"><FONT STYLE="font-family:Times New Roman" SIZE="2">Telephone: (212)&nbsp;806-5400 </FONT></P> <P STYLE="margin-top:0px;margin-bottom:0px"><FONT STYLE="font-family:Times New Roman" SIZE="2">Telecopier:
(212)&nbsp;806-6006 </FONT></P>

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 <P STYLE="margin-top:0px;margin-bottom:0px"><FONT STYLE="font-family:Times New Roman" SIZE="2">ADMINISTRATIVE AGENT: </FONT></P> <P STYLE="margin-top:10px;margin-bottom:0px"><FONT
STYLE="font-family:Times New Roman" SIZE="2"><I><U>Administrative Agent&#146;s Office</U> </I> </FONT></P> <P STYLE="margin-top:0px;margin-bottom:0px"><FONT STYLE="font-family:Times New Roman" SIZE="2"><I>(for payments and Requests for Credit
Extensions):</I> </FONT></P> <P STYLE="margin-top:0px;margin-bottom:0px"><FONT STYLE="font-family:Times New Roman" SIZE="2">KeyBank National Association </FONT></P> <P STYLE="margin-top:0px;margin-bottom:0px"><FONT
STYLE="font-family:Times New Roman" SIZE="2">225 Franklin Street, 18th Floor </FONT></P> <P STYLE="margin-top:0px;margin-bottom:0px"><FONT STYLE="font-family:Times New Roman" SIZE="2">MA-01-22-0018 </FONT></P>
<P STYLE="margin-top:0px;margin-bottom:0px"><FONT STYLE="font-family:Times New Roman" SIZE="2">Boston, Massachusetts 02110 </FONT></P> <P STYLE="margin-top:0px;margin-bottom:0px"><FONT STYLE="font-family:Times New Roman" SIZE="2">Attention: Gregory
W. Lane </FONT></P> <P STYLE="margin-top:0px;margin-bottom:0px"><FONT STYLE="font-family:Times New Roman" SIZE="2">Telephone: 617-385-6212 </FONT></P>
<P STYLE="margin-top:0px;margin-bottom:0px"><FONT STYLE="font-family:Times New Roman" SIZE="2">Telecopier: 617-385-6293 </FONT></P> <P STYLE="margin-top:0px;margin-bottom:0px"><FONT STYLE="font-family:Times New Roman" SIZE="2">Electronic Mail:
gregory_w_lane@keybank.com </FONT></P> <P STYLE="margin-top:10px;margin-bottom:0px"><FONT STYLE="font-family:Times New Roman" SIZE="2">Account No.:&nbsp;1292000883 </FONT></P> <P STYLE="margin-top:0px;margin-bottom:0px"><FONT
STYLE="font-family:Times New Roman" SIZE="2">Ref:&nbsp;Cedar Realty Trust Partnership L.P. </FONT></P> <P STYLE="margin-top:0px;margin-bottom:0px"><FONT STYLE="font-family:Times New Roman" SIZE="2">ABA# 026009593 </FONT></P>
<P STYLE="margin-top:10px;margin-bottom:0px"><FONT STYLE="font-family:Times New Roman" SIZE="2"><I><U>Other Notices as Administrative Agent</U>:</I> </FONT></P> <P STYLE="margin-top:0px;margin-bottom:0px"><FONT
STYLE="font-family:Times New Roman" SIZE="2">KeyBank National Association </FONT></P> <P STYLE="margin-top:0px;margin-bottom:0px"><FONT STYLE="font-family:Times New Roman" SIZE="2">225 Franklin Street, 18th Floor </FONT></P>
<P STYLE="margin-top:0px;margin-bottom:0px"><FONT STYLE="font-family:Times New Roman" SIZE="2">MA-01-22-0018 </FONT></P> <P STYLE="margin-top:0px;margin-bottom:0px"><FONT STYLE="font-family:Times New Roman" SIZE="2">Boston, Massachusetts 02110
</FONT></P> <P STYLE="margin-top:0px;margin-bottom:0px"><FONT STYLE="font-family:Times New Roman" SIZE="2">Attention: Gregory W. Lane </FONT></P>
<P STYLE="margin-top:0px;margin-bottom:0px"><FONT STYLE="font-family:Times New Roman" SIZE="2">Telephone: 617-385-6212 </FONT></P> <P STYLE="margin-top:0px;margin-bottom:0px"><FONT STYLE="font-family:Times New Roman" SIZE="2">Telecopier:
617-385-6293 </FONT></P> <P STYLE="margin-top:0px;margin-bottom:0px"><FONT STYLE="font-family:Times New Roman" SIZE="2">Electronic Mail: gregory_w_lane@keybank.com </FONT></P> <P STYLE="margin-top:10px;margin-bottom:0px"><FONT
STYLE="font-family:Times New Roman" SIZE="2">L/C ISSUER: </FONT></P> <P STYLE="margin-top:10px;margin-bottom:0px"><FONT STYLE="font-family:Times New Roman" SIZE="2">KeyBank National Association </FONT></P>
<P STYLE="margin-top:0px;margin-bottom:0px"><FONT STYLE="font-family:Times New Roman" SIZE="2">225 Franklin Street, 18th Floor </FONT></P> <P STYLE="margin-top:0px;margin-bottom:0px"><FONT STYLE="font-family:Times New Roman" SIZE="2">MA-01-22-0018
</FONT></P> <P STYLE="margin-top:0px;margin-bottom:0px"><FONT STYLE="font-family:Times New Roman" SIZE="2">Boston, Massachusetts 02110 </FONT></P>
<P STYLE="margin-top:0px;margin-bottom:0px"><FONT STYLE="font-family:Times New Roman" SIZE="2">Attention: Gregory W. Lane </FONT></P> <P STYLE="margin-top:0px;margin-bottom:0px"><FONT STYLE="font-family:Times New Roman" SIZE="2">Telephone:
617-385-6212 </FONT></P> <P STYLE="margin-top:0px;margin-bottom:0px"><FONT STYLE="font-family:Times New Roman" SIZE="2">Telecopier: 617-385-6293 </FONT></P>
<P STYLE="margin-top:0px;margin-bottom:0px"><FONT STYLE="font-family:Times New Roman" SIZE="2">Electronic Mail: gregory_w_lane@keybank.com </FONT></P>
 <p STYLE="margin-top:0px;margin-bottom:0px"><FONT SIZE="1">&nbsp;</FONT></P> <P STYLE="margin-top:0px;margin-bottom:0px" ALIGN="center"><FONT STYLE="font-family:Times New Roman" SIZE="2">SCHEDULE 15.1
- 2 </FONT></P>


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 <P STYLE="margin-top:0px;margin-bottom:0px" ALIGN="right"><FONT STYLE="font-family:Times New Roman" SIZE="2"><B><I>EXHIBIT A </I></B></FONT></P>
<P STYLE="margin-top:10px;margin-bottom:0px" ALIGN="center"><FONT STYLE="font-family:Times New Roman" SIZE="2"><B>FORM OF </B></FONT></P>
<P STYLE="margin-top:6px;margin-bottom:0px" ALIGN="center"><FONT STYLE="font-family:Times New Roman" SIZE="2"><B>LOAN NOTICE </B></FONT></P>
<P STYLE="margin-top:10px;margin-bottom:0px" ALIGN="right"><FONT STYLE="font-family:Times New Roman" SIZE="2">Date: &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;,
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </FONT></P> <P STYLE="font-size:10px;margin-top:0px;margin-bottom:0px">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR>
<TD WIDTH="4%" VALIGN="top" ALIGN="left"><FONT STYLE="font-family:Times New Roman" SIZE="2">To:</FONT></TD>
<TD ALIGN="left" VALIGN="top"> <P ALIGN="justify"><FONT STYLE="font-family:Times New Roman" SIZE="2">KeyBank National Association, as Administrative Agent </FONT></P></TD></TR></TABLE> <P STYLE="margin-top:10px;margin-bottom:0px"><FONT
STYLE="font-family:Times New Roman" SIZE="2">Ladies and Gentlemen: </FONT></P> <P STYLE="margin-top:10px;margin-bottom:0px; text-indent:4%" ALIGN="justify"><FONT STYLE="font-family:Times New Roman" SIZE="2">Reference is made to that certain Amended,
Restated and Consolidated Loan Agreement, dated as of December &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;, 2011 (as amended, restated, extended, supplemented or otherwise modified in writing from time to time, the
&#147;<U>Agreement</U>&#148;). The terms defined therein being used herein as therein defined), among Cedar Realty Trust Partnership, L.P. (the &#147;<U>Borrower</U>&#148;), the Lenders from time to time party thereto, and KeyBank National
Association, as Administrative Agent and L/C Issuer. </FONT></P> <P STYLE="margin-top:10px;margin-bottom:0px; text-indent:8%" ALIGN="justify"><FONT STYLE="font-family:Times New Roman" SIZE="2">The undersigned hereby requests (select one):
</FONT></P> <P STYLE="font-size:10px;margin-top:0px;margin-bottom:0px">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR>
<TD WIDTH="8%"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD WIDTH="5%" VALIGN="top" ALIGN="left"><FONT STYLE="font-family:Times New Roman" SIZE="2"><FONT STYLE="FONT-FAMILY:WINGDINGS">&#168;</FONT></FONT></TD>
<TD ALIGN="left" VALIGN="top"> <P ALIGN="justify"><FONT STYLE="font-family:Times New Roman" SIZE="2">A Loan Advance </FONT></P></TD></TR></TABLE> <P STYLE="font-size:10px;margin-top:0px;margin-bottom:0px">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR>
<TD WIDTH="8%"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD WIDTH="5%" VALIGN="top" ALIGN="left"><FONT STYLE="font-family:Times New Roman" SIZE="2"><FONT STYLE="FONT-FAMILY:WINGDINGS">&#168;</FONT></FONT></TD>
<TD ALIGN="left" VALIGN="top"> <P ALIGN="justify"><FONT STYLE="font-family:Times New Roman" SIZE="2">A conversion or continuation of Loans </FONT></P></TD></TR></TABLE> <P STYLE="font-size:10px;margin-top:0px;margin-bottom:0px">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR>
<TD WIDTH="17%"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD WIDTH="4%" VALIGN="top" ALIGN="left"><FONT STYLE="font-family:Times New Roman" SIZE="2">1.</FONT></TD>
<TD ALIGN="left" VALIGN="top">
<P ALIGN="justify"><FONT STYLE="font-family:Times New Roman" SIZE="2">On&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (a Business Day). </FONT></P></TD></TR></TABLE> <P STYLE="font-size:10px;margin-top:0px;margin-bottom:0px">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR>
<TD WIDTH="17%"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD WIDTH="4%" VALIGN="top" ALIGN="left"><FONT STYLE="font-family:Times New Roman" SIZE="2">2.</FONT></TD>
<TD ALIGN="left" VALIGN="top"> <P ALIGN="justify"><FONT STYLE="font-family:Times New Roman" SIZE="2">In the amount of
$&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </FONT></P></TD></TR></TABLE>
<P STYLE="font-size:10px;margin-top:0px;margin-bottom:0px">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR>
<TD WIDTH="17%"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD WIDTH="4%" VALIGN="top" ALIGN="left"><FONT STYLE="font-family:Times New Roman" SIZE="2">3.</FONT></TD>
<TD ALIGN="left" VALIGN="top"> <P ALIGN="justify"><FONT STYLE="font-family:Times New Roman" SIZE="2">Comprised of </FONT></P></TD></TR></TABLE>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR>
<TD WIDTH="21%"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD WIDTH="5%" VALIGN="top" ALIGN="left"><FONT STYLE="font-family:Times New Roman" SIZE="2">[Type</FONT></TD>
<TD ALIGN="left" VALIGN="top"> <P ALIGN="justify"><FONT STYLE="font-family:Times New Roman" SIZE="2">of Loan requested] </FONT></P></TD></TR></TABLE> <P STYLE="font-size:10px;margin-top:0px;margin-bottom:0px">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR>
<TD WIDTH="17%"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD WIDTH="4%" VALIGN="top" ALIGN="left"><FONT STYLE="font-family:Times New Roman" SIZE="2">4.</FONT></TD>
<TD ALIGN="left" VALIGN="top"> <P ALIGN="justify"><FONT STYLE="font-family:Times New Roman" SIZE="2">For a LIBO Rate Advance: an Interest Period of: &nbsp;&nbsp;&nbsp;&nbsp;months </FONT></P></TD></TR></TABLE>
<P STYLE="margin-top:10px;margin-bottom:0px; text-indent:4%;padding-bottom:0px;" ALIGN="justify"><FONT STYLE="font-family:Times New Roman" SIZE="2">The undersigned hereby represents and warrants the following:</FONT><FONT
STYLE="font-family:Times New Roman" SIZE="1"><SUP STYLE="vertical-align:baseline; position:relative; bottom:.8ex">1</SUP></FONT><FONT STYLE="font-family:Times New Roman" SIZE="2"> </FONT></P>
<P STYLE="font-size:10px;margin-top:0px;margin-bottom:0px">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR>
<TD WIDTH="17%"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD WIDTH="4%" VALIGN="top" ALIGN="left"><FONT STYLE="font-family:Times New Roman" SIZE="2">1.</FONT></TD>
<TD ALIGN="left" VALIGN="top"> <P ALIGN="justify"><FONT STYLE="font-family:Times New Roman" SIZE="2">The Loan Advance is for the purpose of:
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;. </FONT></P></TD></TR></TABLE>
<P STYLE="font-size:10px;margin-top:0px;margin-bottom:0px">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR>
<TD WIDTH="17%"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD WIDTH="4%" VALIGN="top" ALIGN="left"><FONT STYLE="font-family:Times New Roman" SIZE="2">2.</FONT></TD>
<TD ALIGN="left" VALIGN="top"> <P ALIGN="justify"><FONT STYLE="font-family:Times New Roman" SIZE="2">The Total Outstandings reflecting the funding of the Loan Advance being requested hereby
are:&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; . </FONT></P></TD></TR></TABLE>
<P STYLE="font-size:10px;margin-top:0px;margin-bottom:0px">&nbsp;</P> <P STYLE="line-height:6px;margin-top:0px;margin-bottom:2px;border-bottom:1pt solid #000000;width:21%">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR>
<TD WIDTH="4%" VALIGN="top" ALIGN="left"><FONT STYLE="font-family:Times New Roman" SIZE="2"></FONT><FONT STYLE="font-family:Times New Roman" SIZE="1"><SUP STYLE="vertical-align:baseline; position:relative; bottom:.8ex">1</SUP>&nbsp;</FONT><FONT
STYLE="font-family:Times New Roman" SIZE="2"></FONT></TD>
<TD ALIGN="left" VALIGN="top"> <P ALIGN="justify"><FONT STYLE="font-family:Times New Roman" SIZE="2">Only include for a Loan Advance. </FONT></P></TD></TR></TABLE>

<p Style='page-break-before:always'>
<HR  SIZE="3" style="COLOR:#999999" WIDTH="100%" ALIGN="CENTER">



<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR>
<TD WIDTH="17%"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD WIDTH="4%" VALIGN="top" ALIGN="left"><FONT STYLE="font-family:Times New Roman" SIZE="2">3.</FONT></TD>
<TD ALIGN="left" VALIGN="top"> <P ALIGN="justify"><FONT STYLE="font-family:Times New Roman" SIZE="2">Maximum Loan Amount pursuant to Section&nbsp;2.1.1(a) of the Agreement (lesser of Total Commitment and the Borrowing Base Value) is:
$&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </FONT></P></TD></TR></TABLE>
<P STYLE="font-size:10px;margin-top:0px;margin-bottom:0px">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR>
<TD WIDTH="17%"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD WIDTH="4%" VALIGN="top" ALIGN="left"><FONT STYLE="font-family:Times New Roman" SIZE="2">4.</FONT></TD>
<TD ALIGN="left" VALIGN="top"> <P ALIGN="justify"><FONT STYLE="font-family:Times New Roman" SIZE="2">The aggregate remaining amount which may be funded under the Agreement
is:&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; . </FONT></P></TD></TR></TABLE> <P STYLE="font-size:10px;margin-top:0px;margin-bottom:0px">&nbsp;</P>

<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR>
<TD WIDTH="17%"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD WIDTH="4%" VALIGN="top" ALIGN="left"><FONT STYLE="font-family:Times New Roman" SIZE="2">5.</FONT></TD>
<TD ALIGN="left" VALIGN="top"> <P ALIGN="justify"><FONT STYLE="font-family:Times New Roman" SIZE="2">Attached as <U>Exhibit A</U> hereto are calculations evidencing the Borrower&#146;s continued compliance with the Financial Covenants, as satisfied
by the Closing Compliance Certificate, or once delivered, the most recent Compliance Certificate delivered by the Borrower. </FONT></P></TD></TR></TABLE> <P STYLE="font-size:10px;margin-top:0px;margin-bottom:0px">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR>
<TD WIDTH="17%"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD WIDTH="4%" VALIGN="top" ALIGN="left"><FONT STYLE="font-family:Times New Roman" SIZE="2">6.</FONT></TD>
<TD ALIGN="left" VALIGN="top"> <P ALIGN="justify"><FONT STYLE="font-family:Times New Roman" SIZE="2">The representations and warranties of the Borrower and each other Loan Party contained in Article 6 of the Agreement or any other Loan Document, or
which are contained in any document furnished at any time under or in connection herewith or therewith, are true and correct in all material respects on and as of the date of the Credit Extension requested hereby, except to the extent that such
representations and warranties specifically refer to an earlier date, in which case they are true and correct in all material respects as of such earlier date, and except that for purposes of this notice, the representations and warranties contained
in Section&nbsp;6.8 of the Agreement shall be deemed to refer to the most recent statements furnished pursuant to Section&nbsp;7.2.1 and 7.2.2 of the Agreement and except as to the representations and warranties in Sections 6.4, 6.7, 6.9, and 6.14
of the Agreement which may be modified only to reflect events occurring after the date hereof as specifically disclosed in writing to Administrative Agent prior to or simultaneously with such written request. </FONT></P></TD></TR></TABLE>
<P STYLE="font-size:10px;margin-top:0px;margin-bottom:0px">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR>
<TD WIDTH="17%"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD WIDTH="4%" VALIGN="top" ALIGN="left"><FONT STYLE="font-family:Times New Roman" SIZE="2">7.</FONT></TD>
<TD ALIGN="left" VALIGN="top"> <P ALIGN="justify"><FONT STYLE="font-family:Times New Roman" SIZE="2">No Default or Event of Default exists, or would result from the Loan Advance requested hereby or from the application of the proceeds thereof.
</FONT></P></TD></TR></TABLE> <P STYLE="margin-top:10px;margin-bottom:0px; margin-left:8%" ALIGN="justify"><FONT STYLE="font-family:Times New Roman" SIZE="2">Note: Each request for a Loan Advance hereunder shall be for (a)&nbsp;a minimum amount as
required by Section&nbsp;2.3.6 of the Loan Agreement, and (b)&nbsp;an amount not to exceed (x)&nbsp;the Maximum Loan Amount less (y)&nbsp;the Total Outstandings (after giving effect to such Loan Advance). </FONT></P>
<P STYLE="margin-top:10px;margin-bottom:0px; text-indent:4%" ALIGN="justify"><FONT STYLE="font-family:Times New Roman" SIZE="2">Delivery of executed counterparts of this Loan Notice by telecopy or other electronic means shall be effective as an
original. </FONT></P>
 <p STYLE="margin-top:0px;margin-bottom:0px"><FONT SIZE="1">&nbsp;</FONT></P> <P STYLE="margin-top:0px;margin-bottom:0px" ALIGN="center"><FONT STYLE="font-family:Times New Roman" SIZE="2">Exhibit A - 2
</FONT></P>


<p Style='page-break-before:always'>
<HR  SIZE="3" style="COLOR:#999999" WIDTH="100%" ALIGN="CENTER">


 <P>&nbsp;</P>
<TABLE CELLSPACING="0" CELLPADDING="0" WIDTH="100%" BORDER="0" STYLE="BORDER-COLLAPSE:COLLAPSE">


<TR>
<TD WIDTH="45%"></TD>
<TD VALIGN="bottom" WIDTH="1%"></TD>
<TD WIDTH="4%"></TD>
<TD VALIGN="bottom" WIDTH="1%"></TD>
<TD WIDTH="4%"></TD>
<TD VALIGN="bottom" WIDTH="1%"></TD>
<TD WIDTH="44%"></TD></TR>


<TR>
<TD VALIGN="top"></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="top" COLSPAN="5"> <P STYLE="margin-top:0px;margin-bottom:0px"><FONT STYLE="font-family:Times New Roman" SIZE="2">CEDAR REALTY TRUST</FONT></P>
<P STYLE="margin-top:0px;margin-bottom:1px"><FONT STYLE="font-family:Times New Roman" SIZE="2">PARTNERSHIP, L.P., a Delaware limited partnership</FONT></P></TD></TR>
<TR>
<TD HEIGHT="13"></TD>
<TD HEIGHT="13" COLSPAN="2"></TD>
<TD HEIGHT="13" COLSPAN="4"></TD></TR>
<TR>
<TD VALIGN="top"></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="top"><FONT STYLE="font-family:Times New Roman" SIZE="2">By:</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="top" COLSPAN="3"> <P STYLE="margin-top:0px;margin-bottom:0px"><FONT STYLE="font-family:Times New Roman" SIZE="2">Cedar Realty Trust, Inc., a Maryland</FONT></P> <P STYLE="margin-top:0px;margin-bottom:1px"><FONT
STYLE="font-family:Times New Roman" SIZE="2">corporation, its general partner</FONT></P></TD></TR>
<TR>
<TD HEIGHT="16"></TD>
<TD HEIGHT="16" COLSPAN="2"></TD>
<TD HEIGHT="16" COLSPAN="2"></TD>
<TD HEIGHT="16" COLSPAN="2"></TD></TR>
<TR>
<TD VALIGN="top"></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="top"></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="top"><FONT STYLE="font-family:Times New Roman" SIZE="2">By:</FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #000000"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="top" STYLE="BORDER-BOTTOM:1px solid #000000"><FONT SIZE="1">&nbsp;</FONT></TD></TR>
<TR>
<TD VALIGN="top"></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="top"></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="top"><FONT STYLE="font-family:Times New Roman" SIZE="2">Name:</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="top"></TD></TR>
<TR>
<TD VALIGN="top"></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="top"><FONT STYLE="font-family:Times New Roman" SIZE="2">Title:</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"></TD></TR>
</TABLE> <P STYLE="font-size:10px;margin-top:0px;margin-bottom:0px"><FONT SIZE="1">&nbsp;</FONT></P>
 <p STYLE="margin-top:0px;margin-bottom:0px"><FONT SIZE="1">&nbsp;</FONT></P> <P STYLE="margin-top:0px;margin-bottom:0px" ALIGN="center"><FONT STYLE="font-family:Times New Roman" SIZE="2">Exhibit A - 3
</FONT></P>


<p Style='page-break-before:always'>
<HR  SIZE="3" style="COLOR:#999999" WIDTH="100%" ALIGN="CENTER">


 <P STYLE="margin-top:0px;margin-bottom:0px" ALIGN="center"><FONT STYLE="font-family:Times New Roman" SIZE="2"><B>EXHIBIT A </B></FONT></P> <P STYLE="margin-top:10px;margin-bottom:0px" ALIGN="center"><FONT
STYLE="font-family:Times New Roman" SIZE="2">[to be completed by Borrower] </FONT></P>
 <p STYLE="margin-top:0px;margin-bottom:0px"><FONT SIZE="1">&nbsp;</FONT></P> <P STYLE="margin-top:0px;margin-bottom:0px" ALIGN="center"><FONT STYLE="font-family:Times New Roman" SIZE="2">Exhibit A - 4
</FONT></P>


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<HR  SIZE="3" style="COLOR:#999999" WIDTH="100%" ALIGN="CENTER">


 <P STYLE="margin-top:0px;margin-bottom:0px" ALIGN="right"><FONT STYLE="font-family:Times New Roman" SIZE="2"><B><I>EXHIBIT B </I></B></FONT></P>
<P STYLE="margin-top:10px;margin-bottom:0px" ALIGN="center"><FONT STYLE="font-family:Times New Roman" SIZE="2"><B>FORM OF </B></FONT></P>
<P STYLE="margin-top:0px;margin-bottom:0px" ALIGN="center"><FONT STYLE="font-family:Times New Roman" SIZE="2"><B>NOTE </B></FONT></P>
<P STYLE="margin-top:0px;margin-bottom:0px" ALIGN="right"><FONT STYLE="font-family:Times New Roman" SIZE="2">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;,
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </FONT></P> <P STYLE="margin-top:10px;margin-bottom:0px; text-indent:4%" ALIGN="justify"><FONT STYLE="font-family:Times New Roman" SIZE="2">FOR VALUE RECEIVED, the undersigned
(the &#147;<U>Borrower</U>&#148;), hereby promises to pay to &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;or registered assigns (the &#147;<U>Lender</U>&#148;), in accordance with the provisions of the Agreement (as
hereinafter defined), the principal amount of the Loan from time to time made by the Lender to the Borrower or so much thereof as shall be outstanding from time to time under that certain Amended, Restated and Consolidated Loan Agreement, dated as
of December &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;, 2011 (as amended, restated, extended, supplemented or otherwise modified in writing from time to time, the &#147;<U>Agreement</U>;&#148; the terms defined therein
being used herein as therein defined), among the Borrower, the Lender, the other financial institutions named therein and from time to time party thereto, and KeyBank National Association, as Administrative Agent and L/C Issuer (in such capacity,
the &#147;<U>Administrative Agent</U>&#148;). </FONT></P> <P STYLE="margin-top:10px;margin-bottom:0px; text-indent:4%" ALIGN="justify"><FONT STYLE="font-family:Times New Roman" SIZE="2">The Borrower promises to pay interest on the unpaid principal
amount of each Loan Advance from the date of such Loan Advance until such principal amount is paid in full, at such interest rates and at such times as provided in the Agreement. All payments of principal and interest shall be made to the
Administrative Agent for the account of the Lender in Dollars in immediately available funds at the Administrative Agent&#146;s Office. If any amount is not paid in full when due under the terms of the Agreement, such unpaid amount shall bear
interest, to be paid in accordance with the terms of the Agreement, from the due date thereof until the date of actual payment (and before as well as after judgment) computed at the per annum rate set forth in the Agreement. Loan Advances may be
repaid and re-borrowed in accordance with the terms and provisions of the Agreement. </FONT></P> <P STYLE="margin-top:10px;margin-bottom:0px; text-indent:4%" ALIGN="justify"><FONT STYLE="font-family:Times New Roman" SIZE="2">This Note is a Note as
referred to in the Agreement, is entitled to the benefits thereof and may be prepaid in whole or in part subject to the terms and conditions provided therein. This Note is also entitled to the benefits of the Guaranty and is secured by the
Collateral. Upon the occurrence and continuation of one or more of the Events of Default specified in the Agreement, all amounts then remaining unpaid on this Note may be declared to be, immediately due and payable, all as provided in the Agreement.
Loan Advances made by the Lender shall be evidenced by one or more loan accounts or records maintained by the Lender in the ordinary course of business. The Lender may also attach schedules to this Note and endorse thereon the date and amount of its
Loan Advances and payments with respect thereto; <U>provided</U>, <U>however</U>, that if any of said schedules shall be inconsistent with the terms of the Agreement, the terms of the Agreement shall control. </FONT></P>
<P STYLE="margin-top:10px;margin-bottom:0px; text-indent:4%" ALIGN="justify"><FONT STYLE="font-family:Times New Roman" SIZE="2">The Borrower, for itself, its successors and assigns, hereby waives diligence, presentment, protest and demand and notice
of protest, demand, dishonor and non-payment of this Note, except as otherwise provided in the Agreement. </FONT></P> <P STYLE="margin-top:10px;margin-bottom:0px; text-indent:4%" ALIGN="justify"><FONT STYLE="font-family:Times New Roman" SIZE="2">The
terms of Sections 13.4, 15.2, 15.6 and 15.16 of the Agreement are incorporated herein by reference, mutatis mutandis. </FONT></P>

<p Style='page-break-before:always'>
<HR  SIZE="3" style="COLOR:#999999" WIDTH="100%" ALIGN="CENTER">


 <P STYLE="margin-top:0px;margin-bottom:0px; text-indent:4%" ALIGN="justify"><FONT STYLE="font-family:Times New Roman" SIZE="2">THIS NOTE SHALL BE GOVERNED BY AND CONSTRUED IN ACCORDANCE WITH THE LAWS OF
THE STATE OF NEW YORK. </FONT></P> <P STYLE="margin-top:10px;margin-bottom:0px; text-indent:4%" ALIGN="justify"><FONT STYLE="font-family:Times New Roman" SIZE="2">Delivery of executed counterparts of this Note by telecopy or other electronic means
shall be effective as an original. </FONT></P> <P STYLE="margin-top:10px;margin-bottom:0px; text-indent:4%" ALIGN="justify"><FONT STYLE="font-family:Times New Roman" SIZE="2">Any notices given with respect to this Note shall be given in the manner
provided for in the Loan Agreement. </FONT></P>
 <p STYLE="margin-top:0px;margin-bottom:0px"><FONT SIZE="1">&nbsp;</FONT></P> <P STYLE="margin-top:0px;margin-bottom:0px" ALIGN="center"><FONT STYLE="font-family:Times New Roman" SIZE="2">Exhibit B - 2
</FONT></P>


<p Style='page-break-before:always'>
<HR  SIZE="3" style="COLOR:#999999" WIDTH="100%" ALIGN="CENTER">


 <P>&nbsp;</P>
<TABLE CELLSPACING="0" CELLPADDING="0" WIDTH="100%" BORDER="0" STYLE="BORDER-COLLAPSE:COLLAPSE">


<TR>
<TD WIDTH="45%"></TD>
<TD VALIGN="bottom" WIDTH="1%"></TD>
<TD WIDTH="4%"></TD>
<TD VALIGN="bottom" WIDTH="1%"></TD>
<TD WIDTH="4%"></TD>
<TD VALIGN="bottom" WIDTH="1%"></TD>
<TD WIDTH="44%"></TD></TR>


<TR>
<TD VALIGN="top"></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="top" COLSPAN="5"> <P STYLE="margin-top:0px;margin-bottom:0px"><FONT STYLE="font-family:Times New Roman" SIZE="2">CEDAR REALTY TRUST</FONT></P>
<P STYLE="margin-top:0px;margin-bottom:1px"><FONT STYLE="font-family:Times New Roman" SIZE="2">PARTNERSHIP, L.P., a Delaware limited partnership</FONT></P></TD></TR>
<TR>
<TD HEIGHT="13"></TD>
<TD HEIGHT="13" COLSPAN="2"></TD>
<TD HEIGHT="13" COLSPAN="4"></TD></TR>
<TR>
<TD VALIGN="top"></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="top"><FONT STYLE="font-family:Times New Roman" SIZE="2">By:</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="top" COLSPAN="3"> <P STYLE="margin-top:0px;margin-bottom:0px"><FONT STYLE="font-family:Times New Roman" SIZE="2">Cedar Realty Trust, Inc., a Maryland</FONT></P> <P STYLE="margin-top:0px;margin-bottom:1px"><FONT
STYLE="font-family:Times New Roman" SIZE="2">corporation, its general partner</FONT></P></TD></TR>
<TR>
<TD HEIGHT="16"></TD>
<TD HEIGHT="16" COLSPAN="2"></TD>
<TD HEIGHT="16" COLSPAN="2"></TD>
<TD HEIGHT="16" COLSPAN="2"></TD></TR>
<TR>
<TD VALIGN="top"></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="top"></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="top"><FONT STYLE="font-family:Times New Roman" SIZE="2">By:</FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #000000"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="top" STYLE="BORDER-BOTTOM:1px solid #000000"><FONT SIZE="1">&nbsp;</FONT></TD></TR>
<TR>
<TD VALIGN="top"></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="top"></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="top"><FONT STYLE="font-family:Times New Roman" SIZE="2">Name:</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="top"></TD></TR>
<TR>
<TD VALIGN="top"></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="top"><FONT STYLE="font-family:Times New Roman" SIZE="2">Title:</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"></TD></TR>
</TABLE> <P STYLE="font-size:10px;margin-top:0px;margin-bottom:0px"><FONT SIZE="1">&nbsp;</FONT></P>
 <p STYLE="margin-top:0px;margin-bottom:0px"><FONT SIZE="1">&nbsp;</FONT></P> <P STYLE="margin-top:0px;margin-bottom:0px" ALIGN="center"><FONT STYLE="font-family:Times New Roman" SIZE="2">Exhibit B - 3
</FONT></P>


<p Style='page-break-before:always'>
<HR  SIZE="3" style="COLOR:#999999" WIDTH="100%" ALIGN="CENTER">


 <P STYLE="margin-top:0px;margin-bottom:0px" ALIGN="right"><FONT STYLE="font-family:Times New Roman" SIZE="2"><B><I>EXHIBIT C </I></B></FONT></P>
<P STYLE="margin-top:10px;margin-bottom:0px" ALIGN="center"><FONT STYLE="font-family:Times New Roman" SIZE="2"><B>FORM OF </B></FONT></P>
<P STYLE="margin-top:0px;margin-bottom:0px" ALIGN="center"><FONT STYLE="font-family:Times New Roman" SIZE="2"><B>COMPLIANCE CERTIFICATE </B></FONT></P> <P STYLE="margin-top:10px;margin-bottom:0px" ALIGN="right"><FONT
STYLE="font-family:Times New Roman" SIZE="2">Financial Statement Date: &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;, &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </FONT></P>
<P STYLE="font-size:10px;margin-top:0px;margin-bottom:0px">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR>
<TD WIDTH="4%" VALIGN="top" ALIGN="left"><FONT STYLE="font-family:Times New Roman" SIZE="2">To:</FONT></TD>
<TD ALIGN="left" VALIGN="top"> <P ALIGN="justify"><FONT STYLE="font-family:Times New Roman" SIZE="2">KeyBank National Association, as Administrative Agent </FONT></P></TD></TR></TABLE> <P STYLE="margin-top:10px;margin-bottom:0px"><FONT
STYLE="font-family:Times New Roman" SIZE="2">Ladies and Gentlemen: </FONT></P> <P STYLE="margin-top:10px;margin-bottom:0px; text-indent:4%" ALIGN="justify"><FONT STYLE="font-family:Times New Roman" SIZE="2">Reference is made to that certain Amended,
Restated and Consolidated Loan Agreement, dated as of December &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;, 2011 (as amended, restated, extended, supplemented or otherwise modified in writing from time to time, the
&#147;<U>Agreement</U>;&#148; the terms defined therein being used herein as therein defined), among Cedar Realty Trust Partnership, L.P. (the &#147;<U>Borrower</U>&#148;), the Lenders from time to time party thereto, and KeyBank National
Association, as Administrative Agent and L/C Issuer. </FONT></P> <P STYLE="margin-top:10px;margin-bottom:0px; text-indent:4%" ALIGN="justify"><FONT STYLE="font-family:Times New Roman" SIZE="2">THE UNDERSIGNED HEREBY CERTIFIES THAT: </FONT></P>
<P STYLE="margin-top:10px;margin-bottom:0px; text-indent:4%" ALIGN="justify"><FONT STYLE="font-family:Times New Roman" SIZE="2">1. I am the duly elected/authorized &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;of Cedar
Realty Trust, Inc., general partner of the Borrower. </FONT></P> <P STYLE="margin-top:10px;margin-bottom:0px; text-indent:4%" ALIGN="justify"><FONT STYLE="font-family:Times New Roman" SIZE="2">2. I have reviewed the terms of the Agreement and I have
made, or have caused to be made under my supervision, a review of the transactions and conditions of the Borrower during the accounting period covered by the attached financial statements. </FONT></P>
<P STYLE="margin-top:10px;margin-bottom:0px; text-indent:4%" ALIGN="justify"><FONT STYLE="font-family:Times New Roman" SIZE="2">3. The financial statements attached as <U>Schedule 1</U> fairly present in all material respects the Consolidated
financial condition of CRT. The examinations described in paragraph 2 did not disclose, and I have no knowledge of, the existence of any condition or event which constitutes a Default or an Event of Default during or at the end of the accounting
period covered by the attached financial statements or as of the date of this Certificate, except as set forth below. </FONT></P> <P STYLE="margin-top:10px;margin-bottom:0px; text-indent:4%" ALIGN="justify"><FONT
STYLE="font-family:Times New Roman" SIZE="2">4. The financial covenant analyses and information set forth on <U>Schedule 2</U> attached hereto are true and accurate on and as of the date of this Certificate, except as set forth below. </FONT></P>
<P STYLE="margin-top:10px;margin-bottom:0px; text-indent:4%" ALIGN="justify"><FONT STYLE="font-family:Times New Roman" SIZE="2">Described below are the exceptions, if any, to paragraphs 3 and 4, listing the nature of the condition or event, the
period during which it has existed and the action which the Borrower has taken, is taking, or proposes to take with respect to each such condition or event: </FONT></P> <P STYLE="margin-top:10px;margin-bottom:0px; text-indent:4%" ALIGN="justify"><FONT
STYLE="font-family:Times New Roman" SIZE="2">5. Attached hereto on <U>Schedule 3</U> are the following: (a)&nbsp;a report containing, to the extent not included in the deliveries under Sections 7.2.1, 7.2.2, or 7.2.3 of the Agreement for all
Individual Properties, a summary listing of all Net Operating Income, revenues, rent roll, </FONT></P>

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 <P STYLE="margin-top:0px;margin-bottom:0px" ALIGN="justify"><FONT STYLE="font-family:Times New Roman" SIZE="2">
mortgage Debt, if any, and, in addition, for each Individual Property acquired during the quarter just ended, the cost basis and the amount and terms of any assumed Debt; (b)&nbsp;a listing of
all filings by the Borrower or CRT with the SEC, including, without limitation, full copies of CRT&#146;s 10-Q and 10-K filings and (c)&nbsp;Cash Flow Projections, as required by Section&nbsp;7.2.1 and 7.2.2 of the Agreement specifically
identifying, without limitation, (i)&nbsp;any changes to the Cash Flow Projection provided in the immediately prior Officer&#146;s Certificate, (ii)&nbsp;any Distributions projected during the next one-hundred and eighty (180)&nbsp;days and
(iii)&nbsp;a consolidated Adjusted FFO, (d)&nbsp;a list of any Major Leases entered into during the most recent fiscal quarter and any existing Leases that became Major Leases during the most recent fiscal quarter and (e)&nbsp;any material change in
accounting policies required by GAAP or financial reporting practices by any Loan Party or their Subsidiaries. </FONT></P>
<P STYLE="margin-top:10px;margin-bottom:0px; text-indent:4%" ALIGN="justify"><FONT STYLE="font-family:Times New Roman" SIZE="2">Delivery of executed counterparts of this Compliance Certificate by telecopy or other electronic means shall be effective
as an original. </FONT></P>
 <p STYLE="margin-top:0px;margin-bottom:0px"><FONT SIZE="1">&nbsp;</FONT></P> <P STYLE="margin-top:0px;margin-bottom:0px" ALIGN="center"><FONT STYLE="font-family:Times New Roman" SIZE="2">Exhibit C - 2
</FONT></P>


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 <P STYLE="margin-top:0px;margin-bottom:0px; text-indent:4%" ALIGN="justify"><FONT STYLE="font-family:Times New Roman" SIZE="2"><I>IN WITNESS WHEREOF,</I> the undersigned has executed this Certificate as
of &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;,
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;. </FONT></P> <P STYLE="font-size:10px;margin-top:0px;margin-bottom:0px">&nbsp;</P>
<TABLE CELLSPACING="0" CELLPADDING="0" WIDTH="100%" BORDER="0" STYLE="BORDER-COLLAPSE:COLLAPSE">


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<TD WIDTH="45%"></TD>
<TD VALIGN="bottom" WIDTH="1%"></TD>
<TD WIDTH="4%"></TD>
<TD VALIGN="bottom" WIDTH="1%"></TD>
<TD WIDTH="4%"></TD>
<TD VALIGN="bottom" WIDTH="1%"></TD>
<TD WIDTH="44%"></TD></TR>


<TR>
<TD VALIGN="top"></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="top" COLSPAN="5"> <P STYLE="margin-top:0px;margin-bottom:0px"><FONT STYLE="font-family:Times New Roman" SIZE="2">CEDAR REALTY TRUST</FONT></P>
<P STYLE="margin-top:0px;margin-bottom:1px"><FONT STYLE="font-family:Times New Roman" SIZE="2">PARTNERSHIP, L.P., a Delaware limited partnership</FONT></P></TD></TR>
<TR>
<TD HEIGHT="13"></TD>
<TD HEIGHT="13" COLSPAN="2"></TD>
<TD HEIGHT="13" COLSPAN="4"></TD></TR>
<TR>
<TD VALIGN="top"></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="top"><FONT STYLE="font-family:Times New Roman" SIZE="2">By:</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="top" COLSPAN="3"> <P STYLE="margin-top:0px;margin-bottom:0px"><FONT STYLE="font-family:Times New Roman" SIZE="2">Cedar Realty Trust, Inc., a Maryland</FONT></P> <P STYLE="margin-top:0px;margin-bottom:1px"><FONT
STYLE="font-family:Times New Roman" SIZE="2">corporation, its general partner</FONT></P></TD></TR>
<TR>
<TD HEIGHT="16"></TD>
<TD HEIGHT="16" COLSPAN="2"></TD>
<TD HEIGHT="16" COLSPAN="2"></TD>
<TD HEIGHT="16" COLSPAN="2"></TD></TR>
<TR>
<TD VALIGN="top"></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="top"></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="top"><FONT STYLE="font-family:Times New Roman" SIZE="2">By:</FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #000000"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="top" STYLE="BORDER-BOTTOM:1px solid #000000"><FONT SIZE="1">&nbsp;</FONT></TD></TR>
<TR>
<TD VALIGN="top"></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="top"></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="top"><FONT STYLE="font-family:Times New Roman" SIZE="2">Name:</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="top"></TD></TR>
<TR>
<TD VALIGN="top"></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="top"><FONT STYLE="font-family:Times New Roman" SIZE="2">Title:</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"></TD></TR>
</TABLE>
 <p STYLE="margin-top:0px;margin-bottom:0px"><FONT SIZE="1">&nbsp;</FONT></P> <P STYLE="margin-top:0px;margin-bottom:0px" ALIGN="center"><FONT STYLE="font-family:Times New Roman" SIZE="2">Exhibit C - 3
</FONT></P>


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 <P STYLE="margin-top:0px;margin-bottom:0px" ALIGN="center"><FONT STYLE="font-family:Times New Roman" SIZE="2">SCHEDULE 1 </FONT></P> <P STYLE="margin-top:0px;margin-bottom:0px" ALIGN="center"><FONT
STYLE="font-family:Times New Roman" SIZE="2">to the Compliance Certificate </FONT></P> <P STYLE="margin-top:10px;margin-bottom:0px" ALIGN="center"><FONT STYLE="font-family:Times New Roman" SIZE="2">For the Quarter/Year ended
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;, &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </FONT></P>
<P STYLE="margin-top:10px;margin-bottom:0px" ALIGN="center"><FONT STYLE="font-family:Times New Roman" SIZE="2">[Quarterly/Annual] Financial Statements </FONT></P>
 <p STYLE="margin-top:0px;margin-bottom:0px"><FONT SIZE="1">&nbsp;</FONT></P> <P STYLE="margin-top:0px;margin-bottom:0px" ALIGN="center"><FONT STYLE="font-family:Times New Roman" SIZE="2">Exhibit C - 4
</FONT></P>


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 <P STYLE="margin-top:0px;margin-bottom:0px" ALIGN="center"><FONT STYLE="font-family:Times New Roman" SIZE="2">SCHEDULE 2 </FONT></P> <P STYLE="margin-top:0px;margin-bottom:0px" ALIGN="center"><FONT
STYLE="font-family:Times New Roman" SIZE="2">to the Compliance Certificate </FONT></P> <P STYLE="margin-top:10px;margin-bottom:0px" ALIGN="center"><FONT STYLE="font-family:Times New Roman" SIZE="2">For the Quarter/Year ended
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;, &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </FONT></P>
<P STYLE="margin-top:10px;margin-bottom:0px" ALIGN="center"><FONT STYLE="font-family:Times New Roman" SIZE="2">[FINANCIAL COVENANT CALCULATIONS TO BE ATTACHED BY BORROWER] </FONT></P>
 <p STYLE="margin-top:0px;margin-bottom:0px"><FONT SIZE="1">&nbsp;</FONT></P> <P STYLE="margin-top:0px;margin-bottom:0px" ALIGN="center"><FONT STYLE="font-family:Times New Roman" SIZE="2">Exhibit C - 5
</FONT></P>


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 <P STYLE="margin-top:0px;margin-bottom:0px" ALIGN="center"><FONT STYLE="font-family:Times New Roman" SIZE="2">SCHEDULE 3 </FONT></P> <P STYLE="margin-top:0px;margin-bottom:0px" ALIGN="center"><FONT
STYLE="font-family:Times New Roman" SIZE="2">to the Compliance Certificate </FONT></P> <P STYLE="margin-top:10px;margin-bottom:0px" ALIGN="center"><FONT STYLE="font-family:Times New Roman" SIZE="2">[TO BE ATTACHED BY BORROWER] </FONT></P>
 <p STYLE="margin-top:0px;margin-bottom:0px"><FONT SIZE="1">&nbsp;</FONT></P> <P STYLE="margin-top:0px;margin-bottom:0px" ALIGN="center"><FONT STYLE="font-family:Times New Roman" SIZE="2">Exhibit C - 6
</FONT></P>


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 <P STYLE="margin-top:0px;margin-bottom:0px" ALIGN="right"><FONT STYLE="font-family:Times New Roman" SIZE="2"><B><I>EXHIBIT D </I></B></FONT></P>
<P STYLE="margin-top:10px;margin-bottom:0px" ALIGN="center"><FONT STYLE="font-family:Times New Roman" SIZE="2"><B>FORM OF </B></FONT></P>
<P STYLE="margin-top:0px;margin-bottom:0px" ALIGN="center"><FONT STYLE="font-family:Times New Roman" SIZE="2"><B>ASSIGNMENT AND ASSUMPTION </B></FONT></P>
<P STYLE="margin-top:10px;margin-bottom:0px; text-indent:8%;padding-bottom:0px;" ALIGN="justify"><FONT STYLE="font-family:Times New Roman" SIZE="2">This Assignment and Assumption (this &#147;<U>Assignment and Assumption</U>&#148;) is dated as of the
Effective Date set forth below and is entered into by and between [the][each]</FONT><FONT STYLE="font-family:Times New Roman" SIZE="1"><SUP STYLE="vertical-align:baseline; position:relative; bottom:.8ex">2</SUP></FONT><FONT
STYLE="font-family:Times New Roman" SIZE="2"> Assignor identified in item 1 below ([the][each, an] &#147;<U>Assignor</U>&#148;) and [the][each]</FONT><FONT STYLE="font-family:Times New Roman" SIZE="1"><SUP
STYLE="vertical-align:baseline; position:relative; bottom:.8ex">3</SUP></FONT><FONT STYLE="font-family:Times New Roman" SIZE="2"> Assignee identified in item 2 below ([the][each, an] &#147;<U>Assignee</U>&#148;). [It is understood and agreed that
the rights and obligations of [the Assignors][the
Assignees]</FONT><FONT STYLE="font-family:Times New Roman" SIZE="1"><SUP STYLE="vertical-align:baseline; position:relative; bottom:.8ex">4</SUP></FONT><FONT STYLE="font-family:Times New Roman" SIZE="2"> hereunder are several and not joint.]</FONT><FONT
STYLE="font-family:Times New Roman" SIZE="1"><SUP STYLE="vertical-align:baseline; position:relative; bottom:.8ex">5</SUP></FONT><FONT STYLE="font-family:Times New Roman" SIZE="2"> Capitalized terms used but not defined herein shall have the meanings
given to them in the Loan Agreement identified below (the &#147;<U>Loan Agreement</U>&#148;), receipt of a copy of which is hereby acknowledged by the Assignee. The Standard Terms and Conditions set forth in Annex 1 attached hereto are hereby agreed
to and incorporated herein by reference and made a part of this Assignment and Assumption as if set forth herein in full. </FONT></P> <P STYLE="margin-top:10px;margin-bottom:0px; text-indent:8%" ALIGN="justify"><FONT
STYLE="font-family:Times New Roman" SIZE="2">For an agreed consideration, [the][each] Assignor hereby irrevocably sells and assigns to [the Assignee][the respective Assignees], and [the][each] Assignee hereby irrevocably purchases and assumes from
[the Assignor][the respective Assignors], subject to and in accordance with the Standard Terms and Conditions and the Loan Agreement, as of the Effective Date inserted by the Administrative Agent as contemplated below (i)&nbsp;all of [the
Assignor&#146;s][the respective Assignors&#146;] rights and obligations in [its capacity as a Lender][their respective capacities as Lenders] under the Loan Agreement and any other documents or instruments delivered pursuant thereto to the extent
related to the amount and percentage interest identified below of all of such outstanding rights and obligations of [the Assignor][the respective Assignors] under the respective facilities identified below (including, without limitation, the Letters
of Credit included in such facilities) and (ii)&nbsp;to the extent permitted to be assigned under applicable law, all claims, suits, causes of action and any other right of [the Assignor (in its capacity as a Lender)][the respective Assignors (in
their respective capacities as Lenders)] against any Person, whether known or unknown, arising under or in connection with the Loan Agreement, any other documents or instruments delivered pursuant thereto or the loan transactions governed thereby or
in any way based on or related to any of the foregoing, including, but not limited to, contract claims, tort claims, malpractice claims, statutory claims and all other claims at law or in equity related to the rights and obligations sold and
assigned pursuant to clause (i)&nbsp;above (the rights and obligations sold and assigned by [the][any] Assignor to [the][any] Assignee pursuant to clauses (i)&nbsp;and (ii)&nbsp;above being referred to herein collectively as [the][an]
&#147;<U>Assigned Interest</U>&#148;). Each such sale and assignment is without recourse to </FONT></P> <P STYLE="font-size:10px;margin-top:0px;margin-bottom:0px">&nbsp;</P>
<P STYLE="line-height:8px;margin-top:0px;margin-bottom:2px;border-bottom:0.5pt solid #000000;width:10%">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR>
<TD WIDTH="4%" VALIGN="top" ALIGN="left"><FONT STYLE="font-family:Times New Roman" SIZE="2">2</FONT></TD>
<TD ALIGN="left" VALIGN="top"> <P ALIGN="justify"><FONT STYLE="font-family:Times New Roman" SIZE="2">For bracketed language here and elsewhere in this form relating to the Assignor(s), if the assignment is from a single Assignor, choose the first
bracketed language. If the assignment is from multiple Assignors, choose the second bracketed language. </FONT></P></TD></TR></TABLE> <P STYLE="font-size:10px;margin-top:0px;margin-bottom:0px">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR>
<TD WIDTH="4%" VALIGN="top" ALIGN="left"><FONT STYLE="font-family:Times New Roman" SIZE="2">3</FONT></TD>
<TD ALIGN="left" VALIGN="top"> <P ALIGN="justify"><FONT STYLE="font-family:Times New Roman" SIZE="2">For bracketed language here and elsewhere in this form relating to the Assignee(s), if the assignment is to a single Assignee, choose the first
bracketed language. If the assignment is to multiple Assignees, choose the second bracketed language. </FONT></P></TD></TR></TABLE> <P STYLE="font-size:10px;margin-top:0px;margin-bottom:0px">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR>
<TD WIDTH="4%" VALIGN="top" ALIGN="left"><FONT STYLE="font-family:Times New Roman" SIZE="2">4</FONT></TD>
<TD ALIGN="left" VALIGN="top"> <P ALIGN="justify"><FONT STYLE="font-family:Times New Roman" SIZE="2">Select as appropriate. </FONT></P></TD></TR></TABLE> <P STYLE="font-size:10px;margin-top:0px;margin-bottom:0px">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR>
<TD WIDTH="4%" VALIGN="top" ALIGN="left"><FONT STYLE="font-family:Times New Roman" SIZE="2">5</FONT></TD>
<TD ALIGN="left" VALIGN="top"> <P ALIGN="justify"><FONT STYLE="font-family:Times New Roman" SIZE="2">Include bracketed language if there are either multiple Assignors or multiple Assignees.
</FONT></P></TD></TR></TABLE>

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<TD WIDTH="4%"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD ALIGN="left" VALIGN="top"> <P ALIGN="justify"><FONT STYLE="font-family:Times New Roman" SIZE="2">
[the][any] Assignor and, except as expressly provided in this Assignment and Assumption, without representation or warranty by [the][any] Assignor. </FONT></P></TD></TR></TABLE>
<P STYLE="font-size:10px;margin-top:0px;margin-bottom:0px">&nbsp;</P>
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<TR>
<TD WIDTH="14%"></TD>
<TD VALIGN="bottom" WIDTH="1%"></TD>
<TD WIDTH="14%"></TD>
<TD VALIGN="bottom" WIDTH="1%"></TD>
<TD WIDTH="37%"></TD>
<TD VALIGN="bottom" WIDTH="1%"></TD>
<TD WIDTH="21%"></TD>
<TD VALIGN="bottom" WIDTH="1%"></TD>
<TD WIDTH="10%"></TD></TR>


<TR>
<TD VALIGN="top" ALIGN="right"><FONT STYLE="font-family:Times New Roman" SIZE="2">1.</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="top"> <P ALIGN="justify"><FONT STYLE="font-family:Times New Roman" SIZE="2">&nbsp;&nbsp;&nbsp;&nbsp;Assignor[s]:</FONT></P></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #000000"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="top" STYLE="BORDER-BOTTOM:1px solid #000000"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="top"></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="top"></TD></TR>
<TR>
<TD HEIGHT="13"></TD>
<TD HEIGHT="13" COLSPAN="2"></TD>
<TD HEIGHT="13" COLSPAN="2"></TD>
<TD HEIGHT="13" COLSPAN="2"></TD>
<TD HEIGHT="13" COLSPAN="2"></TD></TR>
<TR STYLE="font-size:1px">
<TD VALIGN="top"></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="top"></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #000000"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="top" STYLE="BORDER-BOTTOM:1px solid #000000">&nbsp;</TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="top"></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="top"></TD></TR>
<TR>
<TD HEIGHT="13"></TD>
<TD HEIGHT="13" COLSPAN="2"></TD>
<TD HEIGHT="13" COLSPAN="2"></TD>
<TD HEIGHT="13" COLSPAN="2"></TD>
<TD HEIGHT="13" COLSPAN="2"></TD></TR>
<TR>
<TD VALIGN="top" ALIGN="right"><FONT STYLE="font-family:Times New Roman" SIZE="2">2.</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="top"> <P ALIGN="justify"><FONT STYLE="font-family:Times New Roman" SIZE="2">&nbsp;&nbsp;&nbsp;&nbsp;Assignee[s]:</FONT></P></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #000000"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="top" STYLE="BORDER-BOTTOM:1px solid #000000"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="top"></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="top"></TD></TR>
<TR>
<TD HEIGHT="13"></TD>
<TD HEIGHT="13" COLSPAN="2"></TD>
<TD HEIGHT="13" COLSPAN="2"></TD>
<TD HEIGHT="13" COLSPAN="2"></TD>
<TD HEIGHT="13" COLSPAN="2"></TD></TR>
<TR STYLE="font-size:1px">
<TD VALIGN="top"></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="top"></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #000000"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="top" STYLE="BORDER-BOTTOM:1px solid #000000">&nbsp;</TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="top"></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="top"></TD></TR>
</TABLE> <P STYLE="margin-top:10px;margin-bottom:0px; margin-left:13%" ALIGN="justify"><FONT STYLE="font-family:Times New Roman" SIZE="2">[for each Assignee, indicate [Affiliate][Approved Fund] of [<I>identify Lender</I>]]
</FONT></P> <P STYLE="font-size:10px;margin-top:0px;margin-bottom:0px">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR>
<TD WIDTH="13%"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD WIDTH="4%" VALIGN="top" ALIGN="left"><FONT STYLE="font-family:Times New Roman" SIZE="2">3.</FONT></TD>
<TD ALIGN="left" VALIGN="top"> <P ALIGN="justify"><FONT STYLE="font-family:Times New Roman" SIZE="2"><U>Borrower</U>: Cedar Realty Trust Partnership, L.P. </FONT></P></TD></TR></TABLE>
<P STYLE="font-size:10px;margin-top:0px;margin-bottom:0px">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR>
<TD WIDTH="13%"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD WIDTH="4%" VALIGN="top" ALIGN="left"><FONT STYLE="font-family:Times New Roman" SIZE="2">4.</FONT></TD>
<TD ALIGN="left" VALIGN="top"> <P ALIGN="justify"><FONT STYLE="font-family:Times New Roman" SIZE="2"><U>Administrative Agent</U>: KeyBank National Association, as the administrative agent under the Loan Agreement </FONT></P></TD></TR></TABLE>
<P STYLE="font-size:10px;margin-top:0px;margin-bottom:0px">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR>
<TD WIDTH="13%"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD WIDTH="4%" VALIGN="top" ALIGN="left"><FONT STYLE="font-family:Times New Roman" SIZE="2">5.</FONT></TD>
<TD ALIGN="left" VALIGN="top"> <P ALIGN="justify"><FONT STYLE="font-family:Times New Roman" SIZE="2"><U>Loan Agreement</U>: Amended, Restated and Consolidated Loan Agreement, dated as of December
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;, 2011, among Cedar Realty Trust, L.P., the Lenders from time to time party thereto, and KeyBank National Association, as Administrative Agent and L/C Issuer
</FONT></P></TD></TR></TABLE> <P STYLE="font-size:10px;margin-top:0px;margin-bottom:0px">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR>
<TD WIDTH="13%"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD WIDTH="4%" VALIGN="top" ALIGN="left"><FONT STYLE="font-family:Times New Roman" SIZE="2">6.</FONT></TD>
<TD ALIGN="left" VALIGN="top"> <P ALIGN="justify"><FONT STYLE="font-family:Times New Roman" SIZE="2">Assigned Interest: </FONT></P></TD></TR></TABLE> <P STYLE="font-size:10px;margin-top:0px;margin-bottom:0px">&nbsp;</P>
<TABLE CELLSPACING="0" CELLPADDING="0" WIDTH="100%" BORDER="0" STYLE="BORDER-COLLAPSE:COLLAPSE" ALIGN="center">


<TR>
<TD WIDTH="18%"></TD>
<TD VALIGN="bottom" WIDTH="3%"></TD>
<TD WIDTH="15%"></TD>
<TD VALIGN="bottom" WIDTH="3%"></TD>
<TD></TD>
<TD></TD>
<TD VALIGN="bottom" WIDTH="3%"></TD>
<TD VALIGN="bottom" WIDTH="4%"></TD>
<TD></TD>
<TD></TD>
<TD VALIGN="bottom" WIDTH="4%"></TD>
<TD VALIGN="bottom" WIDTH="4%"></TD>
<TD></TD>
<TD></TD>
<TD VALIGN="bottom" WIDTH="4%"></TD>
<TD VALIGN="bottom" WIDTH="4%"></TD>
<TD></TD>
<TD></TD>
<TD VALIGN="bottom" WIDTH="4%"></TD>
<TD VALIGN="bottom" WIDTH="4%"></TD>
<TD></TD></TR>
<TR>
<TD VALIGN="bottom" NOWRAP> <P STYLE="border-bottom:1px solid #000000;width:41pt"><FONT STYLE="font-family:Times New Roman" SIZE="1"><B>Assignor[s]<SUP STYLE="vertical-align:baseline; position:relative; bottom:.8ex">6</SUP></B></FONT></P></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="center" STYLE="border-bottom:1px solid #000000"> <P STYLE="margin-top:0px;margin-bottom:1px" ALIGN="center"><FONT STYLE="font-family:Times New Roman" SIZE="1"><B>Assignee[s]<SUP
STYLE="vertical-align:baseline; position:relative; bottom:.8ex">7</SUP></B></FONT></P></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" COLSPAN="2" ALIGN="center" STYLE="border-bottom:1px solid #000000"><FONT STYLE="font-family:Times New Roman" SIZE="1"><B>Facility</B></FONT><br><FONT STYLE="font-family:Times New Roman" SIZE="1"><B>Assigned</B></FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" COLSPAN="2" ALIGN="center" STYLE="border-bottom:1px solid #000000"><FONT STYLE="font-family:Times New Roman" SIZE="1"><B>Aggregate</B></FONT><br><FONT STYLE="font-family:Times New Roman" SIZE="1"><B>Amount of</B></FONT><br><FONT
STYLE="font-family:Times New Roman" SIZE="1"><B>Commitment/Loans</B></FONT><br><FONT STYLE="font-family:Times New Roman" SIZE="1"><B>for all Lenders<SUP STYLE="vertical-align:baseline; position:relative; bottom:.8ex">8</SUP></B></FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" COLSPAN="2" ALIGN="center" STYLE="border-bottom:1px solid #000000"><FONT STYLE="font-family:Times New Roman" SIZE="1"><B>Amount
of</B></FONT><br><FONT STYLE="font-family:Times New Roman" SIZE="1"><B>Commitment/Loans</B></FONT><br><FONT STYLE="font-family:Times New Roman" SIZE="1"><B>Assigned</B></FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" COLSPAN="2" ALIGN="center" STYLE="border-bottom:1px solid #000000"><FONT STYLE="font-family:Times New Roman" SIZE="1"><B>Percentage</B></FONT><br><FONT STYLE="font-family:Times New Roman" SIZE="1"><B>Assigned of</B></FONT><br><FONT
STYLE="font-family:Times New Roman" SIZE="1"><B>Commitment/</B></FONT><br><FONT STYLE="font-family:Times New Roman" SIZE="1"><B>Loans<SUP STYLE="vertical-align:baseline; position:relative; bottom:.8ex">9</SUP></B></FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="center" STYLE="border-bottom:1px solid #000000"><FONT STYLE="font-family:Times New Roman" SIZE="1"><B>CUSIP</B></FONT><br><FONT STYLE="font-family:Times New Roman" SIZE="1"><B>Number</B></FONT></TD></TR>


<TR>
<TD VALIGN="top"></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="2">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:Times New Roman" SIZE="2">Commitment</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="2">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="2">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:Times New Roman" SIZE="2">$____________</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="2">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="2">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:Times New Roman" SIZE="2">$________</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="2">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="2">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:Times New Roman" SIZE="2">__________%</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="2">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"></TD></TR>
<TR>
<TD VALIGN="top"></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="2">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:Times New Roman" SIZE="2">Commitment</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="2">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="2">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:Times New Roman" SIZE="2">$____________</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="2">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="2">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:Times New Roman" SIZE="2">$________</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="2">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="2">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:Times New Roman" SIZE="2">__________%</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="2">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"></TD></TR>
<TR>
<TD VALIGN="top"></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="2">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:Times New Roman" SIZE="2">Commitment</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="2">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="2">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:Times New Roman" SIZE="2">$____________</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="2">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="2">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:Times New Roman" SIZE="2">$________</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="2">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="2">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:Times New Roman" SIZE="2">__________%</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="2">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"></TD></TR>
</TABLE> <P STYLE="font-size:10px;margin-top:0px;margin-bottom:0px">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR>
<TD WIDTH="4%" VALIGN="top" ALIGN="left"><FONT STYLE="font-family:Times New Roman" SIZE="2">[7.</FONT></TD>
<TD ALIGN="left" VALIGN="top"> <P ALIGN="justify"><FONT STYLE="font-family:Times New Roman" SIZE="2">Trade Date: &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;]</FONT><FONT STYLE="font-family:Times New Roman" SIZE="1"><SUP
STYLE="vertical-align:baseline; position:relative; bottom:.8ex">10</SUP></FONT><FONT STYLE="font-family:Times New Roman" SIZE="2"> </FONT></P></TD></TR></TABLE> <P STYLE="margin-top:10px;margin-bottom:0px" ALIGN="justify"><FONT
STYLE="font-family:Times New Roman" SIZE="2">Effective Date: &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;, 20&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;[TO BE INSERTED BY ADMINISTRATIVE AGENT
AND WHICH SHALL BE THE EFFECTIVE DATE OF RECORDATION OF TRANSFER IN THE REGISTER THEREFOR.] </FONT></P> <P STYLE="margin-top:10px;margin-bottom:0px"><FONT STYLE="font-family:Times New Roman" SIZE="2">The terms set forth in this Assignment and
Assumption are hereby agreed to: </FONT></P> <P STYLE="font-size:10px;margin-top:0px;margin-bottom:0px">&nbsp;</P> <P STYLE="line-height:8px;margin-top:0px;margin-bottom:2px;border-bottom:0.5pt solid #000000;width:10%">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR>
<TD WIDTH="4%" VALIGN="top" ALIGN="left"><FONT STYLE="font-family:Times New Roman" SIZE="2"></FONT><FONT STYLE="font-family:Times New Roman" SIZE="1"><SUP STYLE="vertical-align:baseline; position:relative; bottom:.8ex">6</SUP>&nbsp;</FONT><FONT
STYLE="font-family:Times New Roman" SIZE="2"></FONT></TD>
<TD ALIGN="left" VALIGN="top"> <P ALIGN="justify"><FONT STYLE="font-family:Times New Roman" SIZE="2">List each Assignor, as appropriate. </FONT></P></TD></TR></TABLE> <P STYLE="font-size:10px;margin-top:0px;margin-bottom:0px">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR>
<TD WIDTH="4%" VALIGN="top" ALIGN="left"><FONT STYLE="font-family:Times New Roman" SIZE="2"></FONT><FONT STYLE="font-family:Times New Roman" SIZE="1"><SUP STYLE="vertical-align:baseline; position:relative; bottom:.8ex">7</SUP>&nbsp;</FONT><FONT
STYLE="font-family:Times New Roman" SIZE="2"></FONT></TD>
<TD ALIGN="left" VALIGN="top"> <P ALIGN="justify"><FONT STYLE="font-family:Times New Roman" SIZE="2">List each Assignee, as appropriate. </FONT></P></TD></TR></TABLE> <P STYLE="font-size:10px;margin-top:0px;margin-bottom:0px">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR>
<TD WIDTH="4%" VALIGN="top" ALIGN="left"><FONT STYLE="font-family:Times New Roman" SIZE="2"></FONT><FONT STYLE="font-family:Times New Roman" SIZE="1"><SUP STYLE="vertical-align:baseline; position:relative; bottom:.8ex">8</SUP>&nbsp;</FONT><FONT
STYLE="font-family:Times New Roman" SIZE="2"></FONT></TD>
<TD ALIGN="left" VALIGN="top"> <P ALIGN="justify"><FONT STYLE="font-family:Times New Roman" SIZE="2">Amounts in this column and in the column immediately to the right to be adjusted by the counterparties to take into account any payments or
prepayments made between the Trade Date and the Effective Date. </FONT></P></TD></TR></TABLE> <P STYLE="font-size:10px;margin-top:0px;margin-bottom:0px">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR>
<TD WIDTH="4%" VALIGN="top" ALIGN="left"><FONT STYLE="font-family:Times New Roman" SIZE="2"></FONT><FONT STYLE="font-family:Times New Roman" SIZE="1"><SUP STYLE="vertical-align:baseline; position:relative; bottom:.8ex">9</SUP>&nbsp;</FONT><FONT
STYLE="font-family:Times New Roman" SIZE="2"></FONT></TD>
<TD ALIGN="left" VALIGN="top"> <P ALIGN="justify"><FONT STYLE="font-family:Times New Roman" SIZE="2">Set forth, to at least 9 decimals, as a percentage of the Commitment/Loans of all Lenders thereunder. </FONT></P></TD></TR></TABLE>
<P STYLE="font-size:10px;margin-top:0px;margin-bottom:0px">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR>
<TD WIDTH="4%" VALIGN="top" ALIGN="left"><FONT STYLE="font-family:Times New Roman" SIZE="2"></FONT><FONT STYLE="font-family:Times New Roman" SIZE="1"><SUP STYLE="vertical-align:baseline; position:relative; bottom:.8ex">10</SUP>&nbsp;</FONT><FONT
STYLE="font-family:Times New Roman" SIZE="2"></FONT></TD>
<TD ALIGN="left" VALIGN="top"> <P ALIGN="justify"><FONT STYLE="font-family:Times New Roman" SIZE="2">To be completed if the Assignor and the Assignee intend that the minimum assignment amount is to be determined as of the Trade Date.
</FONT></P></TD></TR></TABLE>
 <p STYLE="margin-top:0px;margin-bottom:0px"><FONT SIZE="1">&nbsp;</FONT></P> <P STYLE="margin-top:0px;margin-bottom:0px" ALIGN="center"><FONT STYLE="font-family:Times New Roman" SIZE="2">Exhibit D - 2
</FONT></P>


<p Style='page-break-before:always'>
<HR  SIZE="3" style="COLOR:#999999" WIDTH="100%" ALIGN="CENTER">


 <P>&nbsp;</P><DIV ALIGN="right">
<TABLE CELLSPACING="0" CELLPADDING="0" WIDTH="40%" BORDER="0" STYLE="BORDER-COLLAPSE:COLLAPSE">


<TR>
<TD WIDTH="6%"></TD>
<TD VALIGN="bottom" WIDTH="2%"></TD>
<TD WIDTH="92%"></TD></TR>


<TR>
<TD VALIGN="top" COLSPAN="3"> <P STYLE="margin-top:0px;margin-bottom:0px"><FONT STYLE="font-family:Times New Roman" SIZE="2"><U>ASSIGNOR</U></FONT></P>
<P STYLE="margin-top:0px;margin-bottom:1px"><FONT STYLE="font-family:Times New Roman" SIZE="2">[NAME OF ASSIGNOR]</FONT></P></TD></TR>
<TR>
<TD HEIGHT="16"></TD>
<TD HEIGHT="16" COLSPAN="2"></TD></TR>
<TR>
<TD VALIGN="top"><FONT STYLE="font-family:Times New Roman" SIZE="2">By:</FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #000000"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="top" STYLE="BORDER-BOTTOM:1px solid #000000"><FONT SIZE="1">&nbsp;</FONT></TD></TR>
<TR>
<TD VALIGN="top"></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="2">Title:</FONT></TD></TR>
<TR>
<TD HEIGHT="13" COLSPAN="3"></TD></TR>
<TR>
<TD VALIGN="top" COLSPAN="3"> <P STYLE="margin-top:0px;margin-bottom:0px"><FONT STYLE="font-family:Times New Roman" SIZE="2"><U>ASSIGNEE</U></FONT></P>
<P STYLE="margin-top:0px;margin-bottom:1px"><FONT STYLE="font-family:Times New Roman" SIZE="2">[NAME OF ASSIGNEE]</FONT></P></TD></TR>
<TR>
<TD HEIGHT="13"></TD>
<TD HEIGHT="13" COLSPAN="2"></TD></TR>
<TR>
<TD VALIGN="top"><FONT STYLE="font-family:Times New Roman" SIZE="2">By:</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"> <P STYLE="margin-top:0px;margin-bottom:1px;border-bottom:1px solid #000000"><FONT STYLE="font-family:Times New Roman" SIZE="2">&nbsp;</FONT></P></TD></TR>
<TR>
<TD VALIGN="top"></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="2">Title:</FONT></TD></TR>
</TABLE></DIV> <P STYLE="font-size:10px;margin-top:0px;margin-bottom:0px">&nbsp;</P>
<TABLE CELLSPACING="0" CELLPADDING="0" WIDTH="40%" BORDER="0" STYLE="BORDER-COLLAPSE:COLLAPSE">


<TR>
<TD WIDTH="7%"></TD>
<TD VALIGN="bottom" WIDTH="1%"></TD>
<TD WIDTH="92%"></TD></TR>


<TR>
<TD VALIGN="top" COLSPAN="3"><FONT STYLE="font-family:Times New Roman" SIZE="2">[Consented to and]</FONT><FONT STYLE="font-family:Times New Roman" SIZE="1"><SUP STYLE="vertical-align:baseline; position:relative; bottom:.8ex">11</SUP></FONT><FONT
STYLE="font-family:Times New Roman" SIZE="2"> Accepted:</FONT></TD></TR>
<TR>
<TD HEIGHT="16" COLSPAN="3"></TD></TR>
<TR>
<TD VALIGN="top" COLSPAN="3"> <P STYLE="margin-top:0px;margin-bottom:0px"><FONT STYLE="font-family:Times New Roman" SIZE="2">KEYBANK NATIONAL ASSOCIATION,</FONT></P> <P STYLE="margin-top:0px;margin-bottom:1px"><FONT
STYLE="font-family:Times New Roman" SIZE="2">as Administrative Agent</FONT></P></TD></TR>
<TR>
<TD HEIGHT="13"></TD>
<TD HEIGHT="13" COLSPAN="2"></TD></TR>
<TR>
<TD VALIGN="top"><FONT STYLE="font-family:Times New Roman" SIZE="2">By:</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"> <P STYLE="margin-top:0px;margin-bottom:1px;border-bottom:1px solid #000000" ALIGN="center"><FONT STYLE="font-family:Times New Roman" SIZE="2">&nbsp;</FONT></P></TD></TR>
<TR>
<TD VALIGN="top"></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"> <P ALIGN="justify"><FONT STYLE="font-family:Times New Roman" SIZE="2">Title:</FONT></P></TD></TR>
<TR>
<TD HEIGHT="13" COLSPAN="3"></TD></TR>
<TR>
<TD VALIGN="top" COLSPAN="3"><FONT STYLE="font-family:Times New Roman" SIZE="2">[Consented to:]</FONT><FONT STYLE="font-family:Times New Roman" SIZE="1"><SUP STYLE="vertical-align:baseline; position:relative; bottom:.8ex">12</SUP></FONT><FONT
STYLE="font-family:Times New Roman" SIZE="2"></FONT></TD></TR>
<TR>
<TD HEIGHT="13"></TD>
<TD HEIGHT="13" COLSPAN="2"></TD></TR>
<TR>
<TD VALIGN="top"><FONT STYLE="font-family:Times New Roman" SIZE="2">By:</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"> <P STYLE="margin-top:0px;margin-bottom:1px;border-bottom:1px solid #000000" ALIGN="center"><FONT STYLE="font-family:Times New Roman" SIZE="2">&nbsp;</FONT></P></TD></TR>
<TR>
<TD VALIGN="top"></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"> <P ALIGN="justify"><FONT STYLE="font-family:Times New Roman" SIZE="2">Title:</FONT></P></TD></TR>
</TABLE> <P STYLE="font-size:10px;margin-top:0px;margin-bottom:0px">&nbsp;</P> <P STYLE="line-height:8px;margin-top:0px;margin-bottom:2px;border-bottom:0.5pt solid #000000;width:10%">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR>
<TD WIDTH="4%" VALIGN="top" ALIGN="left"><FONT STYLE="font-family:Times New Roman" SIZE="2"></FONT><FONT STYLE="font-family:Times New Roman" SIZE="1"><SUP STYLE="vertical-align:baseline; position:relative; bottom:.8ex">11</SUP>&nbsp;</FONT><FONT
STYLE="font-family:Times New Roman" SIZE="2"></FONT></TD>
<TD ALIGN="left" VALIGN="top"> <P ALIGN="justify"><FONT STYLE="font-family:Times New Roman" SIZE="2">To be added only if the consent of the Administrative Agent is required by the terms of the Loan Agreement. </FONT></P></TD></TR></TABLE>
<P STYLE="font-size:10px;margin-top:0px;margin-bottom:0px">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR>
<TD WIDTH="4%" VALIGN="top" ALIGN="left"><FONT STYLE="font-family:Times New Roman" SIZE="2"></FONT><FONT STYLE="font-family:Times New Roman" SIZE="1"><SUP STYLE="vertical-align:baseline; position:relative; bottom:.8ex">12</SUP>&nbsp;</FONT><FONT
STYLE="font-family:Times New Roman" SIZE="2"></FONT></TD>
<TD ALIGN="left" VALIGN="top"> <P ALIGN="justify"><FONT STYLE="font-family:Times New Roman" SIZE="2">To be added only if the consent of the Borrower and/or other parties (L/C Issuer) is required by the terms of the Loan Agreement.
</FONT></P></TD></TR></TABLE>
 <p STYLE="margin-top:0px;margin-bottom:0px"><FONT SIZE="1">&nbsp;</FONT></P> <P STYLE="margin-top:0px;margin-bottom:0px" ALIGN="center"><FONT STYLE="font-family:Times New Roman" SIZE="2">Exhibit D - 3
</FONT></P>


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 <P STYLE="margin-top:0px;margin-bottom:0px" ALIGN="right"><FONT STYLE="font-family:Times New Roman" SIZE="2"><B><I>ANNEX 1 TO ASSIGNMENT AND ASSUMPTION </I></B></FONT></P>
<P STYLE="margin-top:10px;margin-bottom:0px" ALIGN="center"><FONT STYLE="font-family:Times New Roman" SIZE="2"><B>STANDARD TERMS AND CONDITIONS FOR </B></FONT></P> <P STYLE="margin-top:6px;margin-bottom:0px" ALIGN="center"><FONT
STYLE="font-family:Times New Roman" SIZE="2"><B>ASSIGNMENT AND ASSUMPTION </B></FONT></P> <P STYLE="margin-top:10px;margin-bottom:0px; text-indent:4%" ALIGN="justify"><FONT STYLE="font-family:Times New Roman" SIZE="2">1. <U>Representations and
Warranties</U>. </FONT></P> <P STYLE="margin-top:10px;margin-bottom:0px; text-indent:4%" ALIGN="justify"><FONT STYLE="font-family:Times New Roman" SIZE="2">1.1. <U>Assignor</U>. [The][Each] Assignor (a)&nbsp;represents and warrants that (i)&nbsp;it
is the legal and beneficial owner of [the][[the relevant] Assigned Interest, (ii)&nbsp;[the][such] Assigned Interest is free and clear of any lien, encumbrance or other adverse claim and (iii)&nbsp;it has full power and authority, and has taken all
action necessary, to execute and deliver this Assignment and Assumption and to consummate the transactions contemplated hereby; and (b)&nbsp;assumes no responsibility with respect to (i)&nbsp;any statements, warranties or representations made in or
in connection with the Loan Agreement or any other Loan Document, (ii)&nbsp;the execution, legality, validity, enforceability, genuineness, sufficiency or value of the Loan Documents or any collateral thereunder, (iii)&nbsp;the financial condition
of the Borrower, any of its Subsidiaries or Affiliates or any other Person obligated in respect of any Loan Document or (iv)&nbsp;the performance or observance by the Borrower, any of its Subsidiaries or Affiliates or any other Person of any of
their respective obligations under any Loan Document. </FONT></P> <P STYLE="margin-top:10px;margin-bottom:0px; text-indent:4%" ALIGN="justify"><FONT STYLE="font-family:Times New Roman" SIZE="2">1.2. <U>Assignee</U>. [The][Each] Assignee
(a)&nbsp;represents and warrants that (i)&nbsp;it has full power and authority, and has taken all action necessary, to execute and deliver this Assignment and Assumption and to consummate the transactions contemplated hereby and to become a Lender
under the Loan Agreement, (ii)&nbsp;it meets all the requirements to be an assignee under the Loan Agreement (subject to such consents, if any, as may be required under the Loan Agreement), (iii)&nbsp;from and after the Effective Date, it shall be
bound by the provisions of the Loan Agreement as a Lender thereunder and, to the extent of [the][the relevant] Assigned Interest, shall have the obligations of a Lender thereunder, (iv)&nbsp;it is sophisticated with respect to decisions to acquire
assets of the type represented by [the][such] Assigned Interest and either it, or the Person exercising discretion in making its decision to acquire [the][such] Assigned Interest, is experienced in acquiring assets of such type, (v)&nbsp;it has
received a copy of the Loan Agreement, and has received or has been accorded the opportunity to receive copies of the most recent financial statements delivered pursuant to the terms of the Loan Agreement, as applicable, and such other documents and
information as it deems appropriate to make its own credit analysis and decision to enter into this Assignment and Assumption and to purchase [the][such] Assigned Interest, (vi)&nbsp;it has, independently and without reliance upon the Administrative
Agent or any other Lender and based on such documents and information as it has deemed appropriate, made its own credit analysis and decision to enter into this Assignment and Assumption and to purchase [the][such] Assigned Interest, and
(vii)&nbsp;if it is a Foreign Lender, attached hereto is any documentation required to be delivered by it pursuant to the terms of the Loan Agreement, duly completed and executed by [the][such] Assignee; and (b)&nbsp;agrees that (i)&nbsp;it will,
independently and without reliance upon the Administrative Agent, [the][any] Assignor or any other Lender, and based on such documents and information as it shall deem appropriate at the time, continue to make its own credit decisions in taking or
not taking action under the Loan Documents, and (ii) it will perform in accordance with their terms all of the obligations which by the terms of the Loan Documents are required to be performed by it as a Lender. </FONT></P>
 <p STYLE="margin-top:0px;margin-bottom:0px"><FONT SIZE="1">&nbsp;</FONT></P> <P STYLE="margin-top:0px;margin-bottom:0px" ALIGN="center"><FONT STYLE="font-family:Times New Roman" SIZE="2">Exhibit D - 4
</FONT></P>


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 <P STYLE="margin-top:0px;margin-bottom:0px; text-indent:4%" ALIGN="justify"><FONT STYLE="font-family:Times New Roman" SIZE="2">2. <U>Payments</U>. From and after the Effective Date, the Administrative
Agent shall make all payments in respect of [the][each] Assigned Interest (including payments of principal, interest, fees and other amounts) to [the][the relevant] Assignor for amounts which have accrued to but excluding the Effective Date and to
[the][the relevant] Assignee for amounts which have accrued from and after the Effective Date. </FONT></P> <P STYLE="margin-top:10px;margin-bottom:0px; text-indent:4%" ALIGN="justify"><FONT STYLE="font-family:Times New Roman" SIZE="2">3. <U>General
Provisions</U>. This Assignment and Assumption shall be binding upon, and inure to the benefit of, the parties hereto and their respective successors and assigns. This Assignment and Assumption may be executed in any number of counterparts, which
together shall constitute one instrument. Delivery of an executed counterpart of a signature page of this Assignment and Assumption by telecopy shall be effective as delivery of a manually executed counterpart of this Assignment and Assumption. This
Assignment and Assumption shall be governed by, and construed in accordance with, the law of the State of New York. </FONT></P>
 <p STYLE="margin-top:0px;margin-bottom:0px"><FONT SIZE="1">&nbsp;</FONT></P> <P STYLE="margin-top:0px;margin-bottom:0px" ALIGN="center"><FONT STYLE="font-family:Times New Roman" SIZE="2">Exhibit D - 5
</FONT></P>


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 <P STYLE="margin-top:0px;margin-bottom:0px" ALIGN="right"><FONT STYLE="font-family:Times New Roman" SIZE="2"><B><I>EXHIBIT E </I></B></FONT></P>
<P STYLE="margin-top:10px;margin-bottom:0px" ALIGN="center"><FONT STYLE="font-family:Times New Roman" SIZE="2"><B>FORM OF </B></FONT></P>
<P STYLE="margin-top:0px;margin-bottom:0px" ALIGN="center"><FONT STYLE="font-family:Times New Roman" SIZE="2"><B>ESTOPPEL CERTIFICATE </B></FONT></P> <P STYLE="margin-top:10px;margin-bottom:0px" ALIGN="center"><FONT
STYLE="font-family:Times New Roman" SIZE="2"><B>ESTOPPEL CERTIFICATE AND AGREEMENT </B></FONT></P> <P STYLE="margin-top:10px;margin-bottom:0px; text-indent:4%" ALIGN="justify"><FONT STYLE="font-family:Times New Roman" SIZE="2">WHEREAS,
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;a &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;having an address at
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(hereinafter, the &#147;<U>Landlord</U>&#148;), is the owner in fee simple of that certain parcel of real estate numbered
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;, and commonly known as &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;, as more particularly described in <U>Exhibit A </U>annexed hereto (hereinafter,
the &#147;<U>Premises</U>&#148;); </FONT></P> <P STYLE="margin-top:10px;margin-bottom:0px; text-indent:4%" ALIGN="justify"><FONT STYLE="font-family:Times New Roman" SIZE="2">WHEREAS, the Landlord has leased the Premises to
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;, a &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;having and address at
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(hereinafter, the &#147;<U>Tenant</U>&#148;), pursuant to that certain ground lease dated as of &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;,
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(hereinafter, with any amendments, modifications, extensions, replacements or renewals, the &#147;<U>Lease</U>&#148;), a copy of which is attached hereto as <U>Exhibit B</U> and
made a part hereof (<I>All capitalized terms used herein which are not otherwise defined shall have the meaning ascribed to such term under the Lease</I>); </FONT></P> <P STYLE="margin-top:10px;margin-bottom:0px; text-indent:4%" ALIGN="justify"><FONT
STYLE="font-family:Times New Roman" SIZE="2">WHEREAS, KeyBank National Association, a national banking, as administrative agent (hereinafter, the &#147;<U>Agent</U>&#148;) on behalf of itself and certain other lenders (hereinafter, individually and
collectively referred to as the &#147;<U>Lender</U>&#148; or &#147;<U>Lenders</U>&#148;), has agreed to establish a loan arrangement (hereinafter, the &#147;<U>Loan Arrangement</U>&#148;) with Cedar Realty Trust Partnership, L.P., a Delaware limited
partnership (hereinafter, the &#147;<U>Borrower</U>&#148;); </FONT></P> <P STYLE="margin-top:10px;margin-bottom:0px; text-indent:4%" ALIGN="justify"><FONT STYLE="font-family:Times New Roman" SIZE="2">WHEREAS, the Tenant has substantial financial
dealings with the Borrower and is affiliated with the Borrower (by ownership and by contractual relationship and/or other meaningful business relationship), and the extension of credit and the providing of financial accommodations to the Borrower
will enhance and benefit the business activities and interests of the Tenant; </FONT></P> <P STYLE="margin-top:10px;margin-bottom:0px; text-indent:4%" ALIGN="justify"><FONT STYLE="font-family:Times New Roman" SIZE="2">WHEREAS, as a condition to
establishing the Loan Arrangement, the Agent and the Lenders require that, among other collateral to be granted, the Tenant grant to the Agent, on behalf of the Lenders, a leasehold mortgage in and to the rights of the Tenant to the Lease and the
Premises and a security interest in other property of the Tenant, said leasehold mortgage and security interests to be created by the execution and delivery by the Tenant of that certain [DESCRIBE LEASEHOLD MORTGAGE AGREEMENT] (hereinafter, with any
extensions, modifications and amendments, the &#147;<U>Leasehold Mortgage</U>&#148;); </FONT></P> <P STYLE="margin-top:10px;margin-bottom:0px; text-indent:4%" ALIGN="justify"><FONT STYLE="font-family:Times New Roman" SIZE="2">WHEREAS, as a further
condition to establishing the Loan Arrangement, the Agent and the Lenders require that the Landlord certify, represent, covenant, and agree to the matters described in this Estoppel Certificate and Agreement (hereinafter, this &#147;<U>Estoppel
Certificate</U>&#148;); and </FONT></P>

<p Style='page-break-before:always'>
<HR  SIZE="3" style="COLOR:#999999" WIDTH="100%" ALIGN="CENTER">


 <P STYLE="margin-top:0px;margin-bottom:0px; text-indent:4%" ALIGN="justify"><FONT STYLE="font-family:Times New Roman" SIZE="2">WHEREAS, it is in the best interest of the Landlord that the Loan
Arrangement be established. </FONT></P> <P STYLE="margin-top:10px;margin-bottom:0px; text-indent:4%" ALIGN="justify"><FONT STYLE="font-family:Times New Roman" SIZE="2">NOW, THEREFORE, in consideration of the foregoing, and upon the request of the
Agent and the Lenders, Landlord and the Tenant hereby make the following representations and covenants: </FONT></P> <P STYLE="font-size:10px;margin-top:0px;margin-bottom:0px">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR>
<TD WIDTH="4%" VALIGN="top" ALIGN="left"><FONT STYLE="font-family:Times New Roman" SIZE="2">1.</FONT></TD>
<TD ALIGN="left" VALIGN="top"> <P ALIGN="justify"><FONT STYLE="font-family:Times New Roman" SIZE="2">The Landlord and Tenant represent that: </FONT></P></TD></TR></TABLE> <P STYLE="font-size:10px;margin-top:0px;margin-bottom:0px">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR>
<TD WIDTH="4%"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD WIDTH="4%" VALIGN="top" ALIGN="left"><FONT STYLE="font-family:Times New Roman" SIZE="2">1.1</FONT></TD>
<TD ALIGN="left" VALIGN="top"> <P ALIGN="justify"><FONT STYLE="font-family:Times New Roman" SIZE="2">the Lease is currently in full force and effect; </FONT></P></TD></TR></TABLE> <P STYLE="font-size:10px;margin-top:0px;margin-bottom:0px">&nbsp;</P>

<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR>
<TD WIDTH="4%"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD WIDTH="4%" VALIGN="top" ALIGN="left"><FONT STYLE="font-family:Times New Roman" SIZE="2">1.2</FONT></TD>
<TD ALIGN="left" VALIGN="top"> <P ALIGN="justify"><FONT STYLE="font-family:Times New Roman" SIZE="2">the Lease has not been modified or amended; </FONT></P></TD></TR></TABLE> <P STYLE="font-size:10px;margin-top:0px;margin-bottom:0px">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR>
<TD WIDTH="4%"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD WIDTH="4%" VALIGN="top" ALIGN="left"><FONT STYLE="font-family:Times New Roman" SIZE="2">1.3</FONT></TD>
<TD ALIGN="left" VALIGN="top"> <P ALIGN="justify"><FONT STYLE="font-family:Times New Roman" SIZE="2">neither the Tenant nor Landlord is in default under the Lease, nor has any event occurred which is, or solely with the passage of time would be, an
event of default under the Lease; and </FONT></P></TD></TR></TABLE> <P STYLE="font-size:10px;margin-top:0px;margin-bottom:0px">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR>
<TD WIDTH="4%"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD WIDTH="4%" VALIGN="top" ALIGN="left"><FONT STYLE="font-family:Times New Roman" SIZE="2">1.4</FONT></TD>
<TD ALIGN="left" VALIGN="top"> <P ALIGN="justify"><FONT STYLE="font-family:Times New Roman" SIZE="2">the term of the Lease commences on &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;,
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;and expires on &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;, &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;.
</FONT></P></TD></TR></TABLE> <P STYLE="font-size:10px;margin-top:0px;margin-bottom:0px">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR>
<TD WIDTH="4%" VALIGN="top" ALIGN="left"><FONT STYLE="font-family:Times New Roman" SIZE="2">2.</FONT></TD>
<TD ALIGN="left" VALIGN="top"> <P ALIGN="justify"><FONT STYLE="font-family:Times New Roman" SIZE="2">The Landlord represents that all rent presently due under the Lease has been paid in full, and no additional rent is presently due under the Lease;
and as of the date of this Estoppel Certificate, there are no other payments due and payable from the Tenant to the Landlord under the Lease. </FONT></P></TD></TR></TABLE> <P STYLE="font-size:10px;margin-top:0px;margin-bottom:0px">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR>
<TD WIDTH="4%" VALIGN="top" ALIGN="left"><FONT STYLE="font-family:Times New Roman" SIZE="2">3.</FONT></TD>
<TD ALIGN="left" VALIGN="top"> <P ALIGN="justify"><FONT STYLE="font-family:Times New Roman" SIZE="2">The Landlord represents and warrants that its fee interest in the Premises is unencumbered, except as set forth in <U>Exhibit C </U>attached hereto.
</FONT></P></TD></TR></TABLE> <P STYLE="font-size:10px;margin-top:0px;margin-bottom:0px">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR>
<TD WIDTH="4%" VALIGN="top" ALIGN="left"><FONT STYLE="font-family:Times New Roman" SIZE="2">4.</FONT></TD>
<TD ALIGN="left" VALIGN="top"> <P ALIGN="justify"><FONT STYLE="font-family:Times New Roman" SIZE="2">The Landlord acknowledges and agrees that the interest of the Landlord in and to the Premises and the Lease shall not be encumbered beyond that
which such interests are encumbered as of the date hereof in any manner whatsoever without the prior written consent of the Agent. </FONT></P></TD></TR></TABLE> <P STYLE="font-size:10px;margin-top:0px;margin-bottom:0px">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR>
<TD WIDTH="4%" VALIGN="top" ALIGN="left"><FONT STYLE="font-family:Times New Roman" SIZE="2">5.</FONT></TD>
<TD ALIGN="left" VALIGN="top"> <P ALIGN="justify"><FONT STYLE="font-family:Times New Roman" SIZE="2">The Landlord hereby: </FONT></P></TD></TR></TABLE> <P STYLE="font-size:10px;margin-top:0px;margin-bottom:0px">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR>
<TD WIDTH="4%"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD WIDTH="4%" VALIGN="top" ALIGN="left"><FONT STYLE="font-family:Times New Roman" SIZE="2">5.1</FONT></TD>
<TD ALIGN="left" VALIGN="top"> <P ALIGN="justify"><FONT STYLE="font-family:Times New Roman" SIZE="2">acknowledges and consents to the granting of the Leasehold Mortgage, and acknowledges and recognizes that the Agent, as the mortgagee of the
leasehold interest in the Lease, is entitled to the benefit of all of the rights and privileges provided to a leasehold mortgagee under the Lease; </FONT></P></TD></TR></TABLE> <P STYLE="font-size:10px;margin-top:0px;margin-bottom:0px">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR>
<TD WIDTH="4%"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD WIDTH="4%" VALIGN="top" ALIGN="left"><FONT STYLE="font-family:Times New Roman" SIZE="2">5.2</FONT></TD>
<TD ALIGN="left" VALIGN="top"> <P ALIGN="justify"><FONT STYLE="font-family:Times New Roman" SIZE="2">recognizes the rights of the Agent, and any successor, assignee or transferee of the Agent, in and to the Premises as described in the Leasehold
Mortgage, and consents to the exercise by the Agent of its rights under the Leasehold Mortgage upon the occurrence of an event of default by the Tenant under the Leasehold Mortgage; </FONT></P></TD></TR></TABLE>
 <p STYLE="margin-top:0px;margin-bottom:0px"><FONT SIZE="1">&nbsp;</FONT></P> <P STYLE="margin-top:0px;margin-bottom:0px" ALIGN="center"><FONT STYLE="font-family:Times New Roman" SIZE="2">Exhibit E - 2
</FONT></P>


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<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR>
<TD WIDTH="4%"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD WIDTH="4%" VALIGN="top" ALIGN="left"><FONT STYLE="font-family:Times New Roman" SIZE="2">5.3</FONT></TD>
<TD ALIGN="left" VALIGN="top"> <P ALIGN="justify"><FONT STYLE="font-family:Times New Roman" SIZE="2">recognizes the right of the Agent, and any successor, assignee or transferee of the Agent, to exercise any options, including, without limitation,
any renewal or extension options or rights of first refusal provided to the Tenant under the Lease, and agrees that if, prior to the exercise by the Agent of its rights under the Leasehold Mortgage, the Tenant fails to exercise within the applicable
time periods set forth in the Lease any option including, without limitation, any renewal or extension option or right of first refusal, the Landlord shall notify the Agent as attorney-in-fact for the Tenant and the Agent shall be authorized, at its
option, to exercise any option or right within sixty (60)&nbsp;days of receipt of such notice and the Landlord shall recognize said exercise of any option or right by the Agent; </FONT></P></TD></TR></TABLE>
<P STYLE="font-size:10px;margin-top:0px;margin-bottom:0px">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR>
<TD WIDTH="4%"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD WIDTH="4%" VALIGN="top" ALIGN="left"><FONT STYLE="font-family:Times New Roman" SIZE="2">5.4</FONT></TD>
<TD ALIGN="left" VALIGN="top"> <P ALIGN="justify"><FONT STYLE="font-family:Times New Roman" SIZE="2">agrees that the interest of the Landlord in and to the Premises and the Lease shall not be transferred or assigned unless the transferee or assignee
provides a written agreement to the Agent that (i)&nbsp;said transfer or assignment is subject to the terms and conditions of the Lease, and this Estoppel Certificate, and (ii)&nbsp;the transferee or assignee assumes the obligations of the Landlord
thereunder and hereunder; </FONT></P></TD></TR></TABLE> <P STYLE="font-size:10px;margin-top:0px;margin-bottom:0px">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR>
<TD WIDTH="4%"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD WIDTH="4%" VALIGN="top" ALIGN="left"><FONT STYLE="font-family:Times New Roman" SIZE="2">5.5</FONT></TD>
<TD ALIGN="left" VALIGN="top"> <P ALIGN="justify"><FONT STYLE="font-family:Times New Roman" SIZE="2">acknowledges that notwithstanding the occurrence of any event of default under the Lease, the Landlord will not terminate, or allow or suffer the
termination of, the Lease, without the prior written consent of Agent; and </FONT></P></TD></TR></TABLE> <P STYLE="font-size:10px;margin-top:0px;margin-bottom:0px">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR>
<TD WIDTH="4%"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD WIDTH="4%" VALIGN="top" ALIGN="left"><FONT STYLE="font-family:Times New Roman" SIZE="2">5.6</FONT></TD>
<TD ALIGN="left" VALIGN="top"> <P ALIGN="justify"><FONT STYLE="font-family:Times New Roman" SIZE="2">agrees that notwithstanding the terms of the Lease, any and all insurance proceeds or eminent domain or condemnation awards or proceeds with respect
to the Premises shall be subject to the approval of the Agent and shall be payable to the Agent, or otherwise made available for the repair or restoration of the Premises, all in accordance with the terms and provisions of the Leasehold Mortgage.
</FONT></P></TD></TR></TABLE> <P STYLE="font-size:10px;margin-top:0px;margin-bottom:0px">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR>
<TD WIDTH="4%" VALIGN="top" ALIGN="left"><FONT STYLE="font-family:Times New Roman" SIZE="2">6.</FONT></TD>
<TD ALIGN="left" VALIGN="top"> <P ALIGN="justify"><FONT STYLE="font-family:Times New Roman" SIZE="2">Upon notice to the Landlord by the Agent of the exercise of Agent&#146;s rights against Tenant (whether pursuant to the Leasehold Mortgage or
otherwise) the Landlord shall: </FONT></P></TD></TR></TABLE> <P STYLE="font-size:10px;margin-top:0px;margin-bottom:0px">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR>
<TD WIDTH="4%"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD WIDTH="4%" VALIGN="top" ALIGN="left"><FONT STYLE="font-family:Times New Roman" SIZE="2">6.1</FONT></TD>
<TD ALIGN="left" VALIGN="top"> <P ALIGN="justify"><FONT STYLE="font-family:Times New Roman" SIZE="2">not interfere with any enforcement by the Agent of the Agent&#146;s rights in and to the personal property of the Tenant located on the Premises;
</FONT></P></TD></TR></TABLE> <P STYLE="font-size:10px;margin-top:0px;margin-bottom:0px">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR>
<TD WIDTH="4%"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD WIDTH="4%" VALIGN="top" ALIGN="left"><FONT STYLE="font-family:Times New Roman" SIZE="2">6.2</FONT></TD>
<TD ALIGN="left" VALIGN="top"> <P ALIGN="justify"><FONT STYLE="font-family:Times New Roman" SIZE="2">not distrain nor assert any claim against the personal property of Tenant; </FONT></P></TD></TR></TABLE>
<P STYLE="font-size:10px;margin-top:0px;margin-bottom:0px">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR>
<TD WIDTH="4%"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD WIDTH="4%" VALIGN="top" ALIGN="left"><FONT STYLE="font-family:Times New Roman" SIZE="2">6.3</FONT></TD>
<TD ALIGN="left" VALIGN="top"> <P ALIGN="justify"><FONT STYLE="font-family:Times New Roman" SIZE="2">permit the Agent to enter upon the Premises and remove the personal property from the Premises, provided, the Agent agrees that it shall promptly
repair, at the Agent&#146;s expense, any physical damage to the Premises caused by said removal; and </FONT></P></TD></TR></TABLE> <P STYLE="font-size:10px;margin-top:0px;margin-bottom:0px">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR>
<TD WIDTH="4%"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD WIDTH="4%" VALIGN="top" ALIGN="left"><FONT STYLE="font-family:Times New Roman" SIZE="2">6.4</FONT></TD>
<TD ALIGN="left" VALIGN="top"> <P ALIGN="justify"><FONT STYLE="font-family:Times New Roman" SIZE="2">not interfere with the disposal of the personal property by sale (by public auction or otherwise) conducted on the Premises.
</FONT></P></TD></TR></TABLE> <P STYLE="font-size:10px;margin-top:0px;margin-bottom:0px">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR>
<TD WIDTH="4%" VALIGN="top" ALIGN="left"><FONT STYLE="font-family:Times New Roman" SIZE="2">7.</FONT></TD>
<TD ALIGN="left" VALIGN="top"> <P ALIGN="justify"><FONT STYLE="font-family:Times New Roman" SIZE="2">Until such time as the Agent executes and records a discharge of the Leasehold Mortgage: </FONT></P></TD></TR></TABLE>
 <p STYLE="margin-top:0px;margin-bottom:0px"><FONT SIZE="1">&nbsp;</FONT></P> <P STYLE="margin-top:0px;margin-bottom:0px" ALIGN="center"><FONT STYLE="font-family:Times New Roman" SIZE="2">Exhibit E - 3
</FONT></P>


<p Style='page-break-before:always'>
<HR  SIZE="3" style="COLOR:#999999" WIDTH="100%" ALIGN="CENTER">



<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR>
<TD WIDTH="4%"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD WIDTH="4%" VALIGN="top" ALIGN="left"><FONT STYLE="font-family:Times New Roman" SIZE="2">7.1</FONT></TD>
<TD ALIGN="left" VALIGN="top"> <P ALIGN="justify"><FONT STYLE="font-family:Times New Roman" SIZE="2">no modifications, extensions, renewals or surrender of the Lease shall be effective without the prior written consent of the Agent;
</FONT></P></TD></TR></TABLE> <P STYLE="font-size:10px;margin-top:0px;margin-bottom:0px">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR>
<TD WIDTH="4%"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD WIDTH="4%" VALIGN="top" ALIGN="left"><FONT STYLE="font-family:Times New Roman" SIZE="2">7.2</FONT></TD>
<TD ALIGN="left" VALIGN="top"> <P ALIGN="justify"><FONT STYLE="font-family:Times New Roman" SIZE="2">the Landlord shall not convey the Premises to the Tenant without the prior written consent of the Agent; </FONT></P></TD></TR></TABLE>
<P STYLE="font-size:10px;margin-top:0px;margin-bottom:0px">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR>
<TD WIDTH="4%"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD WIDTH="4%" VALIGN="top" ALIGN="left"><FONT STYLE="font-family:Times New Roman" SIZE="2">7.3</FONT></TD>
<TD ALIGN="left" VALIGN="top"> <P ALIGN="justify"><FONT STYLE="font-family:Times New Roman" SIZE="2">any and all rights, easements and development agreements to be granted by, or entered into with, the Landlord relative to the Premises shall not be
granted or entered into without the prior written consent of the Agent; and </FONT></P></TD></TR></TABLE> <P STYLE="font-size:10px;margin-top:0px;margin-bottom:0px">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR>
<TD WIDTH="4%"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD WIDTH="4%" VALIGN="top" ALIGN="left"><FONT STYLE="font-family:Times New Roman" SIZE="2">7.4</FONT></TD>
<TD ALIGN="left" VALIGN="top"> <P ALIGN="justify"><FONT STYLE="font-family:Times New Roman" SIZE="2">the Landlord shall waive any provisions of the Lease which provide that Tenant shall, upon request of the Landlord, subordinate the Lease to any
lien of any present or future mortgages granted by the Landlord. </FONT></P></TD></TR></TABLE> <P STYLE="font-size:10px;margin-top:0px;margin-bottom:0px">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR>
<TD WIDTH="4%" VALIGN="top" ALIGN="left"><FONT STYLE="font-family:Times New Roman" SIZE="2">8.</FONT></TD>
<TD ALIGN="left" VALIGN="top"> <P ALIGN="justify"><FONT STYLE="font-family:Times New Roman" SIZE="2">In the event of any default by the Tenant under the Lease, the Landlord shall: </FONT></P></TD></TR></TABLE>
<P STYLE="font-size:10px;margin-top:0px;margin-bottom:0px">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR>
<TD WIDTH="4%"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD WIDTH="4%" VALIGN="top" ALIGN="left"><FONT STYLE="font-family:Times New Roman" SIZE="2">8.1</FONT></TD>
<TD ALIGN="left" VALIGN="top"> <P ALIGN="justify"><FONT STYLE="font-family:Times New Roman" SIZE="2">cause a copy of any notice of default by the Tenant under the Lease or notice of termination of the Lease to be sent to the Agent, and the Landlord
agrees that any such notice of default or termination shall not be deemed duly given and effective unless and until a copy of such notice is actually received by the Agent; and </FONT></P></TD></TR></TABLE>
<P STYLE="font-size:10px;margin-top:0px;margin-bottom:0px">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR>
<TD WIDTH="4%"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD WIDTH="4%" VALIGN="top" ALIGN="left"><FONT STYLE="font-family:Times New Roman" SIZE="2">8.2</FONT></TD>
<TD ALIGN="left" VALIGN="top"> <P ALIGN="justify"><FONT STYLE="font-family:Times New Roman" SIZE="2">permit the Agent to cure or cause to be cured such default within thirty (30)&nbsp;days of the receipt of notice from the Landlord of Tenant&#146;s
default if such default may be cured by the payment of money, or, otherwise, within sixty (60)&nbsp;days of the receipt of such notice. </FONT></P></TD></TR></TABLE> <P STYLE="font-size:10px;margin-top:0px;margin-bottom:0px">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR>
<TD WIDTH="4%" VALIGN="top" ALIGN="left"><FONT STYLE="font-family:Times New Roman" SIZE="2">9.</FONT></TD>
<TD ALIGN="left" VALIGN="top"> <P ALIGN="justify"><FONT STYLE="font-family:Times New Roman" SIZE="2">If the Agent fails to cause any default of the Tenant under the Lease to be cured, or such default is incapable of being cured, during the
applicable time period, the Landlord shall further refrain from exercising its rights and/or remedies under the Lease and shall not terminate the Lease if the Agent has provided the Landlord with written notice that either:
</FONT></P></TD></TR></TABLE> <P STYLE="font-size:10px;margin-top:0px;margin-bottom:0px">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR>
<TD WIDTH="4%"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD WIDTH="4%" VALIGN="top" ALIGN="left"><FONT STYLE="font-family:Times New Roman" SIZE="2">9.1</FONT></TD>
<TD ALIGN="left" VALIGN="top"> <P ALIGN="justify"><FONT STYLE="font-family:Times New Roman" SIZE="2">the Agent intends to cause the default to be cured and the Agent is diligently pursuing the cure of such default; or </FONT></P></TD></TR></TABLE>
<P STYLE="font-size:10px;margin-top:0px;margin-bottom:0px">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR>
<TD WIDTH="4%"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD WIDTH="4%" VALIGN="top" ALIGN="left"><FONT STYLE="font-family:Times New Roman" SIZE="2">9.2</FONT></TD>
<TD ALIGN="left" VALIGN="top"> <P ALIGN="justify"><FONT STYLE="font-family:Times New Roman" SIZE="2">the Agent has or intends to make demand upon Tenant for payment or performance under any agreement between Tenant and the Agent pertaining to the
Loan Arrangement and the Agent diligently pursues the exercise of its rights thereunder. </FONT></P></TD></TR></TABLE> <P STYLE="font-size:10px;margin-top:0px;margin-bottom:0px">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR>
<TD WIDTH="4%" VALIGN="top" ALIGN="left"><FONT STYLE="font-family:Times New Roman" SIZE="2">10.</FONT></TD>
<TD ALIGN="left" VALIGN="top"> <P ALIGN="justify"><FONT STYLE="font-family:Times New Roman" SIZE="2">Any successor, assignee or transferee of the Agent shall have thirty (30)&nbsp;days from the consummation of such succession, assignment, or
transfer within which to cure or cause to be cured any default of the Tenant under the Lease. </FONT></P></TD></TR></TABLE> <P STYLE="font-size:10px;margin-top:0px;margin-bottom:0px">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR>
<TD WIDTH="4%" VALIGN="top" ALIGN="left"><FONT STYLE="font-family:Times New Roman" SIZE="2">11.</FONT></TD>
<TD ALIGN="left" VALIGN="top"> <P ALIGN="justify"><FONT STYLE="font-family:Times New Roman" SIZE="2">Any default of the Tenant under the Lease which is cured or which is caused to be cured by the Agent within the applicable cure period, shall be
deemed to have been waived by the Landlord and the Landlord shall not be entitled to exercise any rights or remedies granted to Landlord under the Lease on account of the occurrence of such default. </FONT></P></TD></TR></TABLE>
 <p STYLE="margin-top:0px;margin-bottom:0px"><FONT SIZE="1">&nbsp;</FONT></P> <P STYLE="margin-top:0px;margin-bottom:0px" ALIGN="center"><FONT STYLE="font-family:Times New Roman" SIZE="2">Exhibit E - 4
</FONT></P>


<p Style='page-break-before:always'>
<HR  SIZE="3" style="COLOR:#999999" WIDTH="100%" ALIGN="CENTER">



<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR>
<TD WIDTH="4%" VALIGN="top" ALIGN="left"><FONT STYLE="font-family:Times New Roman" SIZE="2">12.</FONT></TD>
<TD ALIGN="left" VALIGN="top"> <P ALIGN="justify"><FONT STYLE="font-family:Times New Roman" SIZE="2">In the event any default of Tenant under the Lease is incapable of being cured, the Landlord shall, upon the request of the Agent, execute a new
lease with the Agent upon the same terms and conditions (but providing for the revival of any rights and/or options which may have lapsed due to the Tenant&#146;s action or inaction under the Lease) as the Lease and such new lease shall have the
same relative priority in right, title and interest in and to the Premises as the Lease. </FONT></P></TD></TR></TABLE> <P STYLE="font-size:10px;margin-top:0px;margin-bottom:0px">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR>
<TD WIDTH="4%" VALIGN="top" ALIGN="left"><FONT STYLE="font-family:Times New Roman" SIZE="2">13.</FONT></TD>
<TD ALIGN="left" VALIGN="top"> <P ALIGN="justify"><FONT STYLE="font-family:Times New Roman" SIZE="2">The Agent shall not become liable for the obligations of the Tenant under the Lease unless and until the Agent obtains possession of the Premises
and expressly agrees to assume all such obligations, and then, only for the period during which the Agent is in possession of the Premises. Upon the sale, transfer or assignment by the Agent of its interest in the Lease and/or the Premises, the
Agent shall have no further liability to the Landlord. </FONT></P></TD></TR></TABLE> <P STYLE="font-size:10px;margin-top:0px;margin-bottom:0px">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR>
<TD WIDTH="4%" VALIGN="top" ALIGN="left"><FONT STYLE="font-family:Times New Roman" SIZE="2">14.</FONT></TD>
<TD ALIGN="left" VALIGN="top"> <P ALIGN="justify"><FONT STYLE="font-family:Times New Roman" SIZE="2">Whether or not the Agent assumes the obligations of Tenant pursuant to Section&nbsp;13, above, the Agent shall have no liability to the Landlord for
any obligations of Tenant under the Lease arising prior to such assumption by the Agent. </FONT></P></TD></TR></TABLE> <P STYLE="font-size:10px;margin-top:0px;margin-bottom:0px">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR>
<TD WIDTH="4%" VALIGN="top" ALIGN="left"><FONT STYLE="font-family:Times New Roman" SIZE="2">15.</FONT></TD>
<TD ALIGN="left" VALIGN="top"> <P ALIGN="justify"><FONT STYLE="font-family:Times New Roman" SIZE="2">All notices under this Estoppel Certificate shall be sent certified mail, return receipt requested as follows: </FONT></P></TD></TR></TABLE>
<P STYLE="margin-top:10px;margin-bottom:0px; text-indent:4%" ALIGN="justify"><FONT STYLE="font-family:Times New Roman" SIZE="2">If to Landlord: </FONT></P> <P STYLE="font-size:10px;margin-top:0px;margin-bottom:0px">&nbsp;</P>
<TABLE CELLSPACING="0" CELLPADDING="0" WIDTH="40%" BORDER="0" STYLE="BORDER-COLLAPSE:COLLAPSE">


<TR>
<TD WIDTH="37%"></TD>
<TD VALIGN="bottom" WIDTH="1%"></TD>
<TD WIDTH="32%"></TD>
<TD VALIGN="bottom" WIDTH="1%"></TD>
<TD WIDTH="29%"></TD></TR>


<TR>
<TD VALIGN="top"></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="top" COLSPAN="3"> <P STYLE="margin-top:0px;margin-bottom:1px;border-bottom:1px solid #000000"><FONT STYLE="font-family:Times New Roman" SIZE="2">&nbsp;</FONT></P></TD></TR>
<TR>
<TD VALIGN="top"></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="top" COLSPAN="3"> <P STYLE="margin-top:0px;margin-bottom:1px;border-bottom:1px solid #000000" ALIGN="center"><FONT STYLE="font-family:Times New Roman" SIZE="2">&nbsp;</FONT></P></TD></TR>
<TR>
<TD VALIGN="top"></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" COLSPAN="3"> <P STYLE="margin-top:0px;margin-bottom:1px;border-bottom:1px solid #000000" ALIGN="center"><FONT STYLE="font-family:Times New Roman" SIZE="2">&nbsp;</FONT></P></TD></TR>
<TR>
<TD VALIGN="top"></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="2">Attention:</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"> <P STYLE="margin-top:0px;margin-bottom:1px;border-bottom:1px solid #000000" ALIGN="center"><FONT STYLE="font-family:Times New Roman" SIZE="2">&nbsp;</FONT></P></TD></TR>
</TABLE> <P STYLE="margin-top:10px;margin-bottom:0px; text-indent:8%" ALIGN="justify"><FONT STYLE="font-family:Times New Roman" SIZE="2">With a copy to: </FONT></P>
<P STYLE="font-size:10px;margin-top:0px;margin-bottom:0px">&nbsp;</P>
<TABLE CELLSPACING="0" CELLPADDING="0" WIDTH="40%" BORDER="0" STYLE="BORDER-COLLAPSE:COLLAPSE">


<TR>
<TD WIDTH="37%"></TD>
<TD VALIGN="bottom" WIDTH="1%"></TD>
<TD WIDTH="32%"></TD>
<TD VALIGN="bottom" WIDTH="1%"></TD>
<TD WIDTH="29%"></TD></TR>


<TR>
<TD VALIGN="top"></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="top" COLSPAN="3"> <P STYLE="margin-top:0px;margin-bottom:1px;border-bottom:1px solid #000000"><FONT STYLE="font-family:Times New Roman" SIZE="2">&nbsp;</FONT></P></TD></TR>
<TR>
<TD VALIGN="top"></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="top" COLSPAN="3"> <P STYLE="margin-top:0px;margin-bottom:1px;border-bottom:1px solid #000000" ALIGN="center"><FONT STYLE="font-family:Times New Roman" SIZE="2">&nbsp;</FONT></P></TD></TR>
<TR>
<TD VALIGN="top"></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" COLSPAN="3"> <P STYLE="margin-top:0px;margin-bottom:1px;border-bottom:1px solid #000000" ALIGN="center"><FONT STYLE="font-family:Times New Roman" SIZE="2">&nbsp;</FONT></P></TD></TR>
<TR>
<TD VALIGN="top"></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="2">Attention:</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"> <P STYLE="margin-top:0px;margin-bottom:1px;border-bottom:1px solid #000000" ALIGN="center"><FONT STYLE="font-family:Times New Roman" SIZE="2">&nbsp;</FONT></P></TD></TR>
</TABLE> <P STYLE="margin-top:10px;margin-bottom:0px; text-indent:4%" ALIGN="justify"><FONT STYLE="font-family:Times New Roman" SIZE="2">If to the Tenant: </FONT></P>
<P STYLE="font-size:10px;margin-top:0px;margin-bottom:0px">&nbsp;</P>
<TABLE CELLSPACING="0" CELLPADDING="0" WIDTH="40%" BORDER="0" STYLE="BORDER-COLLAPSE:COLLAPSE">


<TR>
<TD WIDTH="37%"></TD>
<TD VALIGN="bottom" WIDTH="1%"></TD>
<TD WIDTH="32%"></TD>
<TD VALIGN="bottom" WIDTH="1%"></TD>
<TD WIDTH="29%"></TD></TR>


<TR>
<TD VALIGN="top"></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="top" COLSPAN="3"> <P STYLE="margin-top:0px;margin-bottom:1px;border-bottom:1px solid #000000"><FONT STYLE="font-family:Times New Roman" SIZE="2">&nbsp;</FONT></P></TD></TR>
<TR>
<TD VALIGN="top"></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="top" COLSPAN="3"> <P STYLE="margin-top:0px;margin-bottom:1px;border-bottom:1px solid #000000" ALIGN="center"><FONT STYLE="font-family:Times New Roman" SIZE="2">&nbsp;</FONT></P></TD></TR>
<TR>
<TD VALIGN="top"></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" COLSPAN="3"> <P STYLE="margin-top:0px;margin-bottom:1px;border-bottom:1px solid #000000" ALIGN="center"><FONT STYLE="font-family:Times New Roman" SIZE="2">&nbsp;</FONT></P></TD></TR>
<TR>
<TD VALIGN="top"></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="2">Attention:</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"> <P STYLE="margin-top:0px;margin-bottom:1px;border-bottom:1px solid #000000" ALIGN="center"><FONT STYLE="font-family:Times New Roman" SIZE="2">&nbsp;</FONT></P></TD></TR>
</TABLE>
 <p STYLE="margin-top:0px;margin-bottom:0px"><FONT SIZE="1">&nbsp;</FONT></P> <P STYLE="margin-top:0px;margin-bottom:0px" ALIGN="center"><FONT STYLE="font-family:Times New Roman" SIZE="2">Exhibit E - 5
</FONT></P>


<p Style='page-break-before:always'>
<HR  SIZE="3" style="COLOR:#999999" WIDTH="100%" ALIGN="CENTER">


 <P STYLE="margin-top:0px;margin-bottom:0px; text-indent:8%" ALIGN="justify"><FONT STYLE="font-family:Times New Roman" SIZE="2">With a copy to: </FONT></P>
<P STYLE="font-size:10px;margin-top:0px;margin-bottom:0px">&nbsp;</P>
<TABLE CELLSPACING="0" CELLPADDING="0" WIDTH="40%" BORDER="0" STYLE="BORDER-COLLAPSE:COLLAPSE">


<TR>
<TD WIDTH="37%"></TD>
<TD VALIGN="bottom" WIDTH="1%"></TD>
<TD WIDTH="32%"></TD>
<TD VALIGN="bottom" WIDTH="1%"></TD>
<TD WIDTH="29%"></TD></TR>


<TR>
<TD VALIGN="top"></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="top" COLSPAN="3"> <P STYLE="margin-top:0px;margin-bottom:1px;border-bottom:1px solid #000000"><FONT STYLE="font-family:Times New Roman" SIZE="2">&nbsp;</FONT></P></TD></TR>
<TR>
<TD VALIGN="top"></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="top" COLSPAN="3"> <P STYLE="margin-top:0px;margin-bottom:1px;border-bottom:1px solid #000000" ALIGN="center"><FONT STYLE="font-family:Times New Roman" SIZE="2">&nbsp;</FONT></P></TD></TR>
<TR>
<TD VALIGN="top"></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" COLSPAN="3"> <P STYLE="margin-top:0px;margin-bottom:1px;border-bottom:1px solid #000000" ALIGN="center"><FONT STYLE="font-family:Times New Roman" SIZE="2">&nbsp;</FONT></P></TD></TR>
<TR>
<TD VALIGN="top"></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="2">Attention:</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"> <P STYLE="margin-top:0px;margin-bottom:1px;border-bottom:1px solid #000000" ALIGN="center"><FONT STYLE="font-family:Times New Roman" SIZE="2">&nbsp;</FONT></P></TD></TR>
</TABLE> <P STYLE="margin-top:10px;margin-bottom:0px; text-indent:4%" ALIGN="justify"><FONT STYLE="font-family:Times New Roman" SIZE="2">If to the Agent: </FONT></P>
<P STYLE="margin-top:10px;margin-bottom:0px; margin-left:8%" ALIGN="justify"><FONT STYLE="font-family:Times New Roman" SIZE="2">KeyBank National Association, in its capacity as Administrative Agent </FONT></P>
<P STYLE="margin-top:0px;margin-bottom:0px; margin-left:8%" ALIGN="justify"><FONT STYLE="font-family:Times New Roman" SIZE="2">225 Franklin Street, 18th Floor </FONT></P> <P STYLE="margin-top:0px;margin-bottom:0px; margin-left:8%" ALIGN="justify"><FONT
STYLE="font-family:Times New Roman" SIZE="2">MA-01-22-0018 </FONT></P> <P STYLE="margin-top:0px;margin-bottom:0px; margin-left:8%" ALIGN="justify"><FONT STYLE="font-family:Times New Roman" SIZE="2">Boston, Massachusetts 02110 </FONT></P>
<P STYLE="margin-top:0px;margin-bottom:0px; margin-left:8%" ALIGN="justify"><FONT STYLE="font-family:Times New Roman" SIZE="2">Attention: Gregory W. Lane </FONT></P> <P STYLE="margin-top:10px;margin-bottom:0px; text-indent:8%" ALIGN="justify"><FONT
STYLE="font-family:Times New Roman" SIZE="2">With a copy to: </FONT></P> <P STYLE="margin-top:10px;margin-bottom:0px; margin-left:13%" ALIGN="justify"><FONT STYLE="font-family:Times New Roman" SIZE="2">Riemer&nbsp;&amp; Braunstein LLP </FONT></P>
<P STYLE="margin-top:0px;margin-bottom:0px; margin-left:13%" ALIGN="justify"><FONT STYLE="font-family:Times New Roman" SIZE="2">Three Center Plaza </FONT></P> <P STYLE="margin-top:0px;margin-bottom:0px; margin-left:13%" ALIGN="justify"><FONT
STYLE="font-family:Times New Roman" SIZE="2">Boston, Massachusetts 02108 </FONT></P> <P STYLE="margin-top:0px;margin-bottom:0px; margin-left:13%" ALIGN="justify"><FONT STYLE="font-family:Times New Roman" SIZE="2">Attention: Kevin J. Lyons, Esquire
</FONT></P> <P STYLE="margin-top:0px;margin-bottom:0px; margin-left:13%" ALIGN="justify"><FONT STYLE="font-family:Times New Roman" SIZE="2">FAX No.: (617)&nbsp;692-3433 </FONT></P> <P STYLE="margin-top:10px;margin-bottom:0px" ALIGN="justify"><FONT
STYLE="font-family:Times New Roman" SIZE="2">All notices hereunder shall be deemed to have been received three (3)&nbsp;days after the date of mailing in accordance with the above described requirements. </FONT></P>
<P STYLE="font-size:10px;margin-top:0px;margin-bottom:0px">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR>
<TD WIDTH="4%" VALIGN="top" ALIGN="left"><FONT STYLE="font-family:Times New Roman" SIZE="2">16.</FONT></TD>
<TD ALIGN="left" VALIGN="top"> <P ALIGN="justify"><FONT STYLE="font-family:Times New Roman" SIZE="2">Upon the request of the Agent, the Landlord will provide the Agent with estoppel certificates, in form acceptable to Agent, with respect to the
status of the Lease and the compliance by the Landlord and/or Tenant with regard to specific terms, provisions and conditions set forth thereunder. </FONT></P></TD></TR></TABLE> <P STYLE="font-size:10px;margin-top:0px;margin-bottom:0px">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR>
<TD WIDTH="4%" VALIGN="top" ALIGN="left"><FONT STYLE="font-family:Times New Roman" SIZE="2">17.</FONT></TD>
<TD ALIGN="left" VALIGN="top"> <P ALIGN="justify"><FONT STYLE="font-family:Times New Roman" SIZE="2">Each party hereto agrees to execute such documents as may be reasonably required from time to time to evidence or effectuate the terms and
provisions hereof. </FONT></P></TD></TR></TABLE> <P STYLE="font-size:10px;margin-top:0px;margin-bottom:0px">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR>
<TD WIDTH="4%" VALIGN="top" ALIGN="left"><FONT STYLE="font-family:Times New Roman" SIZE="2">18.</FONT></TD>
<TD ALIGN="left" VALIGN="top"> <P ALIGN="justify"><FONT STYLE="font-family:Times New Roman" SIZE="2">This Estoppel Certificate is binding on, and shall inure to the benefit of, the Tenant, the Agent, and the Landlord, and each of their successor and
assigns. </FONT></P></TD></TR></TABLE> <P STYLE="margin-top:10px;margin-bottom:0px; text-indent:4%" ALIGN="justify"><FONT STYLE="font-family:Times New Roman" SIZE="2">Delivery of executed counterparts of this Estoppel Certificate by telecopy or
other electronic means shall be effective as an original. </FONT></P> <P STYLE="margin-top:10px;margin-bottom:0px" ALIGN="center"><FONT STYLE="font-family:Times New Roman" SIZE="2">[The balance of this page is intentionally left blank] </FONT></P>
 <p STYLE="margin-top:0px;margin-bottom:0px"><FONT SIZE="1">&nbsp;</FONT></P> <P STYLE="margin-top:0px;margin-bottom:0px" ALIGN="center"><FONT STYLE="font-family:Times New Roman" SIZE="2">Exhibit E - 6
</FONT></P>


<p Style='page-break-before:always'>
<HR  SIZE="3" style="COLOR:#999999" WIDTH="100%" ALIGN="CENTER">


 <P STYLE="margin-top:0px;margin-bottom:0px; text-indent:4%" ALIGN="justify"><FONT STYLE="font-family:Times New Roman" SIZE="2">It is intended that this Estoppel Certificate take effect as a sealed
instrument as of this &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;day of &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;, &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;.
</FONT></P> <P STYLE="font-size:10px;margin-top:0px;margin-bottom:0px">&nbsp;</P><DIV ALIGN="right">
<TABLE CELLSPACING="0" CELLPADDING="0" WIDTH="40%" BORDER="0" STYLE="BORDER-COLLAPSE:COLLAPSE">


<TR>
<TD WIDTH="12%"></TD>
<TD VALIGN="bottom" WIDTH="1%"></TD>
<TD WIDTH="87%"></TD></TR>


<TR>
<TD VALIGN="top" COLSPAN="3"><FONT STYLE="font-family:Times New Roman" SIZE="2">LANDLORD:</FONT></TD></TR>
<TR>
<TD HEIGHT="16" COLSPAN="3"></TD></TR>
<TR>
<TD VALIGN="top" COLSPAN="3"> <P STYLE="margin-top:0px;margin-bottom:1px;border-bottom:1px solid #000000"><FONT STYLE="font-family:Times New Roman" SIZE="2">&nbsp;</FONT></P></TD></TR>
<TR>
<TD HEIGHT="16"></TD>
<TD HEIGHT="16" COLSPAN="2"></TD></TR>
<TR>
<TD VALIGN="top"><FONT STYLE="font-family:Times New Roman" SIZE="2">By:</FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #000000"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="top" STYLE="BORDER-BOTTOM:1px solid #000000"><FONT SIZE="1">&nbsp;</FONT></TD></TR>
<TR>
<TD VALIGN="top"><FONT STYLE="font-family:Times New Roman" SIZE="2">Name:</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"> <P STYLE="margin-top:0px;margin-bottom:1px;border-bottom:1px solid #000000" ALIGN="center"><FONT STYLE="font-family:Times New Roman" SIZE="2">&nbsp;</FONT></P></TD></TR>
<TR>
<TD VALIGN="top"><FONT STYLE="font-family:Times New Roman" SIZE="2">Title:</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"> <P STYLE="margin-top:0px;margin-bottom:1px;border-bottom:1px solid #000000" ALIGN="center"><FONT STYLE="font-family:Times New Roman" SIZE="2">&nbsp;</FONT></P></TD></TR>
<TR>
<TD HEIGHT="13" COLSPAN="3"></TD></TR>
<TR>
<TD VALIGN="top" COLSPAN="3"><FONT STYLE="font-family:Times New Roman" SIZE="2">TENANT:</FONT></TD></TR>
<TR>
<TD HEIGHT="16" COLSPAN="3"></TD></TR>
<TR>
<TD VALIGN="top" COLSPAN="3"> <P STYLE="margin-top:0px;margin-bottom:1px;border-bottom:1px solid #000000"><FONT STYLE="font-family:Times New Roman" SIZE="2">&nbsp;</FONT></P></TD></TR>
<TR>
<TD HEIGHT="13"></TD>
<TD HEIGHT="13" COLSPAN="2"></TD></TR>
<TR>
<TD VALIGN="top"><FONT STYLE="font-family:Times New Roman" SIZE="2">By:</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"> <P STYLE="margin-top:0px;margin-bottom:1px;border-bottom:1px solid #000000" ALIGN="center"><FONT STYLE="font-family:Times New Roman" SIZE="2">&nbsp;</FONT></P></TD></TR>
<TR>
<TD VALIGN="top"><FONT STYLE="font-family:Times New Roman" SIZE="2">Name:</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"> <P STYLE="margin-top:0px;margin-bottom:1px;border-bottom:1px solid #000000" ALIGN="center"><FONT STYLE="font-family:Times New Roman" SIZE="2">&nbsp;</FONT></P></TD></TR>
<TR>
<TD VALIGN="top"><FONT STYLE="font-family:Times New Roman" SIZE="2">Title:</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"> <P STYLE="margin-top:0px;margin-bottom:1px;border-bottom:1px solid #000000" ALIGN="center"><FONT STYLE="font-family:Times New Roman" SIZE="2">&nbsp;</FONT></P></TD></TR>
<TR>
<TD HEIGHT="13" COLSPAN="3"></TD></TR>
<TR>
<TD VALIGN="top" COLSPAN="3"><FONT STYLE="font-family:Times New Roman" SIZE="2">AGENT:</FONT></TD></TR>
<TR>
<TD HEIGHT="13" COLSPAN="3"></TD></TR>
<TR>
<TD VALIGN="top" COLSPAN="3"> <P STYLE="margin-top:0px;margin-bottom:1px;border-bottom:1px solid #000000"><FONT STYLE="font-family:Times New Roman" SIZE="2">&nbsp;</FONT></P></TD></TR>
<TR>
<TD HEIGHT="13" COLSPAN="3"></TD></TR>
<TR>
<TD VALIGN="top" COLSPAN="3"> <P STYLE="margin-top:0px;margin-bottom:0px"><FONT STYLE="font-family:Times New Roman" SIZE="2">KEYBANK NATIONAL ASSOCIATION, in its</FONT></P> <P STYLE="margin-top:0px;margin-bottom:1px"><FONT
STYLE="font-family:Times New Roman" SIZE="2">capacity as administrative agent</FONT></P></TD></TR>
<TR>
<TD HEIGHT="13"></TD>
<TD HEIGHT="13" COLSPAN="2"></TD></TR>
<TR>
<TD VALIGN="top"><FONT STYLE="font-family:Times New Roman" SIZE="2">By:</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"> <P STYLE="margin-top:0px;margin-bottom:1px;border-bottom:1px solid #000000" ALIGN="center"><FONT STYLE="font-family:Times New Roman" SIZE="2">&nbsp;</FONT></P></TD></TR>
<TR>
<TD VALIGN="top"><FONT STYLE="font-family:Times New Roman" SIZE="2">Name:</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"> <P STYLE="margin-top:0px;margin-bottom:1px;border-bottom:1px solid #000000" ALIGN="center"><FONT STYLE="font-family:Times New Roman" SIZE="2">&nbsp;</FONT></P></TD></TR>
<TR>
<TD VALIGN="top"><FONT STYLE="font-family:Times New Roman" SIZE="2">Title:</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"> <P STYLE="margin-top:0px;margin-bottom:1px;border-bottom:1px solid #000000" ALIGN="center"><FONT STYLE="font-family:Times New Roman" SIZE="2">&nbsp;</FONT></P></TD></TR>
</TABLE></DIV>
 <p STYLE="margin-top:0px;margin-bottom:0px"><FONT SIZE="1">&nbsp;</FONT></P> <P STYLE="margin-top:0px;margin-bottom:0px" ALIGN="center"><FONT STYLE="font-family:Times New Roman" SIZE="2">Exhibit E - 7
</FONT></P>


<p Style='page-break-before:always'>
<HR  SIZE="3" style="COLOR:#999999" WIDTH="100%" ALIGN="CENTER">


 <P STYLE="margin-top:0px;margin-bottom:0px" ALIGN="center"><FONT STYLE="font-family:Times New Roman" SIZE="2"><B>EXHIBIT A </B></FONT></P> <P STYLE="margin-top:10px;margin-bottom:0px" ALIGN="center"><FONT
STYLE="font-family:Times New Roman" SIZE="2"><U>Premises </U></FONT></P> <P STYLE="margin-top:10px;margin-bottom:0px" ALIGN="center"><FONT STYLE="font-family:Times New Roman" SIZE="2">(See Attached) </FONT></P>
 <p STYLE="margin-top:0px;margin-bottom:0px"><FONT SIZE="1">&nbsp;</FONT></P> <P STYLE="margin-top:0px;margin-bottom:0px" ALIGN="center"><FONT STYLE="font-family:Times New Roman" SIZE="2">Exhibit E - 8
</FONT></P>


<p Style='page-break-before:always'>
<HR  SIZE="3" style="COLOR:#999999" WIDTH="100%" ALIGN="CENTER">


 <P STYLE="margin-top:0px;margin-bottom:0px" ALIGN="center"><FONT STYLE="font-family:Times New Roman" SIZE="2"><B>EXHIBIT B </B></FONT></P> <P STYLE="margin-top:10px;margin-bottom:0px" ALIGN="center"><FONT
STYLE="font-family:Times New Roman" SIZE="2"><U>Lease </U></FONT></P> <P STYLE="margin-top:10px;margin-bottom:0px" ALIGN="center"><FONT STYLE="font-family:Times New Roman" SIZE="2">(See Attached) </FONT></P>
 <p STYLE="margin-top:0px;margin-bottom:0px"><FONT SIZE="1">&nbsp;</FONT></P> <P STYLE="margin-top:0px;margin-bottom:0px" ALIGN="center"><FONT STYLE="font-family:Times New Roman" SIZE="2">Exhibit E - 9
</FONT></P>


<p Style='page-break-before:always'>
<HR  SIZE="3" style="COLOR:#999999" WIDTH="100%" ALIGN="CENTER">


 <P STYLE="margin-top:0px;margin-bottom:0px" ALIGN="center"><FONT STYLE="font-family:Times New Roman" SIZE="2"><B>EXHIBIT C </B></FONT></P> <P STYLE="margin-top:10px;margin-bottom:0px" ALIGN="center"><FONT
STYLE="font-family:Times New Roman" SIZE="2"><U>Encumbrances </U></FONT></P>
 <p STYLE="margin-top:0px;margin-bottom:0px"><FONT SIZE="1">&nbsp;</FONT></P> <P STYLE="margin-top:0px;margin-bottom:0px" ALIGN="center"><FONT STYLE="font-family:Times New Roman" SIZE="2">Exhibit E - 10
</FONT></P>


<p Style='page-break-before:always'>
<HR  SIZE="3" style="COLOR:#999999" WIDTH="100%" ALIGN="CENTER">


 <P STYLE="margin-top:0px;margin-bottom:0px" ALIGN="right"><FONT STYLE="font-family:Times New Roman" SIZE="2"><B><I>EXHIBIT F </I></B></FONT></P>
<P STYLE="margin-top:10px;margin-bottom:0px" ALIGN="center"><FONT STYLE="font-family:Times New Roman" SIZE="2"><B>FORM OF </B></FONT></P>
<P STYLE="margin-top:0px;margin-bottom:0px" ALIGN="center"><FONT STYLE="font-family:Times New Roman" SIZE="2"><B>CLOSING COMPLIANCE CERTIFICATE </B></FONT></P> <P STYLE="margin-top:10px;margin-bottom:0px" ALIGN="right"><FONT
STYLE="font-family:Times New Roman" SIZE="2">Closing Date: December &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;, 2011 </FONT></P> <P STYLE="font-size:10px;margin-top:0px;margin-bottom:0px">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR>
<TD WIDTH="4%" VALIGN="top" ALIGN="left"><FONT STYLE="font-family:Times New Roman" SIZE="2">To:</FONT></TD>
<TD ALIGN="left" VALIGN="top"> <P ALIGN="justify"><FONT STYLE="font-family:Times New Roman" SIZE="2">KeyBank National Association, as Administrative Agent </FONT></P></TD></TR></TABLE> <P STYLE="margin-top:10px;margin-bottom:0px"><FONT
STYLE="font-family:Times New Roman" SIZE="2">Ladies and Gentlemen: </FONT></P> <P STYLE="margin-top:10px;margin-bottom:0px; text-indent:4%" ALIGN="justify"><FONT STYLE="font-family:Times New Roman" SIZE="2">Reference is made to that certain Amended,
Restated and Consolidated Loan Agreement, dated as of December &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;, 2011 (as amended, restated, extended, supplemented or otherwise modified in writing from time to time, the
&#147;<U>Agreement</U>;&#148; the terms defined therein being used herein as therein defined), among Cedar Realty Trust Partnership, L.P. (the &#147;<U>Borrower</U>&#148;), the Lenders from time to time party thereto, and KeyBank National
Association, as Administrative Agent and L/C Issuer. All capitalized terms used herein which are not otherwise defined shall have the meaning ascribed to such term under the Agreement. </FONT></P>
<P STYLE="margin-top:10px;margin-bottom:0px; text-indent:4%" ALIGN="justify"><FONT STYLE="font-family:Times New Roman" SIZE="2">The undersigned Authorized Officer hereby certifies as of the date hereof that he/she is the
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;of the Borrower, and that, as such, he/she is authorized to execute and deliver this Certificate to the Administrative Agent on behalf of the Borrower, and that: </FONT></P>
<P STYLE="margin-top:10px;margin-bottom:0px; text-indent:4%" ALIGN="justify"><FONT STYLE="font-family:Times New Roman" SIZE="2">1. No Default or Event of Default has occurred or would occur after giving effect to the Agreement, the Loan Documents
and all Credit Extensions occurring on the Closing Date. </FONT></P> <P STYLE="margin-top:10px;margin-bottom:0px; text-indent:4%" ALIGN="justify"><FONT STYLE="font-family:Times New Roman" SIZE="2">2. The financial covenant analyses and information
set forth on <U>Schedule 1</U> attached hereto are true and accurate on and as of the date set forth therein. </FONT></P>
<P STYLE="margin-top:10px;margin-bottom:0px; text-indent:4%" ALIGN="justify"><FONT STYLE="font-family:Times New Roman" SIZE="2">3. The Borrower, CRT and each of the Borrowing Base Property Owners (both before and after giving effect to the Credit
Extensions occurring on the Closing Date) (a)&nbsp;is solvent, (b)&nbsp;has assets having a fair value in excess of the amount required to pay such Person&#146;s probable liabilities and existing Debts as such become absolute and mature, and
(c)&nbsp;has adequate capital for the conduct of such Person&#146;s business and the ability to pay such Person&#146;s Debts from time to time incurred in connection therewith as such Debts mature. </FONT></P>
<P STYLE="margin-top:10px;margin-bottom:0px; text-indent:4%" ALIGN="justify"><FONT STYLE="font-family:Times New Roman" SIZE="2">4. No change has occurred in the financial condition, business, affairs, operations or control of Borrower and/or the
Loan Parties, since the date of their respective financial statements most recently delivered to Administrative Agent or any of the Lenders, which change has had or could reasonably be expected to have a Material Adverse Effect. </FONT></P>
<P STYLE="font-size:10px;margin-top:0px;margin-bottom:0px"><FONT SIZE="1">&nbsp;</FONT></P>

<p Style='page-break-before:always'>
<HR  SIZE="3" style="COLOR:#999999" WIDTH="100%" ALIGN="CENTER">


 <P STYLE="margin-top:0px;margin-bottom:0px; text-indent:4%" ALIGN="justify"><FONT STYLE="font-family:Times New Roman" SIZE="2">5. All representations and warranties made by or on behalf of any of the
Borrower and the other Loan Parties, or any of them, to the Administrative Agent or any of the Lenders are true, accurate and complete in all material respects and shall do not omit any material fact necessary to make the same not misleading.
</FONT></P> <P STYLE="margin-top:10px;margin-bottom:0px; text-indent:4%" ALIGN="justify"><FONT STYLE="font-family:Times New Roman" SIZE="2">6. There are not any actions, suits or proceedings at law or in equity or by or before any governmental
instrumentality or other agency or regulatory authority by any entity (private or governmental) pending or, to the best of the Borrower&#146;s knowledge, threatened with respect to the Loan, the transactions contemplated in the Loan Documents, or
the Borrower, any other Loan Party, or any other Borrower Subsidiary, which are not fully covered (subject to deductibles) by an insurance policy issued by a reputable and financially viable insurance company or, to the extent not so covered, could
(a)&nbsp;materially adversely affect a Borrowing Base Property or (b)&nbsp;have or reasonably be expected to have a Material Adverse Effect. </FONT></P> <P STYLE="margin-top:10px;margin-bottom:0px; text-indent:4%" ALIGN="justify"><FONT
STYLE="font-family:Times New Roman" SIZE="2">7. No Laws prohibit or adversely limit the capacity or authority of the Borrower or any Loan Party to enter into the Loan Documents and perform the obligations of such Person with respect thereto.
</FONT></P> <P STYLE="margin-top:10px;margin-bottom:0px; text-indent:4%" ALIGN="justify"><FONT STYLE="font-family:Times New Roman" SIZE="2">8. There has not been any material unrepaired or unrestored damage or destruction by fire or otherwise to any
of the real or tangible personal property comprising the Borrowing Base Properties. </FONT></P> <P STYLE="margin-top:10px;margin-bottom:0px; text-indent:4%" ALIGN="justify"><FONT STYLE="font-family:Times New Roman" SIZE="2">9. No third party
consents and/or agreements are required with respect to entering into the Loan Documents or performing the obligations thereunder. </FONT></P> <P STYLE="margin-top:10px;margin-bottom:0px; text-indent:4%" ALIGN="justify"><FONT
STYLE="font-family:Times New Roman" SIZE="2">Delivery of executed counterparts of this Compliance Certificate by telecopy or other electronic means shall be effective as an original. </FONT></P>
 <p STYLE="margin-top:0px;margin-bottom:0px"><FONT SIZE="1">&nbsp;</FONT></P> <P STYLE="margin-top:0px;margin-bottom:0px" ALIGN="center"><FONT STYLE="font-family:Times New Roman" SIZE="2">Exhibit F - 2
</FONT></P>


<p Style='page-break-before:always'>
<HR  SIZE="3" style="COLOR:#999999" WIDTH="100%" ALIGN="CENTER">


 <P STYLE="margin-top:0px;margin-bottom:0px; text-indent:4%" ALIGN="justify"><FONT STYLE="font-family:Times New Roman" SIZE="2"><I>IN WITNESS WHEREOF,</I> the undersigned has executed this Certificate as
of the date and year set forth above. </FONT></P> <P STYLE="font-size:10px;margin-top:0px;margin-bottom:0px">&nbsp;</P><DIV ALIGN="right">
<TABLE CELLSPACING="0" CELLPADDING="0" WIDTH="40%" BORDER="0" STYLE="BORDER-COLLAPSE:COLLAPSE">


<TR>
<TD WIDTH="6%"></TD>
<TD VALIGN="bottom" WIDTH="1%"></TD>
<TD WIDTH="12%"></TD>
<TD VALIGN="bottom" WIDTH="1%"></TD>
<TD WIDTH="80%"></TD></TR>


<TR>
<TD VALIGN="top" COLSPAN="5"><FONT STYLE="font-family:Times New Roman" SIZE="2">CEDAR REALTY TRUST PARTNERSHIP, L.P., a Delaware limited partnership</FONT></TD></TR>
<TR>
<TD HEIGHT="16"></TD>
<TD HEIGHT="16" COLSPAN="4"></TD></TR>
<TR>
<TD VALIGN="top"><FONT STYLE="font-family:Times New Roman" SIZE="2">By:</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="top" COLSPAN="3"><FONT STYLE="font-family:Times New Roman" SIZE="2">Cedar Realty Trust, Inc., a Maryland corporation, its general partner</FONT></TD></TR>
<TR>
<TD HEIGHT="13"></TD>
<TD HEIGHT="13" COLSPAN="2"></TD>
<TD HEIGHT="13" COLSPAN="2"></TD></TR>
<TR>
<TD VALIGN="top"></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="top"><FONT STYLE="font-family:Times New Roman" SIZE="2">By:</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"> <P STYLE="margin-top:0px;margin-bottom:1px;border-bottom:1px solid #000000" ALIGN="center"><FONT STYLE="font-family:Times New Roman" SIZE="2">&nbsp;</FONT></P></TD></TR>
<TR>
<TD VALIGN="top"></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="top"><FONT STYLE="font-family:Times New Roman" SIZE="2">Name:</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"> <P STYLE="margin-top:0px;margin-bottom:1px;border-bottom:1px solid #000000" ALIGN="center"><FONT STYLE="font-family:Times New Roman" SIZE="2">&nbsp;</FONT></P></TD></TR>
<TR>
<TD VALIGN="top"></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="top"><FONT STYLE="font-family:Times New Roman" SIZE="2">Title:</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"> <P STYLE="margin-top:0px;margin-bottom:1px;border-bottom:1px solid #000000" ALIGN="center"><FONT STYLE="font-family:Times New Roman" SIZE="2">&nbsp;</FONT></P></TD></TR>
</TABLE></DIV>
 <p STYLE="margin-top:0px;margin-bottom:0px"><FONT SIZE="1">&nbsp;</FONT></P> <P STYLE="margin-top:0px;margin-bottom:0px" ALIGN="center"><FONT STYLE="font-family:Times New Roman" SIZE="2">Exhibit F - 3
</FONT></P>


<p Style='page-break-before:always'>
<HR  SIZE="3" style="COLOR:#999999" WIDTH="100%" ALIGN="CENTER">


 <P STYLE="margin-top:0px;margin-bottom:0px" ALIGN="center"><FONT STYLE="font-family:Times New Roman" SIZE="2">SCHEDULE 1 </FONT></P> <P STYLE="margin-top:0px;margin-bottom:0px" ALIGN="center"><FONT
STYLE="font-family:Times New Roman" SIZE="2">to the Closing Certificate </FONT></P> <P STYLE="margin-top:6px;margin-bottom:0px" ALIGN="center"><FONT STYLE="font-family:Times New Roman" SIZE="2">[TO BE COMPLETED BY BORROWER </FONT></P>
 <p STYLE="margin-top:0px;margin-bottom:0px"><FONT SIZE="1">&nbsp;</FONT></P> <P STYLE="margin-top:0px;margin-bottom:0px" ALIGN="center"><FONT STYLE="font-family:Times New Roman" SIZE="2">Exhibit F - 4
</FONT></P>


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 <P STYLE="margin-top:0px;margin-bottom:0px" ALIGN="right"><FONT STYLE="font-family:Times New Roman" SIZE="2"><B><I>EXHIBIT G </I></B></FONT></P>
<P STYLE="margin-top:10px;margin-bottom:0px" ALIGN="center"><FONT STYLE="font-family:Times New Roman" SIZE="2"><B>FORM OF </B></FONT></P>
<P STYLE="margin-top:0px;margin-bottom:0px" ALIGN="center"><FONT STYLE="font-family:Times New Roman" SIZE="2"><B>GUARANTY </B></FONT></P>
<P STYLE="margin-top:10px;margin-bottom:0px" ALIGN="center"><FONT STYLE="font-family:Times New Roman" SIZE="2"><B><U>GUARANTY </U></B></FONT></P> <P STYLE="margin-top:10px;margin-bottom:0px; text-indent:4%" ALIGN="justify"><FONT
STYLE="font-family:Times New Roman" SIZE="2">This Guaranty (hereinafter, the &#147;<U>Guaranty</U>&#148;) is given pursuant to the terms and conditions of that certain Amended, Restated and Consolidated Loan Agreement, dated as of January
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;, 2012 (as amended, restated, extended, supplemented or otherwise modified in writing from time to time, the &#147;<U>Loan Agreement</U>&#148;), among Cedar Realty Trust
Partnership, L.P., formerly known as Cedar Shopping Centers Partnership, L.P. (the &#147;<U>Borrower</U>&#148;), the Lenders from time to time party thereto, and KeyBank National Association, as Administrative Agent and L/C Issuer (in such capacity
as Administrative Agent, the &#147;<U>Agent</U>&#148;). Capitalized terms used herein and not otherwise specifically defined shall have the same meaning herein as in the Loan Agreement. </FONT></P>
<P STYLE="margin-top:10px;margin-bottom:0px; text-indent:4%" ALIGN="justify"><FONT STYLE="font-family:Times New Roman" SIZE="2">FOR VALUE RECEIVED, and to induce Agent and the Lenders to extend credit to the Borrower as provided for in the Loan
Agreement and the other Loan Documents, &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(hereinafter, &#147;<U>Guarantor</U>&#148;), hereby unconditionally agrees as follows: </FONT></P>
<P STYLE="margin-top:10px;margin-bottom:0px; text-indent:4%" ALIGN="justify"><FONT STYLE="font-family:Times New Roman" SIZE="2">1. <U>Guaranty</U>. Guarantor, as a primary party and not merely as a surety, unconditionally and irrevocably guarantees
the prompt and full payment (and not merely the collectability), performance, and observance of all of the obligations, terms and conditions to be paid, performed or observed by Borrower under the Note, Loan Agreement and each other Loan Document,
to or on behalf of the Agent, the Lenders, or any one of them, each as the same may be hereafter amended, modified, extended, renewed or recast, including, without limitation, all of the Obligations and the payment of all principal, interest, fees
and other charges when due under the Note, the Loan Agreement and each other Loan Document (hereinafter, the &#147;<U>Guaranteed Obligations</U>&#148;). </FONT></P> <P STYLE="margin-top:10px;margin-bottom:0px; text-indent:4%" ALIGN="justify"><FONT
STYLE="font-family:Times New Roman" SIZE="2">Upon the occurrence of and during the continuance of any Event of Default under the Loan Agreement, or any of the other Loan Documents, or if Agent has accelerated the Loan pursuant to a right to do so
under the Loan Agreement, Agent may at its option proceed directly and at once, without notice (except as otherwise provided under the Loan Agreement), against Guarantor hereunder, without proceeding against Borrower, any other Guarantor, or any
other person or other Collateral for the Obligations or the Guaranteed Obligations. </FONT></P> <P STYLE="margin-top:10px;margin-bottom:0px; text-indent:4%" ALIGN="justify"><FONT STYLE="font-family:Times New Roman" SIZE="2">If Borrower, or Guarantor
if so required, shall fail or refuse to perform or continue performance of all of the Obligations on the part of Borrower to be kept and performed, then, if an Event of Default exists on account thereof under the Loan Documents or this Guaranty, in
addition to any other rights and remedies which Agent or any Lender may have hereunder or elsewhere, and not in limitation thereof, Agent or any Lender, at such party&#146;s option, may exercise any or all of its rights and remedies under the Loan
Agreement and each other Loan Document. </FONT></P> <P STYLE="font-size:10px;margin-top:0px;margin-bottom:0px"><FONT SIZE="1">&nbsp;</FONT></P>

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 <P STYLE="margin-top:0px;margin-bottom:0px; text-indent:4%" ALIGN="justify"><FONT STYLE="font-family:Times New Roman" SIZE="2">This Guaranty shall survive and continue in full force and effect beyond and
after the payment and satisfaction of the Guaranteed Obligations and the Obligations in the event Agent or any Lender is required to disgorge or return any payment or property received as a result of any laws pertaining to preferences, fraudulent
transfers or fraudulent conveyances. </FONT></P> <P STYLE="margin-top:10px;margin-bottom:0px; text-indent:4%" ALIGN="justify"><FONT STYLE="font-family:Times New Roman" SIZE="2">2. <U>Waivers</U>. Guarantor hereby waives and relinquishes to the
fullest extent now or hereafter not prohibited by applicable law: </FONT></P> <P STYLE="font-size:10px;margin-top:0px;margin-bottom:0px">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR>
<TD WIDTH="4%"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD WIDTH="4%" VALIGN="top" ALIGN="left"><FONT STYLE="font-family:Times New Roman" SIZE="2">(a)</FONT></TD>
<TD ALIGN="left" VALIGN="top"> <P ALIGN="justify"><FONT STYLE="font-family:Times New Roman" SIZE="2">all suretyship defenses and defenses in the nature thereof; </FONT></P></TD></TR></TABLE>
<P STYLE="font-size:10px;margin-top:0px;margin-bottom:0px">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR>
<TD WIDTH="4%"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD WIDTH="4%" VALIGN="top" ALIGN="left"><FONT STYLE="font-family:Times New Roman" SIZE="2">(b)</FONT></TD>
<TD ALIGN="left" VALIGN="top"> <P ALIGN="justify"><FONT STYLE="font-family:Times New Roman" SIZE="2">any right or claim of right to cause a marshaling of the assets of Borrower or of any Collateral, or to cause Agent to proceed against any of the
other security for the Guaranteed Obligations or the Obligations before proceeding under this Guaranty against Guarantor, or, if there shall be more than one Guarantor, to require Agent to proceed against any other Guarantor or any of Guarantors in
any particular order; </FONT></P></TD></TR></TABLE> <P STYLE="font-size:10px;margin-top:0px;margin-bottom:0px">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR>
<TD WIDTH="4%"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD WIDTH="4%" VALIGN="top" ALIGN="left"><FONT STYLE="font-family:Times New Roman" SIZE="2">(c)</FONT></TD>
<TD ALIGN="left" VALIGN="top"> <P ALIGN="justify"><FONT STYLE="font-family:Times New Roman" SIZE="2">until satisfaction in full of the Obligations of the Borrower to the Agent and the Lenders, and the satisfaction in full of the Guaranteed
Obligations, all rights and remedies, including, but not limited to, any rights of subrogation, contribution, reimbursement, exoneration or indemnification pursuant to any agreement, express or implied, or now or hereafter accorded by applicable law
to indemnitors, guarantors, sureties or accommodation parties; provided, however, unless Agent otherwise expressly agrees in writing, such waiver by any particular Guarantor shall not be effective to the extent that by virtue thereof such
Guarantor&#146;s liability under this Guaranty or under any other Loan Document is rendered invalid, voidable, or unenforceable under any applicable state or federal law dealing with the recovery or avoidance of so-called preferences or fraudulent
transfers or conveyances or otherwise; </FONT></P></TD></TR></TABLE> <P STYLE="font-size:10px;margin-top:0px;margin-bottom:0px">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR>
<TD WIDTH="4%"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD WIDTH="4%" VALIGN="top" ALIGN="left"><FONT STYLE="font-family:Times New Roman" SIZE="2">(d)</FONT></TD>
<TD ALIGN="left" VALIGN="top"> <P ALIGN="justify"><FONT STYLE="font-family:Times New Roman" SIZE="2">notice of the acceptance hereof, presentment, demand for payment, protest, notice of protest, or any and all notice of nonpayment, nonperformance,
nonobservance or default, or other proof or notice of demand whereby to charge Guarantor therefor; </FONT></P></TD></TR></TABLE> <P STYLE="font-size:10px;margin-top:0px;margin-bottom:0px">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR>
<TD WIDTH="4%"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD WIDTH="4%" VALIGN="top" ALIGN="left"><FONT STYLE="font-family:Times New Roman" SIZE="2">(e)</FONT></TD>
<TD ALIGN="left" VALIGN="top"> <P ALIGN="justify"><FONT STYLE="font-family:Times New Roman" SIZE="2">the pleading of any statute of limitations as a defense to Guarantor&#146;s obligations hereunder; </FONT></P></TD></TR></TABLE>
<P STYLE="font-size:10px;margin-top:0px;margin-bottom:0px">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR>
<TD WIDTH="4%"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD WIDTH="4%" VALIGN="top" ALIGN="left"><FONT STYLE="font-family:Times New Roman" SIZE="2">(f)</FONT></TD>
<TD ALIGN="left" VALIGN="top"> <P ALIGN="justify"><FONT STYLE="font-family:Times New Roman" SIZE="2">the right to a trial by jury in any matter related to this Guaranty; and </FONT></P></TD></TR></TABLE>
<P STYLE="font-size:10px;margin-top:0px;margin-bottom:0px">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR>
<TD WIDTH="4%"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD WIDTH="4%" VALIGN="top" ALIGN="left"><FONT STYLE="font-family:Times New Roman" SIZE="2">(g)</FONT></TD>
<TD ALIGN="left" VALIGN="top"> <P ALIGN="justify"><FONT STYLE="font-family:Times New Roman" SIZE="2">the benefit of all other provisions of law which may be validly waived. </FONT></P></TD></TR></TABLE>
<P STYLE="margin-top:10px;margin-bottom:0px; text-indent:4%" ALIGN="justify"><FONT STYLE="font-family:Times New Roman" SIZE="2">GUARANTOR, AGENT AND LENDERS MUTUALLY HEREBY KNOWINGLY, VOLUNTARILY AND INTENTIONALLY WAIVE THE RIGHT TO A TRIAL BY JURY
IN RESPECT OF ANY LITIGATION BASED ON THIS GUARANTY, ARISING OUT OF, UNDER OR IN CONNECTION WITH THIS GUARANTY OR ANY OF THE OTHER LOAN DOCUMENTS OR ANY COURSE OF CONDUCT, COURSE OF DEALINGS, STATEMENTS (WHETHER VERBAL OR WRITTEN) OR ACTIONS OF ANY
PARTY, </FONT></P>
 <p STYLE="margin-top:0px;margin-bottom:0px"><FONT SIZE="1">&nbsp;</FONT></P> <P STYLE="margin-top:0px;margin-bottom:0px" ALIGN="center"><FONT STYLE="font-family:Times New Roman" SIZE="2">Exhibit G - 2
</FONT></P>


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 <P STYLE="margin-top:0px;margin-bottom:0px" ALIGN="justify"><FONT STYLE="font-family:Times New Roman" SIZE="2">
INCLUDING, WITHOUT LIMITATION, ANY COURSE OF CONDUCT, COURSE OF DEALING, STATEMENTS OR ACTIONS OF AGENT OR ANY LENDER RELATING TO THE ADMINISTRATION OF THE LOAN OR ENFORCEMENT OF THE LOAN
DOCUMENTS, AND AGREE THAT NONE OF THE PARTIES WILL SEEK TO CONSOLIDATE ANY SUCH ACTION WITH ANY OTHER ACTION IN WHICH A JURY TRIAL CANNOT BE OR HAS NOT BEEN WAIVED. EXCEPT AS PROHIBITED BY LAW, GUARANTOR HEREBY WAIVES ANY RIGHT IT MAY HAVE TO CLAIM
OR RECOVER IN ANY LITIGATION ANY SPECIAL, EXEMPLARY, PUNITIVE OR CONSEQUENTIAL DAMAGES OR ANY DAMAGES OTHER THAN, OR IN ADDITION TO, ACTUAL DAMAGES. GUARANTOR CERTIFIES THAT NO REPRESENTATIVE, AGENT OR ATTORNEY OF AGENT OR ANY LENDER HAS
REPRESENTED, EXPRESSLY OR OTHERWISE, THAT AGENT OR ANY LENDER WOULD NOT, IN THE EVENT OF LITIGATION, SEEK TO ENFORCE THE FOREGOING WAIVER. THIS WAIVER IS GIVEN AS A MATERIAL INDUCEMENT TO AGENT AND THE LENDERS TO ACCEPT THIS GUARANTY AND TO MAKE THE
LOAN. </FONT></P> <P STYLE="margin-top:10px;margin-bottom:0px; text-indent:4%" ALIGN="justify"><FONT STYLE="font-family:Times New Roman" SIZE="2">3. <U>Cumulative Rights</U>. Agent&#146;s and any Lender&#146;s rights under this Guaranty shall be in
addition to and not in limitation of all of the rights and remedies of Agent and any Lender under the Loan Documents. All rights and remedies of Agent and any Lender shall be cumulative and may be exercised in such manner and combination as Agent or
any Lender may determine. </FONT></P> <P STYLE="margin-top:10px;margin-bottom:0px; text-indent:4%" ALIGN="justify"><FONT STYLE="font-family:Times New Roman" SIZE="2">4. <U>No Impairment</U>. The liability of Guarantor hereunder shall in no way be
limited or impaired by, and Guarantor hereby assents to and agrees to be bound by, any amendment or modification of the provisions of the Loan Documents to or with Agent or any Lender by Borrower or any other Guarantor or any person who succeeds
Guarantor as owner of a Collateral Property (hereinafter, the &#147;<U>Property</U>&#148;). In addition, the liability of Guarantor under this Guaranty and the other Loan Documents shall in no way be limited or impaired by: </FONT></P>
<P STYLE="font-size:10px;margin-top:0px;margin-bottom:0px">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR>
<TD WIDTH="4%"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD WIDTH="4%" VALIGN="top" ALIGN="left"><FONT STYLE="font-family:Times New Roman" SIZE="2">(a)</FONT></TD>
<TD ALIGN="left" VALIGN="top"> <P ALIGN="justify"><FONT STYLE="font-family:Times New Roman" SIZE="2">any extensions of time for performance required by any of the Loan Documents; </FONT></P></TD></TR></TABLE>
<P STYLE="font-size:10px;margin-top:0px;margin-bottom:0px">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR>
<TD WIDTH="4%"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD WIDTH="4%" VALIGN="top" ALIGN="left"><FONT STYLE="font-family:Times New Roman" SIZE="2">(b)</FONT></TD>
<TD ALIGN="left" VALIGN="top"> <P ALIGN="justify"><FONT STYLE="font-family:Times New Roman" SIZE="2">any amendment to or modification of any of the Loan Documents; </FONT></P></TD></TR></TABLE>
<P STYLE="font-size:10px;margin-top:0px;margin-bottom:0px">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR>
<TD WIDTH="4%"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD WIDTH="4%" VALIGN="top" ALIGN="left"><FONT STYLE="font-family:Times New Roman" SIZE="2">(c)</FONT></TD>
<TD ALIGN="left" VALIGN="top"> <P ALIGN="justify"><FONT STYLE="font-family:Times New Roman" SIZE="2">any sale or assignment of the Loan or any sale, assignment or foreclosure of the Security Documents, or any sale, transfer or exchange of all or
part of the Property; </FONT></P></TD></TR></TABLE> <P STYLE="font-size:10px;margin-top:0px;margin-bottom:0px">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR>
<TD WIDTH="4%"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD WIDTH="4%" VALIGN="top" ALIGN="left"><FONT STYLE="font-family:Times New Roman" SIZE="2">(d)</FONT></TD>
<TD ALIGN="left" VALIGN="top"> <P ALIGN="justify"><FONT STYLE="font-family:Times New Roman" SIZE="2">any exculpatory, or nonrecourse, or limited recourse, provision in any of the Loan Documents limiting Agent&#146;s or any Lender&#146;s recourse to
the Property secured by any Security Document, or to any other property, or limiting Agent&#146;s or any Lender&#146;s rights to a deficiency judgment against Borrower or any other person or entity; </FONT></P></TD></TR></TABLE>
<P STYLE="font-size:10px;margin-top:0px;margin-bottom:0px">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR>
<TD WIDTH="4%"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD WIDTH="4%" VALIGN="top" ALIGN="left"><FONT STYLE="font-family:Times New Roman" SIZE="2">(e)</FONT></TD>
<TD ALIGN="left" VALIGN="top"> <P ALIGN="justify"><FONT STYLE="font-family:Times New Roman" SIZE="2">the accuracy or inaccuracy of any of the representations or warranties made by or on behalf of Borrower, any general partner, owner, principal, or
agent of Borrower, or Guarantor, under any Loan Document or otherwise; </FONT></P></TD></TR></TABLE>
 <p STYLE="margin-top:0px;margin-bottom:0px"><FONT SIZE="1">&nbsp;</FONT></P> <P STYLE="margin-top:0px;margin-bottom:0px" ALIGN="center"><FONT STYLE="font-family:Times New Roman" SIZE="2">Exhibit G - 3
</FONT></P>


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<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR>
<TD WIDTH="4%"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD WIDTH="4%" VALIGN="top" ALIGN="left"><FONT STYLE="font-family:Times New Roman" SIZE="2">(f)</FONT></TD>
<TD ALIGN="left" VALIGN="top"> <P ALIGN="justify"><FONT STYLE="font-family:Times New Roman" SIZE="2">the release of Borrower, any general partner, owner, principal, or agent of Borrower, or any other person or entity, from performance or observance
of any of the agreements, covenants, terms or conditions contained in any of the Loan Documents by operation of law, Agent&#146;s or any Lender&#146;s voluntary act, or otherwise; </FONT></P></TD></TR></TABLE>
<P STYLE="font-size:10px;margin-top:0px;margin-bottom:0px">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR>
<TD WIDTH="4%"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD WIDTH="4%" VALIGN="top" ALIGN="left"><FONT STYLE="font-family:Times New Roman" SIZE="2">(g)</FONT></TD>
<TD ALIGN="left" VALIGN="top"> <P ALIGN="justify"><FONT STYLE="font-family:Times New Roman" SIZE="2">the filing of any bankruptcy or reorganization proceeding by or against Borrower, any general partner, owner, principal, or agent of Borrower,
Guarantor, or any subsequent owner of the Property; </FONT></P></TD></TR></TABLE> <P STYLE="font-size:10px;margin-top:0px;margin-bottom:0px">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR>
<TD WIDTH="4%"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD WIDTH="4%" VALIGN="top" ALIGN="left"><FONT STYLE="font-family:Times New Roman" SIZE="2">(h)</FONT></TD>
<TD ALIGN="left" VALIGN="top"> <P ALIGN="justify"><FONT STYLE="font-family:Times New Roman" SIZE="2">the release or substitution in whole or part of any collateral or security for the Obligations or the Guaranteed Obligations;
</FONT></P></TD></TR></TABLE> <P STYLE="font-size:10px;margin-top:0px;margin-bottom:0px">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR>
<TD WIDTH="4%"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD WIDTH="4%" VALIGN="top" ALIGN="left"><FONT STYLE="font-family:Times New Roman" SIZE="2">(i)</FONT></TD>
<TD ALIGN="left" VALIGN="top"> <P ALIGN="justify"><FONT STYLE="font-family:Times New Roman" SIZE="2">Agent&#146;s failure to record any Security Document or file any UCC financing statements, or Agent&#146;s improper recording or filing of any
thereof, or Agent&#146;s failure to otherwise perfect, protect, secure, or insure any security interest or lien given as security for the Obligations or the Guaranteed Obligations; </FONT></P></TD></TR></TABLE>
<P STYLE="font-size:10px;margin-top:0px;margin-bottom:0px">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR>
<TD WIDTH="4%"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD WIDTH="4%" VALIGN="top" ALIGN="left"><FONT STYLE="font-family:Times New Roman" SIZE="2">(j)</FONT></TD>
<TD ALIGN="left" VALIGN="top"> <P ALIGN="justify"><FONT STYLE="font-family:Times New Roman" SIZE="2">the release of any other party now or hereafter liable upon or in respect of this Guaranty or any of the other Loan Documents; or
</FONT></P></TD></TR></TABLE> <P STYLE="font-size:10px;margin-top:0px;margin-bottom:0px">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR>
<TD WIDTH="4%"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD WIDTH="4%" VALIGN="top" ALIGN="left"><FONT STYLE="font-family:Times New Roman" SIZE="2">(k)</FONT></TD>
<TD ALIGN="left" VALIGN="top"> <P ALIGN="justify"><FONT STYLE="font-family:Times New Roman" SIZE="2">the invalidity or unenforceability of all or any portion of any of the Loan Documents as to Borrower, any Guarantor, or any other person or entity.
</FONT></P></TD></TR></TABLE> <P STYLE="margin-top:10px;margin-bottom:0px; text-indent:4%" ALIGN="justify"><FONT STYLE="font-family:Times New Roman" SIZE="2">Any of the foregoing may be accomplished with or without notice to Borrower, any general
partner, owner, principal, or agent of Borrower, or any Guarantor, and with or without consideration. </FONT></P> <P STYLE="margin-top:10px;margin-bottom:0px; text-indent:4%" ALIGN="justify"><FONT STYLE="font-family:Times New Roman" SIZE="2">5.
<U>Delay Not Waiver</U>. No delay on Agent&#146;s or any Lender&#146;s part in exercising any right, power or privilege hereunder or under any of the Loan Documents shall operate as a waiver of any such privilege, power or right. No waiver by Agent
or any Lender in any instance shall constitute a waiver in any other instance. </FONT></P> <P STYLE="margin-top:10px;margin-bottom:0px; text-indent:4%" ALIGN="justify"><FONT STYLE="font-family:Times New Roman" SIZE="2">6. <U>Warranties and
Representations</U>. Guarantor warrants and represents to Agent and each of the Lenders for the express purpose of inducing Agent and the Lenders to enter into the Loan Agreement, to make each Loan Advance, to accept this Guaranty, and to otherwise
complete the transactions contemplated by the Loan Agreement, as to such Guarantor, that as of the date of this Guaranty, upon the date of each Loan Advance, and at all times thereafter until the Loan is repaid and all Guaranteed Obligations to
Agent and the Lenders have been satisfied in full, as follows: </FONT></P> <P STYLE="font-size:10px;margin-top:0px;margin-bottom:0px">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR>
<TD WIDTH="4%"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD WIDTH="4%" VALIGN="top" ALIGN="left"><FONT STYLE="font-family:Times New Roman" SIZE="2">(a)</FONT></TD>
<TD ALIGN="left" VALIGN="top"> <P ALIGN="justify"><FONT STYLE="font-family:Times New Roman" SIZE="2"><U>Incorporation by Reference</U>. Each warranty and representation made by Guarantor in the Environmental Indemnity Agreement is true, accurate and
complete and is incorporated herein by reference. </FONT></P></TD></TR></TABLE>
 <p STYLE="margin-top:0px;margin-bottom:0px"><FONT SIZE="1">&nbsp;</FONT></P> <P STYLE="margin-top:0px;margin-bottom:0px" ALIGN="center"><FONT STYLE="font-family:Times New Roman" SIZE="2">Exhibit G - 4
</FONT></P>


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<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR>
<TD WIDTH="4%"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD WIDTH="4%" VALIGN="top" ALIGN="left"><FONT STYLE="font-family:Times New Roman" SIZE="2">(b)</FONT></TD>
<TD ALIGN="left" VALIGN="top"> <P ALIGN="justify"><FONT STYLE="font-family:Times New Roman" SIZE="2"><U>Financial Information</U>. Copies of the financial statements of Guarantor have been delivered to Agent and each Lender and each of the same
fairly present Guarantor&#146;s financial condition as of the dates thereof and no material and adverse change has occurred in Guarantor&#146;s financial condition or business since the respective dates thereof; and each financial statement of
Guarantor submitted in the future shall fairly present Guarantor&#146;s financial condition as of the dates thereof. </FONT></P></TD></TR></TABLE> <P STYLE="font-size:10px;margin-top:0px;margin-bottom:0px">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR>
<TD WIDTH="4%"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD WIDTH="4%" VALIGN="top" ALIGN="left"><FONT STYLE="font-family:Times New Roman" SIZE="2">(c)</FONT></TD>
<TD ALIGN="left" VALIGN="top"> <P ALIGN="justify"><FONT STYLE="font-family:Times New Roman" SIZE="2"><U>No Violation</U>. The payment and performance by Guarantor of the Guaranteed Obligations, Guarantor&#146;s obligations under the Loan Agreement,
this Guaranty, the Security Documents, the Environmental Indemnity Agreement, and any other Loan Document, does not and shall not constitute a violation of any law, order, regulation, contract or agreement to which Guarantor is a party or by which
Guarantor or Guarantor&#146;s property may be bound; </FONT></P></TD></TR></TABLE> <P STYLE="font-size:10px;margin-top:0px;margin-bottom:0px">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR>
<TD WIDTH="4%"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD WIDTH="4%" VALIGN="top" ALIGN="left"><FONT STYLE="font-family:Times New Roman" SIZE="2">(d)</FONT></TD>
<TD ALIGN="left" VALIGN="top"> <P ALIGN="justify"><FONT STYLE="font-family:Times New Roman" SIZE="2"><U>No Litigation</U>. There is no material litigation now pending or, to the best of Guarantor&#146;s knowledge threatened in writing, against
Guarantor which, if adversely decided would materially impair the ability of Guarantor to pay and perform the Guaranteed Obligations, Guarantor&#146;s obligations under the Loan Agreement, this Guaranty, the Security Documents, the Environmental
Indemnity Agreement, or any other Loan Document. </FONT></P></TD></TR></TABLE> <P STYLE="font-size:10px;margin-top:0px;margin-bottom:0px">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR>
<TD WIDTH="4%"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD WIDTH="4%" VALIGN="top" ALIGN="left"><FONT STYLE="font-family:Times New Roman" SIZE="2">(e)</FONT></TD>
<TD ALIGN="left" VALIGN="top"> <P ALIGN="justify"><FONT STYLE="font-family:Times New Roman" SIZE="2"><U>Entity Matters</U>. The Guarantor is a duly organized, validly existing entity organized and in good standing under the laws of the State of
Delaware, and has all requisite power and authority to conduct its business and to own its property as now conducted or owned, and is qualified to do business in all jurisdictions where the nature and extent of its business is such that such
qualification is required by law. </FONT></P></TD></TR></TABLE> <P STYLE="font-size:10px;margin-top:0px;margin-bottom:0px">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR>
<TD WIDTH="4%"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD WIDTH="4%" VALIGN="top" ALIGN="left"><FONT STYLE="font-family:Times New Roman" SIZE="2">(f)</FONT></TD>
<TD ALIGN="left" VALIGN="top"> <P ALIGN="justify"><FONT STYLE="font-family:Times New Roman" SIZE="2"><U>Valid and Binding</U>. Each of the Loan Documents to which Guarantor is a party constitutes Guarantor&#146;s legal, valid and binding obligation
in accordance with the respective terms thereof, subject to bankruptcy, insolvency and similar laws of general application affecting the rights and remedies of creditors and with respect to the availability of remedies of specific enforcement
subject to the discretion of the court before which proceedings therefor may be brought. </FONT></P></TD></TR></TABLE> <P STYLE="font-size:10px;margin-top:0px;margin-bottom:0px">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR>
<TD WIDTH="4%"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD WIDTH="4%" VALIGN="top" ALIGN="left"><FONT STYLE="font-family:Times New Roman" SIZE="2">(g)</FONT></TD>
<TD ALIGN="left" VALIGN="top"> <P ALIGN="justify"><FONT STYLE="font-family:Times New Roman" SIZE="2"><U>Solvency</U>. Guarantor is solvent and is not rendered insolvent by the obligations undertaken in this Guaranty. Guarantor is not contemplating
either the filing of a petition or proceeding under any state or federal bankruptcy or insolvency or reorganization laws or the liquidating of all or a major portion of Guarantor&#146;s property, and Guarantor has no knowledge of any such petition
or proceeding being filed against any other Guarantor. </FONT></P></TD></TR></TABLE> <P STYLE="font-size:10px;margin-top:0px;margin-bottom:0px">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR>
<TD WIDTH="4%"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD WIDTH="4%" VALIGN="top" ALIGN="left"><FONT STYLE="font-family:Times New Roman" SIZE="2">(h)</FONT></TD>
<TD ALIGN="left" VALIGN="top"> <P ALIGN="justify"><FONT STYLE="font-family:Times New Roman" SIZE="2"><U>Material Economic Benefit</U>. The granting of the Credit Extensions to Borrower will constitute a material economic benefit to Guarantor.
</FONT></P></TD></TR></TABLE>
 <p STYLE="margin-top:0px;margin-bottom:0px"><FONT SIZE="1">&nbsp;</FONT></P> <P STYLE="margin-top:0px;margin-bottom:0px" ALIGN="center"><FONT STYLE="font-family:Times New Roman" SIZE="2">Exhibit G - 5
</FONT></P>


<p Style='page-break-before:always'>
<HR  SIZE="3" style="COLOR:#999999" WIDTH="100%" ALIGN="CENTER">


 <P STYLE="margin-top:0px;margin-bottom:0px; text-indent:4%" ALIGN="justify"><FONT STYLE="font-family:Times New Roman" SIZE="2">7. <U>Notices</U>. Any notice or other communication in connection with this
Guaranty shall be in writing and (i)&nbsp;deposited in the United States mail, postage prepaid by registered or certified mail, (ii)&nbsp;hand delivered by any commercially recognized courier service or overnight delivery service such as Federal
Express, or (ii)&nbsp;sent by facsimile transmission if a FAX Number is designated below, addressed as follows: </FONT></P>
<P STYLE="margin-top:10px;margin-bottom:0px; text-indent:4%" ALIGN="justify"><FONT STYLE="font-family:Times New Roman" SIZE="2">If to Guarantor: </FONT></P> <P STYLE="font-size:10px;margin-top:0px;margin-bottom:0px">&nbsp;</P>
<TABLE CELLSPACING="0" CELLPADDING="0" WIDTH="40%" BORDER="0" STYLE="BORDER-COLLAPSE:COLLAPSE">


<TR>
<TD WIDTH="34%"></TD>
<TD VALIGN="bottom" WIDTH="1%"></TD>
<TD WIDTH="65%"></TD></TR>


<TR>
<TD VALIGN="top"></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="top"> <P STYLE="margin-top:0px;margin-bottom:1px;border-bottom:1px solid #000000"><FONT STYLE="font-family:Times New Roman" SIZE="2">&nbsp;</FONT></P></TD></TR>
<TR>
<TD VALIGN="top"></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="top"> <P STYLE="margin-top:0px;margin-bottom:0px"><FONT STYLE="font-family:Times New Roman" SIZE="2">44 South Bayles Avenue</FONT></P> <P STYLE="margin-top:0px;margin-bottom:0px"><FONT STYLE="font-family:Times New Roman" SIZE="2">Port
Washington, New York Attention: Philip Mays</FONT></P> <P STYLE="margin-top:0px;margin-bottom:1px"><FONT STYLE="font-family:Times New Roman" SIZE="2">FAX Number: (516)&nbsp;767-6497</FONT></P></TD></TR>
<TR>
<TD HEIGHT="13"></TD>
<TD HEIGHT="13" COLSPAN="2"></TD></TR>
<TR>
<TD VALIGN="top"></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="top"> <P ALIGN="justify"><FONT STYLE="font-family:Times New Roman" SIZE="2">with a copy to:</FONT></P></TD></TR>
</TABLE> <P STYLE="font-size:10px;margin-top:0px;margin-bottom:0px">&nbsp;</P>
<TABLE CELLSPACING="0" CELLPADDING="0" WIDTH="40%" BORDER="0" STYLE="BORDER-COLLAPSE:COLLAPSE">


<TR>
<TD WIDTH="34%"></TD>
<TD VALIGN="bottom" WIDTH="1%"></TD>
<TD WIDTH="65%"></TD></TR>


<TR>
<TD VALIGN="top"></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="top"> <P STYLE="margin-top:0px;margin-bottom:1px;border-bottom:1px solid #000000"><FONT STYLE="font-family:Times New Roman" SIZE="2">&nbsp;</FONT></P></TD></TR>
<TR>
<TD VALIGN="top"></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="top"> <P STYLE="margin-top:0px;margin-bottom:0px"><FONT STYLE="font-family:Times New Roman" SIZE="2">44 South Bayles Avenue</FONT></P> <P STYLE="margin-top:0px;margin-bottom:0px"><FONT STYLE="font-family:Times New Roman" SIZE="2">Port
Washington, New York</FONT></P> <P STYLE="margin-top:0px;margin-bottom:0px"><FONT STYLE="font-family:Times New Roman" SIZE="2">Attention: Stuart Widowski</FONT></P> <P STYLE="margin-top:0px;margin-bottom:1px"><FONT
STYLE="font-family:Times New Roman" SIZE="2">FAX Number: (516)&nbsp;767-6497</FONT></P></TD></TR>
</TABLE> <P STYLE="margin-top:10px;margin-bottom:0px; text-indent:8%" ALIGN="justify"><FONT STYLE="font-family:Times New Roman" SIZE="2">with copies by regular mail or such hand delivery or facsimile transmission to:
</FONT></P> <P STYLE="font-size:10px;margin-top:0px;margin-bottom:0px">&nbsp;</P>
<TABLE CELLSPACING="0" CELLPADDING="0" WIDTH="40%" BORDER="0" STYLE="BORDER-COLLAPSE:COLLAPSE">


<TR>
<TD WIDTH="32%"></TD>
<TD VALIGN="bottom" WIDTH="2%"></TD>
<TD WIDTH="66%"></TD></TR>


<TR>
<TD VALIGN="top"></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="top"> <P STYLE="margin-top:0px;margin-bottom:0px"><FONT STYLE="font-family:Times New Roman" SIZE="2">Stroock&nbsp;&amp;&nbsp;Stroock&nbsp;&amp;&nbsp;Lavan&nbsp;LLP</FONT></P> <P STYLE="margin-top:0px;margin-bottom:0px"><FONT
STYLE="font-family:Times New Roman" SIZE="2">180 Maiden Lane</FONT></P> <P STYLE="margin-top:0px;margin-bottom:0px"><FONT STYLE="font-family:Times New Roman" SIZE="2">New&nbsp;York,&nbsp;New&nbsp;York&nbsp;10038-4982</FONT></P>
<P STYLE="margin-top:0px;margin-bottom:0px"><FONT STYLE="font-family:Times New Roman" SIZE="2">Attention:&nbsp;Karen&nbsp;Scanna,&nbsp;Esquire</FONT></P>
<P STYLE="margin-top:0px;margin-bottom:1px"><FONT STYLE="font-family:Times New Roman" SIZE="2">FAX Number: (212)&nbsp;806-6006</FONT></P></TD></TR>
</TABLE> <P STYLE="margin-top:10px;margin-bottom:0px; text-indent:4%" ALIGN="justify"><FONT STYLE="font-family:Times New Roman" SIZE="2">If to Agent: </FONT></P>
<P STYLE="font-size:10px;margin-top:0px;margin-bottom:0px">&nbsp;</P>
<TABLE CELLSPACING="0" CELLPADDING="0" WIDTH="40%" BORDER="0" STYLE="BORDER-COLLAPSE:COLLAPSE">


<TR>
<TD WIDTH="34%"></TD>
<TD VALIGN="bottom" WIDTH="1%"></TD>
<TD WIDTH="65%"></TD></TR>


<TR>
<TD VALIGN="top"></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="top"> <P STYLE="margin-top:0px;margin-bottom:0px" ALIGN="justify"><FONT STYLE="font-family:Times New Roman" SIZE="2">KeyBank National Association</FONT></P> <P STYLE="margin-top:0px;margin-bottom:0px" ALIGN="justify"><FONT
STYLE="font-family:Times New Roman" SIZE="2">225 Franklin Street</FONT></P> <P STYLE="margin-top:0px;margin-bottom:0px" ALIGN="justify"><FONT STYLE="font-family:Times New Roman" SIZE="2">Boston, Massachusetts 02110</FONT></P>
<P STYLE="margin-top:0px;margin-bottom:0px" ALIGN="justify"><FONT STYLE="font-family:Times New Roman" SIZE="2">Attention: Gregory W. Lane</FONT></P> <P STYLE="margin-top:0px;margin-bottom:1px" ALIGN="justify"><FONT
STYLE="font-family:Times New Roman" SIZE="2">FAX No.: (617)&nbsp;385-6293</FONT></P></TD></TR>
</TABLE> <P STYLE="margin-top:10px;margin-bottom:0px; text-indent:8%" ALIGN="justify"><FONT STYLE="font-family:Times New Roman" SIZE="2">with copies by regular mail or such hand delivery or facsimile transmission to:
</FONT></P> <P STYLE="font-size:10px;margin-top:0px;margin-bottom:0px">&nbsp;</P>
<TABLE CELLSPACING="0" CELLPADDING="0" WIDTH="40%" BORDER="0" STYLE="BORDER-COLLAPSE:COLLAPSE">


<TR>
<TD WIDTH="32%"></TD>
<TD VALIGN="bottom" WIDTH="2%"></TD>
<TD WIDTH="66%"></TD></TR>


<TR>
<TD VALIGN="top"></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="top"> <P STYLE="margin-top:0px;margin-bottom:0px" ALIGN="justify"><FONT STYLE="font-family:Times New Roman" SIZE="2">Riemer&nbsp;&amp; Braunstein LLP</FONT></P> <P STYLE="margin-top:0px;margin-bottom:0px" ALIGN="justify"><FONT
STYLE="font-family:Times New Roman" SIZE="2">Three Center Plaza, Suite 600</FONT></P> <P STYLE="margin-top:0px;margin-bottom:0px" ALIGN="justify"><FONT STYLE="font-family:Times New Roman" SIZE="2">Boston, Massachusetts 02108
Attention:&nbsp;Kevin&nbsp;J.&nbsp;Lyons,&nbsp;Esquire</FONT></P> <P STYLE="margin-top:0px;margin-bottom:1px" ALIGN="justify"><FONT STYLE="font-family:Times New Roman" SIZE="2">FAX No.: (617)&nbsp;880-3456</FONT></P></TD></TR>
</TABLE> <P STYLE="margin-top:10px;margin-bottom:0px" ALIGN="justify"><FONT STYLE="font-family:Times New Roman" SIZE="2">Any such addressee may change its address for such notices to any other address in the United States as
such addressee shall have specified by written notice given as set forth above. </FONT></P>
 <p STYLE="margin-top:0px;margin-bottom:0px"><FONT SIZE="1">&nbsp;</FONT></P> <P STYLE="margin-top:0px;margin-bottom:0px" ALIGN="center"><FONT STYLE="font-family:Times New Roman" SIZE="2">Exhibit G - 6
</FONT></P>


<p Style='page-break-before:always'>
<HR  SIZE="3" style="COLOR:#999999" WIDTH="100%" ALIGN="CENTER">


 <P STYLE="margin-top:0px;margin-bottom:0px; text-indent:4%" ALIGN="justify"><FONT STYLE="font-family:Times New Roman" SIZE="2">All periods of notice shall be measured from the deemed date of delivery. A
notice shall be deemed to have been given, delivered and received upon the earliest of: (i)&nbsp;if sent by such certified or registered mail, on the third Business Day following the date of post-mark, or (ii)&nbsp;if hand delivered by such courier
or overnight delivery service, when so delivered or tendered for delivery during customary business hours on a Business Day at the specified address, or (iii)&nbsp;if so mailed, on the date of actual receipt (or tender of delivery) as evidenced by
the return receipt, or (iv)&nbsp;if so delivered, upon actual receipt, or (v)&nbsp;if facsimile transmission is a permitted means of giving notice, upon receipt an evidenced by confirmation. </FONT></P>
<P STYLE="margin-top:10px;margin-bottom:0px; text-indent:4%" ALIGN="justify"><FONT STYLE="font-family:Times New Roman" SIZE="2">8. <U>No Oral Change</U>. No provision of this Guaranty may be changed, waived, discharged, or terminated orally (in
person or by telephone) or by any other means except by an instrument in writing signed by the party against whom enforcement of the change, waiver or discharge or termination is sought. </FONT></P>
<P STYLE="margin-top:10px;margin-bottom:0px; text-indent:4%" ALIGN="justify"><FONT STYLE="font-family:Times New Roman" SIZE="2">9. <U>Parties Bound; Benefit</U>. This Guaranty shall be binding upon Guarantor and Guarantor&#146;s respective
successors, assigns, heirs and personal representatives and shall be for the benefit of Agent and each Lender, and of any subsequent holder of Agent&#146;s or any Lender&#146;s interest in the Loan and of any owner of a participation interest
therein. In the event the interest of Agent or any other Lender under the Loan Documents is sold or transferred, then the liability of the Guarantor to Agent or such Lender shall then be in favor of both the Agent or Lender originally named herein
and each subsequent holder of Agent&#146;s or Lender&#146;s interest therein, to the extent of their respective interests. </FONT></P> <P STYLE="margin-top:10px;margin-bottom:0px; text-indent:4%" ALIGN="justify"><FONT
STYLE="font-family:Times New Roman" SIZE="2">10. <U>Joint and Several</U>. If there is more than one (1)&nbsp;Guarantor, the obligations of each Guarantor, and such Guarantor&#146;s respective successors, assigns, heirs and personal representatives,
shall be and remain joint and several. </FONT></P> <P STYLE="margin-top:10px;margin-bottom:0px; text-indent:4%" ALIGN="justify"><FONT STYLE="font-family:Times New Roman" SIZE="2">11. <U>Partial Invalidity</U>. Each of the provisions hereof shall be
enforceable against Guarantor to the fullest extent now or hereafter not prohibited by applicable law. The invalidity or unenforceability of any provision hereof shall not limit the validity or enforceability of each other provision hereof.
</FONT></P> <P STYLE="margin-top:10px;margin-bottom:0px; text-indent:4%" ALIGN="justify"><FONT STYLE="font-family:Times New Roman" SIZE="2">12. <U>Governing Law</U>. This Guaranty and the rights and obligations of the parties hereunder shall in all
respects be governed by and construed and enforced in accordance with the internal laws of the State of New York. Agent or any Lender may enforce its rights hereunder and under the other Loan Documents, including, but not limited to, its rights to
sue Guarantor or to collect any outstanding indebtedness in accordance with applicable law. </FONT></P> <P STYLE="margin-top:10px;margin-bottom:0px; text-indent:4%" ALIGN="justify"><FONT STYLE="font-family:Times New Roman" SIZE="2">13. <U>Consent to
Jurisdiction</U>. Each party hereto irrevocably and unconditionally submits, for itself and its property, to the nonexclusive jurisdiction of the courts of the State of New York located within the First Department of the New York State Unified Court
System and of the United States District Court of the Southern District of New York, and any appellate court from any thereof, in any action or proceeding arising out of or relating to this Guaranty or any other loan document, or for recognition or
enforcement of any judgment, and each of the parties hereto irrevocably and unconditionally agrees that all claims in respect of any such action or proceeding may be heard and determined in such New York State Court or, to the fullest extent
permitted by applicable law, in such Federal Court. Each of the parties hereto agrees that a final judgment in any such action or proceeding shall be conclusive and may be enforced in other jurisdictions by suit on the judgment or in any other
manner provided by law. Nothing in this </FONT></P>
 <p STYLE="margin-top:0px;margin-bottom:0px"><FONT SIZE="1">&nbsp;</FONT></P> <P STYLE="margin-top:0px;margin-bottom:0px" ALIGN="center"><FONT STYLE="font-family:Times New Roman" SIZE="2">Exhibit G - 7
</FONT></P>


<p Style='page-break-before:always'>
<HR  SIZE="3" style="COLOR:#999999" WIDTH="100%" ALIGN="CENTER">


 <P STYLE="margin-top:0px;margin-bottom:0px" ALIGN="justify"><FONT STYLE="font-family:Times New Roman" SIZE="2">
Guaranty or in any other Loan Document shall affect any right that the Agent, any Lender or the L/C Issuer may otherwise have to bring any action or proceeding relating to this Guaranty or any
other Loan Document against the Guarantor or any other loan party or its properties in the courts of any jurisdiction. Guarantor hereby agrees and consents that in addition to any methods of service of process provided for under applicable law, all
service of process in any such suit, action or proceeding in any New York State or Federal Court located within the Southern District of the State of New York may be made by certified or registered mail, return receipt requested, directed to
Guarantor at the address indicated in Section&nbsp;7 above and service so made shall be deemed completed five (5)&nbsp;days after the same shall have been so mailed. </FONT></P>
<P STYLE="margin-top:10px;margin-bottom:0px; text-indent:4%" ALIGN="justify"><FONT STYLE="font-family:Times New Roman" SIZE="2">14. <U>Additional Covenant of the Guarantor</U>. Guarantor shall pay, perform, observe and comply with all of the
obligations, terms, covenants and conditions set forth in this Guaranty, the Security Documents, the Environmental Indemnity Agreement, and the other Loan Documents to which Guarantor is a party, and by any provisions of the Loan Agreement
specifically applicable to Guarantor. </FONT></P> <P STYLE="margin-top:10px;margin-bottom:0px; text-indent:4%" ALIGN="justify"><FONT STYLE="font-family:Times New Roman" SIZE="2">15. <U>Subordination</U>. </FONT></P>
<P STYLE="font-size:10px;margin-top:0px;margin-bottom:0px">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR>
<TD WIDTH="4%"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD WIDTH="4%" VALIGN="top" ALIGN="left"><FONT STYLE="font-family:Times New Roman" SIZE="2">(a)</FONT></TD>
<TD ALIGN="left" VALIGN="top"> <P ALIGN="justify"><FONT STYLE="font-family:Times New Roman" SIZE="2">Except as may be otherwise specifically provided for in the Loan Agreement with respect to Permitted Distributions, any indebtedness of Borrower to
Guarantor, or to any affiliated entity, now or hereafter existing together with any interest thereon shall be, and such indebtedness is, hereby deferred, postponed and subordinated to the prior, full and Non-Contestable Payment and satisfaction of
all Obligations of Borrower to the Agent and the Lenders. Payment and satisfaction of the Obligations shall be deemed &#147;Non-Contestable Payment&#148; only upon such payment and satisfaction and the expiration of all periods of time within which
a claim for the recovery of a preferential payment, or fraudulent conveyance, or fraudulent transfer, in respect of payments received by Agent or any Lender as to the Obligations could be filed or asserted with: (A)&nbsp;no such claim having been
filed or asserted, or (B)&nbsp;if so filed or asserted, the final, non-appealable decision of a court of competent jurisdiction denying the claim or assertion. </FONT></P></TD></TR></TABLE>
<P STYLE="font-size:10px;margin-top:0px;margin-bottom:0px">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR>
<TD WIDTH="4%"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD WIDTH="4%" VALIGN="top" ALIGN="left"><FONT STYLE="font-family:Times New Roman" SIZE="2">(b)</FONT></TD>
<TD ALIGN="left" VALIGN="top"> <P ALIGN="justify"><FONT STYLE="font-family:Times New Roman" SIZE="2">Except as may be otherwise specifically provided for in the Loan Agreement with respect to Permitted Distributions, at all times until the full and
Non-Contestable Payment and satisfaction of the Obligations of Borrower to Agent and the Lenders with respect to the Loan (and including interest accruing on the Loan Advances after the commencement of a case by or against Borrower under any Debtor
Relief Laws now or hereafter in effect, which interest the parties agree shall remain a claim that is prior and superior to any claim of Guarantor or any affiliated entity notwithstanding any contrary practice, custom or ruling in cases under the
Debtor Relief Laws, as now or hereafter in effect, generally), Guarantor, and each affiliated entity, agrees not to accept any payment or satisfaction for any kind of indebtedness of Borrower to Guarantor, or any affiliated entity, and hereby
assigns such indebtedness to Agent, on behalf of the Lenders, including, but not limited to, the right to file proofs of claim and to vote thereon in connection with any such case under any Debtor Relief Laws, as now or hereafter in effect, and the
right to vote on any plan of reorganization. </FONT></P></TD></TR></TABLE>
 <p STYLE="margin-top:0px;margin-bottom:0px"><FONT SIZE="1">&nbsp;</FONT></P> <P STYLE="margin-top:0px;margin-bottom:0px" ALIGN="center"><FONT STYLE="font-family:Times New Roman" SIZE="2">Exhibit G - 8
</FONT></P>


<p Style='page-break-before:always'>
<HR  SIZE="3" style="COLOR:#999999" WIDTH="100%" ALIGN="CENTER">



<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR>
<TD WIDTH="4%"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD WIDTH="4%" VALIGN="top" ALIGN="left"><FONT STYLE="font-family:Times New Roman" SIZE="2">(c)</FONT></TD>
<TD ALIGN="left" VALIGN="top"> <P ALIGN="justify"><FONT STYLE="font-family:Times New Roman" SIZE="2">Any mortgage, security interest, lien or charge on the Collateral, all rights therein and thereto, and on the revenue and income to be realized
therefrom, which Guarantor, or any affiliated entity, may have or obtain as security for any loans, advances, indebtedness or costs, shall be, and such mortgage, security interest, lien or charge hereby is, subordinated to the full and
Non-Contestable Payment and satisfaction of all Obligations of Borrower to Agent and the Lenders. </FONT></P></TD></TR></TABLE> <P STYLE="font-size:10px;margin-top:0px;margin-bottom:0px">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR>
<TD WIDTH="4%"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD WIDTH="4%" VALIGN="top" ALIGN="left"><FONT STYLE="font-family:Times New Roman" SIZE="2">(d)</FONT></TD>
<TD ALIGN="left" VALIGN="top"> <P ALIGN="justify"><FONT STYLE="font-family:Times New Roman" SIZE="2">In addition to the foregoing, and not in limitation thereof, until the full payment and satisfaction of all Obligations of Borrower to Agent and the
Lenders, any claims of Guarantor, or any affiliated entity, of subrogation, contribution, reimbursement, exoneration, indemnification, or reimbursement arising out of any payment made on this Guaranty, whether such claim is based upon an express or
implied contract, or operation of law, are hereby waived; <U>provided</U>, <U>however</U>, unless Agent otherwise expressly agrees in writing, such waiver by Guarantor shall not be effective to the extent that by virtue thereof Guarantor&#146;s
liability under this Guaranty or under any other Loan Document is rendered invalid, voidable, or unenforceable under any applicable state or federal law dealing with the recovery or avoidance of so-called preferences or fraudulent conveyances or
otherwise. </FONT></P></TD></TR></TABLE> <P STYLE="margin-top:10px;margin-bottom:0px; text-indent:4%" ALIGN="justify"><FONT STYLE="font-family:Times New Roman" SIZE="2">16. <U>Legal Fees, Costs and Expenses</U>. Guarantor further agrees to pay
within thirty (30)&nbsp;days after demand all costs and expenses reasonably incurred by Agent and the Lenders, or their successors or assigns, in connection with enforcing any of the rights or remedies of Agent or any Lender, or such successors or
assigns, under or with respect to this Guaranty including, but not limited to, attorneys&#146; fees and the out-of-pocket expenses and disbursements of such attorneys. Any such amounts which are not paid within thirty (30)&nbsp;days of demand
therefor shall bear interest at the Default Rate from the date of demand until paid. </FONT></P> <P STYLE="margin-top:10px;margin-bottom:0px; text-indent:4%" ALIGN="justify"><FONT STYLE="font-family:Times New Roman" SIZE="2">17. <U>Setoff</U>.
Subject to the terms of this Section&nbsp;17, Guarantor hereby grants to Agent and each of the Lenders, a lien, security interest and right of setoff as security for all liabilities and obligations to Agent and the Lenders, whether now existing or
hereafter arising, upon and against all deposits, credits, collateral and property, now or hereafter in the possession, custody, safekeeping or control of Agent or any Lender or any entity under the control of Agent or Lender, or in transit to any
of them. At any time, from and after the occurrence of and during the continuance of an Event of Default, Agent or any Lender may set off the same or any part thereof and apply the same to any liability or obligation of Guarantor even though
unmatured and regardless of the adequacy of any other collateral securing the Loan. Within five (5)&nbsp;Business Days of making any such set-off, Agent agrees to notify Guarantor thereof, provided that the failure by Agent to give such notice shall
not affect the validity of such set-off. ANY AND ALL RIGHTS TO REQUIRE AGENT OR ANY LENDER TO EXERCISE ITS RIGHTS OR REMEDIES WITH RESPECT TO ANY OTHER COLLATERAL WHICH SECURES THE LOAN, PRIOR TO EXERCISING ITS RIGHT OF SETOFF WITH RESPECT TO SUCH
DEPOSITS, CREDITS OR OTHER PROPERTY OF THE GUARANTOR, ARE HEREBY KNOWINGLY, VOLUNTARILY AND IRREVOCABLY WAIVED. </FONT></P>
 <p STYLE="margin-top:0px;margin-bottom:0px"><FONT SIZE="1">&nbsp;</FONT></P> <P STYLE="margin-top:0px;margin-bottom:0px" ALIGN="center"><FONT STYLE="font-family:Times New Roman" SIZE="2">Exhibit G - 9
</FONT></P>


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 <P STYLE="margin-top:0px;margin-bottom:0px; text-indent:4%" ALIGN="justify"><FONT STYLE="font-family:Times New Roman" SIZE="2">18. <U>Counterparts</U>. Delivery of executed counterparts of this Guaranty
by telecopy or other electronic means shall be effective as an original. </FONT></P>
 <p STYLE="margin-top:0px;margin-bottom:0px"><FONT SIZE="1">&nbsp;</FONT></P> <P STYLE="margin-top:0px;margin-bottom:0px" ALIGN="center"><FONT STYLE="font-family:Times New Roman" SIZE="2">Exhibit G - 10
</FONT></P>


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 <P STYLE="margin-top:0px;margin-bottom:0px; text-indent:4%" ALIGN="justify"><FONT STYLE="font-family:Times New Roman" SIZE="2">Witness the execution and delivery hereof as an instrument under seal as of
the &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;day of &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;, 20__. </FONT></P>
<P STYLE="margin-top:10px;margin-bottom:0px; margin-left:54%; text-indent:-2%"><FONT STYLE="font-family:Times New Roman" SIZE="2">GUARANTOR: </FONT></P> <P STYLE="margin-top:10px;margin-bottom:0px; margin-left:54%; text-indent:-2%"><FONT
STYLE="font-family:Times New Roman" SIZE="2">[<B><I>INSERT SIGNATURE BLOCK</I></B>] </FONT></P>
 <p STYLE="margin-top:0px;margin-bottom:0px"><FONT SIZE="1">&nbsp;</FONT></P> <P STYLE="margin-top:0px;margin-bottom:0px" ALIGN="center"><FONT STYLE="font-family:Times New Roman" SIZE="2">[SIGNATURE
PAGE TO GUARANTY] </FONT></P>


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 <P STYLE="margin-top:0px;margin-bottom:0px" ALIGN="right"><FONT STYLE="font-family:Times New Roman" SIZE="2"><B><I>EXHIBIT H </I></B></FONT></P>
<P STYLE="margin-top:10px;margin-bottom:0px" ALIGN="center"><FONT STYLE="font-family:Times New Roman" SIZE="2"><B>FORM OF </B></FONT></P>
<P STYLE="margin-top:0px;margin-bottom:0px" ALIGN="center"><FONT STYLE="font-family:Times New Roman" SIZE="2"><B>ENVIRONMENTAL INDEMNITY AGREEMENT </B></FONT></P> <P STYLE="margin-top:10px;margin-bottom:0px" ALIGN="center"><FONT
STYLE="font-family:Times New Roman" SIZE="3"><B><U>ENVIRONMENTAL COMPLIANCE AND INDEMNITY AGREEMENT </U></B></FONT></P>
<P STYLE="margin-top:10px;margin-bottom:0px; text-indent:4%" ALIGN="justify"><FONT STYLE="font-family:Times New Roman" SIZE="2">This Environmental Compliance and Indemnity Agreement (hereinafter, the &#147;<U>Environmental Indemnity
Agreement</U>&#148; or &#147;<U>Agreement</U>&#148;) is given pursuant to the terms and conditions of a certain Amended, Restated and Consolidated Loan Agreement, dated January &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;, 2012 (as amended,
restated, extended, supplemented or otherwise modified in writing from time to time, the &#147;<U>Loan Agreement</U>&#148;), among CEDAR REALTY TRUST PARTNERSHIP, L.P., formerly known as Cedar Shopping Centers Partnership, L.P. (the
&#147;<U>Borrower</U>&#148;), the Lenders from time to time party thereto, and KEYBANK NATIONAL ASSOCIATION, as Administrative Agent and L/C Issuer (in such capacity as Administrative Agent, the &#147;<U>Agent</U>&#148;). Capitalized terms used
herein and not otherwise specifically defined shall have the same meaning herein as in the Loan Agreement. </FONT></P> <P STYLE="margin-top:10px;margin-bottom:0px; text-indent:4%" ALIGN="justify"><FONT STYLE="font-family:Times New Roman" SIZE="2">As
used herein: </FONT></P> <P STYLE="margin-top:10px;margin-bottom:0px; text-indent:4%" ALIGN="justify"><FONT STYLE="font-family:Times New Roman" SIZE="2">(A) The term &#147;Environmental Legal Requirements&#148; shall mean all applicable present or
future federal, state, county and local laws, by-laws, rules, regulations, codes and ordinances, or any judicial or administrative interpretations thereof, and the requirements of any governmental agency or authority having or claiming jurisdiction
with respect thereto, applicable to the regulation or protection of the environment, the health and safety of persons and property and all other environmental matters and shall include, but not be limited to, all orders, decrees, judgments and
rulings imposed through any public or private enforcement proceedings, relating to Hazardous Materials or the existence, use, discharge, release, containment, transportation, generation, storage, management or disposal thereof, or otherwise
regulating or providing for the protection of the environment applicable to the Property and relating to Hazardous Materials, or to the existence, use, discharge, release or disposal thereof. Environmental Legal Requirements presently include, but
are not limited to, the following laws: Comprehensive Environmental Response Compensation and Liability Act (42 U.S.C. &#167;9601 <U>et</U> <U>seq</U>.), the Hazardous Materials Transportation Act (49 U.S.C. &#167;1801 <U>et</U> <U>seq</U>.), the
Public Health Service Act (42 U.S.C. &#167;300(f) <U>et</U> <U>seq</U>.) , the Pollution Prevention Act (42 U.S.C. &#167;13101 <U>et</U> <U>seq</U>.), the Federal Insecticide, Fungicide and Rodenticide Act (7 U.S.C. &#167;136 <U>et</U> <U>seq</U>.),
the Resource Conservation and Recovery Act (42 U.S.C. &#167;6901 <U>et</U> <U>seq</U>.), the Federal Clean Water Act (33 U.S.C. &#167;1251 <U>et</U> <U>seq</U>.), The Federal Clean Air Act (42 U.S.C. &#167;7401 <U>et</U> <U>seq</U>.), and the
applicable laws and regulations of the State in which the applicable Property is located. </FONT></P> <P STYLE="margin-top:10px;margin-bottom:0px; text-indent:4%" ALIGN="justify"><FONT STYLE="font-family:Times New Roman" SIZE="2">(B) The term
&#147;Hazardous Materials&#148; shall mean asbestos, mold, flammable materials, explosives, radioactive or nuclear substances, polychlorinated biphenyls, other carcinogens, oil and other petroleum products, radon gas, urea formaldehyde, chemicals,
gases, solvents, pollutants, contaminants, and any other hazardous or toxic materials, wastes and substances which are defined, determined or identified as such in any present or future federal, state or local laws, by-laws, rules, regulations,
codes or ordinances or any judicial or administrative interpretation thereof. </FONT></P> <P STYLE="font-size:10px;margin-top:0px;margin-bottom:0px"><FONT SIZE="1">&nbsp;</FONT></P>

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 <P STYLE="margin-top:0px;margin-bottom:0px; text-indent:4%" ALIGN="justify"><FONT STYLE="font-family:Times New Roman" SIZE="2">(C) The term &#147;Property&#148; shall mean the land owned by Guarantor and
identified on Schedule 1 attached hereto. </FONT></P> <P STYLE="margin-top:10px;margin-bottom:0px; text-indent:4%" ALIGN="justify"><FONT STYLE="font-family:Times New Roman" SIZE="2">(D) The term &#147;Surrounding Property&#148; shall mean any
property located within one hundred (100)&nbsp;feet of the perimeter of each Property. </FONT></P> <P STYLE="margin-top:10px;margin-bottom:0px; text-indent:4%" ALIGN="justify"><FONT STYLE="font-family:Times New Roman" SIZE="2">(E) The term
&#147;Guarantor&#148; shall mean, jointly and severally, &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;and Cedar Realty Trust, Inc. </FONT></P> <P STYLE="margin-top:10px;margin-bottom:0px; text-indent:4%" ALIGN="justify"><FONT
STYLE="font-family:Times New Roman" SIZE="2">(F) The term &#147;Indemnitors&#148; shall mean Borrower and Guarantor. </FONT></P> <P STYLE="margin-top:10px;margin-bottom:0px; text-indent:4%" ALIGN="justify"><FONT
STYLE="font-family:Times New Roman" SIZE="2">(G) The term &#147;Indemnified Party&#148; shall mean: (i)&nbsp;Agent and each of the Lenders; (ii)&nbsp;all those claiming by, through or under Agent or any Lender, including any subsequent holder of the
Loan and any present or future owner of a participation interest therein; (iii)&nbsp;any subsequent owner or tenant of all or any portion of the Property following the exercise by Agent of its rights under the Loan Agreement, the Guaranty or the
other Loan Documents, including, but not limited to, a foreclosure sale or deed in lieu thereof; and (iv)&nbsp;as to each of the foregoing, their respective affiliate, parent and subsidiary corporations, and, as applicable, the respective officers,
directors, stockholders, agents, employees, accountants and attorneys of any one or more of them, and any person, firm or entity which controls, is controlled by, controlling, or under common control with, any one or more of them. </FONT></P>
<P STYLE="margin-top:10px;margin-bottom:0px; text-indent:4%" ALIGN="justify"><FONT STYLE="font-family:Times New Roman" SIZE="2">(H) The term &#147;Environmental Enforcement Action&#148; shall mean all actions, orders, requirements or liens
instituted, threatened in writing, required, completed, imposed or placed by any governmental authority and all claims made or threatened in writing by any other person against or with respect to the Property, or any present or past owner or
occupant thereof, arising out of or in connection with any of the Environmental Legal Requirements, any environmental condition, or the assessment, monitoring, clean-up, containment, remediation or removal of, or damages caused or alleged to be
caused by, any Hazardous Materials (i)&nbsp;located on or under the Property, or (ii)&nbsp;emanating from the Property. </FONT></P> <P STYLE="margin-top:10px;margin-bottom:0px; text-indent:4%" ALIGN="justify"><FONT
STYLE="font-family:Times New Roman" SIZE="2">(I) The terms &#147;generated,&#148; &#147;stored,&#148; &#147;transported,&#148; &#147;utilized,&#148; &#147;disposed,&#148; &#147;managed,&#148; &#147;released&#148; and &#147;threat of release,&#148;
and all conjugates thereof, shall have the meanings and definitions set forth in the Environmental Legal Requirements. </FONT></P> <P STYLE="margin-top:10px;margin-bottom:0px; text-indent:4%" ALIGN="justify"><FONT
STYLE="font-family:Times New Roman" SIZE="2">(J) The term &#147;Environmental Reports&#148; shall mean those written reports with respect to environmental matters affecting the Property furnished to the Agent prior to the execution of this
Agreement. </FONT></P>
 <p STYLE="margin-top:0px;margin-bottom:0px"><FONT SIZE="1">&nbsp;</FONT></P> <P STYLE="margin-top:0px;margin-bottom:0px" ALIGN="center"><FONT STYLE="font-family:Times New Roman" SIZE="2">Exhibit H - 2
</FONT></P>


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 <P STYLE="margin-top:0px;margin-bottom:0px; text-indent:4%" ALIGN="justify"><FONT STYLE="font-family:Times New Roman" SIZE="2">FOR VALUE RECEIVED, and to induce Agent and the Lenders to grant the Loan
and extend credit to the Borrower as provided for in the Loan Agreement and the other Loan Documents, Indemnitors hereby unconditionally agree as follows: </FONT></P> <P STYLE="margin-top:10px;margin-bottom:0px; text-indent:4%" ALIGN="justify"><FONT
STYLE="font-family:Times New Roman" SIZE="2">1. <U>Compliance with Environmental Legal Requirements</U>. </FONT></P> <P STYLE="margin-top:10px;margin-bottom:0px; text-indent:4%" ALIGN="justify"><FONT STYLE="font-family:Times New Roman" SIZE="2">1.1
<U>Compliance</U>. Until the full satisfaction of the Obligations, and full satisfaction of the Guaranteed Obligations (as defined in the Guaranty executed by the Guarantor), as applicable, the Indemnitors hereby guaranty that the Indemnitors shall
comply in all materials respects with all Environmental Legal Requirements applicable to the Property, and that the Indemnitors shall take all remedial action necessary to avoid any liability of the Indemnitors or any Indemnified Party, or any
subsequent owner of the Property, and to avoid the imposition of, or to discharge (by payment, bonding, or otherwise), any liens on the Property, as a result of any failure to comply with Environmental Legal Requirements applicable to the Property.
</FONT></P> <P STYLE="margin-top:10px;margin-bottom:0px; text-indent:4%" ALIGN="justify"><FONT STYLE="font-family:Times New Roman" SIZE="2">1.2 <U>Prohibitions</U>. Without limitation upon the generality of foregoing, Indemnitors and each of them
agree that they: </FONT></P> <P STYLE="margin-top:10px;margin-bottom:0px; margin-left:4%; text-indent:4%" ALIGN="justify"><FONT STYLE="font-family:Times New Roman" SIZE="2">(a) shall not release or permit any release of any Hazardous Materials on
the Property; </FONT></P> <P STYLE="margin-top:10px;margin-bottom:0px; margin-left:4%; text-indent:4%" ALIGN="justify"><FONT STYLE="font-family:Times New Roman" SIZE="2">(b) shall not generate or permit any Hazardous Materials to be generated on the
Property; </FONT></P> <P STYLE="margin-top:10px;margin-bottom:0px; margin-left:4%; text-indent:4%" ALIGN="justify"><FONT STYLE="font-family:Times New Roman" SIZE="2">(c) shall not except in strict compliance with all Environmental Legal
Requirements, store, or utilize, or permit any Hazardous Materials to be stored or utilized on the Property; </FONT></P> <P STYLE="margin-top:10px;margin-bottom:0px; margin-left:4%; text-indent:4%" ALIGN="justify"><FONT
STYLE="font-family:Times New Roman" SIZE="2">(d) shall not dispose of or permit any Hazardous Materials to be disposed of on the Property; </FONT></P> <P STYLE="margin-top:10px;margin-bottom:0px; margin-left:4%; text-indent:4%" ALIGN="justify"><FONT
STYLE="font-family:Times New Roman" SIZE="2">(e) shall not fail to operate, maintain, repair and use the Property in accordance with all Environmental Legal Requirements; or </FONT></P>
<P STYLE="margin-top:10px;margin-bottom:0px; margin-left:4%; text-indent:4%" ALIGN="justify"><FONT STYLE="font-family:Times New Roman" SIZE="2">(f) shall use commercially reasonable efforts not to allow, permit or suffer any other person or entity
to operate, maintain, repair and use the Property except in accordance with Environmental Legal Requirements. </FONT></P>
<P STYLE="margin-top:10px;margin-bottom:0px; text-indent:4%" ALIGN="justify"><FONT STYLE="font-family:Times New Roman" SIZE="2">2. <U>Notice of Conditions</U>. Indemnitors shall provide Agent with prompt written notice, but in no event later than
ten (10)&nbsp;Business Days after obtaining any actual knowledge or actual notice thereof, of any of the following conditions: (i)&nbsp;the presence, or any release or threat of release, of any Hazardous Materials on, under or from the Property,
whether or not caused by any of the Indemnitors; (ii)&nbsp;any Environmental Enforcement Action instituted or threatened with respect to the Property; or (iii)&nbsp;any condition or occurrence on the Property that may constitute a violation of any
of the Environmental Legal Requirements with respect to the Property. </FONT></P> <P STYLE="margin-top:10px;margin-bottom:0px; text-indent:4%" ALIGN="justify"><FONT STYLE="font-family:Times New Roman" SIZE="2">3. <U>Indemnitors&#146; Agreement to
Take Remedial Actions</U>. </FONT></P> <P STYLE="margin-top:10px;margin-bottom:0px; text-indent:4%" ALIGN="justify"><FONT STYLE="font-family:Times New Roman" SIZE="2">3.1 <U>Remedial Actions</U>. Upon any of the Indemnitors becoming aware of the
violation of any Environmental Legal Requirement related to the Property, or the presence, or any release or any threat of release, of any Hazardous Materials on, under, or from the Property, whether or not caused by any of the Indemnitors,
Indemnitors shall, subject to the rights to contest set forth </FONT></P>
 <p STYLE="margin-top:0px;margin-bottom:0px"><FONT SIZE="1">&nbsp;</FONT></P> <P STYLE="margin-top:0px;margin-bottom:0px" ALIGN="center"><FONT STYLE="font-family:Times New Roman" SIZE="2">Exhibit H - 3
</FONT></P>


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 <P STYLE="margin-top:0px;margin-bottom:0px" ALIGN="justify"><FONT STYLE="font-family:Times New Roman" SIZE="2">
in Section&nbsp;6, immediately take all actions to cure or eliminate any such violation of any such Environmental Legal Requirement and, where required by any such Environmental Legal
Requirement, to arrange for the assessment, monitoring, clean-up, containment, removal, remediation, or restoration of the Property. </FONT></P> <P STYLE="margin-top:10px;margin-bottom:0px; text-indent:4%" ALIGN="justify"><FONT
STYLE="font-family:Times New Roman" SIZE="2">3.2 <U>Security For Costs</U>. If the potential costs associated with the actions required in Section&nbsp;3.1, the release of any lien against the Property, and the release or other satisfaction of the
liability, if any, of any of the Indemnitors with respect to the Property arising under or related to any of the Environmental Legal Requirements or any Environmental Enforcement Action are determined by Agent, in good faith, to exceed $500,000.00,
Agent shall have the right to require the Indemnitors to provide, and the Indemnitors shall provide, within thirty (30)&nbsp;days after written request therefor, a bond, letter of credit or other similar financial assurance, in form and substance
satisfactory to Agent, in its good faith judgment, evidencing to Agent&#146;s reasonable satisfaction that the necessary financial resources will be unconditionally available to pay for all of the foregoing. </FONT></P>
<P STYLE="margin-top:10px;margin-bottom:0px; text-indent:4%" ALIGN="justify"><FONT STYLE="font-family:Times New Roman" SIZE="2">3.3 <U>Environmental Assessments</U>. Agent shall have the right to require the Indemnitors, at their own cost and
expense, to obtain a professional environmental assessment of the Property in accordance with Agent&#146;s then standard environmental assessment requirements and sufficient in scope to comply with the requirements of Section&nbsp;4 upon the
occurrence of any one or more of the following events: (i)&nbsp;an Event of Default, or (ii)&nbsp;upon receipt of any notice of any of the conditions specified in Section&nbsp;2 of this Agreement. </FONT></P>
<P STYLE="margin-top:10px;margin-bottom:0px; text-indent:4%" ALIGN="justify"><FONT STYLE="font-family:Times New Roman" SIZE="2">4. <U>Agent&#146;s Rights to Inspect the Property and Take Remedial Actions</U>. </FONT></P>
<P STYLE="margin-top:10px;margin-bottom:0px; text-indent:4%" ALIGN="justify"><FONT STYLE="font-family:Times New Roman" SIZE="2">4.1 <U>Agent&#146;s Rights</U>. So long as any of the Loan Documents shall remain in force and effect, Agent shall have
the right, but not the obligation, through such representatives or independent contractors as it may designate, to enter upon the Property, at reasonable times and upon reasonable notice to the Indemnitors and subject to the rights of any tenants at
the Property, and to expend funds to: </FONT></P> <P STYLE="margin-top:10px;margin-bottom:0px; margin-left:4%; text-indent:4%" ALIGN="justify"><FONT STYLE="font-family:Times New Roman" SIZE="2">(a) <U>Assessments</U>. Cause one (1)&nbsp;or more
environmental assessments of the Property to be undertaken, if Agent in its reasonable discretion determines that any of the conditions set forth in Section&nbsp;2 exists. Such environmental assessments may include, without limitation, (A)detailed
visual inspections of the Property, including without limitation all storage areas, storage tanks, drains, drywells and leaching areas; (B)&nbsp;the taking of soils and surface and sub-surface water samples; (C)&nbsp;the performance of soils and
ground water analysis; and (D)&nbsp;the performance of such other investigations or analysis as are reasonably necessary and consistent with sound professional environmental engineering practice in order for Agent to obtain a complete assessment of
the compliance of the Property and the use thereof with all Environmental Legal Requirements and to make a determination as to whether or not any of the conditions set forth in Section&nbsp;2 exists; </FONT></P>
<P STYLE="margin-top:10px;margin-bottom:0px; margin-left:4%; text-indent:4%" ALIGN="justify"><FONT STYLE="font-family:Times New Roman" SIZE="2">(b) <U>Cure</U>. Cure any breach of the representations, warranties, covenants and conditions made by or
imposed upon Indemnitors under this Agreement including without limitation any violation by any of Indemnitors, or by the Property, or by any other occupant, prior occupant or prior owner thereof, of any of the Environmental Legal Requirements
applicable to the Property; </FONT></P>
 <p STYLE="margin-top:0px;margin-bottom:0px"><FONT SIZE="1">&nbsp;</FONT></P> <P STYLE="margin-top:0px;margin-bottom:0px" ALIGN="center"><FONT STYLE="font-family:Times New Roman" SIZE="2">Exhibit H - 4
</FONT></P>


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 <P STYLE="margin-top:0px;margin-bottom:0px; margin-left:4%; text-indent:4%" ALIGN="justify"><FONT STYLE="font-family:Times New Roman" SIZE="2">(c) <U>Prevention and Precaution</U>. Take all actions as
are necessary to (i)&nbsp;prevent the migration of Hazardous Materials on, under, or from the Property to any other property; (ii)&nbsp;clean-up, contain, remediate or remove any Hazardous Materials on, under, or from any other property which
Hazardous Materials originated on, under, or from the Property; or (iii)&nbsp;prevent the migration of any Hazardous Materials on, under, or from any other property to the Property; </FONT></P>
<P STYLE="margin-top:10px;margin-bottom:0px; margin-left:4%; text-indent:4%" ALIGN="justify"><FONT STYLE="font-family:Times New Roman" SIZE="2">(d) <U>Environmental Enforcement Actions</U>. Comply with, settle, or otherwise satisfy any Environmental
Enforcement Action including, but not limited to, the payment of any funds or penalties imposed by any governmental authority and the payment of all amounts required to remove any lien or threat of lien on or affecting the Property; provided,
however, that the Agent shall not be permitted to take any such action so long as (i)&nbsp;the Borrower, or any other Indemnitor, is exercising its rights under Section&nbsp;6 of this Agreement, and (ii)&nbsp;no Event of Default has occurred and is
continuing; and </FONT></P> <P STYLE="margin-top:10px;margin-bottom:0px; margin-left:4%; text-indent:4%" ALIGN="justify"><FONT STYLE="font-family:Times New Roman" SIZE="2">(e) <U>General</U>. Comply with, settle, or otherwise satisfy any
Environmental Legal Requirement and correct or abate any environmental condition on, or which threatens, the Property and which could cause damage or injury to the Property or to any person; provided, however, that the Agent shall not be permitted
to take any such action so long as (i)&nbsp;the Borrower, or any other Indemnitor, is exercising its rights under Section&nbsp;6 of this Agreement, and (ii)&nbsp;no Event of Default has occurred and is continuing. </FONT></P>
<P STYLE="margin-top:10px;margin-bottom:0px; text-indent:4%" ALIGN="justify"><FONT STYLE="font-family:Times New Roman" SIZE="2">4.2 <U>Recovery of Costs</U>. Any amounts paid or advanced by Agent or any Lender and all costs and expenditures incurred
in connection with any action taken pursuant to the terms of this Agreement, including but not limited to reasonable environmental consultants&#146; and experts&#146; fees and expenses, reasonable attorneys&#146; fees and expenses, court costs and
all costs of assessment monitoring clean-up, containment, remediation, removal and restoration, with interest thereon at the Default Rate, shall be a demand obligation of Indemnitors to Agent and, to the extent not prohibited by law, and so long as
the Borrower&#146;s Obligations and the Guaranteed Obligations are outstanding, shall be added to the obligations secured by the Security Documents when paid by Agent or any Lender and shall be secured by the lien on the Collateral and the other
Security Documents as fully and as effectively and with the same priority as every other obligation secured thereby. </FONT></P> <P STYLE="margin-top:10px;margin-bottom:0px; text-indent:4%" ALIGN="justify"><FONT
STYLE="font-family:Times New Roman" SIZE="2">4.3 <U>Agent and the Lenders Not Responsible</U>. The exercise by Agent or any Lender of any one or more of the rights and remedies set forth in this Section&nbsp;4 shall not operate or be deemed
(i)&nbsp;to place upon Agent or any Lender any responsibility for the operation, control, care, service, management, maintenance or repair of the Property, or (ii)&nbsp;make Agent or any Lender the &#147;owner&#148; or &#147;operator&#148; of the
Property or a &#147;responsible party&#148; within the meaning of any of the Environmental Legal Requirements. </FONT></P>
<P STYLE="margin-top:10px;margin-bottom:0px; text-indent:4%" ALIGN="justify"><FONT STYLE="font-family:Times New Roman" SIZE="2">4.4 <U>Agent&#146;s and the Lenders&#146; Subrogation</U>. Furthermore, Agent and/or any Lender by making any such
payment or incurring any such costs shall be subrogated to all rights of each of Indemnitors or any other occupant of the Property to seek reimbursement from any other person including, without limitation, any predecessor, owner or occupant of the
Property who may be a &#147;responsible party&#148; under any of the Environmental Legal Requirements in connection with the presence of Hazardous Materials on or under or which emanated from, the Property. </FONT></P>
 <p STYLE="margin-top:0px;margin-bottom:0px"><FONT SIZE="1">&nbsp;</FONT></P> <P STYLE="margin-top:0px;margin-bottom:0px" ALIGN="center"><FONT STYLE="font-family:Times New Roman" SIZE="2">Exhibit H - 5
</FONT></P>


<p Style='page-break-before:always'>
<HR  SIZE="3" style="COLOR:#999999" WIDTH="100%" ALIGN="CENTER">


 <P STYLE="margin-top:0px;margin-bottom:0px; text-indent:4%" ALIGN="justify"><FONT STYLE="font-family:Times New Roman" SIZE="2">4.5 <U>Agent/Lender May Stop</U>. Without limiting the generality of the
other provisions of this Agreement, any partial exercise by Agent or any Lender of any one or more the rights and remedies set forth in this Section&nbsp;4 including, without limitation, any partial undertaking on the part of Agent or any Lender to
cure any failure by any of the Indemnitors, or of the Property, or any other occupant, prior occupant or prior owner thereof, to comply with any of the Environmental Legal Requirements shall not obligate Agent or any Lender to complete such actions
taken or require Agent or any Lender to expend further sums to cure such non-compliance. </FONT></P> <P STYLE="margin-top:10px;margin-bottom:0px; text-indent:4%" ALIGN="justify"><FONT STYLE="font-family:Times New Roman" SIZE="2">5.
<U>Indemnification</U>. At all times, both before and after the repayment of the Loan, Indemnitors hereby jointly and severally agree that they shall at their sole cost and expense indemnify, defend, exonerate, protect and save harmless each
Indemnified Party against and from any and all damages, losses, liabilities, obligations, penalties, claims, litigation, demands, defenses, judgment, suits, proceedings, costs, disbursements or expenses of any kind or nature whatsoever, including,
without limitation, reasonable attorneys&#146; and experts&#146; fees and disbursements, which may at any time be imposed upon, incurred by or asserted or awarded against any Indemnified Party and arising from or out of: </FONT></P>
<P STYLE="margin-top:10px;margin-bottom:0px; text-indent:4%" ALIGN="justify"><FONT STYLE="font-family:Times New Roman" SIZE="2">5.1 <U>Hazardous Materials</U>. Any Hazardous Materials on, in, under, affecting or emanating from all or any portion of
the Property on or before the date hereof, or which may hereafter affect all or any portion of the Property, whenever discovered; </FONT></P> <P STYLE="margin-top:10px;margin-bottom:0px; text-indent:4%" ALIGN="justify"><FONT
STYLE="font-family:Times New Roman" SIZE="2">5.2 <U>Environmental Legal Requirements</U>. The violation of any Environmental Legal Requirement by any Indemnitor, or with respect to the Property, existing on or before the date hereof or which may so
exist in the future, whenever discovered; </FONT></P> <P STYLE="margin-top:10px;margin-bottom:0px; text-indent:4%" ALIGN="justify"><FONT STYLE="font-family:Times New Roman" SIZE="2">5.3 <U>Breach of Warranty, Representation or Covenant</U>. Any
breach of warranty or representation or covenant made by any Indemnitor under or pursuant to this Agreement; and </FONT></P> <P STYLE="margin-top:10px;margin-bottom:0px; text-indent:4%" ALIGN="justify"><FONT
STYLE="font-family:Times New Roman" SIZE="2">5.4 <U>General</U>. The enforcement of this Agreement or the assertion by any Indemnitor of any defense to the obligations of any Indemnitor hereunder, whether any of such matters arise before or after
foreclosure of the Mortgage or other taking of title to or possession of all or any portion of the Property by Agent or any other Indemnified Party, and specifically including therein, without limitation, the following: (i)&nbsp;costs incurred for
any of the matters set forth in Section&nbsp;4 of this Agreement; and (ii)&nbsp;costs and expenses incurred in ascertaining the existence or extent of any asserted violation of any Environmental Legal Requirements relating to the Property and any
remedial action taken on account thereof including, without limitation, the reasonable costs, fees and expenses of engineers, geologists, chemists, other scientists, attorneys, surveyors, and other professionals, or testing and analyses performed in
connection therewith. </FONT></P> <P STYLE="margin-top:10px;margin-bottom:0px; text-indent:4%" ALIGN="justify"><FONT STYLE="font-family:Times New Roman" SIZE="2">5.5 <U>Limitation</U>. Notwithstanding the foregoing provisions of this Section&nbsp;5,
the obligation of the Indemnitors to indemnify, defend, exonerate, protect and save harmless each Indemnified Party, as more particularly set forth herein, shall not be applicable to any damages, losses, liabilities, obligations, penalties, claims,
litigation, demands, defenses, judgments, suits, proceedings, costs, disbursements or expenses of any kind which are a direct result of the willful misconduct or gross negligence of any Indemnified Party. </FONT></P>
 <p STYLE="margin-top:0px;margin-bottom:0px"><FONT SIZE="1">&nbsp;</FONT></P> <P STYLE="margin-top:0px;margin-bottom:0px" ALIGN="center"><FONT STYLE="font-family:Times New Roman" SIZE="2">Exhibit H - 6
</FONT></P>


<p Style='page-break-before:always'>
<HR  SIZE="3" style="COLOR:#999999" WIDTH="100%" ALIGN="CENTER">


 <P STYLE="margin-top:0px;margin-bottom:0px; text-indent:4%" ALIGN="justify"><FONT STYLE="font-family:Times New Roman" SIZE="2">6. <U>Right to Contest</U>. Borrower, or any other Indemnitor, may contest
in good faith any claim, demand, levy or assessment under any Environmental Legal Requirements, including, but not limited to, any claim with respect to Hazardous Materials, by any person or entity if: </FONT></P>
<P STYLE="margin-top:10px;margin-bottom:0px; text-indent:4%" ALIGN="justify"><FONT STYLE="font-family:Times New Roman" SIZE="2">6.1 <U>Material Question in Good Faith</U>. The contest is based upon a material question of law or fact raised by
Borrower or such other Indemnitor in good faith; </FONT></P> <P STYLE="margin-top:10px;margin-bottom:0px; text-indent:4%" ALIGN="justify"><FONT STYLE="font-family:Times New Roman" SIZE="2">6.2 <U>Diligent Pursuit</U>. Borrower or such other
Indemnitor properly commences and thereafter diligently pursues the contest; </FONT></P> <P STYLE="margin-top:10px;margin-bottom:0px; text-indent:4%" ALIGN="justify"><FONT STYLE="font-family:Times New Roman" SIZE="2">6.3 <U>No Impairment</U>. The
contest will not materially impair the taking of any required remedial action with respect to such claim, demand, levy or assessment; </FONT></P> <P STYLE="margin-top:10px;margin-bottom:0px; text-indent:4%" ALIGN="justify"><FONT
STYLE="font-family:Times New Roman" SIZE="2">6.4 <U>Adequate Resources</U>. Borrower, or such other Indemnitor, demonstrates to Agent&#146;s reasonable satisfaction that Borrower, or such other Indemnitor, has the financial capability to undertake
and pay for such contest and any remedial action then or thereafter necessary; </FONT></P> <P STYLE="margin-top:10px;margin-bottom:0px; text-indent:4%" ALIGN="justify"><FONT STYLE="font-family:Times New Roman" SIZE="2">6.5 <U>Resolve by
Maturity</U>. There is no reason to believe that the contest will not be resolved prior to the Maturity Date; and </FONT></P> <P STYLE="margin-top:10px;margin-bottom:0px; text-indent:4%" ALIGN="justify"><FONT
STYLE="font-family:Times New Roman" SIZE="2">6.6 <U>No Event of Default</U>. No Event of Default exists under the Loan Documents. </FONT></P> <P STYLE="margin-top:10px;margin-bottom:0px; text-indent:4%" ALIGN="justify"><FONT
STYLE="font-family:Times New Roman" SIZE="2">7. <U>Waivers</U>. Until the full satisfaction of the Obligations and full satisfaction of the Guaranteed Obligations, Indemnitors each hereby waive and relinquish to the fullest extent now or hereafter
not prohibited by applicable law: </FONT></P> <P STYLE="margin-top:10px;margin-bottom:0px; text-indent:4%" ALIGN="justify"><FONT STYLE="font-family:Times New Roman" SIZE="2">7.1 <U>Suretyship Defenses</U>. All suretyship defenses and defenses in the
nature thereof; </FONT></P> <P STYLE="margin-top:10px;margin-bottom:0px; text-indent:4%" ALIGN="justify"><FONT STYLE="font-family:Times New Roman" SIZE="2">7.2 <U>Marshalling</U>. Any right or claim of right to cause a marshalling of any
Indemnitor&#146;s assets or to cause Agent to proceed against any of the Collateral for the Loan before proceeding under this Agreement against any Indemnitor, or to require Agent to proceed against Indemnitors in any particular order; </FONT></P>
<P STYLE="margin-top:10px;margin-bottom:0px; text-indent:4%" ALIGN="justify"><FONT STYLE="font-family:Times New Roman" SIZE="2">7.3 <U>Contribution</U>. All rights and remedies against any other Indemnitor, including, but not limited to, any rights
of subrogation, contribution, reimbursement, exoneration or indemnification pursuant to any express or implied agreement, or now or hereafter accorded by applicable law to indemnitors, guarantors, sureties or accommodation parties; provided,
however, unless Agent otherwise expressly agrees in writing, such waiver by any particular Indemnitor shall not be effective to the extent that by virtue thereof such Indemnitor&#146;s liability under this Indemnity Agreement or under any other Loan
Document is rendered invalid, voidable, or unenforceable under any applicable state or federal law dealing with the recovery or avoidance of so-called preferences or fraudulent transfers or conveyances or otherwise; </FONT></P>
 <p STYLE="margin-top:0px;margin-bottom:0px"><FONT SIZE="1">&nbsp;</FONT></P> <P STYLE="margin-top:0px;margin-bottom:0px" ALIGN="center"><FONT STYLE="font-family:Times New Roman" SIZE="2">Exhibit H - 7
</FONT></P>


<p Style='page-break-before:always'>
<HR  SIZE="3" style="COLOR:#999999" WIDTH="100%" ALIGN="CENTER">


 <P STYLE="margin-top:0px;margin-bottom:0px; text-indent:4%" ALIGN="justify"><FONT STYLE="font-family:Times New Roman" SIZE="2">7.4 <U>Notice</U>. Notice of the acceptance hereof, presentment, demand for
payment, protest, notice of protest, or any and all notice of nonpayment, nonperformance, nonobservance or default or other proof or notice of demand whereby to charge Indemnitors therefor; </FONT></P>
<P STYLE="margin-top:10px;margin-bottom:0px; text-indent:4%" ALIGN="justify"><FONT STYLE="font-family:Times New Roman" SIZE="2">7.5 <U>Statute of Limitations</U>. The pleading of any statute of limitations as a defense to such Indemnitor&#146;s
obligations hereunder; and </FONT></P> <P STYLE="margin-top:10px;margin-bottom:0px; text-indent:4%" ALIGN="justify"><FONT STYLE="font-family:Times New Roman" SIZE="2">7.6 <U>Jury Trial</U>. The right to a trial by jury in any matter related to this
Environmental Indemnity Agreement. </FONT></P> <P STYLE="margin-top:10px;margin-bottom:0px; text-indent:4%" ALIGN="justify"><FONT STYLE="font-family:Times New Roman" SIZE="2">EACH INDEMNITOR, AGENT AND THE LENDERS HEREBY KNOWINGLY, VOLUNTARILY AND
INTENTIONALLY WAIVE THE RIGHT TO A TRIAL BY JURY IN RESPECT OF ANY LITIGATION BASED HEREON, ARISING OUT OF, UNDER OR IN CONNECTION WITH THIS AGREEMENT OR ANY OTHER LOAN DOCUMENT CONTEMPLATED TO BE EXECUTED IN CONNECTION HEREWITH OR ANY COURSE OF
CONDUCT, COURSE OF DEALINGS, STATEMENTS (WHETHER VERBAL OR WRITTEN) OR ACTIONS OF ANY PARTIES; THIS WAIVER BEING A MATERIAL INDUCEMENT FOR AGENT AND THE LENDERS TO ACCEPT THIS AGREEMENT AND TO MAKE THE LOAN; </FONT></P>
<P STYLE="margin-top:10px;margin-bottom:0px; text-indent:4%" ALIGN="justify"><FONT STYLE="font-family:Times New Roman" SIZE="2">8. <U>Cumulative Rights</U>. Agent&#146;s rights under this Agreement shall be in addition to and not in limitation of
all of the rights and remedies of Agent under the other Loan Documents. All rights and remedies of Agent shall be cumulative and may be exercised in such manner and combination as Agent may determine. </FONT></P>
<P STYLE="margin-top:10px;margin-bottom:0px; text-indent:4%" ALIGN="justify"><FONT STYLE="font-family:Times New Roman" SIZE="2">9. <U>No Impairment</U>. The liability of Indemnitors hereunder shall in no way be limited or impaired by, and each
Indemnitor hereby assents to and agrees to be bound by, any amendment or modification of the provisions of the Loan Documents to or with Agent and the Lenders by Borrower or any Indemnitor or any person who succeeds Borrower as owner of the
Property. In addition, the liability of Indemnitors under this Agreement shall in no way be limited or impaired by: </FONT></P> <P STYLE="margin-top:10px;margin-bottom:0px; text-indent:4%" ALIGN="justify"><FONT
STYLE="font-family:Times New Roman" SIZE="2">9.1 <U>Extensions</U>. Any extensions of time for performance required by any of the Loan Documents; </FONT></P> <P STYLE="margin-top:10px;margin-bottom:0px; text-indent:4%" ALIGN="justify"><FONT
STYLE="font-family:Times New Roman" SIZE="2">9.2 <U>Amendments</U>. Any amendment to or modification of any of the Loan Documents; </FONT></P> <P STYLE="margin-top:10px;margin-bottom:0px; text-indent:4%" ALIGN="justify"><FONT
STYLE="font-family:Times New Roman" SIZE="2">9.3 <U>Transfer</U>. Any sale or assignment of the Loan, or any sale, assignment or foreclosure of the Mortgage, or any sale or transfer of all or part of the Property; </FONT></P>
<P STYLE="margin-top:10px;margin-bottom:0px; text-indent:4%" ALIGN="justify"><FONT STYLE="font-family:Times New Roman" SIZE="2">9.4 <U>Exculpatory Language</U>. Any exculpatory, or nonrecourse, or limited recourse, provision in any of the Loan
Documents limiting Agent&#146;s or any Lenders&#146; recourse to the Property encumbered by the Security Documents or to any other property or limiting Agent&#146;s or any Lenders&#146; rights to a deficiency judgment against Borrower or any other
party; </FONT></P> <P STYLE="margin-top:10px;margin-bottom:0px; text-indent:4%" ALIGN="justify"><FONT STYLE="font-family:Times New Roman" SIZE="2">9.5 <U>Inaccuracies</U>. The accuracy or inaccuracy of any of the representations or warranties made
by or on behalf of any Indemnitor under the Loan Documents or otherwise; </FONT></P>
 <p STYLE="margin-top:0px;margin-bottom:0px"><FONT SIZE="1">&nbsp;</FONT></P> <P STYLE="margin-top:0px;margin-bottom:0px" ALIGN="center"><FONT STYLE="font-family:Times New Roman" SIZE="2">Exhibit H - 8
</FONT></P>


<p Style='page-break-before:always'>
<HR  SIZE="3" style="COLOR:#999999" WIDTH="100%" ALIGN="CENTER">


 <P STYLE="margin-top:0px;margin-bottom:0px; text-indent:4%" ALIGN="justify"><FONT STYLE="font-family:Times New Roman" SIZE="2">9.6 <U>Release</U>. The release of any Indemnitor, or of any other person or
entity, from performance or observance of any of the agreements, covenants, terms or conditions contained in this Agreement or any of the other Loan Documents by operation of law, Agent&#146;s or any Lenders&#146; voluntary act, or otherwise;
</FONT></P> <P STYLE="margin-top:10px;margin-bottom:0px; text-indent:4%" ALIGN="justify"><FONT STYLE="font-family:Times New Roman" SIZE="2">9.7 <U>Bankruptcy or Reorganization</U>. The filing of any bankruptcy or reorganization proceeding by or
against any Indemnitor, any general partner or owner of any Indemnitor, or any subsequent owner of the Property; </FONT></P> <P STYLE="font-size:10px;margin-top:0px;margin-bottom:0px">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR>
<TD WIDTH="4%" VALIGN="top" ALIGN="left"><FONT STYLE="font-family:Times New Roman" SIZE="2">9.8</FONT></TD>
<TD ALIGN="left" VALIGN="top"> <P ALIGN="justify"><FONT STYLE="font-family:Times New Roman" SIZE="2"><U>Substitution</U>. The release or substitution in whole or part of any collateral or security for the Loan; </FONT></P></TD></TR></TABLE>
<P STYLE="margin-top:10px;margin-bottom:0px; text-indent:4%" ALIGN="justify"><FONT STYLE="font-family:Times New Roman" SIZE="2">9.9 <U>Failure To Perfect</U>. Agent&#146;s failure to record any Security Document or file any UCC financing statements
(or Agent&#146;s improper recording or filing of any thereof) or to otherwise perfect, protect, secure, or insure any security interest or lien given as security for the Loan; or </FONT></P>
<P STYLE="margin-top:10px;margin-bottom:0px; text-indent:4%" ALIGN="justify"><FONT STYLE="font-family:Times New Roman" SIZE="2">9.10 <U>Invalidity</U>. The invalidity or unenforceability of all or any portion of any of the Loan Documents as to any
Indemnitor or to any other person or entity. </FONT></P> <P STYLE="margin-top:10px;margin-bottom:0px; text-indent:4%" ALIGN="justify"><FONT STYLE="font-family:Times New Roman" SIZE="2">Any of the foregoing may be accomplished with or without notice
to Borrower or any Indemnitor (except as otherwise required pursuant to the terms and conditions of the Loan Agreement) or with or without consideration. </FONT></P> <P STYLE="margin-top:10px;margin-bottom:0px; text-indent:4%" ALIGN="justify"><FONT
STYLE="font-family:Times New Roman" SIZE="2">10. <U>Delay Not Waiver</U>. No delay on Agent&#146;s part in exercising any right, power or privilege hereunder or under any of the Loan Documents shall operate as a waiver of any such privilege, power
or right. No waiver by Agent in any instance shall constitute a waiver in any other instance. </FONT></P> <P STYLE="margin-top:10px;margin-bottom:0px; text-indent:4%" ALIGN="justify"><FONT STYLE="font-family:Times New Roman" SIZE="2">11.
<U>Warranties and Representations</U>. Subject to Section&nbsp;6.14.3 of the Loan Agreement, the Indemnitors each represent and warrant to Agent, the same to be true and correct in all material respects throughout the period that any of the Loan
Documents shall remain in force and effect: </FONT></P> <P STYLE="margin-top:10px;margin-bottom:0px; text-indent:4%" ALIGN="justify"><FONT STYLE="font-family:Times New Roman" SIZE="2">11.1 <U>No Hazardous Materials at Property</U>. No Hazardous
Materials have been or are currently generated, stored, transported, utilized, disposed of, managed, released or located on, under or from the Property, whether or not in reportable quantities, or in any manner introduced onto the Property including
without limitation any septic, sewage or other waste disposal systems servicing the Property; </FONT></P> <P STYLE="margin-top:10px;margin-bottom:0px; text-indent:4%" ALIGN="justify"><FONT STYLE="font-family:Times New Roman" SIZE="2">11.2 <U>No
Violations Claimed Regarding Property or Indemnitors</U>. None of the Indemnitors has received any notice from the Environmental Protection Agency of state in which any Property is located, the United States Environmental Protection Agency or any
other governmental authority claiming that (i)&nbsp;the Property or any use thereof violates any of the Environmental Legal Requirements or (ii)&nbsp;any of the Indemnitors or any of their respective employees or agents have violated any of the
Environmental Legal Requirements with respect to the Property or any Surrounding Property; </FONT></P>
 <p STYLE="margin-top:0px;margin-bottom:0px"><FONT SIZE="1">&nbsp;</FONT></P> <P STYLE="margin-top:0px;margin-bottom:0px" ALIGN="center"><FONT STYLE="font-family:Times New Roman" SIZE="2">Exhibit H - 9
</FONT></P>


<p Style='page-break-before:always'>
<HR  SIZE="3" style="COLOR:#999999" WIDTH="100%" ALIGN="CENTER">


 <P STYLE="margin-top:0px;margin-bottom:0px; text-indent:4%" ALIGN="justify"><FONT STYLE="font-family:Times New Roman" SIZE="2">11.3 <U>No Liability to Governmental Authorities</U>. None of the
Indemnitors has incurred any liability to the state where any Property is located, the United States of America or any other governmental authority under any of the Environmental Legal Requirements; </FONT></P>
<P STYLE="margin-top:10px;margin-bottom:0px; text-indent:4%" ALIGN="justify"><FONT STYLE="font-family:Times New Roman" SIZE="2">11.4 <U>No Lien on Property</U>. No lien against the Property has arisen under or related to any of the Environmental
Legal Requirements; </FONT></P> <P STYLE="margin-top:10px;margin-bottom:0px; text-indent:4%" ALIGN="justify"><FONT STYLE="font-family:Times New Roman" SIZE="2">11.5 <U>No Enforcement Actions</U>. There are no Environmental Enforcement Actions
pending, or to the best of the Indemnitors&#146; information, knowledge and belief after due inquiry, threatened in writing; </FONT></P> <P STYLE="margin-top:10px;margin-bottom:0px; text-indent:4%" ALIGN="justify"><FONT
STYLE="font-family:Times New Roman" SIZE="2">11.6 <U>No Knowledge of Hazardous Materials at Surrounding Property</U>. None of the Indemnitors has any knowledge, after due inquiry, that any Hazardous Materials have been or are currently generated,
stored, transported, utilized, disposed of, managed, released or located on, under or from the Surrounding Property in violation of or allegedly in violation of any of the Environmental Legal Requirements; </FONT></P>
<P STYLE="margin-top:10px;margin-bottom:0px; text-indent:4%" ALIGN="justify"><FONT STYLE="font-family:Times New Roman" SIZE="2">11.7 <U>No Knowledge of Violations Regarding Surrounding Property</U>. None of the Indemnitors has any knowledge, after
due inquiry, of any action or order instituted or threatened by any person or governmental authority arising out of or in connection with the Environmental Legal Requirements involving the assessment, monitoring, cleanup, containment, remediation or
removal of or damages caused or alleged to be caused by any Hazardous Materials generated, stored, transported, utilized, disposed of, managed, released or located on, under or from any Surrounding Property; </FONT></P>
<P STYLE="margin-top:10px;margin-bottom:0px; text-indent:4%" ALIGN="justify"><FONT STYLE="font-family:Times New Roman" SIZE="2">11.8 <U>No Underground Storage Tanks</U>. There are no underground storage tanks on or under the Property; </FONT></P>
<P STYLE="margin-top:10px;margin-bottom:0px; text-indent:4%" ALIGN="justify"><FONT STYLE="font-family:Times New Roman" SIZE="2">11.9 <U>No Dangerous Conditions</U>. No environmental condition exists on the Property which could cause any damage or
injury to the Property or to any person; </FONT></P> <P STYLE="margin-top:10px;margin-bottom:0px; text-indent:4%" ALIGN="justify"><FONT STYLE="font-family:Times New Roman" SIZE="2">11.10 <U>Valid and Binding</U>. This Agreement constitutes the
legal, valid and binding obligation of each of the Indemnitors in accordance with the respective terms hereof, subject to bankruptcy, insolvency and similar laws of general application affecting the rights and remedies of creditors, and with respect
to the availability of the remedy of specific enforcement subject to the discretion of the court before which proceedings therefor may be brought; </FONT></P> <P STYLE="margin-top:10px;margin-bottom:0px; text-indent:4%" ALIGN="justify"><FONT
STYLE="font-family:Times New Roman" SIZE="2">11.11 <U>Entity Matters</U>. That each Indemnitor is a duly organized validly existing entity in good standing under the laws of its organization and has all requisite power and authority to conduct its
business and to own its properties as now conducted or owned; </FONT></P> <P STYLE="margin-top:10px;margin-bottom:0px; text-indent:4%" ALIGN="justify"><FONT STYLE="font-family:Times New Roman" SIZE="2">11.12 <U>No Violations</U>. To the knowledge of
the Indemnitors, the performance of the obligations evidenced hereby will not constitute a violation of any law, order, regulation, contract, organizational document or agreement to which the Indemnitors or any of them is a party or by which any one
or more of them or their property is or may be bound; </FONT></P> <P STYLE="margin-top:10px;margin-bottom:0px; text-indent:4%" ALIGN="justify"><FONT STYLE="font-family:Times New Roman" SIZE="2">11.13 <U>No Litigation</U>. There is no material
litigation or administrative proceeding now pending or threatened against the Indemnitors or any of them which if adversely decided could materially impair the ability of any one or more of the Indemnitors to pay or perform their respective
obligations hereunder; and </FONT></P>
 <p STYLE="margin-top:0px;margin-bottom:0px"><FONT SIZE="1">&nbsp;</FONT></P> <P STYLE="margin-top:0px;margin-bottom:0px" ALIGN="center"><FONT STYLE="font-family:Times New Roman" SIZE="2">Exhibit H - 10
</FONT></P>


<p Style='page-break-before:always'>
<HR  SIZE="3" style="COLOR:#999999" WIDTH="100%" ALIGN="CENTER">


 <P STYLE="margin-top:0px;margin-bottom:0px; text-indent:4%" ALIGN="justify"><FONT STYLE="font-family:Times New Roman" SIZE="2">11.14 <U>Material Economic Benefit</U>. The granting of the Loan to Borrower
will constitute a material economic benefit to each Indemnitor. </FONT></P> <P STYLE="margin-top:10px;margin-bottom:0px; text-indent:4%" ALIGN="justify"><FONT STYLE="font-family:Times New Roman" SIZE="2">12. <U>Multiple Counterparts</U>. This
Agreement may be executed in one or more counterparts, each of which shall be deemed an original. Each of the counterparts shall constitute but one in the same instrument and shall be binding upon each of the parties individually as fully and
completely as if all had signed but one instrument so that the joint and several liability of each of the Indemnitors hereunder shall be unaffected by the failure of any of the undersigned to execute any or all of said counterparts. </FONT></P>
<P STYLE="margin-top:10px;margin-bottom:0px; text-indent:4%" ALIGN="justify"><FONT STYLE="font-family:Times New Roman" SIZE="2">13. <U>Notices</U>. Any notice or other communication in connection with this Agreement shall be in writing and
(i)&nbsp;deposited in the United States mail, postage prepaid, by registered or certified mail, or (ii)&nbsp;hand delivered by any commercially recognized courier service or overnight delivery service, such as Federal Express, or (iii)&nbsp;sent by
facsimile transmission if a FAX Number in designated below, addressed as follows: </FONT></P> <P STYLE="margin-top:10px;margin-bottom:0px; text-indent:4%" ALIGN="justify"><FONT STYLE="font-family:Times New Roman" SIZE="2">If to the Indemnitors:
</FONT></P> <P STYLE="margin-top:10px;margin-bottom:0px; margin-left:13%" ALIGN="justify"><FONT STYLE="font-family:Times New Roman" SIZE="2">Cedar Realty Trust, Inc. </FONT></P>
<P STYLE="margin-top:0px;margin-bottom:0px; margin-left:13%" ALIGN="justify"><FONT STYLE="font-family:Times New Roman" SIZE="2">Cedar Realty Trust Partnership, LP </FONT></P>
<P STYLE="margin-top:0px;margin-bottom:0px; margin-left:13%" ALIGN="justify"><FONT STYLE="font-family:Times New Roman" SIZE="2">[&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;] </FONT></P> <P STYLE="margin-top:0px;margin-bottom:0px; margin-left:13%" ALIGN="justify"><FONT
STYLE="font-family:Times New Roman" SIZE="2">44 South Bayles Avenue </FONT></P> <P STYLE="margin-top:0px;margin-bottom:0px; margin-left:13%" ALIGN="justify"><FONT STYLE="font-family:Times New Roman" SIZE="2">Port Washington, New York 11050
</FONT></P> <P STYLE="margin-top:0px;margin-bottom:0px; margin-left:13%" ALIGN="justify"><FONT STYLE="font-family:Times New Roman" SIZE="2">Attention: Philip R. Mays </FONT></P>
<P STYLE="margin-top:0px;margin-bottom:0px; margin-left:13%" ALIGN="justify"><FONT STYLE="font-family:Times New Roman" SIZE="2">FAX Number: (516)&nbsp;767-6497 </FONT></P> <P STYLE="margin-top:10px;margin-bottom:0px; text-indent:4%" ALIGN="justify"><FONT
STYLE="font-family:Times New Roman" SIZE="2">with copies by regular mail or such hand delivery or facsimile transmission to: </FONT></P> <P STYLE="margin-top:10px;margin-bottom:0px; margin-left:13%" ALIGN="justify"><FONT
STYLE="font-family:Times New Roman" SIZE="2">Stroock&nbsp;&amp; Stroock&nbsp;&amp; Lavan LLP </FONT></P> <P STYLE="margin-top:0px;margin-bottom:0px; margin-left:13%" ALIGN="justify"><FONT STYLE="font-family:Times New Roman" SIZE="2">180 Maiden Lane
</FONT></P> <P STYLE="margin-top:0px;margin-bottom:0px; margin-left:13%" ALIGN="justify"><FONT STYLE="font-family:Times New Roman" SIZE="2">New York, New York 10038-4982 </FONT></P>
<P STYLE="margin-top:0px;margin-bottom:0px; margin-left:13%" ALIGN="justify"><FONT STYLE="font-family:Times New Roman" SIZE="2">Attention: Karen Scanna, Esquire </FONT></P>
<P STYLE="margin-top:0px;margin-bottom:0px; margin-left:13%" ALIGN="justify"><FONT STYLE="font-family:Times New Roman" SIZE="2">FAX Number: (212)&nbsp;806-6006 </FONT></P> <P STYLE="margin-top:10px;margin-bottom:0px; text-indent:4%" ALIGN="justify"><FONT
STYLE="font-family:Times New Roman" SIZE="2">If to Agent: </FONT></P> <P STYLE="margin-top:10px;margin-bottom:0px; margin-left:13%" ALIGN="justify"><FONT STYLE="font-family:Times New Roman" SIZE="2">KeyBank National Association, in its capacity as
Administrative Agent </FONT></P> <P STYLE="margin-top:0px;margin-bottom:0px; margin-left:13%" ALIGN="justify"><FONT STYLE="font-family:Times New Roman" SIZE="2">225 Franklin Street </FONT></P>
<P STYLE="margin-top:0px;margin-bottom:0px; margin-left:13%" ALIGN="justify"><FONT STYLE="font-family:Times New Roman" SIZE="2">Boston, Massachusetts 02110 </FONT></P> <P STYLE="margin-top:0px;margin-bottom:0px; margin-left:13%" ALIGN="justify"><FONT
STYLE="font-family:Times New Roman" SIZE="2">Attention: Gregory W. Lane </FONT></P> <P STYLE="margin-top:0px;margin-bottom:0px; margin-left:13%" ALIGN="justify"><FONT STYLE="font-family:Times New Roman" SIZE="2">FAX No.: (617)&nbsp;385-6293
</FONT></P>
 <p STYLE="margin-top:0px;margin-bottom:0px"><FONT SIZE="1">&nbsp;</FONT></P> <P STYLE="margin-top:0px;margin-bottom:0px" ALIGN="center"><FONT STYLE="font-family:Times New Roman" SIZE="2">Exhibit H - 11
</FONT></P>


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 <P STYLE="margin-top:0px;margin-bottom:0px; text-indent:4%" ALIGN="justify"><FONT STYLE="font-family:Times New Roman" SIZE="2">with copies by regular mail or such hand delivery or facsimile transmission
to: </FONT></P> <P STYLE="margin-top:10px;margin-bottom:0px; margin-left:13%" ALIGN="justify"><FONT STYLE="font-family:Times New Roman" SIZE="2">Riemer&nbsp;&amp; Braunstein LLP </FONT></P>
<P STYLE="margin-top:0px;margin-bottom:0px; margin-left:13%" ALIGN="justify"><FONT STYLE="font-family:Times New Roman" SIZE="2">Three Center Plaza, Suite 600 </FONT></P> <P STYLE="margin-top:0px;margin-bottom:0px; margin-left:13%" ALIGN="justify"><FONT
STYLE="font-family:Times New Roman" SIZE="2">Boston, Massachusetts 02108 </FONT></P> <P STYLE="margin-top:0px;margin-bottom:0px; margin-left:13%" ALIGN="justify"><FONT STYLE="font-family:Times New Roman" SIZE="2">Attention: Kevin J. Lyons, Esquire
</FONT></P> <P STYLE="margin-top:0px;margin-bottom:0px; margin-left:13%" ALIGN="justify"><FONT STYLE="font-family:Times New Roman" SIZE="2">FAX No.: (617)&nbsp;880-3456 </FONT></P>
<P STYLE="margin-top:10px;margin-bottom:0px; text-indent:4%" ALIGN="justify"><FONT STYLE="font-family:Times New Roman" SIZE="2">Any such addressee may change its address for such notices to any other address in the United States as such addressee
shall have specified by written notice given as set forth above. </FONT></P> <P STYLE="margin-top:10px;margin-bottom:0px; text-indent:4%" ALIGN="justify"><FONT STYLE="font-family:Times New Roman" SIZE="2">All periods of notice shall be measured from
the deemed date of delivery. A notice shall be deemed to have been given, delivered and received upon the earliest of: (i)&nbsp;if sent by such certified or registered mail, on the third Business Day following the date of postmark; or (ii)&nbsp;if
hand delivered by such courier or overnight delivery service, when so delivered or tendered for delivery during customary business hours on a Business Day at the specified address; or (iii)&nbsp;if so mailed, on the date of actual receipt (or tender
of delivery) as evidenced by the return receipt; or (iv)&nbsp;if so delivered, upon actual receipt, or (v)&nbsp;if facsimile transmission is a permitted means of giving notice, upon receipt as evidenced by confirmation. </FONT></P>
<P STYLE="margin-top:10px;margin-bottom:0px; text-indent:4%" ALIGN="justify"><FONT STYLE="font-family:Times New Roman" SIZE="2">14. <U>No Oral Change</U>. No provision of this Agreement may be changed, waived, discharged, or terminated orally by
telephone or by any other means except by an instrument in writing signed by the party against whom enforcement of the change, waiver or discharge or termination is sought. </FONT></P>
<P STYLE="margin-top:10px;margin-bottom:0px; text-indent:4%" ALIGN="justify"><FONT STYLE="font-family:Times New Roman" SIZE="2">15. <U>Parties Bound; Benefit</U>. This Agreement shall be binding upon the Indemnitors and their respective successors,
assigns, heirs and personal representatives and shall be for the benefit of Agent and the Lenders, and of any subsequent holder of the Loan and of any owner of a participation interest therein. In the event the Loan is sold or transferred, then the
liability of the Indemnitors to Agent and the Lenders shall then be in favor of both Agent and the Lenders originally named herein and each subsequent holder of the Loan and any of interest therein. </FONT></P>
<P STYLE="margin-top:10px;margin-bottom:0px; text-indent:4%" ALIGN="justify"><FONT STYLE="font-family:Times New Roman" SIZE="2">16. <U>Joint and Several</U>. The obligations of each of the Indemnitors and their respective successors, assigns, heirs
and personal representatives shall be joint and several. </FONT></P> <P STYLE="margin-top:10px;margin-bottom:0px; text-indent:4%" ALIGN="justify"><FONT STYLE="font-family:Times New Roman" SIZE="2">17. <U>Partial Invalidity</U>. Each of the
provisions hereof shall be enforceable against each Indemnitor to the fullest extent now or hereafter permitted by law. The invalidity or unenforceability of any provision hereof shall not limit the validity or enforceability of each other provision
hereof. </FONT></P> <P STYLE="margin-top:10px;margin-bottom:0px; text-indent:4%" ALIGN="justify"><FONT STYLE="font-family:Times New Roman" SIZE="2">18. <U>Governing Law and Consent to Jurisdiction</U>. This Agreement and the rights and obligations
of the parties hereunder shall in all respects be governed by and construed and enforced, with respect to each Property, in accordance with the laws of the state where such Property is located without giving effect to principles of conflicts of law,
and insofar as Environmental Legal Requirements are concerned, in accordance with applicable federal law as well; provided, however, insofar as formation of the parties hereunder requires the law of the jurisdiction of the state of formation to
apply with respect to matters of authorization to enter into the transaction contemplated by this Agreement, such state law shall govern. The parties further agree that Agent may enforce its rights under this Agreement and the other Loan Documents
including, but not limited to, the rights to sue any Indemnitor in accordance with applicable law. </FONT></P>
 <p STYLE="margin-top:0px;margin-bottom:0px"><FONT SIZE="1">&nbsp;</FONT></P> <P STYLE="margin-top:0px;margin-bottom:0px" ALIGN="center"><FONT STYLE="font-family:Times New Roman" SIZE="2">Exhibit H - 12
</FONT></P>


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 <P STYLE="margin-top:0px;margin-bottom:0px; text-indent:4%" ALIGN="justify"><FONT STYLE="font-family:Times New Roman" SIZE="2">Each party hereto irrevocably and unconditionally submits, for itself and
its property, to the non-exclusive jurisdiction of the courts of the State of New York located within the First Department of the New York State Unified Court System or any Federal Court located within the Southern District of the State of New York,
in any action or proceeding arising out of or relating to this Agreement, or for recognition or enforcement of any judgment, and each of the parties hereto irrevocably and unconditionally agrees that all claims in respect of any such action or
proceeding may be heard and determined in such New York State Court or, to the fullest extent permitted by applicable law, in such Federal Court. Each of the parties hereto agrees that a final judgment in any such action or proceeding shall be
conclusive and may be enforced in other jurisdictions by suit on the judgment or in any other manner provided by law. </FONT></P> <P STYLE="margin-top:10px;margin-bottom:0px; text-indent:4%" ALIGN="justify"><FONT
STYLE="font-family:Times New Roman" SIZE="2">19. <U>Survival</U>. The provisions of this Agreement shall continue in effect and shall survive (among other events) any payment and satisfaction of the Loan and the Obligations, any termination or
discharge of the security documents granted to the Agent on the Property, foreclosure, a deed-in-lieu transaction, or release of the Property. </FONT></P> <P STYLE="margin-top:10px;margin-bottom:0px; text-indent:4%" ALIGN="justify"><FONT
STYLE="font-family:Times New Roman" SIZE="2">20. <U>Counterparts</U>. Delivery of executed counterparts of this Agreement by telecopy or other electronic means shall be effective as an original. </FONT></P>
<P STYLE="margin-top:10px;margin-bottom:0px" ALIGN="center"><FONT STYLE="font-family:Times New Roman" SIZE="2">[The balance of this page is intentionally left blank] </FONT></P>
 <p STYLE="margin-top:0px;margin-bottom:0px"><FONT SIZE="1">&nbsp;</FONT></P> <P STYLE="margin-top:0px;margin-bottom:0px" ALIGN="center"><FONT STYLE="font-family:Times New Roman" SIZE="2">Exhibit H - 13
</FONT></P>


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 <P STYLE="margin-top:0px;margin-bottom:0px; text-indent:4%" ALIGN="justify"><FONT STYLE="font-family:Times New Roman" SIZE="2">Witness the execution and delivery hereof as an instrument under seal as of
the &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;day of &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;, 20&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;. </FONT></P>
<P STYLE="margin-top:10px;margin-bottom:0px"><FONT STYLE="font-family:Times New Roman" SIZE="2">INDEMNITORS: </FONT></P> <P STYLE="font-size:10px;margin-top:0px;margin-bottom:0px">&nbsp;</P>
<TABLE CELLSPACING="0" CELLPADDING="0" WIDTH="100%" BORDER="0" STYLE="BORDER-COLLAPSE:COLLAPSE">


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<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="top" COLSPAN="5"> <P STYLE="margin-top:0px;margin-bottom:0px"><FONT STYLE="font-family:Times New Roman" SIZE="2"><B>CEDAR REALTY TRUST PARTNERSHIP, L.P.</B>,</FONT></P> <P STYLE="margin-top:0px;margin-bottom:1px"><FONT
STYLE="font-family:Times New Roman" SIZE="2">a Delaware limited partnership</FONT></P></TD></TR>
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<TD HEIGHT="13" COLSPAN="2"></TD>
<TD HEIGHT="13" COLSPAN="4"></TD></TR>
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<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="top"> <P ALIGN="justify"><FONT STYLE="font-family:Times New Roman" SIZE="2">By:</FONT></P></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="top" COLSPAN="3"> <P STYLE="margin-top:0px;margin-bottom:0px"><FONT STYLE="font-family:Times New Roman" SIZE="2">Cedar Realty Trust, Inc., a Maryland</FONT></P> <P STYLE="margin-top:0px;margin-bottom:1px"><FONT
STYLE="font-family:Times New Roman" SIZE="2">corporation, its general partner</FONT></P></TD></TR>
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<TD VALIGN="top"><FONT STYLE="font-family:Times New Roman" SIZE="2">By:</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="top"> <P STYLE="margin-top:0px;margin-bottom:1px;border-bottom:1px solid #000000"><FONT STYLE="font-family:Times New Roman" SIZE="2">&nbsp;</FONT></P></TD></TR>
<TR>
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<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="top"></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="top"><FONT STYLE="font-family:Times New Roman" SIZE="2">Name:</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="top"><FONT STYLE="font-family:Times New Roman" SIZE="2">Bruce J. Schanzer</FONT></TD></TR>
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<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
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<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="top"><FONT STYLE="font-family:Times New Roman" SIZE="2">Title:</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="2">President</FONT></TD></TR>
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<TD VALIGN="bottom" COLSPAN="5"> <P STYLE="margin-top:0px;margin-bottom:0px"><FONT STYLE="font-family:Times New Roman" SIZE="2"><B>CEDAR REALTY TRUST, INC.</B>, a Maryland</FONT></P> <P STYLE="margin-top:0px;margin-bottom:1px"><FONT
STYLE="font-family:Times New Roman" SIZE="2">corporation, its general partner</FONT></P></TD></TR>
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<TD VALIGN="bottom"> <P STYLE="margin-top:0px;margin-bottom:1px;border-bottom:1px solid #000000"><FONT STYLE="font-family:Times New Roman" SIZE="2">&nbsp;</FONT></P></TD></TR>
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<TD VALIGN="bottom" COLSPAN="5"><FONT STYLE="font-family:Times New Roman" SIZE="2">[INSERT OTHER GUARANTOR SIGNATURE BLOCK]</FONT></TD></TR>
</TABLE> <P STYLE="margin-top:10px;margin-bottom:0px" ALIGN="center"><FONT STYLE="font-family:Times New Roman" SIZE="2">[SIGNATURE PAGE TO ENVIRONMENTAL INDEMNITY] </FONT></P>

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 <P STYLE="margin-top:0px;margin-bottom:0px" ALIGN="center"><FONT STYLE="font-family:Times New Roman" SIZE="2"><B><U>SCHEDULE 1 </U></B></FONT></P>
<P STYLE="margin-top:10px;margin-bottom:0px" ALIGN="center"><FONT STYLE="font-family:Times New Roman" SIZE="2">Guarantor Property Information </FONT></P>

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 <P STYLE="margin-top:0px;margin-bottom:0px" ALIGN="right"><FONT STYLE="font-family:Times New Roman" SIZE="2"><B><I>EXHIBIT I </I></B></FONT></P>
<P STYLE="margin-top:10px;margin-bottom:0px" ALIGN="center"><FONT STYLE="font-family:Times New Roman" SIZE="2"><B>FORM OF </B></FONT></P>
<P STYLE="margin-top:0px;margin-bottom:0px" ALIGN="center"><FONT STYLE="font-family:Times New Roman" SIZE="2"><B>PLEDGE AND SECURITY AGREEMENT </B></FONT></P> <P STYLE="margin-top:10px;margin-bottom:0px" ALIGN="center"><FONT
STYLE="font-family:Times New Roman" SIZE="3"><B><U>PLEDGE AND SECURITY AGREEMENT </U></B></FONT></P> <P STYLE="margin-top:10px;margin-bottom:0px; text-indent:4%" ALIGN="justify"><FONT STYLE="font-family:Times New Roman" SIZE="2">PLEDGE AND SECURITY
AGREEMENT (hereinafter, the &#147;Pledge Agreement&#148;), dated as of &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;, 20&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;, by and between CEDAR REALTY TRUST PARTNERSHIP, L.P.
(hereinafter, the &#147;<U>Borrower</U>&#148;), and KEYBANK NATIONAL ASSOCIATION, a national banking association, in its capacity as Administrative Agent under that certain Amended, Restated and Consolidated Loan Agreement, dated as of January
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;, 2012 (as amended, restated, extended, supplemented or otherwise modified in writing from time to time, the &#147;<U>Loan Agreement</U>&#148;), among the Borrower, the Lenders from time to time party
thereto, and KeyBank National Association, as Administrative Agent and L/C Issuer (in such capacity as Administrative Agent, the &#147;<U>Agent</U>&#148;). Capitalized terms used herein and not otherwise specifically defined shall have the same
meaning herein as in the Loan Agreement. </FONT></P> <P STYLE="margin-top:10px;margin-bottom:0px" ALIGN="center"><FONT STYLE="font-family:Times New Roman" SIZE="2">W I T N E S S E T H </FONT></P>
<P STYLE="margin-top:10px;margin-bottom:0px; text-indent:4%" ALIGN="justify"><FONT STYLE="font-family:Times New Roman" SIZE="2">WHEREAS, pursuant to the Loan Agreement, the Agent and the Lenders have agreed to make certain financial accommodations
upon the terms and subject to the conditions set forth therein. </FONT></P> <P STYLE="margin-top:10px;margin-bottom:0px; text-indent:4%" ALIGN="justify"><FONT STYLE="font-family:Times New Roman" SIZE="2">WHEREAS, the Borrower owns directly the
ownership interests in &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;, in the percentage set forth on Schedule 1 attached hereto (hereinafter, the &#147;Borrower Subsidiary&#148;). </FONT></P>
<P STYLE="margin-top:10px;margin-bottom:0px; text-indent:4%" ALIGN="justify"><FONT STYLE="font-family:Times New Roman" SIZE="2">WHEREAS, the Borrower Subsidiary has substantial financial dealings with the Borrower and is affiliated with the Borrower
(by ownership and by contractual relationship and/or other meaningful business relationship), and the extension of credit and the providing of financial accommodations to the Borrower will enhance and benefit the business activities and interests of
the Borrower Subsidiary. </FONT></P> <P STYLE="margin-top:10px;margin-bottom:0px; text-indent:4%" ALIGN="justify"><FONT STYLE="font-family:Times New Roman" SIZE="2">WHEREAS, as a condition to extending the Loan to the Borrower, the Agent and the
Lenders have required the Borrower to execute and deliver this Pledge Agreement to secure the Obligations under the Loan Agreement. </FONT></P> <P STYLE="margin-top:10px;margin-bottom:0px; text-indent:4%" ALIGN="justify"><FONT
STYLE="font-family:Times New Roman" SIZE="2">NOW, THEREFORE, in consideration of the premises and to induce the Lenders to make the Loan under the Loan Agreement, the Borrower hereby agrees with Agent and the Lenders as follows: </FONT></P>
<P STYLE="margin-top:10px;margin-bottom:0px; text-indent:4%" ALIGN="justify"><FONT STYLE="font-family:Times New Roman" SIZE="2">1. <U>Defined Terms</U>. Unless otherwise defined herein, terms which are defined in the Loan Agreement and used herein
are so used as so defined (which defined terms are expressly incorporated herein by reference), and the following terms shall have the following meanings: </FONT></P> <P STYLE="margin-top:10px;margin-bottom:0px; text-indent:4%" ALIGN="justify"><FONT
STYLE="font-family:Times New Roman" SIZE="2">&#147;<U>Agent</U>&#148;: as defined in the first paragraph of this Pledge Agreement. </FONT></P>

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 <P STYLE="margin-top:0px;margin-bottom:0px; text-indent:4%" ALIGN="justify"><FONT STYLE="font-family:Times New Roman" SIZE="2">&#147;<U>Borrower</U>&#148;: as defined in the first paragraph of this
Pledge Agreement. </FONT></P> <P STYLE="margin-top:10px;margin-bottom:0px; text-indent:4%" ALIGN="justify"><FONT STYLE="font-family:Times New Roman" SIZE="2">&#147;<U>Borrower Subsidiary</U>&#148;: as defined in the recitals of this Pledge
Agreement. </FONT></P> <P STYLE="margin-top:10px;margin-bottom:0px; text-indent:4%" ALIGN="justify"><FONT STYLE="font-family:Times New Roman" SIZE="2">&#147;<U>Collateral</U>&#148;: means the Pledged Interests, the Pledged Obligations and all
Proceeds thereof. </FONT></P> <P STYLE="margin-top:10px;margin-bottom:0px; text-indent:4%" ALIGN="justify"><FONT STYLE="font-family:Times New Roman" SIZE="2">&#147;<U>Consent</U>&#148;: shall mean that certain Consent from the Borrower Subsidiary
referenced in Section&nbsp;4 of this Pledge Agreement. </FONT></P> <P STYLE="margin-top:10px;margin-bottom:0px; text-indent:4%" ALIGN="justify"><FONT STYLE="font-family:Times New Roman" SIZE="2">&#147;<U>Lender</U>&#148; or
&#147;<U>Lenders</U>&#148;: as defined in the first paragraph of this Pledge Agreement. </FONT></P>
<P STYLE="margin-top:10px;margin-bottom:0px; text-indent:4%" ALIGN="justify"><FONT STYLE="font-family:Times New Roman" SIZE="2">&#147;<U>Loan</U>&#148;: as defined in the recitals of this Pledge Agreement. </FONT></P>
<P STYLE="margin-top:10px;margin-bottom:0px; text-indent:4%" ALIGN="justify"><FONT STYLE="font-family:Times New Roman" SIZE="2">&#147;<U>Loan Agreement</U>&#148;: as defined in the first paragraph of this Pledge Agreement. </FONT></P>
<P STYLE="margin-top:10px;margin-bottom:0px; text-indent:4%" ALIGN="justify"><FONT STYLE="font-family:Times New Roman" SIZE="2">&#147;<U>Obligations</U>&#148;: means all indebtedness, obligations and liabilities of the Borrower to the Agent and/or
any of the Lenders, whether now existing or hereafter arising, direct or indirect, absolute or contingent, under any one or more of: (i)&nbsp;this Pledge Agreement; (ii)&nbsp;the Loan Agreement, Note or any other Loan Document; and (iii)&nbsp;each
of the same as hereafter modified, amended, extended or replaced, including, without limitation, the Obligations (as defined in the Loan Agreement). </FONT></P> <P STYLE="margin-top:10px;margin-bottom:0px; text-indent:4%" ALIGN="justify"><FONT
STYLE="font-family:Times New Roman" SIZE="2">&#147;<U>Pledge Agreement</U>&#148;: means this Pledge and Security Agreement, as amended, supplemented or otherwise modified from time to time. </FONT></P>
<P STYLE="margin-top:10px;margin-bottom:0px; text-indent:4%" ALIGN="justify"><FONT STYLE="font-family:Times New Roman" SIZE="2">&#147;<U>Pledged Interests</U>&#148;: means all right, title and interest of the Borrower, whether now owned or hereafter
acquired, as the holder of the direct or indirect interests in the Borrower Subsidiary referred to in the recitals of this Pledge Agreement, together with all interests, certificates, options or rights of any nature whatsoever which may be issued or
granted to the Borrower by the Borrower Subsidiary in respect thereof. </FONT></P> <P STYLE="margin-top:10px;margin-bottom:0px; text-indent:4%" ALIGN="justify"><FONT STYLE="font-family:Times New Roman" SIZE="2">&#147;<U>Pledged
Obligations</U>&#148;: means all right, title and interest of the Borrower, whether now owned or hereafter acquired, in and to any and all obligations owed to the Borrower by the Borrower Subsidiary, whether now existing or hereafter incurred, and
in and to all collateral granted to the Borrower or for the benefit of the Borrower as collateral security for such obligations. </FONT></P> <P STYLE="margin-top:10px;margin-bottom:0px; text-indent:4%" ALIGN="justify"><FONT
STYLE="font-family:Times New Roman" SIZE="2">&#147;<U>Proceeds</U>&#148;: means (i)&nbsp;the Borrower&#146;s right, title and interest in and to all distributions, monies, fees, payments, compensations and proceeds now or hereafter payable in
respect of the Pledged Interests and the Pledged Obligations, whether payable as profits, distributions, asset distributions, repayment of loans or capital or otherwise and including all &#147;proceeds&#148; as such term is defined in
Section&nbsp;9-102(a) of the UCC; (ii)&nbsp;all books, records, electronically stored data and information relating to the Pledged Interests and the Pledged Obligations and all rights of access to such books, records and information; (iii)&nbsp;all
contract rights, general intangibles, instruments (as each such term is defined in Section&nbsp;9-102(a) of the UCC), claims, powers, privileges, benefits and remedies of the Borrower relating to the foregoing; (iv)&nbsp;all additions to the Pledged
Interests and the Pledged Obligations, all substitutions therefor and all replacements thereof; and (v)&nbsp;all cash or non-cash proceeds of any of the foregoing. </FONT></P>
 <p STYLE="margin-top:0px;margin-bottom:0px"><FONT SIZE="1">&nbsp;</FONT></P> <P STYLE="margin-top:0px;margin-bottom:0px" ALIGN="center"><FONT STYLE="font-family:Times New Roman" SIZE="2">Exhibit I - 2
</FONT></P>


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 <P STYLE="margin-top:0px;margin-bottom:0px; text-indent:4%" ALIGN="justify"><FONT STYLE="font-family:Times New Roman" SIZE="2">&#147;<U>UCC</U>&#148;: means the Uniform Commercial Code from time to time
in effect in the State of New York; provided, that if by mandatory provisions of law, the perfection or the effect of perfection or non-perfection of the security interest granted hereunder in the Collateral is governed by the Uniform Commercial
Code of a jurisdiction other than New York, &#147;UCC&#148; means the Uniform Commercial Code as in effect in such other jurisdiction for purposes of provisions hereof relating to such perfection or effect of perfection or non-perfection.
</FONT></P> <P STYLE="margin-top:10px;margin-bottom:0px; text-indent:4%" ALIGN="justify"><FONT STYLE="font-family:Times New Roman" SIZE="2">2. <U>Pledge; Grant of Security Interest</U>. As security for the full and punctual payment and performance
of the Obligations when due and payable (whether upon stated maturity, by acceleration or otherwise), Borrower hereby transfers, assigns, grants, bargains, sells, conveys, hypothecates, pledges, sets over, endorses over and delivers to Agent, on
behalf of the Lenders, all the pledged interests, and Borrower hereby grants, pledges, hypothecates, transfers and assigns to Agent, on behalf of the Lenders, a continuing lien on and security interest in all of the Collateral. </FONT></P>
<P STYLE="margin-top:10px;margin-bottom:0px; text-indent:4%" ALIGN="justify"><FONT STYLE="font-family:Times New Roman" SIZE="2">3. <U>Delivery of Certificates, Instruments, Etc</U>. The Borrower shall deliver to Agent: </FONT></P>
<P STYLE="margin-top:10px;margin-bottom:0px; text-indent:4%" ALIGN="justify"><FONT STYLE="font-family:Times New Roman" SIZE="2">(a) all original certificates, instruments and other documents, if any, evidencing or representing the Pledged Interests,
concurrently with the execution and delivery of this Pledge Agreement; and </FONT></P> <P STYLE="margin-top:10px;margin-bottom:0px; text-indent:4%" ALIGN="justify"><FONT STYLE="font-family:Times New Roman" SIZE="2">(b) the original certificates,
instruments or other documents, if any, evidencing or representing all other Collateral (except for such Collateral which this Pledge Agreement specifically permits the Borrower to retain) within five (5)&nbsp;days after the Borrower&#146;s receipt
thereof. </FONT></P> <P STYLE="margin-top:10px;margin-bottom:0px; text-indent:4%" ALIGN="justify"><FONT STYLE="font-family:Times New Roman" SIZE="2">4. <U>Powers and Transfer Instruments</U>. Concurrently with the delivery to the Agent of this
Pledge Agreement and each certificate, if any, representing the Pledged Interests, the Borrower shall deliver a duly executed Consent from the Borrower Subsidiary. </FONT></P>
<P STYLE="margin-top:10px;margin-bottom:0px; text-indent:4%" ALIGN="justify"><FONT STYLE="font-family:Times New Roman" SIZE="2">5. <U>Representations and Warranties</U>. The Borrower represents and warrants that: </FONT></P>
<P STYLE="margin-top:10px;margin-bottom:0px; text-indent:4%" ALIGN="justify"><FONT STYLE="font-family:Times New Roman" SIZE="2">(a) Except for the Consent, and any other consents as may be required in connection with any disposition of any portion
of the Collateral by laws affecting the offering and sale of securities generally or as otherwise contemplated by the Loan Agreement, no consent of any other person or entity (including, without limitation, any owner or creditor of the Borrower),
and no license, permit, approval or authorization of, exemption by, notice or report to, or registration, filing (other than the filing of financing statements under the UCC in order to perfect a security interest in that portion of the Collateral
in which a security interest is perfected by filing) or declaration with any governmental instrumentality is required in connection with (i)&nbsp;the execution, delivery, performance, validity or enforceability of this Pledge Agreement,
(ii)&nbsp;the perfection or maintenance of the security interest created hereby (including the first priority nature of such security interest) or (iii)&nbsp;the exercise by the Agent of any rights provided for in this Pledge Agreement; </FONT></P>
 <p STYLE="margin-top:0px;margin-bottom:0px"><FONT SIZE="1">&nbsp;</FONT></P> <P STYLE="margin-top:0px;margin-bottom:0px" ALIGN="center"><FONT STYLE="font-family:Times New Roman" SIZE="2">Exhibit I - 3
</FONT></P>


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 <P STYLE="margin-top:0px;margin-bottom:0px; text-indent:4%" ALIGN="justify"><FONT STYLE="font-family:Times New Roman" SIZE="2">(b) The Pledged Interests in the Borrower Subsidiary constitute all of the
ownership interests owned by the Borrower in the Borrower Subsidiary; </FONT></P> <P STYLE="margin-top:10px;margin-bottom:0px; text-indent:4%" ALIGN="justify"><FONT STYLE="font-family:Times New Roman" SIZE="2">(c) All of the Pledged Interests have
been duly and validly issued and are fully paid. No certificate or other instrument has been issued at any time to evidence the Pledged Interests. None of the ownership interests comprising the Collateral are dealt in or traded on securities
exchanges or in securities markets, and none by its terms expressly provides that it is a security governed by Article 8 of the UCC or that it is an investment company security, and none is held in a securities account (as defined in
Section&nbsp;8-501 of the UCC); </FONT></P> <P STYLE="margin-top:10px;margin-bottom:0px; text-indent:4%" ALIGN="justify"><FONT STYLE="font-family:Times New Roman" SIZE="2">(d) The Borrower is the sole holder of record and sole beneficial of, and has
good and valid title to, the Pledged Interests in the Borrower Subsidiary, free of any and all liens or options in favor of, or claims of, any other Person, except the lien created by this Pledge Agreement; </FONT></P>
<P STYLE="margin-top:10px;margin-bottom:0px; text-indent:4%" ALIGN="justify"><FONT STYLE="font-family:Times New Roman" SIZE="2">(e) Upon the filing of the Form UCC-1 Statements referred to in Section&nbsp;13 of this Pledge Agreement in the place or
office of public record lawfully required to perfect a security interest therein, the lien granted pursuant to this Pledge Agreement will constitute a valid, perfected first priority lien with respect to that portion of the Collateral in which a
security interest is perfected by the filing of a financing statement, enforceable as such against all creditors of Borrower and any persons purporting to purchase any of such Collateral from Borrower, subject to bankruptcy, insolvency, moratorium,
and other similar laws of general applicability affecting creditors&#146; rights and general equity principles; and </FONT></P> <P STYLE="margin-top:10px;margin-bottom:0px; text-indent:4%" ALIGN="justify"><FONT
STYLE="font-family:Times New Roman" SIZE="2">(f) There are no restrictions on the transfer of the Collateral to the Agent hereunder, or with respect to any subsequent transfer thereof or realization thereupon by the Agent and/or the Lenders (or, if
there are any such restrictions, such transfer restrictions have been duly waived by all required parties or consented to pursuant to the Consent), and, as set forth in the Consent, the Borrower has obtained all consents needed in connection with
any such transfer or subsequent transfer, subject to matters resulting from the operation of law. </FONT></P> <P STYLE="margin-top:10px;margin-bottom:0px; text-indent:4%" ALIGN="justify"><FONT STYLE="font-family:Times New Roman" SIZE="2">6.
<U>Covenants</U>. The Borrower covenants and agrees with Agent and the Lenders that from and after the date of this Pledge Agreement until this Pledge Agreement shall be terminated: </FONT></P>
<P STYLE="margin-top:10px;margin-bottom:0px; text-indent:4%" ALIGN="justify"><FONT STYLE="font-family:Times New Roman" SIZE="2">(a) If the Borrower shall, as a result of its ownership of the Pledged Interests, become entitled to receive or shall
receive (i)&nbsp;any membership interests (including, without limitation, any certificate representing a dividend or a distribution in connection with any reclassification, increase or reduction of capital or any certificate issued in connection
with any reorganization), option or rights, (ii)&nbsp;any stock, (iii)&nbsp;any limited or general partnership interests (including, without limitation, any certificate representing a dividend or a distribution in connection with any
reclassification, increase or reduction of capital or any certificate issued in connection with any reorganization), option or rights, or (iv)&nbsp;any property other than cash, whether in addition to, in substitution of, as a conversion of, or in
exchange for any of the Pledged Interests, or otherwise in respect thereof, the Borrower shall accept the same as Agent&#146;s agent, hold the same in trust for Agent and deliver the same forthwith to Agent in the exact form received, duly endorsed
by the Borrower to Agent, if required, and, to the extent the same is in the form of a certificate, together with an undated assignment or power covering such certificate, duly executed in blank and with, if Agent so requests, signature guaranteed,
to be held by Agent hereunder as additional security for the Obligations. </FONT></P>
 <p STYLE="margin-top:0px;margin-bottom:0px"><FONT SIZE="1">&nbsp;</FONT></P> <P STYLE="margin-top:0px;margin-bottom:0px" ALIGN="center"><FONT STYLE="font-family:Times New Roman" SIZE="2">Exhibit I - 4
</FONT></P>


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 <P STYLE="margin-top:0px;margin-bottom:0px; text-indent:4%" ALIGN="justify"><FONT STYLE="font-family:Times New Roman" SIZE="2">(b) Without the prior written consent of Agent, the Borrower shall not,
directly or indirectly (i)&nbsp;vote to enable, or take any other action to permit, the issuer(s) of the Pledged Interests to issue any interests or shares, as applicable, or to issue any other securities convertible into or granting the right to
purchase or exchange for any interests of the issuer(s) of the Pledged Interests, or (ii)&nbsp;sell, assign, transfer, exchange or otherwise dispose of, or grant any option with respect to, the Collateral, or (iii)&nbsp;create, incur or permit to
exist any lien or option in favor of, or any claim of any person or entity with respect to, any of the Collateral, or any interest therein, except for the lien provided for by this Pledge Agreement and liens permitted under the Loan Agreement. The
Borrower will defend the right, title and interest of Agent in and to the Collateral against the claims and demands of all Persons whomsoever. </FONT></P> <P STYLE="margin-top:10px;margin-bottom:0px; text-indent:4%" ALIGN="justify"><FONT
STYLE="font-family:Times New Roman" SIZE="2">(c) At any time and from time to time, upon the written request of Agent, and at the sole expense of the Borrower, the Borrower will promptly and duly execute and deliver such further instruments and
documents and take such further actions as Agent may reasonably request for the purposes of obtaining or preserving the full benefits of this Pledge Agreement and of the rights and powers herein granted. If any amount payable under or in connection
with any of the Collateral shall be or become evidenced by any promissory note, other instrument or chattel paper, such note, instrument or chattel paper shall be promptly delivered to Agent, duly endorsed in a manner reasonably satisfactory to
Agent, to be held as Collateral pursuant to this Pledge Agreement. </FONT></P> <P STYLE="margin-top:10px;margin-bottom:0px; text-indent:4%" ALIGN="justify"><FONT STYLE="font-family:Times New Roman" SIZE="2">(d) The Borrower agrees to pay, and to
indemnify and save Agent harmless from, any and all liabilities with respect to, or resulting from any delay in paying, any and all stamp, excise, sales or other taxes (other than income taxes on the income of Agent or any of the Lenders) which may
be payable or determined to be payable with respect to any of the Collateral or in connection with any of the transactions contemplated by this Pledge Agreement. </FONT></P>
<P STYLE="margin-top:10px;margin-bottom:0px; text-indent:4%" ALIGN="justify"><FONT STYLE="font-family:Times New Roman" SIZE="2">(e) The Borrower shall not exercise any right with respect to the Collateral which would dilute or adversely affect
Agent&#146;s rights in the Collateral. </FONT></P> <P STYLE="margin-top:10px;margin-bottom:0px; text-indent:4%" ALIGN="justify"><FONT STYLE="font-family:Times New Roman" SIZE="2">(f) Except as permitted in the Loan Agreement, the Borrower shall not
enter into or consent to any amendment or modification of, or with respect to, the operating agreements of the Borrower Subsidiary without Agent&#146;s prior written consent in each instance, which consent shall not be unreasonably withheld,
conditioned or delayed. </FONT></P> <P STYLE="margin-top:10px;margin-bottom:0px; text-indent:4%" ALIGN="justify"><FONT STYLE="font-family:Times New Roman" SIZE="2">7. <U>Cash Dividends; Distributions; Voting Rights</U>. </FONT></P>
<P STYLE="margin-top:10px;margin-bottom:0px; text-indent:4%" ALIGN="justify"><FONT STYLE="font-family:Times New Roman" SIZE="2">(a) Notwithstanding the preceding terms of this Pledge Agreement, unless an Event of Default shall have occurred and be
continuing, the Borrower shall be permitted to exercise all voting rights with respect to the Pledged Interests; <U>provided</U>, <U>however</U>, that the Borrower shall not, without the prior written consent of Agent in each instance, which consent
shall not be unreasonably withheld, conditioned or delayed, vote the Collateral in favor of, or consent to, any resolution or action which does or might: </FONT></P>
<P STYLE="margin-top:10px;margin-bottom:0px; margin-left:4%; text-indent:4%" ALIGN="justify"><FONT STYLE="font-family:Times New Roman" SIZE="2">(i) impose any restrictions upon the sale, transfer or disposition of the Collateral other than
restrictions, if any, the application of which is waived to the full satisfaction of the Agent as to the Collateral; or </FONT></P>
 <p STYLE="margin-top:0px;margin-bottom:0px"><FONT SIZE="1">&nbsp;</FONT></P> <P STYLE="margin-top:0px;margin-bottom:0px" ALIGN="center"><FONT STYLE="font-family:Times New Roman" SIZE="2">Exhibit I - 5
</FONT></P>


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 <P STYLE="margin-top:0px;margin-bottom:0px; margin-left:4%; text-indent:4%" ALIGN="justify"><FONT STYLE="font-family:Times New Roman" SIZE="2">(ii) result in the issuance of any additional interest in
the Borrower Subsidiary, or of any class or series of security, which issuance might adversely affect the value of the Collateral; or </FONT></P> <P STYLE="margin-top:10px;margin-bottom:0px; margin-left:4%; text-indent:4%" ALIGN="justify"><FONT
STYLE="font-family:Times New Roman" SIZE="2">(iii) vest additional powers, privileges, preferences or priorities to any other class or series of interest in the Borrower Subsidiary to the detriment of the value of, or rights accruing to, the
Collateral; or </FONT></P> <P STYLE="margin-top:10px;margin-bottom:0px; margin-left:4%; text-indent:4%" ALIGN="justify"><FONT STYLE="font-family:Times New Roman" SIZE="2">(iv) to the extent prohibited in the Loan Agreement without Agent&#146;s
consent, permit the Borrower Subsidiary to sell, transfer, assign, pledge, mortgage or otherwise encumber any property owned by any of them, or to incur any new indebtedness in respect of such property, unless Agent has given its prior written
consent. </FONT></P> <P STYLE="margin-top:10px;margin-bottom:0px; text-indent:4%" ALIGN="justify"><FONT STYLE="font-family:Times New Roman" SIZE="2">(b) Notwithstanding the preceding terms of this Pledge Agreement, but subject to the terms and
provisions hereof relating to the rights and remedies of the Agent, so long as there is no Event of Default that is continuing, cash dividends, distributions and other payments in respect of the Collateral may be made by the Borrower Subsidiary to
the Borrower, and may be retained, used and enjoyed by the Borrower. </FONT></P> <P STYLE="margin-top:10px;margin-bottom:0px; text-indent:4%" ALIGN="justify"><FONT STYLE="font-family:Times New Roman" SIZE="2">8. <U>Rights of Agent</U>. </FONT></P>
<P STYLE="margin-top:10px;margin-bottom:0px; text-indent:4%" ALIGN="justify"><FONT STYLE="font-family:Times New Roman" SIZE="2">(a) If an Event of Default shall have occurred and be continuing, Agent shall have the right to receive any and all cash
dividends or distributions or other payments paid in respect of the Collateral and make application thereof to the Obligations, in such order as Agent, in its sole discretion, may elect. In connection therewith, if an Event of Default shall have
occurred and be continuing, the Agent shall have the right to direct the issuer(s) of the Pledged Interests, and the obligors with respect to the Pledged Obligations, to pay all such cash dividends or distributions or other payment directly to the
Agent or as otherwise directed by the Agent. </FONT></P> <P STYLE="margin-top:10px;margin-bottom:0px; text-indent:4%" ALIGN="justify"><FONT STYLE="font-family:Times New Roman" SIZE="2">(b) If an Event of Default shall have occurred and be
continuing, then all registered Pledged Interests, at Agent&#146;s option, shall be registered in the name of Agent or its nominee, and Agent or its nominee may thereafter exercise (x)&nbsp;all voting and other rights pertaining to such Pledged
Interests, and (y)&nbsp;any and all rights of conversion, exchange, subscription and any other rights, privileges or options pertaining to such Pledged Interests as if Agent were the absolute owner thereof (including, without limitation, the right
to exchange at its discretion any and all of the Pledged Interests upon the merger, consolidation, reorganization, recapitalization or other fundamental change in the organizational structure of the Borrower, or upon the exercise by the Borrower or
Agent of any right, privilege or option pertaining to such Pledged Interests, and in connection therewith, the right to deposit and deliver any and all of the Pledged Interests with any committee, depositary, transfer agent, registrar or other
designated agency upon such terms and conditions as it may determine), all without liability except to account for property actually received by it, but Agent shall have no duty to exercise any such right, privilege or option and shall not be
responsible for any failure to do so or delay in so doing. </FONT></P>
 <p STYLE="margin-top:0px;margin-bottom:0px"><FONT SIZE="1">&nbsp;</FONT></P> <P STYLE="margin-top:0px;margin-bottom:0px" ALIGN="center"><FONT STYLE="font-family:Times New Roman" SIZE="2">Exhibit I - 6
</FONT></P>


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 <P STYLE="margin-top:0px;margin-bottom:0px; text-indent:4%" ALIGN="justify"><FONT STYLE="font-family:Times New Roman" SIZE="2">(c) The rights of Agent hereunder shall not be conditioned or contingent
upon the pursuit by Agent of any right or remedy against the Borrower or against any other person or entity which may be or become liable in respect of all or any part of the Obligations or against any other Collateral, any security therefor, any
guarantee thereof, or right of offset with respect thereto. Agent shall not be liable for any failure to demand, collect or realize upon all or any part of the Collateral or for any delay in doing so, nor shall it be under any obligation to sell or
otherwise dispose of any Collateral upon the request of the Borrower or any other person or entity or to take any other action whatsoever with regard to the Collateral or any part thereof. </FONT></P>
<P STYLE="margin-top:10px;margin-bottom:0px; text-indent:4%" ALIGN="justify"><FONT STYLE="font-family:Times New Roman" SIZE="2">9. <U>Actions By Agent</U>. The Borrower hereby designates Agent as the attorney-in-fact of the Borrower to:
(a)&nbsp;endorse in favor of Agent any of the Collateral following an Event of Default which is continuing; (b)&nbsp;cause the transfer of any of the Collateral in such name as Agent may from time to time determine following an Event of Default
which is continuing; (c)&nbsp;renew, extend or roll over any Collateral following an Event of Default which is continuing; (d)&nbsp;make, demand and initiate actions to enforce any of the Collateral or rights therein following an Event of Default
which is continuing; and (e)&nbsp;take any other action to effectuate the terms and provisions of this Pledge Agreement following an Event of Default which is continuing. Following an Event of Default which is continuing, Agent may take such action
with respect to the Collateral as Agent may reasonably determine to be necessary to protect and preserve its interest in the Collateral. Except as otherwise provided herein, all of the rights, remedies, powers, privileges and discretions included in
this Section&nbsp;9 may be exercised by Agent whether or not the Obligations are then due provided that an Event of Default has occurred and is continuing. The within designation and grant of power of attorney is coupled with an interest, is
irrevocable until the lien created by this Pledge Agreement is terminated by a written instrument executed by a duly authorized officer of Agent or is required to be so terminated by the terms of the Loan Agreement. The power of attorney shall not
be affected by subsequent disability or incapacity of the Borrower. Agent shall not be liable for any act or omission to act pursuant to this Section&nbsp;9, except for any act or omission to act which is in actual bad faith, or constitutes gross
negligence or willful misconduct. </FONT></P> <P STYLE="margin-top:10px;margin-bottom:0px; text-indent:4%" ALIGN="justify"><FONT STYLE="font-family:Times New Roman" SIZE="2">10. <U>Remedies</U>. </FONT></P>
<P STYLE="margin-top:10px;margin-bottom:0px; text-indent:4%" ALIGN="justify"><FONT STYLE="font-family:Times New Roman" SIZE="2">(a) If an Event of Default shall have occurred and be continuing, Agent may exercise, in addition to all other rights and
remedies granted in this Pledge Agreement and in any other instrument or agreement securing, evidencing or relating to the Obligations, all rights and remedies of a secured party under the UCC. Without limiting the generality of the foregoing,
Agent, if an Event of Default shall have occurred and be continuing, without demand of performance or other demand, presentment, protest, advertisement or notice of any kind (except any notice required by law referred to below or required by the
Loan Agreement) to or upon the Borrower, or any other person or entity (all and each of which demands, presentments, protests, advertisements or notices are hereby waived), may in such circumstances forthwith collect, receive, appropriate and
realize upon the Collateral, or any part thereof, and/or may forthwith sell, assign, give option or options to purchase or otherwise dispose of and deliver the Collateral or any part thereof (or contract to do any of the foregoing), in one or more
parcels at public or private sale or sales, in the over-the-counter market, at any exchange, broker&#146;s board or office of Agent or elsewhere upon such terms and conditions as it may deem advisable and at such prices as it may deem best, for cash
or on credit or for future delivery without assumption of any credit </FONT></P>
 <p STYLE="margin-top:0px;margin-bottom:0px"><FONT SIZE="1">&nbsp;</FONT></P> <P STYLE="margin-top:0px;margin-bottom:0px" ALIGN="center"><FONT STYLE="font-family:Times New Roman" SIZE="2">Exhibit I - 7
</FONT></P>


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 <P STYLE="margin-top:0px;margin-bottom:0px" ALIGN="justify"><FONT STYLE="font-family:Times New Roman" SIZE="2">
risk. Agent shall have the right upon any such public sale or sales, and, to the extent permitted by law, upon any such private sale or sales, to purchase the whole or any part of the Collateral
so sold, free of any right or equity of redemption in the Borrower, which right or equity is hereby waived or released. Agent shall apply any Proceeds from time to time held by it and the net proceeds of any such collection, recovery, receipt,
appropriation, realization or sale, after deducting all reasonable costs and expenses of every kind incurred therein or incidental to the care or safekeeping of any of the Collateral or in any way relating to the Collateral or the rights of Agent
hereunder, including, without limitation, reasonable attorneys&#146; fees and disbursements, to the payment in whole or in part of the Obligations, in such order as Agent may elect, and only after such application and after the payment by Agent of
any other amount required by any provision of law, including, without limitation, Section&nbsp;9-615(a) of the UCC, need Agent account for, and/or turnover, any surplus to the Borrower. To the extent permitted by applicable law, the Borrower waives
all claims, damages and demands Borrower may acquire against Agent arising out of the exercise by Agent of any of its rights hereunder, except for any claims, damages and demands Borrower may have against Agent arising from the gross negligence or
willful misconduct of Agent. If any notice of a proposed sale or other disposition of Collateral shall be required by law, such notice shall be deemed reasonable and proper if given at least 10 days before such sale or other disposition. The
Borrower shall remain liable for any deficiency if the proceeds of any sale or other disposition of Collateral are insufficient to pay the Obligations and the reasonable fees and disbursements of any attorneys employed by Agent to collect such
deficiency. </FONT></P> <P STYLE="margin-top:10px;margin-bottom:0px; text-indent:4%" ALIGN="justify"><FONT STYLE="font-family:Times New Roman" SIZE="2">(b) If any Event of Default, or other event which would entitle Agent or any of the Lenders to
accelerate the Loan, occurs and is continuing, any deposits, balances or other sums credited by or due from Agent, or any of the Lenders, or from any affiliate of Agent or any of the Lenders or any of their respective Affiliates, to the Borrower
may, to the fullest extent not prohibited by applicable law at any time or from time to time, without regard to the existence, sufficiency or adequacy of any other collateral, and without notice or compliance with any other condition precedent now
or hereafter imposed by statute, rule of law or otherwise, all of which are hereby waived to the fullest extent permitted by law, be set off, appropriated and applied by Agent against any or all of the Obligations irrespective of whether demand
shall have been made and although such Obligations may be unmatured, in such manner as Agent in its sole and absolute discretion may determine. Within three (3)&nbsp;Business Days of making any such set off, appropriation or application, Agent
agrees to notify Borrower thereof, provided the failure to give such notice shall not affect the validity of such set off or appropriation or application. ANY AND ALL RIGHTS TO REQUIRE AGENT OR ANY OF THE LENDERS TO EXERCISE ITS RIGHTS OR REMEDIES
WITH RESPECT TO ANY OTHER COLLATERAL WHICH SECURES THE LOAN, PRIOR TO EXERCISING ITS RIGHT OF SETOFF WITH RESPECT TO SUCH DEPOSITS, CREDITS OR OTHER PROPERTY OF THE BORROWER, ARE HEREBY KNOWINGLY, VOLUNTARILY AND IRREVOCABLY WAIVED. </FONT></P>
<P STYLE="margin-top:10px;margin-bottom:0px; text-indent:4%" ALIGN="justify"><FONT STYLE="font-family:Times New Roman" SIZE="2">11. <U>Private Sales</U>. </FONT></P> <P STYLE="margin-top:10px;margin-bottom:0px; text-indent:4%" ALIGN="justify"><FONT
STYLE="font-family:Times New Roman" SIZE="2">(a) The Borrower recognizes that Agent may be unable to effect a public sale of any or all the Pledged Interests, by reason of certain prohibitions contained in the Securities Act of 1933, as amended, and
applicable state securities laws or otherwise, and may be compelled to resort to one or more private sales thereof to a restricted group of purchasers which will be </FONT></P>
 <p STYLE="margin-top:0px;margin-bottom:0px"><FONT SIZE="1">&nbsp;</FONT></P> <P STYLE="margin-top:0px;margin-bottom:0px" ALIGN="center"><FONT STYLE="font-family:Times New Roman" SIZE="2">Exhibit I - 8
</FONT></P>


<p Style='page-break-before:always'>
<HR  SIZE="3" style="COLOR:#999999" WIDTH="100%" ALIGN="CENTER">


 <P STYLE="margin-top:0px;margin-bottom:0px" ALIGN="justify"><FONT STYLE="font-family:Times New Roman" SIZE="2">
obliged to agree, among other things, to acquire such securities for their own account for investment and not with a view to the distribution or resale thereof. The Borrower acknowledges and
agrees that any such private sale may result in prices and other terms less favorable to Agent than if such sale were a public sale. Agent shall be under no obligation to delay a sale of any of the Pledged Interests for the period of time necessary
to permit the Borrower to register such securities for public sale under the Securities Act of 1933, as amended, or under applicable state securities laws, even if the Borrower would agree to do so. </FONT></P>
<P STYLE="margin-top:10px;margin-bottom:0px; text-indent:4%" ALIGN="justify"><FONT STYLE="font-family:Times New Roman" SIZE="2">(b) From and after the occurrence, and during the continuation, of an Event of Default, the Borrower further agrees to
use its best efforts to do or cause to be done all such other acts as may be necessary to make any sale or sales of all or any portion of the Pledged Interests pursuant to this Section&nbsp;11 valid and binding and in compliance with any and all
other applicable requirements of law; provided, however, that the Borrower shall not be under any obligation to register the Pledged Interests for public sale under the Securities Act of 1933, as amended, or under applicable state securities laws.
The Borrower further agrees that a breach of any of the covenants contained in this Section&nbsp;11 will cause irreparable injury to Agent, that Agent has no adequate remedy at law in respect of such breach and, as a consequence, that each and every
covenant contained in this Section&nbsp;11 shall be specifically enforceable against the Borrower, subject to bankruptcy, insolvency, moratorium, and other similar laws of general applicability affecting creditor&#146;s rights and general equity
principles, and the Borrower hereby waives and agrees not to assert any defenses against an action for specific performance of such covenants except for a defense that no default has occurred with respect to the Obligations. </FONT></P>
<P STYLE="margin-top:10px;margin-bottom:0px; text-indent:4%" ALIGN="justify"><FONT STYLE="font-family:Times New Roman" SIZE="2">12. <U>Limitation on Duties Regarding Collateral</U>. Agent&#146;s sole duty with respect to the custody, safekeeping and
physical preservation of the Collateral in its possession, under Section&nbsp;9-207 of the UCC or otherwise, shall be to deal with it in the same manner as Agent deals with similar securities and property for its own account. Neither Agent nor any
of its directors, officers, employees or agents shall be liable for failure to demand, collect or realize upon any of the Collateral or for any delay in doing so or shall be under any obligation to sell or otherwise dispose of any Collateral upon
the request of the Borrower, or otherwise. </FONT></P> <P STYLE="margin-top:10px;margin-bottom:0px; text-indent:4%" ALIGN="justify"><FONT STYLE="font-family:Times New Roman" SIZE="2">13. <U>Financing Statements; Other Documents</U>. </FONT></P>
<P STYLE="margin-top:10px;margin-bottom:0px; text-indent:4%" ALIGN="justify"><FONT STYLE="font-family:Times New Roman" SIZE="2">(a) This Pledge Agreement constitutes an authenticated record, and the Borrower hereby authorizes the Agent to file one
or more financing or continuation statements, and amendments thereto, relative to all or any part of the Collateral, without the signature of Borrower, in such filing offices as the Agent shall reasonably deem appropriate, and the Borrower shall pay
the Agent&#146;s reasonable costs and expenses incurred in connection therewith. </FONT></P> <P STYLE="margin-top:10px;margin-bottom:0px; text-indent:4%" ALIGN="justify"><FONT STYLE="font-family:Times New Roman" SIZE="2">(b) The Borrower hereby
agrees that a carbon, photographic, or other reproduction of this Pledge Agreement or of a financing statement signed by the Borrower shall be sufficient as a financing statement and may be filed as a financing statement in any and all
jurisdictions. </FONT></P> <P STYLE="margin-top:10px;margin-bottom:0px; text-indent:4%" ALIGN="justify"><FONT STYLE="font-family:Times New Roman" SIZE="2">(c) The Borrower agrees to deliver any other document or instrument which Agent may reasonably
request in connection with the administration and enforcement of this Pledge Agreement or with respect to the Collateral for the purposes of obtaining or preserving the full benefits of this Pledge Agreement and of the rights and powers herein
granted. </FONT></P>
 <p STYLE="margin-top:0px;margin-bottom:0px"><FONT SIZE="1">&nbsp;</FONT></P> <P STYLE="margin-top:0px;margin-bottom:0px" ALIGN="center"><FONT STYLE="font-family:Times New Roman" SIZE="2">Exhibit I - 9
</FONT></P>


<p Style='page-break-before:always'>
<HR  SIZE="3" style="COLOR:#999999" WIDTH="100%" ALIGN="CENTER">


 <P STYLE="margin-top:0px;margin-bottom:0px; text-indent:4%" ALIGN="justify"><FONT STYLE="font-family:Times New Roman" SIZE="2">14. <U>Powers Coupled with an Interest</U>. All authorizations and agencies
and powers herein contained with respect to the Collateral are irrevocable and coupled with an interest. </FONT></P> <P STYLE="margin-top:10px;margin-bottom:0px; text-indent:4%" ALIGN="justify"><FONT STYLE="font-family:Times New Roman" SIZE="2">15.
<U>Security Interest Absolute</U>. All rights of the Agent hereunder, the grant of a security interest in the Collateral and all obligations of the Borrower, shall be absolute and unconditional irrespective of (i)&nbsp;any lack of validity or
enforceability of the Loan Agreement, any agreement with respect to any of the Obligations or any other agreement or instrument relating to any of the foregoing, (ii)&nbsp;any change in time, manner or place of payment of, or in any other term of,
all or any of the Obligations, or any other amendment or waiver of or any consent to any departure from the Loan Agreement or any other agreement or instrument, (iii)&nbsp;any exchange, release or non-perfection of any other collateral, or any
release or amendment or waiver of or consent to or departure from any guarantee, for all or any of the Obligations, or (iv)&nbsp;any other circumstance which might otherwise constitute a defense available to (other than the defense of indefeasible
payment), or a discharge of, the Borrower in respect of the Obligations or in respect of this Pledge Agreement. </FONT></P>
<P STYLE="margin-top:10px;margin-bottom:0px; text-indent:4%" ALIGN="justify"><FONT STYLE="font-family:Times New Roman" SIZE="2">16. <U>Fees and Expenses</U>. To the extent provided in the Loan Agreement, the Borrower shall be obligated to pay to the
Agent the amount of any and all reasonable expenses, including the reasonable fees and expenses of its counsel and of any experts or agents which the Agent or any Lender may incur in connection with (i)&nbsp;the sale of, collection from, or other
realization upon, any of the Collateral, or (ii)&nbsp;during the continuance of an Event of Default, the exercise or enforcement of any of the rights of the Agent hereunder. Any such amounts payable as provided hereunder or thereunder shall be
additional obligations secured hereby. </FONT></P> <P STYLE="margin-top:10px;margin-bottom:0px; text-indent:4%" ALIGN="justify"><FONT STYLE="font-family:Times New Roman" SIZE="2">17. <U>Termination</U>. Upon the payment in full of the Obligations,
in immediately available funds, including, without limitation, all unreimbursed costs and expenses, for which the Borrower is responsible, of the Agent and of each Lender, the Agent shall release the Collateral granted to the Agent as provided for
herein. However, such release by the Agent shall not be deemed to terminate or release the Borrower from any obligation or liability under this Pledge Agreement which specifically by its terms survives the payment in full of the Obligations.
</FONT></P> <P STYLE="margin-top:10px;margin-bottom:0px; text-indent:4%" ALIGN="justify"><FONT STYLE="font-family:Times New Roman" SIZE="2">18. <U>Severability</U>. Any provision of this Pledge Agreement which is prohibited or unenforceable in any
jurisdiction shall, as to such jurisdiction, be ineffective to the extent of such prohibition or unenforceability without invalidating the remaining provisions hereof, and any such prohibition or unenforceability in any jurisdiction shall not
invalidate or render unenforceable such provision in any other jurisdiction. </FONT></P> <P STYLE="margin-top:10px;margin-bottom:0px; text-indent:4%" ALIGN="justify"><FONT STYLE="font-family:Times New Roman" SIZE="2">19. <U>Paragraph Headings</U>.
The paragraph headings used in this Pledge Agreement are for convenience of reference only and are not to affect the construction, or be taken into consideration in interpreting, this Pledge Agreement. </FONT></P>
<P STYLE="margin-top:10px;margin-bottom:0px; text-indent:4%" ALIGN="justify"><FONT STYLE="font-family:Times New Roman" SIZE="2">20. <U>No Waiver; Cumulative Remedies</U>. Agent shall not by any act, delay, indulgence, omission or otherwise be deemed
to have waived any right or remedy hereunder or to have acquiesced in any default or in any breach of any of the terms and conditions hereof. No failure to exercise, or any delay in exercising, on the part of Agent, any right, power or privilege
hereunder shall operate as a waiver thereof. No single or partial exercise of any right, power or privilege hereunder shall preclude any other or further exercise thereof or the exercise of any
</FONT></P>
 <p STYLE="margin-top:0px;margin-bottom:0px"><FONT SIZE="1">&nbsp;</FONT></P> <P STYLE="margin-top:0px;margin-bottom:0px" ALIGN="center"><FONT STYLE="font-family:Times New Roman" SIZE="2">Exhibit I - 10
</FONT></P>


<p Style='page-break-before:always'>
<HR  SIZE="3" style="COLOR:#999999" WIDTH="100%" ALIGN="CENTER">


 <P STYLE="margin-top:0px;margin-bottom:0px" ALIGN="justify"><FONT STYLE="font-family:Times New Roman" SIZE="2">
other right, power or privilege. A waiver by Agent of any right or remedy hereunder on any one occasion shall not be construed as a bar to any right or remedy which Agent would otherwise have on
any future occasion. The rights and remedies herein provided are cumulative, may be exercised singly or concurrently and are not exclusive of any rights or remedies provided by law. </FONT></P>
<P STYLE="margin-top:10px;margin-bottom:0px; text-indent:4%" ALIGN="justify"><FONT STYLE="font-family:Times New Roman" SIZE="2">21. <U>Waivers and Amendments; Successors and Assigns; Governing Law; Venue</U>. None of the terms or provisions of this
Pledge Agreement may be waived, amended, or otherwise modified except by a written instrument executed by the party against which enforcement of such waiver, amendment, or modification is sought. This Pledge Agreement shall be binding upon the
Borrower and Agent, and the successors and assigns of each, and shall inure to the benefit of Agent and the Lenders, and their successors and assigns, and to the benefit of the Borrower and the Borrower&#146;s successors and permitted assigns;
provided that the Borrower shall not have any right to (i)&nbsp;assign this Pledge Agreement or any interest herein, or (ii)&nbsp;assign any interest in the Collateral or any part thereof, or otherwise pledge, encumber or grant any option with
respect to the Collateral or any part thereof, or any cash or property held by the Borrower as Collateral under this Pledge Agreement if any such assignment, pledge, encumbrance or grant would constitute a violation of the Loan Agreement. The rights
of Agent under this Pledge Agreement shall automatically be transferred to any transferee to which Agent transfers the Note and the Loan Agreement pursuant to the terms thereof. The construction, interpretation, validity, enforceability and effect
of all provisions of this Pledge Agreement including, but not limited to, the payment of the Obligations and the legality of the interest rate and other charges shall be construed and enforced in accordance with the internal laws of the State of New
York. The terms of Section&nbsp;15.6 of the Loan Agreement are incorporated herein by reference, <I>mutatis mutandis</I>, and the parties hereto agree to such terms. </FONT></P>
<P STYLE="margin-top:10px;margin-bottom:0px; text-indent:4%" ALIGN="justify"><FONT STYLE="font-family:Times New Roman" SIZE="2">22. <U>Executive Offices</U>. The Borrower shall not (i)&nbsp;change the location of its chief executive offices or sole
place of business from the location as of the date hereof or remove its books and records from such location, or (ii)&nbsp;change its name, identity or structure if, in either case, such change is prohibited by the Loan Agreement. </FONT></P>
<P STYLE="margin-top:10px;margin-bottom:0px; text-indent:4%" ALIGN="justify"><FONT STYLE="font-family:Times New Roman" SIZE="2">23. <U>Notices</U>. All notices required or permitted to be given under this Pledge Agreement shall be in conformance
with Section&nbsp;15.1 of the Loan Agreement. </FONT></P> <P STYLE="margin-top:10px;margin-bottom:0px; text-indent:4%" ALIGN="justify"><FONT STYLE="font-family:Times New Roman" SIZE="2">24. <U>Entire Understanding</U>. Agent acknowledges that this
Pledge Agreement, the Note and the other Loan Documents and Security Documents set forth the entire agreement and understanding of Agent and the Borrower with respect to the Loan and that no oral or other agreements, understanding, representation or
warranties exist with respect to the Loan, other than those set forth in this Pledge Agreement, the Note and the other Loan Documents. </FONT></P> <P STYLE="margin-top:10px;margin-bottom:0px; text-indent:4%" ALIGN="justify"><FONT
STYLE="font-family:Times New Roman" SIZE="2">25. <U>Counterpart Signatures</U>. This Pledge Agreement may be executed in two or more counterparts, each of which shall constitute an original, but all of which, when taken together, shall constitute
but one instrument. Delivery of executed counterparts of this Pledge Agreement by telecopy or other electronic means shall be effective as an original. </FONT></P> <P STYLE="margin-top:10px;margin-bottom:0px; text-indent:4%" ALIGN="justify"><FONT
STYLE="font-family:Times New Roman" SIZE="2">26. <U>Governing Law</U>. This Pledge Agreement and the rights and obligations of the parties hereunder shall in all respects be governed by and construed and enforced in accordance with the internal laws
of the State of New York. </FONT></P>
 <p STYLE="margin-top:0px;margin-bottom:0px"><FONT SIZE="1">&nbsp;</FONT></P> <P STYLE="margin-top:0px;margin-bottom:0px" ALIGN="center"><FONT STYLE="font-family:Times New Roman" SIZE="2">Exhibit I - 11
</FONT></P>


<p Style='page-break-before:always'>
<HR  SIZE="3" style="COLOR:#999999" WIDTH="100%" ALIGN="CENTER">


 <P STYLE="margin-top:0px;margin-bottom:0px; text-indent:4%" ALIGN="justify"><FONT STYLE="font-family:Times New Roman" SIZE="2">27. <U>Consent To Jurisdiction</U>. Each party hereto irrevocably and
unconditionally submits, for itself and its property, to the nonexclusive jurisdiction of the courts of the State of New York located within the First Department of the New York State Unified Court System and of the United States District Court of
the Southern District of New York, and any appellate court from any thereof, in any action or proceeding arising out of or relating to this Pledge Agreement or any other Loan Document, or for recognition or enforcement of any judgment, and each of
the parties hereto irrevocably and unconditionally agrees that all claims in respect of any such action or proceeding may be heard and determined in such New York State Court or, to the fullest extent permitted by applicable law, in such Federal
Court. Each of the parties hereto agrees that a final judgment in any such action or proceeding shall be conclusive and may be enforced in other jurisdictions by suit on the judgment or in any other manner provided by law. Nothing in this Pledge
Agreement or in any other Loan Document shall affect any right that the Agent, any Lender or the L/C Issuer may otherwise have to bring any action or proceeding relating to this agreement or any other Loan Document against the Borrower or any other
loan party or its properties in the courts of any jurisdiction. </FONT></P> <P STYLE="margin-top:10px;margin-bottom:0px" ALIGN="center"><FONT STYLE="font-family:Times New Roman" SIZE="2">[The balance of this page is intentionally left blank]
</FONT></P>
 <p STYLE="margin-top:0px;margin-bottom:0px"><FONT SIZE="1">&nbsp;</FONT></P> <P STYLE="margin-top:0px;margin-bottom:0px" ALIGN="center"><FONT STYLE="font-family:Times New Roman" SIZE="2">Exhibit I - 12
</FONT></P>


<p Style='page-break-before:always'>
<HR  SIZE="3" style="COLOR:#999999" WIDTH="100%" ALIGN="CENTER">


 <P STYLE="margin-top:0px;margin-bottom:0px; text-indent:4%" ALIGN="justify"><FONT STYLE="font-family:Times New Roman" SIZE="2">IN WITNESS WHEREOF, the undersigned have caused this Pledge Agreement to be
duly executed and delivered as an instrument under seal as of the date first above written. </FONT></P> <P STYLE="font-size:10px;margin-top:0px;margin-bottom:0px">&nbsp;</P>
<TABLE CELLSPACING="0" CELLPADDING="0" WIDTH="100%" BORDER="0" STYLE="BORDER-COLLAPSE:COLLAPSE">


<TR>
<TD WIDTH="45%"></TD>
<TD VALIGN="bottom" WIDTH="1%"></TD>
<TD WIDTH="4%"></TD>
<TD VALIGN="bottom" WIDTH="1%"></TD>
<TD WIDTH="4%"></TD>
<TD VALIGN="bottom" WIDTH="1%"></TD>
<TD WIDTH="44%"></TD></TR>


<TR>
<TD VALIGN="top"> <P STYLE="margin-left:1.00em; text-indent:-1.00em"><FONT STYLE="font-family:Times New Roman" SIZE="2"><B>BORROWER:</B></FONT></P></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="top" COLSPAN="5"> <P STYLE="margin-top:0px;margin-bottom:0px"><FONT STYLE="font-family:Times New Roman" SIZE="2"><B>CEDAR REALTY TRUST</B></FONT></P> <P STYLE="margin-top:0px;margin-bottom:1px"><FONT
STYLE="font-family:Times New Roman" SIZE="2"><B>PARTNERSHIP, L.P.</B></FONT></P></TD></TR>
<TR>
<TD HEIGHT="16"></TD>
<TD HEIGHT="16" COLSPAN="2"></TD>
<TD HEIGHT="16" COLSPAN="4"></TD></TR>
<TR>
<TD VALIGN="top"></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="top"> <P ALIGN="justify"><FONT STYLE="font-family:Times New Roman" SIZE="2">By:</FONT></P></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="top" COLSPAN="3"> <P STYLE="margin-top:0px;margin-bottom:0px"><FONT STYLE="font-family:Times New Roman" SIZE="2">Cedar Realty Trust, Inc., a Maryland</FONT></P> <P STYLE="margin-top:0px;margin-bottom:1px"><FONT
STYLE="font-family:Times New Roman" SIZE="2">corporation, its general partner</FONT></P></TD></TR>
<TR>
<TD VALIGN="top"></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="top"></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="top"></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="top"></TD></TR>
<TR>
<TD VALIGN="top"></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="top"><FONT STYLE="font-family:Times New Roman" SIZE="2">By:</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"> <P STYLE="margin-top:0px;margin-bottom:1px;border-bottom:1px solid #000000"><FONT STYLE="font-family:Times New Roman" SIZE="2">&nbsp;</FONT></P></TD></TR>
<TR>
<TD VALIGN="top"></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="top"><FONT STYLE="font-family:Times New Roman" SIZE="2">Name:</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="2">Bruce J. Schanzer</FONT></TD></TR>
<TR>
<TD VALIGN="top"></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="top"><FONT STYLE="font-family:Times New Roman" SIZE="2">Title:</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="2">President</FONT></TD></TR>
<TR>
<TD VALIGN="top"></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="top"></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"></TD></TR>
<TR>
<TD VALIGN="top"> <P STYLE="margin-left:1.00em; text-indent:-1.00em"><FONT STYLE="font-family:Times New Roman" SIZE="2"><B>AGENT:</B></FONT></P></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" COLSPAN="5"><FONT STYLE="font-family:Times New Roman" SIZE="2"><B>KEYBANK NATIONAL ASSOCIATION,</B></FONT></TD></TR>
<TR>
<TD VALIGN="top"></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" COLSPAN="5"> <P STYLE="margin-top:0px;margin-bottom:0px"><FONT STYLE="font-family:Times New Roman" SIZE="2"><B></B>a national banking association, as</FONT></P> <P STYLE="margin-top:0px;margin-bottom:1px"><FONT
STYLE="font-family:Times New Roman" SIZE="2">Administrative Agent</FONT></P></TD></TR>
<TR>
<TD VALIGN="top"></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="top"></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"></TD></TR>
<TR>
<TD VALIGN="top"></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"> <P ALIGN="justify"><FONT STYLE="font-family:Times New Roman" SIZE="2">By:</FONT></P></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="top" COLSPAN="3"> <P STYLE="margin-top:0px;margin-bottom:1px;border-bottom:1px solid #000000"><FONT STYLE="font-family:Times New Roman" SIZE="2">&nbsp;</FONT></P></TD></TR>
<TR>
<TD VALIGN="top"></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"> <P ALIGN="justify"><FONT STYLE="font-family:Times New Roman" SIZE="2">Name:</FONT></P></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="top"></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"></TD></TR>
<TR>
<TD VALIGN="top"></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"> <P ALIGN="justify"><FONT STYLE="font-family:Times New Roman" SIZE="2">Title:</FONT></P></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="top"></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"></TD></TR>
</TABLE>
 <p STYLE="margin-top:0px;margin-bottom:0px"><FONT SIZE="1">&nbsp;</FONT></P> <P STYLE="margin-top:0px;margin-bottom:0px" ALIGN="center"><FONT STYLE="font-family:Times New Roman" SIZE="2">Exhibit I - 13
</FONT></P>


<p Style='page-break-before:always'>
<HR  SIZE="3" style="COLOR:#999999" WIDTH="100%" ALIGN="CENTER">


 <P STYLE="margin-top:0px;margin-bottom:0px" ALIGN="center"><FONT STYLE="font-family:Times New Roman" SIZE="2"><B>SCHEDULE 1 </B></FONT></P>
<P STYLE="font-size:10px;margin-top:0px;margin-bottom:0px">&nbsp;</P>
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<TD nowrap><FONT STYLE="Times New Roman" SIZE="1"><B>September 30,</B></FONT></TD>
<TD VALIGN="bottom" WIDTH="1%"></TD>
<TD></TD>
<TD nowrap><FONT STYLE="Times New Roman" SIZE="1"><B>September 30,</B></FONT></TD>
<TD></TD></TR>
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<TD VALIGN="bottom" NOWRAP> <P STYLE="border-bottom:1px solid #000000;width:25pt"><FONT STYLE="font-family:Times New Roman" SIZE="1"><B>Entity*</B></FONT></P></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="center" STYLE="border-bottom:1px solid #000000"> <P STYLE="margin-top:0px;margin-bottom:1px" ALIGN="center"><FONT STYLE="font-family:Times New Roman" SIZE="1"><B>State of Organization</B></FONT></P></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" COLSPAN="2" ALIGN="center" STYLE="border-bottom:1px solid #000000"><FONT STYLE="font-family:Times New Roman" SIZE="1"><B>Percentage&nbsp;Interests<BR>Pledged</B></FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD></TR>


<TR BGCOLOR="#cceeff">
<TD VALIGN="top"></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:Times New Roman" SIZE="2">a&nbsp;Delaware&nbsp;limited&nbsp;liability&nbsp;company</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="2">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:Times New Roman" SIZE="2">100</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="2">%&nbsp;</FONT></TD></TR>
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<TD WIDTH="4%" VALIGN="top" ALIGN="left"><FONT STYLE="font-family:Times New Roman" SIZE="2"><B>*</B></FONT></TD>
<TD ALIGN="left" VALIGN="top"> <P ALIGN="justify"><FONT STYLE="font-family:Times New Roman" SIZE="2"><B>having an address at 44 South Bayles Avenue, Port Washington, New York 11050 </B></FONT></P></TD></TR></TABLE>
 <p STYLE="margin-top:0px;margin-bottom:0px"><FONT SIZE="1">&nbsp;</FONT></P> <P STYLE="margin-top:0px;margin-bottom:0px" ALIGN="center"><FONT STYLE="font-family:Times New Roman" SIZE="2">Exhibit I - 14
</FONT></P>


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 <P STYLE="margin-top:0px;margin-bottom:0px" ALIGN="right"><FONT STYLE="font-family:Times New Roman" SIZE="2"><B><I>Exhibit J </I></B></FONT></P> <P STYLE="margin-top:10px;margin-bottom:0px"><FONT
STYLE="font-family:Times New Roman" SIZE="2"><B>CEDAR REALTY TRUST, INC. </B></FONT></P> <P STYLE="margin-top:0px;margin-bottom:0px"><FONT STYLE="font-family:Times New Roman" SIZE="2"><B>Projected Operating Budget </B></FONT></P>
<P STYLE="margin-top:0px;margin-bottom:0px"><FONT STYLE="font-family:Times New Roman" SIZE="2"><B>Funds From Operations (&#147;FFO&#148;) and Adjusted Funds From Operations (Cash Flow - &#147;AFFO&#148;) </B></FONT></P>
<P STYLE="margin-top:0px;margin-bottom:0px"><FONT STYLE="font-family:Times New Roman" SIZE="2"><B>For The Year Ending September 30, 2012 </B></FONT></P>
<P STYLE="margin-top:0px;margin-bottom:0px"><FONT STYLE="font-family:Times New Roman" SIZE="2"><B>(unaudited) (in thousands) </B></FONT></P> <P STYLE="font-size:10px;margin-top:0px;margin-bottom:0px">&nbsp;</P>
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<TD VALIGN="bottom" WIDTH="1%"></TD>
<TD></TD>
<TD nowrap><FONT STYLE="Times New Roman" SIZE="1"><B>September 30,</B></FONT></TD>
<TD></TD></TR>
<TR>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" COLSPAN="2" ALIGN="center" STYLE="border-bottom:1px solid #000000"><FONT STYLE="font-family:Times New Roman" SIZE="1"><B>Oct-11</B></FONT><br><FONT STYLE="font-family:Times New Roman" SIZE="1"><B>Thru<BR>Sep-12</B></FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD></TR>


<TR BGCOLOR="#cceeff">
<TD VALIGN="top"> <P STYLE="margin-left:1.00em; text-indent:-1.00em"><FONT STYLE="font-family:Times New Roman" SIZE="2"><B>Revenues:</B></FONT></P></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD></TR>
<TR>
<TD VALIGN="top"> <P STYLE="margin-left:1.00em; text-indent:-1.00em"><FONT STYLE="font-family:Times New Roman" SIZE="2">Rent</FONT></P></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD></TR>
<TR BGCOLOR="#cceeff">
<TD VALIGN="top"> <P STYLE="margin-left:1.00em; text-indent:-1.00em"><FONT STYLE="font-family:Times New Roman" SIZE="2">Expense recoveries</FONT></P></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD></TR>
<TR>
<TD VALIGN="top"> <P STYLE="margin-left:1.00em; text-indent:-1.00em"><FONT STYLE="font-family:Times New Roman" SIZE="2">Other</FONT></P></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD></TR>
<TR STYLE="font-size:1px">
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"> <P STYLE="border-top:1px solid #000000">&nbsp;</P></TD>
<TD VALIGN="bottom"> <P STYLE="border-top:1px solid #000000">&nbsp;</P></TD>
<TD>&nbsp;</TD></TR>
<TR BGCOLOR="#cceeff">
<TD VALIGN="top"> <P STYLE="margin-left:1.00em; text-indent:-1.00em"><FONT STYLE="font-family:Times New Roman" SIZE="2">Total revenues</FONT></P></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD></TR>
<TR STYLE="font-size:1px">
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"> <P STYLE="border-top:1px solid #000000">&nbsp;</P></TD>
<TD VALIGN="bottom"> <P STYLE="border-top:1px solid #000000">&nbsp;</P></TD>
<TD>&nbsp;</TD></TR>
<TR>
<TD VALIGN="top"></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="2">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:Times New Roman" SIZE="2">&#151;&nbsp;&nbsp;</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="2">&nbsp;&nbsp;</FONT></TD></TR>
<TR BGCOLOR="#cceeff">
<TD VALIGN="top"> <P STYLE="margin-left:1.00em; text-indent:-1.00em"><FONT STYLE="font-family:Times New Roman" SIZE="2"><B>Expenses:</B></FONT></P></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="2"><B></B><B></B>&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:Times New Roman" SIZE="2"><B></B><B></B>&#151;&nbsp;&nbsp;</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="2"><B></B><B></B>&nbsp;&nbsp;</FONT></TD></TR>
<TR>
<TD VALIGN="top"> <P STYLE="margin-left:1.00em; text-indent:-1.00em"><FONT STYLE="font-family:Times New Roman" SIZE="2">Operating, maintenance and management</FONT></P></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD></TR>
<TR BGCOLOR="#cceeff">
<TD VALIGN="top"> <P STYLE="margin-left:1.00em; text-indent:-1.00em"><FONT STYLE="font-family:Times New Roman" SIZE="2">Real estate and other property-related taxes</FONT></P></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD></TR>
<TR>
<TD VALIGN="top"> <P STYLE="margin-left:1.00em; text-indent:-1.00em"><FONT STYLE="font-family:Times New Roman" SIZE="2">General and administrative</FONT></P></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD></TR>
<TR BGCOLOR="#cceeff">
<TD VALIGN="top"> <P STYLE="margin-left:1.00em; text-indent:-1.00em"><FONT STYLE="font-family:Times New Roman" SIZE="2">Interest expense (including amortization of deferred financing costs)</FONT></P></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD></TR>
<TR>
<TD VALIGN="top"> <P STYLE="margin-left:1.00em; text-indent:-1.00em"><FONT STYLE="font-family:Times New Roman" SIZE="2">Depreciation and amortization</FONT></P></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD></TR>
<TR BGCOLOR="#cceeff">
<TD VALIGN="top"> <P STYLE="margin-left:1.00em; text-indent:-1.00em"><FONT STYLE="font-family:Times New Roman" SIZE="2">Income from unconsolidated joint ventures</FONT></P></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD></TR>
<TR STYLE="font-size:1px">
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"> <P STYLE="border-top:1px solid #000000">&nbsp;</P></TD>
<TD VALIGN="bottom"> <P STYLE="border-top:1px solid #000000">&nbsp;</P></TD>
<TD>&nbsp;</TD></TR>
<TR>
<TD VALIGN="top"> <P STYLE="margin-left:1.00em; text-indent:-1.00em"><FONT STYLE="font-family:Times New Roman" SIZE="2">Total expenses</FONT></P></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD></TR>
<TR STYLE="font-size:1px">
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"> <P STYLE="border-top:1px solid #000000">&nbsp;</P></TD>
<TD VALIGN="bottom"> <P STYLE="border-top:1px solid #000000">&nbsp;</P></TD>
<TD>&nbsp;</TD></TR>
<TR BGCOLOR="#cceeff">
<TD VALIGN="top"></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="2">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:Times New Roman" SIZE="2">&#151;&nbsp;&nbsp;</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="2">&nbsp;&nbsp;</FONT></TD></TR>
<TR>
<TD VALIGN="top"> <P STYLE="margin-left:1.00em; text-indent:-1.00em"><FONT STYLE="font-family:Times New Roman" SIZE="2"><B>Income before discontinued operations</B></FONT></P></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD></TR>
<TR>
<TD HEIGHT="13"></TD>
<TD HEIGHT="13" COLSPAN="4"></TD></TR>
<TR BGCOLOR="#cceeff">
<TD VALIGN="top"> <P STYLE="margin-left:1.00em; text-indent:-1.00em"><FONT STYLE="font-family:Times New Roman" SIZE="2">Discontinued operations, net of gain on sale</FONT></P></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD></TR>
<TR STYLE="font-size:1px">
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"> <P STYLE="border-top:1px solid #000000">&nbsp;</P></TD>
<TD VALIGN="bottom"> <P STYLE="border-top:1px solid #000000">&nbsp;</P></TD>
<TD>&nbsp;</TD></TR>
<TR>
<TD HEIGHT="13"></TD>
<TD HEIGHT="13" COLSPAN="4"></TD></TR>
<TR>
<TD VALIGN="top"> <P STYLE="margin-left:1.00em; text-indent:-1.00em"><FONT STYLE="font-family:Times New Roman" SIZE="2"><B>Income before noncontrolling interest</B></FONT></P></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD></TR>
<TR>
<TD HEIGHT="13"></TD>
<TD HEIGHT="13" COLSPAN="4"></TD></TR>
<TR BGCOLOR="#cceeff">
<TD VALIGN="top"> <P STYLE="margin-left:1.00em; text-indent:-1.00em"><FONT STYLE="font-family:Times New Roman" SIZE="2">Minority interests</FONT></P></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD></TR>
<TR>
<TD VALIGN="top"> <P STYLE="margin-left:1.00em; text-indent:-1.00em"><FONT STYLE="font-family:Times New Roman" SIZE="2">Limited partners&#146; interest</FONT></P></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD></TR>
<TR STYLE="font-size:1px">
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"> <P STYLE="border-top:1px solid #000000">&nbsp;</P></TD>
<TD VALIGN="bottom"> <P STYLE="border-top:1px solid #000000">&nbsp;</P></TD>
<TD>&nbsp;</TD></TR>
<TR BGCOLOR="#cceeff">
<TD VALIGN="top"></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="2">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:Times New Roman" SIZE="2">&#151;&nbsp;&nbsp;</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="2">&nbsp;&nbsp;</FONT></TD></TR>
<TR>
<TD VALIGN="top"> <P STYLE="margin-left:1.00em; text-indent:-1.00em"><FONT STYLE="font-family:Times New Roman" SIZE="2"><B>Net income</B></FONT></P></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD></TR>
<TR BGCOLOR="#cceeff">
<TD VALIGN="top"></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="2">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:Times New Roman" SIZE="2">&#151;&nbsp;&nbsp;</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="2">&nbsp;&nbsp;</FONT></TD></TR>
<TR>
<TD VALIGN="top"> <P STYLE="margin-left:1.00em; text-indent:-1.00em"><FONT STYLE="font-family:Times New Roman" SIZE="2">Preferred stock distribution requirements</FONT></P></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD></TR>
<TR STYLE="font-size:1px">
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"> <P STYLE="border-top:1px solid #000000">&nbsp;</P></TD>
<TD VALIGN="bottom"> <P STYLE="border-top:1px solid #000000">&nbsp;</P></TD>
<TD>&nbsp;</TD></TR>
<TR BGCOLOR="#cceeff">
<TD VALIGN="top"></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="2">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:Times New Roman" SIZE="2">&#151;&nbsp;&nbsp;</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="2">&nbsp;&nbsp;</FONT></TD></TR>
<TR>
<TD VALIGN="top"> <P STYLE="margin-left:1.00em; text-indent:-1.00em"><FONT STYLE="font-family:Times New Roman" SIZE="2"><B>Net income attributable to common shareholders</B></FONT></P></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD></TR>
<TR BGCOLOR="#cceeff">
<TD VALIGN="top"> <P STYLE="margin-left:1.00em; text-indent:-1.00em"><FONT STYLE="font-family:Times New Roman" SIZE="2">Add/deduct:</FONT></P></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="2">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:Times New Roman" SIZE="2">&#151;&nbsp;&nbsp;</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="2">&nbsp;&nbsp;</FONT></TD></TR>
<TR>
<TD VALIGN="top"> <P STYLE="margin-left:1.00em; text-indent:-1.00em"><FONT STYLE="font-family:Times New Roman" SIZE="2">Real estate depreciation and amortization</FONT></P></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD></TR>
<TR BGCOLOR="#cceeff">
<TD VALIGN="top"> <P STYLE="margin-left:1.00em; text-indent:-1.00em"><FONT STYLE="font-family:Times New Roman" SIZE="2">Limited partners&#146; interest</FONT></P></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD></TR>
<TR>
<TD VALIGN="top"> <P STYLE="margin-left:1.00em; text-indent:-1.00em"><FONT STYLE="font-family:Times New Roman" SIZE="2">Minority interests</FONT></P></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD></TR>
<TR BGCOLOR="#cceeff">
<TD VALIGN="top"> <P STYLE="margin-left:1.00em; text-indent:-1.00em"><FONT STYLE="font-family:Times New Roman" SIZE="2">Minority interests&#146; share of FFO</FONT></P></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD></TR>
<TR>
<TD VALIGN="top"> <P STYLE="margin-left:1.00em; text-indent:-1.00em"><FONT STYLE="font-family:Times New Roman" SIZE="2">Equity in income of unconsolidated joint ventures</FONT></P></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD></TR>
<TR BGCOLOR="#cceeff">
<TD VALIGN="top"> <P STYLE="margin-left:1.00em; text-indent:-1.00em"><FONT STYLE="font-family:Times New Roman" SIZE="2">FFO from unconsolidated joint venture</FONT></P></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD></TR>
<TR>
<TD VALIGN="top"> <P STYLE="margin-left:1.00em; text-indent:-1.00em"><FONT STYLE="font-family:Times New Roman" SIZE="2">Gain (loss) on sale - dispositions</FONT></P></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD></TR>
<TR STYLE="font-size:1px">
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"> <P STYLE="border-top:1px solid #000000">&nbsp;</P></TD>
<TD VALIGN="bottom"> <P STYLE="border-top:1px solid #000000">&nbsp;</P></TD>
<TD>&nbsp;</TD></TR>
<TR BGCOLOR="#cceeff">
<TD VALIGN="top"> <P STYLE="margin-left:1.00em; text-indent:-1.00em"><FONT STYLE="font-family:Times New Roman" SIZE="2"><B>FFO</B></FONT></P></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD></TR>
<TR>
<TD VALIGN="top"> <P STYLE="margin-left:1.00em; text-indent:-1.00em"><FONT STYLE="font-family:Times New Roman" SIZE="2">Add/deduct:</FONT></P></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="2">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:Times New Roman" SIZE="2">&#151;&nbsp;&nbsp;</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="2">&nbsp;&nbsp;</FONT></TD></TR>
<TR BGCOLOR="#cceeff">
<TD VALIGN="top"> <P STYLE="margin-left:1.00em; text-indent:-1.00em"><FONT STYLE="font-family:Times New Roman" SIZE="2">Pro rata share of straight-line rents</FONT></P></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD></TR>
<TR>
<TD VALIGN="top"> <P STYLE="margin-left:1.00em; text-indent:-1.00em"><FONT STYLE="font-family:Times New Roman" SIZE="2">Pro rata share of amortization of intangible lease liabilities</FONT></P></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD></TR>
<TR BGCOLOR="#cceeff">
<TD VALIGN="top"> <P STYLE="margin-left:1.00em; text-indent:-1.00em"><FONT STYLE="font-family:Times New Roman" SIZE="2">Pro rata share of cap-x</FONT></P></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD></TR>
<TR>
<TD VALIGN="top"> <P STYLE="margin-left:1.00em; text-indent:-1.00em"><FONT STYLE="font-family:Times New Roman" SIZE="2">Amortization of deferred compensation costs, net</FONT></P></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD></TR>
<TR BGCOLOR="#cceeff">
<TD VALIGN="top"> <P STYLE="margin-left:1.00em; text-indent:-1.00em"><FONT STYLE="font-family:Times New Roman" SIZE="2">Pro rata share of scheduled debt principal amortization payments</FONT></P></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD></TR>
<TR>
<TD VALIGN="top"> <P STYLE="margin-left:1.00em; text-indent:-1.00em"><FONT STYLE="font-family:Times New Roman" SIZE="2">Non-real estate depreciation and amortization</FONT></P></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD></TR>
<TR STYLE="font-size:1px">
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"> <P STYLE="border-top:1px solid #000000">&nbsp;</P></TD>
<TD VALIGN="bottom"> <P STYLE="border-top:1px solid #000000">&nbsp;</P></TD>
<TD>&nbsp;</TD></TR>
<TR BGCOLOR="#cceeff">
<TD VALIGN="top"> <P STYLE="margin-left:1.00em; text-indent:-1.00em"><FONT STYLE="font-family:Times New Roman" SIZE="2"><B>AFFO (Cash Flow)</B></FONT></P></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD></TR>
<TR STYLE="font-size:1px">
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"> <P STYLE="border-top:3px double #000000">&nbsp;</P></TD>
<TD VALIGN="bottom"> <P STYLE="border-top:3px double #000000">&nbsp;</P></TD>
<TD>&nbsp;</TD></TR>
</TABLE>

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 <P STYLE="margin-top:0px;margin-bottom:0px" ALIGN="right"><FONT STYLE="font-family:Times New Roman" SIZE="2"><B><I>EXHIBIT K </I></B></FONT></P>
<P STYLE="margin-top:10px;margin-bottom:0px" ALIGN="center"><FONT STYLE="font-family:Times New Roman" SIZE="2"><B>FORM OF </B></FONT></P>
<P STYLE="margin-top:0px;margin-bottom:0px" ALIGN="center"><FONT STYLE="font-family:Times New Roman" SIZE="2"><B>MORTGAGE/DEED OF TRUST </B></FONT></P> <P STYLE="margin-top:10px;margin-bottom:0px" ALIGN="center"><FONT
STYLE="font-family:Times New Roman" SIZE="2"><U>[MORTGAGE/DEED OF TRUST] AND SECURITY AGREEMENT </U></FONT></P> <P STYLE="margin-top:10px;margin-bottom:0px" ALIGN="center"><FONT STYLE="font-family:Times New Roman" SIZE="2">[INSERT MORTGAGE/DEED OF
TRUST STATE SPECIFIC PROVISIONS] </FONT></P> <P STYLE="margin-top:10px;margin-bottom:0px; text-indent:4%" ALIGN="justify"><FONT STYLE="font-family:Times New Roman" SIZE="2">The parties hereto intend that, in addition to any other debt or obligation
secured hereby, this Mortgage shall secure unpaid balances of loan advances made after this Mortgage is delivered to the Recorder for record. Such loan advances may be evidenced by a note or notes of the Borrower. </FONT></P>
<P STYLE="margin-top:10px;margin-bottom:0px; text-indent:4%" ALIGN="justify"><FONT STYLE="font-family:Times New Roman" SIZE="2">KNOW ALL MEN BY THESE PRESENTS that
<B></B><B>[&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;],</B> a <B></B><B>[&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;]</B> having an address at 44 South Bayles Avenue, Port Washington, New
York 11050 (hereinafter, the &#147;Mortgagor&#148;) for consideration paid, hereby grants, bargains, conveys, sells, transfers, assigns, mortgages and confirms unto KEYBANK NATIONAL ASSOCIATION, a national banking association having an address at
225 Franklin Street, Boston, Massachusetts 02110, in its capacity as Administrative Agent under that certain Amended, Restated and Consolidated Loan Agreement dated January &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;,
2012 (hereinafter, as amended, and as may be further amended from time to time, the &#147;Loan Agreement&#148;), by and among CEDAR REALTY TRUST PARTNERSHIP, L.P., a Delaware limited partnership having an address at 44 South Bayles Avenue, Port
Washington, New York 11050 (hereinafter, the &#147;Borrower&#148;, which Borrower is not a party to this Mortgage), KeyBank National Association and the other lending institutions which are or become parties to the Loan Agreement (KeyBank National
Association and the other lending institutions which are or become parties to the Loan Agreement are collectively referred to as the &#147;Lenders&#148; and individually as the &#147;Lender&#148;), and KEYBANK NATIONAL ASSOCIATION, as Administrative
Agent (hereinafter, the &#147;Agent&#148;), with MORTGAGE COVENANTS, the Mortgaged Property (as defined below) to secure the Obligations (as defined below). </FONT></P> <P STYLE="margin-top:10px;margin-bottom:0px; text-indent:4%" ALIGN="justify"><FONT
STYLE="font-family:Times New Roman" SIZE="2">The terms &#147;Mortgagor&#148; and &#147;Borrower&#148; shall include, wherever the context permits, their successors and assigns. The terms &#147;Agent&#148; and &#147;Lenders&#148; shall include,
wherever the context permits, their successors and assigns as the holder for the time being of this <B>[</B> Mortgage/Deed of Trust<B>]</B> and Security Agreement, and the Obligations hereby secured. </FONT></P>
<P STYLE="margin-top:10px;margin-bottom:0px; text-indent:4%" ALIGN="justify"><FONT STYLE="font-family:Times New Roman" SIZE="2">This <B>[</B>Mortgage/Deed of Trust<B>]</B> and Security Agreement (hereinafter, the &#147;Mortgage&#148;) is granted
pursuant to the terms, provisions and conditions of the Loan Agreement. <I>Capitalized terms used herein which are not otherwise specifically defined shall have the same meaning herein as in the Loan Agreement.</I> </FONT></P>

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 <P STYLE="margin-top:0px;margin-bottom:0px; text-indent:4%" ALIGN="justify"><FONT STYLE="font-family:Times New Roman" SIZE="2">The term &#147;Mortgaged Property&#148; shall mean and include all of the
following described property: </FONT></P> <P STYLE="margin-top:10px;margin-bottom:0px; text-indent:4%" ALIGN="justify"><FONT STYLE="font-family:Times New Roman" SIZE="2">A. <U>Real Estate</U>. The land more particularly described on <U>Exhibit A</U>
which is annexed hereto and made a part hereof (hereinafter, the &#147;Land&#148;) together with the improvements and other structures now or hereafter situated thereon (such improvements being sometimes called the &#147;Improvements&#148;) with a
street address of <B>[</B>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;, &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;,
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;County, &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<B>]</B>, together with all rights, privileges, tenements, hereditaments, appurtenances,
easements, including, but not limited to, rights and easements for access and egress and utility connections, and other rights now or hereafter appurtenant thereto (hereinafter, the &#147;Real Estate&#148;); </FONT></P>
<P STYLE="margin-top:10px;margin-bottom:0px; text-indent:4%" ALIGN="justify"><FONT STYLE="font-family:Times New Roman" SIZE="2">B. <U>Fixtures</U>. All real estate fixtures or items which by agreement of the parties may be deemed to be such
fixtures, now or hereafter owned by Mortgagor, or in which Mortgagor has or hereafter obtains an interest, and now or hereafter located in or upon the Real Estate, or now or hereafter attached to, installed in, or used in connection with any of the
Real Estate, including, but not limited to, any and all portable or sectional buildings, bathroom, plumbing, heating, lighting, refrigerating, ventilating and air-conditioning apparatus and equipment, garbage incinerators and receptacles, elevators
and elevator machinery, boilers, furnaces, stoves, tanks, motors, sprinkler and fire detection and extinguishing systems, doorbell and alarm systems, window shades, screens, awnings, screen doors, storm and other detachable windows and doors,
mantels, partitions, built-in cases, counters and other fixtures whether or not included in the foregoing enumeration (hereinafter, the &#147;Fixtures&#148;); </FONT></P> <P STYLE="margin-top:10px;margin-bottom:0px; text-indent:4%" ALIGN="justify"><FONT
STYLE="font-family:Times New Roman" SIZE="2">C. <U>Additional Appurtenances</U>. All bridges, easements, rights of way, licenses, privileges, hereditaments, permits and appurtenances hereafter belonging to or enuring to the benefit of the Real
Estate and all right, title and interest of Mortgagor in and to the land lying within any street or roadway adjoining any of the Real Estate and all right, title and interest of Mortgagor in and to any vacated or hereafter vacated streets or roads
adjoining any of the Real Estate and any and all reversionary or remainder rights (hereinafter, the &#147;Additional Appurtenances&#148;); </FONT></P> <P STYLE="margin-top:10px;margin-bottom:0px; text-indent:4%" ALIGN="justify"><FONT
STYLE="font-family:Times New Roman" SIZE="2">D. <U>Awards</U>. All of the right, title and interest of Mortgagor in and to any award or awards heretofore made or hereafter to be made by any municipal, county, state or federal authorities to the
present or any subsequent owners of any of the Real Estate, or the Fixtures, or the Additional Appurtenances, or the Leases or the Personal Property, including, without limitation, any award or awards, or settlements or payments, or other
compensation hereafter made resulting from (x)&nbsp;condemnation proceedings or the taking of the Real Estate, or the Fixtures, or the Additional Appurtenances, or the Leases or the Personal Property, or any part thereof, under the power of eminent
domain, or (y)&nbsp;the alteration of grade or the location or discontinuance of any street adjoining the Land or any portion thereof, or (z)&nbsp;any other injury to or decrease in value of the Mortgaged Property (hereinafter, the
&#147;Awards&#148;); </FONT></P> <P STYLE="margin-top:10px;margin-bottom:0px; text-indent:4%" ALIGN="justify"><FONT STYLE="font-family:Times New Roman" SIZE="2"><B></B>E. <U>Leases</U>. All leases now or hereafter entered into of the Real Estate, or
any portion thereof, and all rents, issues, profits, revenues, earnings and royalties therefrom, and all right, title and interest of Mortgagor thereunder, including, without limitation, purchase or sale options, cash, letters of credit, or
securities deposited thereunder to secure performance by the tenants or occupants of their obligations thereunder, whether such cash, letters of credit, or securities are to be held until the expiration of the terms of such leases or occupancy
agreements or applied to one or more of the installments of rent coming due prior to the expiration of such terms including, without limitation, the right to receive and collect the rents and other payments due thereunder (hereinafter, the
&#147;Leases&#148;); <B> </B></FONT></P>
 <p STYLE="margin-top:0px;margin-bottom:0px"><FONT SIZE="1">&nbsp;</FONT></P> <P STYLE="margin-top:0px;margin-bottom:0px" ALIGN="center"><FONT STYLE="font-family:Times New Roman" SIZE="2">Exhibit K - 2
</FONT></P>


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 <P STYLE="margin-top:0px;margin-bottom:0px; text-indent:4%" ALIGN="justify"><FONT STYLE="font-family:Times New Roman" SIZE="2">F. <U>Purchase and Sale Agreements</U>. All purchase and sale agreements now
or hereafter entered into of the Real Estate, or any portion thereof, or any condominium units into which the Real Estate may be converted including, without limitation, cash, letters of credit or securities deposited thereunder to secure
performance by the purchasers of their obligations thereunder (hereinafter, the &#147;Purchase and Sale Agreements&#148;); and </FONT></P> <P STYLE="margin-top:10px;margin-bottom:0px; text-indent:4%" ALIGN="justify"><FONT
STYLE="font-family:Times New Roman" SIZE="2">G. <U>Personal Property</U>. All tangible and intangible personal property now owned or at any time hereafter acquired by Mortgagor of every nature and description, and whether or not used in any way in
connection with the Real Estate, the Fixtures, the Additional Appurtenances, the Purchase and Sale Agreements or any other portion of the Mortgaged Property, including, without limitation express or implied upon the generality of the foregoing, all
Equipment, Goods, Inventory, Fixtures, Accounts, Instruments, Documents and General Intangibles (as each such capitalized term is defined in the Uniform Commercial Code in effect in the State of
<B></B><B>[&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;]</B>) and further including, without any such limitation, the following whether or not included in the foregoing: materials; supplies; furnishings; chattel paper;
money; bank accounts; security deposits; utility deposits; any insurance or tax reserves deposited with Agent; any cash collateral deposited with Agent; claims to rebates, refunds or abatements of real estate taxes or any other taxes; contract
rights; plans and specifications; licenses, permits, approvals and other rights; the rights of Mortgagor under contracts with respect to the Real Estate or any other portion of the Mortgaged Property; signs, brochures, advertising, the name by which
the Mortgaged Property is known and any variation of the words thereof, and good will; copyrights, service marks, and all goodwill associated therewith; and trademarks; all proceeds paid for any damage or loss to all or any portion of the Real
Estate, the Fixtures, the Additional Appurtenances, any other Personal Property or any other portion of the Mortgaged Property (hereinafter, the &#147;Insurance Proceeds&#148;); all Awards; all Leases; all Purchase and Sale Agreements; all books and
records; and all proceeds, products, additions, accessions, substitutions and replacements to any of the Mortgaged Property (hereinafter, collectively, the &#147;Personal Property&#148;). </FONT></P>
<P STYLE="margin-top:10px;margin-bottom:0px; text-indent:4%" ALIGN="justify"><FONT STYLE="font-family:Times New Roman" SIZE="2">The term &#147;Obligations&#148; shall mean and include: </FONT></P>
<P STYLE="margin-top:10px;margin-bottom:0px; text-indent:4%" ALIGN="justify"><FONT STYLE="font-family:Times New Roman" SIZE="2">A. The Guaranteed Obligations, as such term is defined in that certain Guaranty of even date executed by the Mortgagor in
favor of the Agent on behalf of the Lenders; </FONT></P> <P STYLE="margin-top:10px;margin-bottom:0px; text-indent:4%" ALIGN="justify"><FONT STYLE="font-family:Times New Roman" SIZE="2">B. The payment, performance, discharge and satisfaction of each
covenant, warranty, representation, undertaking and condition to be paid, performed, satisfied and complied with by Mortgagor under and pursuant to this Mortgage, the Guaranty, the Loan Documents, or any other document executed in connection
therewith; </FONT></P> <P STYLE="margin-top:10px;margin-bottom:0px; text-indent:4%" ALIGN="justify"><FONT STYLE="font-family:Times New Roman" SIZE="2">C. The payment of all costs, expenses, legal fees and liabilities incurred by Agent and the
Lenders in connection with the enforcement of any of Agent&#146;s or any Lenders&#146; rights or remedies under this Mortgage, the Guaranty, the Loan Documents, or any other instrument, agreement or document which evidences or secures any other
obligations or collateral therefor, whether now in effect or hereafter executed; and </FONT></P>
 <p STYLE="margin-top:0px;margin-bottom:0px"><FONT SIZE="1">&nbsp;</FONT></P> <P STYLE="margin-top:0px;margin-bottom:0px" ALIGN="center"><FONT STYLE="font-family:Times New Roman" SIZE="2">Exhibit K - 3
</FONT></P>


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 <P STYLE="margin-top:0px;margin-bottom:0px; text-indent:4%" ALIGN="justify"><FONT STYLE="font-family:Times New Roman" SIZE="2">D. The payment, performance, discharge and satisfaction of each liability
and obligation of Mortgagor to Agent or any Lender under any one or more of the Loan Documents and any amendment, extension, modification, replacement or recasting of any one or more of the instruments, agreements and documents referred to herein or
therein or executed in connection with the transactions contemplated hereby or thereby. </FONT></P> <P STYLE="margin-top:10px;margin-bottom:0px; text-indent:4%" ALIGN="justify"><FONT STYLE="font-family:Times New Roman" SIZE="2">Mortgagor hereby
grants to Agent, on behalf of the Lenders, a continuing security interest in all of the Mortgaged Property in which a security interest may be granted under the Uniform Commercial Code as such is in effect in the State of
<B></B><B>[&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;]</B>, including, without limitation, the Fixtures, the Personal Property and the Purchase and Sale Agreements, together with all proceeds and products, whether now
or at any time hereafter acquired and whether or not used in any way in connection with the development, construction, marketing or operation of the Real Estate to secure all Obligations. </FONT></P>
<P STYLE="margin-top:10px;margin-bottom:0px; text-indent:4%" ALIGN="justify"><FONT STYLE="font-family:Times New Roman" SIZE="2">This instrument is intended to take effect as a mortgage pursuant to
<B></B><B>[&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;]</B> law and as a security agreement pursuant to the UCC and is to be filed with the Office of the Recorder of
<B></B><B>[&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;]</B> County, <B></B><B>[&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;]</B> as a fixture financing statement pursuant to the UCC.
</FONT></P> <P STYLE="margin-top:10px;margin-bottom:0px; text-indent:4%" ALIGN="justify"><FONT STYLE="font-family:Times New Roman" SIZE="2">Mortgagor covenants, warrants, represents and agrees with Agent, its successors and assigns, and the Lenders,
that: </FONT></P> <P STYLE="margin-top:10px;margin-bottom:0px; text-indent:4%" ALIGN="justify"><FONT STYLE="font-family:Times New Roman" SIZE="2">1. <U>Title</U>. Mortgagor has good record title to the Mortgaged Property and has good right, full
power and lawful authority to grant and convey the same in the manner aforesaid; and that the Mortgaged Property are free and clear of all encumbrances and exceptions, except for the Permitted Title Exceptions, if any, as set forth on <U>Exhibit
B</U> which is annexed hereto and made a part hereof. Mortgagor shall make any further assurances of title that Agent may in good faith require including, without limitation, such further instruments as may be requested by Agent to confirm the
assignment to Agent of all Awards. </FONT></P> <P STYLE="margin-top:10px;margin-bottom:0px; text-indent:4%" ALIGN="justify"><FONT STYLE="font-family:Times New Roman" SIZE="2">2. <U>Performance of Obligations</U>. Mortgagor shall perform and observe
all of the obligations and conditions set forth in each of the Guaranty, this Mortgage, the Assignment of Leases and Rents, the Environmental Indemnity Agreement, and each of the other Loan Documents or other agreements, if any, executed by
Mortgagor in connection with the Loan. </FONT></P> <P STYLE="margin-top:10px;margin-bottom:0px; text-indent:4%" ALIGN="justify"><FONT STYLE="font-family:Times New Roman" SIZE="2">3. <U>Protection and Maintenance</U>. Mortgagor shall protect and
maintain, or cause to be maintained, in good, first-class and substantial order, repair and tenantable condition at all times, the buildings and structures now standing or hereafter erected on the Mortgaged Property, and any additions and
improvements thereto, and all Personal Property now or hereafter situated therein, and the utility services, the parking areas and access roads, and all building fixtures and equipment and articles of personal property now or hereafter acquired and
used in connection with the operation of the Mortgaged Property. Mortgagor shall promptly replace any of the aforesaid which may become lost, destroyed or unsuitable for use with other property of first-class character. </FONT></P>
 <p STYLE="margin-top:0px;margin-bottom:0px"><FONT SIZE="1">&nbsp;</FONT></P> <P STYLE="margin-top:0px;margin-bottom:0px" ALIGN="center"><FONT STYLE="font-family:Times New Roman" SIZE="2">Exhibit K - 4
</FONT></P>


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 <P STYLE="margin-top:0px;margin-bottom:0px; text-indent:4%" ALIGN="justify"><FONT STYLE="font-family:Times New Roman" SIZE="2">4. <U>Insurance Coverages</U>. Mortgagor shall insure the Mortgaged Property
and the operation thereof with such coverages and in such amounts as are required by the provisions of the Loan Agreement and shall at all times keep such insurance in full force and effect and pay all premiums therefor in accordance with the terms
and conditions of the Loan Agreement. The original or certified copies of all such policies of insurance (or certificates or binders thereof issued by the insurer in form, content and manner of execution reasonably satisfactory to Agent) shall be
delivered to Agent and the Lenders, and Mortgagor shall deliver to the Agent and the Lenders a new policy or certified copy thereof (or such a certificate) as replacement for an expiring policy (or such a certificate) required to be deposited
hereunder together with proof of payment of the premiums therefor in accordance with the terms and conditions of the Loan Agreement. Mortgagor hereby irrevocably appoints Agent its true and lawful attorney-in-fact, with full power of substitution,
to assign any such policy in the event of the foreclosure of this Mortgage. </FONT></P> <P STYLE="margin-top:10px;margin-bottom:0px; text-indent:4%" ALIGN="justify"><FONT STYLE="font-family:Times New Roman" SIZE="2">5. <U>Insurance Proceeds</U>. The
proceeds of any hazard insurance shall be applied in accordance with Article 14 of the Loan Agreement relating to the application of insurance proceeds, which provisions are expressly incorporated by reference herein. Notwithstanding anything in
this Section&nbsp;5 to the contrary, however, if the insurer denies liability to Mortgagor, Mortgagor shall not be relieved of any obligation under Section&nbsp;3 of this Mortgage. </FONT></P>
<P STYLE="margin-top:10px;margin-bottom:0px; text-indent:4%" ALIGN="justify"><FONT STYLE="font-family:Times New Roman" SIZE="2">6. <U>Eminent Domain</U>. The Awards of damages on account of any condemnation for public use of, or injury to, the
Mortgaged Property shall be applied in accordance with Article&nbsp;14 of the Loan Agreement relating to the application of condemnation proceeds, which provisions are expressly incorporated by reference herein. </FONT></P>
<P STYLE="margin-top:10px;margin-bottom:0px; text-indent:4%" ALIGN="justify"><FONT STYLE="font-family:Times New Roman" SIZE="2">7. <U>No Waste; Compliance with Law</U>. Mortgagor shall not commit or suffer any intentional waste of the Mortgaged
Property, or any portion thereof, or any violation of any law, rule, regulation, ordinance, license or permit, or the requirements of any licensing authority affecting the Mortgaged Property or any business conducted thereon, and shall not commit or
suffer any material (for purposes of this section, &#147;material&#148; shall mean an activity in excess of $500,000.00) demolition, removal or alteration of any of the Mortgaged Property (except for customary renovations or alterations performed in
connection with leases or the replacement of Fixtures and Personal Property in the ordinary course of business, so long as items of comparable value and quality are installed free and clear of liens in favor of any other party), without the express
prior written consent of Agent in each instance which consent shall not be unreasonably withheld or delayed, and shall not violate nor suffer the violation of the covenants and agreements, if any, of record against the Mortgaged Property, and in all
respects Mortgagor shall do all things necessary to comply with, and keep in full force and effect all licenses, permits and other governmental authorizations for the operation of the Mortgaged Property for its intended purposes, including, without
limitation express or implied, the licenses, permits and authorizations referenced in the Loan Agreement. </FONT></P> <P STYLE="margin-top:10px;margin-bottom:0px; text-indent:4%" ALIGN="justify"><FONT STYLE="font-family:Times New Roman" SIZE="2">8.
<U>Environmental and Related Matters; Indemnification</U>. Mortgagor shall at all times comply with all of the terms, conditions and provisions imposed on the Indemnitors (as defined in the Environmental Indemnity Agreement) under the Environmental
Indemnity Agreement and indemnify, exonerate and save harmless Agent, and each of the Lenders and each other Indemnified Party (as defined in the Environmental Indemnity Agreement) in accordance with the terms of the Environmental Indemnity
Agreement. </FONT></P>
 <p STYLE="margin-top:0px;margin-bottom:0px"><FONT SIZE="1">&nbsp;</FONT></P> <P STYLE="margin-top:0px;margin-bottom:0px" ALIGN="center"><FONT STYLE="font-family:Times New Roman" SIZE="2">Exhibit K - 5
</FONT></P>


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 <P STYLE="margin-top:0px;margin-bottom:0px; text-indent:4%" ALIGN="justify"><FONT STYLE="font-family:Times New Roman" SIZE="2">9. <U>Payment of Taxes and Prevention of Liens</U>. Mortgagor shall pay in
accordance with the terms of the Loan Agreement, all taxes, assessments and charges of every nature and to whomever assessed that may now or hereafter be levied or assessed upon the Mortgaged Property or any part thereof, or upon the rents, issues,
income or profits thereof or upon the lien or estate hereby created, whether any or all of said taxes, assessments or charges be levied directly or indirectly or as excise taxes or as income taxes. Mortgagor may apply for tax abatements and
prosecute diligently and in good faith claims for refund and any such taxes, assessment, and charges, provided the requirements of Section&nbsp;8.2.3 of the Loan Agreement are satisfied. </FONT></P>
<P STYLE="margin-top:10px;margin-bottom:0px; text-indent:4%" ALIGN="justify"><FONT STYLE="font-family:Times New Roman" SIZE="2">10. <U>Due on Sale; No Other Encumbrances; No Transfer of Ownership Interests; Failure to Comply with Permitted
Exceptions</U>. The Borrower shall comply with the terms and conditions of the Loan Agreement with respect to Permitted Transactions. </FONT></P> <P STYLE="margin-top:10px;margin-bottom:0px; text-indent:4%" ALIGN="justify"><FONT
STYLE="font-family:Times New Roman" SIZE="2">11. <U>Agent&#146;s and Lenders&#146; Rights</U>. If Mortgagor shall neglect or refuse: (a)&nbsp;to maintain and keep in good repair the Mortgaged Property or any part thereof as required by this Mortgage
or the Loan Agreement, taking into account all applicable grace and cure periods, or (b)&nbsp;to maintain and pay the premiums for insurance which may be required by this Mortgage or the Loan Agreement, taking into account all applicable grace and
cure periods, or (c)&nbsp;subject to Mortgagor&#146;s right to contest as set forth in the Loan Agreement, to pay and discharge all taxes of whatsoever nature, assessments and charges of every nature and to whomever assessed, as required by this
Mortgage or the Loan Agreement, taking into account all applicable grace and cure periods, or (d)&nbsp;to pay the sums required to be paid by this Mortgage or the Loan Agreement, taking into account all applicable grace and cure periods, or
(e)&nbsp;to satisfy any other terms or conditions of this Mortgage, or any instrument secured hereby, taking into account all applicable grace and cure periods, Agent may, at its election in each instance, but without any obligation whatsoever to do
so, upon thirty (30)&nbsp;days&#146; prior written notice (except in the case of (i)&nbsp;an emergency where there is danger to person or property, or (ii)&nbsp;required insurance coverage would lapse, or (iii)&nbsp;an Event of Default exists, in
each of which events no notice shall be required except notice of such Event of Default), cause such repairs or replacements to be made, obtain such insurance or pay said taxes, assessments, charges, and sums, incur and pay reasonable amounts in
protecting its rights hereunder and the security hereby granted, pay any balance due under any conditional agreement of sale (or lease) of any property included as a part of the Mortgaged Property, and pay any amounts as Agent deems reasonably
necessary or appropriate to satisfy any term or condition of this Mortgage, which Mortgagor shall have failed to satisfy, or to remedy any breach of such term or condition, and any amounts or expenses so paid or incurred, together with interest
thereon from the date of payment by Agent or the Lenders at the Default Rate as provided in the Loan Agreement shall be immediately due and payable by Mortgagor to Agent and the Lenders and until paid shall be secured hereby equally and ratably, and
the same may be collected as part of said principal debt in any suit hereon. No payment by Agent or the Lenders shall relieve Mortgagor from any default hereunder or impair any right or remedy of Agent consequent thereon. </FONT></P>
<P STYLE="margin-top:10px;margin-bottom:0px; text-indent:4%" ALIGN="justify"><FONT STYLE="font-family:Times New Roman" SIZE="2">12. <U>Tax Reserve and Insurance Reserve</U>. Mortgagor shall, upon the request of Agent, from time to time while an
Event of Default is existing, pay to Agent on dates upon which installments of interest are payable under the Loan Agreement, such amount as Agent from time to time estimates as necessary to create and maintain a reserve fund from which to pay
before the </FONT></P>
 <p STYLE="margin-top:0px;margin-bottom:0px"><FONT SIZE="1">&nbsp;</FONT></P> <P STYLE="margin-top:0px;margin-bottom:0px" ALIGN="center"><FONT STYLE="font-family:Times New Roman" SIZE="2">Exhibit K - 6
</FONT></P>


<p Style='page-break-before:always'>
<HR  SIZE="3" style="COLOR:#999999" WIDTH="100%" ALIGN="CENTER">


 <P STYLE="margin-top:0px;margin-bottom:0px" ALIGN="justify"><FONT STYLE="font-family:Times New Roman" SIZE="2">
same become due: (a)&nbsp;all taxes, assessments, liens and charges on or against the Mortgaged Property, and (b)&nbsp;all premiums for insurance policies which are required by this Mortgage.
Such payments, if so requested, shall be invested in a non-interest bearing account which shall be held by Agent as cash collateral. Any part or all of such reserve fund may be applied, at the option of Agent, to (i)&nbsp;cure the existing Event of
Default, (ii)&nbsp;pay down any part of the indebtedness hereby secured, or (iii)&nbsp;pay to the taxing authority or the insurer the applicable real estate taxes or insurance premiums then due on behalf of Mortgagor. Payments from such reserve fund
for said purposes may be made by Agent in accordance with this Section&nbsp;12 even though subsequent owners of the property described herein may benefit thereby. In refunding any part of said reserve fund, Agent may deal with whoever is the record
owner of such property at that time. </FONT></P> <P STYLE="margin-top:10px;margin-bottom:0px; text-indent:4%" ALIGN="justify"><FONT STYLE="font-family:Times New Roman" SIZE="2">13. <U>Certain Expenses</U>. If any action or proceeding is commenced,
including, without limitation, an action to foreclose this Mortgage or to collect the debt hereby secured, to which action or proceeding Agent or any Lender is made a party by reason of the execution of this Mortgage, or by reason of any obligation
which it secures, or by reason of entry or any other action under this Mortgage, or if in Agent&#146;s reasonable judgment it becomes necessary in connection with legal proceedings or otherwise to defend or uphold the Mortgage hereby granted or the
lien hereby created or any act taken to defend or uphold the Mortgage hereby granted or the lien hereby created or any act taken under this Mortgage, all sums reasonably paid or incurred by Agent or any Lender for the expense of any litigation or
otherwise, in connection with any rights created by this Mortgage or any other Loan Document, shall be paid by Mortgagor, or may at the option of Agent, if not so paid, be added to the debt secured hereby and shall be secured hereby equally and
ratably and shall bear interest until paid at the Default Rate set forth in the Loan Agreement. </FONT></P> <P STYLE="margin-top:10px;margin-bottom:0px; text-indent:4%" ALIGN="justify"><FONT STYLE="font-family:Times New Roman" SIZE="2">14.
<U>Regarding Leases</U>. Mortgagor shall comply with the terms and conditions set forth in the Loan Agreement with respect to any leases or occupancy agreements with respect to the Mortgaged Property. </FONT></P>
<P STYLE="margin-top:10px;margin-bottom:0px; text-indent:4%" ALIGN="justify"><FONT STYLE="font-family:Times New Roman" SIZE="2">15. <U>Declaration of Subordination</U>. At the option of Agent, which may be exercised at any time or from time to time,
by written notice to Mortgagor and to any applicable tenant, this Mortgage shall become subject and subordinate, in whole or in part (but not with respect to priority of entitlement to insurance proceeds or condemnation proceeds), to any and all
leases of all or any part of the Mortgaged Property upon the execution by Agent and recording or filing thereof, at any time hereafter in the appropriate official records of the county/registry of deeds wherein the Mortgaged Property are situated of
a unilateral declaration to that effect. </FONT></P> <P STYLE="margin-top:10px;margin-bottom:0px; text-indent:4%" ALIGN="justify"><FONT STYLE="font-family:Times New Roman" SIZE="2">16. <U>Further Assignment by Mortgagor</U>. Mortgagor hereby further
assigns to Agent as security for the Obligations the lessor&#146;s interests in any or all leases, now or hereafter outstanding, and to the extent it may lawfully do so Mortgagor&#146;s interests in all agreements, contracts, licenses and permits,
now or hereafter outstanding, affecting all or any portion of the Mortgaged Property. Mortgagor shall execute, acknowledge and deliver such further or confirmatory assignments thereof, by instruments in form reasonably satisfactory to the Agent, as
Agent may reasonably require. Mortgagor hereby authorizes Agent in the event of foreclosure, to sell and assign said interests to the purchaser at foreclosure, but neither such assignment nor any such future assignment shall be construed as binding
Agent to any lease, agreement, contract, license or permit so assigned, or to impose upon Agent any obligations with </FONT></P>
 <p STYLE="margin-top:0px;margin-bottom:0px"><FONT SIZE="1">&nbsp;</FONT></P> <P STYLE="margin-top:0px;margin-bottom:0px" ALIGN="center"><FONT STYLE="font-family:Times New Roman" SIZE="2">Exhibit K - 7
</FONT></P>


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<HR  SIZE="3" style="COLOR:#999999" WIDTH="100%" ALIGN="CENTER">


 <P STYLE="margin-top:0px;margin-bottom:0px" ALIGN="justify"><FONT STYLE="font-family:Times New Roman" SIZE="2">
respect thereto. Mortgagor hereby irrevocably appoints Agent, or any agent designated by Agent, the true and lawful attorney-in-fact of Mortgagor, with full power of substitution, to execute,
acknowledge and deliver any such assignment on behalf of Mortgagor which Mortgagor fails or refuses to do. In the event of any conflict between the provisions of this Section and the provisions of the Collateral Assignment of Leases and Rents, or
any of the other Loan Documents, the provisions of the Collateral Assignment of Leases and Rents shall govern. </FONT></P>
<P STYLE="margin-top:10px;margin-bottom:0px; text-indent:4%" ALIGN="justify"><FONT STYLE="font-family:Times New Roman" SIZE="2">17. <U>UCC Filing</U>. Mortgagor, upon Agent&#146;s written request, shall promptly cause this Mortgage and any required
financing statements to be recorded and re-recorded, registered and re-registered, filed and re-filed at such times and places as may be required by law or reasonably deemed advisable by Agent to create, preserve or protect the priority hereof and
of any lien created hereby upon the Mortgaged Property or any part thereof; and Mortgagor shall from time to time do and cause to be done all such things as may be required by Agent, or required by law, including all things which may from time to
time be necessary under the Uniform Commercial Code of the State of [&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;] to fully create, preserve and protect the priority hereof and of any lien created hereby upon said
property. Mortgagor hereby irrevocably appoints Agent, or any agent designated by Agent, the true and lawful attorney-in-fact of Mortgagor, with full power of substitution, to execute, acknowledge and deliver any such things on behalf of Mortgagor
which Mortgagor fails or refuses to do. </FONT></P> <P STYLE="margin-top:10px;margin-bottom:0px; text-indent:4%" ALIGN="justify"><FONT STYLE="font-family:Times New Roman" SIZE="2">18. <U>Right to Deal with Successor</U>. Agent may, without notice to
any person, deal with any successor in interest of Mortgagor herein regarding this Mortgage in all respects as it might deal with Mortgagor herein, without in any way affecting the liability hereunder of any predecessor-in-interest of the person so
dealt with; and no sale of the premises hereby mortgaged, nor any forbearance on the part of Agent, shall operate to release, discharge, modify, change or affect the original liability of any predecessor-in-interest of the equity owner at the time
of such sale or forbearance. </FONT></P> <P STYLE="margin-top:10px;margin-bottom:0px; text-indent:4%" ALIGN="justify"><FONT STYLE="font-family:Times New Roman" SIZE="2">19. <U>Acceleration of Debt</U>. If there is an Event of Default, or if an event
occurs which pursuant to which Agent is entitled to exercise its rights and remedies under the Guaranty, then, at the option of Agent, the entire indebtedness hereby secured shall become immediately due and payable without further notice.
</FONT></P> <P STYLE="margin-top:10px;margin-bottom:0px; text-indent:4%" ALIGN="justify"><FONT STYLE="font-family:Times New Roman" SIZE="2">20. <U>Additional Rights of Agent</U>. </FONT></P>
<P STYLE="margin-top:10px;margin-bottom:0px; text-indent:4%" ALIGN="justify"><FONT STYLE="font-family:Times New Roman" SIZE="2">(a) <U>Enter and Perform</U>. Mortgagor authorizes Agent, in addition to all other rights granted by law or by this
Mortgage, or by any of the other instruments executed in connection herewith, whenever and as long as any Event of Default shall exist and remain uncured, and without notice beyond the notice, if any, required to be given by the terms of such
instrument, to enter and take possession of all or any part of the Mortgaged Property and to use, lease, operate, manage and control the same and conduct the business thereof, and perform lessor&#146;s obligations under any lease or the
seller&#146;s obligations under any Purchase and Sale Agreement or Mortgagor&#146;s obligations under any other agreement affecting all or any part of the Mortgaged Property, perform the obligations of the seller under any contracts, and collect the
rents, profits and all receipts of every nature therefrom as Agent shall deem best. </FONT></P>
 <p STYLE="margin-top:0px;margin-bottom:0px"><FONT SIZE="1">&nbsp;</FONT></P> <P STYLE="margin-top:0px;margin-bottom:0px" ALIGN="center"><FONT STYLE="font-family:Times New Roman" SIZE="2">Exhibit K - 8
</FONT></P>


<p Style='page-break-before:always'>
<HR  SIZE="3" style="COLOR:#999999" WIDTH="100%" ALIGN="CENTER">


 <P STYLE="margin-top:0px;margin-bottom:0px; text-indent:4%" ALIGN="justify"><FONT STYLE="font-family:Times New Roman" SIZE="2">(b) <U>Repairs and Improvements</U>. Upon every such entry pursuant to
Section&nbsp;21, Agent may from time to time at the expense of Mortgagor make all such repairs, replacements, alterations, additions and improvements to the Mortgaged Property as Agent may deem necessary, but in no event shall Agent be obligated to
do so, and may, but shall not be obligated to, exercise all rights and powers of Mortgagor, either in the name of Mortgagor, or otherwise as Agent shall determine. Without limitation, express or implied, upon the generality of the foregoing, Agent
shall have the right to do all things necessary in order to keep in full force and effect all applicable licenses, permits and authorizations and any amendments thereto. </FONT></P>
<P STYLE="margin-top:10px;margin-bottom:0px; text-indent:4%" ALIGN="justify"><FONT STYLE="font-family:Times New Roman" SIZE="2">(c) <U>Pay Costs and Expenses</U>. Upon such entry pursuant to Section&nbsp;21, Agent may, at its option, but without any
obligation to do so, do any one or more of the following: pay and incur all expenses necessary for the holding and operating of the Mortgaged Property, the conduct of any business thereon, the maintenance, repair, replacement, alteration, addition
and improvement of the Mortgaged Property, including without limitation payments of taxes, assessments, insurance, wages of employees connected with the Mortgaged Property or any business conducted thereon, charges and reasonable compensation for
services of Agent, its attorneys and accountants and all other persons engaged or employed in connection with the Mortgaged Property or of any business conducted thereon and, in addition, Agent, at its option, may, but shall not be obligated to,
make payments or incur liability with respect to obligations arising prior to the date it takes possession. </FONT></P>
<P STYLE="margin-top:10px;margin-bottom:0px; text-indent:4%" ALIGN="justify"><FONT STYLE="font-family:Times New Roman" SIZE="2">(d) <U>Add to Secured Indebtedness</U>. All obligations so paid or incurred by Agent pursuant to Section&nbsp;23 shall be
reimbursed or paid for by Mortgagor upon demand, and prior to the repayment thereof shall be added to the debt secured hereby and shall bear interest at the Default Rate, and shall be secured hereby equally and ratably. Agent may also reimburse
itself therefor from the income or receipts of the Mortgaged Property or any business conducted thereon, or from the sale of all or any portion of the Mortgaged Property. Agent may also apply toward any of the Obligations any tax or insurance
reserve account, deposit or any sum credited or due from Agent to Mortgagor without first enforcing any other rights of Agent against Mortgagor or against any endorser or other guarantor or against the Mortgaged Property. </FONT></P>
<P STYLE="margin-top:10px;margin-bottom:0px; text-indent:4%" ALIGN="justify"><FONT STYLE="font-family:Times New Roman" SIZE="2">(e) <U>Attorney-In-Fact</U>. Mortgagor hereby irrevocably constitutes and appoints Agent, or any agent designated by
Agent, for so long as this Mortgage remains undischarged of record, as attorney-in-fact of Mortgagor to execute, acknowledge, seal and deliver all instruments, agreements, deeds, certificates and other documents of every nature and description in
order to carry out or implement the exercise of Agent&#146;s rights under this Section&nbsp;20. </FONT></P> <P STYLE="margin-top:10px;margin-bottom:0px; text-indent:4%" ALIGN="justify"><FONT STYLE="font-family:Times New Roman" SIZE="2">21.
<U>Setoff</U>. Subject to the terms of this Section&nbsp;21, Mortgagor hereby grants to Agent and each of the Lenders, a lien, security interest and right of setoff as security for all liabilities and obligations to Agent and the Lenders, whether
now existing or hereafter arising, upon and against all deposits, credits, collateral and property, now or hereafter in the possession, custody, safekeeping or control of Agent or any Lender or any entity under the control of Agent or any Lender, or
in transit to any of them. At any time, from and after the occurrence of and during the continuance of an Event of Default, Agent or any Lender may set off the same or any part thereof and apply the same to any liability or obligation of Mortgagor
even though unmatured and regardless of the adequacy of any other collateral securing the Loan. Within five (5)&nbsp;Business Days of making any such set-off, Agent agrees to notify Mortgagor thereof, provided
</FONT></P>
 <p STYLE="margin-top:0px;margin-bottom:0px"><FONT SIZE="1">&nbsp;</FONT></P> <P STYLE="margin-top:0px;margin-bottom:0px" ALIGN="center"><FONT STYLE="font-family:Times New Roman" SIZE="2">Exhibit K - 9
</FONT></P>


<p Style='page-break-before:always'>
<HR  SIZE="3" style="COLOR:#999999" WIDTH="100%" ALIGN="CENTER">


 <P STYLE="margin-top:0px;margin-bottom:0px" ALIGN="justify"><FONT STYLE="font-family:Times New Roman" SIZE="2">
that the failure by Agent to give such notice shall not affect the validity of such set-off. ANY AND ALL RIGHTS TO REQUIRE AGENT OR ANY LENDER TO EXERCISE ITS RIGHTS OR REMEDIES WITH RESPECT TO
ANY OTHER COLLATERAL WHICH SECURES THE LOAN, PRIOR TO EXERCISING ITS RIGHT OF SETOFF WITH RESPECT TO SUCH DEPOSITS, CREDITS OR OTHER PROPERTY OF THE MORTGAGOR, ARE HEREBY KNOWINGLY, VOLUNTARILY AND IRREVOCABLY WAIVED. </FONT></P>
<P STYLE="margin-top:10px;margin-bottom:0px; text-indent:4%" ALIGN="justify"><FONT STYLE="font-family:Times New Roman" SIZE="2">22. <U>Contest of Laws</U>. Mortgagor shall have the right to contest by appropriate legal proceedings the validity of
any legal requirements affecting the Mortgaged Property in accordance with the provisions of Section&nbsp;9.1 of the Loan Agreement. </FONT></P> <P STYLE="margin-top:10px;margin-bottom:0px; text-indent:4%" ALIGN="justify"><FONT
STYLE="font-family:Times New Roman" SIZE="2">23. <U>Notices</U>. Any demand, notice or request by either party to the other shall be given in the manner provided therefor in the Loan Agreement. </FONT></P>
<P STYLE="margin-top:10px;margin-bottom:0px; text-indent:4%" ALIGN="justify"><FONT STYLE="font-family:Times New Roman" SIZE="2">24. <U>Agent/Lender Not Obligated; Cumulative Rights</U>. Nothing in this instrument shall be construed as obligating
Agent or any Lender to take any action or incur any liability with respect to the Mortgaged Property or any business conducted thereon, and all options given to Agent are for its benefit and shall and may be exercised in such order and in such
combination as Agent in its sole discretion may from time to time decide. </FONT></P> <P STYLE="margin-top:10px;margin-bottom:0px; text-indent:4%" ALIGN="justify"><FONT STYLE="font-family:Times New Roman" SIZE="2">25. <U>Severability</U>. In case
any one or more of the provisions of this Mortgage, the Guaranty, the Assignment of Leases and Rents, the Environmental Indemnity Agreement, or any of the other Loan Documents, or any other agreement now or hereafter executed in connection with any
one or more of the foregoing are held to be invalid, illegal or unenforceable in any respect, such invalidity, illegality or unenforceability shall not affect any other provision hereof. Each of the provisions of every such agreement, document or
instrument shall be enforceable by Agent to the fullest extent now or hereafter not prohibited by applicable law. </FONT></P> <P STYLE="margin-top:10px;margin-bottom:0px; text-indent:4%" ALIGN="justify"><FONT
STYLE="font-family:Times New Roman" SIZE="2">26. <U>No Waiver</U>. No consent or waiver, express or implied, by Agent to or of any Default by Mortgagor shall be construed as a consent or waiver to or of any other Default at the same time or upon any
future occasion. </FONT></P> <P STYLE="margin-top:10px;margin-bottom:0px; text-indent:4%" ALIGN="justify"><FONT STYLE="font-family:Times New Roman" SIZE="2">27. <U>Foreclosure and Other Remedies</U>. From and after the occurrence of and during the
continuance of an Event of Default, Agent may institute an action of mortgage foreclosure, or take such other action at law or in equity for the enforcement of this Mortgage and realization on the mortgage security or any other security herein or
elsewhere provided for, as the law may allow, and may proceed therein to final judgment and execution for the entire unpaid balance of the indebtedness secured hereby, with interest at the rate(s) stipulated in the Loan Agreement, together with all
other sums due in accordance with the provisions of the Loan Agreement, including all sums which may be advanced after the date of this Mortgage, all sums which may have been advanced by the Agent for taxes, water or sewer rents, other lienable
charges or claims, insurance or repairs or maintenance of the Mortgaged Property after the date of this Mortgage (including the period after the entry of any judgment in mortgage foreclosure or other judgment entered pursuant to this Mortgage or the
Loan Agreement), and all costs of suit, including reasonable counsel fees. From and after the occurrence of and during the continuance of an Event of Default, Mortgagor authorizes Agent at its option to foreclose this Mortgage subject to the rights
of any tenants of the Mortgaged Property, and the failure to make any such tenants parties to any such foreclosure proceedings and to foreclose their rights will not be asserted by Mortgagor as a defense to any proceedings instituted by Agent to
recover the indebtedness secured hereby or any deficiency remaining unpaid after the foreclosure sale of the Mortgaged Property. </FONT></P>
 <p STYLE="margin-top:0px;margin-bottom:0px"><FONT SIZE="1">&nbsp;</FONT></P> <P STYLE="margin-top:0px;margin-bottom:0px" ALIGN="center"><FONT STYLE="font-family:Times New Roman" SIZE="2">Exhibit K - 10
</FONT></P>


<p Style='page-break-before:always'>
<HR  SIZE="3" style="COLOR:#999999" WIDTH="100%" ALIGN="CENTER">


 <P STYLE="margin-top:0px;margin-bottom:0px; text-indent:4%" ALIGN="justify"><FONT STYLE="font-family:Times New Roman" SIZE="2">28. <U>Waivers by Mortgagor</U>. Mortgagor, to the fullest extent that
Mortgagor may do so, hereby: (a)&nbsp;agrees that Mortgagor will not at any time insist upon, plead, claim or take the benefit or advantage of any law now or hereafter in force providing for any appraisement, valuation, stay or extension, or any
redemption after foreclosure sale, and waives and releases all rights of redemption after foreclosure sale, valuation, appraisement, stay of execution, notice of election to mature or declare due the debt secured hereby; and (b)&nbsp;waives all
rights to a marshalling of the assets of Mortgagor, including the Mortgaged Property, or to a sale in inverse order of alienation in the event of a sale hereunder of the Mortgaged Property, and agrees not to assert any right under any statute or
rule of law pertaining to the marshalling of assets, sale in inverse order of alienation, or other matters whatever to defeat, reduce or affect the right of Agent under the terms of this Mortgage to a sale of the Mortgaged Property. </FONT></P>
<P STYLE="margin-top:10px;margin-bottom:0px; text-indent:4%" ALIGN="justify"><FONT STYLE="font-family:Times New Roman" SIZE="2">29. <U>Business Loan; Not Personal Residence</U>. Mortgagor covenants, warrants and represents that all of the proceeds
of the Loan secured hereby shall be used for business or commercial purposes, none of the proceeds of the Loan secured hereby shall be used for personal, family or household purposes, and that no individual liable for the Loan resides or intends to
reside in any portion of the Mortgaged Property. </FONT></P> <P STYLE="margin-top:10px;margin-bottom:0px; text-indent:4%" ALIGN="justify"><FONT STYLE="font-family:Times New Roman" SIZE="2">30. <U>Certification</U>. The undersigned hereby certifies
that Mortgagor is a duly organized, validly existing [&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;] organized and in good standing under the laws of the State of
[&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;], and that the execution and delivery hereof and of all of the other instruments executed in connection herewith by Mortgagor has been duly authorized by all requisite
[&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;] actions of Mortgagor. </FONT></P> <P STYLE="margin-top:10px;margin-bottom:0px; text-indent:4%" ALIGN="justify"><FONT STYLE="font-family:Times New Roman" SIZE="2">31.
<U>Headings</U>. Headings and captions in this Mortgage are for convenience and reference only and the words and phrases contained therein shall in no way be held to explain, modify, amplify or aid in the interpretation, construction or meaning of
any of the provisions hereof. </FONT></P> <P STYLE="margin-top:10px;margin-bottom:0px; text-indent:4%" ALIGN="justify"><FONT STYLE="font-family:Times New Roman" SIZE="2">32. <U>Time of Essence</U>. Time shall be of the essence of each and every
provision of this Mortgage and each of the other instruments executed herewith. </FONT></P> <P STYLE="margin-top:10px;margin-bottom:0px; text-indent:4%" ALIGN="justify"><FONT STYLE="font-family:Times New Roman" SIZE="2">33. <U>Governing Law; Mutual
Waiver of Jury Trial</U>. </FONT></P> <P STYLE="margin-top:10px;margin-bottom:0px; text-indent:4%" ALIGN="justify"><FONT STYLE="font-family:Times New Roman" SIZE="2">(a) Governing Law. This Mortgage shall in all respects be governed, construed,
applied and enforced in accordance with the internal laws of the State of [&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;] without regard to principles of conflicts of law. </FONT></P>
<P STYLE="margin-top:10px;margin-bottom:0px; text-indent:4%" ALIGN="justify"><FONT STYLE="font-family:Times New Roman" SIZE="2">(b) <U>Submission to Jurisdiction</U>. Each party hereto irrevocably and unconditionally submits, for itself and its
property, to the non-exclusive jurisdiction of the courts of the State of New York located within the First Department of the New York State Unified Court System and of the United States District Court of the Southern District of New York, and any
appellate court having jurisdiction from an appeal therefrom, in any action or proceeding arising out of or </FONT></P>
 <p STYLE="margin-top:0px;margin-bottom:0px"><FONT SIZE="1">&nbsp;</FONT></P> <P STYLE="margin-top:0px;margin-bottom:0px" ALIGN="center"><FONT STYLE="font-family:Times New Roman" SIZE="2">Exhibit K - 11
</FONT></P>


<p Style='page-break-before:always'>
<HR  SIZE="3" style="COLOR:#999999" WIDTH="100%" ALIGN="CENTER">


 <P STYLE="margin-top:0px;margin-bottom:0px" ALIGN="justify"><FONT STYLE="font-family:Times New Roman" SIZE="2">
relating to this Mortgage or any other Loan Document, or for recognition or enforcement of any judgment, and each of the parties hereto irrevocably and unconditionally agrees that all claims in
respect of any such action or proceeding may be heard and determined in such New York State Court or, to the fullest extent permitted by applicable law, in such Federal Court. Each of the parties hereto agrees that a final judgment in any such
action or proceeding shall be conclusive and may be enforced in other jurisdictions by suit on the judgment or in any other manner provided by law. Nothing in this Mortgage or in any other Loan Document shall affect any right that the Administrative
Agent, any Lender or the L/C Issuer may otherwise have to bring any action or proceeding relating to this Mortgage or any other Loan Document against the Borrower or any other loan party or its properties in the courts of any jurisdiction.
</FONT></P> <P STYLE="margin-top:10px;margin-bottom:0px; text-indent:4%" ALIGN="justify"><FONT STYLE="font-family:Times New Roman" SIZE="2">34. <U>JURY TRIAL WAIVER</U>. MORTGAGOR, AGENT, AND EACH OF THE LENDERS MUTUALLY HEREBY KNOWINGLY,
VOLUNTARILY AND INTENTIONALLY WAIVE THE RIGHT TO A TRIAL BY JURY IN RESPECT OF ANY LITIGATION BASED ON THIS MORTGAGE, ARISING OUT OF, UNDER OR IN CONNECTION WITH THIS MORTGAGE OR ANY OTHER LOAN DOCUMENTS CONTEMPLATED TO BE EXECUTED IN CONNECTION
HEREWITH, OR ANY COURSE OF CONDUCT, COURSE OF DEALINGS, STATEMENTS (WHETHER VERBAL OR WRITTEN) OR ACTIONS OF ANY PARTY. THIS WAIVER CONSTITUTES A MATERIAL INDUCEMENT FOR MORTGAGOR, AGENT AND EACH OF THE LENDERS TO ENTER INTO THE TRANSACTIONS
CONTEMPLATED HEREBY. </FONT></P> <P STYLE="margin-top:10px;margin-bottom:0px; text-indent:4%" ALIGN="justify"><FONT STYLE="font-family:Times New Roman" SIZE="2">35. <U>Local Law Provisions</U>. </FONT></P>
<P STYLE="margin-top:10px;margin-bottom:0px; text-indent:4%" ALIGN="justify"><FONT STYLE="font-family:Times New Roman" SIZE="2">(a) [INSERT STATE-SPECIFIC PROVISIONS] </FONT></P> <P STYLE="margin-top:10px;margin-bottom:0px" ALIGN="center"><FONT
STYLE="font-family:Times New Roman" SIZE="2">[The balance of this page is intentionally left blank] </FONT></P>
 <p STYLE="margin-top:0px;margin-bottom:0px"><FONT SIZE="1">&nbsp;</FONT></P> <P STYLE="margin-top:0px;margin-bottom:0px" ALIGN="center"><FONT STYLE="font-family:Times New Roman" SIZE="2">Exhibit K - 12
</FONT></P>


<p Style='page-break-before:always'>
<HR  SIZE="3" style="COLOR:#999999" WIDTH="100%" ALIGN="CENTER">


 <P STYLE="margin-top:0px;margin-bottom:0px; text-indent:4%" ALIGN="justify"><FONT STYLE="font-family:Times New Roman" SIZE="2">IN WITNESS WHEREOF, Mortgagor has caused this Mortgage to be duly executed
and delivered at as a sealed instrument as of the &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;day of <B>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</B>, 20&nbsp;&nbsp;&nbsp;&nbsp;. </FONT></P>
<P STYLE="font-size:10px;margin-top:0px;margin-bottom:0px">&nbsp;</P>
<TABLE CELLSPACING="0" CELLPADDING="0" WIDTH="100%" BORDER="0" STYLE="BORDER-COLLAPSE:COLLAPSE">


<TR>
<TD WIDTH="46%"></TD>
<TD VALIGN="bottom" WIDTH="1%"></TD>
<TD WIDTH="4%"></TD>
<TD VALIGN="bottom" WIDTH="1%"></TD>
<TD WIDTH="2%"></TD>
<TD VALIGN="bottom" WIDTH="1%"></TD>
<TD WIDTH="45%"></TD></TR>


<TR>
<TD VALIGN="top"><FONT STYLE="font-family:Times New Roman" SIZE="2"><B>MORTGAGOR:</B></FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="top"></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="top" COLSPAN="3"><FONT STYLE="font-family:Times New Roman" SIZE="2">[&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;]</FONT></TD></TR>
<TR>
<TD HEIGHT="16"></TD>
<TD HEIGHT="16" COLSPAN="2"></TD>
<TD HEIGHT="16" COLSPAN="2"></TD>
<TD HEIGHT="16" COLSPAN="2"></TD></TR>
<TR>
<TD VALIGN="top"></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="top"></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="top"><FONT STYLE="font-family:Times New Roman" SIZE="2">By:</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="top"> <P ALIGN="justify"><FONT STYLE="font-family:Times New Roman" SIZE="2">[SIGNATURE BLOCK OF MORTGAGOR]</FONT></P></TD></TR>
</TABLE> <P STYLE="margin-top:10px;margin-bottom:0px"><FONT STYLE="font-family:Times New Roman" SIZE="2">STATE OF &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </FONT></P>
<P STYLE="margin-top:0px;margin-bottom:0px"><FONT STYLE="font-family:Times New Roman" SIZE="2">COUNTY OF &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </FONT></P>
<P STYLE="margin-top:10px;margin-bottom:0px; text-indent:4%" ALIGN="justify"><FONT STYLE="font-family:Times New Roman" SIZE="2">And now, this &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;day of
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;, 20__, before me, the undersigned Notary Public, personally appeared &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;, who acknowledged himself/herself
to be the Vice President of Cedar Realty Trust, Inc., a Maryland corporation, as general partner of Cedar Realty Trust Partnership, L.P., a Delaware limited partnership and
<B></B><B>[&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;]</B> of <B></B><B>[&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;]</B>, a
<B></B><B>[&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;]</B>, and that s/he, as such Vice President being authorized to do so, executed the foregoing instrument for the purposes therein contained on behalf of such
partnership, corporation, and company. </FONT></P> <P STYLE="margin-top:10px;margin-bottom:0px; text-indent:4%" ALIGN="justify"><FONT STYLE="font-family:Times New Roman" SIZE="2">In witness whereof, I hereunder set my hand and official seal.
</FONT></P><DIV ALIGN="right">
<TABLE CELLSPACING="0" CELLPADDING="0" WIDTH="40%" BORDER="0" STYLE="BORDER-COLLAPSE:COLLAPSE">


<TR>
<TD WIDTH="100%"></TD></TR>


<TR>
<TD VALIGN="top" STYLE="BORDER-BOTTOM:1px solid #000000"><FONT SIZE="1">&nbsp;</FONT><FONT SIZE="">&nbsp;</FONT></TD></TR>
<TR>
<TD VALIGN="bottom"> <P STYLE="margin-top:0px;margin-bottom:0px"><FONT STYLE="font-family:Times New Roman" SIZE="2">Notary Public</FONT></P> <P STYLE="margin-top:0px;margin-bottom:1px"><FONT STYLE="font-family:Times New Roman" SIZE="2">My commission
expires:</FONT></P></TD></TR>
</TABLE></DIV>
 <p STYLE="margin-top:0px;margin-bottom:0px"><FONT SIZE="1">&nbsp;</FONT></P> <P STYLE="margin-top:0px;margin-bottom:0px" ALIGN="center"><FONT STYLE="font-family:Times New Roman" SIZE="2">13 </FONT></P>



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 <P STYLE="margin-top:0px;margin-bottom:0px" ALIGN="center"><FONT STYLE="font-family:Times New Roman" SIZE="2"><U>EXHIBIT &#147;A&#148; ANNEXED TO AND MADE A PART OF THE </U></FONT></P>
<P STYLE="margin-top:0px;margin-bottom:0px" ALIGN="center"><FONT STYLE="font-family:Times New Roman" SIZE="2"><U>OPEN-END MORTGAGE AND SECURITY AGREEMENT </U></FONT></P> <P STYLE="margin-top:10px;margin-bottom:0px" ALIGN="center"><FONT
STYLE="font-family:Times New Roman" SIZE="2"><U>LEGAL DESCRIPTION </U></FONT></P> <P STYLE="margin-top:10px;margin-bottom:0px"><FONT STYLE="font-family:Times New Roman" SIZE="2"><B></B>Property Address:&nbsp;&nbsp;&nbsp;&nbsp;
<B></B><B>[&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;] </B><B> </B></FONT></P>
<P STYLE="margin-top:0px;margin-bottom:0px; margin-left:10%" ALIGN="justify"><FONT STYLE="font-family:Times New Roman" SIZE="2">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<B>[</B>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<B>]</B> </FONT></P>
<P STYLE="margin-top:10px;margin-bottom:0px"><FONT STYLE="font-family:Times New Roman" SIZE="2">ADDRESS:&nbsp;&nbsp;&nbsp;&nbsp;
<B></B><B>[&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;] </B> </FONT></P>
<P STYLE="margin-top:10px;margin-bottom:0px"><FONT STYLE="font-family:Times New Roman" SIZE="2">PERMANENT PARCEL NO.
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </FONT></P>
 <p STYLE="margin-top:0px;margin-bottom:0px"><FONT SIZE="1">&nbsp;</FONT></P> <P STYLE="margin-top:0px;margin-bottom:0px" ALIGN="center"><FONT STYLE="font-family:Times New Roman" SIZE="2">14 </FONT></P>



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 <P STYLE="margin-top:0px;margin-bottom:0px" ALIGN="center"><FONT STYLE="font-family:Times New Roman" SIZE="2"><U>EXHIBIT &#147;B&#148; ANNEXED TO AND MADE A PART OF THE </U></FONT></P>
<P STYLE="margin-top:0px;margin-bottom:0px" ALIGN="center"><FONT STYLE="font-family:Times New Roman" SIZE="2"><U>OPEN-END MORTGAGE AND SECURITY AGREEMENT </U></FONT></P> <P STYLE="margin-top:10px;margin-bottom:0px" ALIGN="center"><FONT
STYLE="font-family:Times New Roman" SIZE="2"><U>PERMITTED TITLE EXCEPTIONS </U></FONT></P> <P STYLE="margin-top:10px;margin-bottom:0px" ALIGN="center"><FONT STYLE="font-family:Times New Roman" SIZE="2">Those matters noted in Schedule B, Part I, of
Agent&#146;s Title Insurance Loan Policy </FONT></P>
 <p STYLE="margin-top:0px;margin-bottom:0px"><FONT SIZE="1">&nbsp;</FONT></P> <P STYLE="margin-top:0px;margin-bottom:0px" ALIGN="center"><FONT STYLE="font-family:Times New Roman" SIZE="2">15 </FONT></P>



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 <P STYLE="margin-top:0px;margin-bottom:0px" ALIGN="right"><FONT STYLE="font-family:Times New Roman" SIZE="2"><B><I>EXHIBIT L </I></B></FONT></P>
<P STYLE="margin-top:10px;margin-bottom:0px" ALIGN="center"><FONT STYLE="font-family:Times New Roman" SIZE="2"><B>FORM OF </B></FONT></P>
<P STYLE="margin-top:0px;margin-bottom:0px" ALIGN="center"><FONT STYLE="font-family:Times New Roman" SIZE="2"><B>ASSIGNMENT OF LEASES AND RENTS </B></FONT></P> <P STYLE="margin-top:10px;margin-bottom:0px" ALIGN="center"><FONT
STYLE="font-family:Times New Roman" SIZE="2"><U>ASSIGNMENT OF LEASES AND RENTS </U></FONT></P> <P STYLE="margin-top:10px;margin-bottom:0px" ALIGN="center"><FONT STYLE="font-family:Times New Roman" SIZE="2">[INSERT STATE SPECIFIC PROVISIONS
</FONT></P> <P STYLE="margin-top:10px;margin-bottom:0px; text-indent:4%" ALIGN="justify"><FONT STYLE="font-family:Times New Roman" SIZE="2">This Assignment of Leases and Rents (hereinafter, this &#147;Assignment&#148;) made as of this
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;day of &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;, 20__, by &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;, a
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;having an address at 44 South Bayles Avenue, Port Washington, New York 11050 (hereinafter, together with any successors and assigns, the &#147;Assignor&#148;) to KEYBANK
NATIONAL ASSOCIATION, a national banking association having an address at 225&nbsp;Franklin Street, Boston, Massachusetts 02110, in its capacity as Administrative Agent under a certain Amended, Restated and Consolidated Loan Agreement (as now or
hereafter amended, hereinafter, the &#147;Loan Agreement&#148;) dated as of January &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;, 2012, by and among CEDAR REALTY TRUST PARTNERSHIP, L.P. (hereinafter, the
&#147;Borrower&#148;, which Borrower is not a party to this Assignment), KeyBank National Association and the other lending institutions which are or become parties to the Loan Agreement (KeyBank National Association and the other lending
institutions which are or become parties to the Loan Agreement are collectively referred to as the &#147;Lenders&#148; and individually as the &#147;Lender&#148;), and KeyBank National Association, as Administrative Agent (hereinafter, together with
any successors and assigns, the &#147;Agent&#148;), as the holder of this Assignment, and the Obligations (as defined below) secured hereby. </FONT></P> <P STYLE="margin-top:10px;margin-bottom:0px" ALIGN="center"><FONT
STYLE="font-family:Times New Roman" SIZE="2"><U>W</U> <U>I</U> <U>T</U> <U>N</U> <U>E</U> <U>S</U> <U>S</U> <U>E</U> <U>T</U> <U>H</U> <U>T</U> <U>H</U> <U>A</U> <U>T</U>: </FONT></P> <P STYLE="margin-top:10px;margin-bottom:0px" ALIGN="justify"><FONT
STYLE="font-family:Times New Roman" SIZE="2">1. <U>Grant of Assignment</U>. This Assignment is granted pursuant to the terms, provisions and conditions of the Loan Agreement. Capitalized terms used herein which are not otherwise specifically defined
shall have the same meaning herein as in the Loan Agreement. </FONT></P> <P STYLE="margin-top:10px;margin-bottom:0px; text-indent:4%" ALIGN="justify"><FONT STYLE="font-family:Times New Roman" SIZE="2">Assignor, for good and valuable consideration,
receipt of which is hereby acknowledged, hereby absolutely and unconditionally grants, transfers and assigns to Agent and the Lenders, and grants to Agent and the Lenders a continuing pledge of and security interest in, the entire present and future
interest of Assignor in, to and under: (a)&nbsp;all leases, subleases, rental agreements or other occupancy agreements to which Assignor is a party (hereinafter, the &#147;Leases&#148;) now or hereafter in existence, with respect to all or any
portion of the real property known as &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(hereinafter, the &#147;Property&#148;); (b)&nbsp;all rents, income and profits of any kind arising from such interests in the Leases and
any renewals or extensions thereof for the use and occupation of all or any portion of the Property; (c)&nbsp;all guaranties of and security for the Leases; and (d)&nbsp;all proceeds of the foregoing. </FONT></P>
<P STYLE="margin-top:10px;margin-bottom:0px; text-indent:4%" ALIGN="justify"><FONT STYLE="font-family:Times New Roman" SIZE="2">Assignor is the owner of the Property. A legal description of the Property is annexed hereto as <U>Exhibit A</U>.
</FONT></P>

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 <P STYLE="margin-top:0px;margin-bottom:0px" ALIGN="justify"><FONT STYLE="font-family:Times New Roman" SIZE="2">2. <U>Obligations Secured</U>. This Assignment is made for the purpose of securing the
&#147;Obligations&#148; as follows: </FONT></P> <P STYLE="font-size:10px;margin-top:0px;margin-bottom:0px">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR>
<TD WIDTH="4%" VALIGN="top" ALIGN="left"><FONT STYLE="font-family:Times New Roman" SIZE="2">(a)</FONT></TD>
<TD ALIGN="left" VALIGN="top"> <P ALIGN="justify"><FONT STYLE="font-family:Times New Roman" SIZE="2">The Guaranteed Obligations, as such term is defined in that certain Guaranty of even date executed by the Assignor in favor of the Agent on behalf
of the Lenders; </FONT></P></TD></TR></TABLE> <P STYLE="font-size:10px;margin-top:0px;margin-bottom:0px">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR>
<TD WIDTH="4%" VALIGN="top" ALIGN="left"><FONT STYLE="font-family:Times New Roman" SIZE="2">(b)</FONT></TD>
<TD ALIGN="left" VALIGN="top"> <P ALIGN="justify"><FONT STYLE="font-family:Times New Roman" SIZE="2">The payment, performance, discharge and satisfaction of each covenant, warranty, representation, undertaking and condition to be paid, performed,
satisfied and complied with by Assignor under and pursuant to this Assignment, the Guaranty, the Loan Documents, or any other document executed in connection therewith; </FONT></P></TD></TR></TABLE>
<P STYLE="font-size:10px;margin-top:0px;margin-bottom:0px">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR>
<TD WIDTH="4%" VALIGN="top" ALIGN="left"><FONT STYLE="font-family:Times New Roman" SIZE="2">(c)</FONT></TD>
<TD ALIGN="left" VALIGN="top"> <P ALIGN="justify"><FONT STYLE="font-family:Times New Roman" SIZE="2">The payment of all costs, expenses, legal fees and liabilities incurred by Agent or any Lender in connection with the enforcement of any of
Agent&#146;s or any Lender&#146;s rights or remedies under this Assignment, the Guaranty, the Loan Documents, or any other instrument, agreement or document which evidences or secures any other obligations or collateral therefor, whether now in
effect or hereafter executed; and </FONT></P></TD></TR></TABLE> <P STYLE="font-size:10px;margin-top:0px;margin-bottom:0px">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR>
<TD WIDTH="4%" VALIGN="top" ALIGN="left"><FONT STYLE="font-family:Times New Roman" SIZE="2">(d)</FONT></TD>
<TD ALIGN="left" VALIGN="top"> <P ALIGN="justify"><FONT STYLE="font-family:Times New Roman" SIZE="2">The payment, performance, discharge and satisfaction of all other liabilities and obligations of Assignor to Agent and the Lenders, whether now
existing or hereafter arising, direct or indirect, absolute or contingent, and including, but without limitation express or implied upon the generality of the foregoing, each such liability and obligation of Assignor under this Assignment, the
Guaranty, the Loan Documents, and each amendment, extension, modification, replacement or recasting of any one or more of the instruments, agreements and documents referred to herein or therein or executed in connection with the transactions
contemplated hereby or thereby. </FONT></P></TD></TR></TABLE> <P STYLE="margin-top:10px;margin-bottom:0px" ALIGN="justify"><FONT STYLE="font-family:Times New Roman" SIZE="2">3. <U>Warranties and Representations</U>. Assignor warrants and represents
that it is and shall be in the future the sole owner of the entire interests described in Section&nbsp;1 above and that no rent reserved in the Leases has been or will be in the future otherwise assigned or anticipated, and that no rent for any
period subsequent to the date of this Assignment will be collected more than one (1)&nbsp;month in advance except for security deposits and last month&#146;s rents taken in the usual course of business pursuant to Leases. </FONT></P>
<P STYLE="margin-top:10px;margin-bottom:0px; text-indent:4%" ALIGN="justify"><FONT STYLE="font-family:Times New Roman" SIZE="2">Assignor further warrants and represents that as of the date hereof: (a)&nbsp;true and complete copies, together with all
amendments and modifications, of all Leases presently in full force and effect have been delivered to Agent; (b)&nbsp;to Assignor&#146;s knowledge, and except as disclosed to Agent no default exists on the part of any of the lessees or tenants or of
Assignor as lessor in the performance on the part of either of the terms, covenants, provisions or agreements in the Leases contained; (c)&nbsp;except as disclosed to Agent, Assignor knows of no condition which with the giving of notice or the
passage of time or both would constitute a default on the part of any of the lessees or Assignor under the Leases; and (d)&nbsp;no security deposit or advance rental payment has been made by any lessee under the Leases except as has been previously
disclosed by Assignor to Agent, or as may be specifically designated in the copies of the Leases previously furnished to Agent. </FONT></P>
<P STYLE="margin-top:10px;margin-bottom:0px" ALIGN="justify"><FONT STYLE="font-family:Times New Roman" SIZE="2">4. <U>Covenants</U>. The Assignor shall comply with the terms and conditions of the Loan Agreement with respect to all present and future
Leases of the Property. </FONT></P>
 <p STYLE="margin-top:0px;margin-bottom:0px"><FONT SIZE="1">&nbsp;</FONT></P> <P STYLE="margin-top:0px;margin-bottom:0px" ALIGN="center"><FONT STYLE="font-family:Times New Roman" SIZE="2">Exhibit L - 2
</FONT></P>


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 <P STYLE="margin-top:0px;margin-bottom:0px" ALIGN="justify"><FONT STYLE="font-family:Times New Roman" SIZE="2">5. <U>Further Terms, Covenants and Conditions</U>. This Assignment is made on the following
terms, covenants and conditions: </FONT></P> <P STYLE="font-size:10px;margin-top:0px;margin-bottom:0px">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR>
<TD WIDTH="4%" VALIGN="top" ALIGN="left"><FONT STYLE="font-family:Times New Roman" SIZE="2">(a)</FONT></TD>
<TD ALIGN="left" VALIGN="top"> <P ALIGN="justify"><FONT STYLE="font-family:Times New Roman" SIZE="2"><U>Prior to Default</U>. So long as no Event of Default (as defined in the Loan Agreement) exists (hereinafter, collectively, a &#147;Continuing
Default&#148;): Assignor shall have the right and license to manage and operate the Property and to collect at the time of, but not more than one (1)&nbsp;month prior to (except for security deposits and first or last month&#146;s rent taken in the
usual course of business pursuant to the Leases), the date provided for the payment thereof, all rents, income and profits arising under the Leases or from the premises described therein and, subject to the provisions of the other Loan Documents, to
retain, use and enjoy the same. </FONT></P></TD></TR></TABLE> <P STYLE="font-size:10px;margin-top:0px;margin-bottom:0px">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR>
<TD WIDTH="4%" VALIGN="top" ALIGN="left"><FONT STYLE="font-family:Times New Roman" SIZE="2">(b)</FONT></TD>
<TD ALIGN="left" VALIGN="top"> <P ALIGN="justify"><FONT STYLE="font-family:Times New Roman" SIZE="2"><U>After Default</U>. At any time when a Continuing Default exists, Agent, without in any way waiving such default, may at its option, without
notice (except for the notice of default), and without regard to the adequacy of the security for the Obligations secured hereby and by the Mortgage revoke the right and license granted above to Assignor and: </FONT></P></TD></TR></TABLE>
<P STYLE="font-size:10px;margin-top:0px;margin-bottom:0px">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR>
<TD WIDTH="4%"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD WIDTH="4%" VALIGN="top" ALIGN="left"><FONT STYLE="font-family:Times New Roman" SIZE="2">(i)</FONT></TD>
<TD ALIGN="left" VALIGN="top"> <P ALIGN="justify"><FONT STYLE="font-family:Times New Roman" SIZE="2">Authorize and direct the lessees named in any existing Leases or any other or future lessees or occupants of the Property, upon receipt from Agent
of written notice to the effect that Agent is or the Lenders are then the holder of the Mortgage and this Assignment and that a Continuing Default exists thereunder, to pay over to Agent all rents, income and profits arising or accruing under the
Leases or from the Property and to continue to do so until otherwise notified in writing by Agent. Assignor agrees that every lessee and occupant shall have the right to rely upon any such statement and request by Agent that lessee or occupant shall
pay such rents to Agent without any obligation or right to inquire as to whether such Continuing Default actually exists notwithstanding any notice from or claim of Assignor to the contrary and that Assignor shall have no right or claim against
lessees or occupants for any such rent so paid by lessees or occupants to Agent after such notice to the lessee or occupant by Agent; </FONT></P></TD></TR></TABLE> <P STYLE="font-size:10px;margin-top:0px;margin-bottom:0px">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR>
<TD WIDTH="4%"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD WIDTH="4%" VALIGN="top" ALIGN="left"><FONT STYLE="font-family:Times New Roman" SIZE="2">(ii)</FONT></TD>
<TD ALIGN="left" VALIGN="top"> <P ALIGN="justify"><FONT STYLE="font-family:Times New Roman" SIZE="2">Either in person or by agent, with or without bringing any action or proceedings, or by a receiver appointed by a court, take possession of the
Property and have, hold, manage, lease and operate the same on such terms and for such period of time as Agent may reasonably deem proper and, either with or without taking possession of the Property in its own name, demand, sue for, or otherwise
collect and receive, all rents, income and profits of the Property, including those past due and unpaid, with full power to make from time to time all improvements, alterations, renovations, repairs and replacements thereto or thereof as may seem
proper to Agent; and </FONT></P></TD></TR></TABLE> <P STYLE="font-size:10px;margin-top:0px;margin-bottom:0px">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR>
<TD WIDTH="4%"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD WIDTH="4%" VALIGN="top" ALIGN="left"><FONT STYLE="font-family:Times New Roman" SIZE="2">(iii)</FONT></TD>
<TD ALIGN="left" VALIGN="top"> <P ALIGN="justify"><FONT STYLE="font-family:Times New Roman" SIZE="2">Apply such rents, income and profits to the payment of: </FONT></P></TD></TR></TABLE>
<P STYLE="font-size:10px;margin-top:0px;margin-bottom:0px">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR>
<TD WIDTH="8%"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD WIDTH="5%" VALIGN="top" ALIGN="left"><FONT STYLE="font-family:Times New Roman" SIZE="2">(A)</FONT></TD>
<TD ALIGN="left" VALIGN="top"> <P ALIGN="justify"><FONT STYLE="font-family:Times New Roman" SIZE="2">all reasonable expenses of managing the Property including, without being limited thereto, the salaries, fees and wages of a managing agent and such
other employees as Agent may deem necessary, and all expenses of operating and maintaining the Property, including, without being limited </FONT></P></TD></TR></TABLE>
 <p STYLE="margin-top:0px;margin-bottom:0px"><FONT SIZE="1">&nbsp;</FONT></P> <P STYLE="margin-top:0px;margin-bottom:0px" ALIGN="center"><FONT STYLE="font-family:Times New Roman" SIZE="2">Exhibit L - 3
</FONT></P>


<p Style='page-break-before:always'>
<HR  SIZE="3" style="COLOR:#999999" WIDTH="100%" ALIGN="CENTER">



<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR>
<TD WIDTH="13%"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD ALIGN="left" VALIGN="top"> <P ALIGN="justify"><FONT STYLE="font-family:Times New Roman" SIZE="2">
thereto, all taxes, charges, claims, assessments, water rents, sewer rents and other liens, and premiums for all insurance which Agent may deem necessary, the payment or refund of security
deposits, or interest thereon, and the cost of all improvements, alterations, renovations, repairs or replacements, and all expenses incident to taking and retaining possession of the Property; and </FONT></P></TD></TR></TABLE>
<P STYLE="font-size:10px;margin-top:0px;margin-bottom:0px">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR>
<TD WIDTH="8%"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD WIDTH="5%" VALIGN="top" ALIGN="left"><FONT STYLE="font-family:Times New Roman" SIZE="2">(B)</FONT></TD>
<TD ALIGN="left" VALIGN="top"> <P ALIGN="justify"><FONT STYLE="font-family:Times New Roman" SIZE="2">all sums which Assignor is responsible to pay under the Mortgage, and the principal sum, interest and indebtedness secured hereby and by the
Mortgage, and all other Obligations together with all reasonable costs and reasonable attorneys&#146; fees, in such order of priority as to any of the items mentioned in this clause (b), as Agent in its sole discretion may determine, any statute,
law, custom, or use to the contrary notwithstanding. </FONT></P></TD></TR></TABLE> <P STYLE="margin-top:10px;margin-bottom:0px; margin-left:8%" ALIGN="justify"><FONT STYLE="font-family:Times New Roman" SIZE="2">The exercise by Agent of the option
granted it in this Section&nbsp;5(b) and the collection of the rents, income and profits and the application thereof as herein provided shall not be considered a waiver by Agent of any Default under the other Loan Documents, or the Guaranty, or the
Leases, or this Assignment. </FONT></P> <P STYLE="font-size:10px;margin-top:0px;margin-bottom:0px">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR>
<TD WIDTH="4%" VALIGN="top" ALIGN="left"><FONT STYLE="font-family:Times New Roman" SIZE="2">(c)</FONT></TD>
<TD ALIGN="left" VALIGN="top"> <P ALIGN="justify"><FONT STYLE="font-family:Times New Roman" SIZE="2"><U>Continuing Effect</U>. Upon the satisfaction of the Obligations secured hereby and by the Mortgage, (a)&nbsp;this Assignment shall become and be
void and of no effect, but the affidavit of any officer, agent, or attorney of Agent or the Lenders made in good faith showing any part of said Obligations to remain unsatisfied shall be and constitute conclusive evidence of the validity,
effectiveness and continuing force of this Assignment and any person may, and is hereby authorized to, rely thereon and (b)&nbsp;Agent shall execute termination of this Assignment at Assignor&#146;s cost. The discharge of record of the Mortgage
dated as of even date given by Assignor to Agent shall constitute a discharge of this Assignment and a release of Agent&#146;s and the Lenders&#146; interest in the Leases and rents assigned hereby and the reassignment thereof (without recourse to
Agent or any Lender) to Assignor and all those claiming of record by, through or under Assignor. </FONT></P></TD></TR></TABLE> <P STYLE="font-size:10px;margin-top:0px;margin-bottom:0px">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR>
<TD WIDTH="4%" VALIGN="top" ALIGN="left"><FONT STYLE="font-family:Times New Roman" SIZE="2">(d)</FONT></TD>
<TD ALIGN="left" VALIGN="top"> <P ALIGN="justify"><FONT STYLE="font-family:Times New Roman" SIZE="2"><U>No Waiver; Concurrent Rights</U>. Nothing contained in this Assignment and no act done or omitted by Agent pursuant to the powers and rights
granted it hereunder shall be deemed to be a waiver by Agent of its rights and remedies hereunder or any one or more of the other Loan Documents, and this Assignment is made and accepted without prejudice to any of the rights and remedies possessed
by Agent under the terms of any of the other Loan Documents. The right of Agent to collect said principal sums, interest and indebtedness and to enforce any other security therefore held by it may be exercised by Agent either prior to,
simultaneously with, or subsequent to any action taken by it hereunder. </FONT></P></TD></TR></TABLE> <P STYLE="font-size:10px;margin-top:0px;margin-bottom:0px">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR>
<TD WIDTH="4%" VALIGN="top" ALIGN="left"><FONT STYLE="font-family:Times New Roman" SIZE="2">(e)</FONT></TD>
<TD ALIGN="left" VALIGN="top"> <P ALIGN="justify"><FONT STYLE="font-family:Times New Roman" SIZE="2"><U>No Liability</U>. Neither Agent nor any Lender shall be liable for any loss sustained by Assignor resulting from Agent&#146;s failure to let the
Property after default or from any other act or omission of Agent in managing the Property after default unless such loss is caused by the gross negligence or willful misconduct of Agent. Agent shall not be obligated to perform or discharge, nor
does Agent hereby undertake to perform or discharge, any obligation, duty or liability under the Leases, or under or by reason of this Assignment, </FONT></P></TD></TR></TABLE>
 <p STYLE="margin-top:0px;margin-bottom:0px"><FONT SIZE="1">&nbsp;</FONT></P> <P STYLE="margin-top:0px;margin-bottom:0px" ALIGN="center"><FONT STYLE="font-family:Times New Roman" SIZE="2">Exhibit L - 4
</FONT></P>


<p Style='page-break-before:always'>
<HR  SIZE="3" style="COLOR:#999999" WIDTH="100%" ALIGN="CENTER">



<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR>
<TD WIDTH="4%"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD ALIGN="left" VALIGN="top"> <P ALIGN="justify"><FONT STYLE="font-family:Times New Roman" SIZE="2">
and Assignor shall, and does hereby agree to, indemnify Agent and each of the Lenders for, and to defend and hold Agent and each of the Lenders harmless from, any and all liability, loss or
damage which may or might be incurred under or by reason of this Assignment and from any and all claims and demands whatsoever which may be asserted against Agent or any Lender by reason of any alleged obligations or undertakings on its part to
perform or discharge any of the terms, covenants or agreements contained in the Leases. Should Agent or any Lender incur any such liability under the Leases or under or by reason of this Assignment, or in defense of any such claims or demands, the
amount thereof, including costs, expenses and reasonable attorneys&#146; fees shall be secured hereby and by the Mortgage and by the other collateral for the Obligations and Assignor shall reimburse Agent and the Lenders therefor within thirty
(30)&nbsp;days after demand and upon the failure of Assignor so to do, Agent may, at its option, declare all sums secured hereby immediately due and payable. It is further understood that this Assignment shall not operate to place responsibility for
the control, care, management or repair of said Property upon Agent, nor for the carrying out of any of the terms and conditions of the Leases; nor shall it operate to make Agent responsible or liable for any waste committed on the Property by
tenants or any other parties, or for any dangerous or defective condition of the Property, or for any negligence in the management, upkeep, repair or control of said Property resulting in loss or injury or death to any tenant, licensee, employee or
stranger. Notwithstanding the foregoing, Agent and the Lenders shall not be indemnified on account of, or exculpated from acts of, their own gross negligence or willful misconduct. </FONT></P></TD></TR></TABLE>
<P STYLE="font-size:10px;margin-top:0px;margin-bottom:0px">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR>
<TD WIDTH="4%" VALIGN="top" ALIGN="left"><FONT STYLE="font-family:Times New Roman" SIZE="2">(f)</FONT></TD>
<TD ALIGN="left" VALIGN="top"> <P ALIGN="justify"><FONT STYLE="font-family:Times New Roman" SIZE="2"><U>Effect of Foreclosure Deed</U>. Unless Agent otherwise elects in the instance of a Lease which is subordinate to the Mortgage and is thus
terminated by the foreclosure, upon the issuance of any deed or deeds pursuant to a foreclosure of the Mortgage, all right, title and interest of Assignor in and to the Leases shall, by virtue of this instrument and such deed or deeds, thereupon
vest in and become the absolute property of the grantee or grantees in such deed or deeds without any further act or assignment by Assignor. Assignor hereby irrevocably appoints Agent, and its successors and assigns, as its agent and attorney in
fact to execute all instruments of assignment for further assurance in favor of such grantee or grantees in such deed or deeds as may be necessary or desirable for such purpose. </FONT></P></TD></TR></TABLE>
<P STYLE="font-size:10px;margin-top:0px;margin-bottom:0px">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR>
<TD WIDTH="4%" VALIGN="top" ALIGN="left"><FONT STYLE="font-family:Times New Roman" SIZE="2">(g)</FONT></TD>
<TD ALIGN="left" VALIGN="top"> <P ALIGN="justify"><FONT STYLE="font-family:Times New Roman" SIZE="2"><U>Rights Contained in Mortgage</U>. This Assignment is intended to be in addition to, and not in substitution for, or in derogation of, any
assignment of rents to secure the Obligations contained in the Mortgage or in any other Loan Document. In the event of any conflict between this Assignment and any of the other Loan Documents, the provisions of this Assignment shall govern.
</FONT></P></TD></TR></TABLE> <P STYLE="font-size:10px;margin-top:0px;margin-bottom:0px">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR>
<TD WIDTH="4%" VALIGN="top" ALIGN="left"><FONT STYLE="font-family:Times New Roman" SIZE="2">(h)</FONT></TD>
<TD ALIGN="left" VALIGN="top"> <P ALIGN="justify"><FONT STYLE="font-family:Times New Roman" SIZE="2"><U>Notices</U>. Any notice or communications in connection herewith shall be sufficiently given only if given in the manner provided for in the Loan
Agreement. </FONT></P></TD></TR></TABLE> <P STYLE="font-size:10px;margin-top:0px;margin-bottom:0px">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR>
<TD WIDTH="4%" VALIGN="top" ALIGN="left"><FONT STYLE="font-family:Times New Roman" SIZE="2">(i)</FONT></TD>
<TD ALIGN="left" VALIGN="top"> <P ALIGN="justify"><FONT STYLE="font-family:Times New Roman" SIZE="2"><U>Grace Periods and Notice</U>. The grace period and notice provisions set forth in the Loan Agreement shall be applicable to any Default under
this Assignment. </FONT></P></TD></TR></TABLE>
 <p STYLE="margin-top:0px;margin-bottom:0px"><FONT SIZE="1">&nbsp;</FONT></P> <P STYLE="margin-top:0px;margin-bottom:0px" ALIGN="center"><FONT STYLE="font-family:Times New Roman" SIZE="2">Exhibit L - 5
</FONT></P>


<p Style='page-break-before:always'>
<HR  SIZE="3" style="COLOR:#999999" WIDTH="100%" ALIGN="CENTER">



<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR>
<TD WIDTH="4%" VALIGN="top" ALIGN="left"><FONT STYLE="font-family:Times New Roman" SIZE="2">(j)</FONT></TD>
<TD ALIGN="left" VALIGN="top"> <P ALIGN="justify"><FONT STYLE="font-family:Times New Roman" SIZE="2"><U>Setoff</U>. Subject to the terms of this Section&nbsp;5(j), Assignor hereby grants to Agent and each of the Lenders, a lien, security interest
and right of setoff as security for all liabilities and obligations to Agent and the Lenders, whether now existing or hereafter arising, upon and against all deposits, credits, collateral and property, now or hereafter in the possession, custody,
safekeeping or control of Agent or any Lender or any entity under the control of Agent or any Lender, or in transit to any of them. At any time, from and after the occurrence of and during the continuance of an Event of Default, Agent or any Lender
may set off the same or any part thereof and apply the same to any liability or obligation of Assignor even though unmatured and regardless of the adequacy of any other collateral securing the Loan. Within five (5)&nbsp;Business Days of making any
such set-off, Agent agrees to notify Assignor thereof, provided that the failure by Agent to give such notice shall not affect the validity of such set-off. ANY AND ALL RIGHTS TO REQUIRE AGENT OR ANY LENDER TO EXERCISE ITS RIGHTS OR REMEDIES WITH
RESPECT TO ANY OTHER COLLATERAL WHICH SECURES THE LOAN, PRIOR TO EXERCISING ITS RIGHT OF SETOFF WITH RESPECT TO SUCH DEPOSITS, CREDITS OR OTHER PROPERTY OF THE ASSIGNOR, ARE HEREBY KNOWINGLY, VOLUNTARILY AND IRREVOCABLY WAIVED.
</FONT></P></TD></TR></TABLE> <P STYLE="font-size:10px;margin-top:0px;margin-bottom:0px">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR>
<TD WIDTH="4%" VALIGN="top" ALIGN="left"><FONT STYLE="font-family:Times New Roman" SIZE="2">6.</FONT></TD>
<TD ALIGN="left" VALIGN="top"> <P ALIGN="justify"><FONT STYLE="font-family:Times New Roman" SIZE="2"><U>Governing Law; Mutual Waiver of Jury Trial</U>. </FONT></P></TD></TR></TABLE>
<P STYLE="font-size:10px;margin-top:0px;margin-bottom:0px">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR>
<TD WIDTH="4%" VALIGN="top" ALIGN="left"><FONT STYLE="font-family:Times New Roman" SIZE="2">(a)</FONT></TD>
<TD ALIGN="left" VALIGN="top"> <P ALIGN="justify"><FONT STYLE="font-family:Times New Roman" SIZE="2"><U>Governing Law</U>. This Assignment shall in all respects be governed, construed, applied and enforced in accordance with the internal laws of the
State of [&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;] without regard to principles of conflicts of law. </FONT></P></TD></TR></TABLE> <P STYLE="font-size:10px;margin-top:0px;margin-bottom:0px">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR>
<TD WIDTH="4%" VALIGN="top" ALIGN="left"><FONT STYLE="font-family:Times New Roman" SIZE="2">(b)</FONT></TD>
<TD ALIGN="left" VALIGN="top"> <P ALIGN="justify"><FONT STYLE="font-family:Times New Roman" SIZE="2"><U>JURY TRIAL WAIVER</U>. ASSIGNOR, AGENT, AND EACH OF THE LENDERS MUTUALLY HEREBY KNOWINGLY, VOLUNTARILY AND INTENTIONALLY WAIVE THE RIGHT TO A
TRIAL BY JURY IN RESPECT OF ANY LITIGATION BASED ON THIS ASSIGNMENT, ARISING OUT OF, UNDER OR IN CONNECTION WITH THIS ASSIGNMENT OR ANY OTHER LOAN DOCUMENTS CONTEMPLATED TO BE EXECUTED IN CONNECTION HEREWITH, OR ANY COURSE OF CONDUCT, COURSE OF
DEALINGS, STATEMENTS (WHETHER VERBAL OR WRITTEN) OR ACTIONS OF ANY PARTY. THIS WAIVER CONSTITUTES A MATERIAL INDUCEMENT FOR ASSIGNOR, AGENT AND EACH OF THE LENDERS TO ENTER INTO THE TRANSACTIONS CONTEMPLATED HEREBY. </FONT></P></TD></TR></TABLE>
<P STYLE="font-size:10px;margin-top:0px;margin-bottom:0px">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR>
<TD WIDTH="4%" VALIGN="top" ALIGN="left"><FONT STYLE="font-family:Times New Roman" SIZE="2">(c)</FONT></TD>
<TD ALIGN="left" VALIGN="top"> <P ALIGN="justify"><FONT STYLE="font-family:Times New Roman" SIZE="2"><U>SUBMISSION TO JURISDICTION</U>. EACH PARTY HERETO IRREVOCABLY AND UNCONDITIONALLY SUBMITS, FOR ITSELF AND ITS PROPERTY, TO THE NONEXCLUSIVE
JURISDICTION OF THE COURTS OF THE STATE OF NEW YORK LOCATED WITHIN THE FIRST DEPARTMENT OF THE NEW YORK STATE UNIFIED COURT SYSTEM AND OF THE UNITED STATES DISTRICT COURT OF THE SOUTHERN DISTRICT OF NEW YORK, AND ANY APPELLATE COURT HAVING
JURISDICTION FROM AN APPEAL THEREFROM, IN ANY ACTION OR PROCEEDING ARISING OUT OF OR RELATING TO THIS ASSIGNMENT OR ANY OTHER LOAN DOCUMENT, OR FOR RECOGNITION OR ENFORCEMENT OF ANY JUDGMENT, AND EACH OF THE PARTIES HERETO IRREVOCABLY AND
UNCONDITIONALLY AGREES THAT ALL CLAIMS IN </FONT></P></TD></TR></TABLE>
 <p STYLE="margin-top:0px;margin-bottom:0px"><FONT SIZE="1">&nbsp;</FONT></P> <P STYLE="margin-top:0px;margin-bottom:0px" ALIGN="center"><FONT STYLE="font-family:Times New Roman" SIZE="2">Exhibit L - 6
</FONT></P>


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<HR  SIZE="3" style="COLOR:#999999" WIDTH="100%" ALIGN="CENTER">



<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR>
<TD WIDTH="4%"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD ALIGN="left" VALIGN="top"> <P ALIGN="justify"><FONT STYLE="font-family:Times New Roman" SIZE="2">
RESPECT OF ANY SUCH ACTION OR PROCEEDING MAY BE HEARD AND DETERMINED IN SUCH NEW YORK STATE COURT OR, TO THE FULLEST EXTENT PERMITTED BY APPLICABLE LAW, IN SUCH FEDERAL COURT. EACH OF THE PARTIES
HERETO AGREES THAT A FINAL JUDGMENT IN ANY SUCH ACTION OR PROCEEDING SHALL BE CONCLUSIVE AND MAY BE ENFORCED IN OTHER JURISDICTIONS BY SUIT ON THE JUDGMENT OR IN ANY OTHER MANNER PROVIDED BY LAW. NOTHING IN THIS ASSIGNMENT OR IN ANY OTHER LOAN
DOCUMENT SHALL AFFECT ANY RIGHT THAT THE ADMINISTRATIVE AGENT, ANY LENDER OR THE L/C ISSUER MAY OTHERWISE HAVE TO BRING ANY ACTION OR PROCEEDING RELATING TO THIS ASSIGNMENT OR ANY OTHER LOAN DOCUMENT AGAINST THE BORROWER OR ANY OTHER LOAN PARTY OR
ITS PROPERTIES IN THE COURTS OF ANY JURISDICTION. </FONT></P></TD></TR></TABLE> <P STYLE="font-size:10px;margin-top:0px;margin-bottom:0px">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR>
<TD WIDTH="4%" VALIGN="top" ALIGN="left"><FONT STYLE="font-family:Times New Roman" SIZE="2">7.</FONT></TD>
<TD ALIGN="left" VALIGN="top"> <P ALIGN="justify"><FONT STYLE="font-family:Times New Roman" SIZE="2"><U>Local Law</U>. </FONT></P></TD></TR></TABLE> <P STYLE="font-size:10px;margin-top:0px;margin-bottom:0px">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR>
<TD WIDTH="4%" VALIGN="top" ALIGN="left"><FONT STYLE="font-family:Times New Roman" SIZE="2">(a)</FONT></TD>
<TD ALIGN="left" VALIGN="top"> <P ALIGN="justify"><FONT STYLE="font-family:Times New Roman" SIZE="2">[INSERT STATE-SPECIFIC PROVISIONS] </FONT></P></TD></TR></TABLE> <P STYLE="margin-top:10px;margin-bottom:0px" ALIGN="center"><FONT
STYLE="font-family:Times New Roman" SIZE="2">[The balance of this page is intentionally left blank] </FONT></P>
 <p STYLE="margin-top:0px;margin-bottom:0px"><FONT SIZE="1">&nbsp;</FONT></P> <P STYLE="margin-top:0px;margin-bottom:0px" ALIGN="center"><FONT STYLE="font-family:Times New Roman" SIZE="2">Exhibit L - 7
</FONT></P>


<p Style='page-break-before:always'>
<HR  SIZE="3" style="COLOR:#999999" WIDTH="100%" ALIGN="CENTER">


 <P STYLE="margin-top:0px;margin-bottom:0px; text-indent:4%" ALIGN="justify"><FONT STYLE="font-family:Times New Roman" SIZE="2">IN WITNESS WHEREOF, the Assignor has caused this Assignment to be duly
executed and delivered as a sealed instrument as of the date first written above. </FONT></P> <P STYLE="font-size:10px;margin-top:0px;margin-bottom:0px">&nbsp;</P><DIV ALIGN="right">
<TABLE CELLSPACING="0" CELLPADDING="0" WIDTH="40%" BORDER="0" STYLE="BORDER-COLLAPSE:COLLAPSE">


<TR>
<TD></TD>
<TD VALIGN="bottom" WIDTH="1%"></TD>
<TD WIDTH="99%"></TD></TR>


<TR>
<TD VALIGN="top" COLSPAN="3"><FONT STYLE="font-family:Times New Roman" SIZE="2">ASSIGNOR:</FONT></TD></TR>
<TR>
<TD HEIGHT="16" COLSPAN="3"></TD></TR>
<TR>
<TD VALIGN="top" COLSPAN="3"><FONT STYLE="font-family:Times New Roman" SIZE="2">[SIGNATURE BLOCK OF ASSIGNOR]</FONT></TD></TR>
</TABLE></DIV> <P STYLE="margin-top:10px;margin-bottom:0px"><FONT STYLE="font-family:Times New Roman" SIZE="2">STATE OF
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </FONT></P> <P STYLE="margin-top:0px;margin-bottom:0px"><FONT STYLE="font-family:Times New Roman" SIZE="2">COUNTY OF
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </FONT></P> <P STYLE="margin-top:10px;margin-bottom:0px; text-indent:4%" ALIGN="justify"><FONT
STYLE="font-family:Times New Roman" SIZE="2">And now, this &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;day of &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;,
20&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;, before me, the undersigned Notary Public, personally appeared &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;, who acknowledged himself/herself to be the Vice President of
Cedar Realty Trust, Inc., a Maryland corporation, as general partner of Cedar Realty Trust Partnership, L.P., a Delaware limited partnership and [&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;] of
[&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;], a [&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;] and that s/he, as such Vice President being authorized to do so, executed the foregoing
instrument for the purposes therein contained on behalf of such partnership, corporation, and company. </FONT></P> <P STYLE="font-size:10px;margin-top:0px;margin-bottom:0px">&nbsp;</P><DIV ALIGN="right">
<TABLE CELLSPACING="0" CELLPADDING="0" WIDTH="40%" BORDER="0" STYLE="BORDER-COLLAPSE:COLLAPSE">


<TR>
<TD></TD>
<TD VALIGN="bottom" WIDTH="1%"></TD>
<TD WIDTH="99%"></TD></TR>


<TR>
<TD HEIGHT="16"></TD>
<TD HEIGHT="16" COLSPAN="2"></TD></TR>
<TR>
<TD VALIGN="top"></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="top"> <P STYLE="margin-top:0px;margin-bottom:1px;border-bottom:1px solid #000000" ALIGN="center"><FONT STYLE="font-family:Times New Roman" SIZE="2">&nbsp;</FONT></P></TD></TR>
<TR>
<TD VALIGN="top"></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="2">Notary Public</FONT></TD></TR>
<TR>
<TD VALIGN="top"></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="2">My commission expires:</FONT></TD></TR>
</TABLE></DIV>
 <p STYLE="margin-top:0px;margin-bottom:0px"><FONT SIZE="1">&nbsp;</FONT></P> <P STYLE="margin-top:0px;margin-bottom:0px" ALIGN="center"><FONT STYLE="font-family:Times New Roman" SIZE="2">Exhibit L - 8
</FONT></P>


<p Style='page-break-before:always'>
<HR  SIZE="3" style="COLOR:#999999" WIDTH="100%" ALIGN="CENTER">


 <P STYLE="margin-top:0px;margin-bottom:0px" ALIGN="center"><FONT STYLE="font-family:Times New Roman" SIZE="2"><U>EXHIBIT A ANNEXED TO AND MADE A PART OF THE </U></FONT></P>
<P STYLE="margin-top:0px;margin-bottom:0px" ALIGN="center"><FONT STYLE="font-family:Times New Roman" SIZE="2"><U>COLLATERAL ASSIGNMENT OF LEASES AND RENTS </U></FONT></P> <P STYLE="margin-top:10px;margin-bottom:0px" ALIGN="center"><FONT
STYLE="font-family:Times New Roman" SIZE="2"><U>LEGAL DESCRIPTION </U></FONT></P> <P STYLE="margin-top:10px;margin-bottom:0px"><FONT STYLE="font-family:Times New Roman" SIZE="2">Property Address:
[&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;] </FONT></P> <P STYLE="margin-top:10px;margin-bottom:0px; margin-left:10%; text-indent:-1%" ALIGN="justify"><FONT
STYLE="font-family:Times New Roman" SIZE="2">[&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;] </FONT></P> <P STYLE="margin-top:10px;margin-bottom:0px"><FONT
STYLE="font-family:Times New Roman" SIZE="2">ADDRESS: [&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;] </FONT></P> <P STYLE="margin-top:10px;margin-bottom:0px"><FONT
STYLE="font-family:Times New Roman" SIZE="2">PERMANENT PARCEL NO. &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </FONT></P>
 <p STYLE="margin-top:0px;margin-bottom:0px"><FONT SIZE="1">&nbsp;</FONT></P> <P STYLE="margin-top:0px;margin-bottom:0px" ALIGN="center"><FONT STYLE="font-family:Times New Roman" SIZE="2">Exhibit L - 9
</FONT></P>


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 <P STYLE="margin-top:0px;margin-bottom:0px" ALIGN="right"><FONT STYLE="font-family:Times New Roman" SIZE="2"><B><I>EXHIBIT M </I></B></FONT></P>
<P STYLE="margin-top:10px;margin-bottom:0px" ALIGN="center"><FONT STYLE="font-family:Times New Roman" SIZE="2"><B>FORM OF </B></FONT></P>
<P STYLE="margin-top:0px;margin-bottom:0px" ALIGN="center"><FONT STYLE="font-family:Times New Roman" SIZE="2"><B>COLLATERAL ASSIGNMENT OF CONTRACTS </B></FONT></P> <P STYLE="margin-top:10px;margin-bottom:0px" ALIGN="center"><FONT
STYLE="font-family:Times New Roman" SIZE="2"><B><U>COLLATERAL ASSIGNMENT AND SECURITY AGREEMENT IN RESPECT OF </U></B></FONT></P>
<P STYLE="margin-top:0px;margin-bottom:0px" ALIGN="center"><FONT STYLE="font-family:Times New Roman" SIZE="2"><B><U>CONTRACTS, LICENSES AND PERMITS </U></B></FONT></P> <P STYLE="margin-top:10px;margin-bottom:0px; text-indent:4%" ALIGN="justify"><FONT
STYLE="font-family:Times New Roman" SIZE="2">1. <U>PARTIES</U>. The undersigned &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; having an address at 44 South Bayles Avenue,
Port Washington, New York 11050 (hereinafter, the &#147;<U>Assignor</U>&#148;) hereby assigns, transfers, sets over, pledges and, if applicable, delivers, to KEYBANK NATIONAL ASSOCIATION, a national banking association having an address at
225&nbsp;Franklin Street, Boston, Massachusetts 02110, as agent under that certain Amended, Restated and Consolidated Loan Agreement dated as of January &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;, 2012 (hereinafter, as
amended, and as may be further amended from time to time, the &#147;<U>Loan Agreement</U>&#148;) by and among Cedar Realty Trust Partnership, L.P., a Delaware limited partnership having an address at 44 South Bayles Avenue, Port Washington, New York
11050, formerly known as Cedar Shopping Centers Partnership, L.P., (hereinafter, the &#147;<U>Borrower</U>&#148;), KeyBank National Association and the other lending institutions which are or become parties to the Loan Agreement (KeyBank National
Association and the other lending institutions which are or become parties to the Loan Agreement are collectively referred to as the &#147;<U>Lenders</U>&#148; and individually as the &#147;<U>Lender</U>&#148;), and KEYBANK NATIONAL ASSOCIATION, as
Agent (hereinafter, together with any successors and assigns thereof, the &#147;<U>Agent</U>&#148;) and hereby grants to Agent a continuing security interest in the Assigned Contracts and Permits (as defined herein) to secure the Obligations (as
defined herein). </FONT></P> <P STYLE="margin-top:10px;margin-bottom:0px; text-indent:4%" ALIGN="justify"><FONT STYLE="font-family:Times New Roman" SIZE="2">2. <U>LOAN AGREEMENT; DEFINED TERMS</U>. This Collateral Assignment and Security Agreement
in Respect of Contracts, Licenses and Permits (hereinafter, this &#147;Collateral Assignment&#148;) is given pursuant to the terms, provisions and conditions of the Loan Agreement. <I>Capitalized terms not otherwise specifically defined herein shall
have the same meaning herein as in the Loan Agreement</I>. </FONT></P> <P STYLE="margin-top:10px;margin-bottom:0px; text-indent:4%" ALIGN="justify"><FONT STYLE="font-family:Times New Roman" SIZE="2">3. <U>ASSIGNED CONTRACTS AND PERMITS</U>. The term
&#147;Assigned Contracts and Permits&#148; shall mean all of the contracts, licenses, permits, approvals, agreements and warranties, and all of Assignor&#146;s right, title and interest therein, whether now owned or hereafter acquired, and all
proceeds and products thereof, and all accounts, contract rights and general intangibles related thereto, which are in any manner related to the land described on <U>Schedule 1</U> attached hereto (hereinafter, the &#147;Land&#148;) and the
improvements (hereinafter, the &#147;Improvements&#148;) on or to be constructed on the Land (such Land and Improvements are hereinafter, collectively, referred to as the &#147;Property&#148;) as such Land and Improvements are further described in
each Mortgage made by each Assignor in favor of Administrative Agent. </FONT></P> <P STYLE="margin-top:10px;margin-bottom:0px; text-indent:4%" ALIGN="justify"><FONT STYLE="font-family:Times New Roman" SIZE="2">4. <U>OBLIGATIONS</U>. The term
&#147;Obligations&#148; shall mean all obligations of Assignor to Agent and the Lenders, whether now existing or hereafter arising, direct or indirect, under each of the following instruments, documents and agreements, each dated as of even date
herewith and as the same may be hereafter modified and amended: (i)&nbsp;the Guaranty; (ii)&nbsp;each Mortgage; (iii)&nbsp;each Assignment of Leases and Rents; (iv)&nbsp;this Assignment; and (v)&nbsp;each other Loan Document. </FONT></P>

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 <P STYLE="margin-top:0px;margin-bottom:0px; text-indent:4%" ALIGN="justify"><FONT STYLE="font-family:Times New Roman" SIZE="2">5. <U>COVENANTS, WARRANTIES AND REPRESENTATIONS</U>. Assignor covenants
with, and warrants and represents to, Agent that: </FONT></P> <P STYLE="margin-top:10px;margin-bottom:0px; margin-left:4%; text-indent:4%" ALIGN="justify"><FONT STYLE="font-family:Times New Roman" SIZE="2">5.1 Assignor is and shall be the owner of
the Assigned Contracts and Permits free and clear of all pledges, liens, security interests and other encumbrances of every nature whatsoever except in favor of Agent; </FONT></P>
<P STYLE="margin-top:10px;margin-bottom:0px; margin-left:4%; text-indent:4%" ALIGN="justify"><FONT STYLE="font-family:Times New Roman" SIZE="2">5.2 Assignor has the full right, power and authority to assign, and to grant the pledge of and security
interest in, the Assigned Contracts and Permits as herein provided; </FONT></P> <P STYLE="margin-top:10px;margin-bottom:0px; margin-left:4%; text-indent:4%" ALIGN="justify"><FONT STYLE="font-family:Times New Roman" SIZE="2">5.3 To Assignor&#146;s
knowledge, the execution, delivery and performance of this Collateral Assignment by Assignor does not and will not result in the violation of any mortgage, indenture, contract, instrument, agreement, judgment, decree, order, statute, rule or
regulation to which Assignor is subject or by which it or any of its property is bound; </FONT></P> <P STYLE="margin-top:10px;margin-bottom:0px; margin-left:4%; text-indent:4%" ALIGN="justify"><FONT STYLE="font-family:Times New Roman" SIZE="2">5.4
Assignor shall not make any other assignment of, or permit any pledge, lien, security interest or encumbrance to exist with respect to, the Assigned Contracts and Permits except in favor of Agent, and Assignor shall not otherwise transfer, assign,
sell or exchange its interest in the Assigned Contracts and Permits; </FONT></P> <P STYLE="margin-top:10px;margin-bottom:0px; margin-left:4%; text-indent:4%" ALIGN="justify"><FONT STYLE="font-family:Times New Roman" SIZE="2">5.5 To the extent the
same is in possession of Assignor, a true and complete executed counterpart, or certified copy, of each Assigned Contract and Permit which now exists and which is evidenced by a written agreement or document has been delivered to Agent, and a true
and complete counterpart, or certified copy, of each Assigned Contract and Permit which becomes effective or is issued in the future shall be promptly delivered to Agent; </FONT></P>
<P STYLE="margin-top:10px;margin-bottom:0px; margin-left:4%; text-indent:4%" ALIGN="justify"><FONT STYLE="font-family:Times New Roman" SIZE="2">5.6 To Assignor&#146;s knowledge, each Assigned Contract and Permit presently in existence is in full
force and effect, is valid and enforceable in accordance with its terms, has not been modified, and no default exists thereunder on the part of any party thereto. Each Assigned Contract and Permit which comes into existence after the date hereof
shall be valid and enforceable in accordance with its terms; </FONT></P> <P STYLE="margin-top:10px;margin-bottom:0px; margin-left:4%; text-indent:4%" ALIGN="justify"><FONT STYLE="font-family:Times New Roman" SIZE="2">5.7 No Assigned Contract and
Permit shall be amended, modified or changed in any material respect, have any of its material terms waived by Assignor, or cancelled or terminated if such amendment, modification, waiver, cancellation or termination could reasonably be expected to
have a Material Adverse Effect, without Agent&#146;s prior written consent in each instance; and </FONT></P> <P STYLE="margin-top:10px;margin-bottom:0px; margin-left:4%; text-indent:4%" ALIGN="justify"><FONT
STYLE="font-family:Times New Roman" SIZE="2">5.8 Assignor shall pay and perform in all material respects all of its material obligations under or with respect to each Assigned Contract and Permit and not permit any default by it to exist with
respect thereto if such failure or default could reasonably be expected to have a Material Adverse Effect. Assignor shall exercise all commercially reasonable efforts necessary to enforce or secure performance by any other party to any Assigned
Contract and Permit if such other party&#146;s failure to perform could reasonably be expected to have a Material Adverse Effect. </FONT></P>
 <p STYLE="margin-top:0px;margin-bottom:0px"><FONT SIZE="1">&nbsp;</FONT></P> <P STYLE="margin-top:0px;margin-bottom:0px" ALIGN="center"><FONT STYLE="font-family:Times New Roman" SIZE="2">Exhibit M - 2
</FONT></P>


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 <P STYLE="margin-top:0px;margin-bottom:0px; text-indent:4%" ALIGN="justify"><FONT STYLE="font-family:Times New Roman" SIZE="2">6. <U>RIGHTS OF ASSIGNOR PRIOR TO DEFAULT</U>. So long as there is no Event
of Default, Assignor shall have and may exercise all rights as the owner or holder of the Assigned Contracts and Permits which are lawful and are not inconsistent with the provisions of the Loan Documents. Immediately upon the occurrence of and
during the continuance of any Event of Default, the right described in the preceding sentence shall cease and terminate, and in such event Agent is hereby expressly and irrevocably authorized, but not required, to exercise every right, option, power
or authority inuring to Assignor under any one or more of the Assigned Contracts and Permits as fully as Assignor could itself. </FONT></P> <P STYLE="margin-top:10px;margin-bottom:0px; text-indent:4%" ALIGN="justify"><FONT
STYLE="font-family:Times New Roman" SIZE="2">7. <U>IRREVOCABLE DIRECTION</U>. Assignor hereby irrevocably directs the contracting party to, or grantor or licensor of, any such Assigned Contract and Permit, to the extent not prohibited by either such
Assigned Contract and Permit or applicable law, or to the extent permitted under any recognition or other agreement executed by such grantor or licensor, upon demand and after notice from Agent of the occurrence of an Event of Default under any of
the Loan Documents, to recognize and accept Agent as the holder of such Assigned Contract and Permit for any and all purposes as fully as it would recognize and accept Assignor and the performance of Assignor thereunder. Assignor does hereby
constitute and appoint Agent, while this Assignment remains in force and effect, irrevocably, and with full power of substitution and revocation, its true and lawful attorney for and in its name, place and stead, after the occurrence of and during
the continuance of such an Event of Default, to demand and enforce compliance with all the terms and conditions of the Assigned Contracts and Permits and all benefits accrued thereunder, whether at law, in equity or otherwise. </FONT></P>
<P STYLE="margin-top:10px;margin-bottom:0px; text-indent:4%" ALIGN="justify"><FONT STYLE="font-family:Times New Roman" SIZE="2">8. <U>UCC RIGHTS AND REMEDIES</U>. Further, and without limitation of the foregoing rights and remedies, upon and during
the continuance of an Event of Default, Agent shall have the rights and remedies of a secured party under the Uniform Commercial Code (the &#147;UCC&#148;), as enacted in the state in which the Property is located, with respect to the Assigned
Contracts and Permits, in addition to the rights and remedies otherwise provided for herein or by law or in equity or in any other Loan Document. The Agent shall give Assignor ten (10)&nbsp;days&#146; prior written notice of the time and place of
any public sale of any such Assigned Contract and Permit or the time after which any private sale or any other intended disposition is to be made. After deducting all reasonable expenses incurred in connection with the enforcement of its rights
hereunder, Agent shall cause the proceeds of the Assigned Contracts and Permits to be applied to the Obligations in such order as Agent may determine and Assignor shall remain liable for any deficiency. Any surplus shall be remitted by the Agent
pursuant to Section&nbsp;9-615 of the UCC. </FONT></P> <P STYLE="margin-top:10px;margin-bottom:0px; text-indent:4%" ALIGN="justify"><FONT STYLE="font-family:Times New Roman" SIZE="2">9. <U>INDEMNIFICATION</U>. Assignor hereby agrees to indemnify and
to defend and hold Agent and the Lenders harmless against and from all liability, loss, damage and expense, including reasonable attorneys&#146; fees, which it may or shall incur by reason of this Collateral Assignment, or by reason of any
commercially reasonable action taken in good faith by Agent hereunder or with respect to the Assigned Contracts and Permits, and against and from any and all claims and demands whatsoever which may be asserted against Agent or any Lender by reason
of any alleged obligation or undertaking on its part to perform or discharge any of the terms, covenants and conditions contained in any of the Assigned Contracts and Permits. Should </FONT></P>
 <p STYLE="margin-top:0px;margin-bottom:0px"><FONT SIZE="1">&nbsp;</FONT></P> <P STYLE="margin-top:0px;margin-bottom:0px" ALIGN="center"><FONT STYLE="font-family:Times New Roman" SIZE="2">Exhibit M - 3
</FONT></P>


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 <P STYLE="margin-top:0px;margin-bottom:0px" ALIGN="justify"><FONT STYLE="font-family:Times New Roman" SIZE="2">
Agent or any Lender incur any such liability, loss, damage or expense, the amount thereof, together with interest thereon at the Default Rate of interest under the Loan Agreement, shall be
payable by Assignor to Agent and the Lenders within thirty (30)&nbsp;days of demand, or at the option of Agent, Agent may reimburse itself therefor out of any receipts, rents, income or profits of the Property collected by Agent before the
application of such receipts, rents, income or profits to any other Obligations. Any such amounts which are not paid within thirty (30)&nbsp;days of demand therefor shall bear interest at the Default Rate from the date of demand until paid.
</FONT></P> <P STYLE="margin-top:10px;margin-bottom:0px; text-indent:4%" ALIGN="justify"><FONT STYLE="font-family:Times New Roman" SIZE="2">10. <U>AGENT/LENDER NOT OBLIGATED</U>. Nothing contained herein or elsewhere shall operate to obligate, or be
construed to obligate, Agent or any Lender to perform any of the terms, covenants or conditions contained in the Assigned Contracts and Permits or otherwise to impose any obligation upon Agent with respect to the Assigned Contracts and Permits prior
to written notice by Agent to Assignor of Agent&#146;s election to assume Assignor&#146;s obligations under one or more of the Assigned Contracts and Permits. Prior to written notice from Agent of such election, this Collateral Assignment shall not
operate to place upon Agent any responsibility for the operation, control, care, management or repair of the Property or for the payment, performance or observance of any obligation, requirement or condition under any such Assigned Contract and
Permit, or under any agreement in respect to any such Assigned Contract and Permit, and the execution of this Collateral Assignment by Assignor shall constitute conclusive evidence that all responsibility for the operation, control, care, management
and repair of the Property as well as the payment, performance or observance of any obligation, requirement or condition under the Assigned Contracts and Permits is and shall be that of Assignor, prior to written notice from Agent of such election.
Even if Agent does exercise its rights, it may only be liable to the Architect, the Contractor, or any of the other parties only during the period that it is exercising the rights of Assignor under the Assigned Contracts and Permits, and at all
times Assignor retains the obligation to reimburse Agent in accordance with Section&nbsp;9 above otherwise pay when due all obligations incurred in connection with the Assigned Contracts and Permits. </FONT></P>
<P STYLE="margin-top:10px;margin-bottom:0px; text-indent:4%" ALIGN="justify"><FONT STYLE="font-family:Times New Roman" SIZE="2">11. <U>FURTHER ASSURANCES; UCC FILINGS</U>. Assignor agrees to execute and deliver to Agent, at any time or times during
which this Collateral Assignment shall be in effect, such further instruments as Agent in good faith may deem necessary to make effective this Collateral Assignment, the security interest created hereby and the covenants of Assignor herein
contained. To evidence such security interest, at the request of Agent, Assignor shall, in a form reasonably satisfactory to Agent, execute and deliver one or more financing statements, and any continuation thereof, pursuant to the provisions of the
Uniform Commercial Code as enacted in the state in which the Property is located and shall pay the cost for filing thereof. </FONT></P> <P STYLE="margin-top:10px;margin-bottom:0px; text-indent:4%" ALIGN="justify"><FONT
STYLE="font-family:Times New Roman" SIZE="2">12. <U>NO WAIVER; CUMULATIVE RIGHTS</U>. Failure of Agent to avail itself of any of the terms, covenants, and conditions of this Collateral Assignment for any period of time, or at any time or times,
shall not be construed or deemed to be a waiver of any of its rights hereunder. The rights and remedies of Agent under this Collateral Assignment are cumulative and are not in lieu of, but are in addition to, any other rights and remedies which
Agent shall have under or by virtue of the Obligations and the Loan Documents. The rights and remedies of Agent hereunder may be exercised from time to time and as often as such exercise is deemed expedient by Agent. </FONT></P>
 <p STYLE="margin-top:0px;margin-bottom:0px"><FONT SIZE="1">&nbsp;</FONT></P> <P STYLE="margin-top:0px;margin-bottom:0px" ALIGN="center"><FONT STYLE="font-family:Times New Roman" SIZE="2">Exhibit M - 4
</FONT></P>


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 <P STYLE="margin-top:0px;margin-bottom:0px; text-indent:4%" ALIGN="justify"><FONT STYLE="font-family:Times New Roman" SIZE="2">13. <U>AGENT/LENDER: RIGHT TO ASSIGN</U>. Assignor agrees that upon any sale
or transfer by Agent and the Lenders of the Loan Documents and the indebtedness evidenced thereby, or upon any person acquiring the Property or any interest therein, Agent may deliver to the purchaser or transferee the Assigned Contracts and Permits
and may assign to such purchaser or transferee the rights of Agent hereunder, who shall thereupon become vested with all powers and rights given to Agent and the Lenders in respect thereto (and subject to Agent&#146;s obligations hereunder), and
Agent and the Lenders shall be forever relieved and fully discharged from any liability or responsibility thereafter accruing in connection therewith. In no event shall Agent be liable with respect to, or on account of, the Assigned Contracts and
Permits, except for the safekeeping of any instruments delivered to Agent pursuant hereto and as otherwise expressly set forth in this Collateral Assignment, and Agent shall specifically have no obligation to enforce any rights against any
contractor, or grantor or issuer. </FONT></P> <P STYLE="margin-top:10px;margin-bottom:0px; text-indent:4%" ALIGN="justify"><FONT STYLE="font-family:Times New Roman" SIZE="2">14. <U>TERMINATION AND REASSIGNMENT</U>. Upon full payment and performance
of the obligations and liabilities set forth or contained in this Collateral Assignment and the other Loan Documents (excluding only any liabilities which might arise in the future under the Environmental Indemnity), this Collateral Assignment shall
become and be void and of no effect and, in that event, upon the request of Assignor, Agent covenants to execute and deliver to Assignor instruments effective to evidence the termination of this Collateral Assignment and the reassignment (without
recourse) to Assignor of the Assigned Contracts and Permits and the rights, title, interest, power and authority assigned herein; provided, however, that any affidavit, certificate or other written statement of any officer of Agent stating that any
part of said indebtedness remains unpaid shall be and constitute conclusive evidence of the then validity, effectiveness and continuing force of this Collateral Assignment and any person, firm, or corporation receiving any such affidavit,
certificate or statement may, and is hereby authorized to rely thereon. </FONT></P> <P STYLE="margin-top:10px;margin-bottom:0px; text-indent:4%" ALIGN="justify"><FONT STYLE="font-family:Times New Roman" SIZE="2">15. <U>COPIES OF DEFAULT NOTICES</U>.
Assignor agrees to provide Agent promptly, but in any event within five (5)&nbsp;Business Days after receipt thereof by Assignor, with copies of any and all notices received by Assignor which allege, either directly or indirectly, that Assignor is
in default of, or deficient in the performance of the terms of any obligation of Assignor under, any Assigned Contract and Permit, or that any fact or circumstance exists which could reasonably lead to the termination, suspension, revocation or loss
of any Assigned Contract and Permit. </FONT></P> <P STYLE="margin-top:10px;margin-bottom:0px; text-indent:4%" ALIGN="justify"><FONT STYLE="font-family:Times New Roman" SIZE="2">16. <U>NOTICES</U>. Any notices given pursuant to this Collateral
Assignment shall be sufficient only if given in the manner provided for in the Loan Agreement. </FONT></P> <P STYLE="margin-top:10px;margin-bottom:0px; text-indent:4%" ALIGN="justify"><FONT STYLE="font-family:Times New Roman" SIZE="2">17.
<U>SUCCESSORS AND ASSIGNS</U>. All of the agreements, obligations, undertakings, representations and warranties herein made by Assignor shall inure to the benefit of Agent, each Lender, and their successors and assigns, and shall bind Assignor and
its successors and assigns. </FONT></P> <P STYLE="margin-top:10px;margin-bottom:0px; text-indent:4%" ALIGN="justify"><FONT STYLE="font-family:Times New Roman" SIZE="2">18. <U>CAPTIONS AND HEADINGS</U>. Captions and headings in this Collateral
Assignment are intended solely for the convenience of the parties and shall not be considered in the determination of the meaning of any provision hereof. </FONT></P> <P STYLE="margin-top:10px;margin-bottom:0px; text-indent:4%" ALIGN="justify"><FONT
STYLE="font-family:Times New Roman" SIZE="2">19. <U>GRACE PERIODS AND NOTICE</U>. The grace period and notice provisions set forth in the Loan Agreement shall be applicable to any Default under this Collateral Assignment. </FONT></P>
 <p STYLE="margin-top:0px;margin-bottom:0px"><FONT SIZE="1">&nbsp;</FONT></P> <P STYLE="margin-top:0px;margin-bottom:0px" ALIGN="center"><FONT STYLE="font-family:Times New Roman" SIZE="2">Exhibit M - 5
</FONT></P>


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 <P STYLE="margin-top:0px;margin-bottom:0px; text-indent:4%" ALIGN="justify"><FONT STYLE="font-family:Times New Roman" SIZE="2">20. <U>COUNTERPARTS</U>. This Collateral Assignment may be executed in
several counterparts, each of which when executed and delivered is an original, but all of which together shall constitute one instrument. In making proof of this agreement, it shall not be necessary to produce or account for more than one such
counterpart which is executed by the party against whom enforcement of such collateral assignment is sought. </FONT></P>
<P STYLE="margin-top:10px;margin-bottom:0px; text-indent:4%" ALIGN="justify"><FONT STYLE="font-family:Times New Roman" SIZE="2">21. <U>SETOFF</U>. Subject to the terms of this Section&nbsp;21, Assignor hereby grants to Agent and each of the Lenders,
a lien, security interest and right of setoff as security for all liabilities and obligations to Agent and the Lenders, whether now existing or hereafter arising, upon and against all deposits, credits, collateral and property, now or hereafter in
the possession, custody, safekeeping or control of Agent or any Lender or any entity under the control of Agent or Lender or in transit to any of them. At any time, from and after the occurrence of and during the continuance of an Event of Default,
Agent or any Lender may set off the same or any part thereof and apply the same to any liability or obligation of Assignor even though unmatured and regardless of the adequacy of any other collateral securing the Loan. Within five (5)&nbsp;Business
Days of making any such set-off, Agent agrees to notify Assignor thereof, provided that the failure by Agent to give such notice shall not affect the validity of such set-off. ANY AND ALL RIGHTS TO REQUIRE AGENT OR ANY LENDER TO EXERCISE ITS RIGHTS
OR REMEDIES WITH RESPECT TO ANY OTHER COLLATERAL WHICH SECURES THE LOAN, PRIOR TO EXERCISING ITS RIGHT OF SETOFF WITH RESPECT TO SUCH DEPOSITS, CREDITS OR OTHER PROPERTY OF THE ASSIGNOR, ARE HEREBY KNOWINGLY, VOLUNTARILY AND IRREVOCABLY WAIVED.
</FONT></P> <P STYLE="margin-top:10px;margin-bottom:0px; text-indent:4%" ALIGN="justify"><FONT STYLE="font-family:Times New Roman" SIZE="2">22. <U>GOVERNING LAW</U>. This Collateral Assignment and the rights and obligations of the parties hereunder
shall in all respects be governed by and construed and enforced in accordance with the internal laws of the State of New York, without giving effect to principles of conflicts of law, except insofar as formation of the Assignor under the law
applicable to such Assignor as set forth in the State of Delaware (the &#147;Applicable Formation Law&#148;) requires the Applicable Formation Law to apply with respect to matters of authorization to enter into the transaction contemplated by this
Collateral Assignment. In addition, the fact that portions of the Loan Documents may include provisions drafted to conform to the law of the state in which the Property is located is not intended, nor shall it be deemed, in any way to derogate the
parties&#146; choice of law as set forth herein. Agent or any Lender may enforce its rights hereunder and under the other Loan Documents, including, but not limited to, its rights to sue Assignor or to collect any outstanding indebtedness in
accordance with applicable law. It is understood and agreed that this Collateral Assignment, and all of the other Loan Documents, were negotiated, executed and delivered in the State of New York which State the parties agree has a substantial
relationship to the parties and to the underlying transactions embodied by the Loan Documents. </FONT></P> <P STYLE="margin-top:10px;margin-bottom:0px; text-indent:4%" ALIGN="justify"><FONT STYLE="font-family:Times New Roman" SIZE="2">23. <U>CONSENT
TO JURISDICTION</U>. EACH PARTY HERETO IRREVOCABLY AND UNCONDITIONALLY SUBMITS, FOR ITSELF AND ITS PROPERTY, TO THE NONEXCLUSIVE JURISDICTION OF THE COURTS OF THE STATE OF NEW YORK LOCATED WITHIN THE FIRST DEPARTMENT OF THE NEW YORK STATE UNIFIED
COURT SYSTEM OR ANY FEDERAL COURT LOCATED WITHIN THE SOUTHERN DISTRICT OF THE STATE OF NEW YORK, IN ANY ACTION OR PROCEEDING ARISING OUT OF OR RELATING TO THIS AGREEMENT, OR FOR RECOGNITION OR ENFORCEMENT OF ANY JUDGMENT, AND EACH OF THE PARTIES
HERETO </FONT></P>
 <p STYLE="margin-top:0px;margin-bottom:0px"><FONT SIZE="1">&nbsp;</FONT></P> <P STYLE="margin-top:0px;margin-bottom:0px" ALIGN="center"><FONT STYLE="font-family:Times New Roman" SIZE="2">Exhibit M - 6
</FONT></P>


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 <P STYLE="margin-top:0px;margin-bottom:0px" ALIGN="justify"><FONT STYLE="font-family:Times New Roman" SIZE="2">
IRREVOCABLY AND UNCONDITIONALLY AGREES THAT ALL CLAIMS IN RESPECT OF ANY SUCH ACTION OR PROCEEDING MAY BE HEARD AND DETERMINED IN SUCH NEW YORK STATE COURT OR, TO THE FULLEST EXTENT PERMITTED BY
APPLICABLE LAW, IN SUCH FEDERAL COURT. EACH OF THE PARTIES HERETO AGREES THAT A FINAL JUDGMENT IN ANY SUCH ACTION OR PROCEEDING SHALL BE CONCLUSIVE AND MAY BE ENFORCED IN OTHER JURISDICTIONS BY SUIT ON THE JUDGMENT OR IN ANY OTHER MANNER PROVIDED BY
LAW. </FONT></P> <P STYLE="margin-top:10px;margin-bottom:0px" ALIGN="center"><FONT STYLE="font-family:Times New Roman" SIZE="2">[The balance of this page is intentionally left blank] </FONT></P>
 <p STYLE="margin-top:0px;margin-bottom:0px"><FONT SIZE="1">&nbsp;</FONT></P> <P STYLE="margin-top:0px;margin-bottom:0px" ALIGN="center"><FONT STYLE="font-family:Times New Roman" SIZE="2">Exhibit M - 7
</FONT></P>


<p Style='page-break-before:always'>
<HR  SIZE="3" style="COLOR:#999999" WIDTH="100%" ALIGN="CENTER">


 <P STYLE="margin-top:0px;margin-bottom:0px; text-indent:4%" ALIGN="justify"><FONT STYLE="font-family:Times New Roman" SIZE="2">IN WITNESS WHEREOF, Assignor has caused this Collateral Assignment to be
duly executed and delivered as a sealed instrument as of the &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;day of &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;,
20&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;. </FONT></P> <P STYLE="font-size:10px;margin-top:0px;margin-bottom:0px">&nbsp;</P>
<TABLE CELLSPACING="0" CELLPADDING="0" WIDTH="100%" BORDER="0" STYLE="BORDER-COLLAPSE:COLLAPSE">


<TR>
<TD WIDTH="46%"></TD>
<TD VALIGN="bottom" WIDTH="1%"></TD>
<TD WIDTH="4%"></TD>
<TD VALIGN="bottom" WIDTH="1%"></TD>
<TD WIDTH="2%"></TD>
<TD VALIGN="bottom" WIDTH="1%"></TD>
<TD WIDTH="45%"></TD></TR>


<TR>
<TD VALIGN="top"><FONT STYLE="font-family:Times New Roman" SIZE="2"><B>ASSIGNOR:</B></FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="top"></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="top" COLSPAN="3"><FONT STYLE="font-family:Times New Roman" SIZE="2">[&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;]</FONT></TD></TR>
<TR>
<TD HEIGHT="16"></TD>
<TD HEIGHT="16" COLSPAN="2"></TD>
<TD HEIGHT="16" COLSPAN="2"></TD>
<TD HEIGHT="16" COLSPAN="2"></TD></TR>
<TR>
<TD VALIGN="top"></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="top"></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="top"><FONT STYLE="font-family:Times New Roman" SIZE="2">By:</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="top"><FONT STYLE="font-family:Times New Roman" SIZE="2">[SIGNATURE BLOCK OF ASSIGNOR]</FONT></TD></TR>
</TABLE>
 <p STYLE="margin-top:0px;margin-bottom:0px"><FONT SIZE="1">&nbsp;</FONT></P> <P STYLE="margin-top:0px;margin-bottom:0px" ALIGN="center"><FONT STYLE="font-family:Times New Roman" SIZE="2">[SIGNATURE
PAGE TO ASSIGNMENT OF CONTRACTS] </FONT></P>


<p Style='page-break-before:always'>
<HR  SIZE="3" style="COLOR:#999999" WIDTH="100%" ALIGN="CENTER">


 <P STYLE="margin-top:0px;margin-bottom:0px" ALIGN="center"><FONT STYLE="font-family:Times New Roman" SIZE="2"><B><U>SCHEDULE 1 </U></B></FONT></P>
 <p STYLE="margin-top:0px;margin-bottom:0px"><FONT SIZE="1">&nbsp;</FONT></P> <P STYLE="margin-top:0px;margin-bottom:0px" ALIGN="center"><FONT STYLE="font-family:Times New Roman" SIZE="2">Schedule 1
</FONT></P>


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 <P STYLE="margin-top:0px;margin-bottom:0px" ALIGN="right"><FONT STYLE="font-family:Times New Roman" SIZE="2"><B></B><B><I>EXHIBIT N</I></B><B> </B></FONT></P>
<P STYLE="margin-top:10px;margin-bottom:0px" ALIGN="center"><FONT STYLE="font-family:Times New Roman" SIZE="2"><B>FORM OF </B></FONT></P>
<P STYLE="margin-top:0px;margin-bottom:0px" ALIGN="center"><FONT STYLE="font-family:Times New Roman" SIZE="2"><B>CONSENT </B></FONT></P>
<P STYLE="margin-top:10px;margin-bottom:0px" ALIGN="center"><FONT STYLE="font-family:Times New Roman" SIZE="2"><B><U>CONSENT </U></B></FONT></P> <P STYLE="margin-top:10px;margin-bottom:0px" ALIGN="right"><FONT
STYLE="font-family:Times New Roman" SIZE="2">As of &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;, 20&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </FONT></P> <P STYLE="margin-top:10px;margin-bottom:0px"><FONT
STYLE="font-family:Times New Roman" SIZE="2">KeyBank National Association, as Agent </FONT></P> <P STYLE="margin-top:0px;margin-bottom:0px"><FONT STYLE="font-family:Times New Roman" SIZE="2">225 Franklin Street </FONT></P>
<P STYLE="margin-top:0px;margin-bottom:0px"><FONT STYLE="font-family:Times New Roman" SIZE="2">Boston, Massachusetts 02110 </FONT></P> <P STYLE="font-size:10px;margin-top:0px;margin-bottom:0px">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR>
<TD WIDTH="4%"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD WIDTH="4%" VALIGN="top" ALIGN="left"><FONT STYLE="font-family:Times New Roman" SIZE="2">Re:</FONT></TD>
<TD ALIGN="left" VALIGN="top"> <P ALIGN="justify"><FONT STYLE="font-family:Times New Roman" SIZE="2">Loan Arrangement with Cedar Realty Trust Partnership, L.P. </FONT></P></TD></TR></TABLE> <P STYLE="margin-top:10px;margin-bottom:0px"><FONT
STYLE="font-family:Times New Roman" SIZE="2">Ladies and Gentlemen: </FONT></P> <P STYLE="margin-top:10px;margin-bottom:0px; text-indent:4%" ALIGN="justify"><FONT STYLE="font-family:Times New Roman" SIZE="2">This Consent (hereinafter, the
&#147;<U>Consent</U>&#148;) is being delivered to KeyBank National Association, as agent under that certain Amended, Restated and Consolidated Loan Agreement dated January &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;,
2012 (hereinafter, as amended, and as may be further amended from time to time, the &#147;<U>Loan Agreement</U>&#148;) by and among Cedar Realty Trust Partnership, L.P., a Delaware limited partnership formerly known as Cedar Shopping Center
Partnership, L.P. having an address c/o Cedar Realty Trust, Inc., 44 South Bayles Avenue, Suite 304, Port Washington, New York 11050 (hereinafter, the &#147;<U>Borrower</U>&#148;), KeyBank National Association and the other lending institutions
which are or become parties to the Loan Agreement (KeyBank National Association and the other lending institutions which are or become parties to the Loan Agreement are hereinafter, collectively, referred to as the &#147;<U>Lenders</U>&#148; and
individually as the &#147;<U>Lender</U>&#148;), and KeyBank National Association, as Agent (hereinafter, the &#147;<U>Agent</U>&#148;), pursuant to the terms and conditions of that certain Pledge and Security Agreement dated as of the date hereof
(hereinafter, the &#147;<U>Pledge Agreement</U>&#148;) by and between the Borrower and the Agent, on behalf of the Lenders, at the request of the Borrower, by the undersigned entity (hereinafter, the &#147;<U>Consenting Party</U>&#148;). <I>Terms
not otherwise defined herein shall have the meanings ascribed to them in the Pledge Agreement</I>. </FONT></P> <P STYLE="margin-top:10px;margin-bottom:0px; text-indent:4%" ALIGN="justify"><FONT STYLE="font-family:Times New Roman" SIZE="2">The
Borrower and the Consenting Party acknowledge and agree that as a condition to extending the Loan to the Borrower, the Agent and the Lenders have required that this Consent be executed and delivered to the Agent, on behalf of the Lenders, and that
the Lenders are relying on the provisions hereof in agreeing to make the Loan. Accordingly, for good and valuable consideration, the receipt and sufficiency of which are hereby acknowledged, the Consenting Party hereby acknowledges, covenants, and
agrees as follows: </FONT></P> <P STYLE="margin-top:10px;margin-bottom:0px; text-indent:4%" ALIGN="justify"><FONT STYLE="font-family:Times New Roman" SIZE="2">1. <U>Consent to Pledge and Security Interest of Collateral</U>. </FONT></P>
<P STYLE="margin-top:10px;margin-bottom:0px; margin-left:4%; text-indent:4%" ALIGN="justify"><FONT STYLE="font-family:Times New Roman" SIZE="2">(a) The Consenting Party hereby consents to the pledge and security interest granted to the Agent, on
behalf of the Lenders, of the Collateral pursuant to the terms and conditions of the Pledge Agreement, including, without limitation, all of the Borrower&#146;s right, title, and interest in and to the Pledged Interests. </FONT></P>

<p Style='page-break-before:always'>
<HR  SIZE="3" style="COLOR:#999999" WIDTH="100%" ALIGN="CENTER">


 <P STYLE="margin-top:0px;margin-bottom:0px; margin-left:4%; text-indent:4%" ALIGN="justify"><FONT STYLE="font-family:Times New Roman" SIZE="2">(b) The Consenting Party hereby consents to the pledge and
security interest granted to the Agent, on behalf of the Lenders, of the Pledged Obligations pursuant to the terms and conditions of the Pledge Agreement, as follows: </FONT></P>
<P STYLE="margin-top:10px;margin-bottom:0px; margin-left:8%;margin-right:8%" ALIGN="justify"><FONT STYLE="font-family:Times New Roman" SIZE="2">All right, title and interest of the Borrower, whether now owned or hereafter acquired, in and to any and
all obligations owed to the Borrower by the Borrower Subsidiary, whether now existing or hereafter incurred, and in and to all collateral granted to the Borrower or for the benefit of the Borrower as collateral security for such obligations.
</FONT></P> <P STYLE="margin-top:10px;margin-bottom:0px; margin-left:4%; text-indent:4%" ALIGN="justify"><FONT STYLE="font-family:Times New Roman" SIZE="2">(c) The Consenting Party hereby acknowledges receipt of a complete copy of the fully executed
Pledge Agreement and agrees to be bound thereby and to comply with the terms and conditions thereof, as such terms and conditions are now or may hereafter be applicable to the Consenting Party. </FONT></P>
<P STYLE="margin-top:10px;margin-bottom:0px; margin-left:4%; text-indent:4%" ALIGN="justify"><FONT STYLE="font-family:Times New Roman" SIZE="2">(d) The existence of the foregoing pledges and security interests created pursuant to the Pledge
Agreement have been registered as of the date hereof in the Agent&#146;s name in the books and records of the Consenting Party. </FONT></P> <P STYLE="margin-top:10px;margin-bottom:0px; margin-left:4%; text-indent:4%" ALIGN="justify"><FONT
STYLE="font-family:Times New Roman" SIZE="2">(e) Effective upon notice from the Agent (or any successor or assign of the Agent) of the transfer, sale, or assignment of, foreclosure on, or other disposition or realization of the respective Pledged
Interests by the Agent pursuant to the Pledge Agreement, the Agent and/or, as may be applicable, any nominee, successor or assign of the Agent and/or any purchaser or transferee of the Pledged Interests or any portion thereof, without further action
of any kind by the Consenting Party or any other Person, shall become for all purposes a partner and/or member and/or shareholder, respectively, under the applicable formation documents (hereinafter, the &#147;Formation Documents&#148;) of the
Consenting Party, and shall be fully admitted and recognized by the Consenting Party and shall be entitled to all the benefits, rights, powers, and privileges of a partner and/or member and/or shareholder, respectively, under such Formation
Documents, including, without limitation, (i)&nbsp;the right to receive in respect of the Pledged Interests all distributions and/or any other payments which such a partner and/or member and/or shareholder is or may be entitled to receive and
(ii)&nbsp;the right to exercise any and all voting rights granted to such a partner, member or shareholder under the respective Formation Documents. In the event of any such transfer, sale, assignment or other disposition, the Agent and any such
nominee, successor, assignee, purchaser or transferee shall not be liable for any liability of any nature whatsoever under the Formation Documents or with respect to such Pledged Interest arising prior to the date of the acquisition of such Pledged
Interest, including, without limitation, any capital contribution with respect thereto. Further, upon subsequent assignment or transfer by the Agent and/or the Lenders of the Pledged Interests, the Agent and/or Lenders, respectively, shall be
automatically released from any liability of any nature whatsoever with respect thereto arising from and after the date of such assignment or transfer by the Agent and/or the Lenders of the Pledged Interests. </FONT></P>
 <p STYLE="margin-top:0px;margin-bottom:0px"><FONT SIZE="1">&nbsp;</FONT></P> <P STYLE="margin-top:0px;margin-bottom:0px" ALIGN="center"><FONT STYLE="font-family:Times New Roman" SIZE="2">Exhibit N - 2
</FONT></P>


<p Style='page-break-before:always'>
<HR  SIZE="3" style="COLOR:#999999" WIDTH="100%" ALIGN="CENTER">


 <P STYLE="margin-top:0px;margin-bottom:0px; margin-left:4%; text-indent:4%" ALIGN="justify"><FONT STYLE="font-family:Times New Roman" SIZE="2">(f) The Consenting Party hereby irrevocably waives any and
all limitations and restrictions contained in the respective Formation Documents on the right, power and ability of the Agent, or any transferee or purchaser from the Agent, respectively, to: (a)&nbsp;be granted a pledge and security interest
respecting the Pledged Interests, (b)&nbsp;acquire any or all of the Pledged Interests (through purchase, foreclosure or otherwise), (c)&nbsp;foreclose upon or exercise any other remedies pursuant to the Pledge Agreement, any other Loan Document, at
law or in equity, or otherwise, in respect of the Pledged Interests, or (d)&nbsp;sell or otherwise dispose of, any or all of the Pledged Interests. The Consenting Party hereby represents and warrants that all conditions precedent under applicable
law and the respective Formation Documents to the pledge of the Pledged Interests have been satisfied or hereby have been waived. </FONT></P> <P STYLE="margin-top:10px;margin-bottom:0px; text-indent:4%" ALIGN="justify"><FONT
STYLE="font-family:Times New Roman" SIZE="2">2. <U>Regarding Distributions</U>. </FONT></P> <P STYLE="margin-top:10px;margin-bottom:0px; margin-left:4%; text-indent:4%" ALIGN="justify"><FONT STYLE="font-family:Times New Roman" SIZE="2">(a) The
Consenting Party hereby acknowledges and agrees as follows: </FONT></P> <P STYLE="font-size:10px;margin-top:0px;margin-bottom:0px">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR>
<TD WIDTH="13%"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD WIDTH="4%" VALIGN="top" ALIGN="left"><FONT STYLE="font-family:Times New Roman" SIZE="2">(i)</FONT></TD>
<TD ALIGN="left" VALIGN="top"> <P ALIGN="justify"><FONT STYLE="font-family:Times New Roman" SIZE="2">At no time shall the Consenting Party: </FONT></P></TD></TR></TABLE> <P STYLE="font-size:10px;margin-top:0px;margin-bottom:0px">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR>
<TD WIDTH="17%"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD WIDTH="4%" VALIGN="top" ALIGN="left"><FONT STYLE="font-family:Times New Roman" SIZE="2">(1)</FONT></TD>
<TD ALIGN="left" VALIGN="top"> <P ALIGN="justify"><FONT STYLE="font-family:Times New Roman" SIZE="2">accept any direction or instruction from the Borrower and/or any other Person to make (nor shall the Consenting Party make) any distributions or
payments on behalf of the Pledged Interests or the Pledged Obligations to any Person contrary to the provisions of the Loan Agreement, the Pledge Agreement, and the provisions herein; and/or </FONT></P></TD></TR></TABLE>
<P STYLE="font-size:10px;margin-top:0px;margin-bottom:0px">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR>
<TD WIDTH="17%"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD WIDTH="4%" VALIGN="top" ALIGN="left"><FONT STYLE="font-family:Times New Roman" SIZE="2">(2)</FONT></TD>
<TD ALIGN="left" VALIGN="top"> <P ALIGN="justify"><FONT STYLE="font-family:Times New Roman" SIZE="2">set-off against or assert any claim or demand respecting, or otherwise reduce the amount of, distributions or payments on behalf of the Pledged
Interests or the Pledged Obligations payable to the Borrower. </FONT></P></TD></TR></TABLE> <P STYLE="font-size:10px;margin-top:0px;margin-bottom:0px">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR>
<TD WIDTH="13%"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD WIDTH="4%" VALIGN="top" ALIGN="left"><FONT STYLE="font-family:Times New Roman" SIZE="2">(ii)</FONT></TD>
<TD ALIGN="left" VALIGN="top"> <P ALIGN="justify"><FONT STYLE="font-family:Times New Roman" SIZE="2">Immediately upon receipt of written notice from the Agent, the Consenting Party shall thereafter make all distributions and all other payments
directly or indirectly payable on account of the respective Pledged Interests or Pledged Obligations as specifically directed by the Agent in accordance with the terms of the Loan Agreement. </FONT></P></TD></TR></TABLE>
<P STYLE="margin-top:10px;margin-bottom:0px; margin-left:4%; text-indent:4%" ALIGN="justify"><FONT STYLE="font-family:Times New Roman" SIZE="2">(b) The Consenting Party hereby represents and warrants to the Agent and the Lenders that, to their
knowledge, none of the Pledged Interests, Pledged Obligations or the distributions payable on account thereof, has been assigned, pledged, or otherwise transferred to any other Person except to the Agent, for the benefit of the Lenders, as set forth
in the Pledge Agreement. The Consenting Party has not received notice of any pledge of the respective Pledged Interests, Pledged Obligations or any rights to distributions with respect thereto, other than the pledge to the Agent pursuant to the
Pledge Agreement. </FONT></P>
 <p STYLE="margin-top:0px;margin-bottom:0px"><FONT SIZE="1">&nbsp;</FONT></P> <P STYLE="margin-top:0px;margin-bottom:0px" ALIGN="center"><FONT STYLE="font-family:Times New Roman" SIZE="2">Exhibit N - 3
</FONT></P>


<p Style='page-break-before:always'>
<HR  SIZE="3" style="COLOR:#999999" WIDTH="100%" ALIGN="CENTER">


 <P STYLE="margin-top:0px;margin-bottom:0px; text-indent:4%" ALIGN="justify"><FONT STYLE="font-family:Times New Roman" SIZE="2">3. <U>Additional Consents</U>. To the extent that the Agent hereafter
reasonably determines to be necessary and appropriate, the Consenting Party hereby covenants and agrees to execute and deliver to the Agent, on behalf of the Lenders, such additional consents and waivers, in form and substance reasonably
satisfactory to the Agent, as and when the Agent may request from time to time. </FONT></P> <P STYLE="margin-top:10px;margin-bottom:0px; text-indent:4%" ALIGN="justify"><FONT STYLE="font-family:Times New Roman" SIZE="2">4. <U>Agreements
Irrevocable</U>. Each of the foregoing agreements by the Consenting Party hereunder is and shall be irrevocable and may not be rescinded without the express prior written consent from Agent. </FONT></P>
<P STYLE="margin-top:10px;margin-bottom:0px; text-indent:4%" ALIGN="justify"><FONT STYLE="font-family:Times New Roman" SIZE="2">5. <U>Notices and Instructions by Agent; Communication with Agent and Lenders</U>. None of the representatives of the
Consenting Party need inquire, directly or indirectly, with respect to any matter relative to any written notice or instruction from or provided by the Agent hereunder, including, without limitation, with respect to the underlying reason for the
furnishing by Agent of said written notice or instruction, and the Consenting Party shall be entitled to rely conclusively on any and all such notices and instructions given by Agent. The Consenting Party, directly or indirectly through any
representative or other agent, may communicate with the Agent and/or the Lenders and their representatives with respect to any and all matters directly or indirectly set forth herein and may rely fully on the provisions hereof. </FONT></P>
<P STYLE="margin-top:10px;margin-bottom:0px; text-indent:4%" ALIGN="justify"><FONT STYLE="font-family:Times New Roman" SIZE="2">6. <U>SUBMISSION TO JURISDICTION</U>. EACH PARTY HERETO IRREVOCABLY AND UNCONDITIONALLY SUBMITS, FOR ITSELF AND ITS
PROPERTY, TO THE NONEXCLUSIVE JURISDICTION OF THE COURTS OF THE STATE OF NEW YORK LOCATED WITHIN THE FIRST DEPARTMENT OF THE NEW YORK STATE UNIFIED COURT SYSTEM OR ANY FEDERAL COURT LOCATED WITHIN THE SOUTHERN DISTRICT OF THE STATE OF NEW YORK, IN
ANY ACTION OR PROCEEDING ARISING OUT OF OR RELATING TO THIS AGREEMENT, OR FOR RECOGNITION OR ENFORCEMENT OF ANY JUDGMENT, AND EACH OF THE PARTIES HERETO IRREVOCABLY AND UNCONDITIONALLY AGREES THAT ALL CLAIMS IN RESPECT OF ANY SUCH ACTION OR
PROCEEDING MAY BE HEARD AND DETERMINED IN SUCH NEW YORK STATE COURT OR, TO THE FULLEST EXTENT PERMITTED BY APPLICABLE LAW, IN SUCH FEDERAL COURT. EACH OF THE PARTIES HERETO AGREES THAT A FINAL JUDGMENT IN ANY SUCH ACTION OR PROCEEDING SHALL BE
CONCLUSIVE AND MAY BE ENFORCED IN OTHER JURISDICTIONS BY SUIT ON THE JUDGMENT OR IN ANY OTHER MANNER PROVIDED BY LAW. </FONT></P> <P STYLE="margin-top:10px;margin-bottom:0px" ALIGN="center"><FONT STYLE="font-family:Times New Roman" SIZE="2">[The
balance of this page is intentionally left blank] </FONT></P>
 <p STYLE="margin-top:0px;margin-bottom:0px"><FONT SIZE="1">&nbsp;</FONT></P> <P STYLE="margin-top:0px;margin-bottom:0px" ALIGN="center"><FONT STYLE="font-family:Times New Roman" SIZE="2">Exhibit N - 4
</FONT></P>


<p Style='page-break-before:always'>
<HR  SIZE="3" style="COLOR:#999999" WIDTH="100%" ALIGN="CENTER">


 <P STYLE="margin-top:0px;margin-bottom:0px; text-indent:4%" ALIGN="justify"><FONT STYLE="font-family:Times New Roman" SIZE="2">This Consent, dated as of the date first above written is intended to take
effect as a sealed instrument, and shall be construed, governed, and enforced pursuant to and in accordance with the laws of the State of New York. This Consent shall be binding upon the Consenting Party and its respective successors and assigns and
shall inure to the benefit of the Agent, the Lenders, and their successors and assigns. </FONT></P> <P STYLE="font-size:10px;margin-top:0px;margin-bottom:0px">&nbsp;</P>
<TABLE CELLSPACING="0" CELLPADDING="0" WIDTH="100%" BORDER="0" STYLE="BORDER-COLLAPSE:COLLAPSE">


<TR>
<TD WIDTH="47%"></TD>
<TD VALIGN="bottom" WIDTH="1%"></TD>
<TD WIDTH="4%"></TD>
<TD VALIGN="bottom" WIDTH="1%"></TD>
<TD></TD>
<TD VALIGN="bottom" WIDTH="1%"></TD>
<TD WIDTH="46%"></TD></TR>


<TR>
<TD VALIGN="top"><FONT STYLE="font-family:Times New Roman" SIZE="2">CONSENTING PARTY:</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="top"></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="top" COLSPAN="3"><FONT STYLE="font-family:Times New Roman" SIZE="2"><B>[SIGNATURE BLOCK OF CONSENTING PARTY]</B></FONT></TD></TR>
</TABLE> <P STYLE="font-size:10px;margin-top:0px;margin-bottom:0px">&nbsp;</P>
<TABLE CELLSPACING="0" CELLPADDING="0" WIDTH="40%" BORDER="0" STYLE="BORDER-COLLAPSE:COLLAPSE">


<TR>
<TD WIDTH="7%"></TD>
<TD VALIGN="bottom" WIDTH="1%"></TD>
<TD WIDTH="13%"></TD>
<TD VALIGN="bottom" WIDTH="1%"></TD>
<TD WIDTH="78%"></TD></TR>


<TR>
<TD VALIGN="top" COLSPAN="5"> <P STYLE="margin-left:1.00em; text-indent:-1.00em"><FONT STYLE="font-family:Times New Roman" SIZE="2">Acknowledged and Agreed:</FONT></P></TD></TR>
<TR>
<TD HEIGHT="13" COLSPAN="5"></TD></TR>
<TR>
<TD VALIGN="top" COLSPAN="5"> <P STYLE="margin-top:0px;margin-bottom:0px; margin-left:1.00em; text-indent:-1.00em"><FONT STYLE="font-family:Times New Roman" SIZE="2">Cedar Realty Trust Partnership, L.P.,</FONT></P>
<P STYLE="margin-top:0px;margin-bottom:1px; margin-left:1.00em; text-indent:-1.00em"><FONT STYLE="font-family:Times New Roman" SIZE="2">a Delaware limited partnership</FONT></P></TD></TR>
<TR>
<TD HEIGHT="16"></TD>
<TD HEIGHT="16" COLSPAN="4"></TD></TR>
<TR>
<TD VALIGN="top"> <P STYLE="margin-left:1.00em; text-indent:-1.00em"><FONT STYLE="font-family:Times New Roman" SIZE="2">By:</FONT></P></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="top" COLSPAN="3"> <P STYLE="margin-top:0px;margin-bottom:0px"><FONT STYLE="font-family:Times New Roman" SIZE="2">Cedar Realty Trust, Inc.,</FONT></P> <P STYLE="margin-top:0px;margin-bottom:1px"><FONT
STYLE="font-family:Times New Roman" SIZE="2">a Maryland corporation, its general partner</FONT></P></TD></TR>
<TR>
<TD HEIGHT="16"></TD>
<TD HEIGHT="16" COLSPAN="4"></TD></TR>
<TR>
<TD VALIGN="top"> <P STYLE="margin-left:1.00em; text-indent:-1.00em"><FONT STYLE="font-family:Times New Roman" SIZE="2">By:</FONT></P></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="top" COLSPAN="3"> <P STYLE="margin-top:0px;margin-bottom:1px;border-bottom:1px solid #000000"><FONT STYLE="font-family:Times New Roman" SIZE="2">&nbsp;</FONT></P></TD></TR>
<TR>
<TD VALIGN="top"></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="top"><FONT STYLE="font-family:Times New Roman" SIZE="2">Name:</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
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<TD VALIGN="top"><FONT STYLE="font-family:Times New Roman" SIZE="2">Title:</FONT></TD>
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<TD WIDTH="98%"></TD></TR>


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<TD VALIGN="top" COLSPAN="5"> <P STYLE="margin-left:1.00em; text-indent:-1.00em"><FONT STYLE="font-family:Times New Roman" SIZE="2">Acknowledged and Agreed:</FONT></P></TD></TR>
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<TD HEIGHT="13" COLSPAN="5"></TD></TR>
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<TD VALIGN="top" COLSPAN="5"> <P STYLE="margin-top:0px;margin-bottom:0px"><FONT STYLE="font-family:Times New Roman" SIZE="2">KeyBank National Association,</FONT></P> <P STYLE="margin-top:0px;margin-bottom:0px"><FONT
STYLE="font-family:Times New Roman" SIZE="2">a national banking association,</FONT></P> <P STYLE="margin-top:0px;margin-bottom:1px"><FONT STYLE="font-family:Times New Roman" SIZE="2">as Administrative Agent</FONT></P></TD></TR>
<TR>
<TD HEIGHT="16"></TD>
<TD HEIGHT="16" COLSPAN="4"></TD></TR>
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<TD VALIGN="top"> <P STYLE="margin-left:1.00em; text-indent:-1.00em"><FONT STYLE="font-family:Times New Roman" SIZE="2">By:</FONT></P></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="top" COLSPAN="3"> <P STYLE="margin-top:0px;margin-bottom:1px;border-bottom:1px solid #000000"><FONT STYLE="font-family:Times New Roman" SIZE="2">&nbsp;</FONT></P></TD></TR>
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<TD VALIGN="top"><FONT STYLE="font-family:Times New Roman" SIZE="2">Name:</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="top" COLSPAN="3"> <P STYLE="margin-top:0px;margin-bottom:1px;border-bottom:1px solid #000000"><FONT STYLE="font-family:Times New Roman" SIZE="2">&nbsp;</FONT></P></TD></TR>
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<TD VALIGN="top"><FONT STYLE="font-family:Times New Roman" SIZE="2">Title:</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="top" COLSPAN="3"> <P STYLE="margin-top:0px;margin-bottom:1px;border-bottom:1px solid #000000"><FONT STYLE="font-family:Times New Roman" SIZE="2">&nbsp;</FONT></P></TD></TR>
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 <p STYLE="margin-top:0px;margin-bottom:0px"><FONT SIZE="1">&nbsp;</FONT></P> <P STYLE="margin-top:0px;margin-bottom:0px" ALIGN="center"><FONT STYLE="font-family:Times New Roman" SIZE="2">Exhibit N - 5
</FONT></P>

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<FILENAME>d305538dex211.htm
<DESCRIPTION>EX-21.1
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 <P STYLE="margin-top:0px;margin-bottom:0px" ALIGN="right"><FONT STYLE="font-family:Times New Roman" SIZE="2"><U>EXHIBIT 21.1 </U></FONT></P> <P STYLE="margin-top:10px;margin-bottom:0px" ALIGN="center"><FONT
STYLE="font-family:Times New Roman" SIZE="2">CEDAR REALTY TRUST, INC. </FONT></P> <P STYLE="margin-top:0px;margin-bottom:0px" ALIGN="center"><FONT STYLE="font-family:Times New Roman" SIZE="2">SUBSIDIARIES OF THE REGISTRANT </FONT></P>
<P STYLE="font-size:10px;margin-top:0px;margin-bottom:0px">&nbsp;</P>
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<TD nowrap><FONT STYLE="Times New Roman" SIZE="1"><B>September 30,</B></FONT></TD></TR>
<TR>
<TD VALIGN="bottom" NOWRAP> <P STYLE="border-bottom:1px solid #000000;width:21pt"><FONT STYLE="font-family:Times New Roman" SIZE="1"><B>Entity</B></FONT></P></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="center" STYLE="border-bottom:1px solid #000000"><FONT STYLE="font-family:Times New Roman" SIZE="1"><B>Jurisdiction</B></FONT></TD></TR>


<TR BGCOLOR="#cceeff">
<TD VALIGN="top"> <P STYLE="margin-left:1.00em; text-indent:-1.00em"><FONT STYLE="font-family:Times New Roman" SIZE="2">11501 Roosevelt Holdings, LLC</FONT></P></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="2">Delaware</FONT></TD></TR>
<TR>
<TD VALIGN="top"> <P STYLE="margin-left:1.00em; text-indent:-1.00em"><FONT STYLE="font-family:Times New Roman" SIZE="2">Academy Plaza L.L.C 1</FONT></P></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="2">Delaware</FONT></TD></TR>
<TR BGCOLOR="#cceeff">
<TD VALIGN="top"> <P STYLE="margin-left:1.00em; text-indent:-1.00em"><FONT STYLE="font-family:Times New Roman" SIZE="2">Academy Plaza L.L.C. 2</FONT></P></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="2">Delaware</FONT></TD></TR>
<TR>
<TD VALIGN="top"> <P STYLE="margin-left:1.00em; text-indent:-1.00em"><FONT STYLE="font-family:Times New Roman" SIZE="2">Cedar-Acquisition 1, LLC</FONT></P></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="2">Delaware</FONT></TD></TR>
<TR BGCOLOR="#cceeff">
<TD VALIGN="top"> <P STYLE="margin-left:1.00em; text-indent:-1.00em"><FONT STYLE="font-family:Times New Roman" SIZE="2">Cedar-Acquisition 10, LLC</FONT></P></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="2">Delaware</FONT></TD></TR>
<TR>
<TD VALIGN="top"> <P STYLE="margin-left:1.00em; text-indent:-1.00em"><FONT STYLE="font-family:Times New Roman" SIZE="2">Cedar-Acquisition 3, LLC</FONT></P></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="2">Delaware</FONT></TD></TR>
<TR BGCOLOR="#cceeff">
<TD VALIGN="top"> <P STYLE="margin-left:1.00em; text-indent:-1.00em"><FONT STYLE="font-family:Times New Roman" SIZE="2">Cedar-Acquisition 5, LLC</FONT></P></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="2">Delaware</FONT></TD></TR>
<TR>
<TD VALIGN="top"> <P STYLE="margin-left:1.00em; text-indent:-1.00em"><FONT STYLE="font-family:Times New Roman" SIZE="2">Cedar-Acquisition 6, LLC</FONT></P></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="2">Delaware</FONT></TD></TR>
<TR BGCOLOR="#cceeff">
<TD VALIGN="top"> <P STYLE="margin-left:1.00em; text-indent:-1.00em"><FONT STYLE="font-family:Times New Roman" SIZE="2">Cedar-Acquisition 7, LLC</FONT></P></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="2">Delaware</FONT></TD></TR>
<TR>
<TD VALIGN="top"> <P STYLE="margin-left:1.00em; text-indent:-1.00em"><FONT STYLE="font-family:Times New Roman" SIZE="2">Cedar-Acquisition 8, LLC</FONT></P></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="2">Delaware</FONT></TD></TR>
<TR BGCOLOR="#cceeff">
<TD VALIGN="top"> <P STYLE="margin-left:1.00em; text-indent:-1.00em"><FONT STYLE="font-family:Times New Roman" SIZE="2">Cedar-Acquisition 9, LLC</FONT></P></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="2">Delaware</FONT></TD></TR>
<TR>
<TD VALIGN="top"> <P STYLE="margin-left:1.00em; text-indent:-1.00em"><FONT STYLE="font-family:Times New Roman" SIZE="2">Cedar-Annie Land, LLC</FONT></P></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="2">Delaware</FONT></TD></TR>
<TR BGCOLOR="#cceeff">
<TD VALIGN="top"> <P STYLE="margin-left:1.00em; text-indent:-1.00em"><FONT STYLE="font-family:Times New Roman" SIZE="2">Cedar-Arlington Road LLC</FONT></P></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="2">Delaware</FONT></TD></TR>
<TR>
<TD VALIGN="top"> <P STYLE="margin-left:1.00em; text-indent:-1.00em"><FONT STYLE="font-family:Times New Roman" SIZE="2">Cedar Aston Center GP, LLC</FONT></P></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="2">Delaware</FONT></TD></TR>
<TR BGCOLOR="#cceeff">
<TD VALIGN="top"> <P STYLE="margin-left:1.00em; text-indent:-1.00em"><FONT STYLE="font-family:Times New Roman" SIZE="2">Cedar-Aston Center, LP</FONT></P></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="2">Delaware</FONT></TD></TR>
<TR>
<TD VALIGN="top"> <P STYLE="margin-left:1.00em; text-indent:-1.00em"><FONT STYLE="font-family:Times New Roman" SIZE="2">Cedar Aston Center LP, LLC</FONT></P></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="2">Delaware</FONT></TD></TR>
<TR BGCOLOR="#cceeff">
<TD VALIGN="top"> <P STYLE="margin-left:1.00em; text-indent:-1.00em"><FONT STYLE="font-family:Times New Roman" SIZE="2">Cedar AYR Town Center GP, LLC</FONT></P></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="2">Delaware</FONT></TD></TR>
<TR>
<TD VALIGN="top"> <P STYLE="margin-left:1.00em; text-indent:-1.00em"><FONT STYLE="font-family:Times New Roman" SIZE="2">Cedar Ayr Town Center, LP</FONT></P></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="2">Delaware</FONT></TD></TR>
<TR BGCOLOR="#cceeff">
<TD VALIGN="top"> <P STYLE="margin-left:1.00em; text-indent:-1.00em"><FONT STYLE="font-family:Times New Roman" SIZE="2">Cedar-AYR Town Center LP, LLC</FONT></P></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="2">Delaware</FONT></TD></TR>
<TR>
<TD VALIGN="top"> <P STYLE="margin-left:1.00em; text-indent:-1.00em"><FONT STYLE="font-family:Times New Roman" SIZE="2">Cedar-Bailey Road LLC</FONT></P></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="2">Delaware</FONT></TD></TR>
<TR BGCOLOR="#cceeff">
<TD VALIGN="top"> <P STYLE="margin-left:1.00em; text-indent:-1.00em"><FONT STYLE="font-family:Times New Roman" SIZE="2">Cedar-Bergstrasse, LLC</FONT></P></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="2">Delaware</FONT></TD></TR>
<TR>
<TD VALIGN="top"> <P STYLE="margin-left:1.00em; text-indent:-1.00em"><FONT STYLE="font-family:Times New Roman" SIZE="2">Cedar-Bloomsburg, LLC</FONT></P></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="2">Delaware</FONT></TD></TR>
<TR BGCOLOR="#cceeff">
<TD VALIGN="top"> <P STYLE="margin-left:1.00em; text-indent:-1.00em"><FONT STYLE="font-family:Times New Roman" SIZE="2">Cedar Brickyard, LLC</FONT></P></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="2">Delaware</FONT></TD></TR>
<TR>
<TD VALIGN="top"> <P STYLE="margin-left:1.00em; text-indent:-1.00em"><FONT STYLE="font-family:Times New Roman" SIZE="2">Cedar Brickyard II, LLC</FONT></P></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="2">Delaware</FONT></TD></TR>
<TR BGCOLOR="#cceeff">
<TD VALIGN="top"> <P STYLE="margin-left:1.00em; text-indent:-1.00em"><FONT STYLE="font-family:Times New Roman" SIZE="2">Cedar-Bristol, LLC</FONT></P></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="2">Delaware</FONT></TD></TR>
<TR>
<TD VALIGN="top"> <P STYLE="margin-left:1.00em; text-indent:-1.00em"><FONT STYLE="font-family:Times New Roman" SIZE="2">Cedar-Buffalo Road LLC</FONT></P></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="2">Delaware</FONT></TD></TR>
<TR BGCOLOR="#cceeff">
<TD VALIGN="top"> <P STYLE="margin-left:1.00em; text-indent:-1.00em"><FONT STYLE="font-family:Times New Roman" SIZE="2">Cedar-Campbelltown, LLC</FONT></P></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="2">Delaware</FONT></TD></TR>
<TR>
<TD VALIGN="top"> <P STYLE="margin-left:1.00em; text-indent:-1.00em"><FONT STYLE="font-family:Times New Roman" SIZE="2">Cedar-Camp Hill, LLC</FONT></P></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="2">Delaware</FONT></TD></TR>
<TR BGCOLOR="#cceeff">
<TD VALIGN="top"> <P STYLE="margin-left:1.00em; text-indent:-1.00em"><FONT STYLE="font-family:Times New Roman" SIZE="2">Cedar Camp Hill GP, LLC</FONT></P></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="2">Delaware</FONT></TD></TR>
<TR>
<TD VALIGN="top"> <P STYLE="margin-left:1.00em; text-indent:-1.00em"><FONT STYLE="font-family:Times New Roman" SIZE="2">Cedar Carbondale, LLC</FONT></P></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="2">Delaware</FONT></TD></TR>
<TR BGCOLOR="#cceeff">
<TD VALIGN="top"> <P STYLE="margin-left:1.00em; text-indent:-1.00em"><FONT STYLE="font-family:Times New Roman" SIZE="2">Cedar-Carlisle, LLC</FONT></P></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="2">Delaware</FONT></TD></TR>
<TR>
<TD VALIGN="top"> <P STYLE="margin-left:1.00em; text-indent:-1.00em"><FONT STYLE="font-family:Times New Roman" SIZE="2">Cedar-Carll&#146;s Corner, LLC</FONT></P></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="2">Delaware</FONT></TD></TR>
<TR BGCOLOR="#cceeff">
<TD VALIGN="top"> <P STYLE="margin-left:1.00em; text-indent:-1.00em"><FONT STYLE="font-family:Times New Roman" SIZE="2">Cedar Carmans, LLC</FONT></P></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="2">Delaware</FONT></TD></TR>
<TR>
<TD VALIGN="top"> <P STYLE="margin-left:1.00em; text-indent:-1.00em"><FONT STYLE="font-family:Times New Roman" SIZE="2">Cedar-Carrollton LLC</FONT></P></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="2">Delaware</FONT></TD></TR>
<TR BGCOLOR="#cceeff">
<TD VALIGN="top"> <P STYLE="margin-left:1.00em; text-indent:-1.00em"><FONT STYLE="font-family:Times New Roman" SIZE="2">Cedar-Celina LLC</FONT></P></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="2">Delaware</FONT></TD></TR>
<TR>
<TD VALIGN="top"> <P STYLE="margin-left:1.00em; text-indent:-1.00em"><FONT STYLE="font-family:Times New Roman" SIZE="2">Cedar Center Holdings L.L.C. 3</FONT></P></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="2">Delaware</FONT></TD></TR>
<TR BGCOLOR="#cceeff">
<TD VALIGN="top"> <P STYLE="margin-left:1.00em; text-indent:-1.00em"><FONT STYLE="font-family:Times New Roman" SIZE="2">Cedar-Centerville Plaza LLC</FONT></P></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="2">Delaware</FONT></TD></TR>
<TR>
<TD VALIGN="top"> <P STYLE="margin-left:1.00em; text-indent:-1.00em"><FONT STYLE="font-family:Times New Roman" SIZE="2">Cedar-Chestnut Street LLC</FONT></P></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="2">Delaware</FONT></TD></TR>
<TR BGCOLOR="#cceeff">
<TD VALIGN="top"> <P STYLE="margin-left:1.00em; text-indent:-1.00em"><FONT STYLE="font-family:Times New Roman" SIZE="2">Cedar-Circle, LLC</FONT></P></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="2">Delaware</FONT></TD></TR>
<TR>
<TD VALIGN="top"> <P STYLE="margin-left:1.00em; text-indent:-1.00em"><FONT STYLE="font-family:Times New Roman" SIZE="2">Cedar-Clock Tower, LLC</FONT></P></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="2">Delaware</FONT></TD></TR>
<TR BGCOLOR="#cceeff">
<TD VALIGN="top"> <P STYLE="margin-left:1.00em; text-indent:-1.00em"><FONT STYLE="font-family:Times New Roman" SIZE="2">Cedar-Clyde LLC</FONT></P></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="2">Delaware</FONT></TD></TR>
<TR>
<TD VALIGN="top"> <P STYLE="margin-left:1.00em; text-indent:-1.00em"><FONT STYLE="font-family:Times New Roman" SIZE="2">Cedar-Columbus LLC</FONT></P></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="2">Delaware</FONT></TD></TR>
<TR BGCOLOR="#cceeff">
<TD VALIGN="top"> <P STYLE="margin-left:1.00em; text-indent:-1.00em"><FONT STYLE="font-family:Times New Roman" SIZE="2">Cedar-Cuyahoga, LLC</FONT></P></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="2">Delaware</FONT></TD></TR>
<TR>
<TD VALIGN="top"> <P STYLE="margin-left:1.00em; text-indent:-1.00em"><FONT STYLE="font-family:Times New Roman" SIZE="2">Cedar-Davis Road LLC</FONT></P></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="2">Delaware</FONT></TD></TR>
<TR BGCOLOR="#cceeff">
<TD VALIGN="top"> <P STYLE="margin-left:1.00em; text-indent:-1.00em"><FONT STYLE="font-family:Times New Roman" SIZE="2">Cedar-Dover Plaza LLC</FONT></P></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="2">Delaware</FONT></TD></TR>
<TR>
<TD VALIGN="top"> <P STYLE="margin-left:1.00em; text-indent:-1.00em"><FONT STYLE="font-family:Times New Roman" SIZE="2">Cedar Dover Plains, LLC</FONT></P></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="2">Delaware</FONT></TD></TR>
<TR BGCOLOR="#cceeff">
<TD VALIGN="top"> <P STYLE="margin-left:1.00em; text-indent:-1.00em"><FONT STYLE="font-family:Times New Roman" SIZE="2">Cedar Dubois, LLC</FONT></P></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="2">Delaware</FONT></TD></TR>
<TR>
<TD VALIGN="top"> <P STYLE="margin-left:1.00em; text-indent:-1.00em"><FONT STYLE="font-family:Times New Roman" SIZE="2">Cedar-Dunmore LLC</FONT></P></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="2">Delaware</FONT></TD></TR>
<TR BGCOLOR="#cceeff">
<TD VALIGN="top"> <P STYLE="margin-left:1.00em; text-indent:-1.00em"><FONT STYLE="font-family:Times New Roman" SIZE="2">Cedar-Elmhurst, LLC</FONT></P></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="2">Delaware</FONT></TD></TR>
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<TD nowrap><FONT STYLE="Times New Roman" SIZE="1"><B>September 30,</B></FONT></TD></TR>
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<TD VALIGN="bottom" NOWRAP> <P STYLE="border-bottom:1px solid #000000;width:21pt"><FONT STYLE="font-family:Times New Roman" SIZE="1"><B>Entity</B></FONT></P></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="center" STYLE="border-bottom:1px solid #000000"><FONT STYLE="font-family:Times New Roman" SIZE="1"><B>Jurisdiction</B></FONT></TD></TR>


<TR BGCOLOR="#cceeff">
<TD VALIGN="top"> <P STYLE="margin-left:1.00em; text-indent:-1.00em"><FONT STYLE="font-family:Times New Roman" SIZE="2">Cedar-Enon, LLC</FONT></P></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="2">Delaware</FONT></TD></TR>
<TR>
<TD VALIGN="top"> <P STYLE="margin-left:1.00em; text-indent:-1.00em"><FONT STYLE="font-family:Times New Roman" SIZE="2">Cedar-Fairfield Plaza LLC</FONT></P></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="2">Delaware</FONT></TD></TR>
<TR BGCOLOR="#cceeff">
<TD VALIGN="top"> <P STYLE="margin-left:1.00em; text-indent:-1.00em"><FONT STYLE="font-family:Times New Roman" SIZE="2">Cedar-Fairview Commons, LLC</FONT></P></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="2">Delaware</FONT></TD></TR>
<TR>
<TD VALIGN="top"> <P STYLE="margin-left:1.00em; text-indent:-1.00em"><FONT STYLE="font-family:Times New Roman" SIZE="2">Cedar-Fieldstone SPE, LLC</FONT></P></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="2">Delaware</FONT></TD></TR>
<TR BGCOLOR="#cceeff">
<TD VALIGN="top"> <P STYLE="margin-left:1.00em; text-indent:-1.00em"><FONT STYLE="font-family:Times New Roman" SIZE="2">Cedar-Fieldstone Marketplace, LP</FONT></P></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="2">Delaware</FONT></TD></TR>
<TR>
<TD VALIGN="top"> <P STYLE="margin-left:1.00em; text-indent:-1.00em"><FONT STYLE="font-family:Times New Roman" SIZE="2">Cedar-FL, LLC</FONT></P></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="2">Delaware</FONT></TD></TR>
<TR BGCOLOR="#cceeff">
<TD VALIGN="top"> <P STYLE="margin-left:1.00em; text-indent:-1.00em"><FONT STYLE="font-family:Times New Roman" SIZE="2">Cedar-Fort Washington LLC</FONT></P></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="2">Delaware</FONT></TD></TR>
<TR>
<TD VALIGN="top"> <P STYLE="margin-left:1.00em; text-indent:-1.00em"><FONT STYLE="font-family:Times New Roman" SIZE="2">Cedar-Franklin Village 2 LLC</FONT></P></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="2">Delaware</FONT></TD></TR>
<TR BGCOLOR="#cceeff">
<TD VALIGN="top"> <P STYLE="margin-left:1.00em; text-indent:-1.00em"><FONT STYLE="font-family:Times New Roman" SIZE="2">Cedar-Franklin Village LLC</FONT></P></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="2">Delaware</FONT></TD></TR>
<TR>
<TD VALIGN="top"> <P STYLE="margin-left:1.00em; text-indent:-1.00em"><FONT STYLE="font-family:Times New Roman" SIZE="2">Cedar-Fredericksburg UK, LLC</FONT></P></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="2">Delaware</FONT></TD></TR>
<TR BGCOLOR="#cceeff">
<TD VALIGN="top"> <P STYLE="margin-left:1.00em; text-indent:-1.00em"><FONT STYLE="font-family:Times New Roman" SIZE="2">Cedar-Gahanna, LLC</FONT></P></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="2">Delaware</FONT></TD></TR>
<TR>
<TD VALIGN="top"> <P STYLE="margin-left:1.00em; text-indent:-1.00em"><FONT STYLE="font-family:Times New Roman" SIZE="2">Cedar-GD LLC</FONT></P></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="2">Delaware</FONT></TD></TR>
<TR BGCOLOR="#cceeff">
<TD VALIGN="top"> <P STYLE="margin-left:1.00em; text-indent:-1.00em"><FONT STYLE="font-family:Times New Roman" SIZE="2">Cedar-Geneseo LLC</FONT></P></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="2">Delaware</FONT></TD></TR>
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<TD VALIGN="top"> <P STYLE="margin-left:1.00em; text-indent:-1.00em"><FONT STYLE="font-family:Times New Roman" SIZE="2">Cedar-Glen Allen UK, LLC</FONT></P></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="2">Delaware</FONT></TD></TR>
<TR BGCOLOR="#cceeff">
<TD VALIGN="top"> <P STYLE="margin-left:1.00em; text-indent:-1.00em"><FONT STYLE="font-family:Times New Roman" SIZE="2">Cedar Golden Triangle LLC</FONT></P></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="2">Delaware</FONT></TD></TR>
<TR>
<TD VALIGN="top"> <P STYLE="margin-left:1.00em; text-indent:-1.00em"><FONT STYLE="font-family:Times New Roman" SIZE="2">Cedar-Groton, LLC</FONT></P></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="2">Delaware</FONT></TD></TR>
<TR BGCOLOR="#cceeff">
<TD VALIGN="top"> <P STYLE="margin-left:1.00em; text-indent:-1.00em"><FONT STYLE="font-family:Times New Roman" SIZE="2">Cedar-Grove City, LLC</FONT></P></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="2">Delaware</FONT></TD></TR>
<TR>
<TD VALIGN="top"> <P STYLE="margin-left:1.00em; text-indent:-1.00em"><FONT STYLE="font-family:Times New Roman" SIZE="2">Cedar Halifax III, LLC</FONT></P></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="2">Delaware</FONT></TD></TR>
<TR BGCOLOR="#cceeff">
<TD VALIGN="top"> <P STYLE="margin-left:1.00em; text-indent:-1.00em"><FONT STYLE="font-family:Times New Roman" SIZE="2">Cedar Halifax II, LLC</FONT></P></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="2">Delaware</FONT></TD></TR>
<TR>
<TD VALIGN="top"> <P STYLE="margin-left:1.00em; text-indent:-1.00em"><FONT STYLE="font-family:Times New Roman" SIZE="2">Cedar-Halifax Land, LLC</FONT></P></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="2">Delaware</FONT></TD></TR>
<TR BGCOLOR="#cceeff">
<TD VALIGN="top"> <P STYLE="margin-left:1.00em; text-indent:-1.00em"><FONT STYLE="font-family:Times New Roman" SIZE="2">Cedar Hamburg, LLC</FONT></P></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="2">Delaware</FONT></TD></TR>
<TR>
<TD VALIGN="top"> <P STYLE="margin-left:1.00em; text-indent:-1.00em"><FONT STYLE="font-family:Times New Roman" SIZE="2">Cedar-Hamilton, LLC</FONT></P></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="2">Delaware</FONT></TD></TR>
<TR BGCOLOR="#cceeff">
<TD VALIGN="top"> <P STYLE="margin-left:1.00em; text-indent:-1.00em"><FONT STYLE="font-family:Times New Roman" SIZE="2">Cedar-HD, LLC</FONT></P></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="2">Delaware</FONT></TD></TR>
<TR>
<TD VALIGN="top"> <P STYLE="margin-left:1.00em; text-indent:-1.00em"><FONT STYLE="font-family:Times New Roman" SIZE="2">Cedar-Hilliard, LLC</FONT></P></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="2">Delaware</FONT></TD></TR>
<TR BGCOLOR="#cceeff">
<TD VALIGN="top"> <P STYLE="margin-left:1.00em; text-indent:-1.00em"><FONT STYLE="font-family:Times New Roman" SIZE="2">Cedar-Hudson Plaza LLC</FONT></P></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="2">Delaware</FONT></TD></TR>
<TR>
<TD VALIGN="top"> <P STYLE="margin-left:1.00em; text-indent:-1.00em"><FONT STYLE="font-family:Times New Roman" SIZE="2">Cedar Huntingdon, LLC</FONT></P></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="2">Delaware</FONT></TD></TR>
<TR BGCOLOR="#cceeff">
<TD VALIGN="top"> <P STYLE="margin-left:1.00em; text-indent:-1.00em"><FONT STYLE="font-family:Times New Roman" SIZE="2">Cedar-Ironwood Cypress Hall, LLC</FONT></P></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="2">Delaware</FONT></TD></TR>
<TR>
<TD VALIGN="top"> <P STYLE="margin-left:1.00em; text-indent:-1.00em"><FONT STYLE="font-family:Times New Roman" SIZE="2">Cedar-Jordan Lane, LLC</FONT></P></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="2">Delaware</FONT></TD></TR>
<TR BGCOLOR="#cceeff">
<TD VALIGN="top"> <P STYLE="margin-left:1.00em; text-indent:-1.00em"><FONT STYLE="font-family:Times New Roman" SIZE="2">Cedar Kenley Village, LLC</FONT></P></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="2">Delaware</FONT></TD></TR>
<TR>
<TD VALIGN="top"> <P STYLE="margin-left:1.00em; text-indent:-1.00em"><FONT STYLE="font-family:Times New Roman" SIZE="2">Cedar-Kent LLC</FONT></P></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="2">Delaware</FONT></TD></TR>
<TR BGCOLOR="#cceeff">
<TD VALIGN="top"> <P STYLE="margin-left:1.00em; text-indent:-1.00em"><FONT STYLE="font-family:Times New Roman" SIZE="2">Cedar-Kinderhook 1, LLC</FONT></P></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="2">Delaware</FONT></TD></TR>
<TR>
<TD VALIGN="top"> <P STYLE="margin-left:1.00em; text-indent:-1.00em"><FONT STYLE="font-family:Times New Roman" SIZE="2">Cedar-Kings, LLC</FONT></P></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="2">Delaware</FONT></TD></TR>
<TR BGCOLOR="#cceeff">
<TD VALIGN="top"> <P STYLE="margin-left:1.00em; text-indent:-1.00em"><FONT STYLE="font-family:Times New Roman" SIZE="2">Cedar-Kingston 2, LLC</FONT></P></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="2">Delaware</FONT></TD></TR>
<TR>
<TD VALIGN="top"> <P STYLE="margin-left:1.00em; text-indent:-1.00em"><FONT STYLE="font-family:Times New Roman" SIZE="2">Cedar-Kingston 4, LLC</FONT></P></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="2">Delaware</FONT></TD></TR>
<TR BGCOLOR="#cceeff">
<TD VALIGN="top"> <P STYLE="margin-left:1.00em; text-indent:-1.00em"><FONT STYLE="font-family:Times New Roman" SIZE="2">Cedar-Kingston LLC</FONT></P></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="2">Delaware</FONT></TD></TR>
<TR>
<TD VALIGN="top"> <P STYLE="margin-left:1.00em; text-indent:-1.00em"><FONT STYLE="font-family:Times New Roman" SIZE="2">Cedar-Kutztown, LLC</FONT></P></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="2">Delaware</FONT></TD></TR>
<TR BGCOLOR="#cceeff">
<TD VALIGN="top"> <P STYLE="margin-left:1.00em; text-indent:-1.00em"><FONT STYLE="font-family:Times New Roman" SIZE="2">Cedar Lake Raystown, LLC</FONT></P></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="2">Delaware</FONT></TD></TR>
<TR>
<TD VALIGN="top"> <P STYLE="margin-left:1.00em; text-indent:-1.00em"><FONT STYLE="font-family:Times New Roman" SIZE="2">Cedar Lender LLC</FONT></P></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="2">Delaware</FONT></TD></TR>
<TR BGCOLOR="#cceeff">
<TD VALIGN="top"> <P STYLE="margin-left:1.00em; text-indent:-1.00em"><FONT STYLE="font-family:Times New Roman" SIZE="2">Cedar-LGN, LLC</FONT></P></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="2">Delaware</FONT></TD></TR>
<TR>
<TD VALIGN="top"> <P STYLE="margin-left:1.00em; text-indent:-1.00em"><FONT STYLE="font-family:Times New Roman" SIZE="2">Cedar-LGN TIC, LLC</FONT></P></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="2">Delaware</FONT></TD></TR>
<TR BGCOLOR="#cceeff">
<TD VALIGN="top"> <P STYLE="margin-left:1.00em; text-indent:-1.00em"><FONT STYLE="font-family:Times New Roman" SIZE="2">Cedar-Liberty Marketplace LLC</FONT></P></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="2">Delaware</FONT></TD></TR>
<TR>
<TD VALIGN="top"> <P STYLE="margin-left:1.00em; text-indent:-1.00em"><FONT STYLE="font-family:Times New Roman" SIZE="2">Cedar-Limerick, LLC</FONT></P></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="2">Delaware</FONT></TD></TR>
<TR BGCOLOR="#cceeff">
<TD VALIGN="top"> <P STYLE="margin-left:1.00em; text-indent:-1.00em"><FONT STYLE="font-family:Times New Roman" SIZE="2">Cedar-Lodi Plaza LLC</FONT></P></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="2">Delaware</FONT></TD></TR>
<TR>
<TD VALIGN="top"> <P STYLE="margin-left:1.00em; text-indent:-1.00em"><FONT STYLE="font-family:Times New Roman" SIZE="2">Cedar-Long Reach, LLC</FONT></P></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="2">Delaware</FONT></TD></TR>
<TR BGCOLOR="#cceeff">
<TD VALIGN="top"> <P STYLE="margin-left:1.00em; text-indent:-1.00em"><FONT STYLE="font-family:Times New Roman" SIZE="2">Cedar-Mason, LLC</FONT></P></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="2">Delaware</FONT></TD></TR>
<TR>
<TD VALIGN="top"> <P STYLE="margin-left:1.00em; text-indent:-1.00em"><FONT STYLE="font-family:Times New Roman" SIZE="2">Cedar-Massillon LLC</FONT></P></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="2">Delaware</FONT></TD></TR>
<TR BGCOLOR="#cceeff">
<TD VALIGN="top"> <P STYLE="margin-left:1.00em; text-indent:-1.00em"><FONT STYLE="font-family:Times New Roman" SIZE="2">Cedar-McCormick Place LLC</FONT></P></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="2">Delaware</FONT></TD></TR>
<TR>
<TD VALIGN="top"> <P STYLE="margin-left:1.00em; text-indent:-1.00em"><FONT STYLE="font-family:Times New Roman" SIZE="2">Cedar Meadows Marketplace GP, LLC</FONT></P></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="2">Delaware</FONT></TD></TR>
<TR BGCOLOR="#cceeff">
<TD VALIGN="top"> <P STYLE="margin-left:1.00em; text-indent:-1.00em"><FONT STYLE="font-family:Times New Roman" SIZE="2">Cedar Meadows Marketplace LP, LLC</FONT></P></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="2">Delaware</FONT></TD></TR>
<TR>
<TD VALIGN="top"> <P STYLE="margin-left:1.00em; text-indent:-1.00em"><FONT STYLE="font-family:Times New Roman" SIZE="2">Cedar-Meadows Marketplace, LP</FONT></P></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="2">Delaware</FONT></TD></TR>
<TR BGCOLOR="#cceeff">
<TD VALIGN="top"> <P STYLE="margin-left:1.00em; text-indent:-1.00em"><FONT STYLE="font-family:Times New Roman" SIZE="2">Cedar-Mechanicsburg LLC</FONT></P></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="2">Delaware</FONT></TD></TR>
</TABLE>

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<HR  SIZE="3" style="COLOR:#999999" WIDTH="100%" ALIGN="CENTER">


 <P>&nbsp;</P>
<TABLE CELLSPACING="0" CELLPADDING="0" WIDTH="100%" BORDER="0" STYLE="BORDER-COLLAPSE:COLLAPSE" ALIGN="center">


<TR STYLE="visibility:hidden; line-height:0pt; color:white">
<TD WIDTH="98%"></TD>
<TD VALIGN="bottom" WIDTH="1%"></TD>
<TD nowrap><FONT STYLE="Times New Roman" SIZE="1"><B>September 30,</B></FONT></TD></TR>
<TR>
<TD VALIGN="bottom" NOWRAP> <P STYLE="border-bottom:1px solid #000000;width:21pt"><FONT STYLE="font-family:Times New Roman" SIZE="1"><B>Entity</B></FONT></P></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="center" STYLE="border-bottom:1px solid #000000"><FONT STYLE="font-family:Times New Roman" SIZE="1"><B>Jurisdiction</B></FONT></TD></TR>


<TR BGCOLOR="#cceeff">
<TD VALIGN="top"> <P STYLE="margin-left:1.00em; text-indent:-1.00em"><FONT STYLE="font-family:Times New Roman" SIZE="2">Cedar-Medina LLC</FONT></P></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="2">Delaware</FONT></TD></TR>
<TR>
<TD VALIGN="top"> <P STYLE="margin-left:1.00em; text-indent:-1.00em"><FONT STYLE="font-family:Times New Roman" SIZE="2">Cedar-Metro Square I, LLC</FONT></P></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="2">Delaware</FONT></TD></TR>
<TR BGCOLOR="#cceeff">
<TD VALIGN="top"> <P STYLE="margin-left:1.00em; text-indent:-1.00em"><FONT STYLE="font-family:Times New Roman" SIZE="2">Cedar-Metro Square II, LLC</FONT></P></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="2">Delaware</FONT></TD></TR>
<TR>
<TD VALIGN="top"> <P STYLE="margin-left:1.00em; text-indent:-1.00em"><FONT STYLE="font-family:Times New Roman" SIZE="2">Cedar-Metro Square Loan, LLC</FONT></P></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="2">Delaware</FONT></TD></TR>
<TR BGCOLOR="#cceeff">
<TD VALIGN="top"> <P STYLE="margin-left:1.00em; text-indent:-1.00em"><FONT STYLE="font-family:Times New Roman" SIZE="2">Cedar-Mill River, LLC</FONT></P></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="2">Delaware</FONT></TD></TR>
<TR>
<TD VALIGN="top"> <P STYLE="margin-left:1.00em; text-indent:-1.00em"><FONT STYLE="font-family:Times New Roman" SIZE="2">Cedar-Naugatuck, LLC</FONT></P></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="2">Delaware</FONT></TD></TR>
<TR BGCOLOR="#cceeff">
<TD VALIGN="top"> <P STYLE="margin-left:1.00em; text-indent:-1.00em"><FONT STYLE="font-family:Times New Roman" SIZE="2">Cedar-New London SPE, LLC</FONT></P></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="2">Delaware</FONT></TD></TR>
<TR>
<TD VALIGN="top"> <P STYLE="margin-left:1.00em; text-indent:-1.00em"><FONT STYLE="font-family:Times New Roman" SIZE="2">Cedar-Newport Land, LLC</FONT></P></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="2">Delaware</FONT></TD></TR>
<TR BGCOLOR="#cceeff">
<TD VALIGN="top"> <P STYLE="margin-left:1.00em; text-indent:-1.00em"><FONT STYLE="font-family:Times New Roman" SIZE="2">Cedar-Norwood, LLC</FONT></P></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="2">Delaware</FONT></TD></TR>
<TR>
<TD VALIGN="top"> <P STYLE="margin-left:1.00em; text-indent:-1.00em"><FONT STYLE="font-family:Times New Roman" SIZE="2">Cedar-Oakhurst, LLC</FONT></P></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="2">Delaware</FONT></TD></TR>
<TR BGCOLOR="#cceeff">
<TD VALIGN="top"> <P STYLE="margin-left:1.00em; text-indent:-1.00em"><FONT STYLE="font-family:Times New Roman" SIZE="2">Cedar Oakland Mills, LLC</FONT></P></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="2">Delaware</FONT></TD></TR>
<TR>
<TD VALIGN="top"> <P STYLE="margin-left:1.00em; text-indent:-1.00em"><FONT STYLE="font-family:Times New Roman" SIZE="2">Cedar-Oak Ridge, LLC</FONT></P></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="2">Delaware</FONT></TD></TR>
<TR BGCOLOR="#cceeff">
<TD VALIGN="top"> <P STYLE="margin-left:1.00em; text-indent:-1.00em"><FONT STYLE="font-family:Times New Roman" SIZE="2">Cedar-Ontario Plaza LLC</FONT></P></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="2">Delaware</FONT></TD></TR>
<TR>
<TD VALIGN="top"> <P STYLE="margin-left:1.00em; text-indent:-1.00em"><FONT STYLE="font-family:Times New Roman" SIZE="2">Cedar-Oregon Pike, LLC</FONT></P></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="2">Delaware</FONT></TD></TR>
<TR BGCOLOR="#cceeff">
<TD VALIGN="top"> <P STYLE="margin-left:1.00em; text-indent:-1.00em"><FONT STYLE="font-family:Times New Roman" SIZE="2">Cedar-Oswego LLC</FONT></P></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="2">Delaware</FONT></TD></TR>
<TR>
<TD VALIGN="top"> <P STYLE="margin-left:1.00em; text-indent:-1.00em"><FONT STYLE="font-family:Times New Roman" SIZE="2">Cedar-Palmyra, LLC</FONT></P></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="2">Delaware</FONT></TD></TR>
<TR BGCOLOR="#cceeff">
<TD VALIGN="top"> <P STYLE="margin-left:1.00em; text-indent:-1.00em"><FONT STYLE="font-family:Times New Roman" SIZE="2">Cedar Parkway Plaza GP, LLC</FONT></P></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="2">Delaware</FONT></TD></TR>
<TR>
<TD VALIGN="top"> <P STYLE="margin-left:1.00em; text-indent:-1.00em"><FONT STYLE="font-family:Times New Roman" SIZE="2">Cedar-Parkway Plaza, LP</FONT></P></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="2">Delaware</FONT></TD></TR>
<TR BGCOLOR="#cceeff">
<TD VALIGN="top"> <P STYLE="margin-left:1.00em; text-indent:-1.00em"><FONT STYLE="font-family:Times New Roman" SIZE="2">Cedar Parkway Plaza LP, LLC</FONT></P></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="2">Delaware</FONT></TD></TR>
<TR>
<TD VALIGN="top"> <P STYLE="margin-left:1.00em; text-indent:-1.00em"><FONT STYLE="font-family:Times New Roman" SIZE="2">Cedar-PC Annex, LLC</FONT></P></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="2">Delaware</FONT></TD></TR>
<TR BGCOLOR="#cceeff">
<TD VALIGN="top"> <P STYLE="margin-left:1.00em; text-indent:-1.00em"><FONT STYLE="font-family:Times New Roman" SIZE="2">Cedar-PC Plaza, LLC</FONT></P></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="2">Delaware</FONT></TD></TR>
<TR>
<TD VALIGN="top"> <P STYLE="margin-left:1.00em; text-indent:-1.00em"><FONT STYLE="font-family:Times New Roman" SIZE="2">Cedar PCP-New London, LLC</FONT></P></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="2">Delaware</FONT></TD></TR>
<TR BGCOLOR="#cceeff">
<TD VALIGN="top"> <P STYLE="margin-left:1.00em; text-indent:-1.00em"><FONT STYLE="font-family:Times New Roman" SIZE="2">Cedar PCP-San Souci, LLC</FONT></P></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="2">Delaware</FONT></TD></TR>
<TR>
<TD VALIGN="top"> <P STYLE="margin-left:1.00em; text-indent:-1.00em"><FONT STYLE="font-family:Times New Roman" SIZE="2">Cedar Pennsboro Commons GP, LLC</FONT></P></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="2">Delaware</FONT></TD></TR>
<TR BGCOLOR="#cceeff">
<TD VALIGN="top"> <P STYLE="margin-left:1.00em; text-indent:-1.00em"><FONT STYLE="font-family:Times New Roman" SIZE="2">Cedar Pennsboro Commons LP, LLC</FONT></P></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="2">Delaware</FONT></TD></TR>
<TR>
<TD VALIGN="top"> <P STYLE="margin-left:1.00em; text-indent:-1.00em"><FONT STYLE="font-family:Times New Roman" SIZE="2">Cedar-Pennsboro Commons, LP</FONT></P></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="2">Delaware</FONT></TD></TR>
<TR BGCOLOR="#cceeff">
<TD VALIGN="top"> <P STYLE="margin-left:1.00em; text-indent:-1.00em"><FONT STYLE="font-family:Times New Roman" SIZE="2">Cedar Penn Square Tavern, LLC</FONT></P></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="2">Delaware</FONT></TD></TR>
<TR>
<TD VALIGN="top"> <P STYLE="margin-left:1.00em; text-indent:-1.00em"><FONT STYLE="font-family:Times New Roman" SIZE="2">Cedar-Pickerington LLC</FONT></P></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="2">Delaware</FONT></TD></TR>
<TR BGCOLOR="#cceeff">
<TD VALIGN="top"> <P STYLE="margin-left:1.00em; text-indent:-1.00em"><FONT STYLE="font-family:Times New Roman" SIZE="2">Cedar-Point Limited Partner LLC</FONT></P></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="2">Delaware</FONT></TD></TR>
<TR>
<TD VALIGN="top"> <P STYLE="margin-left:1.00em; text-indent:-1.00em"><FONT STYLE="font-family:Times New Roman" SIZE="2">Cedar-Polaris Plaza LLC</FONT></P></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="2">Delaware</FONT></TD></TR>
<TR BGCOLOR="#cceeff">
<TD VALIGN="top"> <P STYLE="margin-left:1.00em; text-indent:-1.00em"><FONT STYLE="font-family:Times New Roman" SIZE="2">Cedar-Portage Trail LLC</FONT></P></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="2">Delaware</FONT></TD></TR>
<TR>
<TD VALIGN="top"> <P STYLE="margin-left:1.00em; text-indent:-1.00em"><FONT STYLE="font-family:Times New Roman" SIZE="2">Cedar-Pottsgrove, LLC</FONT></P></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="2">Delaware</FONT></TD></TR>
<TR BGCOLOR="#cceeff">
<TD VALIGN="top"> <P STYLE="margin-left:1.00em; text-indent:-1.00em"><FONT STYLE="font-family:Times New Roman" SIZE="2">Cedar-Powell Plaza LLC</FONT></P></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="2">Delaware</FONT></TD></TR>
<TR>
<TD VALIGN="top"> <P STYLE="margin-left:1.00em; text-indent:-1.00em"><FONT STYLE="font-family:Times New Roman" SIZE="2">Cedar RCP GP LLC</FONT></P></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="2">Delaware</FONT></TD></TR>
<TR BGCOLOR="#cceeff">
<TD VALIGN="top"> <P STYLE="margin-left:1.00em; text-indent:-1.00em"><FONT STYLE="font-family:Times New Roman" SIZE="2">Cedar RCP LP LLC</FONT></P></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="2">Delaware</FONT></TD></TR>
<TR>
<TD VALIGN="top"> <P STYLE="margin-left:1.00em; text-indent:-1.00em"><FONT STYLE="font-family:Times New Roman" SIZE="2">Cedar-Revere LLC</FONT></P></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="2">Delaware</FONT></TD></TR>
<TR BGCOLOR="#cceeff">
<TD VALIGN="top"> <P STYLE="margin-left:1.00em; text-indent:-1.00em"><FONT STYLE="font-family:Times New Roman" SIZE="2">Cedar-Reynoldsburg Lender LLC</FONT></P></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="2">Delaware</FONT></TD></TR>
<TR>
<TD VALIGN="top"> <P STYLE="margin-left:1.00em; text-indent:-1.00em"><FONT STYLE="font-family:Times New Roman" SIZE="2">Cedar-Richboro GP, LLC</FONT></P></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="2">Delaware</FONT></TD></TR>
<TR BGCOLOR="#cceeff">
<TD VALIGN="top"> <P STYLE="margin-left:1.00em; text-indent:-1.00em"><FONT STYLE="font-family:Times New Roman" SIZE="2">Cedar-Richboro LP, LLC</FONT></P></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="2">Delaware</FONT></TD></TR>
<TR>
<TD VALIGN="top"> <P STYLE="margin-left:1.00em; text-indent:-1.00em"><FONT STYLE="font-family:Times New Roman" SIZE="2">Cedar-Riverview LLC</FONT></P></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="2">Delaware</FONT></TD></TR>
<TR BGCOLOR="#cceeff">
<TD VALIGN="top"> <P STYLE="margin-left:1.00em; text-indent:-1.00em"><FONT STYLE="font-family:Times New Roman" SIZE="2">Cedar-Riverview LP</FONT></P></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="2">Pennsylvania</FONT></TD></TR>
<TR>
<TD VALIGN="top"> <P STYLE="margin-left:1.00em; text-indent:-1.00em"><FONT STYLE="font-family:Times New Roman" SIZE="2">Cedar-Roosevelt II, LLC</FONT></P></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="2">Delaware</FONT></TD></TR>
<TR BGCOLOR="#cceeff">
<TD VALIGN="top"> <P STYLE="margin-left:1.00em; text-indent:-1.00em"><FONT STYLE="font-family:Times New Roman" SIZE="2">Cedar-Salem Run, LLC</FONT></P></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="2">Delaware</FONT></TD></TR>
<TR>
<TD VALIGN="top"> <P STYLE="margin-left:1.00em; text-indent:-1.00em"><FONT STYLE="font-family:Times New Roman" SIZE="2">Cedar-San Souci SPE, LLC</FONT></P></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="2">Delaware</FONT></TD></TR>
<TR BGCOLOR="#cceeff">
<TD VALIGN="top"> <P STYLE="margin-left:1.00em; text-indent:-1.00em"><FONT STYLE="font-family:Times New Roman" SIZE="2">Cedar Scott Town Center GP, LLC</FONT></P></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="2">Delaware</FONT></TD></TR>
<TR>
<TD VALIGN="top"> <P STYLE="margin-left:1.00em; text-indent:-1.00em"><FONT STYLE="font-family:Times New Roman" SIZE="2">Cedar-Scott Town Center, LP</FONT></P></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="2">Delaware</FONT></TD></TR>
<TR BGCOLOR="#cceeff">
<TD VALIGN="top"> <P STYLE="margin-left:1.00em; text-indent:-1.00em"><FONT STYLE="font-family:Times New Roman" SIZE="2">Cedar Scott Town Center LP, LLC</FONT></P></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="2">Delaware</FONT></TD></TR>
<TR>
<TD VALIGN="top"> <P STYLE="margin-left:1.00em; text-indent:-1.00em"><FONT STYLE="font-family:Times New Roman" SIZE="2">Cedar-Second Member LLC</FONT></P></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="2">Delaware</FONT></TD></TR>
<TR BGCOLOR="#cceeff">
<TD VALIGN="top"> <P STYLE="margin-left:1.00em; text-indent:-1.00em"><FONT STYLE="font-family:Times New Roman" SIZE="2">Cedar-Shelby Plaza LLC</FONT></P></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="2">Delaware</FONT></TD></TR>
<TR>
<TD VALIGN="top"> <P STYLE="margin-left:1.00em; text-indent:-1.00em"><FONT STYLE="font-family:Times New Roman" SIZE="2">Cedar Realty Trust Partnership, L.P.</FONT></P></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="2">Delaware</FONT></TD></TR>
<TR BGCOLOR="#cceeff">
<TD VALIGN="top"> <P STYLE="margin-left:1.00em; text-indent:-1.00em"><FONT STYLE="font-family:Times New Roman" SIZE="2">Cedar-Shore, LLC</FONT></P></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="2">Delaware</FONT></TD></TR>
</TABLE>

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<TD VALIGN="bottom" WIDTH="1%"></TD>
<TD nowrap><FONT STYLE="Times New Roman" SIZE="1"><B>September 30,</B></FONT></TD></TR>
<TR>
<TD VALIGN="bottom" NOWRAP> <P STYLE="border-bottom:1px solid #000000;width:21pt"><FONT STYLE="font-family:Times New Roman" SIZE="1"><B>Entity</B></FONT></P></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="center" STYLE="border-bottom:1px solid #000000"><FONT STYLE="font-family:Times New Roman" SIZE="1"><B>Jurisdiction</B></FONT></TD></TR>


<TR BGCOLOR="#cceeff">
<TD VALIGN="top"> <P STYLE="margin-left:1.00em; text-indent:-1.00em"><FONT STYLE="font-family:Times New Roman" SIZE="2">Cedar-Smithfield II, LLC</FONT></P></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="2">Delaware</FONT></TD></TR>
<TR>
<TD VALIGN="top"> <P STYLE="margin-left:1.00em; text-indent:-1.00em"><FONT STYLE="font-family:Times New Roman" SIZE="2">Cedar Southington Plaza, LLC</FONT></P></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="2">Delaware</FONT></TD></TR>
<TR BGCOLOR="#cceeff">
<TD VALIGN="top"> <P STYLE="margin-left:1.00em; text-indent:-1.00em"><FONT STYLE="font-family:Times New Roman" SIZE="2">Cedar-South Philadelphia II, LLC</FONT></P></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="2">Delaware</FONT></TD></TR>
<TR>
<TD VALIGN="top"> <P STYLE="margin-left:1.00em; text-indent:-1.00em"><FONT STYLE="font-family:Times New Roman" SIZE="2">Cedar-South Philadelphia I, LLC</FONT></P></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="2">Delaware</FONT></TD></TR>
<TR BGCOLOR="#cceeff">
<TD VALIGN="top"> <P STYLE="margin-left:1.00em; text-indent:-1.00em"><FONT STYLE="font-family:Times New Roman" SIZE="2">Cedar Spring Meadow GP, LLC</FONT></P></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="2">Delaware</FONT></TD></TR>
<TR>
<TD VALIGN="top"> <P STYLE="margin-left:1.00em; text-indent:-1.00em"><FONT STYLE="font-family:Times New Roman" SIZE="2">Cedar-Spring Meadow, LP</FONT></P></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="2">Delaware</FONT></TD></TR>
<TR BGCOLOR="#cceeff">
<TD VALIGN="top"> <P STYLE="margin-left:1.00em; text-indent:-1.00em"><FONT STYLE="font-family:Times New Roman" SIZE="2">Cedar Spring Meadow LP, LLC</FONT></P></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="2">Delaware</FONT></TD></TR>
<TR>
<TD VALIGN="top"> <P STYLE="margin-left:1.00em; text-indent:-1.00em"><FONT STYLE="font-family:Times New Roman" SIZE="2">Cedar-Stadium Plaza LLC</FONT></P></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="2">Delaware</FONT></TD></TR>
<TR BGCOLOR="#cceeff">
<TD VALIGN="top"> <P STYLE="margin-left:1.00em; text-indent:-1.00em"><FONT STYLE="font-family:Times New Roman" SIZE="2">Cedar St. James, LLC</FONT></P></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="2">Delaware</FONT></TD></TR>
<TR>
<TD VALIGN="top"> <P STYLE="margin-left:1.00em; text-indent:-1.00em"><FONT STYLE="font-family:Times New Roman" SIZE="2">Cedar-Stonehedge, LP</FONT></P></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="2">Delaware</FONT></TD></TR>
<TR BGCOLOR="#cceeff">
<TD VALIGN="top"> <P STYLE="margin-left:1.00em; text-indent:-1.00em"><FONT STYLE="font-family:Times New Roman" SIZE="2">Cedar Stonehedge Square GP, LLC</FONT></P></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="2">Delaware</FONT></TD></TR>
<TR>
<TD VALIGN="top"> <P STYLE="margin-left:1.00em; text-indent:-1.00em"><FONT STYLE="font-family:Times New Roman" SIZE="2">Cedar Stonehedge Square LP, LLC</FONT></P></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="2">Delaware</FONT></TD></TR>
<TR BGCOLOR="#cceeff">
<TD VALIGN="top"> <P STYLE="margin-left:1.00em; text-indent:-1.00em"><FONT STYLE="font-family:Times New Roman" SIZE="2">Cedar Sunset Crossing LLC</FONT></P></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="2">Delaware</FONT></TD></TR>
<TR>
<TD VALIGN="top"> <P STYLE="margin-left:1.00em; text-indent:-1.00em"><FONT STYLE="font-family:Times New Roman" SIZE="2">Cedar-Timpany, LLC</FONT></P></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="2">Delaware</FONT></TD></TR>
<TR BGCOLOR="#cceeff">
<TD VALIGN="top"> <P STYLE="margin-left:1.00em; text-indent:-1.00em"><FONT STYLE="font-family:Times New Roman" SIZE="2">Cedar Townfair, LLC</FONT></P></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="2">Delaware</FONT></TD></TR>
<TR>
<TD VALIGN="top"> <P STYLE="margin-left:1.00em; text-indent:-1.00em"><FONT STYLE="font-family:Times New Roman" SIZE="2">Cedar Townfair Phase III, LLC</FONT></P></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="2">Delaware</FONT></TD></TR>
<TR BGCOLOR="#cceeff">
<TD VALIGN="top"> <P STYLE="margin-left:1.00em; text-indent:-1.00em"><FONT STYLE="font-family:Times New Roman" SIZE="2">Cedar-Trexler Hamilton, LLC</FONT></P></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="2">Delaware</FONT></TD></TR>
<TR>
<TD VALIGN="top"> <P STYLE="margin-left:1.00em; text-indent:-1.00em"><FONT STYLE="font-family:Times New Roman" SIZE="2">Cedar-Trexler, LLC</FONT></P></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="2">Delaware</FONT></TD></TR>
<TR BGCOLOR="#cceeff">
<TD VALIGN="top"> <P STYLE="margin-left:1.00em; text-indent:-1.00em"><FONT STYLE="font-family:Times New Roman" SIZE="2">Cedar-Trexler Plaza 2, LLC</FONT></P></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="2">Delaware</FONT></TD></TR>
<TR>
<TD VALIGN="top"> <P STYLE="margin-left:1.00em; text-indent:-1.00em"><FONT STYLE="font-family:Times New Roman" SIZE="2">Cedar-Trexler Plaza 3, LLC</FONT></P></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="2">Delaware</FONT></TD></TR>
<TR BGCOLOR="#cceeff">
<TD VALIGN="top"> <P STYLE="margin-left:1.00em; text-indent:-1.00em"><FONT STYLE="font-family:Times New Roman" SIZE="2">Cedar-Trexler SPE, LLC</FONT></P></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="2">Delaware</FONT></TD></TR>
<TR>
<TD VALIGN="top"> <P STYLE="margin-left:1.00em; text-indent:-1.00em"><FONT STYLE="font-family:Times New Roman" SIZE="2">Cedar-Trindle Spring, LLC</FONT></P></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="2">Delaware</FONT></TD></TR>
<TR BGCOLOR="#cceeff">
<TD VALIGN="top"> <P STYLE="margin-left:1.00em; text-indent:-1.00em"><FONT STYLE="font-family:Times New Roman" SIZE="2">Cedar-VA Commons, LLC</FONT></P></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="2">Delaware</FONT></TD></TR>
<TR>
<TD VALIGN="top"> <P STYLE="margin-left:1.00em; text-indent:-1.00em"><FONT STYLE="font-family:Times New Roman" SIZE="2">Cedar-Valley Plaza LLC</FONT></P></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="2">Delaware</FONT></TD></TR>
<TR BGCOLOR="#cceeff">
<TD VALIGN="top"> <P STYLE="margin-left:1.00em; text-indent:-1.00em"><FONT STYLE="font-family:Times New Roman" SIZE="2">Cedar Walden LLC</FONT></P></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="2">Delaware</FONT></TD></TR>
<TR>
<TD VALIGN="top"> <P STYLE="margin-left:1.00em; text-indent:-1.00em"><FONT STYLE="font-family:Times New Roman" SIZE="2">Cedar-WAM EPHRATA, LLC</FONT></P></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="2">Delaware</FONT></TD></TR>
<TR BGCOLOR="#cceeff">
<TD VALIGN="top"> <P STYLE="margin-left:1.00em; text-indent:-1.00em"><FONT STYLE="font-family:Times New Roman" SIZE="2">Cedar-West Bridgewater, LLC</FONT></P></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="2">Delaware</FONT></TD></TR>
<TR>
<TD VALIGN="top"> <P STYLE="margin-left:1.00em; text-indent:-1.00em"><FONT STYLE="font-family:Times New Roman" SIZE="2">Cedar-Westfield LLC</FONT></P></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="2">Delaware</FONT></TD></TR>
<TR BGCOLOR="#cceeff">
<TD VALIGN="top"> <P STYLE="margin-left:1.00em; text-indent:-1.00em"><FONT STYLE="font-family:Times New Roman" SIZE="2">Cedar-Westlake LLC</FONT></P></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="2">Delaware</FONT></TD></TR>
<TR>
<TD VALIGN="top"> <P STYLE="margin-left:1.00em; text-indent:-1.00em"><FONT STYLE="font-family:Times New Roman" SIZE="2">Cedar-Wyoming LLC</FONT></P></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="2">Delaware</FONT></TD></TR>
<TR BGCOLOR="#cceeff">
<TD VALIGN="top"> <P STYLE="margin-left:1.00em; text-indent:-1.00em"><FONT STYLE="font-family:Times New Roman" SIZE="2">Cedar-Yorktowne, LLC</FONT></P></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="2">Delaware</FONT></TD></TR>
<TR>
<TD VALIGN="top"> <P STYLE="margin-left:1.00em; text-indent:-1.00em"><FONT STYLE="font-family:Times New Roman" SIZE="2">Cedar-Zanesville LLC</FONT></P></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="2">Delaware</FONT></TD></TR>
<TR BGCOLOR="#cceeff">
<TD VALIGN="top"> <P STYLE="margin-left:1.00em; text-indent:-1.00em"><FONT STYLE="font-family:Times New Roman" SIZE="2">CIF-Fairport Associates, LLC</FONT></P></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="2">Delaware</FONT></TD></TR>
<TR>
<TD VALIGN="top"> <P STYLE="margin-left:1.00em; text-indent:-1.00em"><FONT STYLE="font-family:Times New Roman" SIZE="2">CIF-Fairview Plaza Associates, LLC</FONT></P></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="2">Delaware</FONT></TD></TR>
<TR BGCOLOR="#cceeff">
<TD VALIGN="top"> <P STYLE="margin-left:1.00em; text-indent:-1.00em"><FONT STYLE="font-family:Times New Roman" SIZE="2">CIF Halifax Plaza Associates, LLC</FONT></P></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="2">Delaware</FONT></TD></TR>
<TR>
<TD VALIGN="top"> <P STYLE="margin-left:1.00em; text-indent:-1.00em"><FONT STYLE="font-family:Times New Roman" SIZE="2">CIF Loyal Plaza Associates Corp.</FONT></P></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="2">Delaware</FONT></TD></TR>
<TR BGCOLOR="#cceeff">
<TD VALIGN="top"> <P STYLE="margin-left:1.00em; text-indent:-1.00em"><FONT STYLE="font-family:Times New Roman" SIZE="2">CIF-Loyal Plaza Associates, L.P.</FONT></P></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="2">Delaware</FONT></TD></TR>
<TR>
<TD VALIGN="top"> <P STYLE="margin-left:1.00em; text-indent:-1.00em"><FONT STYLE="font-family:Times New Roman" SIZE="2">CIF-Newport Plaza Associates, LLC</FONT></P></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="2">Delaware</FONT></TD></TR>
<TR BGCOLOR="#cceeff">
<TD VALIGN="top"> <P STYLE="margin-left:1.00em; text-indent:-1.00em"><FONT STYLE="font-family:Times New Roman" SIZE="2">CIF-Pine Grove Pad Associates LLC</FONT></P></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="2">Delaware</FONT></TD></TR>
<TR>
<TD VALIGN="top"> <P STYLE="margin-left:1.00em; text-indent:-1.00em"><FONT STYLE="font-family:Times New Roman" SIZE="2">CIF-Pine Grove Plaza Associates LLC</FONT></P></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="2">Delaware</FONT></TD></TR>
<TR BGCOLOR="#cceeff">
<TD VALIGN="top"> <P STYLE="margin-left:1.00em; text-indent:-1.00em"><FONT STYLE="font-family:Times New Roman" SIZE="2">Coliseum FF, LLC</FONT></P></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="2">Virginia</FONT></TD></TR>
<TR>
<TD VALIGN="top"> <P STYLE="margin-left:1.00em; text-indent:-1.00em"><FONT STYLE="font-family:Times New Roman" SIZE="2">CSC Aston LLC</FONT></P></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="2">Delaware</FONT></TD></TR>
<TR BGCOLOR="#cceeff">
<TD VALIGN="top"> <P STYLE="margin-left:1.00em; text-indent:-1.00em"><FONT STYLE="font-family:Times New Roman" SIZE="2">CSC Bridgeport GP LLC</FONT></P></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="2">Delaware</FONT></TD></TR>
<TR>
<TD VALIGN="top"> <P STYLE="margin-left:1.00em; text-indent:-1.00em"><FONT STYLE="font-family:Times New Roman" SIZE="2">CSC Bridgeport LP</FONT></P></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="2">Delaware</FONT></TD></TR>
<TR BGCOLOR="#cceeff">
<TD VALIGN="top"> <P STYLE="margin-left:1.00em; text-indent:-1.00em"><FONT STYLE="font-family:Times New Roman" SIZE="2">CSC CIF-Loyal Plaza Associates GP LLC</FONT></P></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="2">Delaware</FONT></TD></TR>
<TR>
<TD VALIGN="top"> <P STYLE="margin-left:1.00em; text-indent:-1.00em"><FONT STYLE="font-family:Times New Roman" SIZE="2">CSC Clock Tower Development Holdings LLC</FONT></P></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="2">Delaware</FONT></TD></TR>
<TR BGCOLOR="#cceeff">
<TD VALIGN="top"> <P STYLE="margin-left:1.00em; text-indent:-1.00em"><FONT STYLE="font-family:Times New Roman" SIZE="2">CSC Clock Tower Development LLC</FONT></P></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="2">Delaware</FONT></TD></TR>
<TR>
<TD VALIGN="top"> <P STYLE="margin-left:1.00em; text-indent:-1.00em"><FONT STYLE="font-family:Times New Roman" SIZE="2">CSC Clock Tower GP LLC</FONT></P></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="2">Delaware</FONT></TD></TR>
<TR BGCOLOR="#cceeff">
<TD VALIGN="top"> <P STYLE="margin-left:1.00em; text-indent:-1.00em"><FONT STYLE="font-family:Times New Roman" SIZE="2">CSC Clock Tower LP</FONT></P></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="2">Delaware</FONT></TD></TR>
<TR>
<TD VALIGN="top"> <P STYLE="margin-left:1.00em; text-indent:-1.00em"><FONT STYLE="font-family:Times New Roman" SIZE="2">CSC Clock Tower Partner LP</FONT></P></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="2">Delaware</FONT></TD></TR>
<TR BGCOLOR="#cceeff">
<TD VALIGN="top"> <P STYLE="margin-left:1.00em; text-indent:-1.00em"><FONT STYLE="font-family:Times New Roman" SIZE="2">CSC Colonial Commons GP LLC</FONT></P></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="2">Delaware</FONT></TD></TR>
</TABLE>

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<TD VALIGN="bottom" WIDTH="1%"></TD>
<TD nowrap><FONT STYLE="Times New Roman" SIZE="1"><B>September 30,</B></FONT></TD></TR>
<TR>
<TD VALIGN="bottom" NOWRAP> <P STYLE="border-bottom:1px solid #000000;width:21pt"><FONT STYLE="font-family:Times New Roman" SIZE="1"><B>Entity</B></FONT></P></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="center" STYLE="border-bottom:1px solid #000000"><FONT STYLE="font-family:Times New Roman" SIZE="1"><B>Jurisdiction</B></FONT></TD></TR>


<TR BGCOLOR="#cceeff">
<TD VALIGN="top"> <P STYLE="margin-left:1.00em; text-indent:-1.00em"><FONT STYLE="font-family:Times New Roman" SIZE="2">CSC Colonial Commons Holdings LLC</FONT></P></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="2">Delaware</FONT></TD></TR>
<TR>
<TD VALIGN="top"> <P STYLE="margin-left:1.00em; text-indent:-1.00em"><FONT STYLE="font-family:Times New Roman" SIZE="2">CSC Colonial Commons LLC</FONT></P></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="2">Delaware</FONT></TD></TR>
<TR BGCOLOR="#cceeff">
<TD VALIGN="top"> <P STYLE="margin-left:1.00em; text-indent:-1.00em"><FONT STYLE="font-family:Times New Roman" SIZE="2">CSC Colonial Commons Partnership, L.P.</FONT></P></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="2">Delaware</FONT></TD></TR>
<TR>
<TD VALIGN="top"> <P STYLE="margin-left:1.00em; text-indent:-1.00em"><FONT STYLE="font-family:Times New Roman" SIZE="2">CSC Colonial Commons Subtenant Holdings LLC</FONT></P></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="2">Delaware</FONT></TD></TR>
<TR BGCOLOR="#cceeff">
<TD VALIGN="top"> <P STYLE="margin-left:1.00em; text-indent:-1.00em"><FONT STYLE="font-family:Times New Roman" SIZE="2">CSC Colonial Commons Subtenant LLC</FONT></P></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="2">Delaware</FONT></TD></TR>
<TR>
<TD VALIGN="top"> <P STYLE="margin-left:1.00em; text-indent:-1.00em"><FONT STYLE="font-family:Times New Roman" SIZE="2">CSC Columbus GP LLC</FONT></P></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="2">Delaware</FONT></TD></TR>
<TR BGCOLOR="#cceeff">
<TD VALIGN="top"> <P STYLE="margin-left:1.00em; text-indent:-1.00em"><FONT STYLE="font-family:Times New Roman" SIZE="2">CSC Columbus Partner LP</FONT></P></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="2">Delaware</FONT></TD></TR>
<TR>
<TD VALIGN="top"> <P STYLE="margin-left:1.00em; text-indent:-1.00em"><FONT STYLE="font-family:Times New Roman" SIZE="2">CSC Columbus Preferred Lender GP LLC</FONT></P></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="2">Delaware</FONT></TD></TR>
<TR BGCOLOR="#cceeff">
<TD VALIGN="top"> <P STYLE="margin-left:1.00em; text-indent:-1.00em"><FONT STYLE="font-family:Times New Roman" SIZE="2">CSC Columbus Preferred Lender LP</FONT></P></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="2">Delaware</FONT></TD></TR>
<TR>
<TD VALIGN="top"> <P STYLE="margin-left:1.00em; text-indent:-1.00em"><FONT STYLE="font-family:Times New Roman" SIZE="2">CSC Cross Keys GP LLC</FONT></P></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="2">Delaware</FONT></TD></TR>
<TR BGCOLOR="#cceeff">
<TD VALIGN="top"> <P STYLE="margin-left:1.00em; text-indent:-1.00em"><FONT STYLE="font-family:Times New Roman" SIZE="2">CSC Cross Keys LP</FONT></P></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="2">Delaware</FONT></TD></TR>
<TR>
<TD VALIGN="top"> <P STYLE="margin-left:1.00em; text-indent:-1.00em"><FONT STYLE="font-family:Times New Roman" SIZE="2">CSC Cross Keys Partner GP LLC</FONT></P></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="2">Delaware</FONT></TD></TR>
<TR BGCOLOR="#cceeff">
<TD VALIGN="top"> <P STYLE="margin-left:1.00em; text-indent:-1.00em"><FONT STYLE="font-family:Times New Roman" SIZE="2">CSC Cross Keys Partner LP</FONT></P></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="2">Delaware</FONT></TD></TR>
<TR>
<TD VALIGN="top"> <P STYLE="margin-left:1.00em; text-indent:-1.00em"><FONT STYLE="font-family:Times New Roman" SIZE="2">CSC Exeter Commons GP LLC</FONT></P></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="2">Delaware</FONT></TD></TR>
<TR BGCOLOR="#cceeff">
<TD VALIGN="top"> <P STYLE="margin-left:1.00em; text-indent:-1.00em"><FONT STYLE="font-family:Times New Roman" SIZE="2">CSC Exeter Commons LP</FONT></P></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="2">Delaware</FONT></TD></TR>
<TR>
<TD VALIGN="top"> <P STYLE="margin-left:1.00em; text-indent:-1.00em"><FONT STYLE="font-family:Times New Roman" SIZE="2">CSC Exeter Commons Partner LP</FONT></P></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="2">Delaware</FONT></TD></TR>
<TR BGCOLOR="#cceeff">
<TD VALIGN="top"> <P STYLE="margin-left:1.00em; text-indent:-1.00em"><FONT STYLE="font-family:Times New Roman" SIZE="2">CSC Franklin Village GP LLC</FONT></P></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="2">Delaware</FONT></TD></TR>
<TR>
<TD VALIGN="top"> <P STYLE="margin-left:1.00em; text-indent:-1.00em"><FONT STYLE="font-family:Times New Roman" SIZE="2">CSC Franklin Village LP</FONT></P></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="2">Delaware</FONT></TD></TR>
<TR BGCOLOR="#cceeff">
<TD VALIGN="top"> <P STYLE="margin-left:1.00em; text-indent:-1.00em"><FONT STYLE="font-family:Times New Roman" SIZE="2">CSC Gettysburg GP LLC</FONT></P></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="2">Delaware</FONT></TD></TR>
<TR>
<TD VALIGN="top"> <P STYLE="margin-left:1.00em; text-indent:-1.00em"><FONT STYLE="font-family:Times New Roman" SIZE="2">CSC Gettysburg Partner GP LLC</FONT></P></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="2">Delaware</FONT></TD></TR>
<TR BGCOLOR="#cceeff">
<TD VALIGN="top"> <P STYLE="margin-left:1.00em; text-indent:-1.00em"><FONT STYLE="font-family:Times New Roman" SIZE="2">CSC Gettysburg Partner LP</FONT></P></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="2">Delaware</FONT></TD></TR>
<TR>
<TD VALIGN="top"> <P STYLE="margin-left:1.00em; text-indent:-1.00em"><FONT STYLE="font-family:Times New Roman" SIZE="2">CSC Gettysburg, LP</FONT></P></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="2">Delaware</FONT></TD></TR>
<TR BGCOLOR="#cceeff">
<TD VALIGN="top"> <P STYLE="margin-left:1.00em; text-indent:-1.00em"><FONT STYLE="font-family:Times New Roman" SIZE="2">CSC Loyal Plaza Associates GP LLC</FONT></P></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="2">Delaware</FONT></TD></TR>
<TR>
<TD VALIGN="top"> <P STYLE="margin-left:1.00em; text-indent:-1.00em"><FONT STYLE="font-family:Times New Roman" SIZE="2">CSC Loyal Plaza Associates Partner LP</FONT></P></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="2">Delaware</FONT></TD></TR>
<TR BGCOLOR="#cceeff">
<TD VALIGN="top"> <P STYLE="margin-left:1.00em; text-indent:-1.00em"><FONT STYLE="font-family:Times New Roman" SIZE="2">CSC Marlboro GP LLC</FONT></P></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="2">Delaware</FONT></TD></TR>
<TR>
<TD VALIGN="top"> <P STYLE="margin-left:1.00em; text-indent:-1.00em"><FONT STYLE="font-family:Times New Roman" SIZE="2">CSC Marlboro Partner GP LLC</FONT></P></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="2">Delaware</FONT></TD></TR>
<TR BGCOLOR="#cceeff">
<TD VALIGN="top"> <P STYLE="margin-left:1.00em; text-indent:-1.00em"><FONT STYLE="font-family:Times New Roman" SIZE="2">CSC Marlboro Partner LP</FONT></P></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="2">Delaware</FONT></TD></TR>
<TR>
<TD VALIGN="top"> <P STYLE="margin-left:1.00em; text-indent:-1.00em"><FONT STYLE="font-family:Times New Roman" SIZE="2">CSC Marlboro, LP</FONT></P></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="2">Delaware</FONT></TD></TR>
<TR BGCOLOR="#cceeff">
<TD VALIGN="top"> <P STYLE="margin-left:1.00em; text-indent:-1.00em"><FONT STYLE="font-family:Times New Roman" SIZE="2">CSC Montville Commons GP LLC</FONT></P></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="2">Delaware</FONT></TD></TR>
<TR>
<TD VALIGN="top"> <P STYLE="margin-left:1.00em; text-indent:-1.00em"><FONT STYLE="font-family:Times New Roman" SIZE="2">CSC Montville Commons LP</FONT></P></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="2">Delaware</FONT></TD></TR>
<TR BGCOLOR="#cceeff">
<TD VALIGN="top"> <P STYLE="margin-left:1.00em; text-indent:-1.00em"><FONT STYLE="font-family:Times New Roman" SIZE="2">CSC Montville Commons Partner LP</FONT></P></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="2">Delaware</FONT></TD></TR>
<TR>
<TD VALIGN="top"> <P STYLE="margin-left:1.00em; text-indent:-1.00em"><FONT STYLE="font-family:Times New Roman" SIZE="2">CSCMontville Commons Partner GP LLC</FONT></P></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="2">Delaware</FONT></TD></TR>
<TR BGCOLOR="#cceeff">
<TD VALIGN="top"> <P STYLE="margin-left:1.00em; text-indent:-1.00em"><FONT STYLE="font-family:Times New Roman" SIZE="2">CSC Mount Pocono Crossing, LLC</FONT></P></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="2">Delaware</FONT></TD></TR>
<TR>
<TD VALIGN="top"> <P STYLE="margin-left:1.00em; text-indent:-1.00em"><FONT STYLE="font-family:Times New Roman" SIZE="2">CSC Northland GP LLC</FONT></P></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="2">Delaware</FONT></TD></TR>
<TR BGCOLOR="#cceeff">
<TD VALIGN="top"> <P STYLE="margin-left:1.00em; text-indent:-1.00em"><FONT STYLE="font-family:Times New Roman" SIZE="2">CSC Northland Partner GP LLC</FONT></P></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="2">Delaware</FONT></TD></TR>
<TR>
<TD VALIGN="top"> <P STYLE="margin-left:1.00em; text-indent:-1.00em"><FONT STYLE="font-family:Times New Roman" SIZE="2">CSC Northland Partner LP</FONT></P></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="2">Delaware</FONT></TD></TR>
<TR BGCOLOR="#cceeff">
<TD VALIGN="top"> <P STYLE="margin-left:1.00em; text-indent:-1.00em"><FONT STYLE="font-family:Times New Roman" SIZE="2">CSC Northland, LP</FONT></P></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="2">Delaware</FONT></TD></TR>
<TR>
<TD VALIGN="top"> <P STYLE="margin-left:1.00em; text-indent:-1.00em"><FONT STYLE="font-family:Times New Roman" SIZE="2">CSC Northwoods Crossing C2A GP LLC</FONT></P></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="2">Delaware</FONT></TD></TR>
<TR BGCOLOR="#cceeff">
<TD VALIGN="top"> <P STYLE="margin-left:1.00em; text-indent:-1.00em"><FONT STYLE="font-family:Times New Roman" SIZE="2">CSC Northwoods Crossing C2A Limited Partnership</FONT></P></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="2">Delaware</FONT></TD></TR>
<TR>
<TD VALIGN="top"> <P STYLE="margin-left:1.00em; text-indent:-1.00em"><FONT STYLE="font-family:Times New Roman" SIZE="2">CSC Northwoods Crossing C2B GP LLC</FONT></P></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="2">Delaware</FONT></TD></TR>
<TR BGCOLOR="#cceeff">
<TD VALIGN="top"> <P STYLE="margin-left:1.00em; text-indent:-1.00em"><FONT STYLE="font-family:Times New Roman" SIZE="2">CSC Northwoods Crossing C2B Limited Partnership</FONT></P></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="2">Delaware</FONT></TD></TR>
<TR>
<TD VALIGN="top"> <P STYLE="margin-left:1.00em; text-indent:-1.00em"><FONT STYLE="font-family:Times New Roman" SIZE="2">CSC Raynham GP LLC</FONT></P></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="2">Delaware</FONT></TD></TR>
<TR BGCOLOR="#cceeff">
<TD VALIGN="top"> <P STYLE="margin-left:1.00em; text-indent:-1.00em"><FONT STYLE="font-family:Times New Roman" SIZE="2">CSC Raynham LP</FONT></P></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="2">Delaware</FONT></TD></TR>
<TR>
<TD VALIGN="top"> <P STYLE="margin-left:1.00em; text-indent:-1.00em"><FONT STYLE="font-family:Times New Roman" SIZE="2">CSC-Riverview LLC</FONT></P></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="2">Delaware</FONT></TD></TR>
<TR BGCOLOR="#cceeff">
<TD VALIGN="top"> <P STYLE="margin-left:1.00em; text-indent:-1.00em"><FONT STYLE="font-family:Times New Roman" SIZE="2">CSC Sunset Crossing GP LLC</FONT></P></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="2">Delaware</FONT></TD></TR>
<TR>
<TD VALIGN="top"> <P STYLE="margin-left:1.00em; text-indent:-1.00em"><FONT STYLE="font-family:Times New Roman" SIZE="2">CSC Sunset Crossing LP</FONT></P></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="2">Delaware</FONT></TD></TR>
<TR BGCOLOR="#cceeff">
<TD VALIGN="top"> <P STYLE="margin-left:1.00em; text-indent:-1.00em"><FONT STYLE="font-family:Times New Roman" SIZE="2">CSC Sunset Crossing Partner LP</FONT></P></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="2">Delaware</FONT></TD></TR>
<TR>
<TD VALIGN="top"> <P STYLE="margin-left:1.00em; text-indent:-1.00em"><FONT STYLE="font-family:Times New Roman" SIZE="2">CSC Towne Crossing GP LLC</FONT></P></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="2">Delaware</FONT></TD></TR>
<TR BGCOLOR="#cceeff">
<TD VALIGN="top"> <P STYLE="margin-left:1.00em; text-indent:-1.00em"><FONT STYLE="font-family:Times New Roman" SIZE="2">CSC Towne Crossing Partner GP LLC</FONT></P></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="2">Delaware</FONT></TD></TR>
<TR>
<TD VALIGN="top"> <P STYLE="margin-left:1.00em; text-indent:-1.00em"><FONT STYLE="font-family:Times New Roman" SIZE="2">CSC Towne Crossing Partner LP</FONT></P></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="2">Delaware</FONT></TD></TR>
<TR BGCOLOR="#cceeff">
<TD VALIGN="top"> <P STYLE="margin-left:1.00em; text-indent:-1.00em"><FONT STYLE="font-family:Times New Roman" SIZE="2">CSC Towne Crossing, LP</FONT></P></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="2">Delaware</FONT></TD></TR>
</TABLE>

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<TD VALIGN="bottom" WIDTH="1%"></TD>
<TD nowrap><FONT STYLE="Times New Roman" SIZE="1"><B>September 30,</B></FONT></TD></TR>
<TR>
<TD VALIGN="bottom" NOWRAP> <P STYLE="border-bottom:1px solid #000000;width:21pt"><FONT STYLE="font-family:Times New Roman" SIZE="1"><B>Entity</B></FONT></P></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="center" STYLE="border-bottom:1px solid #000000"><FONT STYLE="font-family:Times New Roman" SIZE="1"><B>Jurisdiction</B></FONT></TD></TR>


<TR BGCOLOR="#cceeff">
<TD VALIGN="top"> <P STYLE="margin-left:1.00em; text-indent:-1.00em"><FONT STYLE="font-family:Times New Roman" SIZE="2">CSC Towne Square GP LLP</FONT></P></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="2">Delaware</FONT></TD></TR>
<TR>
<TD VALIGN="top"> <P STYLE="margin-left:1.00em; text-indent:-1.00em"><FONT STYLE="font-family:Times New Roman" SIZE="2">CSC Towne Square LP</FONT></P></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="2">Delaware</FONT></TD></TR>
<TR BGCOLOR="#cceeff">
<TD VALIGN="top"> <P STYLE="margin-left:1.00em; text-indent:-1.00em"><FONT STYLE="font-family:Times New Roman" SIZE="2">CSC Towne Square Partner LP</FONT></P></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="2">Delaware</FONT></TD></TR>
<TR>
<TD VALIGN="top"> <P STYLE="margin-left:1.00em; text-indent:-1.00em"><FONT STYLE="font-family:Times New Roman" SIZE="2">CSC York GP LLC</FONT></P></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="2">Delaware</FONT></TD></TR>
<TR BGCOLOR="#cceeff">
<TD VALIGN="top"> <P STYLE="margin-left:1.00em; text-indent:-1.00em"><FONT STYLE="font-family:Times New Roman" SIZE="2">CSC York Partner GP LLC</FONT></P></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="2">Delaware</FONT></TD></TR>
<TR>
<TD VALIGN="top"> <P STYLE="margin-left:1.00em; text-indent:-1.00em"><FONT STYLE="font-family:Times New Roman" SIZE="2">CSC York Partner LP</FONT></P></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="2">Delaware</FONT></TD></TR>
<TR BGCOLOR="#cceeff">
<TD VALIGN="top"> <P STYLE="margin-left:1.00em; text-indent:-1.00em"><FONT STYLE="font-family:Times New Roman" SIZE="2">CSC York, LP</FONT></P></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="2">Delaware</FONT></TD></TR>
<TR>
<TD VALIGN="top"> <P STYLE="margin-left:1.00em; text-indent:-1.00em"><FONT STYLE="font-family:Times New Roman" SIZE="2">Delaware 1851 Associates, LP</FONT></P></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="2">Pennsylvania</FONT></TD></TR>
<TR BGCOLOR="#cceeff">
<TD VALIGN="top"> <P STYLE="margin-left:1.00em; text-indent:-1.00em"><FONT STYLE="font-family:Times New Roman" SIZE="2">East Little Creek KFC, LLC</FONT></P></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="2">Virginia</FONT></TD></TR>
<TR>
<TD VALIGN="top"> <P STYLE="margin-left:1.00em; text-indent:-1.00em"><FONT STYLE="font-family:Times New Roman" SIZE="2">Fairport Associates, L.P.</FONT></P></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="2">Delaware</FONT></TD></TR>
<TR BGCOLOR="#cceeff">
<TD VALIGN="top"> <P STYLE="margin-left:1.00em; text-indent:-1.00em"><FONT STYLE="font-family:Times New Roman" SIZE="2">Fairview Plaza Associates, L.P.</FONT></P></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="2">Delaware</FONT></TD></TR>
<TR>
<TD VALIGN="top"> <P STYLE="margin-left:1.00em; text-indent:-1.00em"><FONT STYLE="font-family:Times New Roman" SIZE="2">Fort Washington Fitness, L.P.</FONT></P></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="2">Delaware</FONT></TD></TR>
<TR BGCOLOR="#cceeff">
<TD VALIGN="top"> <P STYLE="margin-left:1.00em; text-indent:-1.00em"><FONT STYLE="font-family:Times New Roman" SIZE="2">Gold Star Plaza Associates</FONT></P></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="2">Pennsylvania</FONT></TD></TR>
<TR>
<TD VALIGN="top"> <P STYLE="margin-left:1.00em; text-indent:-1.00em"><FONT STYLE="font-family:Times New Roman" SIZE="2">Gold Star Realty, Inc.</FONT></P></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="2">Pennsylvania</FONT></TD></TR>
<TR BGCOLOR="#cceeff">
<TD VALIGN="top"> <P STYLE="margin-left:1.00em; text-indent:-1.00em"><FONT STYLE="font-family:Times New Roman" SIZE="2">Greentree Road L.L.C. 1</FONT></P></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="2">Delaware</FONT></TD></TR>
<TR>
<TD VALIGN="top"> <P STYLE="margin-left:1.00em; text-indent:-1.00em"><FONT STYLE="font-family:Times New Roman" SIZE="2">Greentree Road L.L.C. 2</FONT></P></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="2">Delaware</FONT></TD></TR>
<TR BGCOLOR="#cceeff">
<TD VALIGN="top"> <P STYLE="margin-left:1.00em; text-indent:-1.00em"><FONT STYLE="font-family:Times New Roman" SIZE="2">Halifax Plaza Associates, L.P.</FONT></P></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="2">Delaware</FONT></TD></TR>
<TR>
<TD VALIGN="top"> <P STYLE="margin-left:1.00em; text-indent:-1.00em"><FONT STYLE="font-family:Times New Roman" SIZE="2">Hamilton FC Associates, L.P.</FONT></P></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="2">PA</FONT></TD></TR>
<TR BGCOLOR="#cceeff">
<TD VALIGN="top"> <P STYLE="margin-left:1.00em; text-indent:-1.00em"><FONT STYLE="font-family:Times New Roman" SIZE="2">LGN Associates of New Jersey, L.P.</FONT></P></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="2">New Jersey</FONT></TD></TR>
<TR>
<TD VALIGN="top"> <P STYLE="margin-left:1.00em; text-indent:-1.00em"><FONT STYLE="font-family:Times New Roman" SIZE="2">LGN-Rickson Corp.</FONT></P></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="2">New Jersey</FONT></TD></TR>
<TR BGCOLOR="#cceeff">
<TD VALIGN="top"> <P STYLE="margin-left:1.00em; text-indent:-1.00em"><FONT STYLE="font-family:Times New Roman" SIZE="2">Loyal Plaza Associates, L.P.</FONT></P></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="2">Delaware</FONT></TD></TR>
<TR>
<TD VALIGN="top"> <P STYLE="margin-left:1.00em; text-indent:-1.00em"><FONT STYLE="font-family:Times New Roman" SIZE="2">Newport Plaza Associates, L.P.</FONT></P></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="2">Delaware</FONT></TD></TR>
<TR BGCOLOR="#cceeff">
<TD VALIGN="top"> <P STYLE="margin-left:1.00em; text-indent:-1.00em"><FONT STYLE="font-family:Times New Roman" SIZE="2">Oakland Mills Business Trust</FONT></P></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="2">Maryland</FONT></TD></TR>
<TR>
<TD VALIGN="top"> <P STYLE="margin-left:1.00em; text-indent:-1.00em"><FONT STYLE="font-family:Times New Roman" SIZE="2">Pine Grove Pad Associates, LLC</FONT></P></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="2">Delaware</FONT></TD></TR>
<TR BGCOLOR="#cceeff">
<TD VALIGN="top"> <P STYLE="margin-left:1.00em; text-indent:-1.00em"><FONT STYLE="font-family:Times New Roman" SIZE="2">Pine Grove Plaza Associates, LLC</FONT></P></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="2">Delaware</FONT></TD></TR>
<TR>
<TD VALIGN="top"> <P STYLE="margin-left:1.00em; text-indent:-1.00em"><FONT STYLE="font-family:Times New Roman" SIZE="2">Port Richmond L.L.C. 1</FONT></P></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="2">Delaware</FONT></TD></TR>
<TR BGCOLOR="#cceeff">
<TD VALIGN="top"> <P STYLE="margin-left:1.00em; text-indent:-1.00em"><FONT STYLE="font-family:Times New Roman" SIZE="2">Port Richmond L.L.C. 2</FONT></P></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="2">Delaware</FONT></TD></TR>
<TR>
<TD VALIGN="top"> <P STYLE="margin-left:1.00em; text-indent:-1.00em"><FONT STYLE="font-family:Times New Roman" SIZE="2">PR Lacey GP LLC</FONT></P></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="2">Delaware</FONT></TD></TR>
<TR BGCOLOR="#cceeff">
<TD VALIGN="top"> <P STYLE="margin-left:1.00em; text-indent:-1.00em"><FONT STYLE="font-family:Times New Roman" SIZE="2">PR Lacey Owner LP</FONT></P></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="2">Delaware</FONT></TD></TR>
<TR>
<TD VALIGN="top"> <P STYLE="margin-left:1.00em; text-indent:-1.00em"><FONT STYLE="font-family:Times New Roman" SIZE="2">PR Lacey Partner GP LLC</FONT></P></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="2">Delaware</FONT></TD></TR>
<TR BGCOLOR="#cceeff">
<TD VALIGN="top"> <P STYLE="margin-left:1.00em; text-indent:-1.00em"><FONT STYLE="font-family:Times New Roman" SIZE="2">PR Lacey Partner LP</FONT></P></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="2">Delaware</FONT></TD></TR>
<TR>
<TD VALIGN="top"> <P STYLE="margin-left:1.00em; text-indent:-1.00em"><FONT STYLE="font-family:Times New Roman" SIZE="2">PR Lancaster GP LLC</FONT></P></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="2">Delaware</FONT></TD></TR>
<TR BGCOLOR="#cceeff">
<TD VALIGN="top"> <P STYLE="margin-left:1.00em; text-indent:-1.00em"><FONT STYLE="font-family:Times New Roman" SIZE="2">PR Lancaster Holdings GP LLC</FONT></P></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="2">Delaware</FONT></TD></TR>
<TR>
<TD VALIGN="top"> <P STYLE="margin-left:1.00em; text-indent:-1.00em"><FONT STYLE="font-family:Times New Roman" SIZE="2">PR Lancaster Limited Partnership</FONT></P></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="2">Pennsylvania</FONT></TD></TR>
<TR BGCOLOR="#cceeff">
<TD VALIGN="top"> <P STYLE="margin-left:1.00em; text-indent:-1.00em"><FONT STYLE="font-family:Times New Roman" SIZE="2">PR Monroe GP LLC</FONT></P></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="2">Delaware</FONT></TD></TR>
<TR>
<TD VALIGN="top"> <P STYLE="margin-left:1.00em; text-indent:-1.00em"><FONT STYLE="font-family:Times New Roman" SIZE="2">PR Monroe Limited Partnership</FONT></P></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="2">Pennsylvania</FONT></TD></TR>
<TR BGCOLOR="#cceeff">
<TD VALIGN="top"> <P STYLE="margin-left:1.00em; text-indent:-1.00em"><FONT STYLE="font-family:Times New Roman" SIZE="2">PR New River GP LLC</FONT></P></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="2">Delaware</FONT></TD></TR>
<TR>
<TD VALIGN="top"> <P STYLE="margin-left:1.00em; text-indent:-1.00em"><FONT STYLE="font-family:Times New Roman" SIZE="2">PR New River Owner LP</FONT></P></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="2">Delaware</FONT></TD></TR>
<TR BGCOLOR="#cceeff">
<TD VALIGN="top"> <P STYLE="margin-left:1.00em; text-indent:-1.00em"><FONT STYLE="font-family:Times New Roman" SIZE="2">PR New River Partner GP LLC</FONT></P></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="2">Delaware</FONT></TD></TR>
<TR>
<TD VALIGN="top"> <P STYLE="margin-left:1.00em; text-indent:-1.00em"><FONT STYLE="font-family:Times New Roman" SIZE="2">PR New River Partner LP</FONT></P></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="2">Delaware</FONT></TD></TR>
<TR BGCOLOR="#cceeff">
<TD VALIGN="top"> <P STYLE="margin-left:1.00em; text-indent:-1.00em"><FONT STYLE="font-family:Times New Roman" SIZE="2">PR Titus GP LLC</FONT></P></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="2">Delaware</FONT></TD></TR>
<TR>
<TD VALIGN="top"> <P STYLE="margin-left:1.00em; text-indent:-1.00em"><FONT STYLE="font-family:Times New Roman" SIZE="2">PR Titus Holdings GP LLC</FONT></P></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="2">Delaware</FONT></TD></TR>
<TR BGCOLOR="#cceeff">
<TD VALIGN="top"> <P STYLE="margin-left:1.00em; text-indent:-1.00em"><FONT STYLE="font-family:Times New Roman" SIZE="2">PR Titus Holdings, L.P.</FONT></P></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="2">Delaware</FONT></TD></TR>
<TR>
<TD VALIGN="top"> <P STYLE="margin-left:1.00em; text-indent:-1.00em"><FONT STYLE="font-family:Times New Roman" SIZE="2">PR Titus Limited Partnership</FONT></P></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="2">Pennsylvania</FONT></TD></TR>
<TR BGCOLOR="#cceeff">
<TD VALIGN="top"> <P STYLE="margin-left:1.00em; text-indent:-1.00em"><FONT STYLE="font-family:Times New Roman" SIZE="2">PR Warrington GP LLC</FONT></P></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="2">Delaware</FONT></TD></TR>
<TR>
<TD VALIGN="top"> <P STYLE="margin-left:1.00em; text-indent:-1.00em"><FONT STYLE="font-family:Times New Roman" SIZE="2">PR Warrington Holdings GP LLC</FONT></P></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="2">Delaware</FONT></TD></TR>
<TR BGCOLOR="#cceeff">
<TD VALIGN="top"> <P STYLE="margin-left:1.00em; text-indent:-1.00em"><FONT STYLE="font-family:Times New Roman" SIZE="2">PR Warrington Holdings, L.P.</FONT></P></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="2">Delaware</FONT></TD></TR>
<TR>
<TD VALIGN="top"> <P STYLE="margin-left:1.00em; text-indent:-1.00em"><FONT STYLE="font-family:Times New Roman" SIZE="2">PR Warrington Limited Partnership</FONT></P></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="2">Pennsylvania</FONT></TD></TR>
<TR BGCOLOR="#cceeff">
<TD VALIGN="top"> <P STYLE="margin-left:1.00em; text-indent:-1.00em"><FONT STYLE="font-family:Times New Roman" SIZE="2">RC Cedar PA Holdings LLC</FONT></P></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="2">Delaware</FONT></TD></TR>
<TR>
<TD VALIGN="top"> <P STYLE="margin-left:1.00em; text-indent:-1.00em"><FONT STYLE="font-family:Times New Roman" SIZE="2">RC Cedar Partnership LP</FONT></P></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="2">Delaware</FONT></TD></TR>
<TR BGCOLOR="#cceeff">
<TD VALIGN="top"> <P STYLE="margin-left:1.00em; text-indent:-1.00em"><FONT STYLE="font-family:Times New Roman" SIZE="2">RC Cedar Partnership Subsidiary GP LLC</FONT></P></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="2">Delaware</FONT></TD></TR>
</TABLE>

<p Style='page-break-before:always'>
<HR  SIZE="3" style="COLOR:#999999" WIDTH="100%" ALIGN="CENTER">


 <P>&nbsp;</P>
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<TR STYLE="visibility:hidden; line-height:0pt; color:white">
<TD WIDTH="98%"></TD>
<TD VALIGN="bottom" WIDTH="1%"></TD>
<TD nowrap><FONT STYLE="Times New Roman" SIZE="1"><B>September 30,</B></FONT></TD></TR>
<TR>
<TD VALIGN="bottom" NOWRAP> <P STYLE="border-bottom:1px solid #000000;width:21pt"><FONT STYLE="font-family:Times New Roman" SIZE="1"><B>Entity</B></FONT></P></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="center" STYLE="border-bottom:1px solid #000000"><FONT STYLE="font-family:Times New Roman" SIZE="1"><B>Jurisdiction</B></FONT></TD></TR>


<TR BGCOLOR="#cceeff">
<TD VALIGN="top"> <P STYLE="margin-left:1.00em; text-indent:-1.00em"><FONT STYLE="font-family:Times New Roman" SIZE="2">RC Cedar REIT LP</FONT></P></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="2">Delaware</FONT></TD></TR>
<TR>
<TD VALIGN="top"> <P STYLE="margin-left:1.00em; text-indent:-1.00em"><FONT STYLE="font-family:Times New Roman" SIZE="2">RC Cedar REIT Property Subsidiary LP</FONT></P></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="2">Delaware</FONT></TD></TR>
<TR BGCOLOR="#cceeff">
<TD VALIGN="top"> <P STYLE="margin-left:1.00em; text-indent:-1.00em"><FONT STYLE="font-family:Times New Roman" SIZE="2">RC Cedar REIT Subsidiary GP LLC</FONT></P></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="2">Delaware</FONT></TD></TR>
<TR>
<TD VALIGN="top"> <P STYLE="margin-left:1.00em; text-indent:-1.00em"><FONT STYLE="font-family:Times New Roman" SIZE="2">Richboro CD Partners, L.P.</FONT></P></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="2">Pennsylvania</FONT></TD></TR>
<TR BGCOLOR="#cceeff">
<TD VALIGN="top"> <P STYLE="margin-left:1.00em; text-indent:-1.00em"><FONT STYLE="font-family:Times New Roman" SIZE="2">Shore Mall Associates, L.P.</FONT></P></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="2">New Jersey</FONT></TD></TR>
<TR>
<TD VALIGN="top"> <P STYLE="margin-left:1.00em; text-indent:-1.00em"><FONT STYLE="font-family:Times New Roman" SIZE="2">Swede Square Associates II, LP</FONT></P></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="2">Delaware</FONT></TD></TR>
<TR BGCOLOR="#cceeff">
<TD VALIGN="top"> <P STYLE="margin-left:1.00em; text-indent:-1.00em"><FONT STYLE="font-family:Times New Roman" SIZE="2">Swede Square Associates LLC</FONT></P></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="2">Delaware</FONT></TD></TR>
<TR>
<TD VALIGN="top"> <P STYLE="margin-left:1.00em; text-indent:-1.00em"><FONT STYLE="font-family:Times New Roman" SIZE="2">Swede Square Holdings LLC</FONT></P></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="2">Delaware</FONT></TD></TR>
<TR BGCOLOR="#cceeff">
<TD VALIGN="top"> <P STYLE="margin-left:1.00em; text-indent:-1.00em"><FONT STYLE="font-family:Times New Roman" SIZE="2">The Point Associates, L.P.</FONT></P></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="2">Pennsylvania</FONT></TD></TR>
<TR>
<TD VALIGN="top"> <P STYLE="margin-left:1.00em; text-indent:-1.00em"><FONT STYLE="font-family:Times New Roman" SIZE="2">The Point Shopping Center LLC</FONT></P></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="2">Delaware</FONT></TD></TR>
<TR BGCOLOR="#cceeff">
<TD VALIGN="top"> <P STYLE="margin-left:1.00em; text-indent:-1.00em"><FONT STYLE="font-family:Times New Roman" SIZE="2">Virginia General Booth LLC</FONT></P></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="2">Virginia</FONT></TD></TR>
<TR>
<TD VALIGN="top"> <P STYLE="margin-left:1.00em; text-indent:-1.00em"><FONT STYLE="font-family:Times New Roman" SIZE="2">Virginia Kempsville LLC</FONT></P></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="2">Virginia</FONT></TD></TR>
<TR BGCOLOR="#cceeff">
<TD VALIGN="top"> <P STYLE="margin-left:1.00em; text-indent:-1.00em"><FONT STYLE="font-family:Times New Roman" SIZE="2">Virginia Little Creek LLC</FONT></P></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="2">Virginia</FONT></TD></TR>
<TR>
<TD VALIGN="top"> <P STYLE="margin-left:1.00em; text-indent:-1.00em"><FONT STYLE="font-family:Times New Roman" SIZE="2">Virginia Smithfield LLC</FONT></P></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="2">Virginia</FONT></TD></TR>
<TR BGCOLOR="#cceeff">
<TD VALIGN="top"> <P STYLE="margin-left:1.00em; text-indent:-1.00em"><FONT STYLE="font-family:Times New Roman" SIZE="2">Virginia Suffolk LLC</FONT></P></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="2">Virginia</FONT></TD></TR>
<TR>
<TD VALIGN="top"> <P STYLE="margin-left:1.00em; text-indent:-1.00em"><FONT STYLE="font-family:Times New Roman" SIZE="2">Washington Center L.L.C. 1</FONT></P></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="2">Delaware</FONT></TD></TR>
<TR BGCOLOR="#cceeff">
<TD VALIGN="top"> <P STYLE="margin-left:1.00em; text-indent:-1.00em"><FONT STYLE="font-family:Times New Roman" SIZE="2">Washington Center L.L.C. 2</FONT></P></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="2">Delaware</FONT></TD></TR>
</TABLE>
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</TEXT>
</DOCUMENT>
<DOCUMENT>
<TYPE>EX-23.1
<SEQUENCE>9
<FILENAME>d305538dex231.htm
<DESCRIPTION>EX-23.1
<TEXT>
<HTML><HEAD>
<TITLE>EX-23.1</TITLE>
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 <P STYLE="margin-top:0px;margin-bottom:0px" ALIGN="right"><FONT STYLE="font-family:Times New Roman" SIZE="2"><B>EXHIBIT 23.1 </B></FONT></P> <P STYLE="margin-top:10px;margin-bottom:0px" ALIGN="center"><FONT
STYLE="font-family:Times New Roman" SIZE="2"><B>Consent of Independent Registered Public Accounting Firm</B> </FONT></P> <P STYLE="margin-top:10px;margin-bottom:0px"><FONT STYLE="font-family:Times New Roman" SIZE="2">We consent to the incorporation
by reference in the following Registration Statements: </FONT></P> <P STYLE="font-size:10px;margin-top:0px;margin-bottom:0px">&nbsp;</P>
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<TD WIDTH="4%"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD WIDTH="4%" VALIGN="top" ALIGN="left"><FONT STYLE="font-family:Times New Roman" SIZE="2">(1)</FONT></TD>
<TD ALIGN="left" VALIGN="top"><FONT STYLE="font-family:Times New Roman" SIZE="2">Registration Statement (Form S-3 No.&nbsp;333-164715) of Cedar Realty Trust, Inc., </FONT></TD></TR></TABLE>
<P STYLE="font-size:10px;margin-top:0px;margin-bottom:0px">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR>
<TD WIDTH="4%"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD WIDTH="4%" VALIGN="top" ALIGN="left"><FONT STYLE="font-family:Times New Roman" SIZE="2">(2)</FONT></TD>
<TD ALIGN="left" VALIGN="top"><FONT STYLE="font-family:Times New Roman" SIZE="2">Registration Statement (Form S-3 No.&nbsp;333-169035) of Cedar Realty Trust, Inc., and </FONT></TD></TR></TABLE>
<P STYLE="font-size:10px;margin-top:0px;margin-bottom:0px">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR>
<TD WIDTH="4%"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD WIDTH="4%" VALIGN="top" ALIGN="left"><FONT STYLE="font-family:Times New Roman" SIZE="2">(3)</FONT></TD>
<TD ALIGN="left" VALIGN="top"><FONT STYLE="font-family:Times New Roman" SIZE="2">Registration Statement (Form S-8 No.&nbsp;333-118361) pertaining to the 1998 Stock Option Plan and the 2004 Stock Incentive Plan of Cedar Realty Trust, Inc.
</FONT></TD></TR></TABLE> <P STYLE="margin-top:10px;margin-bottom:0px"><FONT STYLE="font-family:Times New Roman" SIZE="2">of our reports dated March&nbsp;6, 2012, with respect to the consolidated financial statements and schedule of Cedar Realty
Trust, Inc., and the effectiveness of internal control over financial reporting of Cedar Realty Trust, Inc., included in this Annual Report (Form 10-K) for the year ended December&nbsp;31, 2011. </FONT></P>
<P STYLE="margin-top:10px;margin-bottom:0px"><FONT STYLE="font-family:Times New Roman" SIZE="2">/s/ ERNST &amp; YOUNG LLP </FONT></P> <P STYLE="margin-top:10px;margin-bottom:0px"><FONT STYLE="font-family:Times New Roman" SIZE="2">New York, New York
</FONT></P> <P STYLE="margin-top:0px;margin-bottom:0px"><FONT STYLE="font-family:Times New Roman" SIZE="2">March&nbsp;6, 2012 </FONT></P>
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</DOCUMENT>
<DOCUMENT>
<TYPE>EX-31.1
<SEQUENCE>10
<FILENAME>d305538dex311.htm
<DESCRIPTION>EX-31.1
<TEXT>
<HTML><HEAD>
<TITLE>EX-31.1</TITLE>
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 <P STYLE="margin-top:0px;margin-bottom:0px" ALIGN="right"><FONT STYLE="font-family:Times New Roman" SIZE="2"><B>Exhibit 31.1 </B></FONT></P> <P STYLE="margin-top:10px;margin-bottom:0px" ALIGN="center"><FONT
STYLE="font-family:Times New Roman" SIZE="2"><U>CERTIFICATION </U></FONT></P> <P STYLE="margin-top:10px;margin-bottom:0px"><FONT STYLE="font-family:Times New Roman" SIZE="2">I, Bruce J. Schanzer, certify that: </FONT></P>
<P STYLE="margin-top:10px;margin-bottom:0px" ALIGN="justify"><FONT STYLE="font-family:Times New Roman" SIZE="2">1. I have reviewed this Annual Report on Form 10-K of Cedar Realty Trust, Inc. (the &#147;Company&#148; or &#147;registrant&#148;);
</FONT></P> <P STYLE="margin-top:10px;margin-bottom:0px" ALIGN="justify"><FONT STYLE="font-family:Times New Roman" SIZE="2">2. Based on my knowledge, this report does not contain any untrue statement of a material fact or omit to state a material
fact necessary to make the statements made, in light of the circumstances under which such statements were made, not misleading with respect to the period covered by this report; </FONT></P>
<P STYLE="margin-top:10px;margin-bottom:0px" ALIGN="justify"><FONT STYLE="font-family:Times New Roman" SIZE="2">3. Based on my knowledge, the financial statements, and other financial information included in this report, fairly present in all
material respects the financial condition, results of operations and cash flows of the registrant as of, and for, the periods presented in this report; </FONT></P> <P STYLE="margin-top:10px;margin-bottom:0px" ALIGN="justify"><FONT
STYLE="font-family:Times New Roman" SIZE="2">4. The registrant&#146;s other certifying officer and I are responsible for establishing and maintaining disclosure controls and procedures (as defined in Exchange Act Rules 13a-15(e) and 15d-15(e)) and
internal control over financial reporting (as defined in Exchange Act Rules 13a-15(f) and 15d-15(f)) for the registrant and have: </FONT></P> <P STYLE="margin-top:10px;margin-bottom:0px; text-indent:4%" ALIGN="justify"><FONT
STYLE="font-family:Times New Roman" SIZE="2">(a) Designed such disclosure controls and procedures, or caused such disclosure controls and procedures to be designed under our supervision, to ensure that material information relating to the
registrant, including its consolidated subsidiaries, is made known to us by others within those entities, particularly during the period in which this report is being prepared; </FONT></P>
<P STYLE="margin-top:10px;margin-bottom:0px; text-indent:4%" ALIGN="justify"><FONT STYLE="font-family:Times New Roman" SIZE="2">(b) Designed such internal control over financial reporting, or caused such internal control over financial reporting to
be designed under our supervision, to provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements for external purposes in accordance with generally accepted accounting principles;
</FONT></P> <P STYLE="margin-top:10px;margin-bottom:0px; text-indent:4%" ALIGN="justify"><FONT STYLE="font-family:Times New Roman" SIZE="2">(c) Evaluated the effectiveness of the registrant&#146;s disclosure controls and procedures and presented in
this report our conclusions about the effectiveness of the disclosure controls and procedures, as of the end of the period covered by this report based on such evaluation; and </FONT></P>
<P STYLE="margin-top:10px;margin-bottom:0px; text-indent:4%" ALIGN="justify"><FONT STYLE="font-family:Times New Roman" SIZE="2">(d) Disclosed in this report any change in the registrant&#146;s internal control over financial reporting that occurred
during the registrant&#146;s most recent fiscal quarter (the registrant&#146;s fourth fiscal quarter in the case of an annual report) that has materially affected, or is reasonably likely to materially affect, the registrant&#146;s internal control
over financial reporting; and </FONT></P> <P STYLE="margin-top:10px;margin-bottom:0px" ALIGN="justify"><FONT STYLE="font-family:Times New Roman" SIZE="2">5. The registrant&#146;s other certifying officer and I have disclosed, based on our most
recent evaluation of internal control over financial reporting to the registrant&#146;s auditors and the audit committee of the registrant&#146;s board of directors (or persons performing the equivalent functions): </FONT></P>

<p Style='page-break-before:always'>
<HR  SIZE="3" style="COLOR:#999999" WIDTH="100%" ALIGN="CENTER">


 <P STYLE="margin-top:0px;margin-bottom:0px; text-indent:4%" ALIGN="justify"><FONT STYLE="font-family:Times New Roman" SIZE="2">(a) All significant deficiencies and material weaknesses in the design or
operation of internal controls over financial reporting which are reasonably likely to adversely affect the registrant&#146;s ability to record, process, summarize and report financial information; and </FONT></P>
<P STYLE="margin-top:10px;margin-bottom:0px; text-indent:4%" ALIGN="justify"><FONT STYLE="font-family:Times New Roman" SIZE="2">(b) Any fraud, whether or not material, that involves management or other employees who have a significant role in the
registrant&#146;s internal control over financial reporting. </FONT></P> <P STYLE="margin-top:10px;margin-bottom:0px"><FONT STYLE="font-family:Times New Roman" SIZE="2">Date: March&nbsp;6, 2012 </FONT></P>
<P STYLE="font-size:10px;margin-top:0px;margin-bottom:0px">&nbsp;</P>
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<TD VALIGN="top"> <P STYLE="margin-top:0px;margin-bottom:1px;border-bottom:1px solid #000000"><FONT STYLE="font-family:Times New Roman" SIZE="2">/s/ BRUCE J. SCHANZER</FONT></P></TD></TR>
<TR>
<TD VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="2">Bruce J. Schanzer, Chief Executive Officer</FONT></TD></TR>
</TABLE>
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</DOCUMENT>
<DOCUMENT>
<TYPE>EX-31.2
<SEQUENCE>11
<FILENAME>d305538dex312.htm
<DESCRIPTION>EX-31.2
<TEXT>
<HTML><HEAD>
<TITLE>EX-31.2</TITLE>
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 <P STYLE="margin-top:0px;margin-bottom:0px" ALIGN="right"><FONT STYLE="font-family:Times New Roman" SIZE="2"><B>Exhibit 31.2 </B></FONT></P> <P STYLE="margin-top:10px;margin-bottom:0px" ALIGN="center"><FONT
STYLE="font-family:Times New Roman" SIZE="2"><U>CERTIFICATION </U></FONT></P> <P STYLE="margin-top:10px;margin-bottom:0px"><FONT STYLE="font-family:Times New Roman" SIZE="2">I, Philip R. Mays, certify that: </FONT></P>
<P STYLE="margin-top:10px;margin-bottom:0px" ALIGN="justify"><FONT STYLE="font-family:Times New Roman" SIZE="2">1. I have reviewed this Annual Report on Form 10-K of Cedar Realty Trust, Inc. (the &#147;Company&#148; or &#147;registrant&#148;);
</FONT></P> <P STYLE="margin-top:10px;margin-bottom:0px" ALIGN="justify"><FONT STYLE="font-family:Times New Roman" SIZE="2">2. Based on my knowledge, this report does not contain any untrue statement of a material fact or omit to state a material
fact necessary to make the statements made, in light of the circumstances under which such statements were made, not misleading with respect to the period covered by this report; </FONT></P>
<P STYLE="margin-top:10px;margin-bottom:0px" ALIGN="justify"><FONT STYLE="font-family:Times New Roman" SIZE="2">3. Based on my knowledge, the financial statements, and other financial information included in this report, fairly present in all
material respects the financial condition, results of operations and cash flows of the registrant as of, and for, the periods presented in this report; </FONT></P> <P STYLE="margin-top:10px;margin-bottom:0px" ALIGN="justify"><FONT
STYLE="font-family:Times New Roman" SIZE="2">4. The registrant&#146;s other certifying officer and I are responsible for establishing and maintaining disclosure controls and procedures (as defined in Exchange Act Rules 13a-15(e) and 15d-15(e)) and
internal control over financial reporting (as defined in Exchange Act Rules 13a-15(f) and 15d-15(f)) for the registrant and have: </FONT></P> <P STYLE="margin-top:10px;margin-bottom:0px; text-indent:4%" ALIGN="justify"><FONT
STYLE="font-family:Times New Roman" SIZE="2">(a) Designed such disclosure controls and procedures, or caused such disclosure controls and procedures to be designed under our supervision, to ensure that material information relating to the
registrant, including its consolidated subsidiaries, is made known to us by others within those entities, particularly during the period in which this report is being prepared; </FONT></P>
<P STYLE="margin-top:10px;margin-bottom:0px; text-indent:4%" ALIGN="justify"><FONT STYLE="font-family:Times New Roman" SIZE="2">(b) Designed such internal control over financial reporting, or caused such internal control over financial reporting to
be designed under our supervision, to provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements for external purposes in accordance with generally accepted accounting principles;
</FONT></P> <P STYLE="margin-top:10px;margin-bottom:0px; text-indent:4%" ALIGN="justify"><FONT STYLE="font-family:Times New Roman" SIZE="2">(c) Evaluated the effectiveness of the registrant&#146;s disclosure controls and procedures and presented in
this report our conclusions about the effectiveness of the disclosure controls and procedures, as of the end of the period covered by this report based on such evaluation; and </FONT></P>
<P STYLE="margin-top:10px;margin-bottom:0px; text-indent:4%" ALIGN="justify"><FONT STYLE="font-family:Times New Roman" SIZE="2">(d) Disclosed in this report any change in the registrant&#146;s internal control over financial reporting that occurred
during the registrant&#146;s most recent fiscal quarter (the registrant&#146;s fourth fiscal quarter in the case of an annual report) that has materially affected, or is reasonably likely to materially affect, the registrant&#146;s internal control
over financial reporting; and </FONT></P> <P STYLE="margin-top:10px;margin-bottom:0px" ALIGN="justify"><FONT STYLE="font-family:Times New Roman" SIZE="2">5. The registrant&#146;s other certifying officer and I have disclosed, based on our most
recent evaluation of internal control over financial reporting to the registrant&#146;s auditors and the audit committee of the registrant&#146;s board of directors (or persons performing the equivalent functions): </FONT></P>

<p Style='page-break-before:always'>
<HR  SIZE="3" style="COLOR:#999999" WIDTH="100%" ALIGN="CENTER">


 <P STYLE="margin-top:0px;margin-bottom:0px; text-indent:4%" ALIGN="justify"><FONT STYLE="font-family:Times New Roman" SIZE="2">(a) All significant deficiencies and material weaknesses in the design or
operation of internal controls over financial reporting which are reasonably likely to adversely affect the registrant&#146;s ability to record, process, summarize and report financial information; and </FONT></P>
<P STYLE="margin-top:10px;margin-bottom:0px; text-indent:4%" ALIGN="justify"><FONT STYLE="font-family:Times New Roman" SIZE="2">(b) Any fraud, whether or not material, that involves management or other employees who have a significant role in the
registrant&#146;s internal control over financial reporting. </FONT></P> <P STYLE="margin-top:10px;margin-bottom:0px"><FONT STYLE="font-family:Times New Roman" SIZE="2">Date: March&nbsp;6, 2012 </FONT></P>
<P STYLE="font-size:10px;margin-top:0px;margin-bottom:0px">&nbsp;</P>
<TABLE CELLSPACING="0" CELLPADDING="0" WIDTH="40%" BORDER="0" STYLE="BORDER-COLLAPSE:COLLAPSE">


<TR>
<TD WIDTH="100%"></TD></TR>


<TR>
<TD VALIGN="top"> <P STYLE="margin-top:0px;margin-bottom:1px;border-bottom:1px solid #000000"><FONT STYLE="font-family:Times New Roman" SIZE="2">/s/ PHILIP R. MAYS</FONT></P></TD></TR>
<TR>
<TD VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="2">Philip R. Mays, Chief Financial Officer</FONT></TD></TR>
</TABLE>
</BODY></HTML>
</TEXT>
</DOCUMENT>
<DOCUMENT>
<TYPE>EX-32.1
<SEQUENCE>12
<FILENAME>d305538dex321.htm
<DESCRIPTION>EX-32.1
<TEXT>
<HTML><HEAD>
<TITLE>EX-32.1</TITLE>
</HEAD>
 <BODY BGCOLOR="WHITE">


 <P STYLE="margin-top:0px;margin-bottom:0px" ALIGN="right"><FONT STYLE="font-family:Times New Roman" SIZE="2"><B>Exhibit 32.1 </B></FONT></P> <P STYLE="margin-top:10px;margin-bottom:0px" ALIGN="center"><FONT
STYLE="font-family:Times New Roman" SIZE="2"><U>CERTIFICATION </U></FONT></P> <P STYLE="margin-top:10px;margin-bottom:0px"><FONT STYLE="font-family:Times New Roman" SIZE="2">I, Bruce J. Schanzer, Chief Executive Officer of Cedar Realty Trust, Inc.
(the &#147;Company&#148;), pursuant to Section&nbsp;906 of the Sarbanes-Oxley Act of 2002, do hereby certify as follows: </FONT></P> <P STYLE="margin-top:10px;margin-bottom:0px"><FONT STYLE="font-family:Times New Roman" SIZE="2">1. The Annual Report
on Form 10-K of the Company for the period ended December&nbsp;31, 2011 fully complies with the requirements of Section&nbsp;13(a) or 15(d) of the Securities Exchange Act of 1934; and </FONT></P> <P STYLE="margin-top:10px;margin-bottom:0px"><FONT
STYLE="font-family:Times New Roman" SIZE="2">2. The information contained in such Form 10-K fairly presents, in all material respects, the financial condition and results of operations of the Company. </FONT></P>
<P STYLE="margin-top:10px;margin-bottom:0px;padding-bottom:0px;"><FONT STYLE="font-family:Times New Roman" SIZE="2">IN WITNESS WHEREOF, I have executed this Certification this 6</FONT><FONT STYLE="font-family:Times New Roman" SIZE="1"><SUP
STYLE="vertical-align:baseline; position:relative; bottom:.8ex">th</SUP></FONT><FONT STYLE="font-family:Times New Roman" SIZE="2"> day of March, 2012. </FONT></P> <P STYLE="font-size:10px;margin-top:0px;margin-bottom:0px">&nbsp;</P>
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<TR>
<TD WIDTH="100%"></TD></TR>


<TR>
<TD VALIGN="top"> <P STYLE="margin-top:0px;margin-bottom:1px;border-bottom:1px solid #000000"><FONT STYLE="font-family:Times New Roman" SIZE="2">/s/ BRUCE J. SCHANZER</FONT></P></TD></TR>
<TR>
<TD VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="2">Bruce J. Schanzer, Chief Executive Officer</FONT></TD></TR>
</TABLE>
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</TEXT>
</DOCUMENT>
<DOCUMENT>
<TYPE>EX-32.2
<SEQUENCE>13
<FILENAME>d305538dex322.htm
<DESCRIPTION>EX-32.2
<TEXT>
<HTML><HEAD>
<TITLE>EX-32.2</TITLE>
</HEAD>
 <BODY BGCOLOR="WHITE">


 <P STYLE="margin-top:0px;margin-bottom:0px" ALIGN="right"><FONT STYLE="font-family:Times New Roman" SIZE="2"><B>Exhibit 32.2 </B></FONT></P> <P STYLE="margin-top:10px;margin-bottom:0px" ALIGN="center"><FONT
STYLE="font-family:Times New Roman" SIZE="2"><U>CERTIFICATION </U></FONT></P> <P STYLE="margin-top:10px;margin-bottom:0px"><FONT STYLE="font-family:Times New Roman" SIZE="2">I, Philip R. Mays, Chief Financial Officer of Cedar Realty Trust, Inc. (the
&#147;Company&#148;), pursuant to Section&nbsp;906 of the Sarbanes-Oxley Act of 2002, do hereby certify as follows: </FONT></P> <P STYLE="margin-top:10px;margin-bottom:0px"><FONT STYLE="font-family:Times New Roman" SIZE="2">1. The Annual Report on
Form 10-K of the Company for the period ended December&nbsp;31, 2011 fully complies with the requirements of Section&nbsp;13(a) or 15(d) of the Securities Exchange Act of 1934; and </FONT></P> <P STYLE="margin-top:10px;margin-bottom:0px"><FONT
STYLE="font-family:Times New Roman" SIZE="2">2. The information contained in such Form 10-K fairly presents, in all material respects, the financial condition and results of operations of the Company. </FONT></P>
<P STYLE="margin-top:10px;margin-bottom:0px;padding-bottom:0px;"><FONT STYLE="font-family:Times New Roman" SIZE="2">IN WITNESS WHEREOF, I have executed this Certification this 6</FONT><FONT STYLE="font-family:Times New Roman" SIZE="1"><SUP
STYLE="vertical-align:baseline; position:relative; bottom:.8ex">th</SUP></FONT><FONT STYLE="font-family:Times New Roman" SIZE="2"> day of March, 2012. </FONT></P> <P STYLE="font-size:10px;margin-top:0px;margin-bottom:0px">&nbsp;</P>
<TABLE CELLSPACING="0" CELLPADDING="0" WIDTH="40%" BORDER="0" STYLE="BORDER-COLLAPSE:COLLAPSE">


<TR>
<TD WIDTH="100%"></TD></TR>


<TR>
<TD VALIGN="top"> <P STYLE="margin-top:0px;margin-bottom:1px;border-bottom:1px solid #000000"><FONT STYLE="font-family:Times New Roman" SIZE="2">/s/ PHILIP R. MAYS</FONT></P></TD></TR>
<TR>
<TD VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="2">Philip R. Mays, Chief Financial Officer</FONT></TD></TR>
</TABLE>
</BODY></HTML>
</TEXT>
</DOCUMENT>
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<TYPE>EX-101.INS
<SEQUENCE>14
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      <endDate>2009-12-31</endDate>
    </period>
  </context>
  <context id="Duration_1_1_2011_To_12_31_2011">
    <entity>
      <identifier scheme="http://www.sec.gov/CIK">0000761648</identifier>
    </entity>
    <period>
      <startDate>2011-01-01</startDate>
      <endDate>2011-12-31</endDate>
    </period>
  </context>
  <context id="Duration_1_1_2010_To_12_31_2010">
    <entity>
      <identifier scheme="http://www.sec.gov/CIK">0000761648</identifier>
    </entity>
    <period>
      <startDate>2010-01-01</startDate>
      <endDate>2010-12-31</endDate>
    </period>
  </context>
  <context id="Duration_1_1_2009_To_12_31_2009">
    <entity>
      <identifier scheme="http://www.sec.gov/CIK">0000761648</identifier>
    </entity>
    <period>
      <startDate>2009-01-01</startDate>
      <endDate>2009-12-31</endDate>
    </period>
  </context>
  <!--Unit Section-->
  <unit id="Unit13">
    <divide>
      <unitNumerator>
        <measure>iso4217:USD</measure>
      </unitNumerator>
      <unitDenominator>
        <measure>xbrli:shares</measure>
      </unitDenominator>
    </divide>
  </unit>
  <unit id="Unit12">
    <measure>xbrli:shares</measure>
  </unit>
  <unit id="Unit1">
    <measure>iso4217:USD</measure>
  </unit>
  <!--Tuple Section-->
  <!--Element Section-->
  <cdr:AcquisitionTransactionCostsAndTerminatedProjects contextRef="Duration_1_1_2009_To_12_31_2009" unitRef="Unit1" decimals="0">3094000</cdr:AcquisitionTransactionCostsAndTerminatedProjects>
  <cdr:AcquisitionTransactionCostsAndTerminatedProjects contextRef="Duration_1_1_2010_To_12_31_2010" unitRef="Unit1" decimals="0">1302000</cdr:AcquisitionTransactionCostsAndTerminatedProjects>
  <cdr:AcquisitionTransactionCostsAndTerminatedProjects contextRef="Duration_1_1_2011_To_12_31_2011" unitRef="Unit1" decimals="0">1436000</cdr:AcquisitionTransactionCostsAndTerminatedProjects>
  <cdr:AcquisitionTransactionCostsAndTerminatedProjectsExpenses contextRef="Duration_1_1_2009_To_12_31_2009" unitRef="Unit1" decimals="0">4367000</cdr:AcquisitionTransactionCostsAndTerminatedProjectsExpenses>
  <cdr:AcquisitionTransactionCostsAndTerminatedProjectsExpenses contextRef="Duration_1_1_2010_To_12_31_2010" unitRef="Unit1" decimals="0">3958000</cdr:AcquisitionTransactionCostsAndTerminatedProjectsExpenses>
  <cdr:AcquisitionTransactionCostsAndTerminatedProjectsExpenses contextRef="Duration_1_1_2011_To_12_31_2011" unitRef="Unit1" decimals="0">1436000</cdr:AcquisitionTransactionCostsAndTerminatedProjectsExpenses>
  <cdr:AdditionalNoncontrollingInterestsShares contextRef="Duration_1_1_2009_To_12_31_2009" unitRef="Unit1" decimals="0">12212000</cdr:AdditionalNoncontrollingInterestsShares>
  <cdr:AdditionalNoncontrollingInterestsShares contextRef="Duration_1_1_2009_To_12_31_2009_us-gaap_StatementEquityComponentsAxis_cdr_MinorityInterestsInConsolidatedJointVenturesMember" unitRef="Unit1" decimals="0">12212000</cdr:AdditionalNoncontrollingInterestsShares>
  <cdr:AdditionalNoncontrollingInterestsShares contextRef="Duration_1_1_2009_To_12_31_2009_us-gaap_StatementEquityComponentsAxis_us-gaap_NoncontrollingInterestMember" unitRef="Unit1" decimals="0">12212000</cdr:AdditionalNoncontrollingInterestsShares>
  <cdr:AmortizationAndAcceleratedWriteOffOfDeferredFinancincingCosts contextRef="Duration_1_1_2009_To_12_31_2009" unitRef="Unit1" decimals="0">3648000</cdr:AmortizationAndAcceleratedWriteOffOfDeferredFinancincingCosts>
  <cdr:AmortizationAndAcceleratedWriteOffOfDeferredFinancincingCosts contextRef="Duration_1_1_2010_To_12_31_2010" unitRef="Unit1" decimals="0">8109000</cdr:AmortizationAndAcceleratedWriteOffOfDeferredFinancincingCosts>
  <cdr:AmortizationAndAcceleratedWriteOffOfDeferredFinancincingCosts contextRef="Duration_1_1_2011_To_12_31_2011" unitRef="Unit1" decimals="0">4138000</cdr:AmortizationAndAcceleratedWriteOffOfDeferredFinancincingCosts>
  <cdr:AssetsOfRealEstateHeldForSaleConveyanceDiscontinuedOperations contextRef="As_Of_12_31_2010" unitRef="Unit1" decimals="0">2052000</cdr:AssetsOfRealEstateHeldForSaleConveyanceDiscontinuedOperations>
  <cdr:AssetsOfRealEstateHeldForSaleConveyanceDiscontinuedOperations contextRef="As_Of_12_31_2011" unitRef="Unit1" decimals="0">2299000</cdr:AssetsOfRealEstateHeldForSaleConveyanceDiscontinuedOperations>
  <cdr:DeferredChargesNetTextBlock contextRef="Duration_1_1_2011_To_12_31_2011">&lt;div&gt; &lt;p style="text-align: left;"&gt;&lt;b&gt;&lt;font style="font-family: TimesNewRomanPS-BoldMT,Times New Roman,Times,serif;" class="_mt" size="3"&gt;Note 9. Deferred Charges, Net&lt;/font&gt;&lt;/b&gt;&lt;/p&gt;

&lt;p style="text-align: left;"&gt;&amp;nbsp;&amp;nbsp;&amp;nbsp;&amp;nbsp;&amp;nbsp;&lt;font style="font-family: TimesNewRomanPSMT,Times New Roman,Times,serif;" class="_mt" size="3"&gt;Deferred charges at December 31, 2011 and 2010 are net of accumulated amortization and are comprised of the following:&lt;/font&gt;&lt;/p&gt;

&lt;div&gt;

&lt;table style="width: 549px; height: 165px;" border="0" cellspacing="0"&gt;
&lt;tr&gt;&lt;td width="65%"&gt;&amp;nbsp;&lt;/td&gt;
&lt;td width="2%"&gt;&amp;nbsp;&lt;/td&gt;
&lt;td width="16%"&gt;&amp;nbsp;&lt;/td&gt;
&lt;td width="2%"&gt;&amp;nbsp;&lt;/td&gt;
&lt;td width="12%"&gt;&amp;nbsp;&lt;/td&gt;&lt;/tr&gt;
&lt;tr valign="bottom"&gt;&lt;td width="65%" align="left"&gt;&amp;nbsp;&lt;/td&gt;
&lt;td style="border-bottom: #000000 1px solid;" width="32%" colspan="4" align="center"&gt;&lt;b&gt;&lt;font style="font-family: TimesNewRomanPS-BoldMT,Times New Roman,Times,serif;" class="_mt" size="3"&gt;December 31,&lt;/font&gt;&lt;/b&gt;&lt;/td&gt;&lt;/tr&gt;
&lt;tr valign="bottom"&gt;&lt;td width="65%" align="left"&gt;&amp;nbsp;&lt;/td&gt;
&lt;td style="border-bottom: #000000 1px solid;" width="18%" colspan="2" align="center"&gt;&lt;b&gt;&lt;font style="font-family: TimesNewRomanPS-BoldMT,Times New Roman,Times,serif;" class="_mt" size="3"&gt;2011&lt;/font&gt;&lt;/b&gt;&lt;/td&gt;
&lt;td style="border-bottom: #000000 1px solid;" width="14%" colspan="2" align="center"&gt;&lt;b&gt;&lt;font style="font-family: TimesNewRomanPS-BoldMT,Times New Roman,Times,serif;" class="_mt" size="3"&gt;2010&lt;/font&gt;&lt;/b&gt;&lt;/td&gt;&lt;/tr&gt;
&lt;tr valign="bottom"&gt;&lt;td width="65%" align="left"&gt;&lt;font style="font-family: TimesNewRomanPSMT,Times New Roman,Times,serif;" class="_mt" size="3"&gt;Lease origination costs (a)&lt;/font&gt;&lt;/td&gt;
&lt;td width="2%" align="left"&gt;&lt;font style="font-family: TimesNewRomanPSMT,Times New Roman,Times,serif;" class="_mt" size="3"&gt;$&lt;/font&gt;&lt;/td&gt;
&lt;td width="16%" align="right"&gt;&lt;font style="font-family: TimesNewRomanPSMT,Times New Roman,Times,serif;" class="_mt" size="3"&gt;14,336,000&lt;/font&gt;&lt;/td&gt;
&lt;td width="2%" align="left"&gt;&lt;font style="font-family: TimesNewRomanPSMT,Times New Roman,Times,serif;" class="_mt" size="3"&gt;$&lt;/font&gt;&lt;/td&gt;
&lt;td width="12%" align="right"&gt;&lt;font style="font-family: TimesNewRomanPSMT,Times New Roman,Times,serif;" class="_mt" size="3"&gt;13,282,000&lt;/font&gt;&lt;/td&gt;&lt;/tr&gt;
&lt;tr valign="bottom"&gt;&lt;td width="65%" align="left"&gt;&lt;font style="font-family: TimesNewRomanPSMT,Times New Roman,Times,serif;" class="_mt" size="3"&gt;Financing costs (b)&lt;/font&gt;&lt;/td&gt;
&lt;td width="2%" align="left"&gt;&amp;nbsp;&lt;/td&gt;
&lt;td width="16%" align="right"&gt;&lt;font style="font-family: TimesNewRomanPSMT,Times New Roman,Times,serif;" class="_mt" size="3"&gt;6,268,000&lt;/font&gt;&lt;/td&gt;
&lt;td width="2%" align="left"&gt;&amp;nbsp;&lt;/td&gt;
&lt;td width="12%" align="right"&gt;&lt;font style="font-family: TimesNewRomanPSMT,Times New Roman,Times,serif;" class="_mt" size="3"&gt;9,623,000&lt;/font&gt;&lt;/td&gt;&lt;/tr&gt;
&lt;tr valign="bottom"&gt;&lt;td width="65%" align="left"&gt;&lt;font style="font-family: TimesNewRomanPSMT,Times New Roman,Times,serif;" class="_mt" size="3"&gt;Other&lt;/font&gt;&lt;/td&gt;
&lt;td style="border-bottom: #000000 1px solid;" width="2%" align="left"&gt;&amp;nbsp;&lt;/td&gt;
&lt;td style="border-bottom: #000000 1px solid;" width="16%" align="right"&gt;&lt;font style="font-family: TimesNewRomanPSMT,Times New Roman,Times,serif;" class="_mt" size="3"&gt;931,000&lt;/font&gt;&lt;/td&gt;
&lt;td style="border-bottom: #000000 1px solid;" width="2%" align="left"&gt;&amp;nbsp;&lt;/td&gt;
&lt;td style="border-bottom: #000000 1px solid;" width="12%" align="right"&gt;&lt;font style="font-family: TimesNewRomanPSMT,Times New Roman,Times,serif;" class="_mt" size="3"&gt;1,551,000&lt;/font&gt;&lt;/td&gt;&lt;/tr&gt;
&lt;tr valign="bottom"&gt;&lt;td width="65%" align="left"&gt;&amp;nbsp;&lt;/td&gt;
&lt;td style="border-bottom: #000000 3px double;" width="2%" align="left"&gt;&lt;font style="font-family: TimesNewRomanPSMT,Times New Roman,Times,serif;" class="_mt" size="3"&gt;$&lt;/font&gt;&lt;/td&gt;
&lt;td style="border-bottom: #000000 3px double;" width="16%" align="right"&gt;&lt;font style="font-family: TimesNewRomanPSMT,Times New Roman,Times,serif;" class="_mt" size="3"&gt;21,535,000&lt;/font&gt;&lt;/td&gt;
&lt;td style="border-bottom: #000000 3px double;" width="2%" align="left"&gt;&lt;font style="font-family: TimesNewRomanPSMT,Times New Roman,Times,serif;" class="_mt" size="3"&gt;$&lt;/font&gt;&lt;/td&gt;
&lt;td style="border-bottom: #000000 3px double;" width="12%" align="right"&gt;&lt;font style="font-family: TimesNewRomanPSMT,Times New Roman,Times,serif;" class="_mt" size="3"&gt;24,456,000&lt;/font&gt;&lt;/td&gt;&lt;/tr&gt;&lt;/table&gt;&lt;/div&gt;

&lt;p style="margin: 0px;"&gt;&amp;nbsp;&lt;/p&gt;

&lt;p style="text-align: left;"&gt;&lt;font style="font-family: TimesNewRomanPSMT,Times New Roman,Times,serif;" class="_mt" size="3"&gt;(a) Lease origination costs include the unamortized balance of intangible lease assets resulting from purchase accounting allocations of $6.6 million (cost of $16.8 million and accumulated amortization of $10.2 million) and $5.9 million (cost of $14.5 million and accumulated amortization of $8.6 million), respectively.&lt;/font&gt;&lt;/p&gt;

&lt;p style="text-align: left;"&gt;&lt;font style="font-family: TimesNewRomanPSMT,Times New Roman,Times,serif;" class="_mt" size="3"&gt;(b) In September 2010, the Company elected to reduce the total commitments under its then stabilized property revolving credit facility by $100.0 million. In this connection, the Company accelerated the write-off of approximately $2.6 million of deferred financing costs.&lt;/font&gt;&lt;/p&gt;

&lt;p style="text-align: left;"&gt;&amp;nbsp;&amp;nbsp;&amp;nbsp;&amp;nbsp;&amp;nbsp;&lt;font style="font-family: TimesNewRomanPSMT,Times New Roman,Times,serif;" class="_mt" size="3"&gt;Deferred charges are amortized over the terms of the related agreements. Amortization expense related to deferred charges (including amortization of deferred financing costs included in non-operating income and expense) amounted to $7.4 million, $10.8 million and $7.5 million for 2011, 2010 and 2009, respectively. The unamortized balances of deferred lease origination &lt;/font&gt;&lt;font style="font-family: TimesNewRomanPSMT,Times New Roman,Times,serif;" class="_mt" size="3"&gt;costs and deferred financing costs are net of accumulated amortization of $15.7 million and $23.5 million, respectively, and will be charged to future operations as follows (lease origination costs through 2033, and financing costs through 2029):&lt;/font&gt;&lt;/p&gt;

&lt;div&gt;

&lt;table border="0" cellspacing="0"&gt;
&lt;tr&gt;&lt;td width="22%"&gt;&amp;nbsp;&lt;/td&gt;
&lt;td width="5%"&gt;&amp;nbsp;&lt;/td&gt;
&lt;td width="30%"&gt;&amp;nbsp;&lt;/td&gt;
&lt;td width="6%"&gt;&amp;nbsp;&lt;/td&gt;
&lt;td width="28%"&gt;&amp;nbsp;&lt;/td&gt;
&lt;td width="7%"&gt;&amp;nbsp;&lt;/td&gt;&lt;/tr&gt;
&lt;tr valign="bottom"&gt;&lt;td align="left"&gt;&amp;nbsp;&lt;/td&gt;
&lt;td style="border-bottom: #000000 1px solid;" rowspan="3" colspan="2" align="center"&gt;&lt;b&gt;&lt;font style="font-family: TimesNewRomanPS-BoldMT,Times New Roman,Times,serif;" class="_mt" size="3"&gt;Lease&lt;/font&gt;&lt;/b&gt;&lt;br /&gt;&lt;b&gt;&lt;font style="font-family: TimesNewRomanPS-BoldMT,Times New Roman,Times,serif;" class="_mt" size="3"&gt;origination&lt;/font&gt;&lt;/b&gt;&lt;br /&gt;&lt;b&gt;&lt;font style="font-family: TimesNewRomanPS-BoldMT,Times New Roman,Times,serif;" class="_mt" size="3"&gt;costs&lt;/font&gt;&lt;/b&gt;&lt;/td&gt;
&lt;td style="border-bottom: #000000 1px solid;" rowspan="3" colspan="3" align="center"&gt;&lt;b&gt;&lt;font style="font-family: TimesNewRomanPS-BoldMT,Times New Roman,Times,serif;" class="_mt" size="3"&gt;Financing&lt;/font&gt;&lt;/b&gt;&lt;br /&gt;&lt;b&gt;&lt;font style="font-family: TimesNewRomanPS-BoldMT,Times New Roman,Times,serif;" class="_mt" size="3"&gt;costs&lt;/font&gt;&lt;/b&gt;&lt;/td&gt;&lt;/tr&gt;
&lt;tr valign="bottom"&gt;&lt;td align="left"&gt;&amp;nbsp;&lt;/td&gt;&lt;/tr&gt;
&lt;tr valign="bottom"&gt;&lt;td align="left"&gt;&amp;nbsp;&lt;/td&gt;&lt;/tr&gt;
&lt;tr valign="bottom"&gt;&lt;td align="right"&gt;&lt;font style="font-family: TimesNewRomanPSMT,Times New Roman,Times,serif;" class="_mt" size="3"&gt;2012&lt;/font&gt;&lt;/td&gt;
&lt;td align="left"&gt;&lt;font style="font-family: TimesNewRomanPSMT,Times New Roman,Times,serif;" class="_mt" size="3"&gt;$&lt;/font&gt;&lt;/td&gt;
&lt;td style="text-indent: 4px;" align="left"&gt;&lt;font style="font-family: TimesNewRomanPSMT,Times New Roman,Times,serif;" class="_mt" size="3"&gt;2,509,000&lt;/font&gt;&lt;/td&gt;
&lt;td align="left"&gt;&lt;font style="font-family: TimesNewRomanPSMT,Times New Roman,Times,serif;" class="_mt" size="3"&gt;$&lt;/font&gt;&lt;/td&gt;
&lt;td align="right"&gt;&lt;font style="font-family: TimesNewRomanPSMT,Times New Roman,Times,serif;" class="_mt" size="3"&gt;3,827,000&lt;/font&gt;&lt;/td&gt;
&lt;td align="left"&gt;&lt;font style="font-family: TimesNewRomanPSMT,Times New Roman,Times,serif;" class="_mt" size="3"&gt;(a)&lt;/font&gt;&lt;/td&gt;&lt;/tr&gt;
&lt;tr valign="bottom"&gt;&lt;td align="right"&gt;&lt;font style="font-family: TimesNewRomanPSMT,Times New Roman,Times,serif;" class="_mt" size="3"&gt;2013&lt;/font&gt;&lt;/td&gt;
&lt;td align="left"&gt;&amp;nbsp;&lt;/td&gt;
&lt;td style="text-indent: 4px;" align="left"&gt;&lt;font style="font-family: TimesNewRomanPSMT,Times New Roman,Times,serif;" class="_mt" size="3"&gt;2,250,000&lt;/font&gt;&lt;/td&gt;
&lt;td align="left"&gt;&amp;nbsp;&lt;/td&gt;
&lt;td align="right"&gt;&lt;font style="font-family: TimesNewRomanPSMT,Times New Roman,Times,serif;" class="_mt" size="3"&gt;848,000&lt;/font&gt;&lt;/td&gt;
&lt;td align="left"&gt;&amp;nbsp;&lt;/td&gt;&lt;/tr&gt;
&lt;tr valign="bottom"&gt;&lt;td align="right"&gt;&lt;font style="font-family: TimesNewRomanPSMT,Times New Roman,Times,serif;" class="_mt" size="3"&gt;2014&lt;/font&gt;&lt;/td&gt;
&lt;td align="left"&gt;&amp;nbsp;&lt;/td&gt;
&lt;td style="text-indent: 4px;" align="left"&gt;&lt;font style="font-family: TimesNewRomanPSMT,Times New Roman,Times,serif;" class="_mt" size="3"&gt;1,931,000&lt;/font&gt;&lt;/td&gt;
&lt;td align="left"&gt;&amp;nbsp;&lt;/td&gt;
&lt;td align="right"&gt;&lt;font style="font-family: TimesNewRomanPSMT,Times New Roman,Times,serif;" class="_mt" size="3"&gt;452,000&lt;/font&gt;&lt;/td&gt;
&lt;td align="left"&gt;&amp;nbsp;&lt;/td&gt;&lt;/tr&gt;
&lt;tr valign="bottom"&gt;&lt;td align="right"&gt;&lt;font style="font-family: TimesNewRomanPSMT,Times New Roman,Times,serif;" class="_mt" size="3"&gt;2015&lt;/font&gt;&lt;/td&gt;
&lt;td align="left"&gt;&amp;nbsp;&lt;/td&gt;
&lt;td style="text-indent: 4px;" align="left"&gt;&lt;font style="font-family: TimesNewRomanPSMT,Times New Roman,Times,serif;" class="_mt" size="3"&gt;1,621,000&lt;/font&gt;&lt;/td&gt;
&lt;td align="left"&gt;&amp;nbsp;&lt;/td&gt;
&lt;td align="right"&gt;&lt;font style="font-family: TimesNewRomanPSMT,Times New Roman,Times,serif;" class="_mt" size="3"&gt;300,000&lt;/font&gt;&lt;/td&gt;
&lt;td align="left"&gt;&amp;nbsp;&lt;/td&gt;&lt;/tr&gt;
&lt;tr valign="bottom"&gt;&lt;td align="right"&gt;&lt;font style="font-family: TimesNewRomanPSMT,Times New Roman,Times,serif;" class="_mt" size="3"&gt;2016&lt;/font&gt;&lt;/td&gt;
&lt;td align="left"&gt;&amp;nbsp;&lt;/td&gt;
&lt;td style="text-indent: 4px;" align="left"&gt;&lt;font style="font-family: TimesNewRomanPSMT,Times New Roman,Times,serif;" class="_mt" size="3"&gt;1,316,000&lt;/font&gt;&lt;/td&gt;
&lt;td align="left"&gt;&amp;nbsp;&lt;/td&gt;
&lt;td align="right"&gt;&lt;font style="font-family: TimesNewRomanPSMT,Times New Roman,Times,serif;" class="_mt" size="3"&gt;227,000&lt;/font&gt;&lt;/td&gt;
&lt;td align="left"&gt;&amp;nbsp;&lt;/td&gt;&lt;/tr&gt;
&lt;tr valign="bottom"&gt;&lt;td align="right"&gt;&lt;font style="font-family: TimesNewRomanPSMT,Times New Roman,Times,serif;" class="_mt" size="3"&gt;Thereafter&lt;/font&gt;&lt;/td&gt;
&lt;td style="border-bottom: #000000 1px solid;" align="left"&gt;&amp;nbsp;&lt;/td&gt;
&lt;td style="border-bottom: #000000 1px solid; text-indent: 4px;" align="left"&gt;&lt;font style="font-family: TimesNewRomanPSMT,Times New Roman,Times,serif;" class="_mt" size="3"&gt;4,709,000&lt;/font&gt;&lt;/td&gt;
&lt;td style="border-bottom: #000000 1px solid;" align="left"&gt;&amp;nbsp;&lt;/td&gt;
&lt;td style="border-bottom: #000000 1px solid;" align="right"&gt;&lt;font style="font-family: TimesNewRomanPSMT,Times New Roman,Times,serif;" class="_mt" size="3"&gt;614,000&lt;/font&gt;&lt;/td&gt;
&lt;td align="left"&gt;&amp;nbsp;&lt;/td&gt;&lt;/tr&gt;
&lt;tr valign="bottom"&gt;&lt;td align="left"&gt;&amp;nbsp;&lt;/td&gt;
&lt;td style="border-bottom: #000000 3px double;" align="left"&gt;&lt;font style="font-family: TimesNewRomanPSMT,Times New Roman,Times,serif;" class="_mt" size="3"&gt;$&lt;/font&gt;&lt;/td&gt;
&lt;td style="border-bottom: #000000 3px double; text-indent: 2px;" align="left"&gt;&lt;font style="font-family: TimesNewRomanPSMT,Times New Roman,Times,serif;" class="_mt" size="3"&gt;14,336,000&lt;/font&gt;&lt;/td&gt;
&lt;td style="border-bottom: #000000 3px double;" align="left"&gt;&lt;font style="font-family: TimesNewRomanPSMT,Times New Roman,Times,serif;" class="_mt" size="3"&gt;$&lt;/font&gt;&lt;/td&gt;
&lt;td style="border-bottom: #000000 3px double;" align="right"&gt;&lt;font style="font-family: TimesNewRomanPSMT,Times New Roman,Times,serif;" class="_mt" size="3"&gt;6,268,000&lt;/font&gt;&lt;/td&gt;
&lt;td align="left"&gt;&amp;nbsp;&lt;/td&gt;&lt;/tr&gt;&lt;/table&gt;&lt;/div&gt;

&lt;p style="margin: 0px;"&gt;&amp;nbsp;&lt;/p&gt;

&lt;p style="text-align: left;"&gt;&lt;font style="font-family: TimesNewRomanPSMT,Times New Roman,Times,serif;" class="_mt" size="3"&gt;(a) Includes $2.8 million relating to the stabilized property and development property credit facilities which were refinanced in January 2012.&lt;/font&gt;&lt;/p&gt; &lt;/div&gt;</cdr:DeferredChargesNetTextBlock>
  <cdr:DiscontinuedOperationsLandDispositionsAndWriteOffOfInvestmentInUnconsolidatedJointVentureTextBlock contextRef="Duration_1_1_2011_To_12_31_2011">&lt;div&gt; &lt;p style="text-align: left;"&gt;&lt;b&gt;&lt;font style="font-family: TimesNewRomanPS-BoldMT,Times New Roman,Times,serif;" class="_mt" size="3"&gt;Note 5 - Discontinued operations, land dispositions and write-off of investment in unconsolidated joint venture&lt;/font&gt;&lt;/b&gt;&lt;/p&gt;

&lt;p style="text-align: left;"&gt;&amp;nbsp;&amp;nbsp;&amp;nbsp;&amp;nbsp;&amp;nbsp;&lt;font style="font-family: TimesNewRomanPSMT,Times New Roman,Times,serif;" class="_mt" size="3"&gt;In connection with management's review of the Company's real estate investments, the Company determined (1) to completely exit the Ohio market, principally the Discount Drug Mart portfolio of drugstore/convenience centers, and concentrate on the mid-Atlantic and Northeast &lt;/font&gt;&lt;font style="font-family: TimesNewRomanPSMT,Times New Roman,Times,serif;" class="_mt" size="3"&gt;coastal regions (four properties "held for sale" as of December 31, 2011), (2) to concentrate on grocery-anchored strip centers, by disposing of its mall and single-tenant/triple-net-lease properties (11 properties "held for sale" as of December 31, 2011), and (3) to focus on improving operations and performance at the Company's remaining properties, and to reduce development activities, by disposing of certain development projects, land acquired for development, and other non-core assets (five properties "held for sale/conveyance" as of December 31, 2011). In addition, discontinued operations reflect the anticipated consummation of the Homburg joint venture buy/sell transactions (seven properties "held for sale" as of December 31, 2011).&lt;/font&gt;&lt;/p&gt;

&lt;p style="text-align: left;"&gt;&amp;nbsp;&amp;nbsp;&amp;nbsp;&amp;nbsp;&amp;nbsp;&lt;font style="font-family: TimesNewRomanPSMT,Times New Roman,Times,serif;" class="_mt" size="3"&gt;The carrying values of the assets and liabilities of these properties, principally the net book values of the real estate and the related mortgage loans payable to be assumed by the buyers (or conveyed to the mortgagee), have been reclassified as "held for sale/conveyance" on the Company's consolidated balance sheets at December 31, 2011 and December 31, 2010. The Company anticipates that sales of all such properties classified as "held for sale" will be concluded during 2012. In addition, the properties' results of operations have been classified as "discontinued operations" for all periods presented. Impairment charges relating to operating properties are included in discontinued operations in the accompanying statements of operations; impairment charges relating to land parcels are included in operating income in the accompanying statements of operations. The impairment charge amounts included in operating income for 2010 and 2009 relate to properties transferred to the Cedar/RioCan joint venture. The following is a summary of these charges:&lt;/font&gt;&lt;/p&gt;

&lt;div&gt;

&lt;table border="0" cellspacing="0"&gt;
&lt;tr&gt;&lt;td width="44%"&gt;&amp;nbsp;&lt;/td&gt;
&lt;td width="5%"&gt;&amp;nbsp;&lt;/td&gt;
&lt;td width="13%"&gt;&amp;nbsp;&lt;/td&gt;
&lt;td width="4%"&gt;&amp;nbsp;&lt;/td&gt;
&lt;td width="14%"&gt;&amp;nbsp;&lt;/td&gt;
&lt;td width="5%"&gt;&amp;nbsp;&lt;/td&gt;
&lt;td width="12%"&gt;&amp;nbsp;&lt;/td&gt;&lt;/tr&gt;
&lt;tr valign="bottom"&gt;&lt;td align="left"&gt;&amp;nbsp;&lt;/td&gt;
&lt;td style="border-bottom: #000000 1px solid;" colspan="6" align="center"&gt;&lt;b&gt;&lt;font style="font-family: TimesNewRomanPS-BoldMT,Times New Roman,Times,serif;" class="_mt" size="3"&gt;Years ended December 31,&lt;/font&gt;&lt;/b&gt;&lt;/td&gt;&lt;/tr&gt;
&lt;tr valign="bottom"&gt;&lt;td align="left"&gt;&amp;nbsp;&lt;/td&gt;
&lt;td style="border-bottom: #000000 1px solid;" colspan="2" align="center"&gt;&lt;b&gt;&lt;font style="font-family: TimesNewRomanPS-BoldMT,Times New Roman,Times,serif;" class="_mt" size="3"&gt;2011&lt;/font&gt;&lt;/b&gt;&lt;/td&gt;
&lt;td style="border-bottom: #000000 1px solid;" colspan="2" align="center"&gt;&lt;b&gt;&lt;font style="font-family: TimesNewRomanPS-BoldMT,Times New Roman,Times,serif;" class="_mt" size="3"&gt;2010&lt;/font&gt;&lt;/b&gt;&lt;/td&gt;
&lt;td style="border-bottom: #000000 1px solid;" colspan="2" align="center"&gt;&lt;b&gt;&lt;font style="font-family: TimesNewRomanPS-BoldMT,Times New Roman,Times,serif;" class="_mt" size="3"&gt;2009&lt;/font&gt;&lt;/b&gt;&lt;/td&gt;&lt;/tr&gt;
&lt;tr valign="bottom"&gt;&lt;td align="left"&gt;&lt;font style="font-family: TimesNewRomanPSMT,Times New Roman,Times,serif;" class="_mt" size="3"&gt;Impairment charges - land parcels and properties&lt;/font&gt;&lt;/td&gt;
&lt;td align="left"&gt;&amp;nbsp;&lt;/td&gt;
&lt;td align="left"&gt;&amp;nbsp;&lt;/td&gt;
&lt;td align="left"&gt;&amp;nbsp;&lt;/td&gt;
&lt;td align="left"&gt;&amp;nbsp;&lt;/td&gt;
&lt;td align="left"&gt;&amp;nbsp;&lt;/td&gt;
&lt;td align="left"&gt;&amp;nbsp;&lt;/td&gt;&lt;/tr&gt;
&lt;tr valign="bottom"&gt;&lt;td style="text-indent: 3px;" align="left"&gt;&lt;font style="font-family: TimesNewRomanPSMT,Times New Roman,Times,serif;" class="_mt" size="3"&gt;transferred to Cedar/RioCan joint venture&lt;/font&gt;&lt;/td&gt;
&lt;td style="border-bottom: #000000 3px double;" align="left"&gt;&lt;font style="font-family: TimesNewRomanPSMT,Times New Roman,Times,serif;" class="_mt" size="3"&gt;$&lt;/font&gt;&lt;/td&gt;
&lt;td style="border-bottom: #000000 3px double;" align="right"&gt;&lt;font style="font-family: TimesNewRomanPSMT,Times New Roman,Times,serif;" class="_mt" size="3"&gt;7,148,000&lt;/font&gt;&lt;/td&gt;
&lt;td style="border-bottom: #000000 3px double;" align="left"&gt;&lt;font style="font-family: TimesNewRomanPSMT,Times New Roman,Times,serif;" class="_mt" size="3"&gt;$&lt;/font&gt;&lt;/td&gt;
&lt;td style="border-bottom: #000000 3px double;" align="right"&gt;&lt;font style="font-family: TimesNewRomanPSMT,Times New Roman,Times,serif;" class="_mt" size="3"&gt;2,493,000&lt;/font&gt;&lt;/td&gt;
&lt;td style="border-bottom: #000000 3px double;" align="right"&gt;&lt;font style="font-family: TimesNewRomanPSMT,Times New Roman,Times,serif;" class="_mt" size="3"&gt;$&lt;/font&gt;&lt;/td&gt;
&lt;td style="border-bottom: #000000 3px double;" align="right"&gt;&lt;font style="font-family: TimesNewRomanPSMT,Times New Roman,Times,serif;" class="_mt" size="3"&gt;23,636,000&lt;/font&gt;&lt;/td&gt;&lt;/tr&gt;
&lt;tr valign="bottom"&gt;&lt;td align="left"&gt;&lt;font style="font-family: TimesNewRomanPSMT,Times New Roman,Times,serif;" class="_mt" size="3"&gt;Write-off of investment in unconsolidated&lt;/font&gt;&lt;/td&gt;
&lt;td align="left"&gt;&amp;nbsp;&lt;/td&gt;
&lt;td align="left"&gt;&amp;nbsp;&lt;/td&gt;
&lt;td align="left"&gt;&amp;nbsp;&lt;/td&gt;
&lt;td align="left"&gt;&amp;nbsp;&lt;/td&gt;
&lt;td align="left"&gt;&amp;nbsp;&lt;/td&gt;
&lt;td align="left"&gt;&amp;nbsp;&lt;/td&gt;&lt;/tr&gt;
&lt;tr valign="bottom"&gt;&lt;td style="text-indent: 3px;" align="left"&gt;&lt;font style="font-family: TimesNewRomanPSMT,Times New Roman,Times,serif;" class="_mt" size="3"&gt;joint venture&lt;/font&gt;&lt;/td&gt;
&lt;td style="border-bottom: #000000 3px double;" align="left"&gt;&lt;font style="font-family: TimesNewRomanPSMT,Times New Roman,Times,serif;" class="_mt" size="3"&gt;$&lt;/font&gt;&lt;/td&gt;
&lt;td style="border-bottom: #000000 3px double;" align="right"&gt;&lt;font style="font-family: TimesNewRomanPSMT,Times New Roman,Times,serif;" class="_mt" size="3"&gt;7,961,000&lt;/font&gt;&lt;/td&gt;
&lt;td style="border-bottom: #000000 3px double;" align="left"&gt;&lt;font style="font-family: TimesNewRomanPSMT,Times New Roman,Times,serif;" class="_mt" size="3"&gt;$&lt;/font&gt;&lt;/td&gt;
&lt;td style="border-bottom: #000000 3px double;" align="right"&gt;&lt;font style="font-family: TimesNewRomanPSMT,Times New Roman,Times,serif;" class="_mt" size="3"&gt;-&lt;/font&gt;&lt;/td&gt;
&lt;td style="border-bottom: #000000 3px double;" align="right"&gt;&lt;font style="font-family: TimesNewRomanPSMT,Times New Roman,Times,serif;" class="_mt" size="3"&gt;$&lt;/font&gt;&lt;/td&gt;
&lt;td style="border-bottom: #000000 3px double;" align="right"&gt;&lt;font style="font-family: TimesNewRomanPSMT,Times New Roman,Times,serif;" class="_mt" size="3"&gt;-&lt;/font&gt;&lt;/td&gt;&lt;/tr&gt;
&lt;tr valign="bottom"&gt;&lt;td align="left"&gt;&lt;font style="font-family: TimesNewRomanPSMT,Times New Roman,Times,serif;" class="_mt" size="3"&gt;Impairment charges - properties held for&lt;/font&gt;&lt;/td&gt;
&lt;td align="left"&gt;&amp;nbsp;&lt;/td&gt;
&lt;td align="left"&gt;&amp;nbsp;&lt;/td&gt;
&lt;td align="left"&gt;&amp;nbsp;&lt;/td&gt;
&lt;td align="left"&gt;&amp;nbsp;&lt;/td&gt;
&lt;td align="left"&gt;&amp;nbsp;&lt;/td&gt;
&lt;td align="left"&gt;&amp;nbsp;&lt;/td&gt;&lt;/tr&gt;
&lt;tr valign="bottom"&gt;&lt;td style="text-indent: 3px;" align="left"&gt;&lt;font style="font-family: TimesNewRomanPSMT,Times New Roman,Times,serif;" class="_mt" size="3"&gt;sale/conveyance&lt;/font&gt;&lt;/td&gt;
&lt;td style="border-bottom: #000000 3px double;" align="left"&gt;&lt;font style="font-family: TimesNewRomanPSMT,Times New Roman,Times,serif;" class="_mt" size="3"&gt;$&lt;/font&gt;&lt;/td&gt;
&lt;td style="border-bottom: #000000 3px double;" align="right"&gt;&lt;font style="font-family: TimesNewRomanPSMT,Times New Roman,Times,serif;" class="_mt" size="3"&gt;88,458,000&lt;/font&gt;&lt;/td&gt;
&lt;td style="border-bottom: #000000 3px double;" align="left"&gt;&lt;font style="font-family: TimesNewRomanPSMT,Times New Roman,Times,serif;" class="_mt" size="3"&gt;$&lt;/font&gt;&lt;/td&gt;
&lt;td style="border-bottom: #000000 3px double;" align="right"&gt;&lt;font style="font-family: TimesNewRomanPSMT,Times New Roman,Times,serif;" class="_mt" size="3"&gt;39,822,000&lt;/font&gt;&lt;/td&gt;
&lt;td style="border-bottom: #000000 3px double;" align="right"&gt;&lt;font style="font-family: TimesNewRomanPSMT,Times New Roman,Times,serif;" class="_mt" size="3"&gt;$&lt;/font&gt;&lt;/td&gt;
&lt;td style="border-bottom: #000000 3px double;" align="right"&gt;&lt;font style="font-family: TimesNewRomanPSMT,Times New Roman,Times,serif;" class="_mt" size="3"&gt;3,559,000&lt;/font&gt;&lt;/td&gt;&lt;/tr&gt;&lt;/table&gt;&lt;/div&gt;

&lt;p style="margin: 0px;"&gt;&amp;nbsp;&lt;/p&gt;

&lt;p style="text-align: left;"&gt;&amp;nbsp;&amp;nbsp;&amp;nbsp;&amp;nbsp;&amp;nbsp;&lt;font style="font-family: TimesNewRomanPSMT,Times New Roman,Times,serif;" class="_mt" size="3"&gt;Impairment charges included in discontinued operations for 2011 included $11.1 million related to the Discount Drug Mart portfolio, $33.1 million related to malls, $5.3 million related to single-tenant/triple-net-lease properties, $36.6 million related to development projects and other non-core properties, and $2.4 million related to the Homburg joint venture properties. Impairment charges included in discontinued operations for 2010 included $26.8 million related to the Discount Drug Mart portfolio, $12.6 million related to malls, $0.1 million related to a single-tenant/triple-net-lease property, and $0.3 million related to a development project. Impairment charges included in discontinued operations for 2009 included $2.4 million related to &lt;/font&gt;&lt;font style="font-family: TimesNewRomanPSMT,Times New Roman,Times,serif;" class="_mt" size="3"&gt;the Discount Drug Mart portfolio and $1.2 million related to single-tenant/triple-net-lease properties.&lt;/font&gt;&lt;/p&gt;

&lt;p style="text-align: left;"&gt;&amp;nbsp;&amp;nbsp;&amp;nbsp;&amp;nbsp;&amp;nbsp;&lt;font style="font-family: TimesNewRomanPSMT,Times New Roman,Times,serif;" class="_mt" size="3"&gt;The impairment charges were based on a comparison of the carrying values of the properties with either (1) the actual sales price less costs to sell for the properties sold or contract amounts for properties in the process of being sold, (2) estimated sales prices based on discounted cash flow analyses, if no contract amounts were as yet being negotiated, as discussed in more detail in Note 6 &amp;#8212; "Fair Value Measurements", (3) an "as is" appraisal with respect to the single-tenant property in Philadelphia, Pennsylvania to be conveyed to the mortgagee, or (4) with respect to the land parcels, estimated sales prices. Prior to the Company's plan to dispose of properties reclassified to "held for sale/conveyance", the Company performed recoverability analyses based on the estimated undiscounted cash flows that were expected to result from the real estate investments' use and eventual disposal. The projected undiscounted cash flows of each property reflected that the carrying value of each real estate investment would be recovered. However, as a result of the properties' meeting the "held for sale" criteria, such properties were written down to the lower of their carrying value and estimated fair values less costs to sell as described above.&lt;/font&gt;&lt;/p&gt;

&lt;p style="text-align: left;"&gt;&amp;nbsp;&amp;nbsp;&amp;nbsp;&amp;nbsp;&amp;nbsp;&lt;font style="font-family: TimesNewRomanPSMT,Times New Roman,Times,serif;" class="_mt" size="3"&gt;The following is a summary of the components of (loss) income from discontinued operations:&lt;/font&gt;&lt;/p&gt;

&lt;div&gt;

&lt;table border="0" cellspacing="0"&gt;
&lt;tr&gt;&lt;td width="47%"&gt;&amp;nbsp;&lt;/td&gt;
&lt;td width="2%"&gt;&amp;nbsp;&lt;/td&gt;
&lt;td width="12%"&gt;&amp;nbsp;&lt;/td&gt;
&lt;td width="2%"&gt;&amp;nbsp;&lt;/td&gt;
&lt;td width="2%"&gt;&amp;nbsp;&lt;/td&gt;
&lt;td width="12%"&gt;&amp;nbsp;&lt;/td&gt;
&lt;td width="2%"&gt;&amp;nbsp;&lt;/td&gt;
&lt;td width="2%"&gt;&amp;nbsp;&lt;/td&gt;
&lt;td width="11%"&gt;&amp;nbsp;&lt;/td&gt;
&lt;td width="2%"&gt;&amp;nbsp;&lt;/td&gt;&lt;/tr&gt;
&lt;tr valign="bottom"&gt;&lt;td width="47%" align="left"&gt;&amp;nbsp;&lt;/td&gt;
&lt;td style="border-bottom: #000000 1px solid;" width="47%" colspan="9" align="center"&gt;&lt;font style="font-family: TimesNewRomanPSMT,Times New Roman,Times,serif;" class="_mt" size="2"&gt;Years ended December 31,&lt;/font&gt;&lt;/td&gt;&lt;/tr&gt;
&lt;tr valign="bottom"&gt;&lt;td width="47%" align="left"&gt;&amp;nbsp;&lt;/td&gt;
&lt;td style="border-bottom: #000000 1px solid;" width="16%" colspan="3" align="center"&gt;&lt;font style="font-family: TimesNewRomanPSMT,Times New Roman,Times,serif;" class="_mt" size="2"&gt;2011&lt;/font&gt;&lt;/td&gt;
&lt;td style="border-bottom: #000000 1px solid;" width="16%" colspan="3" align="center"&gt;&lt;font style="font-family: TimesNewRomanPSMT,Times New Roman,Times,serif;" class="_mt" size="2"&gt;2010&lt;/font&gt;&lt;/td&gt;
&lt;td style="border-bottom: #000000 1px solid;" width="15%" colspan="3" align="center"&gt;&lt;font style="font-family: TimesNewRomanPSMT,Times New Roman,Times,serif;" class="_mt" size="2"&gt;2009&lt;/font&gt;&lt;/td&gt;&lt;/tr&gt;
&lt;tr valign="bottom"&gt;&lt;td width="47%" align="left"&gt;&lt;font style="font-family: TimesNewRomanPSMT,Times New Roman,Times,serif;" class="_mt" size="2"&gt;Revenues:&lt;/font&gt;&lt;/td&gt;
&lt;td width="2%" align="left"&gt;&amp;nbsp;&lt;/td&gt;
&lt;td width="12%" align="left"&gt;&amp;nbsp;&lt;/td&gt;
&lt;td width="2%" align="left"&gt;&amp;nbsp;&lt;/td&gt;
&lt;td width="2%" align="right"&gt;&amp;nbsp;&lt;/td&gt;
&lt;td width="12%" align="left"&gt;&amp;nbsp;&lt;/td&gt;
&lt;td width="2%" align="left"&gt;&amp;nbsp;&lt;/td&gt;
&lt;td width="2%" align="left"&gt;&amp;nbsp;&lt;/td&gt;
&lt;td width="11%" align="left"&gt;&amp;nbsp;&lt;/td&gt;
&lt;td width="2%" align="left"&gt;&amp;nbsp;&lt;/td&gt;&lt;/tr&gt;
&lt;tr valign="bottom"&gt;&lt;td style="text-indent: 1px;" width="47%" align="left"&gt;&lt;font style="font-family: TimesNewRomanPSMT,Times New Roman,Times,serif;" class="_mt" size="2"&gt;Rents&lt;/font&gt;&lt;/td&gt;
&lt;td width="2%" align="left"&gt;&lt;font style="font-family: TimesNewRomanPSMT,Times New Roman,Times,serif;" class="_mt" size="2"&gt;$&lt;/font&gt;&lt;/td&gt;
&lt;td width="12%" align="right"&gt;&lt;font style="font-family: TimesNewRomanPSMT,Times New Roman,Times,serif;" class="_mt" size="2"&gt;26,986,000&lt;/font&gt;&lt;/td&gt;
&lt;td width="2%" align="left"&gt;&amp;nbsp;&lt;/td&gt;
&lt;td width="2%" align="right"&gt;&lt;font style="font-family: TimesNewRomanPSMT,Times New Roman,Times,serif;" class="_mt" size="2"&gt;$&lt;/font&gt;&lt;/td&gt;
&lt;td width="12%" align="right"&gt;&lt;font style="font-family: TimesNewRomanPSMT,Times New Roman,Times,serif;" class="_mt" size="2"&gt;30,287,000&lt;/font&gt;&lt;/td&gt;
&lt;td width="2%" align="left"&gt;&amp;nbsp;&lt;/td&gt;
&lt;td width="2%" align="right"&gt;&lt;font style="font-family: TimesNewRomanPSMT,Times New Roman,Times,serif;" class="_mt" size="2"&gt;$&lt;/font&gt;&lt;/td&gt;
&lt;td width="11%" align="right"&gt;&lt;font style="font-family: TimesNewRomanPSMT,Times New Roman,Times,serif;" class="_mt" size="2"&gt;34,944,000&lt;/font&gt;&lt;/td&gt;
&lt;td width="2%" align="left"&gt;&amp;nbsp;&lt;/td&gt;&lt;/tr&gt;
&lt;tr valign="bottom"&gt;&lt;td style="text-indent: 1px;" width="47%" align="left"&gt;&lt;font style="font-family: TimesNewRomanPSMT,Times New Roman,Times,serif;" class="_mt" size="2"&gt;Expense recoveries&lt;/font&gt;&lt;/td&gt;
&lt;td width="2%" align="left"&gt;&amp;nbsp;&lt;/td&gt;
&lt;td width="12%" align="right"&gt;&lt;font style="font-family: TimesNewRomanPSMT,Times New Roman,Times,serif;" class="_mt" size="2"&gt;6,531,000&lt;/font&gt;&lt;/td&gt;
&lt;td width="2%" align="left"&gt;&amp;nbsp;&lt;/td&gt;
&lt;td width="2%" align="right"&gt;&amp;nbsp;&lt;/td&gt;
&lt;td width="12%" align="right"&gt;&lt;font style="font-family: TimesNewRomanPSMT,Times New Roman,Times,serif;" class="_mt" size="2"&gt;7,093,000&lt;/font&gt;&lt;/td&gt;
&lt;td width="2%" align="left"&gt;&amp;nbsp;&lt;/td&gt;
&lt;td width="2%" align="left"&gt;&amp;nbsp;&lt;/td&gt;
&lt;td width="11%" align="right"&gt;&lt;font style="font-family: TimesNewRomanPSMT,Times New Roman,Times,serif;" class="_mt" size="2"&gt;8,626,000&lt;/font&gt;&lt;/td&gt;
&lt;td width="2%" align="left"&gt;&amp;nbsp;&lt;/td&gt;&lt;/tr&gt;
&lt;tr valign="bottom"&gt;&lt;td style="text-indent: 1px;" width="47%" align="left"&gt;&lt;font style="font-family: TimesNewRomanPSMT,Times New Roman,Times,serif;" class="_mt" size="2"&gt;Other&lt;/font&gt;&lt;/td&gt;
&lt;td style="border-bottom: #000000 1px solid;" width="2%" align="left"&gt;&amp;nbsp;&lt;/td&gt;
&lt;td style="border-bottom: #000000 1px solid;" width="12%" align="right"&gt;&lt;font style="font-family: TimesNewRomanPSMT,Times New Roman,Times,serif;" class="_mt" size="2"&gt;527,000&lt;/font&gt;&lt;/td&gt;
&lt;td style="border-bottom: #000000 1px solid;" width="2%" align="left"&gt;&amp;nbsp;&lt;/td&gt;
&lt;td style="border-bottom: #000000 1px solid;" width="2%" align="right"&gt;&amp;nbsp;&lt;/td&gt;
&lt;td style="border-bottom: #000000 1px solid;" width="12%" align="right"&gt;&lt;font style="font-family: TimesNewRomanPSMT,Times New Roman,Times,serif;" class="_mt" size="2"&gt;81,000&lt;/font&gt;&lt;/td&gt;
&lt;td style="border-bottom: #000000 1px solid;" width="2%" align="left"&gt;&amp;nbsp;&lt;/td&gt;
&lt;td style="border-bottom: #000000 1px solid;" width="2%" align="left"&gt;&amp;nbsp;&lt;/td&gt;
&lt;td style="border-bottom: #000000 1px solid;" width="11%" align="right"&gt;&lt;font style="font-family: TimesNewRomanPSMT,Times New Roman,Times,serif;" class="_mt" size="2"&gt;1,127,000&lt;/font&gt;&lt;/td&gt;
&lt;td style="border-bottom: #000000 1px solid;" width="2%" align="left"&gt;&amp;nbsp;&lt;/td&gt;&lt;/tr&gt;
&lt;tr valign="bottom"&gt;&lt;td width="47%" align="left"&gt;&lt;font style="font-family: TimesNewRomanPSMT,Times New Roman,Times,serif;" class="_mt" size="2"&gt;Total revenues&lt;/font&gt;&lt;/td&gt;
&lt;td style="border-bottom: #000000 1px solid;" width="2%" align="left"&gt;&amp;nbsp;&lt;/td&gt;
&lt;td style="border-bottom: #000000 1px solid;" width="12%" align="right"&gt;&lt;font style="font-family: TimesNewRomanPSMT,Times New Roman,Times,serif;" class="_mt" size="2"&gt;34,044,000&lt;/font&gt;&lt;/td&gt;
&lt;td style="border-bottom: #000000 1px solid;" width="2%" align="left"&gt;&amp;nbsp;&lt;/td&gt;
&lt;td style="border-bottom: #000000 1px solid;" width="2%" align="right"&gt;&amp;nbsp;&lt;/td&gt;
&lt;td style="border-bottom: #000000 1px solid;" width="12%" align="right"&gt;&lt;font style="font-family: TimesNewRomanPSMT,Times New Roman,Times,serif;" class="_mt" size="2"&gt;37,461,000&lt;/font&gt;&lt;/td&gt;
&lt;td style="border-bottom: #000000 1px solid;" width="2%" align="left"&gt;&amp;nbsp;&lt;/td&gt;
&lt;td style="border-bottom: #000000 1px solid;" width="2%" align="left"&gt;&amp;nbsp;&lt;/td&gt;
&lt;td style="border-bottom: #000000 1px solid;" width="11%" align="right"&gt;&lt;font style="font-family: TimesNewRomanPSMT,Times New Roman,Times,serif;" class="_mt" size="2"&gt;44,697,000&lt;/font&gt;&lt;/td&gt;
&lt;td style="border-bottom: #000000 1px solid;" width="2%" align="left"&gt;&amp;nbsp;&lt;/td&gt;&lt;/tr&gt;
&lt;tr valign="bottom"&gt;&lt;td width="47%" align="left"&gt;&lt;font style="font-family: TimesNewRomanPSMT,Times New Roman,Times,serif;" class="_mt" size="2"&gt;Expenses:&lt;/font&gt;&lt;/td&gt;
&lt;td width="2%" align="left"&gt;&amp;nbsp;&lt;/td&gt;
&lt;td width="12%" align="left"&gt;&amp;nbsp;&lt;/td&gt;
&lt;td width="2%" align="left"&gt;&amp;nbsp;&lt;/td&gt;
&lt;td width="2%" align="right"&gt;&amp;nbsp;&lt;/td&gt;
&lt;td width="12%" align="left"&gt;&amp;nbsp;&lt;/td&gt;
&lt;td width="2%" align="left"&gt;&amp;nbsp;&lt;/td&gt;
&lt;td width="2%" align="left"&gt;&amp;nbsp;&lt;/td&gt;
&lt;td width="11%" align="left"&gt;&amp;nbsp;&lt;/td&gt;
&lt;td width="2%" align="left"&gt;&amp;nbsp;&lt;/td&gt;&lt;/tr&gt;
&lt;tr valign="bottom"&gt;&lt;td style="text-indent: 1px;" width="47%" align="left"&gt;&lt;font style="font-family: TimesNewRomanPSMT,Times New Roman,Times,serif;" class="_mt" size="2"&gt;Operating, maintenance and management&lt;/font&gt;&lt;/td&gt;
&lt;td width="2%" align="left"&gt;&amp;nbsp;&lt;/td&gt;
&lt;td width="12%" align="right"&gt;&lt;font style="font-family: TimesNewRomanPSMT,Times New Roman,Times,serif;" class="_mt" size="2"&gt;9,045,000&lt;/font&gt;&lt;/td&gt;
&lt;td width="2%" align="left"&gt;&amp;nbsp;&lt;/td&gt;
&lt;td width="2%" align="right"&gt;&amp;nbsp;&lt;/td&gt;
&lt;td width="12%" align="right"&gt;&lt;font style="font-family: TimesNewRomanPSMT,Times New Roman,Times,serif;" class="_mt" size="2"&gt;10,108,000&lt;/font&gt;&lt;/td&gt;
&lt;td width="2%" align="left"&gt;&amp;nbsp;&lt;/td&gt;
&lt;td width="2%" align="left"&gt;&amp;nbsp;&lt;/td&gt;
&lt;td width="11%" align="right"&gt;&lt;font style="font-family: TimesNewRomanPSMT,Times New Roman,Times,serif;" class="_mt" size="2"&gt;10,181,000&lt;/font&gt;&lt;/td&gt;
&lt;td width="2%" align="left"&gt;&amp;nbsp;&lt;/td&gt;&lt;/tr&gt;
&lt;tr valign="bottom"&gt;&lt;td style="text-indent: 1px;" width="47%" align="left"&gt;&lt;font style="font-family: TimesNewRomanPSMT,Times New Roman,Times,serif;" class="_mt" size="2"&gt;Real estate and other property-related taxes&lt;/font&gt;&lt;/td&gt;
&lt;td width="2%" align="left"&gt;&amp;nbsp;&lt;/td&gt;
&lt;td width="12%" align="right"&gt;&lt;font style="font-family: TimesNewRomanPSMT,Times New Roman,Times,serif;" class="_mt" size="2"&gt;5,375,000&lt;/font&gt;&lt;/td&gt;
&lt;td width="2%" align="left"&gt;&amp;nbsp;&lt;/td&gt;
&lt;td width="2%" align="right"&gt;&amp;nbsp;&lt;/td&gt;
&lt;td width="12%" align="right"&gt;&lt;font style="font-family: TimesNewRomanPSMT,Times New Roman,Times,serif;" class="_mt" size="2"&gt;5,411,000&lt;/font&gt;&lt;/td&gt;
&lt;td width="2%" align="left"&gt;&amp;nbsp;&lt;/td&gt;
&lt;td width="2%" align="left"&gt;&amp;nbsp;&lt;/td&gt;
&lt;td width="11%" align="right"&gt;&lt;font style="font-family: TimesNewRomanPSMT,Times New Roman,Times,serif;" class="_mt" size="2"&gt;5,888,000&lt;/font&gt;&lt;/td&gt;
&lt;td width="2%" align="left"&gt;&amp;nbsp;&lt;/td&gt;&lt;/tr&gt;
&lt;tr valign="bottom"&gt;&lt;td style="text-indent: 1px;" width="47%" align="left"&gt;&lt;font style="font-family: TimesNewRomanPSMT,Times New Roman,Times,serif;" class="_mt" size="2"&gt;Depreciation and amortization&lt;/font&gt;&lt;/td&gt;
&lt;td width="2%" align="left"&gt;&amp;nbsp;&lt;/td&gt;
&lt;td width="12%" align="right"&gt;&lt;font style="font-family: TimesNewRomanPSMT,Times New Roman,Times,serif;" class="_mt" size="2"&gt;5,356,000&lt;/font&gt;&lt;/td&gt;
&lt;td width="2%" align="left"&gt;&amp;nbsp;&lt;/td&gt;
&lt;td width="2%" align="right"&gt;&amp;nbsp;&lt;/td&gt;
&lt;td width="12%" align="right"&gt;&lt;font style="font-family: TimesNewRomanPSMT,Times New Roman,Times,serif;" class="_mt" size="2"&gt;11,571,000&lt;/font&gt;&lt;/td&gt;
&lt;td width="2%" align="left"&gt;&amp;nbsp;&lt;/td&gt;
&lt;td width="2%" align="left"&gt;&amp;nbsp;&lt;/td&gt;
&lt;td width="11%" align="right"&gt;&lt;font style="font-family: TimesNewRomanPSMT,Times New Roman,Times,serif;" class="_mt" size="2"&gt;12,559,000&lt;/font&gt;&lt;/td&gt;
&lt;td width="2%" align="left"&gt;&amp;nbsp;&lt;/td&gt;&lt;/tr&gt;
&lt;tr valign="bottom"&gt;&lt;td style="text-indent: 1px;" width="47%" align="left"&gt;&lt;font style="font-family: TimesNewRomanPSMT,Times New Roman,Times,serif;" class="_mt" size="2"&gt;Interest expense&lt;/font&gt;&lt;/td&gt;
&lt;td style="border-bottom: #000000 1px solid;" width="2%" align="left"&gt;&amp;nbsp;&lt;/td&gt;
&lt;td style="border-bottom: #000000 1px solid;" width="12%" align="right"&gt;&lt;font style="font-family: TimesNewRomanPSMT,Times New Roman,Times,serif;" class="_mt" size="2"&gt;9,255,000&lt;/font&gt;&lt;/td&gt;
&lt;td style="border-bottom: #000000 1px solid;" width="2%" align="left"&gt;&amp;nbsp;&lt;/td&gt;
&lt;td style="border-bottom: #000000 1px solid;" width="2%" align="right"&gt;&amp;nbsp;&lt;/td&gt;
&lt;td style="border-bottom: #000000 1px solid;" width="12%" align="right"&gt;&lt;font style="font-family: TimesNewRomanPSMT,Times New Roman,Times,serif;" class="_mt" size="2"&gt;8,647,000&lt;/font&gt;&lt;/td&gt;
&lt;td style="border-bottom: #000000 1px solid;" width="2%" align="left"&gt;&amp;nbsp;&lt;/td&gt;
&lt;td style="border-bottom: #000000 1px solid;" width="2%" align="left"&gt;&amp;nbsp;&lt;/td&gt;
&lt;td style="border-bottom: #000000 1px solid;" width="11%" align="right"&gt;&lt;font style="font-family: TimesNewRomanPSMT,Times New Roman,Times,serif;" class="_mt" size="2"&gt;9,015,000&lt;/font&gt;&lt;/td&gt;
&lt;td style="border-bottom: #000000 1px solid;" width="2%" align="left"&gt;&amp;nbsp;&lt;/td&gt;&lt;/tr&gt;
&lt;tr valign="bottom"&gt;&lt;td width="47%" align="left"&gt;&amp;nbsp;&lt;/td&gt;
&lt;td style="border-bottom: #000000 1px solid;" width="2%" align="left"&gt;&amp;nbsp;&lt;/td&gt;
&lt;td style="border-bottom: #000000 1px solid;" width="12%" align="right"&gt;&lt;font style="font-family: TimesNewRomanPSMT,Times New Roman,Times,serif;" class="_mt" size="2"&gt;29,031,000&lt;/font&gt;&lt;/td&gt;
&lt;td style="border-bottom: #000000 1px solid;" width="2%" align="left"&gt;&amp;nbsp;&lt;/td&gt;
&lt;td style="border-bottom: #000000 1px solid;" width="2%" align="right"&gt;&amp;nbsp;&lt;/td&gt;
&lt;td style="border-bottom: #000000 1px solid;" width="12%" align="right"&gt;&lt;font style="font-family: TimesNewRomanPSMT,Times New Roman,Times,serif;" class="_mt" size="2"&gt;35,737,000&lt;/font&gt;&lt;/td&gt;
&lt;td style="border-bottom: #000000 1px solid;" width="2%" align="left"&gt;&amp;nbsp;&lt;/td&gt;
&lt;td style="border-bottom: #000000 1px solid;" width="2%" align="left"&gt;&amp;nbsp;&lt;/td&gt;
&lt;td style="border-bottom: #000000 1px solid;" width="11%" align="right"&gt;&lt;font style="font-family: TimesNewRomanPSMT,Times New Roman,Times,serif;" class="_mt" size="2"&gt;37,643,000&lt;/font&gt;&lt;/td&gt;
&lt;td style="border-bottom: #000000 1px solid;" width="2%" align="left"&gt;&amp;nbsp;&lt;/td&gt;&lt;/tr&gt;
&lt;tr valign="bottom"&gt;&lt;td width="47%" align="left"&gt;&lt;font style="font-family: TimesNewRomanPSMT,Times New Roman,Times,serif;" class="_mt" size="2"&gt;Income from discontinued operations before&lt;/font&gt;&lt;/td&gt;
&lt;td width="2%" align="left"&gt;&amp;nbsp;&lt;/td&gt;
&lt;td width="12%" align="left"&gt;&amp;nbsp;&lt;/td&gt;
&lt;td width="2%" align="left"&gt;&amp;nbsp;&lt;/td&gt;
&lt;td width="2%" align="right"&gt;&amp;nbsp;&lt;/td&gt;
&lt;td width="12%" align="left"&gt;&amp;nbsp;&lt;/td&gt;
&lt;td width="2%" align="left"&gt;&amp;nbsp;&lt;/td&gt;
&lt;td width="2%" align="left"&gt;&amp;nbsp;&lt;/td&gt;
&lt;td width="11%" align="left"&gt;&amp;nbsp;&lt;/td&gt;
&lt;td width="2%" align="left"&gt;&amp;nbsp;&lt;/td&gt;&lt;/tr&gt;
&lt;tr valign="bottom"&gt;&lt;td style="text-indent: 1px;" width="47%" align="left"&gt;&lt;font style="font-family: TimesNewRomanPSMT,Times New Roman,Times,serif;" class="_mt" size="2"&gt;impairment charges&lt;/font&gt;&lt;/td&gt;
&lt;td width="2%" align="left"&gt;&amp;nbsp;&lt;/td&gt;
&lt;td width="12%" align="right"&gt;&lt;font style="font-family: TimesNewRomanPSMT,Times New Roman,Times,serif;" class="_mt" size="2"&gt;5,013,000&lt;/font&gt;&lt;/td&gt;
&lt;td width="2%" align="left"&gt;&amp;nbsp;&lt;/td&gt;
&lt;td width="2%" align="right"&gt;&amp;nbsp;&lt;/td&gt;
&lt;td width="12%" align="right"&gt;&lt;font style="font-family: TimesNewRomanPSMT,Times New Roman,Times,serif;" class="_mt" size="2"&gt;1,724,000&lt;/font&gt;&lt;/td&gt;
&lt;td width="2%" align="left"&gt;&amp;nbsp;&lt;/td&gt;
&lt;td width="2%" align="left"&gt;&amp;nbsp;&lt;/td&gt;
&lt;td width="11%" align="right"&gt;&lt;font style="font-family: TimesNewRomanPSMT,Times New Roman,Times,serif;" class="_mt" size="2"&gt;7,054,000&lt;/font&gt;&lt;/td&gt;
&lt;td width="2%" align="left"&gt;&amp;nbsp;&lt;/td&gt;&lt;/tr&gt;
&lt;tr valign="bottom"&gt;&lt;td width="47%" align="left"&gt;&lt;font style="font-family: TimesNewRomanPSMT,Times New Roman,Times,serif;" class="_mt" size="2"&gt;Impairment charges&lt;/font&gt;&lt;/td&gt;
&lt;td style="border-bottom: #000000 1px solid;" width="2%" align="left"&gt;&amp;nbsp;&lt;/td&gt;
&lt;td style="border-bottom: #000000 1px solid;" width="12%" align="right"&gt;&lt;font style="font-family: TimesNewRomanPSMT,Times New Roman,Times,serif;" class="_mt" size="2"&gt;(88,458,000&lt;/font&gt;&lt;/td&gt;
&lt;td style="border-bottom: #000000 1px solid;" width="2%" align="left"&gt;&lt;font style="font-family: TimesNewRomanPSMT,Times New Roman,Times,serif;" class="_mt" size="2"&gt;)&lt;/font&gt;&lt;/td&gt;
&lt;td style="border-bottom: #000000 1px solid;" width="2%" align="right"&gt;&amp;nbsp;&lt;/td&gt;
&lt;td style="border-bottom: #000000 1px solid;" width="12%" align="right"&gt;&lt;font style="font-family: TimesNewRomanPSMT,Times New Roman,Times,serif;" class="_mt" size="2"&gt;(39,822,000&lt;/font&gt;&lt;/td&gt;
&lt;td style="border-bottom: #000000 1px solid;" width="2%" align="left"&gt;&lt;font style="font-family: TimesNewRomanPSMT,Times New Roman,Times,serif;" class="_mt" size="2"&gt;)&lt;/font&gt;&lt;/td&gt;
&lt;td style="border-bottom: #000000 1px solid;" width="2%" align="left"&gt;&amp;nbsp;&lt;/td&gt;
&lt;td style="border-bottom: #000000 1px solid;" width="11%" align="right"&gt;&lt;font style="font-family: TimesNewRomanPSMT,Times New Roman,Times,serif;" class="_mt" size="2"&gt;(3,559,000&lt;/font&gt;&lt;/td&gt;
&lt;td style="border-bottom: #000000 1px solid;" width="2%" align="left"&gt;&lt;font style="font-family: TimesNewRomanPSMT,Times New Roman,Times,serif;" class="_mt" size="2"&gt;)&lt;/font&gt;&lt;/td&gt;&lt;/tr&gt;
&lt;tr valign="bottom"&gt;&lt;td width="47%" align="left"&gt;&lt;font style="font-family: TimesNewRomanPSMT,Times New Roman,Times,serif;" class="_mt" size="2"&gt;(Loss) income from discontinued operations&lt;/font&gt;&lt;/td&gt;
&lt;td style="border-bottom: #000000 3px double;" width="2%" align="left"&gt;&lt;font style="font-family: TimesNewRomanPSMT,Times New Roman,Times,serif;" class="_mt" size="2"&gt;$&lt;/font&gt;&lt;/td&gt;
&lt;td style="border-bottom: #000000 3px double;" width="12%" align="right"&gt;&lt;font style="font-family: TimesNewRomanPSMT,Times New Roman,Times,serif;" class="_mt" size="2"&gt;(83,445,000&lt;/font&gt;&lt;/td&gt;
&lt;td style="border-bottom: #000000 3px double;" width="2%" align="left"&gt;&lt;font style="font-family: TimesNewRomanPSMT,Times New Roman,Times,serif;" class="_mt" size="2"&gt;)&lt;/font&gt;&lt;/td&gt;
&lt;td style="border-bottom: #000000 3px double;" width="2%" align="right"&gt;&lt;font style="font-family: TimesNewRomanPSMT,Times New Roman,Times,serif;" class="_mt" size="2"&gt;$&lt;/font&gt;&lt;/td&gt;
&lt;td style="border-bottom: #000000 3px double;" width="12%" align="right"&gt;&lt;font style="font-family: TimesNewRomanPSMT,Times New Roman,Times,serif;" class="_mt" size="2"&gt;(38,098,000&lt;/font&gt;&lt;/td&gt;
&lt;td style="border-bottom: #000000 3px double;" width="2%" align="left"&gt;&lt;font style="font-family: TimesNewRomanPSMT,Times New Roman,Times,serif;" class="_mt" size="2"&gt;)&lt;/font&gt;&lt;/td&gt;
&lt;td style="border-bottom: #000000 3px double;" width="2%" align="right"&gt;&lt;font style="font-family: TimesNewRomanPSMT,Times New Roman,Times,serif;" class="_mt" size="2"&gt;$&lt;/font&gt;&lt;/td&gt;
&lt;td style="border-bottom: #000000 3px double;" width="11%" align="right"&gt;&lt;font style="font-family: TimesNewRomanPSMT,Times New Roman,Times,serif;" class="_mt" size="2"&gt;3,495,000&lt;/font&gt;&lt;/td&gt;
&lt;td style="border-bottom: #000000 3px double;" width="2%" align="left"&gt;&amp;nbsp;&lt;/td&gt;&lt;/tr&gt;
&lt;tr&gt;&lt;td width="94%" colspan="10"&gt;&amp;nbsp;&lt;/td&gt;&lt;/tr&gt;
&lt;tr valign="bottom"&gt;&lt;td width="47%" align="left"&gt;&lt;font style="font-family: TimesNewRomanPSMT,Times New Roman,Times,serif;" class="_mt" size="2"&gt;Gain on sales of discontinued operations&lt;/font&gt;&lt;/td&gt;
&lt;td style="border-bottom: #000000 3px double;" width="2%" align="left"&gt;&lt;font style="font-family: TimesNewRomanPSMT,Times New Roman,Times,serif;" class="_mt" size="2"&gt;$&lt;/font&gt;&lt;/td&gt;
&lt;td style="border-bottom: #000000 3px double;" width="12%" align="right"&gt;&lt;font style="font-family: TimesNewRomanPSMT,Times New Roman,Times,serif;" class="_mt" size="2"&gt;884,000&lt;/font&gt;&lt;/td&gt;
&lt;td style="border-bottom: #000000 3px double;" width="2%" align="left"&gt;&amp;nbsp;&lt;/td&gt;
&lt;td style="border-bottom: #000000 3px double;" width="2%" align="right"&gt;&amp;nbsp;&lt;font style="font-family: TimesNewRomanPSMT,Times New Roman,Times,serif;" class="_mt" size="2"&gt;$&lt;/font&gt;&lt;/td&gt;
&lt;td style="border-bottom: #000000 3px double;" width="12%" align="right"&gt;&lt;font style="font-family: TimesNewRomanPSMT,Times New Roman,Times,serif;" class="_mt" size="2"&gt;170,000&lt;/font&gt;&lt;/td&gt;
&lt;td style="border-bottom: #000000 3px double;" width="2%" align="left"&gt;&amp;nbsp;&lt;/td&gt;
&lt;td style="border-bottom: #000000 3px double;" width="2%" align="right"&gt;&lt;font style="font-family: TimesNewRomanPSMT,Times New Roman,Times,serif;" class="_mt" size="2"&gt;$&lt;/font&gt;&lt;/td&gt;
&lt;td style="border-bottom: #000000 3px double;" width="11%" align="right"&gt;&lt;font style="font-family: TimesNewRomanPSMT,Times New Roman,Times,serif;" class="_mt" size="2"&gt;557,000&lt;/font&gt;&lt;/td&gt;
&lt;td style="border-bottom: #000000 3px double;" width="2%" align="left"&gt;&amp;nbsp;&lt;/td&gt;&lt;/tr&gt;&lt;/table&gt;&lt;/div&gt;

&lt;p style="margin: 0px;"&gt;&amp;nbsp;&lt;/p&gt;

&lt;div&gt;&amp;nbsp;&lt;/div&gt;&lt;br /&gt;

&lt;p style="text-align: left;"&gt;&amp;nbsp;&amp;nbsp;&amp;nbsp;&amp;nbsp;&amp;nbsp;&lt;font style="font-family: TimesNewRomanPSMT,Times New Roman,Times,serif;" class="_mt" size="3"&gt;During 2011, the Company completed the following transactions related to properties "held for sale/conveyance":&lt;/font&gt;&lt;/p&gt;

&lt;div&gt;

&lt;table style="width: 910px; height: 274px;" border="0" cellspacing="0"&gt;
&lt;tr&gt;&lt;td width="25%"&gt;&amp;nbsp;&lt;/td&gt;
&lt;td width="19%"&gt;&amp;nbsp;&lt;/td&gt;
&lt;td width="18%"&gt;&amp;nbsp;&lt;/td&gt;
&lt;td width="2%"&gt;&amp;nbsp;&lt;/td&gt;
&lt;td width="15%"&gt;&amp;nbsp;&lt;/td&gt;
&lt;td width="2%"&gt;&amp;nbsp;&lt;/td&gt;
&lt;td width="14%"&gt;&amp;nbsp;&lt;/td&gt;&lt;/tr&gt;
&lt;tr valign="bottom"&gt;&lt;td style="border-bottom: #000000 1px solid;" rowspan="2" width="25%" align="center"&gt;&lt;b&gt;&lt;font style="font-family: TimesNewRomanPS-BoldMT,Times New Roman,Times,serif;" class="_mt" size="3"&gt;Property&lt;/font&gt;&lt;/b&gt;&lt;/td&gt;
&lt;td style="border-bottom: #000000 1px solid;" rowspan="2" width="19%" align="center"&gt;&lt;b&gt;&lt;font style="font-family: TimesNewRomanPS-BoldMT,Times New Roman,Times,serif;" class="_mt" size="3"&gt;Location&lt;/font&gt;&lt;/b&gt;&lt;/td&gt;
&lt;td style="border-bottom: #000000 1px solid;" rowspan="2" width="18%" align="center"&gt;&lt;b&gt;&lt;font style="font-family: TimesNewRomanPS-BoldMT,Times New Roman,Times,serif;" class="_mt" size="3"&gt;Date&lt;/font&gt;&lt;/b&gt;&lt;br /&gt;&lt;b&gt;&lt;font style="font-family: TimesNewRomanPS-BoldMT,Times New Roman,Times,serif;" class="_mt" size="3"&gt;Sold&lt;/font&gt;&lt;/b&gt;&lt;/td&gt;
&lt;td style="border-bottom: #000000 1px solid;" rowspan="2" width="17%" colspan="2" align="center"&gt;&lt;b&gt;&lt;font style="font-family: TimesNewRomanPS-BoldMT,Times New Roman,Times,serif;" class="_mt" size="3"&gt;Sales&lt;/font&gt;&lt;/b&gt;&lt;br /&gt;&lt;b&gt;&lt;font style="font-family: TimesNewRomanPS-BoldMT,Times New Roman,Times,serif;" class="_mt" size="3"&gt;Price&lt;/font&gt;&lt;/b&gt;&lt;/td&gt;
&lt;td style="border-bottom: #000000 1px solid;" rowspan="2" width="16%" colspan="2" align="center"&gt;&lt;b&gt;&lt;font style="font-family: TimesNewRomanPS-BoldMT,Times New Roman,Times,serif;" class="_mt" size="3"&gt;Gain on&lt;/font&gt;&lt;/b&gt;&lt;br /&gt;&lt;b&gt;&lt;font style="font-family: TimesNewRomanPS-BoldMT,Times New Roman,Times,serif;" class="_mt" size="3"&gt;Sale&lt;/font&gt;&lt;/b&gt;&lt;/td&gt;&lt;/tr&gt;
&lt;tr&gt;&lt;td width="95%" colspan="7"&gt;&amp;nbsp;&lt;/td&gt;&lt;/tr&gt;
&lt;tr valign="bottom"&gt;&lt;td width="25%" align="left"&gt;&lt;font style="font-family: TimesNewRomanPSMT,Times New Roman,Times,serif;" class="_mt" size="3"&gt;Bergstrasse Land&lt;/font&gt;&lt;/td&gt;
&lt;td width="19%" align="left"&gt;&lt;font style="font-family: TimesNewRomanPSMT,Times New Roman,Times,serif;" class="_mt" size="3"&gt;Ephrata, PA&lt;/font&gt;&lt;/td&gt;
&lt;td width="18%" align="right"&gt;&lt;font style="font-family: TimesNewRomanPSMT,Times New Roman,Times,serif;" class="_mt" size="3"&gt;2/14/2011&lt;/font&gt;&lt;/td&gt;
&lt;td width="2%" align="left"&gt;&lt;font style="font-family: TimesNewRomanPSMT,Times New Roman,Times,serif;" class="_mt" size="3"&gt;$&lt;/font&gt;&lt;/td&gt;
&lt;td width="15%" align="right"&gt;&lt;font style="font-family: TimesNewRomanPSMT,Times New Roman,Times,serif;" class="_mt" size="3"&gt;1,900,000&lt;/font&gt;&lt;/td&gt;
&lt;td width="2%" align="left"&gt;&lt;font style="font-family: TimesNewRomanPSMT,Times New Roman,Times,serif;" class="_mt" size="3"&gt;$&lt;/font&gt;&lt;/td&gt;
&lt;td width="14%" align="center"&gt;&lt;font style="font-family: TimesNewRomanPSMT,Times New Roman,Times,serif;" class="_mt" size="3"&gt;33,000&lt;/font&gt;&lt;/td&gt;&lt;/tr&gt;
&lt;tr valign="bottom"&gt;&lt;td width="25%" align="left"&gt;&lt;font style="font-family: TimesNewRomanPSMT,Times New Roman,Times,serif;" class="_mt" size="3"&gt;Two properties&lt;/font&gt;&lt;/td&gt;
&lt;td width="19%" align="left"&gt;&lt;font style="font-family: TimesNewRomanPSMT,Times New Roman,Times,serif;" class="_mt" size="3"&gt;OH&lt;/font&gt;&lt;/td&gt;
&lt;td width="18%" align="right"&gt;&lt;font style="font-family: TimesNewRomanPSMT,Times New Roman,Times,serif;" class="_mt" size="3"&gt;3/30/2011&lt;/font&gt;&lt;/td&gt;
&lt;td width="2%" align="left"&gt;&amp;nbsp;&lt;/td&gt;
&lt;td width="15%" align="right"&gt;&lt;font style="font-family: TimesNewRomanPSMT,Times New Roman,Times,serif;" class="_mt" size="3"&gt;4,032,000&lt;/font&gt;&lt;/td&gt;
&lt;td width="2%" align="left"&gt;&amp;nbsp;&lt;/td&gt;
&lt;td width="14%" align="right"&gt;&lt;font style="font-family: TimesNewRomanPSMT,Times New Roman,Times,serif;" class="_mt" size="3"&gt;-&lt;/font&gt;&lt;/td&gt;&lt;/tr&gt;
&lt;tr valign="bottom"&gt;&lt;td width="25%" align="left"&gt;&lt;font style="font-family: TimesNewRomanPSMT,Times New Roman,Times,serif;" class="_mt" size="3"&gt;Fairfield Plaza&lt;/font&gt;&lt;/td&gt;
&lt;td width="19%" align="left"&gt;&lt;font style="font-family: TimesNewRomanPSMT,Times New Roman,Times,serif;" class="_mt" size="3"&gt;Fairfield, CT&lt;/font&gt;&lt;/td&gt;
&lt;td width="18%" align="right"&gt;&lt;font style="font-family: TimesNewRomanPSMT,Times New Roman,Times,serif;" class="_mt" size="3"&gt;4/15/2011&lt;/font&gt;&lt;/td&gt;
&lt;td width="2%" align="left"&gt;&amp;nbsp;&lt;/td&gt;
&lt;td width="15%" align="right"&gt;&lt;font style="font-family: TimesNewRomanPSMT,Times New Roman,Times,serif;" class="_mt" size="3"&gt;10,840,000&lt;/font&gt;&lt;/td&gt;
&lt;td width="2%" align="left"&gt;&amp;nbsp;&lt;/td&gt;
&lt;td style="text-indent: 1px;" width="14%" align="left"&gt;&lt;font style="font-family: TimesNewRomanPSMT,Times New Roman,Times,serif;" class="_mt" size="3"&gt;470,000&lt;/font&gt;&lt;/td&gt;&lt;/tr&gt;
&lt;tr valign="bottom"&gt;&lt;td width="25%" align="left"&gt;&lt;font style="font-family: TimesNewRomanPSMT,Times New Roman,Times,serif;" class="_mt" size="3"&gt;CVS at Kingston&lt;/font&gt;&lt;/td&gt;
&lt;td width="19%" align="left"&gt;&lt;font style="font-family: TimesNewRomanPSMT,Times New Roman,Times,serif;" class="_mt" size="3"&gt;Kingston, NY&lt;/font&gt;&lt;/td&gt;
&lt;td width="18%" align="right"&gt;&lt;font style="font-family: TimesNewRomanPSMT,Times New Roman,Times,serif;" class="_mt" size="3"&gt;11/14/2011&lt;/font&gt;&lt;/td&gt;
&lt;td width="2%" align="left"&gt;&amp;nbsp;&lt;/td&gt;
&lt;td width="15%" align="right"&gt;&lt;font style="font-family: TimesNewRomanPSMT,Times New Roman,Times,serif;" class="_mt" size="3"&gt;5,250,000&lt;/font&gt;&lt;/td&gt;
&lt;td width="2%" align="left"&gt;&amp;nbsp;&lt;/td&gt;
&lt;td style="text-indent: 1px;" width="14%" align="left"&gt;&lt;font style="font-family: TimesNewRomanPSMT,Times New Roman,Times,serif;" class="_mt" size="3"&gt;185,000&lt;/font&gt;&lt;/td&gt;&lt;/tr&gt;
&lt;tr valign="bottom"&gt;&lt;td width="25%" align="left"&gt;&lt;font style="font-family: TimesNewRomanPSMT,Times New Roman,Times,serif;" class="_mt" size="3"&gt;CVS at Kinderhook&lt;/font&gt;&lt;/td&gt;
&lt;td width="19%" align="left"&gt;&lt;font style="font-family: TimesNewRomanPSMT,Times New Roman,Times,serif;" class="_mt" size="3"&gt;Kinderhook, NY&lt;/font&gt;&lt;/td&gt;
&lt;td width="18%" align="right"&gt;&lt;font style="font-family: TimesNewRomanPSMT,Times New Roman,Times,serif;" class="_mt" size="3"&gt;12/8/2011&lt;/font&gt;&lt;/td&gt;
&lt;td width="2%" align="left"&gt;&amp;nbsp;&lt;/td&gt;
&lt;td width="15%" align="right"&gt;&lt;font style="font-family: TimesNewRomanPSMT,Times New Roman,Times,serif;" class="_mt" size="3"&gt;4,000,000&lt;/font&gt;&lt;/td&gt;
&lt;td width="2%" align="left"&gt;&amp;nbsp;&lt;/td&gt;
&lt;td style="text-indent: 1px;" width="14%" align="left"&gt;&lt;font style="font-family: TimesNewRomanPSMT,Times New Roman,Times,serif;" class="_mt" size="3"&gt;196,000&lt;/font&gt;&lt;/td&gt;&lt;/tr&gt;
&lt;tr valign="bottom"&gt;&lt;td width="25%" align="left"&gt;&lt;font style="font-family: TimesNewRomanPSMT,Times New Roman,Times,serif;" class="_mt" size="3"&gt;Shoppes at SalemRun&lt;/font&gt;&lt;/td&gt;
&lt;td width="19%" align="left"&gt;&lt;font style="font-family: TimesNewRomanPSMT,Times New Roman,Times,serif;" class="_mt" size="3"&gt;Fredericksburg, VA&lt;/font&gt;&lt;/td&gt;
&lt;td width="18%" align="right"&gt;&lt;font style="font-family: TimesNewRomanPSMT,Times New Roman,Times,serif;" class="_mt" size="3"&gt;12/12/2011&lt;/font&gt;&lt;/td&gt;
&lt;td width="2%" align="left"&gt;&amp;nbsp;&lt;/td&gt;
&lt;td width="15%" align="right"&gt;&lt;font style="font-family: TimesNewRomanPSMT,Times New Roman,Times,serif;" class="_mt" size="3"&gt;1,675,000&lt;/font&gt;&lt;/td&gt;
&lt;td width="2%" align="left"&gt;&amp;nbsp;&lt;/td&gt;
&lt;td width="14%" align="right"&gt;&lt;font style="font-family: TimesNewRomanPSMT,Times New Roman,Times,serif;" class="_mt" size="3"&gt;-&lt;/font&gt;&lt;/td&gt;&lt;/tr&gt;
&lt;tr valign="bottom"&gt;&lt;td width="25%" align="left"&gt;&lt;font style="font-family: TimesNewRomanPSMT,Times New Roman,Times,serif;" class="_mt" size="3"&gt;Virginia Center Commons&lt;/font&gt;&lt;/td&gt;
&lt;td width="19%" align="left"&gt;&lt;font style="font-family: TimesNewRomanPSMT,Times New Roman,Times,serif;" class="_mt" size="3"&gt;Glen Allen, VA&lt;/font&gt;&lt;/td&gt;
&lt;td width="18%" align="right"&gt;&lt;font style="font-family: TimesNewRomanPSMT,Times New Roman,Times,serif;" class="_mt" size="3"&gt;12/21/2011&lt;/font&gt;&lt;/td&gt;
&lt;td width="2%" align="left"&gt;&amp;nbsp;&lt;/td&gt;
&lt;td width="15%" align="right"&gt;&lt;font style="font-family: TimesNewRomanPSMT,Times New Roman,Times,serif;" class="_mt" size="3"&gt;3,550,000&lt;/font&gt;&lt;/td&gt;
&lt;td width="2%" align="left"&gt;&amp;nbsp;&lt;/td&gt;
&lt;td width="14%" align="right"&gt;&lt;font style="font-family: TimesNewRomanPSMT,Times New Roman,Times,serif;" class="_mt" size="3"&gt;-&lt;/font&gt;&lt;/td&gt;&lt;/tr&gt;
&lt;tr valign="bottom"&gt;&lt;td width="25%" align="left"&gt;&lt;font style="font-family: TimesNewRomanPSMT,Times New Roman,Times,serif;" class="_mt" size="3"&gt;Nine properties&lt;/font&gt;&lt;/td&gt;
&lt;td width="19%" align="left"&gt;&lt;font style="font-family: TimesNewRomanPSMT,Times New Roman,Times,serif;" class="_mt" size="3"&gt;OH&lt;/font&gt;&lt;/td&gt;
&lt;td width="18%" align="right"&gt;&lt;font style="font-family: TimesNewRomanPSMT,Times New Roman,Times,serif;" class="_mt" size="3"&gt;12/28/2011&lt;/font&gt;&lt;/td&gt;
&lt;td width="2%" align="left"&gt;&amp;nbsp;&lt;/td&gt;
&lt;td width="15%" align="right"&gt;&lt;font style="font-family: TimesNewRomanPSMT,Times New Roman,Times,serif;" class="_mt" size="3"&gt;25,257,000&lt;/font&gt;&lt;/td&gt;
&lt;td width="2%" align="left"&gt;&amp;nbsp;&lt;/td&gt;
&lt;td width="14%" align="right"&gt;&lt;font style="font-family: TimesNewRomanPSMT,Times New Roman,Times,serif;" class="_mt" size="3"&gt;-&lt;/font&gt;&lt;/td&gt;&lt;/tr&gt;&lt;/table&gt;&lt;/div&gt;

&lt;p style="margin: 0px;"&gt;&amp;nbsp;&lt;/p&gt;

&lt;p style="text-align: left;"&gt;&amp;nbsp;&amp;nbsp;&amp;nbsp;&amp;nbsp;&amp;nbsp;&lt;font style="font-family: TimesNewRomanPSMT,Times New Roman,Times,serif;" class="_mt" size="3"&gt;The Company is also planning to arrange conveyances of three other Ohio properties to their respective mortgagees by deed-in-lieu of foreclosure processes, whereby the Company's subsidiaries would be released from all obligations, including any unpaid principal and interest. No payments have been made on these mortgages subsequent to December 31, 2011.&lt;/font&gt;&lt;/p&gt;

&lt;p style="text-align: left;"&gt;&amp;nbsp;&amp;nbsp;&amp;nbsp;&amp;nbsp;&amp;nbsp;&lt;font style="font-family: TimesNewRomanPSMT,Times New Roman,Times,serif;" class="_mt" size="3"&gt;During 2010, the Company completed the following transactions related to properties "held for sale/conveyance":&lt;/font&gt;&lt;/p&gt;

&lt;div align="left"&gt;

&lt;table border="0" cellspacing="0"&gt;
&lt;tr&gt;&lt;td width="35%"&gt; &lt;/td&gt;
&lt;td width="23%"&gt; &lt;/td&gt;
&lt;td width="15%"&gt; &lt;/td&gt;
&lt;td width="3%"&gt; &lt;/td&gt;
&lt;td width="11%"&gt; &lt;/td&gt;
&lt;td width="2%"&gt; &lt;/td&gt;
&lt;td width="8%"&gt; &lt;/td&gt;&lt;/tr&gt;
&lt;tr valign="bottom"&gt;&lt;td align="center"&gt;&amp;nbsp;&lt;/td&gt;
&lt;td align="center"&gt;&amp;nbsp;&lt;/td&gt;
&lt;td align="center"&gt;&lt;b&gt;&lt;font size="3" class="_mt" style="font-family: TimesNewRomanPS-BoldMT,Times New Roman,Times,serif;"&gt;Date&lt;/font&gt;&lt;/b&gt;&lt;/td&gt;
&lt;td align="center"&gt;&amp;nbsp;&lt;/td&gt;
&lt;td align="center"&gt;&lt;b&gt;&lt;font size="3" class="_mt" style="font-family: TimesNewRomanPS-BoldMT,Times New Roman,Times,serif;"&gt;Sales&lt;/font&gt;&lt;/b&gt;&lt;/td&gt;
&lt;td align="center"&gt;&amp;nbsp;&lt;/td&gt;
&lt;td align="center"&gt;&lt;b&gt;&lt;font size="3" class="_mt" style="font-family: TimesNewRomanPS-BoldMT,Times New Roman,Times,serif;"&gt;Gain on&lt;/font&gt;&lt;/b&gt;&lt;/td&gt;&lt;/tr&gt;
&lt;tr valign="bottom"&gt;&lt;td style="border-bottom: #000000 3px double;" align="center"&gt;&lt;b&gt;&lt;font size="3" class="_mt" style="font-family: TimesNewRomanPS-BoldMT,Times New Roman,Times,serif;"&gt;Property&lt;/font&gt;&lt;/b&gt;&lt;/td&gt;
&lt;td style="border-bottom: #000000 3px double;" align="center"&gt;&lt;b&gt;&lt;font size="3" class="_mt" style="font-family: TimesNewRomanPS-BoldMT,Times New Roman,Times,serif;"&gt;Location&lt;/font&gt;&lt;/b&gt;&lt;/td&gt;
&lt;td style="border-bottom: #000000 3px double;" align="center"&gt;&lt;b&gt;&lt;font size="3" class="_mt" style="font-family: TimesNewRomanPS-BoldMT,Times New Roman,Times,serif;"&gt;Sold&lt;/font&gt;&lt;/b&gt;&lt;/td&gt;
&lt;td style="border-bottom: #000000 3px double;" align="center"&gt;&amp;nbsp;&lt;/td&gt;
&lt;td style="border-bottom: #000000 3px double;" align="center"&gt;&lt;b&gt;&lt;font size="3" class="_mt" style="font-family: TimesNewRomanPS-BoldMT,Times New Roman,Times,serif;"&gt;Price&lt;/font&gt;&lt;/b&gt;&lt;/td&gt;
&lt;td style="border-bottom: #000000 3px double;" align="center"&gt;&amp;nbsp;&lt;/td&gt;
&lt;td style="border-bottom: #000000 3px double; text-indent: 2px;" align="center"&gt;&lt;b&gt;&lt;font size="3" class="_mt" style="font-family: TimesNewRomanPS-BoldMT,Times New Roman,Times,serif;"&gt;Sale&lt;/font&gt;&lt;/b&gt;&lt;/td&gt;&lt;/tr&gt;
&lt;tr valign="bottom"&gt;&lt;td align="left"&gt;&lt;font size="3" class="_mt" style="font-family: TimesNewRomanPSMT,Times New Roman,Times,serif;"&gt;Carrollton Discount Drug Mart Plaza&lt;/font&gt;&lt;/td&gt;
&lt;td align="left"&gt;&lt;font size="3" class="_mt" style="font-family: TimesNewRomanPSMT,Times New Roman,Times,serif;"&gt;Carrollton, OH&lt;/font&gt;&lt;/td&gt;
&lt;td align="right"&gt;&lt;font size="3" class="_mt" style="font-family: TimesNewRomanPSMT,Times New Roman,Times,serif;"&gt;1/28/2010&lt;/font&gt;&lt;/td&gt;
&lt;td align="left"&gt;&lt;font size="3" class="_mt" style="font-family: TimesNewRomanPSMT,Times New Roman,Times,serif;"&gt;$&lt;/font&gt;&lt;/td&gt;
&lt;td align="left"&gt;&lt;font size="3" class="_mt" style="font-family: TimesNewRomanPSMT,Times New Roman,Times,serif;"&gt;3,300,000&lt;/font&gt;&lt;/td&gt;
&lt;td align="left"&gt;&lt;font size="3" class="_mt" style="font-family: TimesNewRomanPSMT,Times New Roman,Times,serif;"&gt;$&lt;/font&gt;&lt;/td&gt;
&lt;td style="text-indent: 7px;" align="left"&gt;&lt;font size="3" class="_mt" style="font-family: TimesNewRomanPSMT,Times New Roman,Times,serif;"&gt;-&lt;/font&gt;&lt;/td&gt;&lt;/tr&gt;
&lt;tr valign="bottom"&gt;&lt;td align="left"&gt;&lt;font size="3" class="_mt" style="font-family: TimesNewRomanPSMT,Times New Roman,Times,serif;"&gt;Pondside Plaza&lt;/font&gt;&lt;/td&gt;
&lt;td align="left"&gt;&lt;font size="3" class="_mt" style="font-family: TimesNewRomanPSMT,Times New Roman,Times,serif;"&gt;Geneseo, NY&lt;/font&gt;&lt;/td&gt;
&lt;td align="right"&gt;&lt;font size="3" class="_mt" style="font-family: TimesNewRomanPSMT,Times New Roman,Times,serif;"&gt;2/4/2010&lt;/font&gt;&lt;/td&gt;
&lt;td align="left"&gt;&amp;nbsp;&lt;/td&gt;
&lt;td align="left"&gt;&lt;font size="3" class="_mt" style="font-family: TimesNewRomanPSMT,Times New Roman,Times,serif;"&gt;1,600,000&lt;/font&gt;&lt;/td&gt;
&lt;td align="left"&gt;&amp;nbsp;&lt;/td&gt;
&lt;td style="text-indent: 7px;" align="left"&gt;&lt;font size="3" class="_mt" style="font-family: TimesNewRomanPSMT,Times New Roman,Times,serif;"&gt;-&lt;/font&gt;&lt;/td&gt;&lt;/tr&gt;
&lt;tr valign="bottom"&gt;&lt;td align="left"&gt;&lt;font size="3" class="_mt" style="font-family: TimesNewRomanPSMT,Times New Roman,Times,serif;"&gt;Family Dollar at Zanesville&lt;/font&gt;&lt;/td&gt;
&lt;td align="left"&gt;&lt;font size="3" class="_mt" style="font-family: TimesNewRomanPSMT,Times New Roman,Times,serif;"&gt;Zanesville, OH&lt;/font&gt;&lt;/td&gt;
&lt;td align="right"&gt;&lt;font size="3" class="_mt" style="font-family: TimesNewRomanPSMT,Times New Roman,Times,serif;"&gt;2/25/2010&lt;/font&gt;&lt;/td&gt;
&lt;td align="left"&gt;&amp;nbsp;&lt;/td&gt;
&lt;td style="text-indent: 2px;" align="left"&gt;&lt;font size="3" class="_mt" style="font-family: TimesNewRomanPSMT,Times New Roman,Times,serif;"&gt;575,000&lt;/font&gt;&lt;/td&gt;
&lt;td align="left"&gt;&amp;nbsp;&lt;/td&gt;
&lt;td style="text-indent: 1px;" align="left"&gt;&lt;font size="3" class="_mt" style="font-family: TimesNewRomanPSMT,Times New Roman,Times,serif;"&gt;170,000&lt;/font&gt;&lt;/td&gt;&lt;/tr&gt;
&lt;tr valign="bottom"&gt;&lt;td align="left"&gt;&lt;font size="3" class="_mt" style="font-family: TimesNewRomanPSMT,Times New Roman,Times,serif;"&gt;PowellDiscount Drug Mart Plaza&lt;/font&gt;&lt;/td&gt;
&lt;td align="left"&gt;&lt;font size="3" class="_mt" style="font-family: TimesNewRomanPSMT,Times New Roman,Times,serif;"&gt;Powell, OH&lt;/font&gt;&lt;/td&gt;
&lt;td align="right"&gt;&lt;font size="3" class="_mt" style="font-family: TimesNewRomanPSMT,Times New Roman,Times,serif;"&gt;3/23/2010&lt;/font&gt;&lt;/td&gt;
&lt;td align="left"&gt;&amp;nbsp;&lt;/td&gt;
&lt;td align="left"&gt;&lt;font size="3" class="_mt" style="font-family: TimesNewRomanPSMT,Times New Roman,Times,serif;"&gt;5,150,000&lt;/font&gt;&lt;/td&gt;
&lt;td align="left"&gt;&amp;nbsp;&lt;/td&gt;
&lt;td style="text-indent: 7px;" align="left"&gt;&lt;font size="3" class="_mt" style="font-family: TimesNewRomanPSMT,Times New Roman,Times,serif;"&gt;-&lt;/font&gt;&lt;/td&gt;&lt;/tr&gt;
&lt;tr valign="bottom"&gt;&lt;td align="left"&gt;&lt;font size="3" class="_mt" style="font-family: TimesNewRomanPSMT,Times New Roman,Times,serif;"&gt;Long Reach Village&lt;/font&gt;&lt;/td&gt;
&lt;td align="left"&gt;&lt;font size="3" class="_mt" style="font-family: TimesNewRomanPSMT,Times New Roman,Times,serif;"&gt;Columbia, MD&lt;/font&gt;&lt;/td&gt;
&lt;td align="right"&gt;&lt;font size="3" class="_mt" style="font-family: TimesNewRomanPSMT,Times New Roman,Times,serif;"&gt;10/29/2010&lt;/font&gt;&lt;/td&gt;
&lt;td align="left"&gt;&amp;nbsp;&lt;/td&gt;
&lt;td align="left"&gt;&lt;font size="3" class="_mt" style="font-family: TimesNewRomanPSMT,Times New Roman,Times,serif;"&gt;5,500,000&lt;/font&gt;&lt;/td&gt;
&lt;td align="left"&gt;&amp;nbsp;&lt;/td&gt;
&lt;td style="text-indent: 7px;" align="left"&gt;&lt;font size="3" class="_mt" style="font-family: TimesNewRomanPSMT,Times New Roman,Times,serif;"&gt;-&lt;/font&gt;&lt;/td&gt;&lt;/tr&gt;&lt;/table&gt;&lt;/div&gt;

&lt;p style="margin: 0px;"&gt;&amp;nbsp;&lt;/p&gt;

&lt;p style="text-align: left;"&gt;&amp;nbsp;&amp;nbsp;&amp;nbsp;&amp;nbsp;&amp;nbsp;&lt;b&gt;&lt;font style="font-family: TimesNewRomanPS-BoldMT,Times New Roman,Times,serif;" class="_mt" size="3"&gt;Homburg Joint Venture. &lt;/font&gt;&lt;/b&gt;&lt;font style="font-family: TimesNewRomanPSMT,Times New Roman,Times,serif;" class="_mt" size="3"&gt;In February 2011, Homburg Invest Inc. ("HII") exercised its buy/sell option pursuant to the terms of the joint venture agreements for each of the nine properties owned by the venture. The offered values for the properties, in the aggregate, amounted to approximately $55.0 million over existing property-specific financing (approximately $100.9 million at December 31, 2011). Currently, the Company has made elections to purchase HII's 80% interest in two of the nine properties, Meadows Marketplace, located in Hershey, Pennsylvania and Fieldstone Marketplace, located in New Bedford, &lt;/font&gt;&lt;font style="font-family: TimesNewRomanPSMT,Times New Roman,Times,serif;" class="_mt" size="3"&gt;Massachusetts. At the closing, the Company will pay approximately $5.5 million to HII for its 80% interest in the two properties; the outstanding balances of the mortgage loans payable on the properties were approximately $27.7 million at December 31, 2011. The Company also determined not to meet HII's buy/sell offers for each of the remaining seven properties, which are now being treated as "held for sale/conveyance". At the closing, the Company will receive proceeds of approximately $8.3 million from HII for its 20% interest in the seven properties; the outstanding balances of the mortgage loans payable on the properties aggregated approximately $73.2 million at December 31, 2011. The Company's property management agreements for the seven properties will terminate upon the closing of the sale. Although there are still uncertainties with respect to the obtaining of the required approvals of the lenders holding mortgages on the properties, the Company anticipates that the contemplated transactions will close in 2012.&lt;/font&gt;&lt;/p&gt;

&lt;p style="text-align: left;"&gt;&amp;nbsp;&amp;nbsp;&amp;nbsp;&amp;nbsp;&amp;nbsp;&lt;b&gt;&lt;font style="font-family: TimesNewRomanPS-BoldMT,Times New Roman,Times,serif;" class="_mt" size="3"&gt;Philadelphia Redevelopment Property. &lt;/font&gt;&lt;/b&gt;&lt;font style="font-family: TimesNewRomanPSMT,Times New Roman,Times,serif;" class="_mt" size="3"&gt;The tenant at two properties, one owned in an unconsolidated joint venture and the other owned 100% by the Company (acquired in October 2010), vacated both premises in April 2011, at which time both the joint venture and the Company's wholly-owned subsidiary had CMBS non-recourse first mortgage loans secured by the properties in the amounts of $14.7 million due for payment in May 2011 and $12.9 million due for payment in March 2012, respectively ($250,000 of the $12.9 million loan is guaranteed by the Company). The Company reviewed its investment alternatives and determined that it would not be prudent to proceed with the development, sale or lease of the properties, or to advance the funds necessary to pay off the mortgages. Such determination was based on the uncertainty in obtaining favorable revisions to zoning, difficult existing deed restrictions, the uncertainty in achieving required economic returns given the extensive additional capital investments required, and uncertain current market conditions for sale or lease. Accordingly, the Company wrote off its investment in the joint venture ($8.0 million - see Note 2 - "Summary of Significant Accounting Policies &amp;#8211; Principles of Consolidation/Basis of Preparation"), and recorded an impairment charge related to the value of the 100%-owned property ($9.1 million, included in discontinued operations). No payments have been made on the 100%-owned property mortgage since May 2011, although the Company has been accruing interest expense and will pay certain property-related maintenance/security expenses as they become due. The Company is negotiating a conveyance of the property to the mortgagee by a deed-in-lieu of foreclosure process, whereby the Company's subsidiary would be released from all obligations, including any unpaid principal and interest (other than the aforementioned $250,000 guaranty). At the time of such conveyance, the Company would recognize a gain based on the excess of the carrying amount of the liabilities (mortgage principal and any accrued property-related expenses) over the carrying amount of the property (approximately $6.8 million as of December 31, 2011).&lt;/font&gt;&lt;/p&gt;

&lt;p style="text-align: left;"&gt;&amp;nbsp;&amp;nbsp;&amp;nbsp;&amp;nbsp;&amp;nbsp;&lt;b&gt;&lt;font style="font-family: TimesNewRomanPS-BoldMT,Times New Roman,Times,serif;" class="_mt" size="3"&gt;Ohio Properties. &lt;/font&gt;&lt;/b&gt;&lt;font style="font-family: TimesNewRomanPSMT,Times New Roman,Times,serif;" class="_mt" size="3"&gt;Impairment charges related to these properties recorded in 2011 included additional charges of approximately $10.5 million, principally representing adjustments to the net realizable values of certain of the properties treated as "held for sale/conveyance" as of December 31, 2010. The additional charges were based principally on changes in the structure of previously-negotiated transactions, whereby (1) the Company terminated a contract to swap three &lt;/font&gt;&lt;font style="font-family: TimesNewRomanPSMT,Times New Roman,Times,serif;" class="_mt" size="3"&gt;properties for certain land parcels in Ohio and instead entered into a new agreement to sell the properties for cash and assumption of existing debt, and (2) as a result of amending its contract for the sale of the 12 properties discussed below, the Company revalued the properties on an individual, and not portfolio, basis (the buyers in both cases being members of the group from which the Company originally acquired substantially all of its drug store/convenience centers).&lt;/font&gt;&lt;/p&gt;

&lt;p style="text-align: left;"&gt;&amp;nbsp;&amp;nbsp;&amp;nbsp;&amp;nbsp;&amp;nbsp;&lt;font style="font-family: TimesNewRomanPSMT,Times New Roman,Times,serif;" class="_mt" size="3"&gt;On April 27, 2011, the Company made a two-year $4.1 million loan to the developers of a site located in Columbus, Ohio (the developers are certain other members of the group from which the Company acquired substantially all of its drug store/convenience centers). The loan was made in consideration of the borrowers facilitating (but not being parties to) the contract for the sale of the 12 properties. The loan (which may be increased, under certain conditions, by an additional $300,000) bears interest at 6.25% per annum and is collateralized by a first mortgage on the development parcel. The balance of the loan and accrued interest aggregated $4.3 million as of December 31, 2011.&lt;/font&gt;&lt;/p&gt;

&lt;p style="text-align: left;"&gt;&amp;nbsp;&amp;nbsp;&amp;nbsp;&amp;nbsp;&amp;nbsp;&lt;font style="font-family: TimesNewRomanPSMT,Times New Roman,Times,serif;" class="_mt" size="3"&gt;On April 29, 2011, the Company entered into a contract, as subsequently amended, for the sale of 12 properties, subject to the obtaining of approvals of the lenders holding mortgages on the properties. The $28.0 million net aggregate sales price for the properties, after reflecting estimated closing costs and expenses, includes mortgage loans payable to be assumed and approximates the properties' carrying values. The sales of nine of the properties closed on December 28, 2011. Two of the remaining properties were sold in early 2012, with the remaining property expected to be sold during 2012.&lt;/font&gt;&lt;/p&gt; &lt;/div&gt;</cdr:DiscontinuedOperationsLandDispositionsAndWriteOffOfInvestmentInUnconsolidatedJointVentureTextBlock>
  <cdr:DistributionsOfCapitalFromUnconsolidatedJointVenture contextRef="Duration_1_1_2010_To_12_31_2010" unitRef="Unit1" decimals="0">21502000</cdr:DistributionsOfCapitalFromUnconsolidatedJointVenture>
  <cdr:DistributionsOfCapitalFromUnconsolidatedJointVenture contextRef="Duration_1_1_2011_To_12_31_2011" unitRef="Unit1" decimals="0">4315000</cdr:DistributionsOfCapitalFromUnconsolidatedJointVenture>
  <cdr:GainLossOnSaleOfLandParcel contextRef="Duration_1_1_2009_To_12_31_2009" unitRef="Unit1" decimals="0">521000</cdr:GainLossOnSaleOfLandParcel>
  <cdr:GainLossOnSaleOfLandParcel contextRef="Duration_1_1_2011_To_12_31_2011" unitRef="Unit1" decimals="0">130000</cdr:GainLossOnSaleOfLandParcel>
  <cdr:GainOnSaleOfDiscontinuedOperations contextRef="Duration_1_1_2009_To_12_31_2009" unitRef="Unit1" decimals="0">536000</cdr:GainOnSaleOfDiscontinuedOperations>
  <cdr:GainOnSaleOfDiscontinuedOperations contextRef="Duration_1_1_2010_To_12_31_2010" unitRef="Unit1" decimals="0">166000</cdr:GainOnSaleOfDiscontinuedOperations>
  <cdr:GainOnSaleOfDiscontinuedOperations contextRef="Duration_1_1_2011_To_12_31_2011" unitRef="Unit1" decimals="0">866000</cdr:GainOnSaleOfDiscontinuedOperations>
  <cdr:ImpairmentOfDiscontinuedOperations contextRef="Duration_1_1_2009_To_12_31_2009" unitRef="Unit1" decimals="0">3559000</cdr:ImpairmentOfDiscontinuedOperations>
  <cdr:ImpairmentOfDiscontinuedOperations contextRef="Duration_1_1_2010_To_12_31_2010" unitRef="Unit1" decimals="0">39822000</cdr:ImpairmentOfDiscontinuedOperations>
  <cdr:ImpairmentOfDiscontinuedOperations contextRef="Duration_1_1_2011_To_12_31_2011" unitRef="Unit1" decimals="0">88458000</cdr:ImpairmentOfDiscontinuedOperations>
  <cdr:ImpairmentOfDiscontinuedOperationsExcludingAmountsReclassifiedFromTransactionCosts contextRef="Duration_1_1_2009_To_12_31_2009" unitRef="Unit1" decimals="0">3559000</cdr:ImpairmentOfDiscontinuedOperationsExcludingAmountsReclassifiedFromTransactionCosts>
  <cdr:ImpairmentOfDiscontinuedOperationsExcludingAmountsReclassifiedFromTransactionCosts contextRef="Duration_1_1_2010_To_12_31_2010" unitRef="Unit1" decimals="0">39527000</cdr:ImpairmentOfDiscontinuedOperationsExcludingAmountsReclassifiedFromTransactionCosts>
  <cdr:ImpairmentOfDiscontinuedOperationsExcludingAmountsReclassifiedFromTransactionCosts contextRef="Duration_1_1_2011_To_12_31_2011" unitRef="Unit1" decimals="0">88458000</cdr:ImpairmentOfDiscontinuedOperationsExcludingAmountsReclassifiedFromTransactionCosts>
  <cdr:IntangibleLeaseAssetLiabilityDisclosureTextBlock contextRef="Duration_1_1_2011_To_12_31_2011">&lt;div&gt; &lt;p style="text-align: left;"&gt;&lt;b&gt;&lt;font style="font-family: TimesNewRomanPS-BoldMT,Times New Roman,Times,serif;" class="_mt" size="3"&gt;Note 12. Intangible Lease Asset/Liability&lt;/font&gt;&lt;/b&gt;&lt;/p&gt;

&lt;p style="text-align: left;"&gt;&amp;nbsp;&amp;nbsp;&amp;nbsp;&amp;nbsp;&amp;nbsp;&lt;font style="font-family: TimesNewRomanPSMT,Times New Roman,Times,serif;" class="_mt" size="3"&gt;Unamortized intangible lease liabilities that relate to below-market leases amounted to $35.0 million and $40.3 million at December 31, 2011 and December 31, 2010, respectively. Unamortized intangible lease assets that relate to above-market leases amounted to $0.5 million and $0 at December 31, 2011 and December 31, 2010, respectively.&lt;/font&gt;&lt;/p&gt;

&lt;div&gt;&amp;nbsp;&lt;/div&gt;&lt;br /&gt;

&lt;p style="text-align: left;"&gt;&amp;nbsp;&amp;nbsp;&amp;nbsp;&amp;nbsp;&amp;nbsp;&lt;font style="font-family: TimesNewRomanPSMT,Times New Roman,Times,serif;" class="_mt" size="3"&gt;The unamortized balance of intangible lease liabilities at December 31, 2011 is net of accumulated amortization of $51.8 million, and will be credited to future operations through 2043 as follows:&lt;/font&gt;&lt;/p&gt;

&lt;div&gt;

&lt;table border="0" cellspacing="0"&gt;
&lt;tr&gt;&lt;td width="41%"&gt;&amp;nbsp;&lt;/td&gt;
&lt;td width="12%"&gt;&amp;nbsp;&lt;/td&gt;
&lt;td width="46%"&gt;&amp;nbsp;&lt;/td&gt;&lt;/tr&gt;
&lt;tr valign="bottom"&gt;&lt;td align="right"&gt;&lt;font style="font-family: TimesNewRomanPSMT,Times New Roman,Times,serif;" class="_mt" size="3"&gt;2012&lt;/font&gt;&lt;/td&gt;
&lt;td align="left"&gt;&lt;font style="font-family: TimesNewRomanPSMT,Times New Roman,Times,serif;" class="_mt" size="3"&gt;$&lt;/font&gt;&lt;/td&gt;
&lt;td align="right"&gt;&lt;font style="font-family: TimesNewRomanPSMT,Times New Roman,Times,serif;" class="_mt" size="3"&gt;5,097,000&lt;/font&gt;&lt;/td&gt;&lt;/tr&gt;
&lt;tr valign="bottom"&gt;&lt;td align="right"&gt;&lt;font style="font-family: TimesNewRomanPSMT,Times New Roman,Times,serif;" class="_mt" size="3"&gt;2013&lt;/font&gt;&lt;/td&gt;
&lt;td align="left"&gt;&amp;nbsp;&lt;/td&gt;
&lt;td align="right"&gt;&lt;font style="font-family: TimesNewRomanPSMT,Times New Roman,Times,serif;" class="_mt" size="3"&gt;4,668,000&lt;/font&gt;&lt;/td&gt;&lt;/tr&gt;
&lt;tr valign="bottom"&gt;&lt;td align="right"&gt;&lt;font style="font-family: TimesNewRomanPSMT,Times New Roman,Times,serif;" class="_mt" size="3"&gt;2014&lt;/font&gt;&lt;/td&gt;
&lt;td align="left"&gt;&amp;nbsp;&lt;/td&gt;
&lt;td align="right"&gt;&lt;font style="font-family: TimesNewRomanPSMT,Times New Roman,Times,serif;" class="_mt" size="3"&gt;4,207,000&lt;/font&gt;&lt;/td&gt;&lt;/tr&gt;
&lt;tr valign="bottom"&gt;&lt;td align="right"&gt;&lt;font style="font-family: TimesNewRomanPSMT,Times New Roman,Times,serif;" class="_mt" size="3"&gt;2015&lt;/font&gt;&lt;/td&gt;
&lt;td align="left"&gt;&amp;nbsp;&lt;/td&gt;
&lt;td align="right"&gt;&lt;font style="font-family: TimesNewRomanPSMT,Times New Roman,Times,serif;" class="_mt" size="3"&gt;3,093,000&lt;/font&gt;&lt;/td&gt;&lt;/tr&gt;
&lt;tr valign="bottom"&gt;&lt;td align="right"&gt;&lt;font style="font-family: TimesNewRomanPSMT,Times New Roman,Times,serif;" class="_mt" size="3"&gt;2016&lt;/font&gt;&lt;/td&gt;
&lt;td align="left"&gt;&amp;nbsp;&lt;/td&gt;
&lt;td align="right"&gt;&lt;font style="font-family: TimesNewRomanPSMT,Times New Roman,Times,serif;" class="_mt" size="3"&gt;1,911,000&lt;/font&gt;&lt;/td&gt;&lt;/tr&gt;
&lt;tr valign="bottom"&gt;&lt;td align="right"&gt;&lt;font style="font-family: TimesNewRomanPSMT,Times New Roman,Times,serif;" class="_mt" size="3"&gt;Thereafter&lt;/font&gt;&lt;/td&gt;
&lt;td style="border-bottom: #000000 1px solid;" align="left"&gt;&amp;nbsp;&lt;/td&gt;
&lt;td style="border-bottom: #000000 1px solid;" align="right"&gt;&lt;font style="font-family: TimesNewRomanPSMT,Times New Roman,Times,serif;" class="_mt" size="3"&gt;16,041,000&lt;/font&gt;&lt;/td&gt;&lt;/tr&gt;
&lt;tr valign="bottom"&gt;&lt;td align="left"&gt;&amp;nbsp;&lt;/td&gt;
&lt;td style="border-bottom: #000000 3px double;" align="left"&gt;&lt;font style="font-family: TimesNewRomanPSMT,Times New Roman,Times,serif;" class="_mt" size="3"&gt;$&lt;/font&gt;&lt;/td&gt;
&lt;td style="border-bottom: #000000 3px double;" align="right"&gt;&lt;font style="font-family: TimesNewRomanPSMT,Times New Roman,Times,serif;" class="_mt" size="3"&gt;35,017,000&lt;/font&gt;&lt;/td&gt;&lt;/tr&gt;&lt;/table&gt;&lt;/div&gt;

&lt;p style="margin: 0px;"&gt;&amp;nbsp;&lt;/p&gt; &lt;/div&gt;</cdr:IntangibleLeaseAssetLiabilityDisclosureTextBlock>
  <cdr:InterestExpenseIncludingAmortizationOfDeferredFinancingCosts contextRef="Duration_1_1_2009_To_12_31_2009" unitRef="Unit1" decimals="0">41669000</cdr:InterestExpenseIncludingAmortizationOfDeferredFinancingCosts>
  <cdr:InterestExpenseIncludingAmortizationOfDeferredFinancingCosts contextRef="Duration_1_1_2010_To_12_31_2010" unitRef="Unit1" decimals="0">43138000</cdr:InterestExpenseIncludingAmortizationOfDeferredFinancingCosts>
  <cdr:InterestExpenseIncludingAmortizationOfDeferredFinancingCosts contextRef="Duration_1_1_2011_To_12_31_2011" unitRef="Unit1" decimals="0">41870000</cdr:InterestExpenseIncludingAmortizationOfDeferredFinancingCosts>
  <cdr:InvestmentInJointVentureTextBlock contextRef="Duration_1_1_2011_To_12_31_2011">&lt;div&gt; &lt;p style="text-align: left;"&gt;&lt;b&gt;&lt;font style="font-family: TimesNewRomanPS-BoldMT,Times New Roman,Times,serif;" class="_mt" size="3"&gt;Note 4. Investment in Cedar/RioCan Joint Venture&lt;/font&gt;&lt;/b&gt;&lt;/p&gt;

&lt;p style="text-align: left;"&gt;&amp;nbsp;&amp;nbsp;&amp;nbsp;&amp;nbsp;&amp;nbsp;&lt;font style="font-family: TimesNewRomanPSMT,Times New Roman,Times,serif;" class="_mt" size="3"&gt;The Company and RioCan have entered into an 80% (RioCan) and 20% (Cedar) joint venture (i) initially for the purchase of seven supermarket-anchored properties previously owned &lt;/font&gt;&lt;font style="font-family: TimesNewRomanPSMT,Times New Roman,Times,serif;" class="_mt" size="3"&gt;by the Company (completed in May 2010), and (ii) then to acquire additional primarily supermarket-anchored properties in the Company's primary market areas, in the same joint venture format. At December 31, 2011, the joint venture owned 22 properties.&lt;/font&gt;&lt;/p&gt;

&lt;p style="text-align: left;"&gt;&amp;nbsp;&amp;nbsp;&amp;nbsp;&amp;nbsp;&amp;nbsp;&lt;font style="font-family: TimesNewRomanPSMT,Times New Roman,Times,serif;" class="_mt" size="3"&gt;The Company earned fees from the joint venture of approximately $2.8 million and $3.6 million for 2011 and 2010, respectively, representing accounting fees, management fees, acquisition fees and financing fees. Such fees are included in other revenues in the accompanying statements of operations.&lt;/font&gt;&lt;/p&gt;

&lt;p style="text-align: left;"&gt;&amp;nbsp;&amp;nbsp;&amp;nbsp;&amp;nbsp;&amp;nbsp;&lt;font style="font-family: TimesNewRomanPSMT,Times New Roman,Times,serif;" class="_mt" size="3"&gt;In connection with the formation of the joint venture and the agreement to transfer the seven properties which were reclassified as "held for sale", the Company recorded impairment charges of $2.5 million and $23.6 million in 2010 and 2009, respectively. Such charges were based on a comparison of the arms-length negotiated transfer amounts set forth in the contract with the carrying values of the properties transferred. In 2010, the Company incurred fees to its investment advisor as it relates to the Cedar/RioCan joint venture of $2.7 million. The joint venture agreement provides that, any time after December 10, 2012, either the Company or RioCan may initiate a "buy/sell" arrangement pursuant to which the initiating party can designate a value for all the joint venture's properties (in the aggregate), and the other party may then elect either to sell its proportionate ownership interest in the joint venture based on that value or to purchase the initiating party's ownership interest based on such valuation.&lt;/font&gt;&lt;/p&gt;

&lt;p style="text-align: left;"&gt;&amp;nbsp;&amp;nbsp;&amp;nbsp;&amp;nbsp;&amp;nbsp;&lt;font style="font-family: TimesNewRomanPSMT,Times New Roman,Times,serif;" class="_mt" size="3"&gt;The following summarizes certain financial information related to the Company's investment in the Cedar/RioCan unconsolidated joint venture:&lt;/font&gt;&lt;/p&gt;

&lt;div&gt;&amp;nbsp;&lt;/div&gt;&lt;br /&gt;

&lt;div&gt;

&lt;table border="0" cellspacing="0"&gt;
&lt;tr&gt;&lt;td width="62%"&gt;&amp;nbsp; &lt;/td&gt;
&lt;td width="3%"&gt;&amp;nbsp; &lt;/td&gt;
&lt;td width="13%"&gt;&amp;nbsp; &lt;/td&gt;
&lt;td width="3%"&gt;&amp;nbsp; &lt;/td&gt;
&lt;td width="3%"&gt;&amp;nbsp; &lt;/td&gt;
&lt;td width="12%"&gt;&amp;nbsp; &lt;/td&gt;&lt;/tr&gt;
&lt;tr valign="bottom"&gt;&lt;td style="border-bottom: #000000 1px solid;" width="62%" align="left"&gt;&lt;b&gt;&lt;font style="font-family: TimesNewRomanPS-BoldMT,Times New Roman,Times,serif;" class="_mt" size="2"&gt;Balance Sheets&lt;/font&gt;&lt;/b&gt; &lt;/td&gt;
&lt;td style="border-bottom: #000000 1px solid;" width="34%" colspan="5" align="center"&gt;&lt;b&gt;&lt;font style="font-family: TimesNewRomanPS-BoldMT,Times New Roman,Times,serif;" class="_mt" size="2"&gt;December 31,&lt;/font&gt;&lt;/b&gt; &lt;/td&gt;&lt;/tr&gt;
&lt;tr valign="bottom"&gt;&lt;td width="62%" align="left"&gt;&amp;nbsp; &lt;/td&gt;
&lt;td style="border-bottom: #000000 1px solid;" width="19%" colspan="3" align="center"&gt;&lt;b&gt;&lt;font style="font-family: TimesNewRomanPS-BoldMT,Times New Roman,Times,serif;" class="_mt" size="2"&gt;2011&lt;/font&gt;&lt;/b&gt; &lt;/td&gt;
&lt;td style="border-bottom: #000000 1px solid;" width="15%" colspan="2" align="center"&gt;&lt;b&gt;&lt;font style="font-family: TimesNewRomanPS-BoldMT,Times New Roman,Times,serif;" class="_mt" size="2"&gt;2010&lt;/font&gt;&lt;/b&gt; &lt;/td&gt;&lt;/tr&gt;
&lt;tr valign="bottom"&gt;&lt;td width="62%" align="left"&gt;&lt;font style="font-family: TimesNewRomanPSMT,Times New Roman,Times,serif;" class="_mt" size="2"&gt;Assets:&lt;/font&gt; &lt;/td&gt;
&lt;td width="3%" align="right"&gt;&amp;nbsp; &lt;/td&gt;
&lt;td width="13%" align="left"&gt;&amp;nbsp; &lt;/td&gt;
&lt;td width="3%" align="left"&gt;&amp;nbsp; &lt;/td&gt;
&lt;td width="3%" align="right"&gt;&amp;nbsp; &lt;/td&gt;
&lt;td width="12%" align="left"&gt;&amp;nbsp; &lt;/td&gt;&lt;/tr&gt;
&lt;tr valign="bottom"&gt;&lt;td width="62%" align="left"&gt;&lt;font style="font-family: TimesNewRomanPSMT,Times New Roman,Times,serif;" class="_mt" size="2"&gt;Real estate, net&lt;/font&gt; &lt;/td&gt;
&lt;td width="3%" align="right"&gt;&lt;font style="font-family: TimesNewRomanPSMT,Times New Roman,Times,serif;" class="_mt" size="2"&gt;$&lt;/font&gt; &lt;/td&gt;
&lt;td width="13%" align="right"&gt;&lt;font style="font-family: TimesNewRomanPSMT,Times New Roman,Times,serif;" class="_mt" size="2"&gt;532,071,000&lt;/font&gt; &lt;/td&gt;
&lt;td width="3%" align="left"&gt;&amp;nbsp; &lt;/td&gt;
&lt;td width="3%" align="right"&gt;&lt;font style="font-family: TimesNewRomanPSMT,Times New Roman,Times,serif;" class="_mt" size="2"&gt;$&lt;/font&gt; &lt;/td&gt;
&lt;td width="12%" align="right"&gt;&lt;font style="font-family: TimesNewRomanPSMT,Times New Roman,Times,serif;" class="_mt" size="2"&gt;524,447,000&lt;/font&gt; &lt;/td&gt;&lt;/tr&gt;
&lt;tr valign="bottom"&gt;&lt;td width="62%" align="left"&gt;&lt;font style="font-family: TimesNewRomanPSMT,Times New Roman,Times,serif;" class="_mt" size="2"&gt;Cash and cash equivalents&lt;/font&gt; &lt;/td&gt;
&lt;td width="3%" align="right"&gt;&amp;nbsp; &lt;/td&gt;
&lt;td width="13%" align="right"&gt;&lt;font style="font-family: TimesNewRomanPSMT,Times New Roman,Times,serif;" class="_mt" size="2"&gt;12,797,000&lt;/font&gt; &lt;/td&gt;
&lt;td width="3%" align="left"&gt;&amp;nbsp; &lt;/td&gt;
&lt;td width="3%" align="right"&gt;&amp;nbsp; &lt;/td&gt;
&lt;td width="12%" align="right"&gt;&lt;font style="font-family: TimesNewRomanPSMT,Times New Roman,Times,serif;" class="_mt" size="2"&gt;5,934,000&lt;/font&gt; &lt;/td&gt;&lt;/tr&gt;
&lt;tr valign="bottom"&gt;&lt;td width="62%" align="left"&gt;&lt;font style="font-family: TimesNewRomanPSMT,Times New Roman,Times,serif;" class="_mt" size="2"&gt;Restricted cash&lt;/font&gt; &lt;/td&gt;
&lt;td width="3%" align="right"&gt;&amp;nbsp; &lt;/td&gt;
&lt;td width="13%" align="right"&gt;&lt;font style="font-family: TimesNewRomanPSMT,Times New Roman,Times,serif;" class="_mt" size="2"&gt;3,689,000&lt;/font&gt; &lt;/td&gt;
&lt;td width="3%" align="left"&gt;&amp;nbsp; &lt;/td&gt;
&lt;td width="3%" align="right"&gt;&amp;nbsp; &lt;/td&gt;
&lt;td width="12%" align="right"&gt;&lt;font style="font-family: TimesNewRomanPSMT,Times New Roman,Times,serif;" class="_mt" size="2"&gt;4,464,000&lt;/font&gt; &lt;/td&gt;&lt;/tr&gt;
&lt;tr valign="bottom"&gt;&lt;td width="62%" align="left"&gt;&lt;font style="font-family: TimesNewRomanPSMT,Times New Roman,Times,serif;" class="_mt" size="2"&gt;Rent and other receivables&lt;/font&gt; &lt;/td&gt;
&lt;td width="3%" align="right"&gt;&amp;nbsp; &lt;/td&gt;
&lt;td width="13%" align="right"&gt;&lt;font style="font-family: TimesNewRomanPSMT,Times New Roman,Times,serif;" class="_mt" size="2"&gt;2,419,000&lt;/font&gt; &lt;/td&gt;
&lt;td width="3%" align="left"&gt;&amp;nbsp; &lt;/td&gt;
&lt;td width="3%" align="right"&gt;&amp;nbsp; &lt;/td&gt;
&lt;td width="12%" align="right"&gt;&lt;font style="font-family: TimesNewRomanPSMT,Times New Roman,Times,serif;" class="_mt" size="2"&gt;2,074,000&lt;/font&gt; &lt;/td&gt;&lt;/tr&gt;
&lt;tr valign="bottom"&gt;&lt;td width="62%" align="left"&gt;&lt;font style="font-family: TimesNewRomanPSMT,Times New Roman,Times,serif;" class="_mt" size="2"&gt;Straight-line rent&lt;/font&gt; &lt;/td&gt;
&lt;td width="3%" align="right"&gt;&amp;nbsp; &lt;/td&gt;
&lt;td width="13%" align="right"&gt;&lt;font style="font-family: TimesNewRomanPSMT,Times New Roman,Times,serif;" class="_mt" size="2"&gt;2,743,000&lt;/font&gt; &lt;/td&gt;
&lt;td width="3%" align="left"&gt;&amp;nbsp; &lt;/td&gt;
&lt;td width="3%" align="right"&gt;&amp;nbsp; &lt;/td&gt;
&lt;td width="12%" align="right"&gt;&lt;font style="font-family: TimesNewRomanPSMT,Times New Roman,Times,serif;" class="_mt" size="2"&gt;1,000,000&lt;/font&gt; &lt;/td&gt;&lt;/tr&gt;
&lt;tr valign="bottom"&gt;&lt;td width="62%" align="left"&gt;&lt;font style="font-family: TimesNewRomanPSMT,Times New Roman,Times,serif;" class="_mt" size="2"&gt;Deferred charges, net&lt;/font&gt; &lt;/td&gt;
&lt;td width="3%" align="right"&gt;&amp;nbsp; &lt;/td&gt;
&lt;td width="13%" align="right"&gt;&lt;font style="font-family: TimesNewRomanPSMT,Times New Roman,Times,serif;" class="_mt" size="2"&gt;12,682,000&lt;/font&gt; &lt;/td&gt;
&lt;td width="3%" align="left"&gt;&amp;nbsp; &lt;/td&gt;
&lt;td width="3%" align="right"&gt;&amp;nbsp; &lt;/td&gt;
&lt;td width="12%" align="right"&gt;&lt;font style="font-family: TimesNewRomanPSMT,Times New Roman,Times,serif;" class="_mt" size="2"&gt;13,269,000&lt;/font&gt; &lt;/td&gt;&lt;/tr&gt;
&lt;tr valign="bottom"&gt;&lt;td width="62%" align="left"&gt;&lt;font style="font-family: TimesNewRomanPSMT,Times New Roman,Times,serif;" class="_mt" size="2"&gt;Other assets&lt;/font&gt; &lt;/td&gt;
&lt;td style="border-bottom: #000000 1px solid;" width="3%" align="right"&gt;&amp;nbsp; &lt;/td&gt;
&lt;td style="border-bottom: #000000 1px solid;" width="13%" align="right"&gt;&lt;font style="font-family: TimesNewRomanPSMT,Times New Roman,Times,serif;" class="_mt" size="2"&gt;5,549,000&lt;/font&gt; &lt;/td&gt;
&lt;td style="border-bottom: #000000 1px solid;" width="3%" align="left"&gt;&amp;nbsp; &lt;/td&gt;
&lt;td style="border-bottom: #000000 1px solid;" width="3%" align="right"&gt;&amp;nbsp; &lt;/td&gt;
&lt;td style="border-bottom: #000000 1px solid;" width="12%" align="right"&gt;&lt;font style="font-family: TimesNewRomanPSMT,Times New Roman,Times,serif;" class="_mt" size="2"&gt;8,514,000&lt;/font&gt; &lt;/td&gt;&lt;/tr&gt;
&lt;tr valign="bottom"&gt;&lt;td width="62%" align="left"&gt;&lt;font style="font-family: TimesNewRomanPSMT,Times New Roman,Times,serif;" class="_mt" size="2"&gt;Total assets&lt;/font&gt; &lt;/td&gt;
&lt;td style="border-bottom: #000000 3px double;" width="3%" align="right"&gt;&lt;font style="font-family: TimesNewRomanPSMT,Times New Roman,Times,serif;" class="_mt" size="2"&gt;$&lt;/font&gt; &lt;/td&gt;
&lt;td style="border-bottom: #000000 3px double;" width="13%" align="right"&gt;&lt;font style="font-family: TimesNewRomanPSMT,Times New Roman,Times,serif;" class="_mt" size="2"&gt;571,950,000&lt;/font&gt; &lt;/td&gt;
&lt;td style="border-bottom: #000000 3px double;" width="3%" align="left"&gt;&amp;nbsp; &lt;/td&gt;
&lt;td style="border-bottom: #000000 3px double;" width="3%" align="right"&gt;&lt;font style="font-family: TimesNewRomanPSMT,Times New Roman,Times,serif;" class="_mt" size="2"&gt;$&lt;/font&gt; &lt;/td&gt;
&lt;td style="border-bottom: #000000 3px double;" width="12%" align="right"&gt;&lt;font style="font-family: TimesNewRomanPSMT,Times New Roman,Times,serif;" class="_mt" size="2"&gt;559,702,000&lt;/font&gt; &lt;/td&gt;&lt;/tr&gt;
&lt;tr&gt;&lt;td width="96%" colspan="6"&gt;&amp;nbsp; &lt;/td&gt;&lt;/tr&gt;
&lt;tr valign="bottom"&gt;&lt;td width="62%" align="left"&gt;&lt;font style="font-family: TimesNewRomanPSMT,Times New Roman,Times,serif;" class="_mt" size="2"&gt;Liabilities and partners' capital:&lt;/font&gt; &lt;/td&gt;
&lt;td width="3%" align="right"&gt;&amp;nbsp; &lt;/td&gt;
&lt;td width="13%" align="left"&gt;&amp;nbsp; &lt;/td&gt;
&lt;td width="3%" align="left"&gt;&amp;nbsp; &lt;/td&gt;
&lt;td width="3%" align="right"&gt;&amp;nbsp; &lt;/td&gt;
&lt;td width="12%" align="left"&gt;&amp;nbsp; &lt;/td&gt;&lt;/tr&gt;
&lt;tr valign="bottom"&gt;&lt;td width="62%" align="left"&gt;&lt;font style="font-family: TimesNewRomanPSMT,Times New Roman,Times,serif;" class="_mt" size="2"&gt;Mortgage loans payable&lt;/font&gt; &lt;/td&gt;
&lt;td width="3%" align="right"&gt;&lt;font style="font-family: TimesNewRomanPSMT,Times New Roman,Times,serif;" class="_mt" size="2"&gt;$&lt;/font&gt; &lt;/td&gt;
&lt;td width="13%" align="right"&gt;&lt;font style="font-family: TimesNewRomanPSMT,Times New Roman,Times,serif;" class="_mt" size="2"&gt;317,293,000&lt;/font&gt; &lt;/td&gt;
&lt;td width="3%" align="left"&gt;&amp;nbsp; &lt;/td&gt;
&lt;td width="3%" align="right"&gt;&lt;font style="font-family: TimesNewRomanPSMT,Times New Roman,Times,serif;" class="_mt" size="2"&gt;$&lt;/font&gt; &lt;/td&gt;
&lt;td width="12%" align="right"&gt;&lt;font style="font-family: TimesNewRomanPSMT,Times New Roman,Times,serif;" class="_mt" size="2"&gt;293,400,000&lt;/font&gt; &lt;/td&gt;&lt;/tr&gt;
&lt;tr valign="bottom"&gt;&lt;td width="62%" align="left"&gt;&lt;font style="font-family: TimesNewRomanPSMT,Times New Roman,Times,serif;" class="_mt" size="2"&gt;Due to the Company&lt;/font&gt; &lt;/td&gt;
&lt;td width="3%" align="right"&gt;&amp;nbsp; &lt;/td&gt;
&lt;td width="13%" align="right"&gt;&lt;font style="font-family: TimesNewRomanPSMT,Times New Roman,Times,serif;" class="_mt" size="2"&gt;1,203,000&lt;/font&gt; &lt;/td&gt;
&lt;td width="3%" align="left"&gt;&amp;nbsp; &lt;/td&gt;
&lt;td width="3%" align="right"&gt;&amp;nbsp; &lt;/td&gt;
&lt;td width="12%" align="right"&gt;&lt;font style="font-family: TimesNewRomanPSMT,Times New Roman,Times,serif;" class="_mt" size="2"&gt;6,036,000&lt;/font&gt; &lt;/td&gt;&lt;/tr&gt;
&lt;tr valign="bottom"&gt;&lt;td width="62%" align="left"&gt;&lt;font style="font-family: TimesNewRomanPSMT,Times New Roman,Times,serif;" class="_mt" size="2"&gt;Unamortized lease liability&lt;/font&gt; &lt;/td&gt;
&lt;td width="3%" align="right"&gt;&amp;nbsp; &lt;/td&gt;
&lt;td width="13%" align="right"&gt;&lt;font style="font-family: TimesNewRomanPSMT,Times New Roman,Times,serif;" class="_mt" size="2"&gt;22,182,000&lt;/font&gt; &lt;/td&gt;
&lt;td width="3%" align="left"&gt;&amp;nbsp; &lt;/td&gt;
&lt;td width="3%" align="right"&gt;&amp;nbsp; &lt;/td&gt;
&lt;td width="12%" align="right"&gt;&lt;font style="font-family: TimesNewRomanPSMT,Times New Roman,Times,serif;" class="_mt" size="2"&gt;24,573,000&lt;/font&gt; &lt;/td&gt;&lt;/tr&gt;
&lt;tr valign="bottom"&gt;&lt;td width="62%" align="left"&gt;&lt;font style="font-family: TimesNewRomanPSMT,Times New Roman,Times,serif;" class="_mt" size="2"&gt;Other liabilities&lt;/font&gt; &lt;/td&gt;
&lt;td style="border-bottom: #000000 1px solid;" width="3%" align="right"&gt;&amp;nbsp; &lt;/td&gt;
&lt;td style="border-bottom: #000000 1px solid;" width="13%" align="right"&gt;&lt;font style="font-family: TimesNewRomanPSMT,Times New Roman,Times,serif;" class="_mt" size="2"&gt;8,248,000&lt;/font&gt; &lt;/td&gt;
&lt;td style="border-bottom: #000000 1px solid;" width="3%" align="left"&gt;&amp;nbsp; &lt;/td&gt;
&lt;td style="border-bottom: #000000 1px solid;" width="3%" align="right"&gt;&amp;nbsp; &lt;/td&gt;
&lt;td style="border-bottom: #000000 1px solid;" width="12%" align="right"&gt;&lt;font style="font-family: TimesNewRomanPSMT,Times New Roman,Times,serif;" class="_mt" size="2"&gt;7,738,000&lt;/font&gt; &lt;/td&gt;&lt;/tr&gt;
&lt;tr valign="bottom"&gt;&lt;td width="62%" align="left"&gt;&lt;font style="font-family: TimesNewRomanPSMT,Times New Roman,Times,serif;" class="_mt" size="2"&gt;Total liabilities&lt;/font&gt; &lt;/td&gt;
&lt;td width="3%" align="right"&gt;&amp;nbsp; &lt;/td&gt;
&lt;td width="13%" align="right"&gt;&lt;font style="font-family: TimesNewRomanPSMT,Times New Roman,Times,serif;" class="_mt" size="2"&gt;348,926,000&lt;/font&gt; &lt;/td&gt;
&lt;td width="3%" align="left"&gt;&amp;nbsp; &lt;/td&gt;
&lt;td width="3%" align="right"&gt;&amp;nbsp; &lt;/td&gt;
&lt;td width="12%" align="right"&gt;&lt;font style="font-family: TimesNewRomanPSMT,Times New Roman,Times,serif;" class="_mt" size="2"&gt;331,747,000&lt;/font&gt; &lt;/td&gt;&lt;/tr&gt;
&lt;tr&gt;&lt;td width="96%" colspan="6"&gt;&amp;nbsp; &lt;/td&gt;&lt;/tr&gt;
&lt;tr valign="bottom"&gt;&lt;td width="62%" align="left"&gt;&lt;font style="font-family: TimesNewRomanPSMT,Times New Roman,Times,serif;" class="_mt" size="2"&gt;Preferred stock&lt;/font&gt; &lt;/td&gt;
&lt;td width="3%" align="right"&gt;&amp;nbsp; &lt;/td&gt;
&lt;td width="13%" align="right"&gt;&lt;font style="font-family: TimesNewRomanPSMT,Times New Roman,Times,serif;" class="_mt" size="2"&gt;97,000&lt;/font&gt; &lt;/td&gt;
&lt;td width="3%" align="left"&gt;&amp;nbsp; &lt;/td&gt;
&lt;td width="3%" align="right"&gt;&amp;nbsp; &lt;/td&gt;
&lt;td width="12%" align="right"&gt;&lt;font style="font-family: TimesNewRomanPSMT,Times New Roman,Times,serif;" class="_mt" size="2"&gt;97,000&lt;/font&gt; &lt;/td&gt;&lt;/tr&gt;
&lt;tr&gt;&lt;td width="96%" colspan="6"&gt;&amp;nbsp; &lt;/td&gt;&lt;/tr&gt;
&lt;tr valign="bottom"&gt;&lt;td width="62%" align="left"&gt;&lt;font style="font-family: TimesNewRomanPSMT,Times New Roman,Times,serif;" class="_mt" size="2"&gt;Accumulated other comprehensive (loss)&lt;/font&gt; &lt;/td&gt;
&lt;td width="3%" align="right"&gt;&amp;nbsp; &lt;/td&gt;
&lt;td width="13%" align="right"&gt;&lt;font style="font-family: TimesNewRomanPSMT,Times New Roman,Times,serif;" class="_mt" size="2"&gt;(590,000&lt;/font&gt; &lt;/td&gt;
&lt;td width="3%" align="left"&gt;&lt;font style="font-family: TimesNewRomanPSMT,Times New Roman,Times,serif;" class="_mt" size="2"&gt;)&lt;/font&gt; &lt;/td&gt;
&lt;td width="3%" align="right"&gt;&amp;nbsp; &lt;/td&gt;
&lt;td width="12%" align="center"&gt;&lt;font style="font-family: TimesNewRomanPSMT,Times New Roman,Times,serif;" class="_mt" size="2"&gt;-&lt;/font&gt; &lt;/td&gt;&lt;/tr&gt;
&lt;tr&gt;&lt;td width="96%" colspan="6"&gt;&amp;nbsp; &lt;/td&gt;&lt;/tr&gt;
&lt;tr valign="bottom"&gt;&lt;td width="62%" align="left"&gt;&lt;font style="font-family: TimesNewRomanPSMT,Times New Roman,Times,serif;" class="_mt" size="2"&gt;Partners' capital:&lt;/font&gt; &lt;/td&gt;
&lt;td width="3%" align="right"&gt;&amp;nbsp; &lt;/td&gt;
&lt;td width="13%" align="left"&gt;&amp;nbsp; &lt;/td&gt;
&lt;td width="3%" align="left"&gt;&amp;nbsp; &lt;/td&gt;
&lt;td width="3%" align="right"&gt;&amp;nbsp; &lt;/td&gt;
&lt;td width="12%" align="left"&gt;&amp;nbsp; &lt;/td&gt;&lt;/tr&gt;
&lt;tr valign="bottom"&gt;&lt;td width="62%" align="left"&gt;&lt;font style="font-family: TimesNewRomanPSMT,Times New Roman,Times,serif;" class="_mt" size="2"&gt;RioCan&lt;/font&gt; &lt;/td&gt;
&lt;td width="3%" align="right"&gt;&amp;nbsp; &lt;/td&gt;
&lt;td width="13%" align="right"&gt;&lt;font style="font-family: TimesNewRomanPSMT,Times New Roman,Times,serif;" class="_mt" size="2"&gt;178,774,000&lt;/font&gt; &lt;/td&gt;
&lt;td width="3%" align="left"&gt;&amp;nbsp; &lt;/td&gt;
&lt;td width="3%" align="right"&gt;&amp;nbsp; &lt;/td&gt;
&lt;td width="12%" align="right"&gt;&lt;font style="font-family: TimesNewRomanPSMT,Times New Roman,Times,serif;" class="_mt" size="2"&gt;181,239,000&lt;/font&gt; &lt;/td&gt;&lt;/tr&gt;
&lt;tr valign="bottom"&gt;&lt;td width="62%" align="left"&gt;&lt;font style="font-family: TimesNewRomanPSMT,Times New Roman,Times,serif;" class="_mt" size="2"&gt;The Company&lt;/font&gt; &lt;/td&gt;
&lt;td style="border-bottom: #000000 1px solid;" width="3%" align="right"&gt;&amp;nbsp; &lt;/td&gt;
&lt;td style="border-bottom: #000000 1px solid;" width="13%" align="right"&gt;&lt;font style="font-family: TimesNewRomanPSMT,Times New Roman,Times,serif;" class="_mt" size="2"&gt;44,743,000&lt;/font&gt; &lt;/td&gt;
&lt;td style="border-bottom: #000000 1px solid;" width="3%" align="left"&gt;&amp;nbsp; &lt;/td&gt;
&lt;td style="border-bottom: #000000 1px solid;" width="3%" align="right"&gt;&amp;nbsp; &lt;/td&gt;
&lt;td style="border-bottom: #000000 1px solid;" width="12%" align="right"&gt;&lt;font style="font-family: TimesNewRomanPSMT,Times New Roman,Times,serif;" class="_mt" size="2"&gt;46,619,000&lt;/font&gt; &lt;/td&gt;&lt;/tr&gt;
&lt;tr valign="bottom"&gt;&lt;td width="62%" align="left"&gt;&lt;font style="font-family: TimesNewRomanPSMT,Times New Roman,Times,serif;" class="_mt" size="2"&gt;Total partners' capital&lt;/font&gt; &lt;/td&gt;
&lt;td style="border-bottom: #000000 1px solid;" width="3%" align="right"&gt;&amp;nbsp; &lt;/td&gt;
&lt;td style="border-bottom: #000000 1px solid;" width="13%" align="right"&gt;&lt;font style="font-family: TimesNewRomanPSMT,Times New Roman,Times,serif;" class="_mt" size="2"&gt;223,517,000&lt;/font&gt; &lt;/td&gt;
&lt;td style="border-bottom: #000000 1px solid;" width="3%" align="left"&gt;&amp;nbsp; &lt;/td&gt;
&lt;td style="border-bottom: #000000 1px solid;" width="3%" align="right"&gt;&amp;nbsp; &lt;/td&gt;
&lt;td style="border-bottom: #000000 1px solid;" width="12%" align="right"&gt;&lt;font style="font-family: TimesNewRomanPSMT,Times New Roman,Times,serif;" class="_mt" size="2"&gt;227,858,000&lt;/font&gt; &lt;/td&gt;&lt;/tr&gt;
&lt;tr valign="bottom"&gt;&lt;td width="62%" align="left"&gt;&lt;font style="font-family: TimesNewRomanPSMT,Times New Roman,Times,serif;" class="_mt" size="2"&gt;Total liabilities and partners' capital&lt;/font&gt; &lt;/td&gt;
&lt;td style="border-bottom: #000000 3px double;" width="3%" align="right"&gt;&lt;font style="font-family: TimesNewRomanPSMT,Times New Roman,Times,serif;" class="_mt" size="2"&gt;$&lt;/font&gt; &lt;/td&gt;
&lt;td style="border-bottom: #000000 3px double;" width="13%" align="right"&gt;&lt;font style="font-family: TimesNewRomanPSMT,Times New Roman,Times,serif;" class="_mt" size="2"&gt;571,950,000&lt;/font&gt; &lt;/td&gt;
&lt;td style="border-bottom: #000000 3px double;" width="3%" align="left"&gt;&amp;nbsp; &lt;/td&gt;
&lt;td style="border-bottom: #000000 3px double;" width="3%" align="right"&gt;&lt;font style="font-family: TimesNewRomanPSMT,Times New Roman,Times,serif;" class="_mt" size="2"&gt;$&lt;/font&gt; &lt;/td&gt;
&lt;td style="border-bottom: #000000 3px double;" width="12%" align="right"&gt;&lt;font style="font-family: TimesNewRomanPSMT,Times New Roman,Times,serif;" class="_mt" size="2"&gt;559,702,000&lt;/font&gt; &lt;/td&gt;&lt;/tr&gt;&lt;/table&gt;&lt;/div&gt;

&lt;p style="margin: 0px;"&gt;&amp;nbsp;&lt;/p&gt;

&lt;div&gt;&amp;nbsp;&lt;/div&gt;&lt;br /&gt;

&lt;p style="text-align: center;"&gt;&amp;nbsp;&amp;nbsp;&amp;nbsp;&amp;nbsp;&amp;nbsp;&lt;font style="font-family: TimesNewRomanPSMT,Times New Roman,Times,serif;" class="_mt" size="3"&gt;The following table summarizes details of the acquisitions of the joint venture during 2011 and 2010:&lt;/font&gt;&lt;/p&gt;

&lt;div align="left"&gt;

&lt;table border="0" cellspacing="0"&gt;
&lt;tr&gt;&lt;td width="30%"&gt; &lt;/td&gt;
&lt;td width="9%"&gt; &lt;/td&gt;
&lt;td width="15%"&gt; &lt;/td&gt;
&lt;td width="4%"&gt; &lt;/td&gt;
&lt;td width="13%"&gt; &lt;/td&gt;
&lt;td width="3%"&gt; &lt;/td&gt;
&lt;td width="13%"&gt; &lt;/td&gt;
&lt;td width="6%"&gt; &lt;/td&gt;
&lt;td width="3%"&gt; &lt;/td&gt;&lt;/tr&gt;
&lt;tr valign="bottom"&gt;&lt;td align="center"&gt;&amp;nbsp;&lt;/td&gt;
&lt;td align="center"&gt;&amp;nbsp;&lt;/td&gt;
&lt;td align="center"&gt;&amp;nbsp;&lt;/td&gt;
&lt;td align="center"&gt;&amp;nbsp;&lt;/td&gt;
&lt;td align="center"&gt;&amp;nbsp;&lt;/td&gt;
&lt;td align="center"&gt;&amp;nbsp;&lt;/td&gt;
&lt;td align="center"&gt;&lt;b&gt;&lt;font size="2" class="_mt" style="font-family: TimesNewRomanPS-BoldMT,Times New Roman,Times,serif;"&gt;Mortgage&lt;/font&gt;&lt;/b&gt;&lt;/td&gt;
&lt;td align="center"&gt;&amp;nbsp;&lt;/td&gt;
&lt;td align="left"&gt;&amp;nbsp;&lt;/td&gt;&lt;/tr&gt;
&lt;tr valign="bottom"&gt;&lt;td align="center"&gt;&amp;nbsp;&lt;/td&gt;
&lt;td align="center"&gt;&amp;nbsp;&lt;/td&gt;
&lt;td align="center"&gt;&lt;b&gt;&lt;font size="2" class="_mt" style="font-family: TimesNewRomanPS-BoldMT,Times New Roman,Times,serif;"&gt;Acquisition&lt;/font&gt;&lt;/b&gt;&lt;/td&gt;
&lt;td align="center"&gt;&amp;nbsp;&lt;/td&gt;
&lt;td align="center"&gt;&lt;b&gt;&lt;font size="2" class="_mt" style="font-family: TimesNewRomanPS-BoldMT,Times New Roman,Times,serif;"&gt;Purchase&lt;/font&gt;&lt;/b&gt;&lt;/td&gt;
&lt;td align="center"&gt;&amp;nbsp;&lt;/td&gt;
&lt;td style="text-indent: 2px;" align="center"&gt;&lt;b&gt;&lt;font size="2" class="_mt" style="font-family: TimesNewRomanPS-BoldMT,Times New Roman,Times,serif;"&gt;Loans&lt;/font&gt;&lt;/b&gt;&lt;/td&gt;
&lt;td style="text-indent: 1px;" align="center"&gt;&lt;b&gt;&lt;font size="2" class="_mt" style="font-family: TimesNewRomanPS-BoldMT,Times New Roman,Times,serif;"&gt;Int.&lt;/font&gt;&lt;/b&gt;&lt;/td&gt;
&lt;td align="left"&gt;&amp;nbsp;&lt;/td&gt;&lt;/tr&gt;
&lt;tr valign="bottom"&gt;&lt;td style="border-bottom: #000000 3px double;" align="center"&gt;&lt;b&gt;&lt;font size="2" class="_mt" style="font-family: TimesNewRomanPS-BoldMT,Times New Roman,Times,serif;"&gt;Property Description&lt;/font&gt;&lt;/b&gt;&lt;/td&gt;
&lt;td style="border-bottom: #000000 3px double;" align="center"&gt;&lt;b&gt;&lt;font size="2" class="_mt" style="font-family: TimesNewRomanPS-BoldMT,Times New Roman,Times,serif;"&gt;State&lt;/font&gt;&lt;/b&gt;&lt;/td&gt;
&lt;td style="border-bottom: #000000 3px double;" align="center"&gt;&lt;b&gt;&lt;font size="2" class="_mt" style="font-family: TimesNewRomanPS-BoldMT,Times New Roman,Times,serif;"&gt;date&lt;/font&gt;&lt;/b&gt;&lt;/td&gt;
&lt;td style="border-bottom: #000000 3px double;" align="center"&gt;&amp;nbsp;&lt;/td&gt;
&lt;td style="border-bottom: #000000 3px double; text-indent: 2px;" align="center"&gt;&lt;b&gt;&lt;font size="2" class="_mt" style="font-family: TimesNewRomanPS-BoldMT,Times New Roman,Times,serif;"&gt;price&lt;/font&gt;&lt;/b&gt;&lt;/td&gt;
&lt;td style="border-bottom: #000000 3px double;" align="center"&gt;&amp;nbsp;&lt;/td&gt;
&lt;td style="border-bottom: #000000 3px double;" align="center"&gt;&lt;b&gt;&lt;font size="2" class="_mt" style="font-family: TimesNewRomanPS-BoldMT,Times New Roman,Times,serif;"&gt;Payable (a)&lt;/font&gt;&lt;/b&gt;&lt;/td&gt;
&lt;td style="border-bottom: #000000 3px double;" align="center"&gt;&lt;b&gt;&lt;font size="2" class="_mt" style="font-family: TimesNewRomanPS-BoldMT,Times New Roman,Times,serif;"&gt;rate&lt;/font&gt;&lt;/b&gt;&lt;/td&gt;
&lt;td style="border-bottom: #000000 3px double;" align="left"&gt;&amp;nbsp;&lt;/td&gt;&lt;/tr&gt;
&lt;tr valign="bottom"&gt;&lt;td style="border-bottom: #000000 1px solid;" align="left"&gt;&lt;b&gt;&lt;font size="2" class="_mt" style="font-family: TimesNewRomanPS-BoldMT,Times New Roman,Times,serif;"&gt;2011 Acquisition&lt;/font&gt;&lt;/b&gt;&lt;/td&gt;
&lt;td align="left"&gt;&amp;nbsp;&lt;/td&gt;
&lt;td align="left"&gt;&amp;nbsp;&lt;/td&gt;
&lt;td align="left"&gt;&amp;nbsp;&lt;/td&gt;
&lt;td align="left"&gt;&amp;nbsp;&lt;/td&gt;
&lt;td align="left"&gt;&amp;nbsp;&lt;/td&gt;
&lt;td align="left"&gt;&amp;nbsp;&lt;/td&gt;
&lt;td align="left"&gt;&amp;nbsp;&lt;/td&gt;
&lt;td align="left"&gt;&amp;nbsp;&lt;/td&gt;&lt;/tr&gt;
&lt;tr valign="bottom"&gt;&lt;td style="text-indent: 8px;" align="left"&gt;&lt;font size="2" class="_mt" style="font-family: TimesNewRomanPSMT,Times New Roman,Times,serif;"&gt;Northwoods Crossing&lt;/font&gt;&lt;/td&gt;
&lt;td align="center"&gt;&lt;font size="2" class="_mt" style="font-family: TimesNewRomanPSMT,Times New Roman,Times,serif;"&gt;MA&lt;/font&gt;&lt;/td&gt;
&lt;td align="right"&gt;&lt;font size="2" class="_mt" style="font-family: TimesNewRomanPSMT,Times New Roman,Times,serif;"&gt;4/15/2011&lt;/font&gt;&lt;/td&gt;
&lt;td align="right"&gt;&lt;font size="2" class="_mt" style="font-family: TimesNewRomanPSMT,Times New Roman,Times,serif;"&gt;$&lt;/font&gt;&lt;/td&gt;
&lt;td style="text-indent: 2px;" align="right"&gt;&lt;font size="2" class="_mt" style="font-family: TimesNewRomanPSMT,Times New Roman,Times,serif;"&gt;23,450,000&lt;/font&gt;&lt;/td&gt;
&lt;td align="right"&gt;&lt;font size="2" class="_mt" style="font-family: TimesNewRomanPSMT,Times New Roman,Times,serif;"&gt;$&lt;/font&gt;&lt;/td&gt;
&lt;td align="right"&gt;&lt;font size="2" class="_mt" style="font-family: TimesNewRomanPSMT,Times New Roman,Times,serif;"&gt;14,429,000&lt;/font&gt;&lt;/td&gt;
&lt;td align="right"&gt;&lt;font size="2" class="_mt" style="font-family: TimesNewRomanPSMT,Times New Roman,Times,serif;"&gt;5.2&lt;/font&gt;&lt;/td&gt;
&lt;td align="left"&gt;&lt;font size="2" class="_mt" style="font-family: TimesNewRomanPSMT,Times New Roman,Times,serif;"&gt;%&lt;/font&gt;&lt;/td&gt;&lt;/tr&gt;
&lt;tr&gt;&lt;td colspan="9"&gt;&amp;nbsp;&lt;/td&gt;&lt;/tr&gt;
&lt;tr valign="bottom"&gt;&lt;td style="border-bottom: #000000 1px solid;" align="left"&gt;&lt;b&gt;&lt;font size="2" class="_mt" style="font-family: TimesNewRomanPS-BoldMT,Times New Roman,Times,serif;"&gt;2010 Acquisitions&lt;/font&gt;&lt;/b&gt;&lt;/td&gt;
&lt;td align="center"&gt;&amp;nbsp;&lt;/td&gt;
&lt;td align="center"&gt;&amp;nbsp;&lt;/td&gt;
&lt;td align="center"&gt;&amp;nbsp;&lt;/td&gt;
&lt;td align="center"&gt;&amp;nbsp;&lt;/td&gt;
&lt;td align="left"&gt;&amp;nbsp;&lt;/td&gt;
&lt;td align="left"&gt;&amp;nbsp;&lt;/td&gt;
&lt;td align="left"&gt;&amp;nbsp;&lt;/td&gt;
&lt;td align="left"&gt;&amp;nbsp;&lt;/td&gt;&lt;/tr&gt;
&lt;tr valign="bottom"&gt;&lt;td style="text-indent: 8px;" align="left"&gt;&lt;font size="2" class="_mt" style="font-family: TimesNewRomanPSMT,Times New Roman,Times,serif;"&gt;Creekview Plaza&lt;/font&gt;&lt;/td&gt;
&lt;td align="center"&gt;&lt;font size="2" class="_mt" style="font-family: TimesNewRomanPSMT,Times New Roman,Times,serif;"&gt;PA&lt;/font&gt;&lt;/td&gt;
&lt;td align="right"&gt;&lt;font size="2" class="_mt" style="font-family: TimesNewRomanPSMT,Times New Roman,Times,serif;"&gt;9/29/2010&lt;/font&gt;&lt;/td&gt;
&lt;td align="right"&gt;&amp;nbsp;&lt;/td&gt;
&lt;td style="text-indent: 2px;" align="right"&gt;&lt;font size="2" class="_mt" style="font-family: TimesNewRomanPSMT,Times New Roman,Times,serif;"&gt;26,240,000&lt;/font&gt;&lt;/td&gt;
&lt;td align="right"&gt;&amp;nbsp;&lt;/td&gt;
&lt;td align="right"&gt;&lt;font size="2" class="_mt" style="font-family: TimesNewRomanPSMT,Times New Roman,Times,serif;"&gt;14,432,000&lt;/font&gt;&lt;/td&gt;
&lt;td align="right"&gt;&lt;font size="2" class="_mt" style="font-family: TimesNewRomanPSMT,Times New Roman,Times,serif;"&gt;4.8&lt;/font&gt;&lt;/td&gt;
&lt;td align="left"&gt;&lt;font size="2" class="_mt" style="font-family: TimesNewRomanPSMT,Times New Roman,Times,serif;"&gt;%&lt;/font&gt;&lt;/td&gt;&lt;/tr&gt;
&lt;tr valign="bottom"&gt;&lt;td style="text-indent: 8px;" align="left"&gt;&lt;font size="2" class="_mt" style="font-family: TimesNewRomanPSMT,Times New Roman,Times,serif;"&gt;Cross Keys Place&lt;/font&gt;&lt;/td&gt;
&lt;td align="center"&gt;&lt;font size="2" class="_mt" style="font-family: TimesNewRomanPSMT,Times New Roman,Times,serif;"&gt;NJ&lt;/font&gt;&lt;/td&gt;
&lt;td align="right"&gt;&lt;font size="2" class="_mt" style="font-family: TimesNewRomanPSMT,Times New Roman,Times,serif;"&gt;10/13/2010&lt;/font&gt;&lt;/td&gt;
&lt;td align="right"&gt;&amp;nbsp;&lt;/td&gt;
&lt;td style="text-indent: 2px;" align="right"&gt;&lt;font size="2" class="_mt" style="font-family: TimesNewRomanPSMT,Times New Roman,Times,serif;"&gt;26,336,000&lt;/font&gt;&lt;/td&gt;
&lt;td align="right"&gt;&amp;nbsp;&lt;/td&gt;
&lt;td align="right"&gt;&lt;font size="2" class="_mt" style="font-family: TimesNewRomanPSMT,Times New Roman,Times,serif;"&gt;14,600,000&lt;/font&gt;&lt;/td&gt;
&lt;td align="right"&gt;&lt;font size="2" class="_mt" style="font-family: TimesNewRomanPSMT,Times New Roman,Times,serif;"&gt;5.1&lt;/font&gt;&lt;/td&gt;
&lt;td align="left"&gt;&lt;font size="2" class="_mt" style="font-family: TimesNewRomanPSMT,Times New Roman,Times,serif;"&gt;%&lt;/font&gt;&lt;/td&gt;&lt;/tr&gt;
&lt;tr valign="bottom"&gt;&lt;td style="text-indent: 8px;" align="left"&gt;&lt;font size="2" class="_mt" style="font-family: TimesNewRomanPSMT,Times New Roman,Times,serif;"&gt;Exeter Commons&lt;/font&gt;&lt;/td&gt;
&lt;td align="center"&gt;&lt;font size="2" class="_mt" style="font-family: TimesNewRomanPSMT,Times New Roman,Times,serif;"&gt;PA&lt;/font&gt;&lt;/td&gt;
&lt;td align="right"&gt;&lt;font size="2" class="_mt" style="font-family: TimesNewRomanPSMT,Times New Roman,Times,serif;"&gt;8/3/2010&lt;/font&gt;&lt;/td&gt;
&lt;td align="right"&gt;&amp;nbsp;&lt;/td&gt;
&lt;td style="text-indent: 2px;" align="right"&gt;&lt;font size="2" class="_mt" style="font-family: TimesNewRomanPSMT,Times New Roman,Times,serif;"&gt;53,000,000&lt;/font&gt;&lt;/td&gt;
&lt;td align="right"&gt;&amp;nbsp;&lt;/td&gt;
&lt;td align="right"&gt;&lt;font size="2" class="_mt" style="font-family: TimesNewRomanPSMT,Times New Roman,Times,serif;"&gt;30,000,000&lt;/font&gt;&lt;/td&gt;
&lt;td align="right"&gt;&lt;font size="2" class="_mt" style="font-family: TimesNewRomanPSMT,Times New Roman,Times,serif;"&gt;5.3&lt;/font&gt;&lt;/td&gt;
&lt;td align="left"&gt;&lt;font size="2" class="_mt" style="font-family: TimesNewRomanPSMT,Times New Roman,Times,serif;"&gt;%&lt;/font&gt;&lt;/td&gt;&lt;/tr&gt;
&lt;tr valign="bottom"&gt;&lt;td style="text-indent: 8px;" align="left"&gt;&lt;font size="2" class="_mt" style="font-family: TimesNewRomanPSMT,Times New Roman,Times,serif;"&gt;Gettysburg Marketplace&lt;/font&gt;&lt;/td&gt;
&lt;td align="center"&gt;&lt;font size="2" class="_mt" style="font-family: TimesNewRomanPSMT,Times New Roman,Times,serif;"&gt;PA&lt;/font&gt;&lt;/td&gt;
&lt;td align="right"&gt;&lt;font size="2" class="_mt" style="font-family: TimesNewRomanPSMT,Times New Roman,Times,serif;"&gt;10/21/2010&lt;/font&gt;&lt;/td&gt;
&lt;td align="right"&gt;&amp;nbsp;&lt;/td&gt;
&lt;td style="text-indent: 2px;" align="right"&gt;&lt;font size="2" class="_mt" style="font-family: TimesNewRomanPSMT,Times New Roman,Times,serif;"&gt;19,850,000&lt;/font&gt;&lt;/td&gt;
&lt;td align="right"&gt;&amp;nbsp;&lt;/td&gt;
&lt;td align="right"&gt;&lt;font size="2" class="_mt" style="font-family: TimesNewRomanPSMT,Times New Roman,Times,serif;"&gt;10,918,000&lt;/font&gt;&lt;/td&gt;
&lt;td align="right"&gt;&lt;font size="2" class="_mt" style="font-family: TimesNewRomanPSMT,Times New Roman,Times,serif;"&gt;5.0&lt;/font&gt;&lt;/td&gt;
&lt;td align="left"&gt;&lt;font size="2" class="_mt" style="font-family: TimesNewRomanPSMT,Times New Roman,Times,serif;"&gt;%&lt;/font&gt;&lt;/td&gt;&lt;/tr&gt;
&lt;tr valign="bottom"&gt;&lt;td style="text-indent: 8px;" align="left"&gt;&lt;font size="2" class="_mt" style="font-family: TimesNewRomanPSMT,Times New Roman,Times,serif;"&gt;Marlboro Crossroads&lt;/font&gt;&lt;/td&gt;
&lt;td align="center"&gt;&lt;font size="2" class="_mt" style="font-family: TimesNewRomanPSMT,Times New Roman,Times,serif;"&gt;MD&lt;/font&gt;&lt;/td&gt;
&lt;td align="right"&gt;&lt;font size="2" class="_mt" style="font-family: TimesNewRomanPSMT,Times New Roman,Times,serif;"&gt;10/21/2010&lt;/font&gt;&lt;/td&gt;
&lt;td align="right"&gt;&amp;nbsp;&lt;/td&gt;
&lt;td style="text-indent: 2px;" align="right"&gt;&lt;font size="2" class="_mt" style="font-family: TimesNewRomanPSMT,Times New Roman,Times,serif;"&gt;12,500,000&lt;/font&gt;&lt;/td&gt;
&lt;td align="right"&gt;&amp;nbsp;&lt;/td&gt;
&lt;td align="right"&gt;&lt;font size="2" class="_mt" style="font-family: TimesNewRomanPSMT,Times New Roman,Times,serif;"&gt;6,875,000&lt;/font&gt;&lt;/td&gt;
&lt;td align="right"&gt;&lt;font size="2" class="_mt" style="font-family: TimesNewRomanPSMT,Times New Roman,Times,serif;"&gt;5.1&lt;/font&gt;&lt;/td&gt;
&lt;td align="left"&gt;&lt;font size="2" class="_mt" style="font-family: TimesNewRomanPSMT,Times New Roman,Times,serif;"&gt;%&lt;/font&gt;&lt;/td&gt;&lt;/tr&gt;
&lt;tr valign="bottom"&gt;&lt;td style="text-indent: 8px;" align="left"&gt;&lt;font size="2" class="_mt" style="font-family: TimesNewRomanPSMT,Times New Roman,Times,serif;"&gt;Monroe Marketplace&lt;/font&gt;&lt;/td&gt;
&lt;td align="center"&gt;&lt;font size="2" class="_mt" style="font-family: TimesNewRomanPSMT,Times New Roman,Times,serif;"&gt;PA&lt;/font&gt;&lt;/td&gt;
&lt;td align="right"&gt;&lt;font size="2" class="_mt" style="font-family: TimesNewRomanPSMT,Times New Roman,Times,serif;"&gt;9/29/2010&lt;/font&gt;&lt;/td&gt;
&lt;td align="right"&gt;&amp;nbsp;&lt;/td&gt;
&lt;td style="text-indent: 2px;" align="right"&gt;&lt;font size="2" class="_mt" style="font-family: TimesNewRomanPSMT,Times New Roman,Times,serif;"&gt;41,990,000&lt;/font&gt;&lt;/td&gt;
&lt;td align="right"&gt;&amp;nbsp;&lt;/td&gt;
&lt;td align="right"&gt;&lt;font size="2" class="_mt" style="font-family: TimesNewRomanPSMT,Times New Roman,Times,serif;"&gt;23,095,000&lt;/font&gt;&lt;/td&gt;
&lt;td align="right"&gt;&lt;font size="2" class="_mt" style="font-family: TimesNewRomanPSMT,Times New Roman,Times,serif;"&gt;4.8&lt;/font&gt;&lt;/td&gt;
&lt;td align="left"&gt;&lt;font size="2" class="_mt" style="font-family: TimesNewRomanPSMT,Times New Roman,Times,serif;"&gt;%&lt;/font&gt;&lt;/td&gt;&lt;/tr&gt;
&lt;tr valign="bottom"&gt;&lt;td style="text-indent: 8px;" align="left"&gt;&lt;font size="2" class="_mt" style="font-family: TimesNewRomanPSMT,Times New Roman,Times,serif;"&gt;Montville Commons&lt;/font&gt;&lt;/td&gt;
&lt;td align="center"&gt;&lt;font size="2" class="_mt" style="font-family: TimesNewRomanPSMT,Times New Roman,Times,serif;"&gt;CT&lt;/font&gt;&lt;/td&gt;
&lt;td align="right"&gt;&lt;font size="2" class="_mt" style="font-family: TimesNewRomanPSMT,Times New Roman,Times,serif;"&gt;9/29/2010&lt;/font&gt;&lt;/td&gt;
&lt;td align="right"&gt;&amp;nbsp;&lt;/td&gt;
&lt;td style="text-indent: 2px;" align="right"&gt;&lt;font size="2" class="_mt" style="font-family: TimesNewRomanPSMT,Times New Roman,Times,serif;"&gt;18,900,000&lt;/font&gt;&lt;/td&gt;
&lt;td align="right"&gt;&amp;nbsp;&lt;/td&gt;
&lt;td align="right"&gt;&lt;font size="2" class="_mt" style="font-family: TimesNewRomanPSMT,Times New Roman,Times,serif;"&gt;10,500,000&lt;/font&gt;&lt;/td&gt;
&lt;td align="right"&gt;&lt;font size="2" class="_mt" style="font-family: TimesNewRomanPSMT,Times New Roman,Times,serif;"&gt;5.8&lt;/font&gt;&lt;/td&gt;
&lt;td align="left"&gt;&lt;font size="2" class="_mt" style="font-family: TimesNewRomanPSMT,Times New Roman,Times,serif;"&gt;%&lt;/font&gt;&lt;/td&gt;&lt;/tr&gt;
&lt;tr valign="bottom"&gt;&lt;td style="text-indent: 8px;" align="left"&gt;&lt;font size="2" class="_mt" style="font-family: TimesNewRomanPSMT,Times New Roman,Times,serif;"&gt;New River Valley&lt;/font&gt;&lt;/td&gt;
&lt;td style="text-indent: 1px;" align="center"&gt;&lt;font size="2" class="_mt" style="font-family: TimesNewRomanPSMT,Times New Roman,Times,serif;"&gt;VA&lt;/font&gt;&lt;/td&gt;
&lt;td align="right"&gt;&lt;font size="2" class="_mt" style="font-family: TimesNewRomanPSMT,Times New Roman,Times,serif;"&gt;9/29/2010&lt;/font&gt;&lt;/td&gt;
&lt;td align="right"&gt;&amp;nbsp;&lt;/td&gt;
&lt;td style="text-indent: 2px;" align="right"&gt;&lt;font size="2" class="_mt" style="font-family: TimesNewRomanPSMT,Times New Roman,Times,serif;"&gt;27,970,000&lt;/font&gt;&lt;/td&gt;
&lt;td align="right"&gt;&amp;nbsp;&lt;/td&gt;
&lt;td align="right"&gt;&lt;font size="2" class="_mt" style="font-family: TimesNewRomanPSMT,Times New Roman,Times,serif;"&gt;15,163,000&lt;/font&gt;&lt;/td&gt;
&lt;td align="right"&gt;&lt;font size="2" class="_mt" style="font-family: TimesNewRomanPSMT,Times New Roman,Times,serif;"&gt;4.8&lt;/font&gt;&lt;/td&gt;
&lt;td align="left"&gt;&lt;font size="2" class="_mt" style="font-family: TimesNewRomanPSMT,Times New Roman,Times,serif;"&gt;%&lt;/font&gt;&lt;/td&gt;&lt;/tr&gt;
&lt;tr valign="bottom"&gt;&lt;td style="text-indent: 8px;" align="left"&gt;&lt;font size="2" class="_mt" style="font-family: TimesNewRomanPSMT,Times New Roman,Times,serif;"&gt;Northland Center&lt;/font&gt;&lt;/td&gt;
&lt;td align="center"&gt;&lt;font size="2" class="_mt" style="font-family: TimesNewRomanPSMT,Times New Roman,Times,serif;"&gt;PA&lt;/font&gt;&lt;/td&gt;
&lt;td align="right"&gt;&lt;font size="2" class="_mt" style="font-family: TimesNewRomanPSMT,Times New Roman,Times,serif;"&gt;10/21/2010&lt;/font&gt;&lt;/td&gt;
&lt;td align="right"&gt;&amp;nbsp;&lt;/td&gt;
&lt;td style="text-indent: 2px;" align="right"&gt;&lt;font size="2" class="_mt" style="font-family: TimesNewRomanPSMT,Times New Roman,Times,serif;"&gt;10,248,000&lt;/font&gt;&lt;/td&gt;
&lt;td align="right"&gt;&amp;nbsp;&lt;/td&gt;
&lt;td align="right"&gt;&lt;font size="2" class="_mt" style="font-family: TimesNewRomanPSMT,Times New Roman,Times,serif;"&gt;6,298,000&lt;/font&gt;&lt;/td&gt;
&lt;td align="right"&gt;&lt;font size="2" class="_mt" style="font-family: TimesNewRomanPSMT,Times New Roman,Times,serif;"&gt;5.0&lt;/font&gt;&lt;/td&gt;
&lt;td align="left"&gt;&lt;font size="2" class="_mt" style="font-family: TimesNewRomanPSMT,Times New Roman,Times,serif;"&gt;%&lt;/font&gt;&lt;/td&gt;&lt;/tr&gt;
&lt;tr valign="bottom"&gt;&lt;td style="text-indent: 8px;" align="left"&gt;&lt;font size="2" class="_mt" style="font-family: TimesNewRomanPSMT,Times New Roman,Times,serif;"&gt;Pitney Road Plaza&lt;/font&gt;&lt;/td&gt;
&lt;td align="center"&gt;&lt;font size="2" class="_mt" style="font-family: TimesNewRomanPSMT,Times New Roman,Times,serif;"&gt;PA&lt;/font&gt;&lt;/td&gt;
&lt;td align="right"&gt;&lt;font size="2" class="_mt" style="font-family: TimesNewRomanPSMT,Times New Roman,Times,serif;"&gt;9/29/2010&lt;/font&gt;&lt;/td&gt;
&lt;td align="right"&gt;&amp;nbsp;&lt;/td&gt;
&lt;td style="text-indent: 2px;" align="right"&gt;&lt;font size="2" class="_mt" style="font-family: TimesNewRomanPSMT,Times New Roman,Times,serif;"&gt;11,060,000&lt;/font&gt;&lt;/td&gt;
&lt;td align="right"&gt;&amp;nbsp;&lt;/td&gt;
&lt;td align="right"&gt;&lt;font size="2" class="_mt" style="font-family: TimesNewRomanPSMT,Times New Roman,Times,serif;"&gt;6,083,000&lt;/font&gt;&lt;/td&gt;
&lt;td align="right"&gt;&lt;font size="2" class="_mt" style="font-family: TimesNewRomanPSMT,Times New Roman,Times,serif;"&gt;4.8&lt;/font&gt;&lt;/td&gt;
&lt;td align="left"&gt;&lt;font size="2" class="_mt" style="font-family: TimesNewRomanPSMT,Times New Roman,Times,serif;"&gt;%&lt;/font&gt;&lt;/td&gt;&lt;/tr&gt;
&lt;tr valign="bottom"&gt;&lt;td style="text-indent: 8px;" align="left"&gt;&lt;font size="2" class="_mt" style="font-family: TimesNewRomanPSMT,Times New Roman,Times,serif;"&gt;Sunrise Plaza&lt;/font&gt;&lt;/td&gt;
&lt;td align="center"&gt;&lt;font size="2" class="_mt" style="font-family: TimesNewRomanPSMT,Times New Roman,Times,serif;"&gt;NJ&lt;/font&gt;&lt;/td&gt;
&lt;td align="right"&gt;&lt;font size="2" class="_mt" style="font-family: TimesNewRomanPSMT,Times New Roman,Times,serif;"&gt;9/29/2010&lt;/font&gt;&lt;/td&gt;
&lt;td align="right"&gt;&amp;nbsp;&lt;/td&gt;
&lt;td style="text-indent: 2px;" align="right"&gt;&lt;font size="2" class="_mt" style="font-family: TimesNewRomanPSMT,Times New Roman,Times,serif;"&gt;26,460,000&lt;/font&gt;&lt;/td&gt;
&lt;td align="right"&gt;&amp;nbsp;&lt;/td&gt;
&lt;td align="right"&gt;&lt;font size="2" class="_mt" style="font-family: TimesNewRomanPSMT,Times New Roman,Times,serif;"&gt;13,728,000&lt;/font&gt;&lt;/td&gt;
&lt;td align="right"&gt;&lt;font size="2" class="_mt" style="font-family: TimesNewRomanPSMT,Times New Roman,Times,serif;"&gt;4.8&lt;/font&gt;&lt;/td&gt;
&lt;td align="left"&gt;&lt;font size="2" class="_mt" style="font-family: TimesNewRomanPSMT,Times New Roman,Times,serif;"&gt;%&lt;/font&gt;&lt;/td&gt;&lt;/tr&gt;
&lt;tr valign="bottom"&gt;&lt;td style="text-indent: 8px;" align="left"&gt;&lt;font size="2" class="_mt" style="font-family: TimesNewRomanPSMT,Times New Roman,Times,serif;"&gt;Town Square Plaza&lt;/font&gt;&lt;/td&gt;
&lt;td align="center"&gt;&lt;font size="2" class="_mt" style="font-family: TimesNewRomanPSMT,Times New Roman,Times,serif;"&gt;PA&lt;/font&gt;&lt;/td&gt;
&lt;td align="right"&gt;&lt;font size="2" class="_mt" style="font-family: TimesNewRomanPSMT,Times New Roman,Times,serif;"&gt;1/26/2010&lt;/font&gt;&lt;/td&gt;
&lt;td align="right"&gt;&amp;nbsp;&lt;/td&gt;
&lt;td style="text-indent: 2px;" align="right"&gt;&lt;font size="2" class="_mt" style="font-family: TimesNewRomanPSMT,Times New Roman,Times,serif;"&gt;18,854,000&lt;/font&gt;&lt;/td&gt;
&lt;td align="right"&gt;&amp;nbsp;&lt;/td&gt;
&lt;td align="right"&gt;&lt;font size="2" class="_mt" style="font-family: TimesNewRomanPSMT,Times New Roman,Times,serif;"&gt;11,000,000&lt;/font&gt;&lt;/td&gt;
&lt;td align="right"&gt;&lt;font size="2" class="_mt" style="font-family: TimesNewRomanPSMT,Times New Roman,Times,serif;"&gt;5.0&lt;/font&gt;&lt;/td&gt;
&lt;td align="left"&gt;&lt;font size="2" class="_mt" style="font-family: TimesNewRomanPSMT,Times New Roman,Times,serif;"&gt;%&lt;/font&gt;&lt;/td&gt;&lt;/tr&gt;
&lt;tr valign="bottom"&gt;&lt;td style="text-indent: 8px;" align="left"&gt;&lt;font size="2" class="_mt" style="font-family: TimesNewRomanPSMT,Times New Roman,Times,serif;"&gt;Towne Crossings&lt;/font&gt;&lt;/td&gt;
&lt;td style="text-indent: 1px;" align="center"&gt;&lt;font size="2" class="_mt" style="font-family: TimesNewRomanPSMT,Times New Roman,Times,serif;"&gt;VA&lt;/font&gt;&lt;/td&gt;
&lt;td align="right"&gt;&lt;font size="2" class="_mt" style="font-family: TimesNewRomanPSMT,Times New Roman,Times,serif;"&gt;10/21/2010&lt;/font&gt;&lt;/td&gt;
&lt;td align="right"&gt;&amp;nbsp;&lt;/td&gt;
&lt;td style="text-indent: 2px;" align="right"&gt;&lt;font size="2" class="_mt" style="font-family: TimesNewRomanPSMT,Times New Roman,Times,serif;"&gt;19,000,000&lt;/font&gt;&lt;/td&gt;
&lt;td align="right"&gt;&amp;nbsp;&lt;/td&gt;
&lt;td align="right"&gt;&lt;font size="2" class="_mt" style="font-family: TimesNewRomanPSMT,Times New Roman,Times,serif;"&gt;10,450,000&lt;/font&gt;&lt;/td&gt;
&lt;td align="right"&gt;&lt;font size="2" class="_mt" style="font-family: TimesNewRomanPSMT,Times New Roman,Times,serif;"&gt;5.0&lt;/font&gt;&lt;/td&gt;
&lt;td align="left"&gt;&lt;font size="2" class="_mt" style="font-family: TimesNewRomanPSMT,Times New Roman,Times,serif;"&gt;%&lt;/font&gt;&lt;/td&gt;&lt;/tr&gt;
&lt;tr valign="bottom"&gt;&lt;td style="text-indent: 8px;" align="left"&gt;&lt;font size="2" class="_mt" style="font-family: TimesNewRomanPSMT,Times New Roman,Times,serif;"&gt;York Marketplace&lt;/font&gt;&lt;/td&gt;
&lt;td align="center"&gt;&lt;font size="2" class="_mt" style="font-family: TimesNewRomanPSMT,Times New Roman,Times,serif;"&gt;PA&lt;/font&gt;&lt;/td&gt;
&lt;td align="right"&gt;&lt;font size="2" class="_mt" style="font-family: TimesNewRomanPSMT,Times New Roman,Times,serif;"&gt;10/21/2010&lt;/font&gt;&lt;/td&gt;
&lt;td align="right"&gt;&amp;nbsp;&lt;/td&gt;
&lt;td style="text-indent: 2px;" align="right"&gt;&lt;font size="2" class="_mt" style="font-family: TimesNewRomanPSMT,Times New Roman,Times,serif;"&gt;29,200,000&lt;/font&gt;&lt;/td&gt;
&lt;td align="right"&gt;&amp;nbsp;&lt;/td&gt;
&lt;td align="right"&gt;&lt;font size="2" class="_mt" style="font-family: TimesNewRomanPSMT,Times New Roman,Times,serif;"&gt;16,060,000&lt;/font&gt;&lt;/td&gt;
&lt;td align="right"&gt;&lt;font size="2" class="_mt" style="font-family: TimesNewRomanPSMT,Times New Roman,Times,serif;"&gt;5.0&lt;/font&gt;&lt;/td&gt;
&lt;td align="left"&gt;&lt;font size="2" class="_mt" style="font-family: TimesNewRomanPSMT,Times New Roman,Times,serif;"&gt;%&lt;/font&gt;&lt;/td&gt;&lt;/tr&gt;&lt;/table&gt;&lt;/div&gt;

&lt;p style="margin: 0px;"&gt;&amp;nbsp;&lt;/p&gt;

&lt;p style="text-align: left;"&gt;&lt;font style="font-family: TimesNewRomanPSMT,Times New Roman,Times,serif;" class="_mt" size="2"&gt;(a) Mortgage loans payable represents the loan amount on the dates of borrowing and/or assumption.&lt;/font&gt;&lt;/p&gt;

&lt;p style="text-align: left;"&gt;&amp;nbsp;&amp;nbsp;&amp;nbsp;&amp;nbsp;&amp;nbsp;&lt;font style="font-family: TimesNewRomanPSMT,Times New Roman,Times,serif;" class="_mt" size="3"&gt;The joint venture's property-specific mortgage loans payable are collateralized by all of the joint venture's real estate, and bear interest at rates ranging from 4.1% to 6.4% per annum, a weighted average of 5.0% per annum.&lt;/font&gt;&lt;/p&gt;

&lt;p style="text-align: left;"&gt;&amp;nbsp;&amp;nbsp;&amp;nbsp;&amp;nbsp;&amp;nbsp;&lt;font style="font-family: TimesNewRomanPSMT,Times New Roman,Times,serif;" class="_mt" size="3"&gt;In June 2011, the joint venture refinanced a $12.3 million, 7.2% fixed-rate mortgage originally due in June 2011. The new $14.8 million fixed-rate mortgage bears interest at 5.0% per annum, with principal and interest payments based on a 30-year amortization schedule, and matures in July 2021.&lt;/font&gt;&lt;/p&gt;

&lt;p style="text-align: left;"&gt;&amp;nbsp;&amp;nbsp;&amp;nbsp;&amp;nbsp;&amp;nbsp;&lt;font style="font-family: TimesNewRomanPSMT,Times New Roman,Times,serif;" class="_mt" size="3"&gt;In August 2011, the joint venture refinanced a $43.3 million, 4.8% fixed-rate mortgage originally due in November 2011. The new $44.0 million fixed-rate mortgage bears interest at 4.1% per annum, with principal and interest payments based on a 30-year amortization schedule, and matures in August 2016.&lt;/font&gt;&lt;/p&gt;

&lt;div&gt;&amp;nbsp;&lt;/div&gt;&lt;br /&gt;

&lt;p style="text-align: left;"&gt;&amp;nbsp;&lt;font style="font-family: TimesNewRomanPSMT,Times New Roman,Times,serif;" class="_mt" size="3"&gt;Scheduled principal payments on mortgage loans payable at December 31, 2011 are as follows:&lt;/font&gt;&lt;/p&gt;

&lt;div&gt;

&lt;table border="0" cellspacing="0"&gt;
&lt;tr&gt;&lt;td width="44%"&gt;&amp;nbsp; &lt;/td&gt;
&lt;td width="55%"&gt;&amp;nbsp; &lt;/td&gt;&lt;/tr&gt;
&lt;tr valign="bottom"&gt;&lt;td align="center"&gt;&lt;font style="font-family: TimesNewRomanPSMT,Times New Roman,Times,serif;" class="_mt" size="3"&gt;2012&lt;/font&gt; &lt;/td&gt;
&lt;td align="right"&gt;&lt;font style="font-family: TimesNewRomanPSMT,Times New Roman,Times,serif;" class="_mt" size="3"&gt;4,856,000&lt;/font&gt; &lt;/td&gt;&lt;/tr&gt;
&lt;tr valign="bottom"&gt;&lt;td align="center"&gt;&lt;font style="font-family: TimesNewRomanPSMT,Times New Roman,Times,serif;" class="_mt" size="3"&gt;2013&lt;/font&gt; &lt;/td&gt;
&lt;td align="right"&gt;&lt;font style="font-family: TimesNewRomanPSMT,Times New Roman,Times,serif;" class="_mt" size="3"&gt;5,105,000&lt;/font&gt; &lt;/td&gt;&lt;/tr&gt;
&lt;tr valign="bottom"&gt;&lt;td align="center"&gt;&lt;font style="font-family: TimesNewRomanPSMT,Times New Roman,Times,serif;" class="_mt" size="3"&gt;2014&lt;/font&gt; &lt;/td&gt;
&lt;td align="right"&gt;&lt;font style="font-family: TimesNewRomanPSMT,Times New Roman,Times,serif;" class="_mt" size="3"&gt;34,903,000&lt;/font&gt; &lt;/td&gt;&lt;/tr&gt;
&lt;tr valign="bottom"&gt;&lt;td align="center"&gt;&lt;font style="font-family: TimesNewRomanPSMT,Times New Roman,Times,serif;" class="_mt" size="3"&gt;2015&lt;/font&gt; &lt;/td&gt;
&lt;td align="right"&gt;&lt;font style="font-family: TimesNewRomanPSMT,Times New Roman,Times,serif;" class="_mt" size="3"&gt;101,736,000&lt;/font&gt; &lt;/td&gt;&lt;/tr&gt;
&lt;tr valign="bottom"&gt;&lt;td align="center"&gt;&lt;font style="font-family: TimesNewRomanPSMT,Times New Roman,Times,serif;" class="_mt" size="3"&gt;2016&lt;/font&gt; &lt;/td&gt;
&lt;td align="right"&gt;&lt;font style="font-family: TimesNewRomanPSMT,Times New Roman,Times,serif;" class="_mt" size="3"&gt;55,192,000&lt;/font&gt; &lt;/td&gt;&lt;/tr&gt;
&lt;tr valign="bottom"&gt;&lt;td align="center"&gt;&lt;font style="font-family: TimesNewRomanPSMT,Times New Roman,Times,serif;" class="_mt" size="3"&gt;Thereafter&lt;/font&gt; &lt;/td&gt;
&lt;td style="border-bottom: #000000 1px solid;" align="right"&gt;&lt;font style="font-family: TimesNewRomanPSMT,Times New Roman,Times,serif;" class="_mt" size="3"&gt;115,501,000&lt;/font&gt; &lt;/td&gt;&lt;/tr&gt;
&lt;tr valign="bottom"&gt;&lt;td align="left"&gt;&amp;nbsp; &lt;/td&gt;
&lt;td style="border-bottom: #000000 3px double;" align="right"&gt;&lt;font style="font-family: TimesNewRomanPSMT,Times New Roman,Times,serif;" class="_mt" size="3"&gt;317,293,000&lt;/font&gt; &lt;/td&gt;&lt;/tr&gt;&lt;/table&gt;&lt;/div&gt;

&lt;p style="margin: 0px;"&gt;&amp;nbsp;&lt;/p&gt;

&lt;div&gt;

&lt;table border="0" cellspacing="0"&gt;
&lt;tr&gt;&lt;td width="40%"&gt;&amp;nbsp; &lt;/td&gt;
&lt;td width="2%"&gt;&amp;nbsp; &lt;/td&gt;
&lt;td width="13%"&gt;&amp;nbsp; &lt;/td&gt;
&lt;td width="2%"&gt;&amp;nbsp; &lt;/td&gt;
&lt;td width="2%"&gt;&amp;nbsp; &lt;/td&gt;
&lt;td width="15%"&gt;&amp;nbsp; &lt;/td&gt;
&lt;td width="2%"&gt;&amp;nbsp; &lt;/td&gt;
&lt;td width="2%"&gt;&amp;nbsp; &lt;/td&gt;
&lt;td width="12%"&gt;&amp;nbsp; &lt;/td&gt;
&lt;td width="2%"&gt;&amp;nbsp; &lt;/td&gt;&lt;/tr&gt;
&lt;tr valign="bottom"&gt;&lt;td style="border-bottom: #000000 1px solid;" width="40%" align="left"&gt;&lt;b&gt;&lt;font style="font-family: TimesNewRomanPS-BoldMT,Times New Roman,Times,serif;" class="_mt" size="3"&gt;Statements of Operations&lt;/font&gt;&lt;/b&gt; &lt;/td&gt;
&lt;td style="border-bottom: #000000 1px solid;" width="52%" colspan="9" align="center"&gt;&lt;b&gt;&lt;font style="font-family: TimesNewRomanPS-BoldMT,Times New Roman,Times,serif;" class="_mt" size="3"&gt;Years ended December 31,&lt;/font&gt;&lt;/b&gt; &lt;/td&gt;&lt;/tr&gt;
&lt;tr valign="bottom"&gt;&lt;td width="40%" align="left"&gt;&amp;nbsp; &lt;/td&gt;
&lt;td style="border-bottom: #000000 1px solid;" width="17%" colspan="3" align="center"&gt;&lt;b&gt;&lt;font style="font-family: TimesNewRomanPS-BoldMT,Times New Roman,Times,serif;" class="_mt" size="3"&gt;2011&lt;/font&gt;&lt;/b&gt; &lt;/td&gt;
&lt;td style="border-bottom: #000000 1px solid;" width="19%" colspan="3" align="center"&gt;&lt;b&gt;&lt;font style="font-family: TimesNewRomanPS-BoldMT,Times New Roman,Times,serif;" class="_mt" size="3"&gt;2010&lt;/font&gt;&lt;/b&gt; &lt;/td&gt;
&lt;td style="border-bottom: #000000 1px solid;" width="16%" colspan="3" align="center"&gt;&lt;b&gt;&lt;font style="font-family: TimesNewRomanPS-BoldMT,Times New Roman,Times,serif;" class="_mt" size="3"&gt;2009&lt;/font&gt;&lt;/b&gt; &lt;/td&gt;&lt;/tr&gt;
&lt;tr&gt;&lt;td width="92%" colspan="10"&gt;&amp;nbsp; &lt;/td&gt;&lt;/tr&gt;
&lt;tr valign="bottom"&gt;&lt;td width="40%" align="left"&gt;&lt;font style="font-family: TimesNewRomanPSMT,Times New Roman,Times,serif;" class="_mt" size="3"&gt;Revenues&lt;/font&gt; &lt;/td&gt;
&lt;td width="2%" align="left"&gt;&lt;font style="font-family: TimesNewRomanPSMT,Times New Roman,Times,serif;" class="_mt" size="3"&gt;$&lt;/font&gt; &lt;/td&gt;
&lt;td width="13%" align="right"&gt;&lt;font style="font-family: TimesNewRomanPSMT,Times New Roman,Times,serif;" class="_mt" size="3"&gt;62,500,000&lt;/font&gt; &lt;/td&gt;
&lt;td width="2%" align="left"&gt;&amp;nbsp; &lt;/td&gt;
&lt;td width="2%" align="left"&gt;&lt;font style="font-family: TimesNewRomanPSMT,Times New Roman,Times,serif;" class="_mt" size="3"&gt;$&lt;/font&gt; &lt;/td&gt;
&lt;td width="15%" align="right"&gt;&lt;font style="font-family: TimesNewRomanPSMT,Times New Roman,Times,serif;" class="_mt" size="3"&gt;30,194,000&lt;/font&gt; &lt;/td&gt;
&lt;td width="2%" align="left"&gt;&amp;nbsp; &lt;/td&gt;
&lt;td width="2%" align="left"&gt;&lt;font style="font-family: TimesNewRomanPSMT,Times New Roman,Times,serif;" class="_mt" size="3"&gt;$&lt;/font&gt; &lt;/td&gt;
&lt;td width="12%" align="right"&gt;&lt;font style="font-family: TimesNewRomanPSMT,Times New Roman,Times,serif;" class="_mt" size="3"&gt;282,000&lt;/font&gt; &lt;/td&gt;
&lt;td width="2%" align="left"&gt;&amp;nbsp; &lt;/td&gt;&lt;/tr&gt;
&lt;tr valign="bottom"&gt;&lt;td width="40%" align="left"&gt;&lt;font style="font-family: TimesNewRomanPSMT,Times New Roman,Times,serif;" class="_mt" size="3"&gt;Property operating and other expenses&lt;/font&gt; &lt;/td&gt;
&lt;td width="2%" align="left"&gt;&amp;nbsp; &lt;/td&gt;
&lt;td width="13%" align="right"&gt;&lt;font style="font-family: TimesNewRomanPSMT,Times New Roman,Times,serif;" class="_mt" size="3"&gt;(6,631,000&lt;/font&gt; &lt;/td&gt;
&lt;td width="2%" align="left"&gt;&lt;font style="font-family: TimesNewRomanPSMT,Times New Roman,Times,serif;" class="_mt" size="3"&gt;)&lt;/font&gt; &lt;/td&gt;
&lt;td width="2%" align="left"&gt;&amp;nbsp; &lt;/td&gt;
&lt;td width="15%" align="right"&gt;&lt;font style="font-family: TimesNewRomanPSMT,Times New Roman,Times,serif;" class="_mt" size="3"&gt;(2,636,000&lt;/font&gt; &lt;/td&gt;
&lt;td width="2%" align="left"&gt;&lt;font style="font-family: TimesNewRomanPSMT,Times New Roman,Times,serif;" class="_mt" size="3"&gt;)&lt;/font&gt; &lt;/td&gt;
&lt;td width="2%" align="left"&gt;&amp;nbsp; &lt;/td&gt;
&lt;td width="12%" align="right"&gt;&lt;font style="font-family: TimesNewRomanPSMT,Times New Roman,Times,serif;" class="_mt" size="3"&gt;(57,000&lt;/font&gt; &lt;/td&gt;
&lt;td width="2%" align="left"&gt;&lt;font style="font-family: TimesNewRomanPSMT,Times New Roman,Times,serif;" class="_mt" size="3"&gt;)&lt;/font&gt; &lt;/td&gt;&lt;/tr&gt;
&lt;tr valign="bottom"&gt;&lt;td width="40%" align="left"&gt;&lt;font style="font-family: TimesNewRomanPSMT,Times New Roman,Times,serif;" class="_mt" size="3"&gt;Management fees to the Company&lt;/font&gt; &lt;/td&gt;
&lt;td width="2%" align="left"&gt;&amp;nbsp; &lt;/td&gt;
&lt;td width="13%" align="right"&gt;&lt;font style="font-family: TimesNewRomanPSMT,Times New Roman,Times,serif;" class="_mt" size="3"&gt;(2,006,000&lt;/font&gt; &lt;/td&gt;
&lt;td width="2%" align="left"&gt;&lt;font style="font-family: TimesNewRomanPSMT,Times New Roman,Times,serif;" class="_mt" size="3"&gt;)&lt;/font&gt; &lt;/td&gt;
&lt;td width="2%" align="left"&gt;&amp;nbsp; &lt;/td&gt;
&lt;td width="15%" align="right"&gt;&lt;font style="font-family: TimesNewRomanPSMT,Times New Roman,Times,serif;" class="_mt" size="3"&gt;(973,000&lt;/font&gt; &lt;/td&gt;
&lt;td width="2%" align="left"&gt;&lt;font style="font-family: TimesNewRomanPSMT,Times New Roman,Times,serif;" class="_mt" size="3"&gt;)&lt;/font&gt; &lt;/td&gt;
&lt;td width="2%" align="left"&gt;&amp;nbsp; &lt;/td&gt;
&lt;td width="12%" align="right"&gt;&lt;font style="font-family: TimesNewRomanPSMT,Times New Roman,Times,serif;" class="_mt" size="3"&gt;(8,000&lt;/font&gt; &lt;/td&gt;
&lt;td width="2%" align="left"&gt;&lt;font style="font-family: TimesNewRomanPSMT,Times New Roman,Times,serif;" class="_mt" size="3"&gt;)&lt;/font&gt; &lt;/td&gt;&lt;/tr&gt;
&lt;tr valign="bottom"&gt;&lt;td width="40%" align="left"&gt;&lt;font style="font-family: TimesNewRomanPSMT,Times New Roman,Times,serif;" class="_mt" size="3"&gt;Realestate taxes&lt;/font&gt; &lt;/td&gt;
&lt;td width="2%" align="left"&gt;&amp;nbsp; &lt;/td&gt;
&lt;td width="13%" align="right"&gt;&lt;font style="font-family: TimesNewRomanPSMT,Times New Roman,Times,serif;" class="_mt" size="3"&gt;(7,214,000&lt;/font&gt; &lt;/td&gt;
&lt;td width="2%" align="left"&gt;&lt;font style="font-family: TimesNewRomanPSMT,Times New Roman,Times,serif;" class="_mt" size="3"&gt;)&lt;/font&gt; &lt;/td&gt;
&lt;td width="2%" align="left"&gt;&amp;nbsp; &lt;/td&gt;
&lt;td width="15%" align="right"&gt;&lt;font style="font-family: TimesNewRomanPSMT,Times New Roman,Times,serif;" class="_mt" size="3"&gt;(3,286,000&lt;/font&gt; &lt;/td&gt;
&lt;td width="2%" align="left"&gt;&lt;font style="font-family: TimesNewRomanPSMT,Times New Roman,Times,serif;" class="_mt" size="3"&gt;)&lt;/font&gt; &lt;/td&gt;
&lt;td width="2%" align="left"&gt;&amp;nbsp; &lt;/td&gt;
&lt;td width="12%" align="right"&gt;&lt;font style="font-family: TimesNewRomanPSMT,Times New Roman,Times,serif;" class="_mt" size="3"&gt;(10,000&lt;/font&gt; &lt;/td&gt;
&lt;td width="2%" align="left"&gt;&lt;font style="font-family: TimesNewRomanPSMT,Times New Roman,Times,serif;" class="_mt" size="3"&gt;)&lt;/font&gt; &lt;/td&gt;&lt;/tr&gt;
&lt;tr valign="bottom"&gt;&lt;td width="40%" align="left"&gt;&lt;font style="font-family: TimesNewRomanPSMT,Times New Roman,Times,serif;" class="_mt" size="3"&gt;Acquisition transaction costs (a)&lt;/font&gt; &lt;/td&gt;
&lt;td width="2%" align="left"&gt;&amp;nbsp; &lt;/td&gt;
&lt;td width="13%" align="right"&gt;&lt;font style="font-family: TimesNewRomanPSMT,Times New Roman,Times,serif;" class="_mt" size="3"&gt;(917,000&lt;/font&gt; &lt;/td&gt;
&lt;td width="2%" align="left"&gt;&lt;font style="font-family: TimesNewRomanPSMT,Times New Roman,Times,serif;" class="_mt" size="3"&gt;)&lt;/font&gt; &lt;/td&gt;
&lt;td width="2%" align="left"&gt;&amp;nbsp; &lt;/td&gt;
&lt;td width="15%" align="right"&gt;&lt;font style="font-family: TimesNewRomanPSMT,Times New Roman,Times,serif;" class="_mt" size="3"&gt;(7,119,000&lt;/font&gt; &lt;/td&gt;
&lt;td width="2%" align="left"&gt;&lt;font style="font-family: TimesNewRomanPSMT,Times New Roman,Times,serif;" class="_mt" size="3"&gt;)&lt;/font&gt; &lt;/td&gt;
&lt;td width="2%" align="left"&gt;&amp;nbsp; &lt;/td&gt;
&lt;td width="12%" align="center"&gt;&lt;font style="font-family: TimesNewRomanPSMT,Times New Roman,Times,serif;" class="_mt" size="3"&gt;-&lt;/font&gt; &lt;/td&gt;
&lt;td width="2%" align="left"&gt;&amp;nbsp; &lt;/td&gt;&lt;/tr&gt;
&lt;tr valign="bottom"&gt;&lt;td width="40%" align="left"&gt;&lt;font style="font-family: TimesNewRomanPSMT,Times New Roman,Times,serif;" class="_mt" size="3"&gt;General and administrative&lt;/font&gt; &lt;/td&gt;
&lt;td width="2%" align="left"&gt;&amp;nbsp; &lt;/td&gt;
&lt;td width="13%" align="right"&gt;&lt;font style="font-family: TimesNewRomanPSMT,Times New Roman,Times,serif;" class="_mt" size="3"&gt;(308,000&lt;/font&gt; &lt;/td&gt;
&lt;td width="2%" align="left"&gt;&lt;font style="font-family: TimesNewRomanPSMT,Times New Roman,Times,serif;" class="_mt" size="3"&gt;)&lt;/font&gt; &lt;/td&gt;
&lt;td width="2%" align="left"&gt;&amp;nbsp; &lt;/td&gt;
&lt;td width="15%" align="right"&gt;&lt;font style="font-family: TimesNewRomanPSMT,Times New Roman,Times,serif;" class="_mt" size="3"&gt;(622,000&lt;/font&gt; &lt;/td&gt;
&lt;td width="2%" align="left"&gt;&lt;font style="font-family: TimesNewRomanPSMT,Times New Roman,Times,serif;" class="_mt" size="3"&gt;)&lt;/font&gt; &lt;/td&gt;
&lt;td width="2%" align="left"&gt;&amp;nbsp; &lt;/td&gt;
&lt;td width="12%" align="center"&gt;&lt;font style="font-family: TimesNewRomanPSMT,Times New Roman,Times,serif;" class="_mt" size="3"&gt;-&lt;/font&gt; &lt;/td&gt;
&lt;td width="2%" align="left"&gt;&amp;nbsp; &lt;/td&gt;&lt;/tr&gt;
&lt;tr valign="bottom"&gt;&lt;td width="40%" align="left"&gt;&lt;font style="font-family: TimesNewRomanPSMT,Times New Roman,Times,serif;" class="_mt" size="3"&gt;Depreciation and amortization&lt;/font&gt; &lt;/td&gt;
&lt;td width="2%" align="left"&gt;&amp;nbsp; &lt;/td&gt;
&lt;td width="13%" align="right"&gt;&lt;font style="font-family: TimesNewRomanPSMT,Times New Roman,Times,serif;" class="_mt" size="3"&gt;(20,616,000&lt;/font&gt; &lt;/td&gt;
&lt;td width="2%" align="left"&gt;&lt;font style="font-family: TimesNewRomanPSMT,Times New Roman,Times,serif;" class="_mt" size="3"&gt;)&lt;/font&gt; &lt;/td&gt;
&lt;td width="2%" align="left"&gt;&amp;nbsp; &lt;/td&gt;
&lt;td width="15%" align="right"&gt;&lt;font style="font-family: TimesNewRomanPSMT,Times New Roman,Times,serif;" class="_mt" size="3"&gt;(9,523,000&lt;/font&gt; &lt;/td&gt;
&lt;td width="2%" align="left"&gt;&lt;font style="font-family: TimesNewRomanPSMT,Times New Roman,Times,serif;" class="_mt" size="3"&gt;)&lt;/font&gt; &lt;/td&gt;
&lt;td width="2%" align="left"&gt;&amp;nbsp; &lt;/td&gt;
&lt;td width="12%" align="right"&gt;&lt;font style="font-family: TimesNewRomanPSMT,Times New Roman,Times,serif;" class="_mt" size="3"&gt;(71,000&lt;/font&gt; &lt;/td&gt;
&lt;td width="2%" align="left"&gt;&lt;font style="font-family: TimesNewRomanPSMT,Times New Roman,Times,serif;" class="_mt" size="3"&gt;)&lt;/font&gt; &lt;/td&gt;&lt;/tr&gt;
&lt;tr valign="bottom"&gt;&lt;td width="40%" align="left"&gt;&lt;font style="font-family: TimesNewRomanPSMT,Times New Roman,Times,serif;" class="_mt" size="3"&gt;Interest and other non-operating expenses, net&lt;/font&gt; &lt;/td&gt;
&lt;td style="border-bottom: #000000 1px solid;" width="2%" align="left"&gt;&amp;nbsp; &lt;/td&gt;
&lt;td style="border-bottom: #000000 1px solid;" width="13%" align="right"&gt;&lt;font style="font-family: TimesNewRomanPSMT,Times New Roman,Times,serif;" class="_mt" size="3"&gt;(18,078,000&lt;/font&gt; &lt;/td&gt;
&lt;td style="border-bottom: #000000 1px solid;" width="2%" align="left"&gt;&lt;font style="font-family: TimesNewRomanPSMT,Times New Roman,Times,serif;" class="_mt" size="3"&gt;)&lt;/font&gt; &lt;/td&gt;
&lt;td style="border-bottom: #000000 1px solid;" width="2%" align="left"&gt;&amp;nbsp; &lt;/td&gt;
&lt;td style="border-bottom: #000000 1px solid;" width="15%" align="right"&gt;&lt;font style="font-family: TimesNewRomanPSMT,Times New Roman,Times,serif;" class="_mt" size="3"&gt;(7,903,000&lt;/font&gt; &lt;/td&gt;
&lt;td style="border-bottom: #000000 1px solid;" width="2%" align="left"&gt;&lt;font style="font-family: TimesNewRomanPSMT,Times New Roman,Times,serif;" class="_mt" size="3"&gt;)&lt;/font&gt; &lt;/td&gt;
&lt;td style="border-bottom: #000000 1px solid;" width="2%" align="left"&gt;&amp;nbsp; &lt;/td&gt;
&lt;td style="border-bottom: #000000 1px solid;" width="12%" align="center"&gt;&lt;font style="font-family: TimesNewRomanPSMT,Times New Roman,Times,serif;" class="_mt" size="3"&gt;-&lt;/font&gt; &lt;/td&gt;
&lt;td style="border-bottom: #000000 1px solid;" width="2%" align="left"&gt;&amp;nbsp; &lt;/td&gt;&lt;/tr&gt;
&lt;tr valign="bottom"&gt;&lt;td width="40%" align="left"&gt;&lt;font style="font-family: TimesNewRomanPSMT,Times New Roman,Times,serif;" class="_mt" size="3"&gt;Net income (loss)&lt;/font&gt; &lt;/td&gt;
&lt;td style="border-bottom: #000000 3px double;" width="2%" align="left"&gt;&lt;font style="font-family: TimesNewRomanPSMT,Times New Roman,Times,serif;" class="_mt" size="3"&gt;$&lt;/font&gt; &lt;/td&gt;
&lt;td style="border-bottom: #000000 3px double;" width="13%" align="right"&gt;&lt;font style="font-family: TimesNewRomanPSMT,Times New Roman,Times,serif;" class="_mt" size="3"&gt;6,730,000&lt;/font&gt; &lt;/td&gt;
&lt;td style="border-bottom: #000000 3px double;" width="2%" align="left"&gt;&amp;nbsp; &lt;/td&gt;
&lt;td style="border-bottom: #000000 3px double;" width="2%" align="left"&gt;&lt;font style="font-family: TimesNewRomanPSMT,Times New Roman,Times,serif;" class="_mt" size="3"&gt;$&lt;/font&gt; &lt;/td&gt;
&lt;td style="border-bottom: #000000 3px double;" width="15%" align="right"&gt;&lt;font style="font-family: TimesNewRomanPSMT,Times New Roman,Times,serif;" class="_mt" size="3"&gt;(1,868,000&lt;/font&gt; &lt;/td&gt;
&lt;td style="border-bottom: #000000 3px double;" width="2%" align="left"&gt;&lt;font style="font-family: TimesNewRomanPSMT,Times New Roman,Times,serif;" class="_mt" size="3"&gt;)&lt;/font&gt; &lt;/td&gt;
&lt;td style="border-bottom: #000000 3px double;" width="2%" align="left"&gt;&lt;font style="font-family: TimesNewRomanPSMT,Times New Roman,Times,serif;" class="_mt" size="3"&gt;$&lt;/font&gt; &lt;/td&gt;
&lt;td style="border-bottom: #000000 3px double;" width="12%" align="right"&gt;&lt;font style="font-family: TimesNewRomanPSMT,Times New Roman,Times,serif;" class="_mt" size="3"&gt;136,000&lt;/font&gt; &lt;/td&gt;
&lt;td style="border-bottom: #000000 3px double;" width="2%" align="left"&gt;&amp;nbsp; &lt;/td&gt;&lt;/tr&gt;
&lt;tr valign="bottom"&gt;&lt;td style="text-indent: 1px;" width="40%" align="left"&gt;&lt;font style="font-family: TimesNewRomanPSMT,Times New Roman,Times,serif;" class="_mt" size="3"&gt;RioCan&lt;/font&gt; &lt;/td&gt;
&lt;td width="2%" align="left"&gt;&amp;nbsp; &lt;/td&gt;
&lt;td width="13%" align="right"&gt;&lt;font style="font-family: TimesNewRomanPSMT,Times New Roman,Times,serif;" class="_mt" size="3"&gt;5,384,000&lt;/font&gt; &lt;/td&gt;
&lt;td width="2%" align="left"&gt;&amp;nbsp; &lt;/td&gt;
&lt;td width="2%" align="left"&gt;&amp;nbsp; &lt;/td&gt;
&lt;td width="15%" align="right"&gt;&lt;font style="font-family: TimesNewRomanPSMT,Times New Roman,Times,serif;" class="_mt" size="3"&gt;(1,493,000&lt;/font&gt; &lt;/td&gt;
&lt;td width="2%" align="left"&gt;&lt;font style="font-family: TimesNewRomanPSMT,Times New Roman,Times,serif;" class="_mt" size="3"&gt;)&lt;/font&gt; &lt;/td&gt;
&lt;td width="2%" align="left"&gt;&amp;nbsp; &lt;/td&gt;
&lt;td width="12%" align="right"&gt;&lt;font style="font-family: TimesNewRomanPSMT,Times New Roman,Times,serif;" class="_mt" size="3"&gt;109,000&lt;/font&gt; &lt;/td&gt;
&lt;td width="2%" align="left"&gt;&amp;nbsp; &lt;/td&gt;&lt;/tr&gt;
&lt;tr valign="bottom"&gt;&lt;td width="40%" align="left"&gt;&lt;font style="font-family: TimesNewRomanPSMT,Times New Roman,Times,serif;" class="_mt" size="3"&gt;The Company&lt;/font&gt; &lt;/td&gt;
&lt;td style="border-bottom: #000000 1px solid;" width="2%" align="left"&gt;&amp;nbsp; &lt;/td&gt;
&lt;td style="border-bottom: #000000 1px solid;" width="13%" align="right"&gt;&lt;font style="font-family: TimesNewRomanPSMT,Times New Roman,Times,serif;" class="_mt" size="3"&gt;1,346,000&lt;/font&gt; &lt;/td&gt;
&lt;td style="border-bottom: #000000 1px solid;" width="2%" align="left"&gt;&amp;nbsp; &lt;/td&gt;
&lt;td style="border-bottom: #000000 1px solid;" width="2%" align="left"&gt;&amp;nbsp; &lt;/td&gt;
&lt;td style="border-bottom: #000000 1px solid;" width="15%" align="right"&gt;&lt;font style="font-family: TimesNewRomanPSMT,Times New Roman,Times,serif;" class="_mt" size="3"&gt;(375,000&lt;/font&gt; &lt;/td&gt;
&lt;td style="border-bottom: #000000 1px solid;" width="2%" align="left"&gt;&lt;font style="font-family: TimesNewRomanPSMT,Times New Roman,Times,serif;" class="_mt" size="3"&gt;)&lt;/font&gt; &lt;/td&gt;
&lt;td style="border-bottom: #000000 1px solid;" width="2%" align="left"&gt;&amp;nbsp; &lt;/td&gt;
&lt;td style="border-bottom: #000000 1px solid;" width="12%" align="right"&gt;&lt;font style="font-family: TimesNewRomanPSMT,Times New Roman,Times,serif;" class="_mt" size="3"&gt;27,000&lt;/font&gt; &lt;/td&gt;
&lt;td style="border-bottom: #000000 1px solid;" width="2%" align="left"&gt;&amp;nbsp; &lt;/td&gt;&lt;/tr&gt;
&lt;tr valign="bottom"&gt;&lt;td width="40%" align="left"&gt;&amp;nbsp; &lt;/td&gt;
&lt;td style="border-bottom: #000000 3px double;" width="2%" align="left"&gt;&lt;font style="font-family: TimesNewRomanPSMT,Times New Roman,Times,serif;" class="_mt" size="3"&gt;$&lt;/font&gt; &lt;/td&gt;
&lt;td style="border-bottom: #000000 3px double;" width="13%" align="right"&gt;&lt;font style="font-family: TimesNewRomanPSMT,Times New Roman,Times,serif;" class="_mt" size="3"&gt;6,730,000&lt;/font&gt; &lt;/td&gt;
&lt;td style="border-bottom: #000000 3px double;" width="2%" align="left"&gt;&amp;nbsp; &lt;/td&gt;
&lt;td style="border-bottom: #000000 3px double;" width="2%" align="left"&gt;&lt;font style="font-family: TimesNewRomanPSMT,Times New Roman,Times,serif;" class="_mt" size="3"&gt;$&lt;/font&gt; &lt;/td&gt;
&lt;td style="border-bottom: #000000 3px double;" width="15%" align="right"&gt;&lt;font style="font-family: TimesNewRomanPSMT,Times New Roman,Times,serif;" class="_mt" size="3"&gt;(1,868,000&lt;/font&gt; &lt;/td&gt;
&lt;td style="border-bottom: #000000 3px double;" width="2%" align="left"&gt;&lt;font style="font-family: TimesNewRomanPSMT,Times New Roman,Times,serif;" class="_mt" size="3"&gt;)&lt;/font&gt; &lt;/td&gt;
&lt;td style="border-bottom: #000000 3px double;" width="2%" align="left"&gt;&lt;font style="font-family: TimesNewRomanPSMT,Times New Roman,Times,serif;" class="_mt" size="3"&gt;$&lt;/font&gt; &lt;/td&gt;
&lt;td style="border-bottom: #000000 3px double;" width="12%" align="right"&gt;&lt;font style="font-family: TimesNewRomanPSMT,Times New Roman,Times,serif;" class="_mt" size="3"&gt;136,000&lt;/font&gt; &lt;/td&gt;
&lt;td style="border-bottom: #000000 3px double;" width="2%" align="left"&gt;&amp;nbsp; &lt;/td&gt;&lt;/tr&gt;&lt;/table&gt;&lt;/div&gt;

&lt;p style="margin: 0px;"&gt;&amp;nbsp;&lt;/p&gt;

&lt;p style="text-align: left;"&gt;&lt;font style="font-family: TimesNewRomanPSMT,Times New Roman,Times,serif;" class="_mt" size="3"&gt;(a) Includes $0.6 and $2.8 million, respectively, paid to former owners of certain acquired properties representing the values assigned for the post-closing leasing of vacant spaces in excess of the fair value amounts estimated at closing.&lt;/font&gt;&lt;/p&gt; &lt;/div&gt;</cdr:InvestmentInJointVentureTextBlock>
  <cdr:JointVentureSettlements contextRef="As_Of_12_31_2010" unitRef="Unit1" decimals="-5">6000000</cdr:JointVentureSettlements>
  <cdr:JointVentureSettlements contextRef="As_Of_12_31_2011" unitRef="Unit1" decimals="-5">1200000</cdr:JointVentureSettlements>
  <cdr:LimitedPartnersInterestInOperatingPartnershipNoncontrollingInterest contextRef="As_Of_12_31_2010" unitRef="Unit1" decimals="0">6355000</cdr:LimitedPartnersInterestInOperatingPartnershipNoncontrollingInterest>
  <cdr:LimitedPartnersInterestInOperatingPartnershipNoncontrollingInterest contextRef="As_Of_12_31_2011" unitRef="Unit1" decimals="0">5418000</cdr:LimitedPartnersInterestInOperatingPartnershipNoncontrollingInterest>
  <cdr:LoanAndOtherReceivableAndOtherJointVentureSettlements contextRef="As_Of_12_31_2010" unitRef="Unit1" decimals="0">6868000</cdr:LoanAndOtherReceivableAndOtherJointVentureSettlements>
  <cdr:LoanAndOtherReceivableAndOtherJointVentureSettlements contextRef="As_Of_12_31_2011" unitRef="Unit1" decimals="0">5810000</cdr:LoanAndOtherReceivableAndOtherJointVentureSettlements>
  <cdr:ManagementTransitionCharges contextRef="Duration_1_1_2011_To_12_31_2011" unitRef="Unit1" decimals="0">6530000</cdr:ManagementTransitionCharges>
  <cdr:MortgageLoansOnRealEstateHeldForSale contextRef="As_Of_12_31_2010" unitRef="Unit1" decimals="0">156991000</cdr:MortgageLoansOnRealEstateHeldForSale>
  <cdr:MortgageLoansOnRealEstateHeldForSale contextRef="As_Of_12_31_2011" unitRef="Unit1" decimals="0">122604000</cdr:MortgageLoansOnRealEstateHeldForSale>
  <cdr:NetLossPortionOfOperatingTotalNoncontrollingRegistrationRights contextRef="Duration_1_1_2009_To_12_31_2009" unitRef="Unit1" decimals="0">-16460000</cdr:NetLossPortionOfOperatingTotalNoncontrollingRegistrationRights>
  <cdr:NetLossPortionOfOperatingTotalNoncontrollingRegistrationRights contextRef="Duration_1_1_2009_To_12_31_2009_us-gaap_StatementEquityComponentsAxis_cdr_MinorityInterestsInConsolidatedJointVenturesMember" unitRef="Unit1" decimals="0">772000</cdr:NetLossPortionOfOperatingTotalNoncontrollingRegistrationRights>
  <cdr:NetLossPortionOfOperatingTotalNoncontrollingRegistrationRights contextRef="Duration_1_1_2009_To_12_31_2009_us-gaap_StatementEquityComponentsAxis_us-gaap_NoncontrollingInterestMember" unitRef="Unit1" decimals="0">411000</cdr:NetLossPortionOfOperatingTotalNoncontrollingRegistrationRights>
  <cdr:NetLossPortionOfOperatingTotalNoncontrollingRegistrationRights contextRef="Duration_1_1_2009_To_12_31_2009_us-gaap_StatementEquityComponentsAxis_us-gaap_PartnershipInterestMember" unitRef="Unit1" decimals="0">-361000</cdr:NetLossPortionOfOperatingTotalNoncontrollingRegistrationRights>
  <cdr:NetLossPortionOfOperatingTotalNoncontrollingRegistrationRights contextRef="Duration_1_1_2010_To_12_31_2010" unitRef="Unit1" decimals="0">-43544000</cdr:NetLossPortionOfOperatingTotalNoncontrollingRegistrationRights>
  <cdr:NetLossPortionOfOperatingTotalNoncontrollingRegistrationRights contextRef="Duration_1_1_2010_To_12_31_2010_us-gaap_StatementEquityComponentsAxis_cdr_MinorityInterestsInConsolidatedJointVenturesMember" unitRef="Unit1" decimals="0">-1613000</cdr:NetLossPortionOfOperatingTotalNoncontrollingRegistrationRights>
  <cdr:NetLossPortionOfOperatingTotalNoncontrollingRegistrationRights contextRef="Duration_1_1_2010_To_12_31_2010_us-gaap_StatementEquityComponentsAxis_us-gaap_NoncontrollingInterestMember" unitRef="Unit1" decimals="0">-2255000</cdr:NetLossPortionOfOperatingTotalNoncontrollingRegistrationRights>
  <cdr:NetLossPortionOfOperatingTotalNoncontrollingRegistrationRights contextRef="Duration_1_1_2010_To_12_31_2010_us-gaap_StatementEquityComponentsAxis_us-gaap_PartnershipInterestMember" unitRef="Unit1" decimals="0">-642000</cdr:NetLossPortionOfOperatingTotalNoncontrollingRegistrationRights>
  <cdr:NetLossPortionOfOperatingTotalNoncontrollingRegistrationRights contextRef="Duration_1_1_2011_To_12_31_2011" unitRef="Unit1" decimals="0">-107388000</cdr:NetLossPortionOfOperatingTotalNoncontrollingRegistrationRights>
  <cdr:NetLossPortionOfOperatingTotalNoncontrollingRegistrationRights contextRef="Duration_1_1_2011_To_12_31_2011_us-gaap_StatementEquityComponentsAxis_cdr_MinorityInterestsInConsolidatedJointVenturesMember" unitRef="Unit1" decimals="0">-2507000</cdr:NetLossPortionOfOperatingTotalNoncontrollingRegistrationRights>
  <cdr:NetLossPortionOfOperatingTotalNoncontrollingRegistrationRights contextRef="Duration_1_1_2011_To_12_31_2011_us-gaap_StatementEquityComponentsAxis_us-gaap_NoncontrollingInterestMember" unitRef="Unit1" decimals="0">-3827000</cdr:NetLossPortionOfOperatingTotalNoncontrollingRegistrationRights>
  <cdr:NetLossPortionOfOperatingTotalNoncontrollingRegistrationRights contextRef="Duration_1_1_2011_To_12_31_2011_us-gaap_StatementEquityComponentsAxis_us-gaap_PartnershipInterestMember" unitRef="Unit1" decimals="0">-1320000</cdr:NetLossPortionOfOperatingTotalNoncontrollingRegistrationRights>
  <cdr:NetProceedsFromDividendReinvestmentAndDirectStockPurchasePlan contextRef="Duration_1_1_2010_To_12_31_2010_us-gaap_StatementEquityComponentsAxis_us-gaap_AdditionalPaidInCapitalMember" unitRef="Unit1" decimals="0">8144000</cdr:NetProceedsFromDividendReinvestmentAndDirectStockPurchasePlan>
  <cdr:NetProceedsFromDividendReinvestmentAndDirectStockPurchasePlan contextRef="Duration_1_1_2010_To_12_31_2010_us-gaap_StatementEquityComponentsAxis_us-gaap_CommonStockMember" unitRef="Unit1" decimals="0">87000</cdr:NetProceedsFromDividendReinvestmentAndDirectStockPurchasePlan>
  <cdr:NetProceedsFromDividendReinvestmentAndDirectStockPurchasePlan contextRef="Duration_1_1_2010_To_12_31_2010_us-gaap_StatementEquityComponentsAxis_us-gaap_ParentMember" unitRef="Unit1" decimals="0">8231000</cdr:NetProceedsFromDividendReinvestmentAndDirectStockPurchasePlan>
  <cdr:NetProceedsFromDividendReinvestmentAndDirectStockPurchasePlan contextRef="Duration_1_1_2011_To_12_31_2011" unitRef="Unit1" decimals="0">4080000</cdr:NetProceedsFromDividendReinvestmentAndDirectStockPurchasePlan>
  <cdr:NetProceedsFromDividendReinvestmentAndDirectStockPurchasePlan contextRef="Duration_1_1_2011_To_12_31_2011_us-gaap_StatementEquityComponentsAxis_us-gaap_AdditionalPaidInCapitalMember" unitRef="Unit1" decimals="0">4038000</cdr:NetProceedsFromDividendReinvestmentAndDirectStockPurchasePlan>
  <cdr:NetProceedsFromDividendReinvestmentAndDirectStockPurchasePlan contextRef="Duration_1_1_2011_To_12_31_2011_us-gaap_StatementEquityComponentsAxis_us-gaap_CommonStockMember" unitRef="Unit1" decimals="0">42000</cdr:NetProceedsFromDividendReinvestmentAndDirectStockPurchasePlan>
  <cdr:NetProceedsFromDividendReinvestmentAndDirectStockPurchasePlan contextRef="Duration_1_1_2011_To_12_31_2011_us-gaap_StatementEquityComponentsAxis_us-gaap_ParentMember" unitRef="Unit1" decimals="0">4080000</cdr:NetProceedsFromDividendReinvestmentAndDirectStockPurchasePlan>
  <cdr:NetProceedsFromDividendReinvestmentAndDirectStockPurchasePlanShares contextRef="Duration_1_1_2010_To_12_31_2010_us-gaap_StatementEquityComponentsAxis_us-gaap_CommonStockMember" unitRef="Unit12" decimals="INF">1451000</cdr:NetProceedsFromDividendReinvestmentAndDirectStockPurchasePlanShares>
  <cdr:NetProceedsFromDividendReinvestmentAndDirectStockPurchasePlanShares contextRef="Duration_1_1_2011_To_12_31_2011_us-gaap_StatementEquityComponentsAxis_us-gaap_CommonStockMember" unitRef="Unit12" decimals="INF">693000</cdr:NetProceedsFromDividendReinvestmentAndDirectStockPurchasePlanShares>
  <cdr:NetProceedsFromTransfersToUnconsolidatedJointVentureLessCashAtDatesOfTransfer contextRef="Duration_1_1_2009_To_12_31_2009" unitRef="Unit1" decimals="0">32089000</cdr:NetProceedsFromTransfersToUnconsolidatedJointVentureLessCashAtDatesOfTransfer>
  <cdr:NetProceedsFromTransfersToUnconsolidatedJointVentureLessCashAtDatesOfTransfer contextRef="Duration_1_1_2010_To_12_31_2010" unitRef="Unit1" decimals="0">31013000</cdr:NetProceedsFromTransfersToUnconsolidatedJointVentureLessCashAtDatesOfTransfer>
  <cdr:NetProceedsFromTransfersToUnconsolidatedJointVentureLessCashAtDatesOfTransfer contextRef="Duration_1_1_2011_To_12_31_2011" unitRef="Unit1" decimals="0">3545000</cdr:NetProceedsFromTransfersToUnconsolidatedJointVentureLessCashAtDatesOfTransfer>
  <cdr:NoncontrollingInterestLimitedPartnersInterestInOperatingPartnershipTextBlock contextRef="Duration_1_1_2011_To_12_31_2011">&lt;div&gt; &lt;p style="text-align: left;"&gt;&lt;b&gt;&lt;font style="font-family: TimesNewRomanPS-BoldMT,Times New Roman,Times,serif;" class="_mt" size="3"&gt;Note 19. Noncontrolling interest - Limited Partners' Mezzanine OP Units&lt;/font&gt;&lt;/b&gt;&lt;/p&gt;

&lt;p style="text-align: left;"&gt;&lt;font style="font-family: TimesNewRomanPSMT,Times New Roman,Times,serif;" class="_mt" size="3"&gt;The following summarizes the activity relating to the limited partners' mezzanine OP&lt;/font&gt;&lt;/p&gt;

&lt;p style="text-align: left;"&gt;&lt;font style="font-family: TimesNewRomanPSMT,Times New Roman,Times,serif;" class="_mt" size="3"&gt;Units:&lt;/font&gt;&lt;/p&gt;

&lt;div&gt;

&lt;table border="0" cellspacing="0"&gt;
&lt;tr&gt;&lt;td width="58%"&gt; &lt;/td&gt;
&lt;td width="2%"&gt; &lt;/td&gt;
&lt;td width="14%"&gt; &lt;/td&gt;
&lt;td width="2%"&gt; &lt;/td&gt;
&lt;td width="2%"&gt; &lt;/td&gt;
&lt;td width="14%"&gt; &lt;/td&gt;
&lt;td width="2%"&gt; &lt;/td&gt;&lt;/tr&gt;
&lt;tr valign="bottom"&gt;&lt;td width="58%" align="left"&gt;&amp;nbsp;&lt;/td&gt;
&lt;td style="border-bottom: #000000 1px solid;" width="36%" colspan="6" align="center"&gt;&lt;b&gt;&lt;font style="font-family: TimesNewRomanPS-BoldMT,Times New Roman,Times,serif;" class="_mt" size="3"&gt;December 31,&lt;/font&gt;&lt;/b&gt;&lt;/td&gt;&lt;/tr&gt;
&lt;tr valign="bottom"&gt;&lt;td width="58%" align="left"&gt;&amp;nbsp;&lt;/td&gt;
&lt;td style="border-bottom: #000000 1px solid;" width="18%" colspan="3" align="center"&gt;&lt;b&gt;&lt;font style="font-family: TimesNewRomanPS-BoldMT,Times New Roman,Times,serif;" class="_mt" size="3"&gt;2011&lt;/font&gt;&lt;/b&gt;&lt;/td&gt;
&lt;td style="border-bottom: #000000 1px solid;" width="18%" colspan="3" align="center"&gt;&lt;b&gt;&lt;font style="font-family: TimesNewRomanPS-BoldMT,Times New Roman,Times,serif;" class="_mt" size="3"&gt;2010&lt;/font&gt;&lt;/b&gt;&lt;/td&gt;&lt;/tr&gt;
&lt;tr&gt;&lt;td width="94%" colspan="7"&gt;&amp;nbsp;&lt;/td&gt;&lt;/tr&gt;
&lt;tr valign="bottom"&gt;&lt;td width="58%" align="left"&gt;&lt;font style="font-family: TimesNewRomanPSMT,Times New Roman,Times,serif;" class="_mt" size="3"&gt;Balance, beginning of year&lt;/font&gt;&lt;/td&gt;
&lt;td style="border-bottom: #000000 1px solid;" width="2%" align="left"&gt;&lt;font style="font-family: TimesNewRomanPSMT,Times New Roman,Times,serif;" class="_mt" size="3"&gt;$&lt;/font&gt;&lt;/td&gt;
&lt;td style="border-bottom: #000000 1px solid;" width="14%" align="right"&gt;&lt;font style="font-family: TimesNewRomanPSMT,Times New Roman,Times,serif;" class="_mt" size="3"&gt;7,053,000&lt;/font&gt;&lt;/td&gt;
&lt;td style="border-bottom: #000000 1px solid;" width="2%" align="left"&gt;&amp;nbsp;&lt;/td&gt;
&lt;td style="border-bottom: #000000 1px solid;" width="2%" align="right"&gt;&lt;font style="font-family: TimesNewRomanPSMT,Times New Roman,Times,serif;" class="_mt" size="3"&gt;$&lt;/font&gt;&lt;/td&gt;
&lt;td style="border-bottom: #000000 1px solid;" width="14%" align="right"&gt;&lt;font style="font-family: TimesNewRomanPSMT,Times New Roman,Times,serif;" class="_mt" size="3"&gt;12,638,000&lt;/font&gt;&lt;/td&gt;
&lt;td style="border-bottom: #000000 1px solid;" width="2%" align="left"&gt;&amp;nbsp;&lt;/td&gt;&lt;/tr&gt;
&lt;tr valign="bottom"&gt;&lt;td width="58%" align="left"&gt;&lt;font style="font-family: TimesNewRomanPSMT,Times New Roman,Times,serif;" class="_mt" size="3"&gt;Net loss&lt;/font&gt;&lt;/td&gt;
&lt;td width="2%" align="left"&gt;&amp;nbsp;&lt;/td&gt;
&lt;td width="14%" align="right"&gt;&lt;font style="font-family: TimesNewRomanPSMT,Times New Roman,Times,serif;" class="_mt" size="3"&gt;(1,126,000&lt;/font&gt;&lt;/td&gt;
&lt;td width="2%" align="left"&gt;&lt;font style="font-family: TimesNewRomanPSMT,Times New Roman,Times,serif;" class="_mt" size="3"&gt;)&lt;/font&gt;&lt;/td&gt;
&lt;td width="2%" align="right"&gt;&amp;nbsp;&lt;/td&gt;
&lt;td width="14%" align="right"&gt;&lt;font style="font-family: TimesNewRomanPSMT,Times New Roman,Times,serif;" class="_mt" size="3"&gt;(640,000&lt;/font&gt;&lt;/td&gt;
&lt;td width="2%" align="left"&gt;&lt;font style="font-family: TimesNewRomanPSMT,Times New Roman,Times,serif;" class="_mt" size="3"&gt;)&lt;/font&gt;&lt;/td&gt;&lt;/tr&gt;
&lt;tr valign="bottom"&gt;&lt;td width="58%" align="left"&gt;&lt;font style="font-family: TimesNewRomanPSMT,Times New Roman,Times,serif;" class="_mt" size="3"&gt;Unrealized gain on change in fair value&lt;/font&gt;&lt;/td&gt;
&lt;td width="2%" align="left"&gt;&amp;nbsp;&lt;/td&gt;
&lt;td width="14%" align="left"&gt;&amp;nbsp;&lt;/td&gt;
&lt;td width="2%" align="left"&gt;&amp;nbsp;&lt;/td&gt;
&lt;td width="2%" align="right"&gt;&amp;nbsp;&lt;/td&gt;
&lt;td width="14%" align="left"&gt;&amp;nbsp;&lt;/td&gt;
&lt;td width="2%" align="left"&gt;&amp;nbsp;&lt;/td&gt;&lt;/tr&gt;
&lt;tr valign="bottom"&gt;&lt;td style="text-indent: 2px;" width="58%" align="left"&gt;&lt;font style="font-family: TimesNewRomanPSMT,Times New Roman,Times,serif;" class="_mt" size="3"&gt;of cash flow hedges&lt;/font&gt;&lt;/td&gt;
&lt;td style="border-bottom: #000000 1px solid;" width="2%" align="left"&gt;&amp;nbsp;&lt;/td&gt;
&lt;td style="border-bottom: #000000 1px solid;" width="14%" align="right"&gt;&lt;font style="font-family: TimesNewRomanPSMT,Times New Roman,Times,serif;" class="_mt" size="3"&gt;(3,000&lt;/font&gt;&lt;/td&gt;
&lt;td style="border-bottom: #000000 1px solid;" width="2%" align="left"&gt;&lt;font style="font-family: TimesNewRomanPSMT,Times New Roman,Times,serif;" class="_mt" size="3"&gt;)&lt;/font&gt;&lt;/td&gt;
&lt;td style="border-bottom: #000000 1px solid;" width="2%" align="right"&gt;&amp;nbsp;&lt;/td&gt;
&lt;td style="border-bottom: #000000 1px solid;" width="14%" align="right"&gt;&lt;font style="font-family: TimesNewRomanPSMT,Times New Roman,Times,serif;" class="_mt" size="3"&gt;(18,000&lt;/font&gt;&lt;/td&gt;
&lt;td style="border-bottom: #000000 1px solid;" width="2%" align="left"&gt;&lt;font style="font-family: TimesNewRomanPSMT,Times New Roman,Times,serif;" class="_mt" size="3"&gt;)&lt;/font&gt;&lt;/td&gt;&lt;/tr&gt;
&lt;tr valign="bottom"&gt;&lt;td width="58%" align="left"&gt;&lt;font style="font-family: TimesNewRomanPSMT,Times New Roman,Times,serif;" class="_mt" size="3"&gt;Total other comprehensive loss&lt;/font&gt;&lt;/td&gt;
&lt;td style="border-bottom: #000000 1px solid;" width="2%" align="left"&gt;&amp;nbsp;&lt;/td&gt;
&lt;td style="border-bottom: #000000 1px solid;" width="14%" align="right"&gt;&lt;font style="font-family: TimesNewRomanPSMT,Times New Roman,Times,serif;" class="_mt" size="3"&gt;(1,129,000&lt;/font&gt;&lt;/td&gt;
&lt;td style="border-bottom: #000000 1px solid;" width="2%" align="left"&gt;&lt;font style="font-family: TimesNewRomanPSMT,Times New Roman,Times,serif;" class="_mt" size="3"&gt;)&lt;/font&gt;&lt;/td&gt;
&lt;td style="border-bottom: #000000 1px solid;" width="2%" align="right"&gt;&amp;nbsp;&lt;/td&gt;
&lt;td style="border-bottom: #000000 1px solid;" width="14%" align="right"&gt;&lt;font style="font-family: TimesNewRomanPSMT,Times New Roman,Times,serif;" class="_mt" size="3"&gt;(658,000&lt;/font&gt;&lt;/td&gt;
&lt;td style="border-bottom: #000000 1px solid;" width="2%" align="left"&gt;&lt;font style="font-family: TimesNewRomanPSMT,Times New Roman,Times,serif;" class="_mt" size="3"&gt;)&lt;/font&gt;&lt;/td&gt;&lt;/tr&gt;
&lt;tr valign="bottom"&gt;&lt;td width="58%" align="left"&gt;&lt;font style="font-family: TimesNewRomanPSMT,Times New Roman,Times,serif;" class="_mt" size="3"&gt;Distributions&lt;/font&gt;&lt;/td&gt;
&lt;td width="2%" align="left"&gt;&amp;nbsp;&lt;/td&gt;
&lt;td width="14%" align="right"&gt;&lt;font style="font-family: TimesNewRomanPSMT,Times New Roman,Times,serif;" class="_mt" size="3"&gt;(232,000&lt;/font&gt;&lt;/td&gt;
&lt;td width="2%" align="left"&gt;&lt;font style="font-family: TimesNewRomanPSMT,Times New Roman,Times,serif;" class="_mt" size="3"&gt;)&lt;/font&gt;&lt;/td&gt;
&lt;td width="2%" align="right"&gt;&amp;nbsp;&lt;/td&gt;
&lt;td width="14%" align="right"&gt;&lt;font style="font-family: TimesNewRomanPSMT,Times New Roman,Times,serif;" class="_mt" size="3"&gt;(266,000&lt;/font&gt;&lt;/td&gt;
&lt;td width="2%" align="left"&gt;&lt;font style="font-family: TimesNewRomanPSMT,Times New Roman,Times,serif;" class="_mt" size="3"&gt;)&lt;/font&gt;&lt;/td&gt;&lt;/tr&gt;
&lt;tr valign="bottom"&gt;&lt;td width="58%" align="left"&gt;&lt;font style="font-family: TimesNewRomanPSMT,Times New Roman,Times,serif;" class="_mt" size="3"&gt;Reallocation adjustment of limited partners' interest&lt;/font&gt;&lt;/td&gt;
&lt;td width="2%" align="left"&gt;&amp;nbsp;&lt;/td&gt;
&lt;td width="14%" align="left"&gt;&amp;nbsp;&lt;/td&gt;
&lt;td width="2%" align="left"&gt;&amp;nbsp;&lt;/td&gt;
&lt;td width="2%" align="right"&gt;&amp;nbsp;&lt;/td&gt;
&lt;td width="14%" align="left"&gt;&amp;nbsp;&lt;/td&gt;
&lt;td width="2%" align="left"&gt;&amp;nbsp;&lt;/td&gt;&lt;/tr&gt;
&lt;tr valign="bottom"&gt;&lt;td style="text-indent: 2px;" width="58%" align="left"&gt;&lt;font style="font-family: TimesNewRomanPSMT,Times New Roman,Times,serif;" class="_mt" size="3"&gt;and conversions and redemptions of OP Units&lt;/font&gt;&lt;/td&gt;
&lt;td style="border-bottom: #000000 1px solid;" width="2%" align="left"&gt;&amp;nbsp;&lt;/td&gt;
&lt;td style="border-bottom: #000000 1px solid;" width="14%" align="right"&gt;&lt;font style="font-family: TimesNewRomanPSMT,Times New Roman,Times,serif;" class="_mt" size="3"&gt;(1,076,000&lt;/font&gt;&lt;/td&gt;
&lt;td style="border-bottom: #000000 1px solid;" width="2%" align="left"&gt;&lt;font style="font-family: TimesNewRomanPSMT,Times New Roman,Times,serif;" class="_mt" size="3"&gt;)&lt;/font&gt;&lt;/td&gt;
&lt;td style="border-bottom: #000000 1px solid;" width="2%" align="right"&gt;&amp;nbsp;&lt;/td&gt;
&lt;td style="border-bottom: #000000 1px solid;" width="14%" align="right"&gt;&lt;font style="font-family: TimesNewRomanPSMT,Times New Roman,Times,serif;" class="_mt" size="3"&gt;(4,661,000&lt;/font&gt;&lt;/td&gt;
&lt;td style="border-bottom: #000000 1px solid;" width="2%" align="left"&gt;&lt;font style="font-family: TimesNewRomanPSMT,Times New Roman,Times,serif;" class="_mt" size="3"&gt;)&lt;/font&gt;&lt;/td&gt;&lt;/tr&gt;
&lt;tr&gt;&lt;td width="94%" colspan="7"&gt;&amp;nbsp;&lt;/td&gt;&lt;/tr&gt;
&lt;tr valign="bottom"&gt;&lt;td width="58%" align="left"&gt;&lt;font style="font-family: TimesNewRomanPSMT,Times New Roman,Times,serif;" class="_mt" size="3"&gt;Balance, end of year&lt;/font&gt;&lt;/td&gt;
&lt;td style="border-bottom: #000000 3px double;" width="2%" align="left"&gt;&lt;font style="font-family: TimesNewRomanPSMT,Times New Roman,Times,serif;" class="_mt" size="3"&gt;$&lt;/font&gt;&lt;/td&gt;
&lt;td style="border-bottom: #000000 3px double;" width="14%" align="right"&gt;&lt;font style="font-family: TimesNewRomanPSMT,Times New Roman,Times,serif;" class="_mt" size="3"&gt;4,616,000&lt;/font&gt;&lt;/td&gt;
&lt;td style="border-bottom: #000000 3px double;" width="2%" align="left"&gt;&amp;nbsp;&lt;/td&gt;
&lt;td style="border-bottom: #000000 3px double;" width="2%" align="right"&gt;&lt;font style="font-family: TimesNewRomanPSMT,Times New Roman,Times,serif;" class="_mt" size="3"&gt;$&lt;/font&gt;&lt;/td&gt;
&lt;td style="border-bottom: #000000 3px double;" width="14%" align="right"&gt;&lt;font style="font-family: TimesNewRomanPSMT,Times New Roman,Times,serif;" class="_mt" size="3"&gt;7,053,000&lt;/font&gt;&lt;/td&gt;
&lt;td style="border-bottom: #000000 3px double;" width="2%" align="left"&gt;&amp;nbsp;&lt;/td&gt;&lt;/tr&gt;&lt;/table&gt;&lt;/div&gt;

&lt;p style="margin: 0px;"&gt;&amp;nbsp;&lt;/p&gt;

&lt;p style="text-align: left;"&gt;&lt;font style="font-family: TimesNewRomanPSMT,Times New Roman,Times,serif;" class="_mt" size="3"&gt;See note 22 for information relating to 2012 conversions of mezzanine OP Units.&lt;/font&gt;&lt;/p&gt; &lt;/div&gt;</cdr:NoncontrollingInterestLimitedPartnersInterestInOperatingPartnershipTextBlock>
  <cdr:ProceedsFromStandbyEquityAdvanceNotSettled contextRef="Duration_1_1_2009_To_12_31_2009" unitRef="Unit1" decimals="0">5000000</cdr:ProceedsFromStandbyEquityAdvanceNotSettled>
  <cdr:ReallocationadjustmentoflimitedpartnersInterest contextRef="Duration_1_1_2009_To_12_31_2009" unitRef="Unit1" decimals="0">941000</cdr:ReallocationadjustmentoflimitedpartnersInterest>
  <cdr:ReallocationadjustmentoflimitedpartnersInterest contextRef="Duration_1_1_2009_To_12_31_2009_us-gaap_StatementEquityComponentsAxis_us-gaap_AdditionalPaidInCapitalMember" unitRef="Unit1" decimals="0">1548000</cdr:ReallocationadjustmentoflimitedpartnersInterest>
  <cdr:ReallocationadjustmentoflimitedpartnersInterest contextRef="Duration_1_1_2009_To_12_31_2009_us-gaap_StatementEquityComponentsAxis_us-gaap_NoncontrollingInterestMember" unitRef="Unit1" decimals="0">-607000</cdr:ReallocationadjustmentoflimitedpartnersInterest>
  <cdr:ReallocationadjustmentoflimitedpartnersInterest contextRef="Duration_1_1_2009_To_12_31_2009_us-gaap_StatementEquityComponentsAxis_us-gaap_ParentMember" unitRef="Unit1" decimals="0">1548000</cdr:ReallocationadjustmentoflimitedpartnersInterest>
  <cdr:ReallocationadjustmentoflimitedpartnersInterest contextRef="Duration_1_1_2009_To_12_31_2009_us-gaap_StatementEquityComponentsAxis_us-gaap_PartnershipInterestMember" unitRef="Unit1" decimals="0">-607000</cdr:ReallocationadjustmentoflimitedpartnersInterest>
  <cdr:ReallocationadjustmentoflimitedpartnersInterest contextRef="Duration_1_1_2010_To_12_31_2010" unitRef="Unit1" decimals="0">1010000</cdr:ReallocationadjustmentoflimitedpartnersInterest>
  <cdr:ReallocationadjustmentoflimitedpartnersInterest contextRef="Duration_1_1_2010_To_12_31_2010_us-gaap_StatementEquityComponentsAxis_us-gaap_AdditionalPaidInCapitalMember" unitRef="Unit1" decimals="0">1667000</cdr:ReallocationadjustmentoflimitedpartnersInterest>
  <cdr:ReallocationadjustmentoflimitedpartnersInterest contextRef="Duration_1_1_2010_To_12_31_2010_us-gaap_StatementEquityComponentsAxis_us-gaap_NoncontrollingInterestMember" unitRef="Unit1" decimals="0">-657000</cdr:ReallocationadjustmentoflimitedpartnersInterest>
  <cdr:ReallocationadjustmentoflimitedpartnersInterest contextRef="Duration_1_1_2010_To_12_31_2010_us-gaap_StatementEquityComponentsAxis_us-gaap_ParentMember" unitRef="Unit1" decimals="0">1667000</cdr:ReallocationadjustmentoflimitedpartnersInterest>
  <cdr:ReallocationadjustmentoflimitedpartnersInterest contextRef="Duration_1_1_2010_To_12_31_2010_us-gaap_StatementEquityComponentsAxis_us-gaap_PartnershipInterestMember" unitRef="Unit1" decimals="0">-657000</cdr:ReallocationadjustmentoflimitedpartnersInterest>
  <cdr:ReallocationadjustmentoflimitedpartnersInterest contextRef="Duration_1_1_2011_To_12_31_2011" unitRef="Unit1" decimals="0">1076000</cdr:ReallocationadjustmentoflimitedpartnersInterest>
  <cdr:ReallocationadjustmentoflimitedpartnersInterest contextRef="Duration_1_1_2011_To_12_31_2011_us-gaap_StatementEquityComponentsAxis_us-gaap_AdditionalPaidInCapitalMember" unitRef="Unit1" decimals="0">412000</cdr:ReallocationadjustmentoflimitedpartnersInterest>
  <cdr:ReallocationadjustmentoflimitedpartnersInterest contextRef="Duration_1_1_2011_To_12_31_2011_us-gaap_StatementEquityComponentsAxis_us-gaap_NoncontrollingInterestMember" unitRef="Unit1" decimals="0">664000</cdr:ReallocationadjustmentoflimitedpartnersInterest>
  <cdr:ReallocationadjustmentoflimitedpartnersInterest contextRef="Duration_1_1_2011_To_12_31_2011_us-gaap_StatementEquityComponentsAxis_us-gaap_ParentMember" unitRef="Unit1" decimals="0">412000</cdr:ReallocationadjustmentoflimitedpartnersInterest>
  <cdr:ReallocationadjustmentoflimitedpartnersInterest contextRef="Duration_1_1_2011_To_12_31_2011_us-gaap_StatementEquityComponentsAxis_us-gaap_PartnershipInterestMember" unitRef="Unit1" decimals="0">664000</cdr:ReallocationadjustmentoflimitedpartnersInterest>
  <cdr:RentsAndOtherReceivablesTextBlock contextRef="Duration_1_1_2011_To_12_31_2011">&lt;div&gt; &lt;p style="text-align: left;"&gt;&lt;b&gt;&lt;font style="font-family: TimesNewRomanPS-BoldMT,Times New Roman,Times,serif;" class="_mt" size="3"&gt;Note 15. Rental Revenues&lt;/font&gt;&lt;/b&gt;&lt;/p&gt;

&lt;p style="text-align: left;"&gt;&lt;font style="font-family: TimesNewRomanPSMT,Times New Roman,Times,serif;" class="_mt" size="3"&gt;Rental revenues for 2011, 2010 and 2009 are comprised of the following:&lt;/font&gt;&lt;/p&gt;

&lt;div&gt;

&lt;table border="0" cellspacing="0"&gt;
&lt;tr&gt;&lt;td width="38%"&gt; &lt;/td&gt;
&lt;td width="3%"&gt; &lt;/td&gt;
&lt;td width="17%"&gt; &lt;/td&gt;
&lt;td width="3%"&gt; &lt;/td&gt;
&lt;td width="16%"&gt; &lt;/td&gt;
&lt;td width="3%"&gt; &lt;/td&gt;
&lt;td width="17%"&gt; &lt;/td&gt;&lt;/tr&gt;
&lt;tr valign="bottom"&gt;&lt;td width="38%" align="left"&gt;&amp;nbsp;&lt;/td&gt;
&lt;td style="border-bottom: #000000 1px solid;" width="20%" colspan="2" align="center"&gt;&lt;b&gt;&lt;font style="font-family: TimesNewRomanPS-BoldMT,Times New Roman,Times,serif;" class="_mt" size="2"&gt;2011&lt;/font&gt;&lt;/b&gt;&lt;/td&gt;
&lt;td style="border-bottom: #000000 1px solid;" width="19%" colspan="2" align="center"&gt;&lt;b&gt;&lt;font style="font-family: TimesNewRomanPS-BoldMT,Times New Roman,Times,serif;" class="_mt" size="2"&gt;2010&lt;/font&gt;&lt;/b&gt;&lt;/td&gt;
&lt;td style="border-bottom: #000000 1px solid;" width="20%" colspan="2" align="center"&gt;&lt;b&gt;&lt;font style="font-family: TimesNewRomanPS-BoldMT,Times New Roman,Times,serif;" class="_mt" size="2"&gt;2009&lt;/font&gt;&lt;/b&gt;&lt;/td&gt;&lt;/tr&gt;
&lt;tr valign="bottom"&gt;&lt;td width="38%" align="left"&gt;&lt;font style="font-family: TimesNewRomanPSMT,Times New Roman,Times,serif;" class="_mt" size="2"&gt;Base rents&lt;/font&gt;&lt;/td&gt;
&lt;td width="3%" align="right"&gt;&lt;font style="font-family: TimesNewRomanPSMT,Times New Roman,Times,serif;" class="_mt" size="2"&gt;$&lt;/font&gt;&lt;/td&gt;
&lt;td width="17%" align="right"&gt;&lt;font style="font-family: TimesNewRomanPSMT,Times New Roman,Times,serif;" class="_mt" size="2"&gt;97,437,000&lt;/font&gt;&lt;/td&gt;
&lt;td width="3%" align="right"&gt;&lt;font style="font-family: TimesNewRomanPSMT,Times New Roman,Times,serif;" class="_mt" size="2"&gt;$&lt;/font&gt;&lt;/td&gt;
&lt;td width="16%" align="right"&gt;&lt;font style="font-family: TimesNewRomanPSMT,Times New Roman,Times,serif;" class="_mt" size="2"&gt;93,493,000&lt;/font&gt;&lt;/td&gt;
&lt;td width="3%" align="left"&gt;&lt;font style="font-family: TimesNewRomanPSMT,Times New Roman,Times,serif;" class="_mt" size="2"&gt;$&lt;/font&gt;&lt;/td&gt;
&lt;td width="17%" align="right"&gt;&lt;font style="font-family: TimesNewRomanPSMT,Times New Roman,Times,serif;" class="_mt" size="2"&gt;98,216,000&lt;/font&gt;&lt;/td&gt;&lt;/tr&gt;
&lt;tr valign="bottom"&gt;&lt;td width="38%" align="left"&gt;&lt;font style="font-family: TimesNewRomanPSMT,Times New Roman,Times,serif;" class="_mt" size="2"&gt;Percentage rent&lt;/font&gt;&lt;/td&gt;
&lt;td width="3%" align="right"&gt;&amp;nbsp;&lt;/td&gt;
&lt;td width="17%" align="right"&gt;&lt;font style="font-family: TimesNewRomanPSMT,Times New Roman,Times,serif;" class="_mt" size="2"&gt;1,058,000&lt;/font&gt;&lt;/td&gt;
&lt;td width="3%" align="right"&gt;&amp;nbsp;&lt;/td&gt;
&lt;td width="16%" align="right"&gt;&lt;font style="font-family: TimesNewRomanPSMT,Times New Roman,Times,serif;" class="_mt" size="2"&gt;906,000&lt;/font&gt;&lt;/td&gt;
&lt;td width="3%" align="left"&gt;&amp;nbsp;&lt;/td&gt;
&lt;td width="17%" align="right"&gt;&lt;font style="font-family: TimesNewRomanPSMT,Times New Roman,Times,serif;" class="_mt" size="2"&gt;998,000&lt;/font&gt;&lt;/td&gt;&lt;/tr&gt;
&lt;tr valign="bottom"&gt;&lt;td width="38%" align="left"&gt;&lt;font style="font-family: TimesNewRomanPSMT,Times New Roman,Times,serif;" class="_mt" size="2"&gt;Straight-line rents&lt;/font&gt;&lt;/td&gt;
&lt;td width="3%" align="right"&gt;&amp;nbsp;&lt;/td&gt;
&lt;td width="17%" align="right"&gt;&lt;font style="font-family: TimesNewRomanPSMT,Times New Roman,Times,serif;" class="_mt" size="2"&gt;1,221,000&lt;/font&gt;&lt;/td&gt;
&lt;td width="3%" align="right"&gt;&amp;nbsp;&lt;/td&gt;
&lt;td width="16%" align="right"&gt;&lt;font style="font-family: TimesNewRomanPSMT,Times New Roman,Times,serif;" class="_mt" size="2"&gt;1,577,000&lt;/font&gt;&lt;/td&gt;
&lt;td width="3%" align="left"&gt;&amp;nbsp;&lt;/td&gt;
&lt;td width="17%" align="right"&gt;&lt;font style="font-family: TimesNewRomanPSMT,Times New Roman,Times,serif;" class="_mt" size="2"&gt;2,593,000&lt;/font&gt;&lt;/td&gt;&lt;/tr&gt;
&lt;tr valign="bottom"&gt;&lt;td width="38%" align="left"&gt;&lt;font style="font-family: TimesNewRomanPSMT,Times New Roman,Times,serif;" class="_mt" size="2"&gt;Amortization of intangible lease liabilities&lt;/font&gt;&lt;/td&gt;
&lt;td style="border-bottom: #000000 1px solid;" width="3%" align="right"&gt;&amp;nbsp;&lt;/td&gt;
&lt;td style="border-bottom: #000000 1px solid;" width="17%" align="right"&gt;&lt;font style="font-family: TimesNewRomanPSMT,Times New Roman,Times,serif;" class="_mt" size="2"&gt;5,736,000&lt;/font&gt;&lt;/td&gt;
&lt;td style="border-bottom: #000000 1px solid;" width="3%" align="right"&gt;&amp;nbsp;&lt;/td&gt;
&lt;td style="border-bottom: #000000 1px solid;" width="16%" align="right"&gt;&lt;font style="font-family: TimesNewRomanPSMT,Times New Roman,Times,serif;" class="_mt" size="2"&gt;6,094,000&lt;/font&gt;&lt;/td&gt;
&lt;td style="border-bottom: #000000 1px solid;" width="3%" align="left"&gt;&amp;nbsp;&lt;/td&gt;
&lt;td style="border-bottom: #000000 1px solid;" width="17%" align="right"&gt;&lt;font style="font-family: TimesNewRomanPSMT,Times New Roman,Times,serif;" class="_mt" size="2"&gt;11,234,000&lt;/font&gt;&lt;/td&gt;&lt;/tr&gt;
&lt;tr valign="bottom"&gt;&lt;td width="38%" align="left"&gt;&amp;nbsp;&lt;/td&gt;
&lt;td style="border-bottom: #000000 3px double;" width="3%" align="right"&gt;&lt;font style="font-family: TimesNewRomanPSMT,Times New Roman,Times,serif;" class="_mt" size="2"&gt;$&lt;/font&gt;&lt;/td&gt;
&lt;td style="border-bottom: #000000 3px double;" width="17%" align="right"&gt;&lt;font style="font-family: TimesNewRomanPSMT,Times New Roman,Times,serif;" class="_mt" size="2"&gt;105,452,000&lt;/font&gt;&lt;/td&gt;
&lt;td style="border-bottom: #000000 3px double;" width="3%" align="right"&gt;&lt;font style="font-family: TimesNewRomanPSMT,Times New Roman,Times,serif;" class="_mt" size="2"&gt;$&lt;/font&gt;&lt;/td&gt;
&lt;td style="border-bottom: #000000 3px double;" width="16%" align="right"&gt;&lt;font style="font-family: TimesNewRomanPSMT,Times New Roman,Times,serif;" class="_mt" size="2"&gt;102,070,000&lt;/font&gt;&lt;/td&gt;
&lt;td style="border-bottom: #000000 3px double;" width="3%" align="left"&gt;&lt;font style="font-family: TimesNewRomanPSMT,Times New Roman,Times,serif;" class="_mt" size="2"&gt;$&lt;/font&gt;&lt;/td&gt;
&lt;td style="border-bottom: #000000 3px double;" width="17%" align="right"&gt;&lt;font style="font-family: TimesNewRomanPSMT,Times New Roman,Times,serif;" class="_mt" size="2"&gt;113,041,000&lt;/font&gt;&lt;/td&gt;&lt;/tr&gt;&lt;/table&gt;&lt;/div&gt;

&lt;p style="margin: 0px;"&gt;&amp;nbsp;&lt;/p&gt;

&lt;p style="text-align: left;"&gt;&amp;nbsp;&amp;nbsp;&amp;nbsp;&amp;nbsp;&amp;nbsp;&lt;font style="font-family: TimesNewRomanPSMT,Times New Roman,Times,serif;" class="_mt" size="3"&gt;Annual future base rents due to be received under non-cancelable operating leases in effect at December 31, 2011 are approximately as follows (excluding those base rents applicable to properties treated as discontinued operations):&lt;/font&gt;&lt;/p&gt;

&lt;div&gt;

&lt;table border="0" cellspacing="0"&gt;
&lt;tr&gt;&lt;td width="40%"&gt; &lt;/td&gt;
&lt;td width="11%"&gt; &lt;/td&gt;
&lt;td width="48%"&gt; &lt;/td&gt;&lt;/tr&gt;
&lt;tr valign="bottom"&gt;&lt;td align="right"&gt;&lt;font style="font-family: TimesNewRomanPSMT,Times New Roman,Times,serif;" class="_mt" size="3"&gt;2012&lt;/font&gt;&lt;/td&gt;
&lt;td align="left"&gt;&lt;font style="font-family: TimesNewRomanPSMT,Times New Roman,Times,serif;" class="_mt" size="3"&gt;$&lt;/font&gt;&lt;/td&gt;
&lt;td align="right"&gt;&lt;font style="font-family: TimesNewRomanPSMT,Times New Roman,Times,serif;" class="_mt" size="3"&gt;98,863,000&lt;/font&gt;&lt;/td&gt;&lt;/tr&gt;
&lt;tr valign="bottom"&gt;&lt;td align="right"&gt;&lt;font style="font-family: TimesNewRomanPSMT,Times New Roman,Times,serif;" class="_mt" size="3"&gt;2013&lt;/font&gt;&lt;/td&gt;
&lt;td align="left"&gt;&amp;nbsp;&lt;/td&gt;
&lt;td align="right"&gt;&lt;font style="font-family: TimesNewRomanPSMT,Times New Roman,Times,serif;" class="_mt" size="3"&gt;94,271,000&lt;/font&gt;&lt;/td&gt;&lt;/tr&gt;
&lt;tr valign="bottom"&gt;&lt;td align="right"&gt;&lt;font style="font-family: TimesNewRomanPSMT,Times New Roman,Times,serif;" class="_mt" size="3"&gt;2014&lt;/font&gt;&lt;/td&gt;
&lt;td align="left"&gt;&amp;nbsp;&lt;/td&gt;
&lt;td align="right"&gt;&lt;font style="font-family: TimesNewRomanPSMT,Times New Roman,Times,serif;" class="_mt" size="3"&gt;84,973,000&lt;/font&gt;&lt;/td&gt;&lt;/tr&gt;
&lt;tr valign="bottom"&gt;&lt;td align="right"&gt;&lt;font style="font-family: TimesNewRomanPSMT,Times New Roman,Times,serif;" class="_mt" size="3"&gt;2015&lt;/font&gt;&lt;/td&gt;
&lt;td align="left"&gt;&amp;nbsp;&lt;/td&gt;
&lt;td align="right"&gt;&lt;font style="font-family: TimesNewRomanPSMT,Times New Roman,Times,serif;" class="_mt" size="3"&gt;74,732,000&lt;/font&gt;&lt;/td&gt;&lt;/tr&gt;
&lt;tr valign="bottom"&gt;&lt;td align="right"&gt;&lt;font style="font-family: TimesNewRomanPSMT,Times New Roman,Times,serif;" class="_mt" size="3"&gt;2016&lt;/font&gt;&lt;/td&gt;
&lt;td align="left"&gt;&amp;nbsp;&lt;/td&gt;
&lt;td align="right"&gt;&lt;font style="font-family: TimesNewRomanPSMT,Times New Roman,Times,serif;" class="_mt" size="3"&gt;62,253,000&lt;/font&gt;&lt;/td&gt;&lt;/tr&gt;
&lt;tr valign="bottom"&gt;&lt;td align="right"&gt;&lt;font style="font-family: TimesNewRomanPSMT,Times New Roman,Times,serif;" class="_mt" size="3"&gt;Thereafter&lt;/font&gt;&lt;/td&gt;
&lt;td style="border-bottom: #000000 1px solid;" align="left"&gt;&amp;nbsp;&lt;/td&gt;
&lt;td style="border-bottom: #000000 1px solid;" align="right"&gt;&lt;font style="font-family: TimesNewRomanPSMT,Times New Roman,Times,serif;" class="_mt" size="3"&gt;319,301,000&lt;/font&gt;&lt;/td&gt;&lt;/tr&gt;
&lt;tr valign="bottom"&gt;&lt;td align="left"&gt;&amp;nbsp;&lt;/td&gt;
&lt;td style="border-bottom: #000000 3px double;" align="left"&gt;&lt;font style="font-family: TimesNewRomanPSMT,Times New Roman,Times,serif;" class="_mt" size="3"&gt;$&lt;/font&gt;&lt;/td&gt;
&lt;td style="border-bottom: #000000 3px double;" align="right"&gt;&lt;font style="font-family: TimesNewRomanPSMT,Times New Roman,Times,serif;" class="_mt" size="3"&gt;734,393,000&lt;/font&gt;&lt;/td&gt;&lt;/tr&gt;&lt;/table&gt;&lt;/div&gt;

&lt;p style="margin: 0px;"&gt;&amp;nbsp;&lt;/p&gt;

&lt;p style="text-align: left;"&gt;&amp;nbsp;&amp;nbsp;&amp;nbsp;&amp;nbsp;&amp;nbsp;&lt;font style="font-family: TimesNewRomanPSMT,Times New Roman,Times,serif;" class="_mt" size="3"&gt;Total future minimum rents do not include expense recoveries for real estate taxes and operating costs, or percentage rents based upon tenants' sales volume. Such additional revenue amounts aggregated approximately $28.0 million, $26.6 million and $28.3 million for 2011, 2010 and 2009, respectively. In addition, such amounts do not include amortization of intangible lease liabilities.&lt;/font&gt;&lt;/p&gt; &lt;/div&gt;</cdr:RentsAndOtherReceivablesTextBlock>
  <cdr:StockAndWarrantsIssuedDuringPeriodSharesNewIssues contextRef="Duration_1_1_2009_To_12_31_2009_us-gaap_StatementEquityComponentsAxis_us-gaap_CommonStockMember" unitRef="Unit12" decimals="INF">7089000</cdr:StockAndWarrantsIssuedDuringPeriodSharesNewIssues>
  <cdr:StockAndWarrantsIssuedDuringPeriodValueNewIssues contextRef="Duration_1_1_2009_To_12_31_2009" unitRef="Unit1" decimals="0">40890000</cdr:StockAndWarrantsIssuedDuringPeriodValueNewIssues>
  <cdr:StockAndWarrantsIssuedDuringPeriodValueNewIssues contextRef="Duration_1_1_2009_To_12_31_2009_us-gaap_StatementEquityComponentsAxis_us-gaap_AdditionalPaidInCapitalMember" unitRef="Unit1" decimals="0">40465000</cdr:StockAndWarrantsIssuedDuringPeriodValueNewIssues>
  <cdr:StockAndWarrantsIssuedDuringPeriodValueNewIssues contextRef="Duration_1_1_2009_To_12_31_2009_us-gaap_StatementEquityComponentsAxis_us-gaap_CommonStockMember" unitRef="Unit1" decimals="0">425000</cdr:StockAndWarrantsIssuedDuringPeriodValueNewIssues>
  <cdr:StockAndWarrantsIssuedDuringPeriodValueNewIssues contextRef="Duration_1_1_2009_To_12_31_2009_us-gaap_StatementEquityComponentsAxis_us-gaap_ParentMember" unitRef="Unit1" decimals="0">40890000</cdr:StockAndWarrantsIssuedDuringPeriodValueNewIssues>
  <cdr:TerminationPaymentsRelatedToInterestRateSwaps contextRef="Duration_1_1_2010_To_12_31_2010" unitRef="Unit1" decimals="0">-5476000</cdr:TerminationPaymentsRelatedToInterestRateSwaps>
  <cdr:UnamortizedIntangibleLeaseLiability contextRef="As_Of_12_31_2010" unitRef="Unit1" decimals="0">40253000</cdr:UnamortizedIntangibleLeaseLiability>
  <cdr:UnamortizedIntangibleLeaseLiability contextRef="As_Of_12_31_2011" unitRef="Unit1" decimals="0">35017000</cdr:UnamortizedIntangibleLeaseLiability>
  <cdr:UnrealizedGainOnChangeInFairValueOfCashFlowHedgesUnconslidatedJointVenture contextRef="Duration_1_1_2011_To_12_31_2011" unitRef="Unit1" decimals="0">-118000</cdr:UnrealizedGainOnChangeInFairValueOfCashFlowHedgesUnconslidatedJointVenture>
  <cdr:UnrealizedGainOnChangeInFairValueOfCashFlowHedgesUnconslidatedJointVenture contextRef="Duration_1_1_2011_To_12_31_2011_us-gaap_StatementEquityComponentsAxis_us-gaap_AccumulatedOtherComprehensiveIncomeMember" unitRef="Unit1" decimals="0">-118000</cdr:UnrealizedGainOnChangeInFairValueOfCashFlowHedgesUnconslidatedJointVenture>
  <cdr:UnrealizedGainOnChangeInFairValueOfCashFlowHedgesUnconslidatedJointVenture contextRef="Duration_1_1_2011_To_12_31_2011_us-gaap_StatementEquityComponentsAxis_us-gaap_ParentMember" unitRef="Unit1" decimals="0">-118000</cdr:UnrealizedGainOnChangeInFairValueOfCashFlowHedgesUnconslidatedJointVenture>
  <cdr:WeightedAverageNumberOfCommonShareOutstanding contextRef="Duration_1_1_2009_To_12_31_2009" unitRef="Unit12" decimals="0">46234000</cdr:WeightedAverageNumberOfCommonShareOutstanding>
  <cdr:WeightedAverageNumberOfCommonShareOutstanding contextRef="Duration_1_1_2010_To_12_31_2010" unitRef="Unit12" decimals="0">63843000</cdr:WeightedAverageNumberOfCommonShareOutstanding>
  <cdr:WeightedAverageNumberOfCommonShareOutstanding contextRef="Duration_1_1_2011_To_12_31_2011" unitRef="Unit12" decimals="0">66387000</cdr:WeightedAverageNumberOfCommonShareOutstanding>
  <cdr:WriteOffOfInvestment contextRef="Duration_1_1_2011_To_12_31_2011" unitRef="Unit1" decimals="0">7961000</cdr:WriteOffOfInvestment>
  <cdr:WriteOffOfInvestmentUnconsolidatedJointVenture contextRef="Duration_1_1_2011_To_12_31_2011" unitRef="Unit1" decimals="0">-7961000</cdr:WriteOffOfInvestmentUnconsolidatedJointVenture>
  <dei:AmendmentFlag contextRef="Duration_1_1_2011_To_12_31_2011">false</dei:AmendmentFlag>
  <dei:CurrentFiscalYearEndDate contextRef="Duration_1_1_2011_To_12_31_2011">--12-31</dei:CurrentFiscalYearEndDate>
  <dei:DocumentFiscalPeriodFocus contextRef="Duration_1_1_2011_To_12_31_2011">FY</dei:DocumentFiscalPeriodFocus>
  <dei:DocumentFiscalYearFocus contextRef="Duration_1_1_2011_To_12_31_2011">2011</dei:DocumentFiscalYearFocus>
  <dei:DocumentPeriodEndDate contextRef="Duration_1_1_2011_To_12_31_2011">2011-12-31</dei:DocumentPeriodEndDate>
  <dei:DocumentType contextRef="Duration_1_1_2011_To_12_31_2011">10-K</dei:DocumentType>
  <dei:EntityCentralIndexKey contextRef="Duration_1_1_2011_To_12_31_2011">0000761648</dei:EntityCentralIndexKey>
  <dei:EntityCommonStockSharesOutstanding contextRef="As_Of_2_29_2012" unitRef="Unit12" decimals="INF">69315860</dei:EntityCommonStockSharesOutstanding>
  <dei:EntityCurrentReportingStatus contextRef="Duration_1_1_2011_To_12_31_2011">Yes</dei:EntityCurrentReportingStatus>
  <dei:EntityFilerCategory contextRef="Duration_1_1_2011_To_12_31_2011">Accelerated Filer</dei:EntityFilerCategory>
  <dei:EntityPublicFloat contextRef="As_Of_6_30_2011" unitRef="Unit1" decimals="0">345676000</dei:EntityPublicFloat>
  <dei:EntityRegistrantName contextRef="Duration_1_1_2011_To_12_31_2011">CEDAR REALTY TRUST, INC.</dei:EntityRegistrantName>
  <dei:EntityVoluntaryFilers contextRef="Duration_1_1_2011_To_12_31_2011">No</dei:EntityVoluntaryFilers>
  <dei:EntityWellKnownSeasonedIssuer contextRef="Duration_1_1_2011_To_12_31_2011">No</dei:EntityWellKnownSeasonedIssuer>
  <us-gaap:AccountsPayableAndAccruedLiabilitiesCurrentAndNoncurrent contextRef="As_Of_12_31_2010" unitRef="Unit1" decimals="0">29026000</us-gaap:AccountsPayableAndAccruedLiabilitiesCurrentAndNoncurrent>
  <us-gaap:AccountsPayableAndAccruedLiabilitiesCurrentAndNoncurrent contextRef="As_Of_12_31_2011" unitRef="Unit1" decimals="0">32404000</us-gaap:AccountsPayableAndAccruedLiabilitiesCurrentAndNoncurrent>
  <us-gaap:AccountsReceivableNet contextRef="As_Of_12_31_2010" unitRef="Unit1" decimals="0">7048000</us-gaap:AccountsReceivableNet>
  <us-gaap:AccountsReceivableNet contextRef="As_Of_12_31_2011" unitRef="Unit1" decimals="0">6882000</us-gaap:AccountsReceivableNet>
  <us-gaap:AccumulatedDistributionsInExcessOfNetIncome contextRef="As_Of_12_31_2010" unitRef="Unit1" decimals="0">231275000</us-gaap:AccumulatedDistributionsInExcessOfNetIncome>
  <us-gaap:AccumulatedDistributionsInExcessOfNetIncome contextRef="As_Of_12_31_2011" unitRef="Unit1" decimals="0">373741000</us-gaap:AccumulatedDistributionsInExcessOfNetIncome>
  <us-gaap:AccumulatedOtherComprehensiveIncomeLossNetOfTax contextRef="As_Of_12_31_2010" unitRef="Unit1" decimals="0">-3406000</us-gaap:AccumulatedOtherComprehensiveIncomeLossNetOfTax>
  <us-gaap:AccumulatedOtherComprehensiveIncomeLossNetOfTax contextRef="As_Of_12_31_2011" unitRef="Unit1" decimals="0">-3513000</us-gaap:AccumulatedOtherComprehensiveIncomeLossNetOfTax>
  <us-gaap:AdditionalPaidInCapital contextRef="As_Of_12_31_2010" unitRef="Unit1" decimals="0">712548000</us-gaap:AdditionalPaidInCapital>
  <us-gaap:AdditionalPaidInCapital contextRef="As_Of_12_31_2011" unitRef="Unit1" decimals="0">718974000</us-gaap:AdditionalPaidInCapital>
  <us-gaap:AmortizationOfIntangibleAssets contextRef="Duration_1_1_2009_To_12_31_2009" unitRef="Unit1" decimals="0">-13522000</us-gaap:AmortizationOfIntangibleAssets>
  <us-gaap:AmortizationOfIntangibleAssets contextRef="Duration_1_1_2010_To_12_31_2010" unitRef="Unit1" decimals="0">-9154000</us-gaap:AmortizationOfIntangibleAssets>
  <us-gaap:AmortizationOfIntangibleAssets contextRef="Duration_1_1_2011_To_12_31_2011" unitRef="Unit1" decimals="0">-6524000</us-gaap:AmortizationOfIntangibleAssets>
  <us-gaap:Assets contextRef="As_Of_12_31_2010" unitRef="Unit1" decimals="0">1622487000</us-gaap:Assets>
  <us-gaap:Assets contextRef="As_Of_12_31_2011" unitRef="Unit1" decimals="0">1512163000</us-gaap:Assets>
  <us-gaap:AssetsHeldForSaleAtCarryingValue contextRef="As_Of_12_31_2010" unitRef="Unit1" decimals="0">348743000</us-gaap:AssetsHeldForSaleAtCarryingValue>
  <us-gaap:AssetsHeldForSaleAtCarryingValue contextRef="As_Of_12_31_2011" unitRef="Unit1" decimals="0">206674000</us-gaap:AssetsHeldForSaleAtCarryingValue>
  <us-gaap:BuildingsAndImprovementsGross contextRef="As_Of_12_31_2010" unitRef="Unit1" decimals="0">1290116000</us-gaap:BuildingsAndImprovementsGross>
  <us-gaap:BuildingsAndImprovementsGross contextRef="As_Of_12_31_2011" unitRef="Unit1" decimals="0">1369121000</us-gaap:BuildingsAndImprovementsGross>
  <us-gaap:CashAndCashEquivalentsAtCarryingValue contextRef="As_Of_12_31_2008" unitRef="Unit1" decimals="0">8231000</us-gaap:CashAndCashEquivalentsAtCarryingValue>
  <us-gaap:CashAndCashEquivalentsAtCarryingValue contextRef="As_Of_12_31_2009" unitRef="Unit1" decimals="0">17164000</us-gaap:CashAndCashEquivalentsAtCarryingValue>
  <us-gaap:CashAndCashEquivalentsAtCarryingValue contextRef="As_Of_12_31_2010" unitRef="Unit1" decimals="0">14166000</us-gaap:CashAndCashEquivalentsAtCarryingValue>
  <us-gaap:CashAndCashEquivalentsAtCarryingValue contextRef="As_Of_12_31_2011" unitRef="Unit1" decimals="0">12070000</us-gaap:CashAndCashEquivalentsAtCarryingValue>
  <us-gaap:CashAndCashEquivalentsPeriodIncreaseDecrease contextRef="Duration_1_1_2009_To_12_31_2009" unitRef="Unit1" decimals="0">8933000</us-gaap:CashAndCashEquivalentsPeriodIncreaseDecrease>
  <us-gaap:CashAndCashEquivalentsPeriodIncreaseDecrease contextRef="Duration_1_1_2010_To_12_31_2010" unitRef="Unit1" decimals="0">-2998000</us-gaap:CashAndCashEquivalentsPeriodIncreaseDecrease>
  <us-gaap:CashAndCashEquivalentsPeriodIncreaseDecrease contextRef="Duration_1_1_2011_To_12_31_2011" unitRef="Unit1" decimals="0">-2096000</us-gaap:CashAndCashEquivalentsPeriodIncreaseDecrease>
  <us-gaap:CommitmentsAndContingencies xsi:nil="true" contextRef="As_Of_12_31_2010" unitRef="Unit1" />
  <us-gaap:CommitmentsAndContingencies xsi:nil="true" contextRef="As_Of_12_31_2011" unitRef="Unit1" />
  <us-gaap:CommitmentsAndContingenciesDisclosureTextBlock contextRef="Duration_1_1_2011_To_12_31_2011">&lt;div&gt; &lt;p style="text-align: left;"&gt;&lt;b&gt;&lt;font style="font-family: TimesNewRomanPS-BoldMT,Times New Roman,Times,serif;" class="_mt" size="3"&gt;Note 13. Commitments and Contingencies&lt;/font&gt;&lt;/b&gt;&lt;/p&gt;

&lt;p style="text-align: left;"&gt;&amp;nbsp;&amp;nbsp;&amp;nbsp;&amp;nbsp;&amp;nbsp;&lt;font style="font-family: TimesNewRomanPSMT,Times New Roman,Times,serif;" class="_mt" size="3"&gt;The Company is a party to certain legal actions arising in the normal course of business. Management does not expect there to be adverse consequences from these actions that would be material to the Company's consolidated financial statements.&lt;/font&gt;&lt;/p&gt;

&lt;p style="text-align: left;"&gt;&amp;nbsp;&amp;nbsp;&amp;nbsp;&amp;nbsp;&amp;nbsp;&lt;font style="font-family: TimesNewRomanPSMT,Times New Roman,Times,serif;" class="_mt" size="3"&gt;Under various federal, state, and local laws, ordinances, and regulations, an owner or operator of real estate may be required to investigate and clean up hazardous or toxic substances, or petroleum product releases, at its properties. The owner may be liable to governmental entities or to third parties for property damage, and for investigation and cleanup costs incurred by such parties in connection with any contamination. Management is unaware of any environmental matters that would have a material impact on the Company's consolidated financial statements.&lt;/font&gt;&lt;/p&gt;

&lt;p style="text-align: left;"&gt;&amp;nbsp;&amp;nbsp;&amp;nbsp;&amp;nbsp;&amp;nbsp;&lt;font style="font-family: TimesNewRomanPSMT,Times New Roman,Times,serif;" class="_mt" size="3"&gt;The Company's executive offices are located at 44 South Bayles Avenue, Port Washington, New York, which it leased from a partnership owned 44.9% by the Company's former Chairman and Chief Executive Officer. The terms of the lease, as amended, will expire in February 2020. Future minimum rents payable under the terms of the lease, as amended, amount to $495,000, $509,000, $523,000, $537,000, $552,000 and $1.8 million during the years 2012 through 2016, and thereafter, respectively. In addition, several of the Company's properties and portions of several others are owned subject to operating leases which provide for annual payments subject, in certain cases, to cost-of-living or fair market value adjustments, as follows: 2012 - $1.0 million, 2013 - $1.0 million, 2014 - $1.0 million, 2015 - $1.0 million, 2016 - $1.0 million and thereafter - $9.9 million.&lt;/font&gt;&lt;/p&gt;

&lt;p style="text-align: left;"&gt;&amp;nbsp;&amp;nbsp;&amp;nbsp;&amp;nbsp;&amp;nbsp;&lt;font style="font-family: TimesNewRomanPSMT,Times New Roman,Times,serif;" class="_mt" size="3"&gt;Rent expense was $1.3 million, $1.0 million and $0.8 million for 2011, 2010 and 2009, respectively.&lt;/font&gt;&lt;/p&gt;

&lt;p style="text-align: left;"&gt;&amp;nbsp;&amp;nbsp;&amp;nbsp;&amp;nbsp;&amp;nbsp;&lt;font style="font-family: TimesNewRomanPSMT,Times New Roman,Times,serif;" class="_mt" size="3"&gt;The Company has entered into joint venture arrangements with respect to a number of its properties. The applicable joint venture agreements generally include buy/sell provisions &lt;/font&gt;&lt;font style="font-family: TimesNewRomanPSMT,Times New Roman,Times,serif;" class="_mt" size="3"&gt;pursuant to which, after a specified period of years, either party may initiate a buy/sell arrangement pursuant to which the initiating party can designate a value for the relevant property or properties, and the other party may then elect either to sell its proportionate ownership interest in the joint venture based on that value for the entire property or to purchase the initiating party's ownership interest based on such valuation for the entire property.&lt;/font&gt;&lt;/p&gt; &lt;/div&gt;</us-gaap:CommitmentsAndContingenciesDisclosureTextBlock>
  <us-gaap:CommonStockParOrStatedValuePerShare contextRef="As_Of_12_31_2010" unitRef="Unit13" decimals="INF">0.06</us-gaap:CommonStockParOrStatedValuePerShare>
  <us-gaap:CommonStockParOrStatedValuePerShare contextRef="As_Of_12_31_2011" unitRef="Unit13" decimals="INF">0.06</us-gaap:CommonStockParOrStatedValuePerShare>
  <us-gaap:CommonStockSharesAuthorized contextRef="As_Of_12_31_2010" unitRef="Unit12" decimals="INF">150000000</us-gaap:CommonStockSharesAuthorized>
  <us-gaap:CommonStockSharesAuthorized contextRef="As_Of_12_31_2011" unitRef="Unit12" decimals="INF">150000000</us-gaap:CommonStockSharesAuthorized>
  <us-gaap:CommonStockSharesIssued contextRef="As_Of_12_31_2010" unitRef="Unit12" decimals="INF">66520000</us-gaap:CommonStockSharesIssued>
  <us-gaap:CommonStockSharesIssued contextRef="As_Of_12_31_2011" unitRef="Unit12" decimals="INF">67928000</us-gaap:CommonStockSharesIssued>
  <us-gaap:CommonStockSharesOutstanding contextRef="As_Of_12_31_2010" unitRef="Unit12" decimals="INF">66520000</us-gaap:CommonStockSharesOutstanding>
  <us-gaap:CommonStockSharesOutstanding contextRef="As_Of_12_31_2011" unitRef="Unit12" decimals="INF">67928000</us-gaap:CommonStockSharesOutstanding>
  <us-gaap:CommonStockValue contextRef="As_Of_12_31_2010" unitRef="Unit1" decimals="0">3991000</us-gaap:CommonStockValue>
  <us-gaap:CommonStockValue contextRef="As_Of_12_31_2011" unitRef="Unit1" decimals="0">4076000</us-gaap:CommonStockValue>
  <us-gaap:CompensationAndEmployeeBenefitPlansTextBlock contextRef="Duration_1_1_2011_To_12_31_2011">&lt;div&gt; &lt;p style="text-align: left;"&gt;&lt;b&gt;&lt;font style="font-family: TimesNewRomanPS-BoldMT,Times New Roman,Times,serif;" class="_mt" size="3"&gt;Note 16. 401(k) Retirement Plan&lt;/font&gt;&lt;/b&gt;&lt;/p&gt;

&lt;p style="text-align: left;"&gt;&amp;nbsp;&amp;nbsp;&amp;nbsp;&amp;nbsp;&amp;nbsp;&lt;font style="font-family: TimesNewRomanPSMT,Times New Roman,Times,serif;" class="_mt" size="3"&gt;The Company has a 401(k) retirement plan (the "Plan"), which permits all eligible employees to defer a portion of their compensation under the Code. Pursuant to the provisions of the Plan, the Company may make discretionary contributions on behalf of eligible employees. The Company made contributions to the Plan of $275,000, $266,000 and $248,000 in 2011, 2010 and 2009, respectively.&lt;/font&gt;&lt;/p&gt;

&lt;div&gt;&amp;nbsp;&lt;/div&gt;&lt;br /&gt; &lt;/div&gt;</us-gaap:CompensationAndEmployeeBenefitPlansTextBlock>
  <us-gaap:CompensationRelatedCostsGeneralTextBlock contextRef="Duration_1_1_2011_To_12_31_2011">&lt;div&gt; &lt;p style="text-align: left;"&gt;&lt;b&gt;&lt;font style="font-family: TimesNewRomanPS-BoldMT,Times New Roman,Times,serif;" class="_mt" size="3"&gt;Note 17. Management Transition Charges&lt;/font&gt;&lt;/b&gt;&lt;/p&gt;

&lt;p style="text-align: left;"&gt;&amp;nbsp;&amp;nbsp;&amp;nbsp;&amp;nbsp;&amp;nbsp;&lt;font style="font-family: TimesNewRomanPSMT,Times New Roman,Times,serif;" class="_mt" size="3"&gt;In June 2011, the Company's then Chairman of the Board, Chief Executive Officer and President retired, and the employment of the Company's then Chief Financial Officer ended. Pursuant to their respective employment and/or separation agreements, (a) they are to receive an aggregate of approximately $3.7 million in cash severance payments (including the cost of related payroll taxes and benefits, and substantially all of which has been funded), and (b) all of their unvested restricted share grants became vested and all related amounts were written off (an aggregate of approximately $2.0 million &amp;#8211; see "Stock-Based Compensation" below). Together with approximately $0.8 million of other non-recurring costs, primarily professional fees and expenses related to the hiring of a new President/Chief Executive Officer and Chief Financial Officer, the Company recorded an aggregate of approximately $6.5 million as "management transition charges".&lt;/font&gt;&lt;/p&gt; &lt;/div&gt;</us-gaap:CompensationRelatedCostsGeneralTextBlock>
  <us-gaap:ConcentrationRiskDisclosureTextBlock contextRef="Duration_1_1_2011_To_12_31_2011">&lt;div&gt; &lt;p style="text-align: left;"&gt;&lt;b&gt;&lt;font style="font-family: TimesNewRomanPS-BoldMT,Times New Roman,Times,serif;" class="_mt" size="3"&gt;Note 7. Concentration of Credit Risk&lt;/font&gt;&lt;/b&gt;&lt;/p&gt;

&lt;p style="text-align: left;"&gt;&amp;nbsp;&amp;nbsp;&amp;nbsp;&amp;nbsp;&amp;nbsp;&lt;font style="font-family: TimesNewRomanPSMT,Times New Roman,Times,serif;" class="_mt" size="3"&gt;Financial instruments that potentially subject the Company to concentrations of credit risk consist primarily of cash and cash equivalents in excess of insured amounts and tenant receivables. The Company places its cash and cash equivalents with high quality financial institutions. Management performs ongoing credit evaluations of its tenants and requires certain tenants to provide security deposits and/or suitable guarantees.&lt;/font&gt;&lt;/p&gt;

&lt;p style="text-align: left;"&gt;&amp;nbsp;&amp;nbsp;&amp;nbsp;&amp;nbsp;&amp;nbsp;&lt;font style="font-family: TimesNewRomanPSMT,Times New Roman,Times,serif;" class="_mt" size="3"&gt;Excluding properties treated as discontinued operations, Giant Food Stores, LLC ("Giant Foods"), which is owned by Ahold N.V., a Netherlands corporation, accounted for approximately 13%, 11% and 10% of the Company's total revenues in 2011, 2010 and 2009, respectively. Giant Foods, in combination with Stop &amp;amp; Shop, Inc., which is also owned by Ahold N.V., accounted for approximately 16%, 13% and 14% of the Company's total revenues in 2011, 2010 and 2009, respectively.&lt;/font&gt;&lt;/p&gt;

&lt;p style="text-align: left;"&gt;&amp;nbsp;&amp;nbsp;&amp;nbsp;&amp;nbsp;&amp;nbsp;&lt;font style="font-family: TimesNewRomanPSMT,Times New Roman,Times,serif;" class="_mt" size="3"&gt;The Company's properties are located largely in the mid-Atlantic and Northeast coastal regions, which exposes it to greater economic risks than if the properties it owned were located in a greater number of geographic regions (in particular, 34 of the Company's properties are located in Pennsylvania).&lt;/font&gt;&lt;/p&gt; &lt;/div&gt;</us-gaap:ConcentrationRiskDisclosureTextBlock>
  <us-gaap:DebtDisclosureTextBlock contextRef="Duration_1_1_2011_To_12_31_2011">&lt;div&gt; &lt;p style="text-align: left;"&gt;&lt;b&gt;&lt;font style="font-family: TimesNewRomanPS-BoldMT,Times New Roman,Times,serif;" class="_mt" size="3"&gt;Note 10. Mortgage Loans Payable and Secured Revolving Credit Facilities&lt;/font&gt;&lt;/b&gt;&lt;/p&gt;

&lt;p style="text-align: left;"&gt;&lt;font style="font-family: TimesNewRomanPSMT,Times New Roman,Times,serif;" class="_mt" size="3"&gt;Secured debt is comprised of the following at December 31, 2011 and 2010:&lt;/font&gt;&lt;/p&gt;

&lt;div&gt;&amp;nbsp;&lt;/div&gt;&lt;br /&gt;

&lt;div&gt;

&lt;table border="0" cellspacing="0"&gt;
&lt;tr&gt;&lt;td width="20%"&gt;&amp;nbsp;&lt;/td&gt;
&lt;td width="2%"&gt;&amp;nbsp;&lt;/td&gt;
&lt;td width="11%"&gt;&amp;nbsp;&lt;/td&gt;
&lt;td width="11%"&gt;&amp;nbsp;&lt;/td&gt;
&lt;td width="2%"&gt;&amp;nbsp;&lt;/td&gt;
&lt;td width="11%"&gt;&amp;nbsp;&lt;/td&gt;
&lt;td width="2%"&gt;&amp;nbsp;&lt;/td&gt;
&lt;td width="11%"&gt;&amp;nbsp;&lt;/td&gt;
&lt;td width="12%"&gt;&amp;nbsp;&lt;/td&gt;
&lt;td width="2%"&gt;&amp;nbsp;&lt;/td&gt;
&lt;td width="13%"&gt;&amp;nbsp;&lt;/td&gt;&lt;/tr&gt;
&lt;tr valign="bottom"&gt;&lt;td width="20%" align="left"&gt;&amp;nbsp;&lt;/td&gt;
&lt;td style="border-bottom: #000000 1px solid;" width="37%" colspan="5" align="center"&gt;&lt;b&gt;&lt;font style="font-family: TimesNewRomanPS-BoldMT,Times New Roman,Times,serif;" class="_mt" size="2"&gt;December 31, 2011&lt;/font&gt;&lt;/b&gt;&lt;/td&gt;
&lt;td style="border-bottom: #000000 1px solid;" width="40%" colspan="5" align="center"&gt;&lt;b&gt;&lt;font style="font-family: TimesNewRomanPS-BoldMT,Times New Roman,Times,serif;" class="_mt" size="2"&gt;December 31, 2010 (a)&lt;/font&gt;&lt;/b&gt;&lt;/td&gt;&lt;/tr&gt;
&lt;tr valign="bottom"&gt;&lt;td width="20%" align="left"&gt;&amp;nbsp;&lt;/td&gt;
&lt;td style="border-bottom: #000000 1px solid;" rowspan="3" width="13%" colspan="2" align="center"&gt;&lt;b&gt;&lt;font style="font-family: TimesNewRomanPS-BoldMT,Times New Roman,Times,serif;" class="_mt" size="2"&gt;Balance&lt;/font&gt;&lt;/b&gt;&lt;br /&gt;&lt;b&gt;&lt;font style="font-family: TimesNewRomanPS-BoldMT,Times New Roman,Times,serif;" class="_mt" size="2"&gt;outstanding&lt;/font&gt;&lt;/b&gt;&lt;/td&gt;
&lt;td style="border-bottom: #000000 1px solid; text-indent: 6px;" width="24%" colspan="3" align="center"&gt;&lt;b&gt;&lt;font style="font-family: TimesNewRomanPS-BoldMT,Times New Roman,Times,serif;" class="_mt" size="2"&gt;Interest rates&lt;/font&gt;&lt;/b&gt;&lt;/td&gt;
&lt;td style="border-bottom: #000000 1px solid;" rowspan="3" width="13%" colspan="2" align="center"&gt;&lt;b&gt;&lt;font style="font-family: TimesNewRomanPS-BoldMT,Times New Roman,Times,serif;" class="_mt" size="2"&gt;Balance&lt;/font&gt;&lt;/b&gt;&lt;br /&gt;&lt;b&gt;&lt;font style="font-family: TimesNewRomanPS-BoldMT,Times New Roman,Times,serif;" class="_mt" size="2"&gt;outstanding&lt;/font&gt;&lt;/b&gt;&lt;/td&gt;
&lt;td style="border-bottom: #000000 1px solid; text-indent: 5px;" width="27%" colspan="3" align="center"&gt;&lt;b&gt;&lt;font style="font-family: TimesNewRomanPS-BoldMT,Times New Roman,Times,serif;" class="_mt" size="2"&gt;Interest rates&lt;/font&gt;&lt;/b&gt;&lt;/td&gt;&lt;/tr&gt;
&lt;tr valign="bottom"&gt;&lt;td width="20%" align="left"&gt;&amp;nbsp;&lt;/td&gt;
&lt;td style="border-bottom: #000000 1px solid;" rowspan="2" width="13%" colspan="2" align="center"&gt;&lt;b&gt;&lt;font style="font-family: TimesNewRomanPS-BoldMT,Times New Roman,Times,serif;" class="_mt" size="2"&gt;Weighted&lt;/font&gt;&lt;/b&gt;&lt;br /&gt;&lt;b&gt;&lt;font style="font-family: TimesNewRomanPS-BoldMT,Times New Roman,Times,serif;" class="_mt" size="2"&gt;average&lt;/font&gt;&lt;/b&gt;&lt;/td&gt;
&lt;td style="border-bottom: #000000 1px solid;" rowspan="2" width="11%" align="center"&gt;&lt;b&gt;&lt;font style="font-family: TimesNewRomanPS-BoldMT,Times New Roman,Times,serif;" class="_mt" size="2"&gt;Range&lt;/font&gt;&lt;/b&gt;&lt;/td&gt;
&lt;td style="border-bottom: #000000 1px solid;" rowspan="2" width="14%" colspan="2" align="center"&gt;&lt;b&gt;&lt;font style="font-family: TimesNewRomanPS-BoldMT,Times New Roman,Times,serif;" class="_mt" size="2"&gt;Weighted&lt;/font&gt;&lt;/b&gt;&lt;br /&gt;&lt;b&gt;&lt;font style="font-family: TimesNewRomanPS-BoldMT,Times New Roman,Times,serif;" class="_mt" size="2"&gt;average&lt;/font&gt;&lt;/b&gt;&lt;/td&gt;
&lt;td style="border-bottom: #000000 1px solid;" rowspan="2" width="13%" align="center"&gt;&lt;b&gt;&lt;font style="font-family: TimesNewRomanPS-BoldMT,Times New Roman,Times,serif;" class="_mt" size="2"&gt;Range&lt;/font&gt;&lt;/b&gt;&lt;/td&gt;&lt;/tr&gt;
&lt;tr valign="bottom"&gt;&lt;td style="border-bottom: #000000 3px double;" width="20%" align="left"&gt;&lt;b&gt;&lt;font style="font-family: TimesNewRomanPS-BoldMT,Times New Roman,Times,serif;" class="_mt" size="2"&gt;Description&lt;/font&gt;&lt;/b&gt;&lt;/td&gt;&lt;/tr&gt;
&lt;tr valign="bottom"&gt;&lt;td width="20%" align="left"&gt;&lt;font style="font-family: TimesNewRomanPSMT,Times New Roman,Times,serif;" class="_mt" size="2"&gt;Fixed-rate mortgages&lt;/font&gt;&lt;/td&gt;
&lt;td width="2%" align="right"&gt;&lt;font style="font-family: TimesNewRomanPSMT,Times New Roman,Times,serif;" class="_mt" size="2"&gt;$&lt;/font&gt;&lt;/td&gt;
&lt;td width="11%" align="right"&gt;&lt;font style="font-family: TimesNewRomanPSMT,Times New Roman,Times,serif;" class="_mt" size="2"&gt;525,259,000&lt;/font&gt;&lt;/td&gt;
&lt;td width="11%" align="right"&gt;&lt;font style="font-family: TimesNewRomanPSMT,Times New Roman,Times,serif;" class="_mt" size="2"&gt;5.8&lt;/font&gt;&lt;/td&gt;
&lt;td width="2%" align="left"&gt;&lt;font style="font-family: TimesNewRomanPSMT,Times New Roman,Times,serif;" class="_mt" size="2"&gt;%&lt;/font&gt;&lt;/td&gt;
&lt;td width="11%" align="center"&gt;&lt;font style="font-family: TimesNewRomanPSMT,Times New Roman,Times,serif;" class="_mt" size="2"&gt;5.0% - 7.6%&lt;/font&gt;&lt;/td&gt;
&lt;td width="2%" align="right"&gt;&lt;font style="font-family: TimesNewRomanPSMT,Times New Roman,Times,serif;" class="_mt" size="2"&gt;$&lt;/font&gt;&lt;/td&gt;
&lt;td width="11%" align="right"&gt;&lt;font style="font-family: TimesNewRomanPSMT,Times New Roman,Times,serif;" class="_mt" size="2"&gt;487,957,000&lt;/font&gt;&lt;/td&gt;
&lt;td width="12%" align="right"&gt;&lt;font style="font-family: TimesNewRomanPSMT,Times New Roman,Times,serif;" class="_mt" size="2"&gt;5.9&lt;/font&gt;&lt;/td&gt;
&lt;td width="2%" align="left"&gt;&lt;font style="font-family: TimesNewRomanPSMT,Times New Roman,Times,serif;" class="_mt" size="2"&gt;%&lt;/font&gt;&lt;/td&gt;
&lt;td width="13%" align="center"&gt;&lt;font style="font-family: TimesNewRomanPSMT,Times New Roman,Times,serif;" class="_mt" size="2"&gt;5.0% - 7.6%&lt;/font&gt;&lt;/td&gt;&lt;/tr&gt;
&lt;tr valign="bottom"&gt;&lt;td width="20%" align="left"&gt;&lt;font style="font-family: TimesNewRomanPSMT,Times New Roman,Times,serif;" class="_mt" size="2"&gt;Variable-rate mortgage&lt;/font&gt;&lt;/td&gt;
&lt;td style="border-bottom: #000000 1px solid;" width="2%" align="right"&gt;&amp;nbsp;&lt;/td&gt;
&lt;td style="border-bottom: #000000 1px solid;" width="11%" align="right"&gt;&lt;font style="font-family: TimesNewRomanPSMT,Times New Roman,Times,serif;" class="_mt" size="2"&gt;63,768,000&lt;/font&gt;&lt;/td&gt;
&lt;td style="border-bottom: #000000 1px solid;" width="11%" align="right"&gt;&lt;font style="font-family: TimesNewRomanPSMT,Times New Roman,Times,serif;" class="_mt" size="2"&gt;3.0&lt;/font&gt;&lt;/td&gt;
&lt;td style="border-bottom: #000000 1px solid;" width="2%" align="left"&gt;&lt;font style="font-family: TimesNewRomanPSMT,Times New Roman,Times,serif;" class="_mt" size="2"&gt;%&lt;/font&gt;&lt;/td&gt;
&lt;td width="11%" align="left"&gt;&amp;nbsp;&lt;/td&gt;
&lt;td style="border-bottom: #000000 1px solid;" width="2%" align="right"&gt;&amp;nbsp;&lt;/td&gt;
&lt;td style="border-bottom: #000000 1px solid;" width="11%" align="right"&gt;&lt;font style="font-family: TimesNewRomanPSMT,Times New Roman,Times,serif;" class="_mt" size="2"&gt;62,568,000&lt;/font&gt;&lt;/td&gt;
&lt;td style="border-bottom: #000000 1px solid;" width="12%" align="right"&gt;&lt;font style="font-family: TimesNewRomanPSMT,Times New Roman,Times,serif;" class="_mt" size="2"&gt;2.5&lt;/font&gt;&lt;/td&gt;
&lt;td style="border-bottom: #000000 1px solid;" width="2%" align="left"&gt;&lt;font style="font-family: TimesNewRomanPSMT,Times New Roman,Times,serif;" class="_mt" size="2"&gt;%&lt;/font&gt;&lt;/td&gt;
&lt;td width="13%" align="left"&gt;&amp;nbsp;&lt;/td&gt;&lt;/tr&gt;
&lt;tr valign="bottom"&gt;&lt;td width="20%" align="left"&gt;&lt;font style="font-family: TimesNewRomanPSMT,Times New Roman,Times,serif;" class="_mt" size="2"&gt;Totalproperty-specific mortgages&lt;/font&gt;&lt;/td&gt;
&lt;td width="2%" align="right"&gt;&amp;nbsp;&lt;/td&gt;
&lt;td width="11%" align="right"&gt;&lt;font style="font-family: TimesNewRomanPSMT,Times New Roman,Times,serif;" class="_mt" size="2"&gt;589,027,000&lt;/font&gt;&lt;/td&gt;
&lt;td width="11%" align="right"&gt;&lt;font style="font-family: TimesNewRomanPSMT,Times New Roman,Times,serif;" class="_mt" size="2"&gt;5.5&lt;/font&gt;&lt;/td&gt;
&lt;td width="2%" align="left"&gt;&lt;font style="font-family: TimesNewRomanPSMT,Times New Roman,Times,serif;" class="_mt" size="2"&gt;%&lt;/font&gt;&lt;/td&gt;
&lt;td width="11%" align="left"&gt;&amp;nbsp;&lt;/td&gt;
&lt;td width="2%" align="right"&gt;&amp;nbsp;&lt;/td&gt;
&lt;td width="11%" align="right"&gt;&lt;font style="font-family: TimesNewRomanPSMT,Times New Roman,Times,serif;" class="_mt" size="2"&gt;550,525,000&lt;/font&gt;&lt;/td&gt;
&lt;td width="12%" align="right"&gt;&lt;font style="font-family: TimesNewRomanPSMT,Times New Roman,Times,serif;" class="_mt" size="2"&gt;5.6&lt;/font&gt;&lt;/td&gt;
&lt;td width="2%" align="left"&gt;&lt;font style="font-family: TimesNewRomanPSMT,Times New Roman,Times,serif;" class="_mt" size="2"&gt;%&lt;/font&gt;&lt;/td&gt;
&lt;td width="13%" align="left"&gt;&amp;nbsp;&lt;/td&gt;&lt;/tr&gt;
&lt;tr valign="bottom"&gt;&lt;td width="20%" align="left"&gt;&lt;font style="font-family: TimesNewRomanPSMT,Times New Roman,Times,serif;" class="_mt" size="2"&gt;Stabilized property credit facility&lt;/font&gt;&lt;/td&gt;
&lt;td width="2%" align="right"&gt;&amp;nbsp;&lt;/td&gt;
&lt;td width="11%" align="right"&gt;&lt;font style="font-family: TimesNewRomanPSMT,Times New Roman,Times,serif;" class="_mt" size="2"&gt;74,035,000&lt;/font&gt;&lt;/td&gt;
&lt;td width="11%" align="right"&gt;&lt;font style="font-family: TimesNewRomanPSMT,Times New Roman,Times,serif;" class="_mt" size="2"&gt;5.5&lt;/font&gt;&lt;/td&gt;
&lt;td width="2%" align="left"&gt;&lt;font style="font-family: TimesNewRomanPSMT,Times New Roman,Times,serif;" class="_mt" size="2"&gt;%&lt;/font&gt;&lt;/td&gt;
&lt;td width="11%" align="left"&gt;&amp;nbsp;&lt;/td&gt;
&lt;td width="2%" align="right"&gt;&amp;nbsp;&lt;/td&gt;
&lt;td width="11%" align="right"&gt;&lt;font style="font-family: TimesNewRomanPSMT,Times New Roman,Times,serif;" class="_mt" size="2"&gt;29,535,000&lt;/font&gt;&lt;/td&gt;
&lt;td width="12%" align="right"&gt;&lt;font style="font-family: TimesNewRomanPSMT,Times New Roman,Times,serif;" class="_mt" size="2"&gt;5.5&lt;/font&gt;&lt;/td&gt;
&lt;td width="2%" align="left"&gt;&lt;font style="font-family: TimesNewRomanPSMT,Times New Roman,Times,serif;" class="_mt" size="2"&gt;%&lt;/font&gt;&lt;/td&gt;
&lt;td width="13%" align="left"&gt;&amp;nbsp;&lt;/td&gt;&lt;/tr&gt;
&lt;tr valign="bottom"&gt;&lt;td width="20%" align="left"&gt;&lt;font style="font-family: TimesNewRomanPSMT,Times New Roman,Times,serif;" class="_mt" size="2"&gt;Development property credit facility&lt;/font&gt;&lt;/td&gt;
&lt;td style="border-bottom: #000000 1px solid;" width="2%" align="right"&gt;&amp;nbsp;&lt;/td&gt;
&lt;td style="border-bottom: #000000 1px solid;" width="11%" align="right"&gt;&lt;font style="font-family: TimesNewRomanPSMT,Times New Roman,Times,serif;" class="_mt" size="2"&gt;92,282,000&lt;/font&gt;&lt;/td&gt;
&lt;td style="border-bottom: #000000 1px solid;" width="11%" align="right"&gt;&lt;font style="font-family: TimesNewRomanPSMT,Times New Roman,Times,serif;" class="_mt" size="2"&gt;2.5&lt;/font&gt;&lt;/td&gt;
&lt;td style="border-bottom: #000000 1px solid;" width="2%" align="left"&gt;&lt;font style="font-family: TimesNewRomanPSMT,Times New Roman,Times,serif;" class="_mt" size="2"&gt;%&lt;/font&gt;&lt;/td&gt;
&lt;td width="11%" align="left"&gt;&amp;nbsp;&lt;/td&gt;
&lt;td style="border-bottom: #000000 1px solid;" width="2%" align="right"&gt;&amp;nbsp;&lt;/td&gt;
&lt;td style="border-bottom: #000000 1px solid;" width="11%" align="right"&gt;&lt;font style="font-family: TimesNewRomanPSMT,Times New Roman,Times,serif;" class="_mt" size="2"&gt;103,062,000&lt;/font&gt;&lt;/td&gt;
&lt;td style="border-bottom: #000000 1px solid;" width="12%" align="right"&gt;&lt;font style="font-family: TimesNewRomanPSMT,Times New Roman,Times,serif;" class="_mt" size="2"&gt;2.5&lt;/font&gt;&lt;/td&gt;
&lt;td style="border-bottom: #000000 1px solid;" width="2%" align="left"&gt;&lt;font style="font-family: TimesNewRomanPSMT,Times New Roman,Times,serif;" class="_mt" size="2"&gt;%&lt;/font&gt;&lt;/td&gt;
&lt;td width="13%" align="left"&gt;&amp;nbsp;&lt;/td&gt;&lt;/tr&gt;
&lt;tr valign="bottom"&gt;&lt;td width="20%" align="left"&gt;&amp;nbsp;&lt;/td&gt;
&lt;td style="border-bottom: #000000 3px double;" width="2%" align="right"&gt;&lt;font style="font-family: TimesNewRomanPSMT,Times New Roman,Times,serif;" class="_mt" size="2"&gt;$&lt;/font&gt;&lt;/td&gt;
&lt;td style="border-bottom: #000000 3px double;" width="11%" align="right"&gt;&lt;font style="font-family: TimesNewRomanPSMT,Times New Roman,Times,serif;" class="_mt" size="2"&gt;755,344,000&lt;/font&gt;&lt;/td&gt;
&lt;td style="border-bottom: #000000 3px double;" width="11%" align="right"&gt;&lt;font style="font-family: TimesNewRomanPSMT,Times New Roman,Times,serif;" class="_mt" size="2"&gt;5.2&lt;/font&gt;&lt;/td&gt;
&lt;td style="border-bottom: #000000 3px double;" width="2%" align="left"&gt;&lt;font style="font-family: TimesNewRomanPSMT,Times New Roman,Times,serif;" class="_mt" size="2"&gt;%&lt;/font&gt;&lt;/td&gt;
&lt;td width="11%" align="left"&gt;&amp;nbsp;&lt;/td&gt;
&lt;td style="border-bottom: #000000 3px double;" width="2%" align="right"&gt;&lt;font style="font-family: TimesNewRomanPSMT,Times New Roman,Times,serif;" class="_mt" size="2"&gt;$&lt;/font&gt;&lt;/td&gt;
&lt;td style="border-bottom: #000000 3px double;" width="11%" align="right"&gt;&lt;font style="font-family: TimesNewRomanPSMT,Times New Roman,Times,serif;" class="_mt" size="2"&gt;683,122,000&lt;/font&gt;&lt;/td&gt;
&lt;td style="border-bottom: #000000 3px double;" width="12%" align="right"&gt;&lt;font style="font-family: TimesNewRomanPSMT,Times New Roman,Times,serif;" class="_mt" size="2"&gt;5.1&lt;/font&gt;&lt;/td&gt;
&lt;td style="border-bottom: #000000 3px double;" width="2%" align="left"&gt;&lt;font style="font-family: TimesNewRomanPSMT,Times New Roman,Times,serif;" class="_mt" size="2"&gt;%&lt;/font&gt;&lt;/td&gt;
&lt;td width="13%" align="left"&gt;&amp;nbsp;&lt;/td&gt;&lt;/tr&gt;&lt;/table&gt;&lt;/div&gt;

&lt;p style="margin: 0px;"&gt;&amp;nbsp;&lt;/p&gt;

&lt;p style="text-align: left;"&gt;&lt;b&gt;&lt;u&gt;&lt;font style="font-family: TimesNewRomanPS-BoldMT,Times New Roman,Times,serif;" class="_mt" size="2"&gt;Mortgage loans payable related to real estate held forsale/conveyance - discontinued operations (a)&lt;/font&gt;&lt;/u&gt;&lt;/b&gt;&lt;/p&gt;

&lt;div&gt;

&lt;table style="width: 986px; height: 92px;" border="0" cellspacing="0"&gt;
&lt;tr&gt;&lt;td width="20%"&gt;&amp;nbsp;&lt;/td&gt;
&lt;td width="2%"&gt;&amp;nbsp;&lt;/td&gt;
&lt;td width="11%"&gt;&amp;nbsp;&lt;/td&gt;
&lt;td width="11%"&gt;&amp;nbsp;&lt;/td&gt;
&lt;td width="2%"&gt;&amp;nbsp;&lt;/td&gt;
&lt;td width="12%"&gt;&amp;nbsp;&lt;/td&gt;
&lt;td width="2%"&gt;&amp;nbsp;&lt;/td&gt;
&lt;td width="11%"&gt;&amp;nbsp;&lt;/td&gt;
&lt;td width="11%"&gt;&amp;nbsp;&lt;/td&gt;
&lt;td width="2%"&gt;&amp;nbsp;&lt;/td&gt;
&lt;td width="11%"&gt;&amp;nbsp;&lt;/td&gt;&lt;/tr&gt;
&lt;tr valign="bottom"&gt;&lt;td width="20%" align="left"&gt;&lt;font style="font-family: TimesNewRomanPSMT,Times New Roman,Times,serif;" class="_mt" size="2"&gt;Fixed-rate mortgages&lt;/font&gt;&lt;/td&gt;
&lt;td width="2%" align="right"&gt;&lt;font style="font-family: TimesNewRomanPSMT,Times New Roman,Times,serif;" class="_mt" size="2"&gt;$&lt;/font&gt;&lt;/td&gt;
&lt;td width="11%" align="right"&gt;&lt;font style="font-family: TimesNewRomanPSMT,Times New Roman,Times,serif;" class="_mt" size="2"&gt;103,704,000&lt;/font&gt;&lt;/td&gt;
&lt;td width="11%" align="right"&gt;&lt;font style="font-family: TimesNewRomanPSMT,Times New Roman,Times,serif;" class="_mt" size="2"&gt;5.7&lt;/font&gt;&lt;/td&gt;
&lt;td width="2%" align="left"&gt;&lt;font style="font-family: TimesNewRomanPSMT,Times New Roman,Times,serif;" class="_mt" size="2"&gt;%&lt;/font&gt;&lt;/td&gt;
&lt;td width="12%" align="left"&gt;&lt;font style="font-family: TimesNewRomanPSMT,Times New Roman,Times,serif;" class="_mt" size="2"&gt;5.0% - 6.5%&lt;/font&gt;&lt;/td&gt;
&lt;td width="2%" align="right"&gt;&lt;font style="font-family: TimesNewRomanPSMT,Times New Roman,Times,serif;" class="_mt" size="2"&gt;$&lt;/font&gt;&lt;/td&gt;
&lt;td width="11%" align="right"&gt;&lt;font style="font-family: TimesNewRomanPSMT,Times New Roman,Times,serif;" class="_mt" size="2"&gt;135,991,000&lt;/font&gt;&lt;/td&gt;
&lt;td width="11%" align="right"&gt;&lt;font style="font-family: TimesNewRomanPSMT,Times New Roman,Times,serif;" class="_mt" size="2"&gt;5.6&lt;/font&gt;&lt;/td&gt;
&lt;td width="2%" align="left"&gt;&lt;font style="font-family: TimesNewRomanPSMT,Times New Roman,Times,serif;" class="_mt" size="2"&gt;%&lt;/font&gt;&lt;/td&gt;
&lt;td width="11%" align="left"&gt;&lt;font style="font-family: TimesNewRomanPSMT,Times New Roman,Times,serif;" class="_mt" size="2"&gt;5.0% - 6.5%&lt;/font&gt;&lt;/td&gt;&lt;/tr&gt;
&lt;tr valign="bottom"&gt;&lt;td width="20%" align="left"&gt;&lt;font style="font-family: TimesNewRomanPSMT,Times New Roman,Times,serif;" class="_mt" size="2"&gt;Variable-rate mortgage&lt;/font&gt;&lt;/td&gt;
&lt;td style="border-bottom: #000000 1px solid;" width="2%" align="right"&gt;&amp;nbsp;&lt;/td&gt;
&lt;td style="border-bottom: #000000 1px solid;" width="11%" align="right"&gt;&lt;font style="font-family: TimesNewRomanPSMT,Times New Roman,Times,serif;" class="_mt" size="2"&gt;18,900,000&lt;/font&gt;&lt;/td&gt;
&lt;td style="border-bottom: #000000 1px solid;" width="11%" align="right"&gt;&lt;font style="font-family: TimesNewRomanPSMT,Times New Roman,Times,serif;" class="_mt" size="2"&gt;5.9&lt;/font&gt;&lt;/td&gt;
&lt;td style="border-bottom: #000000 1px solid;" width="2%" align="left"&gt;&lt;font style="font-family: TimesNewRomanPSMT,Times New Roman,Times,serif;" class="_mt" size="2"&gt;%&lt;/font&gt;&lt;/td&gt;
&lt;td width="12%" align="left"&gt;&amp;nbsp;&lt;/td&gt;
&lt;td style="border-bottom: #000000 1px solid;" width="2%" align="right"&gt;&amp;nbsp;&lt;/td&gt;
&lt;td style="border-bottom: #000000 1px solid;" width="11%" align="right"&gt;&lt;font style="font-family: TimesNewRomanPSMT,Times New Roman,Times,serif;" class="_mt" size="2"&gt;21,000,000&lt;/font&gt;&lt;/td&gt;
&lt;td style="border-bottom: #000000 1px solid;" width="11%" align="right"&gt;&lt;font style="font-family: TimesNewRomanPSMT,Times New Roman,Times,serif;" class="_mt" size="2"&gt;5.9&lt;/font&gt;&lt;/td&gt;
&lt;td style="border-bottom: #000000 1px solid;" width="2%" align="left"&gt;&lt;font style="font-family: TimesNewRomanPSMT,Times New Roman,Times,serif;" class="_mt" size="2"&gt;%&lt;/font&gt;&lt;/td&gt;
&lt;td width="11%" align="left"&gt;&amp;nbsp;&lt;/td&gt;&lt;/tr&gt;
&lt;tr valign="bottom"&gt;&lt;td width="20%" align="left"&gt;&amp;nbsp;&lt;/td&gt;
&lt;td style="border-bottom: #000000 3px double;" width="2%" align="right"&gt;&lt;font style="font-family: TimesNewRomanPSMT,Times New Roman,Times,serif;" class="_mt" size="2"&gt;$&lt;/font&gt;&lt;/td&gt;
&lt;td style="border-bottom: #000000 3px double;" width="11%" align="right"&gt;&lt;font style="font-family: TimesNewRomanPSMT,Times New Roman,Times,serif;" class="_mt" size="2"&gt;122,604,000&lt;/font&gt;&lt;/td&gt;
&lt;td style="border-bottom: #000000 3px double;" width="11%" align="right"&gt;&lt;font style="font-family: TimesNewRomanPSMT,Times New Roman,Times,serif;" class="_mt" size="2"&gt;5.7&lt;/font&gt;&lt;/td&gt;
&lt;td style="border-bottom: #000000 3px double;" width="2%" align="left"&gt;&lt;font style="font-family: TimesNewRomanPSMT,Times New Roman,Times,serif;" class="_mt" size="2"&gt;%&lt;/font&gt;&lt;/td&gt;
&lt;td width="12%" align="left"&gt;&amp;nbsp;&lt;/td&gt;
&lt;td style="border-bottom: #000000 3px double;" width="2%" align="right"&gt;&lt;font style="font-family: TimesNewRomanPSMT,Times New Roman,Times,serif;" class="_mt" size="2"&gt;$&lt;/font&gt;&lt;/td&gt;
&lt;td style="border-bottom: #000000 3px double;" width="11%" align="right"&gt;&lt;font style="font-family: TimesNewRomanPSMT,Times New Roman,Times,serif;" class="_mt" size="2"&gt;156,991,000&lt;/font&gt;&lt;/td&gt;
&lt;td style="border-bottom: #000000 3px double;" width="11%" align="right"&gt;&lt;font style="font-family: TimesNewRomanPSMT,Times New Roman,Times,serif;" class="_mt" size="2"&gt;5.6&lt;/font&gt;&lt;/td&gt;
&lt;td style="border-bottom: #000000 3px double;" width="2%" align="left"&gt;&lt;font style="font-family: TimesNewRomanPSMT,Times New Roman,Times,serif;" class="_mt" size="2"&gt;%&lt;/font&gt;&lt;/td&gt;
&lt;td width="11%" align="left"&gt;&amp;nbsp;&lt;/td&gt;&lt;/tr&gt;&lt;/table&gt;&lt;/div&gt;

&lt;p style="margin: 0px;"&gt;&amp;nbsp;&lt;/p&gt;

&lt;p style="text-align: left;"&gt;&lt;font style="font-family: TimesNewRomanPSMT,Times New Roman,Times,serif;" class="_mt" size="2"&gt;(a) Restated to reflect the reclassifications ofproperties subsequently treated as "held for sale/conveyance".&lt;/font&gt;&lt;/p&gt;

&lt;p style="text-align: left;"&gt;&lt;b&gt;&lt;i&gt;&lt;font style="font-family: TimesNewRomanPS-BoldItalicMT,Times New Roman,Times,serif;" class="_mt" size="3"&gt;Mortgage loans payable&lt;/font&gt;&lt;/i&gt;&lt;/b&gt;&lt;/p&gt;

&lt;p style="text-align: left;"&gt;&lt;font style="font-family: TimesNewRomanPSMT,Times New Roman,Times,serif;" class="_mt" size="3"&gt;Mortgage loan activity for 2011 and 2010 is summarized as follows:&lt;/font&gt;&lt;/p&gt;

&lt;div&gt;

&lt;table style="width: 977px; height: 164px;" border="0" cellspacing="0"&gt;
&lt;tr&gt;&lt;td width="48%"&gt;&amp;nbsp;&lt;/td&gt;
&lt;td width="3%"&gt;&amp;nbsp;&lt;/td&gt;
&lt;td width="19%"&gt;&amp;nbsp;&lt;/td&gt;
&lt;td width="3%"&gt;&amp;nbsp;&lt;/td&gt;
&lt;td width="3%"&gt;&amp;nbsp;&lt;/td&gt;
&lt;td width="18%"&gt;&amp;nbsp;&lt;/td&gt;
&lt;td width="3%"&gt;&amp;nbsp;&lt;/td&gt;&lt;/tr&gt;
&lt;tr valign="bottom"&gt;&lt;td align="left"&gt;&amp;nbsp;&lt;/td&gt;
&lt;td style="border-bottom: #000000 1px solid;" colspan="6" align="center"&gt;&lt;b&gt;&lt;font style="font-family: TimesNewRomanPS-BoldMT,Times New Roman,Times,serif;" class="_mt" size="3"&gt;Years ended December 31,&lt;/font&gt;&lt;/b&gt;&lt;/td&gt;&lt;/tr&gt;
&lt;tr valign="bottom"&gt;&lt;td align="left"&gt;&amp;nbsp;&lt;/td&gt;
&lt;td style="border-bottom: #000000 1px solid;" colspan="3" align="center"&gt;&lt;b&gt;&lt;font style="font-family: TimesNewRomanPS-BoldMT,Times New Roman,Times,serif;" class="_mt" size="3"&gt;2011&lt;/font&gt;&lt;/b&gt;&lt;/td&gt;
&lt;td style="border-bottom: #000000 1px solid;" colspan="3" align="center"&gt;&lt;b&gt;&lt;font style="font-family: TimesNewRomanPS-BoldMT,Times New Roman,Times,serif;" class="_mt" size="3"&gt;2010&lt;/font&gt;&lt;/b&gt;&lt;/td&gt;&lt;/tr&gt;
&lt;tr valign="bottom"&gt;&lt;td align="left"&gt;&lt;font style="font-family: TimesNewRomanPSMT,Times New Roman,Times,serif;" class="_mt" size="3"&gt;Balance, beginning of year&lt;/font&gt;&lt;/td&gt;
&lt;td align="right"&gt;&lt;font style="font-family: TimesNewRomanPSMT,Times New Roman,Times,serif;" class="_mt" size="3"&gt;$&lt;/font&gt;&lt;/td&gt;
&lt;td align="right"&gt;&lt;font style="font-family: TimesNewRomanPSMT,Times New Roman,Times,serif;" class="_mt" size="3"&gt;550,525,000&lt;/font&gt;&lt;/td&gt;
&lt;td align="left"&gt;&amp;nbsp;&lt;/td&gt;
&lt;td align="right"&gt;&lt;font style="font-family: TimesNewRomanPSMT,Times New Roman,Times,serif;" class="_mt" size="3"&gt;$&lt;/font&gt;&lt;/td&gt;
&lt;td align="right"&gt;&lt;font style="font-family: TimesNewRomanPSMT,Times New Roman,Times,serif;" class="_mt" size="3"&gt;541,979,000&lt;/font&gt;&lt;/td&gt;
&lt;td align="left"&gt;&amp;nbsp;&lt;/td&gt;&lt;/tr&gt;
&lt;tr valign="bottom"&gt;&lt;td align="left"&gt;&lt;font style="font-family: TimesNewRomanPSMT,Times New Roman,Times,serif;" class="_mt" size="3"&gt;New mortgage borrowings and assumptions&lt;/font&gt;&lt;/td&gt;
&lt;td align="right"&gt;&amp;nbsp;&lt;/td&gt;
&lt;td align="right"&gt;&lt;font style="font-family: TimesNewRomanPSMT,Times New Roman,Times,serif;" class="_mt" size="3"&gt;45,791,000&lt;/font&gt;&lt;/td&gt;
&lt;td align="left"&gt;&amp;nbsp;&lt;/td&gt;
&lt;td align="right"&gt;&amp;nbsp;&lt;/td&gt;
&lt;td align="right"&gt;&lt;font style="font-family: TimesNewRomanPSMT,Times New Roman,Times,serif;" class="_mt" size="3"&gt;26,984,000&lt;/font&gt;&lt;/td&gt;
&lt;td align="left"&gt;&amp;nbsp;&lt;/td&gt;&lt;/tr&gt;
&lt;tr valign="bottom"&gt;&lt;td align="left"&gt;&lt;font style="font-family: TimesNewRomanPSMT,Times New Roman,Times,serif;" class="_mt" size="3"&gt;Repayments&lt;/font&gt;&lt;/td&gt;
&lt;td style="border-bottom: #000000 1px solid;" align="right"&gt;&amp;nbsp;&lt;/td&gt;
&lt;td style="border-bottom: #000000 1px solid;" align="right"&gt;&lt;font style="font-family: TimesNewRomanPSMT,Times New Roman,Times,serif;" class="_mt" size="3"&gt;(7,289,000&lt;/font&gt;&lt;/td&gt;
&lt;td style="border-bottom: #000000 1px solid;" align="left"&gt;&lt;font style="font-family: TimesNewRomanPSMT,Times New Roman,Times,serif;" class="_mt" size="3"&gt;)&lt;/font&gt;&lt;/td&gt;
&lt;td style="border-bottom: #000000 1px solid;" align="right"&gt;&amp;nbsp;&lt;/td&gt;
&lt;td style="border-bottom: #000000 1px solid;" align="right"&gt;&lt;font style="font-family: TimesNewRomanPSMT,Times New Roman,Times,serif;" class="_mt" size="3"&gt;(18,438,000&lt;/font&gt;&lt;/td&gt;
&lt;td style="border-bottom: #000000 1px solid;" align="left"&gt;&lt;font style="font-family: TimesNewRomanPSMT,Times New Roman,Times,serif;" class="_mt" size="3"&gt;)&lt;/font&gt;&lt;/td&gt;&lt;/tr&gt;
&lt;tr valign="bottom"&gt;&lt;td align="left"&gt;&lt;font style="font-family: TimesNewRomanPSMT,Times New Roman,Times,serif;" class="_mt" size="3"&gt;Balance, end of the year&lt;/font&gt;&lt;/td&gt;
&lt;td style="border-bottom: #000000 2px solid;" align="right"&gt;&lt;font style="font-family: TimesNewRomanPSMT,Times New Roman,Times,serif;" class="_mt" size="3"&gt;$&lt;/font&gt;&lt;/td&gt;
&lt;td style="border-bottom: #000000 2px solid;" align="right"&gt;&lt;font style="font-family: TimesNewRomanPSMT,Times New Roman,Times,serif;" class="_mt" size="3"&gt;589,027,000&lt;/font&gt;&lt;/td&gt;
&lt;td style="border-bottom: #000000 2px solid;" align="left"&gt;&amp;nbsp;&lt;/td&gt;
&lt;td style="border-bottom: #000000 2px solid;" align="right"&gt;&lt;font style="font-family: TimesNewRomanPSMT,Times New Roman,Times,serif;" class="_mt" size="3"&gt;$&lt;/font&gt;&lt;/td&gt;
&lt;td style="border-bottom: #000000 2px solid;" align="right"&gt;&lt;font style="font-family: TimesNewRomanPSMT,Times New Roman,Times,serif;" class="_mt" size="3"&gt;550,525,000&lt;/font&gt;&lt;/td&gt;
&lt;td style="border-bottom: #000000 2px solid;" align="left"&gt;&amp;nbsp;&lt;/td&gt;&lt;/tr&gt;&lt;/table&gt;&lt;/div&gt;

&lt;p style="margin: 0px;"&gt;&amp;nbsp;&lt;/p&gt;

&lt;p style="text-align: left;"&gt;&amp;nbsp;&amp;nbsp;&amp;nbsp;&amp;nbsp;&amp;nbsp;&lt;font style="font-family: TimesNewRomanPSMT,Times New Roman,Times,serif;" class="_mt" size="3"&gt;On July 6, 2011, the Company refinanced a property that had collateralized the development property credit facility. The new fixed-rate mortgage, aggregating $16.5 million, bears interest at 5.2% per annum, with principal payments based on a 25-year amortization schedule, and maturing in July 2021. The proceeds reduced the balances under the development property credit facility and the stabilized property credit facility by $10.8 million and $5.7 million, respectively.&lt;/font&gt;&lt;/p&gt;

&lt;div&gt;&amp;nbsp;&amp;nbsp;&amp;nbsp;&amp;nbsp;&amp;nbsp;&amp;nbsp;&lt;font style="font-family: TimesNewRomanPSMT,Times New Roman,Times,serif;" class="_mt" size="3"&gt;During 2010, the Company completed a $10.6 million fixed-rate mortgage loan payable on a previously unencumbered property, with an interest rate of 5.5% per annum. The property was previously included in the collateral pool for the Company's secured revolving stabilized property credit facility. In addition, the Company refinanced three properties in 2010. The new fixed-rate mortgage loans payable aggregated $15.0 million and bear interest at a weighted average of 6.2% per annum.&lt;/font&gt;&lt;/div&gt;

&lt;p style="text-align: left;"&gt;&amp;nbsp;&amp;nbsp;&amp;nbsp;&amp;nbsp;&amp;nbsp;&lt;font style="font-family: TimesNewRomanPSMT,Times New Roman,Times,serif;" class="_mt" size="3"&gt;The variable-rate mortgage represents a $70.7 million construction facility, as amended in November 2011, pursuant to which the Company has pledged its joint venture ground-up development property in Pottsgrove, Pennsylvania as collateral for borrowings thereunder. The facility is guaranteed by the Company and will expire in October 2013, subject to a one-year extension option. Borrowings under the facility bear interest at the Company's option at either LIBOR plus a spread of 275 bps or the agent bank's prime rate plus a spread of 125 bps, with principal payable based on a 30-year amortization schedule. Borrowings outstanding under the facility aggregated $63.8 million at December 31, 2011, and such borrowings bore interest at a rate of 3.0% per annum.&lt;/font&gt;&lt;/p&gt;

&lt;p style="text-align: left;"&gt;&lt;b&gt;&lt;i&gt;&lt;font style="font-family: TimesNewRomanPS-BoldItalicMT,Times New Roman,Times,serif;" class="_mt" size="3"&gt;Amended, Restated and Consolidated Credit Facility&lt;/font&gt;&lt;/i&gt;&lt;/b&gt;&lt;/p&gt;

&lt;p style="text-align: left;"&gt;&amp;nbsp;&amp;nbsp;&amp;nbsp;&amp;nbsp;&amp;nbsp;&lt;font style="font-family: TimesNewRomanPSMT,Times New Roman,Times,serif;" class="_mt" size="3"&gt;On January 26, 2012, the Company entered into a $300 million secured credit facility ("Credit Facility"). The Credit Facility amends, restates and consolidates the Company's prior $185 million stabilized property revolving credit facility ($74,035,000 outstanding at December 31, 2011, bearing interest at 5.5% per annum) and its $150 million development property credit facility ($92,282,000 outstanding at December 31, 2011, bearing interest at 2.5% per annum) that were due to expire on January 31, 2012 and June 13, 2012, respectively. In anticipation of the new Credit Facility, the Company determined to forego its one-year extension option applicable to the stabilized property credit revolving facility.&lt;/font&gt;&lt;/p&gt;

&lt;p style="text-align: left;"&gt;&amp;nbsp;&amp;nbsp;&amp;nbsp;&amp;nbsp;&amp;nbsp;&lt;font style="font-family: TimesNewRomanPSMT,Times New Roman,Times,serif;" class="_mt" size="3"&gt;The new Credit Facility is comprised of a four-year $75 million term loan and a three-year $225 million revolving credit facility, subject to collateral in place (the Company has pledged 27 of its shopping center properties as collateral for such borrowings, including seven properties which are being treated as "real estate held for sale/conveyance"). In connection with the new Credit Facility, the Company paid participating lender fees, and closing and transaction costs of approximately $3.7 million.&lt;/font&gt;&lt;/p&gt;

&lt;p style="text-align: left;"&gt;&amp;nbsp;&amp;nbsp;&amp;nbsp;&amp;nbsp;&amp;nbsp;&lt;font style="font-family: TimesNewRomanPSMT,Times New Roman,Times,serif;" class="_mt" size="3"&gt;Borrowings under the new Credit Facility are initially priced at LIBOR plus 275 bps (a total of 3.0% per annum at closing) and can range from LIBOR plus 200 to 300 bps based on the Company's leverage ratio. Subject to customary conditions, the term loan and the revolving credit facility may both be extended for one additional year at the Company's option. Under an accordion feature, the Credit Facility can be increased to $500 million, subject to customary conditions, collateral in place and lending commitments from participating banks.&lt;/font&gt;&lt;/p&gt;

&lt;div&gt;&amp;nbsp;&amp;nbsp;&amp;nbsp;&amp;nbsp;&amp;nbsp;&amp;nbsp;&lt;font style="font-family: TimesNewRomanPSMT,Times New Roman,Times,serif;" class="_mt" size="3"&gt;The Credit Facility contains financial covenants including, but not limited to, maximum debt leverage, minimum interest coverage, minimum fixed charge coverage, and minimum net worth. In addition, the Credit Facility contains restrictions including, but not limited to, limits on indebtedness, certain investments and distributions. The Company's failure to comply with these covenants or the occurrence of an event of default under the Credit Facility could result in the acceleration of the Company's debt and other financial obligations under the Credit Facility. The Credit Facility will be available to fund acquisitions, redevelopment and remaining development activities, capital expenditures, mortgage repayments, dividend distributions, working capital and other general corporate purposes.&lt;/font&gt;&lt;/div&gt;

&lt;p style="text-align: left;"&gt;&amp;nbsp;&amp;nbsp;&amp;nbsp;&amp;nbsp;&amp;nbsp;&lt;font style="font-family: TimesNewRomanPSMT,Times New Roman,Times,serif;" class="_mt" size="3"&gt;Based on covenant measurements and collateral in place at the closing, the Company was permitted to draw up to approximately $232.8 million, of which approximately $62.8 million remained available as of that date (after payment of closing costs, fees and expenses).&lt;/font&gt;&lt;/p&gt;

&lt;p style="text-align: left;"&gt;&lt;b&gt;&lt;i&gt;&lt;font style="font-family: TimesNewRomanPS-BoldItalicMT,Times New Roman,Times,serif;" class="_mt" size="3"&gt;Scheduled Principal Payments&lt;/font&gt;&lt;/i&gt;&lt;/b&gt;&lt;/p&gt;

&lt;p style="text-align: left;"&gt;&amp;nbsp;&amp;nbsp;&amp;nbsp;&amp;nbsp;&amp;nbsp;&lt;font style="font-family: TimesNewRomanPSMT,Times New Roman,Times,serif;" class="_mt" size="3"&gt;Scheduled principal payments on mortgage loans payable and secured revolving credit facilities at December 31, 2011, due on various dates from 2012 to 2029, are as follows (reflecting the amended, restated and consolidated credit facility concluded on January 26, 2012):&lt;/font&gt;&lt;/p&gt;

&lt;div&gt;

&lt;table border="0" cellspacing="0"&gt;
&lt;tr&gt;&lt;td width="20%"&gt;&amp;nbsp;&lt;/td&gt;
&lt;td width="11%"&gt;&amp;nbsp;&lt;/td&gt;
&lt;td width="55%"&gt;&amp;nbsp;&lt;/td&gt;
&lt;td width="11%"&gt;&amp;nbsp;&lt;/td&gt;&lt;/tr&gt;
&lt;tr valign="bottom"&gt;&lt;td width="20%" align="right"&gt;&lt;font style="font-family: TimesNewRomanPSMT,Times New Roman,Times,serif;" class="_mt" size="3"&gt;2012&lt;/font&gt;&lt;/td&gt;
&lt;td width="11%" align="right"&gt;&amp;nbsp;&lt;/td&gt;
&lt;td width="55%" align="right"&gt;&lt;font style="font-family: TimesNewRomanPSMT,Times New Roman,Times,serif;" class="_mt" size="3"&gt;38,980,000&lt;/font&gt;&lt;/td&gt;
&lt;td width="11%" align="left"&gt;&amp;nbsp;&lt;/td&gt;&lt;/tr&gt;
&lt;tr valign="bottom"&gt;&lt;td width="20%" align="right"&gt;&lt;font style="font-family: TimesNewRomanPSMT,Times New Roman,Times,serif;" class="_mt" size="3"&gt;2013&lt;/font&gt;&lt;/td&gt;
&lt;td width="11%" align="right"&gt;&amp;nbsp;&lt;/td&gt;
&lt;td width="55%" align="right"&gt;&lt;font style="font-family: TimesNewRomanPSMT,Times New Roman,Times,serif;" class="_mt" size="3"&gt;125,328,000&lt;/font&gt;&lt;/td&gt;
&lt;td width="11%" align="left"&gt;&lt;font style="font-family: TimesNewRomanPSMT,Times New Roman,Times,serif;" class="_mt" size="3"&gt;(a)&lt;/font&gt;&lt;/td&gt;&lt;/tr&gt;
&lt;tr valign="bottom"&gt;&lt;td width="20%" align="right"&gt;&lt;font style="font-family: TimesNewRomanPSMT,Times New Roman,Times,serif;" class="_mt" size="3"&gt;2014&lt;/font&gt;&lt;/td&gt;
&lt;td width="11%" align="right"&gt;&amp;nbsp;&lt;/td&gt;
&lt;td width="55%" align="right"&gt;&lt;font style="font-family: TimesNewRomanPSMT,Times New Roman,Times,serif;" class="_mt" size="3"&gt;106,436,000&lt;/font&gt;&lt;/td&gt;
&lt;td width="11%" align="left"&gt;&amp;nbsp;&lt;/td&gt;&lt;/tr&gt;
&lt;tr valign="bottom"&gt;&lt;td width="20%" align="right"&gt;&lt;font style="font-family: TimesNewRomanPSMT,Times New Roman,Times,serif;" class="_mt" size="3"&gt;2015&lt;/font&gt;&lt;/td&gt;
&lt;td width="11%" align="right"&gt;&amp;nbsp;&lt;/td&gt;
&lt;td width="55%" align="right"&gt;&lt;font style="font-family: TimesNewRomanPSMT,Times New Roman,Times,serif;" class="_mt" size="3"&gt;168,642,000&lt;/font&gt;&lt;/td&gt;
&lt;td width="11%" align="left"&gt;&lt;font style="font-family: TimesNewRomanPSMT,Times New Roman,Times,serif;" class="_mt" size="3"&gt;(b)&lt;/font&gt;&lt;/td&gt;&lt;/tr&gt;
&lt;tr valign="bottom"&gt;&lt;td width="20%" align="right"&gt;&lt;font style="font-family: TimesNewRomanPSMT,Times New Roman,Times,serif;" class="_mt" size="3"&gt;2016&lt;/font&gt;&lt;/td&gt;
&lt;td width="11%" align="right"&gt;&amp;nbsp;&lt;/td&gt;
&lt;td width="55%" align="right"&gt;&lt;font style="font-family: TimesNewRomanPSMT,Times New Roman,Times,serif;" class="_mt" size="3"&gt;173,937,000&lt;/font&gt;&lt;/td&gt;
&lt;td width="11%" align="left"&gt;&lt;font style="font-family: TimesNewRomanPSMT,Times New Roman,Times,serif;" class="_mt" size="3"&gt;(c)&lt;/font&gt;&lt;/td&gt;&lt;/tr&gt;
&lt;tr valign="bottom"&gt;&lt;td width="20%" align="right"&gt;&lt;font style="font-family: TimesNewRomanPSMT,Times New Roman,Times,serif;" class="_mt" size="3"&gt;Thereafter&lt;/font&gt;&lt;/td&gt;
&lt;td style="border-bottom: #000000 1px solid;" width="11%" align="right"&gt;&amp;nbsp;&lt;/td&gt;
&lt;td style="border-bottom: #000000 1px solid;" width="55%" align="right"&gt;&lt;font style="font-family: TimesNewRomanPSMT,Times New Roman,Times,serif;" class="_mt" size="3"&gt;142,021,000&lt;/font&gt;&lt;/td&gt;
&lt;td width="11%" align="left"&gt;&amp;nbsp;&lt;/td&gt;&lt;/tr&gt;
&lt;tr valign="bottom"&gt;&lt;td width="20%" align="left"&gt;&amp;nbsp;&lt;/td&gt;
&lt;td style="border-bottom: #000000 3px double;" width="11%" align="right"&gt;&lt;font style="font-family: TimesNewRomanPSMT,Times New Roman,Times,serif;" class="_mt" size="3"&gt;$&lt;/font&gt;&lt;/td&gt;
&lt;td style="border-bottom: #000000 3px double;" width="55%" align="right"&gt;&lt;font style="font-family: TimesNewRomanPSMT,Times New Roman,Times,serif;" class="_mt" size="3"&gt;755,344,000&lt;/font&gt;&lt;/td&gt;
&lt;td width="11%" align="left"&gt;&amp;nbsp;&lt;/td&gt;&lt;/tr&gt;&lt;/table&gt;&lt;/div&gt;

&lt;p style="margin: 0px;"&gt;&amp;nbsp;&lt;/p&gt;

&lt;p style="text-align: left;"&gt;&lt;font style="font-family: TimesNewRomanPSMT,Times New Roman,Times,serif;" class="_mt" size="3"&gt;(a) Includes $62.2 million subject to a one-year extension option. &lt;/font&gt;&lt;/p&gt;

&lt;p style="text-align: left;"&gt;&lt;font style="font-family: TimesNewRomanPSMT,Times New Roman,Times,serif;" class="_mt" size="3"&gt;(b) Includes $91.3 million subject to a one-year extension option. &lt;/font&gt;&lt;/p&gt;

&lt;p style="text-align: left;"&gt;&lt;font style="font-family: TimesNewRomanPSMT,Times New Roman,Times,serif;" class="_mt" size="3"&gt;(c) Includes $75.0 million subject to a one-year extension option.&lt;/font&gt;&lt;/p&gt; &lt;/div&gt;</us-gaap:DebtDisclosureTextBlock>
  <us-gaap:DeferredCompensationArrangementWithIndividualFairValueOfSharesIssued contextRef="Duration_1_1_2009_To_12_31_2009" unitRef="Unit1" decimals="0">2591000</us-gaap:DeferredCompensationArrangementWithIndividualFairValueOfSharesIssued>
  <us-gaap:DeferredCompensationArrangementWithIndividualFairValueOfSharesIssued contextRef="Duration_1_1_2009_To_12_31_2009_us-gaap_StatementEquityComponentsAxis_us-gaap_AdditionalPaidInCapitalMember" unitRef="Unit1" decimals="0">3070000</us-gaap:DeferredCompensationArrangementWithIndividualFairValueOfSharesIssued>
  <us-gaap:DeferredCompensationArrangementWithIndividualFairValueOfSharesIssued contextRef="Duration_1_1_2009_To_12_31_2009_us-gaap_StatementEquityComponentsAxis_us-gaap_CommonStockMember" unitRef="Unit1" decimals="0">34000</us-gaap:DeferredCompensationArrangementWithIndividualFairValueOfSharesIssued>
  <us-gaap:DeferredCompensationArrangementWithIndividualFairValueOfSharesIssued contextRef="Duration_1_1_2009_To_12_31_2009_us-gaap_StatementEquityComponentsAxis_us-gaap_ParentMember" unitRef="Unit1" decimals="0">2591000</us-gaap:DeferredCompensationArrangementWithIndividualFairValueOfSharesIssued>
  <us-gaap:DeferredCompensationArrangementWithIndividualFairValueOfSharesIssued contextRef="Duration_1_1_2009_To_12_31_2009_us-gaap_StatementEquityComponentsAxis_us-gaap_TreasuryStockMember" unitRef="Unit1" decimals="0">-513000</us-gaap:DeferredCompensationArrangementWithIndividualFairValueOfSharesIssued>
  <us-gaap:DeferredCompensationArrangementWithIndividualFairValueOfSharesIssued contextRef="Duration_1_1_2010_To_12_31_2010" unitRef="Unit1" decimals="0">2952000</us-gaap:DeferredCompensationArrangementWithIndividualFairValueOfSharesIssued>
  <us-gaap:DeferredCompensationArrangementWithIndividualFairValueOfSharesIssued contextRef="Duration_1_1_2010_To_12_31_2010_us-gaap_StatementEquityComponentsAxis_us-gaap_AdditionalPaidInCapitalMember" unitRef="Unit1" decimals="0">3604000</us-gaap:DeferredCompensationArrangementWithIndividualFairValueOfSharesIssued>
  <us-gaap:DeferredCompensationArrangementWithIndividualFairValueOfSharesIssued contextRef="Duration_1_1_2010_To_12_31_2010_us-gaap_StatementEquityComponentsAxis_us-gaap_CommonStockMember" unitRef="Unit1" decimals="0">27000</us-gaap:DeferredCompensationArrangementWithIndividualFairValueOfSharesIssued>
  <us-gaap:DeferredCompensationArrangementWithIndividualFairValueOfSharesIssued contextRef="Duration_1_1_2010_To_12_31_2010_us-gaap_StatementEquityComponentsAxis_us-gaap_ParentMember" unitRef="Unit1" decimals="0">2952000</us-gaap:DeferredCompensationArrangementWithIndividualFairValueOfSharesIssued>
  <us-gaap:DeferredCompensationArrangementWithIndividualFairValueOfSharesIssued contextRef="Duration_1_1_2010_To_12_31_2010_us-gaap_StatementEquityComponentsAxis_us-gaap_TreasuryStockMember" unitRef="Unit1" decimals="0">-679000</us-gaap:DeferredCompensationArrangementWithIndividualFairValueOfSharesIssued>
  <us-gaap:DeferredCompensationArrangementWithIndividualFairValueOfSharesIssued contextRef="Duration_1_1_2011_To_12_31_2011" unitRef="Unit1" decimals="0">1633000</us-gaap:DeferredCompensationArrangementWithIndividualFairValueOfSharesIssued>
  <us-gaap:DeferredCompensationArrangementWithIndividualFairValueOfSharesIssued contextRef="Duration_1_1_2011_To_12_31_2011_us-gaap_StatementEquityComponentsAxis_us-gaap_AdditionalPaidInCapitalMember" unitRef="Unit1" decimals="0">1753000</us-gaap:DeferredCompensationArrangementWithIndividualFairValueOfSharesIssued>
  <us-gaap:DeferredCompensationArrangementWithIndividualFairValueOfSharesIssued contextRef="Duration_1_1_2011_To_12_31_2011_us-gaap_StatementEquityComponentsAxis_us-gaap_CommonStockMember" unitRef="Unit1" decimals="0">41000</us-gaap:DeferredCompensationArrangementWithIndividualFairValueOfSharesIssued>
  <us-gaap:DeferredCompensationArrangementWithIndividualFairValueOfSharesIssued contextRef="Duration_1_1_2011_To_12_31_2011_us-gaap_StatementEquityComponentsAxis_us-gaap_ParentMember" unitRef="Unit1" decimals="0">1633000</us-gaap:DeferredCompensationArrangementWithIndividualFairValueOfSharesIssued>
  <us-gaap:DeferredCompensationArrangementWithIndividualFairValueOfSharesIssued contextRef="Duration_1_1_2011_To_12_31_2011_us-gaap_StatementEquityComponentsAxis_us-gaap_TreasuryStockMember" unitRef="Unit1" decimals="0">-161000</us-gaap:DeferredCompensationArrangementWithIndividualFairValueOfSharesIssued>
  <us-gaap:DeferredCompensationArrangementWithIndividualSharesIssued contextRef="Duration_1_1_2009_To_12_31_2009_us-gaap_StatementEquityComponentsAxis_us-gaap_CommonStockMember" unitRef="Unit12" decimals="INF">570000</us-gaap:DeferredCompensationArrangementWithIndividualSharesIssued>
  <us-gaap:DeferredCompensationArrangementWithIndividualSharesIssued contextRef="Duration_1_1_2010_To_12_31_2010_us-gaap_StatementEquityComponentsAxis_us-gaap_CommonStockMember" unitRef="Unit12" decimals="INF">436000</us-gaap:DeferredCompensationArrangementWithIndividualSharesIssued>
  <us-gaap:DeferredCompensationArrangementWithIndividualSharesIssued contextRef="Duration_1_1_2011_To_12_31_2011_us-gaap_StatementEquityComponentsAxis_us-gaap_CommonStockMember" unitRef="Unit12" decimals="INF">676000</us-gaap:DeferredCompensationArrangementWithIndividualSharesIssued>
  <us-gaap:DeferredCosts contextRef="As_Of_12_31_2010" unitRef="Unit1" decimals="0">24456000</us-gaap:DeferredCosts>
  <us-gaap:DeferredCosts contextRef="As_Of_12_31_2011" unitRef="Unit1" decimals="0">21535000</us-gaap:DeferredCosts>
  <us-gaap:DeferredRentReceivablesNet contextRef="As_Of_12_31_2010" unitRef="Unit1" decimals="0">12471000</us-gaap:DeferredRentReceivablesNet>
  <us-gaap:DeferredRentReceivablesNet contextRef="As_Of_12_31_2011" unitRef="Unit1" decimals="0">13572000</us-gaap:DeferredRentReceivablesNet>
  <us-gaap:DepreciationAndAmortization contextRef="Duration_1_1_2009_To_12_31_2009" unitRef="Unit1" decimals="0">42853000</us-gaap:DepreciationAndAmortization>
  <us-gaap:DepreciationAndAmortization contextRef="Duration_1_1_2010_To_12_31_2010" unitRef="Unit1" decimals="0">34872000</us-gaap:DepreciationAndAmortization>
  <us-gaap:DepreciationAndAmortization contextRef="Duration_1_1_2011_To_12_31_2011" unitRef="Unit1" decimals="0">43250000</us-gaap:DepreciationAndAmortization>
  <us-gaap:DepreciationDepletionAndAmortization contextRef="Duration_1_1_2009_To_12_31_2009" unitRef="Unit1" decimals="0">55391000</us-gaap:DepreciationDepletionAndAmortization>
  <us-gaap:DepreciationDepletionAndAmortization contextRef="Duration_1_1_2010_To_12_31_2010" unitRef="Unit1" decimals="0">46464000</us-gaap:DepreciationDepletionAndAmortization>
  <us-gaap:DepreciationDepletionAndAmortization contextRef="Duration_1_1_2011_To_12_31_2011" unitRef="Unit1" decimals="0">48606000</us-gaap:DepreciationDepletionAndAmortization>
  <us-gaap:DerivativeInstrumentsAndHedgingActivitiesDisclosureTextBlock contextRef="Duration_1_1_2011_To_12_31_2011">&lt;div&gt; &lt;p style="text-align: left;"&gt;&lt;b&gt;&lt;font style="font-family: TimesNewRomanPS-BoldMT,Times New Roman,Times,serif;" class="_mt" size="3"&gt;Note 11. Derivative Financial Instruments&lt;/font&gt;&lt;/b&gt;&lt;/p&gt;

&lt;p style="text-align: left;"&gt;&amp;nbsp;&amp;nbsp;&amp;nbsp;&amp;nbsp;&amp;nbsp;&lt;font style="font-family: TimesNewRomanPSMT,Times New Roman,Times,serif;" class="_mt" size="3"&gt;At December 31, 2011, the Company had approximately $32.1 million of mortgage loans payable subject to interest rate swaps. Such interest rate swaps converted LIBOR-based variable rates to fixed annual rates of 5.2% and 6.5% per annum. At that date, the Company had accrued liabilities of $2.1 million (included in accounts payable and accrued expenses on the consolidated balance sheet) relating to the fair value of interest rate swaps applicable to existing &lt;/font&gt;&lt;font style="font-family: TimesNewRomanPSMT,Times New Roman,Times,serif;" class="_mt" size="3"&gt;mortgage loans payable. Charges and/or credits relating to the changes in fair values of such interest rate swaps are made to accumulated other comprehensive (loss) income, noncontrolling interests (minority interests in consolidated joint ventures and limited partners' interest), or operations (included in interest expense), as appropriate.&lt;/font&gt;&lt;/p&gt;

&lt;p style="text-align: left;"&gt;&amp;nbsp;&amp;nbsp;&amp;nbsp;&amp;nbsp;&amp;nbsp;&lt;font style="font-family: TimesNewRomanPSMT,Times New Roman,Times,serif;" class="_mt" size="3"&gt;The following is a summary of the derivative financial instruments held by the Company and the Cedar/RioCan joint venture at December 31, 2011 and 2010:&lt;/font&gt;&lt;/p&gt;

&lt;div align="left"&gt;

&lt;table border="0" cellspacing="0"&gt;
&lt;tr&gt;&lt;td width="9%"&gt; &lt;/td&gt;
&lt;td width="11%"&gt; &lt;/td&gt;
&lt;td width="6%"&gt; &lt;/td&gt;
&lt;td width="3%"&gt; &lt;/td&gt;
&lt;td width="11%"&gt; &lt;/td&gt;
&lt;td width="6%"&gt; &lt;/td&gt;
&lt;td width="3%"&gt; &lt;/td&gt;
&lt;td width="8%"&gt; &lt;/td&gt;
&lt;td width="10%"&gt; &lt;/td&gt;
&lt;td width="12%"&gt; &lt;/td&gt;
&lt;td width="2%"&gt; &lt;/td&gt;
&lt;td width="9%"&gt; &lt;/td&gt;
&lt;td width="3%"&gt; &lt;/td&gt;
&lt;td width="7%"&gt; &lt;/td&gt;&lt;/tr&gt;
&lt;tr valign="bottom"&gt;&lt;td width="9%" align="center"&gt;&amp;nbsp;&lt;/td&gt;
&lt;td width="11%" align="center"&gt;&amp;nbsp;&lt;/td&gt;
&lt;td width="6%" align="center"&gt;&amp;nbsp;&lt;/td&gt;
&lt;td style="border-bottom: #000000 1px solid;" width="31%" colspan="5" align="center"&gt;&lt;b&gt;&lt;font size="3" class="_mt" style="font-family: TimesNewRomanPS-BoldMT,Times New Roman,Times,serif;"&gt;Notional values&lt;/font&gt;&lt;/b&gt;&lt;/td&gt;
&lt;td width="10%" align="center"&gt;&amp;nbsp;&lt;/td&gt;
&lt;td width="12%" align="center"&gt;&lt;b&gt;&lt;font size="3" class="_mt" style="font-family: TimesNewRomanPS-BoldMT,Times New Roman,Times,serif;"&gt;Balance&lt;/font&gt;&lt;/b&gt;&lt;/td&gt;
&lt;td style="border-bottom: #000000 1px solid;" width="21%" colspan="4" align="center"&gt;&lt;b&gt;&lt;font size="3" class="_mt" style="font-family: TimesNewRomanPS-BoldMT,Times New Roman,Times,serif;"&gt;Fairvalue&lt;/font&gt;&lt;/b&gt;&lt;/td&gt;&lt;/tr&gt;
&lt;tr valign="bottom"&gt;&lt;td width="9%" align="center"&gt;&lt;b&gt;&lt;font size="3" class="_mt" style="font-family: TimesNewRomanPS-BoldMT,Times New Roman,Times,serif;"&gt;Designation/&lt;/font&gt;&lt;/b&gt;&lt;/td&gt;
&lt;td width="11%" align="center"&gt;&amp;nbsp;&lt;/td&gt;
&lt;td width="6%" align="center"&gt;&amp;nbsp;&lt;/td&gt;
&lt;td width="3%" align="center"&gt;&amp;nbsp;&lt;/td&gt;
&lt;td width="11%" align="center"&gt;&lt;b&gt;&lt;font size="3" class="_mt" style="font-family: TimesNewRomanPS-BoldMT,Times New Roman,Times,serif;"&gt;December31,&lt;/font&gt;&lt;/b&gt;&lt;/td&gt;
&lt;td width="6%" align="center"&gt;&amp;nbsp;&lt;/td&gt;
&lt;td width="3%" align="center"&gt;&amp;nbsp;&lt;/td&gt;
&lt;td style="border-bottom: #000000 1px solid;" rowspan="2" width="8%" align="center"&gt;&lt;b&gt;&lt;font size="3" class="_mt" style="font-family: TimesNewRomanPS-BoldMT,Times New Roman,Times,serif;"&gt;December31,&lt;/font&gt;&lt;/b&gt;&lt;br /&gt;&lt;b&gt;&lt;font size="3" class="_mt" style="font-family: TimesNewRomanPS-BoldMT,Times New Roman,Times,serif;"&gt;2010&lt;/font&gt;&lt;/b&gt;&lt;/td&gt;
&lt;td width="10%" align="center"&gt;&lt;b&gt;&lt;font size="3" class="_mt" style="font-family: TimesNewRomanPS-BoldMT,Times New Roman,Times,serif;"&gt;Maturity&lt;/font&gt;&lt;/b&gt;&lt;/td&gt;
&lt;td width="12%" align="center"&gt;&lt;b&gt;&lt;font size="3" class="_mt" style="font-family: TimesNewRomanPS-BoldMT,Times New Roman,Times,serif;"&gt;sheet&lt;/font&gt;&lt;/b&gt;&lt;/td&gt;
&lt;td width="2%" align="center"&gt;&amp;nbsp;&lt;/td&gt;
&lt;td width="19%" colspan="3" align="center"&gt;&lt;b&gt;&lt;font size="3" class="_mt" style="font-family: TimesNewRomanPS-BoldMT,Times New Roman,Times,serif;"&gt;December31, December31,&lt;/font&gt;&lt;/b&gt;&lt;/td&gt;&lt;/tr&gt;
&lt;tr valign="bottom"&gt;&lt;td style="border-bottom: #000000 1px solid;" width="9%" align="center"&gt;&lt;b&gt;&lt;font size="3" class="_mt" style="font-family: TimesNewRomanPS-BoldMT,Times New Roman,Times,serif;"&gt;Cashflow&lt;/font&gt;&lt;/b&gt;&lt;/td&gt;
&lt;td style="border-bottom: #000000 1px solid;" width="11%" align="center"&gt;&lt;b&gt;&lt;font size="3" class="_mt" style="font-family: TimesNewRomanPS-BoldMT,Times New Roman,Times,serif;"&gt;Derivative&lt;/font&gt;&lt;/b&gt;&lt;/td&gt;
&lt;td style="border-bottom: #000000 1px solid;" width="6%" align="center"&gt;&lt;b&gt;&lt;font size="3" class="_mt" style="font-family: TimesNewRomanPS-BoldMT,Times New Roman,Times,serif;"&gt;Count&lt;/font&gt;&lt;/b&gt;&lt;/td&gt;
&lt;td style="border-bottom: #000000 1px solid;" width="3%" align="center"&gt;&amp;nbsp;&lt;/td&gt;
&lt;td style="border-bottom: #000000 1px solid;" width="11%" align="center"&gt;&lt;b&gt;&lt;font size="3" class="_mt" style="font-family: TimesNewRomanPS-BoldMT,Times New Roman,Times,serif;"&gt;2011&lt;/font&gt;&lt;/b&gt;&lt;/td&gt;
&lt;td style="border-bottom: #000000 1px solid;" width="6%" align="center"&gt;&lt;b&gt;&lt;font size="3" class="_mt" style="font-family: TimesNewRomanPS-BoldMT,Times New Roman,Times,serif;"&gt;Count&lt;/font&gt;&lt;/b&gt;&lt;/td&gt;
&lt;td style="border-bottom: #000000 1px solid;" width="3%" align="center"&gt;&amp;nbsp;&lt;/td&gt;
&lt;td style="border-bottom: #000000 1px solid;" width="10%" align="center"&gt;&lt;b&gt;&lt;font size="3" class="_mt" style="font-family: TimesNewRomanPS-BoldMT,Times New Roman,Times,serif;"&gt;dates&lt;/font&gt;&lt;/b&gt;&lt;/td&gt;
&lt;td style="border-bottom: #000000 1px solid;" width="12%" align="center"&gt;&lt;b&gt;&lt;font size="3" class="_mt" style="font-family: TimesNewRomanPS-BoldMT,Times New Roman,Times,serif;"&gt;location&lt;/font&gt;&lt;/b&gt;&lt;/td&gt;
&lt;td style="border-bottom: #000000 1px solid;" width="2%" align="center"&gt;&amp;nbsp;&lt;/td&gt;
&lt;td style="border-bottom: #000000 1px solid;" width="9%" align="center"&gt;&lt;b&gt;&lt;font size="3" class="_mt" style="font-family: TimesNewRomanPS-BoldMT,Times New Roman,Times,serif;"&gt;2011&lt;/font&gt;&lt;/b&gt;&lt;/td&gt;
&lt;td style="border-bottom: #000000 1px solid;" width="3%" align="center"&gt;&amp;nbsp;&lt;/td&gt;
&lt;td style="border-bottom: #000000 1px solid;" width="7%" align="center"&gt;&lt;b&gt;&lt;font size="3" class="_mt" style="font-family: TimesNewRomanPS-BoldMT,Times New Roman,Times,serif;"&gt;2010&lt;/font&gt;&lt;/b&gt;&lt;/td&gt;&lt;/tr&gt;
&lt;tr valign="bottom"&gt;&lt;td width="9%" align="left"&gt;&amp;nbsp;&lt;/td&gt;
&lt;td width="11%" align="center"&gt;&lt;font size="3" class="_mt" style="font-family: TimesNewRomanPSMT,Times New Roman,Times,serif;"&gt;Interest&lt;/font&gt;&lt;/td&gt;
&lt;td width="6%" align="left"&gt;&amp;nbsp;&lt;/td&gt;
&lt;td width="3%" align="right"&gt;&amp;nbsp;&lt;/td&gt;
&lt;td width="11%" align="left"&gt;&amp;nbsp;&lt;/td&gt;
&lt;td width="6%" align="left"&gt;&amp;nbsp;&lt;/td&gt;
&lt;td width="3%" align="right"&gt;&amp;nbsp;&lt;/td&gt;
&lt;td width="8%" align="left"&gt;&amp;nbsp;&lt;/td&gt;
&lt;td width="10%" align="left"&gt;&amp;nbsp;&lt;/td&gt;
&lt;td width="12%" align="center"&gt;&lt;font size="3" class="_mt" style="font-family: TimesNewRomanPSMT,Times New Roman,Times,serif;"&gt;Accrued&lt;/font&gt;&lt;/td&gt;
&lt;td width="2%" align="left"&gt;&amp;nbsp;&lt;/td&gt;
&lt;td width="9%" align="left"&gt;&amp;nbsp;&lt;/td&gt;
&lt;td width="3%" align="left"&gt;&amp;nbsp;&lt;/td&gt;
&lt;td width="7%" align="left"&gt;&amp;nbsp;&lt;/td&gt;&lt;/tr&gt;
&lt;tr valign="bottom"&gt;&lt;td width="9%" align="left"&gt;&amp;nbsp;&lt;/td&gt;
&lt;td width="11%" align="center"&gt;&lt;font size="3" class="_mt" style="font-family: TimesNewRomanPSMT,Times New Roman,Times,serif;"&gt;rate swaps&lt;/font&gt;&lt;/td&gt;
&lt;td width="6%" align="left"&gt;&amp;nbsp;&lt;/td&gt;
&lt;td width="3%" align="right"&gt;&amp;nbsp;&lt;/td&gt;
&lt;td width="11%" align="left"&gt;&amp;nbsp;&lt;/td&gt;
&lt;td width="6%" align="left"&gt;&amp;nbsp;&lt;/td&gt;
&lt;td width="3%" align="right"&gt;&amp;nbsp;&lt;/td&gt;
&lt;td width="8%" align="left"&gt;&amp;nbsp;&lt;/td&gt;
&lt;td width="10%" align="left"&gt;&amp;nbsp;&lt;/td&gt;
&lt;td width="12%" align="center"&gt;&lt;font size="3" class="_mt" style="font-family: TimesNewRomanPSMT,Times New Roman,Times,serif;"&gt;liabilities&lt;/font&gt;&lt;/td&gt;
&lt;td width="2%" align="left"&gt;&amp;nbsp;&lt;/td&gt;
&lt;td width="9%" align="left"&gt;&amp;nbsp;&lt;/td&gt;
&lt;td width="3%" align="left"&gt;&amp;nbsp;&lt;/td&gt;
&lt;td width="7%" align="left"&gt;&amp;nbsp;&lt;/td&gt;&lt;/tr&gt;
&lt;tr valign="bottom"&gt;&lt;td width="9%" align="center"&gt;&lt;font size="3" class="_mt" style="font-family: TimesNewRomanPSMT,Times New Roman,Times,serif;"&gt;Qualifying&lt;/font&gt;&lt;/td&gt;
&lt;td width="11%" align="center"&gt;&lt;font size="3" class="_mt" style="font-family: TimesNewRomanPSMT,Times New Roman,Times,serif;"&gt;Consolidated&lt;/font&gt;&lt;/td&gt;
&lt;td width="6%" align="right"&gt;&lt;font size="3" class="_mt" style="font-family: TimesNewRomanPSMT,Times New Roman,Times,serif;"&gt;3&lt;/font&gt;&lt;/td&gt;
&lt;td style="border-bottom: #000000 3px double;" width="3%" align="right"&gt;&lt;font size="3" class="_mt" style="font-family: TimesNewRomanPSMT,Times New Roman,Times,serif;"&gt;$&lt;/font&gt;&lt;/td&gt;
&lt;td style="border-bottom: #000000 3px double;" width="11%" align="right"&gt;&lt;font size="3" class="_mt" style="font-family: TimesNewRomanPSMT,Times New Roman,Times,serif;"&gt;32,091,000&lt;/font&gt;&lt;/td&gt;
&lt;td width="6%" align="right"&gt;&lt;font size="3" class="_mt" style="font-family: TimesNewRomanPSMT,Times New Roman,Times,serif;"&gt;2&lt;/font&gt;&lt;/td&gt;
&lt;td style="border-bottom: #000000 3px double;" width="3%" align="right"&gt;&lt;font size="3" class="_mt" style="font-family: TimesNewRomanPSMT,Times New Roman,Times,serif;"&gt;$&lt;/font&gt;&lt;/td&gt;
&lt;td style="border-bottom: #000000 3px double;" width="8%" align="center"&gt;&lt;font size="3" class="_mt" style="font-family: TimesNewRomanPSMT,Times New Roman,Times,serif;"&gt;20,218,000&lt;/font&gt;&lt;/td&gt;
&lt;td width="10%" align="center"&gt;&lt;font size="3" class="_mt" style="font-family: TimesNewRomanPSMT,Times New Roman,Times,serif;"&gt;2013-2018&lt;/font&gt;&lt;/td&gt;
&lt;td width="12%" align="center"&gt;&lt;font size="3" class="_mt" style="font-family: TimesNewRomanPSMT,Times New Roman,Times,serif;"&gt;Consolidated&lt;/font&gt;&lt;/td&gt;
&lt;td style="border-bottom: #000000 3px double;" width="2%" align="left"&gt;&lt;font size="3" class="_mt" style="font-family: TimesNewRomanPSMT,Times New Roman,Times,serif;"&gt;$&lt;/font&gt;&lt;/td&gt;
&lt;td style="border-bottom: #000000 3px double;" width="9%" align="left"&gt;&lt;font size="3" class="_mt" style="font-family: TimesNewRomanPSMT,Times New Roman,Times,serif;"&gt;2,053,000&lt;/font&gt;&lt;/td&gt;
&lt;td style="border-bottom: #000000 3px double;" width="3%" align="left"&gt;&lt;font size="3" class="_mt" style="font-family: TimesNewRomanPSMT,Times New Roman,Times,serif;"&gt;$&lt;/font&gt;&lt;/td&gt;
&lt;td style="border-bottom: #000000 3px double;" width="7%" align="right"&gt;&lt;font size="3" class="_mt" style="font-family: TimesNewRomanPSMT,Times New Roman,Times,serif;"&gt;1,642,000&lt;/font&gt;&lt;/td&gt;&lt;/tr&gt;
&lt;tr&gt;&lt;td width="100%" colspan="14"&gt;&amp;nbsp;&lt;/td&gt;&lt;/tr&gt;
&lt;tr valign="bottom"&gt;&lt;td width="9%" align="left"&gt;&amp;nbsp;&lt;/td&gt;
&lt;td width="11%" align="center"&gt;&lt;font size="3" class="_mt" style="font-family: TimesNewRomanPSMT,Times New Roman,Times,serif;"&gt;Cedar/RioCan&lt;/font&gt;&lt;/td&gt;
&lt;td width="6%" align="left"&gt;&amp;nbsp;&lt;/td&gt;
&lt;td width="3%" align="right"&gt;&amp;nbsp;&lt;/td&gt;
&lt;td width="11%" align="left"&gt;&amp;nbsp;&lt;/td&gt;
&lt;td width="6%" align="left"&gt;&amp;nbsp;&lt;/td&gt;
&lt;td width="3%" align="right"&gt;&amp;nbsp;&lt;/td&gt;
&lt;td width="8%" align="left"&gt;&amp;nbsp;&lt;/td&gt;
&lt;td width="10%" align="left"&gt;&amp;nbsp;&lt;/td&gt;
&lt;td width="12%" align="center"&gt;&lt;font size="3" class="_mt" style="font-family: TimesNewRomanPSMT,Times New Roman,Times,serif;"&gt;Cedar/RioCan&lt;/font&gt;&lt;/td&gt;
&lt;td width="2%" align="left"&gt;&amp;nbsp;&lt;/td&gt;
&lt;td width="9%" align="left"&gt;&amp;nbsp;&lt;/td&gt;
&lt;td width="3%" align="left"&gt;&amp;nbsp;&lt;/td&gt;
&lt;td width="7%" align="left"&gt;&amp;nbsp;&lt;/td&gt;&lt;/tr&gt;
&lt;tr valign="bottom"&gt;&lt;td width="9%" align="center"&gt;&lt;font size="3" class="_mt" style="font-family: TimesNewRomanPSMT,Times New Roman,Times,serif;"&gt;Qualifying&lt;/font&gt;&lt;/td&gt;
&lt;td width="11%" align="center"&gt;&lt;font size="3" class="_mt" style="font-family: TimesNewRomanPSMT,Times New Roman,Times,serif;"&gt;Joint Venture&lt;/font&gt;&lt;/td&gt;
&lt;td width="6%" align="right"&gt;&lt;font size="3" class="_mt" style="font-family: TimesNewRomanPSMT,Times New Roman,Times,serif;"&gt;1&lt;/font&gt;&lt;/td&gt;
&lt;td style="border-bottom: #000000 3px double;" width="3%" align="right"&gt;&lt;font size="3" class="_mt" style="font-family: TimesNewRomanPSMT,Times New Roman,Times,serif;"&gt;$&lt;/font&gt;&lt;/td&gt;
&lt;td style="border-bottom: #000000 3px double;" width="11%" align="right"&gt;&lt;font size="3" class="_mt" style="font-family: TimesNewRomanPSMT,Times New Roman,Times,serif;"&gt;14,182,000&lt;/font&gt;&lt;/td&gt;
&lt;td width="6%" align="center"&gt;&lt;font size="3" class="_mt" style="font-family: TimesNewRomanPSMT,Times New Roman,Times,serif;"&gt;-&lt;/font&gt;&lt;/td&gt;
&lt;td style="border-bottom: #000000 3px double;" width="3%" align="right"&gt;&lt;font size="3" class="_mt" style="font-family: TimesNewRomanPSMT,Times New Roman,Times,serif;"&gt;$&lt;/font&gt;&lt;/td&gt;
&lt;td style="border-bottom: #000000 3px double;" width="8%" align="right"&gt;&lt;font size="3" class="_mt" style="font-family: TimesNewRomanPSMT,Times New Roman,Times,serif;"&gt;-&lt;/font&gt;&lt;/td&gt;
&lt;td width="10%" align="center"&gt;&lt;font size="3" class="_mt" style="font-family: TimesNewRomanPSMT,Times New Roman,Times,serif;"&gt;2016&lt;/font&gt;&lt;/td&gt;
&lt;td width="12%" align="center"&gt;&lt;font size="3" class="_mt" style="font-family: TimesNewRomanPSMT,Times New Roman,Times,serif;"&gt;Joint Venture&lt;/font&gt;&lt;/td&gt;
&lt;td style="border-bottom: #000000 3px double;" width="2%" align="left"&gt;&lt;font size="3" class="_mt" style="font-family: TimesNewRomanPSMT,Times New Roman,Times,serif;"&gt;$&lt;/font&gt;&lt;/td&gt;
&lt;td style="border-bottom: #000000 3px double;" width="9%" align="left"&gt;&lt;font size="3" class="_mt" style="font-family: TimesNewRomanPSMT,Times New Roman,Times,serif;"&gt;2,419,000&lt;/font&gt;&lt;/td&gt;
&lt;td style="border-bottom: #000000 3px double;" width="3%" align="left"&gt;&lt;font size="3" class="_mt" style="font-family: TimesNewRomanPSMT,Times New Roman,Times,serif;"&gt;$&lt;/font&gt;&lt;/td&gt;
&lt;td style="border-bottom: #000000 3px double;" width="7%" align="right"&gt;&lt;font size="3" class="_mt" style="font-family: TimesNewRomanPSMT,Times New Roman,Times,serif;"&gt;-&lt;/font&gt;&lt;/td&gt;&lt;/tr&gt;&lt;/table&gt;&lt;/div&gt;

&lt;p style="margin: 0px;"&gt;&amp;nbsp;&lt;/p&gt;

&lt;p style="text-align: left;"&gt;&amp;nbsp;&amp;nbsp;&amp;nbsp;&amp;nbsp;&amp;nbsp;&lt;font style="font-family: TimesNewRomanPSMT,Times New Roman,Times,serif;" class="_mt" size="3"&gt;The following presents the effect of the Company's derivative financial instruments on the consolidated statements of operations and the consolidated statements of equity for 2011, 2010 and 2009, respectively:&lt;/font&gt;&lt;/p&gt;

&lt;div&gt;&amp;nbsp;&lt;/div&gt;&lt;br /&gt;

&lt;div align="left"&gt;

&lt;table border="0" cellspacing="0"&gt;
&lt;tr&gt;&lt;td width="12%"&gt; &lt;/td&gt;
&lt;td width="17%"&gt; &lt;/td&gt;
&lt;td width="5%"&gt; &lt;/td&gt;
&lt;td width="21%"&gt; &lt;/td&gt;
&lt;td width="3%"&gt; &lt;/td&gt;
&lt;td width="3%"&gt; &lt;/td&gt;
&lt;td width="22%"&gt; &lt;/td&gt;
&lt;td width="3%"&gt; &lt;/td&gt;
&lt;td width="3%"&gt; &lt;/td&gt;
&lt;td width="11%"&gt; &lt;/td&gt;&lt;/tr&gt;
&lt;tr valign="bottom"&gt;&lt;td width="12%" align="center"&gt;&amp;nbsp;&lt;/td&gt;
&lt;td width="17%" align="center"&gt;&amp;nbsp;&lt;/td&gt;
&lt;td style="border-bottom: #000000 1px solid;" rowspan="2" width="71%" colspan="8" align="center"&gt;&lt;b&gt;&lt;font size="3" class="_mt" style="font-family: TimesNewRomanPS-BoldMT,Times New Roman,Times,serif;"&gt;Amount of gain (loss) recognized in other&lt;/font&gt;&lt;/b&gt;&lt;br /&gt;&lt;b&gt;&lt;font size="3" class="_mt" style="font-family: TimesNewRomanPS-BoldMT,Times New Roman,Times,serif;"&gt;comprehensive (loss) income (effective portion)&lt;/font&gt;&lt;/b&gt;&lt;/td&gt;&lt;/tr&gt;
&lt;tr valign="bottom"&gt;&lt;td width="12%" align="center"&gt;&amp;nbsp;&lt;/td&gt;
&lt;td width="17%" align="center"&gt;&amp;nbsp;&lt;/td&gt;&lt;/tr&gt;
&lt;tr valign="bottom"&gt;&lt;td width="12%" align="center"&gt;&lt;b&gt;&lt;font size="3" class="_mt" style="font-family: TimesNewRomanPS-BoldMT,Times New Roman,Times,serif;"&gt;Designation/&lt;/font&gt;&lt;/b&gt;&lt;/td&gt;
&lt;td width="17%" align="center"&gt;&amp;nbsp;&lt;/td&gt;
&lt;td style="border-bottom: #000000 1px solid;" width="71%" colspan="8" align="center"&gt;&lt;b&gt;&lt;font size="3" class="_mt" style="font-family: TimesNewRomanPS-BoldMT,Times New Roman,Times,serif;"&gt;Year ended December 31,&lt;/font&gt;&lt;/b&gt;&lt;/td&gt;&lt;/tr&gt;
&lt;tr valign="bottom"&gt;&lt;td style="border-bottom: #000000 1px solid;" width="12%" align="center"&gt;&lt;b&gt;&lt;font size="3" class="_mt" style="font-family: TimesNewRomanPS-BoldMT,Times New Roman,Times,serif;"&gt;Cash flow&lt;/font&gt;&lt;/b&gt;&lt;/td&gt;
&lt;td style="border-bottom: #000000 1px solid;" width="17%" align="center"&gt;&lt;b&gt;&lt;font size="3" class="_mt" style="font-family: TimesNewRomanPS-BoldMT,Times New Roman,Times,serif;"&gt;Derivative&lt;/font&gt;&lt;/b&gt;&lt;/td&gt;
&lt;td style="border-bottom: #000000 1px solid;" width="5%" align="center"&gt;&amp;nbsp;&lt;/td&gt;
&lt;td style="border-bottom: #000000 1px solid;" width="21%" align="center"&gt;&lt;b&gt;&lt;font size="3" class="_mt" style="font-family: TimesNewRomanPS-BoldMT,Times New Roman,Times,serif;"&gt;2011&lt;/font&gt;&lt;/b&gt;&lt;/td&gt;
&lt;td style="border-bottom: #000000 1px solid;" width="3%" align="center"&gt;&amp;nbsp;&lt;/td&gt;
&lt;td style="border-bottom: #000000 1px solid;" width="3%" align="center"&gt; &lt;/td&gt;
&lt;td style="border-bottom: #000000 1px solid;" width="22%" align="center"&gt;&lt;b&gt;&lt;font size="3" class="_mt" style="font-family: TimesNewRomanPS-BoldMT,Times New Roman,Times,serif;"&gt;2010&lt;/font&gt;&lt;/b&gt;&lt;/td&gt;
&lt;td style="border-bottom: #000000 1px solid;" width="3%" align="center"&gt;&amp;nbsp;&lt;/td&gt;
&lt;td style="border-bottom: #000000 1px solid;" width="3%" align="center"&gt; &lt;/td&gt;
&lt;td style="border-bottom: #000000 1px solid;" width="11%" align="center"&gt;&lt;b&gt;&lt;font size="3" class="_mt" style="font-family: TimesNewRomanPS-BoldMT,Times New Roman,Times,serif;"&gt;2009&lt;/font&gt;&lt;/b&gt;&lt;/td&gt;&lt;/tr&gt;
&lt;tr valign="bottom"&gt;&lt;td width="12%" align="left"&gt;&amp;nbsp;&lt;/td&gt;
&lt;td width="17%" align="center"&gt;&lt;font size="3" class="_mt" style="font-family: TimesNewRomanPSMT,Times New Roman,Times,serif;"&gt;Interest rate swaps&lt;/font&gt;&lt;/td&gt;
&lt;td width="5%" align="left"&gt;&amp;nbsp;&lt;/td&gt;
&lt;td width="21%" align="left"&gt;&amp;nbsp;&lt;/td&gt;
&lt;td width="3%" align="left"&gt;&amp;nbsp;&lt;/td&gt;
&lt;td width="3%" align="left"&gt; &lt;/td&gt;
&lt;td width="22%" align="left"&gt;&amp;nbsp;&lt;/td&gt;
&lt;td width="3%" align="left"&gt;&amp;nbsp;&lt;/td&gt;
&lt;td width="3%" align="left"&gt; &lt;/td&gt;
&lt;td width="11%" align="left"&gt;&amp;nbsp;&lt;/td&gt;&lt;/tr&gt;
&lt;tr valign="bottom"&gt;&lt;td width="12%" align="center"&gt;&lt;font size="3" class="_mt" style="font-family: TimesNewRomanPSMT,Times New Roman,Times,serif;"&gt;Non-qualifying&lt;/font&gt;&lt;/td&gt;
&lt;td width="17%" align="center"&gt;&lt;font size="3" class="_mt" style="font-family: TimesNewRomanPSMT,Times New Roman,Times,serif;"&gt;Consolidated&lt;/font&gt;&lt;/td&gt;
&lt;td style="border-bottom: #000000 3px double;" width="5%" align="left"&gt;&lt;font size="3" class="_mt" style="font-family: TimesNewRomanPSMT,Times New Roman,Times,serif;"&gt;$&lt;/font&gt;&lt;/td&gt;
&lt;td style="border-bottom: #000000 3px double;" width="21%" align="right"&gt;&lt;font size="3" class="_mt" style="font-family: TimesNewRomanPSMT,Times New Roman,Times,serif;"&gt;- &lt;/font&gt;&lt;/td&gt;
&lt;td style="border-bottom: #000000 3px double;" width="3%" align="left"&gt; &lt;/td&gt;
&lt;td style="border-bottom: #000000 3px double;" width="3%" align="left"&gt;$&lt;/td&gt;
&lt;td style="border-bottom: #000000 3px double;" width="22%" align="right"&gt;&lt;font size="3" class="_mt" style="font-family: TimesNewRomanPSMT,Times New Roman,Times,serif;"&gt;-&lt;/font&gt;&lt;/td&gt;
&lt;td style="border-bottom: #000000 3px double;" width="3%" align="left"&gt;&amp;nbsp;&lt;/td&gt;
&lt;td style="border-bottom: #000000 3px double;" width="3%" align="left"&gt; &lt;/td&gt;
&lt;td style="border-bottom: #000000 3px double;" width="11%" align="right"&gt;&lt;font size="3" class="_mt" style="font-family: TimesNewRomanPSMT,Times New Roman,Times,serif;"&gt;106,000&lt;/font&gt;&lt;/td&gt;&lt;/tr&gt;
&lt;tr&gt;&lt;td width="100%" colspan="10"&gt;&amp;nbsp;&lt;/td&gt;&lt;/tr&gt;
&lt;tr valign="bottom"&gt;&lt;td width="12%" align="center"&gt;&lt;font size="3" class="_mt" style="font-family: TimesNewRomanPSMT,Times New Roman,Times,serif;"&gt;Qualifying&lt;/font&gt;&lt;/td&gt;
&lt;td width="17%" align="center"&gt;&lt;font size="3" class="_mt" style="font-family: TimesNewRomanPSMT,Times New Roman,Times,serif;"&gt;Consolidated&lt;/font&gt;&lt;/td&gt;
&lt;td style="border-bottom: #000000 3px double;" width="5%" align="left"&gt;&lt;font size="3" class="_mt" style="font-family: TimesNewRomanPSMT,Times New Roman,Times,serif;"&gt;$&lt;/font&gt;&lt;/td&gt;
&lt;td style="border-bottom: #000000 3px double;" width="21%" align="right"&gt;&lt;font size="3" class="_mt" style="font-family: TimesNewRomanPSMT,Times New Roman,Times,serif;"&gt;(398,000&lt;/font&gt;&lt;/td&gt;
&lt;td style="border-bottom: #000000 3px double;" width="3%" align="left"&gt;&lt;font size="3" class="_mt" style="font-family: TimesNewRomanPSMT,Times New Roman,Times,serif;"&gt;) &lt;/font&gt;&lt;/td&gt;
&lt;td style="border-bottom: #000000 3px double;" width="3%" align="left"&gt;&lt;font size="3" class="_mt" style="font-family: TimesNewRomanPSMT,Times New Roman,Times,serif;"&gt;$&lt;/font&gt;&lt;/td&gt;
&lt;td style="border-bottom: #000000 3px double;" width="22%" align="right"&gt;&lt;font size="3" class="_mt" style="font-family: TimesNewRomanPSMT,Times New Roman,Times,serif;"&gt;(670,000&lt;/font&gt;&lt;/td&gt;
&lt;td style="border-bottom: #000000 3px double;" width="3%" align="left"&gt;&lt;font size="3" class="_mt" style="font-family: TimesNewRomanPSMT,Times New Roman,Times,serif;"&gt;) &lt;/font&gt;&lt;/td&gt;
&lt;td style="border-bottom: #000000 3px double;" width="3%" align="left"&gt;&lt;font size="3" class="_mt" style="font-family: TimesNewRomanPSMT,Times New Roman,Times,serif;"&gt;$&lt;/font&gt;&lt;/td&gt;
&lt;td style="border-bottom: #000000 3px double;" width="11%" align="right"&gt;&lt;font size="3" class="_mt" style="font-family: TimesNewRomanPSMT,Times New Roman,Times,serif;"&gt;4,237,000&lt;/font&gt;&lt;/td&gt;&lt;/tr&gt;
&lt;tr&gt;&lt;td width="100%" colspan="10"&gt;&amp;nbsp;&lt;/td&gt;&lt;/tr&gt;
&lt;tr valign="bottom"&gt;&lt;td width="12%" align="left"&gt;&amp;nbsp;&lt;/td&gt;
&lt;td width="17%" align="center"&gt;&lt;font size="3" class="_mt" style="font-family: TimesNewRomanPSMT,Times New Roman,Times,serif;"&gt;Cedar/RioCan&lt;/font&gt;&lt;/td&gt;
&lt;td width="5%" align="left"&gt;&amp;nbsp;&lt;/td&gt;
&lt;td width="21%" align="left"&gt;&amp;nbsp;&lt;/td&gt;
&lt;td width="3%" align="left"&gt;&amp;nbsp;&lt;/td&gt;
&lt;td width="3%" align="left"&gt; &lt;/td&gt;
&lt;td width="22%" align="left"&gt;&amp;nbsp;&lt;/td&gt;
&lt;td width="3%" align="left"&gt;&amp;nbsp;&lt;/td&gt;
&lt;td width="3%" align="left"&gt; &lt;/td&gt;
&lt;td width="11%" align="left"&gt;&amp;nbsp;&lt;/td&gt;&lt;/tr&gt;
&lt;tr valign="bottom"&gt;&lt;td width="12%" align="center"&gt;&lt;font size="3" class="_mt" style="font-family: TimesNewRomanPSMT,Times New Roman,Times,serif;"&gt;Qualifying&lt;/font&gt;&lt;/td&gt;
&lt;td width="17%" align="center"&gt;&lt;font size="3" class="_mt" style="font-family: TimesNewRomanPSMT,Times New Roman,Times,serif;"&gt;Joint Venture&lt;/font&gt;&lt;/td&gt;
&lt;td style="border-bottom: #000000 3px double;" width="5%" align="left"&gt;&lt;font size="3" class="_mt" style="font-family: TimesNewRomanPSMT,Times New Roman,Times,serif;"&gt;$&lt;/font&gt;&lt;/td&gt;
&lt;td style="border-bottom: #000000 3px double;" width="21%" align="right"&gt;&lt;font size="3" class="_mt" style="font-family: TimesNewRomanPSMT,Times New Roman,Times,serif;"&gt;(118,000&lt;/font&gt;&lt;/td&gt;
&lt;td style="border-bottom: #000000 3px double;" width="3%" align="left"&gt;&lt;font size="3" class="_mt" style="font-family: TimesNewRomanPSMT,Times New Roman,Times,serif;"&gt;) &lt;/font&gt;&lt;/td&gt;
&lt;td style="border-bottom: #000000 3px double;" width="3%" align="left"&gt;&lt;font size="3" class="_mt" style="font-family: TimesNewRomanPSMT,Times New Roman,Times,serif;"&gt;$&lt;/font&gt;&lt;/td&gt;
&lt;td style="border-bottom: #000000 3px double;" width="22%" align="right"&gt;&lt;font size="3" class="_mt" style="font-family: TimesNewRomanPSMT,Times New Roman,Times,serif;"&gt;- &lt;/font&gt;&lt;/td&gt;
&lt;td style="border-bottom: #000000 3px double;" width="3%" align="left"&gt;&amp;nbsp;&lt;/td&gt;
&lt;td style="border-bottom: #000000 3px double;" width="3%" align="left"&gt;$&lt;/td&gt;
&lt;td style="border-bottom: #000000 3px double;" width="11%" align="right"&gt;&lt;font size="3" class="_mt" style="font-family: TimesNewRomanPSMT,Times New Roman,Times,serif;"&gt;-&lt;/font&gt;&lt;/td&gt;&lt;/tr&gt;&lt;/table&gt;&lt;/div&gt;

&lt;p style="margin: 0px;"&gt;&amp;nbsp;&lt;/p&gt;

&lt;p style="text-align: left;"&gt;&lt;font style="font-family: TimesNewRomanPSMT,Times New Roman,Times,serif;" class="_mt" size="3"&gt;The above table does not include amortization and adjustments related to the terminated Crossroads II swap which were recorded as a reduction of other comprehensive income and as a reduction of interest expense in the amount of $409,000 and $252,000 in 2011 and 2010, respectively.&lt;/font&gt;&lt;/p&gt;

&lt;div&gt;

&lt;table style="width: 844px; height: 171px;" border="0" cellspacing="0"&gt;
&lt;tr&gt;&lt;td width="23%"&gt;&amp;nbsp;&lt;/td&gt;
&lt;td width="33%"&gt;&amp;nbsp;&lt;/td&gt;
&lt;td width="3%"&gt;&amp;nbsp;&lt;/td&gt;
&lt;td width="13%"&gt;&amp;nbsp;&lt;/td&gt;
&lt;td width="2%"&gt;&amp;nbsp;&lt;/td&gt;
&lt;td width="11%"&gt;&amp;nbsp;&lt;/td&gt;
&lt;td width="2%"&gt;&amp;nbsp;&lt;/td&gt;
&lt;td width="9%"&gt;&amp;nbsp;&lt;/td&gt;&lt;/tr&gt;
&lt;tr valign="bottom"&gt;&lt;td width="23%" align="left"&gt;&amp;nbsp;&lt;/td&gt;
&lt;td width="33%" align="left"&gt;&amp;nbsp;&lt;/td&gt;
&lt;td style="border-bottom: #000000 1px solid;" rowspan="2" width="40%" colspan="6" align="center"&gt;&lt;b&gt;&lt;font style="font-family: TimesNewRomanPS-BoldMT,Times New Roman,Times,serif;" class="_mt" size="3"&gt;Amount of gain recognized in interest expense&lt;/font&gt;&lt;/b&gt;&lt;br /&gt;&lt;b&gt;&lt;font style="font-family: TimesNewRomanPS-BoldMT,Times New Roman,Times,serif;" class="_mt" size="3"&gt;(ineffective portion)&lt;/font&gt;&lt;/b&gt;&lt;/td&gt;&lt;/tr&gt;
&lt;tr valign="bottom"&gt;&lt;td width="23%" align="left"&gt;&amp;nbsp;&lt;/td&gt;
&lt;td width="33%" align="left"&gt;&amp;nbsp;&lt;/td&gt;&lt;/tr&gt;
&lt;tr valign="bottom"&gt;&lt;td width="23%" align="left"&gt;&amp;nbsp;&lt;/td&gt;
&lt;td width="33%" align="left"&gt;&amp;nbsp;&lt;/td&gt;
&lt;td style="border-bottom: #000000 1px solid;" width="40%" colspan="6" align="center"&gt;&lt;b&gt;&lt;font style="font-family: TimesNewRomanPS-BoldMT,Times New Roman,Times,serif;" class="_mt" size="3"&gt;Year ended December 31,&lt;/font&gt;&lt;/b&gt;&lt;/td&gt;&lt;/tr&gt;
&lt;tr valign="bottom"&gt;&lt;td width="23%" align="left"&gt;&amp;nbsp;&lt;/td&gt;
&lt;td width="33%" align="left"&gt;&amp;nbsp;&lt;/td&gt;
&lt;td style="border-bottom: #000000 1px solid;" width="16%" colspan="2" align="center"&gt;&lt;b&gt;&lt;font style="font-family: TimesNewRomanPS-BoldMT,Times New Roman,Times,serif;" class="_mt" size="3"&gt;2011&lt;/font&gt;&lt;/b&gt;&lt;/td&gt;
&lt;td style="border-bottom: #000000 1px solid; text-indent: 10px;" width="13%" colspan="2" align="center"&gt;&lt;b&gt;&lt;font style="font-family: TimesNewRomanPS-BoldMT,Times New Roman,Times,serif;" class="_mt" size="3"&gt;2010&lt;/font&gt;&lt;/b&gt;&lt;/td&gt;
&lt;td style="border-bottom: #000000 1px solid;" width="11%" colspan="2" align="center"&gt;&lt;b&gt;&lt;font style="font-family: TimesNewRomanPS-BoldMT,Times New Roman,Times,serif;" class="_mt" size="3"&gt;2009&lt;/font&gt;&lt;/b&gt;&lt;/td&gt;&lt;/tr&gt;
&lt;tr valign="bottom"&gt;&lt;td width="23%" align="center"&gt;&lt;font style="font-family: TimesNewRomanPSMT,Times New Roman,Times,serif;" class="_mt" size="3"&gt;Non-qualifying&lt;/font&gt;&lt;/td&gt;
&lt;td width="33%" align="left"&gt;&lt;font style="font-family: TimesNewRomanPSMT,Times New Roman,Times,serif;" class="_mt" size="3"&gt;Interest rate swaps&lt;/font&gt;&lt;/td&gt;
&lt;td style="border-bottom: #000000 3px double;" width="3%" align="left"&gt;&lt;font style="font-family: TimesNewRomanPSMT,Times New Roman,Times,serif;" class="_mt" size="3"&gt;$&lt;/font&gt;&lt;/td&gt;
&lt;td style="border-bottom: #000000 3px double;" width="13%" align="left"&gt;&lt;font style="font-family: TimesNewRomanPSMT,Times New Roman,Times,serif;" class="_mt" size="3"&gt;-&lt;/font&gt;&lt;/td&gt;
&lt;td style="border-bottom: #000000 3px double;" width="2%" align="left"&gt;&lt;font style="font-family: TimesNewRomanPSMT,Times New Roman,Times,serif;" class="_mt" size="3"&gt;$&lt;/font&gt;&lt;/td&gt;
&lt;td style="border-bottom: #000000 3px double;" width="11%" align="left"&gt;&lt;font style="font-family: TimesNewRomanPSMT,Times New Roman,Times,serif;" class="_mt" size="3"&gt;-&lt;/font&gt;&lt;/td&gt;
&lt;td style="border-bottom: #000000 3px double;" width="2%" align="right"&gt;&lt;font style="font-family: TimesNewRomanPSMT,Times New Roman,Times,serif;" class="_mt" size="3"&gt;$&lt;/font&gt;&lt;/td&gt;
&lt;td style="border-bottom: #000000 3px double;" width="9%" align="right"&gt;&lt;font style="font-family: TimesNewRomanPSMT,Times New Roman,Times,serif;" class="_mt" size="3"&gt;107,000&lt;/font&gt;&lt;/td&gt;&lt;/tr&gt;
&lt;tr valign="bottom"&gt;&lt;td width="23%" align="center"&gt;&lt;font style="font-family: TimesNewRomanPSMT,Times New Roman,Times,serif;" class="_mt" size="3"&gt;Qualifying&lt;/font&gt;&lt;/td&gt;
&lt;td width="33%" align="left"&gt;&lt;font style="font-family: TimesNewRomanPSMT,Times New Roman,Times,serif;" class="_mt" size="3"&gt;Interest rate swaps&lt;/font&gt;&lt;/td&gt;
&lt;td style="border-bottom: #000000 3px double;" width="3%" align="left"&gt;&lt;font style="font-family: TimesNewRomanPSMT,Times New Roman,Times,serif;" class="_mt" size="3"&gt;$&lt;/font&gt;&lt;/td&gt;
&lt;td style="border-bottom: #000000 3px double;" width="13%" align="left"&gt;&lt;font style="font-family: TimesNewRomanPSMT,Times New Roman,Times,serif;" class="_mt" size="3"&gt;-&lt;/font&gt;&lt;/td&gt;
&lt;td style="border-bottom: #000000 3px double;" width="2%" align="left"&gt;&lt;font style="font-family: TimesNewRomanPSMT,Times New Roman,Times,serif;" class="_mt" size="3"&gt;$&lt;/font&gt;&lt;/td&gt;
&lt;td style="border-bottom: #000000 3px double;" width="11%" align="left"&gt;&lt;font style="font-family: TimesNewRomanPSMT,Times New Roman,Times,serif;" class="_mt" size="3"&gt;-&lt;/font&gt;&lt;/td&gt;
&lt;td style="border-bottom: #000000 3px double;" width="2%" align="right"&gt;&lt;font style="font-family: TimesNewRomanPSMT,Times New Roman,Times,serif;" class="_mt" size="3"&gt;$&lt;/font&gt;&lt;/td&gt;
&lt;td style="border-bottom: #000000 3px double;" width="9%" align="right"&gt;&lt;font style="font-family: TimesNewRomanPSMT,Times New Roman,Times,serif;" class="_mt" size="3"&gt;67,000&lt;/font&gt;&lt;/td&gt;&lt;/tr&gt;&lt;/table&gt;&lt;/div&gt;

&lt;p style="margin: 0px;"&gt;&amp;nbsp;&lt;/p&gt;

&lt;p style="text-align: left;"&gt;&amp;nbsp;&amp;nbsp;&amp;nbsp;&amp;nbsp;&amp;nbsp;&lt;font style="font-family: TimesNewRomanPSMT,Times New Roman,Times,serif;" class="_mt" size="3"&gt;As of December 31, 2011, the Company believes it has no significant risk associated with non-performance of the financial institutions which are the counterparties to its derivative contracts. Additionally, based on the rates in effect as of December 31, 2011, if a counterparty were to default, the Company would receive a net interest benefit. On January 20, 2010, the Company paid approximately $5.5 million to terminate interest rate swaps applicable to the financing for its development joint venture project in Stroudsburg, Pennsylvania.&lt;/font&gt;&lt;/p&gt; &lt;/div&gt;</us-gaap:DerivativeInstrumentsAndHedgingActivitiesDisclosureTextBlock>
  <us-gaap:DisclosureOfCompensationRelatedCostsShareBasedPaymentsTextBlock contextRef="Duration_1_1_2011_To_12_31_2011">&lt;div&gt; &lt;p style="text-align: left;"&gt;&lt;b&gt;&lt;font style="font-family: TimesNewRomanPS-BoldMT,Times New Roman,Times,serif;" class="_mt" size="3"&gt;Note 18. Share-Based Compensation&lt;/font&gt;&lt;/b&gt;&lt;/p&gt;

&lt;p style="text-align: left;"&gt;&amp;nbsp;&amp;nbsp;&amp;nbsp;&amp;nbsp;&amp;nbsp;&lt;font style="font-family: TimesNewRomanPSMT,Times New Roman,Times,serif;" class="_mt" size="3"&gt;The following tables set forth certain share-based compensation information for 2011, 2010 and 2009, respectively:&lt;/font&gt;&lt;/p&gt;

&lt;div&gt;

&lt;table border="0" cellspacing="0"&gt;
&lt;tr&gt;&lt;td width="45%"&gt;&amp;nbsp;&lt;/td&gt;
&lt;td width="2%"&gt;&amp;nbsp;&lt;/td&gt;
&lt;td width="2%"&gt;&amp;nbsp;&lt;/td&gt;
&lt;td width="10%"&gt;&amp;nbsp;&lt;/td&gt;
&lt;td width="2%"&gt;&amp;nbsp;&lt;/td&gt;
&lt;td width="2%"&gt;&amp;nbsp;&lt;/td&gt;
&lt;td width="9%"&gt;&amp;nbsp;&lt;/td&gt;
&lt;td width="2%"&gt;&amp;nbsp;&lt;/td&gt;
&lt;td width="2%"&gt;&amp;nbsp;&lt;/td&gt;
&lt;td width="9%"&gt;&amp;nbsp;&lt;/td&gt;
&lt;td width="2%"&gt;&amp;nbsp;&lt;/td&gt;&lt;/tr&gt;
&lt;tr valign="bottom"&gt;&lt;td width="45%" align="left"&gt;&amp;nbsp;&lt;/td&gt;
&lt;td width="2%" align="left"&gt;&amp;nbsp;&lt;/td&gt;
&lt;td style="border-bottom: #000000 1px solid;" width="40%" colspan="9" align="center"&gt;&lt;b&gt;&lt;font style="font-family: TimesNewRomanPS-BoldMT,Times New Roman,Times,serif;" class="_mt" size="2"&gt;Years ended December 31,&lt;/font&gt;&lt;/b&gt;&lt;/td&gt;&lt;/tr&gt;
&lt;tr valign="bottom"&gt;&lt;td width="45%" align="left"&gt;&amp;nbsp;&lt;/td&gt;
&lt;td width="2%" align="left"&gt;&amp;nbsp;&lt;/td&gt;
&lt;td style="border-bottom: #000000 1px solid;" width="14%" colspan="3" align="center"&gt;&lt;b&gt;&lt;font style="font-family: TimesNewRomanPS-BoldMT,Times New Roman,Times,serif;" class="_mt" size="2"&gt;2011&lt;/font&gt;&lt;/b&gt;&lt;/td&gt;
&lt;td style="border-bottom: #000000 1px solid;" width="13%" colspan="3" align="center"&gt;&lt;b&gt;&lt;font style="font-family: TimesNewRomanPS-BoldMT,Times New Roman,Times,serif;" class="_mt" size="2"&gt;2010&lt;/font&gt;&lt;/b&gt;&lt;/td&gt;
&lt;td style="border-bottom: #000000 1px solid;" width="13%" colspan="3" align="center"&gt;&lt;b&gt;&lt;font style="font-family: TimesNewRomanPS-BoldMT,Times New Roman,Times,serif;" class="_mt" size="2"&gt;2009&lt;/font&gt;&lt;/b&gt;&lt;/td&gt;&lt;/tr&gt;
&lt;tr valign="bottom"&gt;&lt;td width="45%" align="left"&gt;&lt;font style="font-family: TimesNewRomanPSMT,Times New Roman,Times,serif;" class="_mt" size="2"&gt;Share-based compensation:&lt;/font&gt;&lt;/td&gt;
&lt;td width="2%" align="left"&gt;&amp;nbsp;&lt;/td&gt;
&lt;td width="2%" align="left"&gt;&amp;nbsp;&lt;/td&gt;
&lt;td width="10%" align="left"&gt;&amp;nbsp;&lt;/td&gt;
&lt;td width="2%" align="left"&gt;&amp;nbsp;&lt;/td&gt;
&lt;td width="2%" align="left"&gt;&amp;nbsp;&lt;/td&gt;
&lt;td width="9%" align="left"&gt;&amp;nbsp;&lt;/td&gt;
&lt;td width="2%" align="left"&gt;&amp;nbsp;&lt;/td&gt;
&lt;td width="2%" align="right"&gt;&amp;nbsp;&lt;/td&gt;
&lt;td width="9%" align="left"&gt;&amp;nbsp;&lt;/td&gt;
&lt;td width="2%" align="left"&gt;&amp;nbsp;&lt;/td&gt;&lt;/tr&gt;
&lt;tr valign="bottom"&gt;&lt;td style="text-indent: 1px;" width="45%" align="left"&gt;&lt;font style="font-family: TimesNewRomanPSMT,Times New Roman,Times,serif;" class="_mt" size="2"&gt;Expense relating to share grants&lt;/font&gt;&lt;/td&gt;
&lt;td width="2%" align="left"&gt;&amp;nbsp;&lt;/td&gt;
&lt;td width="2%" align="left"&gt;&lt;font style="font-family: TimesNewRomanPSMT,Times New Roman,Times,serif;" class="_mt" size="2"&gt;$&lt;/font&gt;&lt;/td&gt;
&lt;td width="10%" align="right"&gt;&lt;font style="font-family: TimesNewRomanPSMT,Times New Roman,Times,serif;" class="_mt" size="2"&gt;5,665,000&lt;/font&gt;&lt;/td&gt;
&lt;td width="2%" align="left"&gt;&amp;nbsp;&lt;/td&gt;
&lt;td style="text-indent: 3px;" width="2%" align="left"&gt;&lt;font style="font-family: TimesNewRomanPSMT,Times New Roman,Times,serif;" class="_mt" size="2"&gt;$&lt;/font&gt;&lt;/td&gt;
&lt;td width="9%" align="right"&gt;&lt;font style="font-family: TimesNewRomanPSMT,Times New Roman,Times,serif;" class="_mt" size="2"&gt;3,260,000&lt;/font&gt;&lt;/td&gt;
&lt;td width="2%" align="left"&gt;&amp;nbsp;&lt;/td&gt;
&lt;td width="2%" align="right"&gt;&lt;font style="font-family: TimesNewRomanPSMT,Times New Roman,Times,serif;" class="_mt" size="2"&gt;$&lt;/font&gt;&lt;/td&gt;
&lt;td width="9%" align="right"&gt;&lt;font style="font-family: TimesNewRomanPSMT,Times New Roman,Times,serif;" class="_mt" size="2"&gt;2,921,000&lt;/font&gt;&lt;/td&gt;
&lt;td width="2%" align="left"&gt;&amp;nbsp;&lt;/td&gt;&lt;/tr&gt;
&lt;tr valign="bottom"&gt;&lt;td style="text-indent: 1px;" width="45%" align="left"&gt;&lt;font style="font-family: TimesNewRomanPSMT,Times New Roman,Times,serif;" class="_mt" size="2"&gt;Adjustments to reflect changes in market price of&lt;/font&gt;&lt;/td&gt;
&lt;td width="2%" align="left"&gt;&amp;nbsp;&lt;/td&gt;
&lt;td width="2%" align="left"&gt;&amp;nbsp;&lt;/td&gt;
&lt;td width="10%" align="left"&gt;&amp;nbsp;&lt;/td&gt;
&lt;td width="2%" align="left"&gt;&amp;nbsp;&lt;/td&gt;
&lt;td width="2%" align="left"&gt;&amp;nbsp;&lt;/td&gt;
&lt;td width="9%" align="left"&gt;&amp;nbsp;&lt;/td&gt;
&lt;td width="2%" align="left"&gt;&amp;nbsp;&lt;/td&gt;
&lt;td width="2%" align="right"&gt;&amp;nbsp;&lt;/td&gt;
&lt;td width="9%" align="left"&gt;&amp;nbsp;&lt;/td&gt;
&lt;td width="2%" align="left"&gt;&amp;nbsp;&lt;/td&gt;&lt;/tr&gt;
&lt;tr valign="bottom"&gt;&lt;td style="text-indent: 2px;" width="45%" align="left"&gt;&lt;font style="font-family: TimesNewRomanPSMT,Times New Roman,Times,serif;" class="_mt" size="2"&gt;certain share grants&lt;/font&gt;&lt;/td&gt;
&lt;td width="2%" align="left"&gt;&amp;nbsp;&lt;/td&gt;
&lt;td style="border-bottom: #000000 1px solid;" width="2%" align="left"&gt;&amp;nbsp;&lt;/td&gt;
&lt;td style="border-bottom: #000000 1px solid;" width="10%" align="right"&gt;&lt;font style="font-family: TimesNewRomanPSMT,Times New Roman,Times,serif;" class="_mt" size="2"&gt;(775,000&lt;/font&gt;&lt;/td&gt;
&lt;td style="border-bottom: #000000 1px solid;" width="2%" align="left"&gt;&lt;font style="font-family: TimesNewRomanPSMT,Times New Roman,Times,serif;" class="_mt" size="2"&gt;)&lt;/font&gt;&lt;/td&gt;
&lt;td style="border-bottom: #000000 1px solid;" width="2%" align="left"&gt;&amp;nbsp;&lt;/td&gt;
&lt;td style="border-bottom: #000000 1px solid;" width="9%" align="right"&gt;&lt;font style="font-family: TimesNewRomanPSMT,Times New Roman,Times,serif;" class="_mt" size="2"&gt;(281,000&lt;/font&gt;&lt;/td&gt;
&lt;td style="border-bottom: #000000 1px solid;" width="2%" align="left"&gt;&lt;font style="font-family: TimesNewRomanPSMT,Times New Roman,Times,serif;" class="_mt" size="2"&gt;)&lt;/font&gt;&lt;/td&gt;
&lt;td style="border-bottom: #000000 1px solid;" width="2%" align="right"&gt;&amp;nbsp;&lt;/td&gt;
&lt;td style="border-bottom: #000000 1px solid;" width="9%" align="right"&gt;&lt;font style="font-family: TimesNewRomanPSMT,Times New Roman,Times,serif;" class="_mt" size="2"&gt;(488,000&lt;/font&gt;&lt;/td&gt;
&lt;td style="border-bottom: #000000 1px solid;" width="2%" align="left"&gt;&lt;font style="font-family: TimesNewRomanPSMT,Times New Roman,Times,serif;" class="_mt" size="2"&gt;)&lt;/font&gt;&lt;/td&gt;&lt;/tr&gt;
&lt;tr valign="bottom"&gt;&lt;td style="text-indent: 1px;" width="45%" align="left"&gt;&lt;font style="font-family: TimesNewRomanPSMT,Times New Roman,Times,serif;" class="_mt" size="2"&gt;Totalcharged to operations&lt;/font&gt;&lt;/td&gt;
&lt;td width="2%" align="left"&gt;&lt;font style="font-family: TimesNewRomanPSMT,Times New Roman,Times,serif;" class="_mt" size="2"&gt;(a)&lt;/font&gt;&lt;/td&gt;
&lt;td style="border-bottom: #000000 3px double;" width="2%" align="left"&gt;&lt;font style="font-family: TimesNewRomanPSMT,Times New Roman,Times,serif;" class="_mt" size="2"&gt;$&lt;/font&gt;&lt;/td&gt;
&lt;td style="border-bottom: #000000 3px double;" width="10%" align="right"&gt;&lt;font style="font-family: TimesNewRomanPSMT,Times New Roman,Times,serif;" class="_mt" size="2"&gt;4,890,000&lt;/font&gt;&lt;/td&gt;
&lt;td style="border-bottom: #000000 3px double;" width="2%" align="left"&gt;&amp;nbsp;&lt;/td&gt;
&lt;td style="border-bottom: #000000 3px double; text-indent: 3px;" width="2%" align="left"&gt;&lt;font style="font-family: TimesNewRomanPSMT,Times New Roman,Times,serif;" class="_mt" size="2"&gt;$&lt;/font&gt;&lt;/td&gt;
&lt;td style="border-bottom: #000000 3px double;" width="9%" align="right"&gt;&lt;font style="font-family: TimesNewRomanPSMT,Times New Roman,Times,serif;" class="_mt" size="2"&gt;2,979,000&lt;/font&gt;&lt;/td&gt;
&lt;td style="border-bottom: #000000 3px double;" width="2%" align="left"&gt;&amp;nbsp;&lt;/td&gt;
&lt;td style="border-bottom: #000000 3px double;" width="2%" align="right"&gt;&lt;font style="font-family: TimesNewRomanPSMT,Times New Roman,Times,serif;" class="_mt" size="2"&gt;$&lt;/font&gt;&lt;/td&gt;
&lt;td style="border-bottom: #000000 3px double;" width="9%" align="right"&gt;&lt;font style="font-family: TimesNewRomanPSMT,Times New Roman,Times,serif;" class="_mt" size="2"&gt;2,433,000&lt;/font&gt;&lt;/td&gt;
&lt;td style="border-bottom: #000000 3px double;" width="2%" align="left"&gt;&amp;nbsp;&lt;/td&gt;&lt;/tr&gt;&lt;/table&gt;&lt;/div&gt;

&lt;p style="margin: 0px;"&gt;&amp;nbsp;&lt;/p&gt;

&lt;div&gt;

&lt;table border="0" cellspacing="0"&gt;
&lt;tr&gt;&lt;td width="70%"&gt;&amp;nbsp;&lt;/td&gt;
&lt;td width="10%"&gt;&amp;nbsp;&lt;/td&gt;
&lt;td width="2%"&gt;&amp;nbsp;&lt;/td&gt;
&lt;td width="2%"&gt;&amp;nbsp;&lt;/td&gt;
&lt;td width="9%"&gt;&amp;nbsp;&lt;/td&gt;&lt;/tr&gt;
&lt;tr valign="bottom"&gt;&lt;td width="70%" align="left"&gt;&amp;nbsp;&lt;/td&gt;
&lt;td style="border-bottom: #000000 1px solid;" rowspan="2" width="12%" colspan="2" align="center"&gt;&lt;font style="font-family: TimesNewRomanPSMT,Times New Roman,Times,serif;" class="_mt" size="2"&gt;Shares&lt;/font&gt;&lt;/td&gt;
&lt;td style="border-bottom: #000000 1px solid;" rowspan="2" width="11%" colspan="2" align="center"&gt;&lt;font style="font-family: TimesNewRomanPSMT,Times New Roman,Times,serif;" class="_mt" size="2"&gt;Weighted average&lt;/font&gt;&lt;br /&gt;&lt;font style="font-family: TimesNewRomanPSMT,Times New Roman,Times,serif;" class="_mt" size="2"&gt;grant date value&lt;/font&gt;&lt;/td&gt;&lt;/tr&gt;
&lt;tr valign="bottom"&gt;&lt;td width="70%" align="left"&gt;&amp;nbsp;&lt;/td&gt;&lt;/tr&gt;
&lt;tr valign="bottom"&gt;&lt;td width="70%" align="left"&gt;&lt;font style="font-family: TimesNewRomanPSMT,Times New Roman,Times,serif;" class="_mt" size="2"&gt;Unvested shares, December 31, 2010&lt;/font&gt;&lt;/td&gt;
&lt;td width="10%" align="right"&gt;&lt;font style="font-family: TimesNewRomanPSMT,Times New Roman,Times,serif;" class="_mt" size="2"&gt;1,280,000&lt;/font&gt;&lt;/td&gt;
&lt;td width="2%" align="left"&gt;&amp;nbsp;&lt;/td&gt;
&lt;td width="2%" align="left"&gt;&lt;font style="font-family: TimesNewRomanPSMT,Times New Roman,Times,serif;" class="_mt" size="2"&gt;$&lt;/font&gt;&lt;/td&gt;
&lt;td style="text-indent: 15px;" width="9%" align="left"&gt;&lt;font style="font-family: TimesNewRomanPSMT,Times New Roman,Times,serif;" class="_mt" size="2"&gt;6.28&lt;/font&gt;&lt;/td&gt;&lt;/tr&gt;
&lt;tr valign="bottom"&gt;&lt;td width="70%" align="left"&gt;&lt;font style="font-family: TimesNewRomanPSMT,Times New Roman,Times,serif;" class="_mt" size="2"&gt;Restricted share grants (b)&lt;/font&gt;&lt;/td&gt;
&lt;td width="10%" align="right"&gt;&lt;font style="font-family: TimesNewRomanPSMT,Times New Roman,Times,serif;" class="_mt" size="2"&gt;961,000&lt;/font&gt;&lt;/td&gt;
&lt;td width="2%" align="left"&gt;&amp;nbsp;&lt;/td&gt;
&lt;td width="2%" align="left"&gt;&amp;nbsp;&lt;/td&gt;
&lt;td style="text-indent: 15px;" width="9%" align="left"&gt;&lt;font style="font-family: TimesNewRomanPSMT,Times New Roman,Times,serif;" class="_mt" size="2"&gt;5.40&lt;/font&gt;&lt;/td&gt;&lt;/tr&gt;
&lt;tr valign="bottom"&gt;&lt;td width="70%" align="left"&gt;&lt;font style="font-family: TimesNewRomanPSMT,Times New Roman,Times,serif;" class="_mt" size="2"&gt;Vested during period (c)&lt;/font&gt;&lt;/td&gt;
&lt;td width="10%" align="right"&gt;&lt;font style="font-family: TimesNewRomanPSMT,Times New Roman,Times,serif;" class="_mt" size="2"&gt;(1,038,000&lt;/font&gt;&lt;/td&gt;
&lt;td width="2%" align="left"&gt;&lt;font style="font-family: TimesNewRomanPSMT,Times New Roman,Times,serif;" class="_mt" size="2"&gt;)&lt;/font&gt;&lt;/td&gt;
&lt;td width="2%" align="left"&gt;&amp;nbsp;&lt;/td&gt;
&lt;td style="text-indent: 15px;" width="9%" align="left"&gt;&lt;font style="font-family: TimesNewRomanPSMT,Times New Roman,Times,serif;" class="_mt" size="2"&gt;6.51&lt;/font&gt;&lt;/td&gt;&lt;/tr&gt;
&lt;tr valign="bottom"&gt;&lt;td width="70%" align="left"&gt;&lt;font style="font-family: TimesNewRomanPSMT,Times New Roman,Times,serif;" class="_mt" size="2"&gt;Forfeitures/cancellations&lt;/font&gt;&lt;/td&gt;
&lt;td style="border-bottom: #000000 1px solid;" width="10%" align="right"&gt;&lt;font style="font-family: TimesNewRomanPSMT,Times New Roman,Times,serif;" class="_mt" size="2"&gt;(97,000&lt;/font&gt;&lt;/td&gt;
&lt;td style="border-bottom: #000000 1px solid;" width="2%" align="left"&gt;&lt;font style="font-family: TimesNewRomanPSMT,Times New Roman,Times,serif;" class="_mt" size="2"&gt;)&lt;/font&gt;&lt;/td&gt;
&lt;td style="border-bottom: #000000 1px solid;" width="2%" align="left"&gt;&amp;nbsp;&lt;/td&gt;
&lt;td style="border-bottom: #000000 1px solid; text-indent: 15px;" width="9%" align="left"&gt;&lt;font style="font-family: TimesNewRomanPSMT,Times New Roman,Times,serif;" class="_mt" size="2"&gt;5.70&lt;/font&gt;&lt;/td&gt;&lt;/tr&gt;
&lt;tr valign="bottom"&gt;&lt;td width="70%" align="left"&gt;&lt;font style="font-family: TimesNewRomanPSMT,Times New Roman,Times,serif;" class="_mt" size="2"&gt;Unvested shares, December 31, 2011&lt;/font&gt;&lt;/td&gt;
&lt;td style="border-bottom: #000000 2px solid;" width="10%" align="right"&gt;&lt;font style="font-family: TimesNewRomanPSMT,Times New Roman,Times,serif;" class="_mt" size="2"&gt;1,106,000&lt;/font&gt;&lt;/td&gt;
&lt;td style="border-bottom: #000000 2px solid;" width="2%" align="left"&gt;&amp;nbsp;&lt;/td&gt;
&lt;td style="border-bottom: #000000 2px solid;" width="2%" align="left"&gt;&lt;font style="font-family: TimesNewRomanPSMT,Times New Roman,Times,serif;" class="_mt" size="2"&gt;$&lt;/font&gt;&lt;/td&gt;
&lt;td style="border-bottom: #000000 2px solid; text-indent: 15px;" width="9%" align="left"&gt;&lt;font style="font-family: TimesNewRomanPSMT,Times New Roman,Times,serif;" class="_mt" size="2"&gt;5.31&lt;/font&gt;&lt;/td&gt;&lt;/tr&gt;&lt;/table&gt;&lt;/div&gt;

&lt;p style="margin: 0px;"&gt;&amp;nbsp;&lt;/p&gt;

&lt;p style="text-align: left;"&gt;&lt;font style="font-family: TimesNewRomanPSMT,Times New Roman,Times,serif;" class="_mt" size="2"&gt;(a) Includes $1,980,000 applicable to the accelerated vestings discussed below. (b) Does not include the equity or liability award shares discussed below.&lt;/font&gt;&lt;/p&gt;

&lt;p style="text-align: left;"&gt;&lt;font style="font-family: TimesNewRomanPSMT,Times New Roman,Times,serif;" class="_mt" size="2"&gt;(c) Includes 706,000 shares ($5.35 weighted average grant date fair value) applicable to the accelerated vestings&lt;/font&gt;&lt;/p&gt;

&lt;p style="text-align: left;"&gt;&lt;font style="font-family: TimesNewRomanPSMT,Times New Roman,Times,serif;" class="_mt" size="2"&gt;discussed below.&lt;/font&gt;&lt;/p&gt;

&lt;div&gt;&lt;font style="font-family: TimesNewRomanPSMT,Times New Roman,Times,serif;" class="_mt" size="3"&gt;&amp;nbsp;&amp;nbsp;&amp;nbsp;&amp;nbsp; The per share weighted average grant date fair values of shares granted during 2011, 2010 and 2009 were $5.40, $6.54, and $4.95, respectively. The total fair values of shares vested during 2011, 2010 and 2009 were $5,507,000, $996,000 and $569,000, respectively (the 2011 amount includes $3,569,000 applicable to the accelerated vestings discussed below).&lt;/font&gt;&lt;/div&gt;

&lt;p style="text-align: left;"&gt;&amp;nbsp;&amp;nbsp;&amp;nbsp;&amp;nbsp;&amp;nbsp;&lt;font style="font-family: TimesNewRomanPSMT,Times New Roman,Times,serif;" class="_mt" size="3"&gt;At December 31, 2011, 2.3 million shares remained available for grants pursuant to the Incentive Plan (excluding the 1,750,000 shares and 500,000 shares, respectively, applicable to the equity and liability awards discussed below). At December 31, 2011, there remained an aggregate of approximately $13.0 million applicable to all such grants and awards to be expensed over a weighted average period of 5.8 years.&lt;/font&gt;&lt;/p&gt;

&lt;p style="text-align: left;"&gt;&amp;nbsp;&amp;nbsp;&amp;nbsp;&amp;nbsp;&amp;nbsp;&lt;font style="font-family: TimesNewRomanPSMT,Times New Roman,Times,serif;" class="_mt" size="3"&gt;In connection with the retirement of the Company's Chairman of the Board, Chief Executive Officer and President, and the end of the employment of the Company's Chief Financial Officer (see Note &amp;#8211; 17 "Management Transition Charges"), all of their outstanding restricted share grants, consisting of time-based grants (284,000 shares) and performance-based grants (422,000 shares) became vested (an aggregate of 706,000 shares), and were expensed in full at the then market value of the shares (an aggregate of approximately $2.0 million).&lt;/font&gt;&lt;/p&gt;

&lt;p style="text-align: left;"&gt;&amp;nbsp;&amp;nbsp;&amp;nbsp;&amp;nbsp;&amp;nbsp;&lt;font style="font-family: TimesNewRomanPSMT,Times New Roman,Times,serif;" class="_mt" size="3"&gt;The Company's new President and Chief Executive Officer is to receive restricted share grants totaling 2.5 million shares, one-half of which are to be time-based, vesting upon the seventh anniversary of the date of grant (vesting on June 15, 2018), and the other half to be performance-based, to be earned if the total annual return on an investment in the Company's common stock ("TSR") is at least an average of 6.5% per year for the seven years ending June 15, 2018. An independent appraisal determined the value of the performance-based award to be $4.39 per share compared to a market price at the date of grant of $4.98 per share. As a result of existing limitations within the Incentive Plan, only 250,000 shares have been issued, 1,750,000 shares are being accounted for as an "equity award", and 500,000 shares are being accounted for as a "liability award". The values of the equity and liability awards are being expensed on a straight-line basis over the vesting period. Consistent with such awards to other recipients, dividends are paid on all the shares, including the equity and liability award shares, with the dividends paid on the equity award shares treated as distributions to common shareholders and included in the statement of equity, and the dividends paid on the liability award shares treated as compensation and included in the statement of operations. In addition, with respect to the liability award, adjustments to reflect changes in the fair value of the award (based on changes in the market price of the Company's common stock) are also charged to operations. It is the Company's intention to seek a modification of the terms of the Incentive Plan (or to adopt a new stock incentive plan) so as to permit the grant of the entire 2.5 million shares. Until such changes are effectuated, the Company will issue 250,000 shares each calendar year, thereby reducing the liability established for the equity award. If, by June 15, 2018, the entire 2.5 million shares have not been issued, the parties have agreed to satisfy any remaining Company obligations on a mutually-agreeable economic basis.&lt;/font&gt;&lt;/p&gt;

&lt;div&gt;&lt;font style="font-family: TimesNewRomanPSMT,Times New Roman,Times,serif;" class="_mt" size="3"&gt;&amp;nbsp;&amp;nbsp;&amp;nbsp;&amp;nbsp; In January 2009, 2010 and 2011, the Company issued shares of common stock as performance-based grants, with vesting to be based on the TSR over the three calendar years commencing with the dates of grant. Portions of each grant are to vest (a) if the TSR on the Company's common stock is equal to or greater than a specified average return per year (the "Absolute TSR"), and (b) if there is a positive comparison of the TSR on the Company's common stock to the Company's peer group (the "Relative TSR"). The Company obtained independent appraisals to determine the values of each category of the performance-based shares issued. The following table summarizes information relating to the performance-based grants:&lt;/font&gt;&lt;/div&gt;

&lt;div align="left"&gt;

&lt;table border="0" cellspacing="0"&gt;
&lt;tr&gt;&lt;td width="8%"&gt; &lt;/td&gt;
&lt;td width="12%"&gt; &lt;/td&gt;
&lt;td width="2%"&gt; &lt;/td&gt;
&lt;td width="9%"&gt; &lt;/td&gt;
&lt;td width="10%"&gt; &lt;/td&gt;
&lt;td width="3%"&gt; &lt;/td&gt;
&lt;td width="11%"&gt; &lt;/td&gt;
&lt;td width="3%"&gt; &lt;/td&gt;
&lt;td width="3%"&gt; &lt;/td&gt;
&lt;td width="9%"&gt; &lt;/td&gt;
&lt;td width="11%"&gt; &lt;/td&gt;
&lt;td width="3%"&gt; &lt;/td&gt;
&lt;td width="2%"&gt; &lt;/td&gt;
&lt;td width="8%"&gt; &lt;/td&gt;&lt;/tr&gt;
&lt;tr valign="bottom"&gt;&lt;td align="center"&gt;&amp;nbsp;&lt;/td&gt;
&lt;td align="center"&gt;&amp;nbsp;&lt;/td&gt;
&lt;td align="center"&gt;&amp;nbsp;&lt;/td&gt;
&lt;td align="center"&gt;&amp;nbsp;&lt;/td&gt;
&lt;td style="border-bottom: #000000 3px double;" align="center"&gt;&amp;nbsp;&lt;/td&gt;
&lt;td style="border-bottom: #000000 3px double;" align="center"&gt;&amp;nbsp;&lt;/td&gt;
&lt;td style="border-bottom: #000000 3px double;" colspan="3" align="center"&gt;&lt;font size="3" class="_mt" style="font-family: TimesNewRomanPSMT,Times New Roman,Times,serif;"&gt;Absolute TSR&lt;/font&gt;&lt;/td&gt;
&lt;td style="border-bottom: #000000 3px double;" align="center"&gt;&amp;nbsp;&lt;/td&gt;
&lt;td style="border-bottom: #000000 3px double;" colspan="4" align="center"&gt;&lt;font size="3" class="_mt" style="font-family: TimesNewRomanPSMT,Times New Roman,Times,serif;"&gt;Relative TSR&lt;/font&gt;&lt;/td&gt;&lt;/tr&gt;
&lt;tr valign="bottom"&gt;&lt;td align="center"&gt;&amp;nbsp;&lt;/td&gt;
&lt;td align="center"&gt;&amp;nbsp;&lt;/td&gt;
&lt;td align="center"&gt;&amp;nbsp;&lt;/td&gt;
&lt;td align="center"&gt;&lt;font size="3" class="_mt" style="font-family: TimesNewRomanPSMT,Times New Roman,Times,serif;"&gt;Grant date&lt;/font&gt;&lt;/td&gt;
&lt;td align="center"&gt;&amp;nbsp;&lt;/td&gt;
&lt;td align="center"&gt;&amp;nbsp;&lt;/td&gt;
&lt;td align="center"&gt;&lt;font size="3" class="_mt" style="font-family: TimesNewRomanPSMT,Times New Roman,Times,serif;"&gt;Annual&lt;/font&gt;&lt;/td&gt;
&lt;td align="center"&gt;&amp;nbsp;&lt;/td&gt;
&lt;td align="center"&gt;&amp;nbsp;&lt;/td&gt;
&lt;td align="center"&gt;&amp;nbsp;&lt;/td&gt;
&lt;td align="center"&gt;&amp;nbsp;&lt;/td&gt;
&lt;td align="center"&gt;&amp;nbsp;&lt;/td&gt;
&lt;td align="center"&gt;&amp;nbsp;&lt;/td&gt;
&lt;td align="center"&gt;&amp;nbsp;&lt;/td&gt;&lt;/tr&gt;
&lt;tr valign="bottom"&gt;&lt;td align="center"&gt;&lt;font size="3" class="_mt" style="font-family: TimesNewRomanPSMT,Times New Roman,Times,serif;"&gt;Grant&lt;/font&gt;&lt;/td&gt;
&lt;td align="center"&gt;&lt;font size="3" class="_mt" style="font-family: TimesNewRomanPSMT,Times New Roman,Times,serif;"&gt;Shares&lt;/font&gt;&lt;/td&gt;
&lt;td align="center"&gt;&amp;nbsp;&lt;/td&gt;
&lt;td align="center"&gt;&lt;font size="3" class="_mt" style="font-family: TimesNewRomanPSMT,Times New Roman,Times,serif;"&gt;market&lt;/font&gt;&lt;/td&gt;
&lt;td align="center"&gt;&lt;font size="3" class="_mt" style="font-family: TimesNewRomanPSMT,Times New Roman,Times,serif;"&gt;Portion of&lt;/font&gt;&lt;/td&gt;
&lt;td align="center"&gt;&amp;nbsp;&lt;/td&gt;
&lt;td align="center"&gt;&lt;font size="3" class="_mt" style="font-family: TimesNewRomanPSMT,Times New Roman,Times,serif;"&gt;average&lt;/font&gt;&lt;/td&gt;
&lt;td align="center"&gt;&amp;nbsp;&lt;/td&gt;
&lt;td colspan="2" align="center"&gt;&lt;font size="3" class="_mt" style="font-family: TimesNewRomanPSMT,Times New Roman,Times,serif;"&gt;Appraisal&lt;/font&gt;&lt;/td&gt;
&lt;td align="center"&gt;&lt;font size="3" class="_mt" style="font-family: TimesNewRomanPSMT,Times New Roman,Times,serif;"&gt;Portion of&lt;/font&gt;&lt;/td&gt;
&lt;td align="center"&gt;&amp;nbsp;&lt;/td&gt;
&lt;td colspan="2" align="center"&gt;&lt;font size="3" class="_mt" style="font-family: TimesNewRomanPSMT,Times New Roman,Times,serif;"&gt;Appraisal&lt;/font&gt;&lt;/td&gt;&lt;/tr&gt;
&lt;tr valign="bottom"&gt;&lt;td style="border-bottom: #000000 3px double;" align="center"&gt;&lt;font size="3" class="_mt" style="font-family: TimesNewRomanPSMT,Times New Roman,Times,serif;"&gt;year&lt;/font&gt;&lt;/td&gt;
&lt;td style="border-bottom: #000000 3px double;" align="center"&gt;&lt;font size="3" class="_mt" style="font-family: TimesNewRomanPSMT,Times New Roman,Times,serif;"&gt;granted&lt;/font&gt;&lt;/td&gt;
&lt;td style="border-bottom: #000000 3px double;" align="center"&gt;&amp;nbsp;&lt;/td&gt;
&lt;td style="border-bottom: #000000 3px double;" align="center"&gt;&lt;font size="3" class="_mt" style="font-family: TimesNewRomanPSMT,Times New Roman,Times,serif;"&gt;price&lt;/font&gt;&lt;/td&gt;
&lt;td style="border-bottom: #000000 3px double; text-indent: 3px;" align="center"&gt;&lt;font size="3" class="_mt" style="font-family: TimesNewRomanPSMT,Times New Roman,Times,serif;"&gt;grant&lt;/font&gt;&lt;/td&gt;
&lt;td style="border-bottom: #000000 3px double;" align="center"&gt;&amp;nbsp;&lt;/td&gt;
&lt;td style="border-bottom: #000000 3px double;" align="center"&gt;&lt;font size="3" class="_mt" style="font-family: TimesNewRomanPSMT,Times New Roman,Times,serif;"&gt;return&lt;/font&gt;&lt;/td&gt;
&lt;td style="border-bottom: #000000 3px double;" align="center"&gt;&amp;nbsp;&lt;/td&gt;
&lt;td style="border-bottom: #000000 3px double;" align="center"&gt;&amp;nbsp;&lt;/td&gt;
&lt;td style="border-bottom: #000000 3px double;" align="center"&gt;&lt;font size="3" class="_mt" style="font-family: TimesNewRomanPSMT,Times New Roman,Times,serif;"&gt;value&lt;/font&gt;&lt;/td&gt;
&lt;td style="border-bottom: #000000 3px double; text-indent: 3px;" align="center"&gt;&lt;font size="3" class="_mt" style="font-family: TimesNewRomanPSMT,Times New Roman,Times,serif;"&gt;grant&lt;/font&gt;&lt;/td&gt;
&lt;td style="border-bottom: #000000 3px double;" align="center"&gt;&amp;nbsp;&lt;/td&gt;
&lt;td style="border-bottom: #000000 3px double;" align="center"&gt;&amp;nbsp;&lt;/td&gt;
&lt;td style="border-bottom: #000000 3px double;" align="center"&gt;&lt;font size="3" class="_mt" style="font-family: TimesNewRomanPSMT,Times New Roman,Times,serif;"&gt;value&lt;/font&gt;&lt;/td&gt;&lt;/tr&gt;
&lt;tr valign="bottom"&gt;&lt;td align="center"&gt;&lt;font size="3" class="_mt" style="font-family: TimesNewRomanPSMT,Times New Roman,Times,serif;"&gt;2009&lt;/font&gt;&lt;/td&gt;
&lt;td align="left"&gt;&lt;font size="3" class="_mt" style="font-family: TimesNewRomanPSMT,Times New Roman,Times,serif;"&gt;218,000&lt;/font&gt;&lt;/td&gt;
&lt;td align="left"&gt;&lt;font size="3" class="_mt" style="font-family: TimesNewRomanPSMT,Times New Roman,Times,serif;"&gt;$&lt;/font&gt;&lt;/td&gt;
&lt;td align="right"&gt;&lt;font size="3" class="_mt" style="font-family: TimesNewRomanPSMT,Times New Roman,Times,serif;"&gt;7.02&lt;/font&gt;&lt;/td&gt;
&lt;td align="right"&gt;&lt;font size="3" class="_mt" style="font-family: TimesNewRomanPSMT,Times New Roman,Times,serif;"&gt;75&lt;/font&gt;&lt;/td&gt;
&lt;td align="left"&gt;&lt;font size="3" class="_mt" style="font-family: TimesNewRomanPSMT,Times New Roman,Times,serif;"&gt;%&lt;/font&gt;&lt;/td&gt;
&lt;td align="right"&gt;&lt;font size="3" class="_mt" style="font-family: TimesNewRomanPSMT,Times New Roman,Times,serif;"&gt;6&lt;/font&gt;&lt;/td&gt;
&lt;td align="left"&gt;&lt;font size="3" class="_mt" style="font-family: TimesNewRomanPSMT,Times New Roman,Times,serif;"&gt;%&lt;/font&gt;&lt;/td&gt;
&lt;td align="left"&gt;&lt;font size="3" class="_mt" style="font-family: TimesNewRomanPSMT,Times New Roman,Times,serif;"&gt;$&lt;/font&gt;&lt;/td&gt;
&lt;td align="right"&gt;&lt;font size="3" class="_mt" style="font-family: TimesNewRomanPSMT,Times New Roman,Times,serif;"&gt;5.44&lt;/font&gt;&lt;/td&gt;
&lt;td align="right"&gt;&lt;font size="3" class="_mt" style="font-family: TimesNewRomanPSMT,Times New Roman,Times,serif;"&gt;25&lt;/font&gt;&lt;/td&gt;
&lt;td align="left"&gt;&lt;font size="3" class="_mt" style="font-family: TimesNewRomanPSMT,Times New Roman,Times,serif;"&gt;%&lt;/font&gt;&lt;/td&gt;
&lt;td align="left"&gt;&lt;font size="3" class="_mt" style="font-family: TimesNewRomanPSMT,Times New Roman,Times,serif;"&gt;$&lt;/font&gt;&lt;/td&gt;
&lt;td align="right"&gt;&lt;font size="3" class="_mt" style="font-family: TimesNewRomanPSMT,Times New Roman,Times,serif;"&gt;6.48&lt;/font&gt;&lt;/td&gt;&lt;/tr&gt;
&lt;tr valign="bottom"&gt;&lt;td align="center"&gt;&lt;font size="3" class="_mt" style="font-family: TimesNewRomanPSMT,Times New Roman,Times,serif;"&gt;2010&lt;/font&gt;&lt;/td&gt;
&lt;td align="left"&gt;&lt;font size="3" class="_mt" style="font-family: TimesNewRomanPSMT,Times New Roman,Times,serif;"&gt;227,000&lt;/font&gt;&lt;/td&gt;
&lt;td align="left"&gt;&amp;nbsp;&lt;/td&gt;
&lt;td align="right"&gt;&lt;font size="3" class="_mt" style="font-family: TimesNewRomanPSMT,Times New Roman,Times,serif;"&gt;6.70&lt;/font&gt;&lt;/td&gt;
&lt;td align="right"&gt;&lt;font size="3" class="_mt" style="font-family: TimesNewRomanPSMT,Times New Roman,Times,serif;"&gt;50&lt;/font&gt;&lt;/td&gt;
&lt;td align="left"&gt;&lt;font size="3" class="_mt" style="font-family: TimesNewRomanPSMT,Times New Roman,Times,serif;"&gt;%&lt;/font&gt;&lt;/td&gt;
&lt;td align="right"&gt;&lt;font size="3" class="_mt" style="font-family: TimesNewRomanPSMT,Times New Roman,Times,serif;"&gt;6&lt;/font&gt;&lt;/td&gt;
&lt;td align="left"&gt;&lt;font size="3" class="_mt" style="font-family: TimesNewRomanPSMT,Times New Roman,Times,serif;"&gt;%&lt;/font&gt;&lt;/td&gt;
&lt;td align="left"&gt;&amp;nbsp;&lt;/td&gt;
&lt;td align="right"&gt;&lt;font size="3" class="_mt" style="font-family: TimesNewRomanPSMT,Times New Roman,Times,serif;"&gt;4.56&lt;/font&gt;&lt;/td&gt;
&lt;td align="right"&gt;&lt;font size="3" class="_mt" style="font-family: TimesNewRomanPSMT,Times New Roman,Times,serif;"&gt;50&lt;/font&gt;&lt;/td&gt;
&lt;td align="left"&gt;&lt;font size="3" class="_mt" style="font-family: TimesNewRomanPSMT,Times New Roman,Times,serif;"&gt;%&lt;/font&gt;&lt;/td&gt;
&lt;td align="left"&gt;&amp;nbsp;&lt;/td&gt;
&lt;td align="right"&gt;&lt;font size="3" class="_mt" style="font-family: TimesNewRomanPSMT,Times New Roman,Times,serif;"&gt;6.00&lt;/font&gt;&lt;/td&gt;&lt;/tr&gt;
&lt;tr valign="bottom"&gt;&lt;td align="center"&gt;&lt;font size="3" class="_mt" style="font-family: TimesNewRomanPSMT,Times New Roman,Times,serif;"&gt;2011&lt;/font&gt;&lt;/td&gt;
&lt;td align="left"&gt;&lt;font size="3" class="_mt" style="font-family: TimesNewRomanPSMT,Times New Roman,Times,serif;"&gt;275,000&lt;/font&gt;&lt;/td&gt;
&lt;td align="left"&gt;&amp;nbsp;&lt;/td&gt;
&lt;td align="right"&gt;&lt;font size="3" class="_mt" style="font-family: TimesNewRomanPSMT,Times New Roman,Times,serif;"&gt;6.54&lt;/font&gt;&lt;/td&gt;
&lt;td align="right"&gt;&lt;font size="3" class="_mt" style="font-family: TimesNewRomanPSMT,Times New Roman,Times,serif;"&gt;50&lt;/font&gt;&lt;/td&gt;
&lt;td align="left"&gt;&lt;font size="3" class="_mt" style="font-family: TimesNewRomanPSMT,Times New Roman,Times,serif;"&gt;%&lt;/font&gt;&lt;/td&gt;
&lt;td align="right"&gt;&lt;font size="3" class="_mt" style="font-family: TimesNewRomanPSMT,Times New Roman,Times,serif;"&gt;8&lt;/font&gt;&lt;/td&gt;
&lt;td align="left"&gt;&lt;font size="3" class="_mt" style="font-family: TimesNewRomanPSMT,Times New Roman,Times,serif;"&gt;%&lt;/font&gt;&lt;/td&gt;
&lt;td align="left"&gt;&amp;nbsp;&lt;/td&gt;
&lt;td align="right"&gt;&lt;font size="3" class="_mt" style="font-family: TimesNewRomanPSMT,Times New Roman,Times,serif;"&gt;4.40&lt;/font&gt;&lt;/td&gt;
&lt;td align="right"&gt;&lt;font size="3" class="_mt" style="font-family: TimesNewRomanPSMT,Times New Roman,Times,serif;"&gt;50&lt;/font&gt;&lt;/td&gt;
&lt;td align="left"&gt;&lt;font size="3" class="_mt" style="font-family: TimesNewRomanPSMT,Times New Roman,Times,serif;"&gt;%&lt;/font&gt;&lt;/td&gt;
&lt;td align="left"&gt;&amp;nbsp;&lt;/td&gt;
&lt;td align="right"&gt;&lt;font size="3" class="_mt" style="font-family: TimesNewRomanPSMT,Times New Roman,Times,serif;"&gt;5.91&lt;/font&gt;&lt;/td&gt;&lt;/tr&gt;&lt;/table&gt;&lt;/div&gt;

&lt;p style="margin: 0px;"&gt;&amp;nbsp;&lt;/p&gt;

&lt;p style="text-align: left;"&gt;&amp;nbsp;&amp;nbsp;&amp;nbsp;&amp;nbsp;&amp;nbsp;&lt;font style="font-family: TimesNewRomanPSMT,Times New Roman,Times,serif;" class="_mt" size="3"&gt;After the accelerated vestings in June 2011 of certain of these shares, as discussed above, there remained 82,000 shares, 84,000 shares and 123,000 shares, respectively, of the 2009, 2010 and 2011 performance-based awards. However, as the Company did not achieve either TSR measure for the three years ended December 31, 2011, none of the shares granted in 2009 vested.&lt;/font&gt;&lt;/p&gt;

&lt;p style="text-align: left;"&gt;&amp;nbsp;&amp;nbsp;&amp;nbsp;&amp;nbsp;&amp;nbsp;&lt;font style="font-family: TimesNewRomanPSMT,Times New Roman,Times,serif;" class="_mt" size="3"&gt;In addition to the above, there were other time-based restricted shares issued, which amount to 436,000 shares, 279,000 shares and 397,000 shares, for 2011, 2010 and 2009, respectively.&lt;/font&gt;&lt;/p&gt;

&lt;div&gt;&amp;nbsp;&lt;/div&gt;&lt;br /&gt; &lt;/div&gt;</us-gaap:DisclosureOfCompensationRelatedCostsShareBasedPaymentsTextBlock>
  <us-gaap:DiscontinuedOperationGainLossOnDisposalOfDiscontinuedOperationNetOfTax contextRef="Duration_1_1_2009_To_12_31_2009" unitRef="Unit1" decimals="0">557000</us-gaap:DiscontinuedOperationGainLossOnDisposalOfDiscontinuedOperationNetOfTax>
  <us-gaap:DiscontinuedOperationGainLossOnDisposalOfDiscontinuedOperationNetOfTax contextRef="Duration_1_1_2010_To_12_31_2010" unitRef="Unit1" decimals="0">170000</us-gaap:DiscontinuedOperationGainLossOnDisposalOfDiscontinuedOperationNetOfTax>
  <us-gaap:DiscontinuedOperationGainLossOnDisposalOfDiscontinuedOperationNetOfTax contextRef="Duration_1_1_2011_To_12_31_2011" unitRef="Unit1" decimals="0">884000</us-gaap:DiscontinuedOperationGainLossOnDisposalOfDiscontinuedOperationNetOfTax>
  <us-gaap:DiscontinuedOperationIncomeLossFromDiscontinuedOperationDuringPhaseOutPeriodNetOfTax contextRef="Duration_1_1_2009_To_12_31_2009" unitRef="Unit1" decimals="0">7054000</us-gaap:DiscontinuedOperationIncomeLossFromDiscontinuedOperationDuringPhaseOutPeriodNetOfTax>
  <us-gaap:DiscontinuedOperationIncomeLossFromDiscontinuedOperationDuringPhaseOutPeriodNetOfTax contextRef="Duration_1_1_2010_To_12_31_2010" unitRef="Unit1" decimals="0">1724000</us-gaap:DiscontinuedOperationIncomeLossFromDiscontinuedOperationDuringPhaseOutPeriodNetOfTax>
  <us-gaap:DiscontinuedOperationIncomeLossFromDiscontinuedOperationDuringPhaseOutPeriodNetOfTax contextRef="Duration_1_1_2011_To_12_31_2011" unitRef="Unit1" decimals="0">5013000</us-gaap:DiscontinuedOperationIncomeLossFromDiscontinuedOperationDuringPhaseOutPeriodNetOfTax>
  <us-gaap:DistributionMadeToMemberOrLimitedPartnerCashDistributionsPaid contextRef="Duration_1_1_2009_To_12_31_2009" unitRef="Unit1" decimals="0">227000</us-gaap:DistributionMadeToMemberOrLimitedPartnerCashDistributionsPaid>
  <us-gaap:DistributionMadeToMemberOrLimitedPartnerCashDistributionsPaid contextRef="Duration_1_1_2010_To_12_31_2010" unitRef="Unit1" decimals="0">654000</us-gaap:DistributionMadeToMemberOrLimitedPartnerCashDistributionsPaid>
  <us-gaap:DistributionMadeToMemberOrLimitedPartnerCashDistributionsPaid contextRef="Duration_1_1_2011_To_12_31_2011" unitRef="Unit1" decimals="0">508000</us-gaap:DistributionMadeToMemberOrLimitedPartnerCashDistributionsPaid>
  <us-gaap:Dividends contextRef="Duration_1_1_2009_To_12_31_2009" unitRef="Unit1" decimals="0">13814000</us-gaap:Dividends>
  <us-gaap:Dividends contextRef="Duration_1_1_2009_To_12_31_2009_us-gaap_StatementEquityComponentsAxis_cdr_MinorityInterestsInConsolidatedJointVenturesMember" unitRef="Unit1" decimals="0">3905000</us-gaap:Dividends>
  <us-gaap:Dividends contextRef="Duration_1_1_2009_To_12_31_2009_us-gaap_StatementEquityComponentsAxis_us-gaap_AccumulatedDistributionsInExcessOfNetIncomeMember" unitRef="Unit1" decimals="0">9742000</us-gaap:Dividends>
  <us-gaap:Dividends contextRef="Duration_1_1_2009_To_12_31_2009_us-gaap_StatementEquityComponentsAxis_us-gaap_NoncontrollingInterestMember" unitRef="Unit1" decimals="0">4072000</us-gaap:Dividends>
  <us-gaap:Dividends contextRef="Duration_1_1_2009_To_12_31_2009_us-gaap_StatementEquityComponentsAxis_us-gaap_ParentMember" unitRef="Unit1" decimals="0">9742000</us-gaap:Dividends>
  <us-gaap:Dividends contextRef="Duration_1_1_2009_To_12_31_2009_us-gaap_StatementEquityComponentsAxis_us-gaap_PartnershipInterestMember" unitRef="Unit1" decimals="0">167000</us-gaap:Dividends>
  <us-gaap:Dividends contextRef="Duration_1_1_2010_To_12_31_2010" unitRef="Unit1" decimals="0">21524000</us-gaap:Dividends>
  <us-gaap:Dividends contextRef="Duration_1_1_2010_To_12_31_2010_us-gaap_StatementEquityComponentsAxis_cdr_MinorityInterestsInConsolidatedJointVenturesMember" unitRef="Unit1" decimals="0">3566000</us-gaap:Dividends>
  <us-gaap:Dividends contextRef="Duration_1_1_2010_To_12_31_2010_us-gaap_StatementEquityComponentsAxis_us-gaap_AccumulatedDistributionsInExcessOfNetIncomeMember" unitRef="Unit1" decimals="0">17749000</us-gaap:Dividends>
  <us-gaap:Dividends contextRef="Duration_1_1_2010_To_12_31_2010_us-gaap_StatementEquityComponentsAxis_us-gaap_NoncontrollingInterestMember" unitRef="Unit1" decimals="0">3775000</us-gaap:Dividends>
  <us-gaap:Dividends contextRef="Duration_1_1_2010_To_12_31_2010_us-gaap_StatementEquityComponentsAxis_us-gaap_ParentMember" unitRef="Unit1" decimals="0">17749000</us-gaap:Dividends>
  <us-gaap:Dividends contextRef="Duration_1_1_2010_To_12_31_2010_us-gaap_StatementEquityComponentsAxis_us-gaap_PartnershipInterestMember" unitRef="Unit1" decimals="0">209000</us-gaap:Dividends>
  <us-gaap:Dividends contextRef="Duration_1_1_2011_To_12_31_2011" unitRef="Unit1" decimals="0">28282000</us-gaap:Dividends>
  <us-gaap:Dividends contextRef="Duration_1_1_2011_To_12_31_2011_us-gaap_StatementEquityComponentsAxis_cdr_MinorityInterestsInConsolidatedJointVenturesMember" unitRef="Unit1" decimals="0">3301000</us-gaap:Dividends>
  <us-gaap:Dividends contextRef="Duration_1_1_2011_To_12_31_2011_us-gaap_StatementEquityComponentsAxis_us-gaap_AccumulatedDistributionsInExcessOfNetIncomeMember" unitRef="Unit1" decimals="0">24705000</us-gaap:Dividends>
  <us-gaap:Dividends contextRef="Duration_1_1_2011_To_12_31_2011_us-gaap_StatementEquityComponentsAxis_us-gaap_NoncontrollingInterestMember" unitRef="Unit1" decimals="0">3577000</us-gaap:Dividends>
  <us-gaap:Dividends contextRef="Duration_1_1_2011_To_12_31_2011_us-gaap_StatementEquityComponentsAxis_us-gaap_ParentMember" unitRef="Unit1" decimals="0">24705000</us-gaap:Dividends>
  <us-gaap:Dividends contextRef="Duration_1_1_2011_To_12_31_2011_us-gaap_StatementEquityComponentsAxis_us-gaap_PartnershipInterestMember" unitRef="Unit1" decimals="0">276000</us-gaap:Dividends>
  <us-gaap:DividendsPreferredStock contextRef="Duration_1_1_2009_To_12_31_2009" unitRef="Unit1" decimals="0">7876000</us-gaap:DividendsPreferredStock>
  <us-gaap:DividendsPreferredStock contextRef="Duration_1_1_2009_To_12_31_2009_us-gaap_StatementEquityComponentsAxis_us-gaap_AccumulatedDistributionsInExcessOfNetIncomeMember" unitRef="Unit1" decimals="0">7876000</us-gaap:DividendsPreferredStock>
  <us-gaap:DividendsPreferredStock contextRef="Duration_1_1_2009_To_12_31_2009_us-gaap_StatementEquityComponentsAxis_us-gaap_ParentMember" unitRef="Unit1" decimals="0">7876000</us-gaap:DividendsPreferredStock>
  <us-gaap:DividendsPreferredStock contextRef="Duration_1_1_2010_To_12_31_2010" unitRef="Unit1" decimals="0">10196000</us-gaap:DividendsPreferredStock>
  <us-gaap:DividendsPreferredStock contextRef="Duration_1_1_2010_To_12_31_2010_us-gaap_StatementEquityComponentsAxis_us-gaap_AccumulatedDistributionsInExcessOfNetIncomeMember" unitRef="Unit1" decimals="0">10196000</us-gaap:DividendsPreferredStock>
  <us-gaap:DividendsPreferredStock contextRef="Duration_1_1_2010_To_12_31_2010_us-gaap_StatementEquityComponentsAxis_us-gaap_ParentMember" unitRef="Unit1" decimals="0">10196000</us-gaap:DividendsPreferredStock>
  <us-gaap:DividendsPreferredStock contextRef="Duration_1_1_2011_To_12_31_2011" unitRef="Unit1" decimals="0">14200000</us-gaap:DividendsPreferredStock>
  <us-gaap:DividendsPreferredStock contextRef="Duration_1_1_2011_To_12_31_2011_us-gaap_StatementEquityComponentsAxis_us-gaap_AccumulatedDistributionsInExcessOfNetIncomeMember" unitRef="Unit1" decimals="0">14200000</us-gaap:DividendsPreferredStock>
  <us-gaap:DividendsPreferredStock contextRef="Duration_1_1_2011_To_12_31_2011_us-gaap_StatementEquityComponentsAxis_us-gaap_ParentMember" unitRef="Unit1" decimals="0">14200000</us-gaap:DividendsPreferredStock>
  <us-gaap:EarningsPerShareBasicAndDiluted contextRef="Duration_1_1_2009_To_12_31_2009" unitRef="Unit13" decimals="2">-0.54</us-gaap:EarningsPerShareBasicAndDiluted>
  <us-gaap:EarningsPerShareBasicAndDiluted contextRef="Duration_1_1_2010_To_12_31_2010" unitRef="Unit13" decimals="2">-0.81</us-gaap:EarningsPerShareBasicAndDiluted>
  <us-gaap:EarningsPerShareBasicAndDiluted contextRef="Duration_1_1_2011_To_12_31_2011" unitRef="Unit13" decimals="2">-1.79</us-gaap:EarningsPerShareBasicAndDiluted>
  <us-gaap:EarningsPerShareTextBlock contextRef="Duration_1_1_2011_To_12_31_2011">&lt;div&gt; &lt;p style="text-align: left;"&gt;&lt;b&gt;&lt;font style="font-family: TimesNewRomanPS-BoldMT,Times New Roman,Times,serif;" class="_mt" size="3"&gt;Note 20. Earnings/Dividends Per Share&lt;/font&gt;&lt;/b&gt;&lt;/p&gt;

&lt;p style="text-align: left;"&gt;&amp;nbsp;&amp;nbsp;&amp;nbsp;&amp;nbsp;&amp;nbsp;&lt;font style="font-family: TimesNewRomanPSMT,Times New Roman,Times,serif;" class="_mt" size="3"&gt;Basic earnings per share ("EPS") is calculated by dividing net income (loss) attributable to the Company's common shareholders by the weighted average number of common shares outstanding for the period including participating securities (restricted shares issued pursuant to the Company's stock-based compensation program are considered participating securities, as such shares have non-forfeitable rights to receive dividends). Unvested restricted shares are not allocated net losses and/or any excess of dividends declared over net income, as such amounts are allocated entirely to the common shareholders. For 2011, the Company had 2.3 million weighted average unvested restricted shares outstanding (including the weighted average impact of the 2.0 million shares awarded to the Company's new President/Chief Executive Officer in June 2011). EPS for the 2010 and 2009 is calculated based on the data presented on the face of the consolidated statements of operations for those periods. The following table provides a reconciliation of the numerator and denominator of the EPS calculations for 2011:&lt;/font&gt;&lt;/p&gt;

&lt;div&gt;&amp;nbsp;&lt;/div&gt;

&lt;div&gt;

&lt;table border="0" cellspacing="0"&gt;
&lt;tr&gt;&lt;td width="76%"&gt;&amp;nbsp;&lt;/td&gt;
&lt;td width="2%"&gt;&amp;nbsp;&lt;/td&gt;
&lt;td width="18%"&gt;&amp;nbsp;&lt;/td&gt;
&lt;td width="2%"&gt;&amp;nbsp;&lt;/td&gt;&lt;/tr&gt;
&lt;tr valign="bottom"&gt;&lt;td style="border-bottom: #000000 1px solid;" width="76%" align="left"&gt;&lt;b&gt;&lt;font style="font-family: TimesNewRomanPS-BoldMT,Times New Roman,Times,serif;" class="_mt" size="3"&gt;Numerator&lt;/font&gt;&lt;/b&gt;&lt;/td&gt;
&lt;td width="2%" align="left"&gt;&amp;nbsp;&lt;/td&gt;
&lt;td width="18%" align="left"&gt;&amp;nbsp;&lt;/td&gt;
&lt;td width="2%" align="left"&gt;&amp;nbsp;&lt;/td&gt;&lt;/tr&gt;
&lt;tr valign="bottom"&gt;&lt;td width="76%" align="left"&gt;&lt;font style="font-family: TimesNewRomanPSMT,Times New Roman,Times,serif;" class="_mt" size="3"&gt;(Loss) from continuing operations&lt;/font&gt;&lt;/td&gt;
&lt;td width="2%" align="left"&gt;&lt;font style="font-family: TimesNewRomanPSMT,Times New Roman,Times,serif;" class="_mt" size="3"&gt;$&lt;/font&gt;&lt;/td&gt;
&lt;td width="18%" align="right"&gt;&lt;font style="font-family: TimesNewRomanPSMT,Times New Roman,Times,serif;" class="_mt" size="3"&gt;(25,953,000&lt;/font&gt;&lt;/td&gt;
&lt;td width="2%" align="left"&gt;&lt;font style="font-family: TimesNewRomanPSMT,Times New Roman,Times,serif;" class="_mt" size="3"&gt;)&lt;/font&gt;&lt;/td&gt;&lt;/tr&gt;
&lt;tr valign="bottom"&gt;&lt;td width="76%" align="left"&gt;&lt;font style="font-family: TimesNewRomanPSMT,Times New Roman,Times,serif;" class="_mt" size="3"&gt;Preferred distribution requirements&lt;/font&gt;&lt;/td&gt;
&lt;td width="2%" align="left"&gt;&amp;nbsp;&lt;/td&gt;
&lt;td width="18%" align="right"&gt;&lt;font style="font-family: TimesNewRomanPSMT,Times New Roman,Times,serif;" class="_mt" size="3"&gt;(14,200,000&lt;/font&gt;&lt;/td&gt;
&lt;td width="2%" align="left"&gt;&lt;font style="font-family: TimesNewRomanPSMT,Times New Roman,Times,serif;" class="_mt" size="3"&gt;)&lt;/font&gt;&lt;/td&gt;&lt;/tr&gt;
&lt;tr valign="bottom"&gt;&lt;td width="76%" align="left"&gt;&lt;font style="font-family: TimesNewRomanPSMT,Times New Roman,Times,serif;" class="_mt" size="3"&gt;Plus, net income attributable to noncontrolling interests&lt;/font&gt;&lt;/td&gt;
&lt;td width="2%" align="left"&gt;&amp;nbsp;&lt;/td&gt;
&lt;td width="18%" align="right"&gt;&lt;font style="font-family: TimesNewRomanPSMT,Times New Roman,Times,serif;" class="_mt" size="3"&gt;917,000&lt;/font&gt;&lt;/td&gt;
&lt;td width="2%" align="left"&gt;&amp;nbsp;&lt;/td&gt;&lt;/tr&gt;
&lt;tr valign="bottom"&gt;&lt;td width="76%" align="left"&gt;&lt;font style="font-family: TimesNewRomanPSMT,Times New Roman,Times,serif;" class="_mt" size="3"&gt;Less, earnings allocated to unvested shares&lt;/font&gt;&lt;/td&gt;
&lt;td style="border-bottom: #000000 1px solid;" width="2%" align="left"&gt;&amp;nbsp;&lt;/td&gt;
&lt;td style="border-bottom: #000000 1px solid;" width="18%" align="right"&gt;&lt;font style="font-family: TimesNewRomanPSMT,Times New Roman,Times,serif;" class="_mt" size="3"&gt;(810,000&lt;/font&gt;&lt;/td&gt;
&lt;td style="border-bottom: #000000 1px solid;" width="2%" align="left"&gt;&lt;font style="font-family: TimesNewRomanPSMT,Times New Roman,Times,serif;" class="_mt" size="3"&gt;)&lt;/font&gt;&lt;/td&gt;&lt;/tr&gt;
&lt;tr valign="bottom"&gt;&lt;td width="76%" align="left"&gt;&lt;font style="font-family: TimesNewRomanPSMT,Times New Roman,Times,serif;" class="_mt" size="3"&gt;Loss from continuing operations available for common shareholders&lt;/font&gt;&lt;/td&gt;
&lt;td width="2%" align="left"&gt;&amp;nbsp;&lt;/td&gt;
&lt;td width="18%" align="right"&gt;&lt;font style="font-family: TimesNewRomanPSMT,Times New Roman,Times,serif;" class="_mt" size="3"&gt;(40,046,000&lt;/font&gt;&lt;/td&gt;
&lt;td width="2%" align="left"&gt;&lt;font style="font-family: TimesNewRomanPSMT,Times New Roman,Times,serif;" class="_mt" size="3"&gt;)&lt;/font&gt;&lt;/td&gt;&lt;/tr&gt;
&lt;tr valign="bottom"&gt;&lt;td width="76%" align="left"&gt;&lt;font style="font-family: TimesNewRomanPSMT,Times New Roman,Times,serif;" class="_mt" size="3"&gt;Results from discontinued operations&lt;/font&gt;&lt;/td&gt;
&lt;td style="border-bottom: #000000 1px solid;" width="2%" align="left"&gt;&amp;nbsp;&lt;/td&gt;
&lt;td style="border-bottom: #000000 1px solid;" width="18%" align="right"&gt;&lt;font style="font-family: TimesNewRomanPSMT,Times New Roman,Times,serif;" class="_mt" size="3"&gt;(78,525,000&lt;/font&gt;&lt;/td&gt;
&lt;td style="border-bottom: #000000 1px solid;" width="2%" align="left"&gt;&lt;font style="font-family: TimesNewRomanPSMT,Times New Roman,Times,serif;" class="_mt" size="3"&gt;)&lt;/font&gt;&lt;/td&gt;&lt;/tr&gt;
&lt;tr valign="bottom"&gt;&lt;td width="76%" align="left"&gt;&lt;font style="font-family: TimesNewRomanPSMT,Times New Roman,Times,serif;" class="_mt" size="3"&gt;Net (loss) available for common shareholders, basic and diluted&lt;/font&gt;&lt;/td&gt;
&lt;td style="border-bottom: #000000 3px double;" width="2%" align="left"&gt;&lt;font style="font-family: TimesNewRomanPSMT,Times New Roman,Times,serif;" class="_mt" size="3"&gt;$&lt;/font&gt;&lt;/td&gt;
&lt;td style="border-bottom: #000000 3px double;" width="18%" align="right"&gt;&lt;font style="font-family: TimesNewRomanPSMT,Times New Roman,Times,serif;" class="_mt" size="3"&gt;(118,571,000&lt;/font&gt;&lt;/td&gt;
&lt;td style="border-bottom: #000000 3px double;" width="2%" align="left"&gt;&lt;font style="font-family: TimesNewRomanPSMT,Times New Roman,Times,serif;" class="_mt" size="3"&gt;)&lt;/font&gt;&lt;/td&gt;&lt;/tr&gt;
&lt;tr&gt;&lt;td width="98%" colspan="4"&gt;&amp;nbsp;&lt;/td&gt;&lt;/tr&gt;
&lt;tr valign="bottom"&gt;&lt;td style="border-bottom: #000000 1px solid;" width="76%" align="left"&gt;&lt;b&gt;&lt;font style="font-family: TimesNewRomanPS-BoldMT,Times New Roman,Times,serif;" class="_mt" size="3"&gt;Denominator&lt;/font&gt;&lt;/b&gt;&lt;/td&gt;
&lt;td width="2%" align="left"&gt;&amp;nbsp;&lt;/td&gt;
&lt;td width="18%" align="left"&gt;&amp;nbsp;&lt;/td&gt;
&lt;td width="2%" align="left"&gt;&amp;nbsp;&lt;/td&gt;&lt;/tr&gt;
&lt;tr valign="bottom"&gt;&lt;td width="76%" align="left"&gt;&lt;font style="font-family: TimesNewRomanPSMT,Times New Roman,Times,serif;" class="_mt" size="3"&gt;Weighted average number of vested common shares outstanding&lt;/font&gt;&lt;/td&gt;
&lt;td style="border-bottom: #000000 2px solid;" width="2%" align="left"&gt;&amp;nbsp;&lt;/td&gt;
&lt;td style="border-bottom: #000000 2px solid;" width="18%" align="right"&gt;&lt;font style="font-family: TimesNewRomanPSMT,Times New Roman,Times,serif;" class="_mt" size="3"&gt;66,387,000&lt;/font&gt;&lt;/td&gt;
&lt;td style="border-bottom: #000000 2px solid;" width="2%" align="left"&gt;&amp;nbsp;&lt;/td&gt;&lt;/tr&gt;
&lt;tr&gt;&lt;td width="98%" colspan="4"&gt;&amp;nbsp;&lt;/td&gt;&lt;/tr&gt;
&lt;tr valign="bottom"&gt;&lt;td style="border-bottom: #000000 1px solid;" width="76%" align="left"&gt;&lt;b&gt;&lt;font style="font-family: TimesNewRomanPS-BoldMT,Times New Roman,Times,serif;" class="_mt" size="3"&gt;Earnings (loss) per common share, basic and diluted&lt;/font&gt;&lt;/b&gt;&lt;/td&gt;
&lt;td width="2%" align="left"&gt;&amp;nbsp;&lt;/td&gt;
&lt;td width="18%" align="left"&gt;&amp;nbsp;&lt;/td&gt;
&lt;td width="2%" align="left"&gt;&amp;nbsp;&lt;/td&gt;&lt;/tr&gt;
&lt;tr valign="bottom"&gt;&lt;td width="76%" align="left"&gt;&lt;font style="font-family: TimesNewRomanPSMT,Times New Roman,Times,serif;" class="_mt" size="3"&gt;Continuing operations&lt;/font&gt;&lt;/td&gt;
&lt;td width="2%" align="left"&gt;&lt;font style="font-family: TimesNewRomanPSMT,Times New Roman,Times,serif;" class="_mt" size="3"&gt;$&lt;/font&gt;&lt;/td&gt;
&lt;td width="18%" align="right"&gt;&lt;font style="font-family: TimesNewRomanPSMT,Times New Roman,Times,serif;" class="_mt" size="3"&gt;(0.61&lt;/font&gt;&lt;/td&gt;
&lt;td width="2%" align="left"&gt;&lt;font style="font-family: TimesNewRomanPSMT,Times New Roman,Times,serif;" class="_mt" size="3"&gt;)&lt;/font&gt;&lt;/td&gt;&lt;/tr&gt;
&lt;tr valign="bottom"&gt;&lt;td width="76%" align="left"&gt;&lt;font style="font-family: TimesNewRomanPSMT,Times New Roman,Times,serif;" class="_mt" size="3"&gt;Discontinued operations&lt;/font&gt;&lt;/td&gt;
&lt;td style="border-bottom: #000000 1px solid;" width="2%" align="left"&gt;&lt;font style="font-family: TimesNewRomanPSMT,Times New Roman,Times,serif;" class="_mt" size="3"&gt;$&lt;/font&gt;&lt;/td&gt;
&lt;td style="border-bottom: #000000 1px solid;" width="18%" align="right"&gt;&lt;font style="font-family: TimesNewRomanPSMT,Times New Roman,Times,serif;" class="_mt" size="3"&gt;(1.18&lt;/font&gt;&lt;/td&gt;
&lt;td style="border-bottom: #000000 1px solid;" width="2%" align="left"&gt;&lt;font style="font-family: TimesNewRomanPSMT,Times New Roman,Times,serif;" class="_mt" size="3"&gt;)&lt;/font&gt;&lt;/td&gt;&lt;/tr&gt;
&lt;tr valign="bottom"&gt;&lt;td width="76%" align="left"&gt;&amp;nbsp;&lt;/td&gt;
&lt;td style="border-bottom: #000000 3px double;" width="2%" align="left"&gt;&lt;font style="font-family: TimesNewRomanPSMT,Times New Roman,Times,serif;" class="_mt" size="3"&gt;$&lt;/font&gt;&lt;/td&gt;
&lt;td style="border-bottom: #000000 3px double;" width="18%" align="right"&gt;&lt;font style="font-family: TimesNewRomanPSMT,Times New Roman,Times,serif;" class="_mt" size="3"&gt;(1.79&lt;/font&gt;&lt;/td&gt;
&lt;td style="border-bottom: #000000 3px double;" width="2%" align="left"&gt;&lt;font style="font-family: TimesNewRomanPSMT,Times New Roman,Times,serif;" class="_mt" size="3"&gt;)&lt;/font&gt;&lt;/td&gt;&lt;/tr&gt;&lt;/table&gt;&lt;/div&gt;

&lt;p style="margin: 0px;"&gt;&amp;nbsp;&lt;/p&gt;

&lt;p style="text-align: left;"&gt;&amp;nbsp;&amp;nbsp;&amp;nbsp;&amp;nbsp;&amp;nbsp;&lt;font style="font-family: TimesNewRomanPSMT,Times New Roman,Times,serif;" class="_mt" size="3"&gt;Fully-diluted EPS reflects the potential dilution that could occur if securities or other contracts to issue common stock were exercised or converted into shares of common stock. The net loss attributable to noncontrolling interests of the Operating Partnership has been excluded from the numerator and the related OP Units have been excluded from the denominator for the purpose of calculating diluted EPS as there would have been no effect had such amounts been included. The weighted average number of OP Units outstanding for 2011, 2010 and 2009 were 1,415,000, 1,814,000 and 2,014,000, respectively. In addition, warrants for the purchase of OP Units (83,000 for all periods) have been excluded as they were anti-dilutive for all periods presented.&lt;/font&gt;&lt;/p&gt;

&lt;p style="text-align: left;"&gt;&amp;nbsp;&amp;nbsp;&amp;nbsp;&amp;nbsp;&amp;nbsp;&lt;font style="font-family: TimesNewRomanPSMT,Times New Roman,Times,serif;" class="_mt" size="3"&gt;Dividends to common shareholders in 2011, 2010 and 2009 were $24,705,000 ($0.36 per share), $17,749,000 ($0.27 per share), and $9,742,000 ($0.2025 per share), respectively.&lt;/font&gt;&lt;/p&gt;

&lt;div&gt;&amp;nbsp;&lt;/div&gt;&lt;br /&gt; &lt;/div&gt;</us-gaap:EarningsPerShareTextBlock>
  <us-gaap:EquityMethodInvestmentDividendsOrDistributions contextRef="Duration_1_1_2009_To_12_31_2009" unitRef="Unit1" decimals="0">921000</us-gaap:EquityMethodInvestmentDividendsOrDistributions>
  <us-gaap:EquityMethodInvestmentDividendsOrDistributions contextRef="Duration_1_1_2010_To_12_31_2010" unitRef="Unit1" decimals="0">819000</us-gaap:EquityMethodInvestmentDividendsOrDistributions>
  <us-gaap:EquityMethodInvestmentDividendsOrDistributions contextRef="Duration_1_1_2011_To_12_31_2011" unitRef="Unit1" decimals="0">1399000</us-gaap:EquityMethodInvestmentDividendsOrDistributions>
  <us-gaap:FairValueMeasurementInputsDisclosureTextBlock contextRef="Duration_1_1_2011_To_12_31_2011">&lt;div&gt; &lt;p style="text-align: left;"&gt;&lt;b&gt;&lt;font style="font-family: TimesNewRomanPS-BoldMT,Times New Roman,Times,serif;" class="_mt" size="3"&gt;Note 6. Fair Value Measurements&lt;/font&gt;&lt;/b&gt;&lt;/p&gt;

&lt;p style="text-align: left;"&gt;&amp;nbsp;&amp;nbsp;&amp;nbsp;&amp;nbsp;&amp;nbsp;&lt;font style="font-family: TimesNewRomanPSMT,Times New Roman,Times,serif;" class="_mt" size="3"&gt;The carrying amounts of cash and cash equivalents, restricted cash, rents and other receivables, certain other assets, accounts payable and accrued expenses approximate fair value. The fair value of the Company's investments and liabilities related to deferred compensation plans were determined to be a Level 1 within the valuation hierarchy, and were based on independent values provided by financial institutions. The valuation of the liability for the Company's interest rate swaps, which is measured on a recurring basis, was determined to be a Level 2 within the valuation hierarchy, and was based on independent values provided by financial institutions. The valuation of the assets for the Company's real estate held for sale/conveyance &amp;#8211; discontinued operations, which is measured on a nonrecurring basis, have been determined to be (i) a Level 2 within the valuation hierarchy, based on the respective contracts of sale or (ii) Level 3 within the valuation hierarchy, where applicable, based on estimated sales prices determined by discounted cash flow analyses if no contract amounts were as yet being negotiated. The discounted cash flow analyses included all estimated cash inflows and outflows over a specific holding period and where applicable, any estimated debt premiums. These cash flows were comprised of unobservable inputs which included contractual rental revenues and forecasted rental revenues and expenses based upon market conditions and expectations for growth. Capitalization rates and discount rates utilized in these analyses were &lt;/font&gt;&lt;font style="font-family: TimesNewRomanPSMT,Times New Roman,Times,serif;" class="_mt" size="3"&gt;based upon observable rates that the Company believed to be within a reasonable range of current market rates for the respective properties.&lt;/font&gt;&lt;/p&gt;

&lt;p style="text-align: left;"&gt;&amp;nbsp;&amp;nbsp;&amp;nbsp;&amp;nbsp;&amp;nbsp;&lt;font style="font-family: TimesNewRomanPSMT,Times New Roman,Times,serif;" class="_mt" size="3"&gt;The following tables show the hierarchy for those assets measured at fair value on a recurring basis as of December 31, 2011 and December 31, 2010, respectively:&lt;/font&gt;&lt;/p&gt;

&lt;div&gt;

&lt;table border="0" cellspacing="0"&gt;
&lt;tr&gt;&lt;td width="38%"&gt;&amp;nbsp;&lt;/td&gt;
&lt;td width="2%"&gt;&amp;nbsp;&lt;/td&gt;
&lt;td width="12%"&gt;&amp;nbsp;&lt;/td&gt;
&lt;td width="2%"&gt;&amp;nbsp;&lt;/td&gt;
&lt;td width="12%"&gt;&amp;nbsp;&lt;/td&gt;
&lt;td width="2%"&gt;&amp;nbsp;&lt;/td&gt;
&lt;td width="13%"&gt;&amp;nbsp;&lt;/td&gt;
&lt;td width="2%"&gt;&amp;nbsp;&lt;/td&gt;
&lt;td width="11%"&gt;&amp;nbsp;&lt;/td&gt;&lt;/tr&gt;
&lt;tr valign="bottom"&gt;&lt;td width="38%" align="left"&gt;&amp;nbsp;&lt;/td&gt;
&lt;td style="border-bottom: #000000 1px solid;" rowspan="3" width="56%" colspan="8" align="center"&gt;&lt;font style="font-family: TimesNewRomanPSMT,Times New Roman,Times,serif;" class="_mt" size="2"&gt;Assets/Liabilities Measured at Fair Value on a&lt;/font&gt;&lt;br /&gt;&lt;font style="font-family: TimesNewRomanPSMT,Times New Roman,Times,serif;" class="_mt" size="2"&gt;Recurring Basis&lt;/font&gt;&lt;br /&gt;&lt;font style="font-family: TimesNewRomanPSMT,Times New Roman,Times,serif;" class="_mt" size="2"&gt;December 31, 2011&lt;/font&gt;&lt;/td&gt;&lt;/tr&gt;
&lt;tr valign="bottom"&gt;&lt;td width="38%" align="left"&gt;&amp;nbsp;&lt;/td&gt;&lt;/tr&gt;
&lt;tr valign="bottom"&gt;&lt;td width="38%" align="left"&gt;&amp;nbsp;&lt;/td&gt;&lt;/tr&gt;
&lt;tr valign="bottom"&gt;&lt;td width="38%" align="left"&gt;&lt;font style="font-family: TimesNewRomanPSMT,Times New Roman,Times,serif;" class="_mt" size="2"&gt;Description&lt;/font&gt;&lt;/td&gt;
&lt;td style="border-bottom: #000000 1px solid;" width="14%" colspan="2" align="center"&gt;&lt;font style="font-family: TimesNewRomanPSMT,Times New Roman,Times,serif;" class="_mt" size="2"&gt;Level 1&lt;/font&gt;&lt;/td&gt;
&lt;td style="border-bottom: #000000 1px solid;" width="14%" colspan="2" align="center"&gt;&lt;font style="font-family: TimesNewRomanPSMT,Times New Roman,Times,serif;" class="_mt" size="2"&gt;Level 2&lt;/font&gt;&lt;/td&gt;
&lt;td style="border-bottom: #000000 1px solid;" width="15%" colspan="2" align="center"&gt;&lt;font style="font-family: TimesNewRomanPSMT,Times New Roman,Times,serif;" class="_mt" size="2"&gt;Level 3&lt;/font&gt;&lt;/td&gt;
&lt;td style="border-bottom: #000000 1px solid;" width="13%" colspan="2" align="center"&gt;&lt;font style="font-family: TimesNewRomanPSMT,Times New Roman,Times,serif;" class="_mt" size="2"&gt;Total&lt;/font&gt;&lt;/td&gt;&lt;/tr&gt;
&lt;tr valign="bottom"&gt;&lt;td width="38%" align="left"&gt;&lt;font style="font-family: TimesNewRomanPSMT,Times New Roman,Times,serif;" class="_mt" size="2"&gt;Investments&lt;/font&gt;&lt;/td&gt;
&lt;td width="2%" align="left"&gt;&lt;font style="font-family: TimesNewRomanPSMT,Times New Roman,Times,serif;" class="_mt" size="2"&gt;$&lt;/font&gt;&lt;/td&gt;
&lt;td style="border-bottom: #000000 3px double;" width="12%" align="center"&gt;&lt;font style="font-family: TimesNewRomanPSMT,Times New Roman,Times,serif;" class="_mt" size="2"&gt;3,562,000&lt;/font&gt;&lt;/td&gt;
&lt;td style="text-indent: 1px;" width="2%" align="left"&gt;&lt;font style="font-family: TimesNewRomanPSMT,Times New Roman,Times,serif;" class="_mt" size="2"&gt;$&lt;/font&gt;&lt;/td&gt;
&lt;td style="border-bottom: #000000 3px double; text-indent: 7px;" width="12%" align="left"&gt;&lt;font style="font-family: TimesNewRomanPSMT,Times New Roman,Times,serif;" class="_mt" size="2"&gt;-&lt;/font&gt;&lt;/td&gt;
&lt;td width="2%" align="left"&gt;&lt;font style="font-family: TimesNewRomanPSMT,Times New Roman,Times,serif;" class="_mt" size="2"&gt;$&lt;/font&gt;&lt;/td&gt;
&lt;td style="border-bottom: #000000 3px double;" width="13%" align="right"&gt;&lt;font style="font-family: TimesNewRomanPSMT,Times New Roman,Times,serif;" class="_mt" size="2"&gt;-&lt;/font&gt;&lt;/td&gt;
&lt;td width="2%" align="left"&gt;&lt;font style="font-family: TimesNewRomanPSMT,Times New Roman,Times,serif;" class="_mt" size="2"&gt;$&lt;/font&gt;&lt;/td&gt;
&lt;td style="border-bottom: #000000 3px double;" width="11%" align="left"&gt;&lt;font style="font-family: TimesNewRomanPSMT,Times New Roman,Times,serif;" class="_mt" size="2"&gt;3,562,000&lt;/font&gt;&lt;/td&gt;&lt;/tr&gt;
&lt;tr&gt;&lt;td width="94%" colspan="9"&gt;&amp;nbsp;&lt;/td&gt;&lt;/tr&gt;
&lt;tr valign="bottom"&gt;&lt;td width="38%" align="left"&gt;&lt;font style="font-family: TimesNewRomanPSMT,Times New Roman,Times,serif;" class="_mt" size="2"&gt;Liabilities relating to deferred&lt;/font&gt;&lt;/td&gt;
&lt;td width="2%" align="left"&gt;&amp;nbsp;&lt;/td&gt;
&lt;td width="12%" align="left"&gt;&amp;nbsp;&lt;/td&gt;
&lt;td width="2%" align="left"&gt;&amp;nbsp;&lt;/td&gt;
&lt;td width="12%" align="left"&gt;&amp;nbsp;&lt;/td&gt;
&lt;td width="2%" align="left"&gt;&amp;nbsp;&lt;/td&gt;
&lt;td width="13%" align="left"&gt;&amp;nbsp;&lt;/td&gt;
&lt;td width="2%" align="left"&gt;&amp;nbsp;&lt;/td&gt;
&lt;td width="11%" align="left"&gt;&amp;nbsp;&lt;/td&gt;&lt;/tr&gt;
&lt;tr valign="bottom"&gt;&lt;td width="38%" align="left"&gt;&lt;font style="font-family: TimesNewRomanPSMT,Times New Roman,Times,serif;" class="_mt" size="2"&gt;compensation plans&lt;/font&gt;&lt;/td&gt;
&lt;td width="2%" align="left"&gt;&lt;font style="font-family: TimesNewRomanPSMT,Times New Roman,Times,serif;" class="_mt" size="2"&gt;$&lt;/font&gt;&lt;/td&gt;
&lt;td style="border-bottom: #000000 3px double;" width="12%" align="center"&gt;&lt;font style="font-family: TimesNewRomanPSMT,Times New Roman,Times,serif;" class="_mt" size="2"&gt;3,562,000&lt;/font&gt;&lt;/td&gt;
&lt;td style="text-indent: 1px;" width="2%" align="left"&gt;&lt;font style="font-family: TimesNewRomanPSMT,Times New Roman,Times,serif;" class="_mt" size="2"&gt;$&lt;/font&gt;&lt;/td&gt;
&lt;td style="border-bottom: #000000 3px double; text-indent: 7px;" width="12%" align="left"&gt;&lt;font style="font-family: TimesNewRomanPSMT,Times New Roman,Times,serif;" class="_mt" size="2"&gt;-&lt;/font&gt;&lt;/td&gt;
&lt;td width="2%" align="left"&gt;&lt;font style="font-family: TimesNewRomanPSMT,Times New Roman,Times,serif;" class="_mt" size="2"&gt;$&lt;/font&gt;&lt;/td&gt;
&lt;td style="border-bottom: #000000 3px double;" width="13%" align="right"&gt;&lt;font style="font-family: TimesNewRomanPSMT,Times New Roman,Times,serif;" class="_mt" size="2"&gt;-&lt;/font&gt;&lt;/td&gt;
&lt;td width="2%" align="left"&gt;&lt;font style="font-family: TimesNewRomanPSMT,Times New Roman,Times,serif;" class="_mt" size="2"&gt;$&lt;/font&gt;&lt;/td&gt;
&lt;td style="border-bottom: #000000 3px double;" width="11%" align="left"&gt;&lt;font style="font-family: TimesNewRomanPSMT,Times New Roman,Times,serif;" class="_mt" size="2"&gt;3,562,000&lt;/font&gt;&lt;/td&gt;&lt;/tr&gt;
&lt;tr valign="bottom"&gt;&lt;td width="38%" align="left"&gt;&lt;font style="font-family: TimesNewRomanPSMT,Times New Roman,Times,serif;" class="_mt" size="2"&gt;Interest rate swaps liability&lt;/font&gt;&lt;/td&gt;
&lt;td width="2%" align="left"&gt;&lt;font style="font-family: TimesNewRomanPSMT,Times New Roman,Times,serif;" class="_mt" size="2"&gt;$&lt;/font&gt;&lt;/td&gt;
&lt;td style="border-bottom: #000000 3px double; text-indent: 7px;" width="12%" align="left"&gt;&lt;font style="font-family: TimesNewRomanPSMT,Times New Roman,Times,serif;" class="_mt" size="2"&gt;-&lt;/font&gt;&lt;/td&gt;
&lt;td style="text-indent: 1px;" width="2%" align="left"&gt;&lt;font style="font-family: TimesNewRomanPSMT,Times New Roman,Times,serif;" class="_mt" size="2"&gt;$&lt;/font&gt;&lt;/td&gt;
&lt;td style="border-bottom: #000000 3px double;" width="12%" align="left"&gt;&lt;font style="font-family: TimesNewRomanPSMT,Times New Roman,Times,serif;" class="_mt" size="2"&gt;2,053,000&lt;/font&gt;&lt;/td&gt;
&lt;td width="2%" align="left"&gt;&lt;font style="font-family: TimesNewRomanPSMT,Times New Roman,Times,serif;" class="_mt" size="2"&gt;$&lt;/font&gt;&lt;/td&gt;
&lt;td style="border-bottom: #000000 3px double;" width="13%" align="right"&gt;&lt;font style="font-family: TimesNewRomanPSMT,Times New Roman,Times,serif;" class="_mt" size="2"&gt;-&lt;/font&gt;&lt;/td&gt;
&lt;td width="2%" align="left"&gt;&lt;font style="font-family: TimesNewRomanPSMT,Times New Roman,Times,serif;" class="_mt" size="2"&gt;$&lt;/font&gt;&lt;/td&gt;
&lt;td style="border-bottom: #000000 3px double;" width="11%" align="left"&gt;&lt;font style="font-family: TimesNewRomanPSMT,Times New Roman,Times,serif;" class="_mt" size="2"&gt;2,053,000&lt;/font&gt;&lt;/td&gt;&lt;/tr&gt;
&lt;tr&gt;&lt;td width="94%" colspan="9"&gt;&amp;nbsp;&lt;/td&gt;&lt;/tr&gt;
&lt;tr valign="bottom"&gt;&lt;td width="38%" align="left"&gt;&amp;nbsp;&lt;/td&gt;
&lt;td style="border-bottom: #000000 1px solid;" rowspan="3" width="56%" colspan="8" align="center"&gt;&lt;font style="font-family: TimesNewRomanPSMT,Times New Roman,Times,serif;" class="_mt" size="2"&gt;Assets/Liabilities Measured at Fair Value on a&lt;/font&gt;&lt;br /&gt;&lt;font style="font-family: TimesNewRomanPSMT,Times New Roman,Times,serif;" class="_mt" size="2"&gt;Recurring Basis&lt;/font&gt;&lt;br /&gt;&lt;font style="font-family: TimesNewRomanPSMT,Times New Roman,Times,serif;" class="_mt" size="2"&gt;December 31, 2010&lt;/font&gt;&lt;/td&gt;&lt;/tr&gt;
&lt;tr valign="bottom"&gt;&lt;td width="38%" align="left"&gt;&amp;nbsp;&lt;/td&gt;&lt;/tr&gt;
&lt;tr valign="bottom"&gt;&lt;td width="38%" align="left"&gt;&amp;nbsp;&lt;/td&gt;&lt;/tr&gt;
&lt;tr valign="bottom"&gt;&lt;td width="38%" align="left"&gt;&lt;font style="font-family: TimesNewRomanPSMT,Times New Roman,Times,serif;" class="_mt" size="2"&gt;Description&lt;/font&gt;&lt;/td&gt;
&lt;td style="border-bottom: #000000 1px solid;" width="14%" colspan="2" align="center"&gt;&lt;font style="font-family: TimesNewRomanPSMT,Times New Roman,Times,serif;" class="_mt" size="2"&gt;Level 1&lt;/font&gt;&lt;/td&gt;
&lt;td style="border-bottom: #000000 1px solid;" width="14%" colspan="2" align="center"&gt;&lt;font style="font-family: TimesNewRomanPSMT,Times New Roman,Times,serif;" class="_mt" size="2"&gt;Level 2&lt;/font&gt;&lt;/td&gt;
&lt;td style="border-bottom: #000000 1px solid;" width="15%" colspan="2" align="center"&gt;&lt;font style="font-family: TimesNewRomanPSMT,Times New Roman,Times,serif;" class="_mt" size="2"&gt;Level 3&lt;/font&gt;&lt;/td&gt;
&lt;td style="border-bottom: #000000 1px solid;" width="13%" colspan="2" align="center"&gt;&lt;font style="font-family: TimesNewRomanPSMT,Times New Roman,Times,serif;" class="_mt" size="2"&gt;Total&lt;/font&gt;&lt;/td&gt;&lt;/tr&gt;
&lt;tr valign="bottom"&gt;&lt;td width="38%" align="left"&gt;&lt;font style="font-family: TimesNewRomanPSMT,Times New Roman,Times,serif;" class="_mt" size="2"&gt;Interest rate swaps liability&lt;/font&gt;&lt;/td&gt;
&lt;td width="2%" align="left"&gt;&lt;font style="font-family: TimesNewRomanPSMT,Times New Roman,Times,serif;" class="_mt" size="2"&gt;$&lt;/font&gt;&lt;/td&gt;
&lt;td style="border-bottom: #000000 2px solid; text-indent: 7px;" width="12%" align="left"&gt;

&lt;p&gt;&lt;font style="font-family: TimesNewRomanPSMT,Times New Roman,Times,serif;" class="_mt" size="2"&gt;-&lt;/font&gt;&lt;/p&gt;&lt;/td&gt;
&lt;td style="text-indent: 1px;" width="2%" align="left"&gt;&lt;font style="font-family: TimesNewRomanPSMT,Times New Roman,Times,serif;" class="_mt" size="2"&gt;$&lt;/font&gt;&lt;/td&gt;
&lt;td style="border-bottom: #000000 2px solid;" width="12%" align="left"&gt;

&lt;p&gt;&lt;font style="font-family: TimesNewRomanPSMT,Times New Roman,Times,serif;" class="_mt" size="2"&gt;1,642,000&lt;/font&gt;&lt;/p&gt;&lt;/td&gt;
&lt;td width="2%" align="left"&gt;&lt;font style="font-family: TimesNewRomanPSMT,Times New Roman,Times,serif;" class="_mt" size="2"&gt;$&lt;/font&gt;&lt;/td&gt;
&lt;td style="border-bottom: #000000 2px solid;" width="13%" align="right"&gt;&lt;font style="font-family: TimesNewRomanPSMT,Times New Roman,Times,serif;" class="_mt" size="2"&gt;-&lt;/font&gt;&lt;/td&gt;
&lt;td width="2%" align="left"&gt;&lt;font style="font-family: TimesNewRomanPSMT,Times New Roman,Times,serif;" class="_mt" size="2"&gt;$&lt;/font&gt;&lt;/td&gt;
&lt;td style="border-bottom: #000000 2px solid;" width="11%" align="left"&gt;&lt;font style="font-family: TimesNewRomanPSMT,Times New Roman,Times,serif;" class="_mt" size="2"&gt;1,642,000&lt;/font&gt;&lt;/td&gt;&lt;/tr&gt;&lt;/table&gt;&lt;/div&gt;

&lt;p style="margin: 0px;"&gt;&amp;nbsp;&lt;/p&gt;

&lt;p style="text-align: left;"&gt;&amp;nbsp;&amp;nbsp;&amp;nbsp;&amp;nbsp;&amp;nbsp;&lt;font style="font-family: TimesNewRomanPSMT,Times New Roman,Times,serif;" class="_mt" size="3"&gt;The fair value of the Company's fixed rate mortgage loans was estimated using available market information and discounted cash flows analyses based on borrowing rates the Company believes it could obtain with similar terms and maturities. As of December 31, 2011 and December 31, 2010, the aggregate fair values of the Company's fixed rate mortgage loans were approximately $529.0 million and $490.1 million, respectively; the carrying values of such loans were $525.3 million and $488.0 million, respectively, at those dates.&lt;/font&gt;&lt;/p&gt;

&lt;p style="text-align: left;"&gt;&amp;nbsp;&amp;nbsp;&amp;nbsp;&amp;nbsp;&amp;nbsp;&lt;font style="font-family: TimesNewRomanPSMT,Times New Roman,Times,serif;" class="_mt" size="3"&gt;The following tables show the hierarchy for those assets measured at fair value on a non-recurring basis as of December 31, 2011 and December 31, 2010, respectively:&lt;/font&gt;&lt;/p&gt;

&lt;div&gt;&amp;nbsp;&lt;/div&gt;&lt;br /&gt;

&lt;div&gt;

&lt;table border="0" cellspacing="0"&gt;
&lt;tr&gt;&lt;td width="29%"&gt;&amp;nbsp;&lt;/td&gt;
&lt;td width="3%"&gt;&amp;nbsp;&lt;/td&gt;
&lt;td width="15%"&gt;&amp;nbsp;&lt;/td&gt;
&lt;td width="3%"&gt;&amp;nbsp;&lt;/td&gt;
&lt;td width="14%"&gt;&amp;nbsp;&lt;/td&gt;
&lt;td width="3%"&gt;&amp;nbsp;&lt;/td&gt;
&lt;td width="13%"&gt;&amp;nbsp;&lt;/td&gt;
&lt;td width="3%"&gt;&amp;nbsp;&lt;/td&gt;
&lt;td width="11%"&gt;&amp;nbsp;&lt;/td&gt;
&lt;td width="3%"&gt;&amp;nbsp;&lt;/td&gt;&lt;/tr&gt;
&lt;tr valign="bottom"&gt;&lt;td width="29%" align="left"&gt;&amp;nbsp;&lt;/td&gt;
&lt;td style="border-bottom: #000000 1px solid;" rowspan="3" width="68%" colspan="9" align="center"&gt;&lt;font style="font-family: TimesNewRomanPSMT,Times New Roman,Times,serif;" class="_mt" size="2"&gt;Assets Measured at Fair Value on a&lt;/font&gt;&lt;br /&gt;&lt;font style="font-family: TimesNewRomanPSMT,Times New Roman,Times,serif;" class="_mt" size="2"&gt;Non-Recurring Basis&lt;/font&gt;&lt;br /&gt;&lt;font style="font-family: TimesNewRomanPSMT,Times New Roman,Times,serif;" class="_mt" size="2"&gt;December 31, 2011&lt;/font&gt;&lt;/td&gt;&lt;/tr&gt;
&lt;tr valign="bottom"&gt;&lt;td width="29%" align="left"&gt;&amp;nbsp;&lt;/td&gt;&lt;/tr&gt;
&lt;tr valign="bottom"&gt;&lt;td width="29%" align="left"&gt;&amp;nbsp;&lt;/td&gt;&lt;/tr&gt;
&lt;tr valign="bottom"&gt;&lt;td width="29%" align="left"&gt;&lt;font style="font-family: TimesNewRomanPSMT,Times New Roman,Times,serif;" class="_mt" size="2"&gt;Asset Description&lt;/font&gt;&lt;/td&gt;
&lt;td style="border-bottom: #000000 1px solid;" width="18%" colspan="2" align="center"&gt;&lt;font style="font-family: TimesNewRomanPSMT,Times New Roman,Times,serif;" class="_mt" size="2"&gt;Level 1&lt;/font&gt;&lt;/td&gt;
&lt;td style="border-bottom: #000000 1px solid;" width="17%" colspan="2" align="center"&gt;&lt;font style="font-family: TimesNewRomanPSMT,Times New Roman,Times,serif;" class="_mt" size="2"&gt;Level 2&lt;/font&gt;&lt;/td&gt;
&lt;td style="border-bottom: #000000 1px solid;" width="16%" colspan="2" align="center"&gt;&lt;font style="font-family: TimesNewRomanPSMT,Times New Roman,Times,serif;" class="_mt" size="2"&gt;Level 3&lt;/font&gt;&lt;/td&gt;
&lt;td style="border-bottom: #000000 1px solid;" width="17%" colspan="3" align="center"&gt;&lt;font style="font-family: TimesNewRomanPSMT,Times New Roman,Times,serif;" class="_mt" size="2"&gt;Total&lt;/font&gt;&lt;/td&gt;&lt;/tr&gt;
&lt;tr valign="bottom"&gt;&lt;td width="29%" align="left"&gt;&lt;font style="font-family: TimesNewRomanPSMT,Times New Roman,Times,serif;" class="_mt" size="2"&gt;Real estate held for sale/conveyance&lt;/font&gt;&lt;/td&gt;
&lt;td width="3%" align="left"&gt;&lt;font style="font-family: TimesNewRomanPSMT,Times New Roman,Times,serif;" class="_mt" size="2"&gt;$&lt;/font&gt;&lt;/td&gt;
&lt;td style="border-bottom: #000000 3px double; text-indent: 5px;" width="15%" align="left"&gt;&lt;font style="font-family: TimesNewRomanPSMT,Times New Roman,Times,serif;" class="_mt" size="2"&gt;-&lt;/font&gt;&lt;/td&gt;
&lt;td width="3%" align="left"&gt;&lt;font style="font-family: TimesNewRomanPSMT,Times New Roman,Times,serif;" class="_mt" size="2"&gt;$&lt;/font&gt;&lt;/td&gt;
&lt;td style="border-bottom: #000000 3px double;" width="14%" align="right"&gt;&lt;font style="font-family: TimesNewRomanPSMT,Times New Roman,Times,serif;" class="_mt" size="2"&gt;124,154,000&lt;/font&gt;&lt;/td&gt;
&lt;td style="border-bottom: #000000 3px double;" width="3%" align="left"&gt;&lt;font style="font-family: TimesNewRomanPSMT,Times New Roman,Times,serif;" class="_mt" size="2"&gt;$&lt;/font&gt;&lt;/td&gt;
&lt;td style="border-bottom: #000000 3px double;" width="13%" align="right"&gt;&lt;font style="font-family: TimesNewRomanPSMT,Times New Roman,Times,serif;" class="_mt" size="2"&gt;82,520,000&lt;/font&gt;&lt;/td&gt;
&lt;td style="border-bottom: #000000 3px double;" width="3%" align="left"&gt;&lt;font style="font-family: TimesNewRomanPSMT,Times New Roman,Times,serif;" class="_mt" size="2"&gt;$&lt;/font&gt;&lt;/td&gt;
&lt;td style="border-bottom: #000000 3px double;" width="11%" align="center"&gt;&lt;font style="font-family: TimesNewRomanPSMT,Times New Roman,Times,serif;" class="_mt" size="2"&gt;206,674,000&lt;/font&gt;&lt;/td&gt;
&lt;td width="3%" align="left"&gt;&amp;nbsp;&lt;/td&gt;&lt;/tr&gt;
&lt;tr&gt;&lt;td width="97%" colspan="10"&gt;&amp;nbsp;&lt;/td&gt;&lt;/tr&gt;
&lt;tr valign="bottom"&gt;&lt;td width="29%" align="left"&gt;&amp;nbsp;&lt;/td&gt;
&lt;td style="border-bottom: #000000 1px solid;" rowspan="3" width="68%" colspan="9" align="center"&gt;&lt;font style="font-family: TimesNewRomanPSMT,Times New Roman,Times,serif;" class="_mt" size="2"&gt;Assets Measured at Fair Value on a&lt;/font&gt;&lt;br /&gt;&lt;font style="font-family: TimesNewRomanPSMT,Times New Roman,Times,serif;" class="_mt" size="2"&gt;Non-Recurring Basis&lt;/font&gt;&lt;br /&gt;&lt;font style="font-family: TimesNewRomanPSMT,Times New Roman,Times,serif;" class="_mt" size="2"&gt;December 31, 2010&lt;/font&gt;&lt;/td&gt;&lt;/tr&gt;
&lt;tr valign="bottom"&gt;&lt;td width="29%" align="left"&gt;&amp;nbsp;&lt;/td&gt;&lt;/tr&gt;
&lt;tr valign="bottom"&gt;&lt;td width="29%" align="left"&gt;&amp;nbsp;&lt;/td&gt;&lt;/tr&gt;
&lt;tr valign="bottom"&gt;&lt;td width="29%" align="left"&gt;&lt;font style="font-family: TimesNewRomanPSMT,Times New Roman,Times,serif;" class="_mt" size="2"&gt;Asset Description&lt;/font&gt;&lt;/td&gt;
&lt;td style="border-bottom: #000000 1px solid;" width="18%" colspan="2" align="center"&gt;&lt;font style="font-family: TimesNewRomanPSMT,Times New Roman,Times,serif;" class="_mt" size="2"&gt;Level 1&lt;/font&gt;&lt;/td&gt;
&lt;td style="border-bottom: #000000 1px solid;" width="17%" colspan="2" align="center"&gt;&lt;font style="font-family: TimesNewRomanPSMT,Times New Roman,Times,serif;" class="_mt" size="2"&gt;Level 2&lt;/font&gt;&lt;/td&gt;
&lt;td style="border-bottom: #000000 1px solid;" width="16%" colspan="2" align="center"&gt;&lt;font style="font-family: TimesNewRomanPSMT,Times New Roman,Times,serif;" class="_mt" size="2"&gt;Level 3&lt;/font&gt;&lt;/td&gt;
&lt;td style="border-bottom: #000000 1px solid;" width="17%" colspan="3" align="center"&gt;&lt;font style="font-family: TimesNewRomanPSMT,Times New Roman,Times,serif;" class="_mt" size="2"&gt;Total&lt;/font&gt;&lt;/td&gt;&lt;/tr&gt;
&lt;tr valign="bottom"&gt;&lt;td width="29%" align="left"&gt;&lt;font style="font-family: TimesNewRomanPSMT,Times New Roman,Times,serif;" class="_mt" size="2"&gt;Real estate held for sale/conveyance&lt;/font&gt;&lt;/td&gt;
&lt;td width="3%" align="left"&gt;&lt;font style="font-family: TimesNewRomanPSMT,Times New Roman,Times,serif;" class="_mt" size="2"&gt;$&lt;/font&gt;&lt;/td&gt;
&lt;td style="border-bottom: #000000 3px double; text-indent: 5px;" width="15%" align="left"&gt;&lt;font style="font-family: TimesNewRomanPSMT,Times New Roman,Times,serif;" class="_mt" size="2"&gt;-&lt;/font&gt;&lt;/td&gt;
&lt;td width="3%" align="left"&gt;&lt;font style="font-family: TimesNewRomanPSMT,Times New Roman,Times,serif;" class="_mt" size="2"&gt;$&lt;/font&gt;&lt;/td&gt;
&lt;td style="border-bottom: #000000 3px double;" width="14%" align="right"&gt;&lt;font style="font-family: TimesNewRomanPSMT,Times New Roman,Times,serif;" class="_mt" size="2"&gt;22,773,000&lt;/font&gt;&lt;/td&gt;
&lt;td style="border-bottom: #000000 3px double;" width="3%" align="left"&gt;&lt;font style="font-family: TimesNewRomanPSMT,Times New Roman,Times,serif;" class="_mt" size="2"&gt;$&lt;/font&gt;&lt;/td&gt;
&lt;td style="border-bottom: #000000 3px double;" width="13%" align="right"&gt;&lt;font style="font-family: TimesNewRomanPSMT,Times New Roman,Times,serif;" class="_mt" size="2"&gt;47,186,000&lt;/font&gt;&lt;/td&gt;
&lt;td style="border-bottom: #000000 3px double;" width="3%" align="left"&gt;&lt;font style="font-family: TimesNewRomanPSMT,Times New Roman,Times,serif;" class="_mt" size="2"&gt;$&lt;/font&gt;&lt;/td&gt;
&lt;td style="border-bottom: #000000 3px double;" width="11%" align="center"&gt;&lt;font style="font-family: TimesNewRomanPSMT,Times New Roman,Times,serif;" class="_mt" size="2"&gt;69,959,000&lt;/font&gt;&lt;/td&gt;
&lt;td width="3%" align="left"&gt;&lt;font style="font-family: TimesNewRomanPSMT,Times New Roman,Times,serif;" class="_mt" size="2"&gt;(a)&lt;/font&gt;&lt;/td&gt;&lt;/tr&gt;&lt;/table&gt;&lt;/div&gt;

&lt;p style="margin: 0px;"&gt;&amp;nbsp;&lt;/p&gt;

&lt;p style="text-align: left;"&gt;&lt;font style="font-family: TimesNewRomanPSMT,Times New Roman,Times,serif;" class="_mt" size="2"&gt;(a) Excludes $278.8 million relating to properties subsequently treated as "held for sale/conveyance" as of December 31, 2011 and recorded at fair value as of that date.&lt;/font&gt;&lt;/p&gt; &lt;/div&gt;</us-gaap:FairValueMeasurementInputsDisclosureTextBlock>
  <us-gaap:GainLossOnSaleOfProperties contextRef="Duration_1_1_2009_To_12_31_2009" unitRef="Unit1" decimals="0">1078000</us-gaap:GainLossOnSaleOfProperties>
  <us-gaap:GainLossOnSaleOfProperties contextRef="Duration_1_1_2010_To_12_31_2010" unitRef="Unit1" decimals="0">170000</us-gaap:GainLossOnSaleOfProperties>
  <us-gaap:GainLossOnSaleOfProperties contextRef="Duration_1_1_2011_To_12_31_2011" unitRef="Unit1" decimals="0">1014000</us-gaap:GainLossOnSaleOfProperties>
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  <us-gaap:OperatingLeasesIncomeStatementLeaseRevenue contextRef="Duration_1_1_2011_To_12_31_2011" unitRef="Unit1" decimals="0">105452000</us-gaap:OperatingLeasesIncomeStatementLeaseRevenue>
  <us-gaap:OrganizationConsolidationAndPresentationOfFinancialStatementsDisclosureTextBlock contextRef="Duration_1_1_2011_To_12_31_2011">&lt;div&gt; &lt;p style="text-align: left;"&gt;&lt;b&gt;&lt;font style="font-family: TimesNewRomanPS-BoldMT,Times New Roman,Times,serif;" class="_mt" size="3"&gt;Note 1. Business and Organization&lt;/font&gt;&lt;/b&gt;&lt;/p&gt;

&lt;p style="text-align: left;"&gt;&amp;nbsp;&amp;nbsp;&amp;nbsp;&amp;nbsp;&amp;nbsp;&lt;font style="font-family: TimesNewRomanPSMT,Times New Roman,Times,serif;" class="_mt" size="3"&gt;Cedar Realty Trust, Inc. (formerly known as Cedar Shopping Centers, Inc. - the "Company") is a real estate investment trust ("REIT") that focuses primarily on ownership and operation of supermarket-anchored shopping centers straddling the Washington DC to Boston corridor. At December 31, 2011, the Company owned and managed 92 operating properties (excluding properties "held for sale/conveyance"), including 22 properties in the unconsolidated Cedar/RioCan joint venture.&lt;/font&gt;&lt;/p&gt;

&lt;p style="text-align: left;"&gt;&amp;nbsp;&amp;nbsp;&amp;nbsp;&amp;nbsp;&amp;nbsp;&lt;font style="font-family: TimesNewRomanPSMT,Times New Roman,Times,serif;" class="_mt" size="3"&gt;During the third quarter of 2011, the Company determined (1) to completely exit the Ohio market, principally the Discount Drug Mart portfolio of drugstore/convenience centers, and concentrate on the mid-Atlantic and Northeast coastal regions (10 properties sold in 2011 and four properties "held for sale" as of December 31, 2011), (2) to concentrate on grocery-anchored strip centers, by disposing of its mall and single-tenant/triple-net-lease properties (three properties sold in 2011 and 11 properties "held for sale" as of December 31, 2011), and (3) to focus on improving operations and performance at the Company's remaining properties, and to reduce development activities, by disposing of certain development projects, land acquired for development, and other non-core assets (four properties sold in 2011 and five properties "held for sale/conveyance" as of December 31, 2011). In addition, discontinued operations reflect the anticipated consummation of the Homburg joint venture buy/sell transactions (seven properties "held for sale" as of December 31, 2011).&lt;/font&gt;&lt;/p&gt;

&lt;p style="text-align: left;"&gt;&amp;nbsp;&amp;nbsp;&amp;nbsp;&amp;nbsp;&amp;nbsp;&lt;font style="font-family: TimesNewRomanPSMT,Times New Roman,Times,serif;" class="_mt" size="3"&gt;Cedar Realty Trust Partnership, L.P. (formerly known as Cedar Shopping Centers Partnership, L.P. - the "Operating Partnership") is the entity through which the Company conducts substantially all of its business and owns (either directly or through subsidiaries) substantially all of its assets. At December 31, 2011 the Company owned a 98.0% economic interest in, and was the sole general partner of, the Operating Partnership. The limited partners' interest in the Operating Partnership (2.0% at December 31, 2011) is represented by Operating Partnership Units ("OP Units"). The carrying amount of such interest is adjusted at the end of each reporting period to an amount equal to the limited partners' ownership percentage of the Operating Partnership's net equity. The approximately 1.4 million OP Units outstanding at December 31, 2011 are economically equivalent to the Company's common stock. The holders of OP Units have the right to exchange their OP Units for the same number of shares of the Company's common stock or, at the Company's option, for cash.&lt;/font&gt;&lt;/p&gt;

&lt;p style="text-align: left;"&gt;&amp;nbsp;&amp;nbsp;&amp;nbsp;&amp;nbsp;&amp;nbsp;&lt;font style="font-family: TimesNewRomanPSMT,Times New Roman,Times,serif;" class="_mt" size="3"&gt;As used herein, the "Company" refers to Cedar Realty Trust, Inc. and its subsidiaries on a consolidated basis, including the Operating Partnership or, where the context so requires, Cedar Realty Trust, Inc. only.&lt;/font&gt;&lt;/p&gt;

&lt;div&gt;&amp;nbsp;&lt;/div&gt;&lt;br /&gt; &lt;/div&gt;</us-gaap:OrganizationConsolidationAndPresentationOfFinancialStatementsDisclosureTextBlock>
  <us-gaap:OtherAssets contextRef="As_Of_12_31_2010" unitRef="Unit1" decimals="0">9411000</us-gaap:OtherAssets>
  <us-gaap:OtherAssets contextRef="As_Of_12_31_2011" unitRef="Unit1" decimals="0">12358000</us-gaap:OtherAssets>
  <us-gaap:OtherAssetsDisclosureTextBlock contextRef="Duration_1_1_2011_To_12_31_2011">&lt;div&gt; &lt;p style="text-align: left;"&gt;&lt;b&gt;&lt;font style="font-family: TimesNewRomanPS-BoldMT,Times New Roman,Times,serif;" class="_mt" size="3"&gt;Note 8. Other Assets&lt;/font&gt;&lt;/b&gt;&lt;/p&gt;

&lt;p style="text-align: left;"&gt;&lt;font style="font-family: TimesNewRomanPSMT,Times New Roman,Times,serif;" class="_mt" size="3"&gt;Other assets at December 31, 2011and 2010 are comprised of the following:&lt;/font&gt;&lt;/p&gt;

&lt;div&gt;

&lt;table border="0" cellspacing="0"&gt;
&lt;tr&gt;&lt;td width="69%"&gt; &lt;/td&gt;
&lt;td width="2%"&gt; &lt;/td&gt;
&lt;td width="13%"&gt; &lt;/td&gt;
&lt;td width="2%"&gt; &lt;/td&gt;
&lt;td width="13%"&gt; &lt;/td&gt;&lt;/tr&gt;
&lt;tr valign="bottom"&gt;&lt;td width="69%" align="left"&gt;&amp;nbsp;&lt;/td&gt;
&lt;td style="border-bottom: #000000 1px solid;" width="30%" colspan="4" align="center"&gt;&lt;b&gt;&lt;font style="font-family: TimesNewRomanPS-BoldMT,Times New Roman,Times,serif;" class="_mt" size="2"&gt;December 31,&lt;/font&gt;&lt;/b&gt;&lt;/td&gt;&lt;/tr&gt;
&lt;tr valign="bottom"&gt;&lt;td width="69%" align="left"&gt;&amp;nbsp;&lt;/td&gt;
&lt;td style="border-bottom: #000000 1px solid;" width="15%" colspan="2" align="center"&gt;&lt;b&gt;&lt;font style="font-family: TimesNewRomanPS-BoldMT,Times New Roman,Times,serif;" class="_mt" size="2"&gt;2011&lt;/font&gt;&lt;/b&gt;&lt;/td&gt;
&lt;td style="border-bottom: #000000 1px solid;" width="15%" colspan="2" align="center"&gt;&lt;b&gt;&lt;font style="font-family: TimesNewRomanPS-BoldMT,Times New Roman,Times,serif;" class="_mt" size="2"&gt;2010&lt;/font&gt;&lt;/b&gt;&lt;/td&gt;&lt;/tr&gt;
&lt;tr&gt;&lt;td width="99%" colspan="5"&gt;&amp;nbsp;&lt;/td&gt;&lt;/tr&gt;
&lt;tr valign="bottom"&gt;&lt;td width="69%" align="left"&gt;&lt;font style="font-family: TimesNewRomanPSMT,Times New Roman,Times,serif;" class="_mt" size="2"&gt;Prepaid expenses&lt;/font&gt;&lt;/td&gt;
&lt;td width="2%" align="left"&gt;&lt;font style="font-family: TimesNewRomanPSMT,Times New Roman,Times,serif;" class="_mt" size="2"&gt;$&lt;/font&gt;&lt;/td&gt;
&lt;td width="13%" align="right"&gt;&lt;font style="font-family: TimesNewRomanPSMT,Times New Roman,Times,serif;" class="_mt" size="2"&gt;5,857,000&lt;/font&gt;&lt;/td&gt;
&lt;td width="2%" align="left"&gt;&lt;font style="font-family: TimesNewRomanPSMT,Times New Roman,Times,serif;" class="_mt" size="2"&gt;$&lt;/font&gt;&lt;/td&gt;
&lt;td width="13%" align="right"&gt;&lt;font style="font-family: TimesNewRomanPSMT,Times New Roman,Times,serif;" class="_mt" size="2"&gt;5,258,000&lt;/font&gt;&lt;/td&gt;&lt;/tr&gt;
&lt;tr valign="bottom"&gt;&lt;td width="69%" align="left"&gt;&lt;font style="font-family: TimesNewRomanPSMT,Times New Roman,Times,serif;" class="_mt" size="2"&gt;Investments and cumulative mark-to-market adjustments&lt;/font&gt;&lt;/td&gt;
&lt;td width="2%" align="left"&gt;&amp;nbsp;&lt;/td&gt;
&lt;td width="13%" align="left"&gt;&amp;nbsp;&lt;/td&gt;
&lt;td width="2%" align="left"&gt;&amp;nbsp;&lt;/td&gt;
&lt;td width="13%" align="left"&gt;&amp;nbsp;&lt;/td&gt;&lt;/tr&gt;
&lt;tr valign="bottom"&gt;&lt;td style="text-indent: 2px;" width="69%" align="left"&gt;&lt;font style="font-family: TimesNewRomanPSMT,Times New Roman,Times,serif;" class="_mt" size="2"&gt;related to share-based compensation&lt;/font&gt;&lt;/td&gt;
&lt;td width="2%" align="left"&gt;&amp;nbsp;&lt;/td&gt;
&lt;td width="13%" align="right"&gt;&lt;font style="font-family: TimesNewRomanPSMT,Times New Roman,Times,serif;" class="_mt" size="2"&gt;3,562,000&lt;/font&gt;&lt;/td&gt;
&lt;td width="2%" align="left"&gt;&amp;nbsp;&lt;/td&gt;
&lt;td width="13%" align="right"&gt;&lt;font style="font-family: TimesNewRomanPSMT,Times New Roman,Times,serif;" class="_mt" size="2"&gt;2,101,000&lt;/font&gt;&lt;/td&gt;&lt;/tr&gt;
&lt;tr valign="bottom"&gt;&lt;td width="69%" align="left"&gt;&lt;font style="font-family: TimesNewRomanPSMT,Times New Roman,Times,serif;" class="_mt" size="2"&gt;Property and other deposits&lt;/font&gt;&lt;/td&gt;
&lt;td width="2%" align="left"&gt;&amp;nbsp;&lt;/td&gt;
&lt;td width="13%" align="right"&gt;&lt;font style="font-family: TimesNewRomanPSMT,Times New Roman,Times,serif;" class="_mt" size="2"&gt;1,430,000&lt;/font&gt;&lt;/td&gt;
&lt;td width="2%" align="left"&gt;&amp;nbsp;&lt;/td&gt;
&lt;td width="13%" align="right"&gt;&lt;font style="font-family: TimesNewRomanPSMT,Times New Roman,Times,serif;" class="_mt" size="2"&gt;1,527,000&lt;/font&gt;&lt;/td&gt;&lt;/tr&gt;
&lt;tr valign="bottom"&gt;&lt;td width="69%" align="left"&gt;&lt;font style="font-family: TimesNewRomanPSMT,Times New Roman,Times,serif;" class="_mt" size="2"&gt;Leasehold improvements, furniture and fixtures&lt;/font&gt;&lt;/td&gt;
&lt;td width="2%" align="left"&gt;&amp;nbsp;&lt;/td&gt;
&lt;td width="13%" align="right"&gt;&lt;font style="font-family: TimesNewRomanPSMT,Times New Roman,Times,serif;" class="_mt" size="2"&gt;1,035,000&lt;/font&gt;&lt;/td&gt;
&lt;td width="2%" align="left"&gt;&amp;nbsp;&lt;/td&gt;
&lt;td width="13%" align="right"&gt;&lt;font style="font-family: TimesNewRomanPSMT,Times New Roman,Times,serif;" class="_mt" size="2"&gt;525,000&lt;/font&gt;&lt;/td&gt;&lt;/tr&gt;
&lt;tr valign="bottom"&gt;&lt;td width="69%" align="left"&gt;&lt;font style="font-family: TimesNewRomanPSMT,Times New Roman,Times,serif;" class="_mt" size="2"&gt;Other&lt;/font&gt;&lt;/td&gt;
&lt;td style="border-bottom: #000000 1px solid;" width="2%" align="left"&gt;&amp;nbsp;&lt;/td&gt;
&lt;td style="border-bottom: #000000 1px solid;" width="13%" align="right"&gt;&lt;font style="font-family: TimesNewRomanPSMT,Times New Roman,Times,serif;" class="_mt" size="2"&gt;474,000&lt;/font&gt;&lt;/td&gt;
&lt;td style="border-bottom: #000000 1px solid;" width="2%" align="left"&gt;&amp;nbsp;&lt;/td&gt;
&lt;td style="border-bottom: #000000 1px solid;" width="13%" align="right"&gt;&lt;font style="font-family: TimesNewRomanPSMT,Times New Roman,Times,serif;" class="_mt" size="2"&gt;-&lt;/font&gt;&lt;/td&gt;&lt;/tr&gt;
&lt;tr valign="bottom"&gt;&lt;td width="69%" align="left"&gt;&amp;nbsp;&lt;/td&gt;
&lt;td style="border-bottom: #000000 3px double;" width="2%" align="left"&gt;&lt;font style="font-family: TimesNewRomanPSMT,Times New Roman,Times,serif;" class="_mt" size="2"&gt;$&lt;/font&gt;&lt;/td&gt;
&lt;td style="border-bottom: #000000 3px double;" width="13%" align="right"&gt;&lt;font style="font-family: TimesNewRomanPSMT,Times New Roman,Times,serif;" class="_mt" size="2"&gt;12,358,000&lt;/font&gt;&lt;/td&gt;
&lt;td style="border-bottom: #000000 3px double;" width="2%" align="left"&gt;&lt;font style="font-family: TimesNewRomanPSMT,Times New Roman,Times,serif;" class="_mt" size="2"&gt;$&lt;/font&gt;&lt;/td&gt;
&lt;td style="border-bottom: #000000 3px double;" width="13%" align="right"&gt;&lt;font style="font-family: TimesNewRomanPSMT,Times New Roman,Times,serif;" class="_mt" size="2"&gt;9,411,000&lt;/font&gt;&lt;/td&gt;&lt;/tr&gt;&lt;/table&gt;&lt;/div&gt;

&lt;p style="margin: 0px;"&gt;&amp;nbsp;&lt;/p&gt; &lt;/div&gt;</us-gaap:OtherAssetsDisclosureTextBlock>
  <us-gaap:OtherComprehensiveIncomeLossNetOfTaxPeriodIncreaseDecrease contextRef="Duration_1_1_2009_To_12_31_2009" unitRef="Unit1" decimals="0">-12117000</us-gaap:OtherComprehensiveIncomeLossNetOfTaxPeriodIncreaseDecrease>
  <us-gaap:OtherComprehensiveIncomeLossNetOfTaxPeriodIncreaseDecrease contextRef="Duration_1_1_2009_To_12_31_2009_us-gaap_StatementEquityComponentsAxis_cdr_MinorityInterestsInConsolidatedJointVenturesMember" unitRef="Unit1" decimals="0">772000</us-gaap:OtherComprehensiveIncomeLossNetOfTaxPeriodIncreaseDecrease>
  <us-gaap:OtherComprehensiveIncomeLossNetOfTaxPeriodIncreaseDecrease contextRef="Duration_1_1_2009_To_12_31_2009_us-gaap_StatementEquityComponentsAxis_us-gaap_NoncontrollingInterestMember" unitRef="Unit1" decimals="0">490000</us-gaap:OtherComprehensiveIncomeLossNetOfTaxPeriodIncreaseDecrease>
  <us-gaap:OtherComprehensiveIncomeLossNetOfTaxPeriodIncreaseDecrease contextRef="Duration_1_1_2009_To_12_31_2009_us-gaap_StatementEquityComponentsAxis_us-gaap_ParentMember" unitRef="Unit1" decimals="0">-12607000</us-gaap:OtherComprehensiveIncomeLossNetOfTaxPeriodIncreaseDecrease>
  <us-gaap:OtherComprehensiveIncomeLossNetOfTaxPeriodIncreaseDecrease contextRef="Duration_1_1_2009_To_12_31_2009_us-gaap_StatementEquityComponentsAxis_us-gaap_PartnershipInterestMember" unitRef="Unit1" decimals="0">-282000</us-gaap:OtherComprehensiveIncomeLossNetOfTaxPeriodIncreaseDecrease>
  <us-gaap:OtherComprehensiveIncomeLossNetOfTaxPeriodIncreaseDecrease contextRef="Duration_1_1_2010_To_12_31_2010" unitRef="Unit1" decimals="0">-43980000</us-gaap:OtherComprehensiveIncomeLossNetOfTaxPeriodIncreaseDecrease>
  <us-gaap:OtherComprehensiveIncomeLossNetOfTaxPeriodIncreaseDecrease contextRef="Duration_1_1_2010_To_12_31_2010_us-gaap_StatementEquityComponentsAxis_cdr_MinorityInterestsInConsolidatedJointVenturesMember" unitRef="Unit1" decimals="0">-1613000</us-gaap:OtherComprehensiveIncomeLossNetOfTaxPeriodIncreaseDecrease>
  <us-gaap:OtherComprehensiveIncomeLossNetOfTaxPeriodIncreaseDecrease contextRef="Duration_1_1_2010_To_12_31_2010_us-gaap_StatementEquityComponentsAxis_us-gaap_NoncontrollingInterestMember" unitRef="Unit1" decimals="0">-2277000</us-gaap:OtherComprehensiveIncomeLossNetOfTaxPeriodIncreaseDecrease>
  <us-gaap:OtherComprehensiveIncomeLossNetOfTaxPeriodIncreaseDecrease contextRef="Duration_1_1_2010_To_12_31_2010_us-gaap_StatementEquityComponentsAxis_us-gaap_ParentMember" unitRef="Unit1" decimals="0">-41703000</us-gaap:OtherComprehensiveIncomeLossNetOfTaxPeriodIncreaseDecrease>
  <us-gaap:OtherComprehensiveIncomeLossNetOfTaxPeriodIncreaseDecrease contextRef="Duration_1_1_2010_To_12_31_2010_us-gaap_StatementEquityComponentsAxis_us-gaap_PartnershipInterestMember" unitRef="Unit1" decimals="0">-664000</us-gaap:OtherComprehensiveIncomeLossNetOfTaxPeriodIncreaseDecrease>
  <us-gaap:OtherComprehensiveIncomeLossNetOfTaxPeriodIncreaseDecrease contextRef="Duration_1_1_2011_To_12_31_2011" unitRef="Unit1" decimals="0">-107500000</us-gaap:OtherComprehensiveIncomeLossNetOfTaxPeriodIncreaseDecrease>
  <us-gaap:OtherComprehensiveIncomeLossNetOfTaxPeriodIncreaseDecrease contextRef="Duration_1_1_2011_To_12_31_2011_us-gaap_StatementEquityComponentsAxis_cdr_MinorityInterestsInConsolidatedJointVenturesMember" unitRef="Unit1" decimals="0">-2507000</us-gaap:OtherComprehensiveIncomeLossNetOfTaxPeriodIncreaseDecrease>
  <us-gaap:OtherComprehensiveIncomeLossNetOfTaxPeriodIncreaseDecrease contextRef="Duration_1_1_2011_To_12_31_2011_us-gaap_StatementEquityComponentsAxis_us-gaap_NoncontrollingInterestMember" unitRef="Unit1" decimals="0">-3832000</us-gaap:OtherComprehensiveIncomeLossNetOfTaxPeriodIncreaseDecrease>
  <us-gaap:OtherComprehensiveIncomeLossNetOfTaxPeriodIncreaseDecrease contextRef="Duration_1_1_2011_To_12_31_2011_us-gaap_StatementEquityComponentsAxis_us-gaap_ParentMember" unitRef="Unit1" decimals="0">-103668000</us-gaap:OtherComprehensiveIncomeLossNetOfTaxPeriodIncreaseDecrease>
  <us-gaap:OtherComprehensiveIncomeLossNetOfTaxPeriodIncreaseDecrease contextRef="Duration_1_1_2011_To_12_31_2011_us-gaap_StatementEquityComponentsAxis_us-gaap_PartnershipInterestMember" unitRef="Unit1" decimals="0">-1325000</us-gaap:OtherComprehensiveIncomeLossNetOfTaxPeriodIncreaseDecrease>
  <us-gaap:OtherComprehensiveIncomeUnrealizedGainLossOnDerivativesArisingDuringPeriodNetOfTax contextRef="Duration_1_1_2009_To_12_31_2009" unitRef="Unit1" decimals="0">4343000</us-gaap:OtherComprehensiveIncomeUnrealizedGainLossOnDerivativesArisingDuringPeriodNetOfTax>
  <us-gaap:OtherComprehensiveIncomeUnrealizedGainLossOnDerivativesArisingDuringPeriodNetOfTax contextRef="Duration_1_1_2009_To_12_31_2009_us-gaap_StatementEquityComponentsAxis_us-gaap_AccumulatedOtherComprehensiveIncomeMember" unitRef="Unit1" decimals="0">4264000</us-gaap:OtherComprehensiveIncomeUnrealizedGainLossOnDerivativesArisingDuringPeriodNetOfTax>
  <us-gaap:OtherComprehensiveIncomeUnrealizedGainLossOnDerivativesArisingDuringPeriodNetOfTax contextRef="Duration_1_1_2009_To_12_31_2009_us-gaap_StatementEquityComponentsAxis_us-gaap_NoncontrollingInterestMember" unitRef="Unit1" decimals="0">79000</us-gaap:OtherComprehensiveIncomeUnrealizedGainLossOnDerivativesArisingDuringPeriodNetOfTax>
  <us-gaap:OtherComprehensiveIncomeUnrealizedGainLossOnDerivativesArisingDuringPeriodNetOfTax contextRef="Duration_1_1_2009_To_12_31_2009_us-gaap_StatementEquityComponentsAxis_us-gaap_ParentMember" unitRef="Unit1" decimals="0">4264000</us-gaap:OtherComprehensiveIncomeUnrealizedGainLossOnDerivativesArisingDuringPeriodNetOfTax>
  <us-gaap:OtherComprehensiveIncomeUnrealizedGainLossOnDerivativesArisingDuringPeriodNetOfTax contextRef="Duration_1_1_2009_To_12_31_2009_us-gaap_StatementEquityComponentsAxis_us-gaap_PartnershipInterestMember" unitRef="Unit1" decimals="0">79000</us-gaap:OtherComprehensiveIncomeUnrealizedGainLossOnDerivativesArisingDuringPeriodNetOfTax>
  <us-gaap:OtherComprehensiveIncomeUnrealizedGainLossOnDerivativesArisingDuringPeriodNetOfTax contextRef="Duration_1_1_2010_To_12_31_2010" unitRef="Unit1" decimals="0">-436000</us-gaap:OtherComprehensiveIncomeUnrealizedGainLossOnDerivativesArisingDuringPeriodNetOfTax>
  <us-gaap:OtherComprehensiveIncomeUnrealizedGainLossOnDerivativesArisingDuringPeriodNetOfTax contextRef="Duration_1_1_2010_To_12_31_2010_us-gaap_StatementEquityComponentsAxis_us-gaap_AccumulatedOtherComprehensiveIncomeMember" unitRef="Unit1" decimals="0">-414000</us-gaap:OtherComprehensiveIncomeUnrealizedGainLossOnDerivativesArisingDuringPeriodNetOfTax>
  <us-gaap:OtherComprehensiveIncomeUnrealizedGainLossOnDerivativesArisingDuringPeriodNetOfTax contextRef="Duration_1_1_2010_To_12_31_2010_us-gaap_StatementEquityComponentsAxis_us-gaap_NoncontrollingInterestMember" unitRef="Unit1" decimals="0">-22000</us-gaap:OtherComprehensiveIncomeUnrealizedGainLossOnDerivativesArisingDuringPeriodNetOfTax>
  <us-gaap:OtherComprehensiveIncomeUnrealizedGainLossOnDerivativesArisingDuringPeriodNetOfTax contextRef="Duration_1_1_2010_To_12_31_2010_us-gaap_StatementEquityComponentsAxis_us-gaap_ParentMember" unitRef="Unit1" decimals="0">-414000</us-gaap:OtherComprehensiveIncomeUnrealizedGainLossOnDerivativesArisingDuringPeriodNetOfTax>
  <us-gaap:OtherComprehensiveIncomeUnrealizedGainLossOnDerivativesArisingDuringPeriodNetOfTax contextRef="Duration_1_1_2010_To_12_31_2010_us-gaap_StatementEquityComponentsAxis_us-gaap_PartnershipInterestMember" unitRef="Unit1" decimals="0">-22000</us-gaap:OtherComprehensiveIncomeUnrealizedGainLossOnDerivativesArisingDuringPeriodNetOfTax>
  <us-gaap:OtherComprehensiveIncomeUnrealizedGainLossOnDerivativesArisingDuringPeriodNetOfTax contextRef="Duration_1_1_2011_To_12_31_2011" unitRef="Unit1" decimals="0">6000</us-gaap:OtherComprehensiveIncomeUnrealizedGainLossOnDerivativesArisingDuringPeriodNetOfTax>
  <us-gaap:OtherComprehensiveIncomeUnrealizedGainLossOnDerivativesArisingDuringPeriodNetOfTax contextRef="Duration_1_1_2011_To_12_31_2011_us-gaap_StatementEquityComponentsAxis_us-gaap_AccumulatedOtherComprehensiveIncomeMember" unitRef="Unit1" decimals="0">11000</us-gaap:OtherComprehensiveIncomeUnrealizedGainLossOnDerivativesArisingDuringPeriodNetOfTax>
  <us-gaap:OtherComprehensiveIncomeUnrealizedGainLossOnDerivativesArisingDuringPeriodNetOfTax contextRef="Duration_1_1_2011_To_12_31_2011_us-gaap_StatementEquityComponentsAxis_us-gaap_NoncontrollingInterestMember" unitRef="Unit1" decimals="0">-5000</us-gaap:OtherComprehensiveIncomeUnrealizedGainLossOnDerivativesArisingDuringPeriodNetOfTax>
  <us-gaap:OtherComprehensiveIncomeUnrealizedGainLossOnDerivativesArisingDuringPeriodNetOfTax contextRef="Duration_1_1_2011_To_12_31_2011_us-gaap_StatementEquityComponentsAxis_us-gaap_ParentMember" unitRef="Unit1" decimals="0">11000</us-gaap:OtherComprehensiveIncomeUnrealizedGainLossOnDerivativesArisingDuringPeriodNetOfTax>
  <us-gaap:OtherComprehensiveIncomeUnrealizedGainLossOnDerivativesArisingDuringPeriodNetOfTax contextRef="Duration_1_1_2011_To_12_31_2011_us-gaap_StatementEquityComponentsAxis_us-gaap_PartnershipInterestMember" unitRef="Unit1" decimals="0">-5000</us-gaap:OtherComprehensiveIncomeUnrealizedGainLossOnDerivativesArisingDuringPeriodNetOfTax>
  <us-gaap:OtherCostAndExpenseOperating contextRef="Duration_1_1_2009_To_12_31_2009" unitRef="Unit1" decimals="0">24732000</us-gaap:OtherCostAndExpenseOperating>
  <us-gaap:OtherCostAndExpenseOperating contextRef="Duration_1_1_2010_To_12_31_2010" unitRef="Unit1" decimals="0">25632000</us-gaap:OtherCostAndExpenseOperating>
  <us-gaap:OtherCostAndExpenseOperating contextRef="Duration_1_1_2011_To_12_31_2011" unitRef="Unit1" decimals="0">27608000</us-gaap:OtherCostAndExpenseOperating>
  <us-gaap:OtherRealEstateRevenue contextRef="Duration_1_1_2009_To_12_31_2009" unitRef="Unit1" decimals="0">288000</us-gaap:OtherRealEstateRevenue>
  <us-gaap:OtherRealEstateRevenue contextRef="Duration_1_1_2010_To_12_31_2010" unitRef="Unit1" decimals="0">3786000</us-gaap:OtherRealEstateRevenue>
  <us-gaap:OtherRealEstateRevenue contextRef="Duration_1_1_2011_To_12_31_2011" unitRef="Unit1" decimals="0">3014000</us-gaap:OtherRealEstateRevenue>
  <us-gaap:PartnersCapitalAccountRedemptions contextRef="Duration_1_1_2010_To_12_31_2010" unitRef="Unit1" decimals="0">-3443000</us-gaap:PartnersCapitalAccountRedemptions>
  <us-gaap:PaymentsOfDistributionsToAffiliates contextRef="Duration_1_1_2009_To_12_31_2009" unitRef="Unit1" decimals="0">3905000</us-gaap:PaymentsOfDistributionsToAffiliates>
  <us-gaap:PaymentsOfDistributionsToAffiliates contextRef="Duration_1_1_2010_To_12_31_2010" unitRef="Unit1" decimals="0">3566000</us-gaap:PaymentsOfDistributionsToAffiliates>
  <us-gaap:PaymentsOfDistributionsToAffiliates contextRef="Duration_1_1_2011_To_12_31_2011" unitRef="Unit1" decimals="0">3301000</us-gaap:PaymentsOfDistributionsToAffiliates>
  <us-gaap:PaymentsOfDividendsCommonStock contextRef="Duration_1_1_2009_To_12_31_2009" unitRef="Unit1" decimals="0">5046000</us-gaap:PaymentsOfDividendsCommonStock>
  <us-gaap:PaymentsOfDividendsCommonStock contextRef="Duration_1_1_2010_To_12_31_2010" unitRef="Unit1" decimals="0">22445000</us-gaap:PaymentsOfDividendsCommonStock>
  <us-gaap:PaymentsOfDividendsCommonStock contextRef="Duration_1_1_2011_To_12_31_2011" unitRef="Unit1" decimals="0">24705000</us-gaap:PaymentsOfDividendsCommonStock>
  <us-gaap:PaymentsOfDividendsPreferredStockAndPreferenceStock contextRef="Duration_1_1_2009_To_12_31_2009" unitRef="Unit1" decimals="0">7876000</us-gaap:PaymentsOfDividendsPreferredStockAndPreferenceStock>
  <us-gaap:PaymentsOfDividendsPreferredStockAndPreferenceStock contextRef="Duration_1_1_2010_To_12_31_2010" unitRef="Unit1" decimals="0">9457000</us-gaap:PaymentsOfDividendsPreferredStockAndPreferenceStock>
  <us-gaap:PaymentsOfDividendsPreferredStockAndPreferenceStock contextRef="Duration_1_1_2011_To_12_31_2011" unitRef="Unit1" decimals="0">14200000</us-gaap:PaymentsOfDividendsPreferredStockAndPreferenceStock>
  <us-gaap:PaymentsOfFinancingCosts contextRef="Duration_1_1_2009_To_12_31_2009" unitRef="Unit1" decimals="0">9973000</us-gaap:PaymentsOfFinancingCosts>
  <us-gaap:PaymentsOfFinancingCosts contextRef="Duration_1_1_2010_To_12_31_2010" unitRef="Unit1" decimals="0">2025000</us-gaap:PaymentsOfFinancingCosts>
  <us-gaap:PaymentsOfFinancingCosts contextRef="Duration_1_1_2011_To_12_31_2011" unitRef="Unit1" decimals="0">1068000</us-gaap:PaymentsOfFinancingCosts>
  <us-gaap:PaymentsToAcquireAndDevelopRealEstate contextRef="Duration_1_1_2009_To_12_31_2009" unitRef="Unit1" decimals="0">108300000</us-gaap:PaymentsToAcquireAndDevelopRealEstate>
  <us-gaap:PaymentsToAcquireAndDevelopRealEstate contextRef="Duration_1_1_2010_To_12_31_2010" unitRef="Unit1" decimals="0">30155000</us-gaap:PaymentsToAcquireAndDevelopRealEstate>
  <us-gaap:PaymentsToAcquireAndDevelopRealEstate contextRef="Duration_1_1_2011_To_12_31_2011" unitRef="Unit1" decimals="0">92152000</us-gaap:PaymentsToAcquireAndDevelopRealEstate>
  <us-gaap:PaymentsToAcquireInterestInJointVenture contextRef="Duration_1_1_2009_To_12_31_2009" unitRef="Unit1" decimals="0">350000</us-gaap:PaymentsToAcquireInterestInJointVenture>
  <us-gaap:PaymentsToAcquireInterestInJointVenture contextRef="Duration_1_1_2010_To_12_31_2010" unitRef="Unit1" decimals="0">51441000</us-gaap:PaymentsToAcquireInterestInJointVenture>
  <us-gaap:PaymentsToAcquireInterestInJointVenture contextRef="Duration_1_1_2011_To_12_31_2011" unitRef="Unit1" decimals="0">4300000</us-gaap:PaymentsToAcquireInterestInJointVenture>
  <us-gaap:PreferredStockDividendsAndOtherAdjustments contextRef="Duration_1_1_2009_To_12_31_2009" unitRef="Unit1" decimals="0">7876000</us-gaap:PreferredStockDividendsAndOtherAdjustments>
  <us-gaap:PreferredStockDividendsAndOtherAdjustments contextRef="Duration_1_1_2010_To_12_31_2010" unitRef="Unit1" decimals="0">10196000</us-gaap:PreferredStockDividendsAndOtherAdjustments>
  <us-gaap:PreferredStockDividendsAndOtherAdjustments contextRef="Duration_1_1_2011_To_12_31_2011" unitRef="Unit1" decimals="0">14200000</us-gaap:PreferredStockDividendsAndOtherAdjustments>
  <us-gaap:PreferredStockLiquidationPreference contextRef="As_Of_12_31_2010" unitRef="Unit13" decimals="INF">25</us-gaap:PreferredStockLiquidationPreference>
  <us-gaap:PreferredStockLiquidationPreference contextRef="As_Of_12_31_2011" unitRef="Unit13" decimals="INF">25</us-gaap:PreferredStockLiquidationPreference>
  <us-gaap:PreferredStockParOrStatedValuePerShare contextRef="As_Of_12_31_2010" unitRef="Unit13" decimals="INF">0.01</us-gaap:PreferredStockParOrStatedValuePerShare>
  <us-gaap:PreferredStockParOrStatedValuePerShare contextRef="As_Of_12_31_2011" unitRef="Unit13" decimals="INF">0.01</us-gaap:PreferredStockParOrStatedValuePerShare>
  <us-gaap:PreferredStockSharesAuthorized contextRef="As_Of_12_31_2010" unitRef="Unit12" decimals="INF">12500000</us-gaap:PreferredStockSharesAuthorized>
  <us-gaap:PreferredStockSharesAuthorized contextRef="As_Of_12_31_2011" unitRef="Unit12" decimals="INF">12500000</us-gaap:PreferredStockSharesAuthorized>
  <us-gaap:PreferredStockSharesIssued contextRef="As_Of_12_31_2010" unitRef="Unit12" decimals="INF">6400000</us-gaap:PreferredStockSharesIssued>
  <us-gaap:PreferredStockSharesIssued contextRef="As_Of_12_31_2011" unitRef="Unit12" decimals="INF">6400000</us-gaap:PreferredStockSharesIssued>
  <us-gaap:PreferredStockSharesOutstanding contextRef="As_Of_12_31_2010" unitRef="Unit12" decimals="INF">6400000</us-gaap:PreferredStockSharesOutstanding>
  <us-gaap:PreferredStockSharesOutstanding contextRef="As_Of_12_31_2011" unitRef="Unit12" decimals="INF">6400000</us-gaap:PreferredStockSharesOutstanding>
  <us-gaap:PreferredStockValue contextRef="As_Of_12_31_2010" unitRef="Unit1" decimals="0">158575000</us-gaap:PreferredStockValue>
  <us-gaap:PreferredStockValue contextRef="As_Of_12_31_2011" unitRef="Unit1" decimals="0">158575000</us-gaap:PreferredStockValue>
  <us-gaap:ProceedsFromIssuanceOfLongTermDebt contextRef="Duration_1_1_2009_To_12_31_2009" unitRef="Unit1" decimals="0">60950000</us-gaap:ProceedsFromIssuanceOfLongTermDebt>
  <us-gaap:ProceedsFromIssuanceOfLongTermDebt contextRef="Duration_1_1_2010_To_12_31_2010" unitRef="Unit1" decimals="0">26984000</us-gaap:ProceedsFromIssuanceOfLongTermDebt>
  <us-gaap:ProceedsFromIssuanceOfLongTermDebt contextRef="Duration_1_1_2011_To_12_31_2011" unitRef="Unit1" decimals="0">45791000</us-gaap:ProceedsFromIssuanceOfLongTermDebt>
  <us-gaap:ProceedsFromIssuanceOrSaleOfEquity contextRef="Duration_1_1_2009_To_12_31_2009" unitRef="Unit1" decimals="0">40890000</us-gaap:ProceedsFromIssuanceOrSaleOfEquity>
  <us-gaap:ProceedsFromIssuanceOrSaleOfEquity contextRef="Duration_1_1_2010_To_12_31_2010" unitRef="Unit1" decimals="0">141248000</us-gaap:ProceedsFromIssuanceOrSaleOfEquity>
  <us-gaap:ProceedsFromIssuanceOrSaleOfEquity contextRef="Duration_1_1_2011_To_12_31_2011" unitRef="Unit1" decimals="0">4305000</us-gaap:ProceedsFromIssuanceOrSaleOfEquity>
  <us-gaap:ProceedsFromLongTermLinesOfCredit contextRef="Duration_1_1_2009_To_12_31_2009" unitRef="Unit1" decimals="0">-46805000</us-gaap:ProceedsFromLongTermLinesOfCredit>
  <us-gaap:ProceedsFromLongTermLinesOfCredit contextRef="Duration_1_1_2010_To_12_31_2010" unitRef="Unit1" decimals="0">-125088000</us-gaap:ProceedsFromLongTermLinesOfCredit>
  <us-gaap:ProceedsFromLongTermLinesOfCredit contextRef="Duration_1_1_2011_To_12_31_2011" unitRef="Unit1" decimals="0">33720000</us-gaap:ProceedsFromLongTermLinesOfCredit>
  <us-gaap:ProceedsFromMinorityShareholders contextRef="Duration_1_1_2009_To_12_31_2009" unitRef="Unit1" decimals="0">12212000</us-gaap:ProceedsFromMinorityShareholders>
  <us-gaap:ProceedsFromMinorityShareholders contextRef="Duration_1_1_2011_To_12_31_2011" unitRef="Unit1" decimals="0">269000</us-gaap:ProceedsFromMinorityShareholders>
  <us-gaap:ProceedsFromSaleOfRealEstate contextRef="Duration_1_1_2009_To_12_31_2009" unitRef="Unit1" decimals="0">6752000</us-gaap:ProceedsFromSaleOfRealEstate>
  <us-gaap:ProceedsFromSaleOfRealEstate contextRef="Duration_1_1_2010_To_12_31_2010" unitRef="Unit1" decimals="0">2661000</us-gaap:ProceedsFromSaleOfRealEstate>
  <us-gaap:ProceedsFromSaleOfRealEstate contextRef="Duration_1_1_2011_To_12_31_2011" unitRef="Unit1" decimals="0">30586000</us-gaap:ProceedsFromSaleOfRealEstate>
  <us-gaap:ProceedsFromWarrantExercises contextRef="Duration_1_1_2010_To_12_31_2010" unitRef="Unit1" decimals="0">10000000</us-gaap:ProceedsFromWarrantExercises>
  <us-gaap:ProfitLoss contextRef="Duration_1_1_2009_To_12_31_2009" unitRef="Unit1" decimals="0">-17011000</us-gaap:ProfitLoss>
  <us-gaap:ProfitLoss contextRef="Duration_1_1_2010_To_12_31_2010" unitRef="Unit1" decimals="0">-44184000</us-gaap:ProfitLoss>
  <us-gaap:ProfitLoss contextRef="Duration_1_1_2011_To_12_31_2011" unitRef="Unit1" decimals="0">-108514000</us-gaap:ProfitLoss>
  <us-gaap:ProvisionForDoubtfulAccounts contextRef="Duration_1_1_2009_To_12_31_2009" unitRef="Unit1" decimals="0">3859000</us-gaap:ProvisionForDoubtfulAccounts>
  <us-gaap:ProvisionForDoubtfulAccounts contextRef="Duration_1_1_2010_To_12_31_2010" unitRef="Unit1" decimals="0">3952000</us-gaap:ProvisionForDoubtfulAccounts>
  <us-gaap:ProvisionForDoubtfulAccounts contextRef="Duration_1_1_2011_To_12_31_2011" unitRef="Unit1" decimals="0">3270000</us-gaap:ProvisionForDoubtfulAccounts>
  <us-gaap:QuarterlyFinancialInformationTextBlock contextRef="Duration_1_1_2011_To_12_31_2011">&lt;div&gt; &lt;p style="text-align: center;"&gt;&lt;b&gt;&lt;font style="font-family: TimesNewRomanPS-BoldMT,Times New Roman,Times,serif;" class="_mt" size="3"&gt;Note 21. Selected Quarterly Financial Data (unaudited)&lt;/font&gt;&lt;/b&gt;&lt;/p&gt;

&lt;div&gt;

&lt;table border="0" cellspacing="0"&gt;
&lt;tr&gt;&lt;td width="34%"&gt; &lt;/td&gt;
&lt;td width="2%"&gt; &lt;/td&gt;
&lt;td width="11%"&gt;

&lt;p&gt;&amp;nbsp;&lt;/p&gt;&lt;/td&gt;
&lt;td width="2%"&gt; &lt;/td&gt;
&lt;td width="2%"&gt; &lt;/td&gt;
&lt;td width="12%"&gt; &lt;/td&gt;
&lt;td width="2%"&gt; &lt;/td&gt;
&lt;td width="2%"&gt; &lt;/td&gt;
&lt;td width="12%"&gt; &lt;/td&gt;
&lt;td width="2%"&gt; &lt;/td&gt;
&lt;td width="2%"&gt; &lt;/td&gt;
&lt;td width="12%"&gt; &lt;/td&gt;
&lt;td width="2%"&gt; &lt;/td&gt;&lt;/tr&gt;
&lt;tr valign="bottom"&gt;&lt;td width="34%" align="center"&gt;&amp;nbsp;&lt;/td&gt;
&lt;td style="border-bottom: #000000 1px solid;" width="63%" colspan="12" align="center"&gt;&lt;b&gt;&lt;font style="font-family: TimesNewRomanPS-BoldMT,Times New Roman,Times,serif;" class="_mt" size="3"&gt;Quarterended&lt;/font&gt;&lt;/b&gt;&lt;/td&gt;&lt;/tr&gt;
&lt;tr valign="bottom"&gt;&lt;td style="border-bottom: #000000 1px solid; text-indent: 30px;" width="34%" align="center"&gt;&lt;b&gt;&lt;font style="font-family: TimesNewRomanPS-BoldMT,Times New Roman,Times,serif;" class="_mt" size="3"&gt;Year&lt;/font&gt;&lt;/b&gt;&lt;/td&gt;
&lt;td style="border-bottom: #000000 1px solid;" width="15%" colspan="3" align="center"&gt;&lt;b&gt;&lt;font style="font-family: TimesNewRomanPS-BoldMT,Times New Roman,Times,serif;" class="_mt" size="3"&gt;March31&lt;/font&gt;&lt;/b&gt;&lt;/td&gt;
&lt;td style="border-bottom: #000000 1px solid;" width="16%" colspan="3" align="center"&gt;&lt;b&gt;&lt;font style="font-family: TimesNewRomanPS-BoldMT,Times New Roman,Times,serif;" class="_mt" size="3"&gt;June 30&lt;/font&gt;&lt;/b&gt;&lt;/td&gt;
&lt;td style="border-bottom: #000000 1px solid;" width="16%" colspan="3" align="center"&gt;&lt;b&gt;&lt;font style="font-family: TimesNewRomanPS-BoldMT,Times New Roman,Times,serif;" class="_mt" size="3"&gt;September30&lt;/font&gt;&lt;/b&gt;&lt;/td&gt;
&lt;td style="border-bottom: #000000 1px solid;" width="16%" colspan="3" align="center"&gt;&lt;b&gt;&lt;font style="font-family: TimesNewRomanPS-BoldMT,Times New Roman,Times,serif;" class="_mt" size="3"&gt;December31&lt;/font&gt;&lt;/b&gt;&lt;/td&gt;&lt;/tr&gt;
&lt;tr valign="bottom"&gt;&lt;td style="border-bottom: #000000 1px solid;" width="34%" align="left"&gt;&lt;b&gt;&lt;font style="font-family: TimesNewRomanPS-BoldMT,Times New Roman,Times,serif;" class="_mt" size="3"&gt;2011&lt;/font&gt;&lt;/b&gt;&lt;/td&gt;
&lt;td width="2%" align="right"&gt;&amp;nbsp;&lt;/td&gt;
&lt;td width="11%" align="left"&gt;&amp;nbsp;&lt;/td&gt;
&lt;td width="2%" align="left"&gt;&amp;nbsp;&lt;/td&gt;
&lt;td width="2%" align="left"&gt;&amp;nbsp;&lt;/td&gt;
&lt;td width="12%" align="left"&gt;&amp;nbsp;&lt;/td&gt;
&lt;td width="2%" align="left"&gt;&amp;nbsp;&lt;/td&gt;
&lt;td width="2%" align="right"&gt;&amp;nbsp;&lt;/td&gt;
&lt;td width="12%" align="left"&gt;&amp;nbsp;&lt;/td&gt;
&lt;td width="2%" align="left"&gt;&amp;nbsp;&lt;/td&gt;
&lt;td width="2%" align="left"&gt;&amp;nbsp;&lt;/td&gt;
&lt;td width="12%" align="left"&gt;&amp;nbsp;&lt;/td&gt;
&lt;td width="2%" align="left"&gt;&amp;nbsp;&lt;/td&gt;&lt;/tr&gt;
&lt;tr valign="bottom"&gt;&lt;td width="34%" align="left"&gt;&lt;font style="font-family: TimesNewRomanPSMT,Times New Roman,Times,serif;" class="_mt" size="3"&gt;Revenues as previously reported&lt;/font&gt;&lt;/td&gt;
&lt;td width="2%" align="right"&gt;&lt;font style="font-family: TimesNewRomanPSMT,Times New Roman,Times,serif;" class="_mt" size="3"&gt;$&lt;/font&gt;&lt;/td&gt;
&lt;td width="11%" align="right"&gt;&lt;font style="font-family: TimesNewRomanPSMT,Times New Roman,Times,serif;" class="_mt" size="3"&gt;41,620,000&lt;/font&gt;&lt;/td&gt;
&lt;td width="2%" align="left"&gt;&amp;nbsp;&lt;/td&gt;
&lt;td width="2%" align="left"&gt;&lt;font style="font-family: TimesNewRomanPSMT,Times New Roman,Times,serif;" class="_mt" size="3"&gt;$&lt;/font&gt;&lt;/td&gt;
&lt;td width="12%" align="right"&gt;&lt;font style="font-family: TimesNewRomanPSMT,Times New Roman,Times,serif;" class="_mt" size="3"&gt;38,299,000&lt;/font&gt;&lt;/td&gt;
&lt;td width="2%" align="left"&gt;&amp;nbsp;&lt;/td&gt;
&lt;td width="2%" align="right"&gt;&lt;font style="font-family: TimesNewRomanPSMT,Times New Roman,Times,serif;" class="_mt" size="3"&gt;$&lt;/font&gt;&lt;/td&gt;
&lt;td width="12%" align="right"&gt;&lt;font style="font-family: TimesNewRomanPSMT,Times New Roman,Times,serif;" class="_mt" size="3"&gt;33,460,000&lt;/font&gt;&lt;/td&gt;
&lt;td width="2%" align="left"&gt;&amp;nbsp;&lt;/td&gt;
&lt;td width="2%" align="left"&gt;&lt;font style="font-family: TimesNewRomanPSMT,Times New Roman,Times,serif;" class="_mt" size="3"&gt;$&lt;/font&gt;&lt;/td&gt;
&lt;td width="12%" align="right"&gt;&lt;font style="font-family: TimesNewRomanPSMT,Times New Roman,Times,serif;" class="_mt" size="3"&gt;34,334,000&lt;/font&gt;&lt;/td&gt;
&lt;td width="2%" align="left"&gt;&amp;nbsp;&lt;/td&gt;&lt;/tr&gt;
&lt;tr valign="bottom"&gt;&lt;td width="34%" align="left"&gt;&lt;font style="font-family: TimesNewRomanPSMT,Times New Roman,Times,serif;" class="_mt" size="3"&gt;Revenues fromdiscontinued operations and reclassifications (a)&lt;/font&gt;&lt;/td&gt;
&lt;td style="border-bottom: #000000 1px solid;" width="2%" align="right"&gt;&amp;nbsp;&lt;/td&gt;
&lt;td style="border-bottom: #000000 1px solid;" width="11%" align="right"&gt;&lt;font style="font-family: TimesNewRomanPSMT,Times New Roman,Times,serif;" class="_mt" size="3"&gt;(7,030,000&lt;/font&gt;&lt;/td&gt;
&lt;td style="border-bottom: #000000 1px solid;" width="2%" align="left"&gt;&lt;font style="font-family: TimesNewRomanPSMT,Times New Roman,Times,serif;" class="_mt" size="3"&gt;)&lt;/font&gt;&lt;/td&gt;
&lt;td style="border-bottom: #000000 1px solid;" width="2%" align="left"&gt;&amp;nbsp;&lt;/td&gt;
&lt;td style="border-bottom: #000000 1px solid;" width="12%" align="right"&gt;&lt;font style="font-family: TimesNewRomanPSMT,Times New Roman,Times,serif;" class="_mt" size="3"&gt;(5,690,000&lt;/font&gt;&lt;/td&gt;
&lt;td style="border-bottom: #000000 1px solid;" width="2%" align="left"&gt;&lt;font style="font-family: TimesNewRomanPSMT,Times New Roman,Times,serif;" class="_mt" size="3"&gt;)&lt;/font&gt;&lt;/td&gt;
&lt;td style="border-bottom: #000000 1px solid;" width="2%" align="right"&gt;&amp;nbsp;&lt;/td&gt;
&lt;td style="border-bottom: #000000 1px solid;" width="12%" align="right"&gt;&lt;font style="font-family: TimesNewRomanPSMT,Times New Roman,Times,serif;" class="_mt" size="3"&gt;420,000&lt;/font&gt;&lt;/td&gt;
&lt;td style="border-bottom: #000000 1px solid;" width="2%" align="left"&gt;&amp;nbsp;&lt;/td&gt;
&lt;td style="border-bottom: #000000 1px solid;" width="2%" align="left"&gt;&amp;nbsp;&lt;/td&gt;
&lt;td style="border-bottom: #000000 1px solid;" width="12%" align="center"&gt;&lt;font style="font-family: TimesNewRomanPSMT,Times New Roman,Times,serif;" class="_mt" size="3"&gt;-&lt;/font&gt;&lt;/td&gt;
&lt;td style="border-bottom: #000000 1px solid;" width="2%" align="left"&gt;&amp;nbsp;&lt;/td&gt;&lt;/tr&gt;
&lt;tr valign="bottom"&gt;&lt;td width="34%" align="left"&gt;&lt;font style="font-family: TimesNewRomanPSMT,Times New Roman,Times,serif;" class="_mt" size="3"&gt;Revenues&lt;/font&gt;&lt;/td&gt;
&lt;td style="border-bottom: #000000 3px double;" width="2%" align="right"&gt;&lt;font style="font-family: TimesNewRomanPSMT,Times New Roman,Times,serif;" class="_mt" size="3"&gt;$&lt;/font&gt;&lt;/td&gt;
&lt;td style="border-bottom: #000000 3px double;" width="11%" align="right"&gt;&lt;font style="font-family: TimesNewRomanPSMT,Times New Roman,Times,serif;" class="_mt" size="3"&gt;34,590,000&lt;/font&gt;&lt;/td&gt;
&lt;td style="border-bottom: #000000 3px double;" width="2%" align="left"&gt;&amp;nbsp;&lt;/td&gt;
&lt;td style="border-bottom: #000000 3px double;" width="2%" align="left"&gt;&lt;font style="font-family: TimesNewRomanPSMT,Times New Roman,Times,serif;" class="_mt" size="3"&gt;$&lt;/font&gt;&lt;/td&gt;
&lt;td style="border-bottom: #000000 3px double;" width="12%" align="right"&gt;&lt;font style="font-family: TimesNewRomanPSMT,Times New Roman,Times,serif;" class="_mt" size="3"&gt;32,609,000&lt;/font&gt;&lt;/td&gt;
&lt;td style="border-bottom: #000000 3px double;" width="2%" align="left"&gt;&amp;nbsp;&lt;/td&gt;
&lt;td style="border-bottom: #000000 3px double;" width="2%" align="right"&gt;&lt;font style="font-family: TimesNewRomanPSMT,Times New Roman,Times,serif;" class="_mt" size="3"&gt;$&lt;/font&gt;&lt;/td&gt;
&lt;td style="border-bottom: #000000 3px double;" width="12%" align="right"&gt;&lt;font style="font-family: TimesNewRomanPSMT,Times New Roman,Times,serif;" class="_mt" size="3"&gt;33,880,000&lt;/font&gt;&lt;/td&gt;
&lt;td style="border-bottom: #000000 3px double;" width="2%" align="left"&gt;&amp;nbsp;&lt;/td&gt;
&lt;td style="border-bottom: #000000 3px double;" width="2%" align="left"&gt;&lt;font style="font-family: TimesNewRomanPSMT,Times New Roman,Times,serif;" class="_mt" size="3"&gt;$&lt;/font&gt;&lt;/td&gt;
&lt;td style="border-bottom: #000000 3px double;" width="12%" align="right"&gt;&lt;font style="font-family: TimesNewRomanPSMT,Times New Roman,Times,serif;" class="_mt" size="3"&gt;34,334,000&lt;/font&gt;&lt;/td&gt;
&lt;td style="border-bottom: #000000 3px double;" width="2%" align="left"&gt;&amp;nbsp;&lt;/td&gt;&lt;/tr&gt;
&lt;tr&gt;&lt;td width="97%" colspan="13"&gt;&amp;nbsp;&lt;/td&gt;&lt;/tr&gt;
&lt;tr valign="bottom"&gt;&lt;td width="34%" align="left"&gt;&lt;font style="font-family: TimesNewRomanPSMT,Times New Roman,Times,serif;" class="_mt" size="3"&gt;Net loss&lt;/font&gt;&lt;/td&gt;
&lt;td width="2%" align="right"&gt;&lt;font style="font-family: TimesNewRomanPSMT,Times New Roman,Times,serif;" class="_mt" size="3"&gt;$&lt;/font&gt;&lt;/td&gt;
&lt;td width="11%" align="right"&gt;&lt;font style="font-family: TimesNewRomanPSMT,Times New Roman,Times,serif;" class="_mt" size="3"&gt;(9,093,000&lt;/font&gt;&lt;/td&gt;
&lt;td width="2%" align="left"&gt;&lt;font style="font-family: TimesNewRomanPSMT,Times New Roman,Times,serif;" class="_mt" size="3"&gt;)&lt;/font&gt;&lt;/td&gt;
&lt;td width="2%" align="left"&gt;&lt;font style="font-family: TimesNewRomanPSMT,Times New Roman,Times,serif;" class="_mt" size="3"&gt;$&lt;/font&gt;&lt;/td&gt;
&lt;td width="12%" align="right"&gt;&lt;font style="font-family: TimesNewRomanPSMT,Times New Roman,Times,serif;" class="_mt" size="3"&gt;(24,729,000&lt;/font&gt;&lt;/td&gt;
&lt;td width="2%" align="left"&gt;&lt;font style="font-family: TimesNewRomanPSMT,Times New Roman,Times,serif;" class="_mt" size="3"&gt;)&lt;/font&gt;&lt;/td&gt;
&lt;td width="2%" align="right"&gt;&lt;font style="font-family: TimesNewRomanPSMT,Times New Roman,Times,serif;" class="_mt" size="3"&gt;$&lt;/font&gt;&lt;/td&gt;
&lt;td width="12%" align="right"&gt;&lt;font style="font-family: TimesNewRomanPSMT,Times New Roman,Times,serif;" class="_mt" size="3"&gt;(71,265,000&lt;/font&gt;&lt;/td&gt;
&lt;td width="2%" align="left"&gt;&lt;font style="font-family: TimesNewRomanPSMT,Times New Roman,Times,serif;" class="_mt" size="3"&gt;)&lt;/font&gt;&lt;/td&gt;
&lt;td width="2%" align="left"&gt;&lt;font style="font-family: TimesNewRomanPSMT,Times New Roman,Times,serif;" class="_mt" size="3"&gt;$&lt;/font&gt;&lt;/td&gt;
&lt;td width="12%" align="right"&gt;&lt;font style="font-family: TimesNewRomanPSMT,Times New Roman,Times,serif;" class="_mt" size="3"&gt;(3,427,000&lt;/font&gt;&lt;/td&gt;
&lt;td width="2%" align="left"&gt;&lt;font style="font-family: TimesNewRomanPSMT,Times New Roman,Times,serif;" class="_mt" size="3"&gt;)&lt;/font&gt;&lt;/td&gt;&lt;/tr&gt;
&lt;tr valign="bottom"&gt;&lt;td width="34%" align="left"&gt;&lt;font style="font-family: TimesNewRomanPSMT,Times New Roman,Times,serif;" class="_mt" size="3"&gt;Net loss attributable to commonshareholders&lt;/font&gt;&lt;/td&gt;
&lt;td width="2%" align="right"&gt;&lt;font style="font-family: TimesNewRomanPSMT,Times New Roman,Times,serif;" class="_mt" size="3"&gt;$&lt;/font&gt;&lt;/td&gt;
&lt;td width="11%" align="right"&gt;&lt;font style="font-family: TimesNewRomanPSMT,Times New Roman,Times,serif;" class="_mt" size="3"&gt;(12,309,000&lt;/font&gt;&lt;/td&gt;
&lt;td width="2%" align="left"&gt;&lt;font style="font-family: TimesNewRomanPSMT,Times New Roman,Times,serif;" class="_mt" size="3"&gt;)&lt;/font&gt;&lt;/td&gt;
&lt;td width="2%" align="left"&gt;&lt;font style="font-family: TimesNewRomanPSMT,Times New Roman,Times,serif;" class="_mt" size="3"&gt;$&lt;/font&gt;&lt;/td&gt;
&lt;td width="12%" align="right"&gt;&lt;font style="font-family: TimesNewRomanPSMT,Times New Roman,Times,serif;" class="_mt" size="3"&gt;(27,668,000&lt;/font&gt;&lt;/td&gt;
&lt;td width="2%" align="left"&gt;&lt;font style="font-family: TimesNewRomanPSMT,Times New Roman,Times,serif;" class="_mt" size="3"&gt;)&lt;/font&gt;&lt;/td&gt;
&lt;td width="2%" align="right"&gt;&lt;font style="font-family: TimesNewRomanPSMT,Times New Roman,Times,serif;" class="_mt" size="3"&gt;$&lt;/font&gt;&lt;/td&gt;
&lt;td width="12%" align="right"&gt;&lt;font style="font-family: TimesNewRomanPSMT,Times New Roman,Times,serif;" class="_mt" size="3"&gt;(70,105,000&lt;/font&gt;&lt;/td&gt;
&lt;td width="2%" align="left"&gt;&lt;font style="font-family: TimesNewRomanPSMT,Times New Roman,Times,serif;" class="_mt" size="3"&gt;)&lt;/font&gt;&lt;/td&gt;
&lt;td width="2%" align="left"&gt;&lt;font style="font-family: TimesNewRomanPSMT,Times New Roman,Times,serif;" class="_mt" size="3"&gt;$&lt;/font&gt;&lt;/td&gt;
&lt;td width="12%" align="right"&gt;&lt;font style="font-family: TimesNewRomanPSMT,Times New Roman,Times,serif;" class="_mt" size="3"&gt;(7,679,000&lt;/font&gt;&lt;/td&gt;
&lt;td width="2%" align="left"&gt;&lt;font style="font-family: TimesNewRomanPSMT,Times New Roman,Times,serif;" class="_mt" size="3"&gt;)&lt;/font&gt;&lt;/td&gt;&lt;/tr&gt;
&lt;tr valign="bottom"&gt;&lt;td width="34%" align="left"&gt;&lt;font style="font-family: TimesNewRomanPSMT,Times New Roman,Times,serif;" class="_mt" size="3"&gt;Per commonshare (basic and diluted) (b)&lt;/font&gt;&lt;/td&gt;
&lt;td width="2%" align="right"&gt;&lt;font style="font-family: TimesNewRomanPSMT,Times New Roman,Times,serif;" class="_mt" size="3"&gt;$&lt;/font&gt;&lt;/td&gt;
&lt;td width="11%" align="right"&gt;&lt;font style="font-family: TimesNewRomanPSMT,Times New Roman,Times,serif;" class="_mt" size="3"&gt;(0.18&lt;/font&gt;&lt;/td&gt;
&lt;td width="2%" align="left"&gt;&lt;font style="font-family: TimesNewRomanPSMT,Times New Roman,Times,serif;" class="_mt" size="3"&gt;)&lt;/font&gt;&lt;/td&gt;
&lt;td width="2%" align="left"&gt;&lt;font style="font-family: TimesNewRomanPSMT,Times New Roman,Times,serif;" class="_mt" size="3"&gt;$&lt;/font&gt;&lt;/td&gt;
&lt;td width="12%" align="right"&gt;&lt;font style="font-family: TimesNewRomanPSMT,Times New Roman,Times,serif;" class="_mt" size="3"&gt;(0.41&lt;/font&gt;&lt;/td&gt;
&lt;td width="2%" align="left"&gt;&lt;font style="font-family: TimesNewRomanPSMT,Times New Roman,Times,serif;" class="_mt" size="3"&gt;)&lt;/font&gt;&lt;/td&gt;
&lt;td width="2%" align="right"&gt;&lt;font style="font-family: TimesNewRomanPSMT,Times New Roman,Times,serif;" class="_mt" size="3"&gt;$&lt;/font&gt;&lt;/td&gt;
&lt;td width="12%" align="right"&gt;&lt;font style="font-family: TimesNewRomanPSMT,Times New Roman,Times,serif;" class="_mt" size="3"&gt;(1.05&lt;/font&gt;&lt;/td&gt;
&lt;td width="2%" align="left"&gt;&lt;font style="font-family: TimesNewRomanPSMT,Times New Roman,Times,serif;" class="_mt" size="3"&gt;)&lt;/font&gt;&lt;/td&gt;
&lt;td width="2%" align="left"&gt;&lt;font style="font-family: TimesNewRomanPSMT,Times New Roman,Times,serif;" class="_mt" size="3"&gt;$&lt;/font&gt;&lt;/td&gt;
&lt;td width="12%" align="right"&gt;&lt;font style="font-family: TimesNewRomanPSMT,Times New Roman,Times,serif;" class="_mt" size="3"&gt;(0.12&lt;/font&gt;&lt;/td&gt;
&lt;td width="2%" align="left"&gt;&lt;font style="font-family: TimesNewRomanPSMT,Times New Roman,Times,serif;" class="_mt" size="3"&gt;)&lt;/font&gt;&lt;/td&gt;&lt;/tr&gt;
&lt;tr&gt;&lt;td width="97%" colspan="13"&gt;&amp;nbsp;&lt;/td&gt;&lt;/tr&gt;
&lt;tr valign="bottom"&gt;&lt;td style="border-bottom: #000000 1px solid;" width="34%" align="left"&gt;&lt;b&gt;&lt;font style="font-family: TimesNewRomanPS-BoldMT,Times New Roman,Times,serif;" class="_mt" size="3"&gt;2010&lt;/font&gt;&lt;/b&gt;&lt;/td&gt;
&lt;td width="2%" align="right"&gt;&amp;nbsp;&lt;/td&gt;
&lt;td width="11%" align="left"&gt;&amp;nbsp;&lt;/td&gt;
&lt;td width="2%" align="left"&gt;&amp;nbsp;&lt;/td&gt;
&lt;td width="2%" align="left"&gt;&amp;nbsp;&lt;/td&gt;
&lt;td width="12%" align="left"&gt;&amp;nbsp;&lt;/td&gt;
&lt;td width="2%" align="left"&gt;&amp;nbsp;&lt;/td&gt;
&lt;td width="2%" align="right"&gt;&amp;nbsp;&lt;/td&gt;
&lt;td width="12%" align="left"&gt;&amp;nbsp;&lt;/td&gt;
&lt;td width="2%" align="left"&gt;&amp;nbsp;&lt;/td&gt;
&lt;td width="2%" align="left"&gt;&amp;nbsp;&lt;/td&gt;
&lt;td width="12%" align="left"&gt;&amp;nbsp;&lt;/td&gt;
&lt;td width="2%" align="left"&gt;&amp;nbsp;&lt;/td&gt;&lt;/tr&gt;
&lt;tr valign="bottom"&gt;&lt;td width="34%" align="left"&gt;&lt;font style="font-family: TimesNewRomanPSMT,Times New Roman,Times,serif;" class="_mt" size="3"&gt;Revenues as previously reported&lt;/font&gt;&lt;/td&gt;
&lt;td width="2%" align="right"&gt;&lt;font style="font-family: TimesNewRomanPSMT,Times New Roman,Times,serif;" class="_mt" size="3"&gt;$&lt;/font&gt;&lt;/td&gt;
&lt;td width="11%" align="right"&gt;&lt;font style="font-family: TimesNewRomanPSMT,Times New Roman,Times,serif;" class="_mt" size="3"&gt;41,786,000&lt;/font&gt;&lt;/td&gt;
&lt;td width="2%" align="left"&gt;&amp;nbsp;&lt;/td&gt;
&lt;td width="2%" align="left"&gt;&lt;font style="font-family: TimesNewRomanPSMT,Times New Roman,Times,serif;" class="_mt" size="3"&gt;$&lt;/font&gt;&lt;/td&gt;
&lt;td width="12%" align="right"&gt;&lt;font style="font-family: TimesNewRomanPSMT,Times New Roman,Times,serif;" class="_mt" size="3"&gt;37,989,000&lt;/font&gt;&lt;/td&gt;
&lt;td width="2%" align="left"&gt;&amp;nbsp;&lt;/td&gt;
&lt;td width="2%" align="right"&gt;&lt;font style="font-family: TimesNewRomanPSMT,Times New Roman,Times,serif;" class="_mt" size="3"&gt;$&lt;/font&gt;&lt;/td&gt;
&lt;td width="12%" align="right"&gt;&lt;font style="font-family: TimesNewRomanPSMT,Times New Roman,Times,serif;" class="_mt" size="3"&gt;31,710,000&lt;/font&gt;&lt;/td&gt;
&lt;td width="2%" align="left"&gt;&amp;nbsp;&lt;/td&gt;
&lt;td width="2%" align="left"&gt;&lt;font style="font-family: TimesNewRomanPSMT,Times New Roman,Times,serif;" class="_mt" size="3"&gt;$&lt;/font&gt;&lt;/td&gt;
&lt;td width="12%" align="right"&gt;&lt;font style="font-family: TimesNewRomanPSMT,Times New Roman,Times,serif;" class="_mt" size="3"&gt;39,230,000&lt;/font&gt;&lt;/td&gt;
&lt;td width="2%" align="left"&gt;&amp;nbsp;&lt;/td&gt;&lt;/tr&gt;
&lt;tr valign="bottom"&gt;&lt;td width="34%" align="left"&gt;&lt;font style="font-family: TimesNewRomanPSMT,Times New Roman,Times,serif;" class="_mt" size="3"&gt;Revenues fromdiscontinued operations and reclassifications (a)&lt;/font&gt;&lt;/td&gt;
&lt;td style="border-bottom: #000000 1px solid;" width="2%" align="right"&gt;&amp;nbsp;&lt;/td&gt;
&lt;td style="border-bottom: #000000 1px solid;" width="11%" align="right"&gt;&lt;font style="font-family: TimesNewRomanPSMT,Times New Roman,Times,serif;" class="_mt" size="3"&gt;(6,308,000&lt;/font&gt;&lt;/td&gt;
&lt;td style="border-bottom: #000000 1px solid;" width="2%" align="left"&gt;&lt;font style="font-family: TimesNewRomanPSMT,Times New Roman,Times,serif;" class="_mt" size="3"&gt;)&lt;/font&gt;&lt;/td&gt;
&lt;td style="border-bottom: #000000 1px solid;" width="2%" align="left"&gt;&amp;nbsp;&lt;/td&gt;
&lt;td style="border-bottom: #000000 1px solid;" width="12%" align="right"&gt;&lt;font style="font-family: TimesNewRomanPSMT,Times New Roman,Times,serif;" class="_mt" size="3"&gt;(6,030,000&lt;/font&gt;&lt;/td&gt;
&lt;td style="border-bottom: #000000 1px solid;" width="2%" align="left"&gt;&lt;font style="font-family: TimesNewRomanPSMT,Times New Roman,Times,serif;" class="_mt" size="3"&gt;)&lt;/font&gt;&lt;/td&gt;
&lt;td style="border-bottom: #000000 1px solid;" width="2%" align="right"&gt;&amp;nbsp;&lt;/td&gt;
&lt;td style="border-bottom: #000000 1px solid;" width="12%" align="center"&gt;&lt;font style="font-family: TimesNewRomanPSMT,Times New Roman,Times,serif;" class="_mt" size="3"&gt;-&lt;/font&gt;&lt;/td&gt;
&lt;td style="border-bottom: #000000 1px solid;" width="2%" align="left"&gt;&amp;nbsp;&lt;/td&gt;
&lt;td style="border-bottom: #000000 1px solid;" width="2%" align="left"&gt;&amp;nbsp;&lt;/td&gt;
&lt;td style="border-bottom: #000000 1px solid;" width="12%" align="right"&gt;&lt;font style="font-family: TimesNewRomanPSMT,Times New Roman,Times,serif;" class="_mt" size="3"&gt;(6,805,000&lt;/font&gt;&lt;/td&gt;
&lt;td style="border-bottom: #000000 1px solid;" width="2%" align="left"&gt;&lt;font style="font-family: TimesNewRomanPSMT,Times New Roman,Times,serif;" class="_mt" size="3"&gt;)&lt;/font&gt;&lt;/td&gt;&lt;/tr&gt;
&lt;tr valign="bottom"&gt;&lt;td width="34%" align="left"&gt;&lt;font style="font-family: TimesNewRomanPSMT,Times New Roman,Times,serif;" class="_mt" size="3"&gt;Revenues&lt;/font&gt;&lt;/td&gt;
&lt;td style="border-bottom: #000000 2px solid;" width="2%" align="right"&gt;&lt;font style="font-family: TimesNewRomanPSMT,Times New Roman,Times,serif;" class="_mt" size="3"&gt;$&lt;/font&gt;&lt;/td&gt;
&lt;td style="border-bottom: #000000 2px solid;" width="11%" align="right"&gt;&lt;font style="font-family: TimesNewRomanPSMT,Times New Roman,Times,serif;" class="_mt" size="3"&gt;35,478,000&lt;/font&gt;&lt;/td&gt;
&lt;td style="border-bottom: #000000 2px solid;" width="2%" align="left"&gt;&amp;nbsp;&lt;/td&gt;
&lt;td style="border-bottom: #000000 2px solid;" width="2%" align="left"&gt;&lt;font style="font-family: TimesNewRomanPSMT,Times New Roman,Times,serif;" class="_mt" size="3"&gt;$&lt;/font&gt;&lt;/td&gt;
&lt;td style="border-bottom: #000000 2px solid;" width="12%" align="right"&gt;&lt;font style="font-family: TimesNewRomanPSMT,Times New Roman,Times,serif;" class="_mt" size="3"&gt;31,959,000&lt;/font&gt;&lt;/td&gt;
&lt;td style="border-bottom: #000000 2px solid;" width="2%" align="left"&gt;&amp;nbsp;&lt;/td&gt;
&lt;td style="border-bottom: #000000 2px solid;" width="2%" align="right"&gt;&lt;font style="font-family: TimesNewRomanPSMT,Times New Roman,Times,serif;" class="_mt" size="3"&gt;$&lt;/font&gt;&lt;/td&gt;
&lt;td style="border-bottom: #000000 2px solid;" width="12%" align="right"&gt;&lt;font style="font-family: TimesNewRomanPSMT,Times New Roman,Times,serif;" class="_mt" size="3"&gt;31,710,000&lt;/font&gt;&lt;/td&gt;
&lt;td style="border-bottom: #000000 2px solid;" width="2%" align="left"&gt;&amp;nbsp;&lt;/td&gt;
&lt;td style="border-bottom: #000000 2px solid;" width="2%" align="left"&gt;&lt;font style="font-family: TimesNewRomanPSMT,Times New Roman,Times,serif;" class="_mt" size="3"&gt;$&lt;/font&gt;&lt;/td&gt;
&lt;td style="border-bottom: #000000 2px solid;" width="12%" align="right"&gt;&lt;font style="font-family: TimesNewRomanPSMT,Times New Roman,Times,serif;" class="_mt" size="3"&gt;32,425,000&lt;/font&gt;&lt;/td&gt;
&lt;td style="border-bottom: #000000 2px solid;" width="2%" align="left"&gt;&amp;nbsp;&lt;/td&gt;&lt;/tr&gt;
&lt;tr&gt;&lt;td width="97%" colspan="13"&gt;&amp;nbsp;&lt;/td&gt;&lt;/tr&gt;
&lt;tr valign="bottom"&gt;&lt;td width="34%" align="left"&gt;&lt;font style="font-family: TimesNewRomanPSMT,Times New Roman,Times,serif;" class="_mt" size="3"&gt;Net loss&lt;/font&gt;&lt;/td&gt;
&lt;td width="2%" align="right"&gt;&lt;font style="font-family: TimesNewRomanPSMT,Times New Roman,Times,serif;" class="_mt" size="3"&gt;$&lt;/font&gt;&lt;/td&gt;
&lt;td width="11%" align="right"&gt;&lt;font style="font-family: TimesNewRomanPSMT,Times New Roman,Times,serif;" class="_mt" size="3"&gt;(1,160,000&lt;/font&gt;&lt;/td&gt;
&lt;td width="2%" align="left"&gt;&lt;font style="font-family: TimesNewRomanPSMT,Times New Roman,Times,serif;" class="_mt" size="3"&gt;)&lt;/font&gt;&lt;/td&gt;
&lt;td width="2%" align="left"&gt;&lt;font style="font-family: TimesNewRomanPSMT,Times New Roman,Times,serif;" class="_mt" size="3"&gt;$&lt;/font&gt;&lt;/td&gt;
&lt;td width="12%" align="right"&gt;&lt;font style="font-family: TimesNewRomanPSMT,Times New Roman,Times,serif;" class="_mt" size="3"&gt;(2,547,000&lt;/font&gt;&lt;/td&gt;
&lt;td width="2%" align="left"&gt;&lt;font style="font-family: TimesNewRomanPSMT,Times New Roman,Times,serif;" class="_mt" size="3"&gt;)&lt;/font&gt;&lt;/td&gt;
&lt;td width="2%" align="right"&gt;&lt;font style="font-family: TimesNewRomanPSMT,Times New Roman,Times,serif;" class="_mt" size="3"&gt;$&lt;/font&gt;&lt;/td&gt;
&lt;td width="12%" align="right"&gt;&lt;font style="font-family: TimesNewRomanPSMT,Times New Roman,Times,serif;" class="_mt" size="3"&gt;(4,491,000&lt;/font&gt;&lt;/td&gt;
&lt;td width="2%" align="left"&gt;&lt;font style="font-family: TimesNewRomanPSMT,Times New Roman,Times,serif;" class="_mt" size="3"&gt;)&lt;/font&gt;&lt;/td&gt;
&lt;td width="2%" align="left"&gt;&lt;font style="font-family: TimesNewRomanPSMT,Times New Roman,Times,serif;" class="_mt" size="3"&gt;$&lt;/font&gt;&lt;/td&gt;
&lt;td width="12%" align="right"&gt;&lt;font style="font-family: TimesNewRomanPSMT,Times New Roman,Times,serif;" class="_mt" size="3"&gt;(35,986,000&lt;/font&gt;&lt;/td&gt;
&lt;td width="2%" align="left"&gt;&lt;font style="font-family: TimesNewRomanPSMT,Times New Roman,Times,serif;" class="_mt" size="3"&gt;)&lt;/font&gt;&lt;/td&gt;&lt;/tr&gt;
&lt;tr valign="bottom"&gt;&lt;td width="34%" align="left"&gt;&lt;font style="font-family: TimesNewRomanPSMT,Times New Roman,Times,serif;" class="_mt" size="3"&gt;Net loss attributable to commonshareholders&lt;/font&gt;&lt;/td&gt;
&lt;td width="2%" align="right"&gt;&lt;font style="font-family: TimesNewRomanPSMT,Times New Roman,Times,serif;" class="_mt" size="3"&gt;$&lt;/font&gt;&lt;/td&gt;
&lt;td width="11%" align="right"&gt;&lt;font style="font-family: TimesNewRomanPSMT,Times New Roman,Times,serif;" class="_mt" size="3"&gt;(3,490,000&lt;/font&gt;&lt;/td&gt;
&lt;td width="2%" align="left"&gt;&lt;font style="font-family: TimesNewRomanPSMT,Times New Roman,Times,serif;" class="_mt" size="3"&gt;)&lt;/font&gt;&lt;/td&gt;
&lt;td width="2%" align="left"&gt;&lt;font style="font-family: TimesNewRomanPSMT,Times New Roman,Times,serif;" class="_mt" size="3"&gt;$&lt;/font&gt;&lt;/td&gt;
&lt;td width="12%" align="right"&gt;&lt;font style="font-family: TimesNewRomanPSMT,Times New Roman,Times,serif;" class="_mt" size="3"&gt;(4,251,000&lt;/font&gt;&lt;/td&gt;
&lt;td width="2%" align="left"&gt;&lt;font style="font-family: TimesNewRomanPSMT,Times New Roman,Times,serif;" class="_mt" size="3"&gt;)&lt;/font&gt;&lt;/td&gt;
&lt;td width="2%" align="right"&gt;&lt;font style="font-family: TimesNewRomanPSMT,Times New Roman,Times,serif;" class="_mt" size="3"&gt;$&lt;/font&gt;&lt;/td&gt;
&lt;td width="12%" align="right"&gt;&lt;font style="font-family: TimesNewRomanPSMT,Times New Roman,Times,serif;" class="_mt" size="3"&gt;(6,780,000&lt;/font&gt;&lt;/td&gt;
&lt;td width="2%" align="left"&gt;&lt;font style="font-family: TimesNewRomanPSMT,Times New Roman,Times,serif;" class="_mt" size="3"&gt;)&lt;/font&gt;&lt;/td&gt;
&lt;td width="2%" align="left"&gt;&lt;font style="font-family: TimesNewRomanPSMT,Times New Roman,Times,serif;" class="_mt" size="3"&gt;$&lt;/font&gt;&lt;/td&gt;
&lt;td width="12%" align="right"&gt;&lt;font style="font-family: TimesNewRomanPSMT,Times New Roman,Times,serif;" class="_mt" size="3"&gt;(36,964,000&lt;/font&gt;&lt;/td&gt;
&lt;td width="2%" align="left"&gt;&lt;font style="font-family: TimesNewRomanPSMT,Times New Roman,Times,serif;" class="_mt" size="3"&gt;)&lt;/font&gt;&lt;/td&gt;&lt;/tr&gt;
&lt;tr valign="bottom"&gt;&lt;td width="34%" align="left"&gt;&lt;font style="font-family: TimesNewRomanPSMT,Times New Roman,Times,serif;" class="_mt" size="3"&gt;Per commonshare (basic and diluted) (b)&lt;/font&gt;&lt;/td&gt;
&lt;td width="2%" align="right"&gt;&lt;font style="font-family: TimesNewRomanPSMT,Times New Roman,Times,serif;" class="_mt" size="3"&gt;$&lt;/font&gt;&lt;/td&gt;
&lt;td width="11%" align="right"&gt;&lt;font style="font-family: TimesNewRomanPSMT,Times New Roman,Times,serif;" class="_mt" size="3"&gt;(0.06&lt;/font&gt;&lt;/td&gt;
&lt;td width="2%" align="left"&gt;&lt;font style="font-family: TimesNewRomanPSMT,Times New Roman,Times,serif;" class="_mt" size="3"&gt;)&lt;/font&gt;&lt;/td&gt;
&lt;td width="2%" align="left"&gt;&lt;font style="font-family: TimesNewRomanPSMT,Times New Roman,Times,serif;" class="_mt" size="3"&gt;$&lt;/font&gt;&lt;/td&gt;
&lt;td width="12%" align="right"&gt;&lt;font style="font-family: TimesNewRomanPSMT,Times New Roman,Times,serif;" class="_mt" size="3"&gt;(0.07&lt;/font&gt;&lt;/td&gt;
&lt;td width="2%" align="left"&gt;&lt;font style="font-family: TimesNewRomanPSMT,Times New Roman,Times,serif;" class="_mt" size="3"&gt;)&lt;/font&gt;&lt;/td&gt;
&lt;td width="2%" align="right"&gt;&lt;font style="font-family: TimesNewRomanPSMT,Times New Roman,Times,serif;" class="_mt" size="3"&gt;$&lt;/font&gt;&lt;/td&gt;
&lt;td width="12%" align="right"&gt;&lt;font style="font-family: TimesNewRomanPSMT,Times New Roman,Times,serif;" class="_mt" size="3"&gt;(0.10&lt;/font&gt;&lt;/td&gt;
&lt;td width="2%" align="left"&gt;&lt;font style="font-family: TimesNewRomanPSMT,Times New Roman,Times,serif;" class="_mt" size="3"&gt;)&lt;/font&gt;&lt;/td&gt;
&lt;td width="2%" align="left"&gt;&lt;font style="font-family: TimesNewRomanPSMT,Times New Roman,Times,serif;" class="_mt" size="3"&gt;$&lt;/font&gt;&lt;/td&gt;
&lt;td width="12%" align="right"&gt;&lt;font style="font-family: TimesNewRomanPSMT,Times New Roman,Times,serif;" class="_mt" size="3"&gt;(0.56&lt;/font&gt;&lt;/td&gt;
&lt;td width="2%" align="left"&gt;&lt;font style="font-family: TimesNewRomanPSMT,Times New Roman,Times,serif;" class="_mt" size="3"&gt;)&lt;/font&gt;&lt;/td&gt;&lt;/tr&gt;&lt;/table&gt;&lt;/div&gt;

&lt;p style="margin: 0px;"&gt;&amp;nbsp;&lt;/p&gt;

&lt;p style="text-align: left;"&gt;&lt;font style="font-family: TimesNewRomanPSMT,Times New Roman,Times,serif;" class="_mt" size="3"&gt;(a) Represents revenues fromdiscontinued operations whichwere previouslyincluded inrevenues as previouslyreported. (b) Differences betweenthe sumofthe four quarterlyper share amounts and the annualper share amounts are attributable to the effect ofthe weighted average outstanding share calculations for the respective periods.&lt;/font&gt;&lt;/p&gt; &lt;/div&gt;</us-gaap:QuarterlyFinancialInformationTextBlock>
  <us-gaap:RealEstateAndAccumulatedDepreciationDisclosureTextBlock contextRef="Duration_1_1_2011_To_12_31_2011">&lt;div&gt; &lt;p style="text-align: left;"&gt;&lt;b&gt;&lt;font style="font-family: TimesNewRomanPS-BoldMT,Times New Roman,Times,serif;" class="_mt" size="2"&gt;Cedar Realty Trust, Inc. Schedule III&lt;/font&gt;&lt;/b&gt;&lt;/p&gt;

&lt;p style="text-align: left;"&gt;&lt;b&gt;&lt;font style="font-family: TimesNewRomanPS-BoldMT,Times New Roman,Times,serif;" class="_mt" size="2"&gt;Real Estate andAccumulated Depreciation Year ended December 31, 2011&lt;/font&gt;&lt;/b&gt;&lt;/p&gt;

&lt;div&gt;

&lt;table border="0" cellspacing="0"&gt;
&lt;tr&gt;&lt;td width="25%"&gt; &lt;/td&gt;
&lt;td width="8%"&gt; &lt;/td&gt;
&lt;td width="8%"&gt; &lt;/td&gt;
&lt;td width="8%"&gt; &lt;/td&gt;
&lt;td width="2%"&gt; &lt;/td&gt;
&lt;td width="8%"&gt; &lt;/td&gt;
&lt;td width="2%"&gt; &lt;/td&gt;
&lt;td width="8%"&gt; &lt;/td&gt;
&lt;td width="2%"&gt; &lt;/td&gt;
&lt;td width="8%"&gt; &lt;/td&gt;
&lt;td width="2%"&gt; &lt;/td&gt;
&lt;td width="8%"&gt; &lt;/td&gt;&lt;/tr&gt;
&lt;tr valign="bottom"&gt;&lt;td style="border-bottom: #000000 1px solid;" rowspan="3" width="25%" align="center"&gt;&lt;b&gt;&lt;font style="font-family: TimesNewRomanPS-BoldMT,Times New Roman,Times,serif;" class="_mt" size="2"&gt;Property&lt;/font&gt;&lt;/b&gt;&lt;/td&gt;
&lt;td style="border-bottom: #000000 1px solid;" rowspan="3" width="8%" align="center"&gt;&lt;b&gt;&lt;font style="font-family: TimesNewRomanPS-BoldMT,Times New Roman,Times,serif;" class="_mt" size="2"&gt;State&lt;/font&gt;&lt;/b&gt;&lt;/td&gt;
&lt;td style="border-bottom: #000000 1px solid;" rowspan="3" width="8%" align="center"&gt;&lt;b&gt;&lt;font style="font-family: TimesNewRomanPS-BoldMT,Times New Roman,Times,serif;" class="_mt" size="2"&gt;Year&lt;/font&gt;&lt;/b&gt;&lt;br /&gt;&lt;b&gt;&lt;font style="font-family: TimesNewRomanPS-BoldMT,Times New Roman,Times,serif;" class="_mt" size="2"&gt;acquired&lt;/font&gt;&lt;/b&gt;&lt;/td&gt;
&lt;td style="border-bottom: #000000 1px solid;" rowspan="3" width="10%" colspan="2" align="center"&gt;&lt;b&gt;&lt;font style="font-family: TimesNewRomanPS-BoldMT,Times New Roman,Times,serif;" class="_mt" size="2"&gt;Percent&lt;/font&gt;&lt;/b&gt;&lt;br /&gt;&lt;b&gt;&lt;font style="font-family: TimesNewRomanPS-BoldMT,Times New Roman,Times,serif;" class="_mt" size="2"&gt;owned&lt;/font&gt;&lt;/b&gt;&lt;/td&gt;
&lt;td style="border-bottom: #000000 1px solid;" rowspan="3" width="10%" colspan="2" align="center"&gt;&lt;b&gt;&lt;font style="font-family: TimesNewRomanPS-BoldMT,Times New Roman,Times,serif;" class="_mt" size="2"&gt;Year built/&lt;/font&gt;&lt;/b&gt;&lt;br /&gt;&lt;b&gt;&lt;font style="font-family: TimesNewRomanPS-BoldMT,Times New Roman,Times,serif;" class="_mt" size="2"&gt;Year last&lt;/font&gt;&lt;/b&gt;&lt;br /&gt;&lt;b&gt;&lt;font style="font-family: TimesNewRomanPS-BoldMT,Times New Roman,Times,serif;" class="_mt" size="2"&gt;renovated&lt;/font&gt;&lt;/b&gt;&lt;/td&gt;
&lt;td style="border-bottom: #000000 1px solid;" rowspan="3" width="8%" align="center"&gt;&lt;b&gt;&lt;font style="font-family: TimesNewRomanPS-BoldMT,Times New Roman,Times,serif;" class="_mt" size="2"&gt;Gross&lt;/font&gt;&lt;/b&gt;&lt;br /&gt;&lt;b&gt;&lt;font style="font-family: TimesNewRomanPS-BoldMT,Times New Roman,Times,serif;" class="_mt" size="2"&gt;leasable&lt;/font&gt;&lt;/b&gt;&lt;br /&gt;&lt;b&gt;&lt;font style="font-family: TimesNewRomanPS-BoldMT,Times New Roman,Times,serif;" class="_mt" size="2"&gt;area&lt;/font&gt;&lt;/b&gt;&lt;/td&gt;
&lt;td style="border-bottom: #000000 1px solid;" width="20%" colspan="4" align="center"&gt;&lt;b&gt;&lt;font style="font-family: TimesNewRomanPS-BoldMT,Times New Roman,Times,serif;" class="_mt" size="2"&gt;Initial cost to the Company&lt;/font&gt;&lt;/b&gt;&lt;/td&gt;&lt;/tr&gt;
&lt;tr valign="bottom"&gt;&lt;td style="border-bottom: #000000 1px solid;" rowspan="2" width="10%" colspan="2" align="center"&gt;&lt;b&gt;&lt;font style="font-family: TimesNewRomanPS-BoldMT,Times New Roman,Times,serif;" class="_mt" size="2"&gt;Land&lt;/font&gt;&lt;/b&gt;&lt;/td&gt;
&lt;td style="border-bottom: #000000 1px solid;" rowspan="2" width="10%" colspan="2" align="center"&gt;&lt;b&gt;&lt;font style="font-family: TimesNewRomanPS-BoldMT,Times New Roman,Times,serif;" class="_mt" size="2"&gt;Building and&lt;/font&gt;&lt;/b&gt;&lt;br /&gt;&lt;b&gt;&lt;font style="font-family: TimesNewRomanPS-BoldMT,Times New Roman,Times,serif;" class="_mt" size="2"&gt;Improvements&lt;/font&gt;&lt;/b&gt;&lt;/td&gt;&lt;/tr&gt;
&lt;tr&gt;&lt;td width="89%" colspan="12"&gt;&amp;nbsp;&lt;/td&gt;&lt;/tr&gt;
&lt;tr valign="bottom"&gt;&lt;td width="25%" align="left"&gt;&lt;font style="font-family: TimesNewRomanPSMT,Times New Roman,Times,serif;" class="_mt" size="2"&gt;Academy Plaza&lt;/font&gt;&lt;/td&gt;
&lt;td width="8%" align="left"&gt;&lt;font style="font-family: TimesNewRomanPSMT,Times New Roman,Times,serif;" class="_mt" size="2"&gt;PA&lt;/font&gt;&lt;/td&gt;
&lt;td width="8%" align="center"&gt;&lt;font style="font-family: TimesNewRomanPSMT,Times New Roman,Times,serif;" class="_mt" size="2"&gt;2001&lt;/font&gt;&lt;/td&gt;
&lt;td width="8%" align="right"&gt;&lt;font style="font-family: TimesNewRomanPSMT,Times New Roman,Times,serif;" class="_mt" size="2"&gt;100&lt;/font&gt;&lt;/td&gt;
&lt;td width="2%" align="left"&gt;&lt;font style="font-family: TimesNewRomanPSMT,Times New Roman,Times,serif;" class="_mt" size="2"&gt;%&lt;/font&gt;&lt;/td&gt;
&lt;td width="8%" align="right"&gt;&lt;font style="font-family: TimesNewRomanPSMT,Times New Roman,Times,serif;" class="_mt" size="2"&gt;1965/1998&lt;/font&gt;&lt;/td&gt;
&lt;td width="2%" align="left"&gt;&amp;nbsp;&lt;/td&gt;
&lt;td width="8%" align="right"&gt;&lt;font style="font-family: TimesNewRomanPSMT,Times New Roman,Times,serif;" class="_mt" size="2"&gt;151,977&lt;/font&gt;&lt;/td&gt;
&lt;td width="2%" align="left"&gt;&lt;font style="font-family: TimesNewRomanPSMT,Times New Roman,Times,serif;" class="_mt" size="2"&gt;$&lt;/font&gt;&lt;/td&gt;
&lt;td width="8%" align="right"&gt;&lt;font style="font-family: TimesNewRomanPSMT,Times New Roman,Times,serif;" class="_mt" size="2"&gt;2,406,000&lt;/font&gt;&lt;/td&gt;
&lt;td width="2%" align="left"&gt;&lt;font style="font-family: TimesNewRomanPSMT,Times New Roman,Times,serif;" class="_mt" size="2"&gt;$&lt;/font&gt;&lt;/td&gt;
&lt;td width="8%" align="right"&gt;&lt;font style="font-family: TimesNewRomanPSMT,Times New Roman,Times,serif;" class="_mt" size="2"&gt;9,623,000&lt;/font&gt;&lt;/td&gt;&lt;/tr&gt;
&lt;tr valign="bottom"&gt;&lt;td width="25%" align="left"&gt;&lt;font style="font-family: TimesNewRomanPSMT,Times New Roman,Times,serif;" class="_mt" size="2"&gt;Annie Land Plaza&lt;/font&gt;&lt;/td&gt;
&lt;td width="8%" align="left"&gt;&lt;font style="font-family: TimesNewRomanPSMT,Times New Roman,Times,serif;" class="_mt" size="2"&gt;VA&lt;/font&gt;&lt;/td&gt;
&lt;td width="8%" align="center"&gt;&lt;font style="font-family: TimesNewRomanPSMT,Times New Roman,Times,serif;" class="_mt" size="2"&gt;2006&lt;/font&gt;&lt;/td&gt;
&lt;td width="8%" align="right"&gt;&lt;font style="font-family: TimesNewRomanPSMT,Times New Roman,Times,serif;" class="_mt" size="2"&gt;100&lt;/font&gt;&lt;/td&gt;
&lt;td width="2%" align="left"&gt;&lt;font style="font-family: TimesNewRomanPSMT,Times New Roman,Times,serif;" class="_mt" size="2"&gt;%&lt;/font&gt;&lt;/td&gt;
&lt;td width="8%" align="right"&gt;&lt;font style="font-family: TimesNewRomanPSMT,Times New Roman,Times,serif;" class="_mt" size="2"&gt;1999&lt;/font&gt;&lt;/td&gt;
&lt;td width="2%" align="left"&gt;&amp;nbsp;&lt;/td&gt;
&lt;td width="8%" align="right"&gt;&lt;font style="font-family: TimesNewRomanPSMT,Times New Roman,Times,serif;" class="_mt" size="2"&gt;42,500&lt;/font&gt;&lt;/td&gt;
&lt;td width="2%" align="left"&gt;&amp;nbsp;&lt;/td&gt;
&lt;td width="8%" align="right"&gt;&lt;font style="font-family: TimesNewRomanPSMT,Times New Roman,Times,serif;" class="_mt" size="2"&gt;809,000&lt;/font&gt;&lt;/td&gt;
&lt;td width="2%" align="left"&gt;&amp;nbsp;&lt;/td&gt;
&lt;td width="8%" align="right"&gt;&lt;font style="font-family: TimesNewRomanPSMT,Times New Roman,Times,serif;" class="_mt" size="2"&gt;4,015,000&lt;/font&gt;&lt;/td&gt;&lt;/tr&gt;
&lt;tr valign="bottom"&gt;&lt;td width="25%" align="left"&gt;&lt;font style="font-family: TimesNewRomanPSMT,Times New Roman,Times,serif;" class="_mt" size="2"&gt;Camp Hill&lt;/font&gt;&lt;/td&gt;
&lt;td width="8%" align="left"&gt;&lt;font style="font-family: TimesNewRomanPSMT,Times New Roman,Times,serif;" class="_mt" size="2"&gt;PA&lt;/font&gt;&lt;/td&gt;
&lt;td width="8%" align="center"&gt;&lt;font style="font-family: TimesNewRomanPSMT,Times New Roman,Times,serif;" class="_mt" size="2"&gt;2002&lt;/font&gt;&lt;/td&gt;
&lt;td width="8%" align="right"&gt;&lt;font style="font-family: TimesNewRomanPSMT,Times New Roman,Times,serif;" class="_mt" size="2"&gt;100&lt;/font&gt;&lt;/td&gt;
&lt;td width="2%" align="left"&gt;&lt;font style="font-family: TimesNewRomanPSMT,Times New Roman,Times,serif;" class="_mt" size="2"&gt;%&lt;/font&gt;&lt;/td&gt;
&lt;td width="8%" align="right"&gt;&lt;font style="font-family: TimesNewRomanPSMT,Times New Roman,Times,serif;" class="_mt" size="2"&gt;1958/2005&lt;/font&gt;&lt;/td&gt;
&lt;td width="2%" align="left"&gt;&amp;nbsp;&lt;/td&gt;
&lt;td width="8%" align="right"&gt;&lt;font style="font-family: TimesNewRomanPSMT,Times New Roman,Times,serif;" class="_mt" size="2"&gt;472,717&lt;/font&gt;&lt;/td&gt;
&lt;td width="2%" align="left"&gt;&amp;nbsp;&lt;/td&gt;
&lt;td width="8%" align="right"&gt;&lt;font style="font-family: TimesNewRomanPSMT,Times New Roman,Times,serif;" class="_mt" size="2"&gt;4,460,000&lt;/font&gt;&lt;/td&gt;
&lt;td width="2%" align="left"&gt;&amp;nbsp;&lt;/td&gt;
&lt;td width="8%" align="right"&gt;&lt;font style="font-family: TimesNewRomanPSMT,Times New Roman,Times,serif;" class="_mt" size="2"&gt;17,857,000&lt;/font&gt;&lt;/td&gt;&lt;/tr&gt;
&lt;tr valign="bottom"&gt;&lt;td width="25%" align="left"&gt;&lt;font style="font-family: TimesNewRomanPSMT,Times New Roman,Times,serif;" class="_mt" size="2"&gt;Carbondale Plaza&lt;/font&gt;&lt;/td&gt;
&lt;td width="8%" align="left"&gt;&lt;font style="font-family: TimesNewRomanPSMT,Times New Roman,Times,serif;" class="_mt" size="2"&gt;PA&lt;/font&gt;&lt;/td&gt;
&lt;td width="8%" align="center"&gt;&lt;font style="font-family: TimesNewRomanPSMT,Times New Roman,Times,serif;" class="_mt" size="2"&gt;2004&lt;/font&gt;&lt;/td&gt;
&lt;td width="8%" align="right"&gt;&lt;font style="font-family: TimesNewRomanPSMT,Times New Roman,Times,serif;" class="_mt" size="2"&gt;100&lt;/font&gt;&lt;/td&gt;
&lt;td width="2%" align="left"&gt;&lt;font style="font-family: TimesNewRomanPSMT,Times New Roman,Times,serif;" class="_mt" size="2"&gt;%&lt;/font&gt;&lt;/td&gt;
&lt;td width="8%" align="right"&gt;&lt;font style="font-family: TimesNewRomanPSMT,Times New Roman,Times,serif;" class="_mt" size="2"&gt;1972/2005&lt;/font&gt;&lt;/td&gt;
&lt;td width="2%" align="left"&gt;&amp;nbsp;&lt;/td&gt;
&lt;td width="8%" align="right"&gt;&lt;font style="font-family: TimesNewRomanPSMT,Times New Roman,Times,serif;" class="_mt" size="2"&gt;121,135&lt;/font&gt;&lt;/td&gt;
&lt;td width="2%" align="left"&gt;&amp;nbsp;&lt;/td&gt;
&lt;td width="8%" align="right"&gt;&lt;font style="font-family: TimesNewRomanPSMT,Times New Roman,Times,serif;" class="_mt" size="2"&gt;1,586,000&lt;/font&gt;&lt;/td&gt;
&lt;td width="2%" align="left"&gt;&amp;nbsp;&lt;/td&gt;
&lt;td width="8%" align="right"&gt;&lt;font style="font-family: TimesNewRomanPSMT,Times New Roman,Times,serif;" class="_mt" size="2"&gt;7,289,000&lt;/font&gt;&lt;/td&gt;&lt;/tr&gt;
&lt;tr valign="bottom"&gt;&lt;td width="25%" align="left"&gt;&lt;font style="font-family: TimesNewRomanPSMT,Times New Roman,Times,serif;" class="_mt" size="2"&gt;Carll's Corner&lt;/font&gt;&lt;/td&gt;
&lt;td width="8%" align="left"&gt;&lt;font style="font-family: TimesNewRomanPSMT,Times New Roman,Times,serif;" class="_mt" size="2"&gt;NJ&lt;/font&gt;&lt;/td&gt;
&lt;td width="8%" align="center"&gt;&lt;font style="font-family: TimesNewRomanPSMT,Times New Roman,Times,serif;" class="_mt" size="2"&gt;2007&lt;/font&gt;&lt;/td&gt;
&lt;td width="8%" align="right"&gt;&lt;font style="font-family: TimesNewRomanPSMT,Times New Roman,Times,serif;" class="_mt" size="2"&gt;100&lt;/font&gt;&lt;/td&gt;
&lt;td width="2%" align="left"&gt;&lt;font style="font-family: TimesNewRomanPSMT,Times New Roman,Times,serif;" class="_mt" size="2"&gt;%&lt;/font&gt;&lt;/td&gt;
&lt;td width="8%" align="right"&gt;&lt;font style="font-family: TimesNewRomanPSMT,Times New Roman,Times,serif;" class="_mt" size="2"&gt;1960's-1999&lt;/font&gt;&lt;/td&gt;
&lt;td width="2%" align="left"&gt;&lt;font style="font-family: TimesNewRomanPSMT,Times New Roman,Times,serif;" class="_mt" size="2"&gt;/&lt;/font&gt;&lt;/td&gt;
&lt;td width="8%" align="right"&gt;&lt;font style="font-family: TimesNewRomanPSMT,Times New Roman,Times,serif;" class="_mt" size="2"&gt;129,582&lt;/font&gt;&lt;/td&gt;
&lt;td width="2%" align="left"&gt;&amp;nbsp;&lt;/td&gt;
&lt;td width="8%" align="right"&gt;&lt;font style="font-family: TimesNewRomanPSMT,Times New Roman,Times,serif;" class="_mt" size="2"&gt;3,034,000&lt;/font&gt;&lt;/td&gt;
&lt;td width="2%" align="left"&gt;&amp;nbsp;&lt;/td&gt;
&lt;td width="8%" align="right"&gt;&lt;font style="font-family: TimesNewRomanPSMT,Times New Roman,Times,serif;" class="_mt" size="2"&gt;15,293,000&lt;/font&gt;&lt;/td&gt;&lt;/tr&gt;
&lt;tr valign="bottom"&gt;&lt;td width="25%" align="left"&gt;&lt;font style="font-family: TimesNewRomanPSMT,Times New Roman,Times,serif;" class="_mt" size="2"&gt;Carmans Plaza&lt;/font&gt;&lt;/td&gt;
&lt;td width="8%" align="left"&gt;&lt;font style="font-family: TimesNewRomanPSMT,Times New Roman,Times,serif;" class="_mt" size="2"&gt;NY&lt;/font&gt;&lt;/td&gt;
&lt;td width="8%" align="center"&gt;&lt;font style="font-family: TimesNewRomanPSMT,Times New Roman,Times,serif;" class="_mt" size="2"&gt;2007&lt;/font&gt;&lt;/td&gt;
&lt;td width="8%" align="right"&gt;&lt;font style="font-family: TimesNewRomanPSMT,Times New Roman,Times,serif;" class="_mt" size="2"&gt;100&lt;/font&gt;&lt;/td&gt;
&lt;td width="2%" align="left"&gt;&lt;font style="font-family: TimesNewRomanPSMT,Times New Roman,Times,serif;" class="_mt" size="2"&gt;%&lt;/font&gt;&lt;/td&gt;
&lt;td width="8%" align="right"&gt;&lt;font style="font-family: TimesNewRomanPSMT,Times New Roman,Times,serif;" class="_mt" size="2"&gt;1954/2007&lt;/font&gt;&lt;/td&gt;
&lt;td width="2%" align="left"&gt;&amp;nbsp;&lt;/td&gt;
&lt;td width="8%" align="right"&gt;&lt;font style="font-family: TimesNewRomanPSMT,Times New Roman,Times,serif;" class="_mt" size="2"&gt;194,806&lt;/font&gt;&lt;/td&gt;
&lt;td width="2%" align="left"&gt;&amp;nbsp;&lt;/td&gt;
&lt;td width="8%" align="right"&gt;&lt;font style="font-family: TimesNewRomanPSMT,Times New Roman,Times,serif;" class="_mt" size="2"&gt;8,539,000&lt;/font&gt;&lt;/td&gt;
&lt;td width="2%" align="left"&gt;&amp;nbsp;&lt;/td&gt;
&lt;td width="8%" align="right"&gt;&lt;font style="font-family: TimesNewRomanPSMT,Times New Roman,Times,serif;" class="_mt" size="2"&gt;35,804,000&lt;/font&gt;&lt;/td&gt;&lt;/tr&gt;
&lt;tr valign="bottom"&gt;&lt;td width="25%" align="left"&gt;&lt;font style="font-family: TimesNewRomanPSMT,Times New Roman,Times,serif;" class="_mt" size="2"&gt;Circle Plaza&lt;/font&gt;&lt;/td&gt;
&lt;td width="8%" align="left"&gt;&lt;font style="font-family: TimesNewRomanPSMT,Times New Roman,Times,serif;" class="_mt" size="2"&gt;PA&lt;/font&gt;&lt;/td&gt;
&lt;td width="8%" align="center"&gt;&lt;font style="font-family: TimesNewRomanPSMT,Times New Roman,Times,serif;" class="_mt" size="2"&gt;2007&lt;/font&gt;&lt;/td&gt;
&lt;td width="8%" align="right"&gt;&lt;font style="font-family: TimesNewRomanPSMT,Times New Roman,Times,serif;" class="_mt" size="2"&gt;100&lt;/font&gt;&lt;/td&gt;
&lt;td width="2%" align="left"&gt;&lt;font style="font-family: TimesNewRomanPSMT,Times New Roman,Times,serif;" class="_mt" size="2"&gt;%&lt;/font&gt;&lt;/td&gt;
&lt;td width="8%" align="right"&gt;&lt;font style="font-family: TimesNewRomanPSMT,Times New Roman,Times,serif;" class="_mt" size="2"&gt;1979/1991&lt;/font&gt;&lt;/td&gt;
&lt;td width="2%" align="left"&gt;&amp;nbsp;&lt;/td&gt;
&lt;td width="8%" align="right"&gt;&lt;font style="font-family: TimesNewRomanPSMT,Times New Roman,Times,serif;" class="_mt" size="2"&gt;92,171&lt;/font&gt;&lt;/td&gt;
&lt;td width="2%" align="left"&gt;&amp;nbsp;&lt;/td&gt;
&lt;td width="8%" align="right"&gt;&lt;font style="font-family: TimesNewRomanPSMT,Times New Roman,Times,serif;" class="_mt" size="2"&gt;561,000&lt;/font&gt;&lt;/td&gt;
&lt;td width="2%" align="left"&gt;&amp;nbsp;&lt;/td&gt;
&lt;td width="8%" align="right"&gt;&lt;font style="font-family: TimesNewRomanPSMT,Times New Roman,Times,serif;" class="_mt" size="2"&gt;2,884,000&lt;/font&gt;&lt;/td&gt;&lt;/tr&gt;
&lt;tr valign="bottom"&gt;&lt;td width="25%" align="left"&gt;&lt;font style="font-family: TimesNewRomanPSMT,Times New Roman,Times,serif;" class="_mt" size="2"&gt;Coliseum Marketplace&lt;/font&gt;&lt;/td&gt;
&lt;td width="8%" align="left"&gt;&lt;font style="font-family: TimesNewRomanPSMT,Times New Roman,Times,serif;" class="_mt" size="2"&gt;VA&lt;/font&gt;&lt;/td&gt;
&lt;td width="8%" align="center"&gt;&lt;font style="font-family: TimesNewRomanPSMT,Times New Roman,Times,serif;" class="_mt" size="2"&gt;2005&lt;/font&gt;&lt;/td&gt;
&lt;td width="8%" align="right"&gt;&lt;font style="font-family: TimesNewRomanPSMT,Times New Roman,Times,serif;" class="_mt" size="2"&gt;100&lt;/font&gt;&lt;/td&gt;
&lt;td width="2%" align="left"&gt;&lt;font style="font-family: TimesNewRomanPSMT,Times New Roman,Times,serif;" class="_mt" size="2"&gt;%&lt;/font&gt;&lt;/td&gt;
&lt;td width="8%" align="right"&gt;&lt;font style="font-family: TimesNewRomanPSMT,Times New Roman,Times,serif;" class="_mt" size="2"&gt;1987/2005&lt;/font&gt;&lt;/td&gt;
&lt;td width="2%" align="left"&gt;&amp;nbsp;&lt;/td&gt;
&lt;td width="8%" align="right"&gt;&lt;font style="font-family: TimesNewRomanPSMT,Times New Roman,Times,serif;" class="_mt" size="2"&gt;103,069&lt;/font&gt;&lt;/td&gt;
&lt;td width="2%" align="left"&gt;&amp;nbsp;&lt;/td&gt;
&lt;td width="8%" align="right"&gt;&lt;font style="font-family: TimesNewRomanPSMT,Times New Roman,Times,serif;" class="_mt" size="2"&gt;2,924,000&lt;/font&gt;&lt;/td&gt;
&lt;td width="2%" align="left"&gt;&amp;nbsp;&lt;/td&gt;
&lt;td width="8%" align="right"&gt;&lt;font style="font-family: TimesNewRomanPSMT,Times New Roman,Times,serif;" class="_mt" size="2"&gt;14,416,000&lt;/font&gt;&lt;/td&gt;&lt;/tr&gt;
&lt;tr valign="bottom"&gt;&lt;td width="25%" align="left"&gt;&lt;font style="font-family: TimesNewRomanPSMT,Times New Roman,Times,serif;" class="_mt" size="2"&gt;Colonial Commons&lt;/font&gt;&lt;/td&gt;
&lt;td width="8%" align="left"&gt;&lt;font style="font-family: TimesNewRomanPSMT,Times New Roman,Times,serif;" class="_mt" size="2"&gt;PA&lt;/font&gt;&lt;/td&gt;
&lt;td width="8%" align="center"&gt;&lt;font style="font-family: TimesNewRomanPSMT,Times New Roman,Times,serif;" class="_mt" size="2"&gt;2011&lt;/font&gt;&lt;/td&gt;
&lt;td width="8%" align="right"&gt;&lt;font style="font-family: TimesNewRomanPSMT,Times New Roman,Times,serif;" class="_mt" size="2"&gt;100&lt;/font&gt;&lt;/td&gt;
&lt;td width="2%" align="left"&gt;&lt;font style="font-family: TimesNewRomanPSMT,Times New Roman,Times,serif;" class="_mt" size="2"&gt;%&lt;/font&gt;&lt;/td&gt;
&lt;td width="8%" align="right"&gt;&lt;font style="font-family: TimesNewRomanPSMT,Times New Roman,Times,serif;" class="_mt" size="2"&gt;2011&lt;/font&gt;&lt;/td&gt;
&lt;td width="2%" align="left"&gt;&amp;nbsp;&lt;/td&gt;
&lt;td width="8%" align="right"&gt;&lt;font style="font-family: TimesNewRomanPSMT,Times New Roman,Times,serif;" class="_mt" size="2"&gt;474,765&lt;/font&gt;&lt;/td&gt;
&lt;td width="2%" align="left"&gt;&amp;nbsp;&lt;/td&gt;
&lt;td width="8%" align="right"&gt;&lt;font style="font-family: TimesNewRomanPSMT,Times New Roman,Times,serif;" class="_mt" size="2"&gt;9,367,000&lt;/font&gt;&lt;/td&gt;
&lt;td width="2%" align="left"&gt;&amp;nbsp;&lt;/td&gt;
&lt;td width="8%" align="right"&gt;&lt;font style="font-family: TimesNewRomanPSMT,Times New Roman,Times,serif;" class="_mt" size="2"&gt;37,496,000&lt;/font&gt;&lt;/td&gt;&lt;/tr&gt;
&lt;tr valign="bottom"&gt;&lt;td width="25%" align="left"&gt;&lt;font style="font-family: TimesNewRomanPSMT,Times New Roman,Times,serif;" class="_mt" size="2"&gt;Crossroads II&lt;/font&gt;&lt;/td&gt;
&lt;td width="8%" align="left"&gt;&lt;font style="font-family: TimesNewRomanPSMT,Times New Roman,Times,serif;" class="_mt" size="2"&gt;PA&lt;/font&gt;&lt;/td&gt;
&lt;td width="8%" align="center"&gt;&lt;font style="font-family: TimesNewRomanPSMT,Times New Roman,Times,serif;" class="_mt" size="2"&gt;2008&lt;/font&gt;&lt;/td&gt;
&lt;td width="8%" align="right"&gt;&lt;font style="font-family: TimesNewRomanPSMT,Times New Roman,Times,serif;" class="_mt" size="2"&gt;60&lt;/font&gt;&lt;/td&gt;
&lt;td width="2%" align="left"&gt;&lt;font style="font-family: TimesNewRomanPSMT,Times New Roman,Times,serif;" class="_mt" size="2"&gt;%&lt;/font&gt;&lt;/td&gt;
&lt;td width="8%" align="right"&gt;&lt;font style="font-family: TimesNewRomanPSMT,Times New Roman,Times,serif;" class="_mt" size="2"&gt;2009&lt;/font&gt;&lt;/td&gt;
&lt;td width="2%" align="left"&gt;&amp;nbsp;&lt;/td&gt;
&lt;td width="8%" align="right"&gt;&lt;font style="font-family: TimesNewRomanPSMT,Times New Roman,Times,serif;" class="_mt" size="2"&gt;133,188&lt;/font&gt;&lt;/td&gt;
&lt;td width="2%" align="left"&gt;&amp;nbsp;&lt;/td&gt;
&lt;td width="8%" align="right"&gt;&lt;font style="font-family: TimesNewRomanPSMT,Times New Roman,Times,serif;" class="_mt" size="2"&gt;15,383,000&lt;/font&gt;&lt;/td&gt;
&lt;td width="2%" align="left"&gt;&amp;nbsp;&lt;/td&gt;
&lt;td width="8%" align="right"&gt;&lt;font style="font-family: TimesNewRomanPSMT,Times New Roman,Times,serif;" class="_mt" size="2"&gt;-&lt;/font&gt;&lt;/td&gt;&lt;/tr&gt;
&lt;tr valign="bottom"&gt;&lt;td width="25%" align="left"&gt;&lt;font style="font-family: TimesNewRomanPSMT,Times New Roman,Times,serif;" class="_mt" size="2"&gt;East Chestnut&lt;/font&gt;&lt;/td&gt;
&lt;td width="8%" align="left"&gt;&lt;font style="font-family: TimesNewRomanPSMT,Times New Roman,Times,serif;" class="_mt" size="2"&gt;PA&lt;/font&gt;&lt;/td&gt;
&lt;td width="8%" align="center"&gt;&lt;font style="font-family: TimesNewRomanPSMT,Times New Roman,Times,serif;" class="_mt" size="2"&gt;2005&lt;/font&gt;&lt;/td&gt;
&lt;td width="8%" align="right"&gt;&lt;font style="font-family: TimesNewRomanPSMT,Times New Roman,Times,serif;" class="_mt" size="2"&gt;100&lt;/font&gt;&lt;/td&gt;
&lt;td width="2%" align="left"&gt;&lt;font style="font-family: TimesNewRomanPSMT,Times New Roman,Times,serif;" class="_mt" size="2"&gt;%&lt;/font&gt;&lt;/td&gt;
&lt;td width="8%" align="right"&gt;&lt;font style="font-family: TimesNewRomanPSMT,Times New Roman,Times,serif;" class="_mt" size="2"&gt;1996&lt;/font&gt;&lt;/td&gt;
&lt;td width="2%" align="left"&gt;&amp;nbsp;&lt;/td&gt;
&lt;td width="8%" align="right"&gt;&lt;font style="font-family: TimesNewRomanPSMT,Times New Roman,Times,serif;" class="_mt" size="2"&gt;21,180&lt;/font&gt;&lt;/td&gt;
&lt;td width="2%" align="left"&gt;&amp;nbsp;&lt;/td&gt;
&lt;td width="8%" align="right"&gt;&lt;font style="font-family: TimesNewRomanPSMT,Times New Roman,Times,serif;" class="_mt" size="2"&gt;800,000&lt;/font&gt;&lt;/td&gt;
&lt;td width="2%" align="left"&gt;&amp;nbsp;&lt;/td&gt;
&lt;td width="8%" align="right"&gt;&lt;font style="font-family: TimesNewRomanPSMT,Times New Roman,Times,serif;" class="_mt" size="2"&gt;3,699,000&lt;/font&gt;&lt;/td&gt;&lt;/tr&gt;
&lt;tr valign="bottom"&gt;&lt;td width="25%" align="left"&gt;&lt;font style="font-family: TimesNewRomanPSMT,Times New Roman,Times,serif;" class="_mt" size="2"&gt;Elmhurst Square&lt;/font&gt;&lt;/td&gt;
&lt;td width="8%" align="left"&gt;&lt;font style="font-family: TimesNewRomanPSMT,Times New Roman,Times,serif;" class="_mt" size="2"&gt;VA&lt;/font&gt;&lt;/td&gt;
&lt;td width="8%" align="center"&gt;&lt;font style="font-family: TimesNewRomanPSMT,Times New Roman,Times,serif;" class="_mt" size="2"&gt;2006&lt;/font&gt;&lt;/td&gt;
&lt;td width="8%" align="right"&gt;&lt;font style="font-family: TimesNewRomanPSMT,Times New Roman,Times,serif;" class="_mt" size="2"&gt;100&lt;/font&gt;&lt;/td&gt;
&lt;td width="2%" align="left"&gt;&lt;font style="font-family: TimesNewRomanPSMT,Times New Roman,Times,serif;" class="_mt" size="2"&gt;%&lt;/font&gt;&lt;/td&gt;
&lt;td width="8%" align="right"&gt;&lt;font style="font-family: TimesNewRomanPSMT,Times New Roman,Times,serif;" class="_mt" size="2"&gt;1961-1983&lt;/font&gt;&lt;/td&gt;
&lt;td width="2%" align="left"&gt;&amp;nbsp;&lt;/td&gt;
&lt;td width="8%" align="right"&gt;&lt;font style="font-family: TimesNewRomanPSMT,Times New Roman,Times,serif;" class="_mt" size="2"&gt;66,250&lt;/font&gt;&lt;/td&gt;
&lt;td width="2%" align="left"&gt;&amp;nbsp;&lt;/td&gt;
&lt;td width="8%" align="right"&gt;&lt;font style="font-family: TimesNewRomanPSMT,Times New Roman,Times,serif;" class="_mt" size="2"&gt;1,371,000&lt;/font&gt;&lt;/td&gt;
&lt;td width="2%" align="left"&gt;&amp;nbsp;&lt;/td&gt;
&lt;td width="8%" align="right"&gt;&lt;font style="font-family: TimesNewRomanPSMT,Times New Roman,Times,serif;" class="_mt" size="2"&gt;5,994,000&lt;/font&gt;&lt;/td&gt;&lt;/tr&gt;
&lt;tr valign="bottom"&gt;&lt;td width="25%" align="left"&gt;&lt;font style="font-family: TimesNewRomanPSMT,Times New Roman,Times,serif;" class="_mt" size="2"&gt;Fairview Plaza&lt;/font&gt;&lt;/td&gt;
&lt;td width="8%" align="left"&gt;&lt;font style="font-family: TimesNewRomanPSMT,Times New Roman,Times,serif;" class="_mt" size="2"&gt;PA&lt;/font&gt;&lt;/td&gt;
&lt;td width="8%" align="center"&gt;&lt;font style="font-family: TimesNewRomanPSMT,Times New Roman,Times,serif;" class="_mt" size="2"&gt;2003&lt;/font&gt;&lt;/td&gt;
&lt;td width="8%" align="right"&gt;&lt;font style="font-family: TimesNewRomanPSMT,Times New Roman,Times,serif;" class="_mt" size="2"&gt;100&lt;/font&gt;&lt;/td&gt;
&lt;td width="2%" align="left"&gt;&lt;font style="font-family: TimesNewRomanPSMT,Times New Roman,Times,serif;" class="_mt" size="2"&gt;%&lt;/font&gt;&lt;/td&gt;
&lt;td width="8%" align="right"&gt;&lt;font style="font-family: TimesNewRomanPSMT,Times New Roman,Times,serif;" class="_mt" size="2"&gt;1992&lt;/font&gt;&lt;/td&gt;
&lt;td width="2%" align="left"&gt;&amp;nbsp;&lt;/td&gt;
&lt;td width="8%" align="right"&gt;&lt;font style="font-family: TimesNewRomanPSMT,Times New Roman,Times,serif;" class="_mt" size="2"&gt;69,579&lt;/font&gt;&lt;/td&gt;
&lt;td width="2%" align="left"&gt;&amp;nbsp;&lt;/td&gt;
&lt;td width="8%" align="right"&gt;&lt;font style="font-family: TimesNewRomanPSMT,Times New Roman,Times,serif;" class="_mt" size="2"&gt;2,128,000&lt;/font&gt;&lt;/td&gt;
&lt;td width="2%" align="left"&gt;&amp;nbsp;&lt;/td&gt;
&lt;td width="8%" align="right"&gt;&lt;font style="font-family: TimesNewRomanPSMT,Times New Roman,Times,serif;" class="_mt" size="2"&gt;8,483,000&lt;/font&gt;&lt;/td&gt;&lt;/tr&gt;
&lt;tr valign="bottom"&gt;&lt;td width="25%" align="left"&gt;&lt;font style="font-family: TimesNewRomanPSMT,Times New Roman,Times,serif;" class="_mt" size="2"&gt;Fairview Commons&lt;/font&gt;&lt;/td&gt;
&lt;td width="8%" align="left"&gt;&lt;font style="font-family: TimesNewRomanPSMT,Times New Roman,Times,serif;" class="_mt" size="2"&gt;PA&lt;/font&gt;&lt;/td&gt;
&lt;td width="8%" align="center"&gt;&lt;font style="font-family: TimesNewRomanPSMT,Times New Roman,Times,serif;" class="_mt" size="2"&gt;2007&lt;/font&gt;&lt;/td&gt;
&lt;td width="8%" align="right"&gt;&lt;font style="font-family: TimesNewRomanPSMT,Times New Roman,Times,serif;" class="_mt" size="2"&gt;100&lt;/font&gt;&lt;/td&gt;
&lt;td width="2%" align="left"&gt;&lt;font style="font-family: TimesNewRomanPSMT,Times New Roman,Times,serif;" class="_mt" size="2"&gt;%&lt;/font&gt;&lt;/td&gt;
&lt;td width="8%" align="right"&gt;&lt;font style="font-family: TimesNewRomanPSMT,Times New Roman,Times,serif;" class="_mt" size="2"&gt;1976/2003&lt;/font&gt;&lt;/td&gt;
&lt;td width="2%" align="left"&gt;&amp;nbsp;&lt;/td&gt;
&lt;td width="8%" align="right"&gt;&lt;font style="font-family: TimesNewRomanPSMT,Times New Roman,Times,serif;" class="_mt" size="2"&gt;59,578&lt;/font&gt;&lt;/td&gt;
&lt;td width="2%" align="left"&gt;&amp;nbsp;&lt;/td&gt;
&lt;td width="8%" align="right"&gt;&lt;font style="font-family: TimesNewRomanPSMT,Times New Roman,Times,serif;" class="_mt" size="2"&gt;858,000&lt;/font&gt;&lt;/td&gt;
&lt;td width="2%" align="left"&gt;&amp;nbsp;&lt;/td&gt;
&lt;td width="8%" align="right"&gt;&lt;font style="font-family: TimesNewRomanPSMT,Times New Roman,Times,serif;" class="_mt" size="2"&gt;3,568,000&lt;/font&gt;&lt;/td&gt;&lt;/tr&gt;
&lt;tr valign="bottom"&gt;&lt;td width="25%" align="left"&gt;&lt;font style="font-family: TimesNewRomanPSMT,Times New Roman,Times,serif;" class="_mt" size="2"&gt;Fieldstone Marketplace&lt;/font&gt;&lt;/td&gt;
&lt;td width="8%" align="left"&gt;&lt;font style="font-family: TimesNewRomanPSMT,Times New Roman,Times,serif;" class="_mt" size="2"&gt;MA&lt;/font&gt;&lt;/td&gt;
&lt;td width="8%" align="center"&gt;&lt;font style="font-family: TimesNewRomanPSMT,Times New Roman,Times,serif;" class="_mt" size="2"&gt;2005&lt;/font&gt;&lt;/td&gt;
&lt;td width="8%" align="right"&gt;&lt;font style="font-family: TimesNewRomanPSMT,Times New Roman,Times,serif;" class="_mt" size="2"&gt;20&lt;/font&gt;&lt;/td&gt;
&lt;td width="2%" align="left"&gt;&lt;font style="font-family: TimesNewRomanPSMT,Times New Roman,Times,serif;" class="_mt" size="2"&gt;%&lt;/font&gt;&lt;/td&gt;
&lt;td width="8%" align="right"&gt;&lt;font style="font-family: TimesNewRomanPSMT,Times New Roman,Times,serif;" class="_mt" size="2"&gt;1988/2003&lt;/font&gt;&lt;/td&gt;
&lt;td width="2%" align="left"&gt;&amp;nbsp;&lt;/td&gt;
&lt;td width="8%" align="right"&gt;&lt;font style="font-family: TimesNewRomanPSMT,Times New Roman,Times,serif;" class="_mt" size="2"&gt;193,970&lt;/font&gt;&lt;/td&gt;
&lt;td width="2%" align="left"&gt;&amp;nbsp;&lt;/td&gt;
&lt;td width="8%" align="right"&gt;&lt;font style="font-family: TimesNewRomanPSMT,Times New Roman,Times,serif;" class="_mt" size="2"&gt;5,229,000&lt;/font&gt;&lt;/td&gt;
&lt;td width="2%" align="left"&gt;&amp;nbsp;&lt;/td&gt;
&lt;td width="8%" align="right"&gt;&lt;font style="font-family: TimesNewRomanPSMT,Times New Roman,Times,serif;" class="_mt" size="2"&gt;21,440,000&lt;/font&gt;&lt;/td&gt;&lt;/tr&gt;
&lt;tr valign="bottom"&gt;&lt;td width="25%" align="left"&gt;&lt;font style="font-family: TimesNewRomanPSMT,Times New Roman,Times,serif;" class="_mt" size="2"&gt;Fort Washington&lt;/font&gt;&lt;/td&gt;
&lt;td width="8%" align="left"&gt;&lt;font style="font-family: TimesNewRomanPSMT,Times New Roman,Times,serif;" class="_mt" size="2"&gt;PA&lt;/font&gt;&lt;/td&gt;
&lt;td width="8%" align="center"&gt;&lt;font style="font-family: TimesNewRomanPSMT,Times New Roman,Times,serif;" class="_mt" size="2"&gt;2002&lt;/font&gt;&lt;/td&gt;
&lt;td width="8%" align="right"&gt;&lt;font style="font-family: TimesNewRomanPSMT,Times New Roman,Times,serif;" class="_mt" size="2"&gt;100&lt;/font&gt;&lt;/td&gt;
&lt;td width="2%" align="left"&gt;&lt;font style="font-family: TimesNewRomanPSMT,Times New Roman,Times,serif;" class="_mt" size="2"&gt;%&lt;/font&gt;&lt;/td&gt;
&lt;td width="8%" align="right"&gt;&lt;font style="font-family: TimesNewRomanPSMT,Times New Roman,Times,serif;" class="_mt" size="2"&gt;2003&lt;/font&gt;&lt;/td&gt;
&lt;td width="2%" align="left"&gt;&amp;nbsp;&lt;/td&gt;
&lt;td width="8%" align="right"&gt;&lt;font style="font-family: TimesNewRomanPSMT,Times New Roman,Times,serif;" class="_mt" size="2"&gt;41,000&lt;/font&gt;&lt;/td&gt;
&lt;td width="2%" align="left"&gt;&amp;nbsp;&lt;/td&gt;
&lt;td width="8%" align="right"&gt;&lt;font style="font-family: TimesNewRomanPSMT,Times New Roman,Times,serif;" class="_mt" size="2"&gt;2,462,000&lt;/font&gt;&lt;/td&gt;
&lt;td width="2%" align="left"&gt;&amp;nbsp;&lt;/td&gt;
&lt;td width="8%" align="right"&gt;&lt;font style="font-family: TimesNewRomanPSMT,Times New Roman,Times,serif;" class="_mt" size="2"&gt;-&lt;/font&gt;&lt;/td&gt;&lt;/tr&gt;
&lt;tr valign="bottom"&gt;&lt;td width="25%" align="left"&gt;&lt;font style="font-family: TimesNewRomanPSMT,Times New Roman,Times,serif;" class="_mt" size="2"&gt;General Booth Plaza&lt;/font&gt;&lt;/td&gt;
&lt;td width="8%" align="left"&gt;&lt;font style="font-family: TimesNewRomanPSMT,Times New Roman,Times,serif;" class="_mt" size="2"&gt;VA&lt;/font&gt;&lt;/td&gt;
&lt;td width="8%" align="center"&gt;&lt;font style="font-family: TimesNewRomanPSMT,Times New Roman,Times,serif;" class="_mt" size="2"&gt;2005&lt;/font&gt;&lt;/td&gt;
&lt;td width="8%" align="right"&gt;&lt;font style="font-family: TimesNewRomanPSMT,Times New Roman,Times,serif;" class="_mt" size="2"&gt;100&lt;/font&gt;&lt;/td&gt;
&lt;td width="2%" align="left"&gt;&lt;font style="font-family: TimesNewRomanPSMT,Times New Roman,Times,serif;" class="_mt" size="2"&gt;%&lt;/font&gt;&lt;/td&gt;
&lt;td width="8%" align="right"&gt;&lt;font style="font-family: TimesNewRomanPSMT,Times New Roman,Times,serif;" class="_mt" size="2"&gt;1985&lt;/font&gt;&lt;/td&gt;
&lt;td width="2%" align="left"&gt;&amp;nbsp;&lt;/td&gt;
&lt;td width="8%" align="right"&gt;&lt;font style="font-family: TimesNewRomanPSMT,Times New Roman,Times,serif;" class="_mt" size="2"&gt;73,320&lt;/font&gt;&lt;/td&gt;
&lt;td width="2%" align="left"&gt;&amp;nbsp;&lt;/td&gt;
&lt;td width="8%" align="right"&gt;&lt;font style="font-family: TimesNewRomanPSMT,Times New Roman,Times,serif;" class="_mt" size="2"&gt;1,935,000&lt;/font&gt;&lt;/td&gt;
&lt;td width="2%" align="left"&gt;&amp;nbsp;&lt;/td&gt;
&lt;td width="8%" align="right"&gt;&lt;font style="font-family: TimesNewRomanPSMT,Times New Roman,Times,serif;" class="_mt" size="2"&gt;9,493,000&lt;/font&gt;&lt;/td&gt;&lt;/tr&gt;
&lt;tr valign="bottom"&gt;&lt;td width="25%" align="left"&gt;&lt;font style="font-family: TimesNewRomanPSMT,Times New Roman,Times,serif;" class="_mt" size="2"&gt;Gold Star Plaza&lt;/font&gt;&lt;/td&gt;
&lt;td width="8%" align="left"&gt;&lt;font style="font-family: TimesNewRomanPSMT,Times New Roman,Times,serif;" class="_mt" size="2"&gt;PA&lt;/font&gt;&lt;/td&gt;
&lt;td width="8%" align="center"&gt;&lt;font style="font-family: TimesNewRomanPSMT,Times New Roman,Times,serif;" class="_mt" size="2"&gt;2006&lt;/font&gt;&lt;/td&gt;
&lt;td width="8%" align="right"&gt;&lt;font style="font-family: TimesNewRomanPSMT,Times New Roman,Times,serif;" class="_mt" size="2"&gt;100&lt;/font&gt;&lt;/td&gt;
&lt;td width="2%" align="left"&gt;&lt;font style="font-family: TimesNewRomanPSMT,Times New Roman,Times,serif;" class="_mt" size="2"&gt;%&lt;/font&gt;&lt;/td&gt;
&lt;td width="8%" align="right"&gt;&lt;font style="font-family: TimesNewRomanPSMT,Times New Roman,Times,serif;" class="_mt" size="2"&gt;1988&lt;/font&gt;&lt;/td&gt;
&lt;td width="2%" align="left"&gt;&amp;nbsp;&lt;/td&gt;
&lt;td width="8%" align="right"&gt;&lt;font style="font-family: TimesNewRomanPSMT,Times New Roman,Times,serif;" class="_mt" size="2"&gt;71,720&lt;/font&gt;&lt;/td&gt;
&lt;td width="2%" align="left"&gt;&amp;nbsp;&lt;/td&gt;
&lt;td width="8%" align="right"&gt;&lt;font style="font-family: TimesNewRomanPSMT,Times New Roman,Times,serif;" class="_mt" size="2"&gt;1,644,000&lt;/font&gt;&lt;/td&gt;
&lt;td width="2%" align="left"&gt;&amp;nbsp;&lt;/td&gt;
&lt;td width="8%" align="right"&gt;&lt;font style="font-family: TimesNewRomanPSMT,Times New Roman,Times,serif;" class="_mt" size="2"&gt;6,519,000&lt;/font&gt;&lt;/td&gt;&lt;/tr&gt;
&lt;tr valign="bottom"&gt;&lt;td width="25%" align="left"&gt;&lt;font style="font-family: TimesNewRomanPSMT,Times New Roman,Times,serif;" class="_mt" size="2"&gt;Golden Triangle&lt;/font&gt;&lt;/td&gt;
&lt;td width="8%" align="left"&gt;&lt;font style="font-family: TimesNewRomanPSMT,Times New Roman,Times,serif;" class="_mt" size="2"&gt;PA&lt;/font&gt;&lt;/td&gt;
&lt;td width="8%" align="center"&gt;&lt;font style="font-family: TimesNewRomanPSMT,Times New Roman,Times,serif;" class="_mt" size="2"&gt;2003&lt;/font&gt;&lt;/td&gt;
&lt;td width="8%" align="right"&gt;&lt;font style="font-family: TimesNewRomanPSMT,Times New Roman,Times,serif;" class="_mt" size="2"&gt;100&lt;/font&gt;&lt;/td&gt;
&lt;td width="2%" align="left"&gt;&lt;font style="font-family: TimesNewRomanPSMT,Times New Roman,Times,serif;" class="_mt" size="2"&gt;%&lt;/font&gt;&lt;/td&gt;
&lt;td width="8%" align="right"&gt;&lt;font style="font-family: TimesNewRomanPSMT,Times New Roman,Times,serif;" class="_mt" size="2"&gt;1960/2005&lt;/font&gt;&lt;/td&gt;
&lt;td width="2%" align="left"&gt;&amp;nbsp;&lt;/td&gt;
&lt;td width="8%" align="right"&gt;&lt;font style="font-family: TimesNewRomanPSMT,Times New Roman,Times,serif;" class="_mt" size="2"&gt;202,943&lt;/font&gt;&lt;/td&gt;
&lt;td width="2%" align="left"&gt;&amp;nbsp;&lt;/td&gt;
&lt;td width="8%" align="right"&gt;&lt;font style="font-family: TimesNewRomanPSMT,Times New Roman,Times,serif;" class="_mt" size="2"&gt;2,320,000&lt;/font&gt;&lt;/td&gt;
&lt;td width="2%" align="left"&gt;&amp;nbsp;&lt;/td&gt;
&lt;td width="8%" align="right"&gt;&lt;font style="font-family: TimesNewRomanPSMT,Times New Roman,Times,serif;" class="_mt" size="2"&gt;9,713,000&lt;/font&gt;&lt;/td&gt;&lt;/tr&gt;
&lt;tr valign="bottom"&gt;&lt;td width="25%" align="left"&gt;&lt;font style="font-family: TimesNewRomanPSMT,Times New Roman,Times,serif;" class="_mt" size="2"&gt;Groton Shopping Center&lt;/font&gt;&lt;/td&gt;
&lt;td width="8%" align="left"&gt;&lt;font style="font-family: TimesNewRomanPSMT,Times New Roman,Times,serif;" class="_mt" size="2"&gt;CT&lt;/font&gt;&lt;/td&gt;
&lt;td width="8%" align="center"&gt;&lt;font style="font-family: TimesNewRomanPSMT,Times New Roman,Times,serif;" class="_mt" size="2"&gt;2007&lt;/font&gt;&lt;/td&gt;
&lt;td width="8%" align="right"&gt;&lt;font style="font-family: TimesNewRomanPSMT,Times New Roman,Times,serif;" class="_mt" size="2"&gt;100&lt;/font&gt;&lt;/td&gt;
&lt;td width="2%" align="left"&gt;&lt;font style="font-family: TimesNewRomanPSMT,Times New Roman,Times,serif;" class="_mt" size="2"&gt;%&lt;/font&gt;&lt;/td&gt;
&lt;td width="8%" align="right"&gt;&lt;font style="font-family: TimesNewRomanPSMT,Times New Roman,Times,serif;" class="_mt" size="2"&gt;1969&lt;/font&gt;&lt;/td&gt;
&lt;td width="2%" align="left"&gt;&amp;nbsp;&lt;/td&gt;
&lt;td width="8%" align="right"&gt;&lt;font style="font-family: TimesNewRomanPSMT,Times New Roman,Times,serif;" class="_mt" size="2"&gt;117,986&lt;/font&gt;&lt;/td&gt;
&lt;td width="2%" align="left"&gt;&amp;nbsp;&lt;/td&gt;
&lt;td width="8%" align="right"&gt;&lt;font style="font-family: TimesNewRomanPSMT,Times New Roman,Times,serif;" class="_mt" size="2"&gt;3,070,000&lt;/font&gt;&lt;/td&gt;
&lt;td width="2%" align="left"&gt;&amp;nbsp;&lt;/td&gt;
&lt;td width="8%" align="right"&gt;&lt;font style="font-family: TimesNewRomanPSMT,Times New Roman,Times,serif;" class="_mt" size="2"&gt;12,320,000&lt;/font&gt;&lt;/td&gt;&lt;/tr&gt;
&lt;tr valign="bottom"&gt;&lt;td width="25%" align="left"&gt;&lt;font style="font-family: TimesNewRomanPSMT,Times New Roman,Times,serif;" class="_mt" size="2"&gt;Halifax Plaza&lt;/font&gt;&lt;/td&gt;
&lt;td width="8%" align="left"&gt;&lt;font style="font-family: TimesNewRomanPSMT,Times New Roman,Times,serif;" class="_mt" size="2"&gt;PA&lt;/font&gt;&lt;/td&gt;
&lt;td width="8%" align="center"&gt;&lt;font style="font-family: TimesNewRomanPSMT,Times New Roman,Times,serif;" class="_mt" size="2"&gt;2003&lt;/font&gt;&lt;/td&gt;
&lt;td width="8%" align="right"&gt;&lt;font style="font-family: TimesNewRomanPSMT,Times New Roman,Times,serif;" class="_mt" size="2"&gt;100&lt;/font&gt;&lt;/td&gt;
&lt;td width="2%" align="left"&gt;&lt;font style="font-family: TimesNewRomanPSMT,Times New Roman,Times,serif;" class="_mt" size="2"&gt;%&lt;/font&gt;&lt;/td&gt;
&lt;td width="8%" align="right"&gt;&lt;font style="font-family: TimesNewRomanPSMT,Times New Roman,Times,serif;" class="_mt" size="2"&gt;1994&lt;/font&gt;&lt;/td&gt;
&lt;td width="2%" align="left"&gt;&amp;nbsp;&lt;/td&gt;
&lt;td width="8%" align="right"&gt;&lt;font style="font-family: TimesNewRomanPSMT,Times New Roman,Times,serif;" class="_mt" size="2"&gt;51,510&lt;/font&gt;&lt;/td&gt;
&lt;td width="2%" align="left"&gt;&amp;nbsp;&lt;/td&gt;
&lt;td width="8%" align="right"&gt;&lt;font style="font-family: TimesNewRomanPSMT,Times New Roman,Times,serif;" class="_mt" size="2"&gt;1,412,000&lt;/font&gt;&lt;/td&gt;
&lt;td width="2%" align="left"&gt;&amp;nbsp;&lt;/td&gt;
&lt;td width="8%" align="right"&gt;&lt;font style="font-family: TimesNewRomanPSMT,Times New Roman,Times,serif;" class="_mt" size="2"&gt;5,799,000&lt;/font&gt;&lt;/td&gt;&lt;/tr&gt;
&lt;tr valign="bottom"&gt;&lt;td width="25%" align="left"&gt;&lt;font style="font-family: TimesNewRomanPSMT,Times New Roman,Times,serif;" class="_mt" size="2"&gt;Hamburg Commons&lt;/font&gt;&lt;/td&gt;
&lt;td width="8%" align="left"&gt;&lt;font style="font-family: TimesNewRomanPSMT,Times New Roman,Times,serif;" class="_mt" size="2"&gt;PA&lt;/font&gt;&lt;/td&gt;
&lt;td width="8%" align="center"&gt;&lt;font style="font-family: TimesNewRomanPSMT,Times New Roman,Times,serif;" class="_mt" size="2"&gt;2004&lt;/font&gt;&lt;/td&gt;
&lt;td width="8%" align="right"&gt;&lt;font style="font-family: TimesNewRomanPSMT,Times New Roman,Times,serif;" class="_mt" size="2"&gt;100&lt;/font&gt;&lt;/td&gt;
&lt;td width="2%" align="left"&gt;&lt;font style="font-family: TimesNewRomanPSMT,Times New Roman,Times,serif;" class="_mt" size="2"&gt;%&lt;/font&gt;&lt;/td&gt;
&lt;td width="8%" align="right"&gt;&lt;font style="font-family: TimesNewRomanPSMT,Times New Roman,Times,serif;" class="_mt" size="2"&gt;1988-1993&lt;/font&gt;&lt;/td&gt;
&lt;td width="2%" align="left"&gt;&amp;nbsp;&lt;/td&gt;
&lt;td width="8%" align="right"&gt;&lt;font style="font-family: TimesNewRomanPSMT,Times New Roman,Times,serif;" class="_mt" size="2"&gt;99,580&lt;/font&gt;&lt;/td&gt;
&lt;td width="2%" align="left"&gt;&amp;nbsp;&lt;/td&gt;
&lt;td width="8%" align="right"&gt;&lt;font style="font-family: TimesNewRomanPSMT,Times New Roman,Times,serif;" class="_mt" size="2"&gt;1,153,000&lt;/font&gt;&lt;/td&gt;
&lt;td width="2%" align="left"&gt;&amp;nbsp;&lt;/td&gt;
&lt;td width="8%" align="right"&gt;&lt;font style="font-family: TimesNewRomanPSMT,Times New Roman,Times,serif;" class="_mt" size="2"&gt;4,678,000&lt;/font&gt;&lt;/td&gt;&lt;/tr&gt;
&lt;tr valign="bottom"&gt;&lt;td width="25%" align="left"&gt;&lt;font style="font-family: TimesNewRomanPSMT,Times New Roman,Times,serif;" class="_mt" size="2"&gt;Huntingdon Plaza&lt;/font&gt;&lt;/td&gt;
&lt;td width="8%" align="left"&gt;&lt;font style="font-family: TimesNewRomanPSMT,Times New Roman,Times,serif;" class="_mt" size="2"&gt;PA&lt;/font&gt;&lt;/td&gt;
&lt;td width="8%" align="center"&gt;&lt;font style="font-family: TimesNewRomanPSMT,Times New Roman,Times,serif;" class="_mt" size="2"&gt;2004&lt;/font&gt;&lt;/td&gt;
&lt;td width="8%" align="right"&gt;&lt;font style="font-family: TimesNewRomanPSMT,Times New Roman,Times,serif;" class="_mt" size="2"&gt;100&lt;/font&gt;&lt;/td&gt;
&lt;td width="2%" align="left"&gt;&lt;font style="font-family: TimesNewRomanPSMT,Times New Roman,Times,serif;" class="_mt" size="2"&gt;%&lt;/font&gt;&lt;/td&gt;
&lt;td width="8%" align="right"&gt;&lt;font style="font-family: TimesNewRomanPSMT,Times New Roman,Times,serif;" class="_mt" size="2"&gt;1972 - 2003&lt;/font&gt;&lt;/td&gt;
&lt;td width="2%" align="left"&gt;&amp;nbsp;&lt;/td&gt;
&lt;td width="8%" align="right"&gt;&lt;font style="font-family: TimesNewRomanPSMT,Times New Roman,Times,serif;" class="_mt" size="2"&gt;142,845&lt;/font&gt;&lt;/td&gt;
&lt;td width="2%" align="left"&gt;&amp;nbsp;&lt;/td&gt;
&lt;td width="8%" align="right"&gt;&lt;font style="font-family: TimesNewRomanPSMT,Times New Roman,Times,serif;" class="_mt" size="2"&gt;933,000&lt;/font&gt;&lt;/td&gt;
&lt;td width="2%" align="left"&gt;&amp;nbsp;&lt;/td&gt;
&lt;td width="8%" align="right"&gt;&lt;font style="font-family: TimesNewRomanPSMT,Times New Roman,Times,serif;" class="_mt" size="2"&gt;4,129,000&lt;/font&gt;&lt;/td&gt;&lt;/tr&gt;
&lt;tr valign="bottom"&gt;&lt;td width="25%" align="left"&gt;&lt;font style="font-family: TimesNewRomanPSMT,Times New Roman,Times,serif;" class="_mt" size="2"&gt;Jordan Lane&lt;/font&gt;&lt;/td&gt;
&lt;td width="8%" align="left"&gt;&lt;font style="font-family: TimesNewRomanPSMT,Times New Roman,Times,serif;" class="_mt" size="2"&gt;CT&lt;/font&gt;&lt;/td&gt;
&lt;td width="8%" align="center"&gt;&lt;font style="font-family: TimesNewRomanPSMT,Times New Roman,Times,serif;" class="_mt" size="2"&gt;2005&lt;/font&gt;&lt;/td&gt;
&lt;td width="8%" align="right"&gt;&lt;font style="font-family: TimesNewRomanPSMT,Times New Roman,Times,serif;" class="_mt" size="2"&gt;100&lt;/font&gt;&lt;/td&gt;
&lt;td width="2%" align="left"&gt;&lt;font style="font-family: TimesNewRomanPSMT,Times New Roman,Times,serif;" class="_mt" size="2"&gt;%&lt;/font&gt;&lt;/td&gt;
&lt;td width="8%" align="right"&gt;&lt;font style="font-family: TimesNewRomanPSMT,Times New Roman,Times,serif;" class="_mt" size="2"&gt;1969/1991&lt;/font&gt;&lt;/td&gt;
&lt;td width="2%" align="left"&gt;&amp;nbsp;&lt;/td&gt;
&lt;td width="8%" align="right"&gt;&lt;font style="font-family: TimesNewRomanPSMT,Times New Roman,Times,serif;" class="_mt" size="2"&gt;181,730&lt;/font&gt;&lt;/td&gt;
&lt;td width="2%" align="left"&gt;&amp;nbsp;&lt;/td&gt;
&lt;td width="8%" align="right"&gt;&lt;font style="font-family: TimesNewRomanPSMT,Times New Roman,Times,serif;" class="_mt" size="2"&gt;4,291,000&lt;/font&gt;&lt;/td&gt;
&lt;td width="2%" align="left"&gt;&amp;nbsp;&lt;/td&gt;
&lt;td width="8%" align="right"&gt;&lt;font style="font-family: TimesNewRomanPSMT,Times New Roman,Times,serif;" class="_mt" size="2"&gt;21,176,000&lt;/font&gt;&lt;/td&gt;&lt;/tr&gt;
&lt;tr valign="bottom"&gt;&lt;td width="25%" align="left"&gt;&lt;font style="font-family: TimesNewRomanPSMT,Times New Roman,Times,serif;" class="_mt" size="2"&gt;Kempsville Crossing&lt;/font&gt;&lt;/td&gt;
&lt;td width="8%" align="left"&gt;&lt;font style="font-family: TimesNewRomanPSMT,Times New Roman,Times,serif;" class="_mt" size="2"&gt;VA&lt;/font&gt;&lt;/td&gt;
&lt;td width="8%" align="center"&gt;&lt;font style="font-family: TimesNewRomanPSMT,Times New Roman,Times,serif;" class="_mt" size="2"&gt;2005&lt;/font&gt;&lt;/td&gt;
&lt;td width="8%" align="right"&gt;&lt;font style="font-family: TimesNewRomanPSMT,Times New Roman,Times,serif;" class="_mt" size="2"&gt;100&lt;/font&gt;&lt;/td&gt;
&lt;td width="2%" align="left"&gt;&lt;font style="font-family: TimesNewRomanPSMT,Times New Roman,Times,serif;" class="_mt" size="2"&gt;%&lt;/font&gt;&lt;/td&gt;
&lt;td width="8%" align="right"&gt;&lt;font style="font-family: TimesNewRomanPSMT,Times New Roman,Times,serif;" class="_mt" size="2"&gt;1985&lt;/font&gt;&lt;/td&gt;
&lt;td width="2%" align="left"&gt;&amp;nbsp;&lt;/td&gt;
&lt;td width="8%" align="right"&gt;&lt;font style="font-family: TimesNewRomanPSMT,Times New Roman,Times,serif;" class="_mt" size="2"&gt;94,477&lt;/font&gt;&lt;/td&gt;
&lt;td width="2%" align="left"&gt;&amp;nbsp;&lt;/td&gt;
&lt;td width="8%" align="right"&gt;&lt;font style="font-family: TimesNewRomanPSMT,Times New Roman,Times,serif;" class="_mt" size="2"&gt;2,207,000&lt;/font&gt;&lt;/td&gt;
&lt;td width="2%" align="left"&gt;&amp;nbsp;&lt;/td&gt;
&lt;td width="8%" align="right"&gt;&lt;font style="font-family: TimesNewRomanPSMT,Times New Roman,Times,serif;" class="_mt" size="2"&gt;11,000,000&lt;/font&gt;&lt;/td&gt;&lt;/tr&gt;
&lt;tr valign="bottom"&gt;&lt;td width="25%" align="left"&gt;&lt;font style="font-family: TimesNewRomanPSMT,Times New Roman,Times,serif;" class="_mt" size="2"&gt;Kenley Village&lt;/font&gt;&lt;/td&gt;
&lt;td width="8%" align="left"&gt;&lt;font style="font-family: TimesNewRomanPSMT,Times New Roman,Times,serif;" class="_mt" size="2"&gt;MD&lt;/font&gt;&lt;/td&gt;
&lt;td width="8%" align="center"&gt;&lt;font style="font-family: TimesNewRomanPSMT,Times New Roman,Times,serif;" class="_mt" size="2"&gt;2005&lt;/font&gt;&lt;/td&gt;
&lt;td width="8%" align="right"&gt;&lt;font style="font-family: TimesNewRomanPSMT,Times New Roman,Times,serif;" class="_mt" size="2"&gt;100&lt;/font&gt;&lt;/td&gt;
&lt;td width="2%" align="left"&gt;&lt;font style="font-family: TimesNewRomanPSMT,Times New Roman,Times,serif;" class="_mt" size="2"&gt;%&lt;/font&gt;&lt;/td&gt;
&lt;td width="8%" align="right"&gt;&lt;font style="font-family: TimesNewRomanPSMT,Times New Roman,Times,serif;" class="_mt" size="2"&gt;1988&lt;/font&gt;&lt;/td&gt;
&lt;td width="2%" align="left"&gt;&amp;nbsp;&lt;/td&gt;
&lt;td width="8%" align="right"&gt;&lt;font style="font-family: TimesNewRomanPSMT,Times New Roman,Times,serif;" class="_mt" size="2"&gt;51,894&lt;/font&gt;&lt;/td&gt;
&lt;td width="2%" align="left"&gt;&amp;nbsp;&lt;/td&gt;
&lt;td width="8%" align="right"&gt;&lt;font style="font-family: TimesNewRomanPSMT,Times New Roman,Times,serif;" class="_mt" size="2"&gt;726,000&lt;/font&gt;&lt;/td&gt;
&lt;td width="2%" align="left"&gt;&amp;nbsp;&lt;/td&gt;
&lt;td width="8%" align="right"&gt;&lt;font style="font-family: TimesNewRomanPSMT,Times New Roman,Times,serif;" class="_mt" size="2"&gt;3,512,000&lt;/font&gt;&lt;/td&gt;&lt;/tr&gt;
&lt;tr valign="bottom"&gt;&lt;td width="25%" align="left"&gt;&lt;font style="font-family: TimesNewRomanPSMT,Times New Roman,Times,serif;" class="_mt" size="2"&gt;Kings Plaza&lt;/font&gt;&lt;/td&gt;
&lt;td width="8%" align="left"&gt;&lt;font style="font-family: TimesNewRomanPSMT,Times New Roman,Times,serif;" class="_mt" size="2"&gt;MA&lt;/font&gt;&lt;/td&gt;
&lt;td width="8%" align="center"&gt;&lt;font style="font-family: TimesNewRomanPSMT,Times New Roman,Times,serif;" class="_mt" size="2"&gt;2007&lt;/font&gt;&lt;/td&gt;
&lt;td width="8%" align="right"&gt;&lt;font style="font-family: TimesNewRomanPSMT,Times New Roman,Times,serif;" class="_mt" size="2"&gt;100&lt;/font&gt;&lt;/td&gt;
&lt;td width="2%" align="left"&gt;&lt;font style="font-family: TimesNewRomanPSMT,Times New Roman,Times,serif;" class="_mt" size="2"&gt;%&lt;/font&gt;&lt;/td&gt;
&lt;td width="8%" align="right"&gt;&lt;font style="font-family: TimesNewRomanPSMT,Times New Roman,Times,serif;" class="_mt" size="2"&gt;1970/1994&lt;/font&gt;&lt;/td&gt;
&lt;td width="2%" align="left"&gt;&amp;nbsp;&lt;/td&gt;
&lt;td width="8%" align="right"&gt;&lt;font style="font-family: TimesNewRomanPSMT,Times New Roman,Times,serif;" class="_mt" size="2"&gt;168,243&lt;/font&gt;&lt;/td&gt;
&lt;td width="2%" align="left"&gt;&amp;nbsp;&lt;/td&gt;
&lt;td width="8%" align="right"&gt;&lt;font style="font-family: TimesNewRomanPSMT,Times New Roman,Times,serif;" class="_mt" size="2"&gt;2,413,000&lt;/font&gt;&lt;/td&gt;
&lt;td width="2%" align="left"&gt;&amp;nbsp;&lt;/td&gt;
&lt;td width="8%" align="right"&gt;&lt;font style="font-family: TimesNewRomanPSMT,Times New Roman,Times,serif;" class="_mt" size="2"&gt;12,604,000&lt;/font&gt;&lt;/td&gt;&lt;/tr&gt;
&lt;tr valign="bottom"&gt;&lt;td width="25%" align="left"&gt;&lt;font style="font-family: TimesNewRomanPSMT,Times New Roman,Times,serif;" class="_mt" size="2"&gt;Kingston Plaza&lt;/font&gt;&lt;/td&gt;
&lt;td width="8%" align="left"&gt;&lt;font style="font-family: TimesNewRomanPSMT,Times New Roman,Times,serif;" class="_mt" size="2"&gt;NY&lt;/font&gt;&lt;/td&gt;
&lt;td width="8%" align="center"&gt;&lt;font style="font-family: TimesNewRomanPSMT,Times New Roman,Times,serif;" class="_mt" size="2"&gt;2006&lt;/font&gt;&lt;/td&gt;
&lt;td width="8%" align="right"&gt;&lt;font style="font-family: TimesNewRomanPSMT,Times New Roman,Times,serif;" class="_mt" size="2"&gt;100&lt;/font&gt;&lt;/td&gt;
&lt;td width="2%" align="left"&gt;&lt;font style="font-family: TimesNewRomanPSMT,Times New Roman,Times,serif;" class="_mt" size="2"&gt;%&lt;/font&gt;&lt;/td&gt;
&lt;td width="8%" align="right"&gt;&lt;font style="font-family: TimesNewRomanPSMT,Times New Roman,Times,serif;" class="_mt" size="2"&gt;2006&lt;/font&gt;&lt;/td&gt;
&lt;td width="2%" align="left"&gt;&amp;nbsp;&lt;/td&gt;
&lt;td width="8%" align="right"&gt;&lt;font style="font-family: TimesNewRomanPSMT,Times New Roman,Times,serif;" class="_mt" size="2"&gt;5,324&lt;/font&gt;&lt;/td&gt;
&lt;td width="2%" align="left"&gt;&amp;nbsp;&lt;/td&gt;
&lt;td width="8%" align="right"&gt;&lt;font style="font-family: TimesNewRomanPSMT,Times New Roman,Times,serif;" class="_mt" size="2"&gt;1,644,000&lt;/font&gt;&lt;/td&gt;
&lt;td width="2%" align="left"&gt;&amp;nbsp;&lt;/td&gt;
&lt;td width="8%" align="right"&gt;&lt;font style="font-family: TimesNewRomanPSMT,Times New Roman,Times,serif;" class="_mt" size="2"&gt;-&lt;/font&gt;&lt;/td&gt;&lt;/tr&gt;
&lt;tr valign="bottom"&gt;&lt;td width="25%" align="left"&gt;&lt;font style="font-family: TimesNewRomanPSMT,Times New Roman,Times,serif;" class="_mt" size="2"&gt;Lake Raystown Plaza&lt;/font&gt;&lt;/td&gt;
&lt;td width="8%" align="left"&gt;&lt;font style="font-family: TimesNewRomanPSMT,Times New Roman,Times,serif;" class="_mt" size="2"&gt;PA&lt;/font&gt;&lt;/td&gt;
&lt;td width="8%" align="center"&gt;&lt;font style="font-family: TimesNewRomanPSMT,Times New Roman,Times,serif;" class="_mt" size="2"&gt;2004&lt;/font&gt;&lt;/td&gt;
&lt;td width="8%" align="right"&gt;&lt;font style="font-family: TimesNewRomanPSMT,Times New Roman,Times,serif;" class="_mt" size="2"&gt;100&lt;/font&gt;&lt;/td&gt;
&lt;td width="2%" align="left"&gt;&lt;font style="font-family: TimesNewRomanPSMT,Times New Roman,Times,serif;" class="_mt" size="2"&gt;%&lt;/font&gt;&lt;/td&gt;
&lt;td width="8%" align="right"&gt;&lt;font style="font-family: TimesNewRomanPSMT,Times New Roman,Times,serif;" class="_mt" size="2"&gt;1995&lt;/font&gt;&lt;/td&gt;
&lt;td width="2%" align="left"&gt;&amp;nbsp;&lt;/td&gt;
&lt;td width="8%" align="right"&gt;&lt;font style="font-family: TimesNewRomanPSMT,Times New Roman,Times,serif;" class="_mt" size="2"&gt;140,159&lt;/font&gt;&lt;/td&gt;
&lt;td width="2%" align="left"&gt;&amp;nbsp;&lt;/td&gt;
&lt;td width="8%" align="right"&gt;&lt;font style="font-family: TimesNewRomanPSMT,Times New Roman,Times,serif;" class="_mt" size="2"&gt;2,231,000&lt;/font&gt;&lt;/td&gt;
&lt;td width="2%" align="left"&gt;&amp;nbsp;&lt;/td&gt;
&lt;td width="8%" align="right"&gt;&lt;font style="font-family: TimesNewRomanPSMT,Times New Roman,Times,serif;" class="_mt" size="2"&gt;6,735,000&lt;/font&gt;&lt;/td&gt;&lt;/tr&gt;
&lt;tr valign="bottom"&gt;&lt;td width="25%" align="left"&gt;&lt;font style="font-family: TimesNewRomanPSMT,Times New Roman,Times,serif;" class="_mt" size="2"&gt;Liberty Marketplace&lt;/font&gt;&lt;/td&gt;
&lt;td width="8%" align="left"&gt;&lt;font style="font-family: TimesNewRomanPSMT,Times New Roman,Times,serif;" class="_mt" size="2"&gt;PA&lt;/font&gt;&lt;/td&gt;
&lt;td width="8%" align="center"&gt;&lt;font style="font-family: TimesNewRomanPSMT,Times New Roman,Times,serif;" class="_mt" size="2"&gt;2005&lt;/font&gt;&lt;/td&gt;
&lt;td width="8%" align="right"&gt;&lt;font style="font-family: TimesNewRomanPSMT,Times New Roman,Times,serif;" class="_mt" size="2"&gt;100&lt;/font&gt;&lt;/td&gt;
&lt;td width="2%" align="left"&gt;&lt;font style="font-family: TimesNewRomanPSMT,Times New Roman,Times,serif;" class="_mt" size="2"&gt;%&lt;/font&gt;&lt;/td&gt;
&lt;td width="8%" align="right"&gt;&lt;font style="font-family: TimesNewRomanPSMT,Times New Roman,Times,serif;" class="_mt" size="2"&gt;2003&lt;/font&gt;&lt;/td&gt;
&lt;td width="2%" align="left"&gt;&amp;nbsp;&lt;/td&gt;
&lt;td width="8%" align="right"&gt;&lt;font style="font-family: TimesNewRomanPSMT,Times New Roman,Times,serif;" class="_mt" size="2"&gt;68,200&lt;/font&gt;&lt;/td&gt;
&lt;td width="2%" align="left"&gt;&amp;nbsp;&lt;/td&gt;
&lt;td width="8%" align="right"&gt;&lt;font style="font-family: TimesNewRomanPSMT,Times New Roman,Times,serif;" class="_mt" size="2"&gt;2,665,000&lt;/font&gt;&lt;/td&gt;
&lt;td width="2%" align="left"&gt;&amp;nbsp;&lt;/td&gt;
&lt;td width="8%" align="right"&gt;&lt;font style="font-family: TimesNewRomanPSMT,Times New Roman,Times,serif;" class="_mt" size="2"&gt;12,639,000&lt;/font&gt;&lt;/td&gt;&lt;/tr&gt;
&lt;tr valign="bottom"&gt;&lt;td width="25%" align="left"&gt;&lt;font style="font-family: TimesNewRomanPSMT,Times New Roman,Times,serif;" class="_mt" size="2"&gt;Martins's at Glen Allen&lt;/font&gt;&lt;/td&gt;
&lt;td width="8%" align="left"&gt;&lt;font style="font-family: TimesNewRomanPSMT,Times New Roman,Times,serif;" class="_mt" size="2"&gt;VA&lt;/font&gt;&lt;/td&gt;
&lt;td width="8%" align="center"&gt;&lt;font style="font-family: TimesNewRomanPSMT,Times New Roman,Times,serif;" class="_mt" size="2"&gt;2005&lt;/font&gt;&lt;/td&gt;
&lt;td width="8%" align="right"&gt;&lt;font style="font-family: TimesNewRomanPSMT,Times New Roman,Times,serif;" class="_mt" size="2"&gt;100&lt;/font&gt;&lt;/td&gt;
&lt;td width="2%" align="left"&gt;&lt;font style="font-family: TimesNewRomanPSMT,Times New Roman,Times,serif;" class="_mt" size="2"&gt;%&lt;/font&gt;&lt;/td&gt;
&lt;td width="8%" align="right"&gt;&lt;font style="font-family: TimesNewRomanPSMT,Times New Roman,Times,serif;" class="_mt" size="2"&gt;2000&lt;/font&gt;&lt;/td&gt;
&lt;td width="2%" align="left"&gt;&amp;nbsp;&lt;/td&gt;
&lt;td width="8%" align="right"&gt;&lt;font style="font-family: TimesNewRomanPSMT,Times New Roman,Times,serif;" class="_mt" size="2"&gt;63,328&lt;/font&gt;&lt;/td&gt;
&lt;td width="2%" align="left"&gt;&amp;nbsp;&lt;/td&gt;
&lt;td width="8%" align="right"&gt;&lt;font style="font-family: TimesNewRomanPSMT,Times New Roman,Times,serif;" class="_mt" size="2"&gt;6,769,000&lt;/font&gt;&lt;/td&gt;
&lt;td width="2%" align="left"&gt;&amp;nbsp;&lt;/td&gt;
&lt;td width="8%" align="right"&gt;&lt;font style="font-family: TimesNewRomanPSMT,Times New Roman,Times,serif;" class="_mt" size="2"&gt;683,000&lt;/font&gt;&lt;/td&gt;&lt;/tr&gt;
&lt;tr valign="bottom"&gt;&lt;td width="25%" align="left"&gt;&lt;font style="font-family: TimesNewRomanPSMT,Times New Roman,Times,serif;" class="_mt" size="2"&gt;Meadows Marketplace&lt;/font&gt;&lt;/td&gt;
&lt;td width="8%" align="left"&gt;&lt;font style="font-family: TimesNewRomanPSMT,Times New Roman,Times,serif;" class="_mt" size="2"&gt;PA&lt;/font&gt;&lt;/td&gt;
&lt;td width="8%" align="center"&gt;&lt;font style="font-family: TimesNewRomanPSMT,Times New Roman,Times,serif;" class="_mt" size="2"&gt;2004&lt;/font&gt;&lt;/td&gt;
&lt;td width="8%" align="right"&gt;&lt;font style="font-family: TimesNewRomanPSMT,Times New Roman,Times,serif;" class="_mt" size="2"&gt;20&lt;/font&gt;&lt;/td&gt;
&lt;td width="2%" align="left"&gt;&lt;font style="font-family: TimesNewRomanPSMT,Times New Roman,Times,serif;" class="_mt" size="2"&gt;%&lt;/font&gt;&lt;/td&gt;
&lt;td width="8%" align="right"&gt;&lt;font style="font-family: TimesNewRomanPSMT,Times New Roman,Times,serif;" class="_mt" size="2"&gt;2005&lt;/font&gt;&lt;/td&gt;
&lt;td width="2%" align="left"&gt;&amp;nbsp;&lt;/td&gt;
&lt;td width="8%" align="right"&gt;&lt;font style="font-family: TimesNewRomanPSMT,Times New Roman,Times,serif;" class="_mt" size="2"&gt;91,518&lt;/font&gt;&lt;/td&gt;
&lt;td width="2%" align="left"&gt;&amp;nbsp;&lt;/td&gt;
&lt;td width="8%" align="right"&gt;&lt;font style="font-family: TimesNewRomanPSMT,Times New Roman,Times,serif;" class="_mt" size="2"&gt;1,914,000&lt;/font&gt;&lt;/td&gt;
&lt;td width="2%" align="left"&gt;&amp;nbsp;&lt;/td&gt;
&lt;td width="8%" align="right"&gt;&lt;font style="font-family: TimesNewRomanPSMT,Times New Roman,Times,serif;" class="_mt" size="2"&gt;-&lt;/font&gt;&lt;/td&gt;&lt;/tr&gt;
&lt;tr valign="bottom"&gt;&lt;td width="25%" align="left"&gt;&lt;font style="font-family: TimesNewRomanPSMT,Times New Roman,Times,serif;" class="_mt" size="2"&gt;Mechanicsburg Giant&lt;/font&gt;&lt;/td&gt;
&lt;td width="8%" align="left"&gt;&lt;font style="font-family: TimesNewRomanPSMT,Times New Roman,Times,serif;" class="_mt" size="2"&gt;PA&lt;/font&gt;&lt;/td&gt;
&lt;td width="8%" align="center"&gt;&lt;font style="font-family: TimesNewRomanPSMT,Times New Roman,Times,serif;" class="_mt" size="2"&gt;2005&lt;/font&gt;&lt;/td&gt;
&lt;td width="8%" align="right"&gt;&lt;font style="font-family: TimesNewRomanPSMT,Times New Roman,Times,serif;" class="_mt" size="2"&gt;100&lt;/font&gt;&lt;/td&gt;
&lt;td width="2%" align="left"&gt;&lt;font style="font-family: TimesNewRomanPSMT,Times New Roman,Times,serif;" class="_mt" size="2"&gt;%&lt;/font&gt;&lt;/td&gt;
&lt;td width="8%" align="right"&gt;&lt;font style="font-family: TimesNewRomanPSMT,Times New Roman,Times,serif;" class="_mt" size="2"&gt;2003&lt;/font&gt;&lt;/td&gt;
&lt;td width="2%" align="left"&gt;&amp;nbsp;&lt;/td&gt;
&lt;td width="8%" align="right"&gt;&lt;font style="font-family: TimesNewRomanPSMT,Times New Roman,Times,serif;" class="_mt" size="2"&gt;51,500&lt;/font&gt;&lt;/td&gt;
&lt;td width="2%" align="left"&gt;&amp;nbsp;&lt;/td&gt;
&lt;td width="8%" align="right"&gt;&lt;font style="font-family: TimesNewRomanPSMT,Times New Roman,Times,serif;" class="_mt" size="2"&gt;2,709,000&lt;/font&gt;&lt;/td&gt;
&lt;td width="2%" align="left"&gt;&amp;nbsp;&lt;/td&gt;
&lt;td width="8%" align="right"&gt;&lt;font style="font-family: TimesNewRomanPSMT,Times New Roman,Times,serif;" class="_mt" size="2"&gt;12,159,000&lt;/font&gt;&lt;/td&gt;&lt;/tr&gt;
&lt;tr valign="bottom"&gt;&lt;td width="25%" align="left"&gt;&lt;font style="font-family: TimesNewRomanPSMT,Times New Roman,Times,serif;" class="_mt" size="2"&gt;Metro Square&lt;/font&gt;&lt;/td&gt;
&lt;td width="8%" align="left"&gt;&lt;font style="font-family: TimesNewRomanPSMT,Times New Roman,Times,serif;" class="_mt" size="2"&gt;MD&lt;/font&gt;&lt;/td&gt;
&lt;td width="8%" align="center"&gt;&lt;font style="font-family: TimesNewRomanPSMT,Times New Roman,Times,serif;" class="_mt" size="2"&gt;2008&lt;/font&gt;&lt;/td&gt;
&lt;td width="8%" align="right"&gt;&lt;font style="font-family: TimesNewRomanPSMT,Times New Roman,Times,serif;" class="_mt" size="2"&gt;100&lt;/font&gt;&lt;/td&gt;
&lt;td width="2%" align="left"&gt;&lt;font style="font-family: TimesNewRomanPSMT,Times New Roman,Times,serif;" class="_mt" size="2"&gt;%&lt;/font&gt;&lt;/td&gt;
&lt;td width="8%" align="right"&gt;&lt;font style="font-family: TimesNewRomanPSMT,Times New Roman,Times,serif;" class="_mt" size="2"&gt;1999&lt;/font&gt;&lt;/td&gt;
&lt;td width="2%" align="left"&gt;&amp;nbsp;&lt;/td&gt;
&lt;td width="8%" align="right"&gt;&lt;font style="font-family: TimesNewRomanPSMT,Times New Roman,Times,serif;" class="_mt" size="2"&gt;71,896&lt;/font&gt;&lt;/td&gt;
&lt;td width="2%" align="left"&gt;&amp;nbsp;&lt;/td&gt;
&lt;td width="8%" align="right"&gt;&lt;font style="font-family: TimesNewRomanPSMT,Times New Roman,Times,serif;" class="_mt" size="2"&gt;3,121,000&lt;/font&gt;&lt;/td&gt;
&lt;td width="2%" align="left"&gt;&amp;nbsp;&lt;/td&gt;
&lt;td width="8%" align="right"&gt;&lt;font style="font-family: TimesNewRomanPSMT,Times New Roman,Times,serif;" class="_mt" size="2"&gt;12,341,000&lt;/font&gt;&lt;/td&gt;&lt;/tr&gt;
&lt;tr valign="bottom"&gt;&lt;td width="25%" align="left"&gt;&lt;font style="font-family: TimesNewRomanPSMT,Times New Roman,Times,serif;" class="_mt" size="2"&gt;Newport Plaza&lt;/font&gt;&lt;/td&gt;
&lt;td width="8%" align="left"&gt;&lt;font style="font-family: TimesNewRomanPSMT,Times New Roman,Times,serif;" class="_mt" size="2"&gt;PA&lt;/font&gt;&lt;/td&gt;
&lt;td width="8%" align="center"&gt;&lt;font style="font-family: TimesNewRomanPSMT,Times New Roman,Times,serif;" class="_mt" size="2"&gt;2003&lt;/font&gt;&lt;/td&gt;
&lt;td width="8%" align="right"&gt;&lt;font style="font-family: TimesNewRomanPSMT,Times New Roman,Times,serif;" class="_mt" size="2"&gt;100&lt;/font&gt;&lt;/td&gt;
&lt;td width="2%" align="left"&gt;&lt;font style="font-family: TimesNewRomanPSMT,Times New Roman,Times,serif;" class="_mt" size="2"&gt;%&lt;/font&gt;&lt;/td&gt;
&lt;td width="8%" align="right"&gt;&lt;font style="font-family: TimesNewRomanPSMT,Times New Roman,Times,serif;" class="_mt" size="2"&gt;1996&lt;/font&gt;&lt;/td&gt;
&lt;td width="2%" align="left"&gt;&amp;nbsp;&lt;/td&gt;
&lt;td width="8%" align="right"&gt;&lt;font style="font-family: TimesNewRomanPSMT,Times New Roman,Times,serif;" class="_mt" size="2"&gt;64,489&lt;/font&gt;&lt;/td&gt;
&lt;td width="2%" align="left"&gt;&amp;nbsp;&lt;/td&gt;
&lt;td width="8%" align="right"&gt;&lt;font style="font-family: TimesNewRomanPSMT,Times New Roman,Times,serif;" class="_mt" size="2"&gt;1,721,000&lt;/font&gt;&lt;/td&gt;
&lt;td width="2%" align="left"&gt;&amp;nbsp;&lt;/td&gt;
&lt;td width="8%" align="right"&gt;&lt;font style="font-family: TimesNewRomanPSMT,Times New Roman,Times,serif;" class="_mt" size="2"&gt;7,758,000&lt;/font&gt;&lt;/td&gt;&lt;/tr&gt;
&lt;tr valign="bottom"&gt;&lt;td width="25%" align="left"&gt;&lt;font style="font-family: TimesNewRomanPSMT,Times New Roman,Times,serif;" class="_mt" size="2"&gt;New London Mall&lt;/font&gt;&lt;/td&gt;
&lt;td width="8%" align="left"&gt;&lt;font style="font-family: TimesNewRomanPSMT,Times New Roman,Times,serif;" class="_mt" size="2"&gt;CT&lt;/font&gt;&lt;/td&gt;
&lt;td width="8%" align="center"&gt;&lt;font style="font-family: TimesNewRomanPSMT,Times New Roman,Times,serif;" class="_mt" size="2"&gt;2009&lt;/font&gt;&lt;/td&gt;
&lt;td width="8%" align="right"&gt;&lt;font style="font-family: TimesNewRomanPSMT,Times New Roman,Times,serif;" class="_mt" size="2"&gt;40&lt;/font&gt;&lt;/td&gt;
&lt;td width="2%" align="left"&gt;&lt;font style="font-family: TimesNewRomanPSMT,Times New Roman,Times,serif;" class="_mt" size="2"&gt;%&lt;/font&gt;&lt;/td&gt;
&lt;td width="8%" align="right"&gt;&lt;font style="font-family: TimesNewRomanPSMT,Times New Roman,Times,serif;" class="_mt" size="2"&gt;1967/1997&lt;/font&gt;&lt;/td&gt;
&lt;td width="2%" align="left"&gt;&amp;nbsp;&lt;/td&gt;
&lt;td width="8%" align="right"&gt;&lt;font style="font-family: TimesNewRomanPSMT,Times New Roman,Times,serif;" class="_mt" size="2"&gt;259,293&lt;/font&gt;&lt;/td&gt;
&lt;td width="2%" align="left"&gt;&amp;nbsp;&lt;/td&gt;
&lt;td width="8%" align="right"&gt;&lt;font style="font-family: TimesNewRomanPSMT,Times New Roman,Times,serif;" class="_mt" size="2"&gt;14,891,000&lt;/font&gt;&lt;/td&gt;
&lt;td width="2%" align="left"&gt;&amp;nbsp;&lt;/td&gt;
&lt;td width="8%" align="right"&gt;&lt;font style="font-family: TimesNewRomanPSMT,Times New Roman,Times,serif;" class="_mt" size="2"&gt;24,967,000&lt;/font&gt;&lt;/td&gt;&lt;/tr&gt;
&lt;tr valign="bottom"&gt;&lt;td width="25%" align="left"&gt;&lt;font style="font-family: TimesNewRomanPSMT,Times New Roman,Times,serif;" class="_mt" size="2"&gt;Northside Commons&lt;/font&gt;&lt;/td&gt;
&lt;td width="8%" align="left"&gt;&lt;font style="font-family: TimesNewRomanPSMT,Times New Roman,Times,serif;" class="_mt" size="2"&gt;PA&lt;/font&gt;&lt;/td&gt;
&lt;td width="8%" align="center"&gt;&lt;font style="font-family: TimesNewRomanPSMT,Times New Roman,Times,serif;" class="_mt" size="2"&gt;2008&lt;/font&gt;&lt;/td&gt;
&lt;td width="8%" align="right"&gt;&lt;font style="font-family: TimesNewRomanPSMT,Times New Roman,Times,serif;" class="_mt" size="2"&gt;100&lt;/font&gt;&lt;/td&gt;
&lt;td width="2%" align="left"&gt;&lt;font style="font-family: TimesNewRomanPSMT,Times New Roman,Times,serif;" class="_mt" size="2"&gt;%&lt;/font&gt;&lt;/td&gt;
&lt;td width="8%" align="right"&gt;&lt;font style="font-family: TimesNewRomanPSMT,Times New Roman,Times,serif;" class="_mt" size="2"&gt;2009&lt;/font&gt;&lt;/td&gt;
&lt;td width="2%" align="left"&gt;&amp;nbsp;&lt;/td&gt;
&lt;td width="8%" align="right"&gt;&lt;font style="font-family: TimesNewRomanPSMT,Times New Roman,Times,serif;" class="_mt" size="2"&gt;64,710&lt;/font&gt;&lt;/td&gt;
&lt;td width="2%" align="left"&gt;&amp;nbsp;&lt;/td&gt;
&lt;td width="8%" align="right"&gt;&lt;font style="font-family: TimesNewRomanPSMT,Times New Roman,Times,serif;" class="_mt" size="2"&gt;3,332,000&lt;/font&gt;&lt;/td&gt;
&lt;td width="2%" align="left"&gt;&amp;nbsp;&lt;/td&gt;
&lt;td width="8%" align="right"&gt;&lt;font style="font-family: TimesNewRomanPSMT,Times New Roman,Times,serif;" class="_mt" size="2"&gt;-&lt;/font&gt;&lt;/td&gt;&lt;/tr&gt;&lt;/table&gt;&lt;/div&gt;

&lt;p style="margin: 0px;"&gt;&amp;nbsp;&lt;/p&gt;

&lt;div&gt;&amp;nbsp;&lt;/div&gt;&lt;br /&gt;

&lt;p style="text-align: left;"&gt;&lt;b&gt;&lt;font style="font-family: TimesNewRomanPS-BoldMT,Times New Roman,Times,serif;" class="_mt" size="2"&gt;Cedar Realty Trust, Inc. Schedule III&lt;/font&gt;&lt;/b&gt;&lt;/p&gt;

&lt;p style="text-align: left;"&gt;&lt;b&gt;&lt;font style="font-family: TimesNewRomanPS-BoldMT,Times New Roman,Times,serif;" class="_mt" size="2"&gt;Real Estate andAccumulatedDepreciation Year endedDecember 31, 2011&lt;/font&gt;&lt;/b&gt;&lt;/p&gt;

&lt;div&gt;

&lt;table border="0" cellspacing="0"&gt;
&lt;tr&gt;&lt;td width="22%"&gt; &lt;/td&gt;
&lt;td width="2%"&gt; &lt;/td&gt;
&lt;td width="9%"&gt; &lt;/td&gt;
&lt;td width="2%"&gt; &lt;/td&gt;
&lt;td width="2%"&gt; &lt;/td&gt;
&lt;td width="9%"&gt; &lt;/td&gt;
&lt;td width="2%"&gt; &lt;/td&gt;
&lt;td width="9%"&gt; &lt;/td&gt;
&lt;td width="2%"&gt; &lt;/td&gt;
&lt;td width="9%"&gt; &lt;/td&gt;
&lt;td width="2%"&gt; &lt;/td&gt;
&lt;td width="9%"&gt; &lt;/td&gt;
&lt;td width="2%"&gt; &lt;/td&gt;
&lt;td width="9%"&gt; &lt;/td&gt;
&lt;td width="2%"&gt; &lt;/td&gt;&lt;/tr&gt;
&lt;tr valign="bottom"&gt;&lt;td width="22%" align="center"&gt;&amp;nbsp;&lt;/td&gt;
&lt;td style="border-bottom: #000000 1px solid;" rowspan="4" width="13%" colspan="3" align="center"&gt;&lt;b&gt;&lt;font style="font-family: TimesNewRomanPS-BoldMT,Times New Roman,Times,serif;" class="_mt" size="2"&gt;Subsequent&lt;/font&gt;&lt;/b&gt;&lt;br /&gt;&lt;b&gt;&lt;font style="font-family: TimesNewRomanPS-BoldMT,Times New Roman,Times,serif;" class="_mt" size="2"&gt;cost&lt;/font&gt;&lt;/b&gt;&lt;br /&gt;&lt;b&gt;&lt;font style="font-family: TimesNewRomanPS-BoldMT,Times New Roman,Times,serif;" class="_mt" size="2"&gt;capitalized&lt;/font&gt;&lt;/b&gt;&lt;/td&gt;
&lt;td style="border-bottom: #000000 1px solid;" rowspan="2" width="33%" colspan="6" align="center"&gt;&lt;b&gt;&lt;font style="font-family: TimesNewRomanPS-BoldMT,Times New Roman,Times,serif;" class="_mt" size="2"&gt;Gross amount at which carried at&lt;/font&gt;&lt;/b&gt;&lt;br /&gt;&lt;b&gt;&lt;font style="font-family: TimesNewRomanPS-BoldMT,Times New Roman,Times,serif;" class="_mt" size="2"&gt;December 31, 2011&lt;/font&gt;&lt;/b&gt;&lt;/td&gt;
&lt;td style="border-bottom: #000000 1px solid;" rowspan="4" width="11%" colspan="2" align="center"&gt;&lt;b&gt;&lt;font style="font-family: TimesNewRomanPS-BoldMT,Times New Roman,Times,serif;" class="_mt" size="2"&gt;Accumulated&lt;/font&gt;&lt;/b&gt;&lt;br /&gt;&lt;b&gt;&lt;font style="font-family: TimesNewRomanPS-BoldMT,Times New Roman,Times,serif;" class="_mt" size="2"&gt;depreciation (4)&lt;/font&gt;&lt;/b&gt;&lt;/td&gt;
&lt;td style="border-bottom: #000000 1px solid;" rowspan="4" width="13%" colspan="3" align="center"&gt;&lt;b&gt;&lt;font style="font-family: TimesNewRomanPS-BoldMT,Times New Roman,Times,serif;" class="_mt" size="2"&gt;Amount of&lt;/font&gt;&lt;/b&gt;&lt;br /&gt;&lt;b&gt;&lt;font style="font-family: TimesNewRomanPS-BoldMT,Times New Roman,Times,serif;" class="_mt" size="2"&gt;Encumbrance&lt;/font&gt;&lt;/b&gt;&lt;/td&gt;&lt;/tr&gt;
&lt;tr valign="bottom"&gt;&lt;td width="22%" align="center"&gt;&lt;i&gt;&lt;font style="font-family: TimesNewRomanPS-ItalicMT,Times New Roman,Times,serif;" class="_mt" size="2"&gt;(continued)&lt;/font&gt;&lt;/i&gt;&lt;/td&gt;&lt;/tr&gt;
&lt;tr valign="bottom"&gt;&lt;td style="border-bottom: #000000 1px solid;" rowspan="2" width="22%" align="center"&gt;&lt;b&gt;&lt;font style="font-family: TimesNewRomanPS-BoldMT,Times New Roman,Times,serif;" class="_mt" size="2"&gt;Property&lt;/font&gt;&lt;/b&gt;&lt;/td&gt;
&lt;td style="border-bottom: #000000 1px solid;" rowspan="2" width="11%" colspan="2" align="center"&gt;&lt;b&gt;&lt;font style="font-family: TimesNewRomanPS-BoldMT,Times New Roman,Times,serif;" class="_mt" size="2"&gt;Land&lt;/font&gt;&lt;/b&gt;&lt;/td&gt;
&lt;td style="border-bottom: #000000 1px solid;" rowspan="2" width="11%" colspan="2" align="center"&gt;&lt;b&gt;&lt;font style="font-family: TimesNewRomanPS-BoldMT,Times New Roman,Times,serif;" class="_mt" size="2"&gt;Building and&lt;/font&gt;&lt;/b&gt;&lt;br /&gt;&lt;b&gt;&lt;font style="font-family: TimesNewRomanPS-BoldMT,Times New Roman,Times,serif;" class="_mt" size="2"&gt;improvements&lt;/font&gt;&lt;/b&gt;&lt;/td&gt;
&lt;td style="border-bottom: #000000 1px solid;" rowspan="2" width="11%" colspan="2" align="center"&gt;&lt;b&gt;&lt;font style="font-family: TimesNewRomanPS-BoldMT,Times New Roman,Times,serif;" class="_mt" size="2"&gt;Total&lt;/font&gt;&lt;/b&gt;&lt;/td&gt;&lt;/tr&gt;
&lt;tr&gt;&lt;td width="92%" colspan="15"&gt;&amp;nbsp;&lt;/td&gt;&lt;/tr&gt;
&lt;tr valign="bottom"&gt;&lt;td width="22%" align="left"&gt;&lt;font style="font-family: TimesNewRomanPSMT,Times New Roman,Times,serif;" class="_mt" size="2"&gt;Academy Plaza&lt;/font&gt;&lt;/td&gt;
&lt;td width="2%" align="right"&gt;&lt;font style="font-family: TimesNewRomanPSMT,Times New Roman,Times,serif;" class="_mt" size="2"&gt;$&lt;/font&gt;&lt;/td&gt;
&lt;td width="9%" align="right"&gt;&lt;font style="font-family: TimesNewRomanPSMT,Times New Roman,Times,serif;" class="_mt" size="2"&gt;1,696,000&lt;/font&gt;&lt;/td&gt;
&lt;td width="2%" align="left"&gt;&amp;nbsp;&lt;/td&gt;
&lt;td width="2%" align="left"&gt;&lt;font style="font-family: TimesNewRomanPSMT,Times New Roman,Times,serif;" class="_mt" size="2"&gt;$&lt;/font&gt;&lt;/td&gt;
&lt;td width="9%" align="right"&gt;&lt;font style="font-family: TimesNewRomanPSMT,Times New Roman,Times,serif;" class="_mt" size="2"&gt;2,406,000&lt;/font&gt;&lt;/td&gt;
&lt;td width="2%" align="right"&gt;&lt;font style="font-family: TimesNewRomanPSMT,Times New Roman,Times,serif;" class="_mt" size="2"&gt;$&lt;/font&gt;&lt;/td&gt;
&lt;td width="9%" align="right"&gt;&lt;font style="font-family: TimesNewRomanPSMT,Times New Roman,Times,serif;" class="_mt" size="2"&gt;11,319,000&lt;/font&gt;&lt;/td&gt;
&lt;td width="2%" align="left"&gt;&lt;font style="font-family: TimesNewRomanPSMT,Times New Roman,Times,serif;" class="_mt" size="2"&gt;$&lt;/font&gt;&lt;/td&gt;
&lt;td width="9%" align="right"&gt;&lt;font style="font-family: TimesNewRomanPSMT,Times New Roman,Times,serif;" class="_mt" size="2"&gt;13,725,000&lt;/font&gt;&lt;/td&gt;
&lt;td width="2%" align="left"&gt;&lt;font style="font-family: TimesNewRomanPSMT,Times New Roman,Times,serif;" class="_mt" size="2"&gt;$&lt;/font&gt;&lt;/td&gt;
&lt;td width="9%" align="right"&gt;&lt;font style="font-family: TimesNewRomanPSMT,Times New Roman,Times,serif;" class="_mt" size="2"&gt;2,987,000&lt;/font&gt;&lt;/td&gt;
&lt;td width="2%" align="left"&gt;&lt;font style="font-family: TimesNewRomanPSMT,Times New Roman,Times,serif;" class="_mt" size="2"&gt;$&lt;/font&gt;&lt;/td&gt;
&lt;td width="9%" align="right"&gt;&lt;font style="font-family: TimesNewRomanPSMT,Times New Roman,Times,serif;" class="_mt" size="2"&gt;8,894,000&lt;/font&gt;&lt;/td&gt;
&lt;td width="2%" align="left"&gt;&amp;nbsp;&lt;/td&gt;&lt;/tr&gt;
&lt;tr valign="bottom"&gt;&lt;td width="22%" align="left"&gt;&lt;font style="font-family: TimesNewRomanPSMT,Times New Roman,Times,serif;" class="_mt" size="2"&gt;Annie Land Plaza&lt;/font&gt;&lt;/td&gt;
&lt;td width="2%" align="right"&gt;&amp;nbsp;&lt;/td&gt;
&lt;td width="9%" align="right"&gt;&lt;font style="font-family: TimesNewRomanPSMT,Times New Roman,Times,serif;" class="_mt" size="2"&gt;54,000&lt;/font&gt;&lt;/td&gt;
&lt;td width="2%" align="left"&gt;&amp;nbsp;&lt;/td&gt;
&lt;td width="2%" align="left"&gt;&amp;nbsp;&lt;/td&gt;
&lt;td width="9%" align="right"&gt;&lt;font style="font-family: TimesNewRomanPSMT,Times New Roman,Times,serif;" class="_mt" size="2"&gt;809,000&lt;/font&gt;&lt;/td&gt;
&lt;td width="2%" align="right"&gt;&amp;nbsp;&lt;/td&gt;
&lt;td width="9%" align="right"&gt;&lt;font style="font-family: TimesNewRomanPSMT,Times New Roman,Times,serif;" class="_mt" size="2"&gt;4,069,000&lt;/font&gt;&lt;/td&gt;
&lt;td width="2%" align="left"&gt;&amp;nbsp;&lt;/td&gt;
&lt;td width="9%" align="right"&gt;&lt;font style="font-family: TimesNewRomanPSMT,Times New Roman,Times,serif;" class="_mt" size="2"&gt;4,878,000&lt;/font&gt;&lt;/td&gt;
&lt;td width="2%" align="left"&gt;&amp;nbsp;&lt;/td&gt;
&lt;td width="9%" align="right"&gt;&lt;font style="font-family: TimesNewRomanPSMT,Times New Roman,Times,serif;" class="_mt" size="2"&gt;773,000&lt;/font&gt;&lt;/td&gt;
&lt;td width="2%" align="left"&gt;&amp;nbsp;&lt;/td&gt;
&lt;td width="9%" align="right"&gt;&lt;font style="font-family: TimesNewRomanPSMT,Times New Roman,Times,serif;" class="_mt" size="2"&gt;(3&lt;/font&gt;&lt;/td&gt;
&lt;td width="2%" align="left"&gt;&lt;font style="font-family: TimesNewRomanPSMT,Times New Roman,Times,serif;" class="_mt" size="2"&gt;)&lt;/font&gt;&lt;/td&gt;&lt;/tr&gt;
&lt;tr valign="bottom"&gt;&lt;td width="22%" align="left"&gt;&lt;font style="font-family: TimesNewRomanPSMT,Times New Roman,Times,serif;" class="_mt" size="2"&gt;Camp Hill&lt;/font&gt;&lt;/td&gt;
&lt;td width="2%" align="right"&gt;&amp;nbsp;&lt;/td&gt;
&lt;td width="9%" align="right"&gt;&lt;font style="font-family: TimesNewRomanPSMT,Times New Roman,Times,serif;" class="_mt" size="2"&gt;43,504,000&lt;/font&gt;&lt;/td&gt;
&lt;td width="2%" align="left"&gt;&amp;nbsp;&lt;/td&gt;
&lt;td width="2%" align="left"&gt;&amp;nbsp;&lt;/td&gt;
&lt;td width="9%" align="right"&gt;&lt;font style="font-family: TimesNewRomanPSMT,Times New Roman,Times,serif;" class="_mt" size="2"&gt;4,424,000&lt;/font&gt;&lt;/td&gt;
&lt;td width="2%" align="right"&gt;&amp;nbsp;&lt;/td&gt;
&lt;td width="9%" align="right"&gt;&lt;font style="font-family: TimesNewRomanPSMT,Times New Roman,Times,serif;" class="_mt" size="2"&gt;61,397,000&lt;/font&gt;&lt;/td&gt;
&lt;td width="2%" align="left"&gt;&amp;nbsp;&lt;/td&gt;
&lt;td width="9%" align="right"&gt;&lt;font style="font-family: TimesNewRomanPSMT,Times New Roman,Times,serif;" class="_mt" size="2"&gt;65,821,000&lt;/font&gt;&lt;/td&gt;
&lt;td width="2%" align="left"&gt;&amp;nbsp;&lt;/td&gt;
&lt;td width="9%" align="right"&gt;&lt;font style="font-family: TimesNewRomanPSMT,Times New Roman,Times,serif;" class="_mt" size="2"&gt;11,312,000&lt;/font&gt;&lt;/td&gt;
&lt;td width="2%" align="left"&gt;&amp;nbsp;&lt;/td&gt;
&lt;td width="9%" align="right"&gt;&lt;font style="font-family: TimesNewRomanPSMT,Times New Roman,Times,serif;" class="_mt" size="2"&gt;65,000,000&lt;/font&gt;&lt;/td&gt;
&lt;td width="2%" align="left"&gt;&amp;nbsp;&lt;/td&gt;&lt;/tr&gt;
&lt;tr valign="bottom"&gt;&lt;td width="22%" align="left"&gt;&lt;font style="font-family: TimesNewRomanPSMT,Times New Roman,Times,serif;" class="_mt" size="2"&gt;Carbondale Plaza&lt;/font&gt;&lt;/td&gt;
&lt;td width="2%" align="right"&gt;&amp;nbsp;&lt;/td&gt;
&lt;td width="9%" align="right"&gt;&lt;font style="font-family: TimesNewRomanPSMT,Times New Roman,Times,serif;" class="_mt" size="2"&gt;4,883,000&lt;/font&gt;&lt;/td&gt;
&lt;td width="2%" align="left"&gt;&amp;nbsp;&lt;/td&gt;
&lt;td width="2%" align="left"&gt;&amp;nbsp;&lt;/td&gt;
&lt;td width="9%" align="right"&gt;&lt;font style="font-family: TimesNewRomanPSMT,Times New Roman,Times,serif;" class="_mt" size="2"&gt;1,586,000&lt;/font&gt;&lt;/td&gt;
&lt;td width="2%" align="right"&gt;&amp;nbsp;&lt;/td&gt;
&lt;td width="9%" align="right"&gt;&lt;font style="font-family: TimesNewRomanPSMT,Times New Roman,Times,serif;" class="_mt" size="2"&gt;12,172,000&lt;/font&gt;&lt;/td&gt;
&lt;td width="2%" align="left"&gt;&amp;nbsp;&lt;/td&gt;
&lt;td width="9%" align="right"&gt;&lt;font style="font-family: TimesNewRomanPSMT,Times New Roman,Times,serif;" class="_mt" size="2"&gt;13,758,000&lt;/font&gt;&lt;/td&gt;
&lt;td width="2%" align="left"&gt;&amp;nbsp;&lt;/td&gt;
&lt;td width="9%" align="right"&gt;&lt;font style="font-family: TimesNewRomanPSMT,Times New Roman,Times,serif;" class="_mt" size="2"&gt;2,736,000&lt;/font&gt;&lt;/td&gt;
&lt;td width="2%" align="left"&gt;&amp;nbsp;&lt;/td&gt;
&lt;td width="9%" align="right"&gt;&lt;font style="font-family: TimesNewRomanPSMT,Times New Roman,Times,serif;" class="_mt" size="2"&gt;4,864,000&lt;/font&gt;&lt;/td&gt;
&lt;td width="2%" align="left"&gt;&amp;nbsp;&lt;/td&gt;&lt;/tr&gt;
&lt;tr valign="bottom"&gt;&lt;td width="22%" align="left"&gt;&lt;font style="font-family: TimesNewRomanPSMT,Times New Roman,Times,serif;" class="_mt" size="2"&gt;Carll's Corner&lt;/font&gt;&lt;/td&gt;
&lt;td width="2%" align="right"&gt;&amp;nbsp;&lt;/td&gt;
&lt;td width="9%" align="right"&gt;&lt;font style="font-family: TimesNewRomanPSMT,Times New Roman,Times,serif;" class="_mt" size="2"&gt;(1,425,000&lt;/font&gt;&lt;/td&gt;
&lt;td width="2%" align="left"&gt;&lt;font style="font-family: TimesNewRomanPSMT,Times New Roman,Times,serif;" class="_mt" size="2"&gt;)&lt;/font&gt;&lt;/td&gt;
&lt;td width="2%" align="left"&gt;&amp;nbsp;&lt;/td&gt;
&lt;td width="9%" align="right"&gt;&lt;font style="font-family: TimesNewRomanPSMT,Times New Roman,Times,serif;" class="_mt" size="2"&gt;2,898,000&lt;/font&gt;&lt;/td&gt;
&lt;td width="2%" align="right"&gt;&amp;nbsp;&lt;/td&gt;
&lt;td width="9%" align="right"&gt;&lt;font style="font-family: TimesNewRomanPSMT,Times New Roman,Times,serif;" class="_mt" size="2"&gt;14,004,000&lt;/font&gt;&lt;/td&gt;
&lt;td width="2%" align="left"&gt;&amp;nbsp;&lt;/td&gt;
&lt;td width="9%" align="right"&gt;&lt;font style="font-family: TimesNewRomanPSMT,Times New Roman,Times,serif;" class="_mt" size="2"&gt;16,902,000&lt;/font&gt;&lt;/td&gt;
&lt;td width="2%" align="left"&gt;&amp;nbsp;&lt;/td&gt;
&lt;td width="9%" align="right"&gt;&lt;font style="font-family: TimesNewRomanPSMT,Times New Roman,Times,serif;" class="_mt" size="2"&gt;2,166,000&lt;/font&gt;&lt;/td&gt;
&lt;td width="2%" align="left"&gt;&amp;nbsp;&lt;/td&gt;
&lt;td width="9%" align="right"&gt;&lt;font style="font-family: TimesNewRomanPSMT,Times New Roman,Times,serif;" class="_mt" size="2"&gt;5,656,000&lt;/font&gt;&lt;/td&gt;
&lt;td width="2%" align="left"&gt;&amp;nbsp;&lt;/td&gt;&lt;/tr&gt;
&lt;tr valign="bottom"&gt;&lt;td width="22%" align="left"&gt;&lt;font style="font-family: TimesNewRomanPSMT,Times New Roman,Times,serif;" class="_mt" size="2"&gt;Carmans Plaza&lt;/font&gt;&lt;/td&gt;
&lt;td width="2%" align="right"&gt;&amp;nbsp;&lt;/td&gt;
&lt;td width="9%" align="right"&gt;&lt;font style="font-family: TimesNewRomanPSMT,Times New Roman,Times,serif;" class="_mt" size="2"&gt;(645,000&lt;/font&gt;&lt;/td&gt;
&lt;td width="2%" align="left"&gt;&lt;font style="font-family: TimesNewRomanPSMT,Times New Roman,Times,serif;" class="_mt" size="2"&gt;)&lt;/font&gt;&lt;/td&gt;
&lt;td width="2%" align="left"&gt;&amp;nbsp;&lt;/td&gt;
&lt;td width="9%" align="right"&gt;&lt;font style="font-family: TimesNewRomanPSMT,Times New Roman,Times,serif;" class="_mt" size="2"&gt;8,421,000&lt;/font&gt;&lt;/td&gt;
&lt;td width="2%" align="right"&gt;&amp;nbsp;&lt;/td&gt;
&lt;td width="9%" align="right"&gt;&lt;font style="font-family: TimesNewRomanPSMT,Times New Roman,Times,serif;" class="_mt" size="2"&gt;35,277,000&lt;/font&gt;&lt;/td&gt;
&lt;td width="2%" align="left"&gt;&amp;nbsp;&lt;/td&gt;
&lt;td width="9%" align="right"&gt;&lt;font style="font-family: TimesNewRomanPSMT,Times New Roman,Times,serif;" class="_mt" size="2"&gt;43,698,000&lt;/font&gt;&lt;/td&gt;
&lt;td width="2%" align="left"&gt;&amp;nbsp;&lt;/td&gt;
&lt;td width="9%" align="right"&gt;&lt;font style="font-family: TimesNewRomanPSMT,Times New Roman,Times,serif;" class="_mt" size="2"&gt;5,190,000&lt;/font&gt;&lt;/td&gt;
&lt;td width="2%" align="left"&gt;&amp;nbsp;&lt;/td&gt;
&lt;td width="9%" align="right"&gt;&lt;font style="font-family: TimesNewRomanPSMT,Times New Roman,Times,serif;" class="_mt" size="2"&gt;33,391,000&lt;/font&gt;&lt;/td&gt;
&lt;td width="2%" align="left"&gt;&amp;nbsp;&lt;/td&gt;&lt;/tr&gt;
&lt;tr valign="bottom"&gt;&lt;td width="22%" align="left"&gt;&lt;font style="font-family: TimesNewRomanPSMT,Times New Roman,Times,serif;" class="_mt" size="2"&gt;Circle Plaza&lt;/font&gt;&lt;/td&gt;
&lt;td width="2%" align="right"&gt;&amp;nbsp;&lt;/td&gt;
&lt;td width="9%" align="right"&gt;&lt;font style="font-family: TimesNewRomanPSMT,Times New Roman,Times,serif;" class="_mt" size="2"&gt;65,000&lt;/font&gt;&lt;/td&gt;
&lt;td width="2%" align="left"&gt;&amp;nbsp;&lt;/td&gt;
&lt;td width="2%" align="left"&gt;&amp;nbsp;&lt;/td&gt;
&lt;td width="9%" align="right"&gt;&lt;font style="font-family: TimesNewRomanPSMT,Times New Roman,Times,serif;" class="_mt" size="2"&gt;546,000&lt;/font&gt;&lt;/td&gt;
&lt;td width="2%" align="right"&gt;&amp;nbsp;&lt;/td&gt;
&lt;td width="9%" align="right"&gt;&lt;font style="font-family: TimesNewRomanPSMT,Times New Roman,Times,serif;" class="_mt" size="2"&gt;2,964,000&lt;/font&gt;&lt;/td&gt;
&lt;td width="2%" align="left"&gt;&amp;nbsp;&lt;/td&gt;
&lt;td width="9%" align="right"&gt;&lt;font style="font-family: TimesNewRomanPSMT,Times New Roman,Times,serif;" class="_mt" size="2"&gt;3,510,000&lt;/font&gt;&lt;/td&gt;
&lt;td width="2%" align="left"&gt;&amp;nbsp;&lt;/td&gt;
&lt;td width="9%" align="right"&gt;&lt;font style="font-family: TimesNewRomanPSMT,Times New Roman,Times,serif;" class="_mt" size="2"&gt;351,000&lt;/font&gt;&lt;/td&gt;
&lt;td width="2%" align="left"&gt;&amp;nbsp;&lt;/td&gt;
&lt;td width="9%" align="right"&gt;&lt;font style="font-family: TimesNewRomanPSMT,Times New Roman,Times,serif;" class="_mt" size="2"&gt;(3&lt;/font&gt;&lt;/td&gt;
&lt;td width="2%" align="left"&gt;&lt;font style="font-family: TimesNewRomanPSMT,Times New Roman,Times,serif;" class="_mt" size="2"&gt;)&lt;/font&gt;&lt;/td&gt;&lt;/tr&gt;
&lt;tr valign="bottom"&gt;&lt;td width="22%" align="left"&gt;&lt;font style="font-family: TimesNewRomanPSMT,Times New Roman,Times,serif;" class="_mt" size="2"&gt;ColiseumMarketplace&lt;/font&gt;&lt;/td&gt;
&lt;td width="2%" align="right"&gt;&amp;nbsp;&lt;/td&gt;
&lt;td width="9%" align="right"&gt;&lt;font style="font-family: TimesNewRomanPSMT,Times New Roman,Times,serif;" class="_mt" size="2"&gt;3,739,000&lt;/font&gt;&lt;/td&gt;
&lt;td width="2%" align="left"&gt;&amp;nbsp;&lt;/td&gt;
&lt;td width="2%" align="left"&gt;&amp;nbsp;&lt;/td&gt;
&lt;td width="9%" align="right"&gt;&lt;font style="font-family: TimesNewRomanPSMT,Times New Roman,Times,serif;" class="_mt" size="2"&gt;3,586,000&lt;/font&gt;&lt;/td&gt;
&lt;td width="2%" align="right"&gt;&amp;nbsp;&lt;/td&gt;
&lt;td width="9%" align="right"&gt;&lt;font style="font-family: TimesNewRomanPSMT,Times New Roman,Times,serif;" class="_mt" size="2"&gt;17,493,000&lt;/font&gt;&lt;/td&gt;
&lt;td width="2%" align="left"&gt;&amp;nbsp;&lt;/td&gt;
&lt;td width="9%" align="right"&gt;&lt;font style="font-family: TimesNewRomanPSMT,Times New Roman,Times,serif;" class="_mt" size="2"&gt;21,079,000&lt;/font&gt;&lt;/td&gt;
&lt;td width="2%" align="left"&gt;&amp;nbsp;&lt;/td&gt;
&lt;td width="9%" align="right"&gt;&lt;font style="font-family: TimesNewRomanPSMT,Times New Roman,Times,serif;" class="_mt" size="2"&gt;3,810,000&lt;/font&gt;&lt;/td&gt;
&lt;td width="2%" align="left"&gt;&amp;nbsp;&lt;/td&gt;
&lt;td width="9%" align="right"&gt;&lt;font style="font-family: TimesNewRomanPSMT,Times New Roman,Times,serif;" class="_mt" size="2"&gt;11,703,000&lt;/font&gt;&lt;/td&gt;
&lt;td width="2%" align="left"&gt;&amp;nbsp;&lt;/td&gt;&lt;/tr&gt;
&lt;tr valign="bottom"&gt;&lt;td width="22%" align="left"&gt;&lt;font style="font-family: TimesNewRomanPSMT,Times New Roman,Times,serif;" class="_mt" size="2"&gt;Crossroads II&lt;/font&gt;&lt;/td&gt;
&lt;td width="2%" align="right"&gt;&amp;nbsp;&lt;/td&gt;
&lt;td width="9%" align="right"&gt;&lt;font style="font-family: TimesNewRomanPSMT,Times New Roman,Times,serif;" class="_mt" size="2"&gt;28,440,000&lt;/font&gt;&lt;/td&gt;
&lt;td width="2%" align="left"&gt;&amp;nbsp;&lt;/td&gt;
&lt;td width="2%" align="left"&gt;&amp;nbsp;&lt;/td&gt;
&lt;td width="9%" align="right"&gt;&lt;font style="font-family: TimesNewRomanPSMT,Times New Roman,Times,serif;" class="_mt" size="2"&gt;17,671,000&lt;/font&gt;&lt;/td&gt;
&lt;td width="2%" align="right"&gt;&amp;nbsp;&lt;/td&gt;
&lt;td width="9%" align="right"&gt;&lt;font style="font-family: TimesNewRomanPSMT,Times New Roman,Times,serif;" class="_mt" size="2"&gt;26,152,000&lt;/font&gt;&lt;/td&gt;
&lt;td width="2%" align="left"&gt;&amp;nbsp;&lt;/td&gt;
&lt;td width="9%" align="right"&gt;&lt;font style="font-family: TimesNewRomanPSMT,Times New Roman,Times,serif;" class="_mt" size="2"&gt;43,823,000&lt;/font&gt;&lt;/td&gt;
&lt;td width="2%" align="left"&gt;&amp;nbsp;&lt;/td&gt;
&lt;td width="9%" align="right"&gt;&lt;font style="font-family: TimesNewRomanPSMT,Times New Roman,Times,serif;" class="_mt" size="2"&gt;1,433,000&lt;/font&gt;&lt;/td&gt;
&lt;td width="2%" align="left"&gt;&amp;nbsp;&lt;/td&gt;
&lt;td width="9%" align="right"&gt;&lt;font style="font-family: TimesNewRomanPSMT,Times New Roman,Times,serif;" class="_mt" size="2"&gt;(3&lt;/font&gt;&lt;/td&gt;
&lt;td width="2%" align="left"&gt;&lt;font style="font-family: TimesNewRomanPSMT,Times New Roman,Times,serif;" class="_mt" size="2"&gt;)&lt;/font&gt;&lt;/td&gt;&lt;/tr&gt;
&lt;tr valign="bottom"&gt;&lt;td width="22%" align="left"&gt;&lt;font style="font-family: TimesNewRomanPSMT,Times New Roman,Times,serif;" class="_mt" size="2"&gt;Colonial Commons&lt;/font&gt;&lt;/td&gt;
&lt;td width="2%" align="right"&gt;&amp;nbsp;&lt;/td&gt;
&lt;td width="9%" align="right"&gt;&lt;font style="font-family: TimesNewRomanPSMT,Times New Roman,Times,serif;" class="_mt" size="2"&gt;312,000&lt;/font&gt;&lt;/td&gt;
&lt;td width="2%" align="left"&gt;&amp;nbsp;&lt;/td&gt;
&lt;td width="2%" align="left"&gt;&amp;nbsp;&lt;/td&gt;
&lt;td width="9%" align="right"&gt;&lt;font style="font-family: TimesNewRomanPSMT,Times New Roman,Times,serif;" class="_mt" size="2"&gt;9,367,000&lt;/font&gt;&lt;/td&gt;
&lt;td width="2%" align="right"&gt;&amp;nbsp;&lt;/td&gt;
&lt;td width="9%" align="right"&gt;&lt;font style="font-family: TimesNewRomanPSMT,Times New Roman,Times,serif;" class="_mt" size="2"&gt;37,808,000&lt;/font&gt;&lt;/td&gt;
&lt;td width="2%" align="left"&gt;&amp;nbsp;&lt;/td&gt;
&lt;td width="9%" align="right"&gt;&lt;font style="font-family: TimesNewRomanPSMT,Times New Roman,Times,serif;" class="_mt" size="2"&gt;47,175,000&lt;/font&gt;&lt;/td&gt;
&lt;td width="2%" align="left"&gt;&amp;nbsp;&lt;/td&gt;
&lt;td width="9%" align="right"&gt;&lt;font style="font-family: TimesNewRomanPSMT,Times New Roman,Times,serif;" class="_mt" size="2"&gt;1,827,000&lt;/font&gt;&lt;/td&gt;
&lt;td width="2%" align="left"&gt;&amp;nbsp;&lt;/td&gt;
&lt;td width="9%" align="right"&gt;&lt;font style="font-family: TimesNewRomanPSMT,Times New Roman,Times,serif;" class="_mt" size="2"&gt;27,729,000&lt;/font&gt;&lt;/td&gt;
&lt;td width="2%" align="left"&gt;&amp;nbsp;&lt;/td&gt;&lt;/tr&gt;
&lt;tr valign="bottom"&gt;&lt;td width="22%" align="left"&gt;&lt;font style="font-family: TimesNewRomanPSMT,Times New Roman,Times,serif;" class="_mt" size="2"&gt;East Chestnut&lt;/font&gt;&lt;/td&gt;
&lt;td width="2%" align="right"&gt;&amp;nbsp;&lt;/td&gt;
&lt;td width="9%" align="right"&gt;&lt;font style="font-family: TimesNewRomanPSMT,Times New Roman,Times,serif;" class="_mt" size="2"&gt;3,000&lt;/font&gt;&lt;/td&gt;
&lt;td width="2%" align="left"&gt;&amp;nbsp;&lt;/td&gt;
&lt;td width="2%" align="left"&gt;&amp;nbsp;&lt;/td&gt;
&lt;td width="9%" align="right"&gt;&lt;font style="font-family: TimesNewRomanPSMT,Times New Roman,Times,serif;" class="_mt" size="2"&gt;800,000&lt;/font&gt;&lt;/td&gt;
&lt;td width="2%" align="right"&gt;&amp;nbsp;&lt;/td&gt;
&lt;td width="9%" align="right"&gt;&lt;font style="font-family: TimesNewRomanPSMT,Times New Roman,Times,serif;" class="_mt" size="2"&gt;3,702,000&lt;/font&gt;&lt;/td&gt;
&lt;td width="2%" align="left"&gt;&amp;nbsp;&lt;/td&gt;
&lt;td width="9%" align="right"&gt;&lt;font style="font-family: TimesNewRomanPSMT,Times New Roman,Times,serif;" class="_mt" size="2"&gt;4,502,000&lt;/font&gt;&lt;/td&gt;
&lt;td width="2%" align="left"&gt;&amp;nbsp;&lt;/td&gt;
&lt;td width="9%" align="right"&gt;&lt;font style="font-family: TimesNewRomanPSMT,Times New Roman,Times,serif;" class="_mt" size="2"&gt;917,000&lt;/font&gt;&lt;/td&gt;
&lt;td width="2%" align="left"&gt;&amp;nbsp;&lt;/td&gt;
&lt;td width="9%" align="right"&gt;&lt;font style="font-family: TimesNewRomanPSMT,Times New Roman,Times,serif;" class="_mt" size="2"&gt;1,773,000&lt;/font&gt;&lt;/td&gt;
&lt;td width="2%" align="left"&gt;&amp;nbsp;&lt;/td&gt;&lt;/tr&gt;
&lt;tr valign="bottom"&gt;&lt;td width="22%" align="left"&gt;&lt;font style="font-family: TimesNewRomanPSMT,Times New Roman,Times,serif;" class="_mt" size="2"&gt;Elmhurst Square&lt;/font&gt;&lt;/td&gt;
&lt;td width="2%" align="right"&gt;&amp;nbsp;&lt;/td&gt;
&lt;td width="9%" align="right"&gt;&lt;font style="font-family: TimesNewRomanPSMT,Times New Roman,Times,serif;" class="_mt" size="2"&gt;256,000&lt;/font&gt;&lt;/td&gt;
&lt;td width="2%" align="left"&gt;&amp;nbsp;&lt;/td&gt;
&lt;td width="2%" align="left"&gt;&amp;nbsp;&lt;/td&gt;
&lt;td width="9%" align="right"&gt;&lt;font style="font-family: TimesNewRomanPSMT,Times New Roman,Times,serif;" class="_mt" size="2"&gt;1,371,000&lt;/font&gt;&lt;/td&gt;
&lt;td width="2%" align="right"&gt;&amp;nbsp;&lt;/td&gt;
&lt;td width="9%" align="right"&gt;&lt;font style="font-family: TimesNewRomanPSMT,Times New Roman,Times,serif;" class="_mt" size="2"&gt;6,250,000&lt;/font&gt;&lt;/td&gt;
&lt;td width="2%" align="left"&gt;&amp;nbsp;&lt;/td&gt;
&lt;td width="9%" align="right"&gt;&lt;font style="font-family: TimesNewRomanPSMT,Times New Roman,Times,serif;" class="_mt" size="2"&gt;7,621,000&lt;/font&gt;&lt;/td&gt;
&lt;td width="2%" align="left"&gt;&amp;nbsp;&lt;/td&gt;
&lt;td width="9%" align="right"&gt;&lt;font style="font-family: TimesNewRomanPSMT,Times New Roman,Times,serif;" class="_mt" size="2"&gt;1,261,000&lt;/font&gt;&lt;/td&gt;
&lt;td width="2%" align="left"&gt;&amp;nbsp;&lt;/td&gt;
&lt;td width="9%" align="right"&gt;&lt;font style="font-family: TimesNewRomanPSMT,Times New Roman,Times,serif;" class="_mt" size="2"&gt;3,892,000&lt;/font&gt;&lt;/td&gt;
&lt;td width="2%" align="left"&gt;&amp;nbsp;&lt;/td&gt;&lt;/tr&gt;
&lt;tr valign="bottom"&gt;&lt;td width="22%" align="left"&gt;&lt;font style="font-family: TimesNewRomanPSMT,Times New Roman,Times,serif;" class="_mt" size="2"&gt;Fairview Plaza&lt;/font&gt;&lt;/td&gt;
&lt;td width="2%" align="right"&gt;&amp;nbsp;&lt;/td&gt;
&lt;td width="9%" align="right"&gt;&lt;font style="font-family: TimesNewRomanPSMT,Times New Roman,Times,serif;" class="_mt" size="2"&gt;270,000&lt;/font&gt;&lt;/td&gt;
&lt;td width="2%" align="left"&gt;&amp;nbsp;&lt;/td&gt;
&lt;td width="2%" align="left"&gt;&amp;nbsp;&lt;/td&gt;
&lt;td width="9%" align="right"&gt;&lt;font style="font-family: TimesNewRomanPSMT,Times New Roman,Times,serif;" class="_mt" size="2"&gt;2,129,000&lt;/font&gt;&lt;/td&gt;
&lt;td width="2%" align="right"&gt;&amp;nbsp;&lt;/td&gt;
&lt;td width="9%" align="right"&gt;&lt;font style="font-family: TimesNewRomanPSMT,Times New Roman,Times,serif;" class="_mt" size="2"&gt;8,752,000&lt;/font&gt;&lt;/td&gt;
&lt;td width="2%" align="left"&gt;&amp;nbsp;&lt;/td&gt;
&lt;td width="9%" align="right"&gt;&lt;font style="font-family: TimesNewRomanPSMT,Times New Roman,Times,serif;" class="_mt" size="2"&gt;10,881,000&lt;/font&gt;&lt;/td&gt;
&lt;td width="2%" align="left"&gt;&amp;nbsp;&lt;/td&gt;
&lt;td width="9%" align="right"&gt;&lt;font style="font-family: TimesNewRomanPSMT,Times New Roman,Times,serif;" class="_mt" size="2"&gt;2,082,000&lt;/font&gt;&lt;/td&gt;
&lt;td width="2%" align="left"&gt;&amp;nbsp;&lt;/td&gt;
&lt;td width="9%" align="right"&gt;&lt;font style="font-family: TimesNewRomanPSMT,Times New Roman,Times,serif;" class="_mt" size="2"&gt;5,254,000&lt;/font&gt;&lt;/td&gt;
&lt;td width="2%" align="left"&gt;&amp;nbsp;&lt;/td&gt;&lt;/tr&gt;
&lt;tr valign="bottom"&gt;&lt;td width="22%" align="left"&gt;&lt;font style="font-family: TimesNewRomanPSMT,Times New Roman,Times,serif;" class="_mt" size="2"&gt;Fairview Commons&lt;/font&gt;&lt;/td&gt;
&lt;td width="2%" align="right"&gt;&amp;nbsp;&lt;/td&gt;
&lt;td width="9%" align="right"&gt;&lt;font style="font-family: TimesNewRomanPSMT,Times New Roman,Times,serif;" class="_mt" size="2"&gt;-&lt;/font&gt;&lt;/td&gt;
&lt;td width="2%" align="left"&gt;&amp;nbsp;&lt;/td&gt;
&lt;td width="2%" align="left"&gt;&amp;nbsp;&lt;/td&gt;
&lt;td width="9%" align="right"&gt;&lt;font style="font-family: TimesNewRomanPSMT,Times New Roman,Times,serif;" class="_mt" size="2"&gt;858,000&lt;/font&gt;&lt;/td&gt;
&lt;td width="2%" align="right"&gt;&amp;nbsp;&lt;/td&gt;
&lt;td width="9%" align="right"&gt;&lt;font style="font-family: TimesNewRomanPSMT,Times New Roman,Times,serif;" class="_mt" size="2"&gt;3,568,000&lt;/font&gt;&lt;/td&gt;
&lt;td width="2%" align="left"&gt;&amp;nbsp;&lt;/td&gt;
&lt;td width="9%" align="right"&gt;&lt;font style="font-family: TimesNewRomanPSMT,Times New Roman,Times,serif;" class="_mt" size="2"&gt;4,426,000&lt;/font&gt;&lt;/td&gt;
&lt;td width="2%" align="left"&gt;&amp;nbsp;&lt;/td&gt;
&lt;td width="9%" align="right"&gt;&lt;font style="font-family: TimesNewRomanPSMT,Times New Roman,Times,serif;" class="_mt" size="2"&gt;693,000&lt;/font&gt;&lt;/td&gt;
&lt;td width="2%" align="left"&gt;&amp;nbsp;&lt;/td&gt;
&lt;td width="9%" align="right"&gt;&lt;font style="font-family: TimesNewRomanPSMT,Times New Roman,Times,serif;" class="_mt" size="2"&gt;(3&lt;/font&gt;&lt;/td&gt;
&lt;td width="2%" align="left"&gt;&lt;font style="font-family: TimesNewRomanPSMT,Times New Roman,Times,serif;" class="_mt" size="2"&gt;)&lt;/font&gt;&lt;/td&gt;&lt;/tr&gt;
&lt;tr valign="bottom"&gt;&lt;td width="22%" align="left"&gt;&lt;font style="font-family: TimesNewRomanPSMT,Times New Roman,Times,serif;" class="_mt" size="2"&gt;Fieldstone Marketplace&lt;/font&gt;&lt;/td&gt;
&lt;td width="2%" align="right"&gt;&amp;nbsp;&lt;/td&gt;
&lt;td width="9%" align="right"&gt;&lt;font style="font-family: TimesNewRomanPSMT,Times New Roman,Times,serif;" class="_mt" size="2"&gt;593,000&lt;/font&gt;&lt;/td&gt;
&lt;td width="2%" align="left"&gt;&amp;nbsp;&lt;/td&gt;
&lt;td width="2%" align="left"&gt;&amp;nbsp;&lt;/td&gt;
&lt;td width="9%" align="right"&gt;&lt;font style="font-family: TimesNewRomanPSMT,Times New Roman,Times,serif;" class="_mt" size="2"&gt;5,167,000&lt;/font&gt;&lt;/td&gt;
&lt;td width="2%" align="right"&gt;&amp;nbsp;&lt;/td&gt;
&lt;td width="9%" align="right"&gt;&lt;font style="font-family: TimesNewRomanPSMT,Times New Roman,Times,serif;" class="_mt" size="2"&gt;22,095,000&lt;/font&gt;&lt;/td&gt;
&lt;td width="2%" align="left"&gt;&amp;nbsp;&lt;/td&gt;
&lt;td width="9%" align="right"&gt;&lt;font style="font-family: TimesNewRomanPSMT,Times New Roman,Times,serif;" class="_mt" size="2"&gt;27,262,000&lt;/font&gt;&lt;/td&gt;
&lt;td width="2%" align="left"&gt;&amp;nbsp;&lt;/td&gt;
&lt;td width="9%" align="right"&gt;&lt;font style="font-family: TimesNewRomanPSMT,Times New Roman,Times,serif;" class="_mt" size="2"&gt;4,504,000&lt;/font&gt;&lt;/td&gt;
&lt;td width="2%" align="left"&gt;&amp;nbsp;&lt;/td&gt;
&lt;td width="9%" align="right"&gt;&lt;font style="font-family: TimesNewRomanPSMT,Times New Roman,Times,serif;" class="_mt" size="2"&gt;17,900,000&lt;/font&gt;&lt;/td&gt;
&lt;td width="2%" align="left"&gt;&amp;nbsp;&lt;/td&gt;&lt;/tr&gt;
&lt;tr valign="bottom"&gt;&lt;td width="22%" align="left"&gt;&lt;font style="font-family: TimesNewRomanPSMT,Times New Roman,Times,serif;" class="_mt" size="2"&gt;Fort Washington&lt;/font&gt;&lt;/td&gt;
&lt;td width="2%" align="right"&gt;&amp;nbsp;&lt;/td&gt;
&lt;td width="9%" align="right"&gt;&lt;font style="font-family: TimesNewRomanPSMT,Times New Roman,Times,serif;" class="_mt" size="2"&gt;5,176,000&lt;/font&gt;&lt;/td&gt;
&lt;td width="2%" align="left"&gt;&amp;nbsp;&lt;/td&gt;
&lt;td width="2%" align="left"&gt;&amp;nbsp;&lt;/td&gt;
&lt;td width="9%" align="right"&gt;&lt;font style="font-family: TimesNewRomanPSMT,Times New Roman,Times,serif;" class="_mt" size="2"&gt;2,462,000&lt;/font&gt;&lt;/td&gt;
&lt;td width="2%" align="right"&gt;&amp;nbsp;&lt;/td&gt;
&lt;td width="9%" align="right"&gt;&lt;font style="font-family: TimesNewRomanPSMT,Times New Roman,Times,serif;" class="_mt" size="2"&gt;5,176,000&lt;/font&gt;&lt;/td&gt;
&lt;td width="2%" align="left"&gt;&amp;nbsp;&lt;/td&gt;
&lt;td width="9%" align="right"&gt;&lt;font style="font-family: TimesNewRomanPSMT,Times New Roman,Times,serif;" class="_mt" size="2"&gt;7,638,000&lt;/font&gt;&lt;/td&gt;
&lt;td width="2%" align="left"&gt;&amp;nbsp;&lt;/td&gt;
&lt;td width="9%" align="right"&gt;&lt;font style="font-family: TimesNewRomanPSMT,Times New Roman,Times,serif;" class="_mt" size="2"&gt;1,194,000&lt;/font&gt;&lt;/td&gt;
&lt;td width="2%" align="left"&gt;&amp;nbsp;&lt;/td&gt;
&lt;td width="9%" align="right"&gt;&lt;font style="font-family: TimesNewRomanPSMT,Times New Roman,Times,serif;" class="_mt" size="2"&gt;5,535,000&lt;/font&gt;&lt;/td&gt;
&lt;td width="2%" align="left"&gt;&amp;nbsp;&lt;/td&gt;&lt;/tr&gt;
&lt;tr valign="bottom"&gt;&lt;td width="22%" align="left"&gt;&lt;font style="font-family: TimesNewRomanPSMT,Times New Roman,Times,serif;" class="_mt" size="2"&gt;General Booth Plaza&lt;/font&gt;&lt;/td&gt;
&lt;td width="2%" align="right"&gt;&amp;nbsp;&lt;/td&gt;
&lt;td width="9%" align="right"&gt;&lt;font style="font-family: TimesNewRomanPSMT,Times New Roman,Times,serif;" class="_mt" size="2"&gt;187,000&lt;/font&gt;&lt;/td&gt;
&lt;td width="2%" align="left"&gt;&amp;nbsp;&lt;/td&gt;
&lt;td width="2%" align="left"&gt;&amp;nbsp;&lt;/td&gt;
&lt;td width="9%" align="right"&gt;&lt;font style="font-family: TimesNewRomanPSMT,Times New Roman,Times,serif;" class="_mt" size="2"&gt;1,935,000&lt;/font&gt;&lt;/td&gt;
&lt;td width="2%" align="right"&gt;&amp;nbsp;&lt;/td&gt;
&lt;td width="9%" align="right"&gt;&lt;font style="font-family: TimesNewRomanPSMT,Times New Roman,Times,serif;" class="_mt" size="2"&gt;9,680,000&lt;/font&gt;&lt;/td&gt;
&lt;td width="2%" align="left"&gt;&amp;nbsp;&lt;/td&gt;
&lt;td width="9%" align="right"&gt;&lt;font style="font-family: TimesNewRomanPSMT,Times New Roman,Times,serif;" class="_mt" size="2"&gt;11,615,000&lt;/font&gt;&lt;/td&gt;
&lt;td width="2%" align="left"&gt;&amp;nbsp;&lt;/td&gt;
&lt;td width="9%" align="right"&gt;&lt;font style="font-family: TimesNewRomanPSMT,Times New Roman,Times,serif;" class="_mt" size="2"&gt;2,441,000&lt;/font&gt;&lt;/td&gt;
&lt;td width="2%" align="left"&gt;&amp;nbsp;&lt;/td&gt;
&lt;td width="9%" align="right"&gt;&lt;font style="font-family: TimesNewRomanPSMT,Times New Roman,Times,serif;" class="_mt" size="2"&gt;5,136,000&lt;/font&gt;&lt;/td&gt;
&lt;td width="2%" align="left"&gt;&amp;nbsp;&lt;/td&gt;&lt;/tr&gt;
&lt;tr valign="bottom"&gt;&lt;td width="22%" align="left"&gt;&lt;font style="font-family: TimesNewRomanPSMT,Times New Roman,Times,serif;" class="_mt" size="2"&gt;Gold Star Plaza&lt;/font&gt;&lt;/td&gt;
&lt;td width="2%" align="right"&gt;&amp;nbsp;&lt;/td&gt;
&lt;td width="9%" align="right"&gt;&lt;font style="font-family: TimesNewRomanPSMT,Times New Roman,Times,serif;" class="_mt" size="2"&gt;266,000&lt;/font&gt;&lt;/td&gt;
&lt;td width="2%" align="left"&gt;&amp;nbsp;&lt;/td&gt;
&lt;td width="2%" align="left"&gt;&amp;nbsp;&lt;/td&gt;
&lt;td width="9%" align="right"&gt;&lt;font style="font-family: TimesNewRomanPSMT,Times New Roman,Times,serif;" class="_mt" size="2"&gt;1,644,000&lt;/font&gt;&lt;/td&gt;
&lt;td width="2%" align="right"&gt;&amp;nbsp;&lt;/td&gt;
&lt;td width="9%" align="right"&gt;&lt;font style="font-family: TimesNewRomanPSMT,Times New Roman,Times,serif;" class="_mt" size="2"&gt;6,785,000&lt;/font&gt;&lt;/td&gt;
&lt;td width="2%" align="left"&gt;&amp;nbsp;&lt;/td&gt;
&lt;td width="9%" align="right"&gt;&lt;font style="font-family: TimesNewRomanPSMT,Times New Roman,Times,serif;" class="_mt" size="2"&gt;8,429,000&lt;/font&gt;&lt;/td&gt;
&lt;td width="2%" align="left"&gt;&amp;nbsp;&lt;/td&gt;
&lt;td width="9%" align="right"&gt;&lt;font style="font-family: TimesNewRomanPSMT,Times New Roman,Times,serif;" class="_mt" size="2"&gt;1,371,000&lt;/font&gt;&lt;/td&gt;
&lt;td width="2%" align="left"&gt;&amp;nbsp;&lt;/td&gt;
&lt;td width="9%" align="right"&gt;&lt;font style="font-family: TimesNewRomanPSMT,Times New Roman,Times,serif;" class="_mt" size="2"&gt;2,009,000&lt;/font&gt;&lt;/td&gt;
&lt;td width="2%" align="left"&gt;&amp;nbsp;&lt;/td&gt;&lt;/tr&gt;
&lt;tr valign="bottom"&gt;&lt;td width="22%" align="left"&gt;&lt;font style="font-family: TimesNewRomanPSMT,Times New Roman,Times,serif;" class="_mt" size="2"&gt;Golden Triangle&lt;/font&gt;&lt;/td&gt;
&lt;td width="2%" align="right"&gt;&amp;nbsp;&lt;/td&gt;
&lt;td width="9%" align="right"&gt;&lt;font style="font-family: TimesNewRomanPSMT,Times New Roman,Times,serif;" class="_mt" size="2"&gt;9,796,000&lt;/font&gt;&lt;/td&gt;
&lt;td width="2%" align="left"&gt;&amp;nbsp;&lt;/td&gt;
&lt;td width="2%" align="left"&gt;&amp;nbsp;&lt;/td&gt;
&lt;td width="9%" align="right"&gt;&lt;font style="font-family: TimesNewRomanPSMT,Times New Roman,Times,serif;" class="_mt" size="2"&gt;2,320,000&lt;/font&gt;&lt;/td&gt;
&lt;td width="2%" align="right"&gt;&amp;nbsp;&lt;/td&gt;
&lt;td width="9%" align="right"&gt;&lt;font style="font-family: TimesNewRomanPSMT,Times New Roman,Times,serif;" class="_mt" size="2"&gt;19,509,000&lt;/font&gt;&lt;/td&gt;
&lt;td width="2%" align="left"&gt;&amp;nbsp;&lt;/td&gt;
&lt;td width="9%" align="right"&gt;&lt;font style="font-family: TimesNewRomanPSMT,Times New Roman,Times,serif;" class="_mt" size="2"&gt;21,829,000&lt;/font&gt;&lt;/td&gt;
&lt;td width="2%" align="left"&gt;&amp;nbsp;&lt;/td&gt;
&lt;td width="9%" align="right"&gt;&lt;font style="font-family: TimesNewRomanPSMT,Times New Roman,Times,serif;" class="_mt" size="2"&gt;4,980,000&lt;/font&gt;&lt;/td&gt;
&lt;td width="2%" align="left"&gt;&amp;nbsp;&lt;/td&gt;
&lt;td width="9%" align="right"&gt;&lt;font style="font-family: TimesNewRomanPSMT,Times New Roman,Times,serif;" class="_mt" size="2"&gt;20,387,000&lt;/font&gt;&lt;/td&gt;
&lt;td width="2%" align="left"&gt;&amp;nbsp;&lt;/td&gt;&lt;/tr&gt;
&lt;tr valign="bottom"&gt;&lt;td width="22%" align="left"&gt;&lt;font style="font-family: TimesNewRomanPSMT,Times New Roman,Times,serif;" class="_mt" size="2"&gt;Groton Shopping Center&lt;/font&gt;&lt;/td&gt;
&lt;td width="2%" align="right"&gt;&amp;nbsp;&lt;/td&gt;
&lt;td width="9%" align="right"&gt;&lt;font style="font-family: TimesNewRomanPSMT,Times New Roman,Times,serif;" class="_mt" size="2"&gt;342,000&lt;/font&gt;&lt;/td&gt;
&lt;td width="2%" align="left"&gt;&amp;nbsp;&lt;/td&gt;
&lt;td width="2%" align="left"&gt;&amp;nbsp;&lt;/td&gt;
&lt;td width="9%" align="right"&gt;&lt;font style="font-family: TimesNewRomanPSMT,Times New Roman,Times,serif;" class="_mt" size="2"&gt;3,073,000&lt;/font&gt;&lt;/td&gt;
&lt;td width="2%" align="right"&gt;&amp;nbsp;&lt;/td&gt;
&lt;td width="9%" align="right"&gt;&lt;font style="font-family: TimesNewRomanPSMT,Times New Roman,Times,serif;" class="_mt" size="2"&gt;12,659,000&lt;/font&gt;&lt;/td&gt;
&lt;td width="2%" align="left"&gt;&amp;nbsp;&lt;/td&gt;
&lt;td width="9%" align="right"&gt;&lt;font style="font-family: TimesNewRomanPSMT,Times New Roman,Times,serif;" class="_mt" size="2"&gt;15,732,000&lt;/font&gt;&lt;/td&gt;
&lt;td width="2%" align="left"&gt;&amp;nbsp;&lt;/td&gt;
&lt;td width="9%" align="right"&gt;&lt;font style="font-family: TimesNewRomanPSMT,Times New Roman,Times,serif;" class="_mt" size="2"&gt;2,256,000&lt;/font&gt;&lt;/td&gt;
&lt;td width="2%" align="left"&gt;&amp;nbsp;&lt;/td&gt;
&lt;td width="9%" align="right"&gt;&lt;font style="font-family: TimesNewRomanPSMT,Times New Roman,Times,serif;" class="_mt" size="2"&gt;11,412,000&lt;/font&gt;&lt;/td&gt;
&lt;td width="2%" align="left"&gt;&amp;nbsp;&lt;/td&gt;&lt;/tr&gt;
&lt;tr valign="bottom"&gt;&lt;td width="22%" align="left"&gt;&lt;font style="font-family: TimesNewRomanPSMT,Times New Roman,Times,serif;" class="_mt" size="2"&gt;HalifaxPlaza&lt;/font&gt;&lt;/td&gt;
&lt;td width="2%" align="right"&gt;&amp;nbsp;&lt;/td&gt;
&lt;td width="9%" align="right"&gt;&lt;font style="font-family: TimesNewRomanPSMT,Times New Roman,Times,serif;" class="_mt" size="2"&gt;224,000&lt;/font&gt;&lt;/td&gt;
&lt;td width="2%" align="left"&gt;&amp;nbsp;&lt;/td&gt;
&lt;td width="2%" align="left"&gt;&amp;nbsp;&lt;/td&gt;
&lt;td width="9%" align="right"&gt;&lt;font style="font-family: TimesNewRomanPSMT,Times New Roman,Times,serif;" class="_mt" size="2"&gt;1,347,000&lt;/font&gt;&lt;/td&gt;
&lt;td width="2%" align="right"&gt;&amp;nbsp;&lt;/td&gt;
&lt;td width="9%" align="right"&gt;&lt;font style="font-family: TimesNewRomanPSMT,Times New Roman,Times,serif;" class="_mt" size="2"&gt;6,088,000&lt;/font&gt;&lt;/td&gt;
&lt;td width="2%" align="left"&gt;&amp;nbsp;&lt;/td&gt;
&lt;td width="9%" align="right"&gt;&lt;font style="font-family: TimesNewRomanPSMT,Times New Roman,Times,serif;" class="_mt" size="2"&gt;7,435,000&lt;/font&gt;&lt;/td&gt;
&lt;td width="2%" align="left"&gt;&amp;nbsp;&lt;/td&gt;
&lt;td width="9%" align="right"&gt;&lt;font style="font-family: TimesNewRomanPSMT,Times New Roman,Times,serif;" class="_mt" size="2"&gt;1,341,000&lt;/font&gt;&lt;/td&gt;
&lt;td width="2%" align="left"&gt;&amp;nbsp;&lt;/td&gt;
&lt;td width="9%" align="right"&gt;&lt;font style="font-family: TimesNewRomanPSMT,Times New Roman,Times,serif;" class="_mt" size="2"&gt;4,175,000&lt;/font&gt;&lt;/td&gt;
&lt;td width="2%" align="left"&gt;&amp;nbsp;&lt;/td&gt;&lt;/tr&gt;
&lt;tr valign="bottom"&gt;&lt;td width="22%" align="left"&gt;&lt;font style="font-family: TimesNewRomanPSMT,Times New Roman,Times,serif;" class="_mt" size="2"&gt;Hamburg Commons&lt;/font&gt;&lt;/td&gt;
&lt;td width="2%" align="right"&gt;&amp;nbsp;&lt;/td&gt;
&lt;td width="9%" align="right"&gt;&lt;font style="font-family: TimesNewRomanPSMT,Times New Roman,Times,serif;" class="_mt" size="2"&gt;5,402,000&lt;/font&gt;&lt;/td&gt;
&lt;td width="2%" align="left"&gt;&amp;nbsp;&lt;/td&gt;
&lt;td width="2%" align="left"&gt;&amp;nbsp;&lt;/td&gt;
&lt;td width="9%" align="right"&gt;&lt;font style="font-family: TimesNewRomanPSMT,Times New Roman,Times,serif;" class="_mt" size="2"&gt;1,153,000&lt;/font&gt;&lt;/td&gt;
&lt;td width="2%" align="right"&gt;&amp;nbsp;&lt;/td&gt;
&lt;td width="9%" align="right"&gt;&lt;font style="font-family: TimesNewRomanPSMT,Times New Roman,Times,serif;" class="_mt" size="2"&gt;10,080,000&lt;/font&gt;&lt;/td&gt;
&lt;td width="2%" align="left"&gt;&amp;nbsp;&lt;/td&gt;
&lt;td width="9%" align="right"&gt;&lt;font style="font-family: TimesNewRomanPSMT,Times New Roman,Times,serif;" class="_mt" size="2"&gt;11,233,000&lt;/font&gt;&lt;/td&gt;
&lt;td width="2%" align="left"&gt;&amp;nbsp;&lt;/td&gt;
&lt;td width="9%" align="right"&gt;&lt;font style="font-family: TimesNewRomanPSMT,Times New Roman,Times,serif;" class="_mt" size="2"&gt;1,776,000&lt;/font&gt;&lt;/td&gt;
&lt;td width="2%" align="left"&gt;&amp;nbsp;&lt;/td&gt;
&lt;td width="9%" align="right"&gt;&lt;font style="font-family: TimesNewRomanPSMT,Times New Roman,Times,serif;" class="_mt" size="2"&gt;5,017,000&lt;/font&gt;&lt;/td&gt;
&lt;td width="2%" align="left"&gt;&amp;nbsp;&lt;/td&gt;&lt;/tr&gt;
&lt;tr valign="bottom"&gt;&lt;td width="22%" align="left"&gt;&lt;font style="font-family: TimesNewRomanPSMT,Times New Roman,Times,serif;" class="_mt" size="2"&gt;Huntingdon Plaza&lt;/font&gt;&lt;/td&gt;
&lt;td width="2%" align="right"&gt;&amp;nbsp;&lt;/td&gt;
&lt;td width="9%" align="right"&gt;&lt;font style="font-family: TimesNewRomanPSMT,Times New Roman,Times,serif;" class="_mt" size="2"&gt;1,892,000&lt;/font&gt;&lt;/td&gt;
&lt;td width="2%" align="left"&gt;&amp;nbsp;&lt;/td&gt;
&lt;td width="2%" align="left"&gt;&amp;nbsp;&lt;/td&gt;
&lt;td width="9%" align="right"&gt;&lt;font style="font-family: TimesNewRomanPSMT,Times New Roman,Times,serif;" class="_mt" size="2"&gt;933,000&lt;/font&gt;&lt;/td&gt;
&lt;td width="2%" align="right"&gt;&amp;nbsp;&lt;/td&gt;
&lt;td width="9%" align="right"&gt;&lt;font style="font-family: TimesNewRomanPSMT,Times New Roman,Times,serif;" class="_mt" size="2"&gt;6,021,000&lt;/font&gt;&lt;/td&gt;
&lt;td width="2%" align="left"&gt;&amp;nbsp;&lt;/td&gt;
&lt;td width="9%" align="right"&gt;&lt;font style="font-family: TimesNewRomanPSMT,Times New Roman,Times,serif;" class="_mt" size="2"&gt;6,954,000&lt;/font&gt;&lt;/td&gt;
&lt;td width="2%" align="left"&gt;&amp;nbsp;&lt;/td&gt;
&lt;td width="9%" align="right"&gt;&lt;font style="font-family: TimesNewRomanPSMT,Times New Roman,Times,serif;" class="_mt" size="2"&gt;1,035,000&lt;/font&gt;&lt;/td&gt;
&lt;td width="2%" align="left"&gt;&amp;nbsp;&lt;/td&gt;
&lt;td width="9%" align="right"&gt;&lt;font style="font-family: TimesNewRomanPSMT,Times New Roman,Times,serif;" class="_mt" size="2"&gt;(3&lt;/font&gt;&lt;/td&gt;
&lt;td width="2%" align="left"&gt;&lt;font style="font-family: TimesNewRomanPSMT,Times New Roman,Times,serif;" class="_mt" size="2"&gt;)&lt;/font&gt;&lt;/td&gt;&lt;/tr&gt;
&lt;tr valign="bottom"&gt;&lt;td width="22%" align="left"&gt;&lt;font style="font-family: TimesNewRomanPSMT,Times New Roman,Times,serif;" class="_mt" size="2"&gt;Jordan Lane&lt;/font&gt;&lt;/td&gt;
&lt;td width="2%" align="right"&gt;&amp;nbsp;&lt;/td&gt;
&lt;td width="9%" align="right"&gt;&lt;font style="font-family: TimesNewRomanPSMT,Times New Roman,Times,serif;" class="_mt" size="2"&gt;973,000&lt;/font&gt;&lt;/td&gt;
&lt;td width="2%" align="left"&gt;&amp;nbsp;&lt;/td&gt;
&lt;td width="2%" align="left"&gt;&amp;nbsp;&lt;/td&gt;
&lt;td width="9%" align="right"&gt;&lt;font style="font-family: TimesNewRomanPSMT,Times New Roman,Times,serif;" class="_mt" size="2"&gt;4,291,000&lt;/font&gt;&lt;/td&gt;
&lt;td width="2%" align="right"&gt;&amp;nbsp;&lt;/td&gt;
&lt;td width="9%" align="right"&gt;&lt;font style="font-family: TimesNewRomanPSMT,Times New Roman,Times,serif;" class="_mt" size="2"&gt;22,149,000&lt;/font&gt;&lt;/td&gt;
&lt;td width="2%" align="left"&gt;&amp;nbsp;&lt;/td&gt;
&lt;td width="9%" align="right"&gt;&lt;font style="font-family: TimesNewRomanPSMT,Times New Roman,Times,serif;" class="_mt" size="2"&gt;26,440,000&lt;/font&gt;&lt;/td&gt;
&lt;td width="2%" align="left"&gt;&amp;nbsp;&lt;/td&gt;
&lt;td width="9%" align="right"&gt;&lt;font style="font-family: TimesNewRomanPSMT,Times New Roman,Times,serif;" class="_mt" size="2"&gt;4,638,000&lt;/font&gt;&lt;/td&gt;
&lt;td width="2%" align="left"&gt;&amp;nbsp;&lt;/td&gt;
&lt;td width="9%" align="right"&gt;&lt;font style="font-family: TimesNewRomanPSMT,Times New Roman,Times,serif;" class="_mt" size="2"&gt;12,628,000&lt;/font&gt;&lt;/td&gt;
&lt;td width="2%" align="left"&gt;&amp;nbsp;&lt;/td&gt;&lt;/tr&gt;
&lt;tr valign="bottom"&gt;&lt;td width="22%" align="left"&gt;&lt;font style="font-family: TimesNewRomanPSMT,Times New Roman,Times,serif;" class="_mt" size="2"&gt;Kempsville Crossing&lt;/font&gt;&lt;/td&gt;
&lt;td width="2%" align="right"&gt;&amp;nbsp;&lt;/td&gt;
&lt;td width="9%" align="right"&gt;&lt;font style="font-family: TimesNewRomanPSMT,Times New Roman,Times,serif;" class="_mt" size="2"&gt;140,000&lt;/font&gt;&lt;/td&gt;
&lt;td width="2%" align="left"&gt;&amp;nbsp;&lt;/td&gt;
&lt;td width="2%" align="left"&gt;&amp;nbsp;&lt;/td&gt;
&lt;td width="9%" align="right"&gt;&lt;font style="font-family: TimesNewRomanPSMT,Times New Roman,Times,serif;" class="_mt" size="2"&gt;2,207,000&lt;/font&gt;&lt;/td&gt;
&lt;td width="2%" align="right"&gt;&amp;nbsp;&lt;/td&gt;
&lt;td width="9%" align="right"&gt;&lt;font style="font-family: TimesNewRomanPSMT,Times New Roman,Times,serif;" class="_mt" size="2"&gt;11,140,000&lt;/font&gt;&lt;/td&gt;
&lt;td width="2%" align="left"&gt;&amp;nbsp;&lt;/td&gt;
&lt;td width="9%" align="right"&gt;&lt;font style="font-family: TimesNewRomanPSMT,Times New Roman,Times,serif;" class="_mt" size="2"&gt;13,347,000&lt;/font&gt;&lt;/td&gt;
&lt;td width="2%" align="left"&gt;&amp;nbsp;&lt;/td&gt;
&lt;td width="9%" align="right"&gt;&lt;font style="font-family: TimesNewRomanPSMT,Times New Roman,Times,serif;" class="_mt" size="2"&gt;2,974,000&lt;/font&gt;&lt;/td&gt;
&lt;td width="2%" align="left"&gt;&amp;nbsp;&lt;/td&gt;
&lt;td width="9%" align="right"&gt;&lt;font style="font-family: TimesNewRomanPSMT,Times New Roman,Times,serif;" class="_mt" size="2"&gt;5,799,000&lt;/font&gt;&lt;/td&gt;
&lt;td width="2%" align="left"&gt;&amp;nbsp;&lt;/td&gt;&lt;/tr&gt;
&lt;tr valign="bottom"&gt;&lt;td width="22%" align="left"&gt;&lt;font style="font-family: TimesNewRomanPSMT,Times New Roman,Times,serif;" class="_mt" size="2"&gt;Kenley Village&lt;/font&gt;&lt;/td&gt;
&lt;td width="2%" align="right"&gt;&amp;nbsp;&lt;/td&gt;
&lt;td width="9%" align="right"&gt;&lt;font style="font-family: TimesNewRomanPSMT,Times New Roman,Times,serif;" class="_mt" size="2"&gt;120,000&lt;/font&gt;&lt;/td&gt;
&lt;td width="2%" align="left"&gt;&amp;nbsp;&lt;/td&gt;
&lt;td width="2%" align="left"&gt;&amp;nbsp;&lt;/td&gt;
&lt;td width="9%" align="right"&gt;&lt;font style="font-family: TimesNewRomanPSMT,Times New Roman,Times,serif;" class="_mt" size="2"&gt;726,000&lt;/font&gt;&lt;/td&gt;
&lt;td width="2%" align="right"&gt;&amp;nbsp;&lt;/td&gt;
&lt;td width="9%" align="right"&gt;&lt;font style="font-family: TimesNewRomanPSMT,Times New Roman,Times,serif;" class="_mt" size="2"&gt;3,632,000&lt;/font&gt;&lt;/td&gt;
&lt;td width="2%" align="left"&gt;&amp;nbsp;&lt;/td&gt;
&lt;td width="9%" align="right"&gt;&lt;font style="font-family: TimesNewRomanPSMT,Times New Roman,Times,serif;" class="_mt" size="2"&gt;4,358,000&lt;/font&gt;&lt;/td&gt;
&lt;td width="2%" align="left"&gt;&amp;nbsp;&lt;/td&gt;
&lt;td width="9%" align="right"&gt;&lt;font style="font-family: TimesNewRomanPSMT,Times New Roman,Times,serif;" class="_mt" size="2"&gt;1,109,000&lt;/font&gt;&lt;/td&gt;
&lt;td width="2%" align="left"&gt;&amp;nbsp;&lt;/td&gt;
&lt;td width="9%" align="right"&gt;&lt;font style="font-family: TimesNewRomanPSMT,Times New Roman,Times,serif;" class="_mt" size="2"&gt;(3&lt;/font&gt;&lt;/td&gt;
&lt;td width="2%" align="left"&gt;&lt;font style="font-family: TimesNewRomanPSMT,Times New Roman,Times,serif;" class="_mt" size="2"&gt;)&lt;/font&gt;&lt;/td&gt;&lt;/tr&gt;
&lt;tr valign="bottom"&gt;&lt;td width="22%" align="left"&gt;&lt;font style="font-family: TimesNewRomanPSMT,Times New Roman,Times,serif;" class="_mt" size="2"&gt;Kings Plaza&lt;/font&gt;&lt;/td&gt;
&lt;td width="2%" align="right"&gt;&amp;nbsp;&lt;/td&gt;
&lt;td width="9%" align="right"&gt;&lt;font style="font-family: TimesNewRomanPSMT,Times New Roman,Times,serif;" class="_mt" size="2"&gt;337,000&lt;/font&gt;&lt;/td&gt;
&lt;td width="2%" align="left"&gt;&amp;nbsp;&lt;/td&gt;
&lt;td width="2%" align="left"&gt;&amp;nbsp;&lt;/td&gt;
&lt;td width="9%" align="right"&gt;&lt;font style="font-family: TimesNewRomanPSMT,Times New Roman,Times,serif;" class="_mt" size="2"&gt;2,408,000&lt;/font&gt;&lt;/td&gt;
&lt;td width="2%" align="right"&gt;&amp;nbsp;&lt;/td&gt;
&lt;td width="9%" align="right"&gt;&lt;font style="font-family: TimesNewRomanPSMT,Times New Roman,Times,serif;" class="_mt" size="2"&gt;12,946,000&lt;/font&gt;&lt;/td&gt;
&lt;td width="2%" align="left"&gt;&amp;nbsp;&lt;/td&gt;
&lt;td width="9%" align="right"&gt;&lt;font style="font-family: TimesNewRomanPSMT,Times New Roman,Times,serif;" class="_mt" size="2"&gt;15,354,000&lt;/font&gt;&lt;/td&gt;
&lt;td width="2%" align="left"&gt;&amp;nbsp;&lt;/td&gt;
&lt;td width="9%" align="right"&gt;&lt;font style="font-family: TimesNewRomanPSMT,Times New Roman,Times,serif;" class="_mt" size="2"&gt;2,141,000&lt;/font&gt;&lt;/td&gt;
&lt;td width="2%" align="left"&gt;&amp;nbsp;&lt;/td&gt;
&lt;td width="9%" align="right"&gt;&lt;font style="font-family: TimesNewRomanPSMT,Times New Roman,Times,serif;" class="_mt" size="2"&gt;7,538,000&lt;/font&gt;&lt;/td&gt;
&lt;td width="2%" align="left"&gt;&amp;nbsp;&lt;/td&gt;&lt;/tr&gt;
&lt;tr valign="bottom"&gt;&lt;td width="22%" align="left"&gt;&lt;font style="font-family: TimesNewRomanPSMT,Times New Roman,Times,serif;" class="_mt" size="2"&gt;Kingston Plaza&lt;/font&gt;&lt;/td&gt;
&lt;td width="2%" align="right"&gt;&amp;nbsp;&lt;/td&gt;
&lt;td width="9%" align="right"&gt;&lt;font style="font-family: TimesNewRomanPSMT,Times New Roman,Times,serif;" class="_mt" size="2"&gt;(962,000&lt;/font&gt;&lt;/td&gt;
&lt;td width="2%" align="left"&gt;&lt;font style="font-family: TimesNewRomanPSMT,Times New Roman,Times,serif;" class="_mt" size="2"&gt;)&lt;/font&gt;&lt;/td&gt;
&lt;td width="2%" align="left"&gt;&amp;nbsp;&lt;/td&gt;
&lt;td width="9%" align="right"&gt;&lt;font style="font-family: TimesNewRomanPSMT,Times New Roman,Times,serif;" class="_mt" size="2"&gt;496,000&lt;/font&gt;&lt;/td&gt;
&lt;td width="2%" align="right"&gt;&amp;nbsp;&lt;/td&gt;
&lt;td width="9%" align="right"&gt;&lt;font style="font-family: TimesNewRomanPSMT,Times New Roman,Times,serif;" class="_mt" size="2"&gt;186,000&lt;/font&gt;&lt;/td&gt;
&lt;td width="2%" align="left"&gt;&amp;nbsp;&lt;/td&gt;
&lt;td width="9%" align="right"&gt;&lt;font style="font-family: TimesNewRomanPSMT,Times New Roman,Times,serif;" class="_mt" size="2"&gt;682,000&lt;/font&gt;&lt;/td&gt;
&lt;td width="2%" align="left"&gt;&amp;nbsp;&lt;/td&gt;
&lt;td width="9%" align="right"&gt;&lt;font style="font-family: TimesNewRomanPSMT,Times New Roman,Times,serif;" class="_mt" size="2"&gt;30,000&lt;/font&gt;&lt;/td&gt;
&lt;td width="2%" align="left"&gt;&amp;nbsp;&lt;/td&gt;
&lt;td width="9%" align="right"&gt;&lt;font style="font-family: TimesNewRomanPSMT,Times New Roman,Times,serif;" class="_mt" size="2"&gt;511,000&lt;/font&gt;&lt;/td&gt;
&lt;td width="2%" align="left"&gt;&amp;nbsp;&lt;/td&gt;&lt;/tr&gt;
&lt;tr valign="bottom"&gt;&lt;td width="22%" align="left"&gt;&lt;font style="font-family: TimesNewRomanPSMT,Times New Roman,Times,serif;" class="_mt" size="2"&gt;Lake Raystown Plaza&lt;/font&gt;&lt;/td&gt;
&lt;td width="2%" align="right"&gt;&amp;nbsp;&lt;/td&gt;
&lt;td width="9%" align="right"&gt;&lt;font style="font-family: TimesNewRomanPSMT,Times New Roman,Times,serif;" class="_mt" size="2"&gt;6,829,000&lt;/font&gt;&lt;/td&gt;
&lt;td width="2%" align="left"&gt;&amp;nbsp;&lt;/td&gt;
&lt;td width="2%" align="left"&gt;&amp;nbsp;&lt;/td&gt;
&lt;td width="9%" align="right"&gt;&lt;font style="font-family: TimesNewRomanPSMT,Times New Roman,Times,serif;" class="_mt" size="2"&gt;2,231,000&lt;/font&gt;&lt;/td&gt;
&lt;td width="2%" align="right"&gt;&amp;nbsp;&lt;/td&gt;
&lt;td width="9%" align="right"&gt;&lt;font style="font-family: TimesNewRomanPSMT,Times New Roman,Times,serif;" class="_mt" size="2"&gt;13,564,000&lt;/font&gt;&lt;/td&gt;
&lt;td width="2%" align="left"&gt;&amp;nbsp;&lt;/td&gt;
&lt;td width="9%" align="right"&gt;&lt;font style="font-family: TimesNewRomanPSMT,Times New Roman,Times,serif;" class="_mt" size="2"&gt;15,795,000&lt;/font&gt;&lt;/td&gt;
&lt;td width="2%" align="left"&gt;&amp;nbsp;&lt;/td&gt;
&lt;td width="9%" align="right"&gt;&lt;font style="font-family: TimesNewRomanPSMT,Times New Roman,Times,serif;" class="_mt" size="2"&gt;2,882,000&lt;/font&gt;&lt;/td&gt;
&lt;td width="2%" align="left"&gt;&amp;nbsp;&lt;/td&gt;
&lt;td width="9%" align="right"&gt;&lt;font style="font-family: TimesNewRomanPSMT,Times New Roman,Times,serif;" class="_mt" size="2"&gt;(3&lt;/font&gt;&lt;/td&gt;
&lt;td width="2%" align="left"&gt;&lt;font style="font-family: TimesNewRomanPSMT,Times New Roman,Times,serif;" class="_mt" size="2"&gt;)&lt;/font&gt;&lt;/td&gt;&lt;/tr&gt;
&lt;tr valign="bottom"&gt;&lt;td width="22%" align="left"&gt;&lt;font style="font-family: TimesNewRomanPSMT,Times New Roman,Times,serif;" class="_mt" size="2"&gt;Liberty Marketplace&lt;/font&gt;&lt;/td&gt;
&lt;td width="2%" align="right"&gt;&amp;nbsp;&lt;/td&gt;
&lt;td width="9%" align="right"&gt;&lt;font style="font-family: TimesNewRomanPSMT,Times New Roman,Times,serif;" class="_mt" size="2"&gt;294,000&lt;/font&gt;&lt;/td&gt;
&lt;td width="2%" align="left"&gt;&amp;nbsp;&lt;/td&gt;
&lt;td width="2%" align="left"&gt;&amp;nbsp;&lt;/td&gt;
&lt;td width="9%" align="right"&gt;&lt;font style="font-family: TimesNewRomanPSMT,Times New Roman,Times,serif;" class="_mt" size="2"&gt;2,695,000&lt;/font&gt;&lt;/td&gt;
&lt;td width="2%" align="right"&gt;&amp;nbsp;&lt;/td&gt;
&lt;td width="9%" align="right"&gt;&lt;font style="font-family: TimesNewRomanPSMT,Times New Roman,Times,serif;" class="_mt" size="2"&gt;12,903,000&lt;/font&gt;&lt;/td&gt;
&lt;td width="2%" align="left"&gt;&amp;nbsp;&lt;/td&gt;
&lt;td width="9%" align="right"&gt;&lt;font style="font-family: TimesNewRomanPSMT,Times New Roman,Times,serif;" class="_mt" size="2"&gt;15,598,000&lt;/font&gt;&lt;/td&gt;
&lt;td width="2%" align="left"&gt;&amp;nbsp;&lt;/td&gt;
&lt;td width="9%" align="right"&gt;&lt;font style="font-family: TimesNewRomanPSMT,Times New Roman,Times,serif;" class="_mt" size="2"&gt;2,462,000&lt;/font&gt;&lt;/td&gt;
&lt;td width="2%" align="left"&gt;&amp;nbsp;&lt;/td&gt;
&lt;td width="9%" align="right"&gt;&lt;font style="font-family: TimesNewRomanPSMT,Times New Roman,Times,serif;" class="_mt" size="2"&gt;8,840,000&lt;/font&gt;&lt;/td&gt;
&lt;td width="2%" align="left"&gt;&amp;nbsp;&lt;/td&gt;&lt;/tr&gt;
&lt;tr valign="bottom"&gt;&lt;td width="22%" align="left"&gt;&lt;font style="font-family: TimesNewRomanPSMT,Times New Roman,Times,serif;" class="_mt" size="2"&gt;Martins's at Glen Allen&lt;/font&gt;&lt;/td&gt;
&lt;td width="2%" align="right"&gt;&amp;nbsp;&lt;/td&gt;
&lt;td width="9%" align="right"&gt;&lt;font style="font-family: TimesNewRomanPSMT,Times New Roman,Times,serif;" class="_mt" size="2"&gt;3,000&lt;/font&gt;&lt;/td&gt;
&lt;td width="2%" align="left"&gt;&amp;nbsp;&lt;/td&gt;
&lt;td width="2%" align="left"&gt;&amp;nbsp;&lt;/td&gt;
&lt;td width="9%" align="right"&gt;&lt;font style="font-family: TimesNewRomanPSMT,Times New Roman,Times,serif;" class="_mt" size="2"&gt;5,367,000&lt;/font&gt;&lt;/td&gt;
&lt;td width="2%" align="right"&gt;&amp;nbsp;&lt;/td&gt;
&lt;td width="9%" align="right"&gt;&lt;font style="font-family: TimesNewRomanPSMT,Times New Roman,Times,serif;" class="_mt" size="2"&gt;2,088,000&lt;/font&gt;&lt;/td&gt;
&lt;td width="2%" align="left"&gt;&amp;nbsp;&lt;/td&gt;
&lt;td width="9%" align="right"&gt;&lt;font style="font-family: TimesNewRomanPSMT,Times New Roman,Times,serif;" class="_mt" size="2"&gt;7,455,000&lt;/font&gt;&lt;/td&gt;
&lt;td width="2%" align="left"&gt;&amp;nbsp;&lt;/td&gt;
&lt;td width="9%" align="right"&gt;&lt;font style="font-family: TimesNewRomanPSMT,Times New Roman,Times,serif;" class="_mt" size="2"&gt;495,000&lt;/font&gt;&lt;/td&gt;
&lt;td width="2%" align="left"&gt;&amp;nbsp;&lt;/td&gt;
&lt;td width="9%" align="right"&gt;&lt;font style="font-family: TimesNewRomanPSMT,Times New Roman,Times,serif;" class="_mt" size="2"&gt;(3&lt;/font&gt;&lt;/td&gt;
&lt;td width="2%" align="left"&gt;&lt;font style="font-family: TimesNewRomanPSMT,Times New Roman,Times,serif;" class="_mt" size="2"&gt;)&lt;/font&gt;&lt;/td&gt;&lt;/tr&gt;
&lt;tr valign="bottom"&gt;&lt;td width="22%" align="left"&gt;&lt;font style="font-family: TimesNewRomanPSMT,Times New Roman,Times,serif;" class="_mt" size="2"&gt;Meadows Marketplace&lt;/font&gt;&lt;/td&gt;
&lt;td width="2%" align="right"&gt;&amp;nbsp;&lt;/td&gt;
&lt;td width="9%" align="right"&gt;&lt;font style="font-family: TimesNewRomanPSMT,Times New Roman,Times,serif;" class="_mt" size="2"&gt;11,402,000&lt;/font&gt;&lt;/td&gt;
&lt;td width="2%" align="left"&gt;&amp;nbsp;&lt;/td&gt;
&lt;td width="2%" align="left"&gt;&amp;nbsp;&lt;/td&gt;
&lt;td width="9%" align="right"&gt;&lt;font style="font-family: TimesNewRomanPSMT,Times New Roman,Times,serif;" class="_mt" size="2"&gt;1,914,000&lt;/font&gt;&lt;/td&gt;
&lt;td width="2%" align="right"&gt;&amp;nbsp;&lt;/td&gt;
&lt;td width="9%" align="right"&gt;&lt;font style="font-family: TimesNewRomanPSMT,Times New Roman,Times,serif;" class="_mt" size="2"&gt;11,402,000&lt;/font&gt;&lt;/td&gt;
&lt;td width="2%" align="left"&gt;&amp;nbsp;&lt;/td&gt;
&lt;td width="9%" align="right"&gt;&lt;font style="font-family: TimesNewRomanPSMT,Times New Roman,Times,serif;" class="_mt" size="2"&gt;13,316,000&lt;/font&gt;&lt;/td&gt;
&lt;td width="2%" align="left"&gt;&amp;nbsp;&lt;/td&gt;
&lt;td width="9%" align="right"&gt;&lt;font style="font-family: TimesNewRomanPSMT,Times New Roman,Times,serif;" class="_mt" size="2"&gt;1,685,000&lt;/font&gt;&lt;/td&gt;
&lt;td width="2%" align="left"&gt;&amp;nbsp;&lt;/td&gt;
&lt;td width="9%" align="right"&gt;&lt;font style="font-family: TimesNewRomanPSMT,Times New Roman,Times,serif;" class="_mt" size="2"&gt;10,002,000&lt;/font&gt;&lt;/td&gt;
&lt;td width="2%" align="left"&gt;&amp;nbsp;&lt;/td&gt;&lt;/tr&gt;
&lt;tr valign="bottom"&gt;&lt;td width="22%" align="left"&gt;&lt;font style="font-family: TimesNewRomanPSMT,Times New Roman,Times,serif;" class="_mt" size="2"&gt;Mechanicsburg Giant&lt;/font&gt;&lt;/td&gt;
&lt;td width="2%" align="right"&gt;&amp;nbsp;&lt;/td&gt;
&lt;td width="9%" align="right"&gt;&lt;font style="font-family: TimesNewRomanPSMT,Times New Roman,Times,serif;" class="_mt" size="2"&gt;-&lt;/font&gt;&lt;/td&gt;
&lt;td width="2%" align="left"&gt;&amp;nbsp;&lt;/td&gt;
&lt;td width="2%" align="left"&gt;&amp;nbsp;&lt;/td&gt;
&lt;td width="9%" align="right"&gt;&lt;font style="font-family: TimesNewRomanPSMT,Times New Roman,Times,serif;" class="_mt" size="2"&gt;2,709,000&lt;/font&gt;&lt;/td&gt;
&lt;td width="2%" align="right"&gt;&amp;nbsp;&lt;/td&gt;
&lt;td width="9%" align="right"&gt;&lt;font style="font-family: TimesNewRomanPSMT,Times New Roman,Times,serif;" class="_mt" size="2"&gt;12,159,000&lt;/font&gt;&lt;/td&gt;
&lt;td width="2%" align="left"&gt;&amp;nbsp;&lt;/td&gt;
&lt;td width="9%" align="right"&gt;&lt;font style="font-family: TimesNewRomanPSMT,Times New Roman,Times,serif;" class="_mt" size="2"&gt;14,868,000&lt;/font&gt;&lt;/td&gt;
&lt;td width="2%" align="left"&gt;&amp;nbsp;&lt;/td&gt;
&lt;td width="9%" align="right"&gt;&lt;font style="font-family: TimesNewRomanPSMT,Times New Roman,Times,serif;" class="_mt" size="2"&gt;2,137,000&lt;/font&gt;&lt;/td&gt;
&lt;td width="2%" align="left"&gt;&amp;nbsp;&lt;/td&gt;
&lt;td width="9%" align="right"&gt;&lt;font style="font-family: TimesNewRomanPSMT,Times New Roman,Times,serif;" class="_mt" size="2"&gt;9,075,000&lt;/font&gt;&lt;/td&gt;
&lt;td width="2%" align="left"&gt;&amp;nbsp;&lt;/td&gt;&lt;/tr&gt;
&lt;tr valign="bottom"&gt;&lt;td width="22%" align="left"&gt;&lt;font style="font-family: TimesNewRomanPSMT,Times New Roman,Times,serif;" class="_mt" size="2"&gt;Metro Square&lt;/font&gt;&lt;/td&gt;
&lt;td width="2%" align="right"&gt;&amp;nbsp;&lt;/td&gt;
&lt;td width="9%" align="right"&gt;&lt;font style="font-family: TimesNewRomanPSMT,Times New Roman,Times,serif;" class="_mt" size="2"&gt;(301,000&lt;/font&gt;&lt;/td&gt;
&lt;td width="2%" align="left"&gt;&lt;font style="font-family: TimesNewRomanPSMT,Times New Roman,Times,serif;" class="_mt" size="2"&gt;)&lt;/font&gt;&lt;/td&gt;
&lt;td width="2%" align="left"&gt;&amp;nbsp;&lt;/td&gt;
&lt;td width="9%" align="right"&gt;&lt;font style="font-family: TimesNewRomanPSMT,Times New Roman,Times,serif;" class="_mt" size="2"&gt;5,250,000&lt;/font&gt;&lt;/td&gt;
&lt;td width="2%" align="right"&gt;&amp;nbsp;&lt;/td&gt;
&lt;td width="9%" align="right"&gt;&lt;font style="font-family: TimesNewRomanPSMT,Times New Roman,Times,serif;" class="_mt" size="2"&gt;9,911,000&lt;/font&gt;&lt;/td&gt;
&lt;td width="2%" align="left"&gt;&amp;nbsp;&lt;/td&gt;
&lt;td width="9%" align="right"&gt;&lt;font style="font-family: TimesNewRomanPSMT,Times New Roman,Times,serif;" class="_mt" size="2"&gt;15,161,000&lt;/font&gt;&lt;/td&gt;
&lt;td width="2%" align="left"&gt;&amp;nbsp;&lt;/td&gt;
&lt;td width="9%" align="right"&gt;&lt;font style="font-family: TimesNewRomanPSMT,Times New Roman,Times,serif;" class="_mt" size="2"&gt;1,066,000&lt;/font&gt;&lt;/td&gt;
&lt;td width="2%" align="left"&gt;&amp;nbsp;&lt;/td&gt;
&lt;td width="9%" align="right"&gt;&lt;font style="font-family: TimesNewRomanPSMT,Times New Roman,Times,serif;" class="_mt" size="2"&gt;8,750,000&lt;/font&gt;&lt;/td&gt;
&lt;td width="2%" align="left"&gt;&amp;nbsp;&lt;/td&gt;&lt;/tr&gt;
&lt;tr valign="bottom"&gt;&lt;td width="22%" align="left"&gt;&lt;font style="font-family: TimesNewRomanPSMT,Times New Roman,Times,serif;" class="_mt" size="2"&gt;Newport Plaza&lt;/font&gt;&lt;/td&gt;
&lt;td width="2%" align="right"&gt;&amp;nbsp;&lt;/td&gt;
&lt;td width="9%" align="right"&gt;&lt;font style="font-family: TimesNewRomanPSMT,Times New Roman,Times,serif;" class="_mt" size="2"&gt;236,000&lt;/font&gt;&lt;/td&gt;
&lt;td width="2%" align="left"&gt;&amp;nbsp;&lt;/td&gt;
&lt;td width="2%" align="left"&gt;&amp;nbsp;&lt;/td&gt;
&lt;td width="9%" align="right"&gt;&lt;font style="font-family: TimesNewRomanPSMT,Times New Roman,Times,serif;" class="_mt" size="2"&gt;1,682,000&lt;/font&gt;&lt;/td&gt;
&lt;td width="2%" align="right"&gt;&amp;nbsp;&lt;/td&gt;
&lt;td width="9%" align="right"&gt;&lt;font style="font-family: TimesNewRomanPSMT,Times New Roman,Times,serif;" class="_mt" size="2"&gt;8,033,000&lt;/font&gt;&lt;/td&gt;
&lt;td width="2%" align="left"&gt;&amp;nbsp;&lt;/td&gt;
&lt;td width="9%" align="right"&gt;&lt;font style="font-family: TimesNewRomanPSMT,Times New Roman,Times,serif;" class="_mt" size="2"&gt;9,715,000&lt;/font&gt;&lt;/td&gt;
&lt;td width="2%" align="left"&gt;&amp;nbsp;&lt;/td&gt;
&lt;td width="9%" align="right"&gt;&lt;font style="font-family: TimesNewRomanPSMT,Times New Roman,Times,serif;" class="_mt" size="2"&gt;1,671,000&lt;/font&gt;&lt;/td&gt;
&lt;td width="2%" align="left"&gt;&amp;nbsp;&lt;/td&gt;
&lt;td width="9%" align="right"&gt;&lt;font style="font-family: TimesNewRomanPSMT,Times New Roman,Times,serif;" class="_mt" size="2"&gt;5,471,000&lt;/font&gt;&lt;/td&gt;
&lt;td width="2%" align="left"&gt;&amp;nbsp;&lt;/td&gt;&lt;/tr&gt;
&lt;tr valign="bottom"&gt;&lt;td width="22%" align="left"&gt;&lt;font style="font-family: TimesNewRomanPSMT,Times New Roman,Times,serif;" class="_mt" size="2"&gt;New London Mall&lt;/font&gt;&lt;/td&gt;
&lt;td width="2%" align="right"&gt;&amp;nbsp;&lt;/td&gt;
&lt;td width="9%" align="right"&gt;&lt;font style="font-family: TimesNewRomanPSMT,Times New Roman,Times,serif;" class="_mt" size="2"&gt;999,000&lt;/font&gt;&lt;/td&gt;
&lt;td width="2%" align="left"&gt;&amp;nbsp;&lt;/td&gt;
&lt;td width="2%" align="left"&gt;&amp;nbsp;&lt;/td&gt;
&lt;td width="9%" align="right"&gt;&lt;font style="font-family: TimesNewRomanPSMT,Times New Roman,Times,serif;" class="_mt" size="2"&gt;8,827,000&lt;/font&gt;&lt;/td&gt;
&lt;td width="2%" align="right"&gt;&amp;nbsp;&lt;/td&gt;
&lt;td width="9%" align="right"&gt;&lt;font style="font-family: TimesNewRomanPSMT,Times New Roman,Times,serif;" class="_mt" size="2"&gt;32,030,000&lt;/font&gt;&lt;/td&gt;
&lt;td width="2%" align="left"&gt;&amp;nbsp;&lt;/td&gt;
&lt;td width="9%" align="right"&gt;&lt;font style="font-family: TimesNewRomanPSMT,Times New Roman,Times,serif;" class="_mt" size="2"&gt;40,857,000&lt;/font&gt;&lt;/td&gt;
&lt;td width="2%" align="left"&gt;&amp;nbsp;&lt;/td&gt;
&lt;td width="9%" align="right"&gt;&lt;font style="font-family: TimesNewRomanPSMT,Times New Roman,Times,serif;" class="_mt" size="2"&gt;4,431,000&lt;/font&gt;&lt;/td&gt;
&lt;td width="2%" align="left"&gt;&amp;nbsp;&lt;/td&gt;
&lt;td width="9%" align="right"&gt;&lt;font style="font-family: TimesNewRomanPSMT,Times New Roman,Times,serif;" class="_mt" size="2"&gt;26,388,000&lt;/font&gt;&lt;/td&gt;
&lt;td width="2%" align="left"&gt;&amp;nbsp;&lt;/td&gt;&lt;/tr&gt;
&lt;tr valign="bottom"&gt;&lt;td width="22%" align="left"&gt;&lt;font style="font-family: TimesNewRomanPSMT,Times New Roman,Times,serif;" class="_mt" size="2"&gt;Northside Commons&lt;/font&gt;&lt;/td&gt;
&lt;td width="2%" align="right"&gt;&amp;nbsp;&lt;/td&gt;
&lt;td width="9%" align="right"&gt;&lt;font style="font-family: TimesNewRomanPSMT,Times New Roman,Times,serif;" class="_mt" size="2"&gt;10,001,000&lt;/font&gt;&lt;/td&gt;
&lt;td width="2%" align="left"&gt;&amp;nbsp;&lt;/td&gt;
&lt;td width="2%" align="left"&gt;&amp;nbsp;&lt;/td&gt;
&lt;td width="9%" align="right"&gt;&lt;font style="font-family: TimesNewRomanPSMT,Times New Roman,Times,serif;" class="_mt" size="2"&gt;3,379,000&lt;/font&gt;&lt;/td&gt;
&lt;td width="2%" align="right"&gt;&amp;nbsp;&lt;/td&gt;
&lt;td width="9%" align="right"&gt;&lt;font style="font-family: TimesNewRomanPSMT,Times New Roman,Times,serif;" class="_mt" size="2"&gt;9,954,000&lt;/font&gt;&lt;/td&gt;
&lt;td width="2%" align="left"&gt;&amp;nbsp;&lt;/td&gt;
&lt;td width="9%" align="right"&gt;&lt;font style="font-family: TimesNewRomanPSMT,Times New Roman,Times,serif;" class="_mt" size="2"&gt;13,333,000&lt;/font&gt;&lt;/td&gt;
&lt;td width="2%" align="left"&gt;&amp;nbsp;&lt;/td&gt;
&lt;td width="9%" align="right"&gt;&lt;font style="font-family: TimesNewRomanPSMT,Times New Roman,Times,serif;" class="_mt" size="2"&gt;552,000&lt;/font&gt;&lt;/td&gt;
&lt;td width="2%" align="left"&gt;&amp;nbsp;&lt;/td&gt;
&lt;td width="9%" align="right"&gt;&lt;font style="font-family: TimesNewRomanPSMT,Times New Roman,Times,serif;" class="_mt" size="2"&gt;(3&lt;/font&gt;&lt;/td&gt;
&lt;td width="2%" align="left"&gt;&lt;font style="font-family: TimesNewRomanPSMT,Times New Roman,Times,serif;" class="_mt" size="2"&gt;)&lt;/font&gt;&lt;/td&gt;&lt;/tr&gt;&lt;/table&gt;&lt;/div&gt;

&lt;p style="margin: 0px;"&gt;&amp;nbsp;&lt;/p&gt;

&lt;div&gt;&amp;nbsp;&lt;/div&gt;&lt;br /&gt;

&lt;p style="text-align: left;"&gt;&lt;b&gt;&lt;font style="font-family: TimesNewRomanPS-BoldMT,Times New Roman,Times,serif;" class="_mt" size="2"&gt;Cedar Realty Trust, Inc. Schedule III&lt;/font&gt;&lt;/b&gt;&lt;/p&gt;

&lt;p style="text-align: left;"&gt;&lt;b&gt;&lt;font style="font-family: TimesNewRomanPS-BoldMT,Times New Roman,Times,serif;" class="_mt" size="2"&gt;Real Estate andAccumulatedDepreciation Year ended December 31, 2011&lt;/font&gt;&lt;/b&gt;&lt;/p&gt;

&lt;div&gt;

&lt;table border="0" cellspacing="0"&gt;
&lt;tr&gt;&lt;td width="29%"&gt; &lt;/td&gt;
&lt;td width="9%"&gt; &lt;/td&gt;
&lt;td width="9%"&gt; &lt;/td&gt;
&lt;td width="9%"&gt; &lt;/td&gt;
&lt;td width="2%"&gt; &lt;/td&gt;
&lt;td width="9%"&gt; &lt;/td&gt;
&lt;td width="9%"&gt; &lt;/td&gt;
&lt;td width="2%"&gt; &lt;/td&gt;
&lt;td width="9%"&gt; &lt;/td&gt;
&lt;td width="2%"&gt; &lt;/td&gt;
&lt;td width="9%"&gt; &lt;/td&gt;&lt;/tr&gt;
&lt;tr valign="bottom"&gt;&lt;td width="29%" align="center"&gt;&lt;i&gt;&lt;font style="font-family: TimesNewRomanPS-ItalicMT,Times New Roman,Times,serif;" class="_mt" size="2"&gt;(continued)&lt;/font&gt;&lt;/i&gt;&lt;/td&gt;
&lt;td style="border-bottom: #000000 1px solid;" rowspan="3" width="9%" align="center"&gt;&lt;b&gt;&lt;font style="font-family: TimesNewRomanPS-BoldMT,Times New Roman,Times,serif;" class="_mt" size="2"&gt;State&lt;/font&gt;&lt;/b&gt;&lt;/td&gt;
&lt;td style="border-bottom: #000000 1px solid;" rowspan="3" width="9%" align="center"&gt;&lt;b&gt;&lt;font style="font-family: TimesNewRomanPS-BoldMT,Times New Roman,Times,serif;" class="_mt" size="2"&gt;Year&lt;/font&gt;&lt;/b&gt;&lt;br /&gt;&lt;b&gt;&lt;font style="font-family: TimesNewRomanPS-BoldMT,Times New Roman,Times,serif;" class="_mt" size="2"&gt;acquired&lt;/font&gt;&lt;/b&gt;&lt;/td&gt;
&lt;td style="border-bottom: #000000 1px solid;" rowspan="3" width="11%" colspan="2" align="center"&gt;&lt;b&gt;&lt;font style="font-family: TimesNewRomanPS-BoldMT,Times New Roman,Times,serif;" class="_mt" size="2"&gt;Percent&lt;/font&gt;&lt;/b&gt;&lt;br /&gt;&lt;b&gt;&lt;font style="font-family: TimesNewRomanPS-BoldMT,Times New Roman,Times,serif;" class="_mt" size="2"&gt;owned&lt;/font&gt;&lt;/b&gt;&lt;/td&gt;
&lt;td style="border-bottom: #000000 1px solid;" rowspan="3" width="9%" align="center"&gt;&lt;b&gt;&lt;font style="font-family: TimesNewRomanPS-BoldMT,Times New Roman,Times,serif;" class="_mt" size="2"&gt;Year built/&lt;/font&gt;&lt;/b&gt;&lt;br /&gt;&lt;b&gt;&lt;font style="font-family: TimesNewRomanPS-BoldMT,Times New Roman,Times,serif;" class="_mt" size="2"&gt;Year last&lt;/font&gt;&lt;/b&gt;&lt;br /&gt;&lt;b&gt;&lt;font style="font-family: TimesNewRomanPS-BoldMT,Times New Roman,Times,serif;" class="_mt" size="2"&gt;renovated&lt;/font&gt;&lt;/b&gt;&lt;/td&gt;
&lt;td style="border-bottom: #000000 1px solid;" rowspan="3" width="9%" align="center"&gt;&lt;b&gt;&lt;font style="font-family: TimesNewRomanPS-BoldMT,Times New Roman,Times,serif;" class="_mt" size="2"&gt;Gross&lt;/font&gt;&lt;/b&gt;&lt;br /&gt;&lt;b&gt;&lt;font style="font-family: TimesNewRomanPS-BoldMT,Times New Roman,Times,serif;" class="_mt" size="2"&gt;leasable&lt;/font&gt;&lt;/b&gt;&lt;br /&gt;&lt;b&gt;&lt;font style="font-family: TimesNewRomanPS-BoldMT,Times New Roman,Times,serif;" class="_mt" size="2"&gt;area&lt;/font&gt;&lt;/b&gt;&lt;/td&gt;
&lt;td style="border-bottom: #000000 1px solid;" width="22%" colspan="4" align="center"&gt;&lt;b&gt;&lt;font style="font-family: TimesNewRomanPS-BoldMT,Times New Roman,Times,serif;" class="_mt" size="2"&gt;Initial cost to the Company&lt;/font&gt;&lt;/b&gt;&lt;/td&gt;&lt;/tr&gt;
&lt;tr valign="bottom"&gt;&lt;td style="border-bottom: #000000 1px solid;" rowspan="2" width="29%" align="center"&gt;&lt;b&gt;&lt;font style="font-family: TimesNewRomanPS-BoldMT,Times New Roman,Times,serif;" class="_mt" size="2"&gt;Property&lt;/font&gt;&lt;/b&gt;&lt;/td&gt;
&lt;td style="border-bottom: #000000 1px solid;" rowspan="2" width="11%" colspan="2" align="center"&gt;&lt;b&gt;&lt;font style="font-family: TimesNewRomanPS-BoldMT,Times New Roman,Times,serif;" class="_mt" size="2"&gt;Land&lt;/font&gt;&lt;/b&gt;&lt;/td&gt;
&lt;td style="border-bottom: #000000 1px solid;" rowspan="2" width="11%" colspan="2" align="center"&gt;&lt;b&gt;&lt;font style="font-family: TimesNewRomanPS-BoldMT,Times New Roman,Times,serif;" class="_mt" size="2"&gt;Building and&lt;/font&gt;&lt;/b&gt;&lt;br /&gt;&lt;b&gt;&lt;font style="font-family: TimesNewRomanPS-BoldMT,Times New Roman,Times,serif;" class="_mt" size="2"&gt;Improvements&lt;/font&gt;&lt;/b&gt;&lt;/td&gt;&lt;/tr&gt;
&lt;tr&gt;&lt;td width="98%" colspan="11"&gt;&amp;nbsp;&lt;/td&gt;&lt;/tr&gt;
&lt;tr&gt;&lt;td width="98%" colspan="11"&gt;&amp;nbsp;&lt;/td&gt;&lt;/tr&gt;
&lt;tr valign="bottom"&gt;&lt;td width="29%" align="left"&gt;&lt;font style="font-family: TimesNewRomanPSMT,Times New Roman,Times,serif;" class="_mt" size="2"&gt;Norwood Shopping Center&lt;/font&gt;&lt;/td&gt;
&lt;td width="9%" align="center"&gt;&lt;font style="font-family: TimesNewRomanPSMT,Times New Roman,Times,serif;" class="_mt" size="2"&gt;MA&lt;/font&gt;&lt;/td&gt;
&lt;td width="9%" align="center"&gt;&lt;font style="font-family: TimesNewRomanPSMT,Times New Roman,Times,serif;" class="_mt" size="2"&gt;2006&lt;/font&gt;&lt;/td&gt;
&lt;td width="9%" align="right"&gt;&lt;font style="font-family: TimesNewRomanPSMT,Times New Roman,Times,serif;" class="_mt" size="2"&gt;100&lt;/font&gt;&lt;/td&gt;
&lt;td width="2%" align="left"&gt;&lt;font style="font-family: TimesNewRomanPSMT,Times New Roman,Times,serif;" class="_mt" size="2"&gt;%&lt;/font&gt;&lt;/td&gt;
&lt;td width="9%" align="right"&gt;&lt;font style="font-family: TimesNewRomanPSMT,Times New Roman,Times,serif;" class="_mt" size="2"&gt;1965/2006&lt;/font&gt;&lt;/td&gt;
&lt;td width="9%" align="right"&gt;&lt;font style="font-family: TimesNewRomanPSMT,Times New Roman,Times,serif;" class="_mt" size="2"&gt;102,459&lt;/font&gt;&lt;/td&gt;
&lt;td width="2%" align="left"&gt;&lt;font style="font-family: TimesNewRomanPSMT,Times New Roman,Times,serif;" class="_mt" size="2"&gt;$&lt;/font&gt;&lt;/td&gt;
&lt;td width="9%" align="right"&gt;&lt;font style="font-family: TimesNewRomanPSMT,Times New Roman,Times,serif;" class="_mt" size="2"&gt;1,874,000&lt;/font&gt;&lt;/td&gt;
&lt;td width="2%" align="center"&gt;&lt;font style="font-family: TimesNewRomanPSMT,Times New Roman,Times,serif;" class="_mt" size="2"&gt;$&lt;/font&gt;&lt;/td&gt;
&lt;td width="9%" align="right"&gt;&lt;font style="font-family: TimesNewRomanPSMT,Times New Roman,Times,serif;" class="_mt" size="2"&gt;8,453,000&lt;/font&gt;&lt;/td&gt;&lt;/tr&gt;
&lt;tr valign="bottom"&gt;&lt;td width="29%" align="left"&gt;&lt;font style="font-family: TimesNewRomanPSMT,Times New Roman,Times,serif;" class="_mt" size="2"&gt;Oak Ridge&lt;/font&gt;&lt;/td&gt;
&lt;td width="9%" align="center"&gt;&lt;font style="font-family: TimesNewRomanPSMT,Times New Roman,Times,serif;" class="_mt" size="2"&gt;VA&lt;/font&gt;&lt;/td&gt;
&lt;td width="9%" align="center"&gt;&lt;font style="font-family: TimesNewRomanPSMT,Times New Roman,Times,serif;" class="_mt" size="2"&gt;2006&lt;/font&gt;&lt;/td&gt;
&lt;td width="9%" align="right"&gt;&lt;font style="font-family: TimesNewRomanPSMT,Times New Roman,Times,serif;" class="_mt" size="2"&gt;100&lt;/font&gt;&lt;/td&gt;
&lt;td width="2%" align="left"&gt;&lt;font style="font-family: TimesNewRomanPSMT,Times New Roman,Times,serif;" class="_mt" size="2"&gt;%&lt;/font&gt;&lt;/td&gt;
&lt;td width="9%" align="right"&gt;&lt;font style="font-family: TimesNewRomanPSMT,Times New Roman,Times,serif;" class="_mt" size="2"&gt;2000&lt;/font&gt;&lt;/td&gt;
&lt;td width="9%" align="right"&gt;&lt;font style="font-family: TimesNewRomanPSMT,Times New Roman,Times,serif;" class="_mt" size="2"&gt;38,700&lt;/font&gt;&lt;/td&gt;
&lt;td width="2%" align="left"&gt;&amp;nbsp;&lt;/td&gt;
&lt;td width="9%" align="right"&gt;&lt;font style="font-family: TimesNewRomanPSMT,Times New Roman,Times,serif;" class="_mt" size="2"&gt;960,000&lt;/font&gt;&lt;/td&gt;
&lt;td width="2%" align="left"&gt;&amp;nbsp;&lt;/td&gt;
&lt;td width="9%" align="right"&gt;&lt;font style="font-family: TimesNewRomanPSMT,Times New Roman,Times,serif;" class="_mt" size="2"&gt;4,254,000&lt;/font&gt;&lt;/td&gt;&lt;/tr&gt;
&lt;tr valign="bottom"&gt;&lt;td width="29%" align="left"&gt;&lt;font style="font-family: TimesNewRomanPSMT,Times New Roman,Times,serif;" class="_mt" size="2"&gt;Oakland Commons&lt;/font&gt;&lt;/td&gt;
&lt;td width="9%" align="center"&gt;&lt;font style="font-family: TimesNewRomanPSMT,Times New Roman,Times,serif;" class="_mt" size="2"&gt;CT&lt;/font&gt;&lt;/td&gt;
&lt;td width="9%" align="center"&gt;&lt;font style="font-family: TimesNewRomanPSMT,Times New Roman,Times,serif;" class="_mt" size="2"&gt;2007&lt;/font&gt;&lt;/td&gt;
&lt;td width="9%" align="right"&gt;&lt;font style="font-family: TimesNewRomanPSMT,Times New Roman,Times,serif;" class="_mt" size="2"&gt;100&lt;/font&gt;&lt;/td&gt;
&lt;td width="2%" align="left"&gt;&lt;font style="font-family: TimesNewRomanPSMT,Times New Roman,Times,serif;" class="_mt" size="2"&gt;%&lt;/font&gt;&lt;/td&gt;
&lt;td width="9%" align="right"&gt;&lt;font style="font-family: TimesNewRomanPSMT,Times New Roman,Times,serif;" class="_mt" size="2"&gt;1962/1995&lt;/font&gt;&lt;/td&gt;
&lt;td width="9%" align="right"&gt;&lt;font style="font-family: TimesNewRomanPSMT,Times New Roman,Times,serif;" class="_mt" size="2"&gt;89,850&lt;/font&gt;&lt;/td&gt;
&lt;td width="2%" align="left"&gt;&amp;nbsp;&lt;/td&gt;
&lt;td width="9%" align="right"&gt;&lt;font style="font-family: TimesNewRomanPSMT,Times New Roman,Times,serif;" class="_mt" size="2"&gt;2,504,000&lt;/font&gt;&lt;/td&gt;
&lt;td width="2%" align="left"&gt;&amp;nbsp;&lt;/td&gt;
&lt;td width="9%" align="right"&gt;&lt;font style="font-family: TimesNewRomanPSMT,Times New Roman,Times,serif;" class="_mt" size="2"&gt;15,662,000&lt;/font&gt;&lt;/td&gt;&lt;/tr&gt;
&lt;tr valign="bottom"&gt;&lt;td width="29%" align="left"&gt;&lt;font style="font-family: TimesNewRomanPSMT,Times New Roman,Times,serif;" class="_mt" size="2"&gt;Oakland Mills&lt;/font&gt;&lt;/td&gt;
&lt;td width="9%" align="center"&gt;&lt;font style="font-family: TimesNewRomanPSMT,Times New Roman,Times,serif;" class="_mt" size="2"&gt;MD&lt;/font&gt;&lt;/td&gt;
&lt;td width="9%" align="center"&gt;&lt;font style="font-family: TimesNewRomanPSMT,Times New Roman,Times,serif;" class="_mt" size="2"&gt;2005&lt;/font&gt;&lt;/td&gt;
&lt;td width="9%" align="right"&gt;&lt;font style="font-family: TimesNewRomanPSMT,Times New Roman,Times,serif;" class="_mt" size="2"&gt;100&lt;/font&gt;&lt;/td&gt;
&lt;td width="2%" align="left"&gt;&lt;font style="font-family: TimesNewRomanPSMT,Times New Roman,Times,serif;" class="_mt" size="2"&gt;%&lt;/font&gt;&lt;/td&gt;
&lt;td width="9%" align="right"&gt;&lt;font style="font-family: TimesNewRomanPSMT,Times New Roman,Times,serif;" class="_mt" size="2"&gt;1960's&lt;font style="font-family: TimesNewRomanPSMT,Times New Roman,Times,serif;" class="_mt" size="2"&gt;/2004&lt;/font&gt;&lt;/font&gt;&lt;/td&gt;
&lt;td width="9%" align="right"&gt;&lt;font style="font-family: TimesNewRomanPSMT,Times New Roman,Times,serif;" class="_mt" size="2"&gt;58,224&lt;/font&gt;&lt;/td&gt;
&lt;td width="2%" align="left"&gt;&amp;nbsp;&lt;/td&gt;
&lt;td width="9%" align="right"&gt;&lt;font style="font-family: TimesNewRomanPSMT,Times New Roman,Times,serif;" class="_mt" size="2"&gt;1,611,000&lt;/font&gt;&lt;/td&gt;
&lt;td width="2%" align="left"&gt;&amp;nbsp;&lt;/td&gt;
&lt;td width="9%" align="right"&gt;&lt;font style="font-family: TimesNewRomanPSMT,Times New Roman,Times,serif;" class="_mt" size="2"&gt;6,292,000&lt;/font&gt;&lt;/td&gt;&lt;/tr&gt;
&lt;tr valign="bottom"&gt;&lt;td width="29%" align="left"&gt;&lt;font style="font-family: TimesNewRomanPSMT,Times New Roman,Times,serif;" class="_mt" size="2"&gt;Palmyra Shopping Center&lt;/font&gt;&lt;/td&gt;
&lt;td width="9%" align="center"&gt;&lt;font style="font-family: TimesNewRomanPSMT,Times New Roman,Times,serif;" class="_mt" size="2"&gt;PA&lt;/font&gt;&lt;/td&gt;
&lt;td width="9%" align="center"&gt;&lt;font style="font-family: TimesNewRomanPSMT,Times New Roman,Times,serif;" class="_mt" size="2"&gt;2005&lt;/font&gt;&lt;/td&gt;
&lt;td width="9%" align="right"&gt;&lt;font style="font-family: TimesNewRomanPSMT,Times New Roman,Times,serif;" class="_mt" size="2"&gt;100&lt;/font&gt;&lt;/td&gt;
&lt;td width="2%" align="left"&gt;&lt;font style="font-family: TimesNewRomanPSMT,Times New Roman,Times,serif;" class="_mt" size="2"&gt;%&lt;/font&gt;&lt;/td&gt;
&lt;td width="9%" align="right"&gt;&lt;font style="font-family: TimesNewRomanPSMT,Times New Roman,Times,serif;" class="_mt" size="2"&gt;1960/1995&lt;/font&gt;&lt;/td&gt;
&lt;td width="9%" align="right"&gt;&lt;font style="font-family: TimesNewRomanPSMT,Times New Roman,Times,serif;" class="_mt" size="2"&gt;110,970&lt;/font&gt;&lt;/td&gt;
&lt;td width="2%" align="left"&gt;&amp;nbsp;&lt;/td&gt;
&lt;td width="9%" align="right"&gt;&lt;font style="font-family: TimesNewRomanPSMT,Times New Roman,Times,serif;" class="_mt" size="2"&gt;1,488,000&lt;/font&gt;&lt;/td&gt;
&lt;td width="2%" align="left"&gt;&amp;nbsp;&lt;/td&gt;
&lt;td width="9%" align="right"&gt;&lt;font style="font-family: TimesNewRomanPSMT,Times New Roman,Times,serif;" class="_mt" size="2"&gt;6,566,000&lt;/font&gt;&lt;/td&gt;&lt;/tr&gt;
&lt;tr valign="bottom"&gt;&lt;td width="29%" align="left"&gt;&lt;font style="font-family: TimesNewRomanPSMT,Times New Roman,Times,serif;" class="_mt" size="2"&gt;Pine Grove Plaza&lt;/font&gt;&lt;/td&gt;
&lt;td width="9%" align="center"&gt;&lt;font style="font-family: TimesNewRomanPSMT,Times New Roman,Times,serif;" class="_mt" size="2"&gt;NJ&lt;/font&gt;&lt;/td&gt;
&lt;td width="9%" align="center"&gt;&lt;font style="font-family: TimesNewRomanPSMT,Times New Roman,Times,serif;" class="_mt" size="2"&gt;2003&lt;/font&gt;&lt;/td&gt;
&lt;td width="9%" align="right"&gt;&lt;font style="font-family: TimesNewRomanPSMT,Times New Roman,Times,serif;" class="_mt" size="2"&gt;100&lt;/font&gt;&lt;/td&gt;
&lt;td width="2%" align="left"&gt;&lt;font style="font-family: TimesNewRomanPSMT,Times New Roman,Times,serif;" class="_mt" size="2"&gt;%&lt;/font&gt;&lt;/td&gt;
&lt;td width="9%" align="right"&gt;&lt;font style="font-family: TimesNewRomanPSMT,Times New Roman,Times,serif;" class="_mt" size="2"&gt;2001/2002&lt;/font&gt;&lt;/td&gt;
&lt;td width="9%" align="right"&gt;&lt;font style="font-family: TimesNewRomanPSMT,Times New Roman,Times,serif;" class="_mt" size="2"&gt;86,089&lt;/font&gt;&lt;/td&gt;
&lt;td width="2%" align="left"&gt;&amp;nbsp;&lt;/td&gt;
&lt;td width="9%" align="right"&gt;&lt;font style="font-family: TimesNewRomanPSMT,Times New Roman,Times,serif;" class="_mt" size="2"&gt;2,010,000&lt;/font&gt;&lt;/td&gt;
&lt;td width="2%" align="left"&gt;&amp;nbsp;&lt;/td&gt;
&lt;td width="9%" align="right"&gt;&lt;font style="font-family: TimesNewRomanPSMT,Times New Roman,Times,serif;" class="_mt" size="2"&gt;6,489,000&lt;/font&gt;&lt;/td&gt;&lt;/tr&gt;
&lt;tr valign="bottom"&gt;&lt;td width="29%" align="left"&gt;&lt;font style="font-family: TimesNewRomanPSMT,Times New Roman,Times,serif;" class="_mt" size="2"&gt;Port Richmond Village&lt;/font&gt;&lt;/td&gt;
&lt;td width="9%" align="center"&gt;&lt;font style="font-family: TimesNewRomanPSMT,Times New Roman,Times,serif;" class="_mt" size="2"&gt;PA&lt;/font&gt;&lt;/td&gt;
&lt;td width="9%" align="center"&gt;&lt;font style="font-family: TimesNewRomanPSMT,Times New Roman,Times,serif;" class="_mt" size="2"&gt;2001&lt;/font&gt;&lt;/td&gt;
&lt;td width="9%" align="right"&gt;&lt;font style="font-family: TimesNewRomanPSMT,Times New Roman,Times,serif;" class="_mt" size="2"&gt;100&lt;/font&gt;&lt;/td&gt;
&lt;td width="2%" align="left"&gt;&lt;font style="font-family: TimesNewRomanPSMT,Times New Roman,Times,serif;" class="_mt" size="2"&gt;%&lt;/font&gt;&lt;/td&gt;
&lt;td width="9%" align="right"&gt;&lt;font style="font-family: TimesNewRomanPSMT,Times New Roman,Times,serif;" class="_mt" size="2"&gt;1988&lt;/font&gt;&lt;/td&gt;
&lt;td width="9%" align="right"&gt;&lt;font style="font-family: TimesNewRomanPSMT,Times New Roman,Times,serif;" class="_mt" size="2"&gt;154,908&lt;/font&gt;&lt;/td&gt;
&lt;td width="2%" align="left"&gt;&amp;nbsp;&lt;/td&gt;
&lt;td width="9%" align="right"&gt;&lt;font style="font-family: TimesNewRomanPSMT,Times New Roman,Times,serif;" class="_mt" size="2"&gt;2,942,000&lt;/font&gt;&lt;/td&gt;
&lt;td width="2%" align="left"&gt;&amp;nbsp;&lt;/td&gt;
&lt;td width="9%" align="right"&gt;&lt;font style="font-family: TimesNewRomanPSMT,Times New Roman,Times,serif;" class="_mt" size="2"&gt;11,769,000&lt;/font&gt;&lt;/td&gt;&lt;/tr&gt;
&lt;tr valign="bottom"&gt;&lt;td width="29%" align="left"&gt;&lt;font style="font-family: TimesNewRomanPSMT,Times New Roman,Times,serif;" class="_mt" size="2"&gt;Price Chopper Plaza&lt;/font&gt;&lt;/td&gt;
&lt;td width="9%" align="center"&gt;&lt;font style="font-family: TimesNewRomanPSMT,Times New Roman,Times,serif;" class="_mt" size="2"&gt;MA&lt;/font&gt;&lt;/td&gt;
&lt;td width="9%" align="center"&gt;&lt;font style="font-family: TimesNewRomanPSMT,Times New Roman,Times,serif;" class="_mt" size="2"&gt;2007&lt;/font&gt;&lt;/td&gt;
&lt;td width="9%" align="right"&gt;&lt;font style="font-family: TimesNewRomanPSMT,Times New Roman,Times,serif;" class="_mt" size="2"&gt;100&lt;/font&gt;&lt;/td&gt;
&lt;td width="2%" align="left"&gt;&lt;font style="font-family: TimesNewRomanPSMT,Times New Roman,Times,serif;" class="_mt" size="2"&gt;%&lt;/font&gt;&lt;/td&gt;
&lt;td width="9%" align="right"&gt;&lt;font style="font-family: TimesNewRomanPSMT,Times New Roman,Times,serif;" class="_mt" size="2"&gt;1960's-2004&lt;/font&gt;&lt;/td&gt;
&lt;td width="9%" align="right"&gt;&lt;font style="font-family: TimesNewRomanPSMT,Times New Roman,Times,serif;" class="_mt" size="2"&gt;101,824&lt;/font&gt;&lt;/td&gt;
&lt;td width="2%" align="left"&gt;&amp;nbsp;&lt;/td&gt;
&lt;td width="9%" align="right"&gt;&lt;font style="font-family: TimesNewRomanPSMT,Times New Roman,Times,serif;" class="_mt" size="2"&gt;3,551,000&lt;/font&gt;&lt;/td&gt;
&lt;td width="2%" align="left"&gt;&amp;nbsp;&lt;/td&gt;
&lt;td width="9%" align="right"&gt;&lt;font style="font-family: TimesNewRomanPSMT,Times New Roman,Times,serif;" class="_mt" size="2"&gt;18,412,000&lt;/font&gt;&lt;/td&gt;&lt;/tr&gt;
&lt;tr valign="bottom"&gt;&lt;td width="29%" align="left"&gt;&lt;font style="font-family: TimesNewRomanPSMT,Times New Roman,Times,serif;" class="_mt" size="2"&gt;River View Plaza I, II and III&lt;/font&gt;&lt;/td&gt;
&lt;td width="9%" align="center"&gt;&lt;font style="font-family: TimesNewRomanPSMT,Times New Roman,Times,serif;" class="_mt" size="2"&gt;PA&lt;/font&gt;&lt;/td&gt;
&lt;td width="9%" align="center"&gt;&lt;font style="font-family: TimesNewRomanPSMT,Times New Roman,Times,serif;" class="_mt" size="2"&gt;2003&lt;/font&gt;&lt;/td&gt;
&lt;td width="9%" align="right"&gt;&lt;font style="font-family: TimesNewRomanPSMT,Times New Roman,Times,serif;" class="_mt" size="2"&gt;100&lt;/font&gt;&lt;/td&gt;
&lt;td width="2%" align="left"&gt;&lt;font style="font-family: TimesNewRomanPSMT,Times New Roman,Times,serif;" class="_mt" size="2"&gt;%&lt;/font&gt;&lt;/td&gt;
&lt;td width="9%" align="right"&gt;&lt;font style="font-family: TimesNewRomanPSMT,Times New Roman,Times,serif;" class="_mt" size="2"&gt;1991/1998&lt;/font&gt;&lt;/td&gt;
&lt;td width="9%" align="right"&gt;&lt;font style="font-family: TimesNewRomanPSMT,Times New Roman,Times,serif;" class="_mt" size="2"&gt;244,034&lt;/font&gt;&lt;/td&gt;
&lt;td width="2%" align="left"&gt;&amp;nbsp;&lt;/td&gt;
&lt;td width="9%" align="right"&gt;&lt;font style="font-family: TimesNewRomanPSMT,Times New Roman,Times,serif;" class="_mt" size="2"&gt;9,718,000&lt;/font&gt;&lt;/td&gt;
&lt;td width="2%" align="left"&gt;&amp;nbsp;&lt;/td&gt;
&lt;td width="9%" align="right"&gt;&lt;font style="font-family: TimesNewRomanPSMT,Times New Roman,Times,serif;" class="_mt" size="2"&gt;40,356,000&lt;/font&gt;&lt;/td&gt;&lt;/tr&gt;
&lt;tr valign="bottom"&gt;&lt;td width="29%" align="left"&gt;&lt;font style="font-family: TimesNewRomanPSMT,Times New Roman,Times,serif;" class="_mt" size="2"&gt;San Souci Plaza&lt;/font&gt;&lt;/td&gt;
&lt;td width="9%" align="center"&gt;&lt;font style="font-family: TimesNewRomanPSMT,Times New Roman,Times,serif;" class="_mt" size="2"&gt;MD&lt;/font&gt;&lt;/td&gt;
&lt;td width="9%" align="center"&gt;&lt;font style="font-family: TimesNewRomanPSMT,Times New Roman,Times,serif;" class="_mt" size="2"&gt;2009&lt;/font&gt;&lt;/td&gt;
&lt;td width="9%" align="right"&gt;&lt;font style="font-family: TimesNewRomanPSMT,Times New Roman,Times,serif;" class="_mt" size="2"&gt;40&lt;/font&gt;&lt;/td&gt;
&lt;td width="2%" align="left"&gt;&lt;font style="font-family: TimesNewRomanPSMT,Times New Roman,Times,serif;" class="_mt" size="2"&gt;%&lt;/font&gt;&lt;/td&gt;
&lt;td width="9%" align="right"&gt;&lt;font style="font-family: TimesNewRomanPSMT,Times New Roman,Times,serif;" class="_mt" size="2"&gt;1985 - 1997&lt;/font&gt;&lt;/td&gt;
&lt;td width="9%" align="right"&gt;&lt;font style="font-family: TimesNewRomanPSMT,Times New Roman,Times,serif;" class="_mt" size="2"&gt;264,134&lt;/font&gt;&lt;/td&gt;
&lt;td width="2%" align="left"&gt;&amp;nbsp;&lt;/td&gt;
&lt;td width="9%" align="right"&gt;&lt;font style="font-family: TimesNewRomanPSMT,Times New Roman,Times,serif;" class="_mt" size="2"&gt;14,849,000&lt;/font&gt;&lt;/td&gt;
&lt;td width="2%" align="left"&gt;&amp;nbsp;&lt;/td&gt;
&lt;td width="9%" align="right"&gt;&lt;font style="font-family: TimesNewRomanPSMT,Times New Roman,Times,serif;" class="_mt" size="2"&gt;18,445,000&lt;/font&gt;&lt;/td&gt;&lt;/tr&gt;
&lt;tr valign="bottom"&gt;&lt;td width="29%" align="left"&gt;&lt;font style="font-family: TimesNewRomanPSMT,Times New Roman,Times,serif;" class="_mt" size="2"&gt;Smithfield Plaza&lt;/font&gt;&lt;/td&gt;
&lt;td width="9%" align="center"&gt;&lt;font style="font-family: TimesNewRomanPSMT,Times New Roman,Times,serif;" class="_mt" size="2"&gt;VA&lt;/font&gt;&lt;/td&gt;
&lt;td width="9%" align="center"&gt;&lt;font style="font-family: TimesNewRomanPSMT,Times New Roman,Times,serif;" class="_mt" size="2"&gt;2005-2008&lt;/font&gt;&lt;/td&gt;
&lt;td width="9%" align="right"&gt;&lt;font style="font-family: TimesNewRomanPSMT,Times New Roman,Times,serif;" class="_mt" size="2"&gt;100&lt;/font&gt;&lt;/td&gt;
&lt;td width="2%" align="left"&gt;&lt;font style="font-family: TimesNewRomanPSMT,Times New Roman,Times,serif;" class="_mt" size="2"&gt;%&lt;/font&gt;&lt;/td&gt;
&lt;td width="9%" align="right"&gt;&lt;font style="font-family: TimesNewRomanPSMT,Times New Roman,Times,serif;" class="_mt" size="2"&gt;1987/1996&lt;/font&gt;&lt;/td&gt;
&lt;td width="9%" align="right"&gt;&lt;font style="font-family: TimesNewRomanPSMT,Times New Roman,Times,serif;" class="_mt" size="2"&gt;134,664&lt;/font&gt;&lt;/td&gt;
&lt;td width="2%" align="left"&gt;&amp;nbsp;&lt;/td&gt;
&lt;td width="9%" align="right"&gt;&lt;font style="font-family: TimesNewRomanPSMT,Times New Roman,Times,serif;" class="_mt" size="2"&gt;2,947,000&lt;/font&gt;&lt;/td&gt;
&lt;td width="2%" align="left"&gt;&amp;nbsp;&lt;/td&gt;
&lt;td width="9%" align="right"&gt;&lt;font style="font-family: TimesNewRomanPSMT,Times New Roman,Times,serif;" class="_mt" size="2"&gt;12,737,000&lt;/font&gt;&lt;/td&gt;&lt;/tr&gt;
&lt;tr valign="bottom"&gt;&lt;td width="29%" align="left"&gt;&lt;font style="font-family: TimesNewRomanPSMT,Times New Roman,Times,serif;" class="_mt" size="2"&gt;South Philadelphia&lt;/font&gt;&lt;/td&gt;
&lt;td width="9%" align="center"&gt;&lt;font style="font-family: TimesNewRomanPSMT,Times New Roman,Times,serif;" class="_mt" size="2"&gt;PA&lt;/font&gt;&lt;/td&gt;
&lt;td width="9%" align="center"&gt;&lt;font style="font-family: TimesNewRomanPSMT,Times New Roman,Times,serif;" class="_mt" size="2"&gt;2003&lt;/font&gt;&lt;/td&gt;
&lt;td width="9%" align="right"&gt;&lt;font style="font-family: TimesNewRomanPSMT,Times New Roman,Times,serif;" class="_mt" size="2"&gt;100&lt;/font&gt;&lt;/td&gt;
&lt;td width="2%" align="left"&gt;&lt;font style="font-family: TimesNewRomanPSMT,Times New Roman,Times,serif;" class="_mt" size="2"&gt;%&lt;/font&gt;&lt;/td&gt;
&lt;td width="9%" align="right"&gt;&lt;font style="font-family: TimesNewRomanPSMT,Times New Roman,Times,serif;" class="_mt" size="2"&gt;1950/2003&lt;/font&gt;&lt;/td&gt;
&lt;td width="9%" align="right"&gt;&lt;font style="font-family: TimesNewRomanPSMT,Times New Roman,Times,serif;" class="_mt" size="2"&gt;283,415&lt;/font&gt;&lt;/td&gt;
&lt;td width="2%" align="left"&gt;&amp;nbsp;&lt;/td&gt;
&lt;td width="9%" align="right"&gt;&lt;font style="font-family: TimesNewRomanPSMT,Times New Roman,Times,serif;" class="_mt" size="2"&gt;8,222,000&lt;/font&gt;&lt;/td&gt;
&lt;td width="2%" align="left"&gt;&amp;nbsp;&lt;/td&gt;
&lt;td width="9%" align="right"&gt;&lt;font style="font-family: TimesNewRomanPSMT,Times New Roman,Times,serif;" class="_mt" size="2"&gt;36,314,000&lt;/font&gt;&lt;/td&gt;&lt;/tr&gt;
&lt;tr valign="bottom"&gt;&lt;td width="29%" align="left"&gt;&lt;font style="font-family: TimesNewRomanPSMT,Times New Roman,Times,serif;" class="_mt" size="2"&gt;Southington Shopping Center&lt;/font&gt;&lt;/td&gt;
&lt;td width="9%" align="center"&gt;&lt;font style="font-family: TimesNewRomanPSMT,Times New Roman,Times,serif;" class="_mt" size="2"&gt;CT&lt;/font&gt;&lt;/td&gt;
&lt;td width="9%" align="center"&gt;&lt;font style="font-family: TimesNewRomanPSMT,Times New Roman,Times,serif;" class="_mt" size="2"&gt;2003&lt;/font&gt;&lt;/td&gt;
&lt;td width="9%" align="right"&gt;&lt;font style="font-family: TimesNewRomanPSMT,Times New Roman,Times,serif;" class="_mt" size="2"&gt;100&lt;/font&gt;&lt;/td&gt;
&lt;td width="2%" align="left"&gt;&lt;font style="font-family: TimesNewRomanPSMT,Times New Roman,Times,serif;" class="_mt" size="2"&gt;%&lt;/font&gt;&lt;/td&gt;
&lt;td width="9%" align="right"&gt;&lt;font style="font-family: TimesNewRomanPSMT,Times New Roman,Times,serif;" class="_mt" size="2"&gt;1972/2000&lt;/font&gt;&lt;/td&gt;
&lt;td width="9%" align="right"&gt;&lt;font style="font-family: TimesNewRomanPSMT,Times New Roman,Times,serif;" class="_mt" size="2"&gt;155,842&lt;/font&gt;&lt;/td&gt;
&lt;td width="2%" align="left"&gt;&amp;nbsp;&lt;/td&gt;
&lt;td width="9%" align="center"&gt;&lt;font style="font-family: TimesNewRomanPSMT,Times New Roman,Times,serif;" class="_mt" size="2"&gt;-&lt;/font&gt;&lt;/td&gt;
&lt;td width="2%" align="left"&gt;&amp;nbsp;&lt;/td&gt;
&lt;td width="9%" align="right"&gt;&lt;font style="font-family: TimesNewRomanPSMT,Times New Roman,Times,serif;" class="_mt" size="2"&gt;11,834,000&lt;/font&gt;&lt;/td&gt;&lt;/tr&gt;
&lt;tr valign="bottom"&gt;&lt;td width="29%" align="left"&gt;&lt;font style="font-family: TimesNewRomanPSMT,Times New Roman,Times,serif;" class="_mt" size="2"&gt;St. James Square&lt;/font&gt;&lt;/td&gt;
&lt;td width="9%" align="center"&gt;&lt;font style="font-family: TimesNewRomanPSMT,Times New Roman,Times,serif;" class="_mt" size="2"&gt;MD&lt;/font&gt;&lt;/td&gt;
&lt;td width="9%" align="center"&gt;&lt;font style="font-family: TimesNewRomanPSMT,Times New Roman,Times,serif;" class="_mt" size="2"&gt;2005&lt;/font&gt;&lt;/td&gt;
&lt;td width="9%" align="right"&gt;&lt;font style="font-family: TimesNewRomanPSMT,Times New Roman,Times,serif;" class="_mt" size="2"&gt;100&lt;/font&gt;&lt;/td&gt;
&lt;td width="2%" align="left"&gt;&lt;font style="font-family: TimesNewRomanPSMT,Times New Roman,Times,serif;" class="_mt" size="2"&gt;%&lt;/font&gt;&lt;/td&gt;
&lt;td width="9%" align="right"&gt;&lt;font style="font-family: TimesNewRomanPSMT,Times New Roman,Times,serif;" class="_mt" size="2"&gt;2000&lt;/font&gt;&lt;/td&gt;
&lt;td width="9%" align="right"&gt;&lt;font style="font-family: TimesNewRomanPSMT,Times New Roman,Times,serif;" class="_mt" size="2"&gt;39,903&lt;/font&gt;&lt;/td&gt;
&lt;td width="2%" align="left"&gt;&amp;nbsp;&lt;/td&gt;
&lt;td width="9%" align="right"&gt;&lt;font style="font-family: TimesNewRomanPSMT,Times New Roman,Times,serif;" class="_mt" size="2"&gt;688,000&lt;/font&gt;&lt;/td&gt;
&lt;td width="2%" align="left"&gt;&amp;nbsp;&lt;/td&gt;
&lt;td width="9%" align="right"&gt;&lt;font style="font-family: TimesNewRomanPSMT,Times New Roman,Times,serif;" class="_mt" size="2"&gt;3,838,000&lt;/font&gt;&lt;/td&gt;&lt;/tr&gt;
&lt;tr valign="bottom"&gt;&lt;td width="29%" align="left"&gt;&lt;font style="font-family: TimesNewRomanPSMT,Times New Roman,Times,serif;" class="_mt" size="2"&gt;Suffolk Plaza&lt;/font&gt;&lt;/td&gt;
&lt;td width="9%" align="center"&gt;&lt;font style="font-family: TimesNewRomanPSMT,Times New Roman,Times,serif;" class="_mt" size="2"&gt;VA&lt;/font&gt;&lt;/td&gt;
&lt;td width="9%" align="center"&gt;&lt;font style="font-family: TimesNewRomanPSMT,Times New Roman,Times,serif;" class="_mt" size="2"&gt;2005&lt;/font&gt;&lt;/td&gt;
&lt;td width="9%" align="right"&gt;&lt;font style="font-family: TimesNewRomanPSMT,Times New Roman,Times,serif;" class="_mt" size="2"&gt;100&lt;/font&gt;&lt;/td&gt;
&lt;td width="2%" align="left"&gt;&lt;font style="font-family: TimesNewRomanPSMT,Times New Roman,Times,serif;" class="_mt" size="2"&gt;%&lt;/font&gt;&lt;/td&gt;
&lt;td width="9%" align="right"&gt;&lt;font style="font-family: TimesNewRomanPSMT,Times New Roman,Times,serif;" class="_mt" size="2"&gt;1984&lt;/font&gt;&lt;/td&gt;
&lt;td width="9%" align="right"&gt;&lt;font style="font-family: TimesNewRomanPSMT,Times New Roman,Times,serif;" class="_mt" size="2"&gt;67,216&lt;/font&gt;&lt;/td&gt;
&lt;td width="2%" align="left"&gt;&amp;nbsp;&lt;/td&gt;
&lt;td width="9%" align="right"&gt;&lt;font style="font-family: TimesNewRomanPSMT,Times New Roman,Times,serif;" class="_mt" size="2"&gt;1,402,000&lt;/font&gt;&lt;/td&gt;
&lt;td width="2%" align="left"&gt;&amp;nbsp;&lt;/td&gt;
&lt;td width="9%" align="right"&gt;&lt;font style="font-family: TimesNewRomanPSMT,Times New Roman,Times,serif;" class="_mt" size="2"&gt;7,236,000&lt;/font&gt;&lt;/td&gt;&lt;/tr&gt;
&lt;tr valign="bottom"&gt;&lt;td width="29%" align="left"&gt;&lt;font style="font-family: TimesNewRomanPSMT,Times New Roman,Times,serif;" class="_mt" size="2"&gt;Swede Square&lt;/font&gt;&lt;/td&gt;
&lt;td width="9%" align="center"&gt;&lt;font style="font-family: TimesNewRomanPSMT,Times New Roman,Times,serif;" class="_mt" size="2"&gt;PA&lt;/font&gt;&lt;/td&gt;
&lt;td width="9%" align="center"&gt;&lt;font style="font-family: TimesNewRomanPSMT,Times New Roman,Times,serif;" class="_mt" size="2"&gt;2003&lt;/font&gt;&lt;/td&gt;
&lt;td width="9%" align="right"&gt;&lt;font style="font-family: TimesNewRomanPSMT,Times New Roman,Times,serif;" class="_mt" size="2"&gt;100&lt;/font&gt;&lt;/td&gt;
&lt;td width="2%" align="left"&gt;&lt;font style="font-family: TimesNewRomanPSMT,Times New Roman,Times,serif;" class="_mt" size="2"&gt;%&lt;/font&gt;&lt;/td&gt;
&lt;td width="9%" align="right"&gt;&lt;font style="font-family: TimesNewRomanPSMT,Times New Roman,Times,serif;" class="_mt" size="2"&gt;1980/2004&lt;/font&gt;&lt;/td&gt;
&lt;td width="9%" align="right"&gt;&lt;font style="font-family: TimesNewRomanPSMT,Times New Roman,Times,serif;" class="_mt" size="2"&gt;100,816&lt;/font&gt;&lt;/td&gt;
&lt;td width="2%" align="left"&gt;&amp;nbsp;&lt;/td&gt;
&lt;td width="9%" align="right"&gt;&lt;font style="font-family: TimesNewRomanPSMT,Times New Roman,Times,serif;" class="_mt" size="2"&gt;2,268,000&lt;/font&gt;&lt;/td&gt;
&lt;td width="2%" align="left"&gt;&amp;nbsp;&lt;/td&gt;
&lt;td width="9%" align="right"&gt;&lt;font style="font-family: TimesNewRomanPSMT,Times New Roman,Times,serif;" class="_mt" size="2"&gt;6,232,000&lt;/font&gt;&lt;/td&gt;&lt;/tr&gt;
&lt;tr valign="bottom"&gt;&lt;td width="29%" align="left"&gt;&lt;font style="font-family: TimesNewRomanPSMT,Times New Roman,Times,serif;" class="_mt" size="2"&gt;The Brickyard&lt;/font&gt;&lt;/td&gt;
&lt;td width="9%" align="center"&gt;&lt;font style="font-family: TimesNewRomanPSMT,Times New Roman,Times,serif;" class="_mt" size="2"&gt;CT&lt;/font&gt;&lt;/td&gt;
&lt;td width="9%" align="center"&gt;&lt;font style="font-family: TimesNewRomanPSMT,Times New Roman,Times,serif;" class="_mt" size="2"&gt;2004&lt;/font&gt;&lt;/td&gt;
&lt;td width="9%" align="right"&gt;&lt;font style="font-family: TimesNewRomanPSMT,Times New Roman,Times,serif;" class="_mt" size="2"&gt;100&lt;/font&gt;&lt;/td&gt;
&lt;td width="2%" align="left"&gt;&lt;font style="font-family: TimesNewRomanPSMT,Times New Roman,Times,serif;" class="_mt" size="2"&gt;%&lt;/font&gt;&lt;/td&gt;
&lt;td width="9%" align="right"&gt;&lt;font style="font-family: TimesNewRomanPSMT,Times New Roman,Times,serif;" class="_mt" size="2"&gt;1990&lt;/font&gt;&lt;/td&gt;
&lt;td width="9%" align="right"&gt;&lt;font style="font-family: TimesNewRomanPSMT,Times New Roman,Times,serif;" class="_mt" size="2"&gt;249,553&lt;/font&gt;&lt;/td&gt;
&lt;td width="2%" align="left"&gt;&amp;nbsp;&lt;/td&gt;
&lt;td width="9%" align="right"&gt;&lt;font style="font-family: TimesNewRomanPSMT,Times New Roman,Times,serif;" class="_mt" size="2"&gt;7,632,000&lt;/font&gt;&lt;/td&gt;
&lt;td width="2%" align="left"&gt;&amp;nbsp;&lt;/td&gt;
&lt;td width="9%" align="right"&gt;&lt;font style="font-family: TimesNewRomanPSMT,Times New Roman,Times,serif;" class="_mt" size="2"&gt;29,308,000&lt;/font&gt;&lt;/td&gt;&lt;/tr&gt;
&lt;tr valign="bottom"&gt;&lt;td width="29%" align="left"&gt;&lt;font style="font-family: TimesNewRomanPSMT,Times New Roman,Times,serif;" class="_mt" size="2"&gt;The Commons&lt;/font&gt;&lt;/td&gt;
&lt;td width="9%" align="center"&gt;&lt;font style="font-family: TimesNewRomanPSMT,Times New Roman,Times,serif;" class="_mt" size="2"&gt;PA&lt;/font&gt;&lt;/td&gt;
&lt;td width="9%" align="center"&gt;&lt;font style="font-family: TimesNewRomanPSMT,Times New Roman,Times,serif;" class="_mt" size="2"&gt;2004&lt;/font&gt;&lt;/td&gt;
&lt;td width="9%" align="right"&gt;&lt;font style="font-family: TimesNewRomanPSMT,Times New Roman,Times,serif;" class="_mt" size="2"&gt;100&lt;/font&gt;&lt;/td&gt;
&lt;td width="2%" align="left"&gt;&lt;font style="font-family: TimesNewRomanPSMT,Times New Roman,Times,serif;" class="_mt" size="2"&gt;%&lt;/font&gt;&lt;/td&gt;
&lt;td width="9%" align="right"&gt;&lt;font style="font-family: TimesNewRomanPSMT,Times New Roman,Times,serif;" class="_mt" size="2"&gt;2003&lt;/font&gt;&lt;/td&gt;
&lt;td width="9%" align="right"&gt;&lt;font style="font-family: TimesNewRomanPSMT,Times New Roman,Times,serif;" class="_mt" size="2"&gt;203,426&lt;/font&gt;&lt;/td&gt;
&lt;td width="2%" align="left"&gt;&amp;nbsp;&lt;/td&gt;
&lt;td width="9%" align="right"&gt;&lt;font style="font-family: TimesNewRomanPSMT,Times New Roman,Times,serif;" class="_mt" size="2"&gt;3,098,000&lt;/font&gt;&lt;/td&gt;
&lt;td width="2%" align="left"&gt;&amp;nbsp;&lt;/td&gt;
&lt;td width="9%" align="right"&gt;&lt;font style="font-family: TimesNewRomanPSMT,Times New Roman,Times,serif;" class="_mt" size="2"&gt;14,047,000&lt;/font&gt;&lt;/td&gt;&lt;/tr&gt;
&lt;tr valign="bottom"&gt;&lt;td width="29%" align="left"&gt;&lt;font style="font-family: TimesNewRomanPSMT,Times New Roman,Times,serif;" class="_mt" size="2"&gt;The Point&lt;/font&gt;&lt;/td&gt;
&lt;td width="9%" align="center"&gt;&lt;font style="font-family: TimesNewRomanPSMT,Times New Roman,Times,serif;" class="_mt" size="2"&gt;PA&lt;/font&gt;&lt;/td&gt;
&lt;td width="9%" align="center"&gt;&lt;font style="font-family: TimesNewRomanPSMT,Times New Roman,Times,serif;" class="_mt" size="2"&gt;2000&lt;/font&gt;&lt;/td&gt;
&lt;td width="9%" align="right"&gt;&lt;font style="font-family: TimesNewRomanPSMT,Times New Roman,Times,serif;" class="_mt" size="2"&gt;100&lt;/font&gt;&lt;/td&gt;
&lt;td width="2%" align="left"&gt;&lt;font style="font-family: TimesNewRomanPSMT,Times New Roman,Times,serif;" class="_mt" size="2"&gt;%&lt;/font&gt;&lt;/td&gt;
&lt;td width="9%" align="right"&gt;&lt;font style="font-family: TimesNewRomanPSMT,Times New Roman,Times,serif;" class="_mt" size="2"&gt;1972/2001&lt;/font&gt;&lt;/td&gt;
&lt;td width="9%" align="right"&gt;&lt;font style="font-family: TimesNewRomanPSMT,Times New Roman,Times,serif;" class="_mt" size="2"&gt;268,037&lt;/font&gt;&lt;/td&gt;
&lt;td width="2%" align="left"&gt;&amp;nbsp;&lt;/td&gt;
&lt;td width="9%" align="right"&gt;&lt;font style="font-family: TimesNewRomanPSMT,Times New Roman,Times,serif;" class="_mt" size="2"&gt;2,700,000&lt;/font&gt;&lt;/td&gt;
&lt;td width="2%" align="left"&gt;&amp;nbsp;&lt;/td&gt;
&lt;td width="9%" align="right"&gt;&lt;font style="font-family: TimesNewRomanPSMT,Times New Roman,Times,serif;" class="_mt" size="2"&gt;10,800,000&lt;/font&gt;&lt;/td&gt;&lt;/tr&gt;
&lt;tr valign="bottom"&gt;&lt;td width="29%" align="left"&gt;&lt;font style="font-family: TimesNewRomanPSMT,Times New Roman,Times,serif;" class="_mt" size="2"&gt;The Shops at Suffolk Downs&lt;/font&gt;&lt;/td&gt;
&lt;td width="9%" align="center"&gt;&lt;font style="font-family: TimesNewRomanPSMT,Times New Roman,Times,serif;" class="_mt" size="2"&gt;MA&lt;/font&gt;&lt;/td&gt;
&lt;td width="9%" align="center"&gt;&lt;font style="font-family: TimesNewRomanPSMT,Times New Roman,Times,serif;" class="_mt" size="2"&gt;2005&lt;/font&gt;&lt;/td&gt;
&lt;td width="9%" align="right"&gt;&lt;font style="font-family: TimesNewRomanPSMT,Times New Roman,Times,serif;" class="_mt" size="2"&gt;100&lt;/font&gt;&lt;/td&gt;
&lt;td width="2%" align="left"&gt;&lt;font style="font-family: TimesNewRomanPSMT,Times New Roman,Times,serif;" class="_mt" size="2"&gt;%&lt;/font&gt;&lt;/td&gt;
&lt;td width="9%" align="right"&gt;&lt;font style="font-family: TimesNewRomanPSMT,Times New Roman,Times,serif;" class="_mt" size="2"&gt;2005&lt;/font&gt;&lt;/td&gt;
&lt;td width="9%" align="right"&gt;&lt;font style="font-family: TimesNewRomanPSMT,Times New Roman,Times,serif;" class="_mt" size="2"&gt;121,251&lt;/font&gt;&lt;/td&gt;
&lt;td width="2%" align="left"&gt;&amp;nbsp;&lt;/td&gt;
&lt;td width="9%" align="right"&gt;&lt;font style="font-family: TimesNewRomanPSMT,Times New Roman,Times,serif;" class="_mt" size="2"&gt;7,580,000&lt;/font&gt;&lt;/td&gt;
&lt;td width="2%" align="left"&gt;&amp;nbsp;&lt;/td&gt;
&lt;td width="9%" align="right"&gt;&lt;font style="font-family: TimesNewRomanPSMT,Times New Roman,Times,serif;" class="_mt" size="2"&gt;11,089,000&lt;/font&gt;&lt;/td&gt;&lt;/tr&gt;
&lt;tr valign="bottom"&gt;&lt;td width="29%" align="left"&gt;&lt;font style="font-family: TimesNewRomanPSMT,Times New Roman,Times,serif;" class="_mt" size="2"&gt;Timpany Plaza&lt;/font&gt;&lt;/td&gt;
&lt;td width="9%" align="center"&gt;&lt;font style="font-family: TimesNewRomanPSMT,Times New Roman,Times,serif;" class="_mt" size="2"&gt;MA&lt;/font&gt;&lt;/td&gt;
&lt;td width="9%" align="center"&gt;&lt;font style="font-family: TimesNewRomanPSMT,Times New Roman,Times,serif;" class="_mt" size="2"&gt;2007&lt;/font&gt;&lt;/td&gt;
&lt;td width="9%" align="right"&gt;&lt;font style="font-family: TimesNewRomanPSMT,Times New Roman,Times,serif;" class="_mt" size="2"&gt;100&lt;/font&gt;&lt;/td&gt;
&lt;td width="2%" align="left"&gt;&lt;font style="font-family: TimesNewRomanPSMT,Times New Roman,Times,serif;" class="_mt" size="2"&gt;%&lt;/font&gt;&lt;/td&gt;
&lt;td width="9%" align="right"&gt;&lt;font style="font-family: TimesNewRomanPSMT,Times New Roman,Times,serif;" class="_mt" size="2"&gt;1970's-1989&lt;/font&gt;&lt;/td&gt;
&lt;td width="9%" align="right"&gt;&lt;font style="font-family: TimesNewRomanPSMT,Times New Roman,Times,serif;" class="_mt" size="2"&gt;183,775&lt;/font&gt;&lt;/td&gt;
&lt;td width="2%" align="left"&gt;&amp;nbsp;&lt;/td&gt;
&lt;td width="9%" align="right"&gt;&lt;font style="font-family: TimesNewRomanPSMT,Times New Roman,Times,serif;" class="_mt" size="2"&gt;3,412,000&lt;/font&gt;&lt;/td&gt;
&lt;td width="2%" align="left"&gt;&amp;nbsp;&lt;/td&gt;
&lt;td width="9%" align="right"&gt;&lt;font style="font-family: TimesNewRomanPSMT,Times New Roman,Times,serif;" class="_mt" size="2"&gt;19,240,000&lt;/font&gt;&lt;/td&gt;&lt;/tr&gt;
&lt;tr valign="bottom"&gt;&lt;td width="29%" align="left"&gt;&lt;font style="font-family: TimesNewRomanPSMT,Times New Roman,Times,serif;" class="_mt" size="2"&gt;Townfair Center&lt;/font&gt;&lt;/td&gt;
&lt;td width="9%" align="center"&gt;&lt;font style="font-family: TimesNewRomanPSMT,Times New Roman,Times,serif;" class="_mt" size="2"&gt;PA&lt;/font&gt;&lt;/td&gt;
&lt;td width="9%" align="center"&gt;&lt;font style="font-family: TimesNewRomanPSMT,Times New Roman,Times,serif;" class="_mt" size="2"&gt;2004&lt;/font&gt;&lt;/td&gt;
&lt;td width="9%" align="right"&gt;&lt;font style="font-family: TimesNewRomanPSMT,Times New Roman,Times,serif;" class="_mt" size="2"&gt;100&lt;/font&gt;&lt;/td&gt;
&lt;td width="2%" align="left"&gt;&lt;font style="font-family: TimesNewRomanPSMT,Times New Roman,Times,serif;" class="_mt" size="2"&gt;%&lt;/font&gt;&lt;/td&gt;
&lt;td width="9%" align="right"&gt;&lt;font style="font-family: TimesNewRomanPSMT,Times New Roman,Times,serif;" class="_mt" size="2"&gt;2002&lt;/font&gt;&lt;/td&gt;
&lt;td width="9%" align="right"&gt;&lt;font style="font-family: TimesNewRomanPSMT,Times New Roman,Times,serif;" class="_mt" size="2"&gt;218,662&lt;/font&gt;&lt;/td&gt;
&lt;td width="2%" align="left"&gt;&amp;nbsp;&lt;/td&gt;
&lt;td width="9%" align="right"&gt;&lt;font style="font-family: TimesNewRomanPSMT,Times New Roman,Times,serif;" class="_mt" size="2"&gt;3,022,000&lt;/font&gt;&lt;/td&gt;
&lt;td width="2%" align="left"&gt;&amp;nbsp;&lt;/td&gt;
&lt;td width="9%" align="right"&gt;&lt;font style="font-family: TimesNewRomanPSMT,Times New Roman,Times,serif;" class="_mt" size="2"&gt;13,786,000&lt;/font&gt;&lt;/td&gt;&lt;/tr&gt;
&lt;tr valign="bottom"&gt;&lt;td width="29%" align="left"&gt;&lt;font style="font-family: TimesNewRomanPSMT,Times New Roman,Times,serif;" class="_mt" size="2"&gt;Trexler Mall&lt;/font&gt;&lt;/td&gt;
&lt;td width="9%" align="center"&gt;&lt;font style="font-family: TimesNewRomanPSMT,Times New Roman,Times,serif;" class="_mt" size="2"&gt;PA&lt;/font&gt;&lt;/td&gt;
&lt;td width="9%" align="center"&gt;&lt;font style="font-family: TimesNewRomanPSMT,Times New Roman,Times,serif;" class="_mt" size="2"&gt;2005&lt;/font&gt;&lt;/td&gt;
&lt;td width="9%" align="right"&gt;&lt;font style="font-family: TimesNewRomanPSMT,Times New Roman,Times,serif;" class="_mt" size="2"&gt;100&lt;/font&gt;&lt;/td&gt;
&lt;td width="2%" align="left"&gt;&lt;font style="font-family: TimesNewRomanPSMT,Times New Roman,Times,serif;" class="_mt" size="2"&gt;%&lt;/font&gt;&lt;/td&gt;
&lt;td width="9%" align="right"&gt;&lt;font style="font-family: TimesNewRomanPSMT,Times New Roman,Times,serif;" class="_mt" size="2"&gt;1973/2004&lt;/font&gt;&lt;/td&gt;
&lt;td width="9%" align="right"&gt;&lt;font style="font-family: TimesNewRomanPSMT,Times New Roman,Times,serif;" class="_mt" size="2"&gt;339,363&lt;/font&gt;&lt;/td&gt;
&lt;td width="2%" align="left"&gt;&amp;nbsp;&lt;/td&gt;
&lt;td width="9%" align="right"&gt;&lt;font style="font-family: TimesNewRomanPSMT,Times New Roman,Times,serif;" class="_mt" size="2"&gt;6,932,000&lt;/font&gt;&lt;/td&gt;
&lt;td width="2%" align="left"&gt;&amp;nbsp;&lt;/td&gt;
&lt;td width="9%" align="right"&gt;&lt;font style="font-family: TimesNewRomanPSMT,Times New Roman,Times,serif;" class="_mt" size="2"&gt;32,815,000&lt;/font&gt;&lt;/td&gt;&lt;/tr&gt;
&lt;tr valign="bottom"&gt;&lt;td width="29%" align="left"&gt;&lt;font style="font-family: TimesNewRomanPSMT,Times New Roman,Times,serif;" class="_mt" size="2"&gt;Trexlertown Plaza&lt;/font&gt;&lt;/td&gt;
&lt;td width="9%" align="center"&gt;&lt;font style="font-family: TimesNewRomanPSMT,Times New Roman,Times,serif;" class="_mt" size="2"&gt;PA&lt;/font&gt;&lt;/td&gt;
&lt;td width="9%" align="center"&gt;&lt;font style="font-family: TimesNewRomanPSMT,Times New Roman,Times,serif;" class="_mt" size="2"&gt;2006&lt;/font&gt;&lt;/td&gt;
&lt;td width="9%" align="right"&gt;&lt;font style="font-family: TimesNewRomanPSMT,Times New Roman,Times,serif;" class="_mt" size="2"&gt;100&lt;/font&gt;&lt;/td&gt;
&lt;td width="2%" align="left"&gt;&lt;font style="font-family: TimesNewRomanPSMT,Times New Roman,Times,serif;" class="_mt" size="2"&gt;%&lt;/font&gt;&lt;/td&gt;
&lt;td width="9%" align="right"&gt;&lt;font style="font-family: TimesNewRomanPSMT,Times New Roman,Times,serif;" class="_mt" size="2"&gt;1990/2005&lt;/font&gt;&lt;/td&gt;
&lt;td width="9%" align="right"&gt;&lt;font style="font-family: TimesNewRomanPSMT,Times New Roman,Times,serif;" class="_mt" size="2"&gt;316,143&lt;/font&gt;&lt;/td&gt;
&lt;td width="2%" align="left"&gt;&amp;nbsp;&lt;/td&gt;
&lt;td width="9%" align="right"&gt;&lt;font style="font-family: TimesNewRomanPSMT,Times New Roman,Times,serif;" class="_mt" size="2"&gt;13,349,000&lt;/font&gt;&lt;/td&gt;
&lt;td width="2%" align="left"&gt;&amp;nbsp;&lt;/td&gt;
&lt;td width="9%" align="right"&gt;&lt;font style="font-family: TimesNewRomanPSMT,Times New Roman,Times,serif;" class="_mt" size="2"&gt;23,867,000&lt;/font&gt;&lt;/td&gt;&lt;/tr&gt;
&lt;tr valign="bottom"&gt;&lt;td width="29%" align="left"&gt;&lt;font style="font-family: TimesNewRomanPSMT,Times New Roman,Times,serif;" class="_mt" size="2"&gt;Ukrop's at Fredericksburg&lt;/font&gt;&lt;/td&gt;
&lt;td width="9%" align="center"&gt;&lt;font style="font-family: TimesNewRomanPSMT,Times New Roman,Times,serif;" class="_mt" size="2"&gt;VA&lt;/font&gt;&lt;/td&gt;
&lt;td width="9%" align="center"&gt;&lt;font style="font-family: TimesNewRomanPSMT,Times New Roman,Times,serif;" class="_mt" size="2"&gt;2005&lt;/font&gt;&lt;/td&gt;
&lt;td width="9%" align="right"&gt;&lt;font style="font-family: TimesNewRomanPSMT,Times New Roman,Times,serif;" class="_mt" size="2"&gt;100&lt;/font&gt;&lt;/td&gt;
&lt;td width="2%" align="left"&gt;&lt;font style="font-family: TimesNewRomanPSMT,Times New Roman,Times,serif;" class="_mt" size="2"&gt;%&lt;/font&gt;&lt;/td&gt;
&lt;td width="9%" align="right"&gt;&lt;font style="font-family: TimesNewRomanPSMT,Times New Roman,Times,serif;" class="_mt" size="2"&gt;1997&lt;/font&gt;&lt;/td&gt;
&lt;td width="9%" align="right"&gt;&lt;font style="font-family: TimesNewRomanPSMT,Times New Roman,Times,serif;" class="_mt" size="2"&gt;63,000&lt;/font&gt;&lt;/td&gt;
&lt;td width="2%" align="left"&gt;&amp;nbsp;&lt;/td&gt;
&lt;td width="9%" align="right"&gt;&lt;font style="font-family: TimesNewRomanPSMT,Times New Roman,Times,serif;" class="_mt" size="2"&gt;3,213,000&lt;/font&gt;&lt;/td&gt;
&lt;td width="2%" align="left"&gt;&amp;nbsp;&lt;/td&gt;
&lt;td width="9%" align="right"&gt;&lt;font style="font-family: TimesNewRomanPSMT,Times New Roman,Times,serif;" class="_mt" size="2"&gt;12,758,000&lt;/font&gt;&lt;/td&gt;&lt;/tr&gt;
&lt;tr valign="bottom"&gt;&lt;td width="29%" align="left"&gt;&lt;font style="font-family: TimesNewRomanPSMT,Times New Roman,Times,serif;" class="_mt" size="2"&gt;Valley Plaza&lt;/font&gt;&lt;/td&gt;
&lt;td width="9%" align="center"&gt;&lt;font style="font-family: TimesNewRomanPSMT,Times New Roman,Times,serif;" class="_mt" size="2"&gt;MD&lt;/font&gt;&lt;/td&gt;
&lt;td width="9%" align="center"&gt;&lt;font style="font-family: TimesNewRomanPSMT,Times New Roman,Times,serif;" class="_mt" size="2"&gt;2003&lt;/font&gt;&lt;/td&gt;
&lt;td width="9%" align="right"&gt;&lt;font style="font-family: TimesNewRomanPSMT,Times New Roman,Times,serif;" class="_mt" size="2"&gt;100&lt;/font&gt;&lt;/td&gt;
&lt;td width="2%" align="left"&gt;&lt;font style="font-family: TimesNewRomanPSMT,Times New Roman,Times,serif;" class="_mt" size="2"&gt;%&lt;/font&gt;&lt;/td&gt;
&lt;td width="9%" align="right"&gt;&lt;font style="font-family: TimesNewRomanPSMT,Times New Roman,Times,serif;" class="_mt" size="2"&gt;1975/1994&lt;/font&gt;&lt;/td&gt;
&lt;td width="9%" align="right"&gt;&lt;font style="font-family: TimesNewRomanPSMT,Times New Roman,Times,serif;" class="_mt" size="2"&gt;190,939&lt;/font&gt;&lt;/td&gt;
&lt;td width="2%" align="left"&gt;&amp;nbsp;&lt;/td&gt;
&lt;td width="9%" align="right"&gt;&lt;font style="font-family: TimesNewRomanPSMT,Times New Roman,Times,serif;" class="_mt" size="2"&gt;1,950,000&lt;/font&gt;&lt;/td&gt;
&lt;td width="2%" align="left"&gt;&amp;nbsp;&lt;/td&gt;
&lt;td width="9%" align="right"&gt;&lt;font style="font-family: TimesNewRomanPSMT,Times New Roman,Times,serif;" class="_mt" size="2"&gt;7,766,000&lt;/font&gt;&lt;/td&gt;&lt;/tr&gt;
&lt;tr valign="bottom"&gt;&lt;td width="29%" align="left"&gt;&lt;font style="font-family: TimesNewRomanPSMT,Times New Roman,Times,serif;" class="_mt" size="2"&gt;Virginia Little Creek&lt;/font&gt;&lt;/td&gt;
&lt;td width="9%" align="center"&gt;&lt;font style="font-family: TimesNewRomanPSMT,Times New Roman,Times,serif;" class="_mt" size="2"&gt;VA&lt;/font&gt;&lt;/td&gt;
&lt;td width="9%" align="center"&gt;&lt;font style="font-family: TimesNewRomanPSMT,Times New Roman,Times,serif;" class="_mt" size="2"&gt;2005&lt;/font&gt;&lt;/td&gt;
&lt;td width="9%" align="right"&gt;&lt;font style="font-family: TimesNewRomanPSMT,Times New Roman,Times,serif;" class="_mt" size="2"&gt;100&lt;/font&gt;&lt;/td&gt;
&lt;td width="2%" align="left"&gt;&lt;font style="font-family: TimesNewRomanPSMT,Times New Roman,Times,serif;" class="_mt" size="2"&gt;%&lt;/font&gt;&lt;/td&gt;
&lt;td width="9%" align="right"&gt;&lt;font style="font-family: TimesNewRomanPSMT,Times New Roman,Times,serif;" class="_mt" size="2"&gt;1996/2001&lt;/font&gt;&lt;/td&gt;
&lt;td width="9%" align="right"&gt;&lt;font style="font-family: TimesNewRomanPSMT,Times New Roman,Times,serif;" class="_mt" size="2"&gt;69,620&lt;/font&gt;&lt;/td&gt;
&lt;td width="2%" align="left"&gt;&amp;nbsp;&lt;/td&gt;
&lt;td width="9%" align="right"&gt;&lt;font style="font-family: TimesNewRomanPSMT,Times New Roman,Times,serif;" class="_mt" size="2"&gt;1,650,000&lt;/font&gt;&lt;/td&gt;
&lt;td width="2%" align="left"&gt;&amp;nbsp;&lt;/td&gt;
&lt;td width="9%" align="right"&gt;&lt;font style="font-family: TimesNewRomanPSMT,Times New Roman,Times,serif;" class="_mt" size="2"&gt;8,350,000&lt;/font&gt;&lt;/td&gt;&lt;/tr&gt;
&lt;tr valign="bottom"&gt;&lt;td width="29%" align="left"&gt;&lt;font style="font-family: TimesNewRomanPSMT,Times New Roman,Times,serif;" class="_mt" size="2"&gt;Washington Center Shoppes&lt;/font&gt;&lt;/td&gt;
&lt;td width="9%" align="center"&gt;&lt;font style="font-family: TimesNewRomanPSMT,Times New Roman,Times,serif;" class="_mt" size="2"&gt;NJ&lt;/font&gt;&lt;/td&gt;
&lt;td width="9%" align="center"&gt;&lt;font style="font-family: TimesNewRomanPSMT,Times New Roman,Times,serif;" class="_mt" size="2"&gt;2001&lt;/font&gt;&lt;/td&gt;
&lt;td width="9%" align="right"&gt;&lt;font style="font-family: TimesNewRomanPSMT,Times New Roman,Times,serif;" class="_mt" size="2"&gt;100&lt;/font&gt;&lt;/td&gt;
&lt;td width="2%" align="left"&gt;&lt;font style="font-family: TimesNewRomanPSMT,Times New Roman,Times,serif;" class="_mt" size="2"&gt;%&lt;/font&gt;&lt;/td&gt;
&lt;td width="9%" align="right"&gt;&lt;font style="font-family: TimesNewRomanPSMT,Times New Roman,Times,serif;" class="_mt" size="2"&gt;1979/1995&lt;/font&gt;&lt;/td&gt;
&lt;td width="9%" align="right"&gt;&lt;font style="font-family: TimesNewRomanPSMT,Times New Roman,Times,serif;" class="_mt" size="2"&gt;157,394&lt;/font&gt;&lt;/td&gt;
&lt;td width="2%" align="left"&gt;&amp;nbsp;&lt;/td&gt;
&lt;td width="9%" align="right"&gt;&lt;font style="font-family: TimesNewRomanPSMT,Times New Roman,Times,serif;" class="_mt" size="2"&gt;2,061,000&lt;/font&gt;&lt;/td&gt;
&lt;td width="2%" align="left"&gt;&amp;nbsp;&lt;/td&gt;
&lt;td width="9%" align="right"&gt;&lt;font style="font-family: TimesNewRomanPSMT,Times New Roman,Times,serif;" class="_mt" size="2"&gt;7,314,000&lt;/font&gt;&lt;/td&gt;&lt;/tr&gt;
&lt;tr valign="bottom"&gt;&lt;td width="29%" align="left"&gt;&lt;font style="font-family: TimesNewRomanPSMT,Times New Roman,Times,serif;" class="_mt" size="2"&gt;West Bridgewater Plaza&lt;/font&gt;&lt;/td&gt;
&lt;td width="9%" align="center"&gt;&lt;font style="font-family: TimesNewRomanPSMT,Times New Roman,Times,serif;" class="_mt" size="2"&gt;MA&lt;/font&gt;&lt;/td&gt;
&lt;td width="9%" align="center"&gt;&lt;font style="font-family: TimesNewRomanPSMT,Times New Roman,Times,serif;" class="_mt" size="2"&gt;2007&lt;/font&gt;&lt;/td&gt;
&lt;td width="9%" align="right"&gt;&lt;font style="font-family: TimesNewRomanPSMT,Times New Roman,Times,serif;" class="_mt" size="2"&gt;100&lt;/font&gt;&lt;/td&gt;
&lt;td width="2%" align="left"&gt;&lt;font style="font-family: TimesNewRomanPSMT,Times New Roman,Times,serif;" class="_mt" size="2"&gt;%&lt;/font&gt;&lt;/td&gt;
&lt;td width="9%" align="right"&gt;&lt;font style="font-family: TimesNewRomanPSMT,Times New Roman,Times,serif;" class="_mt" size="2"&gt;1970/2007&lt;/font&gt;&lt;/td&gt;
&lt;td width="9%" align="right"&gt;&lt;font style="font-family: TimesNewRomanPSMT,Times New Roman,Times,serif;" class="_mt" size="2"&gt;133,039&lt;/font&gt;&lt;/td&gt;
&lt;td width="2%" align="left"&gt;&amp;nbsp;&lt;/td&gt;
&lt;td width="9%" align="right"&gt;&lt;font style="font-family: TimesNewRomanPSMT,Times New Roman,Times,serif;" class="_mt" size="2"&gt;2,823,000&lt;/font&gt;&lt;/td&gt;
&lt;td width="2%" align="left"&gt;&amp;nbsp;&lt;/td&gt;
&lt;td width="9%" align="right"&gt;&lt;font style="font-family: TimesNewRomanPSMT,Times New Roman,Times,serif;" class="_mt" size="2"&gt;14,901,000&lt;/font&gt;&lt;/td&gt;&lt;/tr&gt;
&lt;tr valign="bottom"&gt;&lt;td width="29%" align="left"&gt;&lt;font style="font-family: TimesNewRomanPSMT,Times New Roman,Times,serif;" class="_mt" size="2"&gt;Upland Square&lt;/font&gt;&lt;/td&gt;
&lt;td width="9%" align="center"&gt;&lt;font style="font-family: TimesNewRomanPSMT,Times New Roman,Times,serif;" class="_mt" size="2"&gt;PA&lt;/font&gt;&lt;/td&gt;
&lt;td width="9%" align="center"&gt;&lt;font style="font-family: TimesNewRomanPSMT,Times New Roman,Times,serif;" class="_mt" size="2"&gt;2007&lt;/font&gt;&lt;/td&gt;
&lt;td width="9%" align="right"&gt;&lt;font style="font-family: TimesNewRomanPSMT,Times New Roman,Times,serif;" class="_mt" size="2"&gt;60&lt;/font&gt;&lt;/td&gt;
&lt;td width="2%" align="left"&gt;&lt;font style="font-family: TimesNewRomanPSMT,Times New Roman,Times,serif;" class="_mt" size="2"&gt;%&lt;/font&gt;&lt;/td&gt;
&lt;td width="9%" align="right"&gt;&lt;font style="font-family: TimesNewRomanPSMT,Times New Roman,Times,serif;" class="_mt" size="2"&gt;2009&lt;/font&gt;&lt;/td&gt;
&lt;td width="9%" align="right"&gt;&lt;font style="font-family: TimesNewRomanPSMT,Times New Roman,Times,serif;" class="_mt" size="2"&gt;382,578&lt;/font&gt;&lt;/td&gt;
&lt;td width="2%" align="left"&gt;&amp;nbsp;&lt;/td&gt;
&lt;td width="9%" align="right"&gt;&lt;font style="font-family: TimesNewRomanPSMT,Times New Roman,Times,serif;" class="_mt" size="2"&gt;28,187,000&lt;/font&gt;&lt;/td&gt;
&lt;td width="2%" align="left"&gt;&amp;nbsp;&lt;/td&gt;
&lt;td width="9%" align="right"&gt;&lt;font style="font-family: TimesNewRomanPSMT,Times New Roman,Times,serif;" class="_mt" size="2"&gt;-&lt;/font&gt;&lt;/td&gt;&lt;/tr&gt;
&lt;tr valign="bottom"&gt;&lt;td width="29%" align="left"&gt;&lt;font style="font-family: TimesNewRomanPSMT,Times New Roman,Times,serif;" class="_mt" size="2"&gt;Yorktowne Plaza&lt;/font&gt;&lt;/td&gt;
&lt;td width="9%" align="center"&gt;&lt;font style="font-family: TimesNewRomanPSMT,Times New Roman,Times,serif;" class="_mt" size="2"&gt;MD&lt;/font&gt;&lt;/td&gt;
&lt;td width="9%" align="center"&gt;&lt;font style="font-family: TimesNewRomanPSMT,Times New Roman,Times,serif;" class="_mt" size="2"&gt;2007&lt;/font&gt;&lt;/td&gt;
&lt;td width="9%" align="right"&gt;&lt;font style="font-family: TimesNewRomanPSMT,Times New Roman,Times,serif;" class="_mt" size="2"&gt;100&lt;/font&gt;&lt;/td&gt;
&lt;td width="2%" align="left"&gt;&lt;font style="font-family: TimesNewRomanPSMT,Times New Roman,Times,serif;" class="_mt" size="2"&gt;%&lt;/font&gt;&lt;/td&gt;
&lt;td width="9%" align="right"&gt;&lt;font style="font-family: TimesNewRomanPSMT,Times New Roman,Times,serif;" class="_mt" size="2"&gt;1970/2000&lt;/font&gt;&lt;/td&gt;
&lt;td style="border-bottom: #000000 1px solid;" width="9%" align="right"&gt;&lt;font style="font-family: TimesNewRomanPSMT,Times New Roman,Times,serif;" class="_mt" size="2"&gt;158,982&lt;/font&gt;&lt;/td&gt;
&lt;td style="border-bottom: #000000 1px solid;" width="2%" align="left"&gt;&amp;nbsp;&lt;/td&gt;
&lt;td style="border-bottom: #000000 1px solid;" width="9%" align="right"&gt;&lt;font style="font-family: TimesNewRomanPSMT,Times New Roman,Times,serif;" class="_mt" size="2"&gt;5,940,000&lt;/font&gt;&lt;/td&gt;
&lt;td style="border-bottom: #000000 1px solid;" width="2%" align="left"&gt;&amp;nbsp;&lt;/td&gt;
&lt;td style="border-bottom: #000000 1px solid;" width="9%" align="right"&gt;&lt;font style="font-family: TimesNewRomanPSMT,Times New Roman,Times,serif;" class="_mt" size="2"&gt;25,505,000&lt;/font&gt;&lt;/td&gt;&lt;/tr&gt;
&lt;tr&gt;&lt;td width="98%" colspan="11"&gt;&amp;nbsp;&lt;/td&gt;&lt;/tr&gt;
&lt;tr valign="bottom"&gt;&lt;td width="29%" align="left"&gt;&lt;b&gt;&lt;font style="font-family: TimesNewRomanPS-BoldMT,Times New Roman,Times,serif;" class="_mt" size="2"&gt;Total Consolidated Portfiolio&lt;/font&gt;&lt;/b&gt;&lt;/td&gt;
&lt;td width="9%" align="left"&gt;&amp;nbsp;&lt;/td&gt;
&lt;td width="9%" align="left"&gt;&amp;nbsp;&lt;/td&gt;
&lt;td width="9%" align="left"&gt;&amp;nbsp;&lt;/td&gt;
&lt;td width="2%" align="left"&gt;&amp;nbsp;&lt;/td&gt;
&lt;td width="9%" align="left"&gt;&amp;nbsp;&lt;/td&gt;
&lt;td style="border-bottom: #000000 3px double;" width="9%" align="right"&gt;&lt;font style="font-family: TimesNewRomanPSMT,Times New Roman,Times,serif;" class="_mt" size="2"&gt;9,592,942&lt;/font&gt;&lt;/td&gt;
&lt;td style="border-bottom: #000000 3px double;" width="2%" align="left"&gt;&lt;font style="font-family: TimesNewRomanPSMT,Times New Roman,Times,serif;" class="_mt" size="2"&gt;$&lt;/font&gt;&lt;/td&gt;
&lt;td style="border-bottom: #000000 3px double;" width="9%" align="right"&gt;&lt;font style="font-family: TimesNewRomanPSMT,Times New Roman,Times,serif;" class="_mt" size="2"&gt;275,601,000&lt;/font&gt;&lt;/td&gt;
&lt;td style="border-bottom: #000000 3px double;" width="2%" align="center"&gt;&lt;font style="font-family: TimesNewRomanPSMT,Times New Roman,Times,serif;" class="_mt" size="2"&gt;$&lt;/font&gt;&lt;/td&gt;
&lt;td style="border-bottom: #000000 3px double;" width="9%" align="right"&gt;&lt;font style="font-family: TimesNewRomanPSMT,Times New Roman,Times,serif;" class="_mt" size="2"&gt;812,521,000&lt;/font&gt;&lt;/td&gt;&lt;/tr&gt;&lt;/table&gt;&lt;/div&gt;

&lt;p style="margin: 0px;"&gt;&amp;nbsp;&lt;/p&gt;

&lt;div&gt;&amp;nbsp;&lt;/div&gt;&lt;br /&gt;

&lt;p style="text-align: left;"&gt;&lt;b&gt;&lt;font style="font-family: TimesNewRomanPS-BoldMT,Times New Roman,Times,serif;" class="_mt" size="2"&gt;Cedar RealtyTrust, Inc. Schedule III&lt;/font&gt;&lt;/b&gt;&lt;/p&gt;

&lt;p style="text-align: left;"&gt;&lt;b&gt;&lt;font style="font-family: TimesNewRomanPS-BoldMT,Times New Roman,Times,serif;" class="_mt" size="2"&gt;Real Estate andAccumulatedDepreciation Year endedDecember 31,2011&lt;/font&gt;&lt;/b&gt;&lt;/p&gt;

&lt;div&gt;

&lt;table border="0" cellspacing="0"&gt;
&lt;tr&gt;&lt;td width="21%"&gt; &lt;/td&gt;
&lt;td width="2%"&gt; &lt;/td&gt;
&lt;td width="9%"&gt; &lt;/td&gt;
&lt;td width="2%"&gt; &lt;/td&gt;
&lt;td width="2%"&gt; &lt;/td&gt;
&lt;td width="9%"&gt; &lt;/td&gt;
&lt;td width="2%"&gt; &lt;/td&gt;
&lt;td width="9%"&gt; &lt;/td&gt;
&lt;td width="2%"&gt; &lt;/td&gt;
&lt;td width="9%"&gt; &lt;/td&gt;
&lt;td width="2%"&gt; &lt;/td&gt;
&lt;td width="9%"&gt; &lt;/td&gt;
&lt;td width="2%"&gt; &lt;/td&gt;
&lt;td width="8%"&gt; &lt;/td&gt;
&lt;td width="2%"&gt; &lt;/td&gt;&lt;/tr&gt;
&lt;tr valign="bottom"&gt;&lt;td width="21%" align="center"&gt;&amp;nbsp;&lt;/td&gt;
&lt;td style="border-bottom: #000000 1px solid;" rowspan="4" width="13%" colspan="3" align="center"&gt;&lt;b&gt;&lt;font style="font-family: TimesNewRomanPS-BoldMT,Times New Roman,Times,serif;" class="_mt" size="2"&gt;Subsequent&lt;/font&gt;&lt;/b&gt;&lt;br /&gt;&lt;b&gt;&lt;font style="font-family: TimesNewRomanPS-BoldMT,Times New Roman,Times,serif;" class="_mt" size="2"&gt;cost&lt;/font&gt;&lt;/b&gt;&lt;br /&gt;&lt;b&gt;&lt;font style="font-family: TimesNewRomanPS-BoldMT,Times New Roman,Times,serif;" class="_mt" size="2"&gt;capitalized&lt;/font&gt;&lt;/b&gt;&lt;/td&gt;
&lt;td style="border-bottom: #000000 1px solid;" rowspan="2" width="33%" colspan="6" align="center"&gt;&lt;b&gt;&lt;font style="font-family: TimesNewRomanPS-BoldMT,Times New Roman,Times,serif;" class="_mt" size="2"&gt;Gross amountat which carriedat&lt;/font&gt;&lt;/b&gt;&lt;br /&gt;&lt;b&gt;&lt;font style="font-family: TimesNewRomanPS-BoldMT,Times New Roman,Times,serif;" class="_mt" size="2"&gt;December 31,2011&lt;/font&gt;&lt;/b&gt;&lt;/td&gt;
&lt;td style="border-bottom: #000000 1px solid;" rowspan="4" width="11%" colspan="2" align="center"&gt;&lt;b&gt;&lt;font style="font-family: TimesNewRomanPS-BoldMT,Times New Roman,Times,serif;" class="_mt" size="2"&gt;Accumulated&lt;/font&gt;&lt;/b&gt;&lt;br /&gt;&lt;b&gt;&lt;font style="font-family: TimesNewRomanPS-BoldMT,Times New Roman,Times,serif;" class="_mt" size="2"&gt;depreciation (4)&lt;/font&gt;&lt;/b&gt;&lt;/td&gt;
&lt;td style="border-bottom: #000000 1px solid;" rowspan="4" width="12%" colspan="3" align="center"&gt;&lt;b&gt;&lt;font style="font-family: TimesNewRomanPS-BoldMT,Times New Roman,Times,serif;" class="_mt" size="2"&gt;Amount of&lt;/font&gt;&lt;/b&gt;&lt;br /&gt;&lt;b&gt;&lt;font style="font-family: TimesNewRomanPS-BoldMT,Times New Roman,Times,serif;" class="_mt" size="2"&gt;Encumbrance&lt;/font&gt;&lt;/b&gt;&lt;/td&gt;&lt;/tr&gt;
&lt;tr valign="bottom"&gt;&lt;td width="21%" align="center"&gt;&lt;i&gt;&lt;font style="font-family: TimesNewRomanPS-ItalicMT,Times New Roman,Times,serif;" class="_mt" size="2"&gt;(continued)&lt;/font&gt;&lt;/i&gt;&lt;/td&gt;&lt;/tr&gt;
&lt;tr valign="bottom"&gt;&lt;td style="border-bottom: #000000 1px solid;" rowspan="2" width="21%" align="center"&gt;&lt;b&gt;&lt;font style="font-family: TimesNewRomanPS-BoldMT,Times New Roman,Times,serif;" class="_mt" size="2"&gt;Property&lt;/font&gt;&lt;/b&gt;&lt;/td&gt;
&lt;td style="border-bottom: #000000 1px solid;" rowspan="2" width="11%" colspan="2" align="center"&gt;&lt;b&gt;&lt;font style="font-family: TimesNewRomanPS-BoldMT,Times New Roman,Times,serif;" class="_mt" size="2"&gt;Land&lt;/font&gt;&lt;/b&gt;&lt;/td&gt;
&lt;td style="border-bottom: #000000 1px solid;" rowspan="2" width="11%" colspan="2" align="center"&gt;&lt;b&gt;&lt;font style="font-family: TimesNewRomanPS-BoldMT,Times New Roman,Times,serif;" class="_mt" size="2"&gt;Building and&lt;/font&gt;&lt;/b&gt;&lt;br /&gt;&lt;b&gt;&lt;font style="font-family: TimesNewRomanPS-BoldMT,Times New Roman,Times,serif;" class="_mt" size="2"&gt;improvements&lt;/font&gt;&lt;/b&gt;&lt;/td&gt;
&lt;td style="border-bottom: #000000 1px solid;" rowspan="2" width="11%" colspan="2" align="center"&gt;&lt;b&gt;&lt;font style="font-family: TimesNewRomanPS-BoldMT,Times New Roman,Times,serif;" class="_mt" size="2"&gt;Total&lt;/font&gt;&lt;/b&gt;&lt;/td&gt;&lt;/tr&gt;
&lt;tr&gt;&lt;td width="90%" colspan="15"&gt;&amp;nbsp;&lt;/td&gt;&lt;/tr&gt;
&lt;tr valign="bottom"&gt;&lt;td width="21%" align="left"&gt;&lt;font style="font-family: TimesNewRomanPSMT,Times New Roman,Times,serif;" class="_mt" size="2"&gt;Norwood Shopping Center&lt;/font&gt;&lt;/td&gt;
&lt;td width="2%" align="right"&gt;&lt;font style="font-family: TimesNewRomanPSMT,Times New Roman,Times,serif;" class="_mt" size="2"&gt;$&lt;/font&gt;&lt;/td&gt;
&lt;td width="9%" align="right"&gt;&lt;font style="font-family: TimesNewRomanPSMT,Times New Roman,Times,serif;" class="_mt" size="2"&gt;460,000&lt;/font&gt;&lt;/td&gt;
&lt;td width="2%" align="left"&gt;&amp;nbsp;&lt;/td&gt;
&lt;td width="2%" align="left"&gt;&lt;font style="font-family: TimesNewRomanPSMT,Times New Roman,Times,serif;" class="_mt" size="2"&gt;$&lt;/font&gt;&lt;/td&gt;
&lt;td width="9%" align="right"&gt;&lt;font style="font-family: TimesNewRomanPSMT,Times New Roman,Times,serif;" class="_mt" size="2"&gt;1,874,000&lt;/font&gt;&lt;/td&gt;
&lt;td width="2%" align="right"&gt;&lt;font style="font-family: TimesNewRomanPSMT,Times New Roman,Times,serif;" class="_mt" size="2"&gt;$&lt;/font&gt;&lt;/td&gt;
&lt;td width="9%" align="right"&gt;&lt;font style="font-family: TimesNewRomanPSMT,Times New Roman,Times,serif;" class="_mt" size="2"&gt;8,913,000&lt;/font&gt;&lt;/td&gt;
&lt;td width="2%" align="left"&gt;&lt;font style="font-family: TimesNewRomanPSMT,Times New Roman,Times,serif;" class="_mt" size="2"&gt;$&lt;/font&gt;&lt;/td&gt;
&lt;td width="9%" align="right"&gt;&lt;font style="font-family: TimesNewRomanPSMT,Times New Roman,Times,serif;" class="_mt" size="2"&gt;10,787,000&lt;/font&gt;&lt;/td&gt;
&lt;td width="2%" align="left"&gt;&lt;font style="font-family: TimesNewRomanPSMT,Times New Roman,Times,serif;" class="_mt" size="2"&gt;$&lt;/font&gt;&lt;/td&gt;
&lt;td width="9%" align="right"&gt;&lt;font style="font-family: TimesNewRomanPSMT,Times New Roman,Times,serif;" class="_mt" size="2"&gt;1,741,000&lt;/font&gt;&lt;/td&gt;
&lt;td width="2%" align="left"&gt;&amp;nbsp;&lt;/td&gt;
&lt;td width="8%" align="right"&gt;&lt;font style="font-family: TimesNewRomanPSMT,Times New Roman,Times,serif;" class="_mt" size="2"&gt;(3&lt;/font&gt;&lt;/td&gt;
&lt;td width="2%" align="left"&gt;&lt;font style="font-family: TimesNewRomanPSMT,Times New Roman,Times,serif;" class="_mt" size="2"&gt;)&lt;/font&gt;&lt;/td&gt;&lt;/tr&gt;
&lt;tr valign="bottom"&gt;&lt;td width="21%" align="left"&gt;&lt;font style="font-family: TimesNewRomanPSMT,Times New Roman,Times,serif;" class="_mt" size="2"&gt;Oak Ridge&lt;/font&gt;&lt;/td&gt;
&lt;td width="2%" align="right"&gt;&amp;nbsp;&lt;/td&gt;
&lt;td width="9%" align="right"&gt;&lt;font style="font-family: TimesNewRomanPSMT,Times New Roman,Times,serif;" class="_mt" size="2"&gt;27,000&lt;/font&gt;&lt;/td&gt;
&lt;td width="2%" align="left"&gt;&amp;nbsp;&lt;/td&gt;
&lt;td width="2%" align="left"&gt;&amp;nbsp;&lt;/td&gt;
&lt;td width="9%" align="right"&gt;&lt;font style="font-family: TimesNewRomanPSMT,Times New Roman,Times,serif;" class="_mt" size="2"&gt;960,000&lt;/font&gt;&lt;/td&gt;
&lt;td width="2%" align="right"&gt;&amp;nbsp;&lt;/td&gt;
&lt;td width="9%" align="right"&gt;&lt;font style="font-family: TimesNewRomanPSMT,Times New Roman,Times,serif;" class="_mt" size="2"&gt;4,281,000&lt;/font&gt;&lt;/td&gt;
&lt;td width="2%" align="left"&gt;&amp;nbsp;&lt;/td&gt;
&lt;td width="9%" align="right"&gt;&lt;font style="font-family: TimesNewRomanPSMT,Times New Roman,Times,serif;" class="_mt" size="2"&gt;5,241,000&lt;/font&gt;&lt;/td&gt;
&lt;td width="2%" align="left"&gt;&amp;nbsp;&lt;/td&gt;
&lt;td width="9%" align="right"&gt;&lt;font style="font-family: TimesNewRomanPSMT,Times New Roman,Times,serif;" class="_mt" size="2"&gt;695,000&lt;/font&gt;&lt;/td&gt;
&lt;td width="2%" align="left"&gt;&amp;nbsp;&lt;/td&gt;
&lt;td width="8%" align="right"&gt;&lt;font style="font-family: TimesNewRomanPSMT,Times New Roman,Times,serif;" class="_mt" size="2"&gt;3,351,000&lt;/font&gt;&lt;/td&gt;
&lt;td width="2%" align="left"&gt;&amp;nbsp;&lt;/td&gt;&lt;/tr&gt;
&lt;tr valign="bottom"&gt;&lt;td width="21%" align="left"&gt;&lt;font style="font-family: TimesNewRomanPSMT,Times New Roman,Times,serif;" class="_mt" size="2"&gt;Oakland Commons&lt;/font&gt;&lt;/td&gt;
&lt;td width="2%" align="right"&gt;&amp;nbsp;&lt;/td&gt;
&lt;td width="9%" align="right"&gt;&lt;font style="font-family: TimesNewRomanPSMT,Times New Roman,Times,serif;" class="_mt" size="2"&gt;(525,000&lt;/font&gt;&lt;/td&gt;
&lt;td width="2%" align="left"&gt;&lt;font style="font-family: TimesNewRomanPSMT,Times New Roman,Times,serif;" class="_mt" size="2"&gt;)&lt;/font&gt;&lt;/td&gt;
&lt;td width="2%" align="left"&gt;&amp;nbsp;&lt;/td&gt;
&lt;td width="9%" align="right"&gt;&lt;font style="font-family: TimesNewRomanPSMT,Times New Roman,Times,serif;" class="_mt" size="2"&gt;2,504,000&lt;/font&gt;&lt;/td&gt;
&lt;td width="2%" align="right"&gt;&amp;nbsp;&lt;/td&gt;
&lt;td width="9%" align="right"&gt;&lt;font style="font-family: TimesNewRomanPSMT,Times New Roman,Times,serif;" class="_mt" size="2"&gt;15,137,000&lt;/font&gt;&lt;/td&gt;
&lt;td width="2%" align="left"&gt;&amp;nbsp;&lt;/td&gt;
&lt;td width="9%" align="right"&gt;&lt;font style="font-family: TimesNewRomanPSMT,Times New Roman,Times,serif;" class="_mt" size="2"&gt;17,641,000&lt;/font&gt;&lt;/td&gt;
&lt;td width="2%" align="left"&gt;&amp;nbsp;&lt;/td&gt;
&lt;td width="9%" align="right"&gt;&lt;font style="font-family: TimesNewRomanPSMT,Times New Roman,Times,serif;" class="_mt" size="2"&gt;2,253,000&lt;/font&gt;&lt;/td&gt;
&lt;td width="2%" align="left"&gt;&amp;nbsp;&lt;/td&gt;
&lt;td width="8%" align="right"&gt;&lt;font style="font-family: TimesNewRomanPSMT,Times New Roman,Times,serif;" class="_mt" size="2"&gt;(3&lt;/font&gt;&lt;/td&gt;
&lt;td width="2%" align="left"&gt;&lt;font style="font-family: TimesNewRomanPSMT,Times New Roman,Times,serif;" class="_mt" size="2"&gt;)&lt;/font&gt;&lt;/td&gt;&lt;/tr&gt;
&lt;tr valign="bottom"&gt;&lt;td width="21%" align="left"&gt;&lt;font style="font-family: TimesNewRomanPSMT,Times New Roman,Times,serif;" class="_mt" size="2"&gt;Oakland Mills&lt;/font&gt;&lt;/td&gt;
&lt;td width="2%" align="right"&gt;&amp;nbsp;&lt;/td&gt;
&lt;td width="9%" align="right"&gt;&lt;font style="font-family: TimesNewRomanPSMT,Times New Roman,Times,serif;" class="_mt" size="2"&gt;32,000&lt;/font&gt;&lt;/td&gt;
&lt;td width="2%" align="left"&gt;&amp;nbsp;&lt;/td&gt;
&lt;td width="2%" align="left"&gt;&amp;nbsp;&lt;/td&gt;
&lt;td width="9%" align="right"&gt;&lt;font style="font-family: TimesNewRomanPSMT,Times New Roman,Times,serif;" class="_mt" size="2"&gt;1,611,000&lt;/font&gt;&lt;/td&gt;
&lt;td width="2%" align="right"&gt;&amp;nbsp;&lt;/td&gt;
&lt;td width="9%" align="right"&gt;&lt;font style="font-family: TimesNewRomanPSMT,Times New Roman,Times,serif;" class="_mt" size="2"&gt;6,324,000&lt;/font&gt;&lt;/td&gt;
&lt;td width="2%" align="left"&gt;&amp;nbsp;&lt;/td&gt;
&lt;td width="9%" align="right"&gt;&lt;font style="font-family: TimesNewRomanPSMT,Times New Roman,Times,serif;" class="_mt" size="2"&gt;7,935,000&lt;/font&gt;&lt;/td&gt;
&lt;td width="2%" align="left"&gt;&amp;nbsp;&lt;/td&gt;
&lt;td width="9%" align="right"&gt;&lt;font style="font-family: TimesNewRomanPSMT,Times New Roman,Times,serif;" class="_mt" size="2"&gt;1,516,000&lt;/font&gt;&lt;/td&gt;
&lt;td width="2%" align="left"&gt;&amp;nbsp;&lt;/td&gt;
&lt;td width="8%" align="right"&gt;&lt;font style="font-family: TimesNewRomanPSMT,Times New Roman,Times,serif;" class="_mt" size="2"&gt;4,748,000&lt;/font&gt;&lt;/td&gt;
&lt;td width="2%" align="left"&gt;&amp;nbsp;&lt;/td&gt;&lt;/tr&gt;
&lt;tr valign="bottom"&gt;&lt;td width="21%" align="left"&gt;&lt;font style="font-family: TimesNewRomanPSMT,Times New Roman,Times,serif;" class="_mt" size="2"&gt;Palmyra Shopping Center&lt;/font&gt;&lt;/td&gt;
&lt;td width="2%" align="right"&gt;&amp;nbsp;&lt;/td&gt;
&lt;td width="9%" align="right"&gt;&lt;font style="font-family: TimesNewRomanPSMT,Times New Roman,Times,serif;" class="_mt" size="2"&gt;1,048,000&lt;/font&gt;&lt;/td&gt;
&lt;td width="2%" align="left"&gt;&amp;nbsp;&lt;/td&gt;
&lt;td width="2%" align="left"&gt;&amp;nbsp;&lt;/td&gt;
&lt;td width="9%" align="right"&gt;&lt;font style="font-family: TimesNewRomanPSMT,Times New Roman,Times,serif;" class="_mt" size="2"&gt;1,488,000&lt;/font&gt;&lt;/td&gt;
&lt;td width="2%" align="right"&gt;&amp;nbsp;&lt;/td&gt;
&lt;td width="9%" align="right"&gt;&lt;font style="font-family: TimesNewRomanPSMT,Times New Roman,Times,serif;" class="_mt" size="2"&gt;7,614,000&lt;/font&gt;&lt;/td&gt;
&lt;td width="2%" align="left"&gt;&amp;nbsp;&lt;/td&gt;
&lt;td width="9%" align="right"&gt;&lt;font style="font-family: TimesNewRomanPSMT,Times New Roman,Times,serif;" class="_mt" size="2"&gt;9,102,000&lt;/font&gt;&lt;/td&gt;
&lt;td width="2%" align="left"&gt;&amp;nbsp;&lt;/td&gt;
&lt;td width="9%" align="right"&gt;&lt;font style="font-family: TimesNewRomanPSMT,Times New Roman,Times,serif;" class="_mt" size="2"&gt;1,659,000&lt;/font&gt;&lt;/td&gt;
&lt;td width="2%" align="left"&gt;&amp;nbsp;&lt;/td&gt;
&lt;td width="8%" align="right"&gt;&lt;font style="font-family: TimesNewRomanPSMT,Times New Roman,Times,serif;" class="_mt" size="2"&gt;(3&lt;/font&gt;&lt;/td&gt;
&lt;td width="2%" align="left"&gt;&lt;font style="font-family: TimesNewRomanPSMT,Times New Roman,Times,serif;" class="_mt" size="2"&gt;)&lt;/font&gt;&lt;/td&gt;&lt;/tr&gt;
&lt;tr valign="bottom"&gt;&lt;td width="21%" align="left"&gt;&lt;font style="font-family: TimesNewRomanPSMT,Times New Roman,Times,serif;" class="_mt" size="2"&gt;Pine Grove Plaza&lt;/font&gt;&lt;/td&gt;
&lt;td width="2%" align="right"&gt;&amp;nbsp;&lt;/td&gt;
&lt;td width="9%" align="right"&gt;&lt;font style="font-family: TimesNewRomanPSMT,Times New Roman,Times,serif;" class="_mt" size="2"&gt;125,000&lt;/font&gt;&lt;/td&gt;
&lt;td width="2%" align="left"&gt;&amp;nbsp;&lt;/td&gt;
&lt;td width="2%" align="left"&gt;&amp;nbsp;&lt;/td&gt;
&lt;td width="9%" align="right"&gt;&lt;font style="font-family: TimesNewRomanPSMT,Times New Roman,Times,serif;" class="_mt" size="2"&gt;2,010,000&lt;/font&gt;&lt;/td&gt;
&lt;td width="2%" align="right"&gt;&amp;nbsp;&lt;/td&gt;
&lt;td width="9%" align="right"&gt;&lt;font style="font-family: TimesNewRomanPSMT,Times New Roman,Times,serif;" class="_mt" size="2"&gt;6,614,000&lt;/font&gt;&lt;/td&gt;
&lt;td width="2%" align="left"&gt;&amp;nbsp;&lt;/td&gt;
&lt;td width="9%" align="right"&gt;&lt;font style="font-family: TimesNewRomanPSMT,Times New Roman,Times,serif;" class="_mt" size="2"&gt;8,624,000&lt;/font&gt;&lt;/td&gt;
&lt;td width="2%" align="left"&gt;&amp;nbsp;&lt;/td&gt;
&lt;td width="9%" align="right"&gt;&lt;font style="font-family: TimesNewRomanPSMT,Times New Roman,Times,serif;" class="_mt" size="2"&gt;1,443,000&lt;/font&gt;&lt;/td&gt;
&lt;td width="2%" align="left"&gt;&amp;nbsp;&lt;/td&gt;
&lt;td width="8%" align="right"&gt;&lt;font style="font-family: TimesNewRomanPSMT,Times New Roman,Times,serif;" class="_mt" size="2"&gt;5,574,000&lt;/font&gt;&lt;/td&gt;
&lt;td width="2%" align="left"&gt;&amp;nbsp;&lt;/td&gt;&lt;/tr&gt;
&lt;tr valign="bottom"&gt;&lt;td width="21%" align="left"&gt;&lt;font style="font-family: TimesNewRomanPSMT,Times New Roman,Times,serif;" class="_mt" size="2"&gt;Port Richmond Village&lt;/font&gt;&lt;/td&gt;
&lt;td width="2%" align="right"&gt;&amp;nbsp;&lt;/td&gt;
&lt;td width="9%" align="right"&gt;&lt;font style="font-family: TimesNewRomanPSMT,Times New Roman,Times,serif;" class="_mt" size="2"&gt;712,000&lt;/font&gt;&lt;/td&gt;
&lt;td width="2%" align="left"&gt;&amp;nbsp;&lt;/td&gt;
&lt;td width="2%" align="left"&gt;&amp;nbsp;&lt;/td&gt;
&lt;td width="9%" align="right"&gt;&lt;font style="font-family: TimesNewRomanPSMT,Times New Roman,Times,serif;" class="_mt" size="2"&gt;2,843,000&lt;/font&gt;&lt;/td&gt;
&lt;td width="2%" align="right"&gt;&amp;nbsp;&lt;/td&gt;
&lt;td width="9%" align="right"&gt;&lt;font style="font-family: TimesNewRomanPSMT,Times New Roman,Times,serif;" class="_mt" size="2"&gt;12,580,000&lt;/font&gt;&lt;/td&gt;
&lt;td width="2%" align="left"&gt;&amp;nbsp;&lt;/td&gt;
&lt;td width="9%" align="right"&gt;&lt;font style="font-family: TimesNewRomanPSMT,Times New Roman,Times,serif;" class="_mt" size="2"&gt;15,423,000&lt;/font&gt;&lt;/td&gt;
&lt;td width="2%" align="left"&gt;&amp;nbsp;&lt;/td&gt;
&lt;td width="9%" align="right"&gt;&lt;font style="font-family: TimesNewRomanPSMT,Times New Roman,Times,serif;" class="_mt" size="2"&gt;3,316,000&lt;/font&gt;&lt;/td&gt;
&lt;td width="2%" align="left"&gt;&amp;nbsp;&lt;/td&gt;
&lt;td width="8%" align="right"&gt;&lt;font style="font-family: TimesNewRomanPSMT,Times New Roman,Times,serif;" class="_mt" size="2"&gt;14,156,000&lt;/font&gt;&lt;/td&gt;
&lt;td width="2%" align="left"&gt;&amp;nbsp;&lt;/td&gt;&lt;/tr&gt;
&lt;tr valign="bottom"&gt;&lt;td width="21%" align="left"&gt;&lt;font style="font-family: TimesNewRomanPSMT,Times New Roman,Times,serif;" class="_mt" size="2"&gt;Price ChopperPlaza&lt;/font&gt;&lt;/td&gt;
&lt;td width="2%" align="right"&gt;&amp;nbsp;&lt;/td&gt;
&lt;td width="9%" align="right"&gt;&lt;font style="font-family: TimesNewRomanPSMT,Times New Roman,Times,serif;" class="_mt" size="2"&gt;(552,000&lt;/font&gt;&lt;/td&gt;
&lt;td width="2%" align="left"&gt;&lt;font style="font-family: TimesNewRomanPSMT,Times New Roman,Times,serif;" class="_mt" size="2"&gt;)&lt;/font&gt;&lt;/td&gt;
&lt;td width="2%" align="left"&gt;&amp;nbsp;&lt;/td&gt;
&lt;td width="9%" align="right"&gt;&lt;font style="font-family: TimesNewRomanPSMT,Times New Roman,Times,serif;" class="_mt" size="2"&gt;4,082,000&lt;/font&gt;&lt;/td&gt;
&lt;td width="2%" align="right"&gt;&amp;nbsp;&lt;/td&gt;
&lt;td width="9%" align="right"&gt;&lt;font style="font-family: TimesNewRomanPSMT,Times New Roman,Times,serif;" class="_mt" size="2"&gt;17,329,000&lt;/font&gt;&lt;/td&gt;
&lt;td width="2%" align="left"&gt;&amp;nbsp;&lt;/td&gt;
&lt;td width="9%" align="right"&gt;&lt;font style="font-family: TimesNewRomanPSMT,Times New Roman,Times,serif;" class="_mt" size="2"&gt;21,411,000&lt;/font&gt;&lt;/td&gt;
&lt;td width="2%" align="left"&gt;&amp;nbsp;&lt;/td&gt;
&lt;td width="9%" align="right"&gt;&lt;font style="font-family: TimesNewRomanPSMT,Times New Roman,Times,serif;" class="_mt" size="2"&gt;2,383,000&lt;/font&gt;&lt;/td&gt;
&lt;td width="2%" align="left"&gt;&amp;nbsp;&lt;/td&gt;
&lt;td width="8%" align="right"&gt;&lt;font style="font-family: TimesNewRomanPSMT,Times New Roman,Times,serif;" class="_mt" size="2"&gt;(3&lt;/font&gt;&lt;/td&gt;
&lt;td width="2%" align="left"&gt;&lt;font style="font-family: TimesNewRomanPSMT,Times New Roman,Times,serif;" class="_mt" size="2"&gt;)&lt;/font&gt;&lt;/td&gt;&lt;/tr&gt;
&lt;tr valign="bottom"&gt;&lt;td width="21%" align="left"&gt;&lt;font style="font-family: TimesNewRomanPSMT,Times New Roman,Times,serif;" class="_mt" size="2"&gt;River ViewPlaza I, II and III&lt;/font&gt;&lt;/td&gt;
&lt;td width="2%" align="right"&gt;&amp;nbsp;&lt;/td&gt;
&lt;td width="9%" align="right"&gt;&lt;font style="font-family: TimesNewRomanPSMT,Times New Roman,Times,serif;" class="_mt" size="2"&gt;4,091,000&lt;/font&gt;&lt;/td&gt;
&lt;td width="2%" align="left"&gt;&amp;nbsp;&lt;/td&gt;
&lt;td width="2%" align="left"&gt;&amp;nbsp;&lt;/td&gt;
&lt;td width="9%" align="right"&gt;&lt;font style="font-family: TimesNewRomanPSMT,Times New Roman,Times,serif;" class="_mt" size="2"&gt;9,718,000&lt;/font&gt;&lt;/td&gt;
&lt;td width="2%" align="right"&gt;&amp;nbsp;&lt;/td&gt;
&lt;td width="9%" align="right"&gt;&lt;font style="font-family: TimesNewRomanPSMT,Times New Roman,Times,serif;" class="_mt" size="2"&gt;44,447,000&lt;/font&gt;&lt;/td&gt;
&lt;td width="2%" align="left"&gt;&amp;nbsp;&lt;/td&gt;
&lt;td width="9%" align="right"&gt;&lt;font style="font-family: TimesNewRomanPSMT,Times New Roman,Times,serif;" class="_mt" size="2"&gt;54,165,000&lt;/font&gt;&lt;/td&gt;
&lt;td width="2%" align="left"&gt;&amp;nbsp;&lt;/td&gt;
&lt;td width="9%" align="right"&gt;&lt;font style="font-family: TimesNewRomanPSMT,Times New Roman,Times,serif;" class="_mt" size="2"&gt;9,908,000&lt;/font&gt;&lt;/td&gt;
&lt;td width="2%" align="left"&gt;&amp;nbsp;&lt;/td&gt;
&lt;td width="8%" align="right"&gt;&lt;font style="font-family: TimesNewRomanPSMT,Times New Roman,Times,serif;" class="_mt" size="2"&gt;(3&lt;/font&gt;&lt;/td&gt;
&lt;td width="2%" align="left"&gt;&lt;font style="font-family: TimesNewRomanPSMT,Times New Roman,Times,serif;" class="_mt" size="2"&gt;)&lt;/font&gt;&lt;/td&gt;&lt;/tr&gt;
&lt;tr valign="bottom"&gt;&lt;td width="21%" align="left"&gt;&lt;font style="font-family: TimesNewRomanPSMT,Times New Roman,Times,serif;" class="_mt" size="2"&gt;San SouciPlaza&lt;/font&gt;&lt;/td&gt;
&lt;td width="2%" align="right"&gt;&amp;nbsp;&lt;/td&gt;
&lt;td width="9%" align="right"&gt;&lt;font style="font-family: TimesNewRomanPSMT,Times New Roman,Times,serif;" class="_mt" size="2"&gt;1,559,000&lt;/font&gt;&lt;/td&gt;
&lt;td width="2%" align="left"&gt;&amp;nbsp;&lt;/td&gt;
&lt;td width="2%" align="left"&gt;&amp;nbsp;&lt;/td&gt;
&lt;td width="9%" align="right"&gt;&lt;font style="font-family: TimesNewRomanPSMT,Times New Roman,Times,serif;" class="_mt" size="2"&gt;13,406,000&lt;/font&gt;&lt;/td&gt;
&lt;td width="2%" align="right"&gt;&amp;nbsp;&lt;/td&gt;
&lt;td width="9%" align="right"&gt;&lt;font style="font-family: TimesNewRomanPSMT,Times New Roman,Times,serif;" class="_mt" size="2"&gt;21,447,000&lt;/font&gt;&lt;/td&gt;
&lt;td width="2%" align="left"&gt;&amp;nbsp;&lt;/td&gt;
&lt;td width="9%" align="right"&gt;&lt;font style="font-family: TimesNewRomanPSMT,Times New Roman,Times,serif;" class="_mt" size="2"&gt;34,853,000&lt;/font&gt;&lt;/td&gt;
&lt;td width="2%" align="left"&gt;&amp;nbsp;&lt;/td&gt;
&lt;td width="9%" align="right"&gt;&lt;font style="font-family: TimesNewRomanPSMT,Times New Roman,Times,serif;" class="_mt" size="2"&gt;4,169,000&lt;/font&gt;&lt;/td&gt;
&lt;td width="2%" align="left"&gt;&amp;nbsp;&lt;/td&gt;
&lt;td width="8%" align="right"&gt;&lt;font style="font-family: TimesNewRomanPSMT,Times New Roman,Times,serif;" class="_mt" size="2"&gt;27,200,000&lt;/font&gt;&lt;/td&gt;
&lt;td width="2%" align="left"&gt;&amp;nbsp;&lt;/td&gt;&lt;/tr&gt;
&lt;tr valign="bottom"&gt;&lt;td width="21%" align="left"&gt;&lt;font style="font-family: TimesNewRomanPSMT,Times New Roman,Times,serif;" class="_mt" size="2"&gt;Smithfield Plaza&lt;/font&gt;&lt;/td&gt;
&lt;td width="2%" align="right"&gt;&amp;nbsp;&lt;/td&gt;
&lt;td width="9%" align="right"&gt;&lt;font style="font-family: TimesNewRomanPSMT,Times New Roman,Times,serif;" class="_mt" size="2"&gt;323,000&lt;/font&gt;&lt;/td&gt;
&lt;td width="2%" align="left"&gt;&amp;nbsp;&lt;/td&gt;
&lt;td width="2%" align="left"&gt;&amp;nbsp;&lt;/td&gt;
&lt;td width="9%" align="right"&gt;&lt;font style="font-family: TimesNewRomanPSMT,Times New Roman,Times,serif;" class="_mt" size="2"&gt;2,919,000&lt;/font&gt;&lt;/td&gt;
&lt;td width="2%" align="right"&gt;&amp;nbsp;&lt;/td&gt;
&lt;td width="9%" align="right"&gt;&lt;font style="font-family: TimesNewRomanPSMT,Times New Roman,Times,serif;" class="_mt" size="2"&gt;13,088,000&lt;/font&gt;&lt;/td&gt;
&lt;td width="2%" align="left"&gt;&amp;nbsp;&lt;/td&gt;
&lt;td width="9%" align="right"&gt;&lt;font style="font-family: TimesNewRomanPSMT,Times New Roman,Times,serif;" class="_mt" size="2"&gt;16,007,000&lt;/font&gt;&lt;/td&gt;
&lt;td width="2%" align="left"&gt;&amp;nbsp;&lt;/td&gt;
&lt;td width="9%" align="right"&gt;&lt;font style="font-family: TimesNewRomanPSMT,Times New Roman,Times,serif;" class="_mt" size="2"&gt;2,366,000&lt;/font&gt;&lt;/td&gt;
&lt;td width="2%" align="left"&gt;&amp;nbsp;&lt;/td&gt;
&lt;td width="8%" align="right"&gt;&lt;font style="font-family: TimesNewRomanPSMT,Times New Roman,Times,serif;" class="_mt" size="2"&gt;10,115,000&lt;/font&gt;&lt;/td&gt;
&lt;td width="2%" align="left"&gt;&amp;nbsp;&lt;/td&gt;&lt;/tr&gt;
&lt;tr valign="bottom"&gt;&lt;td width="21%" align="left"&gt;&lt;font style="font-family: TimesNewRomanPSMT,Times New Roman,Times,serif;" class="_mt" size="2"&gt;South Philadelphia&lt;/font&gt;&lt;/td&gt;
&lt;td width="2%" align="right"&gt;&amp;nbsp;&lt;/td&gt;
&lt;td width="9%" align="right"&gt;&lt;font style="font-family: TimesNewRomanPSMT,Times New Roman,Times,serif;" class="_mt" size="2"&gt;2,606,000&lt;/font&gt;&lt;/td&gt;
&lt;td width="2%" align="left"&gt;&amp;nbsp;&lt;/td&gt;
&lt;td width="2%" align="left"&gt;&amp;nbsp;&lt;/td&gt;
&lt;td width="9%" align="right"&gt;&lt;font style="font-family: TimesNewRomanPSMT,Times New Roman,Times,serif;" class="_mt" size="2"&gt;8,222,000&lt;/font&gt;&lt;/td&gt;
&lt;td width="2%" align="right"&gt;&amp;nbsp;&lt;/td&gt;
&lt;td width="9%" align="right"&gt;&lt;font style="font-family: TimesNewRomanPSMT,Times New Roman,Times,serif;" class="_mt" size="2"&gt;38,920,000&lt;/font&gt;&lt;/td&gt;
&lt;td width="2%" align="left"&gt;&amp;nbsp;&lt;/td&gt;
&lt;td width="9%" align="right"&gt;&lt;font style="font-family: TimesNewRomanPSMT,Times New Roman,Times,serif;" class="_mt" size="2"&gt;47,142,000&lt;/font&gt;&lt;/td&gt;
&lt;td width="2%" align="left"&gt;&amp;nbsp;&lt;/td&gt;
&lt;td width="9%" align="right"&gt;&lt;font style="font-family: TimesNewRomanPSMT,Times New Roman,Times,serif;" class="_mt" size="2"&gt;10,236,000&lt;/font&gt;&lt;/td&gt;
&lt;td width="2%" align="left"&gt;&amp;nbsp;&lt;/td&gt;
&lt;td width="8%" align="right"&gt;&lt;font style="font-family: TimesNewRomanPSMT,Times New Roman,Times,serif;" class="_mt" size="2"&gt;(3&lt;/font&gt;&lt;/td&gt;
&lt;td width="2%" align="left"&gt;&lt;font style="font-family: TimesNewRomanPSMT,Times New Roman,Times,serif;" class="_mt" size="2"&gt;)&lt;/font&gt;&lt;/td&gt;&lt;/tr&gt;
&lt;tr valign="bottom"&gt;&lt;td width="21%" align="left"&gt;&lt;font style="font-family: TimesNewRomanPSMT,Times New Roman,Times,serif;" class="_mt" size="2"&gt;Southington Shopping Center&lt;/font&gt;&lt;/td&gt;
&lt;td width="2%" align="right"&gt;&amp;nbsp;&lt;/td&gt;
&lt;td width="9%" align="right"&gt;&lt;font style="font-family: TimesNewRomanPSMT,Times New Roman,Times,serif;" class="_mt" size="2"&gt;35,000&lt;/font&gt;&lt;/td&gt;
&lt;td width="2%" align="left"&gt;&amp;nbsp;&lt;/td&gt;
&lt;td width="2%" align="left"&gt;&amp;nbsp;&lt;/td&gt;
&lt;td width="9%" align="center"&gt;&lt;font style="font-family: TimesNewRomanPSMT,Times New Roman,Times,serif;" class="_mt" size="2"&gt;-&lt;/font&gt;&lt;/td&gt;
&lt;td width="2%" align="right"&gt;&amp;nbsp;&lt;/td&gt;
&lt;td width="9%" align="right"&gt;&lt;font style="font-family: TimesNewRomanPSMT,Times New Roman,Times,serif;" class="_mt" size="2"&gt;11,869,000&lt;/font&gt;&lt;/td&gt;
&lt;td width="2%" align="left"&gt;&amp;nbsp;&lt;/td&gt;
&lt;td width="9%" align="right"&gt;&lt;font style="font-family: TimesNewRomanPSMT,Times New Roman,Times,serif;" class="_mt" size="2"&gt;11,869,000&lt;/font&gt;&lt;/td&gt;
&lt;td width="2%" align="left"&gt;&amp;nbsp;&lt;/td&gt;
&lt;td width="9%" align="right"&gt;&lt;font style="font-family: TimesNewRomanPSMT,Times New Roman,Times,serif;" class="_mt" size="2"&gt;2,481,000&lt;/font&gt;&lt;/td&gt;
&lt;td width="2%" align="left"&gt;&amp;nbsp;&lt;/td&gt;
&lt;td width="8%" align="right"&gt;&lt;font style="font-family: TimesNewRomanPSMT,Times New Roman,Times,serif;" class="_mt" size="2"&gt;5,577,000&lt;/font&gt;&lt;/td&gt;
&lt;td width="2%" align="left"&gt;&amp;nbsp;&lt;/td&gt;&lt;/tr&gt;
&lt;tr valign="bottom"&gt;&lt;td width="21%" align="left"&gt;&lt;font style="font-family: TimesNewRomanPSMT,Times New Roman,Times,serif;" class="_mt" size="2"&gt;St. James Square&lt;/font&gt;&lt;/td&gt;
&lt;td width="2%" align="right"&gt;&amp;nbsp;&lt;/td&gt;
&lt;td width="9%" align="right"&gt;&lt;font style="font-family: TimesNewRomanPSMT,Times New Roman,Times,serif;" class="_mt" size="2"&gt;644,000&lt;/font&gt;&lt;/td&gt;
&lt;td width="2%" align="left"&gt;&amp;nbsp;&lt;/td&gt;
&lt;td width="2%" align="left"&gt;&amp;nbsp;&lt;/td&gt;
&lt;td width="9%" align="right"&gt;&lt;font style="font-family: TimesNewRomanPSMT,Times New Roman,Times,serif;" class="_mt" size="2"&gt;688,000&lt;/font&gt;&lt;/td&gt;
&lt;td width="2%" align="right"&gt;&amp;nbsp;&lt;/td&gt;
&lt;td width="9%" align="right"&gt;&lt;font style="font-family: TimesNewRomanPSMT,Times New Roman,Times,serif;" class="_mt" size="2"&gt;4,482,000&lt;/font&gt;&lt;/td&gt;
&lt;td width="2%" align="left"&gt;&amp;nbsp;&lt;/td&gt;
&lt;td width="9%" align="right"&gt;&lt;font style="font-family: TimesNewRomanPSMT,Times New Roman,Times,serif;" class="_mt" size="2"&gt;5,170,000&lt;/font&gt;&lt;/td&gt;
&lt;td width="2%" align="left"&gt;&amp;nbsp;&lt;/td&gt;
&lt;td width="9%" align="right"&gt;&lt;font style="font-family: TimesNewRomanPSMT,Times New Roman,Times,serif;" class="_mt" size="2"&gt;1,160,000&lt;/font&gt;&lt;/td&gt;
&lt;td width="2%" align="left"&gt;&amp;nbsp;&lt;/td&gt;
&lt;td width="8%" align="right"&gt;&lt;font style="font-family: TimesNewRomanPSMT,Times New Roman,Times,serif;" class="_mt" size="2"&gt;(3&lt;/font&gt;&lt;/td&gt;
&lt;td width="2%" align="left"&gt;&lt;font style="font-family: TimesNewRomanPSMT,Times New Roman,Times,serif;" class="_mt" size="2"&gt;)&lt;/font&gt;&lt;/td&gt;&lt;/tr&gt;
&lt;tr valign="bottom"&gt;&lt;td width="21%" align="left"&gt;&lt;font style="font-family: TimesNewRomanPSMT,Times New Roman,Times,serif;" class="_mt" size="2"&gt;SuffolkPlaza&lt;/font&gt;&lt;/td&gt;
&lt;td width="2%" align="right"&gt;&amp;nbsp;&lt;/td&gt;
&lt;td width="9%" align="right"&gt;&lt;font style="font-family: TimesNewRomanPSMT,Times New Roman,Times,serif;" class="_mt" size="2"&gt;-&lt;/font&gt;&lt;/td&gt;
&lt;td width="2%" align="left"&gt;&amp;nbsp;&lt;/td&gt;
&lt;td width="2%" align="left"&gt;&amp;nbsp;&lt;/td&gt;
&lt;td width="9%" align="right"&gt;&lt;font style="font-family: TimesNewRomanPSMT,Times New Roman,Times,serif;" class="_mt" size="2"&gt;1,402,000&lt;/font&gt;&lt;/td&gt;
&lt;td width="2%" align="right"&gt;&amp;nbsp;&lt;/td&gt;
&lt;td width="9%" align="right"&gt;&lt;font style="font-family: TimesNewRomanPSMT,Times New Roman,Times,serif;" class="_mt" size="2"&gt;7,236,000&lt;/font&gt;&lt;/td&gt;
&lt;td width="2%" align="left"&gt;&amp;nbsp;&lt;/td&gt;
&lt;td width="9%" align="right"&gt;&lt;font style="font-family: TimesNewRomanPSMT,Times New Roman,Times,serif;" class="_mt" size="2"&gt;8,638,000&lt;/font&gt;&lt;/td&gt;
&lt;td width="2%" align="left"&gt;&amp;nbsp;&lt;/td&gt;
&lt;td width="9%" align="right"&gt;&lt;font style="font-family: TimesNewRomanPSMT,Times New Roman,Times,serif;" class="_mt" size="2"&gt;1,948,000&lt;/font&gt;&lt;/td&gt;
&lt;td width="2%" align="left"&gt;&amp;nbsp;&lt;/td&gt;
&lt;td width="8%" align="right"&gt;&lt;font style="font-family: TimesNewRomanPSMT,Times New Roman,Times,serif;" class="_mt" size="2"&gt;4,353,000&lt;/font&gt;&lt;/td&gt;
&lt;td width="2%" align="left"&gt;&amp;nbsp;&lt;/td&gt;&lt;/tr&gt;
&lt;tr valign="bottom"&gt;&lt;td width="21%" align="left"&gt;&lt;font style="font-family: TimesNewRomanPSMT,Times New Roman,Times,serif;" class="_mt" size="2"&gt;Swede Square&lt;/font&gt;&lt;/td&gt;
&lt;td width="2%" align="right"&gt;&amp;nbsp;&lt;/td&gt;
&lt;td width="9%" align="right"&gt;&lt;font style="font-family: TimesNewRomanPSMT,Times New Roman,Times,serif;" class="_mt" size="2"&gt;5,419,000&lt;/font&gt;&lt;/td&gt;
&lt;td width="2%" align="left"&gt;&amp;nbsp;&lt;/td&gt;
&lt;td width="2%" align="left"&gt;&amp;nbsp;&lt;/td&gt;
&lt;td width="9%" align="right"&gt;&lt;font style="font-family: TimesNewRomanPSMT,Times New Roman,Times,serif;" class="_mt" size="2"&gt;2,272,000&lt;/font&gt;&lt;/td&gt;
&lt;td width="2%" align="right"&gt;&amp;nbsp;&lt;/td&gt;
&lt;td width="9%" align="right"&gt;&lt;font style="font-family: TimesNewRomanPSMT,Times New Roman,Times,serif;" class="_mt" size="2"&gt;11,647,000&lt;/font&gt;&lt;/td&gt;
&lt;td width="2%" align="left"&gt;&amp;nbsp;&lt;/td&gt;
&lt;td width="9%" align="right"&gt;&lt;font style="font-family: TimesNewRomanPSMT,Times New Roman,Times,serif;" class="_mt" size="2"&gt;13,919,000&lt;/font&gt;&lt;/td&gt;
&lt;td width="2%" align="left"&gt;&amp;nbsp;&lt;/td&gt;
&lt;td width="9%" align="right"&gt;&lt;font style="font-family: TimesNewRomanPSMT,Times New Roman,Times,serif;" class="_mt" size="2"&gt;3,089,000&lt;/font&gt;&lt;/td&gt;
&lt;td width="2%" align="left"&gt;&amp;nbsp;&lt;/td&gt;
&lt;td width="8%" align="right"&gt;&lt;font style="font-family: TimesNewRomanPSMT,Times New Roman,Times,serif;" class="_mt" size="2"&gt;10,453,000&lt;/font&gt;&lt;/td&gt;
&lt;td width="2%" align="left"&gt;&amp;nbsp;&lt;/td&gt;&lt;/tr&gt;
&lt;tr valign="bottom"&gt;&lt;td width="21%" align="left"&gt;&lt;font style="font-family: TimesNewRomanPSMT,Times New Roman,Times,serif;" class="_mt" size="2"&gt;The Brickyard&lt;/font&gt;&lt;/td&gt;
&lt;td width="2%" align="right"&gt;&amp;nbsp;&lt;/td&gt;
&lt;td width="9%" align="right"&gt;&lt;font style="font-family: TimesNewRomanPSMT,Times New Roman,Times,serif;" class="_mt" size="2"&gt;1,401,000&lt;/font&gt;&lt;/td&gt;
&lt;td width="2%" align="left"&gt;&amp;nbsp;&lt;/td&gt;
&lt;td width="2%" align="left"&gt;&amp;nbsp;&lt;/td&gt;
&lt;td width="9%" align="right"&gt;&lt;font style="font-family: TimesNewRomanPSMT,Times New Roman,Times,serif;" class="_mt" size="2"&gt;7,648,000&lt;/font&gt;&lt;/td&gt;
&lt;td width="2%" align="right"&gt;&amp;nbsp;&lt;/td&gt;
&lt;td width="9%" align="right"&gt;&lt;font style="font-family: TimesNewRomanPSMT,Times New Roman,Times,serif;" class="_mt" size="2"&gt;30,693,000&lt;/font&gt;&lt;/td&gt;
&lt;td width="2%" align="left"&gt;&amp;nbsp;&lt;/td&gt;
&lt;td width="9%" align="right"&gt;&lt;font style="font-family: TimesNewRomanPSMT,Times New Roman,Times,serif;" class="_mt" size="2"&gt;38,341,000&lt;/font&gt;&lt;/td&gt;
&lt;td width="2%" align="left"&gt;&amp;nbsp;&lt;/td&gt;
&lt;td width="9%" align="right"&gt;&lt;font style="font-family: TimesNewRomanPSMT,Times New Roman,Times,serif;" class="_mt" size="2"&gt;12,547,000&lt;/font&gt;&lt;/td&gt;
&lt;td width="2%" align="left"&gt;&amp;nbsp;&lt;/td&gt;
&lt;td width="8%" align="right"&gt;&lt;font style="font-family: TimesNewRomanPSMT,Times New Roman,Times,serif;" class="_mt" size="2"&gt;(3&lt;/font&gt;&lt;/td&gt;
&lt;td width="2%" align="left"&gt;&lt;font style="font-family: TimesNewRomanPSMT,Times New Roman,Times,serif;" class="_mt" size="2"&gt;)&lt;/font&gt;&lt;/td&gt;&lt;/tr&gt;
&lt;tr valign="bottom"&gt;&lt;td width="21%" align="left"&gt;&lt;font style="font-family: TimesNewRomanPSMT,Times New Roman,Times,serif;" class="_mt" size="2"&gt;The Commons&lt;/font&gt;&lt;/td&gt;
&lt;td width="2%" align="right"&gt;&amp;nbsp;&lt;/td&gt;
&lt;td width="9%" align="right"&gt;&lt;font style="font-family: TimesNewRomanPSMT,Times New Roman,Times,serif;" class="_mt" size="2"&gt;2,871,000&lt;/font&gt;&lt;/td&gt;
&lt;td width="2%" align="left"&gt;&amp;nbsp;&lt;/td&gt;
&lt;td width="2%" align="left"&gt;&amp;nbsp;&lt;/td&gt;
&lt;td width="9%" align="right"&gt;&lt;font style="font-family: TimesNewRomanPSMT,Times New Roman,Times,serif;" class="_mt" size="2"&gt;3,098,000&lt;/font&gt;&lt;/td&gt;
&lt;td width="2%" align="right"&gt;&amp;nbsp;&lt;/td&gt;
&lt;td width="9%" align="right"&gt;&lt;font style="font-family: TimesNewRomanPSMT,Times New Roman,Times,serif;" class="_mt" size="2"&gt;16,918,000&lt;/font&gt;&lt;/td&gt;
&lt;td width="2%" align="left"&gt;&amp;nbsp;&lt;/td&gt;
&lt;td width="9%" align="right"&gt;&lt;font style="font-family: TimesNewRomanPSMT,Times New Roman,Times,serif;" class="_mt" size="2"&gt;20,016,000&lt;/font&gt;&lt;/td&gt;
&lt;td width="2%" align="left"&gt;&amp;nbsp;&lt;/td&gt;
&lt;td width="9%" align="right"&gt;&lt;font style="font-family: TimesNewRomanPSMT,Times New Roman,Times,serif;" class="_mt" size="2"&gt;3,895,000&lt;/font&gt;&lt;/td&gt;
&lt;td width="2%" align="left"&gt;&amp;nbsp;&lt;/td&gt;
&lt;td width="8%" align="right"&gt;&lt;font style="font-family: TimesNewRomanPSMT,Times New Roman,Times,serif;" class="_mt" size="2"&gt;(3&lt;/font&gt;&lt;/td&gt;
&lt;td width="2%" align="left"&gt;&lt;font style="font-family: TimesNewRomanPSMT,Times New Roman,Times,serif;" class="_mt" size="2"&gt;)&lt;/font&gt;&lt;/td&gt;&lt;/tr&gt;
&lt;tr valign="bottom"&gt;&lt;td width="21%" align="left"&gt;&lt;font style="font-family: TimesNewRomanPSMT,Times New Roman,Times,serif;" class="_mt" size="2"&gt;The Point&lt;/font&gt;&lt;/td&gt;
&lt;td width="2%" align="right"&gt;&amp;nbsp;&lt;/td&gt;
&lt;td width="9%" align="right"&gt;&lt;font style="font-family: TimesNewRomanPSMT,Times New Roman,Times,serif;" class="_mt" size="2"&gt;14,546,000&lt;/font&gt;&lt;/td&gt;
&lt;td width="2%" align="left"&gt;&amp;nbsp;&lt;/td&gt;
&lt;td width="2%" align="left"&gt;&amp;nbsp;&lt;/td&gt;
&lt;td width="9%" align="right"&gt;&lt;font style="font-family: TimesNewRomanPSMT,Times New Roman,Times,serif;" class="_mt" size="2"&gt;2,996,000&lt;/font&gt;&lt;/td&gt;
&lt;td width="2%" align="right"&gt;&amp;nbsp;&lt;/td&gt;
&lt;td width="9%" align="right"&gt;&lt;font style="font-family: TimesNewRomanPSMT,Times New Roman,Times,serif;" class="_mt" size="2"&gt;25,050,000&lt;/font&gt;&lt;/td&gt;
&lt;td width="2%" align="left"&gt;&amp;nbsp;&lt;/td&gt;
&lt;td width="9%" align="right"&gt;&lt;font style="font-family: TimesNewRomanPSMT,Times New Roman,Times,serif;" class="_mt" size="2"&gt;28,046,000&lt;/font&gt;&lt;/td&gt;
&lt;td width="2%" align="left"&gt;&amp;nbsp;&lt;/td&gt;
&lt;td width="9%" align="right"&gt;&lt;font style="font-family: TimesNewRomanPSMT,Times New Roman,Times,serif;" class="_mt" size="2"&gt;5,847,000&lt;/font&gt;&lt;/td&gt;
&lt;td width="2%" align="left"&gt;&amp;nbsp;&lt;/td&gt;
&lt;td width="8%" align="right"&gt;&lt;font style="font-family: TimesNewRomanPSMT,Times New Roman,Times,serif;" class="_mt" size="2"&gt;16,277,000&lt;/font&gt;&lt;/td&gt;
&lt;td width="2%" align="left"&gt;&amp;nbsp;&lt;/td&gt;&lt;/tr&gt;
&lt;tr valign="bottom"&gt;&lt;td width="21%" align="left"&gt;&lt;font style="font-family: TimesNewRomanPSMT,Times New Roman,Times,serif;" class="_mt" size="2"&gt;The Shops at SuffolkDowns&lt;/font&gt;&lt;/td&gt;
&lt;td width="2%" align="right"&gt;&amp;nbsp;&lt;/td&gt;
&lt;td width="9%" align="right"&gt;&lt;font style="font-family: TimesNewRomanPSMT,Times New Roman,Times,serif;" class="_mt" size="2"&gt;8,548,000&lt;/font&gt;&lt;/td&gt;
&lt;td width="2%" align="left"&gt;&amp;nbsp;&lt;/td&gt;
&lt;td width="2%" align="left"&gt;&amp;nbsp;&lt;/td&gt;
&lt;td width="9%" align="right"&gt;&lt;font style="font-family: TimesNewRomanPSMT,Times New Roman,Times,serif;" class="_mt" size="2"&gt;7,580,000&lt;/font&gt;&lt;/td&gt;
&lt;td width="2%" align="right"&gt;&amp;nbsp;&lt;/td&gt;
&lt;td width="9%" align="right"&gt;&lt;font style="font-family: TimesNewRomanPSMT,Times New Roman,Times,serif;" class="_mt" size="2"&gt;19,637,000&lt;/font&gt;&lt;/td&gt;
&lt;td width="2%" align="left"&gt;&amp;nbsp;&lt;/td&gt;
&lt;td width="9%" align="right"&gt;&lt;font style="font-family: TimesNewRomanPSMT,Times New Roman,Times,serif;" class="_mt" size="2"&gt;27,217,000&lt;/font&gt;&lt;/td&gt;
&lt;td width="2%" align="left"&gt;&amp;nbsp;&lt;/td&gt;
&lt;td width="9%" align="right"&gt;&lt;font style="font-family: TimesNewRomanPSMT,Times New Roman,Times,serif;" class="_mt" size="2"&gt;2,579,000&lt;/font&gt;&lt;/td&gt;
&lt;td width="2%" align="left"&gt;&amp;nbsp;&lt;/td&gt;
&lt;td width="8%" align="right"&gt;&lt;font style="font-family: TimesNewRomanPSMT,Times New Roman,Times,serif;" class="_mt" size="2"&gt;(3&lt;/font&gt;&lt;/td&gt;
&lt;td width="2%" align="left"&gt;&lt;font style="font-family: TimesNewRomanPSMT,Times New Roman,Times,serif;" class="_mt" size="2"&gt;)&lt;/font&gt;&lt;/td&gt;&lt;/tr&gt;
&lt;tr valign="bottom"&gt;&lt;td width="21%" align="left"&gt;&lt;font style="font-family: TimesNewRomanPSMT,Times New Roman,Times,serif;" class="_mt" size="2"&gt;Timpany Plaza&lt;/font&gt;&lt;/td&gt;
&lt;td width="2%" align="right"&gt;&amp;nbsp;&lt;/td&gt;
&lt;td width="9%" align="right"&gt;&lt;font style="font-family: TimesNewRomanPSMT,Times New Roman,Times,serif;" class="_mt" size="2"&gt;102,000&lt;/font&gt;&lt;/td&gt;
&lt;td width="2%" align="left"&gt;&amp;nbsp;&lt;/td&gt;
&lt;td width="2%" align="left"&gt;&amp;nbsp;&lt;/td&gt;
&lt;td width="9%" align="right"&gt;&lt;font style="font-family: TimesNewRomanPSMT,Times New Roman,Times,serif;" class="_mt" size="2"&gt;3,368,000&lt;/font&gt;&lt;/td&gt;
&lt;td width="2%" align="right"&gt;&amp;nbsp;&lt;/td&gt;
&lt;td width="9%" align="right"&gt;&lt;font style="font-family: TimesNewRomanPSMT,Times New Roman,Times,serif;" class="_mt" size="2"&gt;19,386,000&lt;/font&gt;&lt;/td&gt;
&lt;td width="2%" align="left"&gt;&amp;nbsp;&lt;/td&gt;
&lt;td width="9%" align="right"&gt;&lt;font style="font-family: TimesNewRomanPSMT,Times New Roman,Times,serif;" class="_mt" size="2"&gt;22,754,000&lt;/font&gt;&lt;/td&gt;
&lt;td width="2%" align="left"&gt;&amp;nbsp;&lt;/td&gt;
&lt;td width="9%" align="right"&gt;&lt;font style="font-family: TimesNewRomanPSMT,Times New Roman,Times,serif;" class="_mt" size="2"&gt;2,965,000&lt;/font&gt;&lt;/td&gt;
&lt;td width="2%" align="left"&gt;&amp;nbsp;&lt;/td&gt;
&lt;td width="8%" align="right"&gt;&lt;font style="font-family: TimesNewRomanPSMT,Times New Roman,Times,serif;" class="_mt" size="2"&gt;7,996,000&lt;/font&gt;&lt;/td&gt;
&lt;td width="2%" align="left"&gt;&amp;nbsp;&lt;/td&gt;&lt;/tr&gt;
&lt;tr valign="bottom"&gt;&lt;td width="21%" align="left"&gt;&lt;font style="font-family: TimesNewRomanPSMT,Times New Roman,Times,serif;" class="_mt" size="2"&gt;TownfairCenter&lt;/font&gt;&lt;/td&gt;
&lt;td width="2%" align="right"&gt;&amp;nbsp;&lt;/td&gt;
&lt;td width="9%" align="right"&gt;&lt;font style="font-family: TimesNewRomanPSMT,Times New Roman,Times,serif;" class="_mt" size="2"&gt;7,453,000&lt;/font&gt;&lt;/td&gt;
&lt;td width="2%" align="left"&gt;&amp;nbsp;&lt;/td&gt;
&lt;td width="2%" align="left"&gt;&amp;nbsp;&lt;/td&gt;
&lt;td width="9%" align="right"&gt;&lt;font style="font-family: TimesNewRomanPSMT,Times New Roman,Times,serif;" class="_mt" size="2"&gt;3,022,000&lt;/font&gt;&lt;/td&gt;
&lt;td width="2%" align="right"&gt;&amp;nbsp;&lt;/td&gt;
&lt;td width="9%" align="right"&gt;&lt;font style="font-family: TimesNewRomanPSMT,Times New Roman,Times,serif;" class="_mt" size="2"&gt;21,239,000&lt;/font&gt;&lt;/td&gt;
&lt;td width="2%" align="left"&gt;&amp;nbsp;&lt;/td&gt;
&lt;td width="9%" align="right"&gt;&lt;font style="font-family: TimesNewRomanPSMT,Times New Roman,Times,serif;" class="_mt" size="2"&gt;24,261,000&lt;/font&gt;&lt;/td&gt;
&lt;td width="2%" align="left"&gt;&amp;nbsp;&lt;/td&gt;
&lt;td width="9%" align="right"&gt;&lt;font style="font-family: TimesNewRomanPSMT,Times New Roman,Times,serif;" class="_mt" size="2"&gt;3,136,000&lt;/font&gt;&lt;/td&gt;
&lt;td width="2%" align="left"&gt;&amp;nbsp;&lt;/td&gt;
&lt;td width="8%" align="right"&gt;&lt;font style="font-family: TimesNewRomanPSMT,Times New Roman,Times,serif;" class="_mt" size="2"&gt;16,371,000&lt;/font&gt;&lt;/td&gt;
&lt;td width="2%" align="left"&gt;&amp;nbsp;&lt;/td&gt;&lt;/tr&gt;
&lt;tr valign="bottom"&gt;&lt;td width="21%" align="left"&gt;&lt;font style="font-family: TimesNewRomanPSMT,Times New Roman,Times,serif;" class="_mt" size="2"&gt;Trexler Mall&lt;/font&gt;&lt;/td&gt;
&lt;td width="2%" align="right"&gt;&amp;nbsp;&lt;/td&gt;
&lt;td width="9%" align="right"&gt;&lt;font style="font-family: TimesNewRomanPSMT,Times New Roman,Times,serif;" class="_mt" size="2"&gt;3,924,000&lt;/font&gt;&lt;/td&gt;
&lt;td width="2%" align="left"&gt;&amp;nbsp;&lt;/td&gt;
&lt;td width="2%" align="left"&gt;&amp;nbsp;&lt;/td&gt;
&lt;td width="9%" align="right"&gt;&lt;font style="font-family: TimesNewRomanPSMT,Times New Roman,Times,serif;" class="_mt" size="2"&gt;6,932,000&lt;/font&gt;&lt;/td&gt;
&lt;td width="2%" align="right"&gt;&amp;nbsp;&lt;/td&gt;
&lt;td width="9%" align="right"&gt;&lt;font style="font-family: TimesNewRomanPSMT,Times New Roman,Times,serif;" class="_mt" size="2"&gt;36,739,000&lt;/font&gt;&lt;/td&gt;
&lt;td width="2%" align="left"&gt;&amp;nbsp;&lt;/td&gt;
&lt;td width="9%" align="right"&gt;&lt;font style="font-family: TimesNewRomanPSMT,Times New Roman,Times,serif;" class="_mt" size="2"&gt;43,671,000&lt;/font&gt;&lt;/td&gt;
&lt;td width="2%" align="left"&gt;&amp;nbsp;&lt;/td&gt;
&lt;td width="9%" align="right"&gt;&lt;font style="font-family: TimesNewRomanPSMT,Times New Roman,Times,serif;" class="_mt" size="2"&gt;6,705,000&lt;/font&gt;&lt;/td&gt;
&lt;td width="2%" align="left"&gt;&amp;nbsp;&lt;/td&gt;
&lt;td width="8%" align="right"&gt;&lt;font style="font-family: TimesNewRomanPSMT,Times New Roman,Times,serif;" class="_mt" size="2"&gt;20,637,000&lt;/font&gt;&lt;/td&gt;
&lt;td width="2%" align="left"&gt;&amp;nbsp;&lt;/td&gt;&lt;/tr&gt;
&lt;tr valign="bottom"&gt;&lt;td width="21%" align="left"&gt;&lt;font style="font-family: TimesNewRomanPSMT,Times New Roman,Times,serif;" class="_mt" size="2"&gt;Trexlertown Plaza&lt;/font&gt;&lt;/td&gt;
&lt;td width="2%" align="right"&gt;&amp;nbsp;&lt;/td&gt;
&lt;td width="9%" align="right"&gt;&lt;font style="font-family: TimesNewRomanPSMT,Times New Roman,Times,serif;" class="_mt" size="2"&gt;21,133,000&lt;/font&gt;&lt;/td&gt;
&lt;td width="2%" align="left"&gt;&amp;nbsp;&lt;/td&gt;
&lt;td width="2%" align="left"&gt;&amp;nbsp;&lt;/td&gt;
&lt;td width="9%" align="right"&gt;&lt;font style="font-family: TimesNewRomanPSMT,Times New Roman,Times,serif;" class="_mt" size="2"&gt;13,351,000&lt;/font&gt;&lt;/td&gt;
&lt;td width="2%" align="right"&gt;&amp;nbsp;&lt;/td&gt;
&lt;td width="9%" align="right"&gt;&lt;font style="font-family: TimesNewRomanPSMT,Times New Roman,Times,serif;" class="_mt" size="2"&gt;44,998,000&lt;/font&gt;&lt;/td&gt;
&lt;td width="2%" align="left"&gt;&amp;nbsp;&lt;/td&gt;
&lt;td width="9%" align="right"&gt;&lt;font style="font-family: TimesNewRomanPSMT,Times New Roman,Times,serif;" class="_mt" size="2"&gt;58,349,000&lt;/font&gt;&lt;/td&gt;
&lt;td width="2%" align="left"&gt;&amp;nbsp;&lt;/td&gt;
&lt;td width="9%" align="right"&gt;&lt;font style="font-family: TimesNewRomanPSMT,Times New Roman,Times,serif;" class="_mt" size="2"&gt;3,865,000&lt;/font&gt;&lt;/td&gt;
&lt;td width="2%" align="left"&gt;&amp;nbsp;&lt;/td&gt;
&lt;td width="8%" align="right"&gt;&lt;font style="font-family: TimesNewRomanPSMT,Times New Roman,Times,serif;" class="_mt" size="2"&gt;(3&lt;/font&gt;&lt;/td&gt;
&lt;td width="2%" align="left"&gt;&lt;font style="font-family: TimesNewRomanPSMT,Times New Roman,Times,serif;" class="_mt" size="2"&gt;)&lt;/font&gt;&lt;/td&gt;&lt;/tr&gt;
&lt;tr valign="bottom"&gt;&lt;td width="21%" align="left"&gt;&lt;font style="font-family: TimesNewRomanPSMT,Times New Roman,Times,serif;" class="_mt" size="2"&gt;Ukrop's at Fredericksburg&lt;/font&gt;&lt;/td&gt;
&lt;td width="2%" align="right"&gt;&amp;nbsp;&lt;/td&gt;
&lt;td width="9%" align="right"&gt;&lt;font style="font-family: TimesNewRomanPSMT,Times New Roman,Times,serif;" class="_mt" size="2"&gt;-&lt;/font&gt;&lt;/td&gt;
&lt;td width="2%" align="left"&gt;&amp;nbsp;&lt;/td&gt;
&lt;td width="2%" align="left"&gt;&amp;nbsp;&lt;/td&gt;
&lt;td width="9%" align="right"&gt;&lt;font style="font-family: TimesNewRomanPSMT,Times New Roman,Times,serif;" class="_mt" size="2"&gt;3,213,000&lt;/font&gt;&lt;/td&gt;
&lt;td width="2%" align="right"&gt;&amp;nbsp;&lt;/td&gt;
&lt;td width="9%" align="right"&gt;&lt;font style="font-family: TimesNewRomanPSMT,Times New Roman,Times,serif;" class="_mt" size="2"&gt;12,758,000&lt;/font&gt;&lt;/td&gt;
&lt;td width="2%" align="left"&gt;&amp;nbsp;&lt;/td&gt;
&lt;td width="9%" align="right"&gt;&lt;font style="font-family: TimesNewRomanPSMT,Times New Roman,Times,serif;" class="_mt" size="2"&gt;15,971,000&lt;/font&gt;&lt;/td&gt;
&lt;td width="2%" align="left"&gt;&amp;nbsp;&lt;/td&gt;
&lt;td width="9%" align="right"&gt;&lt;font style="font-family: TimesNewRomanPSMT,Times New Roman,Times,serif;" class="_mt" size="2"&gt;2,267,000&lt;/font&gt;&lt;/td&gt;
&lt;td width="2%" align="left"&gt;&amp;nbsp;&lt;/td&gt;
&lt;td width="8%" align="right"&gt;&lt;font style="font-family: TimesNewRomanPSMT,Times New Roman,Times,serif;" class="_mt" size="2"&gt;(3&lt;/font&gt;&lt;/td&gt;
&lt;td width="2%" align="left"&gt;&lt;font style="font-family: TimesNewRomanPSMT,Times New Roman,Times,serif;" class="_mt" size="2"&gt;)&lt;/font&gt;&lt;/td&gt;&lt;/tr&gt;
&lt;tr valign="bottom"&gt;&lt;td width="21%" align="left"&gt;&lt;font style="font-family: TimesNewRomanPSMT,Times New Roman,Times,serif;" class="_mt" size="2"&gt;Valley Plaza&lt;/font&gt;&lt;/td&gt;
&lt;td width="2%" align="right"&gt;&amp;nbsp;&lt;/td&gt;
&lt;td width="9%" align="right"&gt;&lt;font style="font-family: TimesNewRomanPSMT,Times New Roman,Times,serif;" class="_mt" size="2"&gt;870,000&lt;/font&gt;&lt;/td&gt;
&lt;td width="2%" align="left"&gt;&amp;nbsp;&lt;/td&gt;
&lt;td width="2%" align="left"&gt;&amp;nbsp;&lt;/td&gt;
&lt;td width="9%" align="right"&gt;&lt;font style="font-family: TimesNewRomanPSMT,Times New Roman,Times,serif;" class="_mt" size="2"&gt;1,950,000&lt;/font&gt;&lt;/td&gt;
&lt;td width="2%" align="right"&gt;&amp;nbsp;&lt;/td&gt;
&lt;td width="9%" align="right"&gt;&lt;font style="font-family: TimesNewRomanPSMT,Times New Roman,Times,serif;" class="_mt" size="2"&gt;8,636,000&lt;/font&gt;&lt;/td&gt;
&lt;td width="2%" align="left"&gt;&amp;nbsp;&lt;/td&gt;
&lt;td width="9%" align="right"&gt;&lt;font style="font-family: TimesNewRomanPSMT,Times New Roman,Times,serif;" class="_mt" size="2"&gt;10,586,000&lt;/font&gt;&lt;/td&gt;
&lt;td width="2%" align="left"&gt;&amp;nbsp;&lt;/td&gt;
&lt;td width="9%" align="right"&gt;&lt;font style="font-family: TimesNewRomanPSMT,Times New Roman,Times,serif;" class="_mt" size="2"&gt;1,847,000&lt;/font&gt;&lt;/td&gt;
&lt;td width="2%" align="left"&gt;&amp;nbsp;&lt;/td&gt;
&lt;td width="8%" align="right"&gt;&lt;font style="font-family: TimesNewRomanPSMT,Times New Roman,Times,serif;" class="_mt" size="2"&gt;(3&lt;/font&gt;&lt;/td&gt;
&lt;td width="2%" align="left"&gt;&lt;font style="font-family: TimesNewRomanPSMT,Times New Roman,Times,serif;" class="_mt" size="2"&gt;)&lt;/font&gt;&lt;/td&gt;&lt;/tr&gt;
&lt;tr valign="bottom"&gt;&lt;td width="21%" align="left"&gt;&lt;font style="font-family: TimesNewRomanPSMT,Times New Roman,Times,serif;" class="_mt" size="2"&gt;Virginia Little Creek&lt;/font&gt;&lt;/td&gt;
&lt;td width="2%" align="right"&gt;&amp;nbsp;&lt;/td&gt;
&lt;td width="9%" align="right"&gt;&lt;font style="font-family: TimesNewRomanPSMT,Times New Roman,Times,serif;" class="_mt" size="2"&gt;(10,000&lt;/font&gt;&lt;/td&gt;
&lt;td width="2%" align="left"&gt;&lt;font style="font-family: TimesNewRomanPSMT,Times New Roman,Times,serif;" class="_mt" size="2"&gt;)&lt;/font&gt;&lt;/td&gt;
&lt;td width="2%" align="left"&gt;&amp;nbsp;&lt;/td&gt;
&lt;td width="9%" align="right"&gt;&lt;font style="font-family: TimesNewRomanPSMT,Times New Roman,Times,serif;" class="_mt" size="2"&gt;1,639,000&lt;/font&gt;&lt;/td&gt;
&lt;td width="2%" align="right"&gt;&amp;nbsp;&lt;/td&gt;
&lt;td width="9%" align="right"&gt;&lt;font style="font-family: TimesNewRomanPSMT,Times New Roman,Times,serif;" class="_mt" size="2"&gt;8,351,000&lt;/font&gt;&lt;/td&gt;
&lt;td width="2%" align="left"&gt;&amp;nbsp;&lt;/td&gt;
&lt;td width="9%" align="right"&gt;&lt;font style="font-family: TimesNewRomanPSMT,Times New Roman,Times,serif;" class="_mt" size="2"&gt;9,990,000&lt;/font&gt;&lt;/td&gt;
&lt;td width="2%" align="left"&gt;&amp;nbsp;&lt;/td&gt;
&lt;td width="9%" align="right"&gt;&lt;font style="font-family: TimesNewRomanPSMT,Times New Roman,Times,serif;" class="_mt" size="2"&gt;2,068,000&lt;/font&gt;&lt;/td&gt;
&lt;td width="2%" align="left"&gt;&amp;nbsp;&lt;/td&gt;
&lt;td width="8%" align="right"&gt;&lt;font style="font-family: TimesNewRomanPSMT,Times New Roman,Times,serif;" class="_mt" size="2"&gt;5,035,000&lt;/font&gt;&lt;/td&gt;
&lt;td width="2%" align="left"&gt;&amp;nbsp;&lt;/td&gt;&lt;/tr&gt;
&lt;tr valign="bottom"&gt;&lt;td width="21%" align="left"&gt;&lt;font style="font-family: TimesNewRomanPSMT,Times New Roman,Times,serif;" class="_mt" size="2"&gt;Washington Center Shoppes&lt;/font&gt;&lt;/td&gt;
&lt;td width="2%" align="right"&gt;&amp;nbsp;&lt;/td&gt;
&lt;td width="9%" align="right"&gt;&lt;font style="font-family: TimesNewRomanPSMT,Times New Roman,Times,serif;" class="_mt" size="2"&gt;3,754,000&lt;/font&gt;&lt;/td&gt;
&lt;td width="2%" align="left"&gt;&amp;nbsp;&lt;/td&gt;
&lt;td width="2%" align="left"&gt;&amp;nbsp;&lt;/td&gt;
&lt;td width="9%" align="right"&gt;&lt;font style="font-family: TimesNewRomanPSMT,Times New Roman,Times,serif;" class="_mt" size="2"&gt;2,000,000&lt;/font&gt;&lt;/td&gt;
&lt;td width="2%" align="right"&gt;&amp;nbsp;&lt;/td&gt;
&lt;td width="9%" align="right"&gt;&lt;font style="font-family: TimesNewRomanPSMT,Times New Roman,Times,serif;" class="_mt" size="2"&gt;11,129,000&lt;/font&gt;&lt;/td&gt;
&lt;td width="2%" align="left"&gt;&amp;nbsp;&lt;/td&gt;
&lt;td width="9%" align="right"&gt;&lt;font style="font-family: TimesNewRomanPSMT,Times New Roman,Times,serif;" class="_mt" size="2"&gt;13,129,000&lt;/font&gt;&lt;/td&gt;
&lt;td width="2%" align="left"&gt;&amp;nbsp;&lt;/td&gt;
&lt;td width="9%" align="right"&gt;&lt;font style="font-family: TimesNewRomanPSMT,Times New Roman,Times,serif;" class="_mt" size="2"&gt;3,032,000&lt;/font&gt;&lt;/td&gt;
&lt;td width="2%" align="left"&gt;&amp;nbsp;&lt;/td&gt;
&lt;td width="8%" align="right"&gt;&lt;font style="font-family: TimesNewRomanPSMT,Times New Roman,Times,serif;" class="_mt" size="2"&gt;8,321,000&lt;/font&gt;&lt;/td&gt;
&lt;td width="2%" align="left"&gt;&amp;nbsp;&lt;/td&gt;&lt;/tr&gt;
&lt;tr valign="bottom"&gt;&lt;td width="21%" align="left"&gt;&lt;font style="font-family: TimesNewRomanPSMT,Times New Roman,Times,serif;" class="_mt" size="2"&gt;West Bridgewater Plaza&lt;/font&gt;&lt;/td&gt;
&lt;td width="2%" align="right"&gt;&amp;nbsp;&lt;/td&gt;
&lt;td width="9%" align="right"&gt;&lt;font style="font-family: TimesNewRomanPSMT,Times New Roman,Times,serif;" class="_mt" size="2"&gt;(700,000&lt;/font&gt;&lt;/td&gt;
&lt;td width="2%" align="left"&gt;&lt;font style="font-family: TimesNewRomanPSMT,Times New Roman,Times,serif;" class="_mt" size="2"&gt;)&lt;/font&gt;&lt;/td&gt;
&lt;td width="2%" align="left"&gt;&amp;nbsp;&lt;/td&gt;
&lt;td width="9%" align="right"&gt;&lt;font style="font-family: TimesNewRomanPSMT,Times New Roman,Times,serif;" class="_mt" size="2"&gt;2,630,000&lt;/font&gt;&lt;/td&gt;
&lt;td width="2%" align="right"&gt;&amp;nbsp;&lt;/td&gt;
&lt;td width="9%" align="right"&gt;&lt;font style="font-family: TimesNewRomanPSMT,Times New Roman,Times,serif;" class="_mt" size="2"&gt;14,394,000&lt;/font&gt;&lt;/td&gt;
&lt;td width="2%" align="left"&gt;&amp;nbsp;&lt;/td&gt;
&lt;td width="9%" align="right"&gt;&lt;font style="font-family: TimesNewRomanPSMT,Times New Roman,Times,serif;" class="_mt" size="2"&gt;17,024,000&lt;/font&gt;&lt;/td&gt;
&lt;td width="2%" align="left"&gt;&amp;nbsp;&lt;/td&gt;
&lt;td width="9%" align="right"&gt;&lt;font style="font-family: TimesNewRomanPSMT,Times New Roman,Times,serif;" class="_mt" size="2"&gt;1,989,000&lt;/font&gt;&lt;/td&gt;
&lt;td width="2%" align="left"&gt;&amp;nbsp;&lt;/td&gt;
&lt;td width="8%" align="right"&gt;&lt;font style="font-family: TimesNewRomanPSMT,Times New Roman,Times,serif;" class="_mt" size="2"&gt;10,659,000&lt;/font&gt;&lt;/td&gt;
&lt;td width="2%" align="left"&gt;&amp;nbsp;&lt;/td&gt;&lt;/tr&gt;
&lt;tr valign="bottom"&gt;&lt;td width="21%" align="left"&gt;&lt;font style="font-family: TimesNewRomanPSMT,Times New Roman,Times,serif;" class="_mt" size="2"&gt;Upland Square&lt;/font&gt;&lt;/td&gt;
&lt;td width="2%" align="right"&gt;&amp;nbsp;&lt;/td&gt;
&lt;td width="9%" align="right"&gt;&lt;font style="font-family: TimesNewRomanPSMT,Times New Roman,Times,serif;" class="_mt" size="2"&gt;65,708,000&lt;/font&gt;&lt;/td&gt;
&lt;td width="2%" align="left"&gt;&amp;nbsp;&lt;/td&gt;
&lt;td width="2%" align="left"&gt;&amp;nbsp;&lt;/td&gt;
&lt;td width="9%" align="right"&gt;&lt;font style="font-family: TimesNewRomanPSMT,Times New Roman,Times,serif;" class="_mt" size="2"&gt;27,112,000&lt;/font&gt;&lt;/td&gt;
&lt;td width="2%" align="right"&gt;&amp;nbsp;&lt;/td&gt;
&lt;td width="9%" align="right"&gt;&lt;font style="font-family: TimesNewRomanPSMT,Times New Roman,Times,serif;" class="_mt" size="2"&gt;66,783,000&lt;/font&gt;&lt;/td&gt;
&lt;td width="2%" align="left"&gt;&amp;nbsp;&lt;/td&gt;
&lt;td width="9%" align="right"&gt;&lt;font style="font-family: TimesNewRomanPSMT,Times New Roman,Times,serif;" class="_mt" size="2"&gt;93,895,000&lt;/font&gt;&lt;/td&gt;
&lt;td width="2%" align="left"&gt;&amp;nbsp;&lt;/td&gt;
&lt;td width="9%" align="right"&gt;&lt;font style="font-family: TimesNewRomanPSMT,Times New Roman,Times,serif;" class="_mt" size="2"&gt;3,444,000&lt;/font&gt;&lt;/td&gt;
&lt;td width="2%" align="left"&gt;&amp;nbsp;&lt;/td&gt;
&lt;td width="8%" align="right"&gt;&lt;font style="font-family: TimesNewRomanPSMT,Times New Roman,Times,serif;" class="_mt" size="2"&gt;63,768,000&lt;/font&gt;&lt;/td&gt;
&lt;td width="2%" align="left"&gt;&amp;nbsp;&lt;/td&gt;&lt;/tr&gt;
&lt;tr valign="bottom"&gt;&lt;td width="21%" align="left"&gt;&lt;font style="font-family: TimesNewRomanPSMT,Times New Roman,Times,serif;" class="_mt" size="2"&gt;Yorktowne Plaza&lt;/font&gt;&lt;/td&gt;
&lt;td style="border-bottom: #000000 1px solid;" width="2%" align="right"&gt;&amp;nbsp;&lt;/td&gt;
&lt;td style="border-bottom: #000000 1px solid;" width="9%" align="right"&gt;&lt;font style="font-family: TimesNewRomanPSMT,Times New Roman,Times,serif;" class="_mt" size="2"&gt;294,000&lt;/font&gt;&lt;/td&gt;
&lt;td style="border-bottom: #000000 1px solid;" width="2%" align="left"&gt;&amp;nbsp;&lt;/td&gt;
&lt;td style="border-bottom: #000000 1px solid;" width="2%" align="left"&gt;&amp;nbsp;&lt;/td&gt;
&lt;td style="border-bottom: #000000 1px solid;" width="9%" align="right"&gt;&lt;font style="font-family: TimesNewRomanPSMT,Times New Roman,Times,serif;" class="_mt" size="2"&gt;5,853,000&lt;/font&gt;&lt;/td&gt;
&lt;td style="border-bottom: #000000 1px solid;" width="2%" align="right"&gt;&amp;nbsp;&lt;/td&gt;
&lt;td style="border-bottom: #000000 1px solid;" width="9%" align="right"&gt;&lt;font style="font-family: TimesNewRomanPSMT,Times New Roman,Times,serif;" class="_mt" size="2"&gt;25,886,000&lt;/font&gt;&lt;/td&gt;
&lt;td style="border-bottom: #000000 1px solid;" width="2%" align="left"&gt;&amp;nbsp;&lt;/td&gt;
&lt;td style="border-bottom: #000000 1px solid;" width="9%" align="right"&gt;&lt;font style="font-family: TimesNewRomanPSMT,Times New Roman,Times,serif;" class="_mt" size="2"&gt;31,739,000&lt;/font&gt;&lt;/td&gt;
&lt;td style="border-bottom: #000000 1px solid;" width="2%" align="left"&gt;&amp;nbsp;&lt;/td&gt;
&lt;td style="border-bottom: #000000 1px solid;" width="9%" align="right"&gt;&lt;font style="font-family: TimesNewRomanPSMT,Times New Roman,Times,serif;" class="_mt" size="2"&gt;4,350,000&lt;/font&gt;&lt;/td&gt;
&lt;td style="border-bottom: #000000 1px solid;" width="2%" align="left"&gt;&amp;nbsp;&lt;/td&gt;
&lt;td style="border-bottom: #000000 1px solid;" width="8%" align="right"&gt;&lt;font style="font-family: TimesNewRomanPSMT,Times New Roman,Times,serif;" class="_mt" size="2"&gt;19,707,000&lt;/font&gt;&lt;/td&gt;
&lt;td style="border-bottom: #000000 1px solid;" width="2%" align="left"&gt;&amp;nbsp;&lt;/td&gt;&lt;/tr&gt;
&lt;tr&gt;&lt;td width="90%" colspan="15"&gt;&amp;nbsp;&lt;/td&gt;&lt;/tr&gt;
&lt;tr valign="bottom"&gt;&lt;td width="21%" align="left"&gt;&lt;b&gt;&lt;font style="font-family: TimesNewRomanPS-BoldMT,Times New Roman,Times,serif;" class="_mt" size="2"&gt;TotaConsolidatedPortfiolio&lt;/font&gt;&lt;/b&gt;&lt;/td&gt;
&lt;td style="border-bottom: #000000 2px solid;" width="2%" align="right"&gt;&lt;font style="font-family: TimesNewRomanPSMT,Times New Roman,Times,serif;" class="_mt" size="2"&gt;$&lt;/font&gt;&lt;/td&gt;
&lt;td style="border-bottom: #000000 2px solid;" width="9%" align="right"&gt;&lt;font style="font-family: TimesNewRomanPSMT,Times New Roman,Times,serif;" class="_mt" size="2"&gt;280,999,000&lt;/font&gt;&lt;/td&gt;
&lt;td style="border-bottom: #000000 2px solid;" width="2%" align="left"&gt;&amp;nbsp;&lt;/td&gt;
&lt;td style="border-bottom: #000000 2px solid;" width="2%" align="left"&gt;&lt;font style="font-family: TimesNewRomanPSMT,Times New Roman,Times,serif;" class="_mt" size="2"&gt;$&lt;/font&gt;&lt;/td&gt;
&lt;td style="border-bottom: #000000 2px solid;" width="9%" align="right"&gt;&lt;font style="font-family: TimesNewRomanPSMT,Times New Roman,Times,serif;" class="_mt" size="2"&gt;269,479,000&lt;/font&gt;&lt;/td&gt;
&lt;td style="border-bottom: #000000 2px solid;" width="2%" align="right"&gt;&lt;font style="font-family: TimesNewRomanPSMT,Times New Roman,Times,serif;" class="_mt" size="2"&gt;$&lt;/font&gt;&lt;/td&gt;
&lt;td style="border-bottom: #000000 2px solid;" width="9%" align="right"&gt;&lt;font style="font-family: TimesNewRomanPSMT,Times New Roman,Times,serif;" class="_mt" size="2"&gt;1,099,642,000&lt;/font&gt;&lt;/td&gt;
&lt;td style="border-bottom: #000000 2px solid;" width="2%" align="left"&gt;&lt;font style="font-family: TimesNewRomanPSMT,Times New Roman,Times,serif;" class="_mt" size="2"&gt;$&lt;/font&gt;&lt;/td&gt;
&lt;td style="border-bottom: #000000 2px solid;" width="9%" align="right"&gt;&lt;font style="font-family: TimesNewRomanPSMT,Times New Roman,Times,serif;" class="_mt" size="2"&gt;1,369,121,000&lt;/font&gt;&lt;/td&gt;
&lt;td style="border-bottom: #000000 2px solid;" width="2%" align="left"&gt;&lt;font style="font-family: TimesNewRomanPSMT,Times New Roman,Times,serif;" class="_mt" size="2"&gt;$&lt;/font&gt;&lt;/td&gt;
&lt;td style="border-bottom: #000000 2px solid;" width="9%" align="right"&gt;&lt;font style="font-family: TimesNewRomanPSMT,Times New Roman,Times,serif;" class="_mt" size="2"&gt;197,608,000&lt;/font&gt;&lt;/td&gt;
&lt;td style="border-bottom: #000000 2px solid;" width="2%" align="left"&gt;&lt;font style="font-family: TimesNewRomanPSMT,Times New Roman,Times,serif;" class="_mt" size="2"&gt;$&lt;/font&gt;&lt;/td&gt;
&lt;td style="border-bottom: #000000 2px solid;" width="8%" align="right"&gt;&lt;font style="font-family: TimesNewRomanPSMT,Times New Roman,Times,serif;" class="_mt" size="2"&gt;589,027,000&lt;/font&gt;&lt;/td&gt;
&lt;td style="border-bottom: #000000 2px solid;" width="2%" align="left"&gt;&amp;nbsp;&lt;/td&gt;&lt;/tr&gt;&lt;/table&gt;&lt;/div&gt;

&lt;p style="margin: 0px;"&gt;&amp;nbsp;&lt;/p&gt;

&lt;div&gt;&amp;nbsp;&lt;/div&gt;&lt;br /&gt;

&lt;p style="text-align: left;"&gt;&lt;b&gt;&lt;font style="font-family: TimesNewRomanPS-BoldMT,Times New Roman,Times,serif;" class="_mt" size="3"&gt;CedarRealty Trust, Inc. Schedule III&lt;/font&gt;&lt;/b&gt;&lt;/p&gt;

&lt;p style="text-align: left;"&gt;&lt;b&gt;&lt;font style="font-family: TimesNewRomanPS-BoldMT,Times New Roman,Times,serif;" class="_mt" size="3"&gt;Real Estate and Accumulated Depreciation Yearended December31, 2011&lt;/font&gt;&lt;/b&gt;&lt;/p&gt;

&lt;p style="text-align: left;"&gt;&lt;b&gt;&lt;i&gt;&lt;font style="font-family: TimesNewRomanPS-BoldItalicMT,Times New Roman,Times,serif;" class="_mt" size="3"&gt;(continued)&lt;/font&gt;&lt;/i&gt;&lt;/b&gt;&lt;/p&gt;

&lt;p style="text-align: left;"&gt;&lt;font style="font-family: Calibri,Arial,Helvetica,sans-serif;" class="_mt" size="3"&gt;The changes in real estate and accumulated depreciation for the three years ended December 31, 2011 are as follows (1):&lt;/font&gt;&lt;/p&gt;

&lt;div&gt;

&lt;table border="0" cellspacing="0"&gt;
&lt;tr&gt;&lt;td width="43%"&gt; &lt;/td&gt;
&lt;td width="2%"&gt; &lt;/td&gt;
&lt;td width="2%"&gt; &lt;/td&gt;
&lt;td width="12%"&gt; &lt;/td&gt;
&lt;td width="2%"&gt; &lt;/td&gt;
&lt;td width="2%"&gt; &lt;/td&gt;
&lt;td width="11%"&gt; &lt;/td&gt;
&lt;td width="2%"&gt; &lt;/td&gt;
&lt;td width="2%"&gt; &lt;/td&gt;
&lt;td width="10%"&gt; &lt;/td&gt;
&lt;td width="2%"&gt; &lt;/td&gt;&lt;/tr&gt;
&lt;tr valign="bottom"&gt;&lt;td style="border-bottom: #000000 1px solid;" width="43%" align="center"&gt;&lt;b&gt;&lt;font style="font-family: Calibri-Bold,Arial,Helvetica,sans-serif;" class="_mt" size="3"&gt;Cost&lt;/font&gt;&lt;/b&gt;&lt;/td&gt;
&lt;td style="border-bottom: #000000 1px solid;" width="2%" align="center"&gt;&amp;nbsp;&lt;/td&gt;
&lt;td style="border-bottom: #000000 1px solid;" width="16%" colspan="3" align="center"&gt;&lt;b&gt;&lt;font style="font-family: Calibri-Bold,Arial,Helvetica,sans-serif;" class="_mt" size="3"&gt;2011&lt;/font&gt;&lt;/b&gt;&lt;/td&gt;
&lt;td style="border-bottom: #000000 1px solid;" width="15%" colspan="3" align="center"&gt;&lt;b&gt;&lt;font style="font-family: Calibri-Bold,Arial,Helvetica,sans-serif;" class="_mt" size="3"&gt;2010&lt;/font&gt;&lt;/b&gt;&lt;/td&gt;
&lt;td style="border-bottom: #000000 1px solid;" width="14%" colspan="3" align="center"&gt;&lt;b&gt;&lt;font style="font-family: Calibri-Bold,Arial,Helvetica,sans-serif;" class="_mt" size="3"&gt;2009&lt;/font&gt;&lt;/b&gt;&lt;/td&gt;&lt;/tr&gt;
&lt;tr&gt;&lt;td width="90%" colspan="11"&gt;&amp;nbsp;&lt;/td&gt;&lt;/tr&gt;
&lt;tr valign="bottom"&gt;&lt;td width="43%" align="left"&gt;&lt;font style="font-family: Calibri,Arial,Helvetica,sans-serif;" class="_mt" size="3"&gt;Balance, beginning of the year&lt;/font&gt;&lt;/td&gt;
&lt;td width="2%" align="left"&gt;&amp;nbsp;&lt;/td&gt;
&lt;td width="2%" align="left"&gt;&lt;font style="font-family: Calibri,Arial,Helvetica,sans-serif;" class="_mt" size="3"&gt;$&lt;/font&gt;&lt;/td&gt;
&lt;td width="12%" align="right"&gt;&lt;font style="font-family: Calibri,Arial,Helvetica,sans-serif;" class="_mt" size="3"&gt;1,290,116,000&lt;/font&gt;&lt;/td&gt;
&lt;td width="2%" align="left"&gt;&amp;nbsp;&lt;/td&gt;
&lt;td width="2%" align="left"&gt;&lt;font style="font-family: Calibri,Arial,Helvetica,sans-serif;" class="_mt" size="3"&gt;$&lt;/font&gt;&lt;/td&gt;
&lt;td width="11%" align="right"&gt;&lt;font style="font-family: Calibri,Arial,Helvetica,sans-serif;" class="_mt" size="3"&gt;1,273,395,000&lt;/font&gt;&lt;/td&gt;
&lt;td width="2%" align="left"&gt;&amp;nbsp;&lt;/td&gt;
&lt;td width="2%" align="left"&gt;&lt;font style="font-family: Calibri,Arial,Helvetica,sans-serif;" class="_mt" size="3"&gt;$&lt;/font&gt;&lt;/td&gt;
&lt;td width="10%" align="right"&gt;&lt;font style="font-family: Calibri,Arial,Helvetica,sans-serif;" class="_mt" size="3"&gt;1,141,623,000&lt;/font&gt;&lt;/td&gt;
&lt;td width="2%" align="left"&gt;&amp;nbsp;&lt;/td&gt;&lt;/tr&gt;
&lt;tr valign="bottom"&gt;&lt;td width="43%" align="left"&gt;&lt;font style="font-family: Calibri,Arial,Helvetica,sans-serif;" class="_mt" size="3"&gt;Properties acquired&lt;/font&gt;&lt;/td&gt;
&lt;td width="2%" align="left"&gt;&amp;nbsp;&lt;/td&gt;
&lt;td width="2%" align="left"&gt;&amp;nbsp;&lt;/td&gt;
&lt;td width="12%" align="right"&gt;&lt;font style="font-family: Calibri,Arial,Helvetica,sans-serif;" class="_mt" size="3"&gt;46,863,000&lt;/font&gt;&lt;/td&gt;
&lt;td width="2%" align="left"&gt;&amp;nbsp;&lt;/td&gt;
&lt;td width="2%" align="left"&gt;&amp;nbsp;&lt;/td&gt;
&lt;td width="11%" align="right"&gt;&lt;font style="font-family: Calibri,Arial,Helvetica,sans-serif;" class="_mt" size="3"&gt;-&lt;/font&gt;&lt;/td&gt;
&lt;td width="2%" align="left"&gt;&amp;nbsp;&lt;/td&gt;
&lt;td width="2%" align="left"&gt;&amp;nbsp;&lt;/td&gt;
&lt;td width="10%" align="right"&gt;&lt;font style="font-family: Calibri,Arial,Helvetica,sans-serif;" class="_mt" size="3"&gt;73,152,000&lt;/font&gt;&lt;/td&gt;
&lt;td width="2%" align="left"&gt;&amp;nbsp;&lt;/td&gt;&lt;/tr&gt;
&lt;tr valign="bottom"&gt;&lt;td width="43%" align="left"&gt;&lt;font style="font-family: Calibri,Arial,Helvetica,sans-serif;" class="_mt" size="3"&gt;Improvements and betterments&lt;/font&gt;&lt;/td&gt;
&lt;td width="2%" align="left"&gt;&amp;nbsp;&lt;/td&gt;
&lt;td width="2%" align="left"&gt;&amp;nbsp;&lt;/td&gt;
&lt;td width="12%" align="right"&gt;&lt;font style="font-family: Calibri,Arial,Helvetica,sans-serif;" class="_mt" size="3"&gt;32,373,000&lt;/font&gt;&lt;/td&gt;
&lt;td width="2%" align="left"&gt;&amp;nbsp;&lt;/td&gt;
&lt;td width="2%" align="left"&gt;&amp;nbsp;&lt;/td&gt;
&lt;td width="11%" align="right"&gt;&lt;font style="font-family: Calibri,Arial,Helvetica,sans-serif;" class="_mt" size="3"&gt;17,631,000&lt;/font&gt;&lt;/td&gt;
&lt;td width="2%" align="left"&gt;&amp;nbsp;&lt;/td&gt;
&lt;td width="2%" align="left"&gt;&amp;nbsp;&lt;/td&gt;
&lt;td width="10%" align="right"&gt;&lt;font style="font-family: Calibri,Arial,Helvetica,sans-serif;" class="_mt" size="3"&gt;64,767,000&lt;/font&gt;&lt;/td&gt;
&lt;td width="2%" align="left"&gt;&amp;nbsp;&lt;/td&gt;&lt;/tr&gt;
&lt;tr valign="bottom"&gt;&lt;td width="43%" align="left"&gt;&lt;font style="font-family: Calibri,Arial,Helvetica,sans-serif;" class="_mt" size="3"&gt;Write-off fully-depreciated assets&lt;/font&gt;&lt;/td&gt;
&lt;td width="2%" align="left"&gt;&amp;nbsp;&lt;/td&gt;
&lt;td style="border-bottom: #000000 1px solid;" width="2%" align="left"&gt;&amp;nbsp;&lt;/td&gt;
&lt;td style="border-bottom: #000000 1px solid;" width="12%" align="right"&gt;&lt;font style="font-family: Calibri,Arial,Helvetica,sans-serif;" class="_mt" size="3"&gt;(231,000&lt;/font&gt;&lt;/td&gt;
&lt;td style="border-bottom: #000000 1px solid;" width="2%" align="left"&gt;&lt;font style="font-family: Calibri,Arial,Helvetica,sans-serif;" class="_mt" size="3"&gt;)&lt;/font&gt;&lt;/td&gt;
&lt;td style="border-bottom: #000000 1px solid;" width="2%" align="left"&gt;&amp;nbsp;&lt;/td&gt;
&lt;td style="border-bottom: #000000 1px solid;" width="11%" align="right"&gt;&lt;font style="font-family: Calibri,Arial,Helvetica,sans-serif;" class="_mt" size="3"&gt;(910,000&lt;/font&gt;&lt;/td&gt;
&lt;td style="border-bottom: #000000 1px solid;" width="2%" align="left"&gt;&lt;font style="font-family: Calibri,Arial,Helvetica,sans-serif;" class="_mt" size="3"&gt;)&lt;/font&gt;&lt;/td&gt;
&lt;td style="border-bottom: #000000 1px solid;" width="2%" align="left"&gt;&amp;nbsp;&lt;/td&gt;
&lt;td style="border-bottom: #000000 1px solid;" width="10%" align="right"&gt;&lt;font style="font-family: Calibri,Arial,Helvetica,sans-serif;" class="_mt" size="3"&gt;(6,147,000&lt;/font&gt;&lt;/td&gt;
&lt;td style="border-bottom: #000000 1px solid;" width="2%" align="left"&gt;&lt;font style="font-family: Calibri,Arial,Helvetica,sans-serif;" class="_mt" size="3"&gt;)&lt;/font&gt;&lt;/td&gt;&lt;/tr&gt;
&lt;tr valign="bottom"&gt;&lt;td width="43%" align="left"&gt;&lt;font style="font-family: Calibri,Arial,Helvetica,sans-serif;" class="_mt" size="3"&gt;Balance, end of the year&lt;/font&gt;&lt;/td&gt;
&lt;td width="2%" align="right"&gt;&lt;font style="font-family: Calibri,Arial,Helvetica,sans-serif;" class="_mt" size="3"&gt;(2&lt;font style="font-family: Calibri,Arial,Helvetica,sans-serif;" class="_mt" size="3"&gt;)&lt;/font&gt;&lt;/font&gt;&lt;/td&gt;
&lt;td style="border-bottom: #000000 3px double;" width="2%" align="left"&gt;&lt;font style="font-family: Calibri,Arial,Helvetica,sans-serif;" class="_mt" size="3"&gt;$&lt;/font&gt;&lt;/td&gt;
&lt;td style="border-bottom: #000000 3px double;" width="12%" align="right"&gt;&lt;font style="font-family: Calibri,Arial,Helvetica,sans-serif;" class="_mt" size="3"&gt;1,369,121,000&lt;/font&gt;&lt;/td&gt;
&lt;td style="border-bottom: #000000 3px double;" width="2%" align="left"&gt;&amp;nbsp;&lt;/td&gt;
&lt;td style="border-bottom: #000000 3px double;" width="2%" align="left"&gt;&lt;font style="font-family: Calibri,Arial,Helvetica,sans-serif;" class="_mt" size="3"&gt;$&lt;/font&gt;&lt;/td&gt;
&lt;td style="border-bottom: #000000 3px double;" width="11%" align="right"&gt;&lt;font style="font-family: Calibri,Arial,Helvetica,sans-serif;" class="_mt" size="3"&gt;1,290,116,000&lt;/font&gt;&lt;/td&gt;
&lt;td style="border-bottom: #000000 3px double;" width="2%" align="left"&gt;&amp;nbsp;&lt;/td&gt;
&lt;td style="border-bottom: #000000 3px double;" width="2%" align="left"&gt;&lt;font style="font-family: Calibri,Arial,Helvetica,sans-serif;" class="_mt" size="3"&gt;$&lt;/font&gt;&lt;/td&gt;
&lt;td style="border-bottom: #000000 3px double;" width="10%" align="right"&gt;&lt;font style="font-family: Calibri,Arial,Helvetica,sans-serif;" class="_mt" size="3"&gt;1,273,395,000&lt;/font&gt;&lt;/td&gt;
&lt;td style="border-bottom: #000000 3px double;" width="2%" align="left"&gt;&amp;nbsp;&lt;/td&gt;&lt;/tr&gt;
&lt;tr&gt;&lt;td width="90%" colspan="11"&gt;&amp;nbsp;&lt;/td&gt;&lt;/tr&gt;
&lt;tr valign="bottom"&gt;&lt;td style="border-bottom: #000000 1px solid;" width="43%" align="center"&gt;&lt;b&gt;&lt;font style="font-family: Calibri-Bold,Arial,Helvetica,sans-serif;" class="_mt" size="3"&gt;Accumulated depreciation&lt;/font&gt;&lt;/b&gt;&lt;/td&gt;
&lt;td width="2%" align="left"&gt;&amp;nbsp;&lt;/td&gt;
&lt;td width="2%" align="left"&gt;&amp;nbsp;&lt;/td&gt;
&lt;td width="12%" align="left"&gt;&amp;nbsp;&lt;/td&gt;
&lt;td width="2%" align="left"&gt;&amp;nbsp;&lt;/td&gt;
&lt;td width="2%" align="left"&gt;&amp;nbsp;&lt;/td&gt;
&lt;td width="11%" align="left"&gt;&amp;nbsp;&lt;/td&gt;
&lt;td width="2%" align="left"&gt;&amp;nbsp;&lt;/td&gt;
&lt;td width="2%" align="left"&gt;&amp;nbsp;&lt;/td&gt;
&lt;td width="10%" align="left"&gt;&amp;nbsp;&lt;/td&gt;
&lt;td width="2%" align="left"&gt;&amp;nbsp;&lt;/td&gt;&lt;/tr&gt;
&lt;tr&gt;&lt;td width="90%" colspan="11"&gt;&amp;nbsp;&lt;/td&gt;&lt;/tr&gt;
&lt;tr valign="bottom"&gt;&lt;td width="43%" align="left"&gt;&lt;font style="font-family: Calibri,Arial,Helvetica,sans-serif;" class="_mt" size="3"&gt;Balance, beginning of the year&lt;/font&gt;&lt;/td&gt;
&lt;td width="2%" align="left"&gt;&amp;nbsp;&lt;/td&gt;
&lt;td width="2%" align="left"&gt;&lt;font style="font-family: Calibri,Arial,Helvetica,sans-serif;" class="_mt" size="3"&gt;$&lt;/font&gt;&lt;/td&gt;
&lt;td width="12%" align="right"&gt;&lt;font style="font-family: Calibri,Arial,Helvetica,sans-serif;" class="_mt" size="3"&gt;157,803,000&lt;/font&gt;&lt;/td&gt;
&lt;td width="2%" align="left"&gt;&amp;nbsp;&lt;/td&gt;
&lt;td width="2%" align="left"&gt;&lt;font style="font-family: Calibri,Arial,Helvetica,sans-serif;" class="_mt" size="3"&gt;$&lt;/font&gt;&lt;/td&gt;
&lt;td width="11%" align="right"&gt;&lt;font style="font-family: Calibri,Arial,Helvetica,sans-serif;" class="_mt" size="3"&gt;126,456,000&lt;/font&gt;&lt;/td&gt;
&lt;td width="2%" align="left"&gt;&amp;nbsp;&lt;/td&gt;
&lt;td width="2%" align="left"&gt;&lt;font style="font-family: Calibri,Arial,Helvetica,sans-serif;" class="_mt" size="3"&gt;$&lt;/font&gt;&lt;/td&gt;
&lt;td width="10%" align="right"&gt;&lt;font style="font-family: Calibri,Arial,Helvetica,sans-serif;" class="_mt" size="3"&gt;96,593,000&lt;/font&gt;&lt;/td&gt;
&lt;td width="2%" align="left"&gt;&amp;nbsp;&lt;/td&gt;&lt;/tr&gt;
&lt;tr valign="bottom"&gt;&lt;td width="43%" align="left"&gt;&lt;font style="font-family: Calibri,Arial,Helvetica,sans-serif;" class="_mt" size="3"&gt;Depreciation expense&lt;/font&gt;&lt;/td&gt;
&lt;td width="2%" align="left"&gt;&amp;nbsp;&lt;/td&gt;
&lt;td width="2%" align="left"&gt;&amp;nbsp;&lt;/td&gt;
&lt;td width="12%" align="right"&gt;&lt;font style="font-family: Calibri,Arial,Helvetica,sans-serif;" class="_mt" size="3"&gt;40,036,000&lt;/font&gt;&lt;/td&gt;
&lt;td width="2%" align="left"&gt;&amp;nbsp;&lt;/td&gt;
&lt;td width="2%" align="left"&gt;&amp;nbsp;&lt;/td&gt;
&lt;td width="11%" align="right"&gt;&lt;font style="font-family: Calibri,Arial,Helvetica,sans-serif;" class="_mt" size="3"&gt;32,257,000&lt;/font&gt;&lt;/td&gt;
&lt;td width="2%" align="left"&gt;&amp;nbsp;&lt;/td&gt;
&lt;td width="2%" align="left"&gt;&amp;nbsp;&lt;/td&gt;
&lt;td width="10%" align="right"&gt;&lt;font style="font-family: Calibri,Arial,Helvetica,sans-serif;" class="_mt" size="3"&gt;36,010,000&lt;/font&gt;&lt;/td&gt;
&lt;td width="2%" align="left"&gt;&amp;nbsp;&lt;/td&gt;&lt;/tr&gt;
&lt;tr valign="bottom"&gt;&lt;td width="43%" align="left"&gt;&lt;font style="font-family: Calibri,Arial,Helvetica,sans-serif;" class="_mt" size="3"&gt;Write-off fully-depreciated assets&lt;/font&gt;&lt;/td&gt;
&lt;td width="2%" align="left"&gt;&amp;nbsp;&lt;/td&gt;
&lt;td style="border-bottom: #000000 1px solid;" width="2%" align="left"&gt;&amp;nbsp;&lt;/td&gt;
&lt;td style="border-bottom: #000000 1px solid;" width="12%" align="right"&gt;&lt;font style="font-family: Calibri,Arial,Helvetica,sans-serif;" class="_mt" size="3"&gt;(231,000&lt;/font&gt;&lt;/td&gt;
&lt;td style="border-bottom: #000000 1px solid;" width="2%" align="left"&gt;&lt;font style="font-family: Calibri,Arial,Helvetica,sans-serif;" class="_mt" size="3"&gt;)&lt;/font&gt;&lt;/td&gt;
&lt;td style="border-bottom: #000000 1px solid;" width="2%" align="left"&gt;&amp;nbsp;&lt;/td&gt;
&lt;td style="border-bottom: #000000 1px solid;" width="11%" align="right"&gt;&lt;font style="font-family: Calibri,Arial,Helvetica,sans-serif;" class="_mt" size="3"&gt;(910,000&lt;/font&gt;&lt;/td&gt;
&lt;td style="border-bottom: #000000 1px solid;" width="2%" align="left"&gt;&lt;font style="font-family: Calibri,Arial,Helvetica,sans-serif;" class="_mt" size="3"&gt;)&lt;/font&gt;&lt;/td&gt;
&lt;td style="border-bottom: #000000 1px solid;" width="2%" align="left"&gt;&amp;nbsp;&lt;/td&gt;
&lt;td style="border-bottom: #000000 1px solid;" width="10%" align="right"&gt;&lt;font style="font-family: Calibri,Arial,Helvetica,sans-serif;" class="_mt" size="3"&gt;(6,147,000&lt;/font&gt;&lt;/td&gt;
&lt;td style="border-bottom: #000000 1px solid;" width="2%" align="left"&gt;&lt;font style="font-family: Calibri,Arial,Helvetica,sans-serif;" class="_mt" size="3"&gt;)&lt;/font&gt;&lt;/td&gt;&lt;/tr&gt;
&lt;tr valign="bottom"&gt;&lt;td width="43%" align="left"&gt;&lt;font style="font-family: Calibri,Arial,Helvetica,sans-serif;" class="_mt" size="3"&gt;Balance, end of the year&lt;/font&gt;&lt;/td&gt;
&lt;td width="2%" align="left"&gt;&amp;nbsp;&lt;/td&gt;
&lt;td style="border-bottom: #000000 3px double;" width="2%" align="left"&gt;&lt;font style="font-family: Calibri,Arial,Helvetica,sans-serif;" class="_mt" size="3"&gt;$&lt;/font&gt;&lt;/td&gt;
&lt;td style="border-bottom: #000000 3px double;" width="12%" align="right"&gt;&lt;font style="font-family: Calibri,Arial,Helvetica,sans-serif;" class="_mt" size="3"&gt;197,608,000&lt;/font&gt;&lt;/td&gt;
&lt;td style="border-bottom: #000000 3px double;" width="2%" align="left"&gt;&amp;nbsp;&lt;/td&gt;
&lt;td style="border-bottom: #000000 3px double;" width="2%" align="left"&gt;&lt;font style="font-family: Calibri,Arial,Helvetica,sans-serif;" class="_mt" size="3"&gt;$&lt;/font&gt;&lt;/td&gt;
&lt;td style="border-bottom: #000000 3px double;" width="11%" align="right"&gt;&lt;font style="font-family: Calibri,Arial,Helvetica,sans-serif;" class="_mt" size="3"&gt;157,803,000&lt;/font&gt;&lt;/td&gt;
&lt;td style="border-bottom: #000000 3px double;" width="2%" align="left"&gt;&amp;nbsp;&lt;/td&gt;
&lt;td style="border-bottom: #000000 3px double;" width="2%" align="left"&gt;&lt;font style="font-family: Calibri,Arial,Helvetica,sans-serif;" class="_mt" size="3"&gt;$&lt;/font&gt;&lt;/td&gt;
&lt;td style="border-bottom: #000000 3px double;" width="10%" align="right"&gt;&lt;font style="font-family: Calibri,Arial,Helvetica,sans-serif;" class="_mt" size="3"&gt;126,456,000&lt;/font&gt;&lt;/td&gt;
&lt;td style="border-bottom: #000000 3px double;" width="2%" align="left"&gt;&amp;nbsp;&lt;/td&gt;&lt;/tr&gt;
&lt;tr&gt;&lt;td width="90%" colspan="11"&gt;&amp;nbsp;&lt;/td&gt;&lt;/tr&gt;
&lt;tr valign="bottom"&gt;&lt;td width="43%" align="left"&gt;&lt;font style="font-family: Calibri,Arial,Helvetica,sans-serif;" class="_mt" size="3"&gt;Net book value&lt;/font&gt;&lt;/td&gt;
&lt;td width="2%" align="left"&gt;&amp;nbsp;&lt;/td&gt;
&lt;td style="border-bottom: #000000 3px double;" width="2%" align="left"&gt;&lt;font style="font-family: Calibri,Arial,Helvetica,sans-serif;" class="_mt" size="3"&gt;$&lt;/font&gt;&lt;/td&gt;
&lt;td style="border-bottom: #000000 3px double;" width="12%" align="right"&gt;&lt;font style="font-family: Calibri,Arial,Helvetica,sans-serif;" class="_mt" size="3"&gt;1,171,513,000&lt;/font&gt;&lt;/td&gt;
&lt;td style="border-bottom: #000000 3px double;" width="2%" align="left"&gt;&amp;nbsp;&lt;/td&gt;
&lt;td style="border-bottom: #000000 3px double;" width="2%" align="left"&gt;&lt;font style="font-family: Calibri,Arial,Helvetica,sans-serif;" class="_mt" size="3"&gt;$&lt;/font&gt;&lt;/td&gt;
&lt;td style="border-bottom: #000000 3px double;" width="11%" align="right"&gt;&lt;font style="font-family: Calibri,Arial,Helvetica,sans-serif;" class="_mt" size="3"&gt;1,132,313,000&lt;/font&gt;&lt;/td&gt;
&lt;td style="border-bottom: #000000 3px double;" width="2%" align="left"&gt;&amp;nbsp;&lt;/td&gt;
&lt;td style="border-bottom: #000000 3px double;" width="2%" align="left"&gt;&lt;font style="font-family: Calibri,Arial,Helvetica,sans-serif;" class="_mt" size="3"&gt;$&lt;/font&gt;&lt;/td&gt;
&lt;td style="border-bottom: #000000 3px double;" width="10%" align="right"&gt;&lt;font style="font-family: Calibri,Arial,Helvetica,sans-serif;" class="_mt" size="3"&gt;1,146,939,000&lt;/font&gt;&lt;/td&gt;
&lt;td style="border-bottom: #000000 3px double;" width="2%" align="left"&gt;&amp;nbsp;&lt;/td&gt;&lt;/tr&gt;&lt;/table&gt;&lt;/div&gt;

&lt;p style="margin: 0px;"&gt;&amp;nbsp;&lt;/p&gt;

&lt;p style="text-align: left;"&gt;&lt;font style="font-family: Calibri,Arial,Helvetica,sans-serif;" class="_mt" size="3"&gt;(1) Restated to reflect the reclassifications of properties to "real estate held for sale/conveyance" during 2011.&lt;/font&gt;&lt;/p&gt;

&lt;p style="text-align: left;"&gt;&lt;font style="font-family: Calibri,Arial,Helvetica,sans-serif;" class="_mt" size="3"&gt;(2) At December 31, 2011, the aggregate cost for federal income tax purposes was approximately $17.4 million less than the Company's recorded values. &lt;/font&gt;&lt;/p&gt;

&lt;p style="text-align: left;"&gt;&lt;font style="font-family: Calibri,Arial,Helvetica,sans-serif;" class="_mt" size="3"&gt;(3) The total net book value of properties pledged as collateral under the Company's secured revolving credit facilities was $374.8 million at December 31, 2011 (in addition, $24.5 million relating to properties treated as "real estate held for sale/conveyance" was also pledged as collateral under the Company's secured revolving credit facility); the total amount outstanding under the secured revolving credit facilities was $166,317,000.&lt;/font&gt;&lt;/p&gt;

&lt;p style="text-align: left;"&gt;&lt;font style="font-family: Calibri,Arial,Helvetica,sans-serif;" class="_mt" size="3"&gt;(4) Depreciation is provided over the estimated useful lives of the buildings and improvements, which range from 3 to 40 years.&lt;/font&gt;&lt;/p&gt;

&lt;div&gt;&amp;nbsp;&lt;/div&gt;&lt;br /&gt; &lt;/div&gt;</us-gaap:RealEstateAndAccumulatedDepreciationDisclosureTextBlock>
  <us-gaap:RealEstateDisclosureTextBlock contextRef="Duration_1_1_2011_To_12_31_2011">&lt;div&gt; &lt;p style="text-align: left;"&gt;&lt;b&gt;&lt;font style="font-family: TimesNewRomanPS-BoldMT,Times New Roman,Times,serif;" class="_mt" size="3"&gt;Note 3. Real Estate&lt;/font&gt;&lt;/b&gt;&lt;/p&gt;

&lt;p style="text-align: center;"&gt;&lt;font style="font-family: TimesNewRomanPSMT,Times New Roman,Times,serif;" class="_mt" size="3"&gt;Real estate at December 31, 2011 and 2010 is comprised of the following:&lt;/font&gt;&lt;/p&gt;

&lt;div&gt;

&lt;table border="0" cellspacing="0"&gt;
&lt;tr&gt;&lt;td width="60%"&gt; &lt;/td&gt;
&lt;td width="2%"&gt; &lt;/td&gt;
&lt;td width="12%"&gt; &lt;/td&gt;
&lt;td width="2%"&gt; &lt;/td&gt;
&lt;td width="2%"&gt; &lt;/td&gt;
&lt;td width="12%"&gt; &lt;/td&gt;
&lt;td width="2%"&gt; &lt;/td&gt;&lt;/tr&gt;
&lt;tr valign="bottom"&gt;&lt;td width="60%" align="left"&gt;&amp;nbsp;&lt;/td&gt;
&lt;td style="border-bottom: #000000 1px solid;" width="32%" colspan="6" align="center"&gt;&lt;b&gt;&lt;font style="font-family: TimesNewRomanPS-BoldMT,Times New Roman,Times,serif;" class="_mt" size="2"&gt;Years ended December 31,&lt;/font&gt;&lt;/b&gt;&lt;/td&gt;&lt;/tr&gt;
&lt;tr valign="bottom"&gt;&lt;td width="60%" align="left"&gt;&amp;nbsp;&lt;/td&gt;
&lt;td style="border-bottom: #000000 1px solid;" width="16%" colspan="3" align="center"&gt;&lt;b&gt;&lt;font style="font-family: TimesNewRomanPS-BoldMT,Times New Roman,Times,serif;" class="_mt" size="2"&gt;2011&lt;/font&gt;&lt;/b&gt;&lt;/td&gt;
&lt;td style="border-bottom: #000000 1px solid;" width="16%" colspan="3" align="center"&gt;&lt;b&gt;&lt;font style="font-family: TimesNewRomanPS-BoldMT,Times New Roman,Times,serif;" class="_mt" size="2"&gt;2010&lt;/font&gt;&lt;/b&gt;&lt;/td&gt;&lt;/tr&gt;
&lt;tr valign="bottom"&gt;&lt;td style="border-bottom: #000000 1px solid;" width="60%" align="left"&gt;&lt;b&gt;&lt;font style="font-family: TimesNewRomanPS-BoldMT,Times New Roman,Times,serif;" class="_mt" size="2"&gt;Cost&lt;/font&gt;&lt;/b&gt;&lt;/td&gt;
&lt;td width="2%" align="left"&gt;&amp;nbsp;&lt;/td&gt;
&lt;td width="12%" align="left"&gt;&amp;nbsp;&lt;/td&gt;
&lt;td width="2%" align="left"&gt;&amp;nbsp;&lt;/td&gt;
&lt;td width="2%" align="left"&gt;&amp;nbsp;&lt;/td&gt;
&lt;td width="12%" align="left"&gt;&amp;nbsp;&lt;/td&gt;
&lt;td width="2%" align="left"&gt;&amp;nbsp;&lt;/td&gt;&lt;/tr&gt;
&lt;tr valign="bottom"&gt;&lt;td width="60%" align="left"&gt;&lt;font style="font-family: TimesNewRomanPSMT,Times New Roman,Times,serif;" class="_mt" size="2"&gt;Balance, beginning of year&lt;/font&gt;&lt;/td&gt;
&lt;td width="2%" align="left"&gt;&lt;font style="font-family: TimesNewRomanPSMT,Times New Roman,Times,serif;" class="_mt" size="2"&gt;$&lt;/font&gt;&lt;/td&gt;
&lt;td width="12%" align="right"&gt;&lt;font style="font-family: TimesNewRomanPSMT,Times New Roman,Times,serif;" class="_mt" size="2"&gt;1,290,116,000&lt;/font&gt;&lt;/td&gt;
&lt;td width="2%" align="left"&gt;&amp;nbsp;&lt;/td&gt;
&lt;td width="2%" align="left"&gt;&lt;font style="font-family: TimesNewRomanPSMT,Times New Roman,Times,serif;" class="_mt" size="2"&gt;$&lt;/font&gt;&lt;/td&gt;
&lt;td width="12%" align="right"&gt;&lt;font style="font-family: TimesNewRomanPSMT,Times New Roman,Times,serif;" class="_mt" size="2"&gt;1,273,395,000&lt;/font&gt;&lt;/td&gt;
&lt;td width="2%" align="left"&gt;&amp;nbsp;&lt;/td&gt;&lt;/tr&gt;
&lt;tr valign="bottom"&gt;&lt;td width="60%" align="left"&gt;&lt;font style="font-family: TimesNewRomanPSMT,Times New Roman,Times,serif;" class="_mt" size="2"&gt;Property acquired&lt;/font&gt;&lt;/td&gt;
&lt;td width="2%" align="left"&gt;&amp;nbsp;&lt;/td&gt;
&lt;td width="12%" align="right"&gt;&lt;font style="font-family: TimesNewRomanPSMT,Times New Roman,Times,serif;" class="_mt" size="2"&gt;46,863,000&lt;/font&gt;&lt;/td&gt;
&lt;td width="2%" align="left"&gt;&amp;nbsp;&lt;/td&gt;
&lt;td width="2%" align="left"&gt;&amp;nbsp;&lt;/td&gt;
&lt;td width="12%" align="right"&gt;&lt;font style="font-family: TimesNewRomanPSMT,Times New Roman,Times,serif;" class="_mt" size="2"&gt;-&lt;/font&gt;&lt;/td&gt;
&lt;td width="2%" align="left"&gt;&amp;nbsp;&lt;/td&gt;&lt;/tr&gt;
&lt;tr valign="bottom"&gt;&lt;td width="60%" align="left"&gt;&lt;font style="font-family: TimesNewRomanPSMT,Times New Roman,Times,serif;" class="_mt" size="2"&gt;Improvements and betterments&lt;/font&gt;&lt;/td&gt;
&lt;td width="2%" align="left"&gt;&amp;nbsp;&lt;/td&gt;
&lt;td width="12%" align="right"&gt;&lt;font style="font-family: TimesNewRomanPSMT,Times New Roman,Times,serif;" class="_mt" size="2"&gt;32,373,000&lt;/font&gt;&lt;/td&gt;
&lt;td width="2%" align="left"&gt;&amp;nbsp;&lt;/td&gt;
&lt;td width="2%" align="left"&gt;&amp;nbsp;&lt;/td&gt;
&lt;td width="12%" align="right"&gt;&lt;font style="font-family: TimesNewRomanPSMT,Times New Roman,Times,serif;" class="_mt" size="2"&gt;17,631,000&lt;/font&gt;&lt;/td&gt;
&lt;td width="2%" align="left"&gt;&amp;nbsp;&lt;/td&gt;&lt;/tr&gt;
&lt;tr valign="bottom"&gt;&lt;td width="60%" align="left"&gt;&lt;font style="font-family: TimesNewRomanPSMT,Times New Roman,Times,serif;" class="_mt" size="2"&gt;Write-off of fully-depreciated assets&lt;/font&gt;&lt;/td&gt;
&lt;td style="border-bottom: #000000 1px solid;" width="2%" align="left"&gt;&amp;nbsp;&lt;/td&gt;
&lt;td style="border-bottom: #000000 1px solid;" width="12%" align="right"&gt;&lt;font style="font-family: TimesNewRomanPSMT,Times New Roman,Times,serif;" class="_mt" size="2"&gt;(231,000&lt;/font&gt;&lt;/td&gt;
&lt;td style="border-bottom: #000000 1px solid;" width="2%" align="left"&gt;&lt;font style="font-family: TimesNewRomanPSMT,Times New Roman,Times,serif;" class="_mt" size="2"&gt;)&lt;/font&gt;&lt;/td&gt;
&lt;td style="border-bottom: #000000 1px solid;" width="2%" align="left"&gt;&amp;nbsp;&lt;/td&gt;
&lt;td style="border-bottom: #000000 1px solid;" width="12%" align="right"&gt;&lt;font style="font-family: TimesNewRomanPSMT,Times New Roman,Times,serif;" class="_mt" size="2"&gt;(910,000&lt;/font&gt;&lt;/td&gt;
&lt;td style="border-bottom: #000000 1px solid;" width="2%" align="left"&gt;&lt;font style="font-family: TimesNewRomanPSMT,Times New Roman,Times,serif;" class="_mt" size="2"&gt;)&lt;/font&gt;&lt;/td&gt;&lt;/tr&gt;
&lt;tr valign="bottom"&gt;&lt;td width="60%" align="left"&gt;&lt;font style="font-family: TimesNewRomanPSMT,Times New Roman,Times,serif;" class="_mt" size="2"&gt;Balance, end of the year&lt;/font&gt;&lt;/td&gt;
&lt;td style="border-bottom: #000000 3px double;" width="2%" align="left"&gt;&lt;font style="font-family: TimesNewRomanPSMT,Times New Roman,Times,serif;" class="_mt" size="2"&gt;$&lt;/font&gt;&lt;/td&gt;
&lt;td style="border-bottom: #000000 3px double;" width="12%" align="right"&gt;&lt;font style="font-family: TimesNewRomanPSMT,Times New Roman,Times,serif;" class="_mt" size="2"&gt;1,369,121,000&lt;/font&gt;&lt;/td&gt;
&lt;td style="border-bottom: #000000 3px double;" width="2%" align="left"&gt;&amp;nbsp;&lt;/td&gt;
&lt;td style="border-bottom: #000000 3px double;" width="2%" align="left"&gt;&lt;font style="font-family: TimesNewRomanPSMT,Times New Roman,Times,serif;" class="_mt" size="2"&gt;$&lt;/font&gt;&lt;/td&gt;
&lt;td style="border-bottom: #000000 3px double;" width="12%" align="right"&gt;&lt;font style="font-family: TimesNewRomanPSMT,Times New Roman,Times,serif;" class="_mt" size="2"&gt;1,290,116,000&lt;/font&gt;&lt;/td&gt;
&lt;td style="border-bottom: #000000 3px double;" width="2%" align="left"&gt;&amp;nbsp;&lt;/td&gt;&lt;/tr&gt;
&lt;tr&gt;&lt;td width="92%" colspan="7"&gt;&amp;nbsp;&lt;/td&gt;&lt;/tr&gt;
&lt;tr valign="bottom"&gt;&lt;td style="border-bottom: #000000 1px solid;" width="60%" align="left"&gt;&lt;b&gt;&lt;font style="font-family: TimesNewRomanPS-BoldMT,Times New Roman,Times,serif;" class="_mt" size="2"&gt;Accumulated depreciation&lt;/font&gt;&lt;/b&gt;&lt;/td&gt;
&lt;td width="2%" align="left"&gt;&amp;nbsp;&lt;/td&gt;
&lt;td width="12%" align="left"&gt;&amp;nbsp;&lt;/td&gt;
&lt;td width="2%" align="left"&gt;&amp;nbsp;&lt;/td&gt;
&lt;td width="2%" align="left"&gt;&amp;nbsp;&lt;/td&gt;
&lt;td width="12%" align="left"&gt;&amp;nbsp;&lt;/td&gt;
&lt;td width="2%" align="left"&gt;&amp;nbsp;&lt;/td&gt;&lt;/tr&gt;
&lt;tr valign="bottom"&gt;&lt;td width="60%" align="left"&gt;&lt;font style="font-family: TimesNewRomanPSMT,Times New Roman,Times,serif;" class="_mt" size="2"&gt;Balance, beginning of the year&lt;/font&gt;&lt;/td&gt;
&lt;td width="2%" align="left"&gt;&lt;font style="font-family: TimesNewRomanPSMT,Times New Roman,Times,serif;" class="_mt" size="2"&gt;$&lt;/font&gt;&lt;/td&gt;
&lt;td width="12%" align="right"&gt;&lt;font style="font-family: TimesNewRomanPSMT,Times New Roman,Times,serif;" class="_mt" size="2"&gt;(157,803,000&lt;/font&gt;&lt;/td&gt;
&lt;td width="2%" align="left"&gt;&lt;font style="font-family: TimesNewRomanPSMT,Times New Roman,Times,serif;" class="_mt" size="2"&gt;)&lt;/font&gt;&lt;/td&gt;
&lt;td width="2%" align="left"&gt;&lt;font style="font-family: TimesNewRomanPSMT,Times New Roman,Times,serif;" class="_mt" size="2"&gt;$&lt;/font&gt;&lt;/td&gt;
&lt;td width="12%" align="right"&gt;&lt;font style="font-family: TimesNewRomanPSMT,Times New Roman,Times,serif;" class="_mt" size="2"&gt;(126,456,000&lt;/font&gt;&lt;/td&gt;
&lt;td width="2%" align="left"&gt;&lt;font style="font-family: TimesNewRomanPSMT,Times New Roman,Times,serif;" class="_mt" size="2"&gt;)&lt;/font&gt;&lt;/td&gt;&lt;/tr&gt;
&lt;tr valign="bottom"&gt;&lt;td width="60%" align="left"&gt;&lt;font style="font-family: TimesNewRomanPSMT,Times New Roman,Times,serif;" class="_mt" size="2"&gt;Depreciation expense&lt;/font&gt;&lt;/td&gt;
&lt;td width="2%" align="left"&gt;&amp;nbsp;&lt;/td&gt;
&lt;td width="12%" align="right"&gt;&lt;font style="font-family: TimesNewRomanPSMT,Times New Roman,Times,serif;" class="_mt" size="2"&gt;(40,036,000&lt;/font&gt;&lt;/td&gt;
&lt;td width="2%" align="left"&gt;&lt;font style="font-family: TimesNewRomanPSMT,Times New Roman,Times,serif;" class="_mt" size="2"&gt;)&lt;/font&gt;&lt;/td&gt;
&lt;td width="2%" align="left"&gt;&amp;nbsp;&lt;/td&gt;
&lt;td width="12%" align="right"&gt;&lt;font style="font-family: TimesNewRomanPSMT,Times New Roman,Times,serif;" class="_mt" size="2"&gt;(32,257,000&lt;/font&gt;&lt;/td&gt;
&lt;td width="2%" align="left"&gt;&lt;font style="font-family: TimesNewRomanPSMT,Times New Roman,Times,serif;" class="_mt" size="2"&gt;)&lt;/font&gt;&lt;/td&gt;&lt;/tr&gt;
&lt;tr valign="bottom"&gt;&lt;td width="60%" align="left"&gt;&lt;font style="font-family: TimesNewRomanPSMT,Times New Roman,Times,serif;" class="_mt" size="2"&gt;Write-off of fully-depreciated assets&lt;/font&gt;&lt;/td&gt;
&lt;td style="border-bottom: #000000 1px solid;" width="2%" align="left"&gt;&amp;nbsp;&lt;/td&gt;
&lt;td style="border-bottom: #000000 1px solid;" width="12%" align="right"&gt;&lt;font style="font-family: TimesNewRomanPSMT,Times New Roman,Times,serif;" class="_mt" size="2"&gt;231,000&lt;/font&gt;&lt;/td&gt;
&lt;td style="border-bottom: #000000 1px solid;" width="2%" align="left"&gt;&amp;nbsp;&lt;/td&gt;
&lt;td style="border-bottom: #000000 1px solid;" width="2%" align="left"&gt;&amp;nbsp;&lt;/td&gt;
&lt;td style="border-bottom: #000000 1px solid;" width="12%" align="right"&gt;&lt;font style="font-family: TimesNewRomanPSMT,Times New Roman,Times,serif;" class="_mt" size="2"&gt;910,000&lt;/font&gt;&lt;/td&gt;
&lt;td style="border-bottom: #000000 1px solid;" width="2%" align="left"&gt;&amp;nbsp;&lt;/td&gt;&lt;/tr&gt;
&lt;tr valign="bottom"&gt;&lt;td width="60%" align="left"&gt;&lt;font style="font-family: TimesNewRomanPSMT,Times New Roman,Times,serif;" class="_mt" size="2"&gt;Balance, end of the year&lt;/font&gt;&lt;/td&gt;
&lt;td style="border-bottom: #000000 2px solid;" width="2%" align="left"&gt;&lt;font style="font-family: TimesNewRomanPSMT,Times New Roman,Times,serif;" class="_mt" size="2"&gt;$&lt;/font&gt;&lt;/td&gt;
&lt;td style="border-bottom: #000000 2px solid;" width="12%" align="right"&gt;&lt;font style="font-family: TimesNewRomanPSMT,Times New Roman,Times,serif;" class="_mt" size="2"&gt;(197,608,000&lt;/font&gt;&lt;/td&gt;
&lt;td style="border-bottom: #000000 2px solid;" width="2%" align="left"&gt;&lt;font style="font-family: TimesNewRomanPSMT,Times New Roman,Times,serif;" class="_mt" size="2"&gt;)&lt;/font&gt;&lt;/td&gt;
&lt;td style="border-bottom: #000000 2px solid;" width="2%" align="left"&gt;&lt;font style="font-family: TimesNewRomanPSMT,Times New Roman,Times,serif;" class="_mt" size="2"&gt;$&lt;/font&gt;&lt;/td&gt;
&lt;td style="border-bottom: #000000 2px solid;" width="12%" align="right"&gt;&lt;font style="font-family: TimesNewRomanPSMT,Times New Roman,Times,serif;" class="_mt" size="2"&gt;(157,803,000&lt;/font&gt;&lt;/td&gt;
&lt;td style="border-bottom: #000000 2px solid;" width="2%" align="left"&gt;&lt;font style="font-family: TimesNewRomanPSMT,Times New Roman,Times,serif;" class="_mt" size="2"&gt;)&lt;/font&gt;&lt;/td&gt;&lt;/tr&gt;
&lt;tr&gt;&lt;td width="92%" colspan="7"&gt;&amp;nbsp;&lt;/td&gt;&lt;/tr&gt;
&lt;tr valign="bottom"&gt;&lt;td width="60%" align="left"&gt;&lt;font style="font-family: TimesNewRomanPSMT,Times New Roman,Times,serif;" class="_mt" size="2"&gt;Net book value&lt;/font&gt;&lt;/td&gt;
&lt;td style="border-bottom: #000000 3px double;" width="2%" align="left"&gt;&lt;font style="font-family: TimesNewRomanPSMT,Times New Roman,Times,serif;" class="_mt" size="2"&gt;$&lt;/font&gt;&lt;/td&gt;
&lt;td style="border-bottom: #000000 3px double;" width="12%" align="right"&gt;&lt;font style="font-family: TimesNewRomanPSMT,Times New Roman,Times,serif;" class="_mt" size="2"&gt;1,171,513,000&lt;/font&gt;&lt;/td&gt;
&lt;td style="border-bottom: #000000 3px double;" width="2%" align="left"&gt;&amp;nbsp;&lt;/td&gt;
&lt;td style="border-bottom: #000000 3px double;" width="2%" align="left"&gt;&lt;font style="font-family: TimesNewRomanPSMT,Times New Roman,Times,serif;" class="_mt" size="2"&gt;$&lt;/font&gt;&lt;/td&gt;
&lt;td style="border-bottom: #000000 3px double;" width="12%" align="right"&gt;&lt;font style="font-family: TimesNewRomanPSMT,Times New Roman,Times,serif;" class="_mt" size="2"&gt;1,132,313,000&lt;/font&gt;&lt;/td&gt;
&lt;td style="border-bottom: #000000 3px double;" width="2%" align="left"&gt;&amp;nbsp;&lt;/td&gt;&lt;/tr&gt;&lt;/table&gt;&lt;/div&gt;

&lt;p style="margin: 0px;"&gt;&amp;nbsp;&lt;/p&gt;

&lt;p style="text-align: left;"&gt;&amp;nbsp;&amp;nbsp;&amp;nbsp;&amp;nbsp;&amp;nbsp;&lt;font style="font-family: TimesNewRomanPSMT,Times New Roman,Times,serif;" class="_mt" size="3"&gt;On January 14, 2011, the Company acquired Colonial Commons, a shopping center located in Lower Paxton Township, Pennsylvania. The purchase price for the property was approximately $49.1 million (in addition, the Company incurred transactions costs of $0.6 million). At closing, the Company entered into a first mortgage in the amount of $28.1 million, which bears interest at 5.6% per annum and matures in February 2021.&lt;/font&gt;&lt;/p&gt;

&lt;p style="text-align: left;"&gt;&amp;nbsp;&amp;nbsp;&amp;nbsp;&amp;nbsp;&amp;nbsp;&lt;font style="font-family: TimesNewRomanPSMT,Times New Roman,Times,serif;" class="_mt" size="3"&gt;At December 31, 2011, substantially all of the Company's real estate was pledged as collateral for mortgage loans payable and the secured revolving credit facilities.&lt;/font&gt;&lt;/p&gt; &lt;/div&gt;</us-gaap:RealEstateDisclosureTextBlock>
  <us-gaap:RealEstateInvestmentPropertyAccumulatedDepreciation contextRef="As_Of_12_31_2010" unitRef="Unit1" decimals="0">157803000</us-gaap:RealEstateInvestmentPropertyAccumulatedDepreciation>
  <us-gaap:RealEstateInvestmentPropertyAccumulatedDepreciation contextRef="As_Of_12_31_2011" unitRef="Unit1" decimals="0">197608000</us-gaap:RealEstateInvestmentPropertyAccumulatedDepreciation>
  <us-gaap:RealEstateInvestmentPropertyNet contextRef="As_Of_12_31_2010" unitRef="Unit1" decimals="0">1132313000</us-gaap:RealEstateInvestmentPropertyNet>
  <us-gaap:RealEstateInvestmentPropertyNet contextRef="As_Of_12_31_2011" unitRef="Unit1" decimals="0">1171513000</us-gaap:RealEstateInvestmentPropertyNet>
  <us-gaap:RealEstateTaxExpense contextRef="Duration_1_1_2009_To_12_31_2009" unitRef="Unit1" decimals="0">15725000</us-gaap:RealEstateTaxExpense>
  <us-gaap:RealEstateTaxExpense contextRef="Duration_1_1_2010_To_12_31_2010" unitRef="Unit1" decimals="0">16151000</us-gaap:RealEstateTaxExpense>
  <us-gaap:RealEstateTaxExpense contextRef="Duration_1_1_2011_To_12_31_2011" unitRef="Unit1" decimals="0">16628000</us-gaap:RealEstateTaxExpense>
  <us-gaap:RepaymentsOfLongTermDebt contextRef="Duration_1_1_2009_To_12_31_2009" unitRef="Unit1" decimals="0">18203000</us-gaap:RepaymentsOfLongTermDebt>
  <us-gaap:RepaymentsOfLongTermDebt contextRef="Duration_1_1_2010_To_12_31_2010" unitRef="Unit1" decimals="0">20944000</us-gaap:RepaymentsOfLongTermDebt>
  <us-gaap:RepaymentsOfLongTermDebt contextRef="Duration_1_1_2011_To_12_31_2011" unitRef="Unit1" decimals="0">17404000</us-gaap:RepaymentsOfLongTermDebt>
  <us-gaap:RestrictedCashAndCashEquivalents contextRef="As_Of_12_31_2010" unitRef="Unit1" decimals="0">12493000</us-gaap:RestrictedCashAndCashEquivalents>
  <us-gaap:RestrictedCashAndCashEquivalents contextRef="As_Of_12_31_2011" unitRef="Unit1" decimals="0">14707000</us-gaap:RestrictedCashAndCashEquivalents>
  <us-gaap:Revenues contextRef="Duration_1_1_2009_To_12_31_2009" unitRef="Unit1" decimals="0">140395000</us-gaap:Revenues>
  <us-gaap:Revenues contextRef="Duration_1_1_2010_To_12_31_2010" unitRef="Unit1" decimals="0">131572000</us-gaap:Revenues>
  <us-gaap:Revenues contextRef="Duration_1_1_2011_To_12_31_2011" unitRef="Unit1" decimals="0">135413000</us-gaap:Revenues>
  <us-gaap:ScheduleOfSubsequentEventsTextBlock contextRef="Duration_1_1_2011_To_12_31_2011">&lt;div&gt; &lt;p style="text-align: left;"&gt;&lt;b&gt;&lt;font style="font-family: TimesNewRomanPS-BoldMT,Times New Roman,Times,serif;" class="_mt" size="3"&gt;Note 22. Subsequent Events&lt;/font&gt;&lt;/b&gt;&lt;/p&gt;

&lt;p style="text-align: left;"&gt;&amp;nbsp;&amp;nbsp;&amp;nbsp;&amp;nbsp;&amp;nbsp;&lt;font style="font-family: TimesNewRomanPSMT,Times New Roman,Times,serif;" class="_mt" size="3"&gt;In determining subsequent events, management reviewed all activity from January 1, 2012 through the date of filing this Annual Report on Form 10-K.&lt;/font&gt;&lt;/p&gt;

&lt;p style="text-align: left;"&gt;&amp;nbsp;&amp;nbsp;&amp;nbsp;&amp;nbsp;&amp;nbsp;&lt;font style="font-family: TimesNewRomanPSMT,Times New Roman,Times,serif;" class="_mt" size="3"&gt;On January 26, 2012, the Company's Board of Directors declared a dividend of $0.05 per share with respect to its common stock as well as an equal distribution per unit on its outstanding OP Units. At the same time, the Board declared a dividend of $0.5546875 per share with respect to the Company's 8-7/8% Series A Cumulative Redeemable Preferred Stock. The distributions are payable on February 21, 2012 to shareholders of record on February 10, 2012.&lt;/font&gt;&lt;/p&gt;

&lt;div&gt;&amp;nbsp;&amp;nbsp;&amp;nbsp;&lt;font style="font-family: TimesNewRomanPSMT,Times New Roman,Times,serif;" class="_mt" size="3"&gt;In January and February 2012, holders of 851,000 OP Units (including 554,000 mezzanine OP Units) converted their holdings to shares of the Company's common stock. In connection therewith, approximately $3.5 million of the December 31, 2011 carrying value of mezzanine OP Units will be reclassified to equity.&lt;/font&gt;&lt;/div&gt;

&lt;div&gt;&amp;nbsp;&lt;/div&gt;&lt;br /&gt; &lt;/div&gt;</us-gaap:ScheduleOfSubsequentEventsTextBlock>
  <us-gaap:ShareBasedCompensation contextRef="Duration_1_1_2009_To_12_31_2009" unitRef="Unit1" decimals="0">2433000</us-gaap:ShareBasedCompensation>
  <us-gaap:ShareBasedCompensation contextRef="Duration_1_1_2010_To_12_31_2010" unitRef="Unit1" decimals="0">2979000</us-gaap:ShareBasedCompensation>
  <us-gaap:ShareBasedCompensation contextRef="Duration_1_1_2011_To_12_31_2011" unitRef="Unit1" decimals="0">4890000</us-gaap:ShareBasedCompensation>
  <us-gaap:SharesIssued contextRef="As_Of_12_31_2008_us-gaap_StatementEquityComponentsAxis_us-gaap_CommonStockMember" unitRef="Unit12" decimals="INF">44468000</us-gaap:SharesIssued>
  <us-gaap:SharesIssued contextRef="As_Of_12_31_2008_us-gaap_StatementEquityComponentsAxis_us-gaap_PreferredStockMember" unitRef="Unit12" decimals="INF">3550000</us-gaap:SharesIssued>
  <us-gaap:SharesIssued contextRef="As_Of_12_31_2009_us-gaap_StatementEquityComponentsAxis_us-gaap_CommonStockMember" unitRef="Unit12" decimals="INF">52139000</us-gaap:SharesIssued>
  <us-gaap:SharesIssued contextRef="As_Of_12_31_2009_us-gaap_StatementEquityComponentsAxis_us-gaap_PreferredStockMember" unitRef="Unit12" decimals="INF">3550000</us-gaap:SharesIssued>
  <us-gaap:SharesIssued contextRef="As_Of_12_31_2010_us-gaap_StatementEquityComponentsAxis_us-gaap_CommonStockMember" unitRef="Unit12" decimals="INF">66520000</us-gaap:SharesIssued>
  <us-gaap:SharesIssued contextRef="As_Of_12_31_2010_us-gaap_StatementEquityComponentsAxis_us-gaap_PreferredStockMember" unitRef="Unit12" decimals="INF">6400000</us-gaap:SharesIssued>
  <us-gaap:SharesIssued contextRef="As_Of_12_31_2011_us-gaap_StatementEquityComponentsAxis_us-gaap_CommonStockMember" unitRef="Unit12" decimals="INF">67928000</us-gaap:SharesIssued>
  <us-gaap:SharesIssued contextRef="As_Of_12_31_2011_us-gaap_StatementEquityComponentsAxis_us-gaap_PreferredStockMember" unitRef="Unit12" decimals="INF">6400000</us-gaap:SharesIssued>
  <us-gaap:SignificantAccountingPoliciesTextBlock contextRef="Duration_1_1_2011_To_12_31_2011">&lt;div&gt; &lt;p style="text-align: left;"&gt;&lt;b&gt;&lt;font style="font-family: TimesNewRomanPS-BoldMT,Times New Roman,Times,serif;" class="_mt" size="3"&gt;Note 2. Summary of Significant Accounting Policies&lt;/font&gt;&lt;/b&gt;&lt;/p&gt;

&lt;p style="text-align: left;"&gt;&lt;b&gt;&lt;i&gt;&lt;font style="font-family: TimesNewRomanPS-BoldItalicMT,Times New Roman,Times,serif;" class="_mt" size="3"&gt;Principles of Consolidation/ Basis of Preparation&lt;/font&gt;&lt;/i&gt;&lt;/b&gt;&lt;/p&gt;

&lt;p style="text-align: left;"&gt;&amp;nbsp;&amp;nbsp;&amp;nbsp;&amp;nbsp;&amp;nbsp;&lt;font style="font-family: TimesNewRomanPSMT,Times New Roman,Times,serif;" class="_mt" size="3"&gt;The consolidated financial statements include the accounts and operations of the Company, the Operating Partnership, its subsidiaries, and certain joint venture partnerships in which it participates. The Company consolidates all variable interest entities ("VIEs") for which it is the primary beneficiary. Generally, a VIE is an entity with one or more of the following characteristics: (a) the total equity investment at risk is not sufficient to permit the entity to finance its activities without additional subordinated financial support, (b) as a group, the holders of the equity investment at risk (i) lack the power to make decisions about the entity's activities that significantly impacts the entity's performance through voting or similar rights, (ii) have no obligation to absorb the expected losses of the entity, or (iii) have no right to receive the expected residual returns of the entity, or (c) the equity investors have voting rights that are not proportional to their economic interests, and substantially all of the entity's activities either involve, or are conducted on behalf of, an investor that has disproportionately few voting rights. A VIE is required to be consolidated by its primary beneficiary. The primary beneficiary of a VIE has (i) the power to direct the activities that most significantly impact the entity's economic performance, and (ii) the obligation to absorb losses of the VIE or the right to receive benefits from the VIE that could be significant to the VIE. Significant judgments related to these determinations include estimates about the current and future fair values and performance of real estate held by these VIEs and general market conditions.&lt;/font&gt;&lt;/p&gt;

&lt;p style="text-align: left;"&gt;&amp;nbsp;&amp;nbsp;&amp;nbsp;&amp;nbsp;&amp;nbsp;&lt;font style="font-family: TimesNewRomanPSMT,Times New Roman,Times,serif;" class="_mt" size="3"&gt;With respect to its 13 consolidated joint ventures, the Company has general partnership interests of 20% in nine properties, 40% in two properties, 50% in one property, and 75% in one property. As (i) such entities are not VIEs, and (ii) the Company is the sole general partner and exercises substantial operating control over these entities, the Company has determined that such entities should be consolidated for financial statement purposes. Current accounting guidance provides a framework for determining whether a general partner controls, and should consolidate, a limited partnership or similar entity in which it owns a minority interest. Seven of the nine 20%-owned properties, and the 50%-owned and 75%-owned properties are treated as "held for sale/conveyance" at December 31, 2011 (see note 5 &amp;#8211; "Discontinued operations, land dispositions and write-off of investment in unconsolidated joint venture").&lt;/font&gt;&lt;/p&gt;

&lt;p style="text-align: left;"&gt;&amp;nbsp;&amp;nbsp;&amp;nbsp;&amp;nbsp;&amp;nbsp;&lt;font style="font-family: TimesNewRomanPSMT,Times New Roman,Times,serif;" class="_mt" size="3"&gt;The Company's has three 60%-owned joint ventures originally formed to develop the projects known as Upland Square, Heritage Crossings and Crossroads II. These joint ventures are consolidated as they are deemed to be VIEs and the Company is the primary beneficiary. In each case, the Company guarantees all related debt, the Company's partners are not required to fund additional capital requirements, the Company has an economic interest greater than its voting proportion, and the Company participates in the management activities that significantly impact the performance of these joint ventures. At December 31, 2011, these VIEs owned real estate with a carrying value of $143.6 million. At December 31, 2011, one of the VIEs had a property-&lt;/font&gt;&lt;font style="font-family: TimesNewRomanPSMT,Times New Roman,Times,serif;" class="_mt" size="3"&gt;specific mortgage loan payable aggregating $63.8 million, and the real estate owned by the other two VIEs partially collateralized the development property credit facility to the extent of $28.1 million. Heritage Crossings is treated as "held for sale/conveyance" at December 31, 2011 (see note 5 &amp;#8211; "Discontinued operations, land dispositions and write-off of investment in unconsolidated joint venture").&lt;/font&gt;&lt;/p&gt;

&lt;p style="text-align: left;"&gt;&amp;nbsp;&amp;nbsp;&amp;nbsp;&amp;nbsp;&amp;nbsp;&lt;font style="font-family: TimesNewRomanPSMT,Times New Roman,Times,serif;" class="_mt" size="3"&gt;At December 31, 2011, the Company had a deposit of $0.6 million on a land parcel to be purchased for future development. Although the entity holding the deposit is considered a VIE, the Company has not consolidated it as the Company is not the primary beneficiary.&lt;/font&gt;&lt;/p&gt;

&lt;p style="text-align: left;"&gt;&amp;nbsp;&amp;nbsp;&amp;nbsp;&amp;nbsp;&amp;nbsp;&lt;font style="font-family: TimesNewRomanPSMT,Times New Roman,Times,serif;" class="_mt" size="3"&gt;With respect to its remaining unconsolidated joint venture, the Company has a 20% interest in a joint venture with RioCan Real Estate Investment Trust of Toronto, Canada, a publicly-traded Canadian real estate investment trust ("RioCan"), formed initially for the acquisition of seven shopping center properties owned by the Company; all seven properties had been transferred to the joint venture by May 2010 and, as of December 31, 2011, the joint venture owned 22 properties. Although the Company provides management and other services, RioCan has significant management participation rights. The Company has determined that this joint venture is not a VIE and, accordingly, the Company accounts for its investment in this joint venture under the equity method. The accounting treatment presentation on the accompanying consolidated statements of operations for 2010 and 2009 reflects the results of the properties' operations through the respective dates of transfer in current operations and, prospectively following their transfer to the joint venture, as "equity in income of unconsolidated joint ventures". Accordingly, the accompanying statements of operations for 2010 and 2009 include revenues of $3.3 million and $18.6 million, respectively, applicable to the periods prior to the dates of transfer.&lt;/font&gt;&lt;/p&gt;

&lt;p style="text-align: left;"&gt;&amp;nbsp;&amp;nbsp;&amp;nbsp;&amp;nbsp;&amp;nbsp;&lt;font style="font-family: TimesNewRomanPSMT,Times New Roman,Times,serif;" class="_mt" size="3"&gt;Until June 2011, the Company had an approximate 85% limited partner's interest in an unconsolidated joint venture (increased in the second quarter of 2011 from approximately 76% for a payment of $745,000) which owned a single-tenant property in Philadelphia, Pennsylvania. The Company had determined that this joint venture was not a VIE, as the Company had no control over the entity, did not provide any management or other services to the entity, and had no substantial participating or "kick out" rights. The Company had accounted for its investment in this joint venture under the equity method. In exchange for a payment by the Company of $838,000 to its joint venture partners, the Company (a) obtained appropriate releases, (b) assigned its limited partnership interest to other partners of the joint venture, and (c) wrote off its investment in the joint venture (all as more fully discussed note 5 &amp;#8211; "Discontinued operations, land dispositions and write-off of investment in unconsolidated joint venture").&lt;/font&gt;&lt;/p&gt;

&lt;p style="text-align: left;"&gt;&amp;nbsp;&amp;nbsp;&amp;nbsp;&amp;nbsp;&amp;nbsp;&lt;font style="font-family: TimesNewRomanPSMT,Times New Roman,Times,serif;" class="_mt" size="3"&gt;The accompanying financial statements are prepared on the accrual basis in accordance with accounting principles generally accepted in the United States ("GAAP"), which requires management to make estimates and assumptions that affect the disclosure of contingent assets and liabilities, the reported amounts of assets and liabilities at the date of the financial &lt;/font&gt;&lt;font style="font-family: TimesNewRomanPSMT,Times New Roman,Times,serif;" class="_mt" size="3"&gt;statements, and the reported amounts of revenue and expenses during the periods covered by the financial statements. Actual results could differ from these estimates.&lt;/font&gt;&lt;/p&gt;

&lt;p style="text-align: left;"&gt;&amp;nbsp;&amp;nbsp;&amp;nbsp;&amp;nbsp;&amp;nbsp;&lt;font style="font-family: TimesNewRomanPSMT,Times New Roman,Times,serif;" class="_mt" size="3"&gt;The consolidated financial statements reflect certain reclassifications of prior period amounts to conform to the 2011 presentation, principally to reflect the sale and/or treatment as "held for sale/conveyance" of certain operating properties and the treatment thereof as "discontinued operations". The reclassifications had no impact on previously-reported net income attributable to common shareholders or earnings per share.&lt;/font&gt;&lt;/p&gt;

&lt;p style="text-align: left;"&gt;&lt;b&gt;&lt;i&gt;&lt;font style="font-family: TimesNewRomanPS-BoldItalicMT,Times New Roman,Times,serif;" class="_mt" size="3"&gt;Real Estate Investments&lt;/font&gt;&lt;/i&gt;&lt;/b&gt;&lt;/p&gt;

&lt;p style="text-align: left;"&gt;&amp;nbsp;&amp;nbsp;&amp;nbsp;&amp;nbsp;&amp;nbsp;&lt;font style="font-family: TimesNewRomanPSMT,Times New Roman,Times,serif;" class="_mt" size="3"&gt;Real estate investments are carried at cost less accumulated depreciation. The provision for depreciation is calculated using the straight-line method based upon the estimated useful lives of the respective assets of between 3 and 40 years. Depreciation expense amounted to $40.0 million, $32.3 million and $36.0 million for 2011, 2010 and 2009, respectively. Expenditures for betterments that substantially extend the useful lives of the assets are capitalized. Expenditures for maintenance, repairs, and betterments that do not substantially prolong the normal useful life of an asset are charged to operations as incurred.&lt;/font&gt;&lt;/p&gt;

&lt;p style="text-align: left;"&gt;&amp;nbsp;&amp;nbsp;&amp;nbsp;&amp;nbsp;&amp;nbsp;&lt;font style="font-family: TimesNewRomanPSMT,Times New Roman,Times,serif;" class="_mt" size="3"&gt;Real estate investments include costs of ground-up development and redevelopment activities, and construction in progress. Capitalized costs, including interest and other carrying costs during the construction and/or renovation periods, are included in the cost of the related asset and charged to operations through depreciation over the asset's estimated useful life. A variety of costs are incurred in the acquisition, development and leasing of a property, such as pre-construction costs essential to the development of the property, development costs, construction costs, interest costs, real estate taxes, salaries and related costs, and other costs incurred during the period of development. After a determination is made to capitalize a cost, it is allocated to the specific component of a project that is benefited. The Company ceases capitalization on the portions substantially completed and occupied, or held available for occupancy, and capitalizes only those costs associated with the portions under development. The Company considers a construction project to be substantially completed and held available for occupancy upon the completion of tenant improvements, but not later than one year from cessation of major construction activity.&lt;/font&gt;&lt;/p&gt;

&lt;p style="text-align: left;"&gt;&amp;nbsp;&amp;nbsp;&amp;nbsp;&amp;nbsp;&amp;nbsp;&lt;font style="font-family: TimesNewRomanPSMT,Times New Roman,Times,serif;" class="_mt" size="3"&gt;The Company allocates the fair value of real estate acquired to land, buildings and improvements. In addition, the fair value of in-place leases is allocated to intangible lease assets and liabilities. The fair value of the tangible assets of an acquired property is determined by valuing the property as if it were vacant, which value is then allocated to land, buildings and improvements based on management's determination of the relative fair values of these assets. In valuing an acquired property's intangibles, factors considered by management include an estimate of carrying costs during the expected lease-up periods, such as real estate taxes, insurance, other operating expenses, and estimates of lost rental revenue during the expected &lt;/font&gt;&lt;font style="font-family: TimesNewRomanPSMT,Times New Roman,Times,serif;" class="_mt" size="3"&gt;lease-up periods based on its evaluation of current market demand. Management also estimates costs to execute similar leases, including leasing commissions, tenant improvements, legal and other related costs.&lt;/font&gt;&lt;/p&gt;

&lt;p style="text-align: left;"&gt;&amp;nbsp;&amp;nbsp;&amp;nbsp;&amp;nbsp;&amp;nbsp;&lt;font style="font-family: TimesNewRomanPSMT,Times New Roman,Times,serif;" class="_mt" size="3"&gt;The values of acquired above-market and below-market leases are recorded based on the present values (using discount rates which reflect the risks associated with the leases acquired) of the differences between the contractual amounts to be received and management's estimate of market lease rates, measured over the terms of the respective leases that management deemed appropriate at the time of the acquisitions. Such valuations include a consideration of the non-cancellable terms of the respective leases as well as any applicable renewal period(s). The fair values associated with below-market rental renewal options are determined based on the Company's experience and the relevant facts and circumstances that existed at the time of the acquisitions. The values of above-market leases are amortized to rental income over the terms of the respective non-cancelable lease periods. The portion of the values of below-market leases associated with the original non-cancelable lease terms are amortized to rental income over the terms of the respective non-cancelable lease periods. The portion of the values of the leases associated with below-market renewal options that are likely of exercise are amortized to rental income over the respective renewal periods. The value of other intangible assets (including leasing commissions, tenant improvements, etc.) is amortized to expense over the applicable terms of the respective leases. If a lease were to be terminated prior to its stated expiration or not renewed, all unamortized amounts relating to that lease would be recognized in operations at that time.&lt;/font&gt;&lt;/p&gt;

&lt;p style="text-align: left;"&gt;&amp;nbsp;&amp;nbsp;&amp;nbsp;&amp;nbsp;&amp;nbsp;&lt;font style="font-family: TimesNewRomanPSMT,Times New Roman,Times,serif;" class="_mt" size="3"&gt;Management reviews each real estate investment for impairment whenever events or circumstances indicate that the carrying value of a real estate investment may not be recoverable. The review of recoverability of real estate investments held for use is based on an estimate of the future cash flows that are expected to result from the real estate investment's use and eventual disposition. These cash flows consider factors such as expected future operating income, trends and prospects, as well as the effects of leasing demand, capital expenditures, competition and other factors. If an impairment event exists due to the projected inability to recover the carrying value of a real estate investment, an impairment loss is recorded to the extent that the carrying value exceeds estimated fair value. Real estate investments held for sale/conveyance are carried at the lower of their respective carrying amounts or estimated fair values, less costs to sell. Depreciation and amortization are suspended during the periods held for sale/conveyance.&lt;/font&gt;&lt;/p&gt;

&lt;p style="text-align: left;"&gt;&amp;nbsp;&amp;nbsp;&amp;nbsp;&amp;nbsp;&amp;nbsp;&lt;font style="font-family: TimesNewRomanPSMT,Times New Roman,Times,serif;" class="_mt" size="3"&gt;Sales of real estate are recognized only when sufficient down payments have been obtained, possession and other attributes of ownership have been transferred to the buyer and the Company has no significant continuing involvement. The Company believes these criteria were met for all real estate sold during 2011, 2010 and 2009.&lt;/font&gt;&lt;/p&gt;

&lt;p style="text-align: left;"&gt;&amp;nbsp;&amp;nbsp;&amp;nbsp;&amp;nbsp;&amp;nbsp;&lt;font style="font-family: TimesNewRomanPSMT,Times New Roman,Times,serif;" class="_mt" size="3"&gt;During 2011, 2010, and 2009, the Company expensed acquisition transaction costs of $0.9 million, $0 and $1.6 million, respectively, related to the properties the Company acquired.&lt;/font&gt;&lt;/p&gt;

&lt;div&gt;&amp;nbsp;&amp;nbsp;&amp;nbsp;&amp;nbsp;&amp;nbsp;&lt;font style="font-family: TimesNewRomanPSMT,Times New Roman,Times,serif;" class="_mt" size="3"&gt;During 2011, 2010 and 2009, the Company wrote-off costs incurred for potential development projects that the Company determined would not go forward $0.5 million, $1.3 million and $2.8 million, respectively.&lt;/font&gt;&lt;/div&gt;

&lt;p style="text-align: left;"&gt;&amp;nbsp;&amp;nbsp;&amp;nbsp;&amp;nbsp;&lt;font style="font-family: TimesNewRomanPSMT,Times New Roman,Times,serif;" class="_mt" size="3"&gt;During 2010, the Company incurred fees to its investment advisor of $2.7 million related to the Cedar/RioCan joint venture.&lt;/font&gt;&lt;/p&gt;

&lt;p style="text-align: left;"&gt;&lt;b&gt;&lt;i&gt;&lt;font style="font-family: TimesNewRomanPS-BoldItalicMT,Times New Roman,Times,serif;" class="_mt" size="3"&gt;Cash and Cash Equivalents / Restricted Cash&lt;/font&gt;&lt;/i&gt;&lt;/b&gt;&lt;/p&gt;

&lt;p style="text-align: left;"&gt;&amp;nbsp;&amp;nbsp;&amp;nbsp;&amp;nbsp;&amp;nbsp;&lt;font style="font-family: TimesNewRomanPSMT,Times New Roman,Times,serif;" class="_mt" size="3"&gt;Cash and cash equivalents consist of cash in banks and short-term investments with original maturities of less than ninety days, and include cash at consolidated joint ventures of $7.7 million and $6.7 million at December 31, 2011 and 2010, respectively.&lt;/font&gt;&lt;/p&gt;

&lt;p style="text-align: left;"&gt;&amp;nbsp;&amp;nbsp;&amp;nbsp;&amp;nbsp;&amp;nbsp;&lt;font style="font-family: TimesNewRomanPSMT,Times New Roman,Times,serif;" class="_mt" size="3"&gt;The terms of several of the Company's mortgage loans payable require the Company to deposit certain replacement and other reserves with its lenders. Such "restricted cash" is generally available only for property-level requirements for which the reserves have been established.&lt;/font&gt;&lt;/p&gt;

&lt;p style="text-align: left;"&gt;&lt;b&gt;&lt;i&gt;&lt;font style="font-family: TimesNewRomanPS-BoldItalicMT,Times New Roman,Times,serif;" class="_mt" size="3"&gt;Fair Value Measurements&lt;/font&gt;&lt;/i&gt;&lt;/b&gt;&lt;/p&gt;

&lt;p style="text-align: left;"&gt;&amp;nbsp;&amp;nbsp;&amp;nbsp;&amp;nbsp;&amp;nbsp;&lt;font style="font-family: TimesNewRomanPSMT,Times New Roman,Times,serif;" class="_mt" size="3"&gt;The fair value measurement accounting guidance establishes a fair value hierarchy that prioritizes observable and unobservable inputs used to measure fair value into three levels:&lt;/font&gt;&lt;/p&gt;

&lt;ul&gt;

&lt;li&gt;&lt;font style="font-family: TimesNewRomanPSMT,Times New Roman,Times,serif;" class="_mt" size="3"&gt;Level 1 &amp;#8211; Inputs to the valuation methodology are quoted prices (unadjusted) for&lt;/font&gt; &lt;font style="font-family: TimesNewRomanPSMT,Times New Roman,Times,serif;" class="_mt" size="3"&gt;identical assets or liabilities in active markets.&lt;/font&gt;
&lt;/li&gt;
&lt;li&gt;&lt;font style="font-family: TimesNewRomanPSMT,Times New Roman,Times,serif;" class="_mt" size="3"&gt;Level 2 &amp;#8211; Inputs to the valuation methodology include quoted prices for similar assets&lt;/font&gt; &lt;font style="font-family: TimesNewRomanPSMT,Times New Roman,Times,serif;" class="_mt" size="3"&gt;and liabilities in active markets, and inputs that are observable for the asset or&lt;/font&gt; &lt;font style="font-family: TimesNewRomanPSMT,Times New Roman,Times,serif;" class="_mt" size="3"&gt;liability, either directly or indirectly, for substantially the full term of the financial&lt;/font&gt; &lt;font style="font-family: TimesNewRomanPSMT,Times New Roman,Times,serif;" class="_mt" size="3"&gt;instrument.&lt;/font&gt;
&lt;/li&gt;
&lt;li&gt;&lt;font style="font-family: TimesNewRomanPSMT,Times New Roman,Times,serif;" class="_mt" size="3"&gt;Level 3 &amp;#8211; Inputs to the valuation methodology are unobservable and significant to the&lt;/font&gt; &lt;font style="font-family: TimesNewRomanPSMT,Times New Roman,Times,serif;" class="_mt" size="3"&gt;fair value measurement.&lt;/font&gt; &lt;/li&gt;&lt;/ul&gt;

&lt;p style="text-align: left;"&gt;&amp;nbsp;&amp;nbsp;&amp;nbsp;&amp;nbsp;&amp;nbsp;&lt;font style="font-family: TimesNewRomanPSMT,Times New Roman,Times,serif;" class="_mt" size="3"&gt;The fair value hierarchy gives the highest priority to Level 1 inputs and the lowest priority to Level 3 inputs. In determining fair value, the Company utilizes valuation techniques that maximize the use of observable inputs and minimize the use of unobservable inputs to the extent possible while also considering counterparty credit risk in the assessment of fair value. Financial liabilities measured at fair value in the consolidated financial statements consist of interest rate swaps. The fair values of interest rate swaps are determined using widely accepted valuation techniques, including discounted cash flow analysis, on the expected cash flows of each derivative. The analysis reflects the contractual terms of the swaps, including the period to &lt;/font&gt;&lt;font style="font-family: TimesNewRomanPSMT,Times New Roman,Times,serif;" class="_mt" size="3"&gt;maturity, and uses observable market-based inputs, including interest rate curves ("significant other observable inputs"). The fair value calculation also includes an amount for risk of non-performance using "significant unobservable inputs" such as estimates of current credit spreads to evaluate the likelihood of default. The Company has concluded, as of December 31, 2011, that the fair value associated with the "significant unobservable inputs" relating to the Company's risk of non-performance was insignificant to the overall fair value of the interest rate swap agreements and, as a result, the Company has determined that the relevant inputs for purposes of calculating the fair value of the interest rate swap agreements, in their entirety, were based upon "significant other observable inputs". Nonfinancial assets and liabilities measured at fair value in the consolidated financial statements consists of real estate held for sale/conveyance-discontinued operations.&lt;/font&gt;&lt;/p&gt;

&lt;p style="text-align: left;"&gt;&lt;b&gt;&lt;i&gt;&lt;font style="font-family: TimesNewRomanPS-BoldItalicMT,Times New Roman,Times,serif;" class="_mt" size="3"&gt;Revenue Recognition and Receivables&lt;/font&gt;&lt;/i&gt;&lt;/b&gt;&lt;/p&gt;

&lt;p style="text-align: left;"&gt;&amp;nbsp;&amp;nbsp;&amp;nbsp;&amp;nbsp;&amp;nbsp;&lt;font style="font-family: TimesNewRomanPSMT,Times New Roman,Times,serif;" class="_mt" size="3"&gt;Management has determined that all of the Company's leases with its various tenants are operating leases. Rental income with scheduled rent increases is recognized using the straight-line method over the respective non-cancelable terms of the leases. The aggregate excess of rental revenue recognized on a straight-line basis over the contractual base rents is included in straight-line rents on the consolidated balance sheet. Leases also generally contain provisions under which the tenants reimburse the Company for a portion of property operating expenses and real estate taxes incurred, generally attributable to their respective allocable portions of gross leasable area. Such income is recognized in the periods earned. In addition, a limited number of operating leases contain contingent rent provisions under which tenants are required to pay, as additional rent, a percentage of their sales in excess of a specified amount. The Company defers recognition of contingent rental income until those specified sales targets are met.&lt;/font&gt;&lt;/p&gt;

&lt;p style="text-align: left;"&gt;&amp;nbsp;&amp;nbsp;&amp;nbsp;&amp;nbsp;&amp;nbsp;&lt;font style="font-family: TimesNewRomanPSMT,Times New Roman,Times,serif;" class="_mt" size="3"&gt;The Company must make estimates as to the collectability of its accounts receivable related to base rent, straight-line rent, percentage rent, expense reimbursements and other revenues. When management analyzes accounts receivable and evaluates the adequacy of the allowance for doubtful accounts, it considers such things as historical bad debts, tenant creditworthiness, current economic trends, current developments relevant to a tenant's business specifically and to its business category generally, and changes in tenants' payment patterns. The allowance for doubtful accounts was $5.8 million and $5.4 million at December 31, 2011 and 2010, respectively. The provision for doubtful accounts (included in operating, maintenance and management expenses) was $1.9 million, $2.1 million and $2.0 million in 2011, 2010 and 2009, respectively.&lt;/font&gt;&lt;/p&gt;

&lt;p style="text-align: left;"&gt;&lt;b&gt;&lt;i&gt;&lt;font style="font-family: TimesNewRomanPS-BoldItalicMT,Times New Roman,Times,serif;" class="_mt" size="3"&gt;Income Taxes&lt;/font&gt;&lt;/i&gt;&lt;/b&gt;&lt;/p&gt;

&lt;p style="text-align: left;"&gt;&amp;nbsp;&amp;nbsp;&amp;nbsp;&amp;nbsp;&amp;nbsp;&lt;font style="font-family: TimesNewRomanPSMT,Times New Roman,Times,serif;" class="_mt" size="3"&gt;The Company has elected to be taxed as a REIT under the Internal Revenue Code of 1986, as amended (the "Code"). A REIT will generally not be subject to federal income taxation on that portion of its income that qualifies as REIT taxable income, to the extent that it &lt;/font&gt;&lt;font style="font-family: TimesNewRomanPSMT,Times New Roman,Times,serif;" class="_mt" size="3"&gt;distributes at least 90% of such REIT taxable income to its shareholders and complies with certain other requirements. As of December 30, 2011, the Company was in compliance with all REIT requirements.&lt;/font&gt;&lt;/p&gt;

&lt;p style="text-align: left;"&gt;&amp;nbsp;&amp;nbsp;&amp;nbsp;&amp;nbsp;&amp;nbsp;&lt;font style="font-family: TimesNewRomanPSMT,Times New Roman,Times,serif;" class="_mt" size="3"&gt;The Company follows a two-step approach for evaluating uncertain federal, state and local tax positions. Recognition (step one) occurs when an enterprise concludes that a tax position, based solely on its technical merits, is more-likely-than-not to be sustained upon examination. Measurement (step two) determines the amount of benefit that more-likely-than-not will be realized upon settlement. Derecognition of a tax position that was previously recognized would occur when a company subsequently determines that a tax position no longer meets the more-likely-than-not threshold of being sustained. The Company has not identified any uncertain tax positions which would require an accrual.&lt;/font&gt;&lt;/p&gt;

&lt;p style="text-align: left;"&gt;&lt;b&gt;&lt;i&gt;&lt;font style="font-family: TimesNewRomanPS-BoldItalicMT,Times New Roman,Times,serif;" class="_mt" size="3"&gt;Derivative Financial Instruments&lt;/font&gt;&lt;/i&gt;&lt;/b&gt;&lt;/p&gt;

&lt;p style="text-align: left;"&gt;&amp;nbsp;&amp;nbsp;&amp;nbsp;&amp;nbsp;&amp;nbsp;&lt;font style="font-family: TimesNewRomanPSMT,Times New Roman,Times,serif;" class="_mt" size="3"&gt;The Company occasionally utilizes derivative financial instruments, principally interest rate swaps, to manage its exposure to fluctuations in interest rates. The Company has established policies and procedures for risk assessment, and the approval, reporting and monitoring of derivative financial instruments. Derivative financial instruments must be effective in reducing the Company's interest rate risk exposure in order to qualify for hedge accounting. When the terms of an underlying transaction are modified, or when the underlying hedged item ceases to exist, all changes in the fair value of the instrument are marked-to-market with changes in value included in net income for each period until the derivative financial instrument matures or is settled. Any derivative financial instrument used for risk management that does not meet the hedging criteria is marked-to-market with the changes in value included in net income. The Company has not entered into, and does not plan to enter into, derivative financial instruments for trading or speculative purposes.&lt;/font&gt;&lt;/p&gt;

&lt;p style="text-align: left;"&gt;&lt;b&gt;&lt;i&gt;&lt;font style="font-family: TimesNewRomanPS-BoldItalicMT,Times New Roman,Times,serif;" class="_mt" size="3"&gt;Noncontrolling Interest - Limited Partners' Mezzanine OP Units&lt;/font&gt;&lt;/i&gt;&lt;/b&gt;&lt;/p&gt;

&lt;p style="text-align: left;"&gt;&amp;nbsp;&amp;nbsp;&amp;nbsp;&amp;nbsp;&amp;nbsp;&lt;font style="font-family: TimesNewRomanPSMT,Times New Roman,Times,serif;" class="_mt" size="3"&gt;The Company follows the accounting guidance related to noncontrolling interests in consolidated financial statements, which clarifies that a noncontrolling interest in a subsidiary (minority interests or certain limited partners' interest, in the case of the Company), subject to the classification and measurement of redeemable securities, is an ownership interest in a consolidated entity which should be reported as equity in the parent company's consolidated financial statements. The guidance requires a reconciliation of the beginning and ending balances of equity attributable to noncontrolling interests and disclosure, on the face of the consolidated income statement, of those amounts of consolidated net income attributable to the noncontrolling interests. The Company classifies the balances related to minority interests in consolidated joint ventures and limited partners' interest in the Operating Partnership into the consolidated equity accounts, as appropriate. Certain noncontrolling interests of the Company are classified in the mezzanine section of the balance sheet (the "mezzanine OP Units") as such OP Units do not &lt;/font&gt;&lt;font style="font-family: TimesNewRomanPSMT,Times New Roman,Times,serif;" class="_mt" size="3"&gt;meet the requirements for equity classification (certain of the holders of such OP Units have registration rights that provide such holders with the right to demand registration under the federal securities laws of the common stock of the Company issuable upon conversion of such OP Units). The Company adjusts the carrying value of the mezzanine OP Units each period to equal the greater of its historical carrying value or its redemption value. Through December 31, 2011, there have been no cumulative net adjustments recorded to the carrying amounts of the mezzanine OP Units.&lt;/font&gt;&lt;/p&gt;

&lt;p style="text-align: left;"&gt;&lt;b&gt;&lt;i&gt;&lt;font style="font-family: TimesNewRomanPS-BoldItalicMT,Times New Roman,Times,serif;" class="_mt" size="3"&gt;Share-Based Compensation&lt;/font&gt;&lt;/i&gt;&lt;/b&gt;&lt;/p&gt;

&lt;p style="text-align: left;"&gt;&amp;nbsp;&amp;nbsp;&amp;nbsp;&amp;nbsp;&amp;nbsp;&lt;font style="font-family: TimesNewRomanPSMT,Times New Roman,Times,serif;" class="_mt" size="3"&gt;The Company's 2004 Stock Incentive Plan (the "Incentive Plan") establishes the procedures for the granting of incentive stock options, stock appreciation rights, restricted shares, performance units and performance shares. The maximum number of shares of the Company's common stock that may be issued pursuant to the Incentive Plan is 4,850,000 (including a 2,100,000 share increase approved by shareholders on June 15, 2011), and the maximum number of shares that may be granted to a participant in any calendar year may not exceed 250,000. All grants issued pursuant to the Incentive Plan are "restricted stock grants" which generally vest (i) at the end of designated time periods for time-based grants, or (ii) upon the completion of a designated period of performance for performance-based grants and satisfaction of performance criteria. Time&amp;#8211;based grants are valued according to the market price for the Company's common stock at the date of grant. For performance-based grants, the Company generally engages an independent appraisal company to determine the value of the shares at the date of grant, taking into account the underlying contingency risks associated with the performance criteria. The value of all grants is being expensed on a straight-line basis over the respective vesting periods (irrespective of achievement of the performance-based grants) adjusted, as applicable, for forfeitures. For restricted share grants subject to graded vesting, the amounts expensed are at least equal to the measured expense of each vested tranche. Based on the current terms of the Incentive Plan, those grants of restricted shares that are transferred to Rabbi Trusts are classified as treasury stock on the Company's consolidated balance sheet.&lt;/font&gt;&lt;/p&gt;

&lt;div&gt;&amp;nbsp;&lt;/div&gt;&lt;br /&gt;

&lt;p style="text-align: center;"&gt;&lt;b&gt;&lt;i&gt;&lt;font style="font-family: TimesNewRomanPS-BoldItalicMT,Times New Roman,Times,serif;" class="_mt" size="3"&gt;Supplemental Consolidated Statements of Cash Flows Information&lt;/font&gt;&lt;/i&gt;&lt;/b&gt;&lt;/p&gt;

&lt;div&gt;

&lt;table border="0" cellspacing="0"&gt;
&lt;tr&gt;&lt;td width="48%"&gt;&amp;nbsp;&lt;/td&gt;
&lt;td width="2%"&gt;&amp;nbsp;&lt;/td&gt;
&lt;td width="10%"&gt;&amp;nbsp;&lt;/td&gt;
&lt;td width="2%"&gt;&amp;nbsp;&lt;/td&gt;
&lt;td width="2%"&gt;&amp;nbsp;&lt;/td&gt;
&lt;td width="10%"&gt;&amp;nbsp;&lt;/td&gt;
&lt;td width="2%"&gt;&amp;nbsp;&lt;/td&gt;
&lt;td width="2%"&gt;&amp;nbsp;&lt;/td&gt;
&lt;td width="10%"&gt;&amp;nbsp;&lt;/td&gt;
&lt;td width="2%"&gt;&amp;nbsp;&lt;/td&gt;&lt;/tr&gt;
&lt;tr valign="bottom"&gt;&lt;td width="48%" align="left"&gt;&amp;nbsp;&lt;/td&gt;
&lt;td style="border-bottom: #000000 1px solid;" width="42%" colspan="9" align="center"&gt;&lt;b&gt;&lt;font style="font-family: TimesNewRomanPS-BoldMT,Times New Roman,Times,serif;" class="_mt" size="3"&gt;Years ended December 31,&lt;/font&gt;&lt;/b&gt;&lt;/td&gt;&lt;/tr&gt;
&lt;tr valign="bottom"&gt;&lt;td width="48%" align="left"&gt;&amp;nbsp;&lt;/td&gt;
&lt;td style="border-bottom: #000000 1px solid;" width="14%" colspan="3" align="center"&gt;&lt;b&gt;&lt;font style="font-family: TimesNewRomanPS-BoldMT,Times New Roman,Times,serif;" class="_mt" size="3"&gt;2011&lt;/font&gt;&lt;/b&gt;&lt;/td&gt;
&lt;td style="border-bottom: #000000 1px solid;" width="14%" colspan="3" align="center"&gt;&lt;b&gt;&lt;font style="font-family: TimesNewRomanPS-BoldMT,Times New Roman,Times,serif;" class="_mt" size="3"&gt;2010&lt;/font&gt;&lt;/b&gt;&lt;/td&gt;
&lt;td style="border-bottom: #000000 1px solid;" width="14%" colspan="3" align="center"&gt;&lt;b&gt;&lt;font style="font-family: TimesNewRomanPS-BoldMT,Times New Roman,Times,serif;" class="_mt" size="3"&gt;2009&lt;/font&gt;&lt;/b&gt;&lt;/td&gt;&lt;/tr&gt;
&lt;tr valign="bottom"&gt;&lt;td width="48%" align="left"&gt;&lt;font style="font-family: TimesNewRomanPSMT,Times New Roman,Times,serif;" class="_mt" size="3"&gt;Supplementaldisclosure of cash activities:&lt;/font&gt;&lt;/td&gt;
&lt;td width="2%" align="left"&gt;&amp;nbsp;&lt;/td&gt;
&lt;td width="10%" align="left"&gt;&amp;nbsp;&lt;/td&gt;
&lt;td width="2%" align="left"&gt;&amp;nbsp;&lt;/td&gt;
&lt;td width="2%" align="right"&gt;&amp;nbsp;&lt;/td&gt;
&lt;td width="10%" align="left"&gt;&amp;nbsp;&lt;/td&gt;
&lt;td width="2%" align="left"&gt;&amp;nbsp;&lt;/td&gt;
&lt;td width="2%" align="right"&gt;&amp;nbsp;&lt;/td&gt;
&lt;td width="10%" align="left"&gt;&amp;nbsp;&lt;/td&gt;
&lt;td width="2%" align="left"&gt;&amp;nbsp;&lt;/td&gt;&lt;/tr&gt;
&lt;tr valign="bottom"&gt;&lt;td style="text-indent: 1px;" width="48%" align="left"&gt;&lt;font style="font-family: TimesNewRomanPSMT,Times New Roman,Times,serif;" class="_mt" size="3"&gt;Cash paid for interest&lt;/font&gt;&lt;/td&gt;
&lt;td width="2%" align="left"&gt;&lt;font style="font-family: TimesNewRomanPSMT,Times New Roman,Times,serif;" class="_mt" size="3"&gt;$&lt;/font&gt;&lt;/td&gt;
&lt;td width="10%" align="right"&gt;&lt;font style="font-family: TimesNewRomanPSMT,Times New Roman,Times,serif;" class="_mt" size="3"&gt;47,611,000&lt;/font&gt;&lt;/td&gt;
&lt;td width="2%" align="left"&gt;&amp;nbsp;&lt;/td&gt;
&lt;td width="2%" align="right"&gt;&lt;font style="font-family: TimesNewRomanPSMT,Times New Roman,Times,serif;" class="_mt" size="3"&gt;$&lt;/font&gt;&lt;/td&gt;
&lt;td width="10%" align="right"&gt;&lt;font style="font-family: TimesNewRomanPSMT,Times New Roman,Times,serif;" class="_mt" size="3"&gt;46,247,000&lt;/font&gt;&lt;/td&gt;
&lt;td width="2%" align="left"&gt;&amp;nbsp;&lt;/td&gt;
&lt;td width="2%" align="right"&gt;&lt;font style="font-family: TimesNewRomanPSMT,Times New Roman,Times,serif;" class="_mt" size="3"&gt;$&lt;/font&gt;&lt;/td&gt;
&lt;td width="10%" align="right"&gt;&lt;font style="font-family: TimesNewRomanPSMT,Times New Roman,Times,serif;" class="_mt" size="3"&gt;50,413,000&lt;/font&gt;&lt;/td&gt;
&lt;td width="2%" align="left"&gt;&amp;nbsp;&lt;/td&gt;&lt;/tr&gt;
&lt;tr valign="bottom"&gt;&lt;td width="48%" align="left"&gt;&lt;font style="font-family: TimesNewRomanPSMT,Times New Roman,Times,serif;" class="_mt" size="3"&gt;Supplementaldisclosure of non-cash activities:&lt;/font&gt;&lt;/td&gt;
&lt;td width="2%" align="left"&gt;&amp;nbsp;&lt;/td&gt;
&lt;td width="10%" align="left"&gt;&amp;nbsp;&lt;/td&gt;
&lt;td width="2%" align="left"&gt;&amp;nbsp;&lt;/td&gt;
&lt;td width="2%" align="right"&gt;&amp;nbsp;&lt;/td&gt;
&lt;td width="10%" align="left"&gt;&amp;nbsp;&lt;/td&gt;
&lt;td width="2%" align="left"&gt;&amp;nbsp;&lt;/td&gt;
&lt;td width="2%" align="right"&gt;&amp;nbsp;&lt;/td&gt;
&lt;td width="10%" align="left"&gt;&amp;nbsp;&lt;/td&gt;
&lt;td width="2%" align="left"&gt;&amp;nbsp;&lt;/td&gt;&lt;/tr&gt;
&lt;tr valign="bottom"&gt;&lt;td style="text-indent: 1px;" width="48%" align="left"&gt;&lt;font style="font-family: TimesNewRomanPSMT,Times New Roman,Times,serif;" class="_mt" size="3"&gt;Assumption ofmortgage loans payable - acquisitions&lt;/font&gt;&lt;/td&gt;
&lt;td width="2%" align="left"&gt;&amp;nbsp;&lt;/td&gt;
&lt;td width="10%" align="right"&gt;&lt;font style="font-family: TimesNewRomanPSMT,Times New Roman,Times,serif;" class="_mt" size="3"&gt;-&lt;/font&gt;&lt;/td&gt;
&lt;td width="2%" align="left"&gt;&amp;nbsp;&lt;/td&gt;
&lt;td width="2%" align="right"&gt;&amp;nbsp;&lt;/td&gt;
&lt;td width="10%" align="right"&gt;&lt;font style="font-family: TimesNewRomanPSMT,Times New Roman,Times,serif;" class="_mt" size="3"&gt;(12,967,000&lt;/font&gt;&lt;/td&gt;
&lt;td width="2%" align="left"&gt;&lt;font style="font-family: TimesNewRomanPSMT,Times New Roman,Times,serif;" class="_mt" size="3"&gt;)&lt;/font&gt;&lt;/td&gt;
&lt;td width="2%" align="right"&gt;&amp;nbsp;&lt;/td&gt;
&lt;td width="10%" align="right"&gt;&lt;font style="font-family: TimesNewRomanPSMT,Times New Roman,Times,serif;" class="_mt" size="3"&gt;(56,214,000&lt;/font&gt;&lt;/td&gt;
&lt;td width="2%" align="left"&gt;&lt;font style="font-family: TimesNewRomanPSMT,Times New Roman,Times,serif;" class="_mt" size="3"&gt;)&lt;/font&gt;&lt;/td&gt;&lt;/tr&gt;
&lt;tr valign="bottom"&gt;&lt;td style="text-indent: 1px;" width="48%" align="left"&gt;&lt;font style="font-family: TimesNewRomanPSMT,Times New Roman,Times,serif;" class="_mt" size="3"&gt;Assumption ofmortgage loans payable upon disposition&lt;/font&gt;&lt;/td&gt;
&lt;td width="2%" align="left"&gt;&amp;nbsp;&lt;/td&gt;
&lt;td width="10%" align="right"&gt;&lt;font style="font-family: TimesNewRomanPSMT,Times New Roman,Times,serif;" class="_mt" size="3"&gt;24,273,000&lt;/font&gt;&lt;/td&gt;
&lt;td width="2%" align="left"&gt;&amp;nbsp;&lt;/td&gt;
&lt;td width="2%" align="right"&gt;&amp;nbsp;&lt;/td&gt;
&lt;td width="10%" align="right"&gt;&lt;font style="font-family: TimesNewRomanPSMT,Times New Roman,Times,serif;" class="_mt" size="3"&gt;12,358,000&lt;/font&gt;&lt;/td&gt;
&lt;td width="2%" align="left"&gt;&amp;nbsp;&lt;/td&gt;
&lt;td width="2%" align="right"&gt;&amp;nbsp;&lt;/td&gt;
&lt;td width="10%" align="right"&gt;&lt;font style="font-family: TimesNewRomanPSMT,Times New Roman,Times,serif;" class="_mt" size="3"&gt;9,932,000&lt;/font&gt;&lt;/td&gt;
&lt;td width="2%" align="left"&gt;&amp;nbsp;&lt;/td&gt;&lt;/tr&gt;
&lt;tr valign="bottom"&gt;&lt;td style="text-indent: 1px;" width="48%" align="left"&gt;&lt;font style="font-family: TimesNewRomanPSMT,Times New Roman,Times,serif;" class="_mt" size="3"&gt;Conversion of OP Units into common stock&lt;/font&gt;&lt;/td&gt;
&lt;td width="2%" align="left"&gt;&amp;nbsp;&lt;/td&gt;
&lt;td width="10%" align="right"&gt;&lt;font style="font-family: TimesNewRomanPSMT,Times New Roman,Times,serif;" class="_mt" size="3"&gt;-&lt;/font&gt;&lt;/td&gt;
&lt;td width="2%" align="left"&gt;&amp;nbsp;&lt;/td&gt;
&lt;td width="2%" align="right"&gt;&amp;nbsp;&lt;/td&gt;
&lt;td width="10%" align="right"&gt;&lt;font style="font-family: TimesNewRomanPSMT,Times New Roman,Times,serif;" class="_mt" size="3"&gt;403,000&lt;/font&gt;&lt;/td&gt;
&lt;td width="2%" align="left"&gt;&amp;nbsp;&lt;/td&gt;
&lt;td width="2%" align="right"&gt;&amp;nbsp;&lt;/td&gt;
&lt;td width="10%" align="right"&gt;&lt;font style="font-family: TimesNewRomanPSMT,Times New Roman,Times,serif;" class="_mt" size="3"&gt;131,000&lt;/font&gt;&lt;/td&gt;
&lt;td width="2%" align="left"&gt;&amp;nbsp;&lt;/td&gt;&lt;/tr&gt;
&lt;tr valign="bottom"&gt;&lt;td style="text-indent: 1px;" width="48%" align="left"&gt;&lt;font style="font-family: TimesNewRomanPSMT,Times New Roman,Times,serif;" class="_mt" size="3"&gt;Issuance ofwarrants&lt;/font&gt;&lt;/td&gt;
&lt;td width="2%" align="left"&gt;&amp;nbsp;&lt;/td&gt;
&lt;td width="10%" align="right"&gt;&lt;font style="font-family: TimesNewRomanPSMT,Times New Roman,Times,serif;" class="_mt" size="3"&gt;-&lt;/font&gt;&lt;/td&gt;
&lt;td width="2%" align="left"&gt;&amp;nbsp;&lt;/td&gt;
&lt;td width="2%" align="right"&gt;&amp;nbsp;&lt;/td&gt;
&lt;td width="10%" align="right"&gt;&lt;font style="font-family: TimesNewRomanPSMT,Times New Roman,Times,serif;" class="_mt" size="3"&gt;-&lt;/font&gt;&lt;/td&gt;
&lt;td width="2%" align="left"&gt;&amp;nbsp;&lt;/td&gt;
&lt;td width="2%" align="right"&gt;&amp;nbsp;&lt;/td&gt;
&lt;td width="10%" align="right"&gt;&lt;font style="font-family: TimesNewRomanPSMT,Times New Roman,Times,serif;" class="_mt" size="3"&gt;1,643,000&lt;/font&gt;&lt;/td&gt;
&lt;td width="2%" align="left"&gt;&amp;nbsp;&lt;/td&gt;&lt;/tr&gt;
&lt;tr valign="bottom"&gt;&lt;td style="text-indent: 1px;" width="48%" align="left"&gt;&lt;font style="font-family: TimesNewRomanPSMT,Times New Roman,Times,serif;" class="_mt" size="3"&gt;Capitalization ofinterest costs&lt;/font&gt;&lt;/td&gt;
&lt;td width="2%" align="left"&gt;&amp;nbsp;&lt;/td&gt;
&lt;td width="10%" align="right"&gt;&lt;font style="font-family: TimesNewRomanPSMT,Times New Roman,Times,serif;" class="_mt" size="3"&gt;1,979,000&lt;/font&gt;&lt;/td&gt;
&lt;td width="2%" align="left"&gt;&amp;nbsp;&lt;/td&gt;
&lt;td width="2%" align="right"&gt;&amp;nbsp;&lt;/td&gt;
&lt;td width="10%" align="right"&gt;&lt;font style="font-family: TimesNewRomanPSMT,Times New Roman,Times,serif;" class="_mt" size="3"&gt;1,889,000&lt;/font&gt;&lt;/td&gt;
&lt;td width="2%" align="left"&gt;&amp;nbsp;&lt;/td&gt;
&lt;td width="2%" align="right"&gt;&amp;nbsp;&lt;/td&gt;
&lt;td width="10%" align="right"&gt;&lt;font style="font-family: TimesNewRomanPSMT,Times New Roman,Times,serif;" class="_mt" size="3"&gt;4,800,000&lt;/font&gt;&lt;/td&gt;
&lt;td width="2%" align="left"&gt;&amp;nbsp;&lt;/td&gt;&lt;/tr&gt;
&lt;tr valign="bottom"&gt;&lt;td style="text-indent: 1px;" width="48%" align="left"&gt;&lt;font style="font-family: TimesNewRomanPSMT,Times New Roman,Times,serif;" class="_mt" size="3"&gt;Capitalization ofdeferred financing costs&lt;/font&gt;&lt;/td&gt;
&lt;td width="2%" align="left"&gt;&amp;nbsp;&lt;/td&gt;
&lt;td width="10%" align="right"&gt;&lt;font style="font-family: TimesNewRomanPSMT,Times New Roman,Times,serif;" class="_mt" size="3"&gt;650,000&lt;/font&gt;&lt;/td&gt;
&lt;td width="2%" align="left"&gt;&amp;nbsp;&lt;/td&gt;
&lt;td width="2%" align="right"&gt;&amp;nbsp;&lt;/td&gt;
&lt;td width="10%" align="right"&gt;&lt;font style="font-family: TimesNewRomanPSMT,Times New Roman,Times,serif;" class="_mt" size="3"&gt;652,000&lt;/font&gt;&lt;/td&gt;
&lt;td width="2%" align="left"&gt;&amp;nbsp;&lt;/td&gt;
&lt;td width="2%" align="right"&gt;&amp;nbsp;&lt;/td&gt;
&lt;td width="10%" align="right"&gt;&lt;font style="font-family: TimesNewRomanPSMT,Times New Roman,Times,serif;" class="_mt" size="3"&gt;1,486,000&lt;/font&gt;&lt;/td&gt;
&lt;td width="2%" align="left"&gt;&amp;nbsp;&lt;/td&gt;&lt;/tr&gt;
&lt;tr valign="bottom"&gt;&lt;td style="text-indent: 1px;" width="48%" align="left"&gt;&lt;font style="font-family: TimesNewRomanPSMT,Times New Roman,Times,serif;" class="_mt" size="3"&gt;Purchase accounting allocations:&lt;/font&gt;&lt;/td&gt;
&lt;td width="2%" align="left"&gt;&amp;nbsp;&lt;/td&gt;
&lt;td width="10%" align="left"&gt;&amp;nbsp;&lt;/td&gt;
&lt;td width="2%" align="left"&gt;&amp;nbsp;&lt;/td&gt;
&lt;td width="2%" align="right"&gt;&amp;nbsp;&lt;/td&gt;
&lt;td width="10%" align="left"&gt;&amp;nbsp;&lt;/td&gt;
&lt;td width="2%" align="left"&gt;&amp;nbsp;&lt;/td&gt;
&lt;td width="2%" align="right"&gt;&amp;nbsp;&lt;/td&gt;
&lt;td width="10%" align="left"&gt;&amp;nbsp;&lt;/td&gt;
&lt;td width="2%" align="left"&gt;&amp;nbsp;&lt;/td&gt;&lt;/tr&gt;
&lt;tr valign="bottom"&gt;&lt;td style="text-indent: 2px;" width="48%" align="left"&gt;&lt;font style="font-family: TimesNewRomanPSMT,Times New Roman,Times,serif;" class="_mt" size="3"&gt;Intangible lease and other assets&lt;/font&gt;&lt;/td&gt;
&lt;td width="2%" align="left"&gt;&amp;nbsp;&lt;/td&gt;
&lt;td width="10%" align="right"&gt;&lt;font style="font-family: TimesNewRomanPSMT,Times New Roman,Times,serif;" class="_mt" size="3"&gt;6,810,000&lt;/font&gt;&lt;/td&gt;
&lt;td width="2%" align="left"&gt;&amp;nbsp;&lt;/td&gt;
&lt;td width="2%" align="right"&gt;&amp;nbsp;&lt;/td&gt;
&lt;td width="10%" align="right"&gt;&lt;font style="font-family: TimesNewRomanPSMT,Times New Roman,Times,serif;" class="_mt" size="3"&gt;-&lt;/font&gt;&lt;/td&gt;
&lt;td width="2%" align="left"&gt;&amp;nbsp;&lt;/td&gt;
&lt;td width="2%" align="right"&gt;&amp;nbsp;&lt;/td&gt;
&lt;td width="10%" align="right"&gt;&lt;font style="font-family: TimesNewRomanPSMT,Times New Roman,Times,serif;" class="_mt" size="3"&gt;7,057,000&lt;/font&gt;&lt;/td&gt;
&lt;td width="2%" align="left"&gt;&amp;nbsp;&lt;/td&gt;&lt;/tr&gt;
&lt;tr valign="bottom"&gt;&lt;td style="text-indent: 2px;" width="48%" align="left"&gt;&lt;font style="font-family: TimesNewRomanPSMT,Times New Roman,Times,serif;" class="_mt" size="3"&gt;Intangible lease liabilities&lt;/font&gt;&lt;/td&gt;
&lt;td width="2%" align="left"&gt;&amp;nbsp;&lt;/td&gt;
&lt;td width="10%" align="right"&gt;&lt;font style="font-family: TimesNewRomanPSMT,Times New Roman,Times,serif;" class="_mt" size="3"&gt;(725,000&lt;/font&gt;&lt;/td&gt;
&lt;td width="2%" align="left"&gt;&lt;font style="font-family: TimesNewRomanPSMT,Times New Roman,Times,serif;" class="_mt" size="3"&gt;)&lt;/font&gt;&lt;/td&gt;
&lt;td width="2%" align="right"&gt;&amp;nbsp;&lt;/td&gt;
&lt;td width="10%" align="right"&gt;&lt;font style="font-family: TimesNewRomanPSMT,Times New Roman,Times,serif;" class="_mt" size="3"&gt;(2,600,000&lt;/font&gt;&lt;/td&gt;
&lt;td width="2%" align="left"&gt;&lt;font style="font-family: TimesNewRomanPSMT,Times New Roman,Times,serif;" class="_mt" size="3"&gt;)&lt;/font&gt;&lt;/td&gt;
&lt;td width="2%" align="right"&gt;&amp;nbsp;&lt;/td&gt;
&lt;td width="10%" align="right"&gt;&lt;font style="font-family: TimesNewRomanPSMT,Times New Roman,Times,serif;" class="_mt" size="3"&gt;(3,215,000&lt;/font&gt;&lt;/td&gt;
&lt;td width="2%" align="left"&gt;&lt;font style="font-family: TimesNewRomanPSMT,Times New Roman,Times,serif;" class="_mt" size="3"&gt;)&lt;/font&gt;&lt;/td&gt;&lt;/tr&gt;
&lt;tr&gt;&lt;td width="90%" colspan="10"&gt;&amp;nbsp;&lt;/td&gt;&lt;/tr&gt;
&lt;tr valign="bottom"&gt;&lt;td style="text-indent: 1px;" width="48%" align="left"&gt;&lt;font style="font-family: TimesNewRomanPSMT,Times New Roman,Times,serif;" class="_mt" size="3"&gt;Deconsolidation of properties transferred to joint venture:&lt;/font&gt;&lt;/td&gt;
&lt;td width="2%" align="left"&gt;&amp;nbsp;&lt;/td&gt;
&lt;td width="10%" align="left"&gt;&amp;nbsp;&lt;/td&gt;
&lt;td width="2%" align="left"&gt;&amp;nbsp;&lt;/td&gt;
&lt;td width="2%" align="right"&gt;&amp;nbsp;&lt;/td&gt;
&lt;td width="10%" align="left"&gt;&amp;nbsp;&lt;/td&gt;
&lt;td width="2%" align="left"&gt;&amp;nbsp;&lt;/td&gt;
&lt;td width="2%" align="right"&gt;&amp;nbsp;&lt;/td&gt;
&lt;td width="10%" align="left"&gt;&amp;nbsp;&lt;/td&gt;
&lt;td width="2%" align="left"&gt;&amp;nbsp;&lt;/td&gt;&lt;/tr&gt;
&lt;tr valign="bottom"&gt;&lt;td style="text-indent: 2px;" width="48%" align="left"&gt;&lt;font style="font-family: TimesNewRomanPSMT,Times New Roman,Times,serif;" class="_mt" size="3"&gt;Realestate, net&lt;/font&gt;&lt;/td&gt;
&lt;td width="2%" align="left"&gt;&amp;nbsp;&lt;/td&gt;
&lt;td width="10%" align="right"&gt;&lt;font style="font-family: TimesNewRomanPSMT,Times New Roman,Times,serif;" class="_mt" size="3"&gt;-&lt;/font&gt;&lt;/td&gt;
&lt;td width="2%" align="left"&gt;&amp;nbsp;&lt;/td&gt;
&lt;td width="2%" align="right"&gt;&amp;nbsp;&lt;/td&gt;
&lt;td width="10%" align="right"&gt;&lt;font style="font-family: TimesNewRomanPSMT,Times New Roman,Times,serif;" class="_mt" size="3"&gt;139,743,000&lt;/font&gt;&lt;/td&gt;
&lt;td width="2%" align="left"&gt;&amp;nbsp;&lt;/td&gt;
&lt;td width="2%" align="right"&gt;&amp;nbsp;&lt;/td&gt;
&lt;td width="10%" align="right"&gt;&lt;font style="font-family: TimesNewRomanPSMT,Times New Roman,Times,serif;" class="_mt" size="3"&gt;42,829,000&lt;/font&gt;&lt;/td&gt;
&lt;td width="2%" align="left"&gt;&amp;nbsp;&lt;/td&gt;&lt;/tr&gt;
&lt;tr valign="bottom"&gt;&lt;td style="text-indent: 2px;" width="48%" align="left"&gt;&lt;font style="font-family: TimesNewRomanPSMT,Times New Roman,Times,serif;" class="_mt" size="3"&gt;Mortgage loans payable&lt;/font&gt;&lt;/td&gt;
&lt;td width="2%" align="left"&gt;&amp;nbsp;&lt;/td&gt;
&lt;td width="10%" align="right"&gt;&lt;font style="font-family: TimesNewRomanPSMT,Times New Roman,Times,serif;" class="_mt" size="3"&gt;-&lt;/font&gt;&lt;/td&gt;
&lt;td width="2%" align="left"&gt;&amp;nbsp;&lt;/td&gt;
&lt;td width="2%" align="right"&gt;&amp;nbsp;&lt;/td&gt;
&lt;td width="10%" align="right"&gt;&lt;font style="font-family: TimesNewRomanPSMT,Times New Roman,Times,serif;" class="_mt" size="3"&gt;(94,018,000&lt;/font&gt;&lt;/td&gt;
&lt;td width="2%" align="left"&gt;&lt;font style="font-family: TimesNewRomanPSMT,Times New Roman,Times,serif;" class="_mt" size="3"&gt;)&lt;/font&gt;&lt;/td&gt;
&lt;td width="2%" align="right"&gt;&amp;nbsp;&lt;/td&gt;
&lt;td width="10%" align="right"&gt;&lt;font style="font-family: TimesNewRomanPSMT,Times New Roman,Times,serif;" class="_mt" size="3"&gt;-&lt;/font&gt;&lt;/td&gt;
&lt;td width="2%" align="left"&gt;&amp;nbsp;&lt;/td&gt;&lt;/tr&gt;
&lt;tr valign="bottom"&gt;&lt;td style="text-indent: 2px;" width="48%" align="left"&gt;&lt;font style="font-family: TimesNewRomanPSMT,Times New Roman,Times,serif;" class="_mt" size="3"&gt;Other assets/liabilities, net&lt;/font&gt;&lt;/td&gt;
&lt;td width="2%" align="left"&gt;&amp;nbsp;&lt;/td&gt;
&lt;td width="10%" align="right"&gt;&lt;font style="font-family: TimesNewRomanPSMT,Times New Roman,Times,serif;" class="_mt" size="3"&gt;-&lt;/font&gt;&lt;/td&gt;
&lt;td width="2%" align="left"&gt;&amp;nbsp;&lt;/td&gt;
&lt;td width="2%" align="right"&gt;&amp;nbsp;&lt;/td&gt;
&lt;td width="10%" align="right"&gt;&lt;font style="font-family: TimesNewRomanPSMT,Times New Roman,Times,serif;" class="_mt" size="3"&gt;(3,574,000&lt;/font&gt;&lt;/td&gt;
&lt;td width="2%" align="left"&gt;&lt;font style="font-family: TimesNewRomanPSMT,Times New Roman,Times,serif;" class="_mt" size="3"&gt;)&lt;/font&gt;&lt;/td&gt;
&lt;td width="2%" align="right"&gt;&amp;nbsp;&lt;/td&gt;
&lt;td width="10%" align="right"&gt;&lt;font style="font-family: TimesNewRomanPSMT,Times New Roman,Times,serif;" class="_mt" size="3"&gt;1,277,000&lt;/font&gt;&lt;/td&gt;
&lt;td width="2%" align="left"&gt;&amp;nbsp;&lt;/td&gt;&lt;/tr&gt;
&lt;tr valign="bottom"&gt;&lt;td style="text-indent: 2px;" width="48%" align="left"&gt;&lt;font style="font-family: TimesNewRomanPSMT,Times New Roman,Times,serif;" class="_mt" size="3"&gt;Investment in and advances to unconsolidated joint venture&lt;/font&gt;&lt;/td&gt;
&lt;td width="2%" align="left"&gt;&amp;nbsp;&lt;/td&gt;
&lt;td width="10%" align="right"&gt;&lt;font style="font-family: TimesNewRomanPSMT,Times New Roman,Times,serif;" class="_mt" size="3"&gt;-&lt;/font&gt;&lt;/td&gt;
&lt;td width="2%" align="left"&gt;&amp;nbsp;&lt;/td&gt;
&lt;td width="2%" align="right"&gt;&amp;nbsp;&lt;/td&gt;
&lt;td width="10%" align="right"&gt;&lt;font style="font-family: TimesNewRomanPSMT,Times New Roman,Times,serif;" class="_mt" size="3"&gt;9,423,000&lt;/font&gt;&lt;/td&gt;
&lt;td width="2%" align="left"&gt;&amp;nbsp;&lt;/td&gt;
&lt;td width="2%" align="right"&gt;&amp;nbsp;&lt;/td&gt;
&lt;td width="10%" align="right"&gt;&lt;font style="font-family: TimesNewRomanPSMT,Times New Roman,Times,serif;" class="_mt" size="3"&gt;8,610,000&lt;/font&gt;&lt;/td&gt;
&lt;td width="2%" align="left"&gt;&amp;nbsp;&lt;/td&gt;&lt;/tr&gt;&lt;/table&gt;&lt;/div&gt;

&lt;p style="margin: 0px;"&gt;&amp;nbsp;&lt;/p&gt;

&lt;p style="text-align: left;"&gt;&lt;b&gt;&lt;i&gt;&lt;font style="font-family: TimesNewRomanPS-BoldItalicMT,Times New Roman,Times,serif;" class="_mt" size="3"&gt;Recently-Issued Accounting Pronouncements&lt;/font&gt;&lt;/i&gt;&lt;/b&gt;&lt;/p&gt;

&lt;p style="text-align: left;"&gt;&amp;nbsp;&amp;nbsp;&amp;nbsp;&amp;nbsp;&amp;nbsp;&lt;font style="font-family: TimesNewRomanPSMT,Times New Roman,Times,serif;" class="_mt" size="3"&gt;In May 2011, the Financial Accounting Standards Board ("FASB") issued ASU No. 2011-04, "Fair Value Measurement: Amendments to Achieve Common Fair Value Measurement and Disclosure Requirements in U.S GAAP and IFRS". This update defines fair value, clarifies a framework to measure fair value, and requires specific disclosures of fair value measurements. The guidance is effective for the Company's interim and annual reporting periods beginning January 1, 2012 and is required to be applied prospectively. The Company does not expect adoption of this guidance to have a material impact on its financial condition or results of operations.&lt;/font&gt;&lt;/p&gt;

&lt;p style="text-align: left;"&gt;&amp;nbsp;&amp;nbsp;&amp;nbsp;&amp;nbsp;&amp;nbsp;&lt;font style="font-family: TimesNewRomanPSMT,Times New Roman,Times,serif;" class="_mt" size="3"&gt;In June 2011, the FASB issued Accounting Standards Update 2011-05, "Presentation of Comprehensive Income". This standard eliminates the current requirement to report other comprehensive income and its components in the statement of equity and instead requires the &lt;/font&gt;&lt;font style="font-family: TimesNewRomanPSMT,Times New Roman,Times,serif;" class="_mt" size="3"&gt;components of other comprehensive income to be presented either in a single continuous statement of comprehensive income or in two separate but consecutive statements. The guidance is effective for the Company's interim and annual reporting periods beginning January 1, 2012 and is required to be applied retrospectively. Other than presentation in the financial statements, the adoption of this guidance will have no effect on the Company's financial position or results of operations.&lt;/font&gt;&lt;/p&gt; &lt;/div&gt;</us-gaap:SignificantAccountingPoliciesTextBlock>
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&lt;p style="text-align: left;"&gt;&amp;nbsp;&amp;nbsp;&amp;nbsp;&amp;nbsp;&amp;nbsp;&lt;font style="font-family: TimesNewRomanPSMT,Times New Roman,Times,serif;" class="_mt" size="3"&gt;The Company has a Dividend Reinvestment and Direct Stock Purchase Plan ("DRIP") which offers a convenient method for shareholders to invest cash dividends and/or make optional cash payments to purchase shares of the Company's common stock. Such purchases are at 100% of market value (increased in March 2011 from 98% of market value). During 2011, the Company issued 693,000 shares of its common stock at an average price of $6.02 per share and realized proceeds after expenses of approximately $4.1 million. During 2010, the Company issued 1,451,000 shares of its common stock at an average price of $5.79 per share and realized proceeds after expenses of approximately $8.2 million. At December 31, 2011, there remained 2,856,000 shares authorized under the DRIP.&lt;/font&gt;&lt;/p&gt;

&lt;p style="text-align: left;"&gt;&amp;nbsp;&amp;nbsp;&amp;nbsp;&amp;nbsp;&amp;nbsp;&lt;font style="font-family: TimesNewRomanPSMT,Times New Roman,Times,serif;" class="_mt" size="3"&gt;In connection with litigation settlements in the Company's favor, the Company received cash payments of $975,000 ($225,000 and $750,000, respectively, in 2011 and 2010). In addition, the defendants acquired 133,000 shares of the Company's common stock (39,000 shares at an average price of $5.78 per share in 2011 and 94,000 shares at an average price of $8.01 per share in 2010) from which the Company realized net proceeds of an additional $975,000 ($225,000 and $750,000, respectively, in 2011 and 2010).&lt;/font&gt;&lt;/p&gt;

&lt;p style="text-align: left;"&gt;&amp;nbsp;&amp;nbsp;&amp;nbsp;&amp;nbsp;&amp;nbsp;&lt;font style="font-family: TimesNewRomanPSMT,Times New Roman,Times,serif;" class="_mt" size="3"&gt;In February 2010, the Company concluded a public offering of 7,500,000 shares of its common stock at $6.60 per share, and realized net proceeds, after offering expenses, of approximately $47.0 million. In March 2010, the underwriters exercised their over-allotment option to the extent of 698,000 shares, and the Company realized additional net proceeds of $4.4 million. In connection with the offering, RioCan purchased 1,350,000 shares of the Company's common stock and the Company realized additional net proceeds of $8.9 million.&lt;/font&gt;&lt;/p&gt;

&lt;p style="text-align: left;"&gt;&amp;nbsp;&amp;nbsp;&amp;nbsp;&amp;nbsp;&amp;nbsp;&lt;font style="font-family: TimesNewRomanPSMT,Times New Roman,Times,serif;" class="_mt" size="3"&gt;In connection with the RioCan transactions, the Company issued to RioCan warrants to purchase 1,428,570 shares of the Company's common stock at an exercise price of $7.00 per share. RioCan exercised its warrant in April 2010 and the Company realized net proceeds of $10.0 million.&lt;/font&gt;&lt;/p&gt;

&lt;p style="text-align: left;"&gt;&amp;nbsp;&amp;nbsp;&amp;nbsp;&amp;nbsp;&amp;nbsp;&lt;font style="font-family: TimesNewRomanPSMT,Times New Roman,Times,serif;" class="_mt" size="3"&gt;In August 2010, the Company concluded a public offering of 2,850,000 shares of its 8-7/8% Series A Cumulative Redeemable preferred stock at $24.50 per share, and realized net proceeds, after offering expenses, of approximately $67.4 million. In connection with the sale, the Company's investment advisor received an underwriter's discount of approximately $2.4 million. The Company's 8-7/8% Series A Cumulative Redeemable Preferred Stock has no stated &lt;/font&gt;&lt;font style="font-family: TimesNewRomanPSMT,Times New Roman,Times,serif;" class="_mt" size="3"&gt;maturity, is not convertible into any other security of the Company, and is redeemable at the Company's option at a price of $25.00 per share, plus accrued and unpaid distributions. There were $1.6 million of accrued preferred stock distributions at both December 31, 2011 and 2010, respectively.&lt;/font&gt;&lt;/p&gt;

&lt;p style="text-align: left;"&gt;&amp;nbsp;&amp;nbsp;&amp;nbsp;&amp;nbsp;&amp;nbsp;&lt;font style="font-family: TimesNewRomanPSMT,Times New Roman,Times,serif;" class="_mt" size="3"&gt;The Company had a Standby Equity Purchase Agreement (the "SEPA Agreement") with an investment company for sales of its shares of common stock at a discount to market of 1.75% plus a placement agent fee 0.75% (paid to an investment advisor). In addition, the Agreement provided that Company could request advances from time to time up to $5.0 million each (with respect to such advances, the common stock sales were at a discount to market of 2.75% and the placement agent fee was 1.25%). Such advances were initially recorded as a liability and, as shares were sold on a daily basis and the advances were settled, such liability was thereafter reflected in equity. At December 31, 2009, there was an unsettled advance liability of $5.0 million which was settled in January and February 2010 by the sale of 718,000 shares of the Company's common stock at an average selling price of $6.97 per share. Through the remainder of 2010, an additional 667,000 shares were sold pursuant to the SEPA Agreement, at an average price of $7.52 per share, and the Company realized net proceeds, after allocation of issuance expenses, of approximately $4.9 million. There have been no additional SEPA Agreement transactions and the Agreement expired in September 2011.&lt;/font&gt;&lt;/p&gt;

&lt;p style="text-align: left;"&gt;&amp;nbsp;&amp;nbsp;&amp;nbsp;&amp;nbsp;&amp;nbsp;&lt;font style="font-family: TimesNewRomanPSMT,Times New Roman,Times,serif;" class="_mt" size="3"&gt;During 2010, the Company, at its option, elected to redeem for cash approximately 552,000 OP Units that had been offered for conversion by the holders thereof, for an aggregate purchase price of approximately $3.4 million. Such OP Units had been issued to certain members of the group from which the Company had acquired the major portion of its Ohio drug store/convenience center properties.&lt;/font&gt;&lt;/p&gt;

&lt;p style="text-align: left;"&gt;&amp;nbsp;&amp;nbsp;&amp;nbsp;&amp;nbsp;&amp;nbsp;&lt;font style="font-family: TimesNewRomanPSMT,Times New Roman,Times,serif;" class="_mt" size="3"&gt;In connection with an acquisition of a shopping center in 2002, the Operating Partnership issued warrants to purchase approximately 83,000 OP Units to a then minority interest partner in the property. Such warrants have an exercise price of $13.50 per unit, subject to certain anti-dilution adjustments, are fully vested, and will expire on May 31, 2012.&lt;/font&gt;&lt;/p&gt;

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        <link:definition>11101 - Disclosure - Derivative Financial Instruments</link:definition>
        <link:usedOn>link:presentationLink</link:usedOn>
        <link:usedOn>link:calculationLink</link:usedOn>
        <link:usedOn>link:definitionLink</link:usedOn>
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      <link:roleType roleURI="http://www.cedarshoppingcenters.com/role/DisclosureIntangibleLeaseAssetLiability" id="DisclosureIntangibleLeaseAssetLiability">
        <link:definition>11201 - Disclosure - Intangible Lease Asset/Liability</link:definition>
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        <link:usedOn>link:calculationLink</link:usedOn>
        <link:usedOn>link:definitionLink</link:usedOn>
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      <link:roleType roleURI="http://www.cedarshoppingcenters.com/role/DisclosureCommitmentsAndContingencies" id="DisclosureCommitmentsAndContingencies">
        <link:definition>11301 - Disclosure - Commitments And Contingencies</link:definition>
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        <link:usedOn>link:calculationLink</link:usedOn>
        <link:usedOn>link:definitionLink</link:usedOn>
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      <link:roleType roleURI="http://www.cedarshoppingcenters.com/role/DisclosurePreferredAndCommonStock" id="DisclosurePreferredAndCommonStock">
        <link:definition>11401 - Disclosure - Preferred And Common Stock</link:definition>
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        <link:usedOn>link:calculationLink</link:usedOn>
        <link:usedOn>link:definitionLink</link:usedOn>
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      <link:roleType roleURI="http://www.cedarshoppingcenters.com/role/DisclosureRentalRevenues" id="DisclosureRentalRevenues">
        <link:definition>11501 - Disclosure - Rental Revenues</link:definition>
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        <link:usedOn>link:calculationLink</link:usedOn>
        <link:usedOn>link:definitionLink</link:usedOn>
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        <link:usedOn>link:calculationLink</link:usedOn>
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        <link:definition>11701 - Disclosure - Management Transition Charges</link:definition>
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        <link:usedOn>link:calculationLink</link:usedOn>
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        <link:usedOn>link:calculationLink</link:usedOn>
        <link:usedOn>link:definitionLink</link:usedOn>
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        <link:definition>11901 - Disclosure - Noncontrolling Interest - Limited Partners' Mezzanine OP Units</link:definition>
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        <link:usedOn>link:calculationLink</link:usedOn>
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        <link:definition>12001 - Disclosure - Earnings/Dividends Per Share</link:definition>
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        <link:usedOn>link:calculationLink</link:usedOn>
        <link:usedOn>link:definitionLink</link:usedOn>
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        <link:definition>12101 - Disclosure - Selected Quarterly Financial Data</link:definition>
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        <link:usedOn>link:calculationLink</link:usedOn>
        <link:usedOn>link:definitionLink</link:usedOn>
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      <link:roleType roleURI="http://www.cedarshoppingcenters.com/role/DisclosureSubsequentEvents" id="DisclosureSubsequentEvents">
        <link:definition>12201 - Disclosure - Subsequent Events</link:definition>
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        <link:usedOn>link:calculationLink</link:usedOn>
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        <link:definition>12301 - Disclosure - Schedule III - Real Estate And Accumulated Depreciation</link:definition>
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        <link:usedOn>link:calculationLink</link:usedOn>
        <link:usedOn>link:definitionLink</link:usedOn>
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      <link:linkbaseRef xlink:type="simple" xlink:href="cdr-20111231_cal.xml" xlink:role="http://www.xbrl.org/2003/role/calculationLinkbaseRef" xlink:arcrole="http://www.w3.org/1999/xlink/properties/linkbase" xlink:title="Calculation Links, all" />
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  <import namespace="http://www.xbrl.org/2003/linkbase" schemaLocation="http://www.xbrl.org/2003/xbrl-linkbase-2003-12-31.xsd" />
  <import namespace="http://fasb.org/us-roles/2011-01-31" schemaLocation="http://xbrl.fasb.org/us-gaap/2011/elts/us-roles-2011-01-31.xsd" />
  <import namespace="http://www.xbrl.org/2009/role/negated" schemaLocation="http://www.xbrl.org/lrr/role/negated-2009-12-16.xsd" />
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  <element id="cdr_LoanAndOtherReceivableAndOtherJointVentureSettlements" name="LoanAndOtherReceivableAndOtherJointVentureSettlements" nillable="true" type="xbrli:monetaryItemType" substitutionGroup="xbrli:item" xbrli:periodType="instant" xbrli:balance="debit" />
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</schema>
</XBRL>
</TEXT>
</DOCUMENT>
<DOCUMENT>
<TYPE>EX-101.CAL
<SEQUENCE>16
<FILENAME>cdr-20111231_cal.xml
<DESCRIPTION>XBRL TAXONOMY EXTENSION CALCULATION LINKBASE
<TEXT>
<XBRL>
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<!--Created on: 3/5/2012 8:53:25 PM-->
<!--Modified on: 3/5/2012 8:53:26 PM-->
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    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="dei_EntityCentralIndexKey_lbl" xml:lang="en-US">Entity Central Index Key</label>
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    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="dei_EntityFilerCategory" xlink:to="dei_EntityFilerCategory_lbl" />
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="dei_EntityFilerCategory_lbl" xml:lang="en-US">Entity Filer Category</label>
    <loc xlink:type="locator" xlink:href="http://xbrl.sec.gov/dei/2011/dei-2011-01-31.xsd#dei_EntityCurrentReportingStatus" xlink:label="dei_EntityCurrentReportingStatus" />
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="dei_EntityCurrentReportingStatus" xlink:to="dei_EntityCurrentReportingStatus_lbl" />
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="dei_EntityCurrentReportingStatus_lbl" xml:lang="en-US">Entity Current Reporting Status</label>
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    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="dei_EntityVoluntaryFilers" xlink:to="dei_EntityVoluntaryFilers_lbl" />
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="dei_EntityVoluntaryFilers_lbl" xml:lang="en-US">Entity Voluntary Filers</label>
    <loc xlink:type="locator" xlink:href="http://xbrl.sec.gov/dei/2011/dei-2011-01-31.xsd#dei_EntityWellKnownSeasonedIssuer" xlink:label="dei_EntityWellKnownSeasonedIssuer" />
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="dei_EntityWellKnownSeasonedIssuer" xlink:to="dei_EntityWellKnownSeasonedIssuer_lbl" />
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="dei_EntityWellKnownSeasonedIssuer_lbl" xml:lang="en-US">Entity Well-known Seasoned Issuer</label>
    <loc xlink:type="locator" xlink:href="http://xbrl.sec.gov/dei/2011/dei-2011-01-31.xsd#dei_EntityCommonStockSharesOutstanding" xlink:label="dei_EntityCommonStockSharesOutstanding" />
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="dei_EntityCommonStockSharesOutstanding" xlink:to="dei_EntityCommonStockSharesOutstanding_lbl" />
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="dei_EntityCommonStockSharesOutstanding_lbl" xml:lang="en-US">Entity Common Stock, Shares Outstanding</label>
    <loc xlink:type="locator" xlink:href="http://xbrl.sec.gov/dei/2011/dei-2011-01-31.xsd#dei_EntityPublicFloat" xlink:label="dei_EntityPublicFloat" />
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="dei_EntityPublicFloat" xlink:to="dei_EntityPublicFloat_lbl" />
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="dei_EntityPublicFloat_lbl" xml:lang="en-US">Entity Public Float</label>
    <loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2011/elts/us-gaap-2011-01-31.xsd#us-gaap_StatementOfFinancialPositionAbstract" xlink:label="us-gaap_StatementOfFinancialPositionAbstract" />
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="us-gaap_StatementOfFinancialPositionAbstract" xlink:to="us-gaap_StatementOfFinancialPositionAbstract_lbl" />
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="us-gaap_StatementOfFinancialPositionAbstract_lbl" xml:lang="en-US">Consolidated Balance Sheets [Abstract]</label>
    <loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2011/elts/us-gaap-2011-01-31.xsd#us-gaap_AssetsAbstract" xlink:label="us-gaap_AssetsAbstract" />
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="us-gaap_AssetsAbstract" xlink:to="us-gaap_AssetsAbstract_lbl" />
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="us-gaap_AssetsAbstract_lbl" xml:lang="en-US">Assets Abstract</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:label="us-gaap_AssetsAbstract_lbl" xml:lang="en-US">Assets</label>
    <loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2011/elts/us-gaap-2011-01-31.xsd#us-gaap_Land" xlink:label="us-gaap_Land" />
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="us-gaap_Land" xlink:to="us-gaap_Land_lbl" />
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="us-gaap_Land_lbl" xml:lang="en-US">Land</label>
    <loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2011/elts/us-gaap-2011-01-31.xsd#us-gaap_InvestmentBuildingAndBuildingImprovements" xlink:label="us-gaap_InvestmentBuildingAndBuildingImprovements" />
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="us-gaap_InvestmentBuildingAndBuildingImprovements" xlink:to="us-gaap_InvestmentBuildingAndBuildingImprovements_lbl" />
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="us-gaap_InvestmentBuildingAndBuildingImprovements_lbl" xml:lang="en-US">Investment Building and Building Improvements</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/totalLabel" xlink:label="us-gaap_InvestmentBuildingAndBuildingImprovements_lbl" xml:lang="en-US">Investment Building and Building Improvements, Total</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/verboseLabel" xlink:label="us-gaap_InvestmentBuildingAndBuildingImprovements_lbl" xml:lang="en-US">Buildings and improvements</label>
    <loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2011/elts/us-gaap-2011-01-31.xsd#us-gaap_BuildingsAndImprovementsGross" xlink:label="us-gaap_BuildingsAndImprovementsGross" />
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="us-gaap_BuildingsAndImprovementsGross" xlink:to="us-gaap_BuildingsAndImprovementsGross_lbl" />
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="us-gaap_BuildingsAndImprovementsGross_lbl" xml:lang="en-US">Buildings and Improvements, Gross</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/totalLabel" xlink:label="us-gaap_BuildingsAndImprovementsGross_lbl" xml:lang="en-US">Land, buildings and improvements, gross</label>
    <loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2011/elts/us-gaap-2011-01-31.xsd#us-gaap_RealEstateInvestmentPropertyAccumulatedDepreciation" xlink:label="us-gaap_RealEstateInvestmentPropertyAccumulatedDepreciation" />
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="us-gaap_RealEstateInvestmentPropertyAccumulatedDepreciation" xlink:to="us-gaap_RealEstateInvestmentPropertyAccumulatedDepreciation_lbl" />
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="us-gaap_RealEstateInvestmentPropertyAccumulatedDepreciation_lbl" xml:lang="en-US">Real Estate Investment Property, Accumulated Depreciation</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2009/role/negatedLabel" xlink:label="us-gaap_RealEstateInvestmentPropertyAccumulatedDepreciation_lbl" xml:lang="en-US">Less accumulated depreciation</label>
    <loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2011/elts/us-gaap-2011-01-31.xsd#us-gaap_RealEstateInvestmentPropertyNet" xlink:label="us-gaap_RealEstateInvestmentPropertyNet" />
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="us-gaap_RealEstateInvestmentPropertyNet" xlink:to="us-gaap_RealEstateInvestmentPropertyNet_lbl" />
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="us-gaap_RealEstateInvestmentPropertyNet_lbl" xml:lang="en-US">Real Estate Investment Property, Net</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/totalLabel" xlink:label="us-gaap_RealEstateInvestmentPropertyNet_lbl" xml:lang="en-US">Real estate, net</label>
    <loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2011/elts/us-gaap-2011-01-31.xsd#us-gaap_AssetsHeldForSaleAtCarryingValue" xlink:label="us-gaap_AssetsHeldForSaleAtCarryingValue" />
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="us-gaap_AssetsHeldForSaleAtCarryingValue" xlink:to="us-gaap_AssetsHeldForSaleAtCarryingValue_lbl" />
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="us-gaap_AssetsHeldForSaleAtCarryingValue_lbl" xml:lang="en-US">Assets Held-for-sale, at Carrying Value</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:label="us-gaap_AssetsHeldForSaleAtCarryingValue_lbl" xml:lang="en-US">Real estate held for sale/conveyance</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/totalLabel" xlink:label="us-gaap_AssetsHeldForSaleAtCarryingValue_lbl" xml:lang="en-US">Assets Held-for-sale, at Carrying Value, Total</label>
    <loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2011/elts/us-gaap-2011-01-31.xsd#us-gaap_InvestmentsInAffiliatesSubsidiariesAssociatesAndJointVentures" xlink:label="us-gaap_InvestmentsInAffiliatesSubsidiariesAssociatesAndJointVentures" />
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="us-gaap_InvestmentsInAffiliatesSubsidiariesAssociatesAndJointVentures" xlink:to="us-gaap_InvestmentsInAffiliatesSubsidiariesAssociatesAndJointVentures_lbl" />
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="us-gaap_InvestmentsInAffiliatesSubsidiariesAssociatesAndJointVentures_lbl" xml:lang="en-US">Investments in and Advance to Affiliates, Subsidiaries, Associates, and Joint Ventures</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:label="us-gaap_InvestmentsInAffiliatesSubsidiariesAssociatesAndJointVentures_lbl" xml:lang="en-US">Investment in unconsolidated joint ventures</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/totalLabel" xlink:label="us-gaap_InvestmentsInAffiliatesSubsidiariesAssociatesAndJointVentures_lbl" xml:lang="en-US">Investments in and Advance to Affiliates, Subsidiaries, Associates, and Joint Ventures, Total</label>
    <loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2011/elts/us-gaap-2011-01-31.xsd#us-gaap_CashAndCashEquivalentsAtCarryingValue" xlink:label="us-gaap_CashAndCashEquivalentsAtCarryingValue" />
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="us-gaap_CashAndCashEquivalentsAtCarryingValue" xlink:to="us-gaap_CashAndCashEquivalentsAtCarryingValue_lbl" />
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="us-gaap_CashAndCashEquivalentsAtCarryingValue_lbl" xml:lang="en-US">Cash and Cash Equivalents, at Carrying Value</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/periodEndLabel" xlink:label="us-gaap_CashAndCashEquivalentsAtCarryingValue_lbl" xml:lang="en-US">Cash and cash equivalents at end of period</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/periodStartLabel" xlink:label="us-gaap_CashAndCashEquivalentsAtCarryingValue_lbl" xml:lang="en-US">Cash and cash equivalents at beginning of period</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:label="us-gaap_CashAndCashEquivalentsAtCarryingValue_lbl" xml:lang="en-US">Cash and cash equivalents</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/totalLabel" xlink:label="us-gaap_CashAndCashEquivalentsAtCarryingValue_lbl" xml:lang="en-US">Cash and Cash Equivalents, at Carrying Value, Total</label>
    <loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2011/elts/us-gaap-2011-01-31.xsd#us-gaap_RestrictedCashAndCashEquivalents" xlink:label="us-gaap_RestrictedCashAndCashEquivalents" />
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="us-gaap_RestrictedCashAndCashEquivalents" xlink:to="us-gaap_RestrictedCashAndCashEquivalents_lbl" />
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="us-gaap_RestrictedCashAndCashEquivalents_lbl" xml:lang="en-US">Restricted Cash and Cash Equivalents</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:label="us-gaap_RestrictedCashAndCashEquivalents_lbl" xml:lang="en-US">Restricted cash</label>
    <loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2011/elts/us-gaap-2011-01-31.xsd#us-gaap_ReceivablesAbstract" xlink:label="us-gaap_ReceivablesAbstract" />
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="us-gaap_ReceivablesAbstract" xlink:to="us-gaap_ReceivablesAbstract_lbl" />
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="us-gaap_ReceivablesAbstract_lbl" xml:lang="en-US">Rental Revenues [Abstract]</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/verboseLabel" xlink:label="us-gaap_ReceivablesAbstract_lbl" xml:lang="en-US">Receivables:</label>
    <loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2011/elts/us-gaap-2011-01-31.xsd#us-gaap_AccountsReceivableNet" xlink:label="us-gaap_AccountsReceivableNet" />
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="us-gaap_AccountsReceivableNet" xlink:to="us-gaap_AccountsReceivableNet_lbl" />
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="us-gaap_AccountsReceivableNet_lbl" xml:lang="en-US">Accounts Receivable, Net</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:label="us-gaap_AccountsReceivableNet_lbl" xml:lang="en-US">Rents and other tenant receivables, net</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/totalLabel" xlink:label="us-gaap_AccountsReceivableNet_lbl" xml:lang="en-US">Accounts Receivable, Net, Total</label>
    <loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2011/elts/us-gaap-2011-01-31.xsd#us-gaap_DeferredRentReceivablesNet" xlink:label="us-gaap_DeferredRentReceivablesNet" />
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="us-gaap_DeferredRentReceivablesNet" xlink:to="us-gaap_DeferredRentReceivablesNet_lbl" />
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="us-gaap_DeferredRentReceivablesNet_lbl" xml:lang="en-US">Deferred Rent Receivables, Net</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:label="us-gaap_DeferredRentReceivablesNet_lbl" xml:lang="en-US">Straight-line rents</label>
    <loc xlink:type="locator" xlink:href="cdr-20111231.xsd#cdr_LoanAndOtherReceivableAndOtherJointVentureSettlements" xlink:label="cdr_LoanAndOtherReceivableAndOtherJointVentureSettlements" />
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="cdr_LoanAndOtherReceivableAndOtherJointVentureSettlements" xlink:to="cdr_LoanAndOtherReceivableAndOtherJointVentureSettlements_lbl" />
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:label="cdr_LoanAndOtherReceivableAndOtherJointVentureSettlements_lbl" xml:lang="en-US">Reflects the carrying amount of unpaid loan amounts due from related parties and amounts due from an entity in which the reporting entity shares joint control with another party or group.</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="cdr_LoanAndOtherReceivableAndOtherJointVentureSettlements_lbl" xml:lang="en-US">Loan and Other Receivable and Other Joint Venture Settlements</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:label="cdr_LoanAndOtherReceivableAndOtherJointVentureSettlements_lbl" xml:lang="en-US">Other (including joint venture settlements of $1.2 million and $6.0 million)</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/verboseLabel" xlink:label="cdr_LoanAndOtherReceivableAndOtherJointVentureSettlements_lbl" xml:lang="en-US">Loans and other receivables ($8.0 million and $2.6 million, respectively)</label>
    <loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2011/elts/us-gaap-2011-01-31.xsd#us-gaap_OtherAssets" xlink:label="us-gaap_OtherAssets" />
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="us-gaap_OtherAssets" xlink:to="us-gaap_OtherAssets_lbl" />
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="us-gaap_OtherAssets_lbl" xml:lang="en-US">Other Assets</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:label="us-gaap_OtherAssets_lbl" xml:lang="en-US">Other assets</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/totalLabel" xlink:label="us-gaap_OtherAssets_lbl" xml:lang="en-US">Other Assets, Total</label>
    <loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2011/elts/us-gaap-2011-01-31.xsd#us-gaap_DeferredCosts" xlink:label="us-gaap_DeferredCosts" />
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="us-gaap_DeferredCosts" xlink:to="us-gaap_DeferredCosts_lbl" />
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="us-gaap_DeferredCosts_lbl" xml:lang="en-US">Deferred Costs</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:label="us-gaap_DeferredCosts_lbl" xml:lang="en-US">Deferred charges, net</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/totalLabel" xlink:label="us-gaap_DeferredCosts_lbl" xml:lang="en-US">Deferred Costs, Total</label>
    <loc xlink:type="locator" xlink:href="cdr-20111231.xsd#cdr_AssetsOfRealEstateHeldForSaleConveyanceDiscontinuedOperations" xlink:label="cdr_AssetsOfRealEstateHeldForSaleConveyanceDiscontinuedOperations" />
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="cdr_AssetsOfRealEstateHeldForSaleConveyanceDiscontinuedOperations" xlink:to="cdr_AssetsOfRealEstateHeldForSaleConveyanceDiscontinuedOperations_lbl" />
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:label="cdr_AssetsOfRealEstateHeldForSaleConveyanceDiscontinuedOperations_lbl" xml:lang="en-US">Restricted cash related to a disposal group that is held for sale and anticipated to be sold or conveyed in less than one year.</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="cdr_AssetsOfRealEstateHeldForSaleConveyanceDiscontinuedOperations_lbl" xml:lang="en-US">Assets of Real Estate Held for Sale Conveyance Discontinued Operations</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:label="cdr_AssetsOfRealEstateHeldForSaleConveyanceDiscontinuedOperations_lbl" xml:lang="en-US">Assets relating to real estate held for sale/conveyance</label>
    <loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2011/elts/us-gaap-2011-01-31.xsd#us-gaap_Assets" xlink:label="us-gaap_Assets" />
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="us-gaap_Assets" xlink:to="us-gaap_Assets_lbl" />
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="us-gaap_Assets_lbl" xml:lang="en-US">Assets</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/totalLabel" xlink:label="us-gaap_Assets_lbl" xml:lang="en-US">Total assets</label>
    <loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2011/elts/us-gaap-2011-01-31.xsd#us-gaap_LiabilitiesAndStockholdersEquityAbstract" xlink:label="us-gaap_LiabilitiesAndStockholdersEquityAbstract" />
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="us-gaap_LiabilitiesAndStockholdersEquityAbstract" xlink:to="us-gaap_LiabilitiesAndStockholdersEquityAbstract_lbl" />
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="us-gaap_LiabilitiesAndStockholdersEquityAbstract_lbl" xml:lang="en-US">Liabilities and equity</label>
    <loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2011/elts/us-gaap-2011-01-31.xsd#us-gaap_MortgageLoansOnRealEstate" xlink:label="us-gaap_MortgageLoansOnRealEstate" />
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="us-gaap_MortgageLoansOnRealEstate" xlink:to="us-gaap_MortgageLoansOnRealEstate_lbl" />
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="us-gaap_MortgageLoansOnRealEstate_lbl" xml:lang="en-US">Mortgage Loans on Real Estate</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2009/role/negatedLabel" xlink:label="us-gaap_MortgageLoansOnRealEstate_lbl" xml:lang="en-US">Mortgage loans payable</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/periodEndLabel" xlink:label="us-gaap_MortgageLoansOnRealEstate_lbl" xml:lang="en-US">Mortgage Loans on Real Estate, Ending Balance</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/periodStartLabel" xlink:label="us-gaap_MortgageLoansOnRealEstate_lbl" xml:lang="en-US">Mortgage Loans on Real Estate, Beginning Balance</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:label="us-gaap_MortgageLoansOnRealEstate_lbl" xml:lang="en-US">Mortgage loans payable</label>
    <loc xlink:type="locator" xlink:href="cdr-20111231.xsd#cdr_MortgageLoansOnRealEstateHeldForSale" xlink:label="cdr_MortgageLoansOnRealEstateHeldForSale" />
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="cdr_MortgageLoansOnRealEstateHeldForSale" xlink:to="cdr_MortgageLoansOnRealEstateHeldForSale_lbl" />
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:label="cdr_MortgageLoansOnRealEstateHeldForSale_lbl" xml:lang="en-US">Total carrying amount of mortgage loans in connection with real estate held for sale as of the balance sheet date.</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="cdr_MortgageLoansOnRealEstateHeldForSale_lbl" xml:lang="en-US">Mortgage Loans On Real Estate Held For Sale</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2009/role/negatedLabel" xlink:label="cdr_MortgageLoansOnRealEstateHeldForSale_lbl" xml:lang="en-US">Mortgage loans payable - real estate held for sale/conveyance</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:label="cdr_MortgageLoansOnRealEstateHeldForSale_lbl" xml:lang="en-US">Mortgage loans payable - real estate held for sale/conveyance</label>
    <loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2011/elts/us-gaap-2011-01-31.xsd#us-gaap_LineOfCredit" xlink:label="us-gaap_LineOfCredit" />
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="us-gaap_LineOfCredit" xlink:to="us-gaap_LineOfCredit_lbl" />
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="us-gaap_LineOfCredit_lbl" xml:lang="en-US">Long-term Line of Credit</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:label="us-gaap_LineOfCredit_lbl" xml:lang="en-US">Secured revolving credit facilities</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/totalLabel" xlink:label="us-gaap_LineOfCredit_lbl" xml:lang="en-US">Long-term Line of Credit, Total</label>
    <loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2011/elts/us-gaap-2011-01-31.xsd#us-gaap_AccountsPayableAndAccruedLiabilitiesCurrentAndNoncurrent" xlink:label="us-gaap_AccountsPayableAndAccruedLiabilitiesCurrentAndNoncurrent" />
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="us-gaap_AccountsPayableAndAccruedLiabilitiesCurrentAndNoncurrent" xlink:to="us-gaap_AccountsPayableAndAccruedLiabilitiesCurrentAndNoncurrent_lbl" />
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="us-gaap_AccountsPayableAndAccruedLiabilitiesCurrentAndNoncurrent_lbl" xml:lang="en-US">Accounts Payable and Accrued Liabilities</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:label="us-gaap_AccountsPayableAndAccruedLiabilitiesCurrentAndNoncurrent_lbl" xml:lang="en-US">Accounts payable and accrued liabilities</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/totalLabel" xlink:label="us-gaap_AccountsPayableAndAccruedLiabilitiesCurrentAndNoncurrent_lbl" xml:lang="en-US">Accounts Payable and Accrued Liabilities, Total</label>
    <loc xlink:type="locator" xlink:href="cdr-20111231.xsd#cdr_UnamortizedIntangibleLeaseLiability" xlink:label="cdr_UnamortizedIntangibleLeaseLiability" />
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="cdr_UnamortizedIntangibleLeaseLiability" xlink:to="cdr_UnamortizedIntangibleLeaseLiability_lbl" />
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:label="cdr_UnamortizedIntangibleLeaseLiability_lbl" xml:lang="en-US">The identifiable intangible net liability established for an assumed above or below-market lease acquired in an acquisition. Such asset or liability is established regardless of whether the acquiree is the lessee or the lessor</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="cdr_UnamortizedIntangibleLeaseLiability_lbl" xml:lang="en-US">Unamortized Intangible Lease Liability</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:label="cdr_UnamortizedIntangibleLeaseLiability_lbl" xml:lang="en-US">Unamortized intangible lease liabilities</label>
    <loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2011/elts/us-gaap-2011-01-31.xsd#us-gaap_LiabilitiesOfAssetsHeldForSale" xlink:label="us-gaap_LiabilitiesOfAssetsHeldForSale" />
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="us-gaap_LiabilitiesOfAssetsHeldForSale" xlink:to="us-gaap_LiabilitiesOfAssetsHeldForSale_lbl" />
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="us-gaap_LiabilitiesOfAssetsHeldForSale_lbl" xml:lang="en-US">Liabilities of Assets Held-for-sale</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:label="us-gaap_LiabilitiesOfAssetsHeldForSale_lbl" xml:lang="en-US">Liabilities relating to real estate held for sale/conveyance</label>
    <loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2011/elts/us-gaap-2011-01-31.xsd#us-gaap_Liabilities" xlink:label="us-gaap_Liabilities" />
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="us-gaap_Liabilities" xlink:to="us-gaap_Liabilities_lbl" />
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="us-gaap_Liabilities_lbl" xml:lang="en-US">Liabilities</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/totalLabel" xlink:label="us-gaap_Liabilities_lbl" xml:lang="en-US">Total liabilities</label>
    <loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2011/elts/us-gaap-2011-01-31.xsd#us-gaap_MinorityInterestInOperatingPartnerships" xlink:label="us-gaap_MinorityInterestInOperatingPartnerships" />
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="us-gaap_MinorityInterestInOperatingPartnerships" xlink:to="us-gaap_MinorityInterestInOperatingPartnerships_lbl" />
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="us-gaap_MinorityInterestInOperatingPartnerships_lbl" xml:lang="en-US">Noncontrolling Interest in Operating Partnerships</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:label="us-gaap_MinorityInterestInOperatingPartnerships_lbl" xml:lang="en-US">Noncontrolling interest - limited partners' mezzanine OP Units</label>
    <loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2011/elts/us-gaap-2011-01-31.xsd#us-gaap_CommitmentsAndContingencies" xlink:label="us-gaap_CommitmentsAndContingencies" />
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="us-gaap_CommitmentsAndContingencies" xlink:to="us-gaap_CommitmentsAndContingencies_lbl" />
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="us-gaap_CommitmentsAndContingencies_lbl" xml:lang="en-US">Commitments and Contingencies</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:label="us-gaap_CommitmentsAndContingencies_lbl" xml:lang="en-US">Commitments and contingencies</label>
    <loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2011/elts/us-gaap-2011-01-31.xsd#us-gaap_StockholdersEquityAbstract" xlink:label="us-gaap_StockholdersEquityAbstract" />
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="us-gaap_StockholdersEquityAbstract" xlink:to="us-gaap_StockholdersEquityAbstract_lbl" />
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="us-gaap_StockholdersEquityAbstract_lbl" xml:lang="en-US">Stockholders' Equity Attributable to Parent [Abstract]</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/verboseLabel" xlink:label="us-gaap_StockholdersEquityAbstract_lbl" xml:lang="en-US">Equity:</label>
    <loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2011/elts/us-gaap-2011-01-31.xsd#us-gaap_PreferredStockValue" xlink:label="us-gaap_PreferredStockValue" />
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="us-gaap_PreferredStockValue" xlink:to="us-gaap_PreferredStockValue_lbl" />
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="us-gaap_PreferredStockValue_lbl" xml:lang="en-US">Preferred Stock, Value, Issued</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/periodEndLabel" xlink:label="us-gaap_PreferredStockValue_lbl" xml:lang="en-US">Preferred Stock, Value, Issued, Ending Balance</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/periodStartLabel" xlink:label="us-gaap_PreferredStockValue_lbl" xml:lang="en-US">Preferred Stock, Value, Issued, Beginning Balance</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:label="us-gaap_PreferredStockValue_lbl" xml:lang="en-US">Preferred stock ($.01 par value, $25.00 per share liquidation value, 12,500,000 shares authorized, 6,400,000 shares issued and outstanding)</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/totalLabel" xlink:label="us-gaap_PreferredStockValue_lbl" xml:lang="en-US">Preferred Stock, Value, Issued, Total</label>
    <loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2011/elts/us-gaap-2011-01-31.xsd#us-gaap_CommonStockValue" xlink:label="us-gaap_CommonStockValue" />
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="us-gaap_CommonStockValue" xlink:to="us-gaap_CommonStockValue_lbl" />
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="us-gaap_CommonStockValue_lbl" xml:lang="en-US">Common Stock, Value, Issued</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/periodEndLabel" xlink:label="us-gaap_CommonStockValue_lbl" xml:lang="en-US">Common Stock, Value, Issued, Ending Balance</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/periodStartLabel" xlink:label="us-gaap_CommonStockValue_lbl" xml:lang="en-US">Common Stock, Value, Issued, Beginning Balance</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:label="us-gaap_CommonStockValue_lbl" xml:lang="en-US">Common stock ($.06 par value, 150,000,000 shares authorized 67,928,000 and 66,520,000 shares, respectively, issued and outstanding)</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/totalLabel" xlink:label="us-gaap_CommonStockValue_lbl" xml:lang="en-US">Common Stock, Value, Issued, Total</label>
    <loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2011/elts/us-gaap-2011-01-31.xsd#us-gaap_TreasuryStockValue" xlink:label="us-gaap_TreasuryStockValue" />
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="us-gaap_TreasuryStockValue" xlink:to="us-gaap_TreasuryStockValue_lbl" />
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="us-gaap_TreasuryStockValue_lbl" xml:lang="en-US">Treasury Stock, Value</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2009/role/negatedLabel" xlink:label="us-gaap_TreasuryStockValue_lbl" xml:lang="en-US">Treasury stock (1,313,000 and 1,120,000 shares, respectively, at cost)</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/periodEndLabel" xlink:label="us-gaap_TreasuryStockValue_lbl" xml:lang="en-US">Treasury Stock, Value, Ending Balance</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/periodStartLabel" xlink:label="us-gaap_TreasuryStockValue_lbl" xml:lang="en-US">Treasury Stock, Value, Beginning Balance</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:label="us-gaap_TreasuryStockValue_lbl" xml:lang="en-US">Treasury stock (1,120,000 and 981,000 shares, respectively, at cost)</label>
    <loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2011/elts/us-gaap-2011-01-31.xsd#us-gaap_AdditionalPaidInCapital" xlink:label="us-gaap_AdditionalPaidInCapital" />
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="us-gaap_AdditionalPaidInCapital" xlink:to="us-gaap_AdditionalPaidInCapital_lbl" />
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="us-gaap_AdditionalPaidInCapital_lbl" xml:lang="en-US">Additional Paid in Capital</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/periodEndLabel" xlink:label="us-gaap_AdditionalPaidInCapital_lbl" xml:lang="en-US">Additional Paid in Capital, Ending Balance</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/periodStartLabel" xlink:label="us-gaap_AdditionalPaidInCapital_lbl" xml:lang="en-US">Additional Paid in Capital, Beginning Balance</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:label="us-gaap_AdditionalPaidInCapital_lbl" xml:lang="en-US">Additional paid-in capital</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/totalLabel" xlink:label="us-gaap_AdditionalPaidInCapital_lbl" xml:lang="en-US">Additional Paid in Capital, Total</label>
    <loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2011/elts/us-gaap-2011-01-31.xsd#us-gaap_AccumulatedDistributionsInExcessOfNetIncome" xlink:label="us-gaap_AccumulatedDistributionsInExcessOfNetIncome" />
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="us-gaap_AccumulatedDistributionsInExcessOfNetIncome" xlink:to="us-gaap_AccumulatedDistributionsInExcessOfNetIncome_lbl" />
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="us-gaap_AccumulatedDistributionsInExcessOfNetIncome_lbl" xml:lang="en-US">Accumulated Distributions in Excess of Net Income</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2009/role/negatedLabel" xlink:label="us-gaap_AccumulatedDistributionsInExcessOfNetIncome_lbl" xml:lang="en-US">Cumulative distributions in excess of net income</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:label="us-gaap_AccumulatedDistributionsInExcessOfNetIncome_lbl" xml:lang="en-US">Cumulative distributions in excess of net income</label>
    <loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2011/elts/us-gaap-2011-01-31.xsd#us-gaap_AccumulatedOtherComprehensiveIncomeLossNetOfTax" xlink:label="us-gaap_AccumulatedOtherComprehensiveIncomeLossNetOfTax" />
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="us-gaap_AccumulatedOtherComprehensiveIncomeLossNetOfTax" xlink:to="us-gaap_AccumulatedOtherComprehensiveIncomeLossNetOfTax_lbl" />
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="us-gaap_AccumulatedOtherComprehensiveIncomeLossNetOfTax_lbl" xml:lang="en-US">Accumulated Other Comprehensive Income (Loss), Net of Tax</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/periodEndLabel" xlink:label="us-gaap_AccumulatedOtherComprehensiveIncomeLossNetOfTax_lbl" xml:lang="en-US">Accumulated Other Comprehensive Income (Loss), Net of Tax, Ending Balance</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/periodStartLabel" xlink:label="us-gaap_AccumulatedOtherComprehensiveIncomeLossNetOfTax_lbl" xml:lang="en-US">Accumulated Other Comprehensive Income (Loss), Net of Tax, Beginning Balance</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:label="us-gaap_AccumulatedOtherComprehensiveIncomeLossNetOfTax_lbl" xml:lang="en-US">Accumulated other comprehensive loss</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/totalLabel" xlink:label="us-gaap_AccumulatedOtherComprehensiveIncomeLossNetOfTax_lbl" xml:lang="en-US">Accumulated Other Comprehensive Income (Loss), Net of Tax, Total</label>
    <loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2011/elts/us-gaap-2011-01-31.xsd#us-gaap_StockholdersEquity" xlink:label="us-gaap_StockholdersEquity" />
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="us-gaap_StockholdersEquity" xlink:to="us-gaap_StockholdersEquity_lbl" />
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="us-gaap_StockholdersEquity_lbl" xml:lang="en-US">Stockholders' Equity Attributable to Parent</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/periodEndLabel" xlink:label="us-gaap_StockholdersEquity_lbl" xml:lang="en-US">Balance</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/periodStartLabel" xlink:label="us-gaap_StockholdersEquity_lbl" xml:lang="en-US">Balance</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:label="us-gaap_StockholdersEquity_lbl" xml:lang="en-US">Total Cedar Shopping Centers, Inc. shareholders' equity</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/totalLabel" xlink:label="us-gaap_StockholdersEquity_lbl" xml:lang="en-US">Total Cedar Realty Trust, Inc. shareholders' equity</label>
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    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="us-gaap_MinorityInterestInJointVentures_lbl" xml:lang="en-US">Noncontrolling Interest in Joint Ventures</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:label="us-gaap_MinorityInterestInJointVentures_lbl" xml:lang="en-US">Minority interests in consolidated joint ventures</label>
    <loc xlink:type="locator" xlink:href="cdr-20111231.xsd#cdr_LimitedPartnersInterestInOperatingPartnershipNoncontrollingInterest" xlink:label="cdr_LimitedPartnersInterestInOperatingPartnershipNoncontrollingInterest" />
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    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:label="cdr_LimitedPartnersInterestInOperatingPartnershipNoncontrollingInterest_lbl" xml:lang="en-US">Carrying amount of the equity interests owned by noncontrolling partners in an operating partnership of the total minority interest included in the entity's consolidated financial statements.</label>
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    <loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2011/elts/us-gaap-2011-01-31.xsd#us-gaap_MinorityInterest" xlink:label="us-gaap_MinorityInterest" />
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="us-gaap_MinorityInterest" xlink:to="us-gaap_MinorityInterest_lbl" />
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="us-gaap_MinorityInterest_lbl" xml:lang="en-US">Stockholders' Equity Attributable to Noncontrolling Interest</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/periodEndLabel" xlink:label="us-gaap_MinorityInterest_lbl" xml:lang="en-US">Stockholders' Equity Attributable to Noncontrolling Interest, Ending Balance</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/periodStartLabel" xlink:label="us-gaap_MinorityInterest_lbl" xml:lang="en-US">Stockholders' Equity Attributable to Noncontrolling Interest, Beginning Balance</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/totalLabel" xlink:label="us-gaap_MinorityInterest_lbl" xml:lang="en-US">Total noncontrolling interests</label>
    <loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2011/elts/us-gaap-2011-01-31.xsd#us-gaap_StockholdersEquityIncludingPortionAttributableToNoncontrollingInterest" xlink:label="us-gaap_StockholdersEquityIncludingPortionAttributableToNoncontrollingInterest" />
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="us-gaap_StockholdersEquityIncludingPortionAttributableToNoncontrollingInterest" xlink:to="us-gaap_StockholdersEquityIncludingPortionAttributableToNoncontrollingInterest_lbl" />
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="us-gaap_StockholdersEquityIncludingPortionAttributableToNoncontrollingInterest_lbl" xml:lang="en-US">Stockholders Equity Including Portion Attributable To Noncontrolling Interest</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/periodEndLabel" xlink:label="us-gaap_StockholdersEquityIncludingPortionAttributableToNoncontrollingInterest_lbl" xml:lang="en-US">Balance</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/periodStartLabel" xlink:label="us-gaap_StockholdersEquityIncludingPortionAttributableToNoncontrollingInterest_lbl" xml:lang="en-US">Balance</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/totalLabel" xlink:label="us-gaap_StockholdersEquityIncludingPortionAttributableToNoncontrollingInterest_lbl" xml:lang="en-US">Total equity</label>
    <loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2011/elts/us-gaap-2011-01-31.xsd#us-gaap_LiabilitiesAndStockholdersEquity" xlink:label="us-gaap_LiabilitiesAndStockholdersEquity" />
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="us-gaap_LiabilitiesAndStockholdersEquity" xlink:to="us-gaap_LiabilitiesAndStockholdersEquity_lbl" />
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="us-gaap_LiabilitiesAndStockholdersEquity_lbl" xml:lang="en-US">Liabilities and Stockholders' Equity</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/totalLabel" xlink:label="us-gaap_LiabilitiesAndStockholdersEquity_lbl" xml:lang="en-US">Total liabilities and equity</label>
    <loc xlink:type="locator" xlink:href="cdr-20111231.xsd#cdr_JointVentureSettlements" xlink:label="cdr_JointVentureSettlements" />
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="cdr_JointVentureSettlements" xlink:to="cdr_JointVentureSettlements_lbl" />
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:label="cdr_JointVentureSettlements_lbl" xml:lang="en-US">Joint Venture Settlements</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="cdr_JointVentureSettlements_lbl" xml:lang="en-US">Joint Venture Settlements</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:label="cdr_JointVentureSettlements_lbl" xml:lang="en-US">Joint venture settlements</label>
    <loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2011/elts/us-gaap-2011-01-31.xsd#us-gaap_PreferredStockParOrStatedValuePerShare" xlink:label="us-gaap_PreferredStockParOrStatedValuePerShare" />
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="us-gaap_PreferredStockParOrStatedValuePerShare" xlink:to="us-gaap_PreferredStockParOrStatedValuePerShare_lbl" />
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="us-gaap_PreferredStockParOrStatedValuePerShare_lbl" xml:lang="en-US">Preferred Stock, Par or Stated Value Per Share</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:label="us-gaap_PreferredStockParOrStatedValuePerShare_lbl" xml:lang="en-US">Preferred stock, shares par value</label>
    <loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2011/elts/us-gaap-2011-01-31.xsd#us-gaap_PreferredStockLiquidationPreference" xlink:label="us-gaap_PreferredStockLiquidationPreference" />
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="us-gaap_PreferredStockLiquidationPreference" xlink:to="us-gaap_PreferredStockLiquidationPreference_lbl" />
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="us-gaap_PreferredStockLiquidationPreference_lbl" xml:lang="en-US">Preferred Stock, Liquidation Preference Per Share</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:label="us-gaap_PreferredStockLiquidationPreference_lbl" xml:lang="en-US">Preferred stock, shares liquidation par value</label>
    <loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2011/elts/us-gaap-2011-01-31.xsd#us-gaap_PreferredStockSharesAuthorized" xlink:label="us-gaap_PreferredStockSharesAuthorized" />
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="us-gaap_PreferredStockSharesAuthorized" xlink:to="us-gaap_PreferredStockSharesAuthorized_lbl" />
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="us-gaap_PreferredStockSharesAuthorized_lbl" xml:lang="en-US">Preferred Stock, Shares Authorized</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:label="us-gaap_PreferredStockSharesAuthorized_lbl" xml:lang="en-US">Preferred stock, shares authorized</label>
    <loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2011/elts/us-gaap-2011-01-31.xsd#us-gaap_PreferredStockSharesIssued" xlink:label="us-gaap_PreferredStockSharesIssued" />
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="us-gaap_PreferredStockSharesIssued" xlink:to="us-gaap_PreferredStockSharesIssued_lbl" />
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="us-gaap_PreferredStockSharesIssued_lbl" xml:lang="en-US">Preferred Stock, Shares Issued</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:label="us-gaap_PreferredStockSharesIssued_lbl" xml:lang="en-US">Preferred stock, shares issued</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/totalLabel" xlink:label="us-gaap_PreferredStockSharesIssued_lbl" xml:lang="en-US">Preferred Stock, Shares Issued, Total</label>
    <loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2011/elts/us-gaap-2011-01-31.xsd#us-gaap_PreferredStockSharesOutstanding" xlink:label="us-gaap_PreferredStockSharesOutstanding" />
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="us-gaap_PreferredStockSharesOutstanding" xlink:to="us-gaap_PreferredStockSharesOutstanding_lbl" />
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="us-gaap_PreferredStockSharesOutstanding_lbl" xml:lang="en-US">Preferred Stock, Shares Outstanding</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/periodEndLabel" xlink:label="us-gaap_PreferredStockSharesOutstanding_lbl" xml:lang="en-US">Preferred Stock, Shares Outstanding, Ending Balance</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/periodStartLabel" xlink:label="us-gaap_PreferredStockSharesOutstanding_lbl" xml:lang="en-US">Preferred Stock, Shares Outstanding, Beginning Balance</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:label="us-gaap_PreferredStockSharesOutstanding_lbl" xml:lang="en-US">Preferred stock, shares outstanding</label>
    <loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2011/elts/us-gaap-2011-01-31.xsd#us-gaap_CommonStockParOrStatedValuePerShare" xlink:label="us-gaap_CommonStockParOrStatedValuePerShare" />
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="us-gaap_CommonStockParOrStatedValuePerShare" xlink:to="us-gaap_CommonStockParOrStatedValuePerShare_lbl" />
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="us-gaap_CommonStockParOrStatedValuePerShare_lbl" xml:lang="en-US">Common Stock, Par or Stated Value Per Share</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:label="us-gaap_CommonStockParOrStatedValuePerShare_lbl" xml:lang="en-US">Common stock, shares par value</label>
    <loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2011/elts/us-gaap-2011-01-31.xsd#us-gaap_CommonStockSharesAuthorized" xlink:label="us-gaap_CommonStockSharesAuthorized" />
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="us-gaap_CommonStockSharesAuthorized" xlink:to="us-gaap_CommonStockSharesAuthorized_lbl" />
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="us-gaap_CommonStockSharesAuthorized_lbl" xml:lang="en-US">Common Stock, Shares Authorized</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:label="us-gaap_CommonStockSharesAuthorized_lbl" xml:lang="en-US">Common stock, shares authorized</label>
    <loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2011/elts/us-gaap-2011-01-31.xsd#us-gaap_CommonStockSharesIssued" xlink:label="us-gaap_CommonStockSharesIssued" />
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="us-gaap_CommonStockSharesIssued" xlink:to="us-gaap_CommonStockSharesIssued_lbl" />
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="us-gaap_CommonStockSharesIssued_lbl" xml:lang="en-US">Common Stock, Shares, Issued</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:label="us-gaap_CommonStockSharesIssued_lbl" xml:lang="en-US">Common stock, shares issued</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/totalLabel" xlink:label="us-gaap_CommonStockSharesIssued_lbl" xml:lang="en-US">Common Stock, Shares, Issued, Total</label>
    <loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2011/elts/us-gaap-2011-01-31.xsd#us-gaap_CommonStockSharesOutstanding" xlink:label="us-gaap_CommonStockSharesOutstanding" />
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="us-gaap_CommonStockSharesOutstanding" xlink:to="us-gaap_CommonStockSharesOutstanding_lbl" />
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="us-gaap_CommonStockSharesOutstanding_lbl" xml:lang="en-US">Common Stock, Shares, Outstanding</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/periodEndLabel" xlink:label="us-gaap_CommonStockSharesOutstanding_lbl" xml:lang="en-US">Common Stock, Shares, Outstanding, Ending Balance</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/periodStartLabel" xlink:label="us-gaap_CommonStockSharesOutstanding_lbl" xml:lang="en-US">Common Stock, Shares, Outstanding, Beginning Balance</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:label="us-gaap_CommonStockSharesOutstanding_lbl" xml:lang="en-US">Common stock, shares outstanding</label>
    <loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2011/elts/us-gaap-2011-01-31.xsd#us-gaap_TreasuryStockShares" xlink:label="us-gaap_TreasuryStockShares" />
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="us-gaap_TreasuryStockShares" xlink:to="us-gaap_TreasuryStockShares_lbl" />
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="us-gaap_TreasuryStockShares_lbl" xml:lang="en-US">Treasury Stock, Shares</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/periodEndLabel" xlink:label="us-gaap_TreasuryStockShares_lbl" xml:lang="en-US">Treasury Stock, Shares, Ending Balance</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/periodStartLabel" xlink:label="us-gaap_TreasuryStockShares_lbl" xml:lang="en-US">Treasury Stock, Shares, Beginning Balance</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:label="us-gaap_TreasuryStockShares_lbl" xml:lang="en-US">Treasury stock, shares</label>
    <loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2011/elts/us-gaap-2011-01-31.xsd#us-gaap_StatementOfIncomeAndComprehensiveIncomeAbstract" xlink:label="us-gaap_StatementOfIncomeAndComprehensiveIncomeAbstract" />
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="us-gaap_StatementOfIncomeAndComprehensiveIncomeAbstract" xlink:to="us-gaap_StatementOfIncomeAndComprehensiveIncomeAbstract_lbl" />
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="us-gaap_StatementOfIncomeAndComprehensiveIncomeAbstract_lbl" xml:lang="en-US">Consolidated Statements Of Operations [Abstract]</label>
    <loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2011/elts/us-gaap-2011-01-31.xsd#us-gaap_RevenuesAbstract" xlink:label="us-gaap_RevenuesAbstract" />
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="us-gaap_RevenuesAbstract" xlink:to="us-gaap_RevenuesAbstract_lbl" />
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="us-gaap_RevenuesAbstract_lbl" xml:lang="en-US">Revenues:</label>
    <loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2011/elts/us-gaap-2011-01-31.xsd#us-gaap_OperatingLeasesIncomeStatementLeaseRevenue" xlink:label="us-gaap_OperatingLeasesIncomeStatementLeaseRevenue" />
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="us-gaap_OperatingLeasesIncomeStatementLeaseRevenue" xlink:to="us-gaap_OperatingLeasesIncomeStatementLeaseRevenue_lbl" />
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="us-gaap_OperatingLeasesIncomeStatementLeaseRevenue_lbl" xml:lang="en-US">Operating Leases, Income Statement, Lease Revenue</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/totalLabel" xlink:label="us-gaap_OperatingLeasesIncomeStatementLeaseRevenue_lbl" xml:lang="en-US">Operating Leases, Income Statement, Lease Revenue, Total</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/verboseLabel" xlink:label="us-gaap_OperatingLeasesIncomeStatementLeaseRevenue_lbl" xml:lang="en-US">Rents</label>
    <loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2011/elts/us-gaap-2011-01-31.xsd#us-gaap_TenantReimbursements" xlink:label="us-gaap_TenantReimbursements" />
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="us-gaap_TenantReimbursements" xlink:to="us-gaap_TenantReimbursements_lbl" />
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="us-gaap_TenantReimbursements_lbl" xml:lang="en-US">Tenant Reimbursements</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:label="us-gaap_TenantReimbursements_lbl" xml:lang="en-US">Expense recoveries</label>
    <loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2011/elts/us-gaap-2011-01-31.xsd#us-gaap_OtherRealEstateRevenue" xlink:label="us-gaap_OtherRealEstateRevenue" />
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="us-gaap_OtherRealEstateRevenue" xlink:to="us-gaap_OtherRealEstateRevenue_lbl" />
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="us-gaap_OtherRealEstateRevenue_lbl" xml:lang="en-US">Other Real Estate Revenue</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:label="us-gaap_OtherRealEstateRevenue_lbl" xml:lang="en-US">Other</label>
    <loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2011/elts/us-gaap-2011-01-31.xsd#us-gaap_Revenues" xlink:label="us-gaap_Revenues" />
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="us-gaap_Revenues" xlink:to="us-gaap_Revenues_lbl" />
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="us-gaap_Revenues_lbl" xml:lang="en-US">Revenues</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/totalLabel" xlink:label="us-gaap_Revenues_lbl" xml:lang="en-US">Total revenues</label>
    <loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2011/elts/us-gaap-2011-01-31.xsd#us-gaap_OperatingExpensesAbstract" xlink:label="us-gaap_OperatingExpensesAbstract" />
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="us-gaap_OperatingExpensesAbstract" xlink:to="us-gaap_OperatingExpensesAbstract_lbl" />
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="us-gaap_OperatingExpensesAbstract_lbl" xml:lang="en-US">Expenses:</label>
    <loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2011/elts/us-gaap-2011-01-31.xsd#us-gaap_OtherCostAndExpenseOperating" xlink:label="us-gaap_OtherCostAndExpenseOperating" />
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="us-gaap_OtherCostAndExpenseOperating" xlink:to="us-gaap_OtherCostAndExpenseOperating_lbl" />
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="us-gaap_OtherCostAndExpenseOperating_lbl" xml:lang="en-US">Other Cost and Expense, Operating</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:label="us-gaap_OtherCostAndExpenseOperating_lbl" xml:lang="en-US">Operating, maintenance and management</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/totalLabel" xlink:label="us-gaap_OtherCostAndExpenseOperating_lbl" xml:lang="en-US">Other Cost and Expense, Operating, Total</label>
    <loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2011/elts/us-gaap-2011-01-31.xsd#us-gaap_RealEstateTaxExpense" xlink:label="us-gaap_RealEstateTaxExpense" />
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="us-gaap_RealEstateTaxExpense" xlink:to="us-gaap_RealEstateTaxExpense_lbl" />
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="us-gaap_RealEstateTaxExpense_lbl" xml:lang="en-US">Real Estate Tax Expense</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:label="us-gaap_RealEstateTaxExpense_lbl" xml:lang="en-US">Real estate and other property-related taxes</label>
    <loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2011/elts/us-gaap-2011-01-31.xsd#us-gaap_GeneralAndAdministrativeExpense" xlink:label="us-gaap_GeneralAndAdministrativeExpense" />
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="us-gaap_GeneralAndAdministrativeExpense" xlink:to="us-gaap_GeneralAndAdministrativeExpense_lbl" />
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="us-gaap_GeneralAndAdministrativeExpense_lbl" xml:lang="en-US">General and Administrative Expense</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:label="us-gaap_GeneralAndAdministrativeExpense_lbl" xml:lang="en-US">General and administrative</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/totalLabel" xlink:label="us-gaap_GeneralAndAdministrativeExpense_lbl" xml:lang="en-US">General and Administrative Expense, Total</label>
    <loc xlink:type="locator" xlink:href="cdr-20111231.xsd#cdr_ManagementTransitionCharges" xlink:label="cdr_ManagementTransitionCharges" />
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="cdr_ManagementTransitionCharges" xlink:to="cdr_ManagementTransitionCharges_lbl" />
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:label="cdr_ManagementTransitionCharges_lbl" xml:lang="en-US">The non-recurring costs and expenses related to the retirement of the Company's Chairman of the Board, CEO and President, the end of the employment of the Company's Chief Financial Officer, together with the non-recurring costs related to their replacements.</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="cdr_ManagementTransitionCharges_lbl" xml:lang="en-US">Management Transition Charges</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:label="cdr_ManagementTransitionCharges_lbl" xml:lang="en-US">Management transition charges</label>
    <loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2011/elts/us-gaap-2011-01-31.xsd#us-gaap_ImpairmentOfRealEstate" xlink:label="us-gaap_ImpairmentOfRealEstate" />
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="us-gaap_ImpairmentOfRealEstate" xlink:to="us-gaap_ImpairmentOfRealEstate_lbl" />
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="us-gaap_ImpairmentOfRealEstate_lbl" xml:lang="en-US">Impairment of Real Estate</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:label="us-gaap_ImpairmentOfRealEstate_lbl" xml:lang="en-US">Impairment charges</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/verboseLabel" xlink:label="us-gaap_ImpairmentOfRealEstate_lbl" xml:lang="en-US">Impairment charges</label>
    <loc xlink:type="locator" xlink:href="cdr-20111231.xsd#cdr_AcquisitionTransactionCostsAndTerminatedProjectsExpenses" xlink:label="cdr_AcquisitionTransactionCostsAndTerminatedProjectsExpenses" />
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="cdr_AcquisitionTransactionCostsAndTerminatedProjectsExpenses" xlink:to="cdr_AcquisitionTransactionCostsAndTerminatedProjectsExpenses_lbl" />
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:label="cdr_AcquisitionTransactionCostsAndTerminatedProjectsExpenses_lbl" xml:lang="en-US">The costs associated with the acquisition of business in the current period and the write-off of previously capitalized costs from prior periods.</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="cdr_AcquisitionTransactionCostsAndTerminatedProjectsExpenses_lbl" xml:lang="en-US">Acquisition Transaction Costs And Terminated Projects Expenses</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:label="cdr_AcquisitionTransactionCostsAndTerminatedProjectsExpenses_lbl" xml:lang="en-US">Acquisition transaction costs and terminated projects</label>
    <loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2011/elts/us-gaap-2011-01-31.xsd#us-gaap_DepreciationAndAmortization" xlink:label="us-gaap_DepreciationAndAmortization" />
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="us-gaap_DepreciationAndAmortization" xlink:to="us-gaap_DepreciationAndAmortization_lbl" />
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="us-gaap_DepreciationAndAmortization_lbl" xml:lang="en-US">Depreciation, Depletion and Amortization, Nonproduction</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:label="us-gaap_DepreciationAndAmortization_lbl" xml:lang="en-US">Depreciation and amortization</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/totalLabel" xlink:label="us-gaap_DepreciationAndAmortization_lbl" xml:lang="en-US">Depreciation, Depletion and Amortization, Nonproduction, Total</label>
    <loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2011/elts/us-gaap-2011-01-31.xsd#us-gaap_OperatingExpenses" xlink:label="us-gaap_OperatingExpenses" />
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="us-gaap_OperatingExpenses" xlink:to="us-gaap_OperatingExpenses_lbl" />
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="us-gaap_OperatingExpenses_lbl" xml:lang="en-US">Operating Expenses</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/totalLabel" xlink:label="us-gaap_OperatingExpenses_lbl" xml:lang="en-US">Total expenses</label>
    <loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2011/elts/us-gaap-2011-01-31.xsd#us-gaap_OperatingIncomeLoss" xlink:label="us-gaap_OperatingIncomeLoss" />
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="us-gaap_OperatingIncomeLoss" xlink:to="us-gaap_OperatingIncomeLoss_lbl" />
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="us-gaap_OperatingIncomeLoss_lbl" xml:lang="en-US">Operating Income (Loss)</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/totalLabel" xlink:label="us-gaap_OperatingIncomeLoss_lbl" xml:lang="en-US">Operating income</label>
    <loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2011/elts/us-gaap-2011-01-31.xsd#us-gaap_NonoperatingIncomeExpenseAbstract" xlink:label="us-gaap_NonoperatingIncomeExpenseAbstract" />
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="us-gaap_NonoperatingIncomeExpenseAbstract" xlink:to="us-gaap_NonoperatingIncomeExpenseAbstract_lbl" />
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="us-gaap_NonoperatingIncomeExpenseAbstract_lbl" xml:lang="en-US">Nonoperating Income (Expense) [Abstract]</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:label="us-gaap_NonoperatingIncomeExpenseAbstract_lbl" xml:lang="en-US">Non-operating income and expense:</label>
    <loc xlink:type="locator" xlink:href="cdr-20111231.xsd#cdr_InterestExpenseIncludingAmortizationOfDeferredFinancingCosts" xlink:label="cdr_InterestExpenseIncludingAmortizationOfDeferredFinancingCosts" />
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="cdr_InterestExpenseIncludingAmortizationOfDeferredFinancingCosts" xlink:to="cdr_InterestExpenseIncludingAmortizationOfDeferredFinancingCosts_lbl" />
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:label="cdr_InterestExpenseIncludingAmortizationOfDeferredFinancingCosts_lbl" xml:lang="en-US">Interest incurred in the period on debt arrangements that was charged against earnings, including the amortization of deferred financing costs.</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="cdr_InterestExpenseIncludingAmortizationOfDeferredFinancingCosts_lbl" xml:lang="en-US">Interest Expense Including Amortization Of Deferred Financing Costs</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2009/role/negatedLabel" xlink:label="cdr_InterestExpenseIncludingAmortizationOfDeferredFinancingCosts_lbl" xml:lang="en-US">Interest expense, including amortization of deferred financing costs</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:label="cdr_InterestExpenseIncludingAmortizationOfDeferredFinancingCosts_lbl" xml:lang="en-US">Interest expense, including amortization of deferred financing costs</label>
    <loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2011/elts/us-gaap-2011-01-31.xsd#us-gaap_WriteOffOfDeferredDebtIssuanceCost" xlink:label="us-gaap_WriteOffOfDeferredDebtIssuanceCost" />
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="us-gaap_WriteOffOfDeferredDebtIssuanceCost" xlink:to="us-gaap_WriteOffOfDeferredDebtIssuanceCost_lbl" />
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="us-gaap_WriteOffOfDeferredDebtIssuanceCost_lbl" xml:lang="en-US">Write off of Deferred Debt Issuance Cost</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2009/role/negatedLabel" xlink:label="us-gaap_WriteOffOfDeferredDebtIssuanceCost_lbl" xml:lang="en-US">Accelerated write-off of deferred financing costs</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:label="us-gaap_WriteOffOfDeferredDebtIssuanceCost_lbl" xml:lang="en-US">Accelerated write-off of deferred financing costs</label>
    <loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2011/elts/us-gaap-2011-01-31.xsd#us-gaap_InvestmentIncomeInterest" xlink:label="us-gaap_InvestmentIncomeInterest" />
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="us-gaap_InvestmentIncomeInterest" xlink:to="us-gaap_InvestmentIncomeInterest_lbl" />
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="us-gaap_InvestmentIncomeInterest_lbl" xml:lang="en-US">Investment Income, Interest</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:label="us-gaap_InvestmentIncomeInterest_lbl" xml:lang="en-US">Interest income</label>
    <loc xlink:type="locator" xlink:href="cdr-20111231.xsd#cdr_UnconsolidatedJointVentureAbstract" xlink:label="cdr_UnconsolidatedJointVentureAbstract" />
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="cdr_UnconsolidatedJointVentureAbstract" xlink:to="cdr_UnconsolidatedJointVentureAbstract_lbl" />
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:label="cdr_UnconsolidatedJointVentureAbstract_lbl" xml:lang="en-US">Unconsolidated Joint Venture [Abstract]</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="cdr_UnconsolidatedJointVentureAbstract_lbl" xml:lang="en-US">Unconsolidated Joint Venture Abstract</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:label="cdr_UnconsolidatedJointVentureAbstract_lbl" xml:lang="en-US">Unconsolidated joint ventures:</label>
    <loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2011/elts/us-gaap-2011-01-31.xsd#us-gaap_IncomeLossFromEquityMethodInvestments" xlink:label="us-gaap_IncomeLossFromEquityMethodInvestments" />
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="us-gaap_IncomeLossFromEquityMethodInvestments" xlink:to="us-gaap_IncomeLossFromEquityMethodInvestments_lbl" />
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="us-gaap_IncomeLossFromEquityMethodInvestments_lbl" xml:lang="en-US">Equity in income of unconsolidated joint ventures</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2009/role/negatedLabel" xlink:label="us-gaap_IncomeLossFromEquityMethodInvestments_lbl" xml:lang="en-US">Equity in income of unconsolidated joint ventures</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:label="us-gaap_IncomeLossFromEquityMethodInvestments_lbl" xml:lang="en-US">Equity in income</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/totalLabel" xlink:label="us-gaap_IncomeLossFromEquityMethodInvestments_lbl" xml:lang="en-US">Income (Loss) from Equity Method Investments, Total</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/verboseLabel" xlink:label="us-gaap_IncomeLossFromEquityMethodInvestments_lbl" xml:lang="en-US">Equity in income of unconsolidated joint ventures</label>
    <loc xlink:type="locator" xlink:href="cdr-20111231.xsd#cdr_WriteOffOfInvestment" xlink:label="cdr_WriteOffOfInvestment" />
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="cdr_WriteOffOfInvestment" xlink:to="cdr_WriteOffOfInvestment_lbl" />
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:label="cdr_WriteOffOfInvestment_lbl" xml:lang="en-US">The charge against earnings in the period to reduce the carrying value of an unconsolidated joint venture.</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="cdr_WriteOffOfInvestment_lbl" xml:lang="en-US">Write-off of Investment</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2009/role/negatedLabel" xlink:label="cdr_WriteOffOfInvestment_lbl" xml:lang="en-US">Write-off of investment</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:label="cdr_WriteOffOfInvestment_lbl" xml:lang="en-US">Write-off of investment</label>
    <loc xlink:type="locator" xlink:href="cdr-20111231.xsd#cdr_GainLossOnSaleOfLandParcel" xlink:label="cdr_GainLossOnSaleOfLandParcel" />
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="cdr_GainLossOnSaleOfLandParcel" xlink:to="cdr_GainLossOnSaleOfLandParcel_lbl" />
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:label="cdr_GainLossOnSaleOfLandParcel_lbl" xml:lang="en-US">Gain on sales.</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="cdr_GainLossOnSaleOfLandParcel_lbl" xml:lang="en-US">Gain (Loss) On Sale Of Land Parcel</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:label="cdr_GainLossOnSaleOfLandParcel_lbl" xml:lang="en-US">Gain on sales</label>
    <loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2011/elts/us-gaap-2011-01-31.xsd#us-gaap_NonoperatingIncomeExpense" xlink:label="us-gaap_NonoperatingIncomeExpense" />
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="us-gaap_NonoperatingIncomeExpense" xlink:to="us-gaap_NonoperatingIncomeExpense_lbl" />
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="us-gaap_NonoperatingIncomeExpense_lbl" xml:lang="en-US">Nonoperating Income (Expense)</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/totalLabel" xlink:label="us-gaap_NonoperatingIncomeExpense_lbl" xml:lang="en-US">Total non-operating income and expense</label>
    <loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2011/elts/us-gaap-2011-01-31.xsd#us-gaap_IncomeLossFromContinuingOperationsIncludingPortionAttributableToNoncontrollingInterest" xlink:label="us-gaap_IncomeLossFromContinuingOperationsIncludingPortionAttributableToNoncontrollingInterest" />
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="us-gaap_IncomeLossFromContinuingOperationsIncludingPortionAttributableToNoncontrollingInterest" xlink:to="us-gaap_IncomeLossFromContinuingOperationsIncludingPortionAttributableToNoncontrollingInterest_lbl" />
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="us-gaap_IncomeLossFromContinuingOperationsIncludingPortionAttributableToNoncontrollingInterest_lbl" xml:lang="en-US">Income (Loss) from Continuing Operations, Including Portion Attributable to Noncontrolling Interest</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:label="us-gaap_IncomeLossFromContinuingOperationsIncludingPortionAttributableToNoncontrollingInterest_lbl" xml:lang="en-US">(Loss) income before discontinued operations</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/totalLabel" xlink:label="us-gaap_IncomeLossFromContinuingOperationsIncludingPortionAttributableToNoncontrollingInterest_lbl" xml:lang="en-US">Loss before discontinued operations</label>
    <loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2011/elts/us-gaap-2011-01-31.xsd#us-gaap_IncomeLossFromDiscontinuedOperationsNetOfTaxAbstract" xlink:label="us-gaap_IncomeLossFromDiscontinuedOperationsNetOfTaxAbstract" />
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="us-gaap_IncomeLossFromDiscontinuedOperationsNetOfTaxAbstract" xlink:to="us-gaap_IncomeLossFromDiscontinuedOperationsNetOfTaxAbstract_lbl" />
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="us-gaap_IncomeLossFromDiscontinuedOperationsNetOfTaxAbstract_lbl" xml:lang="en-US">Discontinued operations:</label>
    <loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2011/elts/us-gaap-2011-01-31.xsd#us-gaap_DiscontinuedOperationIncomeLossFromDiscontinuedOperationDuringPhaseOutPeriodNetOfTax" xlink:label="us-gaap_DiscontinuedOperationIncomeLossFromDiscontinuedOperationDuringPhaseOutPeriodNetOfTax" />
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="us-gaap_DiscontinuedOperationIncomeLossFromDiscontinuedOperationDuringPhaseOutPeriodNetOfTax" xlink:to="us-gaap_DiscontinuedOperationIncomeLossFromDiscontinuedOperationDuringPhaseOutPeriodNetOfTax_lbl" />
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    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:label="us-gaap_DiscontinuedOperationIncomeLossFromDiscontinuedOperationDuringPhaseOutPeriodNetOfTax_lbl" xml:lang="en-US">Income from operations</label>
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    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:label="cdr_ImpairmentOfDiscontinuedOperations_lbl" xml:lang="en-US">The charge against earnings in the period to reduce the carrying amount of assets classified as real estate held for sale - discontinued operations to fair value.</label>
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    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:label="cdr_ImpairmentOfDiscontinuedOperations_lbl" xml:lang="en-US">Impairments charges - discontinued operations</label>
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    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="us-gaap_DiscontinuedOperationGainLossOnDisposalOfDiscontinuedOperationNetOfTax_lbl" xml:lang="en-US">Discontinued Operation, Gain (Loss) on Disposal of Discontinued Operation, Net of Tax</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:label="us-gaap_DiscontinuedOperationGainLossOnDisposalOfDiscontinuedOperationNetOfTax_lbl" xml:lang="en-US">Gain on sales</label>
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    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="us-gaap_IncomeLossFromDiscontinuedOperationsNetOfTax" xlink:to="us-gaap_IncomeLossFromDiscontinuedOperationsNetOfTax_lbl" />
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="us-gaap_IncomeLossFromDiscontinuedOperationsNetOfTax_lbl" xml:lang="en-US">Income (Loss) from Discontinued Operations, Net of Tax, Including Portion Attributable to Noncontrolling Interest</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/totalLabel" xlink:label="us-gaap_IncomeLossFromDiscontinuedOperationsNetOfTax_lbl" xml:lang="en-US">Total discontinued operations</label>
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    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="us-gaap_ProfitLoss" xlink:to="us-gaap_ProfitLoss_lbl" />
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="us-gaap_ProfitLoss_lbl" xml:lang="en-US">Net (loss) income</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:label="us-gaap_ProfitLoss_lbl" xml:lang="en-US">Net loss</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/totalLabel" xlink:label="us-gaap_ProfitLoss_lbl" xml:lang="en-US">Net loss</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/verboseLabel" xlink:label="us-gaap_ProfitLoss_lbl" xml:lang="en-US">Net loss</label>
    <loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2011/elts/us-gaap-2011-01-31.xsd#us-gaap_MinorityInterestInNetIncomeLossOfConsolidatedEntitiesAbstract" xlink:label="us-gaap_MinorityInterestInNetIncomeLossOfConsolidatedEntitiesAbstract" />
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="us-gaap_MinorityInterestInNetIncomeLossOfConsolidatedEntitiesAbstract" xlink:to="us-gaap_MinorityInterestInNetIncomeLossOfConsolidatedEntitiesAbstract_lbl" />
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="us-gaap_MinorityInterestInNetIncomeLossOfConsolidatedEntitiesAbstract_lbl" xml:lang="en-US">Net Income (Loss) Attributable to Noncontrolling Interest [Abstract]</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:label="us-gaap_MinorityInterestInNetIncomeLossOfConsolidatedEntitiesAbstract_lbl" xml:lang="en-US">Less, net loss (income) attributable to noncontrolling interests:</label>
    <loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2011/elts/us-gaap-2011-01-31.xsd#us-gaap_MinorityInterestInNetIncomeLossJointVenturePartners" xlink:label="us-gaap_MinorityInterestInNetIncomeLossJointVenturePartners" />
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="us-gaap_MinorityInterestInNetIncomeLossJointVenturePartners" xlink:to="us-gaap_MinorityInterestInNetIncomeLossJointVenturePartners_lbl" />
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="us-gaap_MinorityInterestInNetIncomeLossJointVenturePartners_lbl" xml:lang="en-US">Net Income (Loss) Attributable to Noncontrolling Interest, Joint Venture Partners</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2009/role/negatedLabel" xlink:label="us-gaap_MinorityInterestInNetIncomeLossJointVenturePartners_lbl" xml:lang="en-US">Minority interests in consolidated joint ventures</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:label="us-gaap_MinorityInterestInNetIncomeLossJointVenturePartners_lbl" xml:lang="en-US">Minority interests in consolidated joint ventures</label>
    <loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2011/elts/us-gaap-2011-01-31.xsd#us-gaap_MinorityInterestInNetIncomeLossOperatingPartnerships" xlink:label="us-gaap_MinorityInterestInNetIncomeLossOperatingPartnerships" />
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="us-gaap_MinorityInterestInNetIncomeLossOperatingPartnerships" xlink:to="us-gaap_MinorityInterestInNetIncomeLossOperatingPartnerships_lbl" />
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="us-gaap_MinorityInterestInNetIncomeLossOperatingPartnerships_lbl" xml:lang="en-US">Net Income (Loss) Attributable to Noncontrolling Interest, Operating Partnerships</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2009/role/negatedLabel" xlink:label="us-gaap_MinorityInterestInNetIncomeLossOperatingPartnerships_lbl" xml:lang="en-US">Limited partners' interest in Operating Partnership</label>
    <loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2011/elts/us-gaap-2011-01-31.xsd#us-gaap_NetIncomeLossAttributableToNoncontrollingInterest" xlink:label="us-gaap_NetIncomeLossAttributableToNoncontrollingInterest" />
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="us-gaap_NetIncomeLossAttributableToNoncontrollingInterest" xlink:to="us-gaap_NetIncomeLossAttributableToNoncontrollingInterest_lbl" />
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="us-gaap_NetIncomeLossAttributableToNoncontrollingInterest_lbl" xml:lang="en-US">Net Income (Loss) Attributable to Noncontrolling Interest</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2009/role/negatedLabel" xlink:label="us-gaap_NetIncomeLossAttributableToNoncontrollingInterest_lbl" xml:lang="en-US">Total net loss (income) attributable to noncontrolling interests</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2009/role/negatedTotalLabel" xlink:label="us-gaap_NetIncomeLossAttributableToNoncontrollingInterest_lbl" xml:lang="en-US">Total net loss attributable to noncontrolling interests</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:label="us-gaap_NetIncomeLossAttributableToNoncontrollingInterest_lbl" xml:lang="en-US">Net loss</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/totalLabel" xlink:label="us-gaap_NetIncomeLossAttributableToNoncontrollingInterest_lbl" xml:lang="en-US">Total net loss (income) attributable to noncontrolling interests</label>
    <loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2011/elts/us-gaap-2011-01-31.xsd#us-gaap_NetIncomeLoss" xlink:label="us-gaap_NetIncomeLoss" />
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="us-gaap_NetIncomeLoss" xlink:to="us-gaap_NetIncomeLoss_lbl" />
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="us-gaap_NetIncomeLoss_lbl" xml:lang="en-US">Net Income (Loss) Attributable to Parent</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:label="us-gaap_NetIncomeLoss_lbl" xml:lang="en-US">Net (loss) income attributable to Cedar Shopping Centers, Inc.</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/totalLabel" xlink:label="us-gaap_NetIncomeLoss_lbl" xml:lang="en-US">Net loss attributable to Cedar Realty Trust, Inc.</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/verboseLabel" xlink:label="us-gaap_NetIncomeLoss_lbl" xml:lang="en-US">Net loss</label>
    <loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2011/elts/us-gaap-2011-01-31.xsd#us-gaap_PreferredStockDividendsAndOtherAdjustments" xlink:label="us-gaap_PreferredStockDividendsAndOtherAdjustments" />
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="us-gaap_PreferredStockDividendsAndOtherAdjustments" xlink:to="us-gaap_PreferredStockDividendsAndOtherAdjustments_lbl" />
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="us-gaap_PreferredStockDividendsAndOtherAdjustments_lbl" xml:lang="en-US">Preferred Stock Dividends and Other Adjustments</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2009/role/negatedLabel" xlink:label="us-gaap_PreferredStockDividendsAndOtherAdjustments_lbl" xml:lang="en-US">Preferred distribution requirements</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:label="us-gaap_PreferredStockDividendsAndOtherAdjustments_lbl" xml:lang="en-US">Preferred distribution requirements</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/totalLabel" xlink:label="us-gaap_PreferredStockDividendsAndOtherAdjustments_lbl" xml:lang="en-US">Preferred Stock Dividends and Other Adjustments, Total</label>
    <loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2011/elts/us-gaap-2011-01-31.xsd#us-gaap_NetIncomeLossAvailableToCommonStockholdersBasic" xlink:label="us-gaap_NetIncomeLossAvailableToCommonStockholdersBasic" />
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="us-gaap_NetIncomeLossAvailableToCommonStockholdersBasic" xlink:to="us-gaap_NetIncomeLossAvailableToCommonStockholdersBasic_lbl" />
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="us-gaap_NetIncomeLossAvailableToCommonStockholdersBasic_lbl" xml:lang="en-US">Net Income (Loss) Available to Common Stockholders, Basic</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:label="us-gaap_NetIncomeLossAvailableToCommonStockholdersBasic_lbl" xml:lang="en-US">Net loss</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/totalLabel" xlink:label="us-gaap_NetIncomeLossAvailableToCommonStockholdersBasic_lbl" xml:lang="en-US">Net loss attributable to common shareholders</label>
    <loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2011/elts/us-gaap-2011-01-31.xsd#us-gaap_EarningsPerShareAbstract" xlink:label="us-gaap_EarningsPerShareAbstract" />
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="us-gaap_EarningsPerShareAbstract" xlink:to="us-gaap_EarningsPerShareAbstract_lbl" />
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="us-gaap_EarningsPerShareAbstract_lbl" xml:lang="en-US">Earnings/Dividends Per Share [Abstract]</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:label="us-gaap_EarningsPerShareAbstract_lbl" xml:lang="en-US">Per common share attributable to common shareholders (basic and diluted):</label>
    <loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2011/elts/us-gaap-2011-01-31.xsd#us-gaap_IncomeLossFromContinuingOperationsPerBasicAndDilutedShare" xlink:label="us-gaap_IncomeLossFromContinuingOperationsPerBasicAndDilutedShare" />
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="us-gaap_IncomeLossFromContinuingOperationsPerBasicAndDilutedShare" xlink:to="us-gaap_IncomeLossFromContinuingOperationsPerBasicAndDilutedShare_lbl" />
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="us-gaap_IncomeLossFromContinuingOperationsPerBasicAndDilutedShare_lbl" xml:lang="en-US">Income (Loss) from Continuing Operations, Per Basic and Diluted Share</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:label="us-gaap_IncomeLossFromContinuingOperationsPerBasicAndDilutedShare_lbl" xml:lang="en-US">Continuing operations</label>
    <loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2011/elts/us-gaap-2011-01-31.xsd#us-gaap_IncomeLossFromDiscontinuedOperationsNetOfTaxPerBasicAndDilutedShare" xlink:label="us-gaap_IncomeLossFromDiscontinuedOperationsNetOfTaxPerBasicAndDilutedShare" />
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="us-gaap_IncomeLossFromDiscontinuedOperationsNetOfTaxPerBasicAndDilutedShare" xlink:to="us-gaap_IncomeLossFromDiscontinuedOperationsNetOfTaxPerBasicAndDilutedShare_lbl" />
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="us-gaap_IncomeLossFromDiscontinuedOperationsNetOfTaxPerBasicAndDilutedShare_lbl" xml:lang="en-US">Income (Loss) from Discontinued Operations, Net of Tax, Per Basic and Diluted Share</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:label="us-gaap_IncomeLossFromDiscontinuedOperationsNetOfTaxPerBasicAndDilutedShare_lbl" xml:lang="en-US">Discontinued operations</label>
    <loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2011/elts/us-gaap-2011-01-31.xsd#us-gaap_EarningsPerShareBasicAndDiluted" xlink:label="us-gaap_EarningsPerShareBasicAndDiluted" />
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="us-gaap_EarningsPerShareBasicAndDiluted" xlink:to="us-gaap_EarningsPerShareBasicAndDiluted_lbl" />
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="us-gaap_EarningsPerShareBasicAndDiluted_lbl" xml:lang="en-US">Earnings Per Share, Basic and Diluted</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:label="us-gaap_EarningsPerShareBasicAndDiluted_lbl" xml:lang="en-US">Per common share attributable to common shareholders (basic and diluted)</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/totalLabel" xlink:label="us-gaap_EarningsPerShareBasicAndDiluted_lbl" xml:lang="en-US">Per common share attributable to common shareholders (basic and diluted)</label>
    <loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2011/elts/us-gaap-2011-01-31.xsd#us-gaap_IncomeAmountsAttributableToReportingEntityDisclosuresAbstract" xlink:label="us-gaap_IncomeAmountsAttributableToReportingEntityDisclosuresAbstract" />
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="us-gaap_IncomeAmountsAttributableToReportingEntityDisclosuresAbstract" xlink:to="us-gaap_IncomeAmountsAttributableToReportingEntityDisclosuresAbstract_lbl" />
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="us-gaap_IncomeAmountsAttributableToReportingEntityDisclosuresAbstract_lbl" xml:lang="en-US">Income Amounts Attributable to Parent, Disclosures [Abstract]</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:label="us-gaap_IncomeAmountsAttributableToReportingEntityDisclosuresAbstract_lbl" xml:lang="en-US">Amounts attributable to Cedar Realty Trust, Inc. common shareholders, net of limited partners' interest:</label>
    <loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2011/elts/us-gaap-2011-01-31.xsd#us-gaap_IncomeLossFromContinuingOperations" xlink:label="us-gaap_IncomeLossFromContinuingOperations" />
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="us-gaap_IncomeLossFromContinuingOperations" xlink:to="us-gaap_IncomeLossFromContinuingOperations_lbl" />
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="us-gaap_IncomeLossFromContinuingOperations_lbl" xml:lang="en-US">Income (Loss) from Continuing Operations Attributable to Parent</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:label="us-gaap_IncomeLossFromContinuingOperations_lbl" xml:lang="en-US">Loss from continuing operations</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/totalLabel" xlink:label="us-gaap_IncomeLossFromContinuingOperations_lbl" xml:lang="en-US">Income (Loss) from Continuing Operations Attributable to Parent, Total</label>
    <loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2011/elts/us-gaap-2011-01-31.xsd#us-gaap_IncomeLossFromDiscontinuedOperationsNetOfTaxAttributableToReportingEntity" xlink:label="us-gaap_IncomeLossFromDiscontinuedOperationsNetOfTaxAttributableToReportingEntity" />
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="us-gaap_IncomeLossFromDiscontinuedOperationsNetOfTaxAttributableToReportingEntity" xlink:to="us-gaap_IncomeLossFromDiscontinuedOperationsNetOfTaxAttributableToReportingEntity_lbl" />
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="us-gaap_IncomeLossFromDiscontinuedOperationsNetOfTaxAttributableToReportingEntity_lbl" xml:lang="en-US">Income (Loss) from Discontinued Operations, Net of Tax, Attributable to Parent</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:label="us-gaap_IncomeLossFromDiscontinuedOperationsNetOfTaxAttributableToReportingEntity_lbl" xml:lang="en-US">(Loss) income from discontinued operations</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/totalLabel" xlink:label="us-gaap_IncomeLossFromDiscontinuedOperationsNetOfTaxAttributableToReportingEntity_lbl" xml:lang="en-US">Income (Loss) from Discontinued Operations, Net of Tax, Attributable to Parent, Total</label>
    <loc xlink:type="locator" xlink:href="cdr-20111231.xsd#cdr_GainOnSaleOfDiscontinuedOperations" xlink:label="cdr_GainOnSaleOfDiscontinuedOperations" />
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    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="us-gaap_CommonStockMember_lbl" xml:lang="en-US">Common Stock [Member]</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:label="us-gaap_CommonStockMember_lbl" xml:lang="en-US">Common Stock [Member]</label>
    <loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2011/elts/us-gaap-2011-01-31.xsd#us-gaap_TreasuryStockMember" xlink:label="us-gaap_TreasuryStockMember" />
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    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="us-gaap_TreasuryStockMember_lbl" xml:lang="en-US">Treasury Stock [Member]</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:label="us-gaap_TreasuryStockMember_lbl" xml:lang="en-US">Treasury Stock, At Cost [Member]</label>
    <loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2011/elts/us-gaap-2011-01-31.xsd#us-gaap_AdditionalPaidInCapitalMember" xlink:label="us-gaap_AdditionalPaidInCapitalMember" />
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="us-gaap_AdditionalPaidInCapitalMember" xlink:to="us-gaap_AdditionalPaidInCapitalMember_lbl" />
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="us-gaap_AdditionalPaidInCapitalMember_lbl" xml:lang="en-US">Additional Paid In Capital [Member]</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:label="us-gaap_AdditionalPaidInCapitalMember_lbl" xml:lang="en-US">Additional Paid-In Capital [Member]</label>
    <loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2011/elts/us-gaap-2011-01-31.xsd#us-gaap_AccumulatedDistributionsInExcessOfNetIncomeMember" xlink:label="us-gaap_AccumulatedDistributionsInExcessOfNetIncomeMember" />
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    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="us-gaap_AccumulatedDistributionsInExcessOfNetIncomeMember_lbl" xml:lang="en-US">Accumulated Distributions In Excess Of Net Income [Member]</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:label="us-gaap_AccumulatedDistributionsInExcessOfNetIncomeMember_lbl" xml:lang="en-US">Cumulative Distributions In Excess Of Net Income [Member]</label>
    <loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2011/elts/us-gaap-2011-01-31.xsd#us-gaap_AccumulatedOtherComprehensiveIncomeMember" xlink:label="us-gaap_AccumulatedOtherComprehensiveIncomeMember" />
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    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:label="us-gaap_AccumulatedOtherComprehensiveIncomeMember_lbl" xml:lang="en-US">Accumulated Other Comprehensive (Loss) [Member]</label>
    <loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2011/elts/us-gaap-2011-01-31.xsd#us-gaap_ParentMember" xlink:label="us-gaap_ParentMember" />
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    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="us-gaap_ParentMember_lbl" xml:lang="en-US">Parent [Member]</label>
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    <loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2011/elts/us-gaap-2011-01-31.xsd#us-gaap_NoncontrollingInterestMember" xlink:label="us-gaap_NoncontrollingInterestMember" />
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="us-gaap_NoncontrollingInterestMember" xlink:to="us-gaap_NoncontrollingInterestMember_lbl" />
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="us-gaap_NoncontrollingInterestMember_lbl" xml:lang="en-US">Noncontrolling Interest [Member]</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:label="us-gaap_NoncontrollingInterestMember_lbl" xml:lang="en-US">Noncontrolling Interests [Member]</label>
    <loc xlink:type="locator" xlink:href="cdr-20111231.xsd#cdr_MinorityInterestsInConsolidatedJointVenturesMember" xlink:label="cdr_MinorityInterestsInConsolidatedJointVenturesMember" />
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    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:label="cdr_MinorityInterestsInConsolidatedJointVenturesMember_lbl" xml:lang="en-US">Minority Interests In Consolidated Joint Ventures [Member]</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="cdr_MinorityInterestsInConsolidatedJointVenturesMember_lbl" xml:lang="en-US">Minority Interests In Consolidated Joint Ventures [Member]</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:label="cdr_MinorityInterestsInConsolidatedJointVenturesMember_lbl" xml:lang="en-US">Minority Interests In Consolidated Joint Ventures [Member]</label>
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    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="us-gaap_SharesIssued" xlink:to="us-gaap_SharesIssued_lbl" />
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="us-gaap_SharesIssued_lbl" xml:lang="en-US">Shares, Issued</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/periodEndLabel" xlink:label="us-gaap_SharesIssued_lbl" xml:lang="en-US">Balance, shares</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/periodStartLabel" xlink:label="us-gaap_SharesIssued_lbl" xml:lang="en-US">Balance, shares</label>
    <loc xlink:type="locator" xlink:href="cdr-20111231.xsd#cdr_NetLossPortionOfOperatingTotalNoncontrollingRegistrationRights" xlink:label="cdr_NetLossPortionOfOperatingTotalNoncontrollingRegistrationRights" />
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    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:label="cdr_NetLossPortionOfOperatingTotalNoncontrollingRegistrationRights_lbl" xml:lang="en-US">Portion of operating total non-controlling interest rights.</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="cdr_NetLossPortionOfOperatingTotalNoncontrollingRegistrationRights_lbl" xml:lang="en-US">Net Loss Portion Of Operating Total Noncontrolling Registration Rights</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:label="cdr_NetLossPortionOfOperatingTotalNoncontrollingRegistrationRights_lbl" xml:lang="en-US">Net loss, Noncontrolling Interests</label>
    <loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2011/elts/us-gaap-2011-01-31.xsd#us-gaap_OtherComprehensiveIncomeUnrealizedGainLossOnDerivativesArisingDuringPeriodNetOfTax" xlink:label="us-gaap_OtherComprehensiveIncomeUnrealizedGainLossOnDerivativesArisingDuringPeriodNetOfTax" />
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    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:label="us-gaap_OtherComprehensiveIncomeUnrealizedGainLossOnDerivativesArisingDuringPeriodNetOfTax_lbl" xml:lang="en-US">Unrealized gain (loss) on change in fair value of cash flow hedges</label>
    <loc xlink:type="locator" xlink:href="cdr-20111231.xsd#cdr_UnrealizedGainOnChangeInFairValueOfCashFlowHedgesUnconslidatedJointVenture" xlink:label="cdr_UnrealizedGainOnChangeInFairValueOfCashFlowHedgesUnconslidatedJointVenture" />
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    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:label="cdr_UnrealizedGainOnChangeInFairValueOfCashFlowHedgesUnconslidatedJointVenture_lbl" xml:lang="en-US">Unrealized gain on change in fair value of cash flow hedges unconslidated joint venture.</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="cdr_UnrealizedGainOnChangeInFairValueOfCashFlowHedgesUnconslidatedJointVenture_lbl" xml:lang="en-US">Unrealized Gain On Change In Fair Value Of Cash Flow Hedges, Unconslidated Joint Venture</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:label="cdr_UnrealizedGainOnChangeInFairValueOfCashFlowHedgesUnconslidatedJointVenture_lbl" xml:lang="en-US">Unrealized gain (loss) on change in fair value of cash flow hedges - unconsolidated joint venture</label>
    <loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2011/elts/us-gaap-2011-01-31.xsd#us-gaap_OtherComprehensiveIncomeLossNetOfTaxPeriodIncreaseDecrease" xlink:label="us-gaap_OtherComprehensiveIncomeLossNetOfTaxPeriodIncreaseDecrease" />
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    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="us-gaap_OtherComprehensiveIncomeLossNetOfTaxPeriodIncreaseDecrease_lbl" xml:lang="en-US">Other Comprehensive Income (Loss), Net of Tax</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/totalLabel" xlink:label="us-gaap_OtherComprehensiveIncomeLossNetOfTaxPeriodIncreaseDecrease_lbl" xml:lang="en-US">Total other comprehensive loss</label>
    <loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2011/elts/us-gaap-2011-01-31.xsd#us-gaap_DeferredCompensationArrangementWithIndividualFairValueOfSharesIssued" xlink:label="us-gaap_DeferredCompensationArrangementWithIndividualFairValueOfSharesIssued" />
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    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:label="us-gaap_DeferredCompensationArrangementWithIndividualFairValueOfSharesIssued_lbl" xml:lang="en-US">Share-based compensation, net</label>
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    <loc xlink:type="locator" xlink:href="cdr-20111231.xsd#cdr_StockAndWarrantsIssuedDuringPeriodValueNewIssues" xlink:label="cdr_StockAndWarrantsIssuedDuringPeriodValueNewIssues" />
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    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="cdr_StockAndWarrantsIssuedDuringPeriodValueNewIssues_lbl" xml:lang="en-US">Stock and Warrants Issued During Period Value New Issues</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:label="cdr_StockAndWarrantsIssuedDuringPeriodValueNewIssues_lbl" xml:lang="en-US">Net proceeds from the sales of common stock and issuance of warrants</label>
    <loc xlink:type="locator" xlink:href="cdr-20111231.xsd#cdr_StockAndWarrantsIssuedDuringPeriodSharesNewIssues" xlink:label="cdr_StockAndWarrantsIssuedDuringPeriodSharesNewIssues" />
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    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:label="cdr_StockAndWarrantsIssuedDuringPeriodSharesNewIssues_lbl" xml:lang="en-US">Stock and Warrants Issued During Period Shares New Issues</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="cdr_StockAndWarrantsIssuedDuringPeriodSharesNewIssues_lbl" xml:lang="en-US">Stock and Warrants Issued During Period Shares New Issues</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:label="cdr_StockAndWarrantsIssuedDuringPeriodSharesNewIssues_lbl" xml:lang="en-US">Net proceeds from the sales of common stock and issuance of warrants, shares</label>
    <loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2011/elts/us-gaap-2011-01-31.xsd#us-gaap_StockIssuedDuringPeriodValueNewIssues" xlink:label="us-gaap_StockIssuedDuringPeriodValueNewIssues" />
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="us-gaap_StockIssuedDuringPeriodValueNewIssues" xlink:to="us-gaap_StockIssuedDuringPeriodValueNewIssues_lbl" />
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="us-gaap_StockIssuedDuringPeriodValueNewIssues_lbl" xml:lang="en-US">Stock Issued During Period, Value, New Issues</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/verboseLabel" xlink:label="us-gaap_StockIssuedDuringPeriodValueNewIssues_lbl" xml:lang="en-US">Net proceeds from sales of stock</label>
    <loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2011/elts/us-gaap-2011-01-31.xsd#us-gaap_StockIssuedDuringPeriodSharesNewIssues" xlink:label="us-gaap_StockIssuedDuringPeriodSharesNewIssues" />
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="us-gaap_StockIssuedDuringPeriodSharesNewIssues" xlink:to="us-gaap_StockIssuedDuringPeriodSharesNewIssues_lbl" />
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="us-gaap_StockIssuedDuringPeriodSharesNewIssues_lbl" xml:lang="en-US">Stock Issued During Period, Shares, New Issues</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/verboseLabel" xlink:label="us-gaap_StockIssuedDuringPeriodSharesNewIssues_lbl" xml:lang="en-US">Net proceeds from sales of stock, shares</label>
    <loc xlink:type="locator" xlink:href="cdr-20111231.xsd#cdr_NetProceedsFromDividendReinvestmentAndDirectStockPurchasePlan" xlink:label="cdr_NetProceedsFromDividendReinvestmentAndDirectStockPurchasePlan" />
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="cdr_NetProceedsFromDividendReinvestmentAndDirectStockPurchasePlan" xlink:to="cdr_NetProceedsFromDividendReinvestmentAndDirectStockPurchasePlan_lbl" />
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:label="cdr_NetProceedsFromDividendReinvestmentAndDirectStockPurchasePlan_lbl" xml:lang="en-US">Net proceeds from dividend reinvestment and direct stock purchase plan</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="cdr_NetProceedsFromDividendReinvestmentAndDirectStockPurchasePlan_lbl" xml:lang="en-US">Net Proceeds From Dividend Reinvestment and Direct Stock Purchase Plan</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:label="cdr_NetProceedsFromDividendReinvestmentAndDirectStockPurchasePlan_lbl" xml:lang="en-US">Net proceeds from dividend reinvestment and direct stock purchase plan</label>
    <loc xlink:type="locator" xlink:href="cdr-20111231.xsd#cdr_NetProceedsFromDividendReinvestmentAndDirectStockPurchasePlanShares" xlink:label="cdr_NetProceedsFromDividendReinvestmentAndDirectStockPurchasePlanShares" />
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="cdr_NetProceedsFromDividendReinvestmentAndDirectStockPurchasePlanShares" xlink:to="cdr_NetProceedsFromDividendReinvestmentAndDirectStockPurchasePlanShares_lbl" />
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:label="cdr_NetProceedsFromDividendReinvestmentAndDirectStockPurchasePlanShares_lbl" xml:lang="en-US">Net proceeds from dividend reinvestment and direct stock purchase plan (shares)</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="cdr_NetProceedsFromDividendReinvestmentAndDirectStockPurchasePlanShares_lbl" xml:lang="en-US">Net Proceeds from Dividend Reinvestment and Direct Stock Purchase Plan (Shares)</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:label="cdr_NetProceedsFromDividendReinvestmentAndDirectStockPurchasePlanShares_lbl" xml:lang="en-US">Net proceeds from dividend reinvestment and direct stock purchase plan, shares</label>
    <loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2011/elts/us-gaap-2011-01-31.xsd#us-gaap_StockIssuedDuringPeriodValueDividendReinvestmentPlan" xlink:label="us-gaap_StockIssuedDuringPeriodValueDividendReinvestmentPlan" />
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="us-gaap_StockIssuedDuringPeriodValueDividendReinvestmentPlan" xlink:to="us-gaap_StockIssuedDuringPeriodValueDividendReinvestmentPlan_lbl" />
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="us-gaap_StockIssuedDuringPeriodValueDividendReinvestmentPlan_lbl" xml:lang="en-US">Stock Issued During Period, Value, Dividend Reinvestment Plan</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:label="us-gaap_StockIssuedDuringPeriodValueDividendReinvestmentPlan_lbl" xml:lang="en-US">Net proceeds from dividend reinvestment plan</label>
    <loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2011/elts/us-gaap-2011-01-31.xsd#us-gaap_StockIssuedDuringPeriodValueConversionOfUnits" xlink:label="us-gaap_StockIssuedDuringPeriodValueConversionOfUnits" />
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="us-gaap_StockIssuedDuringPeriodValueConversionOfUnits" xlink:to="us-gaap_StockIssuedDuringPeriodValueConversionOfUnits_lbl" />
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="us-gaap_StockIssuedDuringPeriodValueConversionOfUnits_lbl" xml:lang="en-US">Stock Issued During Period, Value, Conversion of Units</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:label="us-gaap_StockIssuedDuringPeriodValueConversionOfUnits_lbl" xml:lang="en-US">Conversion of OP units into common stock</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/verboseLabel" xlink:label="us-gaap_StockIssuedDuringPeriodValueConversionOfUnits_lbl" xml:lang="en-US">Conversion of OP units into common stock</label>
    <loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2011/elts/us-gaap-2011-01-31.xsd#us-gaap_StockIssuedDuringPeriodSharesConversionOfUnits" xlink:label="us-gaap_StockIssuedDuringPeriodSharesConversionOfUnits" />
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="us-gaap_StockIssuedDuringPeriodSharesConversionOfUnits" xlink:to="us-gaap_StockIssuedDuringPeriodSharesConversionOfUnits_lbl" />
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="us-gaap_StockIssuedDuringPeriodSharesConversionOfUnits_lbl" xml:lang="en-US">Stock Issued During Period, Shares, Conversion of Units</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:label="us-gaap_StockIssuedDuringPeriodSharesConversionOfUnits_lbl" xml:lang="en-US">Conversion of OP units into common stock, shares</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/verboseLabel" xlink:label="us-gaap_StockIssuedDuringPeriodSharesConversionOfUnits_lbl" xml:lang="en-US">Conversion of OP units into common stock, shares</label>
    <loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2011/elts/us-gaap-2011-01-31.xsd#us-gaap_DividendsPreferredStock" xlink:label="us-gaap_DividendsPreferredStock" />
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="us-gaap_DividendsPreferredStock" xlink:to="us-gaap_DividendsPreferredStock_lbl" />
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="us-gaap_DividendsPreferredStock_lbl" xml:lang="en-US">Dividends, Preferred Stock</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2009/role/negatedLabel" xlink:label="us-gaap_DividendsPreferredStock_lbl" xml:lang="en-US">Preferred distribution requirements</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/totalLabel" xlink:label="us-gaap_DividendsPreferredStock_lbl" xml:lang="en-US">Dividends, Preferred Stock, Total</label>
    <loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2011/elts/us-gaap-2011-01-31.xsd#us-gaap_Dividends" xlink:label="us-gaap_Dividends" />
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="us-gaap_Dividends" xlink:to="us-gaap_Dividends_lbl" />
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="us-gaap_Dividends_lbl" xml:lang="en-US">Dividends</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2009/role/negatedLabel" xlink:label="us-gaap_Dividends_lbl" xml:lang="en-US">Distributions to common shareholders/ noncontrolling interests</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/totalLabel" xlink:label="us-gaap_Dividends_lbl" xml:lang="en-US">Dividends, Total</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/verboseLabel" xlink:label="us-gaap_Dividends_lbl" xml:lang="en-US">Distributions to common shareholders/ noncontrolling interests</label>
    <loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2011/elts/us-gaap-2011-01-31.xsd#us-gaap_MinorityInterestIncreaseFromStockIssuance" xlink:label="us-gaap_MinorityInterestIncreaseFromStockIssuance" />
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="us-gaap_MinorityInterestIncreaseFromStockIssuance" xlink:to="us-gaap_MinorityInterestIncreaseFromStockIssuance_lbl" />
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="us-gaap_MinorityInterestIncreaseFromStockIssuance_lbl" xml:lang="en-US">Noncontrolling Interest, Increase from Equity Issuance or Sale of Parent Equity Interest</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:label="us-gaap_MinorityInterestIncreaseFromStockIssuance_lbl" xml:lang="en-US">Contribution from minority interest partners</label>
    <loc xlink:type="locator" xlink:href="cdr-20111231.xsd#cdr_ReallocationadjustmentoflimitedpartnersInterest" xlink:label="cdr_ReallocationadjustmentoflimitedpartnersInterest" />
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="cdr_ReallocationadjustmentoflimitedpartnersInterest" xlink:to="cdr_ReallocationadjustmentoflimitedpartnersInterest_lbl" />
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:label="cdr_ReallocationadjustmentoflimitedpartnersInterest_lbl" xml:lang="en-US">This element represents reallocation adjustment of limited partners' interest.</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="cdr_ReallocationadjustmentoflimitedpartnersInterest_lbl" xml:lang="en-US">ReallocationAdjustmentOfLimitedPartners'Interest</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:label="cdr_ReallocationadjustmentoflimitedpartnersInterest_lbl" xml:lang="en-US">Reallocation adjustment of limited partners' interest</label>
    <loc xlink:type="locator" xlink:href="cdr-20111231.xsd#cdr_AdditionalNoncontrollingInterestsShares" xlink:label="cdr_AdditionalNoncontrollingInterestsShares" />
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="cdr_AdditionalNoncontrollingInterestsShares" xlink:to="cdr_AdditionalNoncontrollingInterestsShares_lbl" />
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:label="cdr_AdditionalNoncontrollingInterestsShares_lbl" xml:lang="en-US">Additional Noncontrolling Interests' Shares</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="cdr_AdditionalNoncontrollingInterestsShares_lbl" xml:lang="en-US">Additional Noncontrolling Interests' Shares</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:label="cdr_AdditionalNoncontrollingInterestsShares_lbl" xml:lang="en-US">Additional noncontrolling interests' shares</label>
    <loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2011/elts/us-gaap-2011-01-31.xsd#us-gaap_StatementOfCashFlowsAbstract" xlink:label="us-gaap_StatementOfCashFlowsAbstract" />
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="us-gaap_StatementOfCashFlowsAbstract" xlink:to="us-gaap_StatementOfCashFlowsAbstract_lbl" />
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="us-gaap_StatementOfCashFlowsAbstract_lbl" xml:lang="en-US">Consolidated Statements Of Cash Flows</label>
    <loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2011/elts/us-gaap-2011-01-31.xsd#us-gaap_NetCashProvidedByUsedInOperatingActivitiesAbstract" xlink:label="us-gaap_NetCashProvidedByUsedInOperatingActivitiesAbstract" />
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="us-gaap_NetCashProvidedByUsedInOperatingActivitiesAbstract" xlink:to="us-gaap_NetCashProvidedByUsedInOperatingActivitiesAbstract_lbl" />
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="us-gaap_NetCashProvidedByUsedInOperatingActivitiesAbstract_lbl" xml:lang="en-US">Net Cash Provided by (Used in) Operating Activities [Abstract]</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:label="us-gaap_NetCashProvidedByUsedInOperatingActivitiesAbstract_lbl" xml:lang="en-US">Cash flow from operating activities:</label>
    <loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2011/elts/us-gaap-2011-01-31.xsd#us-gaap_AdjustmentsToReconcileNetIncomeLossToCashProvidedByUsedInOperatingActivitiesAbstract" xlink:label="us-gaap_AdjustmentsToReconcileNetIncomeLossToCashProvidedByUsedInOperatingActivitiesAbstract" />
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="us-gaap_AdjustmentsToReconcileNetIncomeLossToCashProvidedByUsedInOperatingActivitiesAbstract" xlink:to="us-gaap_AdjustmentsToReconcileNetIncomeLossToCashProvidedByUsedInOperatingActivitiesAbstract_lbl" />
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="us-gaap_AdjustmentsToReconcileNetIncomeLossToCashProvidedByUsedInOperatingActivitiesAbstract_lbl" xml:lang="en-US">Adjustments to Reconcile Net Income (Loss) to Cash Provided by (Used in) Operating Activities [Abstract]</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:label="us-gaap_AdjustmentsToReconcileNetIncomeLossToCashProvidedByUsedInOperatingActivitiesAbstract_lbl" xml:lang="en-US">Adjustments to reconcile net loss to net cash provided by operating activities:</label>
    <loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2011/elts/us-gaap-2011-01-31.xsd#us-gaap_EquityMethodInvestmentDividendsOrDistributions" xlink:label="us-gaap_EquityMethodInvestmentDividendsOrDistributions" />
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="us-gaap_EquityMethodInvestmentDividendsOrDistributions" xlink:to="us-gaap_EquityMethodInvestmentDividendsOrDistributions_lbl" />
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="us-gaap_EquityMethodInvestmentDividendsOrDistributions_lbl" xml:lang="en-US">Distributions from unconsolidated joint ventures</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:label="us-gaap_EquityMethodInvestmentDividendsOrDistributions_lbl" xml:lang="en-US">Distributions from unconsolidated joint ventures</label>
    <loc xlink:type="locator" xlink:href="cdr-20111231.xsd#cdr_WriteOffOfInvestmentUnconsolidatedJointVenture" xlink:label="cdr_WriteOffOfInvestmentUnconsolidatedJointVenture" />
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="cdr_WriteOffOfInvestmentUnconsolidatedJointVenture" xlink:to="cdr_WriteOffOfInvestmentUnconsolidatedJointVenture_lbl" />
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:label="cdr_WriteOffOfInvestmentUnconsolidatedJointVenture_lbl" xml:lang="en-US">The charges against earnings in the period to reduce the carrying value of an unconsolidated joint venture.</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="cdr_WriteOffOfInvestmentUnconsolidatedJointVenture_lbl" xml:lang="en-US">Write-off of Investment Unconsolidated Joint Venture</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2009/role/negatedLabel" xlink:label="cdr_WriteOffOfInvestmentUnconsolidatedJointVenture_lbl" xml:lang="en-US">Write-off of investment in unconsolidated joint venture</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:label="cdr_WriteOffOfInvestmentUnconsolidatedJointVenture_lbl" xml:lang="en-US">Gain on sale of land parcel</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/verboseLabel" xlink:label="cdr_WriteOffOfInvestmentUnconsolidatedJointVenture_lbl" xml:lang="en-US">Write-off of investment in unconsolidated joint venture</label>
    <loc xlink:type="locator" xlink:href="cdr-20111231.xsd#cdr_AcquisitionTransactionCostsAndTerminatedProjects" xlink:label="cdr_AcquisitionTransactionCostsAndTerminatedProjects" />
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="cdr_AcquisitionTransactionCostsAndTerminatedProjects" xlink:to="cdr_AcquisitionTransactionCostsAndTerminatedProjects_lbl" />
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:label="cdr_AcquisitionTransactionCostsAndTerminatedProjects_lbl" xml:lang="en-US">The costs associated with the acquisition of business in the current period and the write-off of previously capitalized costs from prior periods.</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="cdr_AcquisitionTransactionCostsAndTerminatedProjects_lbl" xml:lang="en-US">Acquisition Transaction Costs And Terminated Projects</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:label="cdr_AcquisitionTransactionCostsAndTerminatedProjects_lbl" xml:lang="en-US">Acquisition transaction costs and terminated projects</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/verboseLabel" xlink:label="cdr_AcquisitionTransactionCostsAndTerminatedProjects_lbl" xml:lang="en-US">Acquisition transaction costs and terminated projects</label>
    <loc xlink:type="locator" xlink:href="cdr-20111231.xsd#cdr_ImpairmentOfDiscontinuedOperationsExcludingAmountsReclassifiedFromTransactionCosts" xlink:label="cdr_ImpairmentOfDiscontinuedOperationsExcludingAmountsReclassifiedFromTransactionCosts" />
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="cdr_ImpairmentOfDiscontinuedOperationsExcludingAmountsReclassifiedFromTransactionCosts" xlink:to="cdr_ImpairmentOfDiscontinuedOperationsExcludingAmountsReclassifiedFromTransactionCosts_lbl" />
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:label="cdr_ImpairmentOfDiscontinuedOperationsExcludingAmountsReclassifiedFromTransactionCosts_lbl" xml:lang="en-US">Impairment of discontinued operations, excluding amount reclassified from transaction costs.</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="cdr_ImpairmentOfDiscontinuedOperationsExcludingAmountsReclassifiedFromTransactionCosts_lbl" xml:lang="en-US">Impairment of Discontinued Operations, Excluding Amounts Reclassified from Transaction Costs</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:label="cdr_ImpairmentOfDiscontinuedOperationsExcludingAmountsReclassifiedFromTransactionCosts_lbl" xml:lang="en-US">Impairments charges - discontinued operations</label>
    <loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2011/elts/us-gaap-2011-01-31.xsd#us-gaap_GainLossOnSaleOfProperties" xlink:label="us-gaap_GainLossOnSaleOfProperties" />
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="us-gaap_GainLossOnSaleOfProperties" xlink:to="us-gaap_GainLossOnSaleOfProperties_lbl" />
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="us-gaap_GainLossOnSaleOfProperties_lbl" xml:lang="en-US">Gain (Loss) on Sale of Properties</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2009/role/negatedLabel" xlink:label="us-gaap_GainLossOnSaleOfProperties_lbl" xml:lang="en-US">Gain on sale</label>
    <loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2011/elts/us-gaap-2011-01-31.xsd#us-gaap_IncreaseDecreaseInDeferredRentReceivables" xlink:label="us-gaap_IncreaseDecreaseInDeferredRentReceivables" />
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="us-gaap_IncreaseDecreaseInDeferredRentReceivables" xlink:to="us-gaap_IncreaseDecreaseInDeferredRentReceivables_lbl" />
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="us-gaap_IncreaseDecreaseInDeferredRentReceivables_lbl" xml:lang="en-US">Increase (Decrease) in Deferred Rent Receivables</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2009/role/negatedLabel" xlink:label="us-gaap_IncreaseDecreaseInDeferredRentReceivables_lbl" xml:lang="en-US">Straight-line rents</label>
    <loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2011/elts/us-gaap-2011-01-31.xsd#us-gaap_ProvisionForDoubtfulAccounts" xlink:label="us-gaap_ProvisionForDoubtfulAccounts" />
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="us-gaap_ProvisionForDoubtfulAccounts" xlink:to="us-gaap_ProvisionForDoubtfulAccounts_lbl" />
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="us-gaap_ProvisionForDoubtfulAccounts_lbl" xml:lang="en-US">Provision for doubtful accounts</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:label="us-gaap_ProvisionForDoubtfulAccounts_lbl" xml:lang="en-US">Provision for doubtful accounts</label>
    <loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2011/elts/us-gaap-2011-01-31.xsd#us-gaap_DepreciationDepletionAndAmortization" xlink:label="us-gaap_DepreciationDepletionAndAmortization" />
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="us-gaap_DepreciationDepletionAndAmortization" xlink:to="us-gaap_DepreciationDepletionAndAmortization_lbl" />
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="us-gaap_DepreciationDepletionAndAmortization_lbl" xml:lang="en-US">Depreciation, Depletion and Amortization</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:label="us-gaap_DepreciationDepletionAndAmortization_lbl" xml:lang="en-US">Depreciation and amortization</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/totalLabel" xlink:label="us-gaap_DepreciationDepletionAndAmortization_lbl" xml:lang="en-US">Depreciation, Depletion and Amortization, Total</label>
    <loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2011/elts/us-gaap-2011-01-31.xsd#us-gaap_AmortizationOfIntangibleAssets" xlink:label="us-gaap_AmortizationOfIntangibleAssets" />
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="us-gaap_AmortizationOfIntangibleAssets" xlink:to="us-gaap_AmortizationOfIntangibleAssets_lbl" />
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="us-gaap_AmortizationOfIntangibleAssets_lbl" xml:lang="en-US">Amortization of intangible lease liabilities</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2009/role/negatedLabel" xlink:label="us-gaap_AmortizationOfIntangibleAssets_lbl" xml:lang="en-US">Amortization of intangible lease liabilities</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:label="us-gaap_AmortizationOfIntangibleAssets_lbl" xml:lang="en-US">Amortization of intangible lease liabilities</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/totalLabel" xlink:label="us-gaap_AmortizationOfIntangibleAssets_lbl" xml:lang="en-US">Amortization of Intangible Assets, Total</label>
    <loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2011/elts/us-gaap-2011-01-31.xsd#us-gaap_ShareBasedCompensation" xlink:label="us-gaap_ShareBasedCompensation" />
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="us-gaap_ShareBasedCompensation" xlink:to="us-gaap_ShareBasedCompensation_lbl" />
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="us-gaap_ShareBasedCompensation_lbl" xml:lang="en-US">Amortization/market price adjustments relating to stock-based compensation</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:label="us-gaap_ShareBasedCompensation_lbl" xml:lang="en-US">Amortization (including accelerated write-off) and market price adjustments relating to stock-based compensation</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/totalLabel" xlink:label="us-gaap_ShareBasedCompensation_lbl" xml:lang="en-US">Share-based Compensation, Total</label>
    <loc xlink:type="locator" xlink:href="cdr-20111231.xsd#cdr_AmortizationAndAcceleratedWriteOffOfDeferredFinancincingCosts" xlink:label="cdr_AmortizationAndAcceleratedWriteOffOfDeferredFinancincingCosts" />
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="cdr_AmortizationAndAcceleratedWriteOffOfDeferredFinancincingCosts" xlink:to="cdr_AmortizationAndAcceleratedWriteOffOfDeferredFinancincingCosts_lbl" />
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:label="cdr_AmortizationAndAcceleratedWriteOffOfDeferredFinancincingCosts_lbl" xml:lang="en-US">Amortization expense of deferred financing costs and he accelerated write-off of deferred financing costs in connection with the reduction of the total commitments under the secured revolving stabilized property credit facility</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="cdr_AmortizationAndAcceleratedWriteOffOfDeferredFinancincingCosts_lbl" xml:lang="en-US">Amortization And Accelerated Write-Off Of Deferred Financincing Costs</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:label="cdr_AmortizationAndAcceleratedWriteOffOfDeferredFinancincingCosts_lbl" xml:lang="en-US">Amortization (including accelerated write-off) of deferred financing costs</label>
    <loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2011/elts/us-gaap-2011-01-31.xsd#us-gaap_AdjustmentsNoncashItemsToReconcileNetIncomeLossToCashProvidedByUsedInOperatingActivitiesAbstract" xlink:label="us-gaap_AdjustmentsNoncashItemsToReconcileNetIncomeLossToCashProvidedByUsedInOperatingActivitiesAbstract" />
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="us-gaap_AdjustmentsNoncashItemsToReconcileNetIncomeLossToCashProvidedByUsedInOperatingActivitiesAbstract" xlink:to="us-gaap_AdjustmentsNoncashItemsToReconcileNetIncomeLossToCashProvidedByUsedInOperatingActivitiesAbstract_lbl" />
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="us-gaap_AdjustmentsNoncashItemsToReconcileNetIncomeLossToCashProvidedByUsedInOperatingActivitiesAbstract_lbl" xml:lang="en-US">Adjustments, Noncash Items, to Reconcile Net Income (Loss) to Cash Provided by (Used in) Operating Activities [Abstract]</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:label="us-gaap_AdjustmentsNoncashItemsToReconcileNetIncomeLossToCashProvidedByUsedInOperatingActivitiesAbstract_lbl" xml:lang="en-US">Increases/decreases in operating assets and liabilities:</label>
    <loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2011/elts/us-gaap-2011-01-31.xsd#us-gaap_IncreaseDecreaseInAccountsReceivable" xlink:label="us-gaap_IncreaseDecreaseInAccountsReceivable" />
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="us-gaap_IncreaseDecreaseInAccountsReceivable" xlink:to="us-gaap_IncreaseDecreaseInAccountsReceivable_lbl" />
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="us-gaap_IncreaseDecreaseInAccountsReceivable_lbl" xml:lang="en-US">Rents and other receivables, net</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2009/role/negatedLabel" xlink:label="us-gaap_IncreaseDecreaseInAccountsReceivable_lbl" xml:lang="en-US">Rents and other receivables, net</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:label="us-gaap_IncreaseDecreaseInAccountsReceivable_lbl" xml:lang="en-US">Rents and other receivables, net</label>
    <loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2011/elts/us-gaap-2011-01-31.xsd#us-gaap_IncreaseDecreaseInPrepaidDeferredExpenseAndOtherAssets" xlink:label="us-gaap_IncreaseDecreaseInPrepaidDeferredExpenseAndOtherAssets" />
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="us-gaap_IncreaseDecreaseInPrepaidDeferredExpenseAndOtherAssets" xlink:to="us-gaap_IncreaseDecreaseInPrepaidDeferredExpenseAndOtherAssets_lbl" />
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="us-gaap_IncreaseDecreaseInPrepaidDeferredExpenseAndOtherAssets_lbl" xml:lang="en-US">Prepaid expenses and other</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2009/role/negatedLabel" xlink:label="us-gaap_IncreaseDecreaseInPrepaidDeferredExpenseAndOtherAssets_lbl" xml:lang="en-US">Prepaid expenses and other</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:label="us-gaap_IncreaseDecreaseInPrepaidDeferredExpenseAndOtherAssets_lbl" xml:lang="en-US">Prepaid expenses and other</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/totalLabel" xlink:label="us-gaap_IncreaseDecreaseInPrepaidDeferredExpenseAndOtherAssets_lbl" xml:lang="en-US">Increase (Decrease) in Prepaid, Deferred Expense and Other Assets, Total</label>
    <loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2011/elts/us-gaap-2011-01-31.xsd#us-gaap_IncreaseDecreaseInAccountsPayableAndAccruedLiabilities" xlink:label="us-gaap_IncreaseDecreaseInAccountsPayableAndAccruedLiabilities" />
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="us-gaap_IncreaseDecreaseInAccountsPayableAndAccruedLiabilities" xlink:to="us-gaap_IncreaseDecreaseInAccountsPayableAndAccruedLiabilities_lbl" />
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="us-gaap_IncreaseDecreaseInAccountsPayableAndAccruedLiabilities_lbl" xml:lang="en-US">Accounts payable and accrued expenses</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:label="us-gaap_IncreaseDecreaseInAccountsPayableAndAccruedLiabilities_lbl" xml:lang="en-US">Accounts payable and accrued expenses</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/totalLabel" xlink:label="us-gaap_IncreaseDecreaseInAccountsPayableAndAccruedLiabilities_lbl" xml:lang="en-US">Increase (Decrease) in Accounts Payable and Accrued Liabilities, Total</label>
    <loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2011/elts/us-gaap-2011-01-31.xsd#us-gaap_NetCashProvidedByUsedInOperatingActivities" xlink:label="us-gaap_NetCashProvidedByUsedInOperatingActivities" />
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="us-gaap_NetCashProvidedByUsedInOperatingActivities" xlink:to="us-gaap_NetCashProvidedByUsedInOperatingActivities_lbl" />
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="us-gaap_NetCashProvidedByUsedInOperatingActivities_lbl" xml:lang="en-US">Net cash provided by operating activities</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/totalLabel" xlink:label="us-gaap_NetCashProvidedByUsedInOperatingActivities_lbl" xml:lang="en-US">Net cash provided by operating activities</label>
    <loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2011/elts/us-gaap-2011-01-31.xsd#us-gaap_NetCashProvidedByUsedInInvestingActivitiesAbstract" xlink:label="us-gaap_NetCashProvidedByUsedInInvestingActivitiesAbstract" />
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="us-gaap_NetCashProvidedByUsedInInvestingActivitiesAbstract" xlink:to="us-gaap_NetCashProvidedByUsedInInvestingActivitiesAbstract_lbl" />
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="us-gaap_NetCashProvidedByUsedInInvestingActivitiesAbstract_lbl" xml:lang="en-US">Net Cash Provided by (Used in) Investing Activities [Abstract]</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:label="us-gaap_NetCashProvidedByUsedInInvestingActivitiesAbstract_lbl" xml:lang="en-US">Cash flow from investing activities:</label>
    <loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2011/elts/us-gaap-2011-01-31.xsd#us-gaap_PaymentsToAcquireAndDevelopRealEstate" xlink:label="us-gaap_PaymentsToAcquireAndDevelopRealEstate" />
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="us-gaap_PaymentsToAcquireAndDevelopRealEstate" xlink:to="us-gaap_PaymentsToAcquireAndDevelopRealEstate_lbl" />
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="us-gaap_PaymentsToAcquireAndDevelopRealEstate_lbl" xml:lang="en-US">Payments to Acquire and Develop Real Estate</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2009/role/negatedLabel" xlink:label="us-gaap_PaymentsToAcquireAndDevelopRealEstate_lbl" xml:lang="en-US">Expenditures for real estate and improvements</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/totalLabel" xlink:label="us-gaap_PaymentsToAcquireAndDevelopRealEstate_lbl" xml:lang="en-US">Payments to Acquire and Develop Real Estate, Total</label>
    <loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2011/elts/us-gaap-2011-01-31.xsd#us-gaap_ProceedsFromSaleOfRealEstate" xlink:label="us-gaap_ProceedsFromSaleOfRealEstate" />
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="us-gaap_ProceedsFromSaleOfRealEstate" xlink:to="us-gaap_ProceedsFromSaleOfRealEstate_lbl" />
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="us-gaap_ProceedsFromSaleOfRealEstate_lbl" xml:lang="en-US">Net proceeds from sales of real estate</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:label="us-gaap_ProceedsFromSaleOfRealEstate_lbl" xml:lang="en-US">Net proceeds from sales of real estate</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/totalLabel" xlink:label="us-gaap_ProceedsFromSaleOfRealEstate_lbl" xml:lang="en-US">Proceeds from Sale of Real Estate, Total</label>
    <loc xlink:type="locator" xlink:href="cdr-20111231.xsd#cdr_NetProceedsFromTransfersToUnconsolidatedJointVentureLessCashAtDatesOfTransfer" xlink:label="cdr_NetProceedsFromTransfersToUnconsolidatedJointVentureLessCashAtDatesOfTransfer" />
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="cdr_NetProceedsFromTransfersToUnconsolidatedJointVentureLessCashAtDatesOfTransfer" xlink:to="cdr_NetProceedsFromTransfersToUnconsolidatedJointVentureLessCashAtDatesOfTransfer_lbl" />
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:label="cdr_NetProceedsFromTransfersToUnconsolidatedJointVentureLessCashAtDatesOfTransfer_lbl" xml:lang="en-US">The cash inflow from the transfer of formerly  productive land , anything permanently fixed to it, including buildings, structures on it, and so forth to an unconsolidated joint venture less cash at dates of transfer</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="cdr_NetProceedsFromTransfersToUnconsolidatedJointVentureLessCashAtDatesOfTransfer_lbl" xml:lang="en-US">Net proceeds from transfers to unconsolidated joint venture, less cash at dates of transfer</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:label="cdr_NetProceedsFromTransfersToUnconsolidatedJointVentureLessCashAtDatesOfTransfer_lbl" xml:lang="en-US">Net proceeds from transfers to unconsolidated Cedar/RioCan joint venture, less cash at dates of transfer</label>
    <loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2011/elts/us-gaap-2011-01-31.xsd#us-gaap_PaymentsToAcquireInterestInJointVenture" xlink:label="us-gaap_PaymentsToAcquireInterestInJointVenture" />
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="us-gaap_PaymentsToAcquireInterestInJointVenture" xlink:to="us-gaap_PaymentsToAcquireInterestInJointVenture_lbl" />
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="us-gaap_PaymentsToAcquireInterestInJointVenture_lbl" xml:lang="en-US">Investments in and advances to unconsolidated joint ventures</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2009/role/negatedLabel" xlink:label="us-gaap_PaymentsToAcquireInterestInJointVenture_lbl" xml:lang="en-US">Investments in and advances to unconsolidated joint ventures</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:label="us-gaap_PaymentsToAcquireInterestInJointVenture_lbl" xml:lang="en-US">Investments in and advances to unconsolidated joint ventures</label>
    <loc xlink:type="locator" xlink:href="cdr-20111231.xsd#cdr_DistributionsOfCapitalFromUnconsolidatedJointVenture" xlink:label="cdr_DistributionsOfCapitalFromUnconsolidatedJointVenture" />
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="cdr_DistributionsOfCapitalFromUnconsolidatedJointVenture" xlink:to="cdr_DistributionsOfCapitalFromUnconsolidatedJointVenture_lbl" />
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:label="cdr_DistributionsOfCapitalFromUnconsolidatedJointVenture_lbl" xml:lang="en-US">The cash inflow from earnings received from real estate joint venture</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="cdr_DistributionsOfCapitalFromUnconsolidatedJointVenture_lbl" xml:lang="en-US">Distributions Of Capital From Unconsolidated Joint Venture</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:label="cdr_DistributionsOfCapitalFromUnconsolidatedJointVenture_lbl" xml:lang="en-US">Distributions of capital from unconsolidated joint ventures</label>
    <loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2011/elts/us-gaap-2011-01-31.xsd#us-gaap_IncreaseDecreaseInOtherReceivables" xlink:label="us-gaap_IncreaseDecreaseInOtherReceivables" />
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="us-gaap_IncreaseDecreaseInOtherReceivables" xlink:to="us-gaap_IncreaseDecreaseInOtherReceivables_lbl" />
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="us-gaap_IncreaseDecreaseInOtherReceivables_lbl" xml:lang="en-US">Increase (Decrease) in Other Receivables</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2009/role/negatedLabel" xlink:label="us-gaap_IncreaseDecreaseInOtherReceivables_lbl" xml:lang="en-US">Increase in other receivables</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:label="us-gaap_IncreaseDecreaseInOtherReceivables_lbl" xml:lang="en-US">Increase in loans and other receivables</label>
    <loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2011/elts/us-gaap-2011-01-31.xsd#us-gaap_IncreaseDecreaseInRestrictedCash" xlink:label="us-gaap_IncreaseDecreaseInRestrictedCash" />
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="us-gaap_IncreaseDecreaseInRestrictedCash" xlink:to="us-gaap_IncreaseDecreaseInRestrictedCash_lbl" />
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="us-gaap_IncreaseDecreaseInRestrictedCash_lbl" xml:lang="en-US">Increase (Decrease) in Restricted Cash</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2009/role/negatedLabel" xlink:label="us-gaap_IncreaseDecreaseInRestrictedCash_lbl" xml:lang="en-US">Construction escrows and other</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/totalLabel" xlink:label="us-gaap_IncreaseDecreaseInRestrictedCash_lbl" xml:lang="en-US">Increase (Decrease) in Restricted Cash, Total</label>
    <loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2011/elts/us-gaap-2011-01-31.xsd#us-gaap_NetCashProvidedByUsedInInvestingActivities" xlink:label="us-gaap_NetCashProvidedByUsedInInvestingActivities" />
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="us-gaap_NetCashProvidedByUsedInInvestingActivities" xlink:to="us-gaap_NetCashProvidedByUsedInInvestingActivities_lbl" />
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="us-gaap_NetCashProvidedByUsedInInvestingActivities_lbl" xml:lang="en-US">Net cash used in investing activities</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/totalLabel" xlink:label="us-gaap_NetCashProvidedByUsedInInvestingActivities_lbl" xml:lang="en-US">Net cash used in investing activities</label>
    <loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2011/elts/us-gaap-2011-01-31.xsd#us-gaap_NetCashProvidedByUsedInFinancingActivitiesAbstract" xlink:label="us-gaap_NetCashProvidedByUsedInFinancingActivitiesAbstract" />
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="us-gaap_NetCashProvidedByUsedInFinancingActivitiesAbstract" xlink:to="us-gaap_NetCashProvidedByUsedInFinancingActivitiesAbstract_lbl" />
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="us-gaap_NetCashProvidedByUsedInFinancingActivitiesAbstract_lbl" xml:lang="en-US">Net Cash Provided by (Used in) Financing Activities [Abstract]</label>
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    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="us-gaap_ProceedsFromLongTermLinesOfCredit_lbl" xml:lang="en-US">Net (repayments)/advances (to)/from revolving credit facilities</label>
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    <loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2011/elts/us-gaap-2011-01-31.xsd#us-gaap_ProceedsFromIssuanceOfLongTermDebt" xlink:label="us-gaap_ProceedsFromIssuanceOfLongTermDebt" />
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    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="us-gaap_ProceedsFromIssuanceOfLongTermDebt_lbl" xml:lang="en-US">Proceeds from Issuance of Long-term Debt</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:label="us-gaap_ProceedsFromIssuanceOfLongTermDebt_lbl" xml:lang="en-US">Proceeds from mortgage financings</label>
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    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="us-gaap_RepaymentsOfLongTermDebt_lbl" xml:lang="en-US">Repayments of Long-term Debt</label>
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    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/totalLabel" xlink:label="us-gaap_RepaymentsOfLongTermDebt_lbl" xml:lang="en-US">Repayments of Long-term Debt, Total</label>
    <loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2011/elts/us-gaap-2011-01-31.xsd#us-gaap_PaymentsOfFinancingCosts" xlink:label="us-gaap_PaymentsOfFinancingCosts" />
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="us-gaap_PaymentsOfFinancingCosts" xlink:to="us-gaap_PaymentsOfFinancingCosts_lbl" />
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="us-gaap_PaymentsOfFinancingCosts_lbl" xml:lang="en-US">Payments of debt financing costs</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2009/role/negatedLabel" xlink:label="us-gaap_PaymentsOfFinancingCosts_lbl" xml:lang="en-US">Payments of debt financing costs</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:label="us-gaap_PaymentsOfFinancingCosts_lbl" xml:lang="en-US">Payments of debt financing costs</label>
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    <loc xlink:type="locator" xlink:href="cdr-20111231.xsd#cdr_TerminationPaymentsRelatedToInterestRateSwaps" xlink:label="cdr_TerminationPaymentsRelatedToInterestRateSwaps" />
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    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:label="cdr_TerminationPaymentsRelatedToInterestRateSwaps_lbl" xml:lang="en-US">Termination payments related to interest rate swaps</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="cdr_TerminationPaymentsRelatedToInterestRateSwaps_lbl" xml:lang="en-US">Termination payments related to interest rate swaps</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:label="cdr_TerminationPaymentsRelatedToInterestRateSwaps_lbl" xml:lang="en-US">Termination payment related to interest rate swaps</label>
    <loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2011/elts/us-gaap-2011-01-31.xsd#us-gaap_MinorityInterestAbstract" xlink:label="us-gaap_MinorityInterestAbstract" />
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="us-gaap_MinorityInterestAbstract" xlink:to="us-gaap_MinorityInterestAbstract_lbl" />
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="us-gaap_MinorityInterestAbstract_lbl" xml:lang="en-US">Stockholders' Equity Attributable to Noncontrolling Interest [Abstract]</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:label="us-gaap_MinorityInterestAbstract_lbl" xml:lang="en-US">Noncontrolling interests:</label>
    <loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2011/elts/us-gaap-2011-01-31.xsd#us-gaap_ProceedsFromMinorityShareholders" xlink:label="us-gaap_ProceedsFromMinorityShareholders" />
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="us-gaap_ProceedsFromMinorityShareholders" xlink:to="us-gaap_ProceedsFromMinorityShareholders_lbl" />
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="us-gaap_ProceedsFromMinorityShareholders_lbl" xml:lang="en-US">Proceeds from Noncontrolling Interests</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:label="us-gaap_ProceedsFromMinorityShareholders_lbl" xml:lang="en-US">Contribution from consolidated joint venture minority interests</label>
    <loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2011/elts/us-gaap-2011-01-31.xsd#us-gaap_PaymentsOfDistributionsToAffiliates" xlink:label="us-gaap_PaymentsOfDistributionsToAffiliates" />
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="us-gaap_PaymentsOfDistributionsToAffiliates" xlink:to="us-gaap_PaymentsOfDistributionsToAffiliates_lbl" />
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="us-gaap_PaymentsOfDistributionsToAffiliates_lbl" xml:lang="en-US">Distributions to consolidated joint venture minority interests</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2009/role/negatedLabel" xlink:label="us-gaap_PaymentsOfDistributionsToAffiliates_lbl" xml:lang="en-US">Distributions to consolidated joint venture minority interests</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:label="us-gaap_PaymentsOfDistributionsToAffiliates_lbl" xml:lang="en-US">Distributions to consolidated joint venture minority interests</label>
    <loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2011/elts/us-gaap-2011-01-31.xsd#us-gaap_PartnersCapitalAccountRedemptions" xlink:label="us-gaap_PartnersCapitalAccountRedemptions" />
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="us-gaap_PartnersCapitalAccountRedemptions" xlink:to="us-gaap_PartnersCapitalAccountRedemptions_lbl" />
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="us-gaap_PartnersCapitalAccountRedemptions_lbl" xml:lang="en-US">Redemption of Operating Partnership Units</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:label="us-gaap_PartnersCapitalAccountRedemptions_lbl" xml:lang="en-US">Redemptions of Operating Partnership Units</label>
    <loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2011/elts/us-gaap-2011-01-31.xsd#us-gaap_DistributionMadeToMemberOrLimitedPartnerCashDistributionsPaid" xlink:label="us-gaap_DistributionMadeToMemberOrLimitedPartnerCashDistributionsPaid" />
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="us-gaap_DistributionMadeToMemberOrLimitedPartnerCashDistributionsPaid" xlink:to="us-gaap_DistributionMadeToMemberOrLimitedPartnerCashDistributionsPaid_lbl" />
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="us-gaap_DistributionMadeToMemberOrLimitedPartnerCashDistributionsPaid_lbl" xml:lang="en-US">Distributions to limited partners</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2009/role/negatedLabel" xlink:label="us-gaap_DistributionMadeToMemberOrLimitedPartnerCashDistributionsPaid_lbl" xml:lang="en-US">Distributions to limited partners</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:label="us-gaap_DistributionMadeToMemberOrLimitedPartnerCashDistributionsPaid_lbl" xml:lang="en-US">Distributions to limited partners</label>
    <loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2011/elts/us-gaap-2011-01-31.xsd#us-gaap_ProceedsFromIssuanceOrSaleOfEquity" xlink:label="us-gaap_ProceedsFromIssuanceOrSaleOfEquity" />
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    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="us-gaap_ProceedsFromIssuanceOrSaleOfEquity_lbl" xml:lang="en-US">Proceeds from Issuance or Sale of Equity</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/totalLabel" xlink:label="us-gaap_ProceedsFromIssuanceOrSaleOfEquity_lbl" xml:lang="en-US">Proceeds from Issuance or Sale of Equity, Total</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/verboseLabel" xlink:label="us-gaap_ProceedsFromIssuanceOrSaleOfEquity_lbl" xml:lang="en-US">Net proceeds from the sales of common stock</label>
    <loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2011/elts/us-gaap-2011-01-31.xsd#us-gaap_ProceedsFromWarrantExercises" xlink:label="us-gaap_ProceedsFromWarrantExercises" />
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="us-gaap_ProceedsFromWarrantExercises" xlink:to="us-gaap_ProceedsFromWarrantExercises_lbl" />
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="us-gaap_ProceedsFromWarrantExercises_lbl" xml:lang="en-US">Proceeds From Warrant Exercises</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:label="us-gaap_ProceedsFromWarrantExercises_lbl" xml:lang="en-US">Exercise of warrant</label>
    <loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2011/elts/us-gaap-2011-01-31.xsd#us-gaap_PaymentsOfDividendsPreferredStockAndPreferenceStock" xlink:label="us-gaap_PaymentsOfDividendsPreferredStockAndPreferenceStock" />
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="us-gaap_PaymentsOfDividendsPreferredStockAndPreferenceStock" xlink:to="us-gaap_PaymentsOfDividendsPreferredStockAndPreferenceStock_lbl" />
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="us-gaap_PaymentsOfDividendsPreferredStockAndPreferenceStock_lbl" xml:lang="en-US">Preferred stock distributions</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2009/role/negatedLabel" xlink:label="us-gaap_PaymentsOfDividendsPreferredStockAndPreferenceStock_lbl" xml:lang="en-US">Preferred stock distributions</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:label="us-gaap_PaymentsOfDividendsPreferredStockAndPreferenceStock_lbl" xml:lang="en-US">Preferred stock distributions</label>
    <loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2011/elts/us-gaap-2011-01-31.xsd#us-gaap_PaymentsOfDividendsCommonStock" xlink:label="us-gaap_PaymentsOfDividendsCommonStock" />
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="us-gaap_PaymentsOfDividendsCommonStock" xlink:to="us-gaap_PaymentsOfDividendsCommonStock_lbl" />
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="us-gaap_PaymentsOfDividendsCommonStock_lbl" xml:lang="en-US">Distributions to common shareholders</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2009/role/negatedLabel" xlink:label="us-gaap_PaymentsOfDividendsCommonStock_lbl" xml:lang="en-US">Distributions to common shareholders</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:label="us-gaap_PaymentsOfDividendsCommonStock_lbl" xml:lang="en-US">Distributions to common shareholders</label>
    <loc xlink:type="locator" xlink:href="cdr-20111231.xsd#cdr_ProceedsFromStandbyEquityAdvanceNotSettled" xlink:label="cdr_ProceedsFromStandbyEquityAdvanceNotSettled" />
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    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:label="cdr_ProceedsFromStandbyEquityAdvanceNotSettled_lbl" xml:lang="en-US">Proceeds from Standby Equity Advance not Settled.</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="cdr_ProceedsFromStandbyEquityAdvanceNotSettled_lbl" xml:lang="en-US">Proceeds from Standby Equity Advance not Settled</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:label="cdr_ProceedsFromStandbyEquityAdvanceNotSettled_lbl" xml:lang="en-US">Proceeds from standby equity advance not settled</label>
    <loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2011/elts/us-gaap-2011-01-31.xsd#us-gaap_NetCashProvidedByUsedInFinancingActivities" xlink:label="us-gaap_NetCashProvidedByUsedInFinancingActivities" />
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    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="us-gaap_NetCashProvidedByUsedInFinancingActivities_lbl" xml:lang="en-US">Net cash (used in) provided by financing activities</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/totalLabel" xlink:label="us-gaap_NetCashProvidedByUsedInFinancingActivities_lbl" xml:lang="en-US">Net cash provided by (used in) financing activities</label>
    <loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2011/elts/us-gaap-2011-01-31.xsd#us-gaap_CashAndCashEquivalentsPeriodIncreaseDecrease" xlink:label="us-gaap_CashAndCashEquivalentsPeriodIncreaseDecrease" />
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    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="us-gaap_CashAndCashEquivalentsPeriodIncreaseDecrease_lbl" xml:lang="en-US">Net (decrease) increase in cash and cash equivalents</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/totalLabel" xlink:label="us-gaap_CashAndCashEquivalentsPeriodIncreaseDecrease_lbl" xml:lang="en-US">Net (decrease) increase in cash and cash equivalents</label>
    <loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2011/elts/us-gaap-2011-01-31.xsd#us-gaap_OrganizationConsolidationAndPresentationOfFinancialStatementsAbstract" xlink:label="us-gaap_OrganizationConsolidationAndPresentationOfFinancialStatementsAbstract" />
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    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="us-gaap_OrganizationConsolidationAndPresentationOfFinancialStatementsAbstract_lbl" xml:lang="en-US">Business And Organization [Abstract]</label>
    <loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2011/elts/us-gaap-2011-01-31.xsd#us-gaap_OrganizationConsolidationAndPresentationOfFinancialStatementsDisclosureTextBlock" xlink:label="us-gaap_OrganizationConsolidationAndPresentationOfFinancialStatementsDisclosureTextBlock" />
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    <loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2011/elts/us-gaap-2011-01-31.xsd#us-gaap_AccountingPoliciesAbstract" xlink:label="us-gaap_AccountingPoliciesAbstract" />
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    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="us-gaap_SignificantAccountingPoliciesTextBlock_lbl" xml:lang="en-US">Significant Accounting Policies [Text Block]</label>
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    <loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2011/elts/us-gaap-2011-01-31.xsd#us-gaap_RealEstateInvestmentPropertyNetAbstract" xlink:label="us-gaap_RealEstateInvestmentPropertyNetAbstract" />
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    <loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2011/elts/us-gaap-2011-01-31.xsd#us-gaap_RealEstateDisclosureTextBlock" xlink:label="us-gaap_RealEstateDisclosureTextBlock" />
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    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="us-gaap_RealEstateDisclosureTextBlock_lbl" xml:lang="en-US">Real Estate Disclosure [Text Block]</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:label="us-gaap_RealEstateDisclosureTextBlock_lbl" xml:lang="en-US">Real Estate/Investment in Unconsolidated Joint Ventures</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/verboseLabel" xlink:label="us-gaap_RealEstateDisclosureTextBlock_lbl" xml:lang="en-US">Real Estate</label>
    <loc xlink:type="locator" xlink:href="cdr-20111231.xsd#cdr_InvestmentInJointVentureAbstract" xlink:label="cdr_InvestmentInJointVentureAbstract" />
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="cdr_InvestmentInJointVentureAbstract" xlink:to="cdr_InvestmentInJointVentureAbstract_lbl" />
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:label="cdr_InvestmentInJointVentureAbstract_lbl" xml:lang="en-US">Investment in joint venture.</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="cdr_InvestmentInJointVentureAbstract_lbl" xml:lang="en-US">Investment In Cedar/RioCan Joint Venture [Abstract]</label>
    <loc xlink:type="locator" xlink:href="cdr-20111231.xsd#cdr_InvestmentInJointVentureTextBlock" xlink:label="cdr_InvestmentInJointVentureTextBlock" />
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="cdr_InvestmentInJointVentureTextBlock" xlink:to="cdr_InvestmentInJointVentureTextBlock_lbl" />
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:label="cdr_InvestmentInJointVentureTextBlock_lbl" xml:lang="en-US">Investment in joint venture.</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="cdr_InvestmentInJointVentureTextBlock_lbl" xml:lang="en-US">Investment in Joint Venture [Text Block]</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:label="cdr_InvestmentInJointVentureTextBlock_lbl" xml:lang="en-US">Investment In Cedar/RioCan Joint Venture</label>
    <loc xlink:type="locator" xlink:href="cdr-20111231.xsd#cdr_DiscontinuedOperationsLandDispositionsAndWriteOffOfInvestmentInUnconsolidatedJointVentureAbstract" xlink:label="cdr_DiscontinuedOperationsLandDispositionsAndWriteOffOfInvestmentInUnconsolidatedJointVentureAbstract" />
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="cdr_DiscontinuedOperationsLandDispositionsAndWriteOffOfInvestmentInUnconsolidatedJointVentureAbstract" xlink:to="cdr_DiscontinuedOperationsLandDispositionsAndWriteOffOfInvestmentInUnconsolidatedJointVentureAbstract_lbl" />
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:label="cdr_DiscontinuedOperationsLandDispositionsAndWriteOffOfInvestmentInUnconsolidatedJointVentureAbstract_lbl" xml:lang="en-US">Discontinued operations, land dispositions and write-off of investment in unconsolidated joint venture.</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="cdr_DiscontinuedOperationsLandDispositionsAndWriteOffOfInvestmentInUnconsolidatedJointVentureAbstract_lbl" xml:lang="en-US">Discontinued Operations, Land Dispositions And Write-Off Of Investment In Unconsolidated Joint Venture [Abstract]</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:label="cdr_DiscontinuedOperationsLandDispositionsAndWriteOffOfInvestmentInUnconsolidatedJointVentureAbstract_lbl" xml:lang="en-US">Discontinued operations, land dispositions and write-off of investment in unconsolidated joint venture.</label>
    <loc xlink:type="locator" xlink:href="cdr-20111231.xsd#cdr_DiscontinuedOperationsLandDispositionsAndWriteOffOfInvestmentInUnconsolidatedJointVentureTextBlock" xlink:label="cdr_DiscontinuedOperationsLandDispositionsAndWriteOffOfInvestmentInUnconsolidatedJointVentureTextBlock" />
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="cdr_DiscontinuedOperationsLandDispositionsAndWriteOffOfInvestmentInUnconsolidatedJointVentureTextBlock" xlink:to="cdr_DiscontinuedOperationsLandDispositionsAndWriteOffOfInvestmentInUnconsolidatedJointVentureTextBlock_lbl" />
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:label="cdr_DiscontinuedOperationsLandDispositionsAndWriteOffOfInvestmentInUnconsolidatedJointVentureTextBlock_lbl" xml:lang="en-US">Discontinued operations, land dispositions and write-off of investment in unconsolidated joint venture.</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="cdr_DiscontinuedOperationsLandDispositionsAndWriteOffOfInvestmentInUnconsolidatedJointVentureTextBlock_lbl" xml:lang="en-US">Discontinued Operations, Land Dispositions and Write-Off of Investment in Unconsolidated Joint Venture [Text Block]</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:label="cdr_DiscontinuedOperationsLandDispositionsAndWriteOffOfInvestmentInUnconsolidatedJointVentureTextBlock_lbl" xml:lang="en-US">Discontinued Operations, Land Dispositions And Write-Off Of Investment In Unconsolidated Joint Venture</label>
    <loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2011/elts/us-gaap-2011-01-31.xsd#us-gaap_FairValueDisclosuresAbstract" xlink:label="us-gaap_FairValueDisclosuresAbstract" />
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="us-gaap_FairValueDisclosuresAbstract" xlink:to="us-gaap_FairValueDisclosuresAbstract_lbl" />
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="us-gaap_FairValueDisclosuresAbstract_lbl" xml:lang="en-US">Fair Value Measurements [Abstract]</label>
    <loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2011/elts/us-gaap-2011-01-31.xsd#us-gaap_FairValueMeasurementInputsDisclosureTextBlock" xlink:label="us-gaap_FairValueMeasurementInputsDisclosureTextBlock" />
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="us-gaap_FairValueMeasurementInputsDisclosureTextBlock" xlink:to="us-gaap_FairValueMeasurementInputsDisclosureTextBlock_lbl" />
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="us-gaap_FairValueMeasurementInputsDisclosureTextBlock_lbl" xml:lang="en-US">Fair Value, Measurement Inputs, Disclosure [Table Text Block]</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:label="us-gaap_FairValueMeasurementInputsDisclosureTextBlock_lbl" xml:lang="en-US">Fair Value Measurements</label>
    <loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2011/elts/us-gaap-2011-01-31.xsd#us-gaap_RisksAndUncertaintiesAbstract" xlink:label="us-gaap_RisksAndUncertaintiesAbstract" />
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="us-gaap_RisksAndUncertaintiesAbstract" xlink:to="us-gaap_RisksAndUncertaintiesAbstract_lbl" />
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="us-gaap_RisksAndUncertaintiesAbstract_lbl" xml:lang="en-US">Concentration Of Credit Risk [Abstract]</label>
    <loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2011/elts/us-gaap-2011-01-31.xsd#us-gaap_ConcentrationRiskDisclosureTextBlock" xlink:label="us-gaap_ConcentrationRiskDisclosureTextBlock" />
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="us-gaap_ConcentrationRiskDisclosureTextBlock" xlink:to="us-gaap_ConcentrationRiskDisclosureTextBlock_lbl" />
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="us-gaap_ConcentrationRiskDisclosureTextBlock_lbl" xml:lang="en-US">Concentration Risk Disclosure [Text Block]</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:label="us-gaap_ConcentrationRiskDisclosureTextBlock_lbl" xml:lang="en-US">Concentration Of Credit Risk</label>
    <loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2011/elts/us-gaap-2011-01-31.xsd#us-gaap_OtherAssetsAbstract" xlink:label="us-gaap_OtherAssetsAbstract" />
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="us-gaap_OtherAssetsAbstract" xlink:to="us-gaap_OtherAssetsAbstract_lbl" />
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="us-gaap_OtherAssetsAbstract_lbl" xml:lang="en-US">Other Assets [Abstract]</label>
    <loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2011/elts/us-gaap-2011-01-31.xsd#us-gaap_OtherAssetsDisclosureTextBlock" xlink:label="us-gaap_OtherAssetsDisclosureTextBlock" />
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="us-gaap_OtherAssetsDisclosureTextBlock" xlink:to="us-gaap_OtherAssetsDisclosureTextBlock_lbl" />
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="us-gaap_OtherAssetsDisclosureTextBlock_lbl" xml:lang="en-US">Other Assets Disclosure [Text Block]</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:label="us-gaap_OtherAssetsDisclosureTextBlock_lbl" xml:lang="en-US">Other Assets</label>
    <loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2011/elts/us-gaap-2011-01-31.xsd#us-gaap_DeferredCostsAbstract" xlink:label="us-gaap_DeferredCostsAbstract" />
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="us-gaap_DeferredCostsAbstract" xlink:to="us-gaap_DeferredCostsAbstract_lbl" />
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="us-gaap_DeferredCostsAbstract_lbl" xml:lang="en-US">Deferred Charges, Net [Abstract]</label>
    <loc xlink:type="locator" xlink:href="cdr-20111231.xsd#cdr_DeferredChargesNetTextBlock" xlink:label="cdr_DeferredChargesNetTextBlock" />
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="cdr_DeferredChargesNetTextBlock" xlink:to="cdr_DeferredChargesNetTextBlock_lbl" />
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:label="cdr_DeferredChargesNetTextBlock_lbl" xml:lang="en-US">The carrying amounts of deferred costs that are expected to be recognized as a charge against earnings in periods after one year or beyond the normal operating cycle, if longer.</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="cdr_DeferredChargesNetTextBlock_lbl" xml:lang="en-US">Deferred Charges, Net [Text Block]</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:label="cdr_DeferredChargesNetTextBlock_lbl" xml:lang="en-US">Deferred Charges, Net</label>
    <loc xlink:type="locator" xlink:href="cdr-20111231.xsd#cdr_MortgageLoansPayableAndSecuredRevolvingCreditFacilitiesAbstract" xlink:label="cdr_MortgageLoansPayableAndSecuredRevolvingCreditFacilitiesAbstract" />
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="cdr_MortgageLoansPayableAndSecuredRevolvingCreditFacilitiesAbstract" xlink:to="cdr_MortgageLoansPayableAndSecuredRevolvingCreditFacilitiesAbstract_lbl" />
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:label="cdr_MortgageLoansPayableAndSecuredRevolvingCreditFacilitiesAbstract_lbl" xml:lang="en-US">Mortgage Loans Payable And Secured Revolving Credit Facilities [Abstract]</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="cdr_MortgageLoansPayableAndSecuredRevolvingCreditFacilitiesAbstract_lbl" xml:lang="en-US">Mortgage Loans Payable And Secured Revolving Credit Facilities [Abstract]</label>
    <loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2011/elts/us-gaap-2011-01-31.xsd#us-gaap_DebtDisclosureTextBlock" xlink:label="us-gaap_DebtDisclosureTextBlock" />
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="us-gaap_DebtDisclosureTextBlock" xlink:to="us-gaap_DebtDisclosureTextBlock_lbl" />
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="us-gaap_DebtDisclosureTextBlock_lbl" xml:lang="en-US">Debt Disclosure [Text Block]</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:label="us-gaap_DebtDisclosureTextBlock_lbl" xml:lang="en-US">Mortgage Loans Payable And Secured Revolving Credit Facilities</label>
    <loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2011/elts/us-gaap-2011-01-31.xsd#us-gaap_DerivativeInstrumentsAndHedgingActivitiesDisclosureAbstract" xlink:label="us-gaap_DerivativeInstrumentsAndHedgingActivitiesDisclosureAbstract" />
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="us-gaap_DerivativeInstrumentsAndHedgingActivitiesDisclosureAbstract" xlink:to="us-gaap_DerivativeInstrumentsAndHedgingActivitiesDisclosureAbstract_lbl" />
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="us-gaap_DerivativeInstrumentsAndHedgingActivitiesDisclosureAbstract_lbl" xml:lang="en-US">Derivative Financial Instruments [Abstract]</label>
    <loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2011/elts/us-gaap-2011-01-31.xsd#us-gaap_DerivativeInstrumentsAndHedgingActivitiesDisclosureTextBlock" xlink:label="us-gaap_DerivativeInstrumentsAndHedgingActivitiesDisclosureTextBlock" />
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="us-gaap_DerivativeInstrumentsAndHedgingActivitiesDisclosureTextBlock" xlink:to="us-gaap_DerivativeInstrumentsAndHedgingActivitiesDisclosureTextBlock_lbl" />
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="us-gaap_DerivativeInstrumentsAndHedgingActivitiesDisclosureTextBlock_lbl" xml:lang="en-US">Derivative Instruments and Hedging Activities Disclosure [Text Block]</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:label="us-gaap_DerivativeInstrumentsAndHedgingActivitiesDisclosureTextBlock_lbl" xml:lang="en-US">Derivative Financial Instruments</label>
    <loc xlink:type="locator" xlink:href="cdr-20111231.xsd#cdr_IntangibleLeaseAssetLiabilityAbstract" xlink:label="cdr_IntangibleLeaseAssetLiabilityAbstract" />
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="cdr_IntangibleLeaseAssetLiabilityAbstract" xlink:to="cdr_IntangibleLeaseAssetLiabilityAbstract_lbl" />
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:label="cdr_IntangibleLeaseAssetLiabilityAbstract_lbl" xml:lang="en-US">Intangible lease asset liability.</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="cdr_IntangibleLeaseAssetLiabilityAbstract_lbl" xml:lang="en-US">Intangible Lease Asset/Liability [Abstract]</label>
    <loc xlink:type="locator" xlink:href="cdr-20111231.xsd#cdr_IntangibleLeaseAssetLiabilityDisclosureTextBlock" xlink:label="cdr_IntangibleLeaseAssetLiabilityDisclosureTextBlock" />
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="cdr_IntangibleLeaseAssetLiabilityDisclosureTextBlock" xlink:to="cdr_IntangibleLeaseAssetLiabilityDisclosureTextBlock_lbl" />
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:label="cdr_IntangibleLeaseAssetLiabilityDisclosureTextBlock_lbl" xml:lang="en-US">The identifiable intangible net asset or liability established for an assumed above or below-market lease acquired in an acquisition. Such asset or liability is established regardless of whether the acquiree is the lessee or the lessor.</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="cdr_IntangibleLeaseAssetLiabilityDisclosureTextBlock_lbl" xml:lang="en-US">Intangible Lease Asset/Liability Disclosure [Text Block]</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:label="cdr_IntangibleLeaseAssetLiabilityDisclosureTextBlock_lbl" xml:lang="en-US">Intangible Lease Asset/Liability</label>
    <loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2011/elts/us-gaap-2011-01-31.xsd#us-gaap_CommitmentsAndContingenciesDisclosureAbstract" xlink:label="us-gaap_CommitmentsAndContingenciesDisclosureAbstract" />
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="us-gaap_CommitmentsAndContingenciesDisclosureAbstract" xlink:to="us-gaap_CommitmentsAndContingenciesDisclosureAbstract_lbl" />
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="us-gaap_CommitmentsAndContingenciesDisclosureAbstract_lbl" xml:lang="en-US">Commitments And Contingencies [Abstract]</label>
    <loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2011/elts/us-gaap-2011-01-31.xsd#us-gaap_CommitmentsAndContingenciesDisclosureTextBlock" xlink:label="us-gaap_CommitmentsAndContingenciesDisclosureTextBlock" />
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="us-gaap_CommitmentsAndContingenciesDisclosureTextBlock" xlink:to="us-gaap_CommitmentsAndContingenciesDisclosureTextBlock_lbl" />
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="us-gaap_CommitmentsAndContingenciesDisclosureTextBlock_lbl" xml:lang="en-US">Commitments and Contingencies Disclosure [Text Block]</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:label="us-gaap_CommitmentsAndContingenciesDisclosureTextBlock_lbl" xml:lang="en-US">Commitments And Contingencies</label>
    <loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2011/elts/us-gaap-2011-01-31.xsd#us-gaap_StockholdersEquityNoteAbstract" xlink:label="us-gaap_StockholdersEquityNoteAbstract" />
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="us-gaap_StockholdersEquityNoteAbstract" xlink:to="us-gaap_StockholdersEquityNoteAbstract_lbl" />
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="us-gaap_StockholdersEquityNoteAbstract_lbl" xml:lang="en-US">Preferred And Common Stock [Abstract]</label>
    <loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2011/elts/us-gaap-2011-01-31.xsd#us-gaap_StockholdersEquityNoteDisclosureTextBlock" xlink:label="us-gaap_StockholdersEquityNoteDisclosureTextBlock" />
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="us-gaap_StockholdersEquityNoteDisclosureTextBlock" xlink:to="us-gaap_StockholdersEquityNoteDisclosureTextBlock_lbl" />
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="us-gaap_StockholdersEquityNoteDisclosureTextBlock_lbl" xml:lang="en-US">Stockholders' Equity Note Disclosure [Text Block]</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:label="us-gaap_StockholdersEquityNoteDisclosureTextBlock_lbl" xml:lang="en-US">Preferred And Common Stock</label>
    <loc xlink:type="locator" xlink:href="cdr-20111231.xsd#cdr_RentsAndOtherReceivablesTextBlock" xlink:label="cdr_RentsAndOtherReceivablesTextBlock" />
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="cdr_RentsAndOtherReceivablesTextBlock" xlink:to="cdr_RentsAndOtherReceivablesTextBlock_lbl" />
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:label="cdr_RentsAndOtherReceivablesTextBlock_lbl" xml:lang="en-US">The amount due from customers or clients for goods or services that have been delivered or sold in the normal course of business, reduced to their estimated net realizable fair value by an allowance established by the entity of the amount it deems uncertain of collection.</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="cdr_RentsAndOtherReceivablesTextBlock_lbl" xml:lang="en-US">Rents And Other Receivables [Text Block]</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/verboseLabel" xlink:label="cdr_RentsAndOtherReceivablesTextBlock_lbl" xml:lang="en-US">Rental Revenues</label>
    <loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2011/elts/us-gaap-2011-01-31.xsd#us-gaap_CompensationAndRetirementDisclosureAbstract" xlink:label="us-gaap_CompensationAndRetirementDisclosureAbstract" />
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<DOCUMENT>
<TYPE>EX-101.PRE
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<FILENAME>cdr-20111231_pre.xml
<DESCRIPTION>XBRL TAXONOMY EXTENSION PRESENTATION LINKBASE
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  <body><span style="display: none;">v2.4.0.6</span><table class="report" border="0" cellspacing="2" id="ID0EME">
      <tr>
        <th class="tl" colspan="1" rowspan="2">
          <div style="width: 200px;"><strong>Noncontrolling Interest - Limited Partners' Mezzanine OP Units<br></strong></div>
        </th>
        <th class="th" colspan="1">12 Months Ended</th>
      </tr>
      <tr>
        <th class="th">
          <div>Dec. 31, 2011</div>
        </th>
      </tr>
      <tr class="re">
        <td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_cdr_NoncontrollingInterestLimitedPartnersInterestInOperatingPartnershipAbstract', window );"><strong>Noncontrolling Interest - Limited Partners Interest In Operating Partnership (Mezz Op Units) [Abstract]</strong></a></td>
        <td class="text">&#xA0;<span></span></td>
      </tr>
      <tr class="ro">
        <td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_cdr_NoncontrollingInterestLimitedPartnersInterestInOperatingPartnershipTextBlock', window );">Noncontrolling Interest - Limited Partners Interest In Operating Partnership (Mezz Op Units)</a></td>
        <td class="text"><div> <p style="text-align: left;"><b><font style="font-family: TimesNewRomanPS-BoldMT,Times New Roman,Times,serif;" class="_mt" size="3">Note 19. Noncontrolling interest - Limited Partners' Mezzanine OP Units</font></b></p>

<p style="text-align: left;"><font style="font-family: TimesNewRomanPSMT,Times New Roman,Times,serif;" class="_mt" size="3">The following summarizes the activity relating to the limited partners' mezzanine OP</font></p>

<p style="text-align: left;"><font style="font-family: TimesNewRomanPSMT,Times New Roman,Times,serif;" class="_mt" size="3">Units:</font></p>

<div>

<table border="0" cellspacing="0">
<tr><td width="58%"> </td>
<td width="2%"> </td>
<td width="14%"> </td>
<td width="2%"> </td>
<td width="2%"> </td>
<td width="14%"> </td>
<td width="2%"> </td></tr>
<tr valign="bottom"><td width="58%" align="left">&nbsp;</td>
<td style="border-bottom: #000000 1px solid;" width="36%" colspan="6" align="center"><b><font style="font-family: TimesNewRomanPS-BoldMT,Times New Roman,Times,serif;" class="_mt" size="3">December 31,</font></b></td></tr>
<tr valign="bottom"><td width="58%" align="left">&nbsp;</td>
<td style="border-bottom: #000000 1px solid;" width="18%" colspan="3" align="center"><b><font style="font-family: TimesNewRomanPS-BoldMT,Times New Roman,Times,serif;" class="_mt" size="3">2011</font></b></td>
<td style="border-bottom: #000000 1px solid;" width="18%" colspan="3" align="center"><b><font style="font-family: TimesNewRomanPS-BoldMT,Times New Roman,Times,serif;" class="_mt" size="3">2010</font></b></td></tr>
<tr><td width="94%" colspan="7">&nbsp;</td></tr>
<tr valign="bottom"><td width="58%" align="left"><font style="font-family: TimesNewRomanPSMT,Times New Roman,Times,serif;" class="_mt" size="3">Balance, beginning of year</font></td>
<td style="border-bottom: #000000 1px solid;" width="2%" align="left"><font style="font-family: TimesNewRomanPSMT,Times New Roman,Times,serif;" class="_mt" size="3">$</font></td>
<td style="border-bottom: #000000 1px solid;" width="14%" align="right"><font style="font-family: TimesNewRomanPSMT,Times New Roman,Times,serif;" class="_mt" size="3">7,053,000</font></td>
<td style="border-bottom: #000000 1px solid;" width="2%" align="left">&nbsp;</td>
<td style="border-bottom: #000000 1px solid;" width="2%" align="right"><font style="font-family: TimesNewRomanPSMT,Times New Roman,Times,serif;" class="_mt" size="3">$</font></td>
<td style="border-bottom: #000000 1px solid;" width="14%" align="right"><font style="font-family: TimesNewRomanPSMT,Times New Roman,Times,serif;" class="_mt" size="3">12,638,000</font></td>
<td style="border-bottom: #000000 1px solid;" width="2%" align="left">&nbsp;</td></tr>
<tr valign="bottom"><td width="58%" align="left"><font style="font-family: TimesNewRomanPSMT,Times New Roman,Times,serif;" class="_mt" size="3">Net loss</font></td>
<td width="2%" align="left">&nbsp;</td>
<td width="14%" align="right"><font style="font-family: TimesNewRomanPSMT,Times New Roman,Times,serif;" class="_mt" size="3">(1,126,000</font></td>
<td width="2%" align="left"><font style="font-family: TimesNewRomanPSMT,Times New Roman,Times,serif;" class="_mt" size="3">)</font></td>
<td width="2%" align="right">&nbsp;</td>
<td width="14%" align="right"><font style="font-family: TimesNewRomanPSMT,Times New Roman,Times,serif;" class="_mt" size="3">(640,000</font></td>
<td width="2%" align="left"><font style="font-family: TimesNewRomanPSMT,Times New Roman,Times,serif;" class="_mt" size="3">)</font></td></tr>
<tr valign="bottom"><td width="58%" align="left"><font style="font-family: TimesNewRomanPSMT,Times New Roman,Times,serif;" class="_mt" size="3">Unrealized gain on change in fair value</font></td>
<td width="2%" align="left">&nbsp;</td>
<td width="14%" align="left">&nbsp;</td>
<td width="2%" align="left">&nbsp;</td>
<td width="2%" align="right">&nbsp;</td>
<td width="14%" align="left">&nbsp;</td>
<td width="2%" align="left">&nbsp;</td></tr>
<tr valign="bottom"><td style="text-indent: 2px;" width="58%" align="left"><font style="font-family: TimesNewRomanPSMT,Times New Roman,Times,serif;" class="_mt" size="3">of cash flow hedges</font></td>
<td style="border-bottom: #000000 1px solid;" width="2%" align="left">&nbsp;</td>
<td style="border-bottom: #000000 1px solid;" width="14%" align="right"><font style="font-family: TimesNewRomanPSMT,Times New Roman,Times,serif;" class="_mt" size="3">(3,000</font></td>
<td style="border-bottom: #000000 1px solid;" width="2%" align="left"><font style="font-family: TimesNewRomanPSMT,Times New Roman,Times,serif;" class="_mt" size="3">)</font></td>
<td style="border-bottom: #000000 1px solid;" width="2%" align="right">&nbsp;</td>
<td style="border-bottom: #000000 1px solid;" width="14%" align="right"><font style="font-family: TimesNewRomanPSMT,Times New Roman,Times,serif;" class="_mt" size="3">(18,000</font></td>
<td style="border-bottom: #000000 1px solid;" width="2%" align="left"><font style="font-family: TimesNewRomanPSMT,Times New Roman,Times,serif;" class="_mt" size="3">)</font></td></tr>
<tr valign="bottom"><td width="58%" align="left"><font style="font-family: TimesNewRomanPSMT,Times New Roman,Times,serif;" class="_mt" size="3">Total other comprehensive loss</font></td>
<td style="border-bottom: #000000 1px solid;" width="2%" align="left">&nbsp;</td>
<td style="border-bottom: #000000 1px solid;" width="14%" align="right"><font style="font-family: TimesNewRomanPSMT,Times New Roman,Times,serif;" class="_mt" size="3">(1,129,000</font></td>
<td style="border-bottom: #000000 1px solid;" width="2%" align="left"><font style="font-family: TimesNewRomanPSMT,Times New Roman,Times,serif;" class="_mt" size="3">)</font></td>
<td style="border-bottom: #000000 1px solid;" width="2%" align="right">&nbsp;</td>
<td style="border-bottom: #000000 1px solid;" width="14%" align="right"><font style="font-family: TimesNewRomanPSMT,Times New Roman,Times,serif;" class="_mt" size="3">(658,000</font></td>
<td style="border-bottom: #000000 1px solid;" width="2%" align="left"><font style="font-family: TimesNewRomanPSMT,Times New Roman,Times,serif;" class="_mt" size="3">)</font></td></tr>
<tr valign="bottom"><td width="58%" align="left"><font style="font-family: TimesNewRomanPSMT,Times New Roman,Times,serif;" class="_mt" size="3">Distributions</font></td>
<td width="2%" align="left">&nbsp;</td>
<td width="14%" align="right"><font style="font-family: TimesNewRomanPSMT,Times New Roman,Times,serif;" class="_mt" size="3">(232,000</font></td>
<td width="2%" align="left"><font style="font-family: TimesNewRomanPSMT,Times New Roman,Times,serif;" class="_mt" size="3">)</font></td>
<td width="2%" align="right">&nbsp;</td>
<td width="14%" align="right"><font style="font-family: TimesNewRomanPSMT,Times New Roman,Times,serif;" class="_mt" size="3">(266,000</font></td>
<td width="2%" align="left"><font style="font-family: TimesNewRomanPSMT,Times New Roman,Times,serif;" class="_mt" size="3">)</font></td></tr>
<tr valign="bottom"><td width="58%" align="left"><font style="font-family: TimesNewRomanPSMT,Times New Roman,Times,serif;" class="_mt" size="3">Reallocation adjustment of limited partners' interest</font></td>
<td width="2%" align="left">&nbsp;</td>
<td width="14%" align="left">&nbsp;</td>
<td width="2%" align="left">&nbsp;</td>
<td width="2%" align="right">&nbsp;</td>
<td width="14%" align="left">&nbsp;</td>
<td width="2%" align="left">&nbsp;</td></tr>
<tr valign="bottom"><td style="text-indent: 2px;" width="58%" align="left"><font style="font-family: TimesNewRomanPSMT,Times New Roman,Times,serif;" class="_mt" size="3">and conversions and redemptions of OP Units</font></td>
<td style="border-bottom: #000000 1px solid;" width="2%" align="left">&nbsp;</td>
<td style="border-bottom: #000000 1px solid;" width="14%" align="right"><font style="font-family: TimesNewRomanPSMT,Times New Roman,Times,serif;" class="_mt" size="3">(1,076,000</font></td>
<td style="border-bottom: #000000 1px solid;" width="2%" align="left"><font style="font-family: TimesNewRomanPSMT,Times New Roman,Times,serif;" class="_mt" size="3">)</font></td>
<td style="border-bottom: #000000 1px solid;" width="2%" align="right">&nbsp;</td>
<td style="border-bottom: #000000 1px solid;" width="14%" align="right"><font style="font-family: TimesNewRomanPSMT,Times New Roman,Times,serif;" class="_mt" size="3">(4,661,000</font></td>
<td style="border-bottom: #000000 1px solid;" width="2%" align="left"><font style="font-family: TimesNewRomanPSMT,Times New Roman,Times,serif;" class="_mt" size="3">)</font></td></tr>
<tr><td width="94%" colspan="7">&nbsp;</td></tr>
<tr valign="bottom"><td width="58%" align="left"><font style="font-family: TimesNewRomanPSMT,Times New Roman,Times,serif;" class="_mt" size="3">Balance, end of year</font></td>
<td style="border-bottom: #000000 3px double;" width="2%" align="left"><font style="font-family: TimesNewRomanPSMT,Times New Roman,Times,serif;" class="_mt" size="3">$</font></td>
<td style="border-bottom: #000000 3px double;" width="14%" align="right"><font style="font-family: TimesNewRomanPSMT,Times New Roman,Times,serif;" class="_mt" size="3">4,616,000</font></td>
<td style="border-bottom: #000000 3px double;" width="2%" align="left">&nbsp;</td>
<td style="border-bottom: #000000 3px double;" width="2%" align="right"><font style="font-family: TimesNewRomanPSMT,Times New Roman,Times,serif;" class="_mt" size="3">$</font></td>
<td style="border-bottom: #000000 3px double;" width="14%" align="right"><font style="font-family: TimesNewRomanPSMT,Times New Roman,Times,serif;" class="_mt" size="3">7,053,000</font></td>
<td style="border-bottom: #000000 3px double;" width="2%" align="left">&nbsp;</td></tr></table></div>

<p style="margin: 0px;">&nbsp;</p>

<p style="text-align: left;"><font style="font-family: TimesNewRomanPSMT,Times New Roman,Times,serif;" class="_mt" size="3">See note 22 for information relating to 2012 conversions of mezzanine OP Units.</font></p> </div><span></span></td>
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            <div class="body" style="padding: 2px;"><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div>
                <p>Noncontrolling interest, limited partners interest in operating partnership.</p>
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  <body><span style="display: none;">v2.4.0.6</span><table class="report" border="0" cellspacing="2" id="ID0EME">
      <tr>
        <th class="tl" colspan="1" rowspan="2">
          <div style="width: 200px;"><strong>Real Estate<br></strong></div>
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        <th class="th" colspan="1">12 Months Ended</th>
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          <div>Dec. 31, 2011</div>
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        <td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_RealEstateInvestmentPropertyNetAbstract', window );"><strong>Real Estate [Abstract]</strong></a></td>
        <td class="text">&#xA0;<span></span></td>
      </tr>
      <tr class="ro">
        <td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_RealEstateDisclosureTextBlock', window );">Real Estate</a></td>
        <td class="text"><div> <p style="text-align: left;"><b><font style="font-family: TimesNewRomanPS-BoldMT,Times New Roman,Times,serif;" class="_mt" size="3">Note 3. Real Estate</font></b></p>

<p style="text-align: center;"><font style="font-family: TimesNewRomanPSMT,Times New Roman,Times,serif;" class="_mt" size="3">Real estate at December 31, 2011 and 2010 is comprised of the following:</font></p>

<div>

<table border="0" cellspacing="0">
<tr><td width="60%"> </td>
<td width="2%"> </td>
<td width="12%"> </td>
<td width="2%"> </td>
<td width="2%"> </td>
<td width="12%"> </td>
<td width="2%"> </td></tr>
<tr valign="bottom"><td width="60%" align="left">&nbsp;</td>
<td style="border-bottom: #000000 1px solid;" width="32%" colspan="6" align="center"><b><font style="font-family: TimesNewRomanPS-BoldMT,Times New Roman,Times,serif;" class="_mt" size="2">Years ended December 31,</font></b></td></tr>
<tr valign="bottom"><td width="60%" align="left">&nbsp;</td>
<td style="border-bottom: #000000 1px solid;" width="16%" colspan="3" align="center"><b><font style="font-family: TimesNewRomanPS-BoldMT,Times New Roman,Times,serif;" class="_mt" size="2">2011</font></b></td>
<td style="border-bottom: #000000 1px solid;" width="16%" colspan="3" align="center"><b><font style="font-family: TimesNewRomanPS-BoldMT,Times New Roman,Times,serif;" class="_mt" size="2">2010</font></b></td></tr>
<tr valign="bottom"><td style="border-bottom: #000000 1px solid;" width="60%" align="left"><b><font style="font-family: TimesNewRomanPS-BoldMT,Times New Roman,Times,serif;" class="_mt" size="2">Cost</font></b></td>
<td width="2%" align="left">&nbsp;</td>
<td width="12%" align="left">&nbsp;</td>
<td width="2%" align="left">&nbsp;</td>
<td width="2%" align="left">&nbsp;</td>
<td width="12%" align="left">&nbsp;</td>
<td width="2%" align="left">&nbsp;</td></tr>
<tr valign="bottom"><td width="60%" align="left"><font style="font-family: TimesNewRomanPSMT,Times New Roman,Times,serif;" class="_mt" size="2">Balance, beginning of year</font></td>
<td width="2%" align="left"><font style="font-family: TimesNewRomanPSMT,Times New Roman,Times,serif;" class="_mt" size="2">$</font></td>
<td width="12%" align="right"><font style="font-family: TimesNewRomanPSMT,Times New Roman,Times,serif;" class="_mt" size="2">1,290,116,000</font></td>
<td width="2%" align="left">&nbsp;</td>
<td width="2%" align="left"><font style="font-family: TimesNewRomanPSMT,Times New Roman,Times,serif;" class="_mt" size="2">$</font></td>
<td width="12%" align="right"><font style="font-family: TimesNewRomanPSMT,Times New Roman,Times,serif;" class="_mt" size="2">1,273,395,000</font></td>
<td width="2%" align="left">&nbsp;</td></tr>
<tr valign="bottom"><td width="60%" align="left"><font style="font-family: TimesNewRomanPSMT,Times New Roman,Times,serif;" class="_mt" size="2">Property acquired</font></td>
<td width="2%" align="left">&nbsp;</td>
<td width="12%" align="right"><font style="font-family: TimesNewRomanPSMT,Times New Roman,Times,serif;" class="_mt" size="2">46,863,000</font></td>
<td width="2%" align="left">&nbsp;</td>
<td width="2%" align="left">&nbsp;</td>
<td width="12%" align="right"><font style="font-family: TimesNewRomanPSMT,Times New Roman,Times,serif;" class="_mt" size="2">-</font></td>
<td width="2%" align="left">&nbsp;</td></tr>
<tr valign="bottom"><td width="60%" align="left"><font style="font-family: TimesNewRomanPSMT,Times New Roman,Times,serif;" class="_mt" size="2">Improvements and betterments</font></td>
<td width="2%" align="left">&nbsp;</td>
<td width="12%" align="right"><font style="font-family: TimesNewRomanPSMT,Times New Roman,Times,serif;" class="_mt" size="2">32,373,000</font></td>
<td width="2%" align="left">&nbsp;</td>
<td width="2%" align="left">&nbsp;</td>
<td width="12%" align="right"><font style="font-family: TimesNewRomanPSMT,Times New Roman,Times,serif;" class="_mt" size="2">17,631,000</font></td>
<td width="2%" align="left">&nbsp;</td></tr>
<tr valign="bottom"><td width="60%" align="left"><font style="font-family: TimesNewRomanPSMT,Times New Roman,Times,serif;" class="_mt" size="2">Write-off of fully-depreciated assets</font></td>
<td style="border-bottom: #000000 1px solid;" width="2%" align="left">&nbsp;</td>
<td style="border-bottom: #000000 1px solid;" width="12%" align="right"><font style="font-family: TimesNewRomanPSMT,Times New Roman,Times,serif;" class="_mt" size="2">(231,000</font></td>
<td style="border-bottom: #000000 1px solid;" width="2%" align="left"><font style="font-family: TimesNewRomanPSMT,Times New Roman,Times,serif;" class="_mt" size="2">)</font></td>
<td style="border-bottom: #000000 1px solid;" width="2%" align="left">&nbsp;</td>
<td style="border-bottom: #000000 1px solid;" width="12%" align="right"><font style="font-family: TimesNewRomanPSMT,Times New Roman,Times,serif;" class="_mt" size="2">(910,000</font></td>
<td style="border-bottom: #000000 1px solid;" width="2%" align="left"><font style="font-family: TimesNewRomanPSMT,Times New Roman,Times,serif;" class="_mt" size="2">)</font></td></tr>
<tr valign="bottom"><td width="60%" align="left"><font style="font-family: TimesNewRomanPSMT,Times New Roman,Times,serif;" class="_mt" size="2">Balance, end of the year</font></td>
<td style="border-bottom: #000000 3px double;" width="2%" align="left"><font style="font-family: TimesNewRomanPSMT,Times New Roman,Times,serif;" class="_mt" size="2">$</font></td>
<td style="border-bottom: #000000 3px double;" width="12%" align="right"><font style="font-family: TimesNewRomanPSMT,Times New Roman,Times,serif;" class="_mt" size="2">1,369,121,000</font></td>
<td style="border-bottom: #000000 3px double;" width="2%" align="left">&nbsp;</td>
<td style="border-bottom: #000000 3px double;" width="2%" align="left"><font style="font-family: TimesNewRomanPSMT,Times New Roman,Times,serif;" class="_mt" size="2">$</font></td>
<td style="border-bottom: #000000 3px double;" width="12%" align="right"><font style="font-family: TimesNewRomanPSMT,Times New Roman,Times,serif;" class="_mt" size="2">1,290,116,000</font></td>
<td style="border-bottom: #000000 3px double;" width="2%" align="left">&nbsp;</td></tr>
<tr><td width="92%" colspan="7">&nbsp;</td></tr>
<tr valign="bottom"><td style="border-bottom: #000000 1px solid;" width="60%" align="left"><b><font style="font-family: TimesNewRomanPS-BoldMT,Times New Roman,Times,serif;" class="_mt" size="2">Accumulated depreciation</font></b></td>
<td width="2%" align="left">&nbsp;</td>
<td width="12%" align="left">&nbsp;</td>
<td width="2%" align="left">&nbsp;</td>
<td width="2%" align="left">&nbsp;</td>
<td width="12%" align="left">&nbsp;</td>
<td width="2%" align="left">&nbsp;</td></tr>
<tr valign="bottom"><td width="60%" align="left"><font style="font-family: TimesNewRomanPSMT,Times New Roman,Times,serif;" class="_mt" size="2">Balance, beginning of the year</font></td>
<td width="2%" align="left"><font style="font-family: TimesNewRomanPSMT,Times New Roman,Times,serif;" class="_mt" size="2">$</font></td>
<td width="12%" align="right"><font style="font-family: TimesNewRomanPSMT,Times New Roman,Times,serif;" class="_mt" size="2">(157,803,000</font></td>
<td width="2%" align="left"><font style="font-family: TimesNewRomanPSMT,Times New Roman,Times,serif;" class="_mt" size="2">)</font></td>
<td width="2%" align="left"><font style="font-family: TimesNewRomanPSMT,Times New Roman,Times,serif;" class="_mt" size="2">$</font></td>
<td width="12%" align="right"><font style="font-family: TimesNewRomanPSMT,Times New Roman,Times,serif;" class="_mt" size="2">(126,456,000</font></td>
<td width="2%" align="left"><font style="font-family: TimesNewRomanPSMT,Times New Roman,Times,serif;" class="_mt" size="2">)</font></td></tr>
<tr valign="bottom"><td width="60%" align="left"><font style="font-family: TimesNewRomanPSMT,Times New Roman,Times,serif;" class="_mt" size="2">Depreciation expense</font></td>
<td width="2%" align="left">&nbsp;</td>
<td width="12%" align="right"><font style="font-family: TimesNewRomanPSMT,Times New Roman,Times,serif;" class="_mt" size="2">(40,036,000</font></td>
<td width="2%" align="left"><font style="font-family: TimesNewRomanPSMT,Times New Roman,Times,serif;" class="_mt" size="2">)</font></td>
<td width="2%" align="left">&nbsp;</td>
<td width="12%" align="right"><font style="font-family: TimesNewRomanPSMT,Times New Roman,Times,serif;" class="_mt" size="2">(32,257,000</font></td>
<td width="2%" align="left"><font style="font-family: TimesNewRomanPSMT,Times New Roman,Times,serif;" class="_mt" size="2">)</font></td></tr>
<tr valign="bottom"><td width="60%" align="left"><font style="font-family: TimesNewRomanPSMT,Times New Roman,Times,serif;" class="_mt" size="2">Write-off of fully-depreciated assets</font></td>
<td style="border-bottom: #000000 1px solid;" width="2%" align="left">&nbsp;</td>
<td style="border-bottom: #000000 1px solid;" width="12%" align="right"><font style="font-family: TimesNewRomanPSMT,Times New Roman,Times,serif;" class="_mt" size="2">231,000</font></td>
<td style="border-bottom: #000000 1px solid;" width="2%" align="left">&nbsp;</td>
<td style="border-bottom: #000000 1px solid;" width="2%" align="left">&nbsp;</td>
<td style="border-bottom: #000000 1px solid;" width="12%" align="right"><font style="font-family: TimesNewRomanPSMT,Times New Roman,Times,serif;" class="_mt" size="2">910,000</font></td>
<td style="border-bottom: #000000 1px solid;" width="2%" align="left">&nbsp;</td></tr>
<tr valign="bottom"><td width="60%" align="left"><font style="font-family: TimesNewRomanPSMT,Times New Roman,Times,serif;" class="_mt" size="2">Balance, end of the year</font></td>
<td style="border-bottom: #000000 2px solid;" width="2%" align="left"><font style="font-family: TimesNewRomanPSMT,Times New Roman,Times,serif;" class="_mt" size="2">$</font></td>
<td style="border-bottom: #000000 2px solid;" width="12%" align="right"><font style="font-family: TimesNewRomanPSMT,Times New Roman,Times,serif;" class="_mt" size="2">(197,608,000</font></td>
<td style="border-bottom: #000000 2px solid;" width="2%" align="left"><font style="font-family: TimesNewRomanPSMT,Times New Roman,Times,serif;" class="_mt" size="2">)</font></td>
<td style="border-bottom: #000000 2px solid;" width="2%" align="left"><font style="font-family: TimesNewRomanPSMT,Times New Roman,Times,serif;" class="_mt" size="2">$</font></td>
<td style="border-bottom: #000000 2px solid;" width="12%" align="right"><font style="font-family: TimesNewRomanPSMT,Times New Roman,Times,serif;" class="_mt" size="2">(157,803,000</font></td>
<td style="border-bottom: #000000 2px solid;" width="2%" align="left"><font style="font-family: TimesNewRomanPSMT,Times New Roman,Times,serif;" class="_mt" size="2">)</font></td></tr>
<tr><td width="92%" colspan="7">&nbsp;</td></tr>
<tr valign="bottom"><td width="60%" align="left"><font style="font-family: TimesNewRomanPSMT,Times New Roman,Times,serif;" class="_mt" size="2">Net book value</font></td>
<td style="border-bottom: #000000 3px double;" width="2%" align="left"><font style="font-family: TimesNewRomanPSMT,Times New Roman,Times,serif;" class="_mt" size="2">$</font></td>
<td style="border-bottom: #000000 3px double;" width="12%" align="right"><font style="font-family: TimesNewRomanPSMT,Times New Roman,Times,serif;" class="_mt" size="2">1,171,513,000</font></td>
<td style="border-bottom: #000000 3px double;" width="2%" align="left">&nbsp;</td>
<td style="border-bottom: #000000 3px double;" width="2%" align="left"><font style="font-family: TimesNewRomanPSMT,Times New Roman,Times,serif;" class="_mt" size="2">$</font></td>
<td style="border-bottom: #000000 3px double;" width="12%" align="right"><font style="font-family: TimesNewRomanPSMT,Times New Roman,Times,serif;" class="_mt" size="2">1,132,313,000</font></td>
<td style="border-bottom: #000000 3px double;" width="2%" align="left">&nbsp;</td></tr></table></div>

<p style="margin: 0px;">&nbsp;</p>

<p style="text-align: left;">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<font style="font-family: TimesNewRomanPSMT,Times New Roman,Times,serif;" class="_mt" size="3">On January 14, 2011, the Company acquired Colonial Commons, a shopping center located in Lower Paxton Township, Pennsylvania. The purchase price for the property was approximately $49.1 million (in addition, the Company incurred transactions costs of $0.6 million). At closing, the Company entered into a first mortgage in the amount of $28.1 million, which bears interest at 5.6% per annum and matures in February 2021.</font></p>

<p style="text-align: left;">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<font style="font-family: TimesNewRomanPSMT,Times New Roman,Times,serif;" class="_mt" size="3">At December 31, 2011, substantially all of the Company's real estate was pledged as collateral for mortgage loans payable and the secured revolving credit facilities.</font></p> </div><span></span></td>
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            <div class="body" style="padding: 2px;"><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div>
                <p>The entire disclosure for certain real estate investment financial statements, real estate investment trust operating support agreements, real estate owned, retail land sales, time share transactions, as well as other real estate related disclosures.</p>
              </div><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;">
                <p>Reference 1: http://www.xbrl.org/2003/role/presentationRef<br><br> -Publisher SEC<br><br> -Name Regulation S-X (SX)<br><br> -Number 210<br><br> -Section 04<br><br> -Paragraph c<br><br> -Subparagraph Schedule III<br><br> -Article 5<br><br><br><br>Reference 2: http://www.xbrl.org/2003/role/presentationRef<br><br> -Publisher FASB<br><br> -Name Statement of Financial Accounting Standard (FAS)<br><br> -Number 67<br><br> -Paragraph 4, 5, 6, 7<br><br> -LegacyDoc This reference is SUPERSEDED by the Accounting Standards Codification effective for interim and annual periods ending after September 15, 2009.  This reference is included to help users transition from the previous accounting hierarchy and will be removed from future versions of this taxonomy.<br><br><br><br>Reference 3: http://www.xbrl.org/2003/role/presentationRef<br><br> -Publisher SEC<br><br> -Name Regulation S-X (SX)<br><br> -Number 210<br><br> -Section 03<br><br> -Paragraph 11<br><br> -Article 9<br><br><br><br>Reference 4: http://www.xbrl.org/2003/role/presentationRef<br><br> -Publisher AICPA<br><br> -Name Statement of Position (SOP)<br><br> -Number 04-2<br><br> -Paragraph 41, 63, 64<br><br> -LegacyDoc This reference is SUPERSEDED by the Accounting Standards Codification effective for interim and annual periods ending after September 15, 2009.  This reference is included to help users transition from the previous accounting hierarchy and will be removed from future versions of this taxonomy.<br><br><br><br>Reference 5: http://www.xbrl.org/2003/role/presentationRef<br><br> -Publisher OTS<br><br> -Name Federal Regulation (FR)<br><br> -Number Title 12<br><br> -Chapter V<br><br> -Section 563c.102<br><br> -Paragraph 11<br><br> -Subsection I<br><br> -LegacyDoc This is a non-GAAP reference that was included in the 2009 taxonomy.  It will be removed from future versions of this taxonomy.<br><br><br><br>Reference 6: http://www.xbrl.org/2003/role/presentationRef<br><br> -Publisher FASB<br><br> -Name Accounting Standards Codification<br><br> -Topic 970<br><br> -SubTopic 360<br><br> -Section S99<br><br> -Paragraph 1<br><br> -Subparagraph (SX 210.12-28)<br><br> -URI http://asc.fasb.org/extlink&amp;oid=6590653&amp;loc=d3e638233-123024<br><br><br><br>Reference 7: http://www.xbrl.org/2003/role/presentationRef<br><br> -Publisher FASB<br><br> -Name Statement of Financial Accounting Standard (FAS)<br><br> -Number 154<br><br> -Paragraph 22<br><br> -LegacyDoc This reference is SUPERSEDED by the Accounting Standards Codification effective for interim and annual periods ending after September 15, 2009.  This reference is included to help users transition from the previous accounting hierarchy and will be removed from future versions of this taxonomy.<br><br><br><br>Reference 8: http://www.xbrl.org/2003/role/presentationRef<br><br> -Publisher AICPA<br><br> -Name Accounting Research Bulletin (ARB)<br><br> -Number 43<br><br> -Chapter 3<br><br> -Section A<br><br> -Paragraph 9<br><br> -LegacyDoc This reference is SUPERSEDED by the Accounting Standards Codification effective for interim and annual periods ending after September 15, 2009.  This reference is included to help users transition from the previous accounting hierarchy and will be removed from future versions of this taxonomy.<br><br><br><br>Reference 9: http://www.xbrl.org/2003/role/presentationRef<br><br> -Publisher FASB<br><br> -Name Statement of Financial Accounting Standard (FAS)<br><br> -Number 15<br><br> -Paragraph 28<br><br> -LegacyDoc This reference is SUPERSEDED by the Accounting Standards Codification effective for interim and annual periods ending after September 15, 2009.  This reference is included to help users transition from the previous accounting hierarchy and will be removed from future versions of this taxonomy.<br><br><br><br>Reference 10: http://www.xbrl.org/2003/role/presentationRef<br><br> -Publisher AICPA<br><br> -Name Statement of Position (SOP)<br><br> -Number 01-6<br><br> -Paragraph 13<br><br> -Subparagraph f<br><br> -LegacyDoc This reference is SUPERSEDED by the Accounting Standards Codification effective for interim and annual periods ending after September 15, 2009.  This reference is included to help users transition from the previous accounting hierarchy and will be removed from future versions of this taxonomy.<br><br><br><br>Reference 11: http://www.xbrl.org/2003/role/presentationRef<br><br> -Publisher FASB<br><br> -Name Statement of Financial Accounting Standard (FAS)<br><br> -Number 34<br><br> -Paragraph 9, 11, 12, 13, 14, 15, 21<br><br> -LegacyDoc This reference is SUPERSEDED by the Accounting Standards Codification effective for interim and annual periods ending after September 15, 2009.  This reference is included to help users transition from the previous accounting hierarchy and will be removed from future versions of this taxonomy.<br><br><br><br>Reference 12: http://www.xbrl.org/2003/role/presentationRef<br><br> -Publisher SEC<br><br> -Name Regulation S-X (SX)<br><br> -Number 210<br><br> -Section 28<br><br> -Article 12<br><br><br><br>Reference 13: http://www.xbrl.org/2003/role/presentationRef<br><br> -Publisher FASB<br><br> -Name FASB Interpretation (FIN)<br><br> -Number 46R<br><br> -Paragraph 23, 24<br><br> -LegacyDoc This reference is SUPERSEDED by the Accounting Standards Codification effective for interim and annual periods ending after September 15, 2009.  This reference is included to help users transition from the previous accounting hierarchy and will be removed from future versions of this taxonomy.<br><br><br><br>Reference 14: http://www.xbrl.org/2003/role/presentationRef<br><br> -Publisher SEC<br><br> -Name Regulation S-X (SX)<br><br> -Number 210<br><br> -Section 03<br><br> -Paragraph 10<br><br> -Subparagraph 4<br><br> -Article 9<br><br><br><br>Reference 15: http://www.xbrl.org/2003/role/presentationRef<br><br> -Publisher AICPA<br><br> -Name Audit and Accounting Guide (AAG)<br><br> -Number AAG-DEP<br><br> -Chapter 11<br><br> -Paragraph 2, 6, 9-11, 18, 20<br><br> -IssueDate 2006-05-01<br><br> -LegacyDoc This reference is SUPERSEDED by the Accounting Standards Codification effective for interim and annual periods ending after September 15, 2009.  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This reference is included to help users transition from the previous accounting hierarchy and will be removed from future versions of this taxonomy.<br><br><br><br>Reference 17: http://www.xbrl.org/2003/role/presentationRef<br><br> -Publisher SEC<br><br> -Name Regulation S-X (SX)<br><br> -Number 210<br><br> -Section 02<br><br> -Paragraph 6<br><br> -Subparagraph a<br><br> -Article 5<br><br><br><br>Reference 18: http://www.xbrl.org/2003/role/presentationRef<br><br> -Publisher AICPA<br><br> -Name Statement of Position (SOP)<br><br> -Number 75-2<br><br> -Paragraph 47, 51, 52<br><br> -LegacyDoc This reference is SUPERSEDED by the Accounting Standards Codification effective for interim and annual periods ending after September 15, 2009.  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This reference is included to help users transition from the previous accounting hierarchy and will be removed from future versions of this taxonomy.<br><br><br><br>Reference 20: http://www.xbrl.org/2003/role/presentationRef<br><br> -Publisher OTS<br><br> -Name Federal Regulation (FR)<br><br> -Number Title 12<br><br> -Chapter V<br><br> -Section 563c.102<br><br> -Paragraph 10<br><br> -Subparagraph a, b<br><br> -Subsection I<br><br> -LegacyDoc This is a non-GAAP reference that was included in the 2009 taxonomy.  It will be removed from future versions of this taxonomy.<br><br><br><br>Reference 21: http://www.xbrl.org/2003/role/presentationRef<br><br> -Publisher FASB<br><br> -Name Statement of Financial Accounting Standard (FAS)<br><br> -Number 144<br><br> -Paragraph 7, 34<br><br> -LegacyDoc This reference is SUPERSEDED by the Accounting Standards Codification effective for interim and annual periods ending after September 15, 2009.  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end

</TEXT>
</DOCUMENT>
<DOCUMENT>
<TYPE>ZIP
<SEQUENCE>25
<FILENAME>0001193125-12-099124-xbrl.zip
<DESCRIPTION>IDEA: XBRL DOCUMENT
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<FILENAME>R29.htm
<DESCRIPTION>IDEA: XBRL DOCUMENT
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  <body><span style="display: none;">v2.4.0.6</span><table class="report" border="0" cellspacing="2" id="ID0EME">
      <tr>
        <th class="tl" colspan="1" rowspan="2">
          <div style="width: 200px;"><strong>Schedule III - Real Estate And Accumulated Depreciation<br></strong></div>
        </th>
        <th class="th" colspan="1">12 Months Ended</th>
      </tr>
      <tr>
        <th class="th">
          <div>Dec. 31, 2011</div>
        </th>
      </tr>
      <tr class="re">
        <td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_RealEstateAndAccumulatedDepreciationDisclosureAbstract', window );"><strong>Schedule III - Real Estate And Accumulated Depreciation [Abstract]</strong></a></td>
        <td class="text">&#xA0;<span></span></td>
      </tr>
      <tr class="ro">
        <td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_RealEstateAndAccumulatedDepreciationDisclosureTextBlock', window );">Schedule III - Real Estate And Accumulated Depreciation</a></td>
        <td class="text"><div> <p style="text-align: left;"><b><font style="font-family: TimesNewRomanPS-BoldMT,Times New Roman,Times,serif;" class="_mt" size="2">Cedar Realty Trust, Inc. Schedule III</font></b></p>

<p style="text-align: left;"><b><font style="font-family: TimesNewRomanPS-BoldMT,Times New Roman,Times,serif;" class="_mt" size="2">Real Estate andAccumulated Depreciation Year ended December 31, 2011</font></b></p>

<div>

<table border="0" cellspacing="0">
<tr><td width="25%"> </td>
<td width="8%"> </td>
<td width="8%"> </td>
<td width="8%"> </td>
<td width="2%"> </td>
<td width="8%"> </td>
<td width="2%"> </td>
<td width="8%"> </td>
<td width="2%"> </td>
<td width="8%"> </td>
<td width="2%"> </td>
<td width="8%"> </td></tr>
<tr valign="bottom"><td style="border-bottom: #000000 1px solid;" rowspan="3" width="25%" align="center"><b><font style="font-family: TimesNewRomanPS-BoldMT,Times New Roman,Times,serif;" class="_mt" size="2">Property</font></b></td>
<td style="border-bottom: #000000 1px solid;" rowspan="3" width="8%" align="center"><b><font style="font-family: TimesNewRomanPS-BoldMT,Times New Roman,Times,serif;" class="_mt" size="2">State</font></b></td>
<td style="border-bottom: #000000 1px solid;" rowspan="3" width="8%" align="center"><b><font style="font-family: TimesNewRomanPS-BoldMT,Times New Roman,Times,serif;" class="_mt" size="2">Year</font></b><br /><b><font style="font-family: TimesNewRomanPS-BoldMT,Times New Roman,Times,serif;" class="_mt" size="2">acquired</font></b></td>
<td style="border-bottom: #000000 1px solid;" rowspan="3" width="10%" colspan="2" align="center"><b><font style="font-family: TimesNewRomanPS-BoldMT,Times New Roman,Times,serif;" class="_mt" size="2">Percent</font></b><br /><b><font style="font-family: TimesNewRomanPS-BoldMT,Times New Roman,Times,serif;" class="_mt" size="2">owned</font></b></td>
<td style="border-bottom: #000000 1px solid;" rowspan="3" width="10%" colspan="2" align="center"><b><font style="font-family: TimesNewRomanPS-BoldMT,Times New Roman,Times,serif;" class="_mt" size="2">Year built/</font></b><br /><b><font style="font-family: TimesNewRomanPS-BoldMT,Times New Roman,Times,serif;" class="_mt" size="2">Year last</font></b><br /><b><font style="font-family: TimesNewRomanPS-BoldMT,Times New Roman,Times,serif;" class="_mt" size="2">renovated</font></b></td>
<td style="border-bottom: #000000 1px solid;" rowspan="3" width="8%" align="center"><b><font style="font-family: TimesNewRomanPS-BoldMT,Times New Roman,Times,serif;" class="_mt" size="2">Gross</font></b><br /><b><font style="font-family: TimesNewRomanPS-BoldMT,Times New Roman,Times,serif;" class="_mt" size="2">leasable</font></b><br /><b><font style="font-family: TimesNewRomanPS-BoldMT,Times New Roman,Times,serif;" class="_mt" size="2">area</font></b></td>
<td style="border-bottom: #000000 1px solid;" width="20%" colspan="4" align="center"><b><font style="font-family: TimesNewRomanPS-BoldMT,Times New Roman,Times,serif;" class="_mt" size="2">Initial cost to the Company</font></b></td></tr>
<tr valign="bottom"><td style="border-bottom: #000000 1px solid;" rowspan="2" width="10%" colspan="2" align="center"><b><font style="font-family: TimesNewRomanPS-BoldMT,Times New Roman,Times,serif;" class="_mt" size="2">Land</font></b></td>
<td style="border-bottom: #000000 1px solid;" rowspan="2" width="10%" colspan="2" align="center"><b><font style="font-family: TimesNewRomanPS-BoldMT,Times New Roman,Times,serif;" class="_mt" size="2">Building and</font></b><br /><b><font style="font-family: TimesNewRomanPS-BoldMT,Times New Roman,Times,serif;" class="_mt" size="2">Improvements</font></b></td></tr>
<tr><td width="89%" colspan="12">&nbsp;</td></tr>
<tr valign="bottom"><td width="25%" align="left"><font style="font-family: TimesNewRomanPSMT,Times New Roman,Times,serif;" class="_mt" size="2">Academy Plaza</font></td>
<td width="8%" align="left"><font style="font-family: TimesNewRomanPSMT,Times New Roman,Times,serif;" class="_mt" size="2">PA</font></td>
<td width="8%" align="center"><font style="font-family: TimesNewRomanPSMT,Times New Roman,Times,serif;" class="_mt" size="2">2001</font></td>
<td width="8%" align="right"><font style="font-family: TimesNewRomanPSMT,Times New Roman,Times,serif;" class="_mt" size="2">100</font></td>
<td width="2%" align="left"><font style="font-family: TimesNewRomanPSMT,Times New Roman,Times,serif;" class="_mt" size="2">%</font></td>
<td width="8%" align="right"><font style="font-family: TimesNewRomanPSMT,Times New Roman,Times,serif;" class="_mt" size="2">1965/1998</font></td>
<td width="2%" align="left">&nbsp;</td>
<td width="8%" align="right"><font style="font-family: TimesNewRomanPSMT,Times New Roman,Times,serif;" class="_mt" size="2">151,977</font></td>
<td width="2%" align="left"><font style="font-family: TimesNewRomanPSMT,Times New Roman,Times,serif;" class="_mt" size="2">$</font></td>
<td width="8%" align="right"><font style="font-family: TimesNewRomanPSMT,Times New Roman,Times,serif;" class="_mt" size="2">2,406,000</font></td>
<td width="2%" align="left"><font style="font-family: TimesNewRomanPSMT,Times New Roman,Times,serif;" class="_mt" size="2">$</font></td>
<td width="8%" align="right"><font style="font-family: TimesNewRomanPSMT,Times New Roman,Times,serif;" class="_mt" size="2">9,623,000</font></td></tr>
<tr valign="bottom"><td width="25%" align="left"><font style="font-family: TimesNewRomanPSMT,Times New Roman,Times,serif;" class="_mt" size="2">Annie Land Plaza</font></td>
<td width="8%" align="left"><font style="font-family: TimesNewRomanPSMT,Times New Roman,Times,serif;" class="_mt" size="2">VA</font></td>
<td width="8%" align="center"><font style="font-family: TimesNewRomanPSMT,Times New Roman,Times,serif;" class="_mt" size="2">2006</font></td>
<td width="8%" align="right"><font style="font-family: TimesNewRomanPSMT,Times New Roman,Times,serif;" class="_mt" size="2">100</font></td>
<td width="2%" align="left"><font style="font-family: TimesNewRomanPSMT,Times New Roman,Times,serif;" class="_mt" size="2">%</font></td>
<td width="8%" align="right"><font style="font-family: TimesNewRomanPSMT,Times New Roman,Times,serif;" class="_mt" size="2">1999</font></td>
<td width="2%" align="left">&nbsp;</td>
<td width="8%" align="right"><font style="font-family: TimesNewRomanPSMT,Times New Roman,Times,serif;" class="_mt" size="2">42,500</font></td>
<td width="2%" align="left">&nbsp;</td>
<td width="8%" align="right"><font style="font-family: TimesNewRomanPSMT,Times New Roman,Times,serif;" class="_mt" size="2">809,000</font></td>
<td width="2%" align="left">&nbsp;</td>
<td width="8%" align="right"><font style="font-family: TimesNewRomanPSMT,Times New Roman,Times,serif;" class="_mt" size="2">4,015,000</font></td></tr>
<tr valign="bottom"><td width="25%" align="left"><font style="font-family: TimesNewRomanPSMT,Times New Roman,Times,serif;" class="_mt" size="2">Camp Hill</font></td>
<td width="8%" align="left"><font style="font-family: TimesNewRomanPSMT,Times New Roman,Times,serif;" class="_mt" size="2">PA</font></td>
<td width="8%" align="center"><font style="font-family: TimesNewRomanPSMT,Times New Roman,Times,serif;" class="_mt" size="2">2002</font></td>
<td width="8%" align="right"><font style="font-family: TimesNewRomanPSMT,Times New Roman,Times,serif;" class="_mt" size="2">100</font></td>
<td width="2%" align="left"><font style="font-family: TimesNewRomanPSMT,Times New Roman,Times,serif;" class="_mt" size="2">%</font></td>
<td width="8%" align="right"><font style="font-family: TimesNewRomanPSMT,Times New Roman,Times,serif;" class="_mt" size="2">1958/2005</font></td>
<td width="2%" align="left">&nbsp;</td>
<td width="8%" align="right"><font style="font-family: TimesNewRomanPSMT,Times New Roman,Times,serif;" class="_mt" size="2">472,717</font></td>
<td width="2%" align="left">&nbsp;</td>
<td width="8%" align="right"><font style="font-family: TimesNewRomanPSMT,Times New Roman,Times,serif;" class="_mt" size="2">4,460,000</font></td>
<td width="2%" align="left">&nbsp;</td>
<td width="8%" align="right"><font style="font-family: TimesNewRomanPSMT,Times New Roman,Times,serif;" class="_mt" size="2">17,857,000</font></td></tr>
<tr valign="bottom"><td width="25%" align="left"><font style="font-family: TimesNewRomanPSMT,Times New Roman,Times,serif;" class="_mt" size="2">Carbondale Plaza</font></td>
<td width="8%" align="left"><font style="font-family: TimesNewRomanPSMT,Times New Roman,Times,serif;" class="_mt" size="2">PA</font></td>
<td width="8%" align="center"><font style="font-family: TimesNewRomanPSMT,Times New Roman,Times,serif;" class="_mt" size="2">2004</font></td>
<td width="8%" align="right"><font style="font-family: TimesNewRomanPSMT,Times New Roman,Times,serif;" class="_mt" size="2">100</font></td>
<td width="2%" align="left"><font style="font-family: TimesNewRomanPSMT,Times New Roman,Times,serif;" class="_mt" size="2">%</font></td>
<td width="8%" align="right"><font style="font-family: TimesNewRomanPSMT,Times New Roman,Times,serif;" class="_mt" size="2">1972/2005</font></td>
<td width="2%" align="left">&nbsp;</td>
<td width="8%" align="right"><font style="font-family: TimesNewRomanPSMT,Times New Roman,Times,serif;" class="_mt" size="2">121,135</font></td>
<td width="2%" align="left">&nbsp;</td>
<td width="8%" align="right"><font style="font-family: TimesNewRomanPSMT,Times New Roman,Times,serif;" class="_mt" size="2">1,586,000</font></td>
<td width="2%" align="left">&nbsp;</td>
<td width="8%" align="right"><font style="font-family: TimesNewRomanPSMT,Times New Roman,Times,serif;" class="_mt" size="2">7,289,000</font></td></tr>
<tr valign="bottom"><td width="25%" align="left"><font style="font-family: TimesNewRomanPSMT,Times New Roman,Times,serif;" class="_mt" size="2">Carll's Corner</font></td>
<td width="8%" align="left"><font style="font-family: TimesNewRomanPSMT,Times New Roman,Times,serif;" class="_mt" size="2">NJ</font></td>
<td width="8%" align="center"><font style="font-family: TimesNewRomanPSMT,Times New Roman,Times,serif;" class="_mt" size="2">2007</font></td>
<td width="8%" align="right"><font style="font-family: TimesNewRomanPSMT,Times New Roman,Times,serif;" class="_mt" size="2">100</font></td>
<td width="2%" align="left"><font style="font-family: TimesNewRomanPSMT,Times New Roman,Times,serif;" class="_mt" size="2">%</font></td>
<td width="8%" align="right"><font style="font-family: TimesNewRomanPSMT,Times New Roman,Times,serif;" class="_mt" size="2">1960's-1999</font></td>
<td width="2%" align="left"><font style="font-family: TimesNewRomanPSMT,Times New Roman,Times,serif;" class="_mt" size="2">/</font></td>
<td width="8%" align="right"><font style="font-family: TimesNewRomanPSMT,Times New Roman,Times,serif;" class="_mt" size="2">129,582</font></td>
<td width="2%" align="left">&nbsp;</td>
<td width="8%" align="right"><font style="font-family: TimesNewRomanPSMT,Times New Roman,Times,serif;" class="_mt" size="2">3,034,000</font></td>
<td width="2%" align="left">&nbsp;</td>
<td width="8%" align="right"><font style="font-family: TimesNewRomanPSMT,Times New Roman,Times,serif;" class="_mt" size="2">15,293,000</font></td></tr>
<tr valign="bottom"><td width="25%" align="left"><font style="font-family: TimesNewRomanPSMT,Times New Roman,Times,serif;" class="_mt" size="2">Carmans Plaza</font></td>
<td width="8%" align="left"><font style="font-family: TimesNewRomanPSMT,Times New Roman,Times,serif;" class="_mt" size="2">NY</font></td>
<td width="8%" align="center"><font style="font-family: TimesNewRomanPSMT,Times New Roman,Times,serif;" class="_mt" size="2">2007</font></td>
<td width="8%" align="right"><font style="font-family: TimesNewRomanPSMT,Times New Roman,Times,serif;" class="_mt" size="2">100</font></td>
<td width="2%" align="left"><font style="font-family: TimesNewRomanPSMT,Times New Roman,Times,serif;" class="_mt" size="2">%</font></td>
<td width="8%" align="right"><font style="font-family: TimesNewRomanPSMT,Times New Roman,Times,serif;" class="_mt" size="2">1954/2007</font></td>
<td width="2%" align="left">&nbsp;</td>
<td width="8%" align="right"><font style="font-family: TimesNewRomanPSMT,Times New Roman,Times,serif;" class="_mt" size="2">194,806</font></td>
<td width="2%" align="left">&nbsp;</td>
<td width="8%" align="right"><font style="font-family: TimesNewRomanPSMT,Times New Roman,Times,serif;" class="_mt" size="2">8,539,000</font></td>
<td width="2%" align="left">&nbsp;</td>
<td width="8%" align="right"><font style="font-family: TimesNewRomanPSMT,Times New Roman,Times,serif;" class="_mt" size="2">35,804,000</font></td></tr>
<tr valign="bottom"><td width="25%" align="left"><font style="font-family: TimesNewRomanPSMT,Times New Roman,Times,serif;" class="_mt" size="2">Circle Plaza</font></td>
<td width="8%" align="left"><font style="font-family: TimesNewRomanPSMT,Times New Roman,Times,serif;" class="_mt" size="2">PA</font></td>
<td width="8%" align="center"><font style="font-family: TimesNewRomanPSMT,Times New Roman,Times,serif;" class="_mt" size="2">2007</font></td>
<td width="8%" align="right"><font style="font-family: TimesNewRomanPSMT,Times New Roman,Times,serif;" class="_mt" size="2">100</font></td>
<td width="2%" align="left"><font style="font-family: TimesNewRomanPSMT,Times New Roman,Times,serif;" class="_mt" size="2">%</font></td>
<td width="8%" align="right"><font style="font-family: TimesNewRomanPSMT,Times New Roman,Times,serif;" class="_mt" size="2">1979/1991</font></td>
<td width="2%" align="left">&nbsp;</td>
<td width="8%" align="right"><font style="font-family: TimesNewRomanPSMT,Times New Roman,Times,serif;" class="_mt" size="2">92,171</font></td>
<td width="2%" align="left">&nbsp;</td>
<td width="8%" align="right"><font style="font-family: TimesNewRomanPSMT,Times New Roman,Times,serif;" class="_mt" size="2">561,000</font></td>
<td width="2%" align="left">&nbsp;</td>
<td width="8%" align="right"><font style="font-family: TimesNewRomanPSMT,Times New Roman,Times,serif;" class="_mt" size="2">2,884,000</font></td></tr>
<tr valign="bottom"><td width="25%" align="left"><font style="font-family: TimesNewRomanPSMT,Times New Roman,Times,serif;" class="_mt" size="2">Coliseum Marketplace</font></td>
<td width="8%" align="left"><font style="font-family: TimesNewRomanPSMT,Times New Roman,Times,serif;" class="_mt" size="2">VA</font></td>
<td width="8%" align="center"><font style="font-family: TimesNewRomanPSMT,Times New Roman,Times,serif;" class="_mt" size="2">2005</font></td>
<td width="8%" align="right"><font style="font-family: TimesNewRomanPSMT,Times New Roman,Times,serif;" class="_mt" size="2">100</font></td>
<td width="2%" align="left"><font style="font-family: TimesNewRomanPSMT,Times New Roman,Times,serif;" class="_mt" size="2">%</font></td>
<td width="8%" align="right"><font style="font-family: TimesNewRomanPSMT,Times New Roman,Times,serif;" class="_mt" size="2">1987/2005</font></td>
<td width="2%" align="left">&nbsp;</td>
<td width="8%" align="right"><font style="font-family: TimesNewRomanPSMT,Times New Roman,Times,serif;" class="_mt" size="2">103,069</font></td>
<td width="2%" align="left">&nbsp;</td>
<td width="8%" align="right"><font style="font-family: TimesNewRomanPSMT,Times New Roman,Times,serif;" class="_mt" size="2">2,924,000</font></td>
<td width="2%" align="left">&nbsp;</td>
<td width="8%" align="right"><font style="font-family: TimesNewRomanPSMT,Times New Roman,Times,serif;" class="_mt" size="2">14,416,000</font></td></tr>
<tr valign="bottom"><td width="25%" align="left"><font style="font-family: TimesNewRomanPSMT,Times New Roman,Times,serif;" class="_mt" size="2">Colonial Commons</font></td>
<td width="8%" align="left"><font style="font-family: TimesNewRomanPSMT,Times New Roman,Times,serif;" class="_mt" size="2">PA</font></td>
<td width="8%" align="center"><font style="font-family: TimesNewRomanPSMT,Times New Roman,Times,serif;" class="_mt" size="2">2011</font></td>
<td width="8%" align="right"><font style="font-family: TimesNewRomanPSMT,Times New Roman,Times,serif;" class="_mt" size="2">100</font></td>
<td width="2%" align="left"><font style="font-family: TimesNewRomanPSMT,Times New Roman,Times,serif;" class="_mt" size="2">%</font></td>
<td width="8%" align="right"><font style="font-family: TimesNewRomanPSMT,Times New Roman,Times,serif;" class="_mt" size="2">2011</font></td>
<td width="2%" align="left">&nbsp;</td>
<td width="8%" align="right"><font style="font-family: TimesNewRomanPSMT,Times New Roman,Times,serif;" class="_mt" size="2">474,765</font></td>
<td width="2%" align="left">&nbsp;</td>
<td width="8%" align="right"><font style="font-family: TimesNewRomanPSMT,Times New Roman,Times,serif;" class="_mt" size="2">9,367,000</font></td>
<td width="2%" align="left">&nbsp;</td>
<td width="8%" align="right"><font style="font-family: TimesNewRomanPSMT,Times New Roman,Times,serif;" class="_mt" size="2">37,496,000</font></td></tr>
<tr valign="bottom"><td width="25%" align="left"><font style="font-family: TimesNewRomanPSMT,Times New Roman,Times,serif;" class="_mt" size="2">Crossroads II</font></td>
<td width="8%" align="left"><font style="font-family: TimesNewRomanPSMT,Times New Roman,Times,serif;" class="_mt" size="2">PA</font></td>
<td width="8%" align="center"><font style="font-family: TimesNewRomanPSMT,Times New Roman,Times,serif;" class="_mt" size="2">2008</font></td>
<td width="8%" align="right"><font style="font-family: TimesNewRomanPSMT,Times New Roman,Times,serif;" class="_mt" size="2">60</font></td>
<td width="2%" align="left"><font style="font-family: TimesNewRomanPSMT,Times New Roman,Times,serif;" class="_mt" size="2">%</font></td>
<td width="8%" align="right"><font style="font-family: TimesNewRomanPSMT,Times New Roman,Times,serif;" class="_mt" size="2">2009</font></td>
<td width="2%" align="left">&nbsp;</td>
<td width="8%" align="right"><font style="font-family: TimesNewRomanPSMT,Times New Roman,Times,serif;" class="_mt" size="2">133,188</font></td>
<td width="2%" align="left">&nbsp;</td>
<td width="8%" align="right"><font style="font-family: TimesNewRomanPSMT,Times New Roman,Times,serif;" class="_mt" size="2">15,383,000</font></td>
<td width="2%" align="left">&nbsp;</td>
<td width="8%" align="right"><font style="font-family: TimesNewRomanPSMT,Times New Roman,Times,serif;" class="_mt" size="2">-</font></td></tr>
<tr valign="bottom"><td width="25%" align="left"><font style="font-family: TimesNewRomanPSMT,Times New Roman,Times,serif;" class="_mt" size="2">East Chestnut</font></td>
<td width="8%" align="left"><font style="font-family: TimesNewRomanPSMT,Times New Roman,Times,serif;" class="_mt" size="2">PA</font></td>
<td width="8%" align="center"><font style="font-family: TimesNewRomanPSMT,Times New Roman,Times,serif;" class="_mt" size="2">2005</font></td>
<td width="8%" align="right"><font style="font-family: TimesNewRomanPSMT,Times New Roman,Times,serif;" class="_mt" size="2">100</font></td>
<td width="2%" align="left"><font style="font-family: TimesNewRomanPSMT,Times New Roman,Times,serif;" class="_mt" size="2">%</font></td>
<td width="8%" align="right"><font style="font-family: TimesNewRomanPSMT,Times New Roman,Times,serif;" class="_mt" size="2">1996</font></td>
<td width="2%" align="left">&nbsp;</td>
<td width="8%" align="right"><font style="font-family: TimesNewRomanPSMT,Times New Roman,Times,serif;" class="_mt" size="2">21,180</font></td>
<td width="2%" align="left">&nbsp;</td>
<td width="8%" align="right"><font style="font-family: TimesNewRomanPSMT,Times New Roman,Times,serif;" class="_mt" size="2">800,000</font></td>
<td width="2%" align="left">&nbsp;</td>
<td width="8%" align="right"><font style="font-family: TimesNewRomanPSMT,Times New Roman,Times,serif;" class="_mt" size="2">3,699,000</font></td></tr>
<tr valign="bottom"><td width="25%" align="left"><font style="font-family: TimesNewRomanPSMT,Times New Roman,Times,serif;" class="_mt" size="2">Elmhurst Square</font></td>
<td width="8%" align="left"><font style="font-family: TimesNewRomanPSMT,Times New Roman,Times,serif;" class="_mt" size="2">VA</font></td>
<td width="8%" align="center"><font style="font-family: TimesNewRomanPSMT,Times New Roman,Times,serif;" class="_mt" size="2">2006</font></td>
<td width="8%" align="right"><font style="font-family: TimesNewRomanPSMT,Times New Roman,Times,serif;" class="_mt" size="2">100</font></td>
<td width="2%" align="left"><font style="font-family: TimesNewRomanPSMT,Times New Roman,Times,serif;" class="_mt" size="2">%</font></td>
<td width="8%" align="right"><font style="font-family: TimesNewRomanPSMT,Times New Roman,Times,serif;" class="_mt" size="2">1961-1983</font></td>
<td width="2%" align="left">&nbsp;</td>
<td width="8%" align="right"><font style="font-family: TimesNewRomanPSMT,Times New Roman,Times,serif;" class="_mt" size="2">66,250</font></td>
<td width="2%" align="left">&nbsp;</td>
<td width="8%" align="right"><font style="font-family: TimesNewRomanPSMT,Times New Roman,Times,serif;" class="_mt" size="2">1,371,000</font></td>
<td width="2%" align="left">&nbsp;</td>
<td width="8%" align="right"><font style="font-family: TimesNewRomanPSMT,Times New Roman,Times,serif;" class="_mt" size="2">5,994,000</font></td></tr>
<tr valign="bottom"><td width="25%" align="left"><font style="font-family: TimesNewRomanPSMT,Times New Roman,Times,serif;" class="_mt" size="2">Fairview Plaza</font></td>
<td width="8%" align="left"><font style="font-family: TimesNewRomanPSMT,Times New Roman,Times,serif;" class="_mt" size="2">PA</font></td>
<td width="8%" align="center"><font style="font-family: TimesNewRomanPSMT,Times New Roman,Times,serif;" class="_mt" size="2">2003</font></td>
<td width="8%" align="right"><font style="font-family: TimesNewRomanPSMT,Times New Roman,Times,serif;" class="_mt" size="2">100</font></td>
<td width="2%" align="left"><font style="font-family: TimesNewRomanPSMT,Times New Roman,Times,serif;" class="_mt" size="2">%</font></td>
<td width="8%" align="right"><font style="font-family: TimesNewRomanPSMT,Times New Roman,Times,serif;" class="_mt" size="2">1992</font></td>
<td width="2%" align="left">&nbsp;</td>
<td width="8%" align="right"><font style="font-family: TimesNewRomanPSMT,Times New Roman,Times,serif;" class="_mt" size="2">69,579</font></td>
<td width="2%" align="left">&nbsp;</td>
<td width="8%" align="right"><font style="font-family: TimesNewRomanPSMT,Times New Roman,Times,serif;" class="_mt" size="2">2,128,000</font></td>
<td width="2%" align="left">&nbsp;</td>
<td width="8%" align="right"><font style="font-family: TimesNewRomanPSMT,Times New Roman,Times,serif;" class="_mt" size="2">8,483,000</font></td></tr>
<tr valign="bottom"><td width="25%" align="left"><font style="font-family: TimesNewRomanPSMT,Times New Roman,Times,serif;" class="_mt" size="2">Fairview Commons</font></td>
<td width="8%" align="left"><font style="font-family: TimesNewRomanPSMT,Times New Roman,Times,serif;" class="_mt" size="2">PA</font></td>
<td width="8%" align="center"><font style="font-family: TimesNewRomanPSMT,Times New Roman,Times,serif;" class="_mt" size="2">2007</font></td>
<td width="8%" align="right"><font style="font-family: TimesNewRomanPSMT,Times New Roman,Times,serif;" class="_mt" size="2">100</font></td>
<td width="2%" align="left"><font style="font-family: TimesNewRomanPSMT,Times New Roman,Times,serif;" class="_mt" size="2">%</font></td>
<td width="8%" align="right"><font style="font-family: TimesNewRomanPSMT,Times New Roman,Times,serif;" class="_mt" size="2">1976/2003</font></td>
<td width="2%" align="left">&nbsp;</td>
<td width="8%" align="right"><font style="font-family: TimesNewRomanPSMT,Times New Roman,Times,serif;" class="_mt" size="2">59,578</font></td>
<td width="2%" align="left">&nbsp;</td>
<td width="8%" align="right"><font style="font-family: TimesNewRomanPSMT,Times New Roman,Times,serif;" class="_mt" size="2">858,000</font></td>
<td width="2%" align="left">&nbsp;</td>
<td width="8%" align="right"><font style="font-family: TimesNewRomanPSMT,Times New Roman,Times,serif;" class="_mt" size="2">3,568,000</font></td></tr>
<tr valign="bottom"><td width="25%" align="left"><font style="font-family: TimesNewRomanPSMT,Times New Roman,Times,serif;" class="_mt" size="2">Fieldstone Marketplace</font></td>
<td width="8%" align="left"><font style="font-family: TimesNewRomanPSMT,Times New Roman,Times,serif;" class="_mt" size="2">MA</font></td>
<td width="8%" align="center"><font style="font-family: TimesNewRomanPSMT,Times New Roman,Times,serif;" class="_mt" size="2">2005</font></td>
<td width="8%" align="right"><font style="font-family: TimesNewRomanPSMT,Times New Roman,Times,serif;" class="_mt" size="2">20</font></td>
<td width="2%" align="left"><font style="font-family: TimesNewRomanPSMT,Times New Roman,Times,serif;" class="_mt" size="2">%</font></td>
<td width="8%" align="right"><font style="font-family: TimesNewRomanPSMT,Times New Roman,Times,serif;" class="_mt" size="2">1988/2003</font></td>
<td width="2%" align="left">&nbsp;</td>
<td width="8%" align="right"><font style="font-family: TimesNewRomanPSMT,Times New Roman,Times,serif;" class="_mt" size="2">193,970</font></td>
<td width="2%" align="left">&nbsp;</td>
<td width="8%" align="right"><font style="font-family: TimesNewRomanPSMT,Times New Roman,Times,serif;" class="_mt" size="2">5,229,000</font></td>
<td width="2%" align="left">&nbsp;</td>
<td width="8%" align="right"><font style="font-family: TimesNewRomanPSMT,Times New Roman,Times,serif;" class="_mt" size="2">21,440,000</font></td></tr>
<tr valign="bottom"><td width="25%" align="left"><font style="font-family: TimesNewRomanPSMT,Times New Roman,Times,serif;" class="_mt" size="2">Fort Washington</font></td>
<td width="8%" align="left"><font style="font-family: TimesNewRomanPSMT,Times New Roman,Times,serif;" class="_mt" size="2">PA</font></td>
<td width="8%" align="center"><font style="font-family: TimesNewRomanPSMT,Times New Roman,Times,serif;" class="_mt" size="2">2002</font></td>
<td width="8%" align="right"><font style="font-family: TimesNewRomanPSMT,Times New Roman,Times,serif;" class="_mt" size="2">100</font></td>
<td width="2%" align="left"><font style="font-family: TimesNewRomanPSMT,Times New Roman,Times,serif;" class="_mt" size="2">%</font></td>
<td width="8%" align="right"><font style="font-family: TimesNewRomanPSMT,Times New Roman,Times,serif;" class="_mt" size="2">2003</font></td>
<td width="2%" align="left">&nbsp;</td>
<td width="8%" align="right"><font style="font-family: TimesNewRomanPSMT,Times New Roman,Times,serif;" class="_mt" size="2">41,000</font></td>
<td width="2%" align="left">&nbsp;</td>
<td width="8%" align="right"><font style="font-family: TimesNewRomanPSMT,Times New Roman,Times,serif;" class="_mt" size="2">2,462,000</font></td>
<td width="2%" align="left">&nbsp;</td>
<td width="8%" align="right"><font style="font-family: TimesNewRomanPSMT,Times New Roman,Times,serif;" class="_mt" size="2">-</font></td></tr>
<tr valign="bottom"><td width="25%" align="left"><font style="font-family: TimesNewRomanPSMT,Times New Roman,Times,serif;" class="_mt" size="2">General Booth Plaza</font></td>
<td width="8%" align="left"><font style="font-family: TimesNewRomanPSMT,Times New Roman,Times,serif;" class="_mt" size="2">VA</font></td>
<td width="8%" align="center"><font style="font-family: TimesNewRomanPSMT,Times New Roman,Times,serif;" class="_mt" size="2">2005</font></td>
<td width="8%" align="right"><font style="font-family: TimesNewRomanPSMT,Times New Roman,Times,serif;" class="_mt" size="2">100</font></td>
<td width="2%" align="left"><font style="font-family: TimesNewRomanPSMT,Times New Roman,Times,serif;" class="_mt" size="2">%</font></td>
<td width="8%" align="right"><font style="font-family: TimesNewRomanPSMT,Times New Roman,Times,serif;" class="_mt" size="2">1985</font></td>
<td width="2%" align="left">&nbsp;</td>
<td width="8%" align="right"><font style="font-family: TimesNewRomanPSMT,Times New Roman,Times,serif;" class="_mt" size="2">73,320</font></td>
<td width="2%" align="left">&nbsp;</td>
<td width="8%" align="right"><font style="font-family: TimesNewRomanPSMT,Times New Roman,Times,serif;" class="_mt" size="2">1,935,000</font></td>
<td width="2%" align="left">&nbsp;</td>
<td width="8%" align="right"><font style="font-family: TimesNewRomanPSMT,Times New Roman,Times,serif;" class="_mt" size="2">9,493,000</font></td></tr>
<tr valign="bottom"><td width="25%" align="left"><font style="font-family: TimesNewRomanPSMT,Times New Roman,Times,serif;" class="_mt" size="2">Gold Star Plaza</font></td>
<td width="8%" align="left"><font style="font-family: TimesNewRomanPSMT,Times New Roman,Times,serif;" class="_mt" size="2">PA</font></td>
<td width="8%" align="center"><font style="font-family: TimesNewRomanPSMT,Times New Roman,Times,serif;" class="_mt" size="2">2006</font></td>
<td width="8%" align="right"><font style="font-family: TimesNewRomanPSMT,Times New Roman,Times,serif;" class="_mt" size="2">100</font></td>
<td width="2%" align="left"><font style="font-family: TimesNewRomanPSMT,Times New Roman,Times,serif;" class="_mt" size="2">%</font></td>
<td width="8%" align="right"><font style="font-family: TimesNewRomanPSMT,Times New Roman,Times,serif;" class="_mt" size="2">1988</font></td>
<td width="2%" align="left">&nbsp;</td>
<td width="8%" align="right"><font style="font-family: TimesNewRomanPSMT,Times New Roman,Times,serif;" class="_mt" size="2">71,720</font></td>
<td width="2%" align="left">&nbsp;</td>
<td width="8%" align="right"><font style="font-family: TimesNewRomanPSMT,Times New Roman,Times,serif;" class="_mt" size="2">1,644,000</font></td>
<td width="2%" align="left">&nbsp;</td>
<td width="8%" align="right"><font style="font-family: TimesNewRomanPSMT,Times New Roman,Times,serif;" class="_mt" size="2">6,519,000</font></td></tr>
<tr valign="bottom"><td width="25%" align="left"><font style="font-family: TimesNewRomanPSMT,Times New Roman,Times,serif;" class="_mt" size="2">Golden Triangle</font></td>
<td width="8%" align="left"><font style="font-family: TimesNewRomanPSMT,Times New Roman,Times,serif;" class="_mt" size="2">PA</font></td>
<td width="8%" align="center"><font style="font-family: TimesNewRomanPSMT,Times New Roman,Times,serif;" class="_mt" size="2">2003</font></td>
<td width="8%" align="right"><font style="font-family: TimesNewRomanPSMT,Times New Roman,Times,serif;" class="_mt" size="2">100</font></td>
<td width="2%" align="left"><font style="font-family: TimesNewRomanPSMT,Times New Roman,Times,serif;" class="_mt" size="2">%</font></td>
<td width="8%" align="right"><font style="font-family: TimesNewRomanPSMT,Times New Roman,Times,serif;" class="_mt" size="2">1960/2005</font></td>
<td width="2%" align="left">&nbsp;</td>
<td width="8%" align="right"><font style="font-family: TimesNewRomanPSMT,Times New Roman,Times,serif;" class="_mt" size="2">202,943</font></td>
<td width="2%" align="left">&nbsp;</td>
<td width="8%" align="right"><font style="font-family: TimesNewRomanPSMT,Times New Roman,Times,serif;" class="_mt" size="2">2,320,000</font></td>
<td width="2%" align="left">&nbsp;</td>
<td width="8%" align="right"><font style="font-family: TimesNewRomanPSMT,Times New Roman,Times,serif;" class="_mt" size="2">9,713,000</font></td></tr>
<tr valign="bottom"><td width="25%" align="left"><font style="font-family: TimesNewRomanPSMT,Times New Roman,Times,serif;" class="_mt" size="2">Groton Shopping Center</font></td>
<td width="8%" align="left"><font style="font-family: TimesNewRomanPSMT,Times New Roman,Times,serif;" class="_mt" size="2">CT</font></td>
<td width="8%" align="center"><font style="font-family: TimesNewRomanPSMT,Times New Roman,Times,serif;" class="_mt" size="2">2007</font></td>
<td width="8%" align="right"><font style="font-family: TimesNewRomanPSMT,Times New Roman,Times,serif;" class="_mt" size="2">100</font></td>
<td width="2%" align="left"><font style="font-family: TimesNewRomanPSMT,Times New Roman,Times,serif;" class="_mt" size="2">%</font></td>
<td width="8%" align="right"><font style="font-family: TimesNewRomanPSMT,Times New Roman,Times,serif;" class="_mt" size="2">1969</font></td>
<td width="2%" align="left">&nbsp;</td>
<td width="8%" align="right"><font style="font-family: TimesNewRomanPSMT,Times New Roman,Times,serif;" class="_mt" size="2">117,986</font></td>
<td width="2%" align="left">&nbsp;</td>
<td width="8%" align="right"><font style="font-family: TimesNewRomanPSMT,Times New Roman,Times,serif;" class="_mt" size="2">3,070,000</font></td>
<td width="2%" align="left">&nbsp;</td>
<td width="8%" align="right"><font style="font-family: TimesNewRomanPSMT,Times New Roman,Times,serif;" class="_mt" size="2">12,320,000</font></td></tr>
<tr valign="bottom"><td width="25%" align="left"><font style="font-family: TimesNewRomanPSMT,Times New Roman,Times,serif;" class="_mt" size="2">Halifax Plaza</font></td>
<td width="8%" align="left"><font style="font-family: TimesNewRomanPSMT,Times New Roman,Times,serif;" class="_mt" size="2">PA</font></td>
<td width="8%" align="center"><font style="font-family: TimesNewRomanPSMT,Times New Roman,Times,serif;" class="_mt" size="2">2003</font></td>
<td width="8%" align="right"><font style="font-family: TimesNewRomanPSMT,Times New Roman,Times,serif;" class="_mt" size="2">100</font></td>
<td width="2%" align="left"><font style="font-family: TimesNewRomanPSMT,Times New Roman,Times,serif;" class="_mt" size="2">%</font></td>
<td width="8%" align="right"><font style="font-family: TimesNewRomanPSMT,Times New Roman,Times,serif;" class="_mt" size="2">1994</font></td>
<td width="2%" align="left">&nbsp;</td>
<td width="8%" align="right"><font style="font-family: TimesNewRomanPSMT,Times New Roman,Times,serif;" class="_mt" size="2">51,510</font></td>
<td width="2%" align="left">&nbsp;</td>
<td width="8%" align="right"><font style="font-family: TimesNewRomanPSMT,Times New Roman,Times,serif;" class="_mt" size="2">1,412,000</font></td>
<td width="2%" align="left">&nbsp;</td>
<td width="8%" align="right"><font style="font-family: TimesNewRomanPSMT,Times New Roman,Times,serif;" class="_mt" size="2">5,799,000</font></td></tr>
<tr valign="bottom"><td width="25%" align="left"><font style="font-family: TimesNewRomanPSMT,Times New Roman,Times,serif;" class="_mt" size="2">Hamburg Commons</font></td>
<td width="8%" align="left"><font style="font-family: TimesNewRomanPSMT,Times New Roman,Times,serif;" class="_mt" size="2">PA</font></td>
<td width="8%" align="center"><font style="font-family: TimesNewRomanPSMT,Times New Roman,Times,serif;" class="_mt" size="2">2004</font></td>
<td width="8%" align="right"><font style="font-family: TimesNewRomanPSMT,Times New Roman,Times,serif;" class="_mt" size="2">100</font></td>
<td width="2%" align="left"><font style="font-family: TimesNewRomanPSMT,Times New Roman,Times,serif;" class="_mt" size="2">%</font></td>
<td width="8%" align="right"><font style="font-family: TimesNewRomanPSMT,Times New Roman,Times,serif;" class="_mt" size="2">1988-1993</font></td>
<td width="2%" align="left">&nbsp;</td>
<td width="8%" align="right"><font style="font-family: TimesNewRomanPSMT,Times New Roman,Times,serif;" class="_mt" size="2">99,580</font></td>
<td width="2%" align="left">&nbsp;</td>
<td width="8%" align="right"><font style="font-family: TimesNewRomanPSMT,Times New Roman,Times,serif;" class="_mt" size="2">1,153,000</font></td>
<td width="2%" align="left">&nbsp;</td>
<td width="8%" align="right"><font style="font-family: TimesNewRomanPSMT,Times New Roman,Times,serif;" class="_mt" size="2">4,678,000</font></td></tr>
<tr valign="bottom"><td width="25%" align="left"><font style="font-family: TimesNewRomanPSMT,Times New Roman,Times,serif;" class="_mt" size="2">Huntingdon Plaza</font></td>
<td width="8%" align="left"><font style="font-family: TimesNewRomanPSMT,Times New Roman,Times,serif;" class="_mt" size="2">PA</font></td>
<td width="8%" align="center"><font style="font-family: TimesNewRomanPSMT,Times New Roman,Times,serif;" class="_mt" size="2">2004</font></td>
<td width="8%" align="right"><font style="font-family: TimesNewRomanPSMT,Times New Roman,Times,serif;" class="_mt" size="2">100</font></td>
<td width="2%" align="left"><font style="font-family: TimesNewRomanPSMT,Times New Roman,Times,serif;" class="_mt" size="2">%</font></td>
<td width="8%" align="right"><font style="font-family: TimesNewRomanPSMT,Times New Roman,Times,serif;" class="_mt" size="2">1972 - 2003</font></td>
<td width="2%" align="left">&nbsp;</td>
<td width="8%" align="right"><font style="font-family: TimesNewRomanPSMT,Times New Roman,Times,serif;" class="_mt" size="2">142,845</font></td>
<td width="2%" align="left">&nbsp;</td>
<td width="8%" align="right"><font style="font-family: TimesNewRomanPSMT,Times New Roman,Times,serif;" class="_mt" size="2">933,000</font></td>
<td width="2%" align="left">&nbsp;</td>
<td width="8%" align="right"><font style="font-family: TimesNewRomanPSMT,Times New Roman,Times,serif;" class="_mt" size="2">4,129,000</font></td></tr>
<tr valign="bottom"><td width="25%" align="left"><font style="font-family: TimesNewRomanPSMT,Times New Roman,Times,serif;" class="_mt" size="2">Jordan Lane</font></td>
<td width="8%" align="left"><font style="font-family: TimesNewRomanPSMT,Times New Roman,Times,serif;" class="_mt" size="2">CT</font></td>
<td width="8%" align="center"><font style="font-family: TimesNewRomanPSMT,Times New Roman,Times,serif;" class="_mt" size="2">2005</font></td>
<td width="8%" align="right"><font style="font-family: TimesNewRomanPSMT,Times New Roman,Times,serif;" class="_mt" size="2">100</font></td>
<td width="2%" align="left"><font style="font-family: TimesNewRomanPSMT,Times New Roman,Times,serif;" class="_mt" size="2">%</font></td>
<td width="8%" align="right"><font style="font-family: TimesNewRomanPSMT,Times New Roman,Times,serif;" class="_mt" size="2">1969/1991</font></td>
<td width="2%" align="left">&nbsp;</td>
<td width="8%" align="right"><font style="font-family: TimesNewRomanPSMT,Times New Roman,Times,serif;" class="_mt" size="2">181,730</font></td>
<td width="2%" align="left">&nbsp;</td>
<td width="8%" align="right"><font style="font-family: TimesNewRomanPSMT,Times New Roman,Times,serif;" class="_mt" size="2">4,291,000</font></td>
<td width="2%" align="left">&nbsp;</td>
<td width="8%" align="right"><font style="font-family: TimesNewRomanPSMT,Times New Roman,Times,serif;" class="_mt" size="2">21,176,000</font></td></tr>
<tr valign="bottom"><td width="25%" align="left"><font style="font-family: TimesNewRomanPSMT,Times New Roman,Times,serif;" class="_mt" size="2">Kempsville Crossing</font></td>
<td width="8%" align="left"><font style="font-family: TimesNewRomanPSMT,Times New Roman,Times,serif;" class="_mt" size="2">VA</font></td>
<td width="8%" align="center"><font style="font-family: TimesNewRomanPSMT,Times New Roman,Times,serif;" class="_mt" size="2">2005</font></td>
<td width="8%" align="right"><font style="font-family: TimesNewRomanPSMT,Times New Roman,Times,serif;" class="_mt" size="2">100</font></td>
<td width="2%" align="left"><font style="font-family: TimesNewRomanPSMT,Times New Roman,Times,serif;" class="_mt" size="2">%</font></td>
<td width="8%" align="right"><font style="font-family: TimesNewRomanPSMT,Times New Roman,Times,serif;" class="_mt" size="2">1985</font></td>
<td width="2%" align="left">&nbsp;</td>
<td width="8%" align="right"><font style="font-family: TimesNewRomanPSMT,Times New Roman,Times,serif;" class="_mt" size="2">94,477</font></td>
<td width="2%" align="left">&nbsp;</td>
<td width="8%" align="right"><font style="font-family: TimesNewRomanPSMT,Times New Roman,Times,serif;" class="_mt" size="2">2,207,000</font></td>
<td width="2%" align="left">&nbsp;</td>
<td width="8%" align="right"><font style="font-family: TimesNewRomanPSMT,Times New Roman,Times,serif;" class="_mt" size="2">11,000,000</font></td></tr>
<tr valign="bottom"><td width="25%" align="left"><font style="font-family: TimesNewRomanPSMT,Times New Roman,Times,serif;" class="_mt" size="2">Kenley Village</font></td>
<td width="8%" align="left"><font style="font-family: TimesNewRomanPSMT,Times New Roman,Times,serif;" class="_mt" size="2">MD</font></td>
<td width="8%" align="center"><font style="font-family: TimesNewRomanPSMT,Times New Roman,Times,serif;" class="_mt" size="2">2005</font></td>
<td width="8%" align="right"><font style="font-family: TimesNewRomanPSMT,Times New Roman,Times,serif;" class="_mt" size="2">100</font></td>
<td width="2%" align="left"><font style="font-family: TimesNewRomanPSMT,Times New Roman,Times,serif;" class="_mt" size="2">%</font></td>
<td width="8%" align="right"><font style="font-family: TimesNewRomanPSMT,Times New Roman,Times,serif;" class="_mt" size="2">1988</font></td>
<td width="2%" align="left">&nbsp;</td>
<td width="8%" align="right"><font style="font-family: TimesNewRomanPSMT,Times New Roman,Times,serif;" class="_mt" size="2">51,894</font></td>
<td width="2%" align="left">&nbsp;</td>
<td width="8%" align="right"><font style="font-family: TimesNewRomanPSMT,Times New Roman,Times,serif;" class="_mt" size="2">726,000</font></td>
<td width="2%" align="left">&nbsp;</td>
<td width="8%" align="right"><font style="font-family: TimesNewRomanPSMT,Times New Roman,Times,serif;" class="_mt" size="2">3,512,000</font></td></tr>
<tr valign="bottom"><td width="25%" align="left"><font style="font-family: TimesNewRomanPSMT,Times New Roman,Times,serif;" class="_mt" size="2">Kings Plaza</font></td>
<td width="8%" align="left"><font style="font-family: TimesNewRomanPSMT,Times New Roman,Times,serif;" class="_mt" size="2">MA</font></td>
<td width="8%" align="center"><font style="font-family: TimesNewRomanPSMT,Times New Roman,Times,serif;" class="_mt" size="2">2007</font></td>
<td width="8%" align="right"><font style="font-family: TimesNewRomanPSMT,Times New Roman,Times,serif;" class="_mt" size="2">100</font></td>
<td width="2%" align="left"><font style="font-family: TimesNewRomanPSMT,Times New Roman,Times,serif;" class="_mt" size="2">%</font></td>
<td width="8%" align="right"><font style="font-family: TimesNewRomanPSMT,Times New Roman,Times,serif;" class="_mt" size="2">1970/1994</font></td>
<td width="2%" align="left">&nbsp;</td>
<td width="8%" align="right"><font style="font-family: TimesNewRomanPSMT,Times New Roman,Times,serif;" class="_mt" size="2">168,243</font></td>
<td width="2%" align="left">&nbsp;</td>
<td width="8%" align="right"><font style="font-family: TimesNewRomanPSMT,Times New Roman,Times,serif;" class="_mt" size="2">2,413,000</font></td>
<td width="2%" align="left">&nbsp;</td>
<td width="8%" align="right"><font style="font-family: TimesNewRomanPSMT,Times New Roman,Times,serif;" class="_mt" size="2">12,604,000</font></td></tr>
<tr valign="bottom"><td width="25%" align="left"><font style="font-family: TimesNewRomanPSMT,Times New Roman,Times,serif;" class="_mt" size="2">Kingston Plaza</font></td>
<td width="8%" align="left"><font style="font-family: TimesNewRomanPSMT,Times New Roman,Times,serif;" class="_mt" size="2">NY</font></td>
<td width="8%" align="center"><font style="font-family: TimesNewRomanPSMT,Times New Roman,Times,serif;" class="_mt" size="2">2006</font></td>
<td width="8%" align="right"><font style="font-family: TimesNewRomanPSMT,Times New Roman,Times,serif;" class="_mt" size="2">100</font></td>
<td width="2%" align="left"><font style="font-family: TimesNewRomanPSMT,Times New Roman,Times,serif;" class="_mt" size="2">%</font></td>
<td width="8%" align="right"><font style="font-family: TimesNewRomanPSMT,Times New Roman,Times,serif;" class="_mt" size="2">2006</font></td>
<td width="2%" align="left">&nbsp;</td>
<td width="8%" align="right"><font style="font-family: TimesNewRomanPSMT,Times New Roman,Times,serif;" class="_mt" size="2">5,324</font></td>
<td width="2%" align="left">&nbsp;</td>
<td width="8%" align="right"><font style="font-family: TimesNewRomanPSMT,Times New Roman,Times,serif;" class="_mt" size="2">1,644,000</font></td>
<td width="2%" align="left">&nbsp;</td>
<td width="8%" align="right"><font style="font-family: TimesNewRomanPSMT,Times New Roman,Times,serif;" class="_mt" size="2">-</font></td></tr>
<tr valign="bottom"><td width="25%" align="left"><font style="font-family: TimesNewRomanPSMT,Times New Roman,Times,serif;" class="_mt" size="2">Lake Raystown Plaza</font></td>
<td width="8%" align="left"><font style="font-family: TimesNewRomanPSMT,Times New Roman,Times,serif;" class="_mt" size="2">PA</font></td>
<td width="8%" align="center"><font style="font-family: TimesNewRomanPSMT,Times New Roman,Times,serif;" class="_mt" size="2">2004</font></td>
<td width="8%" align="right"><font style="font-family: TimesNewRomanPSMT,Times New Roman,Times,serif;" class="_mt" size="2">100</font></td>
<td width="2%" align="left"><font style="font-family: TimesNewRomanPSMT,Times New Roman,Times,serif;" class="_mt" size="2">%</font></td>
<td width="8%" align="right"><font style="font-family: TimesNewRomanPSMT,Times New Roman,Times,serif;" class="_mt" size="2">1995</font></td>
<td width="2%" align="left">&nbsp;</td>
<td width="8%" align="right"><font style="font-family: TimesNewRomanPSMT,Times New Roman,Times,serif;" class="_mt" size="2">140,159</font></td>
<td width="2%" align="left">&nbsp;</td>
<td width="8%" align="right"><font style="font-family: TimesNewRomanPSMT,Times New Roman,Times,serif;" class="_mt" size="2">2,231,000</font></td>
<td width="2%" align="left">&nbsp;</td>
<td width="8%" align="right"><font style="font-family: TimesNewRomanPSMT,Times New Roman,Times,serif;" class="_mt" size="2">6,735,000</font></td></tr>
<tr valign="bottom"><td width="25%" align="left"><font style="font-family: TimesNewRomanPSMT,Times New Roman,Times,serif;" class="_mt" size="2">Liberty Marketplace</font></td>
<td width="8%" align="left"><font style="font-family: TimesNewRomanPSMT,Times New Roman,Times,serif;" class="_mt" size="2">PA</font></td>
<td width="8%" align="center"><font style="font-family: TimesNewRomanPSMT,Times New Roman,Times,serif;" class="_mt" size="2">2005</font></td>
<td width="8%" align="right"><font style="font-family: TimesNewRomanPSMT,Times New Roman,Times,serif;" class="_mt" size="2">100</font></td>
<td width="2%" align="left"><font style="font-family: TimesNewRomanPSMT,Times New Roman,Times,serif;" class="_mt" size="2">%</font></td>
<td width="8%" align="right"><font style="font-family: TimesNewRomanPSMT,Times New Roman,Times,serif;" class="_mt" size="2">2003</font></td>
<td width="2%" align="left">&nbsp;</td>
<td width="8%" align="right"><font style="font-family: TimesNewRomanPSMT,Times New Roman,Times,serif;" class="_mt" size="2">68,200</font></td>
<td width="2%" align="left">&nbsp;</td>
<td width="8%" align="right"><font style="font-family: TimesNewRomanPSMT,Times New Roman,Times,serif;" class="_mt" size="2">2,665,000</font></td>
<td width="2%" align="left">&nbsp;</td>
<td width="8%" align="right"><font style="font-family: TimesNewRomanPSMT,Times New Roman,Times,serif;" class="_mt" size="2">12,639,000</font></td></tr>
<tr valign="bottom"><td width="25%" align="left"><font style="font-family: TimesNewRomanPSMT,Times New Roman,Times,serif;" class="_mt" size="2">Martins's at Glen Allen</font></td>
<td width="8%" align="left"><font style="font-family: TimesNewRomanPSMT,Times New Roman,Times,serif;" class="_mt" size="2">VA</font></td>
<td width="8%" align="center"><font style="font-family: TimesNewRomanPSMT,Times New Roman,Times,serif;" class="_mt" size="2">2005</font></td>
<td width="8%" align="right"><font style="font-family: TimesNewRomanPSMT,Times New Roman,Times,serif;" class="_mt" size="2">100</font></td>
<td width="2%" align="left"><font style="font-family: TimesNewRomanPSMT,Times New Roman,Times,serif;" class="_mt" size="2">%</font></td>
<td width="8%" align="right"><font style="font-family: TimesNewRomanPSMT,Times New Roman,Times,serif;" class="_mt" size="2">2000</font></td>
<td width="2%" align="left">&nbsp;</td>
<td width="8%" align="right"><font style="font-family: TimesNewRomanPSMT,Times New Roman,Times,serif;" class="_mt" size="2">63,328</font></td>
<td width="2%" align="left">&nbsp;</td>
<td width="8%" align="right"><font style="font-family: TimesNewRomanPSMT,Times New Roman,Times,serif;" class="_mt" size="2">6,769,000</font></td>
<td width="2%" align="left">&nbsp;</td>
<td width="8%" align="right"><font style="font-family: TimesNewRomanPSMT,Times New Roman,Times,serif;" class="_mt" size="2">683,000</font></td></tr>
<tr valign="bottom"><td width="25%" align="left"><font style="font-family: TimesNewRomanPSMT,Times New Roman,Times,serif;" class="_mt" size="2">Meadows Marketplace</font></td>
<td width="8%" align="left"><font style="font-family: TimesNewRomanPSMT,Times New Roman,Times,serif;" class="_mt" size="2">PA</font></td>
<td width="8%" align="center"><font style="font-family: TimesNewRomanPSMT,Times New Roman,Times,serif;" class="_mt" size="2">2004</font></td>
<td width="8%" align="right"><font style="font-family: TimesNewRomanPSMT,Times New Roman,Times,serif;" class="_mt" size="2">20</font></td>
<td width="2%" align="left"><font style="font-family: TimesNewRomanPSMT,Times New Roman,Times,serif;" class="_mt" size="2">%</font></td>
<td width="8%" align="right"><font style="font-family: TimesNewRomanPSMT,Times New Roman,Times,serif;" class="_mt" size="2">2005</font></td>
<td width="2%" align="left">&nbsp;</td>
<td width="8%" align="right"><font style="font-family: TimesNewRomanPSMT,Times New Roman,Times,serif;" class="_mt" size="2">91,518</font></td>
<td width="2%" align="left">&nbsp;</td>
<td width="8%" align="right"><font style="font-family: TimesNewRomanPSMT,Times New Roman,Times,serif;" class="_mt" size="2">1,914,000</font></td>
<td width="2%" align="left">&nbsp;</td>
<td width="8%" align="right"><font style="font-family: TimesNewRomanPSMT,Times New Roman,Times,serif;" class="_mt" size="2">-</font></td></tr>
<tr valign="bottom"><td width="25%" align="left"><font style="font-family: TimesNewRomanPSMT,Times New Roman,Times,serif;" class="_mt" size="2">Mechanicsburg Giant</font></td>
<td width="8%" align="left"><font style="font-family: TimesNewRomanPSMT,Times New Roman,Times,serif;" class="_mt" size="2">PA</font></td>
<td width="8%" align="center"><font style="font-family: TimesNewRomanPSMT,Times New Roman,Times,serif;" class="_mt" size="2">2005</font></td>
<td width="8%" align="right"><font style="font-family: TimesNewRomanPSMT,Times New Roman,Times,serif;" class="_mt" size="2">100</font></td>
<td width="2%" align="left"><font style="font-family: TimesNewRomanPSMT,Times New Roman,Times,serif;" class="_mt" size="2">%</font></td>
<td width="8%" align="right"><font style="font-family: TimesNewRomanPSMT,Times New Roman,Times,serif;" class="_mt" size="2">2003</font></td>
<td width="2%" align="left">&nbsp;</td>
<td width="8%" align="right"><font style="font-family: TimesNewRomanPSMT,Times New Roman,Times,serif;" class="_mt" size="2">51,500</font></td>
<td width="2%" align="left">&nbsp;</td>
<td width="8%" align="right"><font style="font-family: TimesNewRomanPSMT,Times New Roman,Times,serif;" class="_mt" size="2">2,709,000</font></td>
<td width="2%" align="left">&nbsp;</td>
<td width="8%" align="right"><font style="font-family: TimesNewRomanPSMT,Times New Roman,Times,serif;" class="_mt" size="2">12,159,000</font></td></tr>
<tr valign="bottom"><td width="25%" align="left"><font style="font-family: TimesNewRomanPSMT,Times New Roman,Times,serif;" class="_mt" size="2">Metro Square</font></td>
<td width="8%" align="left"><font style="font-family: TimesNewRomanPSMT,Times New Roman,Times,serif;" class="_mt" size="2">MD</font></td>
<td width="8%" align="center"><font style="font-family: TimesNewRomanPSMT,Times New Roman,Times,serif;" class="_mt" size="2">2008</font></td>
<td width="8%" align="right"><font style="font-family: TimesNewRomanPSMT,Times New Roman,Times,serif;" class="_mt" size="2">100</font></td>
<td width="2%" align="left"><font style="font-family: TimesNewRomanPSMT,Times New Roman,Times,serif;" class="_mt" size="2">%</font></td>
<td width="8%" align="right"><font style="font-family: TimesNewRomanPSMT,Times New Roman,Times,serif;" class="_mt" size="2">1999</font></td>
<td width="2%" align="left">&nbsp;</td>
<td width="8%" align="right"><font style="font-family: TimesNewRomanPSMT,Times New Roman,Times,serif;" class="_mt" size="2">71,896</font></td>
<td width="2%" align="left">&nbsp;</td>
<td width="8%" align="right"><font style="font-family: TimesNewRomanPSMT,Times New Roman,Times,serif;" class="_mt" size="2">3,121,000</font></td>
<td width="2%" align="left">&nbsp;</td>
<td width="8%" align="right"><font style="font-family: TimesNewRomanPSMT,Times New Roman,Times,serif;" class="_mt" size="2">12,341,000</font></td></tr>
<tr valign="bottom"><td width="25%" align="left"><font style="font-family: TimesNewRomanPSMT,Times New Roman,Times,serif;" class="_mt" size="2">Newport Plaza</font></td>
<td width="8%" align="left"><font style="font-family: TimesNewRomanPSMT,Times New Roman,Times,serif;" class="_mt" size="2">PA</font></td>
<td width="8%" align="center"><font style="font-family: TimesNewRomanPSMT,Times New Roman,Times,serif;" class="_mt" size="2">2003</font></td>
<td width="8%" align="right"><font style="font-family: TimesNewRomanPSMT,Times New Roman,Times,serif;" class="_mt" size="2">100</font></td>
<td width="2%" align="left"><font style="font-family: TimesNewRomanPSMT,Times New Roman,Times,serif;" class="_mt" size="2">%</font></td>
<td width="8%" align="right"><font style="font-family: TimesNewRomanPSMT,Times New Roman,Times,serif;" class="_mt" size="2">1996</font></td>
<td width="2%" align="left">&nbsp;</td>
<td width="8%" align="right"><font style="font-family: TimesNewRomanPSMT,Times New Roman,Times,serif;" class="_mt" size="2">64,489</font></td>
<td width="2%" align="left">&nbsp;</td>
<td width="8%" align="right"><font style="font-family: TimesNewRomanPSMT,Times New Roman,Times,serif;" class="_mt" size="2">1,721,000</font></td>
<td width="2%" align="left">&nbsp;</td>
<td width="8%" align="right"><font style="font-family: TimesNewRomanPSMT,Times New Roman,Times,serif;" class="_mt" size="2">7,758,000</font></td></tr>
<tr valign="bottom"><td width="25%" align="left"><font style="font-family: TimesNewRomanPSMT,Times New Roman,Times,serif;" class="_mt" size="2">New London Mall</font></td>
<td width="8%" align="left"><font style="font-family: TimesNewRomanPSMT,Times New Roman,Times,serif;" class="_mt" size="2">CT</font></td>
<td width="8%" align="center"><font style="font-family: TimesNewRomanPSMT,Times New Roman,Times,serif;" class="_mt" size="2">2009</font></td>
<td width="8%" align="right"><font style="font-family: TimesNewRomanPSMT,Times New Roman,Times,serif;" class="_mt" size="2">40</font></td>
<td width="2%" align="left"><font style="font-family: TimesNewRomanPSMT,Times New Roman,Times,serif;" class="_mt" size="2">%</font></td>
<td width="8%" align="right"><font style="font-family: TimesNewRomanPSMT,Times New Roman,Times,serif;" class="_mt" size="2">1967/1997</font></td>
<td width="2%" align="left">&nbsp;</td>
<td width="8%" align="right"><font style="font-family: TimesNewRomanPSMT,Times New Roman,Times,serif;" class="_mt" size="2">259,293</font></td>
<td width="2%" align="left">&nbsp;</td>
<td width="8%" align="right"><font style="font-family: TimesNewRomanPSMT,Times New Roman,Times,serif;" class="_mt" size="2">14,891,000</font></td>
<td width="2%" align="left">&nbsp;</td>
<td width="8%" align="right"><font style="font-family: TimesNewRomanPSMT,Times New Roman,Times,serif;" class="_mt" size="2">24,967,000</font></td></tr>
<tr valign="bottom"><td width="25%" align="left"><font style="font-family: TimesNewRomanPSMT,Times New Roman,Times,serif;" class="_mt" size="2">Northside Commons</font></td>
<td width="8%" align="left"><font style="font-family: TimesNewRomanPSMT,Times New Roman,Times,serif;" class="_mt" size="2">PA</font></td>
<td width="8%" align="center"><font style="font-family: TimesNewRomanPSMT,Times New Roman,Times,serif;" class="_mt" size="2">2008</font></td>
<td width="8%" align="right"><font style="font-family: TimesNewRomanPSMT,Times New Roman,Times,serif;" class="_mt" size="2">100</font></td>
<td width="2%" align="left"><font style="font-family: TimesNewRomanPSMT,Times New Roman,Times,serif;" class="_mt" size="2">%</font></td>
<td width="8%" align="right"><font style="font-family: TimesNewRomanPSMT,Times New Roman,Times,serif;" class="_mt" size="2">2009</font></td>
<td width="2%" align="left">&nbsp;</td>
<td width="8%" align="right"><font style="font-family: TimesNewRomanPSMT,Times New Roman,Times,serif;" class="_mt" size="2">64,710</font></td>
<td width="2%" align="left">&nbsp;</td>
<td width="8%" align="right"><font style="font-family: TimesNewRomanPSMT,Times New Roman,Times,serif;" class="_mt" size="2">3,332,000</font></td>
<td width="2%" align="left">&nbsp;</td>
<td width="8%" align="right"><font style="font-family: TimesNewRomanPSMT,Times New Roman,Times,serif;" class="_mt" size="2">-</font></td></tr></table></div>

<p style="margin: 0px;">&nbsp;</p>

<div>&nbsp;</div><br />

<p style="text-align: left;"><b><font style="font-family: TimesNewRomanPS-BoldMT,Times New Roman,Times,serif;" class="_mt" size="2">Cedar Realty Trust, Inc. Schedule III</font></b></p>

<p style="text-align: left;"><b><font style="font-family: TimesNewRomanPS-BoldMT,Times New Roman,Times,serif;" class="_mt" size="2">Real Estate andAccumulatedDepreciation Year endedDecember 31, 2011</font></b></p>

<div>

<table border="0" cellspacing="0">
<tr><td width="22%"> </td>
<td width="2%"> </td>
<td width="9%"> </td>
<td width="2%"> </td>
<td width="2%"> </td>
<td width="9%"> </td>
<td width="2%"> </td>
<td width="9%"> </td>
<td width="2%"> </td>
<td width="9%"> </td>
<td width="2%"> </td>
<td width="9%"> </td>
<td width="2%"> </td>
<td width="9%"> </td>
<td width="2%"> </td></tr>
<tr valign="bottom"><td width="22%" align="center">&nbsp;</td>
<td style="border-bottom: #000000 1px solid;" rowspan="4" width="13%" colspan="3" align="center"><b><font style="font-family: TimesNewRomanPS-BoldMT,Times New Roman,Times,serif;" class="_mt" size="2">Subsequent</font></b><br /><b><font style="font-family: TimesNewRomanPS-BoldMT,Times New Roman,Times,serif;" class="_mt" size="2">cost</font></b><br /><b><font style="font-family: TimesNewRomanPS-BoldMT,Times New Roman,Times,serif;" class="_mt" size="2">capitalized</font></b></td>
<td style="border-bottom: #000000 1px solid;" rowspan="2" width="33%" colspan="6" align="center"><b><font style="font-family: TimesNewRomanPS-BoldMT,Times New Roman,Times,serif;" class="_mt" size="2">Gross amount at which carried at</font></b><br /><b><font style="font-family: TimesNewRomanPS-BoldMT,Times New Roman,Times,serif;" class="_mt" size="2">December 31, 2011</font></b></td>
<td style="border-bottom: #000000 1px solid;" rowspan="4" width="11%" colspan="2" align="center"><b><font style="font-family: TimesNewRomanPS-BoldMT,Times New Roman,Times,serif;" class="_mt" size="2">Accumulated</font></b><br /><b><font style="font-family: TimesNewRomanPS-BoldMT,Times New Roman,Times,serif;" class="_mt" size="2">depreciation (4)</font></b></td>
<td style="border-bottom: #000000 1px solid;" rowspan="4" width="13%" colspan="3" align="center"><b><font style="font-family: TimesNewRomanPS-BoldMT,Times New Roman,Times,serif;" class="_mt" size="2">Amount of</font></b><br /><b><font style="font-family: TimesNewRomanPS-BoldMT,Times New Roman,Times,serif;" class="_mt" size="2">Encumbrance</font></b></td></tr>
<tr valign="bottom"><td width="22%" align="center"><i><font style="font-family: TimesNewRomanPS-ItalicMT,Times New Roman,Times,serif;" class="_mt" size="2">(continued)</font></i></td></tr>
<tr valign="bottom"><td style="border-bottom: #000000 1px solid;" rowspan="2" width="22%" align="center"><b><font style="font-family: TimesNewRomanPS-BoldMT,Times New Roman,Times,serif;" class="_mt" size="2">Property</font></b></td>
<td style="border-bottom: #000000 1px solid;" rowspan="2" width="11%" colspan="2" align="center"><b><font style="font-family: TimesNewRomanPS-BoldMT,Times New Roman,Times,serif;" class="_mt" size="2">Land</font></b></td>
<td style="border-bottom: #000000 1px solid;" rowspan="2" width="11%" colspan="2" align="center"><b><font style="font-family: TimesNewRomanPS-BoldMT,Times New Roman,Times,serif;" class="_mt" size="2">Building and</font></b><br /><b><font style="font-family: TimesNewRomanPS-BoldMT,Times New Roman,Times,serif;" class="_mt" size="2">improvements</font></b></td>
<td style="border-bottom: #000000 1px solid;" rowspan="2" width="11%" colspan="2" align="center"><b><font style="font-family: TimesNewRomanPS-BoldMT,Times New Roman,Times,serif;" class="_mt" size="2">Total</font></b></td></tr>
<tr><td width="92%" colspan="15">&nbsp;</td></tr>
<tr valign="bottom"><td width="22%" align="left"><font style="font-family: TimesNewRomanPSMT,Times New Roman,Times,serif;" class="_mt" size="2">Academy Plaza</font></td>
<td width="2%" align="right"><font style="font-family: TimesNewRomanPSMT,Times New Roman,Times,serif;" class="_mt" size="2">$</font></td>
<td width="9%" align="right"><font style="font-family: TimesNewRomanPSMT,Times New Roman,Times,serif;" class="_mt" size="2">1,696,000</font></td>
<td width="2%" align="left">&nbsp;</td>
<td width="2%" align="left"><font style="font-family: TimesNewRomanPSMT,Times New Roman,Times,serif;" class="_mt" size="2">$</font></td>
<td width="9%" align="right"><font style="font-family: TimesNewRomanPSMT,Times New Roman,Times,serif;" class="_mt" size="2">2,406,000</font></td>
<td width="2%" align="right"><font style="font-family: TimesNewRomanPSMT,Times New Roman,Times,serif;" class="_mt" size="2">$</font></td>
<td width="9%" align="right"><font style="font-family: TimesNewRomanPSMT,Times New Roman,Times,serif;" class="_mt" size="2">11,319,000</font></td>
<td width="2%" align="left"><font style="font-family: TimesNewRomanPSMT,Times New Roman,Times,serif;" class="_mt" size="2">$</font></td>
<td width="9%" align="right"><font style="font-family: TimesNewRomanPSMT,Times New Roman,Times,serif;" class="_mt" size="2">13,725,000</font></td>
<td width="2%" align="left"><font style="font-family: TimesNewRomanPSMT,Times New Roman,Times,serif;" class="_mt" size="2">$</font></td>
<td width="9%" align="right"><font style="font-family: TimesNewRomanPSMT,Times New Roman,Times,serif;" class="_mt" size="2">2,987,000</font></td>
<td width="2%" align="left"><font style="font-family: TimesNewRomanPSMT,Times New Roman,Times,serif;" class="_mt" size="2">$</font></td>
<td width="9%" align="right"><font style="font-family: TimesNewRomanPSMT,Times New Roman,Times,serif;" class="_mt" size="2">8,894,000</font></td>
<td width="2%" align="left">&nbsp;</td></tr>
<tr valign="bottom"><td width="22%" align="left"><font style="font-family: TimesNewRomanPSMT,Times New Roman,Times,serif;" class="_mt" size="2">Annie Land Plaza</font></td>
<td width="2%" align="right">&nbsp;</td>
<td width="9%" align="right"><font style="font-family: TimesNewRomanPSMT,Times New Roman,Times,serif;" class="_mt" size="2">54,000</font></td>
<td width="2%" align="left">&nbsp;</td>
<td width="2%" align="left">&nbsp;</td>
<td width="9%" align="right"><font style="font-family: TimesNewRomanPSMT,Times New Roman,Times,serif;" class="_mt" size="2">809,000</font></td>
<td width="2%" align="right">&nbsp;</td>
<td width="9%" align="right"><font style="font-family: TimesNewRomanPSMT,Times New Roman,Times,serif;" class="_mt" size="2">4,069,000</font></td>
<td width="2%" align="left">&nbsp;</td>
<td width="9%" align="right"><font style="font-family: TimesNewRomanPSMT,Times New Roman,Times,serif;" class="_mt" size="2">4,878,000</font></td>
<td width="2%" align="left">&nbsp;</td>
<td width="9%" align="right"><font style="font-family: TimesNewRomanPSMT,Times New Roman,Times,serif;" class="_mt" size="2">773,000</font></td>
<td width="2%" align="left">&nbsp;</td>
<td width="9%" align="right"><font style="font-family: TimesNewRomanPSMT,Times New Roman,Times,serif;" class="_mt" size="2">(3</font></td>
<td width="2%" align="left"><font style="font-family: TimesNewRomanPSMT,Times New Roman,Times,serif;" class="_mt" size="2">)</font></td></tr>
<tr valign="bottom"><td width="22%" align="left"><font style="font-family: TimesNewRomanPSMT,Times New Roman,Times,serif;" class="_mt" size="2">Camp Hill</font></td>
<td width="2%" align="right">&nbsp;</td>
<td width="9%" align="right"><font style="font-family: TimesNewRomanPSMT,Times New Roman,Times,serif;" class="_mt" size="2">43,504,000</font></td>
<td width="2%" align="left">&nbsp;</td>
<td width="2%" align="left">&nbsp;</td>
<td width="9%" align="right"><font style="font-family: TimesNewRomanPSMT,Times New Roman,Times,serif;" class="_mt" size="2">4,424,000</font></td>
<td width="2%" align="right">&nbsp;</td>
<td width="9%" align="right"><font style="font-family: TimesNewRomanPSMT,Times New Roman,Times,serif;" class="_mt" size="2">61,397,000</font></td>
<td width="2%" align="left">&nbsp;</td>
<td width="9%" align="right"><font style="font-family: TimesNewRomanPSMT,Times New Roman,Times,serif;" class="_mt" size="2">65,821,000</font></td>
<td width="2%" align="left">&nbsp;</td>
<td width="9%" align="right"><font style="font-family: TimesNewRomanPSMT,Times New Roman,Times,serif;" class="_mt" size="2">11,312,000</font></td>
<td width="2%" align="left">&nbsp;</td>
<td width="9%" align="right"><font style="font-family: TimesNewRomanPSMT,Times New Roman,Times,serif;" class="_mt" size="2">65,000,000</font></td>
<td width="2%" align="left">&nbsp;</td></tr>
<tr valign="bottom"><td width="22%" align="left"><font style="font-family: TimesNewRomanPSMT,Times New Roman,Times,serif;" class="_mt" size="2">Carbondale Plaza</font></td>
<td width="2%" align="right">&nbsp;</td>
<td width="9%" align="right"><font style="font-family: TimesNewRomanPSMT,Times New Roman,Times,serif;" class="_mt" size="2">4,883,000</font></td>
<td width="2%" align="left">&nbsp;</td>
<td width="2%" align="left">&nbsp;</td>
<td width="9%" align="right"><font style="font-family: TimesNewRomanPSMT,Times New Roman,Times,serif;" class="_mt" size="2">1,586,000</font></td>
<td width="2%" align="right">&nbsp;</td>
<td width="9%" align="right"><font style="font-family: TimesNewRomanPSMT,Times New Roman,Times,serif;" class="_mt" size="2">12,172,000</font></td>
<td width="2%" align="left">&nbsp;</td>
<td width="9%" align="right"><font style="font-family: TimesNewRomanPSMT,Times New Roman,Times,serif;" class="_mt" size="2">13,758,000</font></td>
<td width="2%" align="left">&nbsp;</td>
<td width="9%" align="right"><font style="font-family: TimesNewRomanPSMT,Times New Roman,Times,serif;" class="_mt" size="2">2,736,000</font></td>
<td width="2%" align="left">&nbsp;</td>
<td width="9%" align="right"><font style="font-family: TimesNewRomanPSMT,Times New Roman,Times,serif;" class="_mt" size="2">4,864,000</font></td>
<td width="2%" align="left">&nbsp;</td></tr>
<tr valign="bottom"><td width="22%" align="left"><font style="font-family: TimesNewRomanPSMT,Times New Roman,Times,serif;" class="_mt" size="2">Carll's Corner</font></td>
<td width="2%" align="right">&nbsp;</td>
<td width="9%" align="right"><font style="font-family: TimesNewRomanPSMT,Times New Roman,Times,serif;" class="_mt" size="2">(1,425,000</font></td>
<td width="2%" align="left"><font style="font-family: TimesNewRomanPSMT,Times New Roman,Times,serif;" class="_mt" size="2">)</font></td>
<td width="2%" align="left">&nbsp;</td>
<td width="9%" align="right"><font style="font-family: TimesNewRomanPSMT,Times New Roman,Times,serif;" class="_mt" size="2">2,898,000</font></td>
<td width="2%" align="right">&nbsp;</td>
<td width="9%" align="right"><font style="font-family: TimesNewRomanPSMT,Times New Roman,Times,serif;" class="_mt" size="2">14,004,000</font></td>
<td width="2%" align="left">&nbsp;</td>
<td width="9%" align="right"><font style="font-family: TimesNewRomanPSMT,Times New Roman,Times,serif;" class="_mt" size="2">16,902,000</font></td>
<td width="2%" align="left">&nbsp;</td>
<td width="9%" align="right"><font style="font-family: TimesNewRomanPSMT,Times New Roman,Times,serif;" class="_mt" size="2">2,166,000</font></td>
<td width="2%" align="left">&nbsp;</td>
<td width="9%" align="right"><font style="font-family: TimesNewRomanPSMT,Times New Roman,Times,serif;" class="_mt" size="2">5,656,000</font></td>
<td width="2%" align="left">&nbsp;</td></tr>
<tr valign="bottom"><td width="22%" align="left"><font style="font-family: TimesNewRomanPSMT,Times New Roman,Times,serif;" class="_mt" size="2">Carmans Plaza</font></td>
<td width="2%" align="right">&nbsp;</td>
<td width="9%" align="right"><font style="font-family: TimesNewRomanPSMT,Times New Roman,Times,serif;" class="_mt" size="2">(645,000</font></td>
<td width="2%" align="left"><font style="font-family: TimesNewRomanPSMT,Times New Roman,Times,serif;" class="_mt" size="2">)</font></td>
<td width="2%" align="left">&nbsp;</td>
<td width="9%" align="right"><font style="font-family: TimesNewRomanPSMT,Times New Roman,Times,serif;" class="_mt" size="2">8,421,000</font></td>
<td width="2%" align="right">&nbsp;</td>
<td width="9%" align="right"><font style="font-family: TimesNewRomanPSMT,Times New Roman,Times,serif;" class="_mt" size="2">35,277,000</font></td>
<td width="2%" align="left">&nbsp;</td>
<td width="9%" align="right"><font style="font-family: TimesNewRomanPSMT,Times New Roman,Times,serif;" class="_mt" size="2">43,698,000</font></td>
<td width="2%" align="left">&nbsp;</td>
<td width="9%" align="right"><font style="font-family: TimesNewRomanPSMT,Times New Roman,Times,serif;" class="_mt" size="2">5,190,000</font></td>
<td width="2%" align="left">&nbsp;</td>
<td width="9%" align="right"><font style="font-family: TimesNewRomanPSMT,Times New Roman,Times,serif;" class="_mt" size="2">33,391,000</font></td>
<td width="2%" align="left">&nbsp;</td></tr>
<tr valign="bottom"><td width="22%" align="left"><font style="font-family: TimesNewRomanPSMT,Times New Roman,Times,serif;" class="_mt" size="2">Circle Plaza</font></td>
<td width="2%" align="right">&nbsp;</td>
<td width="9%" align="right"><font style="font-family: TimesNewRomanPSMT,Times New Roman,Times,serif;" class="_mt" size="2">65,000</font></td>
<td width="2%" align="left">&nbsp;</td>
<td width="2%" align="left">&nbsp;</td>
<td width="9%" align="right"><font style="font-family: TimesNewRomanPSMT,Times New Roman,Times,serif;" class="_mt" size="2">546,000</font></td>
<td width="2%" align="right">&nbsp;</td>
<td width="9%" align="right"><font style="font-family: TimesNewRomanPSMT,Times New Roman,Times,serif;" class="_mt" size="2">2,964,000</font></td>
<td width="2%" align="left">&nbsp;</td>
<td width="9%" align="right"><font style="font-family: TimesNewRomanPSMT,Times New Roman,Times,serif;" class="_mt" size="2">3,510,000</font></td>
<td width="2%" align="left">&nbsp;</td>
<td width="9%" align="right"><font style="font-family: TimesNewRomanPSMT,Times New Roman,Times,serif;" class="_mt" size="2">351,000</font></td>
<td width="2%" align="left">&nbsp;</td>
<td width="9%" align="right"><font style="font-family: TimesNewRomanPSMT,Times New Roman,Times,serif;" class="_mt" size="2">(3</font></td>
<td width="2%" align="left"><font style="font-family: TimesNewRomanPSMT,Times New Roman,Times,serif;" class="_mt" size="2">)</font></td></tr>
<tr valign="bottom"><td width="22%" align="left"><font style="font-family: TimesNewRomanPSMT,Times New Roman,Times,serif;" class="_mt" size="2">ColiseumMarketplace</font></td>
<td width="2%" align="right">&nbsp;</td>
<td width="9%" align="right"><font style="font-family: TimesNewRomanPSMT,Times New Roman,Times,serif;" class="_mt" size="2">3,739,000</font></td>
<td width="2%" align="left">&nbsp;</td>
<td width="2%" align="left">&nbsp;</td>
<td width="9%" align="right"><font style="font-family: TimesNewRomanPSMT,Times New Roman,Times,serif;" class="_mt" size="2">3,586,000</font></td>
<td width="2%" align="right">&nbsp;</td>
<td width="9%" align="right"><font style="font-family: TimesNewRomanPSMT,Times New Roman,Times,serif;" class="_mt" size="2">17,493,000</font></td>
<td width="2%" align="left">&nbsp;</td>
<td width="9%" align="right"><font style="font-family: TimesNewRomanPSMT,Times New Roman,Times,serif;" class="_mt" size="2">21,079,000</font></td>
<td width="2%" align="left">&nbsp;</td>
<td width="9%" align="right"><font style="font-family: TimesNewRomanPSMT,Times New Roman,Times,serif;" class="_mt" size="2">3,810,000</font></td>
<td width="2%" align="left">&nbsp;</td>
<td width="9%" align="right"><font style="font-family: TimesNewRomanPSMT,Times New Roman,Times,serif;" class="_mt" size="2">11,703,000</font></td>
<td width="2%" align="left">&nbsp;</td></tr>
<tr valign="bottom"><td width="22%" align="left"><font style="font-family: TimesNewRomanPSMT,Times New Roman,Times,serif;" class="_mt" size="2">Crossroads II</font></td>
<td width="2%" align="right">&nbsp;</td>
<td width="9%" align="right"><font style="font-family: TimesNewRomanPSMT,Times New Roman,Times,serif;" class="_mt" size="2">28,440,000</font></td>
<td width="2%" align="left">&nbsp;</td>
<td width="2%" align="left">&nbsp;</td>
<td width="9%" align="right"><font style="font-family: TimesNewRomanPSMT,Times New Roman,Times,serif;" class="_mt" size="2">17,671,000</font></td>
<td width="2%" align="right">&nbsp;</td>
<td width="9%" align="right"><font style="font-family: TimesNewRomanPSMT,Times New Roman,Times,serif;" class="_mt" size="2">26,152,000</font></td>
<td width="2%" align="left">&nbsp;</td>
<td width="9%" align="right"><font style="font-family: TimesNewRomanPSMT,Times New Roman,Times,serif;" class="_mt" size="2">43,823,000</font></td>
<td width="2%" align="left">&nbsp;</td>
<td width="9%" align="right"><font style="font-family: TimesNewRomanPSMT,Times New Roman,Times,serif;" class="_mt" size="2">1,433,000</font></td>
<td width="2%" align="left">&nbsp;</td>
<td width="9%" align="right"><font style="font-family: TimesNewRomanPSMT,Times New Roman,Times,serif;" class="_mt" size="2">(3</font></td>
<td width="2%" align="left"><font style="font-family: TimesNewRomanPSMT,Times New Roman,Times,serif;" class="_mt" size="2">)</font></td></tr>
<tr valign="bottom"><td width="22%" align="left"><font style="font-family: TimesNewRomanPSMT,Times New Roman,Times,serif;" class="_mt" size="2">Colonial Commons</font></td>
<td width="2%" align="right">&nbsp;</td>
<td width="9%" align="right"><font style="font-family: TimesNewRomanPSMT,Times New Roman,Times,serif;" class="_mt" size="2">312,000</font></td>
<td width="2%" align="left">&nbsp;</td>
<td width="2%" align="left">&nbsp;</td>
<td width="9%" align="right"><font style="font-family: TimesNewRomanPSMT,Times New Roman,Times,serif;" class="_mt" size="2">9,367,000</font></td>
<td width="2%" align="right">&nbsp;</td>
<td width="9%" align="right"><font style="font-family: TimesNewRomanPSMT,Times New Roman,Times,serif;" class="_mt" size="2">37,808,000</font></td>
<td width="2%" align="left">&nbsp;</td>
<td width="9%" align="right"><font style="font-family: TimesNewRomanPSMT,Times New Roman,Times,serif;" class="_mt" size="2">47,175,000</font></td>
<td width="2%" align="left">&nbsp;</td>
<td width="9%" align="right"><font style="font-family: TimesNewRomanPSMT,Times New Roman,Times,serif;" class="_mt" size="2">1,827,000</font></td>
<td width="2%" align="left">&nbsp;</td>
<td width="9%" align="right"><font style="font-family: TimesNewRomanPSMT,Times New Roman,Times,serif;" class="_mt" size="2">27,729,000</font></td>
<td width="2%" align="left">&nbsp;</td></tr>
<tr valign="bottom"><td width="22%" align="left"><font style="font-family: TimesNewRomanPSMT,Times New Roman,Times,serif;" class="_mt" size="2">East Chestnut</font></td>
<td width="2%" align="right">&nbsp;</td>
<td width="9%" align="right"><font style="font-family: TimesNewRomanPSMT,Times New Roman,Times,serif;" class="_mt" size="2">3,000</font></td>
<td width="2%" align="left">&nbsp;</td>
<td width="2%" align="left">&nbsp;</td>
<td width="9%" align="right"><font style="font-family: TimesNewRomanPSMT,Times New Roman,Times,serif;" class="_mt" size="2">800,000</font></td>
<td width="2%" align="right">&nbsp;</td>
<td width="9%" align="right"><font style="font-family: TimesNewRomanPSMT,Times New Roman,Times,serif;" class="_mt" size="2">3,702,000</font></td>
<td width="2%" align="left">&nbsp;</td>
<td width="9%" align="right"><font style="font-family: TimesNewRomanPSMT,Times New Roman,Times,serif;" class="_mt" size="2">4,502,000</font></td>
<td width="2%" align="left">&nbsp;</td>
<td width="9%" align="right"><font style="font-family: TimesNewRomanPSMT,Times New Roman,Times,serif;" class="_mt" size="2">917,000</font></td>
<td width="2%" align="left">&nbsp;</td>
<td width="9%" align="right"><font style="font-family: TimesNewRomanPSMT,Times New Roman,Times,serif;" class="_mt" size="2">1,773,000</font></td>
<td width="2%" align="left">&nbsp;</td></tr>
<tr valign="bottom"><td width="22%" align="left"><font style="font-family: TimesNewRomanPSMT,Times New Roman,Times,serif;" class="_mt" size="2">Elmhurst Square</font></td>
<td width="2%" align="right">&nbsp;</td>
<td width="9%" align="right"><font style="font-family: TimesNewRomanPSMT,Times New Roman,Times,serif;" class="_mt" size="2">256,000</font></td>
<td width="2%" align="left">&nbsp;</td>
<td width="2%" align="left">&nbsp;</td>
<td width="9%" align="right"><font style="font-family: TimesNewRomanPSMT,Times New Roman,Times,serif;" class="_mt" size="2">1,371,000</font></td>
<td width="2%" align="right">&nbsp;</td>
<td width="9%" align="right"><font style="font-family: TimesNewRomanPSMT,Times New Roman,Times,serif;" class="_mt" size="2">6,250,000</font></td>
<td width="2%" align="left">&nbsp;</td>
<td width="9%" align="right"><font style="font-family: TimesNewRomanPSMT,Times New Roman,Times,serif;" class="_mt" size="2">7,621,000</font></td>
<td width="2%" align="left">&nbsp;</td>
<td width="9%" align="right"><font style="font-family: TimesNewRomanPSMT,Times New Roman,Times,serif;" class="_mt" size="2">1,261,000</font></td>
<td width="2%" align="left">&nbsp;</td>
<td width="9%" align="right"><font style="font-family: TimesNewRomanPSMT,Times New Roman,Times,serif;" class="_mt" size="2">3,892,000</font></td>
<td width="2%" align="left">&nbsp;</td></tr>
<tr valign="bottom"><td width="22%" align="left"><font style="font-family: TimesNewRomanPSMT,Times New Roman,Times,serif;" class="_mt" size="2">Fairview Plaza</font></td>
<td width="2%" align="right">&nbsp;</td>
<td width="9%" align="right"><font style="font-family: TimesNewRomanPSMT,Times New Roman,Times,serif;" class="_mt" size="2">270,000</font></td>
<td width="2%" align="left">&nbsp;</td>
<td width="2%" align="left">&nbsp;</td>
<td width="9%" align="right"><font style="font-family: TimesNewRomanPSMT,Times New Roman,Times,serif;" class="_mt" size="2">2,129,000</font></td>
<td width="2%" align="right">&nbsp;</td>
<td width="9%" align="right"><font style="font-family: TimesNewRomanPSMT,Times New Roman,Times,serif;" class="_mt" size="2">8,752,000</font></td>
<td width="2%" align="left">&nbsp;</td>
<td width="9%" align="right"><font style="font-family: TimesNewRomanPSMT,Times New Roman,Times,serif;" class="_mt" size="2">10,881,000</font></td>
<td width="2%" align="left">&nbsp;</td>
<td width="9%" align="right"><font style="font-family: TimesNewRomanPSMT,Times New Roman,Times,serif;" class="_mt" size="2">2,082,000</font></td>
<td width="2%" align="left">&nbsp;</td>
<td width="9%" align="right"><font style="font-family: TimesNewRomanPSMT,Times New Roman,Times,serif;" class="_mt" size="2">5,254,000</font></td>
<td width="2%" align="left">&nbsp;</td></tr>
<tr valign="bottom"><td width="22%" align="left"><font style="font-family: TimesNewRomanPSMT,Times New Roman,Times,serif;" class="_mt" size="2">Fairview Commons</font></td>
<td width="2%" align="right">&nbsp;</td>
<td width="9%" align="right"><font style="font-family: TimesNewRomanPSMT,Times New Roman,Times,serif;" class="_mt" size="2">-</font></td>
<td width="2%" align="left">&nbsp;</td>
<td width="2%" align="left">&nbsp;</td>
<td width="9%" align="right"><font style="font-family: TimesNewRomanPSMT,Times New Roman,Times,serif;" class="_mt" size="2">858,000</font></td>
<td width="2%" align="right">&nbsp;</td>
<td width="9%" align="right"><font style="font-family: TimesNewRomanPSMT,Times New Roman,Times,serif;" class="_mt" size="2">3,568,000</font></td>
<td width="2%" align="left">&nbsp;</td>
<td width="9%" align="right"><font style="font-family: TimesNewRomanPSMT,Times New Roman,Times,serif;" class="_mt" size="2">4,426,000</font></td>
<td width="2%" align="left">&nbsp;</td>
<td width="9%" align="right"><font style="font-family: TimesNewRomanPSMT,Times New Roman,Times,serif;" class="_mt" size="2">693,000</font></td>
<td width="2%" align="left">&nbsp;</td>
<td width="9%" align="right"><font style="font-family: TimesNewRomanPSMT,Times New Roman,Times,serif;" class="_mt" size="2">(3</font></td>
<td width="2%" align="left"><font style="font-family: TimesNewRomanPSMT,Times New Roman,Times,serif;" class="_mt" size="2">)</font></td></tr>
<tr valign="bottom"><td width="22%" align="left"><font style="font-family: TimesNewRomanPSMT,Times New Roman,Times,serif;" class="_mt" size="2">Fieldstone Marketplace</font></td>
<td width="2%" align="right">&nbsp;</td>
<td width="9%" align="right"><font style="font-family: TimesNewRomanPSMT,Times New Roman,Times,serif;" class="_mt" size="2">593,000</font></td>
<td width="2%" align="left">&nbsp;</td>
<td width="2%" align="left">&nbsp;</td>
<td width="9%" align="right"><font style="font-family: TimesNewRomanPSMT,Times New Roman,Times,serif;" class="_mt" size="2">5,167,000</font></td>
<td width="2%" align="right">&nbsp;</td>
<td width="9%" align="right"><font style="font-family: TimesNewRomanPSMT,Times New Roman,Times,serif;" class="_mt" size="2">22,095,000</font></td>
<td width="2%" align="left">&nbsp;</td>
<td width="9%" align="right"><font style="font-family: TimesNewRomanPSMT,Times New Roman,Times,serif;" class="_mt" size="2">27,262,000</font></td>
<td width="2%" align="left">&nbsp;</td>
<td width="9%" align="right"><font style="font-family: TimesNewRomanPSMT,Times New Roman,Times,serif;" class="_mt" size="2">4,504,000</font></td>
<td width="2%" align="left">&nbsp;</td>
<td width="9%" align="right"><font style="font-family: TimesNewRomanPSMT,Times New Roman,Times,serif;" class="_mt" size="2">17,900,000</font></td>
<td width="2%" align="left">&nbsp;</td></tr>
<tr valign="bottom"><td width="22%" align="left"><font style="font-family: TimesNewRomanPSMT,Times New Roman,Times,serif;" class="_mt" size="2">Fort Washington</font></td>
<td width="2%" align="right">&nbsp;</td>
<td width="9%" align="right"><font style="font-family: TimesNewRomanPSMT,Times New Roman,Times,serif;" class="_mt" size="2">5,176,000</font></td>
<td width="2%" align="left">&nbsp;</td>
<td width="2%" align="left">&nbsp;</td>
<td width="9%" align="right"><font style="font-family: TimesNewRomanPSMT,Times New Roman,Times,serif;" class="_mt" size="2">2,462,000</font></td>
<td width="2%" align="right">&nbsp;</td>
<td width="9%" align="right"><font style="font-family: TimesNewRomanPSMT,Times New Roman,Times,serif;" class="_mt" size="2">5,176,000</font></td>
<td width="2%" align="left">&nbsp;</td>
<td width="9%" align="right"><font style="font-family: TimesNewRomanPSMT,Times New Roman,Times,serif;" class="_mt" size="2">7,638,000</font></td>
<td width="2%" align="left">&nbsp;</td>
<td width="9%" align="right"><font style="font-family: TimesNewRomanPSMT,Times New Roman,Times,serif;" class="_mt" size="2">1,194,000</font></td>
<td width="2%" align="left">&nbsp;</td>
<td width="9%" align="right"><font style="font-family: TimesNewRomanPSMT,Times New Roman,Times,serif;" class="_mt" size="2">5,535,000</font></td>
<td width="2%" align="left">&nbsp;</td></tr>
<tr valign="bottom"><td width="22%" align="left"><font style="font-family: TimesNewRomanPSMT,Times New Roman,Times,serif;" class="_mt" size="2">General Booth Plaza</font></td>
<td width="2%" align="right">&nbsp;</td>
<td width="9%" align="right"><font style="font-family: TimesNewRomanPSMT,Times New Roman,Times,serif;" class="_mt" size="2">187,000</font></td>
<td width="2%" align="left">&nbsp;</td>
<td width="2%" align="left">&nbsp;</td>
<td width="9%" align="right"><font style="font-family: TimesNewRomanPSMT,Times New Roman,Times,serif;" class="_mt" size="2">1,935,000</font></td>
<td width="2%" align="right">&nbsp;</td>
<td width="9%" align="right"><font style="font-family: TimesNewRomanPSMT,Times New Roman,Times,serif;" class="_mt" size="2">9,680,000</font></td>
<td width="2%" align="left">&nbsp;</td>
<td width="9%" align="right"><font style="font-family: TimesNewRomanPSMT,Times New Roman,Times,serif;" class="_mt" size="2">11,615,000</font></td>
<td width="2%" align="left">&nbsp;</td>
<td width="9%" align="right"><font style="font-family: TimesNewRomanPSMT,Times New Roman,Times,serif;" class="_mt" size="2">2,441,000</font></td>
<td width="2%" align="left">&nbsp;</td>
<td width="9%" align="right"><font style="font-family: TimesNewRomanPSMT,Times New Roman,Times,serif;" class="_mt" size="2">5,136,000</font></td>
<td width="2%" align="left">&nbsp;</td></tr>
<tr valign="bottom"><td width="22%" align="left"><font style="font-family: TimesNewRomanPSMT,Times New Roman,Times,serif;" class="_mt" size="2">Gold Star Plaza</font></td>
<td width="2%" align="right">&nbsp;</td>
<td width="9%" align="right"><font style="font-family: TimesNewRomanPSMT,Times New Roman,Times,serif;" class="_mt" size="2">266,000</font></td>
<td width="2%" align="left">&nbsp;</td>
<td width="2%" align="left">&nbsp;</td>
<td width="9%" align="right"><font style="font-family: TimesNewRomanPSMT,Times New Roman,Times,serif;" class="_mt" size="2">1,644,000</font></td>
<td width="2%" align="right">&nbsp;</td>
<td width="9%" align="right"><font style="font-family: TimesNewRomanPSMT,Times New Roman,Times,serif;" class="_mt" size="2">6,785,000</font></td>
<td width="2%" align="left">&nbsp;</td>
<td width="9%" align="right"><font style="font-family: TimesNewRomanPSMT,Times New Roman,Times,serif;" class="_mt" size="2">8,429,000</font></td>
<td width="2%" align="left">&nbsp;</td>
<td width="9%" align="right"><font style="font-family: TimesNewRomanPSMT,Times New Roman,Times,serif;" class="_mt" size="2">1,371,000</font></td>
<td width="2%" align="left">&nbsp;</td>
<td width="9%" align="right"><font style="font-family: TimesNewRomanPSMT,Times New Roman,Times,serif;" class="_mt" size="2">2,009,000</font></td>
<td width="2%" align="left">&nbsp;</td></tr>
<tr valign="bottom"><td width="22%" align="left"><font style="font-family: TimesNewRomanPSMT,Times New Roman,Times,serif;" class="_mt" size="2">Golden Triangle</font></td>
<td width="2%" align="right">&nbsp;</td>
<td width="9%" align="right"><font style="font-family: TimesNewRomanPSMT,Times New Roman,Times,serif;" class="_mt" size="2">9,796,000</font></td>
<td width="2%" align="left">&nbsp;</td>
<td width="2%" align="left">&nbsp;</td>
<td width="9%" align="right"><font style="font-family: TimesNewRomanPSMT,Times New Roman,Times,serif;" class="_mt" size="2">2,320,000</font></td>
<td width="2%" align="right">&nbsp;</td>
<td width="9%" align="right"><font style="font-family: TimesNewRomanPSMT,Times New Roman,Times,serif;" class="_mt" size="2">19,509,000</font></td>
<td width="2%" align="left">&nbsp;</td>
<td width="9%" align="right"><font style="font-family: TimesNewRomanPSMT,Times New Roman,Times,serif;" class="_mt" size="2">21,829,000</font></td>
<td width="2%" align="left">&nbsp;</td>
<td width="9%" align="right"><font style="font-family: TimesNewRomanPSMT,Times New Roman,Times,serif;" class="_mt" size="2">4,980,000</font></td>
<td width="2%" align="left">&nbsp;</td>
<td width="9%" align="right"><font style="font-family: TimesNewRomanPSMT,Times New Roman,Times,serif;" class="_mt" size="2">20,387,000</font></td>
<td width="2%" align="left">&nbsp;</td></tr>
<tr valign="bottom"><td width="22%" align="left"><font style="font-family: TimesNewRomanPSMT,Times New Roman,Times,serif;" class="_mt" size="2">Groton Shopping Center</font></td>
<td width="2%" align="right">&nbsp;</td>
<td width="9%" align="right"><font style="font-family: TimesNewRomanPSMT,Times New Roman,Times,serif;" class="_mt" size="2">342,000</font></td>
<td width="2%" align="left">&nbsp;</td>
<td width="2%" align="left">&nbsp;</td>
<td width="9%" align="right"><font style="font-family: TimesNewRomanPSMT,Times New Roman,Times,serif;" class="_mt" size="2">3,073,000</font></td>
<td width="2%" align="right">&nbsp;</td>
<td width="9%" align="right"><font style="font-family: TimesNewRomanPSMT,Times New Roman,Times,serif;" class="_mt" size="2">12,659,000</font></td>
<td width="2%" align="left">&nbsp;</td>
<td width="9%" align="right"><font style="font-family: TimesNewRomanPSMT,Times New Roman,Times,serif;" class="_mt" size="2">15,732,000</font></td>
<td width="2%" align="left">&nbsp;</td>
<td width="9%" align="right"><font style="font-family: TimesNewRomanPSMT,Times New Roman,Times,serif;" class="_mt" size="2">2,256,000</font></td>
<td width="2%" align="left">&nbsp;</td>
<td width="9%" align="right"><font style="font-family: TimesNewRomanPSMT,Times New Roman,Times,serif;" class="_mt" size="2">11,412,000</font></td>
<td width="2%" align="left">&nbsp;</td></tr>
<tr valign="bottom"><td width="22%" align="left"><font style="font-family: TimesNewRomanPSMT,Times New Roman,Times,serif;" class="_mt" size="2">HalifaxPlaza</font></td>
<td width="2%" align="right">&nbsp;</td>
<td width="9%" align="right"><font style="font-family: TimesNewRomanPSMT,Times New Roman,Times,serif;" class="_mt" size="2">224,000</font></td>
<td width="2%" align="left">&nbsp;</td>
<td width="2%" align="left">&nbsp;</td>
<td width="9%" align="right"><font style="font-family: TimesNewRomanPSMT,Times New Roman,Times,serif;" class="_mt" size="2">1,347,000</font></td>
<td width="2%" align="right">&nbsp;</td>
<td width="9%" align="right"><font style="font-family: TimesNewRomanPSMT,Times New Roman,Times,serif;" class="_mt" size="2">6,088,000</font></td>
<td width="2%" align="left">&nbsp;</td>
<td width="9%" align="right"><font style="font-family: TimesNewRomanPSMT,Times New Roman,Times,serif;" class="_mt" size="2">7,435,000</font></td>
<td width="2%" align="left">&nbsp;</td>
<td width="9%" align="right"><font style="font-family: TimesNewRomanPSMT,Times New Roman,Times,serif;" class="_mt" size="2">1,341,000</font></td>
<td width="2%" align="left">&nbsp;</td>
<td width="9%" align="right"><font style="font-family: TimesNewRomanPSMT,Times New Roman,Times,serif;" class="_mt" size="2">4,175,000</font></td>
<td width="2%" align="left">&nbsp;</td></tr>
<tr valign="bottom"><td width="22%" align="left"><font style="font-family: TimesNewRomanPSMT,Times New Roman,Times,serif;" class="_mt" size="2">Hamburg Commons</font></td>
<td width="2%" align="right">&nbsp;</td>
<td width="9%" align="right"><font style="font-family: TimesNewRomanPSMT,Times New Roman,Times,serif;" class="_mt" size="2">5,402,000</font></td>
<td width="2%" align="left">&nbsp;</td>
<td width="2%" align="left">&nbsp;</td>
<td width="9%" align="right"><font style="font-family: TimesNewRomanPSMT,Times New Roman,Times,serif;" class="_mt" size="2">1,153,000</font></td>
<td width="2%" align="right">&nbsp;</td>
<td width="9%" align="right"><font style="font-family: TimesNewRomanPSMT,Times New Roman,Times,serif;" class="_mt" size="2">10,080,000</font></td>
<td width="2%" align="left">&nbsp;</td>
<td width="9%" align="right"><font style="font-family: TimesNewRomanPSMT,Times New Roman,Times,serif;" class="_mt" size="2">11,233,000</font></td>
<td width="2%" align="left">&nbsp;</td>
<td width="9%" align="right"><font style="font-family: TimesNewRomanPSMT,Times New Roman,Times,serif;" class="_mt" size="2">1,776,000</font></td>
<td width="2%" align="left">&nbsp;</td>
<td width="9%" align="right"><font style="font-family: TimesNewRomanPSMT,Times New Roman,Times,serif;" class="_mt" size="2">5,017,000</font></td>
<td width="2%" align="left">&nbsp;</td></tr>
<tr valign="bottom"><td width="22%" align="left"><font style="font-family: TimesNewRomanPSMT,Times New Roman,Times,serif;" class="_mt" size="2">Huntingdon Plaza</font></td>
<td width="2%" align="right">&nbsp;</td>
<td width="9%" align="right"><font style="font-family: TimesNewRomanPSMT,Times New Roman,Times,serif;" class="_mt" size="2">1,892,000</font></td>
<td width="2%" align="left">&nbsp;</td>
<td width="2%" align="left">&nbsp;</td>
<td width="9%" align="right"><font style="font-family: TimesNewRomanPSMT,Times New Roman,Times,serif;" class="_mt" size="2">933,000</font></td>
<td width="2%" align="right">&nbsp;</td>
<td width="9%" align="right"><font style="font-family: TimesNewRomanPSMT,Times New Roman,Times,serif;" class="_mt" size="2">6,021,000</font></td>
<td width="2%" align="left">&nbsp;</td>
<td width="9%" align="right"><font style="font-family: TimesNewRomanPSMT,Times New Roman,Times,serif;" class="_mt" size="2">6,954,000</font></td>
<td width="2%" align="left">&nbsp;</td>
<td width="9%" align="right"><font style="font-family: TimesNewRomanPSMT,Times New Roman,Times,serif;" class="_mt" size="2">1,035,000</font></td>
<td width="2%" align="left">&nbsp;</td>
<td width="9%" align="right"><font style="font-family: TimesNewRomanPSMT,Times New Roman,Times,serif;" class="_mt" size="2">(3</font></td>
<td width="2%" align="left"><font style="font-family: TimesNewRomanPSMT,Times New Roman,Times,serif;" class="_mt" size="2">)</font></td></tr>
<tr valign="bottom"><td width="22%" align="left"><font style="font-family: TimesNewRomanPSMT,Times New Roman,Times,serif;" class="_mt" size="2">Jordan Lane</font></td>
<td width="2%" align="right">&nbsp;</td>
<td width="9%" align="right"><font style="font-family: TimesNewRomanPSMT,Times New Roman,Times,serif;" class="_mt" size="2">973,000</font></td>
<td width="2%" align="left">&nbsp;</td>
<td width="2%" align="left">&nbsp;</td>
<td width="9%" align="right"><font style="font-family: TimesNewRomanPSMT,Times New Roman,Times,serif;" class="_mt" size="2">4,291,000</font></td>
<td width="2%" align="right">&nbsp;</td>
<td width="9%" align="right"><font style="font-family: TimesNewRomanPSMT,Times New Roman,Times,serif;" class="_mt" size="2">22,149,000</font></td>
<td width="2%" align="left">&nbsp;</td>
<td width="9%" align="right"><font style="font-family: TimesNewRomanPSMT,Times New Roman,Times,serif;" class="_mt" size="2">26,440,000</font></td>
<td width="2%" align="left">&nbsp;</td>
<td width="9%" align="right"><font style="font-family: TimesNewRomanPSMT,Times New Roman,Times,serif;" class="_mt" size="2">4,638,000</font></td>
<td width="2%" align="left">&nbsp;</td>
<td width="9%" align="right"><font style="font-family: TimesNewRomanPSMT,Times New Roman,Times,serif;" class="_mt" size="2">12,628,000</font></td>
<td width="2%" align="left">&nbsp;</td></tr>
<tr valign="bottom"><td width="22%" align="left"><font style="font-family: TimesNewRomanPSMT,Times New Roman,Times,serif;" class="_mt" size="2">Kempsville Crossing</font></td>
<td width="2%" align="right">&nbsp;</td>
<td width="9%" align="right"><font style="font-family: TimesNewRomanPSMT,Times New Roman,Times,serif;" class="_mt" size="2">140,000</font></td>
<td width="2%" align="left">&nbsp;</td>
<td width="2%" align="left">&nbsp;</td>
<td width="9%" align="right"><font style="font-family: TimesNewRomanPSMT,Times New Roman,Times,serif;" class="_mt" size="2">2,207,000</font></td>
<td width="2%" align="right">&nbsp;</td>
<td width="9%" align="right"><font style="font-family: TimesNewRomanPSMT,Times New Roman,Times,serif;" class="_mt" size="2">11,140,000</font></td>
<td width="2%" align="left">&nbsp;</td>
<td width="9%" align="right"><font style="font-family: TimesNewRomanPSMT,Times New Roman,Times,serif;" class="_mt" size="2">13,347,000</font></td>
<td width="2%" align="left">&nbsp;</td>
<td width="9%" align="right"><font style="font-family: TimesNewRomanPSMT,Times New Roman,Times,serif;" class="_mt" size="2">2,974,000</font></td>
<td width="2%" align="left">&nbsp;</td>
<td width="9%" align="right"><font style="font-family: TimesNewRomanPSMT,Times New Roman,Times,serif;" class="_mt" size="2">5,799,000</font></td>
<td width="2%" align="left">&nbsp;</td></tr>
<tr valign="bottom"><td width="22%" align="left"><font style="font-family: TimesNewRomanPSMT,Times New Roman,Times,serif;" class="_mt" size="2">Kenley Village</font></td>
<td width="2%" align="right">&nbsp;</td>
<td width="9%" align="right"><font style="font-family: TimesNewRomanPSMT,Times New Roman,Times,serif;" class="_mt" size="2">120,000</font></td>
<td width="2%" align="left">&nbsp;</td>
<td width="2%" align="left">&nbsp;</td>
<td width="9%" align="right"><font style="font-family: TimesNewRomanPSMT,Times New Roman,Times,serif;" class="_mt" size="2">726,000</font></td>
<td width="2%" align="right">&nbsp;</td>
<td width="9%" align="right"><font style="font-family: TimesNewRomanPSMT,Times New Roman,Times,serif;" class="_mt" size="2">3,632,000</font></td>
<td width="2%" align="left">&nbsp;</td>
<td width="9%" align="right"><font style="font-family: TimesNewRomanPSMT,Times New Roman,Times,serif;" class="_mt" size="2">4,358,000</font></td>
<td width="2%" align="left">&nbsp;</td>
<td width="9%" align="right"><font style="font-family: TimesNewRomanPSMT,Times New Roman,Times,serif;" class="_mt" size="2">1,109,000</font></td>
<td width="2%" align="left">&nbsp;</td>
<td width="9%" align="right"><font style="font-family: TimesNewRomanPSMT,Times New Roman,Times,serif;" class="_mt" size="2">(3</font></td>
<td width="2%" align="left"><font style="font-family: TimesNewRomanPSMT,Times New Roman,Times,serif;" class="_mt" size="2">)</font></td></tr>
<tr valign="bottom"><td width="22%" align="left"><font style="font-family: TimesNewRomanPSMT,Times New Roman,Times,serif;" class="_mt" size="2">Kings Plaza</font></td>
<td width="2%" align="right">&nbsp;</td>
<td width="9%" align="right"><font style="font-family: TimesNewRomanPSMT,Times New Roman,Times,serif;" class="_mt" size="2">337,000</font></td>
<td width="2%" align="left">&nbsp;</td>
<td width="2%" align="left">&nbsp;</td>
<td width="9%" align="right"><font style="font-family: TimesNewRomanPSMT,Times New Roman,Times,serif;" class="_mt" size="2">2,408,000</font></td>
<td width="2%" align="right">&nbsp;</td>
<td width="9%" align="right"><font style="font-family: TimesNewRomanPSMT,Times New Roman,Times,serif;" class="_mt" size="2">12,946,000</font></td>
<td width="2%" align="left">&nbsp;</td>
<td width="9%" align="right"><font style="font-family: TimesNewRomanPSMT,Times New Roman,Times,serif;" class="_mt" size="2">15,354,000</font></td>
<td width="2%" align="left">&nbsp;</td>
<td width="9%" align="right"><font style="font-family: TimesNewRomanPSMT,Times New Roman,Times,serif;" class="_mt" size="2">2,141,000</font></td>
<td width="2%" align="left">&nbsp;</td>
<td width="9%" align="right"><font style="font-family: TimesNewRomanPSMT,Times New Roman,Times,serif;" class="_mt" size="2">7,538,000</font></td>
<td width="2%" align="left">&nbsp;</td></tr>
<tr valign="bottom"><td width="22%" align="left"><font style="font-family: TimesNewRomanPSMT,Times New Roman,Times,serif;" class="_mt" size="2">Kingston Plaza</font></td>
<td width="2%" align="right">&nbsp;</td>
<td width="9%" align="right"><font style="font-family: TimesNewRomanPSMT,Times New Roman,Times,serif;" class="_mt" size="2">(962,000</font></td>
<td width="2%" align="left"><font style="font-family: TimesNewRomanPSMT,Times New Roman,Times,serif;" class="_mt" size="2">)</font></td>
<td width="2%" align="left">&nbsp;</td>
<td width="9%" align="right"><font style="font-family: TimesNewRomanPSMT,Times New Roman,Times,serif;" class="_mt" size="2">496,000</font></td>
<td width="2%" align="right">&nbsp;</td>
<td width="9%" align="right"><font style="font-family: TimesNewRomanPSMT,Times New Roman,Times,serif;" class="_mt" size="2">186,000</font></td>
<td width="2%" align="left">&nbsp;</td>
<td width="9%" align="right"><font style="font-family: TimesNewRomanPSMT,Times New Roman,Times,serif;" class="_mt" size="2">682,000</font></td>
<td width="2%" align="left">&nbsp;</td>
<td width="9%" align="right"><font style="font-family: TimesNewRomanPSMT,Times New Roman,Times,serif;" class="_mt" size="2">30,000</font></td>
<td width="2%" align="left">&nbsp;</td>
<td width="9%" align="right"><font style="font-family: TimesNewRomanPSMT,Times New Roman,Times,serif;" class="_mt" size="2">511,000</font></td>
<td width="2%" align="left">&nbsp;</td></tr>
<tr valign="bottom"><td width="22%" align="left"><font style="font-family: TimesNewRomanPSMT,Times New Roman,Times,serif;" class="_mt" size="2">Lake Raystown Plaza</font></td>
<td width="2%" align="right">&nbsp;</td>
<td width="9%" align="right"><font style="font-family: TimesNewRomanPSMT,Times New Roman,Times,serif;" class="_mt" size="2">6,829,000</font></td>
<td width="2%" align="left">&nbsp;</td>
<td width="2%" align="left">&nbsp;</td>
<td width="9%" align="right"><font style="font-family: TimesNewRomanPSMT,Times New Roman,Times,serif;" class="_mt" size="2">2,231,000</font></td>
<td width="2%" align="right">&nbsp;</td>
<td width="9%" align="right"><font style="font-family: TimesNewRomanPSMT,Times New Roman,Times,serif;" class="_mt" size="2">13,564,000</font></td>
<td width="2%" align="left">&nbsp;</td>
<td width="9%" align="right"><font style="font-family: TimesNewRomanPSMT,Times New Roman,Times,serif;" class="_mt" size="2">15,795,000</font></td>
<td width="2%" align="left">&nbsp;</td>
<td width="9%" align="right"><font style="font-family: TimesNewRomanPSMT,Times New Roman,Times,serif;" class="_mt" size="2">2,882,000</font></td>
<td width="2%" align="left">&nbsp;</td>
<td width="9%" align="right"><font style="font-family: TimesNewRomanPSMT,Times New Roman,Times,serif;" class="_mt" size="2">(3</font></td>
<td width="2%" align="left"><font style="font-family: TimesNewRomanPSMT,Times New Roman,Times,serif;" class="_mt" size="2">)</font></td></tr>
<tr valign="bottom"><td width="22%" align="left"><font style="font-family: TimesNewRomanPSMT,Times New Roman,Times,serif;" class="_mt" size="2">Liberty Marketplace</font></td>
<td width="2%" align="right">&nbsp;</td>
<td width="9%" align="right"><font style="font-family: TimesNewRomanPSMT,Times New Roman,Times,serif;" class="_mt" size="2">294,000</font></td>
<td width="2%" align="left">&nbsp;</td>
<td width="2%" align="left">&nbsp;</td>
<td width="9%" align="right"><font style="font-family: TimesNewRomanPSMT,Times New Roman,Times,serif;" class="_mt" size="2">2,695,000</font></td>
<td width="2%" align="right">&nbsp;</td>
<td width="9%" align="right"><font style="font-family: TimesNewRomanPSMT,Times New Roman,Times,serif;" class="_mt" size="2">12,903,000</font></td>
<td width="2%" align="left">&nbsp;</td>
<td width="9%" align="right"><font style="font-family: TimesNewRomanPSMT,Times New Roman,Times,serif;" class="_mt" size="2">15,598,000</font></td>
<td width="2%" align="left">&nbsp;</td>
<td width="9%" align="right"><font style="font-family: TimesNewRomanPSMT,Times New Roman,Times,serif;" class="_mt" size="2">2,462,000</font></td>
<td width="2%" align="left">&nbsp;</td>
<td width="9%" align="right"><font style="font-family: TimesNewRomanPSMT,Times New Roman,Times,serif;" class="_mt" size="2">8,840,000</font></td>
<td width="2%" align="left">&nbsp;</td></tr>
<tr valign="bottom"><td width="22%" align="left"><font style="font-family: TimesNewRomanPSMT,Times New Roman,Times,serif;" class="_mt" size="2">Martins's at Glen Allen</font></td>
<td width="2%" align="right">&nbsp;</td>
<td width="9%" align="right"><font style="font-family: TimesNewRomanPSMT,Times New Roman,Times,serif;" class="_mt" size="2">3,000</font></td>
<td width="2%" align="left">&nbsp;</td>
<td width="2%" align="left">&nbsp;</td>
<td width="9%" align="right"><font style="font-family: TimesNewRomanPSMT,Times New Roman,Times,serif;" class="_mt" size="2">5,367,000</font></td>
<td width="2%" align="right">&nbsp;</td>
<td width="9%" align="right"><font style="font-family: TimesNewRomanPSMT,Times New Roman,Times,serif;" class="_mt" size="2">2,088,000</font></td>
<td width="2%" align="left">&nbsp;</td>
<td width="9%" align="right"><font style="font-family: TimesNewRomanPSMT,Times New Roman,Times,serif;" class="_mt" size="2">7,455,000</font></td>
<td width="2%" align="left">&nbsp;</td>
<td width="9%" align="right"><font style="font-family: TimesNewRomanPSMT,Times New Roman,Times,serif;" class="_mt" size="2">495,000</font></td>
<td width="2%" align="left">&nbsp;</td>
<td width="9%" align="right"><font style="font-family: TimesNewRomanPSMT,Times New Roman,Times,serif;" class="_mt" size="2">(3</font></td>
<td width="2%" align="left"><font style="font-family: TimesNewRomanPSMT,Times New Roman,Times,serif;" class="_mt" size="2">)</font></td></tr>
<tr valign="bottom"><td width="22%" align="left"><font style="font-family: TimesNewRomanPSMT,Times New Roman,Times,serif;" class="_mt" size="2">Meadows Marketplace</font></td>
<td width="2%" align="right">&nbsp;</td>
<td width="9%" align="right"><font style="font-family: TimesNewRomanPSMT,Times New Roman,Times,serif;" class="_mt" size="2">11,402,000</font></td>
<td width="2%" align="left">&nbsp;</td>
<td width="2%" align="left">&nbsp;</td>
<td width="9%" align="right"><font style="font-family: TimesNewRomanPSMT,Times New Roman,Times,serif;" class="_mt" size="2">1,914,000</font></td>
<td width="2%" align="right">&nbsp;</td>
<td width="9%" align="right"><font style="font-family: TimesNewRomanPSMT,Times New Roman,Times,serif;" class="_mt" size="2">11,402,000</font></td>
<td width="2%" align="left">&nbsp;</td>
<td width="9%" align="right"><font style="font-family: TimesNewRomanPSMT,Times New Roman,Times,serif;" class="_mt" size="2">13,316,000</font></td>
<td width="2%" align="left">&nbsp;</td>
<td width="9%" align="right"><font style="font-family: TimesNewRomanPSMT,Times New Roman,Times,serif;" class="_mt" size="2">1,685,000</font></td>
<td width="2%" align="left">&nbsp;</td>
<td width="9%" align="right"><font style="font-family: TimesNewRomanPSMT,Times New Roman,Times,serif;" class="_mt" size="2">10,002,000</font></td>
<td width="2%" align="left">&nbsp;</td></tr>
<tr valign="bottom"><td width="22%" align="left"><font style="font-family: TimesNewRomanPSMT,Times New Roman,Times,serif;" class="_mt" size="2">Mechanicsburg Giant</font></td>
<td width="2%" align="right">&nbsp;</td>
<td width="9%" align="right"><font style="font-family: TimesNewRomanPSMT,Times New Roman,Times,serif;" class="_mt" size="2">-</font></td>
<td width="2%" align="left">&nbsp;</td>
<td width="2%" align="left">&nbsp;</td>
<td width="9%" align="right"><font style="font-family: TimesNewRomanPSMT,Times New Roman,Times,serif;" class="_mt" size="2">2,709,000</font></td>
<td width="2%" align="right">&nbsp;</td>
<td width="9%" align="right"><font style="font-family: TimesNewRomanPSMT,Times New Roman,Times,serif;" class="_mt" size="2">12,159,000</font></td>
<td width="2%" align="left">&nbsp;</td>
<td width="9%" align="right"><font style="font-family: TimesNewRomanPSMT,Times New Roman,Times,serif;" class="_mt" size="2">14,868,000</font></td>
<td width="2%" align="left">&nbsp;</td>
<td width="9%" align="right"><font style="font-family: TimesNewRomanPSMT,Times New Roman,Times,serif;" class="_mt" size="2">2,137,000</font></td>
<td width="2%" align="left">&nbsp;</td>
<td width="9%" align="right"><font style="font-family: TimesNewRomanPSMT,Times New Roman,Times,serif;" class="_mt" size="2">9,075,000</font></td>
<td width="2%" align="left">&nbsp;</td></tr>
<tr valign="bottom"><td width="22%" align="left"><font style="font-family: TimesNewRomanPSMT,Times New Roman,Times,serif;" class="_mt" size="2">Metro Square</font></td>
<td width="2%" align="right">&nbsp;</td>
<td width="9%" align="right"><font style="font-family: TimesNewRomanPSMT,Times New Roman,Times,serif;" class="_mt" size="2">(301,000</font></td>
<td width="2%" align="left"><font style="font-family: TimesNewRomanPSMT,Times New Roman,Times,serif;" class="_mt" size="2">)</font></td>
<td width="2%" align="left">&nbsp;</td>
<td width="9%" align="right"><font style="font-family: TimesNewRomanPSMT,Times New Roman,Times,serif;" class="_mt" size="2">5,250,000</font></td>
<td width="2%" align="right">&nbsp;</td>
<td width="9%" align="right"><font style="font-family: TimesNewRomanPSMT,Times New Roman,Times,serif;" class="_mt" size="2">9,911,000</font></td>
<td width="2%" align="left">&nbsp;</td>
<td width="9%" align="right"><font style="font-family: TimesNewRomanPSMT,Times New Roman,Times,serif;" class="_mt" size="2">15,161,000</font></td>
<td width="2%" align="left">&nbsp;</td>
<td width="9%" align="right"><font style="font-family: TimesNewRomanPSMT,Times New Roman,Times,serif;" class="_mt" size="2">1,066,000</font></td>
<td width="2%" align="left">&nbsp;</td>
<td width="9%" align="right"><font style="font-family: TimesNewRomanPSMT,Times New Roman,Times,serif;" class="_mt" size="2">8,750,000</font></td>
<td width="2%" align="left">&nbsp;</td></tr>
<tr valign="bottom"><td width="22%" align="left"><font style="font-family: TimesNewRomanPSMT,Times New Roman,Times,serif;" class="_mt" size="2">Newport Plaza</font></td>
<td width="2%" align="right">&nbsp;</td>
<td width="9%" align="right"><font style="font-family: TimesNewRomanPSMT,Times New Roman,Times,serif;" class="_mt" size="2">236,000</font></td>
<td width="2%" align="left">&nbsp;</td>
<td width="2%" align="left">&nbsp;</td>
<td width="9%" align="right"><font style="font-family: TimesNewRomanPSMT,Times New Roman,Times,serif;" class="_mt" size="2">1,682,000</font></td>
<td width="2%" align="right">&nbsp;</td>
<td width="9%" align="right"><font style="font-family: TimesNewRomanPSMT,Times New Roman,Times,serif;" class="_mt" size="2">8,033,000</font></td>
<td width="2%" align="left">&nbsp;</td>
<td width="9%" align="right"><font style="font-family: TimesNewRomanPSMT,Times New Roman,Times,serif;" class="_mt" size="2">9,715,000</font></td>
<td width="2%" align="left">&nbsp;</td>
<td width="9%" align="right"><font style="font-family: TimesNewRomanPSMT,Times New Roman,Times,serif;" class="_mt" size="2">1,671,000</font></td>
<td width="2%" align="left">&nbsp;</td>
<td width="9%" align="right"><font style="font-family: TimesNewRomanPSMT,Times New Roman,Times,serif;" class="_mt" size="2">5,471,000</font></td>
<td width="2%" align="left">&nbsp;</td></tr>
<tr valign="bottom"><td width="22%" align="left"><font style="font-family: TimesNewRomanPSMT,Times New Roman,Times,serif;" class="_mt" size="2">New London Mall</font></td>
<td width="2%" align="right">&nbsp;</td>
<td width="9%" align="right"><font style="font-family: TimesNewRomanPSMT,Times New Roman,Times,serif;" class="_mt" size="2">999,000</font></td>
<td width="2%" align="left">&nbsp;</td>
<td width="2%" align="left">&nbsp;</td>
<td width="9%" align="right"><font style="font-family: TimesNewRomanPSMT,Times New Roman,Times,serif;" class="_mt" size="2">8,827,000</font></td>
<td width="2%" align="right">&nbsp;</td>
<td width="9%" align="right"><font style="font-family: TimesNewRomanPSMT,Times New Roman,Times,serif;" class="_mt" size="2">32,030,000</font></td>
<td width="2%" align="left">&nbsp;</td>
<td width="9%" align="right"><font style="font-family: TimesNewRomanPSMT,Times New Roman,Times,serif;" class="_mt" size="2">40,857,000</font></td>
<td width="2%" align="left">&nbsp;</td>
<td width="9%" align="right"><font style="font-family: TimesNewRomanPSMT,Times New Roman,Times,serif;" class="_mt" size="2">4,431,000</font></td>
<td width="2%" align="left">&nbsp;</td>
<td width="9%" align="right"><font style="font-family: TimesNewRomanPSMT,Times New Roman,Times,serif;" class="_mt" size="2">26,388,000</font></td>
<td width="2%" align="left">&nbsp;</td></tr>
<tr valign="bottom"><td width="22%" align="left"><font style="font-family: TimesNewRomanPSMT,Times New Roman,Times,serif;" class="_mt" size="2">Northside Commons</font></td>
<td width="2%" align="right">&nbsp;</td>
<td width="9%" align="right"><font style="font-family: TimesNewRomanPSMT,Times New Roman,Times,serif;" class="_mt" size="2">10,001,000</font></td>
<td width="2%" align="left">&nbsp;</td>
<td width="2%" align="left">&nbsp;</td>
<td width="9%" align="right"><font style="font-family: TimesNewRomanPSMT,Times New Roman,Times,serif;" class="_mt" size="2">3,379,000</font></td>
<td width="2%" align="right">&nbsp;</td>
<td width="9%" align="right"><font style="font-family: TimesNewRomanPSMT,Times New Roman,Times,serif;" class="_mt" size="2">9,954,000</font></td>
<td width="2%" align="left">&nbsp;</td>
<td width="9%" align="right"><font style="font-family: TimesNewRomanPSMT,Times New Roman,Times,serif;" class="_mt" size="2">13,333,000</font></td>
<td width="2%" align="left">&nbsp;</td>
<td width="9%" align="right"><font style="font-family: TimesNewRomanPSMT,Times New Roman,Times,serif;" class="_mt" size="2">552,000</font></td>
<td width="2%" align="left">&nbsp;</td>
<td width="9%" align="right"><font style="font-family: TimesNewRomanPSMT,Times New Roman,Times,serif;" class="_mt" size="2">(3</font></td>
<td width="2%" align="left"><font style="font-family: TimesNewRomanPSMT,Times New Roman,Times,serif;" class="_mt" size="2">)</font></td></tr></table></div>

<p style="margin: 0px;">&nbsp;</p>

<div>&nbsp;</div><br />

<p style="text-align: left;"><b><font style="font-family: TimesNewRomanPS-BoldMT,Times New Roman,Times,serif;" class="_mt" size="2">Cedar Realty Trust, Inc. Schedule III</font></b></p>

<p style="text-align: left;"><b><font style="font-family: TimesNewRomanPS-BoldMT,Times New Roman,Times,serif;" class="_mt" size="2">Real Estate andAccumulatedDepreciation Year ended December 31, 2011</font></b></p>

<div>

<table border="0" cellspacing="0">
<tr><td width="29%"> </td>
<td width="9%"> </td>
<td width="9%"> </td>
<td width="9%"> </td>
<td width="2%"> </td>
<td width="9%"> </td>
<td width="9%"> </td>
<td width="2%"> </td>
<td width="9%"> </td>
<td width="2%"> </td>
<td width="9%"> </td></tr>
<tr valign="bottom"><td width="29%" align="center"><i><font style="font-family: TimesNewRomanPS-ItalicMT,Times New Roman,Times,serif;" class="_mt" size="2">(continued)</font></i></td>
<td style="border-bottom: #000000 1px solid;" rowspan="3" width="9%" align="center"><b><font style="font-family: TimesNewRomanPS-BoldMT,Times New Roman,Times,serif;" class="_mt" size="2">State</font></b></td>
<td style="border-bottom: #000000 1px solid;" rowspan="3" width="9%" align="center"><b><font style="font-family: TimesNewRomanPS-BoldMT,Times New Roman,Times,serif;" class="_mt" size="2">Year</font></b><br /><b><font style="font-family: TimesNewRomanPS-BoldMT,Times New Roman,Times,serif;" class="_mt" size="2">acquired</font></b></td>
<td style="border-bottom: #000000 1px solid;" rowspan="3" width="11%" colspan="2" align="center"><b><font style="font-family: TimesNewRomanPS-BoldMT,Times New Roman,Times,serif;" class="_mt" size="2">Percent</font></b><br /><b><font style="font-family: TimesNewRomanPS-BoldMT,Times New Roman,Times,serif;" class="_mt" size="2">owned</font></b></td>
<td style="border-bottom: #000000 1px solid;" rowspan="3" width="9%" align="center"><b><font style="font-family: TimesNewRomanPS-BoldMT,Times New Roman,Times,serif;" class="_mt" size="2">Year built/</font></b><br /><b><font style="font-family: TimesNewRomanPS-BoldMT,Times New Roman,Times,serif;" class="_mt" size="2">Year last</font></b><br /><b><font style="font-family: TimesNewRomanPS-BoldMT,Times New Roman,Times,serif;" class="_mt" size="2">renovated</font></b></td>
<td style="border-bottom: #000000 1px solid;" rowspan="3" width="9%" align="center"><b><font style="font-family: TimesNewRomanPS-BoldMT,Times New Roman,Times,serif;" class="_mt" size="2">Gross</font></b><br /><b><font style="font-family: TimesNewRomanPS-BoldMT,Times New Roman,Times,serif;" class="_mt" size="2">leasable</font></b><br /><b><font style="font-family: TimesNewRomanPS-BoldMT,Times New Roman,Times,serif;" class="_mt" size="2">area</font></b></td>
<td style="border-bottom: #000000 1px solid;" width="22%" colspan="4" align="center"><b><font style="font-family: TimesNewRomanPS-BoldMT,Times New Roman,Times,serif;" class="_mt" size="2">Initial cost to the Company</font></b></td></tr>
<tr valign="bottom"><td style="border-bottom: #000000 1px solid;" rowspan="2" width="29%" align="center"><b><font style="font-family: TimesNewRomanPS-BoldMT,Times New Roman,Times,serif;" class="_mt" size="2">Property</font></b></td>
<td style="border-bottom: #000000 1px solid;" rowspan="2" width="11%" colspan="2" align="center"><b><font style="font-family: TimesNewRomanPS-BoldMT,Times New Roman,Times,serif;" class="_mt" size="2">Land</font></b></td>
<td style="border-bottom: #000000 1px solid;" rowspan="2" width="11%" colspan="2" align="center"><b><font style="font-family: TimesNewRomanPS-BoldMT,Times New Roman,Times,serif;" class="_mt" size="2">Building and</font></b><br /><b><font style="font-family: TimesNewRomanPS-BoldMT,Times New Roman,Times,serif;" class="_mt" size="2">Improvements</font></b></td></tr>
<tr><td width="98%" colspan="11">&nbsp;</td></tr>
<tr><td width="98%" colspan="11">&nbsp;</td></tr>
<tr valign="bottom"><td width="29%" align="left"><font style="font-family: TimesNewRomanPSMT,Times New Roman,Times,serif;" class="_mt" size="2">Norwood Shopping Center</font></td>
<td width="9%" align="center"><font style="font-family: TimesNewRomanPSMT,Times New Roman,Times,serif;" class="_mt" size="2">MA</font></td>
<td width="9%" align="center"><font style="font-family: TimesNewRomanPSMT,Times New Roman,Times,serif;" class="_mt" size="2">2006</font></td>
<td width="9%" align="right"><font style="font-family: TimesNewRomanPSMT,Times New Roman,Times,serif;" class="_mt" size="2">100</font></td>
<td width="2%" align="left"><font style="font-family: TimesNewRomanPSMT,Times New Roman,Times,serif;" class="_mt" size="2">%</font></td>
<td width="9%" align="right"><font style="font-family: TimesNewRomanPSMT,Times New Roman,Times,serif;" class="_mt" size="2">1965/2006</font></td>
<td width="9%" align="right"><font style="font-family: TimesNewRomanPSMT,Times New Roman,Times,serif;" class="_mt" size="2">102,459</font></td>
<td width="2%" align="left"><font style="font-family: TimesNewRomanPSMT,Times New Roman,Times,serif;" class="_mt" size="2">$</font></td>
<td width="9%" align="right"><font style="font-family: TimesNewRomanPSMT,Times New Roman,Times,serif;" class="_mt" size="2">1,874,000</font></td>
<td width="2%" align="center"><font style="font-family: TimesNewRomanPSMT,Times New Roman,Times,serif;" class="_mt" size="2">$</font></td>
<td width="9%" align="right"><font style="font-family: TimesNewRomanPSMT,Times New Roman,Times,serif;" class="_mt" size="2">8,453,000</font></td></tr>
<tr valign="bottom"><td width="29%" align="left"><font style="font-family: TimesNewRomanPSMT,Times New Roman,Times,serif;" class="_mt" size="2">Oak Ridge</font></td>
<td width="9%" align="center"><font style="font-family: TimesNewRomanPSMT,Times New Roman,Times,serif;" class="_mt" size="2">VA</font></td>
<td width="9%" align="center"><font style="font-family: TimesNewRomanPSMT,Times New Roman,Times,serif;" class="_mt" size="2">2006</font></td>
<td width="9%" align="right"><font style="font-family: TimesNewRomanPSMT,Times New Roman,Times,serif;" class="_mt" size="2">100</font></td>
<td width="2%" align="left"><font style="font-family: TimesNewRomanPSMT,Times New Roman,Times,serif;" class="_mt" size="2">%</font></td>
<td width="9%" align="right"><font style="font-family: TimesNewRomanPSMT,Times New Roman,Times,serif;" class="_mt" size="2">2000</font></td>
<td width="9%" align="right"><font style="font-family: TimesNewRomanPSMT,Times New Roman,Times,serif;" class="_mt" size="2">38,700</font></td>
<td width="2%" align="left">&nbsp;</td>
<td width="9%" align="right"><font style="font-family: TimesNewRomanPSMT,Times New Roman,Times,serif;" class="_mt" size="2">960,000</font></td>
<td width="2%" align="left">&nbsp;</td>
<td width="9%" align="right"><font style="font-family: TimesNewRomanPSMT,Times New Roman,Times,serif;" class="_mt" size="2">4,254,000</font></td></tr>
<tr valign="bottom"><td width="29%" align="left"><font style="font-family: TimesNewRomanPSMT,Times New Roman,Times,serif;" class="_mt" size="2">Oakland Commons</font></td>
<td width="9%" align="center"><font style="font-family: TimesNewRomanPSMT,Times New Roman,Times,serif;" class="_mt" size="2">CT</font></td>
<td width="9%" align="center"><font style="font-family: TimesNewRomanPSMT,Times New Roman,Times,serif;" class="_mt" size="2">2007</font></td>
<td width="9%" align="right"><font style="font-family: TimesNewRomanPSMT,Times New Roman,Times,serif;" class="_mt" size="2">100</font></td>
<td width="2%" align="left"><font style="font-family: TimesNewRomanPSMT,Times New Roman,Times,serif;" class="_mt" size="2">%</font></td>
<td width="9%" align="right"><font style="font-family: TimesNewRomanPSMT,Times New Roman,Times,serif;" class="_mt" size="2">1962/1995</font></td>
<td width="9%" align="right"><font style="font-family: TimesNewRomanPSMT,Times New Roman,Times,serif;" class="_mt" size="2">89,850</font></td>
<td width="2%" align="left">&nbsp;</td>
<td width="9%" align="right"><font style="font-family: TimesNewRomanPSMT,Times New Roman,Times,serif;" class="_mt" size="2">2,504,000</font></td>
<td width="2%" align="left">&nbsp;</td>
<td width="9%" align="right"><font style="font-family: TimesNewRomanPSMT,Times New Roman,Times,serif;" class="_mt" size="2">15,662,000</font></td></tr>
<tr valign="bottom"><td width="29%" align="left"><font style="font-family: TimesNewRomanPSMT,Times New Roman,Times,serif;" class="_mt" size="2">Oakland Mills</font></td>
<td width="9%" align="center"><font style="font-family: TimesNewRomanPSMT,Times New Roman,Times,serif;" class="_mt" size="2">MD</font></td>
<td width="9%" align="center"><font style="font-family: TimesNewRomanPSMT,Times New Roman,Times,serif;" class="_mt" size="2">2005</font></td>
<td width="9%" align="right"><font style="font-family: TimesNewRomanPSMT,Times New Roman,Times,serif;" class="_mt" size="2">100</font></td>
<td width="2%" align="left"><font style="font-family: TimesNewRomanPSMT,Times New Roman,Times,serif;" class="_mt" size="2">%</font></td>
<td width="9%" align="right"><font style="font-family: TimesNewRomanPSMT,Times New Roman,Times,serif;" class="_mt" size="2">1960's<font style="font-family: TimesNewRomanPSMT,Times New Roman,Times,serif;" class="_mt" size="2">/2004</font></font></td>
<td width="9%" align="right"><font style="font-family: TimesNewRomanPSMT,Times New Roman,Times,serif;" class="_mt" size="2">58,224</font></td>
<td width="2%" align="left">&nbsp;</td>
<td width="9%" align="right"><font style="font-family: TimesNewRomanPSMT,Times New Roman,Times,serif;" class="_mt" size="2">1,611,000</font></td>
<td width="2%" align="left">&nbsp;</td>
<td width="9%" align="right"><font style="font-family: TimesNewRomanPSMT,Times New Roman,Times,serif;" class="_mt" size="2">6,292,000</font></td></tr>
<tr valign="bottom"><td width="29%" align="left"><font style="font-family: TimesNewRomanPSMT,Times New Roman,Times,serif;" class="_mt" size="2">Palmyra Shopping Center</font></td>
<td width="9%" align="center"><font style="font-family: TimesNewRomanPSMT,Times New Roman,Times,serif;" class="_mt" size="2">PA</font></td>
<td width="9%" align="center"><font style="font-family: TimesNewRomanPSMT,Times New Roman,Times,serif;" class="_mt" size="2">2005</font></td>
<td width="9%" align="right"><font style="font-family: TimesNewRomanPSMT,Times New Roman,Times,serif;" class="_mt" size="2">100</font></td>
<td width="2%" align="left"><font style="font-family: TimesNewRomanPSMT,Times New Roman,Times,serif;" class="_mt" size="2">%</font></td>
<td width="9%" align="right"><font style="font-family: TimesNewRomanPSMT,Times New Roman,Times,serif;" class="_mt" size="2">1960/1995</font></td>
<td width="9%" align="right"><font style="font-family: TimesNewRomanPSMT,Times New Roman,Times,serif;" class="_mt" size="2">110,970</font></td>
<td width="2%" align="left">&nbsp;</td>
<td width="9%" align="right"><font style="font-family: TimesNewRomanPSMT,Times New Roman,Times,serif;" class="_mt" size="2">1,488,000</font></td>
<td width="2%" align="left">&nbsp;</td>
<td width="9%" align="right"><font style="font-family: TimesNewRomanPSMT,Times New Roman,Times,serif;" class="_mt" size="2">6,566,000</font></td></tr>
<tr valign="bottom"><td width="29%" align="left"><font style="font-family: TimesNewRomanPSMT,Times New Roman,Times,serif;" class="_mt" size="2">Pine Grove Plaza</font></td>
<td width="9%" align="center"><font style="font-family: TimesNewRomanPSMT,Times New Roman,Times,serif;" class="_mt" size="2">NJ</font></td>
<td width="9%" align="center"><font style="font-family: TimesNewRomanPSMT,Times New Roman,Times,serif;" class="_mt" size="2">2003</font></td>
<td width="9%" align="right"><font style="font-family: TimesNewRomanPSMT,Times New Roman,Times,serif;" class="_mt" size="2">100</font></td>
<td width="2%" align="left"><font style="font-family: TimesNewRomanPSMT,Times New Roman,Times,serif;" class="_mt" size="2">%</font></td>
<td width="9%" align="right"><font style="font-family: TimesNewRomanPSMT,Times New Roman,Times,serif;" class="_mt" size="2">2001/2002</font></td>
<td width="9%" align="right"><font style="font-family: TimesNewRomanPSMT,Times New Roman,Times,serif;" class="_mt" size="2">86,089</font></td>
<td width="2%" align="left">&nbsp;</td>
<td width="9%" align="right"><font style="font-family: TimesNewRomanPSMT,Times New Roman,Times,serif;" class="_mt" size="2">2,010,000</font></td>
<td width="2%" align="left">&nbsp;</td>
<td width="9%" align="right"><font style="font-family: TimesNewRomanPSMT,Times New Roman,Times,serif;" class="_mt" size="2">6,489,000</font></td></tr>
<tr valign="bottom"><td width="29%" align="left"><font style="font-family: TimesNewRomanPSMT,Times New Roman,Times,serif;" class="_mt" size="2">Port Richmond Village</font></td>
<td width="9%" align="center"><font style="font-family: TimesNewRomanPSMT,Times New Roman,Times,serif;" class="_mt" size="2">PA</font></td>
<td width="9%" align="center"><font style="font-family: TimesNewRomanPSMT,Times New Roman,Times,serif;" class="_mt" size="2">2001</font></td>
<td width="9%" align="right"><font style="font-family: TimesNewRomanPSMT,Times New Roman,Times,serif;" class="_mt" size="2">100</font></td>
<td width="2%" align="left"><font style="font-family: TimesNewRomanPSMT,Times New Roman,Times,serif;" class="_mt" size="2">%</font></td>
<td width="9%" align="right"><font style="font-family: TimesNewRomanPSMT,Times New Roman,Times,serif;" class="_mt" size="2">1988</font></td>
<td width="9%" align="right"><font style="font-family: TimesNewRomanPSMT,Times New Roman,Times,serif;" class="_mt" size="2">154,908</font></td>
<td width="2%" align="left">&nbsp;</td>
<td width="9%" align="right"><font style="font-family: TimesNewRomanPSMT,Times New Roman,Times,serif;" class="_mt" size="2">2,942,000</font></td>
<td width="2%" align="left">&nbsp;</td>
<td width="9%" align="right"><font style="font-family: TimesNewRomanPSMT,Times New Roman,Times,serif;" class="_mt" size="2">11,769,000</font></td></tr>
<tr valign="bottom"><td width="29%" align="left"><font style="font-family: TimesNewRomanPSMT,Times New Roman,Times,serif;" class="_mt" size="2">Price Chopper Plaza</font></td>
<td width="9%" align="center"><font style="font-family: TimesNewRomanPSMT,Times New Roman,Times,serif;" class="_mt" size="2">MA</font></td>
<td width="9%" align="center"><font style="font-family: TimesNewRomanPSMT,Times New Roman,Times,serif;" class="_mt" size="2">2007</font></td>
<td width="9%" align="right"><font style="font-family: TimesNewRomanPSMT,Times New Roman,Times,serif;" class="_mt" size="2">100</font></td>
<td width="2%" align="left"><font style="font-family: TimesNewRomanPSMT,Times New Roman,Times,serif;" class="_mt" size="2">%</font></td>
<td width="9%" align="right"><font style="font-family: TimesNewRomanPSMT,Times New Roman,Times,serif;" class="_mt" size="2">1960's-2004</font></td>
<td width="9%" align="right"><font style="font-family: TimesNewRomanPSMT,Times New Roman,Times,serif;" class="_mt" size="2">101,824</font></td>
<td width="2%" align="left">&nbsp;</td>
<td width="9%" align="right"><font style="font-family: TimesNewRomanPSMT,Times New Roman,Times,serif;" class="_mt" size="2">3,551,000</font></td>
<td width="2%" align="left">&nbsp;</td>
<td width="9%" align="right"><font style="font-family: TimesNewRomanPSMT,Times New Roman,Times,serif;" class="_mt" size="2">18,412,000</font></td></tr>
<tr valign="bottom"><td width="29%" align="left"><font style="font-family: TimesNewRomanPSMT,Times New Roman,Times,serif;" class="_mt" size="2">River View Plaza I, II and III</font></td>
<td width="9%" align="center"><font style="font-family: TimesNewRomanPSMT,Times New Roman,Times,serif;" class="_mt" size="2">PA</font></td>
<td width="9%" align="center"><font style="font-family: TimesNewRomanPSMT,Times New Roman,Times,serif;" class="_mt" size="2">2003</font></td>
<td width="9%" align="right"><font style="font-family: TimesNewRomanPSMT,Times New Roman,Times,serif;" class="_mt" size="2">100</font></td>
<td width="2%" align="left"><font style="font-family: TimesNewRomanPSMT,Times New Roman,Times,serif;" class="_mt" size="2">%</font></td>
<td width="9%" align="right"><font style="font-family: TimesNewRomanPSMT,Times New Roman,Times,serif;" class="_mt" size="2">1991/1998</font></td>
<td width="9%" align="right"><font style="font-family: TimesNewRomanPSMT,Times New Roman,Times,serif;" class="_mt" size="2">244,034</font></td>
<td width="2%" align="left">&nbsp;</td>
<td width="9%" align="right"><font style="font-family: TimesNewRomanPSMT,Times New Roman,Times,serif;" class="_mt" size="2">9,718,000</font></td>
<td width="2%" align="left">&nbsp;</td>
<td width="9%" align="right"><font style="font-family: TimesNewRomanPSMT,Times New Roman,Times,serif;" class="_mt" size="2">40,356,000</font></td></tr>
<tr valign="bottom"><td width="29%" align="left"><font style="font-family: TimesNewRomanPSMT,Times New Roman,Times,serif;" class="_mt" size="2">San Souci Plaza</font></td>
<td width="9%" align="center"><font style="font-family: TimesNewRomanPSMT,Times New Roman,Times,serif;" class="_mt" size="2">MD</font></td>
<td width="9%" align="center"><font style="font-family: TimesNewRomanPSMT,Times New Roman,Times,serif;" class="_mt" size="2">2009</font></td>
<td width="9%" align="right"><font style="font-family: TimesNewRomanPSMT,Times New Roman,Times,serif;" class="_mt" size="2">40</font></td>
<td width="2%" align="left"><font style="font-family: TimesNewRomanPSMT,Times New Roman,Times,serif;" class="_mt" size="2">%</font></td>
<td width="9%" align="right"><font style="font-family: TimesNewRomanPSMT,Times New Roman,Times,serif;" class="_mt" size="2">1985 - 1997</font></td>
<td width="9%" align="right"><font style="font-family: TimesNewRomanPSMT,Times New Roman,Times,serif;" class="_mt" size="2">264,134</font></td>
<td width="2%" align="left">&nbsp;</td>
<td width="9%" align="right"><font style="font-family: TimesNewRomanPSMT,Times New Roman,Times,serif;" class="_mt" size="2">14,849,000</font></td>
<td width="2%" align="left">&nbsp;</td>
<td width="9%" align="right"><font style="font-family: TimesNewRomanPSMT,Times New Roman,Times,serif;" class="_mt" size="2">18,445,000</font></td></tr>
<tr valign="bottom"><td width="29%" align="left"><font style="font-family: TimesNewRomanPSMT,Times New Roman,Times,serif;" class="_mt" size="2">Smithfield Plaza</font></td>
<td width="9%" align="center"><font style="font-family: TimesNewRomanPSMT,Times New Roman,Times,serif;" class="_mt" size="2">VA</font></td>
<td width="9%" align="center"><font style="font-family: TimesNewRomanPSMT,Times New Roman,Times,serif;" class="_mt" size="2">2005-2008</font></td>
<td width="9%" align="right"><font style="font-family: TimesNewRomanPSMT,Times New Roman,Times,serif;" class="_mt" size="2">100</font></td>
<td width="2%" align="left"><font style="font-family: TimesNewRomanPSMT,Times New Roman,Times,serif;" class="_mt" size="2">%</font></td>
<td width="9%" align="right"><font style="font-family: TimesNewRomanPSMT,Times New Roman,Times,serif;" class="_mt" size="2">1987/1996</font></td>
<td width="9%" align="right"><font style="font-family: TimesNewRomanPSMT,Times New Roman,Times,serif;" class="_mt" size="2">134,664</font></td>
<td width="2%" align="left">&nbsp;</td>
<td width="9%" align="right"><font style="font-family: TimesNewRomanPSMT,Times New Roman,Times,serif;" class="_mt" size="2">2,947,000</font></td>
<td width="2%" align="left">&nbsp;</td>
<td width="9%" align="right"><font style="font-family: TimesNewRomanPSMT,Times New Roman,Times,serif;" class="_mt" size="2">12,737,000</font></td></tr>
<tr valign="bottom"><td width="29%" align="left"><font style="font-family: TimesNewRomanPSMT,Times New Roman,Times,serif;" class="_mt" size="2">South Philadelphia</font></td>
<td width="9%" align="center"><font style="font-family: TimesNewRomanPSMT,Times New Roman,Times,serif;" class="_mt" size="2">PA</font></td>
<td width="9%" align="center"><font style="font-family: TimesNewRomanPSMT,Times New Roman,Times,serif;" class="_mt" size="2">2003</font></td>
<td width="9%" align="right"><font style="font-family: TimesNewRomanPSMT,Times New Roman,Times,serif;" class="_mt" size="2">100</font></td>
<td width="2%" align="left"><font style="font-family: TimesNewRomanPSMT,Times New Roman,Times,serif;" class="_mt" size="2">%</font></td>
<td width="9%" align="right"><font style="font-family: TimesNewRomanPSMT,Times New Roman,Times,serif;" class="_mt" size="2">1950/2003</font></td>
<td width="9%" align="right"><font style="font-family: TimesNewRomanPSMT,Times New Roman,Times,serif;" class="_mt" size="2">283,415</font></td>
<td width="2%" align="left">&nbsp;</td>
<td width="9%" align="right"><font style="font-family: TimesNewRomanPSMT,Times New Roman,Times,serif;" class="_mt" size="2">8,222,000</font></td>
<td width="2%" align="left">&nbsp;</td>
<td width="9%" align="right"><font style="font-family: TimesNewRomanPSMT,Times New Roman,Times,serif;" class="_mt" size="2">36,314,000</font></td></tr>
<tr valign="bottom"><td width="29%" align="left"><font style="font-family: TimesNewRomanPSMT,Times New Roman,Times,serif;" class="_mt" size="2">Southington Shopping Center</font></td>
<td width="9%" align="center"><font style="font-family: TimesNewRomanPSMT,Times New Roman,Times,serif;" class="_mt" size="2">CT</font></td>
<td width="9%" align="center"><font style="font-family: TimesNewRomanPSMT,Times New Roman,Times,serif;" class="_mt" size="2">2003</font></td>
<td width="9%" align="right"><font style="font-family: TimesNewRomanPSMT,Times New Roman,Times,serif;" class="_mt" size="2">100</font></td>
<td width="2%" align="left"><font style="font-family: TimesNewRomanPSMT,Times New Roman,Times,serif;" class="_mt" size="2">%</font></td>
<td width="9%" align="right"><font style="font-family: TimesNewRomanPSMT,Times New Roman,Times,serif;" class="_mt" size="2">1972/2000</font></td>
<td width="9%" align="right"><font style="font-family: TimesNewRomanPSMT,Times New Roman,Times,serif;" class="_mt" size="2">155,842</font></td>
<td width="2%" align="left">&nbsp;</td>
<td width="9%" align="center"><font style="font-family: TimesNewRomanPSMT,Times New Roman,Times,serif;" class="_mt" size="2">-</font></td>
<td width="2%" align="left">&nbsp;</td>
<td width="9%" align="right"><font style="font-family: TimesNewRomanPSMT,Times New Roman,Times,serif;" class="_mt" size="2">11,834,000</font></td></tr>
<tr valign="bottom"><td width="29%" align="left"><font style="font-family: TimesNewRomanPSMT,Times New Roman,Times,serif;" class="_mt" size="2">St. James Square</font></td>
<td width="9%" align="center"><font style="font-family: TimesNewRomanPSMT,Times New Roman,Times,serif;" class="_mt" size="2">MD</font></td>
<td width="9%" align="center"><font style="font-family: TimesNewRomanPSMT,Times New Roman,Times,serif;" class="_mt" size="2">2005</font></td>
<td width="9%" align="right"><font style="font-family: TimesNewRomanPSMT,Times New Roman,Times,serif;" class="_mt" size="2">100</font></td>
<td width="2%" align="left"><font style="font-family: TimesNewRomanPSMT,Times New Roman,Times,serif;" class="_mt" size="2">%</font></td>
<td width="9%" align="right"><font style="font-family: TimesNewRomanPSMT,Times New Roman,Times,serif;" class="_mt" size="2">2000</font></td>
<td width="9%" align="right"><font style="font-family: TimesNewRomanPSMT,Times New Roman,Times,serif;" class="_mt" size="2">39,903</font></td>
<td width="2%" align="left">&nbsp;</td>
<td width="9%" align="right"><font style="font-family: TimesNewRomanPSMT,Times New Roman,Times,serif;" class="_mt" size="2">688,000</font></td>
<td width="2%" align="left">&nbsp;</td>
<td width="9%" align="right"><font style="font-family: TimesNewRomanPSMT,Times New Roman,Times,serif;" class="_mt" size="2">3,838,000</font></td></tr>
<tr valign="bottom"><td width="29%" align="left"><font style="font-family: TimesNewRomanPSMT,Times New Roman,Times,serif;" class="_mt" size="2">Suffolk Plaza</font></td>
<td width="9%" align="center"><font style="font-family: TimesNewRomanPSMT,Times New Roman,Times,serif;" class="_mt" size="2">VA</font></td>
<td width="9%" align="center"><font style="font-family: TimesNewRomanPSMT,Times New Roman,Times,serif;" class="_mt" size="2">2005</font></td>
<td width="9%" align="right"><font style="font-family: TimesNewRomanPSMT,Times New Roman,Times,serif;" class="_mt" size="2">100</font></td>
<td width="2%" align="left"><font style="font-family: TimesNewRomanPSMT,Times New Roman,Times,serif;" class="_mt" size="2">%</font></td>
<td width="9%" align="right"><font style="font-family: TimesNewRomanPSMT,Times New Roman,Times,serif;" class="_mt" size="2">1984</font></td>
<td width="9%" align="right"><font style="font-family: TimesNewRomanPSMT,Times New Roman,Times,serif;" class="_mt" size="2">67,216</font></td>
<td width="2%" align="left">&nbsp;</td>
<td width="9%" align="right"><font style="font-family: TimesNewRomanPSMT,Times New Roman,Times,serif;" class="_mt" size="2">1,402,000</font></td>
<td width="2%" align="left">&nbsp;</td>
<td width="9%" align="right"><font style="font-family: TimesNewRomanPSMT,Times New Roman,Times,serif;" class="_mt" size="2">7,236,000</font></td></tr>
<tr valign="bottom"><td width="29%" align="left"><font style="font-family: TimesNewRomanPSMT,Times New Roman,Times,serif;" class="_mt" size="2">Swede Square</font></td>
<td width="9%" align="center"><font style="font-family: TimesNewRomanPSMT,Times New Roman,Times,serif;" class="_mt" size="2">PA</font></td>
<td width="9%" align="center"><font style="font-family: TimesNewRomanPSMT,Times New Roman,Times,serif;" class="_mt" size="2">2003</font></td>
<td width="9%" align="right"><font style="font-family: TimesNewRomanPSMT,Times New Roman,Times,serif;" class="_mt" size="2">100</font></td>
<td width="2%" align="left"><font style="font-family: TimesNewRomanPSMT,Times New Roman,Times,serif;" class="_mt" size="2">%</font></td>
<td width="9%" align="right"><font style="font-family: TimesNewRomanPSMT,Times New Roman,Times,serif;" class="_mt" size="2">1980/2004</font></td>
<td width="9%" align="right"><font style="font-family: TimesNewRomanPSMT,Times New Roman,Times,serif;" class="_mt" size="2">100,816</font></td>
<td width="2%" align="left">&nbsp;</td>
<td width="9%" align="right"><font style="font-family: TimesNewRomanPSMT,Times New Roman,Times,serif;" class="_mt" size="2">2,268,000</font></td>
<td width="2%" align="left">&nbsp;</td>
<td width="9%" align="right"><font style="font-family: TimesNewRomanPSMT,Times New Roman,Times,serif;" class="_mt" size="2">6,232,000</font></td></tr>
<tr valign="bottom"><td width="29%" align="left"><font style="font-family: TimesNewRomanPSMT,Times New Roman,Times,serif;" class="_mt" size="2">The Brickyard</font></td>
<td width="9%" align="center"><font style="font-family: TimesNewRomanPSMT,Times New Roman,Times,serif;" class="_mt" size="2">CT</font></td>
<td width="9%" align="center"><font style="font-family: TimesNewRomanPSMT,Times New Roman,Times,serif;" class="_mt" size="2">2004</font></td>
<td width="9%" align="right"><font style="font-family: TimesNewRomanPSMT,Times New Roman,Times,serif;" class="_mt" size="2">100</font></td>
<td width="2%" align="left"><font style="font-family: TimesNewRomanPSMT,Times New Roman,Times,serif;" class="_mt" size="2">%</font></td>
<td width="9%" align="right"><font style="font-family: TimesNewRomanPSMT,Times New Roman,Times,serif;" class="_mt" size="2">1990</font></td>
<td width="9%" align="right"><font style="font-family: TimesNewRomanPSMT,Times New Roman,Times,serif;" class="_mt" size="2">249,553</font></td>
<td width="2%" align="left">&nbsp;</td>
<td width="9%" align="right"><font style="font-family: TimesNewRomanPSMT,Times New Roman,Times,serif;" class="_mt" size="2">7,632,000</font></td>
<td width="2%" align="left">&nbsp;</td>
<td width="9%" align="right"><font style="font-family: TimesNewRomanPSMT,Times New Roman,Times,serif;" class="_mt" size="2">29,308,000</font></td></tr>
<tr valign="bottom"><td width="29%" align="left"><font style="font-family: TimesNewRomanPSMT,Times New Roman,Times,serif;" class="_mt" size="2">The Commons</font></td>
<td width="9%" align="center"><font style="font-family: TimesNewRomanPSMT,Times New Roman,Times,serif;" class="_mt" size="2">PA</font></td>
<td width="9%" align="center"><font style="font-family: TimesNewRomanPSMT,Times New Roman,Times,serif;" class="_mt" size="2">2004</font></td>
<td width="9%" align="right"><font style="font-family: TimesNewRomanPSMT,Times New Roman,Times,serif;" class="_mt" size="2">100</font></td>
<td width="2%" align="left"><font style="font-family: TimesNewRomanPSMT,Times New Roman,Times,serif;" class="_mt" size="2">%</font></td>
<td width="9%" align="right"><font style="font-family: TimesNewRomanPSMT,Times New Roman,Times,serif;" class="_mt" size="2">2003</font></td>
<td width="9%" align="right"><font style="font-family: TimesNewRomanPSMT,Times New Roman,Times,serif;" class="_mt" size="2">203,426</font></td>
<td width="2%" align="left">&nbsp;</td>
<td width="9%" align="right"><font style="font-family: TimesNewRomanPSMT,Times New Roman,Times,serif;" class="_mt" size="2">3,098,000</font></td>
<td width="2%" align="left">&nbsp;</td>
<td width="9%" align="right"><font style="font-family: TimesNewRomanPSMT,Times New Roman,Times,serif;" class="_mt" size="2">14,047,000</font></td></tr>
<tr valign="bottom"><td width="29%" align="left"><font style="font-family: TimesNewRomanPSMT,Times New Roman,Times,serif;" class="_mt" size="2">The Point</font></td>
<td width="9%" align="center"><font style="font-family: TimesNewRomanPSMT,Times New Roman,Times,serif;" class="_mt" size="2">PA</font></td>
<td width="9%" align="center"><font style="font-family: TimesNewRomanPSMT,Times New Roman,Times,serif;" class="_mt" size="2">2000</font></td>
<td width="9%" align="right"><font style="font-family: TimesNewRomanPSMT,Times New Roman,Times,serif;" class="_mt" size="2">100</font></td>
<td width="2%" align="left"><font style="font-family: TimesNewRomanPSMT,Times New Roman,Times,serif;" class="_mt" size="2">%</font></td>
<td width="9%" align="right"><font style="font-family: TimesNewRomanPSMT,Times New Roman,Times,serif;" class="_mt" size="2">1972/2001</font></td>
<td width="9%" align="right"><font style="font-family: TimesNewRomanPSMT,Times New Roman,Times,serif;" class="_mt" size="2">268,037</font></td>
<td width="2%" align="left">&nbsp;</td>
<td width="9%" align="right"><font style="font-family: TimesNewRomanPSMT,Times New Roman,Times,serif;" class="_mt" size="2">2,700,000</font></td>
<td width="2%" align="left">&nbsp;</td>
<td width="9%" align="right"><font style="font-family: TimesNewRomanPSMT,Times New Roman,Times,serif;" class="_mt" size="2">10,800,000</font></td></tr>
<tr valign="bottom"><td width="29%" align="left"><font style="font-family: TimesNewRomanPSMT,Times New Roman,Times,serif;" class="_mt" size="2">The Shops at Suffolk Downs</font></td>
<td width="9%" align="center"><font style="font-family: TimesNewRomanPSMT,Times New Roman,Times,serif;" class="_mt" size="2">MA</font></td>
<td width="9%" align="center"><font style="font-family: TimesNewRomanPSMT,Times New Roman,Times,serif;" class="_mt" size="2">2005</font></td>
<td width="9%" align="right"><font style="font-family: TimesNewRomanPSMT,Times New Roman,Times,serif;" class="_mt" size="2">100</font></td>
<td width="2%" align="left"><font style="font-family: TimesNewRomanPSMT,Times New Roman,Times,serif;" class="_mt" size="2">%</font></td>
<td width="9%" align="right"><font style="font-family: TimesNewRomanPSMT,Times New Roman,Times,serif;" class="_mt" size="2">2005</font></td>
<td width="9%" align="right"><font style="font-family: TimesNewRomanPSMT,Times New Roman,Times,serif;" class="_mt" size="2">121,251</font></td>
<td width="2%" align="left">&nbsp;</td>
<td width="9%" align="right"><font style="font-family: TimesNewRomanPSMT,Times New Roman,Times,serif;" class="_mt" size="2">7,580,000</font></td>
<td width="2%" align="left">&nbsp;</td>
<td width="9%" align="right"><font style="font-family: TimesNewRomanPSMT,Times New Roman,Times,serif;" class="_mt" size="2">11,089,000</font></td></tr>
<tr valign="bottom"><td width="29%" align="left"><font style="font-family: TimesNewRomanPSMT,Times New Roman,Times,serif;" class="_mt" size="2">Timpany Plaza</font></td>
<td width="9%" align="center"><font style="font-family: TimesNewRomanPSMT,Times New Roman,Times,serif;" class="_mt" size="2">MA</font></td>
<td width="9%" align="center"><font style="font-family: TimesNewRomanPSMT,Times New Roman,Times,serif;" class="_mt" size="2">2007</font></td>
<td width="9%" align="right"><font style="font-family: TimesNewRomanPSMT,Times New Roman,Times,serif;" class="_mt" size="2">100</font></td>
<td width="2%" align="left"><font style="font-family: TimesNewRomanPSMT,Times New Roman,Times,serif;" class="_mt" size="2">%</font></td>
<td width="9%" align="right"><font style="font-family: TimesNewRomanPSMT,Times New Roman,Times,serif;" class="_mt" size="2">1970's-1989</font></td>
<td width="9%" align="right"><font style="font-family: TimesNewRomanPSMT,Times New Roman,Times,serif;" class="_mt" size="2">183,775</font></td>
<td width="2%" align="left">&nbsp;</td>
<td width="9%" align="right"><font style="font-family: TimesNewRomanPSMT,Times New Roman,Times,serif;" class="_mt" size="2">3,412,000</font></td>
<td width="2%" align="left">&nbsp;</td>
<td width="9%" align="right"><font style="font-family: TimesNewRomanPSMT,Times New Roman,Times,serif;" class="_mt" size="2">19,240,000</font></td></tr>
<tr valign="bottom"><td width="29%" align="left"><font style="font-family: TimesNewRomanPSMT,Times New Roman,Times,serif;" class="_mt" size="2">Townfair Center</font></td>
<td width="9%" align="center"><font style="font-family: TimesNewRomanPSMT,Times New Roman,Times,serif;" class="_mt" size="2">PA</font></td>
<td width="9%" align="center"><font style="font-family: TimesNewRomanPSMT,Times New Roman,Times,serif;" class="_mt" size="2">2004</font></td>
<td width="9%" align="right"><font style="font-family: TimesNewRomanPSMT,Times New Roman,Times,serif;" class="_mt" size="2">100</font></td>
<td width="2%" align="left"><font style="font-family: TimesNewRomanPSMT,Times New Roman,Times,serif;" class="_mt" size="2">%</font></td>
<td width="9%" align="right"><font style="font-family: TimesNewRomanPSMT,Times New Roman,Times,serif;" class="_mt" size="2">2002</font></td>
<td width="9%" align="right"><font style="font-family: TimesNewRomanPSMT,Times New Roman,Times,serif;" class="_mt" size="2">218,662</font></td>
<td width="2%" align="left">&nbsp;</td>
<td width="9%" align="right"><font style="font-family: TimesNewRomanPSMT,Times New Roman,Times,serif;" class="_mt" size="2">3,022,000</font></td>
<td width="2%" align="left">&nbsp;</td>
<td width="9%" align="right"><font style="font-family: TimesNewRomanPSMT,Times New Roman,Times,serif;" class="_mt" size="2">13,786,000</font></td></tr>
<tr valign="bottom"><td width="29%" align="left"><font style="font-family: TimesNewRomanPSMT,Times New Roman,Times,serif;" class="_mt" size="2">Trexler Mall</font></td>
<td width="9%" align="center"><font style="font-family: TimesNewRomanPSMT,Times New Roman,Times,serif;" class="_mt" size="2">PA</font></td>
<td width="9%" align="center"><font style="font-family: TimesNewRomanPSMT,Times New Roman,Times,serif;" class="_mt" size="2">2005</font></td>
<td width="9%" align="right"><font style="font-family: TimesNewRomanPSMT,Times New Roman,Times,serif;" class="_mt" size="2">100</font></td>
<td width="2%" align="left"><font style="font-family: TimesNewRomanPSMT,Times New Roman,Times,serif;" class="_mt" size="2">%</font></td>
<td width="9%" align="right"><font style="font-family: TimesNewRomanPSMT,Times New Roman,Times,serif;" class="_mt" size="2">1973/2004</font></td>
<td width="9%" align="right"><font style="font-family: TimesNewRomanPSMT,Times New Roman,Times,serif;" class="_mt" size="2">339,363</font></td>
<td width="2%" align="left">&nbsp;</td>
<td width="9%" align="right"><font style="font-family: TimesNewRomanPSMT,Times New Roman,Times,serif;" class="_mt" size="2">6,932,000</font></td>
<td width="2%" align="left">&nbsp;</td>
<td width="9%" align="right"><font style="font-family: TimesNewRomanPSMT,Times New Roman,Times,serif;" class="_mt" size="2">32,815,000</font></td></tr>
<tr valign="bottom"><td width="29%" align="left"><font style="font-family: TimesNewRomanPSMT,Times New Roman,Times,serif;" class="_mt" size="2">Trexlertown Plaza</font></td>
<td width="9%" align="center"><font style="font-family: TimesNewRomanPSMT,Times New Roman,Times,serif;" class="_mt" size="2">PA</font></td>
<td width="9%" align="center"><font style="font-family: TimesNewRomanPSMT,Times New Roman,Times,serif;" class="_mt" size="2">2006</font></td>
<td width="9%" align="right"><font style="font-family: TimesNewRomanPSMT,Times New Roman,Times,serif;" class="_mt" size="2">100</font></td>
<td width="2%" align="left"><font style="font-family: TimesNewRomanPSMT,Times New Roman,Times,serif;" class="_mt" size="2">%</font></td>
<td width="9%" align="right"><font style="font-family: TimesNewRomanPSMT,Times New Roman,Times,serif;" class="_mt" size="2">1990/2005</font></td>
<td width="9%" align="right"><font style="font-family: TimesNewRomanPSMT,Times New Roman,Times,serif;" class="_mt" size="2">316,143</font></td>
<td width="2%" align="left">&nbsp;</td>
<td width="9%" align="right"><font style="font-family: TimesNewRomanPSMT,Times New Roman,Times,serif;" class="_mt" size="2">13,349,000</font></td>
<td width="2%" align="left">&nbsp;</td>
<td width="9%" align="right"><font style="font-family: TimesNewRomanPSMT,Times New Roman,Times,serif;" class="_mt" size="2">23,867,000</font></td></tr>
<tr valign="bottom"><td width="29%" align="left"><font style="font-family: TimesNewRomanPSMT,Times New Roman,Times,serif;" class="_mt" size="2">Ukrop's at Fredericksburg</font></td>
<td width="9%" align="center"><font style="font-family: TimesNewRomanPSMT,Times New Roman,Times,serif;" class="_mt" size="2">VA</font></td>
<td width="9%" align="center"><font style="font-family: TimesNewRomanPSMT,Times New Roman,Times,serif;" class="_mt" size="2">2005</font></td>
<td width="9%" align="right"><font style="font-family: TimesNewRomanPSMT,Times New Roman,Times,serif;" class="_mt" size="2">100</font></td>
<td width="2%" align="left"><font style="font-family: TimesNewRomanPSMT,Times New Roman,Times,serif;" class="_mt" size="2">%</font></td>
<td width="9%" align="right"><font style="font-family: TimesNewRomanPSMT,Times New Roman,Times,serif;" class="_mt" size="2">1997</font></td>
<td width="9%" align="right"><font style="font-family: TimesNewRomanPSMT,Times New Roman,Times,serif;" class="_mt" size="2">63,000</font></td>
<td width="2%" align="left">&nbsp;</td>
<td width="9%" align="right"><font style="font-family: TimesNewRomanPSMT,Times New Roman,Times,serif;" class="_mt" size="2">3,213,000</font></td>
<td width="2%" align="left">&nbsp;</td>
<td width="9%" align="right"><font style="font-family: TimesNewRomanPSMT,Times New Roman,Times,serif;" class="_mt" size="2">12,758,000</font></td></tr>
<tr valign="bottom"><td width="29%" align="left"><font style="font-family: TimesNewRomanPSMT,Times New Roman,Times,serif;" class="_mt" size="2">Valley Plaza</font></td>
<td width="9%" align="center"><font style="font-family: TimesNewRomanPSMT,Times New Roman,Times,serif;" class="_mt" size="2">MD</font></td>
<td width="9%" align="center"><font style="font-family: TimesNewRomanPSMT,Times New Roman,Times,serif;" class="_mt" size="2">2003</font></td>
<td width="9%" align="right"><font style="font-family: TimesNewRomanPSMT,Times New Roman,Times,serif;" class="_mt" size="2">100</font></td>
<td width="2%" align="left"><font style="font-family: TimesNewRomanPSMT,Times New Roman,Times,serif;" class="_mt" size="2">%</font></td>
<td width="9%" align="right"><font style="font-family: TimesNewRomanPSMT,Times New Roman,Times,serif;" class="_mt" size="2">1975/1994</font></td>
<td width="9%" align="right"><font style="font-family: TimesNewRomanPSMT,Times New Roman,Times,serif;" class="_mt" size="2">190,939</font></td>
<td width="2%" align="left">&nbsp;</td>
<td width="9%" align="right"><font style="font-family: TimesNewRomanPSMT,Times New Roman,Times,serif;" class="_mt" size="2">1,950,000</font></td>
<td width="2%" align="left">&nbsp;</td>
<td width="9%" align="right"><font style="font-family: TimesNewRomanPSMT,Times New Roman,Times,serif;" class="_mt" size="2">7,766,000</font></td></tr>
<tr valign="bottom"><td width="29%" align="left"><font style="font-family: TimesNewRomanPSMT,Times New Roman,Times,serif;" class="_mt" size="2">Virginia Little Creek</font></td>
<td width="9%" align="center"><font style="font-family: TimesNewRomanPSMT,Times New Roman,Times,serif;" class="_mt" size="2">VA</font></td>
<td width="9%" align="center"><font style="font-family: TimesNewRomanPSMT,Times New Roman,Times,serif;" class="_mt" size="2">2005</font></td>
<td width="9%" align="right"><font style="font-family: TimesNewRomanPSMT,Times New Roman,Times,serif;" class="_mt" size="2">100</font></td>
<td width="2%" align="left"><font style="font-family: TimesNewRomanPSMT,Times New Roman,Times,serif;" class="_mt" size="2">%</font></td>
<td width="9%" align="right"><font style="font-family: TimesNewRomanPSMT,Times New Roman,Times,serif;" class="_mt" size="2">1996/2001</font></td>
<td width="9%" align="right"><font style="font-family: TimesNewRomanPSMT,Times New Roman,Times,serif;" class="_mt" size="2">69,620</font></td>
<td width="2%" align="left">&nbsp;</td>
<td width="9%" align="right"><font style="font-family: TimesNewRomanPSMT,Times New Roman,Times,serif;" class="_mt" size="2">1,650,000</font></td>
<td width="2%" align="left">&nbsp;</td>
<td width="9%" align="right"><font style="font-family: TimesNewRomanPSMT,Times New Roman,Times,serif;" class="_mt" size="2">8,350,000</font></td></tr>
<tr valign="bottom"><td width="29%" align="left"><font style="font-family: TimesNewRomanPSMT,Times New Roman,Times,serif;" class="_mt" size="2">Washington Center Shoppes</font></td>
<td width="9%" align="center"><font style="font-family: TimesNewRomanPSMT,Times New Roman,Times,serif;" class="_mt" size="2">NJ</font></td>
<td width="9%" align="center"><font style="font-family: TimesNewRomanPSMT,Times New Roman,Times,serif;" class="_mt" size="2">2001</font></td>
<td width="9%" align="right"><font style="font-family: TimesNewRomanPSMT,Times New Roman,Times,serif;" class="_mt" size="2">100</font></td>
<td width="2%" align="left"><font style="font-family: TimesNewRomanPSMT,Times New Roman,Times,serif;" class="_mt" size="2">%</font></td>
<td width="9%" align="right"><font style="font-family: TimesNewRomanPSMT,Times New Roman,Times,serif;" class="_mt" size="2">1979/1995</font></td>
<td width="9%" align="right"><font style="font-family: TimesNewRomanPSMT,Times New Roman,Times,serif;" class="_mt" size="2">157,394</font></td>
<td width="2%" align="left">&nbsp;</td>
<td width="9%" align="right"><font style="font-family: TimesNewRomanPSMT,Times New Roman,Times,serif;" class="_mt" size="2">2,061,000</font></td>
<td width="2%" align="left">&nbsp;</td>
<td width="9%" align="right"><font style="font-family: TimesNewRomanPSMT,Times New Roman,Times,serif;" class="_mt" size="2">7,314,000</font></td></tr>
<tr valign="bottom"><td width="29%" align="left"><font style="font-family: TimesNewRomanPSMT,Times New Roman,Times,serif;" class="_mt" size="2">West Bridgewater Plaza</font></td>
<td width="9%" align="center"><font style="font-family: TimesNewRomanPSMT,Times New Roman,Times,serif;" class="_mt" size="2">MA</font></td>
<td width="9%" align="center"><font style="font-family: TimesNewRomanPSMT,Times New Roman,Times,serif;" class="_mt" size="2">2007</font></td>
<td width="9%" align="right"><font style="font-family: TimesNewRomanPSMT,Times New Roman,Times,serif;" class="_mt" size="2">100</font></td>
<td width="2%" align="left"><font style="font-family: TimesNewRomanPSMT,Times New Roman,Times,serif;" class="_mt" size="2">%</font></td>
<td width="9%" align="right"><font style="font-family: TimesNewRomanPSMT,Times New Roman,Times,serif;" class="_mt" size="2">1970/2007</font></td>
<td width="9%" align="right"><font style="font-family: TimesNewRomanPSMT,Times New Roman,Times,serif;" class="_mt" size="2">133,039</font></td>
<td width="2%" align="left">&nbsp;</td>
<td width="9%" align="right"><font style="font-family: TimesNewRomanPSMT,Times New Roman,Times,serif;" class="_mt" size="2">2,823,000</font></td>
<td width="2%" align="left">&nbsp;</td>
<td width="9%" align="right"><font style="font-family: TimesNewRomanPSMT,Times New Roman,Times,serif;" class="_mt" size="2">14,901,000</font></td></tr>
<tr valign="bottom"><td width="29%" align="left"><font style="font-family: TimesNewRomanPSMT,Times New Roman,Times,serif;" class="_mt" size="2">Upland Square</font></td>
<td width="9%" align="center"><font style="font-family: TimesNewRomanPSMT,Times New Roman,Times,serif;" class="_mt" size="2">PA</font></td>
<td width="9%" align="center"><font style="font-family: TimesNewRomanPSMT,Times New Roman,Times,serif;" class="_mt" size="2">2007</font></td>
<td width="9%" align="right"><font style="font-family: TimesNewRomanPSMT,Times New Roman,Times,serif;" class="_mt" size="2">60</font></td>
<td width="2%" align="left"><font style="font-family: TimesNewRomanPSMT,Times New Roman,Times,serif;" class="_mt" size="2">%</font></td>
<td width="9%" align="right"><font style="font-family: TimesNewRomanPSMT,Times New Roman,Times,serif;" class="_mt" size="2">2009</font></td>
<td width="9%" align="right"><font style="font-family: TimesNewRomanPSMT,Times New Roman,Times,serif;" class="_mt" size="2">382,578</font></td>
<td width="2%" align="left">&nbsp;</td>
<td width="9%" align="right"><font style="font-family: TimesNewRomanPSMT,Times New Roman,Times,serif;" class="_mt" size="2">28,187,000</font></td>
<td width="2%" align="left">&nbsp;</td>
<td width="9%" align="right"><font style="font-family: TimesNewRomanPSMT,Times New Roman,Times,serif;" class="_mt" size="2">-</font></td></tr>
<tr valign="bottom"><td width="29%" align="left"><font style="font-family: TimesNewRomanPSMT,Times New Roman,Times,serif;" class="_mt" size="2">Yorktowne Plaza</font></td>
<td width="9%" align="center"><font style="font-family: TimesNewRomanPSMT,Times New Roman,Times,serif;" class="_mt" size="2">MD</font></td>
<td width="9%" align="center"><font style="font-family: TimesNewRomanPSMT,Times New Roman,Times,serif;" class="_mt" size="2">2007</font></td>
<td width="9%" align="right"><font style="font-family: TimesNewRomanPSMT,Times New Roman,Times,serif;" class="_mt" size="2">100</font></td>
<td width="2%" align="left"><font style="font-family: TimesNewRomanPSMT,Times New Roman,Times,serif;" class="_mt" size="2">%</font></td>
<td width="9%" align="right"><font style="font-family: TimesNewRomanPSMT,Times New Roman,Times,serif;" class="_mt" size="2">1970/2000</font></td>
<td style="border-bottom: #000000 1px solid;" width="9%" align="right"><font style="font-family: TimesNewRomanPSMT,Times New Roman,Times,serif;" class="_mt" size="2">158,982</font></td>
<td style="border-bottom: #000000 1px solid;" width="2%" align="left">&nbsp;</td>
<td style="border-bottom: #000000 1px solid;" width="9%" align="right"><font style="font-family: TimesNewRomanPSMT,Times New Roman,Times,serif;" class="_mt" size="2">5,940,000</font></td>
<td style="border-bottom: #000000 1px solid;" width="2%" align="left">&nbsp;</td>
<td style="border-bottom: #000000 1px solid;" width="9%" align="right"><font style="font-family: TimesNewRomanPSMT,Times New Roman,Times,serif;" class="_mt" size="2">25,505,000</font></td></tr>
<tr><td width="98%" colspan="11">&nbsp;</td></tr>
<tr valign="bottom"><td width="29%" align="left"><b><font style="font-family: TimesNewRomanPS-BoldMT,Times New Roman,Times,serif;" class="_mt" size="2">Total Consolidated Portfiolio</font></b></td>
<td width="9%" align="left">&nbsp;</td>
<td width="9%" align="left">&nbsp;</td>
<td width="9%" align="left">&nbsp;</td>
<td width="2%" align="left">&nbsp;</td>
<td width="9%" align="left">&nbsp;</td>
<td style="border-bottom: #000000 3px double;" width="9%" align="right"><font style="font-family: TimesNewRomanPSMT,Times New Roman,Times,serif;" class="_mt" size="2">9,592,942</font></td>
<td style="border-bottom: #000000 3px double;" width="2%" align="left"><font style="font-family: TimesNewRomanPSMT,Times New Roman,Times,serif;" class="_mt" size="2">$</font></td>
<td style="border-bottom: #000000 3px double;" width="9%" align="right"><font style="font-family: TimesNewRomanPSMT,Times New Roman,Times,serif;" class="_mt" size="2">275,601,000</font></td>
<td style="border-bottom: #000000 3px double;" width="2%" align="center"><font style="font-family: TimesNewRomanPSMT,Times New Roman,Times,serif;" class="_mt" size="2">$</font></td>
<td style="border-bottom: #000000 3px double;" width="9%" align="right"><font style="font-family: TimesNewRomanPSMT,Times New Roman,Times,serif;" class="_mt" size="2">812,521,000</font></td></tr></table></div>

<p style="margin: 0px;">&nbsp;</p>

<div>&nbsp;</div><br />

<p style="text-align: left;"><b><font style="font-family: TimesNewRomanPS-BoldMT,Times New Roman,Times,serif;" class="_mt" size="2">Cedar RealtyTrust, Inc. Schedule III</font></b></p>

<p style="text-align: left;"><b><font style="font-family: TimesNewRomanPS-BoldMT,Times New Roman,Times,serif;" class="_mt" size="2">Real Estate andAccumulatedDepreciation Year endedDecember 31,2011</font></b></p>

<div>

<table border="0" cellspacing="0">
<tr><td width="21%"> </td>
<td width="2%"> </td>
<td width="9%"> </td>
<td width="2%"> </td>
<td width="2%"> </td>
<td width="9%"> </td>
<td width="2%"> </td>
<td width="9%"> </td>
<td width="2%"> </td>
<td width="9%"> </td>
<td width="2%"> </td>
<td width="9%"> </td>
<td width="2%"> </td>
<td width="8%"> </td>
<td width="2%"> </td></tr>
<tr valign="bottom"><td width="21%" align="center">&nbsp;</td>
<td style="border-bottom: #000000 1px solid;" rowspan="4" width="13%" colspan="3" align="center"><b><font style="font-family: TimesNewRomanPS-BoldMT,Times New Roman,Times,serif;" class="_mt" size="2">Subsequent</font></b><br /><b><font style="font-family: TimesNewRomanPS-BoldMT,Times New Roman,Times,serif;" class="_mt" size="2">cost</font></b><br /><b><font style="font-family: TimesNewRomanPS-BoldMT,Times New Roman,Times,serif;" class="_mt" size="2">capitalized</font></b></td>
<td style="border-bottom: #000000 1px solid;" rowspan="2" width="33%" colspan="6" align="center"><b><font style="font-family: TimesNewRomanPS-BoldMT,Times New Roman,Times,serif;" class="_mt" size="2">Gross amountat which carriedat</font></b><br /><b><font style="font-family: TimesNewRomanPS-BoldMT,Times New Roman,Times,serif;" class="_mt" size="2">December 31,2011</font></b></td>
<td style="border-bottom: #000000 1px solid;" rowspan="4" width="11%" colspan="2" align="center"><b><font style="font-family: TimesNewRomanPS-BoldMT,Times New Roman,Times,serif;" class="_mt" size="2">Accumulated</font></b><br /><b><font style="font-family: TimesNewRomanPS-BoldMT,Times New Roman,Times,serif;" class="_mt" size="2">depreciation (4)</font></b></td>
<td style="border-bottom: #000000 1px solid;" rowspan="4" width="12%" colspan="3" align="center"><b><font style="font-family: TimesNewRomanPS-BoldMT,Times New Roman,Times,serif;" class="_mt" size="2">Amount of</font></b><br /><b><font style="font-family: TimesNewRomanPS-BoldMT,Times New Roman,Times,serif;" class="_mt" size="2">Encumbrance</font></b></td></tr>
<tr valign="bottom"><td width="21%" align="center"><i><font style="font-family: TimesNewRomanPS-ItalicMT,Times New Roman,Times,serif;" class="_mt" size="2">(continued)</font></i></td></tr>
<tr valign="bottom"><td style="border-bottom: #000000 1px solid;" rowspan="2" width="21%" align="center"><b><font style="font-family: TimesNewRomanPS-BoldMT,Times New Roman,Times,serif;" class="_mt" size="2">Property</font></b></td>
<td style="border-bottom: #000000 1px solid;" rowspan="2" width="11%" colspan="2" align="center"><b><font style="font-family: TimesNewRomanPS-BoldMT,Times New Roman,Times,serif;" class="_mt" size="2">Land</font></b></td>
<td style="border-bottom: #000000 1px solid;" rowspan="2" width="11%" colspan="2" align="center"><b><font style="font-family: TimesNewRomanPS-BoldMT,Times New Roman,Times,serif;" class="_mt" size="2">Building and</font></b><br /><b><font style="font-family: TimesNewRomanPS-BoldMT,Times New Roman,Times,serif;" class="_mt" size="2">improvements</font></b></td>
<td style="border-bottom: #000000 1px solid;" rowspan="2" width="11%" colspan="2" align="center"><b><font style="font-family: TimesNewRomanPS-BoldMT,Times New Roman,Times,serif;" class="_mt" size="2">Total</font></b></td></tr>
<tr><td width="90%" colspan="15">&nbsp;</td></tr>
<tr valign="bottom"><td width="21%" align="left"><font style="font-family: TimesNewRomanPSMT,Times New Roman,Times,serif;" class="_mt" size="2">Norwood Shopping Center</font></td>
<td width="2%" align="right"><font style="font-family: TimesNewRomanPSMT,Times New Roman,Times,serif;" class="_mt" size="2">$</font></td>
<td width="9%" align="right"><font style="font-family: TimesNewRomanPSMT,Times New Roman,Times,serif;" class="_mt" size="2">460,000</font></td>
<td width="2%" align="left">&nbsp;</td>
<td width="2%" align="left"><font style="font-family: TimesNewRomanPSMT,Times New Roman,Times,serif;" class="_mt" size="2">$</font></td>
<td width="9%" align="right"><font style="font-family: TimesNewRomanPSMT,Times New Roman,Times,serif;" class="_mt" size="2">1,874,000</font></td>
<td width="2%" align="right"><font style="font-family: TimesNewRomanPSMT,Times New Roman,Times,serif;" class="_mt" size="2">$</font></td>
<td width="9%" align="right"><font style="font-family: TimesNewRomanPSMT,Times New Roman,Times,serif;" class="_mt" size="2">8,913,000</font></td>
<td width="2%" align="left"><font style="font-family: TimesNewRomanPSMT,Times New Roman,Times,serif;" class="_mt" size="2">$</font></td>
<td width="9%" align="right"><font style="font-family: TimesNewRomanPSMT,Times New Roman,Times,serif;" class="_mt" size="2">10,787,000</font></td>
<td width="2%" align="left"><font style="font-family: TimesNewRomanPSMT,Times New Roman,Times,serif;" class="_mt" size="2">$</font></td>
<td width="9%" align="right"><font style="font-family: TimesNewRomanPSMT,Times New Roman,Times,serif;" class="_mt" size="2">1,741,000</font></td>
<td width="2%" align="left">&nbsp;</td>
<td width="8%" align="right"><font style="font-family: TimesNewRomanPSMT,Times New Roman,Times,serif;" class="_mt" size="2">(3</font></td>
<td width="2%" align="left"><font style="font-family: TimesNewRomanPSMT,Times New Roman,Times,serif;" class="_mt" size="2">)</font></td></tr>
<tr valign="bottom"><td width="21%" align="left"><font style="font-family: TimesNewRomanPSMT,Times New Roman,Times,serif;" class="_mt" size="2">Oak Ridge</font></td>
<td width="2%" align="right">&nbsp;</td>
<td width="9%" align="right"><font style="font-family: TimesNewRomanPSMT,Times New Roman,Times,serif;" class="_mt" size="2">27,000</font></td>
<td width="2%" align="left">&nbsp;</td>
<td width="2%" align="left">&nbsp;</td>
<td width="9%" align="right"><font style="font-family: TimesNewRomanPSMT,Times New Roman,Times,serif;" class="_mt" size="2">960,000</font></td>
<td width="2%" align="right">&nbsp;</td>
<td width="9%" align="right"><font style="font-family: TimesNewRomanPSMT,Times New Roman,Times,serif;" class="_mt" size="2">4,281,000</font></td>
<td width="2%" align="left">&nbsp;</td>
<td width="9%" align="right"><font style="font-family: TimesNewRomanPSMT,Times New Roman,Times,serif;" class="_mt" size="2">5,241,000</font></td>
<td width="2%" align="left">&nbsp;</td>
<td width="9%" align="right"><font style="font-family: TimesNewRomanPSMT,Times New Roman,Times,serif;" class="_mt" size="2">695,000</font></td>
<td width="2%" align="left">&nbsp;</td>
<td width="8%" align="right"><font style="font-family: TimesNewRomanPSMT,Times New Roman,Times,serif;" class="_mt" size="2">3,351,000</font></td>
<td width="2%" align="left">&nbsp;</td></tr>
<tr valign="bottom"><td width="21%" align="left"><font style="font-family: TimesNewRomanPSMT,Times New Roman,Times,serif;" class="_mt" size="2">Oakland Commons</font></td>
<td width="2%" align="right">&nbsp;</td>
<td width="9%" align="right"><font style="font-family: TimesNewRomanPSMT,Times New Roman,Times,serif;" class="_mt" size="2">(525,000</font></td>
<td width="2%" align="left"><font style="font-family: TimesNewRomanPSMT,Times New Roman,Times,serif;" class="_mt" size="2">)</font></td>
<td width="2%" align="left">&nbsp;</td>
<td width="9%" align="right"><font style="font-family: TimesNewRomanPSMT,Times New Roman,Times,serif;" class="_mt" size="2">2,504,000</font></td>
<td width="2%" align="right">&nbsp;</td>
<td width="9%" align="right"><font style="font-family: TimesNewRomanPSMT,Times New Roman,Times,serif;" class="_mt" size="2">15,137,000</font></td>
<td width="2%" align="left">&nbsp;</td>
<td width="9%" align="right"><font style="font-family: TimesNewRomanPSMT,Times New Roman,Times,serif;" class="_mt" size="2">17,641,000</font></td>
<td width="2%" align="left">&nbsp;</td>
<td width="9%" align="right"><font style="font-family: TimesNewRomanPSMT,Times New Roman,Times,serif;" class="_mt" size="2">2,253,000</font></td>
<td width="2%" align="left">&nbsp;</td>
<td width="8%" align="right"><font style="font-family: TimesNewRomanPSMT,Times New Roman,Times,serif;" class="_mt" size="2">(3</font></td>
<td width="2%" align="left"><font style="font-family: TimesNewRomanPSMT,Times New Roman,Times,serif;" class="_mt" size="2">)</font></td></tr>
<tr valign="bottom"><td width="21%" align="left"><font style="font-family: TimesNewRomanPSMT,Times New Roman,Times,serif;" class="_mt" size="2">Oakland Mills</font></td>
<td width="2%" align="right">&nbsp;</td>
<td width="9%" align="right"><font style="font-family: TimesNewRomanPSMT,Times New Roman,Times,serif;" class="_mt" size="2">32,000</font></td>
<td width="2%" align="left">&nbsp;</td>
<td width="2%" align="left">&nbsp;</td>
<td width="9%" align="right"><font style="font-family: TimesNewRomanPSMT,Times New Roman,Times,serif;" class="_mt" size="2">1,611,000</font></td>
<td width="2%" align="right">&nbsp;</td>
<td width="9%" align="right"><font style="font-family: TimesNewRomanPSMT,Times New Roman,Times,serif;" class="_mt" size="2">6,324,000</font></td>
<td width="2%" align="left">&nbsp;</td>
<td width="9%" align="right"><font style="font-family: TimesNewRomanPSMT,Times New Roman,Times,serif;" class="_mt" size="2">7,935,000</font></td>
<td width="2%" align="left">&nbsp;</td>
<td width="9%" align="right"><font style="font-family: TimesNewRomanPSMT,Times New Roman,Times,serif;" class="_mt" size="2">1,516,000</font></td>
<td width="2%" align="left">&nbsp;</td>
<td width="8%" align="right"><font style="font-family: TimesNewRomanPSMT,Times New Roman,Times,serif;" class="_mt" size="2">4,748,000</font></td>
<td width="2%" align="left">&nbsp;</td></tr>
<tr valign="bottom"><td width="21%" align="left"><font style="font-family: TimesNewRomanPSMT,Times New Roman,Times,serif;" class="_mt" size="2">Palmyra Shopping Center</font></td>
<td width="2%" align="right">&nbsp;</td>
<td width="9%" align="right"><font style="font-family: TimesNewRomanPSMT,Times New Roman,Times,serif;" class="_mt" size="2">1,048,000</font></td>
<td width="2%" align="left">&nbsp;</td>
<td width="2%" align="left">&nbsp;</td>
<td width="9%" align="right"><font style="font-family: TimesNewRomanPSMT,Times New Roman,Times,serif;" class="_mt" size="2">1,488,000</font></td>
<td width="2%" align="right">&nbsp;</td>
<td width="9%" align="right"><font style="font-family: TimesNewRomanPSMT,Times New Roman,Times,serif;" class="_mt" size="2">7,614,000</font></td>
<td width="2%" align="left">&nbsp;</td>
<td width="9%" align="right"><font style="font-family: TimesNewRomanPSMT,Times New Roman,Times,serif;" class="_mt" size="2">9,102,000</font></td>
<td width="2%" align="left">&nbsp;</td>
<td width="9%" align="right"><font style="font-family: TimesNewRomanPSMT,Times New Roman,Times,serif;" class="_mt" size="2">1,659,000</font></td>
<td width="2%" align="left">&nbsp;</td>
<td width="8%" align="right"><font style="font-family: TimesNewRomanPSMT,Times New Roman,Times,serif;" class="_mt" size="2">(3</font></td>
<td width="2%" align="left"><font style="font-family: TimesNewRomanPSMT,Times New Roman,Times,serif;" class="_mt" size="2">)</font></td></tr>
<tr valign="bottom"><td width="21%" align="left"><font style="font-family: TimesNewRomanPSMT,Times New Roman,Times,serif;" class="_mt" size="2">Pine Grove Plaza</font></td>
<td width="2%" align="right">&nbsp;</td>
<td width="9%" align="right"><font style="font-family: TimesNewRomanPSMT,Times New Roman,Times,serif;" class="_mt" size="2">125,000</font></td>
<td width="2%" align="left">&nbsp;</td>
<td width="2%" align="left">&nbsp;</td>
<td width="9%" align="right"><font style="font-family: TimesNewRomanPSMT,Times New Roman,Times,serif;" class="_mt" size="2">2,010,000</font></td>
<td width="2%" align="right">&nbsp;</td>
<td width="9%" align="right"><font style="font-family: TimesNewRomanPSMT,Times New Roman,Times,serif;" class="_mt" size="2">6,614,000</font></td>
<td width="2%" align="left">&nbsp;</td>
<td width="9%" align="right"><font style="font-family: TimesNewRomanPSMT,Times New Roman,Times,serif;" class="_mt" size="2">8,624,000</font></td>
<td width="2%" align="left">&nbsp;</td>
<td width="9%" align="right"><font style="font-family: TimesNewRomanPSMT,Times New Roman,Times,serif;" class="_mt" size="2">1,443,000</font></td>
<td width="2%" align="left">&nbsp;</td>
<td width="8%" align="right"><font style="font-family: TimesNewRomanPSMT,Times New Roman,Times,serif;" class="_mt" size="2">5,574,000</font></td>
<td width="2%" align="left">&nbsp;</td></tr>
<tr valign="bottom"><td width="21%" align="left"><font style="font-family: TimesNewRomanPSMT,Times New Roman,Times,serif;" class="_mt" size="2">Port Richmond Village</font></td>
<td width="2%" align="right">&nbsp;</td>
<td width="9%" align="right"><font style="font-family: TimesNewRomanPSMT,Times New Roman,Times,serif;" class="_mt" size="2">712,000</font></td>
<td width="2%" align="left">&nbsp;</td>
<td width="2%" align="left">&nbsp;</td>
<td width="9%" align="right"><font style="font-family: TimesNewRomanPSMT,Times New Roman,Times,serif;" class="_mt" size="2">2,843,000</font></td>
<td width="2%" align="right">&nbsp;</td>
<td width="9%" align="right"><font style="font-family: TimesNewRomanPSMT,Times New Roman,Times,serif;" class="_mt" size="2">12,580,000</font></td>
<td width="2%" align="left">&nbsp;</td>
<td width="9%" align="right"><font style="font-family: TimesNewRomanPSMT,Times New Roman,Times,serif;" class="_mt" size="2">15,423,000</font></td>
<td width="2%" align="left">&nbsp;</td>
<td width="9%" align="right"><font style="font-family: TimesNewRomanPSMT,Times New Roman,Times,serif;" class="_mt" size="2">3,316,000</font></td>
<td width="2%" align="left">&nbsp;</td>
<td width="8%" align="right"><font style="font-family: TimesNewRomanPSMT,Times New Roman,Times,serif;" class="_mt" size="2">14,156,000</font></td>
<td width="2%" align="left">&nbsp;</td></tr>
<tr valign="bottom"><td width="21%" align="left"><font style="font-family: TimesNewRomanPSMT,Times New Roman,Times,serif;" class="_mt" size="2">Price ChopperPlaza</font></td>
<td width="2%" align="right">&nbsp;</td>
<td width="9%" align="right"><font style="font-family: TimesNewRomanPSMT,Times New Roman,Times,serif;" class="_mt" size="2">(552,000</font></td>
<td width="2%" align="left"><font style="font-family: TimesNewRomanPSMT,Times New Roman,Times,serif;" class="_mt" size="2">)</font></td>
<td width="2%" align="left">&nbsp;</td>
<td width="9%" align="right"><font style="font-family: TimesNewRomanPSMT,Times New Roman,Times,serif;" class="_mt" size="2">4,082,000</font></td>
<td width="2%" align="right">&nbsp;</td>
<td width="9%" align="right"><font style="font-family: TimesNewRomanPSMT,Times New Roman,Times,serif;" class="_mt" size="2">17,329,000</font></td>
<td width="2%" align="left">&nbsp;</td>
<td width="9%" align="right"><font style="font-family: TimesNewRomanPSMT,Times New Roman,Times,serif;" class="_mt" size="2">21,411,000</font></td>
<td width="2%" align="left">&nbsp;</td>
<td width="9%" align="right"><font style="font-family: TimesNewRomanPSMT,Times New Roman,Times,serif;" class="_mt" size="2">2,383,000</font></td>
<td width="2%" align="left">&nbsp;</td>
<td width="8%" align="right"><font style="font-family: TimesNewRomanPSMT,Times New Roman,Times,serif;" class="_mt" size="2">(3</font></td>
<td width="2%" align="left"><font style="font-family: TimesNewRomanPSMT,Times New Roman,Times,serif;" class="_mt" size="2">)</font></td></tr>
<tr valign="bottom"><td width="21%" align="left"><font style="font-family: TimesNewRomanPSMT,Times New Roman,Times,serif;" class="_mt" size="2">River ViewPlaza I, II and III</font></td>
<td width="2%" align="right">&nbsp;</td>
<td width="9%" align="right"><font style="font-family: TimesNewRomanPSMT,Times New Roman,Times,serif;" class="_mt" size="2">4,091,000</font></td>
<td width="2%" align="left">&nbsp;</td>
<td width="2%" align="left">&nbsp;</td>
<td width="9%" align="right"><font style="font-family: TimesNewRomanPSMT,Times New Roman,Times,serif;" class="_mt" size="2">9,718,000</font></td>
<td width="2%" align="right">&nbsp;</td>
<td width="9%" align="right"><font style="font-family: TimesNewRomanPSMT,Times New Roman,Times,serif;" class="_mt" size="2">44,447,000</font></td>
<td width="2%" align="left">&nbsp;</td>
<td width="9%" align="right"><font style="font-family: TimesNewRomanPSMT,Times New Roman,Times,serif;" class="_mt" size="2">54,165,000</font></td>
<td width="2%" align="left">&nbsp;</td>
<td width="9%" align="right"><font style="font-family: TimesNewRomanPSMT,Times New Roman,Times,serif;" class="_mt" size="2">9,908,000</font></td>
<td width="2%" align="left">&nbsp;</td>
<td width="8%" align="right"><font style="font-family: TimesNewRomanPSMT,Times New Roman,Times,serif;" class="_mt" size="2">(3</font></td>
<td width="2%" align="left"><font style="font-family: TimesNewRomanPSMT,Times New Roman,Times,serif;" class="_mt" size="2">)</font></td></tr>
<tr valign="bottom"><td width="21%" align="left"><font style="font-family: TimesNewRomanPSMT,Times New Roman,Times,serif;" class="_mt" size="2">San SouciPlaza</font></td>
<td width="2%" align="right">&nbsp;</td>
<td width="9%" align="right"><font style="font-family: TimesNewRomanPSMT,Times New Roman,Times,serif;" class="_mt" size="2">1,559,000</font></td>
<td width="2%" align="left">&nbsp;</td>
<td width="2%" align="left">&nbsp;</td>
<td width="9%" align="right"><font style="font-family: TimesNewRomanPSMT,Times New Roman,Times,serif;" class="_mt" size="2">13,406,000</font></td>
<td width="2%" align="right">&nbsp;</td>
<td width="9%" align="right"><font style="font-family: TimesNewRomanPSMT,Times New Roman,Times,serif;" class="_mt" size="2">21,447,000</font></td>
<td width="2%" align="left">&nbsp;</td>
<td width="9%" align="right"><font style="font-family: TimesNewRomanPSMT,Times New Roman,Times,serif;" class="_mt" size="2">34,853,000</font></td>
<td width="2%" align="left">&nbsp;</td>
<td width="9%" align="right"><font style="font-family: TimesNewRomanPSMT,Times New Roman,Times,serif;" class="_mt" size="2">4,169,000</font></td>
<td width="2%" align="left">&nbsp;</td>
<td width="8%" align="right"><font style="font-family: TimesNewRomanPSMT,Times New Roman,Times,serif;" class="_mt" size="2">27,200,000</font></td>
<td width="2%" align="left">&nbsp;</td></tr>
<tr valign="bottom"><td width="21%" align="left"><font style="font-family: TimesNewRomanPSMT,Times New Roman,Times,serif;" class="_mt" size="2">Smithfield Plaza</font></td>
<td width="2%" align="right">&nbsp;</td>
<td width="9%" align="right"><font style="font-family: TimesNewRomanPSMT,Times New Roman,Times,serif;" class="_mt" size="2">323,000</font></td>
<td width="2%" align="left">&nbsp;</td>
<td width="2%" align="left">&nbsp;</td>
<td width="9%" align="right"><font style="font-family: TimesNewRomanPSMT,Times New Roman,Times,serif;" class="_mt" size="2">2,919,000</font></td>
<td width="2%" align="right">&nbsp;</td>
<td width="9%" align="right"><font style="font-family: TimesNewRomanPSMT,Times New Roman,Times,serif;" class="_mt" size="2">13,088,000</font></td>
<td width="2%" align="left">&nbsp;</td>
<td width="9%" align="right"><font style="font-family: TimesNewRomanPSMT,Times New Roman,Times,serif;" class="_mt" size="2">16,007,000</font></td>
<td width="2%" align="left">&nbsp;</td>
<td width="9%" align="right"><font style="font-family: TimesNewRomanPSMT,Times New Roman,Times,serif;" class="_mt" size="2">2,366,000</font></td>
<td width="2%" align="left">&nbsp;</td>
<td width="8%" align="right"><font style="font-family: TimesNewRomanPSMT,Times New Roman,Times,serif;" class="_mt" size="2">10,115,000</font></td>
<td width="2%" align="left">&nbsp;</td></tr>
<tr valign="bottom"><td width="21%" align="left"><font style="font-family: TimesNewRomanPSMT,Times New Roman,Times,serif;" class="_mt" size="2">South Philadelphia</font></td>
<td width="2%" align="right">&nbsp;</td>
<td width="9%" align="right"><font style="font-family: TimesNewRomanPSMT,Times New Roman,Times,serif;" class="_mt" size="2">2,606,000</font></td>
<td width="2%" align="left">&nbsp;</td>
<td width="2%" align="left">&nbsp;</td>
<td width="9%" align="right"><font style="font-family: TimesNewRomanPSMT,Times New Roman,Times,serif;" class="_mt" size="2">8,222,000</font></td>
<td width="2%" align="right">&nbsp;</td>
<td width="9%" align="right"><font style="font-family: TimesNewRomanPSMT,Times New Roman,Times,serif;" class="_mt" size="2">38,920,000</font></td>
<td width="2%" align="left">&nbsp;</td>
<td width="9%" align="right"><font style="font-family: TimesNewRomanPSMT,Times New Roman,Times,serif;" class="_mt" size="2">47,142,000</font></td>
<td width="2%" align="left">&nbsp;</td>
<td width="9%" align="right"><font style="font-family: TimesNewRomanPSMT,Times New Roman,Times,serif;" class="_mt" size="2">10,236,000</font></td>
<td width="2%" align="left">&nbsp;</td>
<td width="8%" align="right"><font style="font-family: TimesNewRomanPSMT,Times New Roman,Times,serif;" class="_mt" size="2">(3</font></td>
<td width="2%" align="left"><font style="font-family: TimesNewRomanPSMT,Times New Roman,Times,serif;" class="_mt" size="2">)</font></td></tr>
<tr valign="bottom"><td width="21%" align="left"><font style="font-family: TimesNewRomanPSMT,Times New Roman,Times,serif;" class="_mt" size="2">Southington Shopping Center</font></td>
<td width="2%" align="right">&nbsp;</td>
<td width="9%" align="right"><font style="font-family: TimesNewRomanPSMT,Times New Roman,Times,serif;" class="_mt" size="2">35,000</font></td>
<td width="2%" align="left">&nbsp;</td>
<td width="2%" align="left">&nbsp;</td>
<td width="9%" align="center"><font style="font-family: TimesNewRomanPSMT,Times New Roman,Times,serif;" class="_mt" size="2">-</font></td>
<td width="2%" align="right">&nbsp;</td>
<td width="9%" align="right"><font style="font-family: TimesNewRomanPSMT,Times New Roman,Times,serif;" class="_mt" size="2">11,869,000</font></td>
<td width="2%" align="left">&nbsp;</td>
<td width="9%" align="right"><font style="font-family: TimesNewRomanPSMT,Times New Roman,Times,serif;" class="_mt" size="2">11,869,000</font></td>
<td width="2%" align="left">&nbsp;</td>
<td width="9%" align="right"><font style="font-family: TimesNewRomanPSMT,Times New Roman,Times,serif;" class="_mt" size="2">2,481,000</font></td>
<td width="2%" align="left">&nbsp;</td>
<td width="8%" align="right"><font style="font-family: TimesNewRomanPSMT,Times New Roman,Times,serif;" class="_mt" size="2">5,577,000</font></td>
<td width="2%" align="left">&nbsp;</td></tr>
<tr valign="bottom"><td width="21%" align="left"><font style="font-family: TimesNewRomanPSMT,Times New Roman,Times,serif;" class="_mt" size="2">St. James Square</font></td>
<td width="2%" align="right">&nbsp;</td>
<td width="9%" align="right"><font style="font-family: TimesNewRomanPSMT,Times New Roman,Times,serif;" class="_mt" size="2">644,000</font></td>
<td width="2%" align="left">&nbsp;</td>
<td width="2%" align="left">&nbsp;</td>
<td width="9%" align="right"><font style="font-family: TimesNewRomanPSMT,Times New Roman,Times,serif;" class="_mt" size="2">688,000</font></td>
<td width="2%" align="right">&nbsp;</td>
<td width="9%" align="right"><font style="font-family: TimesNewRomanPSMT,Times New Roman,Times,serif;" class="_mt" size="2">4,482,000</font></td>
<td width="2%" align="left">&nbsp;</td>
<td width="9%" align="right"><font style="font-family: TimesNewRomanPSMT,Times New Roman,Times,serif;" class="_mt" size="2">5,170,000</font></td>
<td width="2%" align="left">&nbsp;</td>
<td width="9%" align="right"><font style="font-family: TimesNewRomanPSMT,Times New Roman,Times,serif;" class="_mt" size="2">1,160,000</font></td>
<td width="2%" align="left">&nbsp;</td>
<td width="8%" align="right"><font style="font-family: TimesNewRomanPSMT,Times New Roman,Times,serif;" class="_mt" size="2">(3</font></td>
<td width="2%" align="left"><font style="font-family: TimesNewRomanPSMT,Times New Roman,Times,serif;" class="_mt" size="2">)</font></td></tr>
<tr valign="bottom"><td width="21%" align="left"><font style="font-family: TimesNewRomanPSMT,Times New Roman,Times,serif;" class="_mt" size="2">SuffolkPlaza</font></td>
<td width="2%" align="right">&nbsp;</td>
<td width="9%" align="right"><font style="font-family: TimesNewRomanPSMT,Times New Roman,Times,serif;" class="_mt" size="2">-</font></td>
<td width="2%" align="left">&nbsp;</td>
<td width="2%" align="left">&nbsp;</td>
<td width="9%" align="right"><font style="font-family: TimesNewRomanPSMT,Times New Roman,Times,serif;" class="_mt" size="2">1,402,000</font></td>
<td width="2%" align="right">&nbsp;</td>
<td width="9%" align="right"><font style="font-family: TimesNewRomanPSMT,Times New Roman,Times,serif;" class="_mt" size="2">7,236,000</font></td>
<td width="2%" align="left">&nbsp;</td>
<td width="9%" align="right"><font style="font-family: TimesNewRomanPSMT,Times New Roman,Times,serif;" class="_mt" size="2">8,638,000</font></td>
<td width="2%" align="left">&nbsp;</td>
<td width="9%" align="right"><font style="font-family: TimesNewRomanPSMT,Times New Roman,Times,serif;" class="_mt" size="2">1,948,000</font></td>
<td width="2%" align="left">&nbsp;</td>
<td width="8%" align="right"><font style="font-family: TimesNewRomanPSMT,Times New Roman,Times,serif;" class="_mt" size="2">4,353,000</font></td>
<td width="2%" align="left">&nbsp;</td></tr>
<tr valign="bottom"><td width="21%" align="left"><font style="font-family: TimesNewRomanPSMT,Times New Roman,Times,serif;" class="_mt" size="2">Swede Square</font></td>
<td width="2%" align="right">&nbsp;</td>
<td width="9%" align="right"><font style="font-family: TimesNewRomanPSMT,Times New Roman,Times,serif;" class="_mt" size="2">5,419,000</font></td>
<td width="2%" align="left">&nbsp;</td>
<td width="2%" align="left">&nbsp;</td>
<td width="9%" align="right"><font style="font-family: TimesNewRomanPSMT,Times New Roman,Times,serif;" class="_mt" size="2">2,272,000</font></td>
<td width="2%" align="right">&nbsp;</td>
<td width="9%" align="right"><font style="font-family: TimesNewRomanPSMT,Times New Roman,Times,serif;" class="_mt" size="2">11,647,000</font></td>
<td width="2%" align="left">&nbsp;</td>
<td width="9%" align="right"><font style="font-family: TimesNewRomanPSMT,Times New Roman,Times,serif;" class="_mt" size="2">13,919,000</font></td>
<td width="2%" align="left">&nbsp;</td>
<td width="9%" align="right"><font style="font-family: TimesNewRomanPSMT,Times New Roman,Times,serif;" class="_mt" size="2">3,089,000</font></td>
<td width="2%" align="left">&nbsp;</td>
<td width="8%" align="right"><font style="font-family: TimesNewRomanPSMT,Times New Roman,Times,serif;" class="_mt" size="2">10,453,000</font></td>
<td width="2%" align="left">&nbsp;</td></tr>
<tr valign="bottom"><td width="21%" align="left"><font style="font-family: TimesNewRomanPSMT,Times New Roman,Times,serif;" class="_mt" size="2">The Brickyard</font></td>
<td width="2%" align="right">&nbsp;</td>
<td width="9%" align="right"><font style="font-family: TimesNewRomanPSMT,Times New Roman,Times,serif;" class="_mt" size="2">1,401,000</font></td>
<td width="2%" align="left">&nbsp;</td>
<td width="2%" align="left">&nbsp;</td>
<td width="9%" align="right"><font style="font-family: TimesNewRomanPSMT,Times New Roman,Times,serif;" class="_mt" size="2">7,648,000</font></td>
<td width="2%" align="right">&nbsp;</td>
<td width="9%" align="right"><font style="font-family: TimesNewRomanPSMT,Times New Roman,Times,serif;" class="_mt" size="2">30,693,000</font></td>
<td width="2%" align="left">&nbsp;</td>
<td width="9%" align="right"><font style="font-family: TimesNewRomanPSMT,Times New Roman,Times,serif;" class="_mt" size="2">38,341,000</font></td>
<td width="2%" align="left">&nbsp;</td>
<td width="9%" align="right"><font style="font-family: TimesNewRomanPSMT,Times New Roman,Times,serif;" class="_mt" size="2">12,547,000</font></td>
<td width="2%" align="left">&nbsp;</td>
<td width="8%" align="right"><font style="font-family: TimesNewRomanPSMT,Times New Roman,Times,serif;" class="_mt" size="2">(3</font></td>
<td width="2%" align="left"><font style="font-family: TimesNewRomanPSMT,Times New Roman,Times,serif;" class="_mt" size="2">)</font></td></tr>
<tr valign="bottom"><td width="21%" align="left"><font style="font-family: TimesNewRomanPSMT,Times New Roman,Times,serif;" class="_mt" size="2">The Commons</font></td>
<td width="2%" align="right">&nbsp;</td>
<td width="9%" align="right"><font style="font-family: TimesNewRomanPSMT,Times New Roman,Times,serif;" class="_mt" size="2">2,871,000</font></td>
<td width="2%" align="left">&nbsp;</td>
<td width="2%" align="left">&nbsp;</td>
<td width="9%" align="right"><font style="font-family: TimesNewRomanPSMT,Times New Roman,Times,serif;" class="_mt" size="2">3,098,000</font></td>
<td width="2%" align="right">&nbsp;</td>
<td width="9%" align="right"><font style="font-family: TimesNewRomanPSMT,Times New Roman,Times,serif;" class="_mt" size="2">16,918,000</font></td>
<td width="2%" align="left">&nbsp;</td>
<td width="9%" align="right"><font style="font-family: TimesNewRomanPSMT,Times New Roman,Times,serif;" class="_mt" size="2">20,016,000</font></td>
<td width="2%" align="left">&nbsp;</td>
<td width="9%" align="right"><font style="font-family: TimesNewRomanPSMT,Times New Roman,Times,serif;" class="_mt" size="2">3,895,000</font></td>
<td width="2%" align="left">&nbsp;</td>
<td width="8%" align="right"><font style="font-family: TimesNewRomanPSMT,Times New Roman,Times,serif;" class="_mt" size="2">(3</font></td>
<td width="2%" align="left"><font style="font-family: TimesNewRomanPSMT,Times New Roman,Times,serif;" class="_mt" size="2">)</font></td></tr>
<tr valign="bottom"><td width="21%" align="left"><font style="font-family: TimesNewRomanPSMT,Times New Roman,Times,serif;" class="_mt" size="2">The Point</font></td>
<td width="2%" align="right">&nbsp;</td>
<td width="9%" align="right"><font style="font-family: TimesNewRomanPSMT,Times New Roman,Times,serif;" class="_mt" size="2">14,546,000</font></td>
<td width="2%" align="left">&nbsp;</td>
<td width="2%" align="left">&nbsp;</td>
<td width="9%" align="right"><font style="font-family: TimesNewRomanPSMT,Times New Roman,Times,serif;" class="_mt" size="2">2,996,000</font></td>
<td width="2%" align="right">&nbsp;</td>
<td width="9%" align="right"><font style="font-family: TimesNewRomanPSMT,Times New Roman,Times,serif;" class="_mt" size="2">25,050,000</font></td>
<td width="2%" align="left">&nbsp;</td>
<td width="9%" align="right"><font style="font-family: TimesNewRomanPSMT,Times New Roman,Times,serif;" class="_mt" size="2">28,046,000</font></td>
<td width="2%" align="left">&nbsp;</td>
<td width="9%" align="right"><font style="font-family: TimesNewRomanPSMT,Times New Roman,Times,serif;" class="_mt" size="2">5,847,000</font></td>
<td width="2%" align="left">&nbsp;</td>
<td width="8%" align="right"><font style="font-family: TimesNewRomanPSMT,Times New Roman,Times,serif;" class="_mt" size="2">16,277,000</font></td>
<td width="2%" align="left">&nbsp;</td></tr>
<tr valign="bottom"><td width="21%" align="left"><font style="font-family: TimesNewRomanPSMT,Times New Roman,Times,serif;" class="_mt" size="2">The Shops at SuffolkDowns</font></td>
<td width="2%" align="right">&nbsp;</td>
<td width="9%" align="right"><font style="font-family: TimesNewRomanPSMT,Times New Roman,Times,serif;" class="_mt" size="2">8,548,000</font></td>
<td width="2%" align="left">&nbsp;</td>
<td width="2%" align="left">&nbsp;</td>
<td width="9%" align="right"><font style="font-family: TimesNewRomanPSMT,Times New Roman,Times,serif;" class="_mt" size="2">7,580,000</font></td>
<td width="2%" align="right">&nbsp;</td>
<td width="9%" align="right"><font style="font-family: TimesNewRomanPSMT,Times New Roman,Times,serif;" class="_mt" size="2">19,637,000</font></td>
<td width="2%" align="left">&nbsp;</td>
<td width="9%" align="right"><font style="font-family: TimesNewRomanPSMT,Times New Roman,Times,serif;" class="_mt" size="2">27,217,000</font></td>
<td width="2%" align="left">&nbsp;</td>
<td width="9%" align="right"><font style="font-family: TimesNewRomanPSMT,Times New Roman,Times,serif;" class="_mt" size="2">2,579,000</font></td>
<td width="2%" align="left">&nbsp;</td>
<td width="8%" align="right"><font style="font-family: TimesNewRomanPSMT,Times New Roman,Times,serif;" class="_mt" size="2">(3</font></td>
<td width="2%" align="left"><font style="font-family: TimesNewRomanPSMT,Times New Roman,Times,serif;" class="_mt" size="2">)</font></td></tr>
<tr valign="bottom"><td width="21%" align="left"><font style="font-family: TimesNewRomanPSMT,Times New Roman,Times,serif;" class="_mt" size="2">Timpany Plaza</font></td>
<td width="2%" align="right">&nbsp;</td>
<td width="9%" align="right"><font style="font-family: TimesNewRomanPSMT,Times New Roman,Times,serif;" class="_mt" size="2">102,000</font></td>
<td width="2%" align="left">&nbsp;</td>
<td width="2%" align="left">&nbsp;</td>
<td width="9%" align="right"><font style="font-family: TimesNewRomanPSMT,Times New Roman,Times,serif;" class="_mt" size="2">3,368,000</font></td>
<td width="2%" align="right">&nbsp;</td>
<td width="9%" align="right"><font style="font-family: TimesNewRomanPSMT,Times New Roman,Times,serif;" class="_mt" size="2">19,386,000</font></td>
<td width="2%" align="left">&nbsp;</td>
<td width="9%" align="right"><font style="font-family: TimesNewRomanPSMT,Times New Roman,Times,serif;" class="_mt" size="2">22,754,000</font></td>
<td width="2%" align="left">&nbsp;</td>
<td width="9%" align="right"><font style="font-family: TimesNewRomanPSMT,Times New Roman,Times,serif;" class="_mt" size="2">2,965,000</font></td>
<td width="2%" align="left">&nbsp;</td>
<td width="8%" align="right"><font style="font-family: TimesNewRomanPSMT,Times New Roman,Times,serif;" class="_mt" size="2">7,996,000</font></td>
<td width="2%" align="left">&nbsp;</td></tr>
<tr valign="bottom"><td width="21%" align="left"><font style="font-family: TimesNewRomanPSMT,Times New Roman,Times,serif;" class="_mt" size="2">TownfairCenter</font></td>
<td width="2%" align="right">&nbsp;</td>
<td width="9%" align="right"><font style="font-family: TimesNewRomanPSMT,Times New Roman,Times,serif;" class="_mt" size="2">7,453,000</font></td>
<td width="2%" align="left">&nbsp;</td>
<td width="2%" align="left">&nbsp;</td>
<td width="9%" align="right"><font style="font-family: TimesNewRomanPSMT,Times New Roman,Times,serif;" class="_mt" size="2">3,022,000</font></td>
<td width="2%" align="right">&nbsp;</td>
<td width="9%" align="right"><font style="font-family: TimesNewRomanPSMT,Times New Roman,Times,serif;" class="_mt" size="2">21,239,000</font></td>
<td width="2%" align="left">&nbsp;</td>
<td width="9%" align="right"><font style="font-family: TimesNewRomanPSMT,Times New Roman,Times,serif;" class="_mt" size="2">24,261,000</font></td>
<td width="2%" align="left">&nbsp;</td>
<td width="9%" align="right"><font style="font-family: TimesNewRomanPSMT,Times New Roman,Times,serif;" class="_mt" size="2">3,136,000</font></td>
<td width="2%" align="left">&nbsp;</td>
<td width="8%" align="right"><font style="font-family: TimesNewRomanPSMT,Times New Roman,Times,serif;" class="_mt" size="2">16,371,000</font></td>
<td width="2%" align="left">&nbsp;</td></tr>
<tr valign="bottom"><td width="21%" align="left"><font style="font-family: TimesNewRomanPSMT,Times New Roman,Times,serif;" class="_mt" size="2">Trexler Mall</font></td>
<td width="2%" align="right">&nbsp;</td>
<td width="9%" align="right"><font style="font-family: TimesNewRomanPSMT,Times New Roman,Times,serif;" class="_mt" size="2">3,924,000</font></td>
<td width="2%" align="left">&nbsp;</td>
<td width="2%" align="left">&nbsp;</td>
<td width="9%" align="right"><font style="font-family: TimesNewRomanPSMT,Times New Roman,Times,serif;" class="_mt" size="2">6,932,000</font></td>
<td width="2%" align="right">&nbsp;</td>
<td width="9%" align="right"><font style="font-family: TimesNewRomanPSMT,Times New Roman,Times,serif;" class="_mt" size="2">36,739,000</font></td>
<td width="2%" align="left">&nbsp;</td>
<td width="9%" align="right"><font style="font-family: TimesNewRomanPSMT,Times New Roman,Times,serif;" class="_mt" size="2">43,671,000</font></td>
<td width="2%" align="left">&nbsp;</td>
<td width="9%" align="right"><font style="font-family: TimesNewRomanPSMT,Times New Roman,Times,serif;" class="_mt" size="2">6,705,000</font></td>
<td width="2%" align="left">&nbsp;</td>
<td width="8%" align="right"><font style="font-family: TimesNewRomanPSMT,Times New Roman,Times,serif;" class="_mt" size="2">20,637,000</font></td>
<td width="2%" align="left">&nbsp;</td></tr>
<tr valign="bottom"><td width="21%" align="left"><font style="font-family: TimesNewRomanPSMT,Times New Roman,Times,serif;" class="_mt" size="2">Trexlertown Plaza</font></td>
<td width="2%" align="right">&nbsp;</td>
<td width="9%" align="right"><font style="font-family: TimesNewRomanPSMT,Times New Roman,Times,serif;" class="_mt" size="2">21,133,000</font></td>
<td width="2%" align="left">&nbsp;</td>
<td width="2%" align="left">&nbsp;</td>
<td width="9%" align="right"><font style="font-family: TimesNewRomanPSMT,Times New Roman,Times,serif;" class="_mt" size="2">13,351,000</font></td>
<td width="2%" align="right">&nbsp;</td>
<td width="9%" align="right"><font style="font-family: TimesNewRomanPSMT,Times New Roman,Times,serif;" class="_mt" size="2">44,998,000</font></td>
<td width="2%" align="left">&nbsp;</td>
<td width="9%" align="right"><font style="font-family: TimesNewRomanPSMT,Times New Roman,Times,serif;" class="_mt" size="2">58,349,000</font></td>
<td width="2%" align="left">&nbsp;</td>
<td width="9%" align="right"><font style="font-family: TimesNewRomanPSMT,Times New Roman,Times,serif;" class="_mt" size="2">3,865,000</font></td>
<td width="2%" align="left">&nbsp;</td>
<td width="8%" align="right"><font style="font-family: TimesNewRomanPSMT,Times New Roman,Times,serif;" class="_mt" size="2">(3</font></td>
<td width="2%" align="left"><font style="font-family: TimesNewRomanPSMT,Times New Roman,Times,serif;" class="_mt" size="2">)</font></td></tr>
<tr valign="bottom"><td width="21%" align="left"><font style="font-family: TimesNewRomanPSMT,Times New Roman,Times,serif;" class="_mt" size="2">Ukrop's at Fredericksburg</font></td>
<td width="2%" align="right">&nbsp;</td>
<td width="9%" align="right"><font style="font-family: TimesNewRomanPSMT,Times New Roman,Times,serif;" class="_mt" size="2">-</font></td>
<td width="2%" align="left">&nbsp;</td>
<td width="2%" align="left">&nbsp;</td>
<td width="9%" align="right"><font style="font-family: TimesNewRomanPSMT,Times New Roman,Times,serif;" class="_mt" size="2">3,213,000</font></td>
<td width="2%" align="right">&nbsp;</td>
<td width="9%" align="right"><font style="font-family: TimesNewRomanPSMT,Times New Roman,Times,serif;" class="_mt" size="2">12,758,000</font></td>
<td width="2%" align="left">&nbsp;</td>
<td width="9%" align="right"><font style="font-family: TimesNewRomanPSMT,Times New Roman,Times,serif;" class="_mt" size="2">15,971,000</font></td>
<td width="2%" align="left">&nbsp;</td>
<td width="9%" align="right"><font style="font-family: TimesNewRomanPSMT,Times New Roman,Times,serif;" class="_mt" size="2">2,267,000</font></td>
<td width="2%" align="left">&nbsp;</td>
<td width="8%" align="right"><font style="font-family: TimesNewRomanPSMT,Times New Roman,Times,serif;" class="_mt" size="2">(3</font></td>
<td width="2%" align="left"><font style="font-family: TimesNewRomanPSMT,Times New Roman,Times,serif;" class="_mt" size="2">)</font></td></tr>
<tr valign="bottom"><td width="21%" align="left"><font style="font-family: TimesNewRomanPSMT,Times New Roman,Times,serif;" class="_mt" size="2">Valley Plaza</font></td>
<td width="2%" align="right">&nbsp;</td>
<td width="9%" align="right"><font style="font-family: TimesNewRomanPSMT,Times New Roman,Times,serif;" class="_mt" size="2">870,000</font></td>
<td width="2%" align="left">&nbsp;</td>
<td width="2%" align="left">&nbsp;</td>
<td width="9%" align="right"><font style="font-family: TimesNewRomanPSMT,Times New Roman,Times,serif;" class="_mt" size="2">1,950,000</font></td>
<td width="2%" align="right">&nbsp;</td>
<td width="9%" align="right"><font style="font-family: TimesNewRomanPSMT,Times New Roman,Times,serif;" class="_mt" size="2">8,636,000</font></td>
<td width="2%" align="left">&nbsp;</td>
<td width="9%" align="right"><font style="font-family: TimesNewRomanPSMT,Times New Roman,Times,serif;" class="_mt" size="2">10,586,000</font></td>
<td width="2%" align="left">&nbsp;</td>
<td width="9%" align="right"><font style="font-family: TimesNewRomanPSMT,Times New Roman,Times,serif;" class="_mt" size="2">1,847,000</font></td>
<td width="2%" align="left">&nbsp;</td>
<td width="8%" align="right"><font style="font-family: TimesNewRomanPSMT,Times New Roman,Times,serif;" class="_mt" size="2">(3</font></td>
<td width="2%" align="left"><font style="font-family: TimesNewRomanPSMT,Times New Roman,Times,serif;" class="_mt" size="2">)</font></td></tr>
<tr valign="bottom"><td width="21%" align="left"><font style="font-family: TimesNewRomanPSMT,Times New Roman,Times,serif;" class="_mt" size="2">Virginia Little Creek</font></td>
<td width="2%" align="right">&nbsp;</td>
<td width="9%" align="right"><font style="font-family: TimesNewRomanPSMT,Times New Roman,Times,serif;" class="_mt" size="2">(10,000</font></td>
<td width="2%" align="left"><font style="font-family: TimesNewRomanPSMT,Times New Roman,Times,serif;" class="_mt" size="2">)</font></td>
<td width="2%" align="left">&nbsp;</td>
<td width="9%" align="right"><font style="font-family: TimesNewRomanPSMT,Times New Roman,Times,serif;" class="_mt" size="2">1,639,000</font></td>
<td width="2%" align="right">&nbsp;</td>
<td width="9%" align="right"><font style="font-family: TimesNewRomanPSMT,Times New Roman,Times,serif;" class="_mt" size="2">8,351,000</font></td>
<td width="2%" align="left">&nbsp;</td>
<td width="9%" align="right"><font style="font-family: TimesNewRomanPSMT,Times New Roman,Times,serif;" class="_mt" size="2">9,990,000</font></td>
<td width="2%" align="left">&nbsp;</td>
<td width="9%" align="right"><font style="font-family: TimesNewRomanPSMT,Times New Roman,Times,serif;" class="_mt" size="2">2,068,000</font></td>
<td width="2%" align="left">&nbsp;</td>
<td width="8%" align="right"><font style="font-family: TimesNewRomanPSMT,Times New Roman,Times,serif;" class="_mt" size="2">5,035,000</font></td>
<td width="2%" align="left">&nbsp;</td></tr>
<tr valign="bottom"><td width="21%" align="left"><font style="font-family: TimesNewRomanPSMT,Times New Roman,Times,serif;" class="_mt" size="2">Washington Center Shoppes</font></td>
<td width="2%" align="right">&nbsp;</td>
<td width="9%" align="right"><font style="font-family: TimesNewRomanPSMT,Times New Roman,Times,serif;" class="_mt" size="2">3,754,000</font></td>
<td width="2%" align="left">&nbsp;</td>
<td width="2%" align="left">&nbsp;</td>
<td width="9%" align="right"><font style="font-family: TimesNewRomanPSMT,Times New Roman,Times,serif;" class="_mt" size="2">2,000,000</font></td>
<td width="2%" align="right">&nbsp;</td>
<td width="9%" align="right"><font style="font-family: TimesNewRomanPSMT,Times New Roman,Times,serif;" class="_mt" size="2">11,129,000</font></td>
<td width="2%" align="left">&nbsp;</td>
<td width="9%" align="right"><font style="font-family: TimesNewRomanPSMT,Times New Roman,Times,serif;" class="_mt" size="2">13,129,000</font></td>
<td width="2%" align="left">&nbsp;</td>
<td width="9%" align="right"><font style="font-family: TimesNewRomanPSMT,Times New Roman,Times,serif;" class="_mt" size="2">3,032,000</font></td>
<td width="2%" align="left">&nbsp;</td>
<td width="8%" align="right"><font style="font-family: TimesNewRomanPSMT,Times New Roman,Times,serif;" class="_mt" size="2">8,321,000</font></td>
<td width="2%" align="left">&nbsp;</td></tr>
<tr valign="bottom"><td width="21%" align="left"><font style="font-family: TimesNewRomanPSMT,Times New Roman,Times,serif;" class="_mt" size="2">West Bridgewater Plaza</font></td>
<td width="2%" align="right">&nbsp;</td>
<td width="9%" align="right"><font style="font-family: TimesNewRomanPSMT,Times New Roman,Times,serif;" class="_mt" size="2">(700,000</font></td>
<td width="2%" align="left"><font style="font-family: TimesNewRomanPSMT,Times New Roman,Times,serif;" class="_mt" size="2">)</font></td>
<td width="2%" align="left">&nbsp;</td>
<td width="9%" align="right"><font style="font-family: TimesNewRomanPSMT,Times New Roman,Times,serif;" class="_mt" size="2">2,630,000</font></td>
<td width="2%" align="right">&nbsp;</td>
<td width="9%" align="right"><font style="font-family: TimesNewRomanPSMT,Times New Roman,Times,serif;" class="_mt" size="2">14,394,000</font></td>
<td width="2%" align="left">&nbsp;</td>
<td width="9%" align="right"><font style="font-family: TimesNewRomanPSMT,Times New Roman,Times,serif;" class="_mt" size="2">17,024,000</font></td>
<td width="2%" align="left">&nbsp;</td>
<td width="9%" align="right"><font style="font-family: TimesNewRomanPSMT,Times New Roman,Times,serif;" class="_mt" size="2">1,989,000</font></td>
<td width="2%" align="left">&nbsp;</td>
<td width="8%" align="right"><font style="font-family: TimesNewRomanPSMT,Times New Roman,Times,serif;" class="_mt" size="2">10,659,000</font></td>
<td width="2%" align="left">&nbsp;</td></tr>
<tr valign="bottom"><td width="21%" align="left"><font style="font-family: TimesNewRomanPSMT,Times New Roman,Times,serif;" class="_mt" size="2">Upland Square</font></td>
<td width="2%" align="right">&nbsp;</td>
<td width="9%" align="right"><font style="font-family: TimesNewRomanPSMT,Times New Roman,Times,serif;" class="_mt" size="2">65,708,000</font></td>
<td width="2%" align="left">&nbsp;</td>
<td width="2%" align="left">&nbsp;</td>
<td width="9%" align="right"><font style="font-family: TimesNewRomanPSMT,Times New Roman,Times,serif;" class="_mt" size="2">27,112,000</font></td>
<td width="2%" align="right">&nbsp;</td>
<td width="9%" align="right"><font style="font-family: TimesNewRomanPSMT,Times New Roman,Times,serif;" class="_mt" size="2">66,783,000</font></td>
<td width="2%" align="left">&nbsp;</td>
<td width="9%" align="right"><font style="font-family: TimesNewRomanPSMT,Times New Roman,Times,serif;" class="_mt" size="2">93,895,000</font></td>
<td width="2%" align="left">&nbsp;</td>
<td width="9%" align="right"><font style="font-family: TimesNewRomanPSMT,Times New Roman,Times,serif;" class="_mt" size="2">3,444,000</font></td>
<td width="2%" align="left">&nbsp;</td>
<td width="8%" align="right"><font style="font-family: TimesNewRomanPSMT,Times New Roman,Times,serif;" class="_mt" size="2">63,768,000</font></td>
<td width="2%" align="left">&nbsp;</td></tr>
<tr valign="bottom"><td width="21%" align="left"><font style="font-family: TimesNewRomanPSMT,Times New Roman,Times,serif;" class="_mt" size="2">Yorktowne Plaza</font></td>
<td style="border-bottom: #000000 1px solid;" width="2%" align="right">&nbsp;</td>
<td style="border-bottom: #000000 1px solid;" width="9%" align="right"><font style="font-family: TimesNewRomanPSMT,Times New Roman,Times,serif;" class="_mt" size="2">294,000</font></td>
<td style="border-bottom: #000000 1px solid;" width="2%" align="left">&nbsp;</td>
<td style="border-bottom: #000000 1px solid;" width="2%" align="left">&nbsp;</td>
<td style="border-bottom: #000000 1px solid;" width="9%" align="right"><font style="font-family: TimesNewRomanPSMT,Times New Roman,Times,serif;" class="_mt" size="2">5,853,000</font></td>
<td style="border-bottom: #000000 1px solid;" width="2%" align="right">&nbsp;</td>
<td style="border-bottom: #000000 1px solid;" width="9%" align="right"><font style="font-family: TimesNewRomanPSMT,Times New Roman,Times,serif;" class="_mt" size="2">25,886,000</font></td>
<td style="border-bottom: #000000 1px solid;" width="2%" align="left">&nbsp;</td>
<td style="border-bottom: #000000 1px solid;" width="9%" align="right"><font style="font-family: TimesNewRomanPSMT,Times New Roman,Times,serif;" class="_mt" size="2">31,739,000</font></td>
<td style="border-bottom: #000000 1px solid;" width="2%" align="left">&nbsp;</td>
<td style="border-bottom: #000000 1px solid;" width="9%" align="right"><font style="font-family: TimesNewRomanPSMT,Times New Roman,Times,serif;" class="_mt" size="2">4,350,000</font></td>
<td style="border-bottom: #000000 1px solid;" width="2%" align="left">&nbsp;</td>
<td style="border-bottom: #000000 1px solid;" width="8%" align="right"><font style="font-family: TimesNewRomanPSMT,Times New Roman,Times,serif;" class="_mt" size="2">19,707,000</font></td>
<td style="border-bottom: #000000 1px solid;" width="2%" align="left">&nbsp;</td></tr>
<tr><td width="90%" colspan="15">&nbsp;</td></tr>
<tr valign="bottom"><td width="21%" align="left"><b><font style="font-family: TimesNewRomanPS-BoldMT,Times New Roman,Times,serif;" class="_mt" size="2">TotaConsolidatedPortfiolio</font></b></td>
<td style="border-bottom: #000000 2px solid;" width="2%" align="right"><font style="font-family: TimesNewRomanPSMT,Times New Roman,Times,serif;" class="_mt" size="2">$</font></td>
<td style="border-bottom: #000000 2px solid;" width="9%" align="right"><font style="font-family: TimesNewRomanPSMT,Times New Roman,Times,serif;" class="_mt" size="2">280,999,000</font></td>
<td style="border-bottom: #000000 2px solid;" width="2%" align="left">&nbsp;</td>
<td style="border-bottom: #000000 2px solid;" width="2%" align="left"><font style="font-family: TimesNewRomanPSMT,Times New Roman,Times,serif;" class="_mt" size="2">$</font></td>
<td style="border-bottom: #000000 2px solid;" width="9%" align="right"><font style="font-family: TimesNewRomanPSMT,Times New Roman,Times,serif;" class="_mt" size="2">269,479,000</font></td>
<td style="border-bottom: #000000 2px solid;" width="2%" align="right"><font style="font-family: TimesNewRomanPSMT,Times New Roman,Times,serif;" class="_mt" size="2">$</font></td>
<td style="border-bottom: #000000 2px solid;" width="9%" align="right"><font style="font-family: TimesNewRomanPSMT,Times New Roman,Times,serif;" class="_mt" size="2">1,099,642,000</font></td>
<td style="border-bottom: #000000 2px solid;" width="2%" align="left"><font style="font-family: TimesNewRomanPSMT,Times New Roman,Times,serif;" class="_mt" size="2">$</font></td>
<td style="border-bottom: #000000 2px solid;" width="9%" align="right"><font style="font-family: TimesNewRomanPSMT,Times New Roman,Times,serif;" class="_mt" size="2">1,369,121,000</font></td>
<td style="border-bottom: #000000 2px solid;" width="2%" align="left"><font style="font-family: TimesNewRomanPSMT,Times New Roman,Times,serif;" class="_mt" size="2">$</font></td>
<td style="border-bottom: #000000 2px solid;" width="9%" align="right"><font style="font-family: TimesNewRomanPSMT,Times New Roman,Times,serif;" class="_mt" size="2">197,608,000</font></td>
<td style="border-bottom: #000000 2px solid;" width="2%" align="left"><font style="font-family: TimesNewRomanPSMT,Times New Roman,Times,serif;" class="_mt" size="2">$</font></td>
<td style="border-bottom: #000000 2px solid;" width="8%" align="right"><font style="font-family: TimesNewRomanPSMT,Times New Roman,Times,serif;" class="_mt" size="2">589,027,000</font></td>
<td style="border-bottom: #000000 2px solid;" width="2%" align="left">&nbsp;</td></tr></table></div>

<p style="margin: 0px;">&nbsp;</p>

<div>&nbsp;</div><br />

<p style="text-align: left;"><b><font style="font-family: TimesNewRomanPS-BoldMT,Times New Roman,Times,serif;" class="_mt" size="3">CedarRealty Trust, Inc. Schedule III</font></b></p>

<p style="text-align: left;"><b><font style="font-family: TimesNewRomanPS-BoldMT,Times New Roman,Times,serif;" class="_mt" size="3">Real Estate and Accumulated Depreciation Yearended December31, 2011</font></b></p>

<p style="text-align: left;"><b><i><font style="font-family: TimesNewRomanPS-BoldItalicMT,Times New Roman,Times,serif;" class="_mt" size="3">(continued)</font></i></b></p>

<p style="text-align: left;"><font style="font-family: Calibri,Arial,Helvetica,sans-serif;" class="_mt" size="3">The changes in real estate and accumulated depreciation for the three years ended December 31, 2011 are as follows (1):</font></p>

<div>

<table border="0" cellspacing="0">
<tr><td width="43%"> </td>
<td width="2%"> </td>
<td width="2%"> </td>
<td width="12%"> </td>
<td width="2%"> </td>
<td width="2%"> </td>
<td width="11%"> </td>
<td width="2%"> </td>
<td width="2%"> </td>
<td width="10%"> </td>
<td width="2%"> </td></tr>
<tr valign="bottom"><td style="border-bottom: #000000 1px solid;" width="43%" align="center"><b><font style="font-family: Calibri-Bold,Arial,Helvetica,sans-serif;" class="_mt" size="3">Cost</font></b></td>
<td style="border-bottom: #000000 1px solid;" width="2%" align="center">&nbsp;</td>
<td style="border-bottom: #000000 1px solid;" width="16%" colspan="3" align="center"><b><font style="font-family: Calibri-Bold,Arial,Helvetica,sans-serif;" class="_mt" size="3">2011</font></b></td>
<td style="border-bottom: #000000 1px solid;" width="15%" colspan="3" align="center"><b><font style="font-family: Calibri-Bold,Arial,Helvetica,sans-serif;" class="_mt" size="3">2010</font></b></td>
<td style="border-bottom: #000000 1px solid;" width="14%" colspan="3" align="center"><b><font style="font-family: Calibri-Bold,Arial,Helvetica,sans-serif;" class="_mt" size="3">2009</font></b></td></tr>
<tr><td width="90%" colspan="11">&nbsp;</td></tr>
<tr valign="bottom"><td width="43%" align="left"><font style="font-family: Calibri,Arial,Helvetica,sans-serif;" class="_mt" size="3">Balance, beginning of the year</font></td>
<td width="2%" align="left">&nbsp;</td>
<td width="2%" align="left"><font style="font-family: Calibri,Arial,Helvetica,sans-serif;" class="_mt" size="3">$</font></td>
<td width="12%" align="right"><font style="font-family: Calibri,Arial,Helvetica,sans-serif;" class="_mt" size="3">1,290,116,000</font></td>
<td width="2%" align="left">&nbsp;</td>
<td width="2%" align="left"><font style="font-family: Calibri,Arial,Helvetica,sans-serif;" class="_mt" size="3">$</font></td>
<td width="11%" align="right"><font style="font-family: Calibri,Arial,Helvetica,sans-serif;" class="_mt" size="3">1,273,395,000</font></td>
<td width="2%" align="left">&nbsp;</td>
<td width="2%" align="left"><font style="font-family: Calibri,Arial,Helvetica,sans-serif;" class="_mt" size="3">$</font></td>
<td width="10%" align="right"><font style="font-family: Calibri,Arial,Helvetica,sans-serif;" class="_mt" size="3">1,141,623,000</font></td>
<td width="2%" align="left">&nbsp;</td></tr>
<tr valign="bottom"><td width="43%" align="left"><font style="font-family: Calibri,Arial,Helvetica,sans-serif;" class="_mt" size="3">Properties acquired</font></td>
<td width="2%" align="left">&nbsp;</td>
<td width="2%" align="left">&nbsp;</td>
<td width="12%" align="right"><font style="font-family: Calibri,Arial,Helvetica,sans-serif;" class="_mt" size="3">46,863,000</font></td>
<td width="2%" align="left">&nbsp;</td>
<td width="2%" align="left">&nbsp;</td>
<td width="11%" align="right"><font style="font-family: Calibri,Arial,Helvetica,sans-serif;" class="_mt" size="3">-</font></td>
<td width="2%" align="left">&nbsp;</td>
<td width="2%" align="left">&nbsp;</td>
<td width="10%" align="right"><font style="font-family: Calibri,Arial,Helvetica,sans-serif;" class="_mt" size="3">73,152,000</font></td>
<td width="2%" align="left">&nbsp;</td></tr>
<tr valign="bottom"><td width="43%" align="left"><font style="font-family: Calibri,Arial,Helvetica,sans-serif;" class="_mt" size="3">Improvements and betterments</font></td>
<td width="2%" align="left">&nbsp;</td>
<td width="2%" align="left">&nbsp;</td>
<td width="12%" align="right"><font style="font-family: Calibri,Arial,Helvetica,sans-serif;" class="_mt" size="3">32,373,000</font></td>
<td width="2%" align="left">&nbsp;</td>
<td width="2%" align="left">&nbsp;</td>
<td width="11%" align="right"><font style="font-family: Calibri,Arial,Helvetica,sans-serif;" class="_mt" size="3">17,631,000</font></td>
<td width="2%" align="left">&nbsp;</td>
<td width="2%" align="left">&nbsp;</td>
<td width="10%" align="right"><font style="font-family: Calibri,Arial,Helvetica,sans-serif;" class="_mt" size="3">64,767,000</font></td>
<td width="2%" align="left">&nbsp;</td></tr>
<tr valign="bottom"><td width="43%" align="left"><font style="font-family: Calibri,Arial,Helvetica,sans-serif;" class="_mt" size="3">Write-off fully-depreciated assets</font></td>
<td width="2%" align="left">&nbsp;</td>
<td style="border-bottom: #000000 1px solid;" width="2%" align="left">&nbsp;</td>
<td style="border-bottom: #000000 1px solid;" width="12%" align="right"><font style="font-family: Calibri,Arial,Helvetica,sans-serif;" class="_mt" size="3">(231,000</font></td>
<td style="border-bottom: #000000 1px solid;" width="2%" align="left"><font style="font-family: Calibri,Arial,Helvetica,sans-serif;" class="_mt" size="3">)</font></td>
<td style="border-bottom: #000000 1px solid;" width="2%" align="left">&nbsp;</td>
<td style="border-bottom: #000000 1px solid;" width="11%" align="right"><font style="font-family: Calibri,Arial,Helvetica,sans-serif;" class="_mt" size="3">(910,000</font></td>
<td style="border-bottom: #000000 1px solid;" width="2%" align="left"><font style="font-family: Calibri,Arial,Helvetica,sans-serif;" class="_mt" size="3">)</font></td>
<td style="border-bottom: #000000 1px solid;" width="2%" align="left">&nbsp;</td>
<td style="border-bottom: #000000 1px solid;" width="10%" align="right"><font style="font-family: Calibri,Arial,Helvetica,sans-serif;" class="_mt" size="3">(6,147,000</font></td>
<td style="border-bottom: #000000 1px solid;" width="2%" align="left"><font style="font-family: Calibri,Arial,Helvetica,sans-serif;" class="_mt" size="3">)</font></td></tr>
<tr valign="bottom"><td width="43%" align="left"><font style="font-family: Calibri,Arial,Helvetica,sans-serif;" class="_mt" size="3">Balance, end of the year</font></td>
<td width="2%" align="right"><font style="font-family: Calibri,Arial,Helvetica,sans-serif;" class="_mt" size="3">(2<font style="font-family: Calibri,Arial,Helvetica,sans-serif;" class="_mt" size="3">)</font></font></td>
<td style="border-bottom: #000000 3px double;" width="2%" align="left"><font style="font-family: Calibri,Arial,Helvetica,sans-serif;" class="_mt" size="3">$</font></td>
<td style="border-bottom: #000000 3px double;" width="12%" align="right"><font style="font-family: Calibri,Arial,Helvetica,sans-serif;" class="_mt" size="3">1,369,121,000</font></td>
<td style="border-bottom: #000000 3px double;" width="2%" align="left">&nbsp;</td>
<td style="border-bottom: #000000 3px double;" width="2%" align="left"><font style="font-family: Calibri,Arial,Helvetica,sans-serif;" class="_mt" size="3">$</font></td>
<td style="border-bottom: #000000 3px double;" width="11%" align="right"><font style="font-family: Calibri,Arial,Helvetica,sans-serif;" class="_mt" size="3">1,290,116,000</font></td>
<td style="border-bottom: #000000 3px double;" width="2%" align="left">&nbsp;</td>
<td style="border-bottom: #000000 3px double;" width="2%" align="left"><font style="font-family: Calibri,Arial,Helvetica,sans-serif;" class="_mt" size="3">$</font></td>
<td style="border-bottom: #000000 3px double;" width="10%" align="right"><font style="font-family: Calibri,Arial,Helvetica,sans-serif;" class="_mt" size="3">1,273,395,000</font></td>
<td style="border-bottom: #000000 3px double;" width="2%" align="left">&nbsp;</td></tr>
<tr><td width="90%" colspan="11">&nbsp;</td></tr>
<tr valign="bottom"><td style="border-bottom: #000000 1px solid;" width="43%" align="center"><b><font style="font-family: Calibri-Bold,Arial,Helvetica,sans-serif;" class="_mt" size="3">Accumulated depreciation</font></b></td>
<td width="2%" align="left">&nbsp;</td>
<td width="2%" align="left">&nbsp;</td>
<td width="12%" align="left">&nbsp;</td>
<td width="2%" align="left">&nbsp;</td>
<td width="2%" align="left">&nbsp;</td>
<td width="11%" align="left">&nbsp;</td>
<td width="2%" align="left">&nbsp;</td>
<td width="2%" align="left">&nbsp;</td>
<td width="10%" align="left">&nbsp;</td>
<td width="2%" align="left">&nbsp;</td></tr>
<tr><td width="90%" colspan="11">&nbsp;</td></tr>
<tr valign="bottom"><td width="43%" align="left"><font style="font-family: Calibri,Arial,Helvetica,sans-serif;" class="_mt" size="3">Balance, beginning of the year</font></td>
<td width="2%" align="left">&nbsp;</td>
<td width="2%" align="left"><font style="font-family: Calibri,Arial,Helvetica,sans-serif;" class="_mt" size="3">$</font></td>
<td width="12%" align="right"><font style="font-family: Calibri,Arial,Helvetica,sans-serif;" class="_mt" size="3">157,803,000</font></td>
<td width="2%" align="left">&nbsp;</td>
<td width="2%" align="left"><font style="font-family: Calibri,Arial,Helvetica,sans-serif;" class="_mt" size="3">$</font></td>
<td width="11%" align="right"><font style="font-family: Calibri,Arial,Helvetica,sans-serif;" class="_mt" size="3">126,456,000</font></td>
<td width="2%" align="left">&nbsp;</td>
<td width="2%" align="left"><font style="font-family: Calibri,Arial,Helvetica,sans-serif;" class="_mt" size="3">$</font></td>
<td width="10%" align="right"><font style="font-family: Calibri,Arial,Helvetica,sans-serif;" class="_mt" size="3">96,593,000</font></td>
<td width="2%" align="left">&nbsp;</td></tr>
<tr valign="bottom"><td width="43%" align="left"><font style="font-family: Calibri,Arial,Helvetica,sans-serif;" class="_mt" size="3">Depreciation expense</font></td>
<td width="2%" align="left">&nbsp;</td>
<td width="2%" align="left">&nbsp;</td>
<td width="12%" align="right"><font style="font-family: Calibri,Arial,Helvetica,sans-serif;" class="_mt" size="3">40,036,000</font></td>
<td width="2%" align="left">&nbsp;</td>
<td width="2%" align="left">&nbsp;</td>
<td width="11%" align="right"><font style="font-family: Calibri,Arial,Helvetica,sans-serif;" class="_mt" size="3">32,257,000</font></td>
<td width="2%" align="left">&nbsp;</td>
<td width="2%" align="left">&nbsp;</td>
<td width="10%" align="right"><font style="font-family: Calibri,Arial,Helvetica,sans-serif;" class="_mt" size="3">36,010,000</font></td>
<td width="2%" align="left">&nbsp;</td></tr>
<tr valign="bottom"><td width="43%" align="left"><font style="font-family: Calibri,Arial,Helvetica,sans-serif;" class="_mt" size="3">Write-off fully-depreciated assets</font></td>
<td width="2%" align="left">&nbsp;</td>
<td style="border-bottom: #000000 1px solid;" width="2%" align="left">&nbsp;</td>
<td style="border-bottom: #000000 1px solid;" width="12%" align="right"><font style="font-family: Calibri,Arial,Helvetica,sans-serif;" class="_mt" size="3">(231,000</font></td>
<td style="border-bottom: #000000 1px solid;" width="2%" align="left"><font style="font-family: Calibri,Arial,Helvetica,sans-serif;" class="_mt" size="3">)</font></td>
<td style="border-bottom: #000000 1px solid;" width="2%" align="left">&nbsp;</td>
<td style="border-bottom: #000000 1px solid;" width="11%" align="right"><font style="font-family: Calibri,Arial,Helvetica,sans-serif;" class="_mt" size="3">(910,000</font></td>
<td style="border-bottom: #000000 1px solid;" width="2%" align="left"><font style="font-family: Calibri,Arial,Helvetica,sans-serif;" class="_mt" size="3">)</font></td>
<td style="border-bottom: #000000 1px solid;" width="2%" align="left">&nbsp;</td>
<td style="border-bottom: #000000 1px solid;" width="10%" align="right"><font style="font-family: Calibri,Arial,Helvetica,sans-serif;" class="_mt" size="3">(6,147,000</font></td>
<td style="border-bottom: #000000 1px solid;" width="2%" align="left"><font style="font-family: Calibri,Arial,Helvetica,sans-serif;" class="_mt" size="3">)</font></td></tr>
<tr valign="bottom"><td width="43%" align="left"><font style="font-family: Calibri,Arial,Helvetica,sans-serif;" class="_mt" size="3">Balance, end of the year</font></td>
<td width="2%" align="left">&nbsp;</td>
<td style="border-bottom: #000000 3px double;" width="2%" align="left"><font style="font-family: Calibri,Arial,Helvetica,sans-serif;" class="_mt" size="3">$</font></td>
<td style="border-bottom: #000000 3px double;" width="12%" align="right"><font style="font-family: Calibri,Arial,Helvetica,sans-serif;" class="_mt" size="3">197,608,000</font></td>
<td style="border-bottom: #000000 3px double;" width="2%" align="left">&nbsp;</td>
<td style="border-bottom: #000000 3px double;" width="2%" align="left"><font style="font-family: Calibri,Arial,Helvetica,sans-serif;" class="_mt" size="3">$</font></td>
<td style="border-bottom: #000000 3px double;" width="11%" align="right"><font style="font-family: Calibri,Arial,Helvetica,sans-serif;" class="_mt" size="3">157,803,000</font></td>
<td style="border-bottom: #000000 3px double;" width="2%" align="left">&nbsp;</td>
<td style="border-bottom: #000000 3px double;" width="2%" align="left"><font style="font-family: Calibri,Arial,Helvetica,sans-serif;" class="_mt" size="3">$</font></td>
<td style="border-bottom: #000000 3px double;" width="10%" align="right"><font style="font-family: Calibri,Arial,Helvetica,sans-serif;" class="_mt" size="3">126,456,000</font></td>
<td style="border-bottom: #000000 3px double;" width="2%" align="left">&nbsp;</td></tr>
<tr><td width="90%" colspan="11">&nbsp;</td></tr>
<tr valign="bottom"><td width="43%" align="left"><font style="font-family: Calibri,Arial,Helvetica,sans-serif;" class="_mt" size="3">Net book value</font></td>
<td width="2%" align="left">&nbsp;</td>
<td style="border-bottom: #000000 3px double;" width="2%" align="left"><font style="font-family: Calibri,Arial,Helvetica,sans-serif;" class="_mt" size="3">$</font></td>
<td style="border-bottom: #000000 3px double;" width="12%" align="right"><font style="font-family: Calibri,Arial,Helvetica,sans-serif;" class="_mt" size="3">1,171,513,000</font></td>
<td style="border-bottom: #000000 3px double;" width="2%" align="left">&nbsp;</td>
<td style="border-bottom: #000000 3px double;" width="2%" align="left"><font style="font-family: Calibri,Arial,Helvetica,sans-serif;" class="_mt" size="3">$</font></td>
<td style="border-bottom: #000000 3px double;" width="11%" align="right"><font style="font-family: Calibri,Arial,Helvetica,sans-serif;" class="_mt" size="3">1,132,313,000</font></td>
<td style="border-bottom: #000000 3px double;" width="2%" align="left">&nbsp;</td>
<td style="border-bottom: #000000 3px double;" width="2%" align="left"><font style="font-family: Calibri,Arial,Helvetica,sans-serif;" class="_mt" size="3">$</font></td>
<td style="border-bottom: #000000 3px double;" width="10%" align="right"><font style="font-family: Calibri,Arial,Helvetica,sans-serif;" class="_mt" size="3">1,146,939,000</font></td>
<td style="border-bottom: #000000 3px double;" width="2%" align="left">&nbsp;</td></tr></table></div>

<p style="margin: 0px;">&nbsp;</p>

<p style="text-align: left;"><font style="font-family: Calibri,Arial,Helvetica,sans-serif;" class="_mt" size="3">(1) Restated to reflect the reclassifications of properties to "real estate held for sale/conveyance" during 2011.</font></p>

<p style="text-align: left;"><font style="font-family: Calibri,Arial,Helvetica,sans-serif;" class="_mt" size="3">(2) At December 31, 2011, the aggregate cost for federal income tax purposes was approximately $17.4 million less than the Company's recorded values. </font></p>

<p style="text-align: left;"><font style="font-family: Calibri,Arial,Helvetica,sans-serif;" class="_mt" size="3">(3) The total net book value of properties pledged as collateral under the Company's secured revolving credit facilities was $374.8 million at December 31, 2011 (in addition, $24.5 million relating to properties treated as "real estate held for sale/conveyance" was also pledged as collateral under the Company's secured revolving credit facility); the total amount outstanding under the secured revolving credit facilities was $166,317,000.</font></p>

<p style="text-align: left;"><font style="font-family: Calibri,Arial,Helvetica,sans-serif;" class="_mt" size="3">(4) Depreciation is provided over the estimated useful lives of the buildings and improvements, which range from 3 to 40 years.</font></p>

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                <p>The entire disclosure for real estate and accumulated depreciation.  This may include a schedule that describes the property and lists the initial cost of land, buildings and improvements, improvements and carrying costs capitalized after acquisition, and the total carrying cost for land, buildings and improvements for each property and in aggregate. The schedule also lists the accumulated depreciation for each property and in aggregate, the date each property was constructed and acquired, the useful life used to calculate depreciation and any encumbrances on the properties. The entity provides a reconciliation of the carrying amount of real estate from the beginning of the period to the end of the period. Any real estate investments that have been written down or reserved against are described, including the basis of the write-down. A material amount of intercompany profit in the total carrying amount of real estate is disclosed. The aggregate cost of all real estate investments for federal income tax purposes is also disclosed.</p>
              </div><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;">
                <p>Reference 1: http://www.xbrl.org/2003/role/presentationRef<br><br> -Publisher FASB<br><br> -Name Accounting Standards Codification<br><br> -Topic 970<br><br> -SubTopic 360<br><br> -Section S99<br><br> -Paragraph 1<br><br> -Subparagraph (SX 210.12-28)<br><br> -URI http://asc.fasb.org/extlink&amp;oid=6590653&amp;loc=d3e638233-123024<br><br><br><br>Reference 2: http://www.xbrl.org/2003/role/presentationRef<br><br> -Publisher SEC<br><br> -Name Regulation S-X (SX)<br><br> -Number 210<br><br> -Section 04<br><br> -Paragraph c<br><br> -Subparagraph Schedule III<br><br> -Article 5<br><br><br><br>Reference 3: http://www.xbrl.org/2003/role/presentationRef<br><br> -Publisher SEC<br><br> -Name Regulation S-X (SX)<br><br> -Number 210<br><br> -Section 28<br><br> -Article 12<br><br><br><br>Reference 4: http://www.xbrl.org/2003/role/presentationRef<br><br> -Publisher FASB<br><br> -Name Accounting Standards Codification<br><br> -Topic 205<br><br> -SubTopic 10<br><br> -Section S99<br><br> -Paragraph 6<br><br> -Subparagraph (SX 210.5-04.(c) Schedule III)<br><br> -URI http://asc.fasb.org/extlink&amp;oid=6882300&amp;loc=d3e5864-122674<br><br><br><br></p>
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  <body><span style="display: none;">v2.4.0.6</span><table class="report" border="0" cellspacing="2" id="ID0EME">
      <tr>
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          <div style="width: 200px;"><strong>Subsequent Events<br></strong></div>
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        <th class="th" colspan="1">12 Months Ended</th>
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          <div>Dec. 31, 2011</div>
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        <td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_SubsequentEventsAbstract', window );"><strong>Subsequent Events [Abstract]</strong></a></td>
        <td class="text">&#xA0;<span></span></td>
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        <td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_ScheduleOfSubsequentEventsTextBlock', window );">Subsequent Events</a></td>
        <td class="text"><div> <p style="text-align: left;"><b><font style="font-family: TimesNewRomanPS-BoldMT,Times New Roman,Times,serif;" class="_mt" size="3">Note 22. Subsequent Events</font></b></p>

<p style="text-align: left;">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<font style="font-family: TimesNewRomanPSMT,Times New Roman,Times,serif;" class="_mt" size="3">In determining subsequent events, management reviewed all activity from January 1, 2012 through the date of filing this Annual Report on Form 10-K.</font></p>

<p style="text-align: left;">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<font style="font-family: TimesNewRomanPSMT,Times New Roman,Times,serif;" class="_mt" size="3">On January 26, 2012, the Company's Board of Directors declared a dividend of $0.05 per share with respect to its common stock as well as an equal distribution per unit on its outstanding OP Units. At the same time, the Board declared a dividend of $0.5546875 per share with respect to the Company's 8-7/8% Series A Cumulative Redeemable Preferred Stock. The distributions are payable on February 21, 2012 to shareholders of record on February 10, 2012.</font></p>

<div>&nbsp;&nbsp;&nbsp;<font style="font-family: TimesNewRomanPSMT,Times New Roman,Times,serif;" class="_mt" size="3">In January and February 2012, holders of 851,000 OP Units (including 554,000 mezzanine OP Units) converted their holdings to shares of the Company's common stock. In connection therewith, approximately $3.5 million of the December 31, 2011 carrying value of mezzanine OP Units will be reclassified to equity.</font></div>

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                <p>Tabular disclosure of significant events or transactions that occurred after the balance sheet date through the date the financial statements were issued or the date the financial statements were available to be issued. Examples include: the sale of a capital stock issue, purchase of a business, settlement of litigation, losses resulting from fire or flood, losses on receivables, significant realized and unrealized gains and losses that result from changes in quoted market prices of securities, declines in market prices of inventory, changes in authorized or issued debt (SEC), significant foreign exchange rate changes, substantial loans to insiders or affiliates, significant long-term investments, and substantial dividends not in the ordinary course of business.</p>
              </div><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;">
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          <div style="width: 200px;"><strong>Summary Of Significant Accounting Policies<br></strong></div>
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        <th class="th" colspan="1">12 Months Ended</th>
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          <div>Dec. 31, 2011</div>
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        <td class="text"><div> <p style="text-align: left;"><b><font style="font-family: TimesNewRomanPS-BoldMT,Times New Roman,Times,serif;" class="_mt" size="3">Note 2. Summary of Significant Accounting Policies</font></b></p>

<p style="text-align: left;"><b><i><font style="font-family: TimesNewRomanPS-BoldItalicMT,Times New Roman,Times,serif;" class="_mt" size="3">Principles of Consolidation/ Basis of Preparation</font></i></b></p>

<p style="text-align: left;">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<font style="font-family: TimesNewRomanPSMT,Times New Roman,Times,serif;" class="_mt" size="3">The consolidated financial statements include the accounts and operations of the Company, the Operating Partnership, its subsidiaries, and certain joint venture partnerships in which it participates. The Company consolidates all variable interest entities ("VIEs") for which it is the primary beneficiary. Generally, a VIE is an entity with one or more of the following characteristics: (a) the total equity investment at risk is not sufficient to permit the entity to finance its activities without additional subordinated financial support, (b) as a group, the holders of the equity investment at risk (i) lack the power to make decisions about the entity's activities that significantly impacts the entity's performance through voting or similar rights, (ii) have no obligation to absorb the expected losses of the entity, or (iii) have no right to receive the expected residual returns of the entity, or (c) the equity investors have voting rights that are not proportional to their economic interests, and substantially all of the entity's activities either involve, or are conducted on behalf of, an investor that has disproportionately few voting rights. A VIE is required to be consolidated by its primary beneficiary. The primary beneficiary of a VIE has (i) the power to direct the activities that most significantly impact the entity's economic performance, and (ii) the obligation to absorb losses of the VIE or the right to receive benefits from the VIE that could be significant to the VIE. Significant judgments related to these determinations include estimates about the current and future fair values and performance of real estate held by these VIEs and general market conditions.</font></p>

<p style="text-align: left;">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<font style="font-family: TimesNewRomanPSMT,Times New Roman,Times,serif;" class="_mt" size="3">With respect to its 13 consolidated joint ventures, the Company has general partnership interests of 20% in nine properties, 40% in two properties, 50% in one property, and 75% in one property. As (i) such entities are not VIEs, and (ii) the Company is the sole general partner and exercises substantial operating control over these entities, the Company has determined that such entities should be consolidated for financial statement purposes. Current accounting guidance provides a framework for determining whether a general partner controls, and should consolidate, a limited partnership or similar entity in which it owns a minority interest. Seven of the nine 20%-owned properties, and the 50%-owned and 75%-owned properties are treated as "held for sale/conveyance" at December 31, 2011 (see note 5 &#8211; "Discontinued operations, land dispositions and write-off of investment in unconsolidated joint venture").</font></p>

<p style="text-align: left;">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<font style="font-family: TimesNewRomanPSMT,Times New Roman,Times,serif;" class="_mt" size="3">The Company's has three 60%-owned joint ventures originally formed to develop the projects known as Upland Square, Heritage Crossings and Crossroads II. These joint ventures are consolidated as they are deemed to be VIEs and the Company is the primary beneficiary. In each case, the Company guarantees all related debt, the Company's partners are not required to fund additional capital requirements, the Company has an economic interest greater than its voting proportion, and the Company participates in the management activities that significantly impact the performance of these joint ventures. At December 31, 2011, these VIEs owned real estate with a carrying value of $143.6 million. At December 31, 2011, one of the VIEs had a property-</font><font style="font-family: TimesNewRomanPSMT,Times New Roman,Times,serif;" class="_mt" size="3">specific mortgage loan payable aggregating $63.8 million, and the real estate owned by the other two VIEs partially collateralized the development property credit facility to the extent of $28.1 million. Heritage Crossings is treated as "held for sale/conveyance" at December 31, 2011 (see note 5 &#8211; "Discontinued operations, land dispositions and write-off of investment in unconsolidated joint venture").</font></p>

<p style="text-align: left;">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<font style="font-family: TimesNewRomanPSMT,Times New Roman,Times,serif;" class="_mt" size="3">At December 31, 2011, the Company had a deposit of $0.6 million on a land parcel to be purchased for future development. Although the entity holding the deposit is considered a VIE, the Company has not consolidated it as the Company is not the primary beneficiary.</font></p>

<p style="text-align: left;">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<font style="font-family: TimesNewRomanPSMT,Times New Roman,Times,serif;" class="_mt" size="3">With respect to its remaining unconsolidated joint venture, the Company has a 20% interest in a joint venture with RioCan Real Estate Investment Trust of Toronto, Canada, a publicly-traded Canadian real estate investment trust ("RioCan"), formed initially for the acquisition of seven shopping center properties owned by the Company; all seven properties had been transferred to the joint venture by May 2010 and, as of December 31, 2011, the joint venture owned 22 properties. Although the Company provides management and other services, RioCan has significant management participation rights. The Company has determined that this joint venture is not a VIE and, accordingly, the Company accounts for its investment in this joint venture under the equity method. The accounting treatment presentation on the accompanying consolidated statements of operations for 2010 and 2009 reflects the results of the properties' operations through the respective dates of transfer in current operations and, prospectively following their transfer to the joint venture, as "equity in income of unconsolidated joint ventures". Accordingly, the accompanying statements of operations for 2010 and 2009 include revenues of $3.3 million and $18.6 million, respectively, applicable to the periods prior to the dates of transfer.</font></p>

<p style="text-align: left;">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<font style="font-family: TimesNewRomanPSMT,Times New Roman,Times,serif;" class="_mt" size="3">Until June 2011, the Company had an approximate 85% limited partner's interest in an unconsolidated joint venture (increased in the second quarter of 2011 from approximately 76% for a payment of $745,000) which owned a single-tenant property in Philadelphia, Pennsylvania. The Company had determined that this joint venture was not a VIE, as the Company had no control over the entity, did not provide any management or other services to the entity, and had no substantial participating or "kick out" rights. The Company had accounted for its investment in this joint venture under the equity method. In exchange for a payment by the Company of $838,000 to its joint venture partners, the Company (a) obtained appropriate releases, (b) assigned its limited partnership interest to other partners of the joint venture, and (c) wrote off its investment in the joint venture (all as more fully discussed note 5 &#8211; "Discontinued operations, land dispositions and write-off of investment in unconsolidated joint venture").</font></p>

<p style="text-align: left;">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<font style="font-family: TimesNewRomanPSMT,Times New Roman,Times,serif;" class="_mt" size="3">The accompanying financial statements are prepared on the accrual basis in accordance with accounting principles generally accepted in the United States ("GAAP"), which requires management to make estimates and assumptions that affect the disclosure of contingent assets and liabilities, the reported amounts of assets and liabilities at the date of the financial </font><font style="font-family: TimesNewRomanPSMT,Times New Roman,Times,serif;" class="_mt" size="3">statements, and the reported amounts of revenue and expenses during the periods covered by the financial statements. Actual results could differ from these estimates.</font></p>

<p style="text-align: left;">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<font style="font-family: TimesNewRomanPSMT,Times New Roman,Times,serif;" class="_mt" size="3">The consolidated financial statements reflect certain reclassifications of prior period amounts to conform to the 2011 presentation, principally to reflect the sale and/or treatment as "held for sale/conveyance" of certain operating properties and the treatment thereof as "discontinued operations". The reclassifications had no impact on previously-reported net income attributable to common shareholders or earnings per share.</font></p>

<p style="text-align: left;"><b><i><font style="font-family: TimesNewRomanPS-BoldItalicMT,Times New Roman,Times,serif;" class="_mt" size="3">Real Estate Investments</font></i></b></p>

<p style="text-align: left;">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<font style="font-family: TimesNewRomanPSMT,Times New Roman,Times,serif;" class="_mt" size="3">Real estate investments are carried at cost less accumulated depreciation. The provision for depreciation is calculated using the straight-line method based upon the estimated useful lives of the respective assets of between 3 and 40 years. Depreciation expense amounted to $40.0 million, $32.3 million and $36.0 million for 2011, 2010 and 2009, respectively. Expenditures for betterments that substantially extend the useful lives of the assets are capitalized. Expenditures for maintenance, repairs, and betterments that do not substantially prolong the normal useful life of an asset are charged to operations as incurred.</font></p>

<p style="text-align: left;">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<font style="font-family: TimesNewRomanPSMT,Times New Roman,Times,serif;" class="_mt" size="3">Real estate investments include costs of ground-up development and redevelopment activities, and construction in progress. Capitalized costs, including interest and other carrying costs during the construction and/or renovation periods, are included in the cost of the related asset and charged to operations through depreciation over the asset's estimated useful life. A variety of costs are incurred in the acquisition, development and leasing of a property, such as pre-construction costs essential to the development of the property, development costs, construction costs, interest costs, real estate taxes, salaries and related costs, and other costs incurred during the period of development. After a determination is made to capitalize a cost, it is allocated to the specific component of a project that is benefited. The Company ceases capitalization on the portions substantially completed and occupied, or held available for occupancy, and capitalizes only those costs associated with the portions under development. The Company considers a construction project to be substantially completed and held available for occupancy upon the completion of tenant improvements, but not later than one year from cessation of major construction activity.</font></p>

<p style="text-align: left;">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<font style="font-family: TimesNewRomanPSMT,Times New Roman,Times,serif;" class="_mt" size="3">The Company allocates the fair value of real estate acquired to land, buildings and improvements. In addition, the fair value of in-place leases is allocated to intangible lease assets and liabilities. The fair value of the tangible assets of an acquired property is determined by valuing the property as if it were vacant, which value is then allocated to land, buildings and improvements based on management's determination of the relative fair values of these assets. In valuing an acquired property's intangibles, factors considered by management include an estimate of carrying costs during the expected lease-up periods, such as real estate taxes, insurance, other operating expenses, and estimates of lost rental revenue during the expected </font><font style="font-family: TimesNewRomanPSMT,Times New Roman,Times,serif;" class="_mt" size="3">lease-up periods based on its evaluation of current market demand. Management also estimates costs to execute similar leases, including leasing commissions, tenant improvements, legal and other related costs.</font></p>

<p style="text-align: left;">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<font style="font-family: TimesNewRomanPSMT,Times New Roman,Times,serif;" class="_mt" size="3">The values of acquired above-market and below-market leases are recorded based on the present values (using discount rates which reflect the risks associated with the leases acquired) of the differences between the contractual amounts to be received and management's estimate of market lease rates, measured over the terms of the respective leases that management deemed appropriate at the time of the acquisitions. Such valuations include a consideration of the non-cancellable terms of the respective leases as well as any applicable renewal period(s). The fair values associated with below-market rental renewal options are determined based on the Company's experience and the relevant facts and circumstances that existed at the time of the acquisitions. The values of above-market leases are amortized to rental income over the terms of the respective non-cancelable lease periods. The portion of the values of below-market leases associated with the original non-cancelable lease terms are amortized to rental income over the terms of the respective non-cancelable lease periods. The portion of the values of the leases associated with below-market renewal options that are likely of exercise are amortized to rental income over the respective renewal periods. The value of other intangible assets (including leasing commissions, tenant improvements, etc.) is amortized to expense over the applicable terms of the respective leases. If a lease were to be terminated prior to its stated expiration or not renewed, all unamortized amounts relating to that lease would be recognized in operations at that time.</font></p>

<p style="text-align: left;">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<font style="font-family: TimesNewRomanPSMT,Times New Roman,Times,serif;" class="_mt" size="3">Management reviews each real estate investment for impairment whenever events or circumstances indicate that the carrying value of a real estate investment may not be recoverable. The review of recoverability of real estate investments held for use is based on an estimate of the future cash flows that are expected to result from the real estate investment's use and eventual disposition. These cash flows consider factors such as expected future operating income, trends and prospects, as well as the effects of leasing demand, capital expenditures, competition and other factors. If an impairment event exists due to the projected inability to recover the carrying value of a real estate investment, an impairment loss is recorded to the extent that the carrying value exceeds estimated fair value. Real estate investments held for sale/conveyance are carried at the lower of their respective carrying amounts or estimated fair values, less costs to sell. Depreciation and amortization are suspended during the periods held for sale/conveyance.</font></p>

<p style="text-align: left;">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<font style="font-family: TimesNewRomanPSMT,Times New Roman,Times,serif;" class="_mt" size="3">Sales of real estate are recognized only when sufficient down payments have been obtained, possession and other attributes of ownership have been transferred to the buyer and the Company has no significant continuing involvement. The Company believes these criteria were met for all real estate sold during 2011, 2010 and 2009.</font></p>

<p style="text-align: left;">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<font style="font-family: TimesNewRomanPSMT,Times New Roman,Times,serif;" class="_mt" size="3">During 2011, 2010, and 2009, the Company expensed acquisition transaction costs of $0.9 million, $0 and $1.6 million, respectively, related to the properties the Company acquired.</font></p>

<div>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<font style="font-family: TimesNewRomanPSMT,Times New Roman,Times,serif;" class="_mt" size="3">During 2011, 2010 and 2009, the Company wrote-off costs incurred for potential development projects that the Company determined would not go forward $0.5 million, $1.3 million and $2.8 million, respectively.</font></div>

<p style="text-align: left;">&nbsp;&nbsp;&nbsp;&nbsp;<font style="font-family: TimesNewRomanPSMT,Times New Roman,Times,serif;" class="_mt" size="3">During 2010, the Company incurred fees to its investment advisor of $2.7 million related to the Cedar/RioCan joint venture.</font></p>

<p style="text-align: left;"><b><i><font style="font-family: TimesNewRomanPS-BoldItalicMT,Times New Roman,Times,serif;" class="_mt" size="3">Cash and Cash Equivalents / Restricted Cash</font></i></b></p>

<p style="text-align: left;">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<font style="font-family: TimesNewRomanPSMT,Times New Roman,Times,serif;" class="_mt" size="3">Cash and cash equivalents consist of cash in banks and short-term investments with original maturities of less than ninety days, and include cash at consolidated joint ventures of $7.7 million and $6.7 million at December 31, 2011 and 2010, respectively.</font></p>

<p style="text-align: left;">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<font style="font-family: TimesNewRomanPSMT,Times New Roman,Times,serif;" class="_mt" size="3">The terms of several of the Company's mortgage loans payable require the Company to deposit certain replacement and other reserves with its lenders. Such "restricted cash" is generally available only for property-level requirements for which the reserves have been established.</font></p>

<p style="text-align: left;"><b><i><font style="font-family: TimesNewRomanPS-BoldItalicMT,Times New Roman,Times,serif;" class="_mt" size="3">Fair Value Measurements</font></i></b></p>

<p style="text-align: left;">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<font style="font-family: TimesNewRomanPSMT,Times New Roman,Times,serif;" class="_mt" size="3">The fair value measurement accounting guidance establishes a fair value hierarchy that prioritizes observable and unobservable inputs used to measure fair value into three levels:</font></p>

<ul>

<li><font style="font-family: TimesNewRomanPSMT,Times New Roman,Times,serif;" class="_mt" size="3">Level 1 &#8211; Inputs to the valuation methodology are quoted prices (unadjusted) for</font> <font style="font-family: TimesNewRomanPSMT,Times New Roman,Times,serif;" class="_mt" size="3">identical assets or liabilities in active markets.</font>
</li>
<li><font style="font-family: TimesNewRomanPSMT,Times New Roman,Times,serif;" class="_mt" size="3">Level 2 &#8211; Inputs to the valuation methodology include quoted prices for similar assets</font> <font style="font-family: TimesNewRomanPSMT,Times New Roman,Times,serif;" class="_mt" size="3">and liabilities in active markets, and inputs that are observable for the asset or</font> <font style="font-family: TimesNewRomanPSMT,Times New Roman,Times,serif;" class="_mt" size="3">liability, either directly or indirectly, for substantially the full term of the financial</font> <font style="font-family: TimesNewRomanPSMT,Times New Roman,Times,serif;" class="_mt" size="3">instrument.</font>
</li>
<li><font style="font-family: TimesNewRomanPSMT,Times New Roman,Times,serif;" class="_mt" size="3">Level 3 &#8211; Inputs to the valuation methodology are unobservable and significant to the</font> <font style="font-family: TimesNewRomanPSMT,Times New Roman,Times,serif;" class="_mt" size="3">fair value measurement.</font> </li></ul>

<p style="text-align: left;">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<font style="font-family: TimesNewRomanPSMT,Times New Roman,Times,serif;" class="_mt" size="3">The fair value hierarchy gives the highest priority to Level 1 inputs and the lowest priority to Level 3 inputs. In determining fair value, the Company utilizes valuation techniques that maximize the use of observable inputs and minimize the use of unobservable inputs to the extent possible while also considering counterparty credit risk in the assessment of fair value. Financial liabilities measured at fair value in the consolidated financial statements consist of interest rate swaps. The fair values of interest rate swaps are determined using widely accepted valuation techniques, including discounted cash flow analysis, on the expected cash flows of each derivative. The analysis reflects the contractual terms of the swaps, including the period to </font><font style="font-family: TimesNewRomanPSMT,Times New Roman,Times,serif;" class="_mt" size="3">maturity, and uses observable market-based inputs, including interest rate curves ("significant other observable inputs"). The fair value calculation also includes an amount for risk of non-performance using "significant unobservable inputs" such as estimates of current credit spreads to evaluate the likelihood of default. The Company has concluded, as of December 31, 2011, that the fair value associated with the "significant unobservable inputs" relating to the Company's risk of non-performance was insignificant to the overall fair value of the interest rate swap agreements and, as a result, the Company has determined that the relevant inputs for purposes of calculating the fair value of the interest rate swap agreements, in their entirety, were based upon "significant other observable inputs". Nonfinancial assets and liabilities measured at fair value in the consolidated financial statements consists of real estate held for sale/conveyance-discontinued operations.</font></p>

<p style="text-align: left;"><b><i><font style="font-family: TimesNewRomanPS-BoldItalicMT,Times New Roman,Times,serif;" class="_mt" size="3">Revenue Recognition and Receivables</font></i></b></p>

<p style="text-align: left;">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<font style="font-family: TimesNewRomanPSMT,Times New Roman,Times,serif;" class="_mt" size="3">Management has determined that all of the Company's leases with its various tenants are operating leases. Rental income with scheduled rent increases is recognized using the straight-line method over the respective non-cancelable terms of the leases. The aggregate excess of rental revenue recognized on a straight-line basis over the contractual base rents is included in straight-line rents on the consolidated balance sheet. Leases also generally contain provisions under which the tenants reimburse the Company for a portion of property operating expenses and real estate taxes incurred, generally attributable to their respective allocable portions of gross leasable area. Such income is recognized in the periods earned. In addition, a limited number of operating leases contain contingent rent provisions under which tenants are required to pay, as additional rent, a percentage of their sales in excess of a specified amount. The Company defers recognition of contingent rental income until those specified sales targets are met.</font></p>

<p style="text-align: left;">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<font style="font-family: TimesNewRomanPSMT,Times New Roman,Times,serif;" class="_mt" size="3">The Company must make estimates as to the collectability of its accounts receivable related to base rent, straight-line rent, percentage rent, expense reimbursements and other revenues. When management analyzes accounts receivable and evaluates the adequacy of the allowance for doubtful accounts, it considers such things as historical bad debts, tenant creditworthiness, current economic trends, current developments relevant to a tenant's business specifically and to its business category generally, and changes in tenants' payment patterns. The allowance for doubtful accounts was $5.8 million and $5.4 million at December 31, 2011 and 2010, respectively. The provision for doubtful accounts (included in operating, maintenance and management expenses) was $1.9 million, $2.1 million and $2.0 million in 2011, 2010 and 2009, respectively.</font></p>

<p style="text-align: left;"><b><i><font style="font-family: TimesNewRomanPS-BoldItalicMT,Times New Roman,Times,serif;" class="_mt" size="3">Income Taxes</font></i></b></p>

<p style="text-align: left;">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<font style="font-family: TimesNewRomanPSMT,Times New Roman,Times,serif;" class="_mt" size="3">The Company has elected to be taxed as a REIT under the Internal Revenue Code of 1986, as amended (the "Code"). A REIT will generally not be subject to federal income taxation on that portion of its income that qualifies as REIT taxable income, to the extent that it </font><font style="font-family: TimesNewRomanPSMT,Times New Roman,Times,serif;" class="_mt" size="3">distributes at least 90% of such REIT taxable income to its shareholders and complies with certain other requirements. As of December 30, 2011, the Company was in compliance with all REIT requirements.</font></p>

<p style="text-align: left;">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<font style="font-family: TimesNewRomanPSMT,Times New Roman,Times,serif;" class="_mt" size="3">The Company follows a two-step approach for evaluating uncertain federal, state and local tax positions. Recognition (step one) occurs when an enterprise concludes that a tax position, based solely on its technical merits, is more-likely-than-not to be sustained upon examination. Measurement (step two) determines the amount of benefit that more-likely-than-not will be realized upon settlement. Derecognition of a tax position that was previously recognized would occur when a company subsequently determines that a tax position no longer meets the more-likely-than-not threshold of being sustained. The Company has not identified any uncertain tax positions which would require an accrual.</font></p>

<p style="text-align: left;"><b><i><font style="font-family: TimesNewRomanPS-BoldItalicMT,Times New Roman,Times,serif;" class="_mt" size="3">Derivative Financial Instruments</font></i></b></p>

<p style="text-align: left;">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<font style="font-family: TimesNewRomanPSMT,Times New Roman,Times,serif;" class="_mt" size="3">The Company occasionally utilizes derivative financial instruments, principally interest rate swaps, to manage its exposure to fluctuations in interest rates. The Company has established policies and procedures for risk assessment, and the approval, reporting and monitoring of derivative financial instruments. Derivative financial instruments must be effective in reducing the Company's interest rate risk exposure in order to qualify for hedge accounting. When the terms of an underlying transaction are modified, or when the underlying hedged item ceases to exist, all changes in the fair value of the instrument are marked-to-market with changes in value included in net income for each period until the derivative financial instrument matures or is settled. Any derivative financial instrument used for risk management that does not meet the hedging criteria is marked-to-market with the changes in value included in net income. The Company has not entered into, and does not plan to enter into, derivative financial instruments for trading or speculative purposes.</font></p>

<p style="text-align: left;"><b><i><font style="font-family: TimesNewRomanPS-BoldItalicMT,Times New Roman,Times,serif;" class="_mt" size="3">Noncontrolling Interest - Limited Partners' Mezzanine OP Units</font></i></b></p>

<p style="text-align: left;">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<font style="font-family: TimesNewRomanPSMT,Times New Roman,Times,serif;" class="_mt" size="3">The Company follows the accounting guidance related to noncontrolling interests in consolidated financial statements, which clarifies that a noncontrolling interest in a subsidiary (minority interests or certain limited partners' interest, in the case of the Company), subject to the classification and measurement of redeemable securities, is an ownership interest in a consolidated entity which should be reported as equity in the parent company's consolidated financial statements. The guidance requires a reconciliation of the beginning and ending balances of equity attributable to noncontrolling interests and disclosure, on the face of the consolidated income statement, of those amounts of consolidated net income attributable to the noncontrolling interests. The Company classifies the balances related to minority interests in consolidated joint ventures and limited partners' interest in the Operating Partnership into the consolidated equity accounts, as appropriate. Certain noncontrolling interests of the Company are classified in the mezzanine section of the balance sheet (the "mezzanine OP Units") as such OP Units do not </font><font style="font-family: TimesNewRomanPSMT,Times New Roman,Times,serif;" class="_mt" size="3">meet the requirements for equity classification (certain of the holders of such OP Units have registration rights that provide such holders with the right to demand registration under the federal securities laws of the common stock of the Company issuable upon conversion of such OP Units). The Company adjusts the carrying value of the mezzanine OP Units each period to equal the greater of its historical carrying value or its redemption value. Through December 31, 2011, there have been no cumulative net adjustments recorded to the carrying amounts of the mezzanine OP Units.</font></p>

<p style="text-align: left;"><b><i><font style="font-family: TimesNewRomanPS-BoldItalicMT,Times New Roman,Times,serif;" class="_mt" size="3">Share-Based Compensation</font></i></b></p>

<p style="text-align: left;">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<font style="font-family: TimesNewRomanPSMT,Times New Roman,Times,serif;" class="_mt" size="3">The Company's 2004 Stock Incentive Plan (the "Incentive Plan") establishes the procedures for the granting of incentive stock options, stock appreciation rights, restricted shares, performance units and performance shares. The maximum number of shares of the Company's common stock that may be issued pursuant to the Incentive Plan is 4,850,000 (including a 2,100,000 share increase approved by shareholders on June 15, 2011), and the maximum number of shares that may be granted to a participant in any calendar year may not exceed 250,000. All grants issued pursuant to the Incentive Plan are "restricted stock grants" which generally vest (i) at the end of designated time periods for time-based grants, or (ii) upon the completion of a designated period of performance for performance-based grants and satisfaction of performance criteria. Time&#8211;based grants are valued according to the market price for the Company's common stock at the date of grant. For performance-based grants, the Company generally engages an independent appraisal company to determine the value of the shares at the date of grant, taking into account the underlying contingency risks associated with the performance criteria. The value of all grants is being expensed on a straight-line basis over the respective vesting periods (irrespective of achievement of the performance-based grants) adjusted, as applicable, for forfeitures. For restricted share grants subject to graded vesting, the amounts expensed are at least equal to the measured expense of each vested tranche. Based on the current terms of the Incentive Plan, those grants of restricted shares that are transferred to Rabbi Trusts are classified as treasury stock on the Company's consolidated balance sheet.</font></p>

<div>&nbsp;</div><br />

<p style="text-align: center;"><b><i><font style="font-family: TimesNewRomanPS-BoldItalicMT,Times New Roman,Times,serif;" class="_mt" size="3">Supplemental Consolidated Statements of Cash Flows Information</font></i></b></p>

<div>

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<td style="border-bottom: #000000 1px solid;" width="42%" colspan="9" align="center"><b><font style="font-family: TimesNewRomanPS-BoldMT,Times New Roman,Times,serif;" class="_mt" size="3">Years ended December 31,</font></b></td></tr>
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<td style="border-bottom: #000000 1px solid;" width="14%" colspan="3" align="center"><b><font style="font-family: TimesNewRomanPS-BoldMT,Times New Roman,Times,serif;" class="_mt" size="3">2011</font></b></td>
<td style="border-bottom: #000000 1px solid;" width="14%" colspan="3" align="center"><b><font style="font-family: TimesNewRomanPS-BoldMT,Times New Roman,Times,serif;" class="_mt" size="3">2010</font></b></td>
<td style="border-bottom: #000000 1px solid;" width="14%" colspan="3" align="center"><b><font style="font-family: TimesNewRomanPS-BoldMT,Times New Roman,Times,serif;" class="_mt" size="3">2009</font></b></td></tr>
<tr valign="bottom"><td width="48%" align="left"><font style="font-family: TimesNewRomanPSMT,Times New Roman,Times,serif;" class="_mt" size="3">Supplementaldisclosure of cash activities:</font></td>
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<tr valign="bottom"><td style="text-indent: 1px;" width="48%" align="left"><font style="font-family: TimesNewRomanPSMT,Times New Roman,Times,serif;" class="_mt" size="3">Cash paid for interest</font></td>
<td width="2%" align="left"><font style="font-family: TimesNewRomanPSMT,Times New Roman,Times,serif;" class="_mt" size="3">$</font></td>
<td width="10%" align="right"><font style="font-family: TimesNewRomanPSMT,Times New Roman,Times,serif;" class="_mt" size="3">47,611,000</font></td>
<td width="2%" align="left">&nbsp;</td>
<td width="2%" align="right"><font style="font-family: TimesNewRomanPSMT,Times New Roman,Times,serif;" class="_mt" size="3">$</font></td>
<td width="10%" align="right"><font style="font-family: TimesNewRomanPSMT,Times New Roman,Times,serif;" class="_mt" size="3">46,247,000</font></td>
<td width="2%" align="left">&nbsp;</td>
<td width="2%" align="right"><font style="font-family: TimesNewRomanPSMT,Times New Roman,Times,serif;" class="_mt" size="3">$</font></td>
<td width="10%" align="right"><font style="font-family: TimesNewRomanPSMT,Times New Roman,Times,serif;" class="_mt" size="3">50,413,000</font></td>
<td width="2%" align="left">&nbsp;</td></tr>
<tr valign="bottom"><td width="48%" align="left"><font style="font-family: TimesNewRomanPSMT,Times New Roman,Times,serif;" class="_mt" size="3">Supplementaldisclosure of non-cash activities:</font></td>
<td width="2%" align="left">&nbsp;</td>
<td width="10%" align="left">&nbsp;</td>
<td width="2%" align="left">&nbsp;</td>
<td width="2%" align="right">&nbsp;</td>
<td width="10%" align="left">&nbsp;</td>
<td width="2%" align="left">&nbsp;</td>
<td width="2%" align="right">&nbsp;</td>
<td width="10%" align="left">&nbsp;</td>
<td width="2%" align="left">&nbsp;</td></tr>
<tr valign="bottom"><td style="text-indent: 1px;" width="48%" align="left"><font style="font-family: TimesNewRomanPSMT,Times New Roman,Times,serif;" class="_mt" size="3">Assumption ofmortgage loans payable - acquisitions</font></td>
<td width="2%" align="left">&nbsp;</td>
<td width="10%" align="right"><font style="font-family: TimesNewRomanPSMT,Times New Roman,Times,serif;" class="_mt" size="3">-</font></td>
<td width="2%" align="left">&nbsp;</td>
<td width="2%" align="right">&nbsp;</td>
<td width="10%" align="right"><font style="font-family: TimesNewRomanPSMT,Times New Roman,Times,serif;" class="_mt" size="3">(12,967,000</font></td>
<td width="2%" align="left"><font style="font-family: TimesNewRomanPSMT,Times New Roman,Times,serif;" class="_mt" size="3">)</font></td>
<td width="2%" align="right">&nbsp;</td>
<td width="10%" align="right"><font style="font-family: TimesNewRomanPSMT,Times New Roman,Times,serif;" class="_mt" size="3">(56,214,000</font></td>
<td width="2%" align="left"><font style="font-family: TimesNewRomanPSMT,Times New Roman,Times,serif;" class="_mt" size="3">)</font></td></tr>
<tr valign="bottom"><td style="text-indent: 1px;" width="48%" align="left"><font style="font-family: TimesNewRomanPSMT,Times New Roman,Times,serif;" class="_mt" size="3">Assumption ofmortgage loans payable upon disposition</font></td>
<td width="2%" align="left">&nbsp;</td>
<td width="10%" align="right"><font style="font-family: TimesNewRomanPSMT,Times New Roman,Times,serif;" class="_mt" size="3">24,273,000</font></td>
<td width="2%" align="left">&nbsp;</td>
<td width="2%" align="right">&nbsp;</td>
<td width="10%" align="right"><font style="font-family: TimesNewRomanPSMT,Times New Roman,Times,serif;" class="_mt" size="3">12,358,000</font></td>
<td width="2%" align="left">&nbsp;</td>
<td width="2%" align="right">&nbsp;</td>
<td width="10%" align="right"><font style="font-family: TimesNewRomanPSMT,Times New Roman,Times,serif;" class="_mt" size="3">9,932,000</font></td>
<td width="2%" align="left">&nbsp;</td></tr>
<tr valign="bottom"><td style="text-indent: 1px;" width="48%" align="left"><font style="font-family: TimesNewRomanPSMT,Times New Roman,Times,serif;" class="_mt" size="3">Conversion of OP Units into common stock</font></td>
<td width="2%" align="left">&nbsp;</td>
<td width="10%" align="right"><font style="font-family: TimesNewRomanPSMT,Times New Roman,Times,serif;" class="_mt" size="3">-</font></td>
<td width="2%" align="left">&nbsp;</td>
<td width="2%" align="right">&nbsp;</td>
<td width="10%" align="right"><font style="font-family: TimesNewRomanPSMT,Times New Roman,Times,serif;" class="_mt" size="3">403,000</font></td>
<td width="2%" align="left">&nbsp;</td>
<td width="2%" align="right">&nbsp;</td>
<td width="10%" align="right"><font style="font-family: TimesNewRomanPSMT,Times New Roman,Times,serif;" class="_mt" size="3">131,000</font></td>
<td width="2%" align="left">&nbsp;</td></tr>
<tr valign="bottom"><td style="text-indent: 1px;" width="48%" align="left"><font style="font-family: TimesNewRomanPSMT,Times New Roman,Times,serif;" class="_mt" size="3">Issuance ofwarrants</font></td>
<td width="2%" align="left">&nbsp;</td>
<td width="10%" align="right"><font style="font-family: TimesNewRomanPSMT,Times New Roman,Times,serif;" class="_mt" size="3">-</font></td>
<td width="2%" align="left">&nbsp;</td>
<td width="2%" align="right">&nbsp;</td>
<td width="10%" align="right"><font style="font-family: TimesNewRomanPSMT,Times New Roman,Times,serif;" class="_mt" size="3">-</font></td>
<td width="2%" align="left">&nbsp;</td>
<td width="2%" align="right">&nbsp;</td>
<td width="10%" align="right"><font style="font-family: TimesNewRomanPSMT,Times New Roman,Times,serif;" class="_mt" size="3">1,643,000</font></td>
<td width="2%" align="left">&nbsp;</td></tr>
<tr valign="bottom"><td style="text-indent: 1px;" width="48%" align="left"><font style="font-family: TimesNewRomanPSMT,Times New Roman,Times,serif;" class="_mt" size="3">Capitalization ofinterest costs</font></td>
<td width="2%" align="left">&nbsp;</td>
<td width="10%" align="right"><font style="font-family: TimesNewRomanPSMT,Times New Roman,Times,serif;" class="_mt" size="3">1,979,000</font></td>
<td width="2%" align="left">&nbsp;</td>
<td width="2%" align="right">&nbsp;</td>
<td width="10%" align="right"><font style="font-family: TimesNewRomanPSMT,Times New Roman,Times,serif;" class="_mt" size="3">1,889,000</font></td>
<td width="2%" align="left">&nbsp;</td>
<td width="2%" align="right">&nbsp;</td>
<td width="10%" align="right"><font style="font-family: TimesNewRomanPSMT,Times New Roman,Times,serif;" class="_mt" size="3">4,800,000</font></td>
<td width="2%" align="left">&nbsp;</td></tr>
<tr valign="bottom"><td style="text-indent: 1px;" width="48%" align="left"><font style="font-family: TimesNewRomanPSMT,Times New Roman,Times,serif;" class="_mt" size="3">Capitalization ofdeferred financing costs</font></td>
<td width="2%" align="left">&nbsp;</td>
<td width="10%" align="right"><font style="font-family: TimesNewRomanPSMT,Times New Roman,Times,serif;" class="_mt" size="3">650,000</font></td>
<td width="2%" align="left">&nbsp;</td>
<td width="2%" align="right">&nbsp;</td>
<td width="10%" align="right"><font style="font-family: TimesNewRomanPSMT,Times New Roman,Times,serif;" class="_mt" size="3">652,000</font></td>
<td width="2%" align="left">&nbsp;</td>
<td width="2%" align="right">&nbsp;</td>
<td width="10%" align="right"><font style="font-family: TimesNewRomanPSMT,Times New Roman,Times,serif;" class="_mt" size="3">1,486,000</font></td>
<td width="2%" align="left">&nbsp;</td></tr>
<tr valign="bottom"><td style="text-indent: 1px;" width="48%" align="left"><font style="font-family: TimesNewRomanPSMT,Times New Roman,Times,serif;" class="_mt" size="3">Purchase accounting allocations:</font></td>
<td width="2%" align="left">&nbsp;</td>
<td width="10%" align="left">&nbsp;</td>
<td width="2%" align="left">&nbsp;</td>
<td width="2%" align="right">&nbsp;</td>
<td width="10%" align="left">&nbsp;</td>
<td width="2%" align="left">&nbsp;</td>
<td width="2%" align="right">&nbsp;</td>
<td width="10%" align="left">&nbsp;</td>
<td width="2%" align="left">&nbsp;</td></tr>
<tr valign="bottom"><td style="text-indent: 2px;" width="48%" align="left"><font style="font-family: TimesNewRomanPSMT,Times New Roman,Times,serif;" class="_mt" size="3">Intangible lease and other assets</font></td>
<td width="2%" align="left">&nbsp;</td>
<td width="10%" align="right"><font style="font-family: TimesNewRomanPSMT,Times New Roman,Times,serif;" class="_mt" size="3">6,810,000</font></td>
<td width="2%" align="left">&nbsp;</td>
<td width="2%" align="right">&nbsp;</td>
<td width="10%" align="right"><font style="font-family: TimesNewRomanPSMT,Times New Roman,Times,serif;" class="_mt" size="3">-</font></td>
<td width="2%" align="left">&nbsp;</td>
<td width="2%" align="right">&nbsp;</td>
<td width="10%" align="right"><font style="font-family: TimesNewRomanPSMT,Times New Roman,Times,serif;" class="_mt" size="3">7,057,000</font></td>
<td width="2%" align="left">&nbsp;</td></tr>
<tr valign="bottom"><td style="text-indent: 2px;" width="48%" align="left"><font style="font-family: TimesNewRomanPSMT,Times New Roman,Times,serif;" class="_mt" size="3">Intangible lease liabilities</font></td>
<td width="2%" align="left">&nbsp;</td>
<td width="10%" align="right"><font style="font-family: TimesNewRomanPSMT,Times New Roman,Times,serif;" class="_mt" size="3">(725,000</font></td>
<td width="2%" align="left"><font style="font-family: TimesNewRomanPSMT,Times New Roman,Times,serif;" class="_mt" size="3">)</font></td>
<td width="2%" align="right">&nbsp;</td>
<td width="10%" align="right"><font style="font-family: TimesNewRomanPSMT,Times New Roman,Times,serif;" class="_mt" size="3">(2,600,000</font></td>
<td width="2%" align="left"><font style="font-family: TimesNewRomanPSMT,Times New Roman,Times,serif;" class="_mt" size="3">)</font></td>
<td width="2%" align="right">&nbsp;</td>
<td width="10%" align="right"><font style="font-family: TimesNewRomanPSMT,Times New Roman,Times,serif;" class="_mt" size="3">(3,215,000</font></td>
<td width="2%" align="left"><font style="font-family: TimesNewRomanPSMT,Times New Roman,Times,serif;" class="_mt" size="3">)</font></td></tr>
<tr><td width="90%" colspan="10">&nbsp;</td></tr>
<tr valign="bottom"><td style="text-indent: 1px;" width="48%" align="left"><font style="font-family: TimesNewRomanPSMT,Times New Roman,Times,serif;" class="_mt" size="3">Deconsolidation of properties transferred to joint venture:</font></td>
<td width="2%" align="left">&nbsp;</td>
<td width="10%" align="left">&nbsp;</td>
<td width="2%" align="left">&nbsp;</td>
<td width="2%" align="right">&nbsp;</td>
<td width="10%" align="left">&nbsp;</td>
<td width="2%" align="left">&nbsp;</td>
<td width="2%" align="right">&nbsp;</td>
<td width="10%" align="left">&nbsp;</td>
<td width="2%" align="left">&nbsp;</td></tr>
<tr valign="bottom"><td style="text-indent: 2px;" width="48%" align="left"><font style="font-family: TimesNewRomanPSMT,Times New Roman,Times,serif;" class="_mt" size="3">Realestate, net</font></td>
<td width="2%" align="left">&nbsp;</td>
<td width="10%" align="right"><font style="font-family: TimesNewRomanPSMT,Times New Roman,Times,serif;" class="_mt" size="3">-</font></td>
<td width="2%" align="left">&nbsp;</td>
<td width="2%" align="right">&nbsp;</td>
<td width="10%" align="right"><font style="font-family: TimesNewRomanPSMT,Times New Roman,Times,serif;" class="_mt" size="3">139,743,000</font></td>
<td width="2%" align="left">&nbsp;</td>
<td width="2%" align="right">&nbsp;</td>
<td width="10%" align="right"><font style="font-family: TimesNewRomanPSMT,Times New Roman,Times,serif;" class="_mt" size="3">42,829,000</font></td>
<td width="2%" align="left">&nbsp;</td></tr>
<tr valign="bottom"><td style="text-indent: 2px;" width="48%" align="left"><font style="font-family: TimesNewRomanPSMT,Times New Roman,Times,serif;" class="_mt" size="3">Mortgage loans payable</font></td>
<td width="2%" align="left">&nbsp;</td>
<td width="10%" align="right"><font style="font-family: TimesNewRomanPSMT,Times New Roman,Times,serif;" class="_mt" size="3">-</font></td>
<td width="2%" align="left">&nbsp;</td>
<td width="2%" align="right">&nbsp;</td>
<td width="10%" align="right"><font style="font-family: TimesNewRomanPSMT,Times New Roman,Times,serif;" class="_mt" size="3">(94,018,000</font></td>
<td width="2%" align="left"><font style="font-family: TimesNewRomanPSMT,Times New Roman,Times,serif;" class="_mt" size="3">)</font></td>
<td width="2%" align="right">&nbsp;</td>
<td width="10%" align="right"><font style="font-family: TimesNewRomanPSMT,Times New Roman,Times,serif;" class="_mt" size="3">-</font></td>
<td width="2%" align="left">&nbsp;</td></tr>
<tr valign="bottom"><td style="text-indent: 2px;" width="48%" align="left"><font style="font-family: TimesNewRomanPSMT,Times New Roman,Times,serif;" class="_mt" size="3">Other assets/liabilities, net</font></td>
<td width="2%" align="left">&nbsp;</td>
<td width="10%" align="right"><font style="font-family: TimesNewRomanPSMT,Times New Roman,Times,serif;" class="_mt" size="3">-</font></td>
<td width="2%" align="left">&nbsp;</td>
<td width="2%" align="right">&nbsp;</td>
<td width="10%" align="right"><font style="font-family: TimesNewRomanPSMT,Times New Roman,Times,serif;" class="_mt" size="3">(3,574,000</font></td>
<td width="2%" align="left"><font style="font-family: TimesNewRomanPSMT,Times New Roman,Times,serif;" class="_mt" size="3">)</font></td>
<td width="2%" align="right">&nbsp;</td>
<td width="10%" align="right"><font style="font-family: TimesNewRomanPSMT,Times New Roman,Times,serif;" class="_mt" size="3">1,277,000</font></td>
<td width="2%" align="left">&nbsp;</td></tr>
<tr valign="bottom"><td style="text-indent: 2px;" width="48%" align="left"><font style="font-family: TimesNewRomanPSMT,Times New Roman,Times,serif;" class="_mt" size="3">Investment in and advances to unconsolidated joint venture</font></td>
<td width="2%" align="left">&nbsp;</td>
<td width="10%" align="right"><font style="font-family: TimesNewRomanPSMT,Times New Roman,Times,serif;" class="_mt" size="3">-</font></td>
<td width="2%" align="left">&nbsp;</td>
<td width="2%" align="right">&nbsp;</td>
<td width="10%" align="right"><font style="font-family: TimesNewRomanPSMT,Times New Roman,Times,serif;" class="_mt" size="3">9,423,000</font></td>
<td width="2%" align="left">&nbsp;</td>
<td width="2%" align="right">&nbsp;</td>
<td width="10%" align="right"><font style="font-family: TimesNewRomanPSMT,Times New Roman,Times,serif;" class="_mt" size="3">8,610,000</font></td>
<td width="2%" align="left">&nbsp;</td></tr></table></div>

<p style="margin: 0px;">&nbsp;</p>

<p style="text-align: left;"><b><i><font style="font-family: TimesNewRomanPS-BoldItalicMT,Times New Roman,Times,serif;" class="_mt" size="3">Recently-Issued Accounting Pronouncements</font></i></b></p>

<p style="text-align: left;">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<font style="font-family: TimesNewRomanPSMT,Times New Roman,Times,serif;" class="_mt" size="3">In May 2011, the Financial Accounting Standards Board ("FASB") issued ASU No. 2011-04, "Fair Value Measurement: Amendments to Achieve Common Fair Value Measurement and Disclosure Requirements in U.S GAAP and IFRS". This update defines fair value, clarifies a framework to measure fair value, and requires specific disclosures of fair value measurements. The guidance is effective for the Company's interim and annual reporting periods beginning January 1, 2012 and is required to be applied prospectively. The Company does not expect adoption of this guidance to have a material impact on its financial condition or results of operations.</font></p>

<p style="text-align: left;">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<font style="font-family: TimesNewRomanPSMT,Times New Roman,Times,serif;" class="_mt" size="3">In June 2011, the FASB issued Accounting Standards Update 2011-05, "Presentation of Comprehensive Income". This standard eliminates the current requirement to report other comprehensive income and its components in the statement of equity and instead requires the </font><font style="font-family: TimesNewRomanPSMT,Times New Roman,Times,serif;" class="_mt" size="3">components of other comprehensive income to be presented either in a single continuous statement of comprehensive income or in two separate but consecutive statements. The guidance is effective for the Company's interim and annual reporting periods beginning January 1, 2012 and is required to be applied retrospectively. Other than presentation in the financial statements, the adoption of this guidance will have no effect on the Company's financial position or results of operations.</font></p> </div><span></span></td>
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                <p>The entire disclosure for all significant accounting policies of the reporting entity.</p>
              </div><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;">
                <p>Reference 1: http://www.xbrl.org/2003/role/presentationRef<br><br> -Publisher FASB<br><br> -Name Accounting Standards Codification<br><br> -Topic 235<br><br> -SubTopic 10<br><br> -Section 50<br><br> -Paragraph 2<br><br> -URI http://asc.fasb.org/extlink&amp;oid=6367646&amp;loc=d3e18743-107790<br><br><br><br>Reference 2: http://www.xbrl.org/2003/role/presentationRef<br><br> -Publisher FASB<br><br> -Name Accounting Standards Codification<br><br> -Topic 235<br><br> -SubTopic 10<br><br> -Section 50<br><br> -Paragraph 5<br><br> -URI http://asc.fasb.org/extlink&amp;oid=6367646&amp;loc=d3e18854-107790<br><br><br><br>Reference 3: http://www.xbrl.org/2003/role/presentationRef<br><br> -Publisher AICPA<br><br> -Name Accounting Principles Board Opinion (APB)<br><br> -Number 22<br><br> -Paragraph 8<br><br> -LegacyDoc This reference is SUPERSEDED by the Accounting Standards Codification effective for interim and annual periods ending after September 15, 2009.  This reference is included to help users transition from the previous accounting hierarchy and will be removed from future versions of this taxonomy.<br><br><br><br>Reference 4: http://www.xbrl.org/2003/role/presentationRef<br><br> -Publisher FASB<br><br> -Name Accounting Standards Codification<br><br> -Topic 235<br><br> -SubTopic 10<br><br> -Section 50<br><br> -Paragraph 6<br><br> -URI http://asc.fasb.org/extlink&amp;oid=6367646&amp;loc=d3e18861-107790<br><br><br><br>Reference 5: http://www.xbrl.org/2003/role/presentationRef<br><br> -Publisher FASB<br><br> -Name Accounting Standards Codification<br><br> -Topic 235<br><br> -SubTopic 10<br><br> -Section 50<br><br> -Paragraph 3<br><br> -URI http://asc.fasb.org/extlink&amp;oid=6367646&amp;loc=d3e18780-107790<br><br><br><br>Reference 6: http://www.xbrl.org/2003/role/presentationRef<br><br> -Publisher FASB<br><br> -Name Accounting Standards Codification<br><br> -Topic 235<br><br> -SubTopic 10<br><br> -Section 50<br><br> -Paragraph 1<br><br> -URI http://asc.fasb.org/extlink&amp;oid=6367646&amp;loc=d3e18726-107790<br><br><br><br></p>
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  <body><span style="display: none;">v2.4.0.6</span><table class="report" border="0" cellspacing="2" id="ID0EMABG">
      <tr>
        <th class="tl" colspan="1" rowspan="1">
          <div style="width: 200px;"><strong>Consolidated Balance Sheets (USD $)<br></strong></div>
        </th>
        <th class="th">
          <div>Dec. 31, 2011</div>
        </th>
        <th class="th">
          <div>Dec. 31, 2010</div>
        </th>
      </tr>
      <tr class="re">
        <td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_AssetsAbstract', window );"><strong>Assets</strong></a></td>
        <td class="text">&#xA0;<span></span></td>
        <td class="text">&#xA0;<span></span></td>
      </tr>
      <tr class="ro">
        <td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_Land', window );">Land</a></td>
        <td class="nump">$ 269,479,000<span></span></td>
        <td class="nump">$ 261,673,000<span></span></td>
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      <tr class="re">
        <td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_InvestmentBuildingAndBuildingImprovements', window );">Buildings and improvements</a></td>
        <td class="nump">1,099,642,000<span></span></td>
        <td class="nump">1,028,443,000<span></span></td>
      </tr>
      <tr class="rou">
        <td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_BuildingsAndImprovementsGross', window );">Land, buildings and improvements, gross</a></td>
        <td class="nump">1,369,121,000<span></span></td>
        <td class="nump">1,290,116,000<span></span></td>
      </tr>
      <tr class="re">
        <td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_RealEstateInvestmentPropertyAccumulatedDepreciation', window );">Less accumulated depreciation</a></td>
        <td class="num">(197,608,000)<span></span></td>
        <td class="num">(157,803,000)<span></span></td>
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      <tr class="rou">
        <td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_RealEstateInvestmentPropertyNet', window );">Real estate, net</a></td>
        <td class="nump">1,171,513,000<span></span></td>
        <td class="nump">1,132,313,000<span></span></td>
      </tr>
      <tr class="re">
        <td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_AssetsHeldForSaleAtCarryingValue', window );">Real estate held for sale/conveyance</a></td>
        <td class="nump">206,674,000<span></span></td>
        <td class="nump">348,743,000<span></span></td>
      </tr>
      <tr class="ro">
        <td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_InvestmentsInAffiliatesSubsidiariesAssociatesAndJointVentures', window );">Investment in unconsolidated joint ventures</a></td>
        <td class="nump">44,743,000<span></span></td>
        <td class="nump">52,466,000<span></span></td>
      </tr>
      <tr class="re">
        <td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_CashAndCashEquivalentsAtCarryingValue', window );">Cash and cash equivalents</a></td>
        <td class="nump">12,070,000<span></span></td>
        <td class="nump">14,166,000<span></span></td>
      </tr>
      <tr class="ro">
        <td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_RestrictedCashAndCashEquivalents', window );">Restricted cash</a></td>
        <td class="nump">14,707,000<span></span></td>
        <td class="nump">12,493,000<span></span></td>
      </tr>
      <tr class="re">
        <td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_ReceivablesAbstract', window );"><strong>Receivables:</strong></a></td>
        <td class="text">&#xA0;<span></span></td>
        <td class="text">&#xA0;<span></span></td>
      </tr>
      <tr class="ro">
        <td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_AccountsReceivableNet', window );">Rents and other tenant receivables, net</a></td>
        <td class="nump">6,882,000<span></span></td>
        <td class="nump">7,048,000<span></span></td>
      </tr>
      <tr class="re">
        <td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_DeferredRentReceivablesNet', window );">Straight-line rents</a></td>
        <td class="nump">13,572,000<span></span></td>
        <td class="nump">12,471,000<span></span></td>
      </tr>
      <tr class="ro">
        <td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_cdr_LoanAndOtherReceivableAndOtherJointVentureSettlements', window );">Other (including joint venture settlements of $1.2 million and $6.0 million)</a></td>
        <td class="nump">5,810,000<span></span></td>
        <td class="nump">6,868,000<span></span></td>
      </tr>
      <tr class="re">
        <td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_OtherAssets', window );">Other assets</a></td>
        <td class="nump">12,358,000<span></span></td>
        <td class="nump">9,411,000<span></span></td>
      </tr>
      <tr class="ro">
        <td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_DeferredCosts', window );">Deferred charges, net</a></td>
        <td class="nump">21,535,000<span></span></td>
        <td class="nump">24,456,000<span></span></td>
      </tr>
      <tr class="re">
        <td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_cdr_AssetsOfRealEstateHeldForSaleConveyanceDiscontinuedOperations', window );">Assets relating to real estate held for sale/conveyance</a></td>
        <td class="nump">2,299,000<span></span></td>
        <td class="nump">2,052,000<span></span></td>
      </tr>
      <tr class="rou">
        <td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_Assets', window );">Total assets</a></td>
        <td class="nump">1,512,163,000<span></span></td>
        <td class="nump">1,622,487,000<span></span></td>
      </tr>
      <tr class="re">
        <td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_LiabilitiesAndStockholdersEquityAbstract', window );"><strong>Liabilities and equity</strong></a></td>
        <td class="text">&#xA0;<span></span></td>
        <td class="text">&#xA0;<span></span></td>
      </tr>
      <tr class="ro">
        <td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_MortgageLoansOnRealEstate', window );">Mortgage loans payable</a></td>
        <td class="nump">589,027,000<span></span></td>
        <td class="nump">550,525,000<span></span></td>
      </tr>
      <tr class="re">
        <td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_cdr_MortgageLoansOnRealEstateHeldForSale', window );">Mortgage loans payable - real estate held for sale/conveyance</a></td>
        <td class="nump">122,604,000<span></span></td>
        <td class="nump">156,991,000<span></span></td>
      </tr>
      <tr class="ro">
        <td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_LineOfCredit', window );">Secured revolving credit facilities</a></td>
        <td class="nump">166,317,000<span></span></td>
        <td class="nump">132,597,000<span></span></td>
      </tr>
      <tr class="re">
        <td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_AccountsPayableAndAccruedLiabilitiesCurrentAndNoncurrent', window );">Accounts payable and accrued liabilities</a></td>
        <td class="nump">32,404,000<span></span></td>
        <td class="nump">29,026,000<span></span></td>
      </tr>
      <tr class="ro">
        <td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_cdr_UnamortizedIntangibleLeaseLiability', window );">Unamortized intangible lease liabilities</a></td>
        <td class="nump">35,017,000<span></span></td>
        <td class="nump">40,253,000<span></span></td>
      </tr>
      <tr class="re">
        <td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_LiabilitiesOfAssetsHeldForSale', window );">Liabilities relating to real estate held for sale/conveyance</a></td>
        <td class="nump">6,406,000<span></span></td>
        <td class="nump">7,571,000<span></span></td>
      </tr>
      <tr class="rou">
        <td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_Liabilities', window );">Total liabilities</a></td>
        <td class="nump">951,775,000<span></span></td>
        <td class="nump">916,963,000<span></span></td>
      </tr>
      <tr class="re">
        <td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_MinorityInterestInOperatingPartnerships', window );">Noncontrolling interest - limited partners' mezzanine OP Units</a></td>
        <td class="nump">4,616,000<span></span></td>
        <td class="nump">7,053,000<span></span></td>
      </tr>
      <tr class="ro">
        <td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_CommitmentsAndContingencies', window );">Commitments and contingencies</a></td>
        <td class="text">&nbsp;&nbsp;<span></span></td>
        <td class="text">&nbsp;&nbsp;<span></span></td>
      </tr>
      <tr class="re">
        <td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_StockholdersEquityAbstract', window );"><strong>Equity:</strong></a></td>
        <td class="text">&#xA0;<span></span></td>
        <td class="text">&#xA0;<span></span></td>
      </tr>
      <tr class="ro">
        <td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_PreferredStockValue', window );">Preferred stock ($.01 par value, $25.00 per share liquidation value, 12,500,000 shares authorized, 6,400,000 shares issued and outstanding)</a></td>
        <td class="nump">158,575,000<span></span></td>
        <td class="nump">158,575,000<span></span></td>
      </tr>
      <tr class="re">
        <td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_CommonStockValue', window );">Common stock ($.06 par value, 150,000,000 shares authorized 67,928,000 and 66,520,000 shares, respectively, issued and outstanding)</a></td>
        <td class="nump">4,076,000<span></span></td>
        <td class="nump">3,991,000<span></span></td>
      </tr>
      <tr class="ro">
        <td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_TreasuryStockValue', window );">Treasury stock (1,313,000 and 1,120,000 shares, respectively, at cost)</a></td>
        <td class="num">(10,528,000)<span></span></td>
        <td class="num">(10,367,000)<span></span></td>
      </tr>
      <tr class="re">
        <td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_AdditionalPaidInCapital', window );">Additional paid-in capital</a></td>
        <td class="nump">718,974,000<span></span></td>
        <td class="nump">712,548,000<span></span></td>
      </tr>
      <tr class="ro">
        <td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_AccumulatedDistributionsInExcessOfNetIncome', window );">Cumulative distributions in excess of net income</a></td>
        <td class="num">(373,741,000)<span></span></td>
        <td class="num">(231,275,000)<span></span></td>
      </tr>
      <tr class="re">
        <td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_AccumulatedOtherComprehensiveIncomeLossNetOfTax', window );">Accumulated other comprehensive loss</a></td>
        <td class="num">(3,513,000)<span></span></td>
        <td class="num">(3,406,000)<span></span></td>
      </tr>
      <tr class="rou">
        <td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_StockholdersEquity', window );">Total Cedar Realty Trust, Inc. shareholders' equity</a></td>
        <td class="nump">493,843,000<span></span></td>
        <td class="nump">630,066,000<span></span></td>
      </tr>
      <tr class="re">
        <td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_NoncontrollingInterestItemsAbstract', window );"><strong>Noncontrolling interests:</strong></a></td>
        <td class="text">&#xA0;<span></span></td>
        <td class="text">&#xA0;<span></span></td>
      </tr>
      <tr class="ro">
        <td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_MinorityInterestInJointVentures', window );">Minority interests in consolidated joint ventures</a></td>
        <td class="nump">56,511,000<span></span></td>
        <td class="nump">62,050,000<span></span></td>
      </tr>
      <tr class="re">
        <td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_cdr_LimitedPartnersInterestInOperatingPartnershipNoncontrollingInterest', window );">Limited partners' OP Units</a></td>
        <td class="nump">5,418,000<span></span></td>
        <td class="nump">6,355,000<span></span></td>
      </tr>
      <tr class="rou">
        <td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_MinorityInterest', window );">Total noncontrolling interests</a></td>
        <td class="nump">61,929,000<span></span></td>
        <td class="nump">68,405,000<span></span></td>
      </tr>
      <tr class="reu">
        <td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_StockholdersEquityIncludingPortionAttributableToNoncontrollingInterest', window );">Total equity</a></td>
        <td class="nump">555,772,000<span></span></td>
        <td class="nump">698,471,000<span></span></td>
      </tr>
      <tr class="rou">
        <td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_LiabilitiesAndStockholdersEquity', window );">Total liabilities and equity</a></td>
        <td class="nump">$ 1,512,163,000<span></span></td>
        <td class="nump">$ 1,622,487,000<span></span></td>
      </tr>
    </table>
    <div style="display: none;">
      <table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_cdr_AssetsOfRealEstateHeldForSaleConveyanceDiscontinuedOperations">
        <tr>
          <td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td>
        </tr>
        <tr>
          <td>
            <div class="body" style="padding: 2px;"><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div>
                <p>Restricted cash related to a disposal group that is held for sale and anticipated to be sold or conveyed in less than one year.</p>
              </div><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;">
                <p>No definition available.</p>
              </div><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;">
                <table border="0" cellpadding="0" cellspacing="0">
                  <tr>
                    <td><strong> Name:</strong></td>
                    <td><nobr>cdr_AssetsOfRealEstateHeldForSaleConveyanceDiscontinuedOperations</nobr></td>
                  </tr>
                  <tr>
                    <td style="padding-right: 4px;"><nobr><strong> Namespace Prefix:</strong></nobr></td>
                    <td>cdr_</td>
                  </tr>
                  <tr>
                    <td><strong> Data Type:</strong></td>
                    <td>xbrli:monetaryItemType</td>
                  </tr>
                  <tr>
                    <td><strong> Balance Type:</strong></td>
                    <td>debit</td>
                  </tr>
                  <tr>
                    <td><strong> Period Type:</strong></td>
                    <td>instant</td>
                  </tr>
                </table>
              </div>
            </div>
          </td>
        </tr>
      </table>
      <table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_cdr_LimitedPartnersInterestInOperatingPartnershipNoncontrollingInterest">
        <tr>
          <td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td>
        </tr>
        <tr>
          <td>
            <div class="body" style="padding: 2px;"><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div>
                <p>Carrying amount of the equity interests owned by noncontrolling partners in an operating partnership of the total minority interest included in the entity's consolidated financial statements.</p>
              </div><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;">
                <p>No definition available.</p>
              </div><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;">
                <table border="0" cellpadding="0" cellspacing="0">
                  <tr>
                    <td><strong> Name:</strong></td>
                    <td><nobr>cdr_LimitedPartnersInterestInOperatingPartnershipNoncontrollingInterest</nobr></td>
                  </tr>
                  <tr>
                    <td style="padding-right: 4px;"><nobr><strong> Namespace Prefix:</strong></nobr></td>
                    <td>cdr_</td>
                  </tr>
                  <tr>
                    <td><strong> Data Type:</strong></td>
                    <td>xbrli:monetaryItemType</td>
                  </tr>
                  <tr>
                    <td><strong> Balance Type:</strong></td>
                    <td>credit</td>
                  </tr>
                  <tr>
                    <td><strong> Period Type:</strong></td>
                    <td>instant</td>
                  </tr>
                </table>
              </div>
            </div>
          </td>
        </tr>
      </table>
      <table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_cdr_LoanAndOtherReceivableAndOtherJointVentureSettlements">
        <tr>
          <td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td>
        </tr>
        <tr>
          <td>
            <div class="body" style="padding: 2px;"><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div>
                <p>Reflects the carrying amount of unpaid loan amounts due from related parties and amounts due from an entity in which the reporting entity shares joint control with another party or group.</p>
              </div><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;">
                <p>No definition available.</p>
              </div><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;">
                <table border="0" cellpadding="0" cellspacing="0">
                  <tr>
                    <td><strong> Name:</strong></td>
                    <td><nobr>cdr_LoanAndOtherReceivableAndOtherJointVentureSettlements</nobr></td>
                  </tr>
                  <tr>
                    <td style="padding-right: 4px;"><nobr><strong> Namespace Prefix:</strong></nobr></td>
                    <td>cdr_</td>
                  </tr>
                  <tr>
                    <td><strong> Data Type:</strong></td>
                    <td>xbrli:monetaryItemType</td>
                  </tr>
                  <tr>
                    <td><strong> Balance Type:</strong></td>
                    <td>debit</td>
                  </tr>
                  <tr>
                    <td><strong> Period Type:</strong></td>
                    <td>instant</td>
                  </tr>
                </table>
              </div>
            </div>
          </td>
        </tr>
      </table>
      <table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_cdr_MortgageLoansOnRealEstateHeldForSale">
        <tr>
          <td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td>
        </tr>
        <tr>
          <td>
            <div class="body" style="padding: 2px;"><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div>
                <p>Total carrying amount of mortgage loans in connection with real estate held for sale as of the balance sheet date.</p>
              </div><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;">
                <p>No definition available.</p>
              </div><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;">
                <table border="0" cellpadding="0" cellspacing="0">
                  <tr>
                    <td><strong> Name:</strong></td>
                    <td><nobr>cdr_MortgageLoansOnRealEstateHeldForSale</nobr></td>
                  </tr>
                  <tr>
                    <td style="padding-right: 4px;"><nobr><strong> Namespace Prefix:</strong></nobr></td>
                    <td>cdr_</td>
                  </tr>
                  <tr>
                    <td><strong> Data Type:</strong></td>
                    <td>xbrli:monetaryItemType</td>
                  </tr>
                  <tr>
                    <td><strong> Balance Type:</strong></td>
                    <td>credit</td>
                  </tr>
                  <tr>
                    <td><strong> Period Type:</strong></td>
                    <td>instant</td>
                  </tr>
                </table>
              </div>
            </div>
          </td>
        </tr>
      </table>
      <table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_cdr_UnamortizedIntangibleLeaseLiability">
        <tr>
          <td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td>
        </tr>
        <tr>
          <td>
            <div class="body" style="padding: 2px;"><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div>
                <p>The identifiable intangible net liability established for an assumed above or below-market lease acquired in an acquisition. Such asset or liability is established regardless of whether the acquiree is the lessee or the lessor</p>
              </div><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;">
                <p>No definition available.</p>
              </div><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;">
                <table border="0" cellpadding="0" cellspacing="0">
                  <tr>
                    <td><strong> Name:</strong></td>
                    <td><nobr>cdr_UnamortizedIntangibleLeaseLiability</nobr></td>
                  </tr>
                  <tr>
                    <td style="padding-right: 4px;"><nobr><strong> Namespace Prefix:</strong></nobr></td>
                    <td>cdr_</td>
                  </tr>
                  <tr>
                    <td><strong> Data Type:</strong></td>
                    <td>xbrli:monetaryItemType</td>
                  </tr>
                  <tr>
                    <td><strong> Balance Type:</strong></td>
                    <td>credit</td>
                  </tr>
                  <tr>
                    <td><strong> Period Type:</strong></td>
                    <td>instant</td>
                  </tr>
                </table>
              </div>
            </div>
          </td>
        </tr>
      </table>
      <table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_us-gaap_AccountsPayableAndAccruedLiabilitiesCurrentAndNoncurrent">
        <tr>
          <td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td>
        </tr>
        <tr>
          <td>
            <div class="body" style="padding: 2px;"><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div>
                <p>Sum of the carrying values as of the balance sheet date of obligations incurred through that date, including liabilities incurred and payable to vendors for goods and services received, taxes, interest, rent and utilities, compensation costs, payroll taxes and fringe benefits (other than pension and postretirement obligations), contractual rights and obligations, and statutory obligations.</p>
              </div><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;">
                <p>Reference 1: http://www.xbrl.org/2003/role/presentationRef<br><br><br><br> -Publisher SEC<br><br><br><br> -Name Regulation S-X (SX)<br><br><br><br> -Number 210<br><br><br><br> -Article 9<br><br><br><br> -Section 03<br><br><br><br> -Paragraph 15<br><br><br><br> -Subparagraph 1, 5<br><br><br><br><br><br><br><br>Reference 2: http://www.xbrl.org/2003/role/presentationRef<br><br><br><br> -Publisher SEC<br><br><br><br> -Name Regulation S-X (SX)<br><br><br><br> -Number 210<br><br><br><br> -Article 7<br><br><br><br> -Section 03<br><br><br><br> -Paragraph 15<br><br><br><br><br><br><br><br>Reference 3: http://www.xbrl.org/2003/role/presentationRef<br><br><br><br> -Publisher FASB<br><br><br><br> -Name Accounting Standards Codification<br><br><br><br> -Topic 944<br><br><br><br> -SubTopic 210<br><br><br><br> -Section S99<br><br><br><br> -Paragraph 1<br><br><br><br> -Subparagraph (SX 210.7-03.15)<br><br><br><br> -URI http://asc.fasb.org/extlink&amp;oid=6879938&amp;loc=d3e572229-122910<br><br><br><br><br><br><br><br>Reference 4: http://www.xbrl.org/2003/role/presentationRef<br><br><br><br> -Publisher FASB<br><br><br><br> -Name Accounting Standards Codification<br><br><br><br> -Topic 942<br><br><br><br> -SubTopic 210<br><br><br><br> -Section S99<br><br><br><br> -Paragraph 1<br><br><br><br> -Subparagraph (SX 210.9-03.15(1),(5))<br><br><br><br> -URI http://asc.fasb.org/extlink&amp;oid=6876686&amp;loc=d3e534808-122878<br><br><br><br><br><br><br><br></p>
              </div><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;">
                <table border="0" cellpadding="0" cellspacing="0">
                  <tr>
                    <td><strong> Name:</strong></td>
                    <td><nobr>us-gaap_AccountsPayableAndAccruedLiabilitiesCurrentAndNoncurrent</nobr></td>
                  </tr>
                  <tr>
                    <td style="padding-right: 4px;"><nobr><strong> Namespace Prefix:</strong></nobr></td>
                    <td>us-gaap_</td>
                  </tr>
                  <tr>
                    <td><strong> Data Type:</strong></td>
                    <td>xbrli:monetaryItemType</td>
                  </tr>
                  <tr>
                    <td><strong> Balance Type:</strong></td>
                    <td>credit</td>
                  </tr>
                  <tr>
                    <td><strong> Period Type:</strong></td>
                    <td>instant</td>
                  </tr>
                </table>
              </div>
            </div>
          </td>
        </tr>
      </table>
      <table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_us-gaap_AccountsReceivableNet">
        <tr>
          <td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td>
        </tr>
        <tr>
          <td>
            <div class="body" style="padding: 2px;"><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div>
                <p>For an unclassified balance sheet, the amount due from customers or clients for goods or services that have been delivered or sold in the normal course of business, reduced to their estimated net realizable fair value by an allowance established by the entity of the amount it deems uncertain of collection.</p>
              </div><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;">
                <p>Reference 1: http://www.xbrl.org/2003/role/presentationRef<br><br><br><br> -Publisher SEC<br><br><br><br> -Name Regulation S-X (SX)<br><br><br><br> -Number 210<br><br><br><br> -Section 02<br><br><br><br> -Paragraph 3<br><br><br><br> -Article 5<br><br><br><br><br><br><br><br>Reference 2: http://www.xbrl.org/2003/role/presentationRef<br><br><br><br> -Publisher FASB<br><br><br><br> -Name Accounting Standards Codification<br><br><br><br> -Topic 942<br><br><br><br> -SubTopic 210<br><br><br><br> -Section S99<br><br><br><br> -Paragraph 1<br><br><br><br> -Subparagraph (SX 210.9-03.9)<br><br><br><br> -URI http://asc.fasb.org/extlink&amp;oid=6876686&amp;loc=d3e534808-122878<br><br><br><br><br><br><br><br>Reference 3: http://www.xbrl.org/2003/role/presentationRef<br><br><br><br> -Publisher FASB<br><br><br><br> -Name Accounting Standards Codification<br><br><br><br> -Topic 944<br><br><br><br> -SubTopic 210<br><br><br><br> -Section S99<br><br><br><br> -Paragraph 1<br><br><br><br> -Subparagraph (SX 210.7-03.5)<br><br><br><br> -URI http://asc.fasb.org/extlink&amp;oid=6879938&amp;loc=d3e572229-122910<br><br><br><br><br><br><br><br></p>
              </div><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;">
                <table border="0" cellpadding="0" cellspacing="0">
                  <tr>
                    <td><strong> Name:</strong></td>
                    <td><nobr>us-gaap_AccountsReceivableNet</nobr></td>
                  </tr>
                  <tr>
                    <td style="padding-right: 4px;"><nobr><strong> Namespace Prefix:</strong></nobr></td>
                    <td>us-gaap_</td>
                  </tr>
                  <tr>
                    <td><strong> Data Type:</strong></td>
                    <td>xbrli:monetaryItemType</td>
                  </tr>
                  <tr>
                    <td><strong> Balance Type:</strong></td>
                    <td>debit</td>
                  </tr>
                  <tr>
                    <td><strong> Period Type:</strong></td>
                    <td>instant</td>
                  </tr>
                </table>
              </div>
            </div>
          </td>
        </tr>
      </table>
      <table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_us-gaap_AccumulatedDistributionsInExcessOfNetIncome">
        <tr>
          <td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td>
        </tr>
        <tr>
          <td>
            <div class="body" style="padding: 2px;"><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div>
                <p>The amount as of the balance sheet date by which cumulative distributions to shareholders (or partners) exceed retained earnings (or accumulated earnings).</p>
              </div><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;">
                <p>Reference 1: http://www.xbrl.org/2003/role/presentationRef<br><br><br><br> -Publisher AICPA<br><br><br><br> -Name Statement of Position (SOP)<br><br><br><br> -Number 93-2<br><br><br><br> -Paragraph 13<br><br><br><br> -Subparagraph b<br><br><br><br> -LegacyDoc This reference is SUPERSEDED by the Accounting Standards Codification effective for interim and annual periods ending after September 15, 2009.  This reference is included to help users transition from the previous accounting hierarchy and will be removed from future versions of this taxonomy.<br><br><br><br><br><br><br><br></p>
              </div><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;">
                <table border="0" cellpadding="0" cellspacing="0">
                  <tr>
                    <td><strong> Name:</strong></td>
                    <td><nobr>us-gaap_AccumulatedDistributionsInExcessOfNetIncome</nobr></td>
                  </tr>
                  <tr>
                    <td style="padding-right: 4px;"><nobr><strong> Namespace Prefix:</strong></nobr></td>
                    <td>us-gaap_</td>
                  </tr>
                  <tr>
                    <td><strong> Data Type:</strong></td>
                    <td>xbrli:monetaryItemType</td>
                  </tr>
                  <tr>
                    <td><strong> Balance Type:</strong></td>
                    <td>debit</td>
                  </tr>
                  <tr>
                    <td><strong> Period Type:</strong></td>
                    <td>instant</td>
                  </tr>
                </table>
              </div>
            </div>
          </td>
        </tr>
      </table>
      <table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_us-gaap_AccumulatedOtherComprehensiveIncomeLossNetOfTax">
        <tr>
          <td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td>
        </tr>
        <tr>
          <td>
            <div class="body" style="padding: 2px;"><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div>
                <p>Accumulated change in equity from transactions and other events and circumstances from non-owner sources, net of tax effect, at period end. Excludes Net Income (Loss), and accumulated changes in equity from transactions resulting from investments by owners and distributions to owners. Includes foreign currency translation items, certain pension adjustments, unrealized gains and losses on certain investments in debt and equity securities, other than temporary impairment (OTTI) losses related to factors other than credit losses on available-for-sale and held-to-maturity debt securities that an entity does not intend to sell and it is not more likely than not that the entity will be required to sell before recovery of the amortized cost basis, as well as changes in the fair value of derivatives related to the effective portion of a designated cash flow hedge.</p>
              </div><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;">
                <p>Reference 1: http://www.xbrl.org/2003/role/presentationRef<br><br><br><br> -Publisher FASB<br><br><br><br> -Name Accounting Standards Codification<br><br><br><br> -Topic 220<br><br><br><br> -SubTopic 10<br><br><br><br> -Section 45<br><br><br><br> -Paragraph 13<br><br><br><br> -URI http://asc.fasb.org/extlink&amp;oid=6920043&amp;loc=d3e653-108580<br><br><br><br><br><br><br><br>Reference 2: http://www.xbrl.org/2003/role/presentationRef<br><br><br><br> -Publisher FASB<br><br><br><br> -Name Statement of Financial Accounting Standard (FAS)<br><br><br><br> -Number 130<br><br><br><br> -Paragraph 14, 17, 26<br><br><br><br> -LegacyDoc This reference is SUPERSEDED by the Accounting Standards Codification effective for interim and annual periods ending after September 15, 2009.  This reference is included to help users transition from the previous accounting hierarchy and will be removed from future versions of this taxonomy.<br><br><br><br><br><br><br><br>Reference 3: http://www.xbrl.org/2003/role/presentationRef<br><br><br><br> -Publisher SEC<br><br><br><br> -Name Regulation S-X (SX)<br><br><br><br> -Number 210<br><br><br><br> -Section 02<br><br><br><br> -Paragraph 31<br><br><br><br> -Article 5<br><br><br><br><br><br><br><br>Reference 4: http://www.xbrl.org/2003/role/presentationRef<br><br><br><br> -Publisher AICPA<br><br><br><br> -Name Accounting Principles Board Opinion (APB)<br><br><br><br> -Number 12<br><br><br><br> -Paragraph 10<br><br><br><br> -LegacyDoc This reference is SUPERSEDED by the Accounting Standards Codification effective for interim and annual periods ending after September 15, 2009.  This reference is included to help users transition from the previous accounting hierarchy and will be removed from future versions of this taxonomy.<br><br><br><br><br><br><br><br>Reference 5: http://www.xbrl.org/2003/role/presentationRef<br><br><br><br> -Publisher FASB<br><br><br><br> -Name FASB Staff Position (FSP)<br><br><br><br> -Number FAS115-1/124-1<br><br><br><br> -Paragraph 15D<br><br><br><br> -LegacyDoc This reference is SUPERSEDED by the Accounting Standards Codification effective for interim and annual periods ending after September 15, 2009.  This reference is included to help users transition from the previous accounting hierarchy and will be removed from future versions of this taxonomy.<br><br><br><br><br><br><br><br>Reference 6: http://www.xbrl.org/2003/role/presentationRef<br><br><br><br> -Publisher FASB<br><br><br><br> -Name Accounting Standards Codification<br><br><br><br> -Topic 220<br><br><br><br> -SubTopic 10<br><br><br><br> -Section 45<br><br><br><br> -Paragraph 11<br><br><br><br> -URI http://asc.fasb.org/extlink&amp;oid=6920043&amp;loc=d3e637-108580<br><br><br><br><br><br><br><br>Reference 7: http://www.xbrl.org/2003/role/presentationRef<br><br><br><br> -Publisher SEC<br><br><br><br> -Name Regulation S-X (SX)<br><br><br><br> -Number 210<br><br><br><br> -Section 04<br><br><br><br> -Article 3<br><br><br><br><br><br><br><br>Reference 8: http://www.xbrl.org/2003/role/presentationRef<br><br><br><br> -Publisher FASB<br><br><br><br> -Name Accounting Standards Codification<br><br><br><br> -Topic 220<br><br><br><br> -SubTopic 10<br><br><br><br> -Section 45<br><br><br><br> -Paragraph 14<br><br><br><br> -URI http://asc.fasb.org/extlink&amp;oid=6920043&amp;loc=d3e681-108580<br><br><br><br><br><br><br><br></p>
              </div><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;">
                <table border="0" cellpadding="0" cellspacing="0">
                  <tr>
                    <td><strong> Name:</strong></td>
                    <td><nobr>us-gaap_AccumulatedOtherComprehensiveIncomeLossNetOfTax</nobr></td>
                  </tr>
                  <tr>
                    <td style="padding-right: 4px;"><nobr><strong> Namespace Prefix:</strong></nobr></td>
                    <td>us-gaap_</td>
                  </tr>
                  <tr>
                    <td><strong> Data Type:</strong></td>
                    <td>xbrli:monetaryItemType</td>
                  </tr>
                  <tr>
                    <td><strong> Balance Type:</strong></td>
                    <td>credit</td>
                  </tr>
                  <tr>
                    <td><strong> Period Type:</strong></td>
                    <td>instant</td>
                  </tr>
                </table>
              </div>
            </div>
          </td>
        </tr>
      </table>
      <table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_us-gaap_AdditionalPaidInCapital">
        <tr>
          <td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td>
        </tr>
        <tr>
          <td>
            <div class="body" style="padding: 2px;"><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div>
                <p>Excess of issue price over par or stated value of the entity's capital stock and amounts received from other transactions involving the entity's stock or stockholders. Includes adjustments to additional paid in capital. Some examples of such adjustments include recording the issuance of debt with a beneficial conversion feature and certain tax consequences of equity instruments awarded to employees. Use this element for the aggregate amount of additional paid-in capital associated with common and preferred stock. For additional paid-in capital associated with only common stock, use the element additional paid in capital, common stock. For additional paid-in capital associated with only preferred stock, use the element additional paid in capital, preferred stock.</p>
              </div><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;">
                <p>Reference 1: http://www.xbrl.org/2003/role/presentationRef<br><br><br><br> -Publisher SEC<br><br><br><br> -Name Regulation S-X (SX)<br><br><br><br> -Number 210<br><br><br><br> -Section 02<br><br><br><br> -Paragraph 31<br><br><br><br> -Article 5<br><br><br><br><br><br><br><br>Reference 2: http://www.xbrl.org/2003/role/presentationRef<br><br><br><br> -Publisher FASB<br><br><br><br> -Name Accounting Standards Codification<br><br><br><br> -Topic 210<br><br><br><br> -SubTopic 10<br><br><br><br> -Section S99<br><br><br><br> -Paragraph 1<br><br><br><br> -Subparagraph (SX 210.5-02.30(a)(1))<br><br><br><br> -URI http://asc.fasb.org/extlink&amp;oid=6877327&amp;loc=d3e13212-122682<br><br><br><br><br><br><br><br></p>
              </div><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;">
                <table border="0" cellpadding="0" cellspacing="0">
                  <tr>
                    <td><strong> Name:</strong></td>
                    <td><nobr>us-gaap_AdditionalPaidInCapital</nobr></td>
                  </tr>
                  <tr>
                    <td style="padding-right: 4px;"><nobr><strong> Namespace Prefix:</strong></nobr></td>
                    <td>us-gaap_</td>
                  </tr>
                  <tr>
                    <td><strong> Data Type:</strong></td>
                    <td>xbrli:monetaryItemType</td>
                  </tr>
                  <tr>
                    <td><strong> Balance Type:</strong></td>
                    <td>credit</td>
                  </tr>
                  <tr>
                    <td><strong> Period Type:</strong></td>
                    <td>instant</td>
                  </tr>
                </table>
              </div>
            </div>
          </td>
        </tr>
      </table>
      <table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_us-gaap_Assets">
        <tr>
          <td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td>
        </tr>
        <tr>
          <td>
            <div class="body" style="padding: 2px;"><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div>
                <p>Sum of the carrying amounts as of the balance sheet date of all assets that are recognized. Assets are probable future economic benefits obtained or controlled by an entity as a result of past transactions or events.</p>
              </div><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;">
                <p>Reference 1: http://www.xbrl.org/2003/role/presentationRef<br><br><br><br> -Publisher SEC<br><br><br><br> -Name Regulation S-X (SX)<br><br><br><br> -Number 210<br><br><br><br> -Article 7<br><br><br><br> -Section 03<br><br><br><br> -Paragraph 12<br><br><br><br><br><br><br><br>Reference 2: http://www.xbrl.org/2003/role/presentationRef<br><br><br><br> -Topic 210<br><br><br><br> -SubTopic 10<br><br><br><br> -URI http://asc.fasb.org/extlink&amp;oid=6877327&amp;loc=d3e13212-122682<br><br><br><br> -Section S99<br><br><br><br> -Name Accounting Standards Codification<br><br><br><br> -Publisher FASB<br><br><br><br> -Paragraph 1<br><br><br><br><br><br><br><br>Reference 3: http://www.xbrl.org/2003/role/presentationRef<br><br><br><br> -Publisher FASB<br><br><br><br> -Name Statement of Financial Accounting Concepts (CON)<br><br><br><br> -Number 6<br><br><br><br> -Paragraph 25<br><br><br><br> -LegacyDoc This reference is SUPERSEDED by the Accounting Standards Codification effective for interim and annual periods ending after September 15, 2009.  This reference is included to help users transition from the previous accounting hierarchy and will be removed from future versions of this taxonomy.<br><br><br><br><br><br><br><br>Reference 4: http://www.xbrl.org/2003/role/presentationRef<br><br><br><br> -Publisher SEC<br><br><br><br> -Name Regulation S-X (SX)<br><br><br><br> -Number 210<br><br><br><br> -Section 02<br><br><br><br> -Paragraph 18<br><br><br><br> -Article 5<br><br><br><br><br><br><br><br>Reference 5: http://www.xbrl.org/2003/role/presentationRef<br><br><br><br> -Publisher FASB<br><br><br><br> -Name Accounting Standards Codification<br><br><br><br> -Topic 210<br><br><br><br> -SubTopic 10<br><br><br><br> -Section S99<br><br><br><br> -Paragraph 1<br><br><br><br> -Subparagraph (SX 210.5-02.18)<br><br><br><br> -URI http://asc.fasb.org/extlink&amp;oid=6877327&amp;loc=d3e13212-122682<br><br><br><br><br><br><br><br></p>
              </div><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;">
                <table border="0" cellpadding="0" cellspacing="0">
                  <tr>
                    <td><strong> Name:</strong></td>
                    <td><nobr>us-gaap_Assets</nobr></td>
                  </tr>
                  <tr>
                    <td style="padding-right: 4px;"><nobr><strong> Namespace Prefix:</strong></nobr></td>
                    <td>us-gaap_</td>
                  </tr>
                  <tr>
                    <td><strong> Data Type:</strong></td>
                    <td>xbrli:monetaryItemType</td>
                  </tr>
                  <tr>
                    <td><strong> Balance Type:</strong></td>
                    <td>debit</td>
                  </tr>
                  <tr>
                    <td><strong> Period Type:</strong></td>
                    <td>instant</td>
                  </tr>
                </table>
              </div>
            </div>
          </td>
        </tr>
      </table>
      <table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_us-gaap_AssetsAbstract">
        <tr>
          <td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td>
        </tr>
        <tr>
          <td>
            <div class="body" style="padding: 2px;"><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Details</a><div>
                <table border="0" cellpadding="0" cellspacing="0">
                  <tr>
                    <td><strong> Name:</strong></td>
                    <td><nobr>us-gaap_AssetsAbstract</nobr></td>
                  </tr>
                  <tr>
                    <td style="padding-right: 4px;"><nobr><strong> Namespace Prefix:</strong></nobr></td>
                    <td>us-gaap_</td>
                  </tr>
                  <tr>
                    <td><strong> Data Type:</strong></td>
                    <td>xbrli:stringItemType</td>
                  </tr>
                  <tr>
                    <td><strong> Balance Type:</strong></td>
                    <td>na</td>
                  </tr>
                  <tr>
                    <td><strong> Period Type:</strong></td>
                    <td>duration</td>
                  </tr>
                </table>
              </div>
            </div>
          </td>
        </tr>
      </table>
      <table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_us-gaap_AssetsHeldForSaleAtCarryingValue">
        <tr>
          <td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td>
        </tr>
        <tr>
          <td>
            <div class="body" style="padding: 2px;"><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div>
                <p>Represents the sum of the carrying value of all the Assets Held-for-Sale at the balance sheet date.</p>
              </div><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;">
                <p>Reference 1: http://www.xbrl.org/2003/role/presentationRef<br><br><br><br> -Publisher FASB<br><br><br><br> -Name Statement of Financial Accounting Standard (FAS)<br><br><br><br> -Number 144<br><br><br><br> -Paragraph 47<br><br><br><br> -Subparagraph a<br><br><br><br> -LegacyDoc This reference is SUPERSEDED by the Accounting Standards Codification effective for interim and annual periods ending after September 15, 2009.  This reference is included to help users transition from the previous accounting hierarchy and will be removed from future versions of this taxonomy.<br><br><br><br><br><br><br><br>Reference 2: http://www.xbrl.org/2003/role/presentationRef<br><br><br><br> -Publisher FASB<br><br><br><br> -Name Accounting Standards Codification<br><br><br><br> -Topic 205<br><br><br><br> -SubTopic 20<br><br><br><br> -Section 50<br><br><br><br> -Paragraph 1<br><br><br><br> -Subparagraph (a)<br><br><br><br> -URI http://asc.fasb.org/extlink&amp;oid=6360339&amp;loc=d3e1361-107760<br><br><br><br><br><br><br><br></p>
              </div><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;">
                <table border="0" cellpadding="0" cellspacing="0">
                  <tr>
                    <td><strong> Name:</strong></td>
                    <td><nobr>us-gaap_AssetsHeldForSaleAtCarryingValue</nobr></td>
                  </tr>
                  <tr>
                    <td style="padding-right: 4px;"><nobr><strong> Namespace Prefix:</strong></nobr></td>
                    <td>us-gaap_</td>
                  </tr>
                  <tr>
                    <td><strong> Data Type:</strong></td>
                    <td>xbrli:monetaryItemType</td>
                  </tr>
                  <tr>
                    <td><strong> Balance Type:</strong></td>
                    <td>debit</td>
                  </tr>
                  <tr>
                    <td><strong> Period Type:</strong></td>
                    <td>instant</td>
                  </tr>
                </table>
              </div>
            </div>
          </td>
        </tr>
      </table>
      <table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_us-gaap_BuildingsAndImprovementsGross">
        <tr>
          <td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td>
        </tr>
        <tr>
          <td>
            <div class="body" style="padding: 2px;"><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div>
                <p>Gross amount, as of the balance sheet date, of long-lived, depreciable assets that include building structures held for productive use including any addition, improvement, or renovation to the structure, such as interior masonry, interior flooring, electrical, and plumbing.</p>
              </div><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;">
                <p>Reference 1: http://www.xbrl.org/2003/role/presentationRef<br><br><br><br> -Publisher AICPA<br><br><br><br> -Name Accounting Principles Board Opinion (APB)<br><br><br><br> -Number 12<br><br><br><br> -Paragraph 5<br><br><br><br> -LegacyDoc This reference is SUPERSEDED by the Accounting Standards Codification effective for interim and annual periods ending after September 15, 2009.  This reference is included to help users transition from the previous accounting hierarchy and will be removed from future versions of this taxonomy.<br><br><br><br><br><br><br><br>Reference 2: http://www.xbrl.org/2003/role/presentationRef<br><br><br><br> -Publisher FASB<br><br><br><br> -Name Accounting Standards Codification<br><br><br><br> -Topic 210<br><br><br><br> -SubTopic 10<br><br><br><br> -Section 45<br><br><br><br> -Paragraph 4<br><br><br><br> -Subparagraph (f)<br><br><br><br> -URI http://asc.fasb.org/extlink&amp;oid=6361293&amp;loc=d3e6812-107765<br><br><br><br><br><br><br><br>Reference 3: http://www.xbrl.org/2003/role/presentationRef<br><br><br><br> -Publisher FASB<br><br><br><br> -Name Accounting Standards Codification<br><br><br><br> -Topic 360<br><br><br><br> -SubTopic 10<br><br><br><br> -Section 50<br><br><br><br> -Paragraph 1<br><br><br><br> -Subparagraph (b)<br><br><br><br> -URI http://asc.fasb.org/extlink&amp;oid=6391035&amp;loc=d3e2868-110229<br><br><br><br><br><br><br><br></p>
              </div><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;">
                <table border="0" cellpadding="0" cellspacing="0">
                  <tr>
                    <td><strong> Name:</strong></td>
                    <td><nobr>us-gaap_BuildingsAndImprovementsGross</nobr></td>
                  </tr>
                  <tr>
                    <td style="padding-right: 4px;"><nobr><strong> Namespace Prefix:</strong></nobr></td>
                    <td>us-gaap_</td>
                  </tr>
                  <tr>
                    <td><strong> Data Type:</strong></td>
                    <td>xbrli:monetaryItemType</td>
                  </tr>
                  <tr>
                    <td><strong> Balance Type:</strong></td>
                    <td>debit</td>
                  </tr>
                  <tr>
                    <td><strong> Period Type:</strong></td>
                    <td>instant</td>
                  </tr>
                </table>
              </div>
            </div>
          </td>
        </tr>
      </table>
      <table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_us-gaap_CashAndCashEquivalentsAtCarryingValue">
        <tr>
          <td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td>
        </tr>
        <tr>
          <td>
            <div class="body" style="padding: 2px;"><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div>
                <p>Includes currency on hand as well as demand deposits with banks or financial institutions. It also includes other kinds of accounts that have the general characteristics of demand deposits in that the Entity may deposit additional funds at any time and also effectively may withdraw funds at any time without prior notice or penalty. Cash equivalents, excluding items classified as marketable securities, include short-term, highly liquid investments that are both readily convertible to known amounts of cash, and so near their maturity that they present minimal risk of changes in value because of changes in interest rates. Generally, only investments with original maturities of three months or less qualify under that definition. Original maturity means original maturity to the entity holding the investment. For example, both a three-month US Treasury bill and a three-year Treasury note purchased three months from maturity qualify as cash equivalents. However, a Treasury note purchased three years ago does not become a cash equivalent when its remaining maturity is three months. Compensating balance arrangements that do not legally restrict the withdrawal or usage of cash amounts may be reported as Cash and Cash Equivalents, while legally restricted deposits held as compensating balances against borrowing arrangements, contracts entered into with others, or company statements of intention with regard to particular deposits are not generally reported as cash and cash equivalents. Includes cash and cash equivalents associated with the entity's continuing operations. Excludes cash and cash equivalents associated with the disposal group (and discontinued operation).</p>
              </div><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;">
                <p>Reference 1: http://www.xbrl.org/2003/role/presentationRef<br><br><br><br> -Publisher FASB<br><br><br><br> -Name Accounting Standards Codification<br><br><br><br> -Topic 210<br><br><br><br> -SubTopic 10<br><br><br><br> -Section S99<br><br><br><br> -Paragraph 1<br><br><br><br> -Subparagraph (SX 210.5-02.1)<br><br><br><br> -URI http://asc.fasb.org/extlink&amp;oid=6877327&amp;loc=d3e13212-122682<br><br><br><br><br><br><br><br>Reference 2: http://www.xbrl.org/2003/role/presentationRef<br><br><br><br> -Publisher SEC<br><br><br><br> -Name Regulation S-X (SX)<br><br><br><br> -Number 210<br><br><br><br> -Section 02<br><br><br><br> -Paragraph 1<br><br><br><br> -Article 5<br><br><br><br><br><br><br><br>Reference 3: http://www.xbrl.org/2003/role/presentationRef<br><br><br><br> -Publisher FASB<br><br><br><br> -Name Statement of Financial Accounting Standard (FAS)<br><br><br><br> -Number 95<br><br><br><br> -Paragraph 7<br><br><br><br> -Footnote 1<br><br><br><br> -LegacyDoc This reference is SUPERSEDED by the Accounting Standards Codification effective for interim and annual periods ending after September 15, 2009.  This reference is included to help users transition from the previous accounting hierarchy and will be removed from future versions of this taxonomy.<br><br><br><br><br><br><br><br>Reference 4: http://www.xbrl.org/2003/role/presentationRef<br><br><br><br> -Publisher FASB<br><br><br><br> -Name Accounting Standards Codification<br><br><br><br> -Topic 230<br><br><br><br> -SubTopic 10<br><br><br><br> -Section 45<br><br><br><br> -Paragraph 4<br><br><br><br> -URI http://asc.fasb.org/extlink&amp;oid=6943989&amp;loc=d3e3044-108585<br><br><br><br><br><br><br><br>Reference 5: http://www.xbrl.org/2003/role/presentationRef<br><br><br><br> -Publisher FASB<br><br><br><br> -Name Statement of Financial Accounting Standard (FAS)<br><br><br><br> -Number 95<br><br><br><br> -Paragraph 8, 9<br><br><br><br> -LegacyDoc This reference is SUPERSEDED by the Accounting Standards Codification effective for interim and annual periods ending after September 15, 2009.  This reference is included to help users transition from the previous accounting hierarchy and will be removed from future versions of this taxonomy.<br><br><br><br><br><br><br><br>Reference 6: http://www.xbrl.org/2003/role/presentationRef<br><br><br><br> -Publisher FASB<br><br><br><br> -Name Accounting Standards Codification<br><br><br><br> -Topic 210<br><br><br><br> -SubTopic 10<br><br><br><br> -Section 45<br><br><br><br> -Paragraph 1<br><br><br><br> -Subparagraph (a)<br><br><br><br> -URI http://asc.fasb.org/extlink&amp;oid=6361293&amp;loc=d3e6676-107765<br><br><br><br><br><br><br><br>Reference 7: http://www.xbrl.org/2003/role/presentationRef<br><br><br><br> -Publisher FASB<br><br><br><br> -Name Accounting Standards Codification<br><br><br><br> -Glossary Cash<br><br><br><br> -URI http://asc.fasb.org/extlink&amp;oid=6506951<br><br><br><br><br><br><br><br>Reference 8: http://www.xbrl.org/2003/role/presentationRef<br><br><br><br> -Publisher FASB<br><br><br><br> -Name Statement of Financial Accounting Standard (FAS)<br><br><br><br> -Number 95<br><br><br><br> -Paragraph 7, 26<br><br><br><br> -LegacyDoc This reference is SUPERSEDED by the Accounting Standards Codification effective for interim and annual periods ending after September 15, 2009.  This reference is included to help users transition from the previous accounting hierarchy and will be removed from future versions of this taxonomy.<br><br><br><br><br><br><br><br>Reference 9: http://www.xbrl.org/2003/role/presentationRef<br><br><br><br> -Publisher FASB<br><br><br><br> -Name Accounting Standards Codification<br><br><br><br> -Glossary Cash Equivalents<br><br><br><br> -URI http://asc.fasb.org/extlink&amp;oid=6507016<br><br><br><br><br><br><br><br></p>
              </div><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;">
                <table border="0" cellpadding="0" cellspacing="0">
                  <tr>
                    <td><strong> Name:</strong></td>
                    <td><nobr>us-gaap_CashAndCashEquivalentsAtCarryingValue</nobr></td>
                  </tr>
                  <tr>
                    <td style="padding-right: 4px;"><nobr><strong> Namespace Prefix:</strong></nobr></td>
                    <td>us-gaap_</td>
                  </tr>
                  <tr>
                    <td><strong> Data Type:</strong></td>
                    <td>xbrli:monetaryItemType</td>
                  </tr>
                  <tr>
                    <td><strong> Balance Type:</strong></td>
                    <td>debit</td>
                  </tr>
                  <tr>
                    <td><strong> Period Type:</strong></td>
                    <td>instant</td>
                  </tr>
                </table>
              </div>
            </div>
          </td>
        </tr>
      </table>
      <table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_us-gaap_CommitmentsAndContingencies">
        <tr>
          <td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td>
        </tr>
        <tr>
          <td>
            <div class="body" style="padding: 2px;"><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div>
                <p>Represents the caption on the face of the balance sheet to indicate that the entity has entered into (1) purchase or supply arrangements that will require expending a portion of its resources to meet the terms thereof, and (2) is exposed to potential losses or, less frequently, gains, arising from (a) possible claims against a company's resources due to future performance under contract terms, and (b) possible losses or likely gains from uncertainties that will ultimately be resolved when one or more future events that are deemed likely to occur do occur or fail to occur.</p>
              </div><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;">
                <p>Reference 1: http://www.xbrl.org/2003/role/presentationRef<br><br><br><br> -Publisher FASB<br><br><br><br> -Name Accounting Standards Codification<br><br><br><br> -Topic 942<br><br><br><br> -SubTopic 210<br><br><br><br> -Section S99<br><br><br><br> -Paragraph 1<br><br><br><br> -Subparagraph (SX 210.9-03.17)<br><br><br><br> -URI http://asc.fasb.org/extlink&amp;oid=6876686&amp;loc=d3e534808-122878<br><br><br><br><br><br><br><br>Reference 2: http://www.xbrl.org/2003/role/presentationRef<br><br><br><br> -Publisher SEC<br><br><br><br> -Name Regulation S-X (SX)<br><br><br><br> -Number 210<br><br><br><br> -Section 03<br><br><br><br> -Paragraph 17<br><br><br><br> -Article 9<br><br><br><br><br><br><br><br>Reference 3: http://www.xbrl.org/2003/role/presentationRef<br><br><br><br> -Publisher SEC<br><br><br><br> -Name Regulation S-X (SX)<br><br><br><br> -Number 210<br><br><br><br> -Article 7<br><br><br><br> -Section 03<br><br><br><br> -Paragraph 19<br><br><br><br><br><br><br><br>Reference 4: http://www.xbrl.org/2003/role/presentationRef<br><br><br><br> -Publisher SEC<br><br><br><br> -Name Regulation S-X (SX)<br><br><br><br> -Number 210<br><br><br><br> -Section 02<br><br><br><br> -Paragraph 25<br><br><br><br> -Article 5<br><br><br><br><br><br><br><br>Reference 5: http://www.xbrl.org/2003/role/presentationRef<br><br><br><br> -Publisher FASB<br><br><br><br> -Name Accounting Standards Codification<br><br><br><br> -Topic 944<br><br><br><br> -SubTopic 210<br><br><br><br> -Section S99<br><br><br><br> -Paragraph 1<br><br><br><br> -Subparagraph (SX 210.7-03.(a),19)<br><br><br><br> -URI http://asc.fasb.org/extlink&amp;oid=6879938&amp;loc=d3e572229-122910<br><br><br><br><br><br><br><br>Reference 6: http://www.xbrl.org/2003/role/presentationRef<br><br><br><br> -Publisher FASB<br><br><br><br> -Name Accounting Standards Codification<br><br><br><br> -Topic 450<br><br><br><br> -SubTopic 20<br><br><br><br> -Section 50<br><br><br><br> -Paragraph 1<br><br><br><br> -URI http://asc.fasb.org/extlink&amp;oid=6952336&amp;loc=d3e14326-108349<br><br><br><br><br><br><br><br>Reference 7: http://www.xbrl.org/2003/role/presentationRef<br><br><br><br> -Publisher FASB<br><br><br><br> -Name Statement of Financial Accounting Standard (FAS)<br><br><br><br> -Number 5<br><br><br><br> -Paragraph 8, 9<br><br><br><br> -LegacyDoc This reference is SUPERSEDED by the Accounting Standards Codification effective for interim and annual periods ending after September 15, 2009.  This reference is included to help users transition from the previous accounting hierarchy and will be removed from future versions of this taxonomy.<br><br><br><br><br><br><br><br>Reference 8: http://www.xbrl.org/2003/role/presentationRef<br><br><br><br> -Publisher FASB<br><br><br><br> -Name Accounting Standards Codification<br><br><br><br> -Topic 210<br><br><br><br> -SubTopic 10<br><br><br><br> -Section S99<br><br><br><br> -Paragraph 1<br><br><br><br> -Subparagraph (SX 210.5-02.25)<br><br><br><br> -URI http://asc.fasb.org/extlink&amp;oid=6877327&amp;loc=d3e13212-122682<br><br><br><br><br><br><br><br></p>
              </div><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;">
                <table border="0" cellpadding="0" cellspacing="0">
                  <tr>
                    <td><strong> Name:</strong></td>
                    <td><nobr>us-gaap_CommitmentsAndContingencies</nobr></td>
                  </tr>
                  <tr>
                    <td style="padding-right: 4px;"><nobr><strong> Namespace Prefix:</strong></nobr></td>
                    <td>us-gaap_</td>
                  </tr>
                  <tr>
                    <td><strong> Data Type:</strong></td>
                    <td>xbrli:monetaryItemType</td>
                  </tr>
                  <tr>
                    <td><strong> Balance Type:</strong></td>
                    <td>credit</td>
                  </tr>
                  <tr>
                    <td><strong> Period Type:</strong></td>
                    <td>instant</td>
                  </tr>
                </table>
              </div>
            </div>
          </td>
        </tr>
      </table>
      <table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_us-gaap_CommonStockValue">
        <tr>
          <td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td>
        </tr>
        <tr>
          <td>
            <div class="body" style="padding: 2px;"><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div>
                <p>Aggregate par or stated value of issued nonredeemable common stock (or common stock redeemable solely at the option of the issuer). This item includes treasury stock repurchased by the entity. Note: elements for number of nonredeemable common shares, par value and other disclosure concepts are in another section within stockholders' equity.</p>
              </div><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;">
                <p>Reference 1: http://www.xbrl.org/2003/role/presentationRef<br><br><br><br> -Publisher SEC<br><br><br><br> -Name Regulation S-X (SX)<br><br><br><br> -Number 210<br><br><br><br> -Section 02<br><br><br><br> -Paragraph 30<br><br><br><br> -Article 5<br><br><br><br><br><br><br><br>Reference 2: http://www.xbrl.org/2003/role/presentationRef<br><br><br><br> -Publisher FASB<br><br><br><br> -Name Accounting Standards Codification<br><br><br><br> -Topic 210<br><br><br><br> -SubTopic 10<br><br><br><br> -Section S99<br><br><br><br> -Paragraph 1<br><br><br><br> -Subparagraph (SX 210.5-02.29)<br><br><br><br> -URI http://asc.fasb.org/extlink&amp;oid=6877327&amp;loc=d3e13212-122682<br><br><br><br><br><br><br><br></p>
              </div><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;">
                <table border="0" cellpadding="0" cellspacing="0">
                  <tr>
                    <td><strong> Name:</strong></td>
                    <td><nobr>us-gaap_CommonStockValue</nobr></td>
                  </tr>
                  <tr>
                    <td style="padding-right: 4px;"><nobr><strong> Namespace Prefix:</strong></nobr></td>
                    <td>us-gaap_</td>
                  </tr>
                  <tr>
                    <td><strong> Data Type:</strong></td>
                    <td>xbrli:monetaryItemType</td>
                  </tr>
                  <tr>
                    <td><strong> Balance Type:</strong></td>
                    <td>credit</td>
                  </tr>
                  <tr>
                    <td><strong> Period Type:</strong></td>
                    <td>instant</td>
                  </tr>
                </table>
              </div>
            </div>
          </td>
        </tr>
      </table>
      <table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_us-gaap_DeferredCosts">
        <tr>
          <td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td>
        </tr>
        <tr>
          <td>
            <div class="body" style="padding: 2px;"><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div>
                <p>Sum of the carrying amounts of deferred costs that are expected to be recognized as a charge against earnings in periods after one year or beyond the normal operating cycle, if longer.</p>
              </div><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;">
                <p>Reference 1: http://www.xbrl.org/2003/role/presentationRef<br><br><br><br> -Publisher SEC<br><br><br><br> -Name Regulation S-X (SX)<br><br><br><br> -Number 210<br><br><br><br> -Section 02<br><br><br><br> -Paragraph 17<br><br><br><br> -Article 5<br><br><br><br><br><br><br><br>Reference 2: http://www.xbrl.org/2003/role/presentationRef<br><br><br><br> -Publisher FASB<br><br><br><br> -Name Accounting Standards Codification<br><br><br><br> -Topic 942<br><br><br><br> -SubTopic 210<br><br><br><br> -Section S99<br><br><br><br> -Paragraph 1<br><br><br><br> -Subparagraph (SX 210.9-03.10)<br><br><br><br> -URI http://asc.fasb.org/extlink&amp;oid=6876686&amp;loc=d3e534808-122878<br><br><br><br><br><br><br><br></p>
              </div><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;">
                <table border="0" cellpadding="0" cellspacing="0">
                  <tr>
                    <td><strong> Name:</strong></td>
                    <td><nobr>us-gaap_DeferredCosts</nobr></td>
                  </tr>
                  <tr>
                    <td style="padding-right: 4px;"><nobr><strong> Namespace Prefix:</strong></nobr></td>
                    <td>us-gaap_</td>
                  </tr>
                  <tr>
                    <td><strong> Data Type:</strong></td>
                    <td>xbrli:monetaryItemType</td>
                  </tr>
                  <tr>
                    <td><strong> Balance Type:</strong></td>
                    <td>debit</td>
                  </tr>
                  <tr>
                    <td><strong> Period Type:</strong></td>
                    <td>instant</td>
                  </tr>
                </table>
              </div>
            </div>
          </td>
        </tr>
      </table>
      <table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_us-gaap_DeferredRentReceivablesNet">
        <tr>
          <td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td>
        </tr>
        <tr>
          <td>
            <div class="body" style="padding: 2px;"><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div>
                <p>The cumulative difference between the rental payments required by a lease agreement and the rental income or expense recognized on a straight-line basis, or other systematic and rational basis more representative of the time pattern in which use or benefit is granted or derived from the leased property, expected to be recognized in income or expense over the term of the leased property, by the lessor or lessee, respectively. Such receivable is reduced by allowances attributable to, for instance, credit risk associated with a lessee.</p>
              </div><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;">
                <p>Reference 1: http://www.xbrl.org/2003/role/presentationRef<br><br><br><br> -Publisher FASB<br><br><br><br> -Name Accounting Standards Codification<br><br><br><br> -Topic 840<br><br><br><br> -SubTopic 20<br><br><br><br> -Section 35<br><br><br><br> -Paragraph 2<br><br><br><br> -URI http://asc.fasb.org/extlink&amp;oid=6453741&amp;loc=d3e40879-112712<br><br><br><br><br><br><br><br>Reference 2: http://www.xbrl.org/2003/role/presentationRef<br><br><br><br> -Publisher FASB<br><br><br><br> -Name Accounting Standards Codification<br><br><br><br> -Topic 840<br><br><br><br> -SubTopic 20<br><br><br><br> -Section 25<br><br><br><br> -Paragraph 1<br><br><br><br> -URI http://asc.fasb.org/extlink&amp;oid=6453417&amp;loc=d3e39896-112707<br><br><br><br><br><br><br><br>Reference 3: http://www.xbrl.org/2003/role/presentationRef<br><br><br><br> -Publisher FASB<br><br><br><br> -Name FASB Technical Bulletin (FTB)<br><br><br><br> -Number 85-3<br><br><br><br> -Paragraph 2<br><br><br><br> -LegacyDoc This reference is SUPERSEDED by the Accounting Standards Codification effective for interim and annual periods ending after September 15, 2009.  This reference is included to help users transition from the previous accounting hierarchy and will be removed from future versions of this taxonomy.<br><br><br><br><br><br><br><br>Reference 4: http://www.xbrl.org/2003/role/presentationRef<br><br><br><br> -Publisher FASB<br><br><br><br> -Name Accounting Standards Codification<br><br><br><br> -Topic 840<br><br><br><br> -SubTopic 20<br><br><br><br> -Section 25<br><br><br><br> -Paragraph 2<br><br><br><br> -URI http://asc.fasb.org/extlink&amp;oid=6453417&amp;loc=d3e39927-112707<br><br><br><br><br><br><br><br>Reference 5: http://www.xbrl.org/2003/role/presentationRef<br><br><br><br> -Publisher FASB<br><br><br><br> -Name Statement of Financial Accounting Standard (FAS)<br><br><br><br> -Number 13<br><br><br><br> -Paragraph 19<br><br><br><br> -Subparagraph b<br><br><br><br> -LegacyDoc This reference is SUPERSEDED by the Accounting Standards Codification effective for interim and annual periods ending after September 15, 2009.  This reference is included to help users transition from the previous accounting hierarchy and will be removed from future versions of this taxonomy.<br><br><br><br><br><br><br><br>Reference 6: http://www.xbrl.org/2003/role/presentationRef<br><br><br><br> -Publisher FASB<br><br><br><br> -Name Accounting Standards Codification<br><br><br><br> -Topic 210<br><br><br><br> -SubTopic 10<br><br><br><br> -Section S99<br><br><br><br> -Paragraph 1<br><br><br><br> -Subparagraph (SX 210.5-02.8)<br><br><br><br> -URI http://asc.fasb.org/extlink&amp;oid=6877327&amp;loc=d3e13212-122682<br><br><br><br><br><br><br><br></p>
              </div><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;">
                <table border="0" cellpadding="0" cellspacing="0">
                  <tr>
                    <td><strong> Name:</strong></td>
                    <td><nobr>us-gaap_DeferredRentReceivablesNet</nobr></td>
                  </tr>
                  <tr>
                    <td style="padding-right: 4px;"><nobr><strong> Namespace Prefix:</strong></nobr></td>
                    <td>us-gaap_</td>
                  </tr>
                  <tr>
                    <td><strong> Data Type:</strong></td>
                    <td>xbrli:monetaryItemType</td>
                  </tr>
                  <tr>
                    <td><strong> Balance Type:</strong></td>
                    <td>debit</td>
                  </tr>
                  <tr>
                    <td><strong> Period Type:</strong></td>
                    <td>instant</td>
                  </tr>
                </table>
              </div>
            </div>
          </td>
        </tr>
      </table>
      <table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_us-gaap_InvestmentBuildingAndBuildingImprovements">
        <tr>
          <td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td>
        </tr>
        <tr>
          <td>
            <div class="body" style="padding: 2px;"><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div>
                <p>Aggregate of the carrying amounts as of the balance sheet date of investments in building and building improvements.</p>
              </div><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;">
                <p>Reference 1: http://www.xbrl.org/2003/role/presentationRef<br><br><br><br> -Publisher FASB<br><br><br><br> -Name Accounting Standards Codification<br><br><br><br> -Topic 944<br><br><br><br> -SubTopic 210<br><br><br><br> -Section S99<br><br><br><br> -Paragraph 1<br><br><br><br> -Subparagraph (SX 210.7-03.1(d))<br><br><br><br> -URI http://asc.fasb.org/extlink&amp;oid=6879938&amp;loc=d3e572229-122910<br><br><br><br><br><br><br><br></p>
              </div><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;">
                <table border="0" cellpadding="0" cellspacing="0">
                  <tr>
                    <td><strong> Name:</strong></td>
                    <td><nobr>us-gaap_InvestmentBuildingAndBuildingImprovements</nobr></td>
                  </tr>
                  <tr>
                    <td style="padding-right: 4px;"><nobr><strong> Namespace Prefix:</strong></nobr></td>
                    <td>us-gaap_</td>
                  </tr>
                  <tr>
                    <td><strong> Data Type:</strong></td>
                    <td>xbrli:monetaryItemType</td>
                  </tr>
                  <tr>
                    <td><strong> Balance Type:</strong></td>
                    <td>debit</td>
                  </tr>
                  <tr>
                    <td><strong> Period Type:</strong></td>
                    <td>instant</td>
                  </tr>
                </table>
              </div>
            </div>
          </td>
        </tr>
      </table>
      <table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_us-gaap_InvestmentsInAffiliatesSubsidiariesAssociatesAndJointVentures">
        <tr>
          <td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td>
        </tr>
        <tr>
          <td>
            <div class="body" style="padding: 2px;"><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div>
                <p>Total investments in (A) an entity in which the entity has significant influence, but does not have control, (B) subsidiaries that are not required to be consolidated and are accounted for using the equity and or cost method, and (C) an entity in which the reporting entity shares control of the entity with another party or group. Includes long-term advances receivable from a party that is affiliated with the reporting entity by means of direct or indirect ownership.</p>
              </div><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;">
                <p>Reference 1: http://www.xbrl.org/2003/role/presentationRef<br><br><br><br> -Publisher FASB<br><br><br><br> -Name Accounting Standards Codification<br><br><br><br> -Topic 210<br><br><br><br> -SubTopic 10<br><br><br><br> -Section S99<br><br><br><br> -Paragraph 1<br><br><br><br> -Subparagraph (SX 210.5-02.12)<br><br><br><br> -URI http://asc.fasb.org/extlink&amp;oid=6877327&amp;loc=d3e13212-122682<br><br><br><br><br><br><br><br></p>
              </div><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;">
                <table border="0" cellpadding="0" cellspacing="0">
                  <tr>
                    <td><strong> Name:</strong></td>
                    <td><nobr>us-gaap_InvestmentsInAffiliatesSubsidiariesAssociatesAndJointVentures</nobr></td>
                  </tr>
                  <tr>
                    <td style="padding-right: 4px;"><nobr><strong> Namespace Prefix:</strong></nobr></td>
                    <td>us-gaap_</td>
                  </tr>
                  <tr>
                    <td><strong> Data Type:</strong></td>
                    <td>xbrli:monetaryItemType</td>
                  </tr>
                  <tr>
                    <td><strong> Balance Type:</strong></td>
                    <td>debit</td>
                  </tr>
                  <tr>
                    <td><strong> Period Type:</strong></td>
                    <td>instant</td>
                  </tr>
                </table>
              </div>
            </div>
          </td>
        </tr>
      </table>
      <table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_us-gaap_Land">
        <tr>
          <td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td>
        </tr>
        <tr>
          <td>
            <div class="body" style="padding: 2px;"><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div>
                <p>Carrying amount as of the balance sheet date of real estate held for productive use. This excludes land held for sale.</p>
              </div><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;">
                <p>Reference 1: http://www.xbrl.org/2003/role/presentationRef<br><br><br><br> -Publisher FASB<br><br><br><br> -Name Accounting Standards Codification<br><br><br><br> -Topic 210<br><br><br><br> -SubTopic 10<br><br><br><br> -Section S99<br><br><br><br> -Paragraph 1<br><br><br><br> -Subparagraph (SX 210.5-02.13)<br><br><br><br> -URI http://asc.fasb.org/extlink&amp;oid=6877327&amp;loc=d3e13212-122682<br><br><br><br><br><br><br><br>Reference 2: http://www.xbrl.org/2003/role/presentationRef<br><br><br><br> -Publisher FASB<br><br><br><br> -Name Accounting Standards Codification<br><br><br><br> -Topic 210<br><br><br><br> -SubTopic 10<br><br><br><br> -Section 45<br><br><br><br> -Paragraph 4<br><br><br><br> -Subparagraph (e)<br><br><br><br> -URI http://asc.fasb.org/extlink&amp;oid=6361293&amp;loc=d3e6812-107765<br><br><br><br><br><br><br><br></p>
              </div><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;">
                <table border="0" cellpadding="0" cellspacing="0">
                  <tr>
                    <td><strong> Name:</strong></td>
                    <td><nobr>us-gaap_Land</nobr></td>
                  </tr>
                  <tr>
                    <td style="padding-right: 4px;"><nobr><strong> Namespace Prefix:</strong></nobr></td>
                    <td>us-gaap_</td>
                  </tr>
                  <tr>
                    <td><strong> Data Type:</strong></td>
                    <td>xbrli:monetaryItemType</td>
                  </tr>
                  <tr>
                    <td><strong> Balance Type:</strong></td>
                    <td>debit</td>
                  </tr>
                  <tr>
                    <td><strong> Period Type:</strong></td>
                    <td>instant</td>
                  </tr>
                </table>
              </div>
            </div>
          </td>
        </tr>
      </table>
      <table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_us-gaap_Liabilities">
        <tr>
          <td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td>
        </tr>
        <tr>
          <td>
            <div class="body" style="padding: 2px;"><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div>
                <p>Sum of the carrying amounts as of the balance sheet date of all liabilities that are recognized. Liabilities are probable future sacrifices of economic benefits arising from present obligations of an entity to transfer assets or provide services to other entities in the future.</p>
              </div><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;">
                <p>Reference 1: http://www.xbrl.org/2003/role/presentationRef<br><br><br><br> -Publisher FASB<br><br><br><br> -Name Accounting Standards Codification<br><br><br><br> -Topic 210<br><br><br><br> -SubTopic 10<br><br><br><br> -Section S99<br><br><br><br> -Paragraph 1<br><br><br><br> -Subparagraph (SX 210.5-02.19-26)<br><br><br><br> -URI http://asc.fasb.org/extlink&amp;oid=6877327&amp;loc=d3e13212-122682<br><br><br><br><br><br><br><br></p>
              </div><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;">
                <table border="0" cellpadding="0" cellspacing="0">
                  <tr>
                    <td><strong> Name:</strong></td>
                    <td><nobr>us-gaap_Liabilities</nobr></td>
                  </tr>
                  <tr>
                    <td style="padding-right: 4px;"><nobr><strong> Namespace Prefix:</strong></nobr></td>
                    <td>us-gaap_</td>
                  </tr>
                  <tr>
                    <td><strong> Data Type:</strong></td>
                    <td>xbrli:monetaryItemType</td>
                  </tr>
                  <tr>
                    <td><strong> Balance Type:</strong></td>
                    <td>credit</td>
                  </tr>
                  <tr>
                    <td><strong> Period Type:</strong></td>
                    <td>instant</td>
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                </table>
              </div>
            </div>
          </td>
        </tr>
      </table>
      <table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_us-gaap_LiabilitiesAndStockholdersEquity">
        <tr>
          <td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td>
        </tr>
        <tr>
          <td>
            <div class="body" style="padding: 2px;"><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div>
                <p>Total of all Liabilities and Stockholders' Equity items (or Partners' Capital, as applicable), including the portion of equity attributable to noncontrolling interests, if any.</p>
              </div><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;">
                <p>Reference 1: http://www.xbrl.org/2003/role/presentationRef<br><br><br><br> -Publisher SEC<br><br><br><br> -Name Regulation S-X (SX)<br><br><br><br> -Number 210<br><br><br><br> -Section 02<br><br><br><br> -Paragraph 32<br><br><br><br> -Article 5<br><br><br><br><br><br><br><br>Reference 2: http://www.xbrl.org/2003/role/presentationRef<br><br><br><br> -Publisher FASB<br><br><br><br> -Name Accounting Standards Codification<br><br><br><br> -Topic 210<br><br><br><br> -SubTopic 10<br><br><br><br> -Section S99<br><br><br><br> -Paragraph 1<br><br><br><br> -Subparagraph (SX 210.5-02.32)<br><br><br><br> -URI http://asc.fasb.org/extlink&amp;oid=6877327&amp;loc=d3e13212-122682<br><br><br><br><br><br><br><br>Reference 3: http://www.xbrl.org/2003/role/presentationRef<br><br><br><br> -Publisher SEC<br><br><br><br> -Name Regulation S-X (SX)<br><br><br><br> -Number 210<br><br><br><br> -Article 7<br><br><br><br> -Section 03<br><br><br><br> -Paragraph 25<br><br><br><br><br><br><br><br></p>
              </div><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;">
                <table border="0" cellpadding="0" cellspacing="0">
                  <tr>
                    <td><strong> Name:</strong></td>
                    <td><nobr>us-gaap_LiabilitiesAndStockholdersEquity</nobr></td>
                  </tr>
                  <tr>
                    <td style="padding-right: 4px;"><nobr><strong> Namespace Prefix:</strong></nobr></td>
                    <td>us-gaap_</td>
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                  <tr>
                    <td><strong> Data Type:</strong></td>
                    <td>xbrli:monetaryItemType</td>
                  </tr>
                  <tr>
                    <td><strong> Balance Type:</strong></td>
                    <td>credit</td>
                  </tr>
                  <tr>
                    <td><strong> Period Type:</strong></td>
                    <td>instant</td>
                  </tr>
                </table>
              </div>
            </div>
          </td>
        </tr>
      </table>
      <table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_us-gaap_LiabilitiesAndStockholdersEquityAbstract">
        <tr>
          <td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td>
        </tr>
        <tr>
          <td>
            <div class="body" style="padding: 2px;"><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Details</a><div>
                <table border="0" cellpadding="0" cellspacing="0">
                  <tr>
                    <td><strong> Name:</strong></td>
                    <td><nobr>us-gaap_LiabilitiesAndStockholdersEquityAbstract</nobr></td>
                  </tr>
                  <tr>
                    <td style="padding-right: 4px;"><nobr><strong> Namespace Prefix:</strong></nobr></td>
                    <td>us-gaap_</td>
                  </tr>
                  <tr>
                    <td><strong> Data Type:</strong></td>
                    <td>xbrli:stringItemType</td>
                  </tr>
                  <tr>
                    <td><strong> Balance Type:</strong></td>
                    <td>na</td>
                  </tr>
                  <tr>
                    <td><strong> Period Type:</strong></td>
                    <td>duration</td>
                  </tr>
                </table>
              </div>
            </div>
          </td>
        </tr>
      </table>
      <table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_us-gaap_LiabilitiesOfAssetsHeldForSale">
        <tr>
          <td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td>
        </tr>
        <tr>
          <td>
            <div class="body" style="padding: 2px;"><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div>
                <p>Liability (such as a mortgage) related to a disposal group that is held for sale and anticipated to be sold in less than one year. The liability is expected to be discharged as part of the plan of sale for the asset.</p>
              </div><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;">
                <p>Reference 1: http://www.xbrl.org/2003/role/presentationRef<br><br><br><br> -Publisher FASB<br><br><br><br> -Name Accounting Standards Codification<br><br><br><br> -Topic 205<br><br><br><br> -SubTopic 20<br><br><br><br> -Section 50<br><br><br><br> -Paragraph 2<br><br><br><br> -URI http://asc.fasb.org/extlink&amp;oid=6360339&amp;loc=d3e1436-107760<br><br><br><br><br><br><br><br>Reference 2: http://www.xbrl.org/2003/role/presentationRef<br><br><br><br> -Publisher FASB<br><br><br><br> -Name Statement of Financial Accounting Standard (FAS)<br><br><br><br> -Number 144<br><br><br><br> -Paragraph 46<br><br><br><br> -LegacyDoc This reference is SUPERSEDED by the Accounting Standards Codification effective for interim and annual periods ending after September 15, 2009.  This reference is included to help users transition from the previous accounting hierarchy and will be removed from future versions of this taxonomy.<br><br><br><br><br><br><br><br>Reference 3: http://www.xbrl.org/2003/role/presentationRef<br><br><br><br> -Publisher FASB<br><br><br><br> -Name Accounting Standards Codification<br><br><br><br> -Topic 944<br><br><br><br> -SubTopic 210<br><br><br><br> -Section S99<br><br><br><br> -Paragraph 1<br><br><br><br> -Subparagraph (SX 210.7-03.15)<br><br><br><br> -URI http://asc.fasb.org/extlink&amp;oid=6879938&amp;loc=d3e572229-122910<br><br><br><br><br><br><br><br>Reference 4: http://www.xbrl.org/2003/role/presentationRef<br><br><br><br> -Publisher FASB<br><br><br><br> -Name Accounting Standards Codification<br><br><br><br> -Topic 205<br><br><br><br> -SubTopic 20<br><br><br><br> -Section 45<br><br><br><br> -Paragraph 10<br><br><br><br> -URI http://asc.fasb.org/extlink&amp;oid=6892542&amp;loc=d3e1107-107759<br><br><br><br><br><br><br><br></p>
              </div><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;">
                <table border="0" cellpadding="0" cellspacing="0">
                  <tr>
                    <td><strong> Name:</strong></td>
                    <td><nobr>us-gaap_LiabilitiesOfAssetsHeldForSale</nobr></td>
                  </tr>
                  <tr>
                    <td style="padding-right: 4px;"><nobr><strong> Namespace Prefix:</strong></nobr></td>
                    <td>us-gaap_</td>
                  </tr>
                  <tr>
                    <td><strong> Data Type:</strong></td>
                    <td>xbrli:monetaryItemType</td>
                  </tr>
                  <tr>
                    <td><strong> Balance Type:</strong></td>
                    <td>credit</td>
                  </tr>
                  <tr>
                    <td><strong> Period Type:</strong></td>
                    <td>instant</td>
                  </tr>
                </table>
              </div>
            </div>
          </td>
        </tr>
      </table>
      <table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_us-gaap_LineOfCredit">
        <tr>
          <td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td>
        </tr>
        <tr>
          <td>
            <div class="body" style="padding: 2px;"><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div>
                <p>The carrying value as of the balance sheet date of the current and noncurrent portions of long-term obligations drawn from a line of credit, which is a bank's commitment to make loans up to a specific amount. Examples of items that might be included in the application of this element may consist of letters of credit, standby letters of credit, and revolving credit arrangements, under which borrowings can be made up to a maximum amount as of any point in time conditional on satisfaction of specified terms before, as of and after the date of drawdowns on the line. Includes short-term obligations that would normally be classified as current liabilities but for which (a) postbalance sheet date issuance of a long term obligation to refinance the short term obligation on a long term basis, or (b) the enterprise has entered into a financing agreement that clearly permits the enterprise to refinance the short-term obligation on a long term basis and the following conditions are met (1) the agreement does not expire within 1 year and is not cancelable by the lender except for violation of an objectively determinable provision, (2) no violation exists at the BS date, and (3) the lender has entered into the financing agreement is expected to be financially capable of honoring the agreement.</p>
              </div><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;">
                <p>Reference 1: http://www.xbrl.org/2003/role/presentationRef<br><br><br><br> -Publisher SEC<br><br><br><br> -Name Regulation S-X (SX)<br><br><br><br> -Number 210<br><br><br><br> -Section 02<br><br><br><br> -Paragraph 19, 20, 22<br><br><br><br> -Article 5<br><br><br><br><br><br><br><br>Reference 2: http://www.xbrl.org/2003/role/presentationRef<br><br><br><br> -Publisher FASB<br><br><br><br> -Name Accounting Standards Codification<br><br><br><br> -Topic 942<br><br><br><br> -SubTopic 210<br><br><br><br> -Section S99<br><br><br><br> -Paragraph 1<br><br><br><br> -Subparagraph (SX 210.9-03.16)<br><br><br><br> -URI http://asc.fasb.org/extlink&amp;oid=6876686&amp;loc=d3e534808-122878<br><br><br><br><br><br><br><br>Reference 3: http://www.xbrl.org/2003/role/presentationRef<br><br><br><br> -Publisher FASB<br><br><br><br> -Name Accounting Standards Codification<br><br><br><br> -Topic 944<br><br><br><br> -SubTopic 210<br><br><br><br> -Section S99<br><br><br><br> -Paragraph 1<br><br><br><br> -Subparagraph (SX 210.7-03.16)<br><br><br><br> -URI http://asc.fasb.org/extlink&amp;oid=6879938&amp;loc=d3e572229-122910<br><br><br><br><br><br><br><br></p>
              </div><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;">
                <table border="0" cellpadding="0" cellspacing="0">
                  <tr>
                    <td><strong> Name:</strong></td>
                    <td><nobr>us-gaap_LineOfCredit</nobr></td>
                  </tr>
                  <tr>
                    <td style="padding-right: 4px;"><nobr><strong> Namespace Prefix:</strong></nobr></td>
                    <td>us-gaap_</td>
                  </tr>
                  <tr>
                    <td><strong> Data Type:</strong></td>
                    <td>xbrli:monetaryItemType</td>
                  </tr>
                  <tr>
                    <td><strong> Balance Type:</strong></td>
                    <td>credit</td>
                  </tr>
                  <tr>
                    <td><strong> Period Type:</strong></td>
                    <td>instant</td>
                  </tr>
                </table>
              </div>
            </div>
          </td>
        </tr>
      </table>
      <table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_us-gaap_MinorityInterest">
        <tr>
          <td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td>
        </tr>
        <tr>
          <td>
            <div class="body" style="padding: 2px;"><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div>
                <p>Total of all stockholders' equity (deficit) items, net of receivables from officers, directors, owners, and affiliates of the entity which is directly or indirectly attributable to that ownership interest in subsidiary equity which is not attributable to the parent (noncontrolling interest, minority interest).</p>
              </div><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;">
                <p>Reference 1: http://www.xbrl.org/2003/role/presentationRef<br><br><br><br> -Publisher FASB<br><br><br><br> -Name Accounting Standards Codification<br><br><br><br> -Topic 210<br><br><br><br> -SubTopic 10<br><br><br><br> -Section S99<br><br><br><br> -Paragraph 1<br><br><br><br> -Subparagraph (SX 210.5-02.31)<br><br><br><br> -URI http://asc.fasb.org/extlink&amp;oid=6877327&amp;loc=d3e13212-122682<br><br><br><br><br><br><br><br>Reference 2: http://www.xbrl.org/2003/role/presentationRef<br><br><br><br> -Publisher AICPA<br><br><br><br> -Name Accounting Research Bulletin (ARB)<br><br><br><br> -Number 51<br><br><br><br> -Paragraph A3<br><br><br><br> -Appendix A<br><br><br><br><br><br><br><br>Reference 3: http://www.xbrl.org/2003/role/presentationRef<br><br><br><br> -Publisher SEC<br><br><br><br> -Name Regulation S-X (SX)<br><br><br><br> -Number 210<br><br><br><br> -Section 02<br><br><br><br> -Paragraph 27<br><br><br><br> -Article 5<br><br><br><br><br><br><br><br>Reference 4: http://www.xbrl.org/2003/role/presentationRef<br><br><br><br> -Publisher AICPA<br><br><br><br> -Name Accounting Research Bulletin (ARB)<br><br><br><br> -Number 51<br><br><br><br> -Paragraph 38<br><br><br><br> -LegacyDoc This reference is SUPERSEDED by the Accounting Standards Codification effective for interim and annual periods ending after September 15, 2009.  This reference is included to help users transition from the previous accounting hierarchy and will be removed from future versions of this taxonomy.<br><br><br><br><br><br><br><br>Reference 5: http://www.xbrl.org/2003/role/presentationRef<br><br><br><br> -Publisher SEC<br><br><br><br> -Name Regulation S-X (SX)<br><br><br><br> -Number 210<br><br><br><br> -Article 7<br><br><br><br> -Section 03<br><br><br><br> -Paragraph 20<br><br><br><br><br><br><br><br>Reference 6: http://www.xbrl.org/2003/role/presentationRef<br><br><br><br> -Name Accounting Research Bulletin (ARB)<br><br><br><br> -Publisher AICPA<br><br><br><br> -Number 51<br><br><br><br> -Paragraph 26<br><br><br><br> -LegacyDoc This reference is SUPERSEDED by the Accounting Standards Codification effective for interim and annual periods ending after September 15, 2009.  This reference is included to help users transition from the previous accounting hierarchy and will be removed from future versions of this taxonomy.<br><br><br><br><br><br><br><br></p>
              </div><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;">
                <table border="0" cellpadding="0" cellspacing="0">
                  <tr>
                    <td><strong> Name:</strong></td>
                    <td><nobr>us-gaap_MinorityInterest</nobr></td>
                  </tr>
                  <tr>
                    <td style="padding-right: 4px;"><nobr><strong> Namespace Prefix:</strong></nobr></td>
                    <td>us-gaap_</td>
                  </tr>
                  <tr>
                    <td><strong> Data Type:</strong></td>
                    <td>xbrli:monetaryItemType</td>
                  </tr>
                  <tr>
                    <td><strong> Balance Type:</strong></td>
                    <td>credit</td>
                  </tr>
                  <tr>
                    <td><strong> Period Type:</strong></td>
                    <td>instant</td>
                  </tr>
                </table>
              </div>
            </div>
          </td>
        </tr>
      </table>
      <table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_us-gaap_MinorityInterestInJointVentures">
        <tr>
          <td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td>
        </tr>
        <tr>
          <td>
            <div class="body" style="padding: 2px;"><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div>
                <p>Carrying amount of the equity interests owned by noncontrolling shareholders, partners, or other equity holders in joint ventures included in the entity's consolidated financial statements.</p>
              </div><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;">
                <p>Reference 1: http://www.xbrl.org/2003/role/presentationRef<br><br><br><br> -Publisher FASB<br><br><br><br> -Name Accounting Standards Codification<br><br><br><br> -Topic 810<br><br><br><br> -SubTopic 10<br><br><br><br> -Section 45<br><br><br><br> -Paragraph 16<br><br><br><br> -URI http://asc.fasb.org/extlink&amp;oid=6921628&amp;loc=SL4568740-111683<br><br><br><br><br><br><br><br></p>
              </div><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;">
                <table border="0" cellpadding="0" cellspacing="0">
                  <tr>
                    <td><strong> Name:</strong></td>
                    <td><nobr>us-gaap_MinorityInterestInJointVentures</nobr></td>
                  </tr>
                  <tr>
                    <td style="padding-right: 4px;"><nobr><strong> Namespace Prefix:</strong></nobr></td>
                    <td>us-gaap_</td>
                  </tr>
                  <tr>
                    <td><strong> Data Type:</strong></td>
                    <td>xbrli:monetaryItemType</td>
                  </tr>
                  <tr>
                    <td><strong> Balance Type:</strong></td>
                    <td>credit</td>
                  </tr>
                  <tr>
                    <td><strong> Period Type:</strong></td>
                    <td>instant</td>
                  </tr>
                </table>
              </div>
            </div>
          </td>
        </tr>
      </table>
      <table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_us-gaap_MinorityInterestInOperatingPartnerships">
        <tr>
          <td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td>
        </tr>
        <tr>
          <td>
            <div class="body" style="padding: 2px;"><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div>
                <p>Carrying amount of the equity interests owned by noncontrolling partners in an operating partnership included in the entity's consolidated financial statements.</p>
              </div><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;">
                <p>No definition available.</p>
              </div><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;">
                <table border="0" cellpadding="0" cellspacing="0">
                  <tr>
                    <td><strong> Name:</strong></td>
                    <td><nobr>us-gaap_MinorityInterestInOperatingPartnerships</nobr></td>
                  </tr>
                  <tr>
                    <td style="padding-right: 4px;"><nobr><strong> Namespace Prefix:</strong></nobr></td>
                    <td>us-gaap_</td>
                  </tr>
                  <tr>
                    <td><strong> Data Type:</strong></td>
                    <td>xbrli:monetaryItemType</td>
                  </tr>
                  <tr>
                    <td><strong> Balance Type:</strong></td>
                    <td>credit</td>
                  </tr>
                  <tr>
                    <td><strong> Period Type:</strong></td>
                    <td>instant</td>
                  </tr>
                </table>
              </div>
            </div>
          </td>
        </tr>
      </table>
      <table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_us-gaap_MortgageLoansOnRealEstate">
        <tr>
          <td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td>
        </tr>
        <tr>
          <td>
            <div class="body" style="padding: 2px;"><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div>
                <p>Total carrying amount of mortgage loans as of the balance sheet date.</p>
              </div><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;">
                <p>Reference 1: http://www.xbrl.org/2003/role/presentationRef<br><br><br><br> -Publisher FASB<br><br><br><br> -Name Accounting Standards Codification<br><br><br><br> -Topic 948<br><br><br><br> -SubTopic 310<br><br><br><br> -Section S99<br><br><br><br> -Paragraph 1<br><br><br><br> -Subparagraph (SX 210.12-29.6)<br><br><br><br> -URI http://asc.fasb.org/extlink&amp;oid=6589523&amp;loc=d3e617274-123014<br><br><br><br><br><br><br><br>Reference 2: http://www.xbrl.org/2003/role/presentationRef<br><br><br><br> -Publisher SEC<br><br><br><br> -Name Regulation S-X (SX)<br><br><br><br> -Number 210<br><br><br><br> -Section 04<br><br><br><br> -Paragraph c<br><br><br><br> -Subparagraph Schedule IV<br><br><br><br> -Article 5<br><br><br><br><br><br><br><br>Reference 3: http://www.xbrl.org/2003/role/presentationRef<br><br><br><br> -Publisher SEC<br><br><br><br> -Name Regulation S-X (SX)<br><br><br><br> -Number 210<br><br><br><br> -Section 29<br><br><br><br> -Article 12<br><br><br><br><br><br><br><br>Reference 4: http://www.xbrl.org/2003/role/presentationRef<br><br><br><br> -Publisher FASB<br><br><br><br> -Name Accounting Standards Codification<br><br><br><br> -Topic 205<br><br><br><br> -SubTopic 10<br><br><br><br> -Section S99<br><br><br><br> -Paragraph 6<br><br><br><br> -Subparagraph (SX 210.5-04.(c) Schedule IV)<br><br><br><br> -URI http://asc.fasb.org/extlink&amp;oid=6882300&amp;loc=d3e5864-122674<br><br><br><br><br><br><br><br></p>
              </div><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;">
                <table border="0" cellpadding="0" cellspacing="0">
                  <tr>
                    <td><strong> Name:</strong></td>
                    <td><nobr>us-gaap_MortgageLoansOnRealEstate</nobr></td>
                  </tr>
                  <tr>
                    <td style="padding-right: 4px;"><nobr><strong> Namespace Prefix:</strong></nobr></td>
                    <td>us-gaap_</td>
                  </tr>
                  <tr>
                    <td><strong> Data Type:</strong></td>
                    <td>xbrli:monetaryItemType</td>
                  </tr>
                  <tr>
                    <td><strong> Balance Type:</strong></td>
                    <td>debit</td>
                  </tr>
                  <tr>
                    <td><strong> Period Type:</strong></td>
                    <td>instant</td>
                  </tr>
                </table>
              </div>
            </div>
          </td>
        </tr>
      </table>
      <table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_us-gaap_NoncontrollingInterestItemsAbstract">
        <tr>
          <td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td>
        </tr>
        <tr>
          <td>
            <div class="body" style="padding: 2px;"><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Details</a><div>
                <table border="0" cellpadding="0" cellspacing="0">
                  <tr>
                    <td><strong> Name:</strong></td>
                    <td><nobr>us-gaap_NoncontrollingInterestItemsAbstract</nobr></td>
                  </tr>
                  <tr>
                    <td style="padding-right: 4px;"><nobr><strong> Namespace Prefix:</strong></nobr></td>
                    <td>us-gaap_</td>
                  </tr>
                  <tr>
                    <td><strong> Data Type:</strong></td>
                    <td>xbrli:stringItemType</td>
                  </tr>
                  <tr>
                    <td><strong> Balance Type:</strong></td>
                    <td>na</td>
                  </tr>
                  <tr>
                    <td><strong> Period Type:</strong></td>
                    <td>duration</td>
                  </tr>
                </table>
              </div>
            </div>
          </td>
        </tr>
      </table>
      <table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_us-gaap_OtherAssets">
        <tr>
          <td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td>
        </tr>
        <tr>
          <td>
            <div class="body" style="padding: 2px;"><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div>
                <p>The aggregate carrying amounts, as of the balance sheet date, of assets not separately disclosed in the balance sheet.</p>
              </div><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;">
                <p>Reference 1: http://www.xbrl.org/2003/role/presentationRef<br><br><br><br> -Publisher SEC<br><br><br><br> -Name Regulation S-X (SX)<br><br><br><br> -Number 210<br><br><br><br> -Section 02<br><br><br><br> -Paragraph 17<br><br><br><br> -Article 5<br><br><br><br><br><br><br><br>Reference 2: http://www.xbrl.org/2003/role/presentationRef<br><br><br><br> -Publisher SEC<br><br><br><br> -Name Regulation S-X (SX)<br><br><br><br> -Number 210<br><br><br><br> -Article 7<br><br><br><br> -Section 03<br><br><br><br> -Paragraph 10<br><br><br><br><br><br><br><br>Reference 3: http://www.xbrl.org/2003/role/presentationRef<br><br><br><br> -Publisher FASB<br><br><br><br> -Name Accounting Standards Codification<br><br><br><br> -Topic 210<br><br><br><br> -SubTopic 10<br><br><br><br> -Section S99<br><br><br><br> -Paragraph 1<br><br><br><br> -Subparagraph (SX 210.5-02.17)<br><br><br><br> -URI http://asc.fasb.org/extlink&amp;oid=6877327&amp;loc=d3e13212-122682<br><br><br><br><br><br><br><br></p>
              </div><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;">
                <table border="0" cellpadding="0" cellspacing="0">
                  <tr>
                    <td><strong> Name:</strong></td>
                    <td><nobr>us-gaap_OtherAssets</nobr></td>
                  </tr>
                  <tr>
                    <td style="padding-right: 4px;"><nobr><strong> Namespace Prefix:</strong></nobr></td>
                    <td>us-gaap_</td>
                  </tr>
                  <tr>
                    <td><strong> Data Type:</strong></td>
                    <td>xbrli:monetaryItemType</td>
                  </tr>
                  <tr>
                    <td><strong> Balance Type:</strong></td>
                    <td>debit</td>
                  </tr>
                  <tr>
                    <td><strong> Period Type:</strong></td>
                    <td>instant</td>
                  </tr>
                </table>
              </div>
            </div>
          </td>
        </tr>
      </table>
      <table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_us-gaap_PreferredStockValue">
        <tr>
          <td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td>
        </tr>
        <tr>
          <td>
            <div class="body" style="padding: 2px;"><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div>
                <p>Aggregate par or stated value of issued nonredeemable preferred stock (or preferred stock redeemable solely at the option of the issuer). This item includes treasury stock repurchased by the entity. Note: elements for number of nonredeemable preferred shares, par value and other disclosure concepts are in another section within stockholders' equity.</p>
              </div><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;">
                <p>Reference 1: http://www.xbrl.org/2003/role/presentationRef<br><br><br><br> -Publisher FASB<br><br><br><br> -Name Statement of Financial Accounting Standard (FAS)<br><br><br><br> -Number 129<br><br><br><br> -Paragraph 2, 3, 4, 5, 6, 7, 8<br><br><br><br> -LegacyDoc This reference is SUPERSEDED by the Accounting Standards Codification effective for interim and annual periods ending after September 15, 2009.  This reference is included to help users transition from the previous accounting hierarchy and will be removed from future versions of this taxonomy.<br><br><br><br><br><br><br><br>Reference 2: http://www.xbrl.org/2003/role/presentationRef<br><br><br><br> -Publisher FASB<br><br><br><br> -Name Accounting Standards Codification<br><br><br><br> -Topic 505<br><br><br><br> -SubTopic 10<br><br><br><br> -Section S99<br><br><br><br> -Paragraph 1<br><br><br><br> -Subparagraph (SX 210.3-04)<br><br><br><br> -URI http://asc.fasb.org/extlink&amp;oid=6959260&amp;loc=d3e187085-122770<br><br><br><br><br><br><br><br>Reference 3: http://www.xbrl.org/2003/role/presentationRef<br><br><br><br> -Publisher AICPA<br><br><br><br> -Name Accounting Principles Board Opinion (APB)<br><br><br><br> -Number 12<br><br><br><br> -Paragraph 10<br><br><br><br> -LegacyDoc This reference is SUPERSEDED by the Accounting Standards Codification effective for interim and annual periods ending after September 15, 2009.  This reference is included to help users transition from the previous accounting hierarchy and will be removed from future versions of this taxonomy.<br><br><br><br><br><br><br><br>Reference 4: http://www.xbrl.org/2003/role/presentationRef<br><br><br><br> -Publisher FASB<br><br><br><br> -Name Accounting Standards Codification<br><br><br><br> -Topic 210<br><br><br><br> -SubTopic 10<br><br><br><br> -Section S99<br><br><br><br> -Paragraph 1<br><br><br><br> -Subparagraph (SX 210.5-02.28)<br><br><br><br> -URI http://asc.fasb.org/extlink&amp;oid=6877327&amp;loc=d3e13212-122682<br><br><br><br><br><br><br><br>Reference 5: http://www.xbrl.org/2003/role/presentationRef<br><br><br><br> -Publisher SEC<br><br><br><br> -Name Regulation S-X (SX)<br><br><br><br> -Number 210<br><br><br><br> -Section 04<br><br><br><br> -Article 3<br><br><br><br><br><br><br><br>Reference 6: http://www.xbrl.org/2003/role/presentationRef<br><br><br><br> -Publisher SEC<br><br><br><br> -Name Regulation S-X (SX)<br><br><br><br> -Number 210<br><br><br><br> -Article 5<br><br><br><br> -Section 02<br><br><br><br> -Paragraph 29<br><br><br><br><br><br><br><br></p>
              </div><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;">
                <table border="0" cellpadding="0" cellspacing="0">
                  <tr>
                    <td><strong> Name:</strong></td>
                    <td><nobr>us-gaap_PreferredStockValue</nobr></td>
                  </tr>
                  <tr>
                    <td style="padding-right: 4px;"><nobr><strong> Namespace Prefix:</strong></nobr></td>
                    <td>us-gaap_</td>
                  </tr>
                  <tr>
                    <td><strong> Data Type:</strong></td>
                    <td>xbrli:monetaryItemType</td>
                  </tr>
                  <tr>
                    <td><strong> Balance Type:</strong></td>
                    <td>credit</td>
                  </tr>
                  <tr>
                    <td><strong> Period Type:</strong></td>
                    <td>instant</td>
                  </tr>
                </table>
              </div>
            </div>
          </td>
        </tr>
      </table>
      <table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_us-gaap_RealEstateInvestmentPropertyAccumulatedDepreciation">
        <tr>
          <td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td>
        </tr>
        <tr>
          <td>
            <div class="body" style="padding: 2px;"><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div>
                <p>The cumulative amount of depreciation for real estate property held for investment purposes.</p>
              </div><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;">
                <p>Reference 1: http://www.xbrl.org/2003/role/presentationRef<br><br><br><br> -Publisher SEC<br><br><br><br> -Name Regulation S-X (SX)<br><br><br><br> -Number 210<br><br><br><br> -Article 7<br><br><br><br> -Section 03<br><br><br><br> -Paragraph 1<br><br><br><br><br><br><br><br>Reference 2: http://www.xbrl.org/2003/role/presentationRef<br><br><br><br> -Publisher FASB<br><br><br><br> -Name Accounting Standards Codification<br><br><br><br> -Topic 944<br><br><br><br> -SubTopic 210<br><br><br><br> -Section S99<br><br><br><br> -Paragraph 1<br><br><br><br> -Subparagraph (SX 210.7-03.1(3))<br><br><br><br> -URI http://asc.fasb.org/extlink&amp;oid=6879938&amp;loc=d3e572229-122910<br><br><br><br><br><br><br><br></p>
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                <p>The net book value of real estate property held for investment purposes.</p>
              </div><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;">
                <p>Reference 1: http://www.xbrl.org/2003/role/presentationRef<br><br><br><br> -Publisher FASB<br><br><br><br> -Name Accounting Standards Codification<br><br><br><br> -Topic 944<br><br><br><br> -SubTopic 210<br><br><br><br> -Section S99<br><br><br><br> -Paragraph 1<br><br><br><br> -Subparagraph (SX 210.7-03.1(d))<br><br><br><br> -URI http://asc.fasb.org/extlink&amp;oid=6879938&amp;loc=d3e572229-122910<br><br><br><br><br><br><br><br></p>
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                <p>The carrying amounts of cash and cash equivalent items which are restricted as to withdrawal or usage. Restrictions may include legally restricted deposits held as compensating balances against borrowing arrangements, contracts entered into with others, or entity statements of intention with regard to particular deposits; however, time deposits and short-term certificates of deposit are not generally included in legally restricted deposits. Excludes compensating balance arrangements that are not agreements which legally restrict the use of cash amounts shown on the balance sheet. This element is for unclassified presentations; for classified presentations there is a separate and distinct element.</p>
              </div><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;">
                <p>Reference 1: http://www.xbrl.org/2003/role/presentationRef<br><br><br><br> -Publisher SEC<br><br><br><br> -Name Regulation S-X (SX)<br><br><br><br> -Number 210<br><br><br><br> -Section 02<br><br><br><br> -Paragraph 1<br><br><br><br> -Article 5<br><br><br><br><br><br><br><br>Reference 2: http://www.xbrl.org/2003/role/presentationRef<br><br><br><br> -Publisher AICPA<br><br><br><br> -Name Audit and Accounting Guide (AAG)<br><br><br><br> -Number AAG-BRD<br><br><br><br> -Chapter 4<br><br><br><br> -Paragraph 80<br><br><br><br> -Subparagraph Exhibit 4-8, 3<br><br><br><br> -IssueDate 2006-05-01<br><br><br><br> -LegacyDoc This reference is SUPERSEDED by the Accounting Standards Codification effective for interim and annual periods ending after September 15, 2009.  This reference is included to help users transition from the previous accounting hierarchy and will be removed from future versions of this taxonomy.<br><br><br><br><br><br><br><br>Reference 3: http://www.xbrl.org/2003/role/presentationRef<br><br><br><br> -Publisher FASB<br><br><br><br> -Name Accounting Standards Codification<br><br><br><br> -Topic 210<br><br><br><br> -SubTopic 10<br><br><br><br> -Section S99<br><br><br><br> -Paragraph 1<br><br><br><br> -Subparagraph (SX 210.5-02.1)<br><br><br><br> -URI http://asc.fasb.org/extlink&amp;oid=6877327&amp;loc=d3e13212-122682<br><br><br><br><br><br><br><br></p>
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                <p>Total of all stockholders' equity (deficit) items, net of receivables from officers, directors, owners, and affiliates of the entity which are attributable to the parent. The amount of the economic entity's stockholders' equity attributable to the parent excludes the amount of stockholders' equity which is allocable to that ownership interest in subsidiary equity which is not attributable to the parent (noncontrolling interest, minority interest). This excludes temporary equity and is sometimes called permanent equity.</p>
              </div><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;">
                <p>Reference 1: http://www.xbrl.org/2003/role/presentationRef<br><br><br><br> -Publisher FASB<br><br><br><br> -Name Accounting Standards Codification<br><br><br><br> -Topic 210<br><br><br><br> -SubTopic 10<br><br><br><br> -Section S99<br><br><br><br> -Paragraph 1<br><br><br><br> -Subparagraph (SX 210.5-02.29-31)<br><br><br><br> -URI http://asc.fasb.org/extlink&amp;oid=6877327&amp;loc=d3e13212-122682<br><br><br><br><br><br><br><br>Reference 2: http://www.xbrl.org/2003/role/presentationRef<br><br><br><br> -Publisher AICPA<br><br><br><br> -Name Accounting Research Bulletin (ARB)<br><br><br><br> -Number 51<br><br><br><br> -Paragraph A3<br><br><br><br> -Appendix A<br><br><br><br><br><br><br><br>Reference 3: http://www.xbrl.org/2003/role/presentationRef<br><br><br><br> -Publisher SEC<br><br><br><br> -Name Regulation S-X (SX)<br><br><br><br> -Number 210<br><br><br><br> -Section 02<br><br><br><br> -Paragraph 29, 30, 31<br><br><br><br> -Article 5<br><br><br><br><br><br><br><br>Reference 4: http://www.xbrl.org/2003/role/presentationRef<br><br><br><br> -Publisher SEC<br><br><br><br> -Name Staff Accounting Bulletin (SAB)<br><br><br><br> -Number Topic 4<br><br><br><br> -Section E<br><br><br><br><br><br><br><br>Reference 5: http://www.xbrl.org/2003/role/presentationRef<br><br><br><br> -Publisher FASB<br><br><br><br> -Name Accounting Standards Codification<br><br><br><br> -Topic 310<br><br><br><br> -SubTopic 10<br><br><br><br> -Section S99<br><br><br><br> -Paragraph 2<br><br><br><br> -Subparagraph (SAB TOPIC 4.E)<br><br><br><br> -URI http://asc.fasb.org/extlink&amp;oid=6228006&amp;loc=d3e74512-122707<br><br><br><br><br><br><br><br></p>
              </div><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;">
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                    <td><nobr>us-gaap_StockholdersEquity</nobr></td>
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                    <td><nobr>us-gaap_StockholdersEquityAbstract</nobr></td>
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            <div class="body" style="padding: 2px;"><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div>
                <p>Total of Stockholders' Equity (deficit) items, net of receivables from officers, directors, owners, and affiliates of the entity including portions attributable to both the parent and noncontrolling interests (previously referred to as minority interest), if any. The entity including portions attributable to the parent and noncontrolling interests is sometimes referred to as the economic entity. This excludes temporary equity and is sometimes called permanent equity.</p>
              </div><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;">
                <p>Reference 1: http://www.xbrl.org/2003/role/presentationRef<br><br><br><br> -Publisher FASB<br><br><br><br> -Name Accounting Standards Codification<br><br><br><br> -Topic 810<br><br><br><br> -SubTopic 10<br><br><br><br> -Section 45<br><br><br><br> -Paragraph 16<br><br><br><br> -URI http://asc.fasb.org/extlink&amp;oid=6921628&amp;loc=SL4568740-111683<br><br><br><br><br><br><br><br>Reference 2: http://www.xbrl.org/2003/role/presentationRef<br><br><br><br> -Publisher FASB<br><br><br><br> -Name Accounting Standards Codification<br><br><br><br> -Topic 810<br><br><br><br> -SubTopic 10<br><br><br><br> -Section 55<br><br><br><br> -Paragraph 4I<br><br><br><br> -URI http://asc.fasb.org/extlink&amp;oid=6922042&amp;loc=SL4590271-111686<br><br><br><br><br><br><br><br>Reference 3: http://www.xbrl.org/2003/role/presentationRef<br><br><br><br> -Name Accounting Research Bulletin (ARB)<br><br><br><br> -Publisher AICPA<br><br><br><br> -Number 51<br><br><br><br> -Paragraph 26<br><br><br><br> -LegacyDoc This reference is SUPERSEDED by the Accounting Standards Codification effective for interim and annual periods ending after September 15, 2009.  This reference is included to help users transition from the previous accounting hierarchy and will be removed from future versions of this taxonomy.<br><br><br><br><br><br><br><br>Reference 4: http://www.xbrl.org/2003/role/presentationRef<br><br><br><br> -Publisher AICPA<br><br><br><br> -Name Accounting Research Bulletin (ARB)<br><br><br><br> -Number 51<br><br><br><br> -Paragraph A3<br><br><br><br> -Appendix A<br><br><br><br><br><br><br><br>Reference 5: http://www.xbrl.org/2003/role/presentationRef<br><br><br><br> -Publisher AICPA<br><br><br><br> -Name Accounting Research Bulletin (ARB)<br><br><br><br> -Number 51<br><br><br><br> -Paragraph 25<br><br><br><br> -LegacyDoc This reference is SUPERSEDED by the Accounting Standards Codification effective for interim and annual periods ending after September 15, 2009.  This reference is included to help users transition from the previous accounting hierarchy and will be removed from future versions of this taxonomy.<br><br><br><br><br><br><br><br>Reference 6: http://www.xbrl.org/2003/role/presentationRef<br><br><br><br> -Publisher FASB<br><br><br><br> -Name Accounting Standards Codification<br><br><br><br> -Topic 810<br><br><br><br> -SubTopic 10<br><br><br><br> -Section 45<br><br><br><br> -Paragraph 15<br><br><br><br> -URI http://asc.fasb.org/extlink&amp;oid=6921628&amp;loc=SL4568447-111683<br><br><br><br><br><br><br><br></p>
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            <div class="body" style="padding: 2px;"><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div>
                <p>The amount allocated to treasury stock. Treasury stock is common and preferred shares of an entity that were issued, repurchased by the entity, and are held in its treasury.</p>
              </div><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;">
                <p>Reference 1: http://www.xbrl.org/2003/role/presentationRef<br><br><br><br> -Publisher FASB<br><br><br><br> -Name FASB Technical Bulletin (FTB)<br><br><br><br> -Number 85-6<br><br><br><br> -Paragraph 3<br><br><br><br> -LegacyDoc This reference is SUPERSEDED by the Accounting Standards Codification effective for interim and annual periods ending after September 15, 2009.  This reference is included to help users transition from the previous accounting hierarchy and will be removed from future versions of this taxonomy.<br><br><br><br><br><br><br><br>Reference 2: http://www.xbrl.org/2003/role/presentationRef<br><br><br><br> -Publisher FASB<br><br><br><br> -Name Accounting Standards Codification<br><br><br><br> -Topic 505<br><br><br><br> -SubTopic 30<br><br><br><br> -Section 50<br><br><br><br> -Paragraph 4<br><br><br><br> -URI http://asc.fasb.org/extlink&amp;oid=6405834&amp;loc=d3e23315-112656<br><br><br><br><br><br><br><br></p>
              </div><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;">
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  <body><span style="display: none;">v2.4.0.6</span><table class="report" border="0" cellspacing="2" id="ID0EBLAI">
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          <div>Dec. 31, 2011</div>
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      </tr>
      <tr class="ro">
        <td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_IncomeLossFromEquityMethodInvestments', window );">Equity in income of unconsolidated joint ventures</a></td>
        <td class="num">(1,671,000)<span></span></td>
        <td class="num">(484,000)<span></span></td>
        <td class="num">(1,098,000)<span></span></td>
      </tr>
      <tr class="re">
        <td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_EquityMethodInvestmentDividendsOrDistributions', window );">Distributions from unconsolidated joint ventures</a></td>
        <td class="nump">1,399,000<span></span></td>
        <td class="nump">819,000<span></span></td>
        <td class="nump">921,000<span></span></td>
      </tr>
      <tr class="ro">
        <td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_cdr_WriteOffOfInvestmentUnconsolidatedJointVenture', window );">Write-off of investment in unconsolidated joint venture</a></td>
        <td class="nump">7,961,000<span></span></td>
        <td class="text">&#xA0;<span></span></td>
        <td class="text">&#xA0;<span></span></td>
      </tr>
      <tr class="re">
        <td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_ImpairmentOfRealEstate', window );">Impairment charges</a></td>
        <td class="nump">7,148,000<span></span></td>
        <td class="nump">2,493,000<span></span></td>
        <td class="nump">23,636,000<span></span></td>
      </tr>
      <tr class="ro">
        <td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_cdr_AcquisitionTransactionCostsAndTerminatedProjects', window );">Acquisition transaction costs and terminated projects</a></td>
        <td class="nump">1,436,000<span></span></td>
        <td class="nump">1,302,000<span></span></td>
        <td class="nump">3,094,000<span></span></td>
      </tr>
      <tr class="re">
        <td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_cdr_ImpairmentOfDiscontinuedOperationsExcludingAmountsReclassifiedFromTransactionCosts', window );">Impairments charges - discontinued operations</a></td>
        <td class="nump">88,458,000<span></span></td>
        <td class="nump">39,527,000<span></span></td>
        <td class="nump">3,559,000<span></span></td>
      </tr>
      <tr class="ro">
        <td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_GainLossOnSaleOfProperties', window );">Gain on sale</a></td>
        <td class="num">(1,014,000)<span></span></td>
        <td class="num">(170,000)<span></span></td>
        <td class="num">(1,078,000)<span></span></td>
      </tr>
      <tr class="re">
        <td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_IncreaseDecreaseInDeferredRentReceivables', window );">Straight-line rents</a></td>
        <td class="num">(1,611,000)<span></span></td>
        <td class="num">(1,854,000)<span></span></td>
        <td class="num">(2,874,000)<span></span></td>
      </tr>
      <tr class="ro">
        <td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_ProvisionForDoubtfulAccounts', window );">Provision for doubtful accounts</a></td>
        <td class="nump">3,270,000<span></span></td>
        <td class="nump">3,952,000<span></span></td>
        <td class="nump">3,859,000<span></span></td>
      </tr>
      <tr class="re">
        <td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_DepreciationDepletionAndAmortization', window );">Depreciation and amortization</a></td>
        <td class="nump">48,606,000<span></span></td>
        <td class="nump">46,464,000<span></span></td>
        <td class="nump">55,391,000<span></span></td>
      </tr>
      <tr class="ro">
        <td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_AmortizationOfIntangibleAssets', window );">Amortization of intangible lease liabilities</a></td>
        <td class="num">(6,524,000)<span></span></td>
        <td class="num">(9,154,000)<span></span></td>
        <td class="num">(13,522,000)<span></span></td>
      </tr>
      <tr class="re">
        <td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_ShareBasedCompensation', window );">Amortization (including accelerated write-off) and market price adjustments relating to stock-based compensation</a></td>
        <td class="nump">4,890,000<span></span></td>
        <td class="nump">2,979,000<span></span></td>
        <td class="nump">2,433,000<span></span></td>
      </tr>
      <tr class="ro">
        <td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_cdr_AmortizationAndAcceleratedWriteOffOfDeferredFinancincingCosts', window );">Amortization (including accelerated write-off) of deferred financing costs</a></td>
        <td class="nump">4,138,000<span></span></td>
        <td class="nump">8,109,000<span></span></td>
        <td class="nump">3,648,000<span></span></td>
      </tr>
      <tr class="re">
        <td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_AdjustmentsNoncashItemsToReconcileNetIncomeLossToCashProvidedByUsedInOperatingActivitiesAbstract', window );"><strong>Increases/decreases in operating assets and liabilities:</strong></a></td>
        <td class="text">&#xA0;<span></span></td>
        <td class="text">&#xA0;<span></span></td>
        <td class="text">&#xA0;<span></span></td>
      </tr>
      <tr class="ro">
        <td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_IncreaseDecreaseInAccountsReceivable', window );">Rents and other receivables, net</a></td>
        <td class="num">(3,374,000)<span></span></td>
        <td class="num">(4,561,000)<span></span></td>
        <td class="num">(6,414,000)<span></span></td>
      </tr>
      <tr class="re">
        <td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_IncreaseDecreaseInPrepaidDeferredExpenseAndOtherAssets', window );">Prepaid expenses and other</a></td>
        <td class="num">(2,774,000)<span></span></td>
        <td class="num">(2,029,000)<span></span></td>
        <td class="num">(5,168,000)<span></span></td>
      </tr>
      <tr class="ro">
        <td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_IncreaseDecreaseInAccountsPayableAndAccruedLiabilities', window );">Accounts payable and accrued expenses</a></td>
        <td class="num">(2,578,000)<span></span></td>
        <td class="num">(1,507,000)<span></span></td>
        <td class="nump">2,566,000<span></span></td>
      </tr>
      <tr class="reu">
        <td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_NetCashProvidedByUsedInOperatingActivities', window );">Net cash provided by operating activities</a></td>
        <td class="nump">39,246,000<span></span></td>
        <td class="nump">41,702,000<span></span></td>
        <td class="nump">51,942,000<span></span></td>
      </tr>
      <tr class="ro">
        <td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_NetCashProvidedByUsedInInvestingActivitiesAbstract', window );"><strong>Cash flow from investing activities:</strong></a></td>
        <td class="text">&#xA0;<span></span></td>
        <td class="text">&#xA0;<span></span></td>
        <td class="text">&#xA0;<span></span></td>
      </tr>
      <tr class="re">
        <td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_PaymentsToAcquireAndDevelopRealEstate', window );">Expenditures for real estate and improvements</a></td>
        <td class="num">(92,152,000)<span></span></td>
        <td class="num">(30,155,000)<span></span></td>
        <td class="num">(108,300,000)<span></span></td>
      </tr>
      <tr class="ro">
        <td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_ProceedsFromSaleOfRealEstate', window );">Net proceeds from sales of real estate</a></td>
        <td class="nump">30,586,000<span></span></td>
        <td class="nump">2,661,000<span></span></td>
        <td class="nump">6,752,000<span></span></td>
      </tr>
      <tr class="re">
        <td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_cdr_NetProceedsFromTransfersToUnconsolidatedJointVentureLessCashAtDatesOfTransfer', window );">Net proceeds from transfers to unconsolidated Cedar/RioCan joint venture, less cash at dates of transfer</a></td>
        <td class="nump">3,545,000<span></span></td>
        <td class="nump">31,013,000<span></span></td>
        <td class="nump">32,089,000<span></span></td>
      </tr>
      <tr class="ro">
        <td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_PaymentsToAcquireInterestInJointVenture', window );">Investments in and advances to unconsolidated joint ventures</a></td>
        <td class="num">(4,300,000)<span></span></td>
        <td class="num">(51,441,000)<span></span></td>
        <td class="num">(350,000)<span></span></td>
      </tr>
      <tr class="re">
        <td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_cdr_DistributionsOfCapitalFromUnconsolidatedJointVenture', window );">Distributions of capital from unconsolidated joint ventures</a></td>
        <td class="nump">4,315,000<span></span></td>
        <td class="nump">21,502,000<span></span></td>
        <td class="text">&#xA0;<span></span></td>
      </tr>
      <tr class="ro">
        <td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_IncreaseDecreaseInOtherReceivables', window );">Increase in other receivables</a></td>
        <td class="num">(3,268,000)<span></span></td>
        <td class="num">(2,563,000)<span></span></td>
        <td class="text">&#xA0;<span></span></td>
      </tr>
      <tr class="re">
        <td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_IncreaseDecreaseInRestrictedCash', window );">Construction escrows and other</a></td>
        <td class="num">(2,967,000)<span></span></td>
        <td class="num">(851,000)<span></span></td>
        <td class="num">(217,000)<span></span></td>
      </tr>
      <tr class="rou">
        <td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_NetCashProvidedByUsedInInvestingActivities', window );">Net cash used in investing activities</a></td>
        <td class="num">(64,241,000)<span></span></td>
        <td class="num">(29,834,000)<span></span></td>
        <td class="num">(70,026,000)<span></span></td>
      </tr>
      <tr class="re">
        <td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_NetCashProvidedByUsedInFinancingActivitiesAbstract', window );"><strong>Cash flow from financing activities:</strong></a></td>
        <td class="text">&#xA0;<span></span></td>
        <td class="text">&#xA0;<span></span></td>
        <td class="text">&#xA0;<span></span></td>
      </tr>
      <tr class="ro">
        <td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_ProceedsFromLongTermLinesOfCredit', window );">Net advances/(repayments) from/(to) revolving credit facilities</a></td>
        <td class="nump">33,720,000<span></span></td>
        <td class="num">(125,088,000)<span></span></td>
        <td class="num">(46,805,000)<span></span></td>
      </tr>
      <tr class="re">
        <td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_ProceedsFromIssuanceOfLongTermDebt', window );">Proceeds from mortgage financings</a></td>
        <td class="nump">45,791,000<span></span></td>
        <td class="nump">26,984,000<span></span></td>
        <td class="nump">60,950,000<span></span></td>
      </tr>
      <tr class="ro">
        <td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_RepaymentsOfLongTermDebt', window );">Mortgage repayments</a></td>
        <td class="num">(17,404,000)<span></span></td>
        <td class="num">(20,944,000)<span></span></td>
        <td class="num">(18,203,000)<span></span></td>
      </tr>
      <tr class="re">
        <td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_PaymentsOfFinancingCosts', window );">Payments of debt financing costs</a></td>
        <td class="num">(1,068,000)<span></span></td>
        <td class="num">(2,025,000)<span></span></td>
        <td class="num">(9,973,000)<span></span></td>
      </tr>
      <tr class="ro">
        <td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_cdr_TerminationPaymentsRelatedToInterestRateSwaps', window );">Termination payment related to interest rate swaps</a></td>
        <td class="text">&#xA0;<span></span></td>
        <td class="num">(5,476,000)<span></span></td>
        <td class="text">&#xA0;<span></span></td>
      </tr>
      <tr class="re">
        <td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_MinorityInterestAbstract', window );"><strong>Noncontrolling interests:</strong></a></td>
        <td class="text">&#xA0;<span></span></td>
        <td class="text">&#xA0;<span></span></td>
        <td class="text">&#xA0;<span></span></td>
      </tr>
      <tr class="ro">
        <td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_ProceedsFromMinorityShareholders', window );">Contribution from consolidated joint venture minority interests</a></td>
        <td class="nump">269,000<span></span></td>
        <td class="text">&#xA0;<span></span></td>
        <td class="nump">12,212,000<span></span></td>
      </tr>
      <tr class="re">
        <td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_PaymentsOfDistributionsToAffiliates', window );">Distributions to consolidated joint venture minority interests</a></td>
        <td class="num">(3,301,000)<span></span></td>
        <td class="num">(3,566,000)<span></span></td>
        <td class="num">(3,905,000)<span></span></td>
      </tr>
      <tr class="ro">
        <td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_PartnersCapitalAccountRedemptions', window );">Redemptions of Operating Partnership Units</a></td>
        <td class="text">&#xA0;<span></span></td>
        <td class="num">(3,443,000)<span></span></td>
        <td class="text">&#xA0;<span></span></td>
      </tr>
      <tr class="re">
        <td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_DistributionMadeToMemberOrLimitedPartnerCashDistributionsPaid', window );">Distributions to limited partners</a></td>
        <td class="num">(508,000)<span></span></td>
        <td class="num">(654,000)<span></span></td>
        <td class="num">(227,000)<span></span></td>
      </tr>
      <tr class="ro">
        <td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_ProceedsFromIssuanceOrSaleOfEquity', window );">Net proceeds from the sales of common stock</a></td>
        <td class="nump">4,305,000<span></span></td>
        <td class="nump">141,248,000<span></span></td>
        <td class="nump">40,890,000<span></span></td>
      </tr>
      <tr class="re">
        <td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_ProceedsFromWarrantExercises', window );">Exercise of warrant</a></td>
        <td class="text">&#xA0;<span></span></td>
        <td class="nump">10,000,000<span></span></td>
        <td class="text">&#xA0;<span></span></td>
      </tr>
      <tr class="ro">
        <td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_PaymentsOfDividendsPreferredStockAndPreferenceStock', window );">Preferred stock distributions</a></td>
        <td class="num">(14,200,000)<span></span></td>
        <td class="num">(9,457,000)<span></span></td>
        <td class="num">(7,876,000)<span></span></td>
      </tr>
      <tr class="re">
        <td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_PaymentsOfDividendsCommonStock', window );">Distributions to common shareholders</a></td>
        <td class="num">(24,705,000)<span></span></td>
        <td class="num">(22,445,000)<span></span></td>
        <td class="num">(5,046,000)<span></span></td>
      </tr>
      <tr class="ro">
        <td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_cdr_ProceedsFromStandbyEquityAdvanceNotSettled', window );">Proceeds from standby equity advance not settled</a></td>
        <td class="text">&#xA0;<span></span></td>
        <td class="text">&#xA0;<span></span></td>
        <td class="nump">5,000,000<span></span></td>
      </tr>
      <tr class="reu">
        <td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_NetCashProvidedByUsedInFinancingActivities', window );">Net cash provided by (used in) financing activities</a></td>
        <td class="nump">22,899,000<span></span></td>
        <td class="num">(14,866,000)<span></span></td>
        <td class="nump">27,017,000<span></span></td>
      </tr>
      <tr class="rou">
        <td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_CashAndCashEquivalentsPeriodIncreaseDecrease', window );">Net (decrease) increase in cash and cash equivalents</a></td>
        <td class="num">(2,096,000)<span></span></td>
        <td class="num">(2,998,000)<span></span></td>
        <td class="nump">8,933,000<span></span></td>
      </tr>
      <tr class="re">
        <td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_CashAndCashEquivalentsAtCarryingValue', window );">Cash and cash equivalents at beginning of period</a></td>
        <td class="nump">14,166,000<span></span></td>
        <td class="nump">17,164,000<span></span></td>
        <td class="nump">8,231,000<span></span></td>
      </tr>
      <tr class="ro">
        <td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_CashAndCashEquivalentsAtCarryingValue', window );">Cash and cash equivalents at end of period</a></td>
        <td class="nump">$ 12,070,000<span></span></td>
        <td class="nump">$ 14,166,000<span></span></td>
        <td class="nump">$ 17,164,000<span></span></td>
      </tr>
    </table>
    <div style="display: none;">
      <table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_cdr_AcquisitionTransactionCostsAndTerminatedProjects">
        <tr>
          <td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td>
        </tr>
        <tr>
          <td>
            <div class="body" style="padding: 2px;"><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div>
                <p>The costs associated with the acquisition of business in the current period and the write-off of previously capitalized costs from prior periods.</p>
              </div><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;">
                <p>No definition available.</p>
              </div><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;">
                <table border="0" cellpadding="0" cellspacing="0">
                  <tr>
                    <td><strong> Name:</strong></td>
                    <td><nobr>cdr_AcquisitionTransactionCostsAndTerminatedProjects</nobr></td>
                  </tr>
                  <tr>
                    <td style="padding-right: 4px;"><nobr><strong> Namespace Prefix:</strong></nobr></td>
                    <td>cdr_</td>
                  </tr>
                  <tr>
                    <td><strong> Data Type:</strong></td>
                    <td>xbrli:monetaryItemType</td>
                  </tr>
                  <tr>
                    <td><strong> Balance Type:</strong></td>
                    <td>debit</td>
                  </tr>
                  <tr>
                    <td><strong> Period Type:</strong></td>
                    <td>duration</td>
                  </tr>
                </table>
              </div>
            </div>
          </td>
        </tr>
      </table>
      <table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_cdr_AmortizationAndAcceleratedWriteOffOfDeferredFinancincingCosts">
        <tr>
          <td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td>
        </tr>
        <tr>
          <td>
            <div class="body" style="padding: 2px;"><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div>
                <p>Amortization expense of deferred financing costs and he accelerated write-off of deferred financing costs in connection with the reduction of the total commitments under the secured revolving stabilized property credit facility</p>
              </div><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;">
                <p>No definition available.</p>
              </div><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;">
                <table border="0" cellpadding="0" cellspacing="0">
                  <tr>
                    <td><strong> Name:</strong></td>
                    <td><nobr>cdr_AmortizationAndAcceleratedWriteOffOfDeferredFinancincingCosts</nobr></td>
                  </tr>
                  <tr>
                    <td style="padding-right: 4px;"><nobr><strong> Namespace Prefix:</strong></nobr></td>
                    <td>cdr_</td>
                  </tr>
                  <tr>
                    <td><strong> Data Type:</strong></td>
                    <td>xbrli:monetaryItemType</td>
                  </tr>
                  <tr>
                    <td><strong> Balance Type:</strong></td>
                    <td>debit</td>
                  </tr>
                  <tr>
                    <td><strong> Period Type:</strong></td>
                    <td>duration</td>
                  </tr>
                </table>
              </div>
            </div>
          </td>
        </tr>
      </table>
      <table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_cdr_DistributionsOfCapitalFromUnconsolidatedJointVenture">
        <tr>
          <td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td>
        </tr>
        <tr>
          <td>
            <div class="body" style="padding: 2px;"><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div>
                <p>The cash inflow from earnings received from real estate joint venture</p>
              </div><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;">
                <p>No definition available.</p>
              </div><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;">
                <table border="0" cellpadding="0" cellspacing="0">
                  <tr>
                    <td><strong> Name:</strong></td>
                    <td><nobr>cdr_DistributionsOfCapitalFromUnconsolidatedJointVenture</nobr></td>
                  </tr>
                  <tr>
                    <td style="padding-right: 4px;"><nobr><strong> Namespace Prefix:</strong></nobr></td>
                    <td>cdr_</td>
                  </tr>
                  <tr>
                    <td><strong> Data Type:</strong></td>
                    <td>xbrli:monetaryItemType</td>
                  </tr>
                  <tr>
                    <td><strong> Balance Type:</strong></td>
                    <td>debit</td>
                  </tr>
                  <tr>
                    <td><strong> Period Type:</strong></td>
                    <td>duration</td>
                  </tr>
                </table>
              </div>
            </div>
          </td>
        </tr>
      </table>
      <table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_cdr_ImpairmentOfDiscontinuedOperationsExcludingAmountsReclassifiedFromTransactionCosts">
        <tr>
          <td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td>
        </tr>
        <tr>
          <td>
            <div class="body" style="padding: 2px;"><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div>
                <p>Impairment of discontinued operations, excluding amount reclassified from transaction costs.</p>
              </div><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;">
                <p>No definition available.</p>
              </div><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;">
                <table border="0" cellpadding="0" cellspacing="0">
                  <tr>
                    <td><strong> Name:</strong></td>
                    <td><nobr>cdr_ImpairmentOfDiscontinuedOperationsExcludingAmountsReclassifiedFromTransactionCosts</nobr></td>
                  </tr>
                  <tr>
                    <td style="padding-right: 4px;"><nobr><strong> Namespace Prefix:</strong></nobr></td>
                    <td>cdr_</td>
                  </tr>
                  <tr>
                    <td><strong> Data Type:</strong></td>
                    <td>xbrli:monetaryItemType</td>
                  </tr>
                  <tr>
                    <td><strong> Balance Type:</strong></td>
                    <td>debit</td>
                  </tr>
                  <tr>
                    <td><strong> Period Type:</strong></td>
                    <td>duration</td>
                  </tr>
                </table>
              </div>
            </div>
          </td>
        </tr>
      </table>
      <table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_cdr_NetProceedsFromTransfersToUnconsolidatedJointVentureLessCashAtDatesOfTransfer">
        <tr>
          <td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td>
        </tr>
        <tr>
          <td>
            <div class="body" style="padding: 2px;"><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div>
                <p>The cash inflow from the transfer of formerly  productive land , anything permanently fixed to it, including buildings, structures on it, and so forth to an unconsolidated joint venture less cash at dates of transfer</p>
              </div><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;">
                <p>No definition available.</p>
              </div><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;">
                <table border="0" cellpadding="0" cellspacing="0">
                  <tr>
                    <td><strong> Name:</strong></td>
                    <td><nobr>cdr_NetProceedsFromTransfersToUnconsolidatedJointVentureLessCashAtDatesOfTransfer</nobr></td>
                  </tr>
                  <tr>
                    <td style="padding-right: 4px;"><nobr><strong> Namespace Prefix:</strong></nobr></td>
                    <td>cdr_</td>
                  </tr>
                  <tr>
                    <td><strong> Data Type:</strong></td>
                    <td>xbrli:monetaryItemType</td>
                  </tr>
                  <tr>
                    <td><strong> Balance Type:</strong></td>
                    <td>debit</td>
                  </tr>
                  <tr>
                    <td><strong> Period Type:</strong></td>
                    <td>duration</td>
                  </tr>
                </table>
              </div>
            </div>
          </td>
        </tr>
      </table>
      <table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_cdr_ProceedsFromStandbyEquityAdvanceNotSettled">
        <tr>
          <td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td>
        </tr>
        <tr>
          <td>
            <div class="body" style="padding: 2px;"><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div>
                <p>Proceeds from Standby Equity Advance not Settled.</p>
              </div><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;">
                <p>No definition available.</p>
              </div><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;">
                <table border="0" cellpadding="0" cellspacing="0">
                  <tr>
                    <td><strong> Name:</strong></td>
                    <td><nobr>cdr_ProceedsFromStandbyEquityAdvanceNotSettled</nobr></td>
                  </tr>
                  <tr>
                    <td style="padding-right: 4px;"><nobr><strong> Namespace Prefix:</strong></nobr></td>
                    <td>cdr_</td>
                  </tr>
                  <tr>
                    <td><strong> Data Type:</strong></td>
                    <td>xbrli:monetaryItemType</td>
                  </tr>
                  <tr>
                    <td><strong> Balance Type:</strong></td>
                    <td>debit</td>
                  </tr>
                  <tr>
                    <td><strong> Period Type:</strong></td>
                    <td>duration</td>
                  </tr>
                </table>
              </div>
            </div>
          </td>
        </tr>
      </table>
      <table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_cdr_TerminationPaymentsRelatedToInterestRateSwaps">
        <tr>
          <td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td>
        </tr>
        <tr>
          <td>
            <div class="body" style="padding: 2px;"><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div>
                <p>Termination payments related to interest rate swaps</p>
              </div><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;">
                <p>No definition available.</p>
              </div><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;">
                <table border="0" cellpadding="0" cellspacing="0">
                  <tr>
                    <td><strong> Name:</strong></td>
                    <td><nobr>cdr_TerminationPaymentsRelatedToInterestRateSwaps</nobr></td>
                  </tr>
                  <tr>
                    <td style="padding-right: 4px;"><nobr><strong> Namespace Prefix:</strong></nobr></td>
                    <td>cdr_</td>
                  </tr>
                  <tr>
                    <td><strong> Data Type:</strong></td>
                    <td>xbrli:monetaryItemType</td>
                  </tr>
                  <tr>
                    <td><strong> Balance Type:</strong></td>
                    <td>debit</td>
                  </tr>
                  <tr>
                    <td><strong> Period Type:</strong></td>
                    <td>duration</td>
                  </tr>
                </table>
              </div>
            </div>
          </td>
        </tr>
      </table>
      <table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_cdr_WriteOffOfInvestmentUnconsolidatedJointVenture">
        <tr>
          <td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td>
        </tr>
        <tr>
          <td>
            <div class="body" style="padding: 2px;"><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div>
                <p>The charges against earnings in the period to reduce the carrying value of an unconsolidated joint venture.</p>
              </div><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;">
                <p>No definition available.</p>
              </div><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;">
                <table border="0" cellpadding="0" cellspacing="0">
                  <tr>
                    <td><strong> Name:</strong></td>
                    <td><nobr>cdr_WriteOffOfInvestmentUnconsolidatedJointVenture</nobr></td>
                  </tr>
                  <tr>
                    <td style="padding-right: 4px;"><nobr><strong> Namespace Prefix:</strong></nobr></td>
                    <td>cdr_</td>
                  </tr>
                  <tr>
                    <td><strong> Data Type:</strong></td>
                    <td>xbrli:monetaryItemType</td>
                  </tr>
                  <tr>
                    <td><strong> Balance Type:</strong></td>
                    <td>credit</td>
                  </tr>
                  <tr>
                    <td><strong> Period Type:</strong></td>
                    <td>duration</td>
                  </tr>
                </table>
              </div>
            </div>
          </td>
        </tr>
      </table>
      <table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_us-gaap_AdjustmentsNoncashItemsToReconcileNetIncomeLossToCashProvidedByUsedInOperatingActivitiesAbstract">
        <tr>
          <td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td>
        </tr>
        <tr>
          <td>
            <div class="body" style="padding: 2px;"><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Details</a><div>
                <table border="0" cellpadding="0" cellspacing="0">
                  <tr>
                    <td><strong> Name:</strong></td>
                    <td><nobr>us-gaap_AdjustmentsNoncashItemsToReconcileNetIncomeLossToCashProvidedByUsedInOperatingActivitiesAbstract</nobr></td>
                  </tr>
                  <tr>
                    <td style="padding-right: 4px;"><nobr><strong> Namespace Prefix:</strong></nobr></td>
                    <td>us-gaap_</td>
                  </tr>
                  <tr>
                    <td><strong> Data Type:</strong></td>
                    <td>xbrli:stringItemType</td>
                  </tr>
                  <tr>
                    <td><strong> Balance Type:</strong></td>
                    <td>na</td>
                  </tr>
                  <tr>
                    <td><strong> Period Type:</strong></td>
                    <td>duration</td>
                  </tr>
                </table>
              </div>
            </div>
          </td>
        </tr>
      </table>
      <table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_us-gaap_AdjustmentsToReconcileNetIncomeLossToCashProvidedByUsedInOperatingActivitiesAbstract">
        <tr>
          <td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td>
        </tr>
        <tr>
          <td>
            <div class="body" style="padding: 2px;"><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Details</a><div>
                <table border="0" cellpadding="0" cellspacing="0">
                  <tr>
                    <td><strong> Name:</strong></td>
                    <td><nobr>us-gaap_AdjustmentsToReconcileNetIncomeLossToCashProvidedByUsedInOperatingActivitiesAbstract</nobr></td>
                  </tr>
                  <tr>
                    <td style="padding-right: 4px;"><nobr><strong> Namespace Prefix:</strong></nobr></td>
                    <td>us-gaap_</td>
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                  <tr>
                    <td><strong> Data Type:</strong></td>
                    <td>xbrli:stringItemType</td>
                  </tr>
                  <tr>
                    <td><strong> Balance Type:</strong></td>
                    <td>na</td>
                  </tr>
                  <tr>
                    <td><strong> Period Type:</strong></td>
                    <td>duration</td>
                  </tr>
                </table>
              </div>
            </div>
          </td>
        </tr>
      </table>
      <table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_us-gaap_AmortizationOfIntangibleAssets">
        <tr>
          <td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td>
        </tr>
        <tr>
          <td>
            <div class="body" style="padding: 2px;"><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div>
                <p>The aggregate expense charged against earnings to allocate the cost of intangible assets (nonphysical assets not used in production) in a systematic and rational manner to the periods expected to benefit from such assets. As a noncash expense, this element is added back to net income when calculating cash provided by or used in operations using the indirect method.</p>
              </div><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;">
                <p>Reference 1: http://www.xbrl.org/2003/role/presentationRef<br><br> -Publisher FASB<br><br> -Name Accounting Standards Codification<br><br> -Topic 350<br><br> -SubTopic 30<br><br> -Section 50<br><br> -Paragraph 2<br><br> -Subparagraph (a)(2)<br><br> -URI http://asc.fasb.org/extlink&amp;oid=6905858&amp;loc=d3e16323-109275<br><br><br><br>Reference 2: http://www.xbrl.org/2003/role/presentationRef<br><br> -Publisher FASB<br><br> -Name Statement of Financial Accounting Standard (FAS)<br><br> -Number 142<br><br> -Paragraph 45<br><br> -Subparagraph a(2)<br><br> -LegacyDoc This reference is SUPERSEDED by the Accounting Standards Codification effective for interim and annual periods ending after September 15, 2009.  This reference is included to help users transition from the previous accounting hierarchy and will be removed from future versions of this taxonomy.<br><br><br><br>Reference 3: http://www.xbrl.org/2003/role/presentationRef<br><br> -Publisher FASB<br><br> -Name Accounting Standards Codification<br><br> -Topic 230<br><br> -SubTopic 10<br><br> -Section 45<br><br> -Paragraph 28<br><br> -Subparagraph (b)<br><br> -URI http://asc.fasb.org/extlink&amp;oid=6943989&amp;loc=d3e3602-108585<br><br><br><br>Reference 4: http://www.xbrl.org/2003/role/presentationRef<br><br> -Publisher FASB<br><br> -Name Accounting Standards Codification<br><br> -Topic 350<br><br> -SubTopic 30<br><br> -Section 45<br><br> -Paragraph 2<br><br> -URI http://asc.fasb.org/extlink&amp;oid=6388964&amp;loc=d3e16225-109274<br><br><br><br></p>
              </div><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;">
                <table border="0" cellpadding="0" cellspacing="0">
                  <tr>
                    <td><strong> Name:</strong></td>
                    <td><nobr>us-gaap_AmortizationOfIntangibleAssets</nobr></td>
                  </tr>
                  <tr>
                    <td style="padding-right: 4px;"><nobr><strong> Namespace Prefix:</strong></nobr></td>
                    <td>us-gaap_</td>
                  </tr>
                  <tr>
                    <td><strong> Data Type:</strong></td>
                    <td>xbrli:monetaryItemType</td>
                  </tr>
                  <tr>
                    <td><strong> Balance Type:</strong></td>
                    <td>debit</td>
                  </tr>
                  <tr>
                    <td><strong> Period Type:</strong></td>
                    <td>duration</td>
                  </tr>
                </table>
              </div>
            </div>
          </td>
        </tr>
      </table>
      <table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_us-gaap_CashAndCashEquivalentsAtCarryingValue">
        <tr>
          <td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td>
        </tr>
        <tr>
          <td>
            <div class="body" style="padding: 2px;"><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div>
                <p>Includes currency on hand as well as demand deposits with banks or financial institutions. It also includes other kinds of accounts that have the general characteristics of demand deposits in that the Entity may deposit additional funds at any time and also effectively may withdraw funds at any time without prior notice or penalty. Cash equivalents, excluding items classified as marketable securities, include short-term, highly liquid investments that are both readily convertible to known amounts of cash, and so near their maturity that they present minimal risk of changes in value because of changes in interest rates. Generally, only investments with original maturities of three months or less qualify under that definition. Original maturity means original maturity to the entity holding the investment. For example, both a three-month US Treasury bill and a three-year Treasury note purchased three months from maturity qualify as cash equivalents. However, a Treasury note purchased three years ago does not become a cash equivalent when its remaining maturity is three months. Compensating balance arrangements that do not legally restrict the withdrawal or usage of cash amounts may be reported as Cash and Cash Equivalents, while legally restricted deposits held as compensating balances against borrowing arrangements, contracts entered into with others, or company statements of intention with regard to particular deposits are not generally reported as cash and cash equivalents. Includes cash and cash equivalents associated with the entity's continuing operations. Excludes cash and cash equivalents associated with the disposal group (and discontinued operation).</p>
              </div><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;">
                <p>Reference 1: http://www.xbrl.org/2003/role/presentationRef<br><br> -Publisher FASB<br><br> -Name Accounting Standards Codification<br><br> -Topic 210<br><br> -SubTopic 10<br><br> -Section S99<br><br> -Paragraph 1<br><br> -Subparagraph (SX 210.5-02.1)<br><br> -URI http://asc.fasb.org/extlink&amp;oid=6877327&amp;loc=d3e13212-122682<br><br><br><br>Reference 2: http://www.xbrl.org/2003/role/presentationRef<br><br> -Publisher SEC<br><br> -Name Regulation S-X (SX)<br><br> -Number 210<br><br> -Section 02<br><br> -Paragraph 1<br><br> -Article 5<br><br><br><br>Reference 3: http://www.xbrl.org/2003/role/presentationRef<br><br> -Publisher FASB<br><br> -Name Statement of Financial Accounting Standard (FAS)<br><br> -Number 95<br><br> -Paragraph 7<br><br> -Footnote 1<br><br> -LegacyDoc This reference is SUPERSEDED by the Accounting Standards Codification effective for interim and annual periods ending after September 15, 2009.  This reference is included to help users transition from the previous accounting hierarchy and will be removed from future versions of this taxonomy.<br><br><br><br>Reference 4: http://www.xbrl.org/2003/role/presentationRef<br><br> -Publisher FASB<br><br> -Name Accounting Standards Codification<br><br> -Topic 230<br><br> -SubTopic 10<br><br> -Section 45<br><br> -Paragraph 4<br><br> -URI http://asc.fasb.org/extlink&amp;oid=6943989&amp;loc=d3e3044-108585<br><br><br><br>Reference 5: http://www.xbrl.org/2003/role/presentationRef<br><br> -Publisher FASB<br><br> -Name Statement of Financial Accounting Standard (FAS)<br><br> -Number 95<br><br> -Paragraph 8, 9<br><br> -LegacyDoc This reference is SUPERSEDED by the Accounting Standards Codification effective for interim and annual periods ending after September 15, 2009.  This reference is included to help users transition from the previous accounting hierarchy and will be removed from future versions of this taxonomy.<br><br><br><br>Reference 6: http://www.xbrl.org/2003/role/presentationRef<br><br> -Publisher FASB<br><br> -Name Accounting Standards Codification<br><br> -Topic 210<br><br> -SubTopic 10<br><br> -Section 45<br><br> -Paragraph 1<br><br> -Subparagraph (a)<br><br> -URI http://asc.fasb.org/extlink&amp;oid=6361293&amp;loc=d3e6676-107765<br><br><br><br>Reference 7: http://www.xbrl.org/2003/role/presentationRef<br><br> -Publisher FASB<br><br> -Name Accounting Standards Codification<br><br> -Glossary Cash<br><br> -URI http://asc.fasb.org/extlink&amp;oid=6506951<br><br><br><br>Reference 8: http://www.xbrl.org/2003/role/presentationRef<br><br> -Publisher FASB<br><br> -Name Statement of Financial Accounting Standard (FAS)<br><br> -Number 95<br><br> -Paragraph 7, 26<br><br> -LegacyDoc This reference is SUPERSEDED by the Accounting Standards Codification effective for interim and annual periods ending after September 15, 2009.  This reference is included to help users transition from the previous accounting hierarchy and will be removed from future versions of this taxonomy.<br><br><br><br>Reference 9: http://www.xbrl.org/2003/role/presentationRef<br><br> -Publisher FASB<br><br> -Name Accounting Standards Codification<br><br> -Glossary Cash Equivalents<br><br> -URI http://asc.fasb.org/extlink&amp;oid=6507016<br><br><br><br></p>
              </div><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;">
                <table border="0" cellpadding="0" cellspacing="0">
                  <tr>
                    <td><strong> Name:</strong></td>
                    <td><nobr>us-gaap_CashAndCashEquivalentsAtCarryingValue</nobr></td>
                  </tr>
                  <tr>
                    <td style="padding-right: 4px;"><nobr><strong> Namespace Prefix:</strong></nobr></td>
                    <td>us-gaap_</td>
                  </tr>
                  <tr>
                    <td><strong> Data Type:</strong></td>
                    <td>xbrli:monetaryItemType</td>
                  </tr>
                  <tr>
                    <td><strong> Balance Type:</strong></td>
                    <td>debit</td>
                  </tr>
                  <tr>
                    <td><strong> Period Type:</strong></td>
                    <td>instant</td>
                  </tr>
                </table>
              </div>
            </div>
          </td>
        </tr>
      </table>
      <table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_us-gaap_CashAndCashEquivalentsPeriodIncreaseDecrease">
        <tr>
          <td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td>
        </tr>
        <tr>
          <td>
            <div class="body" style="padding: 2px;"><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div>
                <p>The increase (decrease) during the reporting period in cash and cash equivalents. While for technical reasons this element has no balance attribute, the default assumption is a debit balance consistent with its label.</p>
              </div><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;">
                <p>Reference 1: http://www.xbrl.org/2003/role/presentationRef<br><br> -Publisher FASB<br><br> -Name Statement of Financial Accounting Standard (FAS)<br><br> -Number 95<br><br> -Paragraph 26<br><br> -LegacyDoc This reference is SUPERSEDED by the Accounting Standards Codification effective for interim and annual periods ending after September 15, 2009.  This reference is included to help users transition from the previous accounting hierarchy and will be removed from future versions of this taxonomy.<br><br><br><br>Reference 2: http://www.xbrl.org/2003/role/presentationRef<br><br> -Publisher FASB<br><br> -Name Accounting Standards Codification<br><br> -Topic 230<br><br> -SubTopic 10<br><br> -Section 45<br><br> -Paragraph 24<br><br> -URI http://asc.fasb.org/extlink&amp;oid=6943989&amp;loc=d3e3521-108585<br><br><br><br></p>
              </div><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;">
                <table border="0" cellpadding="0" cellspacing="0">
                  <tr>
                    <td><strong> Name:</strong></td>
                    <td><nobr>us-gaap_CashAndCashEquivalentsPeriodIncreaseDecrease</nobr></td>
                  </tr>
                  <tr>
                    <td style="padding-right: 4px;"><nobr><strong> Namespace Prefix:</strong></nobr></td>
                    <td>us-gaap_</td>
                  </tr>
                  <tr>
                    <td><strong> Data Type:</strong></td>
                    <td>xbrli:monetaryItemType</td>
                  </tr>
                  <tr>
                    <td><strong> Balance Type:</strong></td>
                    <td>na</td>
                  </tr>
                  <tr>
                    <td><strong> Period Type:</strong></td>
                    <td>duration</td>
                  </tr>
                </table>
              </div>
            </div>
          </td>
        </tr>
      </table>
      <table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_us-gaap_DepreciationDepletionAndAmortization">
        <tr>
          <td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td>
        </tr>
        <tr>
          <td>
            <div class="body" style="padding: 2px;"><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div>
                <p>The aggregate expense recognized in the current period that allocates the cost of tangible assets, intangible assets, or depleting assets to periods that benefit from use of the assets.</p>
              </div><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;">
                <p>Reference 1: http://www.xbrl.org/2003/role/presentationRef<br><br> -Publisher FASB<br><br> -Name Accounting Standards Codification<br><br> -Topic 230<br><br> -SubTopic 10<br><br> -Section 45<br><br> -Paragraph 28<br><br> -Subparagraph (b)<br><br> -URI http://asc.fasb.org/extlink&amp;oid=6943989&amp;loc=d3e3602-108585<br><br><br><br></p>
              </div><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;">
                <table border="0" cellpadding="0" cellspacing="0">
                  <tr>
                    <td><strong> Name:</strong></td>
                    <td><nobr>us-gaap_DepreciationDepletionAndAmortization</nobr></td>
                  </tr>
                  <tr>
                    <td style="padding-right: 4px;"><nobr><strong> Namespace Prefix:</strong></nobr></td>
                    <td>us-gaap_</td>
                  </tr>
                  <tr>
                    <td><strong> Data Type:</strong></td>
                    <td>xbrli:monetaryItemType</td>
                  </tr>
                  <tr>
                    <td><strong> Balance Type:</strong></td>
                    <td>debit</td>
                  </tr>
                  <tr>
                    <td><strong> Period Type:</strong></td>
                    <td>duration</td>
                  </tr>
                </table>
              </div>
            </div>
          </td>
        </tr>
      </table>
      <table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_us-gaap_DistributionMadeToMemberOrLimitedPartnerCashDistributionsPaid">
        <tr>
          <td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td>
        </tr>
        <tr>
          <td>
            <div class="body" style="padding: 2px;"><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div>
                <p>The amount of cash distributions paid to a common shareholder or unit-holder by a LLC or LP.</p>
              </div><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;">
                <p>No definition available.</p>
              </div><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;">
                <table border="0" cellpadding="0" cellspacing="0">
                  <tr>
                    <td><strong> Name:</strong></td>
                    <td><nobr>us-gaap_DistributionMadeToMemberOrLimitedPartnerCashDistributionsPaid</nobr></td>
                  </tr>
                  <tr>
                    <td style="padding-right: 4px;"><nobr><strong> Namespace Prefix:</strong></nobr></td>
                    <td>us-gaap_</td>
                  </tr>
                  <tr>
                    <td><strong> Data Type:</strong></td>
                    <td>xbrli:monetaryItemType</td>
                  </tr>
                  <tr>
                    <td><strong> Balance Type:</strong></td>
                    <td>credit</td>
                  </tr>
                  <tr>
                    <td><strong> Period Type:</strong></td>
                    <td>duration</td>
                  </tr>
                </table>
              </div>
            </div>
          </td>
        </tr>
      </table>
      <table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_us-gaap_EquityMethodInvestmentDividendsOrDistributions">
        <tr>
          <td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td>
        </tr>
        <tr>
          <td>
            <div class="body" style="padding: 2px;"><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div>
                <p>This item represents disclosure of the amount of dividends or other distributions received from unconsolidated subsidiaries, certain corporate joint ventures, and certain noncontrolled corporation; these investments are accounted for under the equity method of accounting. This element excludes distributions that constitute a return of investment, which are classified as investing activities.</p>
              </div><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;">
                <p>Reference 1: http://www.xbrl.org/2003/role/presentationRef<br><br> -Publisher FASB<br><br> -Name Accounting Standards Codification<br><br> -Topic 230<br><br> -SubTopic 10<br><br> -Section 45<br><br> -Paragraph 28<br><br> -Subparagraph (b)<br><br> -URI http://asc.fasb.org/extlink&amp;oid=6943989&amp;loc=d3e3602-108585<br><br><br><br>Reference 2: http://www.xbrl.org/2003/role/presentationRef<br><br> -Publisher FASB<br><br> -Name Statement of Financial Accounting Standard (FAS)<br><br> -Number 95<br><br> -Paragraph 28<br><br> -LegacyDoc This reference is SUPERSEDED by the Accounting Standards Codification effective for interim and annual periods ending after September 15, 2009.  This reference is included to help users transition from the previous accounting hierarchy and will be removed from future versions of this taxonomy.<br><br><br><br>Reference 3: http://www.xbrl.org/2003/role/presentationRef<br><br> -Publisher AICPA<br><br> -Name Accounting Principles Board Opinion (APB)<br><br> -Number 18<br><br> -Paragraph 19<br><br> -LegacyDoc This reference is SUPERSEDED by the Accounting Standards Codification effective for interim and annual periods ending after September 15, 2009.  This reference is included to help users transition from the previous accounting hierarchy and will be removed from future versions of this taxonomy.<br><br><br><br>Reference 4: http://www.xbrl.org/2003/role/presentationRef<br><br> -Publisher SEC<br><br> -Name Regulation S-X (SX)<br><br> -Number 210<br><br> -Article 5<br><br> -Section 03<br><br> -Paragraph 13<br><br><br><br></p>
              </div><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;">
                <table border="0" cellpadding="0" cellspacing="0">
                  <tr>
                    <td><strong> Name:</strong></td>
                    <td><nobr>us-gaap_EquityMethodInvestmentDividendsOrDistributions</nobr></td>
                  </tr>
                  <tr>
                    <td style="padding-right: 4px;"><nobr><strong> Namespace Prefix:</strong></nobr></td>
                    <td>us-gaap_</td>
                  </tr>
                  <tr>
                    <td><strong> Data Type:</strong></td>
                    <td>xbrli:monetaryItemType</td>
                  </tr>
                  <tr>
                    <td><strong> Balance Type:</strong></td>
                    <td>debit</td>
                  </tr>
                  <tr>
                    <td><strong> Period Type:</strong></td>
                    <td>duration</td>
                  </tr>
                </table>
              </div>
            </div>
          </td>
        </tr>
      </table>
      <table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_us-gaap_GainLossOnSaleOfProperties">
        <tr>
          <td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td>
        </tr>
        <tr>
          <td>
            <div class="body" style="padding: 2px;"><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div>
                <p>The difference between the carrying value and the sale price of real estate or properties that were intended to be sold or held for capital appreciation or rental income. This element refers to the gain (loss) included in earnings and not to the cash proceeds of the sale. This element is a noncash adjustment to net income when calculating net cash generated by operating activities using the indirect method.</p>
              </div><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;">
                <p>Reference 1: http://www.xbrl.org/2003/role/presentationRef<br><br> -Publisher FASB<br><br> -Name Statement of Financial Accounting Standard (FAS)<br><br> -Number 95<br><br> -Paragraph 28<br><br> -LegacyDoc This reference is SUPERSEDED by the Accounting Standards Codification effective for interim and annual periods ending after September 15, 2009.  This reference is included to help users transition from the previous accounting hierarchy and will be removed from future versions of this taxonomy.<br><br><br><br>Reference 2: http://www.xbrl.org/2003/role/presentationRef<br><br> -Publisher FASB<br><br> -Name Accounting Standards Codification<br><br> -Topic 230<br><br> -SubTopic 10<br><br> -Section 45<br><br> -Paragraph 28<br><br> -URI http://asc.fasb.org/extlink&amp;oid=6943989&amp;loc=d3e3602-108585<br><br><br><br></p>
              </div><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;">
                <table border="0" cellpadding="0" cellspacing="0">
                  <tr>
                    <td><strong> Name:</strong></td>
                    <td><nobr>us-gaap_GainLossOnSaleOfProperties</nobr></td>
                  </tr>
                  <tr>
                    <td style="padding-right: 4px;"><nobr><strong> Namespace Prefix:</strong></nobr></td>
                    <td>us-gaap_</td>
                  </tr>
                  <tr>
                    <td><strong> Data Type:</strong></td>
                    <td>xbrli:monetaryItemType</td>
                  </tr>
                  <tr>
                    <td><strong> Balance Type:</strong></td>
                    <td>credit</td>
                  </tr>
                  <tr>
                    <td><strong> Period Type:</strong></td>
                    <td>duration</td>
                  </tr>
                </table>
              </div>
            </div>
          </td>
        </tr>
      </table>
      <table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_us-gaap_ImpairmentOfRealEstate">
        <tr>
          <td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td>
        </tr>
        <tr>
          <td>
            <div class="body" style="padding: 2px;"><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div>
                <p>The charge against earnings in the period to reduce the carrying amount of real property to fair value.</p>
              </div><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;">
                <p>Reference 1: http://www.xbrl.org/2003/role/presentationRef<br><br> -Publisher FASB<br><br> -Name Statement of Financial Accounting Standard (FAS)<br><br> -Number 144<br><br> -Paragraph 26<br><br> -Subparagraph b<br><br> -LegacyDoc This reference is SUPERSEDED by the Accounting Standards Codification effective for interim and annual periods ending after September 15, 2009.  This reference is included to help users transition from the previous accounting hierarchy and will be removed from future versions of this taxonomy.<br><br><br><br>Reference 2: http://www.xbrl.org/2003/role/presentationRef<br><br> -Publisher FASB<br><br> -Name Accounting Standards Codification<br><br> -Topic 230<br><br> -SubTopic 10<br><br> -Section 45<br><br> -Paragraph 28<br><br> -URI http://asc.fasb.org/extlink&amp;oid=6943989&amp;loc=d3e3602-108585<br><br><br><br>Reference 3: http://www.xbrl.org/2003/role/presentationRef<br><br> -Publisher FASB<br><br> -Name Accounting Standards Codification<br><br> -Topic 360<br><br> -SubTopic 10<br><br> -Section 50<br><br> -Paragraph 2<br><br> -Subparagraph (b)<br><br> -URI http://asc.fasb.org/extlink&amp;oid=6391110&amp;loc=d3e2921-110230<br><br><br><br></p>
              </div><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;">
                <table border="0" cellpadding="0" cellspacing="0">
                  <tr>
                    <td><strong> Name:</strong></td>
                    <td><nobr>us-gaap_ImpairmentOfRealEstate</nobr></td>
                  </tr>
                  <tr>
                    <td style="padding-right: 4px;"><nobr><strong> Namespace Prefix:</strong></nobr></td>
                    <td>us-gaap_</td>
                  </tr>
                  <tr>
                    <td><strong> Data Type:</strong></td>
                    <td>xbrli:monetaryItemType</td>
                  </tr>
                  <tr>
                    <td><strong> Balance Type:</strong></td>
                    <td>debit</td>
                  </tr>
                  <tr>
                    <td><strong> Period Type:</strong></td>
                    <td>duration</td>
                  </tr>
                </table>
              </div>
            </div>
          </td>
        </tr>
      </table>
      <table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_us-gaap_IncomeLossFromEquityMethodInvestments">
        <tr>
          <td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td>
        </tr>
        <tr>
          <td>
            <div class="body" style="padding: 2px;"><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div>
                <p>This item represents the entity's proportionate share for the period of the net income (loss) of its investee (such as unconsolidated subsidiaries and joint ventures) to which the equity method of accounting is applied. This item includes income or expense related to stock-based compensation based on the investor's grant of stock to employees of an equity method investee.</p>
              </div><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;">
                <p>Reference 1: http://www.xbrl.org/2003/role/presentationRef<br><br> -Publisher FASB<br><br> -Name Accounting Standards Codification<br><br> -Topic 323<br><br> -SubTopic 10<br><br> -Section 45<br><br> -Paragraph 1<br><br> -URI http://asc.fasb.org/extlink&amp;oid=6382870&amp;loc=d3e33749-111570<br><br><br><br>Reference 2: http://www.xbrl.org/2003/role/presentationRef<br><br> -Publisher AICPA<br><br> -Name Accounting Principles Board Opinion (APB)<br><br> -Number 18<br><br> -Paragraph 19<br><br> -Subparagraph c<br><br> -LegacyDoc This reference is SUPERSEDED by the Accounting Standards Codification effective for interim and annual periods ending after September 15, 2009.  This reference is included to help users transition from the previous accounting hierarchy and will be removed from future versions of this taxonomy.<br><br><br><br>Reference 3: http://www.xbrl.org/2003/role/presentationRef<br><br> -Publisher AICPA<br><br> -Name Accounting Principles Board Opinion (APB)<br><br> -Number 18<br><br> -Paragraph 6<br><br> -Subparagraph b<br><br> -LegacyDoc This reference is SUPERSEDED by the Accounting Standards Codification effective for interim and annual periods ending after September 15, 2009.  This reference is included to help users transition from the previous accounting hierarchy and will be removed from future versions of this taxonomy.<br><br><br><br>Reference 4: http://www.xbrl.org/2003/role/presentationRef<br><br> -Publisher FASB<br><br> -Name Statement of Financial Accounting Standard (FAS)<br><br> -Number 95<br><br> -Paragraph 28<br><br> -LegacyDoc This reference is SUPERSEDED by the Accounting Standards Codification effective for interim and annual periods ending after September 15, 2009.  This reference is included to help users transition from the previous accounting hierarchy and will be removed from future versions of this taxonomy.<br><br><br><br>Reference 5: http://www.xbrl.org/2003/role/presentationRef<br><br> -Publisher SEC<br><br> -Name Regulation S-X (SX)<br><br> -Number 210<br><br> -Section 04<br><br> -Paragraph 11<br><br> -Article 7<br><br><br><br>Reference 6: http://www.xbrl.org/2003/role/presentationRef<br><br> -Publisher FASB<br><br> -Name Accounting Standards Codification<br><br> -Topic 230<br><br> -SubTopic 10<br><br> -Section 45<br><br> -Paragraph 28<br><br> -Subparagraph (b)<br><br> -URI http://asc.fasb.org/extlink&amp;oid=6943989&amp;loc=d3e3602-108585<br><br><br><br>Reference 7: http://www.xbrl.org/2003/role/presentationRef<br><br> -Publisher SEC<br><br> -Name Regulation S-X (SX)<br><br> -Number 210<br><br> -Article 5<br><br> -Section 03<br><br> -Paragraph 9<br><br><br><br>Reference 8: http://www.xbrl.org/2003/role/presentationRef<br><br> -Publisher FASB<br><br> -Name Accounting Standards Codification<br><br> -Topic 225<br><br> -SubTopic 10<br><br> -Section S99<br><br> -Paragraph 2<br><br> -Subparagraph (SX 210.5-03.12)<br><br> -URI http://asc.fasb.org/extlink&amp;oid=6880815&amp;loc=d3e20235-122688<br><br><br><br></p>
              </div><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;">
                <table border="0" cellpadding="0" cellspacing="0">
                  <tr>
                    <td><strong> Name:</strong></td>
                    <td><nobr>us-gaap_IncomeLossFromEquityMethodInvestments</nobr></td>
                  </tr>
                  <tr>
                    <td style="padding-right: 4px;"><nobr><strong> Namespace Prefix:</strong></nobr></td>
                    <td>us-gaap_</td>
                  </tr>
                  <tr>
                    <td><strong> Data Type:</strong></td>
                    <td>xbrli:monetaryItemType</td>
                  </tr>
                  <tr>
                    <td><strong> Balance Type:</strong></td>
                    <td>credit</td>
                  </tr>
                  <tr>
                    <td><strong> Period Type:</strong></td>
                    <td>duration</td>
                  </tr>
                </table>
              </div>
            </div>
          </td>
        </tr>
      </table>
      <table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_us-gaap_IncreaseDecreaseInAccountsPayableAndAccruedLiabilities">
        <tr>
          <td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td>
        </tr>
        <tr>
          <td>
            <div class="body" style="padding: 2px;"><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div>
                <p>The increase (decrease) during the reporting period in the amounts payable to vendors for goods and services received and the amount of obligations and expenses incurred but not paid.</p>
              </div><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;">
                <p>Reference 1: http://www.xbrl.org/2003/role/presentationRef<br><br> -Publisher FASB<br><br> -Name Statement of Financial Accounting Standard (FAS)<br><br> -Number 95<br><br> -Paragraph 28<br><br> -LegacyDoc This reference is SUPERSEDED by the Accounting Standards Codification effective for interim and annual periods ending after September 15, 2009.  This reference is included to help users transition from the previous accounting hierarchy and will be removed from future versions of this taxonomy.<br><br><br><br>Reference 2: http://www.xbrl.org/2003/role/presentationRef<br><br> -Publisher FASB<br><br> -Name Accounting Standards Codification<br><br> -Topic 230<br><br> -SubTopic 10<br><br> -Section 45<br><br> -Paragraph 28<br><br> -Subparagraph (a)<br><br> -URI http://asc.fasb.org/extlink&amp;oid=6943989&amp;loc=d3e3602-108585<br><br><br><br></p>
              </div><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;">
                <table border="0" cellpadding="0" cellspacing="0">
                  <tr>
                    <td><strong> Name:</strong></td>
                    <td><nobr>us-gaap_IncreaseDecreaseInAccountsPayableAndAccruedLiabilities</nobr></td>
                  </tr>
                  <tr>
                    <td style="padding-right: 4px;"><nobr><strong> Namespace Prefix:</strong></nobr></td>
                    <td>us-gaap_</td>
                  </tr>
                  <tr>
                    <td><strong> Data Type:</strong></td>
                    <td>xbrli:monetaryItemType</td>
                  </tr>
                  <tr>
                    <td><strong> Balance Type:</strong></td>
                    <td>debit</td>
                  </tr>
                  <tr>
                    <td><strong> Period Type:</strong></td>
                    <td>duration</td>
                  </tr>
                </table>
              </div>
            </div>
          </td>
        </tr>
      </table>
      <table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_us-gaap_IncreaseDecreaseInAccountsReceivable">
        <tr>
          <td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td>
        </tr>
        <tr>
          <td>
            <div class="body" style="padding: 2px;"><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div>
                <p>The increase (decrease) during the reporting period in amount due within one year (or one business cycle) from customers for the credit sale of goods and services.</p>
              </div><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;">
                <p>Reference 1: http://www.xbrl.org/2003/role/presentationRef<br><br> -Publisher FASB<br><br> -Name Statement of Financial Accounting Standard (FAS)<br><br> -Number 95<br><br> -Paragraph 28<br><br> -LegacyDoc This reference is SUPERSEDED by the Accounting Standards Codification effective for interim and annual periods ending after September 15, 2009.  This reference is included to help users transition from the previous accounting hierarchy and will be removed from future versions of this taxonomy.<br><br><br><br>Reference 2: http://www.xbrl.org/2003/role/presentationRef<br><br> -Publisher FASB<br><br> -Name Accounting Standards Codification<br><br> -Topic 230<br><br> -SubTopic 10<br><br> -Section 45<br><br> -Paragraph 28<br><br> -Subparagraph (a)<br><br> -URI http://asc.fasb.org/extlink&amp;oid=6943989&amp;loc=d3e3602-108585<br><br><br><br></p>
              </div><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;">
                <table border="0" cellpadding="0" cellspacing="0">
                  <tr>
                    <td><strong> Name:</strong></td>
                    <td><nobr>us-gaap_IncreaseDecreaseInAccountsReceivable</nobr></td>
                  </tr>
                  <tr>
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                    <td><strong> Data Type:</strong></td>
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                    <td><strong> Balance Type:</strong></td>
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                    <td><strong> Period Type:</strong></td>
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        <tr>
          <td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td>
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        <tr>
          <td>
            <div class="body" style="padding: 2px;"><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div>
                <p>The increase (decrease) during the reporting period in the amount due that is the result of the cumulative difference between actual rent due and rental income recognized on a straight-line basis.</p>
              </div><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;">
                <p>Reference 1: http://www.xbrl.org/2003/role/presentationRef<br><br> -Publisher FASB<br><br> -Name Statement of Financial Accounting Standard (FAS)<br><br> -Number 95<br><br> -Paragraph 28<br><br> -LegacyDoc This reference is SUPERSEDED by the Accounting Standards Codification effective for interim and annual periods ending after September 15, 2009.  This reference is included to help users transition from the previous accounting hierarchy and will be removed from future versions of this taxonomy.<br><br><br><br>Reference 2: http://www.xbrl.org/2003/role/presentationRef<br><br> -Publisher FASB<br><br> -Name Accounting Standards Codification<br><br> -Topic 230<br><br> -SubTopic 10<br><br> -Section 45<br><br> -Paragraph 28<br><br> -Subparagraph (a)<br><br> -URI http://asc.fasb.org/extlink&amp;oid=6943989&amp;loc=d3e3602-108585<br><br><br><br></p>
              </div><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;">
                <table border="0" cellpadding="0" cellspacing="0">
                  <tr>
                    <td><strong> Name:</strong></td>
                    <td><nobr>us-gaap_IncreaseDecreaseInDeferredRentReceivables</nobr></td>
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        <tr>
          <td>
            <div class="body" style="padding: 2px;"><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div>
                <p>The increase (decrease) during the reporting period in other amounts due to the reporting entity, which are not otherwise defined in the taxonomy.</p>
              </div><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;">
                <p>Reference 1: http://www.xbrl.org/2003/role/presentationRef<br><br> -Publisher FASB<br><br> -Name Statement of Financial Accounting Standard (FAS)<br><br> -Number 95<br><br> -Paragraph 28<br><br> -LegacyDoc This reference is SUPERSEDED by the Accounting Standards Codification effective for interim and annual periods ending after September 15, 2009.  This reference is included to help users transition from the previous accounting hierarchy and will be removed from future versions of this taxonomy.<br><br><br><br>Reference 2: http://www.xbrl.org/2003/role/presentationRef<br><br> -Publisher FASB<br><br> -Name Accounting Standards Codification<br><br> -Topic 230<br><br> -SubTopic 10<br><br> -Section 45<br><br> -Paragraph 28<br><br> -Subparagraph (a)<br><br> -URI http://asc.fasb.org/extlink&amp;oid=6943989&amp;loc=d3e3602-108585<br><br><br><br></p>
              </div><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;">
                <table border="0" cellpadding="0" cellspacing="0">
                  <tr>
                    <td><strong> Name:</strong></td>
                    <td><nobr>us-gaap_IncreaseDecreaseInOtherReceivables</nobr></td>
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                    <td style="padding-right: 4px;"><nobr><strong> Namespace Prefix:</strong></nobr></td>
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        <tr>
          <td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td>
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        <tr>
          <td>
            <div class="body" style="padding: 2px;"><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div>
                <p>The increase (decrease) during the reporting period in the value of prepaid expenses and other assets not separately disclosed in the statement of cash flows, for example, deferred expenses, intangible assets,or  income taxes.</p>
              </div><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;">
                <p>Reference 1: http://www.xbrl.org/2003/role/presentationRef<br><br> -Publisher FASB<br><br> -Name Statement of Financial Accounting Standard (FAS)<br><br> -Number 95<br><br> -Paragraph 28<br><br> -LegacyDoc This reference is SUPERSEDED by the Accounting Standards Codification effective for interim and annual periods ending after September 15, 2009.  This reference is included to help users transition from the previous accounting hierarchy and will be removed from future versions of this taxonomy.<br><br><br><br>Reference 2: http://www.xbrl.org/2003/role/presentationRef<br><br> -Publisher FASB<br><br> -Name Accounting Standards Codification<br><br> -Topic 230<br><br> -SubTopic 10<br><br> -Section 45<br><br> -Paragraph 28<br><br> -Subparagraph (a)<br><br> -URI http://asc.fasb.org/extlink&amp;oid=6943989&amp;loc=d3e3602-108585<br><br><br><br></p>
              </div><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;">
                <table border="0" cellpadding="0" cellspacing="0">
                  <tr>
                    <td><strong> Name:</strong></td>
                    <td><nobr>us-gaap_IncreaseDecreaseInPrepaidDeferredExpenseAndOtherAssets</nobr></td>
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                    <td style="padding-right: 4px;"><nobr><strong> Namespace Prefix:</strong></nobr></td>
                    <td>us-gaap_</td>
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        <tr>
          <td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td>
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        <tr>
          <td>
            <div class="body" style="padding: 2px;"><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div>
                <p>The net cash inflow or outflow for the increase (decrease) associated with funds that are not available for withdrawal or use (such as funds held in escrow) and are associated with underlying transactions that are classified as investing activities.</p>
              </div><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;">
                <p>Reference 1: http://www.xbrl.org/2003/role/presentationRef<br><br> -Publisher FASB<br><br> -Name Accounting Standards Codification<br><br> -Topic 230<br><br> -SubTopic 10<br><br> -Section 45<br><br> -Paragraph 13<br><br> -URI http://asc.fasb.org/extlink&amp;oid=6943989&amp;loc=d3e3213-108585<br><br><br><br>Reference 2: http://www.xbrl.org/2003/role/presentationRef<br><br> -Publisher FASB<br><br> -Name Statement of Financial Accounting Standard (FAS)<br><br> -Number 95<br><br> -Paragraph 15, 16, 17<br><br> -LegacyDoc This reference is SUPERSEDED by the Accounting Standards Codification effective for interim and annual periods ending after September 15, 2009.  This reference is included to help users transition from the previous accounting hierarchy and will be removed from future versions of this taxonomy.<br><br><br><br>Reference 3: http://www.xbrl.org/2003/role/presentationRef<br><br> -Publisher FASB<br><br> -Name Accounting Standards Codification<br><br> -Topic 230<br><br> -SubTopic 10<br><br> -Section 45<br><br> -Paragraph 12<br><br> -URI http://asc.fasb.org/extlink&amp;oid=6943989&amp;loc=d3e3179-108585<br><br><br><br>Reference 4: http://www.xbrl.org/2003/role/presentationRef<br><br> -Publisher FASB<br><br> -Name Accounting Standards Codification<br><br> -Glossary Investing Activities<br><br> -URI http://asc.fasb.org/extlink&amp;oid=6516133<br><br><br><br></p>
              </div><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;">
                <table border="0" cellpadding="0" cellspacing="0">
                  <tr>
                    <td><strong> Name:</strong></td>
                    <td><nobr>us-gaap_IncreaseDecreaseInRestrictedCash</nobr></td>
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                    <td style="padding-right: 4px;"><nobr><strong> Namespace Prefix:</strong></nobr></td>
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          <td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td>
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            <div class="body" style="padding: 2px;"><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Details</a><div>
                <table border="0" cellpadding="0" cellspacing="0">
                  <tr>
                    <td><strong> Name:</strong></td>
                    <td><nobr>us-gaap_MinorityInterestAbstract</nobr></td>
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                    <td style="padding-right: 4px;"><nobr><strong> Namespace Prefix:</strong></nobr></td>
                    <td>us-gaap_</td>
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                    <td><strong> Data Type:</strong></td>
                    <td>xbrli:stringItemType</td>
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                    <td><strong> Balance Type:</strong></td>
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      <table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_us-gaap_NetCashProvidedByUsedInFinancingActivities">
        <tr>
          <td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td>
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        <tr>
          <td>
            <div class="body" style="padding: 2px;"><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div>
                <p>The net cash inflow or outflow from financing activity for the period.</p>
              </div><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;">
                <p>Reference 1: http://www.xbrl.org/2003/role/presentationRef<br><br> -Publisher FASB<br><br> -Name Statement of Financial Accounting Standard (FAS)<br><br> -Number 95<br><br> -Paragraph 26<br><br> -LegacyDoc This reference is SUPERSEDED by the Accounting Standards Codification effective for interim and annual periods ending after September 15, 2009.  This reference is included to help users transition from the previous accounting hierarchy and will be removed from future versions of this taxonomy.<br><br><br><br>Reference 2: http://www.xbrl.org/2003/role/presentationRef<br><br> -Publisher FASB<br><br> -Name Accounting Standards Codification<br><br> -Topic 230<br><br> -SubTopic 10<br><br> -Section 45<br><br> -Paragraph 24<br><br> -URI http://asc.fasb.org/extlink&amp;oid=6943989&amp;loc=d3e3521-108585<br><br><br><br>Reference 3: http://www.xbrl.org/2003/role/presentationRef<br><br> -Publisher FASB<br><br> -Name Accounting Standards Codification<br><br> -Topic 230<br><br> -SubTopic 10<br><br> -Section 45<br><br> -Paragraph 26<br><br> -URI http://asc.fasb.org/extlink&amp;oid=6943989&amp;loc=d3e3574-108585<br><br><br><br></p>
              </div><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;">
                <table border="0" cellpadding="0" cellspacing="0">
                  <tr>
                    <td><strong> Name:</strong></td>
                    <td><nobr>us-gaap_NetCashProvidedByUsedInFinancingActivities</nobr></td>
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                  <tr>
                    <td style="padding-right: 4px;"><nobr><strong> Namespace Prefix:</strong></nobr></td>
                    <td>us-gaap_</td>
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                    <td><strong> Data Type:</strong></td>
                    <td>xbrli:monetaryItemType</td>
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                    <td><strong> Balance Type:</strong></td>
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            <div class="body" style="padding: 2px;"><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Details</a><div>
                <table border="0" cellpadding="0" cellspacing="0">
                  <tr>
                    <td><strong> Name:</strong></td>
                    <td><nobr>us-gaap_NetCashProvidedByUsedInFinancingActivitiesAbstract</nobr></td>
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                    <td style="padding-right: 4px;"><nobr><strong> Namespace Prefix:</strong></nobr></td>
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                    <td>xbrli:stringItemType</td>
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                    <td><strong> Period Type:</strong></td>
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          </td>
        </tr>
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      <table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_us-gaap_NetCashProvidedByUsedInInvestingActivities">
        <tr>
          <td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td>
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        <tr>
          <td>
            <div class="body" style="padding: 2px;"><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div>
                <p>The net cash inflow or outflow from investing activity.</p>
              </div><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;">
                <p>Reference 1: http://www.xbrl.org/2003/role/presentationRef<br><br> -Publisher FASB<br><br> -Name Statement of Financial Accounting Standard (FAS)<br><br> -Number 95<br><br> -Paragraph 26<br><br> -LegacyDoc This reference is SUPERSEDED by the Accounting Standards Codification effective for interim and annual periods ending after September 15, 2009.  This reference is included to help users transition from the previous accounting hierarchy and will be removed from future versions of this taxonomy.<br><br><br><br>Reference 2: http://www.xbrl.org/2003/role/presentationRef<br><br> -Publisher FASB<br><br> -Name Accounting Standards Codification<br><br> -Topic 230<br><br> -SubTopic 10<br><br> -Section 45<br><br> -Paragraph 24<br><br> -URI http://asc.fasb.org/extlink&amp;oid=6943989&amp;loc=d3e3521-108585<br><br><br><br>Reference 3: http://www.xbrl.org/2003/role/presentationRef<br><br> -Publisher FASB<br><br> -Name Accounting Standards Codification<br><br> -Topic 230<br><br> -SubTopic 10<br><br> -Section 45<br><br> -Paragraph 26<br><br> -URI http://asc.fasb.org/extlink&amp;oid=6943989&amp;loc=d3e3574-108585<br><br><br><br></p>
              </div><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;">
                <table border="0" cellpadding="0" cellspacing="0">
                  <tr>
                    <td><strong> Name:</strong></td>
                    <td><nobr>us-gaap_NetCashProvidedByUsedInInvestingActivities</nobr></td>
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                    <td style="padding-right: 4px;"><nobr><strong> Namespace Prefix:</strong></nobr></td>
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                    <td><strong> Data Type:</strong></td>
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                    <td><strong> Balance Type:</strong></td>
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        <tr>
          <td>
            <div class="body" style="padding: 2px;"><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Details</a><div>
                <table border="0" cellpadding="0" cellspacing="0">
                  <tr>
                    <td><strong> Name:</strong></td>
                    <td><nobr>us-gaap_NetCashProvidedByUsedInInvestingActivitiesAbstract</nobr></td>
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                    <td style="padding-right: 4px;"><nobr><strong> Namespace Prefix:</strong></nobr></td>
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        <tr>
          <td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td>
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        <tr>
          <td>
            <div class="body" style="padding: 2px;"><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div>
                <p>The net cash from (used in) all of the entity's operating activities, including those of discontinued operations, of the reporting entity. Operating activities generally involve producing and delivering goods and providing services. Operating activity cash flows include transactions, adjustments, and changes in value that are not defined as investing or financing activities. While for technical reasons this element has no balance attribute, the default assumption is a debit balance consistent with its label.</p>
              </div><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;">
                <p>Reference 1: http://www.xbrl.org/2003/role/presentationRef<br><br> -Publisher FASB<br><br> -Name Accounting Standards Codification<br><br> -Topic 230<br><br> -SubTopic 10<br><br> -Section 45<br><br> -Paragraph 24<br><br> -URI http://asc.fasb.org/extlink&amp;oid=6943989&amp;loc=d3e3521-108585<br><br><br><br>Reference 2: http://www.xbrl.org/2003/role/presentationRef<br><br> -Publisher FASB<br><br> -Name Accounting Standards Codification<br><br> -Topic 230<br><br> -SubTopic 10<br><br> -Section 45<br><br> -Paragraph 25<br><br> -URI http://asc.fasb.org/extlink&amp;oid=6943989&amp;loc=d3e3536-108585<br><br><br><br>Reference 3: http://www.xbrl.org/2003/role/presentationRef<br><br> -Publisher FASB<br><br> -Name Statement of Financial Accounting Standard (FAS)<br><br> -Number 95<br><br> -Paragraph 28<br><br> -LegacyDoc This reference is SUPERSEDED by the Accounting Standards Codification effective for interim and annual periods ending after September 15, 2009.  This reference is included to help users transition from the previous accounting hierarchy and will be removed from future versions of this taxonomy.<br><br><br><br>Reference 4: http://www.xbrl.org/2003/role/presentationRef<br><br> -Publisher FASB<br><br> -Name Statement of Financial Accounting Standard (FAS)<br><br> -Number 95<br><br> -Paragraph 26<br><br> -LegacyDoc This reference is SUPERSEDED by the Accounting Standards Codification effective for interim and annual periods ending after September 15, 2009.  This reference is included to help users transition from the previous accounting hierarchy and will be removed from future versions of this taxonomy.<br><br><br><br>Reference 5: http://www.xbrl.org/2003/role/presentationRef<br><br> -Publisher FASB<br><br> -Name Accounting Standards Codification<br><br> -Topic 230<br><br> -SubTopic 10<br><br> -Section 45<br><br> -Paragraph 28<br><br> -URI http://asc.fasb.org/extlink&amp;oid=6943989&amp;loc=d3e3602-108585<br><br><br><br></p>
              </div><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;">
                <table border="0" cellpadding="0" cellspacing="0">
                  <tr>
                    <td><strong> Name:</strong></td>
                    <td><nobr>us-gaap_NetCashProvidedByUsedInOperatingActivities</nobr></td>
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                  <tr>
                    <td style="padding-right: 4px;"><nobr><strong> Namespace Prefix:</strong></nobr></td>
                    <td>us-gaap_</td>
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                  <tr>
                    <td><strong> Data Type:</strong></td>
                    <td>xbrli:monetaryItemType</td>
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                  <tr>
                    <td><strong> Balance Type:</strong></td>
                    <td>na</td>
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                  <tr>
                    <td><strong> Period Type:</strong></td>
                    <td>duration</td>
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              </div>
            </div>
          </td>
        </tr>
      </table>
      <table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_us-gaap_NetCashProvidedByUsedInOperatingActivitiesAbstract">
        <tr>
          <td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td>
        </tr>
        <tr>
          <td>
            <div class="body" style="padding: 2px;"><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Details</a><div>
                <table border="0" cellpadding="0" cellspacing="0">
                  <tr>
                    <td><strong> Name:</strong></td>
                    <td><nobr>us-gaap_NetCashProvidedByUsedInOperatingActivitiesAbstract</nobr></td>
                  </tr>
                  <tr>
                    <td style="padding-right: 4px;"><nobr><strong> Namespace Prefix:</strong></nobr></td>
                    <td>us-gaap_</td>
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                    <td><strong> Data Type:</strong></td>
                    <td>xbrli:stringItemType</td>
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                  <tr>
                    <td><strong> Balance Type:</strong></td>
                    <td>na</td>
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                    <td><strong> Period Type:</strong></td>
                    <td>duration</td>
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              </div>
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          </td>
        </tr>
      </table>
      <table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_us-gaap_PartnersCapitalAccountRedemptions">
        <tr>
          <td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td>
        </tr>
        <tr>
          <td>
            <div class="body" style="padding: 2px;"><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div>
                <p>Total change in each class of partners' capital accounts during the year due to redemptions and adjustments to redemption value. All partners include general, limited and preferred partners.</p>
              </div><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;">
                <p>Reference 1: http://www.xbrl.org/2003/role/presentationRef<br><br> -Publisher FASB<br><br> -Name Accounting Standards Codification<br><br> -Topic 505<br><br> -SubTopic 10<br><br> -Section S99<br><br> -Paragraph 5<br><br> -URI http://asc.fasb.org/extlink&amp;oid=6959260&amp;loc=d3e187171-122770<br><br><br><br>Reference 2: http://www.xbrl.org/2003/role/presentationRef<br><br> -Publisher SEC<br><br> -Name Regulation S-X (SX)<br><br> -Number 210<br><br> -Section 04<br><br> -Article 3<br><br><br><br>Reference 3: http://www.xbrl.org/2003/role/presentationRef<br><br> -Publisher FASB<br><br> -Name Emerging Issues Task Force (EITF)<br><br> -Number 87-21<br><br> -LegacyDoc This reference is SUPERSEDED by the Accounting Standards Codification effective for interim and annual periods ending after September 15, 2009.  This reference is included to help users transition from the previous accounting hierarchy and will be removed from future versions of this taxonomy.<br><br><br><br>Reference 4: http://www.xbrl.org/2003/role/presentationRef<br><br> -Publisher AICPA<br><br> -Name Practice Bulletin (PB)<br><br> -Number 14<br><br> -Paragraph 15<br><br> -LegacyDoc This reference is SUPERSEDED by the Accounting Standards Codification effective for interim and annual periods ending after September 15, 2009.  This reference is included to help users transition from the previous accounting hierarchy and will be removed from future versions of this taxonomy.<br><br><br><br></p>
              </div><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;">
                <table border="0" cellpadding="0" cellspacing="0">
                  <tr>
                    <td><strong> Name:</strong></td>
                    <td><nobr>us-gaap_PartnersCapitalAccountRedemptions</nobr></td>
                  </tr>
                  <tr>
                    <td style="padding-right: 4px;"><nobr><strong> Namespace Prefix:</strong></nobr></td>
                    <td>us-gaap_</td>
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                  <tr>
                    <td><strong> Data Type:</strong></td>
                    <td>xbrli:monetaryItemType</td>
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                  <tr>
                    <td><strong> Balance Type:</strong></td>
                    <td>debit</td>
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                  <tr>
                    <td><strong> Period Type:</strong></td>
                    <td>duration</td>
                  </tr>
                </table>
              </div>
            </div>
          </td>
        </tr>
      </table>
      <table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_us-gaap_PaymentsOfDistributionsToAffiliates">
        <tr>
          <td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td>
        </tr>
        <tr>
          <td>
            <div class="body" style="padding: 2px;"><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div>
                <p>The distributions of earnings to an entity that is affiliated with the reporting entity by means of direct or indirect ownership.</p>
              </div><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;">
                <p>Reference 1: http://www.xbrl.org/2003/role/presentationRef<br><br> -Publisher FASB<br><br> -Name Accounting Standards Codification<br><br> -Topic 230<br><br> -SubTopic 10<br><br> -Section 45<br><br> -Paragraph 15<br><br> -Subparagraph (a)<br><br> -URI http://asc.fasb.org/extlink&amp;oid=6943989&amp;loc=d3e3291-108585<br><br><br><br>Reference 2: http://www.xbrl.org/2003/role/presentationRef<br><br> -Publisher FASB<br><br> -Name Statement of Financial Accounting Standard (FAS)<br><br> -Number 95<br><br> -Paragraph 18<br><br> -LegacyDoc This reference is SUPERSEDED by the Accounting Standards Codification effective for interim and annual periods ending after September 15, 2009.  This reference is included to help users transition from the previous accounting hierarchy and will be removed from future versions of this taxonomy.<br><br><br><br>Reference 3: http://www.xbrl.org/2003/role/presentationRef<br><br> -Publisher FASB<br><br> -Name Statement of Financial Accounting Standard (FAS)<br><br> -Number 95<br><br> -Paragraph 20<br><br> -Subparagraph a<br><br> -LegacyDoc This reference is SUPERSEDED by the Accounting Standards Codification effective for interim and annual periods ending after September 15, 2009.  This reference is included to help users transition from the previous accounting hierarchy and will be removed from future versions of this taxonomy.<br><br><br><br>Reference 4: http://www.xbrl.org/2003/role/presentationRef<br><br> -Publisher FASB<br><br> -Name Accounting Standards Codification<br><br> -Glossary Financing Activities<br><br> -URI http://asc.fasb.org/extlink&amp;oid=6513228<br><br><br><br></p>
              </div><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;">
                <table border="0" cellpadding="0" cellspacing="0">
                  <tr>
                    <td><strong> Name:</strong></td>
                    <td><nobr>us-gaap_PaymentsOfDistributionsToAffiliates</nobr></td>
                  </tr>
                  <tr>
                    <td style="padding-right: 4px;"><nobr><strong> Namespace Prefix:</strong></nobr></td>
                    <td>us-gaap_</td>
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                  <tr>
                    <td><strong> Data Type:</strong></td>
                    <td>xbrli:monetaryItemType</td>
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                  <tr>
                    <td><strong> Balance Type:</strong></td>
                    <td>credit</td>
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                  <tr>
                    <td><strong> Period Type:</strong></td>
                    <td>duration</td>
                  </tr>
                </table>
              </div>
            </div>
          </td>
        </tr>
      </table>
      <table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_us-gaap_PaymentsOfDividendsCommonStock">
        <tr>
          <td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td>
        </tr>
        <tr>
          <td>
            <div class="body" style="padding: 2px;"><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div>
                <p>The cash outflow from the distribution of an entity's earnings in the form of dividends to common shareholders.</p>
              </div><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;">
                <p>Reference 1: http://www.xbrl.org/2003/role/presentationRef<br><br> -Publisher FASB<br><br> -Name Accounting Standards Codification<br><br> -Topic 230<br><br> -SubTopic 10<br><br> -Section 45<br><br> -Paragraph 15<br><br> -Subparagraph (a)<br><br> -URI http://asc.fasb.org/extlink&amp;oid=6943989&amp;loc=d3e3291-108585<br><br><br><br>Reference 2: http://www.xbrl.org/2003/role/presentationRef<br><br> -Publisher FASB<br><br> -Name Statement of Financial Accounting Standard (FAS)<br><br> -Number 95<br><br> -Paragraph 18<br><br> -LegacyDoc This reference is SUPERSEDED by the Accounting Standards Codification effective for interim and annual periods ending after September 15, 2009.  This reference is included to help users transition from the previous accounting hierarchy and will be removed from future versions of this taxonomy.<br><br><br><br>Reference 3: http://www.xbrl.org/2003/role/presentationRef<br><br> -Publisher FASB<br><br> -Name Statement of Financial Accounting Standard (FAS)<br><br> -Number 95<br><br> -Paragraph 20<br><br> -Subparagraph a<br><br> -LegacyDoc This reference is SUPERSEDED by the Accounting Standards Codification effective for interim and annual periods ending after September 15, 2009.  This reference is included to help users transition from the previous accounting hierarchy and will be removed from future versions of this taxonomy.<br><br><br><br>Reference 4: http://www.xbrl.org/2003/role/presentationRef<br><br> -Publisher FASB<br><br> -Name Accounting Standards Codification<br><br> -Glossary Financing Activities<br><br> -URI http://asc.fasb.org/extlink&amp;oid=6513228<br><br><br><br></p>
              </div><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;">
                <table border="0" cellpadding="0" cellspacing="0">
                  <tr>
                    <td><strong> Name:</strong></td>
                    <td><nobr>us-gaap_PaymentsOfDividendsCommonStock</nobr></td>
                  </tr>
                  <tr>
                    <td style="padding-right: 4px;"><nobr><strong> Namespace Prefix:</strong></nobr></td>
                    <td>us-gaap_</td>
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                  <tr>
                    <td><strong> Data Type:</strong></td>
                    <td>xbrli:monetaryItemType</td>
                  </tr>
                  <tr>
                    <td><strong> Balance Type:</strong></td>
                    <td>credit</td>
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                  <tr>
                    <td><strong> Period Type:</strong></td>
                    <td>duration</td>
                  </tr>
                </table>
              </div>
            </div>
          </td>
        </tr>
      </table>
      <table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_us-gaap_PaymentsOfDividendsPreferredStockAndPreferenceStock">
        <tr>
          <td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td>
        </tr>
        <tr>
          <td>
            <div class="body" style="padding: 2px;"><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div>
                <p>The cash outflow for the return on capital for preferred shareholders.</p>
              </div><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;">
                <p>Reference 1: http://www.xbrl.org/2003/role/presentationRef<br><br> -Publisher FASB<br><br> -Name Accounting Standards Codification<br><br> -Topic 230<br><br> -SubTopic 10<br><br> -Section 45<br><br> -Paragraph 15<br><br> -Subparagraph (a)<br><br> -URI http://asc.fasb.org/extlink&amp;oid=6943989&amp;loc=d3e3291-108585<br><br><br><br>Reference 2: http://www.xbrl.org/2003/role/presentationRef<br><br> -Publisher FASB<br><br> -Name Statement of Financial Accounting Standard (FAS)<br><br> -Number 95<br><br> -Paragraph 18<br><br> -LegacyDoc This reference is SUPERSEDED by the Accounting Standards Codification effective for interim and annual periods ending after September 15, 2009.  This reference is included to help users transition from the previous accounting hierarchy and will be removed from future versions of this taxonomy.<br><br><br><br>Reference 3: http://www.xbrl.org/2003/role/presentationRef<br><br> -Publisher FASB<br><br> -Name Statement of Financial Accounting Standard (FAS)<br><br> -Number 95<br><br> -Paragraph 20<br><br> -Subparagraph a<br><br> -LegacyDoc This reference is SUPERSEDED by the Accounting Standards Codification effective for interim and annual periods ending after September 15, 2009.  This reference is included to help users transition from the previous accounting hierarchy and will be removed from future versions of this taxonomy.<br><br><br><br>Reference 4: http://www.xbrl.org/2003/role/presentationRef<br><br> -Publisher FASB<br><br> -Name Accounting Standards Codification<br><br> -Glossary Financing Activities<br><br> -URI http://asc.fasb.org/extlink&amp;oid=6513228<br><br><br><br></p>
              </div><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;">
                <table border="0" cellpadding="0" cellspacing="0">
                  <tr>
                    <td><strong> Name:</strong></td>
                    <td><nobr>us-gaap_PaymentsOfDividendsPreferredStockAndPreferenceStock</nobr></td>
                  </tr>
                  <tr>
                    <td style="padding-right: 4px;"><nobr><strong> Namespace Prefix:</strong></nobr></td>
                    <td>us-gaap_</td>
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                  <tr>
                    <td><strong> Data Type:</strong></td>
                    <td>xbrli:monetaryItemType</td>
                  </tr>
                  <tr>
                    <td><strong> Balance Type:</strong></td>
                    <td>credit</td>
                  </tr>
                  <tr>
                    <td><strong> Period Type:</strong></td>
                    <td>duration</td>
                  </tr>
                </table>
              </div>
            </div>
          </td>
        </tr>
      </table>
      <table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_us-gaap_PaymentsOfFinancingCosts">
        <tr>
          <td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td>
        </tr>
        <tr>
          <td>
            <div class="body" style="padding: 2px;"><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div>
                <p>The cash outflow for loan and debt issuance costs.</p>
              </div><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;">
                <p>Reference 1: http://www.xbrl.org/2003/role/presentationRef<br><br> -Publisher FASB<br><br> -Name Statement of Financial Accounting Standard (FAS)<br><br> -Number 95<br><br> -Paragraph 18, 19, 20<br><br> -LegacyDoc This reference is SUPERSEDED by the Accounting Standards Codification effective for interim and annual periods ending after September 15, 2009.  This reference is included to help users transition from the previous accounting hierarchy and will be removed from future versions of this taxonomy.<br><br><br><br>Reference 2: http://www.xbrl.org/2003/role/presentationRef<br><br> -Publisher FASB<br><br> -Name Accounting Standards Codification<br><br> -Glossary Financing Activities<br><br> -URI http://asc.fasb.org/extlink&amp;oid=6513228<br><br><br><br>Reference 3: http://www.xbrl.org/2003/role/presentationRef<br><br> -Publisher FASB<br><br> -Name Accounting Standards Codification<br><br> -Topic 230<br><br> -SubTopic 10<br><br> -Section 45<br><br> -Paragraph 15<br><br> -URI http://asc.fasb.org/extlink&amp;oid=6943989&amp;loc=d3e3291-108585<br><br><br><br></p>
              </div><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;">
                <table border="0" cellpadding="0" cellspacing="0">
                  <tr>
                    <td><strong> Name:</strong></td>
                    <td><nobr>us-gaap_PaymentsOfFinancingCosts</nobr></td>
                  </tr>
                  <tr>
                    <td style="padding-right: 4px;"><nobr><strong> Namespace Prefix:</strong></nobr></td>
                    <td>us-gaap_</td>
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                    <td><strong> Data Type:</strong></td>
                    <td>xbrli:monetaryItemType</td>
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                    <td><strong> Balance Type:</strong></td>
                    <td>credit</td>
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                    <td><strong> Period Type:</strong></td>
                    <td>duration</td>
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              </div>
            </div>
          </td>
        </tr>
      </table>
      <table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_us-gaap_PaymentsToAcquireAndDevelopRealEstate">
        <tr>
          <td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td>
        </tr>
        <tr>
          <td>
            <div class="body" style="padding: 2px;"><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div>
                <p>The cash outflow from the acquisition of a piece of land and anything permanently fixed to it, including buildings, structures on it and so forth, and payments to develop real estate assets by adding improvements on or to a parcel of land. Such improvements may include drainage, utilities, subdividing, access, buildings, and any combination of these elements. Including real estate intended to generate income for the owner; excluding real estate acquired for use by the owner.</p>
              </div><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;">
                <p>Reference 1: http://www.xbrl.org/2003/role/presentationRef<br><br> -Publisher FASB<br><br> -Name Statement of Financial Accounting Standard (FAS)<br><br> -Number 95<br><br> -Paragraph 17<br><br> -LegacyDoc This reference is SUPERSEDED by the Accounting Standards Codification effective for interim and annual periods ending after September 15, 2009.  This reference is included to help users transition from the previous accounting hierarchy and will be removed from future versions of this taxonomy.<br><br><br><br>Reference 2: http://www.xbrl.org/2003/role/presentationRef<br><br> -Publisher FASB<br><br> -Name Accounting Standards Codification<br><br> -Topic 230<br><br> -SubTopic 10<br><br> -Section 45<br><br> -Paragraph 13<br><br> -Subparagraph (c)<br><br> -URI http://asc.fasb.org/extlink&amp;oid=6943989&amp;loc=d3e3213-108585<br><br><br><br></p>
              </div><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;">
                <table border="0" cellpadding="0" cellspacing="0">
                  <tr>
                    <td><strong> Name:</strong></td>
                    <td><nobr>us-gaap_PaymentsToAcquireAndDevelopRealEstate</nobr></td>
                  </tr>
                  <tr>
                    <td style="padding-right: 4px;"><nobr><strong> Namespace Prefix:</strong></nobr></td>
                    <td>us-gaap_</td>
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                    <td><strong> Data Type:</strong></td>
                    <td>xbrli:monetaryItemType</td>
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                    <td><strong> Balance Type:</strong></td>
                    <td>credit</td>
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                    <td><strong> Period Type:</strong></td>
                    <td>duration</td>
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              </div>
            </div>
          </td>
        </tr>
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      <table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_us-gaap_PaymentsToAcquireInterestInJointVenture">
        <tr>
          <td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td>
        </tr>
        <tr>
          <td>
            <div class="body" style="padding: 2px;"><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div>
                <p>The cash outflow associated with the investment in or advances to an entity in which the reporting entity shares control of the entity with another party or group.</p>
              </div><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;">
                <p>Reference 1: http://www.xbrl.org/2003/role/presentationRef<br><br> -Publisher FASB<br><br> -Name Statement of Financial Accounting Standard (FAS)<br><br> -Number 95<br><br> -Paragraph 17<br><br> -Subparagraph b<br><br> -LegacyDoc This reference is SUPERSEDED by the Accounting Standards Codification effective for interim and annual periods ending after September 15, 2009.  This reference is included to help users transition from the previous accounting hierarchy and will be removed from future versions of this taxonomy.<br><br><br><br>Reference 2: http://www.xbrl.org/2003/role/presentationRef<br><br> -Publisher FASB<br><br> -Name Accounting Standards Codification<br><br> -Topic 230<br><br> -SubTopic 10<br><br> -Section 45<br><br> -Paragraph 13<br><br> -Subparagraph (b)<br><br> -URI http://asc.fasb.org/extlink&amp;oid=6943989&amp;loc=d3e3213-108585<br><br><br><br></p>
              </div><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;">
                <table border="0" cellpadding="0" cellspacing="0">
                  <tr>
                    <td><strong> Name:</strong></td>
                    <td><nobr>us-gaap_PaymentsToAcquireInterestInJointVenture</nobr></td>
                  </tr>
                  <tr>
                    <td style="padding-right: 4px;"><nobr><strong> Namespace Prefix:</strong></nobr></td>
                    <td>us-gaap_</td>
                  </tr>
                  <tr>
                    <td><strong> Data Type:</strong></td>
                    <td>xbrli:monetaryItemType</td>
                  </tr>
                  <tr>
                    <td><strong> Balance Type:</strong></td>
                    <td>credit</td>
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                  <tr>
                    <td><strong> Period Type:</strong></td>
                    <td>duration</td>
                  </tr>
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              </div>
            </div>
          </td>
        </tr>
      </table>
      <table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_us-gaap_ProceedsFromIssuanceOfLongTermDebt">
        <tr>
          <td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td>
        </tr>
        <tr>
          <td>
            <div class="body" style="padding: 2px;"><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div>
                <p>The cash inflow from a debt initially having maturity due after one year or beyond the operating cycle, if longer.</p>
              </div><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;">
                <p>Reference 1: http://www.xbrl.org/2003/role/presentationRef<br><br> -Publisher FASB<br><br> -Name Accounting Standards Codification<br><br> -Topic 230<br><br> -SubTopic 10<br><br> -Section 45<br><br> -Paragraph 14<br><br> -Subparagraph (b)<br><br> -URI http://asc.fasb.org/extlink&amp;oid=6943989&amp;loc=d3e3255-108585<br><br><br><br>Reference 2: http://www.xbrl.org/2003/role/presentationRef<br><br> -Publisher FASB<br><br> -Name Statement of Financial Accounting Standard (FAS)<br><br> -Number 95<br><br> -Paragraph 18<br><br> -LegacyDoc This reference is SUPERSEDED by the Accounting Standards Codification effective for interim and annual periods ending after September 15, 2009.  This reference is included to help users transition from the previous accounting hierarchy and will be removed from future versions of this taxonomy.<br><br><br><br>Reference 3: http://www.xbrl.org/2003/role/presentationRef<br><br> -Publisher FASB<br><br> -Name Statement of Financial Accounting Standard (FAS)<br><br> -Number 95<br><br> -Paragraph 19<br><br> -Subparagraph b<br><br> -LegacyDoc This reference is SUPERSEDED by the Accounting Standards Codification effective for interim and annual periods ending after September 15, 2009.  This reference is included to help users transition from the previous accounting hierarchy and will be removed from future versions of this taxonomy.<br><br><br><br>Reference 4: http://www.xbrl.org/2003/role/presentationRef<br><br> -Publisher FASB<br><br> -Name Accounting Standards Codification<br><br> -Glossary Financing Activities<br><br> -URI http://asc.fasb.org/extlink&amp;oid=6513228<br><br><br><br></p>
              </div><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;">
                <table border="0" cellpadding="0" cellspacing="0">
                  <tr>
                    <td><strong> Name:</strong></td>
                    <td><nobr>us-gaap_ProceedsFromIssuanceOfLongTermDebt</nobr></td>
                  </tr>
                  <tr>
                    <td style="padding-right: 4px;"><nobr><strong> Namespace Prefix:</strong></nobr></td>
                    <td>us-gaap_</td>
                  </tr>
                  <tr>
                    <td><strong> Data Type:</strong></td>
                    <td>xbrli:monetaryItemType</td>
                  </tr>
                  <tr>
                    <td><strong> Balance Type:</strong></td>
                    <td>debit</td>
                  </tr>
                  <tr>
                    <td><strong> Period Type:</strong></td>
                    <td>duration</td>
                  </tr>
                </table>
              </div>
            </div>
          </td>
        </tr>
      </table>
      <table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_us-gaap_ProceedsFromIssuanceOrSaleOfEquity">
        <tr>
          <td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td>
        </tr>
        <tr>
          <td>
            <div class="body" style="padding: 2px;"><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div>
                <p>The cash inflow from the issuance of common stock, preferred stock, treasury stock, stock options, and other types of equity.</p>
              </div><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;">
                <p>Reference 1: http://www.xbrl.org/2003/role/presentationRef<br><br> -Publisher FASB<br><br> -Name Accounting Standards Codification<br><br> -Topic 230<br><br> -SubTopic 10<br><br> -Section 45<br><br> -Paragraph 14<br><br> -Subparagraph (a)<br><br> -URI http://asc.fasb.org/extlink&amp;oid=6943989&amp;loc=d3e3255-108585<br><br><br><br>Reference 2: http://www.xbrl.org/2003/role/presentationRef<br><br> -Publisher FASB<br><br> -Name Statement of Financial Accounting Standard (FAS)<br><br> -Number 95<br><br> -Paragraph 18<br><br> -LegacyDoc This reference is SUPERSEDED by the Accounting Standards Codification effective for interim and annual periods ending after September 15, 2009.  This reference is included to help users transition from the previous accounting hierarchy and will be removed from future versions of this taxonomy.<br><br><br><br>Reference 3: http://www.xbrl.org/2003/role/presentationRef<br><br> -Publisher FASB<br><br> -Name Statement of Financial Accounting Standard (FAS)<br><br> -Number 95<br><br> -Paragraph 19<br><br> -Subparagraph a<br><br> -LegacyDoc This reference is SUPERSEDED by the Accounting Standards Codification effective for interim and annual periods ending after September 15, 2009.  This reference is included to help users transition from the previous accounting hierarchy and will be removed from future versions of this taxonomy.<br><br><br><br>Reference 4: http://www.xbrl.org/2003/role/presentationRef<br><br> -Publisher FASB<br><br> -Name Accounting Standards Codification<br><br> -Glossary Financing Activities<br><br> -URI http://asc.fasb.org/extlink&amp;oid=6513228<br><br><br><br></p>
              </div><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;">
                <table border="0" cellpadding="0" cellspacing="0">
                  <tr>
                    <td><strong> Name:</strong></td>
                    <td><nobr>us-gaap_ProceedsFromIssuanceOrSaleOfEquity</nobr></td>
                  </tr>
                  <tr>
                    <td style="padding-right: 4px;"><nobr><strong> Namespace Prefix:</strong></nobr></td>
                    <td>us-gaap_</td>
                  </tr>
                  <tr>
                    <td><strong> Data Type:</strong></td>
                    <td>xbrli:monetaryItemType</td>
                  </tr>
                  <tr>
                    <td><strong> Balance Type:</strong></td>
                    <td>debit</td>
                  </tr>
                  <tr>
                    <td><strong> Period Type:</strong></td>
                    <td>duration</td>
                  </tr>
                </table>
              </div>
            </div>
          </td>
        </tr>
      </table>
      <table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_us-gaap_ProceedsFromLongTermLinesOfCredit">
        <tr>
          <td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td>
        </tr>
        <tr>
          <td>
            <div class="body" style="padding: 2px;"><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div>
                <p>The cash inflow from a contractual arrangement with the lender, including letter of credit, standby letter of credit and revolving credit arrangements, under which borrowings can be made up to a specific amount at any point in time with maturities due beyond one year or the operating cycle, if longer.</p>
              </div><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;">
                <p>Reference 1: http://www.xbrl.org/2003/role/presentationRef<br><br> -Publisher FASB<br><br> -Name Accounting Standards Codification<br><br> -Topic 230<br><br> -SubTopic 10<br><br> -Section 45<br><br> -Paragraph 14<br><br> -Subparagraph (b)<br><br> -URI http://asc.fasb.org/extlink&amp;oid=6943989&amp;loc=d3e3255-108585<br><br><br><br>Reference 2: http://www.xbrl.org/2003/role/presentationRef<br><br> -Publisher FASB<br><br> -Name Statement of Financial Accounting Standard (FAS)<br><br> -Number 95<br><br> -Paragraph 18<br><br> -LegacyDoc This reference is SUPERSEDED by the Accounting Standards Codification effective for interim and annual periods ending after September 15, 2009.  This reference is included to help users transition from the previous accounting hierarchy and will be removed from future versions of this taxonomy.<br><br><br><br>Reference 3: http://www.xbrl.org/2003/role/presentationRef<br><br> -Publisher FASB<br><br> -Name Statement of Financial Accounting Standard (FAS)<br><br> -Number 95<br><br> -Paragraph 19<br><br> -Subparagraph b<br><br> -LegacyDoc This reference is SUPERSEDED by the Accounting Standards Codification effective for interim and annual periods ending after September 15, 2009.  This reference is included to help users transition from the previous accounting hierarchy and will be removed from future versions of this taxonomy.<br><br><br><br>Reference 4: http://www.xbrl.org/2003/role/presentationRef<br><br> -Publisher FASB<br><br> -Name Accounting Standards Codification<br><br> -Glossary Financing Activities<br><br> -URI http://asc.fasb.org/extlink&amp;oid=6513228<br><br><br><br></p>
              </div><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;">
                <table border="0" cellpadding="0" cellspacing="0">
                  <tr>
                    <td><strong> Name:</strong></td>
                    <td><nobr>us-gaap_ProceedsFromLongTermLinesOfCredit</nobr></td>
                  </tr>
                  <tr>
                    <td style="padding-right: 4px;"><nobr><strong> Namespace Prefix:</strong></nobr></td>
                    <td>us-gaap_</td>
                  </tr>
                  <tr>
                    <td><strong> Data Type:</strong></td>
                    <td>xbrli:monetaryItemType</td>
                  </tr>
                  <tr>
                    <td><strong> Balance Type:</strong></td>
                    <td>debit</td>
                  </tr>
                  <tr>
                    <td><strong> Period Type:</strong></td>
                    <td>duration</td>
                  </tr>
                </table>
              </div>
            </div>
          </td>
        </tr>
      </table>
      <table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_us-gaap_ProceedsFromMinorityShareholders">
        <tr>
          <td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td>
        </tr>
        <tr>
          <td>
            <div class="body" style="padding: 2px;"><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div>
                <p>The cash inflow contributed by noncontrolled interest that purchase additional shares or otherwise increase their ownership stake in a subsidiary of the entity.</p>
              </div><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;">
                <p>Reference 1: http://www.xbrl.org/2003/role/presentationRef<br><br> -Publisher FASB<br><br> -Name Accounting Standards Codification<br><br> -Glossary Financing Activities<br><br> -URI http://asc.fasb.org/extlink&amp;oid=6513228<br><br><br><br>Reference 2: http://www.xbrl.org/2003/role/presentationRef<br><br> -Publisher FASB<br><br> -Name Statement of Financial Accounting Standard (FAS)<br><br> -Number 95<br><br> -Paragraph 18<br><br> -LegacyDoc This reference is SUPERSEDED by the Accounting Standards Codification effective for interim and annual periods ending after September 15, 2009.  This reference is included to help users transition from the previous accounting hierarchy and will be removed from future versions of this taxonomy.<br><br><br><br>Reference 3: http://www.xbrl.org/2003/role/presentationRef<br><br> -Publisher FASB<br><br> -Name Statement of Financial Accounting Standard (FAS)<br><br> -Number 95<br><br> -Paragraph 19<br><br> -Subparagraph a<br><br> -LegacyDoc This reference is SUPERSEDED by the Accounting Standards Codification effective for interim and annual periods ending after September 15, 2009.  This reference is included to help users transition from the previous accounting hierarchy and will be removed from future versions of this taxonomy.<br><br><br><br>Reference 4: http://www.xbrl.org/2003/role/presentationRef<br><br> -Publisher FASB<br><br> -Name Accounting Standards Codification<br><br> -Topic 230<br><br> -SubTopic 10<br><br> -Section 45<br><br> -Paragraph 14<br><br> -URI http://asc.fasb.org/extlink&amp;oid=6943989&amp;loc=d3e3255-108585<br><br><br><br></p>
              </div><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;">
                <table border="0" cellpadding="0" cellspacing="0">
                  <tr>
                    <td><strong> Name:</strong></td>
                    <td><nobr>us-gaap_ProceedsFromMinorityShareholders</nobr></td>
                  </tr>
                  <tr>
                    <td style="padding-right: 4px;"><nobr><strong> Namespace Prefix:</strong></nobr></td>
                    <td>us-gaap_</td>
                  </tr>
                  <tr>
                    <td><strong> Data Type:</strong></td>
                    <td>xbrli:monetaryItemType</td>
                  </tr>
                  <tr>
                    <td><strong> Balance Type:</strong></td>
                    <td>debit</td>
                  </tr>
                  <tr>
                    <td><strong> Period Type:</strong></td>
                    <td>duration</td>
                  </tr>
                </table>
              </div>
            </div>
          </td>
        </tr>
      </table>
      <table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_us-gaap_ProceedsFromSaleOfRealEstate">
        <tr>
          <td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td>
        </tr>
        <tr>
          <td>
            <div class="body" style="padding: 2px;"><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div>
                <p>Cash received for the sale of real estate that is not part of an investing activity during the current period.</p>
              </div><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;">
                <p>Reference 1: http://www.xbrl.org/2003/role/presentationRef<br><br> -Publisher FASB<br><br> -Name Statement of Financial Accounting Standard (FAS)<br><br> -Number 95<br><br> -Paragraph 24<br><br> -LegacyDoc This reference is SUPERSEDED by the Accounting Standards Codification effective for interim and annual periods ending after September 15, 2009.  This reference is included to help users transition from the previous accounting hierarchy and will be removed from future versions of this taxonomy.<br><br><br><br>Reference 2: http://www.xbrl.org/2003/role/presentationRef<br><br> -Publisher FASB<br><br> -Name Accounting Standards Codification<br><br> -Topic 230<br><br> -SubTopic 10<br><br> -Section 45<br><br> -Paragraph 12<br><br> -Subparagraph (c)<br><br> -URI http://asc.fasb.org/extlink&amp;oid=6943989&amp;loc=d3e3179-108585<br><br><br><br></p>
              </div><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;">
                <table border="0" cellpadding="0" cellspacing="0">
                  <tr>
                    <td><strong> Name:</strong></td>
                    <td><nobr>us-gaap_ProceedsFromSaleOfRealEstate</nobr></td>
                  </tr>
                  <tr>
                    <td style="padding-right: 4px;"><nobr><strong> Namespace Prefix:</strong></nobr></td>
                    <td>us-gaap_</td>
                  </tr>
                  <tr>
                    <td><strong> Data Type:</strong></td>
                    <td>xbrli:monetaryItemType</td>
                  </tr>
                  <tr>
                    <td><strong> Balance Type:</strong></td>
                    <td>debit</td>
                  </tr>
                  <tr>
                    <td><strong> Period Type:</strong></td>
                    <td>duration</td>
                  </tr>
                </table>
              </div>
            </div>
          </td>
        </tr>
      </table>
      <table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_us-gaap_ProceedsFromWarrantExercises">
        <tr>
          <td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td>
        </tr>
        <tr>
          <td>
            <div class="body" style="padding: 2px;"><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div>
                <p>The cash inflow associated with the amount received from holders exercising their stock warrants.</p>
              </div><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;">
                <p>No definition available.</p>
              </div><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;">
                <table border="0" cellpadding="0" cellspacing="0">
                  <tr>
                    <td><strong> Name:</strong></td>
                    <td><nobr>us-gaap_ProceedsFromWarrantExercises</nobr></td>
                  </tr>
                  <tr>
                    <td style="padding-right: 4px;"><nobr><strong> Namespace Prefix:</strong></nobr></td>
                    <td>us-gaap_</td>
                  </tr>
                  <tr>
                    <td><strong> Data Type:</strong></td>
                    <td>xbrli:monetaryItemType</td>
                  </tr>
                  <tr>
                    <td><strong> Balance Type:</strong></td>
                    <td>debit</td>
                  </tr>
                  <tr>
                    <td><strong> Period Type:</strong></td>
                    <td>duration</td>
                  </tr>
                </table>
              </div>
            </div>
          </td>
        </tr>
      </table>
      <table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_us-gaap_ProfitLoss">
        <tr>
          <td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td>
        </tr>
        <tr>
          <td>
            <div class="body" style="padding: 2px;"><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div>
                <p>The consolidated profit or loss for the period, net of income taxes, including the portion attributable to the noncontrolling interest.</p>
              </div><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;">
                <p>Reference 1: http://www.xbrl.org/2003/role/presentationRef<br><br> -Publisher FASB<br><br> -Name Accounting Standards Codification<br><br> -Topic 810<br><br> -SubTopic 10<br><br> -Section 55<br><br> -Paragraph 4J<br><br> -URI http://asc.fasb.org/extlink&amp;oid=6922042&amp;loc=SL4591551-111686<br><br><br><br>Reference 2: http://www.xbrl.org/2003/role/presentationRef<br><br> -Publisher AICPA<br><br> -Name Accounting Research Bulletin (ARB)<br><br> -Number 51<br><br> -Paragraph 38<br><br> -Subparagraph a<br><br> -LegacyDoc This reference is SUPERSEDED by the Accounting Standards Codification effective for interim and annual periods ending after September 15, 2009.  This reference is included to help users transition from the previous accounting hierarchy and will be removed from future versions of this taxonomy.<br><br><br><br>Reference 3: http://www.xbrl.org/2003/role/presentationRef<br><br> -Publisher AICPA<br><br> -Name Accounting Research Bulletin (ARB)<br><br> -Number 51<br><br> -Paragraph A1, A4, A5<br><br> -LegacyDoc This reference is SUPERSEDED by the Accounting Standards Codification effective for interim and annual periods ending after September 15, 2009.  This reference is included to help users transition from the previous accounting hierarchy and will be removed from future versions of this taxonomy.<br><br><br><br>Reference 4: http://www.xbrl.org/2003/role/presentationRef<br><br> -Publisher AICPA<br><br> -Name Accounting Research Bulletin (ARB)<br><br> -Number 51<br><br> -Paragraph 38<br><br> -Subparagraph c(1)<br><br> -LegacyDoc This reference is SUPERSEDED by the Accounting Standards Codification effective for interim and annual periods ending after September 15, 2009.  This reference is included to help users transition from the previous accounting hierarchy and will be removed from future versions of this taxonomy.<br><br><br><br>Reference 5: http://www.xbrl.org/2003/role/presentationRef<br><br> -Publisher AICPA<br><br> -Name Accounting Research Bulletin (ARB)<br><br> -Number 51<br><br> -Paragraph 29<br><br> -LegacyDoc This reference is SUPERSEDED by the Accounting Standards Codification effective for interim and annual periods ending after September 15, 2009.  This reference is included to help users transition from the previous accounting hierarchy and will be removed from future versions of this taxonomy.<br><br><br><br>Reference 6: http://www.xbrl.org/2003/role/presentationRef<br><br> -Publisher FASB<br><br> -Name Accounting Standards Codification<br><br> -Topic 810<br><br> -SubTopic 10<br><br> -Section 50<br><br> -Paragraph 1A<br><br> -Subparagraph (a),(c)<br><br> -URI http://asc.fasb.org/extlink&amp;oid=6921930&amp;loc=SL4573702-111684<br><br><br><br>Reference 7: http://www.xbrl.org/2003/role/presentationRef<br><br> -Publisher FASB<br><br> -Name Accounting Standards Codification<br><br> -Topic 810<br><br> -SubTopic 10<br><br> -Section 55<br><br> -Paragraph 4K<br><br> -URI http://asc.fasb.org/extlink&amp;oid=6922042&amp;loc=SL4591552-111686<br><br><br><br>Reference 8: http://www.xbrl.org/2003/role/presentationRef<br><br> -Publisher AICPA<br><br> -Name Accounting Research Bulletin (ARB)<br><br> -Number 51<br><br> -Paragraph 5<br><br> -Subparagraph b<br><br> -LegacyDoc This reference is SUPERSEDED by the Accounting Standards Codification effective for interim and annual periods ending after September 15, 2009.  This reference is included to help users transition from the previous accounting hierarchy and will be removed from future versions of this taxonomy.<br><br><br><br>Reference 9: http://www.xbrl.org/2003/role/presentationRef<br><br> -Publisher FASB<br><br> -Name Accounting Standards Codification<br><br> -Topic 810<br><br> -SubTopic 10<br><br> -Section 45<br><br> -Paragraph 19<br><br> -URI http://asc.fasb.org/extlink&amp;oid=6921628&amp;loc=SL4569616-111683<br><br><br><br></p>
              </div><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;">
                <table border="0" cellpadding="0" cellspacing="0">
                  <tr>
                    <td><strong> Name:</strong></td>
                    <td><nobr>us-gaap_ProfitLoss</nobr></td>
                  </tr>
                  <tr>
                    <td style="padding-right: 4px;"><nobr><strong> Namespace Prefix:</strong></nobr></td>
                    <td>us-gaap_</td>
                  </tr>
                  <tr>
                    <td><strong> Data Type:</strong></td>
                    <td>xbrli:monetaryItemType</td>
                  </tr>
                  <tr>
                    <td><strong> Balance Type:</strong></td>
                    <td>credit</td>
                  </tr>
                  <tr>
                    <td><strong> Period Type:</strong></td>
                    <td>duration</td>
                  </tr>
                </table>
              </div>
            </div>
          </td>
        </tr>
      </table>
      <table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_us-gaap_ProvisionForDoubtfulAccounts">
        <tr>
          <td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td>
        </tr>
        <tr>
          <td>
            <div class="body" style="padding: 2px;"><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div>
                <p>Amount of the current period expense charged against operations, the offset which is generally to the allowance for doubtful accounts for the purpose of reducing receivables, including notes receivable, to an amount that approximates their net realizable value (the amount expected to be collected).</p>
              </div><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;">
                <p>Reference 1: http://www.xbrl.org/2003/role/presentationRef<br><br> -Publisher FASB<br><br> -Name Accounting Standards Codification<br><br> -Topic 225<br><br> -SubTopic 10<br><br> -Section S99<br><br> -Paragraph 2<br><br> -Subparagraph (SX 210.5-03.5)<br><br> -URI http://asc.fasb.org/extlink&amp;oid=6880815&amp;loc=d3e20235-122688<br><br><br><br>Reference 2: http://www.xbrl.org/2003/role/presentationRef<br><br> -Publisher FASB<br><br> -Name Statement of Financial Accounting Standard (FAS)<br><br> -Number 95<br><br> -Paragraph 28<br><br> -LegacyDoc This reference is SUPERSEDED by the Accounting Standards Codification effective for interim and annual periods ending after September 15, 2009.  This reference is included to help users transition from the previous accounting hierarchy and will be removed from future versions of this taxonomy.<br><br><br><br>Reference 3: http://www.xbrl.org/2003/role/presentationRef<br><br> -Publisher SEC<br><br> -Name Regulation S-X (SX)<br><br> -Number 210<br><br> -Article 5<br><br> -Section 03<br><br> -Paragraph 5<br><br><br><br>Reference 4: http://www.xbrl.org/2003/role/presentationRef<br><br> -Publisher FASB<br><br> -Name Accounting Standards Codification<br><br> -Topic 230<br><br> -SubTopic 10<br><br> -Section 45<br><br> -Paragraph 28<br><br> -Subparagraph (a)<br><br> -URI http://asc.fasb.org/extlink&amp;oid=6943989&amp;loc=d3e3602-108585<br><br><br><br></p>
              </div><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;">
                <table border="0" cellpadding="0" cellspacing="0">
                  <tr>
                    <td><strong> Name:</strong></td>
                    <td><nobr>us-gaap_ProvisionForDoubtfulAccounts</nobr></td>
                  </tr>
                  <tr>
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            <div class="body" style="padding: 2px;"><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div>
                <p>The cash outflow for debt initially having maturity due after one year or beyond the normal operating cycle, if longer.</p>
              </div><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;">
                <p>Reference 1: http://www.xbrl.org/2003/role/presentationRef<br><br> -Publisher FASB<br><br> -Name Accounting Standards Codification<br><br> -Topic 230<br><br> -SubTopic 10<br><br> -Section 45<br><br> -Paragraph 15<br><br> -Subparagraph (b)<br><br> -URI http://asc.fasb.org/extlink&amp;oid=6943989&amp;loc=d3e3291-108585<br><br><br><br>Reference 2: http://www.xbrl.org/2003/role/presentationRef<br><br> -Publisher FASB<br><br> -Name Statement of Financial Accounting Standard (FAS)<br><br> -Number 95<br><br> -Paragraph 18<br><br> -LegacyDoc This reference is SUPERSEDED by the Accounting Standards Codification effective for interim and annual periods ending after September 15, 2009.  This reference is included to help users transition from the previous accounting hierarchy and will be removed from future versions of this taxonomy.<br><br><br><br>Reference 3: http://www.xbrl.org/2003/role/presentationRef<br><br> -Publisher FASB<br><br> -Name Statement of Financial Accounting Standard (FAS)<br><br> -Number 95<br><br> -Paragraph 20<br><br> -Subparagraph b<br><br> -LegacyDoc This reference is SUPERSEDED by the Accounting Standards Codification effective for interim and annual periods ending after September 15, 2009.  This reference is included to help users transition from the previous accounting hierarchy and will be removed from future versions of this taxonomy.<br><br><br><br>Reference 4: http://www.xbrl.org/2003/role/presentationRef<br><br> -Publisher FASB<br><br> -Name Accounting Standards Codification<br><br> -Glossary Financing Activities<br><br> -URI http://asc.fasb.org/extlink&amp;oid=6513228<br><br><br><br></p>
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          <td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td>
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            <div class="body" style="padding: 2px;"><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div>
                <p>The aggregate amount of noncash, equity-based employee remuneration. This may include the value of stock or unit options, amortization of restricted stock or units, and adjustment for officers' compensation. As noncash, this element is an add back when calculating net cash generated by operating activities using the indirect method.</p>
              </div><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;">
                <p>Reference 1: http://www.xbrl.org/2003/role/presentationRef<br><br> -Publisher FASB<br><br> -Name Statement of Financial Accounting Standard (FAS)<br><br> -Number 95<br><br> -Paragraph 28<br><br> -LegacyDoc This reference is SUPERSEDED by the Accounting Standards Codification effective for interim and annual periods ending after September 15, 2009.  This reference is included to help users transition from the previous accounting hierarchy and will be removed from future versions of this taxonomy.<br><br><br><br>Reference 2: http://www.xbrl.org/2003/role/presentationRef<br><br> -Publisher FASB<br><br> -Name Accounting Standards Codification<br><br> -Topic 230<br><br> -SubTopic 10<br><br> -Section 45<br><br> -Paragraph 28<br><br> -Subparagraph (a)<br><br> -URI http://asc.fasb.org/extlink&amp;oid=6943989&amp;loc=d3e3602-108585<br><br><br><br></p>
              </div><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;">
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  <body><span style="display: none;">v2.4.0.6</span><table class="report" border="0" cellspacing="2" id="ID0EME">
      <tr>
        <th class="tl" colspan="1" rowspan="2">
          <div style="width: 200px;"><strong>401(k) Retirement Plan<br></strong></div>
        </th>
        <th class="th" colspan="1">12 Months Ended</th>
      </tr>
      <tr>
        <th class="th">
          <div>Dec. 31, 2011</div>
        </th>
      </tr>
      <tr class="re">
        <td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_CompensationAndRetirementDisclosureAbstract', window );"><strong>401(k) Retirement Plan [Abstract]</strong></a></td>
        <td class="text">&#xA0;<span></span></td>
      </tr>
      <tr class="ro">
        <td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_CompensationAndEmployeeBenefitPlansTextBlock', window );">401(k) Retirement Plan</a></td>
        <td class="text"><div> <p style="text-align: left;"><b><font style="font-family: TimesNewRomanPS-BoldMT,Times New Roman,Times,serif;" class="_mt" size="3">Note 16. 401(k) Retirement Plan</font></b></p>

<p style="text-align: left;">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<font style="font-family: TimesNewRomanPSMT,Times New Roman,Times,serif;" class="_mt" size="3">The Company has a 401(k) retirement plan (the "Plan"), which permits all eligible employees to defer a portion of their compensation under the Code. Pursuant to the provisions of the Plan, the Company may make discretionary contributions on behalf of eligible employees. The Company made contributions to the Plan of $275,000, $266,000 and $248,000 in 2011, 2010 and 2009, respectively.</font></p>

<div>&nbsp;</div><br /> </div><span></span></td>
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            <div class="body" style="padding: 2px;"><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div>
                <p>The entire disclosure for an entity's employee compensation and benefit plans, including, but not limited to, postemployment and postretirement benefit plans, defined benefit pension plans, defined contribution plans, non-qualified and supplemental benefit plans, deferred compensation, share-based compensation, life insurance, severance, health care, unemployment and other benefit plans.</p>
              </div><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;">
                <p>No definition available.</p>
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<TEXT>
<html>
  <head>
    <META http-equiv="Content-Type" content="text/html; charset=us-ascii">
    <link rel="StyleSheet" type="text/css" href="report.css"><script type="text/javascript" src="Show.js">/* Do Not Remove This Comment */</script></head>
  <body><span style="display: none;">v2.4.0.6</span><table class="report" border="0" cellspacing="2" id="ID0EME">
      <tr>
        <th class="tl" colspan="1" rowspan="2">
          <div style="width: 200px;"><strong>Share-Based Compensation<br></strong></div>
        </th>
        <th class="th" colspan="1">12 Months Ended</th>
      </tr>
      <tr>
        <th class="th">
          <div>Dec. 31, 2011</div>
        </th>
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      <tr class="re">
        <td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_ShareBasedCompensationAbstract', window );"><strong>Share-Based Compensation [Abstract]</strong></a></td>
        <td class="text">&#xA0;<span></span></td>
      </tr>
      <tr class="ro">
        <td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_DisclosureOfCompensationRelatedCostsShareBasedPaymentsTextBlock', window );">Share-Based Compensation</a></td>
        <td class="text"><div> <p style="text-align: left;"><b><font style="font-family: TimesNewRomanPS-BoldMT,Times New Roman,Times,serif;" class="_mt" size="3">Note 18. Share-Based Compensation</font></b></p>

<p style="text-align: left;">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<font style="font-family: TimesNewRomanPSMT,Times New Roman,Times,serif;" class="_mt" size="3">The following tables set forth certain share-based compensation information for 2011, 2010 and 2009, respectively:</font></p>

<div>

<table border="0" cellspacing="0">
<tr><td width="45%">&nbsp;</td>
<td width="2%">&nbsp;</td>
<td width="2%">&nbsp;</td>
<td width="10%">&nbsp;</td>
<td width="2%">&nbsp;</td>
<td width="2%">&nbsp;</td>
<td width="9%">&nbsp;</td>
<td width="2%">&nbsp;</td>
<td width="2%">&nbsp;</td>
<td width="9%">&nbsp;</td>
<td width="2%">&nbsp;</td></tr>
<tr valign="bottom"><td width="45%" align="left">&nbsp;</td>
<td width="2%" align="left">&nbsp;</td>
<td style="border-bottom: #000000 1px solid;" width="40%" colspan="9" align="center"><b><font style="font-family: TimesNewRomanPS-BoldMT,Times New Roman,Times,serif;" class="_mt" size="2">Years ended December 31,</font></b></td></tr>
<tr valign="bottom"><td width="45%" align="left">&nbsp;</td>
<td width="2%" align="left">&nbsp;</td>
<td style="border-bottom: #000000 1px solid;" width="14%" colspan="3" align="center"><b><font style="font-family: TimesNewRomanPS-BoldMT,Times New Roman,Times,serif;" class="_mt" size="2">2011</font></b></td>
<td style="border-bottom: #000000 1px solid;" width="13%" colspan="3" align="center"><b><font style="font-family: TimesNewRomanPS-BoldMT,Times New Roman,Times,serif;" class="_mt" size="2">2010</font></b></td>
<td style="border-bottom: #000000 1px solid;" width="13%" colspan="3" align="center"><b><font style="font-family: TimesNewRomanPS-BoldMT,Times New Roman,Times,serif;" class="_mt" size="2">2009</font></b></td></tr>
<tr valign="bottom"><td width="45%" align="left"><font style="font-family: TimesNewRomanPSMT,Times New Roman,Times,serif;" class="_mt" size="2">Share-based compensation:</font></td>
<td width="2%" align="left">&nbsp;</td>
<td width="2%" align="left">&nbsp;</td>
<td width="10%" align="left">&nbsp;</td>
<td width="2%" align="left">&nbsp;</td>
<td width="2%" align="left">&nbsp;</td>
<td width="9%" align="left">&nbsp;</td>
<td width="2%" align="left">&nbsp;</td>
<td width="2%" align="right">&nbsp;</td>
<td width="9%" align="left">&nbsp;</td>
<td width="2%" align="left">&nbsp;</td></tr>
<tr valign="bottom"><td style="text-indent: 1px;" width="45%" align="left"><font style="font-family: TimesNewRomanPSMT,Times New Roman,Times,serif;" class="_mt" size="2">Expense relating to share grants</font></td>
<td width="2%" align="left">&nbsp;</td>
<td width="2%" align="left"><font style="font-family: TimesNewRomanPSMT,Times New Roman,Times,serif;" class="_mt" size="2">$</font></td>
<td width="10%" align="right"><font style="font-family: TimesNewRomanPSMT,Times New Roman,Times,serif;" class="_mt" size="2">5,665,000</font></td>
<td width="2%" align="left">&nbsp;</td>
<td style="text-indent: 3px;" width="2%" align="left"><font style="font-family: TimesNewRomanPSMT,Times New Roman,Times,serif;" class="_mt" size="2">$</font></td>
<td width="9%" align="right"><font style="font-family: TimesNewRomanPSMT,Times New Roman,Times,serif;" class="_mt" size="2">3,260,000</font></td>
<td width="2%" align="left">&nbsp;</td>
<td width="2%" align="right"><font style="font-family: TimesNewRomanPSMT,Times New Roman,Times,serif;" class="_mt" size="2">$</font></td>
<td width="9%" align="right"><font style="font-family: TimesNewRomanPSMT,Times New Roman,Times,serif;" class="_mt" size="2">2,921,000</font></td>
<td width="2%" align="left">&nbsp;</td></tr>
<tr valign="bottom"><td style="text-indent: 1px;" width="45%" align="left"><font style="font-family: TimesNewRomanPSMT,Times New Roman,Times,serif;" class="_mt" size="2">Adjustments to reflect changes in market price of</font></td>
<td width="2%" align="left">&nbsp;</td>
<td width="2%" align="left">&nbsp;</td>
<td width="10%" align="left">&nbsp;</td>
<td width="2%" align="left">&nbsp;</td>
<td width="2%" align="left">&nbsp;</td>
<td width="9%" align="left">&nbsp;</td>
<td width="2%" align="left">&nbsp;</td>
<td width="2%" align="right">&nbsp;</td>
<td width="9%" align="left">&nbsp;</td>
<td width="2%" align="left">&nbsp;</td></tr>
<tr valign="bottom"><td style="text-indent: 2px;" width="45%" align="left"><font style="font-family: TimesNewRomanPSMT,Times New Roman,Times,serif;" class="_mt" size="2">certain share grants</font></td>
<td width="2%" align="left">&nbsp;</td>
<td style="border-bottom: #000000 1px solid;" width="2%" align="left">&nbsp;</td>
<td style="border-bottom: #000000 1px solid;" width="10%" align="right"><font style="font-family: TimesNewRomanPSMT,Times New Roman,Times,serif;" class="_mt" size="2">(775,000</font></td>
<td style="border-bottom: #000000 1px solid;" width="2%" align="left"><font style="font-family: TimesNewRomanPSMT,Times New Roman,Times,serif;" class="_mt" size="2">)</font></td>
<td style="border-bottom: #000000 1px solid;" width="2%" align="left">&nbsp;</td>
<td style="border-bottom: #000000 1px solid;" width="9%" align="right"><font style="font-family: TimesNewRomanPSMT,Times New Roman,Times,serif;" class="_mt" size="2">(281,000</font></td>
<td style="border-bottom: #000000 1px solid;" width="2%" align="left"><font style="font-family: TimesNewRomanPSMT,Times New Roman,Times,serif;" class="_mt" size="2">)</font></td>
<td style="border-bottom: #000000 1px solid;" width="2%" align="right">&nbsp;</td>
<td style="border-bottom: #000000 1px solid;" width="9%" align="right"><font style="font-family: TimesNewRomanPSMT,Times New Roman,Times,serif;" class="_mt" size="2">(488,000</font></td>
<td style="border-bottom: #000000 1px solid;" width="2%" align="left"><font style="font-family: TimesNewRomanPSMT,Times New Roman,Times,serif;" class="_mt" size="2">)</font></td></tr>
<tr valign="bottom"><td style="text-indent: 1px;" width="45%" align="left"><font style="font-family: TimesNewRomanPSMT,Times New Roman,Times,serif;" class="_mt" size="2">Totalcharged to operations</font></td>
<td width="2%" align="left"><font style="font-family: TimesNewRomanPSMT,Times New Roman,Times,serif;" class="_mt" size="2">(a)</font></td>
<td style="border-bottom: #000000 3px double;" width="2%" align="left"><font style="font-family: TimesNewRomanPSMT,Times New Roman,Times,serif;" class="_mt" size="2">$</font></td>
<td style="border-bottom: #000000 3px double;" width="10%" align="right"><font style="font-family: TimesNewRomanPSMT,Times New Roman,Times,serif;" class="_mt" size="2">4,890,000</font></td>
<td style="border-bottom: #000000 3px double;" width="2%" align="left">&nbsp;</td>
<td style="border-bottom: #000000 3px double; text-indent: 3px;" width="2%" align="left"><font style="font-family: TimesNewRomanPSMT,Times New Roman,Times,serif;" class="_mt" size="2">$</font></td>
<td style="border-bottom: #000000 3px double;" width="9%" align="right"><font style="font-family: TimesNewRomanPSMT,Times New Roman,Times,serif;" class="_mt" size="2">2,979,000</font></td>
<td style="border-bottom: #000000 3px double;" width="2%" align="left">&nbsp;</td>
<td style="border-bottom: #000000 3px double;" width="2%" align="right"><font style="font-family: TimesNewRomanPSMT,Times New Roman,Times,serif;" class="_mt" size="2">$</font></td>
<td style="border-bottom: #000000 3px double;" width="9%" align="right"><font style="font-family: TimesNewRomanPSMT,Times New Roman,Times,serif;" class="_mt" size="2">2,433,000</font></td>
<td style="border-bottom: #000000 3px double;" width="2%" align="left">&nbsp;</td></tr></table></div>

<p style="margin: 0px;">&nbsp;</p>

<div>

<table border="0" cellspacing="0">
<tr><td width="70%">&nbsp;</td>
<td width="10%">&nbsp;</td>
<td width="2%">&nbsp;</td>
<td width="2%">&nbsp;</td>
<td width="9%">&nbsp;</td></tr>
<tr valign="bottom"><td width="70%" align="left">&nbsp;</td>
<td style="border-bottom: #000000 1px solid;" rowspan="2" width="12%" colspan="2" align="center"><font style="font-family: TimesNewRomanPSMT,Times New Roman,Times,serif;" class="_mt" size="2">Shares</font></td>
<td style="border-bottom: #000000 1px solid;" rowspan="2" width="11%" colspan="2" align="center"><font style="font-family: TimesNewRomanPSMT,Times New Roman,Times,serif;" class="_mt" size="2">Weighted average</font><br /><font style="font-family: TimesNewRomanPSMT,Times New Roman,Times,serif;" class="_mt" size="2">grant date value</font></td></tr>
<tr valign="bottom"><td width="70%" align="left">&nbsp;</td></tr>
<tr valign="bottom"><td width="70%" align="left"><font style="font-family: TimesNewRomanPSMT,Times New Roman,Times,serif;" class="_mt" size="2">Unvested shares, December 31, 2010</font></td>
<td width="10%" align="right"><font style="font-family: TimesNewRomanPSMT,Times New Roman,Times,serif;" class="_mt" size="2">1,280,000</font></td>
<td width="2%" align="left">&nbsp;</td>
<td width="2%" align="left"><font style="font-family: TimesNewRomanPSMT,Times New Roman,Times,serif;" class="_mt" size="2">$</font></td>
<td style="text-indent: 15px;" width="9%" align="left"><font style="font-family: TimesNewRomanPSMT,Times New Roman,Times,serif;" class="_mt" size="2">6.28</font></td></tr>
<tr valign="bottom"><td width="70%" align="left"><font style="font-family: TimesNewRomanPSMT,Times New Roman,Times,serif;" class="_mt" size="2">Restricted share grants (b)</font></td>
<td width="10%" align="right"><font style="font-family: TimesNewRomanPSMT,Times New Roman,Times,serif;" class="_mt" size="2">961,000</font></td>
<td width="2%" align="left">&nbsp;</td>
<td width="2%" align="left">&nbsp;</td>
<td style="text-indent: 15px;" width="9%" align="left"><font style="font-family: TimesNewRomanPSMT,Times New Roman,Times,serif;" class="_mt" size="2">5.40</font></td></tr>
<tr valign="bottom"><td width="70%" align="left"><font style="font-family: TimesNewRomanPSMT,Times New Roman,Times,serif;" class="_mt" size="2">Vested during period (c)</font></td>
<td width="10%" align="right"><font style="font-family: TimesNewRomanPSMT,Times New Roman,Times,serif;" class="_mt" size="2">(1,038,000</font></td>
<td width="2%" align="left"><font style="font-family: TimesNewRomanPSMT,Times New Roman,Times,serif;" class="_mt" size="2">)</font></td>
<td width="2%" align="left">&nbsp;</td>
<td style="text-indent: 15px;" width="9%" align="left"><font style="font-family: TimesNewRomanPSMT,Times New Roman,Times,serif;" class="_mt" size="2">6.51</font></td></tr>
<tr valign="bottom"><td width="70%" align="left"><font style="font-family: TimesNewRomanPSMT,Times New Roman,Times,serif;" class="_mt" size="2">Forfeitures/cancellations</font></td>
<td style="border-bottom: #000000 1px solid;" width="10%" align="right"><font style="font-family: TimesNewRomanPSMT,Times New Roman,Times,serif;" class="_mt" size="2">(97,000</font></td>
<td style="border-bottom: #000000 1px solid;" width="2%" align="left"><font style="font-family: TimesNewRomanPSMT,Times New Roman,Times,serif;" class="_mt" size="2">)</font></td>
<td style="border-bottom: #000000 1px solid;" width="2%" align="left">&nbsp;</td>
<td style="border-bottom: #000000 1px solid; text-indent: 15px;" width="9%" align="left"><font style="font-family: TimesNewRomanPSMT,Times New Roman,Times,serif;" class="_mt" size="2">5.70</font></td></tr>
<tr valign="bottom"><td width="70%" align="left"><font style="font-family: TimesNewRomanPSMT,Times New Roman,Times,serif;" class="_mt" size="2">Unvested shares, December 31, 2011</font></td>
<td style="border-bottom: #000000 2px solid;" width="10%" align="right"><font style="font-family: TimesNewRomanPSMT,Times New Roman,Times,serif;" class="_mt" size="2">1,106,000</font></td>
<td style="border-bottom: #000000 2px solid;" width="2%" align="left">&nbsp;</td>
<td style="border-bottom: #000000 2px solid;" width="2%" align="left"><font style="font-family: TimesNewRomanPSMT,Times New Roman,Times,serif;" class="_mt" size="2">$</font></td>
<td style="border-bottom: #000000 2px solid; text-indent: 15px;" width="9%" align="left"><font style="font-family: TimesNewRomanPSMT,Times New Roman,Times,serif;" class="_mt" size="2">5.31</font></td></tr></table></div>

<p style="margin: 0px;">&nbsp;</p>

<p style="text-align: left;"><font style="font-family: TimesNewRomanPSMT,Times New Roman,Times,serif;" class="_mt" size="2">(a) Includes $1,980,000 applicable to the accelerated vestings discussed below. (b) Does not include the equity or liability award shares discussed below.</font></p>

<p style="text-align: left;"><font style="font-family: TimesNewRomanPSMT,Times New Roman,Times,serif;" class="_mt" size="2">(c) Includes 706,000 shares ($5.35 weighted average grant date fair value) applicable to the accelerated vestings</font></p>

<p style="text-align: left;"><font style="font-family: TimesNewRomanPSMT,Times New Roman,Times,serif;" class="_mt" size="2">discussed below.</font></p>

<div><font style="font-family: TimesNewRomanPSMT,Times New Roman,Times,serif;" class="_mt" size="3">&nbsp;&nbsp;&nbsp;&nbsp; The per share weighted average grant date fair values of shares granted during 2011, 2010 and 2009 were $5.40, $6.54, and $4.95, respectively. The total fair values of shares vested during 2011, 2010 and 2009 were $5,507,000, $996,000 and $569,000, respectively (the 2011 amount includes $3,569,000 applicable to the accelerated vestings discussed below).</font></div>

<p style="text-align: left;">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<font style="font-family: TimesNewRomanPSMT,Times New Roman,Times,serif;" class="_mt" size="3">At December 31, 2011, 2.3 million shares remained available for grants pursuant to the Incentive Plan (excluding the 1,750,000 shares and 500,000 shares, respectively, applicable to the equity and liability awards discussed below). At December 31, 2011, there remained an aggregate of approximately $13.0 million applicable to all such grants and awards to be expensed over a weighted average period of 5.8 years.</font></p>

<p style="text-align: left;">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<font style="font-family: TimesNewRomanPSMT,Times New Roman,Times,serif;" class="_mt" size="3">In connection with the retirement of the Company's Chairman of the Board, Chief Executive Officer and President, and the end of the employment of the Company's Chief Financial Officer (see Note &#8211; 17 "Management Transition Charges"), all of their outstanding restricted share grants, consisting of time-based grants (284,000 shares) and performance-based grants (422,000 shares) became vested (an aggregate of 706,000 shares), and were expensed in full at the then market value of the shares (an aggregate of approximately $2.0 million).</font></p>

<p style="text-align: left;">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<font style="font-family: TimesNewRomanPSMT,Times New Roman,Times,serif;" class="_mt" size="3">The Company's new President and Chief Executive Officer is to receive restricted share grants totaling 2.5 million shares, one-half of which are to be time-based, vesting upon the seventh anniversary of the date of grant (vesting on June 15, 2018), and the other half to be performance-based, to be earned if the total annual return on an investment in the Company's common stock ("TSR") is at least an average of 6.5% per year for the seven years ending June 15, 2018. An independent appraisal determined the value of the performance-based award to be $4.39 per share compared to a market price at the date of grant of $4.98 per share. As a result of existing limitations within the Incentive Plan, only 250,000 shares have been issued, 1,750,000 shares are being accounted for as an "equity award", and 500,000 shares are being accounted for as a "liability award". The values of the equity and liability awards are being expensed on a straight-line basis over the vesting period. Consistent with such awards to other recipients, dividends are paid on all the shares, including the equity and liability award shares, with the dividends paid on the equity award shares treated as distributions to common shareholders and included in the statement of equity, and the dividends paid on the liability award shares treated as compensation and included in the statement of operations. In addition, with respect to the liability award, adjustments to reflect changes in the fair value of the award (based on changes in the market price of the Company's common stock) are also charged to operations. It is the Company's intention to seek a modification of the terms of the Incentive Plan (or to adopt a new stock incentive plan) so as to permit the grant of the entire 2.5 million shares. Until such changes are effectuated, the Company will issue 250,000 shares each calendar year, thereby reducing the liability established for the equity award. If, by June 15, 2018, the entire 2.5 million shares have not been issued, the parties have agreed to satisfy any remaining Company obligations on a mutually-agreeable economic basis.</font></p>

<div><font style="font-family: TimesNewRomanPSMT,Times New Roman,Times,serif;" class="_mt" size="3">&nbsp;&nbsp;&nbsp;&nbsp; In January 2009, 2010 and 2011, the Company issued shares of common stock as performance-based grants, with vesting to be based on the TSR over the three calendar years commencing with the dates of grant. Portions of each grant are to vest (a) if the TSR on the Company's common stock is equal to or greater than a specified average return per year (the "Absolute TSR"), and (b) if there is a positive comparison of the TSR on the Company's common stock to the Company's peer group (the "Relative TSR"). The Company obtained independent appraisals to determine the values of each category of the performance-based shares issued. The following table summarizes information relating to the performance-based grants:</font></div>

<div align="left">

<table border="0" cellspacing="0">
<tr><td width="8%"> </td>
<td width="12%"> </td>
<td width="2%"> </td>
<td width="9%"> </td>
<td width="10%"> </td>
<td width="3%"> </td>
<td width="11%"> </td>
<td width="3%"> </td>
<td width="3%"> </td>
<td width="9%"> </td>
<td width="11%"> </td>
<td width="3%"> </td>
<td width="2%"> </td>
<td width="8%"> </td></tr>
<tr valign="bottom"><td align="center">&nbsp;</td>
<td align="center">&nbsp;</td>
<td align="center">&nbsp;</td>
<td align="center">&nbsp;</td>
<td style="border-bottom: #000000 3px double;" align="center">&nbsp;</td>
<td style="border-bottom: #000000 3px double;" align="center">&nbsp;</td>
<td style="border-bottom: #000000 3px double;" colspan="3" align="center"><font size="3" class="_mt" style="font-family: TimesNewRomanPSMT,Times New Roman,Times,serif;">Absolute TSR</font></td>
<td style="border-bottom: #000000 3px double;" align="center">&nbsp;</td>
<td style="border-bottom: #000000 3px double;" colspan="4" align="center"><font size="3" class="_mt" style="font-family: TimesNewRomanPSMT,Times New Roman,Times,serif;">Relative TSR</font></td></tr>
<tr valign="bottom"><td align="center">&nbsp;</td>
<td align="center">&nbsp;</td>
<td align="center">&nbsp;</td>
<td align="center"><font size="3" class="_mt" style="font-family: TimesNewRomanPSMT,Times New Roman,Times,serif;">Grant date</font></td>
<td align="center">&nbsp;</td>
<td align="center">&nbsp;</td>
<td align="center"><font size="3" class="_mt" style="font-family: TimesNewRomanPSMT,Times New Roman,Times,serif;">Annual</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="center">&nbsp;</td></tr>
<tr valign="bottom"><td align="center"><font size="3" class="_mt" style="font-family: TimesNewRomanPSMT,Times New Roman,Times,serif;">Grant</font></td>
<td align="center"><font size="3" class="_mt" style="font-family: TimesNewRomanPSMT,Times New Roman,Times,serif;">Shares</font></td>
<td align="center">&nbsp;</td>
<td align="center"><font size="3" class="_mt" style="font-family: TimesNewRomanPSMT,Times New Roman,Times,serif;">market</font></td>
<td align="center"><font size="3" class="_mt" style="font-family: TimesNewRomanPSMT,Times New Roman,Times,serif;">Portion of</font></td>
<td align="center">&nbsp;</td>
<td align="center"><font size="3" class="_mt" style="font-family: TimesNewRomanPSMT,Times New Roman,Times,serif;">average</font></td>
<td align="center">&nbsp;</td>
<td colspan="2" align="center"><font size="3" class="_mt" style="font-family: TimesNewRomanPSMT,Times New Roman,Times,serif;">Appraisal</font></td>
<td align="center"><font size="3" class="_mt" style="font-family: TimesNewRomanPSMT,Times New Roman,Times,serif;">Portion of</font></td>
<td align="center">&nbsp;</td>
<td colspan="2" align="center"><font size="3" class="_mt" style="font-family: TimesNewRomanPSMT,Times New Roman,Times,serif;">Appraisal</font></td></tr>
<tr valign="bottom"><td style="border-bottom: #000000 3px double;" align="center"><font size="3" class="_mt" style="font-family: TimesNewRomanPSMT,Times New Roman,Times,serif;">year</font></td>
<td style="border-bottom: #000000 3px double;" align="center"><font size="3" class="_mt" style="font-family: TimesNewRomanPSMT,Times New Roman,Times,serif;">granted</font></td>
<td style="border-bottom: #000000 3px double;" align="center">&nbsp;</td>
<td style="border-bottom: #000000 3px double;" align="center"><font size="3" class="_mt" style="font-family: TimesNewRomanPSMT,Times New Roman,Times,serif;">price</font></td>
<td style="border-bottom: #000000 3px double; text-indent: 3px;" align="center"><font size="3" class="_mt" style="font-family: TimesNewRomanPSMT,Times New Roman,Times,serif;">grant</font></td>
<td style="border-bottom: #000000 3px double;" align="center">&nbsp;</td>
<td style="border-bottom: #000000 3px double;" align="center"><font size="3" class="_mt" style="font-family: TimesNewRomanPSMT,Times New Roman,Times,serif;">return</font></td>
<td style="border-bottom: #000000 3px double;" align="center">&nbsp;</td>
<td style="border-bottom: #000000 3px double;" align="center">&nbsp;</td>
<td style="border-bottom: #000000 3px double;" align="center"><font size="3" class="_mt" style="font-family: TimesNewRomanPSMT,Times New Roman,Times,serif;">value</font></td>
<td style="border-bottom: #000000 3px double; text-indent: 3px;" align="center"><font size="3" class="_mt" style="font-family: TimesNewRomanPSMT,Times New Roman,Times,serif;">grant</font></td>
<td style="border-bottom: #000000 3px double;" align="center">&nbsp;</td>
<td style="border-bottom: #000000 3px double;" align="center">&nbsp;</td>
<td style="border-bottom: #000000 3px double;" align="center"><font size="3" class="_mt" style="font-family: TimesNewRomanPSMT,Times New Roman,Times,serif;">value</font></td></tr>
<tr valign="bottom"><td align="center"><font size="3" class="_mt" style="font-family: TimesNewRomanPSMT,Times New Roman,Times,serif;">2009</font></td>
<td align="left"><font size="3" class="_mt" style="font-family: TimesNewRomanPSMT,Times New Roman,Times,serif;">218,000</font></td>
<td align="left"><font size="3" class="_mt" style="font-family: TimesNewRomanPSMT,Times New Roman,Times,serif;">$</font></td>
<td align="right"><font size="3" class="_mt" style="font-family: TimesNewRomanPSMT,Times New Roman,Times,serif;">7.02</font></td>
<td align="right"><font size="3" class="_mt" style="font-family: TimesNewRomanPSMT,Times New Roman,Times,serif;">75</font></td>
<td align="left"><font size="3" class="_mt" style="font-family: TimesNewRomanPSMT,Times New Roman,Times,serif;">%</font></td>
<td align="right"><font size="3" class="_mt" style="font-family: TimesNewRomanPSMT,Times New Roman,Times,serif;">6</font></td>
<td align="left"><font size="3" class="_mt" style="font-family: TimesNewRomanPSMT,Times New Roman,Times,serif;">%</font></td>
<td align="left"><font size="3" class="_mt" style="font-family: TimesNewRomanPSMT,Times New Roman,Times,serif;">$</font></td>
<td align="right"><font size="3" class="_mt" style="font-family: TimesNewRomanPSMT,Times New Roman,Times,serif;">5.44</font></td>
<td align="right"><font size="3" class="_mt" style="font-family: TimesNewRomanPSMT,Times New Roman,Times,serif;">25</font></td>
<td align="left"><font size="3" class="_mt" style="font-family: TimesNewRomanPSMT,Times New Roman,Times,serif;">%</font></td>
<td align="left"><font size="3" class="_mt" style="font-family: TimesNewRomanPSMT,Times New Roman,Times,serif;">$</font></td>
<td align="right"><font size="3" class="_mt" style="font-family: TimesNewRomanPSMT,Times New Roman,Times,serif;">6.48</font></td></tr>
<tr valign="bottom"><td align="center"><font size="3" class="_mt" style="font-family: TimesNewRomanPSMT,Times New Roman,Times,serif;">2010</font></td>
<td align="left"><font size="3" class="_mt" style="font-family: TimesNewRomanPSMT,Times New Roman,Times,serif;">227,000</font></td>
<td align="left">&nbsp;</td>
<td align="right"><font size="3" class="_mt" style="font-family: TimesNewRomanPSMT,Times New Roman,Times,serif;">6.70</font></td>
<td align="right"><font size="3" class="_mt" style="font-family: TimesNewRomanPSMT,Times New Roman,Times,serif;">50</font></td>
<td align="left"><font size="3" class="_mt" style="font-family: TimesNewRomanPSMT,Times New Roman,Times,serif;">%</font></td>
<td align="right"><font size="3" class="_mt" style="font-family: TimesNewRomanPSMT,Times New Roman,Times,serif;">6</font></td>
<td align="left"><font size="3" class="_mt" style="font-family: TimesNewRomanPSMT,Times New Roman,Times,serif;">%</font></td>
<td align="left">&nbsp;</td>
<td align="right"><font size="3" class="_mt" style="font-family: TimesNewRomanPSMT,Times New Roman,Times,serif;">4.56</font></td>
<td align="right"><font size="3" class="_mt" style="font-family: TimesNewRomanPSMT,Times New Roman,Times,serif;">50</font></td>
<td align="left"><font size="3" class="_mt" style="font-family: TimesNewRomanPSMT,Times New Roman,Times,serif;">%</font></td>
<td align="left">&nbsp;</td>
<td align="right"><font size="3" class="_mt" style="font-family: TimesNewRomanPSMT,Times New Roman,Times,serif;">6.00</font></td></tr>
<tr valign="bottom"><td align="center"><font size="3" class="_mt" style="font-family: TimesNewRomanPSMT,Times New Roman,Times,serif;">2011</font></td>
<td align="left"><font size="3" class="_mt" style="font-family: TimesNewRomanPSMT,Times New Roman,Times,serif;">275,000</font></td>
<td align="left">&nbsp;</td>
<td align="right"><font size="3" class="_mt" style="font-family: TimesNewRomanPSMT,Times New Roman,Times,serif;">6.54</font></td>
<td align="right"><font size="3" class="_mt" style="font-family: TimesNewRomanPSMT,Times New Roman,Times,serif;">50</font></td>
<td align="left"><font size="3" class="_mt" style="font-family: TimesNewRomanPSMT,Times New Roman,Times,serif;">%</font></td>
<td align="right"><font size="3" class="_mt" style="font-family: TimesNewRomanPSMT,Times New Roman,Times,serif;">8</font></td>
<td align="left"><font size="3" class="_mt" style="font-family: TimesNewRomanPSMT,Times New Roman,Times,serif;">%</font></td>
<td align="left">&nbsp;</td>
<td align="right"><font size="3" class="_mt" style="font-family: TimesNewRomanPSMT,Times New Roman,Times,serif;">4.40</font></td>
<td align="right"><font size="3" class="_mt" style="font-family: TimesNewRomanPSMT,Times New Roman,Times,serif;">50</font></td>
<td align="left"><font size="3" class="_mt" style="font-family: TimesNewRomanPSMT,Times New Roman,Times,serif;">%</font></td>
<td align="left">&nbsp;</td>
<td align="right"><font size="3" class="_mt" style="font-family: TimesNewRomanPSMT,Times New Roman,Times,serif;">5.91</font></td></tr></table></div>

<p style="margin: 0px;">&nbsp;</p>

<p style="text-align: left;">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<font style="font-family: TimesNewRomanPSMT,Times New Roman,Times,serif;" class="_mt" size="3">After the accelerated vestings in June 2011 of certain of these shares, as discussed above, there remained 82,000 shares, 84,000 shares and 123,000 shares, respectively, of the 2009, 2010 and 2011 performance-based awards. However, as the Company did not achieve either TSR measure for the three years ended December 31, 2011, none of the shares granted in 2009 vested.</font></p>

<p style="text-align: left;">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<font style="font-family: TimesNewRomanPSMT,Times New Roman,Times,serif;" class="_mt" size="3">In addition to the above, there were other time-based restricted shares issued, which amount to 436,000 shares, 279,000 shares and 397,000 shares, for 2011, 2010 and 2009, respectively.</font></p>

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                <p>The entire disclosure for compensation-related costs for equity-based compensation, which may include disclosure of policies, compensation plan details, allocation of equity compensation, incentive distributions, equity-based arrangements to obtain goods and services, deferred compensation arrangements, employee stock ownership plan details and employee stock purchase plan details.</p>
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                <p>Reference 1: http://www.xbrl.org/2003/role/presentationRef<br><br> -Publisher FASB<br><br> -Name Accounting Standards Codification<br><br> -Topic 718<br><br> -SubTopic 10<br><br> -Section 50<br><br> -Paragraph 4<br><br> -URI http://asc.fasb.org/extlink&amp;oid=6415400&amp;loc=d3e5444-113901<br><br><br><br>Reference 2: http://www.xbrl.org/2003/role/presentationRef<br><br> -Publisher AICPA<br><br> -Name Statement of Position (SOP)<br><br> -Number 93-6<br><br> -Paragraph 53<br><br> -LegacyDoc This reference is SUPERSEDED by the Accounting Standards Codification effective for interim and annual periods ending after September 15, 2009.  This reference is included to help users transition from the previous accounting hierarchy and will be removed from future versions of this taxonomy.<br><br><br><br>Reference 3: http://www.xbrl.org/2003/role/presentationRef<br><br> -Publisher SEC<br><br> -Name Staff Accounting Bulletin (SAB)<br><br> -Number Topic 14<br><br><br><br>Reference 4: http://www.xbrl.org/2003/role/presentationRef<br><br> -Publisher FASB<br><br> -Name Statement of Financial Accounting Standard (FAS)<br><br> -Number 123R<br><br> -Paragraph 64, 65, A240<br><br> -LegacyDoc This reference is SUPERSEDED by the Accounting Standards Codification effective for interim and annual periods ending after September 15, 2009.  This reference is included to help users transition from the previous accounting hierarchy and will be removed from future versions of this taxonomy.<br><br><br><br>Reference 5: http://www.xbrl.org/2003/role/presentationRef<br><br> -Publisher FASB<br><br> -Name Accounting Standards Codification<br><br> -Topic 718<br><br> -SubTopic 40<br><br> -Section 50<br><br> -Paragraph 1<br><br> -URI http://asc.fasb.org/extlink&amp;oid=6418621&amp;loc=d3e17540-113929<br><br><br><br>Reference 6: http://www.xbrl.org/2003/role/presentationRef<br><br> -Publisher FASB<br><br> -Name Accounting Standards Codification<br><br> -Topic 718<br><br> -SubTopic 10<br><br> -Section 50<br><br> -Paragraph 1<br><br> -URI http://asc.fasb.org/extlink&amp;oid=6415400&amp;loc=d3e5047-113901<br><br><br><br>Reference 7: http://www.xbrl.org/2003/role/presentationRef<br><br> -Publisher FASB<br><br> -Name Accounting Standards Codification<br><br> -Topic 505<br><br> -SubTopic 50<br><br> -Section 50<br><br> -Paragraph 1<br><br> -URI http://asc.fasb.org/extlink&amp;oid=6406099&amp;loc=d3e25284-112666<br><br><br><br>Reference 8: http://www.xbrl.org/2003/role/presentationRef<br><br> -Publisher FASB<br><br> -Name Accounting Standards Codification<br><br> -Topic 718<br><br> -SubTopic 10<br><br> -Section 50<br><br> -Paragraph 2<br><br> -URI http://asc.fasb.org/extlink&amp;oid=6415400&amp;loc=d3e5070-113901<br><br><br><br></p>
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  <body><span style="display: none;">v2.4.0.6</span><table class="report" border="0" cellspacing="2" id="ID0EME">
      <tr>
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          <div style="width: 200px;"><strong>Business And Organization<br></strong></div>
        </th>
        <th class="th" colspan="1">12 Months Ended</th>
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      <tr>
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          <div>Dec. 31, 2011</div>
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        <td class="text"><div> <p style="text-align: left;"><b><font style="font-family: TimesNewRomanPS-BoldMT,Times New Roman,Times,serif;" class="_mt" size="3">Note 1. Business and Organization</font></b></p>

<p style="text-align: left;">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<font style="font-family: TimesNewRomanPSMT,Times New Roman,Times,serif;" class="_mt" size="3">Cedar Realty Trust, Inc. (formerly known as Cedar Shopping Centers, Inc. - the "Company") is a real estate investment trust ("REIT") that focuses primarily on ownership and operation of supermarket-anchored shopping centers straddling the Washington DC to Boston corridor. At December 31, 2011, the Company owned and managed 92 operating properties (excluding properties "held for sale/conveyance"), including 22 properties in the unconsolidated Cedar/RioCan joint venture.</font></p>

<p style="text-align: left;">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<font style="font-family: TimesNewRomanPSMT,Times New Roman,Times,serif;" class="_mt" size="3">During the third quarter of 2011, the Company determined (1) to completely exit the Ohio market, principally the Discount Drug Mart portfolio of drugstore/convenience centers, and concentrate on the mid-Atlantic and Northeast coastal regions (10 properties sold in 2011 and four properties "held for sale" as of December 31, 2011), (2) to concentrate on grocery-anchored strip centers, by disposing of its mall and single-tenant/triple-net-lease properties (three properties sold in 2011 and 11 properties "held for sale" as of December 31, 2011), and (3) to focus on improving operations and performance at the Company's remaining properties, and to reduce development activities, by disposing of certain development projects, land acquired for development, and other non-core assets (four properties sold in 2011 and five properties "held for sale/conveyance" as of December 31, 2011). In addition, discontinued operations reflect the anticipated consummation of the Homburg joint venture buy/sell transactions (seven properties "held for sale" as of December 31, 2011).</font></p>

<p style="text-align: left;">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<font style="font-family: TimesNewRomanPSMT,Times New Roman,Times,serif;" class="_mt" size="3">Cedar Realty Trust Partnership, L.P. (formerly known as Cedar Shopping Centers Partnership, L.P. - the "Operating Partnership") is the entity through which the Company conducts substantially all of its business and owns (either directly or through subsidiaries) substantially all of its assets. At December 31, 2011 the Company owned a 98.0% economic interest in, and was the sole general partner of, the Operating Partnership. The limited partners' interest in the Operating Partnership (2.0% at December 31, 2011) is represented by Operating Partnership Units ("OP Units"). The carrying amount of such interest is adjusted at the end of each reporting period to an amount equal to the limited partners' ownership percentage of the Operating Partnership's net equity. The approximately 1.4 million OP Units outstanding at December 31, 2011 are economically equivalent to the Company's common stock. The holders of OP Units have the right to exchange their OP Units for the same number of shares of the Company's common stock or, at the Company's option, for cash.</font></p>

<p style="text-align: left;">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<font style="font-family: TimesNewRomanPSMT,Times New Roman,Times,serif;" class="_mt" size="3">As used herein, the "Company" refers to Cedar Realty Trust, Inc. and its subsidiaries on a consolidated basis, including the Operating Partnership or, where the context so requires, Cedar Realty Trust, Inc. only.</font></p>

<div>&nbsp;</div><br /> </div><span></span></td>
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            <div class="body" style="padding: 2px;"><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div>
                <p>The entire disclosure for organization, consolidation and basis of presentation of financial statements disclosure.</p>
              </div><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;">
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This reference is included to help users transition from the previous accounting hierarchy and will be removed from future versions of this taxonomy.<br><br><br><br>Reference 12: http://www.xbrl.org/2003/role/presentationRef<br><br> -Publisher FASB<br><br> -Name Accounting Standards Codification<br><br> -Topic 915<br><br> -SubTopic 235<br><br> -Section 50<br><br> -Paragraph 1<br><br> -URI http://asc.fasb.org/extlink&amp;oid=6472506&amp;loc=d3e38932-110933<br><br><br><br>Reference 13: http://www.xbrl.org/2003/role/presentationRef<br><br> -Publisher FASB<br><br> -Name Accounting Standards Codification<br><br> -Topic 205<br><br> -SubTopic 10<br><br> -URI http://asc.fasb.org/subtopic&amp;trid=2122150<br><br><br><br>Reference 14: http://www.xbrl.org/2003/role/presentationRef<br><br> -Publisher FASB<br><br> -Name Accounting Standards Codification<br><br> -Topic 205<br><br> -SubTopic 10<br><br> -Section 45<br><br> -Paragraph 3<br><br> -URI http://asc.fasb.org/extlink&amp;oid=6359553&amp;loc=d3e288-107754<br><br><br><br>Reference 15: http://www.xbrl.org/2003/role/presentationRef<br><br> -Publisher FASB<br><br> -Name Accounting Standards Codification<br><br> -Topic 235<br><br> -SubTopic 10<br><br> -Section 50<br><br> -Paragraph 3<br><br> -URI http://asc.fasb.org/extlink&amp;oid=6367646&amp;loc=d3e18780-107790<br><br><br><br>Reference 16: http://www.xbrl.org/2003/role/presentationRef<br><br> -Publisher FASB<br><br> -Name Accounting Standards Codification<br><br> -Topic 810<br><br> -SubTopic 10<br><br> -URI http://asc.fasb.org/subtopic&amp;trid=2197480<br><br><br><br></p>
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          <div style="width: 200px;"><strong>Consolidated Balance Sheets (Parenthetical) (USD $)<br>In Millions, except Share data, unless otherwise specified</strong></div>
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          <div>Dec. 31, 2011</div>
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      <tr class="re">
        <td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_CommonStockSharesAuthorized', window );">Common stock, shares authorized</a></td>
        <td class="nump">150,000,000<span></span></td>
        <td class="nump">150,000,000<span></span></td>
      </tr>
      <tr class="ro">
        <td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_CommonStockSharesIssued', window );">Common stock, shares issued</a></td>
        <td class="nump">67,928,000<span></span></td>
        <td class="nump">66,520,000<span></span></td>
      </tr>
      <tr class="re">
        <td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_CommonStockSharesOutstanding', window );">Common stock, shares outstanding</a></td>
        <td class="nump">67,928,000<span></span></td>
        <td class="nump">66,520,000<span></span></td>
      </tr>
      <tr class="ro">
        <td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_TreasuryStockShares', window );">Treasury stock, shares</a></td>
        <td class="nump">1,313,000<span></span></td>
        <td class="nump">1,120,000<span></span></td>
      </tr>
    </table>
    <div style="display: none;">
      <table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_cdr_JointVentureSettlements">
        <tr>
          <td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td>
        </tr>
        <tr>
          <td>
            <div class="body" style="padding: 2px;"><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div>
                <p>Joint Venture Settlements</p>
              </div><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;">
                <p>No definition available.</p>
              </div><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;">
                <table border="0" cellpadding="0" cellspacing="0">
                  <tr>
                    <td><strong> Name:</strong></td>
                    <td><nobr>cdr_JointVentureSettlements</nobr></td>
                  </tr>
                  <tr>
                    <td style="padding-right: 4px;"><nobr><strong> Namespace Prefix:</strong></nobr></td>
                    <td>cdr_</td>
                  </tr>
                  <tr>
                    <td><strong> Data Type:</strong></td>
                    <td>xbrli:monetaryItemType</td>
                  </tr>
                  <tr>
                    <td><strong> Balance Type:</strong></td>
                    <td>debit</td>
                  </tr>
                  <tr>
                    <td><strong> Period Type:</strong></td>
                    <td>instant</td>
                  </tr>
                </table>
              </div>
            </div>
          </td>
        </tr>
      </table>
      <table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_us-gaap_CommonStockParOrStatedValuePerShare">
        <tr>
          <td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td>
        </tr>
        <tr>
          <td>
            <div class="body" style="padding: 2px;"><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div>
                <p>Face amount or stated value of common stock per share; generally not indicative of the fair market value per share.</p>
              </div><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;">
                <p>Reference 1: http://www.xbrl.org/2003/role/presentationRef<br><br> -Publisher SEC<br><br> -Name Regulation S-X (SX)<br><br> -Number 210<br><br> -Section 02<br><br> -Paragraph 30<br><br> -Article 5<br><br><br><br>Reference 2: http://www.xbrl.org/2003/role/presentationRef<br><br> -Publisher FASB<br><br> -Name Statement of Financial Accounting Standard (FAS)<br><br> -Number 129<br><br> -Paragraph 4<br><br> -LegacyDoc This reference is SUPERSEDED by the Accounting Standards Codification effective for interim and annual periods ending after September 15, 2009.  This reference is included to help users transition from the previous accounting hierarchy and will be removed from future versions of this taxonomy.<br><br><br><br>Reference 3: http://www.xbrl.org/2003/role/presentationRef<br><br> -Publisher FASB<br><br> -Name Accounting Standards Codification<br><br> -Topic 210<br><br> -SubTopic 10<br><br> -Section S99<br><br> -Paragraph 1<br><br> -Subparagraph (SX 210.5-02.29)<br><br> -URI http://asc.fasb.org/extlink&amp;oid=6877327&amp;loc=d3e13212-122682<br><br><br><br></p>
              </div><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;">
                <table border="0" cellpadding="0" cellspacing="0">
                  <tr>
                    <td><strong> Name:</strong></td>
                    <td><nobr>us-gaap_CommonStockParOrStatedValuePerShare</nobr></td>
                  </tr>
                  <tr>
                    <td style="padding-right: 4px;"><nobr><strong> Namespace Prefix:</strong></nobr></td>
                    <td>us-gaap_</td>
                  </tr>
                  <tr>
                    <td><strong> Data Type:</strong></td>
                    <td>num:perShareItemType</td>
                  </tr>
                  <tr>
                    <td><strong> Balance Type:</strong></td>
                    <td>na</td>
                  </tr>
                  <tr>
                    <td><strong> Period Type:</strong></td>
                    <td>instant</td>
                  </tr>
                </table>
              </div>
            </div>
          </td>
        </tr>
      </table>
      <table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_us-gaap_CommonStockSharesAuthorized">
        <tr>
          <td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td>
        </tr>
        <tr>
          <td>
            <div class="body" style="padding: 2px;"><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div>
                <p>The maximum number of common shares permitted to be issued by an entity's charter and bylaws.</p>
              </div><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;">
                <p>Reference 1: http://www.xbrl.org/2003/role/presentationRef<br><br> -Publisher SEC<br><br> -Name Regulation S-X (SX)<br><br> -Number 210<br><br> -Section 02<br><br> -Paragraph 30<br><br> -Article 5<br><br><br><br>Reference 2: http://www.xbrl.org/2003/role/presentationRef<br><br> -Publisher FASB<br><br> -Name Accounting Standards Codification<br><br> -Topic 210<br><br> -SubTopic 10<br><br> -Section S99<br><br> -Paragraph 1<br><br> -Subparagraph (SX 210.5-02.29)<br><br> -URI http://asc.fasb.org/extlink&amp;oid=6877327&amp;loc=d3e13212-122682<br><br><br><br></p>
              </div><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;">
                <table border="0" cellpadding="0" cellspacing="0">
                  <tr>
                    <td><strong> Name:</strong></td>
                    <td><nobr>us-gaap_CommonStockSharesAuthorized</nobr></td>
                  </tr>
                  <tr>
                    <td style="padding-right: 4px;"><nobr><strong> Namespace Prefix:</strong></nobr></td>
                    <td>us-gaap_</td>
                  </tr>
                  <tr>
                    <td><strong> Data Type:</strong></td>
                    <td>xbrli:sharesItemType</td>
                  </tr>
                  <tr>
                    <td><strong> Balance Type:</strong></td>
                    <td>na</td>
                  </tr>
                  <tr>
                    <td><strong> Period Type:</strong></td>
                    <td>instant</td>
                  </tr>
                </table>
              </div>
            </div>
          </td>
        </tr>
      </table>
      <table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_us-gaap_CommonStockSharesIssued">
        <tr>
          <td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td>
        </tr>
        <tr>
          <td>
            <div class="body" style="padding: 2px;"><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div>
                <p>Total number of common shares of an entity that have been sold or granted to shareholders (includes common shares that were issued, repurchased and remain in the treasury). These shares represent capital invested by the firm's shareholders and owners, and may be all or only a portion of the number of shares authorized. Shares issued include shares outstanding and shares held in the treasury.</p>
              </div><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;">
                <p>Reference 1: http://www.xbrl.org/2003/role/presentationRef<br><br> -Publisher SEC<br><br> -Name Regulation S-X (SX)<br><br> -Number 210<br><br> -Section 02<br><br> -Paragraph 30<br><br> -Article 5<br><br><br><br>Reference 2: http://www.xbrl.org/2003/role/presentationRef<br><br> -Publisher FASB<br><br> -Name Accounting Standards Codification<br><br> -Topic 210<br><br> -SubTopic 10<br><br> -Section S99<br><br> -Paragraph 1<br><br> -Subparagraph (SX 210.5-02.29)<br><br> -URI http://asc.fasb.org/extlink&amp;oid=6877327&amp;loc=d3e13212-122682<br><br><br><br></p>
              </div><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;">
                <table border="0" cellpadding="0" cellspacing="0">
                  <tr>
                    <td><strong> Name:</strong></td>
                    <td><nobr>us-gaap_CommonStockSharesIssued</nobr></td>
                  </tr>
                  <tr>
                    <td style="padding-right: 4px;"><nobr><strong> Namespace Prefix:</strong></nobr></td>
                    <td>us-gaap_</td>
                  </tr>
                  <tr>
                    <td><strong> Data Type:</strong></td>
                    <td>xbrli:sharesItemType</td>
                  </tr>
                  <tr>
                    <td><strong> Balance Type:</strong></td>
                    <td>na</td>
                  </tr>
                  <tr>
                    <td><strong> Period Type:</strong></td>
                    <td>instant</td>
                  </tr>
                </table>
              </div>
            </div>
          </td>
        </tr>
      </table>
      <table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_us-gaap_CommonStockSharesOutstanding">
        <tr>
          <td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td>
        </tr>
        <tr>
          <td>
            <div class="body" style="padding: 2px;"><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div>
                <p>Total number of shares of common stock held by shareholders. May be all or portion of the number of common shares authorized. These shares represent the ownership interest of the common shareholders. Shares outstanding equals shares issued minus shares held in treasury and other adjustments, if any.</p>
              </div><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;">
                <p>Reference 1: http://www.xbrl.org/2003/role/presentationRef<br><br> -Publisher FASB<br><br> -Name Accounting Standards Codification<br><br> -Topic 505<br><br> -SubTopic 10<br><br> -Section S99<br><br> -Paragraph 1<br><br> -Subparagraph (SX 210.3-04)<br><br> -URI http://asc.fasb.org/extlink&amp;oid=6959260&amp;loc=d3e187085-122770<br><br><br><br>Reference 2: http://www.xbrl.org/2003/role/presentationRef<br><br> -Publisher FASB<br><br> -Name Accounting Standards Codification<br><br> -Topic 505<br><br> -SubTopic 10<br><br> -Section 50<br><br> -Paragraph 2<br><br> -URI http://asc.fasb.org/extlink&amp;oid=6928386&amp;loc=d3e21463-112644<br><br><br><br>Reference 3: http://www.xbrl.org/2003/role/presentationRef<br><br> -Publisher AICPA<br><br> -Name Accounting Principles Board Opinion (APB)<br><br> -Number 12<br><br> -Paragraph 10<br><br> -LegacyDoc This reference is SUPERSEDED by the Accounting Standards Codification effective for interim and annual periods ending after September 15, 2009.  This reference is included to help users transition from the previous accounting hierarchy and will be removed from future versions of this taxonomy.<br><br><br><br>Reference 4: http://www.xbrl.org/2003/role/presentationRef<br><br> -Publisher FASB<br><br> -Name Accounting Standards Codification<br><br> -Topic 210<br><br> -SubTopic 10<br><br> -Section S99<br><br> -Paragraph 1<br><br> -Subparagraph (SX 210.5-02.29)<br><br> -URI http://asc.fasb.org/extlink&amp;oid=6877327&amp;loc=d3e13212-122682<br><br><br><br>Reference 5: http://www.xbrl.org/2003/role/presentationRef<br><br> -Publisher SEC<br><br> -Name Regulation S-X (SX)<br><br> -Number 210<br><br> -Section 04<br><br> -Article 3<br><br><br><br>Reference 6: http://www.xbrl.org/2003/role/presentationRef<br><br> -Publisher SEC<br><br> -Name Regulation S-X (SX)<br><br> -Number 210<br><br> -Section 02<br><br> -Paragraph 30<br><br> -Article 5<br><br><br><br></p>
              </div><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;">
                <table border="0" cellpadding="0" cellspacing="0">
                  <tr>
                    <td><strong> Name:</strong></td>
                    <td><nobr>us-gaap_CommonStockSharesOutstanding</nobr></td>
                  </tr>
                  <tr>
                    <td style="padding-right: 4px;"><nobr><strong> Namespace Prefix:</strong></nobr></td>
                    <td>us-gaap_</td>
                  </tr>
                  <tr>
                    <td><strong> Data Type:</strong></td>
                    <td>xbrli:sharesItemType</td>
                  </tr>
                  <tr>
                    <td><strong> Balance Type:</strong></td>
                    <td>na</td>
                  </tr>
                  <tr>
                    <td><strong> Period Type:</strong></td>
                    <td>instant</td>
                  </tr>
                </table>
              </div>
            </div>
          </td>
        </tr>
      </table>
      <table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_us-gaap_PreferredStockLiquidationPreference">
        <tr>
          <td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td>
        </tr>
        <tr>
          <td>
            <div class="body" style="padding: 2px;"><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div>
                <p>The per share liquidation preference (or restrictions) of nonredeemable preferred stock (or preferred stock redeemable solely at the option of the issuer) that has a preference in involuntary liquidation considerably in excess of the par or stated value of the shares. The liquidation preference is the difference between the preference in liquidation and the par or stated values of the share.</p>
              </div><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;">
                <p>Reference 1: http://www.xbrl.org/2003/role/presentationRef<br><br> -Publisher FASB<br><br> -Name Accounting Standards Codification<br><br> -Topic 505<br><br> -SubTopic 10<br><br> -Section 50<br><br> -Paragraph 3<br><br> -URI http://asc.fasb.org/extlink&amp;oid=6928386&amp;loc=d3e21475-112644<br><br><br><br>Reference 2: http://www.xbrl.org/2003/role/presentationRef<br><br> -Publisher FASB<br><br> -Name Accounting Standards Codification<br><br> -Topic 505<br><br> -SubTopic 10<br><br> -Section 50<br><br> -Paragraph 4<br><br> -URI http://asc.fasb.org/extlink&amp;oid=6928386&amp;loc=d3e21484-112644<br><br><br><br>Reference 3: http://www.xbrl.org/2003/role/presentationRef<br><br> -Publisher SEC<br><br> -Name Regulation S-X (SX)<br><br> -Number 210<br><br> -Article 5<br><br> -Section 02<br><br> -Paragraph 29<br><br><br><br>Reference 4: http://www.xbrl.org/2003/role/presentationRef<br><br> -Publisher FASB<br><br> -Name Accounting Standards Codification<br><br> -Topic 235<br><br> -SubTopic 10<br><br> -Section S99<br><br> -Paragraph 1<br><br> -Subparagraph (SX 210.4-08.(d)(1))<br><br> -URI http://asc.fasb.org/extlink&amp;oid=6881521&amp;loc=d3e23780-122690<br><br><br><br>Reference 5: http://www.xbrl.org/2003/role/presentationRef<br><br> -Publisher SEC<br><br> -Name Regulation S-X (SX)<br><br> -Number 210<br><br> -Article 4<br><br> -Section 08<br><br> -Paragraph d<br><br><br><br>Reference 6: http://www.xbrl.org/2003/role/presentationRef<br><br> -Publisher FASB<br><br> -Name Statement of Financial Accounting Standard (FAS)<br><br> -Number 129<br><br> -Paragraph 4, 6<br><br> -LegacyDoc This reference is SUPERSEDED by the Accounting Standards Codification effective for interim and annual periods ending after September 15, 2009.  This reference is included to help users transition from the previous accounting hierarchy and will be removed from future versions of this taxonomy.<br><br><br><br></p>
              </div><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;">
                <table border="0" cellpadding="0" cellspacing="0">
                  <tr>
                    <td><strong> Name:</strong></td>
                    <td><nobr>us-gaap_PreferredStockLiquidationPreference</nobr></td>
                  </tr>
                  <tr>
                    <td style="padding-right: 4px;"><nobr><strong> Namespace Prefix:</strong></nobr></td>
                    <td>us-gaap_</td>
                  </tr>
                  <tr>
                    <td><strong> Data Type:</strong></td>
                    <td>num:perShareItemType</td>
                  </tr>
                  <tr>
                    <td><strong> Balance Type:</strong></td>
                    <td>na</td>
                  </tr>
                  <tr>
                    <td><strong> Period Type:</strong></td>
                    <td>instant</td>
                  </tr>
                </table>
              </div>
            </div>
          </td>
        </tr>
      </table>
      <table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_us-gaap_PreferredStockParOrStatedValuePerShare">
        <tr>
          <td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td>
        </tr>
        <tr>
          <td>
            <div class="body" style="padding: 2px;"><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div>
                <p>Face amount or stated value per share of nonredeemable preferred stock (or preferred stock redeemable solely at the option of the issuer); generally not indicative of the fair market value per share.</p>
              </div><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;">
                <p>Reference 1: http://www.xbrl.org/2003/role/presentationRef<br><br> -Publisher FASB<br><br> -Name Accounting Standards Codification<br><br> -Topic 210<br><br> -SubTopic 10<br><br> -Section S99<br><br> -Paragraph 1<br><br> -Subparagraph (SX 210.5-02.28)<br><br> -URI http://asc.fasb.org/extlink&amp;oid=6877327&amp;loc=d3e13212-122682<br><br><br><br>Reference 2: http://www.xbrl.org/2003/role/presentationRef<br><br> -Publisher AICPA<br><br> -Name Accounting Principles Board Opinion (APB)<br><br> -Number 12<br><br> -Paragraph 10<br><br> -LegacyDoc This reference is SUPERSEDED by the Accounting Standards Codification effective for interim and annual periods ending after September 15, 2009.  This reference is included to help users transition from the previous accounting hierarchy and will be removed from future versions of this taxonomy.<br><br><br><br>Reference 3: http://www.xbrl.org/2003/role/presentationRef<br><br> -Publisher SEC<br><br> -Name Regulation S-X (SX)<br><br> -Number 210<br><br> -Article 5<br><br> -Section 02<br><br> -Paragraph 29<br><br><br><br>Reference 4: http://www.xbrl.org/2003/role/presentationRef<br><br> -Publisher FASB<br><br> -Name Statement of Financial Accounting Standard (FAS)<br><br> -Number 129<br><br> -Paragraph 2, 3, 4, 5, 6, 7, 8<br><br> -LegacyDoc This reference is SUPERSEDED by the Accounting Standards Codification effective for interim and annual periods ending after September 15, 2009.  This reference is included to help users transition from the previous accounting hierarchy and will be removed from future versions of this taxonomy.<br><br><br><br></p>
              </div><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;">
                <table border="0" cellpadding="0" cellspacing="0">
                  <tr>
                    <td><strong> Name:</strong></td>
                    <td><nobr>us-gaap_PreferredStockParOrStatedValuePerShare</nobr></td>
                  </tr>
                  <tr>
                    <td style="padding-right: 4px;"><nobr><strong> Namespace Prefix:</strong></nobr></td>
                    <td>us-gaap_</td>
                  </tr>
                  <tr>
                    <td><strong> Data Type:</strong></td>
                    <td>num:perShareItemType</td>
                  </tr>
                  <tr>
                    <td><strong> Balance Type:</strong></td>
                    <td>na</td>
                  </tr>
                  <tr>
                    <td><strong> Period Type:</strong></td>
                    <td>instant</td>
                  </tr>
                </table>
              </div>
            </div>
          </td>
        </tr>
      </table>
      <table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_us-gaap_PreferredStockSharesAuthorized">
        <tr>
          <td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td>
        </tr>
        <tr>
          <td>
            <div class="body" style="padding: 2px;"><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div>
                <p>The maximum number of nonredeemable preferred shares (or preferred stock redeemable solely at the option of the issuer) permitted to be issued by an entity's charter and bylaws.</p>
              </div><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;">
                <p>Reference 1: http://www.xbrl.org/2003/role/presentationRef<br><br> -Publisher SEC<br><br> -Name Regulation S-X (SX)<br><br> -Number 210<br><br> -Article 5<br><br> -Section 02<br><br> -Paragraph 29<br><br><br><br>Reference 2: http://www.xbrl.org/2003/role/presentationRef<br><br> -Publisher FASB<br><br> -Name Statement of Financial Accounting Standard (FAS)<br><br> -Number 129<br><br> -Paragraph 2, 3, 4, 5, 6, 7, 8<br><br> -LegacyDoc This reference is SUPERSEDED by the Accounting Standards Codification effective for interim and annual periods ending after September 15, 2009.  This reference is included to help users transition from the previous accounting hierarchy and will be removed from future versions of this taxonomy.<br><br><br><br>Reference 3: http://www.xbrl.org/2003/role/presentationRef<br><br> -Publisher FASB<br><br> -Name Accounting Standards Codification<br><br> -Topic 210<br><br> -SubTopic 10<br><br> -Section S99<br><br> -Paragraph 1<br><br> -Subparagraph (SX 210.5-02.28)<br><br> -URI http://asc.fasb.org/extlink&amp;oid=6877327&amp;loc=d3e13212-122682<br><br><br><br></p>
              </div><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;">
                <table border="0" cellpadding="0" cellspacing="0">
                  <tr>
                    <td><strong> Name:</strong></td>
                    <td><nobr>us-gaap_PreferredStockSharesAuthorized</nobr></td>
                  </tr>
                  <tr>
                    <td style="padding-right: 4px;"><nobr><strong> Namespace Prefix:</strong></nobr></td>
                    <td>us-gaap_</td>
                  </tr>
                  <tr>
                    <td><strong> Data Type:</strong></td>
                    <td>xbrli:sharesItemType</td>
                  </tr>
                  <tr>
                    <td><strong> Balance Type:</strong></td>
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                <p>Total number of nonredeemable preferred shares (or preferred stock redeemable solely at the option of the issuer) issued to shareholders (includes related preferred shares that were issued, repurchased, and remain in the treasury). May be all or portion of the number of preferred shares authorized. Excludes preferred shares that are classified as debt.</p>
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  <body><span style="display: none;">v2.4.0.6</span><table class="report" border="0" cellspacing="2" id="ID0EME">
      <tr>
        <th class="tl" colspan="1" rowspan="2">
          <div style="width: 200px;"><strong>Derivative Financial Instruments<br></strong></div>
        </th>
        <th class="th" colspan="1">12 Months Ended</th>
      </tr>
      <tr>
        <th class="th">
          <div>Dec. 31, 2011</div>
        </th>
      </tr>
      <tr class="re">
        <td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_DerivativeInstrumentsAndHedgingActivitiesDisclosureAbstract', window );"><strong>Derivative Financial Instruments [Abstract]</strong></a></td>
        <td class="text">&#xA0;<span></span></td>
      </tr>
      <tr class="ro">
        <td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_DerivativeInstrumentsAndHedgingActivitiesDisclosureTextBlock', window );">Derivative Financial Instruments</a></td>
        <td class="text"><div> <p style="text-align: left;"><b><font style="font-family: TimesNewRomanPS-BoldMT,Times New Roman,Times,serif;" class="_mt" size="3">Note 11. Derivative Financial Instruments</font></b></p>

<p style="text-align: left;">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<font style="font-family: TimesNewRomanPSMT,Times New Roman,Times,serif;" class="_mt" size="3">At December 31, 2011, the Company had approximately $32.1 million of mortgage loans payable subject to interest rate swaps. Such interest rate swaps converted LIBOR-based variable rates to fixed annual rates of 5.2% and 6.5% per annum. At that date, the Company had accrued liabilities of $2.1 million (included in accounts payable and accrued expenses on the consolidated balance sheet) relating to the fair value of interest rate swaps applicable to existing </font><font style="font-family: TimesNewRomanPSMT,Times New Roman,Times,serif;" class="_mt" size="3">mortgage loans payable. Charges and/or credits relating to the changes in fair values of such interest rate swaps are made to accumulated other comprehensive (loss) income, noncontrolling interests (minority interests in consolidated joint ventures and limited partners' interest), or operations (included in interest expense), as appropriate.</font></p>

<p style="text-align: left;">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<font style="font-family: TimesNewRomanPSMT,Times New Roman,Times,serif;" class="_mt" size="3">The following is a summary of the derivative financial instruments held by the Company and the Cedar/RioCan joint venture at December 31, 2011 and 2010:</font></p>

<div align="left">

<table border="0" cellspacing="0">
<tr><td width="9%"> </td>
<td width="11%"> </td>
<td width="6%"> </td>
<td width="3%"> </td>
<td width="11%"> </td>
<td width="6%"> </td>
<td width="3%"> </td>
<td width="8%"> </td>
<td width="10%"> </td>
<td width="12%"> </td>
<td width="2%"> </td>
<td width="9%"> </td>
<td width="3%"> </td>
<td width="7%"> </td></tr>
<tr valign="bottom"><td width="9%" align="center">&nbsp;</td>
<td width="11%" align="center">&nbsp;</td>
<td width="6%" align="center">&nbsp;</td>
<td style="border-bottom: #000000 1px solid;" width="31%" colspan="5" align="center"><b><font size="3" class="_mt" style="font-family: TimesNewRomanPS-BoldMT,Times New Roman,Times,serif;">Notional values</font></b></td>
<td width="10%" align="center">&nbsp;</td>
<td width="12%" align="center"><b><font size="3" class="_mt" style="font-family: TimesNewRomanPS-BoldMT,Times New Roman,Times,serif;">Balance</font></b></td>
<td style="border-bottom: #000000 1px solid;" width="21%" colspan="4" align="center"><b><font size="3" class="_mt" style="font-family: TimesNewRomanPS-BoldMT,Times New Roman,Times,serif;">Fairvalue</font></b></td></tr>
<tr valign="bottom"><td width="9%" align="center"><b><font size="3" class="_mt" style="font-family: TimesNewRomanPS-BoldMT,Times New Roman,Times,serif;">Designation/</font></b></td>
<td width="11%" align="center">&nbsp;</td>
<td width="6%" align="center">&nbsp;</td>
<td width="3%" align="center">&nbsp;</td>
<td width="11%" align="center"><b><font size="3" class="_mt" style="font-family: TimesNewRomanPS-BoldMT,Times New Roman,Times,serif;">December31,</font></b></td>
<td width="6%" align="center">&nbsp;</td>
<td width="3%" align="center">&nbsp;</td>
<td style="border-bottom: #000000 1px solid;" rowspan="2" width="8%" align="center"><b><font size="3" class="_mt" style="font-family: TimesNewRomanPS-BoldMT,Times New Roman,Times,serif;">December31,</font></b><br /><b><font size="3" class="_mt" style="font-family: TimesNewRomanPS-BoldMT,Times New Roman,Times,serif;">2010</font></b></td>
<td width="10%" align="center"><b><font size="3" class="_mt" style="font-family: TimesNewRomanPS-BoldMT,Times New Roman,Times,serif;">Maturity</font></b></td>
<td width="12%" align="center"><b><font size="3" class="_mt" style="font-family: TimesNewRomanPS-BoldMT,Times New Roman,Times,serif;">sheet</font></b></td>
<td width="2%" align="center">&nbsp;</td>
<td width="19%" colspan="3" align="center"><b><font size="3" class="_mt" style="font-family: TimesNewRomanPS-BoldMT,Times New Roman,Times,serif;">December31, December31,</font></b></td></tr>
<tr valign="bottom"><td style="border-bottom: #000000 1px solid;" width="9%" align="center"><b><font size="3" class="_mt" style="font-family: TimesNewRomanPS-BoldMT,Times New Roman,Times,serif;">Cashflow</font></b></td>
<td style="border-bottom: #000000 1px solid;" width="11%" align="center"><b><font size="3" class="_mt" style="font-family: TimesNewRomanPS-BoldMT,Times New Roman,Times,serif;">Derivative</font></b></td>
<td style="border-bottom: #000000 1px solid;" width="6%" align="center"><b><font size="3" class="_mt" style="font-family: TimesNewRomanPS-BoldMT,Times New Roman,Times,serif;">Count</font></b></td>
<td style="border-bottom: #000000 1px solid;" width="3%" align="center">&nbsp;</td>
<td style="border-bottom: #000000 1px solid;" width="11%" align="center"><b><font size="3" class="_mt" style="font-family: TimesNewRomanPS-BoldMT,Times New Roman,Times,serif;">2011</font></b></td>
<td style="border-bottom: #000000 1px solid;" width="6%" align="center"><b><font size="3" class="_mt" style="font-family: TimesNewRomanPS-BoldMT,Times New Roman,Times,serif;">Count</font></b></td>
<td style="border-bottom: #000000 1px solid;" width="3%" align="center">&nbsp;</td>
<td style="border-bottom: #000000 1px solid;" width="10%" align="center"><b><font size="3" class="_mt" style="font-family: TimesNewRomanPS-BoldMT,Times New Roman,Times,serif;">dates</font></b></td>
<td style="border-bottom: #000000 1px solid;" width="12%" align="center"><b><font size="3" class="_mt" style="font-family: TimesNewRomanPS-BoldMT,Times New Roman,Times,serif;">location</font></b></td>
<td style="border-bottom: #000000 1px solid;" width="2%" align="center">&nbsp;</td>
<td style="border-bottom: #000000 1px solid;" width="9%" align="center"><b><font size="3" class="_mt" style="font-family: TimesNewRomanPS-BoldMT,Times New Roman,Times,serif;">2011</font></b></td>
<td style="border-bottom: #000000 1px solid;" width="3%" align="center">&nbsp;</td>
<td style="border-bottom: #000000 1px solid;" width="7%" align="center"><b><font size="3" class="_mt" style="font-family: TimesNewRomanPS-BoldMT,Times New Roman,Times,serif;">2010</font></b></td></tr>
<tr valign="bottom"><td width="9%" align="left">&nbsp;</td>
<td width="11%" align="center"><font size="3" class="_mt" style="font-family: TimesNewRomanPSMT,Times New Roman,Times,serif;">Interest</font></td>
<td width="6%" align="left">&nbsp;</td>
<td width="3%" align="right">&nbsp;</td>
<td width="11%" align="left">&nbsp;</td>
<td width="6%" align="left">&nbsp;</td>
<td width="3%" align="right">&nbsp;</td>
<td width="8%" align="left">&nbsp;</td>
<td width="10%" align="left">&nbsp;</td>
<td width="12%" align="center"><font size="3" class="_mt" style="font-family: TimesNewRomanPSMT,Times New Roman,Times,serif;">Accrued</font></td>
<td width="2%" align="left">&nbsp;</td>
<td width="9%" align="left">&nbsp;</td>
<td width="3%" align="left">&nbsp;</td>
<td width="7%" align="left">&nbsp;</td></tr>
<tr valign="bottom"><td width="9%" align="left">&nbsp;</td>
<td width="11%" align="center"><font size="3" class="_mt" style="font-family: TimesNewRomanPSMT,Times New Roman,Times,serif;">rate swaps</font></td>
<td width="6%" align="left">&nbsp;</td>
<td width="3%" align="right">&nbsp;</td>
<td width="11%" align="left">&nbsp;</td>
<td width="6%" align="left">&nbsp;</td>
<td width="3%" align="right">&nbsp;</td>
<td width="8%" align="left">&nbsp;</td>
<td width="10%" align="left">&nbsp;</td>
<td width="12%" align="center"><font size="3" class="_mt" style="font-family: TimesNewRomanPSMT,Times New Roman,Times,serif;">liabilities</font></td>
<td width="2%" align="left">&nbsp;</td>
<td width="9%" align="left">&nbsp;</td>
<td width="3%" align="left">&nbsp;</td>
<td width="7%" align="left">&nbsp;</td></tr>
<tr valign="bottom"><td width="9%" align="center"><font size="3" class="_mt" style="font-family: TimesNewRomanPSMT,Times New Roman,Times,serif;">Qualifying</font></td>
<td width="11%" align="center"><font size="3" class="_mt" style="font-family: TimesNewRomanPSMT,Times New Roman,Times,serif;">Consolidated</font></td>
<td width="6%" align="right"><font size="3" class="_mt" style="font-family: TimesNewRomanPSMT,Times New Roman,Times,serif;">3</font></td>
<td style="border-bottom: #000000 3px double;" width="3%" align="right"><font size="3" class="_mt" style="font-family: TimesNewRomanPSMT,Times New Roman,Times,serif;">$</font></td>
<td style="border-bottom: #000000 3px double;" width="11%" align="right"><font size="3" class="_mt" style="font-family: TimesNewRomanPSMT,Times New Roman,Times,serif;">32,091,000</font></td>
<td width="6%" align="right"><font size="3" class="_mt" style="font-family: TimesNewRomanPSMT,Times New Roman,Times,serif;">2</font></td>
<td style="border-bottom: #000000 3px double;" width="3%" align="right"><font size="3" class="_mt" style="font-family: TimesNewRomanPSMT,Times New Roman,Times,serif;">$</font></td>
<td style="border-bottom: #000000 3px double;" width="8%" align="center"><font size="3" class="_mt" style="font-family: TimesNewRomanPSMT,Times New Roman,Times,serif;">20,218,000</font></td>
<td width="10%" align="center"><font size="3" class="_mt" style="font-family: TimesNewRomanPSMT,Times New Roman,Times,serif;">2013-2018</font></td>
<td width="12%" align="center"><font size="3" class="_mt" style="font-family: TimesNewRomanPSMT,Times New Roman,Times,serif;">Consolidated</font></td>
<td style="border-bottom: #000000 3px double;" width="2%" align="left"><font size="3" class="_mt" style="font-family: TimesNewRomanPSMT,Times New Roman,Times,serif;">$</font></td>
<td style="border-bottom: #000000 3px double;" width="9%" align="left"><font size="3" class="_mt" style="font-family: TimesNewRomanPSMT,Times New Roman,Times,serif;">2,053,000</font></td>
<td style="border-bottom: #000000 3px double;" width="3%" align="left"><font size="3" class="_mt" style="font-family: TimesNewRomanPSMT,Times New Roman,Times,serif;">$</font></td>
<td style="border-bottom: #000000 3px double;" width="7%" align="right"><font size="3" class="_mt" style="font-family: TimesNewRomanPSMT,Times New Roman,Times,serif;">1,642,000</font></td></tr>
<tr><td width="100%" colspan="14">&nbsp;</td></tr>
<tr valign="bottom"><td width="9%" align="left">&nbsp;</td>
<td width="11%" align="center"><font size="3" class="_mt" style="font-family: TimesNewRomanPSMT,Times New Roman,Times,serif;">Cedar/RioCan</font></td>
<td width="6%" align="left">&nbsp;</td>
<td width="3%" align="right">&nbsp;</td>
<td width="11%" align="left">&nbsp;</td>
<td width="6%" align="left">&nbsp;</td>
<td width="3%" align="right">&nbsp;</td>
<td width="8%" align="left">&nbsp;</td>
<td width="10%" align="left">&nbsp;</td>
<td width="12%" align="center"><font size="3" class="_mt" style="font-family: TimesNewRomanPSMT,Times New Roman,Times,serif;">Cedar/RioCan</font></td>
<td width="2%" align="left">&nbsp;</td>
<td width="9%" align="left">&nbsp;</td>
<td width="3%" align="left">&nbsp;</td>
<td width="7%" align="left">&nbsp;</td></tr>
<tr valign="bottom"><td width="9%" align="center"><font size="3" class="_mt" style="font-family: TimesNewRomanPSMT,Times New Roman,Times,serif;">Qualifying</font></td>
<td width="11%" align="center"><font size="3" class="_mt" style="font-family: TimesNewRomanPSMT,Times New Roman,Times,serif;">Joint Venture</font></td>
<td width="6%" align="right"><font size="3" class="_mt" style="font-family: TimesNewRomanPSMT,Times New Roman,Times,serif;">1</font></td>
<td style="border-bottom: #000000 3px double;" width="3%" align="right"><font size="3" class="_mt" style="font-family: TimesNewRomanPSMT,Times New Roman,Times,serif;">$</font></td>
<td style="border-bottom: #000000 3px double;" width="11%" align="right"><font size="3" class="_mt" style="font-family: TimesNewRomanPSMT,Times New Roman,Times,serif;">14,182,000</font></td>
<td width="6%" align="center"><font size="3" class="_mt" style="font-family: TimesNewRomanPSMT,Times New Roman,Times,serif;">-</font></td>
<td style="border-bottom: #000000 3px double;" width="3%" align="right"><font size="3" class="_mt" style="font-family: TimesNewRomanPSMT,Times New Roman,Times,serif;">$</font></td>
<td style="border-bottom: #000000 3px double;" width="8%" align="right"><font size="3" class="_mt" style="font-family: TimesNewRomanPSMT,Times New Roman,Times,serif;">-</font></td>
<td width="10%" align="center"><font size="3" class="_mt" style="font-family: TimesNewRomanPSMT,Times New Roman,Times,serif;">2016</font></td>
<td width="12%" align="center"><font size="3" class="_mt" style="font-family: TimesNewRomanPSMT,Times New Roman,Times,serif;">Joint Venture</font></td>
<td style="border-bottom: #000000 3px double;" width="2%" align="left"><font size="3" class="_mt" style="font-family: TimesNewRomanPSMT,Times New Roman,Times,serif;">$</font></td>
<td style="border-bottom: #000000 3px double;" width="9%" align="left"><font size="3" class="_mt" style="font-family: TimesNewRomanPSMT,Times New Roman,Times,serif;">2,419,000</font></td>
<td style="border-bottom: #000000 3px double;" width="3%" align="left"><font size="3" class="_mt" style="font-family: TimesNewRomanPSMT,Times New Roman,Times,serif;">$</font></td>
<td style="border-bottom: #000000 3px double;" width="7%" align="right"><font size="3" class="_mt" style="font-family: TimesNewRomanPSMT,Times New Roman,Times,serif;">-</font></td></tr></table></div>

<p style="margin: 0px;">&nbsp;</p>

<p style="text-align: left;">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<font style="font-family: TimesNewRomanPSMT,Times New Roman,Times,serif;" class="_mt" size="3">The following presents the effect of the Company's derivative financial instruments on the consolidated statements of operations and the consolidated statements of equity for 2011, 2010 and 2009, respectively:</font></p>

<div>&nbsp;</div><br />

<div align="left">

<table border="0" cellspacing="0">
<tr><td width="12%"> </td>
<td width="17%"> </td>
<td width="5%"> </td>
<td width="21%"> </td>
<td width="3%"> </td>
<td width="3%"> </td>
<td width="22%"> </td>
<td width="3%"> </td>
<td width="3%"> </td>
<td width="11%"> </td></tr>
<tr valign="bottom"><td width="12%" align="center">&nbsp;</td>
<td width="17%" align="center">&nbsp;</td>
<td style="border-bottom: #000000 1px solid;" rowspan="2" width="71%" colspan="8" align="center"><b><font size="3" class="_mt" style="font-family: TimesNewRomanPS-BoldMT,Times New Roman,Times,serif;">Amount of gain (loss) recognized in other</font></b><br /><b><font size="3" class="_mt" style="font-family: TimesNewRomanPS-BoldMT,Times New Roman,Times,serif;">comprehensive (loss) income (effective portion)</font></b></td></tr>
<tr valign="bottom"><td width="12%" align="center">&nbsp;</td>
<td width="17%" align="center">&nbsp;</td></tr>
<tr valign="bottom"><td width="12%" align="center"><b><font size="3" class="_mt" style="font-family: TimesNewRomanPS-BoldMT,Times New Roman,Times,serif;">Designation/</font></b></td>
<td width="17%" align="center">&nbsp;</td>
<td style="border-bottom: #000000 1px solid;" width="71%" colspan="8" align="center"><b><font size="3" class="_mt" style="font-family: TimesNewRomanPS-BoldMT,Times New Roman,Times,serif;">Year ended December 31,</font></b></td></tr>
<tr valign="bottom"><td style="border-bottom: #000000 1px solid;" width="12%" align="center"><b><font size="3" class="_mt" style="font-family: TimesNewRomanPS-BoldMT,Times New Roman,Times,serif;">Cash flow</font></b></td>
<td style="border-bottom: #000000 1px solid;" width="17%" align="center"><b><font size="3" class="_mt" style="font-family: TimesNewRomanPS-BoldMT,Times New Roman,Times,serif;">Derivative</font></b></td>
<td style="border-bottom: #000000 1px solid;" width="5%" align="center">&nbsp;</td>
<td style="border-bottom: #000000 1px solid;" width="21%" align="center"><b><font size="3" class="_mt" style="font-family: TimesNewRomanPS-BoldMT,Times New Roman,Times,serif;">2011</font></b></td>
<td style="border-bottom: #000000 1px solid;" width="3%" align="center">&nbsp;</td>
<td style="border-bottom: #000000 1px solid;" width="3%" align="center"> </td>
<td style="border-bottom: #000000 1px solid;" width="22%" align="center"><b><font size="3" class="_mt" style="font-family: TimesNewRomanPS-BoldMT,Times New Roman,Times,serif;">2010</font></b></td>
<td style="border-bottom: #000000 1px solid;" width="3%" align="center">&nbsp;</td>
<td style="border-bottom: #000000 1px solid;" width="3%" align="center"> </td>
<td style="border-bottom: #000000 1px solid;" width="11%" align="center"><b><font size="3" class="_mt" style="font-family: TimesNewRomanPS-BoldMT,Times New Roman,Times,serif;">2009</font></b></td></tr>
<tr valign="bottom"><td width="12%" align="left">&nbsp;</td>
<td width="17%" align="center"><font size="3" class="_mt" style="font-family: TimesNewRomanPSMT,Times New Roman,Times,serif;">Interest rate swaps</font></td>
<td width="5%" align="left">&nbsp;</td>
<td width="21%" align="left">&nbsp;</td>
<td width="3%" align="left">&nbsp;</td>
<td width="3%" align="left"> </td>
<td width="22%" align="left">&nbsp;</td>
<td width="3%" align="left">&nbsp;</td>
<td width="3%" align="left"> </td>
<td width="11%" align="left">&nbsp;</td></tr>
<tr valign="bottom"><td width="12%" align="center"><font size="3" class="_mt" style="font-family: TimesNewRomanPSMT,Times New Roman,Times,serif;">Non-qualifying</font></td>
<td width="17%" align="center"><font size="3" class="_mt" style="font-family: TimesNewRomanPSMT,Times New Roman,Times,serif;">Consolidated</font></td>
<td style="border-bottom: #000000 3px double;" width="5%" align="left"><font size="3" class="_mt" style="font-family: TimesNewRomanPSMT,Times New Roman,Times,serif;">$</font></td>
<td style="border-bottom: #000000 3px double;" width="21%" align="right"><font size="3" class="_mt" style="font-family: TimesNewRomanPSMT,Times New Roman,Times,serif;">- </font></td>
<td style="border-bottom: #000000 3px double;" width="3%" align="left"> </td>
<td style="border-bottom: #000000 3px double;" width="3%" align="left">$</td>
<td style="border-bottom: #000000 3px double;" width="22%" align="right"><font size="3" class="_mt" style="font-family: TimesNewRomanPSMT,Times New Roman,Times,serif;">-</font></td>
<td style="border-bottom: #000000 3px double;" width="3%" align="left">&nbsp;</td>
<td style="border-bottom: #000000 3px double;" width="3%" align="left"> </td>
<td style="border-bottom: #000000 3px double;" width="11%" align="right"><font size="3" class="_mt" style="font-family: TimesNewRomanPSMT,Times New Roman,Times,serif;">106,000</font></td></tr>
<tr><td width="100%" colspan="10">&nbsp;</td></tr>
<tr valign="bottom"><td width="12%" align="center"><font size="3" class="_mt" style="font-family: TimesNewRomanPSMT,Times New Roman,Times,serif;">Qualifying</font></td>
<td width="17%" align="center"><font size="3" class="_mt" style="font-family: TimesNewRomanPSMT,Times New Roman,Times,serif;">Consolidated</font></td>
<td style="border-bottom: #000000 3px double;" width="5%" align="left"><font size="3" class="_mt" style="font-family: TimesNewRomanPSMT,Times New Roman,Times,serif;">$</font></td>
<td style="border-bottom: #000000 3px double;" width="21%" align="right"><font size="3" class="_mt" style="font-family: TimesNewRomanPSMT,Times New Roman,Times,serif;">(398,000</font></td>
<td style="border-bottom: #000000 3px double;" width="3%" align="left"><font size="3" class="_mt" style="font-family: TimesNewRomanPSMT,Times New Roman,Times,serif;">) </font></td>
<td style="border-bottom: #000000 3px double;" width="3%" align="left"><font size="3" class="_mt" style="font-family: TimesNewRomanPSMT,Times New Roman,Times,serif;">$</font></td>
<td style="border-bottom: #000000 3px double;" width="22%" align="right"><font size="3" class="_mt" style="font-family: TimesNewRomanPSMT,Times New Roman,Times,serif;">(670,000</font></td>
<td style="border-bottom: #000000 3px double;" width="3%" align="left"><font size="3" class="_mt" style="font-family: TimesNewRomanPSMT,Times New Roman,Times,serif;">) </font></td>
<td style="border-bottom: #000000 3px double;" width="3%" align="left"><font size="3" class="_mt" style="font-family: TimesNewRomanPSMT,Times New Roman,Times,serif;">$</font></td>
<td style="border-bottom: #000000 3px double;" width="11%" align="right"><font size="3" class="_mt" style="font-family: TimesNewRomanPSMT,Times New Roman,Times,serif;">4,237,000</font></td></tr>
<tr><td width="100%" colspan="10">&nbsp;</td></tr>
<tr valign="bottom"><td width="12%" align="left">&nbsp;</td>
<td width="17%" align="center"><font size="3" class="_mt" style="font-family: TimesNewRomanPSMT,Times New Roman,Times,serif;">Cedar/RioCan</font></td>
<td width="5%" align="left">&nbsp;</td>
<td width="21%" align="left">&nbsp;</td>
<td width="3%" align="left">&nbsp;</td>
<td width="3%" align="left"> </td>
<td width="22%" align="left">&nbsp;</td>
<td width="3%" align="left">&nbsp;</td>
<td width="3%" align="left"> </td>
<td width="11%" align="left">&nbsp;</td></tr>
<tr valign="bottom"><td width="12%" align="center"><font size="3" class="_mt" style="font-family: TimesNewRomanPSMT,Times New Roman,Times,serif;">Qualifying</font></td>
<td width="17%" align="center"><font size="3" class="_mt" style="font-family: TimesNewRomanPSMT,Times New Roman,Times,serif;">Joint Venture</font></td>
<td style="border-bottom: #000000 3px double;" width="5%" align="left"><font size="3" class="_mt" style="font-family: TimesNewRomanPSMT,Times New Roman,Times,serif;">$</font></td>
<td style="border-bottom: #000000 3px double;" width="21%" align="right"><font size="3" class="_mt" style="font-family: TimesNewRomanPSMT,Times New Roman,Times,serif;">(118,000</font></td>
<td style="border-bottom: #000000 3px double;" width="3%" align="left"><font size="3" class="_mt" style="font-family: TimesNewRomanPSMT,Times New Roman,Times,serif;">) </font></td>
<td style="border-bottom: #000000 3px double;" width="3%" align="left"><font size="3" class="_mt" style="font-family: TimesNewRomanPSMT,Times New Roman,Times,serif;">$</font></td>
<td style="border-bottom: #000000 3px double;" width="22%" align="right"><font size="3" class="_mt" style="font-family: TimesNewRomanPSMT,Times New Roman,Times,serif;">- </font></td>
<td style="border-bottom: #000000 3px double;" width="3%" align="left">&nbsp;</td>
<td style="border-bottom: #000000 3px double;" width="3%" align="left">$</td>
<td style="border-bottom: #000000 3px double;" width="11%" align="right"><font size="3" class="_mt" style="font-family: TimesNewRomanPSMT,Times New Roman,Times,serif;">-</font></td></tr></table></div>

<p style="margin: 0px;">&nbsp;</p>

<p style="text-align: left;"><font style="font-family: TimesNewRomanPSMT,Times New Roman,Times,serif;" class="_mt" size="3">The above table does not include amortization and adjustments related to the terminated Crossroads II swap which were recorded as a reduction of other comprehensive income and as a reduction of interest expense in the amount of $409,000 and $252,000 in 2011 and 2010, respectively.</font></p>

<div>

<table style="width: 844px; height: 171px;" border="0" cellspacing="0">
<tr><td width="23%">&nbsp;</td>
<td width="33%">&nbsp;</td>
<td width="3%">&nbsp;</td>
<td width="13%">&nbsp;</td>
<td width="2%">&nbsp;</td>
<td width="11%">&nbsp;</td>
<td width="2%">&nbsp;</td>
<td width="9%">&nbsp;</td></tr>
<tr valign="bottom"><td width="23%" align="left">&nbsp;</td>
<td width="33%" align="left">&nbsp;</td>
<td style="border-bottom: #000000 1px solid;" rowspan="2" width="40%" colspan="6" align="center"><b><font style="font-family: TimesNewRomanPS-BoldMT,Times New Roman,Times,serif;" class="_mt" size="3">Amount of gain recognized in interest expense</font></b><br /><b><font style="font-family: TimesNewRomanPS-BoldMT,Times New Roman,Times,serif;" class="_mt" size="3">(ineffective portion)</font></b></td></tr>
<tr valign="bottom"><td width="23%" align="left">&nbsp;</td>
<td width="33%" align="left">&nbsp;</td></tr>
<tr valign="bottom"><td width="23%" align="left">&nbsp;</td>
<td width="33%" align="left">&nbsp;</td>
<td style="border-bottom: #000000 1px solid;" width="40%" colspan="6" align="center"><b><font style="font-family: TimesNewRomanPS-BoldMT,Times New Roman,Times,serif;" class="_mt" size="3">Year ended December 31,</font></b></td></tr>
<tr valign="bottom"><td width="23%" align="left">&nbsp;</td>
<td width="33%" align="left">&nbsp;</td>
<td style="border-bottom: #000000 1px solid;" width="16%" colspan="2" align="center"><b><font style="font-family: TimesNewRomanPS-BoldMT,Times New Roman,Times,serif;" class="_mt" size="3">2011</font></b></td>
<td style="border-bottom: #000000 1px solid; text-indent: 10px;" width="13%" colspan="2" align="center"><b><font style="font-family: TimesNewRomanPS-BoldMT,Times New Roman,Times,serif;" class="_mt" size="3">2010</font></b></td>
<td style="border-bottom: #000000 1px solid;" width="11%" colspan="2" align="center"><b><font style="font-family: TimesNewRomanPS-BoldMT,Times New Roman,Times,serif;" class="_mt" size="3">2009</font></b></td></tr>
<tr valign="bottom"><td width="23%" align="center"><font style="font-family: TimesNewRomanPSMT,Times New Roman,Times,serif;" class="_mt" size="3">Non-qualifying</font></td>
<td width="33%" align="left"><font style="font-family: TimesNewRomanPSMT,Times New Roman,Times,serif;" class="_mt" size="3">Interest rate swaps</font></td>
<td style="border-bottom: #000000 3px double;" width="3%" align="left"><font style="font-family: TimesNewRomanPSMT,Times New Roman,Times,serif;" class="_mt" size="3">$</font></td>
<td style="border-bottom: #000000 3px double;" width="13%" align="left"><font style="font-family: TimesNewRomanPSMT,Times New Roman,Times,serif;" class="_mt" size="3">-</font></td>
<td style="border-bottom: #000000 3px double;" width="2%" align="left"><font style="font-family: TimesNewRomanPSMT,Times New Roman,Times,serif;" class="_mt" size="3">$</font></td>
<td style="border-bottom: #000000 3px double;" width="11%" align="left"><font style="font-family: TimesNewRomanPSMT,Times New Roman,Times,serif;" class="_mt" size="3">-</font></td>
<td style="border-bottom: #000000 3px double;" width="2%" align="right"><font style="font-family: TimesNewRomanPSMT,Times New Roman,Times,serif;" class="_mt" size="3">$</font></td>
<td style="border-bottom: #000000 3px double;" width="9%" align="right"><font style="font-family: TimesNewRomanPSMT,Times New Roman,Times,serif;" class="_mt" size="3">107,000</font></td></tr>
<tr valign="bottom"><td width="23%" align="center"><font style="font-family: TimesNewRomanPSMT,Times New Roman,Times,serif;" class="_mt" size="3">Qualifying</font></td>
<td width="33%" align="left"><font style="font-family: TimesNewRomanPSMT,Times New Roman,Times,serif;" class="_mt" size="3">Interest rate swaps</font></td>
<td style="border-bottom: #000000 3px double;" width="3%" align="left"><font style="font-family: TimesNewRomanPSMT,Times New Roman,Times,serif;" class="_mt" size="3">$</font></td>
<td style="border-bottom: #000000 3px double;" width="13%" align="left"><font style="font-family: TimesNewRomanPSMT,Times New Roman,Times,serif;" class="_mt" size="3">-</font></td>
<td style="border-bottom: #000000 3px double;" width="2%" align="left"><font style="font-family: TimesNewRomanPSMT,Times New Roman,Times,serif;" class="_mt" size="3">$</font></td>
<td style="border-bottom: #000000 3px double;" width="11%" align="left"><font style="font-family: TimesNewRomanPSMT,Times New Roman,Times,serif;" class="_mt" size="3">-</font></td>
<td style="border-bottom: #000000 3px double;" width="2%" align="right"><font style="font-family: TimesNewRomanPSMT,Times New Roman,Times,serif;" class="_mt" size="3">$</font></td>
<td style="border-bottom: #000000 3px double;" width="9%" align="right"><font style="font-family: TimesNewRomanPSMT,Times New Roman,Times,serif;" class="_mt" size="3">67,000</font></td></tr></table></div>

<p style="margin: 0px;">&nbsp;</p>

<p style="text-align: left;">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<font style="font-family: TimesNewRomanPSMT,Times New Roman,Times,serif;" class="_mt" size="3">As of December 31, 2011, the Company believes it has no significant risk associated with non-performance of the financial institutions which are the counterparties to its derivative contracts. Additionally, based on the rates in effect as of December 31, 2011, if a counterparty were to default, the Company would receive a net interest benefit. On January 20, 2010, the Company paid approximately $5.5 million to terminate interest rate swaps applicable to the financing for its development joint venture project in Stroudsburg, Pennsylvania.</font></p> </div><span></span></td>
      </tr>
    </table>
    <div style="display: none;">
      <table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_us-gaap_DerivativeInstrumentsAndHedgingActivitiesDisclosureAbstract">
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        </tr>
        <tr>
          <td>
            <div class="body" style="padding: 2px;"><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Details</a><div>
                <table border="0" cellpadding="0" cellspacing="0">
                  <tr>
                    <td><strong> Name:</strong></td>
                    <td><nobr>us-gaap_DerivativeInstrumentsAndHedgingActivitiesDisclosureAbstract</nobr></td>
                  </tr>
                  <tr>
                    <td style="padding-right: 4px;"><nobr><strong> Namespace Prefix:</strong></nobr></td>
                    <td>us-gaap_</td>
                  </tr>
                  <tr>
                    <td><strong> Data Type:</strong></td>
                    <td>xbrli:stringItemType</td>
                  </tr>
                  <tr>
                    <td><strong> Balance Type:</strong></td>
                    <td>na</td>
                  </tr>
                  <tr>
                    <td><strong> Period Type:</strong></td>
                    <td>duration</td>
                  </tr>
                </table>
              </div>
            </div>
          </td>
        </tr>
      </table>
      <table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_us-gaap_DerivativeInstrumentsAndHedgingActivitiesDisclosureTextBlock">
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            <div class="body" style="padding: 2px;"><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div>
                <p>The entire disclosure for the entity's entire derivative instruments and hedging activities.  Describes an entity's risk management strategies, derivatives in hedging activities and non-hedging derivative instruments, the assets, obligations, liabilities, revenues and expenses arising therefrom, and the amounts of and methodologies and assumptions used in determining the amounts of such items.</p>
              </div><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;">
                <p>Reference 1: http://www.xbrl.org/2003/role/presentationRef<br><br> -Publisher FASB<br><br> -Name Statement of Financial Accounting Standard (FAS)<br><br> -Number 133<br><br> -Paragraph 44<br><br> -LegacyDoc This reference is SUPERSEDED by the Accounting Standards Codification effective for interim and annual periods ending after September 15, 2009.  This reference is included to help users transition from the previous accounting hierarchy and will be removed from future versions of this taxonomy.<br><br><br><br>Reference 2: http://www.xbrl.org/2003/role/presentationRef<br><br> -Publisher FASB<br><br> -Name Accounting Standards Codification<br><br> -Topic 815<br><br> -SubTopic 10<br><br> -Section 50<br><br> -Paragraph 1B<br><br> -URI http://asc.fasb.org/extlink&amp;oid=6935481&amp;loc=SL5580258-113959<br><br><br><br>Reference 3: http://www.xbrl.org/2003/role/presentationRef<br><br> -Publisher FASB<br><br> -Name Accounting Standards Codification<br><br> -Topic 235<br><br> -SubTopic 10<br><br> -Section S99<br><br> -Paragraph 1<br><br> -Subparagraph (SX 210.4-08.(n))<br><br> -URI http://asc.fasb.org/extlink&amp;oid=6881521&amp;loc=d3e23780-122690<br><br><br><br>Reference 4: http://www.xbrl.org/2003/role/presentationRef<br><br> -Publisher FASB<br><br> -Name Accounting Standards Codification<br><br> -Topic 815<br><br> -SubTopic 10<br><br> -Section 50<br><br> -Paragraph 4A<br><br> -URI http://asc.fasb.org/extlink&amp;oid=6935481&amp;loc=SL5618551-113959<br><br><br><br>Reference 5: http://www.xbrl.org/2003/role/presentationRef<br><br> -Publisher FASB<br><br> -Name Accounting Standards Codification<br><br> -Topic 815<br><br> -SubTopic 10<br><br> -Section 50<br><br> -Paragraph 4B<br><br> -URI http://asc.fasb.org/extlink&amp;oid=6935481&amp;loc=SL5624163-113959<br><br><br><br>Reference 6: http://www.xbrl.org/2003/role/presentationRef<br><br> -Publisher FASB<br><br> -Name Accounting Standards Codification<br><br> -Topic 815<br><br> -SubTopic 10<br><br> -Section 50<br><br> -Paragraph 4J<br><br> -URI http://asc.fasb.org/extlink&amp;oid=6935481&amp;loc=SL5708773-113959<br><br><br><br>Reference 7: http://www.xbrl.org/2003/role/presentationRef<br><br> -Publisher FASB<br><br> -Name Accounting Standards Codification<br><br> -Topic 815<br><br> -SubTopic 10<br><br> -Section 50<br><br> -Paragraph 4<br><br> -URI http://asc.fasb.org/extlink&amp;oid=6935481&amp;loc=d3e41638-113959<br><br><br><br>Reference 8: http://www.xbrl.org/2003/role/presentationRef<br><br> -Publisher FASB<br><br> -Name Accounting Standards Codification<br><br> -Topic 815<br><br> -SubTopic 10<br><br> -Section 50<br><br> -Paragraph 4C<br><br> -URI http://asc.fasb.org/extlink&amp;oid=6935481&amp;loc=SL5624171-113959<br><br><br><br>Reference 9: http://www.xbrl.org/2003/role/presentationRef<br><br> -Publisher FASB<br><br> -Name Accounting Standards Codification<br><br> -Topic 815<br><br> -SubTopic 10<br><br> -Section 50<br><br> -Paragraph 2<br><br> -URI http://asc.fasb.org/extlink&amp;oid=6935481&amp;loc=d3e41620-113959<br><br><br><br>Reference 10: http://www.xbrl.org/2003/role/presentationRef<br><br> -Publisher FASB<br><br> -Name Accounting Standards Codification<br><br> -Topic 815<br><br> -SubTopic 10<br><br> -Section 50<br><br> -Paragraph 5<br><br> -URI 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                <p>If the value is true, then the document as an amendment to previously-filed/accepted document.</p>
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                <p>End date of current fiscal year in the format --MM-DD.</p>
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                <p>No definition available.</p>
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                <p>This is focus fiscal period of the document report. For a first quarter 2006 quarterly report, which may also provide financial information from prior periods, the first fiscal quarter should be given as the fiscal period focus. Values: FY, Q1, Q2, Q3, Q4, H1, H2, M9, T1, T2, T3, M8, CY.</p>
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                <p>This is focus fiscal year of the document report in CCYY format. For a 2006 annual report, which may also provide financial information from prior periods, fiscal 2006 should be given as the fiscal year focus. Example: 2006.</p>
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                <p>No definition available.</p>
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                <p>The end date of the period reflected on the cover page if a periodic report. For all other reports and registration statements containing historical data, it is the date up through which that historical data is presented.  If there is no historical data in the report, use the filing date. The format of the date is CCYY-MM-DD.</p>
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                <p>The type of document being provided (such as 10-K, 10-Q, N-1A, etc). The document type is limited to the same value as the supporting SEC submission type, minus any "/A" suffix. The acceptable values are as follows: S-1, S-3, S-4, S-11, F-1, F-3, F-4, F-9, F-10, 6-K, 8-K, 10, 10-K, 10-Q, 20-F, 40-F, N-1A, 485BPOS, 497, NCSR, N-CSR, N-CSRS, N-Q, 10-KT, 10-QT, 20-FT, and Other.</p>
              </div><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;">
                <p>No definition available.</p>
              </div><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;">
                <table border="0" cellpadding="0" cellspacing="0">
                  <tr>
                    <td><strong> Name:</strong></td>
                    <td><nobr>dei_DocumentType</nobr></td>
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                    <td style="padding-right: 4px;"><nobr><strong> Namespace Prefix:</strong></nobr></td>
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                    <td><strong> Data Type:</strong></td>
                    <td>dei:submissionTypeItemType</td>
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                    <td><strong> Balance Type:</strong></td>
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        <tr>
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            <div class="body" style="padding: 2px;"><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div>
                <p>A unique 10-digit SEC-issued value to identify entities that have filed disclosures with the SEC. It is commonly abbreviated as CIK.</p>
              </div><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;">
                <p>Reference 1: http://www.xbrl.org/2003/role/presentationRef<br><br> -Publisher SEC<br><br> -Name Regulation 12B<br><br> -Number 240<br><br> -Section 12b<br><br> -Subsection 1<br><br><br><br></p>
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                    <td><nobr>dei_EntityCentralIndexKey</nobr></td>
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                <p>Indicate number of shares outstanding of each of registrant's classes of common stock, as of latest practicable date. Where multiple classes exist define each class by adding class of stock items such as Common Class A [Member], Common Class B [Member] onto the Instrument [Domain] of the Entity Listings, Instrument</p>
              </div><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;">
                <p>No definition available.</p>
              </div><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;">
                <table border="0" cellpadding="0" cellspacing="0">
                  <tr>
                    <td><strong> Name:</strong></td>
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                    <td>na</td>
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            <div class="body" style="padding: 2px;"><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div>
                <p>Indicate "Yes" or "No" whether registrants (1) have filed all reports required to be filed by Section 13 or 15(d) of the Securities Exchange Act of 1934 during the preceding 12 months (or for such shorter period that registrants were required to file such reports), and (2) have been subject to such filing requirements for the past 90 days. This information should be based on the registrant's current or most recent filing containing the related disclosure.</p>
              </div><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;">
                <p>No definition available.</p>
              </div><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;">
                <table border="0" cellpadding="0" cellspacing="0">
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                    <td><strong> Name:</strong></td>
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            <div class="body" style="padding: 2px;"><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div>
                <p>Indicate whether the registrant is one of the following: (1) Large Accelerated Filer, (2) Accelerated Filer, (3) Non-accelerated Filer, or (4) Smaller Reporting Company. Definitions of these categories are stated in Rule 12b-2 of the Exchange Act. This information should be based on the registrant's current or most recent filing containing the related disclosure.</p>
              </div><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;">
                <p>No definition available.</p>
              </div><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;">
                <table border="0" cellpadding="0" cellspacing="0">
                  <tr>
                    <td><strong> Name:</strong></td>
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            <div class="body" style="padding: 2px;"><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div>
                <p>State aggregate market value of voting and non-voting common equity held by non-affiliates computed by reference to price at which the common equity was last sold, or average bid and asked price of such common equity, as of the last business day of registrant's most recently completed second fiscal quarter. The public float should be reported on the cover page of the registrants form 10K.</p>
              </div><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;">
                <p>No definition available.</p>
              </div><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;">
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            <div class="body" style="padding: 2px;"><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div>
                <p>The exact name of the entity filing the report as specified in its charter, which is required by forms filed with the SEC.</p>
              </div><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;">
                <p>Reference 1: http://www.xbrl.org/2003/role/presentationRef<br><br> -Publisher SEC<br><br> -Name Regulation 12B<br><br> -Number 240<br><br> -Section 12b<br><br> -Subsection 1<br><br><br><br></p>
              </div><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;">
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                  <tr>
                    <td><strong> Name:</strong></td>
                    <td><nobr>dei_EntityRegistrantName</nobr></td>
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                    <td>na</td>
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                    <td><strong> Period Type:</strong></td>
                    <td>duration</td>
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      <table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_dei_EntityVoluntaryFilers">
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          <td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td>
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        <tr>
          <td>
            <div class="body" style="padding: 2px;"><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div>
                <p>Indicate "Yes" or "No" if the registrant is not required to file reports pursuant to Section 13 or Section 15(d) of the Act.</p>
              </div><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;">
                <p>No definition available.</p>
              </div><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;">
                <table border="0" cellpadding="0" cellspacing="0">
                  <tr>
                    <td><strong> Name:</strong></td>
                    <td><nobr>dei_EntityVoluntaryFilers</nobr></td>
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                    <td style="padding-right: 4px;"><nobr><strong> Namespace Prefix:</strong></nobr></td>
                    <td>dei_</td>
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                    <td><strong> Balance Type:</strong></td>
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        <tr>
          <td>
            <div class="body" style="padding: 2px;"><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div>
                <p>Indicate "Yes" or "No" if the registrant is a well-known seasoned issuer, as defined in Rule 405 of the Securities Act. Is used on Form Type: 10-K, 10-Q, 8-K, 20-F, 6-K, 10-K/A, 10-Q/A, 20-F/A, 6-K/A, N-CSR, N-Q, N-1A.</p>
              </div><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;">
                <p>No definition available.</p>
              </div><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;">
                <table border="0" cellpadding="0" cellspacing="0">
                  <tr>
                    <td><strong> Name:</strong></td>
                    <td><nobr>dei_EntityWellKnownSeasonedIssuer</nobr></td>
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  <body><span style="display: none;">v2.4.0.6</span><table class="report" border="0" cellspacing="2" id="ID0EME">
      <tr>
        <th class="tl" colspan="1" rowspan="2">
          <div style="width: 200px;"><strong>Intangible Lease Asset/Liability<br></strong></div>
        </th>
        <th class="th" colspan="1">12 Months Ended</th>
      </tr>
      <tr>
        <th class="th">
          <div>Dec. 31, 2011</div>
        </th>
      </tr>
      <tr class="re">
        <td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_cdr_IntangibleLeaseAssetLiabilityAbstract', window );"><strong>Intangible Lease Asset/Liability [Abstract]</strong></a></td>
        <td class="text">&#xA0;<span></span></td>
      </tr>
      <tr class="ro">
        <td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_cdr_IntangibleLeaseAssetLiabilityDisclosureTextBlock', window );">Intangible Lease Asset/Liability</a></td>
        <td class="text"><div> <p style="text-align: left;"><b><font style="font-family: TimesNewRomanPS-BoldMT,Times New Roman,Times,serif;" class="_mt" size="3">Note 12. Intangible Lease Asset/Liability</font></b></p>

<p style="text-align: left;">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<font style="font-family: TimesNewRomanPSMT,Times New Roman,Times,serif;" class="_mt" size="3">Unamortized intangible lease liabilities that relate to below-market leases amounted to $35.0 million and $40.3 million at December 31, 2011 and December 31, 2010, respectively. Unamortized intangible lease assets that relate to above-market leases amounted to $0.5 million and $0 at December 31, 2011 and December 31, 2010, respectively.</font></p>

<div>&nbsp;</div><br />

<p style="text-align: left;">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<font style="font-family: TimesNewRomanPSMT,Times New Roman,Times,serif;" class="_mt" size="3">The unamortized balance of intangible lease liabilities at December 31, 2011 is net of accumulated amortization of $51.8 million, and will be credited to future operations through 2043 as follows:</font></p>

<div>

<table border="0" cellspacing="0">
<tr><td width="41%">&nbsp;</td>
<td width="12%">&nbsp;</td>
<td width="46%">&nbsp;</td></tr>
<tr valign="bottom"><td align="right"><font style="font-family: TimesNewRomanPSMT,Times New Roman,Times,serif;" class="_mt" size="3">2012</font></td>
<td align="left"><font style="font-family: TimesNewRomanPSMT,Times New Roman,Times,serif;" class="_mt" size="3">$</font></td>
<td align="right"><font style="font-family: TimesNewRomanPSMT,Times New Roman,Times,serif;" class="_mt" size="3">5,097,000</font></td></tr>
<tr valign="bottom"><td align="right"><font style="font-family: TimesNewRomanPSMT,Times New Roman,Times,serif;" class="_mt" size="3">2013</font></td>
<td align="left">&nbsp;</td>
<td align="right"><font style="font-family: TimesNewRomanPSMT,Times New Roman,Times,serif;" class="_mt" size="3">4,668,000</font></td></tr>
<tr valign="bottom"><td align="right"><font style="font-family: TimesNewRomanPSMT,Times New Roman,Times,serif;" class="_mt" size="3">2014</font></td>
<td align="left">&nbsp;</td>
<td align="right"><font style="font-family: TimesNewRomanPSMT,Times New Roman,Times,serif;" class="_mt" size="3">4,207,000</font></td></tr>
<tr valign="bottom"><td align="right"><font style="font-family: TimesNewRomanPSMT,Times New Roman,Times,serif;" class="_mt" size="3">2015</font></td>
<td align="left">&nbsp;</td>
<td align="right"><font style="font-family: TimesNewRomanPSMT,Times New Roman,Times,serif;" class="_mt" size="3">3,093,000</font></td></tr>
<tr valign="bottom"><td align="right"><font style="font-family: TimesNewRomanPSMT,Times New Roman,Times,serif;" class="_mt" size="3">2016</font></td>
<td align="left">&nbsp;</td>
<td align="right"><font style="font-family: TimesNewRomanPSMT,Times New Roman,Times,serif;" class="_mt" size="3">1,911,000</font></td></tr>
<tr valign="bottom"><td align="right"><font style="font-family: TimesNewRomanPSMT,Times New Roman,Times,serif;" class="_mt" size="3">Thereafter</font></td>
<td style="border-bottom: #000000 1px solid;" align="left">&nbsp;</td>
<td style="border-bottom: #000000 1px solid;" align="right"><font style="font-family: TimesNewRomanPSMT,Times New Roman,Times,serif;" class="_mt" size="3">16,041,000</font></td></tr>
<tr valign="bottom"><td align="left">&nbsp;</td>
<td style="border-bottom: #000000 3px double;" align="left"><font style="font-family: TimesNewRomanPSMT,Times New Roman,Times,serif;" class="_mt" size="3">$</font></td>
<td style="border-bottom: #000000 3px double;" align="right"><font style="font-family: TimesNewRomanPSMT,Times New Roman,Times,serif;" class="_mt" size="3">35,017,000</font></td></tr></table></div>

<p style="margin: 0px;">&nbsp;</p> </div><span></span></td>
      </tr>
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            <div class="body" style="padding: 2px;"><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Details</a><div>
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                  <tr>
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            <div class="body" style="padding: 2px;"><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div>
                <p>The identifiable intangible net asset or liability established for an assumed above or below-market lease acquired in an acquisition. Such asset or liability is established regardless of whether the acquiree is the lessee or the lessor.</p>
              </div><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;">
                <p>No definition available.</p>
              </div><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;">
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                    <td><strong> Data Type:</strong></td>
                    <td>nonnum:textBlockItemType</td>
                  </tr>
                  <tr>
                    <td><strong> Balance Type:</strong></td>
                    <td>na</td>
                  </tr>
                  <tr>
                    <td><strong> Period Type:</strong></td>
                    <td>duration</td>
                  </tr>
                </table>
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            </div>
          </td>
        </tr>
      </table>
    </div>
  </body>
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</TEXT>
</DOCUMENT>
<DOCUMENT>
<TYPE>XML
<SEQUENCE>39
<FILENAME>R4.htm
<DESCRIPTION>IDEA: XBRL DOCUMENT
<TEXT>
<html>
  <head>
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  <body><span style="display: none;">v2.4.0.6</span><table class="report" border="0" cellspacing="2" id="ID0EGIAI">
      <tr>
        <th class="tl" colspan="1" rowspan="2">
          <div style="width: 200px;"><strong>Consolidated Statements Of Operations (USD $)<br></strong></div>
        </th>
        <th class="th" colspan="3">12 Months Ended</th>
      </tr>
      <tr>
        <th class="th">
          <div>Dec. 31, 2011</div>
        </th>
        <th class="th">
          <div>Dec. 31, 2010</div>
        </th>
        <th class="th">
          <div>Dec. 31, 2009</div>
        </th>
      </tr>
      <tr class="re">
        <td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_RevenuesAbstract', window );"><strong>Revenues:</strong></a></td>
        <td class="text">&#xA0;<span></span></td>
        <td class="text">&#xA0;<span></span></td>
        <td class="text">&#xA0;<span></span></td>
      </tr>
      <tr class="ro">
        <td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_OperatingLeasesIncomeStatementLeaseRevenue', window );">Rents</a></td>
        <td class="nump">$ 105,452,000<span></span></td>
        <td class="nump">$ 102,070,000<span></span></td>
        <td class="nump">$ 113,041,000<span></span></td>
      </tr>
      <tr class="re">
        <td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_TenantReimbursements', window );">Expense recoveries</a></td>
        <td class="nump">26,947,000<span></span></td>
        <td class="nump">25,716,000<span></span></td>
        <td class="nump">27,066,000<span></span></td>
      </tr>
      <tr class="ro">
        <td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_OtherRealEstateRevenue', window );">Other</a></td>
        <td class="nump">3,014,000<span></span></td>
        <td class="nump">3,786,000<span></span></td>
        <td class="nump">288,000<span></span></td>
      </tr>
      <tr class="reu">
        <td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_Revenues', window );">Total revenues</a></td>
        <td class="nump">135,413,000<span></span></td>
        <td class="nump">131,572,000<span></span></td>
        <td class="nump">140,395,000<span></span></td>
      </tr>
      <tr class="ro">
        <td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_OperatingExpensesAbstract', window );"><strong>Expenses:</strong></a></td>
        <td class="text">&#xA0;<span></span></td>
        <td class="text">&#xA0;<span></span></td>
        <td class="text">&#xA0;<span></span></td>
      </tr>
      <tr class="re">
        <td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_OtherCostAndExpenseOperating', window );">Operating, maintenance and management</a></td>
        <td class="nump">27,608,000<span></span></td>
        <td class="nump">25,632,000<span></span></td>
        <td class="nump">24,732,000<span></span></td>
      </tr>
      <tr class="ro">
        <td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_RealEstateTaxExpense', window );">Real estate and other property-related taxes</a></td>
        <td class="nump">16,628,000<span></span></td>
        <td class="nump">16,151,000<span></span></td>
        <td class="nump">15,725,000<span></span></td>
      </tr>
      <tr class="re">
        <td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_GeneralAndAdministrativeExpense', window );">General and administrative</a></td>
        <td class="nump">11,085,000<span></span></td>
        <td class="nump">9,537,000<span></span></td>
        <td class="nump">10,158,000<span></span></td>
      </tr>
      <tr class="ro">
        <td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_cdr_ManagementTransitionCharges', window );">Management transition charges</a></td>
        <td class="nump">6,530,000<span></span></td>
        <td class="text">&#xA0;<span></span></td>
        <td class="text">&#xA0;<span></span></td>
      </tr>
      <tr class="re">
        <td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_ImpairmentOfRealEstate', window );">Impairment charges</a></td>
        <td class="nump">7,148,000<span></span></td>
        <td class="nump">2,493,000<span></span></td>
        <td class="nump">23,636,000<span></span></td>
      </tr>
      <tr class="ro">
        <td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_cdr_AcquisitionTransactionCostsAndTerminatedProjectsExpenses', window );">Acquisition transaction costs and terminated projects</a></td>
        <td class="nump">1,436,000<span></span></td>
        <td class="nump">3,958,000<span></span></td>
        <td class="nump">4,367,000<span></span></td>
      </tr>
      <tr class="re">
        <td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_DepreciationAndAmortization', window );">Depreciation and amortization</a></td>
        <td class="nump">43,250,000<span></span></td>
        <td class="nump">34,872,000<span></span></td>
        <td class="nump">42,853,000<span></span></td>
      </tr>
      <tr class="rou">
        <td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_OperatingExpenses', window );">Total expenses</a></td>
        <td class="nump">113,685,000<span></span></td>
        <td class="nump">92,643,000<span></span></td>
        <td class="nump">121,471,000<span></span></td>
      </tr>
      <tr class="reu">
        <td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_OperatingIncomeLoss', window );">Operating income</a></td>
        <td class="nump">21,728,000<span></span></td>
        <td class="nump">38,929,000<span></span></td>
        <td class="nump">18,924,000<span></span></td>
      </tr>
      <tr class="ro">
        <td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_NonoperatingIncomeExpenseAbstract', window );"><strong>Non-operating income and expense:</strong></a></td>
        <td class="text">&#xA0;<span></span></td>
        <td class="text">&#xA0;<span></span></td>
        <td class="text">&#xA0;<span></span></td>
      </tr>
      <tr class="re">
        <td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_cdr_InterestExpenseIncludingAmortizationOfDeferredFinancingCosts', window );">Interest expense, including amortization of deferred financing costs</a></td>
        <td class="num">(41,870,000)<span></span></td>
        <td class="num">(43,138,000)<span></span></td>
        <td class="num">(41,669,000)<span></span></td>
      </tr>
      <tr class="ro">
        <td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_WriteOffOfDeferredDebtIssuanceCost', window );">Accelerated write-off of deferred financing costs</a></td>
        <td class="text">&#xA0;<span></span></td>
        <td class="num">(2,552,000)<span></span></td>
        <td class="text">&#xA0;<span></span></td>
      </tr>
      <tr class="re">
        <td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_InvestmentIncomeInterest', window );">Interest income</a></td>
        <td class="nump">349,000<span></span></td>
        <td class="nump">21,000<span></span></td>
        <td class="nump">63,000<span></span></td>
      </tr>
      <tr class="ro">
        <td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_cdr_UnconsolidatedJointVentureAbstract', window );"><strong>Unconsolidated joint ventures:</strong></a></td>
        <td class="text">&#xA0;<span></span></td>
        <td class="text">&#xA0;<span></span></td>
        <td class="text">&#xA0;<span></span></td>
      </tr>
      <tr class="re">
        <td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_IncomeLossFromEquityMethodInvestments', window );">Equity in income</a></td>
        <td class="nump">1,671,000<span></span></td>
        <td class="nump">484,000<span></span></td>
        <td class="nump">1,098,000<span></span></td>
      </tr>
      <tr class="ro">
        <td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_cdr_WriteOffOfInvestment', window );">Write-off of investment</a></td>
        <td class="num">(7,961,000)<span></span></td>
        <td class="text">&#xA0;<span></span></td>
        <td class="text">&#xA0;<span></span></td>
      </tr>
      <tr class="re">
        <td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_cdr_GainLossOnSaleOfLandParcel', window );">Gain on sales</a></td>
        <td class="nump">130,000<span></span></td>
        <td class="text">&#xA0;<span></span></td>
        <td class="nump">521,000<span></span></td>
      </tr>
      <tr class="rou">
        <td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_NonoperatingIncomeExpense', window );">Total non-operating income and expense</a></td>
        <td class="num">(47,681,000)<span></span></td>
        <td class="num">(45,185,000)<span></span></td>
        <td class="num">(39,987,000)<span></span></td>
      </tr>
      <tr class="reu">
        <td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_IncomeLossFromContinuingOperationsIncludingPortionAttributableToNoncontrollingInterest', window );">Loss before discontinued operations</a></td>
        <td class="num">(25,953,000)<span></span></td>
        <td class="num">(6,256,000)<span></span></td>
        <td class="num">(21,063,000)<span></span></td>
      </tr>
      <tr class="ro">
        <td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_IncomeLossFromDiscontinuedOperationsNetOfTaxAbstract', window );"><strong>Discontinued operations:</strong></a></td>
        <td class="text">&#xA0;<span></span></td>
        <td class="text">&#xA0;<span></span></td>
        <td class="text">&#xA0;<span></span></td>
      </tr>
      <tr class="re">
        <td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_DiscontinuedOperationIncomeLossFromDiscontinuedOperationDuringPhaseOutPeriodNetOfTax', window );">Income from operations</a></td>
        <td class="nump">5,013,000<span></span></td>
        <td class="nump">1,724,000<span></span></td>
        <td class="nump">7,054,000<span></span></td>
      </tr>
      <tr class="ro">
        <td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_cdr_ImpairmentOfDiscontinuedOperations', window );">Impairment charges</a></td>
        <td class="num">(88,458,000)<span></span></td>
        <td class="num">(39,822,000)<span></span></td>
        <td class="num">(3,559,000)<span></span></td>
      </tr>
      <tr class="re">
        <td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_DiscontinuedOperationGainLossOnDisposalOfDiscontinuedOperationNetOfTax', window );">Gain on sales</a></td>
        <td class="nump">884,000<span></span></td>
        <td class="nump">170,000<span></span></td>
        <td class="nump">557,000<span></span></td>
      </tr>
      <tr class="rou">
        <td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_IncomeLossFromDiscontinuedOperationsNetOfTax', window );">Total discontinued operations</a></td>
        <td class="num">(82,561,000)<span></span></td>
        <td class="num">(37,928,000)<span></span></td>
        <td class="nump">4,052,000<span></span></td>
      </tr>
      <tr class="reu">
        <td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_ProfitLoss', window );">Net loss</a></td>
        <td class="num">(108,514,000)<span></span></td>
        <td class="num">(44,184,000)<span></span></td>
        <td class="num">(17,011,000)<span></span></td>
      </tr>
      <tr class="ro">
        <td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_MinorityInterestInNetIncomeLossOfConsolidatedEntitiesAbstract', window );"><strong>Less, net loss (income) attributable to noncontrolling interests:</strong></a></td>
        <td class="text">&#xA0;<span></span></td>
        <td class="text">&#xA0;<span></span></td>
        <td class="text">&#xA0;<span></span></td>
      </tr>
      <tr class="re">
        <td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_MinorityInterestInNetIncomeLossJointVenturePartners', window );">Minority interests in consolidated joint ventures</a></td>
        <td class="nump">2,507,000<span></span></td>
        <td class="nump">1,613,000<span></span></td>
        <td class="num">(772,000)<span></span></td>
      </tr>
      <tr class="ro">
        <td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_MinorityInterestInNetIncomeLossOperatingPartnerships', window );">Limited partners' interest in Operating Partnership</a></td>
        <td class="nump">2,446,000<span></span></td>
        <td class="nump">1,282,000<span></span></td>
        <td class="nump">912,000<span></span></td>
      </tr>
      <tr class="reu">
        <td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_NetIncomeLossAttributableToNoncontrollingInterest', window );">Total net loss attributable to noncontrolling interests</a></td>
        <td class="nump">4,953,000<span></span></td>
        <td class="nump">2,895,000<span></span></td>
        <td class="nump">140,000<span></span></td>
      </tr>
      <tr class="rou">
        <td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_NetIncomeLoss', window );">Net loss attributable to Cedar Realty Trust, Inc.</a></td>
        <td class="num">(103,561,000)<span></span></td>
        <td class="num">(41,289,000)<span></span></td>
        <td class="num">(16,871,000)<span></span></td>
      </tr>
      <tr class="re">
        <td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_PreferredStockDividendsAndOtherAdjustments', window );">Preferred distribution requirements</a></td>
        <td class="num">(14,200,000)<span></span></td>
        <td class="num">(10,196,000)<span></span></td>
        <td class="num">(7,876,000)<span></span></td>
      </tr>
      <tr class="rou">
        <td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_NetIncomeLossAvailableToCommonStockholdersBasic', window );">Net loss attributable to common shareholders</a></td>
        <td class="num">(117,761,000)<span></span></td>
        <td class="num">(51,485,000)<span></span></td>
        <td class="num">(24,747,000)<span></span></td>
      </tr>
      <tr class="re">
        <td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_EarningsPerShareAbstract', window );"><strong>Per common share attributable to common shareholders (basic and diluted):</strong></a></td>
        <td class="text">&#xA0;<span></span></td>
        <td class="text">&#xA0;<span></span></td>
        <td class="text">&#xA0;<span></span></td>
      </tr>
      <tr class="ro">
        <td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_IncomeLossFromContinuingOperationsPerBasicAndDilutedShare', window );">Continuing operations</a></td>
        <td class="num">$ (0.61)<span></span></td>
        <td class="num">$ (0.24)<span></span></td>
        <td class="num">$ (0.60)<span></span></td>
      </tr>
      <tr class="re">
        <td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_IncomeLossFromDiscontinuedOperationsNetOfTaxPerBasicAndDilutedShare', window );">Discontinued operations</a></td>
        <td class="num">$ (1.18)<span></span></td>
        <td class="num">$ (0.57)<span></span></td>
        <td class="nump">$ 0.06<span></span></td>
      </tr>
      <tr class="ro">
        <td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_EarningsPerShareBasicAndDiluted', window );">Per common share attributable to common shareholders (basic and diluted)</a></td>
        <td class="num">$ (1.79)<span></span></td>
        <td class="num">$ (0.81)<span></span></td>
        <td class="num">$ (0.54)<span></span></td>
      </tr>
      <tr class="re">
        <td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_IncomeAmountsAttributableToReportingEntityDisclosuresAbstract', window );"><strong>Amounts attributable to Cedar Realty Trust, Inc. common shareholders, net of limited partners' interest:</strong></a></td>
        <td class="text">&#xA0;<span></span></td>
        <td class="text">&#xA0;<span></span></td>
        <td class="text">&#xA0;<span></span></td>
      </tr>
      <tr class="ro">
        <td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_IncomeLossFromContinuingOperations', window );">Loss from continuing operations</a></td>
        <td class="num">(39,236,000)<span></span></td>
        <td class="num">(15,504,000)<span></span></td>
        <td class="num">(27,630,000)<span></span></td>
      </tr>
      <tr class="re">
        <td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_IncomeLossFromDiscontinuedOperationsNetOfTaxAttributableToReportingEntity', window );">(Loss) income from discontinued operations</a></td>
        <td class="num">(79,391,000)<span></span></td>
        <td class="num">(36,147,000)<span></span></td>
        <td class="nump">2,347,000<span></span></td>
      </tr>
      <tr class="ro">
        <td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_cdr_GainOnSaleOfDiscontinuedOperations', window );">Gain on sales of discontinued operations</a></td>
        <td class="nump">866,000<span></span></td>
        <td class="nump">166,000<span></span></td>
        <td class="nump">536,000<span></span></td>
      </tr>
      <tr class="re">
        <td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_NetIncomeLossAvailableToCommonStockholdersBasic', window );">Net loss</a></td>
        <td class="num">$ (117,761,000)<span></span></td>
        <td class="num">$ (51,485,000)<span></span></td>
        <td class="num">$ (24,747,000)<span></span></td>
      </tr>
      <tr class="ro">
        <td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_cdr_WeightedAverageNumberOfCommonShareOutstanding', window );">Weighted average number of common shares - basic and diluted</a></td>
        <td class="nump">66,387,000<span></span></td>
        <td class="nump">63,843,000<span></span></td>
        <td class="nump">46,234,000<span></span></td>
      </tr>
    </table>
    <div style="display: none;">
      <table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_cdr_AcquisitionTransactionCostsAndTerminatedProjectsExpenses">
        <tr>
          <td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td>
        </tr>
        <tr>
          <td>
            <div class="body" style="padding: 2px;"><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div>
                <p>The costs associated with the acquisition of business in the current period and the write-off of previously capitalized costs from prior periods.</p>
              </div><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;">
                <p>No definition available.</p>
              </div><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;">
                <table border="0" cellpadding="0" cellspacing="0">
                  <tr>
                    <td><strong> Name:</strong></td>
                    <td><nobr>cdr_AcquisitionTransactionCostsAndTerminatedProjectsExpenses</nobr></td>
                  </tr>
                  <tr>
                    <td style="padding-right: 4px;"><nobr><strong> Namespace Prefix:</strong></nobr></td>
                    <td>cdr_</td>
                  </tr>
                  <tr>
                    <td><strong> Data Type:</strong></td>
                    <td>xbrli:monetaryItemType</td>
                  </tr>
                  <tr>
                    <td><strong> Balance Type:</strong></td>
                    <td>debit</td>
                  </tr>
                  <tr>
                    <td><strong> Period Type:</strong></td>
                    <td>duration</td>
                  </tr>
                </table>
              </div>
            </div>
          </td>
        </tr>
      </table>
      <table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_cdr_GainLossOnSaleOfLandParcel">
        <tr>
          <td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td>
        </tr>
        <tr>
          <td>
            <div class="body" style="padding: 2px;"><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div>
                <p>Gain on sales.</p>
              </div><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;">
                <p>No definition available.</p>
              </div><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;">
                <table border="0" cellpadding="0" cellspacing="0">
                  <tr>
                    <td><strong> Name:</strong></td>
                    <td><nobr>cdr_GainLossOnSaleOfLandParcel</nobr></td>
                  </tr>
                  <tr>
                    <td style="padding-right: 4px;"><nobr><strong> Namespace Prefix:</strong></nobr></td>
                    <td>cdr_</td>
                  </tr>
                  <tr>
                    <td><strong> Data Type:</strong></td>
                    <td>xbrli:monetaryItemType</td>
                  </tr>
                  <tr>
                    <td><strong> Balance Type:</strong></td>
                    <td>credit</td>
                  </tr>
                  <tr>
                    <td><strong> Period Type:</strong></td>
                    <td>duration</td>
                  </tr>
                </table>
              </div>
            </div>
          </td>
        </tr>
      </table>
      <table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_cdr_GainOnSaleOfDiscontinuedOperations">
        <tr>
          <td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td>
        </tr>
        <tr>
          <td>
            <div class="body" style="padding: 2px;"><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div>
                <p>Gain On Sale Of Discontinued Operations</p>
              </div><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;">
                <p>No definition available.</p>
              </div><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;">
                <table border="0" cellpadding="0" cellspacing="0">
                  <tr>
                    <td><strong> Name:</strong></td>
                    <td><nobr>cdr_GainOnSaleOfDiscontinuedOperations</nobr></td>
                  </tr>
                  <tr>
                    <td style="padding-right: 4px;"><nobr><strong> Namespace Prefix:</strong></nobr></td>
                    <td>cdr_</td>
                  </tr>
                  <tr>
                    <td><strong> Data Type:</strong></td>
                    <td>xbrli:monetaryItemType</td>
                  </tr>
                  <tr>
                    <td><strong> Balance Type:</strong></td>
                    <td>credit</td>
                  </tr>
                  <tr>
                    <td><strong> Period Type:</strong></td>
                    <td>duration</td>
                  </tr>
                </table>
              </div>
            </div>
          </td>
        </tr>
      </table>
      <table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_cdr_ImpairmentOfDiscontinuedOperations">
        <tr>
          <td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td>
        </tr>
        <tr>
          <td>
            <div class="body" style="padding: 2px;"><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div>
                <p>The charge against earnings in the period to reduce the carrying amount of assets classified as real estate held for sale - discontinued operations to fair value.</p>
              </div><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;">
                <p>No definition available.</p>
              </div><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;">
                <table border="0" cellpadding="0" cellspacing="0">
                  <tr>
                    <td><strong> Name:</strong></td>
                    <td><nobr>cdr_ImpairmentOfDiscontinuedOperations</nobr></td>
                  </tr>
                  <tr>
                    <td style="padding-right: 4px;"><nobr><strong> Namespace Prefix:</strong></nobr></td>
                    <td>cdr_</td>
                  </tr>
                  <tr>
                    <td><strong> Data Type:</strong></td>
                    <td>xbrli:monetaryItemType</td>
                  </tr>
                  <tr>
                    <td><strong> Balance Type:</strong></td>
                    <td>debit</td>
                  </tr>
                  <tr>
                    <td><strong> Period Type:</strong></td>
                    <td>duration</td>
                  </tr>
                </table>
              </div>
            </div>
          </td>
        </tr>
      </table>
      <table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_cdr_InterestExpenseIncludingAmortizationOfDeferredFinancingCosts">
        <tr>
          <td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td>
        </tr>
        <tr>
          <td>
            <div class="body" style="padding: 2px;"><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div>
                <p>Interest incurred in the period on debt arrangements that was charged against earnings, including the amortization of deferred financing costs.</p>
              </div><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;">
                <p>No definition available.</p>
              </div><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;">
                <table border="0" cellpadding="0" cellspacing="0">
                  <tr>
                    <td><strong> Name:</strong></td>
                    <td><nobr>cdr_InterestExpenseIncludingAmortizationOfDeferredFinancingCosts</nobr></td>
                  </tr>
                  <tr>
                    <td style="padding-right: 4px;"><nobr><strong> Namespace Prefix:</strong></nobr></td>
                    <td>cdr_</td>
                  </tr>
                  <tr>
                    <td><strong> Data Type:</strong></td>
                    <td>xbrli:monetaryItemType</td>
                  </tr>
                  <tr>
                    <td><strong> Balance Type:</strong></td>
                    <td>debit</td>
                  </tr>
                  <tr>
                    <td><strong> Period Type:</strong></td>
                    <td>duration</td>
                  </tr>
                </table>
              </div>
            </div>
          </td>
        </tr>
      </table>
      <table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_cdr_ManagementTransitionCharges">
        <tr>
          <td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td>
        </tr>
        <tr>
          <td>
            <div class="body" style="padding: 2px;"><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div>
                <p>The non-recurring costs and expenses related to the retirement of the Company's Chairman of the Board, CEO and President, the end of the employment of the Company's Chief Financial Officer, together with the non-recurring costs related to their replacements.</p>
              </div><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;">
                <p>No definition available.</p>
              </div><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;">
                <table border="0" cellpadding="0" cellspacing="0">
                  <tr>
                    <td><strong> Name:</strong></td>
                    <td><nobr>cdr_ManagementTransitionCharges</nobr></td>
                  </tr>
                  <tr>
                    <td style="padding-right: 4px;"><nobr><strong> Namespace Prefix:</strong></nobr></td>
                    <td>cdr_</td>
                  </tr>
                  <tr>
                    <td><strong> Data Type:</strong></td>
                    <td>xbrli:monetaryItemType</td>
                  </tr>
                  <tr>
                    <td><strong> Balance Type:</strong></td>
                    <td>debit</td>
                  </tr>
                  <tr>
                    <td><strong> Period Type:</strong></td>
                    <td>duration</td>
                  </tr>
                </table>
              </div>
            </div>
          </td>
        </tr>
      </table>
      <table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_cdr_UnconsolidatedJointVentureAbstract">
        <tr>
          <td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td>
        </tr>
        <tr>
          <td>
            <div class="body" style="padding: 2px;"><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Details</a><div>
                <table border="0" cellpadding="0" cellspacing="0">
                  <tr>
                    <td><strong> Name:</strong></td>
                    <td><nobr>cdr_UnconsolidatedJointVentureAbstract</nobr></td>
                  </tr>
                  <tr>
                    <td style="padding-right: 4px;"><nobr><strong> Namespace Prefix:</strong></nobr></td>
                    <td>cdr_</td>
                  </tr>
                  <tr>
                    <td><strong> Data Type:</strong></td>
                    <td>xbrli:stringItemType</td>
                  </tr>
                  <tr>
                    <td><strong> Balance Type:</strong></td>
                    <td>na</td>
                  </tr>
                  <tr>
                    <td><strong> Period Type:</strong></td>
                    <td>duration</td>
                  </tr>
                </table>
              </div>
            </div>
          </td>
        </tr>
      </table>
      <table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_cdr_WeightedAverageNumberOfCommonShareOutstanding">
        <tr>
          <td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td>
        </tr>
        <tr>
          <td>
            <div class="body" style="padding: 2px;"><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div>
                <p>Weighted average number of common share outstanding</p>
              </div><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;">
                <p>No definition available.</p>
              </div><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;">
                <table border="0" cellpadding="0" cellspacing="0">
                  <tr>
                    <td><strong> Name:</strong></td>
                    <td><nobr>cdr_WeightedAverageNumberOfCommonShareOutstanding</nobr></td>
                  </tr>
                  <tr>
                    <td style="padding-right: 4px;"><nobr><strong> Namespace Prefix:</strong></nobr></td>
                    <td>cdr_</td>
                  </tr>
                  <tr>
                    <td><strong> Data Type:</strong></td>
                    <td>xbrli:sharesItemType</td>
                  </tr>
                  <tr>
                    <td><strong> Balance Type:</strong></td>
                    <td>na</td>
                  </tr>
                  <tr>
                    <td><strong> Period Type:</strong></td>
                    <td>duration</td>
                  </tr>
                </table>
              </div>
            </div>
          </td>
        </tr>
      </table>
      <table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_cdr_WriteOffOfInvestment">
        <tr>
          <td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td>
        </tr>
        <tr>
          <td>
            <div class="body" style="padding: 2px;"><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div>
                <p>The charge against earnings in the period to reduce the carrying value of an unconsolidated joint venture.</p>
              </div><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;">
                <p>No definition available.</p>
              </div><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;">
                <table border="0" cellpadding="0" cellspacing="0">
                  <tr>
                    <td><strong> Name:</strong></td>
                    <td><nobr>cdr_WriteOffOfInvestment</nobr></td>
                  </tr>
                  <tr>
                    <td style="padding-right: 4px;"><nobr><strong> Namespace Prefix:</strong></nobr></td>
                    <td>cdr_</td>
                  </tr>
                  <tr>
                    <td><strong> Data Type:</strong></td>
                    <td>xbrli:monetaryItemType</td>
                  </tr>
                  <tr>
                    <td><strong> Balance Type:</strong></td>
                    <td>debit</td>
                  </tr>
                  <tr>
                    <td><strong> Period Type:</strong></td>
                    <td>duration</td>
                  </tr>
                </table>
              </div>
            </div>
          </td>
        </tr>
      </table>
      <table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_us-gaap_DepreciationAndAmortization">
        <tr>
          <td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td>
        </tr>
        <tr>
          <td>
            <div class="body" style="padding: 2px;"><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div>
                <p>The current period expense charged against earnings on long-lived, physical assets not used in production, and which are not intended for resale, to allocate or recognize the cost of such assets over their useful lives; or to record the reduction in book value of an intangible asset over the benefit period of such asset; or to reflect consumption during the period of an asset that is not used in production.</p>
              </div><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;">
                <p>Reference 1: http://www.xbrl.org/2003/role/presentationRef<br><br> -Publisher FASB<br><br> -Name Accounting Standards Codification<br><br> -Topic 230<br><br> -SubTopic 10<br><br> -Section 45<br><br> -Paragraph 28<br><br> -Subparagraph (b)<br><br> -URI http://asc.fasb.org/extlink&amp;oid=6943989&amp;loc=d3e3602-108585<br><br><br><br>Reference 2: http://www.xbrl.org/2003/role/presentationRef<br><br> -Publisher FASB<br><br> -Name Statement of Financial Accounting Standard (FAS)<br><br> -Number 95<br><br> -Paragraph 28<br><br> -LegacyDoc This reference is SUPERSEDED by the Accounting Standards Codification effective for interim and annual periods ending after September 15, 2009.  This reference is included to help users transition from the previous accounting hierarchy and will be removed from future versions of this taxonomy.<br><br><br><br>Reference 3: http://www.xbrl.org/2003/role/presentationRef<br><br> -Publisher AICPA<br><br> -Name Accounting Principles Board Opinion (APB)<br><br> -Number 12<br><br> -Paragraph 5<br><br> -LegacyDoc This reference is SUPERSEDED by the Accounting Standards Codification effective for interim and annual periods ending after September 15, 2009.  This reference is included to help users transition from the previous accounting hierarchy and will be removed from future versions of this taxonomy.<br><br><br><br>Reference 4: http://www.xbrl.org/2003/role/presentationRef<br><br> -Publisher FASB<br><br> -Name Accounting Standards Codification<br><br> -Topic 360<br><br> -SubTopic 10<br><br> -Section 50<br><br> -Paragraph 1<br><br> -Subparagraph (a)<br><br> -URI http://asc.fasb.org/extlink&amp;oid=6391035&amp;loc=d3e2868-110229<br><br><br><br></p>
              </div><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;">
                <table border="0" cellpadding="0" cellspacing="0">
                  <tr>
                    <td><strong> Name:</strong></td>
                    <td><nobr>us-gaap_DepreciationAndAmortization</nobr></td>
                  </tr>
                  <tr>
                    <td style="padding-right: 4px;"><nobr><strong> Namespace Prefix:</strong></nobr></td>
                    <td>us-gaap_</td>
                  </tr>
                  <tr>
                    <td><strong> Data Type:</strong></td>
                    <td>xbrli:monetaryItemType</td>
                  </tr>
                  <tr>
                    <td><strong> Balance Type:</strong></td>
                    <td>debit</td>
                  </tr>
                  <tr>
                    <td><strong> Period Type:</strong></td>
                    <td>duration</td>
                  </tr>
                </table>
              </div>
            </div>
          </td>
        </tr>
      </table>
      <table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_us-gaap_DiscontinuedOperationGainLossOnDisposalOfDiscontinuedOperationNetOfTax">
        <tr>
          <td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td>
        </tr>
        <tr>
          <td>
            <div class="body" style="padding: 2px;"><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div>
                <p>Gain (loss) after tax expense or benefit, not previously recognized and resulting from the sale of a business component, which is recognized at the date of sale. A gain (loss) reflects the amount by which the consideration received exceeds (is exceeded by) the net carrying amount (reflecting previous provisions for loss on disposal, if any) of the disposal group.</p>
              </div><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;">
                <p>Reference 1: http://www.xbrl.org/2003/role/presentationRef<br><br> -Publisher FASB<br><br> -Name Accounting Standards Codification<br><br> -Topic 205<br><br> -SubTopic 20<br><br> -Section 45<br><br> -Paragraph 3<br><br> -URI http://asc.fasb.org/extlink&amp;oid=6892542&amp;loc=d3e957-107759<br><br><br><br>Reference 2: http://www.xbrl.org/2003/role/presentationRef<br><br> -Publisher FASB<br><br> -Name Statement of Financial Accounting Standard (FAS)<br><br> -Number 144<br><br> -Paragraph 43<br><br> -LegacyDoc This reference is SUPERSEDED by the Accounting Standards Codification effective for interim and annual periods ending after September 15, 2009.  This reference is included to help users transition from the previous accounting hierarchy and will be removed from future versions of this taxonomy.<br><br><br><br>Reference 3: http://www.xbrl.org/2003/role/presentationRef<br><br> -Publisher FASB<br><br> -Name Statement of Financial Accounting Standard (FAS)<br><br> -Number 144<br><br> -Paragraph 47<br><br> -Subparagraph b<br><br> -LegacyDoc This reference is SUPERSEDED by the Accounting Standards Codification effective for interim and annual periods ending after September 15, 2009.  This reference is included to help users transition from the previous accounting hierarchy and will be removed from future versions of this taxonomy.<br><br><br><br>Reference 4: http://www.xbrl.org/2003/role/presentationRef<br><br> -Publisher FASB<br><br> -Name Accounting Standards Codification<br><br> -Topic 205<br><br> -SubTopic 20<br><br> -Section 50<br><br> -Paragraph 1<br><br> -Subparagraph (b)<br><br> -URI http://asc.fasb.org/extlink&amp;oid=6360339&amp;loc=d3e1361-107760<br><br><br><br></p>
              </div><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;">
                <table border="0" cellpadding="0" cellspacing="0">
                  <tr>
                    <td><strong> Name:</strong></td>
                    <td><nobr>us-gaap_DiscontinuedOperationGainLossOnDisposalOfDiscontinuedOperationNetOfTax</nobr></td>
                  </tr>
                  <tr>
                    <td style="padding-right: 4px;"><nobr><strong> Namespace Prefix:</strong></nobr></td>
                    <td>us-gaap_</td>
                  </tr>
                  <tr>
                    <td><strong> Data Type:</strong></td>
                    <td>xbrli:monetaryItemType</td>
                  </tr>
                  <tr>
                    <td><strong> Balance Type:</strong></td>
                    <td>credit</td>
                  </tr>
                  <tr>
                    <td><strong> Period Type:</strong></td>
                    <td>duration</td>
                  </tr>
                </table>
              </div>
            </div>
          </td>
        </tr>
      </table>
      <table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_us-gaap_DiscontinuedOperationIncomeLossFromDiscontinuedOperationDuringPhaseOutPeriodNetOfTax">
        <tr>
          <td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td>
        </tr>
        <tr>
          <td>
            <div class="body" style="padding: 2px;"><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div>
                <p>After tax income (loss) from operations of a business component (exclusive of any gain (loss) on disposal, or provision therefore) during the reporting period, until its disposal.</p>
              </div><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;">
                <p>Reference 1: http://www.xbrl.org/2003/role/presentationRef<br><br> -Publisher FASB<br><br> -Name Accounting Standards Codification<br><br> -Topic 205<br><br> -SubTopic 20<br><br> -Section 50<br><br> -Paragraph 1<br><br> -Subparagraph (c)<br><br> -URI http://asc.fasb.org/extlink&amp;oid=6360339&amp;loc=d3e1361-107760<br><br><br><br>Reference 2: http://www.xbrl.org/2003/role/presentationRef<br><br> -Publisher FASB<br><br> -Name Statement of Financial Accounting Standard (FAS)<br><br> -Number 144<br><br> -Paragraph 43<br><br> -LegacyDoc This reference is SUPERSEDED by the Accounting Standards Codification effective for interim and annual periods ending after September 15, 2009.  This reference is included to help users transition from the previous accounting hierarchy and will be removed from future versions of this taxonomy.<br><br><br><br>Reference 3: http://www.xbrl.org/2003/role/presentationRef<br><br> -Publisher FASB<br><br> -Name Statement of Financial Accounting Standard (FAS)<br><br> -Number 144<br><br> -Paragraph 47<br><br> -Subparagraph c<br><br> -LegacyDoc This reference is SUPERSEDED by the Accounting Standards Codification effective for interim and annual periods ending after September 15, 2009.  This reference is included to help users transition from the previous accounting hierarchy and will be removed from future versions of this taxonomy.<br><br><br><br>Reference 4: http://www.xbrl.org/2003/role/presentationRef<br><br> -Publisher FASB<br><br> -Name Accounting Standards Codification<br><br> -Topic 205<br><br> -SubTopic 20<br><br> -Section 45<br><br> -Paragraph 3<br><br> -URI http://asc.fasb.org/extlink&amp;oid=6892542&amp;loc=d3e957-107759<br><br><br><br></p>
              </div><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;">
                <table border="0" cellpadding="0" cellspacing="0">
                  <tr>
                    <td><strong> Name:</strong></td>
                    <td><nobr>us-gaap_DiscontinuedOperationIncomeLossFromDiscontinuedOperationDuringPhaseOutPeriodNetOfTax</nobr></td>
                  </tr>
                  <tr>
                    <td style="padding-right: 4px;"><nobr><strong> Namespace Prefix:</strong></nobr></td>
                    <td>us-gaap_</td>
                  </tr>
                  <tr>
                    <td><strong> Data Type:</strong></td>
                    <td>xbrli:monetaryItemType</td>
                  </tr>
                  <tr>
                    <td><strong> Balance Type:</strong></td>
                    <td>credit</td>
                  </tr>
                  <tr>
                    <td><strong> Period Type:</strong></td>
                    <td>duration</td>
                  </tr>
                </table>
              </div>
            </div>
          </td>
        </tr>
      </table>
      <table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_us-gaap_EarningsPerShareAbstract">
        <tr>
          <td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td>
        </tr>
        <tr>
          <td>
            <div class="body" style="padding: 2px;"><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Details</a><div>
                <table border="0" cellpadding="0" cellspacing="0">
                  <tr>
                    <td><strong> Name:</strong></td>
                    <td><nobr>us-gaap_EarningsPerShareAbstract</nobr></td>
                  </tr>
                  <tr>
                    <td style="padding-right: 4px;"><nobr><strong> Namespace Prefix:</strong></nobr></td>
                    <td>us-gaap_</td>
                  </tr>
                  <tr>
                    <td><strong> Data Type:</strong></td>
                    <td>xbrli:stringItemType</td>
                  </tr>
                  <tr>
                    <td><strong> Balance Type:</strong></td>
                    <td>na</td>
                  </tr>
                  <tr>
                    <td><strong> Period Type:</strong></td>
                    <td>duration</td>
                  </tr>
                </table>
              </div>
            </div>
          </td>
        </tr>
      </table>
      <table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_us-gaap_EarningsPerShareBasicAndDiluted">
        <tr>
          <td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td>
        </tr>
        <tr>
          <td>
            <div class="body" style="padding: 2px;"><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div>
                <p>The amount of net income or loss for the period per each share in instances when basic and diluted earnings per share are the same amount and reported as a single line item on the face of the financial statements.  Basic earnings per share is the amount of net income or loss for the period per each share of common stock or unit outstanding during the reporting period.  Diluted earnings per share includes the amount of net income or loss for the period available to each share of common stock or common unit outstanding during the reporting period and to each share or unit that would have been outstanding assuming the issuance of common shares or units for all dilutive potential common shares or units outstanding during the reporting period.</p>
              </div><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;">
                <p>No definition available.</p>
              </div><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;">
                <table border="0" cellpadding="0" cellspacing="0">
                  <tr>
                    <td><strong> Name:</strong></td>
                    <td><nobr>us-gaap_EarningsPerShareBasicAndDiluted</nobr></td>
                  </tr>
                  <tr>
                    <td style="padding-right: 4px;"><nobr><strong> Namespace Prefix:</strong></nobr></td>
                    <td>us-gaap_</td>
                  </tr>
                  <tr>
                    <td><strong> Data Type:</strong></td>
                    <td>num:perShareItemType</td>
                  </tr>
                  <tr>
                    <td><strong> Balance Type:</strong></td>
                    <td>na</td>
                  </tr>
                  <tr>
                    <td><strong> Period Type:</strong></td>
                    <td>duration</td>
                  </tr>
                </table>
              </div>
            </div>
          </td>
        </tr>
      </table>
      <table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_us-gaap_GeneralAndAdministrativeExpense">
        <tr>
          <td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td>
        </tr>
        <tr>
          <td>
            <div class="body" style="padding: 2px;"><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div>
                <p>The aggregate total of expenses of managing and administering the affairs of an entity, including affiliates of the reporting entity, which are not directly or indirectly associated with the manufacture, sale or creation of a product or product line.</p>
              </div><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;">
                <p>Reference 1: http://www.xbrl.org/2003/role/presentationRef<br><br> -Publisher FASB<br><br> -Name Accounting Standards Codification<br><br> -Topic 225<br><br> -SubTopic 10<br><br> -Section S99<br><br> -Paragraph 2<br><br> -Subparagraph (SX 210.5-03.4)<br><br> -URI http://asc.fasb.org/extlink&amp;oid=6880815&amp;loc=d3e20235-122688<br><br><br><br></p>
              </div><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;">
                <table border="0" cellpadding="0" cellspacing="0">
                  <tr>
                    <td><strong> Name:</strong></td>
                    <td><nobr>us-gaap_GeneralAndAdministrativeExpense</nobr></td>
                  </tr>
                  <tr>
                    <td style="padding-right: 4px;"><nobr><strong> Namespace Prefix:</strong></nobr></td>
                    <td>us-gaap_</td>
                  </tr>
                  <tr>
                    <td><strong> Data Type:</strong></td>
                    <td>xbrli:monetaryItemType</td>
                  </tr>
                  <tr>
                    <td><strong> Balance Type:</strong></td>
                    <td>debit</td>
                  </tr>
                  <tr>
                    <td><strong> Period Type:</strong></td>
                    <td>duration</td>
                  </tr>
                </table>
              </div>
            </div>
          </td>
        </tr>
      </table>
      <table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_us-gaap_ImpairmentOfRealEstate">
        <tr>
          <td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td>
        </tr>
        <tr>
          <td>
            <div class="body" style="padding: 2px;"><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div>
                <p>The charge against earnings in the period to reduce the carrying amount of real property to fair value.</p>
              </div><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;">
                <p>Reference 1: http://www.xbrl.org/2003/role/presentationRef<br><br> -Publisher FASB<br><br> -Name Statement of Financial Accounting Standard (FAS)<br><br> -Number 144<br><br> -Paragraph 26<br><br> -Subparagraph b<br><br> -LegacyDoc This reference is SUPERSEDED by the Accounting Standards Codification effective for interim and annual periods ending after September 15, 2009.  This reference is included to help users transition from the previous accounting hierarchy and will be removed from future versions of this taxonomy.<br><br><br><br>Reference 2: http://www.xbrl.org/2003/role/presentationRef<br><br> -Publisher FASB<br><br> -Name Accounting Standards Codification<br><br> -Topic 230<br><br> -SubTopic 10<br><br> -Section 45<br><br> -Paragraph 28<br><br> -URI http://asc.fasb.org/extlink&amp;oid=6943989&amp;loc=d3e3602-108585<br><br><br><br>Reference 3: http://www.xbrl.org/2003/role/presentationRef<br><br> -Publisher FASB<br><br> -Name Accounting Standards Codification<br><br> -Topic 360<br><br> -SubTopic 10<br><br> -Section 50<br><br> -Paragraph 2<br><br> -Subparagraph (b)<br><br> -URI http://asc.fasb.org/extlink&amp;oid=6391110&amp;loc=d3e2921-110230<br><br><br><br></p>
              </div><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;">
                <table border="0" cellpadding="0" cellspacing="0">
                  <tr>
                    <td><strong> Name:</strong></td>
                    <td><nobr>us-gaap_ImpairmentOfRealEstate</nobr></td>
                  </tr>
                  <tr>
                    <td style="padding-right: 4px;"><nobr><strong> Namespace Prefix:</strong></nobr></td>
                    <td>us-gaap_</td>
                  </tr>
                  <tr>
                    <td><strong> Data Type:</strong></td>
                    <td>xbrli:monetaryItemType</td>
                  </tr>
                  <tr>
                    <td><strong> Balance Type:</strong></td>
                    <td>debit</td>
                  </tr>
                  <tr>
                    <td><strong> Period Type:</strong></td>
                    <td>duration</td>
                  </tr>
                </table>
              </div>
            </div>
          </td>
        </tr>
      </table>
      <table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_us-gaap_IncomeAmountsAttributableToReportingEntityDisclosuresAbstract">
        <tr>
          <td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td>
        </tr>
        <tr>
          <td>
            <div class="body" style="padding: 2px;"><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Details</a><div>
                <table border="0" cellpadding="0" cellspacing="0">
                  <tr>
                    <td><strong> Name:</strong></td>
                    <td><nobr>us-gaap_IncomeAmountsAttributableToReportingEntityDisclosuresAbstract</nobr></td>
                  </tr>
                  <tr>
                    <td style="padding-right: 4px;"><nobr><strong> Namespace Prefix:</strong></nobr></td>
                    <td>us-gaap_</td>
                  </tr>
                  <tr>
                    <td><strong> Data Type:</strong></td>
                    <td>xbrli:stringItemType</td>
                  </tr>
                  <tr>
                    <td><strong> Balance Type:</strong></td>
                    <td>na</td>
                  </tr>
                  <tr>
                    <td><strong> Period Type:</strong></td>
                    <td>duration</td>
                  </tr>
                </table>
              </div>
            </div>
          </td>
        </tr>
      </table>
      <table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_us-gaap_IncomeLossFromContinuingOperations">
        <tr>
          <td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td>
        </tr>
        <tr>
          <td>
            <div class="body" style="padding: 2px;"><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div>
                <p>This element represents the income or loss from continuing operations attributable to the parent which may also be defined as revenue less expenses and taxes from ongoing operations before extraordinary items but after deduction of those portions of income or loss from continuing operations that are allocable to noncontrolling interests, if any.</p>
              </div><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;">
                <p>Reference 1: http://www.xbrl.org/2003/role/presentationRef<br><br> -Publisher FASB<br><br> -Name Accounting Standards Codification<br><br> -Topic 230<br><br> -SubTopic 10<br><br> -Section 45<br><br> -Paragraph 28<br><br> -URI http://asc.fasb.org/extlink&amp;oid=6943989&amp;loc=d3e3602-108585<br><br><br><br>Reference 2: http://www.xbrl.org/2003/role/presentationRef<br><br> -Publisher FASB<br><br> -Name Accounting Standards Codification<br><br> -Topic 260<br><br> -SubTopic 10<br><br> -Section 50<br><br> -Paragraph 1<br><br> -Subparagraph (a)<br><br> -URI http://asc.fasb.org/extlink&amp;oid=6371337&amp;loc=d3e3550-109257<br><br><br><br>Reference 3: http://www.xbrl.org/2003/role/presentationRef<br><br> -Publisher AICPA<br><br> -Name Accounting Research Bulletin (ARB)<br><br> -Number 51<br><br> -Paragraph 29<br><br> -LegacyDoc This reference is SUPERSEDED by the Accounting Standards Codification effective for interim and annual periods ending after September 15, 2009.  This reference is included to help users transition from the previous accounting hierarchy and will be removed from future versions of this taxonomy.<br><br><br><br>Reference 4: http://www.xbrl.org/2003/role/presentationRef<br><br> -Publisher FASB<br><br> -Name Accounting Standards Codification<br><br> -Topic 810<br><br> -SubTopic 10<br><br> -Section 45<br><br> -Paragraph 18<br><br> -URI http://asc.fasb.org/extlink&amp;oid=6921628&amp;loc=SL4613673-111683<br><br><br><br>Reference 5: http://www.xbrl.org/2003/role/presentationRef<br><br> -Publisher AICPA<br><br> -Name Accounting Research Bulletin (ARB)<br><br> -Number 51<br><br> -Paragraph 28<br><br> -LegacyDoc This reference is SUPERSEDED by the Accounting Standards Codification effective for interim and annual periods ending after September 15, 2009.  This reference is included to help users transition from the previous accounting hierarchy and will be removed from future versions of this taxonomy.<br><br><br><br>Reference 6: http://www.xbrl.org/2003/role/presentationRef<br><br> -Publisher AICPA<br><br> -Name Accounting Research Bulletin (ARB)<br><br> -Number 51<br><br> -Paragraph 38<br><br> -Subparagraph b(1)<br><br> -LegacyDoc This reference is SUPERSEDED by the Accounting Standards Codification effective for interim and annual periods ending after September 15, 2009.  This reference is included to help users transition from the previous accounting hierarchy and will be removed from future versions of this taxonomy.<br><br><br><br>Reference 7: http://www.xbrl.org/2003/role/presentationRef<br><br> -Publisher FASB<br><br> -Name Accounting Standards Codification<br><br> -Topic 225<br><br> -SubTopic 10<br><br> -Section S99<br><br> -Paragraph 2<br><br> -Subparagraph (SX 210.5-03.13)<br><br> -URI http://asc.fasb.org/extlink&amp;oid=6880815&amp;loc=d3e20235-122688<br><br><br><br></p>
              </div><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;">
                <table border="0" cellpadding="0" cellspacing="0">
                  <tr>
                    <td><strong> Name:</strong></td>
                    <td><nobr>us-gaap_IncomeLossFromContinuingOperations</nobr></td>
                  </tr>
                  <tr>
                    <td style="padding-right: 4px;"><nobr><strong> Namespace Prefix:</strong></nobr></td>
                    <td>us-gaap_</td>
                  </tr>
                  <tr>
                    <td><strong> Data Type:</strong></td>
                    <td>xbrli:monetaryItemType</td>
                  </tr>
                  <tr>
                    <td><strong> Balance Type:</strong></td>
                    <td>credit</td>
                  </tr>
                  <tr>
                    <td><strong> Period Type:</strong></td>
                    <td>duration</td>
                  </tr>
                </table>
              </div>
            </div>
          </td>
        </tr>
      </table>
      <table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_us-gaap_IncomeLossFromContinuingOperationsIncludingPortionAttributableToNoncontrollingInterest">
        <tr>
          <td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td>
        </tr>
        <tr>
          <td>
            <div class="body" style="padding: 2px;"><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div>
                <p>This element represents the income or loss from continuing operations attributable to the economic entity which may also be defined as revenue less expenses and taxes from ongoing operations before extraordinary items, and noncontrolling interest.</p>
              </div><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;">
                <p>Reference 1: http://www.xbrl.org/2003/role/presentationRef<br><br> -Publisher FASB<br><br> -Name Statement of Financial Accounting Standard (FAS)<br><br> -Number 95<br><br> -Paragraph 28<br><br> -LegacyDoc This reference is SUPERSEDED by the Accounting Standards Codification effective for interim and annual periods ending after September 15, 2009.  This reference is included to help users transition from the previous accounting hierarchy and will be removed from future versions of this taxonomy.<br><br><br><br>Reference 2: http://www.xbrl.org/2003/role/presentationRef<br><br> -Publisher AICPA<br><br> -Name Accounting Research Bulletin (ARB)<br><br> -Number 51<br><br> -Paragraph 29<br><br> -LegacyDoc This reference is SUPERSEDED by the Accounting Standards Codification effective for interim and annual periods ending after September 15, 2009.  This reference is included to help users transition from the previous accounting hierarchy and will be removed from future versions of this taxonomy.<br><br><br><br>Reference 3: http://www.xbrl.org/2003/role/presentationRef<br><br> -Publisher FASB<br><br> -Name Accounting Standards Codification<br><br> -Topic 810<br><br> -SubTopic 10<br><br> -Section 45<br><br> -Paragraph 19<br><br> -URI http://asc.fasb.org/extlink&amp;oid=6921628&amp;loc=SL4569616-111683<br><br><br><br></p>
              </div><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;">
                <table border="0" cellpadding="0" cellspacing="0">
                  <tr>
                    <td><strong> Name:</strong></td>
                    <td><nobr>us-gaap_IncomeLossFromContinuingOperationsIncludingPortionAttributableToNoncontrollingInterest</nobr></td>
                  </tr>
                  <tr>
                    <td style="padding-right: 4px;"><nobr><strong> Namespace Prefix:</strong></nobr></td>
                    <td>us-gaap_</td>
                  </tr>
                  <tr>
                    <td><strong> Data Type:</strong></td>
                    <td>xbrli:monetaryItemType</td>
                  </tr>
                  <tr>
                    <td><strong> Balance Type:</strong></td>
                    <td>credit</td>
                  </tr>
                  <tr>
                    <td><strong> Period Type:</strong></td>
                    <td>duration</td>
                  </tr>
                </table>
              </div>
            </div>
          </td>
        </tr>
      </table>
      <table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_us-gaap_IncomeLossFromContinuingOperationsPerBasicAndDilutedShare">
        <tr>
          <td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td>
        </tr>
        <tr>
          <td>
            <div class="body" style="padding: 2px;"><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div>
                <p>The amount of net income (loss) from continuing operations per each basic and diluted share of common stock or unit when the per share amount is the same for both basic and diluted shares.</p>
              </div><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;">
                <p>No definition available.</p>
              </div><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;">
                <table border="0" cellpadding="0" cellspacing="0">
                  <tr>
                    <td><strong> Name:</strong></td>
                    <td><nobr>us-gaap_IncomeLossFromContinuingOperationsPerBasicAndDilutedShare</nobr></td>
                  </tr>
                  <tr>
                    <td style="padding-right: 4px;"><nobr><strong> Namespace Prefix:</strong></nobr></td>
                    <td>us-gaap_</td>
                  </tr>
                  <tr>
                    <td><strong> Data Type:</strong></td>
                    <td>num:perShareItemType</td>
                  </tr>
                  <tr>
                    <td><strong> Balance Type:</strong></td>
                    <td>na</td>
                  </tr>
                  <tr>
                    <td><strong> Period Type:</strong></td>
                    <td>duration</td>
                  </tr>
                </table>
              </div>
            </div>
          </td>
        </tr>
      </table>
      <table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_us-gaap_IncomeLossFromDiscontinuedOperationsNetOfTax">
        <tr>
          <td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td>
        </tr>
        <tr>
          <td>
            <div class="body" style="padding: 2px;"><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div>
                <p>This element represents the overall income (loss) from a disposal group that is classified as a component of the entity, net of income tax, reported as a separate component of income before extraordinary items before deduction or consideration of the amount which may be allocable to noncontrolling interests, if any. Includes the following (net of tax): income (loss) from operations during the phase-out period, gain (loss) on disposal, provision (or any reversals of earlier provisions) for loss on disposal, and adjustments of a prior period gain (loss) on disposal.</p>
              </div><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;">
                <p>Reference 1: http://www.xbrl.org/2003/role/presentationRef<br><br> -Publisher FASB<br><br> -Name Accounting Standards Codification<br><br> -Topic 205<br><br> -SubTopic 20<br><br> -Section 50<br><br> -Paragraph 1<br><br> -Subparagraph (c)<br><br> -URI http://asc.fasb.org/extlink&amp;oid=6360339&amp;loc=d3e1361-107760<br><br><br><br>Reference 2: http://www.xbrl.org/2003/role/presentationRef<br><br> -Publisher FASB<br><br> -Name Statement of Financial Accounting Standard (FAS)<br><br> -Number 144<br><br> -Paragraph 47<br><br> -Subparagraph c<br><br> -LegacyDoc This reference is SUPERSEDED by the Accounting Standards Codification effective for interim and annual periods ending after September 15, 2009.  This reference is included to help users transition from the previous accounting hierarchy and will be removed from future versions of this taxonomy.<br><br><br><br>Reference 3: http://www.xbrl.org/2003/role/presentationRef<br><br> -Publisher AICPA<br><br> -Name Accounting Research Bulletin (ARB)<br><br> -Number 51<br><br> -Paragraph 29<br><br> -LegacyDoc This reference is SUPERSEDED by the Accounting Standards Codification effective for interim and annual periods ending after September 15, 2009.  This reference is included to help users transition from the previous accounting hierarchy and will be removed from future versions of this taxonomy.<br><br><br><br>Reference 4: http://www.xbrl.org/2003/role/presentationRef<br><br> -Publisher FASB<br><br> -Name Accounting Standards Codification<br><br> -Topic 225<br><br> -SubTopic 10<br><br> -Section S99<br><br> -Paragraph 2<br><br> -Subparagraph (SX 210.5-03.14)<br><br> -URI http://asc.fasb.org/extlink&amp;oid=6880815&amp;loc=d3e20235-122688<br><br><br><br>Reference 5: http://www.xbrl.org/2003/role/presentationRef<br><br> -Publisher FASB<br><br> -Name Statement of Financial Accounting Standard (FAS)<br><br> -Number 144<br><br> -Paragraph 43<br><br> -LegacyDoc This reference is SUPERSEDED by the Accounting Standards Codification effective for interim and annual periods ending after September 15, 2009.  This reference is included to help users transition from the previous accounting hierarchy and will be removed from future versions of this taxonomy.<br><br><br><br>Reference 6: http://www.xbrl.org/2003/role/presentationRef<br><br> -Publisher FASB<br><br> -Name Accounting Standards Codification<br><br> -Topic 944<br><br> -SubTopic 225<br><br> -Section S99<br><br> -Paragraph 1<br><br> -Subparagraph (SX 210.7-04.12)<br><br> -URI http://asc.fasb.org/extlink&amp;oid=6879464&amp;loc=d3e573970-122913<br><br><br><br>Reference 7: http://www.xbrl.org/2003/role/presentationRef<br><br> -Publisher SEC<br><br> -Name Regulation S-X (SX)<br><br> -Number 210<br><br> -Section 04<br><br> -Paragraph 13<br><br> -Article 7<br><br><br><br>Reference 8: http://www.xbrl.org/2003/role/presentationRef<br><br> -Publisher SEC<br><br> -Name Regulation S-X (SX)<br><br> -Number 210<br><br> -Article 5<br><br> -Section 03<br><br> -Paragraph 15<br><br><br><br>Reference 9: http://www.xbrl.org/2003/role/presentationRef<br><br> -Publisher FASB<br><br> -Name Accounting Standards Codification<br><br> -Topic 205<br><br> -SubTopic 20<br><br> -Section 45<br><br> -Paragraph 3<br><br> -URI http://asc.fasb.org/extlink&amp;oid=6892542&amp;loc=d3e957-107759<br><br><br><br></p>
              </div><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;">
                <table border="0" cellpadding="0" cellspacing="0">
                  <tr>
                    <td><strong> Name:</strong></td>
                    <td><nobr>us-gaap_IncomeLossFromDiscontinuedOperationsNetOfTax</nobr></td>
                  </tr>
                  <tr>
                    <td style="padding-right: 4px;"><nobr><strong> Namespace Prefix:</strong></nobr></td>
                    <td>us-gaap_</td>
                  </tr>
                  <tr>
                    <td><strong> Data Type:</strong></td>
                    <td>xbrli:monetaryItemType</td>
                  </tr>
                  <tr>
                    <td><strong> Balance Type:</strong></td>
                    <td>credit</td>
                  </tr>
                  <tr>
                    <td><strong> Period Type:</strong></td>
                    <td>duration</td>
                  </tr>
                </table>
              </div>
            </div>
          </td>
        </tr>
      </table>
      <table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_us-gaap_IncomeLossFromDiscontinuedOperationsNetOfTaxAbstract">
        <tr>
          <td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td>
        </tr>
        <tr>
          <td>
            <div class="body" style="padding: 2px;"><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Details</a><div>
                <table border="0" cellpadding="0" cellspacing="0">
                  <tr>
                    <td><strong> Name:</strong></td>
                    <td><nobr>us-gaap_IncomeLossFromDiscontinuedOperationsNetOfTaxAbstract</nobr></td>
                  </tr>
                  <tr>
                    <td style="padding-right: 4px;"><nobr><strong> Namespace Prefix:</strong></nobr></td>
                    <td>us-gaap_</td>
                  </tr>
                  <tr>
                    <td><strong> Data Type:</strong></td>
                    <td>xbrli:stringItemType</td>
                  </tr>
                  <tr>
                    <td><strong> Balance Type:</strong></td>
                    <td>na</td>
                  </tr>
                  <tr>
                    <td><strong> Period Type:</strong></td>
                    <td>duration</td>
                  </tr>
                </table>
              </div>
            </div>
          </td>
        </tr>
      </table>
      <table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_us-gaap_IncomeLossFromDiscontinuedOperationsNetOfTaxAttributableToReportingEntity">
        <tr>
          <td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td>
        </tr>
        <tr>
          <td>
            <div class="body" style="padding: 2px;"><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div>
                <p>This element represents the overall income (loss) from a disposal group apportioned to the parent that is classified as a component of the entity, net of income tax, reported as a separate component of income before extraordinary items after deduction or consideration of the amount which may be allocable to noncontrolling interests, if any. Includes the following (net of tax): income (loss) from operations during the phase-out period, gain (loss) on disposal, provision (or any reversals of earlier provisions) for loss on disposal, and adjustments of a prior period gain (loss) on disposal.</p>
              </div><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;">
                <p>Reference 1: http://www.xbrl.org/2003/role/presentationRef<br><br> -Publisher FASB<br><br> -Name Accounting Standards Codification<br><br> -Topic 810<br><br> -SubTopic 10<br><br> -Section 45<br><br> -Paragraph 19<br><br> -URI http://asc.fasb.org/extlink&amp;oid=6921628&amp;loc=SL4569616-111683<br><br><br><br>Reference 2: http://www.xbrl.org/2003/role/presentationRef<br><br> -Publisher AICPA<br><br> -Name Accounting Research Bulletin (ARB)<br><br> -Number 51<br><br> -Paragraph 29<br><br> -LegacyDoc This reference is SUPERSEDED by the Accounting Standards Codification effective for interim and annual periods ending after September 15, 2009.  This reference is included to help users transition from the previous accounting hierarchy and will be removed from future versions of this taxonomy.<br><br><br><br>Reference 3: http://www.xbrl.org/2003/role/presentationRef<br><br> -Publisher AICPA<br><br> -Name Accounting Research Bulletin (ARB)<br><br> -Number 51<br><br> -Paragraph 28<br><br> -LegacyDoc This reference is SUPERSEDED by the Accounting Standards Codification effective for interim and annual periods ending after September 15, 2009.  This reference is included to help users transition from the previous accounting hierarchy and will be removed from future versions of this taxonomy.<br><br><br><br>Reference 4: http://www.xbrl.org/2003/role/presentationRef<br><br> -Publisher AICPA<br><br> -Name Accounting Research Bulletin (ARB)<br><br> -Number 51<br><br> -Paragraph 38<br><br> -Subparagraph b(2)<br><br> -LegacyDoc This reference is SUPERSEDED by the Accounting Standards Codification effective for interim and annual periods ending after September 15, 2009.  This reference is included to help users transition from the previous accounting hierarchy and will be removed from future versions of this taxonomy.<br><br><br><br></p>
              </div><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;">
                <table border="0" cellpadding="0" cellspacing="0">
                  <tr>
                    <td><strong> Name:</strong></td>
                    <td><nobr>us-gaap_IncomeLossFromDiscontinuedOperationsNetOfTaxAttributableToReportingEntity</nobr></td>
                  </tr>
                  <tr>
                    <td style="padding-right: 4px;"><nobr><strong> Namespace Prefix:</strong></nobr></td>
                    <td>us-gaap_</td>
                  </tr>
                  <tr>
                    <td><strong> Data Type:</strong></td>
                    <td>xbrli:monetaryItemType</td>
                  </tr>
                  <tr>
                    <td><strong> Balance Type:</strong></td>
                    <td>credit</td>
                  </tr>
                  <tr>
                    <td><strong> Period Type:</strong></td>
                    <td>duration</td>
                  </tr>
                </table>
              </div>
            </div>
          </td>
        </tr>
      </table>
      <table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_us-gaap_IncomeLossFromDiscontinuedOperationsNetOfTaxPerBasicAndDilutedShare">
        <tr>
          <td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td>
        </tr>
        <tr>
          <td>
            <div class="body" style="padding: 2px;"><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div>
                <p>The amount of income (loss) derived from discontinued operations during the period, net of related tax effect, per each basic and diluted share of common stock or unit when the per share amount is the same for both basic and diluted shares.</p>
              </div><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;">
                <p>No definition available.</p>
              </div><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;">
                <table border="0" cellpadding="0" cellspacing="0">
                  <tr>
                    <td><strong> Name:</strong></td>
                    <td><nobr>us-gaap_IncomeLossFromDiscontinuedOperationsNetOfTaxPerBasicAndDilutedShare</nobr></td>
                  </tr>
                  <tr>
                    <td style="padding-right: 4px;"><nobr><strong> Namespace Prefix:</strong></nobr></td>
                    <td>us-gaap_</td>
                  </tr>
                  <tr>
                    <td><strong> Data Type:</strong></td>
                    <td>num:perShareItemType</td>
                  </tr>
                  <tr>
                    <td><strong> Balance Type:</strong></td>
                    <td>na</td>
                  </tr>
                  <tr>
                    <td><strong> Period Type:</strong></td>
                    <td>duration</td>
                  </tr>
                </table>
              </div>
            </div>
          </td>
        </tr>
      </table>
      <table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_us-gaap_IncomeLossFromEquityMethodInvestments">
        <tr>
          <td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td>
        </tr>
        <tr>
          <td>
            <div class="body" style="padding: 2px;"><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div>
                <p>This item represents the entity's proportionate share for the period of the net income (loss) of its investee (such as unconsolidated subsidiaries and joint ventures) to which the equity method of accounting is applied. This item includes income or expense related to stock-based compensation based on the investor's grant of stock to employees of an equity method investee.</p>
              </div><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;">
                <p>Reference 1: http://www.xbrl.org/2003/role/presentationRef<br><br> -Publisher FASB<br><br> -Name Accounting Standards Codification<br><br> -Topic 323<br><br> -SubTopic 10<br><br> -Section 45<br><br> -Paragraph 1<br><br> -URI http://asc.fasb.org/extlink&amp;oid=6382870&amp;loc=d3e33749-111570<br><br><br><br>Reference 2: http://www.xbrl.org/2003/role/presentationRef<br><br> -Publisher AICPA<br><br> -Name Accounting Principles Board Opinion (APB)<br><br> -Number 18<br><br> -Paragraph 19<br><br> -Subparagraph c<br><br> -LegacyDoc This reference is SUPERSEDED by the Accounting Standards Codification effective for interim and annual periods ending after September 15, 2009.  This reference is included to help users transition from the previous accounting hierarchy and will be removed from future versions of this taxonomy.<br><br><br><br>Reference 3: http://www.xbrl.org/2003/role/presentationRef<br><br> -Publisher AICPA<br><br> -Name Accounting Principles Board Opinion (APB)<br><br> -Number 18<br><br> -Paragraph 6<br><br> -Subparagraph b<br><br> -LegacyDoc This reference is SUPERSEDED by the Accounting Standards Codification effective for interim and annual periods ending after September 15, 2009.  This reference is included to help users transition from the previous accounting hierarchy and will be removed from future versions of this taxonomy.<br><br><br><br>Reference 4: http://www.xbrl.org/2003/role/presentationRef<br><br> -Publisher FASB<br><br> -Name Statement of Financial Accounting Standard (FAS)<br><br> -Number 95<br><br> -Paragraph 28<br><br> -LegacyDoc This reference is SUPERSEDED by the Accounting Standards Codification effective for interim and annual periods ending after September 15, 2009.  This reference is included to help users transition from the previous accounting hierarchy and will be removed from future versions of this taxonomy.<br><br><br><br>Reference 5: http://www.xbrl.org/2003/role/presentationRef<br><br> -Publisher SEC<br><br> -Name Regulation S-X (SX)<br><br> -Number 210<br><br> -Section 04<br><br> -Paragraph 11<br><br> -Article 7<br><br><br><br>Reference 6: http://www.xbrl.org/2003/role/presentationRef<br><br> -Publisher FASB<br><br> -Name Accounting Standards Codification<br><br> -Topic 230<br><br> -SubTopic 10<br><br> -Section 45<br><br> -Paragraph 28<br><br> -Subparagraph (b)<br><br> -URI http://asc.fasb.org/extlink&amp;oid=6943989&amp;loc=d3e3602-108585<br><br><br><br>Reference 7: http://www.xbrl.org/2003/role/presentationRef<br><br> -Publisher SEC<br><br> -Name Regulation S-X (SX)<br><br> -Number 210<br><br> -Article 5<br><br> -Section 03<br><br> -Paragraph 9<br><br><br><br>Reference 8: http://www.xbrl.org/2003/role/presentationRef<br><br> -Publisher FASB<br><br> -Name Accounting Standards Codification<br><br> -Topic 225<br><br> -SubTopic 10<br><br> -Section S99<br><br> -Paragraph 2<br><br> -Subparagraph (SX 210.5-03.12)<br><br> -URI http://asc.fasb.org/extlink&amp;oid=6880815&amp;loc=d3e20235-122688<br><br><br><br></p>
              </div><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;">
                <table border="0" cellpadding="0" cellspacing="0">
                  <tr>
                    <td><strong> Name:</strong></td>
                    <td><nobr>us-gaap_IncomeLossFromEquityMethodInvestments</nobr></td>
                  </tr>
                  <tr>
                    <td style="padding-right: 4px;"><nobr><strong> Namespace Prefix:</strong></nobr></td>
                    <td>us-gaap_</td>
                  </tr>
                  <tr>
                    <td><strong> Data Type:</strong></td>
                    <td>xbrli:monetaryItemType</td>
                  </tr>
                  <tr>
                    <td><strong> Balance Type:</strong></td>
                    <td>credit</td>
                  </tr>
                  <tr>
                    <td><strong> Period Type:</strong></td>
                    <td>duration</td>
                  </tr>
                </table>
              </div>
            </div>
          </td>
        </tr>
      </table>
      <table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_us-gaap_InvestmentIncomeInterest">
        <tr>
          <td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td>
        </tr>
        <tr>
          <td>
            <div class="body" style="padding: 2px;"><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div>
                <p>Income derived from investments in debt securities and on cash and cash equivalents the earnings of which reflect the time value of money or transactions in which the payments are for the use or forbearance of money.</p>
              </div><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;">
                <p>Reference 1: http://www.xbrl.org/2003/role/presentationRef<br><br> -Publisher SEC<br><br> -Name Regulation S-X (SX)<br><br> -Number 210<br><br> -Article 5<br><br> -Section 03<br><br> -Paragraph 7<br><br><br><br>Reference 2: http://www.xbrl.org/2003/role/presentationRef<br><br> -Publisher FASB<br><br> -Name Statement of Financial Accounting Standard (FAS)<br><br> -Number 115<br><br> -Paragraph 14<br><br> -LegacyDoc This reference is SUPERSEDED by the Accounting Standards Codification effective for interim and annual periods ending after September 15, 2009.  This reference is included to help users transition from the previous accounting hierarchy and will be removed from future versions of this taxonomy.<br><br><br><br>Reference 3: http://www.xbrl.org/2003/role/presentationRef<br><br> -Publisher FASB<br><br> -Name Accounting Standards Codification<br><br> -Topic 225<br><br> -SubTopic 10<br><br> -Section S99<br><br> -Paragraph 2<br><br> -Subparagraph (SX 210.5-03.7(b))<br><br> -URI http://asc.fasb.org/extlink&amp;oid=6880815&amp;loc=d3e20235-122688<br><br><br><br></p>
              </div><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;">
                <table border="0" cellpadding="0" cellspacing="0">
                  <tr>
                    <td><strong> Name:</strong></td>
                    <td><nobr>us-gaap_InvestmentIncomeInterest</nobr></td>
                  </tr>
                  <tr>
                    <td style="padding-right: 4px;"><nobr><strong> Namespace Prefix:</strong></nobr></td>
                    <td>us-gaap_</td>
                  </tr>
                  <tr>
                    <td><strong> Data Type:</strong></td>
                    <td>xbrli:monetaryItemType</td>
                  </tr>
                  <tr>
                    <td><strong> Balance Type:</strong></td>
                    <td>credit</td>
                  </tr>
                  <tr>
                    <td><strong> Period Type:</strong></td>
                    <td>duration</td>
                  </tr>
                </table>
              </div>
            </div>
          </td>
        </tr>
      </table>
      <table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_us-gaap_MinorityInterestInNetIncomeLossJointVenturePartners">
        <tr>
          <td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td>
        </tr>
        <tr>
          <td>
            <div class="body" style="padding: 2px;"><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div>
                <p>Amount of net Income or Loss for the period allocated to noncontrolling shareholders, unit holders, partners, or other equity holders in joint ventures included in the entity's consolidated financial statements.</p>
              </div><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;">
                <p>Reference 1: http://www.xbrl.org/2003/role/presentationRef<br><br> -Publisher AICPA<br><br> -Name Accounting Research Bulletin (ARB)<br><br> -Number 51<br><br> -Paragraph 38<br><br> -Subparagraph a<br><br> -LegacyDoc This reference is SUPERSEDED by the Accounting Standards Codification effective for interim and annual periods ending after September 15, 2009.  This reference is included to help users transition from the previous accounting hierarchy and will be removed from future versions of this taxonomy.<br><br><br><br>Reference 2: http://www.xbrl.org/2003/role/presentationRef<br><br> -Publisher AICPA<br><br> -Name Accounting Research Bulletin (ARB)<br><br> -Number 51<br><br> -Paragraph 38<br><br> -Subparagraph c(1)<br><br> -LegacyDoc This reference is SUPERSEDED by the Accounting Standards Codification effective for interim and annual periods ending after September 15, 2009.  This reference is included to help users transition from the previous accounting hierarchy and will be removed from future versions of this taxonomy.<br><br><br><br></p>
              </div><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;">
                <table border="0" cellpadding="0" cellspacing="0">
                  <tr>
                    <td><strong> Name:</strong></td>
                    <td><nobr>us-gaap_MinorityInterestInNetIncomeLossJointVenturePartners</nobr></td>
                  </tr>
                  <tr>
                    <td style="padding-right: 4px;"><nobr><strong> Namespace Prefix:</strong></nobr></td>
                    <td>us-gaap_</td>
                  </tr>
                  <tr>
                    <td><strong> Data Type:</strong></td>
                    <td>xbrli:monetaryItemType</td>
                  </tr>
                  <tr>
                    <td><strong> Balance Type:</strong></td>
                    <td>debit</td>
                  </tr>
                  <tr>
                    <td><strong> Period Type:</strong></td>
                    <td>duration</td>
                  </tr>
                </table>
              </div>
            </div>
          </td>
        </tr>
      </table>
      <table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_us-gaap_MinorityInterestInNetIncomeLossOfConsolidatedEntitiesAbstract">
        <tr>
          <td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td>
        </tr>
        <tr>
          <td>
            <div class="body" style="padding: 2px;"><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Details</a><div>
                <table border="0" cellpadding="0" cellspacing="0">
                  <tr>
                    <td><strong> Name:</strong></td>
                    <td><nobr>us-gaap_MinorityInterestInNetIncomeLossOfConsolidatedEntitiesAbstract</nobr></td>
                  </tr>
                  <tr>
                    <td style="padding-right: 4px;"><nobr><strong> Namespace Prefix:</strong></nobr></td>
                    <td>us-gaap_</td>
                  </tr>
                  <tr>
                    <td><strong> Data Type:</strong></td>
                    <td>xbrli:stringItemType</td>
                  </tr>
                  <tr>
                    <td><strong> Balance Type:</strong></td>
                    <td>na</td>
                  </tr>
                  <tr>
                    <td><strong> Period Type:</strong></td>
                    <td>duration</td>
                  </tr>
                </table>
              </div>
            </div>
          </td>
        </tr>
      </table>
      <table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_us-gaap_MinorityInterestInNetIncomeLossOperatingPartnerships">
        <tr>
          <td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td>
        </tr>
        <tr>
          <td>
            <div class="body" style="padding: 2px;"><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div>
                <p>Amount of net Income or Loss for the period allocated to noncontrolling partners in an operating partnership included in the entity's consolidated financial statements.</p>
              </div><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;">
                <p>Reference 1: http://www.xbrl.org/2003/role/presentationRef<br><br> -Publisher AICPA<br><br> -Name Accounting Research Bulletin (ARB)<br><br> -Number 51<br><br> -Paragraph 38<br><br> -Subparagraph a<br><br> -LegacyDoc This reference is SUPERSEDED by the Accounting Standards Codification effective for interim and annual periods ending after September 15, 2009.  This reference is included to help users transition from the previous accounting hierarchy and will be removed from future versions of this taxonomy.<br><br><br><br>Reference 2: http://www.xbrl.org/2003/role/presentationRef<br><br> -Publisher FASB<br><br> -Name Accounting Standards Codification<br><br> -Topic 225<br><br> -SubTopic 10<br><br> -Section S99<br><br> -Paragraph 2<br><br> -Subparagraph (SX 210.5-03.19)<br><br> -URI http://asc.fasb.org/extlink&amp;oid=6880815&amp;loc=d3e20235-122688<br><br><br><br>Reference 3: http://www.xbrl.org/2003/role/presentationRef<br><br> -Publisher AICPA<br><br> -Name Accounting Research Bulletin (ARB)<br><br> -Number 51<br><br> -Paragraph 38<br><br> -Subparagraph c(1)<br><br> -LegacyDoc This reference is SUPERSEDED by the Accounting Standards Codification effective for interim and annual periods ending after September 15, 2009.  This reference is included to help users transition from the previous accounting hierarchy and will be removed from future versions of this taxonomy.<br><br><br><br></p>
              </div><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;">
                <table border="0" cellpadding="0" cellspacing="0">
                  <tr>
                    <td><strong> Name:</strong></td>
                    <td><nobr>us-gaap_MinorityInterestInNetIncomeLossOperatingPartnerships</nobr></td>
                  </tr>
                  <tr>
                    <td style="padding-right: 4px;"><nobr><strong> Namespace Prefix:</strong></nobr></td>
                    <td>us-gaap_</td>
                  </tr>
                  <tr>
                    <td><strong> Data Type:</strong></td>
                    <td>xbrli:monetaryItemType</td>
                  </tr>
                  <tr>
                    <td><strong> Balance Type:</strong></td>
                    <td>debit</td>
                  </tr>
                  <tr>
                    <td><strong> Period Type:</strong></td>
                    <td>duration</td>
                  </tr>
                </table>
              </div>
            </div>
          </td>
        </tr>
      </table>
      <table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_us-gaap_NetIncomeLoss">
        <tr>
          <td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td>
        </tr>
        <tr>
          <td>
            <div class="body" style="padding: 2px;"><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div>
                <p>The portion of profit or loss for the period, net of income taxes, which is attributable to the parent.</p>
              </div><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;">
                <p>Reference 1: http://www.xbrl.org/2003/role/presentationRef<br><br> -Publisher FASB<br><br> -Name Accounting Standards Codification<br><br> -Topic 944<br><br> -SubTopic 225<br><br> -Section S99<br><br> -Paragraph 1<br><br> -Subparagraph (SX 210.7-04.22)<br><br> -URI http://asc.fasb.org/extlink&amp;oid=6879464&amp;loc=d3e573970-122913<br><br><br><br>Reference 2: http://www.xbrl.org/2003/role/presentationRef<br><br> -Publisher FASB<br><br> -Name Accounting Standards Codification<br><br> -Topic 230<br><br> -SubTopic 10<br><br> -Section 45<br><br> -Paragraph 28<br><br> -URI http://asc.fasb.org/extlink&amp;oid=6943989&amp;loc=d3e3602-108585<br><br><br><br>Reference 3: http://www.xbrl.org/2003/role/presentationRef<br><br> -Publisher FASB<br><br> -Name Accounting Standards Codification<br><br> -Topic 225<br><br> -SubTopic 10<br><br> -Section S99<br><br> -Paragraph 2<br><br> -Subparagraph (SX 210.5-03.18)<br><br> -URI http://asc.fasb.org/extlink&amp;oid=6880815&amp;loc=d3e20235-122688<br><br><br><br>Reference 4: http://www.xbrl.org/2003/role/presentationRef<br><br> -Publisher AICPA<br><br> -Name Accounting Research Bulletin (ARB)<br><br> -Number 51<br><br> -Paragraph 38<br><br> -Subparagraph a<br><br> -LegacyDoc This reference is SUPERSEDED by the Accounting Standards Codification effective for interim and annual periods ending after September 15, 2009.  This reference is included to help users transition from the previous accounting hierarchy and will be removed from future versions of this taxonomy.<br><br><br><br>Reference 5: http://www.xbrl.org/2003/role/presentationRef<br><br> -Publisher FASB<br><br> -Name Accounting Standards Codification<br><br> -Topic 260<br><br> -SubTopic 10<br><br> -Section 50<br><br> -Paragraph 1<br><br> -URI http://asc.fasb.org/extlink&amp;oid=6371337&amp;loc=d3e3550-109257<br><br><br><br>Reference 6: http://www.xbrl.org/2003/role/presentationRef<br><br> -Publisher FASB<br><br> -Name Accounting Standards Codification<br><br> -Topic 220<br><br> -SubTopic 10<br><br> -Section 45<br><br> -Paragraph 6<br><br> -URI http://asc.fasb.org/extlink&amp;oid=6920043&amp;loc=d3e565-108580<br><br><br><br>Reference 7: http://www.xbrl.org/2003/role/presentationRef<br><br> -Publisher AICPA<br><br> -Name Accounting Research Bulletin (ARB)<br><br> -Number 51<br><br> -Paragraph A7<br><br> -Appendix A<br><br><br><br>Reference 8: http://www.xbrl.org/2003/role/presentationRef<br><br> -Publisher FASB<br><br> -Name Statement of Financial Accounting Standard (FAS)<br><br> -Number 130<br><br> -Paragraph 10, 15<br><br> -LegacyDoc This reference is SUPERSEDED by the Accounting Standards Codification effective for interim and annual periods ending after September 15, 2009.  This reference is included to help users transition from the previous accounting hierarchy and will be removed from future versions of this taxonomy.<br><br><br><br>Reference 9: http://www.xbrl.org/2003/role/presentationRef<br><br> -Publisher FASB<br><br> -Name Accounting Standards Codification<br><br> -Glossary Other Comprehensive Income<br><br> -URI http://asc.fasb.org/extlink&amp;oid=6519514<br><br><br><br>Reference 10: http://www.xbrl.org/2003/role/presentationRef<br><br> -Publisher AICPA<br><br> -Name Accounting Research Bulletin (ARB)<br><br> -Number 51<br><br> -Paragraph 38<br><br> -Subparagraph d<br><br> -LegacyDoc This reference is SUPERSEDED by the Accounting Standards Codification effective for interim and annual periods ending after September 15, 2009.  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This reference is included to help users transition from the previous accounting hierarchy and will be removed from future versions of this taxonomy.<br><br><br><br>Reference 12: http://www.xbrl.org/2003/role/presentationRef<br><br> -Publisher FASB<br><br> -Name Accounting Standards Codification<br><br> -Glossary Net Income<br><br> -URI http://asc.fasb.org/extlink&amp;oid=6518256<br><br><br><br>Reference 13: http://www.xbrl.org/2003/role/presentationRef<br><br> -Publisher FASB<br><br> -Name Accounting Standards Codification<br><br> -Topic 944<br><br> -SubTopic 225<br><br> -Section S99<br><br> -Paragraph 1<br><br> -Subparagraph (SX 210.7-04.19)<br><br> -URI http://asc.fasb.org/extlink&amp;oid=6879464&amp;loc=d3e573970-122913<br><br><br><br>Reference 14: http://www.xbrl.org/2003/role/presentationRef<br><br> -Publisher SEC<br><br> -Name Regulation S-X (SX)<br><br> -Number 210<br><br> -Article 5<br><br> -Section 03<br><br> -Paragraph 19<br><br><br><br>Reference 15: http://www.xbrl.org/2003/role/presentationRef<br><br> -Publisher FASB<br><br> -Name Statement of Financial Accounting Standard (FAS)<br><br> -Number 95<br><br> -Paragraph 28, 29, 30<br><br> -LegacyDoc This reference is SUPERSEDED by the Accounting Standards Codification effective for interim and annual periods ending after September 15, 2009.  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              </div><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;">
                <table border="0" cellpadding="0" cellspacing="0">
                  <tr>
                    <td><strong> Name:</strong></td>
                    <td><nobr>us-gaap_NetIncomeLoss</nobr></td>
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        <tr>
          <td>
            <div class="body" style="padding: 2px;"><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div>
                <p>The portion of net Income or Loss attributable to the noncontrolling interest (if any) deducted in order to derive the portion attributable to the parent.</p>
              </div><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;">
                <p>Reference 1: http://www.xbrl.org/2003/role/presentationRef<br><br> -Publisher FASB<br><br> -Name Accounting Standards Codification<br><br> -Topic 810<br><br> -SubTopic 10<br><br> -Section 50<br><br> -Paragraph 1A<br><br> -URI http://asc.fasb.org/extlink&amp;oid=6921930&amp;loc=SL4573702-111684<br><br><br><br>Reference 2: http://www.xbrl.org/2003/role/presentationRef<br><br> -Publisher FASB<br><br> -Name Accounting Standards Codification<br><br> -Topic 810<br><br> -SubTopic 10<br><br> -Section 55<br><br> -Paragraph 4J<br><br> -URI http://asc.fasb.org/extlink&amp;oid=6922042&amp;loc=SL4591551-111686<br><br><br><br>Reference 3: http://www.xbrl.org/2003/role/presentationRef<br><br> -Publisher AICPA<br><br> -Name Accounting Research Bulletin (ARB)<br><br> -Number 51<br><br> -Paragraph 38<br><br> -Subparagraph a<br><br> -LegacyDoc This reference is SUPERSEDED by the Accounting Standards Codification effective for interim and annual periods ending after September 15, 2009.  This reference is included to help users transition from the previous accounting hierarchy and will be removed from future versions of this taxonomy.<br><br><br><br>Reference 4: http://www.xbrl.org/2003/role/presentationRef<br><br> -Publisher AICPA<br><br> -Name Accounting Research Bulletin (ARB)<br><br> -Number 51<br><br> -Paragraph 38<br><br> -Subparagraph c(1)<br><br> -LegacyDoc This reference is SUPERSEDED by the Accounting Standards Codification effective for interim and annual periods ending after September 15, 2009.  This reference is included to help users transition from the previous accounting hierarchy and will be removed from future versions of this taxonomy.<br><br><br><br>Reference 5: http://www.xbrl.org/2003/role/presentationRef<br><br> -Publisher AICPA<br><br> -Name Accounting Research Bulletin (ARB)<br><br> -Number 51<br><br> -Paragraph A1, A4, A5<br><br> -LegacyDoc This reference is SUPERSEDED by the Accounting Standards Codification effective for interim and annual periods ending after September 15, 2009.  This reference is included to help users transition from the previous accounting hierarchy and will be removed from future versions of this taxonomy.<br><br><br><br>Reference 6: http://www.xbrl.org/2003/role/presentationRef<br><br> -Publisher FASB<br><br> -Name Accounting Standards Codification<br><br> -Topic 810<br><br> -SubTopic 10<br><br> -Section 55<br><br> -Paragraph 4K<br><br> -URI http://asc.fasb.org/extlink&amp;oid=6922042&amp;loc=SL4591552-111686<br><br><br><br></p>
              </div><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;">
                <table border="0" cellpadding="0" cellspacing="0">
                  <tr>
                    <td><strong> Name:</strong></td>
                    <td><nobr>us-gaap_NetIncomeLossAttributableToNoncontrollingInterest</nobr></td>
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          <td>
            <div class="body" style="padding: 2px;"><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div>
                <p>Net income after adjustments for dividends on preferred stock (declared in the period) and/or cumulative preferred stock (accumulated for the period).</p>
              </div><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;">
                <p>Reference 1: http://www.xbrl.org/2003/role/presentationRef<br><br> -Publisher FASB<br><br> -Name Statement of Financial Accounting Standard (FAS)<br><br> -Number 128<br><br> -Paragraph 9<br><br> -LegacyDoc This reference is SUPERSEDED by the Accounting Standards Codification effective for interim and annual periods ending after September 15, 2009.  This reference is included to help users transition from the previous accounting hierarchy and will be removed from future versions of this taxonomy.<br><br><br><br>Reference 2: http://www.xbrl.org/2003/role/presentationRef<br><br> -Publisher FASB<br><br> -Name Accounting Standards Codification<br><br> -Topic 260<br><br> -SubTopic 10<br><br> -Section 45<br><br> -Paragraph 11<br><br> -URI http://asc.fasb.org/extlink&amp;oid=6920599&amp;loc=d3e1377-109256<br><br><br><br></p>
              </div><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;">
                <table border="0" cellpadding="0" cellspacing="0">
                  <tr>
                    <td><strong> Name:</strong></td>
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          <td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td>
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            <div class="body" style="padding: 2px;"><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div>
                <p>The aggregate amount of income or expense from ancillary business-related activities (that is to say, excluding major activities considered part of the normal operations of the business).</p>
              </div><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;">
                <p>Reference 1: http://www.xbrl.org/2003/role/presentationRef<br><br> -Publisher SEC<br><br> -Name Regulation S-X (SX)<br><br> -Number 210<br><br> -Article 5<br><br> -Section 03<br><br> -Paragraph 7<br><br><br><br>Reference 2: http://www.xbrl.org/2003/role/presentationRef<br><br> -Publisher FASB<br><br> -Name Accounting Standards Codification<br><br> -Topic 225<br><br> -SubTopic 10<br><br> -Section S99<br><br> -Paragraph 2<br><br> -Subparagraph (SX 210.5-03.7)<br><br> -URI http://asc.fasb.org/extlink&amp;oid=6880815&amp;loc=d3e20235-122688<br><br><br><br></p>
              </div><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;">
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            <div class="body" style="padding: 2px;"><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Details</a><div>
                <table border="0" cellpadding="0" cellspacing="0">
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            <div class="body" style="padding: 2px;"><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div>
                <p>Generally recurring costs associated with normal operations except for the portion of these expenses which can be clearly related to production and included in cost of sales or services. Includes selling, general and administrative expense.</p>
              </div><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;">
                <p>No definition available.</p>
              </div><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;">
                <table border="0" cellpadding="0" cellspacing="0">
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                    <td><strong> Name:</strong></td>
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        <tr>
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            <div class="body" style="padding: 2px;"><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Details</a><div>
                <table border="0" cellpadding="0" cellspacing="0">
                  <tr>
                    <td><strong> Name:</strong></td>
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          <td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td>
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            <div class="body" style="padding: 2px;"><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div>
                <p>The net result for the period of deducting operating expenses from operating revenues.</p>
              </div><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;">
                <p>No definition available.</p>
              </div><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;">
                <table border="0" cellpadding="0" cellspacing="0">
                  <tr>
                    <td><strong> Name:</strong></td>
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            <div class="body" style="padding: 2px;"><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div>
                <p>The total amount of revenue recognized for the period from operating leases, including minimum lease revenue, contingent revenue, percentage revenue and sublease revenue.</p>
              </div><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;">
                <p>Reference 1: http://www.xbrl.org/2003/role/presentationRef<br><br> -Publisher FASB<br><br> -Name Statement of Financial Accounting Standard (FAS)<br><br> -Number 13<br><br> -Paragraph 19<br><br> -Subparagraph b<br><br> -LegacyDoc This reference is SUPERSEDED by the Accounting Standards Codification effective for interim and annual periods ending after September 15, 2009.  This reference is included to help users transition from the previous accounting hierarchy and will be removed from future versions of this taxonomy.<br><br><br><br>Reference 2: http://www.xbrl.org/2003/role/presentationRef<br><br> -Publisher FASB<br><br> -Name Accounting Standards Codification<br><br> -Topic 840<br><br> -SubTopic 20<br><br> -Section 25<br><br> -Paragraph 1<br><br> -URI http://asc.fasb.org/extlink&amp;oid=6453417&amp;loc=d3e39896-112707<br><br><br><br></p>
              </div><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;">
                <table border="0" cellpadding="0" cellspacing="0">
                  <tr>
                    <td><strong> Name:</strong></td>
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          <td>
            <div class="body" style="padding: 2px;"><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div>
                <p>The total amount of other operating cost and expense items that are associated with the entity's normal revenue producing operation.</p>
              </div><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;">
                <p>Reference 1: http://www.xbrl.org/2003/role/presentationRef<br><br> -Publisher SEC<br><br> -Name Regulation S-X (SX)<br><br> -Number 210<br><br> -Article 5<br><br> -Section 03<br><br> -Paragraph 3<br><br><br><br>Reference 2: http://www.xbrl.org/2003/role/presentationRef<br><br> -Publisher FASB<br><br> -Name Accounting Standards Codification<br><br> -Topic 225<br><br> -SubTopic 10<br><br> -Section S99<br><br> -Paragraph 2<br><br> -Subparagraph (SX 210.5-03.3)<br><br> -URI http://asc.fasb.org/extlink&amp;oid=6880815&amp;loc=d3e20235-122688<br><br><br><br></p>
              </div><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;">
                <table border="0" cellpadding="0" cellspacing="0">
                  <tr>
                    <td><strong> Name:</strong></td>
                    <td><nobr>us-gaap_OtherCostAndExpenseOperating</nobr></td>
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                  <tr>
                    <td style="padding-right: 4px;"><nobr><strong> Namespace Prefix:</strong></nobr></td>
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                    <td><strong> Balance Type:</strong></td>
                    <td>debit</td>
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                    <td><strong> Period Type:</strong></td>
                    <td>duration</td>
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          <td>
            <div class="body" style="padding: 2px;"><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div>
                <p>Other real estate revenue not otherwise specified in the taxonomy.</p>
              </div><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;">
                <p>Reference 1: http://www.xbrl.org/2003/role/presentationRef<br><br> -Publisher FASB<br><br> -Name Accounting Standards Codification<br><br> -Topic 225<br><br> -SubTopic 10<br><br> -Section S99<br><br> -Paragraph 2<br><br> -Subparagraph (SX 210.5-03.1(e))<br><br> -URI http://asc.fasb.org/extlink&amp;oid=6880815&amp;loc=d3e20235-122688<br><br><br><br></p>
              </div><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;">
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                    <td><strong> Name:</strong></td>
                    <td><nobr>us-gaap_OtherRealEstateRevenue</nobr></td>
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                    <td><strong> Balance Type:</strong></td>
                    <td>credit</td>
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          <td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td>
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          <td>
            <div class="body" style="padding: 2px;"><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div>
                <p>The aggregate value of preferred stock dividends and other adjustments necessary to derive net income apportioned to common stockholders.</p>
              </div><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;">
                <p>Reference 1: http://www.xbrl.org/2003/role/presentationRef<br><br> -Publisher FASB<br><br> -Name Accounting Standards Codification<br><br> -Topic 260<br><br> -SubTopic 10<br><br> -Section 45<br><br> -Paragraph 11<br><br> -URI http://asc.fasb.org/extlink&amp;oid=6920599&amp;loc=d3e1377-109256<br><br><br><br></p>
              </div><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;">
                <table border="0" cellpadding="0" cellspacing="0">
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                    <td><strong> Name:</strong></td>
                    <td><nobr>us-gaap_PreferredStockDividendsAndOtherAdjustments</nobr></td>
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                    <td style="padding-right: 4px;"><nobr><strong> Namespace Prefix:</strong></nobr></td>
                    <td>us-gaap_</td>
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                    <td><strong> Data Type:</strong></td>
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                    <td><strong> Balance Type:</strong></td>
                    <td>debit</td>
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                    <td><strong> Period Type:</strong></td>
                    <td>duration</td>
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      <table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_us-gaap_ProfitLoss">
        <tr>
          <td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td>
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          <td>
            <div class="body" style="padding: 2px;"><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div>
                <p>The consolidated profit or loss for the period, net of income taxes, including the portion attributable to the noncontrolling interest.</p>
              </div><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;">
                <p>Reference 1: http://www.xbrl.org/2003/role/presentationRef<br><br> -Publisher FASB<br><br> -Name Accounting Standards Codification<br><br> -Topic 810<br><br> -SubTopic 10<br><br> -Section 55<br><br> -Paragraph 4J<br><br> -URI http://asc.fasb.org/extlink&amp;oid=6922042&amp;loc=SL4591551-111686<br><br><br><br>Reference 2: http://www.xbrl.org/2003/role/presentationRef<br><br> -Publisher AICPA<br><br> -Name Accounting Research Bulletin (ARB)<br><br> -Number 51<br><br> -Paragraph 38<br><br> -Subparagraph a<br><br> -LegacyDoc This reference is SUPERSEDED by the Accounting Standards Codification effective for interim and annual periods ending after September 15, 2009.  This reference is included to help users transition from the previous accounting hierarchy and will be removed from future versions of this taxonomy.<br><br><br><br>Reference 3: http://www.xbrl.org/2003/role/presentationRef<br><br> -Publisher AICPA<br><br> -Name Accounting Research Bulletin (ARB)<br><br> -Number 51<br><br> -Paragraph A1, A4, A5<br><br> -LegacyDoc This reference is SUPERSEDED by the Accounting Standards Codification effective for interim and annual periods ending after September 15, 2009.  This reference is included to help users transition from the previous accounting hierarchy and will be removed from future versions of this taxonomy.<br><br><br><br>Reference 4: http://www.xbrl.org/2003/role/presentationRef<br><br> -Publisher AICPA<br><br> -Name Accounting Research Bulletin (ARB)<br><br> -Number 51<br><br> -Paragraph 38<br><br> -Subparagraph c(1)<br><br> -LegacyDoc This reference is SUPERSEDED by the Accounting Standards Codification effective for interim and annual periods ending after September 15, 2009.  This reference is included to help users transition from the previous accounting hierarchy and will be removed from future versions of this taxonomy.<br><br><br><br>Reference 5: http://www.xbrl.org/2003/role/presentationRef<br><br> -Publisher AICPA<br><br> -Name Accounting Research Bulletin (ARB)<br><br> -Number 51<br><br> -Paragraph 29<br><br> -LegacyDoc This reference is SUPERSEDED by the Accounting Standards Codification effective for interim and annual periods ending after September 15, 2009.  This reference is included to help users transition from the previous accounting hierarchy and will be removed from future versions of this taxonomy.<br><br><br><br>Reference 6: http://www.xbrl.org/2003/role/presentationRef<br><br> -Publisher FASB<br><br> -Name Accounting Standards Codification<br><br> -Topic 810<br><br> -SubTopic 10<br><br> -Section 50<br><br> -Paragraph 1A<br><br> -Subparagraph (a),(c)<br><br> -URI http://asc.fasb.org/extlink&amp;oid=6921930&amp;loc=SL4573702-111684<br><br><br><br>Reference 7: http://www.xbrl.org/2003/role/presentationRef<br><br> -Publisher FASB<br><br> -Name Accounting Standards Codification<br><br> -Topic 810<br><br> -SubTopic 10<br><br> -Section 55<br><br> -Paragraph 4K<br><br> -URI http://asc.fasb.org/extlink&amp;oid=6922042&amp;loc=SL4591552-111686<br><br><br><br>Reference 8: http://www.xbrl.org/2003/role/presentationRef<br><br> -Publisher AICPA<br><br> -Name Accounting Research Bulletin (ARB)<br><br> -Number 51<br><br> -Paragraph 5<br><br> -Subparagraph b<br><br> -LegacyDoc This reference is SUPERSEDED by the Accounting Standards Codification effective for interim and annual periods ending after September 15, 2009.  This reference is included to help users transition from the previous accounting hierarchy and will be removed from future versions of this taxonomy.<br><br><br><br>Reference 9: http://www.xbrl.org/2003/role/presentationRef<br><br> -Publisher FASB<br><br> -Name Accounting Standards Codification<br><br> -Topic 810<br><br> -SubTopic 10<br><br> -Section 45<br><br> -Paragraph 19<br><br> -URI http://asc.fasb.org/extlink&amp;oid=6921628&amp;loc=SL4569616-111683<br><br><br><br></p>
              </div><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;">
                <table border="0" cellpadding="0" cellspacing="0">
                  <tr>
                    <td><strong> Name:</strong></td>
                    <td><nobr>us-gaap_ProfitLoss</nobr></td>
                  </tr>
                  <tr>
                    <td style="padding-right: 4px;"><nobr><strong> Namespace Prefix:</strong></nobr></td>
                    <td>us-gaap_</td>
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                    <td><strong> Data Type:</strong></td>
                    <td>xbrli:monetaryItemType</td>
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                  <tr>
                    <td><strong> Balance Type:</strong></td>
                    <td>credit</td>
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                    <td><strong> Period Type:</strong></td>
                    <td>duration</td>
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      <table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_us-gaap_RealEstateTaxExpense">
        <tr>
          <td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td>
        </tr>
        <tr>
          <td>
            <div class="body" style="padding: 2px;"><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div>
                <p>A tax based on the assessed value of real estate by the local government. The tax is usually based on the value of property (including the land).</p>
              </div><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;">
                <p>Reference 1: http://www.xbrl.org/2003/role/presentationRef<br><br> -Publisher AICPA<br><br> -Name Accounting Research Bulletin (ARB)<br><br> -Number 43<br><br> -Chapter 10<br><br> -Section A<br><br> -Paragraph 2, 17<br><br> -LegacyDoc This reference is SUPERSEDED by the Accounting Standards Codification effective for interim and annual periods ending after September 15, 2009.  This reference is included to help users transition from the previous accounting hierarchy and will be removed from future versions of this taxonomy.<br><br><br><br>Reference 2: http://www.xbrl.org/2003/role/presentationRef<br><br> -Publisher FASB<br><br> -Name Accounting Standards Codification<br><br> -Topic 720<br><br> -SubTopic 30<br><br> -Section 45<br><br> -Paragraph 3<br><br> -URI http://asc.fasb.org/extlink&amp;oid=6419918&amp;loc=d3e35301-107843<br><br><br><br></p>
              </div><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;">
                <table border="0" cellpadding="0" cellspacing="0">
                  <tr>
                    <td><strong> Name:</strong></td>
                    <td><nobr>us-gaap_RealEstateTaxExpense</nobr></td>
                  </tr>
                  <tr>
                    <td style="padding-right: 4px;"><nobr><strong> Namespace Prefix:</strong></nobr></td>
                    <td>us-gaap_</td>
                  </tr>
                  <tr>
                    <td><strong> Data Type:</strong></td>
                    <td>xbrli:monetaryItemType</td>
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                  <tr>
                    <td><strong> Balance Type:</strong></td>
                    <td>debit</td>
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                    <td><strong> Period Type:</strong></td>
                    <td>duration</td>
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          </td>
        </tr>
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      <table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_us-gaap_Revenues">
        <tr>
          <td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td>
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        <tr>
          <td>
            <div class="body" style="padding: 2px;"><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div>
                <p>Aggregate revenue recognized during the period (derived from goods sold, services rendered, insurance premiums, or other activities that constitute an entity's earning process). For financial services companies, also includes investment and interest income, and sales and trading gains.</p>
              </div><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;">
                <p>Reference 1: http://www.xbrl.org/2003/role/presentationRef<br><br> -Publisher SEC<br><br> -Name Regulation S-X (SX)<br><br> -Number 210<br><br> -Article 5<br><br> -Section 03<br><br> -Paragraph 1<br><br><br><br>Reference 2: http://www.xbrl.org/2003/role/presentationRef<br><br> -Publisher FASB<br><br> -Name Accounting Standards Codification<br><br> -Topic 225<br><br> -SubTopic 10<br><br> -Section S99<br><br> -Paragraph 2<br><br> -Subparagraph (SX 210.5-03.1)<br><br> -URI http://asc.fasb.org/extlink&amp;oid=6880815&amp;loc=d3e20235-122688<br><br><br><br></p>
              </div><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;">
                <table border="0" cellpadding="0" cellspacing="0">
                  <tr>
                    <td><strong> Name:</strong></td>
                    <td><nobr>us-gaap_Revenues</nobr></td>
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                    <td style="padding-right: 4px;"><nobr><strong> Namespace Prefix:</strong></nobr></td>
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                <table border="0" cellpadding="0" cellspacing="0">
                  <tr>
                    <td><strong> Name:</strong></td>
                    <td><nobr>us-gaap_RevenuesAbstract</nobr></td>
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                    <td><strong> Period Type:</strong></td>
                    <td>duration</td>
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        <tr>
          <td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td>
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        <tr>
          <td>
            <div class="body" style="padding: 2px;"><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div>
                <p>In accordance with the provisions of their lease agreement, this element represents allowable charges due a landlord from its tenant. In retail store and office building leases, for example, tenant reimbursements may cover items such as taxes, utilities, and common area expenses.</p>
              </div><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;">
                <p>Reference 1: http://www.xbrl.org/2003/role/presentationRef<br><br> -Publisher FASB<br><br> -Name Accounting Standards Codification<br><br> -Topic 225<br><br> -SubTopic 10<br><br> -Section S99<br><br> -Paragraph 2<br><br> -Subparagraph (SX 210.5-03.1(e))<br><br> -URI http://asc.fasb.org/extlink&amp;oid=6880815&amp;loc=d3e20235-122688<br><br><br><br></p>
              </div><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;">
                <table border="0" cellpadding="0" cellspacing="0">
                  <tr>
                    <td><strong> Name:</strong></td>
                    <td><nobr>us-gaap_TenantReimbursements</nobr></td>
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                    <td>credit</td>
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                    <td>duration</td>
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        <tr>
          <td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td>
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        <tr>
          <td>
            <div class="body" style="padding: 2px;"><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div>
                <p>Write-off of amounts previously capitalized as debt issuance cost in an extinguishment of debt.</p>
              </div><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;">
                <p>Reference 1: http://www.xbrl.org/2003/role/presentationRef<br><br> -Publisher FASB<br><br> -Name Statement of Financial Accounting Standard (FAS)<br><br> -Number 95<br><br> -Paragraph 28<br><br> -LegacyDoc This reference is SUPERSEDED by the Accounting Standards Codification effective for interim and annual periods ending after September 15, 2009.  This reference is included to help users transition from the previous accounting hierarchy and will be removed from future versions of this taxonomy.<br><br><br><br>Reference 2: http://www.xbrl.org/2003/role/presentationRef<br><br> -Publisher FASB<br><br> -Name Accounting Standards Codification<br><br> -Topic 225<br><br> -SubTopic 10<br><br> -Section S99<br><br> -Paragraph 2<br><br> -Subparagraph (SX 210.5-03.8)<br><br> -URI http://asc.fasb.org/extlink&amp;oid=6880815&amp;loc=d3e20235-122688<br><br><br><br></p>
              </div><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;">
                <table border="0" cellpadding="0" cellspacing="0">
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                    <td><strong> Name:</strong></td>
                    <td><nobr>us-gaap_WriteOffOfDeferredDebtIssuanceCost</nobr></td>
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          <div>Dec. 31, 2011</div>
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      <tr class="ro">
        <td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_FairValueMeasurementInputsDisclosureTextBlock', window );">Fair Value Measurements</a></td>
        <td class="text"><div> <p style="text-align: left;"><b><font style="font-family: TimesNewRomanPS-BoldMT,Times New Roman,Times,serif;" class="_mt" size="3">Note 6. Fair Value Measurements</font></b></p>

<p style="text-align: left;">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<font style="font-family: TimesNewRomanPSMT,Times New Roman,Times,serif;" class="_mt" size="3">The carrying amounts of cash and cash equivalents, restricted cash, rents and other receivables, certain other assets, accounts payable and accrued expenses approximate fair value. The fair value of the Company's investments and liabilities related to deferred compensation plans were determined to be a Level 1 within the valuation hierarchy, and were based on independent values provided by financial institutions. The valuation of the liability for the Company's interest rate swaps, which is measured on a recurring basis, was determined to be a Level 2 within the valuation hierarchy, and was based on independent values provided by financial institutions. The valuation of the assets for the Company's real estate held for sale/conveyance &#8211; discontinued operations, which is measured on a nonrecurring basis, have been determined to be (i) a Level 2 within the valuation hierarchy, based on the respective contracts of sale or (ii) Level 3 within the valuation hierarchy, where applicable, based on estimated sales prices determined by discounted cash flow analyses if no contract amounts were as yet being negotiated. The discounted cash flow analyses included all estimated cash inflows and outflows over a specific holding period and where applicable, any estimated debt premiums. These cash flows were comprised of unobservable inputs which included contractual rental revenues and forecasted rental revenues and expenses based upon market conditions and expectations for growth. Capitalization rates and discount rates utilized in these analyses were </font><font style="font-family: TimesNewRomanPSMT,Times New Roman,Times,serif;" class="_mt" size="3">based upon observable rates that the Company believed to be within a reasonable range of current market rates for the respective properties.</font></p>

<p style="text-align: left;">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<font style="font-family: TimesNewRomanPSMT,Times New Roman,Times,serif;" class="_mt" size="3">The following tables show the hierarchy for those assets measured at fair value on a recurring basis as of December 31, 2011 and December 31, 2010, respectively:</font></p>

<div>

<table border="0" cellspacing="0">
<tr><td width="38%">&nbsp;</td>
<td width="2%">&nbsp;</td>
<td width="12%">&nbsp;</td>
<td width="2%">&nbsp;</td>
<td width="12%">&nbsp;</td>
<td width="2%">&nbsp;</td>
<td width="13%">&nbsp;</td>
<td width="2%">&nbsp;</td>
<td width="11%">&nbsp;</td></tr>
<tr valign="bottom"><td width="38%" align="left">&nbsp;</td>
<td style="border-bottom: #000000 1px solid;" rowspan="3" width="56%" colspan="8" align="center"><font style="font-family: TimesNewRomanPSMT,Times New Roman,Times,serif;" class="_mt" size="2">Assets/Liabilities Measured at Fair Value on a</font><br /><font style="font-family: TimesNewRomanPSMT,Times New Roman,Times,serif;" class="_mt" size="2">Recurring Basis</font><br /><font style="font-family: TimesNewRomanPSMT,Times New Roman,Times,serif;" class="_mt" size="2">December 31, 2011</font></td></tr>
<tr valign="bottom"><td width="38%" align="left">&nbsp;</td></tr>
<tr valign="bottom"><td width="38%" align="left">&nbsp;</td></tr>
<tr valign="bottom"><td width="38%" align="left"><font style="font-family: TimesNewRomanPSMT,Times New Roman,Times,serif;" class="_mt" size="2">Description</font></td>
<td style="border-bottom: #000000 1px solid;" width="14%" colspan="2" align="center"><font style="font-family: TimesNewRomanPSMT,Times New Roman,Times,serif;" class="_mt" size="2">Level 1</font></td>
<td style="border-bottom: #000000 1px solid;" width="14%" colspan="2" align="center"><font style="font-family: TimesNewRomanPSMT,Times New Roman,Times,serif;" class="_mt" size="2">Level 2</font></td>
<td style="border-bottom: #000000 1px solid;" width="15%" colspan="2" align="center"><font style="font-family: TimesNewRomanPSMT,Times New Roman,Times,serif;" class="_mt" size="2">Level 3</font></td>
<td style="border-bottom: #000000 1px solid;" width="13%" colspan="2" align="center"><font style="font-family: TimesNewRomanPSMT,Times New Roman,Times,serif;" class="_mt" size="2">Total</font></td></tr>
<tr valign="bottom"><td width="38%" align="left"><font style="font-family: TimesNewRomanPSMT,Times New Roman,Times,serif;" class="_mt" size="2">Investments</font></td>
<td width="2%" align="left"><font style="font-family: TimesNewRomanPSMT,Times New Roman,Times,serif;" class="_mt" size="2">$</font></td>
<td style="border-bottom: #000000 3px double;" width="12%" align="center"><font style="font-family: TimesNewRomanPSMT,Times New Roman,Times,serif;" class="_mt" size="2">3,562,000</font></td>
<td style="text-indent: 1px;" width="2%" align="left"><font style="font-family: TimesNewRomanPSMT,Times New Roman,Times,serif;" class="_mt" size="2">$</font></td>
<td style="border-bottom: #000000 3px double; text-indent: 7px;" width="12%" align="left"><font style="font-family: TimesNewRomanPSMT,Times New Roman,Times,serif;" class="_mt" size="2">-</font></td>
<td width="2%" align="left"><font style="font-family: TimesNewRomanPSMT,Times New Roman,Times,serif;" class="_mt" size="2">$</font></td>
<td style="border-bottom: #000000 3px double;" width="13%" align="right"><font style="font-family: TimesNewRomanPSMT,Times New Roman,Times,serif;" class="_mt" size="2">-</font></td>
<td width="2%" align="left"><font style="font-family: TimesNewRomanPSMT,Times New Roman,Times,serif;" class="_mt" size="2">$</font></td>
<td style="border-bottom: #000000 3px double;" width="11%" align="left"><font style="font-family: TimesNewRomanPSMT,Times New Roman,Times,serif;" class="_mt" size="2">3,562,000</font></td></tr>
<tr><td width="94%" colspan="9">&nbsp;</td></tr>
<tr valign="bottom"><td width="38%" align="left"><font style="font-family: TimesNewRomanPSMT,Times New Roman,Times,serif;" class="_mt" size="2">Liabilities relating to deferred</font></td>
<td width="2%" align="left">&nbsp;</td>
<td width="12%" align="left">&nbsp;</td>
<td width="2%" align="left">&nbsp;</td>
<td width="12%" align="left">&nbsp;</td>
<td width="2%" align="left">&nbsp;</td>
<td width="13%" align="left">&nbsp;</td>
<td width="2%" align="left">&nbsp;</td>
<td width="11%" align="left">&nbsp;</td></tr>
<tr valign="bottom"><td width="38%" align="left"><font style="font-family: TimesNewRomanPSMT,Times New Roman,Times,serif;" class="_mt" size="2">compensation plans</font></td>
<td width="2%" align="left"><font style="font-family: TimesNewRomanPSMT,Times New Roman,Times,serif;" class="_mt" size="2">$</font></td>
<td style="border-bottom: #000000 3px double;" width="12%" align="center"><font style="font-family: TimesNewRomanPSMT,Times New Roman,Times,serif;" class="_mt" size="2">3,562,000</font></td>
<td style="text-indent: 1px;" width="2%" align="left"><font style="font-family: TimesNewRomanPSMT,Times New Roman,Times,serif;" class="_mt" size="2">$</font></td>
<td style="border-bottom: #000000 3px double; text-indent: 7px;" width="12%" align="left"><font style="font-family: TimesNewRomanPSMT,Times New Roman,Times,serif;" class="_mt" size="2">-</font></td>
<td width="2%" align="left"><font style="font-family: TimesNewRomanPSMT,Times New Roman,Times,serif;" class="_mt" size="2">$</font></td>
<td style="border-bottom: #000000 3px double;" width="13%" align="right"><font style="font-family: TimesNewRomanPSMT,Times New Roman,Times,serif;" class="_mt" size="2">-</font></td>
<td width="2%" align="left"><font style="font-family: TimesNewRomanPSMT,Times New Roman,Times,serif;" class="_mt" size="2">$</font></td>
<td style="border-bottom: #000000 3px double;" width="11%" align="left"><font style="font-family: TimesNewRomanPSMT,Times New Roman,Times,serif;" class="_mt" size="2">3,562,000</font></td></tr>
<tr valign="bottom"><td width="38%" align="left"><font style="font-family: TimesNewRomanPSMT,Times New Roman,Times,serif;" class="_mt" size="2">Interest rate swaps liability</font></td>
<td width="2%" align="left"><font style="font-family: TimesNewRomanPSMT,Times New Roman,Times,serif;" class="_mt" size="2">$</font></td>
<td style="border-bottom: #000000 3px double; text-indent: 7px;" width="12%" align="left"><font style="font-family: TimesNewRomanPSMT,Times New Roman,Times,serif;" class="_mt" size="2">-</font></td>
<td style="text-indent: 1px;" width="2%" align="left"><font style="font-family: TimesNewRomanPSMT,Times New Roman,Times,serif;" class="_mt" size="2">$</font></td>
<td style="border-bottom: #000000 3px double;" width="12%" align="left"><font style="font-family: TimesNewRomanPSMT,Times New Roman,Times,serif;" class="_mt" size="2">2,053,000</font></td>
<td width="2%" align="left"><font style="font-family: TimesNewRomanPSMT,Times New Roman,Times,serif;" class="_mt" size="2">$</font></td>
<td style="border-bottom: #000000 3px double;" width="13%" align="right"><font style="font-family: TimesNewRomanPSMT,Times New Roman,Times,serif;" class="_mt" size="2">-</font></td>
<td width="2%" align="left"><font style="font-family: TimesNewRomanPSMT,Times New Roman,Times,serif;" class="_mt" size="2">$</font></td>
<td style="border-bottom: #000000 3px double;" width="11%" align="left"><font style="font-family: TimesNewRomanPSMT,Times New Roman,Times,serif;" class="_mt" size="2">2,053,000</font></td></tr>
<tr><td width="94%" colspan="9">&nbsp;</td></tr>
<tr valign="bottom"><td width="38%" align="left">&nbsp;</td>
<td style="border-bottom: #000000 1px solid;" rowspan="3" width="56%" colspan="8" align="center"><font style="font-family: TimesNewRomanPSMT,Times New Roman,Times,serif;" class="_mt" size="2">Assets/Liabilities Measured at Fair Value on a</font><br /><font style="font-family: TimesNewRomanPSMT,Times New Roman,Times,serif;" class="_mt" size="2">Recurring Basis</font><br /><font style="font-family: TimesNewRomanPSMT,Times New Roman,Times,serif;" class="_mt" size="2">December 31, 2010</font></td></tr>
<tr valign="bottom"><td width="38%" align="left">&nbsp;</td></tr>
<tr valign="bottom"><td width="38%" align="left">&nbsp;</td></tr>
<tr valign="bottom"><td width="38%" align="left"><font style="font-family: TimesNewRomanPSMT,Times New Roman,Times,serif;" class="_mt" size="2">Description</font></td>
<td style="border-bottom: #000000 1px solid;" width="14%" colspan="2" align="center"><font style="font-family: TimesNewRomanPSMT,Times New Roman,Times,serif;" class="_mt" size="2">Level 1</font></td>
<td style="border-bottom: #000000 1px solid;" width="14%" colspan="2" align="center"><font style="font-family: TimesNewRomanPSMT,Times New Roman,Times,serif;" class="_mt" size="2">Level 2</font></td>
<td style="border-bottom: #000000 1px solid;" width="15%" colspan="2" align="center"><font style="font-family: TimesNewRomanPSMT,Times New Roman,Times,serif;" class="_mt" size="2">Level 3</font></td>
<td style="border-bottom: #000000 1px solid;" width="13%" colspan="2" align="center"><font style="font-family: TimesNewRomanPSMT,Times New Roman,Times,serif;" class="_mt" size="2">Total</font></td></tr>
<tr valign="bottom"><td width="38%" align="left"><font style="font-family: TimesNewRomanPSMT,Times New Roman,Times,serif;" class="_mt" size="2">Interest rate swaps liability</font></td>
<td width="2%" align="left"><font style="font-family: TimesNewRomanPSMT,Times New Roman,Times,serif;" class="_mt" size="2">$</font></td>
<td style="border-bottom: #000000 2px solid; text-indent: 7px;" width="12%" align="left">

<p><font style="font-family: TimesNewRomanPSMT,Times New Roman,Times,serif;" class="_mt" size="2">-</font></p></td>
<td style="text-indent: 1px;" width="2%" align="left"><font style="font-family: TimesNewRomanPSMT,Times New Roman,Times,serif;" class="_mt" size="2">$</font></td>
<td style="border-bottom: #000000 2px solid;" width="12%" align="left">

<p><font style="font-family: TimesNewRomanPSMT,Times New Roman,Times,serif;" class="_mt" size="2">1,642,000</font></p></td>
<td width="2%" align="left"><font style="font-family: TimesNewRomanPSMT,Times New Roman,Times,serif;" class="_mt" size="2">$</font></td>
<td style="border-bottom: #000000 2px solid;" width="13%" align="right"><font style="font-family: TimesNewRomanPSMT,Times New Roman,Times,serif;" class="_mt" size="2">-</font></td>
<td width="2%" align="left"><font style="font-family: TimesNewRomanPSMT,Times New Roman,Times,serif;" class="_mt" size="2">$</font></td>
<td style="border-bottom: #000000 2px solid;" width="11%" align="left"><font style="font-family: TimesNewRomanPSMT,Times New Roman,Times,serif;" class="_mt" size="2">1,642,000</font></td></tr></table></div>

<p style="margin: 0px;">&nbsp;</p>

<p style="text-align: left;">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<font style="font-family: TimesNewRomanPSMT,Times New Roman,Times,serif;" class="_mt" size="3">The fair value of the Company's fixed rate mortgage loans was estimated using available market information and discounted cash flows analyses based on borrowing rates the Company believes it could obtain with similar terms and maturities. As of December 31, 2011 and December 31, 2010, the aggregate fair values of the Company's fixed rate mortgage loans were approximately $529.0 million and $490.1 million, respectively; the carrying values of such loans were $525.3 million and $488.0 million, respectively, at those dates.</font></p>

<p style="text-align: left;">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<font style="font-family: TimesNewRomanPSMT,Times New Roman,Times,serif;" class="_mt" size="3">The following tables show the hierarchy for those assets measured at fair value on a non-recurring basis as of December 31, 2011 and December 31, 2010, respectively:</font></p>

<div>&nbsp;</div><br />

<div>

<table border="0" cellspacing="0">
<tr><td width="29%">&nbsp;</td>
<td width="3%">&nbsp;</td>
<td width="15%">&nbsp;</td>
<td width="3%">&nbsp;</td>
<td width="14%">&nbsp;</td>
<td width="3%">&nbsp;</td>
<td width="13%">&nbsp;</td>
<td width="3%">&nbsp;</td>
<td width="11%">&nbsp;</td>
<td width="3%">&nbsp;</td></tr>
<tr valign="bottom"><td width="29%" align="left">&nbsp;</td>
<td style="border-bottom: #000000 1px solid;" rowspan="3" width="68%" colspan="9" align="center"><font style="font-family: TimesNewRomanPSMT,Times New Roman,Times,serif;" class="_mt" size="2">Assets Measured at Fair Value on a</font><br /><font style="font-family: TimesNewRomanPSMT,Times New Roman,Times,serif;" class="_mt" size="2">Non-Recurring Basis</font><br /><font style="font-family: TimesNewRomanPSMT,Times New Roman,Times,serif;" class="_mt" size="2">December 31, 2011</font></td></tr>
<tr valign="bottom"><td width="29%" align="left">&nbsp;</td></tr>
<tr valign="bottom"><td width="29%" align="left">&nbsp;</td></tr>
<tr valign="bottom"><td width="29%" align="left"><font style="font-family: TimesNewRomanPSMT,Times New Roman,Times,serif;" class="_mt" size="2">Asset Description</font></td>
<td style="border-bottom: #000000 1px solid;" width="18%" colspan="2" align="center"><font style="font-family: TimesNewRomanPSMT,Times New Roman,Times,serif;" class="_mt" size="2">Level 1</font></td>
<td style="border-bottom: #000000 1px solid;" width="17%" colspan="2" align="center"><font style="font-family: TimesNewRomanPSMT,Times New Roman,Times,serif;" class="_mt" size="2">Level 2</font></td>
<td style="border-bottom: #000000 1px solid;" width="16%" colspan="2" align="center"><font style="font-family: TimesNewRomanPSMT,Times New Roman,Times,serif;" class="_mt" size="2">Level 3</font></td>
<td style="border-bottom: #000000 1px solid;" width="17%" colspan="3" align="center"><font style="font-family: TimesNewRomanPSMT,Times New Roman,Times,serif;" class="_mt" size="2">Total</font></td></tr>
<tr valign="bottom"><td width="29%" align="left"><font style="font-family: TimesNewRomanPSMT,Times New Roman,Times,serif;" class="_mt" size="2">Real estate held for sale/conveyance</font></td>
<td width="3%" align="left"><font style="font-family: TimesNewRomanPSMT,Times New Roman,Times,serif;" class="_mt" size="2">$</font></td>
<td style="border-bottom: #000000 3px double; text-indent: 5px;" width="15%" align="left"><font style="font-family: TimesNewRomanPSMT,Times New Roman,Times,serif;" class="_mt" size="2">-</font></td>
<td width="3%" align="left"><font style="font-family: TimesNewRomanPSMT,Times New Roman,Times,serif;" class="_mt" size="2">$</font></td>
<td style="border-bottom: #000000 3px double;" width="14%" align="right"><font style="font-family: TimesNewRomanPSMT,Times New Roman,Times,serif;" class="_mt" size="2">124,154,000</font></td>
<td style="border-bottom: #000000 3px double;" width="3%" align="left"><font style="font-family: TimesNewRomanPSMT,Times New Roman,Times,serif;" class="_mt" size="2">$</font></td>
<td style="border-bottom: #000000 3px double;" width="13%" align="right"><font style="font-family: TimesNewRomanPSMT,Times New Roman,Times,serif;" class="_mt" size="2">82,520,000</font></td>
<td style="border-bottom: #000000 3px double;" width="3%" align="left"><font style="font-family: TimesNewRomanPSMT,Times New Roman,Times,serif;" class="_mt" size="2">$</font></td>
<td style="border-bottom: #000000 3px double;" width="11%" align="center"><font style="font-family: TimesNewRomanPSMT,Times New Roman,Times,serif;" class="_mt" size="2">206,674,000</font></td>
<td width="3%" align="left">&nbsp;</td></tr>
<tr><td width="97%" colspan="10">&nbsp;</td></tr>
<tr valign="bottom"><td width="29%" align="left">&nbsp;</td>
<td style="border-bottom: #000000 1px solid;" rowspan="3" width="68%" colspan="9" align="center"><font style="font-family: TimesNewRomanPSMT,Times New Roman,Times,serif;" class="_mt" size="2">Assets Measured at Fair Value on a</font><br /><font style="font-family: TimesNewRomanPSMT,Times New Roman,Times,serif;" class="_mt" size="2">Non-Recurring Basis</font><br /><font style="font-family: TimesNewRomanPSMT,Times New Roman,Times,serif;" class="_mt" size="2">December 31, 2010</font></td></tr>
<tr valign="bottom"><td width="29%" align="left">&nbsp;</td></tr>
<tr valign="bottom"><td width="29%" align="left">&nbsp;</td></tr>
<tr valign="bottom"><td width="29%" align="left"><font style="font-family: TimesNewRomanPSMT,Times New Roman,Times,serif;" class="_mt" size="2">Asset Description</font></td>
<td style="border-bottom: #000000 1px solid;" width="18%" colspan="2" align="center"><font style="font-family: TimesNewRomanPSMT,Times New Roman,Times,serif;" class="_mt" size="2">Level 1</font></td>
<td style="border-bottom: #000000 1px solid;" width="17%" colspan="2" align="center"><font style="font-family: TimesNewRomanPSMT,Times New Roman,Times,serif;" class="_mt" size="2">Level 2</font></td>
<td style="border-bottom: #000000 1px solid;" width="16%" colspan="2" align="center"><font style="font-family: TimesNewRomanPSMT,Times New Roman,Times,serif;" class="_mt" size="2">Level 3</font></td>
<td style="border-bottom: #000000 1px solid;" width="17%" colspan="3" align="center"><font style="font-family: TimesNewRomanPSMT,Times New Roman,Times,serif;" class="_mt" size="2">Total</font></td></tr>
<tr valign="bottom"><td width="29%" align="left"><font style="font-family: TimesNewRomanPSMT,Times New Roman,Times,serif;" class="_mt" size="2">Real estate held for sale/conveyance</font></td>
<td width="3%" align="left"><font style="font-family: TimesNewRomanPSMT,Times New Roman,Times,serif;" class="_mt" size="2">$</font></td>
<td style="border-bottom: #000000 3px double; text-indent: 5px;" width="15%" align="left"><font style="font-family: TimesNewRomanPSMT,Times New Roman,Times,serif;" class="_mt" size="2">-</font></td>
<td width="3%" align="left"><font style="font-family: TimesNewRomanPSMT,Times New Roman,Times,serif;" class="_mt" size="2">$</font></td>
<td style="border-bottom: #000000 3px double;" width="14%" align="right"><font style="font-family: TimesNewRomanPSMT,Times New Roman,Times,serif;" class="_mt" size="2">22,773,000</font></td>
<td style="border-bottom: #000000 3px double;" width="3%" align="left"><font style="font-family: TimesNewRomanPSMT,Times New Roman,Times,serif;" class="_mt" size="2">$</font></td>
<td style="border-bottom: #000000 3px double;" width="13%" align="right"><font style="font-family: TimesNewRomanPSMT,Times New Roman,Times,serif;" class="_mt" size="2">47,186,000</font></td>
<td style="border-bottom: #000000 3px double;" width="3%" align="left"><font style="font-family: TimesNewRomanPSMT,Times New Roman,Times,serif;" class="_mt" size="2">$</font></td>
<td style="border-bottom: #000000 3px double;" width="11%" align="center"><font style="font-family: TimesNewRomanPSMT,Times New Roman,Times,serif;" class="_mt" size="2">69,959,000</font></td>
<td width="3%" align="left"><font style="font-family: TimesNewRomanPSMT,Times New Roman,Times,serif;" class="_mt" size="2">(a)</font></td></tr></table></div>

<p style="margin: 0px;">&nbsp;</p>

<p style="text-align: left;"><font style="font-family: TimesNewRomanPSMT,Times New Roman,Times,serif;" class="_mt" size="2">(a) Excludes $278.8 million relating to properties subsequently treated as "held for sale/conveyance" as of December 31, 2011 and recorded at fair value as of that date.</font></p> </div><span></span></td>
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            <div class="body" style="padding: 2px;"><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div>
                <p>Tabular disclosure of the fair value measurement of assets and liabilities which includes [financial] instruments measured at fair value that are classified in stockholders' equity. Such assets and liabilities may be measured on a recurring or nonrecurring basis. The disclosures which may be required or desired include: (1) for assets and liabilities measured on a recurring basis, disclosure may include: (a) the fair value measurements at the reporting date; (b) the level within the fair value hierarchy in which the fair value measurements in their entirety fall, segregating fair value measurements using quoted prices in active markets for identical assets or liabilities (Level 1), significant other observable inputs (Level 2), and significant unobservable inputs (Level 3); (c) for fair value measurements using significant unobservable inputs (Level 3), a reconciliation of the beginning and ending balances, separately presenting changes during the period attributable to the following: (i) total gains or losses for the period (realized and unrealized), segregating those gains or losses included in earnings (or changes in net assets), and a description of where those gains or losses included in earnings (or changes in net assets) are reported in the statement of income (or activities); (ii) purchases, sales, issuances, and settlements (net); (iii) transfers in and transfers out of Level 3 (for example,  transfers due to changes in the observability of significant inputs); (d) the amount of the total gains or losses for the period in subparagraph (c) (i) above included in earnings (or changes in net assets) that are attributable to the change in unrealized gains or losses relating to those assets and liabilities still held at the reporting date and a description of where those unrealized gains or losses are reported in the statement of income (or activities); (e) the valuation technique(s) used to measure fair value and a discussion of changes in valuation techniques, if any, during the period and (2) for assets and liabilities that are measured at fair value on a nonrecurring basis (for example,  impaired assets) disclosure may include, in addition to (a) above: (a) the reasons for the fair value measurements recorded; (b) the same as (b) above; (c) for fair value measurements using significant unobservable inputs (Level 3), a description of the inputs and the information used to develop the inputs; and (d) the valuation technique(s) used to measure fair value and a discussion of changes, if any, in the valuation technique(s) used to measure similar assets and/or liabilities in prior periods.  Where the quoted price in an active market for the identical liability is not available, the Level 1 input is the quoted price of an identical liability when traded as an asset.</p>
              </div><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;">
                <p>Reference 1: http://www.xbrl.org/2003/role/presentationRef<br><br> -Publisher FASB<br><br> -Name Accounting Standards Codification<br><br> -Topic 820<br><br> -SubTopic 10<br><br> -Section 50<br><br> -Paragraph 3<br><br> -URI http://asc.fasb.org/extlink&amp;oid=6925170&amp;loc=d3e19279-110258<br><br><br><br>Reference 2: http://www.xbrl.org/2003/role/presentationRef<br><br> -Publisher FASB<br><br> -Name Statement of Financial Accounting Standard (FAS)<br><br> -Number 157<br><br> -Paragraph 32<br><br> -LegacyDoc This reference is SUPERSEDED by the Accounting Standards Codification effective for interim and annual periods ending after September 15, 2009.  This reference is included to help users transition from the previous accounting hierarchy and will be removed from future versions of this taxonomy.<br><br><br><br>Reference 3: http://www.xbrl.org/2003/role/presentationRef<br><br> -Publisher FASB<br><br> -Name Statement of Financial Accounting Standard (FAS)<br><br> -Number 157<br><br> -Paragraph 33<br><br> -LegacyDoc This reference is SUPERSEDED by the Accounting Standards Codification effective for interim and annual periods ending after September 15, 2009.  This reference is included to help users transition from the previous accounting hierarchy and will be removed from future versions of this taxonomy.<br><br><br><br>Reference 4: http://www.xbrl.org/2003/role/presentationRef<br><br> -Publisher FASB<br><br> -Name Statement of Financial Accounting Standard (FAS)<br><br> -Number 107<br><br> -Paragraph 10<br><br> -LegacyDoc This reference is SUPERSEDED by the Accounting Standards Codification effective for interim and annual periods ending after September 15, 2009.  This reference is included to help users transition from the previous accounting hierarchy and will be removed from future versions of this taxonomy.<br><br><br><br>Reference 5: http://www.xbrl.org/2003/role/presentationRef<br><br> -Publisher FASB<br><br> -Name Accounting Standards Codification<br><br> -Topic 820<br><br> -SubTopic 10<br><br> -Section 50<br><br> -Paragraph 5<br><br> -URI http://asc.fasb.org/extlink&amp;oid=6925170&amp;loc=d3e19296-110258<br><br><br><br>Reference 6: http://www.xbrl.org/2003/role/presentationRef<br><br> -Publisher FASB<br><br> -Name Accounting Standards Codification<br><br> -Topic 820<br><br> -SubTopic 10<br><br> -Section 50<br><br> -Paragraph 2<br><br> -URI http://asc.fasb.org/extlink&amp;oid=6925170&amp;loc=d3e19207-110258<br><br><br><br>Reference 7: http://www.xbrl.org/2003/role/presentationRef<br><br> -Publisher FASB<br><br> -Name Statement of Financial Accounting Standard (FAS)<br><br> -Number 157<br><br> -Paragraph 6<br><br> -Footnote 4<br><br> -LegacyDoc This reference is SUPERSEDED by the Accounting Standards Codification effective for interim and annual periods ending after September 15, 2009.  This reference is included to help users transition from the previous accounting hierarchy and will be removed from future versions of this taxonomy.<br><br><br><br>Reference 8: http://www.xbrl.org/2003/role/presentationRef<br><br> -Publisher FASB<br><br> -Name Accounting Standards Codification<br><br> -Topic 820<br><br> -SubTopic 10<br><br> -Section 50<br><br> -Paragraph 1<br><br> -URI http://asc.fasb.org/extlink&amp;oid=6925170&amp;loc=d3e19190-110258<br><br><br><br></p>
              </div><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;">
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  <body><span style="display: none;">v2.4.0.6</span><table class="report" border="0" cellspacing="2" id="ID0EME">
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          <div style="width: 200px;"><strong>Discontinued Operations, Land Dispositions And Write-Off Of Investment In Unconsolidated Joint Venture<br></strong></div>
        </th>
        <th class="th" colspan="1">12 Months Ended</th>
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        <th class="th">
          <div>Dec. 31, 2011</div>
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        <td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_cdr_DiscontinuedOperationsLandDispositionsAndWriteOffOfInvestmentInUnconsolidatedJointVentureAbstract', window );"><strong>Discontinued Operations, Land Dispositions And Write-Off Of Investment In Unconsolidated Joint Venture [Abstract]</strong></a></td>
        <td class="text">&#xA0;<span></span></td>
      </tr>
      <tr class="ro">
        <td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_cdr_DiscontinuedOperationsLandDispositionsAndWriteOffOfInvestmentInUnconsolidatedJointVentureTextBlock', window );">Discontinued Operations, Land Dispositions And Write-Off Of Investment In Unconsolidated Joint Venture</a></td>
        <td class="text"><div> <p style="text-align: left;"><b><font style="font-family: TimesNewRomanPS-BoldMT,Times New Roman,Times,serif;" class="_mt" size="3">Note 5 - Discontinued operations, land dispositions and write-off of investment in unconsolidated joint venture</font></b></p>

<p style="text-align: left;">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<font style="font-family: TimesNewRomanPSMT,Times New Roman,Times,serif;" class="_mt" size="3">In connection with management's review of the Company's real estate investments, the Company determined (1) to completely exit the Ohio market, principally the Discount Drug Mart portfolio of drugstore/convenience centers, and concentrate on the mid-Atlantic and Northeast </font><font style="font-family: TimesNewRomanPSMT,Times New Roman,Times,serif;" class="_mt" size="3">coastal regions (four properties "held for sale" as of December 31, 2011), (2) to concentrate on grocery-anchored strip centers, by disposing of its mall and single-tenant/triple-net-lease properties (11 properties "held for sale" as of December 31, 2011), and (3) to focus on improving operations and performance at the Company's remaining properties, and to reduce development activities, by disposing of certain development projects, land acquired for development, and other non-core assets (five properties "held for sale/conveyance" as of December 31, 2011). In addition, discontinued operations reflect the anticipated consummation of the Homburg joint venture buy/sell transactions (seven properties "held for sale" as of December 31, 2011).</font></p>

<p style="text-align: left;">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<font style="font-family: TimesNewRomanPSMT,Times New Roman,Times,serif;" class="_mt" size="3">The carrying values of the assets and liabilities of these properties, principally the net book values of the real estate and the related mortgage loans payable to be assumed by the buyers (or conveyed to the mortgagee), have been reclassified as "held for sale/conveyance" on the Company's consolidated balance sheets at December 31, 2011 and December 31, 2010. The Company anticipates that sales of all such properties classified as "held for sale" will be concluded during 2012. In addition, the properties' results of operations have been classified as "discontinued operations" for all periods presented. Impairment charges relating to operating properties are included in discontinued operations in the accompanying statements of operations; impairment charges relating to land parcels are included in operating income in the accompanying statements of operations. The impairment charge amounts included in operating income for 2010 and 2009 relate to properties transferred to the Cedar/RioCan joint venture. The following is a summary of these charges:</font></p>

<div>

<table border="0" cellspacing="0">
<tr><td width="44%">&nbsp;</td>
<td width="5%">&nbsp;</td>
<td width="13%">&nbsp;</td>
<td width="4%">&nbsp;</td>
<td width="14%">&nbsp;</td>
<td width="5%">&nbsp;</td>
<td width="12%">&nbsp;</td></tr>
<tr valign="bottom"><td align="left">&nbsp;</td>
<td style="border-bottom: #000000 1px solid;" colspan="6" align="center"><b><font style="font-family: TimesNewRomanPS-BoldMT,Times New Roman,Times,serif;" class="_mt" size="3">Years ended December 31,</font></b></td></tr>
<tr valign="bottom"><td align="left">&nbsp;</td>
<td style="border-bottom: #000000 1px solid;" colspan="2" align="center"><b><font style="font-family: TimesNewRomanPS-BoldMT,Times New Roman,Times,serif;" class="_mt" size="3">2011</font></b></td>
<td style="border-bottom: #000000 1px solid;" colspan="2" align="center"><b><font style="font-family: TimesNewRomanPS-BoldMT,Times New Roman,Times,serif;" class="_mt" size="3">2010</font></b></td>
<td style="border-bottom: #000000 1px solid;" colspan="2" align="center"><b><font style="font-family: TimesNewRomanPS-BoldMT,Times New Roman,Times,serif;" class="_mt" size="3">2009</font></b></td></tr>
<tr valign="bottom"><td align="left"><font style="font-family: TimesNewRomanPSMT,Times New Roman,Times,serif;" class="_mt" size="3">Impairment charges - land parcels and properties</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></tr>
<tr valign="bottom"><td style="text-indent: 3px;" align="left"><font style="font-family: TimesNewRomanPSMT,Times New Roman,Times,serif;" class="_mt" size="3">transferred to Cedar/RioCan joint venture</font></td>
<td style="border-bottom: #000000 3px double;" align="left"><font style="font-family: TimesNewRomanPSMT,Times New Roman,Times,serif;" class="_mt" size="3">$</font></td>
<td style="border-bottom: #000000 3px double;" align="right"><font style="font-family: TimesNewRomanPSMT,Times New Roman,Times,serif;" class="_mt" size="3">7,148,000</font></td>
<td style="border-bottom: #000000 3px double;" align="left"><font style="font-family: TimesNewRomanPSMT,Times New Roman,Times,serif;" class="_mt" size="3">$</font></td>
<td style="border-bottom: #000000 3px double;" align="right"><font style="font-family: TimesNewRomanPSMT,Times New Roman,Times,serif;" class="_mt" size="3">2,493,000</font></td>
<td style="border-bottom: #000000 3px double;" align="right"><font style="font-family: TimesNewRomanPSMT,Times New Roman,Times,serif;" class="_mt" size="3">$</font></td>
<td style="border-bottom: #000000 3px double;" align="right"><font style="font-family: TimesNewRomanPSMT,Times New Roman,Times,serif;" class="_mt" size="3">23,636,000</font></td></tr>
<tr valign="bottom"><td align="left"><font style="font-family: TimesNewRomanPSMT,Times New Roman,Times,serif;" class="_mt" size="3">Write-off of investment in unconsolidated</font></td>
<td align="left">&nbsp;</td>
<td align="left">&nbsp;</td>
<td align="left">&nbsp;</td>
<td align="left">&nbsp;</td>
<td align="left">&nbsp;</td>
<td align="left">&nbsp;</td></tr>
<tr valign="bottom"><td style="text-indent: 3px;" align="left"><font style="font-family: TimesNewRomanPSMT,Times New Roman,Times,serif;" class="_mt" size="3">joint venture</font></td>
<td style="border-bottom: #000000 3px double;" align="left"><font style="font-family: TimesNewRomanPSMT,Times New Roman,Times,serif;" class="_mt" size="3">$</font></td>
<td style="border-bottom: #000000 3px double;" align="right"><font style="font-family: TimesNewRomanPSMT,Times New Roman,Times,serif;" class="_mt" size="3">7,961,000</font></td>
<td style="border-bottom: #000000 3px double;" align="left"><font style="font-family: TimesNewRomanPSMT,Times New Roman,Times,serif;" class="_mt" size="3">$</font></td>
<td style="border-bottom: #000000 3px double;" align="right"><font style="font-family: TimesNewRomanPSMT,Times New Roman,Times,serif;" class="_mt" size="3">-</font></td>
<td style="border-bottom: #000000 3px double;" align="right"><font style="font-family: TimesNewRomanPSMT,Times New Roman,Times,serif;" class="_mt" size="3">$</font></td>
<td style="border-bottom: #000000 3px double;" align="right"><font style="font-family: TimesNewRomanPSMT,Times New Roman,Times,serif;" class="_mt" size="3">-</font></td></tr>
<tr valign="bottom"><td align="left"><font style="font-family: TimesNewRomanPSMT,Times New Roman,Times,serif;" class="_mt" size="3">Impairment charges - properties held for</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></tr>
<tr valign="bottom"><td style="text-indent: 3px;" align="left"><font style="font-family: TimesNewRomanPSMT,Times New Roman,Times,serif;" class="_mt" size="3">sale/conveyance</font></td>
<td style="border-bottom: #000000 3px double;" align="left"><font style="font-family: TimesNewRomanPSMT,Times New Roman,Times,serif;" class="_mt" size="3">$</font></td>
<td style="border-bottom: #000000 3px double;" align="right"><font style="font-family: TimesNewRomanPSMT,Times New Roman,Times,serif;" class="_mt" size="3">88,458,000</font></td>
<td style="border-bottom: #000000 3px double;" align="left"><font style="font-family: TimesNewRomanPSMT,Times New Roman,Times,serif;" class="_mt" size="3">$</font></td>
<td style="border-bottom: #000000 3px double;" align="right"><font style="font-family: TimesNewRomanPSMT,Times New Roman,Times,serif;" class="_mt" size="3">39,822,000</font></td>
<td style="border-bottom: #000000 3px double;" align="right"><font style="font-family: TimesNewRomanPSMT,Times New Roman,Times,serif;" class="_mt" size="3">$</font></td>
<td style="border-bottom: #000000 3px double;" align="right"><font style="font-family: TimesNewRomanPSMT,Times New Roman,Times,serif;" class="_mt" size="3">3,559,000</font></td></tr></table></div>

<p style="margin: 0px;">&nbsp;</p>

<p style="text-align: left;">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<font style="font-family: TimesNewRomanPSMT,Times New Roman,Times,serif;" class="_mt" size="3">Impairment charges included in discontinued operations for 2011 included $11.1 million related to the Discount Drug Mart portfolio, $33.1 million related to malls, $5.3 million related to single-tenant/triple-net-lease properties, $36.6 million related to development projects and other non-core properties, and $2.4 million related to the Homburg joint venture properties. Impairment charges included in discontinued operations for 2010 included $26.8 million related to the Discount Drug Mart portfolio, $12.6 million related to malls, $0.1 million related to a single-tenant/triple-net-lease property, and $0.3 million related to a development project. Impairment charges included in discontinued operations for 2009 included $2.4 million related to </font><font style="font-family: TimesNewRomanPSMT,Times New Roman,Times,serif;" class="_mt" size="3">the Discount Drug Mart portfolio and $1.2 million related to single-tenant/triple-net-lease properties.</font></p>

<p style="text-align: left;">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<font style="font-family: TimesNewRomanPSMT,Times New Roman,Times,serif;" class="_mt" size="3">The impairment charges were based on a comparison of the carrying values of the properties with either (1) the actual sales price less costs to sell for the properties sold or contract amounts for properties in the process of being sold, (2) estimated sales prices based on discounted cash flow analyses, if no contract amounts were as yet being negotiated, as discussed in more detail in Note 6 &#8212; "Fair Value Measurements", (3) an "as is" appraisal with respect to the single-tenant property in Philadelphia, Pennsylvania to be conveyed to the mortgagee, or (4) with respect to the land parcels, estimated sales prices. Prior to the Company's plan to dispose of properties reclassified to "held for sale/conveyance", the Company performed recoverability analyses based on the estimated undiscounted cash flows that were expected to result from the real estate investments' use and eventual disposal. The projected undiscounted cash flows of each property reflected that the carrying value of each real estate investment would be recovered. However, as a result of the properties' meeting the "held for sale" criteria, such properties were written down to the lower of their carrying value and estimated fair values less costs to sell as described above.</font></p>

<p style="text-align: left;">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<font style="font-family: TimesNewRomanPSMT,Times New Roman,Times,serif;" class="_mt" size="3">The following is a summary of the components of (loss) income from discontinued operations:</font></p>

<div>

<table border="0" cellspacing="0">
<tr><td width="47%">&nbsp;</td>
<td width="2%">&nbsp;</td>
<td width="12%">&nbsp;</td>
<td width="2%">&nbsp;</td>
<td width="2%">&nbsp;</td>
<td width="12%">&nbsp;</td>
<td width="2%">&nbsp;</td>
<td width="2%">&nbsp;</td>
<td width="11%">&nbsp;</td>
<td width="2%">&nbsp;</td></tr>
<tr valign="bottom"><td width="47%" align="left">&nbsp;</td>
<td style="border-bottom: #000000 1px solid;" width="47%" colspan="9" align="center"><font style="font-family: TimesNewRomanPSMT,Times New Roman,Times,serif;" class="_mt" size="2">Years ended December 31,</font></td></tr>
<tr valign="bottom"><td width="47%" align="left">&nbsp;</td>
<td style="border-bottom: #000000 1px solid;" width="16%" colspan="3" align="center"><font style="font-family: TimesNewRomanPSMT,Times New Roman,Times,serif;" class="_mt" size="2">2011</font></td>
<td style="border-bottom: #000000 1px solid;" width="16%" colspan="3" align="center"><font style="font-family: TimesNewRomanPSMT,Times New Roman,Times,serif;" class="_mt" size="2">2010</font></td>
<td style="border-bottom: #000000 1px solid;" width="15%" colspan="3" align="center"><font style="font-family: TimesNewRomanPSMT,Times New Roman,Times,serif;" class="_mt" size="2">2009</font></td></tr>
<tr valign="bottom"><td width="47%" align="left"><font style="font-family: TimesNewRomanPSMT,Times New Roman,Times,serif;" class="_mt" size="2">Revenues:</font></td>
<td width="2%" align="left">&nbsp;</td>
<td width="12%" align="left">&nbsp;</td>
<td width="2%" align="left">&nbsp;</td>
<td width="2%" align="right">&nbsp;</td>
<td width="12%" align="left">&nbsp;</td>
<td width="2%" align="left">&nbsp;</td>
<td width="2%" align="left">&nbsp;</td>
<td width="11%" align="left">&nbsp;</td>
<td width="2%" align="left">&nbsp;</td></tr>
<tr valign="bottom"><td style="text-indent: 1px;" width="47%" align="left"><font style="font-family: TimesNewRomanPSMT,Times New Roman,Times,serif;" class="_mt" size="2">Rents</font></td>
<td width="2%" align="left"><font style="font-family: TimesNewRomanPSMT,Times New Roman,Times,serif;" class="_mt" size="2">$</font></td>
<td width="12%" align="right"><font style="font-family: TimesNewRomanPSMT,Times New Roman,Times,serif;" class="_mt" size="2">26,986,000</font></td>
<td width="2%" align="left">&nbsp;</td>
<td width="2%" align="right"><font style="font-family: TimesNewRomanPSMT,Times New Roman,Times,serif;" class="_mt" size="2">$</font></td>
<td width="12%" align="right"><font style="font-family: TimesNewRomanPSMT,Times New Roman,Times,serif;" class="_mt" size="2">30,287,000</font></td>
<td width="2%" align="left">&nbsp;</td>
<td width="2%" align="right"><font style="font-family: TimesNewRomanPSMT,Times New Roman,Times,serif;" class="_mt" size="2">$</font></td>
<td width="11%" align="right"><font style="font-family: TimesNewRomanPSMT,Times New Roman,Times,serif;" class="_mt" size="2">34,944,000</font></td>
<td width="2%" align="left">&nbsp;</td></tr>
<tr valign="bottom"><td style="text-indent: 1px;" width="47%" align="left"><font style="font-family: TimesNewRomanPSMT,Times New Roman,Times,serif;" class="_mt" size="2">Expense recoveries</font></td>
<td width="2%" align="left">&nbsp;</td>
<td width="12%" align="right"><font style="font-family: TimesNewRomanPSMT,Times New Roman,Times,serif;" class="_mt" size="2">6,531,000</font></td>
<td width="2%" align="left">&nbsp;</td>
<td width="2%" align="right">&nbsp;</td>
<td width="12%" align="right"><font style="font-family: TimesNewRomanPSMT,Times New Roman,Times,serif;" class="_mt" size="2">7,093,000</font></td>
<td width="2%" align="left">&nbsp;</td>
<td width="2%" align="left">&nbsp;</td>
<td width="11%" align="right"><font style="font-family: TimesNewRomanPSMT,Times New Roman,Times,serif;" class="_mt" size="2">8,626,000</font></td>
<td width="2%" align="left">&nbsp;</td></tr>
<tr valign="bottom"><td style="text-indent: 1px;" width="47%" align="left"><font style="font-family: TimesNewRomanPSMT,Times New Roman,Times,serif;" class="_mt" size="2">Other</font></td>
<td style="border-bottom: #000000 1px solid;" width="2%" align="left">&nbsp;</td>
<td style="border-bottom: #000000 1px solid;" width="12%" align="right"><font style="font-family: TimesNewRomanPSMT,Times New Roman,Times,serif;" class="_mt" size="2">527,000</font></td>
<td style="border-bottom: #000000 1px solid;" width="2%" align="left">&nbsp;</td>
<td style="border-bottom: #000000 1px solid;" width="2%" align="right">&nbsp;</td>
<td style="border-bottom: #000000 1px solid;" width="12%" align="right"><font style="font-family: TimesNewRomanPSMT,Times New Roman,Times,serif;" class="_mt" size="2">81,000</font></td>
<td style="border-bottom: #000000 1px solid;" width="2%" align="left">&nbsp;</td>
<td style="border-bottom: #000000 1px solid;" width="2%" align="left">&nbsp;</td>
<td style="border-bottom: #000000 1px solid;" width="11%" align="right"><font style="font-family: TimesNewRomanPSMT,Times New Roman,Times,serif;" class="_mt" size="2">1,127,000</font></td>
<td style="border-bottom: #000000 1px solid;" width="2%" align="left">&nbsp;</td></tr>
<tr valign="bottom"><td width="47%" align="left"><font style="font-family: TimesNewRomanPSMT,Times New Roman,Times,serif;" class="_mt" size="2">Total revenues</font></td>
<td style="border-bottom: #000000 1px solid;" width="2%" align="left">&nbsp;</td>
<td style="border-bottom: #000000 1px solid;" width="12%" align="right"><font style="font-family: TimesNewRomanPSMT,Times New Roman,Times,serif;" class="_mt" size="2">34,044,000</font></td>
<td style="border-bottom: #000000 1px solid;" width="2%" align="left">&nbsp;</td>
<td style="border-bottom: #000000 1px solid;" width="2%" align="right">&nbsp;</td>
<td style="border-bottom: #000000 1px solid;" width="12%" align="right"><font style="font-family: TimesNewRomanPSMT,Times New Roman,Times,serif;" class="_mt" size="2">37,461,000</font></td>
<td style="border-bottom: #000000 1px solid;" width="2%" align="left">&nbsp;</td>
<td style="border-bottom: #000000 1px solid;" width="2%" align="left">&nbsp;</td>
<td style="border-bottom: #000000 1px solid;" width="11%" align="right"><font style="font-family: TimesNewRomanPSMT,Times New Roman,Times,serif;" class="_mt" size="2">44,697,000</font></td>
<td style="border-bottom: #000000 1px solid;" width="2%" align="left">&nbsp;</td></tr>
<tr valign="bottom"><td width="47%" align="left"><font style="font-family: TimesNewRomanPSMT,Times New Roman,Times,serif;" class="_mt" size="2">Expenses:</font></td>
<td width="2%" align="left">&nbsp;</td>
<td width="12%" align="left">&nbsp;</td>
<td width="2%" align="left">&nbsp;</td>
<td width="2%" align="right">&nbsp;</td>
<td width="12%" align="left">&nbsp;</td>
<td width="2%" align="left">&nbsp;</td>
<td width="2%" align="left">&nbsp;</td>
<td width="11%" align="left">&nbsp;</td>
<td width="2%" align="left">&nbsp;</td></tr>
<tr valign="bottom"><td style="text-indent: 1px;" width="47%" align="left"><font style="font-family: TimesNewRomanPSMT,Times New Roman,Times,serif;" class="_mt" size="2">Operating, maintenance and management</font></td>
<td width="2%" align="left">&nbsp;</td>
<td width="12%" align="right"><font style="font-family: TimesNewRomanPSMT,Times New Roman,Times,serif;" class="_mt" size="2">9,045,000</font></td>
<td width="2%" align="left">&nbsp;</td>
<td width="2%" align="right">&nbsp;</td>
<td width="12%" align="right"><font style="font-family: TimesNewRomanPSMT,Times New Roman,Times,serif;" class="_mt" size="2">10,108,000</font></td>
<td width="2%" align="left">&nbsp;</td>
<td width="2%" align="left">&nbsp;</td>
<td width="11%" align="right"><font style="font-family: TimesNewRomanPSMT,Times New Roman,Times,serif;" class="_mt" size="2">10,181,000</font></td>
<td width="2%" align="left">&nbsp;</td></tr>
<tr valign="bottom"><td style="text-indent: 1px;" width="47%" align="left"><font style="font-family: TimesNewRomanPSMT,Times New Roman,Times,serif;" class="_mt" size="2">Real estate and other property-related taxes</font></td>
<td width="2%" align="left">&nbsp;</td>
<td width="12%" align="right"><font style="font-family: TimesNewRomanPSMT,Times New Roman,Times,serif;" class="_mt" size="2">5,375,000</font></td>
<td width="2%" align="left">&nbsp;</td>
<td width="2%" align="right">&nbsp;</td>
<td width="12%" align="right"><font style="font-family: TimesNewRomanPSMT,Times New Roman,Times,serif;" class="_mt" size="2">5,411,000</font></td>
<td width="2%" align="left">&nbsp;</td>
<td width="2%" align="left">&nbsp;</td>
<td width="11%" align="right"><font style="font-family: TimesNewRomanPSMT,Times New Roman,Times,serif;" class="_mt" size="2">5,888,000</font></td>
<td width="2%" align="left">&nbsp;</td></tr>
<tr valign="bottom"><td style="text-indent: 1px;" width="47%" align="left"><font style="font-family: TimesNewRomanPSMT,Times New Roman,Times,serif;" class="_mt" size="2">Depreciation and amortization</font></td>
<td width="2%" align="left">&nbsp;</td>
<td width="12%" align="right"><font style="font-family: TimesNewRomanPSMT,Times New Roman,Times,serif;" class="_mt" size="2">5,356,000</font></td>
<td width="2%" align="left">&nbsp;</td>
<td width="2%" align="right">&nbsp;</td>
<td width="12%" align="right"><font style="font-family: TimesNewRomanPSMT,Times New Roman,Times,serif;" class="_mt" size="2">11,571,000</font></td>
<td width="2%" align="left">&nbsp;</td>
<td width="2%" align="left">&nbsp;</td>
<td width="11%" align="right"><font style="font-family: TimesNewRomanPSMT,Times New Roman,Times,serif;" class="_mt" size="2">12,559,000</font></td>
<td width="2%" align="left">&nbsp;</td></tr>
<tr valign="bottom"><td style="text-indent: 1px;" width="47%" align="left"><font style="font-family: TimesNewRomanPSMT,Times New Roman,Times,serif;" class="_mt" size="2">Interest expense</font></td>
<td style="border-bottom: #000000 1px solid;" width="2%" align="left">&nbsp;</td>
<td style="border-bottom: #000000 1px solid;" width="12%" align="right"><font style="font-family: TimesNewRomanPSMT,Times New Roman,Times,serif;" class="_mt" size="2">9,255,000</font></td>
<td style="border-bottom: #000000 1px solid;" width="2%" align="left">&nbsp;</td>
<td style="border-bottom: #000000 1px solid;" width="2%" align="right">&nbsp;</td>
<td style="border-bottom: #000000 1px solid;" width="12%" align="right"><font style="font-family: TimesNewRomanPSMT,Times New Roman,Times,serif;" class="_mt" size="2">8,647,000</font></td>
<td style="border-bottom: #000000 1px solid;" width="2%" align="left">&nbsp;</td>
<td style="border-bottom: #000000 1px solid;" width="2%" align="left">&nbsp;</td>
<td style="border-bottom: #000000 1px solid;" width="11%" align="right"><font style="font-family: TimesNewRomanPSMT,Times New Roman,Times,serif;" class="_mt" size="2">9,015,000</font></td>
<td style="border-bottom: #000000 1px solid;" width="2%" align="left">&nbsp;</td></tr>
<tr valign="bottom"><td width="47%" align="left">&nbsp;</td>
<td style="border-bottom: #000000 1px solid;" width="2%" align="left">&nbsp;</td>
<td style="border-bottom: #000000 1px solid;" width="12%" align="right"><font style="font-family: TimesNewRomanPSMT,Times New Roman,Times,serif;" class="_mt" size="2">29,031,000</font></td>
<td style="border-bottom: #000000 1px solid;" width="2%" align="left">&nbsp;</td>
<td style="border-bottom: #000000 1px solid;" width="2%" align="right">&nbsp;</td>
<td style="border-bottom: #000000 1px solid;" width="12%" align="right"><font style="font-family: TimesNewRomanPSMT,Times New Roman,Times,serif;" class="_mt" size="2">35,737,000</font></td>
<td style="border-bottom: #000000 1px solid;" width="2%" align="left">&nbsp;</td>
<td style="border-bottom: #000000 1px solid;" width="2%" align="left">&nbsp;</td>
<td style="border-bottom: #000000 1px solid;" width="11%" align="right"><font style="font-family: TimesNewRomanPSMT,Times New Roman,Times,serif;" class="_mt" size="2">37,643,000</font></td>
<td style="border-bottom: #000000 1px solid;" width="2%" align="left">&nbsp;</td></tr>
<tr valign="bottom"><td width="47%" align="left"><font style="font-family: TimesNewRomanPSMT,Times New Roman,Times,serif;" class="_mt" size="2">Income from discontinued operations before</font></td>
<td width="2%" align="left">&nbsp;</td>
<td width="12%" align="left">&nbsp;</td>
<td width="2%" align="left">&nbsp;</td>
<td width="2%" align="right">&nbsp;</td>
<td width="12%" align="left">&nbsp;</td>
<td width="2%" align="left">&nbsp;</td>
<td width="2%" align="left">&nbsp;</td>
<td width="11%" align="left">&nbsp;</td>
<td width="2%" align="left">&nbsp;</td></tr>
<tr valign="bottom"><td style="text-indent: 1px;" width="47%" align="left"><font style="font-family: TimesNewRomanPSMT,Times New Roman,Times,serif;" class="_mt" size="2">impairment charges</font></td>
<td width="2%" align="left">&nbsp;</td>
<td width="12%" align="right"><font style="font-family: TimesNewRomanPSMT,Times New Roman,Times,serif;" class="_mt" size="2">5,013,000</font></td>
<td width="2%" align="left">&nbsp;</td>
<td width="2%" align="right">&nbsp;</td>
<td width="12%" align="right"><font style="font-family: TimesNewRomanPSMT,Times New Roman,Times,serif;" class="_mt" size="2">1,724,000</font></td>
<td width="2%" align="left">&nbsp;</td>
<td width="2%" align="left">&nbsp;</td>
<td width="11%" align="right"><font style="font-family: TimesNewRomanPSMT,Times New Roman,Times,serif;" class="_mt" size="2">7,054,000</font></td>
<td width="2%" align="left">&nbsp;</td></tr>
<tr valign="bottom"><td width="47%" align="left"><font style="font-family: TimesNewRomanPSMT,Times New Roman,Times,serif;" class="_mt" size="2">Impairment charges</font></td>
<td style="border-bottom: #000000 1px solid;" width="2%" align="left">&nbsp;</td>
<td style="border-bottom: #000000 1px solid;" width="12%" align="right"><font style="font-family: TimesNewRomanPSMT,Times New Roman,Times,serif;" class="_mt" size="2">(88,458,000</font></td>
<td style="border-bottom: #000000 1px solid;" width="2%" align="left"><font style="font-family: TimesNewRomanPSMT,Times New Roman,Times,serif;" class="_mt" size="2">)</font></td>
<td style="border-bottom: #000000 1px solid;" width="2%" align="right">&nbsp;</td>
<td style="border-bottom: #000000 1px solid;" width="12%" align="right"><font style="font-family: TimesNewRomanPSMT,Times New Roman,Times,serif;" class="_mt" size="2">(39,822,000</font></td>
<td style="border-bottom: #000000 1px solid;" width="2%" align="left"><font style="font-family: TimesNewRomanPSMT,Times New Roman,Times,serif;" class="_mt" size="2">)</font></td>
<td style="border-bottom: #000000 1px solid;" width="2%" align="left">&nbsp;</td>
<td style="border-bottom: #000000 1px solid;" width="11%" align="right"><font style="font-family: TimesNewRomanPSMT,Times New Roman,Times,serif;" class="_mt" size="2">(3,559,000</font></td>
<td style="border-bottom: #000000 1px solid;" width="2%" align="left"><font style="font-family: TimesNewRomanPSMT,Times New Roman,Times,serif;" class="_mt" size="2">)</font></td></tr>
<tr valign="bottom"><td width="47%" align="left"><font style="font-family: TimesNewRomanPSMT,Times New Roman,Times,serif;" class="_mt" size="2">(Loss) income from discontinued operations</font></td>
<td style="border-bottom: #000000 3px double;" width="2%" align="left"><font style="font-family: TimesNewRomanPSMT,Times New Roman,Times,serif;" class="_mt" size="2">$</font></td>
<td style="border-bottom: #000000 3px double;" width="12%" align="right"><font style="font-family: TimesNewRomanPSMT,Times New Roman,Times,serif;" class="_mt" size="2">(83,445,000</font></td>
<td style="border-bottom: #000000 3px double;" width="2%" align="left"><font style="font-family: TimesNewRomanPSMT,Times New Roman,Times,serif;" class="_mt" size="2">)</font></td>
<td style="border-bottom: #000000 3px double;" width="2%" align="right"><font style="font-family: TimesNewRomanPSMT,Times New Roman,Times,serif;" class="_mt" size="2">$</font></td>
<td style="border-bottom: #000000 3px double;" width="12%" align="right"><font style="font-family: TimesNewRomanPSMT,Times New Roman,Times,serif;" class="_mt" size="2">(38,098,000</font></td>
<td style="border-bottom: #000000 3px double;" width="2%" align="left"><font style="font-family: TimesNewRomanPSMT,Times New Roman,Times,serif;" class="_mt" size="2">)</font></td>
<td style="border-bottom: #000000 3px double;" width="2%" align="right"><font style="font-family: TimesNewRomanPSMT,Times New Roman,Times,serif;" class="_mt" size="2">$</font></td>
<td style="border-bottom: #000000 3px double;" width="11%" align="right"><font style="font-family: TimesNewRomanPSMT,Times New Roman,Times,serif;" class="_mt" size="2">3,495,000</font></td>
<td style="border-bottom: #000000 3px double;" width="2%" align="left">&nbsp;</td></tr>
<tr><td width="94%" colspan="10">&nbsp;</td></tr>
<tr valign="bottom"><td width="47%" align="left"><font style="font-family: TimesNewRomanPSMT,Times New Roman,Times,serif;" class="_mt" size="2">Gain on sales of discontinued operations</font></td>
<td style="border-bottom: #000000 3px double;" width="2%" align="left"><font style="font-family: TimesNewRomanPSMT,Times New Roman,Times,serif;" class="_mt" size="2">$</font></td>
<td style="border-bottom: #000000 3px double;" width="12%" align="right"><font style="font-family: TimesNewRomanPSMT,Times New Roman,Times,serif;" class="_mt" size="2">884,000</font></td>
<td style="border-bottom: #000000 3px double;" width="2%" align="left">&nbsp;</td>
<td style="border-bottom: #000000 3px double;" width="2%" align="right">&nbsp;<font style="font-family: TimesNewRomanPSMT,Times New Roman,Times,serif;" class="_mt" size="2">$</font></td>
<td style="border-bottom: #000000 3px double;" width="12%" align="right"><font style="font-family: TimesNewRomanPSMT,Times New Roman,Times,serif;" class="_mt" size="2">170,000</font></td>
<td style="border-bottom: #000000 3px double;" width="2%" align="left">&nbsp;</td>
<td style="border-bottom: #000000 3px double;" width="2%" align="right"><font style="font-family: TimesNewRomanPSMT,Times New Roman,Times,serif;" class="_mt" size="2">$</font></td>
<td style="border-bottom: #000000 3px double;" width="11%" align="right"><font style="font-family: TimesNewRomanPSMT,Times New Roman,Times,serif;" class="_mt" size="2">557,000</font></td>
<td style="border-bottom: #000000 3px double;" width="2%" align="left">&nbsp;</td></tr></table></div>

<p style="margin: 0px;">&nbsp;</p>

<div>&nbsp;</div><br />

<p style="text-align: left;">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<font style="font-family: TimesNewRomanPSMT,Times New Roman,Times,serif;" class="_mt" size="3">During 2011, the Company completed the following transactions related to properties "held for sale/conveyance":</font></p>

<div>

<table style="width: 910px; height: 274px;" border="0" cellspacing="0">
<tr><td width="25%">&nbsp;</td>
<td width="19%">&nbsp;</td>
<td width="18%">&nbsp;</td>
<td width="2%">&nbsp;</td>
<td width="15%">&nbsp;</td>
<td width="2%">&nbsp;</td>
<td width="14%">&nbsp;</td></tr>
<tr valign="bottom"><td style="border-bottom: #000000 1px solid;" rowspan="2" width="25%" align="center"><b><font style="font-family: TimesNewRomanPS-BoldMT,Times New Roman,Times,serif;" class="_mt" size="3">Property</font></b></td>
<td style="border-bottom: #000000 1px solid;" rowspan="2" width="19%" align="center"><b><font style="font-family: TimesNewRomanPS-BoldMT,Times New Roman,Times,serif;" class="_mt" size="3">Location</font></b></td>
<td style="border-bottom: #000000 1px solid;" rowspan="2" width="18%" align="center"><b><font style="font-family: TimesNewRomanPS-BoldMT,Times New Roman,Times,serif;" class="_mt" size="3">Date</font></b><br /><b><font style="font-family: TimesNewRomanPS-BoldMT,Times New Roman,Times,serif;" class="_mt" size="3">Sold</font></b></td>
<td style="border-bottom: #000000 1px solid;" rowspan="2" width="17%" colspan="2" align="center"><b><font style="font-family: TimesNewRomanPS-BoldMT,Times New Roman,Times,serif;" class="_mt" size="3">Sales</font></b><br /><b><font style="font-family: TimesNewRomanPS-BoldMT,Times New Roman,Times,serif;" class="_mt" size="3">Price</font></b></td>
<td style="border-bottom: #000000 1px solid;" rowspan="2" width="16%" colspan="2" align="center"><b><font style="font-family: TimesNewRomanPS-BoldMT,Times New Roman,Times,serif;" class="_mt" size="3">Gain on</font></b><br /><b><font style="font-family: TimesNewRomanPS-BoldMT,Times New Roman,Times,serif;" class="_mt" size="3">Sale</font></b></td></tr>
<tr><td width="95%" colspan="7">&nbsp;</td></tr>
<tr valign="bottom"><td width="25%" align="left"><font style="font-family: TimesNewRomanPSMT,Times New Roman,Times,serif;" class="_mt" size="3">Bergstrasse Land</font></td>
<td width="19%" align="left"><font style="font-family: TimesNewRomanPSMT,Times New Roman,Times,serif;" class="_mt" size="3">Ephrata, PA</font></td>
<td width="18%" align="right"><font style="font-family: TimesNewRomanPSMT,Times New Roman,Times,serif;" class="_mt" size="3">2/14/2011</font></td>
<td width="2%" align="left"><font style="font-family: TimesNewRomanPSMT,Times New Roman,Times,serif;" class="_mt" size="3">$</font></td>
<td width="15%" align="right"><font style="font-family: TimesNewRomanPSMT,Times New Roman,Times,serif;" class="_mt" size="3">1,900,000</font></td>
<td width="2%" align="left"><font style="font-family: TimesNewRomanPSMT,Times New Roman,Times,serif;" class="_mt" size="3">$</font></td>
<td width="14%" align="center"><font style="font-family: TimesNewRomanPSMT,Times New Roman,Times,serif;" class="_mt" size="3">33,000</font></td></tr>
<tr valign="bottom"><td width="25%" align="left"><font style="font-family: TimesNewRomanPSMT,Times New Roman,Times,serif;" class="_mt" size="3">Two properties</font></td>
<td width="19%" align="left"><font style="font-family: TimesNewRomanPSMT,Times New Roman,Times,serif;" class="_mt" size="3">OH</font></td>
<td width="18%" align="right"><font style="font-family: TimesNewRomanPSMT,Times New Roman,Times,serif;" class="_mt" size="3">3/30/2011</font></td>
<td width="2%" align="left">&nbsp;</td>
<td width="15%" align="right"><font style="font-family: TimesNewRomanPSMT,Times New Roman,Times,serif;" class="_mt" size="3">4,032,000</font></td>
<td width="2%" align="left">&nbsp;</td>
<td width="14%" align="right"><font style="font-family: TimesNewRomanPSMT,Times New Roman,Times,serif;" class="_mt" size="3">-</font></td></tr>
<tr valign="bottom"><td width="25%" align="left"><font style="font-family: TimesNewRomanPSMT,Times New Roman,Times,serif;" class="_mt" size="3">Fairfield Plaza</font></td>
<td width="19%" align="left"><font style="font-family: TimesNewRomanPSMT,Times New Roman,Times,serif;" class="_mt" size="3">Fairfield, CT</font></td>
<td width="18%" align="right"><font style="font-family: TimesNewRomanPSMT,Times New Roman,Times,serif;" class="_mt" size="3">4/15/2011</font></td>
<td width="2%" align="left">&nbsp;</td>
<td width="15%" align="right"><font style="font-family: TimesNewRomanPSMT,Times New Roman,Times,serif;" class="_mt" size="3">10,840,000</font></td>
<td width="2%" align="left">&nbsp;</td>
<td style="text-indent: 1px;" width="14%" align="left"><font style="font-family: TimesNewRomanPSMT,Times New Roman,Times,serif;" class="_mt" size="3">470,000</font></td></tr>
<tr valign="bottom"><td width="25%" align="left"><font style="font-family: TimesNewRomanPSMT,Times New Roman,Times,serif;" class="_mt" size="3">CVS at Kingston</font></td>
<td width="19%" align="left"><font style="font-family: TimesNewRomanPSMT,Times New Roman,Times,serif;" class="_mt" size="3">Kingston, NY</font></td>
<td width="18%" align="right"><font style="font-family: TimesNewRomanPSMT,Times New Roman,Times,serif;" class="_mt" size="3">11/14/2011</font></td>
<td width="2%" align="left">&nbsp;</td>
<td width="15%" align="right"><font style="font-family: TimesNewRomanPSMT,Times New Roman,Times,serif;" class="_mt" size="3">5,250,000</font></td>
<td width="2%" align="left">&nbsp;</td>
<td style="text-indent: 1px;" width="14%" align="left"><font style="font-family: TimesNewRomanPSMT,Times New Roman,Times,serif;" class="_mt" size="3">185,000</font></td></tr>
<tr valign="bottom"><td width="25%" align="left"><font style="font-family: TimesNewRomanPSMT,Times New Roman,Times,serif;" class="_mt" size="3">CVS at Kinderhook</font></td>
<td width="19%" align="left"><font style="font-family: TimesNewRomanPSMT,Times New Roman,Times,serif;" class="_mt" size="3">Kinderhook, NY</font></td>
<td width="18%" align="right"><font style="font-family: TimesNewRomanPSMT,Times New Roman,Times,serif;" class="_mt" size="3">12/8/2011</font></td>
<td width="2%" align="left">&nbsp;</td>
<td width="15%" align="right"><font style="font-family: TimesNewRomanPSMT,Times New Roman,Times,serif;" class="_mt" size="3">4,000,000</font></td>
<td width="2%" align="left">&nbsp;</td>
<td style="text-indent: 1px;" width="14%" align="left"><font style="font-family: TimesNewRomanPSMT,Times New Roman,Times,serif;" class="_mt" size="3">196,000</font></td></tr>
<tr valign="bottom"><td width="25%" align="left"><font style="font-family: TimesNewRomanPSMT,Times New Roman,Times,serif;" class="_mt" size="3">Shoppes at SalemRun</font></td>
<td width="19%" align="left"><font style="font-family: TimesNewRomanPSMT,Times New Roman,Times,serif;" class="_mt" size="3">Fredericksburg, VA</font></td>
<td width="18%" align="right"><font style="font-family: TimesNewRomanPSMT,Times New Roman,Times,serif;" class="_mt" size="3">12/12/2011</font></td>
<td width="2%" align="left">&nbsp;</td>
<td width="15%" align="right"><font style="font-family: TimesNewRomanPSMT,Times New Roman,Times,serif;" class="_mt" size="3">1,675,000</font></td>
<td width="2%" align="left">&nbsp;</td>
<td width="14%" align="right"><font style="font-family: TimesNewRomanPSMT,Times New Roman,Times,serif;" class="_mt" size="3">-</font></td></tr>
<tr valign="bottom"><td width="25%" align="left"><font style="font-family: TimesNewRomanPSMT,Times New Roman,Times,serif;" class="_mt" size="3">Virginia Center Commons</font></td>
<td width="19%" align="left"><font style="font-family: TimesNewRomanPSMT,Times New Roman,Times,serif;" class="_mt" size="3">Glen Allen, VA</font></td>
<td width="18%" align="right"><font style="font-family: TimesNewRomanPSMT,Times New Roman,Times,serif;" class="_mt" size="3">12/21/2011</font></td>
<td width="2%" align="left">&nbsp;</td>
<td width="15%" align="right"><font style="font-family: TimesNewRomanPSMT,Times New Roman,Times,serif;" class="_mt" size="3">3,550,000</font></td>
<td width="2%" align="left">&nbsp;</td>
<td width="14%" align="right"><font style="font-family: TimesNewRomanPSMT,Times New Roman,Times,serif;" class="_mt" size="3">-</font></td></tr>
<tr valign="bottom"><td width="25%" align="left"><font style="font-family: TimesNewRomanPSMT,Times New Roman,Times,serif;" class="_mt" size="3">Nine properties</font></td>
<td width="19%" align="left"><font style="font-family: TimesNewRomanPSMT,Times New Roman,Times,serif;" class="_mt" size="3">OH</font></td>
<td width="18%" align="right"><font style="font-family: TimesNewRomanPSMT,Times New Roman,Times,serif;" class="_mt" size="3">12/28/2011</font></td>
<td width="2%" align="left">&nbsp;</td>
<td width="15%" align="right"><font style="font-family: TimesNewRomanPSMT,Times New Roman,Times,serif;" class="_mt" size="3">25,257,000</font></td>
<td width="2%" align="left">&nbsp;</td>
<td width="14%" align="right"><font style="font-family: TimesNewRomanPSMT,Times New Roman,Times,serif;" class="_mt" size="3">-</font></td></tr></table></div>

<p style="margin: 0px;">&nbsp;</p>

<p style="text-align: left;">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<font style="font-family: TimesNewRomanPSMT,Times New Roman,Times,serif;" class="_mt" size="3">The Company is also planning to arrange conveyances of three other Ohio properties to their respective mortgagees by deed-in-lieu of foreclosure processes, whereby the Company's subsidiaries would be released from all obligations, including any unpaid principal and interest. No payments have been made on these mortgages subsequent to December 31, 2011.</font></p>

<p style="text-align: left;">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<font style="font-family: TimesNewRomanPSMT,Times New Roman,Times,serif;" class="_mt" size="3">During 2010, the Company completed the following transactions related to properties "held for sale/conveyance":</font></p>

<div align="left">

<table border="0" cellspacing="0">
<tr><td width="35%"> </td>
<td width="23%"> </td>
<td width="15%"> </td>
<td width="3%"> </td>
<td width="11%"> </td>
<td width="2%"> </td>
<td width="8%"> </td></tr>
<tr valign="bottom"><td align="center">&nbsp;</td>
<td align="center">&nbsp;</td>
<td align="center"><b><font size="3" class="_mt" style="font-family: TimesNewRomanPS-BoldMT,Times New Roman,Times,serif;">Date</font></b></td>
<td align="center">&nbsp;</td>
<td align="center"><b><font size="3" class="_mt" style="font-family: TimesNewRomanPS-BoldMT,Times New Roman,Times,serif;">Sales</font></b></td>
<td align="center">&nbsp;</td>
<td align="center"><b><font size="3" class="_mt" style="font-family: TimesNewRomanPS-BoldMT,Times New Roman,Times,serif;">Gain on</font></b></td></tr>
<tr valign="bottom"><td style="border-bottom: #000000 3px double;" align="center"><b><font size="3" class="_mt" style="font-family: TimesNewRomanPS-BoldMT,Times New Roman,Times,serif;">Property</font></b></td>
<td style="border-bottom: #000000 3px double;" align="center"><b><font size="3" class="_mt" style="font-family: TimesNewRomanPS-BoldMT,Times New Roman,Times,serif;">Location</font></b></td>
<td style="border-bottom: #000000 3px double;" align="center"><b><font size="3" class="_mt" style="font-family: TimesNewRomanPS-BoldMT,Times New Roman,Times,serif;">Sold</font></b></td>
<td style="border-bottom: #000000 3px double;" align="center">&nbsp;</td>
<td style="border-bottom: #000000 3px double;" align="center"><b><font size="3" class="_mt" style="font-family: TimesNewRomanPS-BoldMT,Times New Roman,Times,serif;">Price</font></b></td>
<td style="border-bottom: #000000 3px double;" align="center">&nbsp;</td>
<td style="border-bottom: #000000 3px double; text-indent: 2px;" align="center"><b><font size="3" class="_mt" style="font-family: TimesNewRomanPS-BoldMT,Times New Roman,Times,serif;">Sale</font></b></td></tr>
<tr valign="bottom"><td align="left"><font size="3" class="_mt" style="font-family: TimesNewRomanPSMT,Times New Roman,Times,serif;">Carrollton Discount Drug Mart Plaza</font></td>
<td align="left"><font size="3" class="_mt" style="font-family: TimesNewRomanPSMT,Times New Roman,Times,serif;">Carrollton, OH</font></td>
<td align="right"><font size="3" class="_mt" style="font-family: TimesNewRomanPSMT,Times New Roman,Times,serif;">1/28/2010</font></td>
<td align="left"><font size="3" class="_mt" style="font-family: TimesNewRomanPSMT,Times New Roman,Times,serif;">$</font></td>
<td align="left"><font size="3" class="_mt" style="font-family: TimesNewRomanPSMT,Times New Roman,Times,serif;">3,300,000</font></td>
<td align="left"><font size="3" class="_mt" style="font-family: TimesNewRomanPSMT,Times New Roman,Times,serif;">$</font></td>
<td style="text-indent: 7px;" align="left"><font size="3" class="_mt" style="font-family: TimesNewRomanPSMT,Times New Roman,Times,serif;">-</font></td></tr>
<tr valign="bottom"><td align="left"><font size="3" class="_mt" style="font-family: TimesNewRomanPSMT,Times New Roman,Times,serif;">Pondside Plaza</font></td>
<td align="left"><font size="3" class="_mt" style="font-family: TimesNewRomanPSMT,Times New Roman,Times,serif;">Geneseo, NY</font></td>
<td align="right"><font size="3" class="_mt" style="font-family: TimesNewRomanPSMT,Times New Roman,Times,serif;">2/4/2010</font></td>
<td align="left">&nbsp;</td>
<td align="left"><font size="3" class="_mt" style="font-family: TimesNewRomanPSMT,Times New Roman,Times,serif;">1,600,000</font></td>
<td align="left">&nbsp;</td>
<td style="text-indent: 7px;" align="left"><font size="3" class="_mt" style="font-family: TimesNewRomanPSMT,Times New Roman,Times,serif;">-</font></td></tr>
<tr valign="bottom"><td align="left"><font size="3" class="_mt" style="font-family: TimesNewRomanPSMT,Times New Roman,Times,serif;">Family Dollar at Zanesville</font></td>
<td align="left"><font size="3" class="_mt" style="font-family: TimesNewRomanPSMT,Times New Roman,Times,serif;">Zanesville, OH</font></td>
<td align="right"><font size="3" class="_mt" style="font-family: TimesNewRomanPSMT,Times New Roman,Times,serif;">2/25/2010</font></td>
<td align="left">&nbsp;</td>
<td style="text-indent: 2px;" align="left"><font size="3" class="_mt" style="font-family: TimesNewRomanPSMT,Times New Roman,Times,serif;">575,000</font></td>
<td align="left">&nbsp;</td>
<td style="text-indent: 1px;" align="left"><font size="3" class="_mt" style="font-family: TimesNewRomanPSMT,Times New Roman,Times,serif;">170,000</font></td></tr>
<tr valign="bottom"><td align="left"><font size="3" class="_mt" style="font-family: TimesNewRomanPSMT,Times New Roman,Times,serif;">PowellDiscount Drug Mart Plaza</font></td>
<td align="left"><font size="3" class="_mt" style="font-family: TimesNewRomanPSMT,Times New Roman,Times,serif;">Powell, OH</font></td>
<td align="right"><font size="3" class="_mt" style="font-family: TimesNewRomanPSMT,Times New Roman,Times,serif;">3/23/2010</font></td>
<td align="left">&nbsp;</td>
<td align="left"><font size="3" class="_mt" style="font-family: TimesNewRomanPSMT,Times New Roman,Times,serif;">5,150,000</font></td>
<td align="left">&nbsp;</td>
<td style="text-indent: 7px;" align="left"><font size="3" class="_mt" style="font-family: TimesNewRomanPSMT,Times New Roman,Times,serif;">-</font></td></tr>
<tr valign="bottom"><td align="left"><font size="3" class="_mt" style="font-family: TimesNewRomanPSMT,Times New Roman,Times,serif;">Long Reach Village</font></td>
<td align="left"><font size="3" class="_mt" style="font-family: TimesNewRomanPSMT,Times New Roman,Times,serif;">Columbia, MD</font></td>
<td align="right"><font size="3" class="_mt" style="font-family: TimesNewRomanPSMT,Times New Roman,Times,serif;">10/29/2010</font></td>
<td align="left">&nbsp;</td>
<td align="left"><font size="3" class="_mt" style="font-family: TimesNewRomanPSMT,Times New Roman,Times,serif;">5,500,000</font></td>
<td align="left">&nbsp;</td>
<td style="text-indent: 7px;" align="left"><font size="3" class="_mt" style="font-family: TimesNewRomanPSMT,Times New Roman,Times,serif;">-</font></td></tr></table></div>

<p style="margin: 0px;">&nbsp;</p>

<p style="text-align: left;">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<b><font style="font-family: TimesNewRomanPS-BoldMT,Times New Roman,Times,serif;" class="_mt" size="3">Homburg Joint Venture. </font></b><font style="font-family: TimesNewRomanPSMT,Times New Roman,Times,serif;" class="_mt" size="3">In February 2011, Homburg Invest Inc. ("HII") exercised its buy/sell option pursuant to the terms of the joint venture agreements for each of the nine properties owned by the venture. The offered values for the properties, in the aggregate, amounted to approximately $55.0 million over existing property-specific financing (approximately $100.9 million at December 31, 2011). Currently, the Company has made elections to purchase HII's 80% interest in two of the nine properties, Meadows Marketplace, located in Hershey, Pennsylvania and Fieldstone Marketplace, located in New Bedford, </font><font style="font-family: TimesNewRomanPSMT,Times New Roman,Times,serif;" class="_mt" size="3">Massachusetts. At the closing, the Company will pay approximately $5.5 million to HII for its 80% interest in the two properties; the outstanding balances of the mortgage loans payable on the properties were approximately $27.7 million at December 31, 2011. The Company also determined not to meet HII's buy/sell offers for each of the remaining seven properties, which are now being treated as "held for sale/conveyance". At the closing, the Company will receive proceeds of approximately $8.3 million from HII for its 20% interest in the seven properties; the outstanding balances of the mortgage loans payable on the properties aggregated approximately $73.2 million at December 31, 2011. The Company's property management agreements for the seven properties will terminate upon the closing of the sale. Although there are still uncertainties with respect to the obtaining of the required approvals of the lenders holding mortgages on the properties, the Company anticipates that the contemplated transactions will close in 2012.</font></p>

<p style="text-align: left;">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<b><font style="font-family: TimesNewRomanPS-BoldMT,Times New Roman,Times,serif;" class="_mt" size="3">Philadelphia Redevelopment Property. </font></b><font style="font-family: TimesNewRomanPSMT,Times New Roman,Times,serif;" class="_mt" size="3">The tenant at two properties, one owned in an unconsolidated joint venture and the other owned 100% by the Company (acquired in October 2010), vacated both premises in April 2011, at which time both the joint venture and the Company's wholly-owned subsidiary had CMBS non-recourse first mortgage loans secured by the properties in the amounts of $14.7 million due for payment in May 2011 and $12.9 million due for payment in March 2012, respectively ($250,000 of the $12.9 million loan is guaranteed by the Company). The Company reviewed its investment alternatives and determined that it would not be prudent to proceed with the development, sale or lease of the properties, or to advance the funds necessary to pay off the mortgages. Such determination was based on the uncertainty in obtaining favorable revisions to zoning, difficult existing deed restrictions, the uncertainty in achieving required economic returns given the extensive additional capital investments required, and uncertain current market conditions for sale or lease. Accordingly, the Company wrote off its investment in the joint venture ($8.0 million - see Note 2 - "Summary of Significant Accounting Policies &#8211; Principles of Consolidation/Basis of Preparation"), and recorded an impairment charge related to the value of the 100%-owned property ($9.1 million, included in discontinued operations). No payments have been made on the 100%-owned property mortgage since May 2011, although the Company has been accruing interest expense and will pay certain property-related maintenance/security expenses as they become due. The Company is negotiating a conveyance of the property to the mortgagee by a deed-in-lieu of foreclosure process, whereby the Company's subsidiary would be released from all obligations, including any unpaid principal and interest (other than the aforementioned $250,000 guaranty). At the time of such conveyance, the Company would recognize a gain based on the excess of the carrying amount of the liabilities (mortgage principal and any accrued property-related expenses) over the carrying amount of the property (approximately $6.8 million as of December 31, 2011).</font></p>

<p style="text-align: left;">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<b><font style="font-family: TimesNewRomanPS-BoldMT,Times New Roman,Times,serif;" class="_mt" size="3">Ohio Properties. </font></b><font style="font-family: TimesNewRomanPSMT,Times New Roman,Times,serif;" class="_mt" size="3">Impairment charges related to these properties recorded in 2011 included additional charges of approximately $10.5 million, principally representing adjustments to the net realizable values of certain of the properties treated as "held for sale/conveyance" as of December 31, 2010. The additional charges were based principally on changes in the structure of previously-negotiated transactions, whereby (1) the Company terminated a contract to swap three </font><font style="font-family: TimesNewRomanPSMT,Times New Roman,Times,serif;" class="_mt" size="3">properties for certain land parcels in Ohio and instead entered into a new agreement to sell the properties for cash and assumption of existing debt, and (2) as a result of amending its contract for the sale of the 12 properties discussed below, the Company revalued the properties on an individual, and not portfolio, basis (the buyers in both cases being members of the group from which the Company originally acquired substantially all of its drug store/convenience centers).</font></p>

<p style="text-align: left;">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<font style="font-family: TimesNewRomanPSMT,Times New Roman,Times,serif;" class="_mt" size="3">On April 27, 2011, the Company made a two-year $4.1 million loan to the developers of a site located in Columbus, Ohio (the developers are certain other members of the group from which the Company acquired substantially all of its drug store/convenience centers). The loan was made in consideration of the borrowers facilitating (but not being parties to) the contract for the sale of the 12 properties. The loan (which may be increased, under certain conditions, by an additional $300,000) bears interest at 6.25% per annum and is collateralized by a first mortgage on the development parcel. The balance of the loan and accrued interest aggregated $4.3 million as of December 31, 2011.</font></p>

<p style="text-align: left;">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<font style="font-family: TimesNewRomanPSMT,Times New Roman,Times,serif;" class="_mt" size="3">On April 29, 2011, the Company entered into a contract, as subsequently amended, for the sale of 12 properties, subject to the obtaining of approvals of the lenders holding mortgages on the properties. The $28.0 million net aggregate sales price for the properties, after reflecting estimated closing costs and expenses, includes mortgage loans payable to be assumed and approximates the properties' carrying values. The sales of nine of the properties closed on December 28, 2011. Two of the remaining properties were sold in early 2012, with the remaining property expected to be sold during 2012.</font></p> </div><span></span></td>
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  <body><span style="display: none;">v2.4.0.6</span><table class="report" border="0" cellspacing="2" id="ID0EME">
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          <div style="width: 200px;"><strong>Management Transition Charges<br></strong></div>
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        <th class="th" colspan="1">12 Months Ended</th>
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        <td class="text"><div> <p style="text-align: left;"><b><font style="font-family: TimesNewRomanPS-BoldMT,Times New Roman,Times,serif;" class="_mt" size="3">Note 17. Management Transition Charges</font></b></p>

<p style="text-align: left;">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<font style="font-family: TimesNewRomanPSMT,Times New Roman,Times,serif;" class="_mt" size="3">In June 2011, the Company's then Chairman of the Board, Chief Executive Officer and President retired, and the employment of the Company's then Chief Financial Officer ended. Pursuant to their respective employment and/or separation agreements, (a) they are to receive an aggregate of approximately $3.7 million in cash severance payments (including the cost of related payroll taxes and benefits, and substantially all of which has been funded), and (b) all of their unvested restricted share grants became vested and all related amounts were written off (an aggregate of approximately $2.0 million &#8211; see "Stock-Based Compensation" below). Together with approximately $0.8 million of other non-recurring costs, primarily professional fees and expenses related to the hiring of a new President/Chief Executive Officer and Chief Financial Officer, the Company recorded an aggregate of approximately $6.5 million as "management transition charges".</font></p> </div><span></span></td>
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                <p>The entire disclosure for compensation costs, including compensated absences accruals, compensated absences liability, deferred compensation arrangements and income statement compensation items.  Deferred compensation arrangements may include a description of an arrangement with an individual employee, which is generally an employment contract between the entity and a selected officer or key employee containing a promise by the employer to pay certain amounts at designated future dates, usually including a period after retirement, upon compliance with stipulated requirements. This type of arrangement is distinguished from broader based employee benefit plans as it is usually tailored to the employee. Disclosure also typically includes the amount of related compensation expense recognized during the reporting period, the number of shares (units) issued during the period under such arrangements, and the carrying amount as of the balance sheet date of the related liability.</p>
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  <body><span style="display: none;">v2.4.0.6</span><table class="report" border="0" cellspacing="2" id="ID0EME">
      <tr>
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          <div style="width: 200px;"><strong>Commitments And Contingencies<br></strong></div>
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        <th class="th" colspan="1">12 Months Ended</th>
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        <td class="text"><div> <p style="text-align: left;"><b><font style="font-family: TimesNewRomanPS-BoldMT,Times New Roman,Times,serif;" class="_mt" size="3">Note 13. Commitments and Contingencies</font></b></p>

<p style="text-align: left;">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<font style="font-family: TimesNewRomanPSMT,Times New Roman,Times,serif;" class="_mt" size="3">The Company is a party to certain legal actions arising in the normal course of business. Management does not expect there to be adverse consequences from these actions that would be material to the Company's consolidated financial statements.</font></p>

<p style="text-align: left;">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<font style="font-family: TimesNewRomanPSMT,Times New Roman,Times,serif;" class="_mt" size="3">Under various federal, state, and local laws, ordinances, and regulations, an owner or operator of real estate may be required to investigate and clean up hazardous or toxic substances, or petroleum product releases, at its properties. The owner may be liable to governmental entities or to third parties for property damage, and for investigation and cleanup costs incurred by such parties in connection with any contamination. Management is unaware of any environmental matters that would have a material impact on the Company's consolidated financial statements.</font></p>

<p style="text-align: left;">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<font style="font-family: TimesNewRomanPSMT,Times New Roman,Times,serif;" class="_mt" size="3">The Company's executive offices are located at 44 South Bayles Avenue, Port Washington, New York, which it leased from a partnership owned 44.9% by the Company's former Chairman and Chief Executive Officer. The terms of the lease, as amended, will expire in February 2020. Future minimum rents payable under the terms of the lease, as amended, amount to $495,000, $509,000, $523,000, $537,000, $552,000 and $1.8 million during the years 2012 through 2016, and thereafter, respectively. In addition, several of the Company's properties and portions of several others are owned subject to operating leases which provide for annual payments subject, in certain cases, to cost-of-living or fair market value adjustments, as follows: 2012 - $1.0 million, 2013 - $1.0 million, 2014 - $1.0 million, 2015 - $1.0 million, 2016 - $1.0 million and thereafter - $9.9 million.</font></p>

<p style="text-align: left;">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<font style="font-family: TimesNewRomanPSMT,Times New Roman,Times,serif;" class="_mt" size="3">Rent expense was $1.3 million, $1.0 million and $0.8 million for 2011, 2010 and 2009, respectively.</font></p>

<p style="text-align: left;">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<font style="font-family: TimesNewRomanPSMT,Times New Roman,Times,serif;" class="_mt" size="3">The Company has entered into joint venture arrangements with respect to a number of its properties. The applicable joint venture agreements generally include buy/sell provisions </font><font style="font-family: TimesNewRomanPSMT,Times New Roman,Times,serif;" class="_mt" size="3">pursuant to which, after a specified period of years, either party may initiate a buy/sell arrangement pursuant to which the initiating party can designate a value for the relevant property or properties, and the other party may then elect either to sell its proportionate ownership interest in the joint venture based on that value for the entire property or to purchase the initiating party's ownership interest based on such valuation for the entire property.</font></p> </div><span></span></td>
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                <p>The entire disclosure for commitments and contingencies.</p>
              </div><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;">
                <p>Reference 1: http://www.xbrl.org/2003/role/presentationRef<br><br> -Publisher FASB<br><br> -Name Accounting Standards Codification<br><br> -Topic 450<br><br> -SubTopic 20<br><br> -Section 50<br><br> -Paragraph 4<br><br> -URI http://asc.fasb.org/extlink&amp;oid=6952336&amp;loc=d3e14435-108349<br><br><br><br>Reference 2: http://www.xbrl.org/2003/role/presentationRef<br><br> -Publisher FASB<br><br> -Name Accounting Standards Codification<br><br> -Topic 460<br><br> -SubTopic 10<br><br> -Section 50<br><br> -Paragraph 8<br><br> -URI http://asc.fasb.org/extlink&amp;oid=6398077&amp;loc=d3e12565-110249<br><br><br><br>Reference 3: http://www.xbrl.org/2003/role/presentationRef<br><br> -Publisher FASB<br><br> -Name FASB Interpretation (FIN)<br><br> -Number 14<br><br> -Paragraph 3<br><br> -LegacyDoc This reference is SUPERSEDED by the Accounting Standards Codification effective for interim and annual periods ending after September 15, 2009.  This reference is included to help users transition from the previous accounting hierarchy and will be removed from future versions of this taxonomy.<br><br><br><br>Reference 4: http://www.xbrl.org/2003/role/presentationRef<br><br> -Publisher FASB<br><br> -Name Accounting Standards Codification<br><br> -Topic 440<br><br> -SubTopic 10<br><br> -Section 50<br><br> -Paragraph 2<br><br> -URI http://asc.fasb.org/extlink&amp;oid=6394976&amp;loc=d3e25287-109308<br><br><br><br>Reference 5: http://www.xbrl.org/2003/role/presentationRef<br><br> -Publisher FASB<br><br> -Name Statement of Financial Accounting Standard (FAS)<br><br> -Number 5<br><br> -Paragraph 9, 10, 11, 12<br><br> -LegacyDoc This reference is SUPERSEDED by the Accounting Standards Codification effective for interim and annual periods ending after September 15, 2009.  This reference is included to help users transition from the previous accounting hierarchy and will be removed from future versions of this taxonomy.<br><br><br><br>Reference 6: http://www.xbrl.org/2003/role/presentationRef<br><br> -Publisher FASB<br><br> -Name Accounting Standards Codification<br><br> -Topic 210<br><br> -SubTopic 10<br><br> -Section S99<br><br> -Paragraph 1<br><br> -Subparagraph (SX 210.5-02.25)<br><br> -URI http://asc.fasb.org/extlink&amp;oid=6877327&amp;loc=d3e13212-122682<br><br><br><br>Reference 7: http://www.xbrl.org/2003/role/presentationRef<br><br> -Publisher FASB<br><br> -Name Accounting Standards Codification<br><br> -Topic 825<br><br> -SubTopic 20<br><br> -Section 50<br><br> -Paragraph 1<br><br> -URI http://asc.fasb.org/extlink&amp;oid=6449706&amp;loc=d3e16207-108621<br><br><br><br></p>
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  <body><span style="display: none;">v2.4.0.6</span><table class="report" border="0" cellspacing="2" id="ID0EME">
      <tr>
        <th class="tl" colspan="1" rowspan="2">
          <div style="width: 200px;"><strong>Deferred Charges, Net<br></strong></div>
        </th>
        <th class="th" colspan="1">12 Months Ended</th>
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      <tr>
        <th class="th">
          <div>Dec. 31, 2011</div>
        </th>
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        <td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_DeferredCostsAbstract', window );"><strong>Deferred Charges, Net [Abstract]</strong></a></td>
        <td class="text">&#xA0;<span></span></td>
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      <tr class="ro">
        <td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_cdr_DeferredChargesNetTextBlock', window );">Deferred Charges, Net</a></td>
        <td class="text"><div> <p style="text-align: left;"><b><font style="font-family: TimesNewRomanPS-BoldMT,Times New Roman,Times,serif;" class="_mt" size="3">Note 9. Deferred Charges, Net</font></b></p>

<p style="text-align: left;">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<font style="font-family: TimesNewRomanPSMT,Times New Roman,Times,serif;" class="_mt" size="3">Deferred charges at December 31, 2011 and 2010 are net of accumulated amortization and are comprised of the following:</font></p>

<div>

<table style="width: 549px; height: 165px;" border="0" cellspacing="0">
<tr><td width="65%">&nbsp;</td>
<td width="2%">&nbsp;</td>
<td width="16%">&nbsp;</td>
<td width="2%">&nbsp;</td>
<td width="12%">&nbsp;</td></tr>
<tr valign="bottom"><td width="65%" align="left">&nbsp;</td>
<td style="border-bottom: #000000 1px solid;" width="32%" colspan="4" align="center"><b><font style="font-family: TimesNewRomanPS-BoldMT,Times New Roman,Times,serif;" class="_mt" size="3">December 31,</font></b></td></tr>
<tr valign="bottom"><td width="65%" align="left">&nbsp;</td>
<td style="border-bottom: #000000 1px solid;" width="18%" colspan="2" align="center"><b><font style="font-family: TimesNewRomanPS-BoldMT,Times New Roman,Times,serif;" class="_mt" size="3">2011</font></b></td>
<td style="border-bottom: #000000 1px solid;" width="14%" colspan="2" align="center"><b><font style="font-family: TimesNewRomanPS-BoldMT,Times New Roman,Times,serif;" class="_mt" size="3">2010</font></b></td></tr>
<tr valign="bottom"><td width="65%" align="left"><font style="font-family: TimesNewRomanPSMT,Times New Roman,Times,serif;" class="_mt" size="3">Lease origination costs (a)</font></td>
<td width="2%" align="left"><font style="font-family: TimesNewRomanPSMT,Times New Roman,Times,serif;" class="_mt" size="3">$</font></td>
<td width="16%" align="right"><font style="font-family: TimesNewRomanPSMT,Times New Roman,Times,serif;" class="_mt" size="3">14,336,000</font></td>
<td width="2%" align="left"><font style="font-family: TimesNewRomanPSMT,Times New Roman,Times,serif;" class="_mt" size="3">$</font></td>
<td width="12%" align="right"><font style="font-family: TimesNewRomanPSMT,Times New Roman,Times,serif;" class="_mt" size="3">13,282,000</font></td></tr>
<tr valign="bottom"><td width="65%" align="left"><font style="font-family: TimesNewRomanPSMT,Times New Roman,Times,serif;" class="_mt" size="3">Financing costs (b)</font></td>
<td width="2%" align="left">&nbsp;</td>
<td width="16%" align="right"><font style="font-family: TimesNewRomanPSMT,Times New Roman,Times,serif;" class="_mt" size="3">6,268,000</font></td>
<td width="2%" align="left">&nbsp;</td>
<td width="12%" align="right"><font style="font-family: TimesNewRomanPSMT,Times New Roman,Times,serif;" class="_mt" size="3">9,623,000</font></td></tr>
<tr valign="bottom"><td width="65%" align="left"><font style="font-family: TimesNewRomanPSMT,Times New Roman,Times,serif;" class="_mt" size="3">Other</font></td>
<td style="border-bottom: #000000 1px solid;" width="2%" align="left">&nbsp;</td>
<td style="border-bottom: #000000 1px solid;" width="16%" align="right"><font style="font-family: TimesNewRomanPSMT,Times New Roman,Times,serif;" class="_mt" size="3">931,000</font></td>
<td style="border-bottom: #000000 1px solid;" width="2%" align="left">&nbsp;</td>
<td style="border-bottom: #000000 1px solid;" width="12%" align="right"><font style="font-family: TimesNewRomanPSMT,Times New Roman,Times,serif;" class="_mt" size="3">1,551,000</font></td></tr>
<tr valign="bottom"><td width="65%" align="left">&nbsp;</td>
<td style="border-bottom: #000000 3px double;" width="2%" align="left"><font style="font-family: TimesNewRomanPSMT,Times New Roman,Times,serif;" class="_mt" size="3">$</font></td>
<td style="border-bottom: #000000 3px double;" width="16%" align="right"><font style="font-family: TimesNewRomanPSMT,Times New Roman,Times,serif;" class="_mt" size="3">21,535,000</font></td>
<td style="border-bottom: #000000 3px double;" width="2%" align="left"><font style="font-family: TimesNewRomanPSMT,Times New Roman,Times,serif;" class="_mt" size="3">$</font></td>
<td style="border-bottom: #000000 3px double;" width="12%" align="right"><font style="font-family: TimesNewRomanPSMT,Times New Roman,Times,serif;" class="_mt" size="3">24,456,000</font></td></tr></table></div>

<p style="margin: 0px;">&nbsp;</p>

<p style="text-align: left;"><font style="font-family: TimesNewRomanPSMT,Times New Roman,Times,serif;" class="_mt" size="3">(a) Lease origination costs include the unamortized balance of intangible lease assets resulting from purchase accounting allocations of $6.6 million (cost of $16.8 million and accumulated amortization of $10.2 million) and $5.9 million (cost of $14.5 million and accumulated amortization of $8.6 million), respectively.</font></p>

<p style="text-align: left;"><font style="font-family: TimesNewRomanPSMT,Times New Roman,Times,serif;" class="_mt" size="3">(b) In September 2010, the Company elected to reduce the total commitments under its then stabilized property revolving credit facility by $100.0 million. In this connection, the Company accelerated the write-off of approximately $2.6 million of deferred financing costs.</font></p>

<p style="text-align: left;">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<font style="font-family: TimesNewRomanPSMT,Times New Roman,Times,serif;" class="_mt" size="3">Deferred charges are amortized over the terms of the related agreements. Amortization expense related to deferred charges (including amortization of deferred financing costs included in non-operating income and expense) amounted to $7.4 million, $10.8 million and $7.5 million for 2011, 2010 and 2009, respectively. The unamortized balances of deferred lease origination </font><font style="font-family: TimesNewRomanPSMT,Times New Roman,Times,serif;" class="_mt" size="3">costs and deferred financing costs are net of accumulated amortization of $15.7 million and $23.5 million, respectively, and will be charged to future operations as follows (lease origination costs through 2033, and financing costs through 2029):</font></p>

<div>

<table border="0" cellspacing="0">
<tr><td width="22%">&nbsp;</td>
<td width="5%">&nbsp;</td>
<td width="30%">&nbsp;</td>
<td width="6%">&nbsp;</td>
<td width="28%">&nbsp;</td>
<td width="7%">&nbsp;</td></tr>
<tr valign="bottom"><td align="left">&nbsp;</td>
<td style="border-bottom: #000000 1px solid;" rowspan="3" colspan="2" align="center"><b><font style="font-family: TimesNewRomanPS-BoldMT,Times New Roman,Times,serif;" class="_mt" size="3">Lease</font></b><br /><b><font style="font-family: TimesNewRomanPS-BoldMT,Times New Roman,Times,serif;" class="_mt" size="3">origination</font></b><br /><b><font style="font-family: TimesNewRomanPS-BoldMT,Times New Roman,Times,serif;" class="_mt" size="3">costs</font></b></td>
<td style="border-bottom: #000000 1px solid;" rowspan="3" colspan="3" align="center"><b><font style="font-family: TimesNewRomanPS-BoldMT,Times New Roman,Times,serif;" class="_mt" size="3">Financing</font></b><br /><b><font style="font-family: TimesNewRomanPS-BoldMT,Times New Roman,Times,serif;" class="_mt" size="3">costs</font></b></td></tr>
<tr valign="bottom"><td align="left">&nbsp;</td></tr>
<tr valign="bottom"><td align="left">&nbsp;</td></tr>
<tr valign="bottom"><td align="right"><font style="font-family: TimesNewRomanPSMT,Times New Roman,Times,serif;" class="_mt" size="3">2012</font></td>
<td align="left"><font style="font-family: TimesNewRomanPSMT,Times New Roman,Times,serif;" class="_mt" size="3">$</font></td>
<td style="text-indent: 4px;" align="left"><font style="font-family: TimesNewRomanPSMT,Times New Roman,Times,serif;" class="_mt" size="3">2,509,000</font></td>
<td align="left"><font style="font-family: TimesNewRomanPSMT,Times New Roman,Times,serif;" class="_mt" size="3">$</font></td>
<td align="right"><font style="font-family: TimesNewRomanPSMT,Times New Roman,Times,serif;" class="_mt" size="3">3,827,000</font></td>
<td align="left"><font style="font-family: TimesNewRomanPSMT,Times New Roman,Times,serif;" class="_mt" size="3">(a)</font></td></tr>
<tr valign="bottom"><td align="right"><font style="font-family: TimesNewRomanPSMT,Times New Roman,Times,serif;" class="_mt" size="3">2013</font></td>
<td align="left">&nbsp;</td>
<td style="text-indent: 4px;" align="left"><font style="font-family: TimesNewRomanPSMT,Times New Roman,Times,serif;" class="_mt" size="3">2,250,000</font></td>
<td align="left">&nbsp;</td>
<td align="right"><font style="font-family: TimesNewRomanPSMT,Times New Roman,Times,serif;" class="_mt" size="3">848,000</font></td>
<td align="left">&nbsp;</td></tr>
<tr valign="bottom"><td align="right"><font style="font-family: TimesNewRomanPSMT,Times New Roman,Times,serif;" class="_mt" size="3">2014</font></td>
<td align="left">&nbsp;</td>
<td style="text-indent: 4px;" align="left"><font style="font-family: TimesNewRomanPSMT,Times New Roman,Times,serif;" class="_mt" size="3">1,931,000</font></td>
<td align="left">&nbsp;</td>
<td align="right"><font style="font-family: TimesNewRomanPSMT,Times New Roman,Times,serif;" class="_mt" size="3">452,000</font></td>
<td align="left">&nbsp;</td></tr>
<tr valign="bottom"><td align="right"><font style="font-family: TimesNewRomanPSMT,Times New Roman,Times,serif;" class="_mt" size="3">2015</font></td>
<td align="left">&nbsp;</td>
<td style="text-indent: 4px;" align="left"><font style="font-family: TimesNewRomanPSMT,Times New Roman,Times,serif;" class="_mt" size="3">1,621,000</font></td>
<td align="left">&nbsp;</td>
<td align="right"><font style="font-family: TimesNewRomanPSMT,Times New Roman,Times,serif;" class="_mt" size="3">300,000</font></td>
<td align="left">&nbsp;</td></tr>
<tr valign="bottom"><td align="right"><font style="font-family: TimesNewRomanPSMT,Times New Roman,Times,serif;" class="_mt" size="3">2016</font></td>
<td align="left">&nbsp;</td>
<td style="text-indent: 4px;" align="left"><font style="font-family: TimesNewRomanPSMT,Times New Roman,Times,serif;" class="_mt" size="3">1,316,000</font></td>
<td align="left">&nbsp;</td>
<td align="right"><font style="font-family: TimesNewRomanPSMT,Times New Roman,Times,serif;" class="_mt" size="3">227,000</font></td>
<td align="left">&nbsp;</td></tr>
<tr valign="bottom"><td align="right"><font style="font-family: TimesNewRomanPSMT,Times New Roman,Times,serif;" class="_mt" size="3">Thereafter</font></td>
<td style="border-bottom: #000000 1px solid;" align="left">&nbsp;</td>
<td style="border-bottom: #000000 1px solid; text-indent: 4px;" align="left"><font style="font-family: TimesNewRomanPSMT,Times New Roman,Times,serif;" class="_mt" size="3">4,709,000</font></td>
<td style="border-bottom: #000000 1px solid;" align="left">&nbsp;</td>
<td style="border-bottom: #000000 1px solid;" align="right"><font style="font-family: TimesNewRomanPSMT,Times New Roman,Times,serif;" class="_mt" size="3">614,000</font></td>
<td align="left">&nbsp;</td></tr>
<tr valign="bottom"><td align="left">&nbsp;</td>
<td style="border-bottom: #000000 3px double;" align="left"><font style="font-family: TimesNewRomanPSMT,Times New Roman,Times,serif;" class="_mt" size="3">$</font></td>
<td style="border-bottom: #000000 3px double; text-indent: 2px;" align="left"><font style="font-family: TimesNewRomanPSMT,Times New Roman,Times,serif;" class="_mt" size="3">14,336,000</font></td>
<td style="border-bottom: #000000 3px double;" align="left"><font style="font-family: TimesNewRomanPSMT,Times New Roman,Times,serif;" class="_mt" size="3">$</font></td>
<td style="border-bottom: #000000 3px double;" align="right"><font style="font-family: TimesNewRomanPSMT,Times New Roman,Times,serif;" class="_mt" size="3">6,268,000</font></td>
<td align="left">&nbsp;</td></tr></table></div>

<p style="margin: 0px;">&nbsp;</p>

<p style="text-align: left;"><font style="font-family: TimesNewRomanPSMT,Times New Roman,Times,serif;" class="_mt" size="3">(a) Includes $2.8 million relating to the stabilized property and development property credit facilities which were refinanced in January 2012.</font></p> </div><span></span></td>
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            <div class="body" style="padding: 2px;"><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div>
                <p>The carrying amounts of deferred costs that are expected to be recognized as a charge against earnings in periods after one year or beyond the normal operating cycle, if longer.</p>
              </div><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;">
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  <body><span style="display: none;">v2.4.0.6</span><table class="report" border="0" cellspacing="2" id="ID0EME">
      <tr>
        <th class="tl" colspan="1" rowspan="2">
          <div style="width: 200px;"><strong>Concentration Of Credit Risk<br></strong></div>
        </th>
        <th class="th" colspan="1">12 Months Ended</th>
      </tr>
      <tr>
        <th class="th">
          <div>Dec. 31, 2011</div>
        </th>
      </tr>
      <tr class="re">
        <td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_RisksAndUncertaintiesAbstract', window );"><strong>Concentration Of Credit Risk [Abstract]</strong></a></td>
        <td class="text">&#xA0;<span></span></td>
      </tr>
      <tr class="ro">
        <td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_ConcentrationRiskDisclosureTextBlock', window );">Concentration Of Credit Risk</a></td>
        <td class="text"><div> <p style="text-align: left;"><b><font style="font-family: TimesNewRomanPS-BoldMT,Times New Roman,Times,serif;" class="_mt" size="3">Note 7. Concentration of Credit Risk</font></b></p>

<p style="text-align: left;">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<font style="font-family: TimesNewRomanPSMT,Times New Roman,Times,serif;" class="_mt" size="3">Financial instruments that potentially subject the Company to concentrations of credit risk consist primarily of cash and cash equivalents in excess of insured amounts and tenant receivables. The Company places its cash and cash equivalents with high quality financial institutions. Management performs ongoing credit evaluations of its tenants and requires certain tenants to provide security deposits and/or suitable guarantees.</font></p>

<p style="text-align: left;">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<font style="font-family: TimesNewRomanPSMT,Times New Roman,Times,serif;" class="_mt" size="3">Excluding properties treated as discontinued operations, Giant Food Stores, LLC ("Giant Foods"), which is owned by Ahold N.V., a Netherlands corporation, accounted for approximately 13%, 11% and 10% of the Company's total revenues in 2011, 2010 and 2009, respectively. Giant Foods, in combination with Stop &amp; Shop, Inc., which is also owned by Ahold N.V., accounted for approximately 16%, 13% and 14% of the Company's total revenues in 2011, 2010 and 2009, respectively.</font></p>

<p style="text-align: left;">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<font style="font-family: TimesNewRomanPSMT,Times New Roman,Times,serif;" class="_mt" size="3">The Company's properties are located largely in the mid-Atlantic and Northeast coastal regions, which exposes it to greater economic risks than if the properties it owned were located in a greater number of geographic regions (in particular, 34 of the Company's properties are located in Pennsylvania).</font></p> </div><span></span></td>
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    </table>
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        <tr>
          <td>
            <div class="body" style="padding: 2px;"><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div>
                <p>The entire disclosure for any concentrations existing at the date of the financial statements that make an entity vulnerable to a reasonably possible, near-term, severe impact. This disclosure informs financial statement users about the general nature of the risk associated with the concentration, and may indicate the percentage of concentration risk as of the balance sheet date.</p>
              </div><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;">
                <p>Reference 1: http://www.xbrl.org/2003/role/presentationRef<br><br> -Publisher FASB<br><br> -Name Accounting Standards Codification<br><br> -Topic 275<br><br> -SubTopic 10<br><br> -Section 50<br><br> -Paragraph 20<br><br> -URI http://asc.fasb.org/extlink&amp;oid=6927468&amp;loc=d3e6404-108592<br><br><br><br>Reference 2: http://www.xbrl.org/2003/role/presentationRef<br><br> -Publisher AICPA<br><br> -Name Statement of Position (SOP)<br><br> -Number 94-6<br><br> -Paragraph 21, 22, 24<br><br> -LegacyDoc This reference is SUPERSEDED by the Accounting Standards Codification effective for interim and annual periods ending after September 15, 2009.  This reference is included to help users transition from the previous accounting hierarchy and will be removed from future versions of this taxonomy.<br><br><br><br>Reference 3: http://www.xbrl.org/2003/role/presentationRef<br><br> -Publisher FASB<br><br> -Name Accounting Standards Codification<br><br> -Topic 825<br><br> -SubTopic 10<br><br> -Section 50<br><br> -Paragraph 21<br><br> -URI http://asc.fasb.org/extlink&amp;oid=6947722&amp;loc=d3e13537-108611<br><br><br><br>Reference 4: http://www.xbrl.org/2003/role/presentationRef<br><br> -Publisher FASB<br><br> -Name Statement of Financial Accounting Standard (FAS)<br><br> -Number 107<br><br> -Paragraph 15A<br><br> -LegacyDoc This reference is SUPERSEDED by the Accounting Standards Codification effective for interim and annual periods ending after September 15, 2009.  This reference is included to help users transition from the previous accounting hierarchy and will be removed from future versions of this taxonomy.<br><br><br><br>Reference 5: http://www.xbrl.org/2003/role/presentationRef<br><br> -Publisher FASB<br><br> -Name Accounting Standards Codification<br><br> -Topic 275<br><br> -SubTopic 10<br><br> -Section 50<br><br> -Paragraph 21<br><br> -URI http://asc.fasb.org/extlink&amp;oid=6927468&amp;loc=d3e6442-108592<br><br><br><br>Reference 6: http://www.xbrl.org/2003/role/presentationRef<br><br> -Publisher FASB<br><br> -Name Accounting Standards Codification<br><br> -Topic 825<br><br> -SubTopic 10<br><br> -Section 50<br><br> -Paragraph 20<br><br> -URI http://asc.fasb.org/extlink&amp;oid=6947722&amp;loc=d3e13531-108611<br><br><br><br>Reference 7: http://www.xbrl.org/2003/role/presentationRef<br><br> -Publisher FASB<br><br> -Name Accounting Standards Codification<br><br> -Topic 275<br><br> -SubTopic 10<br><br> -Section 50<br><br> -Paragraph 16<br><br> -URI http://asc.fasb.org/extlink&amp;oid=6927468&amp;loc=d3e6327-108592<br><br><br><br>Reference 8: http://www.xbrl.org/2003/role/presentationRef<br><br> -Publisher FASB<br><br> -Name Accounting Standards Codification<br><br> -Topic 275<br><br> -SubTopic 10<br><br> -Section 50<br><br> -Paragraph 18<br><br> -URI http://asc.fasb.org/extlink&amp;oid=6927468&amp;loc=d3e6351-108592<br><br><br><br></p>
              </div><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;">
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<html>
  <head>
    <META http-equiv="Content-Type" content="text/html; charset=us-ascii">
    <link rel="StyleSheet" type="text/css" href="report.css"><script type="text/javascript" src="Show.js">/* Do Not Remove This Comment */</script></head>
  <body><span style="display: none;">v2.4.0.6</span><table class="report" border="0" cellspacing="2" id="ID0EME">
      <tr>
        <th class="tl" colspan="1" rowspan="2">
          <div style="width: 200px;"><strong>Other Assets<br></strong></div>
        </th>
        <th class="th" colspan="1">12 Months Ended</th>
      </tr>
      <tr>
        <th class="th">
          <div>Dec. 31, 2011</div>
        </th>
      </tr>
      <tr class="re">
        <td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_OtherAssetsAbstract', window );"><strong>Other Assets [Abstract]</strong></a></td>
        <td class="text">&#xA0;<span></span></td>
      </tr>
      <tr class="ro">
        <td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_OtherAssetsDisclosureTextBlock', window );">Other Assets</a></td>
        <td class="text"><div> <p style="text-align: left;"><b><font style="font-family: TimesNewRomanPS-BoldMT,Times New Roman,Times,serif;" class="_mt" size="3">Note 8. Other Assets</font></b></p>

<p style="text-align: left;"><font style="font-family: TimesNewRomanPSMT,Times New Roman,Times,serif;" class="_mt" size="3">Other assets at December 31, 2011and 2010 are comprised of the following:</font></p>

<div>

<table border="0" cellspacing="0">
<tr><td width="69%"> </td>
<td width="2%"> </td>
<td width="13%"> </td>
<td width="2%"> </td>
<td width="13%"> </td></tr>
<tr valign="bottom"><td width="69%" align="left">&nbsp;</td>
<td style="border-bottom: #000000 1px solid;" width="30%" colspan="4" align="center"><b><font style="font-family: TimesNewRomanPS-BoldMT,Times New Roman,Times,serif;" class="_mt" size="2">December 31,</font></b></td></tr>
<tr valign="bottom"><td width="69%" align="left">&nbsp;</td>
<td style="border-bottom: #000000 1px solid;" width="15%" colspan="2" align="center"><b><font style="font-family: TimesNewRomanPS-BoldMT,Times New Roman,Times,serif;" class="_mt" size="2">2011</font></b></td>
<td style="border-bottom: #000000 1px solid;" width="15%" colspan="2" align="center"><b><font style="font-family: TimesNewRomanPS-BoldMT,Times New Roman,Times,serif;" class="_mt" size="2">2010</font></b></td></tr>
<tr><td width="99%" colspan="5">&nbsp;</td></tr>
<tr valign="bottom"><td width="69%" align="left"><font style="font-family: TimesNewRomanPSMT,Times New Roman,Times,serif;" class="_mt" size="2">Prepaid expenses</font></td>
<td width="2%" align="left"><font style="font-family: TimesNewRomanPSMT,Times New Roman,Times,serif;" class="_mt" size="2">$</font></td>
<td width="13%" align="right"><font style="font-family: TimesNewRomanPSMT,Times New Roman,Times,serif;" class="_mt" size="2">5,857,000</font></td>
<td width="2%" align="left"><font style="font-family: TimesNewRomanPSMT,Times New Roman,Times,serif;" class="_mt" size="2">$</font></td>
<td width="13%" align="right"><font style="font-family: TimesNewRomanPSMT,Times New Roman,Times,serif;" class="_mt" size="2">5,258,000</font></td></tr>
<tr valign="bottom"><td width="69%" align="left"><font style="font-family: TimesNewRomanPSMT,Times New Roman,Times,serif;" class="_mt" size="2">Investments and cumulative mark-to-market adjustments</font></td>
<td width="2%" align="left">&nbsp;</td>
<td width="13%" align="left">&nbsp;</td>
<td width="2%" align="left">&nbsp;</td>
<td width="13%" align="left">&nbsp;</td></tr>
<tr valign="bottom"><td style="text-indent: 2px;" width="69%" align="left"><font style="font-family: TimesNewRomanPSMT,Times New Roman,Times,serif;" class="_mt" size="2">related to share-based compensation</font></td>
<td width="2%" align="left">&nbsp;</td>
<td width="13%" align="right"><font style="font-family: TimesNewRomanPSMT,Times New Roman,Times,serif;" class="_mt" size="2">3,562,000</font></td>
<td width="2%" align="left">&nbsp;</td>
<td width="13%" align="right"><font style="font-family: TimesNewRomanPSMT,Times New Roman,Times,serif;" class="_mt" size="2">2,101,000</font></td></tr>
<tr valign="bottom"><td width="69%" align="left"><font style="font-family: TimesNewRomanPSMT,Times New Roman,Times,serif;" class="_mt" size="2">Property and other deposits</font></td>
<td width="2%" align="left">&nbsp;</td>
<td width="13%" align="right"><font style="font-family: TimesNewRomanPSMT,Times New Roman,Times,serif;" class="_mt" size="2">1,430,000</font></td>
<td width="2%" align="left">&nbsp;</td>
<td width="13%" align="right"><font style="font-family: TimesNewRomanPSMT,Times New Roman,Times,serif;" class="_mt" size="2">1,527,000</font></td></tr>
<tr valign="bottom"><td width="69%" align="left"><font style="font-family: TimesNewRomanPSMT,Times New Roman,Times,serif;" class="_mt" size="2">Leasehold improvements, furniture and fixtures</font></td>
<td width="2%" align="left">&nbsp;</td>
<td width="13%" align="right"><font style="font-family: TimesNewRomanPSMT,Times New Roman,Times,serif;" class="_mt" size="2">1,035,000</font></td>
<td width="2%" align="left">&nbsp;</td>
<td width="13%" align="right"><font style="font-family: TimesNewRomanPSMT,Times New Roman,Times,serif;" class="_mt" size="2">525,000</font></td></tr>
<tr valign="bottom"><td width="69%" align="left"><font style="font-family: TimesNewRomanPSMT,Times New Roman,Times,serif;" class="_mt" size="2">Other</font></td>
<td style="border-bottom: #000000 1px solid;" width="2%" align="left">&nbsp;</td>
<td style="border-bottom: #000000 1px solid;" width="13%" align="right"><font style="font-family: TimesNewRomanPSMT,Times New Roman,Times,serif;" class="_mt" size="2">474,000</font></td>
<td style="border-bottom: #000000 1px solid;" width="2%" align="left">&nbsp;</td>
<td style="border-bottom: #000000 1px solid;" width="13%" align="right"><font style="font-family: TimesNewRomanPSMT,Times New Roman,Times,serif;" class="_mt" size="2">-</font></td></tr>
<tr valign="bottom"><td width="69%" align="left">&nbsp;</td>
<td style="border-bottom: #000000 3px double;" width="2%" align="left"><font style="font-family: TimesNewRomanPSMT,Times New Roman,Times,serif;" class="_mt" size="2">$</font></td>
<td style="border-bottom: #000000 3px double;" width="13%" align="right"><font style="font-family: TimesNewRomanPSMT,Times New Roman,Times,serif;" class="_mt" size="2">12,358,000</font></td>
<td style="border-bottom: #000000 3px double;" width="2%" align="left"><font style="font-family: TimesNewRomanPSMT,Times New Roman,Times,serif;" class="_mt" size="2">$</font></td>
<td style="border-bottom: #000000 3px double;" width="13%" align="right"><font style="font-family: TimesNewRomanPSMT,Times New Roman,Times,serif;" class="_mt" size="2">9,411,000</font></td></tr></table></div>

<p style="margin: 0px;">&nbsp;</p> </div><span></span></td>
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            <div class="body" style="padding: 2px;"><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Details</a><div>
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                <p>The entire disclosure for other assets.</p>
              </div><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;">
                <p>No definition available.</p>
              </div><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;">
                <table border="0" cellpadding="0" cellspacing="0">
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<html>
  <head>
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    <link rel="StyleSheet" type="text/css" href="report.css"><script type="text/javascript" src="Show.js">/* Do Not Remove This Comment */</script></head>
  <body><span style="display: none;">v2.4.0.6</span><table class="report" border="0" cellspacing="2" id="ID0EME">
      <tr>
        <th class="tl" colspan="1" rowspan="2">
          <div style="width: 200px;"><strong>Mortgage Loans Payable And Secured Revolving Credit Facilities<br></strong></div>
        </th>
        <th class="th" colspan="1">12 Months Ended</th>
      </tr>
      <tr>
        <th class="th">
          <div>Dec. 31, 2011</div>
        </th>
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        <td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_cdr_MortgageLoansPayableAndSecuredRevolvingCreditFacilitiesAbstract', window );"><strong>Mortgage Loans Payable And Secured Revolving Credit Facilities [Abstract]</strong></a></td>
        <td class="text">&#xA0;<span></span></td>
      </tr>
      <tr class="ro">
        <td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_DebtDisclosureTextBlock', window );">Mortgage Loans Payable And Secured Revolving Credit Facilities</a></td>
        <td class="text"><div> <p style="text-align: left;"><b><font style="font-family: TimesNewRomanPS-BoldMT,Times New Roman,Times,serif;" class="_mt" size="3">Note 10. Mortgage Loans Payable and Secured Revolving Credit Facilities</font></b></p>

<p style="text-align: left;"><font style="font-family: TimesNewRomanPSMT,Times New Roman,Times,serif;" class="_mt" size="3">Secured debt is comprised of the following at December 31, 2011 and 2010:</font></p>

<div>&nbsp;</div><br />

<div>

<table border="0" cellspacing="0">
<tr><td width="20%">&nbsp;</td>
<td width="2%">&nbsp;</td>
<td width="11%">&nbsp;</td>
<td width="11%">&nbsp;</td>
<td width="2%">&nbsp;</td>
<td width="11%">&nbsp;</td>
<td width="2%">&nbsp;</td>
<td width="11%">&nbsp;</td>
<td width="12%">&nbsp;</td>
<td width="2%">&nbsp;</td>
<td width="13%">&nbsp;</td></tr>
<tr valign="bottom"><td width="20%" align="left">&nbsp;</td>
<td style="border-bottom: #000000 1px solid;" width="37%" colspan="5" align="center"><b><font style="font-family: TimesNewRomanPS-BoldMT,Times New Roman,Times,serif;" class="_mt" size="2">December 31, 2011</font></b></td>
<td style="border-bottom: #000000 1px solid;" width="40%" colspan="5" align="center"><b><font style="font-family: TimesNewRomanPS-BoldMT,Times New Roman,Times,serif;" class="_mt" size="2">December 31, 2010 (a)</font></b></td></tr>
<tr valign="bottom"><td width="20%" align="left">&nbsp;</td>
<td style="border-bottom: #000000 1px solid;" rowspan="3" width="13%" colspan="2" align="center"><b><font style="font-family: TimesNewRomanPS-BoldMT,Times New Roman,Times,serif;" class="_mt" size="2">Balance</font></b><br /><b><font style="font-family: TimesNewRomanPS-BoldMT,Times New Roman,Times,serif;" class="_mt" size="2">outstanding</font></b></td>
<td style="border-bottom: #000000 1px solid; text-indent: 6px;" width="24%" colspan="3" align="center"><b><font style="font-family: TimesNewRomanPS-BoldMT,Times New Roman,Times,serif;" class="_mt" size="2">Interest rates</font></b></td>
<td style="border-bottom: #000000 1px solid;" rowspan="3" width="13%" colspan="2" align="center"><b><font style="font-family: TimesNewRomanPS-BoldMT,Times New Roman,Times,serif;" class="_mt" size="2">Balance</font></b><br /><b><font style="font-family: TimesNewRomanPS-BoldMT,Times New Roman,Times,serif;" class="_mt" size="2">outstanding</font></b></td>
<td style="border-bottom: #000000 1px solid; text-indent: 5px;" width="27%" colspan="3" align="center"><b><font style="font-family: TimesNewRomanPS-BoldMT,Times New Roman,Times,serif;" class="_mt" size="2">Interest rates</font></b></td></tr>
<tr valign="bottom"><td width="20%" align="left">&nbsp;</td>
<td style="border-bottom: #000000 1px solid;" rowspan="2" width="13%" colspan="2" align="center"><b><font style="font-family: TimesNewRomanPS-BoldMT,Times New Roman,Times,serif;" class="_mt" size="2">Weighted</font></b><br /><b><font style="font-family: TimesNewRomanPS-BoldMT,Times New Roman,Times,serif;" class="_mt" size="2">average</font></b></td>
<td style="border-bottom: #000000 1px solid;" rowspan="2" width="11%" align="center"><b><font style="font-family: TimesNewRomanPS-BoldMT,Times New Roman,Times,serif;" class="_mt" size="2">Range</font></b></td>
<td style="border-bottom: #000000 1px solid;" rowspan="2" width="14%" colspan="2" align="center"><b><font style="font-family: TimesNewRomanPS-BoldMT,Times New Roman,Times,serif;" class="_mt" size="2">Weighted</font></b><br /><b><font style="font-family: TimesNewRomanPS-BoldMT,Times New Roman,Times,serif;" class="_mt" size="2">average</font></b></td>
<td style="border-bottom: #000000 1px solid;" rowspan="2" width="13%" align="center"><b><font style="font-family: TimesNewRomanPS-BoldMT,Times New Roman,Times,serif;" class="_mt" size="2">Range</font></b></td></tr>
<tr valign="bottom"><td style="border-bottom: #000000 3px double;" width="20%" align="left"><b><font style="font-family: TimesNewRomanPS-BoldMT,Times New Roman,Times,serif;" class="_mt" size="2">Description</font></b></td></tr>
<tr valign="bottom"><td width="20%" align="left"><font style="font-family: TimesNewRomanPSMT,Times New Roman,Times,serif;" class="_mt" size="2">Fixed-rate mortgages</font></td>
<td width="2%" align="right"><font style="font-family: TimesNewRomanPSMT,Times New Roman,Times,serif;" class="_mt" size="2">$</font></td>
<td width="11%" align="right"><font style="font-family: TimesNewRomanPSMT,Times New Roman,Times,serif;" class="_mt" size="2">525,259,000</font></td>
<td width="11%" align="right"><font style="font-family: TimesNewRomanPSMT,Times New Roman,Times,serif;" class="_mt" size="2">5.8</font></td>
<td width="2%" align="left"><font style="font-family: TimesNewRomanPSMT,Times New Roman,Times,serif;" class="_mt" size="2">%</font></td>
<td width="11%" align="center"><font style="font-family: TimesNewRomanPSMT,Times New Roman,Times,serif;" class="_mt" size="2">5.0% - 7.6%</font></td>
<td width="2%" align="right"><font style="font-family: TimesNewRomanPSMT,Times New Roman,Times,serif;" class="_mt" size="2">$</font></td>
<td width="11%" align="right"><font style="font-family: TimesNewRomanPSMT,Times New Roman,Times,serif;" class="_mt" size="2">487,957,000</font></td>
<td width="12%" align="right"><font style="font-family: TimesNewRomanPSMT,Times New Roman,Times,serif;" class="_mt" size="2">5.9</font></td>
<td width="2%" align="left"><font style="font-family: TimesNewRomanPSMT,Times New Roman,Times,serif;" class="_mt" size="2">%</font></td>
<td width="13%" align="center"><font style="font-family: TimesNewRomanPSMT,Times New Roman,Times,serif;" class="_mt" size="2">5.0% - 7.6%</font></td></tr>
<tr valign="bottom"><td width="20%" align="left"><font style="font-family: TimesNewRomanPSMT,Times New Roman,Times,serif;" class="_mt" size="2">Variable-rate mortgage</font></td>
<td style="border-bottom: #000000 1px solid;" width="2%" align="right">&nbsp;</td>
<td style="border-bottom: #000000 1px solid;" width="11%" align="right"><font style="font-family: TimesNewRomanPSMT,Times New Roman,Times,serif;" class="_mt" size="2">63,768,000</font></td>
<td style="border-bottom: #000000 1px solid;" width="11%" align="right"><font style="font-family: TimesNewRomanPSMT,Times New Roman,Times,serif;" class="_mt" size="2">3.0</font></td>
<td style="border-bottom: #000000 1px solid;" width="2%" align="left"><font style="font-family: TimesNewRomanPSMT,Times New Roman,Times,serif;" class="_mt" size="2">%</font></td>
<td width="11%" align="left">&nbsp;</td>
<td style="border-bottom: #000000 1px solid;" width="2%" align="right">&nbsp;</td>
<td style="border-bottom: #000000 1px solid;" width="11%" align="right"><font style="font-family: TimesNewRomanPSMT,Times New Roman,Times,serif;" class="_mt" size="2">62,568,000</font></td>
<td style="border-bottom: #000000 1px solid;" width="12%" align="right"><font style="font-family: TimesNewRomanPSMT,Times New Roman,Times,serif;" class="_mt" size="2">2.5</font></td>
<td style="border-bottom: #000000 1px solid;" width="2%" align="left"><font style="font-family: TimesNewRomanPSMT,Times New Roman,Times,serif;" class="_mt" size="2">%</font></td>
<td width="13%" align="left">&nbsp;</td></tr>
<tr valign="bottom"><td width="20%" align="left"><font style="font-family: TimesNewRomanPSMT,Times New Roman,Times,serif;" class="_mt" size="2">Totalproperty-specific mortgages</font></td>
<td width="2%" align="right">&nbsp;</td>
<td width="11%" align="right"><font style="font-family: TimesNewRomanPSMT,Times New Roman,Times,serif;" class="_mt" size="2">589,027,000</font></td>
<td width="11%" align="right"><font style="font-family: TimesNewRomanPSMT,Times New Roman,Times,serif;" class="_mt" size="2">5.5</font></td>
<td width="2%" align="left"><font style="font-family: TimesNewRomanPSMT,Times New Roman,Times,serif;" class="_mt" size="2">%</font></td>
<td width="11%" align="left">&nbsp;</td>
<td width="2%" align="right">&nbsp;</td>
<td width="11%" align="right"><font style="font-family: TimesNewRomanPSMT,Times New Roman,Times,serif;" class="_mt" size="2">550,525,000</font></td>
<td width="12%" align="right"><font style="font-family: TimesNewRomanPSMT,Times New Roman,Times,serif;" class="_mt" size="2">5.6</font></td>
<td width="2%" align="left"><font style="font-family: TimesNewRomanPSMT,Times New Roman,Times,serif;" class="_mt" size="2">%</font></td>
<td width="13%" align="left">&nbsp;</td></tr>
<tr valign="bottom"><td width="20%" align="left"><font style="font-family: TimesNewRomanPSMT,Times New Roman,Times,serif;" class="_mt" size="2">Stabilized property credit facility</font></td>
<td width="2%" align="right">&nbsp;</td>
<td width="11%" align="right"><font style="font-family: TimesNewRomanPSMT,Times New Roman,Times,serif;" class="_mt" size="2">74,035,000</font></td>
<td width="11%" align="right"><font style="font-family: TimesNewRomanPSMT,Times New Roman,Times,serif;" class="_mt" size="2">5.5</font></td>
<td width="2%" align="left"><font style="font-family: TimesNewRomanPSMT,Times New Roman,Times,serif;" class="_mt" size="2">%</font></td>
<td width="11%" align="left">&nbsp;</td>
<td width="2%" align="right">&nbsp;</td>
<td width="11%" align="right"><font style="font-family: TimesNewRomanPSMT,Times New Roman,Times,serif;" class="_mt" size="2">29,535,000</font></td>
<td width="12%" align="right"><font style="font-family: TimesNewRomanPSMT,Times New Roman,Times,serif;" class="_mt" size="2">5.5</font></td>
<td width="2%" align="left"><font style="font-family: TimesNewRomanPSMT,Times New Roman,Times,serif;" class="_mt" size="2">%</font></td>
<td width="13%" align="left">&nbsp;</td></tr>
<tr valign="bottom"><td width="20%" align="left"><font style="font-family: TimesNewRomanPSMT,Times New Roman,Times,serif;" class="_mt" size="2">Development property credit facility</font></td>
<td style="border-bottom: #000000 1px solid;" width="2%" align="right">&nbsp;</td>
<td style="border-bottom: #000000 1px solid;" width="11%" align="right"><font style="font-family: TimesNewRomanPSMT,Times New Roman,Times,serif;" class="_mt" size="2">92,282,000</font></td>
<td style="border-bottom: #000000 1px solid;" width="11%" align="right"><font style="font-family: TimesNewRomanPSMT,Times New Roman,Times,serif;" class="_mt" size="2">2.5</font></td>
<td style="border-bottom: #000000 1px solid;" width="2%" align="left"><font style="font-family: TimesNewRomanPSMT,Times New Roman,Times,serif;" class="_mt" size="2">%</font></td>
<td width="11%" align="left">&nbsp;</td>
<td style="border-bottom: #000000 1px solid;" width="2%" align="right">&nbsp;</td>
<td style="border-bottom: #000000 1px solid;" width="11%" align="right"><font style="font-family: TimesNewRomanPSMT,Times New Roman,Times,serif;" class="_mt" size="2">103,062,000</font></td>
<td style="border-bottom: #000000 1px solid;" width="12%" align="right"><font style="font-family: TimesNewRomanPSMT,Times New Roman,Times,serif;" class="_mt" size="2">2.5</font></td>
<td style="border-bottom: #000000 1px solid;" width="2%" align="left"><font style="font-family: TimesNewRomanPSMT,Times New Roman,Times,serif;" class="_mt" size="2">%</font></td>
<td width="13%" align="left">&nbsp;</td></tr>
<tr valign="bottom"><td width="20%" align="left">&nbsp;</td>
<td style="border-bottom: #000000 3px double;" width="2%" align="right"><font style="font-family: TimesNewRomanPSMT,Times New Roman,Times,serif;" class="_mt" size="2">$</font></td>
<td style="border-bottom: #000000 3px double;" width="11%" align="right"><font style="font-family: TimesNewRomanPSMT,Times New Roman,Times,serif;" class="_mt" size="2">755,344,000</font></td>
<td style="border-bottom: #000000 3px double;" width="11%" align="right"><font style="font-family: TimesNewRomanPSMT,Times New Roman,Times,serif;" class="_mt" size="2">5.2</font></td>
<td style="border-bottom: #000000 3px double;" width="2%" align="left"><font style="font-family: TimesNewRomanPSMT,Times New Roman,Times,serif;" class="_mt" size="2">%</font></td>
<td width="11%" align="left">&nbsp;</td>
<td style="border-bottom: #000000 3px double;" width="2%" align="right"><font style="font-family: TimesNewRomanPSMT,Times New Roman,Times,serif;" class="_mt" size="2">$</font></td>
<td style="border-bottom: #000000 3px double;" width="11%" align="right"><font style="font-family: TimesNewRomanPSMT,Times New Roman,Times,serif;" class="_mt" size="2">683,122,000</font></td>
<td style="border-bottom: #000000 3px double;" width="12%" align="right"><font style="font-family: TimesNewRomanPSMT,Times New Roman,Times,serif;" class="_mt" size="2">5.1</font></td>
<td style="border-bottom: #000000 3px double;" width="2%" align="left"><font style="font-family: TimesNewRomanPSMT,Times New Roman,Times,serif;" class="_mt" size="2">%</font></td>
<td width="13%" align="left">&nbsp;</td></tr></table></div>

<p style="margin: 0px;">&nbsp;</p>

<p style="text-align: left;"><b><u><font style="font-family: TimesNewRomanPS-BoldMT,Times New Roman,Times,serif;" class="_mt" size="2">Mortgage loans payable related to real estate held forsale/conveyance - discontinued operations (a)</font></u></b></p>

<div>

<table style="width: 986px; height: 92px;" border="0" cellspacing="0">
<tr><td width="20%">&nbsp;</td>
<td width="2%">&nbsp;</td>
<td width="11%">&nbsp;</td>
<td width="11%">&nbsp;</td>
<td width="2%">&nbsp;</td>
<td width="12%">&nbsp;</td>
<td width="2%">&nbsp;</td>
<td width="11%">&nbsp;</td>
<td width="11%">&nbsp;</td>
<td width="2%">&nbsp;</td>
<td width="11%">&nbsp;</td></tr>
<tr valign="bottom"><td width="20%" align="left"><font style="font-family: TimesNewRomanPSMT,Times New Roman,Times,serif;" class="_mt" size="2">Fixed-rate mortgages</font></td>
<td width="2%" align="right"><font style="font-family: TimesNewRomanPSMT,Times New Roman,Times,serif;" class="_mt" size="2">$</font></td>
<td width="11%" align="right"><font style="font-family: TimesNewRomanPSMT,Times New Roman,Times,serif;" class="_mt" size="2">103,704,000</font></td>
<td width="11%" align="right"><font style="font-family: TimesNewRomanPSMT,Times New Roman,Times,serif;" class="_mt" size="2">5.7</font></td>
<td width="2%" align="left"><font style="font-family: TimesNewRomanPSMT,Times New Roman,Times,serif;" class="_mt" size="2">%</font></td>
<td width="12%" align="left"><font style="font-family: TimesNewRomanPSMT,Times New Roman,Times,serif;" class="_mt" size="2">5.0% - 6.5%</font></td>
<td width="2%" align="right"><font style="font-family: TimesNewRomanPSMT,Times New Roman,Times,serif;" class="_mt" size="2">$</font></td>
<td width="11%" align="right"><font style="font-family: TimesNewRomanPSMT,Times New Roman,Times,serif;" class="_mt" size="2">135,991,000</font></td>
<td width="11%" align="right"><font style="font-family: TimesNewRomanPSMT,Times New Roman,Times,serif;" class="_mt" size="2">5.6</font></td>
<td width="2%" align="left"><font style="font-family: TimesNewRomanPSMT,Times New Roman,Times,serif;" class="_mt" size="2">%</font></td>
<td width="11%" align="left"><font style="font-family: TimesNewRomanPSMT,Times New Roman,Times,serif;" class="_mt" size="2">5.0% - 6.5%</font></td></tr>
<tr valign="bottom"><td width="20%" align="left"><font style="font-family: TimesNewRomanPSMT,Times New Roman,Times,serif;" class="_mt" size="2">Variable-rate mortgage</font></td>
<td style="border-bottom: #000000 1px solid;" width="2%" align="right">&nbsp;</td>
<td style="border-bottom: #000000 1px solid;" width="11%" align="right"><font style="font-family: TimesNewRomanPSMT,Times New Roman,Times,serif;" class="_mt" size="2">18,900,000</font></td>
<td style="border-bottom: #000000 1px solid;" width="11%" align="right"><font style="font-family: TimesNewRomanPSMT,Times New Roman,Times,serif;" class="_mt" size="2">5.9</font></td>
<td style="border-bottom: #000000 1px solid;" width="2%" align="left"><font style="font-family: TimesNewRomanPSMT,Times New Roman,Times,serif;" class="_mt" size="2">%</font></td>
<td width="12%" align="left">&nbsp;</td>
<td style="border-bottom: #000000 1px solid;" width="2%" align="right">&nbsp;</td>
<td style="border-bottom: #000000 1px solid;" width="11%" align="right"><font style="font-family: TimesNewRomanPSMT,Times New Roman,Times,serif;" class="_mt" size="2">21,000,000</font></td>
<td style="border-bottom: #000000 1px solid;" width="11%" align="right"><font style="font-family: TimesNewRomanPSMT,Times New Roman,Times,serif;" class="_mt" size="2">5.9</font></td>
<td style="border-bottom: #000000 1px solid;" width="2%" align="left"><font style="font-family: TimesNewRomanPSMT,Times New Roman,Times,serif;" class="_mt" size="2">%</font></td>
<td width="11%" align="left">&nbsp;</td></tr>
<tr valign="bottom"><td width="20%" align="left">&nbsp;</td>
<td style="border-bottom: #000000 3px double;" width="2%" align="right"><font style="font-family: TimesNewRomanPSMT,Times New Roman,Times,serif;" class="_mt" size="2">$</font></td>
<td style="border-bottom: #000000 3px double;" width="11%" align="right"><font style="font-family: TimesNewRomanPSMT,Times New Roman,Times,serif;" class="_mt" size="2">122,604,000</font></td>
<td style="border-bottom: #000000 3px double;" width="11%" align="right"><font style="font-family: TimesNewRomanPSMT,Times New Roman,Times,serif;" class="_mt" size="2">5.7</font></td>
<td style="border-bottom: #000000 3px double;" width="2%" align="left"><font style="font-family: TimesNewRomanPSMT,Times New Roman,Times,serif;" class="_mt" size="2">%</font></td>
<td width="12%" align="left">&nbsp;</td>
<td style="border-bottom: #000000 3px double;" width="2%" align="right"><font style="font-family: TimesNewRomanPSMT,Times New Roman,Times,serif;" class="_mt" size="2">$</font></td>
<td style="border-bottom: #000000 3px double;" width="11%" align="right"><font style="font-family: TimesNewRomanPSMT,Times New Roman,Times,serif;" class="_mt" size="2">156,991,000</font></td>
<td style="border-bottom: #000000 3px double;" width="11%" align="right"><font style="font-family: TimesNewRomanPSMT,Times New Roman,Times,serif;" class="_mt" size="2">5.6</font></td>
<td style="border-bottom: #000000 3px double;" width="2%" align="left"><font style="font-family: TimesNewRomanPSMT,Times New Roman,Times,serif;" class="_mt" size="2">%</font></td>
<td width="11%" align="left">&nbsp;</td></tr></table></div>

<p style="margin: 0px;">&nbsp;</p>

<p style="text-align: left;"><font style="font-family: TimesNewRomanPSMT,Times New Roman,Times,serif;" class="_mt" size="2">(a) Restated to reflect the reclassifications ofproperties subsequently treated as "held for sale/conveyance".</font></p>

<p style="text-align: left;"><b><i><font style="font-family: TimesNewRomanPS-BoldItalicMT,Times New Roman,Times,serif;" class="_mt" size="3">Mortgage loans payable</font></i></b></p>

<p style="text-align: left;"><font style="font-family: TimesNewRomanPSMT,Times New Roman,Times,serif;" class="_mt" size="3">Mortgage loan activity for 2011 and 2010 is summarized as follows:</font></p>

<div>

<table style="width: 977px; height: 164px;" border="0" cellspacing="0">
<tr><td width="48%">&nbsp;</td>
<td width="3%">&nbsp;</td>
<td width="19%">&nbsp;</td>
<td width="3%">&nbsp;</td>
<td width="3%">&nbsp;</td>
<td width="18%">&nbsp;</td>
<td width="3%">&nbsp;</td></tr>
<tr valign="bottom"><td align="left">&nbsp;</td>
<td style="border-bottom: #000000 1px solid;" colspan="6" align="center"><b><font style="font-family: TimesNewRomanPS-BoldMT,Times New Roman,Times,serif;" class="_mt" size="3">Years ended December 31,</font></b></td></tr>
<tr valign="bottom"><td align="left">&nbsp;</td>
<td style="border-bottom: #000000 1px solid;" colspan="3" align="center"><b><font style="font-family: TimesNewRomanPS-BoldMT,Times New Roman,Times,serif;" class="_mt" size="3">2011</font></b></td>
<td style="border-bottom: #000000 1px solid;" colspan="3" align="center"><b><font style="font-family: TimesNewRomanPS-BoldMT,Times New Roman,Times,serif;" class="_mt" size="3">2010</font></b></td></tr>
<tr valign="bottom"><td align="left"><font style="font-family: TimesNewRomanPSMT,Times New Roman,Times,serif;" class="_mt" size="3">Balance, beginning of year</font></td>
<td align="right"><font style="font-family: TimesNewRomanPSMT,Times New Roman,Times,serif;" class="_mt" size="3">$</font></td>
<td align="right"><font style="font-family: TimesNewRomanPSMT,Times New Roman,Times,serif;" class="_mt" size="3">550,525,000</font></td>
<td align="left">&nbsp;</td>
<td align="right"><font style="font-family: TimesNewRomanPSMT,Times New Roman,Times,serif;" class="_mt" size="3">$</font></td>
<td align="right"><font style="font-family: TimesNewRomanPSMT,Times New Roman,Times,serif;" class="_mt" size="3">541,979,000</font></td>
<td align="left">&nbsp;</td></tr>
<tr valign="bottom"><td align="left"><font style="font-family: TimesNewRomanPSMT,Times New Roman,Times,serif;" class="_mt" size="3">New mortgage borrowings and assumptions</font></td>
<td align="right">&nbsp;</td>
<td align="right"><font style="font-family: TimesNewRomanPSMT,Times New Roman,Times,serif;" class="_mt" size="3">45,791,000</font></td>
<td align="left">&nbsp;</td>
<td align="right">&nbsp;</td>
<td align="right"><font style="font-family: TimesNewRomanPSMT,Times New Roman,Times,serif;" class="_mt" size="3">26,984,000</font></td>
<td align="left">&nbsp;</td></tr>
<tr valign="bottom"><td align="left"><font style="font-family: TimesNewRomanPSMT,Times New Roman,Times,serif;" class="_mt" size="3">Repayments</font></td>
<td style="border-bottom: #000000 1px solid;" align="right">&nbsp;</td>
<td style="border-bottom: #000000 1px solid;" align="right"><font style="font-family: TimesNewRomanPSMT,Times New Roman,Times,serif;" class="_mt" size="3">(7,289,000</font></td>
<td style="border-bottom: #000000 1px solid;" align="left"><font style="font-family: TimesNewRomanPSMT,Times New Roman,Times,serif;" class="_mt" size="3">)</font></td>
<td style="border-bottom: #000000 1px solid;" align="right">&nbsp;</td>
<td style="border-bottom: #000000 1px solid;" align="right"><font style="font-family: TimesNewRomanPSMT,Times New Roman,Times,serif;" class="_mt" size="3">(18,438,000</font></td>
<td style="border-bottom: #000000 1px solid;" align="left"><font style="font-family: TimesNewRomanPSMT,Times New Roman,Times,serif;" class="_mt" size="3">)</font></td></tr>
<tr valign="bottom"><td align="left"><font style="font-family: TimesNewRomanPSMT,Times New Roman,Times,serif;" class="_mt" size="3">Balance, end of the year</font></td>
<td style="border-bottom: #000000 2px solid;" align="right"><font style="font-family: TimesNewRomanPSMT,Times New Roman,Times,serif;" class="_mt" size="3">$</font></td>
<td style="border-bottom: #000000 2px solid;" align="right"><font style="font-family: TimesNewRomanPSMT,Times New Roman,Times,serif;" class="_mt" size="3">589,027,000</font></td>
<td style="border-bottom: #000000 2px solid;" align="left">&nbsp;</td>
<td style="border-bottom: #000000 2px solid;" align="right"><font style="font-family: TimesNewRomanPSMT,Times New Roman,Times,serif;" class="_mt" size="3">$</font></td>
<td style="border-bottom: #000000 2px solid;" align="right"><font style="font-family: TimesNewRomanPSMT,Times New Roman,Times,serif;" class="_mt" size="3">550,525,000</font></td>
<td style="border-bottom: #000000 2px solid;" align="left">&nbsp;</td></tr></table></div>

<p style="margin: 0px;">&nbsp;</p>

<p style="text-align: left;">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<font style="font-family: TimesNewRomanPSMT,Times New Roman,Times,serif;" class="_mt" size="3">On July 6, 2011, the Company refinanced a property that had collateralized the development property credit facility. The new fixed-rate mortgage, aggregating $16.5 million, bears interest at 5.2% per annum, with principal payments based on a 25-year amortization schedule, and maturing in July 2021. The proceeds reduced the balances under the development property credit facility and the stabilized property credit facility by $10.8 million and $5.7 million, respectively.</font></p>

<div>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<font style="font-family: TimesNewRomanPSMT,Times New Roman,Times,serif;" class="_mt" size="3">During 2010, the Company completed a $10.6 million fixed-rate mortgage loan payable on a previously unencumbered property, with an interest rate of 5.5% per annum. The property was previously included in the collateral pool for the Company's secured revolving stabilized property credit facility. In addition, the Company refinanced three properties in 2010. The new fixed-rate mortgage loans payable aggregated $15.0 million and bear interest at a weighted average of 6.2% per annum.</font></div>

<p style="text-align: left;">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<font style="font-family: TimesNewRomanPSMT,Times New Roman,Times,serif;" class="_mt" size="3">The variable-rate mortgage represents a $70.7 million construction facility, as amended in November 2011, pursuant to which the Company has pledged its joint venture ground-up development property in Pottsgrove, Pennsylvania as collateral for borrowings thereunder. The facility is guaranteed by the Company and will expire in October 2013, subject to a one-year extension option. Borrowings under the facility bear interest at the Company's option at either LIBOR plus a spread of 275 bps or the agent bank's prime rate plus a spread of 125 bps, with principal payable based on a 30-year amortization schedule. Borrowings outstanding under the facility aggregated $63.8 million at December 31, 2011, and such borrowings bore interest at a rate of 3.0% per annum.</font></p>

<p style="text-align: left;"><b><i><font style="font-family: TimesNewRomanPS-BoldItalicMT,Times New Roman,Times,serif;" class="_mt" size="3">Amended, Restated and Consolidated Credit Facility</font></i></b></p>

<p style="text-align: left;">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<font style="font-family: TimesNewRomanPSMT,Times New Roman,Times,serif;" class="_mt" size="3">On January 26, 2012, the Company entered into a $300 million secured credit facility ("Credit Facility"). The Credit Facility amends, restates and consolidates the Company's prior $185 million stabilized property revolving credit facility ($74,035,000 outstanding at December 31, 2011, bearing interest at 5.5% per annum) and its $150 million development property credit facility ($92,282,000 outstanding at December 31, 2011, bearing interest at 2.5% per annum) that were due to expire on January 31, 2012 and June 13, 2012, respectively. In anticipation of the new Credit Facility, the Company determined to forego its one-year extension option applicable to the stabilized property credit revolving facility.</font></p>

<p style="text-align: left;">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<font style="font-family: TimesNewRomanPSMT,Times New Roman,Times,serif;" class="_mt" size="3">The new Credit Facility is comprised of a four-year $75 million term loan and a three-year $225 million revolving credit facility, subject to collateral in place (the Company has pledged 27 of its shopping center properties as collateral for such borrowings, including seven properties which are being treated as "real estate held for sale/conveyance"). In connection with the new Credit Facility, the Company paid participating lender fees, and closing and transaction costs of approximately $3.7 million.</font></p>

<p style="text-align: left;">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<font style="font-family: TimesNewRomanPSMT,Times New Roman,Times,serif;" class="_mt" size="3">Borrowings under the new Credit Facility are initially priced at LIBOR plus 275 bps (a total of 3.0% per annum at closing) and can range from LIBOR plus 200 to 300 bps based on the Company's leverage ratio. Subject to customary conditions, the term loan and the revolving credit facility may both be extended for one additional year at the Company's option. Under an accordion feature, the Credit Facility can be increased to $500 million, subject to customary conditions, collateral in place and lending commitments from participating banks.</font></p>

<div>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<font style="font-family: TimesNewRomanPSMT,Times New Roman,Times,serif;" class="_mt" size="3">The Credit Facility contains financial covenants including, but not limited to, maximum debt leverage, minimum interest coverage, minimum fixed charge coverage, and minimum net worth. In addition, the Credit Facility contains restrictions including, but not limited to, limits on indebtedness, certain investments and distributions. The Company's failure to comply with these covenants or the occurrence of an event of default under the Credit Facility could result in the acceleration of the Company's debt and other financial obligations under the Credit Facility. The Credit Facility will be available to fund acquisitions, redevelopment and remaining development activities, capital expenditures, mortgage repayments, dividend distributions, working capital and other general corporate purposes.</font></div>

<p style="text-align: left;">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<font style="font-family: TimesNewRomanPSMT,Times New Roman,Times,serif;" class="_mt" size="3">Based on covenant measurements and collateral in place at the closing, the Company was permitted to draw up to approximately $232.8 million, of which approximately $62.8 million remained available as of that date (after payment of closing costs, fees and expenses).</font></p>

<p style="text-align: left;"><b><i><font style="font-family: TimesNewRomanPS-BoldItalicMT,Times New Roman,Times,serif;" class="_mt" size="3">Scheduled Principal Payments</font></i></b></p>

<p style="text-align: left;">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<font style="font-family: TimesNewRomanPSMT,Times New Roman,Times,serif;" class="_mt" size="3">Scheduled principal payments on mortgage loans payable and secured revolving credit facilities at December 31, 2011, due on various dates from 2012 to 2029, are as follows (reflecting the amended, restated and consolidated credit facility concluded on January 26, 2012):</font></p>

<div>

<table border="0" cellspacing="0">
<tr><td width="20%">&nbsp;</td>
<td width="11%">&nbsp;</td>
<td width="55%">&nbsp;</td>
<td width="11%">&nbsp;</td></tr>
<tr valign="bottom"><td width="20%" align="right"><font style="font-family: TimesNewRomanPSMT,Times New Roman,Times,serif;" class="_mt" size="3">2012</font></td>
<td width="11%" align="right">&nbsp;</td>
<td width="55%" align="right"><font style="font-family: TimesNewRomanPSMT,Times New Roman,Times,serif;" class="_mt" size="3">38,980,000</font></td>
<td width="11%" align="left">&nbsp;</td></tr>
<tr valign="bottom"><td width="20%" align="right"><font style="font-family: TimesNewRomanPSMT,Times New Roman,Times,serif;" class="_mt" size="3">2013</font></td>
<td width="11%" align="right">&nbsp;</td>
<td width="55%" align="right"><font style="font-family: TimesNewRomanPSMT,Times New Roman,Times,serif;" class="_mt" size="3">125,328,000</font></td>
<td width="11%" align="left"><font style="font-family: TimesNewRomanPSMT,Times New Roman,Times,serif;" class="_mt" size="3">(a)</font></td></tr>
<tr valign="bottom"><td width="20%" align="right"><font style="font-family: TimesNewRomanPSMT,Times New Roman,Times,serif;" class="_mt" size="3">2014</font></td>
<td width="11%" align="right">&nbsp;</td>
<td width="55%" align="right"><font style="font-family: TimesNewRomanPSMT,Times New Roman,Times,serif;" class="_mt" size="3">106,436,000</font></td>
<td width="11%" align="left">&nbsp;</td></tr>
<tr valign="bottom"><td width="20%" align="right"><font style="font-family: TimesNewRomanPSMT,Times New Roman,Times,serif;" class="_mt" size="3">2015</font></td>
<td width="11%" align="right">&nbsp;</td>
<td width="55%" align="right"><font style="font-family: TimesNewRomanPSMT,Times New Roman,Times,serif;" class="_mt" size="3">168,642,000</font></td>
<td width="11%" align="left"><font style="font-family: TimesNewRomanPSMT,Times New Roman,Times,serif;" class="_mt" size="3">(b)</font></td></tr>
<tr valign="bottom"><td width="20%" align="right"><font style="font-family: TimesNewRomanPSMT,Times New Roman,Times,serif;" class="_mt" size="3">2016</font></td>
<td width="11%" align="right">&nbsp;</td>
<td width="55%" align="right"><font style="font-family: TimesNewRomanPSMT,Times New Roman,Times,serif;" class="_mt" size="3">173,937,000</font></td>
<td width="11%" align="left"><font style="font-family: TimesNewRomanPSMT,Times New Roman,Times,serif;" class="_mt" size="3">(c)</font></td></tr>
<tr valign="bottom"><td width="20%" align="right"><font style="font-family: TimesNewRomanPSMT,Times New Roman,Times,serif;" class="_mt" size="3">Thereafter</font></td>
<td style="border-bottom: #000000 1px solid;" width="11%" align="right">&nbsp;</td>
<td style="border-bottom: #000000 1px solid;" width="55%" align="right"><font style="font-family: TimesNewRomanPSMT,Times New Roman,Times,serif;" class="_mt" size="3">142,021,000</font></td>
<td width="11%" align="left">&nbsp;</td></tr>
<tr valign="bottom"><td width="20%" align="left">&nbsp;</td>
<td style="border-bottom: #000000 3px double;" width="11%" align="right"><font style="font-family: TimesNewRomanPSMT,Times New Roman,Times,serif;" class="_mt" size="3">$</font></td>
<td style="border-bottom: #000000 3px double;" width="55%" align="right"><font style="font-family: TimesNewRomanPSMT,Times New Roman,Times,serif;" class="_mt" size="3">755,344,000</font></td>
<td width="11%" align="left">&nbsp;</td></tr></table></div>

<p style="margin: 0px;">&nbsp;</p>

<p style="text-align: left;"><font style="font-family: TimesNewRomanPSMT,Times New Roman,Times,serif;" class="_mt" size="3">(a) Includes $62.2 million subject to a one-year extension option. </font></p>

<p style="text-align: left;"><font style="font-family: TimesNewRomanPSMT,Times New Roman,Times,serif;" class="_mt" size="3">(b) Includes $91.3 million subject to a one-year extension option. </font></p>

<p style="text-align: left;"><font style="font-family: TimesNewRomanPSMT,Times New Roman,Times,serif;" class="_mt" size="3">(c) Includes $75.0 million subject to a one-year extension option.</font></p> </div><span></span></td>
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                <p>The entire disclosure for information about short-term and long-term debt arrangements, which includes amounts of borrowings under each line of credit, note payable, commercial paper issue, bonds indenture, debenture issue, own-share lending arrangements and any other contractual agreement to repay funds, and about the underlying arrangements, rationale for a classification as long-term, including repayment terms, interest rates, collateral provided, restrictions on use of assets and activities, whether or not in compliance with debt covenants, and other matters important to users of the financial statements, such as the effects of refinancing and noncompliance with debt covenants.</p>
              </div><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;">
                <p>Reference 1: http://www.xbrl.org/2003/role/presentationRef<br><br> -Publisher FASB<br><br> -Name Accounting Standards Codification<br><br> -Topic 210<br><br> -SubTopic 10<br><br> -Section S99<br><br> -Paragraph 1<br><br> -Subparagraph (SX 210.5-02.19,20,22)<br><br> -URI http://asc.fasb.org/extlink&amp;oid=6877327&amp;loc=d3e13212-122682<br><br><br><br>Reference 2: http://www.xbrl.org/2003/role/presentationRef<br><br> -Publisher FASB<br><br> -Name Statement of Financial Accounting Standard (FAS)<br><br> -Number 129<br><br> -Paragraph 2, 4<br><br> -LegacyDoc This reference is SUPERSEDED by the Accounting Standards Codification effective for interim and annual periods ending after September 15, 2009.  This reference is included to help users transition from the previous accounting hierarchy and will be removed from future versions of this taxonomy.<br><br><br><br>Reference 3: http://www.xbrl.org/2003/role/presentationRef<br><br> -Publisher SEC<br><br> -Name Regulation S-X (SX)<br><br> -Number 210<br><br> -Section 02<br><br> -Paragraph 19, 20, 22<br><br> -Article 5<br><br><br><br>Reference 4: http://www.xbrl.org/2003/role/presentationRef<br><br> -Publisher FASB<br><br> -Name Accounting Standards Codification<br><br> -Topic 505<br><br> -SubTopic 10<br><br> -Section 50<br><br> -Paragraph 3<br><br> -URI http://asc.fasb.org/extlink&amp;oid=6928386&amp;loc=d3e21475-112644<br><br><br><br></p>
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  <body><span style="display: none;">v2.4.0.6</span><table class="report" border="0" cellspacing="2" id="ID0EME">
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        <th class="tl" colspan="1" rowspan="2">
          <div style="width: 200px;"><strong>Rental Revenues<br></strong></div>
        </th>
        <th class="th" colspan="1">12 Months Ended</th>
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        <th class="th">
          <div>Dec. 31, 2011</div>
        </th>
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        <td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_ReceivablesAbstract', window );"><strong>Rental Revenues [Abstract]</strong></a></td>
        <td class="text">&#xA0;<span></span></td>
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        <td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_cdr_RentsAndOtherReceivablesTextBlock', window );">Rental Revenues</a></td>
        <td class="text"><div> <p style="text-align: left;"><b><font style="font-family: TimesNewRomanPS-BoldMT,Times New Roman,Times,serif;" class="_mt" size="3">Note 15. Rental Revenues</font></b></p>

<p style="text-align: left;"><font style="font-family: TimesNewRomanPSMT,Times New Roman,Times,serif;" class="_mt" size="3">Rental revenues for 2011, 2010 and 2009 are comprised of the following:</font></p>

<div>

<table border="0" cellspacing="0">
<tr><td width="38%"> </td>
<td width="3%"> </td>
<td width="17%"> </td>
<td width="3%"> </td>
<td width="16%"> </td>
<td width="3%"> </td>
<td width="17%"> </td></tr>
<tr valign="bottom"><td width="38%" align="left">&nbsp;</td>
<td style="border-bottom: #000000 1px solid;" width="20%" colspan="2" align="center"><b><font style="font-family: TimesNewRomanPS-BoldMT,Times New Roman,Times,serif;" class="_mt" size="2">2011</font></b></td>
<td style="border-bottom: #000000 1px solid;" width="19%" colspan="2" align="center"><b><font style="font-family: TimesNewRomanPS-BoldMT,Times New Roman,Times,serif;" class="_mt" size="2">2010</font></b></td>
<td style="border-bottom: #000000 1px solid;" width="20%" colspan="2" align="center"><b><font style="font-family: TimesNewRomanPS-BoldMT,Times New Roman,Times,serif;" class="_mt" size="2">2009</font></b></td></tr>
<tr valign="bottom"><td width="38%" align="left"><font style="font-family: TimesNewRomanPSMT,Times New Roman,Times,serif;" class="_mt" size="2">Base rents</font></td>
<td width="3%" align="right"><font style="font-family: TimesNewRomanPSMT,Times New Roman,Times,serif;" class="_mt" size="2">$</font></td>
<td width="17%" align="right"><font style="font-family: TimesNewRomanPSMT,Times New Roman,Times,serif;" class="_mt" size="2">97,437,000</font></td>
<td width="3%" align="right"><font style="font-family: TimesNewRomanPSMT,Times New Roman,Times,serif;" class="_mt" size="2">$</font></td>
<td width="16%" align="right"><font style="font-family: TimesNewRomanPSMT,Times New Roman,Times,serif;" class="_mt" size="2">93,493,000</font></td>
<td width="3%" align="left"><font style="font-family: TimesNewRomanPSMT,Times New Roman,Times,serif;" class="_mt" size="2">$</font></td>
<td width="17%" align="right"><font style="font-family: TimesNewRomanPSMT,Times New Roman,Times,serif;" class="_mt" size="2">98,216,000</font></td></tr>
<tr valign="bottom"><td width="38%" align="left"><font style="font-family: TimesNewRomanPSMT,Times New Roman,Times,serif;" class="_mt" size="2">Percentage rent</font></td>
<td width="3%" align="right">&nbsp;</td>
<td width="17%" align="right"><font style="font-family: TimesNewRomanPSMT,Times New Roman,Times,serif;" class="_mt" size="2">1,058,000</font></td>
<td width="3%" align="right">&nbsp;</td>
<td width="16%" align="right"><font style="font-family: TimesNewRomanPSMT,Times New Roman,Times,serif;" class="_mt" size="2">906,000</font></td>
<td width="3%" align="left">&nbsp;</td>
<td width="17%" align="right"><font style="font-family: TimesNewRomanPSMT,Times New Roman,Times,serif;" class="_mt" size="2">998,000</font></td></tr>
<tr valign="bottom"><td width="38%" align="left"><font style="font-family: TimesNewRomanPSMT,Times New Roman,Times,serif;" class="_mt" size="2">Straight-line rents</font></td>
<td width="3%" align="right">&nbsp;</td>
<td width="17%" align="right"><font style="font-family: TimesNewRomanPSMT,Times New Roman,Times,serif;" class="_mt" size="2">1,221,000</font></td>
<td width="3%" align="right">&nbsp;</td>
<td width="16%" align="right"><font style="font-family: TimesNewRomanPSMT,Times New Roman,Times,serif;" class="_mt" size="2">1,577,000</font></td>
<td width="3%" align="left">&nbsp;</td>
<td width="17%" align="right"><font style="font-family: TimesNewRomanPSMT,Times New Roman,Times,serif;" class="_mt" size="2">2,593,000</font></td></tr>
<tr valign="bottom"><td width="38%" align="left"><font style="font-family: TimesNewRomanPSMT,Times New Roman,Times,serif;" class="_mt" size="2">Amortization of intangible lease liabilities</font></td>
<td style="border-bottom: #000000 1px solid;" width="3%" align="right">&nbsp;</td>
<td style="border-bottom: #000000 1px solid;" width="17%" align="right"><font style="font-family: TimesNewRomanPSMT,Times New Roman,Times,serif;" class="_mt" size="2">5,736,000</font></td>
<td style="border-bottom: #000000 1px solid;" width="3%" align="right">&nbsp;</td>
<td style="border-bottom: #000000 1px solid;" width="16%" align="right"><font style="font-family: TimesNewRomanPSMT,Times New Roman,Times,serif;" class="_mt" size="2">6,094,000</font></td>
<td style="border-bottom: #000000 1px solid;" width="3%" align="left">&nbsp;</td>
<td style="border-bottom: #000000 1px solid;" width="17%" align="right"><font style="font-family: TimesNewRomanPSMT,Times New Roman,Times,serif;" class="_mt" size="2">11,234,000</font></td></tr>
<tr valign="bottom"><td width="38%" align="left">&nbsp;</td>
<td style="border-bottom: #000000 3px double;" width="3%" align="right"><font style="font-family: TimesNewRomanPSMT,Times New Roman,Times,serif;" class="_mt" size="2">$</font></td>
<td style="border-bottom: #000000 3px double;" width="17%" align="right"><font style="font-family: TimesNewRomanPSMT,Times New Roman,Times,serif;" class="_mt" size="2">105,452,000</font></td>
<td style="border-bottom: #000000 3px double;" width="3%" align="right"><font style="font-family: TimesNewRomanPSMT,Times New Roman,Times,serif;" class="_mt" size="2">$</font></td>
<td style="border-bottom: #000000 3px double;" width="16%" align="right"><font style="font-family: TimesNewRomanPSMT,Times New Roman,Times,serif;" class="_mt" size="2">102,070,000</font></td>
<td style="border-bottom: #000000 3px double;" width="3%" align="left"><font style="font-family: TimesNewRomanPSMT,Times New Roman,Times,serif;" class="_mt" size="2">$</font></td>
<td style="border-bottom: #000000 3px double;" width="17%" align="right"><font style="font-family: TimesNewRomanPSMT,Times New Roman,Times,serif;" class="_mt" size="2">113,041,000</font></td></tr></table></div>

<p style="margin: 0px;">&nbsp;</p>

<p style="text-align: left;">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<font style="font-family: TimesNewRomanPSMT,Times New Roman,Times,serif;" class="_mt" size="3">Annual future base rents due to be received under non-cancelable operating leases in effect at December 31, 2011 are approximately as follows (excluding those base rents applicable to properties treated as discontinued operations):</font></p>

<div>

<table border="0" cellspacing="0">
<tr><td width="40%"> </td>
<td width="11%"> </td>
<td width="48%"> </td></tr>
<tr valign="bottom"><td align="right"><font style="font-family: TimesNewRomanPSMT,Times New Roman,Times,serif;" class="_mt" size="3">2012</font></td>
<td align="left"><font style="font-family: TimesNewRomanPSMT,Times New Roman,Times,serif;" class="_mt" size="3">$</font></td>
<td align="right"><font style="font-family: TimesNewRomanPSMT,Times New Roman,Times,serif;" class="_mt" size="3">98,863,000</font></td></tr>
<tr valign="bottom"><td align="right"><font style="font-family: TimesNewRomanPSMT,Times New Roman,Times,serif;" class="_mt" size="3">2013</font></td>
<td align="left">&nbsp;</td>
<td align="right"><font style="font-family: TimesNewRomanPSMT,Times New Roman,Times,serif;" class="_mt" size="3">94,271,000</font></td></tr>
<tr valign="bottom"><td align="right"><font style="font-family: TimesNewRomanPSMT,Times New Roman,Times,serif;" class="_mt" size="3">2014</font></td>
<td align="left">&nbsp;</td>
<td align="right"><font style="font-family: TimesNewRomanPSMT,Times New Roman,Times,serif;" class="_mt" size="3">84,973,000</font></td></tr>
<tr valign="bottom"><td align="right"><font style="font-family: TimesNewRomanPSMT,Times New Roman,Times,serif;" class="_mt" size="3">2015</font></td>
<td align="left">&nbsp;</td>
<td align="right"><font style="font-family: TimesNewRomanPSMT,Times New Roman,Times,serif;" class="_mt" size="3">74,732,000</font></td></tr>
<tr valign="bottom"><td align="right"><font style="font-family: TimesNewRomanPSMT,Times New Roman,Times,serif;" class="_mt" size="3">2016</font></td>
<td align="left">&nbsp;</td>
<td align="right"><font style="font-family: TimesNewRomanPSMT,Times New Roman,Times,serif;" class="_mt" size="3">62,253,000</font></td></tr>
<tr valign="bottom"><td align="right"><font style="font-family: TimesNewRomanPSMT,Times New Roman,Times,serif;" class="_mt" size="3">Thereafter</font></td>
<td style="border-bottom: #000000 1px solid;" align="left">&nbsp;</td>
<td style="border-bottom: #000000 1px solid;" align="right"><font style="font-family: TimesNewRomanPSMT,Times New Roman,Times,serif;" class="_mt" size="3">319,301,000</font></td></tr>
<tr valign="bottom"><td align="left">&nbsp;</td>
<td style="border-bottom: #000000 3px double;" align="left"><font style="font-family: TimesNewRomanPSMT,Times New Roman,Times,serif;" class="_mt" size="3">$</font></td>
<td style="border-bottom: #000000 3px double;" align="right"><font style="font-family: TimesNewRomanPSMT,Times New Roman,Times,serif;" class="_mt" size="3">734,393,000</font></td></tr></table></div>

<p style="margin: 0px;">&nbsp;</p>

<p style="text-align: left;">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<font style="font-family: TimesNewRomanPSMT,Times New Roman,Times,serif;" class="_mt" size="3">Total future minimum rents do not include expense recoveries for real estate taxes and operating costs, or percentage rents based upon tenants' sales volume. Such additional revenue amounts aggregated approximately $28.0 million, $26.6 million and $28.3 million for 2011, 2010 and 2009, respectively. In addition, such amounts do not include amortization of intangible lease liabilities.</font></p> </div><span></span></td>
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            <div class="body" style="padding: 2px;"><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div>
                <p>The amount due from customers or clients for goods or services that have been delivered or sold in the normal course of business, reduced to their estimated net realizable fair value by an allowance established by the entity of the amount it deems uncertain of collection.</p>
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  <body><span style="display: none;">v2.4.0.6</span><table class="report" border="0" cellspacing="2" id="ID0EME">
      <tr>
        <th class="tl" colspan="1" rowspan="2">
          <div style="width: 200px;"><strong>Earnings/Dividends Per Share<br></strong></div>
        </th>
        <th class="th" colspan="1">12 Months Ended</th>
      </tr>
      <tr>
        <th class="th">
          <div>Dec. 31, 2011</div>
        </th>
      </tr>
      <tr class="re">
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        <td class="text">&#xA0;<span></span></td>
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      <tr class="ro">
        <td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_EarningsPerShareTextBlock', window );">Earnings/Dividends Per Share</a></td>
        <td class="text"><div> <p style="text-align: left;"><b><font style="font-family: TimesNewRomanPS-BoldMT,Times New Roman,Times,serif;" class="_mt" size="3">Note 20. Earnings/Dividends Per Share</font></b></p>

<p style="text-align: left;">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<font style="font-family: TimesNewRomanPSMT,Times New Roman,Times,serif;" class="_mt" size="3">Basic earnings per share ("EPS") is calculated by dividing net income (loss) attributable to the Company's common shareholders by the weighted average number of common shares outstanding for the period including participating securities (restricted shares issued pursuant to the Company's stock-based compensation program are considered participating securities, as such shares have non-forfeitable rights to receive dividends). Unvested restricted shares are not allocated net losses and/or any excess of dividends declared over net income, as such amounts are allocated entirely to the common shareholders. For 2011, the Company had 2.3 million weighted average unvested restricted shares outstanding (including the weighted average impact of the 2.0 million shares awarded to the Company's new President/Chief Executive Officer in June 2011). EPS for the 2010 and 2009 is calculated based on the data presented on the face of the consolidated statements of operations for those periods. The following table provides a reconciliation of the numerator and denominator of the EPS calculations for 2011:</font></p>

<div>&nbsp;</div>

<div>

<table border="0" cellspacing="0">
<tr><td width="76%">&nbsp;</td>
<td width="2%">&nbsp;</td>
<td width="18%">&nbsp;</td>
<td width="2%">&nbsp;</td></tr>
<tr valign="bottom"><td style="border-bottom: #000000 1px solid;" width="76%" align="left"><b><font style="font-family: TimesNewRomanPS-BoldMT,Times New Roman,Times,serif;" class="_mt" size="3">Numerator</font></b></td>
<td width="2%" align="left">&nbsp;</td>
<td width="18%" align="left">&nbsp;</td>
<td width="2%" align="left">&nbsp;</td></tr>
<tr valign="bottom"><td width="76%" align="left"><font style="font-family: TimesNewRomanPSMT,Times New Roman,Times,serif;" class="_mt" size="3">(Loss) from continuing operations</font></td>
<td width="2%" align="left"><font style="font-family: TimesNewRomanPSMT,Times New Roman,Times,serif;" class="_mt" size="3">$</font></td>
<td width="18%" align="right"><font style="font-family: TimesNewRomanPSMT,Times New Roman,Times,serif;" class="_mt" size="3">(25,953,000</font></td>
<td width="2%" align="left"><font style="font-family: TimesNewRomanPSMT,Times New Roman,Times,serif;" class="_mt" size="3">)</font></td></tr>
<tr valign="bottom"><td width="76%" align="left"><font style="font-family: TimesNewRomanPSMT,Times New Roman,Times,serif;" class="_mt" size="3">Preferred distribution requirements</font></td>
<td width="2%" align="left">&nbsp;</td>
<td width="18%" align="right"><font style="font-family: TimesNewRomanPSMT,Times New Roman,Times,serif;" class="_mt" size="3">(14,200,000</font></td>
<td width="2%" align="left"><font style="font-family: TimesNewRomanPSMT,Times New Roman,Times,serif;" class="_mt" size="3">)</font></td></tr>
<tr valign="bottom"><td width="76%" align="left"><font style="font-family: TimesNewRomanPSMT,Times New Roman,Times,serif;" class="_mt" size="3">Plus, net income attributable to noncontrolling interests</font></td>
<td width="2%" align="left">&nbsp;</td>
<td width="18%" align="right"><font style="font-family: TimesNewRomanPSMT,Times New Roman,Times,serif;" class="_mt" size="3">917,000</font></td>
<td width="2%" align="left">&nbsp;</td></tr>
<tr valign="bottom"><td width="76%" align="left"><font style="font-family: TimesNewRomanPSMT,Times New Roman,Times,serif;" class="_mt" size="3">Less, earnings allocated to unvested shares</font></td>
<td style="border-bottom: #000000 1px solid;" width="2%" align="left">&nbsp;</td>
<td style="border-bottom: #000000 1px solid;" width="18%" align="right"><font style="font-family: TimesNewRomanPSMT,Times New Roman,Times,serif;" class="_mt" size="3">(810,000</font></td>
<td style="border-bottom: #000000 1px solid;" width="2%" align="left"><font style="font-family: TimesNewRomanPSMT,Times New Roman,Times,serif;" class="_mt" size="3">)</font></td></tr>
<tr valign="bottom"><td width="76%" align="left"><font style="font-family: TimesNewRomanPSMT,Times New Roman,Times,serif;" class="_mt" size="3">Loss from continuing operations available for common shareholders</font></td>
<td width="2%" align="left">&nbsp;</td>
<td width="18%" align="right"><font style="font-family: TimesNewRomanPSMT,Times New Roman,Times,serif;" class="_mt" size="3">(40,046,000</font></td>
<td width="2%" align="left"><font style="font-family: TimesNewRomanPSMT,Times New Roman,Times,serif;" class="_mt" size="3">)</font></td></tr>
<tr valign="bottom"><td width="76%" align="left"><font style="font-family: TimesNewRomanPSMT,Times New Roman,Times,serif;" class="_mt" size="3">Results from discontinued operations</font></td>
<td style="border-bottom: #000000 1px solid;" width="2%" align="left">&nbsp;</td>
<td style="border-bottom: #000000 1px solid;" width="18%" align="right"><font style="font-family: TimesNewRomanPSMT,Times New Roman,Times,serif;" class="_mt" size="3">(78,525,000</font></td>
<td style="border-bottom: #000000 1px solid;" width="2%" align="left"><font style="font-family: TimesNewRomanPSMT,Times New Roman,Times,serif;" class="_mt" size="3">)</font></td></tr>
<tr valign="bottom"><td width="76%" align="left"><font style="font-family: TimesNewRomanPSMT,Times New Roman,Times,serif;" class="_mt" size="3">Net (loss) available for common shareholders, basic and diluted</font></td>
<td style="border-bottom: #000000 3px double;" width="2%" align="left"><font style="font-family: TimesNewRomanPSMT,Times New Roman,Times,serif;" class="_mt" size="3">$</font></td>
<td style="border-bottom: #000000 3px double;" width="18%" align="right"><font style="font-family: TimesNewRomanPSMT,Times New Roman,Times,serif;" class="_mt" size="3">(118,571,000</font></td>
<td style="border-bottom: #000000 3px double;" width="2%" align="left"><font style="font-family: TimesNewRomanPSMT,Times New Roman,Times,serif;" class="_mt" size="3">)</font></td></tr>
<tr><td width="98%" colspan="4">&nbsp;</td></tr>
<tr valign="bottom"><td style="border-bottom: #000000 1px solid;" width="76%" align="left"><b><font style="font-family: TimesNewRomanPS-BoldMT,Times New Roman,Times,serif;" class="_mt" size="3">Denominator</font></b></td>
<td width="2%" align="left">&nbsp;</td>
<td width="18%" align="left">&nbsp;</td>
<td width="2%" align="left">&nbsp;</td></tr>
<tr valign="bottom"><td width="76%" align="left"><font style="font-family: TimesNewRomanPSMT,Times New Roman,Times,serif;" class="_mt" size="3">Weighted average number of vested common shares outstanding</font></td>
<td style="border-bottom: #000000 2px solid;" width="2%" align="left">&nbsp;</td>
<td style="border-bottom: #000000 2px solid;" width="18%" align="right"><font style="font-family: TimesNewRomanPSMT,Times New Roman,Times,serif;" class="_mt" size="3">66,387,000</font></td>
<td style="border-bottom: #000000 2px solid;" width="2%" align="left">&nbsp;</td></tr>
<tr><td width="98%" colspan="4">&nbsp;</td></tr>
<tr valign="bottom"><td style="border-bottom: #000000 1px solid;" width="76%" align="left"><b><font style="font-family: TimesNewRomanPS-BoldMT,Times New Roman,Times,serif;" class="_mt" size="3">Earnings (loss) per common share, basic and diluted</font></b></td>
<td width="2%" align="left">&nbsp;</td>
<td width="18%" align="left">&nbsp;</td>
<td width="2%" align="left">&nbsp;</td></tr>
<tr valign="bottom"><td width="76%" align="left"><font style="font-family: TimesNewRomanPSMT,Times New Roman,Times,serif;" class="_mt" size="3">Continuing operations</font></td>
<td width="2%" align="left"><font style="font-family: TimesNewRomanPSMT,Times New Roman,Times,serif;" class="_mt" size="3">$</font></td>
<td width="18%" align="right"><font style="font-family: TimesNewRomanPSMT,Times New Roman,Times,serif;" class="_mt" size="3">(0.61</font></td>
<td width="2%" align="left"><font style="font-family: TimesNewRomanPSMT,Times New Roman,Times,serif;" class="_mt" size="3">)</font></td></tr>
<tr valign="bottom"><td width="76%" align="left"><font style="font-family: TimesNewRomanPSMT,Times New Roman,Times,serif;" class="_mt" size="3">Discontinued operations</font></td>
<td style="border-bottom: #000000 1px solid;" width="2%" align="left"><font style="font-family: TimesNewRomanPSMT,Times New Roman,Times,serif;" class="_mt" size="3">$</font></td>
<td style="border-bottom: #000000 1px solid;" width="18%" align="right"><font style="font-family: TimesNewRomanPSMT,Times New Roman,Times,serif;" class="_mt" size="3">(1.18</font></td>
<td style="border-bottom: #000000 1px solid;" width="2%" align="left"><font style="font-family: TimesNewRomanPSMT,Times New Roman,Times,serif;" class="_mt" size="3">)</font></td></tr>
<tr valign="bottom"><td width="76%" align="left">&nbsp;</td>
<td style="border-bottom: #000000 3px double;" width="2%" align="left"><font style="font-family: TimesNewRomanPSMT,Times New Roman,Times,serif;" class="_mt" size="3">$</font></td>
<td style="border-bottom: #000000 3px double;" width="18%" align="right"><font style="font-family: TimesNewRomanPSMT,Times New Roman,Times,serif;" class="_mt" size="3">(1.79</font></td>
<td style="border-bottom: #000000 3px double;" width="2%" align="left"><font style="font-family: TimesNewRomanPSMT,Times New Roman,Times,serif;" class="_mt" size="3">)</font></td></tr></table></div>

<p style="margin: 0px;">&nbsp;</p>

<p style="text-align: left;">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<font style="font-family: TimesNewRomanPSMT,Times New Roman,Times,serif;" class="_mt" size="3">Fully-diluted EPS reflects the potential dilution that could occur if securities or other contracts to issue common stock were exercised or converted into shares of common stock. The net loss attributable to noncontrolling interests of the Operating Partnership has been excluded from the numerator and the related OP Units have been excluded from the denominator for the purpose of calculating diluted EPS as there would have been no effect had such amounts been included. The weighted average number of OP Units outstanding for 2011, 2010 and 2009 were 1,415,000, 1,814,000 and 2,014,000, respectively. In addition, warrants for the purchase of OP Units (83,000 for all periods) have been excluded as they were anti-dilutive for all periods presented.</font></p>

<p style="text-align: left;">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<font style="font-family: TimesNewRomanPSMT,Times New Roman,Times,serif;" class="_mt" size="3">Dividends to common shareholders in 2011, 2010 and 2009 were $24,705,000 ($0.36 per share), $17,749,000 ($0.27 per share), and $9,742,000 ($0.2025 per share), respectively.</font></p>

<div>&nbsp;</div><br /> </div><span></span></td>
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            <div class="body" style="padding: 2px;"><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div>
                <p>The entire disclosure for earnings per share.</p>
              </div><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;">
                <p>Reference 1: http://www.xbrl.org/2003/role/presentationRef<br><br> -Publisher FASB<br><br> -Name Accounting Standards Codification<br><br> -Topic 260<br><br> -SubTopic 10<br><br> -Section 45<br><br> -Paragraph 2<br><br> -URI http://asc.fasb.org/extlink&amp;oid=6920599&amp;loc=d3e1252-109256<br><br><br><br>Reference 2: http://www.xbrl.org/2003/role/presentationRef<br><br> -Publisher FASB<br><br> -Name Accounting Standards Codification<br><br> -Topic 260<br><br> -SubTopic 10<br><br> -Section 55<br><br> -Paragraph 52<br><br> -URI http://asc.fasb.org/extlink&amp;oid=6945512&amp;loc=d3e4984-109258<br><br><br><br>Reference 3: http://www.xbrl.org/2003/role/presentationRef<br><br> -Publisher FASB<br><br> -Name Statement of Financial Accounting Standard (FAS)<br><br> -Number 128<br><br> -Paragraph 40<br><br> -LegacyDoc This reference is SUPERSEDED by the Accounting Standards Codification effective for interim and annual periods ending after September 15, 2009.  This reference is included to help users transition from the previous accounting hierarchy and will be removed from future versions of this taxonomy.<br><br><br><br>Reference 4: http://www.xbrl.org/2003/role/presentationRef<br><br> -Publisher FASB<br><br> -Name Accounting Standards Codification<br><br> -Topic 260<br><br> -SubTopic 10<br><br> -Section 45<br><br> -Paragraph 3<br><br> -URI http://asc.fasb.org/extlink&amp;oid=6920599&amp;loc=d3e1278-109256<br><br><br><br>Reference 5: http://www.xbrl.org/2003/role/presentationRef<br><br> -Publisher FASB<br><br> -Name Accounting Standards Codification<br><br> -Topic 260<br><br> -SubTopic 10<br><br> -Section 50<br><br> -Paragraph 1<br><br> -Subparagraph (a)<br><br> -URI http://asc.fasb.org/extlink&amp;oid=6371337&amp;loc=d3e3550-109257<br><br><br><br>Reference 6: http://www.xbrl.org/2003/role/presentationRef<br><br> -Publisher FASB<br><br> -Name Accounting Standards Codification<br><br> -Topic 225<br><br> -SubTopic 10<br><br> -Section S99<br><br> -Paragraph 2<br><br> -Subparagraph (SX 210.5-03.21)<br><br> -URI http://asc.fasb.org/extlink&amp;oid=6880815&amp;loc=d3e20235-122688<br><br><br><br></p>
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  <body><span style="display: none;">v2.4.0.6</span><table class="report" border="0" cellspacing="2" id="ID0ESBHK">
      <tr>
        <th class="tl" colspan="1" rowspan="1">
          <div style="width: 200px;"><strong>Consolidated Statements Of Equity (USD $)<br></strong></div>
        </th>
        <th class="th">
          <div>Preferred Stock [Member]</div>
        </th>
        <th class="th">
          <div>Common Stock [Member]</div>
        </th>
        <th class="th">
          <div>Treasury Stock, At Cost [Member]</div>
        </th>
        <th class="th">
          <div>Additional Paid-In Capital [Member]</div>
        </th>
        <th class="th">
          <div>Cumulative Distributions In Excess Of Net Income [Member]</div>
        </th>
        <th class="th">
          <div>Accumulated Other Comprehensive (Loss) [Member]</div>
        </th>
        <th class="th">
          <div>Cedar Shopping Centers, Inc. [Member]</div>
        </th>
        <th class="th">
          <div>Minority Interests In Consolidated Joint Ventures [Member]</div>
        </th>
        <th class="th">
          <div>Limited Partners' Mezzanine OP Units [Member]</div>
        </th>
        <th class="th">
          <div>Noncontrolling Interests [Member]</div>
        </th>
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          <div>Total</div>
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      </tr>
      <tr class="rc">
        <td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_StockholdersEquityIncludingPortionAttributableToNoncontrollingInterest', window );">Balance at Dec. 31, 2008</a></td>
        <td class="nump">$ 88,750,000<span></span></td>
        <td class="nump">$ 2,668,000<span></span></td>
        <td class="num">$ (9,175,000)<span></span></td>
        <td class="nump">$ 576,086,000<span></span></td>
        <td class="num">$ (127,552,000)<span></span></td>
        <td class="num">$ (7,256,000)<span></span></td>
        <td class="nump">$ 523,521,000<span></span></td>
        <td class="nump">$ 58,150,000<span></span></td>
        <td class="nump">$ 9,266,000<span></span></td>
        <td class="nump">$ 67,416,000<span></span></td>
        <td class="nump">$ 590,937,000<span></span></td>
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      <tr class="rc">
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        <td class="nump">3,550,000<span></span></td>
        <td class="nump">44,468,000<span></span></td>
        <td class="text">&#xA0;<span></span></td>
        <td class="text">&#xA0;<span></span></td>
        <td class="text">&#xA0;<span></span></td>
        <td class="text">&#xA0;<span></span></td>
        <td class="text">&#xA0;<span></span></td>
        <td class="text">&#xA0;<span></span></td>
        <td class="text">&#xA0;<span></span></td>
        <td class="text">&#xA0;<span></span></td>
        <td class="text">&#xA0;<span></span></td>
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        <td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_NetIncomeLoss', window );">Net loss</a></td>
        <td class="text">&#xA0;<span></span></td>
        <td class="text">&#xA0;<span></span></td>
        <td class="text">&#xA0;<span></span></td>
        <td class="text">&#xA0;<span></span></td>
        <td class="num">(16,871,000)<span></span></td>
        <td class="text">&#xA0;<span></span></td>
        <td class="num">(16,871,000)<span></span></td>
        <td class="text">&#xA0;<span></span></td>
        <td class="text">&#xA0;<span></span></td>
        <td class="text">&#xA0;<span></span></td>
        <td class="num">(16,871,000)<span></span></td>
      </tr>
      <tr class="ro">
        <td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_cdr_NetLossPortionOfOperatingTotalNoncontrollingRegistrationRights', window );">Net loss, Noncontrolling Interests</a></td>
        <td class="text">&#xA0;<span></span></td>
        <td class="text">&#xA0;<span></span></td>
        <td class="text">&#xA0;<span></span></td>
        <td class="text">&#xA0;<span></span></td>
        <td class="text">&#xA0;<span></span></td>
        <td class="text">&#xA0;<span></span></td>
        <td class="text">&#xA0;<span></span></td>
        <td class="nump">772,000<span></span></td>
        <td class="num">(361,000)<span></span></td>
        <td class="nump">411,000<span></span></td>
        <td class="num">(16,460,000)<span></span></td>
      </tr>
      <tr class="re">
        <td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_OtherComprehensiveIncomeUnrealizedGainLossOnDerivativesArisingDuringPeriodNetOfTax', window );">Unrealized gain (loss) on change in fair value of cash flow hedges</a></td>
        <td class="text">&#xA0;<span></span></td>
        <td class="text">&#xA0;<span></span></td>
        <td class="text">&#xA0;<span></span></td>
        <td class="text">&#xA0;<span></span></td>
        <td class="text">&#xA0;<span></span></td>
        <td class="nump">4,264,000<span></span></td>
        <td class="nump">4,264,000<span></span></td>
        <td class="text">&#xA0;<span></span></td>
        <td class="nump">79,000<span></span></td>
        <td class="nump">79,000<span></span></td>
        <td class="nump">4,343,000<span></span></td>
      </tr>
      <tr class="rou">
        <td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_OtherComprehensiveIncomeLossNetOfTaxPeriodIncreaseDecrease', window );">Total other comprehensive loss</a></td>
        <td class="text">&#xA0;<span></span></td>
        <td class="text">&#xA0;<span></span></td>
        <td class="text">&#xA0;<span></span></td>
        <td class="text">&#xA0;<span></span></td>
        <td class="text">&#xA0;<span></span></td>
        <td class="text">&#xA0;<span></span></td>
        <td class="num">(12,607,000)<span></span></td>
        <td class="nump">772,000<span></span></td>
        <td class="num">(282,000)<span></span></td>
        <td class="nump">490,000<span></span></td>
        <td class="num">(12,117,000)<span></span></td>
      </tr>
      <tr class="re">
        <td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_DeferredCompensationArrangementWithIndividualFairValueOfSharesIssued', window );">Share-based compensation, net</a></td>
        <td class="text">&#xA0;<span></span></td>
        <td class="nump">34,000<span></span></td>
        <td class="num">(513,000)<span></span></td>
        <td class="nump">3,070,000<span></span></td>
        <td class="text">&#xA0;<span></span></td>
        <td class="text">&#xA0;<span></span></td>
        <td class="nump">2,591,000<span></span></td>
        <td class="text">&#xA0;<span></span></td>
        <td class="text">&#xA0;<span></span></td>
        <td class="text">&#xA0;<span></span></td>
        <td class="nump">2,591,000<span></span></td>
      </tr>
      <tr class="ro">
        <td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_DeferredCompensationArrangementWithIndividualSharesIssued', window );">Share-based compensation, net, shares</a></td>
        <td class="text">&#xA0;<span></span></td>
        <td class="nump">570,000<span></span></td>
        <td class="text">&#xA0;<span></span></td>
        <td class="text">&#xA0;<span></span></td>
        <td class="text">&#xA0;<span></span></td>
        <td class="text">&#xA0;<span></span></td>
        <td class="text">&#xA0;<span></span></td>
        <td class="text">&#xA0;<span></span></td>
        <td class="text">&#xA0;<span></span></td>
        <td class="text">&#xA0;<span></span></td>
        <td class="text">&#xA0;<span></span></td>
      </tr>
      <tr class="re">
        <td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_cdr_StockAndWarrantsIssuedDuringPeriodValueNewIssues', window );">Net proceeds from the sales of common stock and issuance of warrants</a></td>
        <td class="text">&#xA0;<span></span></td>
        <td class="nump">425,000<span></span></td>
        <td class="text">&#xA0;<span></span></td>
        <td class="nump">40,465,000<span></span></td>
        <td class="text">&#xA0;<span></span></td>
        <td class="text">&#xA0;<span></span></td>
        <td class="nump">40,890,000<span></span></td>
        <td class="text">&#xA0;<span></span></td>
        <td class="text">&#xA0;<span></span></td>
        <td class="text">&#xA0;<span></span></td>
        <td class="nump">40,890,000<span></span></td>
      </tr>
      <tr class="ro">
        <td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_cdr_StockAndWarrantsIssuedDuringPeriodSharesNewIssues', window );">Net proceeds from the sales of common stock and issuance of warrants, shares</a></td>
        <td class="text">&#xA0;<span></span></td>
        <td class="nump">7,089,000<span></span></td>
        <td class="text">&#xA0;<span></span></td>
        <td class="text">&#xA0;<span></span></td>
        <td class="text">&#xA0;<span></span></td>
        <td class="text">&#xA0;<span></span></td>
        <td class="text">&#xA0;<span></span></td>
        <td class="text">&#xA0;<span></span></td>
        <td class="text">&#xA0;<span></span></td>
        <td class="text">&#xA0;<span></span></td>
        <td class="text">&#xA0;<span></span></td>
      </tr>
      <tr class="re">
        <td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_StockIssuedDuringPeriodValueConversionOfUnits', window );">Conversion of OP units into common stock</a></td>
        <td class="text">&#xA0;<span></span></td>
        <td class="nump">1,000<span></span></td>
        <td class="text">&#xA0;<span></span></td>
        <td class="nump">130,000<span></span></td>
        <td class="text">&#xA0;<span></span></td>
        <td class="text">&#xA0;<span></span></td>
        <td class="nump">131,000<span></span></td>
        <td class="text">&#xA0;<span></span></td>
        <td class="num">(131,000)<span></span></td>
        <td class="num">(131,000)<span></span></td>
        <td class="text">&#xA0;<span></span></td>
      </tr>
      <tr class="ro">
        <td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_StockIssuedDuringPeriodSharesConversionOfUnits', window );">Conversion of OP units into common stock, shares</a></td>
        <td class="text">&#xA0;<span></span></td>
        <td class="nump">12,000<span></span></td>
        <td class="text">&#xA0;<span></span></td>
        <td class="text">&#xA0;<span></span></td>
        <td class="text">&#xA0;<span></span></td>
        <td class="text">&#xA0;<span></span></td>
        <td class="text">&#xA0;<span></span></td>
        <td class="text">&#xA0;<span></span></td>
        <td class="text">&#xA0;<span></span></td>
        <td class="text">&#xA0;<span></span></td>
        <td class="text">&#xA0;<span></span></td>
      </tr>
      <tr class="re">
        <td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_DividendsPreferredStock', window );">Preferred distribution requirements</a></td>
        <td class="text">&#xA0;<span></span></td>
        <td class="text">&#xA0;<span></span></td>
        <td class="text">&#xA0;<span></span></td>
        <td class="text">&#xA0;<span></span></td>
        <td class="num">(7,876,000)<span></span></td>
        <td class="text">&#xA0;<span></span></td>
        <td class="num">(7,876,000)<span></span></td>
        <td class="text">&#xA0;<span></span></td>
        <td class="text">&#xA0;<span></span></td>
        <td class="text">&#xA0;<span></span></td>
        <td class="num">(7,876,000)<span></span></td>
      </tr>
      <tr class="ro">
        <td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_Dividends', window );">Distributions to common shareholders/ noncontrolling interests</a></td>
        <td class="text">&#xA0;<span></span></td>
        <td class="text">&#xA0;<span></span></td>
        <td class="text">&#xA0;<span></span></td>
        <td class="text">&#xA0;<span></span></td>
        <td class="num">(9,742,000)<span></span></td>
        <td class="text">&#xA0;<span></span></td>
        <td class="num">(9,742,000)<span></span></td>
        <td class="num">(3,905,000)<span></span></td>
        <td class="num">(167,000)<span></span></td>
        <td class="num">(4,072,000)<span></span></td>
        <td class="num">(13,814,000)<span></span></td>
      </tr>
      <tr class="re">
        <td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_cdr_ReallocationadjustmentoflimitedpartnersInterest', window );">Reallocation adjustment of limited partners' interest</a></td>
        <td class="text">&#xA0;<span></span></td>
        <td class="text">&#xA0;<span></span></td>
        <td class="text">&#xA0;<span></span></td>
        <td class="nump">1,548,000<span></span></td>
        <td class="text">&#xA0;<span></span></td>
        <td class="text">&#xA0;<span></span></td>
        <td class="nump">1,548,000<span></span></td>
        <td class="text">&#xA0;<span></span></td>
        <td class="num">(607,000)<span></span></td>
        <td class="num">(607,000)<span></span></td>
        <td class="nump">941,000<span></span></td>
      </tr>
      <tr class="ro">
        <td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_cdr_AdditionalNoncontrollingInterestsShares', window );">Additional noncontrolling interests' shares</a></td>
        <td class="text">&#xA0;<span></span></td>
        <td class="text">&#xA0;<span></span></td>
        <td class="text">&#xA0;<span></span></td>
        <td class="text">&#xA0;<span></span></td>
        <td class="text">&#xA0;<span></span></td>
        <td class="text">&#xA0;<span></span></td>
        <td class="text">&#xA0;<span></span></td>
        <td class="nump">12,212,000<span></span></td>
        <td class="text">&#xA0;<span></span></td>
        <td class="nump">12,212,000<span></span></td>
        <td class="nump">12,212,000<span></span></td>
      </tr>
      <tr class="rc">
        <td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_StockholdersEquityIncludingPortionAttributableToNoncontrollingInterest', window );">Balance at Dec. 31, 2009</a></td>
        <td class="nump">88,750,000<span></span></td>
        <td class="nump">3,128,000<span></span></td>
        <td class="num">(9,688,000)<span></span></td>
        <td class="nump">621,299,000<span></span></td>
        <td class="num">(162,041,000)<span></span></td>
        <td class="num">(2,992,000)<span></span></td>
        <td class="nump">538,456,000<span></span></td>
        <td class="nump">67,229,000<span></span></td>
        <td class="nump">8,079,000<span></span></td>
        <td class="nump">75,308,000<span></span></td>
        <td class="nump">613,764,000<span></span></td>
      </tr>
      <tr class="rc">
        <td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_SharesIssued', window );">Balance, shares at Dec. 31, 2009</a></td>
        <td class="nump">3,550,000<span></span></td>
        <td class="nump">52,139,000<span></span></td>
        <td class="text">&#xA0;<span></span></td>
        <td class="text">&#xA0;<span></span></td>
        <td class="text">&#xA0;<span></span></td>
        <td class="text">&#xA0;<span></span></td>
        <td class="text">&#xA0;<span></span></td>
        <td class="text">&#xA0;<span></span></td>
        <td class="text">&#xA0;<span></span></td>
        <td class="text">&#xA0;<span></span></td>
        <td class="text">&#xA0;<span></span></td>
      </tr>
      <tr class="re">
        <td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_NetIncomeLoss', window );">Net loss</a></td>
        <td class="text">&#xA0;<span></span></td>
        <td class="text">&#xA0;<span></span></td>
        <td class="text">&#xA0;<span></span></td>
        <td class="text">&#xA0;<span></span></td>
        <td class="num">(41,289,000)<span></span></td>
        <td class="text">&#xA0;<span></span></td>
        <td class="num">(41,289,000)<span></span></td>
        <td class="text">&#xA0;<span></span></td>
        <td class="text">&#xA0;<span></span></td>
        <td class="text">&#xA0;<span></span></td>
        <td class="num">(41,289,000)<span></span></td>
      </tr>
      <tr class="ro">
        <td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_cdr_NetLossPortionOfOperatingTotalNoncontrollingRegistrationRights', window );">Net loss, Noncontrolling Interests</a></td>
        <td class="text">&#xA0;<span></span></td>
        <td class="text">&#xA0;<span></span></td>
        <td class="text">&#xA0;<span></span></td>
        <td class="text">&#xA0;<span></span></td>
        <td class="text">&#xA0;<span></span></td>
        <td class="text">&#xA0;<span></span></td>
        <td class="text">&#xA0;<span></span></td>
        <td class="num">(1,613,000)<span></span></td>
        <td class="num">(642,000)<span></span></td>
        <td class="num">(2,255,000)<span></span></td>
        <td class="num">(43,544,000)<span></span></td>
      </tr>
      <tr class="re">
        <td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_OtherComprehensiveIncomeUnrealizedGainLossOnDerivativesArisingDuringPeriodNetOfTax', window );">Unrealized gain (loss) on change in fair value of cash flow hedges</a></td>
        <td class="text">&#xA0;<span></span></td>
        <td class="text">&#xA0;<span></span></td>
        <td class="text">&#xA0;<span></span></td>
        <td class="text">&#xA0;<span></span></td>
        <td class="text">&#xA0;<span></span></td>
        <td class="num">(414,000)<span></span></td>
        <td class="num">(414,000)<span></span></td>
        <td class="text">&#xA0;<span></span></td>
        <td class="num">(22,000)<span></span></td>
        <td class="num">(22,000)<span></span></td>
        <td class="num">(436,000)<span></span></td>
      </tr>
      <tr class="rou">
        <td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_OtherComprehensiveIncomeLossNetOfTaxPeriodIncreaseDecrease', window );">Total other comprehensive loss</a></td>
        <td class="text">&#xA0;<span></span></td>
        <td class="text">&#xA0;<span></span></td>
        <td class="text">&#xA0;<span></span></td>
        <td class="text">&#xA0;<span></span></td>
        <td class="text">&#xA0;<span></span></td>
        <td class="text">&#xA0;<span></span></td>
        <td class="num">(41,703,000)<span></span></td>
        <td class="num">(1,613,000)<span></span></td>
        <td class="num">(664,000)<span></span></td>
        <td class="num">(2,277,000)<span></span></td>
        <td class="num">(43,980,000)<span></span></td>
      </tr>
      <tr class="re">
        <td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_DeferredCompensationArrangementWithIndividualFairValueOfSharesIssued', window );">Share-based compensation, net</a></td>
        <td class="text">&#xA0;<span></span></td>
        <td class="nump">27,000<span></span></td>
        <td class="num">(679,000)<span></span></td>
        <td class="nump">3,604,000<span></span></td>
        <td class="text">&#xA0;<span></span></td>
        <td class="text">&#xA0;<span></span></td>
        <td class="nump">2,952,000<span></span></td>
        <td class="text">&#xA0;<span></span></td>
        <td class="text">&#xA0;<span></span></td>
        <td class="text">&#xA0;<span></span></td>
        <td class="nump">2,952,000<span></span></td>
      </tr>
      <tr class="ro">
        <td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_DeferredCompensationArrangementWithIndividualSharesIssued', window );">Share-based compensation, net, shares</a></td>
        <td class="text">&#xA0;<span></span></td>
        <td class="nump">436,000<span></span></td>
        <td class="text">&#xA0;<span></span></td>
        <td class="text">&#xA0;<span></span></td>
        <td class="text">&#xA0;<span></span></td>
        <td class="text">&#xA0;<span></span></td>
        <td class="text">&#xA0;<span></span></td>
        <td class="text">&#xA0;<span></span></td>
        <td class="text">&#xA0;<span></span></td>
        <td class="text">&#xA0;<span></span></td>
        <td class="text">&#xA0;<span></span></td>
      </tr>
      <tr class="re">
        <td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_StockIssuedDuringPeriodValueNewIssues', window );">Net proceeds from sales of stock</a></td>
        <td class="nump">69,825,000<span></span></td>
        <td class="nump">747,000<span></span></td>
        <td class="text">&#xA0;<span></span></td>
        <td class="nump">77,433,000<span></span></td>
        <td class="text">&#xA0;<span></span></td>
        <td class="text">&#xA0;<span></span></td>
        <td class="nump">148,005,000<span></span></td>
        <td class="text">&#xA0;<span></span></td>
        <td class="text">&#xA0;<span></span></td>
        <td class="text">&#xA0;<span></span></td>
        <td class="nump">148,005,000<span></span></td>
      </tr>
      <tr class="ro">
        <td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_StockIssuedDuringPeriodSharesNewIssues', window );">Net proceeds from sales of stock, shares</a></td>
        <td class="nump">2,850,000<span></span></td>
        <td class="nump">12,455,000<span></span></td>
        <td class="text">&#xA0;<span></span></td>
        <td class="text">&#xA0;<span></span></td>
        <td class="text">&#xA0;<span></span></td>
        <td class="text">&#xA0;<span></span></td>
        <td class="text">&#xA0;<span></span></td>
        <td class="text">&#xA0;<span></span></td>
        <td class="text">&#xA0;<span></span></td>
        <td class="text">&#xA0;<span></span></td>
        <td class="text">&#xA0;<span></span></td>
      </tr>
      <tr class="re">
        <td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_cdr_NetProceedsFromDividendReinvestmentAndDirectStockPurchasePlan', window );">Net proceeds from dividend reinvestment and direct stock purchase plan</a></td>
        <td class="text">&#xA0;<span></span></td>
        <td class="nump">87,000<span></span></td>
        <td class="text">&#xA0;<span></span></td>
        <td class="nump">8,144,000<span></span></td>
        <td class="text">&#xA0;<span></span></td>
        <td class="text">&#xA0;<span></span></td>
        <td class="nump">8,231,000<span></span></td>
        <td class="text">&#xA0;<span></span></td>
        <td class="text">&#xA0;<span></span></td>
        <td class="text">&#xA0;<span></span></td>
        <td class="text">&#xA0;<span></span></td>
      </tr>
      <tr class="ro">
        <td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_cdr_NetProceedsFromDividendReinvestmentAndDirectStockPurchasePlanShares', window );">Net proceeds from dividend reinvestment and direct stock purchase plan, shares</a></td>
        <td class="text">&#xA0;<span></span></td>
        <td class="nump">1,451,000<span></span></td>
        <td class="text">&#xA0;<span></span></td>
        <td class="text">&#xA0;<span></span></td>
        <td class="text">&#xA0;<span></span></td>
        <td class="text">&#xA0;<span></span></td>
        <td class="text">&#xA0;<span></span></td>
        <td class="text">&#xA0;<span></span></td>
        <td class="text">&#xA0;<span></span></td>
        <td class="text">&#xA0;<span></span></td>
        <td class="text">&#xA0;<span></span></td>
      </tr>
      <tr class="re">
        <td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_StockIssuedDuringPeriodValueDividendReinvestmentPlan', window );">Net proceeds from dividend reinvestment plan</a></td>
        <td class="text">&#xA0;<span></span></td>
        <td class="text">&#xA0;<span></span></td>
        <td class="text">&#xA0;<span></span></td>
        <td class="text">&#xA0;<span></span></td>
        <td class="text">&#xA0;<span></span></td>
        <td class="text">&#xA0;<span></span></td>
        <td class="text">&#xA0;<span></span></td>
        <td class="text">&#xA0;<span></span></td>
        <td class="text">&#xA0;<span></span></td>
        <td class="text">&#xA0;<span></span></td>
        <td class="nump">8,231,000<span></span></td>
      </tr>
      <tr class="ro">
        <td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_StockIssuedDuringPeriodValueConversionOfUnits', window );">Conversion of OP units into common stock</a></td>
        <td class="text">&#xA0;<span></span></td>
        <td class="nump">2,000<span></span></td>
        <td class="text">&#xA0;<span></span></td>
        <td class="nump">401,000<span></span></td>
        <td class="text">&#xA0;<span></span></td>
        <td class="text">&#xA0;<span></span></td>
        <td class="nump">403,000<span></span></td>
        <td class="text">&#xA0;<span></span></td>
        <td class="num">(194,000)<span></span></td>
        <td class="num">(194,000)<span></span></td>
        <td class="nump">209,000<span></span></td>
      </tr>
      <tr class="re">
        <td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_StockIssuedDuringPeriodSharesConversionOfUnits', window );">Conversion of OP units into common stock, shares</a></td>
        <td class="text">&#xA0;<span></span></td>
        <td class="nump">39,000<span></span></td>
        <td class="text">&#xA0;<span></span></td>
        <td class="text">&#xA0;<span></span></td>
        <td class="text">&#xA0;<span></span></td>
        <td class="text">&#xA0;<span></span></td>
        <td class="text">&#xA0;<span></span></td>
        <td class="text">&#xA0;<span></span></td>
        <td class="text">&#xA0;<span></span></td>
        <td class="text">&#xA0;<span></span></td>
        <td class="text">&#xA0;<span></span></td>
      </tr>
      <tr class="ro">
        <td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_DividendsPreferredStock', window );">Preferred distribution requirements</a></td>
        <td class="text">&#xA0;<span></span></td>
        <td class="text">&#xA0;<span></span></td>
        <td class="text">&#xA0;<span></span></td>
        <td class="text">&#xA0;<span></span></td>
        <td class="num">(10,196,000)<span></span></td>
        <td class="text">&#xA0;<span></span></td>
        <td class="num">(10,196,000)<span></span></td>
        <td class="text">&#xA0;<span></span></td>
        <td class="text">&#xA0;<span></span></td>
        <td class="text">&#xA0;<span></span></td>
        <td class="num">(10,196,000)<span></span></td>
      </tr>
      <tr class="re">
        <td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_Dividends', window );">Distributions to common shareholders/ noncontrolling interests</a></td>
        <td class="text">&#xA0;<span></span></td>
        <td class="text">&#xA0;<span></span></td>
        <td class="text">&#xA0;<span></span></td>
        <td class="text">&#xA0;<span></span></td>
        <td class="num">(17,749,000)<span></span></td>
        <td class="text">&#xA0;<span></span></td>
        <td class="num">(17,749,000)<span></span></td>
        <td class="num">(3,566,000)<span></span></td>
        <td class="num">(209,000)<span></span></td>
        <td class="num">(3,775,000)<span></span></td>
        <td class="num">(21,524,000)<span></span></td>
      </tr>
      <tr class="ro">
        <td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_cdr_ReallocationadjustmentoflimitedpartnersInterest', window );">Reallocation adjustment of limited partners' interest</a></td>
        <td class="text">&#xA0;<span></span></td>
        <td class="text">&#xA0;<span></span></td>
        <td class="text">&#xA0;<span></span></td>
        <td class="nump">1,667,000<span></span></td>
        <td class="text">&#xA0;<span></span></td>
        <td class="text">&#xA0;<span></span></td>
        <td class="nump">1,667,000<span></span></td>
        <td class="text">&#xA0;<span></span></td>
        <td class="num">(657,000)<span></span></td>
        <td class="num">(657,000)<span></span></td>
        <td class="nump">1,010,000<span></span></td>
      </tr>
      <tr class="rc">
        <td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_StockholdersEquityIncludingPortionAttributableToNoncontrollingInterest', window );">Balance at Dec. 31, 2010</a></td>
        <td class="nump">158,575,000<span></span></td>
        <td class="nump">3,991,000<span></span></td>
        <td class="num">(10,367,000)<span></span></td>
        <td class="nump">712,548,000<span></span></td>
        <td class="num">(231,275,000)<span></span></td>
        <td class="num">(3,406,000)<span></span></td>
        <td class="nump">630,066,000<span></span></td>
        <td class="nump">62,050,000<span></span></td>
        <td class="nump">6,355,000<span></span></td>
        <td class="nump">68,405,000<span></span></td>
        <td class="nump">698,471,000<span></span></td>
      </tr>
      <tr class="rc">
        <td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_SharesIssued', window );">Balance, shares at Dec. 31, 2010</a></td>
        <td class="nump">6,400,000<span></span></td>
        <td class="nump">66,520,000<span></span></td>
        <td class="text">&#xA0;<span></span></td>
        <td class="text">&#xA0;<span></span></td>
        <td class="text">&#xA0;<span></span></td>
        <td class="text">&#xA0;<span></span></td>
        <td class="text">&#xA0;<span></span></td>
        <td class="text">&#xA0;<span></span></td>
        <td class="text">&#xA0;<span></span></td>
        <td class="text">&#xA0;<span></span></td>
        <td class="text">&#xA0;<span></span></td>
      </tr>
      <tr class="re">
        <td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_NetIncomeLoss', window );">Net loss</a></td>
        <td class="text">&#xA0;<span></span></td>
        <td class="text">&#xA0;<span></span></td>
        <td class="text">&#xA0;<span></span></td>
        <td class="text">&#xA0;<span></span></td>
        <td class="num">(103,561,000)<span></span></td>
        <td class="text">&#xA0;<span></span></td>
        <td class="num">(103,561,000)<span></span></td>
        <td class="text">&#xA0;<span></span></td>
        <td class="text">&#xA0;<span></span></td>
        <td class="text">&#xA0;<span></span></td>
        <td class="num">(103,561,000)<span></span></td>
      </tr>
      <tr class="ro">
        <td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_cdr_NetLossPortionOfOperatingTotalNoncontrollingRegistrationRights', window );">Net loss, Noncontrolling Interests</a></td>
        <td class="text">&#xA0;<span></span></td>
        <td class="text">&#xA0;<span></span></td>
        <td class="text">&#xA0;<span></span></td>
        <td class="text">&#xA0;<span></span></td>
        <td class="text">&#xA0;<span></span></td>
        <td class="text">&#xA0;<span></span></td>
        <td class="text">&#xA0;<span></span></td>
        <td class="num">(2,507,000)<span></span></td>
        <td class="num">(1,320,000)<span></span></td>
        <td class="num">(3,827,000)<span></span></td>
        <td class="num">(107,388,000)<span></span></td>
      </tr>
      <tr class="re">
        <td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_OtherComprehensiveIncomeUnrealizedGainLossOnDerivativesArisingDuringPeriodNetOfTax', window );">Unrealized gain (loss) on change in fair value of cash flow hedges</a></td>
        <td class="text">&#xA0;<span></span></td>
        <td class="text">&#xA0;<span></span></td>
        <td class="text">&#xA0;<span></span></td>
        <td class="text">&#xA0;<span></span></td>
        <td class="text">&#xA0;<span></span></td>
        <td class="nump">11,000<span></span></td>
        <td class="nump">11,000<span></span></td>
        <td class="text">&#xA0;<span></span></td>
        <td class="num">(5,000)<span></span></td>
        <td class="num">(5,000)<span></span></td>
        <td class="nump">6,000<span></span></td>
      </tr>
      <tr class="ro">
        <td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_cdr_UnrealizedGainOnChangeInFairValueOfCashFlowHedgesUnconslidatedJointVenture', window );">Unrealized gain (loss) on change in fair value of cash flow hedges - unconsolidated joint venture</a></td>
        <td class="text">&#xA0;<span></span></td>
        <td class="text">&#xA0;<span></span></td>
        <td class="text">&#xA0;<span></span></td>
        <td class="text">&#xA0;<span></span></td>
        <td class="text">&#xA0;<span></span></td>
        <td class="num">(118,000)<span></span></td>
        <td class="num">(118,000)<span></span></td>
        <td class="text">&#xA0;<span></span></td>
        <td class="text">&#xA0;<span></span></td>
        <td class="text">&#xA0;<span></span></td>
        <td class="num">(118,000)<span></span></td>
      </tr>
      <tr class="reu">
        <td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_OtherComprehensiveIncomeLossNetOfTaxPeriodIncreaseDecrease', window );">Total other comprehensive loss</a></td>
        <td class="text">&#xA0;<span></span></td>
        <td class="text">&#xA0;<span></span></td>
        <td class="text">&#xA0;<span></span></td>
        <td class="text">&#xA0;<span></span></td>
        <td class="text">&#xA0;<span></span></td>
        <td class="text">&#xA0;<span></span></td>
        <td class="num">(103,668,000)<span></span></td>
        <td class="num">(2,507,000)<span></span></td>
        <td class="num">(1,325,000)<span></span></td>
        <td class="num">(3,832,000)<span></span></td>
        <td class="num">(107,500,000)<span></span></td>
      </tr>
      <tr class="ro">
        <td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_DeferredCompensationArrangementWithIndividualFairValueOfSharesIssued', window );">Share-based compensation, net</a></td>
        <td class="text">&#xA0;<span></span></td>
        <td class="nump">41,000<span></span></td>
        <td class="num">(161,000)<span></span></td>
        <td class="nump">1,753,000<span></span></td>
        <td class="text">&#xA0;<span></span></td>
        <td class="text">&#xA0;<span></span></td>
        <td class="nump">1,633,000<span></span></td>
        <td class="text">&#xA0;<span></span></td>
        <td class="text">&#xA0;<span></span></td>
        <td class="text">&#xA0;<span></span></td>
        <td class="nump">1,633,000<span></span></td>
      </tr>
      <tr class="re">
        <td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_DeferredCompensationArrangementWithIndividualSharesIssued', window );">Share-based compensation, net, shares</a></td>
        <td class="text">&#xA0;<span></span></td>
        <td class="nump">676,000<span></span></td>
        <td class="text">&#xA0;<span></span></td>
        <td class="text">&#xA0;<span></span></td>
        <td class="text">&#xA0;<span></span></td>
        <td class="text">&#xA0;<span></span></td>
        <td class="text">&#xA0;<span></span></td>
        <td class="text">&#xA0;<span></span></td>
        <td class="text">&#xA0;<span></span></td>
        <td class="text">&#xA0;<span></span></td>
        <td class="text">&#xA0;<span></span></td>
      </tr>
      <tr class="ro">
        <td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_StockIssuedDuringPeriodValueNewIssues', window );">Net proceeds from sales of stock</a></td>
        <td class="text">&#xA0;<span></span></td>
        <td class="nump">2,000<span></span></td>
        <td class="text">&#xA0;<span></span></td>
        <td class="nump">223,000<span></span></td>
        <td class="text">&#xA0;<span></span></td>
        <td class="text">&#xA0;<span></span></td>
        <td class="nump">225,000<span></span></td>
        <td class="text">&#xA0;<span></span></td>
        <td class="text">&#xA0;<span></span></td>
        <td class="text">&#xA0;<span></span></td>
        <td class="nump">225,000<span></span></td>
      </tr>
      <tr class="re">
        <td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_StockIssuedDuringPeriodSharesNewIssues', window );">Net proceeds from sales of stock, shares</a></td>
        <td class="text">&#xA0;<span></span></td>
        <td class="nump">39,000<span></span></td>
        <td class="text">&#xA0;<span></span></td>
        <td class="text">&#xA0;<span></span></td>
        <td class="text">&#xA0;<span></span></td>
        <td class="text">&#xA0;<span></span></td>
        <td class="text">&#xA0;<span></span></td>
        <td class="text">&#xA0;<span></span></td>
        <td class="text">&#xA0;<span></span></td>
        <td class="text">&#xA0;<span></span></td>
        <td class="text">&#xA0;<span></span></td>
      </tr>
      <tr class="ro">
        <td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_cdr_NetProceedsFromDividendReinvestmentAndDirectStockPurchasePlan', window );">Net proceeds from dividend reinvestment and direct stock purchase plan</a></td>
        <td class="text">&#xA0;<span></span></td>
        <td class="nump">42,000<span></span></td>
        <td class="text">&#xA0;<span></span></td>
        <td class="nump">4,038,000<span></span></td>
        <td class="text">&#xA0;<span></span></td>
        <td class="text">&#xA0;<span></span></td>
        <td class="nump">4,080,000<span></span></td>
        <td class="text">&#xA0;<span></span></td>
        <td class="text">&#xA0;<span></span></td>
        <td class="text">&#xA0;<span></span></td>
        <td class="nump">4,080,000<span></span></td>
      </tr>
      <tr class="re">
        <td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_cdr_NetProceedsFromDividendReinvestmentAndDirectStockPurchasePlanShares', window );">Net proceeds from dividend reinvestment and direct stock purchase plan, shares</a></td>
        <td class="text">&#xA0;<span></span></td>
        <td class="nump">693,000<span></span></td>
        <td class="text">&#xA0;<span></span></td>
        <td class="text">&#xA0;<span></span></td>
        <td class="text">&#xA0;<span></span></td>
        <td class="text">&#xA0;<span></span></td>
        <td class="text">&#xA0;<span></span></td>
        <td class="text">&#xA0;<span></span></td>
        <td class="text">&#xA0;<span></span></td>
        <td class="text">&#xA0;<span></span></td>
        <td class="text">&#xA0;<span></span></td>
      </tr>
      <tr class="ro">
        <td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_DividendsPreferredStock', window );">Preferred distribution requirements</a></td>
        <td class="text">&#xA0;<span></span></td>
        <td class="text">&#xA0;<span></span></td>
        <td class="text">&#xA0;<span></span></td>
        <td class="text">&#xA0;<span></span></td>
        <td class="num">(14,200,000)<span></span></td>
        <td class="text">&#xA0;<span></span></td>
        <td class="num">(14,200,000)<span></span></td>
        <td class="text">&#xA0;<span></span></td>
        <td class="text">&#xA0;<span></span></td>
        <td class="text">&#xA0;<span></span></td>
        <td class="num">(14,200,000)<span></span></td>
      </tr>
      <tr class="re">
        <td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_Dividends', window );">Distributions to common shareholders/ noncontrolling interests</a></td>
        <td class="text">&#xA0;<span></span></td>
        <td class="text">&#xA0;<span></span></td>
        <td class="text">&#xA0;<span></span></td>
        <td class="text">&#xA0;<span></span></td>
        <td class="num">(24,705,000)<span></span></td>
        <td class="text">&#xA0;<span></span></td>
        <td class="num">(24,705,000)<span></span></td>
        <td class="num">(3,301,000)<span></span></td>
        <td class="num">(276,000)<span></span></td>
        <td class="num">(3,577,000)<span></span></td>
        <td class="num">(28,282,000)<span></span></td>
      </tr>
      <tr class="ro">
        <td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_MinorityInterestIncreaseFromStockIssuance', window );">Contribution from minority interest partners</a></td>
        <td class="text">&#xA0;<span></span></td>
        <td class="text">&#xA0;<span></span></td>
        <td class="text">&#xA0;<span></span></td>
        <td class="text">&#xA0;<span></span></td>
        <td class="text">&#xA0;<span></span></td>
        <td class="text">&#xA0;<span></span></td>
        <td class="text">&#xA0;<span></span></td>
        <td class="nump">269,000<span></span></td>
        <td class="text">&#xA0;<span></span></td>
        <td class="nump">269,000<span></span></td>
        <td class="nump">269,000<span></span></td>
      </tr>
      <tr class="re">
        <td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_cdr_ReallocationadjustmentoflimitedpartnersInterest', window );">Reallocation adjustment of limited partners' interest</a></td>
        <td class="text">&#xA0;<span></span></td>
        <td class="text">&#xA0;<span></span></td>
        <td class="text">&#xA0;<span></span></td>
        <td class="nump">412,000<span></span></td>
        <td class="text">&#xA0;<span></span></td>
        <td class="text">&#xA0;<span></span></td>
        <td class="nump">412,000<span></span></td>
        <td class="text">&#xA0;<span></span></td>
        <td class="nump">664,000<span></span></td>
        <td class="nump">664,000<span></span></td>
        <td class="nump">1,076,000<span></span></td>
      </tr>
      <tr class="rc">
        <td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_StockholdersEquityIncludingPortionAttributableToNoncontrollingInterest', window );">Balance at Dec. 31, 2011</a></td>
        <td class="nump">$ 158,575,000<span></span></td>
        <td class="nump">$ 4,076,000<span></span></td>
        <td class="num">$ (10,528,000)<span></span></td>
        <td class="nump">$ 718,974,000<span></span></td>
        <td class="num">$ (373,741,000)<span></span></td>
        <td class="num">$ (3,513,000)<span></span></td>
        <td class="nump">$ 493,843,000<span></span></td>
        <td class="nump">$ 56,511,000<span></span></td>
        <td class="nump">$ 5,418,000<span></span></td>
        <td class="nump">$ 61,929,000<span></span></td>
        <td class="nump">$ 555,772,000<span></span></td>
      </tr>
      <tr class="rc">
        <td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_SharesIssued', window );">Balance, shares at Dec. 31, 2011</a></td>
        <td class="nump">6,400,000<span></span></td>
        <td class="nump">67,928,000<span></span></td>
        <td class="text">&#xA0;<span></span></td>
        <td class="text">&#xA0;<span></span></td>
        <td class="text">&#xA0;<span></span></td>
        <td class="text">&#xA0;<span></span></td>
        <td class="text">&#xA0;<span></span></td>
        <td class="text">&#xA0;<span></span></td>
        <td class="text">&#xA0;<span></span></td>
        <td class="text">&#xA0;<span></span></td>
        <td class="text">&#xA0;<span></span></td>
      </tr>
    </table>
    <div style="display: none;">
      <table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_cdr_AdditionalNoncontrollingInterestsShares">
        <tr>
          <td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td>
        </tr>
        <tr>
          <td>
            <div class="body" style="padding: 2px;"><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div>
                <p>Additional Noncontrolling Interests' Shares</p>
              </div><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;">
                <p>No definition available.</p>
              </div><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;">
                <table border="0" cellpadding="0" cellspacing="0">
                  <tr>
                    <td><strong> Name:</strong></td>
                    <td><nobr>cdr_AdditionalNoncontrollingInterestsShares</nobr></td>
                  </tr>
                  <tr>
                    <td style="padding-right: 4px;"><nobr><strong> Namespace Prefix:</strong></nobr></td>
                    <td>cdr_</td>
                  </tr>
                  <tr>
                    <td><strong> Data Type:</strong></td>
                    <td>xbrli:monetaryItemType</td>
                  </tr>
                  <tr>
                    <td><strong> Balance Type:</strong></td>
                    <td>credit</td>
                  </tr>
                  <tr>
                    <td><strong> Period Type:</strong></td>
                    <td>duration</td>
                  </tr>
                </table>
              </div>
            </div>
          </td>
        </tr>
      </table>
      <table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_cdr_NetLossPortionOfOperatingTotalNoncontrollingRegistrationRights">
        <tr>
          <td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td>
        </tr>
        <tr>
          <td>
            <div class="body" style="padding: 2px;"><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div>
                <p>Portion of operating total non-controlling interest rights.</p>
              </div><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;">
                <p>No definition available.</p>
              </div><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;">
                <table border="0" cellpadding="0" cellspacing="0">
                  <tr>
                    <td><strong> Name:</strong></td>
                    <td><nobr>cdr_NetLossPortionOfOperatingTotalNoncontrollingRegistrationRights</nobr></td>
                  </tr>
                  <tr>
                    <td style="padding-right: 4px;"><nobr><strong> Namespace Prefix:</strong></nobr></td>
                    <td>cdr_</td>
                  </tr>
                  <tr>
                    <td><strong> Data Type:</strong></td>
                    <td>xbrli:monetaryItemType</td>
                  </tr>
                  <tr>
                    <td><strong> Balance Type:</strong></td>
                    <td>credit</td>
                  </tr>
                  <tr>
                    <td><strong> Period Type:</strong></td>
                    <td>duration</td>
                  </tr>
                </table>
              </div>
            </div>
          </td>
        </tr>
      </table>
      <table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_cdr_NetProceedsFromDividendReinvestmentAndDirectStockPurchasePlan">
        <tr>
          <td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td>
        </tr>
        <tr>
          <td>
            <div class="body" style="padding: 2px;"><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div>
                <p>Net proceeds from dividend reinvestment and direct stock purchase plan</p>
              </div><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;">
                <p>No definition available.</p>
              </div><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;">
                <table border="0" cellpadding="0" cellspacing="0">
                  <tr>
                    <td><strong> Name:</strong></td>
                    <td><nobr>cdr_NetProceedsFromDividendReinvestmentAndDirectStockPurchasePlan</nobr></td>
                  </tr>
                  <tr>
                    <td style="padding-right: 4px;"><nobr><strong> Namespace Prefix:</strong></nobr></td>
                    <td>cdr_</td>
                  </tr>
                  <tr>
                    <td><strong> Data Type:</strong></td>
                    <td>xbrli:monetaryItemType</td>
                  </tr>
                  <tr>
                    <td><strong> Balance Type:</strong></td>
                    <td>credit</td>
                  </tr>
                  <tr>
                    <td><strong> Period Type:</strong></td>
                    <td>duration</td>
                  </tr>
                </table>
              </div>
            </div>
          </td>
        </tr>
      </table>
      <table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_cdr_NetProceedsFromDividendReinvestmentAndDirectStockPurchasePlanShares">
        <tr>
          <td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td>
        </tr>
        <tr>
          <td>
            <div class="body" style="padding: 2px;"><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div>
                <p>Net proceeds from dividend reinvestment and direct stock purchase plan (shares)</p>
              </div><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;">
                <p>No definition available.</p>
              </div><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;">
                <table border="0" cellpadding="0" cellspacing="0">
                  <tr>
                    <td><strong> Name:</strong></td>
                    <td><nobr>cdr_NetProceedsFromDividendReinvestmentAndDirectStockPurchasePlanShares</nobr></td>
                  </tr>
                  <tr>
                    <td style="padding-right: 4px;"><nobr><strong> Namespace Prefix:</strong></nobr></td>
                    <td>cdr_</td>
                  </tr>
                  <tr>
                    <td><strong> Data Type:</strong></td>
                    <td>xbrli:sharesItemType</td>
                  </tr>
                  <tr>
                    <td><strong> Balance Type:</strong></td>
                    <td>na</td>
                  </tr>
                  <tr>
                    <td><strong> Period Type:</strong></td>
                    <td>duration</td>
                  </tr>
                </table>
              </div>
            </div>
          </td>
        </tr>
      </table>
      <table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_cdr_ReallocationadjustmentoflimitedpartnersInterest">
        <tr>
          <td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td>
        </tr>
        <tr>
          <td>
            <div class="body" style="padding: 2px;"><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div>
                <p>This element represents reallocation adjustment of limited partners' interest.</p>
              </div><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;">
                <p>No definition available.</p>
              </div><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;">
                <table border="0" cellpadding="0" cellspacing="0">
                  <tr>
                    <td><strong> Name:</strong></td>
                    <td><nobr>cdr_ReallocationadjustmentoflimitedpartnersInterest</nobr></td>
                  </tr>
                  <tr>
                    <td style="padding-right: 4px;"><nobr><strong> Namespace Prefix:</strong></nobr></td>
                    <td>cdr_</td>
                  </tr>
                  <tr>
                    <td><strong> Data Type:</strong></td>
                    <td>xbrli:monetaryItemType</td>
                  </tr>
                  <tr>
                    <td><strong> Balance Type:</strong></td>
                    <td>credit</td>
                  </tr>
                  <tr>
                    <td><strong> Period Type:</strong></td>
                    <td>duration</td>
                  </tr>
                </table>
              </div>
            </div>
          </td>
        </tr>
      </table>
      <table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_cdr_StockAndWarrantsIssuedDuringPeriodSharesNewIssues">
        <tr>
          <td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td>
        </tr>
        <tr>
          <td>
            <div class="body" style="padding: 2px;"><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div>
                <p>Stock and Warrants Issued During Period Shares New Issues</p>
              </div><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;">
                <p>No definition available.</p>
              </div><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;">
                <table border="0" cellpadding="0" cellspacing="0">
                  <tr>
                    <td><strong> Name:</strong></td>
                    <td><nobr>cdr_StockAndWarrantsIssuedDuringPeriodSharesNewIssues</nobr></td>
                  </tr>
                  <tr>
                    <td style="padding-right: 4px;"><nobr><strong> Namespace Prefix:</strong></nobr></td>
                    <td>cdr_</td>
                  </tr>
                  <tr>
                    <td><strong> Data Type:</strong></td>
                    <td>xbrli:sharesItemType</td>
                  </tr>
                  <tr>
                    <td><strong> Balance Type:</strong></td>
                    <td>na</td>
                  </tr>
                  <tr>
                    <td><strong> Period Type:</strong></td>
                    <td>duration</td>
                  </tr>
                </table>
              </div>
            </div>
          </td>
        </tr>
      </table>
      <table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_cdr_StockAndWarrantsIssuedDuringPeriodValueNewIssues">
        <tr>
          <td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td>
        </tr>
        <tr>
          <td>
            <div class="body" style="padding: 2px;"><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div>
                <p>Stock and Warrants Issued During Period Value New Issues</p>
              </div><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;">
                <p>No definition available.</p>
              </div><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;">
                <table border="0" cellpadding="0" cellspacing="0">
                  <tr>
                    <td><strong> Name:</strong></td>
                    <td><nobr>cdr_StockAndWarrantsIssuedDuringPeriodValueNewIssues</nobr></td>
                  </tr>
                  <tr>
                    <td style="padding-right: 4px;"><nobr><strong> Namespace Prefix:</strong></nobr></td>
                    <td>cdr_</td>
                  </tr>
                  <tr>
                    <td><strong> Data Type:</strong></td>
                    <td>xbrli:monetaryItemType</td>
                  </tr>
                  <tr>
                    <td><strong> Balance Type:</strong></td>
                    <td>credit</td>
                  </tr>
                  <tr>
                    <td><strong> Period Type:</strong></td>
                    <td>duration</td>
                  </tr>
                </table>
              </div>
            </div>
          </td>
        </tr>
      </table>
      <table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_cdr_UnrealizedGainOnChangeInFairValueOfCashFlowHedgesUnconslidatedJointVenture">
        <tr>
          <td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td>
        </tr>
        <tr>
          <td>
            <div class="body" style="padding: 2px;"><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div>
                <p>Unrealized gain on change in fair value of cash flow hedges unconslidated joint venture.</p>
              </div><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;">
                <p>No definition available.</p>
              </div><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;">
                <table border="0" cellpadding="0" cellspacing="0">
                  <tr>
                    <td><strong> Name:</strong></td>
                    <td><nobr>cdr_UnrealizedGainOnChangeInFairValueOfCashFlowHedgesUnconslidatedJointVenture</nobr></td>
                  </tr>
                  <tr>
                    <td style="padding-right: 4px;"><nobr><strong> Namespace Prefix:</strong></nobr></td>
                    <td>cdr_</td>
                  </tr>
                  <tr>
                    <td><strong> Data Type:</strong></td>
                    <td>xbrli:monetaryItemType</td>
                  </tr>
                  <tr>
                    <td><strong> Balance Type:</strong></td>
                    <td>credit</td>
                  </tr>
                  <tr>
                    <td><strong> Period Type:</strong></td>
                    <td>duration</td>
                  </tr>
                </table>
              </div>
            </div>
          </td>
        </tr>
      </table>
      <table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_us-gaap_DeferredCompensationArrangementWithIndividualFairValueOfSharesIssued">
        <tr>
          <td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td>
        </tr>
        <tr>
          <td>
            <div class="body" style="padding: 2px;"><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div>
                <p>The total fair value of shares issued during the period under a deferred compensation arrangement.</p>
              </div><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;">
                <p>Reference 1: http://www.xbrl.org/2003/role/presentationRef<br><br> -Publisher FASB<br><br> -Name Statement of Financial Accounting Standard (FAS)<br><br> -Number 123R<br><br> -Paragraph 64, 65<br><br> -LegacyDoc This reference is SUPERSEDED by the Accounting Standards Codification effective for interim and annual periods ending after September 15, 2009.  This reference is included to help users transition from the previous accounting hierarchy and will be removed from future versions of this taxonomy.<br><br><br><br>Reference 2: http://www.xbrl.org/2003/role/presentationRef<br><br> -Publisher FASB<br><br> -Name Statement of Financial Accounting Standard (FAS)<br><br> -Number 123R<br><br> -Paragraph A240<br><br> -Subparagraph b<br><br> -LegacyDoc This reference is SUPERSEDED by the Accounting Standards Codification effective for interim and annual periods ending after September 15, 2009.  This reference is included to help users transition from the previous accounting hierarchy and will be removed from future versions of this taxonomy.<br><br><br><br>Reference 3: http://www.xbrl.org/2003/role/presentationRef<br><br> -Publisher FASB<br><br> -Name Accounting Standards Codification<br><br> -Topic 718<br><br> -SubTopic 10<br><br> -Section 50<br><br> -Paragraph 2<br><br> -Subparagraph (c)(2)<br><br> -URI http://asc.fasb.org/extlink&amp;oid=6415400&amp;loc=d3e5070-113901<br><br><br><br></p>
              </div><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;">
                <table border="0" cellpadding="0" cellspacing="0">
                  <tr>
                    <td><strong> Name:</strong></td>
                    <td><nobr>us-gaap_DeferredCompensationArrangementWithIndividualFairValueOfSharesIssued</nobr></td>
                  </tr>
                  <tr>
                    <td style="padding-right: 4px;"><nobr><strong> Namespace Prefix:</strong></nobr></td>
                    <td>us-gaap_</td>
                  </tr>
                  <tr>
                    <td><strong> Data Type:</strong></td>
                    <td>xbrli:monetaryItemType</td>
                  </tr>
                  <tr>
                    <td><strong> Balance Type:</strong></td>
                    <td>credit</td>
                  </tr>
                  <tr>
                    <td><strong> Period Type:</strong></td>
                    <td>duration</td>
                  </tr>
                </table>
              </div>
            </div>
          </td>
        </tr>
      </table>
      <table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_us-gaap_DeferredCompensationArrangementWithIndividualSharesIssued">
        <tr>
          <td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td>
        </tr>
        <tr>
          <td>
            <div class="body" style="padding: 2px;"><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div>
                <p>The number of shares issued pursuant to the terms of the deferred compensation plan as of the balance sheet date.</p>
              </div><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;">
                <p>Reference 1: http://www.xbrl.org/2003/role/presentationRef<br><br> -Publisher FASB<br><br> -Name Statement of Financial Accounting Standard (FAS)<br><br> -Number 123R<br><br> -Paragraph 64<br><br> -LegacyDoc This reference is SUPERSEDED by the Accounting Standards Codification effective for interim and annual periods ending after September 15, 2009.  This reference is included to help users transition from the previous accounting hierarchy and will be removed from future versions of this taxonomy.<br><br><br><br>Reference 2: http://www.xbrl.org/2003/role/presentationRef<br><br> -Publisher FASB<br><br> -Name Statement of Financial Accounting Standard (FAS)<br><br> -Number 123R<br><br> -Paragraph 65<br><br> -LegacyDoc This reference is SUPERSEDED by the Accounting Standards Codification effective for interim and annual periods ending after September 15, 2009.  This reference is included to help users transition from the previous accounting hierarchy and will be removed from future versions of this taxonomy.<br><br><br><br>Reference 3: http://www.xbrl.org/2003/role/presentationRef<br><br> -Publisher FASB<br><br> -Name Accounting Standards Codification<br><br> -Topic 718<br><br> -SubTopic 10<br><br> -Section 50<br><br> -Paragraph 2<br><br> -Subparagraph (l)<br><br> -URI http://asc.fasb.org/extlink&amp;oid=6415400&amp;loc=d3e5070-113901<br><br><br><br></p>
              </div><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;">
                <table border="0" cellpadding="0" cellspacing="0">
                  <tr>
                    <td><strong> Name:</strong></td>
                    <td><nobr>us-gaap_DeferredCompensationArrangementWithIndividualSharesIssued</nobr></td>
                  </tr>
                  <tr>
                    <td style="padding-right: 4px;"><nobr><strong> Namespace Prefix:</strong></nobr></td>
                    <td>us-gaap_</td>
                  </tr>
                  <tr>
                    <td><strong> Data Type:</strong></td>
                    <td>xbrli:sharesItemType</td>
                  </tr>
                  <tr>
                    <td><strong> Balance Type:</strong></td>
                    <td>na</td>
                  </tr>
                  <tr>
                    <td><strong> Period Type:</strong></td>
                    <td>duration</td>
                  </tr>
                </table>
              </div>
            </div>
          </td>
        </tr>
      </table>
      <table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_us-gaap_Dividends">
        <tr>
          <td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td>
        </tr>
        <tr>
          <td>
            <div class="body" style="padding: 2px;"><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div>
                <p>Equity impact of aggregate cash, stock, and paid-in-kind dividends declared for all securities (common shares, preferred shares, etc.) during the period.</p>
              </div><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;">
                <p>Reference 1: http://www.xbrl.org/2003/role/presentationRef<br><br> -Publisher FASB<br><br> -Name Accounting Standards Codification<br><br> -Topic 942<br><br> -SubTopic 405<br><br> -Section 45<br><br> -Paragraph 2<br><br> -URI http://asc.fasb.org/extlink&amp;oid=6957935&amp;loc=d3e64057-112817<br><br><br><br>Reference 2: http://www.xbrl.org/2003/role/presentationRef<br><br> -Publisher SEC<br><br> -Name Regulation S-X (SX)<br><br> -Number 210<br><br> -Section 04<br><br> -Article 3<br><br><br><br>Reference 3: http://www.xbrl.org/2003/role/presentationRef<br><br> -Publisher AICPA<br><br> -Name Statement of Position (SOP)<br><br> -Number 01-6<br><br> -Paragraph 14<br><br> -Subparagraph l<br><br> -LegacyDoc This reference is SUPERSEDED by the Accounting Standards Codification effective for interim and annual periods ending after September 15, 2009.  This reference is included to help users transition from the previous accounting hierarchy and will be removed from future versions of this taxonomy.<br><br><br><br>Reference 4: http://www.xbrl.org/2003/role/presentationRef<br><br> -Publisher FASB<br><br> -Name Accounting Standards Codification<br><br> -Topic 505<br><br> -SubTopic 10<br><br> -Section S99<br><br> -Paragraph 1<br><br> -Subparagraph (SX 210.3-04)<br><br> -URI http://asc.fasb.org/extlink&amp;oid=6959260&amp;loc=d3e187085-122770<br><br><br><br></p>
              </div><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;">
                <table border="0" cellpadding="0" cellspacing="0">
                  <tr>
                    <td><strong> Name:</strong></td>
                    <td><nobr>us-gaap_Dividends</nobr></td>
                  </tr>
                  <tr>
                    <td style="padding-right: 4px;"><nobr><strong> Namespace Prefix:</strong></nobr></td>
                    <td>us-gaap_</td>
                  </tr>
                  <tr>
                    <td><strong> Data Type:</strong></td>
                    <td>xbrli:monetaryItemType</td>
                  </tr>
                  <tr>
                    <td><strong> Balance Type:</strong></td>
                    <td>debit</td>
                  </tr>
                  <tr>
                    <td><strong> Period Type:</strong></td>
                    <td>duration</td>
                  </tr>
                </table>
              </div>
            </div>
          </td>
        </tr>
      </table>
      <table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_us-gaap_DividendsPreferredStock">
        <tr>
          <td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td>
        </tr>
        <tr>
          <td>
            <div class="body" style="padding: 2px;"><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div>
                <p>Equity impact of aggregate cash, stock, and paid-in-kind dividends declared for preferred shareholders during the period.</p>
              </div><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;">
                <p>Reference 1: http://www.xbrl.org/2003/role/presentationRef<br><br> -Publisher FASB<br><br> -Name Accounting Standards Codification<br><br> -Topic 942<br><br> -SubTopic 405<br><br> -Section 45<br><br> -Paragraph 2<br><br> -URI http://asc.fasb.org/extlink&amp;oid=6957935&amp;loc=d3e64057-112817<br><br><br><br>Reference 2: http://www.xbrl.org/2003/role/presentationRef<br><br> -Publisher SEC<br><br> -Name Regulation S-X (SX)<br><br> -Number 210<br><br> -Section 04<br><br> -Article 3<br><br><br><br>Reference 3: http://www.xbrl.org/2003/role/presentationRef<br><br> -Publisher AICPA<br><br> -Name Statement of Position (SOP)<br><br> -Number 01-6<br><br> -Paragraph 14<br><br> -Subparagraph l<br><br> -LegacyDoc This reference is SUPERSEDED by the Accounting Standards Codification effective for interim and annual periods ending after September 15, 2009.  This reference is included to help users transition from the previous accounting hierarchy and will be removed from future versions of this taxonomy.<br><br><br><br>Reference 4: http://www.xbrl.org/2003/role/presentationRef<br><br> -Publisher FASB<br><br> -Name Accounting Standards Codification<br><br> -Topic 505<br><br> -SubTopic 10<br><br> -Section S99<br><br> -Paragraph 1<br><br> -Subparagraph (SX 210.3-04)<br><br> -URI http://asc.fasb.org/extlink&amp;oid=6959260&amp;loc=d3e187085-122770<br><br><br><br></p>
              </div><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;">
                <table border="0" cellpadding="0" cellspacing="0">
                  <tr>
                    <td><strong> Name:</strong></td>
                    <td><nobr>us-gaap_DividendsPreferredStock</nobr></td>
                  </tr>
                  <tr>
                    <td style="padding-right: 4px;"><nobr><strong> Namespace Prefix:</strong></nobr></td>
                    <td>us-gaap_</td>
                  </tr>
                  <tr>
                    <td><strong> Data Type:</strong></td>
                    <td>xbrli:monetaryItemType</td>
                  </tr>
                  <tr>
                    <td><strong> Balance Type:</strong></td>
                    <td>debit</td>
                  </tr>
                  <tr>
                    <td><strong> Period Type:</strong></td>
                    <td>duration</td>
                  </tr>
                </table>
              </div>
            </div>
          </td>
        </tr>
      </table>
      <table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_us-gaap_MinorityInterestIncreaseFromStockIssuance">
        <tr>
          <td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td>
        </tr>
        <tr>
          <td>
            <div class="body" style="padding: 2px;"><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div>
                <p>Represents an increase in noncontrolling interest from issuance of additional equity interests to noncontrolling interest holders or the sale of a portion of the parent's controlling interest.</p>
              </div><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;">
                <p>Reference 1: http://www.xbrl.org/2003/role/presentationRef<br><br> -Publisher AICPA<br><br> -Name Accounting Research Bulletin (ARB)<br><br> -Number 51<br><br> -Paragraph 38<br><br> -Subparagraph c(2)<br><br> -LegacyDoc This reference is SUPERSEDED by the Accounting Standards Codification effective for interim and annual periods ending after September 15, 2009.  This reference is included to help users transition from the previous accounting hierarchy and will be removed from future versions of this taxonomy.<br><br><br><br>Reference 2: http://www.xbrl.org/2003/role/presentationRef<br><br> -Publisher FASB<br><br> -Name Accounting Standards Codification<br><br> -Topic 505<br><br> -SubTopic 10<br><br> -Section S99<br><br> -Paragraph 1<br><br> -Subparagraph (SX 210.3-04)<br><br> -URI http://asc.fasb.org/extlink&amp;oid=6959260&amp;loc=d3e187085-122770<br><br><br><br>Reference 3: http://www.xbrl.org/2003/role/presentationRef<br><br> -Publisher FASB<br><br> -Name Accounting Standards Codification<br><br> -Topic 810<br><br> -SubTopic 10<br><br> -Section 45<br><br> -Paragraph 23<br><br> -URI http://asc.fasb.org/extlink&amp;oid=6921628&amp;loc=SL4569655-111683<br><br><br><br>Reference 4: http://www.xbrl.org/2003/role/presentationRef<br><br> -Publisher FASB<br><br> -Name Accounting Standards Codification<br><br> -Topic 810<br><br> -SubTopic 10<br><br> -Section 45<br><br> -Paragraph 24<br><br> -URI http://asc.fasb.org/extlink&amp;oid=6921628&amp;loc=SL4616395-111683<br><br><br><br></p>
              </div><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;">
                <table border="0" cellpadding="0" cellspacing="0">
                  <tr>
                    <td><strong> Name:</strong></td>
                    <td><nobr>us-gaap_MinorityInterestIncreaseFromStockIssuance</nobr></td>
                  </tr>
                  <tr>
                    <td style="padding-right: 4px;"><nobr><strong> Namespace Prefix:</strong></nobr></td>
                    <td>us-gaap_</td>
                  </tr>
                  <tr>
                    <td><strong> Data Type:</strong></td>
                    <td>xbrli:monetaryItemType</td>
                  </tr>
                  <tr>
                    <td><strong> Balance Type:</strong></td>
                    <td>credit</td>
                  </tr>
                  <tr>
                    <td><strong> Period Type:</strong></td>
                    <td>duration</td>
                  </tr>
                </table>
              </div>
            </div>
          </td>
        </tr>
      </table>
      <table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_us-gaap_NetIncomeLoss">
        <tr>
          <td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td>
        </tr>
        <tr>
          <td>
            <div class="body" style="padding: 2px;"><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div>
                <p>The portion of profit or loss for the period, net of income taxes, which is attributable to the parent.</p>
              </div><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;">
                <p>Reference 1: http://www.xbrl.org/2003/role/presentationRef<br><br> -Publisher FASB<br><br> -Name Accounting Standards Codification<br><br> -Topic 944<br><br> -SubTopic 225<br><br> -Section S99<br><br> -Paragraph 1<br><br> -Subparagraph (SX 210.7-04.22)<br><br> -URI http://asc.fasb.org/extlink&amp;oid=6879464&amp;loc=d3e573970-122913<br><br><br><br>Reference 2: http://www.xbrl.org/2003/role/presentationRef<br><br> -Publisher FASB<br><br> -Name Accounting Standards Codification<br><br> -Topic 230<br><br> -SubTopic 10<br><br> -Section 45<br><br> -Paragraph 28<br><br> -URI http://asc.fasb.org/extlink&amp;oid=6943989&amp;loc=d3e3602-108585<br><br><br><br>Reference 3: http://www.xbrl.org/2003/role/presentationRef<br><br> -Publisher FASB<br><br> -Name Accounting Standards Codification<br><br> -Topic 225<br><br> -SubTopic 10<br><br> -Section S99<br><br> -Paragraph 2<br><br> -Subparagraph (SX 210.5-03.18)<br><br> -URI http://asc.fasb.org/extlink&amp;oid=6880815&amp;loc=d3e20235-122688<br><br><br><br>Reference 4: http://www.xbrl.org/2003/role/presentationRef<br><br> -Publisher AICPA<br><br> -Name Accounting Research Bulletin (ARB)<br><br> -Number 51<br><br> -Paragraph 38<br><br> -Subparagraph a<br><br> -LegacyDoc This reference is SUPERSEDED by the Accounting Standards Codification effective for interim and annual periods ending after September 15, 2009.  This reference is included to help users transition from the previous accounting hierarchy and will be removed from future versions of this taxonomy.<br><br><br><br>Reference 5: http://www.xbrl.org/2003/role/presentationRef<br><br> -Publisher FASB<br><br> -Name Accounting Standards Codification<br><br> -Topic 260<br><br> -SubTopic 10<br><br> -Section 50<br><br> -Paragraph 1<br><br> -URI http://asc.fasb.org/extlink&amp;oid=6371337&amp;loc=d3e3550-109257<br><br><br><br>Reference 6: http://www.xbrl.org/2003/role/presentationRef<br><br> -Publisher FASB<br><br> -Name Accounting Standards Codification<br><br> -Topic 220<br><br> -SubTopic 10<br><br> -Section 45<br><br> -Paragraph 6<br><br> -URI http://asc.fasb.org/extlink&amp;oid=6920043&amp;loc=d3e565-108580<br><br><br><br>Reference 7: http://www.xbrl.org/2003/role/presentationRef<br><br> -Publisher AICPA<br><br> -Name Accounting Research Bulletin (ARB)<br><br> -Number 51<br><br> -Paragraph A7<br><br> -Appendix A<br><br><br><br>Reference 8: http://www.xbrl.org/2003/role/presentationRef<br><br> -Publisher FASB<br><br> -Name Statement of Financial Accounting Standard (FAS)<br><br> -Number 130<br><br> -Paragraph 10, 15<br><br> -LegacyDoc This reference is SUPERSEDED by the Accounting Standards Codification effective for interim and annual periods ending after September 15, 2009.  This reference is included to help users transition from the previous accounting hierarchy and will be removed from future versions of this taxonomy.<br><br><br><br>Reference 9: http://www.xbrl.org/2003/role/presentationRef<br><br> -Publisher FASB<br><br> -Name Accounting Standards Codification<br><br> -Glossary Other Comprehensive Income<br><br> -URI http://asc.fasb.org/extlink&amp;oid=6519514<br><br><br><br>Reference 10: http://www.xbrl.org/2003/role/presentationRef<br><br> -Publisher AICPA<br><br> -Name Accounting Research Bulletin (ARB)<br><br> -Number 51<br><br> -Paragraph 38<br><br> -Subparagraph d<br><br> -LegacyDoc This reference is SUPERSEDED by the Accounting Standards Codification effective for interim and annual periods ending after September 15, 2009.  This reference is included to help users transition from the previous accounting hierarchy and will be removed from future versions of this taxonomy.<br><br><br><br>Reference 11: http://www.xbrl.org/2003/role/presentationRef<br><br> -Publisher FASB<br><br> -Name Emerging Issues Task Force (EITF)<br><br> -Number 87-21<br><br> -LegacyDoc This reference is SUPERSEDED by the Accounting Standards Codification effective for interim and annual periods ending after September 15, 2009.  This reference is included to help users transition from the previous accounting hierarchy and will be removed from future versions of this taxonomy.<br><br><br><br>Reference 12: http://www.xbrl.org/2003/role/presentationRef<br><br> -Publisher FASB<br><br> -Name Accounting Standards Codification<br><br> -Glossary Net Income<br><br> -URI http://asc.fasb.org/extlink&amp;oid=6518256<br><br><br><br>Reference 13: http://www.xbrl.org/2003/role/presentationRef<br><br> -Publisher FASB<br><br> -Name Accounting Standards Codification<br><br> -Topic 944<br><br> -SubTopic 225<br><br> -Section S99<br><br> -Paragraph 1<br><br> -Subparagraph (SX 210.7-04.19)<br><br> -URI http://asc.fasb.org/extlink&amp;oid=6879464&amp;loc=d3e573970-122913<br><br><br><br>Reference 14: http://www.xbrl.org/2003/role/presentationRef<br><br> -Publisher SEC<br><br> -Name Regulation S-X (SX)<br><br> -Number 210<br><br> -Article 5<br><br> -Section 03<br><br> -Paragraph 19<br><br><br><br>Reference 15: http://www.xbrl.org/2003/role/presentationRef<br><br> -Publisher FASB<br><br> -Name Statement of Financial Accounting Standard (FAS)<br><br> -Number 95<br><br> -Paragraph 28, 29, 30<br><br> -LegacyDoc This reference is SUPERSEDED by the Accounting Standards Codification effective for interim and annual periods ending after September 15, 2009.  This reference is included to help users transition from the previous accounting hierarchy and will be removed from future versions of this taxonomy.<br><br><br><br>Reference 16: http://www.xbrl.org/2003/role/presentationRef<br><br> -Publisher SEC<br><br> -Name Regulation S-X (SX)<br><br> -Number 210<br><br> -Section 04<br><br> -Paragraph 20<br><br> -Article 9<br><br><br><br></p>
              </div><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;">
                <table border="0" cellpadding="0" cellspacing="0">
                  <tr>
                    <td><strong> Name:</strong></td>
                    <td><nobr>us-gaap_NetIncomeLoss</nobr></td>
                  </tr>
                  <tr>
                    <td style="padding-right: 4px;"><nobr><strong> Namespace Prefix:</strong></nobr></td>
                    <td>us-gaap_</td>
                  </tr>
                  <tr>
                    <td><strong> Data Type:</strong></td>
                    <td>xbrli:monetaryItemType</td>
                  </tr>
                  <tr>
                    <td><strong> Balance Type:</strong></td>
                    <td>credit</td>
                  </tr>
                  <tr>
                    <td><strong> Period Type:</strong></td>
                    <td>duration</td>
                  </tr>
                </table>
              </div>
            </div>
          </td>
        </tr>
      </table>
      <table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_us-gaap_OtherComprehensiveIncomeLossNetOfTaxPeriodIncreaseDecrease">
        <tr>
          <td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td>
        </tr>
        <tr>
          <td>
            <div class="body" style="padding: 2px;"><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div>
                <p>This element represents Other Comprehensive Income or Loss, Net of Tax, for the period.  Includes deferred gains or losses on qualifying hedges, unrealized holding gains or losses on available-for-sale securities, minimum pension liability, and cumulative translation adjustment. While for technical reasons this element has no balance attribute, the default assumption is a credit balance consistent with its label.</p>
              </div><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;">
                <p>Reference 1: http://www.xbrl.org/2003/role/presentationRef<br><br> -Publisher FASB<br><br> -Name Statement of Financial Accounting Standard (FAS)<br><br> -Number 130<br><br> -Paragraph 22, 23, 24, 25<br><br> -LegacyDoc This reference is SUPERSEDED by the Accounting Standards Codification effective for interim and annual periods ending after September 15, 2009.  This reference is included to help users transition from the previous accounting hierarchy and will be removed from future versions of this taxonomy.<br><br><br><br>Reference 2: http://www.xbrl.org/2003/role/presentationRef<br><br> -Publisher FASB<br><br> -Name Accounting Standards Codification<br><br> -Topic 505<br><br> -SubTopic 10<br><br> -Section 50<br><br> -Paragraph 2<br><br> -URI http://asc.fasb.org/extlink&amp;oid=6928386&amp;loc=d3e21463-112644<br><br><br><br>Reference 3: http://www.xbrl.org/2003/role/presentationRef<br><br> -Publisher AICPA<br><br> -Name Accounting Principles Board Opinion (APB)<br><br> -Number 12<br><br> -Paragraph 10<br><br> -LegacyDoc This reference is SUPERSEDED by the Accounting Standards Codification effective for interim and annual periods ending after September 15, 2009.  This reference is included to help users transition from the previous accounting hierarchy and will be removed from future versions of this taxonomy.<br><br><br><br>Reference 4: http://www.xbrl.org/2003/role/presentationRef<br><br> -Publisher FASB<br><br> -Name Accounting Standards Codification<br><br> -Topic 220<br><br> -SubTopic 10<br><br> -Section 45<br><br> -Paragraph 8<br><br> -URI http://asc.fasb.org/extlink&amp;oid=6920043&amp;loc=d3e599-108580<br><br><br><br>Reference 5: http://www.xbrl.org/2003/role/presentationRef<br><br> -Publisher SEC<br><br> -Name Regulation S-X (SX)<br><br> -Number 210<br><br> -Section 02<br><br> -Paragraph 31<br><br> -Article 5<br><br><br><br>Reference 6: http://www.xbrl.org/2003/role/presentationRef<br><br> -Publisher SEC<br><br> -Name Regulation S-X (SX)<br><br> -Number 210<br><br> -Section 04<br><br> -Article 3<br><br><br><br>Reference 7: http://www.xbrl.org/2003/role/presentationRef<br><br> -Publisher AICPA<br><br> -Name Accounting Research Bulletin (ARB)<br><br> -Number 51<br><br> -Paragraph 38<br><br> -Subparagraph c(3)<br><br> -LegacyDoc This reference is SUPERSEDED by the Accounting Standards Codification effective for interim and annual periods ending after September 15, 2009.  This reference is included to help users transition from the previous accounting hierarchy and will be removed from future versions of this taxonomy.<br><br><br><br></p>
              </div><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;">
                <table border="0" cellpadding="0" cellspacing="0">
                  <tr>
                    <td><strong> Name:</strong></td>
                    <td><nobr>us-gaap_OtherComprehensiveIncomeLossNetOfTaxPeriodIncreaseDecrease</nobr></td>
                  </tr>
                  <tr>
                    <td style="padding-right: 4px;"><nobr><strong> Namespace Prefix:</strong></nobr></td>
                    <td>us-gaap_</td>
                  </tr>
                  <tr>
                    <td><strong> Data Type:</strong></td>
                    <td>xbrli:monetaryItemType</td>
                  </tr>
                  <tr>
                    <td><strong> Balance Type:</strong></td>
                    <td>na</td>
                  </tr>
                  <tr>
                    <td><strong> Period Type:</strong></td>
                    <td>duration</td>
                  </tr>
                </table>
              </div>
            </div>
          </td>
        </tr>
      </table>
      <table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_us-gaap_OtherComprehensiveIncomeUnrealizedGainLossOnDerivativesArisingDuringPeriodNetOfTax">
        <tr>
          <td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td>
        </tr>
        <tr>
          <td>
            <div class="body" style="padding: 2px;"><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div>
                <p>Change in accumulated gains and losses from derivative instrument designated and qualifying as the effective portion of cash flow hedges, net of tax effect. The after tax effect change includes an entity's share of an equity investee's Increase or Decrease in deferred hedging gains or losses.</p>
              </div><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;">
                <p>Reference 1: http://www.xbrl.org/2003/role/presentationRef<br><br> -Publisher FASB<br><br> -Name Accounting Standards Codification<br><br> -Topic 815<br><br> -SubTopic 30<br><br> -Section 45<br><br> -Paragraph 1<br><br> -URI http://asc.fasb.org/extlink&amp;oid=6441202&amp;loc=d3e80720-113993<br><br><br><br>Reference 2: http://www.xbrl.org/2003/role/presentationRef<br><br> -Publisher FASB<br><br> -Name Statement of Financial Accounting Standard (FAS)<br><br> -Number 130<br><br> -Paragraph 24<br><br> -Subparagraph b<br><br> -LegacyDoc This reference is SUPERSEDED by the Accounting Standards Codification effective for interim and annual periods ending after September 15, 2009.  This reference is included to help users transition from the previous accounting hierarchy and will be removed from future versions of this taxonomy.<br><br><br><br>Reference 3: http://www.xbrl.org/2003/role/presentationRef<br><br> -Publisher AICPA<br><br> -Name Accounting Research Bulletin (ARB)<br><br> -Number 51<br><br> -Paragraph 38<br><br> -Subparagraph c(3)<br><br> -LegacyDoc This reference is SUPERSEDED by the Accounting Standards Codification effective for interim and annual periods ending after September 15, 2009.  This reference is included to help users transition from the previous accounting hierarchy and will be removed from future versions of this taxonomy.<br><br><br><br>Reference 4: http://www.xbrl.org/2003/role/presentationRef<br><br> -Publisher FASB<br><br> -Name Statement of Financial Accounting Standard (FAS)<br><br> -Number 130<br><br> -Paragraph 17, 20<br><br> -LegacyDoc This reference is SUPERSEDED by the Accounting Standards Codification effective for interim and annual periods ending after September 15, 2009.  This reference is included to help users transition from the previous accounting hierarchy and will be removed from future versions of this taxonomy.<br><br><br><br>Reference 5: http://www.xbrl.org/2003/role/presentationRef<br><br> -Publisher FASB<br><br> -Name Accounting Standards Codification<br><br> -Topic 220<br><br> -SubTopic 10<br><br> -Section 55<br><br> -Paragraph 2<br><br> -Subparagraph (d)<br><br> -URI http://asc.fasb.org/extlink&amp;oid=6920433&amp;loc=d3e998-108581<br><br><br><br>Reference 6: http://www.xbrl.org/2003/role/presentationRef<br><br> -Publisher FASB<br><br> -Name Statement of Financial Accounting Standard (FAS)<br><br> -Number 133<br><br> -Paragraph 46<br><br> -LegacyDoc This reference is SUPERSEDED by the Accounting Standards Codification effective for interim and annual periods ending after September 15, 2009.  This reference is included to help users transition from the previous accounting hierarchy and will be removed from future versions of this taxonomy.<br><br><br><br>Reference 7: http://www.xbrl.org/2003/role/presentationRef<br><br> -Publisher FASB<br><br> -Name Accounting Standards Codification<br><br> -Topic 815<br><br> -SubTopic 10<br><br> -Section 50<br><br> -Paragraph 4C<br><br> -Subparagraph (b)<br><br> -URI http://asc.fasb.org/extlink&amp;oid=6935481&amp;loc=SL5624171-113959<br><br><br><br>Reference 8: http://www.xbrl.org/2003/role/presentationRef<br><br> -Publisher FASB<br><br> -Name Accounting Standards Codification<br><br> -Topic 220<br><br> -SubTopic 10<br><br> -Section 45<br><br> -Paragraph 11<br><br> -URI http://asc.fasb.org/extlink&amp;oid=6920043&amp;loc=d3e637-108580<br><br><br><br>Reference 9: http://www.xbrl.org/2003/role/presentationRef<br><br> -Publisher FASB<br><br> -Name Statement of Financial Accounting Standard (FAS)<br><br> -Number 130<br><br> -Paragraph 121<br><br> -LegacyDoc This reference is SUPERSEDED by the Accounting Standards Codification effective for interim and annual periods ending after September 15, 2009.  This reference is included to help users transition from the previous accounting hierarchy and will be removed from future versions of this taxonomy.<br><br><br><br>Reference 10: http://www.xbrl.org/2003/role/presentationRef<br><br> -Publisher FASB<br><br> -Name Accounting Standards Codification<br><br> -Topic 220<br><br> -SubTopic 10<br><br> -Section 45<br><br> -Paragraph 13<br><br> -URI http://asc.fasb.org/extlink&amp;oid=6920043&amp;loc=d3e653-108580<br><br><br><br></p>
              </div><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;">
                <table border="0" cellpadding="0" cellspacing="0">
                  <tr>
                    <td><strong> Name:</strong></td>
                    <td><nobr>us-gaap_OtherComprehensiveIncomeUnrealizedGainLossOnDerivativesArisingDuringPeriodNetOfTax</nobr></td>
                  </tr>
                  <tr>
                    <td style="padding-right: 4px;"><nobr><strong> Namespace Prefix:</strong></nobr></td>
                    <td>us-gaap_</td>
                  </tr>
                  <tr>
                    <td><strong> Data Type:</strong></td>
                    <td>xbrli:monetaryItemType</td>
                  </tr>
                  <tr>
                    <td><strong> Balance Type:</strong></td>
                    <td>credit</td>
                  </tr>
                  <tr>
                    <td><strong> Period Type:</strong></td>
                    <td>duration</td>
                  </tr>
                </table>
              </div>
            </div>
          </td>
        </tr>
      </table>
      <table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_us-gaap_SharesIssued">
        <tr>
          <td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td>
        </tr>
        <tr>
          <td>
            <div class="body" style="padding: 2px;"><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div>
                <p>Number of shares of stock issued as of the balance sheet date, including shares that had been issued and were previously outstanding but which are now held in the treasury.</p>
              </div><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;">
                <p>Reference 1: http://www.xbrl.org/2003/role/presentationRef<br><br> -Publisher FASB<br><br> -Name Accounting Standards Codification<br><br> -Topic 505<br><br> -SubTopic 10<br><br> -Section 50<br><br> -Paragraph 2<br><br> -URI http://asc.fasb.org/extlink&amp;oid=6928386&amp;loc=d3e21463-112644<br><br><br><br></p>
              </div><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;">
                <table border="0" cellpadding="0" cellspacing="0">
                  <tr>
                    <td><strong> Name:</strong></td>
                    <td><nobr>us-gaap_SharesIssued</nobr></td>
                  </tr>
                  <tr>
                    <td style="padding-right: 4px;"><nobr><strong> Namespace Prefix:</strong></nobr></td>
                    <td>us-gaap_</td>
                  </tr>
                  <tr>
                    <td><strong> Data Type:</strong></td>
                    <td>xbrli:sharesItemType</td>
                  </tr>
                  <tr>
                    <td><strong> Balance Type:</strong></td>
                    <td>na</td>
                  </tr>
                  <tr>
                    <td><strong> Period Type:</strong></td>
                    <td>instant</td>
                  </tr>
                </table>
              </div>
            </div>
          </td>
        </tr>
      </table>
      <table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_us-gaap_StockholdersEquityIncludingPortionAttributableToNoncontrollingInterest">
        <tr>
          <td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td>
        </tr>
        <tr>
          <td>
            <div class="body" style="padding: 2px;"><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div>
                <p>Total of Stockholders' Equity (deficit) items, net of receivables from officers, directors, owners, and affiliates of the entity including portions attributable to both the parent and noncontrolling interests (previously referred to as minority interest), if any. The entity including portions attributable to the parent and noncontrolling interests is sometimes referred to as the economic entity. This excludes temporary equity and is sometimes called permanent equity.</p>
              </div><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;">
                <p>Reference 1: http://www.xbrl.org/2003/role/presentationRef<br><br> -Publisher FASB<br><br> -Name Accounting Standards Codification<br><br> -Topic 810<br><br> -SubTopic 10<br><br> -Section 45<br><br> -Paragraph 16<br><br> -URI http://asc.fasb.org/extlink&amp;oid=6921628&amp;loc=SL4568740-111683<br><br><br><br>Reference 2: http://www.xbrl.org/2003/role/presentationRef<br><br> -Publisher FASB<br><br> -Name Accounting Standards Codification<br><br> -Topic 810<br><br> -SubTopic 10<br><br> -Section 55<br><br> -Paragraph 4I<br><br> -URI http://asc.fasb.org/extlink&amp;oid=6922042&amp;loc=SL4590271-111686<br><br><br><br>Reference 3: http://www.xbrl.org/2003/role/presentationRef<br><br> -Name Accounting Research Bulletin (ARB)<br><br> -Publisher AICPA<br><br> -Number 51<br><br> -Paragraph 26<br><br> -LegacyDoc This reference is SUPERSEDED by the Accounting Standards Codification effective for interim and annual periods ending after September 15, 2009.  This reference is included to help users transition from the previous accounting hierarchy and will be removed from future versions of this taxonomy.<br><br><br><br>Reference 4: http://www.xbrl.org/2003/role/presentationRef<br><br> -Publisher AICPA<br><br> -Name Accounting Research Bulletin (ARB)<br><br> -Number 51<br><br> -Paragraph A3<br><br> -Appendix A<br><br><br><br>Reference 5: http://www.xbrl.org/2003/role/presentationRef<br><br> -Publisher AICPA<br><br> -Name Accounting Research Bulletin (ARB)<br><br> -Number 51<br><br> -Paragraph 25<br><br> -LegacyDoc This reference is SUPERSEDED by the Accounting Standards Codification effective for interim and annual periods ending after September 15, 2009.  This reference is included to help users transition from the previous accounting hierarchy and will be removed from future versions of this taxonomy.<br><br><br><br>Reference 6: http://www.xbrl.org/2003/role/presentationRef<br><br> -Publisher FASB<br><br> -Name Accounting Standards Codification<br><br> -Topic 810<br><br> -SubTopic 10<br><br> -Section 45<br><br> -Paragraph 15<br><br> -URI http://asc.fasb.org/extlink&amp;oid=6921628&amp;loc=SL4568447-111683<br><br><br><br></p>
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            <div class="body" style="padding: 2px;"><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div>
                <p>The number of shares issued during the period upon the conversion of units. An example of a convertible unit is an umbrella partnership real estate investment trust unit (UPREIT unit).</p>
              </div><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;">
                <p>Reference 1: http://www.xbrl.org/2003/role/presentationRef<br><br> -Publisher FASB<br><br> -Name Accounting Standards Codification<br><br> -Topic 505<br><br> -SubTopic 10<br><br> -Section 50<br><br> -Paragraph 3<br><br> -URI http://asc.fasb.org/extlink&amp;oid=6928386&amp;loc=d3e21475-112644<br><br><br><br>Reference 2: http://www.xbrl.org/2003/role/presentationRef<br><br> -Publisher SEC<br><br> -Name Regulation S-X (SX)<br><br> -Number 210<br><br> -Section 04<br><br> -Article 3<br><br><br><br>Reference 3: http://www.xbrl.org/2003/role/presentationRef<br><br> -Publisher FASB<br><br> -Name Statement of Financial Accounting Standard (FAS)<br><br> -Number 129<br><br> -Paragraph 4, 5<br><br> -LegacyDoc This reference is SUPERSEDED by the Accounting Standards Codification effective for interim and annual periods ending after September 15, 2009.  This reference is included to help users transition from the previous accounting hierarchy and will be removed from future versions of this taxonomy.<br><br><br><br>Reference 4: http://www.xbrl.org/2003/role/presentationRef<br><br> -Publisher AICPA<br><br> -Name Accounting Principles Board Opinion (APB)<br><br> -Number 12<br><br> -Paragraph 10<br><br> -LegacyDoc This reference is SUPERSEDED by the Accounting Standards Codification effective for interim and annual periods ending after September 15, 2009.  This reference is included to help users transition from the previous accounting hierarchy and will be removed from future versions of this taxonomy.<br><br><br><br>Reference 5: http://www.xbrl.org/2003/role/presentationRef<br><br> -Publisher FASB<br><br> -Name Accounting Standards Codification<br><br> -Topic 210<br><br> -SubTopic 10<br><br> -Section S99<br><br> -Paragraph 1<br><br> -Subparagraph (SX 210.5-02.28,29)<br><br> -URI http://asc.fasb.org/extlink&amp;oid=6877327&amp;loc=d3e13212-122682<br><br><br><br>Reference 6: http://www.xbrl.org/2003/role/presentationRef<br><br> -Publisher FASB<br><br> -Name Accounting Standards Codification<br><br> -Topic 505<br><br> -SubTopic 10<br><br> -Section S99<br><br> -Paragraph 1<br><br> -Subparagraph (SX 210.3-04)<br><br> -URI http://asc.fasb.org/extlink&amp;oid=6959260&amp;loc=d3e187085-122770<br><br><br><br>Reference 7: http://www.xbrl.org/2003/role/presentationRef<br><br> -Publisher SEC<br><br> -Name Regulation S-X (SX)<br><br> -Number 210<br><br> -Section 02<br><br> -Paragraph 29, 30, 31<br><br> -Article 5<br><br><br><br>Reference 8: http://www.xbrl.org/2003/role/presentationRef<br><br> -Publisher FASB<br><br> -Name Accounting Standards Codification<br><br> -Topic 505<br><br> -SubTopic 10<br><br> -Section 50<br><br> -Paragraph 2<br><br> -URI http://asc.fasb.org/extlink&amp;oid=6928386&amp;loc=d3e21463-112644<br><br><br><br></p>
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                <p>Number of new stock issued during the period.</p>
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                <p>Value of stock issued during the period upon the conversion of units. An example of a convertible unit is an umbrella partnership real estate investment trust unit (UPREIT unit).</p>
              </div><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;">
                <p>Reference 1: http://www.xbrl.org/2003/role/presentationRef<br><br> -Publisher SEC<br><br> -Name Regulation S-X (SX)<br><br> -Number 210<br><br> -Section 02<br><br> -Paragraph 29, 30, 31<br><br> -Article 5<br><br><br><br>Reference 2: http://www.xbrl.org/2003/role/presentationRef<br><br> -Publisher FASB<br><br> -Name Accounting Standards Codification<br><br> -Topic 505<br><br> -SubTopic 10<br><br> -Section S99<br><br> -Paragraph 1<br><br> -Subparagraph (SX 210.3-04)<br><br> -URI http://asc.fasb.org/extlink&amp;oid=6959260&amp;loc=d3e187085-122770<br><br><br><br>Reference 3: http://www.xbrl.org/2003/role/presentationRef<br><br> -Publisher AICPA<br><br> -Name Accounting Principles Board Opinion (APB)<br><br> -Number 12<br><br> -Paragraph 10<br><br> -LegacyDoc This reference is SUPERSEDED by the Accounting Standards Codification effective for interim and annual periods ending after September 15, 2009.  This reference is included to help users transition from the previous accounting hierarchy and will be removed from future versions of this taxonomy.<br><br><br><br>Reference 4: http://www.xbrl.org/2003/role/presentationRef<br><br> -Publisher FASB<br><br> -Name Accounting Standards Codification<br><br> -Topic 505<br><br> -SubTopic 10<br><br> -Section 50<br><br> -Paragraph 2<br><br> -URI http://asc.fasb.org/extlink&amp;oid=6928386&amp;loc=d3e21463-112644<br><br><br><br>Reference 5: http://www.xbrl.org/2003/role/presentationRef<br><br> -Publisher SEC<br><br> -Name Regulation S-X (SX)<br><br> -Number 210<br><br> -Section 04<br><br> -Article 3<br><br><br><br>Reference 6: http://www.xbrl.org/2003/role/presentationRef<br><br> -Publisher FASB<br><br> -Name Statement of Financial Accounting Standard (FAS)<br><br> -Number 129<br><br> -Paragraph 4, 5<br><br> -LegacyDoc This reference is SUPERSEDED by the Accounting Standards Codification effective for interim and annual periods ending after September 15, 2009.  This reference is included to help users transition from the previous accounting hierarchy and will be removed from future versions of this taxonomy.<br><br><br><br>Reference 7: http://www.xbrl.org/2003/role/presentationRef<br><br> -Publisher FASB<br><br> -Name Accounting Standards Codification<br><br> -Topic 210<br><br> -SubTopic 10<br><br> -Section S99<br><br> -Paragraph 1<br><br> -Subparagraph (SX 210.5-02.29-31)<br><br> -URI http://asc.fasb.org/extlink&amp;oid=6877327&amp;loc=d3e13212-122682<br><br><br><br></p>
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                <p>Value of stock issued during the period from a dividend reinvestment plan (DRIP). A dividend reinvestment plan allows the holder of the stock to reinvest dividends paid to them by the entity on new issues of stock by the entity.</p>
              </div><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;">
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                <p>Equity impact of the value of new stock issued during the period. Includes shares issued in an initial public offering or a secondary public offering.</p>
              </div><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;">
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  <body><span style="display: none;">v2.4.0.6</span><table class="report" border="0" cellspacing="2" id="ID0EME">
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          <div style="width: 200px;"><strong>Investment In Cedar/RioCan Joint Venture<br></strong></div>
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        <th class="th" colspan="1">12 Months Ended</th>
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          <div>Dec. 31, 2011</div>
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        <td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_cdr_InvestmentInJointVentureAbstract', window );"><strong>Investment In Cedar/RioCan Joint Venture [Abstract]</strong></a></td>
        <td class="text">&#xA0;<span></span></td>
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        <td class="text"><div> <p style="text-align: left;"><b><font style="font-family: TimesNewRomanPS-BoldMT,Times New Roman,Times,serif;" class="_mt" size="3">Note 4. Investment in Cedar/RioCan Joint Venture</font></b></p>

<p style="text-align: left;">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<font style="font-family: TimesNewRomanPSMT,Times New Roman,Times,serif;" class="_mt" size="3">The Company and RioCan have entered into an 80% (RioCan) and 20% (Cedar) joint venture (i) initially for the purchase of seven supermarket-anchored properties previously owned </font><font style="font-family: TimesNewRomanPSMT,Times New Roman,Times,serif;" class="_mt" size="3">by the Company (completed in May 2010), and (ii) then to acquire additional primarily supermarket-anchored properties in the Company's primary market areas, in the same joint venture format. At December 31, 2011, the joint venture owned 22 properties.</font></p>

<p style="text-align: left;">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<font style="font-family: TimesNewRomanPSMT,Times New Roman,Times,serif;" class="_mt" size="3">The Company earned fees from the joint venture of approximately $2.8 million and $3.6 million for 2011 and 2010, respectively, representing accounting fees, management fees, acquisition fees and financing fees. Such fees are included in other revenues in the accompanying statements of operations.</font></p>

<p style="text-align: left;">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<font style="font-family: TimesNewRomanPSMT,Times New Roman,Times,serif;" class="_mt" size="3">In connection with the formation of the joint venture and the agreement to transfer the seven properties which were reclassified as "held for sale", the Company recorded impairment charges of $2.5 million and $23.6 million in 2010 and 2009, respectively. Such charges were based on a comparison of the arms-length negotiated transfer amounts set forth in the contract with the carrying values of the properties transferred. In 2010, the Company incurred fees to its investment advisor as it relates to the Cedar/RioCan joint venture of $2.7 million. The joint venture agreement provides that, any time after December 10, 2012, either the Company or RioCan may initiate a "buy/sell" arrangement pursuant to which the initiating party can designate a value for all the joint venture's properties (in the aggregate), and the other party may then elect either to sell its proportionate ownership interest in the joint venture based on that value or to purchase the initiating party's ownership interest based on such valuation.</font></p>

<p style="text-align: left;">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<font style="font-family: TimesNewRomanPSMT,Times New Roman,Times,serif;" class="_mt" size="3">The following summarizes certain financial information related to the Company's investment in the Cedar/RioCan unconsolidated joint venture:</font></p>

<div>&nbsp;</div><br />

<div>

<table border="0" cellspacing="0">
<tr><td width="62%">&nbsp; </td>
<td width="3%">&nbsp; </td>
<td width="13%">&nbsp; </td>
<td width="3%">&nbsp; </td>
<td width="3%">&nbsp; </td>
<td width="12%">&nbsp; </td></tr>
<tr valign="bottom"><td style="border-bottom: #000000 1px solid;" width="62%" align="left"><b><font style="font-family: TimesNewRomanPS-BoldMT,Times New Roman,Times,serif;" class="_mt" size="2">Balance Sheets</font></b> </td>
<td style="border-bottom: #000000 1px solid;" width="34%" colspan="5" align="center"><b><font style="font-family: TimesNewRomanPS-BoldMT,Times New Roman,Times,serif;" class="_mt" size="2">December 31,</font></b> </td></tr>
<tr valign="bottom"><td width="62%" align="left">&nbsp; </td>
<td style="border-bottom: #000000 1px solid;" width="19%" colspan="3" align="center"><b><font style="font-family: TimesNewRomanPS-BoldMT,Times New Roman,Times,serif;" class="_mt" size="2">2011</font></b> </td>
<td style="border-bottom: #000000 1px solid;" width="15%" colspan="2" align="center"><b><font style="font-family: TimesNewRomanPS-BoldMT,Times New Roman,Times,serif;" class="_mt" size="2">2010</font></b> </td></tr>
<tr valign="bottom"><td width="62%" align="left"><font style="font-family: TimesNewRomanPSMT,Times New Roman,Times,serif;" class="_mt" size="2">Assets:</font> </td>
<td width="3%" align="right">&nbsp; </td>
<td width="13%" align="left">&nbsp; </td>
<td width="3%" align="left">&nbsp; </td>
<td width="3%" align="right">&nbsp; </td>
<td width="12%" align="left">&nbsp; </td></tr>
<tr valign="bottom"><td width="62%" align="left"><font style="font-family: TimesNewRomanPSMT,Times New Roman,Times,serif;" class="_mt" size="2">Real estate, net</font> </td>
<td width="3%" align="right"><font style="font-family: TimesNewRomanPSMT,Times New Roman,Times,serif;" class="_mt" size="2">$</font> </td>
<td width="13%" align="right"><font style="font-family: TimesNewRomanPSMT,Times New Roman,Times,serif;" class="_mt" size="2">532,071,000</font> </td>
<td width="3%" align="left">&nbsp; </td>
<td width="3%" align="right"><font style="font-family: TimesNewRomanPSMT,Times New Roman,Times,serif;" class="_mt" size="2">$</font> </td>
<td width="12%" align="right"><font style="font-family: TimesNewRomanPSMT,Times New Roman,Times,serif;" class="_mt" size="2">524,447,000</font> </td></tr>
<tr valign="bottom"><td width="62%" align="left"><font style="font-family: TimesNewRomanPSMT,Times New Roman,Times,serif;" class="_mt" size="2">Cash and cash equivalents</font> </td>
<td width="3%" align="right">&nbsp; </td>
<td width="13%" align="right"><font style="font-family: TimesNewRomanPSMT,Times New Roman,Times,serif;" class="_mt" size="2">12,797,000</font> </td>
<td width="3%" align="left">&nbsp; </td>
<td width="3%" align="right">&nbsp; </td>
<td width="12%" align="right"><font style="font-family: TimesNewRomanPSMT,Times New Roman,Times,serif;" class="_mt" size="2">5,934,000</font> </td></tr>
<tr valign="bottom"><td width="62%" align="left"><font style="font-family: TimesNewRomanPSMT,Times New Roman,Times,serif;" class="_mt" size="2">Restricted cash</font> </td>
<td width="3%" align="right">&nbsp; </td>
<td width="13%" align="right"><font style="font-family: TimesNewRomanPSMT,Times New Roman,Times,serif;" class="_mt" size="2">3,689,000</font> </td>
<td width="3%" align="left">&nbsp; </td>
<td width="3%" align="right">&nbsp; </td>
<td width="12%" align="right"><font style="font-family: TimesNewRomanPSMT,Times New Roman,Times,serif;" class="_mt" size="2">4,464,000</font> </td></tr>
<tr valign="bottom"><td width="62%" align="left"><font style="font-family: TimesNewRomanPSMT,Times New Roman,Times,serif;" class="_mt" size="2">Rent and other receivables</font> </td>
<td width="3%" align="right">&nbsp; </td>
<td width="13%" align="right"><font style="font-family: TimesNewRomanPSMT,Times New Roman,Times,serif;" class="_mt" size="2">2,419,000</font> </td>
<td width="3%" align="left">&nbsp; </td>
<td width="3%" align="right">&nbsp; </td>
<td width="12%" align="right"><font style="font-family: TimesNewRomanPSMT,Times New Roman,Times,serif;" class="_mt" size="2">2,074,000</font> </td></tr>
<tr valign="bottom"><td width="62%" align="left"><font style="font-family: TimesNewRomanPSMT,Times New Roman,Times,serif;" class="_mt" size="2">Straight-line rent</font> </td>
<td width="3%" align="right">&nbsp; </td>
<td width="13%" align="right"><font style="font-family: TimesNewRomanPSMT,Times New Roman,Times,serif;" class="_mt" size="2">2,743,000</font> </td>
<td width="3%" align="left">&nbsp; </td>
<td width="3%" align="right">&nbsp; </td>
<td width="12%" align="right"><font style="font-family: TimesNewRomanPSMT,Times New Roman,Times,serif;" class="_mt" size="2">1,000,000</font> </td></tr>
<tr valign="bottom"><td width="62%" align="left"><font style="font-family: TimesNewRomanPSMT,Times New Roman,Times,serif;" class="_mt" size="2">Deferred charges, net</font> </td>
<td width="3%" align="right">&nbsp; </td>
<td width="13%" align="right"><font style="font-family: TimesNewRomanPSMT,Times New Roman,Times,serif;" class="_mt" size="2">12,682,000</font> </td>
<td width="3%" align="left">&nbsp; </td>
<td width="3%" align="right">&nbsp; </td>
<td width="12%" align="right"><font style="font-family: TimesNewRomanPSMT,Times New Roman,Times,serif;" class="_mt" size="2">13,269,000</font> </td></tr>
<tr valign="bottom"><td width="62%" align="left"><font style="font-family: TimesNewRomanPSMT,Times New Roman,Times,serif;" class="_mt" size="2">Other assets</font> </td>
<td style="border-bottom: #000000 1px solid;" width="3%" align="right">&nbsp; </td>
<td style="border-bottom: #000000 1px solid;" width="13%" align="right"><font style="font-family: TimesNewRomanPSMT,Times New Roman,Times,serif;" class="_mt" size="2">5,549,000</font> </td>
<td style="border-bottom: #000000 1px solid;" width="3%" align="left">&nbsp; </td>
<td style="border-bottom: #000000 1px solid;" width="3%" align="right">&nbsp; </td>
<td style="border-bottom: #000000 1px solid;" width="12%" align="right"><font style="font-family: TimesNewRomanPSMT,Times New Roman,Times,serif;" class="_mt" size="2">8,514,000</font> </td></tr>
<tr valign="bottom"><td width="62%" align="left"><font style="font-family: TimesNewRomanPSMT,Times New Roman,Times,serif;" class="_mt" size="2">Total assets</font> </td>
<td style="border-bottom: #000000 3px double;" width="3%" align="right"><font style="font-family: TimesNewRomanPSMT,Times New Roman,Times,serif;" class="_mt" size="2">$</font> </td>
<td style="border-bottom: #000000 3px double;" width="13%" align="right"><font style="font-family: TimesNewRomanPSMT,Times New Roman,Times,serif;" class="_mt" size="2">571,950,000</font> </td>
<td style="border-bottom: #000000 3px double;" width="3%" align="left">&nbsp; </td>
<td style="border-bottom: #000000 3px double;" width="3%" align="right"><font style="font-family: TimesNewRomanPSMT,Times New Roman,Times,serif;" class="_mt" size="2">$</font> </td>
<td style="border-bottom: #000000 3px double;" width="12%" align="right"><font style="font-family: TimesNewRomanPSMT,Times New Roman,Times,serif;" class="_mt" size="2">559,702,000</font> </td></tr>
<tr><td width="96%" colspan="6">&nbsp; </td></tr>
<tr valign="bottom"><td width="62%" align="left"><font style="font-family: TimesNewRomanPSMT,Times New Roman,Times,serif;" class="_mt" size="2">Liabilities and partners' capital:</font> </td>
<td width="3%" align="right">&nbsp; </td>
<td width="13%" align="left">&nbsp; </td>
<td width="3%" align="left">&nbsp; </td>
<td width="3%" align="right">&nbsp; </td>
<td width="12%" align="left">&nbsp; </td></tr>
<tr valign="bottom"><td width="62%" align="left"><font style="font-family: TimesNewRomanPSMT,Times New Roman,Times,serif;" class="_mt" size="2">Mortgage loans payable</font> </td>
<td width="3%" align="right"><font style="font-family: TimesNewRomanPSMT,Times New Roman,Times,serif;" class="_mt" size="2">$</font> </td>
<td width="13%" align="right"><font style="font-family: TimesNewRomanPSMT,Times New Roman,Times,serif;" class="_mt" size="2">317,293,000</font> </td>
<td width="3%" align="left">&nbsp; </td>
<td width="3%" align="right"><font style="font-family: TimesNewRomanPSMT,Times New Roman,Times,serif;" class="_mt" size="2">$</font> </td>
<td width="12%" align="right"><font style="font-family: TimesNewRomanPSMT,Times New Roman,Times,serif;" class="_mt" size="2">293,400,000</font> </td></tr>
<tr valign="bottom"><td width="62%" align="left"><font style="font-family: TimesNewRomanPSMT,Times New Roman,Times,serif;" class="_mt" size="2">Due to the Company</font> </td>
<td width="3%" align="right">&nbsp; </td>
<td width="13%" align="right"><font style="font-family: TimesNewRomanPSMT,Times New Roman,Times,serif;" class="_mt" size="2">1,203,000</font> </td>
<td width="3%" align="left">&nbsp; </td>
<td width="3%" align="right">&nbsp; </td>
<td width="12%" align="right"><font style="font-family: TimesNewRomanPSMT,Times New Roman,Times,serif;" class="_mt" size="2">6,036,000</font> </td></tr>
<tr valign="bottom"><td width="62%" align="left"><font style="font-family: TimesNewRomanPSMT,Times New Roman,Times,serif;" class="_mt" size="2">Unamortized lease liability</font> </td>
<td width="3%" align="right">&nbsp; </td>
<td width="13%" align="right"><font style="font-family: TimesNewRomanPSMT,Times New Roman,Times,serif;" class="_mt" size="2">22,182,000</font> </td>
<td width="3%" align="left">&nbsp; </td>
<td width="3%" align="right">&nbsp; </td>
<td width="12%" align="right"><font style="font-family: TimesNewRomanPSMT,Times New Roman,Times,serif;" class="_mt" size="2">24,573,000</font> </td></tr>
<tr valign="bottom"><td width="62%" align="left"><font style="font-family: TimesNewRomanPSMT,Times New Roman,Times,serif;" class="_mt" size="2">Other liabilities</font> </td>
<td style="border-bottom: #000000 1px solid;" width="3%" align="right">&nbsp; </td>
<td style="border-bottom: #000000 1px solid;" width="13%" align="right"><font style="font-family: TimesNewRomanPSMT,Times New Roman,Times,serif;" class="_mt" size="2">8,248,000</font> </td>
<td style="border-bottom: #000000 1px solid;" width="3%" align="left">&nbsp; </td>
<td style="border-bottom: #000000 1px solid;" width="3%" align="right">&nbsp; </td>
<td style="border-bottom: #000000 1px solid;" width="12%" align="right"><font style="font-family: TimesNewRomanPSMT,Times New Roman,Times,serif;" class="_mt" size="2">7,738,000</font> </td></tr>
<tr valign="bottom"><td width="62%" align="left"><font style="font-family: TimesNewRomanPSMT,Times New Roman,Times,serif;" class="_mt" size="2">Total liabilities</font> </td>
<td width="3%" align="right">&nbsp; </td>
<td width="13%" align="right"><font style="font-family: TimesNewRomanPSMT,Times New Roman,Times,serif;" class="_mt" size="2">348,926,000</font> </td>
<td width="3%" align="left">&nbsp; </td>
<td width="3%" align="right">&nbsp; </td>
<td width="12%" align="right"><font style="font-family: TimesNewRomanPSMT,Times New Roman,Times,serif;" class="_mt" size="2">331,747,000</font> </td></tr>
<tr><td width="96%" colspan="6">&nbsp; </td></tr>
<tr valign="bottom"><td width="62%" align="left"><font style="font-family: TimesNewRomanPSMT,Times New Roman,Times,serif;" class="_mt" size="2">Preferred stock</font> </td>
<td width="3%" align="right">&nbsp; </td>
<td width="13%" align="right"><font style="font-family: TimesNewRomanPSMT,Times New Roman,Times,serif;" class="_mt" size="2">97,000</font> </td>
<td width="3%" align="left">&nbsp; </td>
<td width="3%" align="right">&nbsp; </td>
<td width="12%" align="right"><font style="font-family: TimesNewRomanPSMT,Times New Roman,Times,serif;" class="_mt" size="2">97,000</font> </td></tr>
<tr><td width="96%" colspan="6">&nbsp; </td></tr>
<tr valign="bottom"><td width="62%" align="left"><font style="font-family: TimesNewRomanPSMT,Times New Roman,Times,serif;" class="_mt" size="2">Accumulated other comprehensive (loss)</font> </td>
<td width="3%" align="right">&nbsp; </td>
<td width="13%" align="right"><font style="font-family: TimesNewRomanPSMT,Times New Roman,Times,serif;" class="_mt" size="2">(590,000</font> </td>
<td width="3%" align="left"><font style="font-family: TimesNewRomanPSMT,Times New Roman,Times,serif;" class="_mt" size="2">)</font> </td>
<td width="3%" align="right">&nbsp; </td>
<td width="12%" align="center"><font style="font-family: TimesNewRomanPSMT,Times New Roman,Times,serif;" class="_mt" size="2">-</font> </td></tr>
<tr><td width="96%" colspan="6">&nbsp; </td></tr>
<tr valign="bottom"><td width="62%" align="left"><font style="font-family: TimesNewRomanPSMT,Times New Roman,Times,serif;" class="_mt" size="2">Partners' capital:</font> </td>
<td width="3%" align="right">&nbsp; </td>
<td width="13%" align="left">&nbsp; </td>
<td width="3%" align="left">&nbsp; </td>
<td width="3%" align="right">&nbsp; </td>
<td width="12%" align="left">&nbsp; </td></tr>
<tr valign="bottom"><td width="62%" align="left"><font style="font-family: TimesNewRomanPSMT,Times New Roman,Times,serif;" class="_mt" size="2">RioCan</font> </td>
<td width="3%" align="right">&nbsp; </td>
<td width="13%" align="right"><font style="font-family: TimesNewRomanPSMT,Times New Roman,Times,serif;" class="_mt" size="2">178,774,000</font> </td>
<td width="3%" align="left">&nbsp; </td>
<td width="3%" align="right">&nbsp; </td>
<td width="12%" align="right"><font style="font-family: TimesNewRomanPSMT,Times New Roman,Times,serif;" class="_mt" size="2">181,239,000</font> </td></tr>
<tr valign="bottom"><td width="62%" align="left"><font style="font-family: TimesNewRomanPSMT,Times New Roman,Times,serif;" class="_mt" size="2">The Company</font> </td>
<td style="border-bottom: #000000 1px solid;" width="3%" align="right">&nbsp; </td>
<td style="border-bottom: #000000 1px solid;" width="13%" align="right"><font style="font-family: TimesNewRomanPSMT,Times New Roman,Times,serif;" class="_mt" size="2">44,743,000</font> </td>
<td style="border-bottom: #000000 1px solid;" width="3%" align="left">&nbsp; </td>
<td style="border-bottom: #000000 1px solid;" width="3%" align="right">&nbsp; </td>
<td style="border-bottom: #000000 1px solid;" width="12%" align="right"><font style="font-family: TimesNewRomanPSMT,Times New Roman,Times,serif;" class="_mt" size="2">46,619,000</font> </td></tr>
<tr valign="bottom"><td width="62%" align="left"><font style="font-family: TimesNewRomanPSMT,Times New Roman,Times,serif;" class="_mt" size="2">Total partners' capital</font> </td>
<td style="border-bottom: #000000 1px solid;" width="3%" align="right">&nbsp; </td>
<td style="border-bottom: #000000 1px solid;" width="13%" align="right"><font style="font-family: TimesNewRomanPSMT,Times New Roman,Times,serif;" class="_mt" size="2">223,517,000</font> </td>
<td style="border-bottom: #000000 1px solid;" width="3%" align="left">&nbsp; </td>
<td style="border-bottom: #000000 1px solid;" width="3%" align="right">&nbsp; </td>
<td style="border-bottom: #000000 1px solid;" width="12%" align="right"><font style="font-family: TimesNewRomanPSMT,Times New Roman,Times,serif;" class="_mt" size="2">227,858,000</font> </td></tr>
<tr valign="bottom"><td width="62%" align="left"><font style="font-family: TimesNewRomanPSMT,Times New Roman,Times,serif;" class="_mt" size="2">Total liabilities and partners' capital</font> </td>
<td style="border-bottom: #000000 3px double;" width="3%" align="right"><font style="font-family: TimesNewRomanPSMT,Times New Roman,Times,serif;" class="_mt" size="2">$</font> </td>
<td style="border-bottom: #000000 3px double;" width="13%" align="right"><font style="font-family: TimesNewRomanPSMT,Times New Roman,Times,serif;" class="_mt" size="2">571,950,000</font> </td>
<td style="border-bottom: #000000 3px double;" width="3%" align="left">&nbsp; </td>
<td style="border-bottom: #000000 3px double;" width="3%" align="right"><font style="font-family: TimesNewRomanPSMT,Times New Roman,Times,serif;" class="_mt" size="2">$</font> </td>
<td style="border-bottom: #000000 3px double;" width="12%" align="right"><font style="font-family: TimesNewRomanPSMT,Times New Roman,Times,serif;" class="_mt" size="2">559,702,000</font> </td></tr></table></div>

<p style="margin: 0px;">&nbsp;</p>

<div>&nbsp;</div><br />

<p style="text-align: center;">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<font style="font-family: TimesNewRomanPSMT,Times New Roman,Times,serif;" class="_mt" size="3">The following table summarizes details of the acquisitions of the joint venture during 2011 and 2010:</font></p>

<div align="left">

<table border="0" cellspacing="0">
<tr><td width="30%"> </td>
<td width="9%"> </td>
<td width="15%"> </td>
<td width="4%"> </td>
<td width="13%"> </td>
<td width="3%"> </td>
<td width="13%"> </td>
<td width="6%"> </td>
<td width="3%"> </td></tr>
<tr valign="bottom"><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="center"><b><font size="2" class="_mt" style="font-family: TimesNewRomanPS-BoldMT,Times New Roman,Times,serif;">Mortgage</font></b></td>
<td align="center">&nbsp;</td>
<td align="left">&nbsp;</td></tr>
<tr valign="bottom"><td align="center">&nbsp;</td>
<td align="center">&nbsp;</td>
<td align="center"><b><font size="2" class="_mt" style="font-family: TimesNewRomanPS-BoldMT,Times New Roman,Times,serif;">Acquisition</font></b></td>
<td align="center">&nbsp;</td>
<td align="center"><b><font size="2" class="_mt" style="font-family: TimesNewRomanPS-BoldMT,Times New Roman,Times,serif;">Purchase</font></b></td>
<td align="center">&nbsp;</td>
<td style="text-indent: 2px;" align="center"><b><font size="2" class="_mt" style="font-family: TimesNewRomanPS-BoldMT,Times New Roman,Times,serif;">Loans</font></b></td>
<td style="text-indent: 1px;" align="center"><b><font size="2" class="_mt" style="font-family: TimesNewRomanPS-BoldMT,Times New Roman,Times,serif;">Int.</font></b></td>
<td align="left">&nbsp;</td></tr>
<tr valign="bottom"><td style="border-bottom: #000000 3px double;" align="center"><b><font size="2" class="_mt" style="font-family: TimesNewRomanPS-BoldMT,Times New Roman,Times,serif;">Property Description</font></b></td>
<td style="border-bottom: #000000 3px double;" align="center"><b><font size="2" class="_mt" style="font-family: TimesNewRomanPS-BoldMT,Times New Roman,Times,serif;">State</font></b></td>
<td style="border-bottom: #000000 3px double;" align="center"><b><font size="2" class="_mt" style="font-family: TimesNewRomanPS-BoldMT,Times New Roman,Times,serif;">date</font></b></td>
<td style="border-bottom: #000000 3px double;" align="center">&nbsp;</td>
<td style="border-bottom: #000000 3px double; text-indent: 2px;" align="center"><b><font size="2" class="_mt" style="font-family: TimesNewRomanPS-BoldMT,Times New Roman,Times,serif;">price</font></b></td>
<td style="border-bottom: #000000 3px double;" align="center">&nbsp;</td>
<td style="border-bottom: #000000 3px double;" align="center"><b><font size="2" class="_mt" style="font-family: TimesNewRomanPS-BoldMT,Times New Roman,Times,serif;">Payable (a)</font></b></td>
<td style="border-bottom: #000000 3px double;" align="center"><b><font size="2" class="_mt" style="font-family: TimesNewRomanPS-BoldMT,Times New Roman,Times,serif;">rate</font></b></td>
<td style="border-bottom: #000000 3px double;" align="left">&nbsp;</td></tr>
<tr valign="bottom"><td style="border-bottom: #000000 1px solid;" align="left"><b><font size="2" class="_mt" style="font-family: TimesNewRomanPS-BoldMT,Times New Roman,Times,serif;">2011 Acquisition</font></b></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></tr>
<tr valign="bottom"><td style="text-indent: 8px;" align="left"><font size="2" class="_mt" style="font-family: TimesNewRomanPSMT,Times New Roman,Times,serif;">Northwoods Crossing</font></td>
<td align="center"><font size="2" class="_mt" style="font-family: TimesNewRomanPSMT,Times New Roman,Times,serif;">MA</font></td>
<td align="right"><font size="2" class="_mt" style="font-family: TimesNewRomanPSMT,Times New Roman,Times,serif;">4/15/2011</font></td>
<td align="right"><font size="2" class="_mt" style="font-family: TimesNewRomanPSMT,Times New Roman,Times,serif;">$</font></td>
<td style="text-indent: 2px;" align="right"><font size="2" class="_mt" style="font-family: TimesNewRomanPSMT,Times New Roman,Times,serif;">23,450,000</font></td>
<td align="right"><font size="2" class="_mt" style="font-family: TimesNewRomanPSMT,Times New Roman,Times,serif;">$</font></td>
<td align="right"><font size="2" class="_mt" style="font-family: TimesNewRomanPSMT,Times New Roman,Times,serif;">14,429,000</font></td>
<td align="right"><font size="2" class="_mt" style="font-family: TimesNewRomanPSMT,Times New Roman,Times,serif;">5.2</font></td>
<td align="left"><font size="2" class="_mt" style="font-family: TimesNewRomanPSMT,Times New Roman,Times,serif;">%</font></td></tr>
<tr><td colspan="9">&nbsp;</td></tr>
<tr valign="bottom"><td style="border-bottom: #000000 1px solid;" align="left"><b><font size="2" class="_mt" style="font-family: TimesNewRomanPS-BoldMT,Times New Roman,Times,serif;">2010 Acquisitions</font></b></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>
<td align="left">&nbsp;</td>
<td align="left">&nbsp;</td>
<td align="left">&nbsp;</td></tr>
<tr valign="bottom"><td style="text-indent: 8px;" align="left"><font size="2" class="_mt" style="font-family: TimesNewRomanPSMT,Times New Roman,Times,serif;">Creekview Plaza</font></td>
<td align="center"><font size="2" class="_mt" style="font-family: TimesNewRomanPSMT,Times New Roman,Times,serif;">PA</font></td>
<td align="right"><font size="2" class="_mt" style="font-family: TimesNewRomanPSMT,Times New Roman,Times,serif;">9/29/2010</font></td>
<td align="right">&nbsp;</td>
<td style="text-indent: 2px;" align="right"><font size="2" class="_mt" style="font-family: TimesNewRomanPSMT,Times New Roman,Times,serif;">26,240,000</font></td>
<td align="right">&nbsp;</td>
<td align="right"><font size="2" class="_mt" style="font-family: TimesNewRomanPSMT,Times New Roman,Times,serif;">14,432,000</font></td>
<td align="right"><font size="2" class="_mt" style="font-family: TimesNewRomanPSMT,Times New Roman,Times,serif;">4.8</font></td>
<td align="left"><font size="2" class="_mt" style="font-family: TimesNewRomanPSMT,Times New Roman,Times,serif;">%</font></td></tr>
<tr valign="bottom"><td style="text-indent: 8px;" align="left"><font size="2" class="_mt" style="font-family: TimesNewRomanPSMT,Times New Roman,Times,serif;">Cross Keys Place</font></td>
<td align="center"><font size="2" class="_mt" style="font-family: TimesNewRomanPSMT,Times New Roman,Times,serif;">NJ</font></td>
<td align="right"><font size="2" class="_mt" style="font-family: TimesNewRomanPSMT,Times New Roman,Times,serif;">10/13/2010</font></td>
<td align="right">&nbsp;</td>
<td style="text-indent: 2px;" align="right"><font size="2" class="_mt" style="font-family: TimesNewRomanPSMT,Times New Roman,Times,serif;">26,336,000</font></td>
<td align="right">&nbsp;</td>
<td align="right"><font size="2" class="_mt" style="font-family: TimesNewRomanPSMT,Times New Roman,Times,serif;">14,600,000</font></td>
<td align="right"><font size="2" class="_mt" style="font-family: TimesNewRomanPSMT,Times New Roman,Times,serif;">5.1</font></td>
<td align="left"><font size="2" class="_mt" style="font-family: TimesNewRomanPSMT,Times New Roman,Times,serif;">%</font></td></tr>
<tr valign="bottom"><td style="text-indent: 8px;" align="left"><font size="2" class="_mt" style="font-family: TimesNewRomanPSMT,Times New Roman,Times,serif;">Exeter Commons</font></td>
<td align="center"><font size="2" class="_mt" style="font-family: TimesNewRomanPSMT,Times New Roman,Times,serif;">PA</font></td>
<td align="right"><font size="2" class="_mt" style="font-family: TimesNewRomanPSMT,Times New Roman,Times,serif;">8/3/2010</font></td>
<td align="right">&nbsp;</td>
<td style="text-indent: 2px;" align="right"><font size="2" class="_mt" style="font-family: TimesNewRomanPSMT,Times New Roman,Times,serif;">53,000,000</font></td>
<td align="right">&nbsp;</td>
<td align="right"><font size="2" class="_mt" style="font-family: TimesNewRomanPSMT,Times New Roman,Times,serif;">30,000,000</font></td>
<td align="right"><font size="2" class="_mt" style="font-family: TimesNewRomanPSMT,Times New Roman,Times,serif;">5.3</font></td>
<td align="left"><font size="2" class="_mt" style="font-family: TimesNewRomanPSMT,Times New Roman,Times,serif;">%</font></td></tr>
<tr valign="bottom"><td style="text-indent: 8px;" align="left"><font size="2" class="_mt" style="font-family: TimesNewRomanPSMT,Times New Roman,Times,serif;">Gettysburg Marketplace</font></td>
<td align="center"><font size="2" class="_mt" style="font-family: TimesNewRomanPSMT,Times New Roman,Times,serif;">PA</font></td>
<td align="right"><font size="2" class="_mt" style="font-family: TimesNewRomanPSMT,Times New Roman,Times,serif;">10/21/2010</font></td>
<td align="right">&nbsp;</td>
<td style="text-indent: 2px;" align="right"><font size="2" class="_mt" style="font-family: TimesNewRomanPSMT,Times New Roman,Times,serif;">19,850,000</font></td>
<td align="right">&nbsp;</td>
<td align="right"><font size="2" class="_mt" style="font-family: TimesNewRomanPSMT,Times New Roman,Times,serif;">10,918,000</font></td>
<td align="right"><font size="2" class="_mt" style="font-family: TimesNewRomanPSMT,Times New Roman,Times,serif;">5.0</font></td>
<td align="left"><font size="2" class="_mt" style="font-family: TimesNewRomanPSMT,Times New Roman,Times,serif;">%</font></td></tr>
<tr valign="bottom"><td style="text-indent: 8px;" align="left"><font size="2" class="_mt" style="font-family: TimesNewRomanPSMT,Times New Roman,Times,serif;">Marlboro Crossroads</font></td>
<td align="center"><font size="2" class="_mt" style="font-family: TimesNewRomanPSMT,Times New Roman,Times,serif;">MD</font></td>
<td align="right"><font size="2" class="_mt" style="font-family: TimesNewRomanPSMT,Times New Roman,Times,serif;">10/21/2010</font></td>
<td align="right">&nbsp;</td>
<td style="text-indent: 2px;" align="right"><font size="2" class="_mt" style="font-family: TimesNewRomanPSMT,Times New Roman,Times,serif;">12,500,000</font></td>
<td align="right">&nbsp;</td>
<td align="right"><font size="2" class="_mt" style="font-family: TimesNewRomanPSMT,Times New Roman,Times,serif;">6,875,000</font></td>
<td align="right"><font size="2" class="_mt" style="font-family: TimesNewRomanPSMT,Times New Roman,Times,serif;">5.1</font></td>
<td align="left"><font size="2" class="_mt" style="font-family: TimesNewRomanPSMT,Times New Roman,Times,serif;">%</font></td></tr>
<tr valign="bottom"><td style="text-indent: 8px;" align="left"><font size="2" class="_mt" style="font-family: TimesNewRomanPSMT,Times New Roman,Times,serif;">Monroe Marketplace</font></td>
<td align="center"><font size="2" class="_mt" style="font-family: TimesNewRomanPSMT,Times New Roman,Times,serif;">PA</font></td>
<td align="right"><font size="2" class="_mt" style="font-family: TimesNewRomanPSMT,Times New Roman,Times,serif;">9/29/2010</font></td>
<td align="right">&nbsp;</td>
<td style="text-indent: 2px;" align="right"><font size="2" class="_mt" style="font-family: TimesNewRomanPSMT,Times New Roman,Times,serif;">41,990,000</font></td>
<td align="right">&nbsp;</td>
<td align="right"><font size="2" class="_mt" style="font-family: TimesNewRomanPSMT,Times New Roman,Times,serif;">23,095,000</font></td>
<td align="right"><font size="2" class="_mt" style="font-family: TimesNewRomanPSMT,Times New Roman,Times,serif;">4.8</font></td>
<td align="left"><font size="2" class="_mt" style="font-family: TimesNewRomanPSMT,Times New Roman,Times,serif;">%</font></td></tr>
<tr valign="bottom"><td style="text-indent: 8px;" align="left"><font size="2" class="_mt" style="font-family: TimesNewRomanPSMT,Times New Roman,Times,serif;">Montville Commons</font></td>
<td align="center"><font size="2" class="_mt" style="font-family: TimesNewRomanPSMT,Times New Roman,Times,serif;">CT</font></td>
<td align="right"><font size="2" class="_mt" style="font-family: TimesNewRomanPSMT,Times New Roman,Times,serif;">9/29/2010</font></td>
<td align="right">&nbsp;</td>
<td style="text-indent: 2px;" align="right"><font size="2" class="_mt" style="font-family: TimesNewRomanPSMT,Times New Roman,Times,serif;">18,900,000</font></td>
<td align="right">&nbsp;</td>
<td align="right"><font size="2" class="_mt" style="font-family: TimesNewRomanPSMT,Times New Roman,Times,serif;">10,500,000</font></td>
<td align="right"><font size="2" class="_mt" style="font-family: TimesNewRomanPSMT,Times New Roman,Times,serif;">5.8</font></td>
<td align="left"><font size="2" class="_mt" style="font-family: TimesNewRomanPSMT,Times New Roman,Times,serif;">%</font></td></tr>
<tr valign="bottom"><td style="text-indent: 8px;" align="left"><font size="2" class="_mt" style="font-family: TimesNewRomanPSMT,Times New Roman,Times,serif;">New River Valley</font></td>
<td style="text-indent: 1px;" align="center"><font size="2" class="_mt" style="font-family: TimesNewRomanPSMT,Times New Roman,Times,serif;">VA</font></td>
<td align="right"><font size="2" class="_mt" style="font-family: TimesNewRomanPSMT,Times New Roman,Times,serif;">9/29/2010</font></td>
<td align="right">&nbsp;</td>
<td style="text-indent: 2px;" align="right"><font size="2" class="_mt" style="font-family: TimesNewRomanPSMT,Times New Roman,Times,serif;">27,970,000</font></td>
<td align="right">&nbsp;</td>
<td align="right"><font size="2" class="_mt" style="font-family: TimesNewRomanPSMT,Times New Roman,Times,serif;">15,163,000</font></td>
<td align="right"><font size="2" class="_mt" style="font-family: TimesNewRomanPSMT,Times New Roman,Times,serif;">4.8</font></td>
<td align="left"><font size="2" class="_mt" style="font-family: TimesNewRomanPSMT,Times New Roman,Times,serif;">%</font></td></tr>
<tr valign="bottom"><td style="text-indent: 8px;" align="left"><font size="2" class="_mt" style="font-family: TimesNewRomanPSMT,Times New Roman,Times,serif;">Northland Center</font></td>
<td align="center"><font size="2" class="_mt" style="font-family: TimesNewRomanPSMT,Times New Roman,Times,serif;">PA</font></td>
<td align="right"><font size="2" class="_mt" style="font-family: TimesNewRomanPSMT,Times New Roman,Times,serif;">10/21/2010</font></td>
<td align="right">&nbsp;</td>
<td style="text-indent: 2px;" align="right"><font size="2" class="_mt" style="font-family: TimesNewRomanPSMT,Times New Roman,Times,serif;">10,248,000</font></td>
<td align="right">&nbsp;</td>
<td align="right"><font size="2" class="_mt" style="font-family: TimesNewRomanPSMT,Times New Roman,Times,serif;">6,298,000</font></td>
<td align="right"><font size="2" class="_mt" style="font-family: TimesNewRomanPSMT,Times New Roman,Times,serif;">5.0</font></td>
<td align="left"><font size="2" class="_mt" style="font-family: TimesNewRomanPSMT,Times New Roman,Times,serif;">%</font></td></tr>
<tr valign="bottom"><td style="text-indent: 8px;" align="left"><font size="2" class="_mt" style="font-family: TimesNewRomanPSMT,Times New Roman,Times,serif;">Pitney Road Plaza</font></td>
<td align="center"><font size="2" class="_mt" style="font-family: TimesNewRomanPSMT,Times New Roman,Times,serif;">PA</font></td>
<td align="right"><font size="2" class="_mt" style="font-family: TimesNewRomanPSMT,Times New Roman,Times,serif;">9/29/2010</font></td>
<td align="right">&nbsp;</td>
<td style="text-indent: 2px;" align="right"><font size="2" class="_mt" style="font-family: TimesNewRomanPSMT,Times New Roman,Times,serif;">11,060,000</font></td>
<td align="right">&nbsp;</td>
<td align="right"><font size="2" class="_mt" style="font-family: TimesNewRomanPSMT,Times New Roman,Times,serif;">6,083,000</font></td>
<td align="right"><font size="2" class="_mt" style="font-family: TimesNewRomanPSMT,Times New Roman,Times,serif;">4.8</font></td>
<td align="left"><font size="2" class="_mt" style="font-family: TimesNewRomanPSMT,Times New Roman,Times,serif;">%</font></td></tr>
<tr valign="bottom"><td style="text-indent: 8px;" align="left"><font size="2" class="_mt" style="font-family: TimesNewRomanPSMT,Times New Roman,Times,serif;">Sunrise Plaza</font></td>
<td align="center"><font size="2" class="_mt" style="font-family: TimesNewRomanPSMT,Times New Roman,Times,serif;">NJ</font></td>
<td align="right"><font size="2" class="_mt" style="font-family: TimesNewRomanPSMT,Times New Roman,Times,serif;">9/29/2010</font></td>
<td align="right">&nbsp;</td>
<td style="text-indent: 2px;" align="right"><font size="2" class="_mt" style="font-family: TimesNewRomanPSMT,Times New Roman,Times,serif;">26,460,000</font></td>
<td align="right">&nbsp;</td>
<td align="right"><font size="2" class="_mt" style="font-family: TimesNewRomanPSMT,Times New Roman,Times,serif;">13,728,000</font></td>
<td align="right"><font size="2" class="_mt" style="font-family: TimesNewRomanPSMT,Times New Roman,Times,serif;">4.8</font></td>
<td align="left"><font size="2" class="_mt" style="font-family: TimesNewRomanPSMT,Times New Roman,Times,serif;">%</font></td></tr>
<tr valign="bottom"><td style="text-indent: 8px;" align="left"><font size="2" class="_mt" style="font-family: TimesNewRomanPSMT,Times New Roman,Times,serif;">Town Square Plaza</font></td>
<td align="center"><font size="2" class="_mt" style="font-family: TimesNewRomanPSMT,Times New Roman,Times,serif;">PA</font></td>
<td align="right"><font size="2" class="_mt" style="font-family: TimesNewRomanPSMT,Times New Roman,Times,serif;">1/26/2010</font></td>
<td align="right">&nbsp;</td>
<td style="text-indent: 2px;" align="right"><font size="2" class="_mt" style="font-family: TimesNewRomanPSMT,Times New Roman,Times,serif;">18,854,000</font></td>
<td align="right">&nbsp;</td>
<td align="right"><font size="2" class="_mt" style="font-family: TimesNewRomanPSMT,Times New Roman,Times,serif;">11,000,000</font></td>
<td align="right"><font size="2" class="_mt" style="font-family: TimesNewRomanPSMT,Times New Roman,Times,serif;">5.0</font></td>
<td align="left"><font size="2" class="_mt" style="font-family: TimesNewRomanPSMT,Times New Roman,Times,serif;">%</font></td></tr>
<tr valign="bottom"><td style="text-indent: 8px;" align="left"><font size="2" class="_mt" style="font-family: TimesNewRomanPSMT,Times New Roman,Times,serif;">Towne Crossings</font></td>
<td style="text-indent: 1px;" align="center"><font size="2" class="_mt" style="font-family: TimesNewRomanPSMT,Times New Roman,Times,serif;">VA</font></td>
<td align="right"><font size="2" class="_mt" style="font-family: TimesNewRomanPSMT,Times New Roman,Times,serif;">10/21/2010</font></td>
<td align="right">&nbsp;</td>
<td style="text-indent: 2px;" align="right"><font size="2" class="_mt" style="font-family: TimesNewRomanPSMT,Times New Roman,Times,serif;">19,000,000</font></td>
<td align="right">&nbsp;</td>
<td align="right"><font size="2" class="_mt" style="font-family: TimesNewRomanPSMT,Times New Roman,Times,serif;">10,450,000</font></td>
<td align="right"><font size="2" class="_mt" style="font-family: TimesNewRomanPSMT,Times New Roman,Times,serif;">5.0</font></td>
<td align="left"><font size="2" class="_mt" style="font-family: TimesNewRomanPSMT,Times New Roman,Times,serif;">%</font></td></tr>
<tr valign="bottom"><td style="text-indent: 8px;" align="left"><font size="2" class="_mt" style="font-family: TimesNewRomanPSMT,Times New Roman,Times,serif;">York Marketplace</font></td>
<td align="center"><font size="2" class="_mt" style="font-family: TimesNewRomanPSMT,Times New Roman,Times,serif;">PA</font></td>
<td align="right"><font size="2" class="_mt" style="font-family: TimesNewRomanPSMT,Times New Roman,Times,serif;">10/21/2010</font></td>
<td align="right">&nbsp;</td>
<td style="text-indent: 2px;" align="right"><font size="2" class="_mt" style="font-family: TimesNewRomanPSMT,Times New Roman,Times,serif;">29,200,000</font></td>
<td align="right">&nbsp;</td>
<td align="right"><font size="2" class="_mt" style="font-family: TimesNewRomanPSMT,Times New Roman,Times,serif;">16,060,000</font></td>
<td align="right"><font size="2" class="_mt" style="font-family: TimesNewRomanPSMT,Times New Roman,Times,serif;">5.0</font></td>
<td align="left"><font size="2" class="_mt" style="font-family: TimesNewRomanPSMT,Times New Roman,Times,serif;">%</font></td></tr></table></div>

<p style="margin: 0px;">&nbsp;</p>

<p style="text-align: left;"><font style="font-family: TimesNewRomanPSMT,Times New Roman,Times,serif;" class="_mt" size="2">(a) Mortgage loans payable represents the loan amount on the dates of borrowing and/or assumption.</font></p>

<p style="text-align: left;">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<font style="font-family: TimesNewRomanPSMT,Times New Roman,Times,serif;" class="_mt" size="3">The joint venture's property-specific mortgage loans payable are collateralized by all of the joint venture's real estate, and bear interest at rates ranging from 4.1% to 6.4% per annum, a weighted average of 5.0% per annum.</font></p>

<p style="text-align: left;">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<font style="font-family: TimesNewRomanPSMT,Times New Roman,Times,serif;" class="_mt" size="3">In June 2011, the joint venture refinanced a $12.3 million, 7.2% fixed-rate mortgage originally due in June 2011. The new $14.8 million fixed-rate mortgage bears interest at 5.0% per annum, with principal and interest payments based on a 30-year amortization schedule, and matures in July 2021.</font></p>

<p style="text-align: left;">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<font style="font-family: TimesNewRomanPSMT,Times New Roman,Times,serif;" class="_mt" size="3">In August 2011, the joint venture refinanced a $43.3 million, 4.8% fixed-rate mortgage originally due in November 2011. The new $44.0 million fixed-rate mortgage bears interest at 4.1% per annum, with principal and interest payments based on a 30-year amortization schedule, and matures in August 2016.</font></p>

<div>&nbsp;</div><br />

<p style="text-align: left;">&nbsp;<font style="font-family: TimesNewRomanPSMT,Times New Roman,Times,serif;" class="_mt" size="3">Scheduled principal payments on mortgage loans payable at December 31, 2011 are as follows:</font></p>

<div>

<table border="0" cellspacing="0">
<tr><td width="44%">&nbsp; </td>
<td width="55%">&nbsp; </td></tr>
<tr valign="bottom"><td align="center"><font style="font-family: TimesNewRomanPSMT,Times New Roman,Times,serif;" class="_mt" size="3">2012</font> </td>
<td align="right"><font style="font-family: TimesNewRomanPSMT,Times New Roman,Times,serif;" class="_mt" size="3">4,856,000</font> </td></tr>
<tr valign="bottom"><td align="center"><font style="font-family: TimesNewRomanPSMT,Times New Roman,Times,serif;" class="_mt" size="3">2013</font> </td>
<td align="right"><font style="font-family: TimesNewRomanPSMT,Times New Roman,Times,serif;" class="_mt" size="3">5,105,000</font> </td></tr>
<tr valign="bottom"><td align="center"><font style="font-family: TimesNewRomanPSMT,Times New Roman,Times,serif;" class="_mt" size="3">2014</font> </td>
<td align="right"><font style="font-family: TimesNewRomanPSMT,Times New Roman,Times,serif;" class="_mt" size="3">34,903,000</font> </td></tr>
<tr valign="bottom"><td align="center"><font style="font-family: TimesNewRomanPSMT,Times New Roman,Times,serif;" class="_mt" size="3">2015</font> </td>
<td align="right"><font style="font-family: TimesNewRomanPSMT,Times New Roman,Times,serif;" class="_mt" size="3">101,736,000</font> </td></tr>
<tr valign="bottom"><td align="center"><font style="font-family: TimesNewRomanPSMT,Times New Roman,Times,serif;" class="_mt" size="3">2016</font> </td>
<td align="right"><font style="font-family: TimesNewRomanPSMT,Times New Roman,Times,serif;" class="_mt" size="3">55,192,000</font> </td></tr>
<tr valign="bottom"><td align="center"><font style="font-family: TimesNewRomanPSMT,Times New Roman,Times,serif;" class="_mt" size="3">Thereafter</font> </td>
<td style="border-bottom: #000000 1px solid;" align="right"><font style="font-family: TimesNewRomanPSMT,Times New Roman,Times,serif;" class="_mt" size="3">115,501,000</font> </td></tr>
<tr valign="bottom"><td align="left">&nbsp; </td>
<td style="border-bottom: #000000 3px double;" align="right"><font style="font-family: TimesNewRomanPSMT,Times New Roman,Times,serif;" class="_mt" size="3">317,293,000</font> </td></tr></table></div>

<p style="margin: 0px;">&nbsp;</p>

<div>

<table border="0" cellspacing="0">
<tr><td width="40%">&nbsp; </td>
<td width="2%">&nbsp; </td>
<td width="13%">&nbsp; </td>
<td width="2%">&nbsp; </td>
<td width="2%">&nbsp; </td>
<td width="15%">&nbsp; </td>
<td width="2%">&nbsp; </td>
<td width="2%">&nbsp; </td>
<td width="12%">&nbsp; </td>
<td width="2%">&nbsp; </td></tr>
<tr valign="bottom"><td style="border-bottom: #000000 1px solid;" width="40%" align="left"><b><font style="font-family: TimesNewRomanPS-BoldMT,Times New Roman,Times,serif;" class="_mt" size="3">Statements of Operations</font></b> </td>
<td style="border-bottom: #000000 1px solid;" width="52%" colspan="9" align="center"><b><font style="font-family: TimesNewRomanPS-BoldMT,Times New Roman,Times,serif;" class="_mt" size="3">Years ended December 31,</font></b> </td></tr>
<tr valign="bottom"><td width="40%" align="left">&nbsp; </td>
<td style="border-bottom: #000000 1px solid;" width="17%" colspan="3" align="center"><b><font style="font-family: TimesNewRomanPS-BoldMT,Times New Roman,Times,serif;" class="_mt" size="3">2011</font></b> </td>
<td style="border-bottom: #000000 1px solid;" width="19%" colspan="3" align="center"><b><font style="font-family: TimesNewRomanPS-BoldMT,Times New Roman,Times,serif;" class="_mt" size="3">2010</font></b> </td>
<td style="border-bottom: #000000 1px solid;" width="16%" colspan="3" align="center"><b><font style="font-family: TimesNewRomanPS-BoldMT,Times New Roman,Times,serif;" class="_mt" size="3">2009</font></b> </td></tr>
<tr><td width="92%" colspan="10">&nbsp; </td></tr>
<tr valign="bottom"><td width="40%" align="left"><font style="font-family: TimesNewRomanPSMT,Times New Roman,Times,serif;" class="_mt" size="3">Revenues</font> </td>
<td width="2%" align="left"><font style="font-family: TimesNewRomanPSMT,Times New Roman,Times,serif;" class="_mt" size="3">$</font> </td>
<td width="13%" align="right"><font style="font-family: TimesNewRomanPSMT,Times New Roman,Times,serif;" class="_mt" size="3">62,500,000</font> </td>
<td width="2%" align="left">&nbsp; </td>
<td width="2%" align="left"><font style="font-family: TimesNewRomanPSMT,Times New Roman,Times,serif;" class="_mt" size="3">$</font> </td>
<td width="15%" align="right"><font style="font-family: TimesNewRomanPSMT,Times New Roman,Times,serif;" class="_mt" size="3">30,194,000</font> </td>
<td width="2%" align="left">&nbsp; </td>
<td width="2%" align="left"><font style="font-family: TimesNewRomanPSMT,Times New Roman,Times,serif;" class="_mt" size="3">$</font> </td>
<td width="12%" align="right"><font style="font-family: TimesNewRomanPSMT,Times New Roman,Times,serif;" class="_mt" size="3">282,000</font> </td>
<td width="2%" align="left">&nbsp; </td></tr>
<tr valign="bottom"><td width="40%" align="left"><font style="font-family: TimesNewRomanPSMT,Times New Roman,Times,serif;" class="_mt" size="3">Property operating and other expenses</font> </td>
<td width="2%" align="left">&nbsp; </td>
<td width="13%" align="right"><font style="font-family: TimesNewRomanPSMT,Times New Roman,Times,serif;" class="_mt" size="3">(6,631,000</font> </td>
<td width="2%" align="left"><font style="font-family: TimesNewRomanPSMT,Times New Roman,Times,serif;" class="_mt" size="3">)</font> </td>
<td width="2%" align="left">&nbsp; </td>
<td width="15%" align="right"><font style="font-family: TimesNewRomanPSMT,Times New Roman,Times,serif;" class="_mt" size="3">(2,636,000</font> </td>
<td width="2%" align="left"><font style="font-family: TimesNewRomanPSMT,Times New Roman,Times,serif;" class="_mt" size="3">)</font> </td>
<td width="2%" align="left">&nbsp; </td>
<td width="12%" align="right"><font style="font-family: TimesNewRomanPSMT,Times New Roman,Times,serif;" class="_mt" size="3">(57,000</font> </td>
<td width="2%" align="left"><font style="font-family: TimesNewRomanPSMT,Times New Roman,Times,serif;" class="_mt" size="3">)</font> </td></tr>
<tr valign="bottom"><td width="40%" align="left"><font style="font-family: TimesNewRomanPSMT,Times New Roman,Times,serif;" class="_mt" size="3">Management fees to the Company</font> </td>
<td width="2%" align="left">&nbsp; </td>
<td width="13%" align="right"><font style="font-family: TimesNewRomanPSMT,Times New Roman,Times,serif;" class="_mt" size="3">(2,006,000</font> </td>
<td width="2%" align="left"><font style="font-family: TimesNewRomanPSMT,Times New Roman,Times,serif;" class="_mt" size="3">)</font> </td>
<td width="2%" align="left">&nbsp; </td>
<td width="15%" align="right"><font style="font-family: TimesNewRomanPSMT,Times New Roman,Times,serif;" class="_mt" size="3">(973,000</font> </td>
<td width="2%" align="left"><font style="font-family: TimesNewRomanPSMT,Times New Roman,Times,serif;" class="_mt" size="3">)</font> </td>
<td width="2%" align="left">&nbsp; </td>
<td width="12%" align="right"><font style="font-family: TimesNewRomanPSMT,Times New Roman,Times,serif;" class="_mt" size="3">(8,000</font> </td>
<td width="2%" align="left"><font style="font-family: TimesNewRomanPSMT,Times New Roman,Times,serif;" class="_mt" size="3">)</font> </td></tr>
<tr valign="bottom"><td width="40%" align="left"><font style="font-family: TimesNewRomanPSMT,Times New Roman,Times,serif;" class="_mt" size="3">Realestate taxes</font> </td>
<td width="2%" align="left">&nbsp; </td>
<td width="13%" align="right"><font style="font-family: TimesNewRomanPSMT,Times New Roman,Times,serif;" class="_mt" size="3">(7,214,000</font> </td>
<td width="2%" align="left"><font style="font-family: TimesNewRomanPSMT,Times New Roman,Times,serif;" class="_mt" size="3">)</font> </td>
<td width="2%" align="left">&nbsp; </td>
<td width="15%" align="right"><font style="font-family: TimesNewRomanPSMT,Times New Roman,Times,serif;" class="_mt" size="3">(3,286,000</font> </td>
<td width="2%" align="left"><font style="font-family: TimesNewRomanPSMT,Times New Roman,Times,serif;" class="_mt" size="3">)</font> </td>
<td width="2%" align="left">&nbsp; </td>
<td width="12%" align="right"><font style="font-family: TimesNewRomanPSMT,Times New Roman,Times,serif;" class="_mt" size="3">(10,000</font> </td>
<td width="2%" align="left"><font style="font-family: TimesNewRomanPSMT,Times New Roman,Times,serif;" class="_mt" size="3">)</font> </td></tr>
<tr valign="bottom"><td width="40%" align="left"><font style="font-family: TimesNewRomanPSMT,Times New Roman,Times,serif;" class="_mt" size="3">Acquisition transaction costs (a)</font> </td>
<td width="2%" align="left">&nbsp; </td>
<td width="13%" align="right"><font style="font-family: TimesNewRomanPSMT,Times New Roman,Times,serif;" class="_mt" size="3">(917,000</font> </td>
<td width="2%" align="left"><font style="font-family: TimesNewRomanPSMT,Times New Roman,Times,serif;" class="_mt" size="3">)</font> </td>
<td width="2%" align="left">&nbsp; </td>
<td width="15%" align="right"><font style="font-family: TimesNewRomanPSMT,Times New Roman,Times,serif;" class="_mt" size="3">(7,119,000</font> </td>
<td width="2%" align="left"><font style="font-family: TimesNewRomanPSMT,Times New Roman,Times,serif;" class="_mt" size="3">)</font> </td>
<td width="2%" align="left">&nbsp; </td>
<td width="12%" align="center"><font style="font-family: TimesNewRomanPSMT,Times New Roman,Times,serif;" class="_mt" size="3">-</font> </td>
<td width="2%" align="left">&nbsp; </td></tr>
<tr valign="bottom"><td width="40%" align="left"><font style="font-family: TimesNewRomanPSMT,Times New Roman,Times,serif;" class="_mt" size="3">General and administrative</font> </td>
<td width="2%" align="left">&nbsp; </td>
<td width="13%" align="right"><font style="font-family: TimesNewRomanPSMT,Times New Roman,Times,serif;" class="_mt" size="3">(308,000</font> </td>
<td width="2%" align="left"><font style="font-family: TimesNewRomanPSMT,Times New Roman,Times,serif;" class="_mt" size="3">)</font> </td>
<td width="2%" align="left">&nbsp; </td>
<td width="15%" align="right"><font style="font-family: TimesNewRomanPSMT,Times New Roman,Times,serif;" class="_mt" size="3">(622,000</font> </td>
<td width="2%" align="left"><font style="font-family: TimesNewRomanPSMT,Times New Roman,Times,serif;" class="_mt" size="3">)</font> </td>
<td width="2%" align="left">&nbsp; </td>
<td width="12%" align="center"><font style="font-family: TimesNewRomanPSMT,Times New Roman,Times,serif;" class="_mt" size="3">-</font> </td>
<td width="2%" align="left">&nbsp; </td></tr>
<tr valign="bottom"><td width="40%" align="left"><font style="font-family: TimesNewRomanPSMT,Times New Roman,Times,serif;" class="_mt" size="3">Depreciation and amortization</font> </td>
<td width="2%" align="left">&nbsp; </td>
<td width="13%" align="right"><font style="font-family: TimesNewRomanPSMT,Times New Roman,Times,serif;" class="_mt" size="3">(20,616,000</font> </td>
<td width="2%" align="left"><font style="font-family: TimesNewRomanPSMT,Times New Roman,Times,serif;" class="_mt" size="3">)</font> </td>
<td width="2%" align="left">&nbsp; </td>
<td width="15%" align="right"><font style="font-family: TimesNewRomanPSMT,Times New Roman,Times,serif;" class="_mt" size="3">(9,523,000</font> </td>
<td width="2%" align="left"><font style="font-family: TimesNewRomanPSMT,Times New Roman,Times,serif;" class="_mt" size="3">)</font> </td>
<td width="2%" align="left">&nbsp; </td>
<td width="12%" align="right"><font style="font-family: TimesNewRomanPSMT,Times New Roman,Times,serif;" class="_mt" size="3">(71,000</font> </td>
<td width="2%" align="left"><font style="font-family: TimesNewRomanPSMT,Times New Roman,Times,serif;" class="_mt" size="3">)</font> </td></tr>
<tr valign="bottom"><td width="40%" align="left"><font style="font-family: TimesNewRomanPSMT,Times New Roman,Times,serif;" class="_mt" size="3">Interest and other non-operating expenses, net</font> </td>
<td style="border-bottom: #000000 1px solid;" width="2%" align="left">&nbsp; </td>
<td style="border-bottom: #000000 1px solid;" width="13%" align="right"><font style="font-family: TimesNewRomanPSMT,Times New Roman,Times,serif;" class="_mt" size="3">(18,078,000</font> </td>
<td style="border-bottom: #000000 1px solid;" width="2%" align="left"><font style="font-family: TimesNewRomanPSMT,Times New Roman,Times,serif;" class="_mt" size="3">)</font> </td>
<td style="border-bottom: #000000 1px solid;" width="2%" align="left">&nbsp; </td>
<td style="border-bottom: #000000 1px solid;" width="15%" align="right"><font style="font-family: TimesNewRomanPSMT,Times New Roman,Times,serif;" class="_mt" size="3">(7,903,000</font> </td>
<td style="border-bottom: #000000 1px solid;" width="2%" align="left"><font style="font-family: TimesNewRomanPSMT,Times New Roman,Times,serif;" class="_mt" size="3">)</font> </td>
<td style="border-bottom: #000000 1px solid;" width="2%" align="left">&nbsp; </td>
<td style="border-bottom: #000000 1px solid;" width="12%" align="center"><font style="font-family: TimesNewRomanPSMT,Times New Roman,Times,serif;" class="_mt" size="3">-</font> </td>
<td style="border-bottom: #000000 1px solid;" width="2%" align="left">&nbsp; </td></tr>
<tr valign="bottom"><td width="40%" align="left"><font style="font-family: TimesNewRomanPSMT,Times New Roman,Times,serif;" class="_mt" size="3">Net income (loss)</font> </td>
<td style="border-bottom: #000000 3px double;" width="2%" align="left"><font style="font-family: TimesNewRomanPSMT,Times New Roman,Times,serif;" class="_mt" size="3">$</font> </td>
<td style="border-bottom: #000000 3px double;" width="13%" align="right"><font style="font-family: TimesNewRomanPSMT,Times New Roman,Times,serif;" class="_mt" size="3">6,730,000</font> </td>
<td style="border-bottom: #000000 3px double;" width="2%" align="left">&nbsp; </td>
<td style="border-bottom: #000000 3px double;" width="2%" align="left"><font style="font-family: TimesNewRomanPSMT,Times New Roman,Times,serif;" class="_mt" size="3">$</font> </td>
<td style="border-bottom: #000000 3px double;" width="15%" align="right"><font style="font-family: TimesNewRomanPSMT,Times New Roman,Times,serif;" class="_mt" size="3">(1,868,000</font> </td>
<td style="border-bottom: #000000 3px double;" width="2%" align="left"><font style="font-family: TimesNewRomanPSMT,Times New Roman,Times,serif;" class="_mt" size="3">)</font> </td>
<td style="border-bottom: #000000 3px double;" width="2%" align="left"><font style="font-family: TimesNewRomanPSMT,Times New Roman,Times,serif;" class="_mt" size="3">$</font> </td>
<td style="border-bottom: #000000 3px double;" width="12%" align="right"><font style="font-family: TimesNewRomanPSMT,Times New Roman,Times,serif;" class="_mt" size="3">136,000</font> </td>
<td style="border-bottom: #000000 3px double;" width="2%" align="left">&nbsp; </td></tr>
<tr valign="bottom"><td style="text-indent: 1px;" width="40%" align="left"><font style="font-family: TimesNewRomanPSMT,Times New Roman,Times,serif;" class="_mt" size="3">RioCan</font> </td>
<td width="2%" align="left">&nbsp; </td>
<td width="13%" align="right"><font style="font-family: TimesNewRomanPSMT,Times New Roman,Times,serif;" class="_mt" size="3">5,384,000</font> </td>
<td width="2%" align="left">&nbsp; </td>
<td width="2%" align="left">&nbsp; </td>
<td width="15%" align="right"><font style="font-family: TimesNewRomanPSMT,Times New Roman,Times,serif;" class="_mt" size="3">(1,493,000</font> </td>
<td width="2%" align="left"><font style="font-family: TimesNewRomanPSMT,Times New Roman,Times,serif;" class="_mt" size="3">)</font> </td>
<td width="2%" align="left">&nbsp; </td>
<td width="12%" align="right"><font style="font-family: TimesNewRomanPSMT,Times New Roman,Times,serif;" class="_mt" size="3">109,000</font> </td>
<td width="2%" align="left">&nbsp; </td></tr>
<tr valign="bottom"><td width="40%" align="left"><font style="font-family: TimesNewRomanPSMT,Times New Roman,Times,serif;" class="_mt" size="3">The Company</font> </td>
<td style="border-bottom: #000000 1px solid;" width="2%" align="left">&nbsp; </td>
<td style="border-bottom: #000000 1px solid;" width="13%" align="right"><font style="font-family: TimesNewRomanPSMT,Times New Roman,Times,serif;" class="_mt" size="3">1,346,000</font> </td>
<td style="border-bottom: #000000 1px solid;" width="2%" align="left">&nbsp; </td>
<td style="border-bottom: #000000 1px solid;" width="2%" align="left">&nbsp; </td>
<td style="border-bottom: #000000 1px solid;" width="15%" align="right"><font style="font-family: TimesNewRomanPSMT,Times New Roman,Times,serif;" class="_mt" size="3">(375,000</font> </td>
<td style="border-bottom: #000000 1px solid;" width="2%" align="left"><font style="font-family: TimesNewRomanPSMT,Times New Roman,Times,serif;" class="_mt" size="3">)</font> </td>
<td style="border-bottom: #000000 1px solid;" width="2%" align="left">&nbsp; </td>
<td style="border-bottom: #000000 1px solid;" width="12%" align="right"><font style="font-family: TimesNewRomanPSMT,Times New Roman,Times,serif;" class="_mt" size="3">27,000</font> </td>
<td style="border-bottom: #000000 1px solid;" width="2%" align="left">&nbsp; </td></tr>
<tr valign="bottom"><td width="40%" align="left">&nbsp; </td>
<td style="border-bottom: #000000 3px double;" width="2%" align="left"><font style="font-family: TimesNewRomanPSMT,Times New Roman,Times,serif;" class="_mt" size="3">$</font> </td>
<td style="border-bottom: #000000 3px double;" width="13%" align="right"><font style="font-family: TimesNewRomanPSMT,Times New Roman,Times,serif;" class="_mt" size="3">6,730,000</font> </td>
<td style="border-bottom: #000000 3px double;" width="2%" align="left">&nbsp; </td>
<td style="border-bottom: #000000 3px double;" width="2%" align="left"><font style="font-family: TimesNewRomanPSMT,Times New Roman,Times,serif;" class="_mt" size="3">$</font> </td>
<td style="border-bottom: #000000 3px double;" width="15%" align="right"><font style="font-family: TimesNewRomanPSMT,Times New Roman,Times,serif;" class="_mt" size="3">(1,868,000</font> </td>
<td style="border-bottom: #000000 3px double;" width="2%" align="left"><font style="font-family: TimesNewRomanPSMT,Times New Roman,Times,serif;" class="_mt" size="3">)</font> </td>
<td style="border-bottom: #000000 3px double;" width="2%" align="left"><font style="font-family: TimesNewRomanPSMT,Times New Roman,Times,serif;" class="_mt" size="3">$</font> </td>
<td style="border-bottom: #000000 3px double;" width="12%" align="right"><font style="font-family: TimesNewRomanPSMT,Times New Roman,Times,serif;" class="_mt" size="3">136,000</font> </td>
<td style="border-bottom: #000000 3px double;" width="2%" align="left">&nbsp; </td></tr></table></div>

<p style="margin: 0px;">&nbsp;</p>

<p style="text-align: left;"><font style="font-family: TimesNewRomanPSMT,Times New Roman,Times,serif;" class="_mt" size="3">(a) Includes $0.6 and $2.8 million, respectively, paid to former owners of certain acquired properties representing the values assigned for the post-closing leasing of vacant spaces in excess of the fair value amounts estimated at closing.</font></p> </div><span></span></td>
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                <p>Investment in joint venture.</p>
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<DESCRIPTION>IDEA: XBRL DOCUMENT
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  <body><span style="display: none;">v2.4.0.6</span><table class="report" border="0" cellspacing="2" id="ID0EME">
      <tr>
        <th class="tl" colspan="1" rowspan="2">
          <div style="width: 200px;"><strong>Selected Quarterly Financial Data<br></strong></div>
        </th>
        <th class="th" colspan="1">12 Months Ended</th>
      </tr>
      <tr>
        <th class="th">
          <div>Dec. 31, 2011</div>
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        <td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_QuarterlyFinancialInformationDisclosureAbstract', window );"><strong>Selected Quarterly Financial Data [Abstract]</strong></a></td>
        <td class="text">&#xA0;<span></span></td>
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        <td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_QuarterlyFinancialInformationTextBlock', window );">Selected Quarterly Financial Data</a></td>
        <td class="text"><div> <p style="text-align: center;"><b><font style="font-family: TimesNewRomanPS-BoldMT,Times New Roman,Times,serif;" class="_mt" size="3">Note 21. Selected Quarterly Financial Data (unaudited)</font></b></p>

<div>

<table border="0" cellspacing="0">
<tr><td width="34%"> </td>
<td width="2%"> </td>
<td width="11%">

<p>&nbsp;</p></td>
<td width="2%"> </td>
<td width="2%"> </td>
<td width="12%"> </td>
<td width="2%"> </td>
<td width="2%"> </td>
<td width="12%"> </td>
<td width="2%"> </td>
<td width="2%"> </td>
<td width="12%"> </td>
<td width="2%"> </td></tr>
<tr valign="bottom"><td width="34%" align="center">&nbsp;</td>
<td style="border-bottom: #000000 1px solid;" width="63%" colspan="12" align="center"><b><font style="font-family: TimesNewRomanPS-BoldMT,Times New Roman,Times,serif;" class="_mt" size="3">Quarterended</font></b></td></tr>
<tr valign="bottom"><td style="border-bottom: #000000 1px solid; text-indent: 30px;" width="34%" align="center"><b><font style="font-family: TimesNewRomanPS-BoldMT,Times New Roman,Times,serif;" class="_mt" size="3">Year</font></b></td>
<td style="border-bottom: #000000 1px solid;" width="15%" colspan="3" align="center"><b><font style="font-family: TimesNewRomanPS-BoldMT,Times New Roman,Times,serif;" class="_mt" size="3">March31</font></b></td>
<td style="border-bottom: #000000 1px solid;" width="16%" colspan="3" align="center"><b><font style="font-family: TimesNewRomanPS-BoldMT,Times New Roman,Times,serif;" class="_mt" size="3">June 30</font></b></td>
<td style="border-bottom: #000000 1px solid;" width="16%" colspan="3" align="center"><b><font style="font-family: TimesNewRomanPS-BoldMT,Times New Roman,Times,serif;" class="_mt" size="3">September30</font></b></td>
<td style="border-bottom: #000000 1px solid;" width="16%" colspan="3" align="center"><b><font style="font-family: TimesNewRomanPS-BoldMT,Times New Roman,Times,serif;" class="_mt" size="3">December31</font></b></td></tr>
<tr valign="bottom"><td style="border-bottom: #000000 1px solid;" width="34%" align="left"><b><font style="font-family: TimesNewRomanPS-BoldMT,Times New Roman,Times,serif;" class="_mt" size="3">2011</font></b></td>
<td width="2%" align="right">&nbsp;</td>
<td width="11%" align="left">&nbsp;</td>
<td width="2%" align="left">&nbsp;</td>
<td width="2%" align="left">&nbsp;</td>
<td width="12%" align="left">&nbsp;</td>
<td width="2%" align="left">&nbsp;</td>
<td width="2%" align="right">&nbsp;</td>
<td width="12%" align="left">&nbsp;</td>
<td width="2%" align="left">&nbsp;</td>
<td width="2%" align="left">&nbsp;</td>
<td width="12%" align="left">&nbsp;</td>
<td width="2%" align="left">&nbsp;</td></tr>
<tr valign="bottom"><td width="34%" align="left"><font style="font-family: TimesNewRomanPSMT,Times New Roman,Times,serif;" class="_mt" size="3">Revenues as previously reported</font></td>
<td width="2%" align="right"><font style="font-family: TimesNewRomanPSMT,Times New Roman,Times,serif;" class="_mt" size="3">$</font></td>
<td width="11%" align="right"><font style="font-family: TimesNewRomanPSMT,Times New Roman,Times,serif;" class="_mt" size="3">41,620,000</font></td>
<td width="2%" align="left">&nbsp;</td>
<td width="2%" align="left"><font style="font-family: TimesNewRomanPSMT,Times New Roman,Times,serif;" class="_mt" size="3">$</font></td>
<td width="12%" align="right"><font style="font-family: TimesNewRomanPSMT,Times New Roman,Times,serif;" class="_mt" size="3">38,299,000</font></td>
<td width="2%" align="left">&nbsp;</td>
<td width="2%" align="right"><font style="font-family: TimesNewRomanPSMT,Times New Roman,Times,serif;" class="_mt" size="3">$</font></td>
<td width="12%" align="right"><font style="font-family: TimesNewRomanPSMT,Times New Roman,Times,serif;" class="_mt" size="3">33,460,000</font></td>
<td width="2%" align="left">&nbsp;</td>
<td width="2%" align="left"><font style="font-family: TimesNewRomanPSMT,Times New Roman,Times,serif;" class="_mt" size="3">$</font></td>
<td width="12%" align="right"><font style="font-family: TimesNewRomanPSMT,Times New Roman,Times,serif;" class="_mt" size="3">34,334,000</font></td>
<td width="2%" align="left">&nbsp;</td></tr>
<tr valign="bottom"><td width="34%" align="left"><font style="font-family: TimesNewRomanPSMT,Times New Roman,Times,serif;" class="_mt" size="3">Revenues fromdiscontinued operations and reclassifications (a)</font></td>
<td style="border-bottom: #000000 1px solid;" width="2%" align="right">&nbsp;</td>
<td style="border-bottom: #000000 1px solid;" width="11%" align="right"><font style="font-family: TimesNewRomanPSMT,Times New Roman,Times,serif;" class="_mt" size="3">(7,030,000</font></td>
<td style="border-bottom: #000000 1px solid;" width="2%" align="left"><font style="font-family: TimesNewRomanPSMT,Times New Roman,Times,serif;" class="_mt" size="3">)</font></td>
<td style="border-bottom: #000000 1px solid;" width="2%" align="left">&nbsp;</td>
<td style="border-bottom: #000000 1px solid;" width="12%" align="right"><font style="font-family: TimesNewRomanPSMT,Times New Roman,Times,serif;" class="_mt" size="3">(5,690,000</font></td>
<td style="border-bottom: #000000 1px solid;" width="2%" align="left"><font style="font-family: TimesNewRomanPSMT,Times New Roman,Times,serif;" class="_mt" size="3">)</font></td>
<td style="border-bottom: #000000 1px solid;" width="2%" align="right">&nbsp;</td>
<td style="border-bottom: #000000 1px solid;" width="12%" align="right"><font style="font-family: TimesNewRomanPSMT,Times New Roman,Times,serif;" class="_mt" size="3">420,000</font></td>
<td style="border-bottom: #000000 1px solid;" width="2%" align="left">&nbsp;</td>
<td style="border-bottom: #000000 1px solid;" width="2%" align="left">&nbsp;</td>
<td style="border-bottom: #000000 1px solid;" width="12%" align="center"><font style="font-family: TimesNewRomanPSMT,Times New Roman,Times,serif;" class="_mt" size="3">-</font></td>
<td style="border-bottom: #000000 1px solid;" width="2%" align="left">&nbsp;</td></tr>
<tr valign="bottom"><td width="34%" align="left"><font style="font-family: TimesNewRomanPSMT,Times New Roman,Times,serif;" class="_mt" size="3">Revenues</font></td>
<td style="border-bottom: #000000 3px double;" width="2%" align="right"><font style="font-family: TimesNewRomanPSMT,Times New Roman,Times,serif;" class="_mt" size="3">$</font></td>
<td style="border-bottom: #000000 3px double;" width="11%" align="right"><font style="font-family: TimesNewRomanPSMT,Times New Roman,Times,serif;" class="_mt" size="3">34,590,000</font></td>
<td style="border-bottom: #000000 3px double;" width="2%" align="left">&nbsp;</td>
<td style="border-bottom: #000000 3px double;" width="2%" align="left"><font style="font-family: TimesNewRomanPSMT,Times New Roman,Times,serif;" class="_mt" size="3">$</font></td>
<td style="border-bottom: #000000 3px double;" width="12%" align="right"><font style="font-family: TimesNewRomanPSMT,Times New Roman,Times,serif;" class="_mt" size="3">32,609,000</font></td>
<td style="border-bottom: #000000 3px double;" width="2%" align="left">&nbsp;</td>
<td style="border-bottom: #000000 3px double;" width="2%" align="right"><font style="font-family: TimesNewRomanPSMT,Times New Roman,Times,serif;" class="_mt" size="3">$</font></td>
<td style="border-bottom: #000000 3px double;" width="12%" align="right"><font style="font-family: TimesNewRomanPSMT,Times New Roman,Times,serif;" class="_mt" size="3">33,880,000</font></td>
<td style="border-bottom: #000000 3px double;" width="2%" align="left">&nbsp;</td>
<td style="border-bottom: #000000 3px double;" width="2%" align="left"><font style="font-family: TimesNewRomanPSMT,Times New Roman,Times,serif;" class="_mt" size="3">$</font></td>
<td style="border-bottom: #000000 3px double;" width="12%" align="right"><font style="font-family: TimesNewRomanPSMT,Times New Roman,Times,serif;" class="_mt" size="3">34,334,000</font></td>
<td style="border-bottom: #000000 3px double;" width="2%" align="left">&nbsp;</td></tr>
<tr><td width="97%" colspan="13">&nbsp;</td></tr>
<tr valign="bottom"><td width="34%" align="left"><font style="font-family: TimesNewRomanPSMT,Times New Roman,Times,serif;" class="_mt" size="3">Net loss</font></td>
<td width="2%" align="right"><font style="font-family: TimesNewRomanPSMT,Times New Roman,Times,serif;" class="_mt" size="3">$</font></td>
<td width="11%" align="right"><font style="font-family: TimesNewRomanPSMT,Times New Roman,Times,serif;" class="_mt" size="3">(9,093,000</font></td>
<td width="2%" align="left"><font style="font-family: TimesNewRomanPSMT,Times New Roman,Times,serif;" class="_mt" size="3">)</font></td>
<td width="2%" align="left"><font style="font-family: TimesNewRomanPSMT,Times New Roman,Times,serif;" class="_mt" size="3">$</font></td>
<td width="12%" align="right"><font style="font-family: TimesNewRomanPSMT,Times New Roman,Times,serif;" class="_mt" size="3">(24,729,000</font></td>
<td width="2%" align="left"><font style="font-family: TimesNewRomanPSMT,Times New Roman,Times,serif;" class="_mt" size="3">)</font></td>
<td width="2%" align="right"><font style="font-family: TimesNewRomanPSMT,Times New Roman,Times,serif;" class="_mt" size="3">$</font></td>
<td width="12%" align="right"><font style="font-family: TimesNewRomanPSMT,Times New Roman,Times,serif;" class="_mt" size="3">(71,265,000</font></td>
<td width="2%" align="left"><font style="font-family: TimesNewRomanPSMT,Times New Roman,Times,serif;" class="_mt" size="3">)</font></td>
<td width="2%" align="left"><font style="font-family: TimesNewRomanPSMT,Times New Roman,Times,serif;" class="_mt" size="3">$</font></td>
<td width="12%" align="right"><font style="font-family: TimesNewRomanPSMT,Times New Roman,Times,serif;" class="_mt" size="3">(3,427,000</font></td>
<td width="2%" align="left"><font style="font-family: TimesNewRomanPSMT,Times New Roman,Times,serif;" class="_mt" size="3">)</font></td></tr>
<tr valign="bottom"><td width="34%" align="left"><font style="font-family: TimesNewRomanPSMT,Times New Roman,Times,serif;" class="_mt" size="3">Net loss attributable to commonshareholders</font></td>
<td width="2%" align="right"><font style="font-family: TimesNewRomanPSMT,Times New Roman,Times,serif;" class="_mt" size="3">$</font></td>
<td width="11%" align="right"><font style="font-family: TimesNewRomanPSMT,Times New Roman,Times,serif;" class="_mt" size="3">(12,309,000</font></td>
<td width="2%" align="left"><font style="font-family: TimesNewRomanPSMT,Times New Roman,Times,serif;" class="_mt" size="3">)</font></td>
<td width="2%" align="left"><font style="font-family: TimesNewRomanPSMT,Times New Roman,Times,serif;" class="_mt" size="3">$</font></td>
<td width="12%" align="right"><font style="font-family: TimesNewRomanPSMT,Times New Roman,Times,serif;" class="_mt" size="3">(27,668,000</font></td>
<td width="2%" align="left"><font style="font-family: TimesNewRomanPSMT,Times New Roman,Times,serif;" class="_mt" size="3">)</font></td>
<td width="2%" align="right"><font style="font-family: TimesNewRomanPSMT,Times New Roman,Times,serif;" class="_mt" size="3">$</font></td>
<td width="12%" align="right"><font style="font-family: TimesNewRomanPSMT,Times New Roman,Times,serif;" class="_mt" size="3">(70,105,000</font></td>
<td width="2%" align="left"><font style="font-family: TimesNewRomanPSMT,Times New Roman,Times,serif;" class="_mt" size="3">)</font></td>
<td width="2%" align="left"><font style="font-family: TimesNewRomanPSMT,Times New Roman,Times,serif;" class="_mt" size="3">$</font></td>
<td width="12%" align="right"><font style="font-family: TimesNewRomanPSMT,Times New Roman,Times,serif;" class="_mt" size="3">(7,679,000</font></td>
<td width="2%" align="left"><font style="font-family: TimesNewRomanPSMT,Times New Roman,Times,serif;" class="_mt" size="3">)</font></td></tr>
<tr valign="bottom"><td width="34%" align="left"><font style="font-family: TimesNewRomanPSMT,Times New Roman,Times,serif;" class="_mt" size="3">Per commonshare (basic and diluted) (b)</font></td>
<td width="2%" align="right"><font style="font-family: TimesNewRomanPSMT,Times New Roman,Times,serif;" class="_mt" size="3">$</font></td>
<td width="11%" align="right"><font style="font-family: TimesNewRomanPSMT,Times New Roman,Times,serif;" class="_mt" size="3">(0.18</font></td>
<td width="2%" align="left"><font style="font-family: TimesNewRomanPSMT,Times New Roman,Times,serif;" class="_mt" size="3">)</font></td>
<td width="2%" align="left"><font style="font-family: TimesNewRomanPSMT,Times New Roman,Times,serif;" class="_mt" size="3">$</font></td>
<td width="12%" align="right"><font style="font-family: TimesNewRomanPSMT,Times New Roman,Times,serif;" class="_mt" size="3">(0.41</font></td>
<td width="2%" align="left"><font style="font-family: TimesNewRomanPSMT,Times New Roman,Times,serif;" class="_mt" size="3">)</font></td>
<td width="2%" align="right"><font style="font-family: TimesNewRomanPSMT,Times New Roman,Times,serif;" class="_mt" size="3">$</font></td>
<td width="12%" align="right"><font style="font-family: TimesNewRomanPSMT,Times New Roman,Times,serif;" class="_mt" size="3">(1.05</font></td>
<td width="2%" align="left"><font style="font-family: TimesNewRomanPSMT,Times New Roman,Times,serif;" class="_mt" size="3">)</font></td>
<td width="2%" align="left"><font style="font-family: TimesNewRomanPSMT,Times New Roman,Times,serif;" class="_mt" size="3">$</font></td>
<td width="12%" align="right"><font style="font-family: TimesNewRomanPSMT,Times New Roman,Times,serif;" class="_mt" size="3">(0.12</font></td>
<td width="2%" align="left"><font style="font-family: TimesNewRomanPSMT,Times New Roman,Times,serif;" class="_mt" size="3">)</font></td></tr>
<tr><td width="97%" colspan="13">&nbsp;</td></tr>
<tr valign="bottom"><td style="border-bottom: #000000 1px solid;" width="34%" align="left"><b><font style="font-family: TimesNewRomanPS-BoldMT,Times New Roman,Times,serif;" class="_mt" size="3">2010</font></b></td>
<td width="2%" align="right">&nbsp;</td>
<td width="11%" align="left">&nbsp;</td>
<td width="2%" align="left">&nbsp;</td>
<td width="2%" align="left">&nbsp;</td>
<td width="12%" align="left">&nbsp;</td>
<td width="2%" align="left">&nbsp;</td>
<td width="2%" align="right">&nbsp;</td>
<td width="12%" align="left">&nbsp;</td>
<td width="2%" align="left">&nbsp;</td>
<td width="2%" align="left">&nbsp;</td>
<td width="12%" align="left">&nbsp;</td>
<td width="2%" align="left">&nbsp;</td></tr>
<tr valign="bottom"><td width="34%" align="left"><font style="font-family: TimesNewRomanPSMT,Times New Roman,Times,serif;" class="_mt" size="3">Revenues as previously reported</font></td>
<td width="2%" align="right"><font style="font-family: TimesNewRomanPSMT,Times New Roman,Times,serif;" class="_mt" size="3">$</font></td>
<td width="11%" align="right"><font style="font-family: TimesNewRomanPSMT,Times New Roman,Times,serif;" class="_mt" size="3">41,786,000</font></td>
<td width="2%" align="left">&nbsp;</td>
<td width="2%" align="left"><font style="font-family: TimesNewRomanPSMT,Times New Roman,Times,serif;" class="_mt" size="3">$</font></td>
<td width="12%" align="right"><font style="font-family: TimesNewRomanPSMT,Times New Roman,Times,serif;" class="_mt" size="3">37,989,000</font></td>
<td width="2%" align="left">&nbsp;</td>
<td width="2%" align="right"><font style="font-family: TimesNewRomanPSMT,Times New Roman,Times,serif;" class="_mt" size="3">$</font></td>
<td width="12%" align="right"><font style="font-family: TimesNewRomanPSMT,Times New Roman,Times,serif;" class="_mt" size="3">31,710,000</font></td>
<td width="2%" align="left">&nbsp;</td>
<td width="2%" align="left"><font style="font-family: TimesNewRomanPSMT,Times New Roman,Times,serif;" class="_mt" size="3">$</font></td>
<td width="12%" align="right"><font style="font-family: TimesNewRomanPSMT,Times New Roman,Times,serif;" class="_mt" size="3">39,230,000</font></td>
<td width="2%" align="left">&nbsp;</td></tr>
<tr valign="bottom"><td width="34%" align="left"><font style="font-family: TimesNewRomanPSMT,Times New Roman,Times,serif;" class="_mt" size="3">Revenues fromdiscontinued operations and reclassifications (a)</font></td>
<td style="border-bottom: #000000 1px solid;" width="2%" align="right">&nbsp;</td>
<td style="border-bottom: #000000 1px solid;" width="11%" align="right"><font style="font-family: TimesNewRomanPSMT,Times New Roman,Times,serif;" class="_mt" size="3">(6,308,000</font></td>
<td style="border-bottom: #000000 1px solid;" width="2%" align="left"><font style="font-family: TimesNewRomanPSMT,Times New Roman,Times,serif;" class="_mt" size="3">)</font></td>
<td style="border-bottom: #000000 1px solid;" width="2%" align="left">&nbsp;</td>
<td style="border-bottom: #000000 1px solid;" width="12%" align="right"><font style="font-family: TimesNewRomanPSMT,Times New Roman,Times,serif;" class="_mt" size="3">(6,030,000</font></td>
<td style="border-bottom: #000000 1px solid;" width="2%" align="left"><font style="font-family: TimesNewRomanPSMT,Times New Roman,Times,serif;" class="_mt" size="3">)</font></td>
<td style="border-bottom: #000000 1px solid;" width="2%" align="right">&nbsp;</td>
<td style="border-bottom: #000000 1px solid;" width="12%" align="center"><font style="font-family: TimesNewRomanPSMT,Times New Roman,Times,serif;" class="_mt" size="3">-</font></td>
<td style="border-bottom: #000000 1px solid;" width="2%" align="left">&nbsp;</td>
<td style="border-bottom: #000000 1px solid;" width="2%" align="left">&nbsp;</td>
<td style="border-bottom: #000000 1px solid;" width="12%" align="right"><font style="font-family: TimesNewRomanPSMT,Times New Roman,Times,serif;" class="_mt" size="3">(6,805,000</font></td>
<td style="border-bottom: #000000 1px solid;" width="2%" align="left"><font style="font-family: TimesNewRomanPSMT,Times New Roman,Times,serif;" class="_mt" size="3">)</font></td></tr>
<tr valign="bottom"><td width="34%" align="left"><font style="font-family: TimesNewRomanPSMT,Times New Roman,Times,serif;" class="_mt" size="3">Revenues</font></td>
<td style="border-bottom: #000000 2px solid;" width="2%" align="right"><font style="font-family: TimesNewRomanPSMT,Times New Roman,Times,serif;" class="_mt" size="3">$</font></td>
<td style="border-bottom: #000000 2px solid;" width="11%" align="right"><font style="font-family: TimesNewRomanPSMT,Times New Roman,Times,serif;" class="_mt" size="3">35,478,000</font></td>
<td style="border-bottom: #000000 2px solid;" width="2%" align="left">&nbsp;</td>
<td style="border-bottom: #000000 2px solid;" width="2%" align="left"><font style="font-family: TimesNewRomanPSMT,Times New Roman,Times,serif;" class="_mt" size="3">$</font></td>
<td style="border-bottom: #000000 2px solid;" width="12%" align="right"><font style="font-family: TimesNewRomanPSMT,Times New Roman,Times,serif;" class="_mt" size="3">31,959,000</font></td>
<td style="border-bottom: #000000 2px solid;" width="2%" align="left">&nbsp;</td>
<td style="border-bottom: #000000 2px solid;" width="2%" align="right"><font style="font-family: TimesNewRomanPSMT,Times New Roman,Times,serif;" class="_mt" size="3">$</font></td>
<td style="border-bottom: #000000 2px solid;" width="12%" align="right"><font style="font-family: TimesNewRomanPSMT,Times New Roman,Times,serif;" class="_mt" size="3">31,710,000</font></td>
<td style="border-bottom: #000000 2px solid;" width="2%" align="left">&nbsp;</td>
<td style="border-bottom: #000000 2px solid;" width="2%" align="left"><font style="font-family: TimesNewRomanPSMT,Times New Roman,Times,serif;" class="_mt" size="3">$</font></td>
<td style="border-bottom: #000000 2px solid;" width="12%" align="right"><font style="font-family: TimesNewRomanPSMT,Times New Roman,Times,serif;" class="_mt" size="3">32,425,000</font></td>
<td style="border-bottom: #000000 2px solid;" width="2%" align="left">&nbsp;</td></tr>
<tr><td width="97%" colspan="13">&nbsp;</td></tr>
<tr valign="bottom"><td width="34%" align="left"><font style="font-family: TimesNewRomanPSMT,Times New Roman,Times,serif;" class="_mt" size="3">Net loss</font></td>
<td width="2%" align="right"><font style="font-family: TimesNewRomanPSMT,Times New Roman,Times,serif;" class="_mt" size="3">$</font></td>
<td width="11%" align="right"><font style="font-family: TimesNewRomanPSMT,Times New Roman,Times,serif;" class="_mt" size="3">(1,160,000</font></td>
<td width="2%" align="left"><font style="font-family: TimesNewRomanPSMT,Times New Roman,Times,serif;" class="_mt" size="3">)</font></td>
<td width="2%" align="left"><font style="font-family: TimesNewRomanPSMT,Times New Roman,Times,serif;" class="_mt" size="3">$</font></td>
<td width="12%" align="right"><font style="font-family: TimesNewRomanPSMT,Times New Roman,Times,serif;" class="_mt" size="3">(2,547,000</font></td>
<td width="2%" align="left"><font style="font-family: TimesNewRomanPSMT,Times New Roman,Times,serif;" class="_mt" size="3">)</font></td>
<td width="2%" align="right"><font style="font-family: TimesNewRomanPSMT,Times New Roman,Times,serif;" class="_mt" size="3">$</font></td>
<td width="12%" align="right"><font style="font-family: TimesNewRomanPSMT,Times New Roman,Times,serif;" class="_mt" size="3">(4,491,000</font></td>
<td width="2%" align="left"><font style="font-family: TimesNewRomanPSMT,Times New Roman,Times,serif;" class="_mt" size="3">)</font></td>
<td width="2%" align="left"><font style="font-family: TimesNewRomanPSMT,Times New Roman,Times,serif;" class="_mt" size="3">$</font></td>
<td width="12%" align="right"><font style="font-family: TimesNewRomanPSMT,Times New Roman,Times,serif;" class="_mt" size="3">(35,986,000</font></td>
<td width="2%" align="left"><font style="font-family: TimesNewRomanPSMT,Times New Roman,Times,serif;" class="_mt" size="3">)</font></td></tr>
<tr valign="bottom"><td width="34%" align="left"><font style="font-family: TimesNewRomanPSMT,Times New Roman,Times,serif;" class="_mt" size="3">Net loss attributable to commonshareholders</font></td>
<td width="2%" align="right"><font style="font-family: TimesNewRomanPSMT,Times New Roman,Times,serif;" class="_mt" size="3">$</font></td>
<td width="11%" align="right"><font style="font-family: TimesNewRomanPSMT,Times New Roman,Times,serif;" class="_mt" size="3">(3,490,000</font></td>
<td width="2%" align="left"><font style="font-family: TimesNewRomanPSMT,Times New Roman,Times,serif;" class="_mt" size="3">)</font></td>
<td width="2%" align="left"><font style="font-family: TimesNewRomanPSMT,Times New Roman,Times,serif;" class="_mt" size="3">$</font></td>
<td width="12%" align="right"><font style="font-family: TimesNewRomanPSMT,Times New Roman,Times,serif;" class="_mt" size="3">(4,251,000</font></td>
<td width="2%" align="left"><font style="font-family: TimesNewRomanPSMT,Times New Roman,Times,serif;" class="_mt" size="3">)</font></td>
<td width="2%" align="right"><font style="font-family: TimesNewRomanPSMT,Times New Roman,Times,serif;" class="_mt" size="3">$</font></td>
<td width="12%" align="right"><font style="font-family: TimesNewRomanPSMT,Times New Roman,Times,serif;" class="_mt" size="3">(6,780,000</font></td>
<td width="2%" align="left"><font style="font-family: TimesNewRomanPSMT,Times New Roman,Times,serif;" class="_mt" size="3">)</font></td>
<td width="2%" align="left"><font style="font-family: TimesNewRomanPSMT,Times New Roman,Times,serif;" class="_mt" size="3">$</font></td>
<td width="12%" align="right"><font style="font-family: TimesNewRomanPSMT,Times New Roman,Times,serif;" class="_mt" size="3">(36,964,000</font></td>
<td width="2%" align="left"><font style="font-family: TimesNewRomanPSMT,Times New Roman,Times,serif;" class="_mt" size="3">)</font></td></tr>
<tr valign="bottom"><td width="34%" align="left"><font style="font-family: TimesNewRomanPSMT,Times New Roman,Times,serif;" class="_mt" size="3">Per commonshare (basic and diluted) (b)</font></td>
<td width="2%" align="right"><font style="font-family: TimesNewRomanPSMT,Times New Roman,Times,serif;" class="_mt" size="3">$</font></td>
<td width="11%" align="right"><font style="font-family: TimesNewRomanPSMT,Times New Roman,Times,serif;" class="_mt" size="3">(0.06</font></td>
<td width="2%" align="left"><font style="font-family: TimesNewRomanPSMT,Times New Roman,Times,serif;" class="_mt" size="3">)</font></td>
<td width="2%" align="left"><font style="font-family: TimesNewRomanPSMT,Times New Roman,Times,serif;" class="_mt" size="3">$</font></td>
<td width="12%" align="right"><font style="font-family: TimesNewRomanPSMT,Times New Roman,Times,serif;" class="_mt" size="3">(0.07</font></td>
<td width="2%" align="left"><font style="font-family: TimesNewRomanPSMT,Times New Roman,Times,serif;" class="_mt" size="3">)</font></td>
<td width="2%" align="right"><font style="font-family: TimesNewRomanPSMT,Times New Roman,Times,serif;" class="_mt" size="3">$</font></td>
<td width="12%" align="right"><font style="font-family: TimesNewRomanPSMT,Times New Roman,Times,serif;" class="_mt" size="3">(0.10</font></td>
<td width="2%" align="left"><font style="font-family: TimesNewRomanPSMT,Times New Roman,Times,serif;" class="_mt" size="3">)</font></td>
<td width="2%" align="left"><font style="font-family: TimesNewRomanPSMT,Times New Roman,Times,serif;" class="_mt" size="3">$</font></td>
<td width="12%" align="right"><font style="font-family: TimesNewRomanPSMT,Times New Roman,Times,serif;" class="_mt" size="3">(0.56</font></td>
<td width="2%" align="left"><font style="font-family: TimesNewRomanPSMT,Times New Roman,Times,serif;" class="_mt" size="3">)</font></td></tr></table></div>

<p style="margin: 0px;">&nbsp;</p>

<p style="text-align: left;"><font style="font-family: TimesNewRomanPSMT,Times New Roman,Times,serif;" class="_mt" size="3">(a) Represents revenues fromdiscontinued operations whichwere previouslyincluded inrevenues as previouslyreported. (b) Differences betweenthe sumofthe four quarterlyper share amounts and the annualper share amounts are attributable to the effect ofthe weighted average outstanding share calculations for the respective periods.</font></p> </div><span></span></td>
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            <div class="body" style="padding: 2px;"><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div>
                <p>The entire disclosure for the quarterly financial data in the annual financial statements.  The disclosure may include a tabular presentation of financial information for each fiscal quarter for the current and previous year, including revenues, gross profit, income or loss before extraordinary items and earnings per share data. It also includes an indication if the information in the note is unaudited, comments on the aggregate effect of year-end adjustments, and an explanation of matters or transactions that affect comparability or are pertinent to an understanding of the information furnished.</p>
              </div><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;">
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  <body><span style="display: none;">v2.4.0.6</span><table class="report" border="0" cellspacing="2" id="ID0EME">
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          <div style="width: 200px;"><strong>Preferred And Common Stock<br></strong></div>
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        <td class="text"><div> <p style="text-align: left;"><b><font style="font-family: TimesNewRomanPS-BoldMT,Times New Roman,Times,serif;" class="_mt" size="3">Note 14. Preferred and Common Stock</font></b></p>

<p style="text-align: left;">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<font style="font-family: TimesNewRomanPSMT,Times New Roman,Times,serif;" class="_mt" size="3">The Company has a Dividend Reinvestment and Direct Stock Purchase Plan ("DRIP") which offers a convenient method for shareholders to invest cash dividends and/or make optional cash payments to purchase shares of the Company's common stock. Such purchases are at 100% of market value (increased in March 2011 from 98% of market value). During 2011, the Company issued 693,000 shares of its common stock at an average price of $6.02 per share and realized proceeds after expenses of approximately $4.1 million. During 2010, the Company issued 1,451,000 shares of its common stock at an average price of $5.79 per share and realized proceeds after expenses of approximately $8.2 million. At December 31, 2011, there remained 2,856,000 shares authorized under the DRIP.</font></p>

<p style="text-align: left;">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<font style="font-family: TimesNewRomanPSMT,Times New Roman,Times,serif;" class="_mt" size="3">In connection with litigation settlements in the Company's favor, the Company received cash payments of $975,000 ($225,000 and $750,000, respectively, in 2011 and 2010). In addition, the defendants acquired 133,000 shares of the Company's common stock (39,000 shares at an average price of $5.78 per share in 2011 and 94,000 shares at an average price of $8.01 per share in 2010) from which the Company realized net proceeds of an additional $975,000 ($225,000 and $750,000, respectively, in 2011 and 2010).</font></p>

<p style="text-align: left;">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<font style="font-family: TimesNewRomanPSMT,Times New Roman,Times,serif;" class="_mt" size="3">In February 2010, the Company concluded a public offering of 7,500,000 shares of its common stock at $6.60 per share, and realized net proceeds, after offering expenses, of approximately $47.0 million. In March 2010, the underwriters exercised their over-allotment option to the extent of 698,000 shares, and the Company realized additional net proceeds of $4.4 million. In connection with the offering, RioCan purchased 1,350,000 shares of the Company's common stock and the Company realized additional net proceeds of $8.9 million.</font></p>

<p style="text-align: left;">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<font style="font-family: TimesNewRomanPSMT,Times New Roman,Times,serif;" class="_mt" size="3">In connection with the RioCan transactions, the Company issued to RioCan warrants to purchase 1,428,570 shares of the Company's common stock at an exercise price of $7.00 per share. RioCan exercised its warrant in April 2010 and the Company realized net proceeds of $10.0 million.</font></p>

<p style="text-align: left;">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<font style="font-family: TimesNewRomanPSMT,Times New Roman,Times,serif;" class="_mt" size="3">In August 2010, the Company concluded a public offering of 2,850,000 shares of its 8-7/8% Series A Cumulative Redeemable preferred stock at $24.50 per share, and realized net proceeds, after offering expenses, of approximately $67.4 million. In connection with the sale, the Company's investment advisor received an underwriter's discount of approximately $2.4 million. The Company's 8-7/8% Series A Cumulative Redeemable Preferred Stock has no stated </font><font style="font-family: TimesNewRomanPSMT,Times New Roman,Times,serif;" class="_mt" size="3">maturity, is not convertible into any other security of the Company, and is redeemable at the Company's option at a price of $25.00 per share, plus accrued and unpaid distributions. There were $1.6 million of accrued preferred stock distributions at both December 31, 2011 and 2010, respectively.</font></p>

<p style="text-align: left;">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<font style="font-family: TimesNewRomanPSMT,Times New Roman,Times,serif;" class="_mt" size="3">The Company had a Standby Equity Purchase Agreement (the "SEPA Agreement") with an investment company for sales of its shares of common stock at a discount to market of 1.75% plus a placement agent fee 0.75% (paid to an investment advisor). In addition, the Agreement provided that Company could request advances from time to time up to $5.0 million each (with respect to such advances, the common stock sales were at a discount to market of 2.75% and the placement agent fee was 1.25%). Such advances were initially recorded as a liability and, as shares were sold on a daily basis and the advances were settled, such liability was thereafter reflected in equity. At December 31, 2009, there was an unsettled advance liability of $5.0 million which was settled in January and February 2010 by the sale of 718,000 shares of the Company's common stock at an average selling price of $6.97 per share. Through the remainder of 2010, an additional 667,000 shares were sold pursuant to the SEPA Agreement, at an average price of $7.52 per share, and the Company realized net proceeds, after allocation of issuance expenses, of approximately $4.9 million. There have been no additional SEPA Agreement transactions and the Agreement expired in September 2011.</font></p>

<p style="text-align: left;">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<font style="font-family: TimesNewRomanPSMT,Times New Roman,Times,serif;" class="_mt" size="3">During 2010, the Company, at its option, elected to redeem for cash approximately 552,000 OP Units that had been offered for conversion by the holders thereof, for an aggregate purchase price of approximately $3.4 million. Such OP Units had been issued to certain members of the group from which the Company had acquired the major portion of its Ohio drug store/convenience center properties.</font></p>

<p style="text-align: left;">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<font style="font-family: TimesNewRomanPSMT,Times New Roman,Times,serif;" class="_mt" size="3">In connection with an acquisition of a shopping center in 2002, the Operating Partnership issued warrants to purchase approximately 83,000 OP Units to a then minority interest partner in the property. Such warrants have an exercise price of $13.50 per unit, subject to certain anti-dilution adjustments, are fully vested, and will expire on May 31, 2012.</font></p>

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            <div class="body" style="padding: 2px;"><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Details</a><div>
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            <div class="body" style="padding: 2px;"><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div>
                <p>The entire disclosure for shareholders' equity, comprised of portions attributable to the parent entity and noncontrolling interest, if any, including other comprehensive income (as applicable).  Including, but not limited to: (1) balances of common stock, preferred stock, additional paid-in capital, other capital and retained earnings; (2) accumulated balance for each classification of other comprehensive income and total amount of comprehensive income; (3) amount and nature of changes in separate accounts, including the number of shares authorized and outstanding, number of shares issued upon exercise and conversion, and for other comprehensive income, the adjustments for reclassifications to net income; (4) rights and privileges of each class of stock authorized; (5) basis of treasury stock, if other than cost, and amounts paid and accounting treatment for treasury stock purchased significantly in excess of market; (6) dividends paid or payable per share and in the aggregate for each class of stock for each period presented; (7) dividend restrictions and accumulated preferred dividends in arrears (in aggregate and per share amount); (8) retained earnings appropriations or restrictions, such as dividend restrictions; (9) impact of change in accounting principle, initial adoption of new accounting principle and correction of an error in previously issued financial statements; (10) shares held in trust for Employee Stock Ownership Plan (ESOP); (11) deferred compensation related to issuance of capital stock; (12) note received for issuance of stock; (13) unamortized discount on shares; (14) description, terms, and number of warrants or rights outstanding; (15) shares under subscription and subscription receivables, effective date of new retained earnings after quasi-reorganization and deficit eliminated by quasi-reorganization and, for a period of at least ten years after the effective date, the point in time from which the new retained dates; and (16) retroactive effective of subsequent change in capital structure.</p>
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