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<p style=' margin-bottom:0pt; margin-top:0pt;text-align:center;'><B><font style='font-size:16PT'>UNITED STATES</font></B></p>

<p style=' margin-bottom:0pt; margin-top:0pt;text-align:center;'><B><font style='font-size:16PT'>SECURITIES AND EXCHANGE COMMISSION</font></B></p>

<p style=' margin-bottom:0pt; margin-top:0pt;text-align:center;'><B><font style='font-size:10PT'>WASHINGTON, D.C. 20549</font></B></p>


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<p style=' margin-bottom:0pt; margin-top:12pt;text-align:center;'><B><font style='font-size:16PT'>FORM 8-K</font></B></p>

<p style=' margin-bottom:0pt; margin-top:12pt;text-align:center;'><B><font style='font-size:10PT'>CURRENT REPORT</font></B></p>

<p style=' margin-bottom:0pt; margin-top:0pt;text-align:center;'><B><font style='font-size:10PT'>PURSUANT TO SECTION</font></B><font style='font-size:10pt'>&nbsp;</font><b><font style='font-size:10pt'>13 OR 15(d) OF THE</font></b></p>

<p style=' margin-bottom:0pt; margin-top:0pt;text-align:center;'><B><font style='font-size:10PT'>SECURITIES EXCHANGE ACT OF 1934</font></B></p>

<p style=' margin-bottom:0pt; margin-top:12pt;text-align:center;'><b><font style='font-size:10pt'>Date of Report (Date of Earliest Event Reported): September 27, 2006</font></b></p>

<p style=' margin-bottom:0pt; margin-top:8pt;text-align:center;'><b><font style='font-size:18pt'>Cedar Shopping Centers, Inc.</font></b></p>

<p style=' margin-bottom:0pt; margin-top:0pt;text-align:center;'><font style='font-size:10pt'>(Exact
  name of registrant as specified in its charter)</font></p>

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<p style=' margin-left:0pt;text-indent:0pt;text-align:center;margin-Top:0pt;margin-bottom:0pt;'><b><font style='font-size:10pt'>Maryland</font></b><br> <font style='font-size:10pt'>(State or other jurisdiction of</font><br> <font style='font-size:10pt'>incorporation)</font></p> </td>

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<p style=' margin-left:0pt;text-indent:0pt;text-align:center;margin-Top:0pt;margin-bottom:0pt;'>&nbsp;</p> </td>

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<p style=' margin-left:0pt;text-indent:0pt;text-align:center;margin-Top:0pt;margin-bottom:0pt;'><b><font style='font-size:10pt'>001-31817</font></b><br> <font style='font-size:10pt'>(Commission File No.)</font></p> </td>

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<p style=' margin-left:0pt;text-indent:0pt;text-align:center;margin-Top:0pt;margin-bottom:0pt;'>&nbsp;</p> </td>

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<p style=' margin-left:0pt;text-indent:0pt;text-align:center;margin-Top:0pt;margin-bottom:0pt;'><b><font style='font-size:10pt'>42-1241468</font></b><br> <font style='font-size:10pt'>(IRS Employer Identification</font><br> <font style='font-size:10pt'>No.)</font></p> </td> </tr>
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<p style=' margin-left:0pt;text-indent:0pt;text-align:center;margin-Top:0pt;margin-bottom:0pt;'><b><font style='font-size:10pt'>44 South Bayles Avenue</font></b><br> <b><font style='font-size:10pt'>Port Washington, NY</font></b></p> </td>

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<p style=' margin-left:0pt;text-indent:0pt;text-align:center;margin-Top:0pt;margin-bottom:0pt;'>&nbsp;</p> </td>

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<p style=' margin-left:0pt;text-indent:0pt;text-align:center;margin-Top:0pt;margin-bottom:0pt;'><b><font style='font-size:10pt'>11050-3765</font></b></p> </td> </tr>
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<p style=' margin-left:0pt;text-indent:0pt;text-align:center;margin-Top:0pt;margin-bottom:0pt;'><font style='font-size:10pt'>(Address of principal executive</font><br> <font style='font-size:10pt'>offices)</font></p> </td>

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<p style=' margin-left:0pt;text-indent:0pt;text-align:center;margin-Top:0pt;margin-bottom:0pt;'>&nbsp;</p> </td>

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<p style=' margin-left:0pt;text-indent:0pt;text-align:center;margin-Top:0pt;margin-bottom:0pt;'><font style='font-size:10pt'>(Zip Code)</font></p> </td> </tr></table>
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<p style=' margin-bottom:0pt; margin-top:16pt;text-align:center;'><b><font style='font-size:10pt'>(516) 767-6492</font></b></p>

<p style=' margin-bottom:0pt; margin-top:0pt;text-align:center;'><font style='font-size:10pt'>(Registrant&#146;s telephone number,</font></p>

<p style=' margin-bottom:0pt; margin-top:0pt;text-align:center;'><font style='font-size:10pt'>including area code)</font></p>

<p style=' margin-bottom:0pt; margin-top:8pt;text-align:left;'><font style='font-size:10pt'>Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions (see General Instruction A.2. below):</font></p>


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<p style=' margin-left:0pt;text-indent:0pt;text-align:left;margin-Top:0pt;margin-bottom:0pt;'><font style='font-size:10pt'>Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425)</font></p> </td> </tr></table>
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<p style=' margin-left:0pt;text-indent:0pt;text-align:left;margin-Top:0pt;margin-bottom:0pt;'><font style='font-size:10pt'>Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12)</font></p> </td> </tr></table>
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<p style=' margin-left:0pt;text-indent:0pt;text-align:left;margin-Top:0pt;margin-bottom:0pt;'><font style='font-size:10pt'>Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b))</font></p> </td> </tr></table>
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<p style=' margin-left:0pt;text-indent:0pt;text-align:left;margin-Top:0pt;margin-bottom:0pt;'><font style='font-size:10pt'>Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c))</font></p> </td> </tr></table>
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<p style=' margin-bottom:0pt; margin-top:12pt;text-align:left;'><b><font style='font-size:10pt'>Item 8.01. Other Events.</font></b></p>

<p style=' margin-bottom:0pt; margin-top:8pt;text-align:left;'><font style='font-size:10pt'>With the completion of an acquisition on September 27, 2006, the total of the Company&#146;s 2006 non-material acquisitions had reached an amount requiring that a majority of such acquisitions be audited pursuant to Rule 3-14 of Regulation S-X of the Securities and Exchange Commission.</font></p>

<p style=' margin-bottom:0pt; margin-top:12pt;text-align:left;'><b><font style='font-size:10pt'>Item 9.01. Financial Statements and Exhibits.</font></b></p>

<p style=' margin-bottom:0pt; margin-top:8pt;text-align:left;'><b><font style='font-size:10pt'>(a) Financial Statements of Businesses Acquired:</font></b></p>

<p style=' margin-bottom:0pt; margin-top:8pt; margin-left:5%;text-align:left;'><b><font style='font-size:10pt'>Elmhurst Square Associates I LLC, Elmhurst Square Associates II LLC and Long Reach Plaza Associates LLC:</font></b></p>

<p style=' margin-bottom:0pt; margin-top:0pt; margin-left:10%;text-align:left;'><font style='font-size:10pt'>Report of Independent Registered Public Accounting Firm</font></p>

<p style=' margin-bottom:0pt; margin-top:0pt; margin-left:10%;text-align:left;'><font style='font-size:10pt'>Combined Statements of Revenues and Certain Expenses:</font></p>

<p style=' margin-bottom:0pt; margin-top:0pt; margin-left:15%;text-align:left;'><font style='font-size:10pt'>For the year ended December 31, 2005</font></p>

<p style=' margin-bottom:0pt; margin-top:0pt; margin-left:15%;text-align:left;'><font style='font-size:10pt'>For the nine months ended September 30, 2006 (unaudited)</font></p>

<p style=' margin-bottom:0pt; margin-top:0pt; margin-left:10%;text-align:left;'><font style='font-size:10pt'>Notes to the Combined Statements of Revenues and Certain Expenses</font></p>

<p style=' margin-bottom:0pt; margin-top:12pt;text-align:left;'><b><font style='font-size:10pt'>(b) Pro Forma Financial Information:</font></b></p>

<p style=' margin-bottom:0pt; margin-top:8pt; margin-left:5%;text-align:left;'><font style='font-size:10pt'>Pro Forma Condensed Consolidated Balance Sheet as of September 30, 2006 (unaudited)</font></p>

<p style=' margin-bottom:0pt; margin-top:8pt; margin-left:5%;text-align:left;'><font style='font-size:10pt'>Pro Forma Condensed Consolidated Statements of Income (unaudited):</font></p>

<p style=' margin-bottom:0pt; margin-top:0pt; margin-left:15%;text-align:left;'><font style='font-size:10pt'>For the year ended December 31, 2005</font></p>

<p style=' margin-bottom:0pt; margin-top:0pt; margin-left:15%;text-align:left;'><font style='font-size:10pt'>For the nine months ended September 30, 2006</font></p>

<p style=' margin-bottom:0pt; margin-top:4pt; margin-left:5%;text-align:left;'><font style='font-size:10pt'>Notes to Pro Forma Condensed Consolidated Financial Statements (unaudited)</font></p>

<p style=' margin-bottom:0pt; margin-top:12pt;text-align:left;'><b><font style='font-size:10pt'>(d) Exhibits:</font></b></p>

<p style=' margin-bottom:0pt; margin-top:8pt; margin-left:5%;text-align:left;'><font style='font-size:10pt'>23.1 Consent of Independent Registered Public Accounting Firm dated December 11, 2006</font></p>

<p style=' margin-bottom:0pt; margin-top:12pt;text-align:left;'><b><font style='font-size:10pt'>Signatures</font></b></p>
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<p style=' margin-bottom:0pt; margin-top:16pt;text-align:center;'><b><font style='font-size:10pt'>Report of Independent Registered Public Accounting Firm </font></b></p>

<p style=' margin-bottom:0pt; margin-top:8pt;text-align:left;'><font style='font-size:10pt'>Board of Directors and Shareholders</font></p>

<p style=' margin-bottom:0pt; margin-top:0pt;text-align:left;'><font style='font-size:10pt'>Cedar Shopping Centers, Inc. </font></p>

<p style=' margin-bottom:0pt; margin-top:8pt;text-align:left;'><font style='font-size:10pt'>We
    have audited the combined statement of revenues and certain expenses of the
    Elmhurst Square Associates I LLC, Elmhurst Square Associates II LLC and Long
    Reach Plaza Associates LLC (the &#147;Properties&#148;) for the year ended
    December 31, 2005. The combined statement of revenues and certain expenses
    is the responsibility of Cedar Shopping Centers, Inc.&#146;s (the &#147;Company&#148;)
    management. Our responsibility is to express an opinion on this combined
    statement of revenues and certain expenses based on our audit.</font></p>

<p style=' margin-bottom:0pt; margin-top:8pt;text-align:left;'><font style='font-size:10pt'>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 the combined statement of revenues and certain expenses is free of material misstatement. We were not engaged to perform an audit of the Properties&#146; internal control over financial reporting. Our audit included consideration of internal control over financial reporting as a basis for designing audit procedures that are appropriate in the circumstances, but not for the purpose of expressing an opinion on the effectiveness of the Properties&#146; internal control over financial reporting. Accordingly, we express no such opinion. An audit also includes examining, on a test basis, evidence supporting the amounts and disclosures in the combined statement of revenues and
certain expenses, assessing the accounting principles used and significant estimates made by management, and evaluating the overall combined statement of revenues and certain expenses presentation. We believe that our audit provides a reasonable basis for our opinion.</font></p>

<p style=' margin-bottom:0pt; margin-top:8pt;text-align:left;'><font style='font-size:10pt'>As
    discussed in Note 1, the accompanying combined statement of revenues and
    certain expenses was prepared for the purpose of complying with Rule 3-14
    of Regulation
    S-X
    of the Securities and Exchange Commission for inclusion in Form 8-K of Cedar
    Shopping Centers, Inc. and is not intended to be a complete presentation
    of the combined revenues and certain expenses of the Properties.</font></p>

<p style=' margin-bottom:0pt; margin-top:8pt;text-align:left;'><font style='font-size:10pt'>In our opinion, the combined statement of revenues and certain expense referred to above presents fairly, in all material respects, the combined statement of revenues and certain expenses of the Properties as described in Note 1 for the year ended December 31, 2005, in conformity with U.S. generally accepted accounting principles.</font></p>

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<p style=' margin-bottom:0pt; margin-top:8pt;text-align:left;'><font style='font-size:10pt'>New York, New York </font></p>

<p style=' margin-bottom:0pt; margin-top:0pt;text-align:left;'><font style='font-size:10pt'>December 11, 2006</font></p>
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<p style=' margin-bottom:0pt; margin-top:16pt;text-align:center;'><b><font style='font-size:10pt'>Elmhurst Square Associates I LLC, Elmhurst Square Associates II LLC and Long Reach Plaza Associates LLC</font></b></p>

<p style=' margin-bottom:0pt; margin-top:0pt;text-align:center;'><b><font style='font-size:10pt'>Combined Statements of Revenues and Certain Expenses</font></b></p>

<p style=' margin-bottom:0pt; margin-top:0pt;text-align:left;'><font style='font-size:10pt'>&nbsp;</font></p>


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        <p style=' margin-left:0pt;text-indent:0pt;text-align:center;margin-bottom:0pt;'><font face="Arial"><b><font style='font-size:8pt'>Nine
          months</font></b><br>
          <b><font style='font-size:8pt'>ended</font></b><br>
          <b><font style='font-size:8pt'>September&nbsp;30,&nbsp;2006</font></b></font></p>
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          <b><font style='font-size:8pt'>ended</font></b><br>
          <b><font style='font-size:8pt'>December&nbsp;31,&nbsp;2005</font></b></font></p>
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      </td>
      <td valign=top >
        <p style=' margin-left:0pt;text-indent:0pt;text-align:left;margin-bottom:0pt;'><font size="1" face="Arial">&nbsp;</font></p>
      </td>
      <td colspan="2" valign=top >
        <p style=' margin-left:0pt;text-indent:0pt;text-align:left;margin-bottom:0pt;'>
        <hr noshade width="100%" color="Gray" size="1">
      </td>
      <td valign=top >
        <p style=' margin-left:0pt;text-indent:0pt;text-align:left;margin-bottom:0pt;'><font size="1" face="Arial">&nbsp;</font></p>
      </td>
      <td colspan="2" valign=top >
        <p style=' margin-left:0pt;text-indent:0pt;text-align:left;margin-bottom:0pt;'>
        <hr noshade width="100%" color="Gray" size="1">
      </td>
      <td valign=top >
        <p style=' margin-left:0pt;text-indent:0pt;text-align:left;margin-bottom:0pt;'><font size="1" face="Arial">&nbsp;</font></p>
      </td>
    </tr>
    <tr>
      <td valign=bottom >
        <p style=' margin-left:0pt;text-indent:0pt;text-align:left;margin-Top:0pt;margin-bottom:0pt;'><font size="1" face="Arial">&nbsp;</font></p>
      </td>
      <td valign=bottom width="2%" >
        <p style=' text-indent:0pt;text-align:left;margin-Top:0pt;margin-bottom:0pt;'><font size="1" face="Arial">&nbsp;</font></p>
      </td>
      <td valign=bottom width="1%" >
        <p style=' margin-left:0pt;text-indent:0pt;text-align:left;margin-Top:0pt;margin-bottom:0pt;'><font size="1" face="Arial">&nbsp;</font></p>
      </td>
      <td valign=bottom width="8%" >
        <p style=' margin-left:0pt;text-indent:0pt;text-align:center;margin-Top:0pt;margin-bottom:0pt;'><font face="Arial"><b><font style='font-size:8pt'>(Unaudited)</font></b></font></p>
      </td>
      <td valign=bottom width="2%" >
        <p style=' text-indent:0pt;text-align:left;margin-Top:0pt;margin-bottom:0pt;'><font size="1" face="Arial">&nbsp;</font></p>
      </td>
      <td valign=bottom width="1%" >
        <p style=' margin-left:0pt;text-indent:0pt;text-align:left;margin-Top:0pt;margin-bottom:0pt;'><font size="1" face="Arial">&nbsp;</font></p>
      </td>
      <td valign=bottom width="8%" ><font face="Arial">&nbsp;</font></td>
      <td valign=bottom width="2%" >
        <p style=' text-indent:0pt;text-align:left;margin-Top:0pt;margin-bottom:0pt;'><font size="1" face="Arial">&nbsp;</font></p>
      </td>
    </tr>
    <tr>
      <td valign=bottom >
        <p style=' margin-left:0pt;text-indent:0pt;text-align:left;margin-Top:0pt;margin-bottom:0pt;'><font style="font-size:10pt" face="Arial">Revenues:</font></p>
      </td>
      <td valign=bottom >
        <p style=' text-indent:0pt;text-align:left;margin-Top:0pt;margin-bottom:0pt;'><font size="1" face="Arial">&nbsp;</font></p>
      </td>
      <td valign=bottom >
        <p style=' margin-left:0pt;text-indent:0pt;text-align:left;margin-Top:0pt;margin-bottom:0pt;'><font size="1" face="Arial">&nbsp;</font></p>
      </td>
      <td valign=bottom >
        <p style=' margin-left:0pt;text-indent:0pt;text-align:right;margin-Top:0pt;margin-bottom:0pt;'><font size="1" face="Arial">&nbsp;</font></p>
      </td>
      <td valign=bottom >
        <p style=' text-indent:0pt;text-align:left;margin-Top:0pt;margin-bottom:0pt;'><font size="1" face="Arial">&nbsp;</font></p>
      </td>
      <td valign=bottom >
        <p style=' margin-left:0pt;text-indent:0pt;text-align:left;margin-Top:0pt;margin-bottom:0pt;'><font size="1" face="Arial">&nbsp;</font></p>
      </td>
      <td valign=bottom >
        <p style=' margin-left:0pt;text-indent:0pt;text-align:right;margin-Top:0pt;margin-bottom:0pt;'><font size="1" face="Arial">&nbsp;</font></p>
      </td>
      <td valign=bottom >
        <p style=' text-indent:0pt;text-align:left;margin-Top:0pt;margin-bottom:0pt;'><font size="1" face="Arial">&nbsp;</font></p>
      </td>
    </tr>
    <tr>
      <td valign=bottom >
        <p style=' margin-left:17.3pt;text-indent:-8.65pt;text-align:left;margin-Top:0pt;margin-bottom:0pt;'><font style="font-size:10pt" face="Arial">Base
          rents</font></p>
      </td>
      <td valign=bottom >
        <p style=' text-indent:0pt;text-align:left;margin-Top:0pt;margin-bottom:0pt;'><font size="1" face="Arial">&nbsp;</font></p>
      </td>
      <td valign=bottom >
        <p style=' margin-left:0pt;text-indent:0pt;text-align:left;margin-Top:0pt;margin-bottom:0pt;'><font style="font-size:10pt" face="Arial">$</font></p>
      </td>
      <td valign=bottom >
        <p style=' margin-left:0pt;margin-right:.7pt;text-indent:0pt;text-align:right;margin-Top:0pt;margin-bottom:0pt;'><font style="font-size:10pt" face="Arial">1,167,000
          </font></p>
      </td>
      <td valign=bottom >
        <p style=' text-indent:0pt;text-align:left;margin-Top:0pt;margin-bottom:0pt;'><font size="1" face="Arial">&nbsp;</font></p>
      </td>
      <td valign=bottom >
        <p style=' margin-left:0pt;text-indent:0pt;text-align:left;margin-Top:0pt;margin-bottom:0pt;'><font style="font-size:10pt" face="Arial">$</font></p>
      </td>
      <td valign=bottom >
        <p style=' margin-left:0pt;margin-right:.7pt;text-indent:0pt;text-align:right;margin-Top:0pt;margin-bottom:0pt;'><font style="font-size:10pt" face="Arial">1,465,000</font></p>
      </td>
      <td valign=bottom >
        <p style=' text-indent:0pt;text-align:left;margin-Top:0pt;margin-bottom:0pt;'><font size="1" face="Arial">&nbsp;</font></p>
      </td>
    </tr>
    <tr>
      <td valign=bottom >
        <p style=' margin-left:17.3pt;text-indent:-8.65pt;text-align:left;margin-Top:0pt;margin-bottom:0pt;'><font style="font-size:10pt" face="Arial">Tenant
          reimbursements</font></p>
      </td>
      <td valign=bottom >
        <p style=' text-indent:0pt;text-align:left;margin-Top:0pt;margin-bottom:0pt;'><font size="1" face="Arial">&nbsp;</font></p>
      </td>
      <td valign=bottom >
        <p style=' margin-left:0pt;text-indent:0pt;text-align:left;margin-Top:0pt;margin-bottom:0pt;'><font size="1" face="Arial">&nbsp;</font></p>
      </td>
      <td valign=bottom >
        <p style=' margin-left:0pt;margin-right:.7pt;text-indent:0pt;text-align:right;margin-Top:0pt;margin-bottom:0pt;'><font style="font-size:10pt" face="Arial">303,000
          </font></p>
      </td>
      <td valign=bottom >
        <p style=' text-indent:0pt;text-align:left;margin-Top:0pt;margin-bottom:0pt;'><font size="1" face="Arial">&nbsp;</font></p>
      </td>
      <td valign=bottom >
        <p style=' margin-left:0pt;text-indent:0pt;text-align:left;margin-Top:0pt;margin-bottom:0pt;'><font size="1" face="Arial">&nbsp;</font></p>
      </td>
      <td valign=bottom >
        <p style=' margin-left:0pt;margin-right:.7pt;text-indent:0pt;text-align:right;margin-Top:0pt;margin-bottom:0pt;'><font style="font-size:10pt" face="Arial">402,000</font></p>
      </td>
      <td valign=bottom >
        <p style=' text-indent:0pt;text-align:left;margin-Top:0pt;margin-bottom:0pt;'><font size="1" face="Arial">&nbsp;</font></p>
      </td>
    </tr>
    <tr>
      <td valign=bottom >
        <p style=' margin-left:17.3pt;text-indent:-8.65pt;text-align:left;margin-Top:0pt;margin-bottom:0pt;'><font style="font-size:10pt" face="Arial">Other</font></p>
      </td>
      <td valign=bottom >
        <p style=' text-indent:0pt;text-align:left;margin-Top:0pt;margin-bottom:0pt;'><font size="1" face="Arial">&nbsp;</font></p>
      </td>
      <td valign=bottom >
        <p style=' margin-left:0pt;text-indent:0pt;text-align:left;margin-Top:0pt;margin-bottom:0pt;'><font size="1" face="Arial">&nbsp;</font></p>
      </td>
      <td valign=bottom >
        <p style=' margin-left:0pt;margin-right:.7pt;text-indent:0pt;text-align:right;margin-Top:0pt;margin-bottom:0pt;'><font style="font-size:10pt" face="Arial">2,000
          </font></p>
      </td>
      <td valign=bottom >
        <p style=' text-indent:0pt;text-align:left;margin-Top:0pt;margin-bottom:0pt;'><font size="1" face="Arial">&nbsp;</font></p>
      </td>
      <td valign=bottom >
        <p style=' margin-left:0pt;text-indent:0pt;text-align:left;margin-Top:0pt;margin-bottom:0pt;'><font size="1" face="Arial">&nbsp;</font></p>
      </td>
      <td valign=bottom >
        <p style=' margin-left:0pt;margin-right:.7pt;text-indent:0pt;text-align:right;margin-Top:0pt;margin-bottom:0pt;'><font style="font-size:10pt" face="Arial">16,000</font></p>
      </td>
      <td valign=bottom >
        <p style=' text-indent:0pt;text-align:left;margin-Top:0pt;margin-bottom:0pt;'><font size="1" face="Arial">&nbsp;</font></p>
      </td>
    </tr>
    <tr>
      <td valign=top >
        <p style=' margin-left:0pt;text-indent:0pt;text-align:left;margin-bottom:0pt;'><font size="1" face="Arial">&nbsp;</font></p>
      </td>
      <td valign=top >
        <p style=' margin-left:0pt;text-indent:0pt;text-align:left;margin-bottom:0pt;'><font size="1" face="Arial">&nbsp;</font></p>
      </td>
      <td valign=top >
        <p style=' margin-left:0pt;text-indent:0pt;text-align:left;margin-bottom:0pt;'>
        <hr noshade width="100%" color="Gray" size="1">
      </td>
      <td valign=top >
        <p style=' margin-left:0pt;text-indent:0pt;text-align:left;margin-bottom:0pt;'>
        <hr noshade width="100%" color="Gray" size="1">
      </td>
      <td valign=top >
        <p style=' margin-left:0pt;text-indent:0pt;text-align:left;margin-bottom:0pt;'><font size="1" face="Arial">&nbsp;</font></p>
      </td>
      <td valign=top >
        <p style=' margin-left:0pt;text-indent:0pt;text-align:left;margin-bottom:0pt;'>
        <hr noshade width="100%" color="Gray" size="1">
      </td>
      <td valign=top >
        <p style=' margin-left:0pt;text-indent:0pt;text-align:left;margin-bottom:0pt;'>
        <hr noshade width="100%" color="Gray" size="1">
      </td>
      <td valign=top >
        <p style=' margin-left:0pt;text-indent:0pt;text-align:left;margin-bottom:0pt;'><font size="1" face="Arial">&nbsp;</font></p>
      </td>
    </tr>
    <tr>
      <td valign=bottom >
        <p style=' margin-left:0pt;text-indent:0pt;text-align:left;margin-Top:0pt;margin-bottom:0pt;'><font style="font-size:10pt" face="Arial">Total
          revenues</font></p>
      </td>
      <td valign=bottom >
        <p style=' text-indent:0pt;text-align:left;margin-Top:0pt;margin-bottom:0pt;'><font size="1" face="Arial">&nbsp;</font></p>
      </td>
      <td valign=bottom >
        <p style=' margin-left:0pt;text-indent:0pt;text-align:left;margin-Top:0pt;margin-bottom:0pt;'><font size="1" face="Arial">&nbsp;</font></p>
      </td>
      <td valign=bottom >
        <p style=' margin-left:0pt;margin-right:.7pt;text-indent:0pt;text-align:right;margin-Top:0pt;margin-bottom:0pt;'><font style="font-size:10pt" face="Arial">1,472,000
          </font></p>
      </td>
      <td valign=bottom >
        <p style=' text-indent:0pt;text-align:left;margin-Top:0pt;margin-bottom:0pt;'><font size="1" face="Arial">&nbsp;</font></p>
      </td>
      <td valign=bottom >
        <p style=' margin-left:0pt;text-indent:0pt;text-align:left;margin-Top:0pt;margin-bottom:0pt;'><font size="1" face="Arial">&nbsp;</font></p>
      </td>
      <td valign=bottom >
        <p style=' margin-left:0pt;margin-right:.7pt;text-indent:0pt;text-align:right;margin-Top:0pt;margin-bottom:0pt;'><font style="font-size:10pt" face="Arial">1,883,000</font></p>
      </td>
      <td valign=bottom >
        <p style=' text-indent:0pt;text-align:left;margin-Top:0pt;margin-bottom:0pt;'><font size="1" face="Arial">&nbsp;</font></p>
      </td>
    </tr>
    <tr>
      <td valign=top >
        <p style=' margin-left:0pt;text-indent:0pt;text-align:left;margin-bottom:0pt;'><font size="1" face="Arial">&nbsp;</font></p>
      </td>
      <td valign=top >
        <p style=' margin-left:0pt;text-indent:0pt;text-align:left;margin-bottom:0pt;'><font size="1" face="Arial">&nbsp;</font></p>
      </td>
      <td valign=top >
        <p style=' margin-left:0pt;text-indent:0pt;text-align:left;margin-bottom:0pt;'>
        <hr noshade width="100%" color="Gray" size="1">
      </td>
      <td valign=top >
        <p style=' margin-left:0pt;text-indent:0pt;text-align:left;margin-bottom:0pt;'>
        <hr noshade width="100%" color="Gray" size="1">
      </td>
      <td valign=top >
        <p style=' margin-left:0pt;text-indent:0pt;text-align:left;margin-bottom:0pt;'><font size="1" face="Arial">&nbsp;</font></p>
      </td>
      <td valign=top >
        <p style=' margin-left:0pt;text-indent:0pt;text-align:left;margin-bottom:0pt;'>
        <hr noshade width="100%" color="Gray" size="1">
      </td>
      <td valign=top >
        <p style=' margin-left:0pt;text-indent:0pt;text-align:left;margin-bottom:0pt;'>
        <hr noshade width="100%" color="Gray" size="1">
      </td>
      <td valign=top >
        <p style=' margin-left:0pt;text-indent:0pt;text-align:left;margin-bottom:0pt;'><font size="1" face="Arial">&nbsp;</font></p>
      </td>
    </tr>
    <tr>
      <td valign=bottom >
        <p style=' margin-left:0pt;text-indent:0pt;text-align:left;margin-Top:0pt;margin-bottom:0pt;'><font style="font-size:10pt" face="Arial">Certain
          expenses:</font></p>
      </td>
      <td valign=bottom >
        <p style=' text-indent:0pt;text-align:left;margin-Top:0pt;margin-bottom:0pt;'><font size="1" face="Arial">&nbsp;</font></p>
      </td>
      <td valign=bottom >
        <p style=' margin-left:0pt;text-indent:0pt;text-align:left;margin-Top:0pt;margin-bottom:0pt;'><font size="1" face="Arial">&nbsp;</font></p>
      </td>
      <td valign=bottom >
        <p style=' margin-left:0pt;text-indent:0pt;text-align:right;margin-Top:0pt;margin-bottom:0pt;'><font size="1" face="Arial">&nbsp;</font></p>
      </td>
      <td valign=bottom >
        <p style=' text-indent:0pt;text-align:left;margin-Top:0pt;margin-bottom:0pt;'><font size="1" face="Arial">&nbsp;</font></p>
      </td>
      <td valign=bottom >
        <p style=' margin-left:0pt;text-indent:0pt;text-align:left;margin-Top:0pt;margin-bottom:0pt;'><font size="1" face="Arial">&nbsp;</font></p>
      </td>
      <td valign=bottom >
        <p style=' margin-left:0pt;text-indent:0pt;text-align:right;margin-Top:0pt;margin-bottom:0pt;'><font size="1" face="Arial">&nbsp;</font></p>
      </td>
      <td valign=bottom >
        <p style=' text-indent:0pt;text-align:left;margin-Top:0pt;margin-bottom:0pt;'><font size="1" face="Arial">&nbsp;</font></p>
      </td>
    </tr>
    <tr>
      <td valign=bottom >
        <p style=' margin-left:17.3pt;text-indent:-8.65pt;text-align:left;margin-Top:0pt;margin-bottom:0pt;'><font style="font-size:10pt" face="Arial">Real
          estate taxes</font></p>
      </td>
      <td valign=bottom >
        <p style=' text-indent:0pt;text-align:left;margin-Top:0pt;margin-bottom:0pt;'><font size="1" face="Arial">&nbsp;</font></p>
      </td>
      <td valign=bottom >
        <p style=' margin-left:0pt;text-indent:0pt;text-align:left;margin-Top:0pt;margin-bottom:0pt;'><font size="1" face="Arial">&nbsp;</font></p>
      </td>
      <td valign=bottom >
        <p style=' margin-left:0pt;margin-right:.7pt;text-indent:0pt;text-align:right;margin-Top:0pt;margin-bottom:0pt;'><font style="font-size:10pt" face="Arial">103,000
          </font></p>
      </td>
      <td valign=bottom >
        <p style=' text-indent:0pt;text-align:left;margin-Top:0pt;margin-bottom:0pt;'><font size="1" face="Arial">&nbsp;</font></p>
      </td>
      <td valign=bottom >
        <p style=' margin-left:0pt;text-indent:0pt;text-align:left;margin-Top:0pt;margin-bottom:0pt;'><font size="1" face="Arial">&nbsp;</font></p>
      </td>
      <td valign=bottom >
        <p style=' margin-left:0pt;margin-right:.7pt;text-indent:0pt;text-align:right;margin-Top:0pt;margin-bottom:0pt;'><font style="font-size:10pt" face="Arial">133,000</font></p>
      </td>
      <td valign=bottom >
        <p style=' text-indent:0pt;text-align:left;margin-Top:0pt;margin-bottom:0pt;'><font size="1" face="Arial">&nbsp;</font></p>
      </td>
    </tr>
    <tr>
      <td valign=bottom >
        <p style=' margin-left:17.3pt;text-indent:-8.65pt;text-align:left;margin-Top:0pt;margin-bottom:0pt;'><font style="font-size:10pt" face="Arial">Property
          operating expenses</font></p>
      </td>
      <td valign=bottom >
        <p style=' text-indent:0pt;text-align:left;margin-Top:0pt;margin-bottom:0pt;'><font size="1" face="Arial">&nbsp;</font></p>
      </td>
      <td valign=bottom >
        <p style=' margin-left:0pt;text-indent:0pt;text-align:left;margin-Top:0pt;margin-bottom:0pt;'><font size="1" face="Arial">&nbsp;</font></p>
      </td>
      <td valign=bottom >
        <p style=' margin-left:0pt;margin-right:.7pt;text-indent:0pt;text-align:right;margin-Top:0pt;margin-bottom:0pt;'><font style="font-size:10pt" face="Arial">363,000
          </font></p>
      </td>
      <td valign=bottom >
        <p style=' text-indent:0pt;text-align:left;margin-Top:0pt;margin-bottom:0pt;'><font size="1" face="Arial">&nbsp;</font></p>
      </td>
      <td valign=bottom >
        <p style=' margin-left:0pt;text-indent:0pt;text-align:left;margin-Top:0pt;margin-bottom:0pt;'><font size="1" face="Arial">&nbsp;</font></p>
      </td>
      <td valign=bottom >
        <p style=' margin-left:0pt;margin-right:.7pt;text-indent:0pt;text-align:right;margin-Top:0pt;margin-bottom:0pt;'><font style="font-size:10pt" face="Arial">555,000</font></p>
      </td>
      <td valign=bottom >
        <p style=' text-indent:0pt;text-align:left;margin-Top:0pt;margin-bottom:0pt;'><font size="1" face="Arial">&nbsp;</font></p>
      </td>
    </tr>
    <tr>
      <td valign=bottom >
        <p style=' margin-left:17.3pt;text-indent:-8.65pt;text-align:left;margin-Top:0pt;margin-bottom:0pt;'><font style="font-size:10pt" face="Arial">Management
          fees - related party</font></p>
      </td>
      <td valign=bottom >
        <p style=' text-indent:0pt;text-align:left;margin-Top:0pt;margin-bottom:0pt;'><font size="1" face="Arial">&nbsp;</font></p>
      </td>
      <td valign=bottom >
        <p style=' margin-left:0pt;text-indent:0pt;text-align:left;margin-Top:0pt;margin-bottom:0pt;'><font size="1" face="Arial">&nbsp;</font></p>
      </td>
      <td valign=bottom >
        <p style=' margin-left:0pt;margin-right:.7pt;text-indent:0pt;text-align:right;margin-Top:0pt;margin-bottom:0pt;'><font style="font-size:10pt" face="Arial">71,000
          </font></p>
      </td>
      <td valign=bottom >
        <p style=' text-indent:0pt;text-align:left;margin-Top:0pt;margin-bottom:0pt;'><font size="1" face="Arial">&nbsp;</font></p>
      </td>
      <td valign=bottom >
        <p style=' margin-left:0pt;text-indent:0pt;text-align:left;margin-Top:0pt;margin-bottom:0pt;'><font size="1" face="Arial">&nbsp;</font></p>
      </td>
      <td valign=bottom >
        <p style=' margin-left:0pt;margin-right:.7pt;text-indent:0pt;text-align:right;margin-Top:0pt;margin-bottom:0pt;'><font style="font-size:10pt" face="Arial">93,000</font></p>
      </td>
      <td valign=bottom >
        <p style=' text-indent:0pt;text-align:left;margin-Top:0pt;margin-bottom:0pt;'><font size="1" face="Arial">&nbsp;</font></p>
      </td>
    </tr>
    <tr>
      <td valign=top >
        <p style=' margin-left:0pt;text-indent:0pt;text-align:left;margin-bottom:0pt;'><font size="1" face="Arial">&nbsp;</font></p>
      </td>
      <td valign=top >
        <p style=' margin-left:0pt;text-indent:0pt;text-align:left;margin-bottom:0pt;'><font size="1" face="Arial">&nbsp;</font></p>
      </td>
      <td valign=top >
        <p style=' margin-left:0pt;text-indent:0pt;text-align:left;margin-bottom:0pt;'>
        <hr noshade width="100%" color="Gray" size="1">
      </td>
      <td valign=top >
        <p style=' margin-left:0pt;text-indent:0pt;text-align:left;margin-bottom:0pt;'>
        <hr noshade width="100%" color="Gray" size="1">
      </td>
      <td valign=top >
        <p style=' margin-left:0pt;text-indent:0pt;text-align:left;margin-bottom:0pt;'><font size="1" face="Arial">&nbsp;</font></p>
      </td>
      <td valign=top >
        <p style=' margin-left:0pt;text-indent:0pt;text-align:left;margin-bottom:0pt;'>
        <hr noshade width="100%" color="Gray" size="1">
      </td>
      <td valign=top >
        <p style=' margin-left:0pt;text-indent:0pt;text-align:left;margin-bottom:0pt;'>
        <hr noshade width="100%" color="Gray" size="1">
      </td>
      <td valign=top >
        <p style=' margin-left:0pt;text-indent:0pt;text-align:left;margin-bottom:0pt;'><font size="1" face="Arial">&nbsp;</font></p>
      </td>
    </tr>
    <tr>
      <td valign=bottom >
        <p style=' margin-left:0pt;text-indent:0pt;text-align:left;margin-Top:0pt;margin-bottom:0pt;'><font style="font-size:10pt" face="Arial">Total
          certain expenses</font></p>
      </td>
      <td valign=bottom >
        <p style=' text-indent:0pt;text-align:left;margin-Top:0pt;margin-bottom:0pt;'><font size="1" face="Arial">&nbsp;</font></p>
      </td>
      <td valign=bottom >
        <p style=' margin-left:0pt;text-indent:0pt;text-align:left;margin-Top:0pt;margin-bottom:0pt;'><font size="1" face="Arial">&nbsp;</font></p>
      </td>
      <td valign=bottom >
        <p style=' margin-left:0pt;margin-right:.7pt;text-indent:0pt;text-align:right;margin-Top:0pt;margin-bottom:0pt;'><font style="font-size:10pt" face="Arial">537,000
          </font></p>
      </td>
      <td valign=bottom >
        <p style=' text-indent:0pt;text-align:left;margin-Top:0pt;margin-bottom:0pt;'><font size="1" face="Arial">&nbsp;</font></p>
      </td>
      <td valign=bottom >
        <p style=' margin-left:0pt;text-indent:0pt;text-align:left;margin-Top:0pt;margin-bottom:0pt;'><font size="1" face="Arial">&nbsp;</font></p>
      </td>
      <td valign=bottom >
        <p style=' margin-left:0pt;margin-right:.7pt;text-indent:0pt;text-align:right;margin-Top:0pt;margin-bottom:0pt;'><font style="font-size:10pt" face="Arial">781,000</font></p>
      </td>
      <td valign=bottom >
        <p style=' text-indent:0pt;text-align:left;margin-Top:0pt;margin-bottom:0pt;'><font size="1" face="Arial">&nbsp;</font></p>
      </td>
    </tr>
    <tr>
      <td valign=top >
        <p style=' margin-left:0pt;text-indent:0pt;text-align:left;margin-bottom:0pt;'><font size="1" face="Arial">&nbsp;</font></p>
      </td>
      <td valign=top >
        <p style=' margin-left:0pt;text-indent:0pt;text-align:left;margin-bottom:0pt;'><font size="1" face="Arial">&nbsp;</font></p>
      </td>
      <td valign=top >
        <p style=' margin-left:0pt;text-indent:0pt;text-align:left;margin-bottom:0pt;'>
        <hr noshade width="100%" color="Gray" size="1">
      </td>
      <td valign=top >
        <p style=' margin-left:0pt;text-indent:0pt;text-align:left;margin-bottom:0pt;'>
        <hr noshade width="100%" color="Gray" size="1">
      </td>
      <td valign=top >
        <p style=' margin-left:0pt;text-indent:0pt;text-align:left;margin-bottom:0pt;'><font size="1" face="Arial">&nbsp;</font></p>
      </td>
      <td valign=top >
        <p style=' margin-left:0pt;text-indent:0pt;text-align:left;margin-bottom:0pt;'>
        <hr noshade width="100%" color="Gray" size="1">
      </td>
      <td valign=top >
        <p style=' margin-left:0pt;text-indent:0pt;text-align:left;margin-bottom:0pt;'>
        <hr noshade width="100%" color="Gray" size="1">
      </td>
      <td valign=top >
        <p style=' margin-left:0pt;text-indent:0pt;text-align:left;margin-bottom:0pt;'><font size="1" face="Arial">&nbsp;</font></p>
      </td>
    </tr>
    <tr>
      <td valign=bottom >
        <p style=' margin-left:0pt;text-indent:0pt;text-align:left;margin-Top:0pt;margin-bottom:0pt;'><font style="font-size:10pt" face="Arial">Revenues
          in excess of certain expenses</font></p>
      </td>
      <td valign=bottom >
        <p style=' text-indent:0pt;text-align:left;margin-Top:0pt;margin-bottom:0pt;'><font style='font-size:10pt'><font face="Arial"></font>
          </font></p>
      </td>
      <td valign=bottom >
        <p style=' margin-left:0pt;text-indent:0pt;text-align:left;margin-Top:0pt;margin-bottom:0pt;'><font style="font-size:10pt" face="Arial">$</font></p>
      </td>
      <td valign=bottom >
        <p style=' margin-left:0pt;margin-right:.7pt;text-indent:0pt;text-align:right;margin-Top:0pt;margin-bottom:0pt;'><font style="font-size:10pt" face="Arial">935,000
          </font></p>
      </td>
      <td valign=bottom >
        <p style=' text-indent:0pt;text-align:left;margin-Top:0pt;margin-bottom:0pt;'><font style='font-size:10pt'><font face="Arial"></font>
          </font></p>
      </td>
      <td valign=bottom >
        <p style=' margin-left:0pt;text-indent:0pt;text-align:left;margin-Top:0pt;margin-bottom:0pt;'><font style="font-size:10pt" face="Arial">$</font></p>
      </td>
      <td valign=bottom >
        <p style=' margin-left:0pt;margin-right:.7pt;text-indent:0pt;text-align:right;margin-Top:0pt;margin-bottom:0pt;'><font style="font-size:10pt" face="Arial">1,102,000</font></p>
      </td>
      <td valign=bottom >
        <p style=' text-indent:0pt;text-align:left;margin-Top:0pt;margin-bottom:0pt;'><font style='font-size:10pt'><font face="Arial"></font>
          </font></p>
      </td>
    </tr>
    <tr>
      <td valign=top >
        <p style=' margin-left:0pt;text-indent:0pt;text-align:left;margin-bottom:0pt;'><font size="1" face="Arial">&nbsp;</font></p>
      </td>
      <td valign=top >
        <p style=' margin-left:0pt;text-indent:0pt;text-align:left;margin-bottom:0pt;'><font size="1" face="Arial">&nbsp;</font></p>
      </td>
      <td valign=top >
        <p style=' margin-left:0pt;text-indent:0pt;text-align:left;margin-bottom:0pt;'>
        <hr noshade width="100%" color="Gray" size="2">
      </td>
      <td valign=top >
        <p style=' margin-left:0pt;text-indent:0pt;text-align:left;margin-bottom:0pt;'>
        <hr noshade width="100%" color="Gray" size="2">
      </td>
      <td valign=top >
        <p style=' margin-left:0pt;text-indent:0pt;text-align:left;margin-bottom:0pt;'><font size="1" face="Arial">&nbsp;</font></p>
      </td>
      <td valign=top >
        <p style=' margin-left:0pt;text-indent:0pt;text-align:left;margin-bottom:0pt;'>
        <hr noshade width="100%" color="Gray" size="2">
      </td>
      <td valign=top >
        <p style=' margin-left:0pt;text-indent:0pt;text-align:left;margin-bottom:0pt;'>
        <hr noshade width="100%" color="Gray" size="2">
      </td>
      <td valign=top >
        <p style=' margin-left:0pt;text-indent:0pt;text-align:left;margin-bottom:0pt;'><font size="1" face="Arial">&nbsp;</font></p>
      </td>
    </tr>
  </table>
</div>



<p style=' margin-bottom:0pt; margin-top:8pt;text-align:center;'><font style='font-size:10pt'>See accompanying notes to combined statements of revenues and certain expenses.</font></p>
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<p style=' margin-bottom:0pt; margin-top:0pt;text-align:left;'><font style='font-size:10pt'>&nbsp;</font></p>


<p style=' margin-bottom:0pt; margin-top:8pt;text-align:center;'><b><font style='font-size:10pt'>Elmhurst Square Associates I LLC, Elmhurst Square Associates II LLC and Long Reach Plaza Associates LLC</font></b></p>

<p style=' margin-bottom:0pt; margin-top:0pt;text-align:center;'><b><font style='font-size:10pt'>Notes to Combined Statements of Revenues and Certain Expenses</font></b></p>

<p style=' margin-bottom:0pt; margin-top:0pt;text-align:center;'><b><font style='font-size:10pt'>For the year ended December 31, 2005</font></b></p>

<p style=' margin-bottom:0pt; margin-top:0pt;text-align:center;'><b><font style='font-size:10pt'>For the nine months ended September 30, 2006 (unaudited)</font></b></p>


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    <tr>

        <td width="5%" valign=top style='padding:6.0pt 0in 0in 0in;'>

<p style=' margin-left:0pt;text-indent:0pt;text-align:left;margin-Top:0pt;margin-bottom:0pt;'><b><font style='font-size:10pt'>1.</font></b></p> </td>

        <td valign=top style='padding:6.0pt 0in 0in 0in;'>

<p style=' margin-left:0pt;text-indent:0pt;text-align:left;margin-Top:0pt;margin-bottom:0pt;'><b><font style='font-size:10pt'>Basis of Presentation </font></b></p> </td> </tr></table>
</div>



<p style=' margin-bottom:0pt; margin-top:8pt; text-indent:5%;text-align:left;'><font style='font-size:10pt'>Presented
    herein are the combined statements of revenues and certain expenses of</font><b><font style='font-size:10pt'> </font></b><font style='font-size:10pt'>Elmhurst
    Square Associates I LLC, Elmhurst Square Associates II LLC and Long Reach
    Plaza Associates LLC, which as a whole comprise the operations of two supermarket-anchored
    shopping centers located in Portsmouth, Virginia (a/k/a Elmhurst Square)
    and Columbia, Maryland (a/k/a Long Reach Village) collectively known as the &#147;Properties.&#148; The
    Properties contain approximately 171,000 square feet of gross leasable area.
    Cedar Shopping Centers, Inc. (the &#147;Company&#148;) acquired Long Reach
    Village in September 2006 pursuant to the terms of a Purchase and Sale Agreement;
    Elmhurst Square is expected to close in December 2006. The financial statements
    for the Properties are combined since the Properties have been or  will be
    acquired from the same seller, thus they were under common control and management.</font></p>

<p style=' margin-bottom:0pt; margin-top:8pt; text-indent:5%;text-align:left;'><font style='font-size:10pt'>The accompanying combined financial statements have been prepared in accordance with the applicable rules and regulations of the Securities and Exchange Commission for the acquisition of real estate properties. Accordingly, the combined financial statements exclude certain expenses because they may not be comparable to those expected to be incurred in the proposed future operations of the Properties. Items excluded consist of interest expense and depreciation and amortization expense, which are not directly related to future operations. </font></p>


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    <tr>

        <td width="5%" valign=top style='padding:6.0pt 0in 0in 0in;'>

<p style=' margin-left:0pt;text-indent:0pt;text-align:left;margin-Top:0pt;margin-bottom:0pt;'><b><font style='font-size:10pt'>2.</font></b></p> </td>

        <td valign=top style='padding:6.0pt 0in 0in 0in;'>

<p style=' margin-left:0pt;text-indent:0pt;text-align:left;margin-Top:0pt;margin-bottom:0pt;'><b><font style='font-size:10pt'>Use of Estimates </font></b></p> </td> </tr></table>
</div>



<p style=' margin-bottom:0pt; margin-top:8pt; text-indent:5%;text-align:left;'><font style='font-size:10pt'>The preparation of the combined statements of revenues and certain expenses in conformity with U.S. generally accepted accounting principles requires management to make estimates and assumptions that affect the amounts reported in the statements of revenues and certain expenses and accompanying notes. Actual results could differ from those estimates. </font></p>


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<table border="0" cellspacing=0 cellpadding=0 width="100%" style=' border-collapse:collapse;'>
    <tr>

        <td width="5%" valign=top style='padding:6.0pt 0in 0in 0in;'>

<p style=' margin-left:0pt;text-indent:0pt;text-align:left;margin-Top:0pt;margin-bottom:0pt;'><b><font style='font-size:10pt'>3.</font></b></p> </td>

        <td valign=top style='padding:6.0pt 0in 0in 0in;'>

<p style=' margin-left:0pt;text-indent:0pt;text-align:left;margin-Top:0pt;margin-bottom:0pt;'><b><font style='font-size:10pt'>Revenue Recognition </font></b></p> </td> </tr></table>
</div>



<p style=' margin-bottom:0pt; margin-top:8pt; text-indent:5%;text-align:left;'><font style='font-size:10pt'>The Properties are being leased to tenants under operating leases. Minimum rental income is recognized on a straight-line basis over the terms of the respective leases. The excess of rents recognized over amounts contractually due pursuant to the underlying leases was approximately $25,000 and $37,000 for the year ended December 31, 2005 and for the nine months ended September 30, 2006 (unaudited). </font></p>


<div align=left>


<table border="0" cellspacing=0 cellpadding=0 width="36%" style=' border-collapse:collapse;'>
    <tr>

        <td width="15%" valign=top style='padding:12.0pt 0in 0in 0in;'>

<p style=' margin-left:0pt;text-indent:0pt;text-align:left;margin-Top:0pt;margin-bottom:0pt;'><b><font style='font-size:10pt'>4.</font></b></p> </td>

        <td width="84%" valign=top style='padding:12.0pt 0in 0in 0in;'>

<p style=' margin-left:0pt;text-indent:0pt;text-align:left;margin-Top:0pt;margin-bottom:0pt;'><b><font style='font-size:10pt'>Property Operating Expenses</font></b></p> </td> </tr></table>
</div>



<p style=' margin-bottom:0pt; margin-top:8pt; text-indent:5%;text-align:left;'><font style='font-size:10pt'>Property operating expenses for the year ended December 31, 2005 include approximately $164,000 for utilities, $80,000 for repairs and maintenance, $69,000 for security, $57,000 for snow and trash removal, $47,000 for parking lot costs, $38,000 for insurance, $37,000 for landscaping, $25,000 for cleaning, $17,000 for professional fees, $7,000 for bad debt expense and $14,000 for other expenses.</font></p>

<p style=' margin-bottom:0pt; margin-top:8pt; text-indent:5%;text-align:left;'><font style='font-size:10pt'>Property operating expenses for the nine months ended September 30, 2006 (unaudited) include approximately $124,000 for utilities, $36,000 for parking lot costs, $35,000 for security, $35,000 for repairs and maintenance, $25,000 for insurance, $23,000 for landscaping, $22,000 for snow and trash removal, $19,000 for cleaning, $11,000 for professional fees, $17,000 for bad debt expense and $16,000 for other expenses.</font></p>


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<table border="0" cellspacing=0 cellpadding=0 width="100%" style=' border-collapse:collapse;'>
    <tr>

        <td width="5%" valign=top style='padding:6.0pt 0in 0in 0in;'>

<p style=' margin-left:0pt;text-indent:0pt;text-align:left;margin-Top:0pt;margin-bottom:0pt;'><b><font style='font-size:10pt'>5.</font></b></p> </td>

        <td valign=top style='padding:6.0pt 0in 0in 0in;'>

<p style=' margin-left:0pt;text-indent:0pt;text-align:left;margin-Top:0pt;margin-bottom:0pt;'><b><font style='font-size:10pt'>Management Fees &#150; Related Party</font></b></p> </td> </tr></table>
</div>



<p style=' margin-bottom:0pt; margin-top:8pt; text-indent:5%;text-align:left;'><font style='font-size:10pt'>The Properties were managed by Perrine &amp; Wheeler LLC, a related party, pursuant to management agreements. Management fees of approximately $93,000 for the year ended December 31, 2005 and $71,000 for the nine months ended September 30, 2006 (unaudited) were incurred. The management agreements provided for a monthly management fee of 3% of cash receipts and an asset management fee of 2% of cash receipts, as defined.</font></p>


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<table border="0" cellspacing=0 cellpadding=0 width="100%" style=' border-collapse:collapse;'>
    <tr>

        <td width="5%" valign=top style='padding:6.0pt 0in 0in 0in;'>

<p style=' margin-left:0pt;text-indent:0pt;text-align:left;margin-Top:0pt;margin-bottom:0pt;'><b><font style='font-size:10pt'>6.</font></b></p> </td>

        <td valign=top style='padding:6.0pt 0in 0in 0in;'>

<p style=' margin-left:0pt;text-indent:0pt;text-align:left;margin-Top:0pt;margin-bottom:0pt;'><b><font style='font-size:10pt'>Significant Tenants </font></b></p> </td> </tr></table>
</div>



<p style=' margin-bottom:0pt; margin-top:8pt; text-indent:5%;text-align:left;'><font style='font-size:10pt'>Significant tenants include Safeway and Food Lion, which constituted approximately 18% and 13%, respectively, of base rents for the year ended December 31, 2005, and 17% and 12%, respectively, of base rents for the nine months ended September 30, 2006 (unaudited).</font></p>
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<p style=' margin-bottom:0pt; margin-top:0pt;text-align:left;'><font style='font-size:10pt'>&nbsp;</font></p>


<p style=' margin-bottom:0pt; margin-top:8pt;text-align:center;'><b><font style='font-size:10pt'>Elmhurst Square Associates I LLC, Elmhurst Square Associates II LLC and Long Reach Plaza Associates LLC</font></b></p>

<p style=' margin-bottom:0pt; margin-top:0pt;text-align:center;'><b><font style='font-size:10pt'>Notes to Combined Statements of Revenues and Certain Expenses</font></b></p>

<p style=' margin-bottom:0pt; margin-top:0pt;text-align:center;'><b><font style='font-size:10pt'>For the year ended December 31, 2005</font></b></p>

<p style=' margin-bottom:0pt; margin-top:0pt;text-align:center;'><b><font style='font-size:10pt'>For the nine months ended September 30, 2006 (unaudited)</font></b></p>

<p style=' margin-bottom:0pt; margin-top:0pt;text-align:center;'><b><font style='font-size:10pt'>(Continued)</font></b></p>


<div align=left>


<table border="0" cellspacing=0 cellpadding=0 width="100%" style=' border-collapse:collapse;'>
    <tr>

        <td width="5%" valign=top style='padding:6.0pt 0in 0in 0in;'>

<p style=' margin-left:0pt;text-indent:0pt;text-align:left;margin-Top:0pt;margin-bottom:0pt;'><b><font style='font-size:10pt'>7.</font></b></p> </td>

        <td valign=top style='padding:6.0pt 0in 0in 0in;'>

<p style=' margin-left:0pt;text-indent:0pt;text-align:left;margin-Top:0pt;margin-bottom:0pt;'><b><font style='font-size:10pt'>Future Minimum Lease Payments </font></b></p> </td> </tr></table>
</div>



<p style=' margin-bottom:0pt; margin-top:8pt; text-indent:5%;text-align:left;'><font style='font-size:10pt'>Future minimum lease payments to be received under non-cancelable operating leases for the years ending December 31 are as follows: </font></p>

<p style=' margin-bottom:0pt; margin-top:0pt;text-align:left;'><font style='font-size:10pt'>&nbsp;</font></p>


<div align=center>


  <table border="0" cellspacing=0 cellpadding=0 width="80%" style=' border-collapse:collapse;'>
    <tr>
      <td width="80%" valign=bottom >
        <p style=' margin-left:8.65pt;text-indent:-8.65pt;text-align:left;margin-Top:0pt;margin-bottom:0pt;'><font style='font-size:10pt'>2006</font></p>
      </td>
      <td width="4%" valign=bottom >
        <p style=' text-indent:0pt;text-align:left;margin-Top:0pt;margin-bottom:0pt;'><font size=1>&nbsp;</font></p>
      </td>
      <td width="2%" valign=bottom >
        <p style=' margin-left:0pt;text-indent:0pt;text-align:right;margin-Top:0pt;margin-bottom:0pt;'><font style='font-size:10pt'>$
          </font></p>
      </td>
      <td width="12%" valign=bottom >
        <p style=' margin-left:0pt;text-indent:0pt;text-align:right;margin-Top:0pt;margin-bottom:0pt;'><font style='font-size:10pt'>1,486,000</font></p>
      </td>
    </tr>
    <tr>
      <td valign=bottom >
        <p style=' margin-left:8.65pt;text-indent:-8.65pt;text-align:left;margin-Top:0pt;margin-bottom:0pt;'><font style='font-size:10pt'>2007</font></p>
      </td>
      <td valign=bottom >
        <p style=' text-indent:0pt;text-align:left;margin-Top:0pt;margin-bottom:0pt;'><font size=1>&nbsp;</font></p>
      </td>
      <td valign=bottom >
        <p style=' margin-left:0pt;text-indent:0pt;text-align:right;margin-Top:0pt;margin-bottom:0pt;'><font size=1>&nbsp;</font></p>
      </td>
      <td valign=bottom >
        <p style=' margin-left:0pt;text-indent:0pt;text-align:right;margin-Top:0pt;margin-bottom:0pt;'><font style='font-size:10pt'>1,482,000</font></p>
      </td>
    </tr>
    <tr>
      <td valign=bottom >
        <p style=' margin-left:8.65pt;text-indent:-8.65pt;text-align:left;margin-Top:0pt;margin-bottom:0pt;'><font style='font-size:10pt'>2008</font></p>
      </td>
      <td valign=bottom >
        <p style=' text-indent:0pt;text-align:left;margin-Top:0pt;margin-bottom:0pt;'><font size=1>&nbsp;</font></p>
      </td>
      <td valign=bottom >
        <p style=' margin-left:0pt;text-indent:0pt;text-align:right;margin-Top:0pt;margin-bottom:0pt;'><font size=1>&nbsp;</font></p>
      </td>
      <td valign=bottom >
        <p style=' margin-left:0pt;text-indent:0pt;text-align:right;margin-Top:0pt;margin-bottom:0pt;'><font style='font-size:10pt'>1,212,000</font></p>
      </td>
    </tr>
    <tr>
      <td valign=bottom >
        <p style=' margin-left:8.65pt;text-indent:-8.65pt;text-align:left;margin-Top:0pt;margin-bottom:0pt;'><font style='font-size:10pt'>2009</font></p>
      </td>
      <td valign=bottom >
        <p style=' text-indent:0pt;text-align:left;margin-Top:0pt;margin-bottom:0pt;'><font size=1>&nbsp;</font></p>
      </td>
      <td valign=bottom >
        <p style=' margin-left:0pt;text-indent:0pt;text-align:right;margin-Top:0pt;margin-bottom:0pt;'><font size=1>&nbsp;</font></p>
      </td>
      <td valign=bottom >
        <p style=' margin-left:0pt;text-indent:0pt;text-align:right;margin-Top:0pt;margin-bottom:0pt;'><font style='font-size:10pt'>1,041,000</font></p>
      </td>
    </tr>
    <tr>
      <td valign=bottom >
        <p style=' margin-left:8.65pt;text-indent:-8.65pt;text-align:left;margin-Top:0pt;margin-bottom:0pt;'><font style='font-size:10pt'>2010</font></p>
      </td>
      <td valign=bottom >
        <p style=' text-indent:0pt;text-align:left;margin-Top:0pt;margin-bottom:0pt;'><font size=1>&nbsp;</font></p>
      </td>
      <td valign=bottom >
        <p style=' margin-left:0pt;text-indent:0pt;text-align:right;margin-Top:0pt;margin-bottom:0pt;'><font size=1>&nbsp;</font></p>
      </td>
      <td valign=bottom >
        <p style=' margin-left:0pt;text-indent:0pt;text-align:right;margin-Top:0pt;margin-bottom:0pt;'><font style='font-size:10pt'>840,000</font></p>
      </td>
    </tr>
    <tr>
      <td valign=bottom >
        <p style=' margin-left:8.65pt;text-indent:-8.65pt;text-align:left;margin-Top:0pt;margin-bottom:0pt;'><font style='font-size:10pt'>Thereafter</font></p>
      </td>
      <td valign=bottom >
        <p style=' text-indent:0pt;text-align:left;margin-Top:0pt;margin-bottom:0pt;'><font size=1>&nbsp;</font></p>
      </td>
      <td valign=bottom >
        <p style=' margin-left:0pt;text-indent:0pt;text-align:right;margin-Top:0pt;margin-bottom:0pt;'><font size=1>&nbsp;</font></p>
      </td>
      <td valign=bottom >
        <p style=' margin-left:0pt;text-indent:0pt;text-align:right;margin-Top:0pt;margin-bottom:0pt;'><font style='font-size:10pt'>3,431,000</font></p>
      </td>
    </tr>
    <tr>
      <td valign=bottom >&nbsp;</td>
      <td valign=bottom >&nbsp;</td>
      <td valign=bottom >
        <hr noshade width="100%" color="Gray" size="1">
      </td>
      <td valign=bottom >
        <hr noshade width="100%" color="Gray" size="1">
      </td>
    </tr>
    <tr>
      <td valign=bottom >
        <p style=' margin-left:8.65pt;text-indent:-8.65pt;text-align:left;margin-Top:0pt;margin-bottom:0pt;'><font style='font-size:10pt'>Total</font></p>
      </td>
      <td valign=bottom >
        <p style=' text-indent:0pt;text-align:left;margin-Top:0pt;margin-bottom:0pt;'><font size=1>&nbsp;</font></p>
      </td>
      <td valign=bottom >
        <p style=' margin-left:0pt;text-indent:0pt;text-align:right;margin-Top:0pt;margin-bottom:0pt;'><font style='font-size:10pt'>$</font></p>
      </td>
      <td valign=bottom >
        <p style=' margin-left:0pt;text-indent:0pt;text-align:right;margin-Top:0pt;margin-bottom:0pt;'><font style='font-size:10pt'>9,492,000</font></p>
      </td>
    </tr>
    <tr>
      <td valign=bottom >&nbsp;</td>
      <td valign=bottom >&nbsp;</td>
      <td valign=bottom >
        <hr noshade width="100%" color="Gray" size="2">
      </td>
      <td valign=bottom >
        <hr noshade width="100%" color="Gray" size="2">
      </td>
    </tr>
  </table>
</div>



<p style=' margin-bottom:0pt; margin-top:8pt; text-indent:5%;text-align:left;'><font style='font-size:10pt'>The lease agreements generally contain provisions for reimbursement of real estate taxes and operating expenses, on a pro rata basis, as well as for fixed increases in rent. </font></p>


<div align=left>


<table border="0" cellspacing=0 cellpadding=0 width="46%" style=' border-collapse:collapse;'>
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        <td width="11%" valign=top style='padding:12.0pt 0in 0in 0in;'>

<p style=' margin-left:0pt;text-indent:0pt;text-align:left;margin-Top:0pt;margin-bottom:0pt;'><b><font style='font-size:10pt'>8.</font></b></p> </td>

        <td width="88%" valign=top style='padding:12.0pt 0in 0in 0in;'>

<p style=' margin-left:0pt;text-indent:0pt;text-align:left;margin-Top:0pt;margin-bottom:0pt;'><b><font style='font-size:10pt'>Interim Unaudited Financial Information</font></b></p> </td> </tr></table>
</div>



<p style=' margin-bottom:0pt; margin-top:8pt; text-indent:5%;text-align:left;'><font style='font-size:10pt'>The combined statement of revenues and certain expenses for the nine months ended September 30, 2006 is unaudited; however, in the opinion of management, all adjustments (consisting solely of normal recurring adjustments) necessary for a fair presentation of the combined statement of revenues and certain expenses for this interim period have been included. The results of the interim period are not necessarily indicative of the results to be obtained for a full fiscal year.</font></p>
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<p style=' margin-bottom:0pt; margin-top:0pt;text-align:center;'><b><font style='font-size:10pt'>Cedar Shopping Centers, Inc.</font></b></p>

<p style=' margin-bottom:0pt; margin-top:0pt;text-align:center;'><b><font style='font-size:10pt'>Pro Forma Condensed Consolidated Balance Sheet</font></b></p>

<p style=' margin-bottom:0pt; margin-top:0pt;text-align:center;'><b><font style='font-size:10pt'>As of September 30, 2006</font></b></p>

<p style=' margin-bottom:0pt; margin-top:0pt;text-align:center;'><b><font style='font-size:10pt'>(Unaudited)</font></b></p>

<p style=' margin-bottom:0pt; margin-top:8pt; text-indent:5%;text-align:left;'><font style='font-size:10pt'>The following unaudited pro forma condensed consolidated balance sheet is presented as if Cedar Shopping Centers, Inc. (the &#147;Company&#148;) had acquired (1) Elmhurst Square Associates I LLC, Elmhurst Square Associates II LLC (&#147;Elmhurst Square&#148;) and Long Reach Plaza Associates LLC, (&#147;Long Reach Village&#148;) (collectively &#147;Acquired Properties), and (2) the other properties it purchased subsequent to September 30, 2006 and through November 30, 2006, as if all of these transactions were completed as of September 30, 2006. This financial statement should be read in conjunction with the unaudited pro forma condensed consolidated statements of income, and the Company&#146;s historical financial statements and notes thereto as filed on Form 10-K for the year ended December 31, 2005 and on Form 10-Q for the nine months ended September 30, 2006. The pro forma
condensed consolidated balance sheet is unaudited and is not necessarily indicative of what the actual financial position would have been had the Company acquired (1) Elmhurst Square Associates I LLC, Elmhurst Square Associates II LLC and Long Reach Plaza Associates LLC, and (2) the other properties it purchased subsequent to September 30, 2006 and through November 30, 2006, nor does it purport to represent the future consolidated financial position of the Company.</font></p>

<p style=' margin-bottom:0pt; margin-top:0pt;text-align:left;'><font style='font-size:10pt'>&nbsp;</font></p>


<div align=left>


  <table border="0" cellspacing=0 cellpadding=0 style=' border-collapse:collapse;' width="100%">
    <tr>

        <td valign=bottom >

<p style=' margin-left:0pt;text-indent:0pt;text-align:center;margin-bottom:0pt;'><font size=1>&nbsp;</font></p> </td>


      <td valign=bottom >
        <p style=' margin-left:0pt;text-indent:0pt;text-align:center;margin-bottom:0pt;'><font size=1>&nbsp;</font></p> </td>

        <td colspan="11" valign=bottom >

<p style=' margin-left:0pt;text-indent:0pt;text-align:center;margin-bottom:0pt;'><b><font style='font-size:8pt'>As of September 30, 2006</font></b></p> </td>


      <td valign=bottom >
        <p style=' margin-left:0pt;text-indent:0pt;text-align:center;margin-bottom:0pt;'><font size=1>&nbsp;</font></p> </td> </tr>
    <tr>

        <td valign=top >

<p style=' margin-left:0pt;text-indent:0pt;text-align:left;margin-bottom:0pt;'><font size=1>&nbsp;</font></p> </td>


      <td valign=top >
        <p style=' margin-left:0pt;text-indent:0pt;text-align:left;margin-bottom:0pt;'><font size=1>&nbsp;</font></p> </td>

        <td colspan="11" valign=top >

<p style=' margin-left:0pt;text-indent:0pt;text-align:left;margin-bottom:0pt;'>
<hr noshade width="100%" color="Gray" size="1"> </td>


      <td valign=top >
        <p style=' margin-left:0pt;text-indent:0pt;text-align:left;margin-bottom:0pt;'><font size=1>&nbsp;</font></p> </td> </tr>
    <tr>

        <td valign=bottom >

<p style=' margin-left:0pt;text-indent:0pt;text-align:center;margin-bottom:0pt;'><font size=1>&nbsp;</font></p> </td>


      <td valign=bottom >
        <p style=' margin-left:0pt;text-indent:0pt;text-align:center;margin-bottom:0pt;'><font size=1>&nbsp;</font></p> </td>

        <td colspan="2" valign=bottom >

<p style=' margin-left:0pt;text-indent:0pt;text-align:center;margin-bottom:0pt;'><b><font style='font-size:8pt'>Cedar Shopping</font></b><br> <b><font style='font-size:8pt'>Centers, Inc.</font></b><br> <b><font style='font-size:8pt'>Historical (a)</font></b></p> </td>


      <td valign=bottom >
        <p style=' margin-left:0pt;text-indent:0pt;text-align:center;margin-bottom:0pt;'><font size=1>&nbsp;</font></p> </td>

        <td colspan="2" valign=bottom >

<p style=' margin-left:0pt;text-indent:0pt;text-align:center;margin-bottom:0pt;'><b><font style='font-size:8pt'>Completed transactions</font></b><br> <b><font style='font-size:8pt'>(b) (d)</font></b></p> </td>


      <td valign=bottom >
        <p style=' margin-left:0pt;text-indent:0pt;text-align:center;margin-bottom:0pt;'><font size=1>&nbsp;</font></p> </td>

        <td colspan="2" valign=bottom >

<p style=' margin-left:0pt;text-indent:0pt;text-align:center;margin-bottom:0pt;'><b><font style='font-size:8pt'>Elmhurst Square</font></b><br> <b><font style='font-size:8pt'>(c)(d)</font></b></p> </td>


      <td valign=bottom >
        <p style=' margin-left:0pt;text-indent:0pt;text-align:center;margin-bottom:0pt;'><font size=1>&nbsp;</font></p> </td>

        <td colspan="2" valign=bottom >

<p style=' margin-left:0pt;text-indent:0pt;text-align:center;margin-bottom:0pt;'><b><font style='font-size:8pt'>Pro forma</font></b></p> </td>


      <td valign=bottom >
        <p style=' margin-left:0pt;text-indent:0pt;text-align:center;margin-bottom:0pt;'><font size=1>&nbsp;</font></p> </td> </tr>
    <tr>

        <td valign=top >

<p style=' margin-left:0pt;text-indent:0pt;text-align:left;margin-bottom:0pt;'><font size=1>&nbsp;</font></p> </td>


      <td valign=top >
        <p style=' margin-left:0pt;text-indent:0pt;text-align:left;margin-bottom:0pt;'><font size=1>&nbsp;</font></p> </td>

        <td colspan="2" valign=top >

<p style=' margin-left:0pt;text-indent:0pt;text-align:left;margin-bottom:0pt;'>
<hr noshade width="100%" color="Gray" size="1"> </td>


      <td valign=top >
        <p style=' margin-left:0pt;text-indent:0pt;text-align:left;margin-bottom:0pt;'><font size=1>&nbsp;</font></p> </td>

        <td colspan="2" valign=top >

<p style=' margin-left:0pt;text-indent:0pt;text-align:left;margin-bottom:0pt;'>
<hr noshade width="100%" color="Gray" size="1"> </td>


      <td valign=top >
        <p style=' margin-left:0pt;text-indent:0pt;text-align:left;margin-bottom:0pt;'><font size=1>&nbsp;</font></p> </td>

        <td colspan="2" valign=top >

<p style=' margin-left:0pt;text-indent:0pt;text-align:left;margin-bottom:0pt;'>
<hr noshade width="100%" color="Gray" size="1"> </td>


      <td valign=top >
        <p style=' margin-left:0pt;text-indent:0pt;text-align:left;margin-bottom:0pt;'><font size=1>&nbsp;</font></p> </td>

        <td colspan="2" valign=top >

<p style=' margin-left:0pt;text-indent:0pt;text-align:left;margin-bottom:0pt;'>
<hr noshade width="100%" color="Gray" size="1"> </td>


      <td valign=top >
        <p style=' margin-left:0pt;text-indent:0pt;text-align:left;margin-bottom:0pt;'><font size=1>&nbsp;</font></p> </td> </tr>
    <tr>

        <td valign=bottom >

<p style=' margin-left:8.65pt;text-indent:-8.65pt;text-align:left;margin-top:2pt;margin-bottom:0pt;'><b><font style='font-size:10pt'>Assets</font></b></p> </td>


      <td valign=bottom >
        <p style=' text-indent:0pt;text-align:left;margin-top:2pt;margin-bottom:0pt;'><font size=1>&nbsp;</font></p> </td>


      <td valign=bottom >
        <p style=' margin-left:0pt;text-indent:0pt;text-align:left;margin-top:2pt;margin-bottom:0pt;'><font size=1>&nbsp;</font></p> </td>


      <td valign=bottom >
        <p style=' margin-left:0pt;text-indent:0pt;text-align:right;margin-top:2pt;margin-bottom:0pt;'><font size=1>&nbsp;</font></p> </td>


      <td valign=bottom >
        <p style=' text-indent:0pt;text-align:left;margin-top:2pt;margin-bottom:0pt;'><font size=1>&nbsp;</font></p> </td>


      <td valign=bottom >
        <p style=' margin-left:0pt;text-indent:0pt;text-align:left;margin-top:2pt;margin-bottom:0pt;'><font size=1>&nbsp;</font></p> </td>


      <td valign=bottom >
        <p style=' margin-left:0pt;text-indent:0pt;text-align:right;margin-top:2pt;margin-bottom:0pt;'><font size=1>&nbsp;</font></p> </td>


      <td valign=bottom >
        <p style=' text-indent:0pt;text-align:left;margin-top:2pt;margin-bottom:0pt;'><font size=1>&nbsp;</font></p> </td>


      <td valign=bottom >
        <p style=' margin-left:0pt;text-indent:0pt;text-align:left;margin-top:2pt;margin-bottom:0pt;'><font size=1>&nbsp;</font></p> </td>


      <td valign=bottom >
        <p style=' margin-left:0pt;text-indent:0pt;text-align:right;margin-top:2pt;margin-bottom:0pt;'><font size=1>&nbsp;</font></p> </td>


      <td valign=bottom >
        <p style=' text-indent:0pt;text-align:left;margin-top:2pt;margin-bottom:0pt;'><font size=1>&nbsp;</font></p> </td>


      <td valign=bottom >
        <p style=' margin-left:0pt;text-indent:0pt;text-align:left;margin-top:2pt;margin-bottom:0pt;'><font size=1>&nbsp;</font></p> </td>


      <td valign=bottom >
        <p style=' margin-left:0pt;text-indent:0pt;text-align:right;margin-top:2pt;margin-bottom:0pt;'><font size=1>&nbsp;</font></p> </td>


      <td valign=bottom >
        <p style=' text-indent:0pt;text-align:left;margin-top:2pt;margin-bottom:0pt;'><font size=1>&nbsp;</font></p> </td> </tr>
    <tr>

        <td valign=bottom >

<p style=' margin-left:8.65pt;text-indent:-8.65pt;text-align:left;margin-top:2pt;margin-bottom:0pt;'><font style='font-size:10pt'>Real estate</font></p> </td>

        <td valign=bottom >

<p style=' text-indent:0pt;text-align:left;margin-top:2pt;margin-bottom:0pt;'><font size=1>&nbsp;</font></p> </td>

        <td valign=bottom >

<p style=' margin-left:0pt;text-indent:0pt;text-align:left;margin-top:2pt;margin-bottom:0pt;'><font size=1>&nbsp;</font></p> </td>

        <td valign=bottom >

<p style=' margin-left:0pt;text-indent:0pt;text-align:right;margin-top:2pt;margin-bottom:0pt;'><font size=1>&nbsp;</font></p> </td>

        <td valign=bottom >

<p style=' text-indent:0pt;text-align:left;margin-top:2pt;margin-bottom:0pt;'><font size=1>&nbsp;</font></p> </td>

        <td valign=bottom >

<p style=' margin-left:0pt;text-indent:0pt;text-align:left;margin-top:2pt;margin-bottom:0pt;'><font size=1>&nbsp;</font></p> </td>

        <td valign=bottom >

<p style=' margin-left:0pt;text-indent:0pt;text-align:right;margin-top:2pt;margin-bottom:0pt;'><font size=1>&nbsp;</font></p> </td>

        <td valign=bottom >

<p style=' text-indent:0pt;text-align:left;margin-top:2pt;margin-bottom:0pt;'><font size=1>&nbsp;</font></p> </td>

        <td valign=bottom >

<p style=' margin-left:0pt;text-indent:0pt;text-align:left;margin-top:2pt;margin-bottom:0pt;'><font size=1>&nbsp;</font></p> </td>

        <td valign=bottom >

<p style=' margin-left:0pt;text-indent:0pt;text-align:right;margin-top:2pt;margin-bottom:0pt;'><font size=1>&nbsp;</font></p> </td>

        <td valign=bottom >

<p style=' text-indent:0pt;text-align:left;margin-top:2pt;margin-bottom:0pt;'><font size=1>&nbsp;</font></p> </td>

        <td valign=bottom >

<p style=' margin-left:0pt;text-indent:0pt;text-align:left;margin-top:2pt;margin-bottom:0pt;'><font size=1>&nbsp;</font></p> </td>

        <td valign=bottom >

<p style=' margin-left:0pt;text-indent:0pt;text-align:right;margin-top:2pt;margin-bottom:0pt;'><font size=1>&nbsp;</font></p> </td>

        <td valign=bottom >

<p style=' text-indent:0pt;text-align:left;margin-top:2pt;margin-bottom:0pt;'><font size=1>&nbsp;</font></p> </td> </tr>
    <tr>

        <td valign=bottom >

<p style=' margin-left:17.3pt;text-indent:-8.65pt;text-align:left;margin-top:2pt;margin-bottom:0pt;'><font style='font-size:10pt'>Land</font></p> </td>


      <td valign=bottom >
        <p style=' text-indent:0pt;text-align:left;margin-top:2pt;margin-bottom:0pt;'><font size=1>&nbsp;</font></p> </td>


      <td valign=bottom >
        <p style=' margin-left:0pt;text-indent:0pt;text-align:left;margin-top:2pt;margin-bottom:0pt;'><font style='font-size:10pt'>$</font></p> </td>


      <td valign=bottom >
        <p style=' margin-left:0pt;margin-right:.7pt;text-indent:0pt;text-align:right;margin-top:2pt;margin-bottom:0pt;'><font style='font-size:10pt'>230,777,000</font></p> </td>


      <td valign=bottom >
        <p style=' text-indent:0pt;text-align:left;margin-top:2pt;margin-bottom:0pt;'><font size=1>&nbsp;</font></p> </td>


      <td valign=bottom >
        <p style=' margin-left:0pt;text-indent:0pt;text-align:left;margin-top:2pt;margin-bottom:0pt;'><font style='font-size:10pt'>$</font></p> </td>


      <td valign=bottom >
        <p style=' margin-left:0pt;margin-right:.7pt;text-indent:0pt;text-align:right;margin-top:2pt;margin-bottom:0pt;'><font style='font-size:10pt'>2,640,000</font></p> </td>


      <td valign=bottom >
        <p style=' text-indent:0pt;text-align:left;margin-top:2pt;margin-bottom:0pt;'><font size=1>&nbsp;</font></p> </td>


      <td valign=bottom >
        <p style=' margin-left:0pt;text-indent:0pt;text-align:left;margin-top:2pt;margin-bottom:0pt;'><font style='font-size:10pt'>$</font></p> </td>


      <td valign=bottom >
        <p style=' margin-left:0pt;margin-right:.7pt;text-indent:0pt;text-align:right;margin-top:2pt;margin-bottom:0pt;'><font style='font-size:10pt'>1,400,000</font></p> </td>


      <td valign=bottom >
        <p style=' text-indent:0pt;text-align:left;margin-top:2pt;margin-bottom:0pt;'><font size=1>&nbsp;</font></p> </td>


      <td valign=bottom >
        <p style=' margin-left:0pt;text-indent:0pt;text-align:left;margin-top:2pt;margin-bottom:0pt;'><font style='font-size:10pt'>$</font></p> </td>


      <td valign=bottom >
        <p style=' margin-left:0pt;margin-right:.7pt;text-indent:0pt;text-align:right;margin-top:2pt;margin-bottom:0pt;'><font style='font-size:10pt'>234,817,000</font></p> </td>


      <td valign=bottom >
        <p style=' text-indent:0pt;text-align:left;margin-top:2pt;margin-bottom:0pt;'><font size=1>&nbsp;</font></p> </td> </tr>
    <tr>

        <td valign=bottom >

<p style=' margin-left:17.3pt;text-indent:-8.65pt;text-align:left;margin-top:2pt;margin-bottom:0pt;'><font style='font-size:10pt'>Buildings and improvements</font></p> </td>

        <td valign=bottom >

<p style=' text-indent:0pt;text-align:left;margin-top:2pt;margin-bottom:0pt;'><font size=1>&nbsp;</font></p> </td>

        <td valign=bottom >

<p style=' margin-left:0pt;text-indent:0pt;text-align:left;margin-top:2pt;margin-bottom:0pt;'><font size=1>&nbsp;</font></p> </td>

        <td valign=bottom >

<p style=' margin-left:0pt;margin-right:.7pt;text-indent:0pt;text-align:right;margin-top:2pt;margin-bottom:0pt;'><font style='font-size:10pt'>960,963,000</font></p> </td>

        <td valign=bottom >

<p style=' text-indent:0pt;text-align:left;margin-top:2pt;margin-bottom:0pt;'><font size=1>&nbsp;</font></p> </td>

        <td valign=bottom >

<p style=' margin-left:0pt;text-indent:0pt;text-align:left;margin-top:2pt;margin-bottom:0pt;'><font size=1>&nbsp;</font></p> </td>

        <td valign=bottom >

<p style=' margin-left:0pt;margin-right:.7pt;text-indent:0pt;text-align:right;margin-top:2pt;margin-bottom:0pt;'><font style='font-size:10pt'>10,560,000</font></p> </td>

        <td valign=bottom >

<p style=' text-indent:0pt;text-align:left;margin-top:2pt;margin-bottom:0pt;'><font size=1>&nbsp;</font></p> </td>

        <td valign=bottom >

<p style=' margin-left:0pt;text-indent:0pt;text-align:left;margin-top:2pt;margin-bottom:0pt;'><font size=1>&nbsp;</font></p> </td>

        <td valign=bottom >

<p style=' margin-left:0pt;margin-right:.7pt;text-indent:0pt;text-align:right;margin-top:2pt;margin-bottom:0pt;'><font style='font-size:10pt'>5,600,000</font></p> </td>

        <td valign=bottom >

<p style=' text-indent:0pt;text-align:left;margin-top:2pt;margin-bottom:0pt;'><font size=1>&nbsp;</font></p> </td>

        <td valign=bottom >

<p style=' margin-left:0pt;text-indent:0pt;text-align:left;margin-top:2pt;margin-bottom:0pt;'><font size=1>&nbsp;</font></p> </td>

        <td valign=bottom >

<p style=' margin-left:0pt;margin-right:.7pt;text-indent:0pt;text-align:right;margin-top:2pt;margin-bottom:0pt;'><font style='font-size:10pt'>977,123,000</font></p> </td>

        <td valign=bottom >

<p style=' text-indent:0pt;text-align:left;margin-top:2pt;margin-bottom:0pt;'><font size=1>&nbsp;</font></p> </td> </tr>
    <tr>

        <td valign=top >

<p style=' margin-left:0pt;text-indent:0pt;text-align:left;margin-bottom:0pt;'><font size=1>&nbsp;</font></p> </td>

        <td valign=top >

<p style=' margin-left:0pt;text-indent:0pt;text-align:left;margin-bottom:0pt;'><font size=1>&nbsp;</font></p> </td>

        <td valign=top >

<p style=' margin-left:0pt;text-indent:0pt;text-align:left;margin-bottom:0pt;'>
<hr noshade width="100%" color="Gray" size="1"> </td>

        <td valign=top >

<p style=' margin-left:0pt;text-indent:0pt;text-align:left;margin-bottom:0pt;'>
<hr noshade width="100%" color="Gray" size="1"> </td>

        <td valign=top >

<p style=' margin-left:0pt;text-indent:0pt;text-align:left;margin-bottom:0pt;'><font size=1>&nbsp;</font></p> </td>

        <td valign=top >

<p style=' margin-left:0pt;text-indent:0pt;text-align:left;margin-bottom:0pt;'>
<hr noshade width="100%" color="Gray" size="1"> </td>

        <td valign=top >

<p style=' margin-left:0pt;text-indent:0pt;text-align:left;margin-bottom:0pt;'>
<hr noshade width="100%" color="Gray" size="1"> </td>

        <td valign=top >

<p style=' margin-left:0pt;text-indent:0pt;text-align:left;margin-bottom:0pt;'><font size=1>&nbsp;</font></p> </td>

        <td valign=top >

<p style=' margin-left:0pt;text-indent:0pt;text-align:left;margin-bottom:0pt;'>
<hr noshade width="100%" color="Gray" size="1"> </td>

        <td valign=top >

<p style=' margin-left:0pt;text-indent:0pt;text-align:left;margin-bottom:0pt;'>
<hr noshade width="100%" color="Gray" size="1"> </td>

        <td valign=top >

<p style=' margin-left:0pt;text-indent:0pt;text-align:left;margin-bottom:0pt;'><font size=1>&nbsp;</font></p> </td>

        <td valign=top >

<p style=' margin-left:0pt;text-indent:0pt;text-align:left;margin-bottom:0pt;'>
<hr noshade width="100%" color="Gray" size="1"> </td>

        <td valign=top >

<p style=' margin-left:0pt;text-indent:0pt;text-align:left;margin-bottom:0pt;'>
<hr noshade width="100%" color="Gray" size="1"> </td>

        <td valign=top >

<p style=' margin-left:0pt;text-indent:0pt;text-align:left;margin-bottom:0pt;'><font size=1>&nbsp;</font></p> </td> </tr>
    <tr>

        <td valign=bottom >

<p style=' margin-left:8.65pt;text-indent:-8.65pt;text-align:left;margin-top:2pt;margin-bottom:0pt;'><font size=1>&nbsp;</font></p> </td>

        <td valign=bottom >

<p style=' text-indent:0pt;text-align:left;margin-top:2pt;margin-bottom:0pt;'><font size=1>&nbsp;</font></p> </td>

        <td valign=bottom >

<p style=' margin-left:0pt;text-indent:0pt;text-align:left;margin-top:2pt;margin-bottom:0pt;'><font size=1>&nbsp;</font></p> </td>

        <td valign=bottom >

<p style=' margin-left:0pt;margin-right:.7pt;text-indent:0pt;text-align:right;margin-top:2pt;margin-bottom:0pt;'><font style='font-size:10pt'>1,191,740,000</font></p> </td>

        <td valign=bottom >

<p style=' text-indent:0pt;text-align:left;margin-top:2pt;margin-bottom:0pt;'><font size=1>&nbsp;</font></p> </td>

        <td valign=bottom >

<p style=' margin-left:0pt;text-indent:0pt;text-align:left;margin-top:2pt;margin-bottom:0pt;'><font size=1>&nbsp;</font></p> </td>

        <td valign=bottom >

<p style=' margin-left:0pt;margin-right:.7pt;text-indent:0pt;text-align:right;margin-top:2pt;margin-bottom:0pt;'><font style='font-size:10pt'>13,200,000</font></p> </td>

        <td valign=bottom >

<p style=' text-indent:0pt;text-align:left;margin-top:2pt;margin-bottom:0pt;'><font size=1>&nbsp;</font></p> </td>

        <td valign=bottom >

<p style=' margin-left:0pt;text-indent:0pt;text-align:left;margin-top:2pt;margin-bottom:0pt;'><font size=1>&nbsp;</font></p> </td>

        <td valign=bottom >

<p style=' margin-left:0pt;margin-right:.7pt;text-indent:0pt;text-align:right;margin-top:2pt;margin-bottom:0pt;'><font style='font-size:10pt'>7,000,000</font></p> </td>

        <td valign=bottom >

<p style=' text-indent:0pt;text-align:left;margin-top:2pt;margin-bottom:0pt;'><font size=1>&nbsp;</font></p> </td>

        <td valign=bottom >

<p style=' margin-left:0pt;text-indent:0pt;text-align:left;margin-top:2pt;margin-bottom:0pt;'><font size=1>&nbsp;</font></p> </td>

        <td valign=bottom >

<p style=' margin-left:0pt;margin-right:.7pt;text-indent:0pt;text-align:right;margin-top:2pt;margin-bottom:0pt;'><font style='font-size:10pt'>1,211,940,000</font></p> </td>

        <td valign=bottom >

<p style=' text-indent:0pt;text-align:left;margin-top:2pt;margin-bottom:0pt;'><font size=1>&nbsp;</font></p> </td> </tr>
    <tr>

        <td valign=bottom >

<p style=' margin-left:17.3pt;text-indent:-8.65pt;text-align:left;margin-top:2pt;margin-bottom:0pt;'><font style='font-size:10pt'>Less accumulated depreciation</font></p> </td>


      <td valign=bottom width="2%" >
        <p style=' text-indent:0pt;text-align:left;margin-top:2pt;margin-bottom:0pt;'><font size=1>&nbsp;</font></p> </td>


      <td valign=bottom width="1%" >
        <p style=' margin-left:0pt;text-indent:0pt;text-align:left;margin-top:2pt;margin-bottom:0pt;'><font size=1>&nbsp;</font></p> </td>


      <td valign=bottom width="8%" >
        <p style=' margin-left:0pt;margin-right:.7pt;text-indent:0pt;text-align:right;margin-top:2pt;margin-bottom:0pt;'><font style='font-size:10pt'>(56,394,000</font></p> </td>


      <td valign=bottom width="2%" >
        <p style=' text-indent:0pt;text-align:left;margin-top:2pt;margin-bottom:0pt;'><font style='font-size:10pt'>)</font></p> </td>


      <td valign=bottom width="1%" >
        <p style=' margin-left:0pt;text-indent:0pt;text-align:left;margin-top:2pt;margin-bottom:0pt;'><font size=1>&nbsp;</font></p> </td>


      <td valign=bottom width="8%" >
        <p style=' margin-left:0pt;text-indent:0pt;text-align:right;margin-top:2pt;margin-bottom:0pt;'><font style='font-size:10pt'>&#151;</font></p> </td>


      <td valign=bottom width="2%" >
        <p style=' text-indent:0pt;text-align:left;margin-top:2pt;margin-bottom:0pt;'><font size=1>&nbsp;</font></p> </td>


      <td valign=bottom width="1%" >
        <p style=' margin-left:0pt;text-indent:0pt;text-align:left;margin-top:2pt;margin-bottom:0pt;'><font size=1>&nbsp;</font></p> </td>


      <td valign=bottom width="8%" >
        <p style=' margin-left:0pt;text-indent:0pt;text-align:right;margin-top:2pt;margin-bottom:0pt;'><font style='font-size:10pt'>&#151;</font></p> </td>


      <td valign=bottom width="2%" >
        <p style=' text-indent:0pt;text-align:left;margin-top:2pt;margin-bottom:0pt;'><font size=1>&nbsp;</font></p> </td>


      <td valign=bottom width="1%" >
        <p style=' margin-left:0pt;text-indent:0pt;text-align:left;margin-top:2pt;margin-bottom:0pt;'><font size=1>&nbsp;</font></p> </td>


      <td valign=bottom width="8%" >
        <p style=' margin-left:0pt;margin-right:.7pt;text-indent:0pt;text-align:right;margin-top:2pt;margin-bottom:0pt;'><font style='font-size:10pt'>(56,394,000</font></p> </td>


      <td valign=bottom width="2%" >
        <p style=' text-indent:0pt;text-align:left;margin-top:2pt;margin-bottom:0pt;'><font style='font-size:10pt'>)</font></p> </td> </tr>
    <tr>

        <td valign=top >

<p style=' margin-left:0pt;text-indent:0pt;text-align:left;margin-bottom:0pt;'><font size=1>&nbsp;</font></p> </td>

        <td valign=top >

<p style=' margin-left:0pt;text-indent:0pt;text-align:left;margin-bottom:0pt;'><font size=1>&nbsp;</font></p> </td>

        <td valign=top >

<p style=' margin-left:0pt;text-indent:0pt;text-align:left;margin-bottom:0pt;'>
<hr noshade width="100%" color="Gray" size="1"> </td>

        <td valign=top >

<p style=' margin-left:0pt;text-indent:0pt;text-align:left;margin-bottom:0pt;'>
<hr noshade width="100%" color="Gray" size="1"> </td>

        <td valign=top >

<p style=' margin-left:0pt;text-indent:0pt;text-align:left;margin-bottom:0pt;'><font size=1>&nbsp;</font></p> </td>

        <td valign=top >

<p style=' margin-left:0pt;text-indent:0pt;text-align:left;margin-bottom:0pt;'>
<hr noshade width="100%" color="Gray" size="1"> </td>

        <td valign=top >

<p style=' margin-left:0pt;text-indent:0pt;text-align:left;margin-bottom:0pt;'>
<hr noshade width="100%" color="Gray" size="1"> </td>

        <td valign=top >

<p style=' margin-left:0pt;text-indent:0pt;text-align:left;margin-bottom:0pt;'><font size=1>&nbsp;</font></p> </td>

        <td valign=top >

<p style=' margin-left:0pt;text-indent:0pt;text-align:left;margin-bottom:0pt;'>
<hr noshade width="100%" color="Gray" size="1"> </td>

        <td valign=top >

<p style=' margin-left:0pt;text-indent:0pt;text-align:left;margin-bottom:0pt;'>
<hr noshade width="100%" color="Gray" size="1"> </td>

        <td valign=top >

<p style=' margin-left:0pt;text-indent:0pt;text-align:left;margin-bottom:0pt;'><font size=1>&nbsp;</font></p> </td>

        <td valign=top >

<p style=' margin-left:0pt;text-indent:0pt;text-align:left;margin-bottom:0pt;'>
<hr noshade width="100%" color="Gray" size="1"> </td>

        <td valign=top >

<p style=' margin-left:0pt;text-indent:0pt;text-align:left;margin-bottom:0pt;'>
<hr noshade width="100%" color="Gray" size="1"> </td>

        <td valign=top >

<p style=' margin-left:0pt;text-indent:0pt;text-align:left;margin-bottom:0pt;'><font size=1>&nbsp;</font></p> </td> </tr>
    <tr>

        <td valign=bottom >

<p style=' margin-left:8.65pt;text-indent:-8.65pt;text-align:left;margin-top:2pt;margin-bottom:0pt;'><font style='font-size:10pt'>Real estate, net</font></p> </td>

        <td valign=bottom >

<p style=' text-indent:0pt;text-align:left;margin-top:2pt;margin-bottom:0pt;'><font size=1>&nbsp;</font></p> </td>

        <td valign=bottom >

<p style=' margin-left:0pt;text-indent:0pt;text-align:left;margin-top:2pt;margin-bottom:0pt;'><font size=1>&nbsp;</font></p> </td>

        <td valign=bottom >

<p style=' margin-left:0pt;margin-right:.7pt;text-indent:0pt;text-align:right;margin-top:2pt;margin-bottom:0pt;'><font style='font-size:10pt'>1,135,346,000</font></p> </td>

        <td valign=bottom >

<p style=' text-indent:0pt;text-align:left;margin-top:2pt;margin-bottom:0pt;'><font size=1>&nbsp;</font></p> </td>

        <td valign=bottom >

<p style=' margin-left:0pt;text-indent:0pt;text-align:left;margin-top:2pt;margin-bottom:0pt;'><font size=1>&nbsp;</font></p> </td>

        <td valign=bottom >

<p style=' margin-left:0pt;margin-right:.7pt;text-indent:0pt;text-align:right;margin-top:2pt;margin-bottom:0pt;'><font style='font-size:10pt'>13,200,000</font></p> </td>

        <td valign=bottom >

<p style=' text-indent:0pt;text-align:left;margin-top:2pt;margin-bottom:0pt;'><font size=1>&nbsp;</font></p> </td>

        <td valign=bottom >

<p style=' margin-left:0pt;text-indent:0pt;text-align:left;margin-top:2pt;margin-bottom:0pt;'><font size=1>&nbsp;</font></p> </td>

        <td valign=bottom >

<p style=' margin-left:0pt;margin-right:.7pt;text-indent:0pt;text-align:right;margin-top:2pt;margin-bottom:0pt;'><font style='font-size:10pt'>7,000,000</font></p> </td>

        <td valign=bottom >

<p style=' text-indent:0pt;text-align:left;margin-top:2pt;margin-bottom:0pt;'><font size=1>&nbsp;</font></p> </td>

        <td valign=bottom >

<p style=' margin-left:0pt;text-indent:0pt;text-align:left;margin-top:2pt;margin-bottom:0pt;'><font size=1>&nbsp;</font></p> </td>

        <td valign=bottom >

<p style=' margin-left:0pt;margin-right:.7pt;text-indent:0pt;text-align:right;margin-top:2pt;margin-bottom:0pt;'><font style='font-size:10pt'>1,155,546,000</font></p> </td>

        <td valign=bottom >

<p style=' text-indent:0pt;text-align:left;margin-top:2pt;margin-bottom:0pt;'><font size=1>&nbsp;</font></p> </td> </tr>
    <tr>

        <td valign=bottom >

<p style=' margin-left:8.65pt;text-indent:-8.65pt;text-align:left;margin-top:2pt;margin-bottom:0pt;'><font size=1>&nbsp;</font></p> </td>

        <td valign=bottom >

<p style=' text-indent:0pt;text-align:left;margin-top:2pt;margin-bottom:0pt;'><font size=1>&nbsp;</font></p> </td>

        <td valign=bottom >

<p style=' margin-left:0pt;text-indent:0pt;text-align:left;margin-top:2pt;margin-bottom:0pt;'><font size=1>&nbsp;</font></p> </td>

        <td valign=bottom >

<p style=' margin-left:0pt;text-indent:0pt;text-align:right;margin-top:2pt;margin-bottom:0pt;'><font size=1>&nbsp;</font></p> </td>

        <td valign=bottom >

<p style=' text-indent:0pt;text-align:left;margin-top:2pt;margin-bottom:0pt;'><font size=1>&nbsp;</font></p> </td>

        <td valign=bottom >

<p style=' margin-left:0pt;text-indent:0pt;text-align:left;margin-top:2pt;margin-bottom:0pt;'><font size=1>&nbsp;</font></p> </td>

        <td valign=bottom >

<p style=' margin-left:0pt;text-indent:0pt;text-align:right;margin-top:2pt;margin-bottom:0pt;'><font size=1>&nbsp;</font></p> </td>

        <td valign=bottom >

<p style=' text-indent:0pt;text-align:left;margin-top:2pt;margin-bottom:0pt;'><font size=1>&nbsp;</font></p> </td>

        <td valign=bottom >

<p style=' margin-left:0pt;text-indent:0pt;text-align:left;margin-top:2pt;margin-bottom:0pt;'><font size=1>&nbsp;</font></p> </td>

        <td valign=bottom >

<p style=' margin-left:0pt;text-indent:0pt;text-align:right;margin-top:2pt;margin-bottom:0pt;'><font size=1>&nbsp;</font></p> </td>

        <td valign=bottom >

<p style=' text-indent:0pt;text-align:left;margin-top:2pt;margin-bottom:0pt;'><font size=1>&nbsp;</font></p> </td>

        <td valign=bottom >

<p style=' margin-left:0pt;text-indent:0pt;text-align:left;margin-top:2pt;margin-bottom:0pt;'><font size=1>&nbsp;</font></p> </td>

        <td valign=bottom >

<p style=' margin-left:0pt;text-indent:0pt;text-align:right;margin-top:2pt;margin-bottom:0pt;'><font size=1>&nbsp;</font></p> </td>

        <td valign=bottom >

<p style=' text-indent:0pt;text-align:left;margin-top:2pt;margin-bottom:0pt;'><font size=1>&nbsp;</font></p> </td> </tr>
    <tr>

        <td valign=bottom >

<p style=' margin-left:17.3pt;text-indent:-8.65pt;text-align:left;margin-top:2pt;margin-bottom:0pt;'><font style='font-size:10pt'>Cash and cash equivalents</font></p> </td>

        <td valign=bottom >

<p style=' text-indent:0pt;text-align:left;margin-top:2pt;margin-bottom:0pt;'><font size=1>&nbsp;</font></p> </td>

        <td valign=bottom >

<p style=' margin-left:0pt;text-indent:0pt;text-align:left;margin-top:2pt;margin-bottom:0pt;'><font size=1>&nbsp;</font></p> </td>

        <td valign=bottom >

<p style=' margin-left:0pt;margin-right:.7pt;text-indent:0pt;text-align:right;margin-top:2pt;margin-bottom:0pt;'><font style='font-size:10pt'>15,918,000</font></p> </td>

        <td valign=bottom >

<p style=' text-indent:0pt;text-align:left;margin-top:2pt;margin-bottom:0pt;'><font size=1>&nbsp;</font></p> </td>

        <td valign=bottom >

<p style=' margin-left:0pt;text-indent:0pt;text-align:left;margin-top:2pt;margin-bottom:0pt;'><font size=1>&nbsp;</font></p> </td>

        <td valign=bottom >

<p style=' margin-left:0pt;text-indent:0pt;text-align:right;margin-top:2pt;margin-bottom:0pt;'><font style='font-size:10pt'>&#151;</font></p> </td>

        <td valign=bottom >

<p style=' text-indent:0pt;text-align:left;margin-top:2pt;margin-bottom:0pt;'><font size=1>&nbsp;</font></p> </td>

        <td valign=bottom >

<p style=' margin-left:0pt;text-indent:0pt;text-align:left;margin-top:2pt;margin-bottom:0pt;'><font size=1>&nbsp;</font></p> </td>

        <td valign=bottom >

<p style=' margin-left:0pt;text-indent:0pt;text-align:right;margin-top:2pt;margin-bottom:0pt;'><font style='font-size:10pt'>&#151;</font></p> </td>

        <td valign=bottom >

<p style=' text-indent:0pt;text-align:left;margin-top:2pt;margin-bottom:0pt;'><font size=1>&nbsp;</font></p> </td>

        <td valign=bottom >

<p style=' margin-left:0pt;text-indent:0pt;text-align:left;margin-top:2pt;margin-bottom:0pt;'><font size=1>&nbsp;</font></p> </td>

        <td valign=bottom >

<p style=' margin-left:0pt;margin-right:.7pt;text-indent:0pt;text-align:right;margin-top:2pt;margin-bottom:0pt;'><font style='font-size:10pt'>15,918,000</font></p> </td>

        <td valign=bottom >

<p style=' text-indent:0pt;text-align:left;margin-top:2pt;margin-bottom:0pt;'><font size=1>&nbsp;</font></p> </td> </tr>
    <tr>

        <td valign=bottom >

<p style=' margin-left:17.3pt;text-indent:-8.65pt;text-align:left;margin-top:2pt;margin-bottom:0pt;'><font style='font-size:10pt'>Cash at joint ventures and restricted cash</font></p> </td>

        <td valign=bottom >

<p style=' text-indent:0pt;text-align:left;margin-top:2pt;margin-bottom:0pt;'><font size=1>&nbsp;</font></p> </td>

        <td valign=bottom >

<p style=' margin-left:0pt;text-indent:0pt;text-align:left;margin-top:2pt;margin-bottom:0pt;'><font size=1>&nbsp;</font></p> </td>

        <td valign=bottom >

<p style=' margin-left:0pt;margin-right:.7pt;text-indent:0pt;text-align:right;margin-top:2pt;margin-bottom:0pt;'><font style='font-size:10pt'>11,290,000</font></p> </td>

        <td valign=bottom >

<p style=' text-indent:0pt;text-align:left;margin-top:2pt;margin-bottom:0pt;'><font size=1>&nbsp;</font></p> </td>

        <td valign=bottom >

<p style=' margin-left:0pt;text-indent:0pt;text-align:left;margin-top:2pt;margin-bottom:0pt;'><font size=1>&nbsp;</font></p> </td>

        <td valign=bottom >

<p style=' margin-left:0pt;text-indent:0pt;text-align:right;margin-top:2pt;margin-bottom:0pt;'><font style='font-size:10pt'>&#151;</font></p> </td>

        <td valign=bottom >

<p style=' text-indent:0pt;text-align:left;margin-top:2pt;margin-bottom:0pt;'><font size=1>&nbsp;</font></p> </td>

        <td valign=bottom >

<p style=' margin-left:0pt;text-indent:0pt;text-align:left;margin-top:2pt;margin-bottom:0pt;'><font size=1>&nbsp;</font></p> </td>

        <td valign=bottom >

<p style=' margin-left:0pt;text-indent:0pt;text-align:right;margin-top:2pt;margin-bottom:0pt;'><font style='font-size:10pt'>&#151;</font></p> </td>

        <td valign=bottom >

<p style=' text-indent:0pt;text-align:left;margin-top:2pt;margin-bottom:0pt;'><font size=1>&nbsp;</font></p> </td>

        <td valign=bottom >

<p style=' margin-left:0pt;text-indent:0pt;text-align:left;margin-top:2pt;margin-bottom:0pt;'><font size=1>&nbsp;</font></p> </td>

        <td valign=bottom >

<p style=' margin-left:0pt;margin-right:.7pt;text-indent:0pt;text-align:right;margin-top:2pt;margin-bottom:0pt;'><font style='font-size:10pt'>11,290,000</font></p> </td>

        <td valign=bottom >

<p style=' text-indent:0pt;text-align:left;margin-top:2pt;margin-bottom:0pt;'><font size=1>&nbsp;</font></p> </td> </tr>
    <tr>

        <td valign=bottom >

<p style=' margin-left:17.3pt;text-indent:-8.65pt;text-align:left;margin-top:2pt;margin-bottom:0pt;'><font style='font-size:10pt'>Rents and other receivables, net</font></p> </td>

        <td valign=bottom >

<p style=' text-indent:0pt;text-align:left;margin-top:2pt;margin-bottom:0pt;'><font size=1>&nbsp;</font></p> </td>

        <td valign=bottom >

<p style=' margin-left:0pt;text-indent:0pt;text-align:left;margin-top:2pt;margin-bottom:0pt;'><font size=1>&nbsp;</font></p> </td>

        <td valign=bottom >

<p style=' margin-left:0pt;margin-right:.7pt;text-indent:0pt;text-align:right;margin-top:2pt;margin-bottom:0pt;'><font style='font-size:10pt'>12,433,000</font></p> </td>

        <td valign=bottom >

<p style=' text-indent:0pt;text-align:left;margin-top:2pt;margin-bottom:0pt;'><font size=1>&nbsp;</font></p> </td>

        <td valign=bottom >

<p style=' margin-left:0pt;text-indent:0pt;text-align:left;margin-top:2pt;margin-bottom:0pt;'><font size=1>&nbsp;</font></p> </td>

        <td valign=bottom >

<p style=' margin-left:0pt;text-indent:0pt;text-align:right;margin-top:2pt;margin-bottom:0pt;'><font style='font-size:10pt'>&#151;</font></p> </td>

        <td valign=bottom >

<p style=' text-indent:0pt;text-align:left;margin-top:2pt;margin-bottom:0pt;'><font size=1>&nbsp;</font></p> </td>

        <td valign=bottom >

<p style=' margin-left:0pt;text-indent:0pt;text-align:left;margin-top:2pt;margin-bottom:0pt;'><font size=1>&nbsp;</font></p> </td>

        <td valign=bottom >

<p style=' margin-left:0pt;text-indent:0pt;text-align:right;margin-top:2pt;margin-bottom:0pt;'><font style='font-size:10pt'>&#151;</font></p> </td>

        <td valign=bottom >

<p style=' text-indent:0pt;text-align:left;margin-top:2pt;margin-bottom:0pt;'><font size=1>&nbsp;</font></p> </td>

        <td valign=bottom >

<p style=' margin-left:0pt;text-indent:0pt;text-align:left;margin-top:2pt;margin-bottom:0pt;'><font size=1>&nbsp;</font></p> </td>

        <td valign=bottom >

<p style=' margin-left:0pt;margin-right:.7pt;text-indent:0pt;text-align:right;margin-top:2pt;margin-bottom:0pt;'><font style='font-size:10pt'>12,433,000</font></p> </td>

        <td valign=bottom >

<p style=' text-indent:0pt;text-align:left;margin-top:2pt;margin-bottom:0pt;'><font size=1>&nbsp;</font></p> </td> </tr>
    <tr>

        <td valign=bottom >

<p style=' margin-left:17.3pt;text-indent:-8.65pt;text-align:left;margin-top:2pt;margin-bottom:0pt;'><font style='font-size:10pt'>Other assets</font></p> </td>

        <td valign=bottom >

<p style=' text-indent:0pt;text-align:left;margin-top:2pt;margin-bottom:0pt;'><font size=1>&nbsp;</font></p> </td>

        <td valign=bottom >

<p style=' margin-left:0pt;text-indent:0pt;text-align:left;margin-top:2pt;margin-bottom:0pt;'><font size=1>&nbsp;</font></p> </td>

        <td valign=bottom >

<p style=' margin-left:0pt;margin-right:.7pt;text-indent:0pt;text-align:right;margin-top:2pt;margin-bottom:0pt;'><font style='font-size:10pt'>9,430,000</font></p> </td>

        <td valign=bottom >

<p style=' text-indent:0pt;text-align:left;margin-top:2pt;margin-bottom:0pt;'><font size=1>&nbsp;</font></p> </td>

        <td valign=bottom >

<p style=' margin-left:0pt;text-indent:0pt;text-align:left;margin-top:2pt;margin-bottom:0pt;'><font size=1>&nbsp;</font></p> </td>

        <td valign=bottom >

<p style=' margin-left:0pt;text-indent:0pt;text-align:right;margin-top:2pt;margin-bottom:0pt;'><font style='font-size:10pt'>&#151;</font></p> </td>

        <td valign=bottom >

<p style=' text-indent:0pt;text-align:left;margin-top:2pt;margin-bottom:0pt;'><font size=1>&nbsp;</font></p> </td>

        <td valign=bottom >

<p style=' margin-left:0pt;text-indent:0pt;text-align:left;margin-top:2pt;margin-bottom:0pt;'><font size=1>&nbsp;</font></p> </td>

        <td valign=bottom >

<p style=' margin-left:0pt;margin-right:.7pt;text-indent:0pt;text-align:right;margin-top:2pt;margin-bottom:0pt;'><font style='font-size:10pt'>(150,000</font></p> </td>

        <td valign=bottom >

<p style=' text-indent:0pt;text-align:left;margin-top:2pt;margin-bottom:0pt;'><font style='font-size:10pt'>)</font></p> </td>

        <td valign=bottom >

<p style=' margin-left:0pt;text-indent:0pt;text-align:left;margin-top:2pt;margin-bottom:0pt;'><font size=1>&nbsp;</font></p> </td>

        <td valign=bottom >

<p style=' margin-left:0pt;margin-right:.7pt;text-indent:0pt;text-align:right;margin-top:2pt;margin-bottom:0pt;'><font style='font-size:10pt'>9,280,000</font></p> </td>

        <td valign=bottom >

<p style=' text-indent:0pt;text-align:left;margin-top:2pt;margin-bottom:0pt;'><font size=1>&nbsp;</font></p> </td> </tr>
    <tr>

        <td valign=bottom >

<p style=' margin-left:17.3pt;text-indent:-8.65pt;text-align:left;margin-top:2pt;margin-bottom:0pt;'><font style='font-size:10pt'>Deferred charges, net</font></p> </td>

        <td valign=bottom >

<p style=' text-indent:0pt;text-align:left;margin-top:2pt;margin-bottom:0pt;'><font size=1>&nbsp;</font></p> </td>

        <td valign=bottom >

<p style=' margin-left:0pt;text-indent:0pt;text-align:left;margin-top:2pt;margin-bottom:0pt;'><font size=1>&nbsp;</font></p> </td>

        <td valign=bottom >

<p style=' margin-left:0pt;margin-right:.7pt;text-indent:0pt;text-align:right;margin-top:2pt;margin-bottom:0pt;'><font style='font-size:10pt'>21,347,000</font></p> </td>

        <td valign=bottom >

<p style=' text-indent:0pt;text-align:left;margin-top:2pt;margin-bottom:0pt;'><font size=1>&nbsp;</font></p> </td>

        <td valign=bottom >

<p style=' margin-left:0pt;text-indent:0pt;text-align:left;margin-top:2pt;margin-bottom:0pt;'><font size=1>&nbsp;</font></p> </td>

        <td valign=bottom >

<p style=' margin-left:0pt;text-indent:0pt;text-align:right;margin-top:2pt;margin-bottom:0pt;'><font style='font-size:10pt'>&#151;</font></p> </td>

        <td valign=bottom >

<p style=' text-indent:0pt;text-align:left;margin-top:2pt;margin-bottom:0pt;'><font size=1>&nbsp;</font></p> </td>

        <td valign=bottom >

<p style=' margin-left:0pt;text-indent:0pt;text-align:left;margin-top:2pt;margin-bottom:0pt;'><font size=1>&nbsp;</font></p> </td>

        <td valign=bottom >

<p style=' margin-left:0pt;text-indent:0pt;text-align:right;margin-top:2pt;margin-bottom:0pt;'><font style='font-size:10pt'>&#151;</font></p> </td>

        <td valign=bottom >

<p style=' text-indent:0pt;text-align:left;margin-top:2pt;margin-bottom:0pt;'><font size=1>&nbsp;</font></p> </td>

        <td valign=bottom >

<p style=' margin-left:0pt;text-indent:0pt;text-align:left;margin-top:2pt;margin-bottom:0pt;'><font size=1>&nbsp;</font></p> </td>

        <td valign=bottom >

<p style=' margin-left:0pt;margin-right:.7pt;text-indent:0pt;text-align:right;margin-top:2pt;margin-bottom:0pt;'><font style='font-size:10pt'>21,347,000</font></p> </td>

        <td valign=bottom >

<p style=' text-indent:0pt;text-align:left;margin-top:2pt;margin-bottom:0pt;'><font size=1>&nbsp;</font></p> </td> </tr>
    <tr>

        <td valign=top >

<p style=' margin-left:0pt;text-indent:0pt;text-align:left;margin-bottom:0pt;'><font size=1>&nbsp;</font></p> </td>

        <td valign=top >

<p style=' margin-left:0pt;text-indent:0pt;text-align:left;margin-bottom:0pt;'><font size=1>&nbsp;</font></p> </td>

        <td valign=top >

<p style=' margin-left:0pt;text-indent:0pt;text-align:left;margin-bottom:0pt;'>
<hr noshade width="100%" color="Gray" size="1"> </td>

        <td valign=top >

<p style=' margin-left:0pt;text-indent:0pt;text-align:left;margin-bottom:0pt;'>
<hr noshade width="100%" color="Gray" size="1"> </td>

        <td valign=top >

<p style=' margin-left:0pt;text-indent:0pt;text-align:left;margin-bottom:0pt;'><font size=1>&nbsp;</font></p> </td>

        <td valign=top >

<p style=' margin-left:0pt;text-indent:0pt;text-align:left;margin-bottom:0pt;'>
<hr noshade width="100%" color="Gray" size="1"> </td>

        <td valign=top >

<p style=' margin-left:0pt;text-indent:0pt;text-align:left;margin-bottom:0pt;'>
<hr noshade width="100%" color="Gray" size="1"> </td>

        <td valign=top >

<p style=' margin-left:0pt;text-indent:0pt;text-align:left;margin-bottom:0pt;'><font size=1>&nbsp;</font></p> </td>

        <td valign=top >

<p style=' margin-left:0pt;text-indent:0pt;text-align:left;margin-bottom:0pt;'>
<hr noshade width="100%" color="Gray" size="1"> </td>

        <td valign=top >

<p style=' margin-left:0pt;text-indent:0pt;text-align:left;margin-bottom:0pt;'>
<hr noshade width="100%" color="Gray" size="1"> </td>

        <td valign=top >

<p style=' margin-left:0pt;text-indent:0pt;text-align:left;margin-bottom:0pt;'><font size=1>&nbsp;</font></p> </td>

        <td valign=top >

<p style=' margin-left:0pt;text-indent:0pt;text-align:left;margin-bottom:0pt;'>
<hr noshade width="100%" color="Gray" size="1"> </td>

        <td valign=top >

<p style=' margin-left:0pt;text-indent:0pt;text-align:left;margin-bottom:0pt;'>
<hr noshade width="100%" color="Gray" size="1"> </td>

        <td valign=top >

<p style=' margin-left:0pt;text-indent:0pt;text-align:left;margin-bottom:0pt;'><font size=1>&nbsp;</font></p> </td> </tr>
    <tr>

        <td valign=bottom >

<p style=' margin-left:8.65pt;text-indent:-8.65pt;text-align:left;margin-top:2pt;margin-bottom:0pt;'><b><font style='font-size:10pt'>Total assets</font></b></p> </td>

        <td valign=bottom >

<p style=' text-indent:0pt;text-align:left;margin-top:2pt;margin-bottom:0pt;'><font size=1>&nbsp;</font></p> </td>

        <td valign=bottom >

<p style=' margin-left:0pt;text-indent:0pt;text-align:left;margin-top:2pt;margin-bottom:0pt;'><font style='font-size:10pt'>$</font></p> </td>

        <td valign=bottom >

<p style=' margin-left:0pt;margin-right:.7pt;text-indent:0pt;text-align:right;margin-top:2pt;margin-bottom:0pt;'><font style='font-size:10pt'>1,205,764,000</font></p> </td>

        <td valign=bottom >

<p style=' text-indent:0pt;text-align:left;margin-top:2pt;margin-bottom:0pt;'><font size=1>&nbsp;</font></p> </td>

        <td valign=bottom >

<p style=' margin-left:0pt;text-indent:0pt;text-align:left;margin-top:2pt;margin-bottom:0pt;'><font style='font-size:10pt'>$</font></p> </td>

        <td valign=bottom >

<p style=' margin-left:0pt;margin-right:.7pt;text-indent:0pt;text-align:right;margin-top:2pt;margin-bottom:0pt;'><font style='font-size:10pt'>13,200,000</font></p> </td>

        <td valign=bottom >

<p style=' text-indent:0pt;text-align:left;margin-top:2pt;margin-bottom:0pt;'><font size=1>&nbsp;</font></p> </td>

        <td valign=bottom >

<p style=' margin-left:0pt;text-indent:0pt;text-align:left;margin-top:2pt;margin-bottom:0pt;'><font style='font-size:10pt'>$</font></p> </td>

        <td valign=bottom >

<p style=' margin-left:0pt;margin-right:.7pt;text-indent:0pt;text-align:right;margin-top:2pt;margin-bottom:0pt;'><font style='font-size:10pt'>6,850,000</font></p> </td>

        <td valign=bottom >

<p style=' text-indent:0pt;text-align:left;margin-top:2pt;margin-bottom:0pt;'><font size=1>&nbsp;</font></p> </td>

        <td valign=bottom >

<p style=' margin-left:0pt;text-indent:0pt;text-align:left;margin-top:2pt;margin-bottom:0pt;'><font style='font-size:10pt'>$</font></p> </td>

        <td valign=bottom >

<p style=' margin-left:0pt;margin-right:.7pt;text-indent:0pt;text-align:right;margin-top:2pt;margin-bottom:0pt;'><font style='font-size:10pt'>1,225,814,000</font></p> </td>

        <td valign=bottom >

<p style=' text-indent:0pt;text-align:left;margin-top:2pt;margin-bottom:0pt;'><font size=1>&nbsp;</font></p> </td> </tr>
    <tr>

        <td valign=top >

<p style=' margin-left:0pt;text-indent:0pt;text-align:left;margin-bottom:0pt;'><font size=1>&nbsp;</font></p> </td>

        <td valign=top >

<p style=' margin-left:0pt;text-indent:0pt;text-align:left;margin-bottom:0pt;'><font size=1>&nbsp;</font></p> </td>

        <td valign=top >

<p style=' margin-left:0pt;text-indent:0pt;text-align:left;margin-bottom:0pt;'>
<hr noshade width="100%" color="Gray" size="2"> </td>

        <td valign=top >

<p style=' margin-left:0pt;text-indent:0pt;text-align:left;margin-bottom:0pt;'>
<hr noshade width="100%" color="Gray" size="2"> </td>

        <td valign=top >

<p style=' margin-left:0pt;text-indent:0pt;text-align:left;margin-bottom:0pt;'><font size=1>&nbsp;</font></p> </td>

        <td valign=top >

<p style=' margin-left:0pt;text-indent:0pt;text-align:left;margin-bottom:0pt;'>
<hr noshade width="100%" color="Gray" size="2"> </td>

        <td valign=top >

<p style=' margin-left:0pt;text-indent:0pt;text-align:left;margin-bottom:0pt;'>
<hr noshade width="100%" color="Gray" size="2"> </td>

        <td valign=top >

<p style=' margin-left:0pt;text-indent:0pt;text-align:left;margin-bottom:0pt;'><font size=1>&nbsp;</font></p> </td>

        <td valign=top >

<p style=' margin-left:0pt;text-indent:0pt;text-align:left;margin-bottom:0pt;'>
<hr noshade width="100%" color="Gray" size="2"> </td>

        <td valign=top >

<p style=' margin-left:0pt;text-indent:0pt;text-align:left;margin-bottom:0pt;'>
<hr noshade width="100%" color="Gray" size="2"> </td>

        <td valign=top >

<p style=' margin-left:0pt;text-indent:0pt;text-align:left;margin-bottom:0pt;'><font size=1>&nbsp;</font></p> </td>

        <td valign=top >

<p style=' margin-left:0pt;text-indent:0pt;text-align:left;margin-bottom:0pt;'>
<hr noshade width="100%" color="Gray" size="2"> </td>

        <td valign=top >

<p style=' margin-left:0pt;text-indent:0pt;text-align:left;margin-bottom:0pt;'>
<hr noshade width="100%" color="Gray" size="2"> </td>

        <td valign=top >

<p style=' margin-left:0pt;text-indent:0pt;text-align:left;margin-bottom:0pt;'><font size=1>&nbsp;</font></p> </td> </tr>
    <tr>

        <td valign=bottom >

<p style=' margin-left:8.65pt;text-indent:-8.65pt;text-align:left;margin-top:2pt;margin-bottom:0pt;'><font size=1>&nbsp;</font></p> </td>

        <td valign=bottom >

<p style=' text-indent:0pt;text-align:left;margin-top:2pt;margin-bottom:0pt;'><font size=1>&nbsp;</font></p> </td>

        <td valign=bottom >

<p style=' margin-left:0pt;text-indent:0pt;text-align:left;margin-top:2pt;margin-bottom:0pt;'><font size=1>&nbsp;</font></p> </td>

        <td valign=bottom >

<p style=' margin-left:0pt;text-indent:0pt;text-align:right;margin-top:2pt;margin-bottom:0pt;'><font size=1>&nbsp;</font></p> </td>

        <td valign=bottom >

<p style=' text-indent:0pt;text-align:left;margin-top:2pt;margin-bottom:0pt;'><font size=1>&nbsp;</font></p> </td>

        <td valign=bottom >

<p style=' margin-left:0pt;text-indent:0pt;text-align:left;margin-top:2pt;margin-bottom:0pt;'><font size=1>&nbsp;</font></p> </td>

        <td valign=bottom >

<p style=' margin-left:0pt;text-indent:0pt;text-align:right;margin-top:2pt;margin-bottom:0pt;'><font size=1>&nbsp;</font></p> </td>

        <td valign=bottom >

<p style=' text-indent:0pt;text-align:left;margin-top:2pt;margin-bottom:0pt;'><font size=1>&nbsp;</font></p> </td>

        <td valign=bottom >

<p style=' margin-left:0pt;text-indent:0pt;text-align:left;margin-top:2pt;margin-bottom:0pt;'><font size=1>&nbsp;</font></p> </td>

        <td valign=bottom >

<p style=' margin-left:0pt;text-indent:0pt;text-align:right;margin-top:2pt;margin-bottom:0pt;'><font size=1>&nbsp;</font></p> </td>

        <td valign=bottom >

<p style=' text-indent:0pt;text-align:left;margin-top:2pt;margin-bottom:0pt;'><font size=1>&nbsp;</font></p> </td>

        <td valign=bottom >

<p style=' margin-left:0pt;text-indent:0pt;text-align:left;margin-top:2pt;margin-bottom:0pt;'><font size=1>&nbsp;</font></p> </td>

        <td valign=bottom >

<p style=' margin-left:0pt;text-indent:0pt;text-align:right;margin-top:2pt;margin-bottom:0pt;'><font size=1>&nbsp;</font></p> </td>

        <td valign=bottom >

<p style=' text-indent:0pt;text-align:left;margin-top:2pt;margin-bottom:0pt;'><font size=1>&nbsp;</font></p> </td> </tr>
    <tr>


      <td valign=bottom >
        <p style=' margin-left:8.65pt;text-indent:-8.65pt;text-align:left;margin-top:2pt;margin-bottom:0pt;'><b><font style='font-size:10pt'>Liabilities
          and shareholders&#146; equity</font></b></p>
      </td>

        <td valign=bottom >

<p style=' text-indent:0pt;text-align:left;margin-top:2pt;margin-bottom:0pt;'><font size=1>&nbsp;</font></p> </td>

        <td valign=bottom >

<p style=' margin-left:0pt;text-indent:0pt;text-align:left;margin-top:2pt;margin-bottom:0pt;'><font size=1>&nbsp;</font></p> </td>

        <td valign=bottom >

<p style=' margin-left:0pt;text-indent:0pt;text-align:right;margin-top:2pt;margin-bottom:0pt;'><font size=1>&nbsp;</font></p> </td>

        <td valign=bottom >

<p style=' text-indent:0pt;text-align:left;margin-top:2pt;margin-bottom:0pt;'><font size=1>&nbsp;</font></p> </td>

        <td valign=bottom >

<p style=' margin-left:0pt;text-indent:0pt;text-align:left;margin-top:2pt;margin-bottom:0pt;'><font size=1>&nbsp;</font></p> </td>

        <td valign=bottom >

<p style=' margin-left:0pt;text-indent:0pt;text-align:right;margin-top:2pt;margin-bottom:0pt;'><font size=1>&nbsp;</font></p> </td>

        <td valign=bottom >

<p style=' text-indent:0pt;text-align:left;margin-top:2pt;margin-bottom:0pt;'><font size=1>&nbsp;</font></p> </td>

        <td valign=bottom >

<p style=' margin-left:0pt;text-indent:0pt;text-align:left;margin-top:2pt;margin-bottom:0pt;'><font size=1>&nbsp;</font></p> </td>

        <td valign=bottom >

<p style=' margin-left:0pt;text-indent:0pt;text-align:right;margin-top:2pt;margin-bottom:0pt;'><font size=1>&nbsp;</font></p> </td>

        <td valign=bottom >

<p style=' text-indent:0pt;text-align:left;margin-top:2pt;margin-bottom:0pt;'><font size=1>&nbsp;</font></p> </td>

        <td valign=bottom >

<p style=' margin-left:0pt;text-indent:0pt;text-align:left;margin-top:2pt;margin-bottom:0pt;'><font size=1>&nbsp;</font></p> </td>

        <td valign=bottom >

<p style=' margin-left:0pt;text-indent:0pt;text-align:right;margin-top:2pt;margin-bottom:0pt;'><font size=1>&nbsp;</font></p> </td>

        <td valign=bottom >

<p style=' text-indent:0pt;text-align:left;margin-top:2pt;margin-bottom:0pt;'><font size=1>&nbsp;</font></p> </td> </tr>
    <tr>

        <td valign=bottom >

<p style=' margin-left:17.3pt;text-indent:-8.65pt;text-align:left;margin-top:2pt;margin-bottom:0pt;'><font style='font-size:10pt'>Mortgage loans payable</font></p> </td>

        <td valign=bottom >

<p style=' text-indent:0pt;text-align:left;margin-top:2pt;margin-bottom:0pt;'><font size=1>&nbsp;</font></p> </td>

        <td valign=bottom >

<p style=' margin-left:0pt;text-indent:0pt;text-align:left;margin-top:2pt;margin-bottom:0pt;'><font style='font-size:10pt'>$</font></p> </td>

        <td valign=bottom >

<p style=' margin-left:0pt;margin-right:.7pt;text-indent:0pt;text-align:right;margin-top:2pt;margin-bottom:0pt;'><font style='font-size:10pt'>441,538,000</font></p> </td>

        <td valign=bottom >

<p style=' text-indent:0pt;text-align:left;margin-top:2pt;margin-bottom:0pt;'><font size=1>&nbsp;</font></p> </td>

        <td valign=bottom >

<p style=' margin-left:0pt;text-indent:0pt;text-align:left;margin-top:2pt;margin-bottom:0pt;'><font style='font-size:10pt'>$</font></p> </td>

        <td valign=bottom >

<p style=' margin-left:0pt;text-indent:0pt;text-align:right;margin-top:2pt;margin-bottom:0pt;'><font style='font-size:10pt'>&#151;</font></p> </td>

        <td valign=bottom >

<p style=' text-indent:0pt;text-align:left;margin-top:2pt;margin-bottom:0pt;'><font size=1>&nbsp;</font></p> </td>

        <td valign=bottom >

<p style=' margin-left:0pt;text-indent:0pt;text-align:left;margin-top:2pt;margin-bottom:0pt;'><font style='font-size:10pt'>$</font></p> </td>

        <td valign=bottom >

<p style=' margin-left:0pt;margin-right:.7pt;text-indent:0pt;text-align:right;margin-top:2pt;margin-bottom:0pt;'><font style='font-size:10pt'>4,260,000</font></p> </td>

        <td valign=bottom >

<p style=' text-indent:0pt;text-align:left;margin-top:2pt;margin-bottom:0pt;'><font size=1>&nbsp;</font></p> </td>

        <td valign=bottom >

<p style=' margin-left:0pt;text-indent:0pt;text-align:left;margin-top:2pt;margin-bottom:0pt;'><font style='font-size:10pt'>$</font></p> </td>

        <td valign=bottom >

<p style=' margin-left:0pt;margin-right:.7pt;text-indent:0pt;text-align:right;margin-top:2pt;margin-bottom:0pt;'><font style='font-size:10pt'>445,798,000</font></p> </td>

        <td valign=bottom >

<p style=' text-indent:0pt;text-align:left;margin-top:2pt;margin-bottom:0pt;'><font size=1>&nbsp;</font></p> </td> </tr>
    <tr>

        <td valign=bottom >

<p style=' margin-left:17.3pt;text-indent:-8.65pt;text-align:left;margin-top:2pt;margin-bottom:0pt;'><font style='font-size:10pt'>Secured revolving credit facility</font></p> </td>

        <td valign=bottom >

<p style=' text-indent:0pt;text-align:left;margin-top:2pt;margin-bottom:0pt;'><font size=1>&nbsp;</font></p> </td>

        <td valign=bottom >

<p style=' margin-left:0pt;text-indent:0pt;text-align:left;margin-top:2pt;margin-bottom:0pt;'><font size=1>&nbsp;</font></p> </td>

        <td valign=bottom >

<p style=' margin-left:0pt;margin-right:.7pt;text-indent:0pt;text-align:right;margin-top:2pt;margin-bottom:0pt;'><font style='font-size:10pt'>215,130,000</font></p> </td>

        <td valign=bottom >

<p style=' text-indent:0pt;text-align:left;margin-top:2pt;margin-bottom:0pt;'><font size=1>&nbsp;</font></p> </td>

        <td valign=bottom >

<p style=' margin-left:0pt;text-indent:0pt;text-align:left;margin-top:2pt;margin-bottom:0pt;'><font size=1>&nbsp;</font></p> </td>

        <td valign=bottom >

<p style=' margin-left:0pt;margin-right:.7pt;text-indent:0pt;text-align:right;margin-top:2pt;margin-bottom:0pt;'><font style='font-size:10pt'>13,200,000</font></p> </td>

        <td valign=bottom >

<p style=' text-indent:0pt;text-align:left;margin-top:2pt;margin-bottom:0pt;'><font size=1>&nbsp;</font></p> </td>

        <td valign=bottom >

<p style=' margin-left:0pt;text-indent:0pt;text-align:left;margin-top:2pt;margin-bottom:0pt;'><font size=1>&nbsp;</font></p> </td>

        <td valign=bottom >

<p style=' margin-left:0pt;margin-right:.7pt;text-indent:0pt;text-align:right;margin-top:2pt;margin-bottom:0pt;'><font style='font-size:10pt'>2,590,000</font></p> </td>

        <td valign=bottom >

<p style=' text-indent:0pt;text-align:left;margin-top:2pt;margin-bottom:0pt;'><font size=1>&nbsp;</font></p> </td>

        <td valign=bottom >

<p style=' margin-left:0pt;text-indent:0pt;text-align:left;margin-top:2pt;margin-bottom:0pt;'><font size=1>&nbsp;</font></p> </td>

        <td valign=bottom >

<p style=' margin-left:0pt;margin-right:.7pt;text-indent:0pt;text-align:right;margin-top:2pt;margin-bottom:0pt;'><font style='font-size:10pt'>230,920,000</font></p> </td>

        <td valign=bottom >

<p style=' text-indent:0pt;text-align:left;margin-top:2pt;margin-bottom:0pt;'><font size=1>&nbsp;</font></p> </td> </tr>
    <tr>

        <td valign=bottom >

<p style=' margin-left:17.3pt;text-indent:-8.65pt;text-align:left;margin-top:2pt;margin-bottom:0pt;'><font style='font-size:10pt'>Accounts payable, accrued expenses, and other</font></p> </td>

        <td valign=bottom >

<p style=' text-indent:0pt;text-align:left;margin-top:2pt;margin-bottom:0pt;'><font size=1>&nbsp;</font></p> </td>

        <td valign=bottom >

<p style=' margin-left:0pt;text-indent:0pt;text-align:left;margin-top:2pt;margin-bottom:0pt;'><font size=1>&nbsp;</font></p> </td>

        <td valign=bottom >

<p style=' margin-left:0pt;margin-right:.7pt;text-indent:0pt;text-align:right;margin-top:2pt;margin-bottom:0pt;'><font style='font-size:10pt'>16,055,000</font></p> </td>

        <td valign=bottom >

<p style=' text-indent:0pt;text-align:left;margin-top:2pt;margin-bottom:0pt;'><font size=1>&nbsp;</font></p> </td>

        <td valign=bottom >

<p style=' margin-left:0pt;text-indent:0pt;text-align:left;margin-top:2pt;margin-bottom:0pt;'><font size=1>&nbsp;</font></p> </td>

        <td valign=bottom >

<p style=' margin-left:0pt;text-indent:0pt;text-align:right;margin-top:2pt;margin-bottom:0pt;'><font style='font-size:10pt'>&#151;</font></p> </td>

        <td valign=bottom >

<p style=' text-indent:0pt;text-align:left;margin-top:2pt;margin-bottom:0pt;'><font size=1>&nbsp;</font></p> </td>

        <td valign=bottom >

<p style=' margin-left:0pt;text-indent:0pt;text-align:left;margin-top:2pt;margin-bottom:0pt;'><font size=1>&nbsp;</font></p> </td>

        <td valign=bottom >

<p style=' margin-left:0pt;text-indent:0pt;text-align:right;margin-top:2pt;margin-bottom:0pt;'><font style='font-size:10pt'>&#151;</font></p> </td>

        <td valign=bottom >

<p style=' text-indent:0pt;text-align:left;margin-top:2pt;margin-bottom:0pt;'><font size=1>&nbsp;</font></p> </td>

        <td valign=bottom >

<p style=' margin-left:0pt;text-indent:0pt;text-align:left;margin-top:2pt;margin-bottom:0pt;'><font size=1>&nbsp;</font></p> </td>

        <td valign=bottom >

<p style=' margin-left:0pt;margin-right:.7pt;text-indent:0pt;text-align:right;margin-top:2pt;margin-bottom:0pt;'><font style='font-size:10pt'>16,055,000</font></p> </td>

        <td valign=bottom >

<p style=' text-indent:0pt;text-align:left;margin-top:2pt;margin-bottom:0pt;'><font size=1>&nbsp;</font></p> </td> </tr>
    <tr>

        <td valign=bottom >

<p style=' margin-left:17.3pt;text-indent:-8.65pt;text-align:left;margin-top:2pt;margin-bottom:0pt;'><font style='font-size:10pt'>Unamortized intangible lease liabilities</font></p> </td>

        <td valign=bottom >

<p style=' text-indent:0pt;text-align:left;margin-top:2pt;margin-bottom:0pt;'><font size=1>&nbsp;</font></p> </td>

        <td valign=bottom >

<p style=' margin-left:0pt;text-indent:0pt;text-align:left;margin-top:2pt;margin-bottom:0pt;'><font size=1>&nbsp;</font></p> </td>

        <td valign=bottom >

<p style=' margin-left:0pt;margin-right:.7pt;text-indent:0pt;text-align:right;margin-top:2pt;margin-bottom:0pt;'><font style='font-size:10pt'>50,742,000</font></p> </td>

        <td valign=bottom >

<p style=' text-indent:0pt;text-align:left;margin-top:2pt;margin-bottom:0pt;'><font size=1>&nbsp;</font></p> </td>

        <td valign=bottom >

<p style=' margin-left:0pt;text-indent:0pt;text-align:left;margin-top:2pt;margin-bottom:0pt;'><font size=1>&nbsp;</font></p> </td>

        <td valign=bottom >

<p style=' margin-left:0pt;text-indent:0pt;text-align:right;margin-top:2pt;margin-bottom:0pt;'><font style='font-size:10pt'>&#151;</font></p> </td>

        <td valign=bottom >

<p style=' text-indent:0pt;text-align:left;margin-top:2pt;margin-bottom:0pt;'><font size=1>&nbsp;</font></p> </td>

        <td valign=bottom >

<p style=' margin-left:0pt;text-indent:0pt;text-align:left;margin-top:2pt;margin-bottom:0pt;'><font size=1>&nbsp;</font></p> </td>

        <td valign=bottom >

<p style=' margin-left:0pt;text-indent:0pt;text-align:right;margin-top:2pt;margin-bottom:0pt;'><font style='font-size:10pt'>&#151;</font></p> </td>

        <td valign=bottom >

<p style=' text-indent:0pt;text-align:left;margin-top:2pt;margin-bottom:0pt;'><font size=1>&nbsp;</font></p> </td>

        <td valign=bottom >

<p style=' margin-left:0pt;text-indent:0pt;text-align:left;margin-top:2pt;margin-bottom:0pt;'><font size=1>&nbsp;</font></p> </td>

        <td valign=bottom >

<p style=' margin-left:0pt;margin-right:.7pt;text-indent:0pt;text-align:right;margin-top:2pt;margin-bottom:0pt;'><font style='font-size:10pt'>50,742,000</font></p> </td>

        <td valign=bottom >

<p style=' text-indent:0pt;text-align:left;margin-top:2pt;margin-bottom:0pt;'><font size=1>&nbsp;</font></p> </td> </tr>
    <tr>

        <td valign=top >

<p style=' margin-left:0pt;text-indent:0pt;text-align:left;margin-bottom:0pt;'><font size=1>&nbsp;</font></p> </td>

        <td valign=top >

<p style=' margin-left:0pt;text-indent:0pt;text-align:left;margin-bottom:0pt;'><font size=1>&nbsp;</font></p> </td>

        <td valign=top >

<p style=' margin-left:0pt;text-indent:0pt;text-align:left;margin-bottom:0pt;'>
<hr noshade width="100%" color="Gray" size="1"> </td>

        <td valign=top >

<p style=' margin-left:0pt;text-indent:0pt;text-align:left;margin-bottom:0pt;'>
<hr noshade width="100%" color="Gray" size="1"> </td>

        <td valign=top >

<p style=' margin-left:0pt;text-indent:0pt;text-align:left;margin-bottom:0pt;'><font size=1>&nbsp;</font></p> </td>

        <td valign=top >

<p style=' margin-left:0pt;text-indent:0pt;text-align:left;margin-bottom:0pt;'>
<hr noshade width="100%" color="Gray" size="1"> </td>

        <td valign=top >

<p style=' margin-left:0pt;text-indent:0pt;text-align:left;margin-bottom:0pt;'>
<hr noshade width="100%" color="Gray" size="1"> </td>

        <td valign=top >

<p style=' margin-left:0pt;text-indent:0pt;text-align:left;margin-bottom:0pt;'><font size=1>&nbsp;</font></p> </td>

        <td valign=top >

<p style=' margin-left:0pt;text-indent:0pt;text-align:left;margin-bottom:0pt;'>
<hr noshade width="100%" color="Gray" size="1"> </td>

        <td valign=top >

<p style=' margin-left:0pt;text-indent:0pt;text-align:left;margin-bottom:0pt;'>
<hr noshade width="100%" color="Gray" size="1"> </td>

        <td valign=top >

<p style=' margin-left:0pt;text-indent:0pt;text-align:left;margin-bottom:0pt;'><font size=1>&nbsp;</font></p> </td>

        <td valign=top >

<p style=' margin-left:0pt;text-indent:0pt;text-align:left;margin-bottom:0pt;'>
<hr noshade width="100%" color="Gray" size="1"> </td>

        <td valign=top >

<p style=' margin-left:0pt;text-indent:0pt;text-align:left;margin-bottom:0pt;'>
<hr noshade width="100%" color="Gray" size="1"> </td>

        <td valign=top >

<p style=' margin-left:0pt;text-indent:0pt;text-align:left;margin-bottom:0pt;'><font size=1>&nbsp;</font></p> </td> </tr>
    <tr>

        <td valign=bottom >

<p style=' margin-left:8.65pt;text-indent:-8.65pt;text-align:left;margin-top:2pt;margin-bottom:0pt;'><b><font style='font-size:10pt'>Total liabilities</font></b></p> </td>

        <td valign=bottom >

<p style=' text-indent:0pt;text-align:left;margin-top:2pt;margin-bottom:0pt;'><font size=1>&nbsp;</font></p> </td>

        <td valign=bottom >

<p style=' margin-left:0pt;text-indent:0pt;text-align:left;margin-top:2pt;margin-bottom:0pt;'><font size=1>&nbsp;</font></p> </td>

        <td valign=bottom >

<p style=' margin-left:0pt;margin-right:.7pt;text-indent:0pt;text-align:right;margin-top:2pt;margin-bottom:0pt;'><font style='font-size:10pt'>723,465,000</font></p> </td>

        <td valign=bottom >

<p style=' text-indent:0pt;text-align:left;margin-top:2pt;margin-bottom:0pt;'><font size=1>&nbsp;</font></p> </td>

        <td valign=bottom >

<p style=' margin-left:0pt;text-indent:0pt;text-align:left;margin-top:2pt;margin-bottom:0pt;'><font size=1>&nbsp;</font></p> </td>

        <td valign=bottom >

<p style=' margin-left:0pt;margin-right:.7pt;text-indent:0pt;text-align:right;margin-top:2pt;margin-bottom:0pt;'><font style='font-size:10pt'>13,200,000</font></p> </td>

        <td valign=bottom >

<p style=' text-indent:0pt;text-align:left;margin-top:2pt;margin-bottom:0pt;'><font size=1>&nbsp;</font></p> </td>

        <td valign=bottom >

<p style=' margin-left:0pt;text-indent:0pt;text-align:left;margin-top:2pt;margin-bottom:0pt;'><font size=1>&nbsp;</font></p> </td>

        <td valign=bottom >

<p style=' margin-left:0pt;margin-right:.7pt;text-indent:0pt;text-align:right;margin-top:2pt;margin-bottom:0pt;'><font style='font-size:10pt'>6,850,000</font></p> </td>

        <td valign=bottom >

<p style=' text-indent:0pt;text-align:left;margin-top:2pt;margin-bottom:0pt;'><font size=1>&nbsp;</font></p> </td>

        <td valign=bottom >

<p style=' margin-left:0pt;text-indent:0pt;text-align:left;margin-top:2pt;margin-bottom:0pt;'><font size=1>&nbsp;</font></p> </td>

        <td valign=bottom >

<p style=' margin-left:0pt;margin-right:.7pt;text-indent:0pt;text-align:right;margin-top:2pt;margin-bottom:0pt;'><font style='font-size:10pt'>743,515,000</font></p> </td>

        <td valign=bottom >

<p style=' text-indent:0pt;text-align:left;margin-top:2pt;margin-bottom:0pt;'><font size=1>&nbsp;</font></p> </td> </tr>
    <tr>

        <td valign=top >

<p style=' margin-left:0pt;text-indent:0pt;text-align:left;margin-bottom:0pt;'><font size=1>&nbsp;</font></p> </td>

        <td valign=top >

<p style=' margin-left:0pt;text-indent:0pt;text-align:left;margin-bottom:0pt;'><font size=1>&nbsp;</font></p> </td>

        <td valign=top >

<p style=' margin-left:0pt;text-indent:0pt;text-align:left;margin-bottom:0pt;'>
<hr noshade width="100%" color="Gray" size="1"> </td>

        <td valign=top >

<p style=' margin-left:0pt;text-indent:0pt;text-align:left;margin-bottom:0pt;'>
<hr noshade width="100%" color="Gray" size="1"> </td>

        <td valign=top >

<p style=' margin-left:0pt;text-indent:0pt;text-align:left;margin-bottom:0pt;'><font size=1>&nbsp;</font></p> </td>

        <td valign=top >

<p style=' margin-left:0pt;text-indent:0pt;text-align:left;margin-bottom:0pt;'>
<hr noshade width="100%" color="Gray" size="1"> </td>

        <td valign=top >

<p style=' margin-left:0pt;text-indent:0pt;text-align:left;margin-bottom:0pt;'>
<hr noshade width="100%" color="Gray" size="1"> </td>

        <td valign=top >

<p style=' margin-left:0pt;text-indent:0pt;text-align:left;margin-bottom:0pt;'><font size=1>&nbsp;</font></p> </td>

        <td valign=top >

<p style=' margin-left:0pt;text-indent:0pt;text-align:left;margin-bottom:0pt;'>
<hr noshade width="100%" color="Gray" size="1"> </td>

        <td valign=top >

<p style=' margin-left:0pt;text-indent:0pt;text-align:left;margin-bottom:0pt;'>
<hr noshade width="100%" color="Gray" size="1"> </td>

        <td valign=top >

<p style=' margin-left:0pt;text-indent:0pt;text-align:left;margin-bottom:0pt;'><font size=1>&nbsp;</font></p> </td>

        <td valign=top >

<p style=' margin-left:0pt;text-indent:0pt;text-align:left;margin-bottom:0pt;'>
<hr noshade width="100%" color="Gray" size="1"> </td>

        <td valign=top >

<p style=' margin-left:0pt;text-indent:0pt;text-align:left;margin-bottom:0pt;'>
<hr noshade width="100%" color="Gray" size="1"> </td>

        <td valign=top >

<p style=' margin-left:0pt;text-indent:0pt;text-align:left;margin-bottom:0pt;'><font size=1>&nbsp;</font></p> </td> </tr>
    <tr>

        <td valign=bottom >

<p style=' margin-left:8.65pt;text-indent:-8.65pt;text-align:left;margin-top:2pt;margin-bottom:0pt;'><font style='font-size:10pt'>Minority interests in consolidated joint ventures</font></p> </td>

        <td valign=bottom >

<p style=' text-indent:0pt;text-align:left;margin-top:2pt;margin-bottom:0pt;'><font size=1>&nbsp;</font></p> </td>

        <td valign=bottom >

<p style=' margin-left:0pt;text-indent:0pt;text-align:left;margin-top:2pt;margin-bottom:0pt;'><font size=1>&nbsp;</font></p> </td>

        <td valign=bottom >

<p style=' margin-left:0pt;margin-right:.7pt;text-indent:0pt;text-align:right;margin-top:2pt;margin-bottom:0pt;'><font style='font-size:10pt'>9,143,000</font></p> </td>

        <td valign=bottom >

<p style=' text-indent:0pt;text-align:left;margin-top:2pt;margin-bottom:0pt;'><font size=1>&nbsp;</font></p> </td>

        <td valign=bottom >

<p style=' margin-left:0pt;text-indent:0pt;text-align:left;margin-top:2pt;margin-bottom:0pt;'><font size=1>&nbsp;</font></p> </td>

        <td valign=bottom >

<p style=' margin-left:0pt;text-indent:0pt;text-align:right;margin-top:2pt;margin-bottom:0pt;'><font style='font-size:10pt'>&#151;</font></p> </td>

        <td valign=bottom >

<p style=' text-indent:0pt;text-align:left;margin-top:2pt;margin-bottom:0pt;'><font size=1>&nbsp;</font></p> </td>

        <td valign=bottom >

<p style=' margin-left:0pt;text-indent:0pt;text-align:left;margin-top:2pt;margin-bottom:0pt;'><font size=1>&nbsp;</font></p> </td>

        <td valign=bottom >

<p style=' margin-left:0pt;text-indent:0pt;text-align:right;margin-top:2pt;margin-bottom:0pt;'><font style='font-size:10pt'>&#151;</font></p> </td>

        <td valign=bottom >

<p style=' text-indent:0pt;text-align:left;margin-top:2pt;margin-bottom:0pt;'><font size=1>&nbsp;</font></p> </td>

        <td valign=bottom >

<p style=' margin-left:0pt;text-indent:0pt;text-align:left;margin-top:2pt;margin-bottom:0pt;'><font size=1>&nbsp;</font></p> </td>

        <td valign=bottom >

<p style=' margin-left:0pt;margin-right:.7pt;text-indent:0pt;text-align:right;margin-top:2pt;margin-bottom:0pt;'><font style='font-size:10pt'>9,143,000</font></p> </td>

        <td valign=bottom >

<p style=' text-indent:0pt;text-align:left;margin-top:2pt;margin-bottom:0pt;'><font size=1>&nbsp;</font></p> </td> </tr>
    <tr>


      <td valign=bottom >
        <p style=' margin-left:8.65pt;text-indent:-8.65pt;text-align:left;margin-top:2pt;margin-bottom:0pt;'><font style='font-size:10pt'>Limited
          partners&#146; interest in consolidated Operating Partnership</font></p>
      </td>

        <td valign=bottom >

<p style=' text-indent:0pt;text-align:left;margin-top:2pt;margin-bottom:0pt;'><font size=1>&nbsp;</font></p> </td>

        <td valign=bottom >

<p style=' margin-left:0pt;text-indent:0pt;text-align:left;margin-top:2pt;margin-bottom:0pt;'><font size=1>&nbsp;</font></p> </td>

        <td valign=bottom >

<p style=' margin-left:0pt;margin-right:.7pt;text-indent:0pt;text-align:right;margin-top:2pt;margin-bottom:0pt;'><font style='font-size:10pt'>23,658,000</font></p> </td>

        <td valign=bottom >

<p style=' text-indent:0pt;text-align:left;margin-top:2pt;margin-bottom:0pt;'><font size=1>&nbsp;</font></p> </td>

        <td valign=bottom >

<p style=' margin-left:0pt;text-indent:0pt;text-align:left;margin-top:2pt;margin-bottom:0pt;'><font size=1>&nbsp;</font></p> </td>

        <td valign=bottom >

<p style=' margin-left:0pt;text-indent:0pt;text-align:right;margin-top:2pt;margin-bottom:0pt;'><font size=1>&nbsp;</font></p> </td>

        <td valign=bottom >

<p style=' text-indent:0pt;text-align:left;margin-top:2pt;margin-bottom:0pt;'><font size=1>&nbsp;</font></p> </td>

        <td valign=bottom >

<p style=' margin-left:0pt;text-indent:0pt;text-align:left;margin-top:2pt;margin-bottom:0pt;'><font size=1>&nbsp;</font></p> </td>

        <td valign=bottom >

<p style=' margin-left:0pt;text-indent:0pt;text-align:right;margin-top:2pt;margin-bottom:0pt;'><font size=1>&nbsp;</font></p> </td>

        <td valign=bottom >

<p style=' text-indent:0pt;text-align:left;margin-top:2pt;margin-bottom:0pt;'><font size=1>&nbsp;</font></p> </td>

        <td valign=bottom >

<p style=' margin-left:0pt;text-indent:0pt;text-align:left;margin-top:2pt;margin-bottom:0pt;'><font size=1>&nbsp;</font></p> </td>

        <td valign=bottom >

<p style=' margin-left:0pt;margin-right:.7pt;text-indent:0pt;text-align:right;margin-top:2pt;margin-bottom:0pt;'><font style='font-size:10pt'>23,658,000</font></p> </td>

        <td valign=bottom >

<p style=' text-indent:0pt;text-align:left;margin-top:2pt;margin-bottom:0pt;'><font size=1>&nbsp;</font></p> </td> </tr>
    <tr>


      <td valign=bottom >
        <p style=' margin-left:8.65pt;text-indent:-8.65pt;text-align:left;margin-top:2pt;margin-bottom:0pt;'><font style='font-size:10pt'>Shareholders&#146;
          equity</font></p>
      </td>

        <td valign=bottom >

<p style=' text-indent:0pt;text-align:left;margin-top:2pt;margin-bottom:0pt;'><font size=1>&nbsp;</font></p> </td>

        <td valign=bottom >

<p style=' margin-left:0pt;text-indent:0pt;text-align:left;margin-top:2pt;margin-bottom:0pt;'><font size=1>&nbsp;</font></p> </td>

        <td valign=bottom >

<p style=' margin-left:0pt;margin-right:.7pt;text-indent:0pt;text-align:right;margin-top:2pt;margin-bottom:0pt;'><font style='font-size:10pt'>449,498,000</font></p> </td>

        <td valign=bottom >

<p style=' text-indent:0pt;text-align:left;margin-top:2pt;margin-bottom:0pt;'><font size=1>&nbsp;</font></p> </td>

        <td valign=bottom >

<p style=' margin-left:0pt;text-indent:0pt;text-align:left;margin-top:2pt;margin-bottom:0pt;'><font size=1>&nbsp;</font></p> </td>

        <td valign=bottom >

<p style=' margin-left:0pt;text-indent:0pt;text-align:right;margin-top:2pt;margin-bottom:0pt;'><font style='font-size:10pt'>&#151;</font></p> </td>

        <td valign=bottom >

<p style=' text-indent:0pt;text-align:left;margin-top:2pt;margin-bottom:0pt;'><font size=1>&nbsp;</font></p> </td>

        <td valign=bottom >

<p style=' margin-left:0pt;text-indent:0pt;text-align:left;margin-top:2pt;margin-bottom:0pt;'><font size=1>&nbsp;</font></p> </td>

        <td valign=bottom >

<p style=' margin-left:0pt;text-indent:0pt;text-align:right;margin-top:2pt;margin-bottom:0pt;'><font style='font-size:10pt'>&#151;</font></p> </td>

        <td valign=bottom >

<p style=' text-indent:0pt;text-align:left;margin-top:2pt;margin-bottom:0pt;'><font size=1>&nbsp;</font></p> </td>

        <td valign=bottom >

<p style=' margin-left:0pt;text-indent:0pt;text-align:left;margin-top:2pt;margin-bottom:0pt;'><font size=1>&nbsp;</font></p> </td>

        <td valign=bottom >

<p style=' margin-left:0pt;margin-right:.7pt;text-indent:0pt;text-align:right;margin-top:2pt;margin-bottom:0pt;'><font style='font-size:10pt'>449,498,000</font></p> </td>

        <td valign=bottom >

<p style=' text-indent:0pt;text-align:left;margin-top:2pt;margin-bottom:0pt;'><font size=1>&nbsp;</font></p> </td> </tr>
    <tr>

        <td valign=top >

<p style=' margin-left:0pt;text-indent:0pt;text-align:left;margin-bottom:0pt;'><font size=1>&nbsp;</font></p> </td>

        <td valign=top >

<p style=' margin-left:0pt;text-indent:0pt;text-align:left;margin-bottom:0pt;'><font size=1>&nbsp;</font></p> </td>

        <td valign=top >

<p style=' margin-left:0pt;text-indent:0pt;text-align:left;margin-bottom:0pt;'>
<hr noshade width="100%" color="Gray" size="1"> </td>

        <td valign=top >

<p style=' margin-left:0pt;text-indent:0pt;text-align:left;margin-bottom:0pt;'>
<hr noshade width="100%" color="Gray" size="1"> </td>

        <td valign=top >

<p style=' margin-left:0pt;text-indent:0pt;text-align:left;margin-bottom:0pt;'><font size=1>&nbsp;</font></p> </td>

        <td valign=top >

<p style=' margin-left:0pt;text-indent:0pt;text-align:left;margin-bottom:0pt;'>
<hr noshade width="100%" color="Gray" size="1"> </td>

        <td valign=top >

<p style=' margin-left:0pt;text-indent:0pt;text-align:left;margin-bottom:0pt;'>
<hr noshade width="100%" color="Gray" size="1"> </td>

        <td valign=top >

<p style=' margin-left:0pt;text-indent:0pt;text-align:left;margin-bottom:0pt;'><font size=1>&nbsp;</font></p> </td>

        <td valign=top >

<p style=' margin-left:0pt;text-indent:0pt;text-align:left;margin-bottom:0pt;'>
<hr noshade width="100%" color="Gray" size="1"> </td>

        <td valign=top >

<p style=' margin-left:0pt;text-indent:0pt;text-align:left;margin-bottom:0pt;'>
<hr noshade width="100%" color="Gray" size="1"> </td>

        <td valign=top >

<p style=' margin-left:0pt;text-indent:0pt;text-align:left;margin-bottom:0pt;'><font size=1>&nbsp;</font></p> </td>

        <td valign=top >

<p style=' margin-left:0pt;text-indent:0pt;text-align:left;margin-bottom:0pt;'>
<hr noshade width="100%" color="Gray" size="1"> </td>

        <td valign=top >

<p style=' margin-left:0pt;text-indent:0pt;text-align:left;margin-bottom:0pt;'>
<hr noshade width="100%" color="Gray" size="1"> </td>

        <td valign=top >

<p style=' margin-left:0pt;text-indent:0pt;text-align:left;margin-bottom:0pt;'><font size=1>&nbsp;</font></p> </td> </tr>
    <tr>


      <td valign=bottom >
        <p style=' margin-left:8.65pt;text-indent:-8.65pt;text-align:left;margin-top:2pt;margin-bottom:0pt;'><b><font style='font-size:10pt'>Total
          liabilities and shareholders&#146; equity</font></b></p>
      </td>


      <td valign=bottom >
        <p style=' text-indent:0pt;text-align:left;margin-top:2pt;margin-bottom:0pt;'><font style='font-size:10pt'>&nbsp;</font></p> </td>


      <td valign=bottom >
        <p style=' margin-left:0pt;text-indent:0pt;text-align:left;margin-top:2pt;margin-bottom:0pt;'><font style='font-size:10pt'>$</font></p> </td>


      <td valign=bottom >
        <p style=' margin-left:0pt;margin-right:.7pt;text-indent:0pt;text-align:right;margin-top:2pt;margin-bottom:0pt;'><font style='font-size:10pt'>1,205,764,000</font></p> </td>


      <td valign=bottom >
        <p style=' text-indent:0pt;text-align:left;margin-top:2pt;margin-bottom:0pt;'><font style='font-size:10pt'>&nbsp;</font></p> </td>


      <td valign=bottom >
        <p style=' margin-left:0pt;text-indent:0pt;text-align:left;margin-top:2pt;margin-bottom:0pt;'><font style='font-size:10pt'>$</font></p> </td>


      <td valign=bottom >
        <p style=' margin-left:0pt;margin-right:.7pt;text-indent:0pt;text-align:right;margin-top:2pt;margin-bottom:0pt;'><font style='font-size:10pt'>13,200,000</font></p> </td>


      <td valign=bottom >
        <p style=' text-indent:0pt;text-align:left;margin-top:2pt;margin-bottom:0pt;'><font style='font-size:10pt'>&nbsp;</font></p> </td>


      <td valign=bottom >
        <p style=' margin-left:0pt;text-indent:0pt;text-align:left;margin-top:2pt;margin-bottom:0pt;'><font style='font-size:10pt'>$</font></p> </td>


      <td valign=bottom >
        <p style=' margin-left:0pt;margin-right:.7pt;text-indent:0pt;text-align:right;margin-top:2pt;margin-bottom:0pt;'><font style='font-size:10pt'>6,850,000</font></p> </td>


      <td valign=bottom >
        <p style=' text-indent:0pt;text-align:left;margin-top:2pt;margin-bottom:0pt;'><font style='font-size:10pt'>&nbsp;</font></p> </td>


      <td valign=bottom >
        <p style=' margin-left:0pt;text-indent:0pt;text-align:left;margin-top:2pt;margin-bottom:0pt;'><font style='font-size:10pt'>$</font></p> </td>


      <td valign=bottom >
        <p style=' margin-left:0pt;margin-right:.7pt;text-indent:0pt;text-align:right;margin-top:2pt;margin-bottom:0pt;'><font style='font-size:10pt'>1,225,814,000</font></p> </td>


      <td valign=bottom >
        <p style=' text-indent:0pt;text-align:left;margin-top:2pt;margin-bottom:0pt;'><font style='font-size:10pt'>&nbsp;</font></p> </td> </tr>
    <tr>

        <td valign=top >

<p style=' margin-left:0pt;text-indent:0pt;text-align:left;margin-bottom:0pt;'><font size=1>&nbsp;</font></p> </td>

        <td valign=top >

<p style=' margin-left:0pt;text-indent:0pt;text-align:left;margin-bottom:0pt;'><font size=1>&nbsp;</font></p> </td>

        <td valign=top >

<p style=' margin-left:0pt;text-indent:0pt;text-align:left;margin-bottom:0pt;'>
<hr noshade width="100%" color="Gray" size="2"> </td>

        <td valign=top >

<p style=' margin-left:0pt;text-indent:0pt;text-align:left;margin-bottom:0pt;'>
<hr noshade width="100%" color="Gray" size="2"> </td>

        <td valign=top >

<p style=' margin-left:0pt;text-indent:0pt;text-align:left;margin-bottom:0pt;'><font size=1>&nbsp;</font></p> </td>

        <td valign=top >

<p style=' margin-left:0pt;text-indent:0pt;text-align:left;margin-bottom:0pt;'>
<hr noshade width="100%" color="Gray" size="2"> </td>

        <td valign=top >

<p style=' margin-left:0pt;text-indent:0pt;text-align:left;margin-bottom:0pt;'>
<hr noshade width="100%" color="Gray" size="2"> </td>

        <td valign=top >

<p style=' margin-left:0pt;text-indent:0pt;text-align:left;margin-bottom:0pt;'><font size=1>&nbsp;</font></p> </td>

        <td valign=top >

<p style=' margin-left:0pt;text-indent:0pt;text-align:left;margin-bottom:0pt;'>
<hr noshade width="100%" color="Gray" size="2"> </td>

        <td valign=top >

<p style=' margin-left:0pt;text-indent:0pt;text-align:left;margin-bottom:0pt;'>
<hr noshade width="100%" color="Gray" size="2"> </td>

        <td valign=top >

<p style=' margin-left:0pt;text-indent:0pt;text-align:left;margin-bottom:0pt;'><font size=1>&nbsp;</font></p> </td>

        <td valign=top >

<p style=' margin-left:0pt;text-indent:0pt;text-align:left;margin-bottom:0pt;'>
<hr noshade width="100%" color="Gray" size="2"> </td>

        <td valign=top >

<p style=' margin-left:0pt;text-indent:0pt;text-align:left;margin-bottom:0pt;'>
<hr noshade width="100%" color="Gray" size="2"> </td>

        <td valign=top >

<p style=' margin-left:0pt;text-indent:0pt;text-align:left;margin-bottom:0pt;'><font size=1>&nbsp;</font></p> </td> </tr></table>
</div>



<p style=' margin-bottom:0pt; margin-top:8pt;text-align:center;'><font style='font-size:10pt'>See accompanying notes to pro forma condensed consolidated financial statements.</font></p>

<!-- EEDocs PBStart-->

<p align="center"><Font size="2" face="serif"></font></p>

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

<div style="page-break-before:always"></div><page>

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<p style=' margin-bottom:0pt; margin-top:0pt;text-align:left;'><font style='font-size:10pt'>&nbsp;</font></p>

<p style=' margin-bottom:0pt; margin-top:16pt;text-align:center;'><b><font style='font-size:10pt'>Cedar Shopping Centers, Inc.</font></b></p>

<p style=' margin-bottom:0pt; margin-top:0pt;text-align:center;'><b><font style='font-size:10pt'>Pro Forma Condensed Consolidated Statements of Income</font></b></p>

<p style=' margin-bottom:0pt; margin-top:0pt;text-align:center;'><b><font style='font-size:10pt'>For the year ended December 31, 2005</font></b></p>

<p style=' margin-bottom:0pt; margin-top:0pt;text-align:center;'><b><font style='font-size:10pt'>For the nine months ended September 30, 2006</font></b></p>

<p style=' margin-bottom:0pt; margin-top:0pt;text-align:center;'><b><font style='font-size:10pt'>(Unaudited)</font></b></p>

<p style=' margin-bottom:0pt; margin-top:8pt; text-indent:5%;text-align:left;'><font style='font-size:10pt'>The following unaudited pro forma condensed consolidated statements of income are presented as if the Company (1) had acquired Elmhurst Square Associates I LLC, Elmhurst Square Associates II LLC and Long Reach Plaza Associates LLC, and (2) had acquired or sold the other properties it purchased or disposed of throughout 2005 and through November 30, 2006, as if all these transactions were completed as of January 1, 2005. These financial statements should be read in conjunction with the accompanying unaudited pro forma condensed consolidated balance sheet, and the Company&#146;s historical financial statements and notes thereto as filed on Form 10-K for the year ended December 31, 2005 and on Form 10-Q for the nine months ended September 30, 2006. The pro forma condensed consolidated statements of income are unaudited and are not necessarily indicative of what the actual results of
operations would have been had the Company (1) acquired Elmhurst Square Associates I LLC, Elmhurst Square Associates II LLC and Long Reach Plaza Associates LLC, and (2) acquired or sold the other properties it purchased or disposed of throughout 2005 and through November 30, 2006, nor does it purport to represent the consolidated results of operations of the Company for future periods.</font></p>

<p style=' margin-bottom:0pt; margin-top:0pt;text-align:left;'><font style='font-size:10pt'>&nbsp;</font></p>


<div align=left>


  <table border="0" cellspacing=0 cellpadding=0 style=' border-collapse:collapse;' width="100%">
    <tr>

        <td valign=bottom >

<p style=' margin-left:0pt;text-indent:0pt;text-align:center;margin-bottom:0pt;'><font size=1>&nbsp;</font></p> </td>


      <td valign=bottom >
        <p style=' margin-left:0pt;text-indent:0pt;text-align:center;margin-bottom:0pt;'><font size=1>&nbsp;</font></p> </td>

        <td colspan="14" valign=bottom >

<p style=' margin-left:0pt;text-indent:0pt;text-align:center;margin-bottom:0pt;'><b><font style='font-size:8pt'>For the year ended December 31, 2005</font></b></p> </td>


      <td valign=bottom >
        <p style=' margin-left:0pt;text-indent:0pt;text-align:center;margin-bottom:0pt;'><font size=1>&nbsp;</font></p> </td> </tr>
    <tr>

        <td valign=top >

<p style=' margin-left:0pt;text-indent:0pt;text-align:left;margin-bottom:0pt;'><font size=1>&nbsp;</font></p> </td>


      <td valign=top >
        <p style=' margin-left:0pt;text-indent:0pt;text-align:left;margin-bottom:0pt;'><font size=1>&nbsp;</font></p> </td>

        <td colspan="14" valign=top >

<p style=' margin-left:0pt;text-indent:0pt;text-align:left;margin-bottom:0pt;'>
<hr noshade width="100%" color="Gray" size="1"> </td>


      <td valign=top >
        <p style=' margin-left:0pt;text-indent:0pt;text-align:left;margin-bottom:0pt;'><font size=1>&nbsp;</font></p> </td> </tr>
    <tr>

        <td valign=bottom >

<p style=' margin-left:0pt;text-indent:0pt;text-align:center;margin-bottom:0pt;'><font size=1>&nbsp;</font></p> </td>


      <td valign=bottom >
        <p style=' margin-left:0pt;text-indent:0pt;text-align:center;margin-bottom:0pt;'><font size=1>&nbsp;</font></p> </td>

        <td colspan="2" valign=bottom >

<p style=' margin-left:0pt;text-indent:0pt;text-align:center;margin-bottom:0pt;'><font size=1>&nbsp;</font></p> </td>


      <td valign=bottom >
        <p style=' margin-left:0pt;text-indent:0pt;text-align:center;margin-bottom:0pt;'><font size=1>&nbsp;</font></p> </td>

        <td colspan="2" valign=bottom >

<p style=' margin-left:0pt;text-indent:0pt;text-align:center;margin-bottom:0pt;'><font size=1>&nbsp;</font></p> </td>


      <td valign=bottom >
        <p style=' margin-left:0pt;text-indent:0pt;text-align:center;margin-bottom:0pt;'><font size=1>&nbsp;</font></p> </td>

        <td colspan="5" valign=bottom >

<p style=' margin-left:0pt;text-indent:0pt;text-align:center;margin-bottom:0pt;'><b><font style='font-size:8pt'>Acquired Properties</font></b></p> </td>


      <td valign=bottom >
        <p style=' margin-left:0pt;text-indent:0pt;text-align:center;margin-bottom:0pt;'><font size=1>&nbsp;</font></p> </td>

        <td colspan="2" valign=bottom >

<p style=' margin-left:0pt;text-indent:0pt;text-align:center;margin-bottom:0pt;'><font size=1>&nbsp;</font></p> </td>


      <td valign=bottom >
        <p style=' margin-left:0pt;text-indent:0pt;text-align:center;margin-bottom:0pt;'><font size=1>&nbsp;</font></p> </td> </tr>
    <tr>

        <td valign=top >

<p style=' margin-left:0pt;text-indent:0pt;text-align:left;margin-bottom:0pt;'><font size=1>&nbsp;</font></p> </td>


      <td valign=top >
        <p style=' margin-left:0pt;text-indent:0pt;text-align:left;margin-bottom:0pt;'><font size=1>&nbsp;</font></p> </td>

        <td colspan="2" valign=top >

<p style=' margin-left:0pt;text-indent:0pt;text-align:left;margin-bottom:0pt;'><font size=1>&nbsp;</font></p> </td>


      <td valign=top >
        <p style=' margin-left:0pt;text-indent:0pt;text-align:left;margin-bottom:0pt;'><font size=1>&nbsp;</font></p> </td>

        <td colspan="2" valign=top >

<p style=' margin-left:0pt;text-indent:0pt;text-align:left;margin-bottom:0pt;'><font size=1>&nbsp;</font></p> </td>


      <td valign=top >
        <p style=' margin-left:0pt;text-indent:0pt;text-align:left;margin-bottom:0pt;'><font size=1>&nbsp;</font></p> </td>

        <td colspan="5" valign=top >

<p style=' margin-left:0pt;text-indent:0pt;text-align:left;margin-bottom:0pt;'>
<hr noshade width="100%" color="Gray" size="1"> </td>


      <td valign=top >
        <p style=' margin-left:0pt;text-indent:0pt;text-align:left;margin-bottom:0pt;'><font size=1>&nbsp;</font></p> </td>

        <td colspan="2" valign=top >

<p style=' margin-left:0pt;text-indent:0pt;text-align:left;margin-bottom:0pt;'><font size=1>&nbsp;</font></p> </td>


      <td valign=top >
        <p style=' margin-left:0pt;text-indent:0pt;text-align:left;margin-bottom:0pt;'><font size=1>&nbsp;</font></p> </td> </tr>
    <tr>

        <td valign=bottom >

<p style=' margin-left:0pt;text-indent:0pt;text-align:center;margin-bottom:0pt;'><font size=1>&nbsp;</font></p> </td>


      <td valign=bottom >
        <p style=' margin-left:0pt;text-indent:0pt;text-align:center;margin-bottom:0pt;'><font size=1>&nbsp;</font></p> </td>


      <td colspan="2" valign=bottom >
        <p style=' margin-left:0pt;text-indent:0pt;text-align:center;margin-bottom:0pt;'><b><font style='font-size:8pt'>Cedar
          Shopping <br>
          Centers, Inc. </font></b><br>
          <b><font style='font-size:8pt'>Historical (a)</font></b></p>
      </td>


      <td valign=bottom >
        <p style=' margin-left:0pt;text-indent:0pt;text-align:center;margin-bottom:0pt;'><font size=1>&nbsp;</font></p> </td>


      <td colspan="2" valign=bottom >
        <p style=' margin-left:0pt;text-indent:0pt;text-align:center;margin-bottom:0pt;'><b><font style='font-size:8pt'>Completed
          <br>
          transactions </font></b><br>
          <b><font style='font-size:8pt'>(b) (d)</font></b></p>
      </td>


      <td valign=bottom >
        <p style=' margin-left:0pt;text-indent:0pt;text-align:center;margin-bottom:0pt;'><font size=1>&nbsp;</font></p> </td>

        <td colspan="2" valign=bottom >

<p style=' margin-left:0pt;text-indent:0pt;text-align:center;margin-bottom:0pt;'><b><font style='font-size:8pt'>Historical </font></b><br> <b><font style='font-size:8pt'>( c )</font></b></p> </td>


      <td valign=bottom >
        <p style=' margin-left:0pt;text-indent:0pt;text-align:center;margin-bottom:0pt;'><font size=1>&nbsp;</font></p> </td>

        <td colspan="2" valign=bottom >

<p style=' margin-left:0pt;text-indent:0pt;text-align:center;margin-bottom:0pt;'><b><font style='font-size:8pt'>Pro forma</font></b><br> <b><font style='font-size:8pt'>adjustments</font></b><br> <b><font style='font-size:8pt'>(d)</font></b></p> </td>


      <td valign=bottom >
        <p style=' margin-left:0pt;text-indent:0pt;text-align:center;margin-bottom:0pt;'><font size=1>&nbsp;</font></p> </td>

        <td colspan="2" valign=bottom >

<p style=' margin-left:0pt;text-indent:0pt;text-align:center;margin-bottom:0pt;'><b><font style='font-size:8pt'>Pro forma</font></b></p> </td>


      <td valign=bottom >
        <p style=' margin-left:0pt;text-indent:0pt;text-align:center;margin-bottom:0pt;'><font size=1>&nbsp;</font></p> </td> </tr>
    <tr>

        <td valign=top >

<p style=' margin-left:0pt;text-indent:0pt;text-align:left;margin-bottom:0pt;'><font size=1>&nbsp;</font></p> </td>


      <td valign=top >
        <p style=' margin-left:0pt;text-indent:0pt;text-align:left;margin-bottom:0pt;'><font size=1>&nbsp;</font></p> </td>

        <td colspan="2" valign=top >

<p style=' margin-left:0pt;text-indent:0pt;text-align:left;margin-bottom:0pt;'>
<hr noshade width="100%" color="Gray" size="1"> </td>


      <td valign=top >
        <p style=' margin-left:0pt;text-indent:0pt;text-align:left;margin-bottom:0pt;'><font size=1>&nbsp;</font></p> </td>

        <td colspan="2" valign=top >

<p style=' margin-left:0pt;text-indent:0pt;text-align:left;margin-bottom:0pt;'>
<hr noshade width="100%" color="Gray" size="1"> </td>


      <td valign=top >
        <p style=' margin-left:0pt;text-indent:0pt;text-align:left;margin-bottom:0pt;'><font size=1>&nbsp;</font></p> </td>

        <td colspan="2" valign=top >

<p style=' margin-left:0pt;text-indent:0pt;text-align:left;margin-bottom:0pt;'>
<hr noshade width="100%" color="Gray" size="1"> </td>


      <td valign=top >
        <p style=' margin-left:0pt;text-indent:0pt;text-align:left;margin-bottom:0pt;'><font size=1>&nbsp;</font></p> </td>

        <td colspan="2" valign=top >

<p style=' margin-left:0pt;text-indent:0pt;text-align:left;margin-bottom:0pt;'>
<hr noshade width="100%" color="Gray" size="1"> </td>


      <td valign=top >
        <p style=' margin-left:0pt;text-indent:0pt;text-align:left;margin-bottom:0pt;'><font size=1>&nbsp;</font></p> </td>

        <td colspan="2" valign=top >

<p style=' margin-left:0pt;text-indent:0pt;text-align:left;margin-bottom:0pt;'>
<hr noshade width="100%" color="Gray" size="1"> </td>


      <td valign=top >
        <p style=' margin-left:0pt;text-indent:0pt;text-align:left;margin-bottom:0pt;'><font size=1>&nbsp;</font></p> </td> </tr>
    <tr>

        <td valign=bottom >

<p style=' margin-left:8.65pt;text-indent:-8.65pt;text-align:left;margin-top:2pt;margin-bottom:0pt;'><font style='font-size:10pt'>Revenues</font></p> </td>


      <td width="2%" valign=bottom >
        <p style=' text-indent:0pt;text-align:left;margin-top:2pt;margin-bottom:0pt;'><font size=1>&nbsp;</font></p> </td>


      <td valign=bottom >
        <p style=' margin-left:0pt;text-indent:0pt;text-align:left;margin-top:2pt;margin-bottom:0pt;'><font style='font-size:10pt'>$</font></p> </td>


      <td valign=bottom >
        <p style=' margin-left:0pt;margin-right:.7pt;text-indent:0pt;text-align:right;margin-top:2pt;margin-bottom:0pt;'><font style='font-size:10pt'>78,941,000</font></p> </td>


      <td width="2%" valign=bottom >
        <p style=' text-indent:0pt;text-align:left;margin-top:2pt;margin-bottom:0pt;'><font size=1>&nbsp;</font></p> </td>


      <td valign=bottom >
        <p style=' margin-left:0pt;text-indent:0pt;text-align:left;margin-top:2pt;margin-bottom:0pt;'><font style='font-size:10pt'>$</font></p> </td>


      <td valign=bottom >
        <p style=' margin-left:0pt;margin-right:.7pt;text-indent:0pt;text-align:right;margin-top:2pt;margin-bottom:0pt;'><font style='font-size:10pt'>42,116,000</font></p>
      </td>


      <td width="2%" valign=bottom >
        <p style=' text-indent:0pt;text-align:left;margin-top:2pt;margin-bottom:0pt;'><font size=1>&nbsp;</font></p> </td>


      <td valign=bottom >
        <p style=' margin-left:0pt;text-indent:0pt;text-align:left;margin-top:2pt;margin-bottom:0pt;'><font style='font-size:10pt'>$</font></p> </td>


      <td valign=bottom >
        <p style=' margin-left:0pt;margin-right:.7pt;text-indent:0pt;text-align:right;margin-top:2pt;margin-bottom:0pt;'><font style='font-size:10pt'>1,883,000</font></p> </td>


      <td width="2%" valign=bottom >
        <p style=' text-indent:0pt;text-align:left;margin-top:2pt;margin-bottom:0pt;'><font size=1>&nbsp;</font></p> </td>


      <td valign=bottom >
        <p style=' margin-left:0pt;text-indent:0pt;text-align:left;margin-top:2pt;margin-bottom:0pt;'><font style='font-size:10pt'>$</font></p> </td>


      <td valign=bottom >
        <p style=' margin-left:0pt;margin-right:.7pt;text-indent:0pt;text-align:right;margin-top:2pt;margin-bottom:0pt;'><font style='font-size:10pt'>25,000</font></p> </td>


      <td width="2%" valign=bottom >
        <p style=' text-indent:0pt;text-align:left;margin-top:2pt;margin-bottom:0pt;'><font style='font-size:10pt'>(e)</font></p> </td>


      <td valign=bottom >
        <p style=' margin-left:0pt;text-indent:0pt;text-align:left;margin-top:2pt;margin-bottom:0pt;'><font style='font-size:10pt'>$</font></p> </td>


      <td valign=bottom >
        <p style=' margin-left:0pt;margin-right:.7pt;text-indent:0pt;text-align:right;margin-top:2pt;margin-bottom:0pt;'><font style='font-size:10pt'>122,965,000</font></p>
      </td>


      <td width="2%" valign=bottom >
        <p style=' text-indent:0pt;text-align:left;margin-top:2pt;margin-bottom:0pt;'><font size=1>&nbsp;</font></p> </td> </tr>
    <tr>

        <td valign=top >

<p style=' margin-left:0pt;text-indent:0pt;text-align:left;margin-bottom:0pt;'><font size=1>&nbsp;</font></p> </td>

        <td valign=top >

<p style=' margin-left:0pt;text-indent:0pt;text-align:left;margin-bottom:0pt;'><font size=1>&nbsp;</font></p> </td>

        <td valign=top >

<p style=' margin-left:0pt;text-indent:0pt;text-align:left;margin-bottom:0pt;'>
<hr noshade width="100%" color="Gray" size="1"> </td>

        <td valign=top >

<p style=' margin-left:0pt;text-indent:0pt;text-align:left;margin-bottom:0pt;'>
<hr noshade width="100%" color="Gray" size="1"> </td>

        <td valign=top >

<p style=' margin-left:0pt;text-indent:0pt;text-align:left;margin-bottom:0pt;'><font size=1>&nbsp;</font></p> </td>

        <td valign=top >

<p style=' margin-left:0pt;text-indent:0pt;text-align:left;margin-bottom:0pt;'>
<hr noshade width="100%" color="Gray" size="1"> </td>

        <td valign=top >

<p style=' margin-left:0pt;text-indent:0pt;text-align:left;margin-bottom:0pt;'>
<hr noshade width="100%" color="Gray" size="1"> </td>

        <td valign=top >

<p style=' margin-left:0pt;text-indent:0pt;text-align:left;margin-bottom:0pt;'><font size=1>&nbsp;</font></p> </td>

        <td valign=top >

<p style=' margin-left:0pt;text-indent:0pt;text-align:left;margin-bottom:0pt;'>
<hr noshade width="100%" color="Gray" size="1"> </td>

        <td valign=top >

<p style=' margin-left:0pt;text-indent:0pt;text-align:left;margin-bottom:0pt;'>
<hr noshade width="100%" color="Gray" size="1"> </td>

        <td valign=top >

        <p style=' margin-left:0pt;text-indent:0pt;text-align:left;margin-bottom:0pt;'>
      </td>

        <td valign=top >

<p style=' margin-left:0pt;text-indent:0pt;text-align:left;margin-bottom:0pt;'>
<hr noshade width="100%" color="Gray" size="1"> </td>

        <td valign=top >

<p style=' margin-left:0pt;text-indent:0pt;text-align:left;margin-bottom:0pt;'>
<hr noshade width="100%" color="Gray" size="1"> </td>

        <td valign=top >

<p style=' margin-left:0pt;text-indent:0pt;text-align:left;margin-bottom:0pt;'><font size=1>&nbsp;</font></p> </td>

        <td valign=top >

<p style=' margin-left:0pt;text-indent:0pt;text-align:left;margin-bottom:0pt;'>
<hr noshade width="100%" color="Gray" size="1"> </td>

        <td valign=top >

<p style=' margin-left:0pt;text-indent:0pt;text-align:left;margin-bottom:0pt;'>
<hr noshade width="100%" color="Gray" size="1"> </td>

        <td valign=top >

<p style=' margin-left:0pt;text-indent:0pt;text-align:left;margin-bottom:0pt;'><font size=1>&nbsp;</font></p> </td> </tr>
    <tr>

        <td valign=bottom >

<p style=' margin-left:8.65pt;text-indent:-8.65pt;text-align:left;margin-top:2pt;margin-bottom:0pt;'><font style='font-size:10pt'>Expenses:</font></p> </td>

        <td valign=bottom >

<p style=' text-indent:0pt;text-align:left;margin-top:2pt;margin-bottom:0pt;'><font size=1>&nbsp;</font></p> </td>


      <td valign=bottom width="1%" >
        <p style=' margin-left:0pt;text-indent:0pt;text-align:left;margin-top:2pt;margin-bottom:0pt;'><font size=1>&nbsp;</font></p> </td>


      <td valign=bottom width="8%" >
        <p style=' margin-left:0pt;text-indent:0pt;text-align:right;margin-top:2pt;margin-bottom:0pt;'><font size=1>&nbsp;</font></p> </td>

        <td valign=bottom >

<p style=' text-indent:0pt;text-align:left;margin-top:2pt;margin-bottom:0pt;'><font size=1>&nbsp;</font></p> </td>


      <td valign=bottom width="1%" >
        <p style=' margin-left:0pt;text-indent:0pt;text-align:left;margin-top:2pt;margin-bottom:0pt;'><font size=1>&nbsp;</font></p> </td>


      <td valign=bottom width="8%" >
        <p style=' margin-left:0pt;text-indent:0pt;text-align:right;margin-top:2pt;margin-bottom:0pt;'><font size=1>&nbsp;</font></p> </td>

        <td valign=bottom >

<p style=' text-indent:0pt;text-align:left;margin-top:2pt;margin-bottom:0pt;'><font size=1>&nbsp;</font></p> </td>


      <td valign=bottom width="1%" >
        <p style=' margin-left:0pt;text-indent:0pt;text-align:left;margin-top:2pt;margin-bottom:0pt;'><font size=1>&nbsp;</font></p> </td>


      <td valign=bottom width="8%" >
        <p style=' margin-left:0pt;text-indent:0pt;text-align:right;margin-top:2pt;margin-bottom:0pt;'><font size=1>&nbsp;</font></p> </td>

        <td valign=bottom >

<p style=' text-indent:0pt;text-align:left;margin-top:2pt;margin-bottom:0pt;'><font size=1>&nbsp;</font></p> </td>


      <td valign=bottom width="1%" >
        <p style=' margin-left:0pt;text-indent:0pt;text-align:left;margin-top:2pt;margin-bottom:0pt;'><font size=1>&nbsp;</font></p> </td>


      <td valign=bottom width="8%" >
        <p style=' margin-left:0pt;text-indent:0pt;text-align:right;margin-top:2pt;margin-bottom:0pt;'><font size=1>&nbsp;</font></p> </td>

        <td valign=bottom >

<p style=' text-indent:0pt;text-align:left;margin-top:2pt;margin-bottom:0pt;'><font size=1>&nbsp;</font></p> </td>


      <td valign=bottom width="1%" >
        <p style=' margin-left:0pt;text-indent:0pt;text-align:left;margin-top:2pt;margin-bottom:0pt;'><font size=1>&nbsp;</font></p> </td>


      <td valign=bottom width="8%" >
        <p style=' margin-left:0pt;text-indent:0pt;text-align:right;margin-top:2pt;margin-bottom:0pt;'><font size=1>&nbsp;</font></p> </td>

        <td valign=bottom >

<p style=' text-indent:0pt;text-align:left;margin-top:2pt;margin-bottom:0pt;'><font size=1>&nbsp;</font></p> </td> </tr>
    <tr>

        <td valign=bottom >

<p style=' margin-left:17.3pt;text-indent:-8.65pt;text-align:left;margin-top:2pt;margin-bottom:0pt;'><font style='font-size:10pt'>Operating, maintenance and management</font></p> </td>

        <td valign=bottom >

<p style=' text-indent:0pt;text-align:left;margin-top:2pt;margin-bottom:0pt;'><font size=1>&nbsp;</font></p> </td>

        <td valign=bottom >

<p style=' margin-left:0pt;text-indent:0pt;text-align:left;margin-top:2pt;margin-bottom:0pt;'><font size=1>&nbsp;</font></p> </td>

        <td valign=bottom >

<p style=' margin-left:0pt;margin-right:.7pt;text-indent:0pt;text-align:right;margin-top:2pt;margin-bottom:0pt;'><font style='font-size:10pt'>14,298,000</font></p> </td>

        <td valign=bottom >

<p style=' text-indent:0pt;text-align:left;margin-top:2pt;margin-bottom:0pt;'><font size=1>&nbsp;</font></p> </td>

        <td valign=bottom >

<p style=' margin-left:0pt;text-indent:0pt;text-align:left;margin-top:2pt;margin-bottom:0pt;'><font size=1>&nbsp;</font></p> </td>

        <td valign=bottom >

        <p style=' margin-left:0pt;margin-right:.7pt;text-indent:0pt;text-align:right;margin-top:2pt;margin-bottom:0pt;'><font style='font-size:10pt'>8,479,000</font></p>
      </td>

        <td valign=bottom >

<p style=' text-indent:0pt;text-align:left;margin-top:2pt;margin-bottom:0pt;'><font size=1>&nbsp;</font></p> </td>

        <td valign=bottom >

<p style=' margin-left:0pt;text-indent:0pt;text-align:left;margin-top:2pt;margin-bottom:0pt;'><font size=1>&nbsp;</font></p> </td>

        <td valign=bottom >

<p style=' margin-left:0pt;margin-right:.7pt;text-indent:0pt;text-align:right;margin-top:2pt;margin-bottom:0pt;'><font style='font-size:10pt'>648,000</font></p> </td>

        <td valign=bottom >

<p style=' text-indent:0pt;text-align:left;margin-top:2pt;margin-bottom:0pt;'><font size=1>&nbsp;</font></p> </td>

        <td valign=bottom >

<p style=' margin-left:0pt;text-indent:0pt;text-align:left;margin-top:2pt;margin-bottom:0pt;'><font size=1>&nbsp;</font></p> </td>

        <td valign=bottom >

<p style=' margin-left:0pt;text-indent:0pt;text-align:right;margin-top:2pt;margin-bottom:0pt;'><font style='font-size:10pt'>&#151;</font></p> </td>

        <td valign=bottom >

<p style=' text-indent:0pt;text-align:left;margin-top:2pt;margin-bottom:0pt;'><font size=1>&nbsp;</font></p> </td>

        <td valign=bottom >

<p style=' margin-left:0pt;text-indent:0pt;text-align:left;margin-top:2pt;margin-bottom:0pt;'><font size=1>&nbsp;</font></p> </td>

        <td valign=bottom >

        <p style=' margin-left:0pt;margin-right:.7pt;text-indent:0pt;text-align:right;margin-top:2pt;margin-bottom:0pt;'><font style='font-size:10pt'>23,425,000</font></p>
      </td>

        <td valign=bottom >

<p style=' text-indent:0pt;text-align:left;margin-top:2pt;margin-bottom:0pt;'><font size=1>&nbsp;</font></p> </td> </tr>
    <tr>

        <td valign=bottom >

<p style=' margin-left:17.3pt;text-indent:-8.65pt;text-align:left;margin-top:2pt;margin-bottom:0pt;'><font style='font-size:10pt'>Real estate and other property-related taxes</font></p> </td>

        <td valign=bottom >

<p style=' text-indent:0pt;text-align:left;margin-top:2pt;margin-bottom:0pt;'><font size=1>&nbsp;</font></p> </td>

        <td valign=bottom >

<p style=' margin-left:0pt;text-indent:0pt;text-align:left;margin-top:2pt;margin-bottom:0pt;'><font size=1>&nbsp;</font></p> </td>

        <td valign=bottom >

<p style=' margin-left:0pt;margin-right:.7pt;text-indent:0pt;text-align:right;margin-top:2pt;margin-bottom:0pt;'><font style='font-size:10pt'>7,965,000</font></p> </td>

        <td valign=bottom >

<p style=' text-indent:0pt;text-align:left;margin-top:2pt;margin-bottom:0pt;'><font size=1>&nbsp;</font></p> </td>

        <td valign=bottom >

<p style=' margin-left:0pt;text-indent:0pt;text-align:left;margin-top:2pt;margin-bottom:0pt;'><font size=1>&nbsp;</font></p> </td>

        <td valign=bottom >

        <p style=' margin-left:0pt;margin-right:.7pt;text-indent:0pt;text-align:right;margin-top:2pt;margin-bottom:0pt;'><font style='font-size:10pt'>4,703,000</font></p>
      </td>

        <td valign=bottom >

<p style=' text-indent:0pt;text-align:left;margin-top:2pt;margin-bottom:0pt;'><font size=1>&nbsp;</font></p> </td>

        <td valign=bottom >

<p style=' margin-left:0pt;text-indent:0pt;text-align:left;margin-top:2pt;margin-bottom:0pt;'><font size=1>&nbsp;</font></p> </td>

        <td valign=bottom >

<p style=' margin-left:0pt;margin-right:.7pt;text-indent:0pt;text-align:right;margin-top:2pt;margin-bottom:0pt;'><font style='font-size:10pt'>133,000</font></p> </td>

        <td valign=bottom >

<p style=' text-indent:0pt;text-align:left;margin-top:2pt;margin-bottom:0pt;'><font size=1>&nbsp;</font></p> </td>

        <td valign=bottom >

<p style=' margin-left:0pt;text-indent:0pt;text-align:left;margin-top:2pt;margin-bottom:0pt;'><font size=1>&nbsp;</font></p> </td>

        <td valign=bottom >

<p style=' margin-left:0pt;text-indent:0pt;text-align:right;margin-top:2pt;margin-bottom:0pt;'><font style='font-size:10pt'>&#151;</font></p> </td>

        <td valign=bottom >

<p style=' text-indent:0pt;text-align:left;margin-top:2pt;margin-bottom:0pt;'><font size=1>&nbsp;</font></p> </td>

        <td valign=bottom >

<p style=' margin-left:0pt;text-indent:0pt;text-align:left;margin-top:2pt;margin-bottom:0pt;'><font size=1>&nbsp;</font></p> </td>

        <td valign=bottom >

        <p style=' margin-left:0pt;margin-right:.7pt;text-indent:0pt;text-align:right;margin-top:2pt;margin-bottom:0pt;'><font style='font-size:10pt'>12,801,000</font></p>
      </td>

        <td valign=bottom >

<p style=' text-indent:0pt;text-align:left;margin-top:2pt;margin-bottom:0pt;'><font size=1>&nbsp;</font></p> </td> </tr>
    <tr>

        <td valign=bottom >

<p style=' margin-left:17.3pt;text-indent:-8.65pt;text-align:left;margin-top:2pt;margin-bottom:0pt;'><font style='font-size:10pt'>General and administrative</font></p> </td>

        <td valign=bottom >

<p style=' text-indent:0pt;text-align:left;margin-top:2pt;margin-bottom:0pt;'><font size=1>&nbsp;</font></p> </td>

        <td valign=bottom >

<p style=' margin-left:0pt;text-indent:0pt;text-align:left;margin-top:2pt;margin-bottom:0pt;'><font size=1>&nbsp;</font></p> </td>

        <td valign=bottom >

<p style=' margin-left:0pt;margin-right:.7pt;text-indent:0pt;text-align:right;margin-top:2pt;margin-bottom:0pt;'><font style='font-size:10pt'>5,132,000</font></p> </td>

        <td valign=bottom >

<p style=' text-indent:0pt;text-align:left;margin-top:2pt;margin-bottom:0pt;'><font size=1>&nbsp;</font></p> </td>

        <td valign=bottom >

<p style=' margin-left:0pt;text-indent:0pt;text-align:left;margin-top:2pt;margin-bottom:0pt;'><font size=1>&nbsp;</font></p> </td>

        <td valign=bottom >

<p style=' margin-left:0pt;text-indent:0pt;text-align:right;margin-top:2pt;margin-bottom:0pt;'><font style='font-size:10pt'>&#151;</font></p> </td>

        <td valign=bottom >

<p style=' text-indent:0pt;text-align:left;margin-top:2pt;margin-bottom:0pt;'><font size=1>&nbsp;</font></p> </td>

        <td valign=bottom >

<p style=' margin-left:0pt;text-indent:0pt;text-align:left;margin-top:2pt;margin-bottom:0pt;'><font size=1>&nbsp;</font></p> </td>

        <td valign=bottom >

<p style=' margin-left:0pt;text-indent:0pt;text-align:right;margin-top:2pt;margin-bottom:0pt;'><font style='font-size:10pt'>&#151;</font></p> </td>

        <td valign=bottom >

<p style=' text-indent:0pt;text-align:left;margin-top:2pt;margin-bottom:0pt;'><font size=1>&nbsp;</font></p> </td>

        <td valign=bottom >

<p style=' margin-left:0pt;text-indent:0pt;text-align:left;margin-top:2pt;margin-bottom:0pt;'><font size=1>&nbsp;</font></p> </td>

        <td valign=bottom >

<p style=' margin-left:0pt;text-indent:0pt;text-align:right;margin-top:2pt;margin-bottom:0pt;'><font style='font-size:10pt'>&#151;</font></p> </td>

        <td valign=bottom >

<p style=' text-indent:0pt;text-align:left;margin-top:2pt;margin-bottom:0pt;'><font size=1>&nbsp;</font></p> </td>

        <td valign=bottom >

<p style=' margin-left:0pt;text-indent:0pt;text-align:left;margin-top:2pt;margin-bottom:0pt;'><font size=1>&nbsp;</font></p> </td>

        <td valign=bottom >

<p style=' margin-left:0pt;margin-right:.7pt;text-indent:0pt;text-align:right;margin-top:2pt;margin-bottom:0pt;'><font style='font-size:10pt'>5,132,000</font></p> </td>

        <td valign=bottom >

<p style=' text-indent:0pt;text-align:left;margin-top:2pt;margin-bottom:0pt;'><font size=1>&nbsp;</font></p> </td> </tr>
    <tr>

        <td valign=bottom >

<p style=' margin-left:17.3pt;text-indent:-8.65pt;text-align:left;margin-top:2pt;margin-bottom:0pt;'><font style='font-size:10pt'>Depreciation and amortization</font></p> </td>

        <td valign=bottom >

<p style=' text-indent:0pt;text-align:left;margin-top:2pt;margin-bottom:0pt;'><font size=1>&nbsp;</font></p> </td>

        <td valign=bottom >

<p style=' margin-left:0pt;text-indent:0pt;text-align:left;margin-top:2pt;margin-bottom:0pt;'><font size=1>&nbsp;</font></p> </td>

        <td valign=bottom >

<p style=' margin-left:0pt;margin-right:.7pt;text-indent:0pt;text-align:right;margin-top:2pt;margin-bottom:0pt;'><font style='font-size:10pt'>20,606,000</font></p> </td>

        <td valign=bottom >

<p style=' text-indent:0pt;text-align:left;margin-top:2pt;margin-bottom:0pt;'><font size=1>&nbsp;</font></p> </td>

        <td valign=bottom >

<p style=' margin-left:0pt;text-indent:0pt;text-align:left;margin-top:2pt;margin-bottom:0pt;'><font size=1>&nbsp;</font></p> </td>

        <td valign=bottom >

        <p style=' margin-left:0pt;margin-right:.7pt;text-indent:0pt;text-align:right;margin-top:2pt;margin-bottom:0pt;'><font style='font-size:10pt'>8,248,000</font></p>
      </td>

        <td valign=bottom >

<p style=' text-indent:0pt;text-align:left;margin-top:2pt;margin-bottom:0pt;'><font size=1>&nbsp;</font></p> </td>

        <td valign=bottom >

<p style=' margin-left:0pt;text-indent:0pt;text-align:left;margin-top:2pt;margin-bottom:0pt;'><font size=1>&nbsp;</font></p> </td>

        <td valign=bottom >

<p style=' margin-left:0pt;text-indent:0pt;text-align:right;margin-top:2pt;margin-bottom:0pt;'><font style='font-size:10pt'>&#151;</font></p> </td>

        <td valign=bottom >

<p style=' text-indent:0pt;text-align:left;margin-top:2pt;margin-bottom:0pt;'><font size=1>&nbsp;</font></p> </td>

        <td valign=bottom >

<p style=' margin-left:0pt;text-indent:0pt;text-align:left;margin-top:2pt;margin-bottom:0pt;'><font size=1>&nbsp;</font></p> </td>

        <td valign=bottom >

<p style=' margin-left:0pt;margin-right:.7pt;text-indent:0pt;text-align:right;margin-top:2pt;margin-bottom:0pt;'><font style='font-size:10pt'>316,000</font></p> </td>

        <td valign=bottom >

<p style=' text-indent:0pt;text-align:left;margin-top:2pt;margin-bottom:0pt;'><font style='font-size:10pt'>(g)</font></p> </td>

        <td valign=bottom >

<p style=' margin-left:0pt;text-indent:0pt;text-align:left;margin-top:2pt;margin-bottom:0pt;'><font size=1>&nbsp;</font></p> </td>

        <td valign=bottom >

        <p style=' margin-left:0pt;margin-right:.7pt;text-indent:0pt;text-align:right;margin-top:2pt;margin-bottom:0pt;'><font style='font-size:10pt'>29,170,000</font></p>
      </td>

        <td valign=bottom >

<p style=' text-indent:0pt;text-align:left;margin-top:2pt;margin-bottom:0pt;'><font size=1>&nbsp;</font></p> </td> </tr>
    <tr>

        <td valign=top >

<p style=' margin-left:0pt;text-indent:0pt;text-align:left;margin-bottom:0pt;'><font size=1>&nbsp;</font></p> </td>

        <td valign=top >

<p style=' margin-left:0pt;text-indent:0pt;text-align:left;margin-bottom:0pt;'><font size=1>&nbsp;</font></p> </td>

        <td valign=top >

<p style=' margin-left:0pt;text-indent:0pt;text-align:left;margin-bottom:0pt;'>
<hr noshade width="100%" color="Gray" size="1"> </td>

        <td valign=top >

<p style=' margin-left:0pt;text-indent:0pt;text-align:left;margin-bottom:0pt;'>
<hr noshade width="100%" color="Gray" size="1"> </td>

        <td valign=top >

<p style=' margin-left:0pt;text-indent:0pt;text-align:left;margin-bottom:0pt;'><font size=1>&nbsp;</font></p> </td>

        <td valign=top >

<p style=' margin-left:0pt;text-indent:0pt;text-align:left;margin-bottom:0pt;'>
<hr noshade width="100%" color="Gray" size="1"> </td>

        <td valign=top >

<p style=' margin-left:0pt;text-indent:0pt;text-align:left;margin-bottom:0pt;'>
<hr noshade width="100%" color="Gray" size="1"> </td>

        <td valign=top >

<p style=' margin-left:0pt;text-indent:0pt;text-align:left;margin-bottom:0pt;'><font size=1>&nbsp;</font></p> </td>

        <td valign=top >

<p style=' margin-left:0pt;text-indent:0pt;text-align:left;margin-bottom:0pt;'>
<hr noshade width="100%" color="Gray" size="1"> </td>

        <td valign=top >

<p style=' margin-left:0pt;text-indent:0pt;text-align:left;margin-bottom:0pt;'>
<hr noshade width="100%" color="Gray" size="1"> </td>

        <td valign=top >

<p style=' margin-left:0pt;text-indent:0pt;text-align:left;margin-bottom:0pt;'><font size=1>&nbsp;</font></p> </td>

        <td valign=top >

<p style=' margin-left:0pt;text-indent:0pt;text-align:left;margin-bottom:0pt;'>
<hr noshade width="100%" color="Gray" size="1"> </td>

        <td valign=top >

<p style=' margin-left:0pt;text-indent:0pt;text-align:left;margin-bottom:0pt;'>
<hr noshade width="100%" color="Gray" size="1"> </td>

        <td valign=top >

<p style=' margin-left:0pt;text-indent:0pt;text-align:left;margin-bottom:0pt;'><font size=1>&nbsp;</font></p> </td>

        <td valign=top >

<p style=' margin-left:0pt;text-indent:0pt;text-align:left;margin-bottom:0pt;'>
<hr noshade width="100%" color="Gray" size="1"> </td>

        <td valign=top >

<p style=' margin-left:0pt;text-indent:0pt;text-align:left;margin-bottom:0pt;'>
<hr noshade width="100%" color="Gray" size="1"> </td>

        <td valign=top >

<p style=' margin-left:0pt;text-indent:0pt;text-align:left;margin-bottom:0pt;'><font size=1>&nbsp;</font></p> </td> </tr>
    <tr>

        <td valign=bottom >

<p style=' margin-left:8.65pt;text-indent:-8.65pt;text-align:left;margin-top:2pt;margin-bottom:0pt;'><font style='font-size:10pt'>Total expenses</font></p> </td>

        <td valign=bottom >

<p style=' text-indent:0pt;text-align:left;margin-top:2pt;margin-bottom:0pt;'><font size=1>&nbsp;</font></p> </td>

        <td valign=bottom >

<p style=' margin-left:0pt;text-indent:0pt;text-align:left;margin-top:2pt;margin-bottom:0pt;'><font size=1>&nbsp;</font></p> </td>

        <td valign=bottom >

<p style=' margin-left:0pt;margin-right:.7pt;text-indent:0pt;text-align:right;margin-top:2pt;margin-bottom:0pt;'><font style='font-size:10pt'>48,001,000</font></p> </td>

        <td valign=bottom >

<p style=' text-indent:0pt;text-align:left;margin-top:2pt;margin-bottom:0pt;'><font size=1>&nbsp;</font></p> </td>

        <td valign=bottom >

<p style=' margin-left:0pt;text-indent:0pt;text-align:left;margin-top:2pt;margin-bottom:0pt;'><font size=1>&nbsp;</font></p> </td>

        <td valign=bottom >

        <p style=' margin-left:0pt;margin-right:.7pt;text-indent:0pt;text-align:right;margin-top:2pt;margin-bottom:0pt;'><font style='font-size:10pt'>21,430,000</font></p>
      </td>

        <td valign=bottom >

<p style=' text-indent:0pt;text-align:left;margin-top:2pt;margin-bottom:0pt;'><font size=1>&nbsp;</font></p> </td>

        <td valign=bottom >

<p style=' margin-left:0pt;text-indent:0pt;text-align:left;margin-top:2pt;margin-bottom:0pt;'><font size=1>&nbsp;</font></p> </td>

        <td valign=bottom >

<p style=' margin-left:0pt;margin-right:.7pt;text-indent:0pt;text-align:right;margin-top:2pt;margin-bottom:0pt;'><font style='font-size:10pt'>781,000</font></p> </td>

        <td valign=bottom >

<p style=' text-indent:0pt;text-align:left;margin-top:2pt;margin-bottom:0pt;'><font size=1>&nbsp;</font></p> </td>

        <td valign=bottom >

<p style=' margin-left:0pt;text-indent:0pt;text-align:left;margin-top:2pt;margin-bottom:0pt;'><font size=1>&nbsp;</font></p> </td>

        <td valign=bottom >

<p style=' margin-left:0pt;margin-right:.7pt;text-indent:0pt;text-align:right;margin-top:2pt;margin-bottom:0pt;'><font style='font-size:10pt'>316,000</font></p> </td>

        <td valign=bottom >

<p style=' text-indent:0pt;text-align:left;margin-top:2pt;margin-bottom:0pt;'><font size=1>&nbsp;</font></p> </td>

        <td valign=bottom >

<p style=' margin-left:0pt;text-indent:0pt;text-align:left;margin-top:2pt;margin-bottom:0pt;'><font size=1>&nbsp;</font></p> </td>

        <td valign=bottom >

        <p style=' margin-left:0pt;margin-right:.7pt;text-indent:0pt;text-align:right;margin-top:2pt;margin-bottom:0pt;'><font style='font-size:10pt'>70,528,000</font></p>
      </td>

        <td valign=bottom >

<p style=' text-indent:0pt;text-align:left;margin-top:2pt;margin-bottom:0pt;'><font size=1>&nbsp;</font></p> </td> </tr>
    <tr>

        <td valign=top >

<p style=' margin-left:0pt;text-indent:0pt;text-align:left;margin-bottom:0pt;'><font size=1>&nbsp;</font></p> </td>

        <td valign=top >

<p style=' margin-left:0pt;text-indent:0pt;text-align:left;margin-bottom:0pt;'><font size=1>&nbsp;</font></p> </td>

        <td valign=top >

<p style=' margin-left:0pt;text-indent:0pt;text-align:left;margin-bottom:0pt;'>
<hr noshade width="100%" color="Gray" size="1"> </td>

        <td valign=top >

<p style=' margin-left:0pt;text-indent:0pt;text-align:left;margin-bottom:0pt;'>
<hr noshade width="100%" color="Gray" size="1"> </td>

        <td valign=top >

<p style=' margin-left:0pt;text-indent:0pt;text-align:left;margin-bottom:0pt;'><font size=1>&nbsp;</font></p> </td>

        <td valign=top >

<p style=' margin-left:0pt;text-indent:0pt;text-align:left;margin-bottom:0pt;'>
<hr noshade width="100%" color="Gray" size="1"> </td>

        <td valign=top >

<p style=' margin-left:0pt;text-indent:0pt;text-align:left;margin-bottom:0pt;'>
<hr noshade width="100%" color="Gray" size="1"> </td>

        <td valign=top >

<p style=' margin-left:0pt;text-indent:0pt;text-align:left;margin-bottom:0pt;'><font size=1>&nbsp;</font></p> </td>

        <td valign=top >

<p style=' margin-left:0pt;text-indent:0pt;text-align:left;margin-bottom:0pt;'>
<hr noshade width="100%" color="Gray" size="1"> </td>

        <td valign=top >

<p style=' margin-left:0pt;text-indent:0pt;text-align:left;margin-bottom:0pt;'>
<hr noshade width="100%" color="Gray" size="1"> </td>

        <td valign=top >

<p style=' margin-left:0pt;text-indent:0pt;text-align:left;margin-bottom:0pt;'><font size=1>&nbsp;</font></p> </td>

        <td valign=top >

<p style=' margin-left:0pt;text-indent:0pt;text-align:left;margin-bottom:0pt;'>
<hr noshade width="100%" color="Gray" size="1"> </td>

        <td valign=top >

<p style=' margin-left:0pt;text-indent:0pt;text-align:left;margin-bottom:0pt;'>
<hr noshade width="100%" color="Gray" size="1"> </td>

        <td valign=top >

<p style=' margin-left:0pt;text-indent:0pt;text-align:left;margin-bottom:0pt;'><font size=1>&nbsp;</font></p> </td>

        <td valign=top >

<p style=' margin-left:0pt;text-indent:0pt;text-align:left;margin-bottom:0pt;'>
<hr noshade width="100%" color="Gray" size="1"> </td>

        <td valign=top >

<p style=' margin-left:0pt;text-indent:0pt;text-align:left;margin-bottom:0pt;'>
<hr noshade width="100%" color="Gray" size="1"> </td>

        <td valign=top >

<p style=' margin-left:0pt;text-indent:0pt;text-align:left;margin-bottom:0pt;'><font size=1>&nbsp;</font></p> </td> </tr>
    <tr>

        <td valign=bottom >

<p style=' margin-left:8.65pt;text-indent:-8.65pt;text-align:left;margin-top:2pt;margin-bottom:0pt;'><font style='font-size:10pt'>Operating income</font></p> </td>

        <td valign=bottom >

<p style=' text-indent:0pt;text-align:left;margin-top:2pt;margin-bottom:0pt;'><font size=1>&nbsp;</font></p> </td>

        <td valign=bottom >

<p style=' margin-left:0pt;text-indent:0pt;text-align:left;margin-top:2pt;margin-bottom:0pt;'><font size=1>&nbsp;</font></p> </td>

        <td valign=bottom >

<p style=' margin-left:0pt;margin-right:.7pt;text-indent:0pt;text-align:right;margin-top:2pt;margin-bottom:0pt;'><font style='font-size:10pt'>30,940,000</font></p> </td>

        <td valign=bottom >

<p style=' text-indent:0pt;text-align:left;margin-top:2pt;margin-bottom:0pt;'><font size=1>&nbsp;</font></p> </td>

        <td valign=bottom >

<p style=' margin-left:0pt;text-indent:0pt;text-align:left;margin-top:2pt;margin-bottom:0pt;'><font size=1>&nbsp;</font></p> </td>

        <td valign=bottom >

        <p style=' margin-left:0pt;margin-right:.7pt;text-indent:0pt;text-align:right;margin-top:2pt;margin-bottom:0pt;'><font style='font-size:10pt'>20,686,000</font></p>
      </td>

        <td valign=bottom >

<p style=' text-indent:0pt;text-align:left;margin-top:2pt;margin-bottom:0pt;'><font size=1>&nbsp;</font></p> </td>

        <td valign=bottom >

<p style=' margin-left:0pt;text-indent:0pt;text-align:left;margin-top:2pt;margin-bottom:0pt;'><font size=1>&nbsp;</font></p> </td>

        <td valign=bottom >

<p style=' margin-left:0pt;margin-right:.7pt;text-indent:0pt;text-align:right;margin-top:2pt;margin-bottom:0pt;'><font style='font-size:10pt'>1,102,000</font></p> </td>

        <td valign=bottom >

<p style=' text-indent:0pt;text-align:left;margin-top:2pt;margin-bottom:0pt;'><font size=1>&nbsp;</font></p> </td>

        <td valign=bottom >

<p style=' margin-left:0pt;text-indent:0pt;text-align:left;margin-top:2pt;margin-bottom:0pt;'><font size=1>&nbsp;</font></p> </td>

        <td valign=bottom >

<p style=' margin-left:0pt;margin-right:.7pt;text-indent:0pt;text-align:right;margin-top:2pt;margin-bottom:0pt;'><font style='font-size:10pt'>(291,000</font></p> </td>

        <td valign=bottom >

<p style=' text-indent:0pt;text-align:left;margin-top:2pt;margin-bottom:0pt;'><font style='font-size:10pt'>)</font></p> </td>

        <td valign=bottom >

<p style=' margin-left:0pt;text-indent:0pt;text-align:left;margin-top:2pt;margin-bottom:0pt;'><font size=1>&nbsp;</font></p> </td>

        <td valign=bottom >

        <p style=' margin-left:0pt;margin-right:.7pt;text-indent:0pt;text-align:right;margin-top:2pt;margin-bottom:0pt;'><font style='font-size:10pt'>52,437,000</font></p>
      </td>

        <td valign=bottom >

<p style=' text-indent:0pt;text-align:left;margin-top:2pt;margin-bottom:0pt;'><font size=1>&nbsp;</font></p> </td> </tr>
    <tr>

        <td valign=bottom >

<p style=' margin-left:8.65pt;text-indent:-8.65pt;text-align:left;margin-top:2pt;margin-bottom:0pt;'><font style='font-size:10pt'>Non-operating income and expenses:</font></p> </td>

        <td valign=bottom >

<p style=' text-indent:0pt;text-align:left;margin-top:2pt;margin-bottom:0pt;'><font size=1>&nbsp;</font></p> </td>

        <td valign=bottom >

<p style=' margin-left:0pt;text-indent:0pt;text-align:left;margin-top:2pt;margin-bottom:0pt;'><font size=1>&nbsp;</font></p> </td>

        <td valign=bottom >

<p style=' margin-left:0pt;text-indent:0pt;text-align:right;margin-top:2pt;margin-bottom:0pt;'><font size=1>&nbsp;</font></p> </td>

        <td valign=bottom >

<p style=' text-indent:0pt;text-align:left;margin-top:2pt;margin-bottom:0pt;'><font size=1>&nbsp;</font></p> </td>

        <td valign=bottom >

<p style=' margin-left:0pt;text-indent:0pt;text-align:left;margin-top:2pt;margin-bottom:0pt;'><font size=1>&nbsp;</font></p> </td>

        <td valign=bottom >

<p style=' margin-left:0pt;text-indent:0pt;text-align:right;margin-top:2pt;margin-bottom:0pt;'><font size=1>&nbsp;</font></p> </td>

        <td valign=bottom >

<p style=' text-indent:0pt;text-align:left;margin-top:2pt;margin-bottom:0pt;'><font size=1>&nbsp;</font></p> </td>

        <td valign=bottom >

<p style=' margin-left:0pt;text-indent:0pt;text-align:left;margin-top:2pt;margin-bottom:0pt;'><font size=1>&nbsp;</font></p> </td>

        <td valign=bottom >

<p style=' margin-left:0pt;text-indent:0pt;text-align:right;margin-top:2pt;margin-bottom:0pt;'><font size=1>&nbsp;</font></p> </td>

        <td valign=bottom >

<p style=' text-indent:0pt;text-align:left;margin-top:2pt;margin-bottom:0pt;'><font size=1>&nbsp;</font></p> </td>

        <td valign=bottom >

<p style=' margin-left:0pt;text-indent:0pt;text-align:left;margin-top:2pt;margin-bottom:0pt;'><font size=1>&nbsp;</font></p> </td>

        <td valign=bottom >

<p style=' margin-left:0pt;text-indent:0pt;text-align:right;margin-top:2pt;margin-bottom:0pt;'><font size=1>&nbsp;</font></p> </td>

        <td valign=bottom >

<p style=' text-indent:0pt;text-align:left;margin-top:2pt;margin-bottom:0pt;'><font size=1>&nbsp;</font></p> </td>

        <td valign=bottom >

<p style=' margin-left:0pt;text-indent:0pt;text-align:left;margin-top:2pt;margin-bottom:0pt;'><font size=1>&nbsp;</font></p> </td>

        <td valign=bottom >

<p style=' margin-left:0pt;text-indent:0pt;text-align:right;margin-top:2pt;margin-bottom:0pt;'><font size=1>&nbsp;</font></p> </td>

        <td valign=bottom >

<p style=' text-indent:0pt;text-align:left;margin-top:2pt;margin-bottom:0pt;'><font size=1>&nbsp;</font></p> </td> </tr>
    <tr>

        <td valign=bottom >

<p style=' margin-left:17.3pt;text-indent:-8.65pt;text-align:left;margin-top:2pt;margin-bottom:0pt;'><font style='font-size:10pt'>Interest expense</font></p> </td>

        <td valign=bottom >

<p style=' text-indent:0pt;text-align:left;margin-top:2pt;margin-bottom:0pt;'><font size=1>&nbsp;</font></p> </td>

        <td valign=bottom >

<p style=' margin-left:0pt;text-indent:0pt;text-align:left;margin-top:2pt;margin-bottom:0pt;'><font size=1>&nbsp;</font></p> </td>

        <td valign=bottom >

<p style=' margin-left:0pt;margin-right:.7pt;text-indent:0pt;text-align:right;margin-top:2pt;margin-bottom:0pt;'><font style='font-size:10pt'>(15,178,000</font></p> </td>

        <td valign=bottom >

<p style=' text-indent:0pt;text-align:left;margin-top:2pt;margin-bottom:0pt;'><font style='font-size:10pt'>)</font></p> </td>

        <td valign=bottom >

<p style=' margin-left:0pt;text-indent:0pt;text-align:left;margin-top:2pt;margin-bottom:0pt;'><font size=1>&nbsp;</font></p> </td>

        <td valign=bottom >

        <p style=' margin-left:0pt;margin-right:.7pt;text-indent:0pt;text-align:right;margin-top:2pt;margin-bottom:0pt;'><font style='font-size:10pt'>(18,902,000</font></p>
      </td>

        <td valign=bottom >

<p style=' text-indent:0pt;text-align:left;margin-top:2pt;margin-bottom:0pt;'><font style='font-size:10pt'>)</font></p> </td>

        <td valign=bottom >

<p style=' margin-left:0pt;text-indent:0pt;text-align:left;margin-top:2pt;margin-bottom:0pt;'><font size=1>&nbsp;</font></p> </td>

        <td valign=bottom >

<p style=' margin-left:0pt;text-indent:0pt;text-align:right;margin-top:2pt;margin-bottom:0pt;'><font style='font-size:10pt'>&#151;</font></p> </td>

        <td valign=bottom >

<p style=' text-indent:0pt;text-align:left;margin-top:2pt;margin-bottom:0pt;'><font size=1>&nbsp;</font></p> </td>

        <td valign=bottom >

<p style=' margin-left:0pt;text-indent:0pt;text-align:left;margin-top:2pt;margin-bottom:0pt;'><font size=1>&nbsp;</font></p> </td>

        <td valign=bottom >

<p style=' margin-left:0pt;margin-right:.7pt;text-indent:0pt;text-align:right;margin-top:2pt;margin-bottom:0pt;'><font style='font-size:10pt'>(835,000</font></p> </td>


      <td valign=bottom width="3%" >
        <p style=' text-indent:0pt;text-align:left;margin-top:2pt;margin-bottom:0pt;'><font style='font-size:10pt'>)(f)</font></p> </td>

        <td valign=bottom >

<p style=' margin-left:0pt;text-indent:0pt;text-align:left;margin-top:2pt;margin-bottom:0pt;'><font size=1>&nbsp;</font></p> </td>

        <td valign=bottom >

        <p style=' margin-left:0pt;margin-right:.7pt;text-indent:0pt;text-align:right;margin-top:2pt;margin-bottom:0pt;'><font style='font-size:10pt'>(34,915,000</font></p>
      </td>

        <td valign=bottom >

<p style=' text-indent:0pt;text-align:left;margin-top:2pt;margin-bottom:0pt;'><font style='font-size:10pt'>)</font></p> </td> </tr>
    <tr>

        <td valign=bottom >

<p style=' margin-left:17.3pt;text-indent:-8.65pt;text-align:left;margin-top:2pt;margin-bottom:0pt;'><font style='font-size:10pt'>Amortization of deferred financing costs</font></p> </td>

        <td valign=bottom >

<p style=' text-indent:0pt;text-align:left;margin-top:2pt;margin-bottom:0pt;'><font size=1>&nbsp;</font></p> </td>

        <td valign=bottom >

<p style=' margin-left:0pt;text-indent:0pt;text-align:left;margin-top:2pt;margin-bottom:0pt;'><font size=1>&nbsp;</font></p> </td>

        <td valign=bottom >

<p style=' margin-left:0pt;margin-right:.7pt;text-indent:0pt;text-align:right;margin-top:2pt;margin-bottom:0pt;'><font style='font-size:10pt'>(1,071,000</font></p> </td>

        <td valign=bottom >

<p style=' text-indent:0pt;text-align:left;margin-top:2pt;margin-bottom:0pt;'><font style='font-size:10pt'>)</font></p> </td>

        <td valign=bottom >

<p style=' margin-left:0pt;text-indent:0pt;text-align:left;margin-top:2pt;margin-bottom:0pt;'><font size=1>&nbsp;</font></p> </td>

        <td valign=bottom >

<p style=' margin-left:0pt;text-indent:0pt;text-align:right;margin-top:2pt;margin-bottom:0pt;'><font style='font-size:10pt'>&#151;</font></p> </td>

        <td valign=bottom >

<p style=' text-indent:0pt;text-align:left;margin-top:2pt;margin-bottom:0pt;'><font size=1>&nbsp;</font></p> </td>

        <td valign=bottom >

<p style=' margin-left:0pt;text-indent:0pt;text-align:left;margin-top:2pt;margin-bottom:0pt;'><font size=1>&nbsp;</font></p> </td>

        <td valign=bottom >

<p style=' margin-left:0pt;text-indent:0pt;text-align:right;margin-top:2pt;margin-bottom:0pt;'><font style='font-size:10pt'>&#151;</font></p> </td>

        <td valign=bottom >

<p style=' text-indent:0pt;text-align:left;margin-top:2pt;margin-bottom:0pt;'><font size=1>&nbsp;</font></p> </td>

        <td valign=bottom >

<p style=' margin-left:0pt;text-indent:0pt;text-align:left;margin-top:2pt;margin-bottom:0pt;'><font size=1>&nbsp;</font></p> </td>

        <td valign=bottom >

<p style=' margin-left:0pt;text-indent:0pt;text-align:right;margin-top:2pt;margin-bottom:0pt;'><font style='font-size:10pt'>&#151;</font></p> </td>

        <td valign=bottom >

<p style=' text-indent:0pt;text-align:left;margin-top:2pt;margin-bottom:0pt;'><font size=1>&nbsp;</font></p> </td>

        <td valign=bottom >

<p style=' margin-left:0pt;text-indent:0pt;text-align:left;margin-top:2pt;margin-bottom:0pt;'><font size=1>&nbsp;</font></p> </td>

        <td valign=bottom >

<p style=' margin-left:0pt;margin-right:.7pt;text-indent:0pt;text-align:right;margin-top:2pt;margin-bottom:0pt;'><font style='font-size:10pt'>(1,071,000</font></p> </td>

        <td valign=bottom >

<p style=' text-indent:0pt;text-align:left;margin-top:2pt;margin-bottom:0pt;'><font style='font-size:10pt'>)</font></p> </td> </tr>
    <tr>

        <td valign=bottom >

<p style=' margin-left:17.3pt;text-indent:-8.65pt;text-align:left;margin-top:2pt;margin-bottom:0pt;'><font style='font-size:10pt'>Interest income</font></p> </td>

        <td valign=bottom >

<p style=' text-indent:0pt;text-align:left;margin-top:2pt;margin-bottom:0pt;'><font size=1>&nbsp;</font></p> </td>

        <td valign=bottom >

<p style=' margin-left:0pt;text-indent:0pt;text-align:left;margin-top:2pt;margin-bottom:0pt;'><font size=1>&nbsp;</font></p> </td>

        <td valign=bottom >

<p style=' margin-left:0pt;margin-right:.7pt;text-indent:0pt;text-align:right;margin-top:2pt;margin-bottom:0pt;'><font style='font-size:10pt'>91,000</font></p> </td>

        <td valign=bottom >

<p style=' text-indent:0pt;text-align:left;margin-top:2pt;margin-bottom:0pt;'><font size=1>&nbsp;</font></p> </td>

        <td valign=bottom >

<p style=' margin-left:0pt;text-indent:0pt;text-align:left;margin-top:2pt;margin-bottom:0pt;'><font size=1>&nbsp;</font></p> </td>

        <td valign=bottom >

<p style=' margin-left:0pt;margin-right:.7pt;text-indent:0pt;text-align:right;margin-top:2pt;margin-bottom:0pt;'><font style='font-size:10pt'>71,000</font></p> </td>

        <td valign=bottom >

<p style=' text-indent:0pt;text-align:left;margin-top:2pt;margin-bottom:0pt;'><font size=1>&nbsp;</font></p> </td>

        <td valign=bottom >

<p style=' margin-left:0pt;text-indent:0pt;text-align:left;margin-top:2pt;margin-bottom:0pt;'><font size=1>&nbsp;</font></p> </td>

        <td valign=bottom >

<p style=' margin-left:0pt;text-indent:0pt;text-align:right;margin-top:2pt;margin-bottom:0pt;'><font style='font-size:10pt'>&#151;</font></p> </td>

        <td valign=bottom >

<p style=' text-indent:0pt;text-align:left;margin-top:2pt;margin-bottom:0pt;'><font size=1>&nbsp;</font></p> </td>

        <td valign=bottom >

<p style=' margin-left:0pt;text-indent:0pt;text-align:left;margin-top:2pt;margin-bottom:0pt;'><font size=1>&nbsp;</font></p> </td>

        <td valign=bottom >

<p style=' margin-left:0pt;text-indent:0pt;text-align:right;margin-top:2pt;margin-bottom:0pt;'><font style='font-size:10pt'>&#151;</font></p> </td>

        <td valign=bottom >

<p style=' text-indent:0pt;text-align:left;margin-top:2pt;margin-bottom:0pt;'><font size=1>&nbsp;</font></p> </td>

        <td valign=bottom >

<p style=' margin-left:0pt;text-indent:0pt;text-align:left;margin-top:2pt;margin-bottom:0pt;'><font size=1>&nbsp;</font></p> </td>

        <td valign=bottom >

<p style=' margin-left:0pt;margin-right:.7pt;text-indent:0pt;text-align:right;margin-top:2pt;margin-bottom:0pt;'><font style='font-size:10pt'>162,000</font></p> </td>

        <td valign=bottom >

<p style=' text-indent:0pt;text-align:left;margin-top:2pt;margin-bottom:0pt;'><font size=1>&nbsp;</font></p> </td> </tr>
    <tr>

        <td valign=top >

<p style=' margin-left:0pt;text-indent:0pt;text-align:left;margin-bottom:0pt;'><font size=1>&nbsp;</font></p> </td>

        <td valign=top >

<p style=' margin-left:0pt;text-indent:0pt;text-align:left;margin-bottom:0pt;'><font size=1>&nbsp;</font></p> </td>

        <td valign=top >

<p style=' margin-left:0pt;text-indent:0pt;text-align:left;margin-bottom:0pt;'>
<hr noshade width="100%" color="Gray" size="1"> </td>

        <td valign=top >

<p style=' margin-left:0pt;text-indent:0pt;text-align:left;margin-bottom:0pt;'>
<hr noshade width="100%" color="Gray" size="1"> </td>

        <td valign=top >

<p style=' margin-left:0pt;text-indent:0pt;text-align:left;margin-bottom:0pt;'><font size=1>&nbsp;</font></p> </td>

        <td valign=top >

<p style=' margin-left:0pt;text-indent:0pt;text-align:left;margin-bottom:0pt;'>
<hr noshade width="100%" color="Gray" size="1"> </td>

        <td valign=top >

<p style=' margin-left:0pt;text-indent:0pt;text-align:left;margin-bottom:0pt;'>
<hr noshade width="100%" color="Gray" size="1"> </td>

        <td valign=top >

<p style=' margin-left:0pt;text-indent:0pt;text-align:left;margin-bottom:0pt;'><font size=1>&nbsp;</font></p> </td>

        <td valign=top >

<p style=' margin-left:0pt;text-indent:0pt;text-align:left;margin-bottom:0pt;'>
<hr noshade width="100%" color="Gray" size="1"> </td>

        <td valign=top >

<p style=' margin-left:0pt;text-indent:0pt;text-align:left;margin-bottom:0pt;'>
<hr noshade width="100%" color="Gray" size="1"> </td>

        <td valign=top >

<p style=' margin-left:0pt;text-indent:0pt;text-align:left;margin-bottom:0pt;'><font size=1>&nbsp;</font></p> </td>

        <td valign=top >

<p style=' margin-left:0pt;text-indent:0pt;text-align:left;margin-bottom:0pt;'>
<hr noshade width="100%" color="Gray" size="1"> </td>

        <td valign=top >

<p style=' margin-left:0pt;text-indent:0pt;text-align:left;margin-bottom:0pt;'>
<hr noshade width="100%" color="Gray" size="1"> </td>

        <td valign=top >

<p style=' margin-left:0pt;text-indent:0pt;text-align:left;margin-bottom:0pt;'><font size=1>&nbsp;</font></p> </td>

        <td valign=top >

<p style=' margin-left:0pt;text-indent:0pt;text-align:left;margin-bottom:0pt;'>
<hr noshade width="100%" color="Gray" size="1"> </td>

        <td valign=top >

<p style=' margin-left:0pt;text-indent:0pt;text-align:left;margin-bottom:0pt;'>
<hr noshade width="100%" color="Gray" size="1"> </td>

        <td valign=top >

<p style=' margin-left:0pt;text-indent:0pt;text-align:left;margin-bottom:0pt;'><font size=1>&nbsp;</font></p> </td> </tr>
    <tr>

        <td valign=bottom >

<p style=' margin-left:8.65pt;text-indent:-8.65pt;text-align:left;margin-top:2pt;margin-bottom:0pt;'><font style='font-size:10pt'>Total non-operating income and expenses</font></p> </td>

        <td valign=bottom >

<p style=' text-indent:0pt;text-align:left;margin-top:2pt;margin-bottom:0pt;'><font size=1>&nbsp;</font></p> </td>

        <td valign=bottom >

<p style=' margin-left:0pt;text-indent:0pt;text-align:left;margin-top:2pt;margin-bottom:0pt;'><font size=1>&nbsp;</font></p> </td>

        <td valign=bottom >

<p style=' margin-left:0pt;margin-right:.7pt;text-indent:0pt;text-align:right;margin-top:2pt;margin-bottom:0pt;'><font style='font-size:10pt'>(16,158,000</font></p> </td>

        <td valign=bottom >

<p style=' text-indent:0pt;text-align:left;margin-top:2pt;margin-bottom:0pt;'><font style='font-size:10pt'>)</font></p> </td>

        <td valign=bottom >

<p style=' margin-left:0pt;text-indent:0pt;text-align:left;margin-top:2pt;margin-bottom:0pt;'><font size=1>&nbsp;</font></p> </td>

        <td valign=bottom >

        <p style=' margin-left:0pt;margin-right:.7pt;text-indent:0pt;text-align:right;margin-top:2pt;margin-bottom:0pt;'><font style='font-size:10pt'>(18,831,000</font></p>
      </td>

        <td valign=bottom >

<p style=' text-indent:0pt;text-align:left;margin-top:2pt;margin-bottom:0pt;'><font style='font-size:10pt'>)</font></p> </td>

        <td valign=bottom >

<p style=' margin-left:0pt;text-indent:0pt;text-align:left;margin-top:2pt;margin-bottom:0pt;'><font size=1>&nbsp;</font></p> </td>

        <td valign=bottom >

<p style=' margin-left:0pt;text-indent:0pt;text-align:right;margin-top:2pt;margin-bottom:0pt;'><font style='font-size:10pt'>&#151;</font></p> </td>

        <td valign=bottom >

<p style=' text-indent:0pt;text-align:left;margin-top:2pt;margin-bottom:0pt;'><font size=1>&nbsp;</font></p> </td>

        <td valign=bottom >

<p style=' margin-left:0pt;text-indent:0pt;text-align:left;margin-top:2pt;margin-bottom:0pt;'><font size=1>&nbsp;</font></p> </td>

        <td valign=bottom >

<p style=' margin-left:0pt;margin-right:.7pt;text-indent:0pt;text-align:right;margin-top:2pt;margin-bottom:0pt;'><font style='font-size:10pt'>(835,000</font></p> </td>

        <td valign=bottom >

<p style=' text-indent:0pt;text-align:left;margin-top:2pt;margin-bottom:0pt;'><font style='font-size:10pt'>)</font></p> </td>

        <td valign=bottom >

<p style=' margin-left:0pt;text-indent:0pt;text-align:left;margin-top:2pt;margin-bottom:0pt;'><font size=1>&nbsp;</font></p> </td>

        <td valign=bottom >

        <p style=' margin-left:0pt;margin-right:.7pt;text-indent:0pt;text-align:right;margin-top:2pt;margin-bottom:0pt;'><font style='font-size:10pt'>(35,824,000</font></p>
      </td>

        <td valign=bottom >

<p style=' text-indent:0pt;text-align:left;margin-top:2pt;margin-bottom:0pt;'><font style='font-size:10pt'>)</font></p> </td> </tr>
    <tr>


      <td valign=bottom >
        <p style=' margin-left:8.65pt;text-indent:-8.65pt;text-align:left;margin-top:2pt;margin-bottom:0pt;'><font style='font-size:10pt'>Income
          before the minority and limited partners&#146; interests</font></p>
      </td>

        <td valign=bottom >

<p style=' text-indent:0pt;text-align:left;margin-top:2pt;margin-bottom:0pt;'><font size=1>&nbsp;</font></p> </td>

        <td valign=bottom >

<p style=' margin-left:0pt;text-indent:0pt;text-align:left;margin-top:2pt;margin-bottom:0pt;'><font size=1>&nbsp;</font></p> </td>

        <td valign=bottom >

<p style=' margin-left:0pt;margin-right:.7pt;text-indent:0pt;text-align:right;margin-top:2pt;margin-bottom:0pt;'><font style='font-size:10pt'>14,782,000</font></p> </td>

        <td valign=bottom >

<p style=' text-indent:0pt;text-align:left;margin-top:2pt;margin-bottom:0pt;'><font size=1>&nbsp;</font></p> </td>

        <td valign=bottom >

<p style=' margin-left:0pt;text-indent:0pt;text-align:left;margin-top:2pt;margin-bottom:0pt;'><font size=1>&nbsp;</font></p> </td>

        <td valign=bottom >

        <p style=' margin-left:0pt;margin-right:.7pt;text-indent:0pt;text-align:right;margin-top:2pt;margin-bottom:0pt;'><font style='font-size:10pt'>1,855,000</font></p>
      </td>

        <td valign=bottom >

<p style=' text-indent:0pt;text-align:left;margin-top:2pt;margin-bottom:0pt;'><font size=1>&nbsp;</font></p> </td>

        <td valign=bottom >

<p style=' margin-left:0pt;text-indent:0pt;text-align:left;margin-top:2pt;margin-bottom:0pt;'><font size=1>&nbsp;</font></p> </td>

        <td valign=bottom >

<p style=' margin-left:0pt;margin-right:.7pt;text-indent:0pt;text-align:right;margin-top:2pt;margin-bottom:0pt;'><font style='font-size:10pt'>1,102,000</font></p> </td>

        <td valign=bottom >

<p style=' text-indent:0pt;text-align:left;margin-top:2pt;margin-bottom:0pt;'><font size=1>&nbsp;</font></p> </td>

        <td valign=bottom >

<p style=' margin-left:0pt;text-indent:0pt;text-align:left;margin-top:2pt;margin-bottom:0pt;'><font size=1>&nbsp;</font></p> </td>

        <td valign=bottom >

<p style=' margin-left:0pt;margin-right:.7pt;text-indent:0pt;text-align:right;margin-top:2pt;margin-bottom:0pt;'><font style='font-size:10pt'>(1,126,000</font></p> </td>

        <td valign=bottom >

<p style=' text-indent:0pt;text-align:left;margin-top:2pt;margin-bottom:0pt;'><font style='font-size:10pt'>)</font></p> </td>

        <td valign=bottom >

<p style=' margin-left:0pt;text-indent:0pt;text-align:left;margin-top:2pt;margin-bottom:0pt;'><font size=1>&nbsp;</font></p> </td>

        <td valign=bottom >

        <p style=' margin-left:0pt;margin-right:.7pt;text-indent:0pt;text-align:right;margin-top:2pt;margin-bottom:0pt;'><font style='font-size:10pt'>16,613,000</font></p>
      </td>

        <td valign=bottom >

<p style=' text-indent:0pt;text-align:left;margin-top:2pt;margin-bottom:0pt;'><font size=1>&nbsp;</font></p> </td> </tr>
    <tr>

        <td valign=bottom >

<p style=' margin-left:8.65pt;text-indent:-8.65pt;text-align:left;margin-top:2pt;margin-bottom:0pt;'><font style='font-size:10pt'>Minority interests in consolidated joint ventures</font></p> </td>

        <td valign=bottom >

<p style=' text-indent:0pt;text-align:left;margin-top:2pt;margin-bottom:0pt;'><font size=1>&nbsp;</font></p> </td>

        <td valign=bottom >

<p style=' margin-left:0pt;text-indent:0pt;text-align:left;margin-top:2pt;margin-bottom:0pt;'><font size=1>&nbsp;</font></p> </td>

        <td valign=bottom >

<p style=' margin-left:0pt;margin-right:.7pt;text-indent:0pt;text-align:right;margin-top:2pt;margin-bottom:0pt;'><font style='font-size:10pt'>(1,270,000</font></p> </td>

        <td valign=bottom >

<p style=' text-indent:0pt;text-align:left;margin-top:2pt;margin-bottom:0pt;'><font style='font-size:10pt'>)</font></p> </td>

        <td valign=bottom >

<p style=' margin-left:0pt;text-indent:0pt;text-align:left;margin-top:2pt;margin-bottom:0pt;'><font size=1>&nbsp;</font></p> </td>

        <td valign=bottom >

<p style=' margin-left:0pt;margin-right:.7pt;text-indent:0pt;text-align:right;margin-top:2pt;margin-bottom:0pt;'><font style='font-size:10pt'>220,000</font></p> </td>

        <td valign=bottom >

<p style=' text-indent:0pt;text-align:left;margin-top:2pt;margin-bottom:0pt;'><font style='font-size:10pt'>(i)</font></p> </td>

        <td valign=bottom >

<p style=' margin-left:0pt;text-indent:0pt;text-align:left;margin-top:2pt;margin-bottom:0pt;'><font size=1>&nbsp;</font></p> </td>

        <td valign=bottom >

<p style=' margin-left:0pt;text-indent:0pt;text-align:right;margin-top:2pt;margin-bottom:0pt;'><font style='font-size:10pt'>&#151;</font></p> </td>

        <td valign=bottom >

<p style=' text-indent:0pt;text-align:left;margin-top:2pt;margin-bottom:0pt;'><font size=1>&nbsp;</font></p> </td>

        <td valign=bottom >

<p style=' margin-left:0pt;text-indent:0pt;text-align:left;margin-top:2pt;margin-bottom:0pt;'><font size=1>&nbsp;</font></p> </td>

        <td valign=bottom >

<p style=' margin-left:0pt;text-indent:0pt;text-align:right;margin-top:2pt;margin-bottom:0pt;'><font style='font-size:10pt'>&#151;</font></p> </td>

        <td valign=bottom >

<p style=' text-indent:0pt;text-align:left;margin-top:2pt;margin-bottom:0pt;'><font size=1>&nbsp;</font></p> </td>

        <td valign=bottom >

<p style=' margin-left:0pt;text-indent:0pt;text-align:left;margin-top:2pt;margin-bottom:0pt;'><font size=1>&nbsp;</font></p> </td>

        <td valign=bottom >

<p style=' margin-left:0pt;margin-right:.7pt;text-indent:0pt;text-align:right;margin-top:2pt;margin-bottom:0pt;'><font style='font-size:10pt'>(1,050,000</font></p> </td>

        <td valign=bottom >

<p style=' text-indent:0pt;text-align:left;margin-top:2pt;margin-bottom:0pt;'><font style='font-size:10pt'>)</font></p> </td> </tr>
    <tr>


      <td valign=bottom >
        <p style=' margin-left:8.65pt;text-indent:-8.65pt;text-align:left;margin-top:2pt;margin-bottom:0pt;'><font style='font-size:10pt'>Limited
          partners&#146; interest in Operating Partnership</font></p>
      </td>

        <td valign=bottom >

<p style=' text-indent:0pt;text-align:left;margin-top:2pt;margin-bottom:0pt;'><font size=1>&nbsp;</font></p> </td>

        <td valign=bottom >

<p style=' margin-left:0pt;text-indent:0pt;text-align:left;margin-top:2pt;margin-bottom:0pt;'><font size=1>&nbsp;</font></p> </td>

        <td valign=bottom >

<p style=' margin-left:0pt;margin-right:.7pt;text-indent:0pt;text-align:right;margin-top:2pt;margin-bottom:0pt;'><font style='font-size:10pt'>(299,000</font></p> </td>

        <td valign=bottom >

<p style=' text-indent:0pt;text-align:left;margin-top:2pt;margin-bottom:0pt;'><font style='font-size:10pt'>)</font></p> </td>

        <td valign=bottom >

<p style=' margin-left:0pt;text-indent:0pt;text-align:left;margin-top:2pt;margin-bottom:0pt;'><font size=1>&nbsp;</font></p> </td>

        <td valign=bottom >

        <p style=' margin-left:0pt;margin-right:.7pt;text-indent:0pt;text-align:right;margin-top:2pt;margin-bottom:0pt;'><font style='font-size:10pt'>(67,000</font></p>
      </td>

        <td valign=bottom >

<p style=' text-indent:0pt;text-align:left;margin-top:2pt;margin-bottom:0pt;'><font style='font-size:10pt'>)</font></p> </td>

        <td valign=bottom >

<p style=' margin-left:0pt;text-indent:0pt;text-align:left;margin-top:2pt;margin-bottom:0pt;'><font size=1>&nbsp;</font></p> </td>

        <td valign=bottom >

<p style=' margin-left:0pt;text-indent:0pt;text-align:right;margin-top:2pt;margin-bottom:0pt;'><font style='font-size:10pt'>&#151;</font></p> </td>

        <td valign=bottom >

<p style=' text-indent:0pt;text-align:left;margin-top:2pt;margin-bottom:0pt;'><font size=1>&nbsp;</font></p> </td>

        <td valign=bottom >

<p style=' margin-left:0pt;text-indent:0pt;text-align:left;margin-top:2pt;margin-bottom:0pt;'><font size=1>&nbsp;</font></p> </td>

        <td valign=bottom >

<p style=' margin-left:0pt;margin-right:.7pt;text-indent:0pt;text-align:right;margin-top:2pt;margin-bottom:0pt;'><font style='font-size:10pt'>1,000</font></p> </td>

        <td valign=bottom >

<p style=' text-indent:0pt;text-align:left;margin-top:2pt;margin-bottom:0pt;'><font style='font-size:10pt'>(h)</font></p> </td>

        <td valign=bottom >

<p style=' margin-left:0pt;text-indent:0pt;text-align:left;margin-top:2pt;margin-bottom:0pt;'><font size=1>&nbsp;</font></p> </td>

        <td valign=bottom >

        <p style=' margin-left:0pt;margin-right:.7pt;text-indent:0pt;text-align:right;margin-top:2pt;margin-bottom:0pt;'><font style='font-size:10pt'>(365,000</font></p>
      </td>

        <td valign=bottom >

<p style=' text-indent:0pt;text-align:left;margin-top:2pt;margin-bottom:0pt;'><font style='font-size:10pt'>)</font></p> </td> </tr>
    <tr>

        <td valign=top >

<p style=' margin-left:0pt;text-indent:0pt;text-align:left;margin-bottom:0pt;'><font size=1>&nbsp;</font></p> </td>

        <td valign=top >

<p style=' margin-left:0pt;text-indent:0pt;text-align:left;margin-bottom:0pt;'><font size=1>&nbsp;</font></p> </td>

        <td valign=top >

<p style=' margin-left:0pt;text-indent:0pt;text-align:left;margin-bottom:0pt;'>
<hr noshade width="100%" color="Gray" size="1"> </td>

        <td valign=top >

<p style=' margin-left:0pt;text-indent:0pt;text-align:left;margin-bottom:0pt;'>
<hr noshade width="100%" color="Gray" size="1"> </td>

        <td valign=top >

<p style=' margin-left:0pt;text-indent:0pt;text-align:left;margin-bottom:0pt;'><font size=1>&nbsp;</font></p> </td>

        <td valign=top >

<p style=' margin-left:0pt;text-indent:0pt;text-align:left;margin-bottom:0pt;'>
<hr noshade width="100%" color="Gray" size="1"> </td>

        <td valign=top >

<p style=' margin-left:0pt;text-indent:0pt;text-align:left;margin-bottom:0pt;'>
<hr noshade width="100%" color="Gray" size="1"> </td>

        <td valign=top >

<p style=' margin-left:0pt;text-indent:0pt;text-align:left;margin-bottom:0pt;'><font size=1>&nbsp;</font></p> </td>

        <td valign=top >

<p style=' margin-left:0pt;text-indent:0pt;text-align:left;margin-bottom:0pt;'>
<hr noshade width="100%" color="Gray" size="1"> </td>

        <td valign=top >

<p style=' margin-left:0pt;text-indent:0pt;text-align:left;margin-bottom:0pt;'>
<hr noshade width="100%" color="Gray" size="1"> </td>

        <td valign=top >

<p style=' margin-left:0pt;text-indent:0pt;text-align:left;margin-bottom:0pt;'><font size=1>&nbsp;</font></p> </td>

        <td valign=top >

<p style=' margin-left:0pt;text-indent:0pt;text-align:left;margin-bottom:0pt;'>
<hr noshade width="100%" color="Gray" size="1"> </td>

        <td valign=top >

<p style=' margin-left:0pt;text-indent:0pt;text-align:left;margin-bottom:0pt;'>
<hr noshade width="100%" color="Gray" size="1"> </td>

        <td valign=top >

<p style=' margin-left:0pt;text-indent:0pt;text-align:left;margin-bottom:0pt;'><font size=1>&nbsp;</font></p> </td>

        <td valign=top >

<p style=' margin-left:0pt;text-indent:0pt;text-align:left;margin-bottom:0pt;'>
<hr noshade width="100%" color="Gray" size="1"> </td>

        <td valign=top >

<p style=' margin-left:0pt;text-indent:0pt;text-align:left;margin-bottom:0pt;'>
<hr noshade width="100%" color="Gray" size="1"> </td>

        <td valign=top >

<p style=' margin-left:0pt;text-indent:0pt;text-align:left;margin-bottom:0pt;'><font size=1>&nbsp;</font></p> </td> </tr>
    <tr>

        <td valign=bottom >

<p style=' margin-left:8.65pt;text-indent:-8.65pt;text-align:left;margin-top:2pt;margin-bottom:0pt;'><font style='font-size:10pt'>Net income</font></p> </td>

        <td valign=bottom >

<p style=' text-indent:0pt;text-align:left;margin-top:2pt;margin-bottom:0pt;'><font size=1>&nbsp;</font></p> </td>

        <td valign=bottom >

<p style=' margin-left:0pt;text-indent:0pt;text-align:left;margin-top:2pt;margin-bottom:0pt;'><font size=1>&nbsp;</font></p> </td>

        <td valign=bottom >

<p style=' margin-left:0pt;margin-right:.7pt;text-indent:0pt;text-align:right;margin-top:2pt;margin-bottom:0pt;'><font style='font-size:10pt'>13,213,000</font></p> </td>

        <td valign=bottom >

<p style=' text-indent:0pt;text-align:left;margin-top:2pt;margin-bottom:0pt;'><font size=1>&nbsp;</font></p> </td>

        <td valign=bottom >

<p style=' margin-left:0pt;text-indent:0pt;text-align:left;margin-top:2pt;margin-bottom:0pt;'><font size=1>&nbsp;</font></p> </td>

        <td valign=bottom >

        <p style=' margin-left:0pt;margin-right:.7pt;text-indent:0pt;text-align:right;margin-top:2pt;margin-bottom:0pt;'><font style='font-size:10pt'>2,008,000</font></p>
      </td>

        <td valign=bottom >

<p style=' text-indent:0pt;text-align:left;margin-top:2pt;margin-bottom:0pt;'><font size=1>&nbsp;</font></p> </td>

        <td valign=bottom >

<p style=' margin-left:0pt;text-indent:0pt;text-align:left;margin-top:2pt;margin-bottom:0pt;'><font size=1>&nbsp;</font></p> </td>

        <td valign=bottom >

<p style=' margin-left:0pt;margin-right:.7pt;text-indent:0pt;text-align:right;margin-top:2pt;margin-bottom:0pt;'><font style='font-size:10pt'>1,102,000</font></p> </td>

        <td valign=bottom >

<p style=' text-indent:0pt;text-align:left;margin-top:2pt;margin-bottom:0pt;'><font size=1>&nbsp;</font></p> </td>

        <td valign=bottom >

<p style=' margin-left:0pt;text-indent:0pt;text-align:left;margin-top:2pt;margin-bottom:0pt;'><font size=1>&nbsp;</font></p> </td>

        <td valign=bottom >

<p style=' margin-left:0pt;margin-right:.7pt;text-indent:0pt;text-align:right;margin-top:2pt;margin-bottom:0pt;'><font style='font-size:10pt'>(1,125,000</font></p> </td>

        <td valign=bottom >

<p style=' text-indent:0pt;text-align:left;margin-top:2pt;margin-bottom:0pt;'><font style='font-size:10pt'>)</font></p> </td>

        <td valign=bottom >

<p style=' margin-left:0pt;text-indent:0pt;text-align:left;margin-top:2pt;margin-bottom:0pt;'><font size=1>&nbsp;</font></p> </td>

        <td valign=bottom >

        <p style=' margin-left:0pt;margin-right:.7pt;text-indent:0pt;text-align:right;margin-top:2pt;margin-bottom:0pt;'><font style='font-size:10pt'>15,198,000</font></p>
      </td>

        <td valign=bottom >

<p style=' text-indent:0pt;text-align:left;margin-top:2pt;margin-bottom:0pt;'><font size=1>&nbsp;</font></p> </td> </tr>
    <tr>

        <td valign=bottom >

<p style=' margin-left:8.65pt;text-indent:-8.65pt;text-align:left;margin-top:2pt;margin-bottom:0pt;'><font style='font-size:10pt'>Preferred distribution requirements</font></p> </td>

        <td valign=bottom >

<p style=' text-indent:0pt;text-align:left;margin-top:2pt;margin-bottom:0pt;'><font size=1>&nbsp;</font></p> </td>

        <td valign=bottom >

<p style=' margin-left:0pt;text-indent:0pt;text-align:left;margin-top:2pt;margin-bottom:0pt;'><font size=1>&nbsp;</font></p> </td>

        <td valign=bottom >

<p style=' margin-left:0pt;margin-right:.7pt;text-indent:0pt;text-align:right;margin-top:2pt;margin-bottom:0pt;'><font style='font-size:10pt'>(7,186,000</font></p> </td>

        <td valign=bottom >

<p style=' text-indent:0pt;text-align:left;margin-top:2pt;margin-bottom:0pt;'><font style='font-size:10pt'>)</font></p> </td>

        <td valign=bottom >

<p style=' margin-left:0pt;text-indent:0pt;text-align:left;margin-top:2pt;margin-bottom:0pt;'><font size=1>&nbsp;</font></p> </td>

        <td valign=bottom >

<p style=' margin-left:0pt;margin-right:.7pt;text-indent:0pt;text-align:right;margin-top:2pt;margin-bottom:0pt;'><font style='font-size:10pt'>(690,000</font></p> </td>

        <td valign=bottom >

<p style=' text-indent:0pt;text-align:left;margin-top:2pt;margin-bottom:0pt;'><font style='font-size:10pt'>)</font></p> </td>

        <td valign=bottom >

<p style=' margin-left:0pt;text-indent:0pt;text-align:left;margin-top:2pt;margin-bottom:0pt;'><font size=1>&nbsp;</font></p> </td>

        <td valign=bottom >

<p style=' margin-left:0pt;text-indent:0pt;text-align:right;margin-top:2pt;margin-bottom:0pt;'><font style='font-size:10pt'>&#151;</font></p> </td>

        <td valign=bottom >

<p style=' text-indent:0pt;text-align:left;margin-top:2pt;margin-bottom:0pt;'><font size=1>&nbsp;</font></p> </td>

        <td valign=bottom >

<p style=' margin-left:0pt;text-indent:0pt;text-align:left;margin-top:2pt;margin-bottom:0pt;'><font size=1>&nbsp;</font></p> </td>

        <td valign=bottom >

<p style=' margin-left:0pt;text-indent:0pt;text-align:right;margin-top:2pt;margin-bottom:0pt;'><font style='font-size:10pt'>&#151;</font></p> </td>

        <td valign=bottom >

<p style=' text-indent:0pt;text-align:left;margin-top:2pt;margin-bottom:0pt;'><font size=1>&nbsp;</font></p> </td>

        <td valign=bottom >

<p style=' margin-left:0pt;text-indent:0pt;text-align:left;margin-top:2pt;margin-bottom:0pt;'><font size=1>&nbsp;</font></p> </td>

        <td valign=bottom >

<p style=' margin-left:0pt;margin-right:.7pt;text-indent:0pt;text-align:right;margin-top:2pt;margin-bottom:0pt;'><font style='font-size:10pt'>(7,876,000</font></p> </td>

        <td valign=bottom >

<p style=' text-indent:0pt;text-align:left;margin-top:2pt;margin-bottom:0pt;'><font style='font-size:10pt'>)</font></p> </td> </tr>
    <tr>

        <td valign=top >

<p style=' margin-left:0pt;text-indent:0pt;text-align:left;margin-bottom:0pt;'><font size=1>&nbsp;</font></p> </td>

        <td valign=top >

<p style=' margin-left:0pt;text-indent:0pt;text-align:left;margin-bottom:0pt;'><font size=1>&nbsp;</font></p> </td>

        <td valign=top >

<p style=' margin-left:0pt;text-indent:0pt;text-align:left;margin-bottom:0pt;'>
<hr noshade width="100%" color="Gray" size="1"> </td>

        <td valign=top >

<p style=' margin-left:0pt;text-indent:0pt;text-align:left;margin-bottom:0pt;'>
<hr noshade width="100%" color="Gray" size="1"> </td>

        <td valign=top >

<p style=' margin-left:0pt;text-indent:0pt;text-align:left;margin-bottom:0pt;'><font size=1>&nbsp;</font></p> </td>

        <td valign=top >

<p style=' margin-left:0pt;text-indent:0pt;text-align:left;margin-bottom:0pt;'>
<hr noshade width="100%" color="Gray" size="1"> </td>

        <td valign=top >

<p style=' margin-left:0pt;text-indent:0pt;text-align:left;margin-bottom:0pt;'>
<hr noshade width="100%" color="Gray" size="1"> </td>

        <td valign=top >

<p style=' margin-left:0pt;text-indent:0pt;text-align:left;margin-bottom:0pt;'><font size=1>&nbsp;</font></p> </td>

        <td valign=top >

<p style=' margin-left:0pt;text-indent:0pt;text-align:left;margin-bottom:0pt;'>
<hr noshade width="100%" color="Gray" size="1"> </td>

        <td valign=top >

<p style=' margin-left:0pt;text-indent:0pt;text-align:left;margin-bottom:0pt;'>
<hr noshade width="100%" color="Gray" size="1"> </td>

        <td valign=top >

<p style=' margin-left:0pt;text-indent:0pt;text-align:left;margin-bottom:0pt;'><font size=1>&nbsp;</font></p> </td>

        <td valign=top >

<p style=' margin-left:0pt;text-indent:0pt;text-align:left;margin-bottom:0pt;'>
<hr noshade width="100%" color="Gray" size="1"> </td>

        <td valign=top >

<p style=' margin-left:0pt;text-indent:0pt;text-align:left;margin-bottom:0pt;'>
<hr noshade width="100%" color="Gray" size="1"> </td>

        <td valign=top >

<p style=' margin-left:0pt;text-indent:0pt;text-align:left;margin-bottom:0pt;'><font size=1>&nbsp;</font></p> </td>

        <td valign=top >

<p style=' margin-left:0pt;text-indent:0pt;text-align:left;margin-bottom:0pt;'>
<hr noshade width="100%" color="Gray" size="1"> </td>

        <td valign=top >

<p style=' margin-left:0pt;text-indent:0pt;text-align:left;margin-bottom:0pt;'>
<hr noshade width="100%" color="Gray" size="1"> </td>

        <td valign=top >

<p style=' margin-left:0pt;text-indent:0pt;text-align:left;margin-bottom:0pt;'><font size=1>&nbsp;</font></p> </td> </tr>
    <tr>

        <td valign=bottom >

<p style=' margin-left:8.65pt;text-indent:-8.65pt;text-align:left;margin-top:2pt;margin-bottom:0pt;'><font style='font-size:10pt'>Net income applicable to common shareholders</font></p> </td>

        <td width="1%" valign=bottom >

<p style=' text-indent:0pt;text-align:left;margin-top:2pt;margin-bottom:0pt;'><font size=1>&nbsp;</font></p> </td>


      <td width="1%" valign=bottom >
        <p style=' margin-left:0pt;text-indent:0pt;text-align:left;margin-top:2pt;margin-bottom:0pt;'><font size=1>&nbsp;</font><font style='font-size:10pt'>$</font></p>
      </td>

        <td width="14%" valign=bottom >

        <p style=' margin-left:0pt;margin-right:.7pt;text-indent:0pt;text-align:right;margin-top:2pt;margin-bottom:0pt;'><font style='font-size:10pt'>6,027,000</font></p>
      </td>

        <td width="1%" valign=bottom >

<p style=' text-indent:0pt;text-align:left;margin-top:2pt;margin-bottom:0pt;'><font size=1>&nbsp;</font></p> </td>


      <td width="1%" valign=bottom >
        <p style=' margin-left:0pt;text-indent:0pt;text-align:left;margin-top:2pt;margin-bottom:0pt;'><font size=1>&nbsp;</font><font style='font-size:10pt'>$</font></p>
      </td>

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

        <p style=' margin-left:0pt;margin-right:.7pt;text-indent:0pt;text-align:right;margin-top:2pt;margin-bottom:0pt;'><font style='font-size:10pt'>1,318,000</font></p>
      </td>

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

<p style=' text-indent:0pt;text-align:left;margin-top:2pt;margin-bottom:0pt;'><font size=1>&nbsp;</font></p> </td>


      <td width="1%" valign=bottom >
        <p style=' margin-left:0pt;text-indent:0pt;text-align:left;margin-top:2pt;margin-bottom:0pt;'><font size=1>&nbsp;</font><font style='font-size:10pt'>$</font></p>
      </td>

        <td width="9%" valign=bottom >

        <p style=' margin-left:0pt;margin-right:.7pt;text-indent:0pt;text-align:right;margin-top:2pt;margin-bottom:0pt;'><font style='font-size:10pt'>1,102,000</font></p>
      </td>

        <td width="1%" valign=bottom >

<p style=' text-indent:0pt;text-align:left;margin-top:2pt;margin-bottom:0pt;'><font size=1>&nbsp;</font></p> </td>


      <td width="1%" valign=bottom >
        <p style=' margin-left:0pt;text-indent:0pt;text-align:left;margin-top:2pt;margin-bottom:0pt;'><font size=1>&nbsp;</font><font style='font-size:10pt'>$</font></p>
      </td>

        <td width="11%" valign=bottom >

        <p style=' margin-left:0pt;margin-right:.7pt;text-indent:0pt;text-align:right;margin-top:2pt;margin-bottom:0pt;'><font style='font-size:10pt'>(1,125,000</font></p>
      </td>

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

<p style=' text-indent:0pt;text-align:left;margin-top:2pt;margin-bottom:0pt;'><font style='font-size:10pt'>)</font></p> </td>


      <td width="1%" valign=bottom >
        <p style=' margin-left:0pt;text-indent:0pt;text-align:left;margin-top:2pt;margin-bottom:0pt;'><font size=1>&nbsp;</font><font style='font-size:10pt'>$</font></p>
      </td>

        <td width="11%" valign=bottom >

        <p style=' margin-left:0pt;margin-right:.7pt;text-indent:0pt;text-align:right;margin-top:2pt;margin-bottom:0pt;'><font style='font-size:10pt'>7,322,000</font></p>
      </td>

        <td width="1%" valign=bottom >

<p style=' text-indent:0pt;text-align:left;margin-top:2pt;margin-bottom:0pt;'><font size=1>&nbsp;</font></p> </td> </tr>
    <tr>

        <td valign=top >

<p style=' margin-left:0pt;text-indent:0pt;text-align:left;margin-bottom:0pt;'><font size=1>&nbsp;</font></p> </td>

        <td valign=top >

<p style=' margin-left:0pt;text-indent:0pt;text-align:left;margin-bottom:0pt;'><font size=1>&nbsp;</font></p> </td>

        <td valign=top >

<p style=' margin-left:0pt;text-indent:0pt;text-align:left;margin-bottom:0pt;'>
<hr noshade width="100%" color="Gray" size="2"> </td>

        <td valign=top >

<p style=' margin-left:0pt;text-indent:0pt;text-align:left;margin-bottom:0pt;'>
<hr noshade width="100%" color="Gray" size="2"> </td>

        <td valign=top >

<p style=' margin-left:0pt;text-indent:0pt;text-align:left;margin-bottom:0pt;'><font size=1>&nbsp;</font></p> </td>

        <td valign=top >

<p style=' margin-left:0pt;text-indent:0pt;text-align:left;margin-bottom:0pt;'>
<hr noshade width="100%" color="Gray" size="2"> </td>

        <td valign=top >

<p style=' margin-left:0pt;text-indent:0pt;text-align:left;margin-bottom:0pt;'>
<hr noshade width="100%" color="Gray" size="2"> </td>

        <td valign=top >

<p style=' margin-left:0pt;text-indent:0pt;text-align:left;margin-bottom:0pt;'><font size=1>&nbsp;</font></p> </td>

        <td valign=top >

<p style=' margin-left:0pt;text-indent:0pt;text-align:left;margin-bottom:0pt;'>
<hr noshade width="100%" color="Gray" size="2"> </td>

        <td valign=top >

<p style=' margin-left:0pt;text-indent:0pt;text-align:left;margin-bottom:0pt;'>
<hr noshade width="100%" color="Gray" size="2"> </td>

        <td valign=top >

<p style=' margin-left:0pt;text-indent:0pt;text-align:left;margin-bottom:0pt;'><font size=1>&nbsp;</font></p> </td>

        <td valign=top >

<p style=' margin-left:0pt;text-indent:0pt;text-align:left;margin-bottom:0pt;'>
<hr noshade width="100%" color="Gray" size="2"> </td>

        <td valign=top >

<p style=' margin-left:0pt;text-indent:0pt;text-align:left;margin-bottom:0pt;'>
<hr noshade width="100%" color="Gray" size="2"> </td>

        <td valign=top >

<p style=' margin-left:0pt;text-indent:0pt;text-align:left;margin-bottom:0pt;'><font size=1>&nbsp;</font></p> </td>

        <td valign=top >

<p style=' margin-left:0pt;text-indent:0pt;text-align:left;margin-bottom:0pt;'>
<hr noshade width="100%" color="Gray" size="2"> </td>

        <td valign=top >

<p style=' margin-left:0pt;text-indent:0pt;text-align:left;margin-bottom:0pt;'>
<hr noshade width="100%" color="Gray" size="2"> </td>

        <td valign=top >

<p style=' margin-left:0pt;text-indent:0pt;text-align:left;margin-bottom:0pt;'><font size=1>&nbsp;</font></p> </td> </tr>
    <tr>

        <td valign=bottom >

<p style=' margin-left:8.65pt;text-indent:-8.65pt;text-align:left;margin-top:2pt;margin-bottom:0pt;'><font style='font-size:10pt'>Per common share (basic and diluted)</font></p> </td>

        <td valign=bottom >

<p style=' text-indent:0pt;text-align:left;margin-top:2pt;margin-bottom:0pt;'><font size=1>&nbsp;</font></p> </td>


      <td valign=bottom >
        <p style=' margin-left:0pt;text-indent:0pt;text-align:left;margin-top:2pt;margin-bottom:0pt;'><font size=1>&nbsp;</font><font style='font-size:10pt'>$</font></p>
      </td>

        <td valign=bottom >

        <p style=' margin-left:0pt;margin-right:.7pt;text-indent:0pt;text-align:right;margin-top:2pt;margin-bottom:0pt;'><font style='font-size:10pt'>0.25</font></p>
      </td>

        <td valign=bottom >

<p style=' text-indent:0pt;text-align:left;margin-top:2pt;margin-bottom:0pt;'><font size=1>&nbsp;</font></p> </td>

        <td valign=bottom >

<p style=' margin-left:0pt;text-indent:0pt;text-align:left;margin-top:2pt;margin-bottom:0pt;'><font size=1>&nbsp;</font></p> </td>

        <td valign=bottom >

<p style=' margin-left:0pt;text-indent:0pt;text-align:right;margin-top:2pt;margin-bottom:0pt;'><font size=1>&nbsp;</font></p> </td>

        <td valign=bottom >

<p style=' text-indent:0pt;text-align:left;margin-top:2pt;margin-bottom:0pt;'><font size=1>&nbsp;</font></p> </td>

        <td valign=bottom >

<p style=' margin-left:0pt;text-indent:0pt;text-align:left;margin-top:2pt;margin-bottom:0pt;'><font size=1>&nbsp;</font></p> </td>

        <td valign=bottom >

<p style=' margin-left:0pt;text-indent:0pt;text-align:right;margin-top:2pt;margin-bottom:0pt;'><font size=1>&nbsp;</font></p> </td>

        <td valign=bottom >

<p style=' text-indent:0pt;text-align:left;margin-top:2pt;margin-bottom:0pt;'><font size=1>&nbsp;</font></p> </td>

        <td valign=bottom >

<p style=' margin-left:0pt;text-indent:0pt;text-align:left;margin-top:2pt;margin-bottom:0pt;'><font size=1>&nbsp;</font></p> </td>

        <td valign=bottom >

<p style=' margin-left:0pt;text-indent:0pt;text-align:right;margin-top:2pt;margin-bottom:0pt;'><font size=1>&nbsp;</font></p> </td>

        <td valign=bottom >

<p style=' text-indent:0pt;text-align:left;margin-top:2pt;margin-bottom:0pt;'><font size=1>&nbsp;</font></p> </td>


      <td valign=bottom >
        <p style=' margin-left:0pt;text-indent:0pt;text-align:left;margin-top:2pt;margin-bottom:0pt;'><font size=1>&nbsp;</font><font style='font-size:10pt'>$</font></p>
      </td>

        <td valign=bottom >

        <p style=' margin-left:0pt;margin-right:.7pt;text-indent:0pt;text-align:right;margin-top:2pt;margin-bottom:0pt;'><font style='font-size:10pt'>0.31</font></p>
      </td>

        <td valign=bottom >

<p style=' text-indent:0pt;text-align:left;margin-top:2pt;margin-bottom:0pt;'><font size=1>&nbsp;</font></p> </td> </tr>
    <tr>

        <td valign=top >

<p style=' margin-left:0pt;text-indent:0pt;text-align:left;margin-bottom:0pt;'><font size=1>&nbsp;</font></p> </td>

        <td valign=top >

<p style=' margin-left:0pt;text-indent:0pt;text-align:left;margin-bottom:0pt;'><font size=1>&nbsp;</font></p> </td>

        <td valign=top >

<p style=' margin-left:0pt;text-indent:0pt;text-align:left;margin-bottom:0pt;'>
<hr noshade width="100%" color="Gray" size="2"> </td>

        <td valign=top >

<p style=' margin-left:0pt;text-indent:0pt;text-align:left;margin-bottom:0pt;'>
<hr noshade width="100%" color="Gray" size="2"> </td>

        <td valign=top >

<p style=' margin-left:0pt;text-indent:0pt;text-align:left;margin-bottom:0pt;'><font size=1>&nbsp;</font></p> </td>

        <td valign=top >

<p style=' margin-left:0pt;text-indent:0pt;text-align:left;margin-bottom:0pt;'><font size=1>&nbsp;</font></p> </td>

        <td valign=top >

<p style=' margin-left:0pt;text-indent:0pt;text-align:left;margin-bottom:0pt;'><font size=1>&nbsp;</font></p> </td>

        <td valign=top >

<p style=' margin-left:0pt;text-indent:0pt;text-align:left;margin-bottom:0pt;'><font size=1>&nbsp;</font></p> </td>

        <td valign=top >

<p style=' margin-left:0pt;text-indent:0pt;text-align:left;margin-bottom:0pt;'><font size=1>&nbsp;</font></p> </td>

        <td valign=top >

<p style=' margin-left:0pt;text-indent:0pt;text-align:left;margin-bottom:0pt;'><font size=1>&nbsp;</font></p> </td>

        <td valign=top >

<p style=' margin-left:0pt;text-indent:0pt;text-align:left;margin-bottom:0pt;'><font size=1>&nbsp;</font></p> </td>

        <td valign=top >

<p style=' margin-left:0pt;text-indent:0pt;text-align:left;margin-bottom:0pt;'><font size=1>&nbsp;</font></p> </td>

        <td valign=top >

<p style=' margin-left:0pt;text-indent:0pt;text-align:left;margin-bottom:0pt;'><font size=1>&nbsp;</font></p> </td>

        <td valign=top >

<p style=' margin-left:0pt;text-indent:0pt;text-align:left;margin-bottom:0pt;'><font size=1>&nbsp;</font></p> </td>

        <td valign=top >

<p style=' margin-left:0pt;text-indent:0pt;text-align:left;margin-bottom:0pt;'>
<hr noshade width="100%" color="Gray" size="2"> </td>

        <td valign=top >

<p style=' margin-left:0pt;text-indent:0pt;text-align:left;margin-bottom:0pt;'>
<hr noshade width="100%" color="Gray" size="2"> </td>

        <td valign=top >

<p style=' margin-left:0pt;text-indent:0pt;text-align:left;margin-bottom:0pt;'><font size=1>&nbsp;</font></p> </td> </tr>
    <tr>

        <td valign=bottom >

<p style=' margin-left:8.65pt;text-indent:-8.65pt;text-align:left;margin-top:2pt;margin-bottom:0pt;'><font style='font-size:10pt'>Weigted average number of common shares outstanding</font></p> </td>

        <td valign=bottom >

<p style=' text-indent:0pt;text-align:left;margin-top:2pt;margin-bottom:0pt;'><font style='font-size:10pt'>&nbsp;</font></p> </td>

        <td valign=bottom >

<p style=' margin-left:0pt;text-indent:0pt;text-align:left;margin-top:2pt;margin-bottom:0pt;'><font size=1>&nbsp;</font></p> </td>

        <td valign=bottom >

<p style=' margin-left:0pt;margin-right:.7pt;text-indent:0pt;text-align:right;margin-top:2pt;margin-bottom:0pt;'><font style='font-size:10pt'>23,988,000</font></p> </td>

        <td valign=bottom >

<p style=' text-indent:0pt;text-align:left;margin-top:2pt;margin-bottom:0pt;'><font style='font-size:10pt'>&nbsp;</font></p> </td>

        <td valign=bottom >

<p style=' margin-left:0pt;text-indent:0pt;text-align:left;margin-top:2pt;margin-bottom:0pt;'><font size=1>&nbsp;</font></p> </td>

        <td valign=bottom >

<p style=' margin-left:0pt;text-indent:0pt;text-align:right;margin-top:2pt;margin-bottom:0pt;'><font size=1>&nbsp;</font></p> </td>

        <td valign=bottom >

<p style=' text-indent:0pt;text-align:left;margin-top:2pt;margin-bottom:0pt;'><font style='font-size:10pt'>&nbsp;</font></p> </td>

        <td valign=bottom >

<p style=' margin-left:0pt;text-indent:0pt;text-align:left;margin-top:2pt;margin-bottom:0pt;'><font size=1>&nbsp;</font></p> </td>

        <td valign=bottom >

<p style=' margin-left:0pt;text-indent:0pt;text-align:right;margin-top:2pt;margin-bottom:0pt;'><font size=1>&nbsp;</font></p> </td>

        <td valign=bottom >

<p style=' text-indent:0pt;text-align:left;margin-top:2pt;margin-bottom:0pt;'><font style='font-size:10pt'>&nbsp;</font></p> </td>

        <td valign=bottom >

<p style=' margin-left:0pt;text-indent:0pt;text-align:left;margin-top:2pt;margin-bottom:0pt;'><font size=1>&nbsp;</font></p> </td>

        <td valign=bottom >

<p style=' margin-left:0pt;text-indent:0pt;text-align:right;margin-top:2pt;margin-bottom:0pt;'><font size=1>&nbsp;</font></p> </td>

        <td valign=bottom >

<p style=' text-indent:0pt;text-align:left;margin-top:2pt;margin-bottom:0pt;'><font style='font-size:10pt'>&nbsp;</font></p> </td>

        <td valign=bottom >

<p style=' margin-left:0pt;text-indent:0pt;text-align:left;margin-top:2pt;margin-bottom:0pt;'><font size=1>&nbsp;</font></p> </td>

        <td valign=bottom >

<p style=' margin-left:0pt;margin-right:.7pt;text-indent:0pt;text-align:right;margin-top:2pt;margin-bottom:0pt;'><font style='font-size:10pt'>23,988,000</font></p> </td>

        <td valign=bottom >

<p style=' text-indent:0pt;text-align:left;margin-top:2pt;margin-bottom:0pt;'><font style='font-size:10pt'>&nbsp;</font></p> </td> </tr>
    <tr>

        <td valign=top >

<p style=' margin-left:0pt;text-indent:0pt;text-align:left;margin-bottom:0pt;'><font size=1>&nbsp;</font></p> </td>

        <td valign=top >

<p style=' margin-left:0pt;text-indent:0pt;text-align:left;margin-bottom:0pt;'><font size=1>&nbsp;</font></p> </td>

        <td valign=top >

<p style=' margin-left:0pt;text-indent:0pt;text-align:left;margin-bottom:0pt;'>
<hr noshade width="100%" color="Gray" size="2"> </td>

        <td valign=top >

<p style=' margin-left:0pt;text-indent:0pt;text-align:left;margin-bottom:0pt;'>
<hr noshade width="100%" color="Gray" size="2"> </td>

        <td valign=top >

<p style=' margin-left:0pt;text-indent:0pt;text-align:left;margin-bottom:0pt;'><font size=1>&nbsp;</font></p> </td>

        <td valign=top >

<p style=' margin-left:0pt;text-indent:0pt;text-align:left;margin-bottom:0pt;'><font size=1>&nbsp;</font></p> </td>

        <td valign=top >

<p style=' margin-left:0pt;text-indent:0pt;text-align:left;margin-bottom:0pt;'><font size=1>&nbsp;</font></p> </td>

        <td valign=top >

<p style=' margin-left:0pt;text-indent:0pt;text-align:left;margin-bottom:0pt;'><font size=1>&nbsp;</font></p> </td>

        <td valign=top >

<p style=' margin-left:0pt;text-indent:0pt;text-align:left;margin-bottom:0pt;'><font size=1>&nbsp;</font></p> </td>

        <td valign=top >

<p style=' margin-left:0pt;text-indent:0pt;text-align:left;margin-bottom:0pt;'><font size=1>&nbsp;</font></p> </td>

        <td valign=top >

<p style=' margin-left:0pt;text-indent:0pt;text-align:left;margin-bottom:0pt;'><font size=1>&nbsp;</font></p> </td>

        <td valign=top >

<p style=' margin-left:0pt;text-indent:0pt;text-align:left;margin-bottom:0pt;'><font size=1>&nbsp;</font></p> </td>

        <td valign=top >

<p style=' margin-left:0pt;text-indent:0pt;text-align:left;margin-bottom:0pt;'><font size=1>&nbsp;</font></p> </td>

        <td valign=top >

<p style=' margin-left:0pt;text-indent:0pt;text-align:left;margin-bottom:0pt;'><font size=1>&nbsp;</font></p> </td>

        <td valign=top >

<p style=' margin-left:0pt;text-indent:0pt;text-align:left;margin-bottom:0pt;'>
<hr noshade width="100%" color="Gray" size="2"> </td>

        <td valign=top >

<p style=' margin-left:0pt;text-indent:0pt;text-align:left;margin-bottom:0pt;'>
<hr noshade width="100%" color="Gray" size="2"> </td>

        <td valign=top >

<p style=' margin-left:0pt;text-indent:0pt;text-align:left;margin-bottom:0pt;'><font size=1>&nbsp;</font></p> </td> </tr></table>
</div>



<p style=' margin-bottom:0pt; margin-top:8pt;text-align:center;'><font style='font-size:10pt'>See accompanying notes to pro forma condensed consolidated financial statements.</font></p>
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<p style=' margin-bottom:0pt; margin-top:0pt;text-align:center;'><b><font style='font-size:10pt'>Cedar Shopping Centers, Inc.</font></b></p>

<p style=' margin-bottom:0pt; margin-top:0pt;text-align:center;'><b><font style='font-size:10pt'>Pro Forma Condensed Consolidated Statements of Income</font></b></p>

<p style=' margin-bottom:0pt; margin-top:0pt;text-align:center;'><b><font style='font-size:10pt'>For the year ended December 31, 2005</font></b></p>

<p style=' margin-bottom:0pt; margin-top:0pt;text-align:center;'><b><font style='font-size:10pt'>For the nine months ended September 30, 2006</font></b></p>

<p style=' margin-bottom:0pt; margin-top:0pt;text-align:center;'><b><font style='font-size:10pt'>(Unaudited)</font></b></p>

<p style=' margin-bottom:0pt; margin-top:0pt;text-align:center;'><b><font style='font-size:10pt'>(Continued)</font></b></p>

<p style=' margin-bottom:0pt; margin-top:0pt;text-align:left;'><font style='font-size:10pt'>&nbsp;</font></p>


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        <p style=' margin-left:0pt;text-indent:0pt;text-align:center;margin-bottom:0pt;'><font size=1>&nbsp;</font></p>
      </td>
      <td colspan="15" valign=bottom >
        <p style=' margin-left:0pt;text-indent:0pt;text-align:center;margin-bottom:0pt;'><b><font style='font-size:8pt'>For
          the nine months ended September 30, 2006</font></b></p>
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        <p style=' margin-left:0pt;text-indent:0pt;text-align:left;margin-bottom:0pt;'><font size=1>&nbsp;</font></p>
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      <td colspan="15" valign=top >
        <p style=' margin-left:0pt;text-indent:0pt;text-align:left;margin-bottom:0pt;'>
        <hr noshade width="100%" color="Gray" size="1">
      </td>
    </tr>
    <tr>
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        <p style=' margin-left:0pt;text-indent:0pt;text-align:center;margin-bottom:0pt;'><font size=1>&nbsp;</font></p>
      </td>
      <td colspan="2" valign=bottom >
        <p style=' margin-left:0pt;text-indent:0pt;text-align:center;margin-bottom:0pt;'><font size=1>&nbsp;</font></p>
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        <p style=' margin-left:0pt;text-indent:0pt;text-align:center;margin-bottom:0pt;'><font size=1>&nbsp;</font></p>
      </td>
      <td colspan="2" valign=bottom >
        <p style=' margin-left:0pt;text-indent:0pt;text-align:center;margin-bottom:0pt;'><font size=1>&nbsp;</font></p>
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        <p style=' margin-left:0pt;text-indent:0pt;text-align:center;margin-bottom:0pt;'><font size=1>&nbsp;</font></p>
      </td>
      <td colspan="5" valign=bottom >
        <p style=' margin-left:0pt;text-indent:0pt;text-align:center;margin-bottom:0pt;'><b><font style='font-size:8pt'>Acquired
          Properties</font></b></p>
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        <p style=' margin-left:0pt;text-indent:0pt;text-align:center;margin-bottom:0pt;'><font size=1>&nbsp;</font></p>
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        <p style=' margin-left:0pt;text-indent:0pt;text-align:center;margin-bottom:0pt;'><font size=1>&nbsp;</font></p>
      </td>
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        <p style=' margin-left:0pt;text-indent:0pt;text-align:center;margin-bottom:0pt;'><font size=1>&nbsp;</font></p>
      </td>
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      </td>
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        <p style=' margin-left:0pt;text-indent:0pt;text-align:left;margin-bottom:0pt;'>
        <hr noshade width="100%" color="Gray" size="1">
      </td>
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        <p style=' margin-left:0pt;text-indent:0pt;text-align:left;margin-bottom:0pt;'><font size=1>&nbsp;</font></p>
      </td>
      <td colspan="2" valign=top >
        <p style=' margin-left:0pt;text-indent:0pt;text-align:left;margin-bottom:0pt;'><font size=1>&nbsp;</font></p>
      </td>
      <td valign=top >
        <p style=' margin-left:0pt;text-indent:0pt;text-align:left;margin-bottom:0pt;'><font size=1>&nbsp;</font></p>
      </td>
    </tr>
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        <p style=' margin-left:0pt;text-indent:0pt;text-align:center;margin-bottom:0pt;'><font size=1>&nbsp;</font></p>
      </td>
      <td valign=bottom >
        <p style=' margin-left:0pt;text-indent:0pt;text-align:center;margin-bottom:0pt;'><font size=1>&nbsp;</font></p>
      </td>
      <td colspan="2" valign=bottom >
        <p style=' margin-left:0pt;text-indent:0pt;text-align:center;margin-bottom:0pt;'><b><font style='font-size:8pt'>Cedar</font></b><font style='font-size:8pt'>&nbsp;</font><b><font style='font-size:8pt'>Shopping</font></b><br>
          <b><font style='font-size:8pt'>Centers,</font></b><font style='font-size:8pt'>&nbsp;</font><b><font style='font-size:8pt'>Inc.</font></b><br>
          <b><font style='font-size:8pt'>Historical</font></b><font style='font-size:8pt'>&nbsp;</font><b><font style='font-size:8pt'>(a)</font></b></p>
      </td>
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        <p style=' margin-left:0pt;text-indent:0pt;text-align:center;margin-bottom:0pt;'><font size=1>&nbsp;</font></p>
      </td>
      <td colspan="2" valign=bottom >
        <p style=' margin-left:0pt;text-indent:0pt;text-align:center;margin-bottom:0pt;'><b><font style='font-size:8pt'>Completed</font></b><br>
          <b><font style='font-size:8pt'>transactions</font></b><br>
          <b><font style='font-size:8pt'>(b)</font></b><font style='font-size:8pt'>&nbsp;</font><b><font style='font-size:8pt'>(d)</font></b></p>
      </td>
      <td valign=bottom >
        <p style=' margin-left:0pt;text-indent:0pt;text-align:center;margin-bottom:0pt;'><font size=1>&nbsp;</font></p>
      </td>
      <td colspan="2" valign=bottom >
        <p style=' margin-left:0pt;text-indent:0pt;text-align:center;margin-bottom:0pt;'><b><font style='font-size:8pt'>Historical</font></b><br>
          <b><font style='font-size:8pt'>(</font></b><font style='font-size:8pt'>&nbsp;</font><b><font style='font-size:8pt'>c</font></b><font style='font-size:8pt'>&nbsp;</font><b><font style='font-size:8pt'>)</font></b></p>
      </td>
      <td valign=bottom >
        <p style=' margin-left:0pt;text-indent:0pt;text-align:center;margin-bottom:0pt;'><font size=1>&nbsp;</font></p>
      </td>
      <td colspan="2" valign=bottom >
        <p style=' margin-left:0pt;text-indent:0pt;text-align:center;margin-bottom:0pt;'><b><font style='font-size:8pt'>Pro</font></b><font style='font-size:8pt'>&nbsp;</font><b><font style='font-size:8pt'>forma</font></b><br>
          <b><font style='font-size:8pt'>adjustments</font></b><br>
          <b><font style='font-size:8pt'>(d)</font></b></p>
      </td>
      <td valign=bottom >
        <p style=' margin-left:0pt;text-indent:0pt;text-align:center;margin-bottom:0pt;'><font size=1>&nbsp;</font></p>
      </td>
      <td colspan="2" valign=bottom >
        <p style=' margin-left:0pt;text-indent:0pt;text-align:center;margin-bottom:0pt;'><b><font style='font-size:8pt'>Pro</font></b><font style='font-size:8pt'>&nbsp;</font><b><font style='font-size:8pt'>forma</font></b></p>
      </td>
      <td valign=bottom >
        <p style=' margin-left:0pt;text-indent:0pt;text-align:center;margin-bottom:0pt;'><font size=1>&nbsp;</font></p>
      </td>
    </tr>
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        <p style=' margin-left:0pt;text-indent:0pt;text-align:left;margin-bottom:0pt;'><font size=1>&nbsp;</font></p>
      </td>
      <td valign=top >
        <p style=' margin-left:0pt;text-indent:0pt;text-align:left;margin-bottom:0pt;'><font size=1>&nbsp;</font></p>
      </td>
      <td colspan="2" valign=top >
        <p style=' margin-left:0pt;text-indent:0pt;text-align:left;margin-bottom:0pt;'>
        <hr noshade width="100%" color="Gray" size="1">
      </td>
      <td valign=top >
        <p style=' margin-left:0pt;text-indent:0pt;text-align:left;margin-bottom:0pt;'><font size=1>&nbsp;</font></p>
      </td>
      <td colspan="2" valign=top >
        <p style=' margin-left:0pt;text-indent:0pt;text-align:left;margin-bottom:0pt;'>
        <hr noshade width="100%" color="Gray" size="1">
      </td>
      <td valign=top >
        <p style=' margin-left:0pt;text-indent:0pt;text-align:left;margin-bottom:0pt;'><font size=1>&nbsp;</font></p>
      </td>
      <td colspan="2" valign=top >
        <p style=' margin-left:0pt;text-indent:0pt;text-align:left;margin-bottom:0pt;'>
        <hr noshade width="100%" color="Gray" size="1">
      </td>
      <td valign=top >
        <p style=' margin-left:0pt;text-indent:0pt;text-align:left;margin-bottom:0pt;'><font size=1>&nbsp;</font></p>
      </td>
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        <p style=' margin-left:0pt;text-indent:0pt;text-align:left;margin-bottom:0pt;'>
        <hr noshade width="100%" color="Gray" size="1">
      </td>
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        <p style=' margin-left:0pt;text-indent:0pt;text-align:left;margin-bottom:0pt;'><font size=1>&nbsp;</font></p>
      </td>
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        <p style=' margin-left:0pt;text-indent:0pt;text-align:left;margin-bottom:0pt;'>
        <hr noshade width="100%" color="Gray" size="1">
      </td>
      <td valign=top >
        <p style=' margin-left:0pt;text-indent:0pt;text-align:left;margin-bottom:0pt;'><font size=1>&nbsp;</font></p>
      </td>
    </tr>
    <tr>
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        <p style=' margin-left:0pt;text-indent:0pt;text-align:left;margin-Top:0pt;margin-bottom:0pt;'><font size=1>&nbsp;</font></p>
      </td>
      <td valign=bottom >
        <p style=' text-indent:0pt;text-align:left;margin-Top:0pt;margin-bottom:0pt;'><font size=1>&nbsp;</font></p>
      </td>
      <td valign=bottom >
        <p style=' margin-left:0pt;text-indent:0pt;text-align:left;margin-Top:0pt;margin-bottom:0pt;'><font size=1>&nbsp;</font></p>
      </td>
      <td valign=bottom >
        <p style=' margin-left:0pt;text-indent:0pt;text-align:right;margin-Top:0pt;margin-bottom:0pt;'><font size=1>&nbsp;</font></p>
      </td>
      <td valign=bottom >
        <p style=' text-indent:0pt;text-align:left;margin-Top:0pt;margin-bottom:0pt;'><font size=1>&nbsp;</font></p>
      </td>
      <td valign=bottom >
        <p style=' margin-left:0pt;text-indent:0pt;text-align:left;margin-Top:0pt;margin-bottom:0pt;'><font size=1>&nbsp;</font></p>
      </td>
      <td valign=bottom >
        <p style=' margin-left:0pt;text-indent:0pt;text-align:right;margin-Top:0pt;margin-bottom:0pt;'><font size=1>&nbsp;</font></p>
      </td>
      <td valign=bottom >
        <p style=' text-indent:0pt;text-align:left;margin-Top:0pt;margin-bottom:0pt;'><font size=1>&nbsp;</font></p>
      </td>
      <td valign=bottom >
        <p style=' margin-left:0pt;text-indent:0pt;text-align:left;margin-Top:0pt;margin-bottom:0pt;'><font size=1>&nbsp;</font></p>
      </td>
      <td valign=bottom >
        <p style=' margin-left:0pt;text-indent:0pt;text-align:right;margin-Top:0pt;margin-bottom:0pt;'><font size=1>&nbsp;</font></p>
      </td>
      <td valign=bottom >
        <p style=' text-indent:0pt;text-align:left;margin-Top:0pt;margin-bottom:0pt;'><font size=1>&nbsp;</font></p>
      </td>
      <td valign=bottom >
        <p style=' margin-left:0pt;text-indent:0pt;text-align:left;margin-Top:0pt;margin-bottom:0pt;'><font size=1>&nbsp;</font></p>
      </td>
      <td valign=bottom >
        <p style=' margin-left:0pt;text-indent:0pt;text-align:right;margin-Top:0pt;margin-bottom:0pt;'><font size=1>&nbsp;</font></p>
      </td>
      <td valign=bottom >
        <p style=' text-indent:0pt;text-align:left;margin-Top:0pt;margin-bottom:0pt;'><font size=1>&nbsp;</font></p>
      </td>
      <td valign=bottom >
        <p style=' margin-left:0pt;text-indent:0pt;text-align:left;margin-Top:0pt;margin-bottom:0pt;'><font size=1>&nbsp;</font></p>
      </td>
      <td valign=bottom >
        <p style=' margin-left:0pt;text-indent:0pt;text-align:right;margin-Top:0pt;margin-bottom:0pt;'><font size=1>&nbsp;</font></p>
      </td>
      <td valign=bottom >
        <p style=' text-indent:0pt;text-align:left;margin-Top:0pt;margin-bottom:0pt;'><font size=1>&nbsp;</font></p>
      </td>
    </tr>
    <tr>
      <td valign=bottom >
        <p style=' margin-left:0pt;text-indent:0pt;text-align:left;margin-Top:0pt;margin-bottom:0pt;'><font style='font-size:10pt'>Revenues</font></p>
      </td>
      <td valign=bottom width="2%" >
        <p style=' text-indent:0pt;text-align:left;margin-Top:0pt;margin-bottom:0pt;'><font size=1>&nbsp;</font></p>
      </td>
      <td valign=bottom width="1%" >
        <p style=' margin-left:0pt;text-indent:0pt;text-align:left;margin-Top:0pt;margin-bottom:0pt;'><font style='font-size:10pt'>$</font></p>
      </td>
      <td valign=bottom width="8%" >
        <p style=' margin-left:0pt;text-indent:0pt;text-align:right;margin-Top:0pt;margin-bottom:0pt;'><font style='font-size:10pt'>92,229,000</font></p>
      </td>
      <td valign=bottom width="2%" >
        <p style=' text-indent:0pt;text-align:left;margin-Top:0pt;margin-bottom:0pt;'><font size=1>&nbsp;</font></p>
      </td>
      <td valign=bottom width="1%" >
        <p style=' margin-left:0pt;text-indent:0pt;text-align:left;margin-Top:0pt;margin-bottom:0pt;'><font style='font-size:10pt'>$</font></p>
      </td>
      <td valign=bottom width="8%" >
        <p style=' margin-left:0pt;text-indent:0pt;text-align:right;margin-Top:0pt;margin-bottom:0pt;'><font style='font-size:10pt'>7,512,000</font></p>
      </td>
      <td valign=bottom width="2%" >
        <p style=' text-indent:0pt;text-align:left;margin-Top:0pt;margin-bottom:0pt;'><font size=1>&nbsp;</font></p>
      </td>
      <td valign=bottom width="1%" >
        <p style=' margin-left:0pt;text-indent:0pt;text-align:left;margin-Top:0pt;margin-bottom:0pt;'><font style='font-size:10pt'>$</font></p>
      </td>
      <td valign=bottom width="8%" >
        <p style=' margin-left:0pt;text-indent:0pt;text-align:right;margin-Top:0pt;margin-bottom:0pt;'><font style='font-size:10pt'>1,472,000</font></p>
      </td>
      <td valign=bottom width="2%" >
        <p style=' text-indent:0pt;text-align:left;margin-Top:0pt;margin-bottom:0pt;'><font size=1>&nbsp;</font></p>
      </td>
      <td valign=bottom width="1%" >
        <p style=' margin-left:0pt;text-indent:0pt;text-align:left;margin-Top:0pt;margin-bottom:0pt;'><font style='font-size:10pt'>$</font></p>
      </td>
      <td valign=bottom width="8%" >
        <p style=' margin-left:0pt;text-indent:0pt;text-align:right;margin-Top:0pt;margin-bottom:0pt;'><font style='font-size:10pt'>13,000</font></p>
      </td>
      <td valign=bottom width="4%" >
        <p style=' text-indent:0pt;text-align:left;margin-Top:0pt;margin-bottom:0pt;'><font style='font-size:10pt'>(e)</font></p>
      </td>
      <td valign=bottom width="1%" >
        <p style=' margin-left:0pt;text-indent:0pt;text-align:left;margin-Top:0pt;margin-bottom:0pt;'><font style='font-size:10pt'>$</font></p>
      </td>
      <td valign=bottom width="8%" >
        <p style=' margin-left:0pt;text-indent:0pt;text-align:right;margin-Top:0pt;margin-bottom:0pt;'><font style='font-size:10pt'>101,226,000</font></p>
      </td>
      <td valign=bottom width="2%" >
        <p style=' text-indent:0pt;text-align:left;margin-Top:0pt;margin-bottom:0pt;'><font size=1>&nbsp;</font></p>
      </td>
    </tr>
    <tr>
      <td valign=top >
        <p style=' margin-left:0pt;text-indent:0pt;text-align:left;margin-bottom:0pt;'><font size=1>&nbsp;</font></p>
      </td>
      <td valign=top >
        <p style=' margin-left:0pt;text-indent:0pt;text-align:left;margin-bottom:0pt;'><font size=1>&nbsp;</font></p>
      </td>
      <td valign=top >
        <p style=' margin-left:0pt;text-indent:0pt;text-align:left;margin-bottom:0pt;'>
        <hr noshade width="100%" color="Gray" size="1">
      </td>
      <td valign=top >
        <p style=' margin-left:0pt;text-indent:0pt;text-align:left;margin-bottom:0pt;'>
        <hr noshade width="100%" color="Gray" size="1">
      </td>
      <td valign=top >
        <p style=' margin-left:0pt;text-indent:0pt;text-align:left;margin-bottom:0pt;'><font size=1>&nbsp;</font></p>
      </td>
      <td valign=top >
        <p style=' margin-left:0pt;text-indent:0pt;text-align:left;margin-bottom:0pt;'>
        <hr noshade width="100%" color="Gray" size="1">
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      <td valign=top >
        <p style=' margin-left:0pt;text-indent:0pt;text-align:left;margin-bottom:0pt;'>
        <hr noshade width="100%" color="Gray" size="1">
      </td>
      <td valign=top >
        <p style=' margin-left:0pt;text-indent:0pt;text-align:left;margin-bottom:0pt;'><font size=1>&nbsp;</font></p>
      </td>
      <td valign=top >
        <p style=' margin-left:0pt;text-indent:0pt;text-align:left;margin-bottom:0pt;'>
        <hr noshade width="100%" color="Gray" size="1">
      </td>
      <td valign=top >
        <p style=' margin-left:0pt;text-indent:0pt;text-align:left;margin-bottom:0pt;'>
        <hr noshade width="100%" color="Gray" size="1">
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      <td valign=top >
        <p style=' margin-left:0pt;text-indent:0pt;text-align:left;margin-bottom:0pt;'><font size=1>&nbsp;</font></p>
      </td>
      <td valign=top >
        <p style=' margin-left:0pt;text-indent:0pt;text-align:left;margin-bottom:0pt;'>
        <hr noshade width="100%" color="Gray" size="1">
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        <p style=' margin-left:0pt;text-indent:0pt;text-align:left;margin-bottom:0pt;'>
        <hr noshade width="100%" color="Gray" size="1">
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        <p style=' margin-left:0pt;text-indent:0pt;text-align:left;margin-bottom:0pt;'><font size=1>&nbsp;</font></p>
      </td>
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        <p style=' margin-left:0pt;text-indent:0pt;text-align:left;margin-bottom:0pt;'>
        <hr noshade width="100%" color="Gray" size="1">
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        <p style=' margin-left:0pt;text-indent:0pt;text-align:left;margin-bottom:0pt;'>
        <hr noshade width="100%" color="Gray" size="1">
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        <p style=' margin-left:0pt;text-indent:0pt;text-align:left;margin-bottom:0pt;'><font size=1>&nbsp;</font></p>
      </td>
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      <td valign=bottom >
        <p style=' margin-left:0pt;text-indent:0pt;text-align:left;margin-Top:0pt;margin-bottom:0pt;'><font style='font-size:10pt'>Expenses:</font></p>
      </td>
      <td valign=bottom >
        <p style=' text-indent:0pt;text-align:left;margin-Top:0pt;margin-bottom:0pt;'><font size=1>&nbsp;</font></p>
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        <p style=' margin-left:0pt;text-indent:0pt;text-align:left;margin-Top:0pt;margin-bottom:0pt;'><font size=1>&nbsp;</font></p>
      </td>
      <td valign=bottom >
        <p style=' margin-left:0pt;text-indent:0pt;text-align:right;margin-Top:0pt;margin-bottom:0pt;'><font size=1>&nbsp;</font></p>
      </td>
      <td valign=bottom >
        <p style=' text-indent:0pt;text-align:left;margin-Top:0pt;margin-bottom:0pt;'><font size=1>&nbsp;</font></p>
      </td>
      <td valign=bottom >
        <p style=' margin-left:0pt;text-indent:0pt;text-align:left;margin-Top:0pt;margin-bottom:0pt;'><font size=1>&nbsp;</font></p>
      </td>
      <td valign=bottom >
        <p style=' margin-left:0pt;text-indent:0pt;text-align:right;margin-Top:0pt;margin-bottom:0pt;'><font size=1>&nbsp;</font></p>
      </td>
      <td valign=bottom >
        <p style=' text-indent:0pt;text-align:left;margin-Top:0pt;margin-bottom:0pt;'><font size=1>&nbsp;</font></p>
      </td>
      <td valign=bottom >
        <p style=' margin-left:0pt;text-indent:0pt;text-align:left;margin-Top:0pt;margin-bottom:0pt;'><font size=1>&nbsp;</font></p>
      </td>
      <td valign=bottom >
        <p style=' margin-left:0pt;text-indent:0pt;text-align:right;margin-Top:0pt;margin-bottom:0pt;'><font size=1>&nbsp;</font></p>
      </td>
      <td valign=bottom >
        <p style=' text-indent:0pt;text-align:left;margin-Top:0pt;margin-bottom:0pt;'><font size=1>&nbsp;</font></p>
      </td>
      <td valign=bottom >
        <p style=' margin-left:0pt;text-indent:0pt;text-align:left;margin-Top:0pt;margin-bottom:0pt;'><font size=1>&nbsp;</font></p>
      </td>
      <td valign=bottom >
        <p style=' margin-left:0pt;text-indent:0pt;text-align:right;margin-Top:0pt;margin-bottom:0pt;'><font size=1>&nbsp;</font></p>
      </td>
      <td valign=bottom >
        <p style=' text-indent:0pt;text-align:left;margin-Top:0pt;margin-bottom:0pt;'><font size=1>&nbsp;</font></p>
      </td>
      <td valign=bottom >
        <p style=' margin-left:0pt;text-indent:0pt;text-align:left;margin-Top:0pt;margin-bottom:0pt;'><font size=1>&nbsp;</font></p>
      </td>
      <td valign=bottom >
        <p style=' margin-left:0pt;text-indent:0pt;text-align:right;margin-Top:0pt;margin-bottom:0pt;'><font size=1>&nbsp;</font></p>
      </td>
      <td valign=bottom >
        <p style=' text-indent:0pt;text-align:left;margin-Top:0pt;margin-bottom:0pt;'><font size=1>&nbsp;</font></p>
      </td>
    </tr>
    <tr>
      <td valign=bottom >
        <p style=' margin-left:17.3pt;text-indent:-8.65pt;text-align:left;margin-Top:0pt;margin-bottom:0pt;'><font style='font-size:10pt'>Operating,
          maintenance and management</font></p>
      </td>
      <td valign=bottom >
        <p style=' text-indent:0pt;text-align:left;margin-Top:0pt;margin-bottom:0pt;'><font size=1>&nbsp;</font></p>
      </td>
      <td valign=bottom >
        <p style=' margin-left:0pt;text-indent:0pt;text-align:left;margin-Top:0pt;margin-bottom:0pt;'><font size=1>&nbsp;</font></p>
      </td>
      <td valign=bottom >
        <p style=' margin-left:0pt;margin-right:.7pt;text-indent:0pt;text-align:right;margin-Top:0pt;margin-bottom:0pt;'><font style='font-size:10pt'>16,760,000</font></p>
      </td>
      <td valign=bottom >
        <p style=' text-indent:0pt;text-align:left;margin-Top:0pt;margin-bottom:0pt;'><font size=1>&nbsp;</font></p>
      </td>
      <td valign=bottom >
        <p style=' margin-left:0pt;text-indent:0pt;text-align:left;margin-Top:0pt;margin-bottom:0pt;'><font size=1>&nbsp;</font></p>
      </td>
      <td valign=bottom >
        <p style=' margin-left:0pt;margin-right:.7pt;text-indent:0pt;text-align:right;margin-Top:0pt;margin-bottom:0pt;'><font style='font-size:10pt'>1,310,000</font></p>
      </td>
      <td valign=bottom >
        <p style=' text-indent:0pt;text-align:left;margin-Top:0pt;margin-bottom:0pt;'><font size=1>&nbsp;</font></p>
      </td>
      <td valign=bottom >
        <p style=' margin-left:0pt;text-indent:0pt;text-align:left;margin-Top:0pt;margin-bottom:0pt;'><font size=1>&nbsp;</font></p>
      </td>
      <td valign=bottom >
        <p style=' margin-left:0pt;margin-right:.7pt;text-indent:0pt;text-align:right;margin-Top:0pt;margin-bottom:0pt;'><font style='font-size:10pt'>434,000</font></p>
      </td>
      <td valign=bottom >
        <p style=' text-indent:0pt;text-align:left;margin-Top:0pt;margin-bottom:0pt;'><font size=1>&nbsp;</font></p>
      </td>
      <td valign=bottom >
        <p style=' margin-left:0pt;text-indent:0pt;text-align:left;margin-Top:0pt;margin-bottom:0pt;'><font size=1>&nbsp;</font></p>
      </td>
      <td valign=bottom >
        <p style=' margin-left:0pt;text-indent:0pt;text-align:right;margin-Top:0pt;margin-bottom:0pt;'><font style='font-size:10pt'>&#151;</font></p>
      </td>
      <td valign=bottom >
        <p style=' text-indent:0pt;text-align:left;margin-Top:0pt;margin-bottom:0pt;'><font size=1>&nbsp;</font></p>
      </td>
      <td valign=bottom >
        <p style=' margin-left:0pt;text-indent:0pt;text-align:left;margin-Top:0pt;margin-bottom:0pt;'><font size=1>&nbsp;</font></p>
      </td>
      <td valign=bottom >
        <p style=' margin-left:0pt;margin-right:.7pt;text-indent:0pt;text-align:right;margin-Top:0pt;margin-bottom:0pt;'><font style='font-size:10pt'>18,504,000</font></p>
      </td>
      <td valign=bottom >
        <p style=' text-indent:0pt;text-align:left;margin-Top:0pt;margin-bottom:0pt;'><font size=1>&nbsp;</font></p>
      </td>
    </tr>
    <tr>
      <td valign=bottom >
        <p style=' margin-left:17.3pt;text-indent:-8.65pt;text-align:left;margin-Top:0pt;margin-bottom:0pt;'><font style='font-size:10pt'>Real
          estate and other property-related taxes</font></p>
      </td>
      <td valign=bottom >
        <p style=' text-indent:0pt;text-align:left;margin-Top:0pt;margin-bottom:0pt;'><font size=1>&nbsp;</font></p>
      </td>
      <td valign=bottom >
        <p style=' margin-left:0pt;text-indent:0pt;text-align:left;margin-Top:0pt;margin-bottom:0pt;'><font size=1>&nbsp;</font></p>
      </td>
      <td valign=bottom >
        <p style=' margin-left:0pt;margin-right:.7pt;text-indent:0pt;text-align:right;margin-Top:0pt;margin-bottom:0pt;'><font style='font-size:10pt'>9,394,000</font></p>
      </td>
      <td valign=bottom >
        <p style=' text-indent:0pt;text-align:left;margin-Top:0pt;margin-bottom:0pt;'><font size=1>&nbsp;</font></p>
      </td>
      <td valign=bottom >
        <p style=' margin-left:0pt;text-indent:0pt;text-align:left;margin-Top:0pt;margin-bottom:0pt;'><font size=1>&nbsp;</font></p>
      </td>
      <td valign=bottom >
        <p style=' margin-left:0pt;margin-right:.7pt;text-indent:0pt;text-align:right;margin-Top:0pt;margin-bottom:0pt;'><font style='font-size:10pt'>913,000</font></p>
      </td>
      <td valign=bottom >
        <p style=' text-indent:0pt;text-align:left;margin-Top:0pt;margin-bottom:0pt;'><font size=1>&nbsp;</font></p>
      </td>
      <td valign=bottom >
        <p style=' margin-left:0pt;text-indent:0pt;text-align:left;margin-Top:0pt;margin-bottom:0pt;'><font size=1>&nbsp;</font></p>
      </td>
      <td valign=bottom >
        <p style=' margin-left:0pt;margin-right:.7pt;text-indent:0pt;text-align:right;margin-Top:0pt;margin-bottom:0pt;'><font style='font-size:10pt'>103,000</font></p>
      </td>
      <td valign=bottom >
        <p style=' text-indent:0pt;text-align:left;margin-Top:0pt;margin-bottom:0pt;'><font size=1>&nbsp;</font></p>
      </td>
      <td valign=bottom >
        <p style=' margin-left:0pt;text-indent:0pt;text-align:left;margin-Top:0pt;margin-bottom:0pt;'><font size=1>&nbsp;</font></p>
      </td>
      <td valign=bottom >
        <p style=' margin-left:0pt;text-indent:0pt;text-align:right;margin-Top:0pt;margin-bottom:0pt;'><font style='font-size:10pt'>&#151;</font></p>
      </td>
      <td valign=bottom >
        <p style=' text-indent:0pt;text-align:left;margin-Top:0pt;margin-bottom:0pt;'><font size=1>&nbsp;</font></p>
      </td>
      <td valign=bottom >
        <p style=' margin-left:0pt;text-indent:0pt;text-align:left;margin-Top:0pt;margin-bottom:0pt;'><font size=1>&nbsp;</font></p>
      </td>
      <td valign=bottom >
        <p style=' margin-left:0pt;margin-right:.7pt;text-indent:0pt;text-align:right;margin-Top:0pt;margin-bottom:0pt;'><font style='font-size:10pt'>10,410,000</font></p>
      </td>
      <td valign=bottom >
        <p style=' text-indent:0pt;text-align:left;margin-Top:0pt;margin-bottom:0pt;'><font size=1>&nbsp;</font></p>
      </td>
    </tr>
    <tr>
      <td valign=bottom >
        <p style=' margin-left:17.3pt;text-indent:-8.65pt;text-align:left;margin-Top:0pt;margin-bottom:0pt;'><font style='font-size:10pt'>General
          and administrative</font></p>
      </td>
      <td valign=bottom >
        <p style=' text-indent:0pt;text-align:left;margin-Top:0pt;margin-bottom:0pt;'><font size=1>&nbsp;</font></p>
      </td>
      <td valign=bottom >
        <p style=' margin-left:0pt;text-indent:0pt;text-align:left;margin-Top:0pt;margin-bottom:0pt;'><font size=1>&nbsp;</font></p>
      </td>
      <td valign=bottom >
        <p style=' margin-left:0pt;margin-right:.7pt;text-indent:0pt;text-align:right;margin-Top:0pt;margin-bottom:0pt;'><font style='font-size:10pt'>4,220,000</font></p>
      </td>
      <td valign=bottom >
        <p style=' text-indent:0pt;text-align:left;margin-Top:0pt;margin-bottom:0pt;'><font size=1>&nbsp;</font></p>
      </td>
      <td valign=bottom >
        <p style=' margin-left:0pt;text-indent:0pt;text-align:left;margin-Top:0pt;margin-bottom:0pt;'><font size=1>&nbsp;</font></p>
      </td>
      <td valign=bottom >
        <p style=' margin-left:0pt;text-indent:0pt;text-align:right;margin-Top:0pt;margin-bottom:0pt;'><font style='font-size:10pt'>&#151;</font></p>
      </td>
      <td valign=bottom >
        <p style=' text-indent:0pt;text-align:left;margin-Top:0pt;margin-bottom:0pt;'><font size=1>&nbsp;</font></p>
      </td>
      <td valign=bottom >
        <p style=' margin-left:0pt;text-indent:0pt;text-align:left;margin-Top:0pt;margin-bottom:0pt;'><font size=1>&nbsp;</font></p>
      </td>
      <td valign=bottom >
        <p style=' margin-left:0pt;text-indent:0pt;text-align:right;margin-Top:0pt;margin-bottom:0pt;'><font style='font-size:10pt'>&#151;</font></p>
      </td>
      <td valign=bottom >
        <p style=' text-indent:0pt;text-align:left;margin-Top:0pt;margin-bottom:0pt;'><font size=1>&nbsp;</font></p>
      </td>
      <td valign=bottom >
        <p style=' margin-left:0pt;text-indent:0pt;text-align:left;margin-Top:0pt;margin-bottom:0pt;'><font size=1>&nbsp;</font></p>
      </td>
      <td valign=bottom >
        <p style=' margin-left:0pt;text-indent:0pt;text-align:right;margin-Top:0pt;margin-bottom:0pt;'><font style='font-size:10pt'>&#151;</font></p>
      </td>
      <td valign=bottom >
        <p style=' text-indent:0pt;text-align:left;margin-Top:0pt;margin-bottom:0pt;'><font size=1>&nbsp;</font></p>
      </td>
      <td valign=bottom >
        <p style=' margin-left:0pt;text-indent:0pt;text-align:left;margin-Top:0pt;margin-bottom:0pt;'><font size=1>&nbsp;</font></p>
      </td>
      <td valign=bottom >
        <p style=' margin-left:0pt;margin-right:.7pt;text-indent:0pt;text-align:right;margin-Top:0pt;margin-bottom:0pt;'><font style='font-size:10pt'>4,220,000</font></p>
      </td>
      <td valign=bottom >
        <p style=' text-indent:0pt;text-align:left;margin-Top:0pt;margin-bottom:0pt;'><font size=1>&nbsp;</font></p>
      </td>
    </tr>
    <tr>
      <td valign=bottom >
        <p style=' margin-left:17.3pt;text-indent:-8.65pt;text-align:left;margin-Top:0pt;margin-bottom:0pt;'><font style='font-size:10pt'>Depreciation
          and amortization</font></p>
      </td>
      <td valign=bottom >
        <p style=' text-indent:0pt;text-align:left;margin-Top:0pt;margin-bottom:0pt;'><font size=1>&nbsp;</font></p>
      </td>
      <td valign=bottom >
        <p style=' margin-left:0pt;text-indent:0pt;text-align:left;margin-Top:0pt;margin-bottom:0pt;'><font size=1>&nbsp;</font></p>
      </td>
      <td valign=bottom >
        <p style=' margin-left:0pt;margin-right:.7pt;text-indent:0pt;text-align:right;margin-Top:0pt;margin-bottom:0pt;'><font style='font-size:10pt'>25,659,000</font></p>
      </td>
      <td valign=bottom >
        <p style=' text-indent:0pt;text-align:left;margin-Top:0pt;margin-bottom:0pt;'><font size=1>&nbsp;</font></p>
      </td>
      <td valign=bottom >
        <p style=' margin-left:0pt;text-indent:0pt;text-align:left;margin-Top:0pt;margin-bottom:0pt;'><font size=1>&nbsp;</font></p>
      </td>
      <td valign=bottom >
        <p style=' margin-left:0pt;margin-right:.7pt;text-indent:0pt;text-align:right;margin-Top:0pt;margin-bottom:0pt;'><font style='font-size:10pt'>1,391,000</font></p>
      </td>
      <td valign=bottom >
        <p style=' text-indent:0pt;text-align:left;margin-Top:0pt;margin-bottom:0pt;'><font size=1>&nbsp;</font></p>
      </td>
      <td valign=bottom >
        <p style=' margin-left:0pt;text-indent:0pt;text-align:left;margin-Top:0pt;margin-bottom:0pt;'><font size=1>&nbsp;</font></p>
      </td>
      <td valign=bottom >
        <p style=' margin-left:0pt;text-indent:0pt;text-align:right;margin-Top:0pt;margin-bottom:0pt;'><font style='font-size:10pt'>&#151;</font></p>
      </td>
      <td valign=bottom >
        <p style=' text-indent:0pt;text-align:left;margin-Top:0pt;margin-bottom:0pt;'><font size=1>&nbsp;</font></p>
      </td>
      <td valign=bottom >
        <p style=' margin-left:0pt;text-indent:0pt;text-align:left;margin-Top:0pt;margin-bottom:0pt;'><font size=1>&nbsp;</font></p>
      </td>
      <td valign=bottom >
        <p style=' margin-left:0pt;margin-right:.7pt;text-indent:0pt;text-align:right;margin-Top:0pt;margin-bottom:0pt;'><font style='font-size:10pt'>237,000</font></p>
      </td>
      <td valign=bottom >
        <p style=' text-indent:0pt;text-align:left;margin-Top:0pt;margin-bottom:0pt;'><font style='font-size:10pt'>(g)</font></p>
      </td>
      <td valign=bottom >
        <p style=' margin-left:0pt;text-indent:0pt;text-align:left;margin-Top:0pt;margin-bottom:0pt;'><font size=1>&nbsp;</font></p>
      </td>
      <td valign=bottom >
        <p style=' margin-left:0pt;margin-right:.7pt;text-indent:0pt;text-align:right;margin-Top:0pt;margin-bottom:0pt;'><font style='font-size:10pt'>27,287,000</font></p>
      </td>
      <td valign=bottom >
        <p style=' text-indent:0pt;text-align:left;margin-Top:0pt;margin-bottom:0pt;'><font size=1>&nbsp;</font></p>
      </td>
    </tr>
    <tr>
      <td valign=top >
        <p style=' margin-left:0pt;text-indent:0pt;text-align:left;margin-bottom:0pt;'><font size=1>&nbsp;</font></p>
      </td>
      <td valign=top >
        <p style=' margin-left:0pt;text-indent:0pt;text-align:left;margin-bottom:0pt;'><font size=1>&nbsp;</font></p>
      </td>
      <td valign=top >
        <p style=' margin-left:0pt;text-indent:0pt;text-align:left;margin-bottom:0pt;'>
        <hr noshade width="100%" color="Gray" size="1">
      </td>
      <td valign=top >
        <p style=' margin-left:0pt;text-indent:0pt;text-align:left;margin-bottom:0pt;'>
        <hr noshade width="100%" color="Gray" size="1">
      </td>
      <td valign=top >
        <p style=' margin-left:0pt;text-indent:0pt;text-align:left;margin-bottom:0pt;'><font size=1>&nbsp;</font></p>
      </td>
      <td valign=top >
        <p style=' margin-left:0pt;text-indent:0pt;text-align:left;margin-bottom:0pt;'>
        <hr noshade width="100%" color="Gray" size="1">
      </td>
      <td valign=top >
        <p style=' margin-left:0pt;text-indent:0pt;text-align:left;margin-bottom:0pt;'>
        <hr noshade width="100%" color="Gray" size="1">
      </td>
      <td valign=top >
        <p style=' margin-left:0pt;text-indent:0pt;text-align:left;margin-bottom:0pt;'><font size=1>&nbsp;</font></p>
      </td>
      <td valign=top >
        <p style=' margin-left:0pt;text-indent:0pt;text-align:left;margin-bottom:0pt;'>
        <hr noshade width="100%" color="Gray" size="1">
      </td>
      <td valign=top >
        <p style=' margin-left:0pt;text-indent:0pt;text-align:left;margin-bottom:0pt;'>
        <hr noshade width="100%" color="Gray" size="1">
      </td>
      <td valign=top >
        <p style=' margin-left:0pt;text-indent:0pt;text-align:left;margin-bottom:0pt;'><font size=1>&nbsp;</font></p>
      </td>
      <td valign=top >
        <p style=' margin-left:0pt;text-indent:0pt;text-align:left;margin-bottom:0pt;'>
        <hr noshade width="100%" color="Gray" size="1">
      </td>
      <td valign=top >
        <p style=' margin-left:0pt;text-indent:0pt;text-align:left;margin-bottom:0pt;'>
        <hr noshade width="100%" color="Gray" size="1">
      </td>
      <td valign=top >
        <p style=' margin-left:0pt;text-indent:0pt;text-align:left;margin-bottom:0pt;'><font size=1>&nbsp;</font></p>
      </td>
      <td valign=top >
        <p style=' margin-left:0pt;text-indent:0pt;text-align:left;margin-bottom:0pt;'>
        <hr noshade width="100%" color="Gray" size="1">
      </td>
      <td valign=top >
        <p style=' margin-left:0pt;text-indent:0pt;text-align:left;margin-bottom:0pt;'>
        <hr noshade width="100%" color="Gray" size="1">
      </td>
      <td valign=top >
        <p style=' margin-left:0pt;text-indent:0pt;text-align:left;margin-bottom:0pt;'><font size=1>&nbsp;</font></p>
      </td>
    </tr>
    <tr>
      <td valign=bottom >
        <p style=' margin-left:0pt;text-indent:0pt;text-align:left;margin-Top:0pt;margin-bottom:0pt;'><font style='font-size:10pt'>Total
          expenses</font></p>
      </td>
      <td valign=bottom >
        <p style=' text-indent:0pt;text-align:left;margin-Top:0pt;margin-bottom:0pt;'><font size=1>&nbsp;</font></p>
      </td>
      <td valign=bottom >
        <p style=' margin-left:0pt;text-indent:0pt;text-align:left;margin-Top:0pt;margin-bottom:0pt;'><font size=1>&nbsp;</font></p>
      </td>
      <td valign=bottom >
        <p style=' margin-left:0pt;margin-right:.7pt;text-indent:0pt;text-align:right;margin-Top:0pt;margin-bottom:0pt;'><font style='font-size:10pt'>56,033,000</font></p>
      </td>
      <td valign=bottom >
        <p style=' text-indent:0pt;text-align:left;margin-Top:0pt;margin-bottom:0pt;'><font size=1>&nbsp;</font></p>
      </td>
      <td valign=bottom >
        <p style=' margin-left:0pt;text-indent:0pt;text-align:left;margin-Top:0pt;margin-bottom:0pt;'><font size=1>&nbsp;</font></p>
      </td>
      <td valign=bottom >
        <p style=' margin-left:0pt;margin-right:.7pt;text-indent:0pt;text-align:right;margin-Top:0pt;margin-bottom:0pt;'><font style='font-size:10pt'>3,614,000</font></p>
      </td>
      <td valign=bottom >
        <p style=' text-indent:0pt;text-align:left;margin-Top:0pt;margin-bottom:0pt;'><font size=1>&nbsp;</font></p>
      </td>
      <td valign=bottom >
        <p style=' margin-left:0pt;text-indent:0pt;text-align:left;margin-Top:0pt;margin-bottom:0pt;'><font size=1>&nbsp;</font></p>
      </td>
      <td valign=bottom >
        <p style=' margin-left:0pt;margin-right:.7pt;text-indent:0pt;text-align:right;margin-Top:0pt;margin-bottom:0pt;'><font style='font-size:10pt'>537,000</font></p>
      </td>
      <td valign=bottom >
        <p style=' text-indent:0pt;text-align:left;margin-Top:0pt;margin-bottom:0pt;'><font size=1>&nbsp;</font></p>
      </td>
      <td valign=bottom >
        <p style=' margin-left:0pt;text-indent:0pt;text-align:left;margin-Top:0pt;margin-bottom:0pt;'><font size=1>&nbsp;</font></p>
      </td>
      <td valign=bottom >
        <p style=' margin-left:0pt;margin-right:.7pt;text-indent:0pt;text-align:right;margin-Top:0pt;margin-bottom:0pt;'><font style='font-size:10pt'>237,000</font></p>
      </td>
      <td valign=bottom >
        <p style=' text-indent:0pt;text-align:left;margin-Top:0pt;margin-bottom:0pt;'><font size=1>&nbsp;</font></p>
      </td>
      <td valign=bottom >
        <p style=' margin-left:0pt;text-indent:0pt;text-align:left;margin-Top:0pt;margin-bottom:0pt;'><font size=1>&nbsp;</font></p>
      </td>
      <td valign=bottom >
        <p style=' margin-left:0pt;margin-right:.7pt;text-indent:0pt;text-align:right;margin-Top:0pt;margin-bottom:0pt;'><font style='font-size:10pt'>60,421,000</font></p>
      </td>
      <td valign=bottom >
        <p style=' text-indent:0pt;text-align:left;margin-Top:0pt;margin-bottom:0pt;'><font size=1>&nbsp;</font></p>
      </td>
    </tr>
    <tr>
      <td valign=top >
        <p style=' margin-left:0pt;text-indent:0pt;text-align:left;margin-bottom:0pt;'><font size=1>&nbsp;</font></p>
      </td>
      <td valign=top >
        <p style=' margin-left:0pt;text-indent:0pt;text-align:left;margin-bottom:0pt;'><font size=1>&nbsp;</font></p>
      </td>
      <td valign=top >
        <p style=' margin-left:0pt;text-indent:0pt;text-align:left;margin-bottom:0pt;'>
        <hr noshade width="100%" color="Gray" size="1">
      </td>
      <td valign=top >
        <p style=' margin-left:0pt;text-indent:0pt;text-align:left;margin-bottom:0pt;'>
        <hr noshade width="100%" color="Gray" size="1">
      </td>
      <td valign=top >
        <p style=' margin-left:0pt;text-indent:0pt;text-align:left;margin-bottom:0pt;'><font size=1>&nbsp;</font></p>
      </td>
      <td valign=top >
        <p style=' margin-left:0pt;text-indent:0pt;text-align:left;margin-bottom:0pt;'>
        <hr noshade width="100%" color="Gray" size="1">
      </td>
      <td valign=top >
        <p style=' margin-left:0pt;text-indent:0pt;text-align:left;margin-bottom:0pt;'>
        <hr noshade width="100%" color="Gray" size="1">
      </td>
      <td valign=top >
        <p style=' margin-left:0pt;text-indent:0pt;text-align:left;margin-bottom:0pt;'><font size=1>&nbsp;</font></p>
      </td>
      <td valign=top >
        <p style=' margin-left:0pt;text-indent:0pt;text-align:left;margin-bottom:0pt;'>
        <hr noshade width="100%" color="Gray" size="1">
      </td>
      <td valign=top >
        <p style=' margin-left:0pt;text-indent:0pt;text-align:left;margin-bottom:0pt;'>
        <hr noshade width="100%" color="Gray" size="1">
      </td>
      <td valign=top >
        <p style=' margin-left:0pt;text-indent:0pt;text-align:left;margin-bottom:0pt;'><font size=1>&nbsp;</font></p>
      </td>
      <td valign=top >
        <p style=' margin-left:0pt;text-indent:0pt;text-align:left;margin-bottom:0pt;'>
        <hr noshade width="100%" color="Gray" size="1">
      </td>
      <td valign=top >
        <p style=' margin-left:0pt;text-indent:0pt;text-align:left;margin-bottom:0pt;'>
        <hr noshade width="100%" color="Gray" size="1">
      </td>
      <td valign=top >
        <p style=' margin-left:0pt;text-indent:0pt;text-align:left;margin-bottom:0pt;'><font size=1>&nbsp;</font></p>
      </td>
      <td valign=top >
        <p style=' margin-left:0pt;text-indent:0pt;text-align:left;margin-bottom:0pt;'>
        <hr noshade width="100%" color="Gray" size="1">
      </td>
      <td valign=top >
        <p style=' margin-left:0pt;text-indent:0pt;text-align:left;margin-bottom:0pt;'>
        <hr noshade width="100%" color="Gray" size="1">
      </td>
      <td valign=top >
        <p style=' margin-left:0pt;text-indent:0pt;text-align:left;margin-bottom:0pt;'><font size=1>&nbsp;</font></p>
      </td>
    </tr>
    <tr>
      <td valign=bottom >
        <p style=' margin-left:0pt;text-indent:0pt;text-align:left;margin-Top:0pt;margin-bottom:0pt;'><font style='font-size:10pt'>Operating
          income</font></p>
      </td>
      <td valign=bottom >
        <p style=' text-indent:0pt;text-align:left;margin-Top:0pt;margin-bottom:0pt;'><font size=1>&nbsp;</font></p>
      </td>
      <td valign=bottom >
        <p style=' margin-left:0pt;text-indent:0pt;text-align:left;margin-Top:0pt;margin-bottom:0pt;'><font size=1>&nbsp;</font></p>
      </td>
      <td valign=bottom >
        <p style=' margin-left:0pt;margin-right:.7pt;text-indent:0pt;text-align:right;margin-Top:0pt;margin-bottom:0pt;'><font style='font-size:10pt'>36,196,000</font></p>
      </td>
      <td valign=bottom >
        <p style=' text-indent:0pt;text-align:left;margin-Top:0pt;margin-bottom:0pt;'><font size=1>&nbsp;</font></p>
      </td>
      <td valign=bottom >
        <p style=' margin-left:0pt;text-indent:0pt;text-align:left;margin-Top:0pt;margin-bottom:0pt;'><font size=1>&nbsp;</font></p>
      </td>
      <td valign=bottom >
        <p style=' margin-left:0pt;margin-right:.7pt;text-indent:0pt;text-align:right;margin-Top:0pt;margin-bottom:0pt;'><font style='font-size:10pt'>3,898,000</font></p>
      </td>
      <td valign=bottom >
        <p style=' text-indent:0pt;text-align:left;margin-Top:0pt;margin-bottom:0pt;'><font size=1>&nbsp;</font></p>
      </td>
      <td valign=bottom >
        <p style=' margin-left:0pt;text-indent:0pt;text-align:left;margin-Top:0pt;margin-bottom:0pt;'><font size=1>&nbsp;</font></p>
      </td>
      <td valign=bottom >
        <p style=' margin-left:0pt;margin-right:.7pt;text-indent:0pt;text-align:right;margin-Top:0pt;margin-bottom:0pt;'><font style='font-size:10pt'>935,000</font></p>
      </td>
      <td valign=bottom >
        <p style=' text-indent:0pt;text-align:left;margin-Top:0pt;margin-bottom:0pt;'><font size=1>&nbsp;</font></p>
      </td>
      <td valign=bottom >
        <p style=' margin-left:0pt;text-indent:0pt;text-align:left;margin-Top:0pt;margin-bottom:0pt;'><font size=1>&nbsp;</font></p>
      </td>
      <td valign=bottom >
        <p style=' margin-left:0pt;margin-right:.7pt;text-indent:0pt;text-align:right;margin-Top:0pt;margin-bottom:0pt;'><font style='font-size:10pt'>(224,000</font></p>
      </td>
      <td valign=bottom >
        <p style=' text-indent:0pt;text-align:left;margin-Top:0pt;margin-bottom:0pt;'><font style='font-size:10pt'>)</font></p>
      </td>
      <td valign=bottom >
        <p style=' margin-left:0pt;text-indent:0pt;text-align:left;margin-Top:0pt;margin-bottom:0pt;'><font size=1>&nbsp;</font></p>
      </td>
      <td valign=bottom >
        <p style=' margin-left:0pt;margin-right:.7pt;text-indent:0pt;text-align:right;margin-Top:0pt;margin-bottom:0pt;'><font style='font-size:10pt'>40,805,000</font></p>
      </td>
      <td valign=bottom >
        <p style=' text-indent:0pt;text-align:left;margin-Top:0pt;margin-bottom:0pt;'><font size=1>&nbsp;</font></p>
      </td>
    </tr>
    <tr>
      <td valign=bottom >
        <p style=' margin-left:0pt;text-indent:0pt;text-align:left;margin-Top:0pt;margin-bottom:0pt;'><font style='font-size:10pt'>Non-operating
          income and expenses:</font></p>
      </td>
      <td valign=bottom >
        <p style=' text-indent:0pt;text-align:left;margin-Top:0pt;margin-bottom:0pt;'><font size=1>&nbsp;</font></p>
      </td>
      <td valign=bottom >
        <p style=' margin-left:0pt;text-indent:0pt;text-align:left;margin-Top:0pt;margin-bottom:0pt;'><font size=1>&nbsp;</font></p>
      </td>
      <td valign=bottom >
        <p style=' margin-left:0pt;text-indent:0pt;text-align:right;margin-Top:0pt;margin-bottom:0pt;'><font size=1>&nbsp;</font></p>
      </td>
      <td valign=bottom >
        <p style=' text-indent:0pt;text-align:left;margin-Top:0pt;margin-bottom:0pt;'><font size=1>&nbsp;</font></p>
      </td>
      <td valign=bottom >
        <p style=' margin-left:0pt;text-indent:0pt;text-align:left;margin-Top:0pt;margin-bottom:0pt;'><font size=1>&nbsp;</font></p>
      </td>
      <td valign=bottom >
        <p style=' margin-left:0pt;text-indent:0pt;text-align:right;margin-Top:0pt;margin-bottom:0pt;'><font size=1>&nbsp;</font></p>
      </td>
      <td valign=bottom >
        <p style=' text-indent:0pt;text-align:left;margin-Top:0pt;margin-bottom:0pt;'><font size=1>&nbsp;</font></p>
      </td>
      <td valign=bottom >
        <p style=' margin-left:0pt;text-indent:0pt;text-align:left;margin-Top:0pt;margin-bottom:0pt;'><font size=1>&nbsp;</font></p>
      </td>
      <td valign=bottom >
        <p style=' margin-left:0pt;text-indent:0pt;text-align:right;margin-Top:0pt;margin-bottom:0pt;'><font size=1>&nbsp;</font></p>
      </td>
      <td valign=bottom >
        <p style=' text-indent:0pt;text-align:left;margin-Top:0pt;margin-bottom:0pt;'><font size=1>&nbsp;</font></p>
      </td>
      <td valign=bottom >
        <p style=' margin-left:0pt;text-indent:0pt;text-align:left;margin-Top:0pt;margin-bottom:0pt;'><font size=1>&nbsp;</font></p>
      </td>
      <td valign=bottom >
        <p style=' margin-left:0pt;text-indent:0pt;text-align:right;margin-Top:0pt;margin-bottom:0pt;'><font size=1>&nbsp;</font></p>
      </td>
      <td valign=bottom >
        <p style=' text-indent:0pt;text-align:left;margin-Top:0pt;margin-bottom:0pt;'><font size=1>&nbsp;</font></p>
      </td>
      <td valign=bottom >
        <p style=' margin-left:0pt;text-indent:0pt;text-align:left;margin-Top:0pt;margin-bottom:0pt;'><font size=1>&nbsp;</font></p>
      </td>
      <td valign=bottom >
        <p style=' margin-left:0pt;text-indent:0pt;text-align:right;margin-Top:0pt;margin-bottom:0pt;'><font size=1>&nbsp;</font></p>
      </td>
      <td valign=bottom >
        <p style=' text-indent:0pt;text-align:left;margin-Top:0pt;margin-bottom:0pt;'><font size=1>&nbsp;</font></p>
      </td>
    </tr>
    <tr>
      <td valign=bottom >
        <p style=' margin-left:17.3pt;text-indent:-8.65pt;text-align:left;margin-Top:0pt;margin-bottom:0pt;'><font style='font-size:10pt'>Interest
          expense</font></p>
      </td>
      <td valign=bottom >
        <p style=' text-indent:0pt;text-align:left;margin-Top:0pt;margin-bottom:0pt;'><font size=1>&nbsp;</font></p>
      </td>
      <td valign=bottom >
        <p style=' margin-left:0pt;text-indent:0pt;text-align:left;margin-Top:0pt;margin-bottom:0pt;'><font size=1>&nbsp;</font></p>
      </td>
      <td valign=bottom >
        <p style=' margin-left:0pt;margin-right:.7pt;text-indent:0pt;text-align:right;margin-Top:0pt;margin-bottom:0pt;'><font style='font-size:10pt'>(23,655,000</font></p>
      </td>
      <td valign=bottom >
        <p style=' text-indent:0pt;text-align:left;margin-Top:0pt;margin-bottom:0pt;'><font style='font-size:10pt'>)</font></p>
      </td>
      <td valign=bottom >
        <p style=' margin-left:0pt;text-indent:0pt;text-align:left;margin-Top:0pt;margin-bottom:0pt;'><font size=1>&nbsp;</font></p>
      </td>
      <td valign=bottom >
        <p style=' margin-left:0pt;margin-right:.7pt;text-indent:0pt;text-align:right;margin-Top:0pt;margin-bottom:0pt;'><font style='font-size:10pt'>(4,775,000</font></p>
      </td>
      <td valign=bottom >
        <p style=' text-indent:0pt;text-align:left;margin-Top:0pt;margin-bottom:0pt;'><font style='font-size:10pt'>)</font></p>
      </td>
      <td valign=bottom >
        <p style=' margin-left:0pt;text-indent:0pt;text-align:left;margin-Top:0pt;margin-bottom:0pt;'><font size=1>&nbsp;</font></p>
      </td>
      <td valign=bottom >
        <p style=' margin-left:0pt;text-indent:0pt;text-align:right;margin-Top:0pt;margin-bottom:0pt;'><font style='font-size:10pt'>&#151;</font></p>
      </td>
      <td valign=bottom >
        <p style=' text-indent:0pt;text-align:left;margin-Top:0pt;margin-bottom:0pt;'><font size=1>&nbsp;</font></p>
      </td>
      <td valign=bottom >
        <p style=' margin-left:0pt;text-indent:0pt;text-align:left;margin-Top:0pt;margin-bottom:0pt;'><font size=1>&nbsp;</font></p>
      </td>
      <td valign=bottom >
        <p style=' margin-left:0pt;margin-right:.7pt;text-indent:0pt;text-align:right;margin-Top:0pt;margin-bottom:0pt;'><font style='font-size:10pt'>(696,000</font></p>
      </td>
      <td valign=bottom >
        <p style=' text-indent:0pt;text-align:left;margin-Top:0pt;margin-bottom:0pt;'><font style='font-size:10pt'>)
          (f)</font></p>
      </td>
      <td valign=bottom >
        <p style=' margin-left:0pt;text-indent:0pt;text-align:left;margin-Top:0pt;margin-bottom:0pt;'><font size=1>&nbsp;</font></p>
      </td>
      <td valign=bottom >
        <p style=' margin-left:0pt;margin-right:.7pt;text-indent:0pt;text-align:right;margin-Top:0pt;margin-bottom:0pt;'><font style='font-size:10pt'>(29,126,000</font></p>
      </td>
      <td valign=bottom >
        <p style=' text-indent:0pt;text-align:left;margin-Top:0pt;margin-bottom:0pt;'><font style='font-size:10pt'>)</font></p>
      </td>
    </tr>
    <tr>
      <td valign=bottom >
        <p style=' margin-left:17.3pt;text-indent:-8.65pt;text-align:left;margin-Top:0pt;margin-bottom:0pt;'><font style='font-size:10pt'>Amortization
          of deferred financing costs</font></p>
      </td>
      <td valign=bottom >
        <p style=' text-indent:0pt;text-align:left;margin-Top:0pt;margin-bottom:0pt;'><font size=1>&nbsp;</font></p>
      </td>
      <td valign=bottom >
        <p style=' margin-left:0pt;text-indent:0pt;text-align:left;margin-Top:0pt;margin-bottom:0pt;'><font size=1>&nbsp;</font></p>
      </td>
      <td valign=bottom >
        <p style=' margin-left:0pt;margin-right:.7pt;text-indent:0pt;text-align:right;margin-Top:0pt;margin-bottom:0pt;'><font style='font-size:10pt'>(1,003,000</font></p>
      </td>
      <td valign=bottom >
        <p style=' text-indent:0pt;text-align:left;margin-Top:0pt;margin-bottom:0pt;'><font style='font-size:10pt'>)</font></p>
      </td>
      <td valign=bottom >
        <p style=' margin-left:0pt;text-indent:0pt;text-align:left;margin-Top:0pt;margin-bottom:0pt;'><font size=1>&nbsp;</font></p>
      </td>
      <td valign=bottom >
        <p style=' margin-left:0pt;text-indent:0pt;text-align:right;margin-Top:0pt;margin-bottom:0pt;'><font style='font-size:10pt'>&#151;</font></p>
      </td>
      <td valign=bottom >
        <p style=' text-indent:0pt;text-align:left;margin-Top:0pt;margin-bottom:0pt;'><font size=1>&nbsp;</font></p>
      </td>
      <td valign=bottom >
        <p style=' margin-left:0pt;text-indent:0pt;text-align:left;margin-Top:0pt;margin-bottom:0pt;'><font size=1>&nbsp;</font></p>
      </td>
      <td valign=bottom >
        <p style=' margin-left:0pt;text-indent:0pt;text-align:right;margin-Top:0pt;margin-bottom:0pt;'><font style='font-size:10pt'>&#151;</font></p>
      </td>
      <td valign=bottom >
        <p style=' text-indent:0pt;text-align:left;margin-Top:0pt;margin-bottom:0pt;'><font size=1>&nbsp;</font></p>
      </td>
      <td valign=bottom >
        <p style=' margin-left:0pt;text-indent:0pt;text-align:left;margin-Top:0pt;margin-bottom:0pt;'><font size=1>&nbsp;</font></p>
      </td>
      <td valign=bottom >
        <p style=' margin-left:0pt;text-indent:0pt;text-align:right;margin-Top:0pt;margin-bottom:0pt;'><font style='font-size:10pt'>&#151;</font></p>
      </td>
      <td valign=bottom >
        <p style=' text-indent:0pt;text-align:left;margin-Top:0pt;margin-bottom:0pt;'><font size=1>&nbsp;</font></p>
      </td>
      <td valign=bottom >
        <p style=' margin-left:0pt;text-indent:0pt;text-align:left;margin-Top:0pt;margin-bottom:0pt;'><font size=1>&nbsp;</font></p>
      </td>
      <td valign=bottom >
        <p style=' margin-left:0pt;margin-right:.7pt;text-indent:0pt;text-align:right;margin-Top:0pt;margin-bottom:0pt;'><font style='font-size:10pt'>(1,003,000</font></p>
      </td>
      <td valign=bottom >
        <p style=' text-indent:0pt;text-align:left;margin-Top:0pt;margin-bottom:0pt;'><font style='font-size:10pt'>)</font></p>
      </td>
    </tr>
    <tr>
      <td valign=bottom >
        <p style=' margin-left:17.3pt;text-indent:-8.65pt;text-align:left;margin-Top:0pt;margin-bottom:0pt;'><font style='font-size:10pt'>Equity
          in (loss) of unconsolidated joint venture</font></p>
      </td>
      <td valign=bottom >
        <p style=' text-indent:0pt;text-align:left;margin-Top:0pt;margin-bottom:0pt;'><font size=1>&nbsp;</font></p>
      </td>
      <td valign=bottom >
        <p style=' margin-left:0pt;text-indent:0pt;text-align:left;margin-Top:0pt;margin-bottom:0pt;'><font size=1>&nbsp;</font></p>
      </td>
      <td valign=bottom >
        <p style=' margin-left:0pt;margin-right:.7pt;text-indent:0pt;text-align:right;margin-Top:0pt;margin-bottom:0pt;'><font style='font-size:10pt'>(40,000</font></p>
      </td>
      <td valign=bottom >
        <p style=' text-indent:0pt;text-align:left;margin-Top:0pt;margin-bottom:0pt;'><font style='font-size:10pt'>)</font></p>
      </td>
      <td valign=bottom >
        <p style=' margin-left:0pt;text-indent:0pt;text-align:left;margin-Top:0pt;margin-bottom:0pt;'><font size=1>&nbsp;</font></p>
      </td>
      <td valign=bottom >
        <p style=' margin-left:0pt;margin-right:.7pt;text-indent:0pt;text-align:right;margin-Top:0pt;margin-bottom:0pt;'><font style='font-size:10pt'>40,000</font></p>
      </td>
      <td valign=bottom >
        <p style=' text-indent:0pt;text-align:left;margin-Top:0pt;margin-bottom:0pt;'><font size=1>&nbsp;</font></p>
      </td>
      <td valign=bottom >
        <p style=' margin-left:0pt;text-indent:0pt;text-align:left;margin-Top:0pt;margin-bottom:0pt;'><font size=1>&nbsp;</font></p>
      </td>
      <td valign=bottom >
        <p style=' margin-left:0pt;text-indent:0pt;text-align:right;margin-Top:0pt;margin-bottom:0pt;'><font style='font-size:10pt'>&#151;</font></p>
      </td>
      <td valign=bottom >
        <p style=' text-indent:0pt;text-align:left;margin-Top:0pt;margin-bottom:0pt;'><font size=1>&nbsp;</font></p>
      </td>
      <td valign=bottom >
        <p style=' margin-left:0pt;text-indent:0pt;text-align:left;margin-Top:0pt;margin-bottom:0pt;'><font size=1>&nbsp;</font></p>
      </td>
      <td valign=bottom >
        <p style=' margin-left:0pt;text-indent:0pt;text-align:right;margin-Top:0pt;margin-bottom:0pt;'><font style='font-size:10pt'>&#151;</font></p>
      </td>
      <td valign=bottom >
        <p style=' text-indent:0pt;text-align:left;margin-Top:0pt;margin-bottom:0pt;'><font size=1>&nbsp;</font></p>
      </td>
      <td valign=bottom >
        <p style=' margin-left:0pt;text-indent:0pt;text-align:left;margin-Top:0pt;margin-bottom:0pt;'><font size=1>&nbsp;</font></p>
      </td>
      <td valign=bottom >
        <p style=' margin-left:0pt;text-indent:0pt;text-align:right;margin-Top:0pt;margin-bottom:0pt;'><font style='font-size:10pt'>&#151;</font></p>
      </td>
      <td valign=bottom >
        <p style=' text-indent:0pt;text-align:left;margin-Top:0pt;margin-bottom:0pt;'><font size=1>&nbsp;</font></p>
      </td>
    </tr>
    <tr>
      <td valign=bottom >
        <p style=' margin-left:17.3pt;text-indent:-8.65pt;text-align:left;margin-Top:0pt;margin-bottom:0pt;'><font style='font-size:10pt'>Gain
          on sale of interest in unconsolidated joint venture</font></p>
      </td>
      <td valign=bottom >
        <p style=' text-indent:0pt;text-align:left;margin-Top:0pt;margin-bottom:0pt;'><font size=1>&nbsp;</font></p>
      </td>
      <td valign=bottom >
        <p style=' margin-left:0pt;text-indent:0pt;text-align:left;margin-Top:0pt;margin-bottom:0pt;'><font size=1>&nbsp;</font></p>
      </td>
      <td valign=bottom >
        <p style=' margin-left:0pt;margin-right:.7pt;text-indent:0pt;text-align:right;margin-Top:0pt;margin-bottom:0pt;'><font style='font-size:10pt'>141,000</font></p>
      </td>
      <td valign=bottom >
        <p style=' text-indent:0pt;text-align:left;margin-Top:0pt;margin-bottom:0pt;'><font size=1>&nbsp;</font></p>
      </td>
      <td valign=bottom >
        <p style=' margin-left:0pt;text-indent:0pt;text-align:left;margin-Top:0pt;margin-bottom:0pt;'><font size=1>&nbsp;</font></p>
      </td>
      <td valign=bottom >
        <p style=' margin-left:0pt;margin-right:.7pt;text-indent:0pt;text-align:right;margin-Top:0pt;margin-bottom:0pt;'><font style='font-size:10pt'>(141,000</font></p>
      </td>
      <td valign=bottom >
        <p style=' text-indent:0pt;text-align:left;margin-Top:0pt;margin-bottom:0pt;'><font style='font-size:10pt'>)</font></p>
      </td>
      <td valign=bottom >
        <p style=' margin-left:0pt;text-indent:0pt;text-align:left;margin-Top:0pt;margin-bottom:0pt;'><font size=1>&nbsp;</font></p>
      </td>
      <td valign=bottom >
        <p style=' margin-left:0pt;text-indent:0pt;text-align:right;margin-Top:0pt;margin-bottom:0pt;'><font style='font-size:10pt'>&#151;</font></p>
      </td>
      <td valign=bottom >
        <p style=' text-indent:0pt;text-align:left;margin-Top:0pt;margin-bottom:0pt;'><font size=1>&nbsp;</font></p>
      </td>
      <td valign=bottom >
        <p style=' margin-left:0pt;text-indent:0pt;text-align:left;margin-Top:0pt;margin-bottom:0pt;'><font size=1>&nbsp;</font></p>
      </td>
      <td valign=bottom >
        <p style=' margin-left:0pt;text-indent:0pt;text-align:right;margin-Top:0pt;margin-bottom:0pt;'><font style='font-size:10pt'>&#151;</font></p>
      </td>
      <td valign=bottom >
        <p style=' text-indent:0pt;text-align:left;margin-Top:0pt;margin-bottom:0pt;'><font size=1>&nbsp;</font></p>
      </td>
      <td valign=bottom >
        <p style=' margin-left:0pt;text-indent:0pt;text-align:left;margin-Top:0pt;margin-bottom:0pt;'><font size=1>&nbsp;</font></p>
      </td>
      <td valign=bottom >
        <p style=' margin-left:0pt;text-indent:0pt;text-align:right;margin-Top:0pt;margin-bottom:0pt;'><font style='font-size:10pt'>&#151;</font></p>
      </td>
      <td valign=bottom >
        <p style=' text-indent:0pt;text-align:left;margin-Top:0pt;margin-bottom:0pt;'><font size=1>&nbsp;</font></p>
      </td>
    </tr>
    <tr>
      <td valign=bottom >
        <p style=' margin-left:17.3pt;text-indent:-8.65pt;text-align:left;margin-Top:0pt;margin-bottom:0pt;'><font style='font-size:10pt'>Interest
          income</font></p>
      </td>
      <td valign=bottom >
        <p style=' text-indent:0pt;text-align:left;margin-Top:0pt;margin-bottom:0pt;'><font size=1>&nbsp;</font></p>
      </td>
      <td valign=bottom >
        <p style=' margin-left:0pt;text-indent:0pt;text-align:left;margin-Top:0pt;margin-bottom:0pt;'><font size=1>&nbsp;</font></p>
      </td>
      <td valign=bottom >
        <p style=' margin-left:0pt;margin-right:.7pt;text-indent:0pt;text-align:right;margin-Top:0pt;margin-bottom:0pt;'><font style='font-size:10pt'>392,000</font></p>
      </td>
      <td valign=bottom >
        <p style=' text-indent:0pt;text-align:left;margin-Top:0pt;margin-bottom:0pt;'><font size=1>&nbsp;</font></p>
      </td>
      <td valign=bottom >
        <p style=' margin-left:0pt;text-indent:0pt;text-align:left;margin-Top:0pt;margin-bottom:0pt;'><font size=1>&nbsp;</font></p>
      </td>
      <td valign=bottom >
        <p style=' margin-left:0pt;text-indent:0pt;text-align:right;margin-Top:0pt;margin-bottom:0pt;'><font style='font-size:10pt'>&#151;</font></p>
      </td>
      <td valign=bottom >
        <p style=' text-indent:0pt;text-align:left;margin-Top:0pt;margin-bottom:0pt;'><font size=1>&nbsp;</font></p>
      </td>
      <td valign=bottom >
        <p style=' margin-left:0pt;text-indent:0pt;text-align:left;margin-Top:0pt;margin-bottom:0pt;'><font size=1>&nbsp;</font></p>
      </td>
      <td valign=bottom >
        <p style=' margin-left:0pt;text-indent:0pt;text-align:right;margin-Top:0pt;margin-bottom:0pt;'><font style='font-size:10pt'>&#151;</font></p>
      </td>
      <td valign=bottom >
        <p style=' text-indent:0pt;text-align:left;margin-Top:0pt;margin-bottom:0pt;'><font size=1>&nbsp;</font></p>
      </td>
      <td valign=bottom >
        <p style=' margin-left:0pt;text-indent:0pt;text-align:left;margin-Top:0pt;margin-bottom:0pt;'><font size=1>&nbsp;</font></p>
      </td>
      <td valign=bottom >
        <p style=' margin-left:0pt;text-indent:0pt;text-align:right;margin-Top:0pt;margin-bottom:0pt;'><font style='font-size:10pt'>&#151;</font></p>
      </td>
      <td valign=bottom >
        <p style=' text-indent:0pt;text-align:left;margin-Top:0pt;margin-bottom:0pt;'><font size=1>&nbsp;</font></p>
      </td>
      <td valign=bottom >
        <p style=' margin-left:0pt;text-indent:0pt;text-align:left;margin-Top:0pt;margin-bottom:0pt;'><font size=1>&nbsp;</font></p>
      </td>
      <td valign=bottom >
        <p style=' margin-left:0pt;margin-right:.7pt;text-indent:0pt;text-align:right;margin-Top:0pt;margin-bottom:0pt;'><font style='font-size:10pt'>392,000</font></p>
      </td>
      <td valign=bottom >
        <p style=' text-indent:0pt;text-align:left;margin-Top:0pt;margin-bottom:0pt;'><font size=1>&nbsp;</font></p>
      </td>
    </tr>
    <tr>
      <td valign=top >
        <p style=' margin-left:0pt;text-indent:0pt;text-align:left;margin-bottom:0pt;'><font size=1>&nbsp;</font></p>
      </td>
      <td valign=top >
        <p style=' margin-left:0pt;text-indent:0pt;text-align:left;margin-bottom:0pt;'><font size=1>&nbsp;</font></p>
      </td>
      <td valign=top >
        <p style=' margin-left:0pt;text-indent:0pt;text-align:left;margin-bottom:0pt;'>
        <hr noshade width="100%" color="Gray" size="1">
      </td>
      <td valign=top >
        <p style=' margin-left:0pt;text-indent:0pt;text-align:left;margin-bottom:0pt;'>
        <hr noshade width="100%" color="Gray" size="1">
      </td>
      <td valign=top >
        <p style=' margin-left:0pt;text-indent:0pt;text-align:left;margin-bottom:0pt;'><font size=1>&nbsp;</font></p>
      </td>
      <td valign=top >
        <p style=' margin-left:0pt;text-indent:0pt;text-align:left;margin-bottom:0pt;'>
        <hr noshade width="100%" color="Gray" size="1">
      </td>
      <td valign=top >
        <p style=' margin-left:0pt;text-indent:0pt;text-align:left;margin-bottom:0pt;'>
        <hr noshade width="100%" color="Gray" size="1">
      </td>
      <td valign=top >
        <p style=' margin-left:0pt;text-indent:0pt;text-align:left;margin-bottom:0pt;'><font size=1>&nbsp;</font></p>
      </td>
      <td valign=top >
        <p style=' margin-left:0pt;text-indent:0pt;text-align:left;margin-bottom:0pt;'>
        <hr noshade width="100%" color="Gray" size="1">
      </td>
      <td valign=top >
        <p style=' margin-left:0pt;text-indent:0pt;text-align:left;margin-bottom:0pt;'>
        <hr noshade width="100%" color="Gray" size="1">
      </td>
      <td valign=top >
        <p style=' margin-left:0pt;text-indent:0pt;text-align:left;margin-bottom:0pt;'><font size=1>&nbsp;</font></p>
      </td>
      <td valign=top >
        <p style=' margin-left:0pt;text-indent:0pt;text-align:left;margin-bottom:0pt;'>
        <hr noshade width="100%" color="Gray" size="1">
      </td>
      <td valign=top >
        <p style=' margin-left:0pt;text-indent:0pt;text-align:left;margin-bottom:0pt;'>
        <hr noshade width="100%" color="Gray" size="1">
      </td>
      <td valign=top >
        <p style=' margin-left:0pt;text-indent:0pt;text-align:left;margin-bottom:0pt;'><font size=1>&nbsp;</font></p>
      </td>
      <td valign=top >
        <p style=' margin-left:0pt;text-indent:0pt;text-align:left;margin-bottom:0pt;'>
        <hr noshade width="100%" color="Gray" size="1">
      </td>
      <td valign=top >
        <p style=' margin-left:0pt;text-indent:0pt;text-align:left;margin-bottom:0pt;'>
        <hr noshade width="100%" color="Gray" size="1">
      </td>
      <td valign=top >
        <p style=' margin-left:0pt;text-indent:0pt;text-align:left;margin-bottom:0pt;'><font size=1>&nbsp;</font></p>
      </td>
    </tr>
    <tr>
      <td valign=bottom >
        <p style=' margin-left:8.65pt;text-indent:-8.65pt;text-align:left;margin-Top:0pt;margin-bottom:0pt;'><font style='font-size:10pt'>Total
          non-operating income and expenses</font></p>
      </td>
      <td valign=bottom >
        <p style=' text-indent:0pt;text-align:left;margin-Top:0pt;margin-bottom:0pt;'><font size=1>&nbsp;</font></p>
      </td>
      <td valign=bottom >
        <p style=' margin-left:0pt;text-indent:0pt;text-align:left;margin-Top:0pt;margin-bottom:0pt;'><font size=1>&nbsp;</font></p>
      </td>
      <td valign=bottom >
        <p style=' margin-left:0pt;margin-right:.7pt;text-indent:0pt;text-align:right;margin-Top:0pt;margin-bottom:0pt;'><font style='font-size:10pt'>(24,165,000</font></p>
      </td>
      <td valign=bottom >
        <p style=' text-indent:0pt;text-align:left;margin-Top:0pt;margin-bottom:0pt;'><font style='font-size:10pt'>)</font></p>
      </td>
      <td valign=bottom >
        <p style=' margin-left:0pt;text-indent:0pt;text-align:left;margin-Top:0pt;margin-bottom:0pt;'><font size=1>&nbsp;</font></p>
      </td>
      <td valign=bottom >
        <p style=' margin-left:0pt;margin-right:.7pt;text-indent:0pt;text-align:right;margin-Top:0pt;margin-bottom:0pt;'><font style='font-size:10pt'>(4,876,000</font></p>
      </td>
      <td valign=bottom >
        <p style=' text-indent:0pt;text-align:left;margin-Top:0pt;margin-bottom:0pt;'><font style='font-size:10pt'>)</font></p>
      </td>
      <td valign=bottom >
        <p style=' margin-left:0pt;text-indent:0pt;text-align:left;margin-Top:0pt;margin-bottom:0pt;'><font size=1>&nbsp;</font></p>
      </td>
      <td valign=bottom >
        <p style=' margin-left:0pt;text-indent:0pt;text-align:right;margin-Top:0pt;margin-bottom:0pt;'><font style='font-size:10pt'>&#151;</font></p>
      </td>
      <td valign=bottom >
        <p style=' text-indent:0pt;text-align:left;margin-Top:0pt;margin-bottom:0pt;'><font size=1>&nbsp;</font></p>
      </td>
      <td valign=bottom >
        <p style=' margin-left:0pt;text-indent:0pt;text-align:left;margin-Top:0pt;margin-bottom:0pt;'><font size=1>&nbsp;</font></p>
      </td>
      <td valign=bottom >
        <p style=' margin-left:0pt;margin-right:.7pt;text-indent:0pt;text-align:right;margin-Top:0pt;margin-bottom:0pt;'><font style='font-size:10pt'>(696,000</font></p>
      </td>
      <td valign=bottom >
        <p style=' text-indent:0pt;text-align:left;margin-Top:0pt;margin-bottom:0pt;'><font style='font-size:10pt'>)</font></p>
      </td>
      <td valign=bottom >
        <p style=' margin-left:0pt;text-indent:0pt;text-align:left;margin-Top:0pt;margin-bottom:0pt;'><font size=1>&nbsp;</font></p>
      </td>
      <td valign=bottom >
        <p style=' margin-left:0pt;margin-right:.7pt;text-indent:0pt;text-align:right;margin-Top:0pt;margin-bottom:0pt;'><font style='font-size:10pt'>(29,737,000</font></p>
      </td>
      <td valign=bottom >
        <p style=' text-indent:0pt;text-align:left;margin-Top:0pt;margin-bottom:0pt;'><font style='font-size:10pt'>)</font></p>
      </td>
    </tr>
    <tr>
      <td valign=bottom >
        <p style=' margin-left:8.65pt;text-indent:-8.65pt;text-align:left;margin-Top:0pt;margin-bottom:0pt;'><font style='font-size:10pt'>Income
          before minority and limited partners&#146; interests</font></p>
      </td>
      <td valign=bottom >
        <p style=' text-indent:0pt;text-align:left;margin-Top:0pt;margin-bottom:0pt;'><font size=1>&nbsp;</font></p>
      </td>
      <td valign=bottom >
        <p style=' margin-left:0pt;text-indent:0pt;text-align:left;margin-Top:0pt;margin-bottom:0pt;'><font size=1>&nbsp;</font></p>
      </td>
      <td valign=bottom >
        <p style=' margin-left:0pt;margin-right:.7pt;text-indent:0pt;text-align:right;margin-Top:0pt;margin-bottom:0pt;'><font style='font-size:10pt'>12,031,000</font></p>
      </td>
      <td valign=bottom >
        <p style=' text-indent:0pt;text-align:left;margin-Top:0pt;margin-bottom:0pt;'><font size=1>&nbsp;</font></p>
      </td>
      <td valign=bottom >
        <p style=' margin-left:0pt;text-indent:0pt;text-align:left;margin-Top:0pt;margin-bottom:0pt;'><font size=1>&nbsp;</font></p>
      </td>
      <td valign=bottom >
        <p style=' margin-left:0pt;margin-right:.7pt;text-indent:0pt;text-align:right;margin-Top:0pt;margin-bottom:0pt;'><font style='font-size:10pt'>(978,000</font></p>
      </td>
      <td valign=bottom >
        <p style=' text-indent:0pt;text-align:left;margin-Top:0pt;margin-bottom:0pt;'><font style='font-size:10pt'>)</font></p>
      </td>
      <td valign=bottom >
        <p style=' margin-left:0pt;text-indent:0pt;text-align:left;margin-Top:0pt;margin-bottom:0pt;'><font size=1>&nbsp;</font></p>
      </td>
      <td valign=bottom >
        <p style=' margin-left:0pt;margin-right:.7pt;text-indent:0pt;text-align:right;margin-Top:0pt;margin-bottom:0pt;'><font style='font-size:10pt'>935,000</font></p>
      </td>
      <td valign=bottom >
        <p style=' text-indent:0pt;text-align:left;margin-Top:0pt;margin-bottom:0pt;'><font size=1>&nbsp;</font></p>
      </td>
      <td valign=bottom >
        <p style=' margin-left:0pt;text-indent:0pt;text-align:left;margin-Top:0pt;margin-bottom:0pt;'><font size=1>&nbsp;</font></p>
      </td>
      <td valign=bottom >
        <p style=' margin-left:0pt;margin-right:.7pt;text-indent:0pt;text-align:right;margin-Top:0pt;margin-bottom:0pt;'><font style='font-size:10pt'>(920,000</font></p>
      </td>
      <td valign=bottom >
        <p style=' text-indent:0pt;text-align:left;margin-Top:0pt;margin-bottom:0pt;'><font style='font-size:10pt'>)</font></p>
      </td>
      <td valign=bottom >
        <p style=' margin-left:0pt;text-indent:0pt;text-align:left;margin-Top:0pt;margin-bottom:0pt;'><font size=1>&nbsp;</font></p>
      </td>
      <td valign=bottom >
        <p style=' margin-left:0pt;margin-right:.7pt;text-indent:0pt;text-align:right;margin-Top:0pt;margin-bottom:0pt;'><font style='font-size:10pt'>11,068,000</font></p>
      </td>
      <td valign=bottom >
        <p style=' text-indent:0pt;text-align:left;margin-Top:0pt;margin-bottom:0pt;'><font size=1>&nbsp;</font></p>
      </td>
    </tr>
    <tr>
      <td valign=bottom >
        <p style=' margin-left:8.65pt;text-indent:-8.65pt;text-align:left;margin-Top:0pt;margin-bottom:0pt;'><font style='font-size:10pt'>Minority
          interests in consolidated joint ventures</font></p>
      </td>
      <td valign=bottom >
        <p style=' text-indent:0pt;text-align:left;margin-Top:0pt;margin-bottom:0pt;'><font size=1>&nbsp;</font></p>
      </td>
      <td valign=bottom >
        <p style=' margin-left:0pt;text-indent:0pt;text-align:left;margin-Top:0pt;margin-bottom:0pt;'><font size=1>&nbsp;</font></p>
      </td>
      <td valign=bottom >
        <p style=' margin-left:0pt;margin-right:.7pt;text-indent:0pt;text-align:right;margin-Top:0pt;margin-bottom:0pt;'><font style='font-size:10pt'>(943,000</font></p>
      </td>
      <td valign=bottom >
        <p style=' text-indent:0pt;text-align:left;margin-Top:0pt;margin-bottom:0pt;'><font style='font-size:10pt'>)</font></p>
      </td>
      <td valign=bottom >
        <p style=' margin-left:0pt;text-indent:0pt;text-align:left;margin-Top:0pt;margin-bottom:0pt;'><font size=1>&nbsp;</font></p>
      </td>
      <td valign=bottom >
        <p style=' margin-left:0pt;margin-right:.7pt;text-indent:0pt;text-align:right;margin-Top:0pt;margin-bottom:0pt;'><font style='font-size:10pt'>57,000</font></p>
      </td>
      <td valign=bottom >
        <p style=' text-indent:0pt;text-align:left;margin-Top:0pt;margin-bottom:0pt;'><font style='font-size:10pt'>(i)</font></p>
      </td>
      <td valign=bottom >
        <p style=' margin-left:0pt;text-indent:0pt;text-align:left;margin-Top:0pt;margin-bottom:0pt;'><font size=1>&nbsp;</font></p>
      </td>
      <td valign=bottom >
        <p style=' margin-left:0pt;text-indent:0pt;text-align:right;margin-Top:0pt;margin-bottom:0pt;'><font style='font-size:10pt'>&#151;</font></p>
      </td>
      <td valign=bottom >
        <p style=' text-indent:0pt;text-align:left;margin-Top:0pt;margin-bottom:0pt;'><font size=1>&nbsp;</font></p>
      </td>
      <td valign=bottom >
        <p style=' margin-left:0pt;text-indent:0pt;text-align:left;margin-Top:0pt;margin-bottom:0pt;'><font size=1>&nbsp;</font></p>
      </td>
      <td valign=bottom >
        <p style=' margin-left:0pt;text-indent:0pt;text-align:right;margin-Top:0pt;margin-bottom:0pt;'><font size=1>&nbsp;</font></p>
      </td>
      <td valign=bottom >
        <p style=' text-indent:0pt;text-align:left;margin-Top:0pt;margin-bottom:0pt;'><font size=1>&nbsp;</font></p>
      </td>
      <td valign=bottom >
        <p style=' margin-left:0pt;text-indent:0pt;text-align:left;margin-Top:0pt;margin-bottom:0pt;'><font size=1>&nbsp;</font></p>
      </td>
      <td valign=bottom >
        <p style=' margin-left:0pt;margin-right:.7pt;text-indent:0pt;text-align:right;margin-Top:0pt;margin-bottom:0pt;'><font style='font-size:10pt'>(886,000</font></p>
      </td>
      <td valign=bottom >
        <p style=' text-indent:0pt;text-align:left;margin-Top:0pt;margin-bottom:0pt;'><font style='font-size:10pt'>)</font></p>
      </td>
    </tr>
    <tr>
      <td valign=bottom >
        <p style=' margin-left:8.65pt;text-indent:-8.65pt;text-align:left;margin-Top:0pt;margin-bottom:0pt;'><font style='font-size:10pt'>Limited
          partners&#146; interest in Operating Partnership</font></p>
      </td>
      <td valign=bottom >
        <p style=' text-indent:0pt;text-align:left;margin-Top:0pt;margin-bottom:0pt;'><font size=1>&nbsp;</font></p>
      </td>
      <td valign=bottom >
        <p style=' margin-left:0pt;text-indent:0pt;text-align:left;margin-Top:0pt;margin-bottom:0pt;'><font size=1>&nbsp;</font></p>
      </td>
      <td valign=bottom >
        <p style=' margin-left:0pt;margin-right:.7pt;text-indent:0pt;text-align:right;margin-Top:0pt;margin-bottom:0pt;'><font style='font-size:10pt'>(262,000</font></p>
      </td>
      <td valign=bottom >
        <p style=' text-indent:0pt;text-align:left;margin-Top:0pt;margin-bottom:0pt;'><font style='font-size:10pt'>)</font></p>
      </td>
      <td valign=bottom >
        <p style=' margin-left:0pt;text-indent:0pt;text-align:left;margin-Top:0pt;margin-bottom:0pt;'><font size=1>&nbsp;</font></p>
      </td>
      <td valign=bottom >
        <p style=' margin-left:0pt;margin-right:.7pt;text-indent:0pt;text-align:right;margin-Top:0pt;margin-bottom:0pt;'><font style='font-size:10pt'>47,000</font></p>
      </td>
      <td valign=bottom >
        <p style=' text-indent:0pt;text-align:left;margin-Top:0pt;margin-bottom:0pt;'><font size=1>&nbsp;</font></p>
      </td>
      <td valign=bottom >
        <p style=' margin-left:0pt;text-indent:0pt;text-align:left;margin-Top:0pt;margin-bottom:0pt;'><font size=1>&nbsp;</font></p>
      </td>
      <td valign=bottom >
        <p style=' margin-left:0pt;text-indent:0pt;text-align:right;margin-Top:0pt;margin-bottom:0pt;'><font style='font-size:10pt'>&#151;</font></p>
      </td>
      <td valign=bottom >
        <p style=' text-indent:0pt;text-align:left;margin-Top:0pt;margin-bottom:0pt;'><font size=1>&nbsp;</font></p>
      </td>
      <td valign=bottom >
        <p style=' margin-left:0pt;text-indent:0pt;text-align:left;margin-Top:0pt;margin-bottom:0pt;'><font size=1>&nbsp;</font></p>
      </td>
      <td valign=bottom >
        <p style=' margin-left:0pt;margin-right:.7pt;text-indent:0pt;text-align:right;margin-Top:0pt;margin-bottom:0pt;'><font style='font-size:10pt'>(1,000</font></p>
      </td>
      <td valign=bottom >
        <p style=' text-indent:0pt;text-align:left;margin-Top:0pt;margin-bottom:0pt;'><font style='font-size:10pt'>)
          (h)</font></p>
      </td>
      <td valign=bottom >
        <p style=' margin-left:0pt;text-indent:0pt;text-align:left;margin-Top:0pt;margin-bottom:0pt;'><font size=1>&nbsp;</font></p>
      </td>
      <td valign=bottom >
        <p style=' margin-left:0pt;margin-right:.7pt;text-indent:0pt;text-align:right;margin-Top:0pt;margin-bottom:0pt;'><font style='font-size:10pt'>(216,000</font></p>
      </td>
      <td valign=bottom >
        <p style=' text-indent:0pt;text-align:left;margin-Top:0pt;margin-bottom:0pt;'><font style='font-size:10pt'>)</font></p>
      </td>
    </tr>
    <tr>
      <td valign=top >
        <p style=' margin-left:0pt;text-indent:0pt;text-align:left;margin-bottom:0pt;'><font size=1>&nbsp;</font></p>
      </td>
      <td valign=top >
        <p style=' margin-left:0pt;text-indent:0pt;text-align:left;margin-bottom:0pt;'><font size=1>&nbsp;</font></p>
      </td>
      <td valign=top >
        <p style=' margin-left:0pt;text-indent:0pt;text-align:left;margin-bottom:0pt;'>
        <hr noshade width="100%" color="Gray" size="1">
      </td>
      <td valign=top >
        <p style=' margin-left:0pt;text-indent:0pt;text-align:left;margin-bottom:0pt;'>
        <hr noshade width="100%" color="Gray" size="1">
      </td>
      <td valign=top >
        <p style=' margin-left:0pt;text-indent:0pt;text-align:left;margin-bottom:0pt;'><font size=1>&nbsp;</font></p>
      </td>
      <td valign=top >
        <p style=' margin-left:0pt;text-indent:0pt;text-align:left;margin-bottom:0pt;'>
        <hr noshade width="100%" color="Gray" size="1">
      </td>
      <td valign=top >
        <p style=' margin-left:0pt;text-indent:0pt;text-align:left;margin-bottom:0pt;'>
        <hr noshade width="100%" color="Gray" size="1">
      </td>
      <td valign=top >
        <p style=' margin-left:0pt;text-indent:0pt;text-align:left;margin-bottom:0pt;'><font size=1>&nbsp;</font></p>
      </td>
      <td valign=top >
        <p style=' margin-left:0pt;text-indent:0pt;text-align:left;margin-bottom:0pt;'>
        <hr noshade width="100%" color="Gray" size="1">
      </td>
      <td valign=top >
        <p style=' margin-left:0pt;text-indent:0pt;text-align:left;margin-bottom:0pt;'>
        <hr noshade width="100%" color="Gray" size="1">
      </td>
      <td valign=top >
        <p style=' margin-left:0pt;text-indent:0pt;text-align:left;margin-bottom:0pt;'><font size=1>&nbsp;</font></p>
      </td>
      <td valign=top >
        <p style=' margin-left:0pt;text-indent:0pt;text-align:left;margin-bottom:0pt;'>
        <hr noshade width="100%" color="Gray" size="1">
      </td>
      <td valign=top >
        <p style=' margin-left:0pt;text-indent:0pt;text-align:left;margin-bottom:0pt;'>
        <hr noshade width="100%" color="Gray" size="1">
      </td>
      <td valign=top >
        <p style=' margin-left:0pt;text-indent:0pt;text-align:left;margin-bottom:0pt;'><font size=1>&nbsp;</font></p>
      </td>
      <td valign=top >
        <p style=' margin-left:0pt;text-indent:0pt;text-align:left;margin-bottom:0pt;'>
        <hr noshade width="100%" color="Gray" size="1">
      </td>
      <td valign=top >
        <p style=' margin-left:0pt;text-indent:0pt;text-align:left;margin-bottom:0pt;'>
        <hr noshade width="100%" color="Gray" size="1">
      </td>
      <td valign=top >
        <p style=' margin-left:0pt;text-indent:0pt;text-align:left;margin-bottom:0pt;'><font size=1>&nbsp;</font></p>
      </td>
    </tr>
    <tr>
      <td valign=bottom >
        <p style=' margin-left:8.65pt;text-indent:-8.65pt;text-align:left;margin-Top:0pt;margin-bottom:0pt;'><font style='font-size:10pt'>Net
          income</font></p>
      </td>
      <td valign=bottom >
        <p style=' text-indent:0pt;text-align:left;margin-Top:0pt;margin-bottom:0pt;'><font size=1>&nbsp;</font></p>
      </td>
      <td valign=bottom >
        <p style=' margin-left:0pt;text-indent:0pt;text-align:left;margin-Top:0pt;margin-bottom:0pt;'><font size=1>&nbsp;</font></p>
      </td>
      <td valign=bottom >
        <p style=' margin-left:0pt;margin-right:.7pt;text-indent:0pt;text-align:right;margin-Top:0pt;margin-bottom:0pt;'><font style='font-size:10pt'>10,826,000</font></p>
      </td>
      <td valign=bottom >
        <p style=' text-indent:0pt;text-align:left;margin-Top:0pt;margin-bottom:0pt;'><font size=1>&nbsp;</font></p>
      </td>
      <td valign=bottom >
        <p style=' margin-left:0pt;text-indent:0pt;text-align:left;margin-Top:0pt;margin-bottom:0pt;'><font size=1>&nbsp;</font></p>
      </td>
      <td valign=bottom >
        <p style=' margin-left:0pt;margin-right:.7pt;text-indent:0pt;text-align:right;margin-Top:0pt;margin-bottom:0pt;'><font style='font-size:10pt'>(874,000</font></p>
      </td>
      <td valign=bottom >
        <p style=' text-indent:0pt;text-align:left;margin-Top:0pt;margin-bottom:0pt;'><font style='font-size:10pt'>)</font></p>
      </td>
      <td valign=bottom >
        <p style=' margin-left:0pt;text-indent:0pt;text-align:left;margin-Top:0pt;margin-bottom:0pt;'><font size=1>&nbsp;</font></p>
      </td>
      <td valign=bottom >
        <p style=' margin-left:0pt;margin-right:.7pt;text-indent:0pt;text-align:right;margin-Top:0pt;margin-bottom:0pt;'><font style='font-size:10pt'>935,000</font></p>
      </td>
      <td valign=bottom >
        <p style=' text-indent:0pt;text-align:left;margin-Top:0pt;margin-bottom:0pt;'><font size=1>&nbsp;</font></p>
      </td>
      <td valign=bottom >
        <p style=' margin-left:0pt;text-indent:0pt;text-align:left;margin-Top:0pt;margin-bottom:0pt;'><font size=1>&nbsp;</font></p>
      </td>
      <td valign=bottom >
        <p style=' margin-left:0pt;margin-right:.7pt;text-indent:0pt;text-align:right;margin-Top:0pt;margin-bottom:0pt;'><font style='font-size:10pt'>(921,000</font></p>
      </td>
      <td valign=bottom >
        <p style=' text-indent:0pt;text-align:left;margin-Top:0pt;margin-bottom:0pt;'><font style='font-size:10pt'>)</font></p>
      </td>
      <td valign=bottom >
        <p style=' margin-left:0pt;text-indent:0pt;text-align:left;margin-Top:0pt;margin-bottom:0pt;'><font size=1>&nbsp;</font></p>
      </td>
      <td valign=bottom >
        <p style=' margin-left:0pt;margin-right:.7pt;text-indent:0pt;text-align:right;margin-Top:0pt;margin-bottom:0pt;'><font style='font-size:10pt'>9,966,000</font></p>
      </td>
      <td valign=bottom >
        <p style=' text-indent:0pt;text-align:left;margin-Top:0pt;margin-bottom:0pt;'><font size=1>&nbsp;</font></p>
      </td>
    </tr>
    <tr>
      <td valign=bottom >
        <p style=' margin-left:8.65pt;text-indent:-8.65pt;text-align:left;margin-Top:0pt;margin-bottom:0pt;'><font style='font-size:10pt'>Preferred
          distribution requirements</font></p>
      </td>
      <td valign=bottom >
        <p style=' text-indent:0pt;text-align:left;margin-Top:0pt;margin-bottom:0pt;'><font size=1>&nbsp;</font></p>
      </td>
      <td valign=bottom >
        <p style=' margin-left:0pt;text-indent:0pt;text-align:left;margin-Top:0pt;margin-bottom:0pt;'><font size=1>&nbsp;</font></p>
      </td>
      <td valign=bottom >
        <p style=' margin-left:0pt;margin-right:.7pt;text-indent:0pt;text-align:right;margin-Top:0pt;margin-bottom:0pt;'><font style='font-size:10pt'>(5,907,000</font></p>
      </td>
      <td valign=bottom >
        <p style=' text-indent:0pt;text-align:left;margin-Top:0pt;margin-bottom:0pt;'><font style='font-size:10pt'>)</font></p>
      </td>
      <td valign=bottom >
        <p style=' margin-left:0pt;text-indent:0pt;text-align:left;margin-Top:0pt;margin-bottom:0pt;'><font size=1>&nbsp;</font></p>
      </td>
      <td valign=bottom >
        <p style=' margin-left:0pt;text-indent:0pt;text-align:right;margin-Top:0pt;margin-bottom:0pt;'><font style='font-size:10pt'>&#151;</font></p>
      </td>
      <td valign=bottom >
        <p style=' text-indent:0pt;text-align:left;margin-Top:0pt;margin-bottom:0pt;'><font size=1>&nbsp;</font></p>
      </td>
      <td valign=bottom >
        <p style=' margin-left:0pt;text-indent:0pt;text-align:left;margin-Top:0pt;margin-bottom:0pt;'><font size=1>&nbsp;</font></p>
      </td>
      <td valign=bottom >
        <p style=' margin-left:0pt;text-indent:0pt;text-align:right;margin-Top:0pt;margin-bottom:0pt;'><font style='font-size:10pt'>&#151;</font></p>
      </td>
      <td valign=bottom >
        <p style=' text-indent:0pt;text-align:left;margin-Top:0pt;margin-bottom:0pt;'><font size=1>&nbsp;</font></p>
      </td>
      <td valign=bottom >
        <p style=' margin-left:0pt;text-indent:0pt;text-align:left;margin-Top:0pt;margin-bottom:0pt;'><font size=1>&nbsp;</font></p>
      </td>
      <td valign=bottom >
        <p style=' margin-left:0pt;text-indent:0pt;text-align:right;margin-Top:0pt;margin-bottom:0pt;'><font style='font-size:10pt'>&#151;</font></p>
      </td>
      <td valign=bottom >
        <p style=' text-indent:0pt;text-align:left;margin-Top:0pt;margin-bottom:0pt;'><font size=1>&nbsp;</font></p>
      </td>
      <td valign=bottom >
        <p style=' margin-left:0pt;text-indent:0pt;text-align:left;margin-Top:0pt;margin-bottom:0pt;'><font size=1>&nbsp;</font></p>
      </td>
      <td valign=bottom >
        <p style=' margin-left:0pt;margin-right:.7pt;text-indent:0pt;text-align:right;margin-Top:0pt;margin-bottom:0pt;'><font style='font-size:10pt'>(5,907,000</font></p>
      </td>
      <td valign=bottom >
        <p style=' text-indent:0pt;text-align:left;margin-Top:0pt;margin-bottom:0pt;'><font style='font-size:10pt'>)</font></p>
      </td>
    </tr>
    <tr>
      <td valign=top >
        <p style=' margin-left:0pt;text-indent:0pt;text-align:left;margin-bottom:0pt;'><font size=1>&nbsp;</font></p>
      </td>
      <td valign=top >
        <p style=' margin-left:0pt;text-indent:0pt;text-align:left;margin-bottom:0pt;'><font size=1>&nbsp;</font></p>
      </td>
      <td valign=top >
        <p style=' margin-left:0pt;text-indent:0pt;text-align:left;margin-bottom:0pt;'>
        <hr noshade width="100%" color="Gray" size="1">
      </td>
      <td valign=top >
        <p style=' margin-left:0pt;text-indent:0pt;text-align:left;margin-bottom:0pt;'>
        <hr noshade width="100%" color="Gray" size="1">
      </td>
      <td valign=top >
        <p style=' margin-left:0pt;text-indent:0pt;text-align:left;margin-bottom:0pt;'><font size=1>&nbsp;</font></p>
      </td>
      <td valign=top >
        <p style=' margin-left:0pt;text-indent:0pt;text-align:left;margin-bottom:0pt;'>
        <hr noshade width="100%" color="Gray" size="1">
      </td>
      <td valign=top >
        <p style=' margin-left:0pt;text-indent:0pt;text-align:left;margin-bottom:0pt;'>
        <hr noshade width="100%" color="Gray" size="1">
      </td>
      <td valign=top >
        <p style=' margin-left:0pt;text-indent:0pt;text-align:left;margin-bottom:0pt;'><font size=1>&nbsp;</font></p>
      </td>
      <td valign=top >
        <p style=' margin-left:0pt;text-indent:0pt;text-align:left;margin-bottom:0pt;'>
        <hr noshade width="100%" color="Gray" size="1">
      </td>
      <td valign=top >
        <p style=' margin-left:0pt;text-indent:0pt;text-align:left;margin-bottom:0pt;'>
        <hr noshade width="100%" color="Gray" size="1">
      </td>
      <td valign=top >
        <p style=' margin-left:0pt;text-indent:0pt;text-align:left;margin-bottom:0pt;'><font size=1>&nbsp;</font></p>
      </td>
      <td valign=top >
        <p style=' margin-left:0pt;text-indent:0pt;text-align:left;margin-bottom:0pt;'>
        <hr noshade width="100%" color="Gray" size="1">
      </td>
      <td valign=top >
        <p style=' margin-left:0pt;text-indent:0pt;text-align:left;margin-bottom:0pt;'>
        <hr noshade width="100%" color="Gray" size="1">
      </td>
      <td valign=top >
        <p style=' margin-left:0pt;text-indent:0pt;text-align:left;margin-bottom:0pt;'><font size=1>&nbsp;</font></p>
      </td>
      <td valign=top >
        <p style=' margin-left:0pt;text-indent:0pt;text-align:left;margin-bottom:0pt;'>
        <hr noshade width="100%" color="Gray" size="1">
      </td>
      <td valign=top >
        <p style=' margin-left:0pt;text-indent:0pt;text-align:left;margin-bottom:0pt;'>
        <hr noshade width="100%" color="Gray" size="1">
      </td>
      <td valign=top >
        <p style=' margin-left:0pt;text-indent:0pt;text-align:left;margin-bottom:0pt;'><font size=1>&nbsp;</font></p>
      </td>
    </tr>
    <tr>
      <td valign=bottom >
        <p style=' margin-left:8.65pt;text-indent:-8.65pt;text-align:left;margin-Top:0pt;margin-bottom:0pt;'><font style='font-size:10pt'>Net
          income applicable to common shareholders</font></p>
      </td>
      <td valign=bottom >
        <p style=' text-indent:0pt;text-align:left;margin-Top:0pt;margin-bottom:0pt;'><font size=1>&nbsp;</font></p>
      </td>
      <td valign=bottom >
        <p style=' margin-left:0pt;text-indent:0pt;text-align:left;margin-Top:0pt;margin-bottom:0pt;'><font style='font-size:10pt'>$</font></p>
      </td>
      <td valign=bottom >
        <p style=' margin-left:0pt;margin-right:.7pt;text-indent:0pt;text-align:right;margin-Top:0pt;margin-bottom:0pt;'><font style='font-size:10pt'>4,919,000</font></p>
      </td>
      <td valign=bottom >
        <p style=' text-indent:0pt;text-align:left;margin-Top:0pt;margin-bottom:0pt;'><font size=1>&nbsp;</font></p>
      </td>
      <td valign=bottom >
        <p style=' margin-left:0pt;text-indent:0pt;text-align:left;margin-Top:0pt;margin-bottom:0pt;'><font style='font-size:10pt'>$</font></p>
      </td>
      <td valign=bottom >
        <p style=' margin-left:0pt;margin-right:.7pt;text-indent:0pt;text-align:right;margin-Top:0pt;margin-bottom:0pt;'><font style='font-size:10pt'>(874,000</font></p>
      </td>
      <td valign=bottom >
        <p style=' text-indent:0pt;text-align:left;margin-Top:0pt;margin-bottom:0pt;'><font style='font-size:10pt'>)</font></p>
      </td>
      <td valign=bottom >
        <p style=' margin-left:0pt;text-indent:0pt;text-align:left;margin-Top:0pt;margin-bottom:0pt;'><font style='font-size:10pt'>$</font></p>
      </td>
      <td valign=bottom >
        <p style=' margin-left:0pt;margin-right:.7pt;text-indent:0pt;text-align:right;margin-Top:0pt;margin-bottom:0pt;'><font style='font-size:10pt'>935,000</font></p>
      </td>
      <td valign=bottom >
        <p style=' text-indent:0pt;text-align:left;margin-Top:0pt;margin-bottom:0pt;'><font size=1>&nbsp;</font></p>
      </td>
      <td valign=bottom >
        <p style=' margin-left:0pt;text-indent:0pt;text-align:left;margin-Top:0pt;margin-bottom:0pt;'><font style='font-size:10pt'>$</font></p>
      </td>
      <td valign=bottom >
        <p style=' margin-left:0pt;margin-right:.7pt;text-indent:0pt;text-align:right;margin-Top:0pt;margin-bottom:0pt;'><font style='font-size:10pt'>(921,000</font></p>
      </td>
      <td valign=bottom >
        <p style=' text-indent:0pt;text-align:left;margin-Top:0pt;margin-bottom:0pt;'><font style='font-size:10pt'>)</font></p>
      </td>
      <td valign=bottom >
        <p style=' margin-left:0pt;text-indent:0pt;text-align:left;margin-Top:0pt;margin-bottom:0pt;'><font style='font-size:10pt'>$</font></p>
      </td>
      <td valign=bottom >
        <p style=' margin-left:0pt;margin-right:.7pt;text-indent:0pt;text-align:right;margin-Top:0pt;margin-bottom:0pt;'><font style='font-size:10pt'>4,059,000</font></p>
      </td>
      <td valign=bottom >
        <p style=' text-indent:0pt;text-align:left;margin-Top:0pt;margin-bottom:0pt;'><font size=1>&nbsp;</font></p>
      </td>
    </tr>
    <tr>
      <td valign=top >
        <p style=' margin-left:0pt;text-indent:0pt;text-align:left;margin-bottom:0pt;'><font size=1>&nbsp;</font></p>
      </td>
      <td valign=top >
        <p style=' margin-left:0pt;text-indent:0pt;text-align:left;margin-bottom:0pt;'><font size=1>&nbsp;</font></p>
      </td>
      <td valign=top >
        <p style=' margin-left:0pt;text-indent:0pt;text-align:left;margin-bottom:0pt;'>
        <hr noshade width="100%" color="Gray" size="2">
      </td>
      <td valign=top >
        <p style=' margin-left:0pt;text-indent:0pt;text-align:left;margin-bottom:0pt;'>
        <hr noshade width="100%" color="Gray" size="2">
      </td>
      <td valign=top >
        <p style=' margin-left:0pt;text-indent:0pt;text-align:left;margin-bottom:0pt;'><font size=1>&nbsp;</font></p>
      </td>
      <td valign=top >
        <p style=' margin-left:0pt;text-indent:0pt;text-align:left;margin-bottom:0pt;'>
        <hr noshade width="100%" color="Gray" size="2">
      </td>
      <td valign=top >
        <p style=' margin-left:0pt;text-indent:0pt;text-align:left;margin-bottom:0pt;'>
        <hr noshade width="100%" color="Gray" size="2">
      </td>
      <td valign=top >
        <p style=' margin-left:0pt;text-indent:0pt;text-align:left;margin-bottom:0pt;'><font size=1>&nbsp;</font></p>
      </td>
      <td valign=top >
        <p style=' margin-left:0pt;text-indent:0pt;text-align:left;margin-bottom:0pt;'>
        <hr noshade width="100%" color="Gray" size="2">
      </td>
      <td valign=top >
        <p style=' margin-left:0pt;text-indent:0pt;text-align:left;margin-bottom:0pt;'>
        <hr noshade width="100%" color="Gray" size="2">
      </td>
      <td valign=top >
        <p style=' margin-left:0pt;text-indent:0pt;text-align:left;margin-bottom:0pt;'><font size=1>&nbsp;</font></p>
      </td>
      <td valign=top >
        <p style=' margin-left:0pt;text-indent:0pt;text-align:left;margin-bottom:0pt;'>
        <hr noshade width="100%" color="Gray" size="2">
      </td>
      <td valign=top >
        <p style=' margin-left:0pt;text-indent:0pt;text-align:left;margin-bottom:0pt;'>
        <hr noshade width="100%" color="Gray" size="2">
      </td>
      <td valign=top >
        <p style=' margin-left:0pt;text-indent:0pt;text-align:left;margin-bottom:0pt;'><font size=1>&nbsp;</font></p>
      </td>
      <td valign=top >
        <p style=' margin-left:0pt;text-indent:0pt;text-align:left;margin-bottom:0pt;'>
        <hr noshade width="100%" color="Gray" size="2">
      </td>
      <td valign=top >
        <p style=' margin-left:0pt;text-indent:0pt;text-align:left;margin-bottom:0pt;'>
        <hr noshade width="100%" color="Gray" size="2">
      </td>
      <td valign=top >
        <p style=' margin-left:0pt;text-indent:0pt;text-align:left;margin-bottom:0pt;'><font size=1>&nbsp;</font></p>
      </td>
    </tr>
    <tr>
      <td valign=bottom >
        <p style=' margin-left:8.65pt;text-indent:-8.65pt;text-align:left;margin-Top:0pt;margin-bottom:0pt;'><font style='font-size:10pt'>Basic
          per common share</font></p>
      </td>
      <td valign=bottom >
        <p style=' text-indent:0pt;text-align:left;margin-Top:0pt;margin-bottom:0pt;'><font size=1>&nbsp;</font></p>
      </td>
      <td valign=bottom >
        <p style=' margin-left:0pt;text-indent:0pt;text-align:left;margin-Top:0pt;margin-bottom:0pt;'><font style='font-size:10pt'>$</font></p>
      </td>
      <td valign=bottom >
        <p style=' margin-left:0pt;margin-right:.7pt;text-indent:0pt;text-align:right;margin-Top:0pt;margin-bottom:0pt;'><font style='font-size:10pt'>0.16</font></p>
      </td>
      <td valign=bottom >
        <p style=' text-indent:0pt;text-align:left;margin-Top:0pt;margin-bottom:0pt;'><font size=1>&nbsp;</font></p>
      </td>
      <td valign=bottom >
        <p style=' margin-left:0pt;text-indent:0pt;text-align:left;margin-Top:0pt;margin-bottom:0pt;'><font size=1>&nbsp;</font></p>
      </td>
      <td valign=bottom >
        <p style=' margin-left:0pt;text-indent:0pt;text-align:right;margin-Top:0pt;margin-bottom:0pt;'><font size=1>&nbsp;</font></p>
      </td>
      <td valign=bottom >
        <p style=' text-indent:0pt;text-align:left;margin-Top:0pt;margin-bottom:0pt;'><font size=1>&nbsp;</font></p>
      </td>
      <td valign=bottom >
        <p style=' margin-left:0pt;text-indent:0pt;text-align:left;margin-Top:0pt;margin-bottom:0pt;'><font size=1>&nbsp;</font></p>
      </td>
      <td valign=bottom >
        <p style=' margin-left:0pt;text-indent:0pt;text-align:right;margin-Top:0pt;margin-bottom:0pt;'><font size=1>&nbsp;</font></p>
      </td>
      <td valign=bottom >
        <p style=' text-indent:0pt;text-align:left;margin-Top:0pt;margin-bottom:0pt;'><font size=1>&nbsp;</font></p>
      </td>
      <td valign=bottom >
        <p style=' margin-left:0pt;text-indent:0pt;text-align:left;margin-Top:0pt;margin-bottom:0pt;'><font size=1>&nbsp;</font></p>
      </td>
      <td valign=bottom >
        <p style=' margin-left:0pt;text-indent:0pt;text-align:right;margin-Top:0pt;margin-bottom:0pt;'><font size=1>&nbsp;</font></p>
      </td>
      <td valign=bottom >
        <p style=' text-indent:0pt;text-align:left;margin-Top:0pt;margin-bottom:0pt;'><font size=1>&nbsp;</font></p>
      </td>
      <td valign=bottom >
        <p style=' margin-left:0pt;text-indent:0pt;text-align:left;margin-Top:0pt;margin-bottom:0pt;'><font style='font-size:10pt'>$</font></p>
      </td>
      <td valign=bottom >
        <p style=' margin-left:0pt;margin-right:.7pt;text-indent:0pt;text-align:right;margin-Top:0pt;margin-bottom:0pt;'><font style='font-size:10pt'>0.13</font></p>
      </td>
      <td valign=bottom >
        <p style=' text-indent:0pt;text-align:left;margin-Top:0pt;margin-bottom:0pt;'><font size=1>&nbsp;</font></p>
      </td>
    </tr>
    <tr>
      <td valign=top >
        <p style=' margin-left:0pt;text-indent:0pt;text-align:left;margin-bottom:0pt;'><font size=1>&nbsp;</font></p>
      </td>
      <td valign=top >
        <p style=' margin-left:0pt;text-indent:0pt;text-align:left;margin-bottom:0pt;'><font size=1>&nbsp;</font></p>
      </td>
      <td valign=top >
        <p style=' margin-left:0pt;text-indent:0pt;text-align:left;margin-bottom:0pt;'>
        <hr noshade width="100%" color="Gray" size="2">
      </td>
      <td valign=top >
        <p style=' margin-left:0pt;text-indent:0pt;text-align:left;margin-bottom:0pt;'>
        <hr noshade width="100%" color="Gray" size="2">
      </td>
      <td valign=top >
        <p style=' margin-left:0pt;text-indent:0pt;text-align:left;margin-bottom:0pt;'><font size=1>&nbsp;</font></p>
      </td>
      <td valign=top >
        <p style=' margin-left:0pt;text-indent:0pt;text-align:left;margin-bottom:0pt;'>
      </td>
      <td valign=top >
        <p style=' margin-left:0pt;text-indent:0pt;text-align:left;margin-bottom:0pt;'>
      </td>
      <td valign=top >
        <p style=' margin-left:0pt;text-indent:0pt;text-align:left;margin-bottom:0pt;'><font size=1>&nbsp;</font></p>
      </td>
      <td valign=top >
        <p style=' margin-left:0pt;text-indent:0pt;text-align:left;margin-bottom:0pt;'>
      </td>
      <td valign=top >
        <p style=' margin-left:0pt;text-indent:0pt;text-align:left;margin-bottom:0pt;'>
      </td>
      <td valign=top >
        <p style=' margin-left:0pt;text-indent:0pt;text-align:left;margin-bottom:0pt;'><font size=1>&nbsp;</font></p>
      </td>
      <td valign=top >
        <p style=' margin-left:0pt;text-indent:0pt;text-align:left;margin-bottom:0pt;'>
      </td>
      <td valign=top >
        <p style=' margin-left:0pt;text-indent:0pt;text-align:left;margin-bottom:0pt;'>
      </td>
      <td valign=top >
        <p style=' margin-left:0pt;text-indent:0pt;text-align:left;margin-bottom:0pt;'><font size=1>&nbsp;</font></p>
      </td>
      <td valign=top >
        <p style=' margin-left:0pt;text-indent:0pt;text-align:left;margin-bottom:0pt;'>
        <hr noshade width="100%" color="Gray" size="2">
      </td>
      <td valign=top >
        <p style=' margin-left:0pt;text-indent:0pt;text-align:left;margin-bottom:0pt;'>
        <hr noshade width="100%" color="Gray" size="2">
      </td>
      <td valign=top >
        <p style=' margin-left:0pt;text-indent:0pt;text-align:left;margin-bottom:0pt;'><font size=1>&nbsp;</font></p>
      </td>
    </tr>
    <tr>
      <td valign=bottom >
        <p style=' margin-left:8.65pt;text-indent:-8.65pt;text-align:left;margin-Top:0pt;margin-bottom:0pt;'><font style='font-size:10pt'>Diluted
          per common share</font></p>
      </td>
      <td valign=bottom >
        <p style=' text-indent:0pt;text-align:left;margin-Top:0pt;margin-bottom:0pt;'><font size=1>&nbsp;</font></p>
      </td>
      <td valign=bottom >
        <p style=' margin-left:0pt;text-indent:0pt;text-align:left;margin-Top:0pt;margin-bottom:0pt;'><font style='font-size:10pt'>$</font></p>
      </td>
      <td valign=bottom >
        <p style=' margin-left:0pt;margin-right:.7pt;text-indent:0pt;text-align:right;margin-Top:0pt;margin-bottom:0pt;'><font style='font-size:10pt'>0.15</font></p>
      </td>
      <td valign=bottom >
        <p style=' text-indent:0pt;text-align:left;margin-Top:0pt;margin-bottom:0pt;'><font size=1>&nbsp;</font></p>
      </td>
      <td valign=bottom >
        <p style=' margin-left:0pt;text-indent:0pt;text-align:left;margin-Top:0pt;margin-bottom:0pt;'><font size=1>&nbsp;</font></p>
      </td>
      <td valign=bottom >
        <p style=' margin-left:0pt;text-indent:0pt;text-align:right;margin-Top:0pt;margin-bottom:0pt;'><font size=1>&nbsp;</font></p>
      </td>
      <td valign=bottom >
        <p style=' text-indent:0pt;text-align:left;margin-Top:0pt;margin-bottom:0pt;'><font size=1>&nbsp;</font></p>
      </td>
      <td valign=bottom >
        <p style=' margin-left:0pt;text-indent:0pt;text-align:left;margin-Top:0pt;margin-bottom:0pt;'><font size=1>&nbsp;</font></p>
      </td>
      <td valign=bottom >
        <p style=' margin-left:0pt;text-indent:0pt;text-align:right;margin-Top:0pt;margin-bottom:0pt;'><font size=1>&nbsp;</font></p>
      </td>
      <td valign=bottom >
        <p style=' text-indent:0pt;text-align:left;margin-Top:0pt;margin-bottom:0pt;'><font size=1>&nbsp;</font></p>
      </td>
      <td valign=bottom >
        <p style=' margin-left:0pt;text-indent:0pt;text-align:left;margin-Top:0pt;margin-bottom:0pt;'><font size=1>&nbsp;</font></p>
      </td>
      <td valign=bottom >
        <p style=' margin-left:0pt;text-indent:0pt;text-align:right;margin-Top:0pt;margin-bottom:0pt;'><font size=1>&nbsp;</font></p>
      </td>
      <td valign=bottom >
        <p style=' text-indent:0pt;text-align:left;margin-Top:0pt;margin-bottom:0pt;'><font size=1>&nbsp;</font></p>
      </td>
      <td valign=bottom >
        <p style=' margin-left:0pt;text-indent:0pt;text-align:left;margin-Top:0pt;margin-bottom:0pt;'><font style='font-size:10pt'>$</font></p>
      </td>
      <td valign=bottom >
        <p style=' margin-left:0pt;margin-right:.7pt;text-indent:0pt;text-align:right;margin-Top:0pt;margin-bottom:0pt;'><font style='font-size:10pt'>0.13</font></p>
      </td>
      <td valign=bottom >
        <p style=' text-indent:0pt;text-align:left;margin-Top:0pt;margin-bottom:0pt;'><font size=1>&nbsp;</font></p>
      </td>
    </tr>
    <tr>
      <td valign=top >
        <p style=' margin-left:0pt;text-indent:0pt;text-align:left;margin-bottom:0pt;'><font size=1>&nbsp;</font></p>
      </td>
      <td valign=top >
        <p style=' margin-left:0pt;text-indent:0pt;text-align:left;margin-bottom:0pt;'><font size=1>&nbsp;</font></p>
      </td>
      <td valign=top >
        <p style=' margin-left:0pt;text-indent:0pt;text-align:left;margin-bottom:0pt;'>
        <hr noshade width="100%" color="Gray" size="2">
      </td>
      <td valign=top >
        <p style=' margin-left:0pt;text-indent:0pt;text-align:left;margin-bottom:0pt;'>
        <hr noshade width="100%" color="Gray" size="2">
      </td>
      <td valign=top >
        <p style=' margin-left:0pt;text-indent:0pt;text-align:left;margin-bottom:0pt;'><font size=1>&nbsp;</font></p>
      </td>
      <td valign=top >
        <p style=' margin-left:0pt;text-indent:0pt;text-align:left;margin-bottom:0pt;'><font size=1>&nbsp;</font></p>
      </td>
      <td valign=top >
        <p style=' margin-left:0pt;text-indent:0pt;text-align:left;margin-bottom:0pt;'><font size=1>&nbsp;</font></p>
      </td>
      <td valign=top >
        <p style=' margin-left:0pt;text-indent:0pt;text-align:left;margin-bottom:0pt;'><font size=1>&nbsp;</font></p>
      </td>
      <td valign=top >
        <p style=' margin-left:0pt;text-indent:0pt;text-align:left;margin-bottom:0pt;'><font size=1>&nbsp;</font></p>
      </td>
      <td valign=top >
        <p style=' margin-left:0pt;text-indent:0pt;text-align:left;margin-bottom:0pt;'><font size=1>&nbsp;</font></p>
      </td>
      <td valign=top >
        <p style=' margin-left:0pt;text-indent:0pt;text-align:left;margin-bottom:0pt;'><font size=1>&nbsp;</font></p>
      </td>
      <td valign=top >
        <p style=' margin-left:0pt;text-indent:0pt;text-align:left;margin-bottom:0pt;'><font size=1>&nbsp;</font></p>
      </td>
      <td valign=top >
        <p style=' margin-left:0pt;text-indent:0pt;text-align:left;margin-bottom:0pt;'><font size=1>&nbsp;</font></p>
      </td>
      <td valign=top >
        <p style=' margin-left:0pt;text-indent:0pt;text-align:left;margin-bottom:0pt;'><font size=1>&nbsp;</font></p>
      </td>
      <td valign=top >
        <p style=' margin-left:0pt;text-indent:0pt;text-align:left;margin-bottom:0pt;'>
        <hr noshade width="100%" color="Gray" size="2">
      </td>
      <td valign=top >
        <p style=' margin-left:0pt;text-indent:0pt;text-align:left;margin-bottom:0pt;'>
        <hr noshade width="100%" color="Gray" size="2">
      </td>
      <td valign=top >
        <p style=' margin-left:0pt;text-indent:0pt;text-align:left;margin-bottom:0pt;'><font size=1>&nbsp;</font></p>
      </td>
    </tr>
    <tr>
      <td valign=bottom >
        <p style=' margin-left:0pt;text-indent:0pt;text-align:left;margin-Top:0pt;margin-bottom:0pt;'><font style='font-size:10pt'>Basic
          weighted average number of common shares outstanding</font></p>
      </td>
      <td valign=bottom >
        <p style=' text-indent:0pt;text-align:left;margin-Top:0pt;margin-bottom:0pt;'><font size=1>&nbsp;</font></p>
      </td>
      <td valign=bottom >
        <p style=' margin-left:0pt;text-indent:0pt;text-align:left;margin-Top:0pt;margin-bottom:0pt;'><font size=1>&nbsp;</font></p>
      </td>
      <td valign=bottom >
        <p style=' margin-left:0pt;margin-right:.7pt;text-indent:0pt;text-align:right;margin-Top:0pt;margin-bottom:0pt;'><font style='font-size:10pt'>31,660,000</font></p>
      </td>
      <td valign=bottom >
        <p style=' text-indent:0pt;text-align:left;margin-Top:0pt;margin-bottom:0pt;'><font size=1>&nbsp;</font></p>
      </td>
      <td valign=bottom >
        <p style=' margin-left:0pt;text-indent:0pt;text-align:left;margin-Top:0pt;margin-bottom:0pt;'><font size=1>&nbsp;</font></p>
      </td>
      <td valign=bottom >
        <p style=' margin-left:0pt;text-indent:0pt;text-align:right;margin-Top:0pt;margin-bottom:0pt;'><font size=1>&nbsp;</font></p>
      </td>
      <td valign=bottom >
        <p style=' text-indent:0pt;text-align:left;margin-Top:0pt;margin-bottom:0pt;'><font size=1>&nbsp;</font></p>
      </td>
      <td valign=bottom >
        <p style=' margin-left:0pt;text-indent:0pt;text-align:left;margin-Top:0pt;margin-bottom:0pt;'><font size=1>&nbsp;</font></p>
      </td>
      <td valign=bottom >
        <p style=' margin-left:0pt;text-indent:0pt;text-align:right;margin-Top:0pt;margin-bottom:0pt;'><font size=1>&nbsp;</font></p>
      </td>
      <td valign=bottom >
        <p style=' text-indent:0pt;text-align:left;margin-Top:0pt;margin-bottom:0pt;'><font size=1>&nbsp;</font></p>
      </td>
      <td valign=bottom >
        <p style=' margin-left:0pt;text-indent:0pt;text-align:left;margin-Top:0pt;margin-bottom:0pt;'><font size=1>&nbsp;</font></p>
      </td>
      <td valign=bottom >
        <p style=' margin-left:0pt;text-indent:0pt;text-align:right;margin-Top:0pt;margin-bottom:0pt;'><font size=1>&nbsp;</font></p>
      </td>
      <td valign=bottom >
        <p style=' text-indent:0pt;text-align:left;margin-Top:0pt;margin-bottom:0pt;'><font size=1>&nbsp;</font></p>
      </td>
      <td valign=bottom >
        <p style=' margin-left:0pt;text-indent:0pt;text-align:left;margin-Top:0pt;margin-bottom:0pt;'><font size=1>&nbsp;</font></p>
      </td>
      <td valign=bottom >
        <p style=' margin-left:0pt;margin-right:.7pt;text-indent:0pt;text-align:right;margin-Top:0pt;margin-bottom:0pt;'><font style='font-size:10pt'>31,660,000</font></p>
      </td>
      <td valign=bottom >
        <p style=' text-indent:0pt;text-align:left;margin-Top:0pt;margin-bottom:0pt;'><font size=1>&nbsp;</font></p>
      </td>
    </tr>
    <tr>
      <td valign=top >
        <p style=' margin-left:0pt;text-indent:0pt;text-align:left;margin-bottom:0pt;'><font size=1>&nbsp;</font></p>
      </td>
      <td valign=top >
        <p style=' margin-left:0pt;text-indent:0pt;text-align:left;margin-bottom:0pt;'><font size=1>&nbsp;</font></p>
      </td>
      <td valign=top >
        <p style=' margin-left:0pt;text-indent:0pt;text-align:left;margin-bottom:0pt;'>
        <hr noshade width="100%" color="Gray" size="2">
      </td>
      <td valign=top >
        <p style=' margin-left:0pt;text-indent:0pt;text-align:left;margin-bottom:0pt;'>
        <hr noshade width="100%" color="Gray" size="2">
      </td>
      <td valign=top >
        <p style=' margin-left:0pt;text-indent:0pt;text-align:left;margin-bottom:0pt;'><font size=1>&nbsp;</font></p>
      </td>
      <td valign=top >
        <p style=' margin-left:0pt;text-indent:0pt;text-align:left;margin-bottom:0pt;'><font size=1>&nbsp;</font></p>
      </td>
      <td valign=top >
        <p style=' margin-left:0pt;text-indent:0pt;text-align:left;margin-bottom:0pt;'><font size=1>&nbsp;</font></p>
      </td>
      <td valign=top >
        <p style=' margin-left:0pt;text-indent:0pt;text-align:left;margin-bottom:0pt;'><font size=1>&nbsp;</font></p>
      </td>
      <td valign=top >
        <p style=' margin-left:0pt;text-indent:0pt;text-align:left;margin-bottom:0pt;'><font size=1>&nbsp;</font></p>
      </td>
      <td valign=top >
        <p style=' margin-left:0pt;text-indent:0pt;text-align:left;margin-bottom:0pt;'><font size=1>&nbsp;</font></p>
      </td>
      <td valign=top >
        <p style=' margin-left:0pt;text-indent:0pt;text-align:left;margin-bottom:0pt;'><font size=1>&nbsp;</font></p>
      </td>
      <td valign=top >
        <p style=' margin-left:0pt;text-indent:0pt;text-align:left;margin-bottom:0pt;'><font size=1>&nbsp;</font></p>
      </td>
      <td valign=top >
        <p style=' margin-left:0pt;text-indent:0pt;text-align:left;margin-bottom:0pt;'><font size=1>&nbsp;</font></p>
      </td>
      <td valign=top >
        <p style=' margin-left:0pt;text-indent:0pt;text-align:left;margin-bottom:0pt;'><font size=1>&nbsp;</font></p>
      </td>
      <td valign=top >
        <p style=' margin-left:0pt;text-indent:0pt;text-align:left;margin-bottom:0pt;'>
        <hr noshade width="100%" color="Gray" size="2">
      </td>
      <td valign=top >
        <p style=' margin-left:0pt;text-indent:0pt;text-align:left;margin-bottom:0pt;'>
        <hr noshade width="100%" color="Gray" size="2">
      </td>
      <td valign=top >
        <p style=' margin-left:0pt;text-indent:0pt;text-align:left;margin-bottom:0pt;'><font size=1>&nbsp;</font></p>
      </td>
    </tr>
    <tr>
      <td valign=bottom >
        <p style=' margin-left:0pt;text-indent:0pt;text-align:left;margin-Top:0pt;margin-bottom:0pt;'><font style='font-size:10pt'>Diluted
          weighted average number of common shares outstanding</font></p>
      </td>
      <td valign=bottom >
        <p style=' text-indent:0pt;text-align:left;margin-Top:0pt;margin-bottom:0pt;'><font style='font-size:10pt'>&nbsp;</font></p>
      </td>
      <td valign=bottom >
        <p style=' margin-left:0pt;text-indent:0pt;text-align:left;margin-Top:0pt;margin-bottom:0pt;'><font size=1>&nbsp;</font></p>
      </td>
      <td valign=bottom >
        <p style=' margin-left:0pt;margin-right:.7pt;text-indent:0pt;text-align:right;margin-Top:0pt;margin-bottom:0pt;'><font style='font-size:10pt'>31,832,000</font></p>
      </td>
      <td valign=bottom >
        <p style=' text-indent:0pt;text-align:left;margin-Top:0pt;margin-bottom:0pt;'><font style='font-size:10pt'>&nbsp;</font></p>
      </td>
      <td valign=bottom >
        <p style=' margin-left:0pt;text-indent:0pt;text-align:left;margin-Top:0pt;margin-bottom:0pt;'><font size=1>&nbsp;</font></p>
      </td>
      <td valign=bottom >
        <p style=' margin-left:0pt;text-indent:0pt;text-align:right;margin-Top:0pt;margin-bottom:0pt;'><font size=1>&nbsp;</font></p>
      </td>
      <td valign=bottom >
        <p style=' text-indent:0pt;text-align:left;margin-Top:0pt;margin-bottom:0pt;'><font style='font-size:10pt'>&nbsp;</font></p>
      </td>
      <td valign=bottom >
        <p style=' margin-left:0pt;text-indent:0pt;text-align:left;margin-Top:0pt;margin-bottom:0pt;'><font size=1>&nbsp;</font></p>
      </td>
      <td valign=bottom >
        <p style=' margin-left:0pt;text-indent:0pt;text-align:right;margin-Top:0pt;margin-bottom:0pt;'><font size=1>&nbsp;</font></p>
      </td>
      <td valign=bottom >
        <p style=' text-indent:0pt;text-align:left;margin-Top:0pt;margin-bottom:0pt;'><font style='font-size:10pt'>&nbsp;</font></p>
      </td>
      <td valign=bottom >
        <p style=' margin-left:0pt;text-indent:0pt;text-align:left;margin-Top:0pt;margin-bottom:0pt;'><font size=1>&nbsp;</font></p>
      </td>
      <td valign=bottom >
        <p style=' margin-left:0pt;text-indent:0pt;text-align:right;margin-Top:0pt;margin-bottom:0pt;'><font size=1>&nbsp;</font></p>
      </td>
      <td valign=bottom >
        <p style=' text-indent:0pt;text-align:left;margin-Top:0pt;margin-bottom:0pt;'><font style='font-size:10pt'>&nbsp;</font></p>
      </td>
      <td valign=bottom >
        <p style=' margin-left:0pt;text-indent:0pt;text-align:left;margin-Top:0pt;margin-bottom:0pt;'><font size=1>&nbsp;</font></p>
      </td>
      <td valign=bottom >
        <p style=' margin-left:0pt;margin-right:.7pt;text-indent:0pt;text-align:right;margin-Top:0pt;margin-bottom:0pt;'><font style='font-size:10pt'>31,832,000</font></p>
      </td>
      <td valign=bottom >
        <p style=' text-indent:0pt;text-align:left;margin-Top:0pt;margin-bottom:0pt;'><font style='font-size:10pt'>&nbsp;</font></p>
      </td>
    </tr>
    <tr>
      <td valign=top >
        <p style=' margin-left:0pt;text-indent:0pt;text-align:left;margin-bottom:0pt;'><font size=1>&nbsp;</font></p>
      </td>
      <td valign=top >
        <p style=' margin-left:0pt;text-indent:0pt;text-align:left;margin-bottom:0pt;'><font size=1>&nbsp;</font></p>
      </td>
      <td valign=top >
        <p style=' margin-left:0pt;text-indent:0pt;text-align:left;margin-bottom:0pt;'>
        <hr noshade width="100%" color="Gray" size="2">
      </td>
      <td valign=top >
        <p style=' margin-left:0pt;text-indent:0pt;text-align:left;margin-bottom:0pt;'>
        <hr noshade width="100%" color="Gray" size="2">
      </td>
      <td valign=top >
        <p style=' margin-left:0pt;text-indent:0pt;text-align:left;margin-bottom:0pt;'><font size=1>&nbsp;</font></p>
      </td>
      <td valign=top >
        <p style=' margin-left:0pt;text-indent:0pt;text-align:left;margin-bottom:0pt;'><font size=1>&nbsp;</font></p>
      </td>
      <td valign=top >
        <p style=' margin-left:0pt;text-indent:0pt;text-align:left;margin-bottom:0pt;'><font size=1>&nbsp;</font></p>
      </td>
      <td valign=top >
        <p style=' margin-left:0pt;text-indent:0pt;text-align:left;margin-bottom:0pt;'><font size=1>&nbsp;</font></p>
      </td>
      <td valign=top >
        <p style=' margin-left:0pt;text-indent:0pt;text-align:left;margin-bottom:0pt;'><font size=1>&nbsp;</font></p>
      </td>
      <td valign=top >
        <p style=' margin-left:0pt;text-indent:0pt;text-align:left;margin-bottom:0pt;'><font size=1>&nbsp;</font></p>
      </td>
      <td valign=top >
        <p style=' margin-left:0pt;text-indent:0pt;text-align:left;margin-bottom:0pt;'><font size=1>&nbsp;</font></p>
      </td>
      <td valign=top >
        <p style=' margin-left:0pt;text-indent:0pt;text-align:left;margin-bottom:0pt;'><font size=1>&nbsp;</font></p>
      </td>
      <td valign=top >
        <p style=' margin-left:0pt;text-indent:0pt;text-align:left;margin-bottom:0pt;'><font size=1>&nbsp;</font></p>
      </td>
      <td valign=top >
        <p style=' margin-left:0pt;text-indent:0pt;text-align:left;margin-bottom:0pt;'><font size=1>&nbsp;</font></p>
      </td>
      <td valign=top >
        <p style=' margin-left:0pt;text-indent:0pt;text-align:left;margin-bottom:0pt;'>
        <hr noshade width="100%" color="Gray" size="2">
      </td>
      <td valign=top >
        <p style=' margin-left:0pt;text-indent:0pt;text-align:left;margin-bottom:0pt;'>
        <hr noshade width="100%" color="Gray" size="2">
      </td>
      <td valign=top >
        <p style=' margin-left:0pt;text-indent:0pt;text-align:left;margin-bottom:0pt;'><font size=1>&nbsp;</font></p>
      </td>
    </tr>
  </table>
</div>



<p style=' margin-bottom:0pt; margin-top:3pt; margin-left:5%; text-indent:-5%;text-align:center;'><font style='font-size:10pt'>See accompanying notes to pro forma condensed consolidated financial statements.</font></p>
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<p style=' margin-bottom:0pt; margin-top:0pt;text-align:left;'><font style='font-size:10pt'>&nbsp;</font></p>


<p style=' margin-bottom:0pt; margin-top:16pt;text-align:center;'><b><font style='font-size:10pt'>Cedar Shopping Centers, Inc.</font></b></p>

<p style=' margin-bottom:0pt; margin-top:0pt;text-align:center;'><b><font style='font-size:10pt'>Notes to Pro Forma Condensed Consolidated Financial Statements (Unaudited)</font></b></p>

<p style=' margin-bottom:0pt; margin-top:16pt;text-align:center;'><b><font style='font-size:10pt'>Pro Forma Condensed Consolidated Balance Sheet as of September 30, 2006</font></b></p>


<div align=left>


<table border="0" cellspacing=0 cellpadding=0 width="100%" style=' border-collapse:collapse;'>
    <tr>

        <td width="5%" valign=top style='padding:6.0pt 0in 0in 0in;'>

<p style=' margin-left:0pt;text-indent:0pt;text-align:left;margin-Top:0pt;margin-bottom:0pt;'><font style='font-size:10pt'>(a)</font></p> </td>

        <td valign=top style='padding:6.0pt 0in 0in 0in;'>

<p style=' margin-left:0pt;text-indent:0pt;text-align:left;margin-Top:0pt;margin-bottom:0pt;'><font style='font-size:10pt'>Reflects the Company&#146;s historical balance sheet as of September 30, 2006 (unaudited), as previously filed, including the acquisition of the property owned by Long Reach Plaza Associates LLC, which was acquired on September 27, 2006 for aggregate consideration of approximately $8.8 million, comprised of approximately $4.9 million of assumed mortgage debt and $3.9 million funded from the Company&#146;s secured revolving credit facility. The purchase price was allocated approximately $1.76 million to land and $7.04 million to building.</font></p> </td> </tr></table>
</div>




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<table border="0" cellspacing=0 cellpadding=0 width="100%" style=' border-collapse:collapse;'>
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        <td width="5%" valign=top style='padding:6.0pt 0in 0in 0in;'>

<p style=' margin-left:0pt;text-indent:0pt;text-align:left;margin-Top:0pt;margin-bottom:0pt;'><font style='font-size:10pt'>(b)</font></p> </td>

        <td valign=top style='padding:6.0pt 0in 0in 0in;'>

<p style=' margin-left:0pt;text-indent:0pt;text-align:left;margin-Top:0pt;margin-bottom:0pt;'><font style='font-size:10pt'>Reflects the acquisitions of Gahanna Discount Drug Mart Plaza (October 2006), FirstMerit Bank at Cuyahoga Falls (November 2006) and Oak Ridge Shopping Center (November 2006).</font></p> </td> </tr></table>
</div>




<div align=left>


<table border="0" cellspacing=0 cellpadding=0 width="100%" style=' border-collapse:collapse;'>
    <tr>

        <td width="5%" valign=top style='padding:6.0pt 0in 0in 0in;'>

<p style=' margin-left:0pt;text-indent:0pt;text-align:left;margin-Top:0pt;margin-bottom:0pt;'><font style='font-size:10pt'>(c) </font></p> </td>

        <td valign=top style='padding:6.0pt 0in 0in 0in;'>

<p style=' margin-left:0pt;text-indent:0pt;text-align:left;margin-Top:0pt;margin-bottom:0pt;'><font style='font-size:10pt'>Reflects the acquisition of the property owned by Elmhurst Square Associates I LLC and Elmhurst Square Associates II LLC (expected to close in December 2006). The aggregate consideration is expected to be approximately $7.0 million, comprised of approximately $4.3 million of an assumed mortgage loan payable and $2.7 million funded from the Company&#146;s secured revolving credit facility, including $150,000 previously paid deposits on the transactions.</font></p> </td> </tr></table>
</div>




<div align=left>


<table border="0" cellspacing=0 cellpadding=0 width="100%" style=' border-collapse:collapse;'>
    <tr>

        <td width="5%" valign=top style='padding:6.0pt 0in 0in 0in;'>

<p style=' margin-left:0pt;text-indent:0pt;text-align:left;margin-Top:0pt;margin-bottom:0pt;'><font style='font-size:10pt'>(d)</font></p> </td>

        <td valign=top style='padding:6.0pt 0in 0in 0in;'>

<p style=' margin-left:0pt;text-indent:0pt;text-align:left;margin-Top:0pt;margin-bottom:0pt;'><font style='font-size:10pt'>The Company intends to account for the acquisitions in accordance with Statements of Financial Accounting Standards No. 141, &#147;Business Combinations&#148;, and No. 142, &#147;Goodwill and Other Intangibles&#148;, and is currently in the process of analyzing the fair value of the Acquired Properties&#146; in-place leases. No value has yet been assigned to the leases and, therefore, the purchase price allocations are preliminary and subject to change and no adjustment has been reflected for the amortization of acquired lease intangibles.</font></p> </td> </tr></table>
</div>



<p style=' margin-bottom:0pt; margin-top:12pt; margin-left:5%;text-align:left;'><b><font style='font-size:10pt'>Pro Forma Condensed Consolidated Statement of Income for the year ended December 31, 2005</font></b></p>


<div align=left>


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    <tr>

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<p style=' margin-left:0pt;text-indent:0pt;text-align:left;margin-Top:0pt;margin-bottom:0pt;'><font style='font-size:10pt'>(a)</font></p> </td>

        <td valign=top style='padding:6.0pt 0in 0in 0in;'>

<p style=' margin-left:0pt;text-indent:0pt;text-align:left;margin-Top:0pt;margin-bottom:0pt;'><font style='font-size:10pt'>Reflects the Company&#146;s historical operations for the year ended December 31, 2005, as previously filed.</font></p> </td> </tr></table>
</div>




<div align=left>


<table border="0" cellspacing=0 cellpadding=0 width="100%" style=' border-collapse:collapse;'>
    <tr>

        <td width="5%" valign=top style='padding:6.0pt 0in 0in 0in;'>

<p style=' margin-left:0pt;text-indent:0pt;text-align:left;margin-Top:0pt;margin-bottom:0pt;'><font style='font-size:10pt'>(b)</font></p> </td>

        <td valign=top style='padding:6.0pt 0in 0in 0in;'>

<p style=' margin-left:0pt;text-indent:0pt;text-align:left;margin-Top:0pt;margin-bottom:0pt;'><font style='font-size:10pt'>Reflects the acquisitions of St. James Square (March 2005), Kenley Village (March 2005), the Giltz Portfolio (April-June 2005), the RVG Portfolio (August 2005), Oakland Mills (September 2005), the Gould Portfolio (September 2005), The Point at Carlisle Plaza (September 2005), The Shops at Suffolk Downs (September 2005), Columbia Mall (October 2005), Pennsboro Commons (October 2005), Jordan Lane (November 2005), Fieldstone Marketplace (December 2005), the Silver Portfolio (November 2005), Westlake Discount Drug Mart Plaza (December 2005), Trexler Mall (December 2005), Gabriel Brothers Plaza (December 2005), Palmyra Shopping Center (December 2005), Shore Mall (January 2006), Gold Star Plaza (June 2006), Stonehedge Square (July 2006), Oakhurst Plaza (July 2006), Annie Land Plaza (August 2006), Shaw&#146;s Plaza (July 2006), Trexlertown Plaza (July 2006),
Hannaford Plaza (September 2006), Gahanna Discount Drug Mart Plaza (October 2006), FirstMerit Bank at Cuyahoga Falls (November 2006) and Oak Ridge Shopping Center (November 2006).</font></p> </td> </tr></table>
</div>




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<table border="0" cellspacing=0 cellpadding=0 width="100%" style=' border-collapse:collapse;'>
    <tr>

        <td width="5%" valign=top style='padding:6.0pt 0in 0in 0in;'>

<p style=' margin-left:0pt;text-indent:0pt;text-align:left;margin-Top:0pt;margin-bottom:0pt;'><font style='font-size:10pt'>(c)</font></p> </td>

        <td valign=top style='padding:6.0pt 0in 0in 0in;'>

<p style=' margin-left:0pt;text-indent:0pt;text-align:left;margin-Top:0pt;margin-bottom:0pt;'><font style='font-size:10pt'>Reflects the operations of the Acquired Properties for the year ended December 31, 2005. </font></p> </td> </tr></table>
</div>


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<p style=' margin-bottom:0pt; margin-top:8pt;text-align:center;'><b><font style='font-size:10pt'>Cedar Shopping Centers, Inc.</font></b></p>

<p style=' margin-bottom:0pt; margin-top:0pt;text-align:center;'><b><font style='font-size:10pt'>Notes to Pro Forma Condensed Consolidated Financial Statements (Unaudited)</font></b></p>

<p style=' margin-bottom:0pt; margin-top:16pt;text-align:center;'><b><font style='font-size:10pt'>Pro Forma Condensed Consolidated Statement of Income for the year ended December 31, 2005 (continued)</font></b></p>


<div align=left>


<table border="0" cellspacing=0 cellpadding=0 width="100%" style=' border-collapse:collapse;'>
    <tr>

        <td width="5%" valign=top style='padding:6.0pt 0in 0in 0in;'>

<p style=' margin-left:0pt;text-indent:0pt;text-align:left;margin-Top:0pt;margin-bottom:0pt;'><font style='font-size:10pt'>(d)</font></p> </td>

        <td valign=top style='padding:6.0pt 0in 0in 0in;'>

<p style=' margin-left:0pt;text-indent:0pt;text-align:left;margin-Top:0pt;margin-bottom:0pt;'><font style='font-size:10pt'>The Company intends to account for the acquisitions in accordance with Statements of Financial Accounting Standards No. 141, &#147;Business Combinations&#148;, and No. 142, &#147;Goodwill and Other Intangibles&#148;, and is currently in the process of analyzing the fair value of the Acquired Properties&#146; in-place leases. No value has yet been assigned to the leases and, therefore, the purchase price allocations are preliminary and subject to change and no adjustment has been reflected for the amortization of acquired lease intangibles.</font></p> </td> </tr></table>
</div>




<div align=left>


<table border="0" cellspacing=0 cellpadding=0 width="100%" style=' border-collapse:collapse;'>
    <tr>

        <td width="5%" valign=top style='padding:6.0pt 0in 0in 0in;'>

<p style=' margin-left:0pt;text-indent:0pt;text-align:left;margin-Top:0pt;margin-bottom:0pt;'><font style='font-size:10pt'>(e)</font></p> </td>

        <td valign=top style='padding:6.0pt 0in 0in 0in;'>

<p style=' margin-left:0pt;text-indent:0pt;text-align:left;margin-Top:0pt;margin-bottom:0pt;'><font style='font-size:10pt'>Reflects increased straight-line rents as if lease start dates were January 1, 2005.</font></p> </td> </tr></table>
</div>




<div align=left>


<table border="0" cellspacing=0 cellpadding=0 width="100%" style=' border-collapse:collapse;'>
    <tr>

        <td width="5%" valign=top style='padding:6.0pt 0in 0in 0in;'>

<p style=' margin-left:0pt;text-indent:0pt;text-align:left;margin-Top:0pt;margin-bottom:0pt;'><font style='font-size:10pt'>(f)</font></p> </td>

        <td valign=top style='padding:6.0pt 0in 0in 0in;'>

<p style=' margin-left:0pt;text-indent:0pt;text-align:left;margin-Top:0pt;margin-bottom:0pt;'><font style='font-size:10pt'>Reflects
    interest expense on (1) the $9.2 million assumed mortgage loans payable (which
    consists of the $4.9 million assumed related to Long Reach Village and $4.3
    million related to Elmhurst Square), and (2) $6.6 million of increased borrowings
    under the Company&#146;s
    secured revolving credit facility (which
    consists of $3.9 million related to Long Reach Village and $2.7 million related
    to Elmhurst Square), at weighted average interest rates of 5.56% and
    4.91% per annum, respectively. </font></p> </td> </tr></table>
</div>




<div align=left>


<table border="0" cellspacing=0 cellpadding=0 width="100%" style=' border-collapse:collapse;'>
    <tr>

        <td width="5%" valign=top style='padding:6.0pt 0in 0in 0in;'>

<p style=' margin-left:0pt;text-indent:0pt;text-align:left;margin-Top:0pt;margin-bottom:0pt;'><font style='font-size:10pt'>(g)</font></p> </td>

        <td valign=top style='padding:6.0pt 0in 0in 0in;'>

<p style=' margin-left:0pt;text-indent:0pt;text-align:left;margin-Top:0pt;margin-bottom:0pt;'><font style='font-size:10pt'>Reflects
    $316,000 of straight-line real estate depreciation (which consists of depreciation
    expense related to the $7.04 million building allocation for Long Reach Village
    and the $5.6 million building allocation for Elmhurst Square), based on estimated
    useful lives of 40 years.</font></p> </td> </tr></table>
</div>




<div align=left>


<table border="0" cellspacing=0 cellpadding=0 width="100%" style=' border-collapse:collapse;'>
    <tr>

        <td width="5%" valign=top style='padding:6.0pt 0in 0in 0in;'>

<p style=' margin-left:0pt;text-indent:0pt;text-align:left;margin-Top:0pt;margin-bottom:0pt;'><font style='font-size:10pt'>(h)</font></p> </td>

        <td valign=top style='padding:6.0pt 0in 0in 0in;'>

<p style=' margin-left:0pt;text-indent:0pt;text-align:left;margin-Top:0pt;margin-bottom:0pt;'><font style='font-size:10pt'>Reflects a decrease in limited partners&#146; interest as a result of the addition of the Acquired Properties.</font></p> </td> </tr></table>
</div>




<div align=left>


<table border="0" cellspacing=0 cellpadding=0 width="100%" style=' border-collapse:collapse;'>
    <tr>

        <td width="5%" valign=top style='padding:6.0pt 0in 0in 0in;'>

<p style=' margin-left:0pt;text-indent:0pt;text-align:left;margin-Top:0pt;margin-bottom:0pt;'><font style='font-size:10pt'>(i)</font></p> </td>

        <td valign=top style='padding:6.0pt 0in 0in 0in;'>

<p style=' margin-left:0pt;text-indent:0pt;text-align:left;margin-Top:0pt;margin-bottom:0pt;'><font style='font-size:10pt'>Reflects
    the sale of the partnership interest in the Red Lion joint venture (May 2006)
    and the acquisition of the remaining 50% interest in the LA Fitness facility
    (May 2006), as previously filed as applicable.</font></p> </td> </tr></table>
</div>



<p style=' margin-bottom:0pt; margin-top:16pt;text-align:center;'><b><font style='font-size:10pt'>Pro Forma Condensed Consolidated Statement of Income for the nine months ended September 30, 2006</font></b></p>


<div align=left>


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        <td width="5%" valign=top style='padding:6.0pt 0in 0in 0in;'>

<p style=' margin-left:0pt;text-indent:0pt;text-align:left;margin-Top:0pt;margin-bottom:0pt;'><font style='font-size:10pt'>(a)</font></p> </td>

        <td valign=top style='padding:6.0pt 0in 0in 0in;'>

<p style=' margin-left:0pt;text-indent:0pt;text-align:left;margin-Top:0pt;margin-bottom:0pt;'><font style='font-size:10pt'>Reflects the Company&#146;s historical operations for the nine months ended September 30, 2006 (unaudited), as previously filed.</font></p> </td> </tr></table>
</div>




<div align=left>


<table border="0" cellspacing=0 cellpadding=0 width="100%" style=' border-collapse:collapse;'>
    <tr>

        <td width="5%" valign=top style='padding:6.0pt 0in 0in 0in;'>

<p style=' margin-left:0pt;text-indent:0pt;text-align:left;margin-Top:0pt;margin-bottom:0pt;'><font style='font-size:10pt'>(b)</font></p> </td>

        <td valign=top style='padding:6.0pt 0in 0in 0in;'>

        <p style=' margin-left:0pt;text-indent:0pt;text-align:left;margin-Top:0pt;margin-bottom:0pt;'><font style='font-size:10pt'>Reflects
          the acquisitions of Shore Mall (January 2006), Gold Star Plaza (June
          2006), Stonehedge Square (July 2006), Oakhurst Plaza (July 2006), Annie
          Land Plaza (August 2006), Shaw&#146;s Plaza (July 2006), Trexlertown
          Plaza (July 2006), Hannaford Plaza (September 2006), Gahanna Discount
          Drug Mart Plaza (October 2006), FirstMerit Bank at Cuyahoga Falls (November
          2006) and Oak Ridge Shopping Center (November 2006).</font></p>
      </td> </tr></table>
</div>




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<table border="0" cellspacing=0 cellpadding=0 width="100%" style=' border-collapse:collapse;'>
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        <td width="5%" valign=top style='padding:6.0pt 0in 0in 0in;'>

<p style=' margin-left:0pt;text-indent:0pt;text-align:left;margin-Top:0pt;margin-bottom:0pt;'><font style='font-size:10pt'>(c)</font></p> </td>

        <td valign=top style='padding:6.0pt 0in 0in 0in;'>

<p style=' margin-left:0pt;text-indent:0pt;text-align:left;margin-Top:0pt;margin-bottom:0pt;'><font style='font-size:10pt'>Reflects the operations of the Acquired Properties for the nine months ended September 30, 2006.</font></p> </td> </tr></table>
</div>




<div align=left>


<table border="0" cellspacing=0 cellpadding=0 width="100%" style=' border-collapse:collapse;'>
    <tr>

        <td width="5%" valign=top style='padding:6.0pt 0in 0in 0in;'>

<p style=' margin-left:0pt;text-indent:0pt;text-align:left;margin-Top:0pt;margin-bottom:0pt;'><font style='font-size:10pt'>(d)</font></p> </td>

        <td valign=top style='padding:6.0pt 0in 0in 0in;'>

<p style=' margin-left:0pt;text-indent:0pt;text-align:left;margin-Top:0pt;margin-bottom:0pt;'><font style='font-size:10pt'>The Company intends to account for the acquisitions in accordance with Statements of Financial Accounting Standards No. 141, &#147;Business Combinations&#148;, and No. 142, &#147;Goodwill and Other Intangibles&#148;, and is currently in the process of analyzing the fair value of the Acquired Properties&#146; in-place leases. No value has yet been assigned to the leases and, therefore, the purchase price allocations are preliminary and subject to change and no adjustment has been reflected for the amortization of acquired lease intangibles.</font></p> </td> </tr></table>
</div>




<div align=left>


<table border="0" cellspacing=0 cellpadding=0 width="100%" style=' border-collapse:collapse;'>
    <tr>

        <td width="5%" valign=top style='padding:6.0pt 0in 0in 0in;'>

<p style=' margin-left:0pt;text-indent:0pt;text-align:left;margin-Top:0pt;margin-bottom:0pt;'><font style='font-size:10pt'>(e)</font></p> </td>

        <td valign=top style='padding:6.0pt 0in 0in 0in;'>

<p style=' margin-left:0pt;text-indent:0pt;text-align:left;margin-Top:0pt;margin-bottom:0pt;'><font style='font-size:10pt'>Reflects increased straight-line rents as if the lease start dates were January 1, 2005.</font></p> </td> </tr></table>
</div>


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<p style=' margin-bottom:0pt; margin-top:8pt;text-align:center;'><b><font style='font-size:10pt'>Cedar Shopping Centers, Inc.</font></b></p>

<p style=' margin-bottom:0pt; margin-top:0pt;text-align:center;'><b><font style='font-size:10pt'>Notes to Pro Forma Condensed Consolidated Financial Statements (Unaudited)</font></b></p>

<p style=' margin-bottom:0pt; margin-top:16pt;text-align:center;'><b><font style='font-size:10pt'>Pro Forma Condensed Consolidated Statement of Income for the nine months ended September 30, 2006 (continued)</font></b></p>


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<table border="0" cellspacing=0 cellpadding=0 width="100%" style=' border-collapse:collapse;'>
    <tr>

        <td width="5%" valign=top style='padding:6.0pt 0in 0in 0in;'>

<p style=' margin-left:0pt;text-indent:0pt;text-align:left;margin-Top:0pt;margin-bottom:0pt;'><font style='font-size:10pt'>(f)</font></p> </td>

        <td valign=top style='padding:6.0pt 0in 0in 0in;'>

<p style=' margin-left:0pt;text-indent:0pt;text-align:left;margin-Top:0pt;margin-bottom:0pt;'><font style='font-size:10pt'>Reflects
    interest expense on (1) the $9.2 million assumed mortgage loans payable (which
    consists of the $4.9 million assumed related to Long Reach Village and the
    $4.3 million assumed related to Elmhurst Square),
    and (2) $6.6 million of increased borrowings under the Company&#146;s secured
    revolving credit facility (which
    consists of $3.9 million related to Long Reach Village and $2.7 million
    related to Elmhurst Square), at a weighted average interest rates of 5.56%
    and 6.31% per annum, respectively. </font></p> </td> </tr></table>
</div>




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<table border="0" cellspacing=0 cellpadding=0 width="100%" style=' border-collapse:collapse;'>
    <tr>

        <td width="5%" valign=top style='padding:6.0pt 0in 0in 0in;'>

<p style=' margin-left:0pt;text-indent:0pt;text-align:left;margin-Top:0pt;margin-bottom:0pt;'><font style='font-size:10pt'>(g)</font></p> </td>

        <td valign=top style='padding:6.0pt 0in 0in 0in;'>

<p style=' margin-left:0pt;text-indent:0pt;text-align:left;margin-Top:0pt;margin-bottom:0pt;'><font style='font-size:10pt'>Reflects
    $237,000 of straight-line real estate depreciation (which consists of depreciation
    expense related to the $7.04 million building allocation for Long Reach Village
    and the $5.6 million building allocation for Elmhurst Square), based on estimated
    useful lives of 40 years. </font></p> </td> </tr></table>
</div>




<div align=left>


<table border="0" cellspacing=0 cellpadding=0 width="100%" style=' border-collapse:collapse;'>
    <tr>

        <td width="5%" valign=top style='padding:6.0pt 0in 0in 0in;'>

<p style=' margin-left:0pt;text-indent:0pt;text-align:left;margin-Top:0pt;margin-bottom:0pt;'><font style='font-size:10pt'>(h)</font></p> </td>

        <td valign=top style='padding:6.0pt 0in 0in 0in;'>

<p style=' margin-left:0pt;text-indent:0pt;text-align:left;margin-Top:0pt;margin-bottom:0pt;'><font style='font-size:10pt'>Reflects an increase in limited partners&#146; interest as a result of the addition of the Acquired Properties.</font></p> </td> </tr></table>
</div>




<div align=left>


<table border="0" cellspacing=0 cellpadding=0 width="100%" style=' border-collapse:collapse;'>
    <tr>

        <td width="5%" valign=top style='padding:6.0pt 0in 0in 0in;'>

<p style=' margin-left:0pt;text-indent:0pt;text-align:left;margin-Top:0pt;margin-bottom:0pt;'><font style='font-size:10pt'>(i)</font></p> </td>

        <td valign=top style='padding:6.0pt 0in 0in 0in;'>

<p style=' margin-left:0pt;text-indent:0pt;text-align:left;margin-Top:0pt;margin-bottom:0pt;'><font style='font-size:10pt'>Reflects
    the sale of the partnership interest in the Red Lion joint venture (May 2006)
    and the acquisition of the remaining 50% interest in the LA Fitness facility
    (May 2006), as previously filed as applicable.</font></p> </td> </tr></table>
</div>


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<p style=' margin-bottom:0pt; margin-top:8pt;text-align:center;'><u><b><font style='font-size:10pt'><a name="toc72141991"></a>SIGNATURES</font></b></u></p>

<p style=' margin-bottom:0pt; margin-top:8pt;text-align:left;'><font style='font-size:10pt'>Pursuant to the requirements of the Securities Exchange Act of 1934, the Registrant has duly caused this Report to be signed on its behalf by the undersigned hereunto duly authorized.</font></p>

<p style=' margin-bottom:0pt; margin-top:0pt;text-align:left;'><font style='font-size:10pt'>&nbsp;</font></p>


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        <p style=' margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0in;margin-bottom:0pt;'><font style='font-size:10PT'>CEDAR
          SHOPPING CENTERS, INC.</font></p>
      </td>
      <td width="12%" valign=bottom >
        <p style=' margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0in;margin-bottom:0pt;'><font size=1>&nbsp;</font></p>
      </td>
      <td width="5%" valign=bottom >
        <p style=' margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0in;margin-bottom:0pt;'><font size=1>&nbsp;</font></p>
      </td>
      <td width="44%" valign=bottom >
        <p style=' margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0in;margin-bottom:0pt;'><font size=1>&nbsp;</font></p>
      </td>
    </tr>
    <tr>
      <td valign=bottom width="35%" >&nbsp;</td>
      <td valign=bottom width="12%" >&nbsp;</td>
      <td valign=bottom width="5%" >&nbsp;</td>
      <td valign=bottom width="44%" >&nbsp;</td>
    </tr>
    <tr>
      <td valign=bottom width="35%" >
        <p style=' margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0in;margin-bottom:0pt;'><br>
          <font style='margin-top:16pt; font-size:10pt'>/s/ THOMAS J. O&#146;KEEFFE</font></p>
      </td>
      <td valign=bottom width="12%" >
        <p style=' margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0in;margin-bottom:0pt;'><font size=1>&nbsp;</font></p>
      </td>
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        <p style=' margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0in;margin-bottom:0pt;'><font style='font-size:10pt'>&nbsp;</font></p>
      </td>
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        <p style=' margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0in;margin-bottom:0pt;'>
        </p>
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        <p style=' margin-left:0pt;text-indent:0pt;text-align:left;margin-bottom:0pt;'><font size=1>&nbsp;</font></p>
      </td>
      <td valign=top width="5%" >
        <p style=' margin-left:0pt;text-indent:0pt;text-align:left;margin-bottom:0pt;'><font size=1>&nbsp;</font></p>
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        <p style=' margin-left:0pt;text-indent:0pt;text-align:left;margin-bottom:0pt;'><font size=1>&nbsp;</font></p>
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        <p style=' margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0in;margin-bottom:0pt;'><font style='font-size:10pt'>Thomas
          J. O&#146;Keeffe</font><br>
          <font style='font-size:10pt'>Chief Financial Officer</font><br>
          <br>
          <font style='font-size:10pt'>Dated: December 11, 2006</font></p>
      </td>
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[{"type": "8-K", "sequence": "1", "filename": "b416066_8-k.htm", "description": "FORM 8-K", "secsgml_size_bytes": 397690}]
{"company-data": {"conformed-name": "CEDAR SHOPPING CENTERS INC", "cik": "0000761648", "assigned-sic": "6798", "irs-number": "421241468", "state-of-incorporation": "MD", "fiscal-year-end": "1231"}, "filing-values": {"form-type": "8-K", "act": "34", "file-number": "001-31817", "film-number": "061273639"}, "business-address": {"street1": "44 SOUTH BAYLES AVENUE", "city": "PORT WASHINGTON", "state": "NY", "zip": "11050", "phone": "5167676492"}, "mail-address": {"street1": "44 SOUTH BAYLES AVENUE", "city": "PORT WASHINGTON", "state": "NY", "zip": "11050"}, "former-company": [{"former-conformed-name": "CEDAR INCOME FUND LTD /MD/", "date-changed": "20001128"}, {"former-conformed-name": "UNI INVEST USA LTD", "date-changed": "20000407"}, {"former-conformed-name": "CEDAR INCOME FUND LTD", "date-changed": "19920703"}]}
Prepared and filed by St Ives Financial
UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
WASHINGTON, D.C. 20549
FORM 8-K
CURRENT REPORT
PURSUANT TO SECTION
13 OR 15(d) OF THE
SECURITIES EXCHANGE ACT OF 1934
Date of Report (Date of Earliest Event Reported): September 27, 2006
Cedar Shopping Centers, Inc.
(Exact
  name of registrant as specified in its charter)
Maryland
(State or other jurisdiction of
incorporation)
001-31817
(Commission File No.)
42-1241468
(IRS Employer Identification
No.)
44 South Bayles Avenue
Port Washington, NY
11050-3765
(Address of principal executive
offices)
(Zip Code)
(516) 767-6492
(Registrant's telephone number,
including area code)
Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions (see General Instruction A.2. below):
Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425)
Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12)
Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b))
Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c))
Item 8.01. Other Events.
With the completion of an acquisition on September 27, 2006, the total of the Company's 2006 non-material acquisitions had reached an amount requiring that a majority of such acquisitions be audited pursuant to Rule 3-14 of Regulation S-X of the Securities and Exchange Commission.
Item 9.01. Financial Statements and Exhibits.
(a) Financial Statements of Businesses Acquired:
Elmhurst Square Associates I LLC, Elmhurst Square Associates II LLC and Long Reach Plaza Associates LLC:
Report of Independent Registered Public Accounting Firm
Combined Statements of Revenues and Certain Expenses:
For the year ended December 31, 2005
For the nine months ended September 30, 2006 (unaudited)
Notes to the Combined Statements of Revenues and Certain Expenses
(b) Pro Forma Financial Information:
Pro Forma Condensed Consolidated Balance Sheet as of September 30, 2006 (unaudited)
Pro Forma Condensed Consolidated Statements of Income (unaudited):
For the year ended December 31, 2005
For the nine months ended September 30, 2006
Notes to Pro Forma Condensed Consolidated Financial Statements (unaudited)
(d) Exhibits:
23.1 Consent of Independent Registered Public Accounting Firm dated December 11, 2006
Signatures
Report of Independent Registered Public Accounting Firm
Board of Directors and Shareholders
Cedar Shopping Centers, Inc.
We
    have audited the combined statement of revenues and certain expenses of the
    Elmhurst Square Associates I LLC, Elmhurst Square Associates II LLC and Long
    Reach Plaza Associates LLC (the "Properties") for the year ended
    December 31, 2005. The combined statement of revenues and certain expenses
    is the responsibility of Cedar Shopping Centers, Inc.'s (the "Company")
    management. Our responsibility is to express an opinion on this combined
    statement of revenues and certain expenses based on our audit.
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 the combined statement of revenues and certain expenses is free of material misstatement. We were not engaged to perform an audit of the Properties' internal control over financial reporting. Our audit included consideration of internal control over financial reporting as a basis for designing audit procedures that are appropriate in the circumstances, but not for the purpose of expressing an opinion on the effectiveness of the Properties' internal control over financial reporting. Accordingly, we express no such opinion. An audit also includes examining, on a test basis, evidence supporting the amounts and disclosures in the combined statement of revenues and
certain expenses, assessing the accounting principles used and significant estimates made by management, and evaluating the overall combined statement of revenues and certain expenses presentation. We believe that our audit provides a reasonable basis for our opinion.
As
    discussed in Note 1, the accompanying combined statement of revenues and
    certain expenses was prepared for the purpose of complying with Rule 3-14
    of Regulation
    S-X
    of the Securities and Exchange Commission for inclusion in Form 8-K of Cedar
    Shopping Centers, Inc. and is not intended to be a complete presentation
    of the combined revenues and certain expenses of the Properties.
In our opinion, the combined statement of revenues and certain expense referred to above presents fairly, in all material respects, the combined statement of revenues and certain expenses of the Properties as described in Note 1 for the year ended December 31, 2005, in conformity with U.S. generally accepted accounting principles.
/s/ Ernst & Young LLP
New York, New York
December 11, 2006
Elmhurst Square Associates I LLC, Elmhurst Square Associates II LLC and Long Reach Plaza Associates LLC
Combined Statements of Revenues and Certain Expenses
Nine
          months
ended
September 30, 2006
Year
ended
December 31, 2005
(Unaudited)
Revenues:
Base
          rents
$
1,167,000
$
1,465,000
Tenant
          reimbursements
303,000
402,000
Other
2,000
16,000
Total
          revenues
1,472,000
1,883,000
Certain
          expenses:
Real
          estate taxes
103,000
133,000
Property
          operating expenses
363,000
555,000
Management
          fees - related party
71,000
93,000
Total
          certain expenses
537,000
781,000
Revenues
          in excess of certain expenses
$
935,000
$
1,102,000
See accompanying notes to combined statements of revenues and certain expenses.
Elmhurst Square Associates I LLC, Elmhurst Square Associates II LLC and Long Reach Plaza Associates LLC
Notes to Combined Statements of Revenues and Certain Expenses
For the year ended December 31, 2005
For the nine months ended September 30, 2006 (unaudited)
1.
Basis of Presentation
Presented
    herein are the combined statements of revenues and certain expenses of
Elmhurst
    Square Associates I LLC, Elmhurst Square Associates II LLC and Long Reach
    Plaza Associates LLC, which as a whole comprise the operations of two supermarket-anchored
    shopping centers located in Portsmouth, Virginia (a/k/a Elmhurst Square)
    and Columbia, Maryland (a/k/a Long Reach Village) collectively known as the "Properties." The
    Properties contain approximately 171,000 square feet of gross leasable area.
    Cedar Shopping Centers, Inc. (the "Company") acquired Long Reach
    Village in September 2006 pursuant to the terms of a Purchase and Sale Agreement;
    Elmhurst Square is expected to close in December 2006. The financial statements
    for the Properties are combined since the Properties have been or  will be
    acquired from the same seller, thus they were under common control and management.
The accompanying combined financial statements have been prepared in accordance with the applicable rules and regulations of the Securities and Exchange Commission for the acquisition of real estate properties. Accordingly, the combined financial statements exclude certain expenses because they may not be comparable to those expected to be incurred in the proposed future operations of the Properties. Items excluded consist of interest expense and depreciation and amortization expense, which are not directly related to future operations.
2.
Use of Estimates
The preparation of the combined statements of revenues and certain expenses in conformity with U.S. generally accepted accounting principles requires management to make estimates and assumptions that affect the amounts reported in the statements of revenues and certain expenses and accompanying notes. Actual results could differ from those estimates.
3.
Revenue Recognition
The Properties are being leased to tenants under operating leases. Minimum rental income is recognized on a straight-line basis over the terms of the respective leases. The excess of rents recognized over amounts contractually due pursuant to the underlying leases was approximately $25,000 and $37,000 for the year ended December 31, 2005 and for the nine months ended September 30, 2006 (unaudited).
4.
Property Operating Expenses
Property operating expenses for the year ended December 31, 2005 include approximately $164,000 for utilities, $80,000 for repairs and maintenance, $69,000 for security, $57,000 for snow and trash removal, $47,000 for parking lot costs, $38,000 for insurance, $37,000 for landscaping, $25,000 for cleaning, $17,000 for professional fees, $7,000 for bad debt expense and $14,000 for other expenses.
Property operating expenses for the nine months ended September 30, 2006 (unaudited) include approximately $124,000 for utilities, $36,000 for parking lot costs, $35,000 for security, $35,000 for repairs and maintenance, $25,000 for insurance, $23,000 for landscaping, $22,000 for snow and trash removal, $19,000 for cleaning, $11,000 for professional fees, $17,000 for bad debt expense and $16,000 for other expenses.
5.
Management Fees – Related Party
The Properties were managed by Perrine & Wheeler LLC, a related party, pursuant to management agreements. Management fees of approximately $93,000 for the year ended December 31, 2005 and $71,000 for the nine months ended September 30, 2006 (unaudited) were incurred. The management agreements provided for a monthly management fee of 3% of cash receipts and an asset management fee of 2% of cash receipts, as defined.
6.
Significant Tenants
Significant tenants include Safeway and Food Lion, which constituted approximately 18% and 13%, respectively, of base rents for the year ended December 31, 2005, and 17% and 12%, respectively, of base rents for the nine months ended September 30, 2006 (unaudited).
Elmhurst Square Associates I LLC, Elmhurst Square Associates II LLC and Long Reach Plaza Associates LLC
Notes to Combined Statements of Revenues and Certain Expenses
For the year ended December 31, 2005
For the nine months ended September 30, 2006 (unaudited)
(Continued)
7.
Future Minimum Lease Payments
Future minimum lease payments to be received under non-cancelable operating leases for the years ending December 31 are as follows:
2006
$
1,486,000
2007
1,482,000
2008
1,212,000
2009
1,041,000
2010
840,000
Thereafter
3,431,000
Total
$
9,492,000
The lease agreements generally contain provisions for reimbursement of real estate taxes and operating expenses, on a pro rata basis, as well as for fixed increases in rent.
8.
Interim Unaudited Financial Information
The combined statement of revenues and certain expenses for the nine months ended September 30, 2006 is unaudited; however, in the opinion of management, all adjustments (consisting solely of normal recurring adjustments) necessary for a fair presentation of the combined statement of revenues and certain expenses for this interim period have been included. The results of the interim period are not necessarily indicative of the results to be obtained for a full fiscal year.
Cedar Shopping Centers, Inc.
Pro Forma Condensed Consolidated Balance Sheet
As of September 30, 2006
(Unaudited)
The following unaudited pro forma condensed consolidated balance sheet is presented as if Cedar Shopping Centers, Inc. (the "Company") had acquired (1) Elmhurst Square Associates I LLC, Elmhurst Square Associates II LLC ("Elmhurst Square") and Long Reach Plaza Associates LLC, ("Long Reach Village") (collectively "Acquired Properties), and (2) the other properties it purchased subsequent to September 30, 2006 and through November 30, 2006, as if all of these transactions were completed as of September 30, 2006. This financial statement should be read in conjunction with the unaudited pro forma condensed consolidated statements of income, and the Company's historical financial statements and notes thereto as filed on Form 10-K for the year ended December 31, 2005 and on Form 10-Q for the nine months ended September 30, 2006. The pro forma
condensed consolidated balance sheet is unaudited and is not necessarily indicative of what the actual financial position would have been had the Company acquired (1) Elmhurst Square Associates I LLC, Elmhurst Square Associates II LLC and Long Reach Plaza Associates LLC, and (2) the other properties it purchased subsequent to September 30, 2006 and through November 30, 2006, nor does it purport to represent the future consolidated financial position of the Company.
As of September 30, 2006
Cedar Shopping
Centers, Inc.
Historical (a)
Completed transactions
(b) (d)
Elmhurst Square
(c)(d)
Pro forma
Assets
Real estate
Land
$
230,777,000
$
2,640,000
$
1,400,000
$
234,817,000
Buildings and improvements
960,963,000
10,560,000
5,600,000
977,123,000
1,191,740,000
13,200,000
7,000,000
1,211,940,000
Less accumulated depreciation
(56,394,000
)
—
—
(56,394,000
)
Real estate, net
1,135,346,000
13,200,000
7,000,000
1,155,546,000
Cash and cash equivalents
15,918,000
—
—
15,918,000
Cash at joint ventures and restricted cash
11,290,000
—
—
11,290,000
Rents and other receivables, net
12,433,000
—
—
12,433,000
Other assets
9,430,000
—
(150,000
)
9,280,000
Deferred charges, net
21,347,000
—
—
21,347,000
Total assets
$
1,205,764,000
$
13,200,000
$
6,850,000
$
1,225,814,000
Liabilities
          and shareholders' equity
Mortgage loans payable
$
441,538,000
$
—
$
4,260,000
$
445,798,000
Secured revolving credit facility
215,130,000
13,200,000
2,590,000
230,920,000
Accounts payable, accrued expenses, and other
16,055,000
—
—
16,055,000
Unamortized intangible lease liabilities
50,742,000
—
—
50,742,000
Total liabilities
723,465,000
13,200,000
6,850,000
743,515,000
Minority interests in consolidated joint ventures
9,143,000
—
—
9,143,000
Limited
          partners' interest in consolidated Operating Partnership
23,658,000
23,658,000
Shareholders'
          equity
449,498,000
—
—
449,498,000
Total
          liabilities and shareholders' equity
$
1,205,764,000
$
13,200,000
$
6,850,000
$
1,225,814,000
See accompanying notes to pro forma condensed consolidated financial statements.
Cedar Shopping Centers, Inc.
Pro Forma Condensed Consolidated Statements of Income
For the year ended December 31, 2005
For the nine months ended September 30, 2006
(Unaudited)
The following unaudited pro forma condensed consolidated statements of income are presented as if the Company (1) had acquired Elmhurst Square Associates I LLC, Elmhurst Square Associates II LLC and Long Reach Plaza Associates LLC, and (2) had acquired or sold the other properties it purchased or disposed of throughout 2005 and through November 30, 2006, as if all these transactions were completed as of January 1, 2005. These financial statements should be read in conjunction with the accompanying unaudited pro forma condensed consolidated balance sheet, and the Company's historical financial statements and notes thereto as filed on Form 10-K for the year ended December 31, 2005 and on Form 10-Q for the nine months ended September 30, 2006. The pro forma condensed consolidated statements of income are unaudited and are not necessarily indicative of what the actual results of
operations would have been had the Company (1) acquired Elmhurst Square Associates I LLC, Elmhurst Square Associates II LLC and Long Reach Plaza Associates LLC, and (2) acquired or sold the other properties it purchased or disposed of throughout 2005 and through November 30, 2006, nor does it purport to represent the consolidated results of operations of the Company for future periods.
For the year ended December 31, 2005
Acquired Properties
Cedar
          Shopping
Centers, Inc.
Historical (a)
Completed
transactions
(b) (d)
Historical
( c )
Pro forma
adjustments
(d)
Pro forma
Revenues
$
78,941,000
$
42,116,000
$
1,883,000
$
25,000
(e)
$
122,965,000
Expenses:
Operating, maintenance and management
14,298,000
8,479,000
648,000
—
23,425,000
Real estate and other property-related taxes
7,965,000
4,703,000
133,000
—
12,801,000
General and administrative
5,132,000
—
—
—
5,132,000
Depreciation and amortization
20,606,000
8,248,000
—
316,000
(g)
29,170,000
Total expenses
48,001,000
21,430,000
781,000
316,000
70,528,000
Operating income
30,940,000
20,686,000
1,102,000
(291,000
)
52,437,000
Non-operating income and expenses:
Interest expense
(15,178,000
)
(18,902,000
)
—
(835,000
)(f)
(34,915,000
)
Amortization of deferred financing costs
(1,071,000
)
—
—
—
(1,071,000
)
Interest income
91,000
71,000
—
—
162,000
Total non-operating income and expenses
(16,158,000
)
(18,831,000
)
—
(835,000
)
(35,824,000
)
Income
          before the minority and limited partners' interests
14,782,000
1,855,000
1,102,000
(1,126,000
)
16,613,000
Minority interests in consolidated joint ventures
(1,270,000
)
220,000
(i)
—
—
(1,050,000
)
Limited
          partners' interest in Operating Partnership
(299,000
)
(67,000
)
—
1,000
(h)
(365,000
)
Net income
13,213,000
2,008,000
1,102,000
(1,125,000
)
15,198,000
Preferred distribution requirements
(7,186,000
)
(690,000
)
—
—
(7,876,000
)
Net income applicable to common shareholders
$
6,027,000
$
1,318,000
$
1,102,000
$
(1,125,000
)
$
7,322,000
Per common share (basic and diluted)
$
0.25
$
0.31
Weigted average number of common shares outstanding
23,988,000
23,988,000
See accompanying notes to pro forma condensed consolidated financial statements.
Cedar Shopping Centers, Inc.
Pro Forma Condensed Consolidated Statements of Income
For the year ended December 31, 2005
For the nine months ended September 30, 2006
(Unaudited)
(Continued)
For
          the nine months ended September 30, 2006
Acquired
          Properties
Cedar
Shopping
Centers,
Inc.
Historical
(a)
Completed
transactions
(b)
(d)
Historical
(
c
)
Pro
forma
adjustments
(d)
Pro
forma
Revenues
$
92,229,000
$
7,512,000
$
1,472,000
$
13,000
(e)
$
101,226,000
Expenses:
Operating,
          maintenance and management
16,760,000
1,310,000
434,000
—
18,504,000
Real
          estate and other property-related taxes
9,394,000
913,000
103,000
—
10,410,000
General
          and administrative
4,220,000
—
—
—
4,220,000
Depreciation
          and amortization
25,659,000
1,391,000
—
237,000
(g)
27,287,000
Total
          expenses
56,033,000
3,614,000
537,000
237,000
60,421,000
Operating
          income
36,196,000
3,898,000
935,000
(224,000
)
40,805,000
Non-operating
          income and expenses:
Interest
          expense
(23,655,000
)
(4,775,000
)
—
(696,000
)
          (f)
(29,126,000
)
Amortization
          of deferred financing costs
(1,003,000
)
—
—
—
(1,003,000
)
Equity
          in (loss) of unconsolidated joint venture
(40,000
)
40,000
—
—
—
Gain
          on sale of interest in unconsolidated joint venture
141,000
(141,000
)
—
—
—
Interest
          income
392,000
—
—
—
392,000
Total
          non-operating income and expenses
(24,165,000
)
(4,876,000
)
—
(696,000
)
(29,737,000
)
Income
          before minority and limited partners' interests
12,031,000
(978,000
)
935,000
(920,000
)
11,068,000
Minority
          interests in consolidated joint ventures
(943,000
)
57,000
(i)
—
(886,000
)
Limited
          partners' interest in Operating Partnership
(262,000
)
47,000
—
(1,000
)
          (h)
(216,000
)
Net
          income
10,826,000
(874,000
)
935,000
(921,000
)
9,966,000
Preferred
          distribution requirements
(5,907,000
)
—
—
—
(5,907,000
)
Net
          income applicable to common shareholders
$
4,919,000
$
(874,000
)
$
935,000
$
(921,000
)
$
4,059,000
Basic
          per common share
$
0.16
$
0.13
Diluted
          per common share
$
0.15
$
0.13
Basic
          weighted average number of common shares outstanding
31,660,000
31,660,000
Diluted
          weighted average number of common shares outstanding
31,832,000
31,832,000
See accompanying notes to pro forma condensed consolidated financial statements.
Cedar Shopping Centers, Inc.
Notes to Pro Forma Condensed Consolidated Financial Statements (Unaudited)
Pro Forma Condensed Consolidated Balance Sheet as of September 30, 2006
(a)
Reflects the Company's historical balance sheet as of September 30, 2006 (unaudited), as previously filed, including the acquisition of the property owned by Long Reach Plaza Associates LLC, which was acquired on September 27, 2006 for aggregate consideration of approximately $8.8 million, comprised of approximately $4.9 million of assumed mortgage debt and $3.9 million funded from the Company's secured revolving credit facility. The purchase price was allocated approximately $1.76 million to land and $7.04 million to building.
(b)
Reflects the acquisitions of Gahanna Discount Drug Mart Plaza (October 2006), FirstMerit Bank at Cuyahoga Falls (November 2006) and Oak Ridge Shopping Center (November 2006).
(c)
Reflects the acquisition of the property owned by Elmhurst Square Associates I LLC and Elmhurst Square Associates II LLC (expected to close in December 2006). The aggregate consideration is expected to be approximately $7.0 million, comprised of approximately $4.3 million of an assumed mortgage loan payable and $2.7 million funded from the Company's secured revolving credit facility, including $150,000 previously paid deposits on the transactions.
(d)
The Company intends to account for the acquisitions in accordance with Statements of Financial Accounting Standards No. 141, "Business Combinations", and No. 142, "Goodwill and Other Intangibles", and is currently in the process of analyzing the fair value of the Acquired Properties' in-place leases. No value has yet been assigned to the leases and, therefore, the purchase price allocations are preliminary and subject to change and no adjustment has been reflected for the amortization of acquired lease intangibles.
Pro Forma Condensed Consolidated Statement of Income for the year ended December 31, 2005
(a)
Reflects the Company's historical operations for the year ended December 31, 2005, as previously filed.
(b)
Reflects the acquisitions of St. James Square (March 2005), Kenley Village (March 2005), the Giltz Portfolio (April-June 2005), the RVG Portfolio (August 2005), Oakland Mills (September 2005), the Gould Portfolio (September 2005), The Point at Carlisle Plaza (September 2005), The Shops at Suffolk Downs (September 2005), Columbia Mall (October 2005), Pennsboro Commons (October 2005), Jordan Lane (November 2005), Fieldstone Marketplace (December 2005), the Silver Portfolio (November 2005), Westlake Discount Drug Mart Plaza (December 2005), Trexler Mall (December 2005), Gabriel Brothers Plaza (December 2005), Palmyra Shopping Center (December 2005), Shore Mall (January 2006), Gold Star Plaza (June 2006), Stonehedge Square (July 2006), Oakhurst Plaza (July 2006), Annie Land Plaza (August 2006), Shaw's Plaza (July 2006), Trexlertown Plaza (July 2006),
Hannaford Plaza (September 2006), Gahanna Discount Drug Mart Plaza (October 2006), FirstMerit Bank at Cuyahoga Falls (November 2006) and Oak Ridge Shopping Center (November 2006).
(c)
Reflects the operations of the Acquired Properties for the year ended December 31, 2005.
Cedar Shopping Centers, Inc.
Notes to Pro Forma Condensed Consolidated Financial Statements (Unaudited)
Pro Forma Condensed Consolidated Statement of Income for the year ended December 31, 2005 (continued)
(d)
The Company intends to account for the acquisitions in accordance with Statements of Financial Accounting Standards No. 141, "Business Combinations", and No. 142, "Goodwill and Other Intangibles", and is currently in the process of analyzing the fair value of the Acquired Properties' in-place leases. No value has yet been assigned to the leases and, therefore, the purchase price allocations are preliminary and subject to change and no adjustment has been reflected for the amortization of acquired lease intangibles.
(e)
Reflects increased straight-line rents as if lease start dates were January 1, 2005.
(f)
Reflects
    interest expense on (1) the $9.2 million assumed mortgage loans payable (which
    consists of the $4.9 million assumed related to Long Reach Village and $4.3
    million related to Elmhurst Square), and (2) $6.6 million of increased borrowings
    under the Company's
    secured revolving credit facility (which
    consists of $3.9 million related to Long Reach Village and $2.7 million related
    to Elmhurst Square), at weighted average interest rates of 5.56% and
    4.91% per annum, respectively.
(g)
Reflects
    $316,000 of straight-line real estate depreciation (which consists of depreciation
    expense related to the $7.04 million building allocation for Long Reach Village
    and the $5.6 million building allocation for Elmhurst Square), based on estimated
    useful lives of 40 years.
(h)
Reflects a decrease in limited partners' interest as a result of the addition of the Acquired Properties.
(i)
Reflects
    the sale of the partnership interest in the Red Lion joint venture (May 2006)
    and the acquisition of the remaining 50% interest in the LA Fitness facility
    (May 2006), as previously filed as applicable.
Pro Forma Condensed Consolidated Statement of Income for the nine months ended September 30, 2006
(a)
Reflects the Company's historical operations for the nine months ended September 30, 2006 (unaudited), as previously filed.
(b)
Reflects
          the acquisitions of Shore Mall (January 2006), Gold Star Plaza (June
          2006), Stonehedge Square (July 2006), Oakhurst Plaza (July 2006), Annie
          Land Plaza (August 2006), Shaw's Plaza (July 2006), Trexlertown
          Plaza (July 2006), Hannaford Plaza (September 2006), Gahanna Discount
          Drug Mart Plaza (October 2006), FirstMerit Bank at Cuyahoga Falls (November
          2006) and Oak Ridge Shopping Center (November 2006).
(c)
Reflects the operations of the Acquired Properties for the nine months ended September 30, 2006.
(d)
The Company intends to account for the acquisitions in accordance with Statements of Financial Accounting Standards No. 141, "Business Combinations", and No. 142, "Goodwill and Other Intangibles", and is currently in the process of analyzing the fair value of the Acquired Properties' in-place leases. No value has yet been assigned to the leases and, therefore, the purchase price allocations are preliminary and subject to change and no adjustment has been reflected for the amortization of acquired lease intangibles.
(e)
Reflects increased straight-line rents as if the lease start dates were January 1, 2005.
Cedar Shopping Centers, Inc.
Notes to Pro Forma Condensed Consolidated Financial Statements (Unaudited)
Pro Forma Condensed Consolidated Statement of Income for the nine months ended September 30, 2006 (continued)
(f)
Reflects
    interest expense on (1) the $9.2 million assumed mortgage loans payable (which
    consists of the $4.9 million assumed related to Long Reach Village and the
    $4.3 million assumed related to Elmhurst Square),
    and (2) $6.6 million of increased borrowings under the Company's secured
    revolving credit facility (which
    consists of $3.9 million related to Long Reach Village and $2.7 million
    related to Elmhurst Square), at a weighted average interest rates of 5.56%
    and 6.31% per annum, respectively.
(g)
Reflects
    $237,000 of straight-line real estate depreciation (which consists of depreciation
    expense related to the $7.04 million building allocation for Long Reach Village
    and the $5.6 million building allocation for Elmhurst Square), based on estimated
    useful lives of 40 years.
(h)
Reflects an increase in limited partners' interest as a result of the addition of the Acquired Properties.
(i)
Reflects
    the sale of the partnership interest in the Red Lion joint venture (May 2006)
    and the acquisition of the remaining 50% interest in the LA Fitness facility
    (May 2006), as previously filed as applicable.
SIGNATURES
Pursuant to the requirements of the Securities Exchange Act of 1934, the Registrant has duly caused this Report to be signed on its behalf by the undersigned hereunto duly authorized.
CEDAR
          SHOPPING CENTERS, INC.
/s/ THOMAS J. O'KEEFFE
Thomas
          J. O'Keeffe
Chief Financial Officer
Dated: December 11, 2006